Rendering

Component: (Network and Table)
Network
2311301 - Disclosure - EMPLOYEE BENEFIT PLANS (Tables)
(http://www.alexanderbaldwin.com/role/EmployeeBenefitPlansTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Compensation and Retirement Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Compensation and Retirement Disclosure [Abstract]
 
Schedule of Weighted-Average and Target Asset Allocations
The Company’s weighted-average asset allocations at December 31, 2016 and 2015, and 2016 year-end target allocation, by asset category, were as follows:
 
Target
 
2016
 
2015
Domestic equity securities
34
%
 
31
%
 
34
%
International equity securities
18
%
 
20
%
 
18
%
Fixed income securities
36
%
 
35
%
 
35
%
Other
12
%
 
9
%
 
10
%
Cash
%
 
5
%
 
3
%
Total
100
%
 
100
%
 
100
%
 
 
Schedule of Fair Value of Pension Plan Assets by Asset Category
The fair values of the Company’s pension plan assets at December 31, 2016 and 2015, by asset category, are as follows (in millions):
 
Fair Value Measurements as of
 
December 31, 2016
 
Total
 
Quoted Prices in Active Markets (Level 1)
 
Significant Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
Asset Category
 
 
 
 
 
 
 
Cash
$
6.1

 
$
6.1

 
$

 
$

Equity securities:
 
 
 
 
 
 
 
Domestic
28.1

 
28.1

 

 

Domestic exchange-traded funds
16.9

 
16.9

 

 

International
24.5

 
24.5

 

 

International and emerging markets exchange-traded funds
4.1

 
4.1

 

 

Fixed income securities:
 
 
 
 
 
 
 
U.S. Treasury obligations
21.7

 
21.7

 

 

Domestic corporate bonds and notes
26.6

 

 
26.6

 

Foreign corporate bonds
1.5

 

 
1.5

 

Other types of investments:
 
 
 
 
 
 
 
Limited partnership interest in private equity fund
0.1

 

 

 
0.1

Exchange-traded global real estate securities
9.9

 
9.9

 

 

Insurance contracts
0.1

 

 

 
0.1

Exchange-traded commodity fund
2.9

 
2.9

 

 

Other receivables
0.6

 
0.6

 

 

Total
$
143.1

 
$
114.8

 
$
28.1

 
$
0.2


 
Fair Value Measurements as of
 
December 31, 2015
 
Total
 
Quoted Prices in Active Markets (Level 1)
 
Significant Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
Asset Category
 
 
 
 
 
 
 
Cash
$
3.8

 
$
3.8

 
$

 
$

Equity securities:
 
 
 
 
 
 
 
Domestic
16.7

 
16.7

 

 

Domestic exchange-traded funds
33.1

 
33.1

 
 
 
 
International
18.6

 
18.6

 

 

International and emerging markets exchange-traded funds
7.2

 
7.2

 

 

Fixed income securities:
 
 
 
 
 
 
 
U.S. Treasury obligations
17.1

 
17.1

 

 

Domestic corporate bonds and notes
31.6

 

 
31.6

 

Foreign corporate bonds
3.1

 

 
3.1

 

Other types of investments:
 
 
 
 
 
 
 
Limited partnership interest in private equity fund
0.2

 

 

 
0.2

Exchange-traded global real estate securities
11.2

 
11.2

 

 

Insurance contracts
0.2

 

 

 
0.2

Exchange-traded commodity fund
2.7

 
2.7

 

 

Other receivables
0.7

 
0.7

 

 

Total
$
146.2

 
$
111.1

 
$
34.7

 
$
0.4


 
 
Schedule of Reconciliations of Pension Plan Investments Measured at Fair Value on a Recurring Basis
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, 2016 and 2015 (in millions):
 
Fair Value Measurements Using Significant
 
Unobservable Inputs (Level 3)
 
Private Equity
 
Insurance
 
Total
Beginning balance, January 1, 2015
$
0.3

 
$
1.4

 
$
1.7

Actual return on plan assets:
 
 
 
 
 
Assets held at the reporting date
(0.1
)
 
0.1

 

Assets sold during the period

 
(1.3
)
 
(1.3
)
Ending balance, December 31, 2015
0.2

 
0.2

 
0.4

Actual return on plan assets:
 
