Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | MAUI LAND & PINEAPPLE CO INC | |
Entity Central Index Key | 0000063330 | |
Trading Symbol | mlp | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 19,313,833 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | ||
Cash | $ 622,000 | $ 624,000 |
Accounts receivable, less allowance of $34 for doubtful accounts | 1,064,000 | 897,000 |
Current portion of income tax receivable | 2,499,000 | 2,499,000 |
Prepaid expenses and other assets | 94,000 | 37,000 |
Assets held for sale | 156,000 | 212,000 |
Total current assets | 4,435,000 | 4,269,000 |
PROPERTY | 66,033,000 | 65,962,000 |
Accumulated depreciation | (37,490,000) | (36,741,000) |
Net property | 28,543,000 | 29,221,000 |
OTHER ASSETS | ||
Deferred development costs | 10,882,000 | 10,790,000 |
Income tax receivable | 2,500,000 | 2,500,000 |
Other noncurrent assets | 1,277,000 | 1,320,000 |
Total other assets | 14,659,000 | 14,610,000 |
TOTAL ASSETS | 47,637,000 | 48,100,000 |
CURRENT LIABILITIES | ||
Current portion of long-term debt | 2,035,000 | 1,235,000 |
Accounts payable | 597,000 | 2,024,000 |
Payroll and employee benefits | 559,000 | 814,000 |
Current portion of accrued retirement benefits | 165,000 | 165,000 |
Deferred revenue | 332,000 | 137,000 |
Other current liabilities | 342,000 | 323,000 |
Total current liabilities | 4,030,000 | 4,698,000 |
LONG-TERM LIABILITIES | ||
Accrued retirement benefits | 9,886,000 | 9,871,000 |
Deposits | 2,636,000 | 2,558,000 |
Other noncurrent liabilities | 64,000 | 54,000 |
Total long-term liabilities | 12,586,000 | 12,483,000 |
COMMITMENTS AND CONTINGENCIES (Note 11) | ||
STOCKHOLDERS' EQUITY | ||
Common stock--no par value, 43,000,000 shares authorized, 19,191,848 and 19,125,521 shares issued and outstanding | 80,297,000 | 79,411,000 |
Additional paid in capital | 9,314,000 | 9,246,000 |
Accumulated deficit | (37,209,000) | (35,934,000) |
Accumulated other comprehensive loss | (21,381,000) | (21,804,000) |
Total stockholders' equity | 31,021,000 | 30,919,000 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ 47,637,000 | $ 48,100,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts receivable, allowance | $ 34 | $ 34 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 43,000,000 | 43,000,000 |
Common stock, shares issued (in shares) | 19,191,848 | 19,125,521 |
Common stock, shares outstanding (in shares) | 19,191,848 | 19,125,521 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
OPERATING REVENUES | ||||
Leasing | $ 1,719,000 | $ 1,558,000 | $ 3,396,000 | $ 3,053,000 |
Operating revenues | 3,105,000 | 2,960,000 | 5,948,000 | 5,502,000 |
OPERATING COSTS AND EXPENSES | ||||
Leasing | 603,000 | 706,000 | 1,178,000 | 1,284,000 |
General and administrative | 510,000 | 725,000 | 1,350,000 | 1,556,000 |
Share-based compensation | 374,000 | 320,000 | 972,000 | 899,000 |
Depreciation | 431,000 | 446,000 | 863,000 | 885,000 |
Total operating costs and expenses | 2,967,000 | 3,391,000 | 6,604,000 | 6,758,000 |
OPERATING INCOME (LOSS) | 138,000 | (431,000) | (656,000) | (1,256,000) |
Pension and other post-retirement expenses | (256,000) | (102,000) | (509,000) | (204,000) |
Interest expense | (63,000) | (37,000) | (110,000) | (74,000) |
NET LOSS | (181,000) | (570,000) | (1,275,000) | (1,534,000) |
Pension, net of income taxes of $0 | 211,000 | 185,000 | 423,000 | 370,000 |
COMPREHENSIVE INCOME (LOSS) | $ 30,000 | $ (385,000) | $ (852,000) | $ (1,164,000) |
NET LOSS PER COMMON SHARE | ||||
--BASIC AND DILUTED (in dollars per share) | $ (0.01) | $ (0.03) | $ (0.07) | $ (0.08) |
Real Estate [Member] | ||||
OPERATING REVENUES | ||||
Operating revenues | $ 209,000 | $ 300,000 | $ 366,000 | $ 336,000 |
OPERATING COSTS AND EXPENSES | ||||
Operating costs | 255,000 | 443,000 | 521,000 | 509,000 |
Public Utilities [Member] | ||||
OPERATING REVENUES | ||||
Operating revenues | 929,000 | 810,000 | 1,677,000 | 1,514,000 |
OPERATING COSTS AND EXPENSES | ||||
Operating costs | 586,000 | 520,000 | 1,187,000 | 1,041,000 |
Resort Amenities and Other [Member] | ||||
OPERATING REVENUES | ||||
Operating revenues | 248,000 | 292,000 | 509,000 | 599,000 |
