Maui Land & Pineapple (MLP) 10-K 1 Mar 22 2021 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 09, 2022	Jun. 30, 2021
Document Information [Line Items]
Entity Central Index Key	0000063330
Entity Registrant Name	MAUI LAND & PINEAPPLE CO INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-06510
Entity Incorporation, State or Country Code	HI
Entity Tax Identification Number	99-0107542
Entity Address, Address Line One	200 Village Road
Entity Address, City or Town	Lahaina
Entity Address, State or Province	HI
Entity Address, Postal Zip Code	96761
City Area Code	808
Local Phone Number	877-3351
Title of 12(b) Security	Common Stock, without Par Value
Trading Symbol	MLP
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 73,505,704
Entity Common Stock, Shares Outstanding		19,433,451
Auditor Name	ACCUITY LLP
Auditor Location	Honolulu, Hawaii
Auditor Firm ID	2866
ICFR Auditor Attestation Flag	true

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
CURRENT ASSETS
Cash		$ 5,596	$ 869
Accounts receivable, net		1,103	1,362
Prepaid expenses and other assets		333	80
Assets held for sale		3,144	7,440
Total Current Assets		10,176	9,751
PROPERTY & EQUIPMENT
Land		5,063	5,072
Land improvements		12,943	12,943
Buildings		22,869	23,465
Machinery and equipment		10,360	10,476
Total Property & Equipment		51,235	51,956
Less accumulated depreciation		(34,237)	(33,445)
Property, net		16,998	18,511
OTHER ASSETS
Deferred development costs		9,564	8,901
Other noncurrent assets		1,181	1,307
Total Other Assets		10,745	10,208
TOTAL ASSETS	[1]	37,919	38,470	[2]
CURRENT LIABILITIES
Accounts payable		580	899
Payroll and employee benefits		949	970
Long-term debt, current portion		0	200
Accrued retirement benefits, current portion		142	165
Deferred revenue, current portion		217	260
Other current liabilities		509	453
Total Current Liabilities		2,397	2,947
LONG-TERM LIABILITIES
Accrued retirement benefits		7,937	10,926
Other noncurrent liabilities		53	83
Total Long-Term Liabilities		11,932	15,456
TOTAL LIABILITIES		14,329	18,403
COMMITMENTS & CONTINGENCIES
STOCKHOLDERS’ EQUITY
Common stock--no par value, 43,000,000 shares authorized; 19,383,288 and 19,311,528 shares issued and outstanding at December 31, 2021 and 2020, respectively		82,378	81,485
Additional paid in capital		9,184	9,184
Accumulated deficit		(52,324)	(48,904)
Accumulated other comprehensive loss		(15,648)	(21,698)
Total Stockholders’ Equity		23,590	20,067
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY		37,919	38,470
License [Member]
LONG-TERM LIABILITIES
Deferred revenue		1,633	1,767
Member Deposits [Member]
LONG-TERM LIABILITIES
Deferred revenue		$ 2,309	$ 2,680
[1]	Segment assets are located in the United States.
[2]	Includes assets related to discontinued operations of $4.7 million at December 31, 2020.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands	Dec. 31, 2021	Dec. 31, 2020
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	43,000,000	43,000,000
Common stock, shares issued (in shares)	19,383,288	19,311,528
Common stock, shares outstanding (in shares)	19,383,288	19,311,528

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
OPERATING REVENUES
Leasing		$ 8,103	$ 5,948
Total Operating Revenues	[1]	12,443	7,540	[2]
OPERATING COSTS AND EXPENSES
Leasing		3,495	2,933
General and administrative		2,569	2,445
Share-based compensation		1,449	1,632
Depreciation		1,188	1,289	[2]
Total Operating Costs and Expenses		10,806	10,092
OPERATING INCOME (LOSS)		1,637	(2,552)	[2]
Other income		13	894
Pension and other post-retirement expenses		(4,732)	(475)
Interest expense		(122)	(134)
LOSS FROM CONTINUING OPERATIONS		(3,204)	(2,267)
Loss from discontinued operations, net of income taxes of $0		(216)	(337)
NET LOSS		(3,420)	(2,604)
Pension, net of income taxes of $0		6,050	(900)
TOTAL COMPREHENSIVE INCOME (LOSS)		$ 2,630	$ (3,504)
LOSS PER COMMON SHARE--BASIC AND DILUTED
Continuing Operations (in dollars per share)		$ (0.17)	$ (0.12)
Discontinued Operations (in dollars per share)		(0.01)	(0.02)
Net Loss (in dollars per share)		$ (0.18)	$ (0.14)
Real Estate [Member]
OPERATING REVENUES
Operating revenues		$ 3,400	$ 772
OPERATING COSTS AND EXPENSES
Operating Costs and Expenses		750	600
Resort Amenities and Other [Member]
OPERATING REVENUES
Operating revenues		940	820
OPERATING COSTS AND EXPENSES
Operating Costs and Expenses		$ 1,355	$ 1,193
[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 at December 31, 2020.

