Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2014	Feb. 24, 2015	Jun. 30, 2014
Document and Entity Information
Entity Registrant Name	Matson, Inc.
Entity Central Index Key	0000003453
Document Type	10-K
Document Period End Date	Dec. 31, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,144,794,947
Entity Common Stock, Shares Outstanding		43,385,305
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

Consolidated Statements of Income and Comprehensive Income (USD $) In Millions, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating Revenue:
Ocean Transportation	$ 1,278.4	$ 1,229.4	$ 1,189.8
Logistics	435.8	407.8	370.2
Total Operating Revenue	1,714.2	1,637.2	1,560.0
Costs and Expenses:
Operating costs	1,433.5	1,402.3	1,338.1
Equity in (income) loss of terminal joint venture	(6.6)	2.0	(3.2)
Selling, general and administrative	147.3	132.6	119.8
Separation costs			8.6
Total costs and expenses	1,574.2	1,536.9	1,463.3
Operating Income	140.0	100.3	96.7
Interest expense	(17.3)	(14.4)	(11.7)
Income before income taxes	122.7	85.9	85.0
Income tax expense	(51.9)	(32.2)	(33.0)
Income (Loss) from Continuing Operations Attributable to Parent, Total	70.8	53.7	52.0
Loss From Discontinued Operations (net of income taxes)	0	0	(6.1)
Net Income	70.8	53.7	45.9
Other Comprehensive Income (Loss), Net of Income Taxes:
Net Income	70.8	53.7	45.9
Other Comprehensive Income (Loss):
Net (loss) gain in prior service cost	(31.4)	18.7	(4.6)
Amortization of prior service cost included in net periodic pension cost	(1.3)	(1.3)	(1.4)
Amortization of net loss included in net periodic pension cost	2.5	4.7	4.8
Foreign currency translation adjustment	0.4	(0.1)
Other comprehensive income from discontinued operations			0.7
Total Other Comprehensive (Loss) Income	(29.8)	22.0	(0.5)
Comprehensive Income	$ 41.0	$ 75.7	$ 45.4
Basic Earnings (Loss) Per Share:
Continuing operations (in dollars per share)	$ 1.65	$ 1.26	$ 1.23
Discontinued operations (in dollars per share)			$ (0.14)
Earnings Per Share, Basic, Total	$ 1.65	$ 1.26	$ 1.09
Diluted Earnings (Loss) Per Share:
Continuing operations (in dollars per share)	$ 1.63	$ 1.25	$ 1.22
Discontinued operations (in dollars per share)			$ (0.14)
Earnings Per Share, Diluted, Total	$ 1.63	$ 1.25	$ 1.08
Weighted Average Number of Shares Outstanding:
Basic (in shares)	43.0	42.7	42.3
Diluted (in shares)	43.4	43.1	42.7

Consolidated Balance Sheets (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Current Assets:
Cash and cash equivalents	$ 293.4	$ 114.5
Accounts receivable, net	197.6	182.3
Deferred income taxes	8.0	9.1
Prepaid expenses and other assets	20.5	43.0
Total current assets	519.5	348.9
Investment in terminal joint venture	64.4	57.6
Property and equipment, net	691.2	735.4
Goodwill and intangible assets, net	29.9	31.2
Capital Construction Fund deposits	27.5	0
Other long-term assets	69.3	75.2
Total assets	1,401.8	1,248.3
Current Liabilities:
Current portion of debt	21.6	12.5
Accounts payable	133.2	124.0
Payroll and vacation benefits	17.3	16.9
Uninsured liabilities	24.5	15.1
Accrued and other liabilities	26.9	32.1
Total current liabilities	223.5	200.6
Long-term Liabilities:
Long-term debt	352.0	273.6
Deferred income taxes	308.4	326.1
Employee benefit plans	118.6	74.4
Uninsured and other liabilities	35.5	35.4
Total long-term liabilities	814.5	709.5
Commitments and Contingencies
Shareholders' Equity:
Capital stock - common stock without par value; authorized, 150 million shares ($0.75 stated value per share); outstanding, 43.2 million shares in 2014 and 42.8 million shares in 2013	32.4	32.1
Additional paid in capital	274.9	261.9
Accumulated other comprehensive loss	(53.3)	(23.5)
Retained earnings	109.8	67.7
Total shareholders' equity	363.8	338.2
Total liabilities and shareholders' equity	$ 1,401.8	$ 1,248.3

Consolidated Balance Sheets (Parenthetical) (USD $) In Millions, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Consolidated Balance Sheets
Capital stock, shares authorized	150	150
Capital stock, stated value (in dollars per share)	$ 0.75	$ 0.75
Capital stock, shares outstanding	43.2	42.8

Consolidated Statements of Cash Flows (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash Flows From Operating Activities:
Net income from continuing operations	$ 70.8	$ 53.7	$ 52.0
Reconciling adjustments:
Depreciation and amortization	69.7	69.7	72.5
Deferred income taxes	2.7	57.5	(8.8)
(Gain) loss on disposal of property	(1.5)	0.2	(1.2)
Post-retirement (income) expense	(5.9)	1.6	2.6
Share-based compensation expense	8.7	5.9	4.0
Equity in (income) loss of terminal joint venture	(6.6)	2.0	(3.2)
Impairment of intangible assets			2.1
Tax benefit from equity issuance	0.8	1.8
Excess tax benefit from stock-based compensation	(1.1)	(0.6)
Changes in assets and liabilities:
Accounts receivable	(15.3)	(7.6)	(7.0)
Deferred dry-docking payments	(14.1)	(14.0)	(44.8)
Deferred dry-docking amortization	21.1	22.0	23.3
Prepaid expenses and other assets	17.3	(11.8)	(10.4)
Accounts payable and accrued liabilities	13.5	2.2	(7.9)
Other liabilities	5.6	13.1	20.8
Net cash provided by operating activities from continuing operations	165.7	195.7	94.0
Cash Flows From Investing Activities:
Capital expenditures	(27.9)	(35.2)	(38.1)
Proceeds from disposal of property and equipment	4.9	4.5	6.8
Deposits into Capital Construction Fund	(31.9)	(4.4)	(4.4)
Withdrawals from Capital Construction Fund	4.4	4.4	4.4
Payments for acquisitions		(9.3)
Contribution from the Former Parent Company			25.0
Net cash used in investing activities from continuing operations	(50.5)	(40.0)	(6.3)
Cash Flows From Financing Activities:
Excess tax benefit from stock-based compensation	1.1	0.6
Proceeds from issuance of long-term debt	100.0	21.0	197.0
Payments of long-term debt	(11.4)	(45.4)	(80.4)
(Payments) to/ proceeds from the line-of-credit agreements, net		(11.0)	5.0
Payment of financing costs			(1.9)
Payment of capital leases	(1.1)	(1.2)
Proceeds from issuance of capital stock	5.8	1.7	25.2
Tax withholding related to net share settlements of restricted stock units	(2.0)
Dividends paid	(28.7)	(26.8)	(39.5)
Contribution to A&B upon Separation			(155.7)
Cash assumed by A&B upon Separation			(2.5)
Distribution to Former Parent Company from issuance of capital stock			(21.7)
Net cash provided by (used in) financing activities from continuing operations	63.7	(61.1)	(74.5)
Cash Flows From Discontinued Operations:
Cash flows used in operating activities of discontinued operations			(29.9)
Cash flows used in investing activities of discontinued operations			(18.8)
Cash flows provided by financing activities of discontinued operations			33.9
Net cash flows used in discontinued operations			(14.8)
Net Increase (Decrease) in Cash and Cash Equivalents	178.9	94.6	(1.6)
Cash and cash equivalents, beginning of the year	114.5	19.9	21.5
Cash and cash equivalents, end of the year	293.4	114.5	19.9
Supplemental Cash Flow Information:
Interest paid	15.2	13.8	11.3
Income tax (refund) paid	30.2	(3.4)	42.7
Non-cash Information:
Capital expenditures included in accounts payable and accrued liabilities	1.6	2.1	4.2
Capital lease obligations		$ 2.9

Consolidated Statement of Stockholders' Equity (USD $) In Millions, unless otherwise specified	Common Stock	Treasury	Additional Paid In Capital	Accumulated Other Comprehensive Income	Retained Earnings	Total
Balance at Dec. 31, 2011	$ 34.0	$ (10.9)	$ 238.3	$ (91.9)	$ 953.0	$ 1,122.5
Balance (in shares) at Dec. 31, 2011	45.3	(3.6)
Increase (Decrease) in Stockholders' Equity
Net income					45.9	45.9
Other comprehensive income, net of tax				(0.5)		(0.5)
Excess tax benefit and share withholding	(0.1)		0.5		(2.4)	(2.0)
Excess tax benefit and share withholding (in shares)	(0.1)
Share-based compensation			6.5			6.5
Shares issued	0.7		22.4			23.1
Shares issued (in shares)	1.0
Retirement of treasury shares	(2.7)	10.9	(8.2)
Retirement of treasury shares (in shares)	(3.6)	3.6
Dividends ($0.66, $0.62, and $0.93 per share) for the years 2014, 2013 and 2012 respectively					(39.5)	(39.5)
Distribution of A&B Stock			(6.8)	46.9	(916.2)	(876.1)
Balance at Dec. 31, 2012	31.9		252.7	(45.5)	40.8	279.9
Balance (in shares) at Dec. 31, 2012	42.6
Increase (Decrease) in Stockholders' Equity
Net income					53.7	53.7
Other comprehensive income, net of tax				22.0		22.0
Excess tax benefit and share withholding			1.8			1.8
Share-based compensation			5.9			5.9
Shares issued	0.2		1.5			1.7
Shares issued (in shares)	0.2
Dividends ($0.66, $0.62, and $0.93 per share) for the years 2014, 2013 and 2012 respectively					(26.8)	(26.8)
Balance at Dec. 31, 2013	32.1		261.9	(23.5)	67.7	338.2
Balance (in shares) at Dec. 31, 2013	42.8					42.8
Increase (Decrease) in Stockholders' Equity
Net income					70.8	70.8
Other comprehensive income, net of tax				(29.8)		(29.8)
Excess tax benefit and share withholding			0.8			0.8
Share-based compensation			8.7			8.7
Shares issued	0.3		3.5			3.8
Shares issued (in shares)	0.4
Dividends ($0.66, $0.62, and $0.93 per share) for the years 2014, 2013 and 2012 respectively					(28.7)	(28.7)
Balance at Dec. 31, 2014	$ 32.4		$ 274.9	$ (53.3)	$ 109.8	$ 363.8
Balance (in shares) at Dec. 31, 2014	43.2					43.2

DESCRIPTION OF THE BUSINESS

12 Months Ended

Dec. 31, 2014

DESCRIPTION OF THE BUSINESS

DESCRIPTION OF THE BUSINESS

1.DESCRIPTION OF THE BUSINESS

Matson, Inc., a holding company incorporated in January 2012, in the State of Hawaii, and its subsidiaries (“Matson” or the “Company”), is a leading provider of ocean transportation and logistics services. The Company consists of two segments, Ocean Transportation and Logistics (see Note 14).

Ocean Transportation: Matson’s Ocean Transportation business is conducted through Matson Navigation Company, Inc. (“MatNav”), a wholly-owned subsidiary of Matson, Inc. Founded in 1882, MatNav is an asset-based business that provides a vital lifeline of ocean freight transportation services to the island economies of Hawaii, Guam and Micronesia, and also operates a premium, expedited service from the ports of Xiamen, Ningbo, and Shanghai in China, to Long Beach, California. In January 2013, Matson began providing ocean services to various islands in the South Pacific including New Zealand, Fiji, Samoa, American Samoa, Tonga and the Cook Islands, and later expanded service to include Australia to the Solomon Islands, and Nauru. Matson’s fleet consists of 18 owned and three chartered vessels including containerships, combination container/roll-on/roll-off ships, and custom-designed barges.

The Company also provides container stevedoring, container equipment maintenance and other terminal services for MatNav and other ocean carriers through Matson Terminals, Inc. (“Matson Terminals”), a wholly-owned subsidiary of MatNav, on the islands of Oahu, Hawaii, Maui and Kauai.

The Company has a 35 percent ownership interest in SSA Terminals, LLC (“SSAT”) through a joint venture between Matson Ventures, Inc., a wholly-owned subsidiary of MatNav, and SSA Ventures, Inc. (“SSA”), a subsidiary of Carrix, Inc. (the “Terminal Joint Venture”). SSAT provides terminal and stevedoring services to various carriers at six terminal facilities on the United States of America (“U.S.”) Pacific Coast, including to MatNav at several of those facilities. Matson records its share of income (loss) in the joint venture in operating expenses within the Ocean Transportation segment due to the nature of SSAT’s operations.

Logistics: The Company’s Logistics business is conducted through Matson Logistics, Inc. (“Matson Logistics” or “Logistics”), a wholly-owned subsidiary of MatNav. Established in 1987, Matson Logistics is an asset-light business that provides multimodal transportation, including domestic and international rail intermodal service (“Intermodal”); long-haul and regional highway brokerage, specialized hauling, flat-bed and project work, less-than-truckload services, expedited freight services (collectively “Highway”); and warehousing and distribution services. The warehousing and distribution services are provided by Matson Logistics Warehousing, Inc. (“Matson Logistics Warehousing”), a wholly-owned subsidiary of Matson Logistics.

Horizon Acquisition: On November 11, 2014, Matson and Horizon Lines, Inc. (“Horizon”) announced that MatNav and Horizon entered into a definitive merger agreement pursuant to which Horizon will be merged with a subsidiary of MatNav. As a result, Matson will acquire Horizon’s Alaska operations and assume all of Horizon’s non-Hawaii assets and liabilities (the “Horizon Transaction”). Separately, on the same day, Horizon announced that it agreed to sell its Hawaii operations to The Pasha Group (“Pasha”), (the “Pasha Transaction”), and cease all of its operations in Puerto Rico. On February 25, 2015, the stockholders of Horizon approved the adoption of the definitive merger agreement. The Horizon Transaction is conditioned on the Pasha Transaction closing, and other customary closing conditions. The Pasha Transaction is subject to clearance by the U.S. Department of Justice under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

The total value for the Horizon Transaction is approximately $456.0 million (before transaction costs), based on Horizon’s net debt outstanding as of September 21, 2014, less the anticipated proceeds from the Pasha Transaction. The Company will fund the Horizon Transaction from cash on hand and available borrowings under its revolving credit facility.

Separation Transaction: On December 1, 2011, Alexander & Baldwin, Inc., the former parent company of MatNav (the “Former Parent Company”), announced that its Board of Directors unanimously approved a plan to pursue the separation (the “Separation”) of the Former Parent Company to create two independent, publicly traded companies, Matson, Inc., and Alexander & Baldwin, Inc. (“A&B”), a Hawaii-based land company with interests in real estate development, commercial real estate and agriculture.

On February 13, 2012, the Former Parent Company entered into an Agreement and Plan of Merger to reorganize itself by forming a holding company incorporated in Hawaii, Alexander & Baldwin Holdings, Inc. (“Holdings”). The holding company structure helped facilitate the Separation through the organization and segregation of the assets of the two businesses. In addition, the holding company reorganization was intended to help preserve the Company’s status as a U.S. citizen under certain U.S. maritime and vessel documentation laws by, among other things, limiting the percentage of outstanding shares of common stock in the holding company that may be owned or controlled in the aggregate by non-U.S. citizens to a maximum permitted percentage of 22 percent.

The Separation was completed on June 29, 2012. In the Separation, the shareholders of Holdings received one share of common stock of A&B for every share of Holdings held of record as of June 18, 2012. Immediately following the Separation, Holdings changed its name to Matson, Inc. For accounting purposes, Matson is the successor company to the Former Parent Company.

Prior to the completion of the Separation, Matson and A&B entered into a Separation and Distribution Agreement, Tax Sharing Agreement and an Employee Matters Agreement, each dated June 8, 2012, to govern the post-Separation relationship. In addition, Matson and A&B entered into a Transition Services Agreement, dated June 8, 2012, under which each company agreed to provide the other with various services on an interim transitional basis, for up to 24 months. Also in relation to the Separation, intercompany receivables, payables, loans and other accounts between Matson and A&B, in existence immediately prior to the Separation, were satisfied and/or settled; and intercompany agreements and all other arrangements in effect immediately prior to the distribution were terminated or canceled, subject to certain exceptions.

During the year ended December 31, 2012, the Company incurred total cash outflows of $166.2 million in relation to the Separation. Separation related expenses, referred to as Separation costs in the consolidated statements of income and comprehensive income, are reported under the cash flows provided by operating activities from continuing operations, and capitalized debt financing costs under cash flows used in financing activities from continuing operations, as these costs do not qualify as discontinued operations.

The breakdown of Separation cash outflows for the year ended December 31, 2012 were as follows (in millions):

	Separation Cash Outflows
Capital contribution to A&B	$	155.7
Separation costs	8.6
Capitalized debt financing costs	1.9
Total cash outflow related to the Separation	$	166.2

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2014

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

2.SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation: The consolidated financial statements include the accounts of Matson, Inc. and all wholly-owned subsidiaries, after elimination of significant intercompany amounts. Significant investments in businesses, partnerships, and limited liability companies in which the Company does not have a controlling financial interest, but has the ability to exercise significant influence, are accounted for under the equity method. A controlling financial interest is one in which the Company has a majority voting interest or one in which the Company is the primary beneficiary of a variable interest entity.

Fiscal Year: The period end for Matson, Inc. is December 31. The period end for MatNav occurred on the last Friday in December, except for Matson Logistics Warehousing whose period closed on December 31. There were 52 weeks included in the MatNav 2014, 2013 and 2012 fiscal years.

Use of Estimates: The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the amounts reported. Estimates and assumptions are used for, but not limited to: impairment of investments, long-lived vessel and equipment impairment, legal contingencies, allowance for doubtful accounts, uninsured liabilities, goodwill and other finite-lived intangible assets impairment, pension and post-retirement estimates, and income taxes. Future results could be materially affected if actual results differ from these estimates and assumptions.

Cash and Cash Equivalents: Cash equivalents consist of highly liquid investments with an original maturity of three months or less at the date of purchase. The Company carries these investments at cost, which approximates fair value. Outstanding checks in excess of funds on deposit totaled $18.9 million and $19.8 million at December 31, 2014 and 2013, respectively, and are reflected as current liabilities in the consolidated balance sheets.

Fair Value of Financial Instruments: The Company values its financial instruments based on the fair value hierarchy of valuation techniques for fair value measurements. Level 1 inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability. If the technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy, the lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy.

The Company uses Level 1 inputs for the fair values of its cash and cash equivalents. The Company uses Level 2 inputs for its accounts receivable, and debt. The fair values of cash and cash equivalents, accounts receivable, and short-term debt approximate their carrying values due to the short-term nature of the instruments. The fair value of the Company’s long-term debt is calculated based upon interest rates available for debt with terms and maturities similar to the Company’s existing debt arrangements.

	Carrying Value at December 31, 2014		Fair Value Measurements at December 31, 2014
					Quoted Prices in Active Markets		Significant Observable		Significant Unobservable
(in millions)	Total		Total		(Level 1)		Inputs (Level 2)		Inputs (Level 3)
Cash and cash equivalents	$	293.4	$	293.4	$	293.4	$	—	$	—
Accounts receivable, net	197.6		197.6		—		197.6		—
Fixed rate debt	373.6		395.7		—		395.7		—

	Carrying Value at December 31, 2013		Fair Value Measurements at December 31, 2013
					Quoted Prices in Active Markets		Significant Observable		Significant Unobservable
(in millions)	Total		Total		(Level 1)		Inputs (Level 2)		Inputs (Level 3)
Cash and cash equivalents	$	114.5	$	114.5	$	114.5	$	—	$	—
Accounts receivable, net	182.3		182.3		—		182.3		—
Fixed rate debt	286.1		292.7		—		292.7		—

Accounts Receivable: Accounts receivable are shown net of allowance for doubtful accounts in the consolidated balance sheets. At December 31, 2014, and December 31, 2013, the Company had assigned $150.7 million and $112.0 million of eligible accounts receivable, respectively, to the Capital Construction Fund (see Note 6).

Allowance for Doubtful Accounts: Allowances for doubtful accounts receivable are established by management based on estimates of collectability. Estimates of collectability are principally based on an evaluation of the current financial condition of the Company’s customers and their payment history, which are regularly monitored by the Company. The changes in the allowance for doubtful accounts receivable for the three years ended December 31, 2014 were as follows (in millions):

Year	Balance at Beginning of Year		Expense		Write-offs and Other			Balance at End of Year
2014	$	4.1	$	1.8	$	(0.9	)	$	5.0
2013	4.7		0.6		(1.2		)	4.1
2012	5.3		0.7		(1.3		)	4.7

Prepaid and Other Assets: Prepaid expenses and other assets in the consolidated balance sheets includes $11.0 million and $13.8 million of diesel and heavy fuel oil that is primarily aboard the Company’s vessels and is recorded at cost, $0.0 million and $14.2 million of income tax receivable, and $9.5 million and $15.0 million related to other prepaid expenses at December 31, 2014 and 2013, respectively.

Impairment of Investment: The Company’s investment in its Terminal Joint Venture is reviewed for impairment annually, or whenever there is evidence that fair value may be below carrying cost. An investment is written down to fair value if fair value is below carrying cost and the impairment is other-than-temporary. In evaluating the fair value of an investment and whether any identified impairment is other-than-temporary, significant estimates and considerable judgments are involved. These estimates and judgments are based, in part, on the Company’s current and future evaluation of economic conditions in general, as well as the Terminal Joint Venture’s current and future plans. These fair value calculations are highly subjective because they require management to make assumptions and apply judgments to estimates regarding the timing and amount of future cash flows, probabilities related to various cash flow scenarios, and appropriate discount rates based on the perceived risks, among others. In evaluating whether an impairment is other-than-temporary, the Company considers all available information, including the length of time and extent of the impairment, the financial condition and near-term prospects of the Terminal Joint Venture, the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value, and projected industry and economic trends, among others. Changes in these and other assumptions could affect the projected operational results and fair value of the Terminal Joint Venture, and accordingly, may require valuation adjustments to the Company’s investment that may materially impact the Company’s financial condition or its future operating results.

The Company has evaluated its investment in its Terminal Joint Venture for impairment and no impairment charges were recorded for the years ended December 31, 2014, 2013, and 2012.

Property and Equipment: Property and equipment are stated at cost. Certain costs incurred in the development of internal-use software are capitalized. Property and equipment is depreciated using the straight-line method over the estimated useful lives of the assets. Estimated useful lives of property and equipment are as follows:

Classification		Range of Life
Vessels		5 to 40 years
Machinery and equipment		2 to 20 years
Terminal facilities		2 to 35 years

Impairment of Long-Lived Assets and Finite-Lived Intangible Assets: The Company reviews its long-lived assets, including finite-lived intangible assets for possible impairment annually, or whenever events or circumstances indicate that their carrying values may not be recoverable. The Company’s long-lived assets, including finite-lived intangible assets are grouped at the Ocean Transportation and Logistics asset group level, which represents the lowest level for which identifiable cash flows are available. In evaluating impairment, the estimated future undiscounted cash flows generated by each of these asset groups is compared with the amount recorded for each asset group to determine if its carrying value is not recoverable. If this review determines that the amount recorded will not be recovered, the amount recorded for the asset group is reduced to its estimated fair value. These asset impairment analyses are highly subjective because they require management to make assumptions and apply considerable judgments to, among other things, estimates of the timing and amount of future cash flows, expected useful lives of the assets, uncertainty about future events, including changes in economic conditions, changes in operating performance, changes in the use of the assets, and ongoing costs of maintenance and improvements of the assets, and thus, the accounting estimates may change from period to period. If management uses different assumptions or if different conditions occur in future periods, the Company’s financial condition or its future operating results could be materially impacted.