OPERATING COSTS AND EXPENSES | ||||
Operating costs | $ 208,000 | $ 231,000 | $ 533,000 | $ 584,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Pension, taxes | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 19,040 | ||||
Balance at Dec. 31, 2017 | $ 78,584,000 | $ 9,246,000 | $ (36,432,000) | $ (20,254,000) | $ 31,144,000 |
Share-based compensation (in shares) | 71 | ||||
Share-based compensation | $ 845,000 | 120,000 | 965,000 | ||
Vested restricted stock issued (in shares) | 15 | ||||
Vested restricted stock issued | $ 120,000 | (120,000) | |||
Shares cancelled to pay tax liability (in shares) | (35) | ||||
Shares cancelled to pay tax liability | $ (411,000) | (411,000) | |||
Pension, net of income taxes of $0 | 185,000 | 185,000 | |||
Net loss | (964,000) | (964,000) | |||
Balance (in shares) at Mar. 31, 2018 | 19,091 | ||||
Balance at Mar. 31, 2018 | $ 79,138,000 | 9,246,000 | (37,396,000) | (20,069,000) | 30,919,000 |
Balance (in shares) at Dec. 31, 2017 | 19,040 | ||||
Balance at Dec. 31, 2017 | $ 78,584,000 | 9,246,000 | (36,432,000) | (20,254,000) | 31,144,000 |
Pension, net of income taxes of $0 | 370,000 | ||||
Net loss | (1,534,000) | ||||
Balance (in shares) at Jun. 30, 2018 | 19,103 | ||||
Balance at Jun. 30, 2018 | $ 79,230,000 | 9,246,000 | (37,966,000) | (19,884,000) | 30,626,000 |
Balance (in shares) at Mar. 31, 2018 | 19,091 | ||||
Balance at Mar. 31, 2018 | $ 79,138,000 | 9,246,000 | (37,396,000) | (20,069,000) | 30,919,000 |
Share-based compensation (in shares) | |||||
Share-based compensation | 148 | 148 | |||
Vested restricted stock issued (in shares) | 16 | ||||
Vested restricted stock issued | $ 148 | (148) | |||
Shares cancelled to pay tax liability (in shares) | (4) | ||||
Shares cancelled to pay tax liability | $ (56) | (56) | |||
Pension, net of income taxes of $0 | 185,000 | 185,000 | |||
Net loss | (570,000) | (570,000) | |||
Balance (in shares) at Jun. 30, 2018 | 19,103 | ||||
Balance at Jun. 30, 2018 | $ 79,230,000 | 9,246,000 | (37,966,000) | (19,884,000) | 30,626,000 |
Balance (in shares) at Dec. 31, 2018 | 19,125 | ||||
Balance at Dec. 31, 2018 | $ 79,411,000 | 9,246,000 | (35,934,000) | (21,804,000) | 30,919,000 |
Share-based compensation (in shares) | 52 | ||||
Share-based compensation | $ 951,000 | 146,000 | 1,097,000 | ||
Vested restricted stock issued (in shares) | 16 | ||||
Vested restricted stock issued | $ 146,000 | (146,000) | |||
Stock option exercised (Note 3) (in shares) | 25 | ||||
Stock option exercised (Note 3) | $ 62,000 | 68,000 | 130,000 | ||
Shares cancelled to pay tax liability (in shares) | (38) | ||||
Shares cancelled to pay tax liability | $ (400,000) | (400,000) | |||
Pension, net of income taxes of $0 | 212,000 | 212,000 | |||
Net loss | (1,094,000) | (1,094,000) | |||
Balance (in shares) at Mar. 31, 2019 | 19,180 | ||||
Balance at Mar. 31, 2019 | $ 80,170,000 | 9,314,000 | (37,028,000) | (21,592,000) | 30,864,000 |
Balance (in shares) at Dec. 31, 2018 | 19,125 | ||||
Balance at Dec. 31, 2018 | $ 79,411,000 | 9,246,000 | (35,934,000) | (21,804,000) | 30,919,000 |
Pension, net of income taxes of $0 | 423,000 | ||||
Net loss | (1,275,000) | ||||
Balance (in shares) at Jun. 30, 2019 | 19,192 | ||||
Balance at Jun. 30, 2019 | $ 80,297,000 | 9,314,000 | (37,209,000) | (21,381,000) | 31,021,000 |
Balance (in shares) at Mar. 31, 2019 | 19,180 | ||||
Balance at Mar. 31, 2019 | $ 80,170,000 | 9,314,000 | (37,028,000) | (21,592,000) | 30,864,000 |
Share-based compensation (in shares) | |||||
Share-based compensation | 183,000 | 183,000 | |||
Vested restricted stock issued (in shares) | 17 | ||||
Vested restricted stock issued | $ 183,000 | (183,000) | |||
Shares cancelled to pay tax liability (in shares) | (5) | ||||
Shares cancelled to pay tax liability | $ (56,000) | (56,000) | |||
Pension, net of income taxes of $0 | 211,000 | 211,000 | |||
Net loss | (181,000) | (181,000) | |||
Balance (in shares) at Jun. 30, 2019 | 19,192 | ||||
Balance at Jun. 30, 2019 | $ 80,297,000 | $ 9,314,000 | $ (37,209,000) | $ (21,381,000) | $ 31,021,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ (91) | $ 805 |
