Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 15, 2017 | Jun. 30, 2016 | |
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 | 49,081,500 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Entity Public Float | $ 1,664,895,532 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Revenue: | |||
Commercial real estate | $ 134.7 | $ 133.6 | $ 125.3 |
Land operations | 61.9 | 120.2 | 96.7 |
Materials and construction | 190.9 | 219 | 234.3 |
Total operating revenue | 387.5 | 472.8 | 456.3 |
Operating Costs and Expenses: | |||
Cost of commercial real estate | 79 | 80.4 | 78 |
Cost of land operations | 35 | 71.1 | 57.4 |
Cost of materials and construction contracts | 154.5 | 175.7 | 191.3 |
Selling, general and administrative | 56.2 | 55.3 | 52.9 |
REIT evaluation costs | 9.5 | 0 | 0 |
Impairment of real estate assets | 11.7 | 0 | 0 |
Total operating costs and expenses | 345.9 | 382.5 | 379.6 |
Operating Income | 41.6 | 90.3 | 76.7 |
Other Income and (Expense): | |||
Income related to joint ventures | 19.2 | 36.8 | 1.8 |
Gain (loss) on the sale of improved property, net | 8.1 | (1.8) | 0 |
Reduction in solar investments, net | (9.8) | (2.6) | (14.7) |
Interest income and other | 2.5 | 1.2 | 6.1 |
Interest expense | (26.3) | (26.8) | (29) |
Income From Continuing Operations Before Income Taxes | 35.3 | 97.1 | 40.9 |
Income tax expense | 2.6 | 36.3 | 4.1 |
Income From Continuing Operations | 32.7 | 60.8 | 36.8 |
Income (Loss) from discontinued operations, net of income tax | (41.1) | (29.7) | 27.7 |
Net Income (Loss) | (8.4) | 31.1 | 64.5 |
Income attributable to noncontrolling interest | (1.8) | (1.5) | (3.1) |
Net Income (Loss) Attributable to A&B | $ (10.2) | $ 29.6 | $ 61.4 |
Basic Earnings (Loss) per Share of Common Stock: | |||
Continuing operations available to A&B shareholders (in dollars per share) | $ 0.66 | $ 1.15 | $ 0.69 |
Discontinued operations available to A&B shareholders (in dollars per share) | (0.84) | (0.61) | 0.57 |
Net income available to A&B shareholders (in dollars per share) | (0.18) | 0.54 | 1.26 |
Diluted Earnings (Loss) per Share of Common Stock: | |||
Continuing operations available to A&B shareholders (in dollars per share) | 0.65 | 1.14 | 0.68 |
Discontinued operations available to A&B shareholders (in dollars per share) | (0.83) | (0.60) | 0.57 |
Net income available to A&B shareholders (in dollars per share) | $ (0.18) | $ 0.54 | $ 1.25 |
Weighted Average Number of Shares Outstanding: | |||
Basic (in shares) | 49 | 48.9 | 48.7 |
Diluted (in shares) | 49.4 | 49.3 | 49.3 |
Amounts Available to A&B Shareholders: | |||
Income from continuing operations available to A&B shareholders, net of tax | $ 32.2 | $ 56.2 | $ 33.7 |
Income (Loss) from discontinued operations, net of income tax | (41.1) | (29.7) | 27.7 |
Net Income (Loss) Available to A&B shareholders | $ (8.9) | $ 26.5 | $ 61.4 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ (8.4) | $ 31.1 | $ 64.5 |
Other Comprehensive Income (Loss), net of tax: | |||
Unrealized interest rate hedging gain | 2.6 | 0 | 0 |
Reclassification adjustment for interest expense included in net loss | 0.4 | 0 | 0 |
Defined benefit pension plans: | |||
Actuarial loss | (4.6) | (7.1) | (26.7) |
Amortization of net loss included in net periodic pension cost | 7.5 | 7.3 | 4.5 |
Amortization of prior service credit included in net periodic pension cost | (0.9) | (1.3) | (1.3) |
Curtailment | (1.5) | 0 | 0 |
Prior service cost | 0 | (0.4) | 0 |
Income taxes related to other comprehensive income | (1.4) | 0.6 | 9.2 |
Other Comprehensive Income (Loss) | 2.1 | (0.9) | (14.3) |
Comprehensive Income | (6.3) | 30.2 | 50.2 |
Comprehensive income attributable to noncontrolling interest | (1.8) | (1.5) | (3.1) |
Comprehensive income (loss) attributable to A&B | $ (8.1) | $ 28.7 | $ 47.1 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 2.2 | $ 1.3 |
Accounts receivable, less allowances of $1.0 for 2016 and $1.7 for 2015 | 32.1 | 38.6 |
Contracts retention | 13.1 | 11.5 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 16.4 | 16.3 |
Inventories | 43.3 | 55.9 |
Real estate held for sale | 1 | 0 |
Income tax receivable | 10.6 | 14 |
Prepaid expenses and other assets | 19.6 | 14.9 |
Total current assets | 138.3 | 152.5 |
Investments in Affiliates | 390.8 | 416.4 |
Real Estate Developments | 179.5 | 183.5 |
Property - Net | 1,231.6 | 1,269.4 |
Intangible Assets - Net | 53.8 | 54.4 |
Goodwill | 102.3 | 102.3 |
Other Assets | 60 | 63.8 |
Total assets | 2,156.3 | 2,242.3 |
Current Liabilities | ||
Notes payable and current portion of long-term debt | 42.4 | 90.4 |
Accounts payable | 35.2 | 35.5 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 3.5 | 2.6 |
Accrued interest | 6.3 | 5.5 |
Deferred revenue | 17.6 | 0.1 |
Indemnity holdback related to Grace acquisition | 9.3 | 9.3 |
HC&S cessation related liabilities | 19.1 | 6.4 |
Accrued and other liabilities | 31.7 | 34.9 |
Total current liabilities | 165.1 | 184.7 |
Long-term Liabilities | ||
Long-term debt | 472.7 | 496.6 |
Deferred income taxes | 182 | 202.1 |
Accrued pension and postretirement benefits | 64.8 | 59.7 |
Other non-current liabilities | 47.7 | 60.5 |
Total long-term liabilities | 767.2 | 818.9 |
Commitments and Contingencies (Note 14) | ||
Redeemable Noncontrolling Interest (Note 17) | 10.8 | 11.6 |
Equity | ||
Common stock - no par value; authorized, 150 million shares; outstanding, 49.0 million and 48.9 million shares at December 31, 2016 and 2015, respectively | 1,157.3 | 1,151.7 |
Accumulated other comprehensive loss | (43.2) | (45.3) |
Retained earnings | 95.2 | 117.2 |
Total A&B shareholders' equity | 1,209.3 | 1,223.6 |
Noncontrolling interest | 3.9 | 3.5 |
Total equity | 1,213.2 | 1,227.1 |
Total liabilities and equity | $ 2,156.3 | $ 2,242.3 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Account Receivables, allowances | $ 1 | $ 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) | 49,000,000 | 48,900,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities: | |||
Net Income (Loss) | $ (8.4) | $ 31.1 | $ 64.5 |
Adjustments to reconcile net income to net cash provided by (used in) operations: | |||
Depreciation and amortization | 119.5 | 55.7 | 55 |
Deferred income taxes | (20.1) | 16.9 | 8.8 |
Gains on asset transactions, net of impairment losses | (11.6) | (35.8) | (82.2) |
Share-based compensation expense | 4.1 | 4.7 | 4.9 |
Investments in affiliates, net of distributions | 1.4 | (3.7) | 0.1 |
Changes in operating assets and liabilities: | |||
Trade, contracts retention, and other receivables | 4.3 | (3.1) | 1.6 |
Costs and estimated earnings in excess of billings on uncompleted contracts - net | 0.7 | (1.4) | (6.4) |
Inventories | 12.7 | 25.9 | (13.5) |
Prepaid expenses, income tax receivable and other assets | (0.1) | (12.5) | 6.3 |
Accrued pension and post-retirement benefits | 6.3 | 3.6 | (2.3) |
Accounts payable and contracts retention | (0.4) | 0.1 | (2.3) |
Accrued and other liabilities | 10.7 | (18.2) | (6) |
Real estate inventory sales (real estate developments held for sale) | 7.4 | 73 | 53.6 |
Expenditures for real estate inventory (real estate developments held for sale) | (15.3) | (7.2) | (41.7) |
Net cash provided by operations | 111.2 | 129.1 | 40.4 |
Cash Flows used in Investing Activities: | |||
Capital expenditures for property, plant and equipment | (108.6) | (43.4) | (60.2) |
Capital expenditures related to forward 1031 commercial property transactions | (7.5) | (1.3) | (14.9) |
Proceeds from investment tax credits and grants related to Port Allen Solar Farm | 0 | 0 | 4.5 |
Proceeds from disposal of property and other assets | 19.6 | 8.1 | 9.5 |
Proceeds from disposals related to 1031 commercial property transactions | 69.2 | 40 | 85.6 |
Payments for purchases of investments in affiliates and other investments | (47.2) | (29.4) | (75.1) |
Proceeds from investments in affiliates and other investments | 41.3 | 44.4 | 36.2 |
Change in restricted cash associated with 1031 transactions | 7.6 | (17.4) | 0.6 |
Acquisition of business, net of cash (including Grace indemnity holdback) | 0 | 0 | (14.2) |
Net cash provided by (used in) investing activities | (25.6) | 1 | (28) |
Cash Flows from Financing Activities: | |||
Proceeds from issuances of long-term debt | 272 | 132 | 283 |
Payments of long-term debt and deferred financing costs | (334.3) | (248.1) | (224.2) |
Payments on line-of-credit agreement, net | (9.9) | (3) | (62.3) |
Distribution to noncontrolling interests | (1.4) | (1.1) | (0.2) |
Dividends paid | (12.3) | (10.3) | (8.3) |
Proceeds from issuance (repurchase) of capital stock and other, net | 1.2 | (1.1) | (0.9) |
Net cash used in financing activities | (84.7) | (131.6) | (12.9) |
Cash and Cash Equivalents: | |||
Net increase (decrease) for the year | 0.9 | (1.5) | (0.5) |
Balance, beginning of year | 1.3 | 2.8 | 3.3 |
Balance, end of year | 2.2 | 1.3 | 2.8 |
Other Cash Flow Information: | |||
Interest paid, net of amounts capitalized | (26.2) | (27.3) | (29.8) |
Income taxes paid | 0 | (6.4) | (14.2) |
Non-cash Investing and Financing Activities: | |||
Contribution of land and development assets to joint ventures | 0 | 9.6 | 33.8 |
Real estate exchanged for note receivable | 0 | 1.9 | 3.6 |
Declared distribution from investment in affiliate | 8 | 0 | 0 |
Declared distribution to noncontrolling interest | 0.9 | 0.4 | 1.1 |
Asset retirement obligations | 5.4 | 6 | 0 |
Capital expenditures included in accounts payable and accrued expenses | $ 1.3 | $ 8 | $ 5.7 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Total | Retained Earnings | Non-Controlling Interest | Total | Redeemable Non-Controlling Interest |
Balance, beginning period (in shares) at Dec. 31, 2013 | 48.6 | ||||||
Balance, beginning period 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 (loss) | $ 64.5 | 61.4 | 3.1 | 64.5 | |||
Other comprehensive income, 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 | $ 1,147.3 | (44.4) | 101 | 10.9 | 1,214.8 | 0 | |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Net income (loss) | 31.1 | 29.6 | 1.1 | 30.7 | 0.4 | ||
Other comprehensive income, net of tax | (0.9) | (0.9) | (0.9) | ||||
Dividends paid on common stock | (10.3) | (10.3) | |||||
Reclassification of redeemable noncontrolling interest (Note 17) | (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) | (0.9) | |||||
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 |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Net income (loss) | (8.4) | (10.2) | 0.4 | (9.8) | 1.4 | ||
Other comprehensive income, net of tax | 2.1 | 2.1 | 2.1 | ||||
Dividends paid on common stock | (12.3) | (12.3) | |||||
Distributions to noncontrolling interest | 0 | (0.9) | |||||
Adjustments to redemption value of redeemable noncontrolling interest | 1.3 | 1.3 | (1.3) | ||||
Share-based compensation | $ 4.1 | 4.1 | |||||
Shares issued or repurchased, net (in shares) | 0.1 | ||||||
Shares issued or repurchased, net | $ 1.5 | (0.8) | 0.7 | ||||
Balance, period end (in shares) at Dec. 31, 2016 | 49 | ||||||
Balance, period end at Dec. 31, 2016 | $ 1,213.2 | $ 1,157.3 | $ (43.2) | $ 95.2 | $ 3.9 | $ 1,213.2 | $ 10.8 |
CONSOLIDATED STATEMENTS OF EQU8
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividend declared (in dollars per share) | $ 0.25 | $ 0.21 | $ 0.17 |
BACKGROUND AND BASIS OF PRESENT
BACKGROUND AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BACKGROUND AND BASIS OF PRESENTATION | BACKGROUND AND BASIS OF PRESENTATION Description of Business : Alexander & Baldwin, Inc. ("A&B" or the "Company") is headquartered in Honolulu and operates three segments: Commercial Real Estate (formerly Leasing); Land Operations (formerly Real Estate Development and Sales and Agribusiness); and Materials and Construction. On October 25, 2016, the Company's Board of Directors approved a plan to perform an in-depth exploration of a potential conversion of the Company to a real estate investment trust (REIT). Commercial Real Estate: The Commercial Real Estate segment owns, operates and manages retail, office and industrial properties in Hawaii and on the Mainland. The Commercial Real Estate segment also leases urban land in Hawaii to third-party lessees. Land Operations: Primary activities of the Land Operations segment, include planning, zoning, financing, constructing, purchasing, managing, leasing agricultural land, selling, and investing in real property; renewable energy; and agribusiness. The Land Operations segment also provides general trucking services, equipment maintenance and repair services, and generates and sells electricity to the extent not used elsewhere in the Company's 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"). See "Note 18 - Cessation of Sugar 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"), 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. Reclassifications: Prior year financial statement amounts are reclassified as necessary to conform to the current year presentation, including presentation of results of discontinued operations and reportable operating segments. There was no impact on net income, retained earnings or cash flows as a result of the reclassifications. See "Note 4 - Discontinued Operations " and "Note 19 - Segment Results " in the accompanying consolidated financial statements for additional information. 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, 2016 | |
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) litigation and 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, 2016 , 2015 and 2014, revenue of approximately $52.0 million , $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, 2016, 2015 and 2014, revenue of approximately $50.1 million , $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. 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, 2016 and 2015. 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 of 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, 2016 were as follows (in millions): Balance at Provision for bad debt Write-offs Balance at 2016 $1.7 $0.8 $(1.5) $1.0 2015 $1.7 $0.4 $(0.4) $1.7 2014 $1.3 $0.8 $(0.4) $1.7 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 $8.2 million and $7.3 million as of December 31, 2016 and December 31, 2015 , 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, 2016 and December 31, 2015 . 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, 2016 and 2015 were as follows (in millions): 2016 2015 Sugar inventories $ 17.5 $ 16.3 Asphalt 7.4 12.8 Processed rock, Portland cement, and sand 12.6 12.2 Work in progress 3.0 3.7 Retail merchandise 1.7 1.6 Parts, materials and supplies inventories 1.1 9.3 Total $ 43.3 $ 55.9 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 sell the property or retain ownership of the property as an investment following completion of construction. For development projects, capitalized costs are allocated using the direct method for expenditures that are specifically associated with the unit being sold and the relative-sales-value method for expenditures that benefit the entire project. Capitalized development costs typically include costs related to land acquisition, grading, roads, water and sewage systems, landscaping, capitalized interest, and project amenities. Direct overhead costs incurred after the development project is substantially complete, such as utilities, maintenance and real estate taxes, are charged to selling, general and administrative expense as incurred. All indirect overhead costs are charged to selling, general and administrative costs as incurred. Capitalized Interest: Interest costs incurred in connection with significant expenditures for real estate developments, the construction of assets, or investments in real estate joint ventures are capitalized during the period in which activities necessary to get the asset ready for its intended use are in progress. Capitalization of interest is discontinued when the asset is substantially complete and ready for its intended use. Capitalization of interest on investments in real estate joint ventures is recorded until the underlying investee commences its principal operations, which is typically when the investee has other-than-ancillary revenue generation. Total interest cost incurred was $28.3 million , $29.1 million and $31.0 million in 2016 , 2015 and 2014 , respectively. Capitalized interest in 2016 , 2015 and 2014 was $2.0 million , $2.3 million and $1.9 million , respectively, and was principally related to the Company's investment in The Collection, Waihonua, the Company’s Maui Business Park II, and Kamalani projects. Impairment of Long-Lived Assets and Finite-Lived Intangible Assets: Long-lived assets, including finite-lived intangible assets, are reviewed for possible impairment when events or circumstances indicate that the carrying value may not be recoverable. In such an evaluation, the estimated future undiscounted cash flows generated by the asset are compared with the amount recorded for the asset to determine if its carrying value is not recoverable. If this review determines that the recorded value will not be recovered, the amount recorded for the asset is reduced to estimated fair value. These asset impairment analyses are highly subjective because they require management to make assumptions and apply considerable judgments to, among others, estimates of the timing and amount of future cash flows, expected useful lives of the assets, uncertainty about future events, including changes in economic conditions, changes in operating performance, changes in the use of the assets and ongoing costs of maintenance and improvements of the assets, and thus, the accounting estimates may change from period to period. If management uses different assumptions or if different conditions occur in future periods, A&B’s financial condition or its future operating results could be materially impacted. During the fourth quarter of 2016, as a result of a change in its strategy for development activities, the Company recorded non-cash impairment charges of $ 11.7 million related to certain non-active, long-term development projects. The impairment loss recorded reduced the carrying amounts to the estimated fair value, reflecting the change to the Company’s development-for-sale strategy to de-risk its portfolio by not pursuing certain long-term projects that were not in active development and instead focus on projects with a short-term lifespan, generally 3 to 5 years. The impairment charges are presented within Impairment of real estate assets in the accompanying consolidated statements of operations. There were no material long-lived asset impairment charges recorded in 2015 or 2014. 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. 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. Fair Value Measurements: 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, 2016 were $515.1 million and $529.3 million , respectively, and $587.0 million and $597 million at December 31, 2015 , 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). FASB ASC Topic 820, Fair Value Measurements and Disclosures (ASC 820), as amended, establishes a fair value hierarchy, which requires the Company 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 Company’s 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. The Company's non-active, long-term development projects that were impaired during the year ended December 31, 2016 represent assets measured at fair value on a nonrecurring basis subsequent to their initial recognition. The Company estimated the fair values of these long-lived assets based on the Company’s own judgments about the assumptions that market participants would use in pricing the real estate assets and available, observable market data. The Company classified these fair value measurements as Level 3 inputs. After the impairment charges recorded, the carrying values of the non-active, long-term development projects were not material. 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 2016 and 2015 were as follows: 2016 2015 Amount Weighted Average Life (Years) Amount Weighted Average Life (Years) Amortized intangible assets: In-place/favorable leases $ 8.5 7.0 $ 1.0 2.6 Intangible assets for the years ended December 31, included the following (in millions): 2016 2015 Amortized intangible assets: In-place leases $ 69.9 $ 62.6 Favorable leases 17.9 16.6 Permitted quarry rights 18.0 18.0 Contract backlog 2.6 2.6 Trade name/customer relationships 2.2 2.2 Accumulated amortization (56.8 ) (47.6 ) Total assets $ 53.8 $ 54.4 Aggregate intangible asset amortization was $9.2 million , $10.5 million and $11.2 million for 2016 , 2015 and 2014 , respectively. Estimated amortization expenses related to intangible assets over the next five years are as follows (in millions): Estimated 2017 $ 7.5 2018 $ 6.2 2019 $ 5.2 2020 $ 4.0 2021 $ 3.4 Goodwill: 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, 2016 and 2015 were as follows (in millions): Materials & Construction Commercial Real Estate Total Balance, January 1, 2015 $ 93.6 $ 8.7 $ 102.3 Changes to goodwill — — — Balance, December 31, 2015 93.6 8.7 102.3 Changes to goodwill — — — Balance, December 31, 2016 $ 93.6 $ 8.7 $ 102.3 Revenue Recognition: The Company has a wide variety of revenue sources, including sales of real estate, 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. Sales of Real Estate Revenue Recognition: Sales of real estate revenue involve proceeds from the sale of a variety of real estate development inventory. Real estate development inventory may include industrial lots, residential lots, agricultural 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. Commercial Real Estate Revenue Recognition: Commercial Real Estate 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 (i.e., 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 unit cost of work completed as of a specific date to an estimate of the total unit cost of work to be delivered under each contract. Grace uses this method as its management considers this 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. 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 upon completion of its final harvest in 2016. HC&S completed its harvest in December 2016, and the Company ceased its sugar operations (the "Cessation"). As a result, the Company concluded that its sugar operations met the requirements of ASU 2014-08 and has reported its sugar operations as discontinued operations for all periods presented. See Note 4, "Discontinued Operations" for additional detail. 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 a description of the 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 accompanying consolidated statements of operations. 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, 2016 and 2015 . 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 Company accounts for tax credits related to its investments in KRS II and Waihonu using the flow-through method, which reduces the provision for income taxes in the year the tax credits first become available. Comprehensive Income (Loss): Comprehensive income (loss) includes all changes in equity, except those resulting from transactions with shareholders and net income (loss). Other comprehensive income (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): 2016 2015 Unrealized components of benefit plans: Pension plans $ (43.8 ) $ (44.7 ) Post-retirement plans (0.6 ) (0.6 ) Non-qualified benefit plans (0.6 ) — Interest rate swap 1.8 — Accumulated other comprehensive loss $ (43.2 ) $ (45.3 ) The changes in accumulated other comprehensive loss by component for the years ended December 31, were as follows (in millions, net of tax): Employee Interest Rate Swap Total Balance, January 1, 2014 $ (30.1 ) $ — $ (30.1 ) Other comprehensive loss before reclassifications, net of taxes of $10.4 for employee benefit plans (16.3 ) — (16.3 ) Amounts reclassified from accumulated other comprehensive loss, net of taxes of $1.2 for employee benefit plans 2.0 — 2.0 Balance, December 31, 2014 $ (44.4 ) $ — $ (44.4 ) Other comprehensive loss before reclassifications, net of taxes of $2.9 for employee benefit plans (4.6 ) — (4.6 ) Amounts reclassified from accumulated other comprehensive loss, net of taxes of $2.3 for employee benefit plans 3.7 — 3.7 Balance, December 31, 2015 $ (45.3 ) $ — $ (45.3 ) Other comprehensive loss before reclassifications, net of taxes of $2.1 and $1.0 for employee benefit plans and interest rate swap, respectively (3.4 ) 1.6 (1.8 ) Amounts reclassified from accumulated other comprehensive loss, net of taxes of $2.3 and $0.2 for employee benefit plans and interest rate swap, respectively 3.7 0.2 3.9 Balance, December 31, 2016 $ (45.0 ) $ 1.8 $ (43.2 ) 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 2016 2015 2014 Unrealized hedging gain (loss) $ 2.6 $ — $ — Reclassification adjustment for interest expense included in net loss 0.4 — — Actuarial loss* (4.6 ) (7.1 ) (26.7 ) Amortization of defined benefit pension items reclassified to net periodic pension cost: Prior service cost — (0.4 ) — Net loss* 7.5 7.3 4.5 Prior service credit* (0.9 ) (1.3 ) (1.3 ) Curtailment (1.5 ) — — Total before income tax 3.5 (1.5 ) (23.5 ) Income taxes (1.4 ) 0.6 9.2 Other comprehensive income (loss) net of tax $ 2.1 $ (0.9 ) $ (14.3 ) * 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. New Accounting Pronouncements: In May 2014, the FASB issued ASU No. 2014-09, Revenue |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2016 | |
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 $12.0 million , $23.0 million , and $23.9 million for the years ended December 31, 2016 , 2015 , and 2014, respectively. Receivables from these affiliates were immaterial as of December 31, 2016 and 2015 . Amounts due to affiliates were immaterial as of December 31, 2016 and 2015 . Commercial Real Estate. 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 $6.1 million for the year ended December 31, 2016, and immaterial for each of the years ended December 31, 2015 and 2014. Receivables from these affiliates were immaterial as of December 31, 2016 and 2015. During the year ended December 31, 2016, the Company recorded developer fee revenues of approximately $4.6 million related to management and administrative services provided to certain unconsolidated investment in affiliates. Developer fee revenues recorded for the year ended December 31, 2015 were $2.9 million and immaterial for the year ended December 31, 2014. Receivables from these affiliates were immaterial as of December 31, 2016 and 2015. 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) to provide services related to the operation of Grace, including assisting in leadership transition, operating performance and government and community affairs. The agreement was for $200,000 for the 2016 calendar year and terminated on December 31, 2016. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS During 2014, Maui Mall, a retail property on Maui was sold and classified as discontinued operations for the year ended December 31, 2014. In December 2016, HC&S completed its final harvest and the Company ceased its sugar operations. The historical results of operations have been presented as discontinued operations in the consolidated financial statements and prior periods have been recast. The revenue, operating profit, income tax expense and after-tax effects of these transactions for 2016, 2015 and 2014 were as follows (in millions): 2016 2015 2014 Sugar operations revenue (Land Operations Segment) $ 98.4 $ 97.7 $ 103.7 Commercial Real Estate revenue (Commercial Real Estate Segment) — — 0.3 Total revenue from discontinued operations $ 98.4 $ 97.7 $ 104.0 Gain on sale of income-producing properties, net $ — $ — $ 55.9 Commercial Real Estate operating profit — — 0.3 Total Commercial Real Estate operating profit before taxes $ — $ — $ 56.2 Operating profit (loss) from sugar operations $ 10.9 $ (26.9 ) $ (12.1 ) Sugar operations Cessation costs (77.6 ) (22.6 ) — Total Land Operations segment operating loss $ (66.7 ) $ (49.5 ) $ (12.1 ) Total operating profit (loss) before income taxes $ (66.7 ) $ (49.5 ) $ 44.1 Income tax benefit (expense) 25.6 19.8 (16.4 ) Income (loss) from discontinued operations $ (41.1 ) $ (29.7 ) $ 27.7 Basic Earnings (Loss) Per Share $ (0.84 ) $ (0.61 ) $ 0.57 Diluted Earnings (Loss) Per Share $ (0.83 ) $ (0.60 ) $ 0.57 The consolidated statements of cash flows include depreciation and amortization related to discontinued operations of $70.9 million , $12.4 million and $10.6 million for the years ended December 31, 2016, 2015 and 2014, respectively. |
INVESTMENTS IN AFFILIATES
