Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 15, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Information | 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 | 71,952,944 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Entity Public Float | $ 1,915,753,183.86 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Revenue: | |||
Commercial Real Estate | $ 136.9 | $ 134.7 | $ 133.6 |
Land Operations | 84.5 | 61.9 | 120.2 |
Materials & Construction | 204.1 | 190.9 | 219 |
Total operating revenue | 425.5 | 387.5 | 472.8 |
Operating Costs and Expenses: | |||
Cost of Commercial Real Estate | 75.5 | 79 | 80.4 |
Cost of Land Operations | 60.4 | 35 | 71.1 |
Cost of Materials & Construction | 166.1 | 154.5 | 175.7 |
Selling, general and administrative | 66.4 | 52 | 51.6 |
REIT evaluation/conversion costs | 15.2 | 9.5 | 0 |
Impairment of real estate assets | 22.4 | 11.7 | 0 |
Total operating costs and expenses | 406 | 341.7 | 378.8 |
Operating Income | 19.5 | 45.8 | 94 |
Other Income and (Expenses): | |||
Income related to joint ventures | 7.2 | 19.2 | 36.8 |
Reductions in solar investments, net (Note 5, 12, 14) | (2.6) | (9.8) | (2.6) |
Interest and other income, net | 2.1 | (1.7) | (2.5) |
Interest expense | (25.6) | (26.3) | (26.8) |
Income from Continuing Operations Before Income Taxes and Net Gain (Loss) on Sale of Improved Properties | 0.6 | 27.2 | 98.9 |
Income tax benefit (expense) | 218.2 | 0.5 | (37) |
Income from Continuing Operations Before Net Gain (Loss) on Sale of Improved Properties | 218.8 | 27.7 | 61.9 |
Net gain (loss) on the sale of improved properties, net of income taxes | 9.3 | 5 | (1.1) |
Income from Continuing Operations | 228.1 | 32.7 | 60.8 |
Income (loss) from discontinued operations, net of income taxes (Note 4) | 2.4 | (41.1) | (29.7) |
Net Income (Loss) | 230.5 | (8.4) | 31.1 |
Income attributable to noncontrolling interest | (2.2) | (1.8) | (1.5) |
Net Income (Loss) Attributable to A&B Shareholders | $ 228.3 | $ (10.2) | $ 29.6 |
Basic Earnings (Loss) Per Share of Common Stock: | |||
Continuing operations available to A&B shareholders (in dollars per share) | $ 4.63 | $ 0.66 | $ 1.15 |
Basic (in dollars per share) | 4.68 | (0.18) | 0.54 |
Diluted Earnings (Loss) Per Share of Common Stock: | |||
Continuing operations available to A&B shareholders (in dollars per share) | 4.30 | 0.65 | 1.14 |
Diluted (in dollars per share) | $ 4.34 | $ (0.18) | $ 0.54 |
Weighted-Average Number of Shares Outstanding: | |||
Basic (in shares) | 49.2 | 49 | 48.9 |
Diluted (in shares) | 53 | 49.4 | 49.3 |
Amounts Available to A&B Shareholders (Note 16): | |||
Continuing operations available to A&B shareholders, net of income taxes | $ 227.7 | $ 32.2 | $ 56.2 |
Income (loss) from discontinued operations, net of income taxes (Note 4) | 2.4 | (41.1) | (29.7) |
Net income (loss) available to A&B shareholders | $ 230.1 | $ (8.9) | $ 26.5 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 230.5 | $ (8.4) | $ 31.1 |
Other Comprehensive Income (Loss), net of tax: | |||
Unrealized interest rate hedging gain (loss) | (0.4) | 2.6 | 0 |
Reclassification adjustment for interest expense included in net income or loss | 0.5 | 0.4 | 0 |
Defined benefit pension plans: | |||
Actuarial loss | (3.2) | (4.6) | (7.1) |
Amortization of net loss included in net periodic pension cost | 5.7 | 7.5 | 7.3 |
Amortization of prior service credit included in net periodic pension cost | (1.1) | (0.9) | (1.3) |
Curtailment | 0 | (1.5) | 0 |
Prior service cost | 0 | 0 | (0.4) |
Income taxes related to other comprehensive income | (0.6) | (1.4) | 0.6 |
Other comprehensive income (loss), net of tax | 0.9 | 2.1 | (0.9) |
Comprehensive Income (Loss) | 231.4 | (6.3) | 30.2 |
Less: Comprehensive income attributable to noncontrolling interest | (2.2) | (1.8) | (1.5) |
Comprehensive Income (Loss) Attributable to A&B Shareholders | $ 229.2 | $ (8.1) | $ 28.7 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 68.9 | $ 2.2 |
Accounts receivable, net | 34.1 | 32.1 |
Contracts retention | 13.2 | 13.1 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 20.2 | 16.4 |
Inventories | 31.9 | 43.3 |
Real estate held for sale | 67.4 | 1 |
Income tax receivable | 27.7 | 10.6 |
Prepaid expenses and other assets | 11.4 | 19.6 |
Total current assets | 274.8 | 138.3 |
Investments in Affiliates | 401.7 | 390.8 |
Real Estate Developments | 151 | 179.5 |
Property – Net | 1,147.5 | 1,231.6 |
Intangible Assets – Net | 46.9 | 53.8 |
Deferred Tax Asset | 16.5 | 0 |
Goodwill | 102.3 | 102.3 |
Restricted Cash | 34.3 | 10.1 |
Other Assets | 56.2 | 49.9 |
Total assets | 2,231.2 | 2,156.3 |
Current Liabilities: | ||
Notes payable and current portion of long-term debt | 46 | 42.4 |
Accounts payable | 43.3 | 35.2 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 5.7 | 3.5 |
Accrued interest | 6.5 | 6.3 |
Deferred revenue | 0.9 | 17.6 |
Indemnity holdback related to Grace acquisition | 9.3 | 9.3 |
HC&S cessation-related liabilities | 4.6 | 19.1 |
Accrued dividends | 783 | 0 |
Accrued and other liabilities | 27.5 | 31.7 |
Total current liabilities | 926.8 | 165.1 |
Long-term Liabilities: | ||
Long-term debt | 585.2 | 472.7 |
Deferred income taxes | 0 | 182 |
Accrued pension and post-retirement benefits | 19.9 | 64.8 |
Other non-current liabilities | 40.2 | 47.7 |
Total long-term liabilities | 645.3 | 767.2 |
Total liabilities | 1,572.1 | 932.3 |
Commitments and Contingencies (Note 14) | ||
Redeemable Noncontrolling Interest (Note 17) | 8 | 10.8 |
Equity: | ||
Common stock - no par value; authorized, 150 million shares; outstanding, 49.3 million and 49.0 million shares at December 31, 2017 and December 31, 2016, respectively | 1,161.7 | 1,157.3 |
Accumulated other comprehensive loss | (42.3) | (43.2) |
(Distributions in excess of accumulated earnings) Retained earnings | (473) | 95.2 |
Total A&B shareholders' equity | 646.4 | 1,209.3 |
Noncontrolling interest | 4.7 | 3.9 |
Total equity | 651.1 | 1,213.2 |
Total liabilities and equity | $ 2,231.2 | $ 2,156.3 |
Consolidated Balance Sheets - P
Consolidated Balance Sheets - Parenthetical - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
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) | 49,300,000 | 49,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities: | |||
Net Income (Loss) | $ 230.5 | $ (8.4) | $ 31.1 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations: | |||
Depreciation and amortization | 41.4 | 119.5 | 55.7 |
Deferred income taxes | (199) | (20.1) | 16.9 |
Gains on asset transactions, net of asset write-downs | (12.7) | (11.6) | (35.8) |
Share-based compensation expense | 4.4 | 4.1 | 4.7 |
Investments in affiliates, net of distributions | 5.5 | 1.4 | (3.7) |
Changes in operating assets and liabilities: | |||
Trade, contracts retention, and other receivables | (0.9) | 4.3 | (3.1) |
Costs and estimated earnings in excess of billings on uncompleted contracts - net | (1.5) | 0.7 | (1.4) |
Inventories | 11.4 | 12.7 | 25.9 |
Prepaid expenses, income tax receivable and other assets | (23) | (0.1) | (12.5) |
Accrued pension and post-retirement benefits | (47.4) | 6.3 | 3.6 |
Accounts payable and contracts retention | 3.3 | (0.4) | 0.1 |
Accrued and other liabilities | (40.1) | 10.7 | (18.2) |
Real estate inventory sales (real estate developments held for sale) | 47.6 | 7.4 | 73 |
Expenditures for real estate inventory (real estate developments held for sale) | (20.8) | (15.3) | (7.2) |
Net cash (used in) provided by operations | (1.3) | 111.2 | 129.1 |
Cash Flows from Investing Activities: | |||
Capital expenditures for property, plant and equipment | (42.5) | (116.1) | (44.7) |
Proceeds from disposal of property and other assets | 47.2 | 88.8 | 48.1 |
Payments for purchases of investments in affiliates and other investments | (41.9) | (47.2) | (29.4) |
Proceeds from investments in affiliates and other investments | 33.3 | 41.3 | 44.4 |
Net cash (used in) provided by investing activities | (3.9) | (33.2) | 18.4 |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of long-term debt | 292.5 | 272 | 132 |
Payments of long-term debt and deferred financing costs | (181) | (334.3) | (248.1) |
Borrowings (payments) on line-of-credit agreement, net | 2.6 | (9.9) | (3) |
Distribution to noncontrolling interests | (0.5) | (1.4) | (1.1) |
Dividends paid | (10.3) | (12.3) | (10.3) |
Proceeds from issuance (repurchase) of capital stock and other, net | (7.2) | 1.2 | (1.1) |
Net cash provided by (used in) financing activities | 96.1 | (84.7) | (131.6) |
Cash, Cash Equivalents and Restricted Cash: | |||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 90.9 | (6.7) | 15.9 |
Balance, beginning of period | 12.3 | 19 | 3.1 |
Balance, end of period | 103.2 | 12.3 | 19 |
Other Cash Flow Information: | |||
Interest paid, net of capitalized interest | (24.9) | (26.2) | (27.3) |
Income taxes paid | (4) | 0 | (6.4) |
Noncash Investing and Financing Activities: | |||
Contribution of land and development assets to joint ventures | 0 | 0 | 9.6 |
Real estate exchanged for note receivable | 2.5 | 0 | 1.9 |
Declared distribution from investment in affiliate | 0 | 8 | 0 |
Declared distribution to noncontrolling interest | 0 | 0.9 | 0.4 |
Asset retirement obligations | 0 | 5.4 | 6 |
Uncollected proceeds from disposal of equipment | 1.9 | 0 | 0 |
Capital expenditures included in accounts payable and accrued expenses | 4.5 | 1.3 | 8 |
Dividends declared | $ 783 | $ 0 | $ 0 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock | AOCI Attributable to Parent | Retained Earnings | Non- controlling interest | Total | Redeemable Noncontrolling Interest |
Beginning balance, shares at Dec. 31, 2014 | 48.8 | ||||||
Beginning balance at Dec. 31, 2014 | $ 1,147.3 | $ (44.4) | $ 101 | $ 10.9 | $ 1,214.8 | ||
Total Equity | |||||||
Net income | 29.6 | 1.1 | 30.7 | ||||
Other comprehensive income, net of tax | $ (0.9) | (0.9) | (0.9) | ||||
Dividends paid on common stock | (10.3) | (10.3) | |||||
Redeemable Noncontrolling Interest, Equity, Reclassification | (8.5) | (8.5) | $ 8.5 | ||||
Distributions to noncontrolling interest | 0 | (0.4) | |||||
Adjustments to redemption value of redeemable noncontrolling interest (Note 17) | (3.1) | (3.1) | |||||
Share-based compensation | $ 4.7 | 4.7 | |||||
Shares issued or repurchased, net, shares | 0.1 | ||||||
Shares issued or repurchased, net | $ (0.9) | (0.9) | |||||
Excess tax benefit from share-based awards | 0.6 | 0.6 | |||||
Ending balance at Dec. 31, 2015 | $ 1,151.7 | (45.3) | 117.2 | 3.5 | 1,227.1 | ||
Ending balance, shares at Dec. 31, 2015 | 48.9 | ||||||
Redeemable Non-Controlling Interest, beginning balance at Dec. 31, 2014 | 0 | ||||||
Redeemable Non-Controlling Interest | |||||||
Less: Undistributed earnings allocated to redeemable noncontrolling interest | (3.1) | 0.4 | |||||
Redeemable Noncontrolling Interest, Equity, Reclassification | (8.5) | (8.5) | 8.5 | ||||
Redeemable Non-Controlling Interest, Distributions to noncontrolling interest | 0 | (0.4) | |||||
Redeemable Non-Controlling Interest, Adjustments to redemption value of redeemable noncontrolling interest | 3.1 | ||||||
Redeemable Non-Controlling Interest, ending balance at Dec. 31, 2015 | 11.6 | ||||||
Total Equity | |||||||
Net income | (10.2) | 0.4 | (9.8) | ||||
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 (Note 17) | 1.3 | 1.3 | |||||
Share-based compensation | $ 4.1 | 4.1 | |||||
Shares issued or repurchased, net, shares | 0.1 | ||||||
Shares issued or repurchased, net | $ 1.5 | (0.8) | 0.7 | ||||
Ending balance at Dec. 31, 2016 | 1,213.2 | $ 1,157.3 | (43.2) | 95.2 | 3.9 | 1,213.2 | |
Ending balance, shares at Dec. 31, 2016 | 49 | ||||||
Redeemable Non-Controlling Interest | |||||||
Less: Undistributed earnings allocated to redeemable noncontrolling interest | 1.3 | 1.4 | |||||
Redeemable Non-Controlling Interest, Distributions to noncontrolling interest | 0 | (0.9) | |||||
Redeemable Non-Controlling Interest, Adjustments to redemption value of redeemable noncontrolling interest | (1.3) | ||||||
Redeemable Non-Controlling Interest, ending balance at Dec. 31, 2016 | 10.8 | 10.8 | |||||
Total Equity | |||||||
Net income | 228.3 | 1 | 229.3 | ||||
Other comprehensive income, net of tax | 0.9 | 0.9 | 0.9 | ||||
Dividends paid on common stock | (793.3) | (793.3) | |||||
Distributions to noncontrolling interest | (0.2) | (0.2) | (0.3) | ||||
Adjustments to redemption value of redeemable noncontrolling interest (Note 17) | 3.7 | 3.7 | |||||
Share-based compensation | $ 4.4 | 4.4 | |||||
Shares issued or repurchased, net, shares | 0.3 | ||||||
Shares issued or repurchased, net | (6.9) | (6.9) | |||||
Ending balance at Dec. 31, 2017 | 651.1 | $ 1,161.7 | $ (42.3) | $ (473) | 4.7 | 651.1 | |
Ending balance, shares at Dec. 31, 2017 | 49.3 | ||||||
Redeemable Non-Controlling Interest | |||||||
Less: Undistributed earnings allocated to redeemable noncontrolling interest | 1.8 | 1.2 | |||||
Redeemable Non-Controlling Interest, Distributions to noncontrolling interest | $ (0.2) | $ (0.2) | (0.3) | ||||
Redeemable Non-Controlling Interest, Adjustments to redemption value of redeemable noncontrolling interest | (3.7) | ||||||
Redeemable Non-Controlling Interest, ending balance at Dec. 31, 2017 | $ 8 | $ 8 |
Consolidated Statements of Equ8
Consolidated Statements of Equity (Parenthetical) - $ / shares | Nov. 16, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared (in dollars per share) | $ 15.92 | $ 16.13 | $ 0.25 | $ 0.21 |
Background and Basis of Present
Background and Basis of Presentation | 12 Months Ended |
Dec. 31, 2017 | |
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; Land Operations; and Materials & Construction. • Commercial Real Estate: includes leasing, property management, redevelopment and development-for-hold activities. Significant assets include improved commercial real estate and urban ground leases. Income from this segment is principally generated by leasing and operating real estate assets. • Land Operations: includes planning, zoning, financing, constructing, purchasing, managing, selling, and investing in real property; leasing agricultural land; renewable energy; and diversified agribusiness. Primary assets include landholdings, renewable energy assets (investments in hydroelectric and solar facilities and power purchase agreements) and development projects. Income from this segment is principally generated by renewable energy operations, agricultural leases, select farming operations, development sales and fees, and parcel sales. • Materials & Construction: performs asphalt paving as prime contractor and subcontractor; imports and sells liquid asphalt; mines, processes and sells basalt aggregate; produces and sells asphaltic and ready-mix concrete; provides and sells various construction- and traffic-control-related products; and manufactures and sells precast concrete products. Assets include two grade A (prime) rock quarries, an asphalt storage terminal, paving hot mix plants and quarry and paving equipment. Income is generated principally by materials supply and paving construction. The Company has completed a conversion process to comply with the requirements to be treated as a real estate investment trust (“REIT”) commencing with the taxable year ended December 31, 2017. In connection with our conversion to a REIT, the Company undertook the following actions: • On November 8, 2017, the Company completed a holding company merger ("Holding Company Merger") in order to facilitate the Company's ongoing REIT compliance. Pursuant to the Holding Company Merger, the then-existing Alexander & Baldwin, Inc. ("A&B Predecessor"), Alexander & Baldwin REIT Holdings, Inc., a Hawai`i corporation and a direct, wholly owned subsidiary of A&B Predecessor (“A&B REIT Holdings”), and A&B REIT Merger Corporation, a Hawai`i corporation and a direct, wholly owned subsidiary of A&B REIT Holdings (“Merger Sub”) completed a merger through which Merger Sub was merged with and into A&B Predecessor, with A&B Predecessor continuing as the surviving corporation and being renamed "Alexander & Baldwin Investments, LLC." Additionally, as a result of the Holding Company Merger, A&B REIT Holdings replaced A&B Predecessor as the Hawai`i-based, publicly held corporation through which the Company’s operations are conducted, and all shares of common stock, including the reserve of common stock issuable under the outstanding awards and equity incentive compensation plans, of A&B Predecessor were converted into shares of A&B REIT Holdings common stock on a one-for-one basis; promptly following the merger A&B REIT Holdings was renamed “Alexander & Baldwin, Inc.” In these Notes to the Financial Statements, unless the context requires otherwise, references to A&B or the Company refer to Alexander & Baldwin, Inc. prior to the consummation of the Holding Company Merger (subsequently renamed Alexander & Baldwin Investments, LLC) and to A&B REIT Holdings following consummation of the Holding Company Merger (subsequently renamed Alexander & Baldwin, Inc.). • On November 16, 2017 (the "Declaration Date"), the Company declared a distribution to its shareholders in the aggregate amount of $783 million (approximately $15.92 per share) (the "Special Distribution"), which represented the Company's previously undistributed non-REIT earnings and profits accumulated prior to January 1, 2017, the Company's REIT taxable income for the 2017 taxable year, and a substantial portion of the Company's estimated REIT taxable income for the 2018 taxable year. The Company completed the payment of the Special Distribution on January 23, 2018 ("the Distribution Date") through an aggregate of $156.6 million in cash and the issuance of 22,587,299 shares of the Company's common stock. Reclassifications: Prior year financial statement amounts are reclassified as necessary to conform to the current year presentation related to the application of Rule 3-15 of Regulation S-X and the adoption of certain new accounting standards discussed below. There was no impact on net income or (accumulated deficit) / retained earnings as a result of the reclassifications. See Note 2 "Significant Accounting Policies" for additional information. Rounding: Amounts in the consolidated financial statements and notes are rounded to the nearest tenth of a million. 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, 2017 | |
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 & Construction revenues from a limited customer base. For the years ended December 31, 2017 , 2016 , and 2015 , revenue of approximately $67.7 million , $52.0 million , and $38.1 million , respectively, was generated directly and indirectly from projects administered by the City and County of Honolulu. For the years ended December 31, 2017 , 2016 , and 2015 , revenue of approximately $60.2 million , $50.1 million , and $80.8 million , respectively, was generated directly and indirectly from the State of Hawai`i, 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, 2017 and 2016 . 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, 2017 , 2016 , and 2015 were as follows (in millions): Balance at Provision for Bad Debt Write-offs Balance at 2017 $1.0 $1.0 $(0.6) $1.4 2016 $1.7 $0.8 $(1.5) $1.0 2015 $1.7 $0.4 $(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 & Construction segment are included in current assets in the consolidated balance sheets and amounted to $8.0 million and $8.2 million as of December 31, 2017 and December 31, 2016 , respectively. Accounts and contracts payable related to the Materials & Construction segment payable after one year are included in current liabilities in the consolidated balance sheets and amounted to $0.4 million and $0.6 million as of December 31, 2017 and December 31, 2016 , respectively. Inventories: Sugar inventories were stated at the lower of cost (first-in, first-out basis) or market value. Materials & supplies and Materials & 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, 2017 and 2016 were as follows (in millions): 2017 2016 Sugar inventories $ — $ 17.5 Asphalt 12.2 7.4 Processed rock, Portland cement, and sand 13.5 12.6 Work in progress 2.8 3.0 Retail merchandise 1.7 1.7 Parts, materials and supplies inventories 1.7 1.1 Total $ 31.9 $ 43.3 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) Building and improvements 10 to 40 Leasehold improvements 5 to 10 (lesser of useful life or lease term) 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 $26.4 million , $28.3 million , and $29.1 million in 2017 , 2016 and 2015 , respectively. Capitalized interest in 2017 , 2016 and 2015 was $0.9 million , $2.0 million , and $2.3 million , respectively, and was principally related to the Company's investment in The Collection, the Company’s Maui Business Park II, and Kamalani projects. Real Estate Assets Held for Sale: The Company separately classifies assets held for sale in its consolidated financial statements. As of December 31, 2017 , the Company has Hawai`i real estate developments and certain U.S. Mainland commercial properties that were classified as held for sale with a total net asset value of $67.4 million . Real estate investments to be disposed of are reported at the lower of carrying amounts or estimated fair value, less costs to sell. During the fourth quarter of 2017, the Company recorded aggregate impairment charges of $22.4 million related to certain U.S. Mainland commercial properties assets. The following table summarizes the assets held for sale and liabilities related to the assets held for sale as of December 31, 2017 : Real Estate Developments $ 21.1 Property – Net 64.8 Other Assets 3.9 Total assets 89.8 Impairment of real estate assets (22.4 ) Real estate held for sale $ 67.4 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 2017 , the Company recorded aggregate impairment charges of $22.4 million related to certain of its U.S. Mainland commercial properties that were classified as held for sale as of December 31, 2017 . 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 . 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, 2017 was $631.2 million and $642.3 million , respectively, and $515.1 million and $529.3 million at December 31, 2016 , 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 U.S. Mainland commercial properties as well as the Company's non-active long-term development projects that were impaired during each of the years ended December 31, 2017 and 2016, respectively, 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 aggregate carrying value of the impaired U.S. Mainland commercial properties was $46.3 million , and the aggregate carrying value 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 2017 and 2016 were as follows: 2017 2016 Amount Weighted Average Life (Years) Amount Weighted Average Life (Years) In-place/favorable leases $ 0.3 1.6 $ 8.5 7.0 Intangible assets for the years ended December 31, 2017 and 2016 included the following (in millions): 2017 2016 In-place leases $ 70.2 $ 69.9 Favorable leases 17.9 17.9 Permitted quarry rights 18.0 18.0 Contract backlog 2.6 2.6 Trade name/customer relationships 2.2 2.2 Accumulated amortization (64.0 ) (56.8 ) Total assets $ 46.9 $ 53.8 Aggregate intangible asset amortization was $6.0 million , $9.2 million , and $10.5 million for 2017 , 2016 and 2015 , respectively. Estimated amortization expenses related to intangible assets over the next five years are as follows (in millions): Estimated 2018 $ 5.4 2019 $ 4.5 2020 $ 3.6 2021 $ 3.1 2022 $ 2.9 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 goodwill impairment test estimates the fair value of a reporting unit using various methodologies, including discounted cash flows and market multiples. The discounted cash flow approach relies on a number of assumptions, including future macroeconomic conditions, market factors specific to the reporting unit, the amount and timing of estimated future cash flows to be generated by the business over an extended period of time, long-term growth rates for the business, and a discount rate that considers the risks related to the amount and timing of the cash flows, among others. Under the market multiple methodology, the estimate of fair value is based on market multiples of EBITDA (earnings before interest, taxes, depreciation and amortization) or revenues. When using market multiples of EBITDA or revenues, the Company must make judgments about the comparability of those multiples in closed and proposed transactions and comparability of multiples for guideline companies. If the results of the Company's test indicates that a reporting unit's estimated fair value is less than its carrying value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The changes in the carrying amount of goodwill allocated to the Company's reportable segments for the years ended December 31, 2017 and 2016 were as follows (in millions): Materials & Construction Commercial Real Estate Total Balance, January 1, 2016 $ 93.6 $ 8.7 $ 102.3 Changes to goodwill — — — Balance, December 31, 2016 93.6 8.7 102.3 Changes to goodwill — — — Balance, December 31, 2017 $ 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 Hawai`i 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. 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: 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 to be reported 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." Redeemable Non-controlling Interest: Non-controlling interests in subsidiaries that are redeemable for cash or other assets outside of the Company’s control are classified as mezzanine equity, outside of equity and liabilities, and are adjusted to fair value on each balance sheet date. The resulting changes in fair value of the estimated redemption amount, increases or decreases, are recorded with corresponding adjustments against retained earnings or, in the absence of retained earnings, common stock. 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. Additionally, as the deadline for the common shareholders' election was January 12, 2018, subsequent to December 31, 2017, the total Special Distribution of $783 million (approximately $15.92 per share) was included in the computation of the Company's diluted earnings (loss) 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, 2017 and 2016 . The Company believes that it is more likely than not that the benefit from its state nonrefundable energy tax credit carryforward will not be realized. Consequently, the Company has recorded a valuation allowance of $6.9 million on the deferred tax asset relating to this credit carryforward. If our assumptions change and the Company determines that it will be able to realize the credit, the tax benefits relating to any reversal of the valuation allowance on the deferred tax assets will be recognized as a reduction in income tax expense. 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 postr |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
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 $21.1 million , $12.0 million , and $23.0 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Receivables from these affiliates were $2.9 million as of December 31, 2017 and immaterial as of December 31, 2016 . Amounts due to these affiliates were immaterial as of December 31, 2017 and 2016 . 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 $5.2 million for the years ended December 31, 2017 , $6.1 million for the year ended December 31, 2016 , and immaterial for the year ended December 31, 2015 . Receivables from these affiliates were immaterial as of December 31, 2017 and 2016 . Land Operations. During the year ended December 31, 2017 , the Company recorded developer fee revenues of approximately $2.4 million related to management and administrative services provided to certain unconsolidated investments in affiliates. Developer fee revenues recorded for the years ended 2016 and 2015 were $4.6 million and $2.9 million , respectively. Receivables from these affiliates were immaterial as of December 31, 2017 and 2016 . 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, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS In December 2016, the Company completed its final sugar harvest and 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 income (loss), gain on asset dispositions, income tax (expense) benefit and after-tax effects of these transactions for the years ended December 31, 2017 , 2016 , and 2015 were as follows (in millions): 2017 2016 2015 Sugar operations revenue $ 22.9 $ 98.4 $ 97.7 Cost of sugar operations 22.5 87.5 124.6 Operating income (loss) from sugar operations 0.4 10.9 (26.9 ) Sugar operations cessation costs (2.7 ) (77.6 ) (22.6 ) Gain on asset dispositions 6.0 — — Income (loss) from discontinued operations before income taxes 3.7 (66.7 ) (49.5 ) Income tax (expense) benefit (1.3 ) 25.6 19.8 Income (loss) from discontinued operations $ 2.4 $ (41.1 ) $ (29.7 ) Basic earnings (loss) per share $ 0.05 $ (0.84 ) $ (0.61 ) Diluted earnings (loss) per share $ 0.04 $ (0.83 ) $ (0.60 ) There was no depreciation and amortization related to discontinued operations for the year ended December 31, 2017 . Depreciation and amortization related to discontinued operations was $70.9 million and $12.4 million for the years ended December 31, 2016 , and 2015 , respectively. |