INVESTING ACTIVITIES | ||
Payments of property and deferred development costs | (256) | (211) |
NET CASH USED IN INVESTING ACTIVITIES | (256) | (211) |
FINANCING ACTIVITIES | ||
Proceeds from long-term debt | 800 | |
Debt and common stock issuance costs and other | (455) | (467) |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 345 | (467) |
NET INCREASE (DECREASE) IN CASH | (2) | 127 |
CASH AT BEGINNING OF PERIOD | 624 | 1,029 |
CASH AT END OF PERIOD | 622 | 1,156 |
Cash paid during the period: | ||
Interest | $ 68 | $ 35 |
Supplemental Non-cash Activitie
Supplemental Non-cash Activities | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | SUPPLEMENTAL NON-CASH ACTIVITIES: ● Common stock issued to certain members of the Company’s management totaled $951,000 $845,000 six June 30, 2019 2018, |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. BASIS OF PRESENTATION The accompanying interim unaudited condensed consolidated financial statements have been prepared by Maui Land & Pineapple Company, Inc. (together with its subsidiaries, the “Company”) in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information that are consistent in all material respects with those applied in the Company’s Annual Report on Form 10 December 31, 2018, 10 10 X not June 30, 2019 2018. 10 December 31, 2018. |
Note 2 - Use of Estimates and R
Note 2 - Use of Estimates and Reclassifications | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Use of Estimates and Reclassifications Disclosure [Text Block] | 2. USE OF ESTIMATES AND RECLASSIFICATIONS The Company’s reports for interim periods utilize numerous estimates of general and administrative expenses and other costs for the full year. Future actual amounts may not December 31, 2018 no |
Note 3 - Stockholders' Equity
Note 3 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. STOCKHOLDERS’ EQUITY Basic and diluted weighted-average shares outstanding for the periods ended June 30, 2019 2018 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Basic and diluted 19,180,735 19,091,414 19,163,022 19,074,809 Potentially dilutive 2,500 27,500 11,389 27,500 Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding. Diluted net loss per common share is computed similar to basic net loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares from share-based compensation arrangements had been issued. Potentially dilutive shares arise from non-qualified stock options to purchase common stock. The treasury stock method is utilized to determine the number of potentially dilutive shares related to the outstanding non-qualified stock options. On March 6, 2019, 25,000 $5.20 March 9, 2009 20% March 9, 2010 March 9, 2014. March 9, 2019. |
Note 4 - Property
Note 4 - Property | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Property at June 30, 2019 December 31, 2018 June 30, December 31, 2018 (in thousands) Land $ 5,086 $ 5,059 Land improvements 24,727 24,727 Buildings 24,763 24,884 Machinery and equipment 11,295 11,143 Construction in progress 162 149 Total property 66,033 65,962 Less accumulated depreciation 37,490 36,741 Net property $ 28,543 $ 29,221 Land Most of the Company’s 22,800 1911 1932 20,700 5,700 900 3,000 2,100 Land Improvements Land improvements are comprised primarily of roads, utilities, and landscaping infrastructure improvements at the Kapalua Resort. Also included is the Company’s potable and non-potable water systems in West Maui. The majority of the Company’s land improvements were constructed and placed in service in the mid-to-late 1970’s 2017. Buildings Buildings are comprised of restaurant, retail and light industrial spaces located at the Kapalua Resort and Hali’imaile which are used in the Company’s leasing operations. The majority of the buildings were constructed and placed in service in the mid-to-late 1970’s. Machinery and Equipment Machinery and equipment are mainly comprised of zipline course equipment installed in 2008 |
Note 5 - Assets Held for Sale a
