PENSION AND POST RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2013

PENSION AND POST RETIREMENT PLANS

Schedule of the Company's target and actual weighted-average asset allocations

	Target		2013		2012
Domestic equity securities	53	%	58	%	56	%
International equity securities	15	%	15	%	14	%
Debt securities	22	%	18	%	19	%
Real estate	5	%	5	%	5	%
Other and cash	5	%	4	%	6	%
Total	100	%	100	%	100	%

Schedule of the fair values of the Company's pension plan assets, by asset category

The fair values of the Company’s pension plan assets at December 31, 2013 and 2012, by asset category, are as follows (in millions):

	Fair Value Measurements at December 31, 2013
	Total		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset Category
Cash	$	6.9	$	6.9	$	—	$	—
Equity securities:
U.S. large-cap	64.2		64.2		—		—
U.S. mid- and small-cap	35.7		35.7		—		—
International large-cap	19.0		19.0		—		—
International small-cap	7.2		7.2		—		—
Fixed income securities:
U.S. Treasuries	0.6		—		0.6		—
Municipal bonds	0.1		—		0.1		—
Investment grade U.S. corporate bonds	1.9		—		1.9		—
High-yield U.S. corporate bonds	6.7		—		6.7		—
Emerging markets fixed income	8.9		8.9		—		—
Mortgage-backed securities	12.7		—		12.7		—
Other types of investments:
Real estate partnership interests	8.6		—		—		8.6
Private equity partnership interests (1)	0.3		—		—		0.3
Total	$	172.8	$	141.9	$	22.0	$	8.9

	Fair Value Measurements at December 31, 2012
	Total		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset Category
Cash	$	8.3	$	8.3	$	—	$	—
Equity securities:
U.S. large-cap	53.8		53.8		—		—
U.S. mid- and small-cap	29.8		29.8		—		—
International large-cap	16.7		16.7		—		—
International small-cap	4.3		4.3		—		—
Fixed income securities:
U.S. Treasuries	0.8		—		0.8		—
Municipal bonds	0.2		—		0.2		—
Investment grade U.S. corporate bonds	2.0		—		2.0		—
High-yield U.S. corporate bonds	6.4		—		6.4		—
Emerging markets fixed income	4.3		4.3		—		—
Mortgage-backed securities	14.0		—		14.0		—
Other types of investments:
Real estate partnership interests	7.8		—		—		7.8
Private equity partnership interests (1)	0.8		—		—		0.8
Total	$	149.2	$	117.2	$	23.4	$	8.6

(1) This category represents private equity funds that invest principally in U.S. technology companies.

Reconciliation of all pension plan investments measured at fair value on a recurring basis using significant unobservable inputs (level 3)

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, 2013 and 2012 (in millions):

	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Real Estate			Private Equity			Insurance			Total
Beginning balance, December 31, 2011	$	7.1		$	0.8		$	0.7		$	8.6
Actual return (loss) on plan assets:
Assets held at the reporting date	1.6			0.1			—			1.7
Assets sold during the period	(0.2		)	0.3			—			0.1
Purchases, sales and settlements, net	(0.7		)	(0.4		)	(0.7		)	(1.8		)
Beginning balance, December 31, 2012	7.8			0.8			—			8.6
Actual return (loss) on plan assets:
Assets held at the reporting date	0.9			(0.2		)	—			0.7
Assets sold during the period	0.3			0.1			—			0.4
Purchases, sales and settlements, net	(0.4		)	(0.4		)	—			(0.8		)
Ending balance, December 31, 2013	$	8.6		$	0.3		$	—		$	8.9

Schedule of status of the funded defined benefit pension plan and the unfunded accumulated post-retirement benefit plans

The status of the funded qualified defined benefit pension plans and the unfunded post-retirement benefit plans at December 31, 2013 and 2012 are shown below (in millions):

