Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 28, 2020 | |
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 | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 19,364,153 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, no par value |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS | ||
Cash | $ 324 | $ 683 |
Accounts receivable, less allowance for doubtful accounts of $223 and $35, respectively | 1,680 | 1,173 |
Prepaid expenses and other assets | 244 | 101 |
Assets held for sale | 7,633 | 7,597 |
Total current assets | 9,881 | 9,554 |
PROPERTY | 52,267 | 52,164 |
Accumulated depreciation | (33,407) | (32,445) |
Property, net | 18,860 | 19,719 |
OTHER ASSETS | ||
Deferred development costs | 8,504 | 8,504 |
Other noncurrent assets | 1,206 | 1,342 |
Total other assets | 9,710 | 9,846 |
TOTAL ASSETS | 38,451 | 39,119 |
CURRENT LIABILITIES | ||
Accounts payable | 707 | 1,356 |
Payroll and employee benefits | 783 | 928 |
Accrued retirement benefits | 165 | 165 |
Deferred club membership revenue | 131 | 35 |
Other current liabilities | 615 | 468 |
Total current liabilities | 2,401 | 2,952 |
LONG-TERM LIABILITIES | ||
Long-term debt | 1,035 | |
Accrued retirement benefits, net of current portion | 9,328 | 9,702 |
Other noncurrent liabilities | 64 | 64 |
Total long-term liabilities | 13,841 | 13,475 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Common stock--no par value, 43,000,000 shares authorized, 19,301,288 and 19,238,081 shares issued and outstanding | 81,369 | 80,606 |
Additional paid-in-capital | 9,184 | 9,184 |
Accumulated deficit | (48,164) | (46,300) |
Accumulated other comprehensive loss | (20,180) | (20,798) |
Total stockholders' equity | 22,209 | 22,692 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 38,451 | 39,119 |
License [Member] | ||
LONG-TERM LIABILITIES | ||
Deferred revenue | 1,800 | |
Member Deposits [Member] | ||
LONG-TERM LIABILITIES | ||
Deferred revenue | $ 2,649 | $ 2,674 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Allowance for doubtful accounts | $ 223 | $ 35 |
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) | 19,301,288 | 19,238,081 |
Common stock, shares outstanding (in shares) | 19,301,288 | 19,238,081 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
OPERATING REVENUES | ||||
Leasing | $ 1,448,000 | $ 2,167,000 | $ 4,620,000 | $ 6,121,000 |
Total operating revenues | 1,697,000 | 2,714,000 | 5,441,000 | 7,543,000 |
OPERATING COSTS AND EXPENSES | ||||
Leasing | 671,000 | 793,000 | 2,278,000 | 2,233,000 |
General and administrative | 514,000 | 466,000 | 1,823,000 | 1,816,000 |
Share-based compensation | 402,000 | 374,000 | 1,229,000 | 1,346,000 |
Depreciation | 326,000 | 345,000 | 971,000 | 1,067,000 |
Total operating costs and expenses | 2,151,000 | 2,549,000 | 7,651,000 | 8,086,000 |
OPERATING INCOME (LOSS) | (454,000) | 165,000 | (2,210,000) | (543,000) |
Pension and other post-retirement expenses | (125,000) | (258,000) | (359,000) | (768,000) |
Interest expense | (29,000) | (50,000) | (105,000) | (160,000) |
LOSS FROM CONTINUING OPERATIONS | (608,000) | (143,000) | (1,780,000) | (1,471,000) |
Income (Loss) from discontinued operations, net | (25,000) | 134,000 | (84,000) | 187,000 |
NET LOSS | (633,000) | (9,000) | (1,864,000) | (1,284,000) |
Other comprehensive income - pension, net | 206,000 | 211,000 | 617,000 | 634,000 |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ (427,000) | $ 202,000 | (1,247,000) | (650,000) |
Other income | $ 894,000 | |||
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED | ||||
