Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 29, 2018 | Jun. 30, 2017 | |
Document And Entity Information | |||
Entity Registrant Name | KAANAPALI LAND LLC | ||
Entity Central Index Key | 1,230,058 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 1,792,613 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 30,565 | $ 21,049 |
Restricted cash | 592 | 549 |
Property, net | 64,283 | 71,170 |
Pension plan assets | 14,353 | 14,124 |
Other assets | 3,115 | 2,295 |
Total assets | 112,908 | 109,187 |
Liabilities | ||
Accounts payable and accrued expenses | 528 | 382 |
Deposits and deferred gains | 2,409 | 2,390 |
Deferred income taxes | 11,007 | 17,558 |
Other liabilities | 12,476 | 12,821 |
Total liabilities | 26,420 | 33,151 |
Commitments and contingencies (Note 7) | ||
Stockholders' Equity | ||
Common stock, at 12/31/17 and 12/31/16 Shares authorized - unlimited, Class C shares 52,000; shares issued and outstanding 1,792,613 in 2017 and 2016, Class C shares issued and outstanding 52,000 in 2017 and 2016 | ||
Additional paid-in capital | 5,471 | 5,471 |
Accumulated other comprehensive income (loss), net of tax | (1,367) | (1,216) |
Accumulated earnings | 81,754 | 71,094 |
Stockholders' equity | 85,858 | 75,349 |
Non controlling interests | 630 | 687 |
Total equity | 86,488 | 76,036 |
Total liabilities and stockholders' equity | $ 112,908 | $ 109,187 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Common stock, no par value | ||
Common stock shares authorized | Unlimited | Unlimited |
Common stock, shares issued | 1,792,613 | 1,792,613 |
Common stock, shares outstanding | 1,792,613 | 1,792,613 |
Common Stock Class C [Member] | ||
Common stock, shares authorized | 52,000 | 52,000 |
Common stock, shares issued | 52,000 | 52,000 |
Common stock, shares outstanding | 52,000 | 52,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Sales | $ 15,388 | $ 8,105 | $ 6,596 |
Interest and other income | 571 | 288 | 246 |
Total revenues | 15,959 | 8,393 | 6,842 |
Cost and expenses: | |||
Cost of sales | 11,797 | 7,990 | 6,798 |
Selling, general and administrative | 3,079 | 3,878 | 2,862 |
Depreciation and amortization | 200 | 248 | 200 |
Settlement of pension plan's benefit obligation (before taxes) | 20,810 | ||
Total cost and expenses | 15,076 | 32,926 | 9,860 |
Operating income (loss) before income taxes | 883 | (24,533) | (3,018) |
Income tax benefit (expense) including $8,116 benefit in 2016 due to settlement of pension plan's benefit obligation | 9,440 | 7,748 | (783) |
Net income (loss) | 10,323 | (16,785) | (3,801) |
Less: Net loss attributable to non controlling interests | (387) | (134) | (279) |
Net income (loss) attributable to stockholders | $ 10,710 | $ (16,651) | $ (3,522) |
Net income (loss) per share - basic and diluted | $ 5.81 | $ (9.03) | $ (1.91) |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Tax benefit from settlement of pension plan benefit obligation | $ 8,116 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 10,323 | $ (16,785) | $ (3,801) |
Other comprehensive income (loss): | |||
Net unrealized gains (losses) on pension plan assets before settlement of pension plan's benefit obligation | 146 | (5,673) | (2,623) |
Income tax benefit (expense) related to items of other comprehensive income | (297) | 2,213 | 1,023 |
Other comprehensive loss, net of tax before settlement of pension plan's benefit obligation | (151) | (3,460) | (1,600) |
Other comprehensive income due to settlement of pension plan's benefit obligation | 20,810 | ||
Income tax expense related to comprehensive income due to settlement of pension plan's benefit obligation | (8,116) | ||
Other comprehensive income, net of tax due to settlement of pension plan's benefit obligation | 12,694 | ||
Comprehensive income (loss) | 10,172 | (7,551) | (5,401) |
Comprehensive loss attributable to non controlling interests | (387) | (134) | (279) |
Comprehensive income (loss) attributable to stockholders | $ 10,559 | $ (7,417) | $ (5,122) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated (Deficit) Earnings [Member] | Accumulated Other Comprehensive Income / (Loss) [Member] | Total Stockholders' Equity [Member] | Non Controlling Interests [Member] | Total |
Balance at Dec. 31, 2014 | $ 5,471 | $ 91,430 | $ (8,850) | $ 88,051 | $ 758 | $ 88,809 | |
Effect of consolidating Kaanapali Coffee Farms Lot Owners' Association | (91) | (91) | 109 | 18 | |||
Other comprehensive income (loss), net of tax | (1,600) | (1,600) | (1,600) | ||||
Net income (loss) | (3,522) | (3,522) | (279) | (3,801) | |||
Balance at Dec. 31, 2015 | 5,471 | 87,817 | (10,450) | 82,838 | 588 | 83,426 | |
Effect of consolidating Kaanapali Coffee Farms Lot Owners' Association | (72) | (72) | 233 | 161 | |||
Other comprehensive income (loss), net of tax | 9,234 | 9,234 | 9,234 | ||||
Net income (loss) | (16,651) | (16,651) | (134) | (16,785) | |||
Balance at Dec. 31, 2016 | 5,471 | 71,094 | (1,216) | 75,349 | 687 | 76,036 | |
Effect of consolidating Kaanapali Coffee Farms Lot Owners' Association | (50) | (50) | 330 | 280 | |||
Other comprehensive income (loss), net of tax | (151) | (151) | (151) | ||||
Net income (loss) | 10,710 | 10,710 | (387) | 10,323 | |||
Balance at Dec. 31, 2017 | $ 5,471 | $ 81,754 | $ (1,367) | $ 85,858 | $ 630 | $ 86,488 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 10,323 | $ (16,785) | $ (3,801) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Proceeds from property sales | 11,997 | 5,170 | 3,497 |
Gain on property sales | (4,748) | (951) | (623) |
Pension plan assets | (83) | 20,353 | (921) |
Depreciation and amortization | 200 | 248 | 200 |
Deferred income taxes | (9,440) | (7,748) | 783 |
Changes in operating assets and liabilities: | |||
Restricted cash | (43) | (100) | 243 |
Other assets | 1,774 | (33) | 541 |
Accounts payable, accrued expenses, deposits, deferred gains and other | (182) | (956) | (1,122) |
Net cash provided by (used in) operating activities | 9,798 | (802) | (1,203) |
Cash flows from investing activities: | |||
Property additions | (562) | (423) | (426) |
Property disposals | 115 | ||
Net cash used in investing activities | (562) | (423) | (311) |
Cash flows from financing activities: | |||
Contributions | 362 | 315 | 278 |
Distributions | (82) | (153) | (260) |
Net cash provided by financing activities | 280 | 162 | 18 |
Net increase (decrease) in cash and cash equivalents | 9,516 | (1,063) | (1,496) |
Cash and cash equivalents at beginning of year | 21,049 | 22,112 | 23,608 |
Cash and cash equivalents at end of year | $ 30,565 | 21,049 | 22,112 |
Cash received (paid) for income taxes |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements Of Cash Flows Parenthetical | |||
Amount of promissory notes included in proceeds from property sales | $ 777 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (1) Summary of Significant Accounting Policies Organization and Basis of Accounting Kaanapali Land, LLC ("Kaanapali Land"), a Delaware limited liability company is the reorganized entity resulting from the Joint Plan of Reorganization of Amfac Hawaii, LLC (now known as KLC Land Company, LLC ("KLC Land")), certain of its subsidiaries (together with KLC Land, the "KLC Debtors") and FHT Corporation ("FHTC" and, together with the KLC Debtors, the "Debtors") under Chapter 11 of the Bankruptcy Code, dated June 11, 2002 (as amended, the "Plan"). The Plan was filed jointly by all Debtors to consolidate each case for joint administration in the Bankruptcy Court in order to (a) permit the petitioners to present a joint reorganization plan that recognized, among other things, the common indebtedness of the debtors (i.e. the Certificate of Land Appreciation Notes ("COLAs") and Senior Indebtedness) and (b) facilitate the overall administration of the bankruptcy proceedings. As indicated in the Plan, Kaanapali Land has elected to be taxable as a corporation. The Plan was confirmed by the Bankruptcy Court by orders dated July 29, 2002 and October 30, 2002 (collectively, the "Order") and became effective November 13, 2002 (the "Plan Effective Date"). During August 2005, pursuant to a motion for entry of final decree, the bankruptcy cases were closed. In accordance with the Plan, approximately 1,793,000 Common Shares were issued all of which remained outstanding at December 31, 2017. Kaanapali Land's membership interests are denominated as non par value "Shares" and were originally divided into two classes: the Class A Shares, which were widely held primarily by non-affiliated persons who had previously held Company indebtedness prior to the Plan Effective Date and "Class B Shares" which were generally held by affiliates of Kaanapali Land. Pursuant to the LLC Agreement, the Class A Shares and Class B Shares were automatically redesignated Company Common Shares on November 15, 2007. Accordingly, the Company's Class A Shares and Class B Shares ceased to exist separately on November 15, 2007. The accompanying consolidated financial statements include the accounts of Kaanapali Land and all of its subsidiaries and its predecessor (collectively, the "Company"), which include KLC Land and its wholly-owned subsidiaries. In 2013, the Kaanapali Coffee Farms Lot Owners’ Association was consolidated into the accompanying consolidated financial statements. The interests of third party owners are reflected as non controlling interests. All significant intercompany transactions and balances have been eliminated in consolidation. All references to acres/acreage are unaudited. The Company's continuing operations are in two business segments - Agriculture and Property. The Agriculture segment remains engaged in farming, harvesting and milling operations relating to coffee orchards on behalf of the applicable land owners. The Property segment primarily develops land for sale and negotiates bulk sales of undeveloped land. The Property and Agriculture segments operate exclusively in the State of Hawaii. For further information on the Company's business segments see Note 8. Cash and Cash Equivalents The Company considers as cash equivalents all investments with maturities of three months or less when purchased. Included in this balance is a money market fund for $10,000 that is considered to be a Level 1 investment with a maturity of 30 days. The Company’s cash balances are maintained primarily in two financial institutions. Restricted cash represents cash held by the Kaanapali Coffee Farms Lot Owners’ Association. Such balances generally exceed the Federal Deposit Insurance Corporation insurance limits. Management does not believe the Company is exposed to significant risk of loss on cash and cash equivalents. Subsequent Events The Company has performed an evaluation of subsequent events from the date of the financial statements included in this annual report through the date of its filing with the SEC. Reclassification of Prior Year Presentation Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported consolidated financial statements. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance under the Accounting Standards Codification (“ASC”) 606, Revenue from Contract with Customers, which establishes a single comprehensive revenue recognition model for all contracts with customers and will supersede most existing revenue guidance. This guidance requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange. Transition options include either a full or modified retrospective approach and early adoption is permitted. The implementation date for this guidance was effective for annual reporting periods beginning after December 15, 2016. The effective transition date was deferred by one year upon issuance of ASU 2015-14 in August 2015 and will now be effective at the beginning of our first quarter of fiscal year 2018. The Company will adopt ASU 2014-09 and the related updates subsequently issued by the FASB on January 1, 2018, via the modified retrospective approach. The revenues derived from income from land sales and coffee revenue will be in the scope of the new guidance. The disclosures will be expanded, as applicable, to discuss performance obligations, contract balances, timing and nature of the revenue streams. There will not be any other resulting changes to accounting policies for revenue recognition or to our Consolidated Financial Statements from adoption of this guidance. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. For public business entities, the standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this update is permitted for all entities. While the Company is currently evaluating the effect that implementation of this update will have on its consolidated financial position and results of operations upon adoption, significant impact is not anticipated. In August 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments, which provides guidance on how certain cash receipts and cash payments should be presented and classified in the statement of cash flows with the objective of reducing existing diversity in practice with respect to these items. This guidance is effective for annual periods, and interim periods within those years, beginning after December 15, 2017 and shall be applied retrospectively to all periods presented. Early adoption of this update is permitted. While the Company is currently evaluating the impact of the adoption of this requirement on our Consolidated Financial Statements, significant impact is not anticipated. In November 2016, the Financial Accounting Standards Board (“FASB”) issued guidance under the Account Standards Codification (“ASC”) 2016-18, Statement of Cash Flows: Restricted Cash, which provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. While the Company is currently evaluating the impact of the adoption of this requirement on our Consolidated Financial Statements, significant impact is not anticipated. In January 2017, the Financial Accounting Standards Board, or FASB, issued guidance to add the SEC Staff Announcement “Disclosure of the Impact that Recently Issued Accounting Standards will have on the Financial Statements of a Registrant when such Standards are Adopted in a Future Period (in accordance with Staff Accounting Bulletin Topic 11.M).” The announcement applies to the May 2014 guidance on revenue recognition from contracts with customers and the February 2016 guidance on leases. The announcement provides the SEC staff view that a registrant should evaluate certain recent accounting standards that have not yet been adopted to determine appropriate financial statement disclosures about the potential material effects of those recent accounting standards. If a registrant does not know or cannot reasonably estimate the impact that adoption of the recent accounting standards referenced in this announcement is expected to have on the financial statements, then the registrant should make a statement to that effect and consider the additional qualitative financial statement disclosures to assist the reader in assessing the significance of the impact that the recent accounting standards will have on the financial statements of the registrant when adopted. While the Company is currently evaluating the impact of this guidance on leases and its impact on its consolidated financial statements, significant impact is not anticipated. Land Development During the first quarter of 2006, the Company received final subdivision approval on an approximate 336 acre parcel in the region "mauka" (toward the mountains) from the main highway serving the area. This project, called Kaanapali Coffee Farms, consisted of 51 agricultural lots, offered to individual