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 2020-09-30 Filed 2020-10-30
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 2020-10-29
8-K 2020-08-06
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 6. Exhibits
EX-31.1 a2020q3exhibit311.htm
EX-31.2 a2020q3exhibit312.htm
EX-32 a2020q3exhibit32.htm
EX-95 a2020q3exhibit95.htm

Alexander & Baldwin Earnings 2020-09-30

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

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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 September 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 September 30, 2020: 72,354,347

1


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

TABLE OF CONTENTS

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




PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ALEXANDER & BALDWIN, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in millions; unaudited)
September 30, December 31,
20202019
ASSETS
Real estate investments
Real estate property$1,544.1 $1,540.2 
Accumulated depreciation(148.0)(127.5)
Real estate property, net1,396.1 1,412.7 
Real estate developments77.3 79.1 
Investments in real estate joint ventures and partnerships132.4 133.4 
Real estate intangible assets, net64.9 74.9 
Real estate investments, net1,670.7 1,700.1 
Cash and cash equivalents117.1 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 $0.6 million as of September 30, 2020 and December 31, 2019, respectively52.7 51.6 
Inventories19.3 20.7 
Other property, net111.2 124.4 
Operating lease right-of-use assets19.5 21.8 
Goodwill10.5 15.4 
Other receivables, net of allowance for credit losses and allowance for doubtful accounts of $4.5 million and $1.6 million as of September 30, 2020 and December 31, 2019, respectively15.8 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 September 30, 2020 and December 31, 2019, respectively97.9 107.1 
Total assets$2,114.9 $2,084.3 
LIABILITIES AND EQUITY
Liabilities:
Notes payable and other debt$763.6 $704.6 
Accounts payable10.4 17.8 
Operating lease liabilities19.7 21.6 
Accrued pension and post-retirement benefits26.9 26.8 
Indemnity holdbacks7.5 7.5 
Deferred revenue68.0 67.6 
Accrued and other liabilities102.2 103.4 
Total liabilities998.3 949.3 
Commitments and Contingencies (Note 10)
Redeemable Noncontrolling Interest6.4 6.3 
Equity:
Common stock - no par value; authorized, 150 million shares; outstanding, 72.4 million shares at September 30, 2020 and December 31, 2019, respectively1,804.5 1,800.1 
Accumulated other comprehensive income (loss)(53.9)(48.8)
Distributions in excess of accumulated earnings(640.4)(626.2)
Total A&B shareholders' equity1,110.2 1,125.1 
Noncontrolling interest 3.6 
Total equity1,110.2 1,128.7 
Total liabilities and equity$2,114.9 $2,084.3 
See Notes to Condensed Consolidated Financial Statements.
1


ALEXANDER & BALDWIN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in millions, except per share data; unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2020201920202019
Operating Revenue:
Commercial Real Estate$35.7 $42.7 $113.1 $118.6 
Land Operations7.7 8.5 29.0 82.4 
Materials & Construction34.4 37.9 90.4 126.6 
Total operating revenue77.8 89.1 232.5 327.6 
Operating Costs and Expenses: 
Cost of Commercial Real Estate23.5 23.8 71.8 64.3 
Cost of Land Operations12.9 5.9 23.8 68.5 
Cost of Materials & Construction30.2 42.0 83.4 127.2 
Selling, general and administrative11.7 13.3 34.5 45.1 
Impairment of assets related to Materials & Construction 49.7 5.6 49.7 
Total operating costs and expenses78.3 134.7 219.1 354.8 
Gain (loss) on disposal of commercial real estate properties, net  0.5  
Gain (loss) on disposal of non-core assets, net9.0  9.0  
Total gain (loss) on disposal of assets, net9.0  9.5  
Operating Income (Loss)8.5 (45.6)22.9 (27.2)
Other Income and (Expenses):
Income (loss) related to joint ventures2.2 2.4 5.3 6.1 
Interest and other income (expense), net (Note 2)(0.4)0.6 (0.6)2.8 
Interest expense(7.1)(8.2)(22.7)(25.4)
Income (Loss) from Continuing Operations Before Income Taxes3.2 (50.8)4.9 (43.7)
Income tax benefit (expense)   1.1 
Income (Loss) from Continuing Operations3.2 (50.8)4.9 (42.6)
Income (loss) from discontinued operations, net of income taxes0.0 (0.1)(0.8)(0.8)
Net Income (Loss)3.2 (50.9)4.1 (43.4)
Loss (income) attributable to noncontrolling interest(0.2)1.1 0.4 1.8 
Net Income (Loss) Attributable to A&B Shareholders$3.0 $(49.8)$4.5 $(41.6)
Earnings (Loss) Per Share Available to A&B Shareholders:
Basic Earnings (Loss) Per Share of Common Stock: 
Continuing operations available to A&B shareholders$0.04 $(0.69)$0.07 $(0.57)
Discontinued operations available to A&B shareholders  (0.01)(0.01)
Net income (loss) available to A&B shareholders$0.04 $(0.69)$0.06 $(0.58)
Diluted Earnings (Loss) Per Share of Common Stock:
Continuing operations available to A&B shareholders$0.04 $(0.69)$0.07 $(0.57)
Discontinued operations available to A&B shareholders  (0.01)(0.01)
Net income (loss) available to A&B shareholders$0.04 $(0.69)$0.06 $(0.58)
Weighted-Average Number of Shares Outstanding:
Basic72.472.3 72.372.2 
Diluted72.472.3 72.472.2 
Amounts Available to A&B Common Shareholders (Note 17):
Continuing operations available to A&B common shareholders$3.0 $(49.7)$5.3 $(40.8)
Discontinued operations available to A&B common shareholders (0.1)(0.8)(0.8)
Net income (loss) available to A&B common shareholders$3.0 $(49.8)$4.5 $(41.6)
See Notes to Condensed Consolidated Financial Statements.
2