Consolidated Statements of Op_2

Consolidated Statements of Operations and Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
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, 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)			0
Shares canceled to pay tax liability (in shares)	(54)
Shares canceled to pay tax liability	$ (662)				(662)
Pension, net of income taxes of $0				(900)	(900)
Net loss			(2,604)		(2,604)
Other comprehensive income-pension				(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
Share-based compensation expense		705			705
Issuance of shares for incentive plan (in shares)	60
Issuance of shares for incentive plan	$ 748				748
Vested restricted stock issued (in shares)	59
Vested restricted stock issued	$ 705	(705)			0
Shares canceled to pay tax liability (in shares)	(48)
Shares canceled to pay tax liability	$ (560)				(560)
Pension, net of income taxes of $0				6,050	6,050
Net loss			(3,420)		(3,420)
Other comprehensive income-pension				6,050	6,050
Balance (in shares) at Dec. 31, 2021	19,383
Balance at Dec. 31, 2021	$ 82,378	$ 9,184	$ (52,324)	$ (15,648)	$ 23,590

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers and other receipts	$ 13,395,000	$ 12,684,000
Cash paid to vendors	(10,410,000)	(8,773,000)
Cash paid for payroll and taxes	(1,589,000)	(1,690,000)
Cash paid for interest	(9,000)	(21,000)
NET CASH PROVIDED BY OPERATING ACTIVITIES	1,387,000	2,200,000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property	(29,000)	(81,000)
Proceeds from sale of property and equipment	4,203,000	0
Payments for other assets	(74,000)	(436,000)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	4,100,000	(517,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt	600,000	1,397,000
Payments of long-term debt	(800,000)	(2,232,000)
Debt and common stock issuance costs and other	(560,000)	(662,000)
NET CASH USED IN FINANCING ACTIVITIES	(760,000)	(1,497,000)
NET INCREASE IN CASH	4,727,000	186,000
CASH AT BEGINNING OF YEAR	869,000	683,000
CASH AT END OF YEAR	5,596,000	869,000
RECONCILIATION OF NET LOSS TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
Net loss	(3,420,000)	(2,604,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	1,301,000	1,402,000
Bad debt provision	68,000	199,000
Share-based compensation	705,000	676,000
Impairment charges	40,000	196,000
Loss on disposal of property	29,000	0
Cost of real estate sales	324,000	0
Changes in operating assets and liabilities:
Accounts receivable	191,000	(388,000)
Retirement liabilities	3,038,000	324,000
Accounts payable	(319,000)	(457,000)
Other operating assets and liabilities	(570,000)	2,852,000
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 1,387,000	$ 2,200,000

Supplemental Schedule of Non-Ca

Supplemental Schedule of Non-Cash Investing and Financing Activities	12 Months Ended
	Dec. 31, 2021
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 $748,000 and $865,000 in 2021 2020,

Note 1 - Description of Busines

Note 1 - Description of Business and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. DESCRIPTION OF BUSINESS AND 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 (collectively, the “Company”). The Company owns approximately 23,000 acres of land on the island of Maui, Hawaii and develops, sells, and manages residential, resort, commercial, agricultural, and industrial real estate through the following business segments: • Real Estate operations consist of land planning and entitlement, development, and sales activities. This segment also included the operations of Kapalua Realty Company, Ltd., a general brokerage real estate company located in the Kapalua Resort through August 2020. • 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. All significant intercompany balances and transactions have been eliminated in consolidation. COMPREHENSIVE INCOME (LOSS) Comprehensive income (loss) includes all changes in stockholders’ equity, except those resulting from capital stock transactions. Comprehensive income (loss) 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 2021 2020, 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 2021 2020. PROPERTY & EQUIPMENT AND DEPRECIATION Property is stated at cost. Major replacements, renewals and betterments are capitalized while maintenance and repairs that do not three 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 income (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 income (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. Revenue from discontinued operations include services provided by the Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. previously reflected in a Utilities segment in prior periods. 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 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. 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, 2021 2020. 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 December 2019, 2019 12 740, Income Taxes 740. first 2021. not In March 2020, 2020 04 848 December 31, 2022. December 2021, no ACCOUNTING STANDARDS NOT In June 2016, 2016 13 2019 10 first 2023. In November 2021, 2021 10 832 December 15, 2021. 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. Basic and diluted weighted-average common shares outstanding were 19,353,647 and 19,282,157 at December 31, 2021 2020,

Note 2 - Assets Held for Sale

Note 2 - Assets Held for Sale	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Assets Held-for-Sale and Real Estate Sales Disclosure [Text Block]	2. ASSETS HELD FOR SALE At December 31, 2021 2020 2021 2020 (in thousands) Kapalua Resort, 46 $ 2,988 $ 2,978 Upcountry Maui, 646 156 156 Kapalua Resort, Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. assets - 4,306 $ 3,144 $ 7,440 None In December 2021, 120 no March 31, 2022. In February 2022, 30 30 The Company received net proceeds of approximately $4.2 million from the sale of the Public Utilities Commission (PUC)-regulated assets of Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. located in the Kapalua Resort in May 2021. 9.

