Alexander & Baldwin (ALEX) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	822 Bishop Street
Entity Address, Address Line Two	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)	72,593,773
Entity Central Index Key	0001545654
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Real estate investments
Real estate property	$ 1,600.7	$ 1,598.9
Accumulated depreciation	(209.3)	(202.3)
Real estate property, net	1,391.4	1,396.6
Real estate developments	59.9	59.9
Investments in real estate joint ventures and partnerships	7.4	7.5
Real estate intangible assets, net	41.8	43.6
Real estate investments, net	1,500.5	1,507.6
Cash and cash equivalents	10.7	33.3
Restricted cash	1	1
Accounts receivable, net of allowances (credit losses and doubtful accounts) of $2.4 million and $2.5 million as of March 31, 2023, and December 31, 2022, respectively	4.2	6.1
Other property, net	2.3	2.5
Operating lease right-of-use assets	3	5.4
Goodwill	8.7	8.7
Other receivables, net of allowances of $3.6 million and $2.7 million as of March 31, 2023, and December 31, 2022, respectively	8	6.9
Prepaid expenses and other assets	92.6	89
Assets held for sale	125.1	126.8
Total assets	1,756.1	1,787.3
Liabilities:
Notes payable and other debt	479.2	472.2
Accounts payable	4.9	4.5
Operating lease liabilities	2.9	4.9
Accrued pension and post-retirement benefits	10.1	10.1
Deferred revenue	71.9	68.8
Accrued and other liabilities	81.7	102.1
Liabilities associated with assets held for sale	77.8	81
Total liabilities	728.5	743.6
Commitments and Contingencies
Redeemable Noncontrolling Interest	7.6	8
Equity:
Common stock - no par value; authorized, 150.0 million shares; outstanding, 72.6 million and 72.5 million shares at March 31, 2023 and December 31, 2022, respectively	1,807.6	1,808.4
Accumulated other comprehensive income (loss)	(2.2)	1.8
Distributions in excess of accumulated earnings	(785.4)	(774.5)
Total A&B shareholders' equity	1,020	1,035.7
Total liabilities and equity	$ 1,756.1	$ 1,787.3

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowances (credit losses and doubtful accounts)	$ 2.4	$ 2.5
Allowance for credit losses on other receivables	$ 3.6	$ 2.7
Common stock authorized (in shares)	150,000,000	150,000,000
Common stock outstanding (in shares)	72,600,000	72,500,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Revenue:
Total operating revenue	$ 50.4	$ 59.2
Operating Costs and Expenses:
Selling, general and administrative	8.7	8.8
Total operating costs and expenses	37.3	42
Gain (loss) on disposal of non-core assets, net	1.1	0
Operating Income (Loss)	14.2	17.2
Other Income and (Expenses):
Income (loss) related to joint ventures	0.4	1.4
Pension termination	0	(3.2)
Interest and other income (expense), net	(0.1)	(0.1)
Interest expense	(5)	(5.7)
Income (Loss) from Continuing Operations	9.5	9.6
Income (loss) from discontinued operations, net of income taxes	(4.2)	1.4
Net Income (Loss)	5.3	11
Loss (income) attributable to discontinued noncontrolling interest	0	(0.5)
Net Income (Loss) Attributable to A&B Shareholders	$ 5.3	$ 10.5
Basic Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders (in dollars per share)	$ 0.13	$ 0.13
Discontinued operations available to A&B shareholders (in dollars per share)	(0.06)	0.01
Net income (loss) available to A&B shareholders (in dollars per share)	0.07	0.14
Diluted Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders (in dollars per share)	0.13	0.13
Discontinued operations available to A&B shareholders (in dollars per share)	(0.06)	0.01
Net income (loss) available to A&B shareholders (in dollars per share)	$ 0.07	$ 0.14
Weighted-Average Number of Shares Outstanding:
Basic (in shares)	72.5	72.6
Diluted (in shares)	72.6	72.8
Amounts Available to A&B Common Shareholders :
Continuing operations available to A&B common shareholders	$ 9.5	$ 9.6
Discontinued operations available to A&B common shareholders	(4.2)	0.9
Net income (loss) available to A&B common shareholders	5.3	10.5
Commercial Real Estate
Operating Revenue:
Commercial Real Estate	47.9	46.3
Operating Costs and Expenses:
Cost of Commercial Real Estate	25	24
Land Operations
Operating Revenue:
Revenues	2.5	12.9
Operating Costs and Expenses:
Operating costs	$ 3.6	$ 9.2

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 5.3	$ 11
Cash flow hedges:
Unrealized interest rate hedging gain (loss)	(3.7)	3.4
Impact of reclassification adjustment to interest expense included in Net Income (Loss)	(0.3)	0.4
Employee benefit plans:
Amortization of net loss included in net periodic benefit cost	0	0.9
Pension termination	0	3.2
Other comprehensive income (loss), net of tax	(4)	7.9
Comprehensive Income (Loss)	1.3	18.9
Comprehensive (income) loss attributable to discontinued noncontrolling interest	0	(0.5)
Comprehensive Income (Loss) Attributable to A&B Shareholders	$ 1.3	$ 18.4

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities:
Net income (loss)	$ 5.3	$ 11
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Loss (income) from discontinued operations	4.2	(1.4)
Depreciation and amortization	9.2	9.9
Loss (gain) from disposals and asset transactions, net	(1.1)	0
Share-based compensation expense	1.6	1.5
Equity in (income) loss from affiliates, net of operating cash distributions	(0.4)	0.1
Pension termination	0	3.2
Changes in operating assets and liabilities:
Trade and other receivables	(1.4)	(0.8)
Prepaid expenses, income tax receivable and other assets	(1.2)	(5.7)
Development/other property inventory	(0.1)	3.1
Accrued pension and post-retirement benefits	0	0.8
Accounts payable	0.2	0.3
Accrued and other liabilities	(3.6)	(4.8)
Operating cash flows from continuing operations	12.7	17.2
Operating cash flows from discontinued operations	(7.2)	(9.9)
Net cash provided by (used in) operations	5.5	7.3
Cash Flows from Investing Activities:
Capital expenditures for property, plant and equipment	(3)	(2.2)
Proceeds from disposal of assets	1.6	0
Payments for purchases of investments in affiliates and other investments	(0.1)	(0.1)
Investing cash flows from continuing operations	(1.5)	(2.3)
Investing cash flows from discontinued operations	2.2	(1.6)
Net cash provided by (used in) investing activities	0.7	(3.9)
Cash Flows from Financing Activities:
Payments of notes payable and other debt and deferred financing costs	(18)	(10.2)
Borrowings (payments) on line-of-credit agreement, net	25	0
Cash dividends paid	(32)	(27)
Repurchases of common stock and other payments	(2.4)	(2.2)
Financing cash flows from continuing operations	(27.4)	(39.4)
Financing cash flows from discontinued operations	(0.4)	(0.3)
Net cash provided by (used in) financing activities	(27.8)	(39.7)
Cash, Cash Equivalents, Restricted Cash, and Cash included in Assets Held for Sale
Net increase (decrease) in cash, cash equivalents, restricted cash, and cash included in assets held for sale	(21.6)	(36.3)
Balance, beginning of period	34.4	71
Balance, end of period	12.8	34.7
Other Cash Flow Information:
Interest paid, net of capitalized interest	(4.9)	(4.9)
Income tax (payments)/refunds, net	0.2	0
Reconciliation of cash, cash equivalents, restricted cash, and cash included in assets held for sale:
Cash and cash equivalents, beginning of period	33.3	65.4
Restricted cash, beginning of period	1	1
Cash included in assets held for sale, beginning of period	0.1	4.6
Cash, cash equivalents, restricted cash, and cash included in assets held for sale beginning balance	34.4	71
Cash and cash equivalents, end of period	10.7	32.6
Restricted cash, end of period	1	1
Cash included in assets held for sale, end of period	1.1	1.1
Cash, cash equivalents, restricted cash, and cash included in assets held for sale ending balance	12.8	34.7
Continuing Operations
Noncash Investing and Financing Activities from continuing operations:
Increase (decrease) in capital expenditures included in accounts payable and accrued and other liabilities	0.3	0
Dividends declared but unpaid at end of period	0.6	0
Increase (decrease) in escrow and other receivables from subsidiary and asset disposals	0.3	0
Noncash Investing and Financing Activities from discontinued operations:
Increase (decrease) in capital expenditures included in liabilities associated with assets held for sale	0.3	0
Discontinued Operations
Noncash Investing and Financing Activities from continuing operations:
Increase (decrease) in capital expenditures included in accounts payable and accrued and other liabilities	0.2	0.1
Noncash Investing and Financing Activities from discontinued operations:
Increase (decrease) in capital expenditures included in liabilities associated with assets held for sale	0.2	0.1
Distribution to noncontrolling interests included in liabilities associated with assets held for sale	$ 0.3	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTEREST - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Accumulated Other Comprehensive Income (Loss)	(Distribution in Excess of Accumulated Earnings) Earnings Surplus
Beginning balance (in shares) at Dec. 31, 2021		72.5
Beginning balance at Dec. 31, 2021	$ 1,066.6	$ 1,810.5	$ (80.7)	$ (663.2)
Total Equity
Net income (loss)	10.5			10.5
Other comprehensive income (loss), net of tax	7.9		7.9
Dividend on common stock	(13.9)			(13.9)
Share-based compensation	1.5	$ 1.5
Shares issued (repurchased), net (in shares)		0.2
Shares issued (repurchased), net	(2.2)	$ (2.4)		0.2
Ending balance (in shares) at Mar. 31, 2022		72.7
Ending balance at Mar. 31, 2022	1,070.4	$ 1,809.6	(72.8)	(666.4)
Redeemable Non-Controlling Interest, beginning balance at Dec. 31, 2021	6.9
Redeemable Non- Controlling Interest
Net income (loss)	0.5
Redeemable Non-Controlling Interest, ending balance at Mar. 31, 2022	7.4
Beginning balance (in shares) at Dec. 31, 2022		72.5
Beginning balance at Dec. 31, 2022	1,035.7	$ 1,808.4	1.8	(774.5)
Total Equity
Net income (loss)	5.3			5.3
Other comprehensive income (loss), net of tax	(4)		(4)
Dividend on common stock	(16.2)			(16.2)
Share-based compensation	1.6	$ 1.6
Shares issued (repurchased), net (in shares)		0.1
Shares issued (repurchased), net	(2.4)	$ (2.4)		0
Ending balance (in shares) at Mar. 31, 2023		72.6
Ending balance at Mar. 31, 2023	1,020	$ 1,807.6	$ (2.2)	$ (785.4)
Redeemable Non-Controlling Interest, beginning balance at Dec. 31, 2022	8
Redeemable Non- Controlling Interest
Net income (loss)	0
Distributions to noncontrolling interest	(0.4)
Redeemable Non-Controlling Interest, ending balance at Mar. 31, 2023	$ 7.6

