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SEGMENT RESULTS (Tables)
 12 Months Ended
Dec. 31, 2016
Segment Reporting [Abstract]  
Schedule of Operating Segment Information
Operating segment information for 2016, 2015 and 2014 is summarized as below (in millions):


For the Year Ended December 31,
2016

2015

2014
Revenue:





Commercial Real Estate
$
134.7


$
133.6


$
125.3

Land Operations
61.9


120.2


96.7

Materials & Construction
190.9


219.0


234.3

Total revenue
$
387.5


$
472.8


$
456.3

Operating Profit (Loss)





Commercial Real Estate
$
54.8


$
53.2


$
47.6

Land Operations1,2
6.6


61.7


15.0

Materials and Construction3
23.3


30.9


25.9

Total operating profit
84.7


145.8


88.5

Interest expense
(26.3
)

(26.8
)

(29.0
)
Gain (loss) on sale of improved property, net4
8.1


(1.8
)

—

General corporate expenses
(21.7
)

(20.1
)

(18.6
)
REIT evaluation costs5
(9.5
)

—


—

Income From Continuing Operations Before Income Taxes
35.3


97.1


40.9

Income tax expense6
2.6


36.3


4.1

Income From Continuing Operations
32.7


60.8


36.8

Income (Loss) from discontinued operations, net of income tax
(41.1
)

(29.7
)

27.7

Net Income (Loss)
(8.4
)

31.1


64.5

Income attributable to noncontrolling interest
(1.8
)

(1.5
)

(3.1
)
Net Income (Loss) Attributable to A&B
$
(10.2
)

$
29.6


$
61.4


1 
The Land Operations segment includes approximately $15.1 million, $30.2 million, and $2.0 million in equity in earnings from its various real estate joint ventures for 2016, 2015, and 2014, respectively. The Land Operations segment also includes non-cash impairment charges of $11.7 million in 2016 related to certain non-active, long-term development projects.
2 
Amounts include non-cash reductions of $9.8 million, $2.6 million, and $14.7 million related to the Company's tax equity solar investments in KRS II and Waihonu for each of the years ended December 31, 2016, 2015, and 2014, respectively.
3 
During the year ended December 31, 2016, the Company recorded charges of $2.6 million for environmental costs related to the management of a former quarry site and a net loss of $1.0 million related to the sales of vacant land parcels by an unconsolidated affiliate.
4 
Amounts represent the sales of two California and one Utah property in June 2016, one Colorado retail property in March 2015, one Texas office building in May 2015, and one Washington office building in December 2015.
5 
Costs related to the Company's in-depth evaluation of a REIT conversion.
6 
Tax benefits associated with the KRS II and Waihonu investments are included in the Income tax expense line item in the Consolidated Statements of Operations.




As of December 31,
2016
 
2015
 
2014
Identifiable Assets:
 
 
 
 
 
Commercial Real Estate
$
1,119.5

 
$
1,075.7

 
$
1,206.6

Land Operations7
632.8

 
759.7

 
716.6

Materials and Construction
371.8

 
386.6

 
385.9

Other
32.2

 
20.3

 
12.0

Total assets
$
2,156.3

 
$
2,242.3

 
$
2,321.1

 
 
 
 
 
 
Capital Expenditures:
 
 
 
 
 
Commercial Real Estate8
$
98.7

 
$
23.0

 
$
51.8

Land Operations9,10
5.3

 
2.1

 
1.1

Materials and Construction
9.3

 
7.2

 
10.7

Other
0.3

 
1.4

 
1.8

Total capital expenditures
$
113.6

 
$
33.7

 
$
65.4

 
 
 
 
 
 
Depreciation and Amortization:
 
 
 
 
 
Commercial Real Estate
$
28.4

 
$
28.9

 
$
28.0

Land Operations10
6.7

 
1.3

 
—

Materials and Construction
11.7

 
11.6

 
15.2

Other
1.8

 
1.5

 
1.2

Total depreciation and amortization
$
48.6

 
$
43.3

 
$
44.4


7 
The Land Operations segment includes approximately $357.5 million, $379.7 million, and $383.8 million related to its investment in various real estate joint ventures as of December 31, 2016, 2015, and 2014, respectively.
8 
Represents gross capital additions to the commercial real estate 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.
9 
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 $15.2 million, $7.2 million, and $41.7 million for 2016, 2015, and 2014, respectively. Investments in real estate joint ventures were $20.8 million, $25.8 million, and $28.7 million in 2016, 2015, and 2014, respectively. Excludes expenditures from discontinued operations, which are classified as Cash Flows from Investing Activities within the Consolidated Statements of Cash Flows of $2.5 million, $11.0 million and $9.7 million for 2016, 2015, and 2014, respectively.
10 
Amounts recast to reflect discontinued operations.