Note 3 - Property & Equipment

Note 3 - Property & Equipment	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	3. PROPERTY & EQUIPMENT Land Most of the Company’s 22,800 acres of land were acquired between 1911 1932 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, 2021
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 million revolving line of credit facility with First Hawaiian Bank (“Credit Facility”). On December 23, 2021, December 31, 2025. 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 million, a maximum of $45.0 million in total liabilities, and a limitation on new indebtedness. The Credit Facility also contains covenants restricting the payment of cash dividends without the lender’s prior approval. The Company is in compliance with the covenants under the Credit Facility as of December 31, 2021.

Note 5 - Leasing Arrangements

Note 5 - Leasing Arrangements	12 Months Ended
	Dec. 31, 2021
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. no 842 December 31, 2021 2020 2021 2020 (in thousands) Minimum rentals $ 3,029 $ 2,719 Percentage rentals 1,503 427 Licensing fees 732 456 Other 1,659 1,236 $ 6,923 $ 4,838 Leased property, net of accumulated depreciation, was $11.2 and $12.7 million at December 31, 2021 2020, Future minimum rental income for the next five Years ending December 31, 2022 $ 2,346 2023 $ 1,436 2024 $ 911 2025 $ 886 2026 $ 832 Thereafter $ 8,535

Note 6 - Accrued Retirement Ben

Note 6 - Accrued Retirement Benefits	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Retirement Benefits [Text Block]	6. ACCRUED RETIREMENT BENEFITS Accrued retirement benefits at December 31, 2021 2020 2021 2020 (in thousands) Defined benefit pension plan $ 5,932 $ 8,790 Non-qualified retirement plan 2,147 2,301 Total 8,079 11,091 Less current portion (142 ) (165 ) Non-current portion of accrued retirement benefits $ 7,937 $ 10,926 The Company had two 2011, two 2018. nine 2009 In November 2021, The measurement date for the Company’s benefit plan disclosures is December 31 2021 2020, December 31, 2021 2020 2021 2020 (in thousands) Change in benefit obligations: Benefit obligations at beginning of year $ 54,655 $ 54,128 Interest cost 1,237 1,633 Actuarial (gain) loss (1,160 ) 3,588 Benefits paid (14,550 ) (4,694 ) Benefit obligations at end of year 40,182 54,655 Change in plan assets: Fair value of plan assets at beginning of year 43,587 44,284 Actual return on plan assets 1,384 3,869 Employer contributions 1,682 128 Benefits paid (14,550 ) (4,694 ) Fair value of plan assets at end of year 32,103 43,587 Funded status $ (8,079 ) $ (11,068 ) Accumulated benefit obligations $ 40,182 $ 54,655 Weighted average assumptions to determine benefit obligations: Discount rate 2.69 - 2.74% 2.28 - 2.35% Expected long-term return on plan assets 4.00% 4.50% Rate of compensation increase n/a n/a Accumulated other comprehensive loss of $15.6 and $21.7 million at December 31, 2021 2020, not Components of net periodic benefit cost and other amounts recognized in comprehensive income were as follows: 2021 2020 (in thousands) Pension and other benefits: Interest cost $ 1,237 $ 1,633 Expected return on plan assets (1,680 ) (2,020 ) Recognized net actuarial loss 933 839 Settlement expense 4,252 - Pension expense $ 4,742 $ 452 Other changes in plan assets and benefit obligations recognized in comprehensive income: Net loss (gain) $ (865 ) $ 1,739 Amortization of recognized loss (5,185 ) (839 ) Total recognized (gain) loss in comprehensive income $ (6,050 ) $ 900 Weighted average assumptions used to determine net periodic benefit cost: 2021 2020 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 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, 2021 2020, 2021 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 $ - $ 6,385 1,425 $ 7,810 ACIT fixed income funds - 21,114 1,746 22,860 Cash management funds - 1,433 - 1,433 $ - $ 28,932 3,171 $ 32,103 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 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 plan’s current funded status and other characteristics set by the administrative committee, subject to liquidity requirements of the plan. Estimated future benefit payments are as follows (in thousands): Years ending December 31, 2022 $ 3,087 2023 $ 2,994 2024 $ 2,905 2025 $ 2,822 2026 $ 2,732 2027 - 2031 $ 12,234 The Company made a minimum required contribution of $0.6 million to its pension plan in January 2021. 2020. August 2021,

Note 7 - Share-based Compensati

Note 7 - Share-based Compensation	12 Months Ended
	Dec. 31, 2021
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 $1.4 million and $1.6 million for the years ended December 31, 2021 2020, 2021 2020.

