Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 16, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | MAUI LAND & PINEAPPLE CO INC | ||
Entity Central Index Key | 63,330 | ||
Trading Symbol | mlp | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 19,183,253 | ||
Entity Public Float | $ 74,987,170 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | ||
Cash | $ 624 | $ 1,029 |
Accounts receivable, less allowance of $34 and $40 for doubtful accounts | 897 | 940 |
Current portion of income tax receivable | 2,499 | |
Prepaid expenses and other assets | 37 | 159 |
Assets held for sale | 212 | 212 |
Total Current Assets | 4,269 | 2,340 |
PROPERTY | ||
Land | 5,059 | 5,059 |
Land improvements | 24,727 | 24,727 |
Buildings | 24,884 | 24,884 |
Machinery and equipment | 11,143 | 10,980 |
Construction in progress | 149 | |
Total Property | 65,962 | 65,650 |
Less accumulated depreciation | 36,741 | 34,971 |
Net Property | 29,221 | 30,679 |
OTHER ASSETS | ||
Deferred development costs | 10,790 | 10,395 |
Income tax receivable | 2,500 | |
Other noncurrent assets | 1,320 | 1,387 |
Total Other Assets | 14,610 | 11,782 |
TOTAL ASSETS | 48,100 | 44,801 |
CURRENT LIABILITIES | ||
Current portion of long-term debt | 1,235 | |
Accounts payable | 2,024 | 696 |
Payroll and employee benefits | 814 | 784 |
Current portion of accrued retirement benefits | 165 | 164 |
Other current liabilities | 460 | 203 |
Total Current Liabilities | 4,698 | 1,847 |
LONG-TERM LIABILITIES | ||
Long-term debt | 1,235 | |
Accrued retirement benefits | 9,871 | 7,867 |
Deposits | 2,558 | 2,449 |
Deferred revenue | 215 | |
Other noncurrent liabilities | 54 | 44 |
Total Long-Term Liabilities | 12,483 | 11,810 |
COMMITMENTS & CONTINGENCIES (Note 11) | ||
STOCKHOLDERS' EQUITY | ||
Common stock--no par value, 43,000,000 shares authorized; 19,125,521 and 19,040,273 shares issued and outstanding | 79,411 | 78,584 |
Additional paid in capital | 9,246 | 9,246 |
Accumulated deficit | (35,934) | (36,432) |
Accumulated other comprehensive loss | (21,804) | (20,254) |
Total Stockholders' Equity | 30,919 | 31,144 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ 48,100 | $ 44,801 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts receivable, allowance | $ 34 | $ 40 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 43,000,000 | 43,000,000 |
Common stock, issued (in shares) | 19,125,521 | 19,040,273 |
Common stock, outstanding (in shares) | 19,125,521 | 19,040,273 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Loss) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING REVENUES | ||
Revenue from contracts with customers | $ 4,814,000 | |
Leasing | 6,223,000 | $ 5,732,000 |
Operating revenues | 11,037,000 | 24,582,000 |
OPERATING COSTS AND EXPENSES | ||
Leasing | 2,570,000 | 2,476,000 |
General and administrative | 2,896,000 | 2,515,000 |
Share-based compensation | 1,540,000 | 1,319,000 |
Depreciation | 1,770,000 | 1,756,000 |
Total Operating Costs and Expenses | 14,868,000 | 12,621,000 |
OPERATING INCOME (LOSS) | (3,831,000) | 11,961,000 |
Pension and other post-retirement expenses | (514,000) | (871,000) |
Interest expense | (156,000) | (190,000) |
Income tax benefit | 4,999,000 | |
NET INCOME | 498,000 | 10,900,000 |
Pension, net of income taxes of $0 | (1,550,000) | 2,041,000 |
COMPREHENSIVE INCOME (LOSS) | $ (1,052,000) | $ 12,941,000 |
NET INCOME PER COMMON SHARE | ||
--BASIC AND DILUTED (in dollars per share) | $ 0.03 | $ 0.57 |
Real Estate Sales [Member] | ||
OPERATING REVENUES | ||
Revenue from contracts with customers | $ 13,681,000 | |
Real Estate Commissions [Member] | ||
OPERATING REVENUES | ||
Revenue from contracts with customers | 446,000 | 894,000 |
Public Utilities [Member] | ||
OPERATING REVENUES | ||
Revenue from contracts with customers | 3,220,000 | 3,153,000 |
OPERATING COSTS AND EXPENSES | ||
Operating costs | 2,213,000 | 2,065,000 |
Resort Amenities and Other [Member] | ||
OPERATING REVENUES | ||
Revenue from contracts with customers | 1,148,000 | 1,122,000 |
OPERATING COSTS AND EXPENSES | ||
Operating costs | 1,109,000 | 1,033,000 |
Real Estate [Member] | ||
OPERATING REVENUES | ||
Revenue from contracts with customers | 446,000 | |
OPERATING COSTS AND EXPENSES | ||
Operating costs | 579,000 | |
Other | $ 2,770,000 | $ 878,000 |
Consolidated Statements of In_2
Consolidated Statements of Income and Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Pension, taxes | $ 0 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 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) at Dec. 31, 2016 | 18,958 | ||||
Balance at Dec. 31, 2016 | $ 78,123 | $ 9,246 | $ (47,332) | $ (22,295) | $ 17,742 |
Share-based compensation expense | 448 | 448 | |||
Issuance of shares for incentive plan (in shares) | 94 | ||||
Issuance of shares for incentive plan | $ 767 | 767 | |||
Vested restricted stock issued (in shares) | 59 | ||||
Vested restricted stock issued | $ 448 | (448) | |||
Shares cancelled to pay tax liability (in shares) | (71) | ||||
Shares cancelled to pay tax liability | $ (754) | (754) | |||
Other comprehensive gain (loss) - pension (Note 6) | 2,041 | 2,041 | |||
Net income | 10,900 | 10,900 | |||
Balance (in shares) at Dec. 31, 2017 | 19,040 | ||||
Balance at Dec. 31, 2017 | $ 78,584 | 9,246 | (36,432) | (20,254) | 31,144 |
Share-based compensation expense | 563 | 563 | |||
Issuance of shares for incentive plan (in shares) | 71 | ||||
Issuance of shares for incentive plan | $ 845 | 845 | |||
Vested restricted stock issued (in shares) | 64 | ||||
Vested restricted stock issued | $ 563 | (563) | |||
Shares cancelled to pay tax liability (in shares) | (50) | ||||
Shares cancelled to pay tax liability | $ (581) | (581) | |||
Other comprehensive gain (loss) - pension (Note 6) | (1,550) | (1,550) | |||
Net income | 498 | 498 | |||
Balance (in shares) at Dec. 31, 2018 | 19,125 | ||||
Balance at Dec. 31, 2018 | $ 79,411 | $ 9,246 | $ (35,934) | $ (21,804) | $ 30,919 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | ||
Cash receipts from customers and other receipts | $ 14,841 | $ 13,298 |
Cash receipts from real estate sales, net | 6,990 | |
Cash paid to vendors | (12,352) | (10,017) |
Cash paid for payroll and taxes | (1,529) | (1,410) |
Cash paid for interest | (78) | (99) |
Cash paid for income taxes | (412) | |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 882 | 8,350 |
INVESTING ACTIVITIES | ||
Purchases of property | (311) | |
Payments for other assets | (395) | (1,521) |
NET CASH USED IN INVESTING ACTIVITIES | (706) | (1,521) |
FINANCING ACTIVITIES | ||
Proceeds from long-term debt | 500 | 300 |
Payments of long-term debt | (500) | (5,922) |
Debt and common stock issuance costs and other | (581) | (780) |
NET CASH USED IN FINANCING ACTIVITIES | (581) | (6,402) |
NET INCREASE (DECREASE) IN CASH | (405) | 427 |
CASH AT BEGINNING OF YEAR | 1,029 | 602 |
CASH AT END OF YEAR | 624 | 1,029 |
SUPPLEMENTAL INFORMATION: | ||
Net income | 498 | 10,900 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,839 | 1,937 |
Conveyance of improvements | (6,691) | |
Share based compensation | 563 | 448 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 43 | 563 |
Change in retirement liabilities | 455 | 838 |
Trade accounts payable | 1,328 | 127 |
Income taxes receivable | (2,499) | (443) |
Other operating assets and liabilities | (1,345) | 671 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 882 | $ 8,350 |
Supplemental Non-cash Investing
