Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 27, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Registrant Name | MAUI LAND & PINEAPPLE CO INC | ||
Entity Central Index Key | 0000063330 | ||
Trading Symbol | mlp | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 19,360,082 | ||
Entity Public Float | $ 75,978,024 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, without Par Value |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
CURRENT ASSETS | |||
Cash | $ 869 | $ 683 | |
Accounts receivable, net | 1,362 | 1,173 | |
Prepaid expenses and other assets | 80 | 101 | |
Assets held for sale | 7,440 | 7,597 | |
Total Current Assets | 9,751 | 9,554 | |
PROPERTY & EQUIPMENT | |||
Land | 5,072 | 5,073 | |
Land improvements | 12,943 | 13,153 | |
Buildings | 23,465 | 23,439 | |
Machinery and equipment | 10,476 | 10,495 | |
Construction in progress | 4 | ||
Total Property & Equipment | 51,956 | 52,164 | |
Less accumulated depreciation | 33,445 | 32,445 | |
Property, net | 18,511 | 19,719 | |
OTHER ASSETS | |||
Deferred development costs | 8,901 | 8,504 | |
Other noncurrent assets | 1,307 | 1,342 | |
Total Other Assets | 10,208 | 9,846 | |
TOTAL ASSETS | [1],[2] | 38,470 | 39,119 |
CURRENT LIABILITIES | |||
Accounts payable | 899 | 1,356 | |
Payroll and employee benefits | 970 | 928 | |
Long-term debt, current portion | 200 | ||
Accrued retirement benefits, current portion | 165 | 165 | |
Deferred revenue, current portion | 260 | ||
Other current liabilities | 453 | 503 | |
Total Current Liabilities | 2,947 | 2,952 | |
LONG-TERM LIABILITIES | |||
Long-term debt | 1,035 | ||
Accrued retirement benefits | 10,926 | 9,702 | |
Other noncurrent liabilities | 83 | 64 | |
Total Long-Term Liabilities | 15,456 | 13,475 | |
COMMITMENTS & CONTINGENCIES (Note 12) | |||
STOCKHOLDERS' EQUITY | |||
Common stock--no par value, 43,000,000 shares authorized; 19,311,528 and 19,238,081 shares issued and outstanding | 81,485 | 80,606 | |
Additional paid in capital | 9,184 | 9,184 | |
Accumulated deficit | (48,904) | (46,300) | |
Accumulated other comprehensive loss | (21,698) | (20,798) | |
Total Stockholders' Equity | 20,067 | 22,692 | |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 38,470 | 39,119 | |
License [Member] | |||
LONG-TERM LIABILITIES | |||
Deferred revenue | 1,767 | ||
Member Deposits [Member] | |||
LONG-TERM LIABILITIES | |||
Deferred revenue | $ 2,680 | $ 2,674 | |
[1] | Includes assets related to discontinued operations of $4.7 million and $5.2 million at December 31, 2020 and 2019, respectively. | ||
[2] | Segment assets are located in the United States. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
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) | 19,311,528 | 19,238,081 |
Common stock, shares outstanding (in shares) | 19,311,528 | 19,238,081 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | ||||
OPERATING REVENUES | |||||
Leasing | $ 5,948 | $ 8,148 | |||
Total Operating Revenues | [1] | 7,540 | 10,045 | [2] | |
OPERATING COSTS AND EXPENSES | |||||
Leasing | 2,933 | 3,228 | |||
General and administrative | 2,445 | 2,254 | |||
Share-based compensation | 1,632 | 1,732 | |||
Depreciation | [2] | 1,289 | 1,412 | ||
Total Operating Costs and Expenses | 10,092 | 10,841 | |||
OPERATING LOSS | [2] | (2,552) | (796) | ||
Other Income | 894 | ||||
Pension and other post-retirement expenses | (475) | [2] | (1,016) | ||
Interest expense | (134) | (198) | |||
Income tax expense | (4,999) | ||||
LOSS FROM CONTINUING OPERATIONS | (2,267) | (7,009) | |||
Loss from discontinued operations, net of income taxes of $0 | (337) | (3,357) | |||
NET LOSS | (2,604) | (10,366) | |||
Pension, net of income taxes of $0 | (900) | 1,006 | |||
TOTAL COMPREHENSIVE LOSS | $ (3,504) | $ (9,360) | |||
LOSS PER COMMON SHARE--BASIC AND DILUTED | |||||
Continuing Operations (in dollars per share) | $ (0.12) | $ (0.37) | |||
Discontinued Operations (in dollars per share) | (0.02) | (0.17) | |||
Net Loss (in dollars per share) | $ (0.14) | $ (0.54) | |||
Real Estate [Member] | |||||
OPERATING REVENUES | |||||
Operating revenues | $ 772 | $ 915 | |||
OPERATING COSTS AND EXPENSES | |||||
Operating Costs and Expenses | 600 | 1,185 | |||
Resort Amenities and Other [Member] | |||||
OPERATING REVENUES | |||||
Operating revenues | 820 | 982 | |||
OPERATING COSTS AND EXPENSES | |||||
Operating Costs and Expenses | $ 1,193 | $ 1,030 | |||
[1] | Amounts are principally revenues from external customers and exclude equity in earnings of affiliates. | ||||
[2] | Includes assets related to discontinued operations of $4.7 million and $5.2 million at December 31, 2020 and 2019, respectively. |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income (Loss) from discontinued operations, taxes | $ 0 | $ 0 |
Pension, taxes | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in 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, 2018 | 19,125 | ||||
Balance at Dec. 31, 2018 | $ 79,411 | $ 9,246 | $ (35,934) | $ (21,804) | $ 30,919 |
Share-based compensation expense | 705 | 705 | |||
Issuance of shares for incentive plan (in shares) | 77 | ||||
Issuance of shares for incentive plan | $ 951 | 951 | |||
Vested restricted stock issued (in shares) | 66 | ||||
Vested restricted stock issued | $ 705 | (705) | |||
Shares canceled to pay tax liability (in shares) | (55) | ||||
Shares canceled to pay tax liability | $ (653) | (653) | |||
Stock options exercised (in shares) | 25 | ||||
Stock options exercised | $ 192 | (62) | 130 | ||
Other comprehensive income-pension | 1,006 | 1,006 | |||
Net loss | (10,366) | (10,366) | |||
Pension, net of income taxes of $0 | 1,006 | 1,006 | |||
Balance (in shares) at Dec. 31, 2019 | 19,238 | ||||
Balance at Dec. 31, 2019 | $ 80,606 | 9,184 | (46,300) | (20,798) | 22,692 |
Share-based compensation expense | 676 | 676 | |||
Issuance of shares for incentive plan (in shares) | 68 | ||||
Issuance of shares for incentive plan | $ 865 | 865 | |||
Vested restricted stock issued (in shares) | 60 | ||||
Vested restricted stock issued | $ 676 | (676) | |||
Shares canceled to pay tax liability (in shares) | (54) | ||||
Shares canceled to pay tax liability | $ (662) | (662) | |||
Other comprehensive income-pension | (900) | (900) | |||
Net loss | (2,604) | (2,604) | |||
Pension, net of income taxes of $0 | (900) | (900) | |||
Balance (in shares) at Dec. 31, 2020 | 19,312 | ||||
Balance at Dec. 31, 2020 | $ 81,485 | $ 9,184 | $ (48,904) | $ (21,698) | $ 20,067 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Cash receipts from customers and other receipts | $ 12,684 | $ 16,834 |
Cash paid to vendors | (8,773) | (13,523) |
Cash paid for payroll and taxes | (1,690) | (1,433) |
Cash paid for interest | (21) | (106) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 2,200 | 1,772 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property | (81) | (712) |