ALEXANDER & BALDWIN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(amounts in millions; unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
 2020201920202019
Net Income (Loss)$3.2 $(50.9)$4.1 $(43.4)
Other Comprehensive Income (Loss), net of tax:
Cash flow hedges:
Unrealized interest rate hedging gain (loss)(0.1)(2.0)(7.7)(5.5)
Impact of reclassification adjustment to interest expense included in Net Income (Loss)0.5 0.2 0.6 (0.1)
Defined benefit plans:
Amortization of net loss included in net periodic benefit cost0.8 0.9 2.0 2.9 
Amortization of prior service credit included in net periodic benefit cost (0.1) (0.4)
Income taxes related to other comprehensive income (loss)    
Other comprehensive income (loss), net of tax1.2 (1.0)(5.1)(3.1)
Comprehensive Income (Loss)4.4 (51.9)(1.0)(46.5)
Comprehensive income (loss) attributable to noncontrolling interest(0.2)1.1 0.4 1.8 
Comprehensive Income (Loss) Attributable to A&B Shareholders$4.2 $(50.8)$(0.6)$(44.7)
See Notes to Condensed Consolidated Financial Statements.
3


ALEXANDER & BALDWIN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in millions; unaudited)
Nine Months Ended September 30,
 20202019
Cash Flows from Operating Activities:
Net income (loss)$4.1 $(43.4)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Depreciation and amortization40.5 36.6 
Loss (gain) from disposals and asset transactions, net(9.5)(2.6)
Impairment of assets5.6 49.7 
Share-based compensation expense4.4 4.1 
Equity in (income) loss from affiliates, net of operating cash distributions(5.0)(3.5)
Changes in operating assets and liabilities:
Trade, contracts retention, and other contract receivables(2.1)(6.9)
Inventories1.2 2.6 
Prepaid expenses, income tax receivable and other assets7.9 25.8 
Development/other property inventory1.4 40.7 
Accrued pension and post-retirement benefits2.0 4.6 
Accounts payable(5.2)(10.3)
Accrued and other liabilities(8.1)6.6 
Net cash provided by (used in) operations37.2 104.0 
Cash Flows from Investing Activities:  
Capital expenditures for acquisitions (218.4)
Capital expenditures for property, plant and equipment(17.7)(31.8)
Proceeds from disposal of assets27.1 3.0 
Payments for purchases of investments in affiliates and other investments (3.3)
Distributions of capital from investments in affiliates and other investments11.1 12.2 
Net cash provided by (used in) investing activities20.5 (238.3)
Cash Flows from Financing Activities:  
Proceeds from issuance of notes payable and other debt173.0 111.8 
Payments of notes payable and other debt and deferred financing costs(105.3)(155.3)
Borrowings (payments) on line-of-credit agreement, net(8.7)(5.1)
Distribution to noncontrolling interests (0.3)
Cash dividends paid(13.8)(36.2)
Proceeds from issuance (repurchase) of capital stock and other, net(1.0)(1.0)
Payment of deferred acquisition holdback (7.1)
Net cash provided by (used in) financing activities44.2 (93.2)
Cash, Cash Equivalents and Restricted Cash  
Net increase (decrease) in cash, cash equivalents and restricted cash101.9 (227.5)
Balance, beginning of period15.4 234.9 
Balance, end of period$117.3 $7.4 