Note 8 - Income Taxes

Note 8 - Income Taxes	12 Months Ended
	Dec. 31, 2021
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. 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. Reconciliations between the total income tax benefit and the amount computed using the statutory federal rate of 21% for the years ended December 31, 2021 2020 2021 2020 (in thousands) Federal income tax benefit at statutory rate $ (718 ) $ (547 ) Adjusted for: Permanent differences and other 102 72 Valuation allowance 616 475 Income tax expense $ - $ - Deferred tax assets were comprised of the following temporary differences as of December 31, 2021 2020: 2021 2020 (in thousands) Net operating loss and tax credit carryforwards $ 25,132 $ 24,956 Joint venture and other investments (27 ) (27 ) Accrued retirement benefits 2,545 3,329 Property net book value 2,862 3,357 Deferred revenue 1,083 715 Reserves and other (5 ) 29 Total deferred tax assets 31,590 32,359 Valuation allowance (31,590 ) (32,359 ) Net deferred tax assets $ - $ - Valuation allowances have been established to reduce future tax benefits not not December 31, 2017 December 31, 2021, 2028 2034. December 31, 2021, 2028 2034. December 31, 2021 not

Note 9 - Discontinued Operation

Note 9 - Discontinued Operations	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	9. DISCONTINUED OPERATIONS In December 2019, In March 2021, May 2021. The results related to the operation of these assets have been reported as discontinued operations in 2021 2020 2021 2020 (in thousands) Operating revenues $ 819 $ 2,646 Operating costs and expenses (995 ) (2,787 ) Impairment loss (40 ) (196 ) Loss from discontinued operations $ (216 ) $ (337 )

Note 10 - Segment Information

Note 10 - Segment Information	12 Months Ended
	Dec. 31, 2021
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 2021 • Real Estate includes the development and sale of real estate inventory. The segment also includes operations of Kapalua Realty Company, Ltd., a general brokerage real estate company located within the Kapalua Resort through August 2020. • Leasing primarily includes revenues and expenses from real property leasing activities, license fees and royalties for the use of certain of the Company’s trademarks and brand names by third • Resort Amenities include a membership program that provides certain benefits and privileges within the Kapalua Resort for its members. The Company’s reportable operating segment results are measured based on operating income (loss), exclusive of interest, depreciation, general and administrative, share-based compensation, pension and other postretirement expenses. Condensed consolidated financial information for each of the Company’s reportable segments for the years ended December 31, 2021 2020 Real Resort Estate Leasing Amenities Other Consolidated 2021 Operating revenues (1) $ 3,400 $ 8,103 $ 940 $ - $ 12,443 Operating costs and expenses (750 ) (3,495 ) (1,355 ) - (5,600 ) Depreciation expense - (1,177 ) - (11 ) (1,188 ) General and administrative expenses (1,049 ) (1,121 ) (487 ) (1,361 ) (4,018 ) Operating income (loss) 1,601 2,310 (902 ) (1,372 ) 1,637 Pension and other post-retirement expenses (4,732 ) Interest expense (122 ) Other income 13 Loss from continuing operations $ (3,204 ) Capital expenditures (3) $ 74 $ 29 $ - $ - $ 103 Assets (4) $ 15,525 $ 14,684 $ 800 $ 6,910 $ 37,919 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 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 ( 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 at December 31, 2020. ( 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, 2021
Notes to Financial Statements
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	11. RESERVES Allowance for doubtful accounts for 2021 2020 Description Balance at Beginning of Year Increase (Decrease) Balance at End of Year (in thousands) Allowance for Doubtful Accounts 2021 $ 220 $ (66 ) $ 154 2020 $ 35 $ 185 $ 220

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	12. COMMITMENTS AND CONTINGENCIES On December 31, 2018, 1960’s 200 two 1.5 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. 2021. No December 31, 2021, no Pursuant to a 1999 90% 2021, three December 31, 2020. not 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 13 - Fair Value Measuremen

Note 13 - Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
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 2 6

Note 14 - Contract Assets and L

Note 14 - Contract Assets and Liabilities	12 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	14. CONTRACT ASSETS AND LIABILITIES Receivables from contracts with customers were $0.3 million, $0.8 million, and $0.7 million at December 31, 2021, 2020, 2019, 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. March 2020. December 31, 2021 2020,

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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. All significant intercompany balances and transactions have been eliminated in consolidation.
Comprehensive Income, Policy [Policy Text Block]	COMPREHENSIVE INCOME (LOSS) Comprehensive income (loss) includes all changes in stockholders’ equity, except those resulting from capital stock transactions. Comprehensive income (loss) 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 2021 2020,
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 2021 2020.
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
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 income (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 income (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. Revenue from discontinued operations include services provided by the Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. previously reflected in a Utilities segment in prior periods. 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 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.
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, 2021 2020. 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 December 2019, 2019 12 740, Income Taxes 740. first 2021. not In March 2020, 2020 04 848 December 31, 2022. December 2021, no ACCOUNTING STANDARDS NOT In June 2016, 2016 13 2019 10 first 2023. In November 2021, 2021 10 832 December 15, 2021.
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. Basic and diluted weighted-average common shares outstanding were 19,353,647 and 19,282,157 at December 31, 2021 2020,

Note 2 - Assets Held for Sale (

Note 2 - Assets Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2021
Notes Tables
Disclosure of Long Lived Assets Held-for-sale [Table Text Block]	2021 2020 (in thousands) Kapalua Resort, 46 $ 2,988 $ 2,978 Upcountry Maui, 646 156 156 Kapalua Resort, Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. assets - 4,306 $ 3,144 $ 7,440