Loss from Continuing Operations (in dollars per share) | $ (0.03) | $ (0.01) | $ (0.09) | $ (0.08) |
Income (Loss) from Discontinued Operations (in dollars per share) | 0.01 | (0.01) | 0.01 | |
Net Loss (in dollars per share) | $ (0.03) | $ (0.10) | $ (0.07) | |
Real Estate [Member] | ||||
OPERATING REVENUES | ||||
Operating revenues | $ 15,000 | $ 305,000 | $ 173,000 | $ 671,000 |
OPERATING COSTS AND EXPENSES | ||||
Operating Costs and Expenses | 86,000 | 352,000 | 457,000 | 873,000 |
Resort Amenities and Other [Member] | ||||
OPERATING REVENUES | ||||
Operating revenues | 234,000 | 242,000 | 648,000 | 751,000 |
OPERATING COSTS AND EXPENSES | ||||
Operating Costs and Expenses | $ 152,000 | $ 219,000 | $ 893,000 | $ 751,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) | 19,125 | ||||
Balance (in shares) at Dec. 31, 2018 | 19,125 | ||||
Balance at Dec. 31, 2018 | $ 79,411 | $ 9,246 | $ (35,934) | $ (21,804) | $ 30,919 |
Share-based compensation (in shares) | 52 | ||||
Share-based compensation | $ 951 | 329 | 1,280 | ||
Vested restricted stock issued (in shares) | 33 | ||||
Vested restricted stock issued | $ 329 | (329) | |||
Shares cancelled to pay tax liability (in shares) | (43) | ||||
Shares cancelled to pay tax liability | $ (456) | (456) | |||
Other comprehensive income - pension | 423 | 423 | |||
Net loss | (1,275) | (1,275) | |||
Other comprehensive income - pension, net | 423 | 423 | |||
Stock option exercised (in shares) | 25 | ||||
Stock option exercised | $ 62 | 68 | 130 | ||
Balance (in shares) | 19,192 | ||||
Balance (in shares) at Jun. 30, 2019 | 19,192 | ||||
Balance at Jun. 30, 2019 | $ 80,297 | 9,314 | (37,209) | (21,381) | 31,021 |
Balance (in shares) at Dec. 31, 2018 | 19,125 | ||||
Balance at Dec. 31, 2018 | $ 79,411 | 9,246 | (35,934) | (21,804) | 30,919 |
Other comprehensive income - pension | 634 | ||||
Net loss | (1,284) | ||||
Other comprehensive income - pension, net | 634 | ||||
Balance (in shares) | 19,202 | ||||
Balance (in shares) at Sep. 30, 2019 | 19,202 | ||||
Balance at Sep. 30, 2019 | $ 80,414 | 9,314 | (37,218) | (21,170) | 31,340 |
Balance (in shares) | 19,192 | ||||
Balance (in shares) at Jun. 30, 2019 | 19,192 | ||||
Balance at Jun. 30, 2019 | $ 80,297 | 9,314 | (37,209) | (21,381) | 31,021 |
Share-based compensation (in shares) | |||||
Share-based compensation | 182 | 182 | |||
Vested restricted stock issued (in shares) | 16 | ||||
Vested restricted stock issued | $ 182 | (182) | |||
Shares cancelled to pay tax liability (in shares) | (6) | ||||
Shares cancelled to pay tax liability | $ (65) | (65) | |||
Other comprehensive income - pension | 211 | 211 | |||
Net loss | (9) | (9) | |||
Other comprehensive income - pension, net | 211 | 211 | |||
Balance (in shares) | 19,202 | ||||
Balance (in shares) at Sep. 30, 2019 | 19,202 | ||||
Balance at Sep. 30, 2019 | $ 80,414 | 9,314 | (37,218) | (21,170) | 31,340 |
Balance (in shares) | 19,202 | ||||
Balance (in shares) | 19,238 | ||||
Balance (in shares) at Dec. 31, 2019 | 19,238 | ||||
Balance at Dec. 31, 2019 | $ 80,606 | 9,184 | (46,300) | (20,798) | 22,692 |
Share-based compensation (in shares) | 68 | ||||
Share-based compensation | $ 865 | 349 | 1,214 | ||
Vested restricted stock issued (in shares) | 31 | ||||
Vested restricted stock issued | $ 349 | (349) | |||
Shares cancelled to pay tax liability (in shares) | (46) | ||||
Shares cancelled to pay tax liability | $ (569) | (569) | |||
Other comprehensive income - pension | 412 | 412 | |||
Net loss | (1,231) | (1,231) | |||
Other comprehensive income - pension, net | 412 | 412 | |||
Balance (in shares) | 19,291 | ||||
Balance (in shares) at Jun. 30, 2020 | 19,291 | ||||