Note 5 - Assets Held for Sale and Real Estate Sales | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Assets Held-for-Sale and Real Estate Sales Disclosure [Text Block] | 5 . ASSETS HELD FOR SALE AND REAL ESTATE SALES Assets held for sale at June 30, 2019 December 31, 2018 June 30 , 201 9 December 31, 8 (in thousands) Upcountry Maui, 630-acre parcel of agricultural land $ 156 $ 156 Upcountry Maui, 33-acre parcel of agricultural land and wastewater treatment facility - 56 Assets held for sale $ 156 $ 212 The above assets held for sale have not The value of the Upcountry Maui, 33 zero March 31, 2019. |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6. LONG-TERM DEBT Long-term debt is comprised of amounts outstanding under the Company’s $15.0 December 31, 2019 two one 3.50%, 5.94% 5.84%, June 30, 2019 December 31, 2018, 800 30,000 no The terms of the Credit Facility include various representations, warranties, affirmative, negative and financial covenants and events of default customary for financings of this type. Financial covenants include a minimum liquidity (as defined) of $2.0 $45.0 The Company believes that it is in compliance with the covenants under the Credit Facility as of June 30, 2019. |
Note 7 - Share-based Compensati
Note 7 - Share-based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 7 . SHARE-BASED COMPENSATION The Company’s directors, officers and certain members of management receive a portion of their compensation in shares of the Company’s common stock granted under the Company’s 2017 Share-based compensation is determined and awarded annually to the Company’s officers and certain members of management based on their achievement of certain predefined performance goals and objectives under the Equity Plan. Such share-based compensation is comprised of an annual incentive paid in shares of common stock and a long-term incentive paid in restricted shares vesting quarterly over a period of three Share-based compensation totaled $972,000 $899,000 six June 30, 2019 2018, $328,000 $268,000 first six 2019 2018, |
Note 8 - Accrued Retirement Ben
Note 8 - Accrued Retirement Benefits | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 8 . ACCRUED RETIREMENT BENEFITS Accrued retirement benefits at June 30, 2019 December 31, 2018 June 30 December 31, 2019 2018 (in thousands) Defined benefit pension plan $ 8,003 $ 7,971 Non-qualified retirement plans 2,048 2,065 Total 10,051 10,036 Less current portion (165 ) (165 ) Non-current portion of accrued retirement benefits $ 9,886 $ 9,871 The Company has a defined benefit pension plan which covers substantially all of its former bargaining and non-bargaining full-time, part-time and intermittent employees. In 2011, twelve 2009 The net periodic benefit costs for pension and postretirement benefits for the three six June 30, 2019 2018 Three Months Six Months Ended June 30, Ended June 30, 2019 2018 2019 2018 (in thousands) (in thousands) Interest cost $ 527 $ 495 $ 1,053 $ 990 Expected return on plan assets (482 ) (578 ) (967 ) (1,156 ) Amortization of net loss 211 185 423 370 Pension and other postretirement expenses $ 256 $ 102 $ 509 $ 204 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9 . INCOME TAXES The Company uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company’s effective tax rate for 2019 2018 In accordance with The Tax Cuts and Jobs Act of 2017, $91.3 December 31, 2018 $5.0 50%, $2.5 2020 two |
Note 10 - Reportable Operating
Note 10 - Reportable Operating Segments | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 0 . REPORTABLE OPERATING SEGMENTS The Company’s reportable operating segments are comprised of the discrete business units whose operating results are regularly reviewed by the Company’s Chief Executive Officer – its chief decision maker – in assessing performance and determining the allocation of resources. Reportable operating segments are as follows: • Real Estate includes the development and sale of real estate inventory and the operations of Kapalua Realty Company, a general brokerage real estate company located within the Kapalua Resort. • Leasing primarily includes revenues and expenses from real property leasing activities, license fees and royalties for the use of certain of the