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.22	$ 0.19

Background and Basis of Present

Background and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
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 fully integrated real estate investment trust ("REIT") headquartered in Honolulu, Hawai‘i, whose history in Hawai‘i dates back to 1870. Over time, the Company has evolved from a 571-acre sugar plantation on Maui to become one of Hawai‘i's premier commercial real estate companies and the owner of the largest grocery-anchored, neighborhood shopping center portfolio in the state. The Company operates in two segments: Commercial Real Estate ("CRE") and Land Operations. As of March 31, 2023, the Company's commercial real estate portfolio resides entirely in Hawai‘i and consists of 22 retail centers, 12 industrial assets and four office properties, representing a total of 3.9 million square feet of gross leasable area ("GLA"), as well as 142.0 acres of land under ground leases. 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, 2022 and 2021, and the related consolidated statements of operations, comprehensive income (loss), cash flows, and equity and redeemable noncontrolling interest for each of the three years ended December 31, 2022, 2021, and 2020, respectively, and the notes thereto included in the Company's Annual Report filed on Form 10-K for the year ended December 31, 2022 ("2022 Form 10-K"), and other subsequent filings with the U.S. Securities and Exchange Commission ("SEC"). Reclassifications: Prior to December 31, 2022, the Company operated and reported on three segments: Commercial Real Estate; Land Operations; and Materials & Construction ("M&C"). During the fourth quarter of 2022, the Company's wholly-owned subsidiary, Grace Pacific LLC ("Grace Pacific") and Company-owned quarry land on Maui ("Maui Quarries") (collectively, the "Grace Disposal Group"), which made up the majority of activity in the Company’s former M&C segment, met the criteria for classification as held for sale and discontinued operations. Accordingly, the assets and liabilities associated with the Grace Disposal Group are classified as held for sale in the condensed consolidated balance sheets, its financial results are classified as discontinued operations in the condensed consolidated statements of operations and cash flows for all periods presented, and the Company’s former Materials and Construction ("M&C") segment has been eliminated. As a result of this strategic shift, the chief operating decision maker began reviewing all investments in unconsolidated affiliates together within the Land Operations segment. This change resulted in a reorganization to present the income (loss) related to one joint venture, which historically was included in the results of the former M&C segment, to now be included in the results of the Land Operations segment. All comparable information for the historical periods has been retrospectively adjusted to reflect the impact of these changes. Refer to Note 17 – Held for Sale and Discontinued Operations for additional information regarding the Grace Disposal Group, including the assets held for sale, liabilities associated with held for sale and income (loss) from discontinued operations. Unless otherwise noted, disclosures within the remaining notes to these condensed consolidated financial statements relate solely to the Company's continuing operations. 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.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting PoliciesThe Company's significant accounting policies are described in Note 2 to the consolidated financial statements included in Item 8 of the Company's 2022 Form 10-K. There have not been any changes to the Company's significant accounting policies as described in the Company's 2022 Form 10-K. Recently issued accounting pronouncements In March 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-04, Reference Rate Reform , establishing ASC Topic 848, and amended the standard thereafter through ASU No. 2021-01 and ASU No. 2022-06 (collectively, "ASC 848"). ASC 848 provides optional practical expedients and exceptions related to the impacts of reference rate reform that affect certain 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, 2024. The Company plans to adopt ASU 2020-04 during the second quarter of 2023 after modifying certain debt to update the reference rate from LIBOR to the Secured Overnight Financing Rate (SOFR). The Company will continue to assess the impact of the guidance and may apply other elections as applicable going forward. Interest and other income (expense), net Interest and other income (expense), net for the three months ended March 31, 2023 and 2022, included the following (in millions): Three Months Ended March 31, 2023 2022 Interest income $ 0.1 $ 0.1 Pension and post-retirement benefit (expense) (0.2) (0.2) Interest and other income (expense), net $ (0.1) $ (0.1)

Investments in Affiliates

Investments in Affiliates	3 Months Ended
	Mar. 31, 2023
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 presented in the Company's condensed consolidated financial statements 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 three months ended March 31, 2023 and 2022, is as follows (in millions): Three Months Ended March 31, 2023 2022 Revenues $ 37.9 $ 29.4 Operating costs and expenses 34.4 28.5 Gross Profit (Loss) $ 3.5 $ 0.9 Income (Loss) from Continuing Operations 1 $ (1.3) $ (2.9) Net Income (Loss) 1 $ (1.3) $ 2.3 1 Includes earnings from equity method investments held by the investee. During the three months ended March 31, 2023 and 2022, Income (loss) related to joint ventures was $0.4 million and $1.4 million, respectively, and return on investment operating cash distributions was zero and $1.5 million, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Recurring Fair Value Measurements The following tables present the fair value of those assets and (liabilities) measured on a recurring basis as of March 31, 2023 and 2022, (in millions): Fair Value Measurements at March 31, 2023 Condensed Consolidated Balance Sheet Location Total Quoted Prices in Active Markets (Level 1) Significant Observable Inputs Significant Unobservable Inputs Assets Derivative financial instruments - interest rate swaps Prepaid expenses and other assets $ 4.4 $ — $ 4.4 $ — Liabilities Derivative financial instruments - interest rate swaps Accrued and other liabilities $ (5.7) $ — $ (5.7) $ — Fair Value Measurements at December 31, 2022 Condensed Consolidated Balance Sheet Location Total Quoted Prices in Active Markets (Level 1) Significant Observable Inputs Significant Unobservable Inputs Assets Derivative financial instruments - interest rate swaps Prepaid expenses and other assets $ 5.5 $ — $ 5.5 $ — Liabilities Derivative financial instruments - interest rate swaps Accrued and other liabilities $ (2.8) $ — $ (2.8) $ — Derivative Financial Instruments: The Company records its interest rate swaps at fair value. The fair values of the Company's interest rate swaps are classified as Level 2 measurements in the fair value hierarchy and 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 (refer to Note 6 – Derivative Instruments for fair value information regarding the Company's derivative instruments). Non-Recurring Fair Value Certain financial and nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The Company’s process for identifying and recording impairment is discussed in Note 2 to the consolidated financial statements included in Item 8 of the Company's 2022 Form 10-K. The following table presents the fair value hierarchy and quantitative information about the significant unobservable inputs used to determine the fair value of long-lived assets held and used and assets held for sale, net for which a nonrecurring fair value adjustment was recorded (in millions): Fair Value Measurements at Quantitative Information about December 31, 2022 Level 3 Fair Value Measurements Total Quoted Prices in Active Markets (Level 1) Significant Observable Inputs Significant Unobservable Inputs Total Gains (Losses) Valuation Technique/ Unobservable Inputs Weighted Average Discount Rate Assets held for sale, net 1,2 $ 50.0 $ — $ — $ 50.0 $ (89.8) Indicative bids N/A Long-lived assets 3 — — — — (5.0) Discounted cash flows/ 16% Market comparables N/A Total $ 50.0 $ — $ — $ 50.0 $ (94.8) 1 Assets or liabilities are presented in Assets held for sale or Liabilities associated with assets held for sale , respectively, in the Condensed Consolidated Balance Sheets. Impairment loss is presented in Income (loss) from discontinued operations, net of income taxes in the Condensed Consolidated Statements of Operations. 2 Assets held for sale of $126.8 million, net of liabilities associated with assets held for sale of $81.0 million, and excluding estimated selling costs of $4.2 million. 3 Included in Real estate property in the Condensed Consolidated Balance Sheets. Impairment loss is presented in Cost of Land Operations in the Condensed Consolidated Statements of Operations. Assets Held for Sale, net: As a result of the Grace Disposal Group's classification as held for sale as of December 31, 2022, the Company measured the disposal group at its fair value less costs to sell and recorded an impairment charge of $89.8 million for the year ended December 31, 2022. During the three months ended March 31, 2023, the Company recorded no additional impairment charges related to assets and liabilities held for sale. The fair value of the Grace Disposal Group is classified as a Level 3 measurement in the fair value hierarchy because it is determined using significant unobservable inputs such as management assumptions about expected sales proceeds from third parties. Impairment of Long-lived Assets Held and Used and Finite-Lived Intangible Assets: During the year ended December 31, 2022, the Company recognized an impairment charge of $5.0 million related to parcels of conservation and agriculture zoned land on Oahu. During the three months ended March 31, 2023, the Company did not recognize any impairments of long-lived assets held and used or finite-lived intangible assets. The Company classifies these fair value measurements as Level 3 in the fair value hierarchy because they involve significant unobservable inputs such as cash flow projections, discount rates, and management assumptions. Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on our condensed consolidated balance sheets include cash and cash equivalents, restricted cash, accounts and notes receivable, net and notes payable and other debt. The fair value of the Company's cash and cash equivalents, restricted cash, accounts receivable, net and short-term borrowings approximate their carrying values due to the short-term nature of the instruments, which is classified as Level 1 measurement in the fair value hierarchy. The fair value of the Company's notes receivable approximated the carrying amount of $1.9 million as of March 31, 2023 and December 31, 2022. The fair value of these notes 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 is classified as a Level 3 measurement in the fair value hierarchy. At March 31, 2023, the carrying amount of the Company's notes payable and other debt was $479.2 million and the corresponding fair value was $461.4 million. At December 31, 2022, the carrying amount of the Company's notes payable and other debt was $472.2 million and the corresponding fair value was $449.2 million. 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, and is classified as a Level 3 measurement in the fair value hierarchy.