Payments for other assets | (436) | (278) |
NET CASH USED IN INVESTING ACTIVITIES | (517) | (990) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from long-term debt | 1,397 | 1,500 |
Payments of long-term debt | (2,232) | (1,700) |
Debt and common stock issuance costs and other | (662) | (653) |
Stock options exercised | 130 | |
NET CASH USED IN FINANCING ACTIVITIES | (1,497) | (723) |
NET INCREASE IN CASH | 186 | 59 |
CASH AT BEGINNING OF YEAR | 683 | 624 |
CASH AT END OF YEAR | 869 | 683 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Net loss | (2,604) | (10,366) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 1,402 | 1,496 |
Bad debt provision | 199 | 13 |
Share-based compensation | 676 | 705 |
Impairment charges | 196 | 3,643 |
Disposal of property | 55 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (388) | (197) |
Retirement liabilities | 324 | 837 |
Accounts payable | (457) | (668) |
Income taxes receivable | 2,499 | |
Other operating assets and liabilities | 2,852 | 3,755 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 2,200 | $ 1,772 |
Supplemental Schedule of Non-ca
Supplemental Schedule of Non-cash Investing and financing Activities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: • Common stock issued to certain members of the Company's management totaled $865,000 $951,000 2020 2019, |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES DESCRIPTION OF BUSINESS Maui Land & Pineapple Company, Inc. is a Hawaii corporation consisting of a landholding and operating parent company, its principal subsidiary, Kapalua Land Company, Ltd. and certain other subsidiaries. The Company owns approximately 23,000 • Real Estate operations consist of land planning and entitlement, development and sales activities. This segment also includes the operations of Kapalua Realty Company, Ltd., a general brokerage real estate company located in the Kapalua Resort. • Leasing operations include commercial, agricultural, and industrial land and property leases, licensing of our registered trademarks and trade names, and management of potable and non-potable water delivery systems in West and Upcountry Maui, including stewardship and conservation efforts. • Resort Amenities include the management of operations of the Kapalua Club, a private, non-equity club membership program providing special programs, access and other privileges at certain amenities at the Kapalua Resort. BASIS OF ACCOUNTING AND CONSOLIDATION The accompanying consolidated financial statements of the Company are presented in conformity with generally accepted accounting principles in the United States (“GAAP”) as codified by the Financial Accounting Standards Board (“FASB”). The consolidated financial statements include the accounts of Maui Land & Pineapple Company, Inc. and its subsidiaries (collectively, the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation. COMPREHENSIVE LOSS Comprehensive loss includes all changes in stockholders' equity, except those resulting from capital stock transactions. Comprehensive losses include adjustments to the Company's defined benefit pension plan obligations. ACCOUNTS RECEIVABLE AND 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 consolidated 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 $0.2 $3.6 2020 2019, 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 2020 2019. PROPERTY & EQUIPMENT 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 ACCRUED RETIREMENT BENEFITS The Company's policy is to fund retirement benefit costs at a level at least equal to the minimum funding requirements under federal law, but not The under-funded status of the Company's defined benefit pension plan is recorded as a liability in the consolidated 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 The Company recognizes revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This requires the Company 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. Operating results pertaining to the Company's business segments are summarized in Note 10 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 Company uses the five five not For each contract that involves variable consideration, the transaction price of the contract is considered the most likely outcome in estimating possible consideration amounts. The information used to determine the transaction price is similar to the information used in establishing prices of goods or services. The Company 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 Company 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 Company simply arranges but does not Revenues from the Company's real estate segment consist of sales of real estate and commission income from providing brokerage services. Revenues from sales of real estate 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. Commission income is recognized upon settlement of a real estate transaction. 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 operations and comprehensive loss. 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 operations and comprehensive loss. Leasing revenues are recognized on a straight-line basis over the terms of the leases. Lease income may Revenue from resort amenities consist of annual dues received from the Kapalua Club membership program. Member services include access, special programs, and other privileges at certain of the amenities at the Kapalua Resort. Annual membership dues are recognized on a straight-line basis over one Other revenues included in discontinued operations are recognized when delivery has occurred or services have been rendered, the sales price is fixed or determinable, and collectability is reasonably assured. As discussed in Note 9 The Company estimates credit losses on accounts receivable from customers by considering relevant information (past, current, and future) in assessing the collectability of cash flows. The expected credit losses of the Company's accounts receivable are summarized in Note 11 Economic factors affecting the nature, amount, timing, and uncertainty of the Company's revenue and cash flows are identified as Risks and Uncertainties in this Note 1. OPERATING COSTS AND EXPENSES Real estate, leasing, 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 using 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 (Note 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 operations and comprehensive loss and such amounts are included in income taxes payable on the Company's consolidated balance sheets. 