16. PARENT COMPANY CONDENSED FINANCIAL INFORMATION

Set forth below are the unconsolidated condensed financial statements of Alexander & Baldwin, Inc. (“Parent Company”). The significant accounting policies used in preparing these financial statements are substantially the same as those used in the preparation of the consolidated financial statements as described in Note 1, except that, for purposes of the tables presented in this footnote, subsidiaries are carried under the equity method.

The following table presents the Parent Company's condensed balance sheets as of December 31, 2011 and 2010 (in millions):

	2011			2010
ASSETS
Current Assets:
Cash and cash equivalents	$	1		$	-
Accounts and other receivables, net		3			5
Inventories		24			16
Real estate held for sale		--			3
Prepaid expenses and other		5			6
Total current assets		33			30
Investments:
Subsidiaries consolidated, at equity		1,313			1,299
Property, at Cost		518			501
Less accumulated depreciation and amortization		237			225
Property – net		281			276
Other Assets		16			17
Total	$	1,643		$	1,622

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term debt	$	34		$	108
Accounts payable		6			8
Income taxes payable		22			2
Non-qualified benefit plans		1			1
Other		17			17
Total current liabilities		80			136
Long-term Debt		308			230
Employee Benefit Plans		41			27
Non-qualified Benefit Plans		8			10
Other Long-term Liabilities		19			11
Deferred Income Taxes		50			50
Due to Subsidiaries		14			22
Shareholders' Equity:
Capital stock		34			34
Additional capital		239			223
Accumulated other comprehensive loss		(92	)		(82	)
Retained earnings		953			972
Cost of treasury stock		(11	)		(11	)
Total shareholders' equity		1,123			1,136
Total	$	1,643		$	1,622

The following table presents the Parent Company's condensed statements of income for the years ended December 31, 2011, 2010, and 2009 (in millions):

	2011			2010			2009
Revenue:
Agribusiness	$	128		$	117		$	73
Real estate leasing		24			16			13
Real estate sales		15			2			8
Interest and other		3			6			2
Total revenue		170			141			96

Costs and Expenses:
Cost of agribusiness goods and services		113			114			109
Cost of real estate sales and leasing		21			11			9
Selling, general and administrative		21			24			21
Interest and other		16			16			16
Income tax benefit (expense)		2			(12	)		(22	)
Total costs and expenses		173			153			133

Loss from Continuing Operations		(3	)		(12	)		(37	)

Discontinued Operations, net of income taxes		2			24			11

Income (Loss) Before Equity in Income of Subsidiaries Consolidated		(1	)		12			(26	)

Equity in Income from Continuing Operations of Subsidiaries Consolidated		58			81			44

Equity in Income (Loss) from Discontinued Operations of Subsidiaries Consolidated		(23	)		(1	)		26

Net Income		34			92			44

Other Comprehensive Income (Loss), net of income taxes		(10	)		(1	)		15

Comprehensive Income	$	24		$	91		$	59

The following table presents the Parent Company's condensed statements of cash flows for the years ended December 31, 2011, 2010, and 2009 (in millions):

	2011			2010			2009
Cash Flows from Operations (including dividends received from subsidiaries)	$	96		$	37		$	90

Cash Flows from Investing Activities:
Capital expenditures		(10	)		(14	)		(6	)
Purchase of investments		(58	)		(67	)		(96	)
Proceeds from disposal of property and sale of investments		12			36			28
Net cash used in investing activities		(55	)		(45	)		(74	)

Cash Flows from Financing Activities:
Change in intercompany payables/receivables		--			--			(13	)
Proceeds from (repayments of) long-term debt, net		3			52			51
Proceeds from issuance of capital stock and other		10			7			(1	)
Repurchases of capital stock		--			--			--
Dividends paid		(53	)		(52	)		(52	)
Net cash used in financing activities		(40	)		7			(15	)

Cash and Cash Equivalents:
Net increase (decrease) for the year		1			(1	)		1
Balance, beginning of year		--			1			--
Balance, end of year	$	1		$	--		$	1

Other Cash Flow Information:
Interest paid	$	(16	)	$	(15	)	$	(13	)
Income taxes paid, net of refunds	$	(25	)	$	(46	)	$	(38	)

Other Non-cash Information:
Depreciation expense	$	16		$	16		$	17
Tax-deferred property sales	$	16		$	65		$	29
Tax-deferred property purchases	$	(12	)	$	(78	)	$	(40	)

General Information: The Parent Company is headquartered in Honolulu, Hawaii and is engaged in the operations that are generally described in Note 14, “Industry Segments.” Additional information related to the Parent Company is described in the foregoing notes to the consolidated financial statements.

Long-term Debt: At December 31, 2011 and 2010, long-term debt consisted of the following (in millions):

	2011			2010

Revolving Credit loans (1.24% for 2011 and 0.57% for 2010)	$	113		$	93
Term Loans:
6.90%, payable through 2020		100			100
5.53%, payable through 2016		42			50
5.55%, payable through 2017		50			50
5.56%, payable through 2016		25			25
4.10%, payable through 2012		4			12
6.20%, payable through 2013, secured by Deere Valley Center		2			2
5.50%, payable through 2014, secured by Little Cottonwood Center		6			6
Total		342			338
Less current portion		(34	)		(108	)
Long-term debt	$	308		$	230

Long-term Debt Maturities: At December 31, 2011, maturities of all long-term debt during the next five years are $34 million in 2012, $26 million in 2013, $39 million in 2014, $33 million in 2015, $140 million in 2016, and $70 million thereafter.

Revolving Credit Facilities: The Parent Company has a revolving senior credit facility with seven commercial banks that expires in August 2016. The revolving credit facility provides for a commitment of $230 million. Amounts drawn under the facility bear interest at London Interbank Offered Rate (“LIBOR”) plus a margin based on a ratio of debt to earnings before interest, taxes, depreciation and amortization pricing grid. The agreement contains certain restrictive covenants, the most significant of which require the maintenance of minimum shareholders' equity levels, minimum unencumbered property investment values, and a maximum ratio of total debt to earnings before interest, depreciation, amortization, and taxes. At December 31, 2011, $113 million was outstanding, $11 million in letters of credit had been issued against the facilities, and $106 million remained available for borrowing.

The Company has a replenishing three-year unsecured note purchase and private shelf agreement with Prudential Investment Management, Inc. and its affiliates (collectively, “Prudential”) under which the Company may issue notes in an aggregate amount up to $400 million, less the sum of all principal amounts then outstanding on any notes issued by the Company or any of its subsidiaries to Prudential and the amount of any notes that are committed under the note purchase agreement. The Prudential agreement contains certain restrictive covenants that are substantially the same as the covenants contained in the Company's revolving senior credit facility. The ability to draw additional amounts under the Prudential facility expires on April 19, 2012 and borrowings under the shelf facility bear interest at rates that are determined at the time of the borrowing. At December 31, 2011, approximately $120 million was available under the facility.

Real EstateSecured Term Debt: In October 2010, the Parent Company assumed secured debt in connection with its purchase of Little Cottonwood Center, a retail center in Sandy, Utah. In June 2005, the Parent Company, together with its real-estate subsidiaries, purchased Deere Valley Center, an office building in Phoenix, Arizona, and assumed mortgage-secured debt. A&B owns approximately 25 percent of the Phoenix office building. The property is jointly and severally owned by three subsidiaries of the Company.

Dividends from Subsidiaries: The Company received cash dividends from Matson totaling approximately $60 million for 2011, $45 million for 2010 and $60 million for 2009.