Notes Payable and Other Debt

Notes Payable and Other Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Notes Payable and Other Debt	Notes Payable and Other Debt As of March 31, 2023 and December 31, 2022, notes payable and other debt consisted of the following (dollars in millions): Interest Rate (%) Maturity Date Principal Outstanding March 31, 2023 December 31, 2022 Secured: Laulani Village 3.93% 2024 $ 58.8 $ 59.0 Pearl Highlands 4.15% 2024 76.7 77.3 Photovoltaic Financing (1) 2027 2.5 2.6 Manoa Marketplace (2) 2029 54.0 54.5 Subtotal $ 192.0 $ 193.4 Unsecured: Series A Note 5.53% 2024 $ 14.2 $ 14.2 Series J Note 4.66% 2025 10.0 10.0 Series B Note 5.55% 2026 27.0 36.0 Series C Note 5.56% 2026 11.0 11.0 Series F Note 4.35% 2026 13.6 15.2 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 22.1 28.1 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 $ 250.4 $ 267.0 Revolving Credit Facilities: A&B Revolver (3) 2025 37.0 12.0 Total debt (contractual) $ 479.4 $ 472.4 Unamortized debt issuance costs (0.2) (0.2) Total debt (carrying value) $ 479.2 $ 472.2 (1) Financing lease has an interest rate of 4.14%. (2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. (3) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid. $50.0 million was swapped through June 2022 to a 2.40% fixed rate. On March 5, 2021, the Financial Conduct Authority announced a timeline for the phase-out of the London Interbank Offered Rate ("LIBOR"). The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency subsequently issued a joint statement saying that banks should stop entering into new contracts with LIBOR as soon as possible but at least by December 31, 2021. As of January 1, 2022, LIBOR can only be used for legacy LIBOR obligations entered into prior to December 31, 2021. In addition, the publication of US dollar LIBOR is expected to cease after June 30, 2023. The Secured Overnight Financing Rate ("SOFR") and Bloomberg Short Term Bank Yield Index ("BSBY") have been identified as replacements to LIBOR, with the former being recommended by the Federal Reserve-formed Alternative Reference Rates Committee.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative InstrumentsThe 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-rate 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 The Company has three interest rate swap agreements designated as cash flow hedges, whose key terms are as follows (dollars in millions): Effective Maturity Fixed Interest Notional Amount at Asset (Liability) Fair Value at Date Date Rate March 31, 2023 March 31, 2023 December 31, 2022 Interest Rate Swap Agreements 4/7/2016 8/1/2029 3.14% $ 54.0 $ 4.4 $ 5.5 Forward Interest Rate Swap Agreements 5/1/2024 12/9/2031 4.88% $ 57.0 $ (2.6) $ (1.3) 12/9/2024 12/9/2031 4.83% $ 73.0 $ (3.1) $ (1.5) The asset related to the interest rate swap as of March 31, 2023 and December 31, 2022, is presented within Prepaid expenses and other assets in the condensed consolidated balance sheets. The liability related to the forward interest rate swaps as of March 31, 2023 and December 31, 2022, is presented within Accrued and other liabilities in the condensed consolidated balance sheets. The changes in fair value of the cash flow hedges are recorded in Accumulated other comprehensive income (loss) and subsequently reclassified into interest expense as interest is incurred on the related variable-rate debt. The following table represents the pre-tax effect of the derivative instruments in the Company's condensed consolidated statements of comprehensive income (loss) during the three months ended March 31, 2023 and 2022, (in millions): Three Months Ended March 31, 2023 2022 Derivatives in Designated Cash Flow Hedging Relationships: Amount of gain (loss) recognized in OCI on derivatives $ (3.7) $ 3.4 Impact of reclassification adjustment to interest expense included in Net Income (Loss) $ (0.3) $ 0.4 As of March 31, 2023, the Company expects to reclassify $1.4 million of net gains (losses) on derivative instruments from accumulated other comprehensive income to earnings during the next 12 months.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments and other financial arrangements The Company has various financial commitments and other arrangements including standby letters of credit and bonds that are not recorded as liabilities on the Company's condensed consolidated balance sheet as of March 31, 2023: • Standby letters of credit issued by the Company's lenders under the Company's revolving credit facility totaled $1.1 million as of March 31, 2023. These letters of credit primarily relate to the Company's workers' compensation plans and if drawn upon, the Company would be obligated to reimburse the issuer. • Bonds related to the Company's real estate activities totaled $18.6 million as of March 31, 2023, and represent commercial bonds issued by third party sureties (permit, subdivision, license and notary bonds). If 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. • Bonds related to Grace Pacific totaled $328.4 million as of March 31, 2023, and represent the face value of construction bonds issued by third party sureties (bid, performance and payment bonds). If 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, 2023, the Company's maximum remaining exposure, in the event of defaults on all existing contractual construction obligations, was approximately $130.3 million. The Company also provides certain bond indemnities and guarantees of indebtedness for unconsolidated affiliates accounted for as equity method investments related to Grace Pacific. • Bond indemnities are provided for the benefit of the third-party surety in exchange for construction bonds (bid, performance and payment bonds). Under such bond indemnities, the Company and the 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 Company may be obligated to reimburse the surety that issued the bond for the amount of the bond, reduced for the work completed to date if the joint venture does not perform. • Guarantees of indebtedness may be provided by the Company for the benefit of financial institutions providing credit to unconsolidated equity method investees. As of March 31, 2023, the Company had no such arrangements with third party lenders related to its unconsolidated equity method investees and no amounts outstanding. The recorded amounts of the bond indemnities and guarantee of indebtedness were not material individually or in the aggregate. Other than those described above, 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 held four water licenses to approximately 30,000 acres owned by the State of Hawai‘i in East Maui. The sale to Mahi Pono included the sale of a 50% interest in EMI (which closed February 1, 2019), and provided 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 (Healoha Carmichael; Lezley Jacintho; and Na Moku Aupuni O Ko‘olau Hui) 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 challenged the BLNR’s decision to continue the revocable permits for calendar year 2015 and 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 and, on May 5, 2020, oral argument was held. 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-year period through December 31, 2020. On November 13, 2020, the BLNR approved another renewal of such permits through December 31, 2021. On March 2, 2022, the Supreme Court of Hawai’i vacated the ICA’s ruling relating to the BLNR's decision to continue the revocable permits for the calendar year 2015, holding that Hawaii Revised Statutes Chapter 343 (the Hawaii Environmental Policy Act) did apply to the permits. The court remanded the matter back to the Circuit Court to determine if any exceptions would apply and, if not, how HRS Chapter 343 should be applied in light of the steps taken by A&B/EMI toward the long-term water lease. The Supreme Court of Hawai’i also determined that the BLNR had the statutory authority to continue the permits for more than one year, but required BLNR to make findings of fact and conclusions of law determining that the action would serve the best interests of the State. A&B/EMI will continue to defend against the plaintiffs’ claims on remand. 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, the 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 and 2020 holdovers of the revocable permits for, among other things, failure to perform an EA. The lawsuit also sought to 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 was dismissed by the court, based on the ICA Ruling in the Initial Lawsuit. The Sierra Club’s lawsuit was amended to include a challenge to the BLNR’s renewal of the revocable permits for calendar year 2020. After a full trial on the merits held beginning in August of 2020, the court ruled, on April 6, 2021, against the Sierra Club on its lawsuit challenging the 2019 and 2020 revocable permits. On February 17, 2022, the Sierra Club filed its notice of appeal challenging the decision on the August 2020 trial. The court separately considered a lawsuit filed by the Sierra Club appealing the BLNR’s decision to deny it a contested case hearing on the 2021 revocable permits, which were granted by the BLNR on or about November 13, 2020. In that case, on May 28, 2021, the court issued an interim decision that the Sierra Club’s due process rights were violated, ordered the BLNR to hold a contested case hearing on the 2021 permits, and that the permits would be vacated. On July 30, 2021, the court modified its ruling to say that the permits would not be invalidated, but left in place pending the outcome of the contested case hearing. The contested case hearing was held by the BLNR in December 2021 to address the continuation of the revocable permits for both calendar years 2021 and 2022 and BLNR issued a decision on June 30, 2022. On December 27, 2021, while BLNR’s decision in the contested case hearing was pending, the court further modified its ruling to allow the permits to remain in place until the earlier of May 1, 2022, the date on which the BLNR renders a substantive decision on the continuation of the permits for calendar year 2022, or further order of the court. On April 26, 2022, the court orally granted an extension of the May 1, 2022 deadline to the earlier of June 15, 2022, or the date on which the BLNR renders a substantive decision on the continuation of the permits for calendar year 2022, or as may be further ordered by the court. On June 1, 2022, the court granted an extension of the June 15, 2022 deadline to the earlier of July 15, 2022 or the date on which the BLNR renders a substantive decision on the continuation of the permits for calendar year 2022 or as may be further ordered by the court. On June 30, 2022, the BLNR issued its final decision on the contested case hearing on the permits for calendar years 2021 and 2022, approving the continuation of the permits through the end of calendar year 2022. The Sierra Club filed a notice of appeal of that decision to the Circuit Court of the First Circuit in Hawai‘i and on March 31, 2023, the Circuit Court entered its Order on Appeal dismissing the Sierra Club's appeal as moot. The Company and the BLNR also appealed the court’s determination that the Sierra Club was entitled to a contested case hearing on the 2021 revocable permits. On November 10, 2022, the BLNR voted to continue the revocable permits for calendar year 2023 and, at that same meeting, denied the Sierra Club’s oral request for a contested case hearing. The Sierra Club subsequently submitted a written request to the BLNR for a contested case hearing on the continuation of the revocable permits, which the BLNR denied on December 9, 2022. On November 29, 2022, the Sierra Club filed an appeal of BLNR’s decisions to deny its oral request for a contested case hearing and to continue the revocable permits for 2023 and on December 15, 2022, the Sierra Club amended its appeal to also challenge the BLNR’s denial of its written request for a contested case hearing. The BLNR’s decision to continue the permits through the end of calendar year 2023 will stand unless overturned on appeal or the Sierra Club obtains a preliminary injunction to prevent the decision from remaining in place. 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. In addition to the litigation described above, 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. While the outcomes of such litigation and claims cannot be predicted with certainty, in the opinion of management after consultation with counsel, the reasonably possible losses would not have a material effect on the Company's consolidated financial statements as a whole. Further note that certain of the Company's properties and assets may become the subject of other types of claims and assessments at various times (e.g., environmental matters based on normal operations of such assets). Depending on the facts and circumstances surrounding such potential claims and assessments, the Company records an accrual if it is deemed probable that a liability has been incurred and the amount of loss can be reasonably estimated/valued as of the date of the financial statements.