The Company has evaluated its long-lived assets, including finite-lived intangible assets for impairment and no impairment charges were recorded for the years ended December 31, 2014 and 2013. During 2012, the Company determined that it had an impairment related to the finite-lived intangible assets at Logistics. The Company recorded impairment expense of $2.1 million for the year ended December 31, 2012, which is included in operating expense on the consolidated statements of income and comprehensive income.

Dry-docking Costs: The Company’s U.S. flagged vessels must meet specified seaworthiness standards established by U.S. Coast Guard rules and Classification society requirements. These standards require that the Company’s ships undergo two dry-docking inspections within a five-year period. However, all of the Company’s U.S. flagged vessels are enrolled in the U.S. Coast Guard’s Underwater Survey in Lieu of Dry-docking (“UWILD”) program. The UWILD program allows eligible ships to have their intermediate dry-docking requirement met with far less costly underwater inspection.

The Company operates four non-U.S. flag vessels (one owned; one under a bareboat charter arrangement; and the remaining two on time charter) in the Pacific Islands. The Company is responsible for ensuring that the owned and bareboat chartered ships meet international standards for seaworthiness, which among other requirements generally mandate that the Company perform two dry-docking inspections every five years. The dry-dockings of the Company’s time chartered vessels are the responsibility of the ships’ owners.

As the costs associated with these dry-docking inspections provide future economic benefits to the Company through continued operation of the vessels, the costs are deferred and amortized until the next regularly scheduled dry-docking, which is usually over a two to five-year period. Routine vessel maintenance and repairs that do not improve or extend asset lives are charged to expense as incurred. Deferred dry-docking costs were $47.5 million and $56.9 million as of December 31, 2014 and 2013, respectively, and are included in other long-term assets in the consolidated balance sheets. Amortized amounts are charged to operating expenses in the consolidated statements of income and comprehensive income. Changes in deferred dry-docking costs are included in the consolidated statements of cash flows.

Goodwill and Intangible Assets: Recorded goodwill arises as a result of acquisitions made by the Company. Intangible assets at December 31, 2014, consisted of customer lists and other intangibles that are being amortized using the straight-line method over the expected useful lives ranging from 3 to 13 years.

Impairment of Goodwill: The Company reviews goodwill for impairment annually in the fourth quarter, and whenever events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In estimating the fair value of a reporting unit, the Company uses a combination of a discounted cash flow model and fair value based on market multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA”). The discounted cash flow approach requires the Company to use a number of assumptions, including market factors specific to the business, the amount and timing of estimated future cash flows to be generated by the business over an extended period of time, long-term growth rates for the business, and a discount rate that considers the risks related to the amount and timing of the cash flows. Although the assumptions used by the Company in its discounted cash flow model are consistent with the assumptions the Company used to generate its internal strategic plans and forecasts, significant judgment is required to estimate the amount and timing of future cash flows from the reporting unit and the risk of achieving those cash flows. When using market multiples of EBITDA, the Company must make judgments about the comparability of those multiples in closed and proposed transactions. Accordingly, changes in assumptions and estimates, including, but not limited to, changes driven by external factors, such as industry and economic trends, and those driven by internal factors, such as changes in the Company’s business strategy and its internal forecasts, could have a material effect on the Company’s financial condition or its future operating results.

The Company has evaluated its goodwill for impairment and no impairment charges were recorded for the years ended December 31, 2014, 2013 and 2012, respectively.

Capital Construction Fund Deposits: Deposits in the Capital Construction Fund were $27.5 million at December 31, 2014. There were no deposits in the Capital Construction Fund at December 31, 2013 (see Note 6).

Other Long-term Assets: Other long-term assets include deferred dry-docking costs of $47.5 million and $56.9 million (see Note 2), and other assets and deferred charges of $21.8 million and $18.3 million, at December 31, 2014 and 2013, respectively.

Pension and Post-Retirement Plans: Certain Ocean Transportation subsidiaries are members of the Pacific Maritime Association (“PMA”) and the Hawaii Stevedoring Industry Committee, which negotiate multiemployer pension plans covering certain shoreside bargaining unit personnel. The subsidiaries directly negotiate multiemployer pension plans covering other bargaining unit personnel. Pension costs are accrued in accordance with contribution rates established by the PMA, the parties to a plan or the trustees of a plan. Several trusteed, non-contributory, single-employer defined benefit plans and defined contribution plans cover substantially all other employees.

The estimation of the Company’s pension and post-retirement benefit expenses and liabilities requires that the Company make various assumptions. These assumptions include factors such as discount rates, expected long-term rate of return on pension plan assets, salary growth, health care cost trend rates, inflation, retirement rates, mortality rates, and expected contributions. Actual results that differ from the assumptions made could materially affect the Company’s financial condition or its future operating results. The effects of changing assumptions are included in unamortized net gains and losses, which directly affect accumulated other comprehensive income. Additionally, these unamortized gains and losses are amortized and reclassified to income (loss) over future periods. Additional information about the Company’s benefit plans is included in Note 9.

Uninsured Liabilities: The Company is uninsured for certain losses including, but not limited to, employee health, workers’ compensation, general liability, real and personal property. Where feasible, the Company obtains third-party excess insurance coverage to limit its exposure to these claims. When estimating its uninsured liabilities, the Company considers a number of factors, including historical claims experience, demographic factors, current trends, and analyses provided by independent third-parties. Periodically, management reviews its assumptions and the analyses provided by independent third-parties to determine the adequacy of the Company’s uninsured liabilities. The Company’s uninsured liabilities contain uncertainties because management is required to apply judgment and make long-term assumptions to estimate the ultimate cost to settle reported claims and claims incurred, but not reported, as of the balance sheet date. If management uses different assumptions or if different conditions occur in future periods, the Company’s financial condition or its future operating results could be materially impacted.

Legal Contingencies: The Company’s results of operations could be affected by significant litigation adverse to the Company, including, but not limited to, liability claims, antitrust claims, claims related to coastwise trading matters, lawsuits involving private plaintiffs or government agencies, and environmental related matters. The Company records accruals for legal matters when the information available indicates that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Management makes adjustments to these accruals to reflect the impact and status of negotiations, settlements, rulings, advice of outside legal counsel and other information and events that may pertain to a particular matter. Predicting the outcome of claims and lawsuits and estimating related costs and exposure involves substantial uncertainties that could cause actual costs to vary materially from those estimates. In making determinations of likely outcomes of litigation matters, the Company considers many factors. These factors include, but are not limited to, the nature of specific claims including un-asserted claims, the Company’s experience with similar types of claims, the jurisdiction in which the matter is filed, input from outside legal counsel, the likelihood of resolving the matter through alternative dispute resolution mechanisms and the matter’s current status. A detailed discussion of significant litigation matters is contained in Note 12.

Recognition of Revenues and Expenses: Voyage revenue is recognized ratably over the duration of a voyage based on the relative transit time in each reporting period. Voyage expenses are recognized as incurred. Hawaii, Guam, and certain Pacific island service freight rates are provided in tariffs filed with the Surface Transportation Board of the U.S. Department of Transportation; for other Pacific island services, the rates are filed with the Federal Maritime Commission. The China service rates are predominately established by individual contracts with customers.

The revenue for Logistics services includes the total amount billed to customers for transportation services. The primary costs include purchased transportation services. Revenue and the related purchased transportation costs are recognized based on relative transit time. The Company reports revenue on a gross basis. The Company serves as principal in transactions because it is responsible for the contractual relationship with the customer, has latitude in establishing prices, has discretion in supplier selection, and retains credit risk.

The primary sources of revenue for warehousing services are storage, handling, and value-added packaging. For customer dedicated warehouses, storage revenue is recognized as earned over the life of the contract. Storage revenue generated by the public warehouses is recognized in the month the service is provided according to the terms of the contract. Handling and value-added packaging revenue and expense are recognized in proportion to the services completed.

Non-voyage Costs: Non-voyage costs such as terminal operating overhead, and general and administrative expenses are charged to expense as incurred.

Share-Based Compensation: The Company records compensation expense for all share-based payment awards made to employees and directors. The Company’s various equity plans are more fully described in Note 11.

Income Taxes: Deferred income taxes are provided for the tax effect of temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and deferred tax liabilities are adjusted to the extent necessary to reflect tax rates expected to be in effect when the temporary differences reverse. Adjustments may be required to deferred tax assets and deferred tax liabilities due to changes in tax laws and audit adjustments by tax authorities. To the extent adjustments are required in any given period, the adjustments would be included within the tax provision in the consolidated statements of income and comprehensive income and/or consolidated balance sheets.

The Company makes certain estimates and judgments in determining income tax expense for consolidated financial statement purposes. These estimates and judgments are applied in the calculation of tax credits, tax benefits and deductions, and in the calculation of certain deferred tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and consolidated financial statement purposes. In addition, judgment is required in determining if, based on the weight of available evidence, management believes that it is more likely than not that some portion or all of a recorded deferred tax asset would not be realized in future periods. A valuation allowance would be established if, based on the weight of available evidence, management believes that it is more likely than not that some portion or all of a recorded deferred tax asset would not be realized in future periods. Significant changes to these estimates may result in an increase or decrease to the Company’s tax provision in a subsequent period.

In addition, the calculation of tax liabilities involves significant judgment in estimating the impact of uncertain tax positions taken or expected to be taken with respect to the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with management’s expectations could materially affect the Company’s financial condition or its future operating results.

Discontinued Operations: The termination of certain business lines are classified as discontinued operations if the operations and cash flows of the assets clearly can be distinguished from the remaining assets of the Company, if cash flows for the assets have been, or will be, eliminated from the ongoing operations of the Company, if the Company will not have a significant continuing involvement in the operations of the assets sold, and if the amount is considered material.

There were no discontinued operations during the years ended December 31, 2014 and 2013. Loss from discontinued operations for the year ended December 31, 2012 consisted of the following (in millions):

	Year Ended
Discontinued Operations	December 31, 2012
Discontinued operations, net of income taxes:
Income from A&B	$	116.4
Expenses from A&B	(118.1		)
Tax expense from A&B	(1.6		)
Loss from A&B	(3.3		)
Expenses from CLX2	(4.4		)
Tax benefit from CLX2	1.6
Loss from discontinued operations, net of tax	$	(6.1	)

The Separation from A&B was completed on June 29, 2012 and is further discussed in Note 1. In the third quarter of 2011, the Company terminated its second China Long Beach Express Service (“CLX2”), due to the longer-term outlook for sustained high fuel prices and increasingly volatile transpacific rates. The Company’s termination plans were substantially completed as of September 30, 2011, however, the off-hiring of excess leased containers continued through 2012, and two of the five ships were offered for sub-charter until they were returned to the lessors in July 2012. As of December 31, 2012, the Company had no future liabilities related to CLX2.

Comprehensive Income (Loss): Comprehensive income (loss) includes all changes in Shareholders’ Equity, except those resulting from capital stock transactions. Other comprehensive income (loss) in the consolidated statements of income and comprehensive income are shown net of tax benefit (expense) of $19.4 million, ($14.1) million, and ($0.3) million for the years ended December 2014, 2013, and 2012, respectively. Accumulated other comprehensive loss of $53.3 million and $23.5 million at December 31, 2014 and 2013, respectively, primarily included amortization of deferred pension, post-retirement costs and non-qualified plans of $52.9 million and $22.6 million, respectively.

Basic and Diluted Earnings per Share (“EPS”) of Common Stock: Basic earnings per share are determined by dividing net income by the weighted-average common shares outstanding during the year. The calculation of diluted earnings per share includes the dilutive effect of unexercised non-qualified stock options and non-vested stock units. The computation of weighted average dilutive shares outstanding excluded non-qualified stock options to purchase 0.1 million, 0.1 million and 0.5 million shares of common stock for 2014, 2013, and 2012, respectively. These amounts were excluded because the options’ exercise prices were greater than the average market price of the Company’s common stock for the periods presented and, therefore, the effect would be anti-dilutive.

The denominator used to compute basic and diluted earnings per share is as follows (in millions):

	Year Ended December 31, 2014					Year Ended December 31, 2013					Year Ended December 31, 2012
			Weighted	Per				Weighted	Per					Weighted	Per
			Average	Common				Average	Common					Average	Common
	Net		Common	Share		Net		Common	Share		Net			Common	Share
	Income		Shares	Amount		Income		Shares	Amount		Income			Shares	Amount
Basic:
Income from continuing operations	$	70.8	43.0	$	1.65	$	53.7	42.7	$	1.26	$	52.0		42.3	$	1.23
Loss from discontinued operations	—		43.0	—		—		42.7	—		(6.1		)	42.3	(0.14		)
Net Income	$	70.8		$	1.65	$	53.7		$	1.26	$	45.9			$	1.09
Effect of Dilutive Securities			0.4					0.4						0.4
Diluted:
Income from continuing operations	$	70.8	43.4	$	1.63	$	53.7	43.1	$	1.25	$	52.0		42.7	$	1.22
Loss from discontinued operations	—		43.4	—		—		43.1	—		(6.1		)	42.7	(0.14		)
Net Income	$	70.8		$	1.63	$	53.7		$	1.25	$	45.9			$	1.08

Rounding: Amounts in the consolidated financial statements and Notes are rounded to millions, but per-share calculations and percentages were determined based on amounts before rounding. Accordingly, a recalculation of some per-share amounts and percentages, if based on the reported data, may be slightly different.

INVESTMENT IN TERMINAL JOINT VENTURE

12 Months Ended

Dec. 31, 2014

INVESTMENT IN TERMINAL JOINT VENTURE

INVESTMENT IN TERMINAL JOINT VENTURE

3.INVESTMENT IN TERMINAL JOINT VENTURE

The Company accounts for its 35 percent ownership interest in the Terminal Joint Venture under the equity method of accounting. The Company records its share of income (loss) in the Terminal Joint Venture in operating expenses within the Ocean Transportation segment, due to operations of the Terminal Joint Venture being an integral part of the Company’s business. The Company’s investment in the Terminal Joint Venture was $64.4 million and $57.6 million at December 31, 2014 and 2013, respectively.

No dividends and distributions were received from the Terminal Joint Venture in 2014, 2013 or 2012. The Company’s operating costs include $164.8 million, $164.3 million and $163.8 million, for 2014, 2013 and 2012, respectively, for terminal services provided by SSAT. Accounts payable and accrued liabilities in the consolidated balance sheets include $17.5 million and $15.3 million for terminal services payable to the Terminal Joint Venture at December 31, 2014 and 2013, respectively.

A summary of financial information for the Terminal Joint Venture at December 31, 2014 and 2013 is as follows (in millions):

	As of December 31,
Balance Sheet	2014		2013
Current assets	$	80.7	$	73.5
Noncurrent assets	140.9		137.1
Total Assets	$	221.6	$	210.6

Current liabilities	$	40.9	$	43.2
Noncurrent liabilities	7.1		15.7
Equity	173.6		151.7
Total Liabilities and Equity	$	221.6	$	210.6

	Years Ended December 31,
Statement of Operations	2014			2013			2012
Operating revenue	$	586.2		$	498.4		$	503.9
Operating costs and expenses	589.7			517.4			506.4
Operating loss	(3.5		)	(19.0		)	(2.5		)
Net Income (Loss) (1)	$	21.2		$	(5.7	)	$	9.5
Company Share of Net Income (Loss)	$	6.6		$	(2.0	)	$	3.2

(1)

Includes earnings from equity method investments held by the Terminal Joint Venture.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References+ Details

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2014

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

4.PROPERTY AND EQUIPMENT

Property and equipment at December 31, 2014 and 2013 includes the following (in millions):

	As of December 31, 2014
	Cost		Accumulated Depreciation		Net Book Value
Vessels	$	1,263.8	$	757.7	$	506.1
Containers and equipment	466.8		316.1		150.7
Terminal facilities and other property	39.2		33.2		6.0
Construction in progress	28.4		—		28.4
Total	$	1,798.2	$	1,107.0	$	691.2

	As of December 31, 2013
	Cost		Accumulated Depreciation		Net Book Value
Vessels	$	1,260.2	$	718.1	$	542.1
Containers and equipment	470.6		310.4		160.2
Terminal facilities and other property	38.9		30.9		8.0
Construction in progress	25.1		—		25.1
Total	$	1,794.8	$	1,059.4	$	735.4

	Years Ended December 31,
	2014		2013		2012
Depreciation Expense	$	66.8	$	67.4	$	70.6

Property and equipment subject to capital leases was $2.6 million and $3.1 million at December 31, 2014 and 2013, respectively. Amortization recorded in the consolidated statement of income and comprehensive income was $0.3 million and $0.3 million for the years ended December 31, 2014 and 2013, respectively.

During the fourth quarter of 2013, the Company entered into agreements with a shipyard for the construction of two new 3,600 twenty-foot equivalent units Aloha-class container ships at a cost of $418.0 million. The container ships are expected to be delivered during 2018. The Company made an initial payment of $8.4 million to the shipyard during 2013, which is included in construction in progress. No payments were made in 2014.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2014

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

5.GOODWILL AND INTANGIBLE ASSETS

Changes in the Company’s goodwill for the years ended December 31, 2014 and 2013 consist of the following (in millions):

	Goodwill
			Ocean
	Logistics		Transportation		Total
Balance at December 31, 2012	$	26.6	$	0.4	$	27.0
Additions	—		0.4		0.4
Balance at December 31, 2013	26.6		0.8		27.4
Additions	—		—		—
Balance at December 31, 2014	$	26.6	$	0.8	$	27.4

Goodwill related to the Company’s Ocean Transportation segment increased by $0.4 million in 2013 related to the Company’s acquisition of Matson’s South Pacific service. There was no accumulated impairment related to goodwill as of December 31, 2014 and 2013.

Intangible assets as of December 31, 2014 and 2013 include the following (in millions):

	As of December 31, 2014
	Gross		Accumulated			Net Book
Intangible Assets	Cost		Amortization			Value
Customer lists and other	$	10.4	$	(7.9	)	$	2.5
Tradenames	3.9		(3.9		)	—
Total intangible assets	$	14.3	$	(11.8	)	$	2.5

	As of December 31, 2013
	Gross		Accumulated			Net Book
Intangible Assets	Cost		Amortization			Value
Customer lists and other	$	10.4	$	(6.8	)	$	3.6
Tradenames	3.9		(3.7		)	0.2
Total intangible assets	$	14.3	$	(10.5	)	$	3.8

Aggregate intangible asset amortization was $1.3 million, $0.8 million, and $0.7 million for 2014, 2013, and 2012, respectively. Estimated amortization expenses related to intangible assets over the next five years are as follows (in millions):

	Estimated
Year	Amortization
2015	$	0.5
2016	0.5
2017	0.4
2018	0.3
2019	0.3
Thereafter	0.5
Total	$	2.5

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References+ Details

CAPITAL CONSTRUCTION FUND

12 Months Ended

Dec. 31, 2014

CAPITAL CONSTRUCTION FUND

CAPITAL CONSTRUCTION FUND

6.CAPITAL CONSTRUCTION FUND

The Company is party to an agreement with the U.S. Department of Transportation, Maritime Administration (“MARAD”) that established a Capital Construction Fund (“CCF”) program under provisions of the Merchant Marine Act of 1936, as amended (the “Merchant Marine Act”). The CCF program was created to assist owners and operators of U.S. flag vessels in raising capital necessary for the modernization and expansion of the U.S. merchant marine. CCF funds may be used for the acquisition, construction, or reconstruction of vessels, and for repayment of existing vessel indebtedness through the deferment of federal income taxes on certain deposits of monies and other property placed into the CCF. Qualified withdrawals from the CCF must be used for investment in vessels and certain related equipment built in the U.S., and for use between covered U.S. ports as described by the Merchant Marine Act (see Item 1 of Part 1 for additional information on Maritime Laws and the Jones Act). Participants of the CCF must also meet certain U.S. citizenship requirements.

Deposits into the CCF are limited by certain applicable earnings and other conditions. Such deposits, once made, are available as tax deductions in the Company’s tax provision. Qualified withdrawals from the CCF do not give rise to a current tax liability, but reduce the depreciable basis of the vessels or certain related equipment for income tax purposes. However, if withdrawals are made from the CCF for general corporate purposes or other non-qualified purposes, or upon termination of the agreement, they are taxable with interest payable from the year of deposit.

Amounts deposited into the CCF are a preference item for calculating federal alternative minimum taxable income. Deposits not committed for qualified purposes within 25 years from the date of deposit will be treated as non-qualified withdrawals over the subsequent five years. Under the terms of the CCF agreement, the Company may designate certain qualified earnings as “accrued deposits” or may designate, as obligations of the CCF, qualified withdrawals to reimburse qualified expenditures initially made with operating funds. Such accrued deposits to, and withdrawals from, the CCF are reflected on the consolidated balance sheets either as obligations of the Company’s current assets or as receivables from the CCF.

Activity in the Company’s CCF for the years ended December 31, 2014 and 2013 consist of the following (in millions):

	CCF Deposits and Withdrawals			Eligible Accounts Receivable Assigned to CCF		Total
Balance at December 31, 2012	$	—		$	—	$	—
Deposits	4.4			111.8		116.2
Qualified Withdrawals	(4.4		)	—		(4.4		)
Interest Earned	—			0.2		0.2
Balance at December 31, 2013	—			112.0		112.0
Deposits	31.9			38.0		69.9
Qualified Withdrawals	(4.4		)	—		(4.4		)
Interest Earned	—			0.7		0.7
Balance at December 31, 2014	$	27.5		$	150.7	$	178.2

Due to the nature of the assignment of eligible accounts receivables into the CCF, such assigned amounts are classified as part of accounts receivable in the consolidated balance sheets. At December 31, 2014, the Company had $27.5 million on deposit in the CCF invested in a money market fund, and is classified as a long-term asset in the Company’s consolidated balance sheet.

DEBT

12 Months Ended

Dec. 31, 2014

DEBT

DEBT

7.DEBT

At December 31, 2014 and 2013, debt consisted of the following (in millions):

	As of December 31,
	2014			2013			2012
Term Loans:
5.79%, payable through 2020	$	38.5		$	45.5		$	52.5
3.66%, payable through 2023	77.5			77.5			77.5
4.16%, payable through 2027	55.0			55.0			55.0
4.31%, payable through 2032	37.5			37.5			37.5
4.35%, payable through 2044	100.0			—			—
Title XI Bonds:
5.34%, payable through 2028	30.8			33.0			35.2
5.27%, payable through 2029	33.0			35.2			37.4

Revolving Credit Borrowings (1.69% for 2012)	—			—			24.0
Capital leases	1.3			2.4			—
Total debt	373.6			286.1			319.1
Less current portion	(21.6		)	(12.5		)	(16.4		)
Total long-term debt	$	352.0		$	273.6		$	302.7

Debt Maturities: At December 31, 2014, debt maturities during the next five years and thereafter are as follows (in millions):

Year	Debt Repayments
2015	$	21.6
2016	20.7
2017	28.2
2018	28.2
2019	28.2
Thereafter	246.7
Total debt	$	373.6

Term Loans: In May 2005, the Company partially financed the delivery of the MV Manulani by issuing $105.0 million of Series B Notes with a coupon of 4.79 percent and 15-year final maturity. The notes amortize by semi-annual principal payments of $3.5 million plus interest. The Company negotiated the release of the MV Manulani as security for the remaining long-term debt of $56.0 million as part of the Company’s debt restructuring completed during the Separation, resulting in an increase in the interest rate to 5.79 percent.