4


Other Cash Flow Information:
Interest paid, net of capitalized interest$(15.1)$(25.2)
Income tax (payments)/refunds, net$0.5 $25.8 
Noncash Investing and Financing Activities:
Capital expenditures included in accounts payable and accrued and other liabilities2.5 2.6 
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 
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$117.1 $7.2 
Restricted cash0.2 0.2 
Cash, cash equivalents and restricted cash$117.3 $7.4 
See Notes to Condensed Consolidated Financial Statements.
5


ALEXANDER & BALDWIN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
For the Nine Months Ended September 30, 2020 and 2019
(amounts in millions, except per share data; 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)— — — (41.6)(1.8)(43.4) 
Other comprehensive income (loss), net of tax— — (3.1)— — (3.1)— 
Dividend on common stock ($0.50 per share)— — — (36.2)— (36.2)— 
Distributions to noncontrolling interest— — — — (0.3)(0.3)— 
Share-based compensation— 4.1 — — — 4.1 — 
Shares issued or repurchased, net0.3 (0.1)— (0.9)— (1.0)— 
Balance, September 30, 201972.3 $1,797.4 $(55.0)$(617.6)$3.6 $1,128.4 $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)— — — 4.5 (0.5)4.0 0.1 
Other comprehensive income (loss), net of tax— — (5.1)— — (5.1)— 
Dividend on common stock ($0.19 per share)— — — (13.8)— (13.8)— 
Disposal of M&C subsidiary— — — — (3.0)(3.0)— 
Share-based compensation— 4.4 — — — 4.4 — 
Shares issued or repurchased, net0.1 — — (0.9)— (0.9)— 
Balance, September 30, 202072.4 $1,804.5 $(53.9)$(640.4)$ $1,110.2 $6.4 
See Notes to Condensed Consolidated Financial Statements

6



ALEXANDER & BALDWIN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
For the Three Months Ended September 30, 2020 and 2019
(amounts in millions, except per share data; 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, July 1, 201972.2 $1,795.9 $(54.0)$(554.0)$4.7 $1,192.6 $7.9 
Net income (loss)— — — (49.8)(1.1)(50.9) 
Other comprehensive income (loss), net of tax— — (1.0)— — (1.0)— 
Dividend on common stock ($0.19 per share)— — — (13.8)— (13.8)— 
Share-based compensation— 1.4 — — — 1.4 — 
Shares issued or repurchased, net0.1 0.1 —  — 0.1 — 
Balance, September 30, 201972.3 $1,797.4 $(55.0)$(617.6)$3.6 $1,128.4 $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, July 1, 202072.3 $1,803.1 $(55.1)$(643.4)$ $1,104.6 $6.2 
Net income (loss)— — — 3.0 — 3.0 0.2 
Other comprehensive income (loss), net of tax— — 1.2 — — 1.2 — 
Share-based compensation— 1.4 — — — 1.4 — 
Shares issued or repurchased, net0.1  —  —  — 
Balance, September 30, 202072.4 $1,804.5 $(53.9)$(640.4)$ $1,110.2 $6.4 
See Notes to Condensed Consolidated Financial Statements