Note 5 - Leasing Arrangements (

Note 5 - Leasing Arrangements (Tables)	12 Months Ended
	Dec. 31, 2021
Notes Tables
Operating Lease, Lease Income [Table Text Block]	2021 2020 (in thousands) Minimum rentals $ 3,029 $ 2,719 Percentage rentals 1,503 427 Licensing fees 732 456 Other 1,659 1,236 $ 6,923 $ 4,838
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block]	Years ending December 31, 2022 $ 2,346 2023 $ 1,436 2024 $ 911 2025 $ 886 2026 $ 832 Thereafter $ 8,535

Note 6 - Accrued Retirement B_2

Note 6 - Accrued Retirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2021
Notes Tables
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	2021 2020 (in thousands) Defined benefit pension plan $ 5,932 $ 8,790 Non-qualified retirement plan 2,147 2,301 Total 8,079 11,091 Less current portion (142 ) (165 ) Non-current portion of accrued retirement benefits $ 7,937 $ 10,926
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]	2021 2020 (in thousands) Change in benefit obligations: Benefit obligations at beginning of year $ 54,655 $ 54,128 Interest cost 1,237 1,633 Actuarial (gain) loss (1,160 ) 3,588 Benefits paid (14,550 ) (4,694 ) Benefit obligations at end of year 40,182 54,655 Change in plan assets: Fair value of plan assets at beginning of year 43,587 44,284 Actual return on plan assets 1,384 3,869 Employer contributions 1,682 128 Benefits paid (14,550 ) (4,694 ) Fair value of plan assets at end of year 32,103 43,587 Funded status $ (8,079 ) $ (11,068 ) Accumulated benefit obligations $ 40,182 $ 54,655 Weighted average assumptions to determine benefit obligations: Discount rate 2.69 - 2.74% 2.28 - 2.35% Expected long-term return on plan assets 4.00% 4.50% Rate of compensation increase n/a n/a
Schedule of Net Benefit Costs [Table Text Block]	2021 2020 (in thousands) Pension and other benefits: Interest cost $ 1,237 $ 1,633 Expected return on plan assets (1,680 ) (2,020 ) Recognized net actuarial loss 933 839 Settlement expense 4,252 - Pension expense $ 4,742 $ 452 Other changes in plan assets and benefit obligations recognized in comprehensive income: Net loss (gain) $ (865 ) $ 1,739 Amortization of recognized loss (5,185 ) (839 ) Total recognized (gain) loss in comprehensive income $ (6,050 ) $ 900
Defined Benefit Plan, Assumptions [Table Text Block]	Weighted average assumptions used to determine net periodic benefit cost: 2021 2020 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
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	2021 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 $ - $ 6,385 1,425 $ 7,810 ACIT fixed income funds - 21,114 1,746 22,860 Cash management funds - 1,433 - 1,433 $ - $ 28,932 3,171 $ 32,103 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
Schedule of Expected Benefit Payments [Table Text Block]	Years ending December 31, 2022 $ 3,087 2023 $ 2,994 2024 $ 2,905 2025 $ 2,822 2026 $ 2,732 2027 - 2031 $ 12,234

Note 8 - Income Taxes (Tables)

Note 8 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	2021 2020 (in thousands) Federal income tax benefit at statutory rate $ (718 ) $ (547 ) Adjusted for: Permanent differences and other 102 72 Valuation allowance 616 475 Income tax expense $ - $ -
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	2021 2020 (in thousands) Net operating loss and tax credit carryforwards $ 25,132 $ 24,956 Joint venture and other investments (27 ) (27 ) Accrued retirement benefits 2,545 3,329 Property net book value 2,862 3,357 Deferred revenue 1,083 715 Reserves and other (5 ) 29 Total deferred tax assets 31,590 32,359 Valuation allowance (31,590 ) (32,359 ) Net deferred tax assets $ - $ -

Note 9 - Discontinued Operati_2

Note 9 - Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2021
Notes Tables
Disposal Groups, Including Discontinued Operations [Table Text Block]	2021 2020 (in thousands) Operating revenues $ 819 $ 2,646 Operating costs and expenses (995 ) (2,787 ) Impairment loss (40 ) (196 ) Loss from discontinued operations $ (216 ) $ (337 )

Note 10 - Segment Information (

Note 10 - Segment Information (Tables)	12 Months Ended
	Dec. 31, 2021
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Real Resort Estate Leasing Amenities Other Consolidated 2021 Operating revenues (1) $ 3,400 $ 8,103 $ 940 $ - $ 12,443 Operating costs and expenses (750 ) (3,495 ) (1,355 ) - (5,600 ) Depreciation expense - (1,177 ) - (11 ) (1,188 ) General and administrative expenses (1,049 ) (1,121 ) (487 ) (1,361 ) (4,018 ) Operating income (loss) 1,601 2,310 (902 ) (1,372 ) 1,637 Pension and other post-retirement expenses (4,732 ) Interest expense (122 ) Other income 13 Loss from continuing operations $ (3,204 ) Capital expenditures (3) $ 74 $ 29 $ - $ - $ 103 Assets (4) $ 15,525 $ 14,684 $ 800 $ 6,910 $ 37,919 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 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