Balance at Jun. 30, 2020 | $ 81,251 | 9,184 | (47,531) | (20,386) | 22,518 |
Balance (in shares) at Dec. 31, 2019 | 19,238 | ||||
Balance at Dec. 31, 2019 | $ 80,606 | 9,184 | (46,300) | (20,798) | 22,692 |
Other comprehensive income - pension | 617 | ||||
Net loss | (1,864) | ||||
Other comprehensive income - pension, net | 617 | ||||
Balance (in shares) | 19,301 | ||||
Balance (in shares) at Sep. 30, 2020 | 19,301 | ||||
Balance at Sep. 30, 2020 | $ 81,369 | 9,184 | (48,164) | (20,180) | 22,209 |
Balance (in shares) | 19,291 | ||||
Balance (in shares) at Jun. 30, 2020 | 19,291 | ||||
Balance at Jun. 30, 2020 | $ 81,251 | 9,184 | (47,531) | (20,386) | 22,518 |
Share-based compensation (in shares) | |||||
Share-based compensation | 163 | 163 | |||
Vested restricted stock issued (in shares) | 14 | ||||
Vested restricted stock issued | $ 163 | (163) | |||
Shares cancelled to pay tax liability (in shares) | (4) | ||||
Shares cancelled to pay tax liability | $ (45) | (45) | |||
Other comprehensive income - pension | 206 | 206 | |||
Net loss | (633) | (633) | |||
Other comprehensive income - pension, net | 206 | 206 | |||
Balance (in shares) | 19,301 | ||||
Balance (in shares) at Sep. 30, 2020 | 19,301 | ||||
Balance at Sep. 30, 2020 | $ 81,369 | $ 9,184 | $ (48,164) | $ (20,180) | $ 22,209 |
Balance (in shares) | 19,301 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 545 | $ 968 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from investment | 894 | |
Payments for property and deferred development costs | (148) | (453) |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 746 | (453) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from long-term debt | 1,197 | 1,500 |
Payments on long-term debt | (2,232) | (1,500) |
Debt and common stock issuance costs and other | (615) | (520) |
NET CASH USED IN FINANCING ACTIVITIES | (1,650) | (520) |
NET DECREASE IN CASH | (359) | (5) |
CASH AT BEGINNING OF PERIOD | 683 | 624 |
CASH AT END OF PERIOD | 324 | 619 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid during the period for interest: | $ 20 | $ 118 |
Supplemental Schedule of Non-ca
Supplemental Schedule of Non-cash Investing and financing Activities: | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: ● Common stock issued to certain members of the Company's management totaled $865,000 $951,000 nine September 30, 2020 2019, See Notes to Condensed Consolidated Interim Financial Statements. |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated interim 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, 2019, 10 8 X. not September 30, 2020 2019. 10 December 31, 2019. |
Note 2 - Use of Estimates and R
Note 2 - Use of Estimates and Reclassifications | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2019 no |
Note 3 - Shares - Basic and Dil
Note 3 - Shares - Basic and Diluted | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. SHARES – BASIC AND DILUTED Basic and diluted weighted-average shares outstanding for the three nine September 30, 2020 2019 Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2020 2019 2020 2019 Basic and diluted 19,291,102 19,191,848 19,275,696 19,172,772 Potentially dilutive - 2,500 - 8,382 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. |
Note 4 - Property
Note 4 - Property | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. PROPERTY Property at September 30, 2020 December 31, 2019 September 30, December 31, 2020 2019 (unaudited) (audited) (in thousands) Land $ 5,073 $ 5,073 Land improvements 13,153 13,153 Buildings 23,439 23,439 Machinery and equipment 10,520 10,495 Construction-in-progress 82 4 Total property 52,267 52,164 Less accumulated depreciation 33,407 32,445 Property, net $ 18,860 $ 19,719 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
