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PARENT COMPANY CONDENSED FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2011
PARENT COMPANY CONDENSED FINANCIAL INFORMATION [Abstract] |
PARENT COMPANY CONDENSED FINANCIAL INFORMATION | 16. PARENT COMPANY CONDENSED FINANCIAL INFORMATION Set forth below are the unconsolidated condensed financial statements of Alexander & Baldwin, Inc. (“Parent Company”). The significant accounting policies used in preparing these financial statements are substantially the same as those used in the preparation of the consolidated financial statements as described in Note 1, except that, for purposes of the tables presented in this footnote, subsidiaries are carried under the equity method. The following table presents the Parent Company's condensed balance sheets as of December 31, 2011 and 2010 (in millions):
|  | 2011 |  |  | 2010 |
ASSETS |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1 |  |  | $ | - |
Accounts and other receivables, net |  |  | 3 |  |  |  | 5 |
Inventories |  |  | 24 |  |  |  | 16 |
Real estate held for sale |  |  | -- |  |  |  | 3 |
Prepaid expenses and other |  |  | 5 |  |  |  | 6 |
Total current assets |  |  | 33 |  |  |  | 30 |
Investments: |  |  |  |  |  |  |  |
Subsidiaries consolidated, at equity |  |  | 1,313 |  |  |  | 1,299 |
Property, at Cost |  |  | 518 |  |  |  | 501 |
Less accumulated depreciation and amortization |  |  | 237 |  |  |  | 225 |
Property – net |  |  | 281 |  |  |  | 276 |
Other Assets |  |  | 16 |  |  |  | 17 |
Total |  | $ | 1,643 |  |  | $ | 1,622 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |
Current portion of long-term debt |  | $ | 34 |  |  | $ | 108 |
Accounts payable |  |  | 6 |  |  |  | 8 |
Income taxes payable |  |  | 22 |  |  |  | 2 |
Non-qualified benefit plans |  |  | 1 |  |  |  | 1 |
Other |  |  | 17 |  |  |  | 17 |
Total current liabilities |  |  | 80 |  |  |  | 136 |
Long-term Debt |  |  | 308 |  |  |  | 230 |
Employee Benefit Plans |  |  | 41 |  |  |  | 27 |
Non-qualified Benefit Plans |  |  | 8 |  |  |  | 10 |
Other Long-term Liabilities |  |  | 19 |  |  |  | 11 |
Deferred Income Taxes |  |  | 50 |  |  |  | 50 |
Due to Subsidiaries |  |  | 14 |  |  |  | 22 |
Shareholders' Equity: |  |  |  |  |  |  |  |
Capital stock |  |  | 34 |  |  |  | 34 |
Additional capital |  |  | 239 |  |  |  | 223 |
Accumulated other comprehensive loss |  |  | (92 | ) |  |  | (82 | )
Retained earnings |  |  | 953 |  |  |  | 972 |
Cost of treasury stock |  |  | (11 | ) |  |  | (11 | )
Total shareholders' equity |  |  | 1,123 |  |  |  | 1,136 |
Total |  | $ | 1,643 |  |  | $ | 1,622 |
The following table presents the Parent Company's condensed statements of income for the years ended December 31, 2011, 2010, and 2009 (in millions):
|  | 2011 |  |  | 2010 |  |  | 2009 |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Agribusiness |  | $ | 128 |  |  | $ | 117 |  |  | $ | 73 |
Real estate leasing |  |  | 24 |  |  |  | 16 |  |  |  | 13 |
Real estate sales |  |  | 15 |  |  |  | 2 |  |  |  | 8 |
Interest and other |  |  | 3 |  |  |  | 6 |  |  |  | 2 |
Total revenue |  |  | 170 |  |  |  | 141 |  |  |  | 96 |
Costs and Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Cost of agribusiness goods and services |  |  | 113 |  |  |  | 114 |  |  |  | 109 |
Cost of real estate sales and leasing |  |  | 21 |  |  |  | 11 |  |  |  | 9 |
Selling, general and administrative |  |  | 21 |  |  |  | 24 |  |  |  | 21 |
Interest and other |  |  | 16 |  |  |  | 16 |  |  |  | 16 |
Income tax benefit (expense) |  |  | 2 |  |  |  | (12 | ) |  |  | (22 | )
Total costs and expenses |  |  | 173 |  |  |  | 153 |  |  |  | 133 |
Loss from Continuing Operations |  |  | (3 | ) |  |  | (12 | ) |  |  | (37 | )
Discontinued Operations, net of income taxes |  |  | 2 |  |  |  | 24 |  |  |  | 11 |
Income (Loss) Before Equity in Income of Subsidiaries Consolidated |  |  | (1 | ) |  |  | 12 |  |  |  | (26 | )
Equity in Income from Continuing Operations of Subsidiaries Consolidated |  |  | 58 |  |  |  | 81 |  |  |  | 44 |
Equity in Income (Loss) from Discontinued Operations of Subsidiaries Consolidated |  |  | (23 | ) |  |  | (1 | ) |  |  | 26 |
Net Income |  |  | 34 |  |  |  | 92 |  |  |  | 44 |
Other Comprehensive Income (Loss), net of income taxes |  |  | (10 | ) |  |  | (1 | ) |  |  | 15 |
Comprehensive Income |  | $ | 24 |  |  | $ | 91 |  |  | $ | 59 |
The following table presents the Parent Company's condensed statements of cash flows for the years ended December 31, 2011, 2010, and 2009 (in millions):
|  | 2011 |  |  | 2010 |  |  | 2009 |
Cash Flows from Operations (including dividends received from subsidiaries) |  | $ | 96 |  |  | $ | 37 |  |  | $ | 90 |
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  | (10 | ) |  |  | (14 | ) |  |  | (6 | )
Purchase of investments |  |  | (58 | ) |  |  | (67 | ) |  |  | (96 | )
Proceeds from disposal of property and sale of investments |  |  | 12 |  |  |  | 36 |  |  |  | 28 |
Net cash used in investing activities |  |  | (55 | ) |  |  | (45 | ) |  |  | (74 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Change in intercompany payables/receivables |  |  | -- |  |  |  | -- |  |  |  | (13 | )
Proceeds from (repayments of) long-term debt, net |  |  | 3 |  |  |  | 52 |  |  |  | 51 |