buyers. The land improvements were completed during 2008. As of December 31, 2017, the Company sold forty-six lots at Kaanapali Coffee Farms including three lots during the fourth quarter 2017, one lot during the third quarter 2017, one lot during the first quarter 2017 and six lots in 2016. In conjunction with the sale of four of the lots sold in prior years and one lot sold in 2016, in addition to cash proceeds, the Company received promissory notes. As of December 31, 2017, all notes have been paid in full. In January 2018, an additional lot at Kaanapali Coffee farms was sold, leaving four unsold lots. Project costs associated with the development and construction of real estate projects are capitalized and classified as Property, net. Such capitalized costs are not in excess of the projects' estimated fair value as reviewed periodically or as considered necessary. In addition, interest, insurance and property tax are capitalized to qualifying assets during the period that such assets are undergoing activities necessary to prepare them for their intended use. For development projects, capitalized costs are allocated using the direct method for expenditures that are specifically associated with the lot being sold and the relative-sales-value method for expenditures that benefit the entire project. Recognition of Profit From Real Property Sales For real property sales, profit is recognized in full when the collectability of the sales price is reasonably assured and the earnings process is virtually complete. When the sale does not meet the requirements for full profit recognition, all or a portion of the profit is deferred until such requirements are met. Other revenues are recognized when delivery has occurred or services have been rendered, the sales price is fixed or determinable, and collectability is reasonably assured. Property Property is stated at cost. Depreciation is based on the straight-line method over the estimated economic lives of 15-40 years for the Company's depreciable land improvements, 3-18 years for machinery and equipment. Maintenance and repairs are charged to operations as incurred. Significant betterments and improvements are capitalized and depreciated over their estimated useful lives. Provisions for impairment losses related to long-lived assets, if any, are recognized when expected future cash flows are less than the carrying values of the assets. If indicators of impairment are present, the Company evaluates the carrying value of the related long-lived assets in relationship to the future undiscounted cash flows of the underlying operations or anticipated sales proceeds. The Company adjusts the net book value of property to fair value if the sum of the expected undiscounted future cash flow or sales proceeds is less than book value. Assets held for sale are recorded at the lower of the carrying value of the asset or fair value less costs to sell. 2017 2016 Property, net: Land $ 63,344 70,378 Buildings 1,216 1,166 Machinery and equipment 4,829 4,532 69,389 76,076 Accumulated depreciation (5,106) (4,906) Property, net $ 64,283 71,170 Inventory of land held for sale of approximately $3,498 and $7,026, representing primarily Kaanapali Coffee Farms, was included in Property, net in the consolidated balance sheets at December 31, 2017 and 2016, respectively, and is carried at the lower of cost or net realizable value. The land held for sale is recognized in the Property segment as disclosed in footnote 8 Business Segment Information. Generally, no land is currently in use except for certain acreage of coffee trees which are being maintained to support the Company's land development program and miscellaneous parcels of land that have been leased or licensed to third parties on a short term basis. The Company's significant property holdings are on the island of Maui consisting of approximately 3,900 acres, of which approximately 1,500 acres is classified as conservation land which precludes development. The Company has determined, based on its current projections for the development and/or disposition of its property holdings, that the property holdings are not currently recorded in an amount in excess of proceeds that the Company expects that it will ultimately obtain from the operation and disposition thereof. In August 2017, Pioneer Mill Company, pursuant to a property sales agreement with an unrelated third party, closed on the sale of approximately 230 acres known as the “Wainee Lands”, which are located in Lahaina south of the mill site (“Wainee Sales Agreement”). The purchase price was $8,000, paid in cash at closing. In September 2014, Kaanapali Land Management Corp. (“KLMC”), pursuant to a property and option purchase agreement with an unrelated third party, closed on the sale of an approximate 14.9 acre parcel in West Maui. The purchase price was $3,300, paid in cash at closing. The agreement commits KLMC to fund up to between $803 and $1,008, depending on various factors, for off-site roadway, water, sewer and electrical improvements that will also provide service to other KLMC properties. The purchaser was also granted an option for the purchase of an adjacent site of approximately 18.5 acres for $4,078, of which $525 was paid in cash upon the closing of the 14.9 acre site. The nonrefundable $525 option payment can be applied to the purchase of the 18.5 acre site. The option which initially expired in September 2017 has been extended to December 31, 2018. The 14.9 acre site is intended to be used for a hospital, skilled nursing facility, assisted living facility, and medical offices, and the option site is intended to be used for other medical and health related facilities. Other Liabilities Other liabilities are comprised of estimated liabilities for losses, commitments and contingencies related to various divested assets or operations. These estimated liabilities include the estimated effects of certain asbestos related claims, obligations related to former officers and employees such as pension, post-retirement benefits and workmen's compensation, investigation and potential remedial efforts in connection with environmental matters in the state of Hawaii. Management's estimates are based, as applicable, on taking into consideration claim amounts filed by third parties, life expectancy of beneficiaries, advice of consultants, negotiations with claimants, historical settlement experience, the number of new cases expected to be filed and the likelihood of liability in specific situations. Management periodically reviews the adequacy of each of its reserve amounts and adjusts such as it determines appropriate to reflect current information. Reference is made to Note 7, Commitments and Contingencies. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Short-Term Investments It is the Company's policy to classify all of its investments in U.S. Government obligations with original maturities greater than three months as held-to maturity, as the Company has the ability and intent to hold these investments until their maturity, and are recorded at amortized cost, which approximates fair value. Income Taxes Income taxes are accounted for under the asset and liability approach which requires recognition of deferred tax assets and liabilities for the differences between the financial reporting and tax basis of assets and liabilities. A valuation allowance reduces deferred tax assets when it is more likely than not some portion or all of the deferred tax assets will not be realized. As of December 31, 2017 and 2016, there were no uncertain tax positions that had a material impact on the Company's consolidated financial statements. |
Mortgage Note Payable
Mortgage Note Payable | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Mortgage Note Payable | (2) Mortgage Note Payable Certain subsidiaries of Kaanapali Land are jointly indebted to Kaanapali Land pursuant to a certain Secured Promissory Note in the principal amount of $70,000 dated November 14, 2002, and due September 30, 2020, as extended. Such note had an outstanding balance of principal and accrued interest as of December 31, 2017 and 2016 of approximately $87,900 and $87,500, respectively. The interest rate currently is 1.19% per annum and compounds semi-annually. The note, which is prepayable, is secured by substantially all of the remaining real property owned by such subsidiaries, pursuant to a certain Mortgage, Security Agreement and Financing Statement, dated as of November 14, 2002 and placed on record in December 2002. The note has been eliminated in the consolidated financial statements because the obligors are consolidated subsidiaries of Kaanapali Land. |
Rental Arrangements
Rental Arrangements | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Rental Arrangements | (3) Rental Arrangements During 2017 and 2016, the Company leased various office spaces with average annual rental of approximately $33 and $41 per year, respectively. Although the Company was a party to certain other leasing arrangements, none of them were material. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | (4) Employee Benefit Plans As of December 31, 2017, the Company participates in a defined benefit pension plan that covers substantially all its eligible employees. The Pension Plan is sponsored and maintained by Kaanapali Land in conjunction with other plans providing benefits to employees of Kaanapali Land and its affiliates. The Pension Plan for Bargaining Unit Employees of Amfac Plantations (the "Pension Plan") provides benefits based primarily on length of service and career-average compensation levels. Kaanapali Land's policy is to fund pension costs in accordance with the minimum funding requirements under provisions of the Employee Retirement Income Security Act ("ERISA"). Under such guidelines, amounts funded may be more or less than the pension expense or credit recognized for financial reporting purposes. On October 6, 2016 the Pension Plan entered into an agreement with Pacific Life Insurance Company (“Pacific Life”), a third party insurance company, to transfer the obligation to pay benefits to approximately 1,330 retired members and beneficiaries currently receiving monthly benefits from the Pension Plan, and to approximately 168 members with deferred annuities under the Pension Plan, through the purchase of a single premium group annuity contract. The action settled approximately 96% of the Pension Plan’s benefit obligations. In order to fund the purchase, funds aggregating approximately $39.7 million were transferred to Pacific Life on October 11, 2016. The Pension Plan no longer has an obligation to pay benefits to those members and beneficiaries. In the fourth quarter of 2016 the Company recognized a non-cash accumulated other comprehensive loss, after tax, of approximately $3.5 million. Substantially all of the resultant total after tax accumulated other comprehensive loss of approximately $13 million has been recognized in accumulated earnings in the Company’s consolidated balance sheet. The Company does not consider the excess assets of the Pension Plan (approximately $14 million after the above noted transaction) to be a source of liquidity due to the substantial cost, including Federal income tax consequences, associated with liquidating the Pension Plan. FASB ASC Topic 820, Fair Value Measurements and Disclosures Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 Inputs to the valuation methodology include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar instruments in inactive markets; or other inputs that are observable for the asset or liability. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize unobservable inputs. Following is a description of the valuation methodologies used for Pension Plan assets measured at fair value. -- Common and Preferred Stock -- Mutual Funds Holding Corporate Notes, Bonds and Debentures and Collective Investment Funds -- Investment Contract with Insurance Company -- Private Equity Investments and Investment in Partnerships The following table sets forth by level, within the fair value hierarchy, the Pension Plan's assets at fair value as of December 31, 2017: Level 1 Level 2 Level 3 Total Mutual funds $ 1,300 0 0 1,300 Collective investment funds 0 6,700 0 6,700 Investments in insurance companies 0 0 1,100 1,100 Cash and cash equivalents 500 0 0 500 Other 100 0 0 100 1,900 6,700 1,100 9,700 Investments in private equity funds 3,600 Investments in partnerships 1,900 Total Pension Plan assets at fair value $ 1,900 6,700 1,100 15,200 The following table sets forth by level, within the fair value hierarchy, the Pension Plan's assets at fair value as of December 31, 2016: Level 1 Level 2 Level 3 Total Corporate notes, bonds and debentures $ 100 0 0 100 Investments in insurance companies 0 0 1,100 1,100 Cash and cash equivalents 4,800 0 0 4,800 4,900 0 1,100 6,000 Investments in private equity funds 7,500 Investments in partnerships 2,000 Total Pension Plan assets at fair value $ 4,900 0 1,100 15,500 Changes in Level 3 Investments and Investments Measured at Net Asset Value The following table sets forth a summary of changes in fair value of the plan's level 3 assets and assets measured at net asset value “NAV” for the year ended December 31, 2017: Level 3 Measured at NAV Investment in Insurance Companies Investment in Partnerships Investment in Private Equity Funds Total Balance, beginning of year $ 1,100 2,000 7,500 10,600 Net earned interest and realized/unrealized gains (losses) 100 -- 200 300 Transfers in to Level 3 -- -- -- -- Transfers from Level 3 (100) -- -- (100) Purchases, sales, issuances and settlements (net) -- (100) (4,100) (4,200) Balance, end of year $ 1,100 1,900 3,600 6,600 The following table sets forth a summary of changes in fair value of the plan's level 3 assets and assets measured at net asset value “NAV” for the year ended December 31, 2016: Level 3 Measured at NAV Investment in Insurance Companies Investment in Partnerships Investment in Private Equity Funds Total Balance, beginning of year $ 1,200 2,600 14,300 18,100 Net earned interest and realized/unrealized gains (losses) 100 100 300 500 Transfers in to Level 3 -- -- -- -- Transfers from Level 3 (800) -- -- (800) Purchases, sales, issuances and settlements (net) 600 (700) (7,100) (7,200) Balance, end of year $ 1,100 2,000 7,500 10,600 The following tables summarize the components of the change in pension benefit obligations, plan assets and funded status of the Company's defined benefit pension plan at December 31, 2017, 2016 and 2015. 