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PENSION AND POST-RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2014

PENSION AND POST-RETIREMENT PLANS

Schedule of the Company's target and actual asset allocations

Asset Category		Target		2014		2013
Domestic equity securities		53%		63%		58%
International equity securities		15%		14%		15%
Debt securities		22%		17%		18%
Real estate		5%		5%		5%
Other and cash		5%		1%		4%
Total		100%		100%		100%

Schedule of the fair values of the Company's pension plan assets, by asset category

		Fair Value Measurements at December 31, 2014
Asset Category		Total			Quoted Prices in Active Markets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Cash		$	19.4		$	19.4		$	—		$	—
Equity securities:
U.S. large-cap		69.5			69.5			—			—
U.S. mid- and small-cap		35.6			35.6			—			—
International large-cap (1)		17.6			5.9			11.7			—
International small-cap (1)		6.9			—			6.9			—
Fixed income securities:
U.S. Treasuries		0.4			—			0.4			—
Municipal bonds		0.1			—			0.1			—
Investment grade U.S. corporate bonds		2.3			—			2.3			—
High-yield U.S. corporate bonds		6.7			—			6.7			—
Emerging markets fixed income		10.8			10.8			—			—
Other types of investments:
Real estate partnership interests		9.3			—			—			9.3
Private equity partnership interests		0.3			—			—			0.3
Total		$	178.9		$	141.2		$	28.1		$	9.6

(1) Certain amounts in these categories classified as Level 1 in 2013, were classified as Level 2 in 2014 as there is no-longer an active market for these securities.

		Fair Value Measurements at December 31, 2013
Asset Category		Total			Quoted Prices in Active Markets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Cash		$	6.9		$	6.9		$	—		$	—
Equity securities:
U.S. large-cap		64.2			64.2			—			—
U.S. mid- and small-cap		35.7			35.7			—			—
International large-cap		19.0			19.0			—			—
International small-cap		7.2			7.2			—			—
Fixed income securities:
U.S. Treasuries		0.6			—			0.6			—
Municipal bonds		0.1			—			0.1			—
Investment grade U.S. corporate bonds		1.9			—			1.9			—
High-yield U.S. corporate bonds		6.7			—			6.7			—
Emerging markets fixed income		8.9			8.9			—			—
Mortgage-backed securities		12.7			—			12.7			—
Other types of investments:
Real estate partnership interests		8.6			—			—			8.6
Private equity partnership interests		0.3			—			—			0.3
Total		$	172.8		$	141.9		$	22.0		$	8.9

Reconciliation of all pension plan investments measured at fair value on a recurring basis using significant unobservable inputs (level 3)

		Fair Value Measurements Using Significant
		Unobservable Inputs (Level 3)
		Real Estate			Private Equity			Total
Balance at December 31, 2012		$	7.8		$	0.8		$	8.6
Actual return (loss) on plan assets:
Assets held at the reporting date		0.9			(0.2		)	0.7
Assets sold during the period		0.3			0.1			0.4
Purchases, sales and settlements, net		(0.4		)	(0.4		)	(0.8		)
Balance at December 31, 2013		8.6			0.3			8.9
Actual return (loss) on plan assets:
Assets held at the reporting date		0.8			—			0.8
Assets sold during the period		0.3			—			0.3
Purchases, sales and settlements, net		(0.4		)	—			(0.4		)
Balance at December 31, 2014		$	9.3		$	0.3		$	9.6

Schedule of status of the funded qualified defined benefit pension plans and the unfunded post-retirement benefit plans