Proceeds from issuance of capital stock and other |  |  | 10 |  |  |  | 7 |  |  |  | (1 | )
Repurchases of capital stock |  |  | -- |  |  |  | -- |  |  |  | -- |
Dividends paid |  |  | (53 | ) |  |  | (52 | ) |  |  | (52 | )
Net cash used in financing activities |  |  | (40 | ) |  |  | 7 |  |  |  | (15 | )
Cash and Cash Equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) for the year |  |  | 1 |  |  |  | (1 | ) |  |  | 1 |
Balance, beginning of year |  |  | -- |  |  |  | 1 |  |  |  | -- |
Balance, end of year |  | $ | 1 |  |  | $ | -- |  |  | $ | 1 |
Other Cash Flow Information: |  |  |  |  |  |  |  |  |  |  |  |
Interest paid |  | $ | (16 | ) |  | $ | (15 | ) |  | $ | (13 | )
Income taxes paid, net of refunds |  | $ | (25 | ) |  | $ | (46 | ) |  | $ | (38 | )
Other Non-cash Information: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation expense |  | $ | 16 |  |  | $ | 16 |  |  | $ | 17 |
Tax-deferred property sales |  | $ | 16 |  |  | $ | 65 |  |  | $ | 29 |
Tax-deferred property purchases |  | $ | (12 | ) |  | $ | (78 | ) |  | $ | (40 | )
General Information: The Parent Company is headquartered in Honolulu, Hawaii and is engaged in the operations that are generally described in Note 14, “Industry Segments.” Additional information related to the Parent Company is described in the foregoing notes to the consolidated financial statements. Long-term Debt: At December 31, 2011 and 2010, long-term debt consisted of the following (in millions):
|  | 2011 |  |  | 2010 |
Revolving Credit loans (1.24% for 2011 and 0.57% for 2010) |  | $ | 113 |  |  | $ | 93 |
Term Loans: |  |  |  |  |  |  |  |
6.90%, payable through 2020 |  |  | 100 |  |  |  | 100 |
5.53%, payable through 2016 |  |  | 42 |  |  |  | 50 |
5.55%, payable through 2017 |  |  | 50 |  |  |  | 50 |
5.56%, payable through 2016 |  |  | 25 |  |  |  | 25 |
4.10%, payable through 2012 |  |  | 4 |  |  |  | 12 |
6.20%, payable through 2013, secured by Deere Valley Center |  |  | 2 |  |  |  | 2 |
5.50%, payable through 2014, secured by Little Cottonwood Center |  |  | 6 |  |  |  | 6 |
Total |  |  | 342 |  |  |  | 338 |
Less current portion |  |  | (34 | ) |  |  | (108 | )
Long-term debt |  | $ | 308 |  |  | $ | 230 |
Long-term Debt Maturities: At December 31, 2011, maturities of all long-term debt during the next five years are $34 million in 2012, $26 million in 2013, $39 million in 2014, $33 million in 2015, $140 million in 2016, and $70 million thereafter. Revolving Credit Facilities: The Parent Company has a revolving senior credit facility with seven commercial banks that expires in August 2016. The revolving credit facility provides for a commitment of $230 million. Amounts drawn under the facility bear interest at London Interbank Offered Rate (“LIBOR”) plus a margin based on a ratio of debt to earnings before interest, taxes, depreciation and amortization pricing grid. The agreement contains certain restrictive covenants, the most significant of which require the maintenance of minimum shareholders' equity levels, minimum unencumbered property investment values, and a maximum ratio of total debt to earnings before interest, depreciation, amortization, and taxes. At December 31, 2011, $113 million was outstanding, $11 million in letters of credit had been issued against the facilities, and $106 million remained available for borrowing. The Company has a replenishing three-year unsecured note purchase and private shelf agreement with Prudential Investment Management, Inc. and its affiliates (collectively, “Prudential”) under which the Company may issue notes in an aggregate amount up to $400 million, less the sum of all principal amounts then outstanding on any notes issued by the Company or any of its subsidiaries to Prudential and the amount of any notes that are committed under the note purchase agreement. The Prudential agreement contains certain restrictive covenants that are substantially the same as the covenants contained in the Company's revolving senior credit facility. The ability to draw additional amounts under the Prudential facility expires on April 19, 2012 and borrowings under the shelf facility bear interest at rates that are determined at the time of the borrowing. At December 31, 2011, approximately $120 million was available under the facility. Real Estate Secured Term Debt: In October 2010, the Parent Company assumed secured debt in connection with its purchase of Little Cottonwood Center, a retail center in Sandy, Utah. In June 2005, the Parent Company, together with its real-estate subsidiaries, purchased Deere Valley Center, an office building in Phoenix, Arizona, and assumed mortgage-secured debt. A&B owns approximately 25 percent of the Phoenix office building. The property is jointly and severally owned by three subsidiaries of the Company. Dividends from Subsidiaries: The Company received cash dividends from Matson totaling approximately $60 million for 2011, $45 million for 2010 and $60 million for 2009.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 9 -Section 06 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 05 -Paragraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6921628&loc=d3e5283-111683 + Details
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