Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 15, 2016 | Jun. 30, 2015 | |
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 | 48,950,736 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Entity Public Float | $ 1,815,784,893 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Revenue: | |||
Real estate leasing | $ 133.8 | $ 125.2 | $ 78.8 |
Real estate development and sales | 100.5 | 80 | 85.4 |
Materials and construction | 219 | 234.3 | 54.9 |
Agribusiness | 117.2 | 120.5 | 146.1 |
Total operating revenue | 570.5 | 560 | 365.2 |
Operating Costs and Expenses: | |||
Cost of real estate leasing | 80.6 | 78.3 | 48.4 |
Cost of real estate development and sales | 51.1 | 41 | 46.7 |
Cost of materials and construction contracts | 175.7 | 191.3 | 47.6 |
Cost of agribusiness goods and services | 168.8 | 131.9 | 136.8 |
Selling, general and administrative | 55.3 | 52.9 | 41.2 |
Separation/acquisition costs | 0 | 0 | 4.6 |
Total operating costs and expenses | 531.5 | 495.4 | 325.3 |
Operating Income | 39 | 64.6 | 39.9 |
Other Income and (Expense): | |||
Income related to joint ventures | 36.8 | 2.1 | 4.3 |
Gain on insurance proceeds | 0 | 0 | 2.4 |
Impairment and equity losses related to joint ventures | 0 | (0.3) | (6.6) |
Reduction in KRS II carrying value, net | (2.6) | (14.7) | 0 |
Interest income and other | 1.2 | 6.1 | 2.7 |
Interest expense | (26.8) | (29) | (19.1) |
Income From Continuing Operations Before Income Taxes | 47.6 | 28.8 | 23.6 |
Income tax expense (benefit) | 16.5 | (1.4) | 11.1 |
Income From Continuing Operations | 31.1 | 30.2 | 12.5 |
Income from discontinued operations (net of income taxes) | 0 | 34.3 | 22.3 |
Net Income | 31.1 | 64.5 | 34.8 |
Income attributable to noncontrolling interest | (1.5) | (3.1) | (0.5) |
Net income (loss) attributable to A&B | $ 29.6 | $ 61.4 | $ 34.3 |
Basic Earnings per Share of Common Stock: | |||
Continuing operations available to A&B shareholders (in dollars per share) | $ 0.54 | $ 0.56 | $ 0.27 |
Discontinued operations available to A&B shareholders (in dollars per share) | 0 | 0.70 | 0.50 |
Net income available to A&B shareholders (in dollars per share) | 0.54 | 1.26 | 0.77 |
Diluted Earnings per Share of Common Stock: | |||
Continuing operations available to A&B shareholders (in dollars per share) | 0.54 | 0.55 | 0.26 |
Discontinued operations available to A&B shareholders (in dollars per share) | 0 | 0.70 | 0.50 |
Net income available to A&B shareholders (in dollars per share) | $ 0.54 | $ 1.25 | $ 0.76 |
Weighted Average Number of Shares Outstanding: | |||
Basic (in shares) | 48.9 | 48.7 | 44.4 |
Diluted (in shares) | 49.3 | 49.3 | 45.1 |
Amounts Available to A&B Shareholders: | |||
Income from continuing operations available to A&B shareholders, net of tax | $ 26.5 | $ 27.1 | $ 12 |
Income from discontinued operations (net of income taxes) | 0 | 34.3 | 22.3 |
Net income (loss) available to A&B shareholders | $ 26.5 | $ 61.4 | $ 34.3 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 31.1 | $ 64.5 | $ 34.8 |
Defined benefit pension plans: | |||
Net gain (loss) / prior service credit (cost) | (7.1) | (26.7) | 22.4 |
Amortization of net loss included in net periodic pension cost | 7.3 | 4.5 | 7.7 |
Amortization of prior service credit included in net periodic pension cost | (1.3) | (1.3) | (1.3) |
Prior service cost | (0.4) | 0 | 0 |
Income taxes related to other comprehensive income | 0.6 | 9.2 | (11.7) |
Other Comprehensive Income (Loss) | (0.9) | (14.3) | 17.1 |
Comprehensive Income | 30.2 | 50.2 | 51.9 |
Comprehensive income attributable to noncontrolling interest | (1.5) | (3.1) | (0.5) |
Comprehensive income attributable to A&B | $ 28.7 | $ 47.1 | $ 51.4 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 1,300,000 | $ 2,800,000 |
Accounts receivable, less allowances of $1.7 for 2015 and $1.7 for 2014 | 38,600,000 | 33,100,000 |
Contracts retention | 11,500,000 | 9,100,000 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 16,300,000 | 15,900,000 |
Inventories | 55,900,000 | 81,900,000 |
Real estate held for sale | 0 | 2,500,000 |
Income tax receivable | 14,000,000 | 6,700,000 |
Prepaid expenses and other assets | 14,900,000 | 15,600,000 |
Total current assets | 152,500,000 | 167,600,000 |
Investments in Affiliates | 416,400,000 | 418,600,000 |
Real Estate Developments | 183,500,000 | 224,000,000 |
Property - Net | 1,269,400,000 | 1,301,700,000 |
Intangible Assets - Net | 54,400,000 | 63,900,000 |
Goodwill | 102,300,000 | 102,300,000 |
Other Assets | 65,000,000 | 43,500,000 |
Total assets | 2,243,500,000 | 2,321,600,000 |
Current Liabilities | ||
Notes payable and current portion of long-term debt | 90,400,000 | 74,500,000 |
Accounts payable | 35,500,000 | 37,600,000 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 2,600,000 | 3,600,000 |
Accrued interest | 5,500,000 | 5,700,000 |
Deferred revenue | 100,000 | 16,500,000 |
Indemnity holdback related to Grace acquisition | 9,300,000 | 9,300,000 |
Accrued and other liabilities | 41,300,000 | 35,800,000 |
Total current liabilities | 184,700,000 | 183,000,000 |
Long-term Liabilities | ||
Long-term debt | 497,800,000 | 631,500,000 |
Deferred income taxes | 202,100,000 | 185,700,000 |
Accrued pension and postretirement benefits | 59,700,000 | 54,800,000 |
Other non-current liabilities | 60,500,000 | 51,800,000 |
Total long-term liabilities | $ 820,100,000 | $ 923,800,000 |
Commitments and Contingencies | ||
Redeemable Noncontrolling Interest | $ 11,600,000 | $ 0 |
Equity | ||
Common stock - no par value; authorized, 150 million shares; outstanding, 48.9 million and 48.8 million shares at December 31, 2015 and 2014, respectively | 1,151,700,000 | 1,147,300,000 |
Accumulated other comprehensive loss | (45,300,000) | (44,400,000) |
Retained earnings | 117,200,000 | 101,000,000 |
Total A&B shareholders' equity | 1,223,600,000 | 1,203,900,000 |
Noncontrolling interest | 3,500,000 | 10,900,000 |
Total equity | 1,227,100,000 | 1,214,800,000 |
Total liabilities and equity | $ 2,243,500,000 | $ 2,321,600,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Account Receivables, allowances | $ 1.7 | $ 1.7 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares outstanding (in shares) | 48,900,000 | 48,800,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities: | |||
Net Income | $ 31.1 | $ 64.5 | $ 34.8 |
Adjustments to reconcile net income to net cash provided by (used in) operations: | |||
Depreciation and amortization | 55.7 | 55 | 41.7 |
Deferred income taxes | 16.9 | 8.8 | (0.6) |
Gains on asset transactions, net of impairment losses | (42.7) | (82.2) | (52.8) |
Share-based compensation expense | 4.7 | 4.9 | 4.2 |
Investments in affiliates | (3.7) | 0.1 | (2.9) |
HC&S write-offs | 6.9 | 0 | 0 |
Changes in operating assets and liabilities: | |||
Trade, contracts retention, and other receivables | (3.1) | 1.6 | 3.3 |
Costs and estimated earnings in excess of billings on uncompleted contracts - net | (1.4) | (6.4) | (1.9) |
Inventories | 25.9 | (13.5) | (2.7) |
Prepaid expenses, income tax receivable and other assets | (13.1) | 5 | (0.4) |
Accrued pension and post-retirement benefits | 3.6 | (2.3) | 5.2 |
Accounts payable and contracts retention | 0.1 | (2.3) | (4.9) |
Accrued and other liabilities | (18.2) | (6) | 7.6 |
Real estate inventory sales (real estate developments held for sale) | 73 | 53.6 | 81.7 |
Expenditures for real estate inventory (real estate developments held for sale) | (7.2) | (41.7) | (150.6) |
Net cash provided by (used in) operations | 128.5 | 39.1 | (38.3) |
Cash Flows used in Investing Activities: | |||
Capital expenditures for property, plant and equipment | (43.4) | (60.2) | (32.5) |
Capital expenditures related to 1031 commercial property transactions | (1.3) | (14.9) | (472.8) |
Proceeds from investment tax credits and grants related to Port Allen Solar Farm | 0 | 4.5 | 2.4 |
Proceeds from disposal of property and other assets | 8.1 | 9.5 | 1.2 |
Proceeds from disposals related to 1031 commercial property transactions | 40 | 85.6 | 330.8 |
Payments for purchases of investments in affiliates and preferred investment | (29.4) | (75.1) | (43.4) |
Proceeds from investments in affiliates and preferred investment | 44.4 | 36.2 | 5.1 |
Change in restricted cash associated with 1031 transactions | (17.4) | 0.6 | 3.2 |
Acquisition of business, net of cash (including Grace indemnity holdback) | 0 | (14.2) | (5.7) |
Net cash provided by (used in) investing activities | 1 | (28) | (211.7) |
Cash Flows from Financing Activities: | |||
Proceeds from issuances of long-term debt | 132 | 283 | 585 |
Payments of long-term debt and deferred financing costs | (248.1) | (224.2) | (380.3) |
Proceeds from (payments on) line-of-credit agreement, net | (3) | (62.3) | 51.6 |
Distribution to noncontrolling interests | (1.1) | (0.2) | (1.1) |
Dividends paid | (10.3) | (8.3) | (2) |
Proceeds from issuance (repurchase) of capital stock and other, net | (0.5) | 0.4 | (1) |
Net cash provided by (used in) financing activities | (131) | (11.6) | 252.2 |
Cash and Cash Equivalents: | |||
Net increase (decrease) for the year | (1.5) | (0.5) | 2.2 |
Balance, beginning of year | 2.8 | 3.3 | 1.1 |
Balance, end of year | 1.3 | 2.8 | 3.3 |
Other Cash Flow Information: | |||
Interest paid, net of amounts capitalized | (27.3) | (29.8) | (19.1) |
Income taxes paid | (6.4) | (14.2) | (12) |
Non-cash Investing and Financing Activities: | |||
Contribution of land and development assets to joint ventures | 9.6 | 33.8 | 0 |
Real estate exchanged for note receivable | 1.9 | 3.6 | 0 |
Acquisition of Grace (issuance of equity and indemnity holdback) | 0 | 0 | 219.8 |
Mortgage debt assumed at fair value in real estate acquisitions | 0 | 0 | 142.2 |
Declared distribution to noncontrolling interest | 0.4 | 1.1 | 0.2 |
Asset retirement obligations | 6 | 0 | 0 |
Property (net) acquired in connection with the consolidation of The Shops at Kukui'ula | 0 | 0 | 39 |
Capital expenditures included in accounts payable and accrued expenses | $ 8 | $ 5.7 | $ 6.6 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Non-Controlling Interest | Total | Redeemable Non-Controlling Interest |
Balance, beginning period (in shares) at Dec. 31, 2012 | 42.9 | ||||||
Balance, beginning period at Dec. 31, 2012 | $ 938 | $ (47.2) | $ 20.1 | $ 0 | $ 910.9 | $ 0 | |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Net income | $ 34.8 | 34.3 | 0.5 | 34.8 | |||
Other comprehensive loss, net of tax | 17.1 | 17.1 | 17.1 | ||||
Dividends paid on common stock | (2) | (2) | |||||
Distributions to noncontrolling interest | (0.7) | (0.7) | |||||
Share-based compensation | $ 4.2 | 4.2 | |||||
Grace acquisition (in shares) | 5.4 | ||||||
Grace acquisition | $ 196.3 | 9.1 | 205.4 | ||||
Shares issued or repurchased, net (in shares) | 0.3 | ||||||
Shares issued or repurchased, net | $ 0.4 | (3) | (2.6) | ||||
Excess tax benefit from share-based awards | $ 1.6 | 1.6 | |||||
Balance, period end (in shares) at Dec. 31, 2013 | 48.6 | ||||||
Balance, period end at Dec. 31, 2013 | $ 1,140.5 | (30.1) | 49.4 | 8.9 | 1,168.7 | 0 | |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Net income | 64.5 | 61.4 | 3.1 | 64.5 | |||
Other comprehensive loss, net of tax | (14.3) | (14.3) | (14.3) | ||||
Dividends paid on common stock | (8.3) | (8.3) | |||||
Distributions to noncontrolling 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 | $ 0.6 | (1.5) | (0.9) | ||||
Excess tax benefit from share-based awards | $ 1.3 | 1.3 | |||||
Balance, period end (in shares) at Dec. 31, 2014 | 48.8 | ||||||
Balance, period end at Dec. 31, 2014 | 1,214.8 | $ 1,147.3 | (44.4) | 101 | 10.9 | 1,214.8 | 0 |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Net income | 31.1 | 29.6 | 1.1 | 30.7 | 0.4 | ||
Other comprehensive loss, net of tax | (0.9) | (0.9) | (0.9) | ||||
Dividends paid on common stock | (10.3) | (10.3) | |||||
Reclassification of redeemable noncontrolling interest | (8.5) | (8.5) | 8.5 | ||||
Distributions to noncontrolling interest | 0 | (0.4) | |||||
Adjustments to redemption value of redeemable noncontrolling interest | (3.1) | (3.1) | 3.1 | ||||
Share-based compensation | $ 4.7 | 4.7 | |||||
Shares issued or repurchased, net (in shares) | 0.1 | ||||||
Shares issued or repurchased, net | $ (0.9) | 0 | (0.9) | ||||
Excess tax benefit from share-based awards | $ 0.6 | 0.6 | |||||
Balance, period end (in shares) at Dec. 31, 2015 | 48.9 | ||||||
Balance, period end at Dec. 31, 2015 | $ 1,227.1 | $ 1,151.7 | $ (45.3) | $ 117.2 | $ 3.5 | $ 1,227.1 | $ 11.6 |
CONSOLIDATED STATEMENTS OF EQU8
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividend declared (in dollars per share) | $ 0.21 | $ 0.17 |
BACKGROUND AND BASIS OF PRESENT
BACKGROUND AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BACKGROUND AND BASIS OF PRESENTATION | BACKGROUND AND BASIS OF PRESENTATION Description of Business : 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; 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. On December 31, 2015, the Company determined it would cease its sugar operations on Maui upon completing its final harvest in 2016 (the "Cessation"), which will result in the eventual layoff of over 650 employees. See Note 18, "Cessation of HC&S Operations" for further discussion regarding the Cessation and the related costs associated with such exit and disposal activities. Materials and Construction: The Materials and Construction segment, which primarily includes the results of Grace Pacific ("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 rock and sand aggregate; produces and sells asphaltic concrete and ready-mix concrete; provides and sells various construction- and traffic-control-related products; and manufactures and sells precast concrete products. 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 result in differences. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
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 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 ("GLP"), 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 noncontrolling 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 years ended December 31, 2015 and 2014, revenue of approximately $38.1 million and $37.5 million , respectively, was generated directly and indirectly from projects administered by the City and County of Honolulu. For the years ended December 31, 2015 and 2014, revenue of approximately $80.8 million and $79.6 million , respectively, was generated directly and indirectly from the State of Hawaii, 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 $71.6 million , $65.5 million , and $87.6 million of revenue from C&H Sugar Company for the years ended December 31, 2015 , 2014 , and 2013 , 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. There were no outstanding checks in excess of funds on deposit at December 31, 2015. Outstanding checks in excess of funds on deposit was $3.0 million at December 31, 2014 and are reflected as current liabilities in the consolidated balance sheets. 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, 2015 were $ 588.2 million and $597.0 million , respectively, and $706.0 million and $729.6 million at December 31, 2014 , 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, 2015 were as follows (in millions): Balance at Provision for bad debt Write-offs Balance at 2015 $1.7 $0.4 $(0.4) $1.7 2014 $1.3 $0.8 $(0.4) $1.7 2013 $1.6 $0.1 $(0.4) $1.3 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 $7.3 million and $6.0 million as of December 31, 2015 and December 31, 2014 , 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 for both years as of December 31, 2015 and December 31, 2014 . 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, 2015 and 2014 were as follows (in millions): 2015 2014 Sugar inventories $ 16.3 $ 23.3 Asphalt 12.8 21.3 Processed rock, portland cement, and sand 12.2 15.7 Work in progress 3.7 2.8 Retail merchandise 1.6 1.5 Parts, materials and supplies inventories 9.3 17.3 Total $ 55.9 $ 81.9 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 retain ownership or to sell the property, respectively, 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 $29.1 million , $31.0 million and $20.8 million in 2015 , 2014 and 2013 , respectively. Capitalized interest in 2015 , 2014 and 2013 was $2.3 million , $1.9 million and $1.8 million , respectively, and was principally related to the Company's investment in The Collection, 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. 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. During the years ended December 31, 2015 and 2014, the Company recorded a net non-cash reduction of $2.6 million and $14.7 million , respectively, in Other income (expense) in the accompanying 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. 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 are recorded on the consolidated balance sheets as other non-current assets and are related to the acquisition of commercial properties. Intangible assets acquired in 2015 and 2014 were as follows: 2015 2014 Amount Weighted Average Life (Years) Amount Weighted Average Life (Years) Amortized intangible assets: In-place/favorable leases $ 1.0 2.6 $ 2.1 1.8 Intangible assets for the years ended December 31, included the following (in millions): 2015 2014 Cost Accumulated Amortization Cost Accumulated Amortization Amortized intangible assets: In-place leases $ 62.6 $ (34.0 ) $ 61.6 $ (25.8 ) Favorable leases 16.6 (9.1 ) 16.6 (7.8 ) Permitted quarry rights 18.0 (1.3 ) 18.0 (0.7 ) Contract backlog 2.6 (2.6 ) 2.6 (2.5 ) Trade name/customer relationships 2.2 (0.6 ) 2.2 (0.3 ) Total assets $ 102.0 $ (47.6 ) $ 101.0 $ (37.1 ) Aggregate intangible asset amortization was $10.5 million , $11.2 million and $9.3 million for 2015 , 2014 and 2013 , respectively. Estimated amortization expenses related to intangible assets over the next five years are as follows (in millions): Estimated 2016 $6.7 2017 $5.5 2018 $4.7 2019 $4.2 2020 $3.5 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, 2015 and 2014 were as follows (in millions): Materials & Construction Real Estate Leasing Total Balance, January 1, 2014 $ 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 Changes to goodwill — — — Balance, December 31, 2015 $ 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 is 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 11, “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 13, Share Based Awards. Earnings Per Share (“EPS”): Basic and diluted earnings per share are computed and disclosed in accordance with FASB Accounting Standards Codification Topic 260, Earnings Per Share . The Company utilizes the two-class method to compute earnings available to common shareholders. Under the two-class method, earnings are adjusted by accretion amounts to redeemable noncontrolling interests recorded at redemption value. The adjustments represent in-substance dividend distributions to the noncontrolling interest holder as the holder has a contractual right to receive a specified amount upon redemption. As a result, earnings are adjusted to reflect this in-substance distribution that is different from other common shareholders. In addition, the Company allocates net earnings to each class of common stock and participating security as if all of the net earnings for the period had been distributed. The Company's participating securities consist of time-based restricted unit awards that contain a non-forfeitable right to receive dividends and, therefore, are considered to participate in earnings with common shareholders. Basic earnings per common share excludes dilution and is calculated by dividing net earnings allocated to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing net earnings allocable to common shares by the weighted-average number of common shares outstanding for the period, as adjusted for the potential dilutive effect of non-participating share-based awards. The Company's "EPS" calculation and description of calculation is contained in Note 16, "Earnings Per Share." 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 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, 2015 and 2014 . 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 Loss: Comprehensive loss includes all changes in equity, except those resulting from transactions with shareholders and net income. 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): 2015 2014 2013 Unrealized components of benefit plans: Pension plans $ (44.7 ) $ (43.9 ) $ (29.3 ) Post-retirement plans (0.6 ) (0.5 ) (1.1 ) Non-qualified benefit plans — — 0.3 Accumulated other comprehensive loss $ (45.3 ) $ (44.4 ) $ (30.1 ) The changes in accumulated other comprehensive loss for pension and postretirement plans for the years ended December 31, were as follows (in millions, net of tax): December 31, 2015 2014 Beginning balance $ (44.4 ) $ (30.1 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (0.9 ) (14.3 ) Ending balance $ (45.3 ) $ (44.4 ) The reclassifications of other comprehensive loss components out of accumulated other comprehensive loss for the years ended December 31, were as follows (in millions): Details about Other Comprehensive Income (Loss) Components 2015 2014 2013 Actuarial gain (loss)* $ (7.1 ) $ (26.7 ) $ 22.4 Prior service cost (0.4 ) — — Amortization of defined benefit pension items reclassified to net periodic pension cost: Net loss* 7.3 4.5 7.7 Prior service credit* (1.3 ) (1.3 ) (1.3 ) Total before income tax (1.5 ) (23.5 ) 28.8 Income taxes 0.6 9.2 (11.7 ) Other comprehensive income (loss) net of tax $ (0.9 ) $ (14.3 ) $ 17.1 * These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 11 for additional details). 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 May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , as a new Topic, 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 of the guidance is that an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract(s), (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract(s), and (v) recognize revenue when, or as, the entity satisfies a performance obligation. This ASU is to be applied retrospe |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Construction Contracts and Material Sales. The Company entered into contracts in the ordinary course of business, as a supplier, with affiliates that are members in entities in which the Company also is a member. Revenues earned from transactions with affiliates totaled approximately $23.0 million , $23.9 million , and $7.9 million for the years ended December 31, 2015 , 2014 , and 2013, respectively. Receivables from these affiliates were $2.7 million and $3.0 million at December 31, 2015 and 2014 , respectively. Amounts due to these affiliates were immaterial at December 31, 2015 and 2014 . Real Estate Leasing and Development. The Company entered into contracts in the ordinary course of business, as a lessor of property, with unconsolidated affiliates in which the Company has an interest, as well as with certain entities that are owned by a director of the Company. Revenues earned from these transactions were immaterial for each of the years ended December 31, 2015, 2014 and 2013. Receivables from these affiliates were immaterial as of December 31, 2015 and 2014. During the year ended December 31, 2015, the Company recorded developer fee revenues of approximately $2.9 million related to management and administrative services provided to certain unconsolidated investment in affiliates. Developer fee revenues recorded for each of the years ended December 31, 2014 and 2013 were immaterial. Consulting Agreement. In January 2016, the Company entered into a one -year consulting agreement with a former executive of its Grace subsidiary, who retired in December 2015. The term of the agreement is for the period January 1, 2016 through December 31, 2016, pursuant to which the Company will pay $200,000 in exchange for services related to the operation of Grace, including assisting in leadership transition, operating performance and government and community affairs. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | 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 that was sold in January 2014, was classified as discontinued operations for each of the years ended December 31, 2014 and 2013. The revenue, operating profit, income tax expense and after-tax effects of these transactions for 2015, 2014 and 2013 were as follows (in millions): 2015 2014 2013 Proceeds from the sale of income-producing properties $ — $ 70.1 $ 337.6 Real Estate Leasing revenue $ — $ 0.3 $ 31.6 Gain on sale of income-producing properties, net $ — $ 55.9 $ 22.1 Real Estate Leasing operating profit — 0.3 14.6 Total operating profit before taxes — 56.2 36.7 Income tax expense — 21.9 14.4 Income from discontinued operations $ — $ 34.3 $ 22.3 Basic Earnings Per Share $ — $ 0.70 $ 0.50 Diluted Earnings Per Share $ — $ 0.70 $ 0.50 |
INVESTMENTS IN AFFILIATES
INVESTMENTS IN AFFILIATES | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENTS IN AFFILIATES | INVESTMENTS IN AFFILIATES At December 31, 2015 and 2014 , 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, 2015 that represents undistributed earnings of investments in affiliates was approximately $12.3 million . Dividends and distributions from unconsolidated affiliates totaled $72.2 million in 2015 , $17.9 million in 2014 and $6.6 million for 2013 . The Company’s investments in affiliates totaled $416.4 million and $418.6 million as of December 31, 2015 and 2014 , respectively. Operating results include the Company’s proportionate share of net income from its equity method investments. A summary of combined financial information for the Company’s equity method investments at December 31 is as follows (in millions): 2015 2014 Current assets $ 107.1 $ 52.7 Non-current assets 854.0 935.6 Total assets $ 961.1 $ 988.3 Current liabilities $ 64.4 $ 53.0 Non-current liabilities 200.7 245.9 Total liabilities $ 265.1 $ 298.9 Year Ended December 31, 2015 2014 2013 Operating revenue $ 471.7 $ 71.0 $ 37.8 Operating costs and expenses 411.6 65.9 31.1 Operating income $ 60.1 $ 5.1 $ 6.7 Income from continuing operations* $ 57.2 $ 5.0 $ 6.8 Net income $ 56.1 $ 5.0 $ 6.8 * Includes earnings from equity method investments held by the investee. Significant joint ventures at December 31, 2015 , 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 $275.5 million as of December 31, 2015 . The total capital contributed to-date to the joint venture by the Company was approximately 59 percent as of December 31, 2015 . 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 book value of 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 ("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 in the amount of the lesser of $20 million or the outstanding loan balance. The Company's exposure to loss was limited to its equity investment and the outstanding balance on the loan, up to $20 million . 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, accounted for its investment under the equity method. Construction of Waihonua 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, extinguishing the guarantee. The Company's investment at December 31, 2015 and 2014 was $0.0 million and $35.6 million , respectively. For the year ended December 31, 2015, the Company determined that its Waihonua joint venture met the conditions of a significant subsidiary under Rule 1-02(w) of Regulation S-X and, therefore, pursuant to Rule 3-09 of Regulation S-X, has attached separate financial statements to this Annual Report on Form 10-K as Exhibit 99.1. 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, 2015 and 2014, the Company recorded a net, non-cash reduction of $2.6 million and $14.7 million , respectively, in Other income (expense) in the accompanying consolidated statements of income. The Company's investment balance at December 31, 2015 and 2014 was $4.4 million and $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 contributed 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, 2015 and 2014 was $49.1 million and $45.9 million , respectively. 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 it's 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. |