Revenue and Contract Balances

Revenue and Contract Balances	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue and Contract Balances	Revenue and Contract Balances The Company generates revenue through its Commercial Real Estate and Land Operations segments. Through its Commercial Real Estate segment, the Company owns and operates a portfolio of commercial real estate properties and generates income (i.e., revenue) as a lessor through leases of such assets. Refer to Note 9 – Leases - The Company as a Lessor for further discussion of lessor income recognition. The Land Operations segment generates revenue from contracts with customers. The Company further disaggregates revenue from contracts with customers by revenue type when appropriate if the Company believes disaggregation best depicts how the nature, amount, timing, and uncertainty of the Company's revenue and cash flows are affected by economic factors. Revenue by type for the three months ended March 31, 2023 and 2022, was as follows (in millions): Three Months Ended March 31, 2023 2022 Revenues: Commercial Real Estate $ 47.9 $ 46.3 Land Operations: Development sales revenue — 6.3 Unimproved/other property sales revenue 0.9 1.8 Other operating revenue 1.6 4.8 Land Operations 2.5 12.9 Total revenues $ 50.4 $ 59.2 The following table provides information about receivables, contract assets and contract liabilities from contracts with customers (in millions): March 31, 2023 December 31, 2022 Accounts receivable $ 6.6 $ 8.6 Allowances (credit losses and doubtful accounts) (2.4) (2.5) Accounts receivable, net of allowance for credit losses and allowance for doubtful accounts $ 4.2 $ 6.1 Variable consideration 1 $ 62.0 $ 62.0 Prepaid rent 7.4 4.4 Other deferred revenue 2.5 2.4 Deferred revenue $ 71.9 $ 68.8 1 Variable consideration deferred as of the end of the periods related to amounts received in the sale of agricultural land on Maui in 2018 that, under revenue recognition guidance, could not be included in the transaction price. For the three months ended March 31, 2023, the Company did not recognize any revenue related to the Company's variable consideration and other deferred revenue reported as of December 31, 2022.

Leases - The Company as Lessor

Leases - The Company as Lessor	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases - The Company as Lessor	Leases - The Company as a Lessor The Company leases real estate property to tenants under operating leases. Such activity is primarily composed of operating leases within its CRE segment. The historical cost of, and accumulated depreciation on, leased property as of March 31, 2023, and December 31, 2022, were as follows (in millions): March 31, 2023 December 31, 2022 Leased property - real estate $ 1,573.5 $ 1,572.0 Less: accumulated depreciation (208.9) (201.8) Property under operating leases - net $ 1,364.6 $ 1,370.2 Total rental income (i.e., revenue) under these operating leases during the three months ended March 31, 2023 and 2022, relating to lease payments and variable lease payments were as follows (in millions): Three Months Ended March 31, 2023 2022 Lease payments $ 33.1 $ 32.2 Variable lease payments 15.6 14.9 Revenues deemed uncollectible, net (0.7) 0.3 Total rental income $ 48.0 $ 47.4 Contractual future lease payments to be received on non-cancelable operating leases as of March 31, 2023, were as follows (in millions): March 31, 2023 2023 $ 94.3 2024 116.9 2025 100.1 2026 86.8 2027 75.7 2028 63.4 Thereafter 497.5 Total future lease payments to be received $ 1,034.7

Leases - The Company as Lessee

Leases - The Company as Lessee	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases - The Company as Lessee	Leases - The Company as a Lessee There have been no material changes from the Company's leasing activities as a lessee described in Note 13 to the consolidated financial statements included in Item 8 of the Company's 2022 Form 10-K. The following table provides information about the Company's operating lease costs recognized during the three months ended March 31, 2023 and 2022, (in millions): Three Months Ended March 31, 2023 2022 Operating lease cost $ 0.6 $ 0.6
Leases - The Company as Lessee	Leases - The Company as a Lessee There have been no material changes from the Company's leasing activities as a lessee described in Note 13 to the consolidated financial statements included in Item 8 of the Company's 2022 Form 10-K. The following table provides information about the Company's operating lease costs recognized during the three months ended March 31, 2023 and 2022, (in millions): Three Months Ended March 31, 2023 2022 Operating lease cost $ 0.6 $ 0.6

Share-Based Payment Awards

Share-Based Payment Awards	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Payment Awards	Share-based Payment Awards The 2022 Incentive Compensation Plan ("2022 Plan") allows for the granting of stock options, stock appreciation rights, stock awards, restricted stock units, dividend equivalent rights, and other awards. The shares of common stock authorized to be issued under the 2022 Plan are to be drawn from the shares of the Company's authorized but unissued common stock or from shares of its common stock that the Company acquired, including shares purchased on the open market or private transactions. During the three months ended March 31, 2023, the Company granted approximately 310,200 of restricted stock unit awards with a weighted average grant date fair value of $22.36. During the three months ended March 31, 2022, the Company granted approximately 266,300 of restricted stock unit awards with a weighted average grant date fair value of $25.99. 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: 2023 Grants 2022 Grants Volatility of A&B common stock 49.1% 47.7% Average volatility of peer companies 48.2% 49.5% Risk-free interest rate 3.8% 1.4% 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, 2023 2022 Share-based expense: Time-based and market-based restricted stock units $ 1.6 $ 1.5

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans During 2022, the Company completed the termination of its funded single-employer defined benefit pension plans that covered certain non-bargaining unit employees and bargaining unit employees of the Company and transferred the life insurance benefits for retirees as of June 30, 2022, to an insurance company. The Company continues to maintain its plans that provide retiree health care and the remaining life insurance benefits to certain salaried and hourly employees. Components of the net periodic benefit cost for the Company's pension and post-retirement plans for the three months ended March 31, 2023 and 2022, are shown below (in millions): Three Months Ended March 31, 2023 2022 Service cost $ — $ 0.7 Interest cost 0.1 0.5 Expected return on plan assets — (1.2) Amortization of net loss — 0.9 Pension termination — 3.2 Net periodic benefit cost $ 0.1 $ 4.1

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe 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, 2023, approximated the effective tax rate for the same period in 2022.As of March 31, 2023, tax years 2019 and later are open to audit by the tax authorities. The Company believes the result of any potential audits 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, 2023
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 net income (loss) from continuing operations available to A&B common shareholders and net income (loss) available to A&B common shareholders (in millions): Three Months Ended March 31, 2023 2022 Income (loss) from continuing operations $ 9.5 $ 9.6 Distributions and allocations to participating securities — — Income (loss) from continuing operations available to A&B shareholders 9.5 9.6 Income (loss) from discontinued operations (4.2) 1.4 Exclude: Loss (income) attributable to discontinued noncontrolling interest — (0.5) Net income (loss) available to A&B common shareholders $ 5.3 $ 10.5 The number of shares used to compute basic and diluted earnings per share is as follows (in millions): Three Months Ended March 31, 2023 2022 Denominator for basic EPS - weighted average shares outstanding 72.5 72.6 Effect of dilutive securities: Restricted stock unit awards 0.1 0.2 Denominator for diluted EPS - weighted average shares outstanding 72.6 72.8 The number of anti-dilutive securities, excluded from the calculation of diluted earnings per common share, consisted of the following (in millions): Three Months Ended March 31, 2023 2022 Number of anti-dilutive securities — 0.1

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) For the three months ended March 31, 2023, other comprehensive income (loss) principally includes unrealized interest rate hedging gains and losses and associated reclassification adjustments to interest expense. The components of Accumulated other comprehensive loss, net of taxes, were as follows as of March 31, 2023 and December 31, 2022, (in millions): March 31, 2023 December 31, 2022 Employee benefit plans: Post-retirement plans $ (0.3) $ (0.3) Total employee benefit plans (0.3) (0.3) Interest rate swap (1.9) 2.1 Accumulated other comprehensive income (loss) $ (2.2) $ 1.8 The changes in Accumulated other comprehensive income (loss) by component for the three months ended March 31, 2023, were as follows (in millions, net of taxes): Employee Benefit Plans Interest Rate Swap Total Balance, January 1, 2023 $ (0.3) $ 2.1 $ 1.8 Other comprehensive income (loss) before reclassifications, net of taxes of $0 — (3.7) (3.7) Amounts reclassified from accumulated other comprehensive income (loss) 1 — (0.3) (0.3) Other comprehensive income (loss), net of taxes — (4.0) (4.0) Balance, March 31, 2023 $ (0.3) $ (1.9) $ (2.2) 1 Amounts reclassified from Accumulated other comprehensive income related to interest rate swap settlements are presented as an adjustment to Interest expense in the Condensed Consolidated Statements of Operations. Amounts reclassified from Accumulated other comprehensive income related to employee benefit plan items are presented as part of Interest and other income (expense), net in the Condensed Consolidated Statements of Operations.

Segment Results

Segment Results	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Results	Segment Results Operating segments are components of an enterprise that engage in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the chief operating decision maker (its Chief Executive Officer) to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Company operates and reports on two segments: Commercial Real Estate and Land Operations. Reportable segment information for the three months ended March 31, 2023 and 2022, is summarized below (in millions): Three Months Ended March 31, 2023 2022 Operating Revenue: Commercial Real Estate $ 47.9 $ 46.3 Land Operations 2.5 12.9 Total operating revenue 50.4 59.2 Operating Profit (Loss): Commercial Real Estate 1 20.9 20.7 Land Operations 2,3 (0.1) 1.7 Total operating profit (loss) 2 20.8 22.4 Interest expense (5.0) (5.7) Corporate and other expense 4 (6.3) (7.1) Income (Loss) from Continuing Operations Before Income Taxes $ 9.5 $ 9.6 1 Commercial Real Estate segment operating profit (loss) includes intersegment operating revenue, primarily from the Land Operations segment that is eliminated in consolidation. 2 In December 2022, the Grace Disposal Group met the classification as held for sale and discontinued operations, and the Company changed the composition of its reportable segments based on how the chief operating decision maker assesses the performance of the Company's continuing operations. This caused reported amounts (i.e., operating profit and segment operating profit) in the historical period to be reclassified from the former M&C segment to the Land Operations segment or discontinued operations. All comparable information for the historical periods has been retrospectively adjusted to reflect the impact of these changes, resulting in changes to Land Operations Operating Profit (Loss) and Total operating profit (loss) of $1.8 million and $(1.3) million, respectively, for the three months ended March 31, 2022. 3 For the three months ended March 31, 2022, Land Operations segment operating profit (loss) includes equity in earnings (losses) from the Company's various joint ventures of $1.4 million, and pension termination charges of $2.3 million related to the 2022 termination of the defined benefit plans. For the three months ended March 31, 2023, Land Operations segment operating profit (loss) includes $0.4 million of equity in earnings (losses) from the Company's various joint ventures, as well as a gain on sale of non-core assets, net, of $1.1 million, related to the sale of the Company's legacy trucking business. 4 Corporate and other expense includes pension termination charges of $0.9 million for the three months ended March 31, 2022, related to the 2022 termination of the defined benefit plans.

