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Segment Results (Tables)
 12 Months Ended
Dec. 31, 2014
Segment Reporting [Abstract]  
Segment Results
Operating segment information for 2014, 2013 and 2012 is summarized as below (in millions):
 
 
For the Year Ended December 31,
2014
 
2013
 
2012
Revenue:
 
 
 
 
 
Real Estate:
 
 
 
 
 
Leasing
$
125.6

 
$
110.4

 
$
100.6

Development and Sales
150.0

 
423.0

 
32.2

Less amounts reported in discontinued operations1
(70.4
)
 
(369.2
)
 
(45.3
)
Materials and Construction2
234.3

 
54.9

 
—

Agribusiness
120.5

 
146.1

 
182.3

Reconciling items3
—

 
—

 
(8.3
)
Total revenue
$
560.0

 
$
365.2

 
$
261.5

Operating profit (loss)
 
 
 
 
 
Real Estate:
 
 
 
 
 
Leasing
$
47.5

 
$
43.4

 
$
41.6

Development and Sales4
85.7

 
44.4

 
(4.4
)
Less amounts reported in discontinued operations1
(56.2
)
 
(36.7
)
 
(21.1
)
Materials and Construction2
25.9

 
2.9

 
—

Agribusiness
(11.8
)
 
10.7

 
20.8

Total operating profit
91.1

 
64.7

 
36.9

Interest expense
(29.0
)
 
(19.1
)
 
(14.9
)
General corporate expenses
(18.6
)
 
(17.4
)
 
(15.1
)
Reduction in KRS II carrying value, net (Note 6, 13)
(14.7
)
 
—

 
—

Separation/Acquisition Costs
—

 
(4.6
)
 
(6.8
)
Income from continuing operations before income taxes
28.8

 
23.6

 
0.1

Income tax expense (benefit)
(1.4
)
 
11.1

 
(5.9
)
Income from continuing operations
30.2

 
12.5

 
6.0

Income from discontinued operations (net of income taxes)
34.3

 
22.3

 
12.8

Net income
64.5

 
34.8

 
18.8

Income attributable to non-controlling interest
(3.1
)
 
(0.5
)
 
—

Net income attributable to A&B
$
61.4

 
$
34.3

 
$
18.8

1 
Amounts recast to reflect discontinued operations.

2 
2013 includes the results, capital expenditures, and depreciation and amortization of Grace from the acquisition date of October 1, 2013 through December 31, 2013.
3 
Represents the sale of a 286-acre agricultural parcel in 2012 classified as "Gain on sale of agricultural parcel" in the Consolidated Statements of Income, but reflected as revenue for segment reporting purposes.
4 
The Real Estate Development and Sales segment includes approximately $2.0 million, $4.2 million, and ($8.3) million in equity in earnings (losses) from its various real estate joint ventures for 2014, 2013, and 2012, respectively. Included in operating profit are non-cash impairment and equity losses of $0.3 million related to the sale of Crossroads in 2014, $6.3 million related to the consolidation of The Shops at Kukui'ula in 2013, and $9.8 million related to the Bakersfield joint venture and Santa Barbara real estate project in 2012.







As of December 31,
2014
 
2013
 
2012
Identifiable Assets:
 
 
 
 
 
Real Estate:
 
 
 
 
 
Leasing
$
1,121.6

 
$
1,113.4

 
$
771.3

Development and Sales5
634.3

 
640.9

 
504.8

Agribusiness
162.8

 
160.0

 
149.9

Materials and Construction
385.9

 
358.7

 
—

Other
25.3

 
10.6

 
11.3

Total assets
$
2,329.9

 
$
2,283.6

 
$
1,437.3

 
 
 
 
 
 
Capital Expenditures:
 
 
 
 
 
Real Estate:
 
 
 
 
 
Leasing6
$
51.8

 
$
488.5

 
$
23.1

Development and Sales7
—

 
0.1

 
—

Agribusiness8
10.8

 
11.8

 
31.7

Materials and Construction2
10.7

 
4.8

 
—

Other
1.8

 
0.1

 
—

Total capital expenditures
$
75.1

 
$
505.3

 
$
54.8

 
 
 
 
 
 
Depreciation and Amortization:
 
 
 
 
 
Real Estate:
 
 
 
 
 
Leasing1
$
26.9

 
$
24.3

 
$
22.0

Development and Sales
0.2

 
0.2

 
0.2

Agribusiness
11.5

 
11.7

 
11.6

Materials and Construction2
15.2

 
4.4

 
—

Other
1.2

 
1.1

 
1.3

Total depreciation and amortization
$
55.0

 
$
41.7

 
$
35.1

5 
The Real Estate Development and Sales segment includes approximately $383.8 million, $335.0 million, and $319.7 million related to its investment in various real estate joint ventures as of December 31, 2014, 2013, and 2012, respectively.
6 
Represents gross capital additions to the leasing portfolio, including gross tax-deferred property purchases, but excluding the assumption of debt, that are reflected as non-cash transactions in the Consolidated Statements of Cash Flows.
7 
Excludes expenditures for real estate developments held for sale which are classified as Cash Flows from Operating Activities within the Consolidated Statements of Cash Flows and excludes investment in joint ventures classified as Cash Flows from Investing Activities. Operating cash flows for expenditures related to real estate developments were $41.7 million, $150.6 million, and $37.2 million for 2014, 2013, and 2012, respectively. Investments in real estate joint ventures were $28.7 million, $22.2 million, and $17.4 million in 2014, 2013, and 2012, respectively.
8  
Includes $21.8 million of capital in 2012 related to the Company’s Port Allen solar project before tax credits.
Unaudited quarterly segment results for the years ended December 31, 2014 and 2013 were as follows (in millions):