INVESTMENTS IN AFFILIATES | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENTS IN AFFILIATES | INVESTMENTS IN AFFILIATES At December 31, 2016 and 2015 , investments consisted principally of equity investments in limited liability companies. The Company has the ability to exercise significant influence over the operating and financial policies of these investments and, accordingly, accounts for its investments using the equity method of accounting. The Company’s investments in affiliates totaled $390.8 million and $416.4 million as of December 31, 2016 and 2015 , respectively. The amounts of the Company’s investment at December 31, 2016 and December 31, 2015 that represent undistributed earnings of investments in affiliates were approximately $15.5 million , including $8.0 million of declared not yet paid dividends, and $12.3 million , respectively. Dividends and distributions from unconsolidated affiliates totaled $71.6 million in 2016 , $72.2 million in 2015 and $17.9 million in 2014 . 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): 2016 2015 Current assets $ 154.3 $ 107.1 Non-current assets 727.8 854.0 Total assets $ 882.1 $ 961.1 Current liabilities $ 65.8 $ 64.4 Non-current liabilities 175.0 200.7 Total liabilities $ 240.8 $ 265.1 Year Ended December 31, 2016 2015 2014 Operating revenue $ 489.3 $ 471.7 $ 71.0 Operating costs and expenses 449.8 411.6 65.9 Operating income $ 39.5 $ 60.1 $ 5.1 Income from continuing operations* $ 31.7 $ 57.2 $ 5.0 Net income $ 31.7 $ 56.1 $ 5.0 * Includes earnings from equity method investments held by the investee. Significant joint ventures at December 31, 2016 , 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 and the value of land initially contributed, net of joint venture earnings and losses, was $290.7 million as of December 31, 2016 and $275.5 million as of December 31, 2015. The total capital contributed to the joint venture by the Company as a percent of total committed was approximately 61 percent as of December 31, 2016 . 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 carrying value of the Company's investment was $0.0 million at December 31, 2016 and 2015. 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. 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 years ended December 31, 2016 and 2015, the Company recorded a net, non-cash reduction of $1.1 million and $2.6 million , respectively, in Reduction in solar investments, net in the accompanying consolidated statements of operations. The carrying value of the Company's investment at December 31, 2016 and 2015 was $2.2 million and $4.4 million . 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. During the second quarter of 2016, the Company also invested $15.4 million in Waihonu, an entity that operates two photovoltaic facilities with a combined capacity of 6.5 megawatts in Mililani, Oahu. The Company does not have a controlling financial interest in Waihonu, but exercises significant influence over the operating and financial policies of the venture, and therefore, accounts for its investment under the equity method. Due to the complex nature of cash distributions, net income of the joint venture is allocated to the Company using the HLBV method, as described in the above paragraph. During the year ended December 31, 2016, the Company recorded a net, non-cash reduction of $8.7 million in Reduction in solar investments, net, as well as a state tax refund of $2.9 million in the accompanying statement of operations. As of December 31, 2016, the Company's investment was $3.8 million . 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 -saleable 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, was $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 $30.0 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 $30.0 million . The fair value of the Company's guaranty was not material. The Company's investment at December 31, 2016 and 2015 was $15.3 million and $49.1 million , respectively. The Company accounts for its investment under the equity method. As of December 31, 2016, all 396 tower units and 54 loft units and one townhome have closed escrow, and one townhome closed in January 2017. For the year ended December 31, 2016, the Company determined that The Collection 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 99.2. 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. |
UNCOMPLETED CONTRACTS
UNCOMPLETED CONTRACTS | 12 Months Ended |
Dec. 31, 2016 | |
Contractors [Abstract] | |
UNCOMPLETED CONTRACTS | UNCOMPLETED CONTRACTS Information related to uncompleted contracts as of December 31, 2016 and 2015 is as follows (in millions): 2016 2015 Costs incurred on uncompleted contracts $ 92.2 $ 80.3 Estimated earnings 26.8 29.2 Subtotal 119.0 109.5 Less: billings to date 106.1 95.8 Total $ 12.9 $ 13.7 Included in accompanying consolidated balance sheets under the following captions: Costs and estimated earnings in excess of billings on uncompleted contracts $ 16.4 $ 16.3 Estimated billings in excess of costs and estimated earnings on uncompleted contracts (3.5 ) (2.6 ) Total $ 12.9 $ 13.7 |
PROPERTY
PROPERTY | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY | PROPERTY Property on the consolidated balance sheets includes the following (in millions): December 31, 2016 2015 Buildings $ 566.5 $ 571.3 Land 622.6 578.5 Machinery and equipment 254.0 242.6 Asphalt plants and quarry assets 78.2 77.1 Water, power and sewer systems 156.4 145.6 Other property improvements 65.9 86.8 Vessel 11.3 11.3 Subtotal 1,754.9 1,713.2 Accumulated depreciation (523.3 ) (443.8 ) Property - net $ 1,231.6 $ 1,269.4 Depreciation expense for the years ended December 31, 2016 , 2015 and 2014 was $106.1 million , $43.8 million and $43.9 million , respectively. 2016 included HC&S accelerated depreciation. |
NOTES PAYABLE AND LONG-TERM DEB
NOTES PAYABLE AND LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE AND LONG-TERM DEBT | NOTES PAYABLE AND LONG-TERM DEBT At December 31, 2016 and 2015 , notes payable and long-term debt consisted of the following (in millions): 2016 2015 Revolving Credit loans (2.42% for 2016 and 2.10% for 2015) $ 14.9 $ 77.8 Term Loans: 3.90%, payable through 2024, unsecured 68.1 75.0 6.90%, payable through 2020, unsecured 65.0 75.0 3.88%, payable through 2027, unsecured 50.0 50.0 5.55%, payable through 2026, unsecured 46.0 47.0 5.53%, payable through 2024, unsecured 28.5 31.5 5.56%, payable through 2026, unsecured 25.0 25.0 4.35%, payable through 2026, unsecured 22.0 23.4 4.15%, payable through 2024, secured by Pearl Highlands Center 88.8 90.4 LIBOR plus 1.5%, payable through 2021, secured by Kailua Town Center III (a) 11.2 11.5 LIBOR plus 2.66%, payable through 2016, secured by The Shops at Kukui'ula — 37.0 LIBOR plus 2.0%, payable through 2019, secured by letter of credit (b) 9.4 — LIBOR plus 2.63%, payable through 2016, secured by Kahala Estate Properties (c) — 8.2 LIBOR plus 1.35%, payable through 2029, secured by Manoa Marketplace (e) 60.0 — 6.38%, payable through 2017, secured by Midstate Hayes 8.2 8.3 LIBOR plus 1.0%, payable through 2021, secured by asphalt terminal (d) 6.1 7.4 5.19%, payable through 2019, unsecured 6.5 8.4 1.85%, payable through 2017, unsecured 2.5 5.3 3.31%, payable through 2018, unsecured 2.8 4.6 2.00%, payable through 2018, unsecured 0.8 1.5 2.65%, payable through 2016, unsecured — 0.6 Total debt (contractual) 515.8 587.9 Add debt premium (discount) 0.5 0.3 Adjustment for debt issuance costs (1.2 ) (1.2 ) Total debt (carrying value) 515.1 587.0 Less current portion (42.4 ) (90.4 ) Long-term debt $ 472.7 $ 496.6 (a) Loan has a stated interest rate of LIBOR plus 1.5% , but is swapped through maturity to a 5.95% fixed rate. (b) Loan has an effective interest rate of 2.82% for 2016 and 2.83% for 2015. (c) Loan has an effective interest rate of 3.15% for 2016 and 2.82% for 2015. The loan was paid off in December 2016. (d) Loan has a stated interest rate of LIBOR plus 1.0% , but is swapped through maturity to a 5.98% fixed rate. (e) Loan has a stated interest rate of LIBOR plus 1.35% , but is swapped through maturity to a 3.135% fixed rate. In 2016, ABL Manoa Marketplace LF LLC, A&B Manoa LLC, ABL Manoa Marketplace LH LLC, and ABP Manoa Marketplace LH LLC (the "Borrowers"), wholly owned subsidiaries of the Company, entered into a $60 million mortgage loan agreement ("Loan") with First Hawaiian Bank ("FHB"). The Loan bears interest at LIBOR plus 1.35 percent and matures on August 1, 2029. The Loan requires interest-only payments for the first 36 months and principal and interest payments for the remaining 120 months term using a 25 years amortization period. A final principal payment of $41.7 million is due on August 1, 2029. The Company had previously entered into an interest rate swap with a notional amount of $60 million to fix the variable interest rate on the Company's debt at an effective rate of 3.135 percent (see Note 15). The Loan is secured by Manoa Marketplace under a Mortgage, Security Agreement and Fixture Filing between the Borrowers and FHB, dated August 1, 2016. Long-term Debt Maturities: At December 31, 2016 , debt maturities during the next five years and thereafter, excluding amortization of debt discount or premium, are $42.5 million in 2017 , $41.1 million in 2018 , $41.0 million in 2019 , $52.5 million for 2020 , $ 55.9 million in 2021 (which includes $9.4 million of balloon payments on secured mortgage debt), and $282.8 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, 2016 , $14.9 million was outstanding, $12.7 million in letters of credit had been issued against the A&B Senior Credit Facility, and $322.4 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 $450.0 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, 2016 , approximately $145.4 million was undrawn under the facility. At December 31, 2016 , the Company had, at one of its subsidiaries, a $30.0 million line of credit that expires in October 2018. No amounts were outstanding under the line of credit as of December 31, 2016 and approximately $4.0 million was outstanding as of December 31, 2015. 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, 2016 totaled $497.8 million , and includes $30.0 million of capacity that may only be used for asphalt purchases. Real Estate Secured Term Debt: On December 20, 2013, the Company consummated the acquisition of the Kailua Portfolio, a collection of retail assets on Oahu. 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, which bore interest at LIBOR plus 2.63 percent , matured on December 16, 2016 , at which time, the outstanding balance was paid in full and the loan extinguished. No amounts remained outstanding at December 31, 2016. 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 . During 2016, the outstanding balance of the Real Estate Loan was paid in full and extinguished. 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 . At December 31, 2016 , the balances of the Real Estate Loan and Term Loan were $0.0 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. The approximate book values of assets used in the Commercial Real Estate segment pledged as collateral under the foregoing credit agreements at December 31, 2016 was $241.4 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, 2016 was $22.1 million . There were no assets used in the Land Operations segment that were pledged as collateral. |
LEASES - THE COMPANY AS LESSEE
LEASES - THE COMPANY AS LESSEE | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
LEASES - THE COMPANY AS LESSEE | LEASES—THE COMPANY AS LESSEE Principal non-cancelable operating leases include land, office space, harbors and equipment leased for periods that expire through 2043. Management expects that in the normal course of business, most operating leases will be renewed or replaced by other similar leases. Rental expense under operating leases totaled $6.8 million , $7.2 million and $6.7 million for 2016 , 2015 and 2014 , 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 2017 $ 6.1 2018 5.7 2019 5.2 2020 5.1 2021 5.1 Thereafter 23.2 Total $ 50.4 |
LEASES - THE COMPANY AS LESSOR
LEASES - THE COMPANY AS LESSOR | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 were as follows (in millions): 2016 2015 Leased property - real estate $ 1,149.0 $ 1,126.8 Less accumulated depreciation (120.4 ) (125.9 ) Property under operating leases - net $ 1,028.6 $ 1,000.9 Total rental income, excluding tenant reimbursements (which totaled $31.8 million , $30.2 million and $28.8 million for the years ended December 31, 2016 , 2015 and 2014 , respectively), under these operating leases was as follows (in millions): Years Ended December 31, 2016 2015 2014 Minimum rentals $ 95.2 $ 96.2 $ 89.8 Contingent rentals (based on sales volume) 5.4 4.8 4.7 Total $ 100.6 $ 101.0 $ 94.5 Future minimum rentals on non-cancelable operating leases at December 31, 2016 were as follows (in millions): Operating Leases 2017 $ 86.7 2018 73.6 2019 64.0 2020 52.4 2021 39.6 Thereafter 291.2 Total $ 607.5 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2016 | |
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 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, 2016 and 2015 , and 2016 year-end target allocation, by asset category, were as follows: Target 2016 2015 Domestic equity securities 34 % 31 % 34 % International equity securities 18 % 20 % 18 % Fixed income securities 36 % 35 % 35 % Other 12 % 9 % 10 % Cash — % 5 % 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 ( 7.1 percent for 2016 ) 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, 2016 and 2015, the return on plan assets was 2.64 and ( 2.79 ) 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. 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 incorporate 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, 2016 and 2015 , by asset category, are as follows (in millions): Fair Value Measurements as of December 31, 2016 Total Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Asset Category Cash $ 6.1 $ 6.1 $ — $ — Equity securities: Domestic 28.1 28.1 — — Domestic exchange-traded funds 16.9 16.9 — — International 24.5 24.5 — — International and emerging markets exchange-traded funds 4.1 4.1 — — Fixed income securities: U.S. Treasury obligations 21.7 21.7 — — Domestic corporate bonds and notes 26.6 — 26.6 — Foreign corporate bonds 1.5 — 1.5 — Other types of investments: Limited partnership interest in private equity fund 0.1 — — 0.1 Exchange-traded global real estate securities 9.9 9.9 — — Insurance contracts 0.1 — — 0.1 Exchange-traded commodity fund 2.9 2.9 — — Other receivables 0.6 0.6 — — Total $ 143.1 $ 114.8 $ 28.1 $ 0.2 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 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, 2016 and 2015 (in millions): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Private Equity Insurance Total Beginning balance, January 1, 2015 $ 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 Actual return on plan assets: Assets held at the reporting date (0.1 ) (0.1 ) (0.2 ) Ending balance, December 31, 2016 $ 0.1 $ 0.1 $ 0.2 Contributions are determined annually for each plan by the Company’s pension Administrative Committee, based upon the actuarially determined minimum required contribution under the Employee Retirement Income Security Act of 1974, as amended, the Pension Protection Act of 2006 (the “Act”), and the maximum deductible contribution allowed for tax purposes. In 2016 , 2015 and 2014 , the Company contributed approximately $0.5 million , $2.6 million , and $5.7 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 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, 2016 and 2015 are shown below (in millions): Pension Benefits Other Post-retirement Benefits 2016 2015 2016 2015 Change in Benefit Obligation Benefit obligation at beginning of year $ 194.6 $ 204.4 $ 12.2 $ 12.0 Service cost 3.1 3.1 0.1 0.1 Interest cost 8.5 8.0 0.5 0.5 Plan participants’ contributions — — 1.1 0.9 Actuarial (gain) loss 4.7 (8.9 ) — 0.4 Benefits paid (13.0 ) (12.0 ) (2.1 ) (1.8 ) Conversion of guaranteed annuity contract — (0.4 ) — — Curtailment (0.9 ) — 0.1 0.1 Amendments — 0.4 — — Benefit obligation at end of year $ 197.0 $ 194.6 $ 11.9 $ 12.2 Change in Plan Assets Fair value of plan assets at beginning of year 146.2 160.8 — — Actual return on plan assets 9.4 (4.8 ) — — Employer contributions 0.5 2.6 0.9 0.8 Participant contributions — — 1.1 0.9 Conversion of guaranteed annuity contract — (0.4 ) — — Benefits paid (13.0 ) (12.0 ) (2.1 ) (1.8 ) Other — — 0.1 0.1 Fair value of plan assets at end of year $ 143.1 $ 146.2 $ — $ — Funded Status and Recognized Liability $ (53.9 ) $ (48.4 ) $ (11.9 ) $ (12.2 ) The accumulated benefit obligation for the Company’s qualified pension plans was $197.0 million and $193.7 million as of December 31, 2016 and 2015 , respectively. Amounts recognized on the consolidated balance sheets and in accumulated other comprehensive loss at December 31, 2016 and 2015 were as follows (in millions): Pension Benefits Other Post-retirement Benefits 2016 2015 2016 2015 Current liabilities — — (1.0 ) (0.9 ) Non-current liabilities (53.9 ) (48.4 ) (10.9 ) (11.3 ) Total $ (53.9 ) $ (48.4 ) $ (11.9 ) $ (12.2 ) Net loss (net of taxes) $ 45.6 $ 47.3 $ 0.6 $ 0.6 Unrecognized prior service credit (net of taxes) (1.8 ) (2.6 ) — — Total $ 43.8 $ 44.7 $ 0.6 $ 0.6 The information for qualified pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2016 and 2015 is shown below (in millions): 2016 2015 Projected benefit obligation $ 197.0 $ 194.6 Accumulated benefit obligation $ 197.0 $ 193.7 Fair value of plan assets $ 143.1 $ 146.2 The estimated prior service credit for the defined benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2017 is $0.5 million . The estimated net loss that will be recognized in net periodic pension cost for the defined benefit pension plans in 2017 is $4.2 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 2017 is $0.1 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 2017 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 income (loss) for the defined benefit pension plans and the post-retirement health care and life insurance benefit plans during 2016 , 2015 , and 2014 , are shown below (in millions): Pension Benefits Other Post-retirement Benefits 2016 2015 2014 2016 2015 2014 Components of Net Periodic Benefit Cost Service cost $ 3.1 $ 3.1 $ 2.6 $ 0.1 $ 0.1 $ 0.1 Interest cost 8.5 8.0 8.3 0.5 0.5 0.6 Expected return on plan assets (10.0 ) (11.1 ) (10.7 ) — — — Amortization of net loss 7.1 6.9 4.0 0.2 0.1 0.3 Amortization of prior service cost (0.5 ) (0.8 ) (0.8 ) — — — Curtailment (gain)/loss (0.9 ) — — — 0.1 — Net periodic benefit cost 7.3 6.1 3.4 0.8 0.8 1.0 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) Net loss (gain) $ 4.4 $ 7.0 $ 27.1 $ — $ 0.4 $ (0.6 ) Amortization of unrecognized gain (loss) (7.1 ) (6.9 ) (4.0 ) (0.2 ) (0.1 ) (0.3 ) Amortization of prior service credit 1.4 0.8 0.8 — — — Prior service cost — 0.4 — — — — Total recognized in other comprehensive income (loss) (1.3 ) 1.3 23.9 (0.2 ) 0.3 (0.9 ) Total recognized in net periodic benefit cost and other comprehensive income $ 6.0 $ 7.4 $ 27.3 $ 0.6 $ 1.1 $ 0.1 The weighted average assumptions used to determine benefit information during 2016 , 2015 and 2014 were as follows: Pension Benefits Other Post-retirement Benefits 2016 2015 2014 2016 2015 2014 Weighted Average Assumptions: Discount rate 4.20 % 4.50 % 4.00 % 4.20 % 4.50 % 4.10 % Expected return on plan assets 7.10 % 7.10 % 7.10 % — % — % — % Rate of compensation increase 0.5%-3% 0.5%-3% 0.5%-3% 0.5%-3% 0.5%-3% 3.00 % Initial health care cost trend rate 6.80 % 7.00 % 7.30 % Ultimate rate 4.50 % 4.50 % 4.50 % Year ultimate rate is reached 2037 2037 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, 2016 , 2015 and 2014 and the net periodic post-retirement benefit cost for 2016 , 2015 and 2014 , would have increased or decreased as follows (in millions): Other Post-retirement Benefits One Percentage Point Increase Decrease 2016 2015 2014 2016 2015 2014 Effect on total of service and interest cost components $ 0.1 $ 0.1 $ 0.1 $ — $ — $ (0.1 ) Effect on post-retirement benefit obligation $ 1.0 $ 1.1 $ 1.1 $ (0.9 ) $ (0.9 ) $ (0.9 ) 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 $7.4 million at December 31, 2016 . A 3.9 percent discount rate was used to determine the 2016 obligation. The benefit associated with the non-qualified plan was $0.6 million in 2016 , and the expense was $0.1 million in 2015 , and $0.1 million in 2014 . As of December 31, 2016 , the amount recognized in accumulated other comprehensive income for unrecognized loss, net of tax, was approximately $1.5 million , and the amount recognized as unrecognized prior service credit, net of tax, was ($0.9) million . The estimated net loss and prior service (credit), net of tax, that will be recognized in net periodic pension cost in 2016 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 2017 $ 11.6 $ 4.2 $ 1.0 2018 $ 11.8 $ 1.7 $ 1.0 2019 $ 12.0 $ 0.1 $ 1.0 2020 $ 12.2 $ — $ 1.0 2021 $ 12.4 $ — $ 0.9 2022-2026 $ 62.8 $ 1.9 $ 3.6 Current liabilities of approximately $5.2 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, 2016 . 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 their 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, 2016 , 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 2016 is for the plan's year-end as of December 31, 2015 , for the Pension Trust Fund for Operating Engineers Pension Plan and Laborer's National (Industrial) Pension Fund. The zone status available for 2016 for the Hawaii Laborers Trust Funds is for the plan year-end as of February 29, 2016 . 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 to which 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. 2016 and 2015 Pending/Implemented Jan. 1 - Dec. 31, 2016 Jan. 1 - Dec. 31, 2015 Fund Operating Engineers 94-6090764; 001 Red Yes $ 4.7 $ 4.6 No 9/2/19 12/31/16 Laborers National 52-6074345; 001 Red Yes 0.1 0.1 No 8/31/18 12/31/16 Hawaii Laborers 99-6025107; 001 Green No 0.7 0.8 No 8/31/19 2/29/16 Hawaii Laborers 99-6025107; 001 Green No 0.2 0.2 No 9/30/19 2/29/16 Total $ 5.7 $ 5.7 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 compensation. The Company’s matching contributions expensed under these plans totaled $0.7 million in each of the years ended December 31, 2016 and 2015 . 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. There were no profit sharing contribution expenses recognized in 2016 and 2015. In 2014, the profit sharing contribution expense was $0.6 million . 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 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, 2016 , Grace recognized discretionary employer contributions and profit sharing expense of approximately $2.0 million . |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
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, consisted of the following (in millions): 2016 2015 2014 Current: Federal $ 2.9 $ 13.4 $ 15.4 State 0.9 1.6 4.5 Current $ 3.8 $ 15.0 $ 19.9 Deferred: Federal $ (1.4 ) $ 18.5 $ (8.1 ) State 0.2 2.8 (7.7 ) Deferred $ (1.2 ) $ 21.3 $ (15.8 ) Income tax expense (benefit) $ 2.6 $ 36.3 $ 4.1 Income tax expense (benefit) for 2016 , 2015 and 2014 differs from amounts computed by applying the statutory federal rate to income from continuing operations before income taxes for the following reasons (in millions): 2016 2015 2014 Computed federal income tax expense $ 12.3 $ 34.0 $ 14.3 State income taxes 0.6 4.4 1.9 Nondeductible transaction costs 2.4 — — Federal solar tax credits (8.7 ) — (11.3 ) Share-based compensation (1.5 ) — — Noncontrolling interest (0.7 ) (0.5 ) (1.1 ) Other—net (1.8 ) (1.6 ) 0.3 Income tax expense (benefit) $ 2.6 $ 36.3 $ 4.1 The effective income tax rate for the year ended December 31, 2016 was lower than the statutory rate primarily due to the non-refundable federal tax credit related to the Company’s solar investment. 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): 2016 2015 Deferred tax assets: Employee benefits $ 35.8 $ 37.1 Capitalized costs 23.0 22.4 Joint ventures and other investments 1.3 4.3 Impairment and amortization 11.4 7.8 Solar investment benefits 15.0 9.0 Insurance and other reserves 6.0 5.9 Other 3.5 5.7 Total deferred tax assets $ 96.0 $ 92.2 Deferred tax liabilities: Property (including tax-deferred gains on real estate transactions) $ 260.3 $ 279.3 Straight-line rental income and advanced rent 8.4 9.0 Other 9.3 6.0 Total deferred tax liabilities $ 278.0 $ 294.3 Net deferred tax liability $ 182.0 $ 202.1 Federal tax credit carryforwards as of December 31, 2016 totaled $6.2 million and will expire in 2036. State tax credit carryforwards as of December 31, 2016 totaled $6.9 million and may be carried forward indefinitely under state law. 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 $1.9 million and $1.7 million for 2016 and 2015 , respectively. Subsequent to the separation from Matson, Inc. ("Matson," formerly "Alexander & Baldwin Holdings, 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's 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, 2016 , 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, 2016 , the Company has not identified any material unrecognized tax positions. In the second quarter of 2016, the Company invested $15.4 million in Waihonu Equity Holdings, LLC (“Waihonu”), an entity that operates two photovoltaic facilities with a combined capacity of 6.5 megawatts in Mililani, Oahu. The Company accounts for its investment in Waihonu under the equity method. The investment return from the Company’s investment in Waihonu is principally composed of non-refundable federal and refundable state tax credits. The federal tax credits are accounted for using the flow through method, which reduces the provision for income taxes in the year that the federal tax credits first become available. During 2016, the Company recognized income tax benefits of approximately $8.7 million related to the non-refundable tax credits, $2.9 million related to the refundable state taxes credits in Income Tax Receivable, as well as a corresponding reduction to the carrying amount of its investment in Waihonu, recorded within Investments in Affiliates in the consolidated balance sheets. For the years ended December 31, 2016 and 2015, the Company recorded the following non-cash reductions related to the Company's investments in Waihonu and KRS II in Reduction in Solar Investments in the accompanying consolidated statement of operations (in millions): 2016 2015 Waihonu $ 8.7 $ — KRS II 1.1 2.6 Total $ 9.8 $ 2.6 The Company is subject to taxation by the United States and various state and local jurisdictions. As of December 31, 2016 , the Company’s tax years 2015, 2014 and 2013 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. The federal audit for 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 has concluded and there were no material adjustments to the income statement resulting from the audit. The 2015 Hawaii state income tax return is currently under audit. In February 2017, the Company was notified that the IRS will be auditing tax years 2014 and 2013. The Company believes that the result of these audits will not have a material adverse effect on its results of operations, financial condition or liquidity. |
SHARE-BASED AWARDS
