Company Quick10K Filing
Alexander & Baldwin
Price24.53 EPS-2
Shares72 P/E-10
MCap1,774 P/FCF17
Net Debt726 EBIT-154
TEV2,499 TEV/EBIT-16
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-05-09 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-09
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-03
8-K 2020-08-06 Earnings, Regulation FD, Exhibits
8-K 2020-05-01
8-K 2020-04-30
8-K 2020-02-26
8-K 2019-10-30
8-K 2019-08-01
8-K 2019-05-02
8-K 2019-05-01
8-K 2019-04-02
8-K 2019-02-27
8-K 2019-01-14
8-K 2018-12-17
8-K 2018-11-01
8-K 2018-10-03
8-K 2018-09-07
8-K 2018-08-02
8-K 2018-05-08
8-K 2018-05-08
8-K 2018-04-30
8-K 2018-04-24
8-K 2018-03-02
8-K 2018-03-01
8-K 2018-02-28
8-K 2018-02-28
8-K 2018-02-23
8-K 2018-01-30
8-K 2018-01-23

ALEX 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 a2020q2exhibit311.htm
EX-31.2 a2020q2exhibit312.htm
EX-32 a2020q2exhibit32.htm
EX-95 a2020q2exhibit95.htm

Alexander & Baldwin Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2.41.91.41.00.50.02012201420172020
Assets, Equity
0.30.20.10.0-0.1-0.22012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