2017 2016 2015 Benefit obligation at beginning of year $ 1,354 40,034 44,223 Service cost 613 596 579 Interest cost 34 1,124 1,564 Actuarial (gain) loss (816) 756 (2,860) Benefits paid (513) (3,092) (3,472) Settlement -- (38,064) -- Special termination benefits 170 -- -- Accumulated and projected benefit obligation at end of year 842 1,354 40,034 Fair value of plan assets at beginning of year 15,478 59,374 65,266 Actual return on plan assets 230 (1,100) (2,420) Benefits paid (513) (3,092) (3,472) Settlement -- (39,704) -- Fair value of plan assets at end of year 15,195 15,478 59,374 Funded status 14,353 14,124 19,340 Unrecognized net actuarial (gain) loss 1,838 1,979 17,111 Unrecognized prior service cost 9 14 18 Prepaid pension cost $ 16,200 16,117 36,469 At December 31, 2017, approximately 3% of the plan's assets are invested in cash, 23% in equity composite and 74% in multi-strategy composite. The allocations are within Company's target allocations in association with the Company's investment strategy. The pension plan has investment policies. These generally are written guidelines or general instructions for making investment management decisions. The investment policy of the plan is to invest the plan’s assets in accordance with sound investment practices that emphasize long-term investment fundamentals, taking into account the time horizon available for investment, the nature of the plan’s cash flow requirements, the plan’s role within the Company’s long-term financial plan and other factors that affect the plan’s risk tolerance. The components of the net periodic pension credit for the years ended December 31, 2017, 2016 and 2015 (which are reflected as selling, general and administrative in the consolidated statements of operations) are as follows: 2017 2016 2015 Service costs $ 613 596 579 Interest cost 34 1,124 1,564 Expected return on plan assets (964) (2,878) (4,121) Recognized net actuarial loss 60 696 1,054 Amortization of prior service cost 4 4 4 Loss on settlement -- 20,810 -- Loss on special termination benefits 170 -- -- Net periodic pension cost (credit) $ (83) 20,352 (920) The principal weighted average assumptions used to determine the net periodic pension benefit (credit) and the actuarial value of the accumulated benefit obligation were as follows: 2017 2016 2015 As of January 1 Discount rate 3.52% 4.00% 3.71% Rates of compensation increase 3% 3% 3% Expected long-term rate of return on assets 6% 6% 7% As of December 31 Discount rate – net periodic pension credit 3.52% 4.00% 3.71% Discount rate – accumulated benefit obligation 3.30% 3.52% 4.00% Rates of compensation increase 3% 3% 3% Expected long-term rate of return on assets 6% 6% 7.0% The above long-term rates of return were selected based on historical asset returns and expectations of future returns. The Company amortizes experience gains and losses as well as effects of changes in actuarial assumptions and plan provisions over a period no longer than the average expected mortality of participants in the pension plan. The measurement date is December 31, the last day of the corporate fiscal year. A comparison of the market value of the Pension Plan's net assets with the present value of the benefit obligations indicates the Company's ability at a point in time to pay future benefits. The fair value of the Pension Plan's assets available for benefits will fluctuate. There was no contribution required in 2017 to the pension plan. Furthermore, due to ERISA full funding limits, no contribution, whether required or discretionary, could be made and deducted on the corporation's tax return for the current fiscal year. The Company's target asset allocations reflect the Company's investment strategy of maximizing the rate of return on plan assets and the resulting funded status, within an appropriate level of risk. Plan assets are reviewed and, if necessary, rebalanced in accordance with target allocation levels once every three months. The estimated future benefit payments under the Company's pension plan are as follows (in thousands): Amounts 2018 $ 121 2019 93 2020 72 2021 149 2022 53 2023-2026 264 Effect of a 1% change in the discount rate and salary increase rate for the fiscal years ended December 31, 2017 and 2016: 2017 Discount Rate 2017 Salary Increase 2016 Discount Rate 2016 Salary Increase Effect of a 1% increase on: Net periodic pension cost $ (3) 1 (4) 1 Pension benefit obligation at year end $ (41) 8 (78) 6 Effect of a 1% decrease on: Net periodic pension cost $ 3 (1) (3) (0) Pension benefit obligation at year end $ 47 (7) 89 (3) Effect of a 1% change in the rate of return on assets for the fiscal year ended December 31, 2017: 1% Increase 1% Decrease Net periodic pension cost $ (161) 161 The Company recognizes the over funded or under funded status of its employee benefit plans as an asset or liability in its consolidated statements of financial position and recognizes changes in its funded status in the year in which the changes occur through comprehensive income. Included in accumulated other comprehensive income at December 31, 2017 and 2016 are the following amounts that have not yet been recognized in net periodic pension cost: unrecognized prior service costs of $9 ($7, net of tax) and $14 ($9, net of tax), respectively, and unrecognized actuarial loss of $1,847 ($1,367, net of tax) and $1,993 ($1,216, net of tax), respectively. The Company maintains a nonqualified deferred compensation arrangement (the "Rabbi Trust") which provides certain former directors of Amfac and their spouses with pension benefits. The Rabbi Trust invests in marketable securities and cash equivalents (Level 1). The deferred compensation liability of $546 represented in the Rabbi Trust and assets funding such deferred compensation liability of $38 are consolidated in the Company's consolidated balance sheet. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (5) Income Taxes Income tax expense/(benefit) attributable to income from continuing operations for the years ended December 31, 2017, 2016 and 2015 consist of: Current Deferred Total Year ended December 31, 2017: U.S. federal $ -- (7,625) (7,625) State -- (1,815) (1,815) $ -- (9,440) (9,440) Year ended December 31, 2016: U.S. federal $ -- (6,973) (6,973) State -- (775) (775) $ -- (7,748) (7,748) Year ended December 31, 2015: U.S. federal $ -- 705 705 State -- 78 78 $ -- 783 783 On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the Act) which made significant changes that affect the Company, primarily due to the lower U.S. Federal tax rate and the repeal of the corporate alternative minimum tax. Beginning January 1, 2018, the Company will be taxed at a 21% federal corporate tax rate. The Company has reflected the impact of this rate on its deferred tax assets and liabilities at December 31, 2017, as it is required to reflect the change in the period in which the law is enacted. The impact of this change was a net benefit of $8,076 in the income tax provision for the period ended December 31, 2017. The Act also repealed the corporate alternative minimum tax for tax years beginning after January 1, 2018 and provided that prior alternative minimum tax credits (AMT credits) would be refundable. The Company has AMT credits that are expected to be refunded between 2018 and 2021 as a result of the Act. The Company’s 2017 tax provision reflects the release of previously recorded valuation allowances against AMT credit carry-forwards of $2,594, as those credits will now be refundable, net of anticipated sequestration. The expected refundable tax credit of $2,594 has been reclassified to Other assets in the accompanying consolidated financial statements. The Act is a comprehensive tax reform bill containing a number of other provisions that either currently or in the future could impact the Company, particularly the effect of certain limitations effective for the tax year 2018 and forward (prior losses remain subject to the prior 20 year carryover period) on the use of federal net operating loss carryforwards (NOLs) which will generally be limited to being used to offset 80% of future annual taxable income. Income tax expense/(benefit) attributable to income from continuing operations differs from the amounts computed by applying the U.S. federal income tax rate of 35 percent effective for 2017 and prior years to pretax income from operations as a result of the following: 2017 2016 2015 Provision at statutory rate $ 444 (8,540) (959) Federal NOLs utilized (1,515) -- -- Federal NOLs generated -- 1,569 1,611 State NOLs utilized (173) -- -- State NOLs generated -- 179 185 Reversal of valuation allowance on AMT credits (2,594) -- -- Effect of Federal rate reduction (5,504) -- -- Other (98) (956) (54) Total $ (9,440) (7,748) 783 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The deferred tax effects of temporary differences at December 31, 2017, 2016 and 2015 are as follows: December 31, 2017 2016 2015 Deferred tax assets: Reserves related primarily to losses on divestitures $ 3,337 5,101 5,386 Loss carryforwards 9,558 15,347 13,656 Tax credit carryforwards -- 2,777 2,777 Other, net 346 573 614 Total deferred tax assets 13,241 23,798 22,433 Less – valuation allowance 9,558 18,124 16,433 Total deferred tax assets 3,683 5,674 6,000 Deferred tax liabilities: Property, plant and equipment, principally due to purchase accounting adjustments, net of impairment charges 10,385 16,930 17,065 Prepaid pension costs 4,305 6,302 8,337 Total deferred tax liabilities 14,690 23,232 25,402 Net deferred tax liability $ 11,007 17,558 19,402 As of December 31, 2017, the Company has a deferred tax asset related to federal net operating losses (NOLs) of $6,948, all of which has been subject to a valuation allowance. These NOLs originated in 2006 and later years and expire over 20 years. As of December 31, 2017, the Company has a deferred tax asset related to state NOLs of $2,610, all of which has been subject to a valuation allowance. The state NOLs expire in various years 2019 through 2035. As of December 31, 2017, the Company has reclassified a deferred tax asset relating to federal AMT of $2,777 from the prior year that resulted from the expected refund of those credits. Accordingly, the previously recorded valuation allowance has been released. It should be noted that the Company has recorded an allowance for receivables at December 31, 2017 reflecting the anticipated 6.6% government sequestration of the refundable AMT credits. Although not anticipated to occur, a change in ownership of the Company greater than 50% could have a significant adverse effect on future utilization of net operating losses. Federal tax return examinations have been completed for all years through 2005 and for the year 2013. The statutes of limitations have run for the tax years 2007 through 2011. The statutes of limitations with respect to the Company's taxes for 2014 through 2017 remain open, subject to possible utilization of loss carryforwards from earlier years. The Company believes adequate provisions for income tax have been recorded for all years, although there can be no assurance that such provisions will be adequate. To the extent that there is a shortfall, any such shortfall for which the Company may be liable could be material. |
Transactions with Affiliates
Transactions with Affiliates | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Transactions with Affiliates | (6) Transactions with Affiliates An affiliated insurance agency, JMB Insurance Agency, Inc., which has some degree of common ownership with the Company, earns insurance brokerage commissions in connection with providing the placement of insurance coverage for certain of the properties and operations of the Company. Such commissions are believed by management to be comparable to those that would be paid to such affiliate insurance agency in similar dealings with unaffiliated third parties. The total of such commissions for the years ended December 31, 2017, 2016 and 2015 was approximately $13, $12 and $9, respectively. The Company reimburses their affiliates for general overhead expense and for direct expenses incurred on its behalf, including salaries and salary-related expenses incurred in connection with the management of the Company's operations. Generally, the entity that employs the person providing the services receives the reimbursement. Substantially all of such reimbursable amounts were incurred by JMB Realty Corporation or its affiliates, 900 Financial Management Services, LLC, and JMB Financial Advisors, LLC, all of which have some degree of common ownership with the Company. The total costs recorded in cost of sales and selling, general and administrative expenses in the consolidated statement of operations for the years ended 2017, 2016 and 2015 were approximately $1,313, $1,286 and $1,236, respectively, of which approximately $270 was unpaid as of December 31, 2017. The Company derives revenue from farming and common area maintenance services and for providing non-potable water to the Kaanapali Coffee Farms Lot Owners Association (“LOA”). The LOA is the association of the owners of the Kaanapali Coffee Farms. The revenues were $1,105, $1,172 and $1,214 for the years ended December 31, 2017, 2016 and 2015, respectively. Such revenue is recognized in the Agriculture Segment as disclosed in footnote 8 Business Segment Information. The revenue amounts have been eliminated in consolidated financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (7) Commitments and Contingencies At December 31, 2017, the Company has no principal contractual obligations related to the land improvements in conjunction with Phase I of the Kaanapali Coffee Farms project. On November 23, 2015, the SEC contacted Kaanapali Land regarding the Company’s compliance with the reporting requirements under Section 13(a) of the Securities Exchange Act of 1934, as the Company was delinquent on its annual and interim SEC filings. In light of this letter, Kaanapali Land is unable to determine whether the SEC might pursue some future action related to this matter. As of the Company’s filing of its September 30, 2016 Quarterly Report on Form 10-Q, the Company is now current on its annual and interim SEC filings. Material legal proceedings of the Company are described below. Unless otherwise noted, the parties adverse to the Company in the legal proceedings described below have not made a claim for damages in a liquidated amount and/or the Company believes that it would be speculative to attempt to determine the Company's exposure relative thereto, and as a consequence believes that an estimate of the range of potential loss cannot be made. Any claims that were not filed on a timely basis under the Plan have been discharged by the Bankruptcy Court and thus the underlying legal proceedings should not result in any liability to the Debtors. All other claims have been satisfied. Proceedings against subsidiaries or affiliates of Kaanapali Land that are not Debtors were not stayed by the Plan and were permitted to proceed. However, two such subsidiaries, Oahu Sugar Company, LLC (“Oahu Sugar”) and D/C Distribution Corporation (“D/C”), filed subsequent petitions for liquidation under Chapter 7 of the Bankruptcy Code in April 2005 and July 2007, respectively, as described below. As a consequence of the Chapter 7 filings, both subsidiaries are not under control of the Company. As a result of an administrative order issued to Oahu Sugar by the Hawaii Department of Health (“HDOH”), Order No. CH 98-001, dated January 27, 1998, Oahu Sugar was engaged in environmental site assessment of lands it leased from the U.S. Navy and located on the Waipio Peninsula. Oahu Sugar submitted a Remedial Investigation Report to the HDOH. The HDOH provided comments that indicated that additional testing may be required. Oahu Sugar responded to these comments with additional information. On January 9, 2004, the Environmental Protection Agency (“EPA”) issued a request to Oahu Sugar seeking information related to the actual or threatened release of hazardous substances, pollutants and contaminants at the Waipio Peninsula portion of the Pearl Harbor Naval Complex National Priorities List Superfund Site. The request sought, among other things, information relating to the ability of Oahu Sugar to pay for or perform a clean up of the land formerly occupied by Oahu Sugar. Oahu Sugar responded to the information requests and had notified both the Navy and the EPA that while it had some modest remaining cash that it could contribute to further investigation and remediation efforts in connection with an overall settlement of the outstanding