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 consolidated financial statements based on their fair values. The impact of forfeitures that may USE OF ESTIMATES AND RECLASSIFICATIONS The preparation of consolidated financial statements in conformity with 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 consolidated 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, 2019 December 31, 2020 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, 2020 December 31, 2019, No 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 is party 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 12 NEW ACCOUNTING STANDARDS ADOPTED In August 2018, 2018 13 1 2 3 3 3 3 2020 not In August 2018, 2018 14 715 December 15, 2020, 6 In August 2018, 2018 15 first 2020 not ACCOUNTING STANDARDS NOT In June 2016, 2016 13 2019 10 first 2023. In December 2019, 2019 12 740, Income Taxes 740. first 2021. In March 2020, 2020 04 848 December 31, 2022. LOSS PER COMMON SHARE Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding. Diluted net loss per common share is computed similar to basic net loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares from share-based compensation arrangements had been issued. Potentially dilutive shares arise from non-qualified stock options to purchase common stock 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, 2020 2019 Basic and diluted 19,282,157 19,201,663 Potentially dilutive - 7,678 On March 6, 2019, 25,000 $5.20 March 9, 2009 20% March 9, 2010 March 9, 2014. March 9, 2019. |
Note 2 - Assets Held for Sale
Note 2 - Assets Held for Sale | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Assets Held-for-Sale and Real Estate Sales Disclosure [Text Block] | 2. ASSETS HELD FOR SALE At December 31, 2020 2019 2020 2019 (in thousands) Kapalua Resort, 46- acre Kapalua Central Resort project $ 2,978 $ 2,938 Kapalua Resort, Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. assets 4,306 4,503 Upcountry Maui, 630-acre parcel of agricultural land 156 156 $ 7,440 $ 7,597 None In February 2020, $43.9 19 July 15, 2021. 30 In December 2019, $4.3 |
Note 3 - Property & Equipment
Note 3 - Property & Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 3. PROPERTY & EQUIPMENT 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, 2020 | |
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, 2021. 3.50%, 3.65% 5.19% December 31, 2020 December 31, 2019, 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, 2020. In March 2020, $349 2 1.0%. may $0.2 April 2020, |
Note 5 - Leasing Arrangements
Note 5 - Leasing Arrangements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessor, Operating Leases [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. may no 19 $0.4 2020. December 31, 2020 2019 2020 2019 (in thousands) Minimum rentals $ 2,719 $ 2,863 Percentage rentals 427 1,779 Licensing fees 456 912 Other (primarily common area recoveries) 1,236 1,353 Water system sales 1,110 1,241 $ 5,948 $ 8,148 Leased property, net of accumulated depreciation, was $12.7 $14.1 December 31, 2020 2019, Future minimum rental income during the next five (in thousands) 2021 $ 2,849 2022 $ 2,215 2023 $ 1,334 2024 $ 788 2025 $ 769 Thereafter $ 8,847 |
Note 6 - Accrued Retirement Ben
Note 6 - Accrued Retirement Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 6. ACCRUED RETIREMENT BENEFITS Accrued Retirement Benefits at December 31, 2020 2019 2020 2019 (in thousands) Defined benefit pension plans $ 8,790 $ 7,658 Non-qualified retirement plans 2,301 2,209 Total 11,091 9,867 Less current portion (165 ) (165 ) Non-current portion of accrued retirement benefits $ 10,926 $ 9,702 The Company had two 2011, two 2018. nine 2009 The measurement date for the Company's benefit plan disclosures is December 31st 2020 2019, December 31, 2020 2019 2020 2019 (in thousands) Change in benefit obligations: Benefit obligations at beginning of year $ 54,128 $ 51,306 Interest cost 1,633 2,096 Actuarial loss 3,588 4,706 Benefits paid (4,694 ) (3,980 ) Benefit obligations at end of year 54,655 54,128 Change in plan assets: Fair value of plan assets at beginning of year 44,284 41,290 Actual return on plan assets 3,869 6,814 Employer contributions 128 160 Benefits paid (4,694 ) (3,980 ) Fair value of plan assets at end of year 43,587 44,284 Funded status $ (11,068 ) $ (9,844 ) Accumulated benefit obligations $ 54,655 $ 54,128 Weighted average assumptions to determine benefit obligations: Discount rate 2.28 - 2.35% 3.10 - 3.14% Expected long-term return on plan assets 4.50% 4.75% Rate of compensation increase n/a n/a Accumulated other comprehensive loss of $21.7 $20.8 December 31, 2020 2019, not 2021, $0.9 Components of net periodic benefit cost and other amounts recognized in comprehensive income were as follows: 2020 2019 (in thousands) Pension and other benefits: Interest cost $ 1,633 $ 2,096 Expected return on plan assets (2,020 ) (1,965 ) Recognized net actuarial loss 839 865 Pension expense $ 452 $ 996 Other changes in plan assets and benefit obligations recognized in comprehensive income: Net loss (gain) $ 1,739 $ (141 ) Amortization of recognized gain (839 ) (865 ) Total recognized loss (gain) in comprehensive loss $ 900 $ (1,006 ) Weighted average assumptions used to determine net periodic benefit cost: 2020 2019 Discount rate 3.10 - 3.14% 4.28% Expected long-term return on plan assets 4.75% 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. At December 31, 2020, 2020 Fair Value Measurements (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Measured at NAV as a practical expedient Total ACIT equity funds $ - $ 9,406 1,152 $ 10,558 ACIT fixed income funds - 29,958 2,108 32,066 Cash management funds - 963 - 963 $ - $ 40,327 3,260 $ 43,587 At December 31, 2019, 2019 Fair Value Measurements(in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total AHGT equity funds $ - $ 12,714 $ 12,714 AHGT fixed income funds - 30,548 30,548 Cash management funds - 1,022 1,022 $ - $ 44,284 $ 44,284 Net asset values (“NAV”) of ACIT and AGHT funds included in Level 1 2 1 2 Other investments determine NAV on a monthly or quarterly basis and/or have redemption restrictions. NAVs are based on the fair value of each fund's underlying investments. For these investments, NAV is used as a practical expedient to estimate fair value and are not may An administrative committee consisting of certain senior management employees administers the Company's defined benefit pension plan. 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): 2021 $ 3,992 2022 $ 3,878 2023 $ 3,767 2024 $ 3,660 2025 $ 3,556 2026 - 2030 $ 16,065 The Company made a minimum required contribution of $0.6 January 2021. 2020. |
Note 7 - Share-based Compensati
Note 7 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 7. SHARE-BASED COMPENSATION The Company's directors 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 certain of the Company's officers and 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 $1.6 $1.7 December 31, 2020 2019, $0.7 2020 2019. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