alex-20200630
000154565412/312020Q2false4.10.44.31.60.1015015072.372.3us-gaap:AccountingStandardsUpdate201613Member0.1650.190.31us-gaap:AccountingStandardsUpdate201613Memberus-gaap:AccountingStandardsUpdate201613Member1.505.954.085.001.353.141.803.151.251.85600015456542020-01-012020-06-30xbrli:shares00015456542020-06-30iso4217:USD00015456542019-12-310001545654alex:CommercialRealEstateSegmentMember2020-04-012020-06-300001545654alex:CommercialRealEstateSegmentMember2019-04-012019-06-300001545654alex:CommercialRealEstateSegmentMember2020-01-012020-06-300001545654alex:CommercialRealEstateSegmentMember2019-01-012019-06-300001545654alex:LandOperationsMember2020-04-012020-06-300001545654alex:LandOperationsMember2019-04-012019-06-300001545654alex:LandOperationsMember2020-01-012020-06-300001545654alex:LandOperationsMember2019-01-012019-06-300001545654alex:MaterialsandConstructionMember2020-04-012020-06-300001545654alex:MaterialsandConstructionMember2019-04-012019-06-300001545654alex:MaterialsandConstructionMember2020-01-012020-06-300001545654alex:MaterialsandConstructionMember2019-01-012019-06-3000015456542020-04-012020-06-3000015456542019-04-012019-06-3000015456542019-01-012019-06-300001545654us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberalex:GPRMPrestressLLCMember2020-04-012020-06-30iso4217:USDxbrli:shares00015456542018-12-3100015456542019-06-300001545654us-gaap:CommonStockMember2018-12-310001545654us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001545654us-gaap:RetainedEarningsMember2018-12-310001545654us-gaap:NoncontrollingInterestMember2018-12-310001545654alex:RedeemableNoncontrollingInterestMember2018-12-310001545654us-gaap:RetainedEarningsMember2019-01-012019-06-300001545654us-gaap:NoncontrollingInterestMember2019-01-012019-06-300001545654alex:RedeemableNoncontrollingInterestMember2019-01-012019-06-300001545654us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-06-300001545654us-gaap:CommonStockMember2019-01-012019-06-300001545654us-gaap:CommonStockMember2019-06-300001545654us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300001545654us-gaap:RetainedEarningsMember2019-06-300001545654us-gaap:NoncontrollingInterestMember2019-06-300001545654alex:RedeemableNoncontrollingInterestMember2019-06-300001545654us-gaap:CommonStockMember2019-12-310001545654us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001545654us-gaap:RetainedEarningsMember2019-12-310001545654us-gaap:NoncontrollingInterestMember2019-12-310001545654alex:RedeemableNoncontrollingInterestMember2019-12-3100015456542019-01-012019-12-310001545654us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001545654srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:NoncontrollingInterestMember2019-12-310001545654srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001545654us-gaap:RetainedEarningsMember2020-01-012020-06-300001545654us-gaap:NoncontrollingInterestMember2020-01-012020-06-300001545654alex:RedeemableNoncontrollingInterestMember2020-01-012020-06-300001545654us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300001545654us-gaap:CommonStockMember2020-01-012020-06-300001545654us-gaap:CommonStockMember2020-06-300001545654us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001545654us-gaap:RetainedEarningsMember2020-06-300001545654us-gaap:NoncontrollingInterestMember2020-06-300001545654alex:RedeemableNoncontrollingInterestMember2020-06-300001545654us-gaap:CommonStockMember2019-03-310001545654us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310001545654us-gaap:RetainedEarningsMember2019-03-310001545654us-gaap:NoncontrollingInterestMember2019-03-3100015456542019-03-310001545654alex:RedeemableNoncontrollingInterestMember2019-03-310001545654us-gaap:RetainedEarningsMember2019-04-012019-06-300001545654us-gaap:NoncontrollingInterestMember2019-04-012019-06-300001545654alex:RedeemableNoncontrollingInterestMember2019-04-012019-06-300001545654us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-012019-06-300001545654us-gaap:CommonStockMember2019-04-012019-06-300001545654us-gaap:CommonStockMember2020-03-310001545654us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001545654us-gaap:RetainedEarningsMember2020-03-310001545654us-gaap:NoncontrollingInterestMember2020-03-3100015456542020-03-310001545654alex:RedeemableNoncontrollingInterestMember2020-03-310001545654us-gaap:RetainedEarningsMember2020-04-012020-06-300001545654us-gaap:NoncontrollingInterestMember2020-04-012020-06-300001545654us-gaap:CommonStockMember2020-04-012020-06-30alex:Segmentalex:Property0001545654srt:RetailSiteMember2020-06-300001545654srt:IndustrialPropertyMember2020-06-300001545654srt:OfficeBuildingMember2020-06-30utr:sqftutr:acre0001545654us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2020-01-010001545654srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2020-01-0100015456542020-01-010001545654srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2020-01-010001545654alex:RealEstateAcquisitionQ12019AcquisitionMember2019-01-012019-12-310001545654alex:RealEstateAcquisitionQ12019AcquisitionMember2019-12-310001545654us-gaap:LeasesAcquiredInPlaceMember2019-01-012019-12-310001545654us-gaap:AboveMarketLeasesMember2019-01-012019-12-310001545654us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-04-012020-06-300001545654us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2019-04-012019-06-300001545654us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-01-012020-06-300001545654us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2019-01-012019-06-300001545654alex:CommercialRealEstateSegmentMember2019-12-310001545654alex:LandOperationsMember2019-12-310001545654alex:MaterialsandConstructionSegmentMember2019-12-310001545654alex:CommercialRealEstateSegmentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001545654srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberalex:LandOperationsMember2019-12-310001545654srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberalex:MaterialsandConstructionSegmentMember2019-12-310001545654alex:CommercialRealEstateSegmentMember2020-01-012020-03-310001545654alex:LandOperationsMember2020-01-012020-03-310001545654alex:MaterialsandConstructionSegmentMember2020-01-012020-03-3100015456542020-01-012020-03-310001545654alex:CommercialRealEstateSegmentMember2020-03-310001545654alex:LandOperationsMember2020-03-310001545654alex:MaterialsandConstructionSegmentMember2020-03-310001545654alex:MaterialsandConstructionSegmentMember2020-01-012020-06-300001545654alex:CommercialRealEstateSegmentMember2020-06-300001545654alex:LandOperationsMember2020-06-300001545654alex:MaterialsandConstructionSegmentMember2020-06-30alex:asset0001545654alex:CommercialRealEstateSegmentMember2020-01-010001545654alex:FinancingReceivableSecurityNumber1Memberalex:LandOperationsMember2020-06-300001545654alex:FinancingReceivableSecurityNumber1Memberalex:LandOperationsMember2020-01-010001545654alex:FinancingReceivableSecurityNumber2Memberalex:LandOperationsMember2020-01-010001545654alex:FinancingReceivableSecurityNumber2Memberalex:LandOperationsMember2020-06-300001545654alex:FinancingReceivableSecurityNumber3Memberalex:LandOperationsMember2020-01-010001545654alex:FinancingReceivableSecurityNumber3Memberalex:LandOperationsMember2020-06-300001545654alex:AsphaltMember2020-06-300001545654alex:AsphaltMember2019-12-310001545654alex:ProcessedRockPortlandCementandSandMember2020-06-300001545654alex:ProcessedRockPortlandCementandSandMember2019-12-310001545654alex:WorkinProgressMember2020-06-300001545654alex:WorkinProgressMember2019-12-310001545654alex:RetailMerchandiseMember2020-06-300001545654alex:RetailMerchandiseMember2019-12-310001545654alex:PartsMaterialsandSuppliesMember2020-06-300001545654alex:PartsMaterialsandSuppliesMember2019-12-310001545654us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-06-300001545654us-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-310001545654us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300001545654us-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310001545654us-gaap:SecuredDebtMemberalex:KailuaTownCenterLIBORPlus1.50SecuredDebtMember2020-06-300001545654us-gaap:SecuredDebtMemberalex:KailuaTownCenterLIBORPlus1.50SecuredDebtMember2019-12-31xbrli:pure0001545654alex:KailuaTownCenter3.15SecuredDebtMemberus-gaap:SecuredDebtMember2020-06-300001545654alex:KailuaTownCenter3.15SecuredDebtMemberus-gaap:SecuredDebtMember2019-12-310001545654alex:HeavyEquipmentFinancingMemberus-gaap:SecuredDebtMember2020-06-300001545654alex:HeavyEquipmentFinancingMemberus-gaap:SecuredDebtMember2019-12-310001545654us-gaap:SecuredDebtMemberalex:LaulaniVillage3.93SecuredDebtMember2020-06-300001545654us-gaap:SecuredDebtMemberalex:LaulaniVillage3.93SecuredDebtMember2019-12-310001545654us-gaap:SecuredDebtMemberalex:PearlHighlands4.15SecuredDebtMember2020-06-300001545654us-gaap:SecuredDebtMemberalex:PearlHighlands4.15SecuredDebtMember2019-12-310001545654alex:ManoaMarketplaceLIBORPlus1.35SecuredDebtMemberus-gaap:SecuredDebtMember2020-06-300001545654alex:ManoaMarketplaceLIBORPlus1.35SecuredDebtMemberus-gaap:SecuredDebtMember2019-12-310001545654us-gaap:SecuredDebtMember2020-06-300001545654us-gaap:SecuredDebtMember2019-12-310001545654us-gaap:UnsecuredDebtMemberalex:TermLoan690Member2020-06-300001545654us-gaap:UnsecuredDebtMemberalex:TermLoan690Member2019-12-310001545654alex:LIBORPlus180BankSyndicatedLoanDue2023Memberus-gaap:UnsecuredDebtMember2020-06-300001545654alex:LIBORPlus180BankSyndicatedLoanDue2023Memberus-gaap:UnsecuredDebtMember2019-12-310001545654alex:TermLoan5.73Memberus-gaap:UnsecuredDebtMember2020-06-300001545654alex:TermLoan5.73Memberus-gaap:UnsecuredDebtMember2019-12-310001545654alex:TermLoan4.66Due2025Memberus-gaap:UnsecuredDebtMember2020-06-300001545654alex:TermLoan4.66Due2025Memberus-gaap:UnsecuredDebtMember2019-12-310001545654alex:TermLoan555Memberus-gaap:UnsecuredDebtMember2020-06-300001545654alex:TermLoan555Memberus-gaap:UnsecuredDebtMember2019-12-310001545654alex:TermLoan556Memberus-gaap:UnsecuredDebtMember2020-06-300001545654alex:TermLoan556Memberus-gaap:UnsecuredDebtMember2019-12-310001545654alex:TermLoan4.35Memberus-gaap:UnsecuredDebtMember2020-06-300001545654alex:TermLoan4.35Memberus-gaap:UnsecuredDebtMember2019-12-310001545654alex:TermLoan4.04PercentDueNovember2026Memberus-gaap:UnsecuredDebtMember2020-06-300001545654alex:TermLoan4.04PercentDueNovember2026Memberus-gaap:UnsecuredDebtMember2019-12-310001545654us-gaap:UnsecuredDebtMemberalex:TermLoan4.81Due2027Member2020-06-300001545654us-gaap:UnsecuredDebtMemberalex:TermLoan4.81Due2027Member2019-12-310001545654us-gaap:UnsecuredDebtMemberalex:TermLoan3.88Member2020-06-300001545654us-gaap:UnsecuredDebtMemberalex:TermLoan3.88Member2019-12-310001545654us-gaap:UnsecuredDebtMemberalex:TermLoan4.89Due2028Member2020-06-300001545654us-gaap:UnsecuredDebtMemberalex:TermLoan4.89Due2028Member2019-12-310001545654alex:TermLoan4.16PercentDueDecember2028Memberus-gaap:UnsecuredDebtMember2020-06-300001545654alex:TermLoan4.16PercentDueDecember2028Memberus-gaap:UnsecuredDebtMember2019-12-310001545654alex:TermLoan4.30PercentDue2029Memberus-gaap:UnsecuredDebtMember2020-06-300001545654alex:TermLoan4.30PercentDue2029Memberus-gaap:UnsecuredDebtMember2019-12-310001545654us-gaap:UnsecuredDebtMember2020-06-300001545654us-gaap:UnsecuredDebtMember2019-12-310001545654alex:WellsFargoGLPRevolverDue2018Memberus-gaap:RevolvingCreditFacilityMember2020-06-300001545654alex:WellsFargoGLPRevolverDue2018Memberus-gaap:RevolvingCreditFacilityMember2019-12-310001545654alex:ABRevolverDue2022Memberus-gaap:RevolvingCreditFacilityMember2020-06-300001545654alex:ABRevolverDue2022Memberus-gaap:RevolvingCreditFacilityMember2019-12-310001545654us-gaap:RevolvingCreditFacilityMember2020-06-300001545654us-gaap:RevolvingCreditFacilityMember2019-12-310001545654us-gaap:SecuredDebtMemberus-gaap:LondonInterbankOfferedRateLIBORMemberalex:KailuaTownCenterLIBORPlus1.50SecuredDebtMember2020-01-012020-06-300001545654us-gaap:SecuredDebtMemberus-gaap:LondonInterbankOfferedRateLIBORMemberalex:KailuaTownCenterLIBORPlus1.50SecuredDebtMember2020-06-300001545654alex:HeavyEquipmentFinancingMemberus-gaap:SecuredDebtMembersrt:MinimumMember2020-06-300001545654alex:HeavyEquipmentFinancingMembersrt:MaximumMemberus-gaap:SecuredDebtMember2020-06-300001545654alex:ManoaMarketplaceLIBORPlus1.35SecuredDebtMemberus-gaap:SecuredDebtMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-06-300001545654alex:ManoaMarketplaceLIBORPlus1.35SecuredDebtMemberus-gaap:SecuredDebtMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-06-300001545654alex:LIBORPlus180BankSyndicatedLoanDue2023Memberus-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:UnsecuredDebtMember2020-01-012020-06-300001545654alex:LIBORPlus180BankSyndicatedLoanDue2023Memberus-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:UnsecuredDebtMember2020-06-300001545654us-gaap:LondonInterbankOfferedRateLIBORMemberalex:WellsFargoGLPRevolverDue2018Memberus-gaap:RevolvingCreditFacilityMember2020-01-012020-06-300001545654alex:ABRevolverDue2022Memberus-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:RevolvingCreditFacilityMember2020-01-012020-06-30alex:interest_rate_swap0001545654us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2020-06-300001545654us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherCurrentLiabilitiesMemberalex:InterestRateSwapEffectiveApril72016Member2020-06-300001545654us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherCurrentLiabilitiesMemberalex:InterestRateSwapEffectiveApril72016Member2019-12-310001545654us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherCurrentLiabilitiesMemberalex:InterestRateSwapEffectiveFebruary132020Member2020-06-300001545654us-gaap:CashFlowHedgingMember2020-01-012020-06-300001545654us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2020-06-300001545654us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:OtherCurrentLiabilitiesMember2020-06-300001545654us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:OtherCurrentLiabilitiesMember2019-12-310001545654us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-04-012020-06-300001545654us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2019-04-012019-06-300001545654us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-01-012020-06-300001545654us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2019-01-012019-06-300001545654us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2020-01-012020-06-300001545654us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2019-01-012019-06-300001545654us-gaap:LetterOfCreditMember2020-06-300001545654alex:BidPerformanceandPaymentBondsandCommercialBondsMember2020-06-300001545654alex:PerformanceBondMember2020-06-30alex:joint_venture0001545654us-gaap:FinancialGuaranteeMember2020-06-300001545654alex:EastMauiIrrigationCompanyLLCEMIMemberalex:MauiMember2018-12-310001545654alex:EastMauiMemberalex:EastMauiIrrigationCompanyLLCEMIMember2018-12-31alex:License0001545654alex:StateofHawaiiMemberalex:EastMauiMember2018-12-310001545654alex:EastMauiIrrigationCompanyLLCEMIMember2018-12-012019-02-01alex:plaintiff0001545654alex:LongTermWaterLeaseRequestMember2015-04-102015-04-100001545654alex:LongTermWaterLeaseRequestMember2015-12-012015-12-310001545654alex:LongTermWaterLeaseRequestMember2016-05-012016-05-310001545654alex:LongTermWaterLeaseRequestMember2019-10-110001545654alex:LongTermWaterLeaseRequestMember2019-10-112019-10-11utr:gal0001545654alex:SierraClubLawsuitAgainstBLNRABandEMIMember2019-01-072019-01-070001545654alex:LandOperationsMemberalex:DevelopmentSalesMember2020-04-012020-06-300001545654alex:LandOperationsMemberalex:DevelopmentSalesMember2019-04-012019-06-300001545654alex:LandOperationsMemberalex:DevelopmentSalesMember2020-01-012020-06-300001545654alex:LandOperationsMemberalex:DevelopmentSalesMember2019-01-012019-06-300001545654alex:UnimprovedOtherPropertySalesMemberalex:LandOperationsMember2020-04-012020-06-300001545654alex:UnimprovedOtherPropertySalesMemberalex:LandOperationsMember2019-04-012019-06-300001545654alex:UnimprovedOtherPropertySalesMemberalex:LandOperationsMember2020-01-012020-06-300001545654alex:UnimprovedOtherPropertySalesMemberalex:LandOperationsMember2019-01-012019-06-300001545654alex:OtherOperationsMemberalex:LandOperationsMember2020-04-012020-06-300001545654alex:OtherOperationsMemberalex:LandOperationsMember2019-04-012019-06-300001545654alex:OtherOperationsMemberalex:LandOperationsMember2020-01-012020-06-300001545654alex:OtherOperationsMemberalex:LandOperationsMember2019-01-012019-06-3000015456542020-07-01srt:MinimumMember2020-06-300001545654srt:MaximumMember2020-07-012020-06-3000015456542020-07-012020-06-3000015456542021-01-012020-06-300001545654us-gaap:RealEstateMember2020-06-300001545654us-gaap:RealEstateMember2019-12-310001545654us-gaap:RestrictedStockUnitsRSUMemberalex:PlanMember2020-01-012020-06-300001545654us-gaap:RestrictedStockUnitsRSUMemberalex:PlanMember2019-01-012019-06-300001545654us-gaap:RestrictedStockUnitsRSUMemberalex:TimeBasedVestingMemberalex:PlanMember2020-01-012020-06-300001545654us-gaap:RestrictedStockUnitsRSUMemberalex:TimeBasedVestingMemberalex:PlanMember2019-01-012019-06-300001545654us-gaap:RestrictedStockUnitsRSUMember2020-04-012020-06-300001545654us-gaap:RestrictedStockUnitsRSUMember2019-04-012019-06-300001545654us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-06-300001545654us-gaap:RestrictedStockUnitsRSUMember2019-01-012019-06-300001545654us-gaap:PensionPlansDefinedBenefitMember2020-04-012020-06-300001545654us-gaap:PensionPlansDefinedBenefitMember2019-04-012019-06-300001545654us-gaap:PensionPlansDefinedBenefitMember2020-01-012020-06-300001545654us-gaap:PensionPlansDefinedBenefitMember2019-01-012019-06-300001545654us-gaap:PensionPlansDefinedBenefitMember2020-06-30alex:numberOfOpenTaxExaminations0001545654us-gaap:StateAndLocalJurisdictionMember2020-06-300001545654us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:QualifiedPlanMember2020-06-300001545654us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:QualifiedPlanMember2019-12-310001545654us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:QualifiedPlanMember2020-06-300001545654us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:QualifiedPlanMember2019-12-310001545654us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:OtherPensionPlansDefinedBenefitMemberus-gaap:NonqualifiedPlanMember2020-06-300001545654us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:OtherPensionPlansDefinedBenefitMemberus-gaap:NonqualifiedPlanMember2019-12-310001545654us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-06-300001545654us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310001545654us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-06-300001545654us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-12-310001545654us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-06-300001545654us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-01-012020-06-300001545654alex:MaterialsandConstructionMembersrt:AffiliatedEntityMemberalex:SupplierContractsMember2020-04-012020-06-300001545654alex:MaterialsandConstructionMembersrt:AffiliatedEntityMemberalex:SupplierContractsMember2019-04-012019-06-300001545654alex:MaterialsandConstructionMembersrt:AffiliatedEntityMemberalex:SupplierContractsMember2020-01-012020-06-300001545654alex:MaterialsandConstructionMembersrt:AffiliatedEntityMemberalex:SupplierContractsMember2019-01-012019-06-300001545654alex:MaterialsandConstructionMembersrt:AffiliatedEntityMemberalex:SupplierContractsMember2020-06-300001545654alex:MaterialsandConstructionMembersrt:AffiliatedEntityMemberalex:SupplierContractsMember2019-12-310001545654srt:AffiliatedEntityMemberalex:RealEstateSegmentMemberus-gaap:LeaseAgreementsMember2019-01-012019-06-300001545654alex:ServiceRevenuesandInterestMembersrt:AffiliatedEntityMemberalex:LandOperationsMember2020-04-012020-06-300001545654alex:ServiceRevenuesandInterestMembersrt:AffiliatedEntityMemberalex:LandOperationsMember2019-04-012019-06-300001545654alex:ServiceRevenuesandInterestMembersrt:AffiliatedEntityMemberalex:LandOperationsMember2020-01-012020-06-300001545654alex:ServiceRevenuesandInterestMembersrt:AffiliatedEntityMemberalex:LandOperationsMember2019-01-012019-06-300001545654alex:ServiceRevenuesandInterestMembersrt:AffiliatedEntityMemberalex:LandOperationsMember2020-06-300001545654alex:ServiceRevenuesandInterestMembersrt:AffiliatedEntityMemberalex:LandOperationsMember2019-12-310001545654srt:AffiliatedEntityMemberalex:ExtensionofSecuredNoteReceivableMemberalex:LandOperationsMember2020-06-300001545654srt:AffiliatedEntityMemberalex:ExtensionofSecuredNoteReceivableMemberalex:LandOperationsMember2019-12-310001545654alex:CommercialRealEstateSegmentMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001545654alex:CommercialRealEstateSegmentMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300001545654alex:CommercialRealEstateSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001545654alex:CommercialRealEstateSegmentMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300001545654us-gaap:OperatingSegmentsMemberalex:LandOperationsMember2020-04-012020-06-300001545654us-gaap:OperatingSegmentsMemberalex:LandOperationsMember2019-04-012019-06-300001545654us-gaap:OperatingSegmentsMemberalex:LandOperationsMember2020-01-012020-06-300001545654us-gaap:OperatingSegmentsMemberalex:LandOperationsMember2019-01-012019-06-300001545654alex:MaterialsandConstructionMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300001545654alex:MaterialsandConstructionMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300001545654alex:MaterialsandConstructionMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300001545654alex:MaterialsandConstructionMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300001545654us-gaap:OperatingSegmentsMember2020-04-012020-06-300001545654us-gaap:OperatingSegmentsMember2019-04-012019-06-300001545654us-gaap:OperatingSegmentsMember2020-01-012020-06-300001545654us-gaap:OperatingSegmentsMember2019-01-012019-06-300001545654us-gaap:MaterialReconcilingItemsMember2020-04-012020-06-300001545654us-gaap:MaterialReconcilingItemsMember2019-04-012019-06-300001545654us-gaap:MaterialReconcilingItemsMember2020-01-012020-06-300001545654us-gaap:MaterialReconcilingItemsMember2019-01-012019-06-300001545654us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberalex:GPRMPrestressLLCMember2019-12-310001545654us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberalex:GPRMPrestressLLCMember2020-06-290001545654us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberalex:GPRMPrestressLLCMember2020-06-292020-06-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________________ to _________________
Commission file number 001-35492
ALEXANDER & BALDWIN, INC.
(Exact name of registrant as specified in its charter)
Hawaii45-4849780
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
  