Note 11 - Reserves (Tables)

Note 11 - Reserves (Tables)	12 Months Ended
	Dec. 31, 2021
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 2021 $ 220 $ (66 ) $ 154 2020 $ 35 $ 185 $ 220

Supplemental Schedule of Non-_2

Supplemental Schedule of Non-Cash Investing and Financing Activities (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stock Issued	$ 748,000	$ 865,000

Note 1 - Description of Busin_2

Note 1 - Description of Business and Significant Accounting Policies (Details Textual)	12 Months Ended
	Dec. 31, 2021USD ($)ashares	Dec. 31, 2020USD ($)shares
Asset Impairment Charges, Total	$ 40,000	$ 196,000
Impairment of Deferred Development Costs	$ 0	$ 0
Weighted Average Number of Shares Outstanding, Basic and Diluted (in shares) | shares	19,353,647	19,282,157
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 2 - Assets Held for Sale_2

Note 2 - Assets Held for Sale (Details Textual) $ in Thousands	May 01, 2021USD ($)	May 31, 2021USD ($)	Dec. 31, 2021USD ($)a	Dec. 31, 2020USD ($)a	Feb. 01, 2022USD ($)a
Proceeds from Sale of Productive Assets, Total			$ 4,203	$ 0
PUC-regulated Assets of Kapalua Water Company, Ltd and Kapalua Waste Treatment Company, Ltd [Member]
Proceeds from Sale of Productive Assets, Total	$ 4,200	$ 4,200
Kapalua Central Resort Project [Member]
Receivables, Long-term Contracts or Programs, Total			$ 40,000
630-Acre Parcel Of Agricultural Land [Member] | Upcountry Maui [Member]
Area of Real Estate Property (Acre) | a			646	646
630-Acre Parcel Of Agricultural Land [Member] | Subsequent Event [Member] | Upcountry Maui [Member]
Receivables, Long-term Contracts or Programs, Total					$ 9,700
Area of Real Estate Property (Acre) | a					646
Deposits Received for Sale of Property					$ 2,000

Note 2 - Assets Held for Sale -

Note 2 - Assets Held for Sale - Assets Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets held for sale	$ 3,144	$ 7,440
Kapalua Central Resort Project [Member] | Kapalua Resort [Member]
Assets held for sale	2,988	2,978
630-Acre Parcel Of Agricultural Land [Member] | Upcountry Maui [Member]
Assets held for sale	156	156
Kapalua Water Company and Kapalua Waste Treatment Company [Member] | Kapalua Resort [Member]
Assets held for sale	$ 0	$ 4,306

Note 2 - Assets Held for Sale_3

Note 2 - Assets Held for Sale - Assets Held for Sale (Details) (Parentheticals) - a	Dec. 31, 2021	Dec. 31, 2020
Kapalua Central Resort Project [Member] | Kapalua Resort [Member]
Area of real estate (Acre)	46	46
630-Acre Parcel Of Agricultural Land [Member] | Upcountry Maui [Member]
Area of real estate (Acre)	646	646

Note 3 - Property & Equipment (

Note 3 - Property & Equipment (Details Textual) - Land [Member]	12 Months Ended
	Dec. 31, 2021aft²
Area of Land (Acre)	22,800
West Maui [Member]
Area of Land (Acre)	20,700
Area of Elevation from Sea (Square Foot) | ft²	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) - First Hawaiian Bank Revolving Line of Credit [Member] - Revolving Credit Facility [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)ft²
Line of Credit Facility, Maximum Borrowing Capacity	$ 15,000
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 Resort [Member]
Pledged Assets not Separately Reported, Area of Real Estate (Square Foot) | ft²	30,000
Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.01125%

Note 5 - Leasing Arrangements_2

Note 5 - Leasing Arrangements (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment, Net, Ending Balance	$ 16,998	$ 18,511
Asset Leased to Others [Member]
Property, Plant and Equipment, Net, Ending Balance	$ 11,200	$ 12,700

Note 5 - Leasing Arrangements -

Note 5 - Leasing Arrangements - Rental Income under Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Minimum rentals	$ 3,029	$ 2,719
Percentage rentals	1,503	427
Licensing fees	732	456
Other	1,659	1,236
Leasing	8,103	5,948
Operating Lease Income Including Water System Sales [Member]
Leasing	$ 6,923	$ 4,838

Note 5 - Leasing Arrangements_3

Note 5 - Leasing Arrangements - Future Minimum Rental Income Receivable (Details) $ in Thousands	Dec. 31, 2021USD ($)
2022	$ 2,346
2023	1,436
2024	911
2025	886
2026	832
Thereafter	$ 8,535

Note 6 - Accrued Retirement B_3

Note 6 - Accrued Retirement Benefits (Details Textual) $ in Thousands	1 Months Ended		12 Months Ended
	Nov. 30, 2021USD ($)	Aug. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Jan. 31, 2021USD ($)
Defined Benefit Plan, Number of People Receiving Pension Benefits	384
Defined Benefit Plan, Plan Assets, Benefits Paid	$ 10,400		$ 14,550	$ 4,694
Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax			15,600	21,700
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year					$ 600
Defined Benefit Plan, Plan Assets, Contributions by Employer		$ 1,000	$ 1,682	$ 128

