Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 21, 2021 | |
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) | 19,432,398 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, no par value |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash | $ 458,000 | $ 869,000 |
Accounts receivable, net | 1,493,000 | 1,362,000 |
Prepaid expenses and other assets | 138,000 | 80,000 |
Assets held for sale | 7,336,000 | 7,440,000 |
Total current assets | 9,425,000 | 9,751,000 |
PROPERTY | 51,988,000 | 51,956,000 |
Accumulated depreciation | (33,745,000) | (33,445,000) |
Property, net | 18,243,000 | 18,511,000 |
OTHER ASSETS | ||
Deferred development costs | 8,943,000 | 8,901,000 |
Other noncurrent assets | 1,287,000 | 1,307,000 |
Total other assets | 10,230,000 | 10,208,000 |
TOTAL ASSETS | 37,898,000 | 38,470,000 |
CURRENT LIABILITIES | ||
Accounts payable | 985,000 | 899,000 |
Payroll and employee benefits | 451,000 | 970,000 |
Long-term debt, current portion | 800,000 | 200,000 |
Accrued retirement benefits, currernt portion | 165,000 | 165,000 |
Deferred revenue, current portion | 472,000 | 260,000 |
Other current liabilities | 508,000 | 453,000 |
Total current liabilities | 3,381,000 | 2,947,000 |
LONG-TERM LIABILITIES | ||
Accrued retirement benefits | 10,232,000 | 10,926,000 |
Other noncurrent liabilities | 75,000 | 83,000 |
Total long-term liabilities | 14,676,000 | 15,456,000 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Common stock--no par value, 43,000,000 shares authorized, 19,351,489 and 19,311,528 shares issued and outstanding | 81,972,000 | 81,485,000 |
Additional paid-in-capital | 9,184,000 | 9,184,000 |
Accumulated deficit | (49,838,000) | (48,904,000) |
Accumulated other comprehensive loss | (21,477,000) | (21,698,000) |
Total stockholders' equity | 19,841,000 | 20,067,000 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 37,898,000 | 38,470,000 |
License [Member] | ||
LONG-TERM LIABILITIES | ||
Deferred revenue | 1,733,000 | 1,767,000 |
Member Deposits [Member] | ||
LONG-TERM LIABILITIES | ||
Deferred revenue | $ 2,636,000 | $ 2,680,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
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) | 19,351,489 | 19,311,528 |
Common stock, shares outstanding (in shares) | 19,351,489 | 19,311,528 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
OPERATING REVENUES | ||
Leasing | $ 1,801,000 | $ 1,736,000 |
Total operating revenues | 2,059,000 | 2,035,000 |
OPERATING COSTS AND EXPENSES | ||
Leasing | 840,000 | 776,000 |
General and administrative | 719,000 | 760,000 |
Share-based compensation | 349,000 | 425,000 |
Depreciation | 300,000 | 323,000 |
Total operating costs and expenses | 2,717,000 | 3,029,000 |
OPERATING LOSS | (658,000) | (994,000) |
Other income | 13,000 | |
Pension and other post-retirement expenses | (116,000) | (117,000) |
Interest expense | (33,000) | (46,000) |
LOSS FROM CONTINUING OPERATIONS | (794,000) | (1,157,000) |
Income (Loss) from discontinued operations, net | (140,000) | 83,000 |
NET LOSS | (934,000) | (1,074,000) |
Pension, net | 221,000 | 206,000 |
TOTAL COMPREHENSIVE LOSS | $ (713,000) | $ (868,000) |
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED | ||
Loss from Continuing Operations (in dollars per share) | $ (0.04) | $ (0.06) |
Income (Loss) from Discontinued Operations (in dollars per share) | (0.01) | |
Net Loss (in dollars per share) | $ (0.05) | $ (0.06) |
Real Estate [Member] | ||
OPERATING REVENUES | ||
Operating revenues | $ 69,000 | |
OPERATING COSTS AND EXPENSES | ||
Operating Costs and Expenses | 97,000 | 175,000 |
Resort Amenities and Other [Member] | ||
OPERATING REVENUES | ||
Operating revenues | 258,000 | 230,000 |
OPERATING COSTS AND EXPENSES | ||
Operating Costs and Expenses | $ 412,000 | $ 570,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ 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, 2019 | 19,238,000 | ||||
Balance at Dec. 31, 2019 | $ 80,606 | $ 9,184 | $ (46,300) | $ (20,798) | $ 22,692 |
Share-based compensation (in shares) | 68,000 | ||||
Share-based compensation | $ 865 | 186 | 1,051 | ||
Vested restricted stock issued (in shares) | 17,000 | ||||
Vested restricted stock issued | $ 186 | (186) | |||
Shares canceled to pay tax liability (in shares) | (42,000) | ||||
Shares canceled to pay tax liability | $ (522) | (522) | |||
Other comprehensive income - pension | 206 | 206 | |||