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 $91.3 2018 $5.0 $5.0 2020 Reconciliations between the total income tax benefit and the amount computed using the statutory federal rate of 21% December 31, 2020 2019 2020 2019 (in thousands) Federal income tax benefit at statutory rate $ (547 ) $ (1,127 ) Adjusted for: Valuation allowance 475 6,111 Permanent differences and other 72 15 Income tax expense $ - $ 4,999 Deferred tax assets were comprised of the following temporary differences as of December 31, 2020 2019: 2020 2019 (in thousands) Net operating loss and tax credit carryforwards $ 24,956 $ 29,545 Joint venture and other investments (27 ) (27 ) Accrued retirement benefits 3,329 3,010 Property net book value 3,357 3,300 Deferred revenue 715 697 Reserves and other 29 (10 ) Total deferred tax assets 32,359 36,515 Valuation allowance (32,359 ) (36,515 ) Net deferred tax assets $ - $ - Valuation allowances have been established to reduce future tax benefits not not December 31, 2017 $71.7 December 31, 2020, 2029 2034. $85.7 December 31, 2020, 2029 2034. $5.2 December 31, 2020 not |
Note 9 - Discontinued Operation
Note 9 - Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 9. DISCONTINUED OPERATIONS In December 2019, $4.3 20 Under terms of the agreement, the purchase price will not $3.6 125 December 31, 2019. 3 The results related to the operation of these assets have been reported as discontinued operations in 2020 2019 2020 2019 (in thousands) Operating revenues $ 2,646 $ 3,125 Operating costs and expenses (2,787 ) (2,585 ) Depreciation expense - (283 ) Impairment loss (196 ) (3,614 ) Loss from discontinued operations $ (337 ) $ (3,357 ) There were no 2020. $0.6 2019. |
Note 10 - Segment Information
Note 10 - Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 10. 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 in 2020 • Real Estate includes the development and sale of real estate inventory and the operations of Kapalua Realty Company, a general brokerage real estate company located within the Kapalua Resort. • Leasing primarily includes revenues and expenses from real property leasing activities, license fees and royalties for the use of certain of the Company's trademarks and brand names by third • Resort Amenities include a membership program that provides certain benefits and privileges within the Kapalua Resort for its members. The results of discontinued operations discussed in Note 9 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 consolidated financial information for each of the Company's reportable segments for the years ended December 31, 2020 2019 Real Resort Estate Leasing Amenities Other (2) Consolidated 2020 Operating revenues (1) $ 772 $ 5,948 $ 820 $ - $ 7,540 Operating costs and expenses (600 ) (2,933 ) (1,193 ) - (4,726 ) Depreciation expense - (1,278 ) - (11 ) (1,289 ) General and administrative and other expenses (1,075 ) (1,131 ) (492 ) (1,379 ) (4,077 ) Operating income (loss) (903 ) 606 (865 ) (1,390 ) (2,552 ) Pension and other post-retirement expenses (475 ) Interest expense (134 ) Other Income 894 Loss from continuing operations $ (2,267 ) Capital expenditures (3) $ 436 $ 81 $ - $ - $ 517 Assets (4) $ 14,851 $ 16,109 $ 830 $ 6,680 $ 38,470 Real Resort Estate Leasing Amenities Other (2) Consolidated 2019 Operating revenues (1) $ 915 $ 8,148 $ 982 $ - $ 10,045 Operating costs and expenses (1,185 ) (3,228 ) (1,030 ) - (5,443 ) Depreciation expense - (1,352 ) - (60 ) (1,412 ) General and administrative and other expenses (1,069 ) (1,102 ) (479 ) (1,336 ) (3,986 ) Operating income (loss) (1,339 ) 2,466 (527 ) (1,396 ) (796 ) Pension and other post-retirement expenses (1,016 ) Interest expense (198 ) Income tax expense (4,999 ) Loss from continuing operations $ (7,009 ) Capital expenditures (3) $ 278 $ 86 $ - $ 626 $ 990 Assets (4) $ 13,789 $ 17,432 $ 1,039 $ 6,859 $ 39,119 ( 1 Amounts are principally revenues from external customers and exclude equity in earnings of affiliates. ( 2 Includes assets related to discontinued operations of $4.7 $5.2 December 31, 2020 2019, ( 3 Includes expenditures for property and deferred costs. ( 4 Segment assets are located in the United States. |
Note 11 - Reserves
Note 11 - Reserves | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | 11. RESERVES Allowance for doubtful accounts for 2020 2019 Description Balance at Beginning of Year Increase Balance at End of Year (in thousands) Allowance for Doubtful Accounts 2020 $ 35 $ 185 $ 220 2019 $ 34 $ 1 $ 35 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. 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 as of December 31, 2020. 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 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 In March 2020, 19 19 19 |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | 13. 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 consolidated financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. GAAP requires that financial assets and liabilities be classified and disclosed in one three Level 1: Level 2: Level 3: not The Company considers all cash on hand to be unrestricted cash for the purposes of the 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 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, 2020 2019 $0.2 $1.0 2 6 9 |
Note 14 - Contract Assets and L
Note 14 - Contract Assets and Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 14. CONTRACT ASSETS AND LIABILITIES Receivables from contracts with customers were $0.8 $0.7 $0.6 December 31, 2020, 2019, 2018, not December 31, 2019 2018. 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 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | BASIS OF ACCOUNTING AND CONSOLIDATION The accompanying consolidated financial statements of the Company are presented in conformity with generally accepted accounting principles in the United States (“GAAP”) as codified by the Financial Accounting Standards Board (“FASB”). The consolidated financial statements include the accounts of Maui Land & Pineapple Company, Inc. and its subsidiaries (collectively, the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation. |
Comprehensive Income, Policy [Policy Text Block] | COMPREHENSIVE LOSS Comprehensive loss includes all changes in stockholders' equity, except those resulting from capital stock transactions. Comprehensive losses include adjustments to the Company's defined benefit pension plan obligations. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | ACCOUNTS RECEIVABLE AND 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 consolidated 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 $0.2 $3.6 2020 2019, |
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 2020 2019. |
Property, Plant and Equipment, Policy [Policy Text Block] | PROPERTY & EQUIPMENT 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 |