Investments in Affiliates
Investments in Affiliates | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Affiliates | INVESTMENTS IN AFFILIATES The Company's investments in affiliates consist principally of equity investments in limited liability companies in which the Company has the ability to exercise significant influence over the operating and financial policies of these investments. Accordingly, the Company accounts for its investments using the equity method of accounting. The Company’s investments in affiliates totaled $401.7 million and $390.8 million as of December 31, 2017 and 2016 , respectively. The amounts of the Company’s investment at December 31, 2017 and December 31, 2016 that represent undistributed earnings of investments in affiliates were approximately $8.2 million and $15.5 million , respectively. Dividends and distributions from unconsolidated affiliates totaled $10.4 million in 2017 , $71.6 million in 2016 and $72.2 million in 2015 . Operating results include the Company's proportionate share of net income from its equity method investments. A summary of combined financial information related to the Company's equity method investments at December 31 is as follows (in millions): 2017 2016 Current assets $ 153.1 $ 154.3 Non-current assets 754.9 727.8 Total assets $ 908.0 $ 882.1 Current liabilities $ 52.5 $ 65.8 Non-current liabilities 192.8 175.0 Total liabilities $ 245.3 $ 240.8 Year Ended December 31, 2017 2016 2015 Revenues $ 200.5 $ 489.3 $ 471.7 Operating costs and expenses 166.3 449.8 411.6 Operating income $ 34.2 $ 39.5 $ 60.1 Income from Continuing Operations* $ 16.0 $ 31.7 $ 57.2 Net Income* $ 15.5 $ 31.7 $ 56.1 * Includes earnings from equity method investments held by the investee. 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 $302.6 million as of December 31, 2017 and $290.7 million as of December 31, 2016 . The total capital contributed to the joint venture by the Company as a percent of total committed was approximately 61% as of December 31, 2017 . 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 $20.0 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 $20.0 million . The Company does not have a controlling financial interest in the joint venture, but exercises significant influence over the operating and financial policies of the venture, and therefore, accounted for its investment under the equity method. Construction of Waihonua was completed in November 2014, and 12 units closed in December 2014. The remaining 328 units closed in January 2015 and the construction loan was paid off, extinguishing the guarantee. The Company had no carrying value related to its investment in Waihonua at December 31, 2017 and 2016 , respectively. For the year ended December 31, 2015 , the Company determined that its Waihonua joint venture met the conditions of a significant subsidiary under Rule 1-02(w) of Regulation S-X and, therefore, pursuant to Rule 3-09 of Regulation S-X, has attached separate financial statements to this Annual Report on Form 10-K as Exhibit 99.1. In July 2014, the Company invested $23.8 million in KRS II, an entity that owns and operates a 12 -megawatt solar farm in Koloa, Kauai. The Company does not have a controlling financial interest in KRS II, but exercises significant influence over the operating and financial policies of the venture, and therefore, accounts for its investment under the equity method. 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, 2017 and 2016 , the Company recorded a net, non-cash reduction of $0.2 million and $1.1 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, 2017 and 2016 was $0.9 million and $2.2 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 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, 2017, the Company recorded a net, non-cash reduction of $2.4 million in Reduction in solar investments, net. As of December 31, 2017, the Company's investment was $1.4 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, 2017 and 2016 was $18.5 million and $15.3 million , respectively. The Company accounts for its investment under the equity method. As of December 31, 2017 , all 396 tower units and 54 loft units and two townhomes have closed escrow. For the year ended December 31, 2017 , 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 99.4. 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, 2017 | |
Contractors [Abstract] | |
Uncompleted Contracts | UNCOMPLETED CONTRACTS Information related to uncompleted contracts as of December 31, 2017 and 2016 is as follows (in millions): 2017 2016 Costs incurred on uncompleted contracts $ 137.5 $ 92.2 Estimated earnings 35.8 26.8 Subtotal 173.3 119.0 Less: billings to date 158.8 106.1 Total $ 14.5 $ 12.9 Included in accompanying balance sheet under the following captions: Costs and estimated earnings in excess of billings on uncompleted contracts $ 20.2 $ 16.4 Estimated billings in excess of costs and estimated earnings on uncompleted contracts (5.7 ) (3.5 ) Total $ 14.5 $ 12.9 |
Property
Property | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property | PROPERTY Property on the consolidated balance sheets includes the following (in millions): December 31, 2017 2016 Buildings $ 471.6 $ 566.5 Land 613.3 622.6 Machinery and equipment 74.7 254.0 Asphalt plants and quarry assets 80.2 78.2 Water, power and sewer systems 109.9 156.4 Other property improvements 70.5 65.9 Vessel — 11.3 Subtotal 1,420.2 1,754.9 Accumulated depreciation (272.7 ) (523.3 ) Property - net $ 1,147.5 $ 1,231.6 Depreciation expense for the years ended December 31, 2017 , 2016 , and 2015 was $32.3 million , $106.1 million and $43.8 million , respectively. During the year ended December 31, 2016, HC&S recorded accelerated depreciation of $70.9 million . |
Notes Payable and Long-Term Deb
Notes Payable and Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Notes Payable and Long-Term Debt | NOTES PAYABLE AND LONG-TERM DEBT At December 31, 2017 and 2016 , notes payable and long-term debt consisted of the following (in millions): 2017 2016 Revolving credit facilities: Wells Fargo GLP Revolver, matures in 2018 (a) $ 0.5 $ — Revolving credit facility, matures in 2022 ($372.2 million available) (b) 66.0 14.9 Term loans: 6.38%, payable through 2017, secured by Midstate Hayes — 8.2 1.85%, payable through 2017, unsecured — 2.5 2.00%, payable through 2018, unsecured 0.1 0.8 3.31%, payable through 2018, unsecured 1.0 2.8 5.19%, payable through 2019, unsecured 4.4 6.5 6.90%, payable through 2020, unsecured 48.8 65.0 LIBOR plus 2.00%, payable through 2021 (c) 9.4 9.4 LIBOR plus 1.00%, payable through 2021, secured by asphalt terminal (d) 4.8 6.1 3.15%, payable through 2021, second mortgage secured by Kailua Town Center III 4.9 — LIBOR plus 1.50%, payable through 2021, secured by Kailua Town Center III (e) 10.8 11.2 5.53%, payable through 2024, unsecured 28.5 28.5 3.90%, payable through 2024, unsecured 62.6 68.1 4.15%, payable through 2024, secured by Pearl Highlands Center 87.0 88.8 5.55%, payable through 2026, unsecured 46.0 46.0 5.56%, payable through 2026, unsecured 25.0 25.0 4.35%, payable through 2026, unsecured 22.0 22.0 4.04%, payable through 2026, unsecured 50.0 — 3.88%, payable through 2027, unsecured 50.0 50.0 4.16%, payable through 2028, unsecured 25.0 — 4.30%, payable through 2029, unsecured 25.0 — LIBOR plus 1.35%, payable through 2029, secured by Manoa Marketplace (f) 60.0 60.0 Total debt (contractual) 631.8 515.8 Unamortized debt premium (discount) 0.5 0.5 Unamortized debt issuance costs (1.1 ) (1.2 ) Total debt (carrying value) 631.2 515.1 Less current portion (46.0 ) (42.4 ) Long-term debt $ 585.2 $ 472.7 (a) Loan has a stated interest rate of LIBOR plus 1.50% . (b) Loan has a stated interest rate of LIBOR plus 1.65% , based on pricing grid. (c) Loan is secured by a letter of credit. (d) Loan has a stated interest rate of LIBOR plus 1.00% , but is swapped through maturity to a 5.98% fixed rate. (e) Loan has a stated interest rate of LIBOR plus 1.50% , but is swapped through maturity to a 5.95% fixed rate. (f) Loan has a stated interest rate of LIBOR plus 1.35% , but is swapped through maturity to a 3.14% fixed rate. Revolving Credit Facilities: The Company had a revolving senior credit facility that provided for an aggregate $350 million , 5 -year unsecured commitment ("Revolving Credit Facility"), with an uncommitted $100 million increase option. The Revolving 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 Revolving Credit Facility was amended to extend the maturity date to December 2020. In September 2017, the Company entered into a Second Amended and Restated Credit Agreement ("A&B Revolver") with Bank of America N.A., as administrative agent, First Hawaiian Bank, and other lenders party thereto, which amended and restated its existing $350 million committed Revolving Credit Facility. The A&B Revolver increased the total revolving commitments to $450 million , extended the term of the Revolving Credit Facility to September 15, 2022 , amended certain covenants (see below), and reduced the interest rates and fees charged under the Revolving Credit Facility. All other terms of the Revolving Credit Facility remain substantially unchanged. At December 31, 2017 , $66.0 million was outstanding, $11.8 million in letters of credit had been issued against the Revolving Credit Facility, and $372.2 million was available. At December 31, 2017 , the Company had, at one of its subsidiaries, a $30.0 million line of credit that expires in October 2018. As of December 31, 2017 , $0.5 million was outstanding under the line of credit. No amounts were outstanding as of December 31, 2016 . The credit line is collateralized by the subsidiary's accounts receivable, inventory and equipment and may only be used for asphalt purchase. 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. Unsecured Term Loans: In December 2015, the Company entered into an agreement (the "Prudential Agreement") with Prudential Investment Management, Inc. and its affiliates (collectively, "Prudential") for an unsecured note purchase and private shelf facility that enables the Company to issue notes in an aggregate amount up to $450.0 million (“Prudential Shelf Facility”), 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 Revolving Credit Facility, as amended. Borrowings under the uncommitted shelf facility bear interest at rates that are determined at the time of the borrowing. In September 2017, the Company entered into an amendment (the "Pru Amendment") of its Second Amended and Restated Note Purchase and Private Shelf Agreement, dated as of December 10, 2015, which amended certain covenants (see below). Additionally, the Pru Amendment included a provision for a contingent incremental interest rate increase of 20 basis points on all outstanding notes unless, following the Company's planned earnings and profits purge, the maximum ratio of debt to total adjusted asset value is equal to or less than 0.35 to 1.00 with respect to any fiscal quarter ending on or before September 30, 2018. The contingent interest rate adjustment, if triggered, will continue until such time that the Company's ratio of debt to total adjusted asset value declines to 0.35 to 1.00 or below. If the contingent interest rate adjustment is not triggered on September 30, 2018, or if triggered, but subsequently the Company's ratio of debt to total adjusted asset value declines to 0.35 to 1.00 or below, the contingent interest rate adjustment shall have no further force or effect. Changes to Revolver Amendment and Pru Amendment Covenants : The principal amendments under the A&B Revolver and the Pru Amendment are as follows: • An increase in the maximum ratio of debt to total adjusted asset value from 0.50 : 1.0 to 0.60 : 1.0 . • An increase in the aggregate maximum amount of priority debt at any time from 20 percent to 25 percent . • Allows the Company to consummate the holding company merger to adopt certain governance changes and facilitate the Company's ongoing compliance with REIT requirements. • Sets the minimum shareholders' equity amount to be $850.6 million plus 75 percent of the net proceeds received from equity issuances, less non-recurring costs related to the REIT conversion, among other additions and subtractions. • Allows for the payment of minimum dividends required to maintain REIT status and other dividends in any amount so long as no event of default shall then exist or would exist after giving effect to such dividends. As a result of the Special Distribution that was declared on November 16, 2017 and settled on January 23, 2018, the Company received waivers related to the impact of the Special Distribution on the minimum shareholder’s equity computation for its Revolving Credit Facility and its unsecured term loan agreements. On October 10, 2017, the Company entered into a rate lock commitment to draw $50 million under its Prudential Shelf Facility, pursuant to which the Company drew $50 million on November 21, 2017. The note bears interest at 4.04 percent and matures on November 21, 2026. Interest only is paid semi-annually and the principal balance is due at maturity. On October 30, 2017, the Company entered into a second rate lock commitment to draw $25 million under its Prudential Shelf Facility, pursuant to which the Company drew $25 million on December 8, 2017. The note bears interest at 4.16 percent and matures on December 8, 2028. Interest only is paid semi-annually and the principal balance is due at maturity. On November 30, 2017, the Company entered into a rate lock commitment to draw $25 million under its Note Purchase and Private Shelf Agreement with AIG Asset Management (U.S.), LLC ("AMG"). Under the commitment, the Company drew $25 million on December 20, 2017. The note bears interest at 4.30 percent and matures on December 20, 2029. Interest only is paid semi-annually and the principal balance is due at maturity. 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. As of December 31, 2017, the balance of the mortgage note was $10.8 million . The Company also secured a $5.0 million second mortgage on the Kailua Portfolio during the first quarter of 2017, which bears interest at 3.15 percent and matures in 2021 . The second mortgage has an outstanding balance as of December 31, 2017 of $4.9 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 Hawai`i 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 (Hawai`i), 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. On November 5, 2013, the Company refinanced the outstanding balances of the Real Estate Loan and Term Loan related to The Shops at Kukui'ula and extended the maturities of each by 3 -years. The Real Estate Loan outstanding of $34.6 million , incurred interest at LIBOR plus 2.85 percent and required 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 Term Loan of $9.4 million , is interest only, secured by a letter of credit, and bears interest at LIBOR plus 2.0 percent. At December 31, 2017 , the outstanding balance of the Term Loan was $9.4 million . 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. 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. The approximate book values of assets used in the Commercial Real Estate segment pledged as collateral under the foregoing credit agreements at December 31, 2017 was $233.0 million . The approximate book values of assets used in the Materials & Construction segment pledged as collateral under the foregoing credit agreements at December 31, 2017 was $25.9 million . There were no assets used in the Land Operations segment that were pledged as collateral. Debt Maturities: At December 31, 2017 , debt maturities during the next five years and thereafter, excluding amortization of debt discount or premium, are $41.8 million in 2018, $41.2 million in 2019, $39.7 million in 2020, $60.4 million for 2021, $106.4 million in 2022, and $342.3 million thereafter. |
Leases - The Company as Lessee
Leases - The Company as Lessee | 12 Months Ended |
Dec. 31, 2017 | |
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 $6.1 million , $6.8 million , and $7.2 million for 2017 , 2016 , and 2015 , 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): Minimum Lease Payments 2018 $ 5.5 2019 5.1 2020 5.1 2021 5.1 2022 3.7 Thereafter 17.9 Total $ 42.4 |
Leases - The Company as Lessor
Leases - The Company as Lessor | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 were as follows (in millions): 2017 2016 Leased property - real estate $ 1,089.0 $ 1,149.0 Less accumulated depreciation (104.0 ) (120.4 ) Property under operating leases - net $ 985.0 $ 1,028.6 Total rental income, excluding tenant reimbursements (which totaled $33.0 million , $31.8 million and $30.2 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively), under these operating leases were as follows (in millions): 2017 2016 2015 Minimum rentals $ 95.4 $ 95.2 $ 96.2 Contingent rentals (based on sales volume) 4.4 5.4 4.8 Total $ 99.8 $ 100.6 $ 101.0 Future minimum rentals on non-cancelable operating leases at December 31, 2017 were as follows (in millions): Operating Leases 2018 $ 84.6 2019 76.1 2020 65.3 2021 51.6 2022 42.2 Thereafter 279.7 Total $ 599.5 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 , and 2017 year-end target allocation, by asset category, were as follows: Target 2017 2016 Domestic equity securities — % — % 31 % International equity securities — % — % 20 % Fixed income securities 99 % 98 % 35 % Other — % — % 9 % Cash and cash equivalents 1 % 2 % 5 % 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 ( 6.8 percent for 2017 ) 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, 2017 and 2016 , the return on plan assets was 3.90% and 2.64 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, 2017 and 2016 , by asset category, are as follows (in millions): Fair Value Measurements as of December 31, 2017 Total Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Asset Category Cash and cash equivalents $ 4.5 $ 4.5 $ — Fixed income securities: U.S. Treasury obligations 81.2 81.2 — Domestic corporate bonds and notes 102.3 — 102.3 Foreign corporate bonds 9.6 — 9.6 Total $ 197.6 $ 85.7 $ 111.9 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 and Cash equivalents $ 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 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, 2017 and 2016 (in millions): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Private Equity Insurance Total Beginning balance, January 1, 2016 $ 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 Actual return on plan assets: Assets held at the reporting date (0.1 ) (0.1 ) (0.2 ) Ending balance, December 31, 2017 $ — $ — $ — 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, and the maximum deductible contribution allowed for tax purposes. In 2017 , 2016 and 2015 , the Company contributed approximately $ 49.2 million , $0.5 million , and $2.6 million , respectively, to its defined benefit pension plans. The Company’s funding policy is to contribute cash to its pension plans so that it meets at least the minimum contribution requirements. For the plans covering employees who are members of collective bargaining units, the benefit formulas are determined according to the collective bargaining agreements, either using career average pay as the base or a flat dollar amount per year of service. In 2007, the Company changed the traditional defined benefit pension plan formula for new non-bargaining unit employees hired after January 1, 2008 and, replaced it with a cash balance defined benefit pension plan formula. Subsequently, effective January 1, 2012, the Company changed the benefits under its traditional defined benefit plans for non-bargaining unit employees hired before January 1, 2008 and, replaced the benefit with the same cash balance defined benefit pension plan formula provided to those employees hired after January 1, 2008. Retirement benefits under the cash balance pension plan formula are based on a fixed percentage of 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, 2017 and 2016 and are shown below (in millions): Pension Benefits Other Post-retirement Benefits 2017 2016 2017 2016 Change in Benefit Obligation Benefit obligation at beginning of year $ 197.0 $ 194.6 $ 11.9 $ 12.2 Service cost 2.8 3.1 0.1 0.1 Interest cost 8.0 8.5 0.4 0.5 Plan participants’ contributions — — 1.0 1.1 Actuarial (gain) loss 12.3 4.7 0.7 — Benefits paid (14.0 ) (13.0 ) (1.8 ) (2.1 ) Curtailment — (0.9 ) — 0.1 Benefit obligation at end of year $ 206.1 $ 197.0 $ 12.3 $ 11.9 Change in Plan Assets Fair value of plan assets at beginning of year $ 143.1 $ 146.2 $ — $ — Actual return on plan assets 19.3 9.4 — — Employer contributions 49.2 0.5 0.8 0.9 Participant contributions — — 1.0 1.1 Benefits paid (14.0 ) (13.0 ) (1.8 ) (2.1 ) Other — — 0.1 Fair value of plan assets at end of year $ 197.6 $ 143.1 $ — $ — Funded Status and Recognized Liability $ (8.5 ) $ (53.9 ) $ (12.3 ) $ (11.9 ) The accumulated benefit obligation for the Company’s qualified pension plans was $204.5 million and $197.0 million as of December 31, 2017 and 2016 , respectively. Amounts recognized on the consolidated balance sheets and in accumulated other comprehensive loss at December 31, 2017 and 2016 were as follows (in millions): Pension Benefits Other Post-retirement Benefits 2017 2016 2017 2016 Non-current assets $ — $ — $ — $ — Current liabilities — — (0.8 ) (1.0 ) Non-current liabilities (8.5 ) (53.9 ) (11.5 ) (10.9 ) Total $ (8.5 ) $ (53.9 ) $ (12.3 ) $ (11.9 ) Net loss (gain) (net of taxes) $ 44.6 $ 45.6 $ 1.0 $ 0.6 Unrecognized prior service credit (net of taxes) (1.5 ) (1.8 ) — — Total $ 43.1 $ 43.8 $ 1.0 $ 0.6 The information for qualified pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2017 and 2016 is shown below (in millions): 2017 2016 Projected benefit obligation $ 206.1 $ 197.0 Accumulated benefit obligation $ 206.0 $ 197.0 Fair value of plan assets $ 197.6 $ 143.1 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 2018 is $0.5 million . The estimated net loss that will be recognized in net periodic pension cost for the defined benefit pension plans in 2018 is $3.8 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 2018 is $0.3 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 2018 is negligible . Unrecognized gains and losses of the post-retirement benefit plans are amortized over 5 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 2017 , 2016 , and 2015 , are shown below (in millions): Pension Benefits Postretirement Benefits Components of Net Periodic Benefit Cost 2017 2016 2015 2017 2016 2015 Service cost $ 2.8 $ 3.1 $ 3.1 $ 0.1 $ 0.1 $ 0.1 Interest cost 8.0 8.5 8.0 0.4 0.5 0.5 Expected return on plan assets (9.4 ) (10.0 ) (11.1 ) — — — Amortization of net loss 4.1 7.1 6.9 — 0.2 0.1 Amortization of prior service cost (0.5 ) (0.5 ) (0.8 ) — — — Curtailment (gain)/loss — (0.9 ) — — — 0.1 Net periodic benefit cost $ 5.0 $ 7.3 $ 6.1 $ 0.5 $ 0.8 $ 0.8 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Net loss (gain) $ 2.4 $ 4.4 $ 7.0 $ 0.7 $ — $ 0.4 Amortization of unrecognized gain (loss) (4.1 ) (7.1 ) (6.9 ) — (0.2 ) (0.1 ) Prior service cost — — 0.4 — — — Amortization of prior service credit 0.5 1.4 0.8 — — — Total recognized in other comprehensive income (1.2 ) (1.3 ) 1.3 0.7 (0.2 ) 0.3 Total recognized in net periodic benefit cost and Other comprehensive income $ 3.8 $ 6.0 $ 7.4 $ 1.2 $ 0.6 $ 1.1 The weighted average assumptions used to determine benefit information during 2017 , 2016 and 2015 were as follows: Pension Benefits Other Post-retirement Benefits 2017 2016 2015 2017 2016 2015 Weighted Average Assumptions: Discount rate 3.70% 4.20% 4.50% 3.70% 4.20% 4.50% Expected return on plan assets 6.80% 7.10% 7.10% —% —% —% Rate of compensation increase 0.5%-3% 0.5%-3% 0.5%-3% 0.5%-3% 0.5%-3% 0.5%-3% Initial health care cost trend rate 6.50% 6.80% 7.00% Ultimate rate 4.50% 4.50% 4.50% Year ultimate rate is reached 2037 2037 2037 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, 2017 , 2016 and 2015 and the net periodic post-retirement benefit cost for 2017 , 2016 and 2015 would have increased or decreased as follows (in millions): Other Post-retirement Benefits One Percentage Point Increase Decrease 2017 2016 2015 2017 2016 2015 Effect on total of service and interest cost components $ 0.1 $ 0.1 $ 0.1 $ — $ — $ — Effect on post-retirement benefit obligation $ 1.3 $ 1.0 $ 1.1 $ (1.0 ) $ (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 $3.4 million at December 31, 2017 . A 3.5 percent discount rate was used to determine the 2017 obligation. There was a cost of $1.3 million associated with the non-qualified plan in 2017 , a benefit of $0.6 million in 2016 , and a cost of $0.1 million in 2015 . The cost in 2017 included a $1.5 million settlement loss. As of December 31, 2017 , the amount recognized in accumulated other comprehensive loss for unrecognized loss, net of tax, was approximately $0.5 million , and the amount recognized as unrecognized prior service credit, net of tax, was $0.6 million . The estimated net loss and prior service credit, net of tax, that will be recognized in net periodic pension cost in 2018 is $0.1 million . Estimated Benefit Payments: The estimated future benefit payments for the next ten years are as follows (in millions): Pension Non-qualified Post-retirement Benefits Plan Benefits Benefits 2018 $ 12.6 $ 0.7 $ 0.9 2019 $ 12.7 $ 1.4 $ 0.9 2020 $ 12.6 $ — $ 0.9 2021 $ 12.7 $ — $ 0.8 2022 $ 12.8 $ — $ 0.8 2023-2027 $ 62.8 $ 2.1 $ 3.5 Current liabilities of approximately $1.5 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, 2017 . 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, 2017 , 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 2017 is for the plan's year-end as of December 31, 2016 , for the Pension Trust Fund for Operating Engineers Pension Plan and Laborer's National (Industrial) Pension Fund. The zone status available for 2017 for the Hawai`i Laborers Trust Funds is for the plan year-end as of February 28, 2017 . GP Roadway Solutions, Inc. and GP/RM Prestress, LLC have separate contracts and different expiration dates with the Hawai`i 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 Contribution by Entity Surcharge Imposed Expiration Date Current Plan Year End Fund EIN Plan No. 2017 and 2016 Pending/Implemented Jan. 1 - Dec. 31, 2017 Jan. 1 - Dec. 31, 2016 Jan. 1 - Dec. 31, 2015 Operating Engineers 94-6090764; 001 Red Yes $ 4.9 $ 4.7 $ 4.6 No 9/2/19 12/31/17 Laborers National 52-6074345; 001 Red Yes 0.2 0.1 0.1 No 8/31/18 12/31/17 Hawai`i Laborers 99-6025107; 001 Green No 0.8 0.7 0.8 No 8/31/19 2/28/17 Hawai`i Laborers 99-6025107; 001 Green No 0.2 0.2 0.2 No 9/30/19 2/28/17 Total $ 6.1 $ 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 $0.5 million in each of the years ended December 31, 2017 and 2016 . 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 2017 , 2016 and 2015 . 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 years ended December 31, 2017 , 2016 and 2015 , Grace recognized discretionary employer contributions and profit sharing expense of approximately $2.0 million . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES For the prior taxable years, the Company has filed a consolidated federal income tax return, which includes all of its wholly owned subsidiaries. For its taxable year ended December 31, 2017, the Company intends to file its tax return as a REIT, which it will accomplish by filing the 2017 Form 1120-REIT with the Internal Revenue Service on or before October 15, 2018. The Company’s TRSs will file separately as a C corporation. The Company also files individual separate income tax returns in various states. The Company completed the necessary preparatory work and obtained the necessary approvals such that the Company believes it has been organized and operates in a manner that enables it to qualify, and continue to qualify, as a REIT for federal income tax purposes. As a result, the income tax provision for the year ended December 31, 2017 includes a $223 million deferred tax benefit from the de-recognition of the deferred tax assets and liabilities associated with the entities included in the REIT. As a REIT, the Company will generally be allowed a deduction for dividends that it pays, and therefore, will not be subject to United States federal corporate income tax on its taxable income that is currently distributed to shareholders. The Company may be subject to certain state gross income and franchise taxes, as well as taxes on any undistributed income and federal and state corporate taxes on any income earned by its TRSs. In addition, the Company could be subject to corporate income taxes related to assets held by the REIT that are sold during the 5 -year period following the date of conversion, to the extent such sold assets had a built-in gain as of January 1, 2017. The Company does not intend to dispose of any REIT assets after the REIT conversion within the 5 -year period, unless various tax planning strategies, including Internal Revenue Code Section 1031 like-kind exchanges or other deferred tax structures are available, to mitigate the built-in gain tax liability of conversion. Distributions with respect to the Company’s common stock can be characterized for federal income tax purposes as ordinary income, capital gains, unrecaptured section 1250 gains, return of capital, or a combination thereof. Taxable distributions paid for the years ended December 31, 2017, 2016 and 2015 were classified as ordinary income. 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): 2017 2016 2015 Current: Federal $ (2.6 ) $ 2.9 $ 13.4 State (0.5 ) 0.9 1.6 Current $ (3.1 ) $ 3.8 $ 15.0 Deferred: Federal $ (200.7 ) $ (1.4 ) $ 18.5 State (14.4 ) 0.2 2.8 Deferred $ (215.1 ) $ (1.2 ) $ 21.3 Income tax expense (benefit) $ (218.2 ) $ 2.6 $ 36.3 Income tax expense (benefit) for 2017 , 2016 and 2015 differs from amounts computed by applying the statutory federal rate to income from continuing operations before income taxes for the following reasons (in millions): 2017 2016 2015 Computed federal income tax expense $ 3.3 $ 12.3 $ 34.0 State income taxes 0.1 0.6 4.4 Valuation allowance - state tax credit 6.9 — — REIT rate differential (2.2 ) — — Nondeductible transaction costs — 2.4 — Tax credits, including solar (0.3 ) (8.7 ) — Return to provision (1.1 ) 0.1 (0.7 ) Amended return (0.1 ) (0.2 ) 0.1 Share-based compensation (4.0 ) (1.5 ) — Noncontrolling interest (0.7 ) (0.7 ) (0.5 ) Rate change effect related to REIT conversion (223.0 ) — — Rate change effect related to Tax Cuts and Jobs Act of 2017 3.0 — — Other—net (0.1 ) (1.7 ) (1.0 ) Income tax expense (benefit) $ (218.2 ) $ 2.6 $ 36.3 The Company's effective tax rate was lower for the year ended 2017 compared to the same period in 2016 primarily due to the deferred tax benefit generated from the de-recognition of deferred tax assets and liabilities associated with the entities included in the REIT. 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): 2017 2016 Deferred tax assets: Employee benefits $ 9.1 $ 35.8 Capitalized costs 10.7 23.0 Joint ventures and other investments 2.8 1.3 Impairment and amortization 0.7 11.4 Solar investment benefits 16.6 15.0 Insurance and other reserves 2.9 6.0 Net operating losses 7.7 — Other 1.4 3.5 Total deferred tax assets $ 51.9 $ 96.0 Valuation allowance (6.9 ) — Total net deferred tax assets $ 45.0 $ 96.0 Deferred tax liabilities: Property (including tax-deferred gains on real estate transactions) $ 25.7 $ 260.3 Straight-line rental income and advanced rent — 8.4 Other 2.8 9.3 Total deferred tax liabilities $ 28.5 $ 278.0 Net deferred tax assets (liabilities) $ 16.5 $ (182.0 ) Federal tax credit carryforwards as of December 31, 2017 totaled $8.7 million and will expire in 2036. State tax credit carryforwards as of December 31, 2017 totaled $6.9 million and may be carried forward indefinitely under state law. As of December 31, 2017 the Company had federal and state net operating loss carryforwards of $6.2 million and $1.5 million , respectively, both expiring in 2037. A valuation allowance must be provided if it is more likely than not that some portion of all of the deferred tax assets will not be realized, based upon consideration of all positive and negative evidence. Sources of evidence include, among other things, a history of pretax earnings or losses, expectations of future results, tax planning opportunities and appropriate tax law. Since the Company converted to a REIT for the year ended December 31, 2017, realization of the benefit from state tax credits is not more likely than not. Therefore, a full valuation allowance of $6.9 million was established against the state tax credits until such time as the Company determines it is able to benefit from the credits due to certain dispositions of C corporation assets that the Company received in the initial REIT conversion. The Company’s income taxes receivable has been increased 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 totaled $5.3 million and $1.9 million for 2017 and 2016 , respectively. In 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 tax credits in Income Tax Receivable, as well as a corresponding reduction to the carrying amount of its investment in Waihonu, recorded in Investments in Affiliates in the accompanying consolidated balance sheets. For the year ended December 31, 2017 , the Company recorded reductions to the carrying value of its Waihonu and KIUC Renewable Solutions Two ("KRS II") investments of $2.4 million and $0.2 million , respectively, in Reduction in Solar Investments, net in the accompanying consolidated statements of operations. For the year ended December 31, 2016 , the Company recorded reductions to the carrying value of its Waihonu and KRS II investments of $8.7 million and $1.1 million , respectively, in Reduction in Solar Investments, net in the accompanying consolidated statements of operations. The Company recognizes accrued interest and penalties on income taxes as a component of income tax expense. As of December 31, 2017 , accrued interest and penalties were not material . As of December 31, 2017 , the Company has not identified any material unrecognized tax positions. The Company is subject to taxation by the United States and various state and local jurisdictions. As of December 31, 2017, tax years 2016, 2015, 2014 and 2013 are open to audit by the tax authorities. The federal audit of 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. The Department of Taxation also completed its audit of the 2015 Hawai`i state income tax return for the Company. There were no material adjustments to the income statement resulting from the completion of these audits. The IRS is currently auditing tax years 2013 and 2014. In February 2018, the Company was notified that the IRS will be auditing tax years 2016 and 2015 and the Department of Taxation will be auditing tax year 2016. The Company believes that the result of these open audits will not have a material adverse effect on its results of operations, financial condition or liquidity. On December 22, 2017, The Tax Cuts and Jobs Act of 2017 (the "Act") was signed into law. The Act made significant changes, including lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. As of December 31, 2017 the Company has completed its accounting for the tax effects of the Act and recorded a tax expense of $3.0 million due to a remeasurement of its deferred tax assets and liabilities. |
Share-Based Payment Awards
Share-Based Payment Awards | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Payment Awards | SHARE-BASED PAYMENT 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, 2017 , 1.1 million shares of the Company’s common stock remained available for future issuance. 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 2017 and 2016 , 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 awards or market-based performance awards. 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. In connection with the completion of the Holding Company Merger, all A&B Predecessor restricted stock units outstanding on November 8, 2017 were replaced with A&B restricted stock units with terms and conditions substantially identical to the terms and conditions formerly applicable to the A&B Predecessor restricted stock units that were replaced. Additionally, effective as of the completion of the Holding Company Merger, all A&B Predecessor stock options outstanding on November 8, 2017 were replaced with A&B stock options with terms and conditions substantially identical to the terms and conditions formerly applicable to the A&B Predecessor stock options. As a result of the Special Distribution, which was paid in the form of cash and stock, the Company's restricted stock units and outstanding stock options were adjusted under the anti-dilution provisions of the 2012 Plan. The number of shares of each restricted stock unit and stock option award and the exercise price of each stock option award were adjusted in order to preserve the aggregate intrinsic value of the outstanding awards and accordingly did not result in additional compensation expense. The following table summarizes the Company's stock option activity during 2017 (in thousands, except weighted average exercise price and weighted average contractual life): 2012 Plan Weighted- Weighted- Aggregate Outstanding, January 1, 2017 903.5 $ 17.78 Exercised Prior to Special Distribution (233.6 ) $ 16.47 Anti-dilutive Adjustment for Special Distribution 342.2 Exercised Subsequent to Special Distribution (381.6 ) $ 11.25 Outstanding, December 31, 2017 630.5 $ 12.58 2.9 years $ 9,516 Vested or expected to vest 630.5 $ 12.58 2.9 years $ 9,516 Exercisable, December 31, 2017 630.5 $ 12.58 2.9 years $ 9,516 The following table summarizes 2017 non-vested restricted stock unit activity (in thousands, except weighted-average grant-date fair value amounts): 2012 Plan Weighted- Outstanding, January 1, 2017 293.5 $ 33.81 Granted 139.1 $ 42.85 Vested (96.3 ) $ 37.20 Canceled (17.4 ) $ 35.03 Outstanding, December 31, 2017 318.9 $ 36.66 The time-based restricted stock units vest ratably over 3 years . The market-based performance share units cliff vest over 3 years , provided that the total shareholder return of the Company’s common stock over the relevant period meets or exceeds pre-defined levels of total shareholder returns relative to indices, as defined. As of December 31, 2017, there was $6.0 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: 2017 Grants 2016 Grants Volatility of A&B common stock 24.1% 26.3% Average volatility of peer companies 25.6% 35.3% Risk-free interest rate 1.6% 1.1% The weighted average fair value of the time-based restricted units and market-based performance share units was $42.85 in 2017 and $30.91 in 2016 . 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 were $1.0 million , $0.9 million and $1.5 million for December 31, 2017, 2016 and 2015, respectively. A summary of compensation cost related to share-based payments is as follows (in millions): 2017 2016 2015 Share-based expense (net of estimated forfeitures): Time-based and market-based restricted stock units $ 4.4 $ 4.1 $ 4.6 Total share-based expense 4.4 4.1 4.6 Total recognized tax benefit (0.5 ) (1.4 ) (1.2 ) Share-based expense (net of tax) $ 3.9 $ 2.7 $ 3.4 Cash received upon option exercise $ 8.1 $ 4.6 $ 0.5 Intrinsic value of options exercised $ 13.2 $ 2.6 $ 0.5 Tax benefit realized upon option exercise $ 4.2 $ 1.0 $ 0.2 Fair value of stock vested $ 3.7 $ 2.2 $ 4.2 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 : Standby letters of credit (a) $ 11.8 Bonds (b) $ 428.3 (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. (b) Represents bonds related to construction and real estate activities in Hawai`i. Approximately $404.3 million is related to construction bonds issued by third party sureties (bid, performance and payment bonds) and the remainder is related to commercial bonds issued by third party sureties (permit, subdivision, license and notary bonds). In the event the bonds are drawn upon, the Company would be obligated to reimburse the surety that issued the bond. None of the bonds has been drawn upon to date. Indemnity Agreements: For certain real estate joint ventures, the Company may be obligated under bond indemnities to complete construction of the real estate development if the joint venture does not perform. These indemnities are designed to protect the surety in exchange for the issuance of surety bonds that cover joint venture construction activities, such as project amenities, roads, utilities, and other infrastructure, at its joint ventures. Under the indemnities, the Company and its joint venture partners agree to indemnify the surety bond issuer from all losses and expenses arising from the failure of the joint venture to complete the specified bonded construction. The maximum potential amount of aggregate future payments is a function of the amount covered by outstanding bonds at the time of default by the joint venture, reduced by the amount of work completed to date. The recorded amounts of the indemnity liabilities were not material individually or in the aggregate. 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, 2017 , the Company's limited guarantees on indebtedness related to five of its unconsolidated joint ventures totaled $5.6 million . 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 $6.0 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. A&B also held four water licenses to another 30,000 acres owned by the State of Hawai`i in East Maui. 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 reaffirm 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 ruled in the 4/10/15 Lawsuit 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 make an immediate appeal of this ruling. In May 2016, the Hawai`i 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 126 in June 2016. Pursuant to Act 126, the annual authorization of the existing holdover permits was sought and granted by the BLNR in December 2016 and November 2017. 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 Hawai`i ("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 Hawai`i 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 January 2016 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 the priority taro streams identified by the petitioners. Re-opened evidentiary hearings occurred in the first quarter of 2017 and a decision is pending. In August 2017, the hearings officer in the reopened evidentiary hearing issued his proposed decision. The Commission heard arguments on the proposed decision in October 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 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. Contested case proceedings were held to simultaneously reconsider the IIFS, determine appurtenant water rights, and consider applications for water use permits. Based on those proceedings, the Hearing Officer issued his recommendation to the Water Commission on November 1, 2017. The Commission has not yet issued its decision. 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 agribusiness model in subsequent years and the value of the Company’s agricultural lands. 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, 2017 | |
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, 2017 is as follows (dollars in millions): Notional Amount at Fair Value at Classification on Effective Date Maturity Date Interest Rate December 31, 2017 December 31, 2017 December 31, 2016 Balance Sheet 4/7/2016 8/1/2029 3.14% $ 60.0 $ 2.8 $ 2.8 Other assets 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, 2017 , 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 at Fair Value at Classification on Effective Date Maturity Date Interest Rate December 31, 2017 December 31, 2017 December 31, 2016 Balance Sheet 1/1/2014 9/1/2021 5.95% $ 10.9 $ (0.9 ) $ (1.3 ) Other non-current liabilities 6/18/2008 3/1/2021 5.98% $ 4.8 $ (0.3 ) $ (0.5 ) Other non-current liabilities Total $ 15.7 $ (1.2 ) $ (1.8 ) The following table represents the pre-tax effect of the derivative instruments in the Company's consolidated statement of comprehensive income (loss) (in millions): 2017 2016 Derivatives in Designated Cash Flow Hedging Relationships: Amount of (gain) loss recognized in OCI on derivatives (effective portion) $ 0.4 $ (2.6 ) Amounts of (gain) loss reclassified from accumulated OCI into earnings under "interest expense" (ineffective portion and amount excluded from effectiveness testing) $ (0.5 ) $ (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" $ 0.6 $ 0.7 The Company recorded 0.6 million and $0.7 million of income during 2017 and 2016 , 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. 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 that the Company 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. |
Earnings Per Share (_EPS_)
Earnings Per Share (“EPS”) | 12 Months Ended |
Dec. 31, 2017 | |
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 as well as adjusted by the number of additional shares, if any, that would have been outstanding had the potentially dilutive common shares been issued. On November 16, 2017, the Company declared the Special Distribution on its shares of common stock in an aggregate amount of $783.0 million , or approximately $15.92 per share. The Company paid the Special Distribution on January 23, 2018. The Special Distribution was payable in the form of cash and shares of the Company's stock at the election of each shareholder, subject to an aggregate limit of $156.6 million of cash (the "Shareholder Election"). As the deadline for the common shareholders' election was January 12, 2018, subsequent to December 31, 2017, the total Special Distribution of $783.0 million was included in the computation of the Company's diluted earnings (loss) 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): 2017 2016 2015 Income from continuing operations, net of income taxes $ 228.1 $ 32.7 $ 60.8 Less: Income attributable to noncontrolling interest (2.2 ) (1.8 ) (1.5 ) Income from continuing operations attributable to A&B shareholders, net of income taxes 225.9 30.9 59.3 Undistributed earnings (losses) allocated to redeemable noncontrolling interest 1.8 1.3 (3.1 ) Income from continuing operations available to A&B shareholders, net of income taxes 227.7 32.2 56.2 Income (loss) from discontinued operations available to A&B shareholders, net of income taxes 2.4 (41.1 ) (29.7 ) Net income (loss) available to A&B shareholders $ 230.1 $ (8.9 ) $ 26.5 The number of shares used to compute basic and diluted earnings per share is as follows (in millions): 2017 2016 2015 Denominator for basic EPS – weighted-average shares outstanding 49.2 49.0 48.9 Effect of dilutive securities: Non-participating stock options and restricted stock unit awards 0.8 0.4 0.4 Special Distribution 3.0 — — Denominator for diluted EPS – weighted-average shares outstanding 53.0 49.4 49.3 There were no anti-dilutive securities outstanding during the year ended December 31, 2017 , 2016 and 2015. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2017 | |
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. |
Cessation of Sugar Operations
Cessation of Sugar Operations | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 Cumulative Amount Recognized as of Remaining to be Recognized Total Employee severance benefits and related costs $ 0.3 $ 22.1 $ — $ 22.1 Asset write-offs and accelerated depreciation — 71.3 — 71.3 Property removal, restoration and other exit-related costs 2.4 9.5 0.9 10.4 Total Cessation-related costs $ 2.7 $ 102.9 $ 0.9 $ 103.8 A rollforward of the Cessation-related liabilities during the year ended December 31, 2017 is as follows (in millions): Employee Severance Benefits and Related Costs Other Exit Costs 1 Total Balance at December 31, 2016 $ 13.7 $ 5.4 $ 19.1 Expense 0.3 2.4 2.7 Cash payments (14.0 ) (3.2 ) (17.2 ) Balance at December 31, 2017 $ — $ 4.6 $ 4.6 1 Includes asset retirement obligations. The Cessation-related liabilities were included in the accompanying consolidated balance sheets as follows (in millions): Classification on Balance Sheet December 31, 2017 December 31, 2016 Employee severance benefits and related costs HC&S cessation-related liabilities $ — $ 13.7 Other exit costs HC&S cessation-related liabilities 4.6 5.4 Total Cessation-related liabilities $ 4.6 $ 19.1 |
Segment Results
Segment Results | 12 Months Ended |
Dec. 31, 2017 | |
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 operates three segments: Commercial Real Estate (formerly Leasing); Land Operations (formerly Real Estate Development and Sales and Agribusiness); and Materials & Construction. The Commercial Real Estate segment owns, operates, and manages a portfolio of retail, office and industrial properties in Hawai`i and on the Mainland totaling 4.0 million square feet of GLA. The Company also leases 117 acres of commercial land in Hawai`i to third-party lessees. 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 Hawai`i. The Materials & 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, 2017 and 2016 were derived directly and indirectly from the State of Hawai`i in the amounts of $60.2 million and $50.1 million , respectively. In addition, for the years ended December 31, 2017 and 2016 , amounts were derived directly and indirectly from the City and County of Honolulu in the amounts of $67.7 million and $52.0 million , respectively. Operating segment information for the years ended December 31, 2017 , 2016 , and 2015 is summarized as below (in millions): 2017 2016 2015 Revenue: Commercial Real Estate $ 136.9 $ 134.7 $ 133.6 Land Operations 84.5 61.9 120.2 Materials & Construction 204.1 190.9 219.0 Total revenue 425.5 387.5 472.8 Operating Profit (Loss): Commercial Real Estate 1,2 34.4 54.8 53.2 Land Operations 3,4 14.2 7.0 61.7 Materials & Construction 5 22.0 23.3 30.9 Total operating profit 70.6 85.1 145.8 Interest expense (25.6 ) (26.3 ) (26.8 ) General corporate expenses (29.2 ) (22.1 ) (20.1 ) REIT evaluation/conversion costs 6 (15.2 ) (9.5 ) — Income from Continuing Operations Before Income Taxes and Net Gain (Loss) on Sale of Improved Properties 0.6 27.2 98.9 Income tax benefit (expense) 7 218.2 0.5 (37.0 ) Income from Continuing Operations Before Net Gain (Loss) on Sale of Improved Properties 218.8 27.7 61.9 Net gain (loss) on the sale of improved properties, net of income taxes 8 9.3 5.0 (1.1 ) Income From Continuing Operations 228.1 32.7 60.8 Income (loss) from discontinued operations, net of income taxes 2.4 (41.1 ) (29.7 ) Net Income (Loss) 230.5 (8.4 ) 31.1 Income attributable to noncontrolling interest (2.2 ) (1.8 ) (1.5 ) Net Income (Loss) Attributable to A&B Shareholders $ 228.3 $ (10.2 ) $ 29.6 1 Commercial Real Estate operating profit includes intersegment operating revenue, primarily from our Materials & Construction segment, and is eliminated in our consolidated results of operations. 2 Commercial Real Estate operating profit includes $22.4 million of impairments of real estate for three mainland properties classified as held for sale as of December 31, 2017 . 3 The Land Operations segment includes approximately $3.3 million , $15.1 million , and $30.2 million in equity in earnings from its various real estate joint ventures for 2017, 2016, and 2015, 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. 4 Amounts include non-cash reductions of $ 2.6 million , $9.8 million , and $2.6 million related to the Company's tax equity solar investments in KRS II and Waihonu for each of the years ended December 31, 2017 , 2016 , and 2015 , respectively. 5 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. 6 Costs related to the Company's in-depth evaluation of and conversion to a REIT. 7 The Company has completed a conversion process to comply with the requirements to be treated as a REIT for federal income tax purposes commencing with the taxable year ended December 31, 2017. As a result, the income tax provision for the year ended December 31, 2017 included a $223 million deferred tax benefit related to the de-recognition of the deferred tax assets and liabilities associated with the entities included in the REIT. The income tax provision for the year ended December 31, 2016 also included non-cash reductions in the carrying value of A&B’s KRS II and Waihonu joint venture solar investments. 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. 8 Amounts in 2017 represent the sales of one office building in Maui, Hawai`i in January 2017 and one industrial property in California in November 2017. Amounts in 2016 represent the sales of two California properties and one Utah office property in June 2016. Amounts in 2015 represent the sales of one Colorado retail property in March 2015, one Texas office building in May 2015, and one Washington office building in December 2015. 2017 2016 2015 Identifiable Assets: Commercial Real Estate $ 1,128.1 $ 1,119.5 $ 1,075.7 Land Operations 9 604.2 632.8 759.7 Materials & Construction 379.2 371.8 386.6 Other 119.7 32.2 20.3 Total assets $ 2,231.2 $ 2,156.3 $ 2,242.3 Capital Expenditures: Commercial Real Estate 10 $ 32.8 $ 98.7 $ 23.0 Land Operations 11,12 1.4 5.3 2.1 Materials & Construction 6.3 9.3 7.2 Other 0.2 0.3 1.4 Total capital expenditures $ 40.7 $ 113.6 $ 33.7 Depreciation and Amortization: Commercial Real Estate $ 26.0 $ 28.4 $ 28.9 Land Operations 12 1.6 6.7 1.3 Materials & Construction 12.2 11.7 11.6 Other 1.6 1.8 1.5 Total depreciation and amortization $ 41.4 $ 48.6 $ 43.3 9 The Land Operations segment includes approximately $369.9 million , $357.5 million , and $379.7 million related to its investment in various real estate joint ventures as of December 31, 2017 , 2016 , and 2015 , respectively. 10 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. 11 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 $20.8 million , $15.3 million , and $7.2 million for 2017 , 2016 , and 2015 , respectively. Investments in real estate joint ventures were $16.4 million , $20.8 million , and $25.8 million in 2017 , 2016 , and 2015 , respectively. Excludes expenditures from discontinued operations, which are classified as Cash Flows from Investing Activities within the Consolidated Statements of Cash Flows of $1.8 million , $2.5 million , and $11.0 million for 2017 , 2016 , and 2015 , respectively. 