Alexander & Baldwin (ALEX) 10-Q 1 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2020shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-35492
Entity Registrant Information	ALEXANDER & BALDWIN, INC.
Entity Incorporation, State or Country Code	HI
Entity Tax Identification Number	45-4849780
Entity Address, Address Line One	P. O. Box 3440,
Entity Address, City or Town	Honolulu,
Entity Address, State or Province	HI
Entity Address, Postal Zip Code	96801
City Area Code	808
Local Phone Number	525-6611
Title of 12(b) Security	Common Stock, without par value
Trading Symbol	ALEX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)	72,306,508
Entity Central Index Key	0001545654
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Real estate investments
Real estate property	$ 1,537.7	$ 1,540.2
Accumulated depreciation	(133.9)	(127.5)
Real estate property, net	1,403.8	1,412.7
Real estate developments	81.9	79.1
Investments in real estate joint ventures and partnerships	133.4	133.4
Real estate intangible assets, net	71.2	74.9
Real estate investments, net	1,690.3	1,700.1
Cash and cash equivalents	131.6	15.2
Restricted cash	6.1	0.2
Accounts receivable and retention, net of allowance for credit losses and allowance for doubtful accounts of $1.5 million and $0.4 million as of March 31, 2020 and December 31, 2019, respectively	44.3	51.6
Inventories	20.7	20.7
Other property, net	122.4	124.4
Operating lease right-of-use assets	20.9	21.8
Goodwill	15.4	15.4
Other receivables, net of allowance for credit losses and allowance for doubtful accounts of $4.6 million and $1.6 million as of March 31, 2020 and December 31, 2019, respectively	15	27.8
Prepaid expenses and other assets, net of allowance for credit losses and allowance for doubtful accounts of $0.1 million and $0 million as of March 31, 2020 and December 31, 2019, respectively	107.9	107.1
Total assets	2,174.6	2,084.3
Liabilities:
Notes payable and other debt	819.6	704.6
Accounts payable	12.3	17.8
Operating lease liabilities	21.1	21.6
Accrued pension and post-retirement benefits	26.8	26.8
Indemnity holdbacks	7.5	7.5
Deferred revenue	67.4	67.6
Accrued and other liabilities	102.9	103.4
Total liabilities	1,057.6	949.3
Commitments and Contingencies
Redeemable Noncontrolling Interest	6.2	6.3
Equity:
Common stock - no par value; authorized, 150 million shares; outstanding, 72.3 million shares at March 31, 2020 and December 31, 2019, respectively	1,801.6	1,800.1
Accumulated other comprehensive income (loss)	(55.1)	(48.8)
Distributions in excess of accumulated earnings	(638.7)	(626.2)
Total A&B shareholders' equity	1,107.8	1,125.1
Noncontrolling interest	3	3.6
Total equity	1,110.8	1,128.7
Total liabilities and equity	$ 2,174.6	$ 2,084.3

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for credit losses and allowance for doubtful accounts on Accounts receivable and retention	$ 1.5	$ 0.4
Allowance for credit losses and allowance for doubtful accounts on Other receivables	4.6	1.6
Allowance for credit losses and allowance for doubtful accounts on Prepaid expenses and other assets	$ 0.1	$ 0
Common stock authorized (shares)	150,000,000	150,000,000
Common stock outstanding (shares)	72,300,000	72,300,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Revenue:
Total operating revenue	$ 80.8	$ 129.4
Operating Costs and Expenses:
Cost of Commercial Real Estate	24.3	19.2
Selling, general and administrative	13.8	15.5
Total operating costs and expenses	71.1	116.2
Gain (loss) on the sale of commercial real estate properties	0.5	0
Operating Income (Loss)	10.2	13.2
Other Income and (Expenses):
Income (loss) related to joint ventures	3.2	2.7
Interest and other income (expense), net	0.2	1.6
Interest expense	(7.8)	(9.1)
Income (Loss) from Continuing Operations Before Income Taxes	5.8	8.4
Income tax benefit (expense)	0	1.1
Income (Loss) from Continuing Operations	5.8	9.5
Income (loss) from discontinued operations, net of income taxes	(0.2)	(0.8)
Net Income (Loss)	5.6	8.7
Loss (income) attributable to noncontrolling interest	0.6	0.3
Net Income (Loss) Attributable to A&B Shareholders	$ 6.2	$ 9
Earnings (Loss) Per Share Available to A&B Shareholders:
Continuing operations available to A&B shareholders (in dollars per share)	$ 0.09	$ 0.13
Discontinued operations available to A&B shareholders (in dollars per share)	0	(0.01)
Net income (loss) available to A&B shareholders (in dollars per share)	0.09	0.12
Diluted Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders (in dollars per share)	0.09	0.13
Discontinued operations available to A&B shareholders (in dollars per share)	0	(0.01)
Net income (loss) available to A&B shareholders (in dollars per share)	$ 0.09	$ 0.12
Weighted-Average Number of Shares Outstanding:
Basic (in shares)	72.3	72.1
Diluted (in shares)	72.5	72.5
Amounts Available to A&B Common Shareholders (Note 17):
Continuing operations available to A&B common shareholders	$ 6.4	$ 9.8
Discontinued operations available to A&B common shareholders	(0.2)	(0.8)
Net income (loss) available to A&B common shareholders	6.2	9
Commercial Real Estate
Operating Revenue:
Commercial Real Estate	43.4	36.8
Land Operations
Operating Revenue:
Revenues	11.5	49
Operating Costs and Expenses:
Operating costs	8	39.4
Materials & Construction
Operating Revenue:
Revenues	25.9	43.6
Operating Costs and Expenses:
Operating costs	$ 25	$ 42.1

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 5.6	$ 8.7
Other Comprehensive Income (Loss), net of tax:
Unrealized interest rate hedging gain (loss)	(6.9)	(1.5)
Impact of reclassification adjustment to interest expense included in Net Income (Loss)	0	(0.1)
Defined benefit pension plans:
Amortization of net loss included in net periodic benefit cost	0.6	1
Amortization of prior service credit included in net periodic benefit cost	0	(0.1)
Income taxes related to other comprehensive income (loss)	0	0
Other comprehensive income (loss), net of tax	(6.3)	(0.7)
Comprehensive Income (Loss)	(0.7)	8
Comprehensive income (loss) attributable to noncontrolling interest	0.6	0.3
Comprehensive Income (Loss) Attributable to A&B Shareholders	$ (0.1)	$ 8.3

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows from Operating Activities:
Net income (loss)	$ 5.6	$ 8.7
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Depreciation and amortization	13.6	10.9
Loss (gain) on asset transactions, net	(0.5)	(2.6)
Share-based compensation expense	1.5	1.4
(Income) loss from affiliates, net of distributions of income	(2.9)	(0.8)
Changes in operating assets and liabilities:
Trade, contracts retention, and other contract receivables	7	(11)
Inventories	0	(2.5)
Prepaid expenses, income tax receivable and other assets	2.4	(4.5)
Development/other property inventory	(3.2)	27.1
Accrued pension and post-retirement benefits	0.6	1.6
Accounts payable	(3.5)	(4.8)
Accrued and other liabilities	(1.7)	1.1
Net cash provided by (used in) operations	18.9	24.6
Cash Flows from Investing Activities:
Capital expenditures for acquisitions	0	(42.4)
Capital expenditures for property, plant and equipment	(6.2)	(16.6)
Proceeds from disposal of property, investments and other assets	5.9	2.7
Payments for purchases of investments in affiliates and other investments	0	(2.5)
Distributions of capital from investments in affiliates and other investments	3.2	6.6
Net cash provided by (used in) investing activities	2.9	(52.2)
Cash Flows from Financing Activities:
Proceeds from issuance of notes payable and other debt	108	41.4
Payments of notes payable and other debt and deferred financing costs	(44.2)	(49.2)
Borrowings (payments) on line-of-credit agreement, net	51.4	3.6
Cash dividends paid	(13.8)	(10.5)
Proceeds from issuance (repurchase) of capital stock and other, net	(0.9)	(1.7)
Net cash provided by (used in) financing activities	100.5	(16.4)
Cash, Cash Equivalents and Restricted Cash
Net increase (decrease) in cash, cash equivalents and restricted cash	122.3	(44)
Balance, beginning of period	15.4	234.9
Balance, end of period	137.7	190.9
Other Cash Flow Information:
Interest paid, net of capitalized interest	(7)	(8.4)
Income tax (payments)/refunds, net	0.5	2.6
Noncash Investing and Financing Activities:
Capital expenditures included in accounts payable and accrued and other liabilities	2.6	1.2
Right-of-use ("ROU") assets and corresponding lease liability recorded upon ASC 842 adoption	0	31
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	15.2	11.4
Restricted cash, beginning of period	0.2	223.5
Cash and cash equivalents, end of period	131.6	3
Restricted cash, end of period	6.1	187.9
Cash, cash equivalents and restricted cash	$ 137.7	$ 234.9

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Accumulated Other Compre- hensive Income (Loss)	(Distribution in Excess of Accumulated Earnings) Earnings Surplus	Non-Controlling Interest	Redeem- able Non- Controlling Interest
Beginning balance (in shares) at Dec. 31, 2018		72
Beginning balance at Dec. 31, 2018	$ 1,208.3	$ 1,793.4	$ (51.9)	$ (538.9)	$ 5.7
Total Equity
Net income (loss)	8.7			9	(0.3)
Other comprehensive income (loss), net of tax	(0.7)		(0.7)
Dividend on common stock	(10.5)			(10.5)
Share-based compensation	1.4	$ 1.4
Shares issued or repurchased, net (in shares)		0.1
Shares issued or repurchased, net	(1.7)	$ (0.8)		(0.9)
Ending balance (in shares) at Mar. 31, 2019		72.1
Ending balance at Mar. 31, 2019	1,205.5	$ 1,794	(52.6)	(541.3)	5.4
Redeemable Non-Controlling Interest, beginning balance at Dec. 31, 2018						$ 7.9
Redeemable Non-Controlling Interest
Net income (loss)						0
Redeemable Non-Controlling Interest, ending balance at Mar. 31, 2019						7.9
Beginning balance (in shares) at Dec. 31, 2019		72.3
Beginning balance at Dec. 31, 2019	1,128.7	$ 1,800.1	(48.8)	(626.2)	3.6
Total Equity
Net income (loss)	5.7			6.2	(0.5)
Other comprehensive income (loss), net of tax	(6.3)		(6.3)
Dividend on common stock	(13.8)			(13.8)
Share-based compensation	1.5	$ 1.5
Shares issued or repurchased, net (in shares)		0
Shares issued or repurchased, net	(0.9)			(0.9)
Ending balance (in shares) at Mar. 31, 2020		72.3
Ending balance at Mar. 31, 2020	1,110.8	$ 1,801.6	$ (55.1)	$ (638.7)	$ 3
Redeemable Non-Controlling Interest, beginning balance at Dec. 31, 2019	6.3					6.3
Redeemable Non-Controlling Interest
Net income (loss)						(0.1)
Redeemable Non-Controlling Interest, ending balance at Mar. 31, 2020	$ 6.2					$ 6.2