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 funding requirements under federal law, but not The under-funded status of the Company's defined benefit pension plan is recorded as a liability in the consolidated 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 [Policy Text Block] | REVENUE RECOGNITION The Company recognizes revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This requires the Company 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. Operating results pertaining to the Company's business segments are summarized in Note 10 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 Company uses the five five not For each contract that involves variable consideration, the transaction price of the contract is considered the most likely outcome in estimating possible consideration amounts. The information used to determine the transaction price is similar to the information used in establishing prices of goods or services. The Company 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 Company 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 Company simply arranges but does not Revenues from the Company's real estate segment consist of sales of real estate and commission income from providing brokerage services. Revenues from sales of real estate 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. Commission income is recognized upon settlement of a real estate transaction. 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 operations and comprehensive loss. 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 operations and comprehensive loss. Leasing revenues are recognized on a straight-line basis over the terms of the leases. Lease income may Revenue from resort amenities consist of annual dues received from the Kapalua Club membership program. Member services include access, special programs, and other privileges at certain of the amenities at the Kapalua Resort. Annual membership dues are recognized on a straight-line basis over one Other revenues included in discontinued operations are recognized when delivery has occurred or services have been rendered, the sales price is fixed or determinable, and collectability is reasonably assured. As discussed in Note 9 The Company estimates credit losses on accounts receivable from customers by considering relevant information (past, current, and future) in assessing the collectability of cash flows. The expected credit losses of the Company's accounts receivable are summarized in Note 11 Economic factors affecting the nature, amount, timing, and uncertainty of the Company's revenue and cash flows are identified as Risks and Uncertainties in this Note 1. |
Operating Costs And Expenses [Policy Text Block] | OPERATING COSTS AND EXPENSES Real estate, leasing, 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 using 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 (Note 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 operations and comprehensive loss and such amounts are included in income taxes payable on the Company's consolidated balance sheets. |
Share-based Payment Arrangement [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 consolidated 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 consolidated financial statements in conformity with 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 consolidated 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, 2019 December 31, 2020 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, 2020 December 31, 2019, No |
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 is party 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 12 |
New Accounting Pronouncements, Policy [Policy Text Block] | NEW ACCOUNTING STANDARDS ADOPTED In August 2018, 2018 13 1 2 3 3 3 3 2020 not In August 2018, 2018 14 715 December 15, 2020, 6 In August 2018, 2018 15 first 2020 not ACCOUNTING STANDARDS NOT In June 2016, 2016 13 2019 10 first 2023. In December 2019, 2019 12 740, Income Taxes 740. first 2021. In March 2020, 2020 04 848 December 31, 2022. |
Earnings Per Share, Policy [Policy Text Block] | LOSS PER COMMON SHARE Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding. Diluted net loss per common share is computed similar to basic net loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares from share-based compensation arrangements had been issued. Potentially dilutive shares arise from non-qualified stock options to purchase common stock 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, 2020 2019 Basic and diluted 19,282,157 19,201,663 Potentially dilutive - 7,678 On March 6, 2019, 25,000 $5.20 March 9, 2009 20% March 9, 2010 March 9, 2014. March 9, 2019. |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, 2020 2019 Basic and diluted 19,282,157 19,201,663 Potentially dilutive - 7,678 |
Note 2 - Assets Held for Sale (
Note 2 - Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | 2020 2019 (in thousands) Kapalua Resort, 46- acre Kapalua Central Resort project $ 2,978 $ 2,938 Kapalua Resort, Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. assets 4,306 4,503 Upcountry Maui, 630-acre parcel of agricultural land 156 156 $ 7,440 $ 7,597 |
Note 5 - Leasing Arrangements (
Note 5 - Leasing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Operating Lease, Lease Income [Table Text Block] | 2020 2019 (in thousands) Minimum rentals $ 2,719 $ 2,863 Percentage rentals 427 1,779 Licensing fees 456 912 Other (primarily common area recoveries) 1,236 1,353 Water system sales 1,110 1,241 $ 5,948 $ 8,148 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | (in thousands) 2021 $ 2,849 2022 $ 2,215 2023 $ 1,334 2024 $ 788 2025 $ 769 Thereafter $ 8,847 |
Note 6 - Accrued Retirement B_2
Note 6 - Accrued Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | 2020 2019 (in thousands) Defined benefit pension plans $ 8,790 $ 7,658 Non-qualified retirement plans 2,301 2,209 Total 11,091 9,867 Less current portion (165 ) (165 ) Non-current portion of accrued retirement benefits $ 10,926 $ 9,702 |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | 2020 2019 (in thousands) Change in benefit obligations: Benefit obligations at beginning of year $ 54,128 $ 51,306 Interest cost 1,633 2,096 Actuarial loss 3,588 4,706 Benefits paid (4,694 ) (3,980 ) Benefit obligations at end of year 54,655 54,128 Change in plan assets: Fair value of plan assets at beginning of year 44,284 41,290 Actual return on plan assets 3,869 6,814 Employer contributions 128 160 Benefits paid (4,694 ) (3,980 ) Fair value of plan assets at end of year 43,587 44,284 Funded status $ (11,068 ) $ (9,844 ) Accumulated benefit obligations $ 54,655 $ 54,128 Weighted average assumptions to determine benefit obligations: Discount rate 2.28 - 2.35% 3.10 - 3.14% Expected long-term return on plan assets 4.50% 4.75% Rate of compensation increase n/a n/a |