Supplemental Non-cash Investing and Financing Activities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES: • Common stock issued to certain members of the Company’s management totaled $845,000 $767,000 2018 2017, |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONSOLIDATION The financial statements include the accounts of Maui Land & Pineapple Company, Inc. and its principal subsidiary Kapalua Land Company, Ltd. and other subsidiaries (collectively, the “Company”). The Company’s principal operations include the development, sale and leasing of real estate, water and waste transmission services, and the management of a private club membership program at the Kapalua Resort. Significant intercompany balances and transactions have been eliminated. COMPREHENSIVE INCOME Comprehensive income includes all changes in stockholders’ equity, except those resulting from capital stock transactions. Comprehensive income includes adjustments to the Company’s defined benefit pension plan obligations. ALLOWANCE FOR DOUBTFUL ACCOUNTS Receivables are recorded net of an allowance for doubtful accounts. The Company estimates future write-offs based on delinquencies, credit ratings, aging trends, and historical experience. The Company believes the allowance for doubtful accounts is adequate to cover anticipated losses; however, significant deterioration in any of the aforementioned factors or in general economic conditions could change these expectations, and accordingly, the Company’s financial condition and/or its future operating results could be materially impacted. Credit is extended after evaluating creditworthiness and no ASSETS HELD FOR SALE Assets are classified as held for sale when management approves and commits to a plan to sell the property; the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; the sale of the property is probable and is expected to be completed within one DEFERRED DEVELOPMENT COSTS Deferred development costs consist primarily of design, entitlement and permitting fees and real estate development costs related to various planned projects. Deferred development costs are written off if management decides that it is no no 2018 2017. PROPERTY AND DEPRECIATION Property is stated at cost. Major replacements, renewals and betterments are capitalized while maintenance and repairs that do not three 40 LONG-LIVED ASSETS Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not may no 2018 2017. ACCRUED RETIREMENT BENEFITS The Company’s policy is to fund retirement benefit costs at a level at least equal to the minimum amount required under federal law, but not The under-funded status of the Company’s defined benefit pension plan is recorded as a liability in its balance sheet and changes in the funded status of the plan is recorded in the year in which the changes occur, through comprehensive income. A pension asset or liability is recognized for the difference between the fair value of plan assets and the projected benefit obligation as of year-end. Deferred compensation plans for certain former management employees provide for specified payments after retirement. A liability has been recognized based on the present value of estimated payments to be made. REVENUE RECOGNITION Overview Real estate revenues are recognized in the period in which sufficient cash has been received, collection of the balance is reasonably assured, performance obligations have been performed and risks of ownership have passed to the buyer. Sales of real estate assets that are considered central to the Company’s ongoing major operations are classified as real estate sales revenue, along with any associated cost of sales, in the Company’s consolidated statements of income and comprehensive income. Sales of real estate assets that are considered peripheral or incidental transactions to the Company’s ongoing major or central operations are reflected as net gains or losses in the Company’s consolidated statements of income and comprehensive income. If the sale of a real estate asset represents a strategic shift that has, or will have, a major effect on the Company’s operations, such as the discontinuance of a business segment, then the operations of the property, including any interest expense directly attributable to it, are classified as discontinued operations, and amounts for all prior periods presented are reclassified from continuing operations to discontinued operations. The disposal of an individual property generally will not not Lease revenues are recognized on a straight-line basis over the terms of the leases. Also included in lease income are certain percentage rents determined in accordance with the terms of the leases. Lease income arising from tenant rents that are contingent upon the sales of the tenant exceeding a defined threshold are recognized only after the defined sales thresholds are achieved. Other revenues are recognized when delivery has occurred or services have been rendered, the sales price is fixed or determinable, and collectability is reasonably assured. Deferred revenues from annual dues received from the private club membership program at the Kapalua Resort are recognized on a straight-line basis over one Recent a ccounting p ronouncements – Lease Accounting 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 $6.2 December 31, 2018. Under current accounting standards, 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 current accounting standards, tenant recoveries related to payments of real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses are considered lease components. The Company recognizes these tenant recoveries as revenue when services are rendered in an amount equal to the related operating expenses incurred that are recoverable under the terms of the applicable lease. 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 December 31, 2018, not 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 year ended December 31, 2018, $62,000 December 31, 2018, $57,000. 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, December 31, 2018 no Recent a ccounting p ronouncements – Revenue Recognition In May 2014, The Company’s revenues for the year ended December 31, 2018 Real estate $ 446 Utilities 3,220 Resort amenities and other 1,148 Total $ 4,814 The core principle underlying the revenue recognition ASU is that an entity will recognize revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in such exchange. This requires entities to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenue streams are recognized at a point in time except for the utilities and resort amenities revenue. Utility services are recognized as provided over the monthly billing period, and the annual membership dues are recognized over a period of twelve A customer is distinguished from a noncustomer by the nature of the goods or services that are transferred. Customers are provided with goods or services that are generated by a company’s ordinary output activities, whereas noncustomers are provided with nonfinancial assets that are outside of a company’s ordinary output activities. This distinction may not The ASU requires the use of a new five five not five January 1, 2018 not An entity is also required to determine if it controls the goods or services prior to the transfer to the customer in order to determine if it should account for the arrangement as a principal or agent. Principal arrangements, where the entity controls the goods or services provided, will result in the recognition of the gross amount of consideration expected in the exchange. Agent arrangements, where the entity simply arranges but does not not No.2018 11 2019. may Upon adoption, entities can use either a full retrospective or modified retrospective method to adopt this ASU. Under the full retrospective method, all periods presented will be restated upon adoption to conform to the new standard and a cumulative adjustment for effects on periods prior to 2016 January 1, 2016. not 2018 January 1, 2018. 2018 may January 1, 2018, not January 1, 2018. January 1, 2018 not five no OPERATING COSTS AND EXPENSES Real estate, leasing, utilities, resort amenities, and general and administrative costs and expenses are reflected exclusive of depreciation and pension and other post-retirement expenses. INCOME TAXES The Company accounts for uncertain tax positions in accordance with the provisions of FASB Accounting Standards Codification (ASC) Topic 740. 