claims, Oahu Sugar was substantially without assets and would be unable to make a significant contribution to such an effort. Attempts at negotiating such a settlement were fruitless and Oahu Sugar received an order from EPA in March 2005 that would purport to require certain testing and remediation of the site. As Oahu Sugar was substantially without assets, the pursuit of any action, informational, enforcement, or otherwise, would have had a material adverse effect on the financial condition of Oahu Sugar. Counsel for the trustee, EPA, the Navy, and for Fireman’s Fund, one of Kaanapali Land’s insurers, are exploring ways in which to conclude the Oahu Sugar bankruptcy. There are no assurances that such an agreement can be reached. Therefore, as a result of the pursuit of further action by the HDOH and EPA as described above and the immediate material adverse effect that the actions had on the financial condition of Oahu Sugar, Oahu Sugar filed with the United States Bankruptcy Court, Northern District of Illinois, Eastern Division its voluntary petition for liquidation under Chapter 7 of Title 11, United States Bankruptcy Code. Such filing is not expected to have a material adverse effect on the Company as Oahu Sugar was substantially without assets at the time of the filing. While it is not believed that any other affiliates have any responsibility for the debts of Oahu Sugar, the EPA has indicated that it intends to make a claim against Kaanapali Land as further described below, and therefore, there can be no assurance that the Company will not incur significant costs in conjunction with such claim. The deadline for filing proofs of claim with the bankruptcy court passed in April 2006. Prior to the deadline, Kaanapali Land, on behalf of itself and certain subsidiaries, filed claims that aggregated approximately $224,000, primarily relating to unpaid guarantee obligations made by Oahu Sugar that were assigned to Kaanapali Land pursuant to the Plan on the Plan Effective Date. In addition, the EPA and the U.S. Navy filed a joint proof of claim that seeks to recover certain environmental response costs relative to the Waipio Peninsula site discussed above. The proof of claim contained a demand for previously spent costs in the amount of approximately $260, and additional anticipated response costs of between approximately $2,760 and $11,450. No specific justification of these costs, or what they are purported to represent, was included in the EPA/Navy proof of claim. Due to the insignificant amount of assets remaining in the debtor's estate, it is unclear whether the United States Trustee who has taken control of Oahu Sugar will take any action to contest the EPA/Navy claim, or how it will reconcile such claim for the purpose of distributing any remaining assets of Oahu Sugar. EPA has sent three requests for information to Kaanapali Land regarding, among other things, Kaanapali Land's organization and relationship, if any, to entities that may have, historically, operated on the site and with respect to operations conducted on the site. Kaanapali Land responded to these requests for information. By letter dated February 7, 2007, pursuant to an allegation that Kaanapali Land is a successor to Oahu Sugar Company, Limited, a company that operated at the site prior to 1961 ("Old Oahu"), EPA advised Kaanapali that it believes it is authorized by the Comprehensive Environmental Response Compensation and Liability Act (“CERCLA”) to amend the existing Unilateral Administrative Order against Oahu Sugar Company, LLC, for the clean up of the site to include Kaanapali Land as an additional respondent. The purported basis for the EPA's position is that Kaanapali Land, by virtue of certain corporate actions, is jointly and severally responsible for the performance of the response actions, including, without limitation, clean-up at the site. No such amendment has taken place as of the date hereof. Instead, after a series of discussions between Kaanapali and the EPA, on or about September 30, 2009, the EPA issued a Unilateral Administrative Order to Kaanapali Land for the performance of work in support of a removal action at the former Oahu Sugar pesticide mixing site located on Waipio peninsula. The work consists of the performance of soil and groundwater sampling and analysis, a topographic survey, and the preparation of an engineering evaluation and cost analysis of potential removal actions to abate an alleged "imminent and substantial endangerment" to public health, welfare or the environment. The order appears to be further predicated primarily on the alleged connection of Kaanapali Land to Old Oahu and its activities on the site. Kaanapali Land is currently performing work, including the conduct of sampling at the site, required by the order while reserving its rights to contest liability regarding the site. With regard to liability for the site, Kaanapali Land believes that its liability, if any, should relate solely to a portion of the period of operation of Old Oahu at the site, although in some circumstances CERCLA apparently permits imposition of joint and several liability, which can exceed a responsible party's equitable share. Kaanapali Land believes that the U.S. Navy bears substantial liability for the site by virtue of its ownership of the site throughout the entire relevant period, both as landlord under its various leases with Oahu Sugar and Old Oahu and by operating and intensively utilizing the site directly during a period when no lease was in force. The Company believes that the cost of the work as set forth in the current order will not be material to the Company as a whole; however, in the event that the EPA were to issue an order requiring remediation of the site, there can be no assurances that the cost of said remediation would not ultimately have a material adverse effect on the Company. In addition, if there is litigation regarding the site, there can be no assurance that the cost of such litigation will not be material or that such litigation will result in a judgment in favor of the Company. Currently, Kaanapali and the EPA are exchanging comments relative to further studies to be performed at the site, including a possible ecological risk assessment. Kaanapali expects that after a further review, the next phase is likely a consideration of the remedial alternatives for the Site. On February 11, 2015, the Company filed a complaint for declaratory judgment, bad faith and damages against Fireman’s Fund Insurance Company (“Fireman’s Fund”) in the Circuit Court of the First Circuit, State of Hawaii, Civil No. 15-1-0239-02, in connection with costs and expenses it has incurred or may incur in connection with the Waipio site. In the five-count complaint, the Company seeks, among other things, a declaratory judgment of its rights under various Fireman’s Fund policies and an order that Fireman’s Fund defend and indemnify Kaanapali Land from all past, present and future costs and expenses in connection with the site, including costs of investigation and defense incurred by Kaanapali and the professionals it has engaged. In addition, Kaanapali seeks general, special, and punitive damages, prejudgment and post judgment interest, and such other legal or equitable relief as the court deems just and proper. Fireman’s Fund has filed a responsive pleading. There are no assurances of the amounts of insurance proceeds that may or may not be ultimately recovered. Kaanapali Land, as successor by merger to other entities, and D/C have been named as defendants in personal injury actions allegedly based on exposure to asbestos. While there are relatively few cases that name Kaanapali Land, there were a substantial number of cases that were pending against D/C on the U.S. mainland (primarily in California). Cases against Kaanapali Land (hereafter, “Kaanapali Land asbestos cases”) are allegedly based on its prior business operations in Hawaii and cases against D/C are allegedly based on sale of asbestos-containing products by D/C's prior distribution business operations primarily in California. Each entity defending these cases believes that it has meritorious defenses against these actions, but can give no assurances as to the ultimate outcome of these cases. The defense of these cases has had a material adverse effect on the financial condition of D/C as it has been forced to file a voluntary petition for liquidation as discussed below. Kaanapali Land does not believe that it has liability, directly or indirectly, for D/C's obligations in those cases. Kaanapali Land does not presently believe that the cases in which it is named will result in any material liability to Kaanapali Land; however, there can be no assurance in that regard. On February 12, 2014, counsel for Fireman’s Fund, the carrier that has been paying defense costs and settlements for the Kaanapali Land asbestos cases, stated that it would no longer advance fund settlements or judgments in the Kaanapali Land asbestos cases due to the pendency of the D/C and Oahu Sugar bankruptcies. In its communications with Kaanapali Land, Fireman’s fund expressed its view that the automatic stay in effect in the D/C bankruptcy case bars Fireman’s Fund from making any payments to resolve the Kaanapali Land asbestos claims because D/C Distribution is also alleging a right to coverage under those policies for asbestos claims against it. However, in the interim, Fireman’s Fund advised that it presently intends to continue to pay defense costs for those cases, subject to whatever reservations of rights may be in effect and subject further to the policy terms. Fireman’s Fund has also indicated that to the extent that Kaanapali Land cooperates with Fireman’s Fund in addressing settlement of the Kaanapali Land asbestos cases through coordination with its adjusters, it is Fireman’s Fund’s present intention to reimburse any such payments by Kaanapali Land, subject, among other things, to the terms of any lift-stay order, the limits and other terms and conditions of the policies, and prior approval of the settlements. Kaanapali Land continues to pursue discussions with Fireman’s Fund in an attempt to resolve the issues, however, Kaanapali Land is unable to determine what portion, if any, of settlements or judgments in the Kaanapali Land asbestos cases will be covered by insurance. On February 15, 2005, D/C was served with a lawsuit entitled American & Foreign Insurance Company v. D/C Distribution and Amfac Corporation, Case No. 04433669 filed in the Superior Court of the State of California for the County of San Francisco, Central Justice Center. No other purported party was served. In the eight-count complaint for declaratory relief, reimbursement and recoupment of unspecified amounts, costs and for such other relief as the court might grant, plaintiff alleged that it is an insurance company to whom D/C tendered for defense and indemnity various personal injury lawsuits allegedly based on exposure to asbestos containing products. Plaintiff alleged that because none of the parties have been able to produce a copy of the policy or policies in question, a judicial determination of the material terms of the missing policy or policies is needed. Plaintiff sought, among other things, a declaration: of the material terms, rights, and obligations of the parties under the terms of the policy or policies; that the policies were exhausted; that plaintiff is not obligated to reimburse D/C for its attorneys' fees in that the amounts of attorneys' fees incurred by D/C have been incurred unreasonably; that plaintiff was entitled to recoupment and reimbursement of some or all of the amounts it has paid for defense and/or indemnity; and that D/C breached its obligation of cooperation with plaintiff. D/C filed an answer and an amended cross-claim. D/C believed that it had meritorious defenses and positions, and intended to vigorously defend. In addition, D/C believed that it was entitled to amounts from plaintiffs for reimbursement and recoupment of amounts expended by D/C on the lawsuits previously tendered. In order to fund such action and its other ongoing obligations while such lawsuit continued, D/C entered into a Loan Agreement and Security Agreement with Kaanapali Land, in August 2006, whereby Kaanapali Land provided certain advances against a promissory note delivered by D/C in return for a security interest in any D/C insurance policy at issue in this lawsuit. In June 2007, the parties settled this lawsuit with payment by plaintiffs in the amount of $1,618. Such settlement amount was paid to Kaanapali Land in partial satisfaction of the secured indebtedness noted above. Because D/C was substantially without assets and was unable to obtain additional sources of capital to satisfy its liabilities, D/C filed with the United States Bankruptcy Court, Northern District of Illinois, its voluntary petition for liquidation under Chapter 7 of Title 11, United States Bankruptcy Code during July 2007, Case No. 07-12776. Such filing is not expected to have a material adverse effect on the Company as D/C was substantially without assets at the time of the filing. Kaanapali Land filed claims in the D/C bankruptcy that aggregated approximately $26,800, relating to both secured and unsecured intercompany debts owed by D/C to Kaanapali Land. In addition, a personal injury law firm based in San Francisco that represents clients with asbestos-related claims, filed proofs of claim on behalf of approximately two thousand claimants. While it is not likely that a significant number of these claimants have a claim against D/C that could withstand a vigorous defense, it is unknown how the trustee will deal with these claims. It is not expected, however, that the Company will receive any material additional amounts in the liquidation of D/C. On or about April 28, 2015, eight litigants who filed asbestos claims in California state court (hereinafter, “Petitioners”) filed a motion for relief from the automatic stay in the D/C bankruptcy (hereinafter “life stay motion”). Under relevant provisions of the bankruptcy rules and on the filing of the D/C bankruptcy action, all pending litigation claims against D/C were stayed pending resolution of the bankruptcy action. In their motion, Petitioners asked the bankruptcy court to lift the stay in the bankruptcy court to name D/C and/or its alternate entities as defendants in their respective California state court asbestos actions and to satisfy their claims against insurance policies that defend and indemnify D/C and/or their alternate entities. The Petitioner’s motion to lift stay thus in part has as an objective ultimate recovery, if any, from, among other things, insurance policy proceeds that were allegedly assets of both the D/C and Oahu Sugar bankruptcy estates. As noted above, Kaanapali, the EPA, and the Navy are claimants in the Oahu Sugar bankruptcy and the Fireman’s Fund policies are allegedly among the assets of the Oahu Sugar bankruptcy estate as well. For this and other reasons, Kaanapali, the EPA and the Navy opposed the motion to lift stay. After briefing and argument, on May 14, 2015, the United States Bankruptcy Court, for the Northern District of Illinois, Eastern Division, in In Re D/C Distribution, LLC, Bankruptcy Case No. 07-12776, issued an order lifting the stay. In the order, the court permitted the Petitioners to “proceed in the applicable nonbankruptcy forum to final judgment (including any appeals) in accordance with applicable nonbankruptcy law. Claimants are entitled to settle or enforce their claims only by collecting upon any