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.19	$ 0.145

Background and Basis of Present

Background and Basis of Presentation	3 Months Ended
	Mar. 31, 2020
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 a real estate investment trust ("REIT") headquartered in Honolulu, Hawai‘i. The Company operates three segments: Commercial Real Estate ("CRE"); Land Operations; and Materials & Construction ("M&C"). As of March 31, 2020, the Company owns a portfolio of commercial real estate improved properties in Hawai‘i consisting of 22 retail centers, ten industrial assets and four office properties, representing a total of 3.9 million square feet of gross leasable area; it also owns a portfolio of ground leases in Hawai‘i representing 153.7 acres as of March 31, 2020. Throughout this quarterly report on Form 10-Q, references to "we," "our," "us" and "our Company" refer to Alexander & Baldwin, Inc., together with its consolidated subsidiaries. Basis of Presentation: The interim condensed consolidated financial statements are unaudited. Because of the nature of the Company's operations, the results for interim periods are not necessarily indicative of results to be expected for the year. While these condensed consolidated financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements. Therefore, the interim condensed consolidated financial statements should be read in conjunction with the consolidated balance sheets as of December 31, 2019 and 2018, and the related consolidated statements of operations, comprehensive income (loss), equity, and cash flows for each of the three years ended December 31, 2019, 2018 and 2017, respectively, and the notes thereto included in the Company's Annual Report filed on Form 10-K for the year ended December 31, 2019 ("2019 Form 10-K"), and other subsequent filings with the U.S. Securities and Exchange Commission ("SEC"). Rounding: Amounts in the condensed 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company's significant accounting policies are described in Note 2 to the consolidated financial statements included in Item 8 of the Company's 2019 Form 10-K. Changes to significant accounting policies are included herein. Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost and available for sale debt securities, and amended the guidance thereafter. The guidance in ASU 2016-13 and related amendments was codified into Accounting Standards Codification Topic 326, Financial Instruments - Credit Losses ("ASC 326"). ASC 326 amended prior guidance on the impairment of financial instruments by adding an impairment model based on expected losses rather than incurred losses that would be recognized through an allowance for credit losses. Amendments included in ASC 326 further clarified that operating lease receivables are not within the scope of ASC 326 and are to remain governed by lease guidance. The Company completed its adoption of the provisions of ASU 2016-13, as amended, with an effective date of January 1, 2020, using a modified retrospective approach for its financial assets in the scope of ASC 326, which consisted of all financial assets held at amortized cost (presented as part of the Company's accounts and retention receivables, other receivables and other contract assets). As a result of the guidance, the Company is required to estimate and record non-cash credit losses related to these financial assets and expand its credit quality disclosures. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable guidance. The Company recorded a net increase of $4.0 million to Distributions in excess of accumulated earnings as of January 1, 2020, with a corresponding increase to previously recorded valuation accounts for its financial assets held at amortized cost for the cumulative effect of adopting ASC 326. The new standard did not have a material impact to any of the Company's other financial assets or instruments presented on its condensed consolidated balance sheet. The following table illustrates the impact of the Company's adoption of ASC 326 (in millions): January 1, 2020 As Reported under ASC 326 Prior to ASC 326 Adoption Impact of ASC 326 Adoption Assets: Allowance for credit losses on accounts receivable and retention $ 1.6 $ 0.3 $ 1.3 Allowance for credit losses on other receivables 4.2 1.6 2.6 Allowance for credit losses on costs and estimated earnings in excess of billings on uncompleted contracts 0.1 — 0.1 Total $ 4.0 In August 2018, the FASB issued ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement. The guidance amends and removes several disclosure requirements, including the valuation processes for Level 3 fair value measurements. This ASU also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements or footnote disclosures. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract . The guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Accordingly, the amendments require an entity (customer) in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The amendments also require the entity (customer) to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement, which includes reasonably certain renewals. The adoption of this standard did not have a material impact on the Company's financial position or results of operations. Reclassifications : In conjunction with its adoption of ASC 326, during the first quarter of 2020, the Company made certain immaterial reclassifications to its consolidated balance sheet to present interest receivables in the same line as the related financing receivables (affecting Accounts receivable, net and Other receivables). Additionally, the Company aggregated Accounts receivable, net and Contracts retention into a single line item in the accompanying condensed consolidated balance sheets (refer to Note 11 where such balances will continue to be presented separately). Recently issued accounting pronouncements In August 2018, the FASB issued ASU 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans . The guidance clarifies current disclosures and removes several disclosure requirements including accumulated other comprehensive income expected to be recognized over the next fiscal year and amount and timing of plan assets expected to be returned to the employer. This ASU also requires additional disclosures as well as explanations for significant gains and losses related to changes in the benefit plan obligation. This ASU is effective for fiscal years beginning after December 15, 2020. The Company is currently assessing the impact that adopting this new standard will have on its condensed consolidated financial statements and footnote disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform . The new guidance provides practical expedients and exceptions for reference rate reform related activities that impact debt, leases, derivatives and other contracts if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently assessing its contracts and the optional expedients provided by the new standard. Allowance for Credit Losses The Company estimates its allowance for credit losses for financial assets within the scope of ASC 326 at portfolio levels which include the CRE segment, the Land Operations segment and individual components of the M&C segment (e.g., "GPC," "GPRM" and "GPRS," further described in Note 1 to the consolidated financial statements included in Item 8 of the Company's 2019 Form 10-K). Within these portfolio levels, the Company develops expected credit loss estimates by security type (which may include financing receivables or contract assets recognized in contracts with customers) by factoring historical loss information; information on both current conditions and reasonable and supportable forecasts of future conditions that may not be reflected in historical loss information; and other relevant credit quality information for the respective securities. As part of this process, the Company analyzes relevant information on a collective (pool) basis for securities with similar risk characteristics or separately on an individual basis when a financial asset does not share risk characteristics with its other financial assets. The portfolios relating to the CRE and Land Operations segments are primarily composed of financing receivables (i.e., notes receivable) generally related to historical development and other land-related transactions. The assets in these portfolios are analyzed on an individual basis, in which the Company considers certain, available information specific to the counterparties to the transactions (e.g., liquidity and solvency of the counterparties) and environmental factors that are relevant in the assessment of the expected collectability of the future cash flows for these assets (e.g., changes and expected changes in the general economic environment in which the counterparty operates). For these assets, the Company uses a discounted cash flow method to calculate the allowance for credit losses using the asset's effective interest rate. The portfolios relating to the M&C segment represent discrete business components and are composed of contract assets from its contracts with customers. The differing nature of the products and services provided by these components drive differences in historical and expected credit loss patterns and, as such, the Company tracks historical loss information at this portfolio level as part of information it uses to develop its estimate of expected credit losses. Further, as the Company believes its contract assets have different default risk expectations based on customer/project type, in addition to the historical loss information at the portfolio level, the Company also pools the respective portfolio's contract receivables by these different categories to make adjustments to its historical loss experience. Other information the Company analyzes and uses in its development of its allowance for credit losses include known customer information and environmental factors surrounding the customers' current and future ability to pay (i.e., changes and expected changes in the general economic environment in which the customers operate). Interest and other income (expense), net Interest and other income (expense), net for the three months ended March 31, 2020 and 2019 included the following (in millions): Three Months Ended March 31, 2020 2019 Interest income $ 0.6 $ 0.2 Pension and postretirement benefit (expense) (0.7) (1.2) Gain (loss) on sale of joint venture interest — 2.6 Other income (expense) 0.3 — Interest and other income (expense), net 0.2 $ 1.6

Real Estate Asset Acquisitions

Real Estate Asset Acquisitions	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Real Estate Asset Acquisitions	REAL ESTATE ASSET ACQUISITIONSThe Company did not execute any acquisitions during the three months ended March 31, 2020. During the year ended December 31, 2019, the Company acquired five commercial real estate assets for $218.4 million. The allocation of purchase price to assets acquired and liabilities assumed is as follows (in millions): Fair value of assets acquired and liabilities assumed Assets acquired: Land $ 106.9 Property and improvements 91.3 In-place leases 23.2 Favorable leases 4.3 Total assets acquired $ 225.7 Liabilities assumed: Unfavorable leases $ 7.3 Total liabilities assumed 7.3 Net assets acquired $ 218.4 As of the acquisition date, the weighted-average amortization periods of the in-place and favorable leases were approximately 8.2 years and 4.7 years, respectively. The weighted-average amortization period of the unfavorable leases was approximately 18.6 years.

Investments in Affiliates

Investments in Affiliates	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments in Affiliates	INVESTMENTS IN AFFILIATES The Company's investments in affiliates principally consist 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. Operating results include the Company's proportionate share of net income (loss) from its equity method investments. Summarized financial information of entities accounted for by the equity method on a combined basis for the quarters ended March 31, 2020 and 2019 is as follows (in millions): Three Months Ended March 31, 2020 2019 Revenues $ 52.0 $ 40.8 Operating costs and expenses 39.9 37.3 Gross Profit (Loss) $ 12.1 $ 3.5 Income (Loss) from Continuing Operations 1 $ 7.6 $ 0.9 Net Income (Loss) 1 $ 7.6 $ 0.6 1 Includes earnings from equity method investments held by the investee.

Allowance for Credit Losses

Allowance for Credit Losses	3 Months Ended
	Mar. 31, 2020
Credit Loss [Abstract]
Allowance for Credit Losses	ALLOWANCE FOR CREDIT LOSSES The following table presents the activity in the allowance for credit losses related to the Company's financing receivables and contract assets for the three months ended March 31, 2020 (in millions): CRE Land Operations M&C Financing Receivables Financing Receivables Contract Assets Total Allowance for credit losses: Beginning balance, prior to adoption of ASC 326 $ — $ 1.6 $ 0.3 $ 1.9 Impact of adoption of ASC 326 0.4 2.3 1.3 4.0 Provision for expected credit losses — 0.3 — 0.3 Ending allowance balance as of March 31, 2020 $ 0.4 $ 4.2 $ 1.6 $ 6.2 The credit quality of the Company's financing receivables is monitored each reporting period on an individual asset basis using specific information on the counterparties in these transactions. The following represents qualitative and quantitative information on each financing receivable within the applicable portfolios. The CRE portfolio of financing receivables consists of one asset that originated in 2019 and had an amortized cost basis of $0.4 million as of both the adoption date of January 1, 2020 and March 31, 2020. Based on individual credit quality indicators of the counterparty as of the adoption date and March 31, 2020, the most likely outcome of expected cash flows for the asset in a range of possible outcomes (i.e., the single best estimate) was zero and, as a result, the Company recorded a full allowance for credit losses for the financing receivable on adoption of ASC 326 as of January 1, 2020 and as of March 31, 2020. The Land Operations financing receivables consist of three assets. The first originated in 2008 and had an amortized cost basis of $1.6 million as of both the adoption date of January 1, 2020 and March 31, 2020. Based on individual credit quality indicators of the counterparty as of the adoption date and March 31, 2020, the most likely outcome of expected cash flows for the asset in a range of possible outcomes (i.e., the single best estimate) was zero and, as a result, the Company recorded a full allowance for credit losses for the financing receivable on adoption of ASC 326 as of January 1, 2020 and as of March 31, 2020. The second financing receivable within Land Operations was generated in 2016 and had an amortized cost basis of $13.1 million and $11.2 million as of the adoption date of January 1, 2020 and March 31, 2020, respectively. The third financing receivable within Land Operations was generated in 2016 and had an amortized cost basis of $2.6 million as of both the adoption date of January 1, 2020 and March 31, 2020. The second and third financing receivables were evaluated based on the credit quality indicators of the respective counterparties (as well as reasonable and supportable forecasts of future conditions that are relevant to determining the expected collectability of the receivable) as of the adoption date and March 31, 2020 and the estimated allowance for credit losses was calculated using a discounted cash flow method (with changes in present value attributable to either changes in expected credit losses on future payments or the passage of time reported as an adjustment to credit loss expense).