Note 6 - Accrued Retirement B_4

Note 6 - Accrued Retirement Benefits - Accrued Retirement Benefits (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Defined benefit pension plan	$ 8,079	$ 11,091
Less current portion	(142)	(165)
Non-current portion of accrued retirement benefits	7,937	10,926
Pension Plan [Member] | Qualified Plan [Member]
Defined benefit pension plan	5,932	8,790
Supplemental Employee Retirement Plan [Member] | Nonqualified Plan [Member]
Defined benefit pension plan	$ 2,147	$ 2,301

Note 6 - Accrued Retirement B_5

Note 6 - Accrued Retirement Benefits - Changes in Benefit Obligations and Plan Assets (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Nov. 30, 2021	Aug. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Change in benefit obligations:
Benefit obligations			$ 54,655	$ 54,128
Interest cost			1,237	1,633
Actuarial (gain) loss			(1,160)	3,588
Benefits paid			(14,550)	(4,694)
Benefit obligations			40,182	54,655
Change in plan assets:
Fair value of plan assets			43,587	44,284
Actual return on plan assets			1,384	3,869
Employer contributions		$ 1,000	1,682	128
Benefits paid	$ (10,400)		(14,550)	(4,694)
Fair value			32,103	43,587
Funded status			(8,079)	(11,068)
Accumulated benefit obligations			$ 40,182	$ 54,655
Discount rate			0.00%	0.00%
Expected long-term return on plan assets			4.00%	4.50%
Minimum [Member]
Change in plan assets:
Discount rate			2.69%	2.28%
Maximum [Member]
Change in plan assets:
Discount rate			2.74%	2.35%

Note 6 - Accrued Retirement B_6

Note 6 - Accrued Retirement Benefits - Net Periodic Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Pension and other benefits:
Interest cost	$ 1,237	$ 1,633
Expected return on plan assets	(1,680)	(2,020)
Recognized net actuarial loss	933	839
Settlement expense	4,252	0
Pension expense	4,742	452
Other changes in plan assets and benefit obligations recognized in comprehensive income:
Net loss (gain)	(865)	1,739
Amortization of recognized loss	(5,185)	(839)
Total recognized (gain) loss in comprehensive income	$ (6,050)	$ 900

Note 6 - Accrued Retirement B_7

Note 6 - Accrued Retirement Benefits - Summary of Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Expected long-term return on plan assets	4.50%	4.75%
Minimum [Member]
Discount rate	2.28%	3.10%
Maximum [Member]
Discount rate	2.35%	3.14%

Note 6 - Accrued Retirement B_8

Note 6 - Accrued Retirement Benefits - Fair Values of Pension Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair value of pension plan assets	$ 32,103	$ 43,587	$ 44,284
Equity Funds [Member]
Fair value of pension plan assets	7,810	10,558
Fixed Income Funds [Member]
Fair value of pension plan assets	22,860	32,066
Money Market Funds [Member]
Fair value of pension plan assets	1,433	963
Fair Value, Inputs, Level 1 [Member]
Fair value of pension plan assets	0	0
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member]
Fair value of pension plan assets	0	0
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member]
Fair value of pension plan assets	0	0
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]
Fair value of pension plan assets	0	0
Fair Value, Inputs, Level 2 [Member]
Fair value of pension plan assets	28,932	40,327
Fair Value, Inputs, Level 2 [Member] | Equity Funds [Member]
Fair value of pension plan assets	6,385	9,406
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds [Member]
Fair value of pension plan assets	21,114	29,958
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member]
Fair value of pension plan assets	1,433	963
Fair Value, Inputs, Level 3 [Member]
Fair value of pension plan assets	3,171	3,260
Fair Value, Inputs, Level 3 [Member] | Equity Funds [Member]
Fair value of pension plan assets	1,425	1,152
Fair Value, Inputs, Level 3 [Member] | Fixed Income Funds [Member]
Fair value of pension plan assets	1,746	2,108
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member]
Fair value of pension plan assets	$ 0	$ 0

Note 6 - Accrued Retirement B_9

Note 6 - Accrued Retirement Benefits - Summary of Contribution to Defined Benefit Plans (Details) $ in Thousands	Dec. 31, 2021USD ($)
2022	$ 3,087
2023	2,994
2024	2,905
2025	2,822
2026	2,732
2027 - 2031	$ 12,234

Note 7 - Share-based Compensa_2

Note 7 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expense	$ 1,449	$ 1,632
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 Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%
Domestic Tax Authority [Member]
Operating Loss Carryforwards, Total	$ 71.7
Operating Loss Carryforwards that Do Not Expire	5.9
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Total	85.7
Operating Loss Carryforwards that Do Not Expire	$ 5.9

Note 8 - Income Taxes - Effecti

Note 8 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Federal income tax benefit at statutory rate	$ (718)	$ (547)
Adjusted for:
Permanent differences and other	102	72
Valuation allowance	616	475
Income tax expense	$ 0	$ 0