available insurance Debtor’s liability to them in accordance with applicable nonbankruptcy law. No recovery may be made directly against the property of Debtor, or property of the bankruptcy estate.” Kaanapali, Firemen’s Fund and the United States appealed the bankruptcy court order lifting the stay. In March 2016, the district court reversed the bankruptcy court order finding that the bankruptcy court did not apply relevant law to the facts in the case to arrive at a reasoned decision. On appeal the district court noted that the law requires consideration of a number of factors when lifting a stay to permit certain claims to proceed, including consideration of the adequacy of remaining insurance to meet claims still subject to the stay. Among other things, the court noted that the bankruptcy court failed to explain why it was appropriate for the petitioners to liquidate their claims before the other claimants whose claims remained subject to the stay. The district court remanded the case for further proceedings. It is uncertain whether such further proceedings on the lift stay will take place. The parties in the D/C and Oahu Sugar bankruptcies have reached out to each other to determine if there is any interest in pursuing a global settlement of the claims in the Oahu Sugar and D/C bankruptcies insofar as the Fireman’s Fund insurance policies are concerned. If such discussions take place, they may take the form of a mediation or other format and involve some form of resolution of Kaanapali’s interest in various of the Fireman’s Fund insurance policies for Kaanapali’s various and future insurance claims. Kaanapali may consider entering into such discussions, but there is no assurance that such discussions will take place or prove successful in resolving any of the claims in whole or in part. The Company has received notice from Hawaii’s Department of Land and Natural Resources (“DLNR”) that DLNR on a periodic basis would inspect all significant dams and reservoirs in Hawaii, including those maintained by the Company on Maui in connection with its agricultural operations. A series of such inspections have taken place over the period from 2006 through the most recent inspections that occurred in November 2016. To date, the DLNR cited certain deficiencies concerning two of the Company’s reservoirs relating to dam and reservoir safety standards established by the State of Hawaii. These deficiencies include, among other things, vegetative overgrowth, erosion of slopes, uncertainty of inflow control, spillway capacity, and freeboard and uncertainty of structural stability under certain loading and seismic conditions. The Company has taken certain corrective actions as well as updating important plans to address emergency events and basic operations and maintenance. The November 2016 inspection resulted in a notice of dam safety deficiency requiring certain actions needing immediate attention. The Company is in the process of addressing the action items, with the lowering of the reservoir water level the most immediate. In 2012, the State of Hawaii issued new Hawaii Administrative Rules for Dams and Reservoirs which require dam owners to obtain from DLNR Certificates of Impoundment (“permits”) to operate and maintain dams or reservoirs. Obtaining such permits requires owners to completely resolve all cited deficiencies. Therefore, the process may involve further analysis of dam and reservoir safety requirements, which would likely involve hiring specialized engineering consultants, and ultimately could result in significant and costly improvements which may be material to the Company. The DLNR categorizes the reservoirs as "high hazard" under State of Hawaii Administrative Rules and State Statutes concerning dam and reservoir safety. This classification, which bears upon government oversight and reporting requirements, may increase the cost of managing and maintaining these reservoirs in a material manner. The Company does not believe that this classification is warranted for either of these reservoirs and has initiated a dialogue with DLNR in that regard. In April 2008, the Company received further correspondence from DLNR that included the assessment by their consultants of the potential losses that result from the failure of these reservoirs. In April 2009, the Company filed a written response to DLNR to correct certain factual errors in its report and to request further analysis on whether such "high hazard" classifications are warranted. It is unlikely that the “high hazard” designation will be changed. Other than as described above, the Company is not involved in any material pending legal proceedings, other than ordinary routine litigation incidental to its business. The Company and/or certain of its affiliates have been named as defendants in several pending lawsuits. While it is impossible to predict the outcome of such routine litigation that is now pending (or threatened) and for which the potential liability is not covered by insurance, the Company is of the opinion that the ultimate liability from any of this litigation will not materially adversely affect the Company's consolidated results of operations or its financial condition. The Company often seeks insurance recoveries under its policies for costs incurred or expected to be incurred for losses or claims under which the policies might apply. While payouts from various coverages are being sought and may be recovered in the future, no anticipatory amounts have been reflected in the Company’s consolidated financial statements. Kaanapali Land Management Corp. (KLMC) is a party to an agreement with the State of Hawaii for the development of the Lahaina Bypass Highway. An approximate 2.4 mile portion of this two lane state highway has been completed. Construction to extend the southern terminus has recently started with a projected completion of early 2018. The northern portion of the Bypass Highway, which extends to KLMC’s lands, remains uncompleted. Under certain circumstances, which have not yet occurred, KLMC remains committed for approximately $1,100 of various future costs relating to the planning and design of the uncompleted portion of the Bypass Highway. Under certain conditions, which have not yet been met, KLMC has agreed to contribute an amount not exceeding $6,700 toward construction costs. Any such amount contributed would be reduced by the value of KLMC’s land actually contributed to the State for the Bypass Highway. These potential commitments have not been reflected in the accompanying consolidated financial statements. While the completion of the Bypass Highway would add value to KLMC’s lands north of the town of Lahaina, there can be no assurance that it will be completed or when any future phases will be undertaken. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segment Information | (8) Business Segment Information As described in Note 1, the Company operates in two business segments. Total revenues, operating profit, identifiable assets, capital expenditures, and depreciation and amortization by business segment are presented in the tables below. Total revenues by business segment include primarily (i) sales, all of which are to unaffiliated customers and (ii) interest income that is earned from outside sources on assets which are included in the individual industry segment's identifiable assets. Operating income (loss) is comprised of total revenue less cost of sales and operating expenses. In computing operating income (loss), none of the following items have been added or deducted: general corporate revenues and expenses, interest expense and income taxes. Identifiable assets by business segment are those assets that are used in the Company's operations in each industry. Corporate assets consist principally of cash and cash equivalents, prepaid pension costs and receivables related to previously divested businesses. 2017 2016 2015 Revenues: Property $ 13,134 5,678 3,945 Agriculture 2,800 2,689 2,896 Corporate 25 26 1 $ 15,959 8,393 6,842 Operating income (loss): Property $ 3,534 (445) (932) Agriculture (353) (143) 276 Operating income (loss) 3,181 (588) (656) Corporate (2,298) (23,945) (2,362) Operating income (loss) from continuing operations before income taxes $ 883 (24,533) (3,018) Identifiable Assets: Property $ 21,523 21,496 23,175 Agriculture 61,233 57,681 57,628 82,756 79,177 80,803 Corporate 30,152 30,010 38,574 $ 112,908 109,187 119,377 The Company’s property segment consists primarily of revenue received from land sales and lease and licensing agreements. The Company’s agricultural segment currently consists of coffee operations. The Company is exploring alternative agricultural operations, but there can be no assurance that replacement operations at any level will result. Agricultural identified assets include land classified as agricultural or conservation for State and County purposes. 2017 2016 2015 Capital Expenditures: Property $ 276 234 185 Agriculture 286 189 241 $ 562 423 426 Depreciation and Amortization: Property $ 51 42 53 Agriculture 149 206 147 Total $ 200 248 200 |
Calculation of Net Income Per S
Calculation of Net Income Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Calculation of Net Income Per Share | (9) Calculation of Net Income Per Share The following tables set forth the computation of net income (loss) per share - basic and diluted: Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Amounts in thousands except per share amounts) Numerator: Net income (loss) $ 10,323 (16,785) (3,801) Less: Net loss attributable to non controlling interests (387) (134) (279) Net income (loss) attributable to stockholders $ 10,710 (16,651) (3,522) Denominator: Number of weighted average shares – basic and diluted 1,845 1,845 1,845 Net income (loss) per share, attributable to Kaanapali Land – basic and diluted $ 5.81 (9.03) (1.91) As of December 31, 2017, the Company had issued and outstanding 1,792,613 Shares and 52,000 Class C Shares. The LLC Agreement initially provided for two classes of membership interests, Class A Shares and Class B Shares, which had substantially identical rights and economic value under the LLC Agreement; except that holders of Class A Shares were represented by a "Class A Representative" who was required to approve certain transactions proposed by Kaanapali Land before they could be undertaken. Class B Shares were held by Pacific Trail and various entities and individuals that are affiliated with Pacific Trail. Class A Shares were issued under the Plan to claimants who had no such affiliation. Pursuant to the LLC Agreement, the Class A Shares and Class B Shares were automatically redesignated as Common Shares on November 15, 2007. Accordingly, the Company's Class A Shares and Class B Shares ceased to exist separately on November 15, 2007. The Class C Shares have the same rights as the Shares except that the Class C Shares will not participate in any distributions until the holders of the Shares have received aggregate distributions equal to $19 per share, subject to customary antidilution adjustments. Net income per share data are based on the aggregate 1,844,613 outstanding shares. |
Supplementary Quarterly Data (U
Supplementary Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplementary Quarterly Data (Unaudited) | (10) Supplementary Quarterly Data (Unaudited) 2017 Quarter ended 3/31 Quarter ended 6/30 Quarter ended 9/30 Quarter ended 12/31 Total revenues $ 1,253 1,822 9,700 3,184 Net income (loss) attributable to stockholders $ (458) (849) 3,765 8,252 Net income (loss) per Share – basic and diluted $ (0.25) (0.46) 2.04 4.48 2016 Quarter ended 3/31 Quarter ended 6/30 Quarter ended 9/30 Quarter ended 12/31 Total revenues $ 3,323 1,909 2,438 723 Net income (loss) attributable to stockholders $ (706) (457) (391) (15,097) Net income (loss) per Share – basic and diluted $ (0.38) (0.25) (0.21) (8.19) 2015 Quarter ended 3/31 Quarter ended 6/30 Quarter ended 9/30 Quarter ended 12/31 Total revenues $ 2,853 1,501 1,758 730 Net income (loss) attributable to stockholders $ (579) (747) (443) (1,753) Net income (loss) per Share – basic and diluted $ (0.31) (0.40) (0.24) (0.96) |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Organization and Basis of Accounting | Organization and Basis of Accounting Kaanapali Land, LLC ("Kaanapali Land"), a Delaware limited liability company is the reorganized entity resulting from the Joint Plan of Reorganization of Amfac Hawaii, LLC (now known as KLC Land Company, LLC ("KLC Land")), certain of its subsidiaries (together with KLC Land, the "KLC Debtors") and FHT Corporation ("FHTC" and, together with the KLC Debtors, the "Debtors") under Chapter 11 of the Bankruptcy Code, dated June 11, 2002 (as amended, the "Plan"). The Plan was filed jointly by all Debtors to consolidate each case for joint administration in the Bankruptcy Court in order to (a) permit the petitioners to present a joint reorganization plan that recognized, among other things, the common indebtedness of the debtors (i.e. the Certificate of Land Appreciation Notes ("COLAs") and Senior Indebtedness) and (b) facilitate the overall administration of the bankruptcy proceedings. As indicated in the Plan, Kaanapali Land has elected to be taxable as a corporation. The Plan was confirmed by the Bankruptcy Court by orders dated July 29, 2002 and October 30, 2002 (collectively, the "Order") and became effective November 13, 2002 (the "Plan Effective Date"). During August 2005, pursuant to a motion for entry of final decree, the bankruptcy cases were closed. In accordance with the Plan, approximately 1,793,000 Common Shares were issued all of which remained outstanding at December 31, 2017. Kaanapali Land's membership interests are denominated as non par value "Shares" and were originally divided into two classes: the Class A Shares, which were widely held primarily by non-affiliated persons who had previously held Company indebtedness prior to the Plan Effective Date and "Class B Shares" which were generally held by affiliates of Kaanapali Land. Pursuant to the LLC Agreement, the Class A Shares and Class B Shares were automatically redesignated Company Common Shares on November 15, 2007. Accordingly, the Company's Class A Shares and Class B Shares ceased to exist separately on November 15, 2007. The accompanying consolidated financial statements include the accounts of Kaanapali Land and all of its subsidiaries and its predecessor (collectively, the "Company"), which include KLC Land and its wholly-owned subsidiaries. In 2013, the Kaanapali Coffee Farms Lot Owners’ Association was consolidated into the accompanying consolidated financial statements. The interests of third party owners are reflected as non controlling interests. All significant intercompany transactions and balances have been eliminated in consolidation. All references to acres/acreage are unaudited. The Company's continuing operations are in two business segments - Agriculture and Property. The Agriculture segment remains engaged in farming, harvesting and milling operations relating to coffee orchards on behalf of the applicable land owners. The Property segment primarily develops land for sale and negotiates bulk sales of undeveloped land. The Property and Agriculture segments operate exclusively in the State of Hawaii. For further information on the Company's business segments see Note 8. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers as cash equivalents all investments with maturities of three months or less when purchased. Included in this balance is a money market fund for $10,000 that is considered to be a Level 1 investment with a maturity of 30 days. The Company’s cash balances are maintained primarily in two financial institutions. Restricted cash represents cash held by the Kaanapali Coffee Farms Lot Owners’ Association. Such balances generally exceed the Federal Deposit Insurance Corporation insurance limits. Management does not believe the Company is exposed to significant risk of loss on cash and cash equivalents. |