7


Alexander & Baldwin, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
1.    BACKGROUND AND BASIS OF PRESENTATION
Description of Business: Alexander & Baldwin, Inc. ("A&B" or the "Company") is a real estate investment trust ("REIT") headquartered in Honolulu, Hawai‘i. The Company operates in three segments: Commercial Real Estate ("CRE"); Land Operations; and Materials & Construction ("M&C").  As of September 30, 2020, the Company owns a portfolio of commercial real estate improved properties in Hawai‘i consisting of 22 retail centers, ten industrial assets and four office properties, representing a total of 3.9 million square feet of gross leasable area; it also owns a portfolio of ground leases in Hawai‘i representing 153.7 acres as of September 30, 2020. Throughout this quarterly report on Form 10-Q, references to "we," "our," "us" and "our Company" refer to Alexander & Baldwin, Inc., together with its consolidated subsidiaries.
Basis of Presentation: The interim condensed consolidated financial statements are unaudited. Because of the nature of the Company's operations, the results for interim periods are not necessarily indicative of results to be expected for the year. While these condensed consolidated financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements. Therefore, the interim condensed consolidated financial statements should be read in conjunction with the consolidated balance sheets as of December 31, 2019 and 2018, and the related consolidated statements of operations, comprehensive income (loss), equity and cash flows for each of the three years ended December 31, 2019, 2018 and 2017, respectively, and the notes thereto included in the Company's Annual Report filed on Form 10-K for the year ended December 31, 2019 ("2019 Form 10-K"), and other subsequent filings with the U.S. Securities and Exchange Commission ("SEC").
Rounding: Amounts in the condensed consolidated financial statements and notes are rounded to the nearest tenth of a million. Accordingly, a recalculation of some per-share amounts and percentages, if based on the reported data, may result in differences.
Reclassifications: Certain amounts presented in the prior year have been reclassified to conform to the current year presentation. Refer to Note 2 to the condensed consolidated financial statements for such reclassifications made in conjunction with the adoption of recent accounting pronouncements. Further, a reclassification was made to the condensed consolidated statements of cash flows to present, on a net basis, amounts previously presented separately within cash flows from operating activities (i.e., to present activity related to proceeds and expenditures of real estate development/other property for sale – normal operating activity in the Company's Land Operations segment – on a net basis similar to the presentation of changes in other inventories held by the Company). This change does not affect previously reported cash flows from operating activities in the condensed consolidated statements of cash flows.
2.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Company's significant accounting policies are described in Note 2 to the consolidated financial statements included in Item 8 of the Company's 2019 Form 10-K. Changes to significant accounting policies are included herein.
In April 2020, the Financial Accounting Standards Board ("FASB") staff issued a question-and-answer document focusing on lease concessions related to the effects of the 2019 coronavirus pandemic ("COVID-19") and the application of lease accounting guidance related to modifications (the "Lease Modification Q&A"). See Note 12 to the condensed consolidated financial statements for further discussion on the impact of applicable rent relief provided beginning in the quarter ended June 30, 2020 under the Lease Modification Q&A.
Recently adopted accounting pronouncements
In June 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-13, Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost and available for sale debt securities, and amended the guidance thereafter. The guidance in ASU 2016-13 and related amendments was codified into Accounting Standards Codification Topic 326, Financial Instruments - Credit Losses ("ASC 326"). ASC 326 amended prior guidance on the impairment of financial instruments by adding an impairment model based on expected losses rather than incurred losses that would be recognized through an allowance for credit losses. Amendments included in ASC 326 further clarified that operating lease receivables are not within the scope of ASC 326 and are to remain governed by lease guidance.
8


The Company completed its adoption of the provisions of ASU 2016-13, as amended, with an effective date of January 1, 2020, using a modified retrospective approach for its financial assets in the scope of ASC 326, which consisted of in-scope financial assets held at amortized cost (presented as part of the Company's accounts and retention receivables, other receivables and other contract assets). As a result of the guidance, the Company is required to estimate and record non-cash credit losses related to these financial assets and expand its credit quality disclosures. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable guidance. The Company recorded a net increase of $4.0 million to Distributions in excess of accumulated earnings as of January 1, 2020, with a corresponding increase to previously recorded valuation accounts for its financial assets held at amortized cost for the cumulative effect of adopting ASC 326. The new standard did not have a material impact to any of the Company's other financial assets or instruments presented on its condensed consolidated balance sheet.
The following table illustrates the impact of the Company's adoption of ASC 326 (in millions):
January 1, 2020
As Reported under ASC 326Prior to ASC 326 AdoptionImpact of ASC 326 Adoption
Assets:
Allowance for credit losses on Accounts receivable and retention$1.6 $0.3 $1.3 
Allowance for credit losses on Other receivables4.2 1.6 2.6 
Allowance for credit losses on costs and estimated earnings in excess of billings on uncompleted contracts1
0.1  0.1 
Total$5.9 $1.9 $4.0 
1 Included in Prepaid expenses and other assets in the condensed consolidated balance sheets.
In August 2018, the FASB issued ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement. The guidance amends and removes several disclosure requirements, including the valuation processes for Level 3 fair value measurements. This ASU also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements or footnote disclosures.
In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. The guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Accordingly, the amendments require an entity (customer) in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The amendments also require the entity (customer) to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement, which includes reasonably certain renewals. The adoption of this standard did not have a material impact on the Company's financial position or results of operations.
Reclassifications in conjunction with recently adopted accounting pronouncements
In conjunction with its adoption of ASC 326 with an effective date of January 1, 2020, the Company made certain reclassifications in its presentation of the condensed consolidated balance sheets for amounts related to contract receivables and financing receivables; such reclassifications were not material to the condensed consolidated financial statements. One such reclassification was to present interest receivables in the same line as the related financing receivables (affecting Accounts receivable, net and Other receivables). Another was to aggregate Accounts receivable, net and Contracts retention into a single line item in the accompanying condensed consolidated balance sheets (refer to Note 11 where such balances will continue to be presented separately). Further, certain amounts historically related to the allowance for doubtful accounts were reclassified under current presentation (e.g., certain amounts are now presented under the allowance for credit losses calculated under ASC 326 as described in Note 5 to the condensed consolidated financial statements).
9