UNCOMPLETED CONTRACTS
UNCOMPLETED CONTRACTS | 12 Months Ended |
Dec. 31, 2015 | |
Contractors [Abstract] | |
UNCOMPLETED CONTRACTS | UNCOMPLETED CONTRACTS Information related to uncompleted contracts as of December 31, 2015 and 2014 is as follows (in millions): 2015 2014 Costs incurred on uncompleted contracts $ 80.3 $ 126.7 Estimated earnings 29.2 32.8 Subtotal 109.5 159.5 Less: billings to date 95.8 147.2 Total $ 13.7 $ 12.3 Included in accompanying consolidated balance sheets under the following captions: Costs and estimated earnings in excess of billings on uncompleted contracts $ 16.3 $ 15.9 Estimated billings in excess of costs and estimated earnings on uncompleted contracts (2.6 ) (3.6 ) Total $ 13.7 $ 12.3 |
PROPERTY
PROPERTY | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY | PROPERTY Property on the consolidated balance sheets includes the following (in millions): December 31, 2015 2014 Buildings $ 571.3 $ 586.7 Land 578.5 588.5 Machinery and equipment 242.6 236.1 Asphalt plants and quarry assets 77.1 65.5 Water, power and sewer systems 145.6 142.6 Other property improvements 86.8 90.7 Vessel 11.3 7.2 Subtotal 1,713.2 1,717.3 Accumulated depreciation (443.8 ) (415.6 ) Property - net $ 1,269.4 $ 1,301.7 Depreciation expense for the years ended December 31, 2015 and 2014 was $43.8 million and $43.9 million , respectively. |
NOTES PAYABLE AND LONG-TERM DEB
NOTES PAYABLE AND LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE AND LONG-TERM DEBT | NOTES PAYABLE AND LONG-TERM DEBT At December 31, 2015 and 2014 , notes payable and long-term debt consisted of the following (in millions): 2015 2014 Revolving Credit loans (2.10% for 2015 and 2.37% for 2014) $ 77.8 $ 169.8 Term Loans: 3.90%, payable through 2024 75.0 75.0 6.90%, payable through 2020 75.0 80.0 3.88%, payable through 2027 50.0 — 5.55%, payable through 2026 47.0 50.0 5.53%, payable through 2024 31.5 37.5 5.56%, payable through 2026 25.0 25.0 4.35%, payable through 2026 23.4 25.0 4.15%, payable through 2024, secured by Pearl Highlands Center (a) 91.9 93.6 LIBOR plus 2.66%, payable through 2016, secured by The Shops at Kukui'ula (c) 37.0 40.5 LIBOR plus 1.5%, payable through 2021, secured by Kailua Town Center III (b) 11.0 11.2 LIBOR plus 2.63%, payable through 2016, secured by Kahala Estate Properties (d) 8.2 35.2 6.38%, payable through 2017, secured by Midstate Hayes 8.2 8.3 LIBOR plus 1.0%, payable through 2021, secured by asphalt terminal (e) 6.9 8.0 5.19%, payable through 2019 8.4 10.2 1.85%, payable through 2017 5.2 7.9 3.31%, payable through 2018 4.6 6.3 2.00%, payable through 2018 1.5 2.2 2.65%, payable through 2016 0.6 1.2 5.39%, payable through 2015, secured by Waianae Mall — 19.1 Total debt 588.2 706.0 Less debt (premium) discount (0.3 ) (0.4 ) Total debt (contractual) 587.9 705.6 Less current portion (90.4 ) (74.5 ) Add debt premium (discount) 0.3 0.4 Long-term debt $ 497.8 $ 631.5 (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 an effective interest rate of 2.83% for 2015 and 2.82% for 2014. (d) Loan has an effective interest rate of 2.82% for 2015 and 2.78% for 2014. (e) Loan has a stated interest rate of LIBOR plus 1.0% , but is swapped through maturity to a 5.98% fixed rate. Long-term Debt Maturities: At December 31, 2015 , debt maturities during the next five years and thereafter, excluding amortization of debt discount or premium, are $90.4 million in 2016 (which includes $45.3 million in balloon payments on secured mortgage debt), $40.6 million in 2017 , $41.1 million in 2018 , $40.5 million for 2019 , $103.9 million in 2020 (which includes $66.0 million of revolving credit loans that mature in 2020), and $271.4 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 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 a stated rate, as defined, plus a margin that is determined based on a pricing grid using the ratio of debt to total adjusted asset value, as defined. 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. In December 2015, the Company completed an amendment to the A&B Senior Credit Facility agreement, which extended the maturity date to December 2020, modified certain covenants (described below), and reduced the interest rates and fees charged under the credit facility. At December 31, 2015 , $73.8 million was outstanding, $11.8 million in letters of credit had been issued against the A&B Senior Credit Facility, and $264.4 million was undrawn. In December 2015, the Company entered into a 3 -year unsecured note purchase and private shelf agreement (the "Prudential Agreement") with Prudential Investment Management, Inc. and its affiliates (collectively, "Prudential") that enables the Company to issue notes in an aggregate amount up to $450 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 Prudential Agreement. The Prudential Agreement, as amended, expires in December 2018 and contains certain restrictive covenants that are substantially the same as the covenants contained in the A&B Senior Credit Facility, as amended. Borrowings under the uncommitted shelf facility bear interest at rates that are determined at the time of the borrowing. At December 31, 2015 , approximately $123.1 million was undrawn under the facility. The principal covenant amendments under the Revolver Amendment and the Prudential Agreement are as follows: • An increase in the maximum percentage of unsecured debt to unencumbered income-producing assets value from approximately 57 percent to 60 percent . • A reduction in the applicable cap rate applied to certain income-producing assets included in unencumbered income producing assets value of between 25 bps to 50 bps, which increases the covenant value of these income-producing assets. • The addition of certain real estate development assets and real estate investments in the unencumbered income producing assets value, subject to an overall limitation of 15 percent of total unencumbered income producing assets value. • An increase in the maximum amount of investments in third party notes and mezzanine investments to 5 percent of total adjusted assets value. • The add back of certain non-recurring, one-time expenses to earnings before interest, taxes, depreciation, and amortization. At December 31, 2015 , the Company had, at one of its subsidiaries, a $30.0 million line of credit that matures in December 2016. The line was extended and reduced from $40 million in August 2014. Approximately $4.0 million and $13.7 million was outstanding on the $30.0 million line of credit as of December 31, 2015 and 2014, respectively. The credit line is collateralized by the subsidiary's accounts receivable, inventory and equipment. The Company and the noncontrolling 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, 2015 totaled $413.5 million , and includes $26.0 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 were less than $18.0 million after 18 months , the Company was 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 . At June 16, 2015 the cumulative principal payments were greater than the requirement and no payment was made. 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, 2015 , the balance of the loan was $8.2 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, 2015 , the balances of the Real Estate Loan and Term Loan were $27.6 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 was secured by a Mortgage, Assignment of Leases and Rents and Security Agreement, bearing interest at 5.39 percent , and requiring monthly payments of principal and interest totaling $0.1 million . A final balloon payment of $18.7 million was paid on June 5, 2015 . The approximate book values of assets used in the Real Estate segments pledged as collateral under the foregoing credit agreements at December 31, 2015 was $237.5 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, 2015 was $29.5 million . There were no assets used in the Agribusiness segment that were pledged as collateral. |
LEASES - THE COMPANY AS LESSEE
LEASES - THE COMPANY AS LESSEE | 12 Months Ended |
Dec. 31, 2015 | |
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 2063 . 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 $7.2 million , $6.7 million and $4.5 million for 2015 , 2014 and 2013 , 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 Ended December 31, Minimum Lease Payments 2016 $ 5.7 2017 5.6 2018 5.0 2019 4.5 2020 4.5 Thereafter 25.2 Total $ 50.5 |
LEASES - THE COMPANY AS LESSOR
LEASES - THE COMPANY AS LESSOR | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 were as follows (in millions): 2015 2014 Leased property - real estate $ 1,126.8 $ 1,149.9 Less accumulated depreciation (125.9 ) (118.5 ) Property under operating leases - net $ 1,000.9 $ 1,031.4 Total rental income, excluding tenant reimbursements (which totaled $30.2 million , $28.8 million and $24.1 million for the years ended December 31, 2015 , 2014 and 2013 , respectively), under these operating leases was as follows (in millions): Years Ended December 31, 2015 2014 2013 Minimum rentals $ 96.2 $ 89.8 $ 80.5 Contingent rentals (based on sales volume) 4.8 4.7 3.0 Total $ 101.0 $ 94.5 $ 83.5 Future minimum rentals on non-cancelable operating leases at December 31, 2015 were as follows (in millions): Operating Leases 2016 $ 85.0 2017 73.7 2018 61.4 2019 53.2 2020 41.3 Thereafter 282.8 Total $ 597.4 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 , and 2015 year-end target allocation, by asset category, were as follows: Target 2015 2014 Domestic equity securities 34 % 34 % 32 % International equity securities 18 % 18 % 15 % Debt securities 36 % 35 % 44 % Alternatives and other 12 % 10 % 6 % 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 2015 ) 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 years ended December 31, 2015 and 2014, the return on plan assets was (2.79) and 8.12 percent, respectively. 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-Traded 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. Private Equity Fund and Insurance Contract Interests: The 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. 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, 2015 and 2014 , by asset category, are as follows (in millions): Fair Value Measurements as of December 31, 2015 Total Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Asset Category Cash $ 3.8 $ 3.8 $ — $ — Equity securities: Domestic 16.7 16.7 — — Domestic exchange-traded funds 33.1 33.1 — — International 18.6 18.6 — — International and emerging markets exchange-traded funds 7.2 7.2 — — Fixed income securities: U.S. Treasury obligations 17.1 17.1 — — Domestic corporate bonds and notes 31.6 — 31.6 — Foreign corporate bonds 3.1 — 3.1 — Other types of investments: Limited partnership interest in private equity fund 0.2 — — 0.2 Exchange-traded global real estate securities 11.2 11.2 Insurance contracts 0.2 — — 0.2 Exchange-traded commodity fund 2.7 2.7 — — Other receivables 0.7 0.7 — — Total $ 146.2 $ 111.1 $ 34.7 $ 0.4 Fair Value Measurements as of December 31, 2014 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 33.0 33.0 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 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, 2015 and 2014 (in millions): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Real Estate Private Equity Insurance Limited Partnership Total Beginning balance, January 1, 2014 $ 7.5 $ 0.3 $ 1.0 $ 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 Actual return on plan assets: Assets held at the reporting date — (0.1 ) 0.1 — — Assets sold during the period — — (1.3 ) — (1.3 ) Ending balance, December 31, 2015 $ — $ 0.2 $ 0.2 $ — $ 0.4 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 2015 , 2014 and 2013 , the Company contributed approximately $2.6 million , $5.7 million , and $0.1 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, 2015 and 2014 are shown below (in millions): Pension Benefits Other Post-retirement Benefits 2015 2014 2015 2014 Change in Benefit Obligation Benefit obligation at beginning of year $ 204.4 $ 175.4 $ 12.0 $ 12.9 Service cost 3.1 2.6 0.1 0.1 Interest cost 8.0 8.3 0.5 0.6 Plan participants’ contributions — — 0.9 0.8 Actuarial (gain) loss (8.9 ) 29.7 0.4 (0.7 ) Benefits paid (12.0 ) (11.6 ) (1.8 ) (1.7 ) Conversion of guaranteed annuity contract (0.4 ) — — — Curtailment — — 0.1 — Amendments 0.4 — — — Benefit obligation at end of year $ 194.6 $ 204.4 $ 12.2 $ 12.0 Change in Plan Assets Fair value of plan assets at beginning of year 160.8 153.4 — — Actual return on plan assets (4.8 ) 13.3 — — Employer contributions 2.6 5.7 0.8 0.9 Participant contributions — — 0.9 0.8 Conversion of guaranteed annuity contract (0.4 ) — — — Benefits paid (12.0 ) (11.6 ) (1.8 ) (1.7 ) Other — — 0.1 — Fair value of plan assets at end of year $ 146.2 $ 160.8 $ — $ — Funded Status and Recognized Liability $ (48.4 ) $ (43.6 ) $ (12.2 ) $ (12.0 ) The accumulated benefit obligation for the Company’s qualified pension plans was $193.7 million and $203.2 million as of December 31, 2015 and 2014 , respectively. Amounts recognized on the consolidated balance sheets and in accumulated other comprehensive loss at December 31, 2015 and 2014 were as follows (in millions): Pension Benefits Other Post-retirement Benefits 2015 2014 2015 2014 Current liabilities — — (0.9 ) (0.8 ) Non-current liabilities (48.4 ) (43.6 ) (11.3 ) (11.2 ) Total $ (48.4 ) $ (43.6 ) $ (12.2 ) $ (12.0 ) Net loss (net of taxes) $ 47.3 $ 47.3 $ 0.6 $ 0.5 Unrecognized prior service credit (net of taxes) (2.6 ) (3.4 ) — — Total $ 44.7 $ 43.9 $ 0.6 $ 0.5 The information for qualified pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2015 and 2014 is shown below (in millions): 2015 2014 Projected benefit obligation $ 194.6 $ 204.4 Accumulated benefit obligation $ 193.7 $ 203.2 Fair value of plan assets $ 146.2 $ 160.8 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 2016 is $0.7 million . The estimated net loss that will be recognized in net periodic pension cost for the defined benefit pension plans in 2016 is $7.0 million . The estimated net loss for the other defined benefit post-retirement plans that will be amortized from accumulated other comprehensive loss into net periodic pension cost in 2016 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 2016 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 2015 , 2014 , and 2013 , are shown below (in millions): Pension Benefits Other Post-retirement Benefits 2015 2014 2013 2015 2014 2013 Components of Net Periodic Benefit Cost Service cost $ 3.1 $ 2.6 $ 2.6 $ 0.1 $ 0.1 $ 0.1 Interest cost 8.0 8.3 7.6 0.5 0.6 0.4 Expected return on plan assets (11.1 ) (10.7 ) (10.9 ) — — — Amortization of net loss 6.9 4.0 7.7 0.1 0.3 (0.2 ) Amortization of prior service cost (0.8 ) (0.8 ) (0.8 ) — — — Curtailment (gain)/loss — — — 0.1 — (0.5 ) Net periodic benefit cost 6.1 3.4 6.2 0.8 1.0 (0.2 ) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) Net loss (gain) $ 7.0 $ 27.1 $ (24.7 ) $ 0.4 $ (0.6 ) $ 3.0 Amortization of unrecognized gain (loss) (6.9 ) (4.0 ) (7.7 ) (0.1 ) (0.3 ) 0.2 Amortization of prior service credit 0.8 0.8 0.8 — — — Prior service cost 0.4 — — — — — Total recognized in other comprehensive income 1.3 23.9 (31.6 ) 0.3 (0.9 ) 3.2 Total recognized in net periodic benefit cost and other comprehensive income $ 7.4 $ 27.3 $ (25.4 ) $ 1.1 $ 0.1 $ 3.0 The weighted average assumptions used to determine benefit information during 2015 , 2014 and 2013 were as follows: Pension Benefits Other Post-retirement Benefits 2015 2014 2013 2015 2014 2013 Weighted Average Assumptions: Discount rate 4.50 % 4.00 % 4.90 % 4.50 % 4.10 % 4.90 % Expected return on plan assets 7.10 % 7.10 % 8.00 % — % — % — % Rate of compensation increase 0.5%-3% 0.5%-3% 3.00 % 0.5%-3% 3.00 % 3.00 % Initial health care cost trend rate 7.00 % 7.30 % 7.50 % Ultimate rate 4.50 % 4.50 % 4.50 % Year ultimate rate is reached 2037 2028 2028 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, 2015 , 2014 and 2013 and the net periodic post-retirement benefit cost for 2015 , 2014 and 2013 , would have increased or decreased as follows (in millions): Other Post-retirement Benefits One Percentage Point Increase Decrease 2015 2014 2013 2015 2014 2013 Effect on total of service and interest cost components $ 0.1 $ 0.1 $ — $ — $ (0.1 ) $ — Effect on post-retirement benefit obligation $ 1.1 $ 1.1 $ 1.2 $ (0.9 ) $ (0.9 ) $ (1.0 ) 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, 2015 . A 3.9 percent discount rate was used to determine the 2015 obligation. The expense associated with the non-qualified plans was $0.1 million in 2015 , $0.1 million in 2014 , and $0.1 million in 2013 . As of December 31, 2015 , the amount recognized in accumulated other comprehensive income for unrecognized loss, net of tax, was approximately $1.6 million , and the amount recognized as unrecognized prior service credit, net of tax, was ($1.6) million . The estimated net loss and prior service (credit), net of tax, that will be recognized in net periodic pension cost in 2015 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 2016 $ 11.5 $ 4.2 $ 1.0 2017 $ 11.7 $ 0.1 $ 1.0 2018 $ 11.9 $ 1.0 $ 1.0 2019 $ 12.1 $ 0.1 $ 1.0 2020 $ 12.4 $ — $ 0.9 2021-2025 $ 64.0 $ 2.6 $ 3.9 Current liabilities of approximately $5.1 million , related to non-qualified plan and post-retirement benefits, are classified as accrued and other liabilities in the consolidated balance sheet as of December 31, 2015 . 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, 2015 , 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 2015 is for the plan's year-end as of December 31, 2014 , for the Pension Trust Fund for Operating Engineers Pension Plan and Laborer's National (Industrial) Pension Fund. The zone status available for 2015 for the Hawaii Laborers Trust Funds is for the plan year-end as of February 28, 2015 . 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. 2015 and 2014 Pending/Implemented Jan. 1 - Dec. 31, 2015 Jan. 1 - Dec. 31, 2014 Fund Operating Engineers 94-6090764; 001 Red Yes $ 4.6 $ 4.3 No 9/2/19 12/31/15 Laborers National 52-6074345; 001 Red Yes 0.1 0.1 No 8/31/18 12/31/15 Hawaii Laborers 99-6025107; 001 Green No 0.8 0.5 No 8/31/19 2/28/15 Hawaii Laborers 99-6025107; 001 Green No 0.2 0.1 No 9/30/19 2/28/15 $ 5.7 $ 5.0 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, 2015 and 2014 . 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 2015 , 2014 and 2013, the profit sharing contribution expense was zero , $0.6 million and $0.9 million , respectively. 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, 2015 , Grace recognized discretionary employer contributions and profit sharing expense of approximately $2.0 million . |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The income tax expense (benefit) on income from continuing operations for each of the three years in the period ended December 31, 2015 consisted of the following (in millions): 2015 2014 2013 Current: Federal $ 0.8 $ 11.2 $ 17.1 State (1.2 ) 2.8 2.1 Current (0.4 ) 14.0 19.2 Deferred: Federal 14.6 (7.8 ) (5.7 ) State 2.3 (7.6 ) (2.4 ) Deferred 16.9 (15.4 ) (8.1 ) Income tax expense (benefit) $ 16.5 $ (1.4 ) $ 11.1 Income tax expense (benefit) for 2015 , 2014 and 2013 differs from amounts computed by applying the statutory federal rate to income from continuing operations before income taxes for the following reasons (in millions): 2015 2014 2013 Computed federal income tax expense $ 16.6 $ 10.1 $ 8.3 State income taxes 0.7 (4.1 ) 1.0 Non-deductible transaction costs — — 1.6 Charitable contribution — — (0.2 ) Federal solar tax credits — (11.3 ) — Other—net (0.8 ) 3.9 0.4 Income tax expense (benefit) $ 16.5 $ (1.4 ) $ 11.1 The effective income tax rate for the year ended December 31, 2015 was lower than the statutory rate due primarily to various state tax credits. 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): 2015 2014 Deferred tax assets: Employee benefits $ 37.1 $ 30.7 Capitalized costs 22.4 21.9 Joint ventures and other investments 4.3 19.0 Impairment and amortization 7.8 6.7 Insurance and other reserves 5.9 4.2 Solar investment benefits* 9.0 4.9 Other 5.7 9.8 Total deferred tax assets $ 92.2 $ 97.2 Deferred tax liabilities: Property (including tax-deferred gains on real estate transactions) $ 279.3 $ 271.8 Straight-line rental income and advanced rent 9.0 8.4 Other 6.0 2.7 Total deferred tax liabilities 294.3 282.9 Net deferred tax liability $ 202.1 $ 185.7 * Certain investment tax credits do not expire under state law 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 $1.7 million and $1.3 million for 2015 and 2014 , 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 accompanying consolidated statements of equity. Subsequent to the separation from Matson, Inc. (formerly "Alexander & Baldwin Holding, Inc.") on June 30, 2012, the Company began reporting as 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, 2015 , the Company's liability for the indemnity to Matson in the event the Company’s pre-separation unrecognized tax benefits are not realized was $0.1 million . As of December 31, 2015 , the Company has not identified any material unrecognized tax positions. 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, 2015 and 2014, the Company recorded a net, non-cash reduction of $2.6 million and $14.7 million (net of earnings from the investment), respectively, in Other income (expense) in the accompanying 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, 2015 , the Company’s tax years 2012, 2013 and 2014 are open to examination by the tax authorities. In addition, tax year 2012, for which the Company was included in the consolidated tax group with Matson, is open to examination by the tax authorities in the Company’s material jurisdictions. In addition, the 2011 tax year is also open to examination by California. The 2012 tax return for the Company on a standalone basis and the 2012 tax return for which the Company was included in the consolidated tax group with Matson is currently under examination by the Internal Revenue Service. |
SHARE-BASED AWARDS
SHARE-BASED AWARDS | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 1.3 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. There were no option grants in 2015 and 2014 , and the Company currently does not expect to issue options in the future. 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. 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 (26.0 ) $20.13 Outstanding, December 31, 2015 1,098.6 $18.81 3.6 $18,235 Vested or expected to vest 1,098.6 $18.81 3.6 $18,235 Exercisable, December 31, 2015 1,098.6 $18.81 3.6 $18,235 The following table summarizes 2015 non-vested restricted stock unit activity (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 (106.4 ) $31.58 Canceled (25.4 ) $35.14 Outstanding, December 31, 2015 271.9 $37.74 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 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 2014 Volatility of A&B common stock 29.5 % 25.4 % Average volatility of peer companies 34.2 % 27.3 % Risk-free interest rate 0.70 % 0.37 % The weighted average fair value of the time-based restricted units and market-based performance share units was $40.85 in 2015 and $39.38 in 2014 . No compensation cost is recognized for estimated or actual forfeitures of time-based or market-based awards if an employee is terminated prior to rendering the requisite service period. The tax benefit realized upon vesting was immaterial for each of the years ended December 31, 2015, 2014 and 2013. A summary of compensation cost related to share-based payments is as follows (in millions): 2015 2014 2013 Share-based expense (net of estimated forfeitures): Stock options $ — $ 0.3 $ 0.7 Incremental share-based compensation cost related to separation — 0.2 0.5 Time-based and market-based restricted stock units 4.6 4.4 3.0 Total share-based expense 4.6 4.9 4.2 Total recognized tax benefit (1.2 ) (1.5 ) (1.3 ) Share-based expense (net of tax) $ 3.4 $ 3.4 $ 2.9 Cash received upon option exercise $ 0.5 $ 4.5 $ 7.6 Intrinsic value of options exercised $ 0.5 $ 5.4 $ 6.7 Tax benefit realized upon option exercise $ 0.2 $ 2.0 $ 2.5 Fair value of stock vested $ 4.2 $ 2.6 $ 5.2 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
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 9, included the following as of December 31, 2015 (in millions): Standby letters of credit (a) $ 11.8 Bonds (b) $ 405.0 (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 $381.3 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 noncontrolling interest have long-term debt obligations. One of the Company’s joint ventures had a $10 million loan that was 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. The Company is a guarantor of indebtedness for certain of its unconsolidated joint ventures' borrowings with third party lenders, relating to the repayment of construction loans and performance of construction for the underlying project. As of December 31, 2015, the Company's limited guarantees on indebtedness totaled $12.3 million related to five of its unconsolidated joint ventures. The Company has not incurred any significant historical losses related to guarantees on its joint venture indebtedness. 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 Notes 5 and 8, 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 kept the existing permits on a holdover basis. Three parties filed a lawsuit on April 10, 2015 (the “4/10/15 Lawsuit”) alleging that the BLNR has been renewing the revocable permits annually rather than keeping them in holdover status. The lawsuit asks the court to void the revocable permits and to declare that the renewals were illegally issued without preparation of an environmental assessment (“EA”). In December 2015, the BLNR decided to re-affirm its prior decisions to keep the permits in holdover status. This decision by the BLNR is being challenged by the three parties. In January 2016, the court in the 4/10/15 Lawsuit ruled that the renewals were not subject to the EA requirement but that the BLNR lacked legal authority to keep the revocable permits in holdover status beyond one year. The court has allowed the parties to take an immediate appeal of this ruling. 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. The Water Commission initially took action on the petitions in 2008 and 2010, but the petitioners requested a contested case hearing to challenge the Water Commission's decisions on certain petitions. The Water Commission denied the contested case hearing request, but the petitioners successfully appealed the denial to the Hawaii Intermediate Court of Appeals, which ordered the Water Commission to grant the request. The Commission then authorized the appointment of a hearings officer for the contested case hearing and expanded the scope of the contested case hearing to encompass all 27 petitions for amendment of the IIFS for East Maui streams in 23 hydrologic units. The evidentiary phase of the hearing before the Commission-appointed hearings officer was completed on April 2, 2015. On January 15, 2016, the Commission-appointed hearings officer issued his recommended decision on the petitions. The recommended decision would restore water to streams in 11 of the 23 hydrologic units. A final decision on the petitions from the Commission is not expected until at least the second quarter of 2016. If the Company is not permitted to use sufficient quantities of stream waters, it would have a material adverse effect on the Company's sugar-growing operations in 2016 and the Company's pursuit of a diversified agricultural model in subsequent years. 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 was January 2016, with full compliance required by July 2016. The Company anticipates that the Puunene Mill boilers will meet all applicable compliance deadlines and that the remaining compliance costs will be less than $250,000 , based on available information. The Company is currently implementing strategies for achieving full compliance with the new regulations and is assessing whether the announced end to sugar operations may impact some compliance requirements. Although the EPA has finalized its reconsideration of the rule, there remains some uncertainty as to final requirements pending the outcome of ongoing litigation. Any resulting changes to the Boiler MACT rule could impact the Company’s compliance requirements. 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 included in the NFVO 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 in 2016. The Company will vigorously defend itself in this matter. 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, 2015 | |