 
 
 
 
Assets held at the reporting date
(0.1
)
 
(0.1
)
 
(0.2
)
Ending balance, December 31, 2016
$
0.1

 
$
0.1

 
$
0.2

 
 
Schedule of the Status of Funded Defined Benefit Pension Plan and Unfunded Accumulated Post-retirement Benefit Plans
The status of the funded defined benefit pension plan and the unfunded accumulated post-retirement benefit plans at December 31, 2016 and 2015 are shown below (in millions):
 
Pension Benefits
 
Other Post-retirement Benefits
 
2016
 
2015
 
2016
 
2015
Change in Benefit Obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
194.6

 
$
204.4

 
$
12.2

 
$
12.0

Service cost
3.1

 
3.1

 
0.1

 
0.1

Interest cost
8.5

 
8.0

 
0.5

 
0.5

Plan participants’ contributions

 

 
1.1

 
0.9

Actuarial (gain) loss
4.7

 
(8.9
)
 

 
0.4

Benefits paid
(13.0
)
 
(12.0
)
 
(2.1
)
 
(1.8
)
Conversion of guaranteed annuity contract

 
(0.4
)
 

 

Curtailment
(0.9
)
 

 
0.1

 
0.1

Amendments

 
0.4

 

 

Benefit obligation at end of year
$
197.0

 
$
194.6

 
$
11.9

 
$
12.2

Change in Plan Assets
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
146.2

 
160.8

 

 

Actual return on plan assets
9.4

 
(4.8
)
 

 

Employer contributions
0.5

 
2.6

 
0.9

 
0.8

Participant contributions

 

 
1.1

 
0.9

Conversion of guaranteed annuity contract

 
(0.4
)
 

 

Benefits paid
(13.0
)
 
(12.0
)
 
(2.1
)
 
(1.8
)
Other

 

 
0.1

 
0.1

Fair value of plan assets at end of year
$
143.1

 
$
146.2

 
$

 
$

 
 
 
 
 
 
 
 
Funded Status and Recognized Liability
$
(53.9
)
 
$
(48.4
)
 
$
(11.9
)
 
$
(12.2
)
 
 
Summary 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, 2016 and 2015 were as follows (in millions):
 
Pension Benefits
 
Other Post-retirement Benefits
 
2016
 
2015
 
2016
 
2015
Current liabilities

 

 
(1.0
)
 
(0.9
)
Non-current liabilities
(53.9
)
 
(48.4
)
 
(10.9
)
 
(11.3
)
Total
$
(53.9
)
 
$
(48.4
)
 
$
(11.9
)
 
$
(12.2
)
 
 
 
 
 
 
 
 
Net loss (net of taxes)
$
45.6

 
$
47.3

 
$
0.6

 
$
0.6

Unrecognized prior service credit (net of taxes)
(1.8
)
 
(2.6
)
 

 

Total
$
43.8

 
$
44.7

 
$
0.6

 
$
0.6

 
 
Summary 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, 2016 and 2015 is shown below (in millions):
 
2016
 
2015
Projected benefit obligation
$
197.0

 
$
194.6

Accumulated benefit obligation
$
197.0

 
$
193.7

Fair value of plan assets
$
143.1

 
$
146.2

 
 
Summary of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss
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 during 2016, 2015, and 2014, are shown below (in millions):
 
Pension Benefits
 
Other Post-retirement Benefits
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Components of Net Periodic Benefit Cost
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
3.1

 
$
3.1

 
$
2.6

 
$
0.1

 
$
0.1

 
$
0.1

Interest cost
8.5

 
8.0

 
8.3

 
0.5

 
0.5

 
0.6

Expected return on plan assets
(10.0
)
 
(11.1
)
 
(10.7
)
 

 

 

Amortization of net loss
7.1

 
6.9

 
4.0

 
0.2

 
0.1

 
0.3

Amortization of prior service cost
(0.5
)
 
(0.8
)
 
(0.8
)
 

 

 

Curtailment (gain)/loss
(0.9
)
 

 

 

 
0.1

 

Net periodic benefit cost
7.3

 
6.1

 
3.4

 
0.8

 
0.8

 
1.0

 
 