8 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 valuation allowance is established for deferred income tax assets if management believes that it is more likely than not not The Company recognizes accrued interest related to unrecognized tax benefits as interest expense and penalties in general and administrative expenses in its consolidated statements of income and comprehensive income and such amounts are included in income taxes payable on the Company’s consolidated balance sheets. The Tax Cuts and Jobs Act of 2017 December 22, 2017. 35% 21%, 118 , Income Tax Accounting Implications of the Tax Cuts and Jobs Act 740, 118 2017 118 8. SHARE-BASED COMPENSATION PLANS The Company accounts for share-based compensation, including grants of shares of common stock, as compensation expense over the service period (generally the vesting period) in the financial statements based on their fair values. The impact of forfeitures that may USE OF ESTIMATES AND RECLASSIFICATIONS The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Future actual amounts could differ from these estimates. Certain amounts in the December 31, 2017 December 31, 2018 no CONCENTRATION OF CREDIT RISK Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. December 31, 2018 December 31, 2017, RISKS AND UNCERTAINTIES Factors that could adversely impact the Company’s future operations or financial results include, but are not second LEGAL CONTINGENCIES The Company are parties to claims and lawsuits as well as threatened or potential actions or claims concerning matters arising from the conduct of its business activities. The outcome of claims or litigation and the timing of ultimate resolution are inherently difficult to predict and significant judgment may 11 NEW ACCOUNTING PRONOUNCEMENTS In March 2016, No. 2016 09, January 1, 2018 not In June 2016, No. 2016 13, December 15, 2019 No. 2016 13 In August 2016, No. 2016 15, December 15, 2017. not In October 2016, No. 2016 16, December 15, 2017. not In November 2016, No. 2016 18, December 15, 2017. not In December 2016, No. 2016 20, 606, December 15, 2017. not In March 2017, No. 2017 07, December 15, 2017. not In May 2017, No. 2017 09, 718 718. December 15, 2017, not On August 28, 2018, 2018 14 715 December 15, 2020, January 1, 2021. NET INCOME PER COMMON SHARE Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per common share is computed similar to basic net income 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 and non-vested restricted stock. The treasury stock method is applied to determine the number of potentially dilutive shares for non-vested restricted stock and stock options assuming that the shares of non-vested restricted stock are issued for an amount based on the grant date market price of the shares and that the outstanding stock options are exercised. Year Ended December 31, 2018 2017 Basic and diluted 19,091,679 18,995,274 Potentially dilutive 27,500 27,500 |
Note 2 - Assets Held for Sale a
Note 2 - Assets Held for Sale and Real Estate Sales | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Assets Held-for-Sale and Real Estate Sales Disclosure [Text Block] | 2. ASSETS HELD FOR SALE AND REAL ESTATE SALES At December 31, 2018 2017 December 31 , 8 December 31, 7 (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 56 Assets held for sale $ 212 $ 212 None In April 2017, $6.7 125 125 2009. In February 2017, 15 $7.0 $6.4 $5.6 |
Note 3 - Property
Note 3 - Property | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 3 . PROPERTY 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 4 - Long-term Debt
Note 4 - Long-term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4 . LONG-TERM DEBT Long-term debt is comprised of amounts outstanding under the Company’s $15.0 December 31, 2019 two one 3.50%, 5.84% 4.86% December 31, 2018 December 31, 2017, 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 December 31, 2018. |
Note 5 - Leasing Arrangements
Note 5 - Leasing Arrangements | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Leasing Arrangements Disclosure [Text Block] | 5 . LEASING ARRANGEMENTS The Company leases land primarily to agriculture operators and space in commercial buildings, primarily to restaurant and retail tenants through 2048. 2018 2017 (in thousands) Minimum rentals $ 2,720 $ 2,495 Percentage rentals 1,544 1,255 Licensing fees 903 868 Other (primarily common area recoveries) 1,056 1,114 Total $ 6,223 $ 5,732 Property at December 31, 2018 2017 $ 29.4 $17.2 $16.3 Future minimum rental income receivable during the next five (in thousands) 2019 $ 2,992 2020 2,970 2021 2,499 2022 1,760 2023 756 Thereafter 1,722 |
Note 6 - Accrued Retirement Ben
Note 6 - Accrued Retirement Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 6 . ACCRUED RETIREMENT BENEFITS Accrued Retirement Benefits at December 31, 2018 2017 2018 2017 (in thousands) Defined benefit pension plans $ 7,971 $ 5,812 Non-qualified retirement plans 2,065 2,219 Total 10,036 8,031 Less current portion (165 ) (164 ) Non-current portion of accrued retirement benefits $ 9,871 $ 7,867 The Company had two 2011, twelve 2009 fourth 2018, two The measurement date for the Company’s benefit plan disclosures is December 31 st 2018 2017, December 31, 2018 2017 2018 2017 (in thousands) Change in benefit obligations: Benefit obligations at beginning of year $ 56,453 $ 56,378 Interest cost 1,974 2,216 Actuarial loss (gain) (3,096 ) 2,074 Benefits paid (4,025 ) (4,216 ) Benefit obligations at end of year 51,306 56,452 Change in plan assets: Fair value of plan assets at beginning of year 48,442 47,176 Actual return on plan assets (3,114 ) 5,531 Employer reimbursement for retirement benefits (118 ) (230 ) Employer contributions 105 181 Benefits paid (4,025 ) (4,216 ) Fair value of plan assets at end of year 41,290 48,442 Funded status $ (10,016 ) $ (8,010 ) Accumulated benefit obligations $ 51,306 $ 56,452 Weighted average assumptions used to determine benefit obligations at December 31: Discount rate 4.28% 3.59% - 3.64% Expected long-term return on plan assets 5.00% 5.00% Rate of compensation increase n/a n/a Accumulated other comprehensive loss of $21.8 $20.2 December 31, 2018 2017, not 2019, $0.9 Components of net periodic benefit cost and other amounts recognized in comprehensive income were as follows: 2018 2017 (in thousands) Pension and other benefits: Interest cost $ 1,974 $ 2,216 Expected return on plan assets (2,319 ) (2,255 ) Recognized net actuarial loss 764 840 Settlement/Curtailment Expense - - Pension expense $ 419 $ 801 Other changes in plan assets and benefit obligations recognized in comprehensive income: Net gain $ 2,314 $ (1,201 ) Recognized gain (764 ) (840 ) Total recognized gain in comprehensive income $ 1,550 $ (2,041 ) Weighted average assumptions used to determine net periodic benefit cost: 2018 2017 Pension benefits: Discount rate 3.59% - 3.64 % 4.07% - 4.14 % Expected long-term return on plan assets 5.00 % 5.00 % Rate of compensation increase n/a n/a The expected long-term rate of return on plan assets was based on a building-block approach. Historical markets are studied and long-term historical relationships between equities and fixed income are presumed consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors, such as inflation and interest rates, are evaluated before long-term capital markets are determined. Diversification and rebalancing of plan assets are properly considered as part of establishing long-term portfolio returns. The fair values of the Company’s pension plan assets at December 31, 2018 2017, 2018 Fair Value Measurements (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total AHGT pooled equity funds $ - $ 10,665 $ 10,665 AHGT pooled fixed income funds - 29,635 29,635 Cash management funds - 990 990 $ - $ 41,290 $ 41,290 2017 Fair Value Measurements (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total AHGT pooled equity funds $ - $ 14,772 $ 14,772 AHGT pooled fixed income funds - 32,581 32,581 Cash management funds - 1,089 1,089 $ - $ 48,442 $ 48,442 Aon Hewitt Group Trust (AHGT) p ooled equity and fixed income funds: 1 2 An administrative committee consisting of certain senior management employees administers the Company’s defined benefit pension plans. The pension plan assets are allocated among approved asset types based on the plans current funded status and other characteristics set by the administrative committee, and subject to liquidity requirements of the plans. Estimated future benefit payments are as follows (in thousands): 2019 $ 4,208 2020 4,123 2021 4,025 2022 3,906 2023 3,790 2024 - 2028 17,265 The Company does not 2019. No 2018 2017. |
