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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2011
EMPLOYEE BENEFIT PLANS [Abstract]  
Weighted-Average and Target Asset Allocations
The Company's weighted-average asset allocations at December 31, 2011 and 2010, and 2011 year-end target allocation, by asset category, were as follows:

   
Target
 
2011
 
2010
                   
Domestic equity securities
 
53
%
 
59
%
 
62
%
International equity securities
 
15
%
 
14
%
 
11
%
Debt securities
 
22
%
 
17
%
 
16
%
Real estate
 
10
%
 
6
%
 
4
%
Other and cash
 
-
-
 
4
%
 
7
%
Total
 
100
%
 
100
%
 
100
%
Fair Value of Pension Plan Assets
The fair values of the Company's pension plan assets at December 31, 2011 and 2010, by asset category, are as follows (in millions):

 
Fair Value Measurements as of
 
 
December 31, 2011
 
 
Total
   
Quoted Prices in Active Markets (Level 1)
   
Significant Observable Inputs (Level 2)
   
Significant Unobservable Inputs (Level 3)
 
Asset Category
                             
Cash
$
10
   
$
10
   
$
--
   
$
--
 
Equity securities:
                             
U.S. large-cap
 
102
     
102
     
--
     
--
 
U.S. mid- and small-cap
 
32
     
32
     
--
     
--
 
International large-cap
 
28
     
28
     
--
     
--
 
International mid-cap
 
23
     
23
     
--
     
--
 
Fixed income securities:
                             
U.S. Treasuries
 
1
     
--
     
1
     
--
 
Investment grade U.S. corporate bonds
 
3
     
--
     
3
     
--
 
High-yield U.S. corporate bonds
 
10
     
--
     
10
     
--
 
Mortgage-backed securities
 
31
     
--
     
31
     
--
 
Other types of investments:
                             
Real estate partnerships interests
 
14
     
--
     
--
     
14
 
Private equity partnership interests (a)
 
2
     
--
     
--
     
2
 
Insurance contracts
 
1
     
--
     
--
     
1
 
Total
$
257
   
$
195
   
$
45
   
$
17
 

 
Fair Value Measurements as of
 
 
December 31, 2010
 
 
Total
   
Quoted Prices in Active Markets (Level 1)
   
Significant Observable Inputs (Level 2)
   
Significant Unobservable Inputs (Level 3)
 
Asset Category
                             
Cash
$
17
   
$
17
   
$
--
   
$
--
 
Equity securities:
                             
U.S. large-cap
 
136
     
136
     
--
     
--
 
U.S. mid- and small-cap
 
40
     
40
     
--
     
--
 
International large-cap
 
31
     
31
     
--
     
--
 
Fixed income securities:
                             
U.S. Treasuries
 
1
     
--
     
1
     
--
 
Investment grade U.S. corporate bonds
 
3
     
--
     
3
     
--
 
High-yield U.S. corporate bonds
 
8
     
--
     
8
     
--
 
Mortgage-backed securities
 
33
     
--
     
33
     
--
 
Other types of investments:
                             
Real estate partnerships interests
 
13
     
--
     
--
     
13
 
Private equity partnership interests (a)
 
2
     
--
     
--
     
2
 
Insurance contracts
 
1
     
--
     
--
     
1
 
Total
$
285
   
$
224
   
$
45
   
$
16
 

(a)  
This category represents private equity funds that invest principally in U.S. technology companies.
 
 
Reconciliations of Pension Plan Investments Measured at Fair Value on Recurring Basis
The table below presents a reconciliation of all pension plan investments measured at fair value on a recurring basis using significant unobservable inputs (level 3) for the years ended December 31, 2011 and 2010 (in millions):

 
Fair Value Measurements Using Significant
 
 
Unobservable Inputs (Level 3)
 
                       
 
Real
Estate
   
Private Equity
   
Insurance
   
Total
 
                               
Beginning balance, January 1, 2010
$
23
   
$
3
   
$
1
   
$
27
 
Actual return on plan assets:
                             
Assets held at the reporting date
 
3
     
--
     
--
     
3
 
Assets sold during the period
 
(1
)
   
--
     
--
     
(1
)
Purchases, sales and settlements
 
(12
)
   
(1
)
   
--
     
(13
)
Ending balance, December 31, 2010
 
13
     
2
     
1
     
16
 
Actual return on plan assets:
                             
Assets held at the reporting date
 
2
     
--
     
--
     
2
 
Assets sold during the period
 
--
     
--
     
--
     
--
 
Purchases, sales and settlements
 
(1
)
   