Note 5 - Assets Held for Sale | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Assets Held-for-Sale and Real Estate Sales Disclosure [Text Block] | 5 . ASSETS HELD FOR SALE Assets held for sale at September 30, 2020 December 31, 2019 September 30, December 31, 2020 2019 (unaudited) (audited) (in thousands) Kapalua Resort, 46-acre Kapalua Central Resort project $ 2,974 $ 2,938 Kapalua Resort, Kapalua Water and Kapalua Waste Treatment Company assets 4,503 4,503 Upcountry Maui, 630-acre parcel of agricultural land 156 156 $ 7,633 $ 7,597 In February 2020, $43.9 19 February 15, 2021. 30 In December 2019, 13. The above assets held for sale have not |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 9 Months Ended |
Sep. 30, 2020 | |
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, 2021. 3.50%. September 30, 2020 December 31, 2019, 3.66% 5.19%, 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 September 30, 2020. In March 2020, $349 2 1.0%. may $246,500 April 23, 2020, |
Note 7 - Share-based Compensati
Note 7 - Share-based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
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 $1,229,000 $1,346,000 nine September 30, 2020 2019, $512,000 $511,000 first nine 2020 2019, |
Note 8 - Accrued Retirement Ben
Note 8 - Accrued Retirement Benefits | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 8 . ACCRUED RETIREMENT BENEFITS Accrued retirement benefits at September 30, 2020 December 31, 2019 September 30, December 31, 2020 2019 (unaudited) (audited) (in thousands) Defined benefit pension plan $ 7,324 $ 7,658 Non-qualified retirement plans 2,169 2,209 Total 9,493 9,867 Less current portion (165 ) (165 ) Non-current portion of accrued retirement benefits $ 9,328 $ 9,702 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, nine 2009 The net periodic benefit costs for pension and post-retirement benefits for the nine September 30, 2020 2019 Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2020 2019 2020 2019 (in thousands) Interest cost $ 408 $ 527 $ 1,225 $ 1,580 Expected return on plan assets (489 ) (480 ) (1,483 ) (1,446 ) Amortization of net loss 206 211 617 634 Pension and other postretirement expenses $ 125 $ 258 $ 359 $ 768 |
Note 9 - Deferred Revenue
Note 9 - Deferred Revenue | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 9 . DEFERRED REVENUE Deferred club membership revenue The Company manages the operations of the Kapalua Club, a private, non-equity club program providing members special programs, access and other privileges at certain of the amenities within the Kapalua Resort. Deferred revenues from dues received from the private club membership program are recognized on a straight-line basis over one Deferred license fee revenue The Company entered into a trademark license agreement with the owner of the Kapalua Plantation and Bay golf courses, effective April 1, 2020. $2.0 March 2020. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10 . 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 provision for income taxes is calculated using the liability method. Deferred income taxes are provided for all temporary differences between the financial statement and income tax bases of assets and liabilities using tax rates enacted by law or regulation. A full valuation allowance continues to be established for deferred income tax assets as of September 30, 2020 December 31, 2019, |