12 Amounts recast to reflect discontinued operations. Unaudited quarterly segment results for the years ended December 31, 2017 and 2016 were as follows (in millions): 2017 Q1 Q2 Q3 Q4 Revenue: Commercial Real Estate $ 33.7 $ 33.8 $ 33.9 $ 35.5 Land Operations 11.0 12.1 22.6 38.8 Materials & Construction 48.5 52.2 55.0 48.4 Total revenue 93.2 98.1 111.5 122.7 Operating Profit (Loss): Commercial Real Estate 1,2 14.3 13.4 13.6 (6.9 ) Land Operations 3 (2.4 ) 1.7 10.4 4.5 Materials & Construction 4 5.6 6.7 6.7 3.0 Total operating profit 17.5 21.8 30.7 0.6 Interest expense (6.2 ) (6.2 ) (6.1 ) (7.1 ) General corporate expenses (5.7 ) (5.9 ) (8.9 ) (8.7 ) REIT evaluation/conversion costs 5 (4.8 ) (2.2 ) (4.4 ) (3.8 ) Income (Loss) from Continuing Operations Before Income Taxes and Net Gain on Sale of Improved Properties 0.8 7.5 11.3 (19.0 ) Income tax benefit (expense) 6 0.8 (3.5 ) (3.7 ) 224.6 Income from Continuing Operations Before Net Gain on Sale of Improved Properties 1.6 4.0 7.6 205.6 Net gain on the sale of improved properties 7 3.0 — — 6.3 Income from Continuing Operations 4.6 4.0 7.6 211.9 Income (loss) from discontinued operations, net of income taxes 2.4 0.8 (0.8 ) — Net Income 7.0 4.8 6.8 211.9 Income attributable to noncontrolling interest (0.7 ) (0.5 ) (0.7 ) (0.3 ) Net Income Attributable to A&B Shareholders $ 6.3 $ 4.3 $ 6.1 $ 211.6 Amounts Available to A&B Shareholders: Income from Continuing Operations, Net of Taxes $ 4.6 $ 4.0 $ 7.6 $ 211.9 Less: Income attributable to noncontrolling interests (0.7 ) (0.5 ) (0.7 ) (0.3 ) Income from Continuing Operations Attributable to A&B Shareholders, Net of Taxes 3.9 3.5 6.9 211.6 Less: Undistributed earnings allocated to redeemable noncontrolling interest 0.5 0.2 0.5 0.6 Income from Continuing Operations Available to A&B Shareholders, Net of Taxes 4.4 3.7 7.4 212.2 Income from discontinuing operations 2.4 0.8 (0.8 ) — Net Income Available to A&B Shareholders $ 6.8 $ 4.5 $ 6.6 $ 212.2 2017 Q1 Q2 Q3 Q4 Earnings (Loss) Per Share Available to A&B Shareholders: Basic Earnings (Loss) Per Share of Common Stock: Continuing operations available to A&B shareholders $ 0.09 $ 0.08 $ 0.15 $ 4.31 Discontinued operations available to A&B shareholders 0.05 0.02 (0.02 ) — Net income available to A&B shareholders $ 0.14 $ 0.10 $ 0.13 $ 4.31 Diluted Earnings (Loss) Per Share of Common Stock: Continuing operations available to A&B shareholders $ 0.09 $ 0.07 $ 0.15 $ 3.42 Discontinued operations available to A&B shareholders 0.05 0.02 (0.02 ) — Net income available to A&B shareholders $ 0.14 $ 0.09 $ 0.13 $ 3.42 Weighted-Average Number of Shares Outstanding: Basic 49.1 49.2 49.2 49.2 Diluted 8 49.6 49.6 49.6 62.0 2016 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 1,2 14.2 13.6 13.5 13.5 Land Operations 3 (4.3 ) (10.4 ) 7.8 13.9 Materials & Construction 4 8.0 4.9 5.6 4.8 Total operating profit 17.9 8.1 26.9 32.2 Interest expense (6.9 ) (6.8 ) (6.4 ) (6.2 ) General corporate expenses (6.9 ) (4.0 ) (5.5 ) (5.7 ) REIT evaluation/conversion costs 5 — (1.9 ) (1.9 ) (5.7 ) Income (Loss) from Continuing Operations Before Income Taxes and Net Gain on Sale of Improved Properties 4.1 (4.6 ) 13.1 14.6 Income tax benefit (expense) 6 (0.3 ) 2.8 (1.0 ) (1.0 ) Income (Loss) From Continuing Operations Before Net Gain on Sale of Improved Properties 3.8 (1.8 ) 12.1 13.6 Net gain on the sale of improved properties, net of income taxes 7 — 4.9 0.1 — Income From Continuing Operations 3.8 3.1 12.2 13.6 Loss from discontinued operations, net of income taxes (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 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 2016 Q1 Q2 Q3 Q4 Earnings (Loss) Per Share Available to A&B Shareholders: Basic Earnings (Loss) Per Share of Common Stock: Continuing operations available to A&B shareholders $ 0.08 $ 0.06 $ 0.25 $ 0.27 Discontinued operations available to A&B shareholders (0.23 ) (0.07 ) (0.28 ) (0.26 ) Net income (loss) available to A&B shareholders $ (0.15 ) $ (0.01 ) $ (0.03 ) $ 0.01 Diluted Earnings (Loss) Per Share of Common Stock: Continuing operations available to A&B shareholders $ 0.08 $ 0.06 $ 0.24 $ 0.27 Discontinued operations available to A&B shareholders (0.22 ) (0.07 ) (0.28 ) (0.26 ) Net income (loss) available to A&B shareholders $ (0.14 ) $ (0.01 ) $ (0.04 ) $ 0.01 Weighted-Average Number of Shares Outstanding: Basic 48.9 49.0 49.0 49.0 Diluted 49.3 49.4 49.4 49.4 1 Commercial Real Estate operating profit includes intersegment operating revenue, primarily from our Materials & Construction segment, and is eliminated in our consolidated results of operations. 2 Commercial Real Estate operating profit includes $22.4 million of impairments of real estate for three mainland properties classified as held for sale as of December 31, 2017 . 3 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. 4 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, a gain of $0.6 million on the sale of a vacant non-core land parcel in the fourth quarter of 2016, and a loss of $1.6 million related to the sale of vacant non-core land parcel by an unconsolidated affiliate in the third quarter of 2016. 5 Costs related to the Company's in-depth evaluation of a REIT conversion. 6 The Company has completed a conversion process to comply with the requirements to be treated as a REIT for federal income tax purposes commencing with the taxable year ended December 31, 2017. As a result, the income tax provision for the quarter ended December 31, 2017 included a $223 million deferred tax benefit related to the de-recognition of the deferred tax assets and liabilities associated with the entities included in the REIT. The income tax provision for the quarter ended December 31, 2016 included non-cash reductions in the carrying value of A&B’s KRS II and Waihonu joint venture solar investments. 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. 7 Amounts in 2017 represent the sales of one office building in Maui, Hawai`i in January 2017 and one industrial property in California in November 2017. Amounts in 2016 represent the sales of two California and one Utah office properties in June 2016. Amounts in 2015 represent the sales of one Colorado retail property in March 2015, one Texas office building in May 2015, and one Washington office building in December 2015. 8 On November 16, 2017, the Company declared the Special Distribution on its shares of common stock in an aggregate amount of $783.0 million , or approximately $15.92 per share. The Company paid the Special Distribution on January 23, 2018. The Special Distribution was payable in the form of cash and shares of the Company's stock at the election of each shareholder, subject to an aggregate limit of $156.6 million of cash (the "Shareholder Election"). As the deadline for the common shareholders' election was January 12, 2018, subsequent to December 31, 2017, the total Special Distribution of $783 million was included in the computation of the Company's diluted earnings (loss) per share. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On February 23, 2018 , Alexander & Baldwin, Inc. (the “Company”) acquired a portfolio of commercial properties in Hawai`i (the "Portfolio") for a total consideration of $254.1 million , including assumed debt of $62.0 million . The Portfolio consists of three grocery-anchored shopping centers: (1) Laulani Village Shopping Center located in Ewa Beach, Oahu, (2) Hokulei Village Shopping Center located in Lihue, Kauai, and (3) Pu`unene Shopping Center located in Kahului, Maui. The Portfolio adds approximately 390,000 of gross leasable area to the Company’s Commercial Real Estate portfolio. The acquisition of the Portfolio was funded through proceeds from the sale of U.S. Mainland commercial properties via tax-deferred §1031 exchanges, the assumption of a $62.0 million promissory note (“Promissory Note”), and borrowings under the Company’s revolving senior credit facility at the time of closing. The Promissory Note bears interest at 3.93 percent and requires monthly interest payments of approximately $0.2 million until May 2020 and principal and interest payments of approximately $0.3 million thereafter. The Promissory Note matures on May 1, 2024 and is secured by the Laulani Village Shopping Center. On February 26, 2018 , the Company entered into an agreement with Wells Fargo Bank, National Association and a syndicate of other financial institutions that provides for a $50 million term loan facility (“Wells Fargo Term Facility”). The Company also drew $50 million under the Wells Fargo Term Facility on February 26, 2018 and used such term loan proceeds to repay amounts that were borrowed under the Company’s Revolving Credit Facility to fund the acquisition of the Portfolio. Borrowings under the Wells Fargo Term Facility 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 assets ratio, as defined. |
Significant Accounting Polici29
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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. |
Customer Concentration | Customer Concentration: Grace derives a significant portion of Materials & Construction revenues from a limited customer base. For the years ended December 31, 2017 , 2016 , and 2015 , revenue of approximately $67.7 million , $52.0 million , and $38.1 million , respectively, was generated directly and indirectly from projects administered by the City and County of Honolulu. For the years ended December 31, 2017 , 2016 , and 2015 , revenue of approximately $60.2 million , $50.1 million , and $80.8 million , respectively, was generated directly and indirectly from the State of Hawai`i, where Grace served as general contractor or subcontractor. |
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. There were no outstanding checks in excess of funds on deposit at December 31, 2017 and 2016 . |
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 were stated at the lower of cost (first-in, first-out basis) or market value. Materials & supplies and Materials & 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) Building and improvements 10 to 40 Leasehold improvements 5 to 10 (lesser of useful life or lease term) 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, 2017 was $631.2 million and $642.3 million , respectively, and $515.1 million and $529.3 million at December 31, 2016 , 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 U.S. Mainland commercial properties as well as the Company's non-active long-term development projects that were impaired during each of the years ended December 31, 2017 and 2016, respectively, 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 aggregate carrying value of the impaired U.S. Mainland commercial properties was $46.3 million , and the aggregate carrying value 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. The goodwill impairment test estimates the fair value of a reporting unit using various methodologies, including discounted cash flows and market multiples. The discounted cash flow approach relies on a number of assumptions, including future macroeconomic conditions, market factors specific to the reporting unit, the amount and timing of estimated future cash flows to be generated by the business over an extended period of time, long-term growth rates for the business, and a discount rate that considers the risks related to the amount and timing of the cash flows, among others. Under the market multiple methodology, the estimate of fair value is based on market multiples of EBITDA (earnings before interest, taxes, depreciation and amortization) or revenues. When using market multiples of EBITDA or revenues, the Company must make judgments about the comparability of those multiples in closed and proposed transactions and comparability of multiples for guideline companies. If the results of the Company's test indicates that a reporting unit's estimated fair value is less than its carrying value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit. |
Revenue Recognition | evenue 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 Hawai`i 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. 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 | gricultural 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 | n 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 to be reported as discontinued operations for all periods presented. See Note 4, "Discontinued Operations" for additional detail. |
Employee Benefit Plans | mployee 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 | hare-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." |
Redeemable Non-controlling Interest | edeemable Non-controlling Interest: Non-controlling interests in subsidiaries that are redeemable for cash or other assets outside of the Company’s control are classified as mezzanine equity, outside of equity and liabilities, and are adjusted to fair value on each balance sheet date. The resulting changes in fair value of the estimated redemption amount, increases or decreases, are recorded with corresponding adjustments against retained earnings or, in the absence of retained earnings, common stock. |
Earnings Per Share (''EPS'') | arnings 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. Additionally, as the deadline for the common shareholders' election was January 12, 2018, subsequent to December 31, 2017, the total Special Distribution of $783 million (approximately $15.92 per share) was included in the computation of the Company's diluted earnings (loss) per share. |
Income Taxes | ncome 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, 2017 and 2016 . The Company believes that it is more likely than not that the benefit from its state nonrefundable energy tax credit carryforward will not be realized. Consequently, the Company has recorded a valuation allowance of $6.9 million on the deferred tax asset relating to this credit carryforward. If our assumptions change and the Company determines that it will be able to realize the credit, the tax benefits relating to any reversal of the valuation allowance on the deferred tax assets will be recognized as a reduction in income tax expense. 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) | omprehensive 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 | elf-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. |
Interest and other income (expense), net | nterest and other income (expense), net is comprised primarily of interest income and other components of net periodic benefit costs related to pension and postretirement benefits. |
New Accounting Pronouncements | ew Accounting Pronouncements: In May 2014, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), (“ASU 2014-09”) which provides guidance for revenue recognition. ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets. ASU 2014-09 will supersede the revenue recognition requirements in FASB Accounting Standards Codification Topic 605, Revenue Recognition , and most industry-specific guidance. Under ASU 2014-09, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 provides a five-step analysis of transactions to determine when and how revenue is recognized including (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. In addition, ASU 2014-09 requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , deferring the effective date of this standard. As a result, ASU 2014-09 and related amendments will be effective for the Company for its fiscal year beginning January 1, 2018, including interim periods within that fiscal year. Early adoption is permitted, but not before August 1, 2017, the original effective date of ASU 2014-09. In March, April, May, and December 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal Versus Agent Consideration (Reporting Revenue Gross Versus Net) , ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , and ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , and ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers, respectively (collectively, the “Amendments”). The Amendments serve to clarify certain aspects of and have the same effective date as ASU 2014-09. The Company has completed its evaluation of the impact of adopting ASU No. 2014-09 and has identified the major revenue streams. Based on the evaluation, the Company does not anticipate a significant impact on the financial statements, controls structure around the implementation, or notes in the consolidated financial statements. Upon adoption at January 1, 2018, the Company will recognize an insignificant cumulative effect amount using the modified retrospective approach. 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 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 elected to early adopt ASU 2016-15 in the fourth quarter of fiscal year 2017. The adoption of this standard did not have a material impact on the Company’s financial position or results of operation. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash ("ASU 2016-18"). ASU 2016-18 will require entities to show the changes on the total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between these items on the statement of cash flows. The guidance will be applied retrospectively and is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company elected to early adopt this guidance in the fourth quarter of fiscal year 2017, pursuant to which the Company applied the cash flow presentation requirements retrospectively to all periods presented. The impact of adopting the above guidance for the years ended December 31, 2016 and 2015 was as follows: 2016 2015 Previously Reported Impact of Adoption Current Presentation Previously Reported Impact of Adoption Current Presentation Cash Flows from Operating Activities $ 111.2 $ — $ 111.2 $ 129.1 $ — $ 129.1 Cash Flows from Investing Activities $ (25.6 ) $ (7.6 ) $ (33.2 ) $ 1.0 $ 17.4 $ 18.4 Cash Flows from Financing Activities $ (84.7 ) $ — $ (84.7 ) $ (131.6 ) $ — $ (131.6 ) Cash, Cash Equivalents and Restricted Cash Net increase in cash and cash equivalents and restricted cash $ 0.9 $ (7.6 ) $ (6.7 ) $ (1.5 ) $ 17.4 $ 15.9 Balance, beginning of period 1.3 17.7 19.0 2.8 0.3 3.1 Balance, end of period $ 2.2 $ 10.1 $ 12.3 $ 1.3 $ 17.7 $ 19.0 The reconciliation of Cash, Cash Equivalents and Restricted Cash as of December 31, 2017 , 2016 and 2015 was: 2017 2016 2015 Cash and Cash Equivalents $ 68.9 $ 2.2 $ 1.3 Restricted Cash 34.3 10.1 17.7 Cash, Cash Equivalents and Restricted Cash $ 103.2 $ 12.3 $ 19.0 In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). The guidance simplifies the accounting for goodwill impairment for all entities by eliminating the requirement to calculate the implied fair value of goodwill (i.e., Step 2 of today’s goodwill impairment test) to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (i.e., measure the charge based on today’s Step 1). The standard does not change the guidance on completing Step 1 of the goodwill impairment test. An entity will still be able to perform today’s optional qualitative goodwill impairment assessment before determining whether to proceed to Step 1. The Company elected to early adopt this guidance in the fourth quarter of fiscal year 2017. The adoption of this standard did not have any impact on the Company’s financial position or results of operations. 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 elected to early adopt FASB ASU No. 2017-01 in the second quarter of fiscal year 2017. The adoption of this standard did not have a material impact on the Company’s financial position or results of operations. In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ("ASU 2017-07"). ASU 2017-07 provides that entities will present the service cost component of net periodic benefit cost in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period. Only the service cost component will be eligible for capitalization in assets. In addition, entities will present the other components of net periodic benefit cost separately from the line item(s) that includes the service cost and outside of any subtotal of operating income, if one is presented. These components will not be eligible for capitalization in assets. ASU 2017-07 is effective for fiscal years or interim periods beginning after December 15, 2017 and early adoption is permitted. The Company elected to early adopt this guidance in the fourth quarter of fiscal year 2017, and has recorded the other components of net periodic benefit costs within other expense, which is classified in Interest and other income (expense), net in the accompanying consolidated statements of operations. The service cost component of net periodic benefit cost is classified in Selling, general and administrative in the consolidated statements of operations. The Company applied the presentation requirement of ASU 2017-07 retrospectively to all periods presented. The impact of adopting the above guidance was as follows: Accordingly, the Company also reclassified prior period amounts for the other components of net periodic benefit costs totaling $ 4.2 million and $ 3.7 million for the years ended December 31, 2016, and 2015, respectively, from Selling, general and administrative to Interest and other income, net. The impact of adopting the above guidance for the years ended December 31, 2016 and 2015 were as follows: 2016 2015 Previously Reported Impact of Adoption Current Presentation Previously Reported Impact of Adoption Current Presentation Selling, general and administrative $ 56.2 $ (4.2 ) $ 52.0 $ 55.3 $ (3.7 ) $ 51.6 Interest and other income, net $ 2.5 $ (4.2 ) $ (1.7 ) $ 1.2 $ (3.7 ) $ (2.5 ) In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”). The guidance clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Entities will apply the modification accounting guidance if the value, vesting conditions or classification of the award changes. The guidance also clarifies that a modification to an award could be significant and therefore require disclosure, even if modification accounting is not required. Therefore, an entity will have to make all of the disclosures about modifications that are required today, in addition to disclosing that compensation expense hasn’t changed, if that’s the case. The guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including in any interim period for which financial statements have not yet been issued or made available for issuance. The guidance will be applied prospectively to awards modified on or after the adoption date. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements and footnote disclosures. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The guidance amends the hedge accounting model in ASC 815 to enable entities to better portray the economics of their risk management activities in the financial statements and enhance the transparency and understandability of hedge results. The amendments expand an entity’s ability to hedge nonfinancial and financial risk components and reduce complexity in fair value hedges of interest rate risk. This ASU eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted in any interim period or fiscal year before the effective date. For cash flow and net investment hedges existing at the date of adoption, entities will apply the new guidance using a modified retrospective approach (i.e., with a cumulative effect adjustment recorded to the opening balance of retained earnings as of the initial application date). The guidance provides transition relief to make it easier for entities to apply certain amendments to existing hedges (including fair value hedges) where the hedge documentation needs to be modified. The presentation and disclosure requirements apply prospectively. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements and footnote disclosures. In February 2018, the FASB issued ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220) . The guidance permits entities to reclassify tax effects stranded in accumulated other comprehensive income as a result of tax reform to retained earnings, giving entities the option to reclassify these amounts rather than require reclassification. The FASB also gave entities the option to apply the guidance retrospectively or in the period of adoption. When adopted, the standard requires all entities to make new disclosures, regardless of whether they elect to reclassify stranded amounts. Entities are required to disclose whether or not they elected to reclassify the tax effects related to the Tax Cuts and Jobs Act of 2017 as well as their policy for releasing income tax effects from accumulated OCI. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Entities are able to early adopt the guidance in any interim or annual period for which financial statements have not yet been issued and apply it either (1) in the period of adoption or (2) retrospectively to each period in which the income tax effects of the Tax Cuts and Jobs Act of 2017 related to items in accumulated OCI are recognized. 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 Polici30
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , 2016 , and 2015 were as follows (in millions): Balance at Provision for Bad Debt Write-offs Balance at 2017 $1.0 $1.0 $(0.6) $1.4 2016 $1.7 $0.8 $(1.5) $1.0 2015 $1.7 $0.4 $(0.4) $1.7 |
Schedule of Inventories | Inventories at December 31, 2017 and 2016 were as follows (in millions): 2017 2016 Sugar inventories $ — $ 17.5 Asphalt 12.2 7.4 Processed rock, Portland cement, and sand 13.5 12.6 Work in progress 2.8 3.0 Retail merchandise 1.7 1.7 Parts, materials and supplies inventories 1.7 1.1 Total $ 31.9 $ 43.3 |
Schedule of Estimated Useful Lives of Property | Estimated useful lives of property are as follows: Classification Range of Life (in years) Building and improvements 10 to 40 Leasehold improvements 5 to 10 (lesser of useful life or lease term) 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 Real Estate Held-for-sale | The following table summarizes the assets held for sale and liabilities related to the assets held for sale as of December 31, 2017 : Real Estate Developments $ 21.1 Property – Net 64.8 Other Assets 3.9 Total assets 89.8 Impairment of real estate assets (22.4 ) Real estate held for sale $ 67.4 |
Schedule of Intangible Assets Acquired | Intangible assets acquired in 2017 and 2016 were as follows: 2017 2016 Amount Weighted Average Life (Years) Amount Weighted Average Life (Years) In-place/favorable leases $ 0.3 1.6 $ 8.5 7.0 |
Schedule of Intangible Assets | Intangible assets for the years ended December 31, 2017 and 2016 included the following (in millions): 2017 2016 In-place leases $ 70.2 $ 69.9 Favorable leases 17.9 17.9 Permitted quarry rights 18.0 18.0 Contract backlog 2.6 2.6 Trade name/customer relationships 2.2 2.2 Accumulated amortization (64.0 ) (56.8 ) Total assets $ 46.9 $ 53.8 |
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 2018 $ 5.4 2019 $ 4.5 2020 $ 3.6 2021 $ 3.1 2022 $ 2.9 |
Schedule of Changes in the Carrying Amount of Goodwill | he changes in the carrying amount of goodwill allocated to the Company's reportable segments for the years ended December 31, 2017 and 2016 were as follows (in millions): Materials & Construction Commercial Real Estate Total Balance, January 1, 2016 $ 93.6 $ 8.7 $ 102.3 Changes to goodwill — — — Balance, December 31, 2016 93.6 8.7 102.3 Changes to goodwill — — — Balance, December 31, 2017 $ 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, 2017 and 2016 (in millions): 2017 2016 Unrealized components of benefit plans: Pension plans $ (43.1 ) $ (43.8 ) Post-retirement plans (1.0 ) (0.6 ) Non-qualified benefit plans (0.1 ) (0.6 ) Interest rate swap 1.9 1.8 Accumulated other comprehensive loss $ (42.3 ) $ (43.2 ) The changes in accumulated other comprehensive loss by component for the years ended December 31, 2017 , 2016 and 2015 were as follows (in millions, net of tax): Employee Interest Rate Swap Total Balance, January 1, 2015 $ (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 ) Other comprehensive loss before reclassifications, net of taxes of $1.2 and $0.2 for employee benefit plans and interest rate swap, respectively (2.0 ) (0.2 ) (2.2 ) Amounts reclassified from accumulated other comprehensive loss, net of taxes of $1.8 and $0.2 for employee benefit plans and interest rate swap, respectively 2.8 0.3 3.1 Balance, December 31, 2017 $ (44.2 ) $ 1.9 $ (42.3 ) |
Summary of Reclassifications of Other Comprehensive Income | he reclassifications of other comprehensive loss components out of accumulated other comprehensive loss for the years ended December 31, 2017 , 2016 and 2015 were as follows (in millions): 2017 2016 2015 Unrealized hedging gain (loss) $ (0.4 ) $ 2.6 $ — Reclassification adjustment for interest expense included in net income or loss 0.5 0.4 — Actuarial loss* (3.2 ) (4.6 ) (7.1 ) Amortization of defined benefit pension items reclassified to net periodic pension cost: Prior service cost — — (0.4 ) Net loss* 5.7 7.5 7.3 Prior service credit* (1.1 ) (0.9 ) (1.3 ) Curtailment — (1.5 ) — Total before income tax 1.5 3.5 (1.5 ) Income taxes (0.6 ) (1.4 ) 0.6 Other comprehensive income (loss), net of tax $ 0.9 $ 2.1 $ (0.9 ) * These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 11 for additional details). |