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, 2015 , the Company had a gross notional amount of $18.8 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 2015 2014 Interest rate swap liability - floating to fixed rate $ 2.5 $ 2.9 The Company recorded $0.4 million income and $0.1 million of expense during 2015 and 2014 , respectively, related to the change in fair value of the interest rate swaps in Interest income and other in the accompanying consolidated statements of income. |
EARNINGS PER SHARE "EPS"
EARNINGS PER SHARE "EPS" | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE ''EPS'' | EARNINGS PER SHARE "EPS" Basic earnings per common share excludes dilution and is calculated by dividing net earnings allocated to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing net earnings allocated to common shares by the weighted-average number of common shares outstanding for the period, as adjusted for the potential dilutive effect of non-participating share-based awards. The following table provides a reconciliation of income from continuing operations to income from continuing operations available to A&B shareholders (in millions): 2015 2014 2013 Income from continuing operations, net of tax $ 31.1 $ 30.2 $ 12.5 Less: Noncontrolling interest (1.5 ) (3.1 ) (0.5 ) Income from continuing operations attributable to A&B shareholders, net of tax 29.6 27.1 12.0 Less: Undistributed earnings allocated to redeemable noncontrolling interest (3.1 ) — — Income from continuing operations available to A&B shareholders, net of tax 26.5 27.1 12.0 Income from discontinued operations available to A&B shareholders, net of tax — 34.3 22.3 Net income available to A&B shareholders $ 26.5 $ 61.4 $ 34.3 The number of shares used to compute basic and diluted earnings per share is as follows (in millions): 2015 2014 2013 Denominator for basic EPS - weighted average shares outstanding 48.9 48.7 44.4 Effect of dilutive securities: Non-participating stock options and restricted stock unit awards 0.4 0.6 0.7 Denominator for diluted EPS - weighted average shares outstanding 49.3 49.3 45.1 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 market-based performance share units. During the years ended December 31, 2015 , 2014 and 2013 , there were no anti-dilutive securities outstanding. In January 2016, the Company granted to employees 86,739 shares of time-based restricted stock units, and 48,581 shares of market-based performance share units. The time-based restricted stock units vest ratably over 3 years and the performance share units cliff vest over 3 years , provided that the minimum level of the 3 -year performance objectives is achieved. |
REDEEMABLE NONCONTROLLING INTER
REDEEMABLE NONCONTROLLING INTEREST | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
REDEEMABLE NONCONTROLLING INTEREST | REDEEMABLE NONCONTROLLING INTEREST The Company has a 70 percent ownership interest in GLP that was acquired in connection with the acquisition of Grace Pacific LLC. In 2015, the Company reclassified the noncontrolling interest of GLP to mezzanine equity in the accompanying balance sheet, as it is redeemable at the option of the holder. The impact of the redemption feature on prior periods was not material. The redeemable noncontrolling interest of GLP is recorded at the greater of (i) the initial carrying amount, increased or decreased for the noncontrolling interest's share of net income or loss and distributions or (ii) the redemption value, which is derived from a specified formula. Due to an increase in the calculated redemption value as a result of increased GLP earnings, adjustments to the redeemable noncontrolling interest of GLP during 2015 were $3.1 million . These adjustments are reflected in the computation of earnings per share using the two-class method. |
CESSATION OF HC&S SUGAR OPERATI
CESSATION OF HC&S SUGAR OPERATIONS | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
CESSATION OF HC&S SUGAR OPERATIONS | CESSATION OF HC&S SUGAR OPERATIONS On December 31, 2015, due to continuing and significant operating losses stemming from low sugar prices and poor production levels, the Company determined it would cease sugar operations at its Hawaiian Commercial & Sugar Company (“HC&S”) division on Maui. The Company expects that the final harvest and activities of the Cessation will be substantially completed by the end of 2016 and will result in the eventual layoff of over 650 employees on Maui. As a result of the decision to cease the HC&S sugar operations, the Company wrote-off $6.9 million related to certain fixed assets that will no longer be used in operations. In connection with the Cessation, the Company currently projects recording total pre-tax book charges in the range of $112 million to $133 million , which consists of $23 million to $28 million of employee severance and related benefit charges, $69 million to $76 million of asset write-offs and accelerated depreciation, and $20 million to $29 million of property removal, restoration and other exit-related costs. The Company expects that the activities related to the Cessation will be substantially completed by the end of 2016. During 2015, the Company recorded pre-tax restructuring charges of $22.6 million related to employee severance benefits and related costs and asset write-offs in connection with the Cessation. A summary of the pre-tax costs and remaining costs associated with the restructuring is as follows (in millions): Recognized as of December 31, 2015 Range of remaining amount to be Recognized Total Employee severance benefits and related costs $ 13.4 $9.6 - $14.6 $23.0 - $28.0 Asset write-offs and accelerated depreciation 9.2 59.8 - 66.8 69.0 - 76.0 Property removal, restoration and other exit-related costs — 20.0 - 29.0 20.0 - 29.0 Total Cessation costs $ 22.6 $89.4 - $110.4 $112.0 - $133.0 The following table summarizes the activity related to the Cessation accruals during the year ended December 31, 2015 (in millions): Employee Severance Benefits and Related Costs Balance at January 1, 2015 $ — Cessation charges 13.4 Balance at December 31, 2015 $ 13.4 There were no cash payments made during the year ended December 31, 2015. |
SEGMENT RESULTS
SEGMENT RESULTS | 12 Months Ended |
Dec. 31, 2015 | |
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 58 retail, office and industrial properties in Hawaii and on the Mainland totaling 4.9 million square feet of GLA. The Company also leases urban land in Hawaii to third-party lessees, including 42 acres on Oahu (improved with 660,000 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 rock and sand aggregates; produces and sells asphaltic concrete and ready-mix concrete; provides and sells various construction- and traffic-control-related products and manufactures and sells precast concrete products. The Agribusiness segment produces and sells bulk raw sugar, specialty food grade sugars, and molasses; 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. General contractor and subcontractor revenues for the years ended December 31, 2015 and 2014 were derived directly and indirectly from the State of Hawaii in the amounts of $80.8 million and $79.6 million , respectively. In addition, for the years ended December 31, 2015 and 2014, amounts were derived directly and indirectly from the City and County of Honolulu in the amounts of $38.1 million and $37.5 million , respectively. Raw sugar revenues from C&H Sugar Company, Inc., exceeded 10 percent of total consolidated revenues and totaled $71.6 million , $65.5 million , and $87.6 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Operating segment information for 2015 , 2014 and 2013 is summarized as below (in millions): For the Year Ended December 31, 2015 2014 2013 Revenue: Real Estate: 1,4 Leasing $ 133.8 $ 125.6 $ 110.4 Development and Sales 131.5 150.0 423.0 Less amounts reported in discontinued operations 1 — (70.4 ) (369.2 ) Reconciling items 4 (31.0 ) — — Materials and Construction 2 219.0 234.3 54.9 Agribusiness 117.2 120.5 146.1 Total revenue $ 570.5 $ 560.0 $ 365.2 Operating profit (loss): Real Estate: Leasing $ 53.1 $ 47.5 $ 43.4 Development and Sales 3 65.0 85.7 44.4 Less amounts reported in discontinued operations 1 — (56.2 ) (36.7 ) Materials and Construction 2 30.9 25.9 2.9 Agribusiness operations (29.3 ) (11.8 ) 10.7 Agribusiness cessation costs 5 (22.6 ) — — Total operating profit 97.1 91.1 64.7 Interest expense (26.8 ) (29.0 ) (19.1 ) General corporate expenses (20.1 ) (18.6 ) (17.4 ) Reduction in KRS II carrying value, net (Note 5, 12, 14) 9 (2.6 ) (14.7 ) — Separation/Acquisition Costs — — (4.6 ) Income from continuing operations before income taxes 47.6 28.8 23.6 Income tax expense (benefit) 16.5 (1.4 ) 11.1 Income from continuing operations 31.1 30.2 12.5 Income from discontinued operations (net of income taxes) — 34.3 22.3 Net income 31.1 64.5 34.8 Income attributable to noncontrolling interest (1.5 ) (3.1 ) (0.5 ) Net income attributable to A&B $ 29.6 $ 61.4 $ 34.3 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 The Real Estate Development and Sales segment includes approximately $30.2 million , $2.0 million , and $4.2 million in equity in earnings from its various real estate joint ventures for 2015 , 2014 , and 2013 , respectively. Included in operating profit are non-cash impairment and equity losses of $0.3 million related to the sale of Crossroads in 2014 and $6.3 million related to the consolidation of The Shops at Kukui'ula in 2013. 4 2015 amounts represent the sales of an office building in Washington in December 2015, a Colorado retail property in March 2015 and a Texas office building in May 2015 that are classified as cost of sales and development in the Consolidated Statement of Income, but reflected as revenue for segment reporting purposes. 5 Costs related to the cessation of HC&S sugar operation. As of December 31, 2015 2014 2013 Identifiable Assets: Real Estate: Leasing $ 1,058.8 $ 1,121.1 $ 1,113.0 Development and Sales 6 622.0 633.9 640.4 Agribusiness 151.5 159.7 155.3 Materials and Construction 386.6 385.9 358.7 Other 10 24.6 21.0 8.4 Total assets $ 2,243.5 $ 2,321.6 $ 2,275.8 Capital Expenditures: Real Estate: Leasing 7 $ 23.0 $ 51.8 $ 488.5 Development and Sales 8 — — 0.1 Agribusiness 13.1 10.8 11.8 Materials and Construction 2 7.2 10.7 4.8 Other 1.4 1.8 0.1 Total capital expenditures $ 44.7 $ 75.1 $ 505.3 Depreciation and Amortization: Real Estate: Leasing 1 $ 30.3 $ 26.9 $ 24.3 Development and Sales 0.2 0.2 0.2 Agribusiness 12.1 11.5 11.7 Materials and Construction 2 11.6 15.2 4.4 Other 1.5 1.2 1.1 Total depreciation and amortization $ 55.7 $ 55.0 $ 41.7 6 The Real Estate Development and Sales segment includes approximately $379.7 million , $383.8 million , and $335.0 million related to its investment in various real estate joint ventures as of December 31, 2015 , 2014 , and 2013 , respectively. 7 Represents gross capital additions to the leasing portfolio, including gross tax-deferred property purchases, but excluding the assumption of debt, that are reflected as non-cash transactions in the Consolidated Statements of Cash Flows. 8 Excludes expenditures for real estate developments held for sale which are classified as Cash Flows from Operating Activities within the Consolidated Statements of Cash Flows and excludes investment in joint ventures classified as Cash Flows from Investing Activities. Operating cash flows for expenditures related to real estate developments were $7.2 million , $41.7 million , and $150.6 million for 2015 , 2014 , and 2013 , respectively. Investments in real estate joint ventures were $25.8 million , $28.7 million , and $22.2 million in 2015 , 2014 , and 2013 , respectively. 9 Represents a non-cash reduction in the carrying value of a $23.8 million tax equity investment in a 12-megawatt solar farm on Kauai (KRS II) that was made in July 2014. Tax benefits associated with the KRS II investment are accompanied by non-cash reductions of the investment's carrying value. Tax benefits associated with the investment are included in the Income tax expense (benefit) line item in the Consolidated Statements of Income. 10 Amounts recast to reflect adoption of FASB Accounting Standard Update No. 2015-17, Income Taxes (Topic 740) - Balance Sheet Classification of Deferred Taxes. Unaudited quarterly segment results for the years ended December 31, 2015 and 2014 were as follows (in millions): 2015 (Unaudited) Q1 Q2 Q3 Q4 Revenue: Real Estate: Leasing $ 32.7 $ 34.8 $ 33.0 $ 33.3 Development and Sales 36.5 52.4 19.9 22.7 Reconciling items 3 (4.3 ) (16.7 ) — (10.0 ) Materials and Construction 56.9 57.4 51.0 53.7 Agribusiness 28.9 25.8 40.8 21.7 Total revenue $ 150.7 $ 153.7 $ 144.7 $ 121.4 Operating profit (loss) Real Estate: Leasing $ 13.2 $ 13.9 $ 12.5 $ 13.5 Development and Sales 4 32.0 14.3 11.2 7.5 Materials and Construction 7.2 7.0 7.5 9.2 Agribusiness operations 1.9 (4.7 ) (9.0 ) (17.5 ) Agribusiness cessation costs 5 — — — (22.6 ) Total operating profit 54.3 30.5 22.2 (9.9 ) Interest expense (7.1 ) (6.6 ) (6.5 ) (6.6 ) General corporate expenses (5.6 ) (5.3 ) (4.8 ) (4.4 ) Reduction in KRS II carrying value (Notes 5, 12, 14) 2 (0.1 ) (1.5 ) (0.1 ) (0.9 ) Income (loss) from continuing operations before income taxes 41.5 17.1 10.8 (21.8 ) Income tax expense (benefit) 15.6 7.0 3.8 (9.9 ) Income (loss) from continuing operations 25.9 10.1 7.0 (11.9 ) Income from discontinued operations (net of income taxes) — — — — Net income (loss) 25.9 10.1 7.0 (11.9 ) Income attributable to noncontrolling interest (0.6 ) (0.3 ) (0.3 ) (0.3 ) Net income (loss) attributable to A&B 25.3 9.8 6.7 (12.2 ) Less: Undistributed earnings allocated to redeemable noncontrolling interest 6 — — (1.3 ) (1.8 ) Net income (loss) available to A&B shareholders $ 25.3 $ 9.8 $ 5.4 $ (14.0 ) Earnings per share available to A&B shareholders: Basic $ 0.52 $ 0.20 $ 0.11 $ (0.29 ) Diluted $ 0.51 $ 0.20 $ 0.11 $ (0.29 ) Weighted average shares: Basic 48.8 48.9 48.9 48.9 Diluted 49.3 49.4 49.3 48.9 2014 (Unaudited) Q1 Q2 Q3 Q4 Revenue: Real Estate: Leasing $ 31.2 $ 31.0 $ 31.3 $ 32.1 Development and Sales 71.0 21.4 18.2 39.4 Less amounts reported in discontinued operations 1 (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 $ 12.0 $ 12.1 $ 11.6 Development and Sales 4 52.3 7.8 11.4 14.2 Less amounts reported in discontinued operations 1 (56.2 ) — — — Materials and Construction 3.4 8.0 5.9 8.6 Agribusiness 3.0 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 (Notes 5, 12, 14) 2 — — (15.1 ) 0.4 Income (loss) from continuing operations before income taxes 1.9 16.7 (4.1 ) 14.3 Income tax expense (benefit) 0.8 6.5 (14.9 ) 6.2 Income 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 noncontrolling interest (0.4 ) (1.0 ) (0.6 ) (1.1 ) Net income attributable to A&B shareholders $ 35.0 $ 9.2 $ 10.2 $ 7.0 Earnings per share attributable to A&B shareholders: 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 1 Amounts recast to reflect discontinued operations. 2 Represents a non-cash reduction in the carrying value of a $23.8 million tax equity investment in a 12-megawatt solar farm on Kauai (KRS II) that was made in July 2014. Tax benefits associated with the KRS II investment are accompanied by non-cash reductions of the investment's carrying value. 3 2015 amounts represent the sales of an office building in Washington in December 2015, a Colorado retail property in March 2015 and a Texas office building in May 2015 that are classified as cost of sales and development in the Consolidated Statement of Income, but reflected as revenue for segment reporting purposes. 4 The Real Estate Development and Sales segment includes approximately $30.2 million and $2.0 million in equity in earnings from its various real estate joint ventures for 2015 and 2014 , respectively. 5 Costs related to the cessation of HC&S sugar operation. 6 The Company deducted $1.3 million and $1.8 million of undistributed earnings allocated to redeemable noncontrolling interests from "net income (loss) attributable to A&B shareholders" in calculating "Earnings (loss) per share attributable to A&B shareholders" for each of the three months ended September 30 and December 31, 2015, respectively. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENT On January 26, 2016, the Company's Board of Directors declared a quarterly cash dividend of $0.06 per share of outstanding common stock, which will be paid on March 3, 2016 to shareholders of record as of February 8, 2016. |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 (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 Real Estate Leasing Segment Industrial: Kailua Industrial/Other (HI) $ — $ 10.5 $ 2.0 $ 0.1 $ — $ 10.5 $ 2.1 $ 12.6 $ (0.1 ) Various 2013 Kaka'ako Commerce Center (HI) — 16.9 20.6 0.1 — 16.9 20.7 37.6 (0.5 ) 1969 2014 Komohana Industrial Park (HI) — 25.2 10.8 0.4 — 25.2 11.2 36.4 (1.7 ) 1990 2010 P&L Warehouse (HI) — — — 1.2 — — 1.2 1.2 (0.6 ) 1970 1970 Port Allen (HI) — — 0.7 1.9 — — 2.6 2.6 (1.9 ) 1985, 1993 1983-1993 Waipio Industrial (HI) — 19.6 7.7 0.2 — 19.6 7.9 27.5 (1.5 ) 1988, 1989 2009 Midstate Hayes (CA) 8.2 2.7 29.6 1.2 — 2.7 30.8 33.5 (6.1 ) 2002-2008 2008 Sparks Business Center (NV) — 3.2 17.2 3.0 — 3.2 20.2 23.4 (7.9 ) 1996-1998 2002 Office: Judd Building (HI) — 1.0 2.1 1.9 — 1.0 4.0 5.0 (1.5 ) 1898, 1979 2000 Kahului Office Building (HI) — 1.0 0.4 5.9 — 1.0 6.3 7.3 (7.0 ) 1974 1989 Kahului Office Center (HI) — — — 5.7 — — 5.7 5.7 (3.5 ) 1991 1991 Lono Center (HI) — — 1.4 1.2 — — 2.6 2.6 (1.3 ) 1973 1991 Maui Clinic Building (HI) — — — 0.5 — — 0.5 0.5 (0.1 ) 1958 2013 Mililani South (HI) — 7.0 3.5 5.2 — 7.0 8.7 15.7 (0.4 ) 1992, 2006 2012 Stangenwald Building (HI) — 1.8 1.0 1.3 — 1.8 2.3 4.1 (0.9 ) 1901, 1980 1996 1800 and 1820 Preston Park (TX) — 4.5 19.9 5.0 — 4.5 24.9 29.4 (6.9 ) 1997, 1998 2006 2868 Prospect Park (CA) — 2.9 18.1 9.5 — 2.9 27.6 30.5 (13.7 ) 1998 1998 2890 Gateway Oaks (CA) — 1.7 10.8 1.7 — 1.7 12.5 14.2 (3.3 ) 1999 2006 Concorde Commerce Center (AZ) — 3.9 20.9 6.0 — 3.9 26.9 30.8 (6.6 ) 1998 2006 Deer Valley Financial Center (AZ) — 3.4 19.2 3.4 — 3.4 22.6 26.0 (6.9 ) 2001 2005 Ninigret Office X and XI (TX) — 3.1 17.7 4.6 — 3.1 22.3 25.4 (7.0 ) 1999, 2002 2006 Retail: Gateway at Mililani Mauka (HI) — 7.3 4.7 5.2 — 7.3 9.9 17.2 (0.5 ) 2006, 2013 2011 Kahului Shopping Center (HI) — — — 2.7 — — 2.7 2.7 (1.5 ) 1951 1951 Kailua Grocery Anchored (HI) 11.0 77.9 56.0 0.7 — 77.9 56.7 134.6 (3.3 ) Various 2013-2015 Kailua Retail Other (HI) — 29.6 26.7 1.4 — 29.6 28.1 57.7 (1.8 ) Various 2013 Kaneohe Bay Shopping Ctr. (HI) — — 13.4 1.9 — — 15.3 15.3 (5.5 ) 1971 2001 Kunia Shopping Center (HI) — 2.7 10.6 1.3 — 2.7 11.9 14.6 (3.8 ) 2004 2002 Lahaina Square (HI) — 4.6 3.7 0.4 — 4.6 4.1 8.7 (0.6 ) 1973 2010 Lanihau Marketplace (HI) — 9.4 13.2 1.4 — 9.4 14.6 24.0 (2.1 ) 1987 2010 Napili Plaza (HI) — 9.4 8.0 0.5 — 9.4 8.5 17.9 (0.9 ) 1991 2003, 2013 Pearl Highlands Center (HI) 91.9 43.4 96.2 1.8 — 43.4 98.0 141.4 (6.8 ) 1993 2013 Port Allen Marina Ctr. (HI) — — 3.4 1.1 — — 4.5 4.5 (1.9 ) 2002 1971 The Shops at Kukui'ula (HI) 37.0 8.9 30.1 1.9 — 8.9 32.0 40.9 (2.1 ) 2009 2013 Waianae Mall (HI) — 17.4 10.1 4.2 — 17.4 14.3 31.7 (1.1 ) 1975 2013 Waipio Shopping Center (HI) — 24.0 7.6 0.4 — 24.0 8.0 32.0 (1.4 ) 1986-2004 2009 Little Cottonwood Center (UT) — 12.2 9.1 1.0 — 12.2 10.1 22.3 (1.6 ) 1998-2008 2010 Royal MacArthur Center (TX) — 3.5 10.1 1.7 — 3.5 11.8 15.3 (2.9 ) 2006 2007 Other: Oahu ground leases (HI) — 164.2 0.6 — — 164.2 0.6 164.8 — 2013 Other miscellaneous investments — 17.9 1.3 12.2 — 17.9 13.5 31.4 (10.8 ) Total $ 148.1 $ 540.8 $ 508.4 $ 99.8 $ — $ 540.8 $ 608.2 $ 1,149.0 $ (128.0 ) Total for Hawaii $ 139.9 $ 499.7 $ 335.8 $ 62.7 $ — $ 499.7 $ 398.5 $ 898.2 $ (65.1 ) Total for U.S. Mainland 8.2 41.1 172.6 37.1 — 41.1 209.7 250.8 (62.9 ) Grand Total $ 148.1 $ 540.8 $ 508.4 $ 99.8 $ — $ 540.8 $ 608.2 $ 1,149.0 $ (128.0 ) Description (amounts in millions) 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 — — — 2.6 — — 2.6 $ 2.6 — Grove Ranch — — — 1.5 — — 1.5 $ 1.5 — Haliimaile — — — 1.0 — — 1.0 $ 1.0 — Kahala Portfolio 8.2 49.7 — 1.5 — 49.7 1.5 $ 51.2 — Kamalani — — — 3.1 — — 3.1 $ 3.1 — Kahului Town Center — — — 2.3 — — 2.3 $ 2.3 — Kai 'Olino — — — 11.3 — — 11.3 $ 11.3 — Maui Business Park II — — — 44.7 — — 44.7 $ 44.7 — 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 — 1.9 — 2.0 1.9 $ 3.9 — Wailea MF-16 — 2.7 — — — 2.7 — $ 2.7 — The Ridge at Wailea (MF-19) — 1.7 — 6.2 — 1.7 6.2 $ 7.9 — Wailea, other — 15.3 — 1.5 — 15.3 1.5 $ 16.8 — Waiale Community — — — 1.7 — — 1.7 $ 1.7 — Other Maui landholdings — 2.2 — 4.2 — 2.2 4.2 $ 6.4 — Other Kauai landholdings — — — 1.4 — — 1.4 $ 1.4 — Total $ 8.2 $ 91.5 $ — $ 92.0 $ — $ 91.5 $ 92.0 $ 183.5 $ — (1) See Note 8 to consolidated financial statements. (2) The aggregate tax basis, as of December 31, 2015, for the Real Estate Leasing segment and Real Estate Development and Sales segment assets was approximately $ 575.4 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) 2015 2014 2013 Balance at beginning of year $ 1,397.1 $ 1,402.1 $ 1,022.0 Additions and improvements 32.2 57.0 758.5 Dispositions, retirements and other adjustments (96.8 ) (62.0 ) (378.4 ) Balance at end of year $ 1,332.5 $ 1,397.1 $ 1,402.1 Reconciliation of Accumulated Depreciation (in millions) 2015 2014 2013 Balance at beginning of year $ 120.5 $ 116.9 $ 133.8 Depreciation expense 20.5 19.2 19.5 Dispositions, retirements and other adjustments (13.0 ) (15.6 ) (36.4 ) Balance at end of year $ 128.0 $ 120.5 $ 116.9 |
SIGNIFICANT ACCOUNTING POLICI30
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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 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 ("GLP"), 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 noncontrolling 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, 2015 were $ 588.2 million and $597.0 million , respectively, and $706.0 million and $729.6 million at December 31, 2014 , 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 retain ownership or to sell the property, respectively, 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. During the years ended December 31, 2015 and 2014, the Company recorded a net non-cash reduction of $2.6 million and $14.7 million , respectively, in Other income (expense) in the accompanying 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. 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: Intangible assets are recorded on the consolidated balance sheets as other non-current assets and are related to the acquisition of commercial properties. |
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 is 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 11, “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. |
Earnings Per Share (''EPS'') | Earnings Per Share (“EPS”): Basic and diluted earnings per share are computed and disclosed in accordance with FASB Accounting Standards Codification Topic 260, Earnings Per Share . The Company utilizes the two-class method to compute earnings available to common shareholders. Under the two-class method, earnings are adjusted by accretion amounts to redeemable noncontrolling interests recorded at redemption value. The adjustments represent in-substance dividend distributions to the noncontrolling interest holder as the holder has a contractual right to receive a specified amount upon redemption. As a result, earnings are adjusted to reflect this in-substance distribution that is different from other common shareholders. In addition, the Company allocates net earnings to each class of common stock and participating security as if all of the net earnings for the period had been distributed. The Company's participating securities consist of time-based restricted unit awards that contain a non-forfeitable right to receive dividends and, therefore, are considered to participate in earnings with common shareholders. Basic earnings per common share excludes dilution and is calculated by dividing net earnings allocated to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing net earnings allocable to common shares by the weighted-average number of common shares outstanding for the period, as adjusted for the potential dilutive effect of non-participating share-based awards. |
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 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, 2015 and 2014 . 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. |
Comprehensive Loss | Comprehensive Loss: Comprehensive loss includes all changes in equity, except those resulting from transactions with shareholders and net income. Other comprehensive loss principally includes amortization of deferred pension and postretirement costs. |
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 May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , as a new Topic, 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 of the guidance is that an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract(s), (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract(s), and (v) recognize revenue when, or as, the entity satisfies a performance obligation. This ASU is to be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. In July 2015, the FASB reached a decision to defer the effective date of the amended guidance. In August 2015, ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, was issued which defers the effective date of ASU 2014-09 to annual reporting periods beginning after December 15, 2017. Early adoption is not permitted. The Company is currently evaluating the potential impact of adopting this new accounting standard. In April 2015, the FASB issued ASU 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 evaluating the impact this accounting standard will have on the Company’s consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory ("ASU 2015-11"). This ASU changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation when cost is determined on a first-in, first-out or average cost basis. The provisions of ASU 2015-11 are effective for fiscal years beginning after December 15, 2016. The Company is currently evaluating the impact this accounting standard will have on the Company’s consolidated financial statements. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting) (“ASU 2015-15”). ASU 2015-15 indicates that the guidance in ASU 2015-03 did not address presentation or subsequent measurement of debt issuance costs related to line of credit arrangements. Given the absence of authoritative guidance within ASU 2015-03, the SEC staff has indicated that they would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the costs ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. ASU 2015-15 is effective for fiscal years, and interim periods within, beginning after December 15, 2015. The Company does not expect the adoption of ASU 2015-15 to have any effect on the Company’s financial position or results of operations. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740) - Balance Sheet Classification of Deferred Taxes , which will require the presentation of deferred tax assets and liabilities be classified as noncurrent in a classified statement of financial position. The amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The Company early adopted this guidance retrospectively during the fourth quarter of 2015. |