Note 11 - Reportable Operating
Note 11 - Reportable Operating Segments | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 1 . 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 • 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 nine September 30, 2020 2019 Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2020 2019 2020 2019 (in thousands) (in thousands) Operating Segment Revenues Real estate $ 15 $ 305 $ 173 $ 671 Leasing 1,448 2,167 4,620 6,121 Resort amenities and other 234 242 648 751 Total Operating Segment Revenues $ 1,697 $ 2,714 $ 5,441 $ 7,543 Operating Segment Income (Loss) Real estate $ (71 ) $ (47 ) $ (284 ) $ (202 ) Leasing 777 1,374 2,342 3,888 Resort amenities and other 82 23 (245 ) - Total Operating Segment Income $ 788 $ 1,350 $ 1,813 $ 3,686 |
Note 12 - Leasing Arrangements
Note 12 - Leasing Arrangements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Lessor, Operating Leases [Text Block] | 1 2 . LEASING ARRANGEMENTS The Company leases land primarily to agriculture operators and space in commercial buildings, primarily to restaurant and retail tenants through 2048. no three nine September 30, 2020 2019 Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2020 2019 2020 2019 (in thousands) (in thousands) Minimum rentals $ 677 $ 723 $ 2,086 $ 2,170 Percentage rentals - 488 304 1,353 Licensing fees 104 217 449 681 Water system sales 318 337 822 894 Other 349 402 959 1,023 Total $ 1,448 $ 2,167 $ 4,620 $ 6,121 |
Note 13 - Discontinued Operatio
Note 13 - Discontinued Operations | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 1 3 . DISCONTINUED OPERATIONS The results of discontinued operations related to the sale of the Kapalua Water Company and Kapalua Waste Treatment Company assets for the three nine September 30, 2020 2019 Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2020 2019 2020 2019 (in thousands) (in thousands) Operating revenues $ 697 $ 951 $ 2,014 $ 2,439 Operating costs and expenses (722 ) (745 ) (2,098 ) (2,039 ) Deprectiation expense - (72 ) - (213 ) Income (loss) from discontinued operations $ (25 ) $ 134 $ (84 ) $ 187 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 4 . COMMITMENTS AND CONTINGENCIES On December 31, 2018, December 31, 2020. The Company is presently unable to estimate the amount, or range of amounts, of any probable liability, if any, related to the Order and no There are various other claims and legal actions pending against the Company. The resolution of these other matters is not In March 2020, 19 19 19 |
Note 15 - Fair Value Measuremen
Note 15 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | 1 5 . F AIR VA LUE MEASUREMENTS GAAP establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements to enable the reader of the interim unaudited condensed consolidated 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 interim unaudited condensed consolidated balance sheets and interim unaudited condensed 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, which approximated fair value, was approximately $1.0 December 31, 2019. 2 |
Note 16 - Recent Accounting Pro
Note 16 - Recent Accounting Pronoucements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 1 6 . RECENT ACCOUNTING PRONOUCEMENTS In June 2016, 2016 13 2019 10 first 2023. In August 2018, 2018 13 1 2 3 3 3 3 2020 not In August, 2018, 2018 14 715 December 15, 2020, January 1, 2021. In August 2018, 2018 15 first 2020 not In December 2019, 2019 12 740, Income Taxes 740. first 2021. In March 2020, 2020 04 848 December 31, 2022. |
Note 3 - Shares - Basic and D_2