During the second quarter of 2012, the Company issued new unsecured, fixed rate, amortizing long-term debt of $170.0 million, which was funded in three tranches, $77.5 million at an interest rate of 3.66 percent maturing in 2023, $55.0 million at an interest rate of 4.16 percent maturing in 2027, and $37.5 million at an interest rate of 4.31 percent maturing in 2032. Interest is payable semi-annually. The weighted average coupon and average life of the three tranches of debt is 3.97 percent and 9.2 years, respectively. The notes will begin to amortize in 2015, with aggregate semi-annual payments of $4.6 million through 2016, $8.4 million in 2017 through mid-year 2023, $3.8 million through mid-year 2027, and $1.2 million thereafter.

In January 2014, the Company issued $100 million of 30-year senior unsecured notes (the “Notes”). The Notes have a weighted average life of 14.5 years and bear interest at a rate of 4.35 percent, payable semi-annually. The proceeds are expected to be used for general corporate purposes. The Notes will begin to amortize in 2021, with annual principal payments of $5.0 million in 2021, $7.5 million in 2022 and 2023, $10.0 million from 2024 to 2027, and $8.0 million in 2028. Starting in 2029, and in each year thereafter until 2044, annual principal payments will be $2.0 million.

Title XI Bonds: In September 2003, the Company issued $55.0 million in U.S. Government guaranteed ship finance bonds (Title XI) to partially finance the delivery of the MV Manukai. The secured bonds have a final maturity in September 2028 with a coupon of 5.34 percent. The bonds are amortized by fifty semi-annual payments of $1.1 million plus interest. In July 2004, the Company issued $55.0 million of U.S. Government guaranteed ship finance bonds (Title XI) to partially finance the delivery of the MV Maunawili. The secured bonds have a final maturity in July 2029, with a coupon of 5.27 percent. The bonds are amortized by fifty semi-annual payments of $1.1 million plus interest.

Revolving Credit Facility: During the second quarter of 2012, the Company entered into a $375.0 million, five-year unsecured revolving credit facility with a syndicate of banks to provide the Company with additional sources of liquidity for working capital requirements and investment opportunities (the “Credit Facility”). The Credit Facility includes a $100 million sub-limit for the issuance of standby and commercial letters of credit, and a $50 million sub-limit for swing line loans. The Credit Facility also includes an uncommitted option to increase the Credit Facility by $75 million.

The Credit Facility is subject to commitment fees, letter of credit fees, and interest on borrowings based on the Company’s ratio of total debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”) (the “Leverage Ratio”). Commitment fees and letter of credit fees are computed using rates tied to a sliding scale, which range from 0.15 percent to 0.40 percent, and 1.00 percent to 2.25 percent, respectively, based upon the Leverage Ratio. Interest rates on borrowings are based upon the London Interbank Offered Rate (“LIBOR”) plus 1.00 percent to 2.25 percent using a sliding scale based on the Leverage Ratio. The Company may also select an interest rate for borrowings at a base rate as defined within the agreement, plus a margin that ranges from 0.0 percent to 1.25 percent.

As of December 31, 2014 and 2013, the used portion of the Company’s Credit Facility was $6.0 million and $5.8 million, respectively, all of which was from letters of credit.

In August 2011, the Company renewed its revolving credit facility with a commitment of $125.0 million and an expiration date of August 2016. As part of the Company’s debt restructuring completed in June 2012, in connection with the Separation, the outstanding balance of $72.0 million was paid off and the facility was terminated.

Capital Leases: The Company’s capital lease obligations relate to the leasing of specialized and standard containers used in the Company’s South Pacific service. Capital leases have been classified within current and long-term debt in the Company’s consolidated balance sheets.

Debt Guarantees: The Company’s total debt was $373.6 million and $286.1 million as of December 31, 2014 and 2013, respectively. The outstanding debt was unsecured, except for $63.8 million and $68.2 million as of December 31, 2014 and 2013, respectively, which is guaranteed by the Company’s significant subsidiaries.

Covenants: Principal financial covenants as defined in the Company’s five-year revolving credit facility and long-term fixed rate debt include, but are not limited to:

The ratio of debt to consolidated EBITDA cannot exceed 3.25 to 1.00 for each fiscal four quarter period;

The ratio of consolidated EBITDA to interest expense as of the end of any fiscal four quarter period cannot be less than 3.50 to 1.00; and

The principal amount of priority debt at any time cannot exceed 20 percent of consolidated tangible assets; and the principal amount of priority debt that is not Title XI priority debt at any time cannot exceed 10 percent of consolidated tangible assets. Priority debt, as further defined in the revolving credit facility agreement, is all debt secured by a lien on the Company’s assets or subsidiary debt.

The Company was in compliance with these covenants as of December 31, 2014.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

LEASES

12 Months Ended

Dec. 31, 2014

LEASES

LEASES

8.LEASES

The Company leases certain property and equipment, and other facilities under operating lease agreements, with terms that range from 1 to 50 years. Such leases generally include provisions for the maintenance of the leased assets, options to purchase the assets at fair value, and renewal options to extend the lease agreement. The minimum lease terms of the Company’s non-cancelable operating leases are as follows:

Classification		Range of Life (in years)
Vessels, machinery and equipment		2015 to 2022
Office and warehouse		2015 to 2021
Terminal facilities and land		2016 to 2036

Rent expense under operating leases totaled $58.3 million in 2014, $58.2 million in 2013, and $52.3 million in 2012, which includes volume-based terminal rent. Additionally, rent expense for short-term and cancelable equipment rentals was $27.6 million, $20.5 million, and $17.8 million in 2014, 2013, and 2012, respectively. Management expects that in the normal course of business most operating leases will be renewed or replaced by other similar leases.

Future minimum payments under operating leases as of December 31, 2014 were as follows (in millions):

	Total Operating
Year	Leases
2015	$	20.8
2016	13.0
2017	9.2
2018	3.7
2019	2.3
Thereafter	8.1
Total minimum lease payments	$	57.1

In addition to the future minimum lease payments above, the Company’s operating lease for terminal facilities in Honolulu includes a minimum annual commitment, which is calculated by the lessor based on capital improvements by the lessor and an allocation of lessor operating expenses. The Company has met these minimum annual commitments in 2014, 2013 and 2012.

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References+ Details

PENSION AND POST-RETIREMENT PLANS

12 Months Ended

Dec. 31, 2014

PENSION AND POST-RETIREMENT PLANS

PENSION AND POST-RETIREMENT PLANS

9.PENSION AND POST-RETIREMENT PLANS

Non-bargaining Plans:

The Company has two funded qualified single-employer defined benefit pension plans that cover certain non-bargaining unit employees and bargaining unit employees. In addition, the Company has plans that provide certain retiree health care and life insurance benefits to substantially all salaried, non-bargaining employees hired before 2008 and to certain bargaining unit employees. Employees are generally eligible for such benefits upon retirement and completion of a specified number of years of service. The Company does not pre-fund these health care and life insurance benefits, and has the right to modify or terminate certain of these plans in the future. Certain groups of retirees pay a portion of the benefit costs.

Plan Administration, Investments and Asset Allocations: The Company has an Investment Committee that meets regularly with investment advisors to establish investment policies, direct investments and select investment options for the qualified plans. The Investment Committee is also responsible for appointing investment managers and monitoring their performance. The Company’s investment policy permits investments in marketable equity securities, such as domestic and foreign stocks, domestic and foreign bonds, venture capital, real estate investments, and cash equivalents. The Company’s investment policy does not permit direct investment in certain types of assets, such as options or commodities, or the use of certain strategies, such as short selling or the purchase of securities on margin.

The Company’s investment strategy for its qualified pension plan assets is to achieve a diversified mix of investments that provides for long-term growth at an acceptable level of risk, and to provide sufficient liquidity to fund ongoing benefit payments. The Company has engaged a number of investment managers to implement various investment strategies to achieve the desired asset class mix, liquidity and risk diversification objectives.

The Company’s target and actual asset allocations at December 31, 2014 and 2013 were as follows:

Asset Category	Target	2014	2013
Domestic equity securities	53%	63%	58%
International equity securities	15%	14%	15%
Debt securities	22%	17%	18%
Real estate	5%	5%	5%
Other and cash	5%	1%	4%
Total	100%	100%	100%

The Company’s investments in equity securities primarily include domestic large-cap and mid-cap companies, but also includes an allocation to small-cap and international equity securities. Equity investments do not include any direct holdings of the Company’s stock but may include such holdings to the extent that the stock is included as part of certain mutual fund holdings. Debt securities include investment-grade and high-yield corporate bonds from diversified industries, mortgage-backed securities, and U.S. Treasuries. Other types of investments include funds that invest in commercial real estate assets, and to a lesser extent, private equity investments in technology companies. All assets within specific funds are allocated to the targeted asset allocation of the fund.

The expected return on plan assets is principally based on the Company’s historical returns combined with the Company’s long-term future expectations regarding asset class returns, the mix of plan assets, and inflation assumptions. The one-, three-, and five-year pension asset returns (losses) were 5.8 percent, 13.8 percent, and 10.3 percent, respectively, and the long-term average return (since plan inception in 1989) has been approximately 8.7 percent. Over the long-term, the actual returns have generally exceeded the benchmark returns used by the Company to evaluate performance of its fund managers.

The Company’s pension plan assets are held in a master trust and are stated at estimated fair values of the underlying investments. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.

Equity Securities: Domestic and international common stocks are valued by obtaining quoted prices on recognized and highly liquid exchanges.

Fixed Income Securities: Corporate bonds and U.S. government treasury and agency securities are valued based upon the closing price reported in the market in which the security is traded. U.S. government agency and corporate asset-backed securities may utilize models, such as a matrix pricing model, that incorporate other observable inputs when broker/dealer quotes are not available, such as cash flow, security structure, or market information.

Real Estate, Private Equity and Insurance Contract Interests: The fair value of real estate, private equity and insurance contract interests are determined by the issuer based on the unit values of the funds. Unit values are determined by dividing the fund’s net assets by the number of units outstanding at the valuation date. Fair value for underlying investments in real estate is determined through independent property appraisals. Fair value of underlying investments in private equity is determined based on information provided by the general partner taking into consideration the purchase price of the underlying securities, developments concerning the investee company subsequent to the acquisition of the investment, financial data and projections of the investee company provided by the general partner, and such other factors as the general partner deems relevant. Insurance contracts are principally invested in real estate assets, which are valued based upon independent appraisals.

The fair values of the Company’s pension plan assets at December 31, 2014 and 2013, by asset category, are as follows (in millions):

	Fair Value Measurements at December 31, 2014
Asset Category	Total		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash	$	19.4	$	19.4	$	—	$	—
Equity securities:
U.S. large-cap	69.5		69.5		—		—
U.S. mid- and small-cap	35.6		35.6		—		—
International large-cap (1)	17.6		5.9		11.7		—
International small-cap (1)	6.9		—		6.9		—
Fixed income securities:
U.S. Treasuries	0.4		—		0.4		—
Municipal bonds	0.1		—		0.1		—
Investment grade U.S. corporate bonds	2.3		—		2.3		—
High-yield U.S. corporate bonds	6.7		—		6.7		—
Emerging markets fixed income	10.8		10.8		—		—
Other types of investments:
Real estate partnership interests	9.3		—		—		9.3
Private equity partnership interests	0.3		—		—		0.3
Total	$	178.9	$	141.2	$	28.1	$	9.6

(1) Certain amounts in these categories classified as Level 1 in 2013, were classified as Level 2 in 2014 as there is no-longer an active market for these securities.

	Fair Value Measurements at December 31, 2013
Asset Category	Total		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
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	0.3		—		—		0.3
Total	$	172.8	$	141.9	$	22.0	$	8.9

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, 2014 and 2013 (in millions):

	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Real Estate			Private Equity			Total
Balance at 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		)
Balance at December 31, 2013	8.6			0.3			8.9
Actual return (loss) on plan assets:
Assets held at the reporting date	0.8			—			0.8
Assets sold during the period	0.3			—			0.3
Purchases, sales and settlements, net	(0.4		)	—			(0.4		)
Balance at December 31, 2014	$	9.3		$	0.3		$	9.6

Contributions to each of the qualified single-employer defined benefit pension plans are determined annually by the Company’s pension administrative committee, based upon the actuarially determined minimum required contribution under the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, the Pension Protection Act of 2006, and the maximum deductible contribution allowed for tax purposes. In 2014, 2013 and 2012, the Company contributed $6.5 million, $3.5 million, and $13.3 million, respectively. The Company’s funding policy is to contribute cash to its pension plans so that it meets at least the minimum contribution requirements.

The benefit formulas for employees who are members of collective bargaining units are determined according to the collective bargaining agreements, either using final average pay as the base or a flat dollar amount per year of service.

Effective December 31, 2011, the Company froze benefit accruals under the final average pay formula for salaried, non-bargaining unit employees hired before January 1, 2008 and transitioned them to the same cash balance formula for employees hired on or after January 1, 2008. Retirement benefits under the cash balance formula are based on a fixed percentage of employee eligible compensation, plus interest. The plan interest credit rate will vary from year to year based on the ten-year U.S. Treasury rate.

Benefit Plan Assets and Obligations: The measurement date for the Company’s benefit plan disclosures is December 31 of each year.

The status of the funded qualified defined benefit pension plans and the unfunded post-retirement benefit plans at December 31, 2014 and 2013 are shown below (in millions):

	Pension Benefits						Other Post-retirement Benefits
	2014			2013			2014			2013
Change in Benefit Obligation
Benefit obligation at beginning of year	$	197.5		$	210.1		$	52.1		$	49.2
Service cost	3.3			2.9			1.1			1.1
Interest cost	9.4			8.6			2.6			2.1
Plan participants’ contributions	—			—			0.7			0.9
Actuarial (gain) loss	38.2			(13.3		)	9.7			2.0
Benefits paid	(10.0		)	(9.8		)	(3.6		)	(3.2		)
Expenses paid	(1.0		)	(1.0		)	—			—
Benefit obligation at end of year	$	237.4		$	197.5		$	62.6		$	52.1

Change in Plan Assets
Fair value of plan assets at beginning of year	$	172.8		$	149.2		$	—		$	—
Actual return on plan assets	10.6			30.8			—			—
Plan participants’ contributions	—			—			0.7			0.9
Employer contributions	6.5			3.5			2.9			2.3
Benefits paid	(10.0		)	(9.8		)	(3.6		)	(3.2		)
Expenses paid	(1.0		)	(0.9		)	—			—
Fair value of plan assets at end of year	178.9			172.8			—			—
Funded Status and Recognized Liability	$	(58.5	)	$	(24.7	)	$	(62.6	)	$	(52.1	)

Amounts recognized on the consolidated balance sheets and in accumulated other comprehensive loss at December 31, 2014 and 2013 were as follows (in millions):

	Pension Benefits						Other Post-retirement Benefits
	2014			2013			2014			2013
Current liabilities	$	—		$	—		$	(2.5	)	$	(2.4	)
Non-current liabilities, net	(58.5		)	(24.7		)	(60.1		)	(49.7		)
Total	$	(58.5	)	$	(24.7	)	$	(62.6	)	$	(52.1	)

Net loss (net of taxes)	$	55.5		$	32.0		$	7.2		$	1.7
Prior service cost (net of taxes)	(10.6		)	(12.0		)	—			—
Total	$	44.9		$	20.0		$	7.2		$	1.7

The information for qualified pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2014 and 2013 is shown below (in millions):

	2014		2013
Projected benefit obligation	$	235.0	$	197.5
Accumulated benefit obligation	$	234.6	$	197.2
Fair value of plan assets	$	176.1	$	172.8

The estimated net loss and prior service credit for the qualified pension plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost, net of tax, in 2015 is $2.5 million. The estimated net loss and prior service cost for the other post-retirement benefit plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost, net of tax, in 2015 is $1.4 million.

Unrecognized gains and losses of the post-retirement benefit plans are amortized over five years. Although current health care costs are expected to increase, the Company attempts to mitigate these increases by maintaining caps on certain of its benefit plans, using lower cost health care plan options where possible, requiring that certain groups of employees pay a portion of their benefit costs, self-insuring for certain insurance plans, encouraging wellness programs for employees, and implementing measures to mitigate future benefit cost increases.

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 2014, 2013, and 2012, are shown below (in millions):

	Pension Benefits									Other Post-retirement Benefits
	2014			2013			2012			2014			2013			2012
Components of Net Periodic Benefit Cost
Service cost	$	3.3		$	2.9		$	2.7		$	1.1		$	1.1		$	1.0
Interest cost	9.4			8.6			9.0			2.6			2.1			2.3
Expected return on plan assets	(14.1		)	(11.9		)	(10.7		)	—			—			—
Amortization of net loss (gain)	3.0			6.8			7.0			0.6			0.3			0.6
Amortization of prior service cost	(2.3		)	(2.3		)	(2.3		)	—			—			0.1
Net periodic benefit cost	$	(0.7	)	$	4.1		$	5.7		$	4.3		$	3.5		$	4.0

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (net of tax)
Net loss (gain)	$	25.4		$	(19.6	)	$	4.0		$	5.9		$	1.2		$	(0.4	)
Amortization of unrecognized loss	(1.8		)	(4.2		)	(4.2		)	(0.4		)	(0.2		)	(0.3		)
Amortization of prior service cost	1.4			1.4			1.4			—			—			—
Total recognized in other comprehensive income	$	25.0		$	(22.4	)	$	1.2		$	5.5		$	1.0		$	(0.7	)
Total recognized in net periodic benefit cost and other comprehensive income	$	24.3		$	(18.3	)	$	6.9		$	9.8		$	4.5		$	3.3

The weighted average assumptions used to determine benefit information during 2014, 2013, and 2012, were as follows:

	Pension Benefits			Other Post-retirement Benefits
	2014	2013	2012	2014	2013	2012
Weighted Average Assumptions:
Discount rate	4.10%	4.90%	4.20%	4.20%	5.00%	4.30%
Expected return on plan assets	8.25%	8.25%	8.25%
Rate of compensation increase	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%
Initial health care cost trend rate				7.10%	7.30%	8.00%
Ultimate health care cost tread rate				4.50%	4.50%	4.50%
Year ultimate health care cost tread rate is reached				2027	2027	2020

The Company adopted a modified version of the new mortality table (RP-2014) issued by the Society of Actuaries in October 2014 along with a modified mortality improvement scale for the purposes of determining the Company’s mortality assumption used in its defined benefit and other post-retirement plan liability calculations. The use of the new table resulted in an increase of approximately $17.6 million and $3.9 million to the projected benefit obligation for pension and other post-retirement benefits, respectively as of December 31, 2014.

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, 2014, 2013, and 2012 and the net periodic post-retirement benefit cost for 2014, 2013 and 2012, would have increased or decreased as follows (in millions):

	Other Post-retirement Benefits
	One Percentage Point
	Increase						Decrease
	2014		2013		2012		2014			2013			2012
Effect on total of service and interest cost components	$	0.7	$	0.6	$	0.6	$	(0.5	)	$	(0.5	)	$	(0.4	)
Effect on post-retirement benefit obligation	$	10.0	$	7.1	$	6.5	$	(7.8	)	$	(5.7	)	$	(5.2	)

Current liabilities of $4.1 million and $5.0 million, related to non-qualified pension benefits and post-retirement benefits, are classified as accrued and other liabilities in the consolidated balance sheets as of December 31, 2014 and 2013, respectively.

Non-qualified Pension Plans: The Company has non-qualified supplemental pension plans covering certain employees and retirees, which provide for incremental pension payments from the Company’s general funds so that total pension benefits would be substantially equal to amounts that would have been payable from the Company’s qualified pension plans if it were not for limitations imposed by income tax law. A few employees and retirees receive additional supplemental pension benefits. The Company also has a frozen non-qualified pension plan that covers one outside director and pays retirement benefits in a lump sum from the Company’s general funds. The obligations relating to these plans totaled $5.4 million and $7.3 million at December 31, 2014 and 2013, respectively. The expense associated with the non-qualified plans was $0.6 million, $0.6 million, and $0.3 million in 2014, 2013, and 2012, respectively. A 3.0 percent discount rate was used to determine the 2014 obligation.

As of December 31, 2014, the amount recognized in accumulated other comprehensive income for net loss, net of tax, was $1.2 million, and the amount recognized as prior service credit, net of tax, was $0.7 million. The net loss amortization for the nonqualified plans to be recognized into net periodic pension costs in 2015 is $0.2 million for net periodic benefit cost, and $(0.2) million for prior service credit amortization.

Estimated 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)
2015	$	11.4	$	1.6	$	2.5
2016	11.9		0.9		2.5
2017	12.4		0.2		2.6
2018	12.9		1.0		2.7
2019	13.2		0.2		2.8
2020-2024		70.9		2.4		15.3
Total	$	132.7	$	6.3	$	28.4

(1)

Net of plan participants’ contributions and Medicare D subsidies.

Defined Contribution Plans: The Company sponsors defined contribution plans that qualify under Sections 401(a) and 401(k) of the Internal Revenue Code. These plans provide matching contributions of up to 4 percent of eligible employee compensation. The Company’s matching contributions expensed under these plans totaled $1.6 million for each of the years ended December 31, 2014, 2013, and 2012, respectively. The Company also provides profit sharing contributions under the qualified defined contribution plans; if a minimum threshold of the Company’s performance is achieved, the Company provides contributions to salaried, non-bargaining unit employees of up to 3 percent based on a formula that may change on an annual basis. For certain eligible employees, supplemental profit sharing contributions are credited under a non-qualified plan to be paid after separation from service from the Company’s general funds so that total profit sharing contributions would be substantially equal to amounts that would have been contributed to the Company’s qualified defined contribution plans if it were not for limitations imposed by income tax law. Profit sharing expenses recorded in 2014, 2013 and 2012 under this plan totaled $1.6 million, $1.2 million and $1.2 million, respectively.

Multi-employer Bargaining Plans:

The Company contributes to ten multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover its bargaining unit employees. Contributions are generally based on amounts paid for union labor or cargo volume.

The risks of participating in multiemployer plans are different from single-employer plans because assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. Additionally, if one employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.

The multiemployer pension plans are subject to the plan termination insurance provisions of ERISA and are paying premiums to the Pension Benefit Guaranty Corporation (“PBGC”). The statutes provide that an employer who withdraws from, or significantly reduces its contribution obligation to, a multiemployer plan generally will be required to continue funding its proportional share of the plan’s unfunded vested benefits. As of December 31, 2014, the Company’s benefit plan withdrawal obligations were $94.8 million. No withdrawal obligations have been recorded by the Company in the consolidated balance sheets at December 31, 2014 and 2013 as the Company has no present intention of withdrawing from and does not anticipate termination of any of these plans.

Information regarding the Company’s participation in multiemployer pension plans is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2014 and 2013 is for the plan’s year-end at December 31, 2014 and 2013, respectively. The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The funding improvement plan (“FIP”) or rehabilitation plan (“RP”) column indicates the status which is either pending or has been implemented. The last column lists the expiration dates of the collective-bargaining agreements to which the plans are subject.