Schedule of Net Benefit Costs [Table Text Block] | 2020 2019 (in thousands) Pension and other benefits: Interest cost $ 1,633 $ 2,096 Expected return on plan assets (2,020 ) (1,965 ) Recognized net actuarial loss 839 865 Pension expense $ 452 $ 996 Other changes in plan assets and benefit obligations recognized in comprehensive income: Net loss (gain) $ 1,739 $ (141 ) Amortization of recognized gain (839 ) (865 ) Total recognized loss (gain) in comprehensive loss $ 900 $ (1,006 ) |
Defined Benefit Plan, Assumptions [Table Text Block] | Weighted average assumptions used to determine net periodic benefit cost: 2020 2019 Discount rate 3.10 - 3.14% 4.28% Expected long-term return on plan assets 4.75% 5.00% Rate of compensation increase n/a n/a |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | 2020 Fair Value Measurements (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Measured at NAV as a practical expedient Total ACIT equity funds $ - $ 9,406 1,152 $ 10,558 ACIT fixed income funds - 29,958 2,108 32,066 Cash management funds - 963 - 963 $ - $ 40,327 3,260 $ 43,587 2019 Fair Value Measurements(in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total AHGT equity funds $ - $ 12,714 $ 12,714 AHGT fixed income funds - 30,548 30,548 Cash management funds - 1,022 1,022 $ - $ 44,284 $ 44,284 |
Schedule of Expected Benefit Payments [Table Text Block] | 2021 $ 3,992 2022 $ 3,878 2023 $ 3,767 2024 $ 3,660 2025 $ 3,556 2026 - 2030 $ 16,065 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2020 2019 (in thousands) Federal income tax benefit at statutory rate $ (547 ) $ (1,127 ) Adjusted for: Valuation allowance 475 6,111 Permanent differences and other 72 15 Income tax expense $ - $ 4,999 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2020 2019 (in thousands) Net operating loss and tax credit carryforwards $ 24,956 $ 29,545 Joint venture and other investments (27 ) (27 ) Accrued retirement benefits 3,329 3,010 Property net book value 3,357 3,300 Deferred revenue 715 697 Reserves and other 29 (10 ) Total deferred tax assets 32,359 36,515 Valuation allowance (32,359 ) (36,515 ) Net deferred tax assets $ - $ - |
Note 9 - Discontinued Operati_2
Note 9 - Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | 2020 2019 (in thousands) Operating revenues $ 2,646 $ 3,125 Operating costs and expenses (2,787 ) (2,585 ) Depreciation expense - (283 ) Impairment loss (196 ) (3,614 ) Loss from discontinued operations $ (337 ) $ (3,357 ) |
Note 10 - Segment Information (
Note 10 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Real Resort Estate Leasing Amenities Other (2) Consolidated 2020 Operating revenues (1) $ 772 $ 5,948 $ 820 $ - $ 7,540 Operating costs and expenses (600 ) (2,933 ) (1,193 ) - (4,726 ) Depreciation expense - (1,278 ) - (11 ) (1,289 ) General and administrative and other expenses (1,075 ) (1,131 ) (492 ) (1,379 ) (4,077 ) Operating income (loss) (903 ) 606 (865 ) (1,390 ) (2,552 ) Pension and other post-retirement expenses (475 ) Interest expense (134 ) Other Income 894 Loss from continuing operations $ (2,267 ) Capital expenditures (3) $ 436 $ 81 $ - $ - $ 517 Assets (4) $ 14,851 $ 16,109 $ 830 $ 6,680 $ 38,470 Real Resort Estate Leasing Amenities Other (2) Consolidated 2019 Operating revenues (1) $ 915 $ 8,148 $ 982 $ - $ 10,045 Operating costs and expenses (1,185 ) (3,228 ) (1,030 ) - (5,443 ) Depreciation expense - (1,352 ) - (60 ) (1,412 ) General and administrative and other expenses (1,069 ) (1,102 ) (479 ) (1,336 ) (3,986 ) Operating income (loss) (1,339 ) 2,466 (527 ) (1,396 ) (796 ) Pension and other post-retirement expenses (1,016 ) Interest expense (198 ) Income tax expense (4,999 ) Loss from continuing operations $ (7,009 ) Capital expenditures (3) $ 278 $ 86 $ - $ 626 $ 990 Assets (4) $ 13,789 $ 17,432 $ 1,039 $ 6,859 $ 39,119 |
Note 11 - Reserves (Tables)
Note 11 - Reserves (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Description Balance at Beginning of Year Increase Balance at End of Year (in thousands) Allowance for Doubtful Accounts 2020 $ 35 $ 185 $ 220 2019 $ 34 $ 1 $ 35 |
Supplemental Schedule of Non-_2
Supplemental Schedule of Non-cash Investing and financing Activities (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Issued | $ 865,000 | $ 951,000 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands | Mar. 06, 2019$ / sharesshares | Dec. 31, 2020USD ($)a | Dec. 31, 2019USD ($) | Mar. 09, 2014 |
Asset Impairment Charges, Total | $ 196 | $ 3,643 | ||
Impairment of Deferred Development Costs | $ 0 | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | shares | 25,000 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 5.20 | |||
Vested Annually [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||
Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||
Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | |||
HAWAII | ||||
Area of Land (Acre) | a | 23,000 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Antidilutive Securities (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Basic and diluted (in shares) | 19,282,157 | 19,201,663 |
Potentially dilutive (in shares) | 7,678 |
Note 2 - Assets Held for Sale_2
Note 2 - Assets Held for Sale (Details Textual) - USD ($) $ in Millions | Feb. 29, 2020 | Dec. 31, 2019 |
Kapalua Central Resort Project [Member] | ||
Receivables, Long-term Contracts or Programs, Total | $ 43.9 | |
Kapalua Water Company and Kapalua Waste Treatment Company [Member] | Kapalua Resort [Member] | ||
Receivables, Long-term Contracts or Programs, Total | $ 4.3 |
Note 2 - Assets Held for Sale -
Note 2 - Assets Held for Sale - Assets Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets held for sale | $ 7,440 | $ 7,597 |
Kapalua Central Resort Project [Member] | Kapalua Resort [Member] | ||
Assets held for sale | 2,978 | 2,938 |
Kapalua Water Company and Kapalua Waste Treatment Company [Member] | Kapalua Resort [Member] | ||
Assets held for sale | 4,306 | 4,503 |
630-Acre Parcel Of Agricultural Land [Member] | Upcountry Maui [Member] | ||
Assets held for sale | $ 156 | $ 156 |
Note 2 - Assets Held for Sale_3
Note 2 - Assets Held for Sale - Assets Held for Sale (Details) (Parentheticals) - a | Dec. 31, 2020 | Dec. 31, 2019 |
Kapalua Central Resort Project [Member] | Kapalua Resort [Member] | ||
Area of real estate (Acre) | 46 | 46 |
630-Acre Parcel Of Agricultural Land [Member] | Upcountry Maui [Member] | ||
Area of real estate (Acre) | 630 | 630 |
Note 3 - Property & Equipment (
Note 3 - Property & Equipment (Details Textual) - Land [Member] | 12 Months Ended |
Dec. 31, 2020a | |
Area of Land (Acre) | 22,800 |
West Maui [Member] | |
Area of Land (Acre) | 20,700 |
Area of Elevation from Sea | 5,700 |
West Maui [Member] | Kapalua Resort [Member] | |
Area of Land (Acre) | 3,000 |
Area of Land Designated (Acre) | 900 |
Upcountry Maui [Member] | |
Area of Land (Acre) | 2,100 |
Note 4 - Long-term Debt (Detail