SHARE-BASED AWARDS | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 1.2 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 2016 and 2015 , and the Company currently has no plans 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. Activity in the Company’s stock option plans in 2016 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, 2016 1,098.6 $18.81 Exercised (195.1 ) $23.58 Outstanding, December 31, 2016 903.5 $17.78 3.1 $24,288 Vested or expected to vest 903.5 $17.78 3.1 $24,288 Exercisable, December 31, 2016 903.5 $17.78 3.1 $24,288 The following table summarizes 2016 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, 2016 271.9 $37.74 Granted 154.3 $30.91 Vested (69.0 ) $38.00 Canceled (63.7 ) $39.04 Outstanding, December 31, 2016 293.5 $33.81 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. As of December 31, 2016, there was $4.7 million of total unrecognized compensation cost related to non-vested restricted stock units granted under the 2012 plan; that cost is expected to be recognized over a period of 3 years . 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: 2016 2015 Volatility of A&B common stock 26.3 % 29.5 % Average volatility of peer companies 35.3 % 34.2 % Risk-free interest rate 1.10 % 0.70 % The weighted average fair value of the time-based restricted units and market-based performance share units was $30.91 in 2016 and $40.85 in 2015 . 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, 2016, 2015 and 2014. A summary of compensation cost related to share-based payments is as follows (in millions): 2016 2015 2014 Share-based expense (net of estimated forfeitures): Stock options $ — $ — $ 0.3 Incremental share-based compensation cost related to separation — — 0.2 Time-based and market-based restricted stock units 4.1 4.6 4.4 Total share-based expense 4.1 4.6 4.9 Total recognized tax benefit (1.4 ) (1.2 ) (1.5 ) Share-based expense (net of tax) $ 2.7 $ 3.4 $ 3.4 Cash received upon option exercise $ 4.6 $ 0.5 $ 4.5 Intrinsic value of options exercised $ 2.6 $ 0.5 $ 5.4 Tax benefit realized upon option exercise $ 1.0 $ 0.2 $ 2.0 Fair value of stock vested $ 2.2 $ 4.2 $ 2.6 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 (in millions): Standby letters of credit (a) $ 12.7 Bonds (b) $ 413.6 (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 have 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 $391.2 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 individually or in the aggregate. 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, 2016, the Company's limited guarantees on indebtedness totaled $19.0 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 supplied a significant portion of the irrigation water used by HC&S. 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 May 2016, the Hawaii State Legislature passed House Bill 2501 which specified that the BLNR has the legal authority to issue holdover revocable permits for the disposition of water rights for a period not to exceed three years. The governor signed this bill into law as Act 186 in June 2016. 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. In March 2016, the hearings officer ordered a reopening of the contested case proceedings in light of the Company’s announcement to cease sugar operations at HC&S by the end of the year and to transition to a new diversified agricultural model on the former sugar lands. In April 2016, the Company announced its commitment to fully and permanently restore all of the taro streams identified by the petitioners in their filings. Re-opened evidentiary hearings will take place in the first half of 2017 and a final decision on the petitions from the Commission is not expected until at least the second quarter of 2017. HC&S also used water from four streams in Central Maui (“Na Wai Eha”) to irrigate its agricultural lands in Central Maui. Beginning in 2004, the Water Commission began proceedings to establish interim instream flow standards (IIFS) for the Na Wai Eha streams. Before the IIFS proceedings were concluded, the Water Commission designated Na Wai Eha as a surface water management area, meaning that all uses of water from these streams required water use permits issued by the Water Commission. Following contested case proceedings, the Water Commission established IIFS in 2010, but that decision was appealed, and the Hawai`i Supreme Court remanded the case to the Water Commission for further proceedings. The parties to the IIFS contested case settled the case in 2014. Thereafter, proceedings for the issuance of water use permits commenced with over 100 applicants, including HC&S, vying for permits. While the water use permit proceedings were ongoing, A&B announced the cessation of sugar cane cultivation at the end of 2016. This announcement triggered a re-opening and reconsideration of the 2014 IIFS decision. Reconsideration of the IIFS is taking place simultaneously with consideration of the applications for water use permits. If the Company is not permitted to use sufficient quantities of stream waters, it would have a material adverse effect on the Company’s pursuit of a diversified agricultural model in subsequent years. A&B is a party to, or may be contingently liable in connection with, other legal actions arising in the normal conduct of its businesses, the outcomes of which, in the opinion of management after consultation with counsel, would not have a material effect on A&B’s consolidated financial statements as a whole. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS The Company is exposed to interest rate risk related to its floating rate interest debt. The Company balances its cost of debt and exposure to interest rates primarily through its mix of fixed and floating rate debt. From time to time, the Company may use interest rate swaps to manage its exposure to interest rate risk. Cash Flow Hedges of Interest Rate Risk During 2016, the Company entered into an interest rate swap agreement with a notional amount of $60.0 million which was designated as a cash flow hedge. The Company structured the interest rate swap agreement to hedge the variability of future interest payments due to changes in interest rates with regards to the Company's long-term debt. A summary of the key terms related to the Company's outstanding cash flow hedge as of December 31, 2016 is as follows (dollars in millions): Notional Amount Fair Value at Balance Sheet Effective Date Maturity Date Interest Rate 12/31/2016 12/31/2016 12/31/2015 Classification 4/7/2016 8/1/2029 3.135% $60.0 $2.8 — Other non-current liabilities The Company assessed the effectiveness of the cash flow hedge at inception and will continue to do so on an ongoing basis. The effective portion of the changes in fair value of the cash flow hedge is recorded in accumulated other comprehensive loss and subsequently reclassified into interest expense as interest is incurred on the related-variable rate debt. When ineffectiveness exists, the ineffective portion of changes in fair value of the cash flow hedge is recognized in earnings in the period affected. Non-designated Hedges As of December 31, 2016, the Company has two interest rate swaps that have not been designated as cash flow hedges whose key terms are as follows (dollars in millions): Notional Amount Fair Value at Balance Sheet Effective Date Maturity Date Interest Rate 12/31/2016 12/31/2016 12/31/2015 Classification 1/1/2014 9/1/2021 5.95% $11.2 $(1.3) $(1.7) Other non-current liabilities 6/18/2008 3/1/2021 5.98% $6.1 $(0.5) $(0.8) Other non-current liabilities Total $17.3 $(1.8) $(2.5) The following table represents the effect of the derivative instruments in the Company's consolidated statements of operations (in millions): 2016 2015 Derivatives in Designated Cash Flow Hedging Relationships: Amount of (gain) loss recognized in OCI on derivatives (effective portion) $ (2.6 ) $ — Amounts reclassified from accumulated OCI into earnings under "interest expense" (0.4 ) — Derivatives Not Designated as Cash Flow Hedges: Amount of realized and unrealized loss on derivatives recognized in earnings under "interest income and other" $ 0.7 $ 0.4 The Company measures all of its interest rate swaps at fair value. The fair values of the Company's interest rate swaps (Level 2) are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The Company recorded $0.7 million and $0.4 million of income during 2016 and 2015 , respectively, related to the change in fair value of the interest rate swaps in Interest income and other in the accompanying consolidated statements of operations. |
EARNINGS PER SHARE "EPS"
EARNINGS PER SHARE "EPS" | 12 Months Ended |
Dec. 31, 2016 | |
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): 2016 2015 2014 Income from continuing operations, net of tax $ 32.7 $ 60.8 $ 36.8 Less: Noncontrolling interest (1.8 ) (1.5 ) (3.1 ) Income from continuing operations attributable to A&B shareholders, net of tax 30.9 59.3 33.7 Less: Undistributed earnings (losses) allocated from redeemable noncontrolling interest 1.3 (3.1 ) — Income from continuing operations available to A&B shareholders, net of tax 32.2 56.2 33.7 Income from discontinued operations available to A&B shareholders, net of tax (41.1 ) (29.7 ) 27.7 Net income available to A&B shareholders $ (8.9 ) $ 26.5 $ 61.4 The number of shares used to compute basic and diluted earnings per share is as follows (in millions): 2016 2015 2014 Denominator for basic EPS - weighted average shares 49.0 48.9 48.7 Effect of dilutive securities: Non-participating stock options and restricted stock unit awards 0.4 0.4 0.6 Denominator for diluted EPS - weighted average shares outstanding 49.4 49.3 49.3 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, 2016 , 2015 and 2014 , there were no anti-dilutive securities outstanding. In January 2017, the Company granted to employees 61,733 shares of time-based restricted stock units, and 37,244 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. |
CESSATION OF SUGAR OPERATIONS
CESSATION OF SUGAR OPERATIONS | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
CESSATION OF SUGAR OPERATIONS | CESSATION OF SUGAR OPERATIONS A summary of the pre-tax costs and remaining costs associated with the Cessation is as follows (in millions): Charges recognized during 2016 Cumulative amount recognized as of December 31, 2016 Remaining to be recognized Total Employee severance benefits and related costs $ 8.4 $ 21.8 $ 0.1 $ 21.9 Asset write-offs and accelerated depreciation * 62.1 71.3 — 71.3 Property removal, restoration and other exit-related costs 7.1 7.1 3.3 10.4 Total cessation costs $ 77.6 $ 100.2 $ 3.4 $ 103.6 * Included in depreciation and amortization in the Consolidated Statements of Cash Flows. A rollforward of the Cessation-related liabilities during the year ended December 31, 2016 is as follows (in millions): Employee severance benefits and related costs Other exit costs 1 Total Balance at December 31, 2015 $ 13.4 $ 4.1 $ 17.5 Expense 8.4 3.0 11.4 Cash payments (8.1 ) (1.7 ) (9.8 ) Balance at December 31, 2016 $ 13.7 $ 5.4 $ 19.1 1 Includes asset retirement obligations of $5.4 million . The Cessation-related liabilities were included in the accompanying consolidated balance sheets as follows (in millions): Classification on Balance Sheet December 31, 2016 December 31, 2015 Current: Employee severance benefits and related costs HC&S cessation-related liabilities $ 13.7 $ 5.8 Other exit costs HC&S cessation-related liabilities 5.4 0.6 Total current portion 19.1 6.4 Long-term: Employee severance benefits and related costs Other non-current liabilities — 7.6 Other exit costs Other non-current liabilities — 3.5 Total long-term portion — 11.1 Total sugar Cessation-related liabilities $ 19.1 $ 17.5 |
REDEEMABLE NONCONTROLLING INTER
REDEEMABLE NONCONTROLLING INTEREST | 12 Months Ended |
Dec. 31, 2016 | |
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. 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. These adjustments are reflected in the computation of earnings per share using the two-class method. |
SEGMENT RESULTS
SEGMENT RESULTS | 12 Months Ended |
Dec. 31, 2016 | |
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. During the fourth quarter of 2016, the Company completed an internal reorganization of the operations and reporting structure in order to facilitate operational efficiencies and better alignment of activities in the Company’s businesses. Prior to the fourth quarter of 2016, the Company operated under four reportable segments: Commercial Real Estate, Real Estate Development and Sales, Materials and Construction, and Agribusiness. As a result of the segment reorganization, the Company’s former Real Estate Development and Sales and Agribusiness segments have been merged into the Land Operations reportable segment. Additionally, the following items were realigned in connection with the segment changes: (1) agricultural leases that previously were included in the Commercial Real Estate segment, were reclassified to the Land Operations segment, (2) certain industrial leases that previously were included in the former Agribusiness segment, were reclassified to the Commercial Real Estate segment, (3) sales of commercial properties that previously were included in the former Real Estate Development and Sales segment, were reclassified to the Commercial Real Estate segment, and (4) the Company's solar energy investments that previously were presented as Corporate investments, were reclassified to Land Operations. The Company’s reportable segments, as realigned and presented, reflect the revised operational structure and internal management reporting. All prior periods have been recast in the following segment tables and discussion to correspond to these segment changes. The Commercial Real Estate segment owns, operates, and manages a portfolio of retail, office and industrial properties in Hawaii and on the Mainland totaling 4.7 million square feet of GLA. The Company also leases urban land in Hawaii to third-party lessees, including 42 acres on Oahu (improved with 610,000 square feet of commercial space owned by the lessees) and 64 acres on the neighbor islands. The Land Operations 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 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 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, 2016 and 2015 were derived directly and indirectly from the State of Hawaii in the amounts of $50.1 million and $80.8 million , respectively. In addition, for the years ended December 31, 2016 and 2015, amounts were derived directly and indirectly from the City and County of Honolulu in the amounts of $52.0 million and $38.1 million , respectively. Operating segment information for 2016 , 2015 and 2014 is summarized as below (in millions): For the Year Ended December 31, 2016 2015 2014 Revenue: Commercial Real Estate $ 134.7 $ 133.6 $ 125.3 Land Operations 61.9 120.2 96.7 Materials & Construction 190.9 219.0 234.3 Total revenue $ 387.5 $ 472.8 $ 456.3 Operating Profit (Loss) Commercial Real Estate $ 54.8 $ 53.2 $ 47.6 Land Operations 1,2 6.6 61.7 15.0 Materials and Construction 3 23.3 30.9 25.9 Total operating profit 84.7 145.8 88.5 Interest expense (26.3 ) (26.8 ) (29.0 ) Gain (loss) on sale of improved property, net 4 8.1 (1.8 ) — General corporate expenses (21.7 ) (20.1 ) (18.6 ) REIT evaluation costs 5 (9.5 ) — — Income From Continuing Operations Before Income Taxes 35.3 97.1 40.9 Income tax expense 6 2.6 36.3 4.1 Income From Continuing Operations 32.7 60.8 36.8 Income (Loss) from discontinued operations, net of income tax (41.1 ) (29.7 ) 27.7 Net Income (Loss) (8.4 ) 31.1 64.5 Income attributable to noncontrolling interest (1.8 ) (1.5 ) (3.1 ) Net Income (Loss) Attributable to A&B $ (10.2 ) $ 29.6 $ 61.4 1 The Land Operations segment includes approximately $15.1 million , $30.2 million , and $2.0 million in equity in earnings from its various real estate joint ventures for 2016 , 2015 , and 2014 , respectively. The Land Operations segment also includes non-cash impairment charges of $ 11.7 million in 2016 related to certain non-active, long-term development projects. 2 Amounts include non-cash reductions of $9.8 million , $2.6 million , and $14.7 million related to the Company's tax equity solar investments in KRS II and Waihonu for each of the years ended December 31, 2016, 2015, and 2014, respectively. 3 During the year ended December 31, 2016, the Company recorded charges of $2.6 million for environmental costs related to the management of a former quarry site and a net loss of $1.0 million related to the sales of vacant land parcels by an unconsolidated affiliate. 4 Amounts represent the sales of two California and one Utah property in June 2016, one Colorado retail property in March 2015, one Texas office building in May 2015, and one Washington office building in December 2015. 5 Costs related to the Company's in-depth evaluation of a REIT conversion. 6 Tax benefits associated with the KRS II and Waihonu investments are included in the Income tax expense line item in the Consolidated Statements of Operations. As of December 31, 2016 2015 2014 Identifiable Assets: Commercial Real Estate $ 1,119.5 $ 1,075.7 $ 1,206.6 Land Operations 7 632.8 759.7 716.6 Materials and Construction 371.8 386.6 385.9 Other 32.2 20.3 12.0 Total assets $ 2,156.3 $ 2,242.3 $ 2,321.1 Capital Expenditures: Commercial Real Estate 8 $ 98.7 $ 23.0 $ 51.8 Land Operations 9,10 5.3 2.1 1.1 Materials and Construction 9.3 7.2 10.7 Other 0.3 1.4 1.8 Total capital expenditures $ 113.6 $ 33.7 $ 65.4 Depreciation and Amortization: Commercial Real Estate $ 28.4 $ 28.9 $ 28.0 Land Operations 10 6.7 1.3 — Materials and Construction 11.7 11.6 15.2 Other 1.8 1.5 1.2 Total depreciation and amortization $ 48.6 $ 43.3 $ 44.4 7 The Land Operations segment includes approximately $357.5 million , $379.7 million , and $383.8 million related to its investment in various real estate joint ventures as of December 31, 2016 , 2015 , and 2014 , respectively. 8 Represents gross capital additions to the commercial real estate 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. 9 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 $15.2 million , $7.2 million , and $41.7 million for 2016 , 2015 , and 2014 , respectively. Investments in real estate joint ventures were $20.8 million , $25.8 million , and $28.7 million in 2016 , 2015 , and 2014 , respectively. Excludes expenditures from discontinued operations, which are classified as Cash Flows from Investing Activities within the Consolidated Statements of Cash Flows of $2.5 million , $11.0 million and $9.7 million for 2016, 2015, and 2014, respectively. 10 Amounts recast to reflect discontinued operations. Unaudited quarterly segment results for the years ended December 31, 2016 and 2015 were as follows (in millions): 2016 (Unaudited) Q1 Q2 Q3 Q4 Revenue: Commercial Real Estate $ 34.8 $ 34.5 $ 32.7 $ 32.7 Land Operations 6.0 5.5 18.1 32.3 Materials & Construction 50.6 42.0 52.1 46.2 Total revenue $ 91.4 $ 82.0 $ 102.9 $ 111.2 Operating Profit (Loss) Commercial Real Estate $ 14.2 $ 13.6 $ 13.5 $ 13.5 Land Operations 1,2 (4.3 ) (10.8 ) 7.8 13.9 Materials and Construction 3 8.0 4.9 5.6 4.8 Total operating profit 17.9 7.7 26.9 32.2 Interest expense (6.9 ) (6.8 ) (6.4 ) (6.2 ) Gain (loss) on sale of improved property 4 — 8.0 0.1 — General corporate expenses (6.9 ) (3.6 ) (5.5 ) (5.7 ) REIT evaluation costs 5 — (1.9 ) (1.9 ) (5.7 ) Income From Continuing Operations Before Income Taxes 4.1 3.4 13.2 14.6 Income tax expense 0.3 0.3 1.0 1.0 Income From Continuing Operations 3.8 3.1 12.2 13.6 Loss from discontinued operations, net of income tax (10.8 ) (3.7 ) (13.6 ) (13.0 ) Net Income (Loss) (7.0 ) (0.6 ) (1.4 ) 0.6 Income attributable to noncontrolling interest (0.5 ) (0.1 ) (0.5 ) (0.7 ) Net Income (Loss) Attributable to A&B (7.5 ) (0.7 ) (1.9 ) (0.1 ) Amounts Available to A&B Shareholders Income from continuing operations, net of taxes 3.8 3.1 12.2 13.6 Less: Income attributable to noncontrolling interests (0.5 ) (0.1 ) (0.5 ) (0.7 ) Income from continuing operations attributable to A&B shareholders, net of taxes 3.3 3.0 11.7 12.9 Less: Undistributed earnings allocated to redeemable noncontrolling interest 0.4 0.1 0.4 0.4 Income from continuing operations available to A&B shareholders, net of taxes 3.7 3.1 12.1 13.3 Income from discontinuing operations (10.8 ) (3.7 ) (13.6 ) (13.0 ) Net Income (Loss) Available to A&B shareholders $ (7.1 ) $ (0.6 ) $ (1.5 ) $ 0.3 Earnings (loss) per share available to A&B shareholders: Basic Earnings (Loss) Per Share: Continuing operations $ 0.08 $ 0.06 $ 0.25 $ 0.27 Discontinued operations $ (0.23 ) $ (0.07 ) $ (0.28 ) $ (0.26 ) Net income (loss) $ (0.15 ) $ (0.01 ) $ (0.03 ) $ 0.01 Diluted Earnings (Loss) Per Share: Continuing operations $ 0.08 $ 0.06 $ 0.24 $ 0.27 Discontinued operations $ (0.22 ) $ (0.07 ) $ (0.28 ) $ (0.26 ) Net income (loss) $ (0.14 ) $ (0.01 ) $ (0.04 ) $ 0.01 Weighted average shares: Basic 48.9 49.0 49.0 49.0 Diluted 49.3 49.4 49.4 49.4 2015 (Unaudited) Q1 Q2 Q3 Q4 Revenue: Commercial Real Estate $ 32.7 $ 34.7 $ 33.0 $ 33.2 Land Operations 37.1 41.2 25.5 16.4 Materials and Construction 56.9 57.4 51.0 53.7 Total revenue $ 126.7 $ 133.3 $ 109.5 $ 103.3 Operating Profit (Loss) Commercial Real Estate $ 13.2 $ 14.0 $ 12.6 $ 13.4 Land Operations 1,2 30.8 12.7 7.6 10.6 Materials and Construction 7.2 7.0 7.5 9.2 Total operating profit 51.2 33.7 27.7 33.2 Interest Expense (7.1 ) (6.6 ) (6.5 ) (6.6 ) Gain (loss) on sale of improved property 4 1.8 0.1 — (3.7 ) General Corporate Expenses (5.6 ) (5.3 ) (4.8 ) (4.4 ) Income From Continuing Operations Before Income Taxes 40.3 21.9 16.4 18.5 Income Tax Expense 15.0 8.2 6.1 7.0 Income From Continuing Operations 25.3 13.7 10.3 11.5 Income (Loss) From Discontinued Operations (net of income taxes) 0.6 (3.6 ) (3.3 ) (23.4 ) 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 ) Amounts Available to A&B Shareholders Income from continuing operations, net of taxes 25.3 13.7 10.3 11.5 Less: Income attributable to noncontrolling interests (0.6 ) (0.3 ) (0.3 ) (0.3 ) Income from continuing operations attributable to A&B shareholders, net of taxes 24.7 13.4 10.0 11.2 Less: Undistributed earnings allocated to redeemable noncontrolling interest — — (1.3 ) (1.8 ) Income from continuing operations available to A&B shareholders, net of taxes 24.7 13.4 8.7 9.4 Income from discontinuing operations 0.6 (3.6 ) (3.3 ) (23.4 ) 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 Earnings (Loss) Per Share: Continuing operations $ 0.51 $ 0.27 $ 0.18 $ 0.19 Discontinued operations $ 0.01 $ (0.07 ) $ (0.07 ) $ (0.48 ) Net income (loss) $ 0.52 $ 0.20 $ 0.11 $ (0.29 ) Diluted Earnings (Loss) Per Share: Continuing operations $ 0.50 $ 0.27 $ 0.18 $ 0.19 Discontinued operations $ 0.01 $ (0.07 ) $ (0.06 ) $ (0.48 ) Net income (loss) $ 0.51 $ 0.20 $ 0.12 $ (0.29 ) Weighted average shares: Basic 48.8 48.9 48.9 48.9 Diluted 49.3 49.4 49.3 48.9 1 During the fourth quarter of 2016, the Company recorded $ 11.7 million of non-cash impairment charges related to certain non-active, long-term development projects. 2 Amounts include non-cash reductions related to the Company's tax equity solar investments in KRS II and Waihonu. During the second quarter of 2016, the Company recognized income tax benefits of approximately $8.7 million related to Waihonu. 3 Amounts include charges of $2.6 million for environmental costs related to the management of a former quarry site during the fourth quarter of 2016, as well as a loss of $1.6 million and a gain of $0.6 million related to the sales of vacant land parcels by an unconsolidated affiliate during the third quarter and fourth quarter of 2016, respectively. 4 Amounts represent the sales of two California and one Utah property in June 2016 and one Colorado retail property in March 2015, one Texas office building in May 2015 and one Washington office building in December 2015. 5 Costs related to the Company's in-depth evaluation of a REIT conversion. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENT On January 24, 2017, the Company's Board of Directors declared a quarterly cash dividend of $0.07 per share of outstanding common stock, which will be paid on March 2, 2017 to shareholders of record as of February 6, 2017. |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 (in millions) Initial Cost Costs Capitalized Subsequent to Acquisition Gross Amounts of Which Carried at Close of Period Description Encum- (1) Land Buildings Improvements Carrying Costs Land Buildings Total(2) Accumulated Date of Date Commercial Real Estate Segment Industrial : Kailua Industrial/Other (HI) $ — $ 10.5 $ 2.0 $ 0.1 $ — $ 10.5 $ 2.1 $ 12.6 $ (0.2 ) Various 2013 Kaka'ako Commerce Center (HI) — 16.9 20.6 0.3 — 16.9 20.9 37.8 (1.1 ) 1969 2014 Komohana Industrial Park (HI) — 25.2 10.8 0.5 — 25.2 11.3 36.5 (2.0 ) 1990 2010 Midstate 99 Distribution Ctr. (CA) 8.2 2.7 29.6 1.3 — 2.7 30.9 33.6 (7.0 ) 2002, 2008 2008 P&L Warehouse (HI) — — — 1.2 — — 1.2 1.2 (0.7 ) 1970 1970 Port Allen (HI) — — 0.7 1.9 — — 2.6 2.6 (1.9 ) 1983, 1993 1983-1993 Sparks Business Center (NV) — 3.2 17.2 3.0 — 3.2 20.2 23.4 (8.4 ) 1996-1998 2002 Waipio Industrial (HI) — 19.6 7.7 0.1 — 19.6 7.8 27.4 (1.7 ) 1988-1989 2009 Office : 1800 and 1820 Preston Park (TX) — 4.5 19.9 6.1 — 4.5 26.0 30.5 (7.8 ) 1997, 1998 2006 Concorde Commerce Center (AZ) — 3.9 20.9 6.2 — 3.9 27.1 31.0 (7.9 ) 1998 2006 Deer Valley Financial Center (AZ) — 3.4 19.2 4.3 — 3.4 23.5 26.9 (7.7 ) 2001 2005 Judd Building (HI) — 1.0 2.1 2.2 — 1.0 4.3 5.3 (1.7 ) 1898, 1979 2000 Kahului Office Building (HI) — 1.0 0.4 6.2 — 1.0 6.6 7.6 (7.5 ) 1974 1989 Kahului Office Center (HI) — — — 5.7 — — 5.7 5.7 (3.8 ) 1991 1991 Lono Center (HI) — — 1.4 1.2 — — 2.6 2.6 (1.4 ) 1973 1991 Gateway at Mililani Mauka South (HI) — 7.0 3.5 5.8 — 7.0 9.3 16.3 (0.5 ) 1992, 2006 2012 Stangenwald Building (HI) — 1.8 1.0 1.2 — 1.8 2.2 4.0 (1.0 ) 1901, 1980 1996 Retail : Aikahi Park Shopping Center (HI) — 23.5 6.7 0.2 — 23.5 6.9 30.4 (0.9 ) 1971 2015 Gateway at Mililani Mauka (HI) — 7.3 4.7 5.5 — 7.3 10.2 17.5 (0.8 ) 2008, 2013 2011 Kahului Shopping Center (HI) — — — 2.6 — — 2.6 2.6 (1.6 ) 1951 1951 Kailua Grocery Anchored (HI) 11.2 54.4 47.1 3.3 — 54.4 50.4 104.8 (4.4 ) Various 2013 Kailua Retail Other (HI) — 29.6 26.7 2.1 — 29.6 28.8 58.4 (2.6 ) Various 2013 Kaneohe Bay Shopping Ctr. (HI) — — 13.4 2.1 — — 15.5 15.5 (5.9 ) 1971 2001 Kunia Shopping Center (HI) — 2.7 10.6 1.3 — 2.7 11.9 14.6 (4.2 ) 2004 2002 Lahaina Square (HI) — 4.6 3.7 2.5 — 4.6 6.2 10.8 (0.7 ) 1973 2010 Lanihau Marketplace (HI) — 9.4 13.2 2.0 — 9.4 15.2 24.6 (2.6 ) 1987 2010 Little Cottonwood Center (UT) — 12.2 9.1 1.3 — 12.2 10.4 22.6 (1.9 ) 1998, 2008 2010 Manoa Marketplace (HI) 60.0 43.3 35.9 0.9 — 43.3 36.8 80.1 (1.1 ) 1977 2016 Napili Plaza (HI) — 9.4 8.0 0.6 — 9.4 8.6 18.0 (1.2 ) 1991 2003, 2013 Pearl Highlands Center (HI) 88.8 43.4 96.2 2.1 — 43.4 98.3 141.7 (10.0 ) 1992-1994 2013 Port Allen Marina Ctr. (HI) — — 3.4 1.1 — — 4.5 4.5 (2.0 ) 2002 1971 Royal MacArthur Center (TX) — 3.5 10.1 2.4 — 3.5 12.5 16.0 (3.3 ) 2006 2007 The Shops at Kukui'ula (HI) — 8.9 30.1 2.2 — 8.9 32.3 41.2 (3.1 ) 2009 2013 Waianae Mall (HI) — 17.4 10.1 4.2 — 17.4 14.3 31.7 (1.6 ) 1975 2013 Waipio Shopping Center (HI) — 24.0 7.6 0.6 — 24.0 8.2 32.2 (1.6 ) 1986, 2004 2009 Other : Oahu Ground Leases (HI) — 170.5 0.6 — — 170.5 0.6 171.1 — 2013 Other miscellaneous investments — 2.7 1.1 9.0 — 2.7 10.1 12.8 (7.2 ) Total $ 168.2 $ 567.5 $ 495.3 $ 93.3 $ — $ 567.5 $ 588.6 $ 1,156.1 $ (119.0 ) Total for Hawaii $ 160.0 $ 534.1 $ 369.3 $ 68.7 $ — $ 534.1 $ 438.0 $ 972.1 $ (75.0 ) Total for U.S. Mainland 8.2 33.4 126.0 24.6 — 33.4 150.6 184.0 (44.0 ) Grand Total $ 168.2 $ 567.5 $ 495.3 $ 93.3 $ — $ 567.5 $ 588.6 $ 1,156.1 $ (119.0 ) Description (amounts in millions) Encumbrances Land Buildings and Improvements Improvements Carrying Costs Land Buildings and Improvements Total Accumulated Depreciation Land Operations Segment Agricultural Land (4) $ — $ 9.7 $ — $ — $ — $ 9.7 $ — $ 9.7 $ — Aina ‘O Kane — — — 1.2 — — 1.2 $ 1.2 — Brydeswood — — — 2.8 — — 2.8 $ 2.8 — Grove Ranch — — — 1.5 — — 1.5 $ 1.5 — Haliimaile — — — 1.0 — — 1.0 $ 1.0 — Kahala Portfolio — 46.0 — — — 46.0 — $ 46.0 — Kamalani — — — 17.7 — — 17.7 $ 17.7 — Maui Business Park II — — — 39.0 — — 39.0 $ 39.0 — The Ridge at Wailea (MF-19) — 1.7 — 6.2 — 1.7 6.2 $ 7.9 — Waiale Community — — — 1.8 — — 1.8 $ 1.8 — Wailea B-1 — 4.6 — — — 4.6 — $ 4.6 — Wailea B-II — 3.3 — — — 3.3 — $ 3.3 — Wailea MF-10 — 2.0 — 1.9 — 2.0 1.9 $ 3.9 — Wailea MF-16 — 2.7 — — — 2.7 — $ 2.7 — 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, other — 15.3 — 2.0 — 15.3 2.0 $ 17.3 — Port Allen Residential (Kai Olino) (5) — — — 2.6 — — 2.6 $ 2.6 — Other Kauai landholdings — — — 2.8 — — 2.8 $ 2.8 Other Maui Landholdings — — — 7.6 — — 7.6 $ 7.6 — Other miscellaneous investments (5) — 3.5 1.3 2.5 — 3.5 3.8 $ 7.3 (3.7 ) Total $ — $ 98.8 $ 1.3 $ 96.5 $ — $ 98.8 $ 97.8 $ 196.6 $ (3.7 ) (1) See Note 8 to consolidated financial statements. (2) The aggregate tax basis, as of December 31, 2016, for the Commercial Real Estate segment and Land Operations segment assets was approximately $638.7 million , including 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) (4) Additions and improvements in 2016 include $4.8 million of Agricultural Land transferred from the Company's former Agribusiness segment to the new Land Operations segment. (5) During the fourth quarter of 2016, as a result of a change in its strategy for development activities, the Company recorded non-cash impairment charges of $11.6 million related to non-active, long term developments. Reconciliation of Real Estate (in millions) 2016 2015 2014 Balance at beginning of year $ 1,332.5 $ 1,397.1 $ 1,402.1 Additions and improvements 118.8 32.2 57.0 Dispositions, retirements and other adjustments (98.6 ) (96.8 ) (62.0 ) Balance at end of year $ 1,352.7 $ 1,332.5 $ 1,397.1 Reconciliation of Accumulated Depreciation (in millions) 2016 2015 2014 Balance at beginning of year $ 128.0 $ 120.5 $ 116.9 Depreciation expense 20.2 20.5 19.2 Dispositions, retirements and other adjustments (25.5 ) (13.0 ) (15.6 ) Balance at end of year $ 122.7 $ 128.0 $ 120.5 |
SIGNIFICANT ACCOUNTING POLICI30
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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) litigation and 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. |
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 of the Company’s customers and their payment history, which are regularly monitored by the Company. |
Operating Cycle | Operating Cycle : The Company uses the duration of the construction contracts that range from one year to three years as its operating cycle for purposes of classifying assets and liabilities related to contracts. |
Inventories | Inventories: Sugar inventories are stated at the lower of cost (first-in, first-out basis) or market value. Materials and supplies and Materials and Construction segment inventory are stated at the lower of cost (principally average cost, first-in, first-out basis) or market value. |
Property | Property: Property is stated at cost, net of accumulated depreciation and amortization. Expenditures for major renewals and betterments are capitalized. Replacements, maintenance, and repairs that do not improve or extend asset lives are charged to expense as incurred. Upon acquiring commercial real estate that is deemed a business, the Company records land, buildings, leases above and below market, and other intangible assets based on their fair values. Costs related to due diligence are expensed as incurred. |