Schedule of Interest and Other Income Expense | he components of Interest and other income (expense), net on the Consolidated Statement of Operations for the years ended December 31, 2017, 2016 and 2015 are as follows: 2017 2016 2015 Interest income $ 5.3 $ 1.8 $ 0.8 Pension and postretirement benefit expense (2.6 ) (4.2 ) (3.7 ) Other income (expense) (0.6 ) 0.7 0.4 Interest and other income (expense), net $ 2.1 $ (1.7 ) $ (2.5 ) |
Schedule of Cash and Cash Equivalents | The reconciliation of Cash, Cash Equivalents and Restricted Cash as of December 31, 2017 , 2016 and 2015 was: 2017 2016 2015 Cash and Cash Equivalents $ 68.9 $ 2.2 $ 1.3 Restricted Cash 34.3 10.1 17.7 Cash, Cash Equivalents and Restricted Cash $ 103.2 $ 12.3 $ 19.0 |
Schedule of Restricted Cash and Cash Equivalents | The reconciliation of Cash, Cash Equivalents and Restricted Cash as of December 31, 2017 , 2016 and 2015 was: 2017 2016 2015 Cash and Cash Equivalents $ 68.9 $ 2.2 $ 1.3 Restricted Cash 34.3 10.1 17.7 Cash, Cash Equivalents and Restricted Cash $ 103.2 $ 12.3 $ 19.0 |
Schedule of Change in Accounting Estimate | he impact of adopting the above guidance for the years ended December 31, 2016 and 2015 was as follows: 2016 2015 Previously Reported Impact of Adoption Current Presentation Previously Reported Impact of Adoption Current Presentation Cash Flows from Operating Activities $ 111.2 $ — $ 111.2 $ 129.1 $ — $ 129.1 Cash Flows from Investing Activities $ (25.6 ) $ (7.6 ) $ (33.2 ) $ 1.0 $ 17.4 $ 18.4 Cash Flows from Financing Activities $ (84.7 ) $ — $ (84.7 ) $ (131.6 ) $ — $ (131.6 ) Cash, Cash Equivalents and Restricted Cash Net increase in cash and cash equivalents and restricted cash $ 0.9 $ (7.6 ) $ (6.7 ) $ (1.5 ) $ 17.4 $ 15.9 Balance, beginning of period 1.3 17.7 19.0 2.8 0.3 3.1 Balance, end of period $ 2.2 $ 10.1 $ 12.3 $ 1.3 $ 17.7 $ 19.0 The impact of adopting the above guidance for the years ended December 31, 2016 and 2015 were as follows: 2016 2015 Previously Reported Impact of Adoption Current Presentation Previously Reported Impact of Adoption Current Presentation Selling, general and administrative $ 56.2 $ (4.2 ) $ 52.0 $ 55.3 $ (3.7 ) $ 51.6 Interest and other income, net $ 2.5 $ (4.2 ) $ (1.7 ) $ 1.2 $ (3.7 ) $ (2.5 ) |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 income (loss), gain on asset dispositions, income tax (expense) benefit and after-tax effects of these transactions for the years ended December 31, 2017 , 2016 , and 2015 were as follows (in millions): 2017 2016 2015 Sugar operations revenue $ 22.9 $ 98.4 $ 97.7 Cost of sugar operations 22.5 87.5 124.6 Operating income (loss) from sugar operations 0.4 10.9 (26.9 ) Sugar operations cessation costs (2.7 ) (77.6 ) (22.6 ) Gain on asset dispositions 6.0 — — Income (loss) from discontinued operations before income taxes 3.7 (66.7 ) (49.5 ) Income tax (expense) benefit (1.3 ) 25.6 19.8 Income (loss) from discontinued operations $ 2.4 $ (41.1 ) $ (29.7 ) Basic earnings (loss) per share $ 0.05 $ (0.84 ) $ (0.61 ) Diluted earnings (loss) per share $ 0.04 $ (0.83 ) $ (0.60 ) |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | A summary of combined financial information related to the Company's equity method investments at December 31 is as follows (in millions): 2017 2016 Current assets $ 153.1 $ 154.3 Non-current assets 754.9 727.8 Total assets $ 908.0 $ 882.1 Current liabilities $ 52.5 $ 65.8 Non-current liabilities 192.8 175.0 Total liabilities $ 245.3 $ 240.8 Year Ended December 31, 2017 2016 2015 Revenues $ 200.5 $ 489.3 $ 471.7 Operating costs and expenses 166.3 449.8 411.6 Operating income $ 34.2 $ 39.5 $ 60.1 Income from Continuing Operations* $ 16.0 $ 31.7 $ 57.2 Net Income* $ 15.5 $ 31.7 $ 56.1 * Includes earnings from equity method investments held by the investee. |
Uncompleted Contracts (Tables)
Uncompleted Contracts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Contractors [Abstract] | |
Schedule of Information Related to Uncompleted Contracts | Information related to uncompleted contracts as of December 31, 2017 and 2016 is as follows (in millions): 2017 2016 Costs incurred on uncompleted contracts $ 137.5 $ 92.2 Estimated earnings 35.8 26.8 Subtotal 173.3 119.0 Less: billings to date 158.8 106.1 Total $ 14.5 $ 12.9 Included in accompanying balance sheet under the following captions: Costs and estimated earnings in excess of billings on uncompleted contracts $ 20.2 $ 16.4 Estimated billings in excess of costs and estimated earnings on uncompleted contracts (5.7 ) (3.5 ) Total $ 14.5 $ 12.9 |
Property (Tables)
Property (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property | Property on the consolidated balance sheets includes the following (in millions): December 31, 2017 2016 Buildings $ 471.6 $ 566.5 Land 613.3 622.6 Machinery and equipment 74.7 254.0 Asphalt plants and quarry assets 80.2 78.2 Water, power and sewer systems 109.9 156.4 Other property improvements 70.5 65.9 Vessel — 11.3 Subtotal 1,420.2 1,754.9 Accumulated depreciation (272.7 ) (523.3 ) Property - net $ 1,147.5 $ 1,231.6 |
Notes Payable and Long-Term D35
Notes Payable and Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable and Long-term Debt | At December 31, 2017 and 2016 , notes payable and long-term debt consisted of the following (in millions): 2017 2016 Revolving credit facilities: Wells Fargo GLP Revolver, matures in 2018 (a) $ 0.5 $ — Revolving credit facility, matures in 2022 ($372.2 million available) (b) 66.0 14.9 Term loans: 6.38%, payable through 2017, secured by Midstate Hayes — 8.2 1.85%, payable through 2017, unsecured — 2.5 2.00%, payable through 2018, unsecured 0.1 0.8 3.31%, payable through 2018, unsecured 1.0 2.8 5.19%, payable through 2019, unsecured 4.4 6.5 6.90%, payable through 2020, unsecured 48.8 65.0 LIBOR plus 2.00%, payable through 2021 (c) 9.4 9.4 LIBOR plus 1.00%, payable through 2021, secured by asphalt terminal (d) 4.8 6.1 3.15%, payable through 2021, second mortgage secured by Kailua Town Center III 4.9 — LIBOR plus 1.50%, payable through 2021, secured by Kailua Town Center III (e) 10.8 11.2 5.53%, payable through 2024, unsecured 28.5 28.5 3.90%, payable through 2024, unsecured 62.6 68.1 4.15%, payable through 2024, secured by Pearl Highlands Center 87.0 88.8 5.55%, payable through 2026, unsecured 46.0 46.0 5.56%, payable through 2026, unsecured 25.0 25.0 4.35%, payable through 2026, unsecured 22.0 22.0 4.04%, payable through 2026, unsecured 50.0 — 3.88%, payable through 2027, unsecured 50.0 50.0 4.16%, payable through 2028, unsecured 25.0 — 4.30%, payable through 2029, unsecured 25.0 — LIBOR plus 1.35%, payable through 2029, secured by Manoa Marketplace (f) 60.0 60.0 Total debt (contractual) 631.8 515.8 Unamortized debt premium (discount) 0.5 0.5 Unamortized debt issuance costs (1.1 ) (1.2 ) Total debt (carrying value) 631.2 515.1 Less current portion (46.0 ) (42.4 ) Long-term debt $ 585.2 $ 472.7 (a) Loan has a stated interest rate of LIBOR plus 1.50% . (b) Loan has a stated interest rate of LIBOR plus 1.65% , based on pricing grid. (c) Loan is secured by a letter of credit. (d) Loan has a stated interest rate of LIBOR plus 1.00% , but is swapped through maturity to a 5.98% fixed rate. (e) Loan has a stated interest rate of LIBOR plus 1.50% , but is swapped through maturity to a 5.95% fixed rate. (f) Loan has a stated interest rate of LIBOR plus 1.35% , but is swapped through maturity to a 3.14% fixed rate. |
Leases - The Company as Lessee
Leases - The Company as Lessee (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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): Minimum Lease Payments 2018 $ 5.5 2019 5.1 2020 5.1 2021 5.1 2022 3.7 Thereafter 17.9 Total $ 42.4 |
(Tables)
(Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Summary of Historical Cost and Accumulated Depreciation of Leased Property | 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, 2017 and 2016 were as follows (in millions): 2017 2016 Leased property - real estate $ 1,089.0 $ 1,149.0 Less accumulated depreciation (104.0 ) (120.4 ) Property under operating leases - net $ 985.0 $ 1,028.6 |
Schedule of Total Rental Income, Excluding Tenant Reimbursements under Operating Leases | Total rental income, excluding tenant reimbursements (which totaled $33.0 million , $31.8 million and $30.2 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively), under these operating leases were as follows (in millions): 2017 2016 2015 Minimum rentals $ 95.4 $ 95.2 $ 96.2 Contingent rentals (based on sales volume) 4.4 5.4 4.8 Total $ 99.8 $ 100.6 $ 101.0 |
Schedule of Future Minimum Rentals on Non-cancelable Operating Leases | Future minimum rentals on non-cancelable operating leases at December 31, 2017 were as follows (in millions): Operating Leases 2018 $ 84.6 2019 76.1 2020 65.3 2021 51.6 2022 42.2 Thereafter 279.7 Total $ 599.5 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Weighted-Average and Target Asset Allocations | The Company’s weighted-average asset allocations at December 31, 2017 and 2016 , and 2017 year-end target allocation, by asset category, were as follows: Target 2017 2016 Domestic equity securities — % — % 31 % International equity securities — % — % 20 % Fixed income securities 99 % 98 % 35 % Other — % — % 9 % Cash and cash equivalents 1 % 2 % 5 % 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, 2017 and 2016 , by asset category, are as follows (in millions): Fair Value Measurements as of December 31, 2017 Total Quoted Prices in Active Markets (Level 1) Significant Observable Inputs (Level 2) Asset Category Cash and cash equivalents $ 4.5 $ 4.5 $ — Fixed income securities: U.S. Treasury obligations 81.2 81.2 — Domestic corporate bonds and notes 102.3 — 102.3 Foreign corporate bonds 9.6 — 9.6 Total $ 197.6 $ 85.7 $ 111.9 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 and Cash equivalents $ 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 |
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, 2017 and 2016 (in millions): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Private Equity Insurance Total Beginning balance, January 1, 2016 $ 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 Actual return on plan assets: Assets held at the reporting date (0.1 ) (0.1 ) (0.2 ) Ending balance, December 31, 2017 $ — $ — $ — |
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, 2017 and 2016 and are shown below (in millions): Pension Benefits Other Post-retirement Benefits 2017 2016 2017 2016 Change in Benefit Obligation Benefit obligation at beginning of year $ 197.0 $ 194.6 $ 11.9 $ 12.2 Service cost 2.8 3.1 0.1 0.1 Interest cost 8.0 8.5 0.4 0.5 Plan participants’ contributions — — 1.0 1.1 Actuarial (gain) loss 12.3 4.7 0.7 — Benefits paid (14.0 ) (13.0 ) (1.8 ) (2.1 ) Curtailment — (0.9 ) — 0.1 Benefit obligation at end of year $ 206.1 $ 197.0 $ 12.3 $ 11.9 Change in Plan Assets Fair value of plan assets at beginning of year $ 143.1 $ 146.2 $ — $ — Actual return on plan assets 19.3 9.4 — — Employer contributions 49.2 0.5 0.8 0.9 Participant contributions — — 1.0 1.1 Benefits paid (14.0 ) (13.0 ) (1.8 ) (2.1 ) Other — — 0.1 Fair value of plan assets at end of year $ 197.6 $ 143.1 $ — $ — Funded Status and Recognized Liability $ (8.5 ) $ (53.9 ) $ (12.3 ) $ (11.9 ) |
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, 2017 and 2016 were as follows (in millions): Pension Benefits Other Post-retirement Benefits 2017 2016 2017 2016 Non-current assets $ — $ — $ — $ — Current liabilities — — (0.8 ) (1.0 ) Non-current liabilities (8.5 ) (53.9 ) (11.5 ) (10.9 ) Total $ (8.5 ) $ (53.9 ) $ (12.3 ) $ (11.9 ) Net loss (gain) (net of taxes) $ 44.6 $ 45.6 $ 1.0 $ 0.6 Unrecognized prior service credit (net of taxes) (1.5 ) (1.8 ) — — Total $ 43.1 $ 43.8 $ 1.0 $ 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, 2017 and 2016 is shown below (in millions): 2017 2016 Projected benefit obligation $ 206.1 $ 197.0 Accumulated benefit obligation $ 206.0 $ 197.0 Fair value of plan assets $ 197.6 $ 143.1 |
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 2017 , 2016 , and 2015 , are shown below (in millions): Pension Benefits Postretirement Benefits Components of Net Periodic Benefit Cost 2017 2016 2015 2017 2016 2015 Service cost $ 2.8 $ 3.1 $ 3.1 $ 0.1 $ 0.1 $ 0.1 Interest cost 8.0 8.5 8.0 0.4 0.5 0.5 Expected return on plan assets (9.4 ) (10.0 ) (11.1 ) — — — Amortization of net loss 4.1 7.1 6.9 — 0.2 0.1 Amortization of prior service cost (0.5 ) (0.5 ) (0.8 ) — — — Curtailment (gain)/loss — (0.9 ) — — — 0.1 Net periodic benefit cost $ 5.0 $ 7.3 $ 6.1 $ 0.5 $ 0.8 $ 0.8 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Net loss (gain) $ 2.4 $ 4.4 $ 7.0 $ 0.7 $ — $ 0.4 Amortization of unrecognized gain (loss) (4.1 ) (7.1 ) (6.9 ) — (0.2 ) (0.1 ) Prior service cost — — 0.4 — — — Amortization of prior service credit 0.5 1.4 0.8 — — — Total recognized in other comprehensive income (1.2 ) (1.3 ) 1.3 0.7 (0.2 ) 0.3 Total recognized in net periodic benefit cost and Other comprehensive income $ 3.8 $ 6.0 $ 7.4 $ 1.2 $ 0.6 $ 1.1 |
Summary of Weighted Average Assumptions used to Determine Benefit Information | The weighted average assumptions used to determine benefit information during 2017 , 2016 and 2015 were as follows: Pension Benefits Other Post-retirement Benefits 2017 2016 2015 2017 2016 2015 Weighted Average Assumptions: Discount rate 3.70% 4.20% 4.50% 3.70% 4.20% 4.50% Expected return on plan assets 6.80% 7.10% 7.10% —% —% —% Rate of compensation increase 0.5%-3% 0.5%-3% 0.5%-3% 0.5%-3% 0.5%-3% 0.5%-3% Initial health care cost trend rate 6.50% 6.80% 7.00% Ultimate rate 4.50% 4.50% 4.50% Year ultimate rate is reached 2037 2037 2037 |
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, 2017 , 2016 and 2015 and the net periodic post-retirement benefit cost for 2017 , 2016 and 2015 would have increased or decreased as follows (in millions): Other Post-retirement Benefits One Percentage Point Increase Decrease 2017 2016 2015 2017 2016 2015 Effect on total of service and interest cost components $ 0.1 $ 0.1 $ 0.1 $ — $ — $ — Effect on post-retirement benefit obligation $ 1.3 $ 1.0 $ 1.1 $ (1.0 ) $ (0.9 ) $ (0.9 ) |
Schedule of Estimated Future Benefit Payments for the Next Ten Years | Estimated Benefit Payments: The estimated future benefit payments for the next ten years are as follows (in millions): Pension Non-qualified Post-retirement Benefits Plan Benefits Benefits 2018 $ 12.6 $ 0.7 $ 0.9 2019 $ 12.7 $ 1.4 $ 0.9 2020 $ 12.6 $ — $ 0.9 2021 $ 12.7 $ — $ 0.8 2022 $ 12.8 $ — $ 0.8 2023-2027 $ 62.8 $ 2.1 $ 3.5 |
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 Contribution by Entity Surcharge Imposed Expiration Date Current Plan Year End Fund EIN Plan No. 2017 and 2016 Pending/Implemented Jan. 1 - Dec. 31, 2017 Jan. 1 - Dec. 31, 2016 Jan. 1 - Dec. 31, 2015 Operating Engineers 94-6090764; 001 Red Yes $ 4.9 $ 4.7 $ 4.6 No 9/2/19 12/31/17 Laborers National 52-6074345; 001 Red Yes 0.2 0.1 0.1 No 8/31/18 12/31/17 Hawai`i Laborers 99-6025107; 001 Green No 0.8 0.7 0.8 No 8/31/19 2/28/17 Hawai`i Laborers 99-6025107; 001 Green No 0.2 0.2 0.2 No 9/30/19 2/28/17 Total $ 6.1 $ 5.7 $ 5.7 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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): 2017 2016 2015 Current: Federal $ (2.6 ) $ 2.9 $ 13.4 State (0.5 ) 0.9 1.6 Current $ (3.1 ) $ 3.8 $ 15.0 Deferred: Federal $ (200.7 ) $ (1.4 ) $ 18.5 State (14.4 ) 0.2 2.8 Deferred $ (215.1 ) $ (1.2 ) $ 21.3 Income tax expense (benefit) $ (218.2 ) $ 2.6 $ 36.3 |
Schedule of Income Tax Reconciliation | Income tax expense (benefit) for 2017 , 2016 and 2015 differs from amounts computed by applying the statutory federal rate to income from continuing operations before income taxes for the following reasons (in millions): 2017 2016 2015 Computed federal income tax expense $ 3.3 $ 12.3 $ 34.0 State income taxes 0.1 0.6 4.4 Valuation allowance - state tax credit 6.9 — — REIT rate differential (2.2 ) — — Nondeductible transaction costs — 2.4 — Tax credits, including solar (0.3 ) (8.7 ) — Return to provision (1.1 ) 0.1 (0.7 ) Amended return (0.1 ) (0.2 ) 0.1 Share-based compensation (4.0 ) (1.5 ) — Noncontrolling interest (0.7 ) (0.7 ) (0.5 ) Rate change effect related to REIT conversion (223.0 ) — — Rate change effect related to Tax Cuts and Jobs Act of 2017 3.0 — — Other—net (0.1 ) (1.7 ) (1.0 ) Income tax expense (benefit) $ (218.2 ) $ 2.6 $ 36.3 |
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): 2017 2016 Deferred tax assets: Employee benefits $ 9.1 $ 35.8 Capitalized costs 10.7 23.0 Joint ventures and other investments 2.8 1.3 Impairment and amortization 0.7 11.4 Solar investment benefits 16.6 15.0 Insurance and other reserves 2.9 6.0 Net operating losses 7.7 — Other 1.4 3.5 Total deferred tax assets $ 51.9 $ 96.0 Valuation allowance (6.9 ) — Total net deferred tax assets $ 45.0 $ 96.0 Deferred tax liabilities: Property (including tax-deferred gains on real estate transactions) $ 25.7 $ 260.3 Straight-line rental income and advanced rent — 8.4 Other 2.8 9.3 Total deferred tax liabilities $ 28.5 $ 278.0 Net deferred tax assets (liabilities) $ 16.5 $ (182.0 ) |
Share-Based Payment Awards (Tab
Share-Based Payment Awards (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock Option Activity | The following table summarizes the Company's stock option activity during 2017 (in thousands, except weighted average exercise price and weighted average contractual life): 2012 Plan Weighted- Weighted- Aggregate Outstanding, January 1, 2017 903.5 $ 17.78 Exercised Prior to Special Distribution (233.6 ) $ 16.47 Anti-dilutive Adjustment for Special Distribution 342.2 Exercised Subsequent to Special Distribution (381.6 ) $ 11.25 Outstanding, December 31, 2017 630.5 $ 12.58 2.9 years $ 9,516 Vested or expected to vest 630.5 $ 12.58 2.9 years $ 9,516 Exercisable, December 31, 2017 630.5 $ 12.58 2.9 years $ 9,516 |
Summary of Non-vested Restricted Stock Unit Activity | The following table summarizes 2017 non-vested restricted stock unit activity (in thousands, except weighted-average grant-date fair value amounts): 2012 Plan Weighted- Outstanding, January 1, 2017 293.5 $ 33.81 Granted 139.1 $ 42.85 Vested (96.3 ) $ 37.20 Canceled (17.4 ) $ 35.03 Outstanding, December 31, 2017 318.9 $ 36.66 |
Schedule of Fair Value Assumptions of Market-based Awards | 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: 2017 Grants 2016 Grants Volatility of A&B common stock 24.1% 26.3% Average volatility of peer companies 25.6% 35.3% Risk-free interest rate 1.6% 1.1% |
Summary of Compensation Cost related to Share-based Payments | A summary of compensation cost related to share-based payments is as follows (in millions): 2017 2016 2015 Share-based expense (net of estimated forfeitures): Time-based and market-based restricted stock units $ 4.4 $ 4.1 $ 4.6 Total share-based expense 4.4 4.1 4.6 Total recognized tax benefit (0.5 ) (1.4 ) (1.2 ) Share-based expense (net of tax) $ 3.9 $ 2.7 $ 3.4 Cash received upon option exercise $ 8.1 $ 4.6 $ 0.5 Intrinsic value of options exercised $ 13.2 $ 2.6 $ 0.5 Tax benefit realized upon option exercise $ 4.2 $ 1.0 $ 0.2 Fair value of stock vested $ 3.7 $ 2.2 $ 4.2 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Commitments and Financial Arrangements | 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, 2017 : Standby letters of credit (a) $ 11.8 Bonds (b) $ 428.3 (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. (b) Represents bonds related to construction and real estate activities in Hawai`i. Approximately $404.3 million is related to construction bonds issued by third party sureties (bid, performance and payment bonds) and the remainder is related to commercial bonds issued by third party sureties (permit, subdivision, license and notary bonds). In the event the bonds are drawn upon, the Company would be obligated to reimburse the surety that issued the bond. None of the bonds has been drawn upon to date. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 is as follows (dollars in millions): Notional Amount at Fair Value at Classification on Effective Date Maturity Date Interest Rate December 31, 2017 December 31, 2017 December 31, 2016 Balance Sheet 4/7/2016 8/1/2029 3.14% $ 60.0 $ 2.8 $ 2.8 Other assets As of December 31, 2017 , 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 at Fair Value at Classification on Effective Date Maturity Date Interest Rate December 31, 2017 December 31, 2017 December 31, 2016 Balance Sheet 1/1/2014 9/1/2021 5.95% $ 10.9 $ (0.9 ) $ (1.3 ) Other non-current liabilities 6/18/2008 3/1/2021 5.98% $ 4.8 $ (0.3 ) $ (0.5 ) Other non-current liabilities Total $ 15.7 $ (1.2 ) $ (1.8 ) |
Schedule of Derivative Instruments in Consolidated Statements of Operations | The following table represents the pre-tax effect of the derivative instruments in the Company's consolidated statement of comprehensive income (loss) (in millions): 2017 2016 Derivatives in Designated Cash Flow Hedging Relationships: Amount of (gain) loss recognized in OCI on derivatives (effective portion) $ 0.4 $ (2.6 ) Amounts of (gain) loss reclassified from accumulated OCI into earnings under "interest expense" (ineffective portion and amount excluded from effectiveness testing) $ (0.5 ) $ (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" $ 0.6 $ 0.7 |
Earnings Per Share (_EPS_) (Tab
Earnings Per Share (“EPS”) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Income and Computation of 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): 2017 2016 2015 Income from continuing operations, net of income taxes $ 228.1 $ 32.7 $ 60.8 Less: Income attributable to noncontrolling interest (2.2 ) (1.8 ) (1.5 ) Income from continuing operations attributable to A&B shareholders, net of income taxes 225.9 30.9 59.3 Undistributed earnings (losses) allocated to redeemable noncontrolling interest 1.8 1.3 (3.1 ) Income from continuing operations available to A&B shareholders, net of income taxes 227.7 32.2 56.2 Income (loss) from discontinued operations available to A&B shareholders, net of income taxes 2.4 (41.1 ) (29.7 ) Net income (loss) available to A&B shareholders $ 230.1 $ (8.9 ) $ 26.5 The number of shares used to compute basic and diluted earnings per share is as follows (in millions): 2017 2016 2015 Denominator for basic EPS – weighted-average shares outstanding 49.2 49.0 48.9 Effect of dilutive securities: Non-participating stock options and restricted stock unit awards 0.8 0.4 0.4 Special Distribution 3.0 — — Denominator for diluted EPS – weighted-average shares outstanding 53.0 49.4 49.3 |
Cessation of Sugar Operations (
Cessation of Sugar Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 Cumulative Amount Recognized as of Remaining to be Recognized Total Employee severance benefits and related costs $ 0.3 $ 22.1 $ — $ 22.1 Asset write-offs and accelerated depreciation — 71.3 — 71.3 Property removal, restoration and other exit-related costs 2.4 9.5 0.9 10.4 Total Cessation-related costs $ 2.7 $ 102.9 $ 0.9 $ 103.8 A rollforward of the Cessation-related liabilities during the year ended December 31, 2017 is as follows (in millions): Employee Severance Benefits and Related Costs Other Exit Costs 1 Total Balance at December 31, 2016 $ 13.7 $ 5.4 $ 19.1 Expense 0.3 2.4 2.7 Cash payments (14.0 ) (3.2 ) (17.2 ) Balance at December 31, 2017 $ — $ 4.6 $ 4.6 1 Includes asset retirement obligations. The Cessation-related liabilities were included in the accompanying consolidated balance sheets as follows (in millions): Classification on Balance Sheet December 31, 2017 December 31, 2016 Employee severance benefits and related costs HC&S cessation-related liabilities $ — $ 13.7 Other exit costs HC&S cessation-related liabilities 4.6 5.4 Total Cessation-related liabilities $ 4.6 $ 19.1 |
Segment Results (Tables)
Segment Results (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segment Information | 2017 2016 2015 Revenue: Commercial Real Estate $ 136.9 $ 134.7 $ 133.6 Land Operations 84.5 61.9 120.2 Materials & Construction 204.1 190.9 219.0 Total revenue 425.5 387.5 472.8 Operating Profit (Loss): Commercial Real Estate 1,2 34.4 54.8 53.2 Land Operations 3,4 14.2 7.0 61.7 Materials & Construction 5 22.0 23.3 30.9 Total operating profit 70.6 85.1 145.8 Interest expense (25.6 ) (26.3 ) (26.8 ) General corporate expenses (29.2 ) (22.1 ) (20.1 ) REIT evaluation/conversion costs 6 (15.2 ) (9.5 ) — Income from Continuing Operations Before Income Taxes and Net Gain (Loss) on Sale of Improved Properties 0.6 27.2 98.9 Income tax benefit (expense) 7 218.2 0.5 (37.0 ) Income from Continuing Operations Before Net Gain (Loss) on Sale of Improved Properties 218.8 27.7 61.9 Net gain (loss) on the sale of improved properties, net of income taxes 8 9.3 5.0 (1.1 ) Income From Continuing Operations 228.1 32.7 60.8 Income (loss) from discontinued operations, net of income taxes 2.4 (41.1 ) (29.7 ) Net Income (Loss) 230.5 (8.4 ) 31.1 Income attributable to noncontrolling interest (2.2 ) (1.8 ) (1.5 ) Net Income (Loss) Attributable to A&B Shareholders $ 228.3 $ (10.2 ) $ 29.6 1 Commercial Real Estate operating profit includes intersegment operating revenue, primarily from our Materials & Construction segment, and is eliminated in our consolidated results of operations. 2 Commercial Real Estate operating profit includes $22.4 million of impairments of real estate for three mainland properties classified as held for sale as of December 31, 2017 . 3 The Land Operations segment includes approximately $3.3 million , $15.1 million , and $30.2 million in equity in earnings from its various real estate joint ventures for 2017, 2016, and 2015, 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. 4 Amounts include non-cash reductions of $ 2.6 million , $9.8 million , and $2.6 million related to the Company's tax equity solar investments in KRS II and Waihonu for each of the years ended December 31, 2017 , 2016 , and 2015 , respectively. 5 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. 6 Costs related to the Company's in-depth evaluation of and conversion to a REIT. 7 The Company has completed a conversion process to comply with the requirements to be treated as a REIT for federal income tax purposes commencing with the taxable year ended December 31, 2017. As a result, the income tax provision for the year ended December 31, 2017 included a $223 million deferred tax benefit related to the de-recognition of the deferred tax assets and liabilities associated with the entities included in the REIT. The income tax provision for the year ended December 31, 2016 also included non-cash reductions in the carrying value of A&B’s KRS II and Waihonu joint venture solar investments. 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. 8 Amounts in 2017 represent the sales of one office building in Maui, Hawai`i in January 2017 and one industrial property in California in November 2017. Amounts in 2016 represent the sales of two California properties and one Utah office property in June 2016. Amounts in 2015 represent the sales of one Colorado retail property in March 2015, one Texas office building in May 2015, and one Washington office building in December 2015. 2017 2016 2015 Identifiable Assets: Commercial Real Estate $ 1,128.1 $ 1,119.5 $ 1,075.7 Land Operations 9 604.2 632.8 759.7 Materials & Construction 379.2 371.8 386.6 Other 119.7 32.2 20.3 Total assets $ 2,231.2 $ 2,156.3 $ 2,242.3 Capital Expenditures: Commercial Real Estate 10 $ 32.8 $ 98.7 $ 23.0 Land Operations 11,12 1.4 5.3 2.1 Materials & Construction 6.3 9.3 7.2 Other 0.2 0.3 1.4 Total capital expenditures $ 40.7 $ 113.6 $ 33.7 Depreciation and Amortization: Commercial Real Estate $ 26.0 $ 28.4 $ 28.9 Land Operations 12 1.6 6.7 1.3 Materials & Construction 12.2 11.7 11.6 Other 1.6 1.8 1.5 Total depreciation and amortization $ 41.4 $ 48.6 $ 43.3 9 The Land Operations segment includes approximately $369.9 million , $357.5 million , and $379.7 million related to its investment in various real estate joint ventures as of December 31, 2017 , 2016 , and 2015 , respectively. 10 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. 11 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 $20.8 million , $15.3 million , and $7.2 million for 2017 , 2016 , and 2015 , respectively. Investments in real estate joint ventures were $16.4 million , $20.8 million , and $25.8 million in 2017 , 2016 , and 2015 , respectively. Excludes expenditures from discontinued operations, which are classified as Cash Flows from Investing Activities within the Consolidated Statements of Cash Flows of $1.8 million , $2.5 million , and $11.0 million for 2017 , 2016 , and 2015 , respectively. 