	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		2014	2013	Implemented	2014		2013		2012		Imposed		Agreement
Hawaii Terminals Multiemployer Pension Plan	20-0389370/001		Yellow	Yellow	Implemented	$	5.1	$	5.3	$	5.1	No		6/30/2014
Hawaii Stevedoring Multiemployer Retirement Plan	99-0314293/001		Yellow	Yellow	Implemented	2.9		2.7		2.4		No		6/30/2014
Master, Mates and Pilots Pension Plan	13-6372630/001	(1)	Green	Green	None	1.9		2.1		3.4		No	(3)	6/15/2023 8/15/2023
Masters, Mates and Pilots Adjustable Pension Plan	37-1719247/001	(1)	(2)	(2)	None	1.0		0.8		—		No	(3)	6/15/2023 8/15/2023
MEBA Pension Trust - Defined Benefit Plan	51-6029896/001	(4)	Green	Green	None	2.1		2.1		2.1		No		8/15/2018
OCU Trust Pension	26-1574440/001		Green	Green	None	0.1		0.1		0.1		No		6/30/2016
Total						$	13.1	$	13.1	$	13.1

(1)

Effective December 31, 2012, the Masters, Mates and Pilots Pension Plan was frozen for all new benefit accruals. Commencing January 1, 2013, all new benefits accrue under a new Masters, Mates and Pilots Adjustable Pension Plan.

(2)

The Plan is not subject to the PPA funding requirements under IRS Section 432 as the Plan was not in effect on July 16, 2006.

(3)

The Company is party to two collective-bargaining agreements based upon vessels that require contributions to this plan: Contract A, covering thirteen vessels, expires on June 15, 2023, and Contract B, covering one managed vessel, expires on August 15, 2023.

(4)

In 2012, the Company agreed to contribute at least 11.7 percent of total wages paid to employees in covered Marine Engineer Benefits Association (“MEBA”) employment to the MEBA Pension Trust by a reallocation of the total labor cost under the collective bargaining agreement. The pension contribution rate was determined by the plan’s actuary to be necessary to maintain full funding of the pension plan and is fully offset by a reallocation of wages and other benefits.

The Company was listed in its plans’ Forms 5500 as providing more than five percent of the total contributions for the following plans and plan years:

Pension Plans		Year Contributions to Plan Exceeded More than 5 Percent of Total Contributions (as of December 31 of the Plan’s Year-End)
Hawaii Terminals Multiemployer Pension Plan		2014, 2013 and 2012
Hawaii Stevedoring Multiemployer Retirement Plan		2014, 2013 and 2012
Masters, Mates and Pilots Pension Plan (5)		2013 and 2012
Masters, Mates and Pilots Adjustable Pension Plan (5)		2013
MEBA Pension Trust - Defined Benefit Plan (5)		2013 and 2012

(5)

As of the date the consolidated financial statements were issued, Form 5500s were not available for the plan years ending in 2014 for this and other plans.

The Company contributes to seven multiemployer plans that provide post-retirement benefits other than pensions under the terms of collective-bargaining agreements with American Radio Association AFL-CIO; ILWU Local 142; ILWU Local 63, Office Clerical Unit Marine Clerk Association; International Organization of Masters, Mates and Pilots, AFL-CIO; Marine Engineers’ Beneficial Association, AFL-CIO District No. 1 — PCD, MEBA; Marine Firemen’s Union; and Sailors’ Union of the Pacific. Benefits provided to active and retired employees and their eligible dependents under these plans include medical, dental, vision, hearing, prescription drug, death, accidental death and dismemberment, disability, legal aid, training in maritime electronics, scholarship program, wage insurance and license insurance, although not all of these benefits are provided by each plan. These plans are not subject to the PBGC plan termination and withdrawal liability provisions of ERISA applicable to multiemployer defined benefit pension plans. Contributions made to these plans by the Company were $11.1 million, $10.5 million and $10.8 million in 2014, 2013 and 2012, respectively.

Multiemployer Defined Contribution Plans: The Company contributes to six multi-employer defined contribution pension plans. These plans are not subject to the withdrawal liability provisions of ERISA or the PBGC applicable to multi-employer defined benefit pension plans. Contributions made to these plans by the Company were $3.0 million, $3.0 million and $3.3 million in 2014, 2013 and 2012, respectively.

INCOME TAXES

12 Months Ended

Dec. 31, 2014

INCOME TAXES.

INCOME TAXES

10.INCOME TAXES

The income tax expense on income from continuing operations for the years ended December 31, 2014, 2013 and 2012 consisted of the following (in millions):

	Years Ended December 31,
	2014		2013			2012
Current:
Federal	$	45.5	$	(24.3	)	$	38.9
State	3.7		(1.0		)	3.2
Total	49.2		(25.3		)	42.1
Deferred	2.7		57.5			(9.1		)
Total income tax expense	$	51.9	$	32.2		$	33.0

Income tax expense for 2014, 2013, and 2012 differs from amounts computed by applying the statutory federal rate to income from continuing operations before income taxes for the following reasons:

	Years Ended December 31,
	2014		2013		2012
Computed federal income tax expense	35.0%		35.0%		35.0%
State income tax	2.2%		2.9%		0.6%
Deferred tax adjustment	(0.9%	)	0.0%		(1.6%	)
Separation costs	0.0%		0.0%		2.0%
Transaction costs	1.4%		0.0%		0.0%
Unrecognized tax benefits	(0.4%	)	(2.1%	)	1.7%
Valuation allowance	3.3%		0.0%		0.0%
Other — net	1.7%		1.7%		1.1%
Effective income tax rate	42.3%		37.5%		38.8%

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31 of each year are as follows (in millions):

	As of December 31,
	2014			2013
Deferred tax assets:
Benefit plans	$	63.6		$	41.8
Insurance reserves	11.4			10.0
Allowance for doubtful accounts	1.4			1.3
Reserves	2.1			6.0
Foreign losses	4.1			3.1
Alternative minimum tax credits	1.5			1.4
Other	0.8			(0.2		)
Total deferred tax assets	84.9			63.4
Valuation allowance	(4.1		)	—
Total Deferred tax assets, net of valuation allowance	80.8			63.4
Deferred tax liabilities:
Basis differences for property and equipment	252.7			278.0
Capital Construction Fund	106.9			83.4
Joint ventures and other investments	7.7			4.6
Deferred revenue	10.1			11.4
Amortization	3.8			3.0
Total deferred tax liabilities	381.2			380.4
Deferred tax liability, net	$	300.4		$	317.0

During 2014, the Company recorded a full valuation allowance against deferred tax assets related to accumulated operating losses of a foreign subsidiary of $4.1 million.

The Company’s income taxes payable has been reduced by the tax benefits from share-based compensation. The Company receives an income tax benefit for exercised stock options calculated as the difference between the fair market value of the stock issued at the time of exercise and the option exercise price, tax effected. The Company also receives an income tax benefit for non-vested stock when it vests, measured as the fair market value of the stock at the time of vesting, tax effected. The net tax benefits from share-based transactions were $0.8 million and $0.6 million for 2014 and 2013, respectively, and the portion of the tax benefit related to the excess of the amount reported as the tax deduction over expense was reflected as an increase to additional paid in capital in the consolidated statements of shareholders’ equity. The Company’s deferred tax liabilities incurred during 2014 and 2013 are primarily due to increased contributions to the CCF (see Note 6).

Unrecognized Tax Benefits: A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in millions):

Balance at December 31, 2011	$	2.6
Additions for tax positions of prior years	4.0
Reductions for tax positions of current year	3.7
Reductions for tax positions of prior years	(1.0		)
Reductions for lapse of statute of limitations	(1.0		)
Balance at December 31, 2012	8.3
Additions for tax positions of prior years	2.0
Reductions for lapse of statute of limitations	(3.1		)
Balance at December 31, 2013	7.2
Additions for tax positions of prior years	0.5
Reductions for lapse of statute of limitations	(1.0		)
Balance at December 31, 2014	$	6.7

Of the total unrecognized benefits, $6.7 million, $7.2 million, and $8.3 million at December 31, 2014, 2013 and 2012, respectively, represent the amount that, if recognized, would favorably affect the Company’s effective rate in future periods. The Company does not expect a material change in gross unrecognized benefits in the next twelve months.

The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits in income tax expense. To the extent interest and penalties are not ultimately assessed with respect to the settlement of uncertain tax positions, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision. Interest accrued related to the balance of unrecognized tax benefits totaled $0.2 million, $0.3 million, and $0.4 million as of December 31, 2014, 2013 and 2012, respectively.

The Company is no longer subject to U.S. federal income tax audits for years before 2011, and substantially all material income tax matters have been concluded for years through 2009. The Company is routinely involved in state, local income and excise tax audits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

SHARE-BASED AWARDS

12 Months Ended

Dec. 31, 2014

SHARE-BASED AWARDS

SHARE-BASED AWARDS

11.SHARE-BASED AWARDS

2007 Incentive Compensation Plan: The 2007 Incentive Compensation Plan (the “2007 Plan”) serves as a successor to the 1998 Stock Option/Stock Incentive Plan, the 1998 Non-Employee Director Stock Option Plan, the Restricted Stock Bonus Plan and the Non-Employee Director Stock Retainer Plan (the “Predecessor Plans”). Under the 2007 Plan, approximately 2.2 million shares of common stock were initially reserved for issuance. On January 28, 2010, the Board of Directors adopted an amended and restated 2007 Plan, which, among other things, authorized the issuance of an additional approximately 2.2 million shares of stock under the 2007 Plan. Shareholders approved the amended 2007 Plan at the 2010 Annual Meeting of Shareholders.

In connection with the Separation, on June 29, 2012, each stock option held by a Matson employee was converted into an adjusted Matson stock option. The exercise prices of the adjusted Matson stock options and the number of shares subject to each such stock option reflects a mechanism that was intended to preserve the intrinsic value of the original stock option. The modification of the awards did not result in any additional stock compensation expense to be recorded upon Separation. The resulting Matson stock options are subject to substantially the same terms, vesting conditions and other restrictions, if any, that were applicable to the Former Parent Company stock options immediately prior to the Separation. Also, in connection with the Separation, any non-vested restricted stock units (“RSUs”) granted to Matson employees were converted into Matson RSUs. The RSU grants were converted in a manner that was intended to preserve the fair market value of the awards. The resulting Matson RSU grants are subject to substantially the same terms, vesting conditions and other restrictions, if any, that were applicable to the grants immediately prior to the Separation.

After the Separation was completed, approximately 8.7 million shares of the Company’s common stock were reserved for issuance under the plans, with approximately 6.1 million shares remaining as available for future issuance under all equity compensation plans (excluding 0.9 million shares to be issued upon exercise of outstanding options, warrants and rights as of December 31, 2014).

The 2007 Plan consists of four separate incentive compensation programs: (i) the discretionary grant program, (ii) the stock issuance program, (iii) the incentive bonus program and (iv) the automatic grant program for the non-employee members of the Company’s Board of Directors. Share-based compensation is generally awarded under three of the four programs, as more fully described below.

Discretionary Grant Program — Under the Discretionary Grant Program, stock options may be granted with an exercise price no less than 100 percent of the fair market value (defined as the closing market price) of the Company’s common stock on the date of the grant. Options generally become exercisable ratably over three years and have a maximum contractual term of 10 years.

Stock Issuance Program — Under the Stock Issuance Program, shares of common stock, restricted stock units or performance shares may be granted. Time-based equity awards vest ratably over three years. Provided certain three-year performance targets are achieved, performance-based equity awards vest on the three-year anniversary date of the grant. During the first quarter of 2013, the Company granted performance-based awards tied to the Company’s average annual return on invested capital (which the Company refers to as “average ROIC”), as measured over the three-year period beginning January 1, 2013 and ending December 31, 2015. During the first quarter of 2014, the Company granted similarly structured performance share awards that will be measured over the three-year period beginning January 1, 2014 and ending December 31, 2016. Performance Share awards for the senior leadership team will also be modified based on total shareholder return performance (which the Company refers to as the “TSR modifier”) measured over the same respective three-year period. The relative TSR is based on the Company’s total shareholder return over the three-year measurement period relative to the shareholder return over the same period for the companies comprising the S&P Transportation Select Industry Index and S&P Mid-Cap 400 Index (with each index weighted 50 percent). The service-vesting provisions of each performance-based award require the award recipient to remain in continuous service with the Company until the end of the three-year measurement period, subject to certain exceptions due to retirement, disability, or death, in order to vest in any shares that become issuable on the basis of the performance-vesting criteria.

Automatic Grant Program — The Automatic Grant Program supersedes and replaces the Company’s 1998 Non-Employee Director Stock Option Plan and the Non-Employee Director Stock Retainer Plan. At each annual shareholder meeting, non-employee directors will receive an award of restricted stock units that entitle the holder to an equivalent number of shares of common stock upon vesting. Awards of restricted stock units granted under the program generally vest ratably over three years.

The shares of common stock authorized to be issued under the 2007 Plan may be drawn from shares of the Company’s authorized but unissued common stock or from shares of its common stock that the Company acquires, including shares purchased on the open market or in private transactions.

Predecessor Plans: Adopted in 1998, the Company’s 1998 Stock Option/Stock Incentive Plan (“1998 Plan”) provided for the issuance of non-qualified stock options and common stock to employees of the Company. Under the 1998 Plan, option prices could not be less than the fair market value of the Company’s common stock on the dates of grant and the options became exercisable over periods determined, at the dates of grant, by the Compensation Committee of the Former Parent Company Board of Directors that administer the plan. Generally, options vested ratably over three years and expired ten years from the date of grant. Payments for options exercised may be made in cash or in shares of the Company’s stock. If an option to purchase shares is exercised within five years of the date of grant and if payment is made in shares of the Company’s stock, the option holder may receive, under a reload feature, a new stock option grant for such number of shares as is equal to the number surrendered, with an option price not less than the greater of the fair market value of the Company’s stock on the date of exercise or one and one-half times the original option price. The 1998 Plan also permitted the issuance of shares of the Company’s common stock. Generally, grants of time-based, non-vested stock vested ratably over three years and performance-based, non-vested stock vested in one year, provided that certain performance targets were achieved. The 1998 Plan was superseded by the 2007 Plan, and no further grants have been or will be made under the 1998 Plan.

Director Stock Option Plans: The 1998 Non-Employee Director Stock Option Plan (“1998 Director Plan”) was superseded by the 2007 Plan. Under the 1998 Director Plan, each non-employee Director of the Company, elected at an Annual Meeting of Shareholders, was automatically granted, on the date of each such Annual Meeting, an option to purchase 8,000 shares of the Company’s common stock at the fair market value of the shares on the date of grant. Each option to purchase shares generally became exercisable ratably over three years following the date granted.

The Company estimates the grant-date fair value of its stock options using a Black-Scholes option-pricing model. The weighted average grant-date fair values, prior to the Separation, of the options granted during 2012 was $10.74 per option. No options were granted after the Separation; therefore all weighted average assumptions provided in the table below are prior to the Separation:

				Year Ended
				December 31, 2012
Expected volatility (1)				31.8%
Expected term (in years) (2)				6.1
Risk-free interest rate (3)				1.2%
Dividend yield (4)				2.7%

(1)

Expected volatility was primarily determined using the historical volatility of the Company’s common stock over the expected term, but the Company could also consider future events and other factors that it reasonably concluded marketplace participants might consider.

(2)

The expected term of the awards represents expectations of future employee exercise and post-vesting termination behavior and was primarily based on historical experience. The Company analyzed various groups of employees and considers expected or unusual trends that would likely affect this assumption.

(3)

The risk free interest rate was based on U.S. Government treasury yields for periods equal to the expected term of the option on the grant date.

(4)

The expected dividend yield was based on the Company’s current and historical dividend policy.

Application of alternative assumptions could produce significantly different estimates of the fair value of share-based compensation and, consequently, significantly affect the related amounts recognized in the consolidated statements of income and comprehensive income.

Activity in the Company’s stock option plans for the year ended December 31, 2014, was as follows (in thousands, except weighted average exercise price and weighted average contractual life):

									Weighted		Weighted
					1998				Average		Average	Aggregate
	2007		1998		Director		Total		Exercise		Contractual	Intrinsic
	Plan		Plan		Plan		Shares		Price		Life	Value
Outstanding at December 31, 2013	844		208		140		1,192		$	21.24
Granted	—		—		—		—
Exercised	(187	)	(70	)	(62	)	(319	)	$	21.10
Forfeited and expired	—		(6	)	(15	)	(21	)	$	23.17
Outstanding at December 31, 2014	657		132		63		852		$	21.24	4.1	$	11,294
Exercisable at December 31, 2014	620		132		63		815		$	21.13	4.0	$	10,895

The following table summarizes non-vested restricted stock unit activity through December 31, 2014, (in thousands, except weighted average grant-date fair value amounts):

	2007 Plan Restricted Stock Units		Weighted Average Grant- Date Fair Value
Outstanding at December 31, 2013	555		$	25.61
Granted	352		23.61
Exercised	(193	)	25.05
Canceled	(36	)	24.78
Outstanding at December 31, 2014	678		$	24.78

A summary of compensation cost related to share-based payments for each of the three years in the period ended December 31, 2014, is as follows (in millions):

	Years Ended December 31,
	2014			2013			2012
Share-based expense (net of estimated forfeitures):
Stock options	$	0.3		$	0.4		$	0.9
Non-vested stock and restricted stock units	8.4			5.5			3.1
Total share-based expense	8.7			5.9			4.0
Total recognized tax benefit	(3.4		)	(2.2		)	(1.6		)
Total share-based expense (net of tax)	$	5.3		$	3.7		$	2.4

Cash received by Matson upon option exercise	$	5.8		$	1.7		$	3.5
Intrinsic value of options exercised	$	3.4		$	1.1		$	5.2
Tax benefit realized upon option exercise	$	1.9		$	1.7		$	1.5
Fair value of stock vested	$	5.0		$	4.4		$	3.8

As of December 31, 2014, there was no unrecognized compensation cost related to non-vested stock options. As of December 31, 2014, unrecognized compensation cost related to non-vested stock and restricted stock units was $9.0 million. That unrecognized compensation cost is expected to be recognized over a weighted average period of approximately 1.7 years.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2014

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

12.COMMITMENTS AND CONTINGENCIES

Commitments and Contingencies: Commitments and financial arrangements, excluding lease commitments that are described in Note 8, included the following as of December 31, 2014 (in millions):

Standby letters of credit (1)	$	6.0
Bonds (2)	$	20.6
Benefit plan withdrawal obligations (3)	$	94.8

(1)

Includes $4.8 million in letters of credit, which are required for the Company’s uninsured workers’ compensation programs and its other insurance programs, and $1.2 million in letters of credit used to support various credit enhancement needs.

(2)

Consists of $19.2 million in U.S. Custom bonds, and $1.4 million related to transportation and other matters.

(3)

Represents the withdrawal liabilities as of the most recent valuation dates for multiemployer pension plans, in which the Company is a participant. Management has no present intention of withdrawing from, and does not anticipate the termination of, any of the aforementioned plans.

These amounts are not recorded on the Company’s consolidated balance sheets and it is not expected that the Company or its subsidiaries will be called upon to advance funds under these commitments.

Employee Matters: As of December 31, 2014, Matson and its subsidiaries had 1,056 employees, of which 285 employees were covered by collective bargaining agreements with unions. Of these covered employees, 252 are subject to collective bargaining agreements that expired in 2014. These numbers do not include billets on ships, employees of SSAT or contractors.

Matson and SSAT are members of the Pacific Maritime Association (“PMA”), which on behalf of its members negotiates collective bargaining agreements with the International Longshore and Warehouse Union (“ILWU”) on the U.S. West Coast. The PMA/ILWU collective bargaining agreements that cover substantially all U.S. West Coast longshore labor expired on July 1, 2014. On February 20, 2015, the PMA and the ILWU announced a tentative agreement on a new five-year contract covering longshore workers at all 29 U.S. West Coast ports. The tentative agreement is subject to ratification by both the PMA and ILWU, and no assurance can be given that the tentative agreement will be ratified by both parties. If the tentative agreement is not ratified, Matson and SSAT could be subject to future slow-downs, strikes, lock-outs or other disruptions that may adversely impact Matson’s or SSAT’s operations.

Matson also has collective bargaining agreements with ILWU labor in Hawaii, and ILWU office clerical workers in Oakland, each of which expired on June 30, 2014. Workers under these agreements are operating under extensions with the unions. With a tentative agreement reached between the PMA and the ILWU, negotiations with the ILWU labor in Hawaii are expected to resume, and negotiations with the ILWU office clerical workers in Oakland are expected to commence; however no assurance can be given that agreements will be reached without slow-downs, strikes, lock-outs or other disruptions that may adversely impact Matson’s operations.

Environmental Matter: Molasses was released into Honolulu Harbor from a pipeline system operated by a subsidiary of the Company in September 2013. The Company is cooperating with federal and state agencies involved in responding to and investigating the incident. On September 20, 2013, the Hawaii Department of Health (“DOH”) and other responding governmental agencies announced that they had officially transitioned their role from a response phase to a recovery and restoration phase. The DOH also reported on September 20, 2013 that dissolved oxygen and pH levels in the harbor and nearby Keehi Lagoon had returned to normal target levels and that there was no longer discoloration of the water in those same areas attributable to the molasses release. Keehi Lagoon was reopened to the public on September 21, 2013.

On October 10, 2013, the Company was served with a federal grand jury subpoena seeking documents in connection with a criminal investigation into the release of molasses into Honolulu Harbor. In addition, in April 2014, the Company received two subpoenas from the Hawaii Attorney General and written requests for information regarding the release from the following governmental agencies: (i) the DOH; (ii) the State of Hawaii Office of Hawaiian Affairs; and (iii) the U.S. Environmental Protection Agency (the “EPA”) (Region IX).

On October 21, 2014, the U.S. Attorney for the District of Hawaii (the “U.S. Attorney”) filed an Information (the “Information”) with the U.S. District Court for the District of Hawaii (the “Court”) charging Matson Terminals, Inc. (“MTI”), the subsidiary of the Company that operated the pipeline, with two misdemeanor violations of Section 407 of the Rivers and Harbors Act of 1899 (the “Refuse Act”) arising from the molasses release. The U.S. Attorney also filed a Memorandum of Plea Agreement (the “Plea Agreement”), subject to the approval of the Court, to resolve federal criminal charges arising from the molasses release. Pursuant to the Plea Agreement, MTI agreed to plead guilty to the two violations of the Refuse Act and to pay $1.0 million, comprised of a $0.4 million fine and restitution payments of $0.6 million to community organizations involved in the protection of the shoreline and ocean resources. On October 24, 2014, MTI entered a guilty plea in the Court. On January 29, 2015, MTI executed an Amended Plea Agreement that was accepted by the Court which then sentenced MTI to make the payments described above. On February 24, 2015, the EPA informed the Company that it will not seek to debar MTI and its affiliates from obtaining future U.S. government contracts. The Company has included the $1.0 million in accrued and other liabilities in the consolidated balance sheet at December 31, 2014.

Furthermore, the Company has not yet resolved any potential civil claims by the governmental agencies arising out of the molasses release. However, except with respect to the matters discussed above, government agencies have not initiated any legal actions in connection with the release of molasses. Therefore, the Company is not able to estimate the future costs, penalties, damages or expenses that it may incur related to the incident. As a result, at this time no assurance can be given that the impact of the incident on the Company’s financial position, results of operations, or cash flows will not be material. The Company continues to respond to governmental requests for information, and is engaging in dialogue with governmental agencies in order to reasonably resolve these matters.

In addition to the molasses release discussed above, the Company’s shipping business has certain other risks that could result in expenditures for environmental remediation. The Company believes that based on all information available to it, the Company is currently in compliance, in all material respects, with applicable environmental laws and regulations.