Company’s trademarks and brand names by third • Utilities primarily include the operations of Kapalua Water Company and Kapalua Waste Treatment Company, the Company’s water and sewage transmission services (regulated by the Hawaii Public Utilities Commission) for the Kapalua Resort. The operating segment also includes the management of ditch, reservoir and well systems that provide non-potable irrigation water to West and Upcountry Maui areas. • Resort Amenities include a membership program that provides certain benefits and privileges within the Kapalua Resort for its members. The Company’s reportable operating segment results are measured based on operating income (loss), exclusive of interest, depreciation, general and administrative, share-based compensation, pension and other postretirement expenses. Reportable operating segment revenues and income for the three six June 30, 2019 2018 Three Months Six Months Ended June 30, Ended June 30, 2019 2018 2019 2018 (in thousands) (in thousands) Operating Segment Revenues Real estate $ 209 $ 300 $ 366 $ 336 Leasing 1,719 1,558 3,396 3,053 Utilities 929 810 1,677 1,514 Resort amenities and other 248 292 509 599 Total Operating Segment Revenues $ 3,105 $ 2,960 $ 5,948 $ 5,502 Operating Segment Income (Loss) Real estate $ (46 ) $ (143 ) $ (155 ) $ (173 ) Leasing 1,116 852 2,218 1,769 Utilities 343 290 490 473 Resort amenities and other 40 61 (24 ) 15 Total Operating Segment Income $ 1,453 $ 1,060 $ 2,529 $ 2,084 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 1 . C OMMITMENTS AND CONTINGENCIES There have been no 10 December 31, 2018. not |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | 1 2 . F AIR VALUE MEASUREMENTS GAAP establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements to enable the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. GAAP requires that financial assets and liabilities be classified and disclosed in one three Level 1: Level 2: Level 3: not The Company considers all cash on hand to be unrestricted cash for the purposes of the consolidated balance sheets and consolidated statements of cash flows. The fair value of receivables and payables approximate their carrying value due to the short-term nature of the instruments. The fair value of income tax receivables approximate their carrying value due to the certainty of collection or short-term nature of the instruments. The valuation is based on settlements of similar financial instruments all of which are short-term in nature and are generally settled at or near cost. The fair value of debt was estimated based on borrowing rates currently available to the Company for debt with similar terms and maturities. The carrying amount of debt at June 30, 2019 December 31, 2018 $2,035,000 $1,235,000, 2 |
Note 13 - New Accounting Pronou
Note 13 - New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 1 3 . NEW ACCOUNTING PRONOUNCEMENTS In February 2016, January 1, 2019. January 1, 2019, ● Package of practical expedients - requires the Company not January 1, 2019, ● Optional transition method practical expedient - requires the Company to apply the new lease ASUs prospectively from the adoption date of January 1, 2019. ● Land easements practical expedient - requires the Company to account for land easements existing as of January 1, 2019, January 1, 2019. ● Single component practical expedient - requires the Company to account for lease and nonlease components associated with that lease under the new lease ASUs, if certain criteria are met. ● Short-term leases practical expedient - for operating leases with a term of 12 not third Lessor accounting The Company recognized revenue from our lease agreements aggregating $3.4 six June 30, 2019. The Company recognizes rental revenue from its operating leases on a straight-line basis over the respective lease terms. The Company commences recognition of rental revenue at the date the property is ready for its intended use and the tenant takes possession of or controls the physical use of the property. Under the lease ASU, each lease agreement will be evaluated to identify the lease components and