Inventories

Inventories	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories are stated at the lower of cost (principally first-in, first-out basis) or net realizable value. Inventories as of March 31, 2020 and December 31, 2019 were as follows (in millions): March 31, December 31, 2020 2019 Asphalt $ 8.1 $ 8.0 Processed rock and sand 6.2 6.6 Work in progress 3.1 2.9 Retail merchandise 2.0 2.0 Parts, materials and supplies inventories 1.3 1.2 Total 20.7 $ 20.7

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS The fair value of the Company's cash and cash equivalents, accounts receivable, and notes receivable with remaining terms less than 12 months approximate their carrying values due to the short-term nature of the instruments. The fair value of the Company's notes receivable with remaining terms greater than 12 months is estimated using a discounted cash flow analysis in which the Company uses unobservable inputs such as market interest rates determined by the loan to value and market capitalization rates related to the underlying collateral at which management believes similar loans would be made and classified as Level 3 in the fair value hierarchy. The fair value of these notes approximates the carrying amount of $11.2 million at March 31, 2020. The fair value and carrying value of these notes was $15.7 million at December 31, 2019. The carrying amount and fair value of the Company's debt at March 31, 2020 was $819.6 million and $809.1 million, respectively, and $704.6 million and $727.3 million at December 31, 2019, 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). The Company carries its interest rate swaps at fair value. See Note 9, "Derivative Instruments," for fair value information regarding the Company's derivative instruments.

Notes Payable and Other Debt

Notes Payable and Other Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Notes Payable and Other Debt	NOTES PAYABLE AND OTHER DEBT At March 31, 2020 and December 31, 2019, notes payable and total debt consisted of the following (in millions): Interest Rate (%) Maturity Date Principal Outstanding 3/31/2020 12/31/2019 Secured: Kailua Town Center (1) 2021 $ 10.1 $ 10.2 Kailua Town Center #2 3.15 2021 4.6 4.6 Heavy Equipment Financing (2) (2) 3.2 3.6 Laulani Village 3.93 2024 62.0 62.0 Pearl Highlands 4.15 2024 82.9 83.4 Manoa Marketplace (3) 2029 59.1 59.5 Subtotal $ 221.9 $ 223.3 Unsecured: Series D Note 6.90% 2020 — 16.2 Bank Syndicated Loan (4) 2023 50.0 50.0 Series A Note 5.53% 2024 28.5 28.5 Series J Note 4.66% 2025 10.0 10.0 Series B Note 5.55% 2026 46.0 46.0 Series C Note 5.56% 2026 23.0 23.0 Series F Note 4.35% 2026 22.0 22.0 Series H Note 4.04% 2026 50.0 50.0 Series K Note 4.81% 2027 34.5 34.5 Series G Note 3.88% 2027 35.0 35.0 Series L Note 4.89% 2028 18.0 18.0 Series I Note 4.16% 2028 25.0 25.0 Term Loan 5 4.30% 2029 25.0 25.0 Subtotal $ 367.0 $ 383.2 Revolving Credit Facilities: GLP Asphalt Revolving Credit Facility (5) 2020 — — A&B Revolver (6) 2022 231.0 98.7 Subtotal $ 231.0 $ 98.7 Total Debt (contractual) 819.9 705.2 Unamortized debt premium (discount) — (0.1) Unamortized debt issuance costs (0.3) (0.5) Total debt (carrying value) $ 819.6 $ 704.6 (1) Loan has a stated interest rate of LIBOR plus 1.50%, but is swapped through maturity to a 5.95% fixed rate. (2) Loans have stated rates ranging from 4.08% to 5.00% and stated maturity dates ranging from 2021 to 2023. (3) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. (4) Loan has a stated interest rate of LIBOR plus 1.80% but is swapped through maturity to a 3.15% fixed rate. (5) Loan has a stated interest rate of LIBOR plus 1.25%. (6) Loan has a stated interest rate of LIBOR plus 1.85% based on pricing grid. The Company believes that funds generated from results of operations, available cash and cash equivalents, and available borrowings under credit facilities will be sufficient to satisfy any maturities of debt due in the next twelve months. Interest costs are capitalized for certain development and redevelopment projects that have not yet been placed into service. Capitalization of interest commences when development activities and expenditures begin and end upon completion, which is when the asset is ready for its intended use. Capitalized interest costs related to development activities were $0.1 million for the three months ended March 31, 2020. There were $0.3 million of capitalized interest costs for the three months ended March 31, 2019.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	DERIVATIVE INSTRUMENTS The Company is exposed to interest rate risk related to its variable rate interest debt. The Company balances its cost of debt and exposure to interest rates primarily through its mix of fixed and variable rate debt. From time to time, the Company may use interest rate swaps to manage its exposure to interest rate risk. Cash Flow Hedges of Interest Rate Risk As of March 31, 2020, the Company has two interest rate swap agreements designated as a cash flow hedges whose key terms are as follows (dollars in millions): Effective Maturity Fixed Interest Notional Amount at Fair Value at Classification on Date Date Rate 3/31/2020 3/31/2020 12/31/2019 Balance Sheet 4/7/2016 8/1/2029 3.14% $ 59.1 $ (5.7) $ (0.2) Accrued and other liabilities 02/13/2020 02/27/2023 1.35% $ 50.0 $ (1.4) $ — Accrued and other liabilities The changes in fair value of the cash flow hedge are recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest expense as interest is incurred on the related-variable rate debt. Non-designated Hedges As of March 31, 2020, the Company has one interest rate swap that has not been designated as a cash flow hedge whose key terms are as follows (dollars in millions): Effective Maturity Fixed Interest Notional Amount at Fair Value at Classification on Date Date Rate 3/31/2020 3/31/2020 12/31/2019 Balance Sheet 1/1/2014 9/1/2021 5.95% $ 10.1 $ (0.6) $ (0.5) Accrued and other liabilities The following table represents the pre-tax effect of the derivative instruments in the Company's condensed consolidated statement of comprehensive income (loss) (in millions): Three Months Ended March 31, 2020 2019 Derivatives in Designated Cash Flow Hedging Relationships: Amount of gain (loss) recognized in OCI on derivatives $ (6.9) $ (1.5) Impact of reclassification adjustment to interest expense included in Net Income (Loss) $ — $ (0.1) The Company records gains or losses related to interest rate swaps that have not been designated as cash flow hedges in Interest and other income in its condensed consolidated statements of operations. There were $0.1 million of losses recognized in the three months ended March 31, 2020 and no amounts recognized in the three months ended March 31, 2019 related to changes in fair value. 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
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 condensed consolidated balance sheet included standby letters of credit and bonds. As of March 31, 2020, standby letters of credit issued by the Company's lenders under the Company's revolving credit facilities totaled $1.7 million. These letters of credit primarily relate to the Company's real estate activities, and if drawn upon the Company would be obligated to reimburse the issuer. As of March 31, 2020, bonds related to the Company's construction and real estate activities totaled $400.8 million. Approximately $381.5 million represents the face value of 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 for the amount of the bond, reduced for the work completed to date. As of March 31, 2020, the Company's estimated remaining exposure, assuming defaults on all existing contractual construction obligations, was approximately $54.9 million. 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 March 31, 2020, the Company's limited guarantees on indebtedness related to one of its unconsolidated joint ventures total $3.1 million. Other than obligations described above and those described in the Company's 2019 Form 10-K, 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: Prior to the sale of approximately 41,000 acres of agricultural land on Maui to Mahi Pono Holdings, LLC ("Mahi Pono") in December 2018, the Company, through East Maui Irrigation Company, LLC ("EMI"), also owned approximately 16,000 acres of watershed lands in East Maui and also held four water licenses to approximately 30,000 acres owned by the State of Hawai‘i in East Maui. The sale to Mahi Pono includes the sale of a 50% interest in EMI (which closed February 1, 2019), and provides for the Company and Mahi Pono, through EMI, to jointly continue the existing process to secure a long-term lease from the State for delivery of irrigation water to Mahi Pono for use in Central 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 completion by the BLNR of a contested case hearing it ordered to be held 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 "Initial Lawsuit") alleging that the BLNR has been renewing the revocable permits annually rather than keeping them in holdover status. The lawsuit asked 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 was challenged by the three parties. In January 2016, the court ruled in the Initial 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 "Initial Ruling"). The Initial Ruling was appealed to the Intermediate Court of Appeals ("ICA") of the State of Hawai‘i. In May 2016, while the appeal of the Initial Ruling was pending, 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, November 2017 and November 2018 for calendar years 2017, 2018 and 2019. No extension of Act 126 was approved by the Hawai‘i State Legislature in 2019. In June 2019, the ICA vacated the Initial Ruling, effectively reversing the determination that the BLNR lacked authority to keep the revocable permits in holdover status beyond one year (the "ICA Ruling"). The ICA remanded the case back to the trial court to determine whether the holdover status of the permits was both (a) "temporary" and (b) in the best interest of the State, as required by statute. The plaintiffs filed a motion with the ICA for reconsideration of its decision, which was denied on July 5, 2019. On September 30, 2019, the plaintiffs filed a request with the Supreme Court of Hawai‘i to review and reverse the ICA Ruling. On November 25, 2019, the Supreme Court of Hawai‘i granted the plaintiffs' request to review the ICA Ruling. On October 11, 2019, the BLNR took up the renewal of all the existing water revocable permits in the state, acting under the ICA Ruling, and approved the continuation of the four East Maui water revocable permits for another one In a separate matter, on December 7, 2018, a contested case request filed by the Sierra Club contesting the BLNR's November 2018 approval of the 2019 revocable permits was denied by the BLNR. On January 7, 2019, Sierra Club filed a lawsuit in the circuit court of the first circuit in Hawai‘i against BLNR, A&B, and EMI, seeking to invalidate the 2019 extension of the revocable permits for, among other things, failure to perform an EA. The lawsuit also seeks to have the BLNR enjoin A&B/EMI from diverting more than 25 million gallons a day until a permit or lease is properly issued by the BLNR, and for the imposition of certain conditions on the revocable permits by the BLNR. The count seeking to invalidate the revocable permits based on the failure to perform an EA has been dismissed by the court, based on the ICA Ruling in the Initial Lawsuit. In connection with A&B’s obligation to continue the existing process to secure a long-term water lease from the State, A&B and EMI will defend against the remaining claims made by the Sierra Club. The Company 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 the Company's condensed consolidated financial statements as a whole.

Revenue and Contract Balances

Revenue and Contract Balances	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue and Contract Balances	REVENUE AND CONTRACT BALANCES The Company disaggregates revenue from contracts with customers by revenue type, as the Company believes it best depicts how the nature, amount, timing and uncertainty of the Company's revenue and cash flows are affected by economic factors. Three Months Ended March 31, 2020 2019 Revenues: Commercial Real Estate $ 43.4 $ 36.8 Land Operations: Development sales revenue 3.6 12.3 Unimproved/other property sales revenue 2.1 30.5 Other operating revenue 5.8 6.2 Land Operations 11.5 49.0 Materials & Construction 25.9 43.6 Total revenues $ 80.8 $ 129.4 The total amount of contract consideration allocated to either wholly unsatisfied or partially satisfied performance obligations was $74.4 million as of March 31, 2020. The Company expects to recognize as revenue approximately 50% - 55% of the remaining contract consideration allocated to either wholly unsatisfied or partially satisfied performance obligations in 2020, with the remaining recognized thereafter. Timing of revenue recognition may differ from the timing of invoicing to customers. Certain construction contracts include retainage provisions that are customary in the industry (i.e., are not for financing purposes) and are included in Accounts receivable and retention, net . The balances billed but not paid by customers pursuant to these provisions generally become due upon completion and acceptance of the project work or products by the customers. Costs and estimated earnings in excess of billings on uncompleted contracts represent amounts earned and reimbursable under contracts, but have a conditional right for billing and payment, such as achievement of milestones or completion of the project. When events or conditions indicate that it is probable that the amounts outstanding become unbillable, the transaction price and associated contract asset is reduced. Billings in excess of costs and estimated earnings on uncompleted contracts are billings to customers on contracts in advance of work performed, including advance payments negotiated as a contract condition. Generally, unearned project-related costs will be earned over the next twelve months. The following table provides information about receivables, contract assets and contract liabilities from contracts with customers (in millions): March 31, 2020 December 31, 2019 Accounts receivable $ 37.4 $ 43.4 Contracts retention $ 8.4 $ 8.6 Allowance for credit losses on accounts receivable and retention $ (1.5) $ (0.4) Accounts receivable and retention, net $ 44.3 $ 51.6 Costs and estimated earnings in excess of billings on uncompleted contracts $ 9.3 $ 10.0 Billings in excess of costs and estimated earnings on uncompleted contracts $ 7.6 $ 7.9 Variable consideration 1 $ 62.0 $ 62.0 Other long term deferred revenue $ 5.4 $ 5.6 1 Variable consideration recorded with the sale of agricultural land on Maui in 2018. For the three months ended March 31, 2020, the Company recognized revenue of $4.5 million related to the Company's contract liabilities reported as of January 1, 2020.

Leases - The Company as Lessor

Leases - The Company as Lessor	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases - The Company as Lessor	LEASES - THE COMPANY AS LESSOR The Company leases land and buildings to third parties under operating leases. The historical cost of, and accumulated depreciation on, leased property as of March 31, 2020 and December 31, 2019 were as follows (in millions): March 31, 2020 December 31, 2019 Leased property - real estate $ 1,513.9 $ 1,511.3 Less: Accumulated depreciation (131.6) (125.0) Property under operating leases, net $ 1,382.3 $ 1,386.3 Total rental income under these operating leases were as follows (in millions): Three Months Ended March 31, 2020 2019 Lease payments $ 30.2 $ 24.9 Variable lease payments 1.4 1.5 Total $ 31.6 $ 26.4 Future lease payments to be received on non-cancelable operating leases as of March 31, 2020 were as follows (in millions): March 31, 2020 2020 $ 66.8 2021 108.6 2022 96.7 2023 86.3 2024 74.2 2025 64.6 Thereafter 468.9 Total lease receivables $ 966.1

Leases - The Company as Lessee

Leases - The Company as Lessee	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases - The Company as Lessee	LEASES - THE COMPANY AS LESSEEThere have been no material changes from the Company's leasing activities as a lessee described in Note 9 to the consolidated financial statements included in Item 8 of the Company's 2019 Form 10-K. Operating lease cost was $1.2 million and $1.6 million for the three months ended March 31, 2020 and 2019, respectively. Finance lease cost was $0.3 million and less than $0.1 million for the three months ended March 31, 2020 and 2019, respectively.
Leases - The Company as Lessee	LEASES - THE COMPANY AS LESSEEThere have been no material changes from the Company's leasing activities as a lessee described in Note 9 to the consolidated financial statements included in Item 8 of the Company's 2019 Form 10-K. Operating lease cost was $1.2 million and $1.6 million for the three months ended March 31, 2020 and 2019, respectively. Finance lease cost was $0.3 million and less than $0.1 million for the three months ended March 31, 2020 and 2019, respectively.

Share-Based Payment Awards

Share-Based Payment Awards	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Payment Awards	SHARE-BASED PAYMENT AWARDS The 2012 Incentive Compensation Plan ("2012 Plan") allows for the granting of stock options, restricted stock units and common stock. 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 following table summarizes the Company's stock option activity for the three months ended March 31, 2020 (in thousands, except weighted-average exercise price and weighted-average contractual life): 2012 Plan Weighted- Weighted- Aggregate Outstanding, January 1, 2020 352.2 $ 13.95 Exercised (7.3) $ 11.38 Outstanding, March 31, 2020 344.9 $ 14.00 1.3 years $ — Vested or expected to vest 344.9 $ 14.00 1.3 years $ — Exercisable, March 31, 2020 344.9 $ 14.00 1.3 years $ — The following table summarizes non-vested restricted stock unit activity for the three months ended March 31, 2020 (in thousands, except weighted-average grant-date fair value amounts): 2012 Plan Weighted- Outstanding, January 1, 2020 454.7 $ 23.88 Granted 225.7 $ 24.59 Vested (88.2) $ 25.92 Canceled (43.3) $ 26.60 Outstanding, March 31, 2020 548.9 $ 23.63 The time-based restricted stock units granted to employees vest ratably over a period of three years. The time-based restricted stock units granted to non-employee directors prior to 2018 vest ratably over a period of three years, and commencing in 2018, the time-based restricted stock units granted to non-employee directors vest over one year. The market-based performance share units cliff vest over three years, provided that the total shareholder return of the Company's common stock over the relevant period meets or exceeds pre-defined levels of total shareholder returns relative to indices, as defined. 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: Three Months Ended March 31, 2020 Grants 2019 Grants Volatility of A&B common stock 22.6 % 23.6 % Average volatility of peer companies 23.2 % 24.3 % Risk-free interest rate 1.3 % 2.6 % The Company recognizes compensation cost net of actual forfeitures of time-based or market-based awards. A summary of compensation cost related to share-based payments is as follows (in millions): Three Months Ended March 31, 2020 2019 Share-based expense: Time-based and market-based restricted stock units $ 1.5 $ 1.4

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS Components of the net periodic benefit cost for the Company's pension and post-retirement plans for the three months ended March 31, 2020 and 2019 are shown below (in millions): Three Months Ended March 31, 2020 2019 Service cost $ 0.2 $ 0.5 Interest cost 1.7 2.1 Expected return on plan assets (1.7) (1.8) Amortization of net loss 0.6 1.0 Amortization of prior service credit — (0.1) Net periodic benefit cost $ 0.8 $ 1.7

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company has been organized and operates in a manner that enables it to qualify, and believes it will continue to qualify, as a REIT for federal income tax purposes. The Company’s effective tax rate for the three months ended March 31, 2020 differed from the effective tax rate for the same periods in 2019, primarily due to the benefit from interest income receivable on IRS tax refunds in 2019. As of March 31, 2020, tax years 2016 and later are open to audit by the tax authorities. As of March 31, 2020, the Company has one open tax examination for the 2016 Hawaii state income tax return. The Company believes that the result of this audit will not have a material adverse effect on its results of operations, financial condition or liquidity.

Earnings Per Share (_EPS_)

Earnings Per Share (“EPS”)	3 Months Ended
	Mar. 31, 2020
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. The following table provides a reconciliation of income (loss) from continuing operations to income (loss) from continuing operations available to A&B shareholders and net income (loss) available to A&B shareholders (in millions): Three Months Ended March 31, 2020 2019 Income (loss) from continuing operations $ 5.8 $ 9.5 Exclude: (Income) loss attributable to noncontrolling interest 0.6 0.3 Income (loss) from continuing operations attributable to A&B shareholders 6.4 9.8 Distributions and allocations to participating securities — — Income (loss) from continuing operations available to A&B common shareholders 6.4 9.8 Income (loss) from discontinued operations available to A&B common shareholders (0.2) (0.8) Net income (loss) available to A&B common shareholders $ 6.2 $ 9.0 The number of shares used to compute basic and diluted earnings per share is as follows (in millions): Three Months Ended March 31, 2020 2019 Denominator for basic EPS - weighted average shares outstanding 72.3 72.1 Effect of dilutive securities: Stock options and restricted stock unit awards 0.2 0.4 Denominator for diluted EPS - weighted average shares outstanding 72.5 72.5 There were 0.1 million shares of anti-dilutive securities outstanding during the three months ended March 31, 2020. There were no shares of anti-dilutive securities outstanding during the three months ended March 31, 2019.

Comprehensive Income (Loss)

Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Comprehensive Income (Loss)	COMPREHENSIVE INCOME (LOSS) The components of accumulated other comprehensive loss, net of taxes, were as follows as of March 31, 2020 and December 31, 2019 (in millions): March 31, 2020 December 31, 2019 Unrealized components of benefit plans: Pension plans $ (46.8) $ (47.4) Post-retirement plans 0.2 0.2 Non-qualified benefit plans (0.8) (0.8) Interest rate swap (7.7) (0.8) Accumulated other comprehensive income (loss) $ (55.1) $ (48.8) The changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2020 were as follows (in millions): Employee Benefit Plans Interest Rate Swap Total Balance, January 1, 2020 $ (48.0) $ (0.8) $ (48.8) Other comprehensive income (loss) before reclassifications, net of taxes of $0 — (6.9) (6.9) Amounts reclassified from accumulated other comprehensive income (loss), net of taxes of $0 0.6 — 0.6 Balance, March 31, 2020 $ (47.4) $ (7.7) $ (55.1)

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
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. Related to the periods during which the relationship existed, revenues earned from transactions with affiliates were $0.7 million and $2.6 million for the three months ended March 31, 2020 and 2019, respectively. Expenses recognized from transactions with affiliates were $0.2 million and less than $0.1 million for the three months ended March 31, 2020 and 2019, respectively. Receivables from these affiliates were $0.8 million and $0.2 million as of March 31, 2020 and December 31, 2019, respectively. Amounts due to these affiliates were $0.2 million and $1.2 million as of March 31, 2020 and December 31, 2019. Commercial Real Estate. The Company entered into contracts in the ordinary course of business, as a lessor of property, with certain affiliates that are partially owned by a former director of the Company, as lessee. Related to the periods during which the former director was actively serving the Company, revenue from transactions with these affiliates was $1.3 million during the three months ended March 31, 2019. Land Operations. During the three months ended March 31, 2020 and 2019, the Company recognized $0.8 million and $0.3 million, respectively, related to revenue for services provided to certain unconsolidated investments in affiliates and interest earned on notes receivables from related parties. Receivables from service revenue from these affiliates were $0.2 million as of March 31, 2020 and were less than $0.1 million as of December 31, 2019. Notes receivables from related parties were $9.5 million and $13.1 million as of March 31, 2020 and December 31, 2019, respectively, related to a construction loan secured by a mortgage on real property with one of its joint ventures.