The Company and its subsidiaries are parties to, or may be contingently liable in connection with other legal actions arising in the normal course of their businesses, the outcomes of which, in the opinion of management after consultation with counsel, would not have a material effect on the Company’s financial condition, results of operations, or cash flows.

- Definition

The entire disclosure for commitments and contingencies.

+ References+ Details

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2014

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

13.RELATED PARTY TRANSACTIONS

Effective upon the completion of the Separation, the Company ceased to be a related party of the Former Parent Company. Prior to the Separation, transactions with Former Parent Company were considered related party transactions, as discussed below.

Historically, the Company provided vessel management services to A&B for its bulk sugar vessel, the MV Moku Pahu, the income of which is included in Ocean Transportation segment. Additionally, the Company expensed operating costs related to a lease for industrial warehouse space in Savannah, Georgia, that was leased from A&B. The Company also recognized the cost for equipment and repair services to the vessel and other various services provided by A&B in operating costs.

There were no related party transactions entered into after the completion of the Separation on June 29, 2012. Prior to the Separation, the related party transactions were as follows (in millions):

	Years Ended
Related Party Transactions	December 31, 2012
Vessel management services income	$	2.0
Lease expense to A&B	(2.1		)
Equipment and repair services expense and other	(1.4		)
Related party expense, net	$	(1.5	)

Contributions to A&B totaled $155.7 million for the year ended December 31, 2012, which related to the Separation. Contributions to the Former Parent Company for the proceeds from the issuance of capital stock of $21.7 million for the year ended December 31, 2012 have been included in the consolidated financial statements due to Matson being the successor company of the Former Parent Company for accounting purposes. No contributions were made subsequent to 2012. Contributions from the Former Parent Company of $25.0 million, for the year ended December 31, 2012, represent dividends paid by the Former Parent Company to its shareholders prior to the Separation offset by distributions to the Former Parent Company for stock based compensation and are reflected in the consolidated financial statements due to Matson being the successor company of the Former Parent Company for accounting purposes. No distributions were made subsequent to 2012.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References+ Details

REPORTABLE SEGMENTS

12 Months Ended

Dec. 31, 2014

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS

14.REPORTABLE SEGMENTS

Reportable segments are components of an enterprise that engage in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Company’s chief operating decision maker is its Chief Executive Officer.

The Company consists of two segments, Ocean Transportation and Logistics, which are further described in Note 1. Reportable segments are measured based on operating profit, exclusive of interest expense, general corporate expenses, and income taxes. In arrangements where the customer purchases ocean transportation and logistics services, the revenues are allocated to each reportable segment based upon the contractual amounts for each type of service.

Reportable segment information for 2014, 2013, and 2012 is summarized below (in millions):

	Years Ended December 31,
	2014			2013			2012
Revenue:
Ocean Transportation	$	1,278.4		$	1,229.4		$	1,189.8
Logistics	435.8			407.8			370.2
Total revenue	$	1,714.2		$	1,637.2		$	1,560.0
Operating Income:
Ocean Transportation (1)	$	131.1		$	94.3		$	96.6
Logistics	8.9			6.0			0.1
Total operating income	140.0			100.3			96.7
Interest expense, net	(17.3		)	(14.4		)	(11.7		)
Income before income taxes	122.7			85.9			85.0
Income taxes	(51.9		)	(32.2		)	(33.0		)
Income from continuing operations	70.8			53.7			52.0
Discontinued operations	—			—			(6.1		)
Net income	$	70.8		$	53.7		$	45.9

(1)

The Ocean Transportation segment includes $6.6 million, $(2.0) million and $3.2 million of equity in income (loss) from the Company’s Terminal Joint Venture, SSAT, for 2014, 2013, and 2012, respectively.

	As of December 31,
	2014		2013		2012
As of December 31:
Identifiable Assets:
Ocean Transportation (2)	$	1,313.9	$	1,168.6	$	1,097.2
Logistics	87.9		79.7		77.1
Total assets	$	1,401.8	$	1,248.3	$	1,174.3
Capital Expenditures:
Ocean Transportation	$	27.8	$	33.8	$	37.0
Logistics	0.1		1.4		1.1
Total capital expenditures	$	27.9	$	35.2	$	38.1
Depreciation and Amortization from Continuing Operations:
Ocean Transportation	$	66.6	$	66.4	$	69.1
Logistics	3.1		3.3		3.4
Total depreciation and amortization	$	69.7	$	69.7	$	72.5

(2)

The Ocean Transportation segment includes $64.4 million, $57.6 million, and $59.6 million related to the Company’s Terminal Joint Venture equity investment in SSAT as of December 31, 2014, 2013, and 2012, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Name Accounting Standards Codification

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+ Details

QUARTERLY INFORMATION (Unaudited)

12 Months Ended

Dec. 31, 2014

QUARTERLY INFORMATION (Unaudited)

QUARTERLY INFORMATION (Unaudited)

15.QUARTERLY INFORMATION (Unaudited)

Segment results by quarter for 2013 and 2012 are listed below (in millions, except per-share amounts):

	Quarters During the Year Ended December 31, 2014
	Q1			Q2			Q3			Q4
Revenue:
Ocean Transportation	$	294.6		$	321.1		$	329.5		$	333.2
Logistics	97.9			115.3			112.3			110.3
Total operating revenue	$	392.5		$	436.4		$	441.8		$	443.5
Operating Income:
Ocean Transportation	$	9.4		$	32.8		$	42.6		$	46.3
Logistics	0.5			2.9			2.4			3.1
Total operating income	9.9			35.7			45.0			49.4
Interest Expense	(4.1		)	(4.5		)	(4.4		)	(4.3		)
Income before Income Taxes	5.8			31.2			40.6			45.1
Income tax expense	(2.4		)	(13.1		)	(19.1		)	(17.3		)
Net Income	$	3.4		$	18.1		$	21.5		$	27.8

Basic Earnings Per Share:	$	0.08		$	0.42		$	0.50		$	0.65
Diluted Earnings Per Share:	$	0.08		$	0.42		$	0.50		$	0.63

	Quarters During the Year Ended December 31, 2013
	Q1			Q2			Q3			Q4
Revenue:
Ocean Transportation	$	299.9		$	310.0		$	310.1		$	309.4
Logistics	94.8			106.6			104.9			101.5
Total operating revenue	$	394.7		$	416.6		$	415.0		$	410.9
Operating Income (loss):
Ocean Transportation	$	18.5		$	34.3		$	25.5		$	16.0
Logistics	0.2			2.2			1.7			1.9
Total operating income	18.7			36.5			27.2			17.9
Interest Expense	(3.7		)	(3.6		)	(3.6		)	(3.5		)
Income before Income Taxes	15.0			32.9			23.6			14.4
Income tax expense	(5.9		)	(12.8		)	(6.4		)	(7.1		)
Net Income	$	9.1		$	20.1		$	17.2		$	7.3

Basic Earnings Per Share:	$	0.21		$	0.47		$	0.40		$	0.17
Diluted Earnings Per Share:	$	0.21		$	0.47		$	0.40		$	0.17

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References+ Details

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2014

SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

Fiscal Year

Use of Estimates

Cash and Cash Equivalents

Fair Value of Financial Instruments

	Carrying Value at December 31, 2014		Fair Value Measurements at December 31, 2014
					Quoted Prices in Active Markets		Significant Observable		Significant Unobservable
(in millions)	Total		Total		(Level 1)		Inputs (Level 2)		Inputs (Level 3)
Cash and cash equivalents	$	293.4	$	293.4	$	293.4	$	—	$	—
Accounts receivable, net	197.6		197.6		—		197.6		—
Fixed rate debt	373.6		395.7		—		395.7		—

	Carrying Value at December 31, 2013		Fair Value Measurements at December 31, 2013
					Quoted Prices in Active Markets		Significant Observable		Significant Unobservable
(in millions)	Total		Total		(Level 1)		Inputs (Level 2)		Inputs (Level 3)
Cash and cash equivalents	$	114.5	$	114.5	$	114.5	$	—	$	—
Accounts receivable, net	182.3		182.3		—		182.3		—
Fixed rate debt	286.1		292.7		—		292.7		—

Accounts Receivable

Allowance for Doubtful Accounts

Year	Balance at Beginning of Year		Expense		Write-offs and Other			Balance at End of Year
2014	$	4.1	$	1.8	$	(0.9	)	$	5.0
2013	4.7		0.6		(1.2		)	4.1
2012	5.3		0.7		(1.3		)	4.7

Prepaid and Other Assets:

Impairment of Investment

The Company has evaluated its investment in its Terminal Joint Venture for impairment and no impairment charges were recorded for the years ended December 31, 2014, 2013, and 2012.

Property and Equipment

Classification		Range of Life
Vessels		5 to 40 years
Machinery and equipment		2 to 20 years
Terminal facilities		2 to 35 years

Impairment of Long-Lived Assets and Finite-Lived Intangible Assets

Dry-docking Costs

Goodwill and Intangible Assets

Impairment of Goodwill

The Company has evaluated its goodwill for impairment and no impairment charges were recorded for the years ended December 31, 2014, 2013 and 2012, respectively.

Capital Construction Fund Deposits

Other Long-term Assets

Pension and Post-Retirement Plans

Uninsured Liabilities

Legal Contingencies

Recognition of Revenues and Expenses

Non-voyage Costs:

Non-voyage Costs: Non-voyage costs such as terminal operating overhead, and general and administrative expenses are charged to expense as incurred.

Share-Based Compensation

Income Taxes

Discontinued Operations

	Year Ended
Discontinued Operations	December 31, 2012
Discontinued operations, net of income taxes:
Income from A&B	$	116.4
Expenses from A&B	(118.1		)
Tax expense from A&B	(1.6		)
Loss from A&B	(3.3		)
Expenses from CLX2	(4.4		)
Tax benefit from CLX2	1.6
Loss from discontinued operations, net of tax	$	(6.1	)

Comprehensive Income (Loss)

Basic and Diluted Earnings per Share ("EPS") of Common Stock

The denominator used to compute basic and diluted earnings per share is as follows (in millions):

	Year Ended December 31, 2014					Year Ended December 31, 2013					Year Ended December 31, 2012
			Weighted	Per				Weighted	Per					Weighted	Per
			Average	Common				Average	Common					Average	Common
	Net		Common	Share		Net		Common	Share		Net			Common	Share
	Income		Shares	Amount		Income		Shares	Amount		Income			Shares	Amount
Basic:
Income from continuing operations	$	70.8	43.0	$	1.65	$	53.7	42.7	$	1.26	$	52.0		42.3	$	1.23
Loss from discontinued operations	—		43.0	—		—		42.7	—		(6.1		)	42.3	(0.14		)
Net Income	$	70.8		$	1.65	$	53.7		$	1.26	$	45.9			$	1.09
Effect of Dilutive Securities			0.4					0.4						0.4
Diluted:
Income from continuing operations	$	70.8	43.4	$	1.63	$	53.7	43.1	$	1.25	$	52.0		42.7	$	1.22
Loss from discontinued operations	—		43.4	—		—		43.1	—		(6.1		)	42.7	(0.14		)
Net Income	$	70.8		$	1.63	$	53.7		$	1.25	$	45.9			$	1.08

Rounding

DESCRIPTION OF THE BUSINESS (Tables) (Alexander & Baldwin)

12 Months Ended

Dec. 31, 2014

Alexander & Baldwin

DESCRIPTION OF THE BUSINESS

Schedule of breakdown of Separation cash outflows

	Separation Cash Outflows
Capital contribution to A&B	$	155.7
Separation costs	8.6
Capitalized debt financing costs	1.9
Total cash outflow related to the Separation	$	166.2

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2014

SIGNIFICANT ACCOUNTING POLICIES

Schedule of fair value measurement

	Carrying Value at December 31, 2014		Fair Value Measurements at December 31, 2014
					Quoted Prices in Active Markets		Significant Observable		Significant Unobservable
(in millions)	Total		Total		(Level 1)		Inputs (Level 2)		Inputs (Level 3)
Cash and cash equivalents	$	293.4	$	293.4	$	293.4	$	—	$	—
Accounts receivable, net	197.6		197.6		—		197.6		—
Fixed rate debt	373.6		395.7		—		395.7		—

	Carrying Value at December 31, 2013		Fair Value Measurements at December 31, 2013
					Quoted Prices in Active Markets		Significant Observable		Significant Unobservable
(in millions)	Total		Total		(Level 1)		Inputs (Level 2)		Inputs (Level 3)
Cash and cash equivalents	$	114.5	$	114.5	$	114.5	$	—	$	—
Accounts receivable, net	182.3		182.3		—		182.3		—
Fixed rate debt	286.1		292.7		—		292.7		—

Schedule of changes in the allowance for doubtful accounts receivable

Year	Balance at Beginning of Year		Expense		Write-offs and Other			Balance at End of Year
2014	$	4.1	$	1.8	$	(0.9	)	$	5.0
2013	4.7		0.6		(1.2		)	4.1
2012	5.3		0.7		(1.3		)	4.7

Schedule of estimated useful lives of property and equipment

Classification		Range of Life
Vessels		5 to 40 years
Machinery and equipment		2 to 20 years
Terminal facilities		2 to 35 years

Schedule of loss from discontinued operations

	Year Ended
Discontinued Operations	December 31, 2012
Discontinued operations, net of income taxes:
Income from A&B	$	116.4
Expenses from A&B	(118.1		)
Tax expense from A&B	(1.6		)
Loss from A&B	(3.3		)
Expenses from CLX2	(4.4		)
Tax benefit from CLX2	1.6
Loss from discontinued operations, net of tax	$	(6.1	)

Schedule of Basic and Diluted Earnings Per Share

	Year Ended December 31, 2014					Year Ended December 31, 2013					Year Ended December 31, 2012
			Weighted	Per				Weighted	Per					Weighted	Per
			Average	Common				Average	Common					Average	Common
	Net		Common	Share		Net		Common	Share		Net			Common	Share
	Income		Shares	Amount		Income		Shares	Amount		Income			Shares	Amount
Basic:
Income from continuing operations	$	70.8	43.0	$	1.65	$	53.7	42.7	$	1.26	$	52.0		42.3	$	1.23
Loss from discontinued operations	—		43.0	—		—		42.7	—		(6.1		)	42.3	(0.14		)
Net Income	$	70.8		$	1.65	$	53.7		$	1.26	$	45.9			$	1.09
Effect of Dilutive Securities			0.4					0.4						0.4
Diluted:
Income from continuing operations	$	70.8	43.4	$	1.63	$	53.7	43.1	$	1.25	$	52.0		42.7	$	1.22
Loss from discontinued operations	—		43.4	—		—		43.1	—		(6.1		)	42.7	(0.14		)
Net Income	$	70.8		$	1.63	$	53.7		$	1.25	$	45.9			$	1.08

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References+ Details

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References+ Details

INVESTMENT IN TERMINAL JOINT VENTURE (Tables)

12 Months Ended

Dec. 31, 2014

INVESTMENT IN TERMINAL JOINT VENTURE

Schedule of financial information for the Company's equity method investment

	As of December 31,
Balance Sheet	2014		2013
Current assets	$	80.7	$	73.5
Noncurrent assets	140.9		137.1
Total Assets	$	221.6	$	210.6

Current liabilities	$	40.9	$	43.2
Noncurrent liabilities	7.1		15.7
Equity	173.6		151.7
Total Liabilities and Equity	$	221.6	$	210.6

	Years Ended December 31,
Statement of Operations	2014			2013			2012
Operating revenue	$	586.2		$	498.4		$	503.9
Operating costs and expenses	589.7			517.4			506.4
Operating loss	(3.5		)	(19.0		)	(2.5		)
Net Income (Loss) (1)	$	21.2		$	(5.7	)	$	9.5
Company Share of Net Income (Loss)	$	6.6		$	(2.0	)	$	3.2

(1)

Includes earnings from equity method investments held by the Terminal Joint Venture.

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2014

PROPERTY AND EQUIPMENT

Schedule of property and equipment

	As of December 31, 2014
	Cost		Accumulated Depreciation		Net Book Value
Vessels	$	1,263.8	$	757.7	$	506.1
Containers and equipment	466.8		316.1		150.7
Terminal facilities and other property	39.2		33.2		6.0
Construction in progress	28.4		—		28.4
Total	$	1,798.2	$	1,107.0	$	691.2

	As of December 31, 2013
	Cost		Accumulated Depreciation		Net Book Value
Vessels	$	1,260.2	$	718.1	$	542.1
Containers and equipment	470.6		310.4		160.2
Terminal facilities and other property	38.9		30.9		8.0
Construction in progress	25.1		—		25.1
Total	$	1,794.8	$	1,059.4	$	735.4

Schedule of depreciation expense

	Years Ended December 31,
	2014		2013		2012
Depreciation Expense	$	66.8	$	67.4	$	70.6

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2014

GOODWILL AND INTANGIBLE ASSETS

Schedule of changes in the goodwill

	Goodwill
			Ocean
	Logistics		Transportation		Total
Balance at December 31, 2012	$	26.6	$	0.4	$	27.0
Additions	—		0.4		0.4
Balance at December 31, 2013	26.6		0.8		27.4
Additions	—		—		—
Balance at December 31, 2014	$	26.6	$	0.8	$	27.4

Schedule of intangible assets

	As of December 31, 2014
	Gross		Accumulated			Net Book
Intangible Assets	Cost		Amortization			Value
Customer lists and other	$	10.4	$	(7.9	)	$	2.5
Tradenames	3.9		(3.9		)	—
Total intangible assets	$	14.3	$	(11.8	)	$	2.5

	As of December 31, 2013
	Gross		Accumulated			Net Book
Intangible Assets	Cost		Amortization			Value
Customer lists and other	$	10.4	$	(6.8	)	$	3.6
Tradenames	3.9		(3.7		)	0.2
Total intangible assets	$	14.3	$	(10.5	)	$	3.8

Schedule of estimated amortization expenses related to intangible assets

	Estimated
Year	Amortization
2015	$	0.5
2016	0.5
2017	0.4
2018	0.3
2019	0.3
Thereafter	0.5
Total	$	2.5

CAPITAL CONSTRUCTION FUND (Tables)

12 Months Ended

Dec. 31, 2014

CAPITAL CONSTRUCTION FUND

Schedule of activity in the Company's CCF

Activity in the Company’s CCF for the years ended December 31, 2014 and 2013 consist of the following (in millions):

	CCF Deposits and Withdrawals			Eligible Accounts Receivable Assigned to CCF		Total
Balance at December 31, 2012	$	—		$	—	$	—
Deposits	4.4			111.8		116.2
Qualified Withdrawals	(4.4		)	—		(4.4		)
Interest Earned	—			0.2		0.2
Balance at December 31, 2013	—			112.0		112.0
Deposits	31.9			38.0		69.9
Qualified Withdrawals	(4.4		)	—		(4.4		)
Interest Earned	—			0.7		0.7
Balance at December 31, 2014	$	27.5		$	150.7	$	178.2

DEBT (Tables)

12 Months Ended

Dec. 31, 2014

DEBT

Schedule of debt

	As of December 31,
	2014			2013			2012
Term Loans:
5.79%, payable through 2020	$	38.5		$	45.5		$	52.5
3.66%, payable through 2023	77.5			77.5			77.5
4.16%, payable through 2027	55.0			55.0			55.0
4.31%, payable through 2032	37.5			37.5			37.5
4.35%, payable through 2044	100.0			—			—
Title XI Bonds:
5.34%, payable through 2028	30.8			33.0			35.2
5.27%, payable through 2029	33.0			35.2			37.4

Revolving Credit Borrowings (1.69% for 2012)	—			—			24.0
Capital leases	1.3			2.4			—
Total debt	373.6			286.1			319.1
Less current portion	(21.6		)	(12.5		)	(16.4		)
Total long-term debt	$	352.0		$	273.6		$	302.7

Schedule of maturities of debt

Year	Debt Repayments
2015	$	21.6
2016	20.7
2017	28.2
2018	28.2
2019	28.2
Thereafter	246.7
Total debt	$	373.6

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(e),(f))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 30

-Section 55

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 30

-Section 45

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-Name Regulation S-X (SX)

-Number 210

-Section 02

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-Article 5

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-Name Accounting Standards Codification

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+ Details

LEASES (Tables)

12 Months Ended

Dec. 31, 2014

LEASES

Schedule of minimum lease terms of the non-cancelable operating leases

Classification		Range of Life (in years)
Vessels, machinery and equipment		2015 to 2022
Office and warehouse		2015 to 2021
Terminal facilities and land		2016 to 2036

Schedule of future minimum payments under operating leases

Future minimum payments under operating leases as of December 31, 2014 were as follows (in millions):

	Total Operating
Year	Leases
2015	$	20.8
2016	13.0
2017	9.2
2018	3.7
2019	2.3
Thereafter	8.1
Total minimum lease payments	$	57.1

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

+ References+ Details

PENSION AND POST-RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2014

PENSION AND POST-RETIREMENT PLANS

Schedule of the Company's target and actual asset allocations

Asset Category	Target	2014	2013
Domestic equity securities	53%	63%	58%
International equity securities	15%	14%	15%
Debt securities	22%	17%	18%
Real estate	5%	5%	5%
Other and cash	5%	1%	4%
Total	100%	100%	100%

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

	Fair Value Measurements at December 31, 2014
Asset Category	Total		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash	$	19.4	$	19.4	$	—	$	—
Equity securities:
U.S. large-cap	69.5		69.5		—		—
U.S. mid- and small-cap	35.6		35.6		—		—
International large-cap (1)	17.6		5.9		11.7		—
International small-cap (1)	6.9		—		6.9		—
Fixed income securities:
U.S. Treasuries	0.4		—		0.4		—
Municipal bonds	0.1		—		0.1		—
Investment grade U.S. corporate bonds	2.3		—		2.3		—
High-yield U.S. corporate bonds	6.7		—		6.7		—
Emerging markets fixed income	10.8		10.8		—		—
Other types of investments:
Real estate partnership interests	9.3		—		—		9.3
Private equity partnership interests	0.3		—		—		0.3
Total	$	178.9	$	141.2	$	28.1	$	9.6

(1) Certain amounts in these categories classified as Level 1 in 2013, were classified as Level 2 in 2014 as there is no-longer an active market for these securities.

