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INDUSTRY SEGMENTS (Tables)
 12 Months Ended
Dec. 31, 2011
INDUSTRY SEGMENTS [Abstract]  
Segment Information
Industry segment information for 2011, 2010, and 2009 is summarized below (in millions):

For the Year
 
2011
   
2010
   
2009
 
Revenue:
                       
Transportation:
                       
Ocean transportation
 
$
1,077.6
   
$
1,016.5
   
$
888.6
 
Logistics services
   
386.4
     
355.6
     
320.9
 
    Real Estate:
                       
Leasing
   
100.1
     
94.4
     
103.2
 
Sales
   
66.2
     
136.1
     
125.6
 
Less amounts reported in discontinued operations1
   
(47.5
)
   
(126.7
)
   
(136.6
)
Agribusiness5
   
161.7
     
163.9
     
107.0
 
Reconciling Items 2
   
(22.1
)
   
(26.3
)
   
(16.3
)
Total revenue
 
$
1,722.4
   
$
1,613.5
   
$
1,392.4
 
Operating Profit:
                       
Transportation:
                       
Ocean transportation3
 
$
74.1
   
$
118.7
   
$
58.3
 
Logistics services
   
5.0
     
7.2
     
6.7
 
Real Estate:
                       
Leasing
   
39.3
     
35.3
     
43.2
 
Sales3
   
15.5
     
50.1
     
39.1
 
Less amounts reported in discontinued operations1
   
(23.8
)
   
(54.5
)
   
(59.2
)
Agribusiness5
   
22.2
     
6.1
     
(27.8
)
Total operating profit
   
132.3
     
162.9
     
60.3
 
Interest expense, net4
   
(24.8
)
   
(25.5
)
   
(25.9
)
General corporate expenses
   
(20.3
)
   
(23.3
)
   
(21.8
)
Income from continuing operations before income taxes
   
87.2
     
114.1
     
12.6
 
Income taxes
   
32.3
     
44.7
     
5.0
 
Income from continuing operations
   
54.9
     
69.4
     
7.6
 
Discontinued operations
   
(20.7
)
   
22.7
     
36.6
 
Net income
 
$
34.2
   
$
92.1
   
$
44.2
 
                         
1
Prior year amounts restated for amounts treated as discontinued operations.

2
Includes inter-segment revenue, interest income, and other income classified as revenue for segment reporting purposes.

3
The Ocean Transportation segment includes approximately $8.6 million, $12.8 million, and $6.2 million of equity in earnings from its investment in SSAT for 2011, 2010, and 2009, respectively. The Real Estate Sales segment includes approximately $7.9 million equity in loss and $2.0 million in equity in earnings from its various real estate joint ventures for 2011 and 2010, respectively. Equity in earnings from joint ventures in 2009 was negligible.

4
Includes Ocean Transportation interest expense of $7.7 million, $8.2 million, and $9.0 million for 2011, 2010, and 2009, respectively. Substantially all other interest expense was at the parent company.

5
Includes a $4.9 million gain in 2010 related to an agriculture disaster relief payment for drought experienced in prior years and a $5.4 million gain recorded upon consolidation of HS&TC in 2009.

 
As of December 31:
 
2011
   
2010
   
2009
 
Identifiable Assets:
                       
Ocean transportation6
 
$
1,082.6
   
$
1,095.5
   
$
1,095.2
 
Logistics services
   
76.8
     
73.8
     
72.4
 
Real estate leasing
   
770.9
     
739.4
     
627.4
 
Real estate sales6
   
451.4
     
420.8
     
415.6
 
Agribusiness
   
157.8
     
150.3
     
156.8
 
Other
   
4.8
     
14.8
     
12.2
 
Total assets
 
$
2,544.3
   
$
2,494.6
   
$
2,379.6
 
Capital Expenditures:
                       
Ocean transportation
 
$
44.2
   
$
69.4
   
$
12.7
 
Logistics services7
   
3.0
     
1.8
     
0.6
 
Real estate leasing8
   
43.6
     
164.7
     
108.8
 
Real estate sales9
   
5.2
     
0.1
     
0.1
 
Agribusiness
   
10.5
     
6.8
     
3.4
 
Other
   
--
     
0.3
     
0.3
 
Total capital expenditures
 
$
106.5
   
$
243.1
   
$
125.9
 
Depreciation and Amortization:
                       
Ocean transportation
 
$
70.6
   
$
69.0
   
$
67.1
 
Logistics services
   
3.2
     
3.2
     
3.5
 
Real estate leasing1
   
21.6
     
20.3
     
19.5
 
Real estate sales
   
0.2
     
0.2
     
0.3
 
Agribusiness
   
11.9
     
12.7
     
11.9
 
Other
   
1.1
     
1.9
     
3.1
 
Total depreciation and amortization
 
$
108.6
   
$
107.3
   
$
105.4
 



6
The Ocean Transportation segment includes approximately $56.5 million, $52.9 million, and $47.2 million related to its investment in SSAT as of December 31, 2011, 2010, and 2009, respectively. The Real Estate Sales segment includes approximately $290.1 million, $274.8 million, and $193.3 million related to its investment in various real estate joint ventures as of December 31, 2011, 2010, and 2009, respectively.

7
Excludes expenditures related to Matson Logistics' acquisitions, which are classified as acquisition of businesses in Cash Flows from Investing Activities within the Consolidated Statements of Cash Flows.

8
Represents gross capital additions to the leasing portfolio, including gross tax-deferred property purchases that are reflected as non-cash transactions in the Consolidated Statements of Cash Flows.

9
Excludes expenditures for real estate developments held for sale which are classified as Cash Flows from Operating Activities within the Consolidated Statements of Cash Flows. Operating cash flows for expenditures related to real estate developments were $14 million, $22 million, and $6 million for 2011, 2010, and 2009, respectively.