Note 7 - Share-based Compensati
Note 7 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [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 $1,540,000 $1,319,000 2018 2017, $563,000 $448,000 2018 2017, |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8 . INCOME TAXES GAAP prescribes 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. In December 2017, 2017 35% 21%, not 1 2 3 4 5 6 7 December 31, 2017; ( 8 9 Reconciliations between the total income tax benefit and the amount computed using the statutory federal rate of 21% December 31, 2018 2017 2018 2017 (in thousands) Federal income tax expense (credit) at statutory rate $ (945 ) $ 3,815 Adjusted for: AMT refundable credits (4,999 ) Valuation allowance 986 (3,814 ) Permanent differences and other (41 ) (1 ) Income tax benefit $ (4,999 ) $ - Deferred tax assets were comprised of the following temporary differences as of December 31, 2018 2017: 2018 2017 (in thousands) Net operating loss and tax credit carryforwards $ 24,239 $ 25,745 Joint venture and other investments (27 ) (22 ) Accrued retirement benefits 3,055 2,483 Property net book value 2,266 1,716 Deferred revenue 666 546 Stock compensation 16 13 Reserves and other 189 (115 ) Total deferred tax assets 30,404 30,366 Valuation allowance (30,404 ) (30,366 ) Net deferred tax assets $ - $ - Valuation allowances have been established to reduce future tax benefits not not $71.7 December 31, 2018, 2029 2034. $85.7 December 31, 2018, 2029 2034. $2.6 December 31, 2018 not In accordance with TCJA, the Company eliminated $91.3 December 31, 2018 $5.0 50%, $2.5 2019 two In accordance with SAB 118, December 31, 2017, $12.1 35% 21%. |
Note 9 - Segment Information
Note 9 - Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 9 . SEGMENT INFORMATION 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. Condensed financial information for each of the Company’s reportable segments for the years ended December 31, 2018 2017 Real Resort Estate Leasing Utilities Amenities Other (2) Consolidated 2018 Operating revenues (1) $ 446 $ 6,223 $ 3,220 $ 1,148 $ - $ 11,037 Operating costs and expenses (2,770 ) (2,570 ) (2,213 ) (1,109 ) - (8,662 ) Depreciation expense - (1,179 ) (525 ) (57 ) (9 ) (1,770 ) General and administrative and other expenses (1,145 ) (865 ) (357 ) (531 ) (1,538 ) (4,436 ) Operating income (loss) (3,469 ) 1,609 125 (549 ) (1,547 ) (3,831 ) Pension and other post-retirement expenses (514 ) Interest expense (156 ) Income tax benefit 4,999 Income from continuing operations $ 498 Capital expenditures (3) $ 273 $ - $ 148 $ - $ - $ 421 Assets (4) $ 13,634 $ 17,084 $ 9,388 $ 1,099 $ 6,895 $ 48,100 Real Resort Estate Leasing Utilities Amenities Other (2) Consolidated 2017 Operating revenues (1) $ 14,575 $ 5,732 $ 3,153 $ 1,121 $ 1 $ 24,582 Operating costs and expenses (1,457 ) (2,476 ) (2,065 ) (978 ) (55 ) (7,031 ) Depreciation expense - (1,207 ) (477 ) (52 ) (20 ) (1,756 ) General and administrative and other expenses (982 ) (742 ) (306 ) (531 ) (1,273 ) (3,834 ) Operating income (loss) 12,136 1,307 305 (440 ) (1,347 ) 11,961 Pension and other post-retirement expenses (871 ) Interest expense (190 ) Income from continuing operations $ 10,900 Capital expenditures (3) $ 1,457 $ - $ - $ - $ - $ 1,457 Assets (4) $ 13,261 $ 18,100 $ 9,613 $ 1,216 $ 2,611 $ 44,801 ( 1 Amounts are principally revenues from external customers and exclude equity in earnings of affiliates. Intersegment revenues were insignificant. ( 2 Consists primarily of miscellaneous transactions and unallocated general and administrative, and pension and other post-retirement expenses. ( 3 Primarily includes expenditures for property and deferred costs. ( 4 Segment assets are located in the United States. |
Note 10 - Reserves
Note 10 - Reserves | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | 1 0 . RESERVES Allowance for doubtful accounts for 2018 2017 Description Balance at Beginning of Year Increase Decrease Balance at End of Year (in thousands) Allowance for Doubtful Accounts 2018 $ 40 $ - $ (6 ) $ 34 2017 $ 57 $ - $ (17 ) $ 40 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 1 . COMMITMENTS AND CONTINGENCIES The Company was named along with multiple parties in lawsuits filed by certain owners of units and fractional interests in the project formerly known as The Ritz-Carlton Club and Residences, Kapalua Bay. The lawsuits were filed in the Circuit Court of the Second Circuit, State of Hawaii on May 23, 2011, June 7, 2012, June 19, 2013. In September 2018, May 23, 2011 two ten June 7, 2012 October 2018 In November 2018, eight June 7, 2012 November 2018 December 2018, June 7, 2012 In February 2019, June 19, 2013 December 31, 2018 On December 31, 2018, 1960’s 200 two 1.5 The Order resulted from an inspection by DOH officials in June 2018. $230,000 September 2019. In the meantime, the Company intends to continue working with the DOH on a previously-approved corrective action plan to resolve and remediate the facility’s wastewater effluent issues. 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 In addition, from time to time, the Company is the subject of various other claims, complaints and other legal actions which arise in the normal course of the Company’s business activities. The Company believes the resolution of these other matters, in the aggregate, is not |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | 12. 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 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 December 31, 2018 2017 $ 1,235,000 2 6 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | CONSOLIDATION The financial statements include the accounts of Maui Land & Pineapple Company, Inc. and its principal subsidiary Kapalua Land Company, Ltd. and other subsidiaries (collectively, the “Company”). The Company’s principal operations include the development, sale and leasing of real estate, water and waste transmission services, and the management of a private club membership program at the Kapalua Resort. Significant intercompany balances and transactions have been eliminated. |
Comprehensive Income, Policy [Policy Text Block] | COMPREHENSIVE INCOME Comprehensive income includes all changes in stockholders’ equity, except those resulting from capital stock transactions. Comprehensive income includes adjustments to the Company’s defined benefit pension plan obligations. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | ALLOWANCE FOR DOUBTFUL ACCOUNTS Receivables are recorded net of an allowance for doubtful accounts. The Company estimates future write-offs based on delinquencies, credit ratings, aging trends, and historical experience. The Company believes the allowance for doubtful accounts is adequate to cover anticipated losses; however, significant deterioration in any of the aforementioned factors or in general economic conditions could change these expectations, and accordingly, the Company’s financial condition and/or its future operating results could be materially impacted. Credit is extended after evaluating creditworthiness and no |