	Pension Benefits						Other Post-retirement Benefits
	2013			2012			2013			2012
Change in Benefit Obligation
Benefit obligation at beginning of year	$	210.1		$	192.6		$	49.2		$	48.5
Service cost	2.9			2.7			1.1			1.0
Interest cost	8.6			9.0			2.1			2.3
Plan participants’ contributions	—			—			0.9			1.3
Actuarial (gain) loss	(13.3		)	14.9			2.0			(0.6		)
Benefits paid	(9.8		)	(9.1		)	(3.2		)	(3.3		)
Expenses paid	(1.0		)	—			—			—
Benefit obligation at end of year	$	197.5		$	210.1		$	52.1		$	49.2
Change in Plan Assets
Fair value of plan assets at beginning of year	$	149.2		$	126.0		$	—		$	—
Actual return on plan assets	30.8			19.0			—			—
Plan participants’ contributions	—			—			0.9			1.3
Employer contributions	3.5			13.3			2.3			2.0
Benefits paid	(9.8		)	(9.1		)	(3.2		)	(3.3		)
Expenses paid	(0.9		)	—			—			—
Fair value of plan assets at end of year	172.8			149.2			(0.0		)	—
Funded Status and Recognized Liability	$	(24.7	)	$	(60.9	)	$	(52.1	)	$	(49.2	)

Schedule of 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, 2013 and 2012 were as follows (in millions):

	Pension Benefits						Other Post-retirement Benefits
	2013			2012			2013			2012
Current liabilities	$	—		$	—		$	(2.4	)	$	(2.1	)
Non-current liabilities	(24.7		)	(60.9		)	(49.7		)	(47.1		)
Total	$	(24.7	)	$	(60.9	)	$	(52.1	)	$	(49.2	)
Net loss (net of taxes)	$	32.0		$	55.8		$	1.7		$	0.7
Prior service cost (net of taxes)	(12.0		)	(13.4		)	—			0.1
Total	$	20.0		$	42.4		$	1.7		$	0.8

Schedule of information for qualified pension plans with an 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, 2013 and 2012 is shown below (in millions):

	2013		2012
Projected benefit obligation	$	197.5	$	210.1
Accumulated benefit obligation	$	197.2	$	209.6
Fair value of plan assets	$	172.8	$	149.2

Schedule of components of the net periodic benefit cost and other amounts recognized in other comprehensive income (loss) for the defined benefit pension plans and the post-retirement health care and life insurance benefit plans

Components of the net periodic benefit cost and other amounts recognized in other comprehensive income (loss) for the qualified pension plans and the post-retirement health care and life insurance benefit plans during 2013, 2012, and 2011, are shown below (in millions):

	Pension Benefits									Other Post-retirement Benefits
	2013			2012			2011			2013			2012			2011
Components of Net Periodic Benefit Cost
Service cost	$	2.9		$	2.7		$	5.4		$	1.1		$	1.0		$	0.9
Interest cost	8.6			9.0			10.7			2.1			2.3			3.0
Expected return on plan assets	(11.9		)	(10.7		)	(11.1		)	—			—			—
Amortization of net loss (gain)	6.8			7.0			4.0			0.3			0.6			1.9
Amortization of prior service cost	(2.3		)	(2.3		)	0.1			—			0.1			0.2
Net periodic benefit cost	$	4.1		$	5.7		$	9.1		$	3.5		$	4.0		$	6.0
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (net of tax)
Net loss (gain)	$	(19.6	)	$	4.0		$	23.8		$	1.2		$	(0.4	)	$	(2.5	)
Amortization of unrecognized (loss) gain	(4.2		)	(4.2		)	(2.4		)	(0.2		)	(0.3		)	(1.0		)
Prior service credit	—			—			(15.1		)	—			—			—
Amortization of prior service cost	1.4			1.4			(0.1		)	—			—			(0.1		)
Total recognized in other comprehensive income	$	(22.4	)	$	1.2		$	6.2		$	1.0		$	(0.7	)	$	(3.6	)
Total recognized in net periodic benefit cost and other comprehensive income	$	(18.3	)	$	6.9		$	15.3		$	4.5		$	3.3		$	2.4

