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DISCONTINUED OPERATIONS
 12 Months Ended
Dec. 31, 2011
DISCONTINUED OPERATIONS [Abstract]  
DISCONTINUED OPERATIONS
2.           DISCONTINUED OPERATIONS

The Company regularly evaluates and may sell selected properties from its portfolio when it believes the value of an asset has been maximized and the full fair market value for the asset can be realized. During 2011, the Company sold Arbor Park Shopping Center, a retail property in Texas, Wakea Business Center II, a commercial facility on Maui, and a leased Maui property, which have been classified as discontinued operations. Additionally, in connection with the termination of Matson's second China service (“CLX2”) (see Note 3), the results of operations for the CLX2 component have been reclassified from the Transportation segment to discontinued operations for all periods presented. The carrying amount of assets and liabilities attributable to the CLX2 component were not material to the Company in any of the periods presented and, accordingly, have not been presented separately.

During 2010, the sales of a retail center on Oahu, a three-building industrial park in Ontario, California, an industrial warehouse property in Kent, Washington, a retail center on Maui, and various leased-fee parcels have been classified as discontinued operations. Additionally, a retail property on Maui that was held for sale at year-end was classified as discontinued operations.

During 2009, the sales of an office/retail property on Oahu, a retail shopping center in California, an office building in Arizona, an industrial property on Oahu, an industrial property in California, and various parcels on Maui have been classified as discontinued operations. Additionally, a retail property on Oahu was classified as discontinued operations (the Company sold the property in January 2010).

The results of operations from these properties in prior years were reclassified from continuing operations to discontinued operations to conform to the current year's accounting presentation. Consistent with the Company's intention to reinvest the sales proceeds into new investment property, the proceeds from the sales of property treated as discontinued operations were deposited in escrow accounts for tax-deferred reinvestment in accordance with Section 1031 of the Internal Revenue Code.

The revenue, operating profit, income tax expense and after-tax effects of these transactions for 2011, 2010, and 2009, were as follows (in millions, except per share amounts):

   
2011
   
2010
   
2009
 
                         
Real Estate Sales Revenue (Real Estate Sales Segment)*
 
$
46
   
$
117
   
$
110
 
Real Estate Leasing Revenue (Real Estate Leasing Segment)
   
2
     
10
     
27
 
CLX2 Revenue (Transportation segment)
   
93
     
28
     
--
 
Real Estate Sales Operating Profit*
 
$
23
   
$
49
   
$
44
 
Real Estate Leasing Operating Profit
   
1
     
6
     
15
 
CLX2 Operating Loss
   
(57
)
   
(19
)
   
--
 
Total Operating Profit (Loss) Before Taxes
   
(33
)
   
36
     
59
 
Income Tax Expense (Benefit)
   
(12
)
   
13
     
22
 
Income (Loss)  from Discontinued Operations
 
$
(21
)
 
$
23
   
$
37
 
Basic Earnings Per Share
 
$
(0.50
)
 
$
0.55
   
$
0.89
 
Diluted Earnings Per Share
 
$
(0.50
)
 
$
0.55
   
$
0.89
 
 
 
 *
Represents the sales proceeds and the gain on sale of income producing properties that are classified as discontinued operations.