Note 4 - Long-term Debt (Details Textual) | Apr. 23, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)ft²aRate | Dec. 31, 2019USD ($)Rate |
Proceeds from Issuance of Long-term Debt, Total | $ 1,397,000 | $ 1,500,000 | ||
Repayments of Long-term Debt, Total | 2,232,000 | $ 1,700,000 | ||
Paycheck Protection Program CARES Act [Member] | ||||
Proceeds from Issuance of Long-term Debt, Total | $ 0.20 | |||
Repayments of Long-term Debt, Total | $ 0.20 | |||
First Hawaiian Bank Revolving Line of Credit [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000,000 | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.65% | 5.19% | ||
Line of Credit Facility, Commitment Fee Amount | $ 0 | |||
Debt Instrument, Covenant, Required Minimum Liquidity | 2,000,000 | |||
Debt Instrument, Covenant, Maximum Total Liabilities | $ 45,000,000 | |||
First Hawaiian Bank Revolving Line of Credit [Member] | Revolving Credit Facility [Member] | Kapalua Mauka [Member] | ||||
Pledged Assets not Separately Reported, Area of Real Estate (Acre) | a | 800 | |||
First Hawaiian Bank Revolving Line of Credit [Member] | Revolving Credit Facility [Member] | Kapalua Resort [Member] | ||||
Pledged Assets not Separately Reported, Area of Real Estate (Acre) | ft² | 30,000 | |||
First Hawaiian Bank Revolving Line of Credit [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate (Rate) | Rate | 3.50% |
Note 5 - Leasing Arrangements_2
Note 5 - Leasing Arrangements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Rent Abatements | $ 400 | |
Property, Plant and Equipment, Net, Ending Balance | 18,511 | $ 19,719 |
Assets Leased to Others [Member] | ||
Property, Plant and Equipment, Net, Ending Balance | $ 12,700 | $ 14,100 |
Note 5 - Leasing Arrangements -
Note 5 - Leasing Arrangements - Rental Income under Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Minimum rentals | $ 2,719 | $ 2,863 |
Percentage rentals | 427 | 1,779 |
Licensing fees | 456 | 912 |
Other (primarily common area recoveries) | 1,236 | 1,353 |
Leasing | 5,948 | 8,148 |
Water System Sales [Member] | ||
Leasing | $ 1,110 | $ 1,241 |
Note 5 - Leasing Arrangements_3
Note 5 - Leasing Arrangements - Future Minimum Rental Income Receivable (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 2,849 |
2022 | 2,215 |
2023 | 1,334 |
2024 | 788 |
2025 | 769 |
Thereafter | $ 8,847 |
Note 6 - Accrued Retirement B_3
Note 6 - Accrued Retirement Benefits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax | $ 21.7 | $ 20.8 |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | 0.9 | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 0.6 |
Note 6 - Accrued Retirement B_4
Note 6 - Accrued Retirement Benefits - Accrued Retirement Benefits (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Defined benefit pension plans | $ 11,091 | $ 9,867 |
Less current portion | (165) | (165) |
Non-current portion of accrued retirement benefits | 10,926 | 9,702 |
Pension Plan [Member] | Qualified Plan [Member] | ||
Defined benefit pension plans | 8,790 | 7,658 |
Supplemental Employee Retirement Plan [Member] | Nonqualified Plan [Member] | ||
Defined benefit pension plans | $ 2,301 | $ 2,209 |
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, 2020 | Dec. 31, 2019 | |
Change in benefit obligations: | ||
Benefit obligations | $ 54,128 | $ 51,306 |
Interest cost | 1,633 | 2,096 |
Actuarial loss | 3,588 | 4,706 |
Benefits paid | (4,694) | (3,980) |
Benefit obligations | 54,655 | 54,128 |
Change in plan assets: | ||
Fair value of plan assets | 44,284 | 41,290 |
Actual return on plan assets | 3,869 | 6,814 |
Employer contributions | 128 | 160 |
Benefits paid | (4,694) | (3,980) |
Fair value | 43,587 | 44,284 |
Funded status | (11,068) | (9,844) |
Accumulated benefit obligations | $ 54,655 | $ 54,128 |
Discount rate | ||
Expected long-term return on plan assets | 4.50% | 4.75% |
Minimum [Member] | ||
Change in plan assets: | ||
Discount rate | 2.28% | 3.10% |
Maximum [Member] | ||
Change in plan assets: | ||
Discount rate | 2.35% | 3.14% |
Note 6 - Accrued Retirement B_6
Note 6 - Accrued Retirement Benefits - Net Periodic Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Pension and other benefits: | ||
Interest cost | $ 1,633 | $ 2,096 |
Expected return on plan assets | (2,020) | (1,965) |
Recognized net actuarial loss | 839 | 865 |
Pension expense | 452 | 996 |
Other changes in plan assets and benefit obligations recognized in comprehensive income: | ||
Net loss (gain) | 1,739 | (141) |
Amortization of recognized gain | (839) | (865) |
Total recognized loss (gain) in comprehensive loss | $ 900 | $ (1,006) |
Note 6 - Accrued Retirement B_7
Note 6 - Accrued Retirement Benefits - Summary of Assumptions Used (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Discount rate | 4.28% | |
Expected long-term return on plan assets | 4.75% | 5.00% |
Minimum [Member] | ||
Discount rate | 3.10% | |
Expected long-term return on plan assets | ||
Maximum [Member] | ||
Discount rate | 3.14% | |
Expected long-term return on plan assets |
Note 6 - Accrued Retirement B_8
Note 6 - Accrued Retirement Benefits - Fair Values of Pension Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair value of pension plan assets | $ 43,587 | $ 44,284 | $ 41,290 |
Equity Funds [Member] | |||
Fair value of pension plan assets | 10,558 | 12,714 | |
Fixed Income Funds [Member] | |||
Fair value of pension plan assets | 32,066 | 30,548 | |
Money Market Funds [Member] | |||
Fair value of pension plan assets | 963 | 1,022 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair value of pension plan assets | |||
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | |||
Fair value of pension plan assets | |||
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | |||
Fair value of pension plan assets | |||
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | |||
Fair value of pension plan assets | |||
Fair Value, Inputs, Level 2 [Member] | |||
Fair value of pension plan assets | 40,327 | 44,284 | |
Fair Value, Inputs, Level 2 [Member] | Equity Funds [Member] | |||
Fair value of pension plan assets | 9,406 | 12,714 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds [Member] | |||
Fair value of pension plan assets | 29,958 | 30,548 | |
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | |||
Fair value of pension plan assets | 963 | $ 1,022 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair value of pension plan assets | 3,260 | ||
Fair Value, Inputs, Level 3 [Member] | Equity Funds [Member] | |||
Fair value of pension plan assets | 1,152 | ||
Fair Value, Inputs, Level 3 [Member] | Fixed Income Funds [Member] | |||
Fair value of pension plan assets | 2,108 | ||
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | |||
Fair value of pension plan assets |
Note 6 - Accrued Retirement B_9
