XML 48 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
INDUSTRY SEGMENTS (Tables)
 12 Months Ended
Dec. 31, 2010
INDUSTRY SEGMENTS [Abstract]  
Segment Information
Industry segment information for 2010, 2009, and 2008 is summarized below (in millions):

For the Year
 
2010
   
2009
   
2008
 
Revenue:
                       
Transportation:
                       
Ocean transportation
 
$
1,045.0
   
$
888.6
   
$
1,023.7
 
Logistics services
   
355.6
     
320.9
     
436.0
 
Less amounts reported in discontinued operations1
   
(28.5
)
   
--
     
--
 
Real Estate:
                       
Leasing
   
94.4
     
103.2
     
107.8
 
Sales
   
136.1
     
125.6
     
350.2
 
Less amounts reported in discontinued operations1
   
(126.7
)
   
(136.6
)
   
(164.6
)
Agribusiness5
   
163.9
     
107.0
     
124.3
 
Reconciling Items 2
   
(26.3
)
   
(16.3
)
   
(10.7
)
Total revenue
 
$
1,613.5
   
$
1,392.4
   
$
1,866.7
 
Operating Profit:
                       
Transportation:
                       
Ocean transportation3
 
$
99.4
   
$
58.3
   
$
105.8
 
Logistics services
   
7.2
     
6.7
     
18.5
 
Less amounts reported in discontinued operations1
   
19.3
     
--
     
--
 
Real Estate:
                       
Leasing
   
35.3
     
43.2
     
47.8
 
Sales3
   
50.1
     
39.1
     
95.6
 
Less amounts reported in discontinued operations1
   
(54.5
)
   
(59.2
)
   
(77.1
)
Agribusiness5
   
6.1
     
(27.8
)
   
(12.9
)
Total operating profit
   
162.9
     
60.3
     
177.7
 
Interest expense, net4
   
(25.5
)
   
(25.9
)
   
(23.7
)
General corporate expenses
   
(23.3
)
   
(21.8
)
   
(21.0
)
Income from continuing operations before income taxes
   
114.1
     
12.6
     
133.0
 
Income taxes
   
44.7
     
5.0
     
48.2
 
Income from continuing operations
   
69.4
     
7.6
     
84.8
 
Discontinued operations
   
22.7
     
36.6
     
47.6
 
Net income
 
$
92.1
   
$
44.2
   
$
132.4
 
                         
1
Prior year amounts restated for amounts treated as discontinued operations. See Notes 1 and 2 for additional information.

2
Includes inter-segment revenue, interest income, and other income classified as revenue for segment reporting purposes.

3
The Ocean Transportation segment includes approximately $12.8 million, $6.2 million, and $5.2 million of equity in earnings from its investment in SSAT for 2010, 2009, and 2008, respectively. Matson's CLX2 service was terminated in the third quarter of 2011 and is reflected as discontinued operations. The losses from CLX2 shown as discontinued operations were $19.3 million in 2010. The Real Estate Sales segment includes approximately $2.0 million and $9.0 million in equity in earnings from its various real estate joint ventures for 2010 and 2008, respectively. Equity in earnings from joint ventures in 2009 was negligible.

4
Includes Ocean Transportation interest expense of $8.2 million for 2010, $9.0 million for 2009, and $11.6 million for 2008. Substantially all other interest expense was at the parent company.

5
Includes a $4.9 million gain in 2010 related to a crop disaster relief payment for drought experienced in prior years and a $5.4 million gain recorded upon consolidation of HS&TC in 2009.


As of December 31:
 
2010
   
2009
   
2008
 
Identifiable Assets:
                       
Ocean transportation6
 
$
1,095.5
   
$
1,095.2
   
$
1,153.9
 
Logistics services
   
73.8
     
72.4
     
74.2
 
Real estate leasing
   
739.4
     
627.4
     
590.2
 
Real estate sales6
   
420.8
     
415.6
     
344.6
 
Agribusiness
   
150.3
     
156.8
     
172.2
 
Other
   
14.8
     
12.2
     
15.1
 
Total assets
 
$
2,494.6
   
$
2,379.6
   
$
2,350.2
 
Capital Expenditures:
                       
Ocean transportation
 
$
69.4
   
$
12.7
   
$
35.5
 
Logistics services7
   
1.8
     
0.6
     
2.4
 
Real estate leasing8
   
164.7
     
108.8
     
100.2
 
Real estate sales9
   
0.1
     
0.1
     
0.6
 
Agribusiness
   
6.8
     
3.4
     
15.2
 
Other
   
0.3
     
0.3
     
0.8
 
Total capital expenditures
 
$
243.1
   
$
125.9
   
$
154.7
 
Depreciation and Amortization:
                       
Ocean transportation
 
$
69.0
   
$
67.1
   
$
66.1
 
Logistics services
   
3.2
     
3.5
     
2.3
 
Real estate leasing1
   
20.0
     
17.5
     
13.4
 
Real estate sales
   
0.2
     
0.3
     
0.2
 
Agribusiness
   
12.7
     
11.9
     
11.5
 
Other
   
2.2
     
5.1
     
7.2
 
Total depreciation and amortization
 
$
107.3
   
$
105.4
   
$
100.7
 


6
The Ocean Transportation segment includes approximately $52.9 million, $47.2 million, and $44.6 million related to its investment in SSAT as of December 31, 2010, 2009, and 2008, respectively. The Real Estate Sales segment includes approximately $274.8 million, $193.3 million, and $162.1 million related to its investment in various real estate joint ventures as of December 31, 2010, 2009, and 2008, respectively.

7
Excludes expenditures related to Matson Integrated Logistics' acquisitions, which are classified as acquisition of businesses in Cash Flows from Investing Activities within the Consolidated Statements of Cash Flows.

8
Represents gross capital additions to the leasing portfolio, including gross tax-deferred property purchases 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. Operating cash flows for expenditures related to real estate developments were $22 million, $6 million, and $39 million for 2010, 2009, and 2008, respectively.