Schedule of weighted average assumptions used to determine benefit information

	Pension Benefits						Other Post-retirement Benefits
	2013		2012		2011		2013		2012		2011
Weighted Average Assumptions:
Discount rate	4.9	%	4.2	%	4.8	%	5.0	%	4.3	%	4.9	%
Expected return on plan assets	8.3	%	8.3	%	8.3	%
Rate of compensation increase	3.0	%	3.0	%	4.0	%	3.0	%	3.0	%	4.0	%
Initial health care cost trend rate							7.3	%	8.0	%	9.0	%
Ultimate rate							4.5	%	4.5	%	5.0	%
Year ultimate rate is reached							2027		2020		2016

Schedule of effect of one percentage point increase or decrease in assumed health care cost trend rate on accumulated post-retirement benefit obligation and net periodic post-retirement benefit cost

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, 2013, 2012, and 2011 and the net periodic post-retirement benefit cost for 2013, 2012 and 2011, would have increased or decreased as follows (in millions):

	Other Post-retirement Benefits
	One Percentage Point
	Increase						Decrease
	2013		2012		2011		2013			2012			2011
Effect on total of service and interest cost components	$	0.6	$	0.6	$	0.6	$	(0.5	)	$	(0.4	)	$	(0.5	)
Effect on post-retirement benefit obligation	$	7.1	$	6.5	$	6.6	$	(5.7	)	$	(5.2	)	$	(5.3	)

Schedule of estimated future benefit payments

The estimated future benefit payments for the next ten years are as follows (in millions):

	Qualified
	Pension		Non-qualified		Post-retirement
Year	Benefits		Pension Benefits		Benefits (1)
2014	$	11.0	$	2.6	$	2.4
2015	11.5		1.5		2.6
2016	11.9		0.8		2.6
2017	12.3		0.2		2.7
2018	12.6		0.9		2.7
2019-2023	$	66.8	$	2.5	$	15.0

(1) Net of plan participants’ contributions and Medicare D subsidies.

Schedule of information regarding the entity's participation in the multiemployer pension plans

EIN/Pension

Pension Protection Act Zone Status as of December 31,

FIP/RP Status Pending/

Contributions of Matson ($ in millions)

Surcharge

Expiration Date of Collective Bargaining

Pension Fund

Plan Number

2013

2012

Implemented

2013

2012

2011

Imposed

Agreement

Hawaii Stevedoring Multiemployer Retirement Plan

99-0314293/001

Yellow

Yellow

Implemented

$

2.7

$

2.4

$

2.2

No

6/30/2014

Master, Mates and Pilots Pension Plan

13-6372630/001

Green

Green

None

2.1

3.4

3.0

No

6/15/2023, 8/15/2023

Hawaii Terminals Multiemployer Pension Plan

20-0389370/001

Yellow

Yellow

Implemented

5.3

5.1

5.2

No

6/30/2014

MEBA Pension Trust - Defined Benefit Plan

51-6029896/001

Green

Green

None

2.1

2.1

—

No

8/15/2018

Masters, Mates and Pilots Adjustable Pension Plan

46-2237700/001

(1)

(1)

None

0.8

—

—

No

6/15/2023, 8/15/2023

OCU Trust Pension

26-1574440/001

Green

Green

None

0.1

0.1

0.1

No

6/30/2016

Total

$

13.1

$

13.1

$

10.5

(1)   Information is not available as plans were new in 2013

Schedule of years contributions to plan exceeded more than 5 percent of total contributions

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 Retirement Plan	2013, 2012 and 2011
Hawaii Terminals Multiemployer Pension Plan	2013, 2012 and 2011
Masters, Mates and Pilots Pension Plan (1)	2012 and 2011
MEBA Pension Trust - Defined Benefit Plan (1)	2012

(1) As of the date the consolidated financial statements were issued, Form 5500s were not available for the plan years ending in 2013 for this and other plans.