Held for Sale and Discontinued

Held for Sale and Discontinued Operations	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Held for Sale and Discontinued Operations	Held for Sale and Discontinued Operations Assets and liabilities associated with the Grace Disposal Group are presented in the Condensed Consolidated Balance Sheets as Assets held for sale and Liabilities associated with assets held for sale , respectively, and the results of operations are presented as discontinued operations in the Condensed Consolidated Statements of Operations and Cash Flows. While the ultimate outcome of the plan to dispose of the Grace Disposal Group is neither certain nor guaranteed, the Company intends to conduct the respective businesses in the ordinary course in substantially the same manner in which it previously has been conducted until a sale occurs. The following table summarizes income (loss) from discontinued operations included in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022, (in millions): Three Months Ended March 31, 2023 2022 Revenue $ 36.8 $ 39.2 Cost of sales 1 (37.4) (34.3) Selling, general and administrative (3.6) (3.7) Operating income (loss) from discontinued operations 1 (4.2) 1.2 Income (loss) related to joint ventures (0.1) 0.1 Interest and other income (expense), net 0.3 0.1 Interest expense (0.2) — Income (loss) from discontinued operations before income taxes 1 (4.2) 1.4 Income tax benefit (expense) attributable to discontinued operations — — Income (loss) from discontinued operations 1 (4.2) 1.4 Loss (income) attributable to discontinued noncontrolling interest — (0.5) Income (loss) from discontinued operations attributable to A&B Shareholders 1 $ (4.2) $ 0.9 1 Includes $0.1 million and zero in costs associated with the resolution of liabilities from the Company’s former sugar operations for the three months ended March 31, 2023 and 2022, respectively. The assets and liabilities held for sale included in the Condensed Consolidated Balance Sheets as of March 31, 2023 and 2022, were as follows (in millions): March 31, 2023 December 31, 2022 Cash and cash equivalents $ 1.1 $ 0.1 Accounts receivable and retention, net of allowance for credit losses and allowance for doubtful accounts of $0.4 million and $0.4 million as of March 31, 2023 and December 31, 2022, respectively 30.5 30.8 Inventories 40.1 45.0 Other property, net 67.9 67.4 Operating lease right-of-use assets 30.7 31.3 Prepaid expenses and other assets 44.6 42.0 Less: Impairment recognized on classification as held for sale (89.8) (89.8) Total Assets held for sale $ 125.1 $ 126.8 Notes payable and other debt $ 13.7 $ 14.1 Accounts payable 11.5 10.2 Operating lease liabilities 30.7 31.3 Accrued and other liabilities 21.9 25.4 Total Liabilities associated with assets held for sale $ 77.8 $ 81.0 During the three months ended March 31, 2023, the Company recorded no additional impairment charges related to assets and liabilities held for sale. Related Party Transactions within Discontinued Operations and Held for Sale: The Company enters into contracts in the ordinary course of business, as a supplier, with affiliate entities that require accounting under the equity method due to the Company's financial interests in such entities and also with affiliate parties that are members in entities in which the Company also is a member and holds a controlling financial interest. Related to the periods during which such relationships existed, revenues earned from transactions with such affiliates were $3.9 million and $2.1 million for the three months ended March 31, 2023 and 2022, respectively. Expenses recognized from transactions with such affiliates were $1.4 million for the three months ended March 31, 2023 and 2022. Receivables from these affiliates were $4.6 million and $6.9 million as of March 31, 2023 and December 31, 2022, respectively. Amounts due to these affiliates were $0.7 million and $0.4 million as of March 31, 2023 and December 31, 2022, respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn April 25, 2023, the Company's Board of Directors declared a cash dividend of $0.22 per share on outstanding common stock, payable on July 5, 2023, to shareholders of record as of the close of business on June 16, 2023.On May 3, 2023, the Company completed the acquisition of an industrial property on Oahu for approximately $9.5 million. A portion of the transaction was structured to qualify as a reverse like-kind exchange under Section 1031 of the Internal Revenue Code. The Company has not completed its initial purchase price allocations.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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, 2022 and 2021, and the related consolidated statements of operations, comprehensive income (loss), cash flows, and equity and redeemable noncontrolling interest for each of the three years ended December 31, 2022, 2021, and 2020, respectively, and the notes thereto included in the Company's Annual Report filed on Form 10-K for the year ended December 31, 2022 ("2022 Form 10-K"), and other subsequent filings with the U.S. Securities and Exchange Commission ("SEC"). Reclassifications: Prior to December 31, 2022, the Company operated and reported on three segments: Commercial Real Estate; Land Operations; and Materials & Construction ("M&C"). During the fourth quarter of 2022, the Company's wholly-owned subsidiary, Grace Pacific LLC ("Grace Pacific") and Company-owned quarry land on Maui ("Maui Quarries") (collectively, the "Grace Disposal Group"), which made up the majority of activity in the Company’s former M&C segment, met the criteria for classification as held for sale and discontinued operations. Accordingly, the assets and liabilities associated with the Grace Disposal Group are classified as held for sale in the condensed consolidated balance sheets, its financial results are classified as discontinued operations in the condensed consolidated statements of operations and cash flows for all periods presented, and the Company’s former Materials and Construction ("M&C") segment has been eliminated. As a result of this strategic shift, the chief operating decision maker began reviewing all investments in unconsolidated affiliates together within the Land Operations segment. This change resulted in a reorganization to present the income (loss) related to one joint venture, which historically was included in the results of the former M&C segment, to now be included in the results of the Land Operations segment. All comparable information for the historical periods has been retrospectively adjusted to reflect the impact of these changes. Refer to Note 17 – Held for Sale and Discontinued Operations for additional information regarding the Grace Disposal Group, including the assets held for sale, liabilities associated with held for sale and income (loss) from discontinued operations. Unless otherwise noted, disclosures within the remaining notes to these condensed consolidated financial statements relate solely to the Company's continuing operations.
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 issued accounts pronouncements	Recently issued accounting pronouncements In March 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-04, Reference Rate Reform , establishing ASC Topic 848, and amended the standard thereafter through ASU No. 2021-01 and ASU No. 2022-06 (collectively, "ASC 848"). ASC 848 provides optional practical expedients and exceptions related to the impacts of reference rate reform that affect certain 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, 2024. The Company plans to adopt ASU 2020-04 during the second quarter of 2023 after modifying certain debt to update the reference rate from LIBOR to the Secured Overnight Financing Rate (SOFR). The Company will continue to assess the impact of the guidance and may apply other elections as applicable going forward.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of Interest and Other Income (Expense), Net	Interest and other income (expense), net for the three months ended March 31, 2023 and 2022, included the following (in millions): Three Months Ended March 31, 2023 2022 Interest income $ 0.1 $ 0.1 Pension and post-retirement benefit (expense) (0.2) (0.2) Interest and other income (expense), net $ (0.1) $ (0.1)

Investments in Affiliates (Tabl

Investments in Affiliates (Tables)	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	Operating results presented in the Company's condensed consolidated financial statements 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 three months ended March 31, 2023 and 2022, is as follows (in millions): Three Months Ended March 31, 2023 2022 Revenues $ 37.9 $ 29.4 Operating costs and expenses 34.4 28.5 Gross Profit (Loss) $ 3.5 $ 0.9 Income (Loss) from Continuing Operations 1 $ (1.3) $ (2.9) Net Income (Loss) 1 $ (1.3) $ 2.3 1 Includes earnings from equity method investments held by the investee.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present the fair value of those assets and (liabilities) measured on a recurring basis as of March 31, 2023 and 2022, (in millions): Fair Value Measurements at March 31, 2023 Condensed Consolidated Balance Sheet Location Total Quoted Prices in Active Markets (Level 1) Significant Observable Inputs Significant Unobservable Inputs Assets Derivative financial instruments - interest rate swaps Prepaid expenses and other assets $ 4.4 $ — $ 4.4 $ — Liabilities Derivative financial instruments - interest rate swaps Accrued and other liabilities $ (5.7) $ — $ (5.7) $ — Fair Value Measurements at December 31, 2022 Condensed Consolidated Balance Sheet Location Total Quoted Prices in Active Markets (Level 1) Significant Observable Inputs Significant Unobservable Inputs Assets Derivative financial instruments - interest rate swaps Prepaid expenses and other assets $ 5.5 $ — $ 5.5 $ — Liabilities Derivative financial instruments - interest rate swaps Accrued and other liabilities $ (2.8) $ — $ (2.8) $ —
Schedule of Fair Value of the Long-Lived Assets Held-for-sale	The following table presents the fair value hierarchy and quantitative information about the significant unobservable inputs used to determine the fair value of long-lived assets held and used and assets held for sale, net for which a nonrecurring fair value adjustment was recorded (in millions): Fair Value Measurements at Quantitative Information about December 31, 2022 Level 3 Fair Value Measurements Total Quoted Prices in Active Markets (Level 1) Significant Observable Inputs Significant Unobservable Inputs Total Gains (Losses) Valuation Technique/ Unobservable Inputs Weighted Average Discount Rate Assets held for sale, net 1,2 $ 50.0 $ — $ — $ 50.0 $ (89.8) Indicative bids N/A Long-lived assets 3 — — — — (5.0) Discounted cash flows/ 16% Market comparables N/A Total $ 50.0 $ — $ — $ 50.0 $ (94.8) 1 Assets or liabilities are presented in Assets held for sale or Liabilities associated with assets held for sale , respectively, in the Condensed Consolidated Balance Sheets. Impairment loss is presented in Income (loss) from discontinued operations, net of income taxes in the Condensed Consolidated Statements of Operations. 2 Assets held for sale of $126.8 million, net of liabilities associated with assets held for sale of $81.0 million, and excluding estimated selling costs of $4.2 million. 3 Included in Real estate property in the Condensed Consolidated Balance Sheets. Impairment loss is presented in Cost of Land Operations in the Condensed Consolidated Statements of Operations.

