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INVESTMENTS IN AFFILIATES | 12 Months Ended
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Dec. 31, 2011
INVESTMENTS IN AFFILIATES [Abstract] |
INVESTMENTS IN AFFILIATES | 4. INVESTMENTS IN AFFILIATES At December 31, 2011 and 2010, investments consisted principally of equity in limited liability companies. The Company has the ability to exercise significant influence over the operating and financial policies of these investments and, accordingly, accounts for its investments using the equity method of accounting. Consolidated retained earnings at December 31, 2011 that represent undistributed earnings of investments in affiliates was approximately $41 million. Dividends and distributions from unconsolidated affiliates totaled $6 million in 2011 and $8 million for each of the years ended December 31, 2010 and 2009. The Company's investments in affiliates are summarized, by industry, as follows (in millions):
|  | 2011 |  |  | 2010 |
Investment in Unconsolidated Affiliated Companies: |  |  |  |  |  |  |  |
Real Estate and Other |  | $ | 291 |  |  | $ | 276 |
Transportation |  |  | 56 |  |  |  | 53 |
Total Investments |  | $ | 347 |  |  | $ | 329 |
Operating results include the Company's proportionate share of net income from its equity method investments. A summary of financial information for the Company's equity method investments by industry at December 31 is as follows (in millions):
|  | 2011 |  | 2010
|  | Real Estate |  | Transportation |  | Real Estate |  | Transportation
Current assets |  |  | $ | 21 |  |  |  |  | $ | 90 |  |  |  |  | $ | 42 |  |  |  |  | $ | 88 |  |
Noncurrent assets |  |  |  | 612 |  |  |  |  |  | 119 |  |  |  |  |  | 623 |  |  |  |  |  | 111 |  |
Total assets |  |  | $ | 633 |  |  |  |  | $ | 209 |  |  |  |  | $ | 665 |  |  |  |  | $ | 199 |  |
Current liabilities |  |  | $ | 17 |  |  |  |  | $ | 42 |  |  |  |  | $ | 15 |  |  |  |  | $ | 39 |  |
Noncurrent liabilities |  |  |  | 112 |  |  |  |  |  | 17 |  |  |  |  |  | 164 |  |  |  |  |  | 22 |  |
Total liabilities |  |  | $ | 129 |  |  |  |  | $ | 59 |  |  |  |  | $ | 179 |  |  |  |  | $ | 61 |  |
|  | Year Ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Real Estate: |  |  |  |  |  |  |  |  |  |  |  |
Operating revenue |  | $ | 20 |  |  | $ | 30 |  |  | $ | 14 |
Operating costs and expenses |  |  | 32 |  |  |  | 23 |  |  |  | 9 |
Operating (loss) income |  | $ | (12 | ) |  | $ | 7 |  |  | $ | 5 |
Income (loss) from continuing operations |  | $ | (15 | ) |  | $ | 7 |  |  | $ | 1 |
Net income (loss) |  | $ | (15 | ) |  | $ | 7 |  |  | $ | 1 |
Transportation: |  |  |  |  |  |  |  |  |  |  |  |
Operating revenue |  | $ | 579 |  |  | $ | 568 |  |  | $ | 476 |
Operating costs and expenses |  |  | 572 |  |  |  | 548 |  |  |  | 470 |
Operating income |  | $ | 7 |  |  | $ | 20 |  |  | $ | 6 |
Income from continuing operations* |  | $ | 26 |  |  | $ | 36 |  |  | $ | 20 |
Net income |  | $ | 26 |  |  | $ | 36 |  |  | $ | 20 |
* Includes earnings from equity method investments held by the investee. Real Estate: In April 2002, the Company entered into a joint venture with DMB Communities II, an affiliate of DMB Associates, Inc., an Arizona-based developer of master-planned communities (“DMB”), for the development of Kukui`ula, a master planned resort residential community located in Poipu, Kauai, planned for up to 1,500 resort residential units. The capital contributed by A&B to the joint venture, including the value of land initially contributed, net of joint venture earnings and losses, was approximately $245 million as of December 31, 2011. Due to the joint venture's obligation to complete improvements and amenities, the joint venture uses the percentage-of-completion method for revenue recognition. The Company does not have a controlling financial interest in the joint venture, but exercises significant influence over the operating and financial policies of the venture, and therefore, accounts for its investment using the equity method. Due to the complex nature of cash distributions to the members, net income of the joint venture is allocated to the members using the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, joint venture income or loss is allocated to the members based on the period change in each member's claim on the net assets of the venture, excluding capital contributions and distributions made during the period. In 2011, the Company recorded a $6.4 million reduction in the carrying value of its investment in Waiawa, a residential joint venture on Oahu, due to the joint venture's termination of its development plans. The Company's remaining investment in the venture, which is not material, represents the Company's share of expected cash proceeds from the pending sale of the joint venture lands. The Company also had investments in various other joint ventures that operate or develop real estate. The Company does not have a controlling financial interest, but has the ability to exercise significant influence over the operating and financial policies of these joint ventures and, accordingly, accounts for its investments in these real estate ventures using the equity method of accounting. Transportation: Matson owns a 35-percent membership interest in an LLC with SSA Marine Inc., named SSA Terminals, LLC (“SSAT”), which provides stevedoring and terminal services at six terminals in three West Coast ports to the Company and other shipping lines. Matson accounts for its interest in SSAT under the equity method of accounting. The cost of ocean transportation services included approximately $175 million, $157 million, and $135 million for 2011, 2010, and 2009, respectively, paid to this unconsolidated affiliate for terminal services. The Company's equity in earnings of its unconsolidated transportation affiliate were included on the consolidated statements of income with the cost of ocean transportation services because the affiliate is integrally related to the Company's Ocean Transportation segment, providing all terminal services to Matson on the U.S. West Coast.

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- Definition The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6903645&loc=d3e32787-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6903645&loc=d3e32847-111569 + Details
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