Segment Results

Segment Results	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Results	SEGMENT RESULTS Operating segment information for the three months ended March 31, 2020 and 2019 is summarized below (in millions): Three Months Ended March 31, 2020 2019 Operating Revenue: Commercial Real Estate $ 43.4 $ 36.8 Land Operations 11.5 49.0 Materials & Construction 25.9 43.6 Total operating revenue 80.8 129.4 Operating Profit (Loss): Commercial Real Estate 1 18.1 15.6 Land Operations 2 5.0 12.6 Materials & Construction (3.8) (4.5) Total operating profit (loss) 19.3 23.7 Gain (loss) on the sale of commercial real estate properties 0.5 — Interest expense (7.8) (9.1) Corporate and other expense (6.2) (6.2) Income (Loss) from Continuing Operations Before Income Taxes $ 5.8 $ 8.4 1 Commercial Real Estate segment operating profit (loss) includes intersegment operating revenue, primarily from the Materials & Construction segment, and is eliminated in the condensed consolidated results of operations. 2 Land Operations segment operating profit (loss) includes equity in earnings (losses) from the Company's various real estate joint ventures and non-cash reductions related to the Company's solar tax equity investments.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS In December 2019, a new strain of coronavirus (“COVID-19”) was first reported in Wuhan, China, and on March 11, 2020, the World Health Organization declared COVID-19 a pandemic. The global and domestic response to the COVID-19 outbreak continues to evolve rapidly. Thus far, certain responses to the COVID-19 outbreak have included mandates from the State of Hawai‘i and local authorities that required temporary closure of or imposed limitations on the operations of certain non-essential businesses. The pandemic has caused a decline in Hawai‘i tourism, visitor arrivals and commercial activity. On April 25, 2020, the Hawai‘i governor extended certain State mandates through May 31, 2020. The COVID-19 outbreak and associated responses will negatively impact the Company’s future results of operations, cash flows and financial condition. The Company is unable to estimate the full impact the novel coronavirus will have on its financial results at this time.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The interim condensed consolidated financial statements are unaudited. Because of the nature of the Company's operations, the results for interim periods are not necessarily indicative of results to be expected for the year. While these condensed consolidated financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements. Therefore, the interim condensed consolidated financial statements should be read in conjunction with the consolidated balance sheets as of December 31, 2019 and 2018, and the related consolidated statements of operations, comprehensive income (loss), equity, and cash flows for each of the three years ended December 31, 2019, 2018 and 2017, respectively, and the notes thereto included in the Company's Annual Report filed on Form 10-K for the year ended December 31, 2019 ("2019 Form 10-K"), and other subsequent filings with the U.S. Securities and Exchange Commission ("SEC").
Rounding	Rounding: Amounts in the condensed 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.
Recently adopted accounting pronouncements/Recently issued accounts pronouncements	Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost and available for sale debt securities, and amended the guidance thereafter. The guidance in ASU 2016-13 and related amendments was codified into Accounting Standards Codification Topic 326, Financial Instruments - Credit Losses ("ASC 326"). ASC 326 amended prior guidance on the impairment of financial instruments by adding an impairment model based on expected losses rather than incurred losses that would be recognized through an allowance for credit losses. Amendments included in ASC 326 further clarified that operating lease receivables are not within the scope of ASC 326 and are to remain governed by lease guidance. In August 2018, the FASB issued ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement. The guidance amends and removes several disclosure requirements, including the valuation processes for Level 3 fair value measurements. This ASU also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements or footnote disclosures. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract . The guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Accordingly, the amendments require an entity (customer) in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The amendments also require the entity (customer) to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement, which includes reasonably certain renewals. The adoption of this standard did not have a material impact on the Company's financial position or results of operations. Recently issued accounting pronouncements In August 2018, the FASB issued ASU 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans . The guidance clarifies current disclosures and removes several disclosure requirements including accumulated other comprehensive income expected to be recognized over the next fiscal year and amount and timing of plan assets expected to be returned to the employer. This ASU also requires additional disclosures as well as explanations for significant gains and losses related to changes in the benefit plan obligation. This ASU is effective for fiscal years beginning after December 15, 2020. The Company is currently assessing the impact that adopting this new standard will have on its condensed consolidated financial statements and footnote disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform . The new guidance provides practical expedients and exceptions for reference rate reform related activities that impact debt, leases, derivatives and other contracts if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently assessing its contracts and the optional expedients provided by the new standard.
Reclassifications	Reclassifications : In conjunction with its adoption of ASC 326, during the first quarter of 2020, the Company made certain immaterial reclassifications to its consolidated balance sheet to present interest receivables in the same line as the related financing receivables (affecting Accounts receivable, net and Other receivables). Additionally, the Company aggregated Accounts receivable, net and Contracts retention into a single line item in the accompanying condensed consolidated balance sheets (refer to Note 11 where such balances will continue to be presented separately).
Allowance for Credit Losses	Allowance for Credit Losses The Company estimates its allowance for credit losses for financial assets within the scope of ASC 326 at portfolio levels which include the CRE segment, the Land Operations segment and individual components of the M&C segment (e.g., "GPC," "GPRM" and "GPRS," further described in Note 1 to the consolidated financial statements included in Item 8 of the Company's 2019 Form 10-K). Within these portfolio levels, the Company develops expected credit loss estimates by security type (which may include financing receivables or contract assets recognized in contracts with customers) by factoring historical loss information; information on both current conditions and reasonable and supportable forecasts of future conditions that may not be reflected in historical loss information; and other relevant credit quality information for the respective securities. As part of this process, the Company analyzes relevant information on a collective (pool) basis for securities with similar risk characteristics or separately on an individual basis when a financial asset does not share risk characteristics with its other financial assets. The portfolios relating to the CRE and Land Operations segments are primarily composed of financing receivables (i.e., notes receivable) generally related to historical development and other land-related transactions. The assets in these portfolios are analyzed on an individual basis, in which the Company considers certain, available information specific to the counterparties to the transactions (e.g., liquidity and solvency of the counterparties) and environmental factors that are relevant in the assessment of the expected collectability of the future cash flows for these assets (e.g., changes and expected changes in the general economic environment in which the counterparty operates). For these assets, the Company uses a discounted cash flow method to calculate the allowance for credit losses using the asset's effective interest rate. The portfolios relating to the M&C segment represent discrete business components and are composed of contract assets from its contracts with customers. The differing nature of the products and services provided by these components drive differences in historical and expected credit loss patterns and, as such, the Company tracks historical loss information at this portfolio level as part of information it uses to develop its estimate of expected credit losses. Further, as the Company believes its contract assets have different default risk expectations based on customer/project type, in addition to the historical loss information at the portfolio level, the Company also pools the respective portfolio's contract receivables by these different categories to make adjustments to its historical loss experience. Other information the Company analyzes and uses in its development of its allowance for credit losses include known customer information and environmental factors surrounding the customers' current and future ability to pay (i.e., changes and expected changes in the general economic environment in which the customers operate).

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Impact of ASC 326	The following table illustrates the impact of the Company's adoption of ASC 326 (in millions): January 1, 2020 As Reported under ASC 326 Prior to ASC 326 Adoption Impact of ASC 326 Adoption Assets: Allowance for credit losses on accounts receivable and retention $ 1.6 $ 0.3 $ 1.3 Allowance for credit losses on other receivables 4.2 1.6 2.6 Allowance for credit losses on costs and estimated earnings in excess of billings on uncompleted contracts 0.1 — 0.1 Total $ 4.0
Interest and Other Income (Expense), Net	Interest and other income (expense), net for the three months ended March 31, 2020 and 2019 included the following (in millions): Three Months Ended March 31, 2020 2019 Interest income $ 0.6 $ 0.2 Pension and postretirement benefit (expense) (0.7) (1.2) Gain (loss) on sale of joint venture interest — 2.6 Other income (expense) 0.3 — Interest and other income (expense), net 0.2 $ 1.6

Real Estate Asset Acquisitions

Real Estate Asset Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The allocation of purchase price to assets acquired and liabilities assumed is as follows (in millions): Fair value of assets acquired and liabilities assumed Assets acquired: Land $ 106.9 Property and improvements 91.3 In-place leases 23.2 Favorable leases 4.3 Total assets acquired $ 225.7 Liabilities assumed: Unfavorable leases $ 7.3 Total liabilities assumed 7.3 Net assets acquired $ 218.4

Investments in Affiliates (Tabl

Investments in Affiliates (Tables)	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Operating results include the Company's proportionate share of net income (loss) from its equity method investments. Summarized financial information of entities accounted for by the equity method on a combined basis for the quarters ended March 31, 2020 and 2019 is as follows (in millions): Three Months Ended March 31, 2020 2019 Revenues $ 52.0 $ 40.8 Operating costs and expenses 39.9 37.3 Gross Profit (Loss) $ 12.1 $ 3.5 Income (Loss) from Continuing Operations 1 $ 7.6 $ 0.9 Net Income (Loss) 1 $ 7.6 $ 0.6 1 Includes earnings from equity method investments held by the investee.

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2020
Credit Loss [Abstract]
Activity in the Allowance for Credit Losses	The following table presents the activity in the allowance for credit losses related to the Company's financing receivables and contract assets for the three months ended March 31, 2020 (in millions): CRE Land Operations M&C Financing Receivables Financing Receivables Contract Assets Total Allowance for credit losses: Beginning balance, prior to adoption of ASC 326 $ — $ 1.6 $ 0.3 $ 1.9 Impact of adoption of ASC 326 0.4 2.3 1.3 4.0 Provision for expected credit losses — 0.3 — 0.3 Ending allowance balance as of March 31, 2020 $ 0.4 $ 4.2 $ 1.6 $ 6.2

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are stated at the lower of cost (principally first-in, first-out basis) or net realizable value. Inventories as of March 31, 2020 and December 31, 2019 were as follows (in millions): March 31, December 31, 2020 2019 Asphalt $ 8.1 $ 8.0 Processed rock and sand 6.2 6.6 Work in progress 3.1 2.9 Retail merchandise 2.0 2.0 Parts, materials and supplies inventories 1.3 1.2 Total 20.7 $ 20.7

Notes Payable and Other Debt (T

Notes Payable and Other Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Notes Payable and Other Debt	At March 31, 2020 and December 31, 2019, notes payable and total debt consisted of the following (in millions): Interest Rate (%) Maturity Date Principal Outstanding 3/31/2020 12/31/2019 Secured: Kailua Town Center (1) 2021 $ 10.1 $ 10.2 Kailua Town Center #2 3.15 2021 4.6 4.6 Heavy Equipment Financing (2) (2) 3.2 3.6 Laulani Village 3.93 2024 62.0 62.0 Pearl Highlands 4.15 2024 82.9 83.4 Manoa Marketplace (3) 2029 59.1 59.5 Subtotal $ 221.9 $ 223.3 Unsecured: Series D Note 6.90% 2020 — 16.2 Bank Syndicated Loan (4) 2023 50.0 50.0 Series A Note 5.53% 2024 28.5 28.5 Series J Note 4.66% 2025 10.0 10.0 Series B Note 5.55% 2026 46.0 46.0 Series C Note 5.56% 2026 23.0 23.0 Series F Note 4.35% 2026 22.0 22.0 Series H Note 4.04% 2026 50.0 50.0 Series K Note 4.81% 2027 34.5 34.5 Series G Note 3.88% 2027 35.0 35.0 Series L Note 4.89% 2028 18.0 18.0 Series I Note 4.16% 2028 25.0 25.0 Term Loan 5 4.30% 2029 25.0 25.0 Subtotal $ 367.0 $ 383.2 Revolving Credit Facilities: GLP Asphalt Revolving Credit Facility (5) 2020 — — A&B Revolver (6) 2022 231.0 98.7 Subtotal $ 231.0 $ 98.7 Total Debt (contractual) 819.9 705.2 Unamortized debt premium (discount) — (0.1) Unamortized debt issuance costs (0.3) (0.5) Total debt (carrying value) $ 819.6 $ 704.6 (1) Loan has a stated interest rate of LIBOR plus 1.50%, but is swapped through maturity to a 5.95% fixed rate. (2) Loans have stated rates ranging from 4.08% to 5.00% and stated maturity dates ranging from 2021 to 2023. (3) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. (4) Loan has a stated interest rate of LIBOR plus 1.80% but is swapped through maturity to a 3.15% fixed rate. (5) Loan has a stated interest rate of LIBOR plus 1.25%. (6) Loan has a stated interest rate of LIBOR plus 1.85% based on pricing grid.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swap	As of March 31, 2020, the Company has two interest rate swap agreements designated as a cash flow hedges whose key terms are as follows (dollars in millions): Effective Maturity Fixed Interest Notional Amount at Fair Value at Classification on Date Date Rate 3/31/2020 3/31/2020 12/31/2019 Balance Sheet 4/7/2016 8/1/2029 3.14% $ 59.1 $ (5.7) $ (0.2) Accrued and other liabilities 02/13/2020 02/27/2023 1.35% $ 50.0 $ (1.4) $ — Accrued and other liabilities As of March 31, 2020, the Company has one interest rate swap that has not been designated as a cash flow hedge whose key terms are as follows (dollars in millions): Effective Maturity Fixed Interest Notional Amount at Fair Value at Classification on Date Date Rate 3/31/2020 3/31/2020 12/31/2019 Balance Sheet 1/1/2014 9/1/2021 5.95% $ 10.1 $ (0.6) $ (0.5) Accrued and other liabilities
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 condensed consolidated statement of comprehensive income (loss) (in millions): Three Months Ended March 31, 2020 2019 Derivatives in Designated Cash Flow Hedging Relationships: Amount of gain (loss) recognized in OCI on derivatives $ (6.9) $ (1.5) Impact of reclassification adjustment to interest expense included in Net Income (Loss) $ — $ (0.1)