nonlease components at lease inception. The total consideration in the lease agreement will be allocated to the lease and nonlease components based on their relative standalone selling prices. Lessors will continue to recognize the lease revenue component using an approach that is substantially equivalent to existing guidance for operating leases (straight-line basis). On January 1, 2019, not As a result of this assessment, rental revenues and tenant recoveries from the lease of real estate assets that qualify for this expedient are accounted for as a single component under the new lease ASUs, with tenant recoveries primarily as variable consideration. Tenant recoveries that do not January 1, 2019, not Costs to execute leases The new lease ASU will require that lessors and lessees capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease (e.g. commissions paid to leasing brokers). Under the new lease ASU, allocated payroll costs and other costs such as legal costs incurred as part of the leasing process prior to the execution of a lease will no January 1, 2019, not January 1, 2019, January 1, 2019, Lessee accounting Under the new lease ASUs, lessees are required to apply a dual approach by classifying leases as either finance or operating leases based on the principle of whether the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, which corresponds to a similar evaluation performed by lessors. In addition to this classification, a lessee is also required to recognize a right-of-use asset and a lease liability for all leases regardless of their classification, whereas a lessor is not For the six June 30, 2019, $17,000 June 30, 2019, $40,000. Under the package of practical expedients that the Company elected upon adoption of the new lease ASUs, all of its operating leases existing as of January 1,2019, June 30, 2019 no In June 2016, No. 2016 13, December 15, 2019 No. 2016 13 On August 28, 2018, 2018 14 715 December 15, 2020, January 1, 2021. |
Note 3 - Stockholders' Equity (
Note 3 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Basic and diluted 19,180,735 19,091,414 19,163,022 19,074,809 Potentially dilutive 2,500 27,500 11,389 27,500 |
Note 4 - Property (Tables)
Note 4 - Property (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, December 31, 2018 (in thousands) Land $ 5,086 $ 5,059 Land improvements 24,727 24,727 Buildings 24,763 24,884 Machinery and equipment 11,295 11,143 Construction in progress 162 149 Total property 66,033 65,962 Less accumulated depreciation 37,490 36,741 Net property $ 28,543 $ 29,221 |
Note 5 - Assets Held for Sale_2
Note 5 - Assets Held for Sale and Real Estate Sales (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | June 30 , 201 9 December 31, 8 (in thousands) Upcountry Maui, 630-acre parcel of agricultural land $ 156 $ 156 Upcountry Maui, 33-acre parcel of agricultural land and wastewater treatment facility - 56 Assets held for sale $ 156 $ 212 |
Note 8 - Accrued Retirement B_2
Note 8 - Accrued Retirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | June 30 December 31, 2019 2018 (in thousands) Defined benefit pension plan $ 8,003 $ 7,971 Non-qualified retirement plans 2,048 2,065 Total 10,051 10,036 Less current portion (165 ) (165 ) Non-current portion of accrued retirement benefits $ 9,886 $ 9,871 |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Six Months Ended June 30, Ended June 30, 2019 2018 2019 2018 (in thousands) (in thousands) Interest cost $ 527 $ 495 $ 1,053 $ 990 Expected return on plan assets (482 ) (578 ) (967 ) (1,156 ) Amortization of net loss 211 185 423 370 Pension and other postretirement expenses $ 256 $ 102 $ 509 $ 204 |
Note 10 - Reportable Operatin_2
Note 10 - Reportable Operating Segments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Six Months Ended June 30, Ended June 30, 2019 2018 2019 2018 (in thousands) (in thousands) Operating Segment Revenues Real estate $ 209 $ 300 $ 366 $ 336 Leasing 1,719 1,558 3,396 3,053 Utilities 929 810 1,677 1,514 Resort amenities and other 248 292 509 599 Total Operating Segment Revenues $ 3,105 $ 2,960 $ 5,948 $ 5,502 Operating Segment Income (Loss) Real estate $ (46 ) $ (143 ) $ (155 ) $ (173 ) Leasing 1,116 852 2,218 1,769 Utilities 343 290 490 473 Resort amenities and other 40 61 (24 ) 15 Total Operating Segment Income $ 1,453 $ 1,060 $ 2,529 $ 2,084 |