SIGNIFICANT ACCOUNTING POLICI31
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of 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, 2015 were as follows (in millions): Balance at Provision for bad debt Write-offs Balance at 2015 $1.7 $0.4 $(0.4) $1.7 2014 $1.3 $0.8 $(0.4) $1.7 2013 $1.6 $0.1 $(0.4) $1.3 |
Schedule of Inventories | Inventories at December 31, 2015 and 2014 were as follows (in millions): 2015 2014 Sugar inventories $ 16.3 $ 23.3 Asphalt 12.8 21.3 Processed rock, portland cement, and sand 12.2 15.7 Work in progress 3.7 2.8 Retail merchandise 1.6 1.5 Parts, materials and supplies inventories 9.3 17.3 Total $ 55.9 $ 81.9 |
Schedule of 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 Intangible Assets Acquired | Intangible assets acquired in 2015 and 2014 were as follows: 2015 2014 Amount Weighted Average Life (Years) Amount Weighted Average Life (Years) Amortized intangible assets: In-place/favorable leases $ 1.0 2.6 $ 2.1 1.8 |
Schedule of Intangible Assets | Intangible assets for the years ended December 31, included the following (in millions): 2015 2014 Cost Accumulated Amortization Cost Accumulated Amortization Amortized intangible assets: In-place leases $ 62.6 $ (34.0 ) $ 61.6 $ (25.8 ) Favorable leases 16.6 (9.1 ) 16.6 (7.8 ) Permitted quarry rights 18.0 (1.3 ) 18.0 (0.7 ) Contract backlog 2.6 (2.6 ) 2.6 (2.5 ) Trade name/customer relationships 2.2 (0.6 ) 2.2 (0.3 ) Total assets $ 102.0 $ (47.6 ) $ 101.0 $ (37.1 ) |
Schedule of Estimated Amortization Expenses Related to Intangible Assets | Estimated amortization expenses related to intangible assets over the next five years are as follows (in millions): Estimated 2016 $6.7 2017 $5.5 2018 $4.7 2019 $4.2 2020 $3.5 |
Schedule of 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, 2015 and 2014 were as follows (in millions): Materials & Construction Real Estate Leasing Total Balance, January 1, 2014 $ 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 Changes to goodwill — — — Balance, December 31, 2015 $ 93.6 $ 8.7 $ 102.3 |
Schedule of Components of Accumulated Other Comprehensive Loss, Net of Taxes | The changes in accumulated other comprehensive loss for pension and postretirement plans for the years ended December 31, were as follows (in millions, net of tax): December 31, 2015 2014 Beginning balance $ (44.4 ) $ (30.1 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (0.9 ) (14.3 ) Ending balance $ (45.3 ) $ (44.4 ) The components of accumulated other comprehensive loss, net of taxes, were as follows for the years ended December 31 (in millions): 2015 2014 2013 Unrealized components of benefit plans: Pension plans $ (44.7 ) $ (43.9 ) $ (29.3 ) Post-retirement plans (0.6 ) (0.5 ) (1.1 ) Non-qualified benefit plans — — 0.3 Accumulated other comprehensive loss $ (45.3 ) $ (44.4 ) $ (30.1 ) |
Schedule of Reclassifications of Other Comprehensive Loss Components | The reclassifications of other comprehensive loss components out of accumulated other comprehensive loss for the years ended December 31, were as follows (in millions): Details about Other Comprehensive Income (Loss) Components 2015 2014 2013 Actuarial gain (loss)* $ (7.1 ) $ (26.7 ) $ 22.4 Prior service cost (0.4 ) — — Amortization of defined benefit pension items reclassified to net periodic pension cost: Net loss* 7.3 4.5 7.7 Prior service credit* (1.3 ) (1.3 ) (1.3 ) Total before income tax (1.5 ) (23.5 ) 28.8 Income taxes 0.6 9.2 (11.7 ) Other comprehensive income (loss) net of tax $ (0.9 ) $ (14.3 ) $ 17.1 * These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 11 for additional details). |
Schedule of Impact of Adopting New Accounting Guidance, ASU 2015-17 | The impact of adopting the above guidance as of December 31, 2014 was as follows: Deferred tax current assets Total assets Deferred tax long-term liabilities Total liabilities and equity Previously reported $ 8.3 $ 2,329.9 $ 194.0 $ 2,329.9 Balance Sheet Classification of Deferred Taxes (8.3 ) (8.3 ) (8.3 ) (8.3 ) Current presentation $ — $ 2,321.6 $ 185.7 $ 2,321.6 |
Schedule of Impact of Adopting New Accounting Guidance, ASU 2015-17 | The impact of adopting the above guidance as of December 31, 2014 was as follows: Deferred tax current assets Total assets Deferred tax long-term liabilities Total liabilities and equity Previously reported $ 8.3 $ 2,329.9 $ 194.0 $ 2,329.9 Balance Sheet Classification of Deferred Taxes (8.3 ) (8.3 ) (8.3 ) (8.3 ) Current presentation $ — $ 2,321.6 $ 185.7 $ 2,321.6 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): 2015 2014 Deferred tax assets: Employee benefits $ 37.1 $ 30.7 Capitalized costs 22.4 21.9 Joint ventures and other investments 4.3 19.0 Impairment and amortization 7.8 6.7 Insurance and other reserves 5.9 4.2 Solar investment benefits* 9.0 4.9 Other 5.7 9.8 Total deferred tax assets $ 92.2 $ 97.2 Deferred tax liabilities: Property (including tax-deferred gains on real estate transactions) $ 279.3 $ 271.8 Straight-line rental income and advanced rent 9.0 8.4 Other 6.0 2.7 Total deferred tax liabilities 294.3 282.9 Net deferred tax liability $ 202.1 $ 185.7 * Certain investment tax credits do not expire under state law and may be carried forward indefinitely. |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Revenue, Operating Profit, Income Tax Expense and After-tax Effects of Sales Treated as Discontinued Operations | The revenue, operating profit, income tax expense and after-tax effects of these transactions for 2015, 2014 and 2013 were as follows (in millions): 2015 2014 2013 Proceeds from the sale of income-producing properties $ — $ 70.1 $ 337.6 Real Estate Leasing revenue $ — $ 0.3 $ 31.6 Gain on sale of income-producing properties, net $ — $ 55.9 $ 22.1 Real Estate Leasing operating profit — 0.3 14.6 Total operating profit before taxes — 56.2 36.7 Income tax expense — 21.9 14.4 Income from discontinued operations $ — $ 34.3 $ 22.3 Basic Earnings Per Share $ — $ 0.70 $ 0.50 Diluted Earnings Per Share $ — $ 0.70 $ 0.50 |
INVESTMENTS IN AFFILIATES (Tabl
INVESTMENTS IN AFFILIATES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Financial Information for Equity Method Investments | A summary of combined financial information for the Company’s equity method investments at December 31 is as follows (in millions): 2015 2014 Current assets $ 107.1 $ 52.7 Non-current assets 854.0 935.6 Total assets $ 961.1 $ 988.3 Current liabilities $ 64.4 $ 53.0 Non-current liabilities 200.7 245.9 Total liabilities $ 265.1 $ 298.9 Year Ended December 31, 2015 2014 2013 Operating revenue $ 471.7 $ 71.0 $ 37.8 Operating costs and expenses 411.6 65.9 31.1 Operating income $ 60.1 $ 5.1 $ 6.7 Income from continuing operations* $ 57.2 $ 5.0 $ 6.8 Net income $ 56.1 $ 5.0 $ 6.8 * Includes earnings from equity method investments held by the investee. |
UNCOMPLETED CONTRACTS (Tables)
UNCOMPLETED CONTRACTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Contractors [Abstract] | |
Schedule of Information Related to Uncompleted Contracts | Information related to uncompleted contracts as of December 31, 2015 and 2014 is as follows (in millions): 2015 2014 Costs incurred on uncompleted contracts $ 80.3 $ 126.7 Estimated earnings 29.2 32.8 Subtotal 109.5 159.5 Less: billings to date 95.8 147.2 Total $ 13.7 $ 12.3 Included in accompanying consolidated balance sheets under the following captions: Costs and estimated earnings in excess of billings on uncompleted contracts $ 16.3 $ 15.9 Estimated billings in excess of costs and estimated earnings on uncompleted contracts (2.6 ) (3.6 ) Total $ 13.7 $ 12.3 |
PROPERTY (Tables)
PROPERTY (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property | Property on the consolidated balance sheets includes the following (in millions): December 31, 2015 2014 Buildings $ 571.3 $ 586.7 Land 578.5 588.5 Machinery and equipment 242.6 236.1 Asphalt plants and quarry assets 77.1 65.5 Water, power and sewer systems 145.6 142.6 Other property improvements 86.8 90.7 Vessel 11.3 7.2 Subtotal 1,713.2 1,717.3 Accumulated depreciation (443.8 ) (415.6 ) Property - net $ 1,269.4 $ 1,301.7 |
NOTES PAYABLE AND LONG-TERM D36
NOTES PAYABLE AND LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Notes Payable and Long-Term Debt | At December 31, 2015 and 2014 , notes payable and long-term debt consisted of the following (in millions): 2015 2014 Revolving Credit loans (2.10% for 2015 and 2.37% for 2014) $ 77.8 $ 169.8 Term Loans: 3.90%, payable through 2024 75.0 75.0 6.90%, payable through 2020 75.0 80.0 3.88%, payable through 2027 50.0 — 5.55%, payable through 2026 47.0 50.0 5.53%, payable through 2024 31.5 37.5 5.56%, payable through 2026 25.0 25.0 4.35%, payable through 2026 23.4 25.0 4.15%, payable through 2024, secured by Pearl Highlands Center (a) 91.9 93.6 LIBOR plus 2.66%, payable through 2016, secured by The Shops at Kukui'ula (c) 37.0 40.5 LIBOR plus 1.5%, payable through 2021, secured by Kailua Town Center III (b) 11.0 11.2 LIBOR plus 2.63%, payable through 2016, secured by Kahala Estate Properties (d) 8.2 35.2 6.38%, payable through 2017, secured by Midstate Hayes 8.2 8.3 LIBOR plus 1.0%, payable through 2021, secured by asphalt terminal (e) 6.9 8.0 5.19%, payable through 2019 8.4 10.2 1.85%, payable through 2017 5.2 7.9 3.31%, payable through 2018 4.6 6.3 2.00%, payable through 2018 1.5 2.2 2.65%, payable through 2016 0.6 1.2 5.39%, payable through 2015, secured by Waianae Mall — 19.1 Total debt 588.2 706.0 Less debt (premium) discount (0.3 ) (0.4 ) Total debt (contractual) 587.9 705.6 Less current portion (90.4 ) (74.5 ) Add debt premium (discount) 0.3 0.4 Long-term debt $ 497.8 $ 631.5 (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 an effective interest rate of 2.83% for 2015 and 2.82% for 2014. (d) Loan has an effective interest rate of 2.82% for 2015 and 2.78% for 2014. (e) Loan has a stated interest rate of LIBOR plus 1.0% , but is swapped through maturity to a 5.98% fixed rate. |
LEASES - THE COMPANY AS LESSEE
LEASES - THE COMPANY AS LESSEE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Payments under Non-cancelable Operating Leases | Future minimum payments under non-cancelable operating leases were as follows (in millions): Years Ended December 31, Minimum Lease Payments 2016 $ 5.7 2017 5.6 2018 5.0 2019 4.5 2020 4.5 Thereafter 25.2 Total $ 50.5 |
LEASES - THE COMPANY AS LESSOR
LEASES - THE COMPANY AS LESSOR (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Summary of Historical Cost and Accumulated Depreciation of Leased Property | The historical cost of, and accumulated depreciation on, leased property at December 31, 2015 and 2014 were as follows (in millions): 2015 2014 Leased property - real estate $ 1,126.8 $ 1,149.9 Less accumulated depreciation (125.9 ) (118.5 ) Property under operating leases - net $ 1,000.9 $ 1,031.4 |
Schedule of Total Rental Income, Excluding Tenant Reimbursements under Operating Leases | Total rental income, excluding tenant reimbursements (which totaled $30.2 million , $28.8 million and $24.1 million for the years ended December 31, 2015 , 2014 and 2013 , respectively), under these operating leases was as follows (in millions): Years Ended December 31, 2015 2014 2013 Minimum rentals $ 96.2 $ 89.8 $ 80.5 Contingent rentals (based on sales volume) 4.8 4.7 3.0 Total $ 101.0 $ 94.5 $ 83.5 |
Schedule of Future Minimum Rentals on Non-cancelable Operating Leases | Future minimum rentals on non-cancelable operating leases at December 31, 2015 were as follows (in millions): Operating Leases 2016 $ 85.0 2017 73.7 2018 61.4 2019 53.2 2020 41.3 Thereafter 282.8 Total $ 597.4 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Weighted-Average and Target Asset Allocations | The Company’s weighted-average asset allocations at December 31, 2015 and 2014 , and 2015 year-end target allocation, by asset category, were as follows: Target 2015 2014 Domestic equity securities 34 % 34 % 32 % International equity securities 18 % 18 % 15 % Debt securities 36 % 35 % 44 % Alternatives and other 12 % 10 % 6 % Cash — % 3 % 3 % Total 100 % 100 % 100 % |
Schedule of Fair Value of Pension Plan Assets by Asset Category | The fair values of the Company’s pension plan assets at December 31, 2015 and 2014 , by asset category, are as follows (in millions): Fair Value Measurements as of December 31, 2015 Total Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Asset Category Cash $ 3.8 $ 3.8 $ — $ — Equity securities: Domestic 16.7 16.7 — — Domestic exchange-traded funds 33.1 33.1 — — International 18.6 18.6 — — International and emerging markets exchange-traded funds 7.2 7.2 — — Fixed income securities: U.S. Treasury obligations 17.1 17.1 — — Domestic corporate bonds and notes 31.6 — 31.6 — Foreign corporate bonds 3.1 — 3.1 — Other types of investments: Limited partnership interest in private equity fund 0.2 — — 0.2 Exchange-traded global real estate securities 11.2 11.2 Insurance contracts 0.2 — — 0.2 Exchange-traded commodity fund 2.7 2.7 — — Other receivables 0.7 0.7 — — Total $ 146.2 $ 111.1 $ 34.7 $ 0.4 Fair Value Measurements as of December 31, 2014 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 33.0 33.0 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 |
Schedule of Reconciliations of Pension Plan Investments Measured at Fair Value on a 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, 2015 and 2014 (in millions): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Real Estate Private Equity Insurance Limited Partnership Total Beginning balance, January 1, 2014 $ 7.5 $ 0.3 $ 1.0 $ 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 Actual return on plan assets: Assets held at the reporting date — (0.1 ) 0.1 — — Assets sold during the period — — (1.3 ) — (1.3 ) Ending balance, December 31, 2015 $ — $ 0.2 $ 0.2 $ — $ 0.4 |
Schedule of the Status of Funded Defined Benefit Pension Plan and Unfunded Accumulated Post-retirement Benefit Plans | The status of the funded defined benefit pension plan and the unfunded accumulated post-retirement benefit plans at December 31, 2015 and 2014 are shown below (in millions): Pension Benefits Other Post-retirement Benefits 2015 2014 2015 2014 Change in Benefit Obligation Benefit obligation at beginning of year $ 204.4 $ 175.4 $ 12.0 $ 12.9 Service cost 3.1 2.6 0.1 0.1 Interest cost 8.0 8.3 0.5 0.6 Plan participants’ contributions — — 0.9 0.8 Actuarial (gain) loss (8.9 ) 29.7 0.4 (0.7 ) Benefits paid (12.0 ) (11.6 ) (1.8 ) (1.7 ) Conversion of guaranteed annuity contract (0.4 ) — — — Curtailment — — 0.1 — Amendments 0.4 — — — Benefit obligation at end of year $ 194.6 $ 204.4 $ 12.2 $ 12.0 Change in Plan Assets Fair value of plan assets at beginning of year 160.8 153.4 — — Actual return on plan assets (4.8 ) 13.3 — — Employer contributions 2.6 5.7 0.8 0.9 Participant contributions — — 0.9 0.8 Conversion of guaranteed annuity contract (0.4 ) — — — Benefits paid (12.0 ) (11.6 ) (1.8 ) (1.7 ) Other — — 0.1 — Fair value of plan assets at end of year $ 146.2 $ 160.8 $ — $ — Funded Status and Recognized Liability $ (48.4 ) $ (43.6 ) $ (12.2 ) $ (12.0 ) |
Summary of 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, 2015 and 2014 were as follows (in millions): Pension Benefits Other Post-retirement Benefits 2015 2014 2015 2014 Current liabilities — — (0.9 ) (0.8 ) Non-current liabilities (48.4 ) (43.6 ) (11.3 ) (11.2 ) Total $ (48.4 ) $ (43.6 ) $ (12.2 ) $ (12.0 ) Net loss (net of taxes) $ 47.3 $ 47.3 $ 0.6 $ 0.5 Unrecognized prior service credit (net of taxes) (2.6 ) (3.4 ) — — Total $ 44.7 $ 43.9 $ 0.6 $ 0.5 |
Summary of Information for Qualified Pension Plans with an 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, 2015 and 2014 is shown below (in millions): 2015 2014 Projected benefit obligation $ 194.6 $ 204.4 Accumulated benefit obligation $ 193.7 $ 203.2 Fair value of plan assets $ 146.2 $ 160.8 |
Summary of 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 2015 , 2014 , and 2013 , are shown below (in millions): Pension Benefits Other Post-retirement Benefits 2015 2014 2013 2015 2014 2013 Components of Net Periodic Benefit Cost Service cost $ 3.1 $ 2.6 $ 2.6 $ 0.1 $ 0.1 $ 0.1 Interest cost 8.0 8.3 7.6 0.5 0.6 0.4 Expected return on plan assets (11.1 ) (10.7 ) (10.9 ) — — — Amortization of net loss 6.9 4.0 7.7 0.1 0.3 (0.2 ) Amortization of prior service cost (0.8 ) (0.8 ) (0.8 ) — — — Curtailment (gain)/loss — — — 0.1 — (0.5 ) Net periodic benefit cost 6.1 3.4 6.2 0.8 1.0 (0.2 ) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) Net loss (gain) $ 7.0 $ 27.1 $ (24.7 ) $ 0.4 $ (0.6 ) $ 3.0 Amortization of unrecognized gain (loss) (6.9 ) (4.0 ) (7.7 ) (0.1 ) (0.3 ) 0.2 Amortization of prior service credit 0.8 0.8 0.8 — — — Prior service cost 0.4 — — — — — Total recognized in other comprehensive income 1.3 23.9 (31.6 ) 0.3 (0.9 ) 3.2 Total recognized in net periodic benefit cost and other comprehensive income $ 7.4 $ 27.3 $ (25.4 ) $ 1.1 $ 0.1 $ 3.0 |
Summary of Weighted Average Assumptions used to Determine Benefit Information | The weighted average assumptions used to determine benefit information during 2015 , 2014 and 2013 were as follows: Pension Benefits Other Post-retirement Benefits 2015 2014 2013 2015 2014 2013 Weighted Average Assumptions: Discount rate 4.50 % 4.00 % 4.90 % 4.50 % 4.10 % 4.90 % Expected return on plan assets 7.10 % 7.10 % 8.00 % — % — % — % Rate of compensation increase 0.5%-3% 0.5%-3% 3.00 % 0.5%-3% 3.00 % 3.00 % Initial health care cost trend rate 7.00 % 7.30 % 7.50 % Ultimate rate 4.50 % 4.50 % 4.50 % Year ultimate rate is reached 2037 2028 2028 |
Summary of Effect of One-Percentage-Point Change in Accumulated Post-retirement Benefit Obligation | 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, 2015 , 2014 and 2013 and the net periodic post-retirement benefit cost for 2015 , 2014 and 2013 , would have increased or decreased as follows (in millions): Other Post-retirement Benefits One Percentage Point Increase Decrease 2015 2014 2013 2015 2014 2013 Effect on total of service and interest cost components $ 0.1 $ 0.1 $ — $ — $ (0.1 ) $ — Effect on post-retirement benefit obligation $ 1.1 $ 1.1 $ 1.2 $ (0.9 ) $ (0.9 ) $ (1.0 ) |
Schedule of 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 2016 $ 11.5 $ 4.2 $ 1.0 2017 $ 11.7 $ 0.1 $ 1.0 2018 $ 11.9 $ 1.0 $ 1.0 2019 $ 12.1 $ 0.1 $ 1.0 2020 $ 12.4 $ — $ 0.9 2021-2025 $ 64.0 $ 2.6 $ 3.9 |
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. 2015 and 2014 Pending/Implemented Jan. 1 - Dec. 31, 2015 Jan. 1 - Dec. 31, 2014 Fund Operating Engineers 94-6090764; 001 Red Yes $ 4.6 $ 4.3 No 9/2/19 12/31/15 Laborers National 52-6074345; 001 Red Yes 0.1 0.1 No 8/31/18 12/31/15 Hawaii Laborers 99-6025107; 001 Green No 0.8 0.5 No 8/31/19 2/28/15 Hawaii Laborers 99-6025107; 001 Green No 0.2 0.1 No 9/30/19 2/28/15 $ 5.7 $ 5.0 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense (Benefit) on Income from Continuing Operations | The income tax expense (benefit) on income from continuing operations for each of the three years in the period ended December 31, 2015 consisted of the following (in millions): 2015 2014 2013 Current: Federal $ 0.8 $ 11.2 $ 17.1 State (1.2 ) 2.8 2.1 Current (0.4 ) 14.0 19.2 Deferred: Federal 14.6 (7.8 ) (5.7 ) State 2.3 (7.6 ) (2.4 ) Deferred 16.9 (15.4 ) (8.1 ) Income tax expense (benefit) $ 16.5 $ (1.4 ) $ 11.1 |
Schedule of Income Tax Reconciliation | Income tax expense (benefit) for 2015 , 2014 and 2013 differs from amounts computed by applying the statutory federal rate to income from continuing operations before income taxes for the following reasons (in millions): 2015 2014 2013 Computed federal income tax expense $ 16.6 $ 10.1 $ 8.3 State income taxes 0.7 (4.1 ) 1.0 Non-deductible transaction costs — — 1.6 Charitable contribution — — (0.2 ) Federal solar tax credits — (11.3 ) — Other—net (0.8 ) 3.9 0.4 Income tax expense (benefit) $ 16.5 $ (1.4 ) $ 11.1 |
Schedule of Tax effects of Temporary Differences Affecting Deferred Tax Assets and Deferred Tax Liabilities | The impact of adopting the above guidance as of December 31, 2014 was as follows: Deferred tax current assets Total assets Deferred tax long-term liabilities Total liabilities and equity Previously reported $ 8.3 $ 2,329.9 $ 194.0 $ 2,329.9 Balance Sheet Classification of Deferred Taxes (8.3 ) (8.3 ) (8.3 ) (8.3 ) Current presentation $ — $ 2,321.6 $ 185.7 $ 2,321.6 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): 2015 2014 Deferred tax assets: Employee benefits $ 37.1 $ 30.7 Capitalized costs 22.4 21.9 Joint ventures and other investments 4.3 19.0 Impairment and amortization 7.8 6.7 Insurance and other reserves 5.9 4.2 Solar investment benefits* 9.0 4.9 Other 5.7 9.8 Total deferred tax assets $ 92.2 $ 97.2 Deferred tax liabilities: Property (including tax-deferred gains on real estate transactions) $ 279.3 $ 271.8 Straight-line rental income and advanced rent 9.0 8.4 Other 6.0 2.7 Total deferred tax liabilities 294.3 282.9 Net deferred tax liability $ 202.1 $ 185.7 * Certain investment tax credits do not expire under state law and may be carried forward indefinitely. |
SHARE-BASED AWARDS (Tables)
SHARE-BASED AWARDS (Tables) | 12 Months Ended |
Dec. 31, 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 (26.0 ) $20.13 Outstanding, December 31, 2015 1,098.6 $18.81 3.6 $18,235 Vested or expected to vest 1,098.6 $18.81 3.6 $18,235 Exercisable, December 31, 2015 1,098.6 $18.81 3.6 $18,235 |
Summary of Non-vested Restricted Stock Unit Activity | The following table summarizes 2015 non-vested restricted stock unit activity (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 (106.4 ) $31.58 Canceled (25.4 ) $35.14 Outstanding, December 31, 2015 271.9 $37.74 |
Schedule of Fair Value Assumptions of Performance-based Awards | 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 2014 Volatility of A&B common stock 29.5 % 25.4 % Average volatility of peer companies 34.2 % 27.3 % Risk-free interest rate 0.70 % 0.37 % |
Summary of Compensation Cost Related to Share-based Payments | A summary of compensation cost related to share-based payments is as follows (in millions): 2015 2014 2013 Share-based expense (net of estimated forfeitures): Stock options $ — $ 0.3 $ 0.7 Incremental share-based compensation cost related to separation — 0.2 0.5 Time-based and market-based restricted stock units 4.6 4.4 3.0 Total share-based expense 4.6 4.9 4.2 Total recognized tax benefit (1.2 ) (1.5 ) (1.3 ) Share-based expense (net of tax) $ 3.4 $ 3.4 $ 2.9 Cash received upon option exercise $ 0.5 $ 4.5 $ 7.6 Intrinsic value of options exercised $ 0.5 $ 5.4 $ 6.7 Tax benefit realized upon option exercise $ 0.2 $ 2.0 $ 2.5 Fair value of stock vested $ 4.2 $ 2.6 $ 5.2 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of 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 9, included the following as of December 31, 2015 (in millions): Standby letters of credit (a) $ 11.8 Bonds (b) $ 405.0 (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 $381.3 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, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of 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 2015 2014 Interest rate swap liability - floating to fixed rate $ 2.5 $ 2.9 |
EARNINGS PER SHARE "EPS" (Table
EARNINGS PER SHARE "EPS" (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Summary of Reconciliation of Income from Continuing Operations and Number of 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 available to A&B shareholders (in millions): 2015 2014 2013 Income from continuing operations, net of tax $ 31.1 $ 30.2 $ 12.5 Less: Noncontrolling interest (1.5 ) (3.1 ) (0.5 ) Income from continuing operations attributable to A&B shareholders, net of tax 29.6 27.1 12.0 Less: Undistributed earnings allocated to redeemable noncontrolling interest (3.1 ) — — Income from continuing operations available to A&B shareholders, net of tax 26.5 27.1 12.0 Income from discontinued operations available to A&B shareholders, net of tax — 34.3 22.3 Net income available to A&B shareholders $ 26.5 $ 61.4 $ 34.3 The number of shares used to compute basic and diluted earnings per share is as follows (in millions): 2015 2014 2013 Denominator for basic EPS - weighted average shares outstanding 48.9 48.7 44.4 Effect of dilutive securities: Non-participating stock options and restricted stock unit awards 0.4 0.6 0.7 Denominator for diluted EPS - weighted average shares outstanding 49.3 49.3 45.1 |
CESSATION OF HC&S SUGAR OPERA45
CESSATION OF HC&S SUGAR OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Summary of Pre-tax Costs and Remaining Costs Associated with Restructuring and Summary of Activity Related to Cessation Accruals | A summary of the pre-tax costs and remaining costs associated with the restructuring is as follows (in millions): Recognized as of December 31, 2015 Range of remaining amount to be Recognized Total Employee severance benefits and related costs $ 13.4 $9.6 - $14.6 $23.0 - $28.0 Asset write-offs and accelerated depreciation 9.2 59.8 - 66.8 69.0 - 76.0 Property removal, restoration and other exit-related costs — 20.0 - 29.0 20.0 - 29.0 Total Cessation costs $ 22.6 $89.4 - $110.4 $112.0 - $133.0 The following table summarizes the activity related to the Cessation accruals during the year ended December 31, 2015 (in millions): Employee Severance Benefits and Related Costs Balance at January 1, 2015 $ — Cessation charges 13.4 Balance at December 31, 2015 $ 13.4 |
SEGMENT RESULTS (Tables)