Unaudited quarterly segment results for the years ended December 31, 2016 and 2015 were as follows (in millions):

2016
(Unaudited)
Q1

Q2

Q3

Q4
Revenue:







Commercial Real Estate
$
34.8

 
$
34.5

 
$
32.7

 
$
32.7

Land Operations
6.0

 
5.5

 
18.1

 
32.3

Materials & Construction
50.6

 
42.0

 
52.1

 
46.2

Total revenue
$
91.4

 
$
82.0

 
$
102.9

 
$
111.2

Operating Profit (Loss)







Commercial Real Estate
$
14.2

 
$
13.6

 
$
13.5

 
$
13.5

Land Operations1,2
(4.3
)
 
(10.8
)
 
7.8

 
13.9

Materials and Construction3
8.0

 
4.9

 
5.6

 
4.8

Total operating profit
17.9

 
7.7

 
26.9

 
32.2

Interest expense
(6.9
)

(6.8
)

(6.4
)

(6.2
)
Gain (loss) on sale of improved property4
—

 
8.0

 
0.1

 
—

General corporate expenses
(6.9
)

(3.6
)

(5.5
)

(5.7
)
REIT evaluation costs5
—

 
(1.9
)
 
(1.9
)
 
(5.7
)
Income From Continuing Operations Before Income Taxes
4.1

 
3.4

 
13.2

 
14.6

Income tax expense
0.3

 
0.3

 
1.0

 
1.0

Income From Continuing Operations
3.8

 
3.1

 
12.2

 
13.6

Loss from discontinued operations, net of income tax
(10.8
)
 
(3.7
)
 
(13.6
)
 
(13.0
)
Net Income (Loss)
(7.0
)
 
(0.6
)
 
(1.4
)
 
0.6

Income attributable to noncontrolling interest
(0.5
)

(0.1
)

(0.5
)

(0.7
)
Net Income (Loss) Attributable to A&B
(7.5
)
 
(0.7
)
 
(1.9
)
 
(0.1
)
 
 
 
 
 
 
 
 
Amounts Available to A&B Shareholders
 
 
 
 
 
 
 
Income from continuing operations, net of taxes
3.8

 
3.1

 
12.2

 
13.6

Less: Income attributable to noncontrolling interests
(0.5
)
 
(0.1
)
 
(0.5
)
 
(0.7
)
Income from continuing operations attributable to A&B shareholders, net of taxes
3.3

 
3.0

 
11.7

 
12.9

Less: Undistributed earnings allocated to redeemable noncontrolling interest
0.4

 
0.1

 
0.4

 
0.4

Income from continuing operations available to A&B shareholders, net of taxes
3.7

 
3.1

 
12.1

 
13.3

Income from discontinuing operations
(10.8
)
 
(3.7
)
 
(13.6
)
 
(13.0
)
Net Income (Loss) Available to A&B shareholders
$
(7.1
)
 
$
(0.6
)
 
$
(1.5
)
 
$
0.3

Earnings (loss) per share available to A&B shareholders:

 

 

 


Basic Earnings (Loss) Per Share:
 
 
 
 
 
 
 
 
Continuing operations
$
0.08

 
$
0.06

 
$
0.25

 
$
0.27

 
Discontinued operations
$
(0.23
)
 
$
(0.07
)
 
$
(0.28
)
 
$
(0.26
)
 
Net income (loss)
$
(0.15
)
 
$
(0.01
)
 
$
(0.03
)
 
$
0.01

 
 
 
 
 
 
 
 
 
 
Diluted Earnings (Loss) Per Share:
 
 
 
 
 
 
 
 
Continuing operations
$
0.08

 
$
0.06

 
$
0.24

 
$
0.27

 
Discontinued operations
$
(0.22
)
 
$
(0.07
)
 
$
(0.28
)
 
$
(0.26
)

Net income (loss)
$
(0.14
)
 
$
(0.01
)
 
$
(0.04
)
 
$
0.01

 
 
 
 
 
 
 
 
 
Weighted average shares:
 
 
 
 
 
 
 
 
Basic
48.9

 
49.0

 
49.0

 
49.0

 
Diluted
49.3

 
49.4

 
49.4

 
49.4


 
2015
(Unaudited)
Q1
 
Q2
 
Q3
 
Q4
Revenue:
 
 
 
 
 
 
 