Note 6 - Accrued Retirement Benefits - Summary of Contribution to Defined Benefit Plans (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 3,992 |
2022 | 3,878 |
2023 | 3,767 |
2024 | 3,660 |
2025 | 3,556 |
2026-2030 | $ 16,065 |
Note 7 - Share-based Compensa_2
Note 7 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expense | $ 1,632 | $ 1,732 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |
Share-based Payment Arrangement, Expense | $ 700 | $ 700 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Elimination of AMT Operating Loss Carryforwards | $ 91,300 | ||
Income Tax Expense (Benefit), Total | $ 4,999 | $ (5,000) | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | |
Operating Loss Carryforwards that Do Not Expire | $ 5,200 | ||
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal income tax benefit at statutory rate | $ (547) | $ (1,127) | |
Adjusted for: | |||
Valuation allowance | 475 | 6,111 | |
Permanent differences and other | 72 | 15 | |
Income tax expense | $ 4,999 | $ (5,000) |
Note 8 - Income Taxes - Summary
Note 8 - Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Net operating loss and tax credit carryforwards | $ 24,956 | $ 29,545 |
Joint venture and other investments | (27) | (27) |
Accrued retirement benefits | 3,329 | 3,010 |
Property net book value | 3,357 | 3,300 |
Deferred revenue | 715 | 697 |
Reserves and other | 29 | (10) |
Total deferred tax assets | 32,359 | 36,515 |
Valuation allowance | (32,359) | (36,515) |
Net deferred tax assets |
Note 9 - Discontinued Operati_3
Note 9 - Discontinued Operations (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)a | |||
Payments to Acquire Property, Plant, and Equipment, Total | [2] | $ 517 | [1] | $ 990 |
Kapalua Mauka [Member] | ||||
Area of Real Estate Property (Acre) | a | 125 | |||
Discontinued Operations, Disposed of by Sale [Member] | PUC-regulated Assets [Member] | Kapalua Water Company and Kapalua Waste Treatment Company [Member] | Kapalua Resort [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 4,300 | |||
Asset Purchase Agreement, Deliver Water Agreement, Initial Term (Year) | 20 years | |||
Disposal Group Including Discontinued Operation, Excluded From Purchase Price | $ 3,600 | |||
Discontinued Operations [Member] | ||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 0 | $ 600 | ||
[1] | Includes assets related to discontinued operations of $4.7 million and $5.2 million at December 31, 2020 and 2019, respectively. | |||
[2] | Includes expenditures for property and deferred costs. |
Note 9 - Discontinued Operati_4
Note 9 - Discontinued Operations - Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating revenues | $ 2,646 | $ 3,125 |
Operating costs and expenses | (2,787) | (2,585) |
Depreciation expense | (283) | |
Impairment loss | (196) | (3,614) |
Loss from discontinued operations | $ (337) | $ (3,357) |
Note 10 - Segment Information_2
Note 10 - Segment Information (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disposal Group, Including Discontinued Operation, Assets, Total | $ 4.7 | $ 5.2 |
Note 10 - Segment Information -
Note 10 - Segment Information - Reportable Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Revenues | [1] | $ 7,540 | $ 10,045 | [2] | ||
Operating costs and expenses | [2] | (4,726) | (5,443) | |||
Depreciation expense | [2] | (1,289) | (1,412) | |||
General and administrative and other expenses | [2] | (4,077) | (3,986) | |||
Operating income (loss) | [2] | (2,552) | (796) | |||
Pension and other post-retirement expenses | (475) | [2] | (1,016) | |||
Interest expense | (134) | [2] | (198) | |||
Other Income | 894 | |||||
Loss from continuing operations | (2,267) | (7,009) | ||||
Capital expenditures | [3] | 517 | [2] | 990 | ||
Assets | [2],[4] | 38,470 | 39,119 | |||
Income tax expense | (4,999) | $ 5,000 | ||||
Operating Segments [Member] | Real Estate Segment [Member] | ||||||
Revenues | [1] | 772 | 915 | |||
Operating costs and expenses | (600) | (1,185) | ||||
Depreciation expense | ||||||
General and administrative and other expenses | (1,075) | (1,069) | ||||
Operating income (loss) | (903) | (1,339) | ||||
Capital expenditures | [3] | 436 | [2] | 278 | ||
Assets | [4] | 14,851 | 13,789 | |||
Operating Segments [Member] | Leasing Segment [Member] | ||||||
Revenues | [1] | 5,948 | 8,148 | |||
Operating costs and expenses | (2,933) | (3,228) | ||||
Depreciation expense | (1,278) | (1,352) | ||||
General and administrative and other expenses | (1,131) | (1,102) | ||||
Operating income (loss) | 606 | 2,466 | ||||
Capital expenditures | [3] | 81 | [2] | 86 | ||
Assets | [4] | 16,109 | 17,432 | |||
Operating Segments [Member] | Resort Amenities Segment [Member] | ||||||
Revenues | [1] | 820 | 982 | |||
Operating costs and expenses | (1,193) | (1,030) | ||||
Depreciation expense | ||||||
General and administrative and other expenses | (492) | (479) | ||||
Operating income (loss) | (865) | (527) | ||||
Capital expenditures | [3] | [2] | ||||
Assets | [4] | 830 | 1,039 | |||
Operating Segments [Member] | Corporate and Other [Member] | ||||||
Revenues | [1],[2] | |||||
Operating costs and expenses | [2] | |||||
Depreciation expense | [2] | (11) | (60) | |||
General and administrative and other expenses | [2] | (1,379) | (1,336) | |||
Operating income (loss) | [2] | (1,390) | (1,396) | |||
Capital expenditures | [2],[3] | 626 | ||||
Assets | [2],[4] | $ 6,680 | $ 6,859 | |||
[1] | Amounts are principally revenues from external customers and exclude equity in earnings of affiliates. | |||||
[2] | Includes assets related to discontinued operations of $4.7 million and $5.2 million at December 31, 2020 and 2019, respectively. | |||||
[3] | Includes expenditures for property and deferred costs. | |||||
[4] | Segment assets are located in the United States. |
Note 11 - Reserves - Allowance
Note 11 - Reserves - Allowance for Doubtful Accounts and Reserves for Environmental Liabilities (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance at beginning of year | $ 35 | $ 34 |
Increase | 185 | 1 |
Balance at end of year | $ 220 | $ 35 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) | 1 Months Ended |
Jun. 30, 2018USD ($) | |
Notice and Finding of Violation and Order [Member] | |
Loss Contingency, Damages Sought, Value | $ 230,000 |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Inputs, Level 2 [Member] | ||
Long-term Debt, Total | $ 0.20 | $ 1 |
Note 14 - Contract Assets and_2
Note 14 - Contract Assets and Liabilities 1 (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Contract with Customer, Receivable, after Allowance for Credit Loss, Total | $ 800 | $ 700 | $ 600 | |
License [Member] | ||||
Contract with Customer, Liability, Noncurrent | $ 1,767 | $ 2,000 |
Note 14 - Contract Assets and_3
Note 14 - Contract Assets and Liabilities 2 (Details Textual) | Mar. 31, 2020 |
License [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 15 years |