P. O. Box 3440,Honolulu,Hawaii96801
(Address of principal executive offices)(Zip Code)
(808) 525-6611
(Registrant's telephone number, including area code)
N/A
(Former name, former address, and former
fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, without par valueALEXNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No
Number of shares of common stock outstanding as of June 30, 2020: 72,348,218

1


ALEXANDER & BALDWIN, INC.
FORM 10-Q
For the Quarterly Period Ended June 30, 2020

TABLE OF CONTENTS

Page
PART I. FINANCIAL INFORMATION
Item 1.
Condensed Consolidated Balance Sheets - As of June 30, 2020 and December 31, 2019
Condensed Consolidated Statements of Operations - Three and Six Months Ended June 30, 2020 and 2019
Condensed Consolidated Statements of Comprehensive Income (Loss) - Three and Six Months Ended June 30, 2020 and 2019
Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2020 and 2019
Condensed Consolidated Statements of Equity - Three and Six Months Ended June 30, 2020 and 2019
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 4.
Item 5.
Item 6.




PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ALEXANDER & BALDWIN, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions) (Unaudited)
June 30, December 31,
20202019
ASSETS
Real estate investments
Real estate property$1,541.4  $1,540.2  
Accumulated depreciation(141.4) (127.5) 
Real estate property, net1,400.0  1,412.7  
Real estate developments77.9  79.1  
Investments in real estate joint ventures and partnerships132.8  133.4  
Real estate intangible assets, net67.9  74.9  
Real estate investments, net1,678.6  1,700.1  
Cash and cash equivalents96.2  15.2  
Restricted cash0.2  0.2  
Accounts receivable and retention, net of allowance for credit losses and allowance for doubtful accounts of $4.1 million and $0.4 million as of June 30, 2020 and December 31, 2019, respectively48.0  51.6  
Inventories20.2  20.7  
Other property, net119.8  124.4  
Operating lease right-of-use assets20.0  21.8  
Goodwill10.5  15.4  
Other receivables, net of allowance for credit losses and allowance for doubtful accounts of $4.3 million and $1.6 million as of June 30, 2020 and December 31, 2019, respectively14.0  27.8  
Prepaid expenses and other assets, net of allowance for credit losses and allowance for doubtful accounts of $0.1 million and $0 million as of June 30, 2020 and December 31, 2019, respectively98.7  107.1  
Total assets$2,106.2  $2,084.3  
LIABILITIES AND EQUITY
Liabilities:
Notes payable and other debt$768.6  $704.6  
Accounts payable12.4  17.8  
Operating lease liabilities19.8  21.6  
Accrued pension and post-retirement benefits26.9  26.8  
Indemnity holdbacks7.5  7.5  
Deferred revenue66.8  67.6  
Accrued and other liabilities93.4  103.4  
Total liabilities995.4  949.3  
Commitments and Contingencies (Note 10)
Redeemable Noncontrolling Interest6.2  6.3  
Equity:
Common stock - no par value; authorized, 150 million shares; outstanding, 72.3 million shares at June 30, 2020 and December 31, 2019, respectively1,803.1  1,800.1  
Accumulated other comprehensive income (loss)(55.1) (48.8) 
Distributions in excess of accumulated earnings(643.4) (626.2) 
Total A&B shareholders' equity1,104.6  1,125.1  
Noncontrolling interest  3.6  
Total equity1,104.6  1,128.7  
Total liabilities and equity$2,106.2  $2,084.3  
See Notes to Condensed Consolidated Financial Statements.
1