Depreciation | Depreciation: Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets or the units-of-production method for quarry production-related assets. Estimated useful lives of property are as follows: Classification Range of Life (in years) Buildings 10 to 40 Water, power and sewer systems 5 to 50 Rock crushing and asphalt plants 25 to 35 Machinery and equipment 2 to 35 Other property improvements 3 to 35 |
Real Estate Developments | Real Estate Developments: Expenditures for real estate developments are capitalized during construction and are classified as real estate developments on the consolidated balance sheets. When construction is substantially complete, the costs are reclassified as either Real Estate Held for Sale or Property, based upon the Company’s intent to either sell the completed asset or to hold it as an investment property, respectively. Cash flows related to real estate developments are classified as either operating or investing activities, based upon the Company’s intention to sell the property or retain ownership of the property as an investment following completion of construction. For development projects, capitalized costs are allocated using the direct method for expenditures that are specifically associated with the unit being sold and the relative-sales-value method for expenditures that benefit the entire project. Capitalized development costs typically include costs related to land acquisition, grading, roads, water and sewage systems, landscaping, capitalized interest, and project amenities. Direct overhead costs incurred after the development project is substantially complete, such as utilities, maintenance and real estate taxes, are charged to selling, general and administrative expense as incurred. All indirect overhead costs are charged to selling, general and administrative costs as incurred. |
Capitalized Interest | Capitalized Interest: Interest costs incurred in connection with significant expenditures for real estate developments, the construction of assets, or investments in real estate joint ventures are capitalized during the period in which activities necessary to get the asset ready for its intended use are in progress. Capitalization of interest is discontinued when the asset is substantially complete and ready for its intended use. Capitalization of interest on investments in real estate joint ventures is recorded until the underlying investee commences its principal operations, which is typically when the investee has other-than-ancillary revenue generation. |
Impairment of Long-Lived Assets and Finite-Lived Intangible Assets | Impairment of Long-Lived Assets and Finite-Lived Intangible Assets: Long-lived assets, including finite-lived intangible assets, are reviewed for possible impairment when events or circumstances indicate that the carrying value may not be recoverable. In such an evaluation, the estimated future undiscounted cash flows generated by the asset are compared with the amount recorded for the asset to determine if its carrying value is not recoverable. If this review determines that the recorded value will not be recovered, the amount recorded for the asset is reduced to estimated fair value. These asset impairment analyses are highly subjective because they require management to make assumptions and apply considerable judgments to, among others, estimates of the timing and amount of future cash flows, expected useful lives of the assets, uncertainty about future events, including changes in economic conditions, changes in operating performance, changes in the use of the assets and ongoing costs of maintenance and improvements of the assets, and thus, the accounting estimates may change from period to period. If management uses different assumptions or if different conditions occur in future periods, A&B’s financial condition or its future operating results could be materially impacted. |
Impairment of Investments | Impairment of Investments: The Company's investments in unconsolidated affiliates are reviewed for impairment whenever there is evidence that fair value may be below carrying cost. An investment is written down to fair value if fair value is below carrying cost and the impairment is believed to be other-than-temporary. In evaluating the fair value of an investment and whether any identified impairment is other-than-temporary, significant estimates and considerable judgments are involved. These estimates and judgments are based, in part, on the Company’s current and future evaluation of economic conditions in general, as well as a joint venture’s current and future plans. Additionally, these impairment calculations are highly subjective because they also require management to make assumptions and apply judgments to estimates regarding the timing and amount of future cash flows that may consider various factors, including sales prices, development costs, market conditions and absorption rates, probabilities related to various cash flow scenarios, and appropriate discount rates based on the perceived risks, among others. In evaluating whether an impairment is other-than-temporary, the Company considers all available information, including the length of time and extent of the impairment, the financial condition and near-term prospects of the affiliate, the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value, and projected industry and economic trends, among others. Changes in these and other assumptions could affect the projected operational results and fair value of the unconsolidated affiliates, and accordingly, may require valuation adjustments to the Company’s investments that may materially impact the Company’s financial condition or its future operating results. For example, if current market conditions deteriorate significantly or a joint venture’s plans change materially, impairment charges may be required in future periods, and those charges could be material. 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. |
Fair Value Measurements | Fair Value Measurements: 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, 2016 were $515.1 million and $529.3 million , respectively, and $587.0 million and $597 million at December 31, 2015 , 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). FASB ASC Topic 820, Fair Value Measurements and Disclosures (ASC 820), as amended, establishes a fair value hierarchy, which requires the Company 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 Company’s 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. The Company's non-active, long-term development projects that were impaired during the year ended December 31, 2016 represent assets measured at fair value on a nonrecurring basis subsequent to their initial recognition. The Company estimated the fair values of these long-lived assets based on the Company’s own judgments about the assumptions that market participants would use in pricing the real estate assets and available, observable market data. The Company classified these fair value measurements as Level 3 inputs. After the impairment charges recorded, the carrying values of the non-active, long-term development projects were not material. |
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 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 sales of real estate, 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. Sales of Real Estate Revenue Recognition: Sales of real estate revenue involve proceeds from the sale of a variety of real estate development inventory. Real estate development inventory may include industrial lots, residential lots, agricultural 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. Commercial Real Estate Revenue Recognition: Commercial Real Estate 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 (i.e., 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 unit cost of work completed as of a specific date to an estimate of the total unit cost of work to be delivered under each contract. Grace uses this method as its management considers this 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. |
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 accompanying consolidated statements of operations. 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, 2016 and 2015 . 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 Company accounts for tax credits related to its investments in KRS II and Waihonu using the flow-through method, which reduces the provision for income taxes in the year the tax credits first become available. |
Comprehensive Income (Loss) | Comprehensive Income (Loss): Comprehensive income (loss) includes all changes in equity, except those resulting from transactions with shareholders and net income (loss). Other comprehensive income (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. |
New Accounting Pronouncements | New Accounting Pronouncements: 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. 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 adopted this guidance in the first quarter of 2016. The Company retrospectively applied ASU 2015-03 in accordance with the standard. The retrospective impact of adopting the above guidance as of December 31, 2015 was as follows: Other assets Total assets Long-term debt Total liabilities and equity Previously reported $ 65.0 $ 2,243.5 $ 497.8 $ 2,243.5 Debt Issuance Costs (1.2 ) (1.2 ) (1.2 ) (1.2 ) Current presentation $ 63.8 $ 2,242.3 $ 496.6 $ 2,242.3 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 requires the identification of arrangements that should be accounted for as leases by lessees. In general, lease arrangements exceeding a twelve month term must now be recognized as assets and liabilities on the balance sheet of the lessee. Under ASU 2016-02, a right-of-use asset and lease obligation will be recorded for all leases, whether operating or financing, while the income statement will reflect lease expense for operating leases and amortization/interest expense for financing leases. The balance sheet amount recorded for existing leases at the date of adoption of ASU 2016-02 must be calculated using the applicable incremental borrowing rate at the date of adoption. In addition, ASU 2016-02 requires the use of the modified retrospective method, which will require adjustment to all comparative periods presented in the consolidated financial statements. ASU 2016-02 is effective for financial statements issued for fiscal years beginning after December 15, 2018. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements and footnote disclosures. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. ASU 2016-09 is effective for financial statements issued for fiscal years beginning after December 15, 2016. The Company elected to early adopt the new guidance in the fourth quarter of fiscal year 2016, which requires the Company to reflect any adjustments as of January 1, 2016, the beginning of the annual period that includes the interim period of adoption. The primary impact of adoption was the recognition of $0.5 million of excess tax benefits in the provision for income taxes rather than paid-in capital for all periods in fiscal year 2016. Additional amendments to the accounting for income taxes and minimum statutory withholding tax requirements had no impact to retained earnings as of January 1, 2016, where the cumulative effect of these changes is required to be recorded. The Company elected to continue to estimate forfeitures expected to occur to determine the amount of compensation cost to be recognized in each period. The Company elected to apply the presentation requirements for cash flows related to excess tax benefits retrospectively to all periods presented, which resulted in an increase to both net cash from operations and net cash used in financing of $0.6 million and $1.3 million for the years ended December 31, 2015 and 2014, respectively. The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact to any of the periods presented on the consolidated statement of cash flows, as such cash flows have historically been presented as a financing activity. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) ("ASU 2016-15"). ASU 2016-15 is an update that addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice of cash receipts and cash payments presentation and classification in the statement of cash flows. ASU 2016-15 is effective for financial statements issued for fiscal years beginning after December 15, 2017. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements and footnote disclosures. In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business ("ASU 2017-01"). ASU 2017-01 provides guidance regarding the definition of a business with the objective of providing guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those years. ASU 2017-01 should be applied prospectively and early adoption is permitted. The new guidance will result in many real estate transactions being classified as an asset acquisition and transaction costs being capitalized. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements and footnote disclosures. |
SIGNIFICANT ACCOUNTING POLICI31
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 were as follows (in millions): Balance at Provision for bad debt Write-offs Balance at 2016 $1.7 $0.8 $(1.5) $1.0 2015 $1.7 $0.4 $(0.4) $1.7 2014 $1.3 $0.8 $(0.4) $1.7 |
Schedule of Inventories | Inventories at December 31, 2016 and 2015 were as follows (in millions): 2016 2015 Sugar inventories $ 17.5 $ 16.3 Asphalt 7.4 12.8 Processed rock, Portland cement, and sand 12.6 12.2 Work in progress 3.0 3.7 Retail merchandise 1.7 1.6 Parts, materials and supplies inventories 1.1 9.3 Total $ 43.3 $ 55.9 |
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 2016 and 2015 were as follows: 2016 2015 Amount Weighted Average Life (Years) Amount Weighted Average Life (Years) Amortized intangible assets: In-place/favorable leases $ 8.5 7.0 $ 1.0 2.6 |
Schedule of Intangible Assets | Intangible assets for the years ended December 31, included the following (in millions): 2016 2015 Amortized intangible assets: In-place leases $ 69.9 $ 62.6 Favorable leases 17.9 16.6 Permitted quarry rights 18.0 18.0 Contract backlog 2.6 2.6 Trade name/customer relationships 2.2 2.2 Accumulated amortization (56.8 ) (47.6 ) Total assets $ 53.8 $ 54.4 |
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 2017 $ 7.5 2018 $ 6.2 2019 $ 5.2 2020 $ 4.0 2021 $ 3.4 |
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, 2016 and 2015 were as follows (in millions): Materials & Construction Commercial Real Estate Total Balance, January 1, 2015 $ 93.6 $ 8.7 $ 102.3 Changes to goodwill — — — Balance, December 31, 2015 93.6 8.7 102.3 Changes to goodwill — — — Balance, December 31, 2016 $ 93.6 $ 8.7 $ 102.3 |
Schedule of Components of Accumulated Other Comprehensive Loss, Net of Taxes | The components of accumulated other comprehensive loss, net of taxes, were as follows for the years ended December 31 (in millions): 2016 2015 Unrealized components of benefit plans: Pension plans $ (43.8 ) $ (44.7 ) Post-retirement plans (0.6 ) (0.6 ) Non-qualified benefit plans (0.6 ) — Interest rate swap 1.8 — Accumulated other comprehensive loss $ (43.2 ) $ (45.3 ) The changes in accumulated other comprehensive loss by component for the years ended December 31, were as follows (in millions, net of tax): Employee Interest Rate Swap Total Balance, January 1, 2014 $ (30.1 ) $ — $ (30.1 ) Other comprehensive loss before reclassifications, net of taxes of $10.4 for employee benefit plans (16.3 ) — (16.3 ) Amounts reclassified from accumulated other comprehensive loss, net of taxes of $1.2 for employee benefit plans 2.0 — 2.0 Balance, December 31, 2014 $ (44.4 ) $ — $ (44.4 ) Other comprehensive loss before reclassifications, net of taxes of $2.9 for employee benefit plans (4.6 ) — (4.6 ) Amounts reclassified from accumulated other comprehensive loss, net of taxes of $2.3 for employee benefit plans 3.7 — 3.7 Balance, December 31, 2015 $ (45.3 ) $ — $ (45.3 ) Other comprehensive loss before reclassifications, net of taxes of $2.1 and $1.0 for employee benefit plans and interest rate swap, respectively (3.4 ) 1.6 (1.8 ) Amounts reclassified from accumulated other comprehensive loss, net of taxes of $2.3 and $0.2 for employee benefit plans and interest rate swap, respectively 3.7 0.2 3.9 Balance, December 31, 2016 $ (45.0 ) $ 1.8 $ (43.2 ) |
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 2016 2015 2014 Unrealized hedging gain (loss) $ 2.6 $ — $ — Reclassification adjustment for interest expense included in net loss 0.4 — — Actuarial loss* (4.6 ) (7.1 ) (26.7 ) Amortization of defined benefit pension items reclassified to net periodic pension cost: Prior service cost — (0.4 ) — Net loss* 7.5 7.3 4.5 Prior service credit* (0.9 ) (1.3 ) (1.3 ) Curtailment (1.5 ) — — Total before income tax 3.5 (1.5 ) (23.5 ) Income taxes (1.4 ) 0.6 9.2 Other comprehensive income (loss) net of tax $ 2.1 $ (0.9 ) $ (14.3 ) * These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 11 for additional details). |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The Company retrospectively applied ASU 2015-03 in accordance with the standard. The retrospective impact of adopting the above guidance as of December 31, 2015 was as follows: Other assets Total assets Long-term debt Total liabilities and equity Previously reported $ 65.0 $ 2,243.5 $ 497.8 $ 2,243.5 Debt Issuance Costs (1.2 ) (1.2 ) (1.2 ) (1.2 ) Current presentation $ 63.8 $ 2,242.3 $ 496.6 $ 2,242.3 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2016, 2015 and 2014 were as follows (in millions): 2016 2015 2014 Sugar operations revenue (Land Operations Segment) $ 98.4 $ 97.7 $ 103.7 Commercial Real Estate revenue (Commercial Real Estate Segment) — — 0.3 Total revenue from discontinued operations $ 98.4 $ 97.7 $ 104.0 Gain on sale of income-producing properties, net $ — $ — $ 55.9 Commercial Real Estate operating profit — — 0.3 Total Commercial Real Estate operating profit before taxes $ — $ — $ 56.2 Operating profit (loss) from sugar operations $ 10.9 $ (26.9 ) $ (12.1 ) Sugar operations Cessation costs (77.6 ) (22.6 ) — Total Land Operations segment operating loss $ (66.7 ) $ (49.5 ) $ (12.1 ) Total operating profit (loss) before income taxes $ (66.7 ) $ (49.5 ) $ 44.1 Income tax benefit (expense) 25.6 19.8 (16.4 ) Income (loss) from discontinued operations $ (41.1 ) $ (29.7 ) $ 27.7 Basic Earnings (Loss) Per Share $ (0.84 ) $ (0.61 ) $ 0.57 Diluted Earnings (Loss) Per Share $ (0.83 ) $ (0.60 ) $ 0.57 The consolidated statements of cash flows include depreciation and amortization related to discontinued operations of $70.9 million , $12.4 million and $10.6 million for the years ended December 31, 2016, 2015 and 2014, respectively. |
INVESTMENTS IN AFFILIATES (Tabl
INVESTMENTS IN AFFILIATES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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): 2016 2015 Current assets $ 154.3 $ 107.1 Non-current assets 727.8 854.0 Total assets $ 882.1 $ 961.1 Current liabilities $ 65.8 $ 64.4 Non-current liabilities 175.0 200.7 Total liabilities $ 240.8 $ 265.1 Year Ended December 31, 2016 2015 2014 Operating revenue $ 489.3 $ 471.7 $ 71.0 Operating costs and expenses 449.8 411.6 65.9 Operating income $ 39.5 $ 60.1 $ 5.1 Income from continuing operations* $ 31.7 $ 57.2 $ 5.0 Net income $ 31.7 $ 56.1 $ 5.0 * Includes earnings from equity method investments held by the investee. |
UNCOMPLETED CONTRACTS (Tables)
UNCOMPLETED CONTRACTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Contractors [Abstract] | |
Schedule of Information Related to Uncompleted Contracts | Information related to uncompleted contracts as of December 31, 2016 and 2015 is as follows (in millions): 2016 2015 Costs incurred on uncompleted contracts $ 92.2 $ 80.3 Estimated earnings 26.8 29.2 Subtotal 119.0 109.5 Less: billings to date 106.1 95.8 Total $ 12.9 $ 13.7 Included in accompanying consolidated balance sheets under the following captions: Costs and estimated earnings in excess of billings on uncompleted contracts $ 16.4 $ 16.3 Estimated billings in excess of costs and estimated earnings on uncompleted contracts (3.5 ) (2.6 ) Total $ 12.9 $ 13.7 |
PROPERTY (Tables)
PROPERTY (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property | Property on the consolidated balance sheets includes the following (in millions): December 31, 2016 2015 Buildings $ 566.5 $ 571.3 Land 622.6 578.5 Machinery and equipment 254.0 242.6 Asphalt plants and quarry assets 78.2 77.1 Water, power and sewer systems 156.4 145.6 Other property improvements 65.9 86.8 Vessel 11.3 11.3 Subtotal 1,754.9 1,713.2 Accumulated depreciation (523.3 ) (443.8 ) Property - net $ 1,231.6 $ 1,269.4 |
NOTES PAYABLE AND LONG-TERM D36
NOTES PAYABLE AND LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Notes Payable and Long-Term Debt | At December 31, 2016 and 2015 , notes payable and long-term debt consisted of the following (in millions): 2016 2015 Revolving Credit loans (2.42% for 2016 and 2.10% for 2015) $ 14.9 $ 77.8 Term Loans: 3.90%, payable through 2024, unsecured 68.1 75.0 6.90%, payable through 2020, unsecured 65.0 75.0 3.88%, payable through 2027, unsecured 50.0 50.0 5.55%, payable through 2026, unsecured 46.0 47.0 5.53%, payable through 2024, unsecured 28.5 31.5 5.56%, payable through 2026, unsecured 25.0 25.0 4.35%, payable through 2026, unsecured 22.0 23.4 4.15%, payable through 2024, secured by Pearl Highlands Center 88.8 90.4 LIBOR plus 1.5%, payable through 2021, secured by Kailua Town Center III (a) 11.2 11.5 LIBOR plus 2.66%, payable through 2016, secured by The Shops at Kukui'ula — 37.0 LIBOR plus 2.0%, payable through 2019, secured by letter of credit (b) 9.4 — LIBOR plus 2.63%, payable through 2016, secured by Kahala Estate Properties (c) — 8.2 LIBOR plus 1.35%, payable through 2029, secured by Manoa Marketplace (e) 60.0 — 6.38%, payable through 2017, secured by Midstate Hayes 8.2 8.3 LIBOR plus 1.0%, payable through 2021, secured by asphalt terminal (d) 6.1 7.4 5.19%, payable through 2019, unsecured 6.5 8.4 1.85%, payable through 2017, unsecured 2.5 5.3 3.31%, payable through 2018, unsecured 2.8 4.6 2.00%, payable through 2018, unsecured 0.8 1.5 2.65%, payable through 2016, unsecured — 0.6 Total debt (contractual) 515.8 587.9 Add debt premium (discount) 0.5 0.3 Adjustment for debt issuance costs (1.2 ) (1.2 ) Total debt (carrying value) 515.1 587.0 Less current portion (42.4 ) (90.4 ) Long-term debt $ 472.7 $ 496.6 (a) Loan has a stated interest rate of LIBOR plus 1.5% , but is swapped through maturity to a 5.95% fixed rate. (b) Loan has an effective interest rate of 2.82% for 2016 and 2.83% for 2015. (c) Loan has an effective interest rate of 3.15% for 2016 and 2.82% for 2015. The loan was paid off in December 2016. (d) Loan has a stated interest rate of LIBOR plus 1.0% , but is swapped through maturity to a 5.98% fixed rate. (e) Loan has a stated interest rate of LIBOR plus 1.35% , but is swapped through maturity to a 3.135% fixed rate. |
LEASES - THE COMPANY AS LESSEE
LEASES - THE COMPANY AS LESSEE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2017 $ 6.1 2018 5.7 2019 5.2 2020 5.1 2021 5.1 Thereafter 23.2 Total $ 50.4 |
LEASES - THE COMPANY AS LESSOR
LEASES - THE COMPANY AS LESSOR (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 were as follows (in millions): 2016 2015 Leased property - real estate $ 1,149.0 $ 1,126.8 Less accumulated depreciation (120.4 ) (125.9 ) Property under operating leases - net $ 1,028.6 $ 1,000.9 |
Schedule of Total Rental Income, Excluding Tenant Reimbursements under Operating Leases | Total rental income, excluding tenant reimbursements (which totaled $31.8 million , $30.2 million and $28.8 million for the years ended December 31, 2016 , 2015 and 2014 , respectively), under these operating leases was as follows (in millions): Years Ended December 31, 2016 2015 2014 Minimum rentals $ 95.2 $ 96.2 $ 89.8 Contingent rentals (based on sales volume) 5.4 4.8 4.7 Total $ 100.6 $ 101.0 $ 94.5 |
Schedule of Future Minimum Rentals on Non-cancelable Operating Leases | Future minimum rentals on non-cancelable operating leases at December 31, 2016 were as follows (in millions): Operating Leases 2017 $ 86.7 2018 73.6 2019 64.0 2020 52.4 2021 39.6 Thereafter 291.2 Total $ 607.5 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Weighted-Average and Target Asset Allocations | The Company’s weighted-average asset allocations at December 31, 2016 and 2015 , and 2016 year-end target allocation, by asset category, were as follows: Target 2016 2015 Domestic equity securities 34 % 31 % 34 % International equity securities 18 % 20 % 18 % Fixed income securities 36 % 35 % 35 % Other 12 % 9 % 10 % Cash — % 5 % 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, 2016 and 2015 , by asset category, are as follows (in millions): Fair Value Measurements as of December 31, 2016 Total Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Asset Category Cash $ 6.1 $ 6.1 $ — $ — Equity securities: Domestic 28.1 28.1 — — Domestic exchange-traded funds 16.9 16.9 — — International 24.5 24.5 — — International and emerging markets exchange-traded funds 4.1 4.1 — — Fixed income securities: U.S. Treasury obligations 21.7 21.7 — — Domestic corporate bonds and notes 26.6 — 26.6 — Foreign corporate bonds 1.5 — 1.5 — Other types of investments: Limited partnership interest in private equity fund 0.1 — — 0.1 Exchange-traded global real estate securities 9.9 9.9 — — Insurance contracts 0.1 — — 0.1 Exchange-traded commodity fund 2.9 2.9 — — Other receivables 0.6 0.6 — — Total $ 143.1 $ 114.8 $ 28.1 $ 0.2 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 |
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, 2016 and 2015 (in millions): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Private Equity Insurance Total Beginning balance, January 1, 2015 $ 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 Actual return on plan assets: Assets held at the reporting date (0.1 ) (0.1 ) (0.2 ) Ending balance, December 31, 2016 $ 0.1 $ 0.1 $ 0.2 |
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, 2016 and 2015 are shown below (in millions): Pension Benefits Other Post-retirement Benefits 2016 2015 2016 2015 Change in Benefit Obligation Benefit obligation at beginning of year $ 194.6 $ 204.4 $ 12.2 $ 12.0 Service cost 3.1 3.1 0.1 0.1 Interest cost 8.5 8.0 0.5 0.5 Plan participants’ contributions — — 1.1 0.9 Actuarial (gain) loss 4.7 (8.9 ) — 0.4 Benefits paid (13.0 ) (12.0 ) (2.1 ) (1.8 ) Conversion of guaranteed annuity contract — (0.4 ) — — Curtailment (0.9 ) — 0.1 0.1 Amendments — 0.4 — — Benefit obligation at end of year $ 197.0 $ 194.6 $ 11.9 $ 12.2 Change in Plan Assets Fair value of plan assets at beginning of year 146.2 160.8 — — Actual return on plan assets 9.4 (4.8 ) — — Employer contributions 0.5 2.6 0.9 0.8 Participant contributions — — 1.1 0.9 Conversion of guaranteed annuity contract — (0.4 ) — — Benefits paid (13.0 ) (12.0 ) (2.1 ) (1.8 ) Other — — 0.1 0.1 Fair value of plan assets at end of year $ 143.1 $ 146.2 $ — $ — Funded Status and Recognized Liability $ (53.9 ) $ (48.4 ) $ (11.9 ) $ (12.2 ) |
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, 2016 and 2015 were as follows (in millions): Pension Benefits Other Post-retirement Benefits 2016 2015 2016 2015 Current liabilities — — (1.0 ) (0.9 ) Non-current liabilities (53.9 ) (48.4 ) (10.9 ) (11.3 ) Total $ (53.9 ) $ (48.4 ) $ (11.9 ) $ (12.2 ) Net loss (net of taxes) $ 45.6 $ 47.3 $ 0.6 $ 0.6 Unrecognized prior service credit (net of taxes) (1.8 ) (2.6 ) — — Total $ 43.8 $ 44.7 $ 0.6 $ 0.6 |
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, 2016 and 2015 is shown below (in millions): 2016 2015 Projected benefit obligation $ 197.0 $ 194.6 Accumulated benefit obligation $ 197.0 $ 193.7 Fair value of plan assets $ 143.1 $ 146.2 |
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 income (loss) for the defined benefit pension plans and the post-retirement health care and life insurance benefit plans during 2016 , 2015 , and 2014 , are shown below (in millions): Pension Benefits Other Post-retirement Benefits 2016 2015 2014 2016 2015 2014 Components of Net Periodic Benefit Cost Service cost $ 3.1 $ 3.1 $ 2.6 $ 0.1 $ 0.1 $ 0.1 Interest cost 8.5 8.0 8.3 0.5 0.5 0.6 Expected return on plan assets (10.0 ) (11.1 ) (10.7 ) — — — Amortization of net loss 7.1 6.9 4.0 0.2 0.1 0.3 Amortization of prior service cost (0.5 ) (0.8 ) (0.8 ) — — — Curtailment (gain)/loss (0.9 ) — — — 0.1 — Net periodic benefit cost 7.3 6.1 3.4 0.8 0.8 1.0 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) Net loss (gain) $ 4.4 $ 7.0 $ 27.1 $ — $ 0.4 $ (0.6 ) Amortization of unrecognized gain (loss) (7.1 ) (6.9 ) (4.0 ) (0.2 ) (0.1 ) (0.3 ) Amortization of prior service credit 1.4 0.8 0.8 — — — Prior service cost — 0.4 — — — — Total recognized in other comprehensive income (loss) (1.3 ) 1.3 23.9 (0.2 ) 0.3 (0.9 ) Total recognized in net periodic benefit cost and other comprehensive income $ 6.0 $ 7.4 $ 27.3 $ 0.6 $ 1.1 $ 0.1 |