12 Amounts recast to reflect discontinued operations. Unaudited quarterly segment results for the years ended December 31, 2017 and 2016 were as follows (in millions): 2017 Q1 Q2 Q3 Q4 Revenue: Commercial Real Estate $ 33.7 $ 33.8 $ 33.9 $ 35.5 Land Operations 11.0 12.1 22.6 38.8 Materials & Construction 48.5 52.2 55.0 48.4 Total revenue 93.2 98.1 111.5 122.7 Operating Profit (Loss): Commercial Real Estate 1,2 14.3 13.4 13.6 (6.9 ) Land Operations 3 (2.4 ) 1.7 10.4 4.5 Materials & Construction 4 5.6 6.7 6.7 3.0 Total operating profit 17.5 21.8 30.7 0.6 Interest expense (6.2 ) (6.2 ) (6.1 ) (7.1 ) General corporate expenses (5.7 ) (5.9 ) (8.9 ) (8.7 ) REIT evaluation/conversion costs 5 (4.8 ) (2.2 ) (4.4 ) (3.8 ) Income (Loss) from Continuing Operations Before Income Taxes and Net Gain on Sale of Improved Properties 0.8 7.5 11.3 (19.0 ) Income tax benefit (expense) 6 0.8 (3.5 ) (3.7 ) 224.6 Income from Continuing Operations Before Net Gain on Sale of Improved Properties 1.6 4.0 7.6 205.6 Net gain on the sale of improved properties 7 3.0 — — 6.3 Income from Continuing Operations 4.6 4.0 7.6 211.9 Income (loss) from discontinued operations, net of income taxes 2.4 0.8 (0.8 ) — Net Income 7.0 4.8 6.8 211.9 Income attributable to noncontrolling interest (0.7 ) (0.5 ) (0.7 ) (0.3 ) Net Income Attributable to A&B Shareholders $ 6.3 $ 4.3 $ 6.1 $ 211.6 Amounts Available to A&B Shareholders: Income from Continuing Operations, Net of Taxes $ 4.6 $ 4.0 $ 7.6 $ 211.9 Less: Income attributable to noncontrolling interests (0.7 ) (0.5 ) (0.7 ) (0.3 ) Income from Continuing Operations Attributable to A&B Shareholders, Net of Taxes 3.9 3.5 6.9 211.6 Less: Undistributed earnings allocated to redeemable noncontrolling interest 0.5 0.2 0.5 0.6 Income from Continuing Operations Available to A&B Shareholders, Net of Taxes 4.4 3.7 7.4 212.2 Income from discontinuing operations 2.4 0.8 (0.8 ) — Net Income Available to A&B Shareholders $ 6.8 $ 4.5 $ 6.6 $ 212.2 2017 Q1 Q2 Q3 Q4 Earnings (Loss) Per Share Available to A&B Shareholders: Basic Earnings (Loss) Per Share of Common Stock: Continuing operations available to A&B shareholders $ 0.09 $ 0.08 $ 0.15 $ 4.31 Discontinued operations available to A&B shareholders 0.05 0.02 (0.02 ) — Net income available to A&B shareholders $ 0.14 $ 0.10 $ 0.13 $ 4.31 Diluted Earnings (Loss) Per Share of Common Stock: Continuing operations available to A&B shareholders $ 0.09 $ 0.07 $ 0.15 $ 3.42 Discontinued operations available to A&B shareholders 0.05 0.02 (0.02 ) — Net income available to A&B shareholders $ 0.14 $ 0.09 $ 0.13 $ 3.42 Weighted-Average Number of Shares Outstanding: Basic 49.1 49.2 49.2 49.2 Diluted 8 49.6 49.6 49.6 62.0 2016 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 1,2 14.2 13.6 13.5 13.5 Land Operations 3 (4.3 ) (10.4 ) 7.8 13.9 Materials & Construction 4 8.0 4.9 5.6 4.8 Total operating profit 17.9 8.1 26.9 32.2 Interest expense (6.9 ) (6.8 ) (6.4 ) (6.2 ) General corporate expenses (6.9 ) (4.0 ) (5.5 ) (5.7 ) REIT evaluation/conversion costs 5 — (1.9 ) (1.9 ) (5.7 ) Income (Loss) from Continuing Operations Before Income Taxes and Net Gain on Sale of Improved Properties 4.1 (4.6 ) 13.1 14.6 Income tax benefit (expense) 6 (0.3 ) 2.8 (1.0 ) (1.0 ) Income (Loss) From Continuing Operations Before Net Gain on Sale of Improved Properties 3.8 (1.8 ) 12.1 13.6 Net gain on the sale of improved properties, net of income taxes 7 — 4.9 0.1 — Income From Continuing Operations 3.8 3.1 12.2 13.6 Loss from discontinued operations, net of income taxes (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 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 2016 Q1 Q2 Q3 Q4 Earnings (Loss) Per Share Available to A&B Shareholders: Basic Earnings (Loss) Per Share of Common Stock: Continuing operations available to A&B shareholders $ 0.08 $ 0.06 $ 0.25 $ 0.27 Discontinued operations available to A&B shareholders (0.23 ) (0.07 ) (0.28 ) (0.26 ) Net income (loss) available to A&B shareholders $ (0.15 ) $ (0.01 ) $ (0.03 ) $ 0.01 Diluted Earnings (Loss) Per Share of Common Stock: Continuing operations available to A&B shareholders $ 0.08 $ 0.06 $ 0.24 $ 0.27 Discontinued operations available to A&B shareholders (0.22 ) (0.07 ) (0.28 ) (0.26 ) Net income (loss) available to A&B shareholders $ (0.14 ) $ (0.01 ) $ (0.04 ) $ 0.01 Weighted-Average Number of Shares Outstanding: Basic 48.9 49.0 49.0 49.0 Diluted 49.3 49.4 49.4 49.4 1 Commercial Real Estate operating profit includes intersegment operating revenue, primarily from our Materials & Construction segment, and is eliminated in our consolidated results of operations. 2 Commercial Real Estate operating profit includes $22.4 million of impairments of real estate for three mainland properties classified as held for sale as of December 31, 2017 . 3 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. 4 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, a gain of $0.6 million on the sale of a vacant non-core land parcel in the fourth quarter of 2016, and a loss of $1.6 million related to the sale of vacant non-core land parcel by an unconsolidated affiliate in the third quarter of 2016. 5 Costs related to the Company's in-depth evaluation of a REIT conversion. 6 The Company has completed a conversion process to comply with the requirements to be treated as a REIT for federal income tax purposes commencing with the taxable year ended December 31, 2017. As a result, the income tax provision for the quarter ended December 31, 2017 included a $223 million deferred tax benefit related to the de-recognition of the deferred tax assets and liabilities associated with the entities included in the REIT. The income tax provision for the quarter ended December 31, 2016 included non-cash reductions in the carrying value of A&B’s KRS II and Waihonu joint venture solar investments. 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. 7 Amounts in 2017 represent the sales of one office building in Maui, Hawai`i in January 2017 and one industrial property in California in November 2017. Amounts in 2016 represent the sales of two California and one Utah office properties in June 2016. Amounts in 2015 represent the sales of one Colorado retail property in March 2015, one Texas office building in May 2015, and one Washington office building in December 2015. 8 On November 16, 2017, the Company declared the Special Distribution on its shares of common stock in an aggregate amount of $783.0 million , or approximately $15.92 per share. The Company paid the Special Distribution on January 23, 2018. The Special Distribution was payable in the form of cash and shares of the Company's stock at the election of each shareholder, subject to an aggregate limit of $156.6 million of cash (the "Shareholder Election"). As the deadline for the common shareholders' election was January 12, 2018, subsequent to December 31, 2017, the total Special Distribution of $783 million was included in the computation of the Company's diluted earnings (loss) per share. |
Background and Basis of Prese46
Background and Basis of Presentation (Details) $ / shares in Units, $ in Millions | Jan. 23, 2018USD ($)shares | Jan. 12, 2018USD ($) | Nov. 16, 2017USD ($)$ / shares | Dec. 31, 2017USD ($)Segment$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Number of operating segments | Segment | 3 | |||||
Dividends declared | $ 783 | $ 783 | $ 0 | $ 0 | ||
Dividends declared (in dollars per share) | $ / shares | $ 15.92 | $ 16.13 | $ 0.25 | $ 0.21 | ||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Payments of dividends | $ 156.6 | $ 783 | ||||
Stock dividends (in shares) | shares | 22,587,299 |
Significant Accounting Polici47
Significant Accounting Policies - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 16, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Valuation allowance - state tax credit | $ 6.9 | $ 0 | $ 0 | |
Valuation allowance | 6.9 | 0 | ||
Dividends | $ 783 | $ 783 | 0 | 0 |
Ownership interest percentage in subsidiaries | 7000.00% | |||
Accounts receivable and contracts retention | $ 34.1 | 32.1 | ||
Total interest cost incurred | 26.4 | 28.3 | 29.1 | |
Capitalized interest | 0.9 | 2 | 2.3 | |
Aggregate intangible asset amortization | 6 | 9.2 | 10.5 | |
Goodwill | 102.3 | 102.3 | 102.3 | |
Cash Flows from Operating Activities | (1.3) | 111.2 | 129.1 | |
Cash Flows from Financing Activities | 96.1 | (84.7) | (131.6) | |
Impairment of real estate assets | $ 22.4 | $ 11.7 | $ 0 | |
Dividends declared (in dollars per share) | $ 15.92 | $ 16.13 | $ 0.25 | $ 0.21 |
Real Estate Developments | $ 151 | $ 179.5 | ||
Materials and Construction | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Accounts receivable and contracts retention | 8 | 8.2 | ||
Accounts and contracts payable | 0.4 | 0.6 | ||
Goodwill | 93.6 | 93.6 | $ 93.6 | |
Development and Sales segment | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Impairment of real estate assets | $ 22.4 | |||
Minimum | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Development-fore-sale strategy with short term life span (in years) | 3 years | |||
Maximum | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Development-fore-sale strategy with short term life span (in years) | 5 years | |||
Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of recorded loan | 515.1 | |||
Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of recorded loan | $ 642.3 | 529.3 | ||
City and County of Honolulu | Customer Concentration Risk | Materials and Construction | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Revenues | 67.7 | 52 | 38.1 | |
State of Hawaii | Customer Concentration Risk | Materials and Construction | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Revenues | $ 60.2 | $ 50.1 | $ 80.8 | |
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% | |||
United States, Mainland | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Real Estate Developments | $ 46.3 |
Significant Accounting Polici48
Significant Accounting Policies - Summary of Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at Beginning of Year | $ 1 | $ 1.7 | $ 1.7 |
Provision for Bad Debt | 1 | 0.8 | 0.4 |
Write-offs and Other | (0.6) | (1.5) | (0.4) |
Balance at End of Year | $ 1.4 | $ 1 | $ 1.7 |
Significant Accounting Polici49
Significant Accounting Policies - Schedule of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory [Line Items] | ||
Inventories | $ 31.9 | $ 43.3 |
Sugar inventories | ||
Inventory [Line Items] | ||
Inventories | 0 | 17.5 |
Asphalt | ||
Inventory [Line Items] | ||
Inventories | 12.2 | 7.4 |
Processed rock, Portland cement, and sand | ||
Inventory [Line Items] | ||
Inventories | 13.5 | 12.6 |
Work in progress | ||
Inventory [Line Items] | ||
Inventories | 2.8 | 3 |
Construction-related retail merchandise | ||
Inventory [Line Items] | ||
Inventories | 1.7 | 1.7 |
Parts, materials and supplies inventories | ||
Inventory [Line Items] | ||
Inventories | $ 1.7 | $ 1.1 |
Significant Accounting Polici50
Significant Accounting Policies - Schedule of Estimated Useful Lives of Property (Details) | 12 Months Ended |
Dec. 31, 2017 | |
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 Polici51
Significant Accounting Policies - Schedule of Real Estate Held-for-sale (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Long Lived Assets Held-for-sale [Line Items] | |||
Impairment of real estate assets | $ (22.4) | $ (11.7) | $ 0 |
Real estate held for sale | 67.4 | $ 1 | |
Land Operations | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Total Assets | 89.8 | ||
Impairment of real estate assets | (22.4) | ||
Land Operations | Real Estate Developments | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Total Assets | 21.1 | ||
Land Operations | Property – Net | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Total Assets | 64.8 | ||
Land Operations | Other Assets | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Total Assets | $ 3.9 |
Significant Accounting Polici52
Significant Accounting Policies - Schedule of Intangible Assets Acquired (Details) - In-place/favorable leases - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amount | $ 0.3 | $ 8.5 |
Weighted Average Life (Years) | 1 year 7 months 6 days | 7 years |
Significant Accounting Polici53
Significant Accounting Policies - Schedule of Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ (64) | $ (56.8) |
Total assets | 46.9 | 53.8 |
In-place/favorable leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortized intangible assets: | 70.2 | 69.9 |
Favorable leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortized intangible assets: | 17.9 | 17.9 |
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, 2017USD ($) |
Accounting Policies [Abstract] | |
2,018 | $ 5.4 |
2,019 | 4.5 |
2,020 | 3.6 |
2,021 | 3.1 |
2,022 | $ 2.9 |
Significant Accounting Polici55
Significant Accounting Policies - Schedule of Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 102.3 | $ 102.3 |
Changes to goodwill | 0 | 0 |
Goodwill, ending balance | 102.3 | 102.3 |
Materials and 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, 2017 | Dec. 31, 2016 |
Unrealized components of benefit plans: | ||
Pension plans | $ (43.1) | $ (43.8) |
Post-retirement plans | (1) | (0.6) |
Non-qualified benefit plans | (0.1) | (0.6) |
Interest rate swap | 1.9 | 1.8 |
Accumulated other comprehensive loss | $ (42.3) | $ (43.2) |
Significant Accounting Polici57
Significant Accounting Policies - Schedule of Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Changes In Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance | $ 1,213.2 | ||
Ending balance | 651.1 | $ 1,213.2 | |
Employee Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (2) | (3.4) | $ (4.6) |
Changes In Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance | (45) | (45.3) | (44.4) |
Amounts reclassified from accumulated other comprehensive loss, net of taxes for employee benefit plans and interest rate swap, respectively | 2.8 | 3.7 | 3.7 |
Ending balance | (44.2) | (45) | (45.3) |
Other comprehensive loss before reclassifications, tax | 1.2 | 2.1 | 2.9 |
Amounts reclassified from accumulated other comprehensive loss, tax | 1.8 | 2.3 | 2.3 |
Interest Rate Swap | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (0.2) | 1.6 | 0 |
Changes In Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance | 1.8 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss, net of taxes for employee benefit plans and interest rate swap, respectively | 0.3 | 0.2 | 0 |
Ending balance | 1.9 | 1.8 | 0 |
Other comprehensive loss before reclassifications, tax | 0.2 | 1 | |
Amounts reclassified from accumulated other comprehensive loss, tax | 0.2 | 0.2 | |
Total | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (2.2) | (1.8) | (4.6) |
Changes In Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance | (43.2) | (45.3) | (44.4) |
Amounts reclassified from accumulated other comprehensive loss, net of taxes for employee benefit plans and interest rate swap, respectively | 3.1 | 3.9 | 3.7 |
Ending balance | $ (42.3) | $ (43.2) | $ (45.3) |
Significant Accounting Polici58
Significant Accounting Policies - Schedule of Reclassifications of Other Comprehensive Loss Components (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Unrealized hedging gain (loss) | $ (0.4) | $ 2.6 | $ 0 |
Reclassification adjustment for interest expense included in net income or loss | 0.5 | 0.4 | 0 |
Actuarial loss | (3.2) | (4.6) | (7.1) |
Amortization of defined benefit pension items reclassified to net periodic pension cost: | |||
Prior service cost | 0 | 0 | (0.4) |
Net loss | 5.7 | 7.5 | 7.3 |
Prior service credit | (1.1) | (0.9) | (1.3) |
Curtailment | 0 | (1.5) | 0 |
Total before income tax | 1.5 | 3.5 | (1.5) |
Income taxes | (0.6) | (1.4) | 0.6 |
Other comprehensive income (loss), net of tax | $ 0.9 | $ 2.1 | $ (0.9) |
Significant Accounting Polici59
Significant Accounting Policies - Schedule of Interest and Other Income Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Interest income | $ 5.3 | $ 1.8 | $ 0.8 |
Pension and postretirement benefit expense | (2.6) | (4.2) | (3.7) |
Other income (expense) | (0.6) | 0.7 | 0.4 |
Interest and other income (expense), net | $ 2.1 | $ (1.7) | $ (2.5) |
Significant Accounting Polici60
Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||||
Cash and Cash Equivalents | $ 68.9 | $ 2.2 | $ 1.3 | |
Restricted Cash | 34.3 | 10.1 | 17.7 | |
Cash, Cash Equivalents and Restricted Cash | $ 103.2 | $ 12.3 | $ 19 | $ 3.1 |
Significant Accounting Polici61
Significant Accounting Policies - Schedule of Impact of Adopting New Accounting Guidance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Cash Flows from Operating Activities | $ (1.3) | $ 111.2 | $ 129.1 |
Cash Flows from Investing Activities | (3.9) | (33.2) | 18.4 |
Cash Flows from Financing Activities | 96.1 | (84.7) | (131.6) |
Cash and Cash Equivalents and Restricted Cash [Abstract] | |||
Balance, beginning of period | 2.2 | 1.3 | |
Balance, end of period | 68.9 | 2.2 | 1.3 |
Selling, general and administrative | 66.4 | 52 | 51.6 |
Interest and other income, net | 2.1 | (1.7) | (2.5) |
Accounting Standards Update 2016-18 | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Cash Flows from Operating Activities | 111.2 | 129.1 | |
Cash Flows from Investing Activities | (33.2) | 18.4 | |
Cash Flows from Financing Activities | (84.7) | (131.6) | |
Cash and Cash Equivalents and Restricted Cash [Abstract] | |||
Net increase in cash, cash equivalents, and restricted cash | (6.7) | 15.9 | |
Balance, beginning of period | 12.3 | 19 | 3.1 |
Balance, end of period | 12.3 | 19 | |
Accounting Standards Update 2016-18 | Previously reported | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Cash Flows from Operating Activities | 111.2 | 129.1 | |
Cash Flows from Investing Activities | (25.6) | 1 | |
Cash Flows from Financing Activities | (84.7) | (131.6) | |
Cash and Cash Equivalents and Restricted Cash [Abstract] | |||
Net increase in cash, cash equivalents, and restricted cash | 0.9 | (1.5) | |
Balance, beginning of period | 2.2 | 1.3 | 2.8 |
Balance, end of period | 2.2 | 1.3 | |
Accounting Standards Update 2016-18 | Impact of Adoption | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Cash Flows from Operating Activities | 0 | 0 | |
Cash Flows from Investing Activities | (7.6) | 17.4 | |
Cash Flows from Financing Activities | 0 | 0 | |
Cash and Cash Equivalents and Restricted Cash [Abstract] | |||
Net increase in cash, cash equivalents, and restricted cash | (7.6) | 17.4 | |
Balance, beginning of period | $ 10.1 | 17.7 | 0.3 |
Balance, end of period | 10.1 | 17.7 | |
Accounting Standards Update 2017-07 | Previously reported | |||
Cash and Cash Equivalents and Restricted Cash [Abstract] | |||
Selling, general and administrative | 56.2 | 55.3 | |
Interest and other income, net | 2.5 | 1.2 | |
Accounting Standards Update 2017-07 | Impact of Adoption | |||
Cash and Cash Equivalents and Restricted Cash [Abstract] | |||
Selling, general and administrative | (4.2) | (3.7) | |
Interest and other income, net | $ (4.2) | $ (3.7) |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Affiliated Entity | Materials and Construction | Supplier Contracts | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | $ 21,100,000 | $ 12,000,000 | $ 23,000,000 | |
Receivables from related parties | 2,900,000 | |||
Affiliated Entity | Real estate leasing and development | Lease Agreements | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | 5,200,000 | 6,100,000 | ||
Affiliated Entity | Real estate leasing and development | Land Operations | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | $ 2,400,000 | 4,600,000 | $ 2,900,000 | |
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 ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income (loss) from discontinued operations | $ 0 | $ (800,000) | $ 800,000 | $ 2,400,000 | $ (13,000,000) | $ (13,600,000) | $ (3,700,000) | $ (10,800,000) | |||
Basic earnings (loss) per share (in dollars per share) | $ 0 | $ (0.02) | $ 0.02 | $ 0.05 | $ (0.26) | $ (0.28) | $ (0.07) | $ (0.23) | |||
Diluted earnings (loss) per share (in dollars per share) | $ 0 | $ (0.02) | $ 0.02 | $ 0.05 | $ (0.26) | $ (0.28) | $ (0.07) | $ (0.22) | |||
Depreciation and amortization related to discontinued Operations | $ 0 | $ 70,900,000 | $ 12,400,000 | ||||||||
Discontinued Operations | Sugar Operations | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Sugar operations revenue | 22,900,000 | 98,400,000 | 97,700,000 | ||||||||
Cost of sugar operations | 22,500,000 | 87,500,000 | 124,600,000 | ||||||||
Operating income (loss) from sugar operations | 400,000 | 10,900,000 | (26,900,000) | ||||||||
Sugar operations cessation costs | (2,700,000) | (77,600,000) | (22,600,000) | ||||||||
Gain on asset dispositions | 6,000,000 | 0 | 0 | ||||||||
Income (loss) from discontinued operations before income taxes | 3,700,000 | (66,700,000) | (49,500,000) | ||||||||
Income tax (expense) benefit | (1,300,000) | 25,600,000 | 19,800,000 | ||||||||
Income (loss) from discontinued operations | $ 2,400,000 | $ (41,100,000) | $ (29,700,000) | ||||||||
Basic earnings (loss) per share (in dollars per share) | $ 0.05 | $ (0.84) | $ (0.61) | ||||||||
Diluted earnings (loss) per share (in dollars per share) | $ 0.04 | $ (0.83) | $ (0.60) |
Investments in Affiliates - Nar
Investments in Affiliates - Narrative (Details) | 1 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2015Unit | Dec. 31, 2014Unit | Oct. 31, 2014USD ($)Unit | Jul. 31, 2014USD ($)MW | Dec. 31, 2017USD ($)Unit | Dec. 31, 2016USD ($)photovoltaic_facilityMW | Dec. 31, 2015USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2010Unit | Dec. 31, 2002residential_unit | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investments in Affiliates | $ 401,700,000 | $ 390,800,000 | |||||||||
Undistributed earnings of investments in affiliates | 8,200,000 | 15,500,000 | |||||||||
Dividends and distributions from unconsolidated affiliates | 10,400,000 | 71,600,000 | $ 72,200,000 | ||||||||
Investment in various real estate joint ventures | 16,400,000 | 20,800,000 | 25,800,000 | ||||||||
Non-cash reduction in equity method investments | 2,600,000 | 9,800,000 | $ 2,600,000 | ||||||||
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 | $ 302,600,000 | 290,700,000 | |||||||||
Equity method ownership percentage (in percent) | 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 | ||||||||||
Waihona High-Rise Condominium | Condominium | Financial Guarantee | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Guarantor obligations, maximum exposure | $ 20,000,000 | ||||||||||
Waihona High-Rise Condominium | Condominium | Partners in Joint Venture | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total equity required for projects | $ 65,000,000 | ||||||||||
KRS II | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investment in various real estate joint ventures | $ 23,800,000 | $ 900,000 | 2,200,000 | ||||||||
Facilities, power capacity (in megawatts) | MW | 12 | ||||||||||
Non-cash reduction in equity method investments | 200,000 | 1,100,000 | |||||||||
KRS II | Payment Guarantee | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Guarantor obligations, maximum exposure | $ 6,000,000 | 6,000,000 | |||||||||
Waihonu | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total equity required for projects | $ 15,400,000 | ||||||||||
Investment in various real estate joint ventures | 1,400,000 | ||||||||||
Facilities, power capacity (in megawatts) | MW | 6.5 | ||||||||||
Non-cash reduction in equity method investments | $ 2,400,000 | $ 8,700,000 | |||||||||
Number of photovoltaic facilities constructing | photovoltaic_facility | 2 | ||||||||||
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 | ||||||||||
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 | 2 | ||||||||||
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 | ||||||||||
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 | $ 18,500,000 | $ 15,300,000 | |||||||||
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
ASSETS | |||
Current assets | $ 153.1 | $ 154.3 | |
Non-current assets | 754.9 | 727.8 | |
Total assets | 908 | 882.1 | |
Liabilities | |||
Current liabilities | 52.5 | 65.8 | |
Non-current liabilities | 192.8 | 175 | |
Total liabilities | 245.3 | 240.8 | |
Income Statement | |||
Operating revenue | 200.5 | 489.3 | $ 471.7 |
Operating costs and expenses | 166.3 | 449.8 | 411.6 |
Operating income | 34.2 | 39.5 | 60.1 |
Income from continuing operations | 16 | 31.7 | 57.2 |
Net income | $ 15.5 | $ 31.7 | $ 56.1 |
Uncompleted Contracts (Details)
Uncompleted Contracts (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Contractors [Abstract] | ||
Costs incurred on uncompleted contracts | $ 137.5 | $ 92.2 |
Estimated earnings | 35.8 | 26.8 |
Subtotal | 173.3 | 119 |
Less: billings to date | 158.8 | 106.1 |
Total | 14.5 | 12.9 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 20.2 | 16.4 |
Estimated billings in excess of costs and estimated earnings on uncompleted contracts | (5.7) | (3.5) |
Total | $ 14.5 | $ 12.9 |
Property (Details)
Property (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Property - gross | $ 1,420,200,000 | $ 1,754,900,000 | |
Accumulated depreciation | (272,700,000) | (523,300,000) | |
Property - net | 1,147,500,000 | 1,231,600,000 | |
Depreciation expense | 32,300,000 | 106,100,000 | $ 43,800,000 |
Depreciation and amortization related to discontinued Operations | 0 | 70,900,000 | $ 12,400,000 |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property - gross | 471,600,000 | 566,500,000 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property - gross | 613,300,000 | 622,600,000 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property - gross | 74,700,000 | 254,000,000 | |
Asphalt plants and quarry assets | |||
Property, Plant and Equipment [Line Items] | |||
Property - gross | 80,200,000 | 78,200,000 | |
Water, power and sewer systems | |||
Property, Plant and Equipment [Line Items] | |||
Property - gross | 109,900,000 | 156,400,000 | |
Other property improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property - gross | 70,500,000 | 65,900,000 | |
Vessel | |||
Property, Plant and Equipment [Line Items] | |||
Property - gross | $ 0 | $ 11,300,000 |
Notes Payable and Long-Term D68
Notes Payable and Long-Term Debt - Narrative (Details) | Dec. 01, 2014USD ($) | Nov. 05, 2013USD ($) | Sep. 17, 2013USD ($)ft² | Dec. 31, 2017USD ($)Subsidiary | Dec. 31, 2016USD ($) | Nov. 30, 2017USD ($) | Oct. 30, 2017USD ($) | Oct. 10, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 15, 2017USD ($) | Jun. 30, 2017 | Mar. 31, 2017USD ($) | Dec. 20, 2013USD ($) | Sep. 24, 2013USD ($)a |
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, gross | $ 631,800,000 | $ 515,800,000 | ||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||
2,018 | 41,800,000 | |||||||||||||
2,019 | 41,200,000 | |||||||||||||
2,020 | 39,700,000 | |||||||||||||
2,021 | 60,400,000 | |||||||||||||
2,022 | 106,400,000 | |||||||||||||
Thereafter | $ 342,300,000 | |||||||||||||
LIBOR plus 1.5%, payable through 2021, secured by Kailua Town Center III | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.50% | |||||||||||||
Interest Rate | 5.95% | |||||||||||||
LIBOR plus 1.35%, payable through 2029, secured by Manoa Marketplace | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 60,000,000 | |||||||||||||
Basis spread on variable rate | 1.35% | |||||||||||||
Interest only payments, term | 36 months | |||||||||||||
Principle and interest payment, term | 120 months | |||||||||||||
Amortization period | 25 years | |||||||||||||
Balloon payment to be paid | $ 41,700,000 | |||||||||||||
Interest Rate | 3.14% | |||||||||||||
Pru Amendment | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | $ 450,000,000 | |||||||||||||
Covenant compliance, debt to total assets ratio | 35.00% | |||||||||||||
Revolver Amendment And Pru Amendment Covenants | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Incremental interest rate increase amount (basis points) | 0.20% | |||||||||||||