Subsequent Events | Subsequent Events The Company has performed an evaluation of subsequent events from the date of the financial statements included in this annual report through the date of its filing with the SEC. |
Reclassification of Prior Year Presentation | Reclassification of Prior Year Presentation Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported consolidated financial statements. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance under the Accounting Standards Codification (“ASC”) 606, Revenue from Contract with Customers, which establishes a single comprehensive revenue recognition model for all contracts with customers and will supersede most existing revenue guidance. This guidance requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange. Transition options include either a full or modified retrospective approach and early adoption is permitted. The implementation date for this guidance was effective for annual reporting periods beginning after December 15, 2016. The effective transition date was deferred by one year upon issuance of ASU 2015-14 in August 2015 and will now be effective at the beginning of our first quarter of fiscal year 2018. The Company will adopt ASU 2014-09 and the related updates subsequently issued by the FASB on January 1, 2018, via the modified retrospective approach. The revenues derived from income from land sales and coffee revenue will be in the scope of the new guidance. The disclosures will be expanded, as applicable, to discuss performance obligations, contract balances, timing and nature of the revenue streams. There will not be any other resulting changes to accounting policies for revenue recognition or to our Consolidated Financial Statements from adoption of this guidance. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. For public business entities, the standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this update is permitted for all entities. While the Company is currently evaluating the effect that implementation of this update will have on its consolidated financial position and results of operations upon adoption, significant impact is not anticipated. In August 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments, which provides guidance on how certain cash receipts and cash payments should be presented and classified in the statement of cash flows with the objective of reducing existing diversity in practice with respect to these items. This guidance is effective for annual periods, and interim periods within those years, beginning after December 15, 2017 and shall be applied retrospectively to all periods presented. Early adoption of this update is permitted. While the Company is currently evaluating the impact of the adoption of this requirement on our Consolidated Financial Statements, significant impact is not anticipated. In November 2016, the Financial Accounting Standards Board (“FASB”) issued guidance under the Account Standards Codification (“ASC”) 2016-18, Statement of Cash Flows: Restricted Cash, which provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. While the Company is currently evaluating the impact of the adoption of this requirement on our Consolidated Financial Statements, significant impact is not anticipated. In January 2017, the Financial Accounting Standards Board, or FASB, issued guidance to add the SEC Staff Announcement “Disclosure of the Impact that Recently Issued Accounting Standards will have on the Financial Statements of a Registrant when such Standards are Adopted in a Future Period (in accordance with Staff Accounting Bulletin Topic 11.M).” The announcement applies to the May 2014 guidance on revenue recognition from contracts with customers and the February 2016 guidance on leases. The announcement provides the SEC staff view that a registrant should evaluate certain recent accounting standards that have not yet been adopted to determine appropriate financial statement disclosures about the potential material effects of those recent accounting standards. If a registrant does not know or cannot reasonably estimate the impact that adoption of the recent accounting standards referenced in this announcement is expected to have on the financial statements, then the registrant should make a statement to that effect and consider the additional qualitative financial statement disclosures to assist the reader in assessing the significance of the impact that the recent accounting standards will have on the financial statements of the registrant when adopted. While the Company is currently evaluating the impact of this guidance on leases and its impact on its consolidated financial statements, significant impact is not anticipated. |
Land Development | Land Development During the first quarter of 2006, the Company received final subdivision approval on an approximate 336 acre parcel in the region "mauka" (toward the mountains) from the main highway serving the area. This project, called Kaanapali Coffee Farms, consisted of 51 agricultural lots, offered to individual buyers. The land improvements were completed during 2008. As of December 31, 2017, the Company sold forty-six lots at Kaanapali Coffee Farms including three lots during the fourth quarter 2017, one lot during the third quarter 2017, one lot during the first quarter 2017 and six lots in 2016. In conjunction with the sale of four of the lots sold in prior years and one lot sold in 2016, in addition to cash proceeds, the Company received promissory notes. As of December 31, 2017, all notes have been paid in full. In January 2018, an additional lot at Kaanapali Coffee farms was sold, leaving four unsold lots. Project costs associated with the development and construction of real estate projects are capitalized and classified as Property, net. Such capitalized costs are not in excess of the projects' estimated fair value as reviewed periodically or as considered necessary. In addition, interest, insurance and property tax are capitalized to qualifying assets during the period that such assets are undergoing activities necessary to prepare them for their intended use. For development projects, capitalized costs are allocated using the direct method for expenditures that are specifically associated with the lot being sold and the relative-sales-value method for expenditures that benefit the entire project. |
Recognition of Profit From Real Property Sales | Recognition of Profit From Real Property Sales For real property sales, profit is recognized in full when the collectability of the sales price is reasonably assured and the earnings process is virtually complete. When the sale does not meet the requirements for full profit recognition, all or a portion of the profit is deferred until such requirements are met. Other revenues are recognized when delivery has occurred or services have been rendered, the sales price is fixed or determinable, and collectability is reasonably assured. |
Property | Property Property is stated at cost. Depreciation is based on the straight-line method over the estimated economic lives of 15-40 years for the Company's depreciable land improvements, 3-18 years for machinery and equipment. Maintenance and repairs are charged to operations as incurred. Significant betterments and improvements are capitalized and depreciated over their estimated useful lives. Provisions for impairment losses related to long-lived assets, if any, are recognized when expected future cash flows are less than the carrying values of the assets. If indicators of impairment are present, the Company evaluates the carrying value of the related long-lived assets in relationship to the future undiscounted cash flows of the underlying operations or anticipated sales proceeds. The Company adjusts the net book value of property to fair value if the sum of the expected undiscounted future cash flow or sales proceeds is less than book value. Assets held for sale are recorded at the lower of the carrying value of the asset or fair value less costs to sell. 2017 2016 Property, net: Land $ 63,344 70,378 Buildings 1,216 1,166 Machinery and equipment 4,829 4,532 69,389 76,076 Accumulated depreciation (5,106) (4,906) Property, net $ 64,283 71,170 Inventory of land held for sale of approximately $3,498 and $7,026, representing primarily Kaanapali Coffee Farms, was included in Property, net in the consolidated balance sheets at December 31, 2017 and 2016, respectively, and is carried at the lower of cost or net realizable value. The land held for sale is recognized in the Property segment as disclosed in footnote 8 Business Segment Information. Generally, no land is currently in use except for certain acreage of coffee trees which are being maintained to support the Company's land development program and miscellaneous parcels of land that have been leased or licensed to third parties on a short term basis. The Company's significant property holdings are on the island of Maui consisting of approximately 3,900 acres, of which approximately 1,500 acres is classified as conservation land which precludes development. The Company has determined, based on its current projections for the development and/or disposition of its property holdings, that the property holdings are not currently recorded in an amount in excess of proceeds that the Company expects that it will ultimately obtain from the operation and disposition thereof. In August 2017, Pioneer Mill Company, pursuant to a property sales agreement with an unrelated third party, closed on the sale of approximately 230 acres known as the “Wainee Lands”, which are located in Lahaina south of the mill site (“Wainee Sales Agreement”). The purchase price was $8,000, paid in cash at closing. In September 2014, Kaanapali Land Management Corp. (“KLMC”), pursuant to a property and option purchase agreement with an unrelated third party, closed on the sale of an approximate 14.9 acre parcel in West Maui. The purchase price was $3,300, paid in cash at closing. The agreement commits KLMC to fund up to between $803 and $1,008, depending on various factors, for off-site roadway, water, sewer and electrical improvements that will also provide service to other KLMC properties. The purchaser was also granted an option for the purchase of an adjacent site of approximately 18.5 acres for $4,078, of which $525 was paid in cash upon the closing of the 14.9 acre site. The nonrefundable $525 option payment can be applied to the purchase of the 18.5 acre site. The option which initially expired in September 2017 has been extended to December 31, 2018. The 14.9 acre site is intended to be used for a hospital, skilled nursing facility, assisted living facility, and medical offices, and the option site is intended to be used for other medical and health related facilities. |
Other Liabilities | Other Liabilities Other liabilities are comprised of estimated liabilities for losses, commitments and contingencies related to various divested assets or operations. These estimated liabilities include the estimated effects of certain asbestos related claims, obligations related to former officers and employees such as pension, post-retirement benefits and workmen's compensation, investigation and potential remedial efforts in connection with environmental matters in the state of Hawaii. Management's estimates are based, as applicable, on taking into consideration claim amounts filed by third parties, life expectancy of beneficiaries, advice of consultants, negotiations with claimants, historical settlement experience, the number of new cases expected to be filed and the likelihood of liability in specific situations. Management periodically reviews the adequacy of each of its reserve amounts and adjusts such as it determines appropriate to reflect current information. Reference is made to Note 7, Commitments and Contingencies. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Short-Term Investments | Short-Term Investments It is the Company's policy to classify all of its investments in U.S. Government obligations with original maturities greater than three months as held-to maturity, as the Company has the ability and intent to hold these investments until their maturity, and are recorded at amortized cost, which approximates fair value. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability approach which requires recognition of deferred tax assets and liabilities for the differences between the financial reporting and tax basis of assets and liabilities. A valuation allowance reduces deferred tax assets when it is more likely than not some portion or all of the deferred tax assets will not be realized. As of December 31, 2017 and 2016, there were no uncertain tax positions that had a material impact on the Company's consolidated financial statements. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Property, Net | 2017 2016 Property, net: Land $ 63,344 70,378 Buildings 1,216 1,166 Machinery and equipment 4,829 4,532 69,389 76,076 Accumulated depreciation (5,106) (4,906) Property, net $ 64,283 71,170 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Schedule of Pension Plan Assets at Measured at Fair Value | The following table sets forth by level, within the fair value hierarchy, the Pension Plan's assets at fair value as of December 31, 2017: Level 1 Level 2 Level 3 Total Mutual funds $ 1,300 0 0 1,300 Collective investment funds 0 6,700 0 6,700 Investments in insurance companies 0 0 1,100 1,100 Cash and cash equivalents 500 0 0 500 Other 100 0 0 100 1,900 6,700 1,100 9,700 Investments in private equity funds 3,600 Investments in partnerships 1,900 Total Pension Plan assets at fair value $ 1,900 6,700 1,100 15,200 The following table sets forth by level, within the fair value hierarchy, the Pension Plan's assets at fair value as of December 31, 2016: Level 1 Level 2 Level 3 Total Corporate notes, bonds and debentures $ 100 0 0 100 Investments in insurance companies 0 0 1,100 1,100 Cash and cash equivalents 4,800 0 0 4,800 4,900 0 1,100 6,000 Investments in private equity funds 7,500 Investments in partnerships 2,000 Total Pension Plan assets at fair value $ 4,900 0 1,100 15,500 |
Schedule of Changes in Level 3 Investments and Investments Measured at Net Asset Value | The following table sets forth by level, within the fair value hierarchy, the Pension Plan's assets at fair value as of December 31, 2016: Level 1 Level 2 Level 3 Total Corporate notes, bonds and debentures $ 100 0 0 100 Investments in insurance companies 0 0 1,100 1,100 Cash and cash equivalents 4,800 0 0 4,800 4,900 0 1,100 6,000 Investments in private equity funds 7,500 Investments in partnerships 2,000 Total Pension Plan assets at fair value $ 4,900 0 1,100 15,500 Changes in Level 3 Investments and Investments Measured at Net Asset Value The following table sets forth a summary of changes in fair value of the plan's level 3 assets and assets measured at net asset value “NAV” for the year ended December 31, 2017: Level 3 Measured at NAV Investment in Insurance Companies Investment in Partnerships Investment in Private Equity Funds Total Balance, beginning of year $ 1,100 2,000 7,500 10,600 Net earned interest and realized/unrealized gains (losses) 100 -- 200 300 Transfers in to Level 3 -- -- -- -- Transfers from Level 3 (100) -- -- (100) Purchases, sales, issuances and settlements (net) -- (100) (4,100) (4,200) Balance, end of year $ 1,100 1,900 3,600 6,600 |