Net loss | (1,074) | (1,074) | |||
Balance at Mar. 31, 2020 | 81,135 | 9,184 | (47,374) | (20,592) | 22,353 |
Pension, net | 206 | 206 | |||
Balance (in shares) at Mar. 31, 2020 | 19,281,000 | ||||
Balance (in shares) at Dec. 31, 2020 | 19,312,000 | ||||
Balance at Dec. 31, 2020 | $ 81,485 | 9,184 | (48,904) | (21,698) | 20,067 |
Share-based compensation (in shares) | 60,000 | ||||
Share-based compensation | $ 748 | 163 | 911 | ||
Vested restricted stock issued (in shares) | 14,000 | ||||
Vested restricted stock issued | $ 163 | (163) | |||
Shares canceled to pay tax liability (in shares) | (34,000) | ||||
Shares canceled to pay tax liability | $ (424) | (424) | |||
Other comprehensive income - pension | 221 | 221 | |||
Net loss | (934) | (934) | |||
Balance (in shares) at Mar. 31, 2021 | 19,352,000 | ||||
Balance at Mar. 31, 2021 | $ 81,972 | 9,184 | (49,838) | (21,477) | 19,841 |
Pension, net | $ 221 | $ 221 | |||
Balance (in shares) at Mar. 31, 2021 | 19,351,489 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ (513) | $ 1,453 |
CASH USED IN INVESTING ACTIVITIES | ||
Payments for property and deferred development costs | (74) | (48) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from long-term debt | 600 | 700 |
Payments on long-term debt | (1,500) | |
Debt and common stock issuance costs and other | (424) | (522) |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 176 | (1,322) |
NET (DECREASE) INCREASE IN CASH | (411) | 83 |
CASH AT BEGINNING OF PERIOD | 869 | 683 |
CASH AT END OF PERIOD | 458 | 766 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid during the period for interest: | $ 5 | $ 14 |
Supplemental Schedule of Non-Ca
Supplemental Schedule of Non-Cash Financing Activities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES: ● Common stock issued to certain members of the Company's management totaled $748,000 $865,000 three March 31, 2021 2020, See Notes to Condensed Consolidated Interim Financial Statements. |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [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, collectively, the “Company”) in conformity with generally accepted accounting principles in the United States (“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, 2020, 10 8 X not March 31, 2021 2020. 10 December 31, 2020. |
Note 2 - Use of Estimates and R
Note 2 - Use of Estimates and Reclassifications | 3 Months Ended |
Mar. 31, 2021 | |
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 |
Note 3 - Shares - Basic and Dil
Note 3 - Shares - Basic and Diluted | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. SHARES BASIC AND DILUTED Basic and diluted weighted-average shares outstanding for the three March 31, 2021 2020 19,327,739 19,254,783, 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. |
Note 4 - Property
Note 4 - Property | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. PROPERTY Property at March 31, 2021 December 31, 2020 2021 2020 (unaudited) (audited) (in thousands) Land $ 5,072 $ 5,072 Land improvements 12,943 12,943 Buildings 23,465 23,465 Machinery and equipment 10,485 10,476 Construction in progress 23 - Total property 51,988 51,956 Less accumulated depreciation 33,745 33,445 Property, net $ 18,243 $ 18,511 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 | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 December 31, 2020 March 31, December 31, 2021 2020 (unaudited) (audited) (in thousands) Kapalua Resort, 46-acre Kapalua Central Resort project $ 2,978 $ 2,978 Kapalua Resort, Kapalua Water and Kapalua Waste Treatment Company assets 4,202 4,306 Upcountry Maui, 630-acre parcel of agricultural land 156 156 $ 7,336 $ 7,440 In February 2020, $43.9 July 15, 2021. 30 The Company entered into an Asset Purchase Agreement in December 2019 March 2021, $4.2 May 1, 2021. 13. The above assets held for sale have not |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 3 Months Ended |
Mar. 31, 2021 | |
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%, 3.62% 3.65%, March 31, 2021 December 31, 2020, 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 was in compliance with the covenants under the Credit Facility as of March 31, 2021. |
Note 7 - Share-based Compensati
Note 7 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
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 $349,000 $425,000 three March 31, 2021 2020, $163,000 $186,000 first three 2021 2020, |