ALEXANDER & BALDWIN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts) (Unaudited)

Three Months Ended June 30, Six Months Ended June 30,
2020201920202019
Operating Revenue:
Commercial Real Estate$34.0  $39.1  $77.4  $75.9  
Land Operations9.8  24.9  21.3  73.9  
Materials & Construction30.1  45.1  56.0  88.7  
Total operating revenue73.9  109.1  154.7  238.5  
Operating Costs and Expenses: 
Cost of Commercial Real Estate24.0  21.3  48.3  40.5  
Cost of Land Operations2.9  23.2  10.9  62.6  
Cost of Materials & Construction28.2  43.2  53.2  85.2  
Selling, general and administrative9.0  16.2  22.8  31.8  
Impairment of assets related to Materials & Construction5.6    5.6    
Total operating costs and expenses69.7  103.9  140.8  220.1  
Gain (loss) on the disposal of assets, net    0.5    
Operating Income (Loss)4.2  5.2  14.4  18.4  
Other Income and (Expenses):
Income (loss) related to joint ventures(0.1) 1.0  3.1  3.7  
Interest and other income (expense), net (Note 2)(0.4) 0.6  (0.2) 2.2  
Interest expense(7.8) (8.1) (15.6) (17.2) 
Income (Loss) from Continuing Operations Before Income Taxes(4.1) (1.3) 1.7  7.1  
Income tax benefit (expense)      1.1  
Income (Loss) from Continuing Operations(4.1) (1.3) 1.7  8.2  
Income (loss) from discontinued operations, net of income taxes(0.6) 0.1  (0.8) (0.7) 
Net Income (Loss)(4.7) (1.2) 0.9  7.5  
Loss (income) attributable to noncontrolling interest  0.4  0.6  0.7  
Net Income (Loss) Attributable to A&B Shareholders$(4.7) $(0.8) $1.5  $8.2  
Earnings (Loss) Per Share Available to A&B Shareholders:
Basic Earnings (Loss) Per Share of Common Stock: 
Continuing operations available to A&B shareholders$(0.06) $(0.01) $0.03  $0.12  
Discontinued operations available to A&B shareholders(0.01)   (0.01) (0.01) 
Net income (loss) available to A&B shareholders$(0.07) $(0.01) $0.02  $0.11  
Diluted Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders$(0.06) $(0.01) $0.03  $0.12  
Discontinued operations available to A&B shareholders(0.01)   (0.01) (0.01) 
Net income (loss) available to A&B shareholders$(0.07) $(0.01) $0.02  $0.11  
Weighted-Average Number of Shares Outstanding:
Basic72.372.2  72.372.1  
Diluted72.372.2  72.472.5  
Amounts Available to A&B Common Shareholders (Note 17):
Continuing operations available to A&B common shareholders$(4.1) $(0.9) $2.3  $8.9  
Discontinued operations available to A&B common shareholders(0.6) 0.1  (0.8) (0.7) 
Net income (loss) available to A&B common shareholders$(4.7) $(0.8) $1.5  $8.2  
See Notes to Condensed Consolidated Financial Statements.
2


ALEXANDER & BALDWIN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions) (Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
 2020201920202019
Net Income (Loss)$(4.7) $(1.2) $0.9  $7.5  
Other Comprehensive Income (Loss), net of tax:
Cash flow hedges:
Unrealized interest rate hedging gain (loss)(0.7) (2.0) (7.6) (3.5) 
Impact of reclassification adjustment to interest expense included in Net Income (Loss)0.1  (0.2) 0.1  (0.3) 
Defined benefit plans:
Amortization of net loss included in net periodic benefit cost0.6  1.0  1.2  2.0  
Amortization of prior service credit included in net periodic benefit cost  (0.2)   (0.3) 
Income taxes related to other comprehensive income (loss)        
Other comprehensive income (loss), net of tax  (1.4) (6.3) (2.1) 
Comprehensive Income (Loss)(4.7) (2.6) (5.4) 5.4  
Comprehensive income (loss) attributable to noncontrolling interest  0.4  0.6  0.7  
Comprehensive Income (Loss) Attributable to A&B Shareholders$(4.7) $(2.2) $(4.8) $6.1  
See Notes to Condensed Consolidated Financial Statements.
3