Real Estate Held for Development and Sale, Policy [Policy Text Block] | ASSETS HELD FOR SALE Assets are classified as held for sale when management approves and commits to a plan to sell the property; the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; the sale of the property is probable and is expected to be completed within one |
Deferred Charges, Policy [Policy Text Block] | DEFERRED DEVELOPMENT COSTS Deferred development costs consist primarily of design, entitlement and permitting fees and real estate development costs related to various planned projects. Deferred development costs are written off if management decides that it is no no 2018 2017. |
Property, Plant and Equipment, Policy [Policy Text Block] | PROPERTY AND DEPRECIATION Property is stated at cost. Major replacements, renewals and betterments are capitalized while maintenance and repairs that do not three 40 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | LONG-LIVED ASSETS Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not may no 2018 2017. |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | ACCRUED RETIREMENT BENEFITS The Company’s policy is to fund retirement benefit costs at a level at least equal to the minimum amount required under federal law, but not The under-funded status of the Company’s defined benefit pension plan is recorded as a liability in its balance sheet and changes in the funded status of the plan is recorded in the year in which the changes occur, through comprehensive income. A pension asset or liability is recognized for the difference between the fair value of plan assets and the projected benefit obligation as of year-end. Deferred compensation plans for certain former management employees provide for specified payments after retirement. A liability has been recognized based on the present value of estimated payments to be made. |
Revenue Recognition, Policy [Policy Text Block] | REVENUE RECOGNITION Overview Real estate revenues are recognized in the period in which sufficient cash has been received, collection of the balance is reasonably assured, performance obligations have been performed and risks of ownership have passed to the buyer. Sales of real estate assets that are considered central to the Company’s ongoing major operations are classified as real estate sales revenue, along with any associated cost of sales, in the Company’s consolidated statements of income and comprehensive income. Sales of real estate assets that are considered peripheral or incidental transactions to the Company’s ongoing major or central operations are reflected as net gains or losses in the Company’s consolidated statements of income and comprehensive income. If the sale of a real estate asset represents a strategic shift that has, or will have, a major effect on the Company’s operations, such as the discontinuance of a business segment, then the operations of the property, including any interest expense directly attributable to it, are classified as discontinued operations, and amounts for all prior periods presented are reclassified from continuing operations to discontinued operations. The disposal of an individual property generally will not not Lease revenues are recognized on a straight-line basis over the terms of the leases. Also included in lease income are certain percentage rents determined in accordance with the terms of the leases. Lease income arising from tenant rents that are contingent upon the sales of the tenant exceeding a defined threshold are recognized only after the defined sales thresholds are achieved. Other revenues are recognized when delivery has occurred or services have been rendered, the sales price is fixed or determinable, and collectability is reasonably assured. Deferred revenues from annual dues received from the private club membership program at the Kapalua Resort are recognized on a straight-line basis over one Recent a ccounting p ronouncements – Lease Accounting 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 $6.2 December 31, 2018. Under current accounting standards, 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 current accounting standards, tenant recoveries related to payments of real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses are considered lease components. The Company recognizes these tenant recoveries as revenue when services are rendered in an amount equal to the related operating expenses incurred that are recoverable under the terms of the applicable lease. 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 December 31, 2018, not 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 year ended December 31, 2018, $62,000 December 31, 2018, $57,000. 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, December 31, 2018 no Recent a ccounting p ronouncements – Revenue Recognition In May 2014, The Company’s revenues for the year ended December 31, 2018 Real estate $ 446 Utilities 3,220 Resort amenities and other 1,148 Total $ 4,814 The core principle underlying the revenue recognition ASU is that an entity will recognize revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in such exchange. This requires entities to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenue streams are recognized at a point in time except for the utilities and resort amenities revenue. Utility services are recognized as provided over the monthly billing period, and the annual membership dues are recognized over a period of twelve A customer is distinguished from a noncustomer by the nature of the goods or services that are transferred. Customers are provided with goods or services that are generated by a company’s ordinary output activities, whereas noncustomers are provided with nonfinancial assets that are outside of a company’s ordinary output activities. This distinction may not The ASU requires the use of a new five five not five January 1, 2018 not An entity is also required to determine if it controls the goods or services prior to the transfer to the customer in order to determine if it should account for the arrangement as a principal or agent. Principal arrangements, where the entity controls the goods or services provided, will result in the recognition of the gross amount of consideration expected in the exchange. Agent arrangements, where the entity simply arranges but does not not No.2018 11 2019. may Upon adoption, entities can use either a full retrospective or modified retrospective method to adopt this ASU. Under the full retrospective method, all periods presented will be restated upon adoption to conform to the new standard and a cumulative adjustment for effects on periods prior to 2016 January 1, 2016. not 2018 January 1, 2018. 2018 may January 1, 2018, not January 1, 2018. January 1, 2018 not five no |
Operating Costs And Expenses [Policy Text Block] | OPERATING COSTS AND EXPENSES Real estate, leasing, utilities, resort amenities, and general and administrative costs and expenses are reflected exclusive of depreciation and pension and other post-retirement expenses. |
Income Tax, Policy [Policy Text Block] | INCOME TAXES The Company accounts for uncertain tax positions in accordance with the provisions of FASB Accounting Standards Codification (ASC) Topic 740. 8 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 valuation allowance is established for deferred income tax assets if management believes that it is more likely than not not The Company recognizes accrued interest related to unrecognized tax benefits as interest expense and penalties in general and administrative expenses in its consolidated statements of income and comprehensive income and such amounts are included in income taxes payable on the Company’s consolidated balance sheets. The Tax Cuts and Jobs Act of 2017 December 22, 2017. 35% 21%, 118 , Income Tax Accounting Implications of the Tax Cuts and Jobs Act 740, 118 2017 118 8. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | SHARE-BASED COMPENSATION PLANS The Company accounts for share-based compensation, including grants of shares of common stock, as compensation expense over the service period (generally the vesting period) in the financial statements based on their fair values. The impact of forfeitures that may |