Covenant compliance, debt to total assets ratio | 60.00% | 50.00% | ||||||||||||
Covenant compliance, increase in aggregate maximum debt amount, percent | 25.00% | 20.00% | ||||||||||||
Covenant compliance, minimum shareholders' equity amount | $ 850,600,000 | |||||||||||||
Covenant compliance, percent of net proceeds from equity issuances | 75.00% | |||||||||||||
4.04%, payable through 2026, unsecured | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, gross | $ 50,000,000 | 0 | ||||||||||||
Stated interest rate | 4.04% | |||||||||||||
4.16%, payable through 2028, unsecured | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, gross | $ 25,000,000 | 0 | ||||||||||||
Stated interest rate | 4.16% | |||||||||||||
4.30%, payable through 2029, unsecured | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, gross | $ 25,000,000 | 0 | ||||||||||||
Stated interest rate | 4.30% | |||||||||||||
3.15%, payable through 2021, second mortgage secured by Kailua Town Center III | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, gross | $ 4,900,000 | 0 | $ 5,000,000 | |||||||||||
Basis spread on variable rate | 3.15% | |||||||||||||
Interest Rate | 3.15% | |||||||||||||
Prudential Shelf Facility | 4.04%, payable through 2026, unsecured | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, gross | $ 50,000,000 | |||||||||||||
Stated interest rate | 4.04% | |||||||||||||
Prudential Shelf Facility | 4.16%, payable through 2028, unsecured | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, gross | $ 25,000,000 | $ 25,000,000 | ||||||||||||
Stated interest rate | 4.16% | |||||||||||||
Prudential Shelf Facility | 4.30%, payable through 2029, unsecured | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate | 4.30% | |||||||||||||
Secured Debt [Member] | Refinanced Loan, Maturity 2024 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 92,000,000 | |||||||||||||
Stated interest rate | 415.00% | |||||||||||||
Periodic payment | $ 400,000 | |||||||||||||
Balloon payment to be paid | $ 73,000,000 | |||||||||||||
Revolving Credit Facility | A&B Revolver | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | $ 350,000,000 | $ 350,000,000 | $ 450,000,000 | |||||||||||
Line of credit facility, Term | 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 | |||||||||||||
Long-term line of credit | 66,000,000 | |||||||||||||
Letters of credit outstanding, amount | 11,800,000 | |||||||||||||
Remaining borrowing capacity | 372,200,000 | |||||||||||||
LIBOR | LIBOR plus 1.5%, payable through 2021, secured by Kailua Town Center III | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, gross | $ 10,800,000 | 11,200,000 | ||||||||||||
Basis spread on variable rate | 1.50% | |||||||||||||
LIBOR | LIBOR plus 1.35%, payable through 2029, secured by Manoa Marketplace | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, gross | $ 60,000,000 | $ 60,000,000 | ||||||||||||
Basis spread on variable rate | 1.35% | 1.35% | ||||||||||||
Interest Rate Swap | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Notional amount | $ 60,000,000 | |||||||||||||
Interest Rate | 3.135% | |||||||||||||
Subsidiary, One | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term line of credit | $ 500,000 | $ 0 | ||||||||||||
Subsidiary, One | Line of Credit | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 30,000,000 | |||||||||||||
Number of subsidiaries | Subsidiary | 1 | |||||||||||||
Kaneohe Ranch Portfolio | Mortgages | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long term debt acquired | $ 12,000,000 | |||||||||||||
Kukui'ula Village LLC | KDC LLC | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Parent ownership interest, percent | 50.00% | |||||||||||||
Kukui'ula Village LLC | KDC LLC | Mortgages | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Secured debt | $ 51,200,000 | |||||||||||||
Pearl City | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long term debt acquired | $ 59,300,000 | |||||||||||||
Area of real estate property | ft² | 415,400 | |||||||||||||
Payments to acquire business | $ 82,200,000 | |||||||||||||
First Mortgage | Kukui'ula Village LLC | KDC LLC | Mortgages | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, term | 3 years | |||||||||||||
Secured debt | $ 34,600,000 | $ 41,800,000 | ||||||||||||
Area of real estate property | a | 45 | |||||||||||||
First Mortgage | Kukui'ula Village LLC | KDC LLC | LIBOR | Mortgages | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 285.00% | |||||||||||||
Secured debt | $ 9,400,000 | |||||||||||||
Second Mortgage | Kukui'ula Village LLC | KDC LLC | Mortgages | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Secured debt | $ 9,400,000 | $ 9,400,000 | ||||||||||||
Second Mortgage | Kukui'ula Village LLC | KDC LLC | LIBOR | Mortgages | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 200.00% | |||||||||||||
Periodic payment, Principle | $ 900,000 | |||||||||||||
Real Estate | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Collateral amount | 233,000,000 | |||||||||||||
Materials and Construction | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Collateral amount | 25,900,000 | |||||||||||||
Agribusiness | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Collateral amount | $ 0 |
Notes Payable and Long-Term D69
Notes Payable and Long-Term Debt - Schedule of Notes Payable and Long-term Debt (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 631,800,000 | $ 515,800,000 | |
Unamortized debt premium (discount) | 500,000 | 500,000 | |
Unamortized debt issuance costs | (1,100,000) | (1,200,000) | |
Total debt (carrying value) | 631,200,000 | 515,100,000 | |
Less current portion | (46,000,000) | (42,400,000) | |
Long-term debt | 585,200,000 | 472,700,000 | |
Wells Fargo GLP Revolver, Due 2018 | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 500,000 | 0 | |
Wells Fargo GLP Revolver, Due 2018 | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.50% | ||
A & B Revolver Due 2022 | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 66,000,000 | 14,900,000 | |
A & B Revolver Due 2022 | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.65% | ||
6.38%, payable through 2017, secured by Midstate Hayes | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 0 | 8,200,000 | |
Stated interest rate | 6.38% | ||
1.85%, payable through 2017, unsecured | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 0 | 2,500,000 | |
Stated interest rate | 1.85% | ||
2.00%, payable through 2018, unsecured | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 100,000 | 800,000 | |
Stated interest rate | 2.00% | ||
2.00%, payable through 2018, unsecured | LIBOR | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 9,400,000 | ||
3.31%, payable through 2018, unsecured | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 1,000,000 | 2,800,000 | |
Stated interest rate | 3.31% | ||
5.19%, payable through 2019, unsecured | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 4,400,000 | 6,500,000 | |
Stated interest rate | 5.19% | ||
6.90%, payable through 2020, unsecured | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 48,800,000 | 65,000,000 | |
Stated interest rate | 6.90% | ||
LIBOR plus 1.0%, payable through 2021, secured by asphalt terminal | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.00% | ||
Swapped maturity fixed interest rate | 5.98% | ||
LIBOR plus 1.0%, payable through 2021, secured by asphalt terminal | LIBOR | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 4,800,000 | 6,100,000 | |
Basis spread on variable rate | 1.00% | ||
3.15%, payable through 2021, second mortgage secured by Kailua Town Center III | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 4,900,000 | 0 | $ 5,000,000 |
Basis spread on variable rate | 3.15% | ||
Swapped maturity fixed interest rate | 3.15% | ||
LIBOR plus 1.5%, payable through 2021, secured by Kailua Town Center III | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.50% | ||
Swapped maturity fixed interest rate | 5.95% | ||
LIBOR plus 1.5%, payable through 2021, secured by Kailua Town Center III | LIBOR | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 10,800,000 | 11,200,000 | |
Basis spread on variable rate | 1.50% | ||
Term Loan 2.66% [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.66% | ||
5.53%, payable through 2024, unsecured | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 28,500,000 | 28,500,000 | |
Stated interest rate | 5.53% | ||
3.90%, payable through 2024, unsecured | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 62,600,000 | 68,100,000 | |
Stated interest rate | 3.90% | ||
4.15%, payable through 2024, secured by Pearl Highlands Center | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 87,000,000 | 88,800,000 | |
Stated interest rate | 4.15% | ||
5.55%, payable through 2026, unsecured | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 46,000,000 | 46,000,000 | |
Stated interest rate | 5.55% | ||
5.56%, payable through 2026, unsecured | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 25,000,000 | 25,000,000 | |
Stated interest rate | 5.56% | ||
4.35%, payable through 2026, unsecured | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 22,000,000 | 22,000,000 | |
Stated interest rate | 4.35% | ||
4.04%, payable through 2026, unsecured | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 50,000,000 | 0 | |
Stated interest rate | 4.04% | ||
3.88%, payable through 2027, unsecured | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 50,000,000 | 50,000,000 | |
Stated interest rate | 3.88% | ||
4.16%, payable through 2028, unsecured | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 25,000,000 | 0 | |
Stated interest rate | 4.16% | ||
4.30%, payable through 2029, unsecured | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 25,000,000 | 0 | |
Stated interest rate | 4.30% | ||
LIBOR plus 1.35%, payable through 2029, secured by Manoa Marketplace | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.35% | ||
Swapped maturity fixed interest rate | 3.14% | ||
LIBOR plus 1.35%, payable through 2029, secured by Manoa Marketplace | LIBOR | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 60,000,000 | $ 60,000,000 | |
Basis spread on variable rate | 1.35% | 1.35% |
Leases - The Company as Lesse70
Leases - The Company as Lessee (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases [Abstract] | |||
Rental expense under operating leases | $ 6.1 | $ 6.8 | $ 7.2 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,018 | 5.5 | ||
2,019 | 5.1 | ||
2,020 | 5.1 | ||
2,021 | 5.1 | ||
2,022 | 3.7 | ||
Thereafter | 17.9 | ||
Total | $ 42.4 |
Leases - The Company as Lessor
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, 2017 | Dec. 31, 2016 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Leased property - real estate | $ 1,089 | $ 1,149 |
Less accumulated depreciation | (104) | (120.4) |
Property under operating leases - net | $ 985 | $ 1,028.6 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases [Abstract] | |||
Tenant reimbursements | $ 33 | $ 31.8 | $ 30.2 |
Minimum rentals | 95.4 | 95.2 | 96.2 |
Contingent rentals (based on sales volume) | 4.4 | 5.4 | 4.8 |
Total | $ 99.8 | $ 100.6 | $ 101 |
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, 2017USD ($) |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,018 | $ 84.6 |
2,019 | 76.1 |
2,020 | 65.3 |
2,021 | 51.6 |
2,022 | 42.2 |
Thereafter | 279.7 |
Total | $ 599.5 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)Plan | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Grace | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company's matching contribution expense | $ 2 | $ 2 | $ 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 | $ 0.5 | $ 0.5 | $ 0.5 |
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 | 6.80% | 7.10% | 7.10% |
Actual return on plan assets | 3.90% | 2.64% | |
Pension contributions | $ 49.2 | $ 0.5 | $ 2.6 |
Accumulated benefit obligation | 204.5 | 197 | |
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 | 3.8 | ||
Plans obligations | $ (8.5) | $ (53.9) | |
Discount rate | 3.70% | 4.20% | 4.50% |
Net periodic benefit cost | $ 5 | $ 7.3 | $ 6.1 |
Net loss, net of taxes | 44.6 | 45.6 | |
Unrecognized prior service credit, net of taxes | (1.5) | (1.8) | |
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 | $ 0.3 | ||
Amortization period of unrecognized gains and losses | 5 years | ||
Plans obligations | $ (12.3) | $ (11.9) | |
Discount rate | 3.70% | 4.20% | 4.50% |
Net periodic benefit cost | $ 0.5 | $ 0.8 | $ 0.8 |
Net loss, net of taxes | 1 | 0.6 | |
Unrecognized prior service credit, net of taxes | 0 | 0 | |
Current liabilities related to non-qualified plan and post-retirement benefits | 0.8 | 1 | |
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 | 0.1 | ||
Plans obligations | $ 3.4 | ||
Discount rate | 3.50% | ||
Net periodic benefit cost | $ 1.3 | (0.6) | 0.1 |
Settlements | 1.5 | ||
Net loss, net of taxes | 0.5 | ||
Unrecognized prior service credit, net of taxes | 0.6 | ||
Non qualified and Post retirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current liabilities related to non-qualified plan and post-retirement benefits | 1.5 | ||
Deferred Profit Sharing | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company's matching contribution expense | $ 0 | $ 0 | $ 0 |
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, 2017 | Dec. 31, 2016 | |
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 | 0.00% | |
Weighted-average asset allocations | 0.00% | 31.00% |
International equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 0.00% | |
Weighted-average asset allocations | 0.00% | 20.00% |
Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 99.00% | |
Weighted-average asset allocations | 98.00% | 35.00% |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 0.00% | |
Weighted-average asset allocations | 0.00% | 9.00% |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 1.00% | |
Weighted-average asset allocations | 2.00% | 5.00% |
Employee Benefit Plans - Sche76
Employee Benefit Plans - Schedule of Fair Value of Pension Plan Assets by Asset Category (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | $ 197.6 | $ 143.1 |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 4.5 | 6.1 |
Domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 28.1 | |
Domestic exchange-traded funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 16.9 | |
International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 24.5 | |
International and emerging markets exchange-traded funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 4.1 | |
U.S. Treasury obligations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 81.2 | 21.7 |
Domestic corporate bonds and notes | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 102.3 | 26.6 |
Foreign corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 9.6 | 1.5 |
Limited partnership interest in private equity fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0.1 | |
Exchange-traded global real estate securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 9.9 | |
Insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0.1 | |
Exchange-traded commodity fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 2.9 | |
Other receivables | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0.6 | |
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 | 85.7 | 114.8 |
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 | 4.5 | 6.1 |
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 | |
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 | |
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 | |
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 | |
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 | 81.2 | 21.7 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Domestic corporate bonds and notes | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Limited partnership interest in private equity fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | |
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 | |
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 | |
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 | |
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 | |
Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 111.9 | 28.1 |
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 | |
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 | |
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 | 102.3 | 26.6 |
Significant Other Observable Inputs (Level 2) | Foreign corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | $ 9.6 | 1.5 |
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 | |
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 | |
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 | |
Significant Other Observable Inputs (Level 2) | Other receivables | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | |
Significant Un-observable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0.2 | |
Significant Un-observable Inputs (Level 3) | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0 | |
Significant Un-observable Inputs (Level 3) | Domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 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 | |
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 | |
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 | |
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 | |
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 | |
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 | |
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 | |
Significant Un-observable Inputs (Level 3) | Other receivables | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | $ 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, 2017 | Dec. 31, 2016 | |
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | $ 143.1 | |
Actual return on plan assets [Abstract] | ||
Fair value of plan assets at end of year | 197.6 | $ 143.1 |
Pension Benefits | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 143.1 | 146.2 |
Actual return on plan assets [Abstract] | ||
Fair value of plan assets at end of year | 197.6 | 143.1 |
Private Equity | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0.1 | |
Actual return on plan assets [Abstract] | ||
Fair value of plan assets at end of year | 0.1 | |
Insurance | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0.1 | |
Actual return on plan assets [Abstract] | ||
Fair value of plan assets at end of year | 0.1 | |
Significant Un-observable Inputs (Level 3) | ||
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 | 0.2 | |
Significant Un-observable Inputs (Level 3) | Pension Benefits | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0.2 | 0.4 |
Actual return on plan assets [Abstract] | ||
Assets held at the reporting date | (0.2) | (0.2) |
Fair value of plan assets at end of year | 0 | 0.2 |
Significant Un-observable Inputs (Level 3) | Private Equity | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0.1 | |
Actual return on plan assets [Abstract] | ||
Fair value of plan assets at end of year | 0.1 | |
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 | 0.1 | 0.2 |
Actual return on plan assets [Abstract] | ||
Assets held at the reporting date | (0.1) | (0.1) |
Fair value of plan assets at end of year | 0 | 0.1 |
Significant Un-observable Inputs (Level 3) | Insurance | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0.1 | |
Actual return on plan assets [Abstract] | ||
Fair value of plan assets at end of year | 0.1 | |
Significant Un-observable Inputs (Level 3) | Insurance | Pension Benefits | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0.1 | 0.2 |
Actual return on plan assets [Abstract] | ||
Assets held at the reporting date | (0.1) | (0.1) |
Fair value of plan assets at end of year | $ 0 | $ 0.1 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | $ 143.1 | ||
Fair value of plan assets at end of year | 197.6 | $ 143.1 | |
Pension Benefits | |||
Change in Benefit Obligation | |||
Benefit obligation at beginning of year | 197 | 194.6 | |
Service cost | 2.8 | 3.1 | $ 3.1 |
Interest cost | 8 | 8.5 | 8 |
Plan participants’ contributions | 0 | 0 | |
Actuarial (gain) loss | 12.3 | 4.7 | |
Benefits paid | (14) | (13) | |
Curtailment | 0 | (0.9) | |
Benefit obligation at end of year | 206.1 | 197 | 194.6 |
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | 143.1 | 146.2 | |
Actual return on plan assets | 19.3 | 9.4 | |
Pension contributions | 49.2 | 0.5 | 2.6 |
Employer contributions | 0.5 | ||
Participant contributions | 0 | 0 | |
Benefits paid | (14) | (13) | |
Other | 0 | 0 | |
Fair value of plan assets at end of year | 197.6 | 143.1 | 146.2 |
Funded Status and Recognized Liability | (8.5) | (53.9) | |
Other Post-retirement Benefits | |||
Change in Benefit Obligation | |||
Benefit obligation at beginning of year | 11.9 | 12.2 | |
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 0.4 | 0.5 | 0.5 |
Plan participants’ contributions | 1 | 1.1 | |
Actuarial (gain) loss | 0.7 | 0 | |
Benefits paid | (1.8) | (2.1) | |
Curtailment | 0 | 0.1 | |
Benefit obligation at end of year | 12.3 | 11.9 | 12.2 |
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 0.8 | 0.9 | |
Participant contributions | 1 | 1.1 | |
Benefits paid | (1.8) | (2.1) | |
Other | 0.1 | ||
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded Status and Recognized Liability | $ (12.3) | $ (11.9) |
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, 2017 | Dec. 31, 2016 |
Amounts recognized on the consolidated balance sheets [Abstract] | ||
Non-current liabilities | $ (19.9) | $ (64.8) |
Pension Benefits | ||
Amounts recognized on the consolidated balance sheets [Abstract] | ||
Non-current assets | 0 | 0 |
Current liabilities | 0 | 0 |
Non-current liabilities | (8.5) | (53.9) |
Total | (8.5) | (53.9) |
Amounts recognized in accumulated other comprehensive loss [Abstract] | ||
Net loss (gain) (net of taxes) | 44.6 | 45.6 |
Unrecognized prior service credit (net of taxes) | (1.5) | (1.8) |
Total | 43.1 | 43.8 |
Other Post-retirement Benefits | ||
Amounts recognized on the consolidated balance sheets [Abstract] | ||
Non-current assets | 0 | 0 |
Current liabilities | (0.8) | (1) |
Non-current liabilities | (11.5) | (10.9) |
Total | (12.3) | (11.9) |
Amounts recognized in accumulated other comprehensive loss [Abstract] | ||
Net loss (gain) (net of taxes) | 1 | 0.6 |
Unrecognized prior service credit (net of taxes) | 0 | 0 |
Total | $ 1 | $ 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, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 206.1 | $ 197 |
Accumulated benefit obligation | 206 | 197 |
Fair value of plan assets | $ 197.6 | $ 143.1 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits | |||
Components of Net Periodic Benefit Cost | |||
Service cost | $ 2.8 | $ 3.1 | $ 3.1 |
Interest cost | 8 | 8.5 | 8 |
Expected return on plan assets | (9.4) | (10) | (11.1) |
Amortization of net loss | 4.1 | 7.1 | 6.9 |
Amortization of prior service cost | (0.5) | (0.5) | (0.8) |
Curtailment (gain)/loss | 0 | (0.9) | 0 |
Net periodic benefit cost | 5 | 7.3 | 6.1 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) | |||
Net loss (gain) | 2.4 | 4.4 | 7 |
Amortization of unrecognized gain (loss) | (4.1) | (7.1) | (6.9) |
Amortization of prior service credit | 0 | 0 | 0.4 |
Prior service cost | 0.5 | 1.4 | 0.8 |
Total recognized in other comprehensive income (loss) | (1.2) | (1.3) | 1.3 |
Total recognized in net periodic benefit cost and other comprehensive income | 3.8 | 6 | 7.4 |
Other Post-retirement Benefits | |||
Components of Net Periodic Benefit Cost | |||
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 0.4 | 0.5 | 0.5 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of net loss | 0 | 0.2 | 0.1 |
Amortization of prior service cost | 0 | 0 | 0 |
Curtailment (gain)/loss | 0 | 0 | 0.1 |
Net periodic benefit cost | 0.5 | 0.8 | 0.8 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) | |||
Net loss (gain) | 0.7 | 0 | 0.4 |
Amortization of unrecognized gain (loss) | 0 | (0.2) | (0.1) |
Amortization of prior service credit | 0 | 0 | 0 |
Prior service cost | 0 | 0 | 0 |
Total recognized in other comprehensive income (loss) | 0.7 | (0.2) | 0.3 |
Total recognized in net periodic benefit cost and other comprehensive income | $ 1.2 | $ 0.6 | $ 1.1 |
Employee Benefit Plans - Summ82
Employee Benefit Plans - Summary of Weighted Average Assumptions used to Determine Benefit Information (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits | |||
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||
Discount rate | 3.70% | 4.20% | 4.50% |
Expected return on plan assets | 6.80% | 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 | 3.70% | 4.20% | 4.50% |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Assumed health care cost trend rates [Abstract] | |||
Initial health care cost trend rate | 6.50% | 6.80% | 7.00% |
Ultimate rate | 4.50% | 4.50% | 4.50% |
Year ultimate rate is reached | 2,037 | 2,037 | 2,037 |
Other Post-retirement Benefits | Minimum | |||
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||
Rate of compensation increase | 0.50% | 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% | 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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 1.3 | 1 | 1.1 |
Effect of one percentage point decrease on total of service and interest cost components | 0 | 0 | 0 |
Effect of one percentage point decrease on post-retirement benefit obligation | $ (1) | $ (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, 2017USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 12.6 |
2,019 | 12.7 |
2,020 | 12.6 |
2,021 | 12.7 |
2,022 | 12.8 |
2023-2027 | 62.8 |
Non-qualified Plan Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 0.7 |
2,019 | 1.4 |
2,020 | 0 |
2,021 | 0 |
2,022 | 0 |
2023-2027 | 2.1 |
Post-retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 0.9 |
2,019 | 0.9 |
2,020 | 0.9 |
2,021 | 0.8 |
2,022 | 0.8 |
2023-2027 | $ 3.5 |
Employee Benefit Plans - Sche85
Employee Benefit Plans - Schedule of Multiemployer Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Multiemployer Plans [Line Items] | |||
Contribution by Entity | $ 6.1 | $ 5.7 | $ 5.7 |
Operating Engineers | |||
Multiemployer Plans [Line Items] | |||
Pension Protection Act Zone Status | Red | ||
Contribution by Entity | $ 4.9 | 4.7 | 4.6 |
Surcharge Imposed | No | ||
Laborers National | |||
Multiemployer Plans [Line Items] | |||
Pension Protection Act Zone Status | Red | ||
Contribution by Entity | $ 0.2 | 0.1 | 0.1 |
Surcharge Imposed | No | ||
Hawaii Laborers | |||
Multiemployer Plans [Line Items] | |||
Pension Protection Act Zone Status | Green | ||
Contribution by Entity | $ 0.8 | 0.7 | 0.8 |
Surcharge Imposed | No | ||
Hawaii Laborers | |||
Multiemployer Plans [Line Items] | |||
Pension Protection Act Zone Status | Green | ||
Contribution by Entity | $ 0.2 | $ 0.2 | $ 0.2 |
Surcharge Imposed | No |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) $ in Millions | Dec. 22, 2017USD ($) | Jul. 31, 2014MW | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)photovoltaic_facilityMW | Dec. 31, 2015USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Deferred tax benefit from re-recognition of REIT status | $ (223) | $ 0 | $ 0 | ||||||||||
Valuation allowance | $ 6.9 | $ 0 | 6.9 | 0 | |||||||||
Net tax benefit from share-based transactions | 5.3 | 1.9 | |||||||||||
Income tax benefit | 224.6 | $ (3.7) | $ (3.5) | $ 0.8 | (1) | $ (1) | $ 2.8 | $ (0.3) | 218.2 | 0.5 | (37) | ||
Non-cash reduction in equity method investments | 2.6 | 9.8 | $ 2.6 | ||||||||||
Tax Cuts and Jobs Act of 2017, incomplete accounting, change in tax rate, deferred tax liability, provisional income tax (expense) benefit | $ 3 | ||||||||||||
Waihonu | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Non-cash reduction in equity method investments | 2.4 | 8.7 | |||||||||||
Investment tax credit | 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 | 0.2 | $ 1.1 | |||||||||||
Facilities, power capacity (in megawatts) | MW | 12 | ||||||||||||
Domestic Tax Authority | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Deferred tax benefit from re-recognition of REIT status | 223 | ||||||||||||
Tax credit carryforwards | 8.7 | 8.7 | |||||||||||