Summary of Weighted Average Assumptions used to Determine Benefit Information | The weighted average assumptions used to determine benefit information during 2016 , 2015 and 2014 were as follows: Pension Benefits Other Post-retirement Benefits 2016 2015 2014 2016 2015 2014 Weighted Average Assumptions: Discount rate 4.20 % 4.50 % 4.00 % 4.20 % 4.50 % 4.10 % Expected return on plan assets 7.10 % 7.10 % 7.10 % — % — % — % Rate of compensation increase 0.5%-3% 0.5%-3% 0.5%-3% 0.5%-3% 0.5%-3% 3.00 % Initial health care cost trend rate 6.80 % 7.00 % 7.30 % Ultimate rate 4.50 % 4.50 % 4.50 % Year ultimate rate is reached 2037 2037 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, 2016 , 2015 and 2014 and the net periodic post-retirement benefit cost for 2016 , 2015 and 2014 , would have increased or decreased as follows (in millions): Other Post-retirement Benefits One Percentage Point Increase Decrease 2016 2015 2014 2016 2015 2014 Effect on total of service and interest cost components $ 0.1 $ 0.1 $ 0.1 $ — $ — $ (0.1 ) Effect on post-retirement benefit obligation $ 1.0 $ 1.1 $ 1.1 $ (0.9 ) $ (0.9 ) $ (0.9 ) |
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 2017 $ 11.6 $ 4.2 $ 1.0 2018 $ 11.8 $ 1.7 $ 1.0 2019 $ 12.0 $ 0.1 $ 1.0 2020 $ 12.2 $ — $ 1.0 2021 $ 12.4 $ — $ 0.9 2022-2026 $ 62.8 $ 1.9 $ 3.6 |
Schedule of Multiemployer Plans | There were no plans to which 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. 2016 and 2015 Pending/Implemented Jan. 1 - Dec. 31, 2016 Jan. 1 - Dec. 31, 2015 Fund Operating Engineers 94-6090764; 001 Red Yes $ 4.7 $ 4.6 No 9/2/19 12/31/16 Laborers National 52-6074345; 001 Red Yes 0.1 0.1 No 8/31/18 12/31/16 Hawaii Laborers 99-6025107; 001 Green No 0.7 0.8 No 8/31/19 2/29/16 Hawaii Laborers 99-6025107; 001 Green No 0.2 0.2 No 9/30/19 2/29/16 Total $ 5.7 $ 5.7 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, consisted of the following (in millions): 2016 2015 2014 Current: Federal $ 2.9 $ 13.4 $ 15.4 State 0.9 1.6 4.5 Current $ 3.8 $ 15.0 $ 19.9 Deferred: Federal $ (1.4 ) $ 18.5 $ (8.1 ) State 0.2 2.8 (7.7 ) Deferred $ (1.2 ) $ 21.3 $ (15.8 ) Income tax expense (benefit) $ 2.6 $ 36.3 $ 4.1 |
Schedule of Income Tax Reconciliation | Income tax expense (benefit) for 2016 , 2015 and 2014 differs from amounts computed by applying the statutory federal rate to income from continuing operations before income taxes for the following reasons (in millions): 2016 2015 2014 Computed federal income tax expense $ 12.3 $ 34.0 $ 14.3 State income taxes 0.6 4.4 1.9 Nondeductible transaction costs 2.4 — — Federal solar tax credits (8.7 ) — (11.3 ) Share-based compensation (1.5 ) — — Noncontrolling interest (0.7 ) (0.5 ) (1.1 ) Other—net (1.8 ) (1.6 ) 0.3 Income tax expense (benefit) $ 2.6 $ 36.3 $ 4.1 |
Schedule of Tax effects of Temporary Differences Affecting Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31 of each year are as follows (in millions): 2016 2015 Deferred tax assets: Employee benefits $ 35.8 $ 37.1 Capitalized costs 23.0 22.4 Joint ventures and other investments 1.3 4.3 Impairment and amortization 11.4 7.8 Solar investment benefits 15.0 9.0 Insurance and other reserves 6.0 5.9 Other 3.5 5.7 Total deferred tax assets $ 96.0 $ 92.2 Deferred tax liabilities: Property (including tax-deferred gains on real estate transactions) $ 260.3 $ 279.3 Straight-line rental income and advanced rent 8.4 9.0 Other 9.3 6.0 Total deferred tax liabilities $ 278.0 $ 294.3 Net deferred tax liability $ 182.0 $ 202.1 |
Summary of Investment Holdings, Schedule of Investments | For the years ended December 31, 2016 and 2015, the Company recorded the following non-cash reductions related to the Company's investments in Waihonu and KRS II in Reduction in Solar Investments in the accompanying consolidated statement of operations (in millions): 2016 2015 Waihonu $ 8.7 $ — KRS II 1.1 2.6 Total $ 9.8 $ 2.6 |
SHARE-BASED AWARDS (Tables)
SHARE-BASED AWARDS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock Option Activity | Activity in the Company’s stock option plans in 2016 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, 2016 1,098.6 $18.81 Exercised (195.1 ) $23.58 Outstanding, December 31, 2016 903.5 $17.78 3.1 $24,288 Vested or expected to vest 903.5 $17.78 3.1 $24,288 Exercisable, December 31, 2016 903.5 $17.78 3.1 $24,288 |
Summary of Non-vested Restricted Stock Unit Activity | The following table summarizes 2016 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, 2016 271.9 $37.74 Granted 154.3 $30.91 Vested (69.0 ) $38.00 Canceled (63.7 ) $39.04 Outstanding, December 31, 2016 293.5 $33.81 |
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: 2016 2015 Volatility of A&B common stock 26.3 % 29.5 % Average volatility of peer companies 35.3 % 34.2 % Risk-free interest rate 1.10 % 0.70 % |
Summary of Compensation Cost Related to Share-based Payments | A summary of compensation cost related to share-based payments is as follows (in millions): 2016 2015 2014 Share-based expense (net of estimated forfeitures): Stock options $ — $ — $ 0.3 Incremental share-based compensation cost related to separation — — 0.2 Time-based and market-based restricted stock units 4.1 4.6 4.4 Total share-based expense 4.1 4.6 4.9 Total recognized tax benefit (1.4 ) (1.2 ) (1.5 ) Share-based expense (net of tax) $ 2.7 $ 3.4 $ 3.4 Cash received upon option exercise $ 4.6 $ 0.5 $ 4.5 Intrinsic value of options exercised $ 2.6 $ 0.5 $ 5.4 Tax benefit realized upon option exercise $ 1.0 $ 0.2 $ 2.0 Fair value of stock vested $ 2.2 $ 4.2 $ 2.6 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 (in millions): Standby letters of credit (a) $ 12.7 Bonds (b) $ 413.6 (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 have 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 $391.2 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, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Swap | A summary of the key terms related to the Company's outstanding cash flow hedge as of December 31, 2016 is as follows (dollars in millions): Notional Amount Fair Value at Balance Sheet Effective Date Maturity Date Interest Rate 12/31/2016 12/31/2016 12/31/2015 Classification 4/7/2016 8/1/2029 3.135% $60.0 $2.8 — Other non-current liabilities As of December 31, 2016, the Company has two interest rate swaps that have not been designated as cash flow hedges whose key terms are as follows (dollars in millions): Notional Amount Fair Value at Balance Sheet Effective Date Maturity Date Interest Rate 12/31/2016 12/31/2016 12/31/2015 Classification 1/1/2014 9/1/2021 5.95% $11.2 $(1.3) $(1.7) Other non-current liabilities 6/18/2008 3/1/2021 5.98% $6.1 $(0.5) $(0.8) Other non-current liabilities Total $17.3 $(1.8) $(2.5) |
Schedule of Derivative Instruments in Consolidated Statements of Operations | The following table represents the effect of the derivative instruments in the Company's consolidated statements of operations (in millions): 2016 2015 Derivatives in Designated Cash Flow Hedging Relationships: Amount of (gain) loss recognized in OCI on derivatives (effective portion) $ (2.6 ) $ — Amounts reclassified from accumulated OCI into earnings under "interest expense" (0.4 ) — Derivatives Not Designated as Cash Flow Hedges: Amount of realized and unrealized loss on derivatives recognized in earnings under "interest income and other" $ 0.7 $ 0.4 |
EARNINGS PER SHARE "EPS" (Table
EARNINGS PER SHARE "EPS" (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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): 2016 2015 2014 Income from continuing operations, net of tax $ 32.7 $ 60.8 $ 36.8 Less: Noncontrolling interest (1.8 ) (1.5 ) (3.1 ) Income from continuing operations attributable to A&B shareholders, net of tax 30.9 59.3 33.7 Less: Undistributed earnings (losses) allocated from redeemable noncontrolling interest 1.3 (3.1 ) — Income from continuing operations available to A&B shareholders, net of tax 32.2 56.2 33.7 Income from discontinued operations available to A&B shareholders, net of tax (41.1 ) (29.7 ) 27.7 Net income available to A&B shareholders $ (8.9 ) $ 26.5 $ 61.4 The number of shares used to compute basic and diluted earnings per share is as follows (in millions): 2016 2015 2014 Denominator for basic EPS - weighted average shares 49.0 48.9 48.7 Effect of dilutive securities: Non-participating stock options and restricted stock unit awards 0.4 0.4 0.6 Denominator for diluted EPS - weighted average shares outstanding 49.4 49.3 49.3 |
CESSATION OF SUGAR OPERATIONS (
CESSATION OF SUGAR OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 Cessation is as follows (in millions): Charges recognized during 2016 Cumulative amount recognized as of December 31, 2016 Remaining to be recognized Total Employee severance benefits and related costs $ 8.4 $ 21.8 $ 0.1 $ 21.9 Asset write-offs and accelerated depreciation * 62.1 71.3 — 71.3 Property removal, restoration and other exit-related costs 7.1 7.1 3.3 10.4 Total cessation costs $ 77.6 $ 100.2 $ 3.4 $ 103.6 * Included in depreciation and amortization in the Consolidated Statements of Cash Flows. A rollforward of the Cessation-related liabilities during the year ended December 31, 2016 is as follows (in millions): Employee severance benefits and related costs Other exit costs 1 Total Balance at December 31, 2015 $ 13.4 $ 4.1 $ 17.5 Expense 8.4 3.0 11.4 Cash payments (8.1 ) (1.7 ) (9.8 ) Balance at December 31, 2016 $ 13.7 $ 5.4 $ 19.1 1 Includes asset retirement obligations of $5.4 million . The Cessation-related liabilities were included in the accompanying consolidated balance sheets as follows (in millions): Classification on Balance Sheet December 31, 2016 December 31, 2015 Current: Employee severance benefits and related costs HC&S cessation-related liabilities $ 13.7 $ 5.8 Other exit costs HC&S cessation-related liabilities 5.4 0.6 Total current portion 19.1 6.4 Long-term: Employee severance benefits and related costs Other non-current liabilities — 7.6 Other exit costs Other non-current liabilities — 3.5 Total long-term portion — 11.1 Total sugar Cessation-related liabilities $ 19.1 $ 17.5 |
SEGMENT RESULTS (Tables)
SEGMENT RESULTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segment Information | Operating segment information for 2016 , 2015 and 2014 is summarized as below (in millions): For the Year Ended December 31, 2016 2015 2014 Revenue: Commercial Real Estate $ 134.7 $ 133.6 $ 125.3 Land Operations 61.9 120.2 96.7 Materials & Construction 190.9 219.0 234.3 Total revenue $ 387.5 $ 472.8 $ 456.3 Operating Profit (Loss) Commercial Real Estate $ 54.8 $ 53.2 $ 47.6 Land Operations 1,2 6.6 61.7 15.0 Materials and Construction 3 23.3 30.9 25.9 Total operating profit 84.7 145.8 88.5 Interest expense (26.3 ) (26.8 ) (29.0 ) Gain (loss) on sale of improved property, net 4 8.1 (1.8 ) — General corporate expenses (21.7 ) (20.1 ) (18.6 ) REIT evaluation costs 5 (9.5 ) — — Income From Continuing Operations Before Income Taxes 35.3 97.1 40.9 Income tax expense 6 2.6 36.3 4.1 Income From Continuing Operations 32.7 60.8 36.8 Income (Loss) from discontinued operations, net of income tax (41.1 ) (29.7 ) 27.7 Net Income (Loss) (8.4 ) 31.1 64.5 Income attributable to noncontrolling interest (1.8 ) (1.5 ) (3.1 ) Net Income (Loss) Attributable to A&B $ (10.2 ) $ 29.6 $ 61.4 1 The Land Operations segment includes approximately $15.1 million , $30.2 million , and $2.0 million in equity in earnings from its various real estate joint ventures for 2016 , 2015 , and 2014 , respectively. The Land Operations segment also includes non-cash impairment charges of $ 11.7 million in 2016 related to certain non-active, long-term development projects. 2 Amounts include non-cash reductions of $9.8 million , $2.6 million , and $14.7 million related to the Company's tax equity solar investments in KRS II and Waihonu for each of the years ended December 31, 2016, 2015, and 2014, respectively. 3 During the year ended December 31, 2016, the Company recorded charges of $2.6 million for environmental costs related to the management of a former quarry site and a net loss of $1.0 million related to the sales of vacant land parcels by an unconsolidated affiliate. 4 Amounts represent the sales of two California and one Utah property in June 2016, one Colorado retail property in March 2015, one Texas office building in May 2015, and one Washington office building in December 2015. 5 Costs related to the Company's in-depth evaluation of a REIT conversion. 6 Tax benefits associated with the KRS II and Waihonu investments are included in the Income tax expense line item in the Consolidated Statements of Operations. As of December 31, 2016 2015 2014 Identifiable Assets: Commercial Real Estate $ 1,119.5 $ 1,075.7 $ 1,206.6 Land Operations 7 632.8 759.7 716.6 Materials and Construction 371.8 386.6 385.9 Other 32.2 20.3 12.0 Total assets $ 2,156.3 $ 2,242.3 $ 2,321.1 Capital Expenditures: Commercial Real Estate 8 $ 98.7 $ 23.0 $ 51.8 Land Operations 9,10 5.3 2.1 1.1 Materials and Construction 9.3 7.2 10.7 Other 0.3 1.4 1.8 Total capital expenditures $ 113.6 $ 33.7 $ 65.4 Depreciation and Amortization: Commercial Real Estate $ 28.4 $ 28.9 $ 28.0 Land Operations 10 6.7 1.3 — Materials and Construction 11.7 11.6 15.2 Other 1.8 1.5 1.2 Total depreciation and amortization $ 48.6 $ 43.3 $ 44.4 7 The Land Operations segment includes approximately $357.5 million , $379.7 million , and $383.8 million related to its investment in various real estate joint ventures as of December 31, 2016 , 2015 , and 2014 , respectively. 8 Represents gross capital additions to the commercial real estate 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. 9 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 $15.2 million , $7.2 million , and $41.7 million for 2016 , 2015 , and 2014 , respectively. Investments in real estate joint ventures were $20.8 million , $25.8 million , and $28.7 million in 2016 , 2015 , and 2014 , respectively. Excludes expenditures from discontinued operations, which are classified as Cash Flows from Investing Activities within the Consolidated Statements of Cash Flows of $2.5 million , $11.0 million and $9.7 million for 2016, 2015, and 2014, respectively. 10 Amounts recast to reflect discontinued operations. Unaudited quarterly segment results for the years ended December 31, 2016 and 2015 were as follows (in millions): 2016 (Unaudited) Q1 Q2 Q3 Q4 Revenue: Commercial Real Estate $ 34.8 $ 34.5 $ 32.7 $ 32.7 Land Operations 6.0 5.5 18.1 32.3 Materials & Construction 50.6 42.0 52.1 46.2 Total revenue $ 91.4 $ 82.0 $ 102.9 $ 111.2 Operating Profit (Loss) Commercial Real Estate $ 14.2 $ 13.6 $ 13.5 $ 13.5 Land Operations 1,2 (4.3 ) (10.8 ) 7.8 13.9 Materials and Construction 3 8.0 4.9 5.6 4.8 Total operating profit 17.9 7.7 26.9 32.2 Interest expense (6.9 ) (6.8 ) (6.4 ) (6.2 ) Gain (loss) on sale of improved property 4 — 8.0 0.1 — General corporate expenses (6.9 ) (3.6 ) (5.5 ) (5.7 ) REIT evaluation costs 5 — (1.9 ) (1.9 ) (5.7 ) Income From Continuing Operations Before Income Taxes 4.1 3.4 13.2 14.6 Income tax expense 0.3 0.3 1.0 1.0 Income From Continuing Operations 3.8 3.1 12.2 13.6 Loss from discontinued operations, net of income tax (10.8 ) (3.7 ) (13.6 ) (13.0 ) Net Income (Loss) (7.0 ) (0.6 ) (1.4 ) 0.6 Income attributable to noncontrolling interest (0.5 ) (0.1 ) (0.5 ) (0.7 ) Net Income (Loss) Attributable to A&B (7.5 ) (0.7 ) (1.9 ) (0.1 ) Amounts Available to A&B Shareholders Income from continuing operations, net of taxes 3.8 3.1 12.2 13.6 Less: Income attributable to noncontrolling interests (0.5 ) (0.1 ) (0.5 ) (0.7 ) Income from continuing operations attributable to A&B shareholders, net of taxes 3.3 3.0 11.7 12.9 Less: Undistributed earnings allocated to redeemable noncontrolling interest 0.4 0.1 0.4 0.4 Income from continuing operations available to A&B shareholders, net of taxes 3.7 3.1 12.1 13.3 Income from discontinuing operations (10.8 ) (3.7 ) (13.6 ) (13.0 ) Net Income (Loss) Available to A&B shareholders $ (7.1 ) $ (0.6 ) $ (1.5 ) $ 0.3 Earnings (loss) per share available to A&B shareholders: Basic Earnings (Loss) Per Share: Continuing operations $ 0.08 $ 0.06 $ 0.25 $ 0.27 Discontinued operations $ (0.23 ) $ (0.07 ) $ (0.28 ) $ (0.26 ) Net income (loss) $ (0.15 ) $ (0.01 ) $ (0.03 ) $ 0.01 Diluted Earnings (Loss) Per Share: Continuing operations $ 0.08 $ 0.06 $ 0.24 $ 0.27 Discontinued operations $ (0.22 ) $ (0.07 ) $ (0.28 ) $ (0.26 ) Net income (loss) $ (0.14 ) $ (0.01 ) $ (0.04 ) $ 0.01 Weighted average shares: Basic 48.9 49.0 49.0 49.0 Diluted 49.3 49.4 49.4 49.4 2015 (Unaudited) Q1 Q2 Q3 Q4 Revenue: Commercial Real Estate $ 32.7 $ 34.7 $ 33.0 $ 33.2 Land Operations 37.1 41.2 25.5 16.4 Materials and Construction 56.9 57.4 51.0 53.7 Total revenue $ 126.7 $ 133.3 $ 109.5 $ 103.3 Operating Profit (Loss) Commercial Real Estate $ 13.2 $ 14.0 $ 12.6 $ 13.4 Land Operations 1,2 30.8 12.7 7.6 10.6 Materials and Construction 7.2 7.0 7.5 9.2 Total operating profit 51.2 33.7 27.7 33.2 Interest Expense (7.1 ) (6.6 ) (6.5 ) (6.6 ) Gain (loss) on sale of improved property 4 1.8 0.1 — (3.7 ) General Corporate Expenses (5.6 ) (5.3 ) (4.8 ) (4.4 ) Income From Continuing Operations Before Income Taxes 40.3 21.9 16.4 18.5 Income Tax Expense 15.0 8.2 6.1 7.0 Income From Continuing Operations 25.3 13.7 10.3 11.5 Income (Loss) From Discontinued Operations (net of income taxes) 0.6 (3.6 ) (3.3 ) (23.4 ) 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 ) Amounts Available to A&B Shareholders Income from continuing operations, net of taxes 25.3 13.7 10.3 11.5 Less: Income attributable to noncontrolling interests (0.6 ) (0.3 ) (0.3 ) (0.3 ) Income from continuing operations attributable to A&B shareholders, net of taxes 24.7 13.4 10.0 11.2 Less: Undistributed earnings allocated to redeemable noncontrolling interest — — (1.3 ) (1.8 ) Income from continuing operations available to A&B shareholders, net of taxes 24.7 13.4 8.7 9.4 Income from discontinuing operations 0.6 (3.6 ) (3.3 ) (23.4 ) 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 Earnings (Loss) Per Share: Continuing operations $ 0.51 $ 0.27 $ 0.18 $ 0.19 Discontinued operations $ 0.01 $ (0.07 ) $ (0.07 ) $ (0.48 ) Net income (loss) $ 0.52 $ 0.20 $ 0.11 $ (0.29 ) Diluted Earnings (Loss) Per Share: Continuing operations $ 0.50 $ 0.27 $ 0.18 $ 0.19 Discontinued operations $ 0.01 $ (0.07 ) $ (0.06 ) $ (0.48 ) Net income (loss) $ 0.51 $ 0.20 $ 0.12 $ (0.29 ) Weighted average shares: Basic 48.8 48.9 48.9 48.9 Diluted 49.3 49.4 49.3 48.9 1 During the fourth quarter of 2016, the Company recorded $ 11.7 million of non-cash impairment charges related to certain non-active, long-term development projects. 2 Amounts include non-cash reductions related to the Company's tax equity solar investments in KRS II and Waihonu. During the second quarter of 2016, the Company recognized income tax benefits of approximately $8.7 million related to Waihonu. 3 Amounts include charges of $2.6 million for environmental costs related to the management of a former quarry site during the fourth quarter of 2016, as well as a loss of $1.6 million and a gain of $0.6 million related to the sales of vacant land parcels by an unconsolidated affiliate during the third quarter and fourth quarter of 2016, respectively. 4 Amounts represent the sales of two California and one Utah property in June 2016 and one Colorado retail property in March 2015, one Texas office building in May 2015 and one Washington office building in December 2015. 5 Costs related to the Company's in-depth evaluation of a REIT conversion. |
BACKGROUND AND BASIS OF PRESE47
BACKGROUND AND BASIS OF PRESENTATION (Details) | 12 Months Ended |
Dec. 31, 2016Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 3 |
SIGNIFICANT ACCOUNTING POLICI48
SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Ownership interest percentage in subsidiaries | 70.00% | ||
Bank overdrafts | $ 0 | ||
Total interest cost incurred | 28,300,000 | $ 29,100,000 | $ 31,000,000 |
Capitalized interest | 2,000,000 | 2,300,000 | 1,900,000 |
Aggregate intangible asset amortization | 9,200,000 | 10,500,000 | 11,200,000 |
Goodwill | 102,300,000 | 102,300,000 | 102,300,000 |
Net cash provided by operations | 111,200,000 | 129,100,000 | 40,400,000 |
Net cash used in financing activities | (84,700,000) | (131,600,000) | (12,900,000) |
Accounting Standards Update 2016-09, Excess Tax Benefit Component | New Accounting Pronouncement, Early Adoption, Effect | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Deferred income tax assets, net | 500,000 | ||
Net cash provided by operations | 600,000 | 1,300,000 | |
Net cash used in financing activities | 600,000 | 1,300,000 | |
Materials & Construction | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Accounts receivable and contracts retention | 8,200,000 | 7,300,000 | |
Accounts and contracts payable | 600,000 | 600,000 | |
Goodwill | $ 93,600,000 | 93,600,000 | 93,600,000 |
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 | $ 515,100,000 | 587,000,000 | |
Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of recorded loan | 529,300,000 | 597,000,000 | |
City and County of Honolulu | Customer Concentration Risk | Materials & Construction | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Revenues | 52,000,000 | 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 | $ 50,100,000 | $ 80,800,000 | $ 79,600,000 |
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% | ||
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% |
SIGNIFICANT ACCOUNTING POLICI49
SIGNIFICANT ACCOUNTING POLICIES - Summary of Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at Beginning of Year | $ 1.7 | $ 1.7 | $ 1.3 |
Provision for bad debt | 0.8 | 0.4 | 0.8 |
Write-offs and Other | (1.5) | (0.4) | (0.4) |
Balance at End of Year | $ 1 | $ 1.7 | $ 1.7 |
SIGNIFICANT ACCOUNTING POLICI50
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory [Line Items] | ||
Inventories | $ 43.3 | $ 55.9 |
Sugar inventories | ||
Inventory [Line Items] | ||
Inventories | 17.5 | 16.3 |
Asphalt | ||
Inventory [Line Items] | ||
Inventories | 7.4 | 12.8 |
Processed rock, Portland cement, and sand | ||
Inventory [Line Items] | ||
Inventories | 12.6 | 12.2 |
Work in progress | ||
Inventory [Line Items] | ||
Inventories | 3 | 3.7 |
Retail merchandise | ||
Inventory [Line Items] | ||
Inventories | 1.7 | 1.6 |
Parts, materials and supplies inventories | ||
Inventory [Line Items] | ||
Inventories | $ 1.1 | $ 9.3 |
SIGNIFICANT ACCOUNTING POLICI51
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Useful Lives of Property (Details) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 | Dec. 31, 2015 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amount | $ 8.5 | $ 1 |
Weighted Average Life (Years) | 7 years | 2 years 7 months 12 days |
SIGNIFICANT ACCOUNTING POLICI53
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ (56.8) | $ (47.6) |
Total assets | 53.8 | 54.4 |
In-place/favorable leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortized intangible assets: | 69.9 | 62.6 |
Favorable leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortized intangible assets: | 17.9 | 16.6 |
Permitted quarry rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortized intangible assets: | 18 | 18 |
Contract backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortized intangible assets: | 2.6 | 2.6 |
Trade name/customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortized intangible assets: | $ 2.2 | $ 2.2 |
SIGNIFICANT ACCOUNTING POLICI54
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Amortization Expenses Related to Intangible Assets (Details) $ in Millions | Dec. 31, 2016USD ($) |
Accounting Policies [Abstract] | |
2,017 | $ 7.5 |
2,018 | 6.2 |
2,019 | 5.2 |
2,020 | 4 |
2,021 | $ 3.4 |
SIGNIFICANT ACCOUNTING POLICI55
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 102.3 | $ 102.3 |
Changes to goodwill | 0 | 0 |
Goodwill, ending balance | 102.3 | 102.3 |
Materials & Construction | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 93.6 | 93.6 |
Changes to goodwill | 0 | 0 |
Goodwill, ending balance | 93.6 | 93.6 |
Commercial Real Estate | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 8.7 | 8.7 |
Changes to goodwill | 0 | 0 |
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, 2016 | Dec. 31, 2015 |
Unrealized components of benefit plans: | ||
Pension plans | $ (43.8) | $ (44.7) |
Post-retirement plans | (0.6) | (0.6) |
Non-qualified benefit plans | (0.6) | 0 |
Interest rate swap | 1.8 | 0 |
Accumulated other comprehensive loss | $ (43.2) | $ (45.3) |
SIGNIFICANT ACCOUNTING POLICI57
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Changes In Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at the beginning of the period | $ 1,223.6 | ||
Balance at the end of the period | 1,209.3 | $ 1,223.6 | |
Employee Benefit Plans | |||
Changes In Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at the beginning of the period | (45.3) | (44.4) | $ (30.1) |
Other comprehensive loss before reclassifications, net of tax | (3.4) | (4.6) | (16.3) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 3.7 | 3.7 | 2 |
Balance at the end of the period | (45) | (45.3) | (44.4) |
Other comprehensive loss before reclassifications, tax | 2.1 | 2.9 | 10.4 |
Amounts reclassified from accumulated other comprehensive loss, tax | 2.3 | 2.3 | 1.2 |
Interest Rate Swap | |||
Changes In Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at the beginning of the period | 0 | 0 | 0 |
Other comprehensive loss before reclassifications, net of tax | 1.6 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0.2 | 0 | 0 |
Balance at the end of the period | 1.8 | 0 | 0 |
Other comprehensive loss before reclassifications, tax | 1 | ||
Amounts reclassified from accumulated other comprehensive loss, tax | 0.2 | ||
Total | |||
Changes In Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at the beginning of the period | (45.3) | (44.4) | (30.1) |
Other comprehensive loss before reclassifications, net of tax | (1.8) | (4.6) | (16.3) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 3.9 | 3.7 | 2 |
Balance at the end of the period | $ (43.2) | $ (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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Unrealized hedging gain (loss) | $ 2.6 | $ 0 | $ 0 |
Reclassification adjustment for interest expense included in net loss | 0.4 | 0 | 0 |
Actuarial loss | (4.6) | (7.1) | (26.7) |
Prior service cost | 0 | (0.4) | 0 |
Amortization of defined benefit pension items reclassified to net periodic pension cost: | |||
Net loss | 7.5 | 7.3 | 4.5 |
Prior service credit | (0.9) | (1.3) | (1.3) |
Curtailment | (1.5) | 0 | 0 |
Total before income tax | 3.5 | (1.5) | (23.5) |
Income taxes | (1.4) | 0.6 | 9.2 |
Other Comprehensive Income (Loss) | $ 2.1 | $ (0.9) | $ (14.3) |
SIGNIFICANT ACCOUNTING POLICI59
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Impact of Adopting New Accounting Guidance (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Other assets | $ 60 | $ 63.8 | |
Total assets | 2,156.3 | 2,242.3 | $ 2,321.1 |
Long-term debt | 472.7 | 496.6 | |
Total liabilities and equity | 2,156.3 | 2,242.3 | |
Adjustment for debt issuance costs | $ 1.2 | 1.2 | |
Previously reported | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Other assets | 65 | ||
Total assets | 2,243.5 | ||
Long-term debt | 497.8 | ||
Total liabilities and equity | 2,243.5 | ||
Accounting Standards Update 2015-03 | Other assets | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Adjustment for debt issuance costs | (1.2) | ||
Accounting Standards Update 2015-03 | Total assets | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Adjustment for debt issuance costs | (1.2) | ||
Accounting Standards Update 2015-03 | Long-term debt | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Adjustment for debt issuance costs | 1.2 | ||
Accounting Standards Update 2015-03 | Total liabilities and equity | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Adjustment for debt issuance costs | $ 1.2 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Affiliated Entity | Materials & Construction | Supplier Contracts | ||||
Related Party Transaction [Line Items] | ||||
Related party revenue | $ 12,000,000 | $ 23,000,000 | $ 23,900,000 | |
Affiliated Entity | Real Estate Leasing and Development | Developer Fee Revenues | ||||
Related Party Transaction [Line Items] | ||||
Related party revenue | 4,600,000 | $ 2,900,000 | ||
Affiliated Entity | Real Estate Leasing and Development | Lease Agreements | ||||
Related Party Transaction [Line Items] | ||||
Related party revenue | 6,100,000 | |||
Former Executive | Consulting Agreement | ||||
Related Party Transaction [Line Items] | ||||
Contract term | 1 year | |||
Expenses from transactions with related party | $ 200,000 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Total revenue from discontinued operations | $ 98.4 | $ 97.7 | $ 104 | ||||||||
Total Commercial Real Estate operating profit before taxes | (66.7) | (49.5) | 44.1 | ||||||||
Income tax benefit (expense) | 25.6 | 19.8 | (16.4) | ||||||||
Income (loss) from discontinued operations | $ (13) | $ (13.6) | $ (3.7) | $ (10.8) | $ (23.4) | $ (3.3) | $ (3.6) | $ 0.6 | $ (41.1) | $ (29.7) | $ 27.7 |
Discontinued operations, basic (in dollars per share) | $ (0.26) | $ (0.28) | $ (0.07) | $ (0.23) | $ (0.48) | $ (0.07) | $ (0.07) | $ 0.01 | $ (0.84) | $ (0.61) | $ 0.57 |