Supplemental Non-cash Activit_2
Supplemental Non-cash Activities (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Stock Issued | $ 951,000 | $ 845,000 |
Note 3 - Stockholders' Equity_2
Note 3 - Stockholders' Equity (Details Textual) - Chief Executive Officer [Member] - Share-based Payment Arrangement, Option [Member] - $ / shares | Mar. 06, 2019 | Jun. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 25,000 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 5.20 | |
Share-based Payment Arrangement, Tranche Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |
Share-based Payment Arrangement, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |
Share-based Payment Arrangement, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |
Share-based Payment Arrangement, Tranche Four [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |
Share-based Payment Arrangement, Tranche Five [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% |
Note 3 - Stockholders' Equity -
Note 3 - Stockholders' Equity - Antidilutive Securities (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Basic and diluted (in shares) | 19,180,735 | 19,091,414 | 19,163,022 | 19,074,809 |
Potentially dilutive (in shares) | 2,500 | 27,500 | 11,389 | 27,500 |
Note 4 - Property (Details Text
Note 4 - Property (Details Textual) - Land [Member] | 6 Months Ended |
Jun. 30, 2019ft²a | |
Area of Land | 22,800 |
West Maui [Member] | |
Area of Land | 20,700 |
Area of Elevation from Sea | ft² | 5,700 |
West Maui [Member] | Kapalua Resort [Member] | |
Area of Land | 3,000 |
Area of Land Designated | 900 |
Upcountry Maui [Member] | |
Area of Land | 2,100 |
Note 4 - Property - Property, P
Note 4 - Property - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Property, plant and equipment, gross | $ 66,033 | $ 65,962 |
Less accumulated depreciation | 37,490 | 36,741 |
Net property | 28,543 | 29,221 |
Land [Member] | ||
Property, plant and equipment, gross | 5,086 | 5,059 |
Land Improvements [Member] | ||
Property, plant and equipment, gross | 24,727 | 24,727 |
Building [Member] | ||
Property, plant and equipment, gross | 24,763 | 24,884 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 11,295 | 11,143 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 162 | $ 149 |
Note 5 - Assets Held for Sale_3
Note 5 - Assets Held for Sale and Real Estate Sales (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Real Estate Held-for-sale | $ 156 | $ 212 | |
Agricultural Land and Wastewater Treatment Facility [Member] | Upcountry Maui [Member] | |||
Real Estate Held-for-sale | $ 0 | $ 56 |
Note 5 - Assets Held for Sale_4
Note 5 - Assets Held for Sale and Real Estate Sales - Assets Held for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Real Estate Held-for-sale | $ 156 | $ 212 | |
630-Acre Parcel Of Agricultural Land [Member] | Upcountry Maui [Member] | |||
Real Estate Held-for-sale | 156 | 156 | |
Agricultural Land and Wastewater Treatment Facility [Member] | Upcountry Maui [Member] | |||
Real Estate Held-for-sale | $ 0 | $ 56 |
Note 5 - Assets Held for Sale_5
Note 5 - Assets Held for Sale and Real Estate Sales - Assets Held for Sale (Details) (Parentheticals) - a | Jun. 30, 2019 | Dec. 31, 2018 |
630-Acre Parcel Of Agricultural Land [Member] | ||
Area of real estate (Acre) | 630 | 630 |
Agricultural Land and Wastewater Treatment Facility [Member] | Upcountry Maui [Member] | ||
Area of real estate (Acre) | 33 | 33 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) - First Hawaiian Bank Revolving Line of Credit [Member] - Revolving Credit Facility [Member] $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($)ft²a | Dec. 31, 2018 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 | |
Number of Optional Extension Periods | 2 | |
Line of Credit Facility, Extension Period | 1 year | |
Debt Instrument, Interest Rate, Effective Percentage | 5.94% | 5.84% |