Notes Payable and Other Debt (T

Notes Payable and Other Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Notes Payable and Other Debt	As of March 31, 2023 and December 31, 2022, notes payable and other debt consisted of the following (dollars in millions): Interest Rate (%) Maturity Date Principal Outstanding March 31, 2023 December 31, 2022 Secured: Laulani Village 3.93% 2024 $ 58.8 $ 59.0 Pearl Highlands 4.15% 2024 76.7 77.3 Photovoltaic Financing (1) 2027 2.5 2.6 Manoa Marketplace (2) 2029 54.0 54.5 Subtotal $ 192.0 $ 193.4 Unsecured: Series A Note 5.53% 2024 $ 14.2 $ 14.2 Series J Note 4.66% 2025 10.0 10.0 Series B Note 5.55% 2026 27.0 36.0 Series C Note 5.56% 2026 11.0 11.0 Series F Note 4.35% 2026 13.6 15.2 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 22.1 28.1 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 $ 250.4 $ 267.0 Revolving Credit Facilities: A&B Revolver (3) 2025 37.0 12.0 Total debt (contractual) $ 479.4 $ 472.4 Unamortized debt issuance costs (0.2) (0.2) Total debt (carrying value) $ 479.2 $ 472.2 (1) Financing lease has an interest rate of 4.14%. (2) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate. (3) Loan has a stated interest rate of LIBOR plus 1.05% based on a pricing grid. $50.0 million was swapped through June 2022 to a 2.40% fixed rate.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swap	The Company has three interest rate swap agreements designated as cash flow hedges, whose key terms are as follows (dollars in millions): Effective Maturity Fixed Interest Notional Amount at Asset (Liability) Fair Value at Date Date Rate March 31, 2023 March 31, 2023 December 31, 2022 Interest Rate Swap Agreements 4/7/2016 8/1/2029 3.14% $ 54.0 $ 4.4 $ 5.5 Forward Interest Rate Swap Agreements 5/1/2024 12/9/2031 4.88% $ 57.0 $ (2.6) $ (1.3) 12/9/2024 12/9/2031 4.83% $ 73.0 $ (3.1) $ (1.5)
Schedule of Derivative Instruments in Consolidated Statements of Comprehensive Income (Loss)	The following table represents the pre-tax effect of the derivative instruments in the Company's condensed consolidated statements of comprehensive income (loss) during the three months ended March 31, 2023 and 2022, (in millions): Three Months Ended March 31, 2023 2022 Derivatives in Designated Cash Flow Hedging Relationships: Amount of gain (loss) recognized in OCI on derivatives $ (3.7) $ 3.4 Impact of reclassification adjustment to interest expense included in Net Income (Loss) $ (0.3) $ 0.4

Revenue and Contract Balances (

Revenue and Contract Balances (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Revenue by type for the three months ended March 31, 2023 and 2022, was as follows (in millions): Three Months Ended March 31, 2023 2022 Revenues: Commercial Real Estate $ 47.9 $ 46.3 Land Operations: Development sales revenue — 6.3 Unimproved/other property sales revenue 0.9 1.8 Other operating revenue 1.6 4.8 Land Operations 2.5 12.9 Total revenues $ 50.4 $ 59.2
Schedule of Contract Balances	The following table provides information about receivables, contract assets and contract liabilities from contracts with customers (in millions): March 31, 2023 December 31, 2022 Accounts receivable $ 6.6 $ 8.6 Allowances (credit losses and doubtful accounts) (2.4) (2.5) Accounts receivable, net of allowance for credit losses and allowance for doubtful accounts $ 4.2 $ 6.1 Variable consideration 1 $ 62.0 $ 62.0 Prepaid rent 7.4 4.4 Other deferred revenue 2.5 2.4 Deferred revenue $ 71.9 $ 68.8 1 Variable consideration deferred as of the end of the periods related to amounts received in the sale of agricultural land on Maui in 2018 that, under revenue recognition guidance, could not be included in the transaction price.

Leases - The Company as Lessor

Leases - The Company as Lessor (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Historical Cost, and Accumulated Depreciation on Leased Property	The historical cost of, and accumulated depreciation on, leased property as of March 31, 2023, and December 31, 2022, were as follows (in millions): March 31, 2023 December 31, 2022 Leased property - real estate $ 1,573.5 $ 1,572.0 Less: accumulated depreciation (208.9) (201.8) Property under operating leases - net $ 1,364.6 $ 1,370.2
Schedule of Rental Income Under Non-cancelable Operating Leases	Total rental income (i.e., revenue) under these operating leases during the three months ended March 31, 2023 and 2022, relating to lease payments and variable lease payments were as follows (in millions): Three Months Ended March 31, 2023 2022 Lease payments $ 33.1 $ 32.2 Variable lease payments 15.6 14.9 Revenues deemed uncollectible, net (0.7) 0.3 Total rental income $ 48.0 $ 47.4
Schedule of Future Minimum Rentals on Non-cancelable Operating Leases	Contractual future lease payments to be received on non-cancelable operating leases as of March 31, 2023, were as follows (in millions): March 31, 2023 2023 $ 94.3 2024 116.9 2025 100.1 2026 86.8 2027 75.7 2028 63.4 Thereafter 497.5 Total future lease payments to be received $ 1,034.7

Leases - The Company as Lessee

Leases - The Company as Lessee (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Lease Cost and Other Amounts Relating to Finance and Operating Leases	The following table provides information about the Company's operating lease costs recognized during the three months ended March 31, 2023 and 2022, (in millions): Three Months Ended March 31, 2023 2022 Operating lease cost $ 0.6 $ 0.6

Share-Based Payment Awards (Tab

Share-Based Payment Awards (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
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: 2023 Grants 2022 Grants Volatility of A&B common stock 49.1% 47.7% Average volatility of peer companies 48.2% 49.5% Risk-free interest rate 3.8% 1.4%
Schedule 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, 2023 2022 Share-based expense: Time-based and market-based restricted stock units $ 1.6 $ 1.5

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Schedule 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, 2023 and 2022, are shown below (in millions): Three Months Ended March 31, 2023 2022 Service cost $ — $ 0.7 Interest cost 0.1 0.5 Expected return on plan assets — (1.2) Amortization of net loss — 0.9 Pension termination — 3.2 Net periodic benefit cost $ 0.1 $ 4.1

Earnings Per Share (_EPS_) (Tab

Earnings Per Share (“EPS”) (Tables)	3 Months Ended
	Mar. 31, 2023
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 net income (loss) from continuing operations available to A&B common shareholders and net income (loss) available to A&B common shareholders (in millions): Three Months Ended March 31, 2023 2022 Income (loss) from continuing operations $ 9.5 $ 9.6 Distributions and allocations to participating securities — — Income (loss) from continuing operations available to A&B shareholders 9.5 9.6 Income (loss) from discontinued operations (4.2) 1.4 Exclude: Loss (income) attributable to discontinued noncontrolling interest — (0.5) Net income (loss) available to A&B common shareholders $ 5.3 $ 10.5 The number of shares used to compute basic and diluted earnings per share is as follows (in millions): Three Months Ended March 31, 2023 2022 Denominator for basic EPS - weighted average shares outstanding 72.5 72.6 Effect of dilutive securities: Restricted stock unit awards 0.1 0.2 Denominator for diluted EPS - weighted average shares outstanding 72.6 72.8
Schedule of Antidilutive Securities Outstanding	The number of anti-dilutive securities, excluded from the calculation of diluted earnings per common share, consisted of the following (in millions): Three Months Ended March 31, 2023 2022 Number of anti-dilutive securities — 0.1

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 and December 31, 2022, (in millions): March 31, 2023 December 31, 2022 Employee benefit plans: Post-retirement plans $ (0.3) $ (0.3) Total employee benefit plans (0.3) (0.3) Interest rate swap (1.9) 2.1 Accumulated other comprehensive income (loss) $ (2.2) $ 1.8 The changes in Accumulated other comprehensive income (loss) by component for the three months ended March 31, 2023, were as follows (in millions, net of taxes): Employee Benefit Plans Interest Rate Swap Total Balance, January 1, 2023 $ (0.3) $ 2.1 $ 1.8 Other comprehensive income (loss) before reclassifications, net of taxes of $0 — (3.7) (3.7) Amounts reclassified from accumulated other comprehensive income (loss) 1 — (0.3) (0.3) Other comprehensive income (loss), net of taxes — (4.0) (4.0) Balance, March 31, 2023 $ (0.3) $ (1.9) $ (2.2) 1 Amounts reclassified from Accumulated other comprehensive income related to interest rate swap settlements are presented as an adjustment to Interest expense in the Condensed Consolidated Statements of Operations. Amounts reclassified from Accumulated other comprehensive income related to employee benefit plan items are presented as part of Interest and other income (expense), net in the Condensed Consolidated Statements of Operations.

Segment Results (Tables)

Segment Results (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Operating Segment Information	Reportable segment information for the three months ended March 31, 2023 and 2022, is summarized below (in millions): Three Months Ended March 31, 2023 2022 Operating Revenue: Commercial Real Estate $ 47.9 $ 46.3 Land Operations 2.5 12.9 Total operating revenue 50.4 59.2 Operating Profit (Loss): Commercial Real Estate 1 20.9 20.7 Land Operations 2,3 (0.1) 1.7 Total operating profit (loss) 2 20.8 22.4 Interest expense (5.0) (5.7) Corporate and other expense 4 (6.3) (7.1) Income (Loss) from Continuing Operations Before Income Taxes $ 9.5 $ 9.6 1 Commercial Real Estate segment operating profit (loss) includes intersegment operating revenue, primarily from the Land Operations segment that is eliminated in consolidation. 2 In December 2022, the Grace Disposal Group met the classification as held for sale and discontinued operations, and the Company changed the composition of its reportable segments based on how the chief operating decision maker assesses the performance of the Company's continuing operations. This caused reported amounts (i.e., operating profit and segment operating profit) in the historical period to be reclassified from the former M&C segment to the Land Operations segment or discontinued operations. All comparable information for the historical periods has been retrospectively adjusted to reflect the impact of these changes, resulting in changes to Land Operations Operating Profit (Loss) and Total operating profit (loss) of $1.8 million and $(1.3) million, respectively, for the three months ended March 31, 2022. 3 For the three months ended March 31, 2022, Land Operations segment operating profit (loss) includes equity in earnings (losses) from the Company's various joint ventures of $1.4 million, and pension termination charges of $2.3 million related to the 2022 termination of the defined benefit plans. For the three months ended March 31, 2023, Land Operations segment operating profit (loss) includes $0.4 million of equity in earnings (losses) from the Company's various joint ventures, as well as a gain on sale of non-core assets, net, of $1.1 million, related to the sale of the Company's legacy trucking business. 4 Corporate and other expense includes pension termination charges of $0.9 million for the three months ended March 31, 2022, related to the 2022 termination of the defined benefit plans.