Note 3 - Shares - Basic and Diluted (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2020 2019 2020 2019 Basic and diluted 19,291,102 19,191,848 19,275,696 19,172,772 Potentially dilutive - 2,500 - 8,382 |
Note 4 - Property (Tables)
Note 4 - Property (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, December 31, 2020 2019 (unaudited) (audited) (in thousands) Land $ 5,073 $ 5,073 Land improvements 13,153 13,153 Buildings 23,439 23,439 Machinery and equipment 10,520 10,495 Construction-in-progress 82 4 Total property 52,267 52,164 Less accumulated depreciation 33,407 32,445 Property, net $ 18,860 $ 19,719 |
Note 5 - Assets Held for Sale (
Note 5 - Assets Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | September 30, December 31, 2020 2019 (unaudited) (audited) (in thousands) Kapalua Resort, 46-acre Kapalua Central Resort project $ 2,974 $ 2,938 Kapalua Resort, Kapalua Water and Kapalua Waste Treatment Company assets 4,503 4,503 Upcountry Maui, 630-acre parcel of agricultural land 156 156 $ 7,633 $ 7,597 |
Note 8 - Accrued Retirement B_2
Note 8 - Accrued Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | September 30, December 31, 2020 2019 (unaudited) (audited) (in thousands) Defined benefit pension plan $ 7,324 $ 7,658 Non-qualified retirement plans 2,169 2,209 Total 9,493 9,867 Less current portion (165 ) (165 ) Non-current portion of accrued retirement benefits $ 9,328 $ 9,702 |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2020 2019 2020 2019 (in thousands) Interest cost $ 408 $ 527 $ 1,225 $ 1,580 Expected return on plan assets (489 ) (480 ) (1,483 ) (1,446 ) Amortization of net loss 206 211 617 634 Pension and other postretirement expenses $ 125 $ 258 $ 359 $ 768 |
Note 11 - Reportable Operatin_2
Note 11 - Reportable Operating Segments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2020 2019 2020 2019 (in thousands) (in thousands) Operating Segment Revenues Real estate $ 15 $ 305 $ 173 $ 671 Leasing 1,448 2,167 4,620 6,121 Resort amenities and other 234 242 648 751 Total Operating Segment Revenues $ 1,697 $ 2,714 $ 5,441 $ 7,543 Operating Segment Income (Loss) Real estate $ (71 ) $ (47 ) $ (284 ) $ (202 ) Leasing 777 1,374 2,342 3,888 Resort amenities and other 82 23 (245 ) - Total Operating Segment Income $ 788 $ 1,350 $ 1,813 $ 3,686 |
Note 12 - Leasing Arrangements
Note 12 - Leasing Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2020 2019 2020 2019 (in thousands) (in thousands) Minimum rentals $ 677 $ 723 $ 2,086 $ 2,170 Percentage rentals - 488 304 1,353 Licensing fees 104 217 449 681 Water system sales 318 337 822 894 Other 349 402 959 1,023 Total $ 1,448 $ 2,167 $ 4,620 $ 6,121 |
Note 13 - Discontinued Operat_2
Note 13 - Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited) 2020 2019 2020 2019 (in thousands) (in thousands) Operating revenues $ 697 $ 951 $ 2,014 $ 2,439 Operating costs and expenses (722 ) (745 ) (2,098 ) (2,039 ) Deprectiation expense - (72 ) - (213 ) Income (loss) from discontinued operations $ (25 ) $ 134 $ (84 ) $ 187 |
Supplemental Schedule of Non-_2
Supplemental Schedule of Non-cash Investing and financing Activities: (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Stock Issued | $ 865,000 | $ 951,000 |
Note 3 - Shares - Basic and D_3
Note 3 - Shares - Basic and Diluted - Antidilutive Securities (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Basic and diluted (in shares) | 19,291,102 | 19,191,848 | 19,275,696 | 19,172,772 |
Potentially dilutive (in shares) | 2,500 | 8,382 |
Note 4 - Property (Details Text
Note 4 - Property (Details Textual) - Land [Member] | 9 Months Ended |
Sep. 30, 2020a | |
Area of Land (Acre) | 22,800 |