Schedule of Changes in Pension Benefit Obligations, Plan Assets and Funded Status of Defined Benefit Pension Plan | The following tables summarize the components of the change in pension benefit obligations, plan assets and funded status of the Company's defined benefit pension plan at December 31, 2017, 2016 and 2015. 2017 2016 2015 Benefit obligation at beginning of year $ 1,354 40,034 44,223 Service cost 613 596 579 Interest cost 34 1,124 1,564 Actuarial (gain) loss (816) 756 (2,860) Benefits paid (513) (3,092) (3,472) Settlement -- (38,064) -- Special termination benefits 170 -- -- Accumulated and projected benefit obligation at end of year 842 1,354 40,034 Fair value of plan assets at beginning of year 15,478 59,374 65,266 Actual return on plan assets 230 (1,100) (2,420) Benefits paid (513) (3,092) (3,472) Settlement -- (39,704) -- Fair value of plan assets at end of year 15,195 15,478 59,374 Funded status 14,353 14,124 19,340 Unrecognized net actuarial (gain) loss 1,838 1,979 17,111 Unrecognized prior service cost 9 14 18 Prepaid pension cost $ 16,200 16,117 36,469 |
Schedule of Components of Net Periodic Pension Credit | The components of the net periodic pension credit for the years ended December 31, 2017, 2016 and 2015 (which are reflected as selling, general and administrative in the consolidated statements of operations) are as follows: 2017 2016 2015 Service costs $ 613 596 579 Interest cost 34 1,124 1,564 Expected return on plan assets (964) (2,878) (4,121) Recognized net actuarial loss 60 696 1,054 Amortization of prior service cost 4 4 4 Loss on settlement -- 20,810 -- Loss on special termination benefits 170 -- -- Net periodic pension cost (credit) $ (83) 20,352 (920) |
Schedule of Weighted Average Assumptions Used in Valuing Pension Obligations | The principal weighted average assumptions used to determine the net periodic pension benefit (credit) and the actuarial value of the accumulated benefit obligation were as follows: 2017 2016 2015 As of January 1 Discount rate 3.52% 4.00% 3.71% Rates of compensation increase 3% 3% 3% Expected long-term rate of return on assets 6% 6% 7% As of December 31 Discount rate – net periodic pension credit 3.52% 4.00% 3.71% Discount rate – accumulated benefit obligation 3.30% 3.52% 4.00% Rates of compensation increase 3% 3% 3% Expected long-term rate of return on assets 6% 6% 7.0% |
Schedule of Future Benefit Payments Under Pension Plan | The estimated future benefit payments under the Company's pension plan are as follows (in thousands): Amounts 2018 $ 121 2019 93 2020 72 2021 149 2022 53 2023-2026 264 |
Schedule of Effect of 1% Change in Discount, Salary and Return on Assets Rates | Effect of a 1% change in the discount rate and salary increase rate for the fiscal years ended December 31, 2017 and 2016: 2017 Discount Rate 2017 Salary Increase 2016 Discount Rate 2016 Salary Increase Effect of a 1% increase on: Net periodic pension cost $ (3) 1 (4) 1 Pension benefit obligation at year end $ (41) 8 (78) 6 Effect of a 1% decrease on: Net periodic pension cost $ 3 (1) (3) (0) Pension benefit obligation at year end $ 47 (7) 89 (3) Effect of a 1% change in the rate of return on assets for the fiscal year ended December 31, 2017: 1% Increase 1% Decrease Net periodic pension cost $ (161) 161 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense/(benefit) attributable to income from continuing operations for the years ended December 31, 2017, 2016 and 2015 consist of: Current Deferred Total Year ended December 31, 2017: U.S. federal $ -- (7,625) (7,625) State -- (1,815) (1,815) $ -- (9,440) (9,440) Year ended December 31, 2016: U.S. federal $ -- (6,973) (6,973) State -- (775) (775) $ -- (7,748) (7,748) Year ended December 31, 2015: U.S. federal $ -- 705 705 State -- 78 78 $ -- 783 783 |
Schedule of Reconciliation of Statutory Income Tax Rate | Income tax expense/(benefit) attributable to income from continuing operations differs from the amounts computed by applying the U.S. federal income tax rate of 35 percent effective for 2017 and prior years to pretax income from operations as a result of the following: 2017 2016 2015 Provision at statutory rate $ 444 (8,540) (959) Federal NOLs utilized (1,515) -- -- Federal NOLs generated -- 1,569 1,611 State NOLs utilized (173) -- -- State NOLs generated -- 179 185 Reversal of valuation allowance on AMT credits (2,594) -- -- Effect of Federal rate reduction (5,504) -- -- Other (98) (956) (54) Total $ (9,440) (7,748) 783 |
Schedule of Deferred Tax Assets and Liabilities | The deferred tax effects of temporary differences at December 31, 2017, 2016 and 2015 are as follows: December 31, 2017 2016 2015 Deferred tax assets: Reserves related primarily to losses on divestitures $ 3,337 5,101 5,386 Loss carryforwards 9,558 15,347 13,656 Tax credit carryforwards -- 2,777 2,777 Other, net 346 573 614 Total deferred tax assets 13,241 23,798 22,433 Less – valuation allowance 9,558 18,124 16,433 Total deferred tax assets 3,683 5,674 6,000 Deferred tax liabilities: Property, plant and equipment, principally due to purchase accounting adjustments, net of impairment charges 10,385 16,930 17,065 Prepaid pension costs 4,305 6,302 8,337 Total deferred tax liabilities 14,690 23,232 25,402 Net deferred tax liability $ 11,007 17,558 19,402 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Information by Segment | 2017 2016 2015 Revenues: Property $ 13,134 5,678 3,945 Agriculture 2,800 2,689 2,896 Corporate 25 26 1 $ 15,959 8,393 6,842 Operating income (loss): Property $ 3,534 (445) (932) Agriculture (353) (143) 276 Operating income (loss) 3,181 (588) (656) Corporate (2,298) (23,945) (2,362) Operating income (loss) from continuing operations before income taxes $ 883 (24,533) (3,018) Identifiable Assets: Property $ 21,523 21,496 23,175 Agriculture 61,233 57,681 57,628 82,756 79,177 80,803 Corporate 30,152 30,010 38,574 $ 112,908 109,187 119,377 |
Schedule of Capital Expenditures and Depreciation and Amortization by Segment | 2017 2016 2015 Capital Expenditures: Property $ 276 234 185 Agriculture 286 189 241 $ 562 423 426 Depreciation and Amortization: Property $ 51 42 53 Agriculture 149 206 147 Total $ 200 248 200 |
Calculation of Net Income Per25
Calculation of Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Net Income (Loss) Per Share - Basic and Diluted | The following tables set forth the computation of net income (loss) per share - basic and diluted: Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Amounts in thousands except per share amounts) Numerator: Net income (loss) $ 10,323 (16,785) (3,801) Less: Net loss attributable to non controlling interests (387) (134) (279) Net income (loss) attributable to stockholders $ 10,710 (16,651) (3,522) Denominator: Number of weighted average shares – basic and diluted 1,845 1,845 1,845 Net income (loss) per share, attributable to Kaanapali Land – basic and diluted $ 5.81 (9.03) (1.91) |
Supplementary Quarterly Data 26
Supplementary Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | 2017 Quarter ended 3/31 Quarter ended 6/30 Quarter ended 9/30 Quarter ended 12/31 Total revenues $ 1,253 1,822 9,700 3,184 Net income (loss) attributable to stockholders $ (458) (849) 3,765 8,252 Net income (loss) per Share – basic and diluted $ (0.25) (0.46) 2.04 4.48 2016 Quarter ended 3/31 Quarter ended 6/30 Quarter ended 9/30 Quarter ended 12/31 Total revenues $ 3,323 1,909 2,438 723 Net income (loss) attributable to stockholders $ (706) (457) (391) (15,097) Net income (loss) per Share – basic and diluted $ (0.38) (0.25) (0.21) (8.19) 2015 Quarter ended 3/31 Quarter ended 6/30 Quarter ended 9/30 Quarter ended 12/31 Total revenues $ 2,853 1,501 1,758 730 Net income (loss) attributable to stockholders $ (579) (747) (443) (1,753) Net income (loss) per Share – basic and diluted $ (0.31) (0.40) (0.24) (0.96) |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||
Common stock, shares issued | 1,792,613 | 1,792,613 |
Common stock, shares outstanding | 1,792,613 | 1,792,613 |
Money market fund | $ 10,000 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Land Development) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($)Lots | Sep. 30, 2017Lots | Mar. 31, 2017Lots | Dec. 31, 2017USD ($)Lots | Dec. 31, 2016Lots | |
Accounting Policies [Abstract] | |||||
Number of agricultural lots held for sale | 51 | ||||
Total number of agricultural lots sold | 46 | 46 | |||
Number of agricultural lots sold during period | 3 | 1 | 1 | 6 | |
Total value of promissory notes outstanding | $ | $ 0 | $ 0 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Property Narrative) (Details) $ in Thousands | Aug. 10, 2017USD ($)a | Sep. 30, 2014USD ($)a | Dec. 31, 2017USD ($)a | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Property | |||||
Area of significant property holdings on island of Maui | a | 3,900 | ||||
Area of property holdings in Maui classified as conservation land which precludes development | a | 1,500 | ||||
Inventory of land held for sale | $ 3,498 | $ 7,026 | |||
Acres of land sold | a | 14.9 | ||||
Proceeds from sale of land | $ 3,300 | $ 11,997 | $ 5,170 | $ 3,497 | |
Additional acres offered to purchaser | a | 18.5 | ||||
Sales price for additional acres offered to purchaser | $ 4,078 | ||||
Amount of nonrefundable option payment applied to the purchase of additional acres | 525 | ||||
Wainee Lands Sale Agreement [Member] | |||||
Property | |||||
Acres of land sold | a | 230 | ||||
Proceeds from sale of land | $ 8,000 | ||||
Minimum [Member] | |||||
Property | |||||
Future funds committed by KLMC to improve parcel of land sold | 803 | ||||
Minimum [Member] | Land Improvements [Member] | |||||
Property | |||||
Property, estimated useful live | 15 years | 15 years | |||
Minimum [Member] | Machinery and Equipment [Member] | |||||
Property | |||||
Property, estimated useful live | 3 years | 3 years | |||
Maximum [Member] | |||||
Property | |||||
Future funds committed by KLMC to improve parcel of land sold | $ 1,008 | ||||
Maximum [Member] | Land Improvements [Member] | |||||
Property | |||||
Property, estimated useful live | 40 years | 40 years | |||
Maximum [Member] | Machinery and Equipment [Member] | |||||
Property | |||||
Property, estimated useful live | 18 years | 18 years |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Schedule of Property, Net) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, gross | $ 69,389 | $ 76,076 |
Accumulated depreciation | (5,106) | (4,906) |
Property, net | 64,283 | 71,170 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, gross | 63,344 | 70,378 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, gross | 1,216 | 1,166 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, gross | $ 4,829 | $ 4,532 |
Mortgage Note Payable (Details)
Mortgage Note Payable (Details) - Secured Promissory Note [Member] - Affiliated Entities [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 70,000 | |
Debt instrument, issuance date | Nov. 14, 2002 | |
Debt instrument, maturity date | Sep. 30, 2020 | |
Outstanding balance of principal and accrued interest | $ 87,900 | $ 87,500 |
Debt instrument, interest rate | 1.19% |
Rental Arrangements (Details)
Rental Arrangements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Leases [Abstract] | ||
Rent expense incurred | $ 33 | $ 41 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Oct. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Percentage of pension plan benefit obligations that will be settled from purchase of a single premium group annuity contract | 96.00% | ||||
Amount of pension plan funds transferred to third party to fund purchase | $ 39,700 | ||||
Recognized non-cash accumulated other comprehensive loss, after tax | $ 3,500 | ||||
Total after tax accumulated other comprehensive loss recognized in accumulated earnings | $ 13,000 | ||||
Excess assets of pension plan | 14,000 | ||||
Unrecognized prior service costs that have not yet been recognized in net periodic pension cost, before tax | 14 | 14 | $ 9 | $ 18 | |
Unrecognized prior service costs that have not yet been recognized in net periodic pension cost, after tax | 9 | 9 | 7 | ||
Unrecognized actuarial loss that have not yet been recognized in net periodic pension cost, before tax | 1,993 | 1,993 | 1,847 | ||
Unrecognized actuarial loss that have not yet been recognized in net periodic pension cost, after tax | $ 1,216 | $ 1,216 | 1,367 | ||
Deferred liability for nonqualified deferred compensation arrangement ("Rabbi Trust") | 546 | ||||
Assets held under deferred compensation arrangement ("Rabbi Trust") | $ 38 | ||||
Cash and cash equivalents [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan investment target allocation percentages | 3.00% | ||||
Equity Composite [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan investment target allocation percentages | 23.00% | ||||
Multi-strategy Composite [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan investment target allocation percentages | 74.00% |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Pension Plan Assets Measured at Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | $ 15,200 | $ 15,500 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | 1,900 | 4,900 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | 6,700 | ||
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | 6,600 | 10,600 | $ 18,100 |
Mutual Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | 1,300 | ||
Mutual Fund [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | 1,300 | ||
Mutual Fund [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | |||
Mutual Fund [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | |||
Collective Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | 6,700 | ||
Collective Investment Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | |||
Collective Investment Funds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | 6,700 | ||
Collective Investment Funds [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | |||
Corporate notes, bonds and debentures [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | 100 | ||
Corporate notes, bonds and debentures [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | 100 | ||
Corporate notes, bonds and debentures [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | |||
Corporate notes, bonds and debentures [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | |||
Investment in partnerships [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | 1,900 | 2,000 | |
Investment in partnerships [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | |||
Investment in partnerships [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | |||
Investment in partnerships [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | 1,900 | 2,000 | 2,600 |
Investments in insurance companies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | 1,100 | 1,100 | |
Investments in insurance companies [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | |||
Investments in insurance companies [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | |||
Investments in insurance companies [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | 1,100 | 1,100 | 1,200 |
Investments in private equity funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | 3,600 | 7,500 | |
Investments in private equity funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | |||