Note 8 - Accrued Retirement Ben
Note 8 - Accrued Retirement Benefits | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 8. ACCRUED RETIREMENT BENEFITS Accrued retirement benefits at March 31, 2021 December 31, 2020 March 31, December 31, 2021 2020 (unaudited) (audited) (in thousands) Defined benefit pension plan $ 8,112 $ 8,790 Non-qualified retirement plans 2,285 2,301 Total 10,397 11,091 Less current portion (165 ) (165 ) Non-current portion of accrued retirement benefits $ 10,232 $ 10,926 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 postretirement benefits for the three March 31, 2021 2020 Three Months Ended March 31, (unaudited) 2021 2020 (in thousands) Interest cost $ 309 $ 408 Expected return on plan assets (414 ) (497 ) Amortization of net actuarial loss 221 206 Pension and other postretirement expenses $ 116 $ 117 |
Note 9 - Contract Assets and Li
Note 9 - Contract Assets and Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 9. CONTRACT ASSETS AND LIABILITIES Receivables from contracts with customers were $876,000, $806,000, $673,000 March 31, 2021, December 31, 2020 December 31, 2019, 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. 15 $33,000 three March 31, 2021. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
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 basis 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 March 31, 2021 December 31, 2020, |
Note 11 - Reportable Operating
Note 11 - Reportable Operating Segments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. 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 planning, entitlement, development and sale of real estate inventory. The segment also included the operations of Kapalua Realty Company, Ltd., a general brokerage real estate company located in the Kapalua Resort, through June 30, 2020. • Leasing 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 March 31, 2021 2020 Three Months Ended March 31, (unaudited) 2021 2020 (in thousands) Operating Segment Revenues Real estate $ - $ 69 Leasing 1,801 1,736 Resort amenities and other 258 230 Total Operating Segment Revenues $ 2,059 $ 2,035 Operating Segment Income (Loss) Real estate $ (97 ) $ (106 ) Leasing 961 960 Resort amenities and other (154 ) (340 ) Total Operating Segment Income $ 710 $ 514 |
Note 12 - Leasing Arrangements
Note 12 - Leasing Arrangements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessor, Operating Leases [Text Block] | 12. 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 March 31, 2021 2020 Three Months Ended March 31, (unaudited) 2021 2020 (in thousands) Minimum rentals $ 757 $ 697 Percentage rentals 117 266 Licensing fees 125 234 Other (primarily common area recoveries) 214 191 Total $ 1,801 $ 1,736 |
Note 13 - Discontinued Operatio
Note 13 - Discontinued Operations | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 13. 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 March 31, 2021 2020 Three Months Ended March 31, (unaudited) 2021 2020 (in thousands) Operating revenues $ 598 $ 740 Operating costs and expenses (698 ) (657 ) Impairment loss (40 ) - Income (loss) from discontinued operations $ (140 ) $ 83 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. COMMITMENTS AND CONTINGENCIES On December 31, 2018, 1960's 200 two 1.5 $230,000 The DOH agreed to defer the Order without a hearing date while the Company continues working on a previously approved corrective action plan to resolve and remediate the facility's wastewater effluent issues. The construction of additional leach fields was completed in December 2020. three March 31, 2021. No 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 Quarantine, travel restrictions and other public health measures to reduce the spread of COVID- 19 19 |
Note 15 - Fair Value Measuremen
Note 15 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | 15. FAIR VALUE MEASUREMENTS GAAP establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements to enable the reader of the unaudited condensed consolidated interim 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 $800,000 $200,000 March 31, 2021 December 31, 2020, 2 |
Note 16 - Recent Accounting Pro
Note 16 - Recent Accounting Pronoucements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 16. RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, 2016 13 2019 10 first 2023. In December 2019, 2019 12 740, Income Taxes 740. first 2021 not In March 2020, 2020 04 848 December 31, 2022. |