SEGMENT RESULTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segment Information | Operating segment information for 2015 , 2014 and 2013 is summarized as below (in millions): For the Year Ended December 31, 2015 2014 2013 Revenue: Real Estate: 1,4 Leasing $ 133.8 $ 125.6 $ 110.4 Development and Sales 131.5 150.0 423.0 Less amounts reported in discontinued operations 1 — (70.4 ) (369.2 ) Reconciling items 4 (31.0 ) — — Materials and Construction 2 219.0 234.3 54.9 Agribusiness 117.2 120.5 146.1 Total revenue $ 570.5 $ 560.0 $ 365.2 Operating profit (loss): Real Estate: Leasing $ 53.1 $ 47.5 $ 43.4 Development and Sales 3 65.0 85.7 44.4 Less amounts reported in discontinued operations 1 — (56.2 ) (36.7 ) Materials and Construction 2 30.9 25.9 2.9 Agribusiness operations (29.3 ) (11.8 ) 10.7 Agribusiness cessation costs 5 (22.6 ) — — Total operating profit 97.1 91.1 64.7 Interest expense (26.8 ) (29.0 ) (19.1 ) General corporate expenses (20.1 ) (18.6 ) (17.4 ) Reduction in KRS II carrying value, net (Note 5, 12, 14) 9 (2.6 ) (14.7 ) — Separation/Acquisition Costs — — (4.6 ) Income from continuing operations before income taxes 47.6 28.8 23.6 Income tax expense (benefit) 16.5 (1.4 ) 11.1 Income from continuing operations 31.1 30.2 12.5 Income from discontinued operations (net of income taxes) — 34.3 22.3 Net income 31.1 64.5 34.8 Income attributable to noncontrolling interest (1.5 ) (3.1 ) (0.5 ) Net income attributable to A&B $ 29.6 $ 61.4 $ 34.3 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 The Real Estate Development and Sales segment includes approximately $30.2 million , $2.0 million , and $4.2 million in equity in earnings from its various real estate joint ventures for 2015 , 2014 , and 2013 , respectively. Included in operating profit are non-cash impairment and equity losses of $0.3 million related to the sale of Crossroads in 2014 and $6.3 million related to the consolidation of The Shops at Kukui'ula in 2013. 4 2015 amounts represent the sales of an office building in Washington in December 2015, a Colorado retail property in March 2015 and a Texas office building in May 2015 that are classified as cost of sales and development in the Consolidated Statement of Income, but reflected as revenue for segment reporting purposes. 5 Costs related to the cessation of HC&S sugar operation. As of December 31, 2015 2014 2013 Identifiable Assets: Real Estate: Leasing $ 1,058.8 $ 1,121.1 $ 1,113.0 Development and Sales 6 622.0 633.9 640.4 Agribusiness 151.5 159.7 155.3 Materials and Construction 386.6 385.9 358.7 Other 10 24.6 21.0 8.4 Total assets $ 2,243.5 $ 2,321.6 $ 2,275.8 Capital Expenditures: Real Estate: Leasing 7 $ 23.0 $ 51.8 $ 488.5 Development and Sales 8 — — 0.1 Agribusiness 13.1 10.8 11.8 Materials and Construction 2 7.2 10.7 4.8 Other 1.4 1.8 0.1 Total capital expenditures $ 44.7 $ 75.1 $ 505.3 Depreciation and Amortization: Real Estate: Leasing 1 $ 30.3 $ 26.9 $ 24.3 Development and Sales 0.2 0.2 0.2 Agribusiness 12.1 11.5 11.7 Materials and Construction 2 11.6 15.2 4.4 Other 1.5 1.2 1.1 Total depreciation and amortization $ 55.7 $ 55.0 $ 41.7 6 The Real Estate Development and Sales segment includes approximately $379.7 million , $383.8 million , and $335.0 million related to its investment in various real estate joint ventures as of December 31, 2015 , 2014 , and 2013 , respectively. 7 Represents gross capital additions to the leasing portfolio, including gross tax-deferred property purchases, but excluding the assumption of debt, that are reflected as non-cash transactions in the Consolidated Statements of Cash Flows. 8 Excludes expenditures for real estate developments held for sale which are classified as Cash Flows from Operating Activities within the Consolidated Statements of Cash Flows and excludes investment in joint ventures classified as Cash Flows from Investing Activities. Operating cash flows for expenditures related to real estate developments were $7.2 million , $41.7 million , and $150.6 million for 2015 , 2014 , and 2013 , respectively. Investments in real estate joint ventures were $25.8 million , $28.7 million , and $22.2 million in 2015 , 2014 , and 2013 , respectively. 9 Represents a non-cash reduction in the carrying value of a $23.8 million tax equity investment in a 12-megawatt solar farm on Kauai (KRS II) that was made in July 2014. Tax benefits associated with the KRS II investment are accompanied by non-cash reductions of the investment's carrying value. Tax benefits associated with the investment are included in the Income tax expense (benefit) line item in the Consolidated Statements of Income. 10 Amounts recast to reflect adoption of FASB Accounting Standard Update No. 2015-17, Income Taxes (Topic 740) - Balance Sheet Classification of Deferred Taxes. Unaudited quarterly segment results for the years ended December 31, 2015 and 2014 were as follows (in millions): 2015 (Unaudited) Q1 Q2 Q3 Q4 Revenue: Real Estate: Leasing $ 32.7 $ 34.8 $ 33.0 $ 33.3 Development and Sales 36.5 52.4 19.9 22.7 Reconciling items 3 (4.3 ) (16.7 ) — (10.0 ) Materials and Construction 56.9 57.4 51.0 53.7 Agribusiness 28.9 25.8 40.8 21.7 Total revenue $ 150.7 $ 153.7 $ 144.7 $ 121.4 Operating profit (loss) Real Estate: Leasing $ 13.2 $ 13.9 $ 12.5 $ 13.5 Development and Sales 4 32.0 14.3 11.2 7.5 Materials and Construction 7.2 7.0 7.5 9.2 Agribusiness operations 1.9 (4.7 ) (9.0 ) (17.5 ) Agribusiness cessation costs 5 — — — (22.6 ) Total operating profit 54.3 30.5 22.2 (9.9 ) Interest expense (7.1 ) (6.6 ) (6.5 ) (6.6 ) General corporate expenses (5.6 ) (5.3 ) (4.8 ) (4.4 ) Reduction in KRS II carrying value (Notes 5, 12, 14) 2 (0.1 ) (1.5 ) (0.1 ) (0.9 ) Income (loss) from continuing operations before income taxes 41.5 17.1 10.8 (21.8 ) Income tax expense (benefit) 15.6 7.0 3.8 (9.9 ) Income (loss) from continuing operations 25.9 10.1 7.0 (11.9 ) Income from discontinued operations (net of income taxes) — — — — Net income (loss) 25.9 10.1 7.0 (11.9 ) Income attributable to noncontrolling interest (0.6 ) (0.3 ) (0.3 ) (0.3 ) Net income (loss) attributable to A&B 25.3 9.8 6.7 (12.2 ) Less: Undistributed earnings allocated to redeemable noncontrolling interest 6 — — (1.3 ) (1.8 ) Net income (loss) available to A&B shareholders $ 25.3 $ 9.8 $ 5.4 $ (14.0 ) Earnings per share available to A&B shareholders: Basic $ 0.52 $ 0.20 $ 0.11 $ (0.29 ) Diluted $ 0.51 $ 0.20 $ 0.11 $ (0.29 ) Weighted average shares: Basic 48.8 48.9 48.9 48.9 Diluted 49.3 49.4 49.3 48.9 2014 (Unaudited) Q1 Q2 Q3 Q4 Revenue: Real Estate: Leasing $ 31.2 $ 31.0 $ 31.3 $ 32.1 Development and Sales 71.0 21.4 18.2 39.4 Less amounts reported in discontinued operations 1 (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 $ 12.0 $ 12.1 $ 11.6 Development and Sales 4 52.3 7.8 11.4 14.2 Less amounts reported in discontinued operations 1 (56.2 ) — — — Materials and Construction 3.4 8.0 5.9 8.6 Agribusiness 3.0 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 (Notes 5, 12, 14) 2 — — (15.1 ) 0.4 Income (loss) from continuing operations before income taxes 1.9 16.7 (4.1 ) 14.3 Income tax expense (benefit) 0.8 6.5 (14.9 ) 6.2 Income 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 noncontrolling interest (0.4 ) (1.0 ) (0.6 ) (1.1 ) Net income attributable to A&B shareholders $ 35.0 $ 9.2 $ 10.2 $ 7.0 Earnings per share attributable to A&B shareholders: 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 1 Amounts recast to reflect discontinued operations. 2 Represents a non-cash reduction in the carrying value of a $23.8 million tax equity investment in a 12-megawatt solar farm on Kauai (KRS II) that was made in July 2014. Tax benefits associated with the KRS II investment are accompanied by non-cash reductions of the investment's carrying value. 3 2015 amounts represent the sales of an office building in Washington in December 2015, a Colorado retail property in March 2015 and a Texas office building in May 2015 that are classified as cost of sales and development in the Consolidated Statement of Income, but reflected as revenue for segment reporting purposes. 4 The Real Estate Development and Sales segment includes approximately $30.2 million and $2.0 million in equity in earnings from its various real estate joint ventures for 2015 and 2014 , respectively. 5 Costs related to the cessation of HC&S sugar operation. 6 The Company deducted $1.3 million and $1.8 million of undistributed earnings allocated to redeemable noncontrolling interests from "net income (loss) attributable to A&B shareholders" in calculating "Earnings (loss) per share attributable to A&B shareholders" for each of the three months ended September 30 and December 31, 2015, respectively. |
BACKGROUND AND BASIS OF PRESE47
BACKGROUND AND BASIS OF PRESENTATION - Narrative (Details) | 12 Months Ended |
Dec. 31, 2015EmployeeSegment | |
Segment Reporting Information [Line Items] | |
Number of operating segments | Segment | 4 |
Agribusiness | |
Segment Reporting Information [Line Items] | |
Eventual layoff, number of employees (over) | Employee | 650 |
SIGNIFICANT ACCOUNTING POLICI48
SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2014 | Oct. 01, 2013 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Ownership interest percentage in subsidiaries | 70.00% | 70.00% | ||||||||||||
Bank overdrafts | $ 0 | $ 3,000,000 | $ 0 | $ 3,000,000 | ||||||||||
Total interest cost incurred | 29,100,000 | 31,000,000 | $ 20,800,000 | |||||||||||
Capitalized interest | 2,300,000 | 1,900,000 | 1,800,000 | |||||||||||
Non-cash reduction in equity method investments | 900,000 | $ 100,000 | $ 1,500,000 | $ 100,000 | (400,000) | $ 15,100,000 | $ 0 | $ 0 | 2,600,000 | 14,700,000 | 0 | |||
Impairment and equity losses | 0 | 300,000 | 6,600,000 | |||||||||||
Aggregate intangible asset amortization | 10,500,000 | 11,200,000 | 9,300,000 | |||||||||||
Goodwill | 102,300,000 | 102,300,000 | $ 99,600,000 | 102,300,000 | 102,300,000 | 99,600,000 | ||||||||
Tax benefit related to equity method investments recognized | 9,900,000 | $ (3,800,000) | $ (7,000,000) | $ (15,600,000) | (6,200,000) | $ 14,900,000 | $ (6,500,000) | $ (800,000) | (16,500,000) | 1,400,000 | (11,100,000) | |||
Grace Pacific Corporation | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Goodwill | $ 93,600,000 | |||||||||||||
Kukui'ula Village LLC | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Goodwill | 9,300,000 | 9,300,000 | ||||||||||||
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 | |||||||||||||
KRS II | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Investment in various real estate joint ventures | 4,400,000 | 8,400,000 | 4,400,000 | 8,400,000 | $ 23,800,000 | |||||||||
Non-cash reduction in equity method investments | 2,600,000 | 14,700,000 | ||||||||||||
Tax benefit related to equity method investments recognized | 13,700,000 | |||||||||||||
Kukui'ula Village LLC | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Impairment and equity losses | 6,300,000 | |||||||||||||
Materials & Construction | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Accounts receivable and contracts retention | 7,300,000 | 6,000,000 | 7,300,000 | 6,000,000 | ||||||||||
Accounts and contracts payable | 600,000 | 600,000 | 600,000 | 600,000 | ||||||||||
Goodwill | 93,600,000 | 93,600,000 | 90,300,000 | $ 93,600,000 | 93,600,000 | 90,300,000 | ||||||||
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 | |||||||||||||
Carrying Amount | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Fair value of recorded loan | 588,200,000 | 706,000,000 | $ 588,200,000 | 706,000,000 | ||||||||||
Fair Value | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Fair value of recorded loan | $ 597,000,000 | $ 729,600,000 | 597,000,000 | 729,600,000 | ||||||||||
City and County of Honolulu | Customer Concentration Risk | Materials & Construction | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Revenues | 14,300,000 | 38,100,000 | 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 | 80,800,000 | 79,600,000 | |||||||||||
C&H Sugar Company, Inc | Customer Concentration Risk | Materials & Construction | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Revenues | $ 71,600,000 | $ 65,500,000 | $ 87,600,000 | |||||||||||
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 POLICI49
SIGNIFICANT ACCOUNTING POLICIES - Summary of Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at Beginning of year | $ 1.7 | $ 1.3 | $ 1.6 |
Provision for bad debt | 0.4 | 0.8 | 0.1 |
Write-offs and Other | (0.4) | (0.4) | (0.4) |
Balance at End of Year | $ 1.7 | $ 1.7 | $ 1.3 |
SIGNIFICANT ACCOUNTING POLICI50
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Inventories | $ 55.9 | $ 81.9 |
Sugar inventories | ||
Inventory [Line Items] | ||
Inventories | 16.3 | 23.3 |
Asphalt | ||
Inventory [Line Items] | ||
Inventories | 12.8 | 21.3 |
Processed rock, portland cement, and sand | ||
Inventory [Line Items] | ||
Inventories | 12.2 | 15.7 |
Work in progress | ||
Inventory [Line Items] | ||
Inventories | 3.7 | 2.8 |
Retail merchandise | ||
Inventory [Line Items] | ||
Inventories | 1.6 | 1.5 |
Parts, materials and supplies inventories | ||
Inventory [Line Items] | ||
Inventories | $ 9.3 | $ 17.3 |
SIGNIFICANT ACCOUNTING POLICI51
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Useful Lives of Property (Details) | 12 Months Ended |
Dec. 31, 2015 | |
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 POLICI52
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Intangible Assets Acquired (Details) - In-place/favorable leases - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amount | $ 1 | $ 2.1 |
Weighted Average Life (Years) | 2 years 7 months 12 days | 1 year 9 months 12 days |
SIGNIFICANT ACCOUNTING POLICI53
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 102 | $ 101 |
Accumulated Amortization | (47.6) | (37.1) |
In-place leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 62.6 | 61.6 |
Accumulated Amortization | (34) | (25.8) |
Favorable leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 16.6 | 16.6 |
Accumulated Amortization | (9.1) | (7.8) |
Permitted quarry rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 18 | 18 |
Accumulated Amortization | (1.3) | (0.7) |
Contract backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 2.6 | 2.6 |
Accumulated Amortization | (2.6) | (2.5) |
Trade name/customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 2.2 | 2.2 |
Accumulated Amortization | $ (0.6) | $ (0.3) |
SIGNIFICANT ACCOUNTING POLICI54
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Amortization Expenses Related to Intangible Assets (Details) $ in Millions | Dec. 31, 2015USD ($) |
Accounting Policies [Abstract] | |
2,016 | $ 6.7 |
2,017 | 5.5 |
2,018 | 4.7 |
2,019 | 4.2 |
2,020 | $ 3.5 |
SIGNIFICANT ACCOUNTING POLICI55
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 102.3 | $ 99.6 |
Goodwill increase during the year | 0 | 3.3 |
Goodwill allocated to sale of Maui Mall | (0.6) | |
Goodwill, ending balance | 102.3 | 102.3 |
Materials & Construction | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 93.6 | 90.3 |
Goodwill increase during the year | 0 | 3.3 |
Goodwill allocated to sale of Maui Mall | 0 | |
Goodwill, ending balance | 93.6 | 93.6 |
Real Estate Leasing | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 8.7 | 9.3 |
Goodwill increase during the year | 0 | 0 |
Goodwill allocated to sale of Maui Mall | (0.6) | |
Goodwill, ending balance | $ 8.7 | $ 8.7 |
SIGNIFICANT ACCOUNTING POLICI56
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Components of Accumulated Other Comprehensive Loss, Net of Taxes (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Unrealized components of benefit plans: | |||
Pension plans | $ (44.7) | $ (43.9) | $ (29.3) |
Post-retirement plans | (0.6) | (0.5) | (1.1) |
Non-qualified benefit plans | 0 | 0 | 0.3 |
Accumulated other comprehensive loss | $ (45.3) | $ (44.4) | $ (30.1) |
SIGNIFICANT ACCOUNTING POLICI57
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Components of Accumulated Other Comprehensive Loss for Pension and Postretirement Plans (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | $ (44.4) | $ (30.1) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | (0.9) | (14.3) |
Ending balance | $ (45.3) | $ (44.4) |
SIGNIFICANT ACCOUNTING POLICI58
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Reclassifications of Other Comprehensive Loss Components (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
Actuarial gain (loss) | $ (7.1) | $ (26.7) | $ 22.4 |
Prior service cost | (0.4) | 0 | 0 |
Amortization of defined benefit pension items reclassified to net periodic pension cost: | |||
Net loss | 7.3 | 4.5 | 7.7 |
Prior service credit | (1.3) | (1.3) | (1.3) |
Total before income tax | (1.5) | (23.5) | 28.8 |
Income taxes | 0.6 | 9.2 | (11.7) |
Other Comprehensive Income (Loss) | $ (0.9) | $ (14.3) | $ 17.1 |
SIGNIFICANT ACCOUNTING POLICI59
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Impact of Adopting New Accounting Guidance, ASU 2015-17 (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Total assets | $ 2,243.5 | $ 2,321.6 | $ 2,275.8 |
Deferred tax long-term liabilities | 202.1 | 185.7 | |
Total liabilities and equity | $ 2,243.5 | 2,321.6 | |
ASU 2015-17 | Previously reported | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Deferred tax current assets | 8.3 | ||
Total assets | 2,329.9 | ||
Deferred tax long-term liabilities | 194 | ||
Total liabilities and equity | 2,329.9 | ||
ASU 2015-17 | Balance Sheet Classification of Deferred Taxes | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Deferred tax current assets | (8.3) | ||
Total assets | (8.3) | ||
Deferred tax long-term liabilities | (8.3) | ||
Total liabilities and equity | (8.3) | ||
ASU 2015-17 | Current presentation | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Deferred tax current assets | 0 | ||
Total assets | 2,321.6 | ||
Deferred tax long-term liabilities | 185.7 | ||
Total liabilities and equity | $ 2,321.6 |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Affiliated Entity | Materials & Construction | Supplier Contracts | |||||
Related Party Transaction [Line Items] | |||||
Related party revenue | $ 23,000,000 | $ 23,900,000 | $ 7,900,000 | ||
Receivable from affiliates | 2,700,000 | $ 3,000,000 | |||
Affiliated Entity | Real Estate Leasing and Development | Developer Fee Revenues | |||||
Related Party Transaction [Line Items] | |||||
Related party revenue | $ 2,900,000 | ||||
Former Executive | Consulting Agreement | Scenario, Forecast | |||||
Related Party Transaction [Line Items] | |||||
Amount to pay in exchange for services | $ 200,000 | ||||
Former Executive | Consulting Agreement | Subsequent Event | |||||
Related Party Transaction [Line Items] | |||||
Term of consulting agreement | 1 year |
DISCONTINUED OPERATIONS - Narra
DISCONTINUED OPERATIONS - Narrative (Details) - Property | Dec. 31, 2014 | Dec. 31, 2013 |
Industrial Properties | 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 Properties | 2013 Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of real estate properties | 3 | |
Retail Properties | 2014 Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of real estate properties | 1 | 1 |
Office Buildings | 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 - Nar
INVESTMENTS IN AFFILIATES - Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015Unit | Dec. 31, 2014USD ($)Unit | Oct. 31, 2014USD ($)Unit | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Jul. 31, 2014USD ($) | Sep. 24, 2013USD ($) | Dec. 31, 2010Unit | Dec. 31, 2002residential_unit | |
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Undistributed earnings of investments in affiliates | $ 12,300,000 | $ 12,300,000 | |||||||||||||||||
Dividends and distributions from unconsolidated affiliates | 72,200,000 | $ 17,900,000 | $ 6,600,000 | ||||||||||||||||
Investments in Affiliates | $ 418,600,000 | 416,400,000 | $ 418,600,000 | 416,400,000 | 418,600,000 | ||||||||||||||
Non-cash reduction in equity method investments | 900,000 | $ 100,000 | $ 1,500,000 | $ 100,000 | (400,000) | $ 15,100,000 | $ 0 | $ 0 | 2,600,000 | 14,700,000 | $ 0 | ||||||||
Condominium | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Number of units in real estate property sold | Unit | 328 | 12 | |||||||||||||||||
Joint Venture with DMB Communities II | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Number of high-end residential units | residential_unit | 1,500 | ||||||||||||||||||
Capital and value of land contributed, net of joint venture earnings and losses | $ 275,500,000 | $ 275,500,000 | |||||||||||||||||
Equity method ownership percentage (in percent) | 59.00% | 59.00% | |||||||||||||||||
Waihona High-Rise Condominium | Condominium | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Number of units in real estate property expected for development | Unit | 340 | ||||||||||||||||||
Investment in various real estate joint ventures | $ 35,600,000 | $ 0 | 35,600,000 | $ 0 | 35,600,000 | ||||||||||||||
Waihona High-Rise Condominium | Condominium | Financial Guarantee | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Guarantor obligations, maximum exposure | $ 20,000,000 | ||||||||||||||||||
Waihona High-Rise Condominium | Condominium | Partners in Joint Venture | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Total equity required for projects | $ 65,000,000 | ||||||||||||||||||
KRS II | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Investment in various real estate joint ventures | 8,400,000 | 4,400,000 | 8,400,000 | 4,400,000 | 8,400,000 | $ 23,800,000 | |||||||||||||
Non-cash reduction in equity method investments | 2,600,000 | 14,700,000 | |||||||||||||||||
KRS II | Payment Guarantee | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Guarantor obligations, maximum exposure | 6,000,000 | 6,000,000 | $ 6,000,000 | ||||||||||||||||
The Collection LLC | High-rise Condominium Tower | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Number of units in real estate property expected for development | Unit | 396 | ||||||||||||||||||
The Collection LLC | Townhomes | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Number of units in real estate property expected for development | Unit | 14 | ||||||||||||||||||
The Collection LLC | Mid-rise Building | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Number of units in real estate property expected for development | Unit | 54 | ||||||||||||||||||
The Collection LLC | Multifamily | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Number of units in real estate property expected for development | Unit | 464 | ||||||||||||||||||
Investment in various real estate joint ventures | $ 45,900,000 | $ 49,100,000 | $ 45,900,000 | $ 49,100,000 | $ 45,900,000 | ||||||||||||||
Total agreed upon contribution | $ 50,300,000 | ||||||||||||||||||
The Collection LLC | Multifamily | Financial Guarantee | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Guarantor obligations, maximum exposure | 30,000,000 | ||||||||||||||||||
The Collection LLC | Multifamily | Partners in Joint Venture | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Proceeds from investments in affiliates | $ 16,800,000 | ||||||||||||||||||
Kukui'ula Village LLC | KDC LLC | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Investment in various real estate joint ventures | $ 6,300,000 |
DISCONTINUED OPERATIONS - Summa
DISCONTINUED OPERATIONS - Summary of Revenue, Operating Profit, Income Tax Expense and After-tax Effects of Sales Treated as Discontinued Operations (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Basic Earnings Per Share (in dollars per share) | $ 0 | $ 0.70 | $ 0.50 |
Diluted Earnings Per Share (in dollars per share) | $ 0 | $ 0.70 | $ 0.50 |
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 | $ 70.1 | $ 337.6 |
Real Estate Leasing revenue | 0 | 0.3 | 31.6 |
Gain on sale of income-producing properties, net | 0 | 55.9 | 22.1 |
Real Estate Leasing operating profit | 0 | 0.3 | 14.6 |
Total operating profit before taxes | 0 | 56.2 | 36.7 |
Income tax expense | 0 | 21.9 | 14.4 |
Income from discontinued operations | $ 0 | $ 34.3 | $ 22.3 |
INVESTMENTS IN AFFILIATES - Sum
INVESTMENTS IN AFFILIATES - Summary of Financial Information for Equity Method Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
ASSETS | |||
Current assets | $ 107.1 | $ 52.7 | |
Non-current assets | 854 | 935.6 | |
Total assets | 961.1 | 988.3 | |
Liabilities | |||
Current liabilities | 64.4 | 53 | |
Non-current liabilities | 200.7 | 245.9 | |
Total liabilities | 265.1 | 298.9 | |
Income Statement | |||
Operating revenue | 471.7 | 71 | $ 37.8 |
Operating costs and expenses | 411.6 | 65.9 | 31.1 |
Operating income | 60.1 | 5.1 | 6.7 |
Income from continuing operations | 57.2 | 5 | 6.8 |
Net income | $ 56.1 | $ 5 | $ 6.8 |
UNCOMPLETED CONTRACTS - Schedul
UNCOMPLETED CONTRACTS - Schedule of Information Related to Uncompleted Contracts (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Contractors [Abstract] | ||
Costs incurred on uncompleted contracts | $ 80.3 | $ 126.7 |
Estimated earnings | 29.2 | 32.8 |
Subtotal | 109.5 | 159.5 |
Less: billings to date | 95.8 | 147.2 |
Total | 13.7 | 12.3 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 16.3 | 15.9 |
Estimated billings in excess of costs and estimated earnings on uncompleted contracts | $ (2.6) | $ (3.6) |
PROPERTY - Schedule of Property
PROPERTY - Schedule of Property (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property - gross | $ 1,713.2 | $ 1,717.3 |
Accumulated depreciation | (443.8) | (415.6) |
Property - net | 1,269.4 | 1,301.7 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property - gross | 571.3 | 586.7 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property - gross | 578.5 | 588.5 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property - gross | 242.6 | 236.1 |
Asphalt plants and quarry assets | ||
Property, Plant and Equipment [Line Items] | ||
Property - gross | 77.1 | 65.5 |
Water, power and sewer systems | ||
Property, Plant and Equipment [Line Items] | ||
Property - gross | 145.6 | 142.6 |
Other property improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property - gross | 86.8 | 90.7 |
Vessel | ||
Property, Plant and Equipment [Line Items] | ||
Property - gross | $ 11.3 | $ 7.2 |
PROPERTY - Narrative (Details)
PROPERTY - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 43.8 | $ 43.9 |
NOTES PAYABLE AND LONG-TERM D68
NOTES PAYABLE AND LONG-TERM DEBT - Summary of Notes Payable and Long-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Notes payable and long-term debt | ||
Total debt | $ 588.2 | $ 706 |
Less debt (premium) discount | (0.3) | (0.4) |
Total debt (contractual) | 587.9 | 705.6 |
Less current portion | (90.4) | (74.5) |
Add debt premium (discount) | 0.3 | 0.4 |
Long-term debt | 497.8 | 631.5 |
Revolving Credit loans (2.10% for 2015 and 2.37% for 2014) | ||
Notes payable and long-term debt | ||
Total debt | $ 77.8 | $ 169.8 |
Loan interest rate | 2.10% | 2.37% |
3.90%, payable through 2024 | ||
Notes payable and long-term debt | ||
Total debt | $ 75 | $ 75 |
Loan interest rate | 3.90% | 3.90% |
6.90%, payable through 2020 | ||
Notes payable and long-term debt | ||
Total debt | $ 75 | $ 80 |
Loan interest rate | 6.90% | 6.90% |
3.88%, payable through 2027 | ||
Notes payable and long-term debt | ||
Total debt | $ 50 | $ 0 |
Loan interest rate | 3.88% | 3.88% |
5.55%, payable through 2026 | ||
Notes payable and long-term debt | ||
Total debt | $ 47 | $ 50 |
Loan interest rate | 5.55% | 5.55% |
5.53%, payable through 2024 | ||
Notes payable and long-term debt | ||
Total debt | $ 31.5 | $ 37.5 |
Loan interest rate | 5.53% | 5.53% |
5.56%, payable through 2026 | ||
Notes payable and long-term debt | ||
Total debt | $ 25 | $ 25 |
Loan interest rate | 5.56% | 5.56% |
4.35%, payable through 2026 | ||
Notes payable and long-term debt | ||
Total debt | $ 23.4 | $ 25 |
Loan interest rate | 4.35% | 4.35% |
4.15%, payable through 2024, secured by Pearl Highlands Center | ||
Notes payable and long-term debt | ||
Total debt | $ 91.9 | $ 93.6 |
Loan interest rate | 4.15% | 4.15% |
LIBOR plus 2.66%, payable through 2016, secured by The Shops at Kukui'ula | ||
Notes payable and long-term debt | ||
Total debt | $ 37 | $ 40.5 |
Loan interest rate | 2.66% | 2.66% |
LIBOR plus 1.5%, payable through 2021, secured by Kailua Town Center III | ||
Notes payable and long-term debt | ||
Total debt | $ 11 | $ 11.2 |
Loan interest rate | 1.50% | 1.50% |
LIBOR plus 2.63%, payable through 2016, secured by Kahala Estate Properties | ||
Notes payable and long-term debt | ||
Total debt | $ 8.2 | $ 35.2 |
Loan interest rate | 2.63% | 2.63% |
6.38%, payable through 2017, secured by Midstate Hayes | ||
Notes payable and long-term debt | ||
Total debt | $ 8.2 | $ 8.3 |
Loan interest rate | 6.38% | 6.38% |
LIBOR plus 1.0%, payable through 2021, secured by asphalt terminal | ||
Notes payable and long-term debt | ||
Total debt | $ 6.9 | $ 8 |
Loan interest rate | 1.00% | 1.00% |
5.19%, payable through 2019 | ||
Notes payable and long-term debt | ||
Total debt | $ 8.4 | $ 10.2 |
Loan interest rate | 5.19% | 5.19% |
1.85%, payable through 2017 | ||
Notes payable and long-term debt | ||
Total debt | $ 5.2 | $ 7.9 |
Loan interest rate | 1.85% | 1.85% |
3.31%, payable through 2018 | ||
Notes payable and long-term debt | ||
Total debt | $ 4.6 | $ 6.3 |
Loan interest rate | 3.31% | 3.31% |
2.00%, payable through 2018 | ||
Notes payable and long-term debt | ||
Total debt | $ 1.5 | $ 2.2 |
Loan interest rate | 2.00% | 2.00% |
2.65%, payable through 2016 | ||
Notes payable and long-term debt | ||
Total debt | $ 0.6 | $ 1.2 |
Loan interest rate | 2.65% | 2.65% |
5.39%, payable through 2015, secured by Waianae Mall | ||
Notes payable and long-term debt | ||
Total debt | $ 0 | $ 19.1 |
Loan interest rate | 5.39% | 5.39% |
NOTES PAYABLE AND LONG-TERM D69
NOTES PAYABLE AND LONG-TERM DEBT - Summary of Notes Payable and Long-Term Debt (Footnote) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
LIBOR plus 1.5%, payable through 2021, secured by Kailua Town Center III | ||
Debt Instrument [Line Items] | ||
Fixed rate on derivative | 5.95% | |
LIBOR plus 1.5%, payable through 2021, secured by Kailua Town Center III | LIBOR | ||
