Exhibit 10.a.(xxvi)
ALEXANDER & BALDWIN, INC.
CONSOLIDATED BALANCE SHEETS
Restated
(In thousands)
December 31, 1994 1993
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ASSETS
Current Assets:
Cash and cash equivalents $ 8,987 $ 32,295
Accounts and notes receivable:
Trade 110,881 111,652
Other 18,275 15,469
Inventories:
Sugar 52,648 53,979
Materials and supplies 38,029 37,178
Real estate held for sale 4,014 10,504
Deferred income taxes 15,366 2,042
Prepaid expenses 14,127 11,373
Accrued withdrawals from (deposits to)
Capital Construction Fund (550) 783
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Total current assets 261,777 275,275
--------- ---------
Investments 64,913 17,449
--------- ---------
Real Estate Developments 66,371 54,919
--------- ---------
Property:
Land 52,202 65,403
Buildings 190,852 202,643
Vessels 651,435 631,896
Machinery and equipment 656,425 619,241
Water, power and sewer systems 86,254 84,530
Other property improvements 83,222 101,530
--------- ---------
Total property 1,720,390 1,705,243
Less: Accumulated depreciation 744,718 672,260
--------- ---------
Net property 975,672 1,032,983
--------- ---------
Capital Construction Fund 176,044 175,194
--------- ---------
Net Assets of Discontinued Operations 313,690 296,008
--------- ---------
Other Assets 67,713 52,914
--------- ---------
Total Assets $ 1,926,180 $ 1,904,742
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ALEXANDER & BALDWIN, INC.
CONSOLIDATED BALANCE SHEETS (continued)
Restated
(In thousands)
December 31, 1994 1993
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term debt $ 27,239 $ 13,089
Current portion of capital lease obligations 7,938 9,732
Short-term commercial paper borrowings 58,000 64,000
Accounts payable 35,505 37,592
Payrolls and vacation pay 19,847 20,291
Uninsured claims 12,110 9,336
Post-retirement benefits obligations - current 6,582 6,676
Taxes other than income 5,390 4,802
Accrued interest payable 4,611 8,060
Promotional programs 4,563 8,322
Income taxes - 3,506
Accrued and other liabilities 21,946 24,985
--------- ---------
Total current liabilities 203,731 210,391
--------- ---------
Long-term liabilities:
Long-term debt 526,231 582,473
Capital lease obligations 35,274 44,495
Post-retirement benefits obligations 116,610 112,898
Pension obligations 21,933 26,138
Uninsured claims 12,337 15,180
Other 27,489 27,712
--------- ---------
Total long-term liabilities 739,874 808,896
--------- ---------
Deferred Income Taxes 349,961 298,449
--------- ---------
Commitments and Contingencies
Shareholders' Equity :
Capital stock -- common stock without par value
authorized, 150,000 shares ($.75 stated value per
share); outstanding, 45,691 shares in 1994 and
46,404 shares in 1993 37,493 38,028
Additional capital 38,862 38,510
Unrealized holding gains on securities 29,073 -
Retained earnings 541,910 525,192
Cost of treasury stock (14,724) (14,724)
--------- ---------
Total shareholders' equity 632,614 587,006
--------- ---------
Total $ 1,926,180 $ 1,904,742
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ALEXANDER & BALDWIN, INC.