Held for Sale and Discontinue_2

Held for Sale and Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups Including Discontinued Operations	The following table summarizes income (loss) from discontinued operations included in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022, (in millions): Three Months Ended March 31, 2023 2022 Revenue $ 36.8 $ 39.2 Cost of sales 1 (37.4) (34.3) Selling, general and administrative (3.6) (3.7) Operating income (loss) from discontinued operations 1 (4.2) 1.2 Income (loss) related to joint ventures (0.1) 0.1 Interest and other income (expense), net 0.3 0.1 Interest expense (0.2) — Income (loss) from discontinued operations before income taxes 1 (4.2) 1.4 Income tax benefit (expense) attributable to discontinued operations — — Income (loss) from discontinued operations 1 (4.2) 1.4 Loss (income) attributable to discontinued noncontrolling interest — (0.5) Income (loss) from discontinued operations attributable to A&B Shareholders 1 $ (4.2) $ 0.9 1 Includes $0.1 million and zero in costs associated with the resolution of liabilities from the Company’s former sugar operations for the three months ended March 31, 2023 and 2022, respectively. The assets and liabilities held for sale included in the Condensed Consolidated Balance Sheets as of March 31, 2023 and 2022, were as follows (in millions): March 31, 2023 December 31, 2022 Cash and cash equivalents $ 1.1 $ 0.1 Accounts receivable and retention, net of allowance for credit losses and allowance for doubtful accounts of $0.4 million and $0.4 million as of March 31, 2023 and December 31, 2022, respectively 30.5 30.8 Inventories 40.1 45.0 Other property, net 67.9 67.4 Operating lease right-of-use assets 30.7 31.3 Prepaid expenses and other assets 44.6 42.0 Less: Impairment recognized on classification as held for sale (89.8) (89.8) Total Assets held for sale $ 125.1 $ 126.8 Notes payable and other debt $ 13.7 $ 14.1 Accounts payable 11.5 10.2 Operating lease liabilities 30.7 31.3 Accrued and other liabilities 21.9 25.4 Total Liabilities associated with assets held for sale $ 77.8 $ 81.0

Background and Basis of Prese_2

Background and Basis of Presentation (Details) ft² in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023 ft² a property segment	Dec. 31, 2022 segment
Property, Plant and Equipment [Line Items]
Number of operating segments | segment	2	3
Gross leasable area (in sqft) | ft²	3.9
Area of ground leases owned (acres) | a	142
Number of reportable segments | segment	2	3
Retail centers
Property, Plant and Equipment [Line Items]
Number of properties	22
Industrial assets
Property, Plant and Equipment [Line Items]
Number of properties	12
Office properties
Property, Plant and Equipment [Line Items]
Number of properties	4

Significant Accounting Polici_4

Significant Accounting Policies - Interest and Other Income (Expense), Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounting Policies [Abstract]
Interest income	$ 0.1	$ 0.1
Pension and post-retirement benefit (expense)	(0.2)	(0.2)
Interest and other income (expense), net	$ (0.1)	$ (0.1)

Investments in Affiliates - Sum

Investments in Affiliates - Summary of Financial Information for Equity Method Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement
Revenues	$ 50.4	$ 59.2
Operating costs and expenses	37.3	42
Income (Loss) from Continuing Operations	9.5	9.6
Net Income (Loss)	5.3	10.5
Equity Method Investments
Income Statement
Revenues	37.9	29.4
Operating costs and expenses	34.4	28.5
Gross Profit (Loss)	3.5	0.9
Income (Loss) from Continuing Operations	(1.3)	(2.9)
Net Income (Loss)	$ (1.3)	$ 2.3

Investments in Affiliates - Nar

Investments in Affiliates - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Income (loss) related to joint ventures	$ 0.4	$ 1.4
Dividends and distributions from unconsolidated affiliates	$ 0	$ 1.5

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets and (Liabilities) Measured on a Recurring Basis (Details) - Interest Rate Swap - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, financial instruments - interest rate swaps	$ 4.4	$ 5.5
Derivative liability, financial instruments - interest rate swaps	(5.7)	(2.8)
Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, financial instruments - interest rate swaps	0	0
Derivative liability, financial instruments - interest rate swaps	0	0
Significant Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, financial instruments - interest rate swaps	4.4	5.5
Derivative liability, financial instruments - interest rate swaps	(5.7)	(2.8)
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, financial instruments - interest rate swaps	0	0
Derivative liability, financial instruments - interest rate swaps	$ 0	$ 0

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value of the Long-Lived Assets Held-for-sale (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale fair value	$ 50
Total Gains (Losses)	(94.8)
Assets held-for-sale, net	126.8
Total Liabilities associated with assets held for sale	81	$ 77.8
Assets held for sale, selling costs	4.2
Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale fair value	0
Significant Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale fair value	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale fair value	50
Assets Held For Sale, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale fair value	50
Total Gains (Losses)	(89.8)
Assets Held For Sale, Net | Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale fair value	0
Assets Held For Sale, Net | Significant Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale fair value	0
Assets Held For Sale, Net | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale fair value	50
Long-Lived Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale fair value	0
Total Gains (Losses)	$ (5)
Long-Lived Assets | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average discount rate (percent)	16%
Long-Lived Assets | Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale fair value	$ 0
Long-Lived Assets | Significant Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale fair value	0
Long-Lived Assets | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale fair value	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of assets	$ 0
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term notes receivable	1.9	$ 1.9
Company's debt	479.2	472.2
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Company's debt	461.4	449.2
Finite-Lived Intangible Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of assets		5
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of assets	0
Discontinued Operations, Held-for-sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of assets	$ 0	$ 89.8

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, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt (contractual)	$ 479.4	$ 472.4
Unamortized debt issuance costs	(0.2)	(0.2)
Total debt (carrying value)	479.2	472.2
Secured:
Debt Instrument [Line Items]
Total debt (contractual)	$ 192	193.4
Secured: | Laulani Village
Debt Instrument [Line Items]
Stated interest rate	3.93%
Total debt (contractual)	$ 58.8	59
Secured: | Pearl Highlands
Debt Instrument [Line Items]
Stated interest rate	4.15%
Total debt (contractual)	$ 76.7	77.3
Secured: | Photovoltaic Financing
Debt Instrument [Line Items]
Financing leases	$ 2.5	2.6
Lessee, finance lease, rate	4.14%
Secured: | Manoa Marketplace
Debt Instrument [Line Items]
Total debt (contractual)	$ 54	54.5
Secured: | Manoa Marketplace | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.35%
Fixed interest rate (percent)	3.14%
Unsecured:
Debt Instrument [Line Items]
Total debt (contractual)	$ 250.4	267
Unsecured: | Series A Note
Debt Instrument [Line Items]
Stated interest rate	5.53%
Total debt (contractual)	$ 14.2	14.2
Unsecured: | Series J Note
Debt Instrument [Line Items]
Stated interest rate	4.66%
Total debt (contractual)	$ 10	10
Unsecured: | Series B Note
Debt Instrument [Line Items]
Stated interest rate	5.55%
Total debt (contractual)	$ 27	36
Unsecured: | Series C Note
Debt Instrument [Line Items]
Stated interest rate	5.56%
Total debt (contractual)	$ 11	11
Unsecured: | Series F Note
Debt Instrument [Line Items]
Stated interest rate	4.35%
Total debt (contractual)	$ 13.6	15.2
Unsecured: | Series H Note
Debt Instrument [Line Items]
Stated interest rate	4.04%
Total debt (contractual)	$ 50	50
Unsecured: | Series K Note
Debt Instrument [Line Items]
Stated interest rate	4.81%
Total debt (contractual)	$ 34.5	34.5
Unsecured: | Series G Note
Debt Instrument [Line Items]
Stated interest rate	3.88%
Total debt (contractual)	$ 22.1	28.1
Unsecured: | Series L Note
Debt Instrument [Line Items]
Stated interest rate	4.89%
Total debt (contractual)	$ 18	18
Unsecured: | Series I Note
Debt Instrument [Line Items]
Stated interest rate	4.16%
Total debt (contractual)	$ 25	25
Unsecured: | Term Loan 5
Debt Instrument [Line Items]
Stated interest rate	4.30%
Total debt (contractual)	$ 25	25
Revolving Credit Facilities: | A&B Revolver
Debt Instrument [Line Items]
Total debt (contractual)	$ 37	$ 12
Revolving Credit Facilities: | A&B Revolver | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.05%
Fixed interest rate (percent)	2.40%
Notional amount	$ 50

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, 2023 USD ($) swap_agreement	Dec. 31, 2022 USD ($)
Interest Rate Swap
Derivative [Line Items]
Number of interest rate swap agreements | swap_agreement	3
Interest Rate Swap, Effective 04/07/2016
Derivative [Line Items]
Fixed interest rate (percent)	3.14%
Notional amount	$ 54
Interest rate derivative, at fair value	$ 4.4	$ 5.5
Forward Interest Rate Swap, Effective May 1,2024
Derivative [Line Items]
Fixed interest rate (percent)	4.88%
Notional amount	$ 57
Fair value of interest rate swap liability	$ (2.6)	(1.3)
Forward Interest Rate Swap, Effective December 9, 2024
Derivative [Line Items]
Fixed interest rate (percent)	4.83%
Notional amount	$ 73
Fair value of interest rate swap liability	$ (3.1)	$ (1.5)

Derivative Instruments - Deriva

Derivative Instruments - Derivative Instruments in Designated Cash Flow Hedging Relationships (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative [Line Items]
Amount of gain (loss) recognized in OCI on derivatives	$ (3.7)	$ 3.4
Impact of reclassification adjustment to interest expense included in Net Income (Loss)	0.3	(0.4)
Cash Flow Hedging
Derivative [Line Items]
Net gains (losses) on derivative instruments expected to be reclassified from accumulated other comprehensive income in next 12 months	1.4
Cash Flow Hedging | Designated as Hedging Instrument
Derivative [Line Items]
Amount of gain (loss) recognized in OCI on derivatives	(3.7)	3.4
Impact of reclassification adjustment to interest expense included in Net Income (Loss)	$ (0.3)	$ 0.4

Commitments and Contingencies -

Commitments and Contingencies - (Details) a in Thousands, gal in Millions, $ in Millions				1 Months Ended	2 Months Ended
	Oct. 11, 2019 license	Jan. 07, 2019 gal	Apr. 10, 2015 plaintiff	May 31, 2016	Jan. 31, 2019	Mar. 31, 2023 USD ($)	Dec. 31, 2018 a license
East Maui Irrigation Company, LLC (EMI)
Loss Contingencies [Line Items]
Interest held in EMI					50%
East Maui Irrigation Company, LLC (EMI) | Maui
Loss Contingencies [Line Items]
Area of land sold (in 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
Financial Guarantee
Loss Contingencies [Line Items]
Guarantor obligations, current carrying value						$ 0
Bid, Performance and Payment Bonds and Commercial Bonds
Loss Contingencies [Line Items]
Possible administrative penalty						18.6
Estimated remaining exposure						130.3
Performance Bond
Loss Contingencies [Line Items]
Possible administrative penalty						328.4
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
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 (in gallons) | gal		25
Letters of Credit
Loss Contingencies [Line Items]
Standby letters of credit outstanding						$ 1.1