		Pension Benefits						Other Post-retirement Benefits
		2014			2013			2014			2013
Change in Benefit Obligation
Benefit obligation at beginning of year		$	197.5		$	210.1		$	52.1		$	49.2
Service cost		3.3			2.9			1.1			1.1
Interest cost		9.4			8.6			2.6			2.1
Plan participants’ contributions		—			—			0.7			0.9
Actuarial (gain) loss		38.2			(13.3		)	9.7			2.0
Benefits paid		(10.0		)	(9.8		)	(3.6		)	(3.2		)
Expenses paid		(1.0		)	(1.0		)	—			—
Benefit obligation at end of year		$	237.4		$	197.5		$	62.6		$	52.1
Change in Plan Assets
Fair value of plan assets at beginning of year		$	172.8		$	149.2		$	—		$	—
Actual return on plan assets		10.6			30.8			—			—
Plan participants’ contributions		—			—			0.7			0.9
Employer contributions		6.5			3.5			2.9			2.3
Benefits paid		(10.0		)	(9.8		)	(3.6		)	(3.2		)
Expenses paid		(1.0		)	(0.9		)	—			—
Fair value of plan assets at end of year		178.9			172.8			—			—
Funded Status and Recognized Liability		$	(58.5	)	$	(24.7	)	$	(62.6	)	$	(52.1	)

Schedule of amounts recognized on the consolidated balance sheets and in accumulated other comprehensive loss

		Pension Benefits						Other Post-retirement Benefits
		2014			2013			2014			2013
Current liabilities		$	—		$	—		$	(2.5	)	$	(2.4	)
Non-current liabilities, net		(58.5		)	(24.7		)	(60.1		)	(49.7		)
Total		$	(58.5	)	$	(24.7	)	$	(62.6	)	$	(52.1	)
Net loss (net of taxes)		$	55.5		$	32.0		$	7.2		$	1.7
Prior service cost (net of taxes)		(10.6		)	(12.0		)	—			—
Total		$	44.9		$	20.0		$	7.2		$	1.7

Schedule of information for qualified pension plans with an accumulated benefit obligation in excess of plan assets

		2014			2013
Projected benefit obligation		$	235.0		$	197.5
Accumulated benefit obligation		$	234.6		$	197.2
Fair value of plan assets		$	176.1		$	172.8

Schedule of components of the net periodic benefit cost and other amounts recognized in other comprehensive income (loss) for the defined benefit pension plans and the post-retirement health care and life insurance benefit plans

		Pension Benefits									Other Post-retirement Benefits
		2014			2013			2012			2014			2013			2012
Components of Net Periodic Benefit Cost
Service cost		$	3.3		$	2.9		$	2.7		$	1.1		$	1.1		$	1.0
Interest cost		9.4			8.6			9.0			2.6			2.1			2.3
Expected return on plan assets		(14.1		)	(11.9		)	(10.7		)	—			—			—
Amortization of net loss (gain)		3.0			6.8			7.0			0.6			0.3			0.6
Amortization of prior service cost		(2.3		)	(2.3		)	(2.3		)	—			—			0.1
Net periodic benefit cost		$	(0.7	)	$	4.1		$	5.7		$	4.3		$	3.5		$	4.0
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (net of tax)
Net loss (gain)		$	25.4		$	(19.6	)	$	4.0		$	5.9		$	1.2		$	(0.4	)
Amortization of unrecognized loss		(1.8		)	(4.2		)	(4.2		)	(0.4		)	(0.2		)	(0.3		)
Amortization of prior service cost		1.4			1.4			1.4			—			—			—
Total recognized in other comprehensive income		$	25.0		$	(22.4	)	$	1.2		$	5.5		$	1.0		$	(0.7	)
Total recognized in net periodic benefit cost and other comprehensive income		$	24.3		$	(18.3	)	$	6.9		$	9.8		$	4.5		$	3.3

Schedule of weighted average assumptions used to determine benefit information

		Pension Benefits						Other Post-retirement Benefits
		2014		2013		2012		2014		2013		2012
Weighted Average Assumptions:
Discount rate		4.10%		4.90%		4.20%		4.20%		5.00%		4.30%
Expected return on plan assets		8.25%		8.25%		8.25%
Rate of compensation increase		3.00%		3.00%		3.00%		3.00%		3.00%		3.00%
Initial health care cost trend rate								7.10%		7.30%		8.00%
Ultimate health care cost tread rate								4.50%		4.50%		4.50%
Year ultimate health care cost tread rate is reached								2027		2027		2020

Schedule of effect of one percentage point increase or decrease in assumed health care cost trend rate on accumulated post-retirement benefit obligation and net periodic post-retirement benefit cost