Consolidated Statements of Income
Restated
(In thousands except per share amounts)
Year Ended December 31, 1994 1993 1992
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Revenue:
Net sales, food products $ 427,524 $ 281,816 $ 95,818
Net sales, property development and other 59,412 43,764 27,526
Transportation and terminal services 473,450 445,442 484,532
Rentals and other services 161,764 135,394 71,717
Gain on sale of property and other 7,474 4,244 4,705
Interest 11,618 10,487 17,168
Dividends 2,791 2,657 2,482
--------- -------- --------
Total revenue 1,144,033 923,804 703,948
--------- -------- --------
Costs and Expenses:
Cost of goods sold 422,444 267,730 108,094
Cost of services 478,761 426,092 390,886
Selling, general & administrative 118,495 101,058 84,613
Interest 31,427 31,382 31,643
Interest capitalized (3,725) (2,580) (7,762)
Hurricane loss - - 24,803
--------- -------- --------
Total costs and expenses 1,047,402 823,682 632,277
--------- -------- --------
Income from Continuing Operations Before Income
Taxes, Discontinued Operations and Cumulative
Effect of Change in Accounting for
Post-retirement Benefits 96,631 100,122 71,671
Income taxes 32,652 41,386 19,044
--------- -------- --------
Income from Continuing Operations Before
Discontinued Operations and Cumulative
Effect of Change in Accounting for
Post-retirement Benefits 63,979 58,736 52,627
Discontinued Operations:
Income from Operations of Matson Leasing
Co. (net of income taxes) 10,629 8,253 7,878
Cumulative Effect of Change in Accounting
for Post-retirement Benefits
(net of income taxes) - - (41,551)
--------- -------- --------
Net Income $ 74,608 $ 66,989 $ 18,954
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Earnings per Share of Common Stock:
Continuing Operations Before Discontinued
Operations and Cumulative Effect of Change in
Accounting for Post-retirement Benefits $ 1.39 $ 1.27 $ 1.14
Discontinued Operations 0.23 0.18 0.17
Cumulative Effect of Change in Accounting
for Post-retirement Benefits - - (0.90)
--------- -------- --------
Net Income $ 1.62 $ 1.45 $ 0.41
========= ======== ========
Average Common Shares Outstanding 46,059 46,338 46,294
========= ======== ========
ALEXANDER & BALDWIN, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Restated
(In thousands)
Year Ended December 31, 1994 1993 1992
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Cash Flows from Operations:
Net income $ 63,979 $ 58,736 $ 11,076
Adjustments to reconcile net income to net cash
provided by operations:
Depreciation 84,037 78,318 69,769
Hurricane loss - - 24,803
Post-retirement benefits - - 41,544
Gain on disposals of property (5,700) (292) (1,246)
Capital expenditures for real estate
developments held for sale (6,817) (1,703) (22,517)
Changes in assets and liabilities:
Accounts and notes receivable 1,245 (2,666) (9,265)
Sugar Inventory 1,331 21,918 4,245
Other Inventory (220) (7,422) (967)
Prepaid expenses and other assets 26,328 10,038 7,357
Accounts payable (3,320) (4,416) (2,116)
Income taxes payable (4,539) (188) (8,472)
Deferred income taxes payable 21,819 30,738 13,332
Other liabilities (15,677) (13,783) (1,942)
--------- -------- --------
Net cash provided by operations 162,466 169,278 125,601
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Cash Flows from Investing Activities:
Capital expenditures for property (48,791) (109,315) (78,638)
Capital expenditures for real estate developments
held for investment (12,643) (12,875) (12,778)
Acquisition of California and Hawaiian
Sugar Company, Inc. - (62,564) -
Receipts from disposals of property,
investments and other assets 1,447 10,182 3,561
Deposits into Capital Construction Fund (8,900) - (31,025)
Withdrawals from Capital Construction Fund 9,383 87,495 27,335
Increase in investments (32) (1,108) (16,825)
--------- -------- --------
Net cash used in investing activities (59,536) (88,185) (108,370)
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Cash Flows from Financing Activities:
Proceeds from issuance of long-term debt 31,000 89,500 267,205
Payments of long-term liabilities (84,314) (112,651) (176,802)
Payments of short-term commercial paper (6,000) - -
Capital stock transactions 122 288 924
Repurchases of capital stock (17,717) - -
Dividends paid (40,563) (40,777) (40,744)
--------- -------- --------
Net cash provided by (used in)
financing activities (117,472) (63,640) 50,583
--------- -------- --------
Net increase in cash and cash equivalents from
continuing operations (14,542) 17,453 67,814
Net increase in cash and cash equivalents from
discontinued operations (8,592) (5,880) (65,584)
--------- -------- --------
Net increase (decrease) for the year ($ 23,134) $ 11,573 $ 2,230
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