Revenue and Contract Balances (

Revenue and Contract Balances (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The Company disaggregates revenue from contracts with customers by revenue type, as the Company believes it best depicts how the nature, amount, timing and uncertainty of the Company's revenue and cash flows are affected by economic factors. Three Months Ended March 31, 2020 2019 Revenues: Commercial Real Estate $ 43.4 $ 36.8 Land Operations: Development sales revenue 3.6 12.3 Unimproved/other property sales revenue 2.1 30.5 Other operating revenue 5.8 6.2 Land Operations 11.5 49.0 Materials & Construction 25.9 43.6 Total revenues $ 80.8 $ 129.4
Schedule of Contract Balances	The following table provides information about receivables, contract assets and contract liabilities from contracts with customers (in millions): March 31, 2020 December 31, 2019 Accounts receivable $ 37.4 $ 43.4 Contracts retention $ 8.4 $ 8.6 Allowance for credit losses on accounts receivable and retention $ (1.5) $ (0.4) Accounts receivable and retention, net $ 44.3 $ 51.6 Costs and estimated earnings in excess of billings on uncompleted contracts $ 9.3 $ 10.0 Billings in excess of costs and estimated earnings on uncompleted contracts $ 7.6 $ 7.9 Variable consideration 1 $ 62.0 $ 62.0 Other long term deferred revenue $ 5.4 $ 5.6 1 Variable consideration recorded with the sale of agricultural land on Maui in 2018.

Leases - The Company as Lessor

Leases - The Company as Lessor (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of Historical Cost, and Accumulated Depreciation on Leased Property	The Company leases land and buildings to third parties under operating leases. The historical cost of, and accumulated depreciation on, leased property as of March 31, 2020 and December 31, 2019 were as follows (in millions): March 31, 2020 December 31, 2019 Leased property - real estate $ 1,513.9 $ 1,511.3 Less: Accumulated depreciation (131.6) (125.0) Property under operating leases, net $ 1,382.3 $ 1,386.3
Schedule of Rental Income Under Non-cancelable Operating Leases	Total rental income under these operating leases were as follows (in millions): Three Months Ended March 31, 2020 2019 Lease payments $ 30.2 $ 24.9 Variable lease payments 1.4 1.5 Total $ 31.6 $ 26.4
Schedule of Lessor Future Rentals on Non-cancelable Operating Leases	Future lease payments to be received on non-cancelable operating leases as of March 31, 2020 were as follows (in millions): March 31, 2020 2020 $ 66.8 2021 108.6 2022 96.7 2023 86.3 2024 74.2 2025 64.6 Thereafter 468.9 Total lease receivables $ 966.1

Share-Based Payment Awards (Tab

Share-Based Payment Awards (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following table summarizes the Company's stock option activity for the three months ended March 31, 2020 (in thousands, except weighted-average exercise price and weighted-average contractual life): 2012 Plan Weighted- Weighted- Aggregate Outstanding, January 1, 2020 352.2 $ 13.95 Exercised (7.3) $ 11.38 Outstanding, March 31, 2020 344.9 $ 14.00 1.3 years $ — Vested or expected to vest 344.9 $ 14.00 1.3 years $ — Exercisable, March 31, 2020 344.9 $ 14.00 1.3 years $ —
Summary of Non-vested Restricted Stock Unit Activity	The following table summarizes non-vested restricted stock unit activity for the three months ended March 31, 2020 (in thousands, except weighted-average grant-date fair value amounts): 2012 Plan Weighted- Outstanding, January 1, 2020 454.7 $ 23.88 Granted 225.7 $ 24.59 Vested (88.2) $ 25.92 Canceled (43.3) $ 26.60 Outstanding, March 31, 2020 548.9 $ 23.63
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: Three Months Ended March 31, 2020 Grants 2019 Grants Volatility of A&B common stock 22.6 % 23.6 % Average volatility of peer companies 23.2 % 24.3 % Risk-free interest rate 1.3 % 2.6 %
Summary of Compensation Cost related to Share-based Payments	The Company recognizes compensation cost net of actual forfeitures of time-based or market-based awards. A summary of compensation cost related to share-based payments is as follows (in millions): Three Months Ended March 31, 2020 2019 Share-based expense: Time-based and market-based restricted stock units $ 1.5 $ 1.4

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Summary of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss	Components of the net periodic benefit cost for the Company's pension and post-retirement plans for the three months ended March 31, 2020 and 2019 are shown below (in millions): Three Months Ended March 31, 2020 2019 Service cost $ 0.2 $ 0.5 Interest cost 1.7 2.1 Expected return on plan assets (1.7) (1.8) Amortization of net loss 0.6 1.0 Amortization of prior service credit — (0.1) Net periodic benefit cost $ 0.8 $ 1.7

Earnings Per Share (_EPS_) (Tab

Earnings Per Share (“EPS”) (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Reconciliation of Income and Computation of Earnings per Share	The following table provides a reconciliation of income (loss) from continuing operations to income (loss) from continuing operations available to A&B shareholders and net income (loss) available to A&B shareholders (in millions): Three Months Ended March 31, 2020 2019 Income (loss) from continuing operations $ 5.8 $ 9.5 Exclude: (Income) loss attributable to noncontrolling interest 0.6 0.3 Income (loss) from continuing operations attributable to A&B shareholders 6.4 9.8 Distributions and allocations to participating securities — — Income (loss) from continuing operations available to A&B common shareholders 6.4 9.8 Income (loss) from discontinued operations available to A&B common shareholders (0.2) (0.8) Net income (loss) available to A&B common shareholders $ 6.2 $ 9.0 The number of shares used to compute basic and diluted earnings per share is as follows (in millions): Three Months Ended March 31, 2020 2019 Denominator for basic EPS - weighted average shares outstanding 72.3 72.1 Effect of dilutive securities: Stock options and restricted stock unit awards 0.2 0.4 Denominator for diluted EPS - weighted average shares outstanding 72.5 72.5

Comprehensive Income (Loss) (Ta

Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes	The components of accumulated other comprehensive loss, net of taxes, were as follows as of March 31, 2020 and December 31, 2019 (in millions): March 31, 2020 December 31, 2019 Unrealized components of benefit plans: Pension plans $ (46.8) $ (47.4) Post-retirement plans 0.2 0.2 Non-qualified benefit plans (0.8) (0.8) Interest rate swap (7.7) (0.8) Accumulated other comprehensive income (loss) $ (55.1) $ (48.8)
Summary of Reclassifications of Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2020 were as follows (in millions): Employee Benefit Plans Interest Rate Swap Total Balance, January 1, 2020 $ (48.0) $ (0.8) $ (48.8) Other comprehensive income (loss) before reclassifications, net of taxes of $0 — (6.9) (6.9) Amounts reclassified from accumulated other comprehensive income (loss), net of taxes of $0 0.6 — 0.6 Balance, March 31, 2020 $ (47.4) $ (7.7) $ (55.1)

Segment Results (Tables)

Segment Results (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of Operating Segment Information	Operating segment information for the three months ended March 31, 2020 and 2019 is summarized below (in millions): Three Months Ended March 31, 2020 2019 Operating Revenue: Commercial Real Estate $ 43.4 $ 36.8 Land Operations 11.5 49.0 Materials & Construction 25.9 43.6 Total operating revenue 80.8 129.4 Operating Profit (Loss): Commercial Real Estate 1 18.1 15.6 Land Operations 2 5.0 12.6 Materials & Construction (3.8) (4.5) Total operating profit (loss) 19.3 23.7 Gain (loss) on the sale of commercial real estate properties 0.5 — Interest expense (7.8) (9.1) Corporate and other expense (6.2) (6.2) Income (Loss) from Continuing Operations Before Income Taxes $ 5.8 $ 8.4 1 Commercial Real Estate segment operating profit (loss) includes intersegment operating revenue, primarily from the Materials & Construction segment, and is eliminated in the condensed consolidated results of operations. 2 Land Operations segment operating profit (loss) includes equity in earnings (losses) from the Company's various real estate joint ventures and non-cash reductions related to the Company's solar tax equity investments.

Background and Basis of Prese_2

Background and Basis of Presentation (Details) ft² in Millions	3 Months Ended
	Mar. 31, 2020ft²aSegmentProperty
Property, Plant and Equipment [Line Items]
Number of segments | Segment	3
Gross leasable area (in sq.ft) | ft²	3.9
Area of ground leases owned (acres) | a	153.7
Retail centers
Property, Plant and Equipment [Line Items]
Number of properties	22
Industrial assets
Property, Plant and Equipment [Line Items]
Number of properties	10
Office properties
Property, Plant and Equipment [Line Items]
Number of properties	4

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	Jan. 01, 2020USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase to Distributions in excess of accumulated earnings	$ 4.1
(Distribution in Excess of Accumulated Earnings) Earnings Surplus
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase to Distributions in excess of accumulated earnings	4
ASU 2016-13 | (Distribution in Excess of Accumulated Earnings) Earnings Surplus
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase to Distributions in excess of accumulated earnings	$ 4

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Impact of ASC 326 (Details) - USD ($) $ in Millions	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on accounts receivable and retention	$ 1.5	$ 0.3	$ 0.4
Allowance for credit losses on other receivables		1.6
Allowance for credit losses on costs and estimated earnings in excess of billings on uncompleted contracts		0
As Reported under ASC 326
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on accounts receivable and retention		1.6
Allowance for credit losses on other receivables		4.2
Allowance for credit losses on costs and estimated earnings in excess of billings on uncompleted contracts		0.1
ASU 2016-13 | Impact of ASC 326 Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses on accounts receivable and retention		1.3
Allowance for credit losses on other receivables		2.6
Allowance for credit losses on costs and estimated earnings in excess of billings on uncompleted contracts		0.1
Total		$ 4

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Interest and Other Income (Expense), Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accounting Policies [Abstract]
Interest income	$ 0.6	$ 0.2
Pension and postretirement benefit (expense)	(0.7)	(1.2)
Gain (loss) on sale of joint venture interest	0	2.6
Other income (expense)	0.3	0
Interest and other income (expense), net	$ 0.2	$ 1.6

Real Estate Asset Acquisition_2

Real Estate Asset Acquisitions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)Property	Mar. 31, 2020USD ($)
Real Estate [Line Items]
Total assets	$ 2,084.3	$ 2,174.6
Total liabilities	$ 949.3	$ 1,057.6
Weighted average amortization period of unfavorable leases	18 years 7 months 6 days
In-place lease
Real Estate [Line Items]
Weighted-average amortization period of in-place/favorable leases	8 years 2 months 12 days
Unfavorable leases
Real Estate [Line Items]
Weighted-average amortization period of in-place/favorable leases	4 years 8 months 12 days
2019 Acquisitions
Real Estate [Line Items]
Number of commercial real estate assets purchased | Property	5
Purchase consideration	$ 218.4
Land	106.9
Property and improvements	91.3
In-place leases	23.2
Favorable leases	4.3
Total assets	225.7
Unfavorable leases	7.3
Total liabilities	7.3
Net assets acquired	$ 218.4

