Acquisitions (Tables)

12 Months Ended

Dec. 31, 2014

The unaudited pro forma combined historical results (using audited Grace results for its fiscal years ended September 30, 2013 and 2012), as if Grace had been acquired at the beginning of 2012 are as follows (in millions):



	Year Ended December 31,
	2013		2012
Operating revenue	$	539.1	$	454.1
Income from continuing operations, after tax	$	31.7	$	14.8

The unaudited pro forma combined historical results, as if the portfolio had been acquired at the beginning of 2012 are as follows (in millions):



	Year Ended December 31,
	2013		2012
Operating revenue	$	391.0	$	285.5
Income from continuing operations, after tax	$	23.3	$	14.2

Grace Pacific Corporation

Business Acquisition [Line Items]

Allocation of Purchase Price to Assets Acquired and Liabilities Assumed

The allocation of purchase price to assets acquired and liabilities assumed is as follows (in millions):



	Preliminary Valuation October 1, 2013		Modifications			Final Valuation
Cash consideration	$	35.3	$	—		$	35.3
Common stock issued as consideration	196.3		—			196.3
Fair value of consideration transferred	231.6		—			231.6

Fair value of assets acquired and liabilities assumed
Assets acquired:
Cash and cash equivalents	5.7		—			5.7
Accounts receivable	37.1		—			37.1
Contracts retention	9.6		—			9.6
Costs and estimated earnings in excess of billings on uncompleted contracts	11.7		—			11.7
Inventories	42.0		—			42.0
Property, plant and equipment	148.6		—			148.6
Mineral rights	18.0		—			18.0
Intangible assets	5.8		(1.0		)	4.8
All other, net	10.4		0.9			11.3
Total assets acquired	288.9		(0.1		)	288.8

Liabilities assumed:
Accounts payable and accrued liabilities	26.3		—			26.3
Billings in excess of cost and estimated earnings on uncompleted contracts	7.5		0.6			8.1
Deferred tax liability, long-term	27.1		(0.6		)	26.5
Long-term debt, including current portion	72.7		(0.2		)	72.5
All other, net	4.9		3.4			8.3
Total liabilities assumed	138.5		3.2			141.7

Non-controlling interest	9.1		—			9.1
Excess of purchase price over net assets acquired	$	90.3	$	3.3		$	93.6

Kailua Portfolio Acquisition

Business Acquisition [Line Items]

Allocation of Purchase Price to Assets Acquired and Liabilities Assumed

The allocation of purchase price to assets acquired and liabilities assumed is as follows (in millions):



Fair value of assets acquired and liabilities assumed
Assets acquired:
Property, plant and equipment	$	367.7
Intangible assets	30.4
Total assets acquired	398.1

Liabilities assumed:
Intangible liabilities	26.0
Liabilities assumed	11.4
Total liabilities assumed	37.4

Net assets acquired	$	360.7

Waianae Mall, Napili Plaza, Pearl Highlands Center, and The Shops at Kukui'ula

Business Acquisition [Line Items]

Allocation of Purchase Price to Assets Acquired and Liabilities Assumed

The allocation of purchase price to assets acquired and liabilities assumed is as follows (in millions):



Fair value of assets acquired and liabilities assumed
Assets acquired:
Property, plant and equipment	$	224.2
Intangible assets	20.9
Goodwill	9.3
Total assets acquired	254.4

Liabilities assumed:
Intangible liabilities	8.3
Liabilities assumed	134.2
Total liabilities assumed	142.5

Net assets acquired	$	111.9