Debt Instrument [Line Items] | ||
LIBOR | LIBOR | |
Basis spread on variable rate | 1.50% | |
LIBOR plus 2.66%, payable through 2016, secured by The Shops at Kukui'ula | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 2.83% | 2.82% |
LIBOR plus 2.63%, payable through 2016, secured by Kahala Estate Properties | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 2.82% | 2.78% |
LIBOR plus 1.0%, payable through 2021, secured by asphalt terminal | ||
Debt Instrument [Line Items] | ||
Fixed rate on derivative | 5.98% | |
LIBOR plus 1.0%, payable through 2021, secured by asphalt terminal | LIBOR | ||
Debt Instrument [Line Items] | ||
LIBOR | LIBOR | |
Basis spread on variable rate | 1.00% |
NOTES PAYABLE AND LONG-TERM D70
NOTES PAYABLE AND LONG-TERM DEBT - Narrative - Long-term Debt Maturities (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |
Maturity terms for long-term debts | 5 years |
Debts mature in 2016 | $ 90.4 |
Debts mature in 2017 | 40.6 |
Debts mature in 2018 | 41.1 |
Debts mature in 2019 | 40.5 |
Debts mature in 2020 | 103.9 |
Debts mature after 2020 | 271.4 |
Secured Mortgage Debt | |
Debt Instrument [Line Items] | |
Balloon payment to be paid | 45.3 |
Revolving Credit Loans | Line of Credit | |
Debt Instrument [Line Items] | |
Balloon payment to be paid | $ 66 |
NOTES PAYABLE AND LONG-TERM D71
NOTES PAYABLE AND LONG-TERM DEBT - Narrative - Revolving Credit Facilities (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($)Subsidiary | Dec. 30, 2015 | Dec. 31, 2014USD ($) | Aug. 31, 2014USD ($) | |
Subsidiary, One | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility outstanding amount | $ 4,000,000 | $ 13,700,000 | ||
Prudential Agreement | ||||
Line of Credit Facility [Line Items] | ||||
Revolving credit maximum borrowing capacity | $ 450,000,000 | |||
Line of credit term of facility | 3 years | |||
Total remaining capacity available for borrowing | $ 123,100,000 | |||
Revolver Amendment and Prudential Agreement | ||||
Line of Credit Facility [Line Items] | ||||
Maximum percentage of unsecured debt to unencumbered income producing assets value | 60.00% | 57.00% | ||
Limitation of total unencumbered income producing assets value | 15.00% | |||
Percent of total adjusted assets value | 5.00% | |||
Revolver Amendment and Prudential Agreement | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Cap rate applied to certain income-producing assets included in unencumbered income producing assets | 0.25% | |||
Revolver Amendment and Prudential Agreement | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Cap rate applied to certain income-producing assets included in unencumbered income producing assets | 0.50% | |||
Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Total remaining capacity available for borrowing | $ 413,500,000 | |||
Unused borrowing capacity for asphalt purchases only | 26,000,000 | |||
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 | |||
Line of credit facility outstanding amount | 73,800,000 | |||
Outstanding letters of credit | 11,800,000 | |||
Total remaining capacity available for borrowing | $ 264,400,000 | |||
Line of Credit | Subsidiary, One | ||||
Line of Credit Facility [Line Items] | ||||
Number of subsidiaries | Subsidiary | 1 | |||
Face amount of debt | $ 30,000,000 | $ 40,000,000 |
NOTES PAYABLE AND LONG-TERM D72
NOTES PAYABLE AND LONG-TERM DEBT - Narrative - Real Estate Secured Term Debt (Details) | Jun. 16, 2015USD ($) | Jun. 05, 2015USD ($) | Dec. 01, 2014USD ($) | Dec. 20, 2013USD ($) | Dec. 16, 2013USD ($) | Nov. 05, 2013USD ($)a | Sep. 25, 2013USD ($) | Sep. 17, 2013USD ($)ft² | Jan. 22, 2013USD ($)ft²Building | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 16, 2013 | Dec. 16, 2013Residential_Lot | Dec. 16, 2013Parcel | Sep. 24, 2013USD ($)a |
Debt Instrument [Line Items] | ||||||||||||||||
Maturity terms for long-term debts | 5 years | |||||||||||||||
Repayment of term loan | $ 248,100,000 | $ 224,200,000 | $ 380,300,000 | |||||||||||||
Real estate partnership interests | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Book values of assets being pledged as collateral | 237,500,000 | |||||||||||||||
Materials & Construction | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Book values of assets being pledged as collateral | 29,500,000 | |||||||||||||||
Agribusiness | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Book values of assets being pledged as collateral | 0 | |||||||||||||||
Mortgages | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Balloon payment to be paid | 45,300,000 | |||||||||||||||
A and B Senior Credit Facility | Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Revolving credit maximum borrowing capacity | 350,000,000 | |||||||||||||||
Secured Debt | Refinanced Loan | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Face amount of debt | $ 92,000,000 | |||||||||||||||
Debt periodic principal payment frequency | monthly | |||||||||||||||
Loan interest rate | 4.15% | |||||||||||||||
Monthly payment of principal and interest | $ 400,000 | |||||||||||||||
Balloon payment to be paid | $ 73,000,000 | |||||||||||||||
Secured Debt | Estates of Kahala, LLC | First Hawaiian Bank | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Non-recourse secured debt | $ 42,000,000 | 8,200,000 | ||||||||||||||
Number of real estate properties | 15 | 3 | ||||||||||||||
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 | |||||||||||||||
Additional principal payment | $ 0 | |||||||||||||||
Secured Debt | Estates of Kahala, LLC | First Hawaiian Bank | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum percentage of loan to value ratio required to be maintained (in percent) | 65.00% | |||||||||||||||
LIBOR | Secured Debt | Estates of Kahala, LLC | First Hawaiian Bank | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
LIBOR | LIBOR | |||||||||||||||
Basis spread on variable rate | 2.625% | |||||||||||||||
One-year extension option on debt | 1 year | |||||||||||||||
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 | 5.95% | |||||||||||||||
Kaneohe Ranch Portfolio | Bridge Loan | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Face amount of debt | $ 60,000,000 | |||||||||||||||
Kaneohe Ranch Portfolio | Bridge Loan | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
LIBOR | LIBOR | |||||||||||||||
Basis spread on variable rate | 3.00% | |||||||||||||||
Kukui'ula Village LLC | KDC LLC | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Percentage ownership member in property | 50.00% | |||||||||||||||
Area of real estate property | a | 45 | |||||||||||||||
Kukui'ula Village LLC | Mortgages | KDC LLC | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Secured debt amount | $ 44,000,000 | $ 51,200,000 | ||||||||||||||
Kukui'ula Village LLC | Mortgages | KDC LLC | First Loan | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
LIBOR | LIBOR | |||||||||||||||
Maturity terms for long-term debts | 3 years | |||||||||||||||
Secured debt amount | $ 34,600,000 | 27,600,000 | $ 41,800,000 | |||||||||||||
Area of real estate property | a | 45 | |||||||||||||||
Repayment of term loan | $ 5,000,000 | |||||||||||||||
Kukui'ula Village LLC | Mortgages | KDC LLC | Second Loan | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Secured debt amount | $ 9,400,000 | $ 9,400,000 | ||||||||||||||
Kukui'ula Village LLC | LIBOR | Mortgages | KDC LLC | First Loan | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 2.85% | |||||||||||||||
Secured debt amount | $ 9,400,000 | |||||||||||||||
Kukui'ula Village LLC | LIBOR | Mortgages | KDC LLC | Second Loan | ||||||||||||||||
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 | |||||||||||||||
Pearl City | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Net of debt assumed in business combination | $ 59,300,000 | |||||||||||||||
Area of real estate property | ft² | 415,400 | |||||||||||||||
Cash consideration | $ 82,200,000 | |||||||||||||||
Waianae Mall | Parent Company | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Net of debt assumed in business combination | $ 19,700,000 | |||||||||||||||
Number of real estate properties | Building | 10 | |||||||||||||||
Area of real estate property | ft² | 170,300 | |||||||||||||||
Debt periodic principal payment frequency | monthly | |||||||||||||||
Cash consideration | $ 10,100,000 | |||||||||||||||
Loan interest rate | 5.39% | |||||||||||||||
Monthly payment of principal and interest | $ 100,000 | |||||||||||||||
Final balloon payment | $ 18,700,000 |
LEASES - THE COMPANY AS LESSE73
LEASES - THE COMPANY AS LESSEE - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Expiration date of existing leasing arrangements | Dec. 31, 2063 | ||
Rental expense under operating leases | $ 7.2 | $ 6.7 | $ 4.5 |
LEASES - THE COMPANY AS LESSE74
LEASES - THE COMPANY AS LESSEE - Schedule of Future Minimum Payments under Non-cancelable Operating Leases (Details) $ in Millions | Dec. 31, 2015USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,016 | $ 5.7 |
2,017 | 5.6 |
2,018 | 5 |
2,019 | 4.5 |
2,020 | 4.5 |
Thereafter | 25.2 |
Total | $ 50.5 |
LEASES - THE COMPANY AS LESSO75
LEASES - THE COMPANY AS LESSOR - Summary of Historical Cost and Accumulated Depreciation of Leased Property (Details) - Land and Building - Property Subject to Operating Lease - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Leased property - real estate | $ 1,126.8 | $ 1,149.9 |
Less accumulated depreciation | (125.9) | (118.5) |
Property under operating leases - net | $ 1,000.9 | $ 1,031.4 |
LEASES - THE COMPANY AS LESSO76
LEASES - THE COMPANY AS LESSOR - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Tenant reimbursements | $ 30.2 | $ 28.8 | $ 24.1 |
LEASES - THE COMPANY AS LESSO77
LEASES - THE COMPANY AS LESSOR - Schedule of Total Rental Income, Excluding Tenant Reimbursements under Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Minimum rentals | $ 96.2 | $ 89.8 | $ 80.5 |
Contingent rentals (based on sales volume) | 4.8 | 4.7 | 3 |
Total | $ 101 | $ 94.5 | $ 83.5 |
LEASES - THE COMPANY AS LESSO78
LEASES - THE COMPANY AS LESSOR - Schedule of Future Minimum Rentals on Non-cancelable Operating Leases (Details) $ in Millions | Dec. 31, 2015USD ($) |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,016 | $ 85 |
2,017 | 73.7 |
2,018 | 61.4 |
2,019 | 53.2 |
2,020 | 41.3 |
Thereafter | 282.8 |
Total | $ 597.4 |
EMPLOYEE BENEFIT PLANS - Narrat
EMPLOYEE BENEFIT PLANS - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Plan | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Grace | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company's matching contribution expense | $ 2,000,000 | ||
Multiemployer Plans, Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of defined benefit pension plans | Plan | 0 | ||
Percent of total employer contributions | 5.00% | ||
Defined Contribution 401k Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contribution, percentage | 3.00% | ||
Company's matching contribution expense | $ 700,000 | $ 700,000 | |
Defined Contribution 401k Plan | Grace | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum annual contribution per employee | 10.00% | ||
Deferred Profit Sharing | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company's matching contribution expense | $ 0 | $ 600,000 | $ 900,000 |
Deferred Profit Sharing | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contribution, percentage | 1.00% | ||
Deferred Profit Sharing | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contribution, percentage | 5.00% | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 7.10% | 7.10% | 8.00% |
Actual return on plan assets | (2.79%) | 8.12% | |
Pension contributions | $ 2,600,000 | $ 5,700,000 | $ 100,000 |
Accumulated benefit obligation | 193,700,000 | 203,200,000 | |
Estimated net prior service credit, net of tax, that will be recognized in net periodic pension cost in next fiscal year | 700,000 | ||
Estimated net loss, net of tax, that will be recognized in net periodic pension cost in next fiscal year | 7,000,000 | ||
Plans obligations | $ (48,400,000) | $ (43,600,000) | |
Discount rate | 4.50% | 4.00% | 4.90% |
Net periodic benefit cost | $ 6,100,000 | $ 3,400,000 | $ 6,200,000 |
Net loss, net of taxes | 47,300,000 | 47,300,000 | |
Unrecognized prior service credit, net of taxes | (2,600,000) | (3,400,000) | |
Current liabilities related to non-qualified plan and post-retirement benefits | $ 0 | $ 0 | |
Cash Balance Defined Benefit Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Description of interest credit rate basis | 10-year U.S. Treasury rate | ||
Other Post-retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 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 | $ 200,000 | ||
Amortization period of unrecognized gains and losses | 5 years | ||
Plans obligations | $ (12,200,000) | $ (12,000,000) | |
Discount rate | 4.50% | 4.10% | 4.90% |
Net periodic benefit cost | $ 800,000 | $ 1,000,000 | $ (200,000) |
Net loss, net of taxes | 600,000 | 500,000 | |
Unrecognized prior service credit, net of taxes | 0 | 0 | |
Current liabilities related to non-qualified plan and post-retirement benefits | 900,000 | 800,000 | |
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 | 200,000 | ||
Plans obligations | $ 7,100,000 | ||
Discount rate | 3.90% | ||
Net periodic benefit cost | $ 100,000 | $ 100,000 | $ 100,000 |
Net loss, net of taxes | 1,600,000 | ||
Unrecognized prior service credit, net of taxes | (1,600,000) | ||
Non qualified and Post retirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current liabilities related to non-qualified plan and post-retirement benefits | $ 5,100,000 |
EMPLOYEE BENEFIT PLANS - Schedu
EMPLOYEE BENEFIT PLANS - Schedule of Weighted-Average and Target Asset Allocations (Details) - Pension Benefits | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 100.00% | |
Weighted-average asset allocations | 100.00% | 100.00% |
Domestic equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 34.00% | |
Weighted-average asset allocations | 34.00% | 32.00% |
International equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 18.00% | |
Weighted-average asset allocations | 18.00% | 15.00% |
Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 36.00% | |
Weighted-average asset allocations | 35.00% | 44.00% |
Alternatives and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 12.00% | |
Weighted-average asset allocations | 10.00% | 6.00% |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 0.00% | |
Weighted-average asset allocations | 3.00% | 3.00% |
EMPLOYEE BENEFIT PLANS - Sche81
EMPLOYEE BENEFIT PLANS - Schedule of Fair Value of Pension Plan Assets by Asset Category (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | $ 146.2 | $ 160.8 |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 3.8 | 3.5 |
Domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 16.7 | 18.2 |
Domestic exchange-traded funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 33.1 | 33 |
International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 18.6 | 9.8 |
International and emerging markets exchange-traded funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 7.2 | 14.9 |
U.S. Treasury obligations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 17.1 | 24.7 |
Domestic corporate bonds and notes | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 31.6 | 40.9 |
Foreign corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 3.1 | 5.4 |
Limited partnership interest in private equity fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0.2 | 0.3 |
Exchange-traded global real estate fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 11.2 | 5.1 |
Insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0.2 | 1.4 |
Exchange-traded commodity fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 2.7 | 2.8 |
Other receivables | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0.7 | 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 | 111.1 | 112.7 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 3.8 | 3.5 |
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 | 16.7 | 18.2 |
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 | 33.1 | 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 | 18.6 | 9.7 |
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 | 7.2 | 14.9 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury obligations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 17.1 | 24.7 |
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 | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Limited partnership interest in private equity fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | 0 |
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 | 11.2 | 5.1 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | 0 |
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 | 2.7 | 2.8 |
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 | 0.7 | 0.8 |
Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 34.7 | 46.4 |
Significant Other Observable Inputs (Level 2) | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Domestic exchange-traded funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | |
Significant Other Observable Inputs (Level 2) | International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | 0.1 |
Significant Other Observable Inputs (Level 2) | International and emerging markets exchange-traded funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | |
Significant Other Observable Inputs (Level 2) | U.S. Treasury obligations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | 0 |
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 | 31.6 | 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 | 3.1 | 5.4 |
Significant Other Observable Inputs (Level 2) | Limited partnership interest in private equity fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Exchange-traded global real estate fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | |
Significant Other Observable Inputs (Level 2) | Insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Exchange-traded commodity fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Other receivables | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | 0 |
Significant Un-observable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0.4 | 1.7 |
Significant Un-observable Inputs (Level 3) | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | 0 |
Significant Un-observable Inputs (Level 3) | Domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | 0 |
Significant Un-observable Inputs (Level 3) | Domestic exchange-traded funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | |
Significant Un-observable Inputs (Level 3) | International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | 0 |
Significant Un-observable Inputs (Level 3) | International and emerging markets exchange-traded funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | |
Significant Un-observable Inputs (Level 3) | U.S. Treasury obligations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | 0 |
Significant Un-observable Inputs (Level 3) | Domestic corporate bonds and notes | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | 0 |
Significant Un-observable Inputs (Level 3) | Foreign corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | 0 |
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 | 0.2 | 0.3 |
Significant Un-observable Inputs (Level 3) | Exchange-traded global real estate fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | |
Significant Un-observable Inputs (Level 3) | Insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0.2 | 1.4 |
Significant Un-observable Inputs (Level 3) | Exchange-traded commodity fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | 0 |
Significant Un-observable Inputs (Level 3) | Other receivables | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | $ 0 | $ 0 |
EMPLOYEE BENEFIT PLANS - Sche82
EMPLOYEE BENEFIT PLANS - Schedule of Reconciliations of Pension Plan Investments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | $ 160.8 | |
Actual return on plan assets [Abstract] | ||
Fair value of plan assets at end of year | 146.2 | $ 160.8 |
Pension Benefits | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 160.8 | 153.4 |
Actual return on plan assets [Abstract] | ||
Fair value of plan assets at end of year | 146.2 | 160.8 |
Private Equity | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0.3 | |
Actual return on plan assets [Abstract] | ||
Fair value of plan assets at end of year | 0.2 | 0.3 |
Insurance | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 1.4 | |
Actual return on plan assets [Abstract] | ||
Fair value of plan assets at end of year | 0.2 | 1.4 |
Significant Un-observable Inputs (Level 3) | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 1.7 | |
Actual return on plan assets [Abstract] | ||
Fair value of plan assets at end of year | 0.4 | 1.7 |
Significant Un-observable Inputs (Level 3) | Pension Benefits | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 1.7 | 15.2 |
Actual return on plan assets [Abstract] | ||
Assets held at the reporting date | 0 | 0.4 |
Assets sold during the period | (1.3) | 0 |
Purchases, sales and settlements | (13.9) | |
Fair value of plan assets at end of year | 0.4 | 1.7 |
Significant Un-observable Inputs (Level 3) | Real Estate | Pension Benefits | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0 | 7.5 |
Actual return on plan assets [Abstract] | ||
Assets held at the reporting date | 0 | 0 |
Assets sold during the period | 0 | 0 |
Purchases, sales and settlements | (7.5) | |
Fair value of plan assets at end of year | 0 | 0 |
Significant Un-observable Inputs (Level 3) | Private Equity | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0.3 | |
Actual return on plan assets [Abstract] | ||
Fair value of plan assets at end of year | 0.2 | 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 | 0.3 |
Actual return on plan assets [Abstract] | ||
Assets held at the reporting date | (0.1) | 0 |
Assets sold during the period | 0 | 0 |
Purchases, sales and settlements | 0 | |
Fair value of plan assets at end of year | 0.2 | 0.3 |
Significant Un-observable Inputs (Level 3) | Insurance | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 1.4 | |
Actual return on plan assets [Abstract] | ||
Fair value of plan assets at end of year | 0.2 | 1.4 |
Significant Un-observable Inputs (Level 3) | Insurance | Pension Benefits | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 1.4 | 1 |
Actual return on plan assets [Abstract] | ||
Assets held at the reporting date | 0.1 | 0.4 |
Assets sold during the period | (1.3) | 0 |
Purchases, sales and settlements | 0 | |
Fair value of plan assets at end of year | 0.2 | 1.4 |
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 | 0 | 6.4 |
Actual return on plan assets [Abstract] | ||
Assets held at the reporting date | 0 | 0 |
Assets sold during the period | 0 | 0 |
Purchases, sales and settlements | (6.4) | |
Fair value of plan assets at end of year | $ 0 | $ 0 |
EMPLOYEE BENEFIT PLANS - Sche83
EMPLOYEE BENEFIT PLANS - Schedule of the Status of Funded Defined Benefit Pension Plan and Unfunded Accumulated Post-retirement Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 204.4 | ||
Benefit obligation at end of year | $ 204.4 | ||
Change in Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 160.8 | ||
Fair value of plan assets at end of year | 146.2 | 160.8 | |
Pension Benefits | |||
Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 204.4 | 175.4 | |
Service cost | 3.1 | 2.6 | $ 2.6 |
Interest cost | 8 | 8.3 | 7.6 |
Plan participants’ contributions | 0 | 0 | |
Actuarial (gain) loss | (8.9) | 29.7 | |
Benefits paid | (12) | (11.6) | |
Conversion of guaranteed annuity contract | (0.4) | 0 | |
Curtailment | 0 | 0 | |
Amendments | 0.4 | 0 | |
Benefit obligation at end of year | 194.6 | 204.4 | 175.4 |
Change in Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 160.8 | 153.4 | |
Actual return on plan assets | (4.8) | 13.3 | |
Employer contributions | 2.6 | 5.7 | |
Participant contributions | 0 | 0 | |
Conversion of guaranteed annuity contract | (0.4) | 0 | |
Benefits paid | (12) | (11.6) | |
Other | 0 | 0 | |
Fair value of plan assets at end of year | 146.2 | 160.8 | 153.4 |
Funded Status and Recognized Liability | (48.4) | (43.6) | |
Other Post-retirement Benefits | |||
Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 12 | 12.9 | |
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 0.5 | 0.6 | 0.4 |
Plan participants’ contributions | 0.9 | 0.8 | |
Actuarial (gain) loss | 0.4 | (0.7) | |
Benefits paid | (1.8) | (1.7) | |
Conversion of guaranteed annuity contract | 0 | 0 | |
Curtailment | 0.1 | 0 | |
Amendments | 0 | 0 | |
Benefit obligation at end of year | 12.2 | 12 | 12.9 |
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 | 0.8 | 0.9 | |
Participant contributions | 0.9 | 0.8 | |
Conversion of guaranteed annuity contract | 0 | 0 | |
Benefits paid | (1.8) | (1.7) | |
Other | 0.1 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded Status and Recognized Liability | $ (12.2) | $ (12) |
EMPLOYEE BENEFIT PLANS - Summar
EMPLOYEE BENEFIT PLANS - Summary of Amounts Recognized on the Consolidated Balance Sheets and in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Amounts recognized on the consolidated balance sheets [Abstract] | |||
Non-current liabilities | $ (59.7) | $ (54.8) | |
Amounts recognized in accumulated other comprehensive loss [Abstract] | |||
Total | (45.3) | (44.4) | $ (30.1) |
Pension Benefits | |||
Amounts recognized on the consolidated balance sheets [Abstract] | |||
Current liabilities | 0 | 0 | |
Non-current liabilities | (48.4) | (43.6) | |
Total | (48.4) | (43.6) | |
Amounts recognized in accumulated other comprehensive loss [Abstract] | |||
Net loss (net of taxes) | 47.3 | 47.3 | |
Unrecognized prior service credit (net of taxes) | (2.6) | (3.4) | |
Total | 44.7 | 43.9 | |
Other Post-retirement Benefits | |||
Amounts recognized on the consolidated balance sheets [Abstract] | |||
Current liabilities | (0.9) | (0.8) | |
Non-current liabilities | (11.3) | (11.2) | |
Total | (12.2) | (12) | |
Amounts recognized in accumulated other comprehensive loss [Abstract] | |||
Net loss (net of taxes) | 0.6 | 0.5 | |
Unrecognized prior service credit (net of taxes) | 0 | 0 | |
Total | $ 0.6 | $ 0.5 |
EMPLOYEE BENEFIT PLANS - Summ85
EMPLOYEE BENEFIT PLANS - Summary of Information for Qualified Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets (Details) - Pension Benefits - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 194.6 | $ 204.4 |
Accumulated benefit obligation | 193.7 | 203.2 |
Fair value of plan assets | $ 146.2 | $ 160.8 |
EMPLOYEE BENEFIT PLANS - Summ86
EMPLOYEE BENEFIT PLANS - Summary of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (net of tax) [Abstract] | |||
Amortization of unrecognized gain (loss) | $ (0.9) | $ (14.3) | |
Pension Benefits | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | 3.1 | 2.6 | $ 2.6 |
Interest cost | 8 | 8.3 | 7.6 |
Expected return on plan assets | (11.1) | (10.7) | (10.9) |
Amortization of net loss | 6.9 | 4 | 7.7 |
Amortization of prior service cost | (0.8) | (0.8) | (0.8) |
Curtailment (gain)/loss | 0 | 0 | 0 |
Net periodic benefit cost | 6.1 | 3.4 | 6.2 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (net of tax) [Abstract] | |||
Net loss (gain) | 7 | 27.1 | (24.7) |
Amortization of unrecognized gain (loss) | (6.9) | (4) | (7.7) |
Amortization of prior service credit | 0.8 | 0.8 | 0.8 |
Prior service cost | 0.4 | 0 | 0 |
Total recognized in other comprehensive income | 1.3 | 23.9 | (31.6) |
Total recognized in net periodic benefit cost and other comprehensive income | 7.4 | 27.3 | (25.4) |
Other Post-retirement Benefits | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 0.5 | 0.6 | 0.4 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of net loss | 0.1 | 0.3 | (0.2) |
Amortization of prior service cost | 0 | 0 | 0 |
Curtailment (gain)/loss | 0.1 | 0 | (0.5) |