Revenue and Contract Balances_2

Revenue and Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total operating revenue	$ 50.4	$ 59.2
Commercial Real Estate
Disaggregation of Revenue [Line Items]
Commercial Real Estate	47.9	46.3
Land Operations
Disaggregation of Revenue [Line Items]
Revenues	2.5	12.9
Land Operations | Development sales revenue
Disaggregation of Revenue [Line Items]
Revenues	0	6.3
Land Operations | Unimproved/other property sales revenue
Disaggregation of Revenue [Line Items]
Revenues	0.9	1.8
Land Operations | Other operating revenue
Disaggregation of Revenue [Line Items]
Revenues	$ 1.6	$ 4.8

Revenue and Contract Balances -

Revenue and Contract Balances - Schedule of Contract Balances (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 6.6	$ 8.6
Allowances (credit losses and doubtful accounts)	(2.4)	(2.5)
Accounts receivable, net of allowance for credit losses and allowance for doubtful accounts	4.2	6.1
Variable consideration	62	62
Prepaid rent	7.4	4.4
Other deferred revenue	2.5	2.4
Deferred revenue	$ 71.9	$ 68.8

Revenue and Contract Balances_3

Revenue and Contract Balances - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized related to contract liabilities	$ 0

Leases - The Company as Lesso_2

Leases - The Company as Lessor - Summary of Historical Cost and Accumulated Depreciation of Leased Property (Details) - Leased property - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Lessor, Lease, Description [Line Items]
Leased property - real estate	$ 1,573.5	$ 1,572
Less: accumulated depreciation	(208.9)	(201.8)
Property under operating leases - net	$ 1,364.6	$ 1,370.2

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, 2023	Mar. 31, 2022
Leases [Abstract]
Lease payments	$ 33.1	$ 32.2
Variable lease payments	15.6	14.9
Revenues deemed uncollectible, net	(0.7)	0.3
Total rental income	$ 48	$ 47.4

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, 2023 USD ($)
Future minimum rentals on non-cancelable leases
2023	$ 94.3
2024	116.9
2025	100.1
2026	86.8
2027	75.7
2028	63.4
Thereafter	497.5
Total future lease payments to be received	$ 1,034.7

Leases - The Company as Lesse_2

Leases - The Company as Lessee (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 0.6	$ 0.6

Share-Based Payment Awards - Na

Share-Based Payment Awards - Narrative (Details) - 2022 Plan - Time-based and market-based restricted stock units - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	310,200	266,300
Granted (in dollars per share)	$ 22.36	$ 25.99

Share-Based Payment Awards - Sc

Share-Based Payment Awards - Schedule of Fair Value Assumptions of Market-based Awards (Details) - Time-based and market-based restricted stock units - 2022 Plan - Time-Based Vesting	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility of A&B common stock	49.10%	47.70%
Average volatility of peer companies	48.20%	49.50%
Risk-free interest rate	3.80%	1.40%

Share-Based Payment Awards - _2

Share-Based Payment Awards - Schedule of Compensation Cost related to Share-based Payments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Time-based and market-based restricted stock units | 2022 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Time-based and market-based restricted stock units	$ 1.6	$ 1.5

Employee Benefit Plans - Schedu

Employee Benefit Plans - Schedule of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Components of Net Periodic Benefit Cost
Pension termination	$ 0	$ 3.2
Pension and Post-retirement Plan
Components of Net Periodic Benefit Cost
Service cost	0	0.7
Interest cost	0.1	0.5
Expected return on plan assets	0	(1.2)
Amortization of net loss	0	0.9
Pension termination	0	3.2
Net periodic benefit cost	$ 0.1	$ 4.1

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, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Income (loss) from continuing operations	$ 9.5	$ 9.6
Distributions and allocations to participating securities	0	0
Income (loss) from continuing operations available to A&B shareholders	9.5	9.6
Income (loss) from discontinued operations	(4.2)	1.4
Exclude: Loss (income) attributable to discontinued noncontrolling interest	0	(0.5)
Net income (loss) available to A&B common shareholders	$ 5.3	$ 10.5
Number of shares used to compute basic and diluted earnings per share [Abstract]
Denominator for basic EPS – weighted-average shares outstanding (in shares)	72.5	72.6
Effect of dilutive securities:
Restricted stock unit awards (in shares)	0.1	0.2
Denominator for diluted EPS - weighted average shares outstanding (in shares)	72.6	72.8

Earnings Per Share (_EPS_) - _2

Earnings Per Share (“EPS”) - Schedule of Antidilutive Securities Outstanding (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Number of anti-dilutive securities (in shares)	0	0.1

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss)	$ 1,020	$ 1,070.4
Beginning balance	1,035.7	1,066.6
Other comprehensive income (loss) before reclassifications, net of taxes of $0	(3.7)
Amounts reclassified from accumulated other comprehensive income (loss)	(0.3)
Other comprehensive income (loss), net of tax	(4)	7.9
Ending balance	1,020	1,070.4
Other comprehensive loss before reclassifications, tax	0
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss)	(2.2)	(72.8)
Beginning balance	1.8	(80.7)
Other comprehensive income (loss), net of tax	(4)	7.9
Ending balance	(2.2)	$ (72.8)
Employee Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss)	(0.3)
Beginning balance	(0.3)
Other comprehensive income (loss) before reclassifications, net of taxes of $0	0
Amounts reclassified from accumulated other comprehensive income (loss)	0
Other comprehensive income (loss), net of tax	0
Ending balance	(0.3)
Employee Benefit Plans | Qualified Plans | Post-retirement plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss)	(0.3)
Beginning balance	(0.3)
Ending balance	(0.3)
Interest Rate Swap
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss)	(1.9)
Beginning balance	2.1
Other comprehensive income (loss) before reclassifications, net of taxes of $0	(3.7)
Amounts reclassified from accumulated other comprehensive income (loss)	(0.3)
Other comprehensive income (loss), net of tax	(4)
Ending balance	$ (1.9)

Segment Results - Narrative (De

Segment Results - Narrative (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of operating segments | segment	2		3
Number of reportable segments | segment	2		3
Income (loss) related to joint ventures	$ 0.4	$ 1.4
Pension termination charges	0	3.2
Total segment operating profit (loss)	$ 20.8	$ 22.4

Segment Results - Schedule of O

Segment Results - Schedule of Operating Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information, Profit (Loss) [Abstract]
Total operating revenue	$ 50.4	$ 59.2
Total segment operating profit (loss)	20.8	22.4
Interest expense	(5)	(5.7)
Corporate and other expense	(6.3)	(7.1)
Income (Loss) from Continuing Operations Before Income Taxes	9.5	9.6
Income (loss) related to joint ventures	0.4	1.4
Pension termination charges	0	3.2
Corporate and other expense
Segment Reporting Information, Profit (Loss) [Abstract]
Pension termination charges		0.9
Adjustment
Segment Reporting Information, Profit (Loss) [Abstract]
Total segment operating profit (loss)		(1.3)
Commercial Real Estate
Segment Reporting Information, Profit (Loss) [Abstract]
Commercial Real Estate	47.9	46.3
Total segment operating profit (loss)	20.9	20.7
Commercial Real Estate | Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Pension termination charges	1.1	2.3
Land Operations
Segment Reporting Information, Profit (Loss) [Abstract]
Revenues	2.5	12.9
Total segment operating profit (loss)	(0.1)	1.7
Land Operations | Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Income (loss) related to joint ventures	$ 0.4	1.4
Land Operations | Adjustment
Segment Reporting Information, Profit (Loss) [Abstract]
Total segment operating profit (loss)		$ 1.8

Held for Sale and Discontinue_3

Held for Sale and Discontinued Operations - Schedule of Income From Discontinued Operations, Net of Taxes And Noncontrolling Interest Included in Consolidated Statements Of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest and other income (expense), net	$ 0.1	$ 0.1
Income tax benefit (expense) attributable to discontinued operations	0	0.5
Income (loss) from discontinued operations, net of income taxes and noncontrolling interest	(4.2)	0.9
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	36.8	39.2
Cost of sales	(37.4)	(34.3)
Selling, general and administrative	(3.6)	(3.7)
Operating income (loss) from discontinued operations	(4.2)	1.2
Income (loss) related to joint ventures	(0.1)	0.1
Interest and other income (expense), net	0.3	0.1
Interest expense	(0.2)	0
Income (loss) from discontinued operations before income taxes	(4.2)	1.4
Income tax benefit (expense) attributable to discontinued operations	0	0
Income (loss) from discontinued operations	(4.2)	1.4
Loss (income) attributable to discontinued noncontrolling interest	0	(0.5)
Income (loss) from discontinued operations, net of income taxes and noncontrolling interest	(4.2)	0.9
Disposal group, including discontinued operation, resolution of liabilities, costs	$ 0.1	$ 0

Held for Sale and Discontinue_4

Held for Sale and Discontinued Operations - Schedule of Assets And Liabilities Held For Sale Included in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total Liabilities associated with assets held for sale	$ 77.8	$ 81
Allowances (credit losses and doubtful accounts)	2.4	2.5
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	1.1	0.1
Accounts receivable and retention, net of allowance for credit losses and allowance for doubtful accounts of $0.4 million and $0.4 million as of March 31, 2023 and December 31, 2022, respectively	30.5	30.8
Inventories	40.1	45
Other property, net	67.9	67.4
Operating lease right-of-use assets	30.7	31.3
Prepaid expenses and other assets	44.6	42
Less: Impairment recognized on classification as held for sale	(89.8)	(89.8)
Total Assets held for sale	125.1	126.8
Notes payable and other debt	13.7	14.1
Accounts payable	11.5	10.2
Operating lease liabilities	30.7	31.3
Accrued and other liabilities	21.9	25.4
Total Liabilities associated with assets held for sale	77.8	81
Allowances (credit losses and doubtful accounts)	$ 0.4	$ 0.4

Held for Sale and Discontinue_5

Held for Sale and Discontinued Operations - Related Party Transactions within Discontinued Operations and Held for Sale (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of assets	$ 0
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of assets	0		$ (89.8)
Supplier Contracts | Affiliated Entity | Materials & Construction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from related parties	3.9	$ 2.1
Lease Agreements | Affiliated Entity | Real estate leasing and development
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Expenses related to affiliates	1.4	$ 1.4
Construction Contracts | Affiliated Entity | Real estate leasing and development
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Receivables from related parties	4.6		6.9
Payables to related parties	$ 0.7		$ 0.4

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	May 03, 2023	Apr. 25, 2023	Mar. 31, 2023	Mar. 31, 2022
Subsequent Event [Line Items]
Dividends declared (in dollars per share)			$ 0.22	$ 0.19
Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)		$ 0.22
Subsequent Event | Oahu
Subsequent Event [Line Items]
Cash paid	$ 9.5