		Other Post-retirement Benefits
		One Percentage Point
		Increase									Decrease
		2014			2013			2012			2014			2013			2012
Effect on total of service and interest cost components		$	0.7		$	0.6		$	0.6		$	(0.5	)	$	(0.5	)	$	(0.4	)
Effect on post-retirement benefit obligation		$	10.0		$	7.1		$	6.5		$	(7.8	)	$	(5.7	)	$	(5.2	)

Schedule of estimated future benefit payments

		Qualified
		Pension			Non-qualified			Post-retirement
Year		Benefits			Pension Benefits			Benefits (1)
2015		$	11.4		$	1.6		$	2.5
2016		11.9			0.9			2.5
2017		12.4			0.2			2.6
2018		12.9			1.0			2.7
2019		13.2			0.2			2.8
2020-2024			70.9			2.4			15.3
Total		$	132.7		$	6.3		$	28.4

Schedule of information regarding the entity's participation in the multiemployer pension plans

		EIN/Pension		Pension Protection Act Zone Status as of December 31,				FIP/RP Status Pending/		Contributions of Matson ($ in millions)									Surcharge		Expiration Date of Collective Bargaining
Pension Fund		Plan Number		2014		2013		Implemented		2014			2013			2012			Imposed		Agreement
Hawaii Terminals Multiemployer Pension Plan		20-0389370/001		Yellow		Yellow		Implemented		$	5.1		$	5.3		$	5.1		No		6/30/2014
Hawaii Stevedoring Multiemployer Retirement Plan		99-0314293/001		Yellow		Yellow		Implemented		2.9			2.7			2.4			No		6/30/2014
Master, Mates and Pilots Pension Plan		13-6372630/001	(1)	Green		Green		None		1.9			2.1			3.4			No	(3)	6/15/2023 8/15/2023
Masters, Mates and Pilots Adjustable Pension Plan		37-1719247/001	(1)	(2)		(2)		None		1.0			0.8			—			No	(3)	6/15/2023 8/15/2023
MEBA Pension Trust - Defined Benefit Plan		51-6029896/001	(4)	Green		Green		None		2.1			2.1			2.1			No		8/15/2018
OCU Trust Pension		26-1574440/001		Green		Green		None		0.1			0.1			0.1			No		6/30/2016
Total										$	13.1		$	13.1		$	13.1

(1) Effective December 31, 2012, the Masters, Mates and Pilots Pension Plan was frozen for all new benefit accruals.  Commencing January 1, 2013, all new benefits accrue under a new Masters, Mates and Pilots Adjustable Pension Plan.

(2) The Plan is not subject to the PPA funding requirements under IRS Section 432 as the Plan was not in effect on July 16, 2006.

(3) The Company is party to two collective-bargaining agreements based upon vessels that require contributions to this plan:  Contract A, covering thirteen vessels, expires on June 15, 2023, and Contract B, covering one managed vessel, expires on August 15, 2023.

(4) In 2012, the Company agreed to contribute at least 11.7 percent of total wages paid to employees in covered Marine Engineer Benefits Association (“MEBA”) employment to the MEBA Pension Trust by a reallocation of the total labor cost under the collective bargaining agreement.  The pension contribution rate was determined by the plan’s actuary to be necessary to maintain full funding of the pension plan and is fully offset by a reallocation of wages and other benefits.

Schedule of years contributions to plan exceeded more than 5 percent of total contributions

Pension Plans		Year Contributions to Plan Exceeded More than 5 Percent of Total Contributions (as of December 31 of the Plan’s Year-End)
Hawaii Terminals Multiemployer Pension Plan		2014, 2013 and 2012
Hawaii Stevedoring Multiemployer Retirement Plan		2014, 2013 and 2012
Masters, Mates and Pilots Pension Plan (5)		2013 and 2012
Masters, Mates and Pilots Adjustable Pension Plan (5)		2013
MEBA Pension Trust - Defined Benefit Plan (5)		2013 and 2012

(1) As of the date the consolidated financial statements were issued, Form 5500s were not available for the plan years ending in 2014 for this and other plans.

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