Note 4 - Property (Tables)
Note 4 - Property (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2021 2020 (unaudited) (audited) (in thousands) Land $ 5,072 $ 5,072 Land improvements 12,943 12,943 Buildings 23,465 23,465 Machinery and equipment 10,485 10,476 Construction in progress 23 - Total property 51,988 51,956 Less accumulated depreciation 33,745 33,445 Property, net $ 18,243 $ 18,511 |
Note 5 - Assets Held for Sale (
Note 5 - Assets Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | March 31, December 31, 2021 2020 (unaudited) (audited) (in thousands) Kapalua Resort, 46-acre Kapalua Central Resort project $ 2,978 $ 2,978 Kapalua Resort, Kapalua Water and Kapalua Waste Treatment Company assets 4,202 4,306 Upcountry Maui, 630-acre parcel of agricultural land 156 156 $ 7,336 $ 7,440 |
Note 8 - Accrued Retirement B_2
Note 8 - Accrued Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | March 31, December 31, 2021 2020 (unaudited) (audited) (in thousands) Defined benefit pension plan $ 8,112 $ 8,790 Non-qualified retirement plans 2,285 2,301 Total 10,397 11,091 Less current portion (165 ) (165 ) Non-current portion of accrued retirement benefits $ 10,232 $ 10,926 |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended March 31, (unaudited) 2021 2020 (in thousands) Interest cost $ 309 $ 408 Expected return on plan assets (414 ) (497 ) Amortization of net actuarial loss 221 206 Pension and other postretirement expenses $ 116 $ 117 |
Note 11 - Reportable Operatin_2
Note 11 - Reportable Operating Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, (unaudited) 2021 2020 (in thousands) Operating Segment Revenues Real estate $ - $ 69 Leasing 1,801 1,736 Resort amenities and other 258 230 Total Operating Segment Revenues $ 2,059 $ 2,035 Operating Segment Income (Loss) Real estate $ (97 ) $ (106 ) Leasing 961 960 Resort amenities and other (154 ) (340 ) Total Operating Segment Income $ 710 $ 514 |
Note 12 - Leasing Arrangements
Note 12 - Leasing Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended March 31, (unaudited) 2021 2020 (in thousands) Minimum rentals $ 757 $ 697 Percentage rentals 117 266 Licensing fees 125 234 Other (primarily common area recoveries) 214 191 Total $ 1,801 $ 1,736 |
Note 13 - Discontinued Operat_2
Note 13 - Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months Ended March 31, (unaudited) 2021 2020 (in thousands) Operating revenues $ 598 $ 740 Operating costs and expenses (698 ) (657 ) Impairment loss (40 ) - Income (loss) from discontinued operations $ (140 ) $ 83 |
Supplemental Schedule of Non-_2
Supplemental Schedule of Non-Cash Financing Activities (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stock Issued | $ 748,000 | $ 865,000 |
Note 3 - Shares - Basic and D_2
Note 3 - Shares - Basic and Diluted (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Weighted Average Number of Shares Outstanding, Basic and Diluted (in shares) | 19,327,739 | 19,254,783 |
Note 4 - Property (Details Text
Note 4 - Property (Details Textual) - Land [Member] | 3 Months Ended |
Mar. 31, 2021a | |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Property, plant and equipment, gross | $ 51,988 | $ 51,956 |
Less accumulated depreciation | 33,745 | 33,445 |
Property, net | 18,243 | 18,511 |
Land [Member] | ||
Property, plant and equipment, gross | 5,072 | 5,072 |
Land Improvements [Member] | ||
Property, plant and equipment, gross | 12,943 | 12,943 |
Building [Member] | ||
Property, plant and equipment, gross | 23,465 | 23,465 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 10,485 | 10,476 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 23 |
Note 5 - Assets Held for Sale_2
Note 5 - Assets Held for Sale (Details Textual) - USD ($) $ in Millions | May 01, 2021 | Feb. 29, 2020 |
Subsequent Event [Member] | PUC-regulated Assets of Kapalua Water Company, Ltd and Kapalua Waste Treatment Company, Ltd [Member] | ||
Proceeds from Sale of Productive Assets, Total | $ 4.2 | |
Kapalua Central Resort Project [Member] | ||
Receivables, Long-term Contracts or Programs, Total | $ 43.9 |
Note 5 - Assets Held for Sale -
Note 5 - Assets Held for Sale - Assets Held for Sale (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Assets held for sale | $ 7,336,000 | $ 7,440,000 |
Kapalua Central Resort Project [Member] | Kapalua Resort [Member] | ||
Assets held for sale | 2,978,000 | 2,978,000 |