Net periodic benefit cost | 0.8 | 1 | (0.2) |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (net of tax) [Abstract] | |||
Net loss (gain) | 0.4 | (0.6) | 3 |
Amortization of unrecognized gain (loss) | (0.1) | (0.3) | 0.2 |
Amortization of prior service credit | 0 | 0 | 0 |
Prior service cost | 0 | 0 | 0 |
Total recognized in other comprehensive income | 0.3 | (0.9) | 3.2 |
Total recognized in net periodic benefit cost and other comprehensive income | $ 1.1 | $ 0.1 | $ 3 |
EMPLOYEE BENEFIT PLANS - Summ87
EMPLOYEE BENEFIT PLANS - Summary of Weighted Average Assumptions used to Determine Benefit Information (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits | |||
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||
Discount rate | 4.50% | 4.00% | 4.90% |
Expected return on plan assets | 7.10% | 7.10% | 8.00% |
Rate of compensation increase | 3.00% | ||
Pension Benefits | Minimum | |||
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||
Rate of compensation increase | 0.50% | 0.50% | |
Pension Benefits | Maximum | |||
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||
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 | 4.50% | 4.10% | 4.90% |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 3.00% | 3.00% | |
Assumed health care cost trend rates [Abstract] | |||
Initial health care cost trend rate | 7.00% | 7.30% | 7.50% |
Ultimate rate | 4.50% | 4.50% | 4.50% |
Year ultimate rate is reached | 2,037 | 2,028 | 2,028 |
Other Post-retirement Benefits | Minimum | |||
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||
Rate of compensation increase | 0.50% | ||
Other Post-retirement Benefits | Maximum | |||
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||
Rate of compensation increase | 3.00% |
EMPLOYEE BENEFIT PLANS - Summ88
EMPLOYEE BENEFIT PLANS - Summary of Effect of One-Percentage-Point Change in Accumulated Post-retirement Benefit Obligation (Details) - Other Post-retirement Benefits - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | $ 0.1 | $ 0.1 | $ 0 |
Effect of one percentage point increase on post-retirement benefit obligation | 1.1 | 1.1 | 1.2 |
Effect of one percentage point decrease on total of service and interest cost components | 0 | (0.1) | 0 |
Effect of one percentage point decrease on post-retirement benefit obligation | $ (0.9) | $ (0.9) | $ (1) |
EMPLOYEE BENEFIT PLANS - Sche89
EMPLOYEE BENEFIT PLANS - Schedule of Estimated Future Benefit Payments for the Next Ten Years (Details) $ in Millions | Dec. 31, 2015USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 11.5 |
2,017 | 11.7 |
2,018 | 11.9 |
2,019 | 12.1 |
2,020 | 12.4 |
2021-2025 | 64 |
Non-qualified Plan Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 4.2 |
2,017 | 0.1 |
2,018 | 1 |
2,019 | 0.1 |
2,020 | 0 |
2021-2025 | 2.6 |
Post-retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 1 |
2,017 | 1 |
2,018 | 1 |
2,019 | 1 |
2,020 | 0.9 |
2021-2025 | $ 3.9 |
EMPLOYEE BENEFIT PLANS - Sche90
EMPLOYEE BENEFIT PLANS - Schedule of Multiemployer Plans (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Multiemployer Plans [Line Items] | ||
Contribution by Entity | $ 5.7 | $ 5 |
Operating Engineers | ||
Multiemployer Plans [Line Items] | ||
Pension Protection Act Zone Status | Red | |
Contribution by Entity | $ 4.6 | 4.3 |
Surcharge Imposed | No | |
Laborers National | ||
Multiemployer Plans [Line Items] | ||
Pension Protection Act Zone Status | Red | |
Contribution by Entity | $ 0.1 | 0.1 |
Surcharge Imposed | No | |
Hawaii Laborers | ||
Multiemployer Plans [Line Items] | ||
Pension Protection Act Zone Status | Green | |
Contribution by Entity | $ 0.8 | 0.5 |
Surcharge Imposed | No | |
Hawaii Laborers | ||
Multiemployer Plans [Line Items] | ||
Pension Protection Act Zone Status | Green | |
Contribution by Entity | $ 0.2 | $ 0.1 |
Surcharge Imposed | No |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Net tax benefit from share-based transactions | $ 1.7 | $ 1.3 | ||||||||||
Income tax benefit | $ 9.9 | $ (3.8) | $ (7) | $ (15.6) | $ (6.2) | $ 14.9 | $ (6.5) | $ (0.8) | (16.5) | 1.4 | $ (11.1) | |
Non-cash reduction in equity method investments | 0.9 | $ 0.1 | $ 1.5 | $ 0.1 | (0.4) | $ 15.1 | $ 0 | $ 0 | 2.6 | 14.7 | $ 0 | |
KRS II | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Investment in various real estate joint ventures | 4.4 | $ 8.4 | 4.4 | 8.4 | $ 23.8 | |||||||
Income tax benefit | 13.7 | |||||||||||
Non-cash reduction in equity method investments | 2.6 | $ 14.7 | ||||||||||
Matson | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Liability for unrecognized tax benefits not realized | $ 0.1 | $ 0.1 |
INCOME TAXES - Schedule of Inco
INCOME TAXES - Schedule of Income Tax Expense (Benefit) on Income from Continuing Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||||||||||
Federal | $ 0.8 | $ 11.2 | $ 17.1 | ||||||||
State | (1.2) | 2.8 | 2.1 | ||||||||
Current | (0.4) | 14 | 19.2 | ||||||||
Deferred: | |||||||||||
Federal | 14.6 | (7.8) | (5.7) | ||||||||
State | 2.3 | (7.6) | (2.4) | ||||||||
Deferred | 16.9 | (15.4) | (8.1) | ||||||||
Income tax expense (benefit) | $ (9.9) | $ 3.8 | $ 7 | $ 15.6 | $ 6.2 | $ (14.9) | $ 6.5 | $ 0.8 | $ 16.5 | $ (1.4) | $ 11.1 |
INCOME TAXES - Schedule of In93
INCOME TAXES - Schedule of Income Tax Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
Computed federal income tax expense | $ 16.6 | $ 10.1 | $ 8.3 | ||||||||
State income taxes | 0.7 | (4.1) | 1 | ||||||||
Non-deductible transaction costs | 0 | 0 | 1.6 | ||||||||
Charitable contribution | 0 | 0 | (0.2) | ||||||||
Federal solar tax credits | 0 | (11.3) | 0 | ||||||||
Other—net | (0.8) | 3.9 | 0.4 | ||||||||
Income tax expense (benefit) | $ (9.9) | $ 3.8 | $ 7 | $ 15.6 | $ 6.2 | $ (14.9) | $ 6.5 | $ 0.8 | $ 16.5 | $ (1.4) | $ 11.1 |
INCOME TAXES - Schedule of Tax
INCOME TAXES - Schedule of Tax effects of Temporary Differences Affecting Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Employee benefits | $ 37.1 | $ 30.7 |
Capitalized costs | 22.4 | 21.9 |
Joint ventures and other investments | 4.3 | 19 |
Impairment and amortization | 7.8 | 6.7 |
Insurance and other reserves | 5.9 | 4.2 |
Solar investment benefits | 9 | 4.9 |
Other | 5.7 | 9.8 |
Total deferred tax assets | 92.2 | 97.2 |
Deferred tax liabilities: | ||
Property (including tax-deferred gains on real estate transactions) | 279.3 | 271.8 |
Straight-line rental income and advanced rent | 9 | 8.4 |
Other | 6 | 2.7 |
Total deferred tax liabilities | 294.3 | 282.9 |
Net deferred tax liability | $ 202.1 | $ 185.7 |
SHARE-BASED AWARDS - Narrative
SHARE-BASED AWARDS - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2015$ / sharesshares | Dec. 31, 2014$ / sharesshares | Dec. 31, 2012Programshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares granted during period (in shares) | 0 | 0 | |
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) | 1,300,000 | ||
Number of shares granted during period (in shares) | 2,700,000 | ||
Number of separate incentive compensation programs | Program | 4 | ||
Number of programs that generally award share based compensation | Program | 3 | ||
2012 Plan | Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value (in dollars per share) | $ / shares | $ 40.85 | ||
2012 Plan | Time-based and market-based restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value (in dollars per share) | $ / shares | $ 40.85 | $ 39.38 | |
2012 Plan | Time-Based Vesting | Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
2012 Plan | Cliff Vest after 2 Years | Market-Based Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 2 years | ||
2012 Plan | Cliff Vest after 3 Years | Market-Based Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
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 |
SHARE-BASED AWARDS - Schedule o
SHARE-BASED AWARDS - Schedule of Stock Option Activity (Details) - 2012 Plan $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
2012 Incentive Compensation Plan [Roll Forward] | |
Outstanding, beginning balance (in shares) | shares | 1,124,600 |
Exercised (in shares) | shares | (26,000) |
Outstanding, ending balance (in shares) | shares | 1,098,600 |
Vested or expected to vest (in shares) | shares | 1,098,600 |
Exercisable (in shares) | shares | 1,098,600 |
Weighted Average Exercise Price [Roll Forward] | |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 18.84 |
Exercised (in dollars per share) | $ / shares | 20.13 |
Outstanding, ending balance (in dollars per share) | $ / shares | 18.81 |
Vested or expected to vest (in dollars per share) | $ / shares | 18.81 |
Exercisable (in dollars per share) | $ / shares | $ 18.81 |
Weighted Average Contractual Life [Abstract] | |
Weighted average contractual life | 3 years 7 months 12 days |
Weighted average contractual life, vested or expected to vest | 3 years 7 months 12 days |
Weighted average contractual life, exercisable | 3 years 7 months 12 days |
Aggregate Intrinsic Value [Abstract] | |
Aggregate intrinsic value | $ | $ 18,235 |
Aggregate intrinsic value, vested or expected to vest | $ | 18,235 |
Aggregate intrinsic value, exercisable | $ | $ 18,235 |
SHARE-BASED AWARDS - Summary of
SHARE-BASED AWARDS - Summary of Non-vested Restricted Stock Unit Activity (Details) - 2012 Plan - Restricted Stock Units | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
2012 Plan Restricted Stock Units [Roll Forward] | |
Outstanding, beginning balance (in shares) | shares | 279,000 |
Granted (in shares) | shares | 124,700 |
Vested (in shares) | shares | (106,400) |
Canceled (in shares) | shares | (25,400) |
Outstanding, ending balance (in shares) | shares | 271,900 |
Weighted Average Grant Date Fair Value [Roll Forward] | |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 33.76 |
Granted (in dollars per share) | $ / shares | 40.85 |
Vested (in dollars per share) | $ / shares | 31.58 |
Canceled (in dollars per share) | $ / shares | 35.14 |
Outstanding, ending balance (in dollars per share) | $ / shares | $ 37.74 |
SHARE-BASED AWARDS - Schedule98
SHARE-BASED AWARDS - Schedule of Fair Value Assumptions of Performance-based Awards (Details) - 2012 Plan - Restricted Stock Units - Time-Based Vesting | 12 Months Ended | |
Dec. 31, 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% | 0.37% |
SHARE-BASED AWARDS - Summary 99
SHARE-BASED AWARDS - Summary of Compensation Cost Related to Share-based Payments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based expense | $ 4.6 | $ 4.9 | $ 4.2 |
Total recognized tax benefit | (1.2) | (1.5) | (1.3) |
Share-based expense (net of tax) | 3.4 | 3.4 | 2.9 |
Cash received upon option exercise | 0.5 | 4.5 | 7.6 |
Intrinsic value of options exercised | 0.5 | 5.4 | 6.7 |
Tax benefit realized upon option exercise | 0.2 | 2 | 2.5 |
Fair value of stock vested | 4.2 | 2.6 | 5.2 |
Stock options | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based expense | 0 | 0.3 | 0.7 |
Incremental share-based compensation cost related to separation | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based expense | 0 | 0.2 | 0.5 |
Time-based and market-based restricted stock units | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based expense | $ 4.6 | $ 4.4 | $ 3 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Summary of Commitments, Guarantees and Contingencies (Details) $ in Millions | Dec. 31, 2015USD ($) |
Standby letters of credit | |
Loss Contingencies [Line Items] | |
Commitments and financial arrangements | $ 11.8 |
Bonds | |
Loss Contingencies [Line Items] | |
Commitments and financial arrangements | $ 405 |
COMMITMENTS AND CONTINGENCIE101
COMMITMENTS AND CONTINGENCIES - Summary of Commitments, Guarantees and Contingencies (Footnote) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Construction Bond | |
Loss Contingencies [Line Items] | |
Commitments and financial arrangements | $ 381.3 |
COMMITMENTS AND CONTINGENCIE102
COMMITMENTS AND CONTINGENCIES - Narrative (Details) a in Thousands | Jun. 24, 2014USD ($)Boiler | Dec. 31, 2015USD ($) | Jan. 15, 2016Unit | Dec. 31, 2015 | Dec. 31, 2015a | Dec. 31, 2015Agreement | Dec. 31, 2015joint_venture | Dec. 31, 2015License | Dec. 31, 2014USD ($) | Jul. 31, 2014USD ($) | May. 24, 2001UnitPetitionStream |
Loss Contingencies [Line Items] | |||||||||||
Estimated compliance costs for assessing carbon monoxide emissions | $ 250,000 | ||||||||||
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 | 4 | 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 West Maui Streams | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Period provided by irrigation system | 10 years | ||||||||||
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 | ||||||||||
Number of hydrologic units | Unit | 23 | ||||||||||
Petitions Filed Requesting IIFS In East Maui Streams | Subsequent Event | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Number of hydrologic units | Unit | 23 | ||||||||||
Number of hydrologic units, restored water | Unit | 11 | ||||||||||
Unfavorable Regulatory Action | Hawaii State Department of Health | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Number of non-compliant boilers | Boiler | 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 | $ 4,400,000 | $ 8,400,000 | $ 23,800,000 | ||||||||
Indemnification Agreement | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Guarantor obligations, maximum exposure | $ 10,000,000 | ||||||||||
Maturity date | Aug. 31, 2015 | ||||||||||
Financial Guarantee | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Limited guarantees on indebtedness related to unconsolidated joint ventures | $ 12,300,000 | ||||||||||
Number of unconsolidated joint ventures | joint_venture | 5 | ||||||||||
Payment Guarantee | KRS II | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Guarantor obligations, maximum exposure | $ 6,000,000 | $ 6,000,000 |
DERIVATIVE INSTRUMENTS - Narrat
DERIVATIVE INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||
Notional amount of interest rate swaps | $ 18.8 | |
Interest Income and Other | ||
Derivative [Line Items] | ||
Income (expense) related to change in fair value of derivatives | $ 0.4 | $ (0.1) |
DERIVATIVE INSTRUMENTS - Schedu
DERIVATIVE INSTRUMENTS - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other Liabilities | ||
Derivative [Line Items] | ||
Interest rate swap liability - floating to fixed rate | $ 2.5 | $ 2.9 |
EARNINGS PER SHARE "EPS" - Summ
EARNINGS PER SHARE "EPS" - Summary of Reconciliation of Income from Continuing Operations and Number of Shares used to Compute Basic and Diluted Earnings per Share (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Income from continuing operations, net of tax | $ (11.9) | $ 7 | $ 10.1 | $ 25.9 | $ 8.1 | $ 10.8 | $ 10.2 | $ 1.1 | $ 31.1 | $ 30.2 | $ 12.5 |
Less: Noncontrolling interest | (0.3) | (0.3) | (0.3) | (0.6) | (1.1) | (0.6) | (1) | (0.4) | (1.5) | (3.1) | (0.5) |
Income from continuing operations attributable to A&B shareholders, net of tax | 29.6 | 27.1 | 12 | ||||||||
Less: Undistributed earnings allocated to redeemable noncontrolling interest | (1.8) | (1.3) | 0 | 0 | (3.1) | 0 | 0 | ||||
Income from continuing operations available to A&B shareholders, net of tax | 26.5 | 27.1 | 12 | ||||||||
Income from discontinued operations available to A&B shareholders, net of tax | 0 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | $ 34.3 | 0 | 34.3 | 22.3 |
Net income (loss) available to A&B shareholders | $ (14) | $ 5.4 | $ 9.8 | $ 25.3 | $ 26.5 | $ 61.4 | $ 34.3 | ||||
Shares used to compute basic and diluted earnings per share [Abstract] | |||||||||||
Denominator for basic EPS - weighted average shares outstanding (in shares) | 48.9 | 48.9 | 48.9 | 48.8 | 48.8 | 48.8 | 48.7 | 48.7 | 48.9 | 48.7 | 44.4 |
Effect of dilutive securities: | |||||||||||
Non-participating stock options and restricted stock unit awards (in shares) | 0.4 | 0.6 | 0.7 | ||||||||
Denominator for diluted EPS - weighted average shares outstanding (in shares) | 49.3 | 49.3 | 45.1 |
EARNINGS PER SHARE "EPS" - Narr
EARNINGS PER SHARE "EPS" - Narrative (Details) - shares | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Anti-dilutive securities excluded from the computation of weighted average dilutive shares outstanding (in shares) | 0 | 0 | 0 | |
Subsequent Event | Time-Based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 86,739 | |||
Vesting period | 3 years | |||
Subsequent Event | Market-Based Performance Share Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 48,581 | |||
Vesting period | 3 years | |||
Performance period | 3 years |
REDEEMABLE NONCONTROLLING IN107
REDEEMABLE NONCONTROLLING INTEREST - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Noncontrolling Interest [Abstract] | |||||||
Ownership interest | 70.00% | 70.00% | |||||
Amount of redemption value exceeding carrying amount | $ 1.8 | $ 1.3 | $ 0 | $ 0 | $ 3.1 | $ 0 | $ 0 |
CESSATION OF HC&S SUGAR OPER108
CESSATION OF HC&S SUGAR OPERATIONS - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Employee | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Write-off related to certain fixed assets no longer used in operations | $ 6,900,000 | $ 0 | $ 0 |
Cash payments | $ 0 | ||
Agribusiness | |||
Restructuring Cost and Reserve [Line Items] | |||
Eventual layoff, number of employees (over) | Employee | 650 | ||
HC&S | Cessation of Operations | |||
Restructuring Cost and Reserve [Line Items] | |||
Pre-tax restructuring charges related to employee severance benefits and related costs and asset impairments | $ 22,600,000 | ||
HC&S | Minimum | Cessation of Operations | |||
Restructuring Cost and Reserve [Line Items] | |||
Total pre-tax book charges | 112,000,000 | ||
Employee severance and related benefit charges | 23,000,000 | ||
Asset write-offs and accelerated depreciation | 69,000,000 | ||
Property removal, restoration and other exit-related costs | 20,000,000 | ||
HC&S | Maximum | Cessation of Operations | |||
Restructuring Cost and Reserve [Line Items] | |||
Total pre-tax book charges | 133,000,000 | ||
Employee severance and related benefit charges | 28,000,000 | ||
Asset write-offs and accelerated depreciation | 76,000,000 | ||
Property removal, restoration and other exit-related costs | $ 29,000,000 | ||
HC&S | Agribusiness | |||
Restructuring Cost and Reserve [Line Items] | |||
Eventual layoff, number of employees (over) | Employee | 650 | ||
Write-off related to certain fixed assets no longer used in operations | $ 6,900,000 |
CESSATION OF HC&S SUGAR OPER109
CESSATION OF HC&S SUGAR OPERATIONS - Summary of Pre-tax Costs and Remaining Costs Associated with Restructuring and Summary of Activity Related to Cessation Accruals (Details) - HC&S $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Cessation of Operations | |
Recognized as of December 31, 2015 | |
Employee severance benefits and related costs | $ 13.4 |
Asset write-offs and accelerated depreciation | 9.2 |
Property removal, restoration and other exit-related costs | 0 |
Total Cessation costs | 22.6 |
Cessation of Operations | Minimum | |
Range of remaining amount to be Recognized | |
Employee severance benefits and related costs | 9.6 |
Asset write-offs and accelerated depreciation | 59.8 |
Property removal, restoration and other exit-related costs | 20 |
Total Cessation costs | 89.4 |
Total | |
Employee severance benefits and related costs | 23 |
Asset write-offs and accelerated depreciation | 69 |
Property removal, restoration and other exit-related costs | 20 |
Total Cessation costs | 112 |
Employee Severance Benefits and Related Costs | |
Cessation charges | 112 |
Cessation of Operations | Maximum | |
Range of remaining amount to be Recognized | |
Employee severance benefits and related costs | 14.6 |
Asset write-offs and accelerated depreciation | 66.8 |
Property removal, restoration and other exit-related costs | 29 |
Total Cessation costs | 110.4 |
Total | |
Employee severance benefits and related costs | 28 |
Asset write-offs and accelerated depreciation | 76 |
Property removal, restoration and other exit-related costs | 29 |
Total Cessation costs | 133 |
Employee Severance Benefits and Related Costs | |
Cessation charges | 133 |
Employee Severance Benefits and Related Costs | |
Total | |
Total Cessation costs | 13.4 |
Employee Severance Benefits and Related Costs | |
Balance at January 1, 2015 | 0 |
Cessation charges | 13.4 |
Balance at December 31, 2015 | $ 13.4 |
SEGMENT RESULTS - Narrative (De
SEGMENT RESULTS - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015USD ($)Property | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)PropertySegment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015ft² | Dec. 31, 2015a | |
Revenue, Major Customer [Line Items] | |||||||||||||
Number of operating segments | Segment | 4 | ||||||||||||
Total revenue | $ 121.4 | $ 144.7 | $ 153.7 | $ 150.7 | $ 165.1 | $ 153.4 | $ 146.7 | $ 94.8 | $ 570.5 | $ 560 | $ 365.2 | ||
Customer Concentration Risk | State of Hawaii | |||||||||||||
Revenue, Major Customer [Line Items] | |||||||||||||
Total revenue | 80.8 | 79.6 | |||||||||||
Customer Concentration Risk | City and County of Honolulu | |||||||||||||
Revenue, Major Customer [Line Items] | |||||||||||||
Total revenue | 38.1 | 37.5 | |||||||||||
Customer Concentration Risk | C&H Sugar Company, Inc | |||||||||||||
Revenue, Major Customer [Line Items] | |||||||||||||
Total revenue | $ 71.6 | $ 65.5 | $ 87.6 | ||||||||||
Buildings | Real Estate Leasing | |||||||||||||
Revenue, Major Customer [Line Items] | |||||||||||||
Number of real estate properties | Property | 58 | 58 | |||||||||||
Net rentable area | ft² | 4,900,000 | ||||||||||||
Buildings | Oahu | Real Estate Leasing | |||||||||||||
Revenue, Major Customer [Line Items] | |||||||||||||
Area of real estate property | 660,000 | 42 | |||||||||||
Land | Neighbor Islands | Real Estate Leasing | |||||||||||||
Revenue, Major Customer [Line Items] | |||||||||||||
Area of real estate property | ft² | 64 |
SEGMENT RESULTS - Schedule of O
SEGMENT RESULTS - Schedule of Operating Segment Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Total revenue | $ 121.4 | $ 144.7 | $ 153.7 | $ 150.7 | $ 165.1 | $ 153.4 | $ 146.7 | $ 94.8 | $ 570.5 | $ 560 | $ 365.2 |
Total operating profit | (9.9) | 22.2 | 30.5 | 54.3 | 26.5 | 22.1 | 28.2 | 14.3 | 97.1 | 91.1 | 64.7 |
Interest expense | (6.6) | (6.5) | (6.6) | (7.1) | (7.4) | (7.2) | (7.2) | (7.2) | (26.8) | (29) | (19.1) |
General corporate expenses | (4.4) | (4.8) | (5.3) | (5.6) | (5.2) | (3.9) | (4.3) | (5.2) | (20.1) | (18.6) | (17.4) |
Reduction in KRS II carrying value | (0.9) | (0.1) | (1.5) | (0.1) | 0.4 | (15.1) | 0 | 0 | (2.6) | (14.7) | 0 |
Separation/Acquisition Costs | 0 | 0 | (4.6) | ||||||||
Income From Continuing Operations Before Income Taxes | (21.8) | 10.8 | 17.1 | 41.5 | 14.3 | (4.1) | 16.7 | 1.9 | 47.6 | 28.8 | 23.6 |
Income tax expense (benefit) | (9.9) | 3.8 | 7 | 15.6 | 6.2 | (14.9) | 6.5 | 0.8 | 16.5 | (1.4) | 11.1 |
Income From Continuing Operations | (11.9) | 7 | 10.1 | 25.9 | 8.1 | 10.8 | 10.2 | 1.1 | 31.1 | 30.2 | 12.5 |
Income from discontinued operations (net of income taxes) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34.3 | 0 | 34.3 | 22.3 |
Net Income | (11.9) | 7 | 10.1 | 25.9 | 8.1 | 10.8 | 10.2 | 35.4 | 31.1 | 64.5 | 34.8 |
Income attributable to noncontrolling interest | (0.3) | (0.3) | (0.3) | (0.6) | (1.1) | (0.6) | (1) | (0.4) | (1.5) | (3.1) | (0.5) |
Net income (loss) attributable to A&B | (12.2) | 6.7 | 9.8 | 25.3 | $ 7 | $ 10.2 | $ 9.2 | $ 35 | 29.6 | 61.4 | 34.3 |
Less: Undistributed earnings allocated to redeemable noncontrolling interest | (1.8) | (1.3) | 0 | 0 | (3.1) | 0 | 0 | ||||
Net income (loss) available to A&B shareholders | $ (14) | $ 5.4 | $ 9.8 | $ 25.3 | $ 26.5 | $ 61.4 | $ 34.3 | ||||
Earnings per share available to A&B shareholders: | |||||||||||
Basic (in dollars per share) | $ (0.29) | $ 0.11 | $ 0.20 | $ 0.52 | $ 0.14 | $ 0.21 | $ 0.19 | $ 0.72 | $ 0.54 | $ 1.26 | $ 0.77 |
Diluted (in dollars per share) | $ (0.29) | $ 0.11 | $ 0.20 | $ 0.51 | $ 0.14 | $ 0.21 | $ 0.19 | $ 0.71 | $ 0.54 | $ 1.25 | $ 0.76 |
Weighted average shares: | |||||||||||
Basic (in shares) | 48.9 | 48.9 | 48.9 | 48.8 | 48.8 | 48.8 | 48.7 | 48.7 | 48.9 | 48.7 | 44.4 |
Diluted (in shares) | 48.9 | 49.3 | 49.4 | 49.3 | 49.3 | 49.3 | 49.3 | 49.2 | 49.3 | 49.3 | 45.1 |
Segment Reporting Information, Additional Information [Abstract] | |||||||||||
Total assets | $ 2,243.5 | $ 2,321.6 | $ 2,243.5 | $ 2,321.6 | $ 2,275.8 | ||||||
Total capital expenditures | 44.7 | 75.1 | 505.3 | ||||||||
Total depreciation and amortization | 55.7 | 55 | 41.7 | ||||||||
Leasing | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Total revenue | 33.3 | $ 33 | $ 34.8 | $ 32.7 | 32.1 | $ 31.3 | $ 31 | $ 31.2 | 133.8 | 125.6 | 110.4 |
Total operating profit | 13.5 | 12.5 | 13.9 | 13.2 | 11.6 | 12.1 | 12 | 11.8 | 53.1 | 47.5 | 43.4 |
Segment Reporting Information, Additional Information [Abstract] | |||||||||||
Total assets | 1,058.8 | 1,121.1 | 1,058.8 | 1,121.1 | 1,113 | ||||||
Total capital expenditures | 23 | 51.8 | 488.5 | ||||||||
Total depreciation and amortization | 30.3 | 26.9 | 24.3 | ||||||||
Development and Sales | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Total revenue | 22.7 | 19.9 | 52.4 | 36.5 | 39.4 | 18.2 | 21.4 | 71 | 131.5 | 150 | 423 |
Total operating profit | 7.5 | 11.2 | 14.3 | 32 | 14.2 | 11.4 | 7.8 | 52.3 | 65 | 85.7 | 44.4 |
Segment Reporting Information, Additional Information [Abstract] | |||||||||||
Total assets | 622 | 633.9 | 622 | 633.9 | 640.4 | ||||||
Total capital expenditures | 0 | 0 | 0.1 | ||||||||
Total depreciation and amortization | 0.2 | 0.2 | 0.2 | ||||||||
Less amounts reported in discontinued operations | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Total revenue | 0 | 0 | 0 | (70.4) | 0 | (70.4) | (369.2) | ||||
Total operating profit | 0 | 0 | 0 | (56.2) | 0 | (56.2) | (36.7) | ||||
Reconciling Items | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Total revenue | (10) | 0 | (16.7) | (4.3) | (31) | 0 | 0 | ||||
Materials & Construction | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Total revenue | 53.7 | 51 | 57.4 | 56.9 | 61.3 | 58.4 | 64.5 | 50.1 | 219 | 234.3 | 54.9 |
Total operating profit | 9.2 | 7.5 | 7 | 7.2 | 8.6 | 5.9 | 8 | 3.4 | 30.9 | 25.9 | 2.9 |
Segment Reporting Information, Additional Information [Abstract] | |||||||||||
Total assets | 386.6 | 385.9 | 386.6 | 385.9 | 358.7 | ||||||
Total capital expenditures | 7.2 | 10.7 | 4.8 | ||||||||
Total depreciation and amortization | 11.6 | 15.2 | 4.4 | ||||||||
Agribusiness | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Total revenue | 21.7 | 40.8 | 25.8 | 28.9 | 32.3 | 45.5 | 29.8 | 12.9 | 117.2 | 120.5 | 146.1 |
Total operating profit | (17.5) | (9) | (4.7) | 1.9 | (7.9) | $ (7.3) | $ 0.4 | $ 3 | (29.3) | (11.8) | 10.7 |
Segment Reporting Information, Additional Information [Abstract] | |||||||||||
Total assets | 151.5 | 159.7 | 151.5 | 159.7 | 155.3 | ||||||
Total capital expenditures | 13.1 | 10.8 | 11.8 | ||||||||
Total depreciation and amortization | 12.1 | 11.5 | 11.7 | ||||||||
Agribusiness cessation costs | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Total operating profit | (22.6) | $ 0 | $ 0 | $ 0 | (22.6) | 0 | 0 | ||||
Other | |||||||||||
Segment Reporting Information, Additional Information [Abstract] | |||||||||||
Total assets | $ 24.6 | $ 21 | 24.6 | 21 | 8.4 | ||||||
Total capital expenditures | 1.4 | 1.8 | 0.1 | ||||||||
Total depreciation and amortization | $ 1.5 | $ 1.2 | $ 1.1 |
SEGMENT RESULTS - Schedule o112
SEGMENT RESULTS - Schedule of Operating Segment Information (Footnote) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2014 | |
Segment Reporting Information [Line Items] | ||||
Income related to joint ventures | $ 36.8 | $ 2.1 | $ 4.3 | |
KRS II | ||||
Segment Reporting Information [Line Items] | ||||
Investment in various real estate joint ventures | 4.4 | 8.4 | $ 23.8 | |
Development and Sales | ||||
Segment Reporting Information [Line Items] | ||||
Income related to joint ventures | 30.2 | 2 | 4.2 | |