Note 8 - Income Taxes - Summary

Note 8 - Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Net operating loss and tax credit carryforwards	$ 25,132	$ 24,956
Joint venture and other investments	(27)	(27)
Accrued retirement benefits	2,545	3,329
Property net book value	2,862	3,357
Deferred revenue	1,083	715
Reserves and other	(5)	29
Total deferred tax assets	31,590	32,359
Valuation allowance	(31,590)	(32,359)
Net deferred tax assets	$ 0	$ 0

Note 9 - Discontinued Operati_3

Note 9 - Discontinued Operations (Details Textual) - USD ($) $ in Thousands	May 01, 2021	May 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Proceeds from Sale of Productive Assets, Total			$ 4,203	$ 0
PUC-regulated Assets of Kapalua Water Company, Ltd and Kapalua Waste Treatment Company, Ltd [Member]
Proceeds from Sale of Productive Assets, Total	$ 4,200	$ 4,200

Note 9 - Discontinued Operati_4

Note 9 - Discontinued Operations - Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating revenues	$ 819	$ 2,646
Operating costs and expenses	(995)	(2,787)
Impairment loss	(40)	(196)
Loss from discontinued operations	$ (216)	$ (337)

Note 10 - Segment Information_2

Note 10 - Segment Information (Details Textual) $ in Millions	Dec. 31, 2020USD ($)
Disposal Group, Including Discontinued Operation, Assets, Total	$ 4.7

Note 10 - Segment Information -

Note 10 - Segment Information - Reportable Segment Information (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Revenues	[1]	$ 12,443	$ 7,540	[2]
Operating costs and expenses		(5,600)	(4,726)	[2]
Depreciation expense		(1,188)	(1,289)	[2]
General and administrative expenses		(4,018)	(4,077)
Operating income (loss)		1,637	(2,552)	[2]
Pension and other post-retirement expenses		(4,732)	(475)
Interest expense		(122)	(134)
Other income		13	894
Loss from continuing operations		(3,204)	(2,267)
Capital expenditures	[3]	103	517
Assets	[4]	37,919	38,470	[2]
Operating Segments [Member] | Real Estate Segment [Member]
Revenues	[1]	3,400	772
Operating costs and expenses		(750)	(600)
General and administrative expenses		(1,049)	(1,075)
Operating income (loss)		1,601	(903)
Pension and other post-retirement expenses
Interest expense
Other income
Loss from continuing operations
Capital expenditures	[3]	74	436
Assets	[4]	15,525	14,851
Operating Segments [Member] | Leasing Segment [Member]
Revenues	[1]	8,103	5,948
Operating costs and expenses		(3,495)	(2,933)
Depreciation expense		(1,177)	(1,278)
General and administrative expenses		(1,121)	(1,131)
Operating income (loss)		2,310	606
Pension and other post-retirement expenses
Interest expense
Other income
Loss from continuing operations
Capital expenditures	[3]	29	81
Assets	[4]	14,684	16,109
Operating Segments [Member] | Resort Amenities Segment [Member]
Revenues	[1]	940	820
Operating costs and expenses		(1,355)	(1,193)
General and administrative expenses		(487)	(492)
Operating income (loss)		(902)	(865)
Pension and other post-retirement expenses
Interest expense
Other income
Loss from continuing operations
Capital expenditures	[3]	0	0
Assets	[4]	800	830
Operating Segments [Member] | Corporate and Other [Member]
Depreciation expense		(11)	(11)	[2]
General and administrative expenses		(1,361)	(1,379)
Operating income (loss)		(1,372)	(1,390)	[2]
Pension and other post-retirement expenses
Interest expense
Other income
Loss from continuing operations
Capital expenditures	[3]	0	0	[2]
Assets	[4]	$ 6,910	$ 6,680	[2]
[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 at December 31, 2020.
[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, 2021	Dec. 31, 2020
Balance at beginning of year	$ 220	$ 35
Increase	(66)	185
Balance at end of year	$ 154	$ 220

Note 12 - Commitments and Con_2

Note 12 - Commitments and Contingencies (Details Textual) - USD ($)	1 Months Ended	36 Months Ended
	Jun. 30, 2018	Dec. 31, 2020	Dec. 31, 2021
Payments for Reimbursement of Filtration and Maintenance		$ 59,000
Notice and Finding of Violation and Order [Member]
Loss Contingency, Damages Sought, Value	$ 230,000
Loss Contingency Accrual, Ending Balance			$ 23,000

Note 13 - Fair Value Measurem_2

Note 13 - Fair Value Measurements (Details Textual) $ in Millions	Dec. 31, 2020USD ($)
Fair Value, Inputs, Level 2 [Member]
Long-term Debt, Total	$ 0.2

Note 14 - Contract Assets and_2

Note 14 - Contract Assets and Liabilities (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Contract with Customer, Receivable, after Allowance for Credit Loss, Total	$ 300	$ 800		$ 700
License [Member]
Contract with Customer, Liability, Noncurrent	1,633	1,767	$ 2,000
Contract with Customer, Liability, Revenue Recognized	$ 100	$ 100