	Fair Value Measurements at December 31, 2013
Asset Category	Total		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
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	0.3		—		—		0.3
Total	$	172.8	$	141.9	$	22.0	$	8.9

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

	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Real Estate			Private Equity			Total
Balance at 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		)
Balance at December 31, 2013	8.6			0.3			8.9
Actual return (loss) on plan assets:
Assets held at the reporting date	0.8			—			0.8
Assets sold during the period	0.3			—			0.3
Purchases, sales and settlements, net	(0.4		)	—			(0.4		)
Balance at December 31, 2014	$	9.3		$	0.3		$	9.6

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

	Pension Benefits						Other Post-retirement Benefits
	2014			2013			2014			2013
Change in Benefit Obligation
Benefit obligation at beginning of year	$	197.5		$	210.1		$	52.1		$	49.2
Service cost	3.3			2.9			1.1			1.1
Interest cost	9.4			8.6			2.6			2.1
Plan participants’ contributions	—			—			0.7			0.9
Actuarial (gain) loss	38.2			(13.3		)	9.7			2.0
Benefits paid	(10.0		)	(9.8		)	(3.6		)	(3.2		)
Expenses paid	(1.0		)	(1.0		)	—			—
Benefit obligation at end of year	$	237.4		$	197.5		$	62.6		$	52.1

Change in Plan Assets
Fair value of plan assets at beginning of year	$	172.8		$	149.2		$	—		$	—
Actual return on plan assets	10.6			30.8			—			—
Plan participants’ contributions	—			—			0.7			0.9
Employer contributions	6.5			3.5			2.9			2.3
Benefits paid	(10.0		)	(9.8		)	(3.6		)	(3.2		)
Expenses paid	(1.0		)	(0.9		)	—			—
Fair value of plan assets at end of year	178.9			172.8			—			—
Funded Status and Recognized Liability	$	(58.5	)	$	(24.7	)	$	(62.6	)	$	(52.1	)

Schedule of amounts recognized on the consolidated balance sheets and in accumulated other comprehensive loss

	Pension Benefits						Other Post-retirement Benefits
	2014			2013			2014			2013
Current liabilities	$	—		$	—		$	(2.5	)	$	(2.4	)
Non-current liabilities, net	(58.5		)	(24.7		)	(60.1		)	(49.7		)
Total	$	(58.5	)	$	(24.7	)	$	(62.6	)	$	(52.1	)

Net loss (net of taxes)	$	55.5		$	32.0		$	7.2		$	1.7
Prior service cost (net of taxes)	(10.6		)	(12.0		)	—			—
Total	$	44.9		$	20.0		$	7.2		$	1.7

Schedule of information for qualified pension plans with an accumulated benefit obligation in excess of plan assets

	2014		2013
Projected benefit obligation	$	235.0	$	197.5
Accumulated benefit obligation	$	234.6	$	197.2
Fair value of plan assets	$	176.1	$	172.8

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

	Pension Benefits									Other Post-retirement Benefits
	2014			2013			2012			2014			2013			2012
Components of Net Periodic Benefit Cost
Service cost	$	3.3		$	2.9		$	2.7		$	1.1		$	1.1		$	1.0
Interest cost	9.4			8.6			9.0			2.6			2.1			2.3
Expected return on plan assets	(14.1		)	(11.9		)	(10.7		)	—			—			—
Amortization of net loss (gain)	3.0			6.8			7.0			0.6			0.3			0.6
Amortization of prior service cost	(2.3		)	(2.3		)	(2.3		)	—			—			0.1
Net periodic benefit cost	$	(0.7	)	$	4.1		$	5.7		$	4.3		$	3.5		$	4.0

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (net of tax)
Net loss (gain)	$	25.4		$	(19.6	)	$	4.0		$	5.9		$	1.2		$	(0.4	)
Amortization of unrecognized loss	(1.8		)	(4.2		)	(4.2		)	(0.4		)	(0.2		)	(0.3		)
Amortization of prior service cost	1.4			1.4			1.4			—			—			—
Total recognized in other comprehensive income	$	25.0		$	(22.4	)	$	1.2		$	5.5		$	1.0		$	(0.7	)
Total recognized in net periodic benefit cost and other comprehensive income	$	24.3		$	(18.3	)	$	6.9		$	9.8		$	4.5		$	3.3

Schedule of weighted average assumptions used to determine benefit information

	Pension Benefits			Other Post-retirement Benefits
	2014	2013	2012	2014	2013	2012
Weighted Average Assumptions:
Discount rate	4.10%	4.90%	4.20%	4.20%	5.00%	4.30%
Expected return on plan assets	8.25%	8.25%	8.25%
Rate of compensation increase	3.00%	3.00%	3.00%	3.00%	3.00%	3.00%
Initial health care cost trend rate				7.10%	7.30%	8.00%
Ultimate health care cost tread rate				4.50%	4.50%	4.50%
Year ultimate health care cost tread rate is reached				2027	2027	2020

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

	Other Post-retirement Benefits
	One Percentage Point
	Increase						Decrease
	2014		2013		2012		2014			2013			2012
Effect on total of service and interest cost components	$	0.7	$	0.6	$	0.6	$	(0.5	)	$	(0.5	)	$	(0.4	)
Effect on post-retirement benefit obligation	$	10.0	$	7.1	$	6.5	$	(7.8	)	$	(5.7	)	$	(5.2	)

Schedule of estimated future benefit payments

	Qualified
	Pension		Non-qualified		Post-retirement
Year	Benefits		Pension Benefits		Benefits (1)
2015	$	11.4	$	1.6	$	2.5
2016	11.9		0.9		2.5
2017	12.4		0.2		2.6
2018	12.9		1.0		2.7
2019	13.2		0.2		2.8
2020-2024		70.9		2.4		15.3
Total	$	132.7	$	6.3	$	28.4

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		2014	2013	Implemented	2014		2013		2012		Imposed		Agreement
Hawaii Terminals Multiemployer Pension Plan	20-0389370/001		Yellow	Yellow	Implemented	$	5.1	$	5.3	$	5.1	No		6/30/2014
Hawaii Stevedoring Multiemployer Retirement Plan	99-0314293/001		Yellow	Yellow	Implemented	2.9		2.7		2.4		No		6/30/2014
Master, Mates and Pilots Pension Plan	13-6372630/001	(1)	Green	Green	None	1.9		2.1		3.4		No	(3)	6/15/2023 8/15/2023
Masters, Mates and Pilots Adjustable Pension Plan	37-1719247/001	(1)	(2)	(2)	None	1.0		0.8		—		No	(3)	6/15/2023 8/15/2023
MEBA Pension Trust - Defined Benefit Plan	51-6029896/001	(4)	Green	Green	None	2.1		2.1		2.1		No		8/15/2018
OCU Trust Pension	26-1574440/001		Green	Green	None	0.1		0.1		0.1		No		6/30/2016
Total						$	13.1	$	13.1	$	13.1

(1)

(2)

The Plan is not subject to the PPA funding requirements under IRS Section 432 as the Plan was not in effect on July 16, 2006.

(3)

(4)

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

Pension Plans		Year Contributions to Plan Exceeded More than 5 Percent of Total Contributions (as of December 31 of the Plan’s Year-End)
Hawaii Terminals Multiemployer Pension Plan		2014, 2013 and 2012
Hawaii Stevedoring Multiemployer Retirement Plan		2014, 2013 and 2012
Masters, Mates and Pilots Pension Plan (5)		2013 and 2012
Masters, Mates and Pilots Adjustable Pension Plan (5)		2013
MEBA Pension Trust - Defined Benefit Plan (5)		2013 and 2012

(1)

As of the date the consolidated financial statements were issued, Form 5500s were not available for the plan years ending in 2014 for this and other plans.

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAXES.

Schedule of income tax expense on income from continuing operations

	Years Ended December 31,
	2014		2013			2012
Current:
Federal	$	45.5	$	(24.3	)	$	38.9
State	3.7		(1.0		)	3.2
Total	49.2		(25.3		)	42.1
Deferred	2.7		57.5			(9.1		)
Total income tax expense	$	51.9	$	32.2		$	33.0

Schedule of reasons why income tax expense differs from amounts computed by applying the statutory federal rate to income from continuing operations

	Years Ended December 31,
	2014		2013		2012
Computed federal income tax expense	35.0%		35.0%		35.0%
State income tax	2.2%		2.9%		0.6%
Deferred tax adjustment	(0.9%	)	0.0%		(1.6%	)
Separation costs	0.0%		0.0%		2.0%
Transaction costs	1.4%		0.0%		0.0%
Unrecognized tax benefits	(0.4%	)	(2.1%	)	1.7%
Valuation allowance	3.3%		0.0%		0.0%
Other — net	1.7%		1.7%		1.1%
Effective income tax rate	42.3%		37.5%		38.8%

Schedule of tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities

	As of December 31,
	2014			2013
Deferred tax assets:
Benefit plans	$	63.6		$	41.8
Insurance reserves	11.4			10.0
Allowance for doubtful accounts	1.4			1.3
Reserves	2.1			6.0
Foreign losses	4.1			3.1
Alternative minimum tax credits	1.5			1.4
Other	0.8			(0.2		)
Total deferred tax assets	84.9			63.4
Valuation allowance	(4.1		)	—
Total Deferred tax assets, net of valuation allowance	80.8			63.4
Deferred tax liabilities:
Basis differences for property and equipment	252.7			278.0
Capital Construction Fund	106.9			83.4
Joint ventures and other investments	7.7			4.6
Deferred revenue	10.1			11.4
Amortization	3.8			3.0
Total deferred tax liabilities	381.2			380.4
Deferred tax liability, net	$	300.4		$	317.0

Reconciliation of unrecognized tax benefits

Balance at December 31, 2011	$	2.6
Additions for tax positions of prior years	4.0
Reductions for tax positions of current year	3.7
Reductions for tax positions of prior years	(1.0		)
Reductions for lapse of statute of limitations	(1.0		)
Balance at December 31, 2012	8.3
Additions for tax positions of prior years	2.0
Reductions for lapse of statute of limitations	(3.1		)
Balance at December 31, 2013	7.2
Additions for tax positions of prior years	0.5
Reductions for lapse of statute of limitations	(1.0		)
Balance at December 31, 2014	$	6.7

SHARE-BASED AWARDS (Tables)

12 Months Ended

Dec. 31, 2014

SHARE-BASED AWARDS

Valuation Assumptions

				Year Ended
				December 31, 2012
Expected volatility (1)				31.8%
Expected term (in years) (2)				6.1
Risk-free interest rate (3)				1.2%
Dividend yield (4)				2.7%

(1)

(2)

(3)

The risk free interest rate was based on U.S. Government treasury yields for periods equal to the expected term of the option on the grant date.

(4)

The expected dividend yield was based on the Company’s current and historical dividend policy.

Stock Option Activity

									Weighted		Weighted
					1998				Average		Average	Aggregate
	2007		1998		Director		Total		Exercise		Contractual	Intrinsic
	Plan		Plan		Plan		Shares		Price		Life	Value
Outstanding at December 31, 2013	844		208		140		1,192		$	21.24
Granted	—		—		—		—
Exercised	(187	)	(70	)	(62	)	(319	)	$	21.10
Forfeited and expired	—		(6	)	(15	)	(21	)	$	23.17
Outstanding at December 31, 2014	657		132		63		852		$	21.24	4.1	$	11,294
Exercisable at December 31, 2014	620		132		63		815		$	21.13	4.0	$	10,895

Non-Vested Restricted Stock Unit Activity

	2007 Plan Restricted Stock Units		Weighted Average Grant- Date Fair Value
Outstanding at December 31, 2013	555		$	25.61
Granted	352		23.61
Exercised	(193	)	25.05
Canceled	(36	)	24.78
Outstanding at December 31, 2014	678		$	24.78

Summary of Compensation Cost and Other Measures Related to Share-Based Payments

	Years Ended December 31,
	2014			2013			2012
Share-based expense (net of estimated forfeitures):
Stock options	$	0.3		$	0.4		$	0.9
Non-vested stock and restricted stock units	8.4			5.5			3.1
Total share-based expense	8.7			5.9			4.0
Total recognized tax benefit	(3.4		)	(2.2		)	(1.6		)
Total share-based expense (net of tax)	$	5.3		$	3.7		$	2.4

Cash received by Matson upon option exercise	$	5.8		$	1.7		$	3.5
Intrinsic value of options exercised	$	3.4		$	1.1		$	5.2
Tax benefit realized upon option exercise	$	1.9		$	1.7		$	1.5
Fair value of stock vested	$	5.0		$	4.4		$	3.8

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2014

COMMITMENTS AND CONTINGENCIES

Schedule of Commitments and Contingencies

Standby letters of credit (1)	$	6.0
Bonds (2)	$	20.6
Benefit plan withdrawal obligations (3)	$	94.8

(1)

(2)

Consists of $19.2 million in U.S. Custom bonds, and $1.4 million related to transportation and other matters.

(3)

- Definition

Tabular disclosure of the loss contingencies that were reported in the period or disclosed as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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+ Details

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2014

RELATED PARTY TRANSACTIONS

Schedule of related party transactions

	Years Ended
Related Party Transactions	December 31, 2012
Vessel management services income	$	2.0
Lease expense to A&B	(2.1		)
Equipment and repair services expense and other	(1.4		)
Related party expense, net	$	(1.5	)

REPORTABLE SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2014

REPORTABLE SEGMENTS

Reportable Segment Information

	Years Ended December 31,
	2014			2013			2012
Revenue:
Ocean Transportation	$	1,278.4		$	1,229.4		$	1,189.8
Logistics	435.8			407.8			370.2
Total revenue	$	1,714.2		$	1,637.2		$	1,560.0
Operating Income:
Ocean Transportation (1)	$	131.1		$	94.3		$	96.6
Logistics	8.9			6.0			0.1
Total operating income	140.0			100.3			96.7
Interest expense, net	(17.3		)	(14.4		)	(11.7		)
Income before income taxes	122.7			85.9			85.0
Income taxes	(51.9		)	(32.2		)	(33.0		)
Income from continuing operations	70.8			53.7			52.0
Discontinued operations	—			—			(6.1		)
Net income	$	70.8		$	53.7		$	45.9

(1)

	As of December 31,
	2014		2013		2012
As of December 31:
Identifiable Assets:
Ocean Transportation (2)	$	1,313.9	$	1,168.6	$	1,097.2
Logistics	87.9		79.7		77.1
Total assets	$	1,401.8	$	1,248.3	$	1,174.3
Capital Expenditures:
Ocean Transportation	$	27.8	$	33.8	$	37.0
Logistics	0.1		1.4		1.1
Total capital expenditures	$	27.9	$	35.2	$	38.1
Depreciation and Amortization from Continuing Operations:
Ocean Transportation	$	66.6	$	66.4	$	69.1
Logistics	3.1		3.3		3.4
Total depreciation and amortization	$	69.7	$	69.7	$	72.5

(2)

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details

QUARTERLY INFORMATION (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

QUARTERLY INFORMATION (Unaudited)

Schedule of quarterly financial information (unaudited)

	Quarters During the Year Ended December 31, 2014
	Q1			Q2			Q3			Q4
Revenue:
Ocean Transportation	$	294.6		$	321.1		$	329.5		$	333.2
Logistics	97.9			115.3			112.3			110.3
Total operating revenue	$	392.5		$	436.4		$	441.8		$	443.5
Operating Income:
Ocean Transportation	$	9.4		$	32.8		$	42.6		$	46.3
Logistics	0.5			2.9			2.4			3.1
Total operating income	9.9			35.7			45.0			49.4
Interest Expense	(4.1		)	(4.5		)	(4.4		)	(4.3		)
Income before Income Taxes	5.8			31.2			40.6			45.1
Income tax expense	(2.4		)	(13.1		)	(19.1		)	(17.3		)
Net Income	$	3.4		$	18.1		$	21.5		$	27.8

Basic Earnings Per Share:	$	0.08		$	0.42		$	0.50		$	0.65
Diluted Earnings Per Share:	$	0.08		$	0.42		$	0.50		$	0.63

	Quarters During the Year Ended December 31, 2013
	Q1			Q2			Q3			Q4
Revenue:
Ocean Transportation	$	299.9		$	310.0		$	310.1		$	309.4
Logistics	94.8			106.6			104.9			101.5
Total operating revenue	$	394.7		$	416.6		$	415.0		$	410.9
Operating Income (loss):
Ocean Transportation	$	18.5		$	34.3		$	25.5		$	16.0
Logistics	0.2			2.2			1.7			1.9
Total operating income	18.7			36.5			27.2			17.9
Interest Expense	(3.7		)	(3.6		)	(3.6		)	(3.5		)
Income before Income Taxes	15.0			32.9			23.6			14.4
Income tax expense	(5.9		)	(12.8		)	(6.4		)	(7.1		)
Net Income	$	9.1		$	20.1		$	17.2		$	7.3

Basic Earnings Per Share:	$	0.21		$	0.47		$	0.40		$	0.17
Diluted Earnings Per Share:	$	0.21		$	0.47		$	0.40		$	0.17

DESCRIPTION OF THE BUSINESS (Details) (USD $) In Millions, except Share data, unless otherwise specified	0 Months Ended	12 Months Ended			0 Months Ended			12 Months Ended
	Nov. 11, 2014	Dec. 31, 2014 segment item	Dec. 31, 2012	Dec. 31, 2014 Ocean Transportation SSAT facility	Jun. 29, 2012 Alexander & Baldwin	Jun. 08, 2012 Alexander & Baldwin	Dec. 01, 2011 Alexander & Baldwin company	Dec. 31, 2014 Alexander & Baldwin	Dec. 31, 2012 Alexander & Baldwin
DESCRIPTION OF THE BUSINESS
Number of segments		2
Number of vessels owned		18
Number of chartered vessels		3
Ownership interest in SSAT (as a percent)				35.00%
Number of terminal facilities on which SSAT provides terminal and stevedoring services to Matnav and numerous carriers				6
Horizon Acquisition
Acquisition Value	$ 456.0
Number of publicly traded companies to be created after separation							2
Jones Act requirement to maintain status as U.S. citizen, maximum ownership interest permitted by non-U.S. citizens (as a percent)								22.00%
Number of shares of common stock of A&B received for each share upon separation					1
Maximum period during which services are to be provided under Transition Services Agreement						24 months
Capital contribution to A&B									155.7
Separation costs			8.6						8.6
Capitalized debt financing costs									1.9
Total cash outflow related to the Separation									$ 166.2

SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fiscal Year
Fiscal period	364 days	364 days	364 days
Cash and Cash Equivalents
Outstanding checks in excess of funds on deposits	$ 18.9	$ 19.8
Fair value of financial instruments
Cash and cash equivalents	293.4	114.5
Accounts receivable, net	197.6	182.3
Fixed rate debt	395.7	292.7
Accounts Receivable
Eligible accounts receivable assigned to the CCF	150.7	112.0
Allowance for doubtful accounts
Balance at Beginning of year	4.1	4.7	5.3
Expense	1.8	0.6	0.7
Write-offs and Other	(0.9)	(1.2)	(1.3)
Balance at End of Year	5.0	4.1	4.7
Prepaid and Other Assets:
Prepaid expenses and other assets includes diesel and heavy fuel oil expense that is primarily aboard the company's vessels	11.0	13.8
Income tax receivable	0	14.2
Other prepaid expenses	9.5	15.0
Carrying value
Fair value of financial instruments
Cash and cash equivalents	293.4	114.5
Accounts receivable, net	197.6	182.3
Fixed rate debt	373.6	286.1
Total \| Quoted Prices in Active Markets (Level 1)
Fair value of financial instruments
Cash and cash equivalents	293.4	114.5
Total \| Significant Observable Inputs (Level 2)
Fair value of financial instruments
Accounts receivable, net	197.6	182.3
Fixed rate debt	$ 395.7	$ 292.7

SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014 item	Dec. 31, 2013	Dec. 31, 2012
Impairment of Investment
Impairment charges related to investment in Terminal joint venture	$ 0	$ 0	$ 0
Impairment of Vessels and Equipment
Impairment charges of vessels and equipment	0	0
Dry-docking
Number of dry-docking inspections to be made within a specified period	2
Period within which number of specified dry-docking inspections to be made	5 years
Number of non-U.S. flag vessels in operations	4
Number of non-U.S. flag vessels owned	1
Number of non-U.S. flag vessels under bareboat charter	1
Number of non-U.S. flag vessels under time charter	2
Dry-dock interval, minimum	2 years
Dry-dock interval, maximum	5 years
Deferred dry-docking costs	$ 47.5	$ 56.9
Vessels \| Minimum
Depreciation
Useful life	5 years
Vessels \| Maximum
Depreciation
Useful life	40 years
Machinery And Equipment \| Minimum
Depreciation
Useful life	2 years
Machinery And Equipment \| Maximum
Depreciation
Useful life	20 years
Terminal Facilities \| Minimum
Depreciation
Useful life	2 years
Terminal Facilities \| Maximum
Depreciation
Useful life	35 years

SIGNIFICANT ACCOUNTING POLICIES (Details 3) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Intangible asset
Impairment on long lived intangible assets			$ 2.1
Impairments of goodwill	0	0	0
CCF Deposits and Other Long-term Assets
CCF Deposits, Capital Construction Fund Deposits	27.5	0
Other assets and deferred charges	21.8	18.3
Comprehensive Income (Loss):
Other comprehensive income (loss) net of tax (expense) benefit	(29.8)	22.0	(0.5)
Accumulated other comprehensive loss	(53.3)	(23.5)
Amortization of deferred pension, post-retirement costs and non-qualified plans	$ 52.9	$ 22.6
Customer lists and other \| Minimum
Intangible asset
Expected useful lives	3 years
Customer lists and other \| Maximum
Intangible asset
Expected useful lives	13 years

SIGNIFICANT ACCOUNTING POLICIES (Details 4) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Loss from discontinued operations
Loss from discontinued operations (net of tax)	$ 0	$ 0	$ (6.1)
CLX2 Service
Loss from discontinued operations
Expenses			(4.4)
Tax expense			1.6
Alexander & Baldwin
Loss from discontinued operations
Income			116.4
Expenses			(118.1)
Tax expense			(1.6)
Loss from A&B			$ (3.3)

- Definition

Tax effect allocated to a disposal group that is classified as a component of the entity reported as a separate component of income before extraordinary items. Includes the tax effects of the following: income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

+ References+ Details

SIGNIFICANT ACCOUNTING POLICIES (Details 5) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net Income
Net income from continuing operations									$ 70.8	$ 53.7	$ 52.0
Loss from discontinued operations									0	0	(6.1)
Net Income	$ 27.8	$ 21.5	$ 18.1	$ 3.4	$ 7.3	$ 17.2	$ 20.1	$ 9.1	$ 70.8	$ 53.7	$ 45.9
Weighted Average Common Shares
Income from continuing operations, Basic (in shares)									43.0	42.7	42.3
Loss from discontinued operations, Basic (in shares)									43.0	42.7	42.3
Effect of Dilutive Securities (in shares)									0.4	0.4	0.4
Income from continuing operations, Diluted (in shares)									43.4	43.1	42.7
Loss from discontinued operations, Diluted (in shares)									43.4	43.1	42.7
Basic (in shares)									43.0	42.7	42.3
Diluted (in shares)									43.4	43.1	42.7
Per Common Share Amount, Basic
Income from continuing operations (in dollars per share)	$ 0.65	$ 0.50	$ 0.42	$ 0.08	$ 0.17	$ 0.40	$ 0.47	$ 0.21	$ 1.65	$ 1.26	$ 1.23
Loss from discontinued operations (in dollars per share)											$ (0.14)
Net income (in dollars per share)									$ 1.65	$ 1.26	$ 1.09
Per Common Share Amount, Diluted
Income from continuing operations (in dollars per share)	$ 0.63	$ 0.50	$ 0.42	$ 0.08	$ 0.17	$ 0.40	$ 0.47	$ 0.21	$ 1.63	$ 1.25	$ 1.22
Loss from discontinued operations (in dollars per share)											$ (0.14)
Net income (in dollars per share)									$ 1.63	$ 1.25	$ 1.08
Stock options
Earnings Per Share ("EPS")
Antidilutive securities excluded from computation of earnings per share (in shares)									0.1	0.1	0.5

INVESTMENT IN TERMINAL JOINT VENTURE (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investments in affiliates
Investment in terminal joint venture	$ 64.4	$ 57.6
Financial information for equity method investment
Company Share of Net Income (Loss)	6.6	(2.0)	3.2
SSAT \| Ocean Transportation
Investments in affiliates
Ownership interest accounted in terminal joint venture (as a percent)	35.00%
Cost of services from transactions with unconsolidated affiliate	164.8	164.3	163.8
Dividends and distributions from the unconsolidated terminal venture	0	0	0
Accounts payable and accrued liabilities	17.5	15.3
Financial information for equity method investment
Current assets	80.7	73.5
Noncurrent assets	140.9	137.1
Total assets	221.6	210.6
Current liabilities	40.9	43.2
Noncurrent liabilities	7.1	15.7
Equity	173.6	151.7
Total Liabilities and Equity	221.6	210.6
Operating revenue	586.2	498.4	503.9
Operating costs and expenses	589.7	517.4	506.4
Operating loss	(3.5)	(19.0)	(2.5)
Net Income (Loss)	21.2	(5.7)	9.5
Company Share of Net Income (Loss)	$ 6.6	$ (2.0)	$ 3.2