--
     
--
     
(1
)
Ending balance, December 31, 2011
$
14
   
$
2
     
1
   
$
17
 

Benefit Obligation, Plan Assets, and Funded Status
The status of the funded defined benefit pension plan and the unfunded accumulated post-retirement benefit plans at December 31, 2011 and 2010 are shown below (in millions):

   
Pension Benefits
   
Other Post-retirement Benefits
 
   
2011
   
2010
   
2011
   
2010
 
                                 
Change in Benefit Obligation
                               
Benefit obligation at beginning of year
 
$
355
   
$
322
   
$
65
   
$
54
 
Service cost
   
9
     
8
     
1
     
1
 
Interest cost
   
20
     
19
     
4
     
3
 
Plan participants' contributions
   
--
     
--
     
2
     
3
 
Actuarial (gain) loss
   
36
     
24
     
(6
)
   
10
 
Benefits paid
   
(18
)
   
(18
)
   
(6
)
   
(6
)
Amendments
   
(36
)
   
--
     
--
     
--
 
Benefit obligation at end of year
 
$
366
   
$
355
   
$
60
   
$
65
 
Change in Plan Assets
                               
Fair value of plan assets at beginning of year
   
285
     
260
     
--
     
--
 
Actual return on plan assets
   
(15
)
   
37
     
--
     
--
 
Employer contributions
   
5
     
6
     
--
     
--
 
Benefits paid
   
(18
)
   
(18
)
   
--
     
--
 
Fair value of plan assets at end of year
 
$
257
   
$
285
   
$
--
   
$
--
 
                                 
Funded Status and Recognized Liability
 
$
(109
)
 
$
(70
)
 
$
(60
)
 
$
(65
)
Amounts Recognized on the Consolidated Balance Sheets and in Accumulated Other Comprehensive Loss
Amounts recognized on the consolidated balance sheets and in accumulated other comprehensive loss at December 31, 2011 and 2010 were as follows (in millions):

   
Pension Benefits
   
Other Post-retirement Benefits
 
   
2011
   
2010
   
2011
   
2010
 
                                 
Non-current assets
 
$
1
   
$
3
   
$
--
   
$
--
 
Current liabilities
   
--
     
--
     
(3
)
   
(4
)
Non-current liabilities
   
(110
)
   
(73
)
   
(57
)
   
(61
)
Total
 
$
(109
)
 
$
(70
)
 
$
(60
)
 
$
(65
)
                                 
Net loss (net of taxes)
 
$
110
   
$
70
   
$
(1
)
 
$
6
 
Unrecognized prior service (credit) cost (net of taxes)
   
(20
)
   
3
     
--
     
--
 
Total
 
$
90
   
$
73
   
$
(1
)
 
$
6
 

Accumulated Benefit Obligation in Excess of Plan Assets
The information for qualified pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2011 and 2010 is shown below (in millions):

   
2011
   
2010
 
                 
Projected benefit obligation
 
$
358
   
$
349
 
Accumulated benefit obligation
 
$
355
   
$
319
 
Fair value of plan assets
 
$
248
   
$
275
 

Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss
Components of the net periodic benefit cost and other amounts recognized in other comprehensive loss for the defined benefit pension plans and the post-retirement health care and life insurance benefit plans during 2011, 2010, and 2009, are shown below (in millions):

 
Pension Benefits
   
Other Post-retirement Benefits
 
 
2011
   
2010
   
2009
   
2011
   
2010
   
2009
 
Components of Net Periodic Benefit Cost
                                             
Service cost
$
9
   
$
8
   
$
8
   
$
1
   
$
1
   
$
1
 
Interest cost
 
20
     
19
     
19
     
4
     
3
     
3
 
Expected return on plan assets
 
(23
)
   
(21
)
   
(20
)
   
--
     
--
     
--
 
Amortization of net loss
 
9
     
8
     
12
     
2
     
--
     
--
 
Amortization of prior service cost
 
1
     
1
     
1
     
--
     
--
     
--
 
Net periodic benefit cost
 
16
     
15
     
20
     
7
     
4
     
4
 
                                               
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (net of tax)
                                             
Net loss (gain)
 
45
     
5
     
(10
)
   
(4
)
   
6
     
1
 
Amortization of unrecognized (loss) gain
 
(5
)
   
(5
)
   
(7
)
   
(1
)
   
(2
)
   
--
 
Prior service (credit) cost
 
(22
)
   
--
     
1
     
--
     
--
     
--
 
Amortization of prior service cost
 
(1
)
   
(1
)
   
(1
)
   
--
     
--
     
--
 
Total recognized in other comprehensive income
 
17
     
(1
)
   
(17
)
   
(5
)
   
4
     
1
 
Total recognized in net periodic benefit cost and
                                             
other comprehensive income
$
33
   
$
14
   
$
3
   
$
2
   
$
8
   
$
5
 
                                               