Use of Estimates, Policy [Policy Text Block] | USE OF ESTIMATES AND RECLASSIFICATIONS The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Future actual amounts could differ from these estimates. Certain amounts in the December 31, 2017 December 31, 2018 no |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | CONCENTRATION OF CREDIT RISK Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. December 31, 2018 December 31, 2017, |
Risks And Uncertainties [Policy Text Block] | RISKS AND UNCERTAINTIES Factors that could adversely impact the Company’s future operations or financial results include, but are not second |
Legal Costs, Policy [Policy Text Block] | LEGAL CONTINGENCIES The Company are parties to claims and lawsuits as well as threatened or potential actions or claims concerning matters arising from the conduct of its business activities. The outcome of claims or litigation and the timing of ultimate resolution are inherently difficult to predict and significant judgment may 11 |
New Accounting Pronouncements, Policy [Policy Text Block] | NEW ACCOUNTING PRONOUNCEMENTS In March 2016, No. 2016 09, January 1, 2018 not In June 2016, No. 2016 13, December 15, 2019 No. 2016 13 In August 2016, No. 2016 15, December 15, 2017. not In October 2016, No. 2016 16, December 15, 2017. not In November 2016, No. 2016 18, December 15, 2017. not In December 2016, No. 2016 20, 606, December 15, 2017. not In March 2017, No. 2017 07, December 15, 2017. not In May 2017, No. 2017 09, 718 718. December 15, 2017, not On August 28, 2018, 2018 14 715 December 15, 2020, January 1, 2021. |
Earnings Per Share, Policy [Policy Text Block] | NET INCOME PER COMMON SHARE Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per common share is computed similar to basic net income 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 and non-vested restricted stock. The treasury stock method is applied to determine the number of potentially dilutive shares for non-vested restricted stock and stock options assuming that the shares of non-vested restricted stock are issued for an amount based on the grant date market price of the shares and that the outstanding stock options are exercised. Year Ended December 31, 2018 2017 Basic and diluted 19,091,679 18,995,274 Potentially dilutive 27,500 27,500 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Real estate $ 446 Utilities 3,220 Resort amenities and other 1,148 Total $ 4,814 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, 2018 2017 Basic and diluted 19,091,679 18,995,274 Potentially dilutive 27,500 27,500 |
Note 2 - Assets Held for Sale_2
Note 2 - Assets Held for Sale and Real Estate Sales (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | December 31 , 8 December 31, 7 (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 56 Assets held for sale $ 212 $ 212 |
Note 5 - Leasing Arrangements (
Note 5 - Leasing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule Of Operating Leases Income Statement Lease Revenue [Table Text Block] | 2018 2017 (in thousands) Minimum rentals $ 2,720 $ 2,495 Percentage rentals 1,544 1,255 Licensing fees 903 868 Other (primarily common area recoveries) 1,056 1,114 Total $ 6,223 $ 5,732 |
Schedule of Future Minimum Rental Income from Operating Leases [Table Text Block] | (in thousands) 2019 $ 2,992 2020 2,970 2021 2,499 2022 1,760 2023 756 Thereafter 1,722 |
Note 6 - Accrued Retirement B_2
Note 6 - Accrued Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | 2018 2017 (in thousands) Defined benefit pension plans $ 7,971 $ 5,812 Non-qualified retirement plans 2,065 2,219 Total 10,036 8,031 Less current portion (165 ) (164 ) Non-current portion of accrued retirement benefits $ 9,871 $ 7,867 |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | 2018 2017 (in thousands) Change in benefit obligations: Benefit obligations at beginning of year $ 56,453 $ 56,378 Interest cost 1,974 2,216 Actuarial loss (gain) (3,096 ) 2,074 Benefits paid (4,025 ) (4,216 ) Benefit obligations at end of year 51,306 56,452 Change in plan assets: Fair value of plan assets at beginning of year 48,442 47,176 Actual return on plan assets (3,114 ) 5,531 Employer reimbursement for retirement benefits (118 ) (230 ) Employer contributions 105 181 Benefits paid (4,025 ) (4,216 ) Fair value of plan assets at end of year 41,290 48,442 Funded status $ (10,016 ) $ (8,010 ) Accumulated benefit obligations $ 51,306 $ 56,452 Weighted average assumptions used to determine benefit obligations at December 31: Discount rate 4.28% 3.59% - 3.64% Expected long-term return on plan assets 5.00% 5.00% Rate of compensation increase n/a n/a |
Schedule of Net Benefit Costs [Table Text Block] | 2018 2017 (in thousands) Pension and other benefits: Interest cost $ 1,974 $ 2,216 Expected return on plan assets (2,319 ) (2,255 ) Recognized net actuarial loss 764 840 Settlement/Curtailment Expense - - Pension expense $ 419 $ 801 Other changes in plan assets and benefit obligations recognized in comprehensive income: Net gain $ 2,314 $ (1,201 ) Recognized gain (764 ) (840 ) Total recognized gain in comprehensive income $ 1,550 $ (2,041 ) |
Schedule of Assumptions Used [Table Text Block] | Weighted average assumptions used to determine net periodic benefit cost: 2018 2017 Pension benefits: Discount rate 3.59% - 3.64 % 4.07% - 4.14 % Expected long-term return on plan assets 5.00 % 5.00 % Rate of compensation increase n/a n/a |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | 2018 Fair Value Measurements (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total AHGT pooled equity funds $ - $ 10,665 $ 10,665 AHGT pooled fixed income funds - 29,635 29,635 Cash management funds - 990 990 $ - $ 41,290 $ 41,290 2017 Fair Value Measurements (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total AHGT pooled equity funds $ - $ 14,772 $ 14,772 AHGT pooled fixed income funds - 32,581 32,581 Cash management funds - 1,089 1,089 $ - $ 48,442 $ 48,442 |
Schedule of Expected Benefit Payments [Table Text Block] | 2019 $ 4,208 2020 4,123 2021 4,025 2022 3,906 2023 3,790 2024 - 2028 17,265 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2018 2017 (in thousands) Federal income tax expense (credit) at statutory rate $ (945 ) $ 3,815 Adjusted for: AMT refundable credits (4,999 ) Valuation allowance 986 (3,814 ) Permanent differences and other (41 ) (1 ) Income tax benefit $ (4,999 ) $ - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2018 2017 (in thousands) Net operating loss and tax credit carryforwards $ 24,239 $ 25,745 Joint venture and other investments (27 ) (22 ) Accrued retirement benefits 3,055 2,483 Property net book value 2,266 1,716 Deferred revenue 666 546 Stock compensation 16 13 Reserves and other 189 (115 ) Total deferred tax assets 30,404 30,366 Valuation allowance (30,404 ) (30,366 ) Net deferred tax assets $ - $ - |
Note 9 - Segment Information (T