West Maui [Member] | |
Area of Land (Acre) | 20,700 |
Area of Elevation from Sea | 5,700 |
West Maui [Member] | Kapalua Resort [Member] | |
Area of Land (Acre) | 3,000 |
Area of Land Designated (Acre) | 900 |
Upcountry Maui [Member] | |
Area of Land (Acre) | 2,100 |
Note 4 - Property - Property, P
Note 4 - Property - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Property, plant and equipment, gross | $ 52,267 | $ 52,164 |
Less accumulated depreciation | 33,407 | 32,445 |
Property, net | 18,860 | 19,719 |
Land [Member] | ||
Property, plant and equipment, gross | 5,073 | 5,073 |
Land Improvements [Member] | ||
Property, plant and equipment, gross | 13,153 | 13,153 |
Building [Member] | ||
Property, plant and equipment, gross | 23,439 | 23,439 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 10,520 | 10,495 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 82 | $ 4 |
Note 5 - Assets Held for Sale_2
Note 5 - Assets Held for Sale (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2020 | Feb. 29, 2020 | Dec. 31, 2019 |
Real Estate Held-for-sale | $ 7,633 | $ 7,597 | |
Kapalua Central Resort Project [Member] | |||
Receivables, Long-term Contracts or Programs, Total | $ 43,900 | ||
Agricultural Land and Wastewater Treatment Facility [Member] | Upcountry Maui [Member] | |||
Real Estate Held-for-sale | $ 0 |
Note 5 - Assets Held for Sale -
Note 5 - Assets Held for Sale - Assets Held for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets held for sale | $ 7,633 | $ 7,597 |
Kapalua Central Resort Project [Member] | Kapalua Resort [Member] | ||
Assets held for sale | 2,974 | 2,938 |
Kapalua Resort, Kapalua Water Company, and Kapalua Waste Treatment Company Assets [Member] | Kapalua Resort [Member] | ||
Assets held for sale | 4,503 | 4,503 |
630-Acre Parcel Of Agricultural Land [Member] | Upcountry Maui [Member] | ||
Assets held for sale | $ 156 | $ 156 |
Note 5 - Assets Held for Sale_3
Note 5 - Assets Held for Sale - Assets Held for Sale (Details) (Parentheticals) - a | Sep. 30, 2020 | Dec. 31, 2019 |
Kapalua Central Resort Project [Member] | Kapalua Resort [Member] | ||
Area of real estate (Acre) | 46 | 46 |
630-Acre Parcel Of Agricultural Land [Member] | Upcountry Maui [Member] | ||
Area of real estate (Acre) | 630 | 630 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) | Apr. 23, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2020USD ($)ft²aRate | Sep. 30, 2019USD ($) | Dec. 31, 2019Rate |
Proceeds from Issuance of Long-term Debt, Total | $ 1,197,000 | $ 1,500,000 | |||
Repayments of Long-term Debt, Total | 2,232,000 | $ 1,500,000 | |||
Paycheck Protection Program CARES Act [Member] | |||||
Proceeds from Issuance of Long-term Debt, Total | $ 246,500 | ||||
Repayments of Long-term Debt, Total | $ 246,500 | ||||
First Hawaiian Bank Revolving Line of Credit [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000,000 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.66% | 5.19% | |||
Line of Credit Facility, Commitment Fee Amount | $ 0 | ||||
Debt Instrument, Covenant, Required Minimum Liquidity | 2,000,000 | ||||
Debt Instrument, Covenant, Maximum Total Liabilities | $ 45,000,000 | ||||
First Hawaiian Bank Revolving Line of Credit [Member] | Revolving Credit Facility [Member] | Kapalua Mauka [Member] | |||||
Pledged Assets not Separately Reported, Area of Real Estate (Acre) | a | 800 | ||||
First Hawaiian Bank Revolving Line of Credit [Member] | Revolving Credit Facility [Member] | Kapalua Resort [Member] | |||||
Pledged Assets not Separately Reported, Area of Real Estate (Acre) | ft² | 30,000 | ||||