Discontinued operations, diluted (in dollars per share) | $ (0.26) | $ (0.28) | $ (0.07) | $ (0.22) | $ (0.48) | $ (0.06) | $ (0.07) | $ 0.01 | $ (0.83) | $ (0.60) | $ 0.57 |
Depreciation and amortization related to discontinued Operations | $ 70.9 | $ 12.4 | $ 10.6 | ||||||||
Land Operations | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Total revenue from discontinued operations | 98.4 | 97.7 | 103.7 | ||||||||
Operating profit (loss) | 10.9 | (26.9) | (12.1) | ||||||||
Sugar operations Cessation costs | (77.6) | (22.6) | 0 | ||||||||
Total Commercial Real Estate operating profit before taxes | (66.7) | (49.5) | (12.1) | ||||||||
Commercial Real Estate | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Total revenue from discontinued operations | 0 | 0 | 0.3 | ||||||||
Gain on sale of income-producing properties, net | 0 | 0 | 55.9 | ||||||||
Operating profit (loss) | 0 | 0 | 0.3 | ||||||||
Total Commercial Real Estate operating profit before taxes | $ 0 | $ 0 | $ 56.2 |
INVESTMENTS IN AFFILIATES - Nar
INVESTMENTS IN AFFILIATES - Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Jan. 31, 2015Unit | Dec. 31, 2014Unit | Oct. 31, 2014USD ($)Unit | Jul. 31, 2014USD ($)MW | Dec. 31, 2016USD ($)Unit | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($)photovoltaic_facilityMW | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)Unit | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2012USD ($) | Jan. 31, 2017Unit | Dec. 31, 2013USD ($) | Dec. 31, 2010Unit | Dec. 31, 2002residential_unit | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Undistributed earnings of investments in affiliates | $ 15,500,000 | $ 15,500,000 | ||||||||||||||
Dividends declared, not yet paid | 8,000,000 | 8,000,000 | $ 12,300,000 | |||||||||||||
Dividends and distributions from unconsolidated affiliates | 71,600,000 | 72,200,000 | $ 17,900,000 | |||||||||||||
Investments in Affiliates | 390,800,000 | 390,800,000 | 416,400,000 | |||||||||||||
Non-cash reduction in equity method investments | 5,700,000 | $ 1,900,000 | $ 1,900,000 | $ 0 | 9,800,000 | 2,600,000 | $ 14,700,000 | |||||||||
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 | $ 290,700,000 | $ 290,700,000 | 275,500,000 | |||||||||||||
Equity method ownership percentage (in percent) | 61.00% | 61.00% | ||||||||||||||
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 | $ 0 | $ 0 | 0 | |||||||||||||
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] | ||||||||||||||||
Facilities, power capacity (in megawatts) | MW | 12 | |||||||||||||||
Investment in various real estate joint ventures | $ 23,800,000 | 2,200,000 | 2,200,000 | 4,400,000 | ||||||||||||
Non-cash reduction in equity method investments | 1,100,000 | 2,600,000 | ||||||||||||||
KRS II | Payment Guarantee | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Guarantor obligations, maximum exposure | $ 6,000,000 | 6,000,000 | 6,000,000 | |||||||||||||
Waihonu | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Total equity required for projects | $ 15,400,000 | |||||||||||||||
Number of photovoltaic facilities constructing | photovoltaic_facility | 2 | |||||||||||||||
Facilities, power capacity (in megawatts) | MW | 6.5 | |||||||||||||||
Investment in various real estate joint ventures | $ 3,800,000 | 3,800,000 | ||||||||||||||
Non-cash reduction in equity method investments | $ 8,700,000 | 8,700,000 | 0 | |||||||||||||
Proceeds from income tax refunds | $ 2,900,000 | |||||||||||||||
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 | |||||||||||||||
units in real estate property development closed escrow | Unit | 396 | 396 | ||||||||||||||
The Collection LLC | Townhomes | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Number of units in real estate property expected for development | Unit | 14 | |||||||||||||||
units in real estate property development closed escrow | Unit | 1 | 1 | ||||||||||||||
The Collection LLC | Townhomes | Subsequent Event | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
units in real estate property development closed escrow | Unit | 1 | |||||||||||||||
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 | |||||||||||||||
units in real estate property development closed escrow | Unit | 54 | 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 | $ 15,300,000 | $ 15,300,000 | $ 49,100,000 | |||||||||||||
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 |
INVESTMENTS IN AFFILIATES - Sum
INVESTMENTS IN AFFILIATES - Summary of Financial Information for Equity Method Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
ASSETS | |||
Current assets | $ 154.3 | $ 107.1 | |
Non-current assets | 727.8 | 854 | |
Total assets | 882.1 | 961.1 | |
Liabilities | |||
Current liabilities | 65.8 | 64.4 | |
Non-current liabilities | 175 | 200.7 | |
Total liabilities | 240.8 | 265.1 | |
Income Statement | |||
Operating revenue | 489.3 | 471.7 | $ 71 |
Operating costs and expenses | 449.8 | 411.6 | 65.9 |
Operating income | 39.5 | 60.1 | 5.1 |
Income from continuing operations | 31.7 | 57.2 | 5 |
Net income | $ 31.7 | $ 56.1 | $ 5 |
UNCOMPLETED CONTRACTS (Details)
UNCOMPLETED CONTRACTS (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Contractors [Abstract] | ||
Costs incurred on uncompleted contracts | $ 92.2 | $ 80.3 |
Estimated earnings | 26.8 | 29.2 |
Subtotal | 119 | 109.5 |
Less: billings to date | 106.1 | 95.8 |
Total | 12.9 | 13.7 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 16.4 | 16.3 |
Estimated billings in excess of costs and estimated earnings on uncompleted contracts | (3.5) | (2.6) |
Total | $ 12.9 | $ 13.7 |
PROPERTY (Details)
PROPERTY (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Property - gross | $ 1,754.9 | $ 1,713.2 | |
Accumulated depreciation | (523.3) | (443.8) | |
Property - net | 1,231.6 | 1,269.4 | |
Depreciation expense | 106.1 | 43.8 | $ 43.9 |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property - gross | 566.5 | 571.3 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property - gross | 622.6 | 578.5 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property - gross | 254 | 242.6 | |
Asphalt plants and quarry assets | |||
Property, Plant and Equipment [Line Items] | |||
Property - gross | 78.2 | 77.1 | |
Water, power and sewer systems | |||
Property, Plant and Equipment [Line Items] | |||
Property - gross | 156.4 | 145.6 | |
Other property improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property - gross | 65.9 | 86.8 | |
Vessel | |||
Property, Plant and Equipment [Line Items] | |||
Property - gross | $ 11.3 | $ 11.3 |
NOTES PAYABLE AND LONG-TERM D66
NOTES PAYABLE AND LONG-TERM DEBT - Summary of Notes Payable and Long-Term Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Notes payable and long-term debt | ||
Total debt (contractual) | $ 515.8 | $ 587.9 |
Add debt premium (discount) | 0.5 | 0.3 |
Adjustment for debt issuance costs | (1.2) | (1.2) |
Total debt (carrying value) | 515.1 | 587 |
Less current portion | (42.4) | (90.4) |
Long-term debt | $ 472.7 | 496.6 |
Interest Rate Swap | ||
Notes payable and long-term debt | ||
Fixed rate on derivative | 3.135% | |
Revolving Credit loans (2.42% for 2016 and 2.10% for 2015) | ||
Notes payable and long-term debt | ||
Total debt (contractual) | $ 14.9 | $ 77.8 |
Effective interest rate | 2.42% | 2.10% |
3.90%, payable through 2024, unsecured | ||
Notes payable and long-term debt | ||
Total debt (contractual) | $ 68.1 | $ 75 |
Loan interest rate | 3.90% | |
6.90%, payable through 2020, unsecured | ||
Notes payable and long-term debt | ||
Total debt (contractual) | $ 65 | 75 |
Loan interest rate | 6.90% | |
3.88%, payable through 2027, unsecured | ||
Notes payable and long-term debt | ||
Total debt (contractual) | $ 50 | 50 |
Loan interest rate | 3.88% | |
5.55%, payable through 2026, unsecured | ||
Notes payable and long-term debt | ||
Total debt (contractual) | $ 46 | 47 |
Loan interest rate | 5.55% | |
5.53%, payable through 2024, unsecured | ||
Notes payable and long-term debt | ||
Total debt (contractual) | $ 28.5 | 31.5 |
Loan interest rate | 5.53% | |
5.56%, payable through 2026, unsecured | ||
Notes payable and long-term debt | ||
Total debt (contractual) | $ 25 | 25 |
Loan interest rate | 5.56% | |
4.35%, payable through 2026, unsecured | ||
Notes payable and long-term debt | ||
Total debt (contractual) | $ 22 | 23.4 |
Loan interest rate | 4.35% | |
4.15%, payable through 2024, secured by Pearl Highlands Center | ||
Notes payable and long-term debt | ||
Total debt (contractual) | $ 88.8 | 90.4 |
Loan interest rate | 4.15% | |
LIBOR plus 1.5%, payable through 2021, secured by Kailua Town Center III | ||
Notes payable and long-term debt | ||
Total debt (contractual) | $ 11.2 | 11.5 |
LIBOR plus 1.5%, payable through 2021, secured by Kailua Town Center III | Interest Rate Swap | ||
Notes payable and long-term debt | ||
Fixed rate on derivative | 5.95% | |
LIBOR plus 1.5%, payable through 2021, secured by Kailua Town Center III | LIBOR | ||
Notes payable and long-term debt | ||
Basis spread on variable rate | 1.50% | |
LIBOR plus 2.66%, payable through 2016, secured by The Shops at Kukui'ula | ||
Notes payable and long-term debt | ||
Total debt (contractual) | $ 0 | $ 37 |
Effective interest rate | 2.82% | 2.83% |
LIBOR plus 2.66%, payable through 2016, secured by The Shops at Kukui'ula | LIBOR | ||
Notes payable and long-term debt | ||
Basis spread on variable rate | 2.66% | |
LIBOR plus 2.0%, payable through 2019, secured by letter of credit | ||
Notes payable and long-term debt | ||
Total debt (contractual) | $ 9.4 | $ 0 |
LIBOR plus 2.0%, payable through 2019, secured by letter of credit | LIBOR | ||
Notes payable and long-term debt | ||
Basis spread on variable rate | 2.00% | |
LIBOR plus 2.63%, payable through 2016, secured by Kahala Estate Properties | ||
Notes payable and long-term debt | ||
Total debt (contractual) | $ 0 | $ 8.2 |
Effective interest rate | 3.15% | 2.82% |
LIBOR plus 2.63%, payable through 2016, secured by Kahala Estate Properties | LIBOR | ||
Notes payable and long-term debt | ||
Basis spread on variable rate | 2.63% | |
LIBOR plus 1.35%, payable through 2029, secured by Manoa Marketplace | ||
Notes payable and long-term debt | ||
Total debt (contractual) | $ 60 | $ 0 |
LIBOR plus 1.35%, payable through 2029, secured by Manoa Marketplace | Interest Rate Swap | ||
Notes payable and long-term debt | ||
Fixed rate on derivative | 3.135% | |
LIBOR plus 1.35%, payable through 2029, secured by Manoa Marketplace | LIBOR | ||
Notes payable and long-term debt | ||
Loan interest rate | 1.35% | |
Basis spread on variable rate | 1.35% | |
6.38%, payable through 2017, secured by Midstate Hayes | ||
Notes payable and long-term debt | ||
Total debt (contractual) | $ 8.2 | 8.3 |
Loan interest rate | 6.38% | |
LIBOR plus 1.0%, payable through 2021, secured by asphalt terminal | ||
Notes payable and long-term debt | ||
Total debt (contractual) | $ 6.1 | 7.4 |
LIBOR plus 1.0%, payable through 2021, secured by asphalt terminal | Interest Rate Swap | ||
Notes payable and long-term debt | ||
Fixed rate on derivative | 5.98% | |
LIBOR plus 1.0%, payable through 2021, secured by asphalt terminal | LIBOR | ||
Notes payable and long-term debt | ||
Basis spread on variable rate | 1.00% | |
5.19%, payable through 2019, unsecured | ||
Notes payable and long-term debt | ||
Total debt (contractual) | $ 6.5 | 8.4 |
Loan interest rate | 5.19% | |
1.85%, payable through 2017, unsecured | ||
Notes payable and long-term debt | ||
Total debt (contractual) | $ 2.5 | 5.3 |
Loan interest rate | 1.85% | |
3.31%, payable through 2018, unsecured | ||
Notes payable and long-term debt | ||
Total debt (contractual) | $ 2.8 | 4.6 |
Loan interest rate | 3.31% | |
2.00%, payable through 2018, unsecured | ||
Notes payable and long-term debt | ||
Total debt (contractual) | $ 0.8 | 1.5 |
Loan interest rate | 2.00% | |
2.65%, payable through 2016, unsecured | ||
Notes payable and long-term debt | ||
Total debt (contractual) | $ 0 | $ 0.6 |
Loan interest rate | 2.65% |
NOTES PAYABLE AND LONG-TERM D67
NOTES PAYABLE AND LONG-TERM DEBT - Narrative - Long-term Debt Maturities (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |
Maturity terms for long-term debts | 5 years |
Maturities of Long-term Debt [Abstract] | |
Debts mature in 2017 | $ 42,500,000 |
Debts mature in 2018 | 41,100,000 |
Debts mature in 2019 | 41,000,000 |
Debts mature in 2020 | 52,500,000 |
Debts mature in 2021 | 55,900,000 |
Debts mature thereafter | 282,800,000 |
Balloon payment to be paid | 9,400,000 |
LIBOR plus 1.35%, payable through 2029, secured by Manoa Marketplace | |
Debt Instrument [Line Items] | |
Face amount of debt | $ 60,000,000 |
Interest only payment terms | 36 months |
Principal and interest payment term | 120 months |
Amortization period | 25 years |
Maturities of Long-term Debt [Abstract] | |
Balloon payment to be paid | $ 41,700,000 |
LIBOR | LIBOR plus 1.35%, payable through 2029, secured by Manoa Marketplace | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.35% |
Interest Rate Swap | |
Debt Instrument [Line Items] | |
Notional amount of derivative | $ 60,000,000 |
Fixed rate on derivative | 3.135% |
Interest Rate Swap | LIBOR plus 1.35%, payable through 2029, secured by Manoa Marketplace | |
Debt Instrument [Line Items] | |
Fixed rate on derivative | 3.135% |
NOTES PAYABLE AND LONG-TERM D68
NOTES PAYABLE AND LONG-TERM DEBT - Narrative - Revolving Credit Facilities (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Subsidiary | Dec. 31, 2015USD ($) | Dec. 16, 2013USD ($) | |
Subsidiary, One | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility outstanding amount | $ 4,000,000 | ||
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 | $ 145,400,000 | ||
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 | $ 497,800,000 | ||
Unused borrowing capacity for asphalt purchases only | 30,000,000 | ||
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 | 14,900,000 | ||
Outstanding letters of credit | 12,700,000 | ||
Total remaining capacity available for borrowing | $ 322,400,000 | ||
Line of Credit | Subsidiary, One | |||
Line of Credit Facility [Line Items] | |||
Number of subsidiaries | Subsidiary | 1 | ||
Face amount of debt | $ 30,000,000 | ||
First Hawaiian Bank | Secured Debt | Estates of Kahala, LLC | |||
Line of Credit Facility [Line Items] | |||
Non-recourse secured debt | $ 8,200,000 | $ 42,000,000 |
NOTES PAYABLE AND LONG-TERM D69
NOTES PAYABLE AND LONG-TERM DEBT - Narrative - Real Estate Secured Term Debt (Details) | Dec. 01, 2014USD ($) | Dec. 16, 2013USD ($) | Nov. 05, 2013USD ($)a | Sep. 25, 2013USD ($) | Sep. 17, 2013USD ($)ft² | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 20, 2013USD ($) | Dec. 16, 2013Residential_Lot | Dec. 16, 2013Parcel | Sep. 24, 2013USD ($)a |
Debt Instrument [Line Items] | ||||||||||||
Maturity terms for long-term debts | 5 years | |||||||||||
Repayment of term loan | $ 334,300,000 | $ 248,100,000 | $ 224,200,000 | |||||||||
Balloon payment to be paid | 9,400,000 | |||||||||||
Real estate partnership interests | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Book values of assets being pledged as collateral | 241,400,000 | |||||||||||
Materials & Construction | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Book values of assets being pledged as collateral | 22,100,000 | |||||||||||
Agribusiness | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Book values of assets being pledged as collateral | 0 | |||||||||||
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 | |||||||||||
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 | ||||||||||
LIBOR | Secured Debt | Estates of Kahala, LLC | First Hawaiian Bank | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.625% | |||||||||||
Kaneohe Ranch Portfolio | Mortgages | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Net of debt assumed in business combination | $ 12,000,000 | |||||||||||
Fixed rate on derivative | 5.95% | |||||||||||
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] | ||||||||||||
Maturity terms for long-term debts | 3 years | |||||||||||
Secured debt amount | $ 34,600,000 | 0 | $ 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] | ||||||||||||
Basis spread on variable rate | 2.00% | |||||||||||
Required periodic payment of principal | $ 900,000 | |||||||||||
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 |
LEASES - THE COMPANY AS LESSE70
LEASES - THE COMPANY AS LESSEE (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Leases [Abstract] | |||
Rental expense under operating leases | $ 6.8 | $ 7.2 | $ 6.7 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,017 | 6.1 | ||
2,018 | 5.7 | ||
2,019 | 5.2 | ||
2,020 | 5.1 | ||
2,021 | 5.1 | ||
Thereafter | 23.2 | ||
Total | $ 50.4 |
LEASES - THE COMPANY AS LESSO71
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, 2016 | Dec. 31, 2015 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Leased property - real estate | $ 1,149 | $ 1,126.8 |
Less accumulated depreciation | (120.4) | (125.9) |
Property under operating leases - net | $ 1,028.6 | $ 1,000.9 |
LEASES - THE COMPANY AS LESSO72
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Leases [Abstract] | |||
Tenant reimbursements | $ 31.8 | $ 30.2 | $ 28.8 |
Minimum rentals | 95.2 | 96.2 | 89.8 |
Contingent rentals (based on sales volume) | 5.4 | 4.8 | 4.7 |
Total | $ 100.6 | $ 101 | $ 94.5 |
LEASES - THE COMPANY AS LESSO73
LEASES - THE COMPANY AS LESSOR - Schedule of Future Minimum Rentals on Non-cancelable Operating Leases (Details) $ in Millions | Dec. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,017 | $ 86.7 |
2,018 | 73.6 |
2,019 | 64 |
2,020 | 52.4 |
2,021 | 39.6 |
Thereafter | 291.2 |
Total | $ 607.5 |
EMPLOYEE BENEFIT PLANS - Narrat
EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)Plan | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Grace | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company's matching contribution expense | $ 2 | ||
Multiemployer Plans, Pension | |||
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 | $ 0.7 | $ 0.7 | |
Defined Contribution 401k Plan | Grace | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum annual contribution per employee | 10.00% | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 7.10% | 7.10% | 7.10% |
Actual return on plan assets | 2.64% | 2.79% | |
Pension contributions | $ 0.5 | $ 2.6 | $ 5.7 |
Accumulated benefit obligation | 197 | 193.7 | |
Estimated net prior service credit, net of tax, that will be recognized in net periodic pension cost in next fiscal year | 0.5 | ||
Estimated net loss, net of tax, that will be recognized in net periodic pension cost in next fiscal year | 4.2 | ||
Plans obligations | $ (53.9) | $ (48.4) | |
Discount rate | 4.20% | 4.50% | 4.00% |
Net periodic benefit cost | $ 7.3 | $ 6.1 | $ 3.4 |
Net loss, net of taxes | 45.6 | 47.3 | |
Unrecognized prior service credit, net of taxes | (1.8) | (2.6) | |
Current liabilities related to non-qualified plan and post-retirement benefits | $ 0 | $ 0 | |
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 | $ 0.1 | ||
Amortization period of unrecognized gains and losses | 5 years | ||
Plans obligations | $ (11.9) | $ (12.2) | |
Discount rate | 4.20% | 4.50% | 4.10% |
Net periodic benefit cost | $ 0.8 | $ 0.8 | $ 1 |
Net loss, net of taxes | 0.6 | 0.6 | |
Unrecognized prior service credit, net of taxes | 0 | 0 | |
Current liabilities related to non-qualified plan and post-retirement benefits | 1 | 0.9 | |
Non-qualified Plan Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated net loss, net of tax, that will be recognized in net periodic pension cost in next fiscal year | 0.2 | ||
Plans obligations | $ 7.4 | ||
Discount rate | 3.90% | ||
Net periodic benefit cost | $ 0.6 | $ 0.1 | 0.1 |
Net loss, net of taxes | 1.5 | ||
Unrecognized prior service credit, net of taxes | (0.9) | ||
Non qualified and Post retirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current liabilities related to non-qualified plan and post-retirement benefits | $ 5.2 | ||
Deferred Profit Sharing | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company's matching contribution expense | $ 0.6 | ||
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% |
EMPLOYEE BENEFIT PLANS - Schedu
EMPLOYEE BENEFIT PLANS - Schedule of Weighted-Average and Target Asset Allocations (Details) - Pension Benefits | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 31.00% | 34.00% |
International equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 18.00% | |
Weighted-average asset allocations | 20.00% | 18.00% |
Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 36.00% | |
Weighted-average asset allocations | 35.00% | 35.00% |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 12.00% | |
Weighted-average asset allocations | 9.00% | 10.00% |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 0.00% | |
Weighted-average asset allocations | 5.00% | 3.00% |
EMPLOYEE BENEFIT PLANS - Sche76
EMPLOYEE BENEFIT PLANS - Schedule of Fair Value of Pension Plan Assets by Asset Category (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | $ 143.1 | $ 146.2 |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 6.1 | 3.8 |
Domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 28.1 | 16.7 |
Domestic exchange-traded funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 16.9 | 33.1 |
International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 24.5 | 18.6 |
International and emerging markets exchange-traded funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 4.1 | 7.2 |
U.S. Treasury obligations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 21.7 | 17.1 |
Domestic corporate bonds and notes | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 26.6 | 31.6 |
Foreign corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 1.5 | 3.1 |
Limited partnership interest in private equity fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0.1 | 0.2 |
Exchange-traded global real estate securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 9.9 | 11.2 |
Insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0.1 | 0.2 |
Exchange-traded commodity fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 2.9 | 2.7 |
Other receivables | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0.6 | 0.7 |
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 | 114.8 | 111.1 |
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 | 6.1 | 3.8 |
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 | 28.1 | 16.7 |
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 | 16.9 | 33.1 |
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 | 24.5 | 18.6 |
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 | 4.1 | 7.2 |
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 | 21.7 | 17.1 |
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 securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 9.9 | 11.2 |
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 | 2.9 | 2.7 |
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 | 0.6 | 0.7 |
Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 28.1 | 34.7 |
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 |
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 | 26.6 | 31.6 |
Significant Other Observable Inputs (Level 2) | Foreign corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 1.5 | 3.1 |
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 securities | ||
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 | 0.2 | 0.4 |
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 | 0.1 | 0.2 |
Significant Un-observable Inputs (Level 3) | Exchange-traded global real estate securities | ||
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 | 0.1 | 0.2 |
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 - Sche77
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, 2016 | Dec. 31, 2015 | |
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | $ 146.2 | |
Actual return on plan assets [Abstract] | ||
Fair value of plan assets at end of year | 143.1 | $ 146.2 |
Pension Benefits | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 146.2 | 160.8 |
Actual return on plan assets [Abstract] | ||
Fair value of plan assets at end of year | 143.1 | 146.2 |
Private Equity | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0.2 | |
Actual return on plan assets [Abstract] | ||
Fair value of plan assets at end of year | 0.1 | 0.2 |
Insurance | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0.2 | |
Actual return on plan assets [Abstract] | ||
Fair value of plan assets at end of year | 0.1 | 0.2 |
Significant Un-observable Inputs (Level 3) | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0.4 | |
Actual return on plan assets [Abstract] | ||
Fair value of plan assets at end of year | 0.2 | 0.4 |
Significant Un-observable Inputs (Level 3) | Pension Benefits | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0.4 | 1.7 |
Actual return on plan assets [Abstract] | ||
Assets held at the reporting date | (0.2) | 0 |
Assets sold during the period | (1.3) | |
Fair value of plan assets at end of year | 0.2 | 0.4 |
Significant Un-observable Inputs (Level 3) | Private Equity | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0.2 | |
Actual return on plan assets [Abstract] | ||
Fair value of plan assets at end of year | 0.1 | 0.2 |
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 | 0.2 | 0.3 |
Actual return on plan assets [Abstract] | ||
Assets held at the reporting date | (0.1) | (0.1) |
Assets sold during the period | 0 | |
Fair value of plan assets at end of year | 0.1 | 0.2 |
Significant Un-observable Inputs (Level 3) | Insurance | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0.2 | |
Actual return on plan assets [Abstract] | ||
Fair value of plan assets at end of year | 0.1 | 0.2 |
Significant Un-observable Inputs (Level 3) | Insurance | Pension Benefits | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0.2 | 1.4 |
Actual return on plan assets [Abstract] | ||
Assets held at the reporting date | (0.1) | 0.1 |
Assets sold during the period | (1.3) | |
Fair value of plan assets at end of year | $ 0.1 | $ 0.2 |
EMPLOYEE BENEFIT PLANS - Sche78
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | $ 146.2 | ||
Fair value of plan assets at end of year | 143.1 | $ 146.2 | |
Pension Benefits | |||
Change in Benefit Obligation | |||
Benefit obligation at beginning of year | 194.6 | 204.4 | |
Service cost | 3.1 | 3.1 | $ 2.6 |
Interest cost | 8.5 | 8 | 8.3 |
Plan participants’ contributions | 0 | 0 | |
Actuarial (gain) loss | 4.7 | (8.9) | |
Benefits paid | (13) | (12) | |
Conversion of guaranteed annuity contract | 0 | (0.4) | |
Curtailment | (0.9) | 0 | |
Amendments | 0 | 0.4 | |
Benefit obligation at end of year | 197 | 194.6 | 204.4 |
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | 146.2 | 160.8 | |
Actual return on plan assets | 9.4 | (4.8) | |
Employer contributions | 0.5 | 2.6 | |
Participant contributions | 0 | 0 | |
Conversion of guaranteed annuity contract | 0 | (0.4) | |
Benefits paid | (13) | (12) | |
Other | 0 | 0 | |
Fair value of plan assets at end of year | 143.1 | 146.2 | 160.8 |
Funded Status and Recognized Liability | (53.9) | (48.4) | |
Other Post-retirement Benefits | |||
Change in Benefit Obligation | |||
Benefit obligation at beginning of year | 12.2 | 12 | |
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 0.5 | 0.5 | 0.6 |
Plan participants’ contributions | 1.1 | 0.9 | |
Actuarial (gain) loss | 0 | 0.4 | |
Benefits paid | (2.1) | (1.8) | |
Conversion of guaranteed annuity contract | 0 | 0 | |
Curtailment | 0.1 | 0.1 | |
Amendments | 0 | 0 | |
Benefit obligation at end of year | 11.9 | 12.2 | 12 |
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 0.9 | 0.8 | |
Participant contributions | 1.1 | 0.9 | |
Conversion of guaranteed annuity contract | 0 | 0 | |
Benefits paid | (2.1) | (1.8) | |
Other | 0.1 | 0.1 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded Status and Recognized Liability | $ (11.9) | $ (12.2) |
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, 2016 | Dec. 31, 2015 |
Amounts recognized on the consolidated balance sheets [Abstract] | ||
Non-current liabilities | $ (64.8) | $ (59.7) |
Pension Benefits | ||
Amounts recognized on the consolidated balance sheets [Abstract] | ||
Current liabilities | 0 | 0 |
Non-current liabilities | (53.9) | (48.4) |
Total | (53.9) | (48.4) |
Amounts recognized in accumulated other comprehensive loss [Abstract] | ||
Net loss (net of taxes) | 45.6 | 47.3 |
Unrecognized prior service credit (net of taxes) | (1.8) | (2.6) |
Total | 43.8 | 44.7 |
Other Post-retirement Benefits | ||
Amounts recognized on the consolidated balance sheets [Abstract] | ||
Current liabilities | (1) | (0.9) |
Non-current liabilities | (10.9) | (11.3) |
Total | (11.9) | (12.2) |
Amounts recognized in accumulated other comprehensive loss [Abstract] | ||
Net loss (net of taxes) | 0.6 | 0.6 |
Unrecognized prior service credit (net of taxes) | 0 | 0 |
Total | $ 0.6 | $ 0.6 |
EMPLOYEE BENEFIT PLANS - Summ80
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, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 197 | $ 194.6 |
Accumulated benefit obligation | 197 | 193.7 |