Note 9 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Real Resort Estate Leasing Utilities Amenities Other (2) Consolidated 2018 Operating revenues (1) $ 446 $ 6,223 $ 3,220 $ 1,148 $ - $ 11,037 Operating costs and expenses (2,770 ) (2,570 ) (2,213 ) (1,109 ) - (8,662 ) Depreciation expense - (1,179 ) (525 ) (57 ) (9 ) (1,770 ) General and administrative and other expenses (1,145 ) (865 ) (357 ) (531 ) (1,538 ) (4,436 ) Operating income (loss) (3,469 ) 1,609 125 (549 ) (1,547 ) (3,831 ) Pension and other post-retirement expenses (514 ) Interest expense (156 ) Income tax benefit 4,999 Income from continuing operations $ 498 Capital expenditures (3) $ 273 $ - $ 148 $ - $ - $ 421 Assets (4) $ 13,634 $ 17,084 $ 9,388 $ 1,099 $ 6,895 $ 48,100 Real Resort Estate Leasing Utilities Amenities Other (2) Consolidated 2017 Operating revenues (1) $ 14,575 $ 5,732 $ 3,153 $ 1,121 $ 1 $ 24,582 Operating costs and expenses (1,457 ) (2,476 ) (2,065 ) (978 ) (55 ) (7,031 ) Depreciation expense - (1,207 ) (477 ) (52 ) (20 ) (1,756 ) General and administrative and other expenses (982 ) (742 ) (306 ) (531 ) (1,273 ) (3,834 ) Operating income (loss) 12,136 1,307 305 (440 ) (1,347 ) 11,961 Pension and other post-retirement expenses (871 ) Interest expense (190 ) Income from continuing operations $ 10,900 Capital expenditures (3) $ 1,457 $ - $ - $ - $ - $ 1,457 Assets (4) $ 13,261 $ 18,100 $ 9,613 $ 1,216 $ 2,611 $ 44,801 |
Note 10 - Reserves (Tables)
Note 10 - Reserves (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Description Balance at Beginning of Year Increase Decrease Balance at End of Year (in thousands) Allowance for Doubtful Accounts 2018 $ 40 $ - $ (6 ) $ 34 2017 $ 57 $ - $ (17 ) $ 40 |
Supplemental Non-cash Investi_2
Supplemental Non-cash Investing and Financing Activities (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Issued | $ 845,000 | $ 767,000 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Impairment of Deferred Development Costs | $ 0 | $ 0 |
Asset Impairment Charges, Total | 0 | 0 |
Operating Leases, Income Statement, Lease Revenue, Total | 6,223,000 | $ 5,732,000 |
Operating Leases, Rent Expense, Net, Total | 62,000 | |
Operating Leases, Future Minimum Payments Due, Total | $ 57,000 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% |
Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 40 years |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating revenues | $ 4,814 | |
Real Estate [Member] | ||
Operating revenues | 446 | |
Public Utilities [Member] | ||
Operating revenues | 3,220 | $ 3,153 |
Resort Amenities and Other [Member] | ||
Operating revenues | $ 1,148 | $ 1,122 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Antidilutive Securities (Details) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Basic and diluted (in shares) | 19,091,679 | 18,995,274 |
Potentially dilutive (in shares) | 27,500 | 27,500 |
Note 2 - Assets Held for Sale_3
Note 2 - Assets Held for Sale and Real Estate Sales (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2017USD ($)a | Feb. 28, 2017USD ($)a | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Proceeds from Sale of Real Estate, Total | $ 6,990 | |||
Repayments of Lines of Credit | $ 5,600 | |||
Kapalua Mauka [Member] | ||||
Real Estate, Developer Contributions | $ 6,700 | |||
Area of Real Estate Property | a | 125 | |||
Kapalua Golf Academy [Member] | ||||
Area of Real Estate Property | a | 15 | |||
Proceeds from Sale of Real Estate, Total | $ 7,000 | |||
Gain (Loss) on Sale of Properties | $ 6,400 |
Note 2 - Assets Held for Sale_4
Note 2 - Assets Held for Sale and Real Estate Sales - Assets Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets held for sale | $ 212 | $ 212 |
630-Acre Parcel Of Agricultural Land [Member] | Upcountry Maui [Member] | ||
Assets held for sale | 156 | 156 |
Agricultural Land and Wastewater Treatment Facility [Member] | Upcountry Maui [Member] | ||
Assets held for sale | $ 56 | $ 56 |
Note 2 - Assets Held for Sale_5
Note 2 - Assets Held for Sale and Real Estate Sales - Assets Held for Sale (Details) (Parentheticals) - a | Dec. 31, 2018 | Dec. 31, 2017 |
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 3 - Property (Details Text
Note 3 - Property (Details Textual) - Land [Member] | 12 Months Ended |
Dec. 31, 2018ft²a | |
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 - Long-term Debt (Detail
Note 4 - Long-term Debt (Details Textual) - First Hawaiian Bank Revolving Line of Credit [Member] - Revolving Credit Facility [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)ft²a | Dec. 31, 2017 | |
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 | 5.84% | 4.86% |
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 5 - Leasing Arrangements_2
Note 5 - Leasing Arrangements (Details Textual) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Property Subject to or Available for Operating Lease, Gross | $ 29.4 | $ 29.4 |
Property Subject to or Available for Operating Lease, Accumulated Depreciation | $ 17.2 | $ 16.3 |
Note 5 - Leasing Arrangements -
Note 5 - Leasing Arrangements - Rental Income under Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Minimum rentals | $ 2,720 | $ 2,495 |
Percentage rentals | 1,544 | 1,255 |
Licensing fees | 903 | 868 |
Other (primarily common area recoveries) | 1,056 | 1,114 |
Total | $ 6,223 | $ 5,732 |
Note 5 - Leasing Arrangements_3
Note 5 - Leasing Arrangements - Future Minimum Rental Income Receivable (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2,019 | $ 2,992 |
2,020 | 2,970 |
2,021 | 2,499 |
2,022 | 1,760 |
2,023 | 756 |
Thereafter | $ 1,722 |
Note 6 - Accrued Retirement B_3
Note 6 - Accrued Retirement Benefits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax | $ 21,800 | $ 20,200 |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | 900 | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 0 | |
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | $ 0 | $ 0 |
Note 6 - Accrued Retirement B_4
Note 6 - Accrued Retirement Benefits - Accrued Retirement Benefits (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued retirement benefits | $ 10,036 | $ 8,031 |
Less current portion | (165) | (164) |
Non-current portion of accrued retirement benefits | 9,871 | 7,867 |
Pension Plan [Member] | Qualified Plan [Member] | ||
Accrued retirement benefits | 7,971 | 5,812 |
Supplemental Employee Retirement Plan [Member] | Nonqualified Plan [Member] | ||
Accrued retirement benefits | $ 2,065 | $ 2,219 |
Note 6 - Accrued Retirement B_5
Note 6 - Accrued Retirement Benefits - Changes in Benefit Obligations and Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Change in benefit obligations: | ||
Benefit obligations | $ 56,453 | $ 56,378 |
Interest cost | 1,974 | 2,216 |
Actuarial loss (gain) | (3,096) | 2,074 |
Benefits paid | (4,025) | (4,216) |
Benefit obligations | 51,306 | 56,453 |
Change in plan assets: | ||
Fair value of plan assets | 48,442 | 47,176 |
Actual return on plan assets | (3,114) | 5,531 |
Employer reimbursement for retirement benefits | (118) | (230) |
Employer contributions | 105 | 181 |
Benefits paid | (4,025) | (4,216) |
Fair value | 41,290 | 48,442 |
Funded status | (10,016) | (8,010) |
Accumulated benefit obligations | $ 51,306 | $ 56,452 |
Discount rate | 4.28% | |
Expected long-term return on plan assets | 5.00% | 5.00% |
Rate of compensation increase | ||
Minimum [Member] | ||
Change in plan assets: | ||
Discount rate | 3.59% | |
Maximum [Member] | ||
Change in plan assets: | ||
Discount rate | 3.64% |
Note 6 - Accrued Retirement B_6
Note 6 - Accrued Retirement Benefits - Net Periodic Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Pension and other benefits: | ||
Interest cost | $ 1,974 | $ 2,216 |
Expected return on plan assets | (2,319) | (2,255) |
Recognized net actuarial loss | 764 | 840 |
Settlement/Curtailment Expense | ||
Pension expense | 419 | 801 |
Other changes in plan assets and benefit obligations recognized in comprehensive income: | ||
Net gain | 2,314 | (1,201) |
Recognized gain | (764) | (840) |
Total recognized gain in comprehensive income | $ 1,550 | $ (2,041) |
Note 6 - Accrued Retirement B_7
Note 6 - Accrued Retirement Benefits - Summary of Assumptions Used (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Expected long-term return on plan assets | 5.00% | 5.00% |
Rate of compensation increase | ||