PROPERTY AND EQUIPMENT (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property and equipment
Cost	$ 1,798.2	$ 1,794.8
Accumulated Depreciation	1,107.0	1,059.4
Property and equipment, net	691.2	735.4
Depreciation Expense	66.8	67.4	70.6
Property and equipment subject to capital leases	2.6	3.1
Amortization expenses	0.3	0.3
Vessels
Property and equipment
Cost	1,263.8	1,260.2
Accumulated Depreciation	757.7	718.1
Property and equipment, net	506.1	542.1
Containers and equipment
Property and equipment
Cost	466.8	470.6
Accumulated Depreciation	316.1	310.4
Property and equipment, net	150.7	160.2
Terminal facilities and other property
Property and equipment
Cost	39.2	38.9
Accumulated Depreciation	33.2	30.9
Property and equipment, net	6.0	8.0
Construction in progress
Property and equipment
Cost	28.4	25.1
Property and equipment, net	$ 28.4	$ 25.1

PROPERTY AND EQUIPMENT (Details 2) (APSI, Aloha-class dual-fuel capable containership, USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Dec. 31, 2013 item	Dec. 31, 2014	Dec. 31, 2013 item
APSI \| Aloha-class dual-fuel capable containership
Property and equipment
Number of 3,600 twenty-foot equivalent units Aloha-class container ships to be constructed	2		2
Cost for construction of containerships	$ 418.0
Payments under the agreement		$ 0	$ 8.4

GOODWILL AND INTANGIBLE ASSETS (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended					12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2014 Logistics	Dec. 31, 2013 Logistics	Dec. 31, 2012 Logistics	Dec. 31, 2013 Ocean Transportation	Dec. 31, 2014 Ocean Transportation
Changes in the Company's goodwill
Balance at the beginning of the period	$ 27.0	$ 27.4	$ 26.6	$ 26.6	$ 26.6	$ 0.4	$ 0.8
Additions	0.4					0.4
Balance at the end of the period	27.4	27.4	26.6	26.6	26.6	0.8	0.8
Goodwill increase						0.4
Accumulated impairment related to goodwill	$ 0	$ 0

GOODWILL AND INTANGIBLE ASSETS (Details 2) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Intangible asset
Gross Cost	$ 14.3	$ 14.3
Accumulated Amortization	(11.8)	(10.5)
Net Book Value	2.5	3.8
Aggregate intangible asset amortization	1.3	0.8	0.7
Estimated amortization expenses related to intangibles
2015	0.5
2016	0.5
2017	0.4
2018	0.3
2019	0.3
Thereafter	0.5
Net Book Value	2.5	3.8
Customer lists and other
Intangible asset
Gross Cost	10.4	10.4
Accumulated Amortization	(7.9)	(6.8)
Net Book Value	2.5	3.6
Estimated amortization expenses related to intangibles
Net Book Value	2.5	3.6
Trade Names [Member]
Intangible asset
Gross Cost	3.9	3.9
Accumulated Amortization	(3.9)	(3.7)
Net Book Value		0.2
Estimated amortization expenses related to intangibles
Net Book Value		$ 0.2

CAPITAL CONSTRUCTION FUND (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Maximum period to commit fund deposits for qualified purposes	25 years
Period over which deposits will be treated as non-qualified withdrawals	5 years
Cash deposits	$ 31.9	$ 4.4	$ 4.4
Qualified Withdrawals	4.4	4.4	4.4
Capital Construction Fund deposits	27.5	0
CAPITAL CONSTRUCTION FUND Total
Total Deposits	69.9	116.2
Total Qualified Withdrawals	(4.4)	(4.4)
Interest Earned	0.7	0.2
CAPITAL CONSTRUCTION FUND Balance	178.2	112.0
Eligible Accounts Receivable Assigned to CCF
Deposits from eligible accounts receivable	38.0	111.8
Interest Earned	0.7	0.2
CAPITAL CONSTRUCTION FUND Balance	150.7	112.0
Cash
Cash deposits	31.9	4.4
Qualified Withdrawals	(4.4)	(4.4)
CAPITAL CONSTRUCTION FUND Balance	$ 27.5

DEBT (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014 Term Loans Payable5.79 Percent Through2020	Dec. 31, 2013 Term Loans Payable5.79 Percent Through2020	Dec. 31, 2012 Term Loans Payable5.79 Percent Through2020	Dec. 31, 2014 Term Loans Payable3.66 Percent Through2023	Dec. 31, 2013 Term Loans Payable3.66 Percent Through2023	Dec. 31, 2012 Term Loans Payable3.66 Percent Through2023	Dec. 31, 2014 Term Loans Payable4.16 Percent Through2027	Dec. 31, 2013 Term Loans Payable4.16 Percent Through2027	Dec. 31, 2012 Term Loans Payable4.16 Percent Through2027	Dec. 31, 2014 Term Loans Payable4.31 Percent Through2032	Dec. 31, 2013 Term Loans Payable4.31 Percent Through2032	Dec. 31, 2012 Term Loans Payable4.31 Percent Through2032	Dec. 31, 2014 Term Loans Payable4.35 Percent Through2044	Dec. 31, 2014 Secured Bonds Payable5.34 Percent Through2028	Dec. 31, 2013 Secured Bonds Payable5.34 Percent Through2028	Dec. 31, 2012 Secured Bonds Payable5.34 Percent Through2028	Sep. 30, 2003 Secured Bonds Payable5.34 Percent Through2028	Dec. 31, 2014 Secured Bonds Payable5.27 Percent Through2029	Dec. 31, 2013 Secured Bonds Payable5.27 Percent Through2029	Dec. 31, 2012 Secured Bonds Payable5.27 Percent Through2029	Aug. 31, 2004 Secured Bonds Payable5.27 Percent Through2029
Debt
Capital leases	$ 1.3	$ 2.4
Total debt	373.6	286.1	319.1	38.5	45.5	52.5	77.5	77.5	77.5	55.0	55.0	55.0	37.5	37.5	37.5	100.0	30.8	33.0	35.2		33.0	35.2	37.4
Less current portion	(21.6)	(12.5)	(16.4)
Total long-term debt	352.0	273.6	302.7
Current borrowing capacity	6.0
Interest rate (as a percent)				5.79%	5.79%		3.66%	3.66%		4.16%	4.16%		4.31%	4.31%		4.35%	5.34%	5.34%		5.34%	5.27%	5.27%		5.27%
Debt maturities
2015	21.6
2016	20.7
2017	28.2
2018	28.2
2019	28.2
Thereafter	$ 246.7

DEBT (Details 2) (USD $)	12 Months Ended		1 Months Ended	3 Months Ended				12 Months Ended								12 Months Ended			12 Months Ended			12 Months Ended			1 Months Ended	12 Months Ended						3 Months Ended								1 Months Ended
DEBT (Details 2) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012 Revolving Credit Facility	Jun. 30, 2012 Revolving Credit Facility	Dec. 31, 2014 Revolving Credit Facility	Dec. 31, 2013 Revolving Credit Facility	Dec. 31, 2012 Revolving Credit Facility	Dec. 31, 2014 Revolving Credit Facility Minimum	Dec. 31, 2014 Revolving Credit Facility Minimum London Interbank Offered Rate (LIBOR)	Dec. 31, 2014 Revolving Credit Facility Minimum Base rate	Dec. 31, 2014 Revolving Credit Facility Maximum	Dec. 31, 2014 Revolving Credit Facility Maximum London Interbank Offered Rate (LIBOR)	Dec. 31, 2014 Revolving Credit Facility Maximum Base rate	Aug. 31, 2011 Revolving Credit Facility Alexander & Baldwin	Jun. 30, 2012 Standby and commercial letters of credit	Dec. 31, 2014 Standby and commercial letters of credit Minimum	Dec. 31, 2014 Standby and commercial letters of credit Maximum	Jun. 30, 2012 Swing Line Loans [Member]	Dec. 31, 2014 Secured Bonds Payable5.34 Percent Through2028 payment	Dec. 31, 2013 Secured Bonds Payable5.34 Percent Through2028	Sep. 30, 2003 Secured Bonds Payable5.34 Percent Through2028	Dec. 31, 2014 Secured Bonds Payable5.27 Percent Through2029 payment	Dec. 31, 2013 Secured Bonds Payable5.27 Percent Through2029	Aug. 31, 2004 Secured Bonds Payable5.27 Percent Through2029	Jan. 31, 2014 Senior Unsecured Long Term Debt	Dec. 31, 2014 Senior Unsecured Long Term Debt	Jan. 31, 2014 Senior Unsecured Long Term Debt Debt Instrument Redemption 2021	Jan. 31, 2014 Senior Unsecured Long Term Debt Debt Instrument Redemption 2022 and 2023	Jan. 31, 2014 Senior Unsecured Long Term Debt Debt Instrument Redemption 2024 to 2027	Jan. 31, 2014 Senior Unsecured Long Term Debt Debt Instrument Redemption 2028	Jan. 31, 2014 Senior Unsecured Long Term Debt Debt Instrument Redemption 2029 and thereafter until 2044	Jun. 30, 2012 Unsecured debt tranche	Jun. 30, 2012 Unsecured debt 2015 through 2016	Jun. 30, 2012 Unsecured debt 2017 through mid-year 2023	Jun. 30, 2012 Unsecured debt Mid-year 2023 through mid-year 2027	Jun. 30, 2012 Unsecured debt After mid-year 2027	Jun. 30, 2012 Unsecured debt, tranche maturing in 2023	Jun. 30, 2012 Unsecured debt, tranche maturing in 2027	Jun. 30, 2012 Unsecured debt, tranche maturing in 2032	May 31, 2005 Notes Payable4.79 Series B [Member]	Jun. 30, 2012 Notes Payable4.79 Series B [Member]
Debt
Line of Credit Facility, Amount Outstanding	$ 6,000,000						$ 24,000,000
Debt issued																					55,000,000			55,000,000	100,000,000							170,000,000					77,500,000	55,000,000	37,500,000	105,000,000
Debt instrument term				5 years																					30 years															15 years
Weighted average coupon rate (as a percent)																																3.97%
Weighted average period																										14 years 6 months						9 years 2 months 12 days
Interest rate (as a percent)																			5.34%	5.34%	5.34%	5.27%	5.27%	5.27%	4.35%												3.66%	4.16%	4.31%	4.79%	5.79%
Annual principal payments																											5,000,000	7,500,000	10,000,000	8,000,000	2,000,000									3,500,000
Number of tranches																																3
Number of semi-annual payments																			50			50
Semi-annual payments																			1,100,000			1,100,000											4,600,000	8,400,000	3,800,000	1,200,000
Release of MV Manulani as security for debt																																									(56,000,000)
Maximum borrowing capacity			375,000,000	375,000,000										125,000,000	100			50,000,000
Uncommitted option to increase credit facility			75,000,000	75,000,000
Extinguishment of debt	63,800,000	68,200,000	72,000,000
Debt covenant, required ratio of debt to consolidated EBITDA											0.0325
Ratio of consolidated EBITDA to interest expense								0.0350
Debt covenant, required principal amount of priority debt as a percentage of consolidated tangible assets											20.00%
Debt covenant, required principal amount of priority debt (excluding Title XI) as a percentage of consolidated tangible assets											10.00%
Credit facility commitment fee percentage								0.15%			0.40%
Line of credit fees percentage																1.00%	2.25%
Variable rate margin									1.00%	0.00%		2.25%	1.25%
Used portion of credit facility					$ 6,000,000	$ 5,800,000

LEASES (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Leases
Rent expense	$ 58.3	$ 58.2	$ 52.3
Rent expenses for short-term and cancelable equipment	27.6	20.5	17.8
Future minimum payments under operating leases
2015	20.8
2016	13.0
2017	9.2
2018	3.7
2019	2.3
Thereafter	8.1
Total minimum lease payments	$ 57.1
Minimum
Leases
Term of existing operating leases	1 year
Maximum
Leases
Term of existing operating leases	50 years
Vessels, machinery and equipment \| Minimum
Leases
Range of life (year)	2,015
Vessels, machinery and equipment \| Maximum
Leases
Range of life (year)	2,022
Office and warehouse \| Minimum
Leases
Range of life (year)	2,015
Office and warehouse \| Maximum
Leases
Range of life (year)	2,021
Terminal facilities and land \| Minimum
Leases
Range of life (year)	2,016
Terminal facilities and land \| Maximum
Leases
Range of life (year)	2,036

PENSION AND POST-RETIREMENT PLANS (Details)	12 Months Ended
PENSION AND POST-RETIREMENT PLANS (Details)	Dec. 31, 2014	Dec. 31, 2013
Employee benefit plans
Number of single-employer defined benefit pension funded plans	2
Qualified Pension Benefits
Employee benefit plans
Target allocation (as a percent)	100.00%
Asset allocations (as a percent)	100.00%	100.00%
One year returns (losses) on plan assets (as a percent)	5.80%
Three year returns (losses) on plan assets (as a percent)	13.80%
Five year returns (losses) on plan assets (as a percent)	10.30%
Long-term average return on plan assets since inception (as a percent)	8.70%
Qualified Pension Benefits \| Domestic equity securities
Employee benefit plans
Target allocation (as a percent)	53.00%
Asset allocations (as a percent)	63.00%	58.00%
Qualified Pension Benefits \| International equity securities
Employee benefit plans
Target allocation (as a percent)	15.00%
Asset allocations (as a percent)	14.00%	15.00%
Qualified Pension Benefits \| Debt securities
Employee benefit plans
Target allocation (as a percent)	22.00%
Asset allocations (as a percent)	17.00%	18.00%
Qualified Pension Benefits \| Real estate
Employee benefit plans
Target allocation (as a percent)	5.00%
Asset allocations (as a percent)	5.00%	5.00%
Qualified Pension Benefits \| Other and cash
Employee benefit plans
Target allocation (as a percent)	5.00%
Asset allocations (as a percent)	1.00%	4.00%

PENSION AND POST-RETIREMENT PLANS (Details 2) (Qualified Pension Benefits, USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Qualified Pension Plans
Total	$ 178.9	$ 172.8	$ 149.2
Total
Qualified Pension Plans
Total	178.9	172.8
Total \| Cash
Qualified Pension Plans
Total	19.4	6.9
Total \| U.S. large-cap
Qualified Pension Plans
Total	69.5	64.2
Total \| U.S. mid- and small-cap
Qualified Pension Plans
Total	35.6	35.7
Total \| International large-cap
Qualified Pension Plans
Total	17.6	19.0
Total \| International small-cap
Qualified Pension Plans
Total	6.9	7.2
Total \| U.S. Treasuries
Qualified Pension Plans
Total	0.4	0.6
Total \| Municipal bonds
Qualified Pension Plans
Total	0.1	0.1
Total \| Investment grade U.S. corporate bonds
Qualified Pension Plans
Total	2.3	1.9
Total \| High-yield U.S. corporate bonds
Qualified Pension Plans
Total	6.7	6.7
Total \| Emerging markets fixed income
Qualified Pension Plans
Total	10.8	8.9
Total \| Mortgage-backed securities
Qualified Pension Plans
Total		12.7
Total \| Real estate partnerships interests
Qualified Pension Plans
Total	9.3	8.6
Total \| Private equity partnership interests
Qualified Pension Plans
Total	0.3	0.3
Quoted Prices in Active Markets (Level 1)
Qualified Pension Plans
Total	141.2	141.9
Quoted Prices in Active Markets (Level 1) \| Cash
Qualified Pension Plans
Total	19.4	6.9
Quoted Prices in Active Markets (Level 1) \| U.S. large-cap
Qualified Pension Plans
Total	69.5	64.2
Quoted Prices in Active Markets (Level 1) \| U.S. mid- and small-cap
Qualified Pension Plans
Total	35.6	35.7
Quoted Prices in Active Markets (Level 1) \| International large-cap
Qualified Pension Plans
Total	5.9	19.0
Quoted Prices in Active Markets (Level 1) \| International small-cap
Qualified Pension Plans
Total		7.2
Quoted Prices in Active Markets (Level 1) \| Emerging markets fixed income
Qualified Pension Plans
Total	10.8	8.9
Significant Observable Inputs (Level 2)
Qualified Pension Plans
Total	28.1	22.0
Significant Observable Inputs (Level 2) \| International large-cap
Qualified Pension Plans
Total	11.7
Significant Observable Inputs (Level 2) \| International small-cap
Qualified Pension Plans
Total	6.9
Significant Observable Inputs (Level 2) \| U.S. Treasuries
Qualified Pension Plans
Total	0.4	0.6
Significant Observable Inputs (Level 2) \| Municipal bonds
Qualified Pension Plans
Total	0.1	0.1
Significant Observable Inputs (Level 2) \| Investment grade U.S. corporate bonds
Qualified Pension Plans
Total	2.3	1.9
Significant Observable Inputs (Level 2) \| High-yield U.S. corporate bonds
Qualified Pension Plans
Total	6.7	6.7
Significant Observable Inputs (Level 2) \| Mortgage-backed securities
Qualified Pension Plans
Total		12.7
Significant Unobservable Inputs (Level 3)
Qualified Pension Plans
Total	9.6	8.9
Significant Unobservable Inputs (Level 3) \| Real estate partnerships interests
Qualified Pension Plans
Total	9.3	8.6
Significant Unobservable Inputs (Level 3) \| Private equity partnership interests
Qualified Pension Plans
Total	$ 0.3	$ 0.3

PENSION AND POST-RETIREMENT PLANS (Details 3) (Qualified Pension Benefits, USD $) In Millions, unless otherwise specified										12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014 Significant Unobservable Inputs (Level 3)	Dec. 31, 2013 Significant Unobservable Inputs (Level 3)	Dec. 31, 2014 Significant Unobservable Inputs (Level 3) Real estate partnerships interests	Dec. 31, 2013 Significant Unobservable Inputs (Level 3) Real estate partnerships interests	Dec. 31, 2014 Significant Unobservable Inputs (Level 3) Private equity partnership interests	Dec. 31, 2013 Significant Unobservable Inputs (Level 3) Private equity partnership interests	Dec. 31, 2014 Fair Value Measurements Recurring Significant Unobservable Inputs (Level 3)	Dec. 31, 2013 Fair Value Measurements Recurring Significant Unobservable Inputs (Level 3)	Dec. 31, 2014 Fair Value Measurements Recurring Significant Unobservable Inputs (Level 3) Real estate partnerships interests	Dec. 31, 2013 Fair Value Measurements Recurring Significant Unobservable Inputs (Level 3) Real estate partnerships interests	Dec. 31, 2013 Fair Value Measurements Recurring Significant Unobservable Inputs (Level 3) Private equity partnership interests	Dec. 31, 2014 Fair Value Measurements Recurring Significant Unobservable Inputs (Level 3) Private equity partnership interests
Changes in plan assets
Balance at the beginning of the period	$ 178.9	$ 172.8	$ 149.2	$ 9.6	$ 8.9	$ 9.3	$ 8.6	$ 0.3	$ 0.3	$ 8.9	$ 8.6	$ 8.6	$ 7.8	$ 0.8	$ 0.3
Actual return (loss) on plan assets:
Assets held at the reporting date										0.8	0.7	0.8	0.9	(0.2)
Assets sold during the period										0.3	0.4	0.3	0.3	0.1
Purchases, sales and settlements, net										(0.4)	(0.8)	(0.4)	(0.4)	(0.4)
Balance at the end of the period	$ 178.9	$ 172.8	$ 149.2	$ 9.6	$ 8.9	$ 9.3	$ 8.6	$ 0.3	$ 0.3	$ 9.6	$ 8.9	$ 9.3	$ 8.6	$ 0.3	$ 0.3

PENSION AND POST-RETIREMENT PLANS (Details 4) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Qualified Pension Benefits
Change in Benefit Obligation
Benefit obligation at beginning of year	$ 197.5	$ 210.1
Service cost	3.3	2.9	2.7
Interest cost	9.4	8.6	9.0
Actuarial (gain) loss	38.2	(13.3)
Benefits paid	(10.0)	(9.8)
Expenses paid	(1.0)	(1.0)
Benefit obligation at end of year	237.4	197.5	210.1
Changes in plan assets
Balance at the beginning of the period	172.8	149.2
Actual return on plan assets	10.6	30.8
Employer contribution	6.5	3.5	13.3
Benefits paid	(10.0)	(9.8)
Expenses paid	(1.0)	(0.9)
Balance at the end of the period	178.9	172.8	149.2
Funded Status and Recognized Liability	(58.5)	(24.7)
Other Post-retirement Benefits
Change in Benefit Obligation
Benefit obligation at beginning of year	52.1	49.2
Service cost	1.1	1.1	1.0
Interest cost	2.6	2.1	2.3
Plan participants' contributions	0.7	0.9
Actuarial (gain) loss	9.7	2.0
Benefits paid	(3.6)	(3.2)
Benefit obligation at end of year	62.6	52.1	49.2
Changes in plan assets
Plan participants' contributions	0.7	0.9
Employer contribution	2.9	2.3
Benefits paid	(3.6)	(3.2)
Funded Status and Recognized Liability	$ (62.6)	$ (52.1)

PENSION AND POST-RETIREMENT PLANS (Details 5) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Employee benefit plans
Non-current liabilities, net	$ (118.6)	$ (74.4)
Qualified Pension Benefits
Employee benefit plans
Non-current liabilities, net	(58.5)	(24.7)
Total	(58.5)	(24.7)
Net loss (net of taxes)	55.5	32.0
Prior service cost (net of taxes)	(10.6)	(12.0)
Total	44.9	20.0
Projected benefit obligation	237.4	197.5	210.1
Fair value of plan assets	178.9	172.8	149.2
Estimated net loss and prior service credit that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2014	2.5
Other Post-retirement Benefits
Employee benefit plans
Current liabilities	(2.5)	(2.4)
Non-current liabilities, net	(60.1)	(49.7)
Total	(62.6)	(52.1)
Net loss (net of taxes)	7.2	1.7
Total	7.2	1.7
Projected benefit obligation	62.6	52.1	49.2
Estimated net loss and prior service credit that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2014	1.4
Amortization period of unrecognized gains and losses	5 years
Qualified Plans
Employee benefit plans
Projected benefit obligation	235.0	197.5
Accumulated benefit obligation	234.6	197.2
Fair value of plan assets	$ 176.1	$ 172.8