Kapalua Water Company and Kapalua Waste Treatment Company [Member] | Kapalua Resort [Member] | ||
Assets held for sale | 4,202 | 4,306 |
630-Acre Parcel Of Agricultural Land [Member] | Upcountry Maui [Member] | ||
Assets held for sale | $ 156,000 | $ 156,000 |
Note 5 - Assets Held for Sale_3
Note 5 - Assets Held for Sale - Assets Held for Sale (Details) (Parentheticals) - a | Mar. 31, 2021 | Dec. 31, 2020 |
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) - First Hawaiian Bank Revolving Line of Credit [Member] - Revolving Credit Facility [Member] $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)ft²aRate | Dec. 31, 2020 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 3.62% | 3.65% |
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 (Acre) | a | 800 | |
Kapalua Resort [Member] | ||
Pledged Assets not Separately Reported, Area of Real Estate (Acre) | ft² | 30,000 | |
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 | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Share-based Payment Arrangement, Expense | $ 349,000 | $ 425,000 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-based Payment Arrangement, Expense | $ 163,000 | $ 186,000 |
Note 8 - Accrued Retirement B_3
Note 8 - Accrued Retirement Benefits - Accrued Retirement Benefits (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Defined benefit pension plan | $ 10,397 | $ 11,091 |
Less current portion | (165) | (165) |
Non-current portion of accrued retirement benefits | 10,232 | 10,926 |
Pension Plan [Member] | Qualified Plan [Member] | ||
Defined benefit pension plan | 8,112 | 8,790 |
Supplemental Employee Retirement Plan [Member] | Nonqualified Plan [Member] | ||
Defined benefit pension plan | $ 2,285 | $ 2,301 |
Note 8 - Accrued Retirement B_4
Note 8 - Accrued Retirement Benefits - Net Periodic Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest cost | $ 309 | $ 408 |
Expected return on plan assets | (414) | (497) |
Amortization of net actuarial loss | 221 | 206 |
Pension and other postretirement expenses | $ 116 | $ 117 |
Note 9 - Contract Assets and _2
Note 9 - Contract Assets and Liabilities 1 (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Contract with Customer, Receivable, after Allowance for Credit Loss, Total | $ 876,000 | $ 806,000 | $ 673,000 | |
License [Member] | ||||
Contract with Customer, Liability, Noncurrent | 1,733,000 | $ 1,767,000 | $ 2,000,000 | |
Contract with Customer, Liability, Revenue Recognized | $ 33,000 |
Note 9 - Contract Assets and _3
Note 9 - Contract Assets and Liabilities 2 (Details Textual) | Mar. 31, 2021 | Mar. 31, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | License [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 15 years | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | ||
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating income (loss) | $ (658) | $ (994) |
Operating Segments [Member] | ||
Operating revenues | 2,059 | 2,035 |
Operating income (loss) | 710 | 514 |
Operating Segments [Member] | Real Estate Segment [Member] | ||
Operating revenues | 69 | |
Operating income (loss) | (97) | (106) |
Operating Segments [Member] | Leasing Segment [Member] | ||
Operating revenues | 1,801 | 1,736 |
Operating income (loss) | 961 | 960 |
Operating Segments [Member] | Resort Amenities Segment [Member] | ||
Operating revenues | 258 | 230 |
Operating income (loss) | $ (154) | $ (340) |
Note 12 - Leasing Arrangement_2
Note 12 - Leasing Arrangements - Rental Income under Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Minimum rentals | $ 757 | $ 697 |
Percentage rentals | 117 | 266 |
Licensing fees | 125 | 234 |
Other (primarily common area recoveries) | 214 | 191 |
Leasing | $ 1,801 | $ 1,736 |
Note 13 - Discontinued Operat_3
Note 13 - Discontinued Operations - Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating revenues | $ 598 | $ 740 |
Operating costs and expenses | (698) | (657) |
Impairment loss | (40) | |
Income (loss) from discontinued operations | $ (140) | $ 83 |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) | Dec. 31, 2018USD ($) |
Notice and Finding of Violation and Order [Member] | |
Loss Contingency, Damages Sought, Value | $ 230,000 |
Note 15 - Fair Value Measurem_2
Note 15 - Fair Value Measurements (Details Textual) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Inputs, Level 2 [Member] | ||
Long-term Debt, Total | $ 800,000 | $ 200,000 |