Investments in Affiliates - Sum

Investments in Affiliates - Summary of Financial Information for Equity Method Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement
Revenues	$ 52	$ 40.8
Operating costs and expenses	39.9	37.3
Gross Profit (Loss)	12.1	3.5
Income (Loss) from Continuing Operations	7.6	0.9
Net Income (Loss)	$ 7.6	$ 0.6

Allowance for Credit Losses - A

Allowance for Credit Losses - Activity in the Allowance for Credit Losses (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Financing Receivable - Allowance for Credit Loss [Roll Forward]
Financing Receivable - Allowance for Credit Loss, Beginning Balance	$ 1.6
Financing Receivable - Allowance for Credit Loss, Ending Balance	4.6
Allowance for credit losses:
Allowance for Credit Loss	1.9
Provision for expected credit losses	0.3
Allowance for Credit Loss	6.2
Impact of ASC 326 Adoption
Allowance for credit losses:
Allowance for Credit Loss	4
CRE
Financing Receivable - Allowance for Credit Loss [Roll Forward]
Financing Receivable - Allowance for Credit Loss, Beginning Balance	0
Provision for expected credit losses	0
Financing Receivable - Allowance for Credit Loss, Ending Balance	0.4
CRE | Impact of ASC 326 Adoption
Financing Receivable - Allowance for Credit Loss [Roll Forward]
Financing Receivable - Allowance for Credit Loss, Beginning Balance	0.4
Land Operations
Financing Receivable - Allowance for Credit Loss [Roll Forward]
Financing Receivable - Allowance for Credit Loss, Beginning Balance	1.6
Provision for expected credit losses	0.3
Financing Receivable - Allowance for Credit Loss, Ending Balance	4.2
Land Operations | Impact of ASC 326 Adoption
Financing Receivable - Allowance for Credit Loss [Roll Forward]
Financing Receivable - Allowance for Credit Loss, Beginning Balance	2.3
Materials & Construction
Contract Asset - Allowance for Credit Loss [Roll Forward]
Contract Asset - Allowance for Credit Loss, Beginning Balance	0.3
Provision for expected credit losses	0
Contract Asset - Allowance for Credit Loss, Ending Balance	1.6
Materials & Construction | Impact of ASC 326 Adoption
Contract Asset - Allowance for Credit Loss [Roll Forward]
Contract Asset - Allowance for Credit Loss, Beginning Balance	$ 1.3

Allowance for Credit Losses - N

Allowance for Credit Losses - Narrative (Details) $ in Millions	Mar. 31, 2020USD ($)numberOfAssets	Jan. 01, 2020USD ($)
CRE
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of assets | numberOfAssets	1
Amortized cost basis of financing receivable	$ 0.4	$ 0.4
Land Operations
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of assets | numberOfAssets	3
Land Operations | First security, generated in 2008
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized cost basis of financing receivable	$ 1.6	1.6
Land Operations | Second security, generated in 2016
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized cost basis of financing receivable	11.2	13.1
Land Operations | Third security, generated in 2016
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized cost basis of financing receivable	$ 2.6	$ 2.6

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Inventory [Line Items]
Inventories	$ 20.7	$ 20.7
Asphalt
Inventory [Line Items]
Inventories	8.1	8
Processed rock and sand
Inventory [Line Items]
Inventories	6.2	6.6
Work in progress
Inventory [Line Items]
Inventories	3.1	2.9
Retail merchandise
Inventory [Line Items]
Inventories	2	2
Parts, materials and supplies inventories
Inventory [Line Items]
Inventories	$ 1.3	$ 1.2

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term notes receivable	$ 11.2	$ 15.7
Company's debt	819.6	704.6
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Company's debt	$ 809.1	$ 727.3

Notes Payable and Other Debt -

Notes Payable and Other Debt - Schedule of Notes Payable and Long-term Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt, gross	$ 819.9		$ 705.2
Unamortized debt premium (discount)	0		(0.1)
Unamortized debt issuance costs	(0.3)		(0.5)
Total debt (carrying value)	819.6		704.6
Capitalized interest costs	0.1	$ 0.3
Secured:
Debt Instrument [Line Items]
Long-term debt, gross	221.9		223.3
Secured: | Kailua Town Center
Debt Instrument [Line Items]
Long-term debt, gross	$ 10.1		10.2
Secured: | Kailua Town Center | LIBOR
Debt Instrument [Line Items]
Stated interest rate	5.95%
Basis spread on variable rate	1.50%
Secured: | Kailua Town Center #2
Debt Instrument [Line Items]
Long-term debt, gross	$ 4.6		4.6
Stated interest rate	3.15%
Secured: | Heavy Equipment Financing
Debt Instrument [Line Items]
Long-term debt, gross	$ 3.2		3.6
Secured: | Heavy Equipment Financing | Minimum
Debt Instrument [Line Items]
Stated interest rate	4.08%
Secured: | Heavy Equipment Financing | Maximum
Debt Instrument [Line Items]
Stated interest rate	5.00%
Secured: | Laulani Village
Debt Instrument [Line Items]
Long-term debt, gross	$ 62		62
Stated interest rate	3.93%
Secured: | Pearl Highlands
Debt Instrument [Line Items]
Long-term debt, gross	$ 82.9		83.4
Stated interest rate	4.15%
Secured: | Manoa Marketplace
Debt Instrument [Line Items]
Long-term debt, gross	$ 59.1		59.5
Secured: | Manoa Marketplace | LIBOR
Debt Instrument [Line Items]
Stated interest rate	3.14%
Basis spread on variable rate	1.35%
Unsecured:
Debt Instrument [Line Items]
Long-term debt, gross	$ 367		383.2
Unsecured: | Series D Note
Debt Instrument [Line Items]
Long-term debt, gross	$ 0		16.2
Stated interest rate	6.90%
Unsecured: | Bank Syndicated Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 50		50
Unsecured: | Bank Syndicated Loan | LIBOR
Debt Instrument [Line Items]
Stated interest rate	3.15%
Basis spread on variable rate	1.80%
Unsecured: | Series A Note
Debt Instrument [Line Items]
Long-term debt, gross	$ 28.5		28.5
Stated interest rate	5.53%
Unsecured: | Series J Note
Debt Instrument [Line Items]
Long-term debt, gross	$ 10		10
Stated interest rate	4.66%
Unsecured: | Series B Note
Debt Instrument [Line Items]
Long-term debt, gross	$ 46		46
Stated interest rate	5.55%
Unsecured: | Series C Note
Debt Instrument [Line Items]
Long-term debt, gross	$ 23		23
Stated interest rate	5.56%
Unsecured: | Series F Note
Debt Instrument [Line Items]
Long-term debt, gross	$ 22		22
Stated interest rate	4.35%
Unsecured: | Series H Note
Debt Instrument [Line Items]
Long-term debt, gross	$ 50		50
Stated interest rate	4.04%
Unsecured: | Series K Note
Debt Instrument [Line Items]
Long-term debt, gross	$ 34.5		34.5
Stated interest rate	4.81%
Unsecured: | Series G Note
Debt Instrument [Line Items]
Long-term debt, gross	$ 35		35
Stated interest rate	3.88%
Unsecured: | Series L Note
Debt Instrument [Line Items]
Long-term debt, gross	$ 18		18
Stated interest rate	4.89%
Unsecured: | Series I Note
Debt Instrument [Line Items]
Long-term debt, gross	$ 25		25
Stated interest rate	4.16%
Unsecured: | Term Loan 5
Debt Instrument [Line Items]
Long-term debt, gross	$ 25		25
Stated interest rate	4.30%
Revolving Credit Facilities:
Debt Instrument [Line Items]
Long-term debt, gross	$ 231		98.7
Revolving Credit Facilities: | GLP Asphalt Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 0		0
Revolving Credit Facilities: | GLP Asphalt Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Revolving Credit Facilities: | A&B Revolver
Debt Instrument [Line Items]
Long-term debt, gross	$ 231		$ 98.7
Revolving Credit Facilities: | A&B Revolver | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.85%

Derivative Instruments - Cash F

Derivative Instruments - Cash Flow Hedges of Interest Rate Swaps (Details) - Cash Flow Hedging - Designated as Hedging Instrument $ in Millions	Mar. 31, 2020USD ($)interest_rate_swap	Dec. 31, 2019USD ($)
Interest Rate Swap
Derivative [Line Items]
Number of interest rate swap agreements | interest_rate_swap	2
Accrued and other liabilities | Interest Rate Swap, Effective 04/07/2016
Derivative [Line Items]
Fixed Interest Rate (percent)	3.14%
Notional Amount	$ 59.1
Fair value of interest rate swap liability	$ (5.7)	$ (0.2)
Accrued and other liabilities | Interest Rate Swap, Effective 02/13/2020
Derivative [Line Items]
Fixed Interest Rate (percent)	1.35%
Notional Amount	$ 50
Fair value of interest rate swap liability	$ (1.4)	$ 0

Derivative Instruments - Non-de

Derivative Instruments - Non-designated Hedges Interest Rate Swaps (Details) - Not Designated as Hedging Instrument - Interest Rate Swap $ in Millions	Mar. 31, 2020USD ($)interest_rate_swap	Dec. 31, 2019USD ($)
Derivative [Line Items]
Number of interest rate swap agreements | interest_rate_swap	1
Accrued and other liabilities
Derivative [Line Items]
Fixed Interest Rate (percent)	5.95%
Notional Amount	$ 10.1
Fair value of interest rate swap liability	$ (0.6)	$ (0.5)

Derivative Instruments - Deriva

Derivative Instruments - Derivative Instruments in Designated Cash Flow Hedging Relationships (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative [Line Items]
Amount of gain (loss) recognized in OCI on derivatives	$ (6,900,000)	$ (1,500,000)
Impact of reclassification adjustment to interest expense included in Net Income (Loss)	0	100,000
Cash Flow Hedging | Designated as Hedging Instrument
Derivative [Line Items]
Amount of gain (loss) recognized in OCI on derivatives	(6,900,000)	(1,500,000)
Impact of reclassification adjustment to interest expense included in Net Income (Loss)	0	(100,000)
Interest Rate Swap | Not Designated as Hedging Instrument
Derivative [Line Items]
Impact of reclassification adjustment to interest expense included in Net Income (Loss)	$ (100,000)	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) a in Thousands, gal in Millions, $ in Millions	Oct. 11, 2019License	Jan. 07, 2019gal	Apr. 10, 2015plaintiff	May 31, 2016	Dec. 31, 2015plaintiff	Jan. 31, 2019	Mar. 31, 2020USD ($)joint_venture	Dec. 31, 2018aLicense
East Maui Irrigation Company, LLC (EMI)
Loss Contingencies [Line Items]
Interest held in EMI (percent)						50.00%
East Maui Irrigation Company, LLC (EMI) | Maui
Loss Contingencies [Line Items]
Area of land sold (acres) | a								41
East Maui Irrigation Company, LLC (EMI) | East Maui
Loss Contingencies [Line Items]
Watershed lands owned (in acres) | a								16
State of Hawai'i | East Maui
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
Bid, Performance and Payment Bonds and Commercial Bonds
Loss Contingencies [Line Items]
Possible administrative penalty							$ 400.8
Estimated remaining exposure							54.9
Performance Bond
Loss Contingencies [Line Items]
Possible administrative penalty							$ 381.5
Long Term Water Lease Request
Loss Contingencies [Line Items]
Number of water licenses held and extended as revocable permits | License	4
Number of parties filed lawsuit | plaintiff			3		3
Duration of revocable permits for disposition of water rights	1 year			3 years
Sierra Club Lawsuit Against BLNR, A&B, and EMI
Loss Contingencies [Line Items]
Number of gallons per day sought to be enjoined (gallons) | gal		25
Financial Guarantee
Loss Contingencies [Line Items]
Number of joint ventures | joint_venture							1
Guarantor obligations, current carrying value							$ 3.1
Letters of Credit
Loss Contingencies [Line Items]
Standby letters of credit outstanding							$ 1.7