PENSION AND POST-RETIREMENT PLANS (Details 6) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (net of tax)
Amortization of unrecognized (loss) gain	$ (2.5)	$ (4.7)	$ (4.8)
Prior service credit	31.4	(18.7)	4.6
Amortization of prior service cost included in net periodic pension cost	1.3	1.3	1.4
Qualified Pension Benefits
Components of Net Periodic Benefit Cost
Service cost	3.3	2.9	2.7
Interest cost	9.4	8.6	9.0
Expected return on plan assets	(14.1)	(11.9)	(10.7)
Amortization of net loss	3.0	6.8	7.0
Amortization of prior service cost	(2.3)	(2.3)	(2.3)
Net periodic benefit cost	(0.7)	4.1	5.7
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (net of tax)
Net loss (gain)	25.4	(19.6)	4.0
Amortization of unrecognized (loss) gain	(1.8)	(4.2)	(4.2)
Amortization of prior service cost included in net periodic pension cost	1.4	1.4	1.4
Total recognized in other comprehensive income	25.0	(22.4)	1.2
Total recognized in net periodic benefit cost and other comprehensive income	24.3	(18.3)	6.9
Weighted Average Assumptions:
Discount rate (as a percent)	4.10%	4.90%	4.20%
Expected return plan assets (as a percent)	8.25%	8.25%	8.25%
Rate of compensation increase (as a percent)	3.00%	3.00%	3.00%
Projected benefit obligation change	17.6
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease)	17.6
Pension Plans
Total obligation	237.4	197.5	210.1
Amounts recognized in accumulated other comprehensive income for net loss, net of tax	55.5	32.0
Amount recognized as prior service credit, net of tax	(10.6)	(12.0)
Estimated net loss and prior service credit, net of tax, that will be recognized in net periodic pension cost	44.9	20.0
Employer contribution	6.5	3.5	13.3
Other Post-retirement Benefits
Components of Net Periodic Benefit Cost
Service cost	1.1	1.1	1.0
Interest cost	2.6	2.1	2.3
Amortization of net loss	0.6	0.3	0.6
Amortization of prior service cost			0.1
Net periodic benefit cost	4.3	3.5	4.0
Current liabilities	2.5	2.4
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (net of tax)
Net loss (gain)	5.9	1.2	(0.4)
Amortization of unrecognized (loss) gain	(0.4)	(0.2)	(0.3)
Total recognized in other comprehensive income	5.5	1.0	(0.7)
Total recognized in net periodic benefit cost and other comprehensive income	9.8	4.5	3.3
Weighted Average Assumptions:
Discount rate (as a percent)	4.20%	5.00%	4.30%
Rate of compensation increase (as a percent)	3.00%	3.00%	3.00%
Initial health care cost trend rate (as a percent)	7.10%	7.30%	8.00%
Ultimate health care cost tread rate (as a percent)	4.50%	4.50%	4.50%
Projected benefit obligation change	3.9
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease)	3.9
Effect of one percentage point change in the assumed health care cost trend rates
Effect of one percentage point increase on post-retirement benefit obligation	10.0	7.1	6.5
Effect of one percentage point decrease on post-retirement benefit obligation	(7.8)	(5.7)	(5.2)
Pension Plans
Total obligation	62.6	52.1	49.2
Amounts recognized in accumulated other comprehensive income for net loss, net of tax	7.2	1.7
Estimated net loss and prior service credit, net of tax, that will be recognized in net periodic pension cost	7.2	1.7
Employer contribution	2.9	2.3
Non-qualified Pension Benefits
Components of Net Periodic Benefit Cost
Amortization of net loss	0.2
Amortization of prior service cost	(0.2)
Net periodic benefit cost	0.6	0.6	0.3
Effect of one percentage point change in the assumed health care cost trend rates
Effect of one percentage point increase on total of service and interest cost components	0.7	0.6	0.6
Effect of one percentage point decrease on total of service and interest cost components	(0.5)	(0.5)	(0.4)
Pension Plans
Number of outside directors covered under the frozen non-qualified pension plan	1
Total obligation	5.4	7.3
Discount rate used to determine obligation (as a percent)	3.00%
Amounts recognized in accumulated other comprehensive income for net loss, net of tax	1.2
Amount recognized as prior service credit, net of tax	0.7
Non-qualified pension benefits and post-retirement benefits
Components of Net Periodic Benefit Cost
Current liabilities	$ 4.1	$ 5.0

PENSION AND POST-RETIREMENT PLANS (Details 7) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014
Qualified Pension Benefits
Estimated future benefit payments
2015	$ 11.4
2016	11.9
2017	12.4
2018	12.9
2019	13.2
2020-2024	70.9
Total	132.7
Non-qualified Pension Benefits
Estimated future benefit payments
2015	1.6
2016	0.9
2017	0.2
2018	1.0
2019	0.2
2020-2024	2.4
Total	6.3
Other Post-retirement Benefits
Estimated future benefit payments
2015	2.5
2016	2.5
2017	2.6
2018	2.7
2019	2.8
2020-2024	15.3
Total	$ 28.4

PENSION AND POST-RETIREMENT PLANS (Details 8) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
401(K) plan
Defined Contribution Plans
Employer matching contribution (as a percent)	4.00%
Employer matching contribution expenses	$ 1.6	$ 1.6	$ 1.6
Profit sharing plan
Defined Contribution Plans
Profit sharing expense recorded	$ 1.6	$ 1.2	$ 1.2
Profit sharing plan \| Maximum
Defined Contribution Plans
Contribution percentage	3.00%

PENSION AND POST-RETIREMENT PLANS (Details 9) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Multiemployer Plans
Contributions	$ 13.1	$ 13.1	$ 13.1
Multiemployer Plan Withdrawl Obligation	94.8
Multiemployer Plan Withdrawal Obligation recorded	0	0
Minimum
Multiemployer Plans
Employer matching contribution to MEBA Pension Trust (as a percent)			11.70%
Threshold of total contributions for which planned years are disclosed (as a percent)	5.00%
Hawaii Terminals Multiemployer Pension Plan \| Minimum
Multiemployer Plans
Threshold of total contributions for which planned years are disclosed (as a percent)	5.00%	5.00%	5.00%
Hawaii Stevedoring Multiemployer Retirement Plan \| Minimum
Multiemployer Plans
Threshold of total contributions for which planned years are disclosed (as a percent)	5.00%	5.00%	5.00%
Master Mates And Pilots Pension Plan \| Minimum
Multiemployer Plans
Threshold of total contributions for which planned years are disclosed (as a percent)		5.00%	5.00%
Masters, Mates and Pilots Adjustable Pension Plan
Multiemployer Plans
Contributions	1.0	0.8
Masters, Mates and Pilots Adjustable Pension Plan \| Minimum
Multiemployer Plans
Threshold of total contributions for which planned years are disclosed (as a percent)		5.00%
M E B A Pension Trust \| Minimum
Multiemployer Plans
Threshold of total contributions for which planned years are disclosed (as a percent)		5.00%	5.00%
Yellow Zone \| Hawaii Terminals Multiemployer Pension Plan
Multiemployer Plans
Contributions	5.1	5.3	5.1
Yellow Zone \| Hawaii Stevedoring Multiemployer Retirement Plan
Multiemployer Plans
Contributions	2.9	2.7	2.4
Green Zone \| Master Mates And Pilots Pension Plan
Multiemployer Plans
Contributions	1.9	2.1	3.4
Green Zone \| M E B A Pension Trust
Multiemployer Plans
Contributions	2.1	2.1	2.1
Green Zone \| O C U Trust Pension Plan
Multiemployer Plans
Contributions	0.1	0.1	0.1
Multiemployer Benefit Pension Plans
Multiemployer Plans
Number of multiemployer plans	10
Number of collective-bargaining agreements based upon vessels that require contributions	2
Number of vessels covered	13
Multiemployer Benefit Pension Plans \| Collective Bargaining Arrangement Contract B
Multiemployer Plans
Number of vessels covered	1
Multiemployer Benefit Pension Plans \| Red Zone \| Maximum
Multiemployer Plans
Funded status of multiemployer plan (as a percent)	65.00%
Multiemployer Benefit Pension Plans \| Yellow Zone \| Minimum
Multiemployer Plans
Funded status of multiemployer plan (as a percent)	80.00%
Multiemployer Benefit Pension Plans \| Green Zone \| Minimum
Multiemployer Plans
Funded status of multiemployer plan (as a percent)	80.00%
Multiemployer Benefit Postretirement Plans
Multiemployer Plans
Number of multiemployer plans	7
Contributions	$ 11.1	$ 10.5	$ 10.8

INCOME TAXES (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current:
Federal									$ 45.5	$ (24.3)	$ 38.9
State									3.7	(1.0)	3.2
Total									49.2	(25.3)	42.1
Deferred									2.7	57.5	(9.1)
Total income taxes expense	17.3	19.1	13.1	2.4	7.1	6.4	12.8	5.9	51.9	32.2	33.0
Difference of Income tax expense from amounts computed by applying the statutory federal rate to income from continuing operations before income taxes
Computed federal income tax expense (as a percent)									35.00%	35.00%	35.00%
State income tax (as a percent)									2.20%	2.90%	0.60%
Deferred tax adjustment (as a percent)									(0.90%)		(1.60%)
Transactions costs (as a percent)									1.40%
Separation costs (as a percent)											2.00%
Unrecognized tax benefit (as a percent)									(0.40%)	(2.10%)	1.70%
Valuation allowance									3.30%
Other-net (as a percent)									1.70%	1.70%	1.10%
Effective income tax rate, Percent, Total									42.30%	37.50%	38.80%
Deferred tax assets:
Benefit plans	63.6				41.8				63.6	41.8
Insurance reserves	11.4				10.0				11.4	10.0
Allowance for doubtful accounts	1.4				1.3				1.4	1.3
Reserves	2.1				6.0				2.1	6.0
Foreign losses and unremitted earnings	4.1				3.1				4.1	3.1
Alternative minimum tax credits	1.5				1.4				1.5	1.4
Other	0.8				(0.2)				0.8	(0.2)
Total deferred tax assets	84.9				63.4				84.9	63.4
Valuation allowance	(4.1)								(4.1)
Total deferred tax assets, net of valuation allowance	80.8				63.4				80.8	63.4
Deferred tax liabilities:
Basis differences for property and equipment	252.7				278.0				252.7	278.0
Capital Construction Fund	106.9				83.4				106.9	83.4
Joint ventures and other investments	7.7				4.6				7.7	4.6
Deferred revenue	10.1				11.4				10.1	11.4
Amortization	3.8				3.0				3.8	3.0
Total deferred tax liabilities	381.2				380.4				381.2	380.4
Net deferred tax liability	$ 300.4				$ 317.0				$ 300.4	$ 317.0

INCOME TAXES (Details 2) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
INCOME TAXES.
Net tax benefits from share-based transactions	$ 3.4	$ 2.2	$ 1.6
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits
Balance at beginning of the period	7.2	8.3	2.6
Additions for tax positions of prior years	0.5	2.0	4.0
Additions for tax positions of current year			3.7
Reductions for tax positions of prior years			(1.0)
Reductions for lapse of statute of limitations	(1.0)	(3.1)	(1.0)
Balance at the end	6.7	7.2	8.3
Unrecognized tax benefits that, if recognized, would favorably impact the effective rate	6.7	7.2	8.3
Interest accrued related to unrecognized tax benefits	$ 0.2	$ 0.3	$ 0.4

SHARE-BASED AWARDS (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended			0 Months Ended	12 Months Ended		3 Months Ended	12 Months Ended
	Dec. 31, 2014 Stock options	Dec. 31, 2013 Stock options	Dec. 31, 2012 Stock options	Jan. 28, 2010 2007 Plan	Dec. 31, 2014 2007 Plan plan	Dec. 31, 2014 2007 Plan Discretionary Grant Program	Mar. 31, 2013 2007 Plan Stock Issuance Program Performance Vesting	Dec. 31, 2014 2007 Plan Stock options	Dec. 31, 2014 2007 Plan Time-Based Restricted Stock Units Stock Issuance Program	Dec. 31, 2014 2007 Plan Performance-Based Restricted Stock Units Stock Issuance Program	Dec. 31, 2014 2007 Plan Restricted Stock Units	Dec. 31, 2014 2007 Plan Restricted Stock Units Automatic Grant Program	Dec. 31, 2014 1998 Plan Stock options	Dec. 31, 2014 Predecessor Plans 1998 Plan Stock options	Dec. 31, 2014 Predecessor Plans 1998 Plan Time-Based Restricted Stock Units	Dec. 31, 2014 Predecessor Plans 1998 Plan Performance-Based Restricted Stock Units	Dec. 31, 2014 Predecessor Plan 1998 Directors' Plan Stock options
Share-based awards
Common stock initially available for future issuance (in shares)					2,200,000						8,700,000
Common stock available for future issuance (in shares)											6,100,000
Additional shares of authorized for issuance				2,200,000
Number of shares to be issued upon exercise of outstanding options, warrants and rights											900,000
Number of separate incentive compensation programs					4
Number of share based compensation plans within the entity's incentive compensation programs					3
Minimum exercise price as a percentage of fair market value of common stock						100.00%
Number of shares that can be purchased with the annual option																	8,000
Exercisable period						3 years											3 years
Vesting period of awards granted									3 years	3 years		3 years		3 years	3 years	1 year
Average ROIC, period for measurement							3 years
TSR modifier, period for measurement							3 years
Weighted percentage of the entities comprising each index considered for calculation of total shareholder return							50.00%
Continuous service period for vesting of shares issuable on the basis of the performance-vesting criteria							3 years
Expiration Term						10 years								10 years
Period of time within for an option to be exercised for eligibility for reload feature and new stock option grant														5 years
Ratio to convert original option price under reload feature														1.5
Options granted, weighted average grant-date fair value (in dollars per share)			$ 10.74								$ 23.61
Weighted average valuation assumptions
Expected volatility (as a percent)			31.80%
Expected term			6 years 1 month 6 days
Risk-free interest rate (as a percent)			1.20%
Dividend yield (as a percent)			2.70%
Activity in the entity's stock option plans
Outstanding, beginning of period (in shares)	1,192,000							844,000					208,000				140,000
Granted (in shares)		0												0
Exercised (in shares)	(319,000)							(187,000)					(70,000)				(62,000)
Forfeited and expired (in shares)	(21,000)												(6,000)				(15,000)
Outstanding, end of period (in shares)	852,000	1,192,000						657,000					132,000				63,000
Exercisable (in shares)	815,000							620,000					132,000				63,000
Weighted average exercise price
Outstanding, weighted average exercise price, beginning of period (in dollars per share)	$ 21.24
Exercised, weighted average exercise price (in dollars per share)	$ 21.10
Forfeited and expired, weighted average exercise price (in dollars per share)	$ 23.17
Outstanding, weighted average exercise price, end of period (in dollars per share)	$ 21.24	$ 21.24
Exercisable, weighted average exercise price (in dollars per share)	$ 21.13
Outstanding, weighted average contractual life	4 years 1 month 6 days
Exercisable, weighted average contractual life	4 years
Outstanding, aggregate intrinsic value (in dollars)	$ 11,294
Exercisable, aggregate intrinsic value (in dollars)	$ 10,895

SHARE-BASED AWARDS (Details 2) (2007 Plan, Restricted Stock Units, USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014
2007 Plan \| Restricted Stock Units
Non-vested restricted stock unit activity
Outstanding, beginning of period (in shares)	555
Granted (in shares)	352
Exercised (in shares)	(193)
Cancelled (in shares)	(36)
Outstanding, end of period (in shares)	678
Weighted Average Grant-Date Fair Value
Outstanding, weighted average grant-date fair value, beginning of period (in dollars per share)	$ 25.61
Granted, weighted average grant-date fair value (in dollars per share)	$ 23.61
Exercised, weighted average grant-date fair value (in dollars per share)	$ 25.05
Cancelled, weighted average grant-date fair value (in dollars per shares)	$ 24.78
Outstanding, weighted average grant-date fair value, end of period (in dollars per shares)	$ 24.78

SHARE-BASED AWARDS (Details 3) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based expense (net of estimated forfeitures)
Total share-based expense	$ 8.7	$ 5.9	$ 4.0
Total recognized tax benefit	(3.4)	(2.2)	(1.6)
Total share-based expense (net of tax)	5.3	3.7	2.4
Cash received by Matson upon option exercise	5.8	1.7	3.5
Intrinsic value of options exercised	3.4	1.1	5.2
Tax benefit realized upon option exercise	1.9	1.7	1.5
Fair value of stock vested	5.0	4.4	3.8
Stock options
Share-based expense (net of estimated forfeitures)
Total share-based expense	0.3	0.4	0.9
Total recognized tax benefit	(0.8)	(0.6)
Non-vested stock and restricted stock units
Share-based expense (net of estimated forfeitures)
Total share-based expense	8.4	5.5	3.1
Unrecognized compensation cost	$ 9.0
Unrecognized compensation cost, weighted average period for recognition	1 year 8 months 12 days

COMMITMENTS AND CONTINGENCIES (Details) (USD $) In Millions, unless otherwise specified					0 Months Ended
	Dec. 31, 2014 employee	Oct. 21, 2014 item	Apr. 30, 2014 item	Dec. 31, 2013	Feb. 20, 2015 Subsequent event city	Dec. 31, 2014 Standby letters of credit	Dec. 31, 2014 Benefit plan withdrawal obligations	Dec. 31, 2014 Self-insured workers' compensation and other insurance	Dec. 31, 2014 U.S. Custom bonds	Dec. 31, 2014 Transportation and other bonds
Commitments, Guarantees and Contingencies
Commitments and financial arrangements	$ 6.0					$ 1.2		$ 4.8
Commitments and financial arrangements	20.6								19.2	1.4
Multiemployer Plan Withdrawal Obligation recorded	0			0			94.8
Number of employees	1,056
Number of employee part of collective bargaining agreements	285
Number of employee part of expired collective bargaining agreements	252
Term Of Contract					5 years
Number of cities					29
Environmental Matters
Number of subpoenas received from the Hawaii Attorney General			2
Number of misdemeanor charges of violations of refuse act		2
Number of counts of violating the refuse act accepted		2
Penalty payment		1.0
Penalty payment in the form of a fine		0.4
Penalty payment in the form of a community service payment		0.6
Accrued and other liabilities	$ 1.0

RELATED PARTY TRANSACTIONS (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Related Party Transactions
Lease expense to A & B	$ (27.6)	$ (20.5)	$ (17.8)
Contributions to A&B			155.7
Alexander & Baldwin
Related Party Transactions
Vessel management services income			2.0
Lease expense to A & B			(2.1)
Equipment and repair services expense and other			(1.4)
Related party expense, net			(1.5)
Contributions to A&B	0	0	155.7
Proceeds from and contributions to A&B from issuance of capital stock			21.7
Contributions from A&B	$ 0	$ 0	$ 25.0

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References+ Details

REPORTABLE SEGMENTS (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014 segment	Dec. 31, 2013	Dec. 31, 2012
Segment results
Number of segments									2
Revenue	$ 443.5	$ 441.8	$ 436.4	$ 392.5	$ 410.9	$ 415.0	$ 416.6	$ 394.7	$ 1,714.2	$ 1,637.2	$ 1,560.0
Operating income	49.4	45.0	35.7	9.9	17.9	27.2	36.5	18.7	140.0	100.3	96.7
Interest expense, net	(4.3)	(4.4)	(4.5)	(4.1)	(3.5)	(3.6)	(3.6)	(3.7)	(17.3)	(14.4)	(11.7)
Income before income taxes	45.1	40.6	31.2	5.8	14.4	23.6	32.9	15.0	122.7	85.9	85.0
Income taxes	(17.3)	(19.1)	(13.1)	(2.4)	(7.1)	(6.4)	(12.8)	(5.9)	(51.9)	(32.2)	(33.0)
Income (Loss) from Continuing Operations Attributable to Parent, Total									70.8	53.7	52.0
Loss from discontinued operations									0	0	(6.1)
Net Income	27.8	21.5	18.1	3.4	7.3	17.2	20.1	9.1	70.8	53.7	45.9
Assets	1,401.8				1,248.3				1,401.8	1,248.3	1,174.3
Capital expenditures									27.9	35.2	38.1
Depreciation and amortization									69.7	69.7	72.5
Ocean Transportation
Segment results
Revenue	333.2	329.5	321.1	294.6	309.4	310.1	310.0	299.9	1,278.4	1,229.4	1,189.8
Operating income	46.3	42.6	32.8	9.4	16.0	25.5	34.3	18.5	131.1	94.3	96.6
Assets	1,313.9				1,168.6				1,313.9	1,168.6	1,097.2
Capital expenditures									27.8	33.8	37.0
Depreciation and amortization									66.6	66.4	69.1
Ocean Transportation \| SSAT
Segment results
Equity in earnings from affiliates	6.6				(2.0)				6.6	(2.0)	3.2
Equity method investments	64.4				57.6				64.4	57.6	59.6
Logistics
Segment results
Revenue	110.3	112.3	115.3	97.9	101.5	104.9	106.6	94.8	435.8	407.8	370.2
Operating income	3.1	2.4	2.9	0.5	1.9	1.7	2.2	0.2	8.9	6.0	0.1
Assets	87.9				79.7				87.9	79.7	77.1
Capital expenditures									0.1	1.4	1.1
Depreciation and amortization									$ 3.1	$ 3.3	$ 3.4

QUARTERLY INFORMATION (Unaudited) (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly information by segments
Revenue	$ 443.5	$ 441.8	$ 436.4	$ 392.5	$ 410.9	$ 415.0	$ 416.6	$ 394.7	$ 1,714.2	$ 1,637.2	$ 1,560.0
Operating income	49.4	45.0	35.7	9.9	17.9	27.2	36.5	18.7	140.0	100.3	96.7
Interest expense	(4.3)	(4.4)	(4.5)	(4.1)	(3.5)	(3.6)	(3.6)	(3.7)	(17.3)	(14.4)	(11.7)
Income from Continuing Operations Before Income Taxes	45.1	40.6	31.2	5.8	14.4	23.6	32.9	15.0	122.7	85.9	85.0
Income tax expense	(17.3)	(19.1)	(13.1)	(2.4)	(7.1)	(6.4)	(12.8)	(5.9)	(51.9)	(32.2)	(33.0)
Income (Loss) from Continuing Operations Attributable to Parent, Total									70.8	53.7	52.0
Net Income (Loss) from Discontinued Operations Net of Income taxes									0	0	(6.1)
Net Income	27.8	21.5	18.1	3.4	7.3	17.2	20.1	9.1	70.8	53.7	45.9
Income From Continuing Operations, Earnings Per Share:
Basic (in dollars per share)	$ 0.65	$ 0.50	$ 0.42	$ 0.08	$ 0.17	$ 0.40	$ 0.47	$ 0.21	$ 1.65	$ 1.26	$ 1.23
Diluted (in dollars per share)	$ 0.63	$ 0.50	$ 0.42	$ 0.08	$ 0.17	$ 0.40	$ 0.47	$ 0.21	$ 1.63	$ 1.25	$ 1.22
Net Income, Earnings Per Share:
Basic (in dollars per share)									$ 1.65	$ 1.26	$ 1.09
Diluted (in dollars per share)									$ 1.63	$ 1.25	$ 1.08
Ocean Transportation
Quarterly information by segments
Revenue	333.2	329.5	321.1	294.6	309.4	310.1	310.0	299.9	1,278.4	1,229.4	1,189.8
Operating income	46.3	42.6	32.8	9.4	16.0	25.5	34.3	18.5	131.1	94.3	96.6
Logistics
Quarterly information by segments
Revenue	110.3	112.3	115.3	97.9	101.5	104.9	106.6	94.8	435.8	407.8	370.2
Operating income	$ 3.1	$ 2.4	$ 2.9	$ 0.5	$ 1.9	$ 1.7	$ 2.2	$ 0.2	$ 8.9	$ 6.0	$ 0.1

PENSION AND POST-RETIREMENT PLANS (Details 10) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014 plan	Dec. 31, 2013	Dec. 31, 2012
Multi-employer defined contribution pension plans
Defined Contribution Plans
Number of Multiemployer Plans	6
Employer contributions	$ 3.0	$ 3.0	$ 3.3
401(K) plan
Defined Contribution Plans
Employer contributions	$ 1.6	$ 1.6	$ 1.6