Commercial Real Estate
$
32.7

 
$
34.7

 
$
33.0

 
$
33.2

Land Operations
37.1

 
41.2

 
25.5

 
16.4

Materials and Construction
56.9

 
57.4

 
51.0

 
53.7

Total revenue
$
126.7

 
$
133.3

 
$
109.5

 
$
103.3

Operating Profit (Loss)
 
 
 
 
 
 
 
Commercial Real Estate
$
13.2

 
$
14.0

 
$
12.6

 
$
13.4

Land Operations1,2
30.8

 
12.7

 
7.6

 
10.6

Materials and Construction
7.2

 
7.0

 
7.5

 
9.2

Total operating profit
51.2

 
33.7

 
27.7

 
33.2

Interest Expense
(7.1
)
 
(6.6
)
 
(6.5
)
 
(6.6
)
Gain (loss) on sale of improved property4
1.8

 
0.1

 
—

 
(3.7
)
General Corporate Expenses
(5.6
)
 
(5.3
)
 
(4.8
)
 
(4.4
)
Income From Continuing Operations Before Income Taxes
40.3

 
21.9

 
16.4

 
18.5

Income Tax Expense
15.0

 
8.2

 
6.1

 
7.0

Income From Continuing Operations
25.3

 
13.7

 
10.3

 
11.5

Income (Loss) From Discontinued Operations (net of income taxes)
0.6

 
(3.6
)
 
(3.3
)
 
(23.4
)
Net Income (Loss)
25.9

 
10.1

 
7.0

 
(11.9
)
Income attributable to noncontrolling interest
(0.6
)
 
(0.3
)
 
(0.3
)
 
(0.3
)
Net Income (Loss) Attributable to A&B
$
25.3

 
$
9.8

 
$
6.7

 
$
(12.2
)
 
 
 
 
 
 
 
 
Amounts Available to A&B Shareholders
 
 
 
 
 
 
 
Income from continuing operations, net of taxes
25.3

 
13.7

 
10.3

 
11.5

Less: Income attributable to noncontrolling interests
(0.6
)
 
(0.3
)
 
(0.3
)
 
(0.3
)
Income from continuing operations attributable to A&B shareholders, net of taxes
24.7

 
13.4

 
10.0

 
11.2

Less: Undistributed earnings allocated to redeemable noncontrolling interest
—

 
—

 
(1.3
)
 
(1.8
)
Income from continuing operations available to A&B shareholders, net of taxes
24.7

 
13.4

 
8.7

 
9.4

Income from discontinuing operations
0.6

 
(3.6
)
 
(3.3
)
 
(23.4
)
Net Income (Loss) Available to A&B shareholders
25.3

 
9.8

 
5.4

 
(14.0
)
Earnings per share available to A&B shareholders:
 
 
 
 
 
 
 
Basic Earnings (Loss) Per Share:
 
 
 
 
 
 
 
 
Continuing operations
$
0.51

 
$
0.27

 
$
0.18

 
$
0.19

 
Discontinued operations
$
0.01

 
$
(0.07
)
 
$
(0.07
)
 
$
(0.48
)
 
Net income (loss)
$
0.52

 
$
0.20

 
$
0.11

 
$
(0.29
)
 
 
 
 
 
 
 
 
 
 
Diluted Earnings (Loss) Per Share:
 
 
 
 
 
 
 
 
Continuing operations
$
0.50

 
$
0.27

 
$
0.18

 
$
0.19

 
Discontinued operations
$
0.01

 
$
(0.07
)
 
$
(0.06
)
 
$
(0.48
)
 
Net income (loss)
$
0.51

 
$
0.20

 
$
0.12

 
$
(0.29
)
 
 
 
 
 
 
 
 
 
Weighted average shares:
 
 
 
 
 
 
 
 
Basic
48.8

 
48.9

 
48.9

 
48.9

 
Diluted
49.3

 
49.4

 
49.3

 
48.9

1 
During the fourth quarter of 2016, the Company recorded $11.7 million of non-cash impairment charges related to certain non-active, long-term development projects.
2 
Amounts include non-cash reductions related to the Company's tax equity solar investments in KRS II and Waihonu. During the second quarter of 2016, the Company recognized income tax benefits of approximately $8.7 million related to Waihonu.
3 
Amounts include charges of $2.6 million for environmental costs related to the management of a former quarry site during the fourth quarter of 2016, as well as a loss of $1.6 million and a gain of $0.6 million related to the sales of vacant land parcels by an unconsolidated affiliate during the third quarter and fourth quarter of 2016, respectively.
4 
Amounts represent the sales of two California and one Utah property in June 2016 and one Colorado retail property in March 2015, one Texas office building in May 2015 and one Washington office building in December 2015.
5 
Costs related to the Company's in-depth evaluation of a REIT conversion.