First Hawaiian Bank Revolving Line of Credit [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate (Rate) | Rate | 3.50% |
Note 7 - Share-based Compensa_2
Note 7 - Share-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Payment Arrangement, Expense | $ 402,000 | $ 374,000 | $ 1,229,000 | $ 1,346,000 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||
Share-based Payment Arrangement, Expense | $ 512,000 | $ 511,000 |
Note 8 - Accrued Retirement B_3
Note 8 - Accrued Retirement Benefits - Accrued Retirement Benefits (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accrued retirement benefits | $ 9,493 | $ 9,867 |
Less current portion | (165) | (165) |
Non-current portion of accrued retirement benefits | 9,328 | 9,702 |
Pension Plan [Member] | Qualified Plan [Member] | ||
Accrued retirement benefits | 7,324 | 7,658 |
Supplemental Employee Retirement Plan [Member] | Nonqualified Plan [Member] | ||
Accrued retirement benefits | $ 2,169 | $ 2,209 |
Note 8 - Accrued Retirement B_4
Note 8 - Accrued Retirement Benefits - Net Periodic Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest cost | $ 408 | $ 527 | $ 1,225 | $ 1,580 |
Expected return on plan assets | (489) | (480) | (1,483) | (1,446) |
Amortization of net loss | 206 | 211 | 617 | 634 |
Pension and other postretirement expenses | $ 125 | $ 258 | $ 359 | $ 768 |
Note 9 - Deferred Revenue 1 (De
Note 9 - Deferred Revenue 1 (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
License [Member] | |||
Contract With Customer, Liability, License Fee Revenue, Noncurrent | $ 1,800 | $ 2,000 |
Note 9 - Deferred Revenue 2 (De
Note 9 - Deferred Revenue 2 (Details Textual) | Sep. 30, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | Club Membership [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note 11 - Reportable Operatin_3
Note 11 - Reportable Operating Segments - Financial Results for Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating income (loss) | $ (454) | $ 165 | $ (2,210) | $ (543) |
Operating Segments [Member] | ||||
Operating revenues | 1,697 | 2,714 | 5,441 | 7,543 |
Operating income (loss) | 788 | 1,350 | 1,813 | 3,686 |
Operating Segments [Member] | Real Estate Segment [Member] | ||||
Operating revenues | 15 | 305 | 173 | 671 |
Operating income (loss) | (71) | (47) | (284) | (202) |
Operating Segments [Member] | Leasing Segment [Member] | ||||
Operating revenues | 1,448 | 2,167 | 4,620 | 6,121 |
Operating income (loss) | 777 | 1,374 | 2,342 | 3,888 |
Operating Segments [Member] | Resort Amenities Segment [Member] | ||||
Operating revenues | 234 | 242 | 648 | 751 |
Operating income (loss) | $ 82 | $ 23 | $ (245) |
Note 12 - Leasing Arrangement_2
Note 12 - Leasing Arrangements - Rental Income under Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Minimum rentals | $ 677 | $ 723 | $ 2,086 | $ 2,170 |
Percentage rentals | 488 | 304 | 1,353 | |
Licensing fees | 104 | 217 | 449 | 681 |
Leasing | 1,448 | 2,167 | 4,620 | 6,121 |
Other | 349 | 402 | 959 | 1,023 |
Water System Sales [Member] | ||||
Leasing | $ 318 | $ 337 | $ 822 | $ 894 |
Note 13 - Discontinued Operat_3
Note 13 - Discontinued Operations - Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating revenues | $ 697 | $ 951 | $ 2,014 | $ 2,439 |
Operating costs and expenses | (722) | (745) | (2,098) | (2,039) |
Deprectiation expense | (72) | (213) | ||
Income (loss) from discontinued operations | $ (25) | $ 134 | $ (84) | $ 187 |
Note 15 - Fair Value Measurem_2
Note 15 - Fair Value Measurements (Details Textual) $ in Millions | Dec. 31, 2019USD ($) |
Fair Value, Inputs, Level 2 [Member] | |
Long-term Debt, Total | $ 1 |