Weighted Average Assumptions Used to Determine Benefit Information
The weighted average assumptions used to determine benefit information during 2011, 2010, and 2009, were as follows:

 
Pension Benefits
   
Other Post-retirement Benefits
 
 
2011
   
2010
   
2009
   
2011
   
2010
   
2009
 
Weighted Average Assumptions:
                                             
Discount rate
 
4.80
%
   
5.75
%
   
6.25
%
   
4.90
%
   
5.75
%
   
6.25
%
Expected return on plan assets
 
8.25
%
   
8.25
%
   
8.50
%
                       
Rate of compensation increase
 
4.00
%
   
4.00
%
   
4.00
%
   
4.00
%
   
4.00
%
   
4.00
%
Initial health care cost trend rate
                         
9.00
%
   
10.00
%
   
9.00
%
Ultimate rate
                         
5.00
%
   
5.00
%
   
5.00
%
Year ultimate rate is reached
                         
201
6
   
201
6
   
201
4
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
If the assumed health care cost trend rate were increased or decreased by one percentage point, the accumulated post-retirement benefit obligation, as of December 31, 2011, 2010, and 2009 and the net periodic post-retirement benefit cost for 2011, 2010 and 2009, would have increased or decreased as follows (in millions):

 
Other Post-retirement Benefits
 
 
One Percentage Point
 
 
Increase
   
Decrease
 
 
2011
   
2010
   
2009
   
2011
   
2010
   
2009
 
                                               
Effect on total of service and interest cost components
$
1
   
$
1
   
$
--
   
$
(1
)
 
$
--
   
$
--
 
Effect on post-retirement benefit obligation
$
7
   
$
8
   
$
5
   
$
(6
)
 
$
(6
)
 
$
(4
)
Estimated Future Benefit Payments For the Next Ten Years
The estimated future benefit payments for the next ten years are as follows (in millions):

   
Pension
 
Non-qualified
 
Post-retirement
Year
 
Benefits
 
Plan Benefits
 
Benefits
                                     
2012
   
$
19
       
$
4
       
$
3
   
2013
     
20
         
1
         
3
   
2014
     
21
         
1
         
3
   
2015
     
21
         
1
         
3
   
2016
     
22
         
5
         
4
   
2017-2021
     
118
         
2
         
18
   

Information Regarding Multiemployer Plans
The last column lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject.

     
Pension Protection Act Zone Status as of December 31,
 
FIP/RP Status
 
Contributions of Matson
($ in millions)
     
Expiration Date of Collective
 
Pension Fund
EIN/Pension Plan Number
 
2011
 
        2010
 
Pending/
Implemented
   
      2011
   
       2010
   
       2009
 
Surcharge Imposed
 
Bargaining Agreement
 
Hawaii Stevedoring Multiemployer Retirement Plan
99-0314293/001
 
Yellow
 
Yellow
 
Implemented
 
$
2.2
 
$
2.0
 
$
2.0
 
No
 
6/30/2014
 
Master, Mates and Pilots
13-6372630/001
 
Green
 
Red
 
None
   
3.0
   
2.9
   
2.6
 
No
 
6/15/2012-8/15/2013
 
Hawaii Terminals Multiemployer Pension Plan
20-0389370/001
 
Yellow
 
Yellow
 
Implemented
   
5.2
   
5.2
   
5.0
 
No
 
6/30/2014
 
OCU Trust Pension
26-1574440/001
 
Green
 
Green
 
None
   
0.1
   
0.1
   
0.1
 
No
 
6/30/2010
 
Other Plans
                 
-
   
-
   
-
         
Total
               
$
10.5
 
$
10.2
 
$
9.7
         

Masters, Mates and Pilots Pension Plan utilized the special 29-year amortization rules provided by Public Law 111-192, Section 211 to amortize its losses from 2008.  As a result, the plan's zone status changed from red in 2010 to green in 2011. Also, Matson is party to 2 collective-bargaining agreements based upon vessels that require contributions to this plan:  Contract A, covering 13 vessels, expires on August 15, 2013, and Contract B, covering 1 vessel, expires on June 15, 2012.


Matson was listed in its plans' Forms 5500 as providing more than five percent of the total contributions for the following plans and plan years:

Pension Plan
   
Year Contributions to Plan Exceeded More than 5 Percent of Total Contributions (as of December 31 of the Plan's Year-End)
Hawaii Stevedoring Multiemployer Pension Plan
   
2011, 2010 and 2009
Hawaii Terminals Multiemployer Pension Plan
   
2011, 2010 and 2009
Masters, Mates and Pilots Pension Plan
   
2010 and 2009*

* As of the date the financial statements were issued, Form 5500 was not available for the plan year ending in 2011.