2014
(Unaudited)
Q1

Q2

Q3

Q4
Revenue:







Real Estate:







Leasing
$
31.2


$
31.0


$
31.3


$
32.1

Development and Sales
71.0


21.4


18.2


39.4

Less amounts reported in discontinued operations1
(70.4
)

—


—


—

Materials and Construction
50.1


64.5


58.4


61.3

Agribusiness
12.9


29.8


45.5


32.3

Total revenue
$
94.8

 
$
146.7

 
$
153.4

 
$
165.1

Operating profit (loss)







Real Estate:







Leasing
$
11.8


$
12.0


$
12.1


$
11.6

Development and Sales2
52.3


7.8


11.4


14.2

Less amounts reported in discontinued operations1
(56.2
)

—


—


—

Materials and Construction
3.4


8.0


5.9


8.6

Agribusiness
3.0


0.4


(7.3
)

(7.9
)
Total operating profit
14.3

 
28.2

 
22.1

 
26.5

Interest expense
(7.2
)

(7.2
)

(7.2
)

(7.4
)
General corporate expenses
(5.2
)

(4.3
)

(3.9
)

(5.2
)
Reduction in KRS II carrying value (Note 6, 13)
—

 
—

 
(15.1
)
 
0.4

Income (loss) from continuing operations before income taxes
1.9

 
16.7

 
(4.1
)
 
14.3

Income tax expense (benefit)3
0.8


6.5


(14.9
)

6.2

Income (loss) from continuing operations
1.1

 
10.2

 
10.8

 
8.1

Income from discontinued operations (net of income taxes)
34.3


—


—


—

Net income
35.4

 
10.2

 
10.8

 
8.1

Income attributable to non-controlling interest
(0.4
)

(1.0
)

(0.6
)

(1.1
)
Net income attributable to A&B
$
35.0

 
$
9.2

 
$
10.2

 
$
7.0

Earnings per share attributable to A&B:

 

 

 


Basic
$
0.72

 
$
0.19

 
$
0.21

 
$
0.14


Diluted
$
0.71

 
$
0.19

 
$
0.21

 
$
0.14

Weighted average shares:
 
 
 
 
 
 
 
 
Basic
48.7

 
48.7

 
48.8

 
48.8

 
Diluted
49.2

 
49.3

 
49.3

 
49.3



 
2013
(Unaudited)
Q1
 
Q2
 
Q3
 
Q4
Revenue:
 
 
 
 
 
 
 
Real Estate:
 
 
 
 
 
 
 
Leasing
$
26.3

 
$
26.2

 
$
27.5

 
$
30.4

Development and Sales
15.4

 
1.4

 
47.4

 
358.8

Less amounts reported in discontinued operations1
(23.6
)
 
(8.4
)
 
(45.9
)
 
(291.3
)
Materials and Construction4
—

 
—

 
—

 
54.9

Agribusiness
14.7

 
43.5

 
35.9

 
52.0

Total revenue
$
32.8

 
$
62.7

 
$
64.9

 
$
204.8

Operating profit (loss)

 

 

 

Real Estate:

 

 

 

Leasing
$
10.9

 
$
10.6

 
$
11.2

 
$
10.7

Development and Sales2
2.4

 
(0.7
)
 
4.6

 
38.1

Less amounts reported in discontinued operations1
(8.2
)
 
(3.8
)
 
(11.8
)
 
(12.9
)
Materials and Construction4
—

 
—

 
—

 
2.9

Agribusiness
3.8

 
8.3

 
2.2

 
(3.6
)
Total operating profit
8.9

 
14.4

 
6.2

 
35.2

Interest expense
(3.6
)
 
(3.9
)
 
(4.2
)
 
(7.4
)
General corporate expenses
(4.4
)
 
(3.7
)
 
(3.4
)
 
(5.9
)
Grace acquisition costs
(1.0
)
 
(1.5
)
 
(2.0
)
 
(0.1
)
Income (loss) from continuing operations before income taxes
(0.1
)
 
5.3

 
(3.4
)
 
21.8

Income tax expense (benefit)3
0.1

 
2.8

 
(0.3
)
 
8.5

Income (loss) from continuing operations3
(0.2
)
 
2.5

 
(3.1
)
 
13.3

Income from discontinued operations (net of income taxes)
5.0

 
2.3

 
7.2

 
7.8

Net income (loss)3
4.8

 
4.8

 
4.1

 
21.1

Income attributable to non-controlling interest
—

 
—

 
—

 
(0.5
)
Net income (loss) attributable to A&B3
$
4.8

 
$
4.8

 
$
4.1

 
$
20.6

Earnings per share attributable to A&B:3
 
 
 
 
 
 
 
 
Basic
$
0.11

 
$
0.11

 
$
0.10

 
$
0.42

 
Diluted
$
0.11

 
$
0.11

 
$
0.09

 
$
0.42

Weighted average shares:
 
 
 
 
 
 
 
 
Basic
43.0

 
43.1

 
43.1

 
48.6

 
Diluted
43.6

 
43.7

 
43.8

 
49.2

1 
Amounts recast to reflect discontinued operations.
2 
The Real Estate Development and Sales segment operating profit includes a non-cash impairment loss of $6.3 million in the third quarter of 2013 related to the consolidation of The Shops at Kukui'ula.
3  
Income tax expense (benefit) for the first quarter of 2014 was revised to remove an out-of-period tax adjustment of $1.6 million related to 2013. Income tax expense (benefit) for the quarterly periods in 2013 were increased by $0.2 million, $0.2 million, $0.3 million, and $1.9 million related to the immaterial revisions (see Note 1).
4 
Grace results are included from its acquisition date, October 1, 2013.