Minimum [Member] | ||
Discount rate | 3.59% | 4.07% |
Expected long-term return on plan assets | 5.00% | 5.00% |
Maximum [Member] | ||
Discount rate | 3.64% | 4.14% |
Expected long-term return on plan assets | 5.00% | 5.00% |
Note 6 - Accrued Retirement B_8
Note 6 - Accrued Retirement Benefits - Fair Values of Pension Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair value of pension plan assets | $ 41,290 | $ 48,442 | $ 47,176 |
Fair Value, Inputs, Level 1 [Member] | |||
Fair value of pension plan assets | |||
Fair Value, Inputs, Level 2 [Member] | |||
Fair value of pension plan assets | 41,290 | 48,442 | |
Equity Funds [Member] | |||
Fair value of pension plan assets | 10,665 | 14,772 | |
Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of pension plan assets | |||
Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of pension plan assets | 10,665 | 14,772 | |
Fixed Income Funds [Member] | |||
Fair value of pension plan assets | 29,635 | 32,581 | |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of pension plan assets | |||
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of pension plan assets | 29,635 | 32,581 | |
Money Market Funds [Member] | |||
Fair value of pension plan assets | 990 | 1,089 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of pension plan assets | |||
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of pension plan assets | $ 990 | $ 1,089 |
Note 6 - Accrued Retirement B_9
Note 6 - Accrued Retirement Benefits - Summary of Contribution to Defined Benefit Plans (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2,018 | $ 4,208 |
2,019 | 4,123 |
2,020 | 4,025 |
2,021 | 3,906 |
2,022 | 3,790 |
2024-2028 | $ 17,265 |
Note 7 - Share-based Compensa_2
Note 7 - Share-based Compensation (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Allocated Share-based Compensation Expense, Total | $ 1,540,000 | $ 1,319,000 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Allocated Share-based Compensation Expense, Total | $ 563,000 | $ 448,000 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% |
Operating Loss Carryforwards that Do Not Expire | $ 2,600 | |
Elimination of AMT Operating Loss Carryforwards | 91,300 | |
Income Tax Expense (Benefit), Total | $ (4,999) | |
Percentage of AMT Credit Carryforward to Be Received | 50.00% | |
Amount of AMT Credit Carryforwards Expected to Be Received | $ 2,500 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 12,100 | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards, Total | 71,700 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Total | $ 85,700 |
Note 8 - Income Taxes - Effecti
Note 8 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Federal income tax expense (credit) at statutory rate | $ (945) | $ 3,815 |
Adjusted for: | ||
AMT refundable credits | (4,999) | |
Valuation allowance | 986 | (3,814) |
Permanent differences and other | (41) | (1) |
Income tax benefit | $ (4,999) |
Note 8 - Income Taxes - Summary
Note 8 - Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Net operating loss and tax credit carryforwards | $ 24,239 | $ 25,745 |
Joint venture and other investments | (27) | (22) |
Accrued retirement benefits | 3,055 | 2,483 |
Property net book value | 2,266 | 1,716 |
Deferred revenue | 666 | 546 |
Stock compensation | 16 | 13 |
Reserves and other | 189 | (115) |
Total deferred tax assets | 30,404 | 30,366 |
Valuation allowance | (30,404) | (30,366) |
Net deferred tax assets |
Note 9 - Segment Information -
Note 9 - Segment Information - Reportable Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | ||||
Operating revenues | $ 11,037 | $ 24,582 | |||
Operating costs and expenses | (14,868) | (12,621) | |||
Depreciation expense | (1,770) | (1,756) | |||
General and administrative and other expenses | (2,896) | (2,515) | |||
Operating income (loss) | (3,831) | 11,961 | |||
Pension and other post-retirement expenses | (514) | (871) | |||
Income tax benefit | 4,999 | ||||
Assets | 48,100 | 44,801 | |||
Operating Segments [Member] | |||||
Operating revenues | [1] | 11,037 | 24,582 | [2] | |
Operating costs and expenses | (8,662) | (7,031) | [2] | ||
Depreciation expense | (1,770) | (1,756) | [2] | ||
General and administrative and other expenses | (4,436) | (3,834) | [2] | ||
Operating income (loss) | (3,831) | 11,961 | [2] | ||
Pension and other post-retirement expenses | (514) | (871) | [2] | ||
Interest expense | (156) | (190) | [2] | ||
Income tax benefit | 4,999 | ||||
Income from continuing operations | 498 | 10,900 | [2] | ||
Capital expenditures | [3] | 421 | 1,457 | [2] | |
Assets | [4] | 48,100 | 44,801 | [2] | |
Operating Segments [Member] | Real Estate Segment [Member] | |||||
Operating revenues | [1] | 446 | 14,575 | ||
Operating costs and expenses | (2,770) | (1,457) | |||
Depreciation expense | |||||
General and administrative and other expenses | (1,145) | (982) | |||
Operating income (loss) | (3,469) | 12,136 | |||
Capital expenditures | [3] | 273 | 1,457 | ||
Assets | [4] | 13,634 | 13,261 | ||
Operating Segments [Member] | Leasing Segment [Member] | |||||
Operating revenues | [1] | 6,223 | 5,732 | ||
Operating costs and expenses | (2,570) | (2,476) | |||
Depreciation expense | (1,179) | (1,207) | |||
General and administrative and other expenses | (865) | (742) | |||
Operating income (loss) | 1,609 | 1,307 | |||
Capital expenditures | [3] | ||||
Assets | [4] | 17,084 | 18,100 | ||
Operating Segments [Member] | Utilities Segment [Member] | |||||
Operating revenues | [1] | 3,220 | 3,153 | ||
Operating costs and expenses | (2,213) | (2,065) | |||
Depreciation expense | (525) | (477) | |||
General and administrative and other expenses | (357) | (306) | |||
Operating income (loss) | 125 | 305 | |||
Capital expenditures | [3] | 148 | |||
Assets | [4] | 9,388 | 9,613 | ||
Operating Segments [Member] | Resort Amenities Segment [Member] | |||||
Operating revenues | [1] | 1,148 | 1,121 | ||
Operating costs and expenses | (1,109) | (978) | |||
Depreciation expense | (57) | (52) | |||
General and administrative and other expenses | (531) | (531) | |||
Operating income (loss) | (549) | (440) | |||
Capital expenditures | [3] | ||||
Assets | [4] | 1,099 | 1,216 | ||
Operating Segments [Member] | Corporate and Other [Member] | |||||
Operating revenues | [1],[2] | 1 | |||
Operating costs and expenses | [2] | (55) | |||
Depreciation expense | [2] | (9) | (20) | ||
General and administrative and other expenses | [2] | (1,538) | (1,273) | ||
Operating income (loss) | [2] | (1,547) | (1,347) | ||
Pension and other post-retirement expenses | [2] | ||||
Capital expenditures | [3] | [2] | |||
Assets | [2],[4] | $ 6,895 | $ 2,611 | ||
[1] | Amounts are principally revenues from external customers and exclude equity in earnings of affiliates. Intersegment revenues were insignificant. | ||||
[2] | Consists primarily of miscellaneous transactions and unallocated general and administrative, and pension and other post-retirement expenses. | ||||
[3] | Primarily includes expenditures for property and deferred costs. | ||||
[4] | Segment assets are located in the United States. |
Note 10 - Reserves - Allowance
Note 10 - Reserves - Allowance for Doubtful Accounts and Reserves for Environmental Liabilities (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Balance at beginning of year | $ 40 | $ 57 |
Increase | ||
Decrease | (6) | (17) |
Balance at end of year | $ 34 | $ 40 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) - Notice and Finding of Violation and Order [Member] - USD ($) | 1 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2018 | |
Loss Contingency, Damages Sought, Value | $ 230,000 | |
Loss Contingency Accrual, Ending Balance | $ 0 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Details Textual) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Inputs, Level 2 [Member] | ||
Long-term Debt, Total | $ 1,235,000 | $ 1,235,000 |