Revenue and Contract Balances_2

Revenue and Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Total operating revenue	$ 80.8	$ 129.4
Commercial Real Estate
Disaggregation of Revenue [Line Items]
Commercial Real Estate	43.4	36.8
Land Operations
Disaggregation of Revenue [Line Items]
Revenues	11.5	49
Land Operations | Development sales revenue
Disaggregation of Revenue [Line Items]
Revenues	3.6	12.3
Land Operations | Unimproved/other property sales revenue
Disaggregation of Revenue [Line Items]
Revenues	2.1	30.5
Land Operations | Other operating revenue
Disaggregation of Revenue [Line Items]
Revenues	5.8	6.2
Materials & Construction
Disaggregation of Revenue [Line Items]
Revenues	$ 25.9	$ 43.6

Revenue and Contract Balances -

Revenue and Contract Balances - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 74.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized related to contract liabilities	$ 4.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation satisfaction period
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining obligation expected to be satisfied (percent)	50.00%
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining obligation expected to be satisfied (percent)	55.00%

Revenue and Contract Balances_3

Revenue and Contract Balances - Schedule of Contract Balances (Details) - USD ($) $ in Millions	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 37.4		$ 43.4
Contracts retention	8.4		8.6
Allowance for credit losses on accounts receivable and retention	(1.5)	$ (0.3)	(0.4)
Accounts receivable and retention, net	44.3		51.6
Costs and estimated earnings in excess of billings on uncompleted contracts	9.3		10
Billings in excess of costs and estimated earnings on uncompleted contracts	7.6		7.9
Variable consideration	62		62
Other long term deferred revenue	$ 5.4		$ 5.6

Leases - The Company as Lesso_2

Leases - The Company as Lessor - Summary of Historical Cost and Accumulated Depreciation of Leased Property (Details) - Real Estate - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Lessor, Lease, Description [Line Items]
Property - gross	$ 1,513.9	$ 1,511.3
Less: Accumulated depreciation	(131.6)	(125)
Property, net	$ 1,382.3	$ 1,386.3

Leases - The Company as Lesso_3

Leases - The Company as Lessor - Schedule of Total Rental Income Under Operating Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Lease payments	$ 30.2	$ 24.9
Variable lease payments	1.4	1.5
Total	$ 31.6	$ 26.4

Leases - The Company as Lesso_4

Leases - The Company as Lessor - Future Minimum Rentals on Non-cancelable Operating Leases as Lessor (Details) $ in Millions	Mar. 31, 2020USD ($)
Future minimum rentals on non-cancelable leases
2020	$ 66.8
2021	108.6
2022	96.7
2023	86.3
2024	74.2
2025	64.6
Thereafter	468.9
Total lease receivables	$ 966.1

Leases - The Company as Lessee

Leases - The Company as Lessee (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating lease cost	$ 1.2	$ 1.6
Finance lease cost	$ 0.3	$ 0.1

Share-Based Payment Awards - Sc

Share-Based Payment Awards - Schedule of Stock Option Activity (Details) - Stock Options - 2012 Plan $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares
2012 Plan Stock Options
Outstanding, beginning balance (in shares) | shares	352,200
Exercised (in shares) | shares	(7,300)
Outstanding, ending balance (in shares) | shares	344,900
Vested or expected to vest (in shares) | shares	344,900
Exercisable (in shares) | shares	344,900
Weighted- Average Exercise Price
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 13.95
Exercised (in dollars per share) | $ / shares	11.38
Outstanding, ending balance (in dollars per share) | $ / shares	14
Vested or expected to vest (in dollars per share) | $ / shares	14
Exercisable (in dollars per share) | $ / shares	$ 14
Weighted- average contractual life
Outstanding	1 year 3 months 18 days
Vested or expected to vest	1 year 3 months 18 days
Exercisable	1 year 3 months 18 days
Aggregate intrinsic value
Outstanding | $	$ 0
Vested or expected to vest | $	0
Exercisable | $	$ 0

Share-Based Payment Awards - Su

Share-Based Payment Awards - Summary of Non-vested Restricted Stock Unit Activity (Details) - Time-based and market-based restricted stock units - 2012 Plan	3 Months Ended
	Mar. 31, 2020$ / sharesshares
2012 Plan Restricted Stock Units
Outstanding, beginning balance (in shares) | shares	454,700
Granted (in shares) | shares	225,700
Vested (in shares) | shares	(88,200)
Canceled (in shares) | shares	(43,300)
Outstanding, ending balance (in shares) | shares	548,900
Weighted- Average Grant-date Fair Value
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 23.88
Granted (in dollars per share) | $ / shares	24.59
Vested (in dollars per share) | $ / shares	25.92
Canceled (in dollars per share) | $ / shares	26.60
Outstanding, ending balance (in dollars per share) | $ / shares	$ 23.63

Share-Based Payment Awards - Na

Share-Based Payment Awards - Narrative (Details) - 2012 Plan	3 Months Ended
	Mar. 31, 2020
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Employee | Time-based and market-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Granted prior to 2018 | Non-employee Director | Time-based and market-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
2018 Grants | Non-employee Director | Time-based and market-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year

Share-Based Payment Awards - _2

Share-Based Payment Awards - Schedule of Fair Value Assumptions of Market-based Awards (Details) - Time-based and market-based restricted stock units - 2012 Plan - Time-Based Vesting	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility of A&B common stock (percent)	22.60%	23.60%
Average volatility of peer companies (percent)	23.20%	24.30%
Risk-free interest rate (percent)	1.30%	2.60%

Share-Based Payment Awards - _3

Share-Based Payment Awards - Summary of Compensation Cost related to Share-based Payments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Time-based and market-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Time-based and market-based restricted stock units	$ 1.5	$ 1.4

Employee Benefit Plans - Summar

Employee Benefit Plans - Summary of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Components of Net Periodic Benefit Cost
Net periodic benefit cost	$ 0.8	$ 1.7
Pension and Post-retirement Plan
Components of Net Periodic Benefit Cost
Service cost	0.2	0.5
Interest cost	1.7	2.1
Expected return on plan assets	(1.7)	(1.8)
Amortization of net loss	0.6	1
Amortization of prior service credit	$ 0	$ (0.1)

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
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Income (loss) from continuing operations	$ 5.8	$ 9.5
Exclude: (Income) loss attributable to noncontrolling interest	0.6	0.3
Income (loss) from continuing operations attributable to A&B shareholders	6.4	9.8
Distributions and allocations to participating securities	0	0
Income (loss) from continuing operations available to A&B common shareholders	6.4	9.8
Income (loss) from discontinued operations available to A&B common shareholders	(0.2)	(0.8)
Net income (loss) available to A&B common shareholders	$ 6.2	$ 9
Number of shares used to compute basic and diluted earnings per share [Abstract]
Denominator for basic EPS – weighted-average shares outstanding (in shares)	72.3	72.1
Effect of dilutive securities:
Non-participating stock options and restricted stock unit awards (in shares)	0.2	0.4
Denominator for diluted EPS – weighted average shares outstanding (in shares)	72.5	72.5

Earnings Per Share (_EPS_) - Na

Earnings Per Share (“EPS”) - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Anti-dilutive securities outstanding (in shares)	100,000	0

Comprehensive Income (Loss) - C

Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Total Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 1,110.8	$ 1,128.7	$ 1,205.5	$ 1,208.3
Other comprehensive income (loss) before reclassifications, net of taxes of $0	(6.9)
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes of $0	0.6
Other Comprehensive Income (Loss) before Reclassifications, Tax	0
Amounts reclassified from accumulated other comprehensive loss, tax	0
Accumulated Other Compre- hensive Income (Loss)
Total Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(55.1)	(48.8)	$ (52.6)	$ (51.9)
Employee Benefit Plans
Total Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(47.4)	(48)
Other comprehensive income (loss) before reclassifications, net of taxes of $0	0
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes of $0	0.6
Employee Benefit Plans | Pension plans | Qualified plans
Total Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(46.8)	(47.4)
Employee Benefit Plans | Post-retirement plans | Qualified plans
Total Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	0.2	0.2
Employee Benefit Plans | Non-qualified benefit plans | Non-qualified plans
Total Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(0.8)	(0.8)
Interest Rate Swap
Total Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(7.7)	$ (0.8)
Other comprehensive income (loss) before reclassifications, net of taxes of $0	(6.9)
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes of $0	$ 0

Related Party Transactions (Det

Related Party Transactions (Details) - Affiliated Entity - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Materials & Construction | Supplier Contracts
Related Party Transaction [Line Items]
Revenue from related parties	$ 0.7	$ 2.6
Expenses recognized from transactions with affiliates	0.2	0.1
Receivables from related parties	0.8		$ 0.2
Payables to related parties	0.2		1.2
Real estate leasing and development | Lease Agreements
Related Party Transaction [Line Items]
Revenue from related parties		1.3
Land Operations | Service revenues and Interest
Related Party Transaction [Line Items]
Revenue from related parties	0.8	$ 0.3
Receivables from related parties	0.2		0.1
Land Operations | Extension of Secured Note Receivable
Related Party Transaction [Line Items]
Receivable from affiliate	$ 9.5		$ 13.1

Segment Results - Schedule of O

Segment Results - Schedule of Operating Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information, Profit (Loss) [Abstract]
Total operating revenue	$ 80.8	$ 129.4
Gain (loss) on the sale of commercial real estate properties	0.5	0
Interest expense	(7.8)	(9.1)
Income (Loss) from Continuing Operations Before Income Taxes	5.8	8.4
Commercial Real Estate
Segment Reporting Information, Profit (Loss) [Abstract]
Commercial Real Estate	43.4	36.8
Land Operations
Segment Reporting Information, Profit (Loss) [Abstract]
Revenues	11.5	49
Materials & Construction
Segment Reporting Information, Profit (Loss) [Abstract]
Revenues	25.9	43.6
Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Total operating revenue	80.8	129.4
Total operating profit (loss)	19.3	23.7
Gain (loss) on the sale of commercial real estate properties	0.5	0
Interest expense	(7.8)	(9.1)
Operating Segments | Commercial Real Estate
Segment Reporting Information, Profit (Loss) [Abstract]
Commercial Real Estate	43.4	36.8
Total operating profit (loss)	18.1	15.6
Operating Segments | Land Operations
Segment Reporting Information, Profit (Loss) [Abstract]
Revenues	11.5	49
Total operating profit (loss)	5	12.6
Operating Segments | Materials & Construction
Segment Reporting Information, Profit (Loss) [Abstract]
Revenues	25.9	43.6
Total operating profit (loss)	(3.8)	(4.5)
Other
Segment Reporting Information, Profit (Loss) [Abstract]
General corporate expenses	$ (6.2)	$ (6.2)

Uncategorized Items - alex-2020

Label	Element	Value
Noncontrolling Interest [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (100,000)