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NOTES PAYABLE AND LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2011
NOTES PAYABLE AND LONG-TERM DEBT [Abstract] |
NOTES PAYABLE AND LONG-TERM DEBT | 7. NOTES PAYABLE AND LONG-TERM DEBT At December 31, 2011 and 2010, notes payable and long-term debt consisted of the following (in millions):
|  | 2011 |  |  | 2010 |
Revolving Credit loans, (1.29% for 2011 and 0.64% for 2010) |  | $ | 173 |  |  | $ | 108 |
Title XI Bonds: |  |  |  |  |  |  |  |
5.27%, payable through 2029, secured by MV Maunawili |  |  | 40 |  |  |  | 42 |
5.34%, payable through 2028, secured by MV Manukai |  |  | 37 |  |  |  | 40 |
Term Loans: |  |  |  |  |  |  |  |
6.90%, payable through 2020 |  |  | 100 |  |  |  | 100 |
4.79%, payable through 2020, secured by MV Manulani |  |  | 60 |  |  |  | 66 |
5.55%, payable through 2017 |  |  | 50 |  |  |  | 50 |
5.53%, payable through 2016 |  |  | 42 |  |  |  | 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 |  |  | 10 |  |  |  | 11 |
6.38%, payable through 2017, secured by Midstate 99 Distribution Ctr. |  |  | 8 |  |  |  | 8 |
5.50%, payable through 2014, secured by Little Cottonwood Center |  |  | 6 |  |  |  | 6 |
5.88%, payable through 2014, secured by Midstate 99 Distribution Ctr. |  |  | 3 |  |  |  | 3 |
0.00%, payable through 2012 |  |  | 1 |  |  |  | 1 |
Total debt |  |  | 559 |  |  |  | 522 |
Less current portion |  |  | (52 | ) |  |  | (136 | )
Long-term debt |  | $ | 507 |  |  | $ | 386 |
Long-term Debt Maturities: At December 31, 2011, debt maturities during the next five years and thereafter are $52 million in 2012, $45 million in 2013, $54 million in 2014, $45 million in 2015, $206 million in 2016 (which includes $161 million of revolving credit loans that mature in 2016 that the Company expects to refinance prior to maturity), and $157 million thereafter. Revolving Credit Facilities: The Company has two revolving senior credit facilities with seven commercial banks that provide for an aggregate commitment of $355 million, which consist of a $230 million facility and a $125 million facility for A&B and Matson, respectively. The facilities expire in August 2016. Amounts drawn under the facilities 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 requires the maintenance of minimum shareholders' equity levels, minimum unencumbered property investment values, and a maximum ratio of debt to earnings before interest, depreciation, amortization and taxes. At December 31, 2011, $173 million was outstanding, $19 million in letters of credit had been issued against the facilities, and $163 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 revolving senior credit facilities. 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. The unused borrowing capacity under all revolving credit and term facilities as of December 31, 2011 totaled $283 million. Title XI Bonds: In August 2004, Matson partially financed the delivery of the MV Maunawili with U.S. government Guaranteed Ship Financing Bonds, more commonly known as Title XI bonds. These bonds are secured by the MV Maunawili. In September 2003, Matson partially financed the delivery of the MV Manukai with Title XI bonds, which are secured by the MV Manukai. Vessel Secured Term Debt: Matson has an Amended and Restated Note Agreement with The Prudential Insurance Company of America and Pruco Life Insurance. Included in the agreement are Series A and Series B notes. The Series B note has a term of 15 years and is secured by the MV Manulani. The Series A note was paid off in 2010. Real Estate Secured Term Debt: In October 2010, the Company assumed secured debt in connection with the purchase of Little Cottonwood Center, a retail center in Sandy, Utah. In December 2008, A&B Properties, Inc. assumed approximately secured debt under two notes in connection with the purchase of the Midstate 99 Distribution Center in Visalia, California. In June 2005, A&B Properties, Inc. assumed secured debt in connection with the purchase of Deere Valley Center, an office building in Phoenix, Arizona. The approximate book values of assets used in the Transportation and Real Estate Industries pledged as collateral under the foregoing credit agreements at December 31, 2011 were $361 million and $57 million, respectively. There were no assets used in the Agribusiness segment that were pledged as collateral.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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