Fair value of plan assets | $ 143.1 | $ 146.2 |
EMPLOYEE BENEFIT PLANS - Summ81
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits | |||
Components of Net Periodic Benefit Cost | |||
Service cost | $ 3.1 | $ 3.1 | $ 2.6 |
Interest cost | 8.5 | 8 | 8.3 |
Expected return on plan assets | (10) | (11.1) | (10.7) |
Amortization of net loss | 7.1 | 6.9 | 4 |
Amortization of prior service cost | (0.5) | (0.8) | (0.8) |
Curtailment (gain)/loss | (0.9) | 0 | 0 |
Net periodic benefit cost | 7.3 | 6.1 | 3.4 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) | |||
Net loss (gain) | 4.4 | 7 | 27.1 |
Amortization of unrecognized gain (loss) | (7.1) | (6.9) | (4) |
Amortization of prior service credit | 1.4 | 0.8 | 0.8 |
Prior service cost | 0 | 0.4 | 0 |
Total recognized in other comprehensive income (loss) | (1.3) | 1.3 | 23.9 |
Total recognized in net periodic benefit cost and other comprehensive income | 6 | 7.4 | 27.3 |
Other Post-retirement Benefits | |||
Components of Net Periodic Benefit Cost | |||
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 0.5 | 0.5 | 0.6 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of net loss | 0.2 | 0.1 | 0.3 |
Amortization of prior service cost | 0 | 0 | 0 |
Curtailment (gain)/loss | 0 | 0.1 | 0 |
Net periodic benefit cost | 0.8 | 0.8 | 1 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) | |||
Net loss (gain) | 0 | 0.4 | (0.6) |
Amortization of unrecognized gain (loss) | (0.2) | (0.1) | (0.3) |
Amortization of prior service credit | 0 | 0 | 0 |
Prior service cost | 0 | 0 | 0 |
Total recognized in other comprehensive income (loss) | (0.2) | 0.3 | (0.9) |
Total recognized in net periodic benefit cost and other comprehensive income | $ 0.6 | $ 1.1 | $ 0.1 |
EMPLOYEE BENEFIT PLANS - Summ82
EMPLOYEE BENEFIT PLANS - Summary of Weighted Average Assumptions used to Determine Benefit Information (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits | |||
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||
Discount rate | 4.20% | 4.50% | 4.00% |
Expected return on plan assets | 7.10% | 7.10% | 7.10% |
Pension Benefits | Minimum | |||
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||
Rate of compensation increase | 0.50% | 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% | 3.00% |
Other Post-retirement Benefits | |||
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||
Discount rate | 4.20% | 4.50% | 4.10% |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 3.00% | ||
Assumed health care cost trend rates [Abstract] | |||
Initial health care cost trend rate | 6.80% | 7.00% | 7.30% |
Ultimate rate | 4.50% | 4.50% | 4.50% |
Year ultimate rate is reached | 2,037 | 2,037 | 2,028 |
Other Post-retirement Benefits | Minimum | |||
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||
Rate of compensation increase | 0.50% | 0.50% | |
Other Post-retirement Benefits | Maximum | |||
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||
Rate of compensation increase | 3.00% | 3.00% |
EMPLOYEE BENEFIT PLANS - Summ83
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 0.1 |
Effect of one percentage point increase on post-retirement benefit obligation | 1 | 1.1 | 1.1 |
Effect of one percentage point decrease on total of service and interest cost components | 0 | 0 | (0.1) |
Effect of one percentage point decrease on post-retirement benefit obligation | $ (0.9) | $ (0.9) | $ (0.9) |
EMPLOYEE BENEFIT PLANS - Sche84
EMPLOYEE BENEFIT PLANS - Schedule of Estimated Future Benefit Payments for the Next Ten Years (Details) $ in Millions | Dec. 31, 2016USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 11.6 |
2,018 | 11.8 |
2,019 | 12 |
2,020 | 12.2 |
2,021 | 12.4 |
2022-2026 | 62.8 |
Non-qualified Plan Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 4.2 |
2,018 | 1.7 |
2,019 | 0.1 |
2,020 | 0 |
2,021 | 0 |
2022-2026 | 1.9 |
Post-retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 1 |
2,018 | 1 |
2,019 | 1 |
2,020 | 1 |
2,021 | 0.9 |
2022-2026 | $ 3.6 |
EMPLOYEE BENEFIT PLANS - Sche85
EMPLOYEE BENEFIT PLANS - Schedule of Multiemployer Plans (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Multiemployer Plans [Line Items] | ||
Contribution by Entity | $ 5.7 | $ 5.7 |
Operating Engineers | ||
Multiemployer Plans [Line Items] | ||
Pension Protection Act Zone Status | Red | |
Contribution by Entity | $ 4.7 | 4.6 |
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 | $ 0.7 | 0.8 |
Surcharge Imposed | No | |
Hawaii Laborers | ||
Multiemployer Plans [Line Items] | ||
Pension Protection Act Zone Status | Green | |
Contribution by Entity | $ 0.2 | $ 0.2 |
Surcharge Imposed | No |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2014MW | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($)photovoltaic_facilityMW | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Net tax benefit from share-based transactions | $ 1.9 | $ 1.7 | ||||||||||
Unrecognized tax benefits | $ 0.1 | 0.1 | ||||||||||
Income tax benefit | (1) | $ (1) | $ (0.3) | $ (0.3) | $ (7) | $ (6.1) | $ (8.2) | $ (15) | (2.6) | (36.3) | $ (4.1) | |
Non-cash reduction in equity method investments | 5.7 | 1.9 | 1.9 | $ 0 | 9.8 | 2.6 | $ 14.7 | |||||
Waihonu | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Non-cash reduction in equity method investments | 8.7 | 8.7 | 0 | |||||||||
Investment Tax Credit | $ 2.9 | 8.7 | ||||||||||
Total equity required for projects | $ 15.4 | |||||||||||
Number of photovoltaic facilities constructing | photovoltaic_facility | 2 | |||||||||||
Facilities, power capacity (in megawatts) | MW | 6.5 | |||||||||||
KRS II | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Non-cash reduction in equity method investments | 1.1 | $ 2.6 | ||||||||||
Facilities, power capacity (in megawatts) | MW | 12 | |||||||||||
Domestic Tax Authority | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Tax credit carryforwards | 6.2 | 6.2 | ||||||||||
State and Local Jurisdiction | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Tax credit carryforwards | $ 6.9 | $ 6.9 |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||||||||||
Federal | $ 2.9 | $ 13.4 | $ 15.4 | ||||||||
State | 0.9 | 1.6 | 4.5 | ||||||||
Current | 3.8 | 15 | 19.9 | ||||||||
Deferred: | |||||||||||
Federal | (1.4) | 18.5 | (8.1) | ||||||||
State | 0.2 | 2.8 | (7.7) | ||||||||
Deferred | (1.2) | 21.3 | (15.8) | ||||||||
Income tax expense (benefit) | $ 1 | $ 1 | $ 0.3 | $ 0.3 | $ 7 | $ 6.1 | $ 8.2 | $ 15 | $ 2.6 | $ 36.3 | $ 4.1 |
INCOME TAXES - Schedule of In88
INCOME TAXES - Schedule of Income Tax Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
Computed federal income tax expense | $ 12.3 | $ 34 | $ 14.3 | ||||||||
State income taxes | 0.6 | 4.4 | 1.9 | ||||||||
Nondeductible transaction costs | 2.4 | 0 | 0 | ||||||||
Federal solar tax credits | (8.7) | 0 | (11.3) | ||||||||
Share-based compensation | (1.5) | 0 | 0 | ||||||||
Noncontrolling interest | (0.7) | (0.5) | (1.1) | ||||||||
Other—net | (1.8) | (1.6) | 0.3 | ||||||||
Income tax expense (benefit) | $ 1 | $ 1 | $ 0.3 | $ 0.3 | $ 7 | $ 6.1 | $ 8.2 | $ 15 | $ 2.6 | $ 36.3 | $ 4.1 |
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, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Employee benefits | $ 35.8 | $ 37.1 |
Capitalized costs | 23 | 22.4 |
Joint ventures and other investments | 1.3 | 4.3 |
Impairment and amortization | 11.4 | 7.8 |
Solar investment benefits | 15 | 9 |
Insurance and other reserves | 6 | 5.9 |
Other | 3.5 | 5.7 |
Total deferred tax assets | 96 | 92.2 |
Deferred tax liabilities: | ||
Property (including tax-deferred gains on real estate transactions) | 260.3 | 279.3 |
Straight-line rental income and advanced rent | 8.4 | 9 |
Other | 9.3 | 6 |
Total deferred tax liabilities | 278 | 294.3 |
Net deferred tax liability | $ 182 | $ 202.1 |
INCOME TAXES - Non-Cash Related
INCOME TAXES - Non-Cash Related Reduction in Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||||||
Non-cash reduction in equity method investments | $ 5.7 | $ 1.9 | $ 1.9 | $ 0 | $ 9.8 | $ 2.6 | $ 14.7 |
Waihonu | |||||||
Income Tax Contingency [Line Items] | |||||||
Non-cash reduction in equity method investments | $ 8.7 | 8.7 | 0 | ||||
KRS II | |||||||
Income Tax Contingency [Line Items] | |||||||
Non-cash reduction in equity method investments | $ 1.1 | $ 2.6 |
SHARE-BASED AWARDS - Narrative
SHARE-BASED AWARDS - Narrative (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2012Programshares | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted during period (in shares) | 0 | 0 | ||
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Compensation not yet recognized | $ | $ 4.7 | |||
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) | 1,200,000 | |||
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 | $ 30.91 | |||
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 | $ 30.91 | $ 40.85 | ||
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 |
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, 2016USD ($)$ / sharesshares | |
2012 Incentive Compensation Plan [Roll Forward] | |
Outstanding, beginning balance (in shares) | shares | 1,098,600 |
Exercised (in shares) | shares | (195,100) |
Outstanding, ending balance (in shares) | shares | 903,500 |
Vested or expected to vest (in shares) | shares | 903,500 |
Exercisable (in shares) | shares | 903,500 |
Weighted Average Exercise Price [Roll Forward] | |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 18.81 |
Exercised (in dollars per share) | $ / shares | 23.58 |
Outstanding, ending balance (in dollars per share) | $ / shares | 17.78 |
Vested or expected to vest (in dollars per share) | $ / shares | 17.78 |
Exercisable (in dollars per share) | $ / shares | $ 17.78 |
Weighted Average Contractual Life [Abstract] | |
Weighted average contractual life | 3 years 1 month 12 days |
Weighted average contractual life, vested or expected to vest | 3 years 1 month 12 days |
Weighted average contractual life, exercisable | 3 years 1 month 12 days |
Aggregate Intrinsic Value [Abstract] | |
Aggregate intrinsic value | $ | $ 24,288 |
Aggregate intrinsic value, vested or expected to vest | $ | 24,288 |
Aggregate intrinsic value, exercisable | $ | $ 24,288 |
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, 2016$ / sharesshares | |
2012 Plan Restricted Stock Units [Roll Forward] | |
Outstanding, beginning balance (in shares) | shares | 271,900 |
Granted (in shares) | shares | 154,300 |
Vested (in shares) | shares | (69,000) |
Canceled (in shares) | shares | (63,700) |
Outstanding, ending balance (in shares) | shares | 293,500 |
Weighted Average Grant Date Fair Value [Roll Forward] | |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 37.74 |
Granted (in dollars per share) | $ / shares | 30.91 |
Vested (in dollars per share) | $ / shares | 38 |
Canceled (in dollars per share) | $ / shares | 39.04 |
Outstanding, ending balance (in dollars per share) | $ / shares | $ 33.81 |
SHARE-BASED AWARDS - Schedule94
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, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility of A&B common stock | 26.30% | 29.50% |
Average volatility of peer companies | 35.30% | 34.20% |
Risk-free interest rate | 1.10% | 0.70% |
SHARE-BASED AWARDS - Summary 95
SHARE-BASED AWARDS - Summary of Compensation Cost Related to Share-based Payments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based expense | $ 4.1 | $ 4.6 | $ 4.9 |
Total recognized tax benefit | (1.4) | (1.2) | (1.5) |
Share-based expense (net of tax) | 2.7 | 3.4 | 3.4 |
Cash received upon option exercise | 4.6 | 0.5 | 4.5 |
Intrinsic value of options exercised | 2.6 | 0.5 | 5.4 |
Tax benefit realized upon option exercise | 1 | 0.2 | 2 |
Fair value of stock vested | 2.2 | 4.2 | 2.6 |
Stock options | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based expense | 0 | 0 | 0.3 |
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 | 0.2 |
Time-based and market-based restricted stock units | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based expense | $ 4.1 | $ 4.6 | $ 4.4 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Summary of Commitments, Guarantees and Contingencies (Details) - Maximum $ in Millions | Dec. 31, 2016USD ($) |
Standby letters of credit | |
Loss Contingencies [Line Items] | |
Commitments and financial arrangements | $ 12.7 |
Bonds | |
Loss Contingencies [Line Items] | |
Commitments and financial arrangements | 413.6 |
Construction Bond | |
Loss Contingencies [Line Items] | |
Commitments and financial arrangements | $ 391.2 |
COMMITMENTS AND CONTINGENCIES97
COMMITMENTS AND CONTINGENCIES - Narrative (Details) | Apr. 10, 2015plaintiff | Jul. 31, 2014USD ($)MW | Dec. 31, 2016USD ($)ajoint_ventureLicense | Dec. 31, 2015USD ($) | May 24, 2001UnitPetitionStream |
Long Term Water Lease Request | |||||
Loss Contingencies [Line Items] | |||||
Number of water licenses held and extended as revocable permits | License | 4 | ||||
Additional watershed lands accessible by licenses (in acres) | a | 30,000 | ||||
Capacity of irrigation water supplied by additional watershed lands (in percent) | 56.00% | ||||
Petitions Filed Requesting IIFS In West Maui Streams | |||||
Loss Contingencies [Line Items] | |||||
Number of plaintiffs | plaintiff | 3 | ||||
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 | ||||
Number of hydrologic units, restored water | Unit | 11 | ||||
KRS II | |||||
Loss Contingencies [Line Items] | |||||
Investment in various real estate joint ventures | $ 23,800,000 | $ 2,200,000 | $ 4,400,000 | ||
Facilities, power capacity (in megawatts) | MW | 12 | ||||
Financial Guarantee | |||||
Loss Contingencies [Line Items] | |||||
Limited guarantees on indebtedness related to unconsolidated joint ventures | $ 19,000,000 | ||||
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 | |||
East Maui [Member] | Long Term Water Lease Request | |||||
Loss Contingencies [Line Items] | |||||
Watershed lands owned | a | 16,000 |
DERIVATIVE INSTRUMENTS - Cash F
DERIVATIVE INSTRUMENTS - Cash Flow Hedges of Interest Rate Swaps (Details) - Interest Rate Swap - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Fixed rate on derivative | 3.135% | |
Other non-current liabilities | Cash Flow Hedging | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Fixed rate on derivative | 3.135% | |
Notional Amount | $ 60 | |
Fair value of interest rate swap liability | $ (2.8) | $ 0 |
DERIVATIVE INSTRUMENTS - Non-de
DERIVATIVE INSTRUMENTS - Non-designated Hedges Interest Rate Swaps (Details) $ in Millions | Dec. 31, 2016USD ($)interest_rate_swap | Dec. 31, 2015USD ($) |
Derivative [Line Items] | ||
Number of interest rate swap agreements | interest_rate_swap | 2 | |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Fixed rate on derivative | 3.135% | |
Not Designated as Hedging Instrument | September 1, 2021 | Other non-current liabilities | ||
Derivative [Line Items] | ||
Fixed rate on derivative | 5.95% | |
Notional Amount | $ 11.2 | |
Fair value of interest rate swap liability | $ (1.3) | $ (1.7) |
Not Designated as Hedging Instrument | March 1, 2021 | Other non-current liabilities | ||
Derivative [Line Items] | ||
Fixed rate on derivative | 5.98% | |
Notional Amount | $ 6.1 | |
Fair value of interest rate swap liability | (0.5) | (0.8) |
Not Designated as Hedging Instrument | Interest Rate Swap | Other non-current liabilities | ||
Derivative [Line Items] | ||
Notional Amount | 17.3 | |
Fair value of interest rate swap liability | $ (1.8) | $ (2.5) |
DERIVATIVE INSTRUMENTS - Deriva
DERIVATIVE INSTRUMENTS - Derivative Instruments in Consolidated Statement of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flow Hedging | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Amount of (gain) loss recognized in OCI on derivatives (effective portion) | $ (2.6) | $ 0 |
Interest Expense | Cash Flow Hedging | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Amount of (gain) loss reclassified from accumulated OCI into earnings under interest expense (ineffective portion and amount excluded from effectiveness testing) | (0.4) | 0 |
Other Nonoperating Income (Expense) | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Amount of realized and unrealized loss on derivatives recognized in earnings under interest income and other | $ 0.7 | $ 0.4 |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Income from continuing operations, net of tax | $ 13.6 | $ 12.2 | $ 3.1 | $ 3.8 | $ 11.5 | $ 10.3 | $ 13.7 | $ 25.3 | $ 32.7 | $ 60.8 | $ 36.8 |
Less: Noncontrolling interest | (0.7) | (0.5) | (0.1) | (0.5) | (0.3) | (0.3) | (0.3) | (0.6) | (1.8) | (1.5) | (3.1) |
Income from continuing operations attributable to A&B shareholders, net of tax | 12.9 | 11.7 | 3 | 3.3 | 11.2 | 10 | 13.4 | 24.7 | 30.9 | 59.3 | 33.7 |
Less: Undistributed earnings (losses) allocated from redeemable noncontrolling interest | 0.4 | 0.4 | 0.1 | 0.4 | (1.8) | (1.3) | 0 | 0 | 1.3 | (3.1) | 0 |
Income from continuing operations available to A&B shareholders, net of tax | 13.3 | 12.1 | 3.1 | 3.7 | 9.4 | 8.7 | 13.4 | 24.7 | 32.2 | 56.2 | 33.7 |
Income from discontinued operations available to A&B shareholders, net of tax | (13) | (13.6) | (3.7) | (10.8) | (23.4) | (3.3) | (3.6) | 0.6 | (41.1) | (29.7) | 27.7 |
Net Income (Loss) Available to A&B shareholders | $ 0.3 | $ (1.5) | $ (0.6) | $ (7.1) | $ (14) | $ 5.4 | $ 9.8 | $ 25.3 | $ (8.9) | $ 26.5 | $ 61.4 |
Shares used to compute basic and diluted earnings per share [Abstract] | |||||||||||
Denominator for basic EPS - weighted average shares outstanding (in shares) | 49 | 49 | 49 | 48.9 | 48.9 | 48.9 | 48.9 | 48.8 | 49 | 48.9 | 48.7 |
Effect of dilutive securities: | |||||||||||
Non-participating stock options and restricted stock unit awards (in shares) | 0.4 | 0.4 | 0.6 | ||||||||
Denominator for diluted EPS - weighted average shares outstanding (in shares) | 49.4 | 49.3 | 49.3 |
EARNINGS PER SHARE "EPS" - Narr
EARNINGS PER SHARE "EPS" - Narrative (Details) - shares | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | |
Time-Based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Subsequent Event | Time-Based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 61,733 | |||
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) | 37,244 | |||
Vesting period | 3 years | |||
Performance period | 3 years |
REDEEMABLE NONCONTROLLING IN103
REDEEMABLE NONCONTROLLING INTEREST (Details) | Dec. 31, 2016 |
Noncontrolling Interest [Abstract] | |
Ownership interest | 70.00% |
CESSATION OF SUGAR OPERATIONS -
CESSATION OF SUGAR OPERATIONS - Summary of Pre-tax Costs and Remaining Costs Associated with Restructuring (Details) - HC&S $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Total cessation costs | |
Restructuring Cost and Reserve [Line Items] | |
Charges Incurred | $ 77.6 |
Cumulative amount recognized | 100.2 |
Remaining to be recognized | 3.4 |
Total Expected Cost | 103.6 |
Employee severance benefits and related costs | |
Restructuring Cost and Reserve [Line Items] | |
Charges Incurred | 8.4 |
Cumulative amount recognized | 21.8 |
Remaining to be recognized | 0.1 |
Total Expected Cost | 21.9 |
Asset write-offs and accelerated depreciation | |
Restructuring Cost and Reserve [Line Items] | |
Charges Incurred | 62.1 |
Cumulative amount recognized | 71.3 |
Remaining to be recognized | 0 |
Total Expected Cost | 71.3 |
Property removal, restoration and other exit-related costs | |
Restructuring Cost and Reserve [Line Items] | |
Charges Incurred | 7.1 |
Cumulative amount recognized | 7.1 |
Remaining to be recognized | 3.3 |
Total Expected Cost | $ 10.4 |
CESSATION OF SUGAR OPERATION105
CESSATION OF SUGAR OPERATIONS - Rollforward of Restructuring Liabilities (Details) - HC&S $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | $ 17.5 |
Expense | 11.4 |
Cash payments | (9.8) |
Restructuring reserve, ending balance | 19.1 |
Employee severance benefits and related costs | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | 13.4 |
Expense | 8.4 |
Cash payments | (8.1) |
Restructuring reserve, ending balance | 13.7 |
Property removal, restoration and other exit-related costs | |
Restructuring Cost and Reserve [Line Items] | |
Asset retirement obligations | 5.4 |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | 4.1 |
Expense | 3 |
Cash payments | (1.7) |
Restructuring reserve, ending balance | $ 5.4 |
CESSATION OF SUGAR OPERATION106
CESSATION OF SUGAR OPERATIONS - Cessation-related Liabilities Included in the Condensed Consolidated Balance Sheets (Details) - HC&S - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Restructuring Cost and Reserve [Line Items] | ||
Total current portion | $ 19.1 | $ 6.4 |
Total long-term portion | 0 | 11.1 |
Total Cessation-related liabilities | 19.1 | 17.5 |
Employee severance benefits and related costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Total Cessation-related liabilities | 13.7 | 13.4 |
Other exit costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Total Cessation-related liabilities | 5.4 | 4.1 |
HC&S cessation-related liabilities | Employee severance benefits and related costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Total current portion | 13.7 | 5.8 |
HC&S cessation-related liabilities | Other exit costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Total current portion | 5.4 | 0.6 |
Other non-current liabilities | Employee severance benefits and related costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Total long-term portion | 0 | 7.6 |
Other non-current liabilities | Other exit costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Total long-term portion | $ 0 | $ 3.5 |
SEGMENT RESULTS - Narrative (De
SEGMENT RESULTS - Narrative (Details) ft² in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($)ft²a | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)ft²aSegment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Revenue, Major Customer [Line Items] | |||||||||||
Number of reportable segments | Segment | 4 | ||||||||||
Total revenue | $ 111.2 | $ 102.9 | $ 82 | $ 91.4 | $ 103.3 | $ 109.5 | $ 133.3 | $ 126.7 | $ 387.5 | $ 472.8 | $ 456.3 |
Customer Concentration Risk | State of Hawaii | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Total revenue | 50.1 | 80.8 | |||||||||
Customer Concentration Risk | City and County of Honolulu | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Total revenue | $ 52 | $ 38.1 | |||||||||
Buildings | Real Estate Leasing | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Net rentable area | ft² | 610 | 610 | |||||||||
Land | Real Estate Leasing | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Net rentable area | ft² | 4,700 | 4,700 | |||||||||
Land | Oahu | Real Estate Leasing | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Area of real estate property | a | 42 | 42 | |||||||||
Land | Neighbor Islands | Real Estate Leasing | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Area of real estate property | a | 64 | 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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Total revenue | $ 111.2 | $ 102.9 | $ 82 | $ 91.4 | $ 103.3 | $ 109.5 | $ 133.3 | $ 126.7 | $ 387.5 | $ 472.8 | $ 456.3 |
Total operating profit | 32.2 | 26.9 | 7.7 | 17.9 | 33.2 | 27.7 | 33.7 | 51.2 | 84.7 | 145.8 | 88.5 |
Interest expense | (6.2) | (6.4) | (6.8) | (6.9) | (6.6) | (6.5) | (6.6) | (7.1) | (26.3) | (26.8) | (29) |
Gain (loss) on the sale of improved property, net | 0 | 0.1 | 8 | 0 | (3.7) | 0 | 0.1 | 1.8 | 8.1 | (1.8) | 0 |
General corporate expenses | (5.7) | (5.5) | (3.6) | (6.9) | (4.4) | (4.8) | (5.3) | (5.6) | (21.7) | (20.1) | (18.6) |
Reduction in KRS II carrying value | (9.5) | 0 | 0 | ||||||||
Income From Continuing Operations Before Income Taxes | 14.6 | 13.2 | 3.4 | 4.1 | 18.5 | 16.4 | 21.9 | 40.3 | 35.3 | 97.1 | 40.9 |
Income tax expense | 1 | 1 | 0.3 | 0.3 | 7 | 6.1 | 8.2 | 15 | 2.6 | 36.3 | 4.1 |
Income From Continuing Operations | 13.6 | 12.2 | 3.1 | 3.8 | 11.5 | 10.3 | 13.7 | 25.3 | 32.7 | 60.8 | 36.8 |
Income (Loss) from discontinued operations, net of income tax | (13) | (13.6) | (3.7) | (10.8) | (23.4) | (3.3) | (3.6) | 0.6 | (41.1) | (29.7) | 27.7 |
Net Income (Loss) | 0.6 | (1.4) | (0.6) | (7) | (11.9) | 7 | 10.1 | 25.9 | (8.4) | 31.1 | 64.5 |
Income attributable to noncontrolling interest | (0.7) | (0.5) | (0.1) | (0.5) | (0.3) | (0.3) | (0.3) | (0.6) | (1.8) | (1.5) | (3.1) |
Net Income (Loss) Attributable to A&B | (0.1) | (1.9) | (0.7) | (7.5) | (12.2) | 6.7 | 9.8 | 25.3 | (10.2) | 29.6 | 61.4 |
Less: Income attributable to noncontrolling interests | (0.7) | (0.5) | (0.1) | (0.5) | (0.3) | (0.3) | (0.3) | (0.6) | |||
Income from continuing operations attributable to A&B shareholders, net of taxes | 12.9 | 11.7 | 3 | 3.3 | 11.2 | 10 | 13.4 | 24.7 | 30.9 | 59.3 | 33.7 |
Less: Undistributed earnings (losses) allocated from redeemable noncontrolling interest | 0.4 | 0.4 | 0.1 | 0.4 | (1.8) | (1.3) | 0 | 0 | 1.3 | (3.1) | 0 |
Income from continuing operations available to A&B shareholders, net of tax | 13.3 | 12.1 | 3.1 | 3.7 | 9.4 | 8.7 | 13.4 | 24.7 | 32.2 | 56.2 | 33.7 |
Income from discontinuing operations | (13) | (13.6) | (3.7) | (10.8) | (23.4) | (3.3) | (3.6) | 0.6 | (41.1) | (29.7) | 27.7 |
Net Income (Loss) Available to A&B shareholders | $ 0.3 | $ (1.5) | $ (0.6) | $ (7.1) | $ (14) | $ 5.4 | $ 9.8 | $ 25.3 | $ (8.9) | $ 26.5 | $ 61.4 |
Earnings (loss) per share available to A&B shareholders: | |||||||||||
Continuing operations, basic (in dollars per share) | $ 0.27 | $ 0.25 | $ 0.06 | $ 0.08 | $ 0.19 | $ 0.18 | $ 0.27 | $ 0.51 | $ 0.66 | $ 1.15 | $ 0.69 |
Discontinued operations, basic (in dollars per share) | (0.26) | (0.28) | (0.07) | (0.23) | (0.48) | (0.07) | (0.07) | 0.01 | (0.84) | (0.61) | 0.57 |
Basic (in dollars per share) | 0.01 | (0.03) | (0.01) | (0.15) | (0.29) | 0.11 | 0.20 | 0.52 | (0.18) | 0.54 | 1.26 |
Continuing operations, diluted (in dollars per share) | 0.27 | 0.24 | 0.06 | 0.08 | 0.19 | 0.18 | 0.27 | 0.50 | 0.65 | 1.14 | 0.68 |
Discontinued operations, diluted (in dollars per share) | (0.26) | (0.28) | (0.07) | (0.22) | (0.48) | (0.06) | (0.07) | 0.01 | (0.83) | (0.60) | 0.57 |
Diluted (in dollars per share) | $ 0.01 | $ (0.04) | $ (0.01) | $ (0.14) | $ (0.29) | $ 0.12 | $ 0.20 | $ 0.51 | $ (0.18) | $ 0.54 | $ 1.25 |
Weighted average shares: | |||||||||||
Basic (in shares) | 49 | 49 | 49 | 48.9 | 48.9 | 48.9 | 48.9 | 48.8 | 49 | 48.9 | 48.7 |
Diluted (in shares) | 49.4 | 49.4 | 49.4 | 49.3 | 48.9 | 49.3 | 49.4 | 49.3 | 49.4 | 49.3 | 49.3 |
Segment Reporting Information, Additional Information [Abstract] | |||||||||||
Total assets | $ 2,156.3 | $ 2,242.3 | $ 2,156.3 | $ 2,242.3 | $ 2,321.1 | ||||||
Total capital expenditures | 113.6 | 33.7 | 65.4 | ||||||||
Total depreciation and amortization | 48.6 | 43.3 | 44.4 | ||||||||
Commercial Real Estate | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Total revenue | 32.7 | $ 32.7 | $ 34.5 | $ 34.8 | 33.2 | $ 33 | $ 34.7 | $ 32.7 | 134.7 | 133.6 | 125.3 |
Total operating profit | 13.5 | 13.5 | 13.6 | 14.2 | 13.4 | 12.6 | 14 | 13.2 | 54.8 | 53.2 | 47.6 |
Segment Reporting Information, Additional Information [Abstract] | |||||||||||
Total assets | 1,119.5 | 1,075.7 | 1,119.5 | 1,075.7 | 1,206.6 | ||||||
Total capital expenditures | 98.7 | 23 | 51.8 | ||||||||
Total depreciation and amortization | 28.4 | 28.9 | 28 | ||||||||
Land Operations | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Total revenue | 32.3 | 18.1 | 5.5 | 6 | 16.4 | 25.5 | 41.2 | 37.1 | 61.9 | 120.2 | 96.7 |
Total operating profit | 13.9 | 7.8 | (10.8) | (4.3) | 10.6 | 7.6 | 12.7 | 30.8 | 6.6 | 61.7 | 15 |
Segment Reporting Information, Additional Information [Abstract] | |||||||||||
Total assets | 632.8 | 759.7 | 632.8 | 759.7 | 716.6 | ||||||
Total capital expenditures | 5.3 | 2.1 | 1.1 | ||||||||
Total depreciation and amortization | 6.7 | 1.3 | 0 | ||||||||
Materials & Construction | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Total revenue | 46.2 | 52.1 | 42 | 50.6 | 53.7 | 51 | 57.4 | 56.9 | 190.9 | 219 | 234.3 |
Total operating profit | 4.8 | $ 5.6 | $ 4.9 | $ 8 | 9.2 | $ 7.5 | $ 7 | $ 7.2 | 23.3 | 30.9 | 25.9 |
Segment Reporting Information, Additional Information [Abstract] | |||||||||||
Total assets | 371.8 | 386.6 | 371.8 | 386.6 | 385.9 | ||||||
Total capital expenditures | 9.3 | 7.2 | 10.7 | ||||||||
Total depreciation and amortization | 11.7 | 11.6 | 15.2 | ||||||||
Other | |||||||||||
Segment Reporting Information, Additional Information [Abstract] | |||||||||||
Total assets | $ 32.2 | $ 20.3 | 32.2 | 20.3 | 12 | ||||||
Total capital expenditures | 0.3 | 1.4 | 1.8 | ||||||||
Total depreciation and amortization | $ 1.8 | $ 1.5 | $ 1.2 |
SEGMENT RESULTS - Schedule o109
SEGMENT RESULTS - Schedule of Operating Segment Information (Footnote) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2016Property | Dec. 31, 2015USD ($)Property | May 31, 2015Property | Mar. 31, 2015Property | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Income related to joint ventures | $ 19.2 | $ 36.8 | $ 1.8 | ||||||||
Non-cash reduction in equity method investments | $ 5.7 | $ 1.9 | $ 1.9 | $ 0 | 9.8 | 2.6 | 14.7 | ||||
Capital expenditure of discontinued operations | 2.5 | 11 | 9.7 | ||||||||
KRS II and Waihonu | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Non-cash reduction in equity method investments | 9.8 | 2.6 | 14.7 | ||||||||