Line of Credit Facility, Commitment Fee Amount | $ 0 | |
Debt Instrument, Covenant, Required Minimum Liquidity | 2,000 | |
Debt Instrument, Covenant, Maximum Total Liabilities | $ 45,000 | |
Kapalua Mauka [Member] | ||
Pledged Assets not Separately Reported, Area of Real Estate | a | 800 | |
Kapalua Resort [Member] | ||
Pledged Assets not Separately Reported, Area of Real Estate | ft² | 30,000 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 3.50% |
Note 7 - Share-based Compensa_2
Note 7 - Share-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Payment Arrangement, Expense | $ 374,000 | $ 320,000 | $ 972,000 | $ 899,000 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Share-based Payment Arrangement, Expense | $ 328,000 | $ 268,000 |
Note 8 - Accrued Retirement B_3
Note 8 - Accrued Retirement Benefits - Accrued Retirement Benefits (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accrued retirement benefits | $ 10,051 | $ 10,036 |
Less current portion | (165) | (165) |
Non-current portion of accrued retirement benefits | 9,886 | 9,871 |
Qualified Plan [Member] | Pension Plan [Member] | ||
Accrued retirement benefits | 8,003 | 7,971 |
Nonqualified Plan [Member] | Supplemental Employee Retirement Plan [Member] | ||
Accrued retirement benefits | $ 2,048 | $ 2,065 |
Note 8 - Accrued Retirement B_4
Note 8 - Accrued Retirement Benefits - Net Periodic Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest cost | $ 527 | $ 495 | $ 1,053 | $ 990 |
Expected return on plan assets | (482) | (578) | (967) | (1,156) |
Amortization of net loss | 211 | 185 | 423 | 370 |
Pension and other postretirement expenses | $ 256 | $ 102 | $ 509 | $ 204 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Jun. 30, 2019 | |
Elimination of AMT Operating Loss Carryforwards | $ 91.3 | |
Income Tax Expense (Benefit), Total | $ (5) | |
Percentage of AMT Credit Carryforward to Be Received | 50.00% | |
Amount of AMT Credit Carryforwards Expected to Be Received | $ 2.5 |
Note 10 - Reportable Operatin_3
Note 10 - Reportable Operating Segments - Financial Results for Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Segment Income (Loss) | ||||
Operating income (loss) | $ 138 | $ (431) | $ (656) | $ (1,256) |
Operating Segments [Member] | ||||
Operating Segment Revenues | ||||
Operating revenues | 3,105 | 2,960 | 5,948 | 5,502 |
Operating Segment Income (Loss) | ||||
Operating income (loss) | 1,453 | 1,060 | 2,529 | 2,084 |
Operating Segments [Member] | Real Estate Segment [Member] | ||||
Operating Segment Revenues | ||||
Operating revenues | 209 | 300 | 366 | 336 |
Operating Segment Income (Loss) | ||||
Operating income (loss) | (46) | (143) | (155) | (173) |
Operating Segments [Member] | Leasing Segment [Member] | ||||
Operating Segment Revenues | ||||
Operating revenues | 1,719 | 1,558 | 3,396 | 3,053 |
Operating Segment Income (Loss) | ||||
Operating income (loss) | 1,116 | 852 | 2,218 | 1,769 |
Operating Segments [Member] | Utilities Segment [Member] | ||||
Operating Segment Revenues | ||||
Operating revenues | 929 | 810 | 1,677 | 1,514 |
Operating Segment Income (Loss) | ||||
Operating income (loss) | 343 | 290 | 490 | 473 |
Operating Segments [Member] | Resort Amenities Segment [Member] | ||||
Operating Segment Revenues | ||||
Operating revenues | 248 | 292 | 509 | 599 |
Operating Segment Income (Loss) | ||||
Operating income (loss) | $ 40 | $ 61 | $ (24) | $ 15 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) $ in Thousands | Dec. 31, 2018USD ($) |
Notice and Finding of Violation and Order [Member] | |
Loss Contingency Accrual, Ending Balance | $ 0 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Details Textual) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Inputs, Level 2 [Member] | ||
Long-term Debt, Total | $ 2,035,000 | $ 1,235,000 |
Note 13 - New Accounting Pron_2
Note 13 - New Accounting Pronouncements (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Leases, Income Statement, Lease Revenue, Total | $ 1,719,000 | $ 1,558,000 | $ 3,396,000 | $ 3,053,000 |
Operating Lease, Expense | 17,000 | |||
Lessee, Operating Lease, Liability, Payments, Due, Total | $ 40,000 | $ 40,000 |