Investments in private equity funds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | |||
Investments in private equity funds [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | 3,600 | 7,500 | $ 14,300 |
Cash and cash equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | 500 | 4,800 | |
Cash and cash equivalents [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | 500 | 4,800 | |
Cash and cash equivalents [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | |||
Cash and cash equivalents [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | |||
Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | 100 | ||
Other [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | 100 | ||
Other [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value | |||
Other [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets at fair value |
Employee Benefit Plans (Sched35
Employee Benefit Plans (Schedule of Changes in Level 3 Investments and Investments Measured at Net Asset Value) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Balance, beginning of year | $ 15,500 | ||
Net earned interest and realized/unrealized gains (losses) | 230 | $ (1,100) | $ (2,420) |
Balance, end of year | 15,200 | 15,500 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance, beginning of year | 10,600 | 18,100 | |
Net earned interest and realized/unrealized gains (losses) | 300 | 500 | |
Transfers in to Level 3 | |||
Transfers from Level 3 | (100) | (800) | |
Purchases, sales, issuances and settlements (net) | (4,200) | (7,200) | |
Balance, end of year | 6,600 | 10,600 | 18,100 |
Investments in insurance companies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance, beginning of year | 1,100 | ||
Balance, end of year | 1,100 | 1,100 | |
Investments in insurance companies [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance, beginning of year | 1,100 | 1,200 | |
Net earned interest and realized/unrealized gains (losses) | 100 | 100 | |
Transfers in to Level 3 | |||
Transfers from Level 3 | (100) | (800) | |
Purchases, sales, issuances and settlements (net) | 600 | ||
Balance, end of year | 1,100 | 1,100 | 1,200 |
Investment in partnerships [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance, beginning of year | 2,000 | ||
Balance, end of year | 1,900 | 2,000 | |
Investment in partnerships [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance, beginning of year | 2,000 | 2,600 | |
Net earned interest and realized/unrealized gains (losses) | 100 | ||
Transfers in to Level 3 | |||
Transfers from Level 3 | |||
Purchases, sales, issuances and settlements (net) | (100) | (700) | |
Balance, end of year | 1,900 | 2,000 | 2,600 |
Investments in private equity funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance, beginning of year | 7,500 | ||
Balance, end of year | 3,600 | 7,500 | |
Investments in private equity funds [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance, beginning of year | 7,500 | 14,300 | |
Net earned interest and realized/unrealized gains (losses) | 200 | 300 | |
Transfers in to Level 3 | |||
Transfers from Level 3 | |||
Purchases, sales, issuances and settlements (net) | (4,100) | (7,100) | |
Balance, end of year | $ 3,600 | $ 7,500 | $ 14,300 |
Employee Benefit Plans (Sched36
Employee Benefit Plans (Schedule of Changes in Pension Benefit Obligations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retirement Benefits [Abstract] | |||
Benefit obligation at beginning of year | $ 1,354 | $ 40,034 | $ 44,223 |
Service cost | 613 | 596 | 579 |
Interest cost | 34 | 1,124 | 1,564 |
Actuarial (gain) loss | (816) | 756 | (2,860) |
Benefits paid | (513) | (3,092) | (3,472) |
Settlement | (38,064) | ||
Special termination benefits | 170 | ||
Accumulated and projected benefit obligation at end of year | 842 | 1,354 | 40,034 |
Fair value of plan assets at beginning of year | 15,478 | 59,374 | 65,266 |
Actual return on plan assets | 230 | (1,100) | (2,420) |
Benefits paid during period | (513) | (3,092) | (3,472) |
Settlement | (39,704) | ||
Fair value of plan assets at end of year | 15,195 | 15,478 | 59,374 |
Funded status | 14,353 | 14,124 | 19,340 |
Unrecognized net actuarial (gain) loss | 1,838 | 1,979 | 17,111 |
Unrecognized prior service cost | 9 | 14 | 18 |
Prepaid pension cost | $ 16,200 | $ 16,117 | $ 36,469 |
Employee Benefit Plans (Sched37
Employee Benefit Plans (Schedule of Components of Net Periodic Pension Credit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retirement Benefits [Abstract] | |||
Service costs | $ 613 | $ 596 | $ 579 |
Interest cost | 34 | 1,124 | 1,564 |
Expected return on plan assets | (964) | (2,878) | (4,121) |
Recognized net actuarial loss | 60 | 696 | 1,054 |
Amortization of prior service cost | 4 | 4 | 4 |
Loss on settlement | 20,810 | ||
Loss on special termination benefits | 170 | ||
Net periodic pension cost (credit) | $ (83) | $ 20,352 | $ (920) |
Employee Benefit Plans (Sched38
Employee Benefit Plans (Schedule of Weighted Average Assumptions Used in Valuing Pension Obligations) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retirement Benefits [Abstract] | |||
Discount rate - net periodic pension credit | 3.52% | 4.00% | 3.71% |
Discount rate - accumulated benefit obligation | 3.30% | 3.52% | 4.00% |
Rates of compensation increase | 3.00% | 3.00% | 3.00% |
Expected long-term rate of return on assets | 6.00% | 6.00% | 7.00% |
Employee Benefit Plans (Sched39
Employee Benefit Plans (Schedule of Future Benefit Payments Under Pension Plan) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Retirement Benefits [Abstract] | |
2,018 | $ 121 |
2,019 | 93 |
2,020 | 72 |
2,021 | 149 |
2,022 | 53 |
2023-2026 | $ 264 |
Employee Benefit Plans (Sched40
Employee Benefit Plans (Schedule of Effect of 1 Percent Change in Discount and Salary Rates) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Effect of a 1% increase in the rate of return on assets | $ (161) | |
Effect of a 1% decrease in the rate of return on assets | 161 | |
Discount Rate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Effect of a 1% increase on net periodic pension cost | (3) | $ (4) |
Effect of a 1% increase on pension benefit obligation at year end | (41) | (78) |
Effect of a 1% decrease on net periodic pension cost | 3 | (3) |
Effect of a 1% decrease on pension benefit obligation ast year end | 47 | 89 |
Salary Increase [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Effect of a 1% increase on net periodic pension cost | 1 | 1 |
Effect of a 1% increase on pension benefit obligation at year end | 8 | 6 |
Effect of a 1% decrease on net periodic pension cost | (1) | 0 |
Effect of a 1% decrease on pension benefit obligation ast year end | $ (7) | $ (3) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | |||
U.S. Federal tax rate beginning in 2018 | $ 0.21 | ||
Net tax benefit from change in Federal statutory tax rate | $ 8,076 | ||
Expected refundable tax credit from previously recorded valuation allowances again AMT credit carryforwards | $ 2,594 | ||
U.S. federal income tax rate applied to pretax income from operations | 35.00% | ||
Tax credit carryforwards | $ (2,777) | $ (2,777) | |
Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 6,948 | ||
State [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | $ 2,610 | ||
State [Member] | Minimum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforward, expiration date | Dec. 31, 2019 | ||
State [Member] | Maximum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforward, expiration date | Dec. 31, 2035 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
U.S. federal - current | |||
State - current | |||
U.S. federal and state - current | |||
Deferred: | |||
U.S. federal - deferred | (7,625) | (6,973) | 705 |
State - deferred | (1,815) | (775) | 78 |
U.S. federal and state - deferred | (9,440) | (7,748) | 783 |
Total: | |||
Total U.S. Federal - current and deferred | (7,625) | (6,973) | 705 |
Total State - current and deferred | (1,815) | (775) | 78 |
Income tax expense/(benefit) attributable to income from continuing operations | $ (9,440) | $ (7,748) | $ 783 |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation of Statutory Income Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Provision at statutory rate | $ 444 | $ (8,540) | $ (959) |
Federal NOLs utilized | (1,515) | ||
Federal NOLs generated | 1,569 | 1,611 | |
State NOLs utilized | (173) | ||
State NOLs generated | 179 | 185 | |
Reversal of valuation allowance on AMT credits | (2,594) | ||
Effect of Federal rate reduction | (5,504) | ||
Other, net | (98) | (956) | (54) |
Total | $ (9,440) | $ (7,748) | $ 783 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | |||
Reserves related primarily to losses on divestitures | $ 3,337 | $ 5,101 | $ 5,386 |
Loss carryforwards | 9,558 | 15,347 | 13,656 |
Tax credit carryforwards | 2,777 | 2,777 | |
Other, net | 346 | 573 | 614 |
Total deferred tax assets | 13,241 | 23,798 | 22,433 |
Less - valuation allowance | 9,558 | 18,124 | 16,433 |
Total deferred tax assets | 3,683 | 5,674 | 6,000 |
Deferred tax liabilities: | |||
Property, plant and equipment, principally due to purchase accounting adjustments, net of impairment charges | 10,385 | 16,930 | 17,065 |
Prepaid pension costs | 4,305 | 6,302 | 8,337 |
Total deferred tax liabilities | 14,690 | 23,232 | 25,402 |
Net deferred tax liability | $ 11,007 | $ 17,558 | $ 19,402 |
Transactions with Affiliates (D
Transactions with Affiliates (Details) - Affiliated Entities [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Insurance brokerage commissions incurred during period with related party | $ 13 | $ 12 | $ 9 |
Selling, general and administrative expenses incurred during the period with related parties | 1,313 | 1,286 | 1,236 |
Amounts due to affiliates not yet paid | 270 | ||
Revenue from farming and common area maintenance services and for providing non-potable water to the Kaanapali Coffee Farms Lot Owners Association ('LOA') | $ 1,105 | $ 1,172 | $ 1,214 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Jun. 30, 2007 | Jun. 30, 2014 | Dec. 31, 2013 | |
Gain Contingencies [Line Items] | |||
Approximate future costs and expenditures KLMC remains committed for on uncompleted portion of Bypass Highway | $ 1,100 | ||
Maximum amount KLMC has agreed to contribute towards construction costs on Bypass Highway project | $ 6,700 | ||
Oahu Sugar Bankruptcy Case [Member] | |||
Gain Contingencies [Line Items] | |||
Amount of claims filed | $ 224,000 | ||
Total costs spent included in bankruptcy proof of claim | 260 | ||
Oahu Sugar Bankruptcy Case [Member] | Minimum [Member] | |||
Gain Contingencies [Line Items] | |||
Additional anticipated response costs submitted in bankruptcy proof of claim | 2,760 | ||
Oahu Sugar Bankruptcy Case [Member] | Maximum [Member] | |||
Gain Contingencies [Line Items] | |||
Additional anticipated response costs submitted in bankruptcy proof of claim | 11,450 | ||
D/C Distribution [Member] | |||
Gain Contingencies [Line Items] | |||
Litigation settlement | $ 1,618 | ||
D/C Distributions Bankruptcy Case [Member] | |||
Gain Contingencies [Line Items] | |||
Amount of claims filed | $ 26,800 |
Business Segment Information (S
Business Segment Information (Schedule of Net Income by Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||||||||||||||
Revenues | $ 3,184 | $ 9,700 | $ 1,822 | $ 1,253 | $ 723 | $ 2,438 | $ 1,909 | $ 3,323 | $ 730 | $ 1,758 | $ 1,501 | $ 2,853 | $ 15,959 | $ 8,393 | $ 6,842 |
Operating income (loss): | |||||||||||||||
Operating income (loss) from continuing operations before income taxes | 883 | (24,533) | (3,018) | ||||||||||||
Property [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 13,134 | 5,678 | 3,945 | ||||||||||||
Operating income (loss): | |||||||||||||||
Operating income (loss) | 3,534 | (445) | (932) | ||||||||||||
Agriculture [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 2,800 | 2,689 | 2,896 | ||||||||||||
Operating income (loss): | |||||||||||||||
Operating income (loss) | (353) | (143) | 276 | ||||||||||||
Corporate [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 25 | 26 | 1 | ||||||||||||
Operating income (loss): | |||||||||||||||
Operating income (loss) | (2,298) | (23,945) | (2,362) | ||||||||||||
Property and Agriculture [Member] | |||||||||||||||
Operating income (loss): | |||||||||||||||
Operating income (loss) | $ 3,181 | $ (588) | $ (656) |
Business Segment Information 48
Business Segment Information (Schedule of Identifiable Assets by Segment) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Identifiable assets | $ 112,908 | $ 109,187 | $ 119,377 |
Property [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Identifiable assets | 21,523 | 21,496 | 23,175 |
Agriculture [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Identifiable assets | 61,233 | 57,681 | 57,628 |
Property and Agriculture [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Identifiable assets | 82,756 | 79,177 | 80,803 |
Corporate [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Identifiable assets | $ 30,152 | $ 30,010 | $ 38,574 |
Business Segment Information 49
Business Segment Information (Schedule of Capital Expenditures and Depreciation and Amortization by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital expenditures | $ 562 | $ 423 | $ 426 |
Depreciation and amortization | 200 | 248 | 200 |
Property [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital expenditures | 276 | 234 | 185 |
Depreciation and amortization | 51 | 42 | 53 |
Agriculture [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital expenditures | 286 | 189 | 241 |
Depreciation and amortization | $ 149 | $ 206 | 147 |
Corporate [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital expenditures |
Calculation of Net Income Per50
Calculation of Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: | |||||||||||||||
Net income (loss) | $ 10,323 | $ (16,785) | $ (3,801) | ||||||||||||
Less: Net loss attributable to non controlling interests | (387) | (134) | (279) | ||||||||||||
Net income (loss) attributable to stockholders | $ 8,252 | $ 3,765 | $ (849) | $ (458) | $ (15,097) | $ (391) | $ (457) | $ (706) | $ (1,753) | $ (443) | $ (747) | $ (579) | $ 10,710 | $ (16,651) | $ (3,522) |
Denominator: | |||||||||||||||
Number of weighted average share outstanding - basic and diluted | 1,845,000 | 1,845,000 | 1,845,000 | ||||||||||||
Earnings per share - basic and diluted: | $ 4.48 | $ 2.04 | $ (0.46) | $ (0.25) | $ (8.19) | $ (0.21) | $ (0.25) | $ (0.38) | $ (0.96) | $ (0.24) | $ (0.40) | $ (0.31) | $ 5.81 | $ (9.03) | $ (1.91) |
Common stock, shares issued | 1,792,613 | 1,792,613 | 1,792,613 | 1,792,613 | |||||||||||
Common stock, shares outstanding | 1,792,613 | 1,792,613 | 1,792,613 | 1,792,613 | |||||||||||
Common Stock Class C [Member] | |||||||||||||||
Denominator: | |||||||||||||||
Common stock, shares issued | 52,000 | 52,000 | 52,000 | 52,000 | |||||||||||
Common stock, shares outstanding | 52,000 | 52,000 | 52,000 | 52,000 |
Supplementary Quarterly Data 51
Supplementary Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Total revenues | $ 3,184 | $ 9,700 | $ 1,822 | $ 1,253 | $ 723 | $ 2,438 | $ 1,909 | $ 3,323 | $ 730 | $ 1,758 | $ 1,501 | $ 2,853 | $ 15,959 | $ 8,393 | $ 6,842 |
Net income (loss) | $ 8,252 | $ 3,765 | $ (849) | $ (458) | $ (15,097) | $ (391) | $ (457) | $ (706) | $ (1,753) | $ (443) | $ (747) | $ (579) | $ 10,710 | $ (16,651) | $ (3,522) |
Net income (loss) per Share - basic and diluted | $ 4.48 | $ 2.04 | $ (0.46) | $ (0.25) | $ (8.19) | $ (0.21) | $ (0.25) | $ (0.38) | $ (0.96) | $ (0.24) | $ (0.40) | $ (0.31) | $ 5.81 | $ (9.03) | $ (1.91) |