 
 
 
 
 
 
 
 
 
 
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
 
 
 
Net loss (gain)
$
4.4

 
$
7.0

 
$
27.1

 
$

 
$
0.4

 
$
(0.6
)
Amortization of unrecognized gain (loss)
(7.1
)
 
(6.9
)
 
(4.0
)
 
(0.2
)
 
(0.1
)
 
(0.3
)
Amortization of prior service credit
1.4

 
0.8

 
0.8

 

 

 

Prior service cost

 
0.4

 

 

 

 

Total recognized in other comprehensive income (loss)
(1.3
)
 
1.3

 
23.9

 
(0.2
)
 
0.3

 
(0.9
)
Total recognized in net periodic benefit cost and other comprehensive income
$
6.0

 
$
7.4

 
$
27.3

 
$
0.6

 
$
1.1

 
$
0.1

 
 
Summary of Weighted Average Assumptions used to Determine Benefit Information
The weighted average assumptions used to determine benefit information during 2016, 2015 and 2014 were as follows:
 
Pension Benefits
 
Other Post-retirement Benefits
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Weighted Average Assumptions:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.20
%
 
4.50
%
 
4.00
%
 
4.20
%
 
4.50
%
 
4.10
%
Expected return on plan assets
7.10
%
 
7.10
%
 
7.10
%
 
%
 
%
 
%
Rate of compensation increase
0.5%-3%

 
0.5%-3%

 
0.5%-3%

 
0.5%-3%

 
0.5%-3%

 
3.00
%
Initial health care cost trend rate
 
 
 
 
 
 
6.80
%
 
7.00
%
 
7.30
%
Ultimate rate
 
 
 
 
 
 
4.50
%
 
4.50
%
 
4.50
%
Year ultimate rate is reached
 
 
 
 
 
 
2037

 
2037
 
2028
 
 
Summary of Effect of One-Percentage-Point Change in Accumulated Post-retirement Benefit Obligation
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, 2016, 2015 and 2014 and the net periodic post-retirement benefit cost for 2016, 2015 and 2014, would have increased or decreased as follows (in millions):
 
Other Post-retirement Benefits
 
One Percentage Point
 
Increase
 
Decrease
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Effect on total of service and interest cost components
$
0.1

 
$
0.1

 
$
0.1

 
$

 
$

 
$
(0.1
)
Effect on post-retirement benefit obligation
$
1.0

 
$
1.1

 
$
1.1

 
$
(0.9
)
 
$
(0.9
)
 
$
(0.9
)
 
 
Schedule of Estimated Future Benefit Payments for the Next Ten Years
The estimated future benefit payments for the next ten years are as follows (in millions):
 
 
Pension
 
Non-qualified
 
Post-retirement
Year
 
Benefits
 
Plan Benefits
 
Benefits
2017
 
$
11.6

 
$
4.2

 
$
1.0

2018
 
$
11.8

 
$
1.7

 
$
1.0

2019
 
$
12.0

 
$
0.1

 
$
1.0

2020
 
$
12.2

 
$

 
$
1.0

2021
 
$
12.4

 
$

 
$
0.9

2022-2026
 
$
62.8

 
$
1.9

 
$
3.6

 
 
Schedule of Multiemployer Plans
There were no plans to which the Company contributed more than 5 percent of the total contributions.
 
 
Pension Protection Act Zone Status
FIP/RP Status
Contribution by Entity
Contribution by Entity
Surcharge Imposed
Expiration Date
Current Plan Year End
 
EIN Plan No.
2016 and 2015
Pending/Implemented
Jan. 1 - Dec. 31, 2016
Jan. 1 - Dec. 31, 2015
Fund
 
 
 
 
 
 
 
 
Operating Engineers
94-6090764; 001
Red
Yes
$
4.7

$
4.6

No
9/2/19
12/31/16
Laborers National
52-6074345; 001
Red
Yes
0.1

0.1

No
8/31/18
12/31/16
Hawaii Laborers
99-6025107; 001
Green
No
0.7

0.8

No
8/31/19
2/29/16
Hawaii Laborers
99-6025107; 001
Green
No
0.2

0.2

No
9/30/19
2/29/16
Total
 
 
 
$
5.7

$
5.7