Recently issued accounting pronouncements
In August 2018, the FASB issued ASU 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans. The guidance clarifies current disclosures and removes several disclosure requirements including accumulated other comprehensive income expected to be recognized over the next fiscal year and amount and timing of plan assets expected to be returned to the employer. This ASU also requires additional disclosures as well as explanations for significant gains and losses related to changes in the benefit plan obligation. This ASU is effective for fiscal years beginning after December 15, 2020. The Company is currently assessing the impact that adopting this new standard will have on its condensed consolidated financial statements and footnote disclosures.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform. The new guidance provides practical expedients and exceptions for reference rate reform related activities that impact debt, leases, derivatives and other contracts if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently assessing its contracts and the optional expedients provided by the new standard.
Allowance for credit losses
The Company estimates its allowance for credit losses for financial assets within the scope of ASC 326 at portfolio levels which include the CRE segment, the Land Operations segment and individual components of the M&C segment (e.g., "GPC," "GPRS," further described in Note 1 to the consolidated financial statements included in Item 8 of the Company's 2019 Form 10-K). Within these portfolio levels, the Company develops expected credit loss estimates by security type (which may include financing receivables or contract assets recognized in contracts with customers) by factoring historical loss information; information on both current conditions and reasonable and supportable forecasts of future conditions that may not be reflected in historical loss information; and other relevant credit quality information for the respective securities. As part of this process, the Company analyzes relevant information on a collective (pool) basis for securities with similar risk characteristics or separately on an individual basis when a financial asset does not share risk characteristics with other financial assets.
The portfolios of financial assets within the scope of ASC 326 relating to the CRE and Land Operations segments include financing receivables (i.e., notes receivable), which are primarily composed of historical development and other land-related transactions. The assets in these portfolios are analyzed on an individual basis, in which the Company considers certain, available information specific to the counterparties to the transactions (e.g., liquidity and solvency of the counterparties) and environmental factors that are relevant in the assessment of the expected collectability of the future cash flows for these assets (e.g., changes and expected changes in the general economic environment in which the counterparty operates). For these assets, the Company uses a discounted cash flow method to calculate the allowance for credit losses using the asset's effective interest rate.
The portfolios relating to the M&C segment represent discrete business components and are composed of contract assets from the Company's contracts with customers. The differing nature of the products and services provided by these components drive differences in historical and expected credit loss patterns and, as such, the Company tracks historical loss information at this portfolio level as part of information it uses to develop its estimate of expected credit losses. Further, as the Company believes its contract assets have different default risk expectations based on customer/project type, in addition to the historical loss information at the portfolio level, the Company also pools the respective portfolio's contract receivables by these different categories to make adjustments to its historical loss experience. Other information the Company analyzes and uses in its development of its allowance for credit losses include known customer information and environmental factors surrounding the customers' current and future ability to pay (i.e., changes and expected changes in the general economic environment in which the customers operate).
10


Interest and other income (expense), net
Interest and other income (expense), net for the three and nine months ended September 30, 2020 and 2019 included the following (in millions):
Three Months Ended September 30,Nine Months Ended September 30,