Waihonu | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Non-cash reduction in equity method investments | 8.7 | 8.7 | 0 | ||||||||
Investment in various real estate joint ventures | 3.8 | 3.8 | |||||||||
Investment in real estate joint ventures | $ 15.4 | ||||||||||
Land Operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income related to joint ventures | 15.1 | 30.2 | 2 | ||||||||
Non-cash impairment charges | 11.7 | ||||||||||
Investment in various real estate joint ventures | $ 379.7 | 357.5 | 357.5 | 379.7 | 383.8 | ||||||
Expenditures related to real estate developments | 15.2 | 7.2 | 41.7 | ||||||||
Investment in real estate joint ventures | 20.8 | $ 25.8 | $ 28.7 | ||||||||
Materials & Construction | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Environmental costs | 2.6 | 2.6 | |||||||||
Gain (loss) on sale of vacant land | $ 0.6 | $ (1.6) | $ (1) | ||||||||
California | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of properties sold | Property | 2 | ||||||||||
Utah | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of properties sold | Property | 1 | ||||||||||
COLORADO | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of properties sold | Property | 1 | ||||||||||
Texas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of properties sold | Property | 1 | ||||||||||
WASHINGTON | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of properties sold | Property | 1 |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) - $ / shares | Jan. 24, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subsequent Event [Line Items] | ||||
Quarterly cash dividend declared (in dollars per share) | $ 0.25 | $ 0.21 | $ 0.17 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Quarterly cash dividend declared (in dollars per share) | $ 0.07 |
SCHEDULE III - REAL ESTATE A111
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | |
Gross Amounts of Which Carried at Close of Period | |||||
Total | $ 1,352.7 | $ 1,332.5 | $ 1,397.1 | $ 1,402.1 | $ 1,352.7 |
Accumulated depreciation | (122.7) | (128) | (120.5) | (116.9) | (122.7) |
Aggregate tax basis of assets | 638.7 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at beginning of year | 1,332.5 | 1,397.1 | 1,402.1 | ||
Additions and improvements | 118.8 | 32.2 | 57 | ||
Dispositions, retirements and other adjustments | (98.6) | (96.8) | (62) | ||
Balance at end of year | 1,352.7 | 1,352.7 | 1,332.5 | 1,397.1 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at beginning of year | 128 | 120.5 | 116.9 | ||
Depreciation expense | 20.2 | 20.5 | 19.2 | ||
Dispositions, retirements and other adjustments | (25.5) | (13) | (15.6) | ||
Balance at end of year | 122.7 | 122.7 | $ 128 | $ 120.5 | |
Building and Improvements | Minimum | |||||
Gross Amounts of Which Carried at Close of Period | |||||
Useful lives | 10 years | ||||
Building and Improvements | Maximum | |||||
Gross Amounts of Which Carried at Close of Period | |||||
Useful lives | 40 years | ||||
Leasehold Improvements | Minimum | |||||
Gross Amounts of Which Carried at Close of Period | |||||
Useful lives | 5 years | ||||
Leasehold Improvements | Maximum | |||||
Gross Amounts of Which Carried at Close of Period | |||||
Useful lives | 10 years | ||||
Leasing Segment | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 168.2 | ||||
Initial Cost | |||||
Land | 567.5 | ||||
Buildings and Improvements | 495.3 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 93.3 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 567.5 | ||||
Buildings and Improvements | 588.6 | ||||
Total | 1,156.1 | 1,156.1 | 1,156.1 | ||
Accumulated depreciation | (119) | (119) | (119) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 1,156.1 | 1,156.1 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 119 | 119 | |||
Leasing Segment | Hawaii | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 160 | ||||
Initial Cost | |||||
Land | 534.1 | ||||
Buildings and Improvements | 369.3 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 68.7 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 534.1 | ||||
Buildings and Improvements | 438 | ||||
Total | 972.1 | 972.1 | 972.1 | ||
Accumulated depreciation | (75) | (75) | (75) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 972.1 | 972.1 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 75 | 75 | |||
Leasing Segment | United States Mainland | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 8.2 | ||||
Initial Cost | |||||
Land | 33.4 | ||||
Buildings and Improvements | 126 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 24.6 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 33.4 | ||||
Buildings and Improvements | 150.6 | ||||
Total | 184 | 184 | 184 | ||
Accumulated depreciation | (44) | (44) | (44) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 184 | 184 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 44 | 44 | |||
Leasing Segment | 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 | 6.1 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 4.5 | ||||
Buildings and Improvements | 26 | ||||
Total | 30.5 | 30.5 | 30.5 | ||
Accumulated depreciation | (7.8) | (7.8) | (7.8) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 30.5 | 30.5 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 7.8 | 7.8 | |||
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 of Which Carried at Close of Period | |||||
Land | 10.5 | ||||
Buildings and Improvements | 2.1 | ||||
Total | 12.6 | 12.6 | 12.6 | ||
Accumulated depreciation | (0.2) | (0.2) | (0.2) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 12.6 | 12.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0.2 | 0.2 | |||
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 | 0.3 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 16.9 | ||||
Buildings and Improvements | 20.9 | ||||
Total | 37.8 | 37.8 | 37.8 | ||
Accumulated depreciation | (1.1) | (1.1) | (1.1) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 37.8 | 37.8 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 1.1 | 1.1 | |||
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 | 0.5 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 25.2 | ||||
Buildings and Improvements | 11.3 | ||||
Total | 36.5 | 36.5 | 36.5 | ||
Accumulated depreciation | (2) | (2) | (2) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 36.5 | 36.5 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 2 | 2 | |||
Leasing Segment | Midstate 99 Distribution Ctr. (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 | 1.3 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 2.7 | ||||
Buildings and Improvements | 30.9 | ||||
Total | 33.6 | 33.6 | 33.6 | ||
Accumulated depreciation | (7) | (7) | (7) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 33.6 | 33.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 7 | 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 of Which Carried at Close of Period | |||||
Land | 0 | ||||
Buildings and Improvements | 1.2 | ||||
Total | 1.2 | 1.2 | 1.2 | ||
Accumulated depreciation | (0.7) | (0.7) | (0.7) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 1.2 | 1.2 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0.7 | 0.7 | |||
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 of Which Carried at Close of Period | |||||
Land | 0 | ||||
Buildings and Improvements | 2.6 | ||||
Total | 2.6 | 2.6 | 2.6 | ||
Accumulated depreciation | (1.9) | (1.9) | (1.9) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 2.6 | 2.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 1.9 | 1.9 | |||
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 of Which Carried at Close of Period | |||||
Land | 3.2 | ||||
Buildings and Improvements | 20.2 | ||||
Total | 23.4 | 23.4 | 23.4 | ||
Accumulated depreciation | (8.4) | (8.4) | (8.4) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 23.4 | 23.4 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 8.4 | 8.4 | |||
Leasing Segment | Waipio Industrial (HI) | Industrial | Nevada | |||||
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 | 0.1 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 19.6 | ||||
Buildings and Improvements | 7.8 | ||||
Total | 27.4 | 27.4 | 27.4 | ||
Accumulated depreciation | (1.7) | (1.7) | (1.7) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 27.4 | 27.4 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 1.7 | 1.7 | |||
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 | 6.2 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 3.9 | ||||
Buildings and Improvements | 27.1 | ||||
Total | 31 | 31 | 31 | ||
Accumulated depreciation | (7.9) | (7.9) | (7.9) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 31 | 31 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 7.9 | 7.9 | |||
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 | 4.3 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 3.4 | ||||
Buildings and Improvements | 23.5 | ||||
Total | 26.9 | 26.9 | 26.9 | ||
Accumulated depreciation | (7.7) | (7.7) | (7.7) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 26.9 | 26.9 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 7.7 | 7.7 | |||
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 | 2.2 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 1 | ||||
Buildings and Improvements | 4.3 | ||||
Total | 5.3 | 5.3 | 5.3 | ||
Accumulated depreciation | (1.7) | (1.7) | (1.7) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 5.3 | 5.3 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 1.7 | 1.7 | |||
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 | 6.2 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 1 | ||||
Buildings and Improvements | 6.6 | ||||
Total | 7.6 | 7.6 | 7.6 | ||
Accumulated depreciation | (7.5) | (7.5) | (7.5) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 7.6 | 7.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 7.5 | 7.5 | |||
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 of Which Carried at Close of Period | |||||
Land | 0 | ||||
Buildings and Improvements | 5.7 | ||||
Total | 5.7 | 5.7 | 5.7 | ||
Accumulated depreciation | (3.8) | (3.8) | (3.8) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 5.7 | 5.7 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 3.8 | 3.8 | |||
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 of Which Carried at Close of Period | |||||
Land | 0 | ||||
Buildings and Improvements | 2.6 | ||||
Total | 2.6 | 2.6 | 2.6 | ||
Accumulated depreciation | (1.4) | (1.4) | (1.4) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 2.6 | 2.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 1.4 | 1.4 | |||
Leasing Segment | Gateway at Mililani Mauka 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 | 5.8 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 7 | ||||
Buildings and Improvements | 9.3 | ||||
Total | 16.3 | 16.3 | 16.3 | ||
Accumulated depreciation | (0.5) | (0.5) | (0.5) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 16.3 | 16.3 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0.5 | 0.5 | |||
Leasing Segment | Gateway at Mililani Mauka South (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 | 5.5 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 7.3 | ||||
Buildings and Improvements | 10.2 | ||||
Total | 17.5 | 17.5 | 17.5 | ||
Accumulated depreciation | (0.8) | (0.8) | (0.8) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 17.5 | 17.5 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0.8 | 0.8 | |||
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 | 1.2 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 1.8 | ||||
Buildings and Improvements | 2.2 | ||||
Total | 4 | 4 | 4 | ||
Accumulated depreciation | (1) | (1) | (1) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 4 | 4 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 1 | 1 | |||
Leasing Segment | Aikahi Park Shopping Center (HI) | Retail | Hawaii | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial Cost | |||||
Land | 23.5 | ||||
Buildings and Improvements | 6.7 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 0.2 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 23.5 | ||||
Buildings and Improvements | 6.9 | ||||
Total | 30.4 | 30.4 | 30.4 | ||
Accumulated depreciation | (0.9) | (0.9) | (0.9) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 30.4 | 30.4 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0.9 | 0.9 | |||
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 | 2.6 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 0 | ||||
Buildings and Improvements | 2.6 | ||||
Total | 2.6 | 2.6 | 2.6 | ||
Accumulated depreciation | (1.6) | (1.6) | (1.6) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 2.6 | 2.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 1.6 | 1.6 | |||
Leasing Segment | Kailua Grocery Anchored (HI) | Retail | Hawaii | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 11.2 | ||||
Initial Cost | |||||
Land | 54.4 | ||||
Buildings and Improvements | 47.1 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 3.3 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 54.4 | ||||
Buildings and Improvements | 50.4 | ||||
Total | 104.8 | 104.8 | 104.8 | ||
Accumulated depreciation | (4.4) | (4.4) | (4.4) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 104.8 | 104.8 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 4.4 | 4.4 | |||
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 | 2.1 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 29.6 | ||||
Buildings and Improvements | 28.8 | ||||
Total | 58.4 | 58.4 | 58.4 | ||
Accumulated depreciation | (2.6) | (2.6) | (2.6) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 58.4 | 58.4 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 2.6 | 2.6 | |||
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 | 2.1 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 0 | ||||
Buildings and Improvements | 15.5 | ||||
Total | 15.5 | 15.5 | 15.5 | ||
Accumulated depreciation | (5.9) | (5.9) | (5.9) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 15.5 | 15.5 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 5.9 | 5.9 | |||
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 of Which Carried at Close of Period | |||||
Land | 2.7 | ||||
Buildings and Improvements | 11.9 | ||||
Total | 14.6 | 14.6 | 14.6 | ||
Accumulated depreciation | (4.2) | (4.2) | (4.2) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 14.6 | 14.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 4.2 | 4.2 | |||
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 | 2.5 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 4.6 | ||||
Buildings and Improvements | 6.2 | ||||
Total | 10.8 | 10.8 | 10.8 | ||
Accumulated depreciation | (0.7) | (0.7) | (0.7) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 10.8 | 10.8 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0.7 | 0.7 | |||
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 | 2 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 9.4 | ||||
Buildings and Improvements | 15.2 | ||||
Total | 24.6 | 24.6 | 24.6 | ||
Accumulated depreciation | (2.6) | (2.6) | (2.6) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 24.6 | 24.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 2.6 | 2.6 | |||
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 | 1.3 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 12.2 | ||||
Buildings and Improvements | 10.4 | ||||
Total | 22.6 | 22.6 | 22.6 | ||
Accumulated depreciation | (1.9) | (1.9) | (1.9) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 22.6 | 22.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 1.9 | 1.9 | |||
Leasing Segment | Manoa Marketplace (HI) | Retail | Hawaii | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 60 | ||||
Initial Cost | |||||
Land | 43.3 | ||||
Buildings and Improvements | 35.9 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 0.9 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 43.3 | ||||
Buildings and Improvements | 36.8 | ||||
Total | 80.1 | 80.1 | 80.1 | ||
Accumulated depreciation | (1.1) | (1.1) | (1.1) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 80.1 | 80.1 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 1.1 | 1.1 | |||
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 | 0.6 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 9.4 | ||||
Buildings and Improvements | 8.6 | ||||
Total | 18 | 18 | 18 | ||
Accumulated depreciation | (1.2) | (1.2) | (1.2) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 18 | 18 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 1.2 | 1.2 | |||
Leasing Segment | Pearl Highlands Center (HI) | Retail | Hawaii | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 88.8 | ||||
Initial Cost | |||||
Land | 43.4 | ||||
Buildings and Improvements | 96.2 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 2.1 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 43.4 | ||||
Buildings and Improvements | 98.3 | ||||
Total | 141.7 | 141.7 | 141.7 | ||
Accumulated depreciation | (10) | (10) | (10) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 141.7 | 141.7 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 10 | 10 | |||
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 of Which Carried at Close of Period | |||||
Land | 0 | ||||
Buildings and Improvements | 4.5 | ||||
Total | 4.5 | 4.5 | 4.5 | ||
Accumulated depreciation | (2) | (2) | (2) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 4.5 | 4.5 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 2 | 2 | |||
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 | 2.4 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 3.5 | ||||
Buildings and Improvements | 12.5 | ||||
Total | 16 | 16 | 16 | ||
Accumulated depreciation | (3.3) | (3.3) | (3.3) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 16 | 16 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 3.3 | 3.3 | |||
Leasing Segment | The Shops at Kukui'ula (HI) | Retail | Hawaii | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial Cost | |||||
Land | 8.9 | ||||
Buildings and Improvements | 30.1 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 2.2 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 8.9 | ||||
Buildings and Improvements | 32.3 | ||||
Total | 41.2 | 41.2 | 41.2 | ||
Accumulated depreciation | (3.1) | (3.1) | (3.1) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 41.2 | 41.2 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 3.1 | 3.1 | |||
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 of Which Carried at Close of Period | |||||
Land | 17.4 | ||||
Buildings and Improvements | 14.3 | ||||
Total | 31.7 | 31.7 | 31.7 | ||
Accumulated depreciation | (1.6) | (1.6) | (1.6) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 31.7 | 31.7 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 1.6 | 1.6 | |||
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 | 0.6 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 24 | ||||
Buildings and Improvements | 8.2 | ||||
Total | 32.2 | 32.2 | 32.2 | ||
Accumulated depreciation | (1.6) | (1.6) | (1.6) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 32.2 | 32.2 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 1.6 | 1.6 | |||
Leasing Segment | Oahu Ground Leases (HI) | Other | Hawaii | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial Cost | |||||
Land | 170.5 | ||||
Buildings and Improvements | 0.6 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 0 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 170.5 | ||||
Buildings and Improvements | 0.6 | ||||
Total | 171.1 | 171.1 | 171.1 | ||
Accumulated depreciation | 0 | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 171.1 | 171.1 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | 0 | |||
Leasing Segment | Other miscellaneous investments | Other | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial Cost | |||||
Land | 2.7 | ||||
Buildings and Improvements | 1.1 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 9 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 2.7 | ||||
Buildings and Improvements | 10.1 | ||||
Total | 12.8 | 12.8 | 12.8 | ||
Accumulated depreciation | (7.2) | (7.2) | (7.2) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 12.8 | 12.8 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 7.2 | 7.2 | |||
Development and Sales segment | Real Estate | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial Cost | |||||
Land | 98.8 | ||||
Buildings and Improvements | 1.3 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 96.5 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 98.8 | ||||
Buildings and Improvements | 97.8 | ||||
Total | 196.6 | 196.6 | 196.6 | ||
Accumulated depreciation | (3.7) | (3.7) | (3.7) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 196.6 | 196.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 3.7 | 3.7 | |||
Development and Sales segment | Other miscellaneous investments | Real Estate | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial Cost | |||||
Land | 3.5 | ||||
Buildings and Improvements | 1.3 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 2.5 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 3.5 | ||||
Buildings and Improvements | 3.8 | ||||
Total | 7.3 | 7.3 | 7.3 | ||
Accumulated depreciation | (3.7) | (3.7) | (3.7) | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 7.3 | 7.3 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 3.7 | 3.7 | |||
Development and Sales segment | Agricultural Land | Real Estate | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial Cost | |||||
Land | 9.7 | ||||
Buildings and Improvements | 0 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 0 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 9.7 | ||||
Buildings and Improvements | 0 | ||||
Total | 9.7 | 9.7 | 9.7 | ||
Accumulated depreciation | 0 | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 9.7 | 9.7 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | 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 of Which Carried at Close of Period | |||||
Land | 0 | ||||
Buildings and Improvements | 1.2 | ||||
Total | 1.2 | 1.2 | 1.2 | ||
Accumulated depreciation | 0 | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 1.2 | 1.2 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | 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 | 2.8 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 0 | ||||
Buildings and Improvements | 2.8 | ||||
Total | 2.8 | 2.8 | 2.8 | ||
Accumulated depreciation | 0 | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 2.8 | 2.8 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | 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 of Which Carried at Close of Period | |||||
Land | 0 | ||||
Buildings and Improvements | 1.5 | ||||
Total | 1.5 | 1.5 | 1.5 | ||
Accumulated depreciation | 0 | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 1.5 | 1.5 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | 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 of Which Carried at Close of Period | |||||
Land | 0 | ||||
Buildings and Improvements | 1 | ||||
Total | 1 | 1 | 1 | ||
Accumulated depreciation | 0 | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 1 | 1 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | 0 | |||
Development and Sales segment | Kahala Portfolio | Real Estate | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial Cost | |||||
Land | 46 | ||||
Buildings and Improvements | 0 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 0 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 46 | ||||
Buildings and Improvements | 0 | ||||
Total | 46 | 46 | 46 | ||
Accumulated depreciation | 0 | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 46 | 46 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | 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 | 17.7 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 0 | ||||
Buildings and Improvements | 17.7 | ||||
Total | 17.7 | 17.7 | 17.7 | ||
Accumulated depreciation | 0 | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 17.7 | 17.7 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | 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 | 39 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 0 | ||||
Buildings and Improvements | 39 | ||||
Total | 39 | 39 | 39 | ||
Accumulated depreciation | 0 | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 39 | 39 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | 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 of Which Carried at Close of Period | |||||
Land | 1.7 | ||||
Buildings and Improvements | 6.2 | ||||
Total | 7.9 | 7.9 | 7.9 | ||
Accumulated depreciation | 0 | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 7.9 | 7.9 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | 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 | 1.8 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 0 | ||||
Buildings and Improvements | 1.8 | ||||
Total | 1.8 | 1.8 | 1.8 | ||
Accumulated depreciation | 0 | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 1.8 | 1.8 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | 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 of Which Carried at Close of Period | |||||
Land | 4.6 | ||||
Buildings and Improvements | 0 | ||||
Total | 4.6 | 4.6 | 4.6 | ||
Accumulated depreciation | 0 | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 4.6 | 4.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | 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 of Which Carried at Close of Period | |||||
Land | 3.3 | ||||
Buildings and Improvements | 0 | ||||
Total | 3.3 | 3.3 | 3.3 | ||
Accumulated depreciation | 0 | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 3.3 | 3.3 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | 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 of Which Carried at Close of Period | |||||
Land | 2 | ||||
Buildings and Improvements | 1.9 | ||||
Total | 3.9 | 3.9 | 3.9 | ||
Accumulated depreciation | 0 | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 3.9 | 3.9 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | 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 of Which Carried at Close of Period | |||||
Land | 2.7 | ||||
Buildings and Improvements | 0 | ||||
Total | 2.7 | 2.7 | 2.7 | ||
Accumulated depreciation | 0 | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 2.7 | 2.7 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | 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 of Which Carried at Close of Period | |||||
Land | 5.8 | ||||
Buildings and Improvements | 0 | ||||
Total | 5.8 | 5.8 | 5.8 | ||
Accumulated depreciation | 0 | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 5.8 | 5.8 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | 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 of Which Carried at Close of Period | |||||
Land | 2.9 | ||||
Buildings and Improvements | 5.9 | ||||
Total | 8.8 | 8.8 | 8.8 | ||
Accumulated depreciation | 0 | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 8.8 | 8.8 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | 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 of Which Carried at Close of Period | |||||
Land | 1.3 | ||||
Buildings and Improvements | 0 | ||||
Total | 1.3 | 1.3 | 1.3 | ||
Accumulated depreciation | 0 | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 1.3 | 1.3 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | 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 | 2 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 15.3 | ||||
Buildings and Improvements | 2 | ||||
Total | 17.3 | 17.3 | 17.3 | ||
Accumulated depreciation | 0 | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 17.3 | 17.3 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | 0 | |||
Development and Sales segment | Port Allen Residential (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 | 2.6 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 0 | ||||
Buildings and Improvements | 2.6 | ||||
Total | 2.6 | 2.6 | 2.6 | ||
Accumulated depreciation | 0 | 0 | 0 | ||
Asset impairment charge | 11.6 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 2.6 | 2.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | 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 | 2.8 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 0 | ||||
Buildings and Improvements | 2.8 | ||||
Total | 2.8 | 2.8 | 2.8 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 2.8 | 2.8 | |||
Development and Sales segment | Other Maui Landholdings | Real Estate | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial Cost | |||||
Land | 0 | ||||
Buildings and Improvements | 0 | ||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | 7.6 | ||||
Carrying Costs | 0 | ||||
Gross Amounts of Which Carried at Close of Period | |||||
Land | 0 | ||||
Buildings and Improvements | 7.6 | ||||
Total | 7.6 | 7.6 | 7.6 | ||
Accumulated depreciation | 0 | 0 | 0 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at end of year | 7.6 | 7.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | $ 0 | $ 0 | |||
Agribusiness | Agricultural Land | Real Estate | |||||
Costs Capitalized Subsequent to Acquisition | |||||
Improvements | $ 4.8 |