Investment in various real estate joint ventures | 379.7 | 383.8 | 335 | |
Expenditures related to real estate developments | 7.2 | 41.7 | 150.6 | |
Investment in real estate joint ventures | $ 25.8 | 28.7 | 22.2 | |
Development and Sales | Crossroads | ||||
Segment Reporting Information [Line Items] | ||||
Impairment of real estate assets | $ 0.3 | |||
Development and Sales | The Shops at Kukui'ula Investment | ||||
Segment Reporting Information [Line Items] | ||||
Impairment of real estate assets | $ 6.3 |
SUBSEQUENT EVENT - Narrative (D
SUBSEQUENT EVENT - Narrative (Details) - $ / shares | Jan. 26, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subsequent Event [Line Items] | |||
Quarterly cash dividend declared (in dollars per share) | $ 0.21 | $ 0.17 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Quarterly cash dividend declared (in dollars per share) | $ 0.06 |
SCHEDULE III - REAL ESTATE A114
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
Gross Amounts at Which Carried at Close of Period | ||||
Total | $ 1,397.1 | $ 1,402.1 | $ 1,022 | $ 1,332.5 |
Accumulated depreciation | (120.5) | (116.9) | (133.8) | (128) |
Aggregate tax basis of assets | 575.4 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at beginning of year | 1,397.1 | 1,402.1 | 1,022 | |
Additions and improvements | 32.2 | 57 | 758.5 | |
Dispositions, retirements and other adjustments | (96.8) | (62) | (378.4) | |
Balance at end of year | 1,332.5 | 1,397.1 | 1,402.1 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at beginning of year | (120.5) | (116.9) | (133.8) | |
Depreciation expense | 20.5 | 19.2 | 19.5 | |
Dispositions, retirements and other adjustments | (13) | (15.6) | (36.4) | |
Balance at end of year | $ (128) | $ (120.5) | $ (116.9) | |
Building and Improvements | Minimum | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Useful lives | 10 years | |||
Building and Improvements | Maximum | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Useful lives | 40 years | |||
Leasehold Improvements | Minimum | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Useful lives | 5 years | |||
Leasehold Improvements | Maximum | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Useful lives | 10 years | |||
P&L Warehouse (HI) | Industrial | Hawaii | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Year Acquired/Completed, First Date | 1,970 | |||
Kahului Shopping Center (HI) | Retail | Hawaii | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Year Acquired/Completed, First Date | 1,951 | |||
Waianae Mall (HI) | Retail | Hawaii | ||||
Gross Amounts at Which Carried at Close of Period | ||||
First year of construction | 1,975 | |||
Leasing Segment | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 148.1 | |||
Initial Cost | ||||
Land | 540.8 | |||
Buildings and Improvements | 508.4 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 99.8 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 540.8 | |||
Buildings and Improvements | 608.2 | |||
Total | $ 1,149 | 1,149 | ||
Accumulated depreciation | (128) | (128) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 1,149 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (128) | |||
Leasing Segment | Hawaii | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 139.9 | |||
Initial Cost | ||||
Land | 499.7 | |||
Buildings and Improvements | 335.8 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 62.7 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 499.7 | |||
Buildings and Improvements | 398.5 | |||
Total | 898.2 | 898.2 | ||
Accumulated depreciation | (65.1) | (65.1) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 898.2 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (65.1) | |||
Leasing Segment | United States Mainland | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8.2 | |||
Initial Cost | ||||
Land | 41.1 | |||
Buildings and Improvements | 172.6 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 37.1 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 41.1 | |||
Buildings and Improvements | 209.7 | |||
Total | 250.8 | 250.8 | ||
Accumulated depreciation | (62.9) | (62.9) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 250.8 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (62.9) | |||
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 | ||||
Improvements | 0.1 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 10.5 | |||
Buildings and Improvements | 2.1 | |||
Total | 12.6 | 12.6 | ||
Accumulated depreciation | $ (0.1) | (0.1) | ||
Year Acquired/Completed, First Date | 2,013 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | $ 12.6 | |||
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 | ||||
Improvements | 0.1 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 16.9 | |||
Buildings and Improvements | 20.7 | |||
Total | 37.6 | 37.6 | ||
Accumulated depreciation | $ (0.5) | (0.5) | ||
First year of construction | 1,969 | |||
Year Acquired/Completed, First Date | 2,014 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | $ 37.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (0.5) | |||
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 | ||||
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 | 36.4 | ||
Accumulated depreciation | $ (1.7) | (1.7) | ||
First year of construction | 1,990 | |||
Year Acquired/Completed, First Date | 2,010 | |||
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 | (1.7) | |||
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 | ||||
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 | 1.2 | ||
Accumulated depreciation | $ (0.6) | (0.6) | ||
First year of construction | 1,970 | |||
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 | (0.6) | |||
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 | ||||
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 | 2.6 | ||
Accumulated depreciation | $ (1.9) | (1.9) | ||
First year of construction | 1,985 | |||
Second year of construction | 1,983 | |||
Year Acquired/Completed, First Date | 1,983 | |||
Year Acquired/Completed Second Date | 1,993 | |||
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 | (1.9) | |||
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 | ||||
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 | 27.5 | ||
Accumulated depreciation | $ (1.5) | (1.5) | ||
First year of construction | 1,988 | |||
Second year of construction | 1,989 | |||
Year Acquired/Completed, First Date | 2,009 | |||
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 | (1.5) | |||
Leasing Segment | Midstate Hayes (CA) | Industrial | California | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8.2 | |||
Initial Cost | ||||
Land | 2.7 | |||
Buildings and Improvements | 29.6 | |||
Costs Capitalized Subsequent to Acquisition | ||||
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 | 33.5 | ||
Accumulated depreciation | $ (6.1) | (6.1) | ||
First year of construction | 2,002 | |||
Second year of construction | 2,008 | |||
Year Acquired/Completed, First Date | 2,008 | |||
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 | (6.1) | |||
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 | ||||
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 | 23.4 | ||
Accumulated depreciation | $ (7.9) | (7.9) | ||
First year of construction | 1,996 | |||
Second year of construction | 1,998 | |||
Year Acquired/Completed, First Date | 2,002 | |||
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 | (7.9) | |||
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 | ||||
Improvements | 1.9 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 1 | |||
Buildings and Improvements | 4 | |||
Total | 5 | 5 | ||
Accumulated depreciation | $ (1.5) | (1.5) | ||
First year of construction | 1,898 | |||
Second year of construction | 1,979 | |||
Year Acquired/Completed, First Date | 2,000 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | $ 5 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (1.5) | |||
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 | ||||
Improvements | 5.9 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 1 | |||
Buildings and Improvements | 6.3 | |||
Total | 7.3 | 7.3 | ||
Accumulated depreciation | $ (7) | (7) | ||
First year of construction | 1,974 | |||
Year Acquired/Completed, First Date | 1,989 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | $ 7.3 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (7) | |||
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 | ||||
Improvements | 5.7 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 0 | |||
Buildings and Improvements | 5.7 | |||
Total | 5.7 | 5.7 | ||
Accumulated depreciation | $ (3.5) | (3.5) | ||
First year of construction | 1,991 | |||
Year Acquired/Completed, First Date | 1,991 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | $ 5.7 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (3.5) | |||
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 | ||||
Improvements | 1.2 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 0 | |||
Buildings and Improvements | 2.6 | |||
Total | 2.6 | 2.6 | ||
Accumulated depreciation | $ (1.3) | (1.3) | ||
First year of construction | 1,973 | |||
Year Acquired/Completed, First Date | 1,991 | |||
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 | (1.3) | |||
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 | ||||
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 | 0.5 | ||
Accumulated depreciation | $ (0.1) | (0.1) | ||
First year of construction | 1,958 | |||
Year Acquired/Completed, First Date | 2,013 | |||
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 | ||||
Improvements | 5.2 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 7 | |||
Buildings and Improvements | 8.7 | |||
Total | 15.7 | 15.7 | ||
Accumulated depreciation | $ (0.4) | (0.4) | ||
First year of construction | 1,992 | |||
Second year of construction | 2,006 | |||
Year Acquired/Completed, First Date | 2,012 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | $ 15.7 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (0.4) | |||
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 | ||||
Improvements | 1.3 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 1.8 | |||
Buildings and Improvements | 2.3 | |||
Total | 4.1 | 4.1 | ||
Accumulated depreciation | $ (0.9) | (0.9) | ||
First year of construction | 1,901 | |||
Second year of construction | 1,980 | |||
Year Acquired/Completed, First Date | 1,996 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | $ 4.1 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (0.9) | |||
Leasing Segment | 1800 and 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 | ||||
Improvements | 5 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 4.5 | |||
Buildings and Improvements | 24.9 | |||
Total | 29.4 | 29.4 | ||
Accumulated depreciation | $ (6.9) | (6.9) | ||
First year of construction | 1,997 | |||
Second year of construction | 1,998 | |||
Year Acquired/Completed, First Date | 2,006 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | $ 29.4 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (6.9) | |||
Leasing Segment | 2868 Prospect Park (CA) | Office | California | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2.9 | |||
Buildings and Improvements | 18.1 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 9.5 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 2.9 | |||
Buildings and Improvements | 27.6 | |||
Total | 30.5 | 30.5 | ||
Accumulated depreciation | $ (13.7) | (13.7) | ||
First year of construction | 1,998 | |||
Year Acquired/Completed, First Date | 1,998 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | $ 30.5 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (13.7) | |||
Leasing Segment | 2890 Gateway Oaks (CA) | Office | California | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1.7 | |||
Buildings and Improvements | 10.8 | |||
Costs Capitalized Subsequent to Acquisition | ||||
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 | 14.2 | ||
Accumulated depreciation | $ (3.3) | (3.3) | ||
First year of construction | 1,999 | |||
Year Acquired/Completed, First Date | 2,006 | |||
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 | (3.3) | |||
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 | ||||
Improvements | 6 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 3.9 | |||
Buildings and Improvements | 26.9 | |||
Total | 30.8 | 30.8 | ||
Accumulated depreciation | $ (6.6) | (6.6) | ||
First year of construction | 1,998 | |||
Year Acquired/Completed, First Date | 2,006 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | $ 30.8 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (6.6) | |||
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 | ||||
Improvements | 3.4 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 3.4 | |||
Buildings and Improvements | 22.6 | |||
Total | 26 | 26 | ||
Accumulated depreciation | $ (6.9) | (6.9) | ||
First year of construction | 2,001 | |||
Year Acquired/Completed, First Date | 2,005 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | $ 26 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (6.9) | |||
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 | ||||
Improvements | 4.6 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 3.1 | |||
Buildings and Improvements | 22.3 | |||
Total | 25.4 | 25.4 | ||
Accumulated depreciation | $ (7) | (7) | ||
Year Acquired/Completed, First Date | 2,006 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | $ 25.4 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | $ (7) | |||
Leasing Segment | Ninigret Office X and XI (TX) | Office | Utah | ||||
Gross Amounts at Which Carried at Close of Period | ||||
First year of construction | 1,999 | |||
Second year of construction | 2,002 | |||
Leasing Segment | Gateway at Mililani Mauka (HI) | Retail | Hawaii | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 7.3 | |||
Buildings and Improvements | 4.7 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 5.2 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 7.3 | |||
Buildings and Improvements | 9.9 | |||
Total | $ 17.2 | 17.2 | ||
Accumulated depreciation | $ (0.5) | (0.5) | ||
First year of construction | 2,006 | |||
Second year of construction | 2,013 | |||
Year Acquired/Completed, First Date | 2,011 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | $ 17.2 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (0.5) | |||
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 | ||||
Improvements | 2.7 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 0 | |||
Buildings and Improvements | 2.7 | |||
Total | 2.7 | 2.7 | ||
Accumulated depreciation | $ (1.5) | (1.5) | ||
First year of construction | 1,951 | |||
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 | (1.5) | |||
Leasing Segment | Kailua Grocery Anchored (HI) | Retail | Hawaii | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11 | |||
Initial Cost | ||||
Land | 77.9 | |||
Buildings and Improvements | 56 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0.7 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 77.9 | |||
Buildings and Improvements | 56.7 | |||
Total | 134.6 | 134.6 | ||
Accumulated depreciation | $ (3.3) | (3.3) | ||
Year Acquired/Completed, First Date | 2,013 | |||
Year Acquired/Completed Second Date | 2,015 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | $ 134.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (3.3) | |||
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 | ||||
Improvements | 1.4 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 29.6 | |||
Buildings and Improvements | 28.1 | |||
Total | 57.7 | 57.7 | ||
Accumulated depreciation | $ (1.8) | (1.8) | ||
Year Acquired/Completed, First Date | 2,013 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | $ 57.7 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (1.8) | |||
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 | ||||
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 | 15.3 | ||
Accumulated depreciation | $ (5.5) | (5.5) | ||
First year of construction | 1,971 | |||
Year Acquired/Completed, First Date | 2,001 | |||
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 | (5.5) | |||
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 | ||||
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 | 14.6 | ||
Accumulated depreciation | $ (3.8) | (3.8) | ||
First year of construction | 2,004 | |||
Year Acquired/Completed, First Date | 2,002 | |||
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 | (3.8) | |||
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 | ||||
Improvements | 0.4 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 4.6 | |||
Buildings and Improvements | 4.1 | |||
Total | 8.7 | 8.7 | ||
Accumulated depreciation | $ (0.6) | (0.6) | ||
First year of construction | 1,973 | |||
Year Acquired/Completed, First Date | 2,010 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | $ 8.7 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (0.6) | |||
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 | ||||
Improvements | 1.4 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 9.4 | |||
Buildings and Improvements | 14.6 | |||
Total | 24 | 24 | ||
Accumulated depreciation | $ (2.1) | (2.1) | ||
First year of construction | 1,987 | |||
Year Acquired/Completed, First Date | 2,010 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | $ 24 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (2.1) | |||
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 | ||||
Improvements | 0.5 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 9.4 | |||
Buildings and Improvements | 8.5 | |||
Total | 17.9 | 17.9 | ||
Accumulated depreciation | $ (0.9) | (0.9) | ||
First year of construction | 1,991 | |||
Year Acquired/Completed, First Date | 2,003 | |||
Year Acquired/Completed Second Date | 2,013 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | $ 17.9 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (0.9) | |||
Leasing Segment | Pearl Highlands Center (HI) | Retail | Hawaii | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 91.9 | |||
Initial Cost | ||||
Land | 43.4 | |||
Buildings and Improvements | 96.2 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 1.8 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 43.4 | |||
Buildings and Improvements | 98 | |||
Total | 141.4 | 141.4 | ||
Accumulated depreciation | $ (6.8) | (6.8) | ||
First year of construction | 1,993 | |||
Year Acquired/Completed, First Date | 2,013 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | $ 141.4 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (6.8) | |||
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 | ||||
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 | 4.5 | ||
Accumulated depreciation | $ (1.9) | (1.9) | ||
First year of construction | 2,002 | |||
Year Acquired/Completed, First Date | 1,971 | |||
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 | (1.9) | |||
Leasing Segment | The Shops at Kukui'ula (HI) | Retail | Hawaii | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 37 | |||
Initial Cost | ||||
Land | 8.9 | |||
Buildings and Improvements | 30.1 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 1.9 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 8.9 | |||
Buildings and Improvements | 32 | |||
Total | 40.9 | 40.9 | ||
Accumulated depreciation | $ (2.1) | (2.1) | ||
First year of construction | 2,009 | |||
Year Acquired/Completed, First Date | 2,013 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | $ 40.9 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (2.1) | |||
Leasing Segment | Waianae Mall (HI) | Retail | Hawaii | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 17.4 | |||
Buildings and Improvements | 10.1 | |||
Costs Capitalized Subsequent to Acquisition | ||||
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 | 31.7 | ||
Accumulated depreciation | $ (1.1) | (1.1) | ||
Year Acquired/Completed, First Date | 2,013 | |||
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 | (1.1) | |||
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 | ||||
Improvements | 0.4 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 24 | |||
Buildings and Improvements | 8 | |||
Total | 32 | 32 | ||
Accumulated depreciation | $ (1.4) | (1.4) | ||
First year of construction | 1,986 | |||
Second year of construction | 2,004 | |||
Year Acquired/Completed, First Date | 2,009 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | $ 32 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (1.4) | |||
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 | ||||
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 | 22.3 | ||
Accumulated depreciation | $ (1.6) | (1.6) | ||
First year of construction | 1,998 | |||
Second year of construction | 2,008 | |||
Year Acquired/Completed, First Date | 2,010 | |||
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 | (1.6) | |||
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 | ||||
Improvements | 1.7 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 3.5 | |||
Buildings and Improvements | 11.8 | |||
Total | 15.3 | 15.3 | ||
Accumulated depreciation | $ (2.9) | (2.9) | ||
First year of construction | 2,006 | |||
Year Acquired/Completed, First Date | 2,007 | |||
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 | (2.9) | |||
Leasing Segment | Oahu ground leases (HI) | Other | Hawaii | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 164.2 | |||
Buildings and Improvements | 0.6 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 164.2 | |||
Buildings and Improvements | 0.6 | |||
Total | 164.8 | 164.8 | ||
Accumulated depreciation | $ 0 | 0 | ||
Year Acquired/Completed, First Date | 2,013 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | $ 164.8 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Leasing Segment | Other miscellaneous investments | Other | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 17.9 | |||
Buildings and Improvements | 1.3 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 12.2 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 17.9 | |||
Buildings and Improvements | 13.5 | |||
Total | 31.4 | 31.4 | ||
Accumulated depreciation | (10.8) | (10.8) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 31.4 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | (10.8) | |||
Development and Sales segment | Real Estate | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8.2 | |||
Initial Cost | ||||
Land | 91.5 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 92 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 91.5 | |||
Buildings and Improvements | 92 | |||
Total | 183.5 | 183.5 | ||
Accumulated depreciation | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 183.5 | |||
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 | ||||
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 | 1.2 | ||
Accumulated depreciation | 0 | 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 | ||||
Improvements | 2.6 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 0 | |||
Buildings and Improvements | 2.6 | |||
Total | 2.6 | 2.6 | ||
Accumulated depreciation | 0 | 0 | ||
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 | 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 | ||||
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 | 1.5 | ||
Accumulated depreciation | 0 | 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 | ||||
Improvements | 1 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 0 | |||
Buildings and Improvements | 1 | |||
Total | 1 | 1 | ||
Accumulated depreciation | 0 | 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 | 8.2 | |||
Initial Cost | ||||
Land | 49.7 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 1.5 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 49.7 | |||
Buildings and Improvements | 1.5 | |||
Total | 51.2 | 51.2 | ||
Accumulated depreciation | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 51.2 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | Kamalani | Real Estate | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 3.1 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 0 | |||
Buildings and Improvements | 3.1 | |||
Total | 3.1 | 3.1 | ||
Accumulated depreciation | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 3.1 | |||
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 | ||||
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 | 2.3 | ||
Accumulated depreciation | 0 | 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 | ||||
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 | 11.3 | ||
Accumulated depreciation | 0 | 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 | ||||
Improvements | 44.7 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 0 | |||
Buildings and Improvements | 44.7 | |||
Total | 44.7 | 44.7 | ||
Accumulated depreciation | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 44.7 | |||
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 | ||||
Improvements | 0 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 4.6 | |||
Buildings and Improvements | 0 | |||
Total | 4.6 | 4.6 | ||
Accumulated depreciation | 0 | 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 | ||||
Improvements | 0 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 3.3 | |||
Buildings and Improvements | 0 | |||
Total | 3.3 | 3.3 | ||
Accumulated depreciation | 0 | 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 | ||||
Improvements | 0 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 5.8 | |||
Buildings and Improvements | 0 | |||
Total | 5.8 | 5.8 | ||
Accumulated depreciation | 0 | 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 | ||||
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 | 8.8 | ||
Accumulated depreciation | 0 | 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 | ||||
Improvements | 0 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 1.3 | |||
Buildings and Improvements | 0 | |||
Total | 1.3 | 1.3 | ||
Accumulated depreciation | 0 | 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 | ||||
Improvements | 1.9 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 2 | |||
Buildings and Improvements | 1.9 | |||
Total | 3.9 | 3.9 | ||
Accumulated depreciation | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 3.9 | |||
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 | ||||
Improvements | 0 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 2.7 | |||
Buildings and Improvements | 0 | |||
Total | 2.7 | 2.7 | ||
Accumulated depreciation | 0 | 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 | 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 | ||||
Improvements | 6.2 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 1.7 | |||
Buildings and Improvements | 6.2 | |||
Total | 7.9 | 7.9 | ||
Accumulated depreciation | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 7.9 | |||
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 | ||||
Improvements | 1.5 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 15.3 | |||
Buildings and Improvements | 1.5 | |||
Total | 16.8 | 16.8 | ||
Accumulated depreciation | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 16.8 | |||
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 | ||||
Improvements | 1.7 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 0 | |||
Buildings and Improvements | 1.7 | |||
Total | 1.7 | 1.7 | ||
Accumulated depreciation | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 1.7 | |||
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 | 2.2 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements | 4.2 | |||
Carrying Costs | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 2.2 | |||
Buildings and Improvements | 4.2 | |||
Total | 6.4 | 6.4 | ||
Accumulated depreciation | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 6.4 | |||
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 | ||||
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 | 1.4 | ||
Accumulated depreciation | 0 | $ 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 |