ALEXANDER & BALDWIN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions) (Unaudited)
Six Months Ended June 30,
 20202019
Cash Flows from Operating Activities:
Net income (loss)$0.9  $7.5  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Depreciation and amortization27.4  23.4  
Loss (gain) from disposals and asset transactions, net(0.5) (2.5) 
Impairment of assets5.6    
Share-based compensation expense3.0  2.7  
(Income) loss from affiliates, net of distributions of income(2.9) (1.4) 
Changes in operating assets and liabilities:
Trade, contracts retention, and other contract receivables0.1  (11.0) 
Inventories0.3  (1.7) 
Prepaid expenses, income tax receivable and other assets14.3  31.4  
Development/other property inventory0.7  41.4  
Accrued pension and post-retirement benefits1.3  3.1  
Accounts payable(3.7) (10.4) 
Accrued and other liabilities(18.3) (1.4) 
Net cash provided by (used in) operations28.2  81.1  
Cash Flows from Investing Activities:  
Capital expenditures for acquisitions  (218.4) 
Capital expenditures for property, plant and equipment(10.9) (27.4) 
Proceeds from disposal of property, investments and other assets9.4  3.0  
Payments for purchases of investments in affiliates and other investments  (3.3) 
Distributions of capital from investments in affiliates and other investments5.3  10.6  
Net cash provided by (used in) investing activities3.8  (235.5) 
Cash Flows from Financing Activities:  
Proceeds from issuance of notes payable and other debt173.0  53.9  
Payments of notes payable and other debt and deferred financing costs(100.5) (109.2) 
Borrowings (payments) on line-of-credit agreement, net(8.7) 4.0  
Cash dividends paid(13.8) (22.4) 
Proceeds from issuance (repurchase) of capital stock and other, net(1.0) (1.1) 
Net cash provided by (used in) financing activities49.0  (74.8) 
Cash, Cash Equivalents and Restricted Cash  
Net increase (decrease) in cash, cash equivalents and restricted cash81.0  (229.2) 
Balance, beginning of period15.4  234.9  
Balance, end of period$96.4  $5.7  

4


Other Cash Flow Information:
Interest paid, net of capitalized interest$(10.8) $(15.3) 
Income tax (payments)/refunds, net$0.5  $25.8  
Noncash Investing and Financing Activities:
Capital expenditures included in accounts payable and accrued and other liabilities3.0  3.1  
Receivable from disposal of a M&C subsidiary0.5    
Right-of-use ("ROU") assets and corresponding lease liability recorded upon ASC 842 adoption  31.0  
Finance lease liabilities arising from obtaining ROU assets0.4  1.7  
Declared distribution to noncontrolling interest  0.3  
Reconciliation of cash, cash equivalents and restricted cash:
Beginning of the period:
Cash and cash equivalents$15.2  $11.4  
Restricted cash0.2  223.5  
Cash, cash equivalents and restricted cash$15.4  $234.9  
End of the period:
Cash and cash equivalents$96.2  $5.5  
Restricted cash0.2  0.2  
Cash, cash equivalents and restricted cash$96.4  $5.7  
See Notes to Condensed Consolidated Financial Statements.
5


ALEXANDER & BALDWIN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
For the Six Months Ended June 30, 2020 and 2019
(In millions) (Unaudited)
Total Equity
Common StockAccumulated
Other
Compre-
hensive Income (Loss)
(Distribution
in Excess
of Accumulated Earnings)
Earnings Surplus
Non-Controlling
Interest
TotalRedeem-
able
Non-
Controlling
Interest
SharesStated Value
Balance, January 1, 201972.0  $1,793.4  $(51.9) $(538.9) $5.7  $1,208.3  $7.9  
Net income (loss)—  —  —  8.2  (0.7) 7.5    
Other comprehensive income (loss), net of tax—  —  (2.1) —  —  (2.1) —  
Dividend on common stock ($0.31 per share)—  —  —  (22.4) —  (22.4) —  
Distributions to noncontrolling interest—  —  —  —  (0.3) (0.3) —  
Share-based compensation—  2.7  —  —  —  2.7  —  
Shares issued or repurchased, net0.2  (0.2) —  (0.9) —  (1.1) —  
Balance, June 30, 201972.2  $1,795.9  $(54.0) $(554.0) $4.7  $1,192.6  $7.9  
Total Equity
Common StockAccumulated
Other
Compre-
hensive Income (Loss)
(Distribution
in Excess
of Accumulated Earnings)
Earnings Surplus
Non-Controlling
Interest
TotalRedeem-
able
Non-
Controlling
Interest
SharesStated Value
Balance, January 1, 202072.3  $1,800.1  $(48.8) $(626.2) $3.6  $1,128.7  $6.3  
Cumulative impact of adoption of ASC 326—  —  —  (4.0) (0.1) (4.1) —  
Net income (loss)—  —  —  1.5  (0.5) 1.0  (0.1) 
Other comprehensive income (loss), net of tax—  —  (6.3) —  —  (6.3) —