Operating loss carryforwards | $ 6.2 | $ 6.2 | |||||||||||
State and Local Jurisdiction | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Tax credit carryforwards | 6.9 | 6.9 | |||||||||||
Operating loss carryforwards | $ 1.5 | 1.5 | |||||||||||
State and Local Jurisdiction | Waihonu | Income Tax Receivable | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Investment tax credit | $ 2.9 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Benefit) on Income from Continuing Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
Federal | $ (2.6) | $ 2.9 | $ 13.4 |
State | (0.5) | 0.9 | 1.6 |
Current | (3.1) | 3.8 | 15 |
Deferred: | |||
Federal | (200.7) | (1.4) | 18.5 |
State | (14.4) | 0.2 | 2.8 |
Deferred | (215.1) | (1.2) | 21.3 |
Income tax expense (benefit) | $ (218.2) | $ 2.6 | $ 36.3 |
Income Taxes - Schedule of In88
Income Taxes - Schedule of Income Tax Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Computed federal income tax expense | $ 3.3 | $ 12.3 | $ 34 |
State income taxes | 0.1 | 0.6 | 4.4 |
Valuation allowance - state tax credit | 6.9 | 0 | 0 |
REIT rate differential | (2.2) | 0 | 0 |
Nondeductible transaction costs | 0 | 2.4 | 0 |
Tax credits, including solar | (0.3) | (8.7) | 0 |
Return to provision | (1.1) | 0.1 | (0.7) |
Amended return | (0.1) | (0.2) | 0.1 |
Share-based compensation | (4) | (1.5) | 0 |
Noncontrolling interest | (0.7) | (0.7) | (0.5) |
Rate change effect related to REIT conversion | (223) | 0 | 0 |
Rate change effect related to Tax Cuts and Jobs Act of 2017 | 3 | 0 | 0 |
Other—net | (0.1) | (1.7) | (1) |
Income tax expense (benefit) | $ (218.2) | $ 2.6 | $ 36.3 |
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, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Employee benefits | $ 9.1 | $ 35.8 |
Capitalized costs | 10.7 | 23 |
Joint ventures and other investments | 2.8 | 1.3 |
Impairment and amortization | 0.7 | 11.4 |
Solar investment benefits | 16.6 | 15 |
Insurance and other reserves | 2.9 | 6 |
Operating loss carryforwards | 7.7 | 0 |
Other | 1.4 | 3.5 |
Total deferred tax assets | 51.9 | 96 |
Valuation allowance | (6.9) | 0 |
Total net deferred tax assets | 45 | 96 |
Deferred tax liabilities: | ||
Property (including tax-deferred gains on real estate transactions) | 25.7 | 260.3 |
Straight-line rental income and advanced rent | 0 | 8.4 |
Other | 2.8 | 9.3 |
Total deferred tax liabilities | 28.5 | 278 |
Deferred Tax Assets, Net | $ 16.5 | |
Deferred Tax Liabilities, Net | $ (182) |
Income Taxes - Non-Cash Related
Income Taxes - Non-Cash Related Reduction in Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
Non-cash reduction in equity method investments | $ 2.6 | $ 9.8 | $ 2.6 |
Waihonu | |||
Income Tax Contingency [Line Items] | |||
Non-cash reduction in equity method investments | $ 2.4 | $ 8.7 |
Share-Based Payment Awards - Na
Share-Based Payment Awards - Narrative (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | Dec. 31, 2012Programshares | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for grant | 1,100,000 | ||||
Tax benefit realized upon vesting | $ | $ 0.5 | $ 1.4 | $ 1.2 | ||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Compensation not yet recognized | $ | $ 6 | ||||
2012 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock reserved for future issuance (in shares) | 4,300,000 | ||||
Number of separate incentive compensation programs | Program | 4 | ||||
Number of programs that generally award share based compensation | Program | 3 | ||||
2012 Plan | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 139,100 | ||||
Granted (in dollars per share) | $ / shares | $ 42.85 | ||||
2012 Plan | Restricted Stock Units (RSUs) | Share-based Compensation Award, Tranche One | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
2012 Plan | Restricted Stock Units and Performance Shares Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in dollars per share) | $ / shares | $ 30.91 | ||||
Tax benefit realized upon vesting | $ | $ 1 | $ 0.9 | $ 1.5 | ||
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 | 10000.00% | ||||
Maximum contractual term of awards granted | 10 years | ||||
Grants in period (in shares) | 0 | 0 | |||
Vesting period | 3 years |
Share-Based Payment Awards - Sc
Share-Based Payment Awards - Schedule of Stock Option Activity (Details) - Stock Options - 2012 Plan - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Nov. 08, 2017 | Dec. 31, 2017 | |
2012 Plan Stock Options | |||
Outstanding, beginning balance (in shares) | 903,500 | 903,500 | |
Exercised (in shares) | (381,600) | (233,600) | |
Anti-dilutive Adjustment for Special Distribution (in shares) | 342,200 | ||
Outstanding, ending balance (in shares) | 630,500 | 630,500 | |
Vested or expected to vest (in shares) | 630,500 | 630,500 | |
Exercisable (in shares) | 630,500 | 630,500 | |
Weighted- average exercise price | |||
Outstanding, beginning balance (in dollars per share) | $ 17.78 | $ 17.78 | |
Exercised (in dollars per share) | $ 11.25 | $ 16.47 | |
Outstanding, ending balance (in dollars per share) | 12.58 | 12.58 | |
Vested or expected to vest (in dollars per share) | 12.58 | 12.58 | |
Exercisable (in dollars per share) | $ 12.58 | $ 12.58 | |
Weighted- average contractual life | |||
Weighted Average Contractual Life, Outstanding | 2 years 10 months 24 days | ||
Weighted Average Contractual Life, Vested or expected to vest (in years) | 2 years 10 months 24 days | ||
Weighted Average Contractual Life, Exercisable | 2 years 10 months 24 days | ||
Aggregate intrinsic value | |||
Aggregate Intrinsic Value, Outstanding | $ 9,516 | $ 9,516 | |
Aggregate Intrinsic Value, Vested or expected to vest | 9,516 | 9,516 | |
Aggregate Intrinsic Value, Exercisable | $ 9,516 | $ 9,516 |
Share-Based Payment Awards - Su
Share-Based Payment Awards - Summary of Non-vested Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) - 2012 Plan | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
2012 Plan restricted stock units | |
Outstanding, beginning balance (in shares) | shares | 293,500 |
Granted (in shares) | shares | 139,100 |
Vested (in shares) | shares | (96,300) |
Canceled (in shares) | shares | (17,400) |
Outstanding, ending balance (in shares) | shares | 318,900 |
Weighted- average grant-date fair value | |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 33.81 |
Granted (in dollars per share) | $ / shares | 42.85 |
Vested (in dollars per share) | $ / shares | 37.20 |
Canceled (in dollars per share) | $ / shares | 35.03 |
Outstanding, ending balance (in dollars per share) | $ / shares | $ 36.66 |
Share-Based Payment Awards - 94
Share-Based Payment Awards - Schedule of Fair Value Assumptions of Market-based Awards (Details) - Restricted Stock Units (RSUs) - 2012 Plan - Time-Based Vesting | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility of A&B common stock | 24.10% | 26.30% |
Average volatility of peer companies | 25.60% | 35.30% |
Risk-free interest rate | 1.60% | 1.10% |
Share-Based Payment Awards - 95
Share-Based Payment Awards - Summary of Compensation Cost related to Share-based Payments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Time-based and market-based restricted stock units | $ 4.4 | $ 4.1 | $ 4.6 |
Tax benefit realized upon option exercise | (0.5) | (1.4) | (1.2) |
Fair value of stock vested | 3.9 | 2.7 | 3.4 |
Cash received upon option exercise | 8.1 | 4.6 | 0.5 |
Intrinsic value of options exercised | 13.2 | 2.6 | 0.5 |
Tax benefit realized upon option exercise | 4.2 | 1 | 0.2 |
Fair value of stock vested | 3.7 | 2.2 | 4.2 |
Restricted Stock Units and Performance Shares Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Time-based and market-based restricted stock units | $ 4.4 | $ 4.1 | $ 4.6 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Commitments, Guarantees and Contingencies (Details) - Maximum $ in Millions | Dec. 31, 2017USD ($) |
Standby letters of credit | |
Loss Contingencies [Line Items] | |
Maximum amount of possible loss contingency | $ 11.8 |
Bonds related to real estate and construction | |
Loss Contingencies [Line Items] | |
Maximum amount of possible loss contingency | 428.3 |
Performance Bond | |
Loss Contingencies [Line Items] | |
Maximum amount of possible loss contingency | $ 404.3 |
Commitments and Contingencies97
Commitments and Contingencies - Narrative (Details) | Apr. 10, 2015plaintiff | Jul. 31, 2014USD ($)MW | Dec. 31, 2017USD ($)ajoint_ventureLicense | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | May 24, 2001UnitPetitionStream |
Loss Contingencies [Line Items] | ||||||
Investment in various real estate joint ventures | $ 16,400,000 | $ 20,800,000 | $ 25,800,000 | |||
Petitions Filed Requesting IIFS In West Maui Streams | ||||||
Loss Contingencies [Line Items] | ||||||
Number of parties filed lawsuit | plaintiff | 3 | |||||
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 | |||||
Long Term Water Lease Request | East Maui | ||||||
Loss Contingencies [Line Items] | ||||||
Watershed lands owned (in acres) | a | 16,000 | |||||
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 Water Commission Took Action | Petition | 27 | |||||
Number Of Hydrologic Units | Unit | 23 | |||||
Number Of Hydrologic Units, Restored | Unit | 11 | |||||
Financial Guarantee | ||||||
Loss Contingencies [Line Items] | ||||||
Number of joint ventures | joint_venture | 5 | |||||
Guarantor obligations, current carrying value | $ 5,600,000 | |||||
KRS II | ||||||
Loss Contingencies [Line Items] | ||||||
Investment in various real estate joint ventures | $ 23,800,000 | 900,000 | $ 2,200,000 | |||
Facilities, power capacity (in megawatts) | MW | 12 | |||||
KRS II | Payment Guarantee | ||||||
Loss Contingencies [Line Items] | ||||||
Guarantor obligations, maximum exposure | $ 6,000,000 | $ 6,000,000 |
Derivative Instruments - Cash F
Derivative Instruments - Cash Flow Hedges of Interest Rate Swaps (Details) - Interest Rate Swap - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Interest Rate | 3.135% | |
Cash Flow Hedging | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount at | $ 60,000,000 | |
Other Assets | Cash Flow Hedging | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Interest Rate | 3.135% | |
Notional Amount at | $ 60,000,000 | |
Interest rate derivative, at fair value | $ 2,800,000 | $ 2,800,000 |
Derivative Instruments - Non-de
Derivative Instruments - Non-designated Hedges Interest Rate Swaps (Details) $ in Millions | Dec. 31, 2017USD ($)interest_rate_swap | Dec. 31, 2016USD ($) |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Interest Rate | 3.135% | |
Not Designated as Hedging Instrument | 9/1/2021 | Other Non-Current Liabilities | ||
Derivative [Line Items] | ||
Interest Rate | 5.95% | |
Notional Amount at | $ 10.9 | |
Fair value of interest rate swap liability | $ (0.9) | $ (1.3) |
Not Designated as Hedging Instrument | 3/1/2021 | Other Non-Current Liabilities | ||
Derivative [Line Items] | ||
Interest Rate | 5.98% | |
Notional Amount at | $ 4.8 | |
Fair value of interest rate swap liability | $ (0.3) | (0.5) |
Not Designated as Hedging Instrument | Interest Rate Swap | ||
Derivative [Line Items] | ||
Number of interest rate swap agreements | interest_rate_swap | 2 | |
Not Designated as Hedging Instrument | Interest Rate Swap | Other Non-Current Liabilities | ||
Derivative [Line Items] | ||
Notional Amount at | $ 15.7 | |
Fair value of interest rate swap liability | $ (1.2) | $ (1.8) |
Derivative Instruments - Deriva
Derivative Instruments - Derivative Instruments in Designated Cash Flow Hedging Relationships (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flow Hedging | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Amount of (gain) loss recognized in OCI on derivatives (effective portion) | $ 0.4 | $ (2.6) |
Amounts of (gain) loss reclassified from accumulated OCI into earnings under interest expense (ineffective portion and amount excluded from effectiveness testing) | (0.5) | (0.4) |
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 | $ 0.6 | $ 0.7 |
Earnings Per Share (_EPS_) - Sc
Earnings Per Share (“EPS”) - Schedule of Reconciliation of Income from Continuing Operations and Computation of Earnings per Share (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Income from continuing operations, net of income taxes | $ 211.9 | $ 7.6 | $ 4 | $ 4.6 | $ 13.6 | $ 12.2 | $ 3.1 | $ 3.8 | $ 228.1 | $ 32.7 | $ 60.8 |
Less: Income attributable to noncontrolling interest | (0.3) | (0.7) | (0.5) | (0.7) | (0.7) | (0.5) | (0.1) | (0.5) | (2.2) | (1.8) | (1.5) |
Income from continuing operations attributable to A&B shareholders, net of income taxes | 211.6 | 6.9 | 3.5 | 3.9 | 12.9 | 11.7 | 3 | 3.3 | 225.9 | 30.9 | 59.3 |
Undistributed earnings (losses) allocated to redeemable noncontrolling interest | 0.6 | 0.5 | 0.2 | 0.5 | 0.4 | 0.4 | 0.1 | 0.4 | 1.8 | 1.3 | (3.1) |
Income from continuing operations available to A&B shareholders, net of income taxes | 212.2 | 7.4 | 3.7 | 4.4 | 13.3 | 12.1 | 3.1 | 3.7 | 227.7 | 32.2 | 56.2 |
Income (loss) from discontinued operations available to A&B shareholders, net of income taxes | $ 0 | $ (0.8) | $ 0.8 | $ 2.4 | $ (13) | $ (13.6) | $ (3.7) | $ (10.8) | 2.4 | (41.1) | (29.7) |
Net income (loss) available to A&B shareholders | $ 230.1 | $ (8.9) | $ 26.5 | ||||||||
Effect of dilutive securities: | |||||||||||
Denominator for basic EPS – weighted-average shares outstanding (in shares) | 49.2 | 49.2 | 49.2 | 49.1 | 49 | 49 | 49 | 48.9 | 49.2 | 49 | 48.9 |
Employee/director stock options and restricted stock units (in shares) | 0.8 | 0.4 | 0.4 | ||||||||
Special Distribution (in shares) | 3 | 0 | 0 | ||||||||
Denominator for diluted EPS – weighted average shares outstanding (in shares) | 62 | 49.6 | 49.6 | 49.6 | 49.4 | 49.4 | 49.4 | 49.3 | 53 | 49.4 | 49.3 |
Earnings Per Share (_EPS_) - Na
Earnings Per Share (“EPS”) - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 23, 2018 | Jan. 12, 2018 | Nov. 16, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | ||||||
Dividends declared | $ 783 | $ 783 | $ 0 | $ 0 | ||
Dividends declared per share (in dollars per share) | $ 15.92 | |||||
Anti-dilutive securities excluded from the computation of weighted average dilutive shares outstanding (in shares) | 0 | 0 | 0 | |||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividends | $ 156.6 | |||||
Payments of dividends | $ 156.6 | $ 783 |
Redeemable Noncontrolling In103
Redeemable Noncontrolling Interest (Details) | Dec. 31, 2017 |
Noncontrolling Interest [Abstract] | |
Ownership interest percentage in subsidiaries | 7000.00% |
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 | 36 Months Ended |
Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||
Expense | $ 2.7 | |
Total Cessation-related costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Expense | 2.7 | $ 102.9 |
Total Cessation-related costs | Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Remaining to be Recognized | 0.9 | 0.9 |
Total Expected Cost | 103.8 | 103.8 |
Employee severance benefits and related costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Expense | 0.3 | 22.1 |
Employee severance benefits and related costs | Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Remaining to be Recognized | 0 | 0 |
Total Expected Cost | 22.1 | 22.1 |
Asset write-offs and accelerated depreciation | ||
Restructuring Cost and Reserve [Line Items] | ||
Expense | 0 | 71.3 |
Asset write-offs and accelerated depreciation | Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Remaining to be Recognized | 0 | 0 |
Total Expected Cost | 71.3 | 71.3 |
Property removal, restoration and other exit-related costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Expense | 2.4 | 9.5 |
Property removal, restoration and other exit-related costs | Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Remaining to be Recognized | 0.9 | 0.9 |
Total Expected Cost | $ 10.4 | $ 10.4 |
Cessation of Sugar Operation105
Cessation of Sugar Operations - Rollforward of Restructuring Liabilities (Details) - HC&S - USD ($) $ in Millions | 12 Months Ended | 36 Months Ended |
Dec. 31, 2017 | Dec. 31, 2017 | |
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | $ 19.1 | |
Expense | 2.7 | |
Cash payments | (17.2) | |
Restructuring reserve, ending balance | 4.6 | $ 4.6 |
Employee severance benefits and related costs | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 13.7 | |
Expense | 0.3 | 22.1 |
Cash payments | (14) | |
Restructuring reserve, ending balance | 0 | 0 |
Property removal, restoration and other exit-related costs | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 5.4 | |
Expense | 2.4 | 9.5 |
Cash payments | (3.2) | |
Restructuring reserve, ending balance | $ 4.6 | $ 4.6 |
Cessation of Sugar Operation106
Cessation of Sugar Operations - Cessation-related Liabilities Included in the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Restructuring Cost and Reserve [Line Items] | ||
Total Cessation-related liabilities | $ 4.6 | $ 19.1 |
HC&S | ||
Restructuring Cost and Reserve [Line Items] | ||
Total Cessation-related liabilities | 4.6 | 19.1 |
HC&S | HC&S cessation-related liabilities | Employee severance benefits and related costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Total Cessation-related liabilities | 0 | 13.7 |
HC&S | HC&S cessation-related liabilities | Other exit costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Total Cessation-related liabilities | $ 4.6 | $ 5.4 |
Segment Results - Narrative (De
Segment Results - Narrative (Details) ft² in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($)ft²a | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)ft²aSegment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Revenue, Major Customer [Line Items] | |||||||||||
Number of operating segments | Segment | 3 | ||||||||||
Total revenue | $ 122.7 | $ 111.5 | $ 98.1 | $ 93.2 | $ 111.2 | $ 102.9 | $ 82 | $ 91.4 | $ 425.5 | $ 387.5 | $ 472.8 |
Customer Concentration Risk | State of Hawaii | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Total revenue | 60.2 | 50.1 | |||||||||
Customer Concentration Risk | City and County of Honolulu | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Total revenue | $ 67.7 | $ 52 | |||||||||
Land | Real Estate Leasing | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Rentable area | ft² | 4 | 4 | |||||||||
Land | Hawaii | Real Estate Leasing | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Area of real estate property | a | 117 | 117 |
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Total revenue | $ 122.7 | $ 111.5 | $ 98.1 | $ 93.2 | $ 111.2 | $ 102.9 | $ 82 | $ 91.4 | $ 425.5 | $ 387.5 | $ 472.8 |
Total Segment Operating Profit (Loss) | 0.6 | 30.7 | 21.8 | 17.5 | 32.2 | 26.9 | 8.1 | 17.9 | 70.6 | 85.1 | 145.8 |
Interest expense | (7.1) | (6.1) | (6.2) | (6.2) | (6.2) | (6.4) | (6.8) | (6.9) | (25.6) | (26.3) | (26.8) |
General corporate expenses | (8.7) | (8.9) | (5.9) | (5.7) | (5.7) | (5.5) | (4) | (6.9) | (29.2) | (22.1) | (20.1) |
REIT evaluation/conversion costs | (3.8) | (4.4) | (2.2) | (4.8) | (5.7) | (1.9) | (1.9) | 0 | (15.2) | (9.5) | 0 |
Income from Continuing Operations Before Income Taxes and Net Gain (Loss) on Sale of Improved Properties | (19) | 11.3 | 7.5 | 0.8 | 14.6 | 13.1 | (4.6) | 4.1 | 0.6 | 27.2 | 98.9 |
Income tax benefit (expense) | 224.6 | (3.7) | (3.5) | 0.8 | (1) | (1) | 2.8 | (0.3) | 218.2 | 0.5 | (37) |
Income from Continuing Operations Before Net Gain (Loss) on Sale of Improved Properties | 205.6 | 7.6 | 4 | 1.6 | 13.6 | 12.1 | (1.8) | 3.8 | 218.8 | 27.7 | 61.9 |
Gain (loss) on the sale of improved property, net | 6.3 | 0 | 0 | 3 | 0 | 0.1 | 4.9 | 0 | 9.3 | 5 | (1.1) |
Income from Continuing Operations | 211.9 | 7.6 | 4 | 4.6 | 13.6 | 12.2 | 3.1 | 3.8 | 228.1 | 32.7 | 60.8 |
Income (loss) from discontinued operations, net of income taxes (Note 4) | 0 | (0.8) | 0.8 | 2.4 | (13) | (13.6) | (3.7) | (10.8) | 2.4 | (41.1) | (29.7) |
Net Income (Loss) | 211.9 | 6.8 | 4.8 | 7 | 0.6 | (1.4) | (0.6) | (7) | 230.5 | (8.4) | 31.1 |
Income attributable to noncontrolling interest | (0.3) | (0.7) | (0.5) | (0.7) | (0.7) | (0.5) | (0.1) | (0.5) | (2.2) | (1.8) | (1.5) |
Net Income (Loss) Attributable to A&B Shareholders | 211.6 | 6.1 | 4.3 | 6.3 | (0.1) | (1.9) | (0.7) | (7.5) | 228.3 | (10.2) | 29.6 |
Less: Income attributable to noncontrolling interests | (0.3) | (0.7) | (0.5) | (0.7) | (0.7) | (0.5) | (0.1) | (0.5) | |||
Income from continuing operations attributable to A&B shareholders, net of income taxes | 211.6 | 6.9 | 3.5 | 3.9 | 12.9 | 11.7 | 3 | 3.3 | 225.9 | 30.9 | 59.3 |
Less: Undistributed earnings allocated to redeemable noncontrolling interest | 0.6 | 0.5 | 0.2 | 0.5 | 0.4 | 0.4 | 0.1 | 0.4 | 1.8 | 1.3 | (3.1) |
Income from continuing operations available to A&B shareholders, net of income taxes | 212.2 | 7.4 | 3.7 | 4.4 | 13.3 | 12.1 | 3.1 | 3.7 | $ 227.7 | $ 32.2 | $ 56.2 |
Income from discontinuing operations | 0 | (0.8) | 0.8 | 2.4 | (13) | (13.6) | (3.7) | (10.8) | |||
Net Income Available to A&B Shareholders | $ 212.2 | $ 6.6 | $ 4.5 | $ 6.8 | $ 0.3 | $ (1.5) | $ (0.6) | $ (7.1) | |||
Earnings (loss) per share available to A&B shareholders: | |||||||||||
Continuing operations, basic (in dollars per share) | $ 4.31 | $ 0.15 | $ 0.08 | $ 0.09 | $ 0.27 | $ 0.25 | $ 0.06 | $ 0.08 | $ 4.63 | $ 0.66 | $ 1.15 |
Basic earnings (loss) per share (in dollars per share) | 0 | (0.02) | 0.02 | 0.05 | (0.26) | (0.28) | (0.07) | (0.23) | |||
Basic (in dollars per share) | 4.31 | 0.13 | 0.10 | 0.14 | 0.01 | (0.03) | (0.01) | (0.15) | 4.68 | (0.18) | 0.54 |
Continuing operations, diluted (in dollars per share) | 3.42 | 0.15 | 0.07 | 0.09 | 0.27 | 0.24 | 0.06 | 0.08 | 4.30 | 0.65 | 1.14 |
Diluted earnings (loss) per share (in dollars per share) | 0 | (0.02) | 0.02 | 0.05 | (0.26) | (0.28) | (0.07) | (0.22) | |||
Diluted (in dollars per share) | $ 3.42 | $ 0.13 | $ 0.09 | $ 0.14 | $ 0.01 | $ (0.04) | $ (0.01) | $ (0.14) | $ 4.34 | $ (0.18) | $ 0.54 |
Weighted average shares: | |||||||||||
Basic (in shares) | 49.2 | 49.2 | 49.2 | 49.1 | 49 | 49 | 49 | 48.9 | 49.2 | 49 | 48.9 |
Diluted (in shares) | 62 | 49.6 | 49.6 | 49.6 | 49.4 | 49.4 | 49.4 | 49.3 | 53 | 49.4 | 49.3 |
Segment Reporting Information, Additional Information [Abstract] | |||||||||||
Total assets | $ 2,231.2 | $ 2,156.3 | $ 2,231.2 | $ 2,156.3 | $ 2,242.3 | ||||||
Total capital expenditures | 40.7 | 113.6 | 33.7 | ||||||||
Total depreciation and amortization | 41.4 | 48.6 | 43.3 | ||||||||
Other | |||||||||||
Segment Reporting Information, Additional Information [Abstract] | |||||||||||
Total assets | 119.7 | 32.2 | 119.7 | 32.2 | 20.3 | ||||||
Total capital expenditures | 0.2 | 0.3 | 1.4 | ||||||||
Total depreciation and amortization | 1.6 | 1.8 | 1.5 | ||||||||
Commercial Real Estate | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Total revenue | 35.5 | $ 33.9 | $ 33.8 | $ 33.7 | 32.7 | $ 32.7 | $ 34.5 | $ 34.8 | 136.9 | 134.7 | 133.6 |
Total Segment Operating Profit (Loss) | (6.9) | 13.6 | 13.4 | 14.3 | 13.5 | 13.5 | 13.6 | 14.2 | 34.4 | 54.8 | 53.2 |
Net Income (Loss) Attributable to A&B Shareholders | 228.3 | (10.2) | 29.6 | ||||||||
Commercial Real Estate | Operating | |||||||||||
Segment Reporting Information, Additional Information [Abstract] | |||||||||||
Total assets | 1,128.1 | 1,119.5 | 1,128.1 | 1,119.5 | 1,075.7 | ||||||
Total capital expenditures | 32.8 | 98.7 | 23 | ||||||||
Total depreciation and amortization | 26 | 28.4 | 28.9 | ||||||||
Land Operations | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Total revenue | 38.8 | 22.6 | 12.1 | 11 | 32.3 | 18.1 | 5.5 | 6 | 84.5 | 61.9 | 120.2 |
Total Segment Operating Profit (Loss) | 4.5 | 10.4 | 1.7 | (2.4) | 13.9 | 7.8 | (10.4) | (4.3) | 14.2 | 7 | 61.7 |
Land Operations | Operating | |||||||||||
Segment Reporting Information, Additional Information [Abstract] | |||||||||||
Total assets | 604.2 | 632.8 | 604.2 | 632.8 | 759.7 | ||||||
Total capital expenditures | 1.4 | 5.3 | 2.1 | ||||||||
Total depreciation and amortization | 1.6 | 6.7 | 1.3 | ||||||||
Materials and Construction | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Total revenue | 48.4 | 55 | 52.2 | 48.5 | 46.2 | 52.1 | 42 | 50.6 | 204.1 | 190.9 | 219 |
Total Segment Operating Profit (Loss) | 3 | $ 6.7 | $ 6.7 | $ 5.6 | 4.8 | $ 5.6 | $ 4.9 | $ 8 | 22 | 23.3 | 30.9 |
Materials and Construction | Operating | |||||||||||
Segment Reporting Information, Additional Information [Abstract] | |||||||||||
Total assets | $ 379.2 | $ 371.8 | 379.2 | 371.8 | 386.6 | ||||||
Total capital expenditures | 6.3 | 9.3 | 7.2 | ||||||||
Total depreciation and amortization | $ 12.2 | $ 11.7 | $ 11.6 |
Segment Results - Schedule o109
Segment Results - Schedule of Operating Segment Information (Footnote) (Details) $ / shares in Units, $ in Millions | Jan. 23, 2018USD ($) | Nov. 16, 2017USD ($)$ / shares | Nov. 30, 2017Property | Jan. 31, 2017Property | Jun. 30, 2016Property | Dec. 31, 2015USD ($)Property | May 31, 2015Property | Mar. 31, 2015Property | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Segment Reporting Information [Line Items] | |||||||||||||
Impairment of real estate assets | $ 22.4 | $ 11.7 | $ 0 | ||||||||||
Income related to joint ventures | 7.2 | 19.2 | 36.8 | ||||||||||
Non-cash reduction in equity method investments | 2.6 | 9.8 | 2.6 | ||||||||||
Deferred tax benefit from re-recognition of REIT status | (199) | (20.1) | 16.9 | ||||||||||
Investment in various real estate joint ventures | $ 25.8 | $ 20.8 | 16.4 | 20.8 | 25.8 | ||||||||
Expenditures for real estate inventory (real estate developments held for sale) | (20.8) | (15.3) | (7.2) | ||||||||||
Capital expenditure of discontinued operations | 1.8 | 2.5 | 11 | ||||||||||
Dividends declared | $ 783 | 783 | 0 | 0 | |||||||||
Dividends declared per share (in dollars per share) | $ / shares | $ 15.92 | ||||||||||||
Waihonu | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Non-cash reduction in equity method investments | 2.4 | 8.7 | |||||||||||
Investment in various real estate joint ventures | 1.4 | ||||||||||||
Investment in real estate joint ventures | 15.4 | ||||||||||||
Materials and Construction | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Environmental costs | 2.6 | 2.6 | |||||||||||
Gain (loss) on sale of vacant land | 0.6 | $ (1.6) | (1) | ||||||||||
Land Operations | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Impairment of real estate assets | 22.4 | ||||||||||||
Income related to joint ventures | 3.3 | 15.1 | 30.2 | ||||||||||
Non-cash impairment charges | 11.7 | ||||||||||||
Investment in various real estate joint ventures | $ 379.7 | $ 357.5 | 369.9 | $ 357.5 | $ 379.7 | ||||||||
Hawaii | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Number of properties sold | Property | 1 | ||||||||||||
California | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Number of properties sold | Property | 1 | 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 | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Cash dividends | $ 156.6 | ||||||||||||
Domestic Tax Authority | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Deferred tax benefit from re-recognition of REIT status | $ 223 |
Subsequent Events (Details)
Subsequent Events (Details) ft² in Thousands | Feb. 26, 2018USD ($) | Feb. 23, 2018USD ($)ft² | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Subsequent Event [Line Items] | |||||
Debt assumed | $ 0 | $ 8,000,000 | $ 0 | ||
Subsequent Event | Promissory Note | |||||
Subsequent Event [Line Items] | |||||
Face amount | $ 62,000,000 | ||||
Stated interest rate | 3.93% | ||||
Subsequent Event | Promissory Note | Monthly Periodic Payments Until May 2020 | |||||
Subsequent Event [Line Items] | |||||
Monthly periodic interest payment, amount | $ 200,000 | ||||
Subsequent Event | Promissory Note | Monthly Periodic Payments After May 2020 | |||||
Subsequent Event [Line Items] | |||||
Months periodic principle and interest payment, amount | 300,000 | ||||
Subsequent Event | Wells Fargo Term Facility | |||||
Subsequent Event [Line Items] | |||||
Maximum borrowing capacity | $ 50,000,000 | ||||
Proceeds from credit facility | $ 50,000,000 | ||||
Portfolio | Subsequent Event | Hawaii | |||||
Subsequent Event [Line Items] | |||||
Payments to acquire real estate | 254,100,000 | ||||
Debt assumed | $ 62,000,000 | ||||
Rentable area | ft² | 390 |