Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 21, 2024 | Jun. 30, 2023 | |
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 | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-06510 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 99-0107542 | ||
Entity Address, Address Line One | 500 Office Road | ||
Entity Address, City or Town | Lahaina, Maui | ||
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, $0.0001 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 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 106,767,291 | ||
Entity Common Stock, Shares Outstanding | 19,680,996 | ||
Auditor Name | ACCUITY LLP | ||
Auditor Location | Honolulu, Hawai‘i | ||
Auditor Firm ID | 2866 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
CURRENT ASSETS | ||||
Cash and cash equivalents | $ 5,700 | $ 8,499 | ||
Cash, restricted | 0 | 10 | ||
Accounts receivable, net | 1,166 | 892 | ||
Investment in bond securities, current portion | 2,671 | 2,432 | ||
Prepaid expenses and other assets | 467 | 368 | ||
Assets held for sale | 0 | 3,019 | ||
Total Current Assets | 10,004 | 15,220 | ||
PROPERTY & EQUIPMENT | ||||
Land | 5,052 | 5,052 | ||
Land improvements | 13,853 | 12,943 | ||
Buildings | 22,869 | 22,869 | ||
Machinery and equipment | 10,500 | 10,360 | ||
Total Property & Equipment | 52,274 | 51,224 | ||
Less accumulated depreciation | (36,215) | (35,346) | ||
Property & Equipment, net | 16,059 | 15,878 | ||
OTHER ASSETS | ||||
Investment in bond securities, less current portion | 464 | 551 | ||
Investment in joint venture | 1,608 | 0 | ||
Deferred development costs | 12,815 | 9,566 | ||
Other noncurrent assets | 1,273 | 1,191 | ||
Total Other Assets | 16,160 | 11,308 | ||
TOTAL ASSETS | 42,223 | [1] | 42,406 | [2] |
CURRENT LIABILITIES | ||||
Accounts payable | 1,154 | 589 | ||
Payroll and employee benefits | 502 | 869 | ||
Accrued retirement benefits, current portion | 142 | 142 | ||
Deferred revenue, current portion | 217 | 227 | ||
Other current liabilities | 465 | 480 | ||
Total Current Liabilities | 2,480 | 2,307 | ||
LONG-TERM LIABILITIES | ||||
Accrued retirement benefits | 1,550 | 2,612 | ||
Other noncurrent liabilities | 14 | 30 | ||
Total Long-Term Liabilities | 5,039 | 6,327 | ||
TOTAL LIABILITIES | 7,519 | 8,634 | ||
COMMITMENTS & CONTINGENCIES | ||||
STOCKHOLDERS’ EQUITY | ||||
Common stock--$.0001 par value at December 31, 2023 and 2022, respectively; 43,000,000 shares authorized; 19,615,350 and 19,476,671 shares issued and outstanding at December 31, 2023 and 2022, respectively | 84,680 | 83,392 | ||
Additional paid in capital | 10,538 | 9,184 | ||
Accumulated deficit | (53,617) | (50,537) | ||
Accumulated other comprehensive loss | (6,897) | (8,267) | ||
Total Stockholders’ Equity | 34,704 | 33,772 | ||
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 42,223 | 42,406 | ||
License [Member] | ||||
LONG-TERM LIABILITIES | ||||
Deferred revenue, less current portion | 1,367 | 1,500 | ||
Member Deposits [Member] | ||||
LONG-TERM LIABILITIES | ||||
Deferred revenue, less current portion | $ 2,108 | $ 2,185 | ||
[1]Segment assets are located in the United States[2]The Land Development and Sales segment includes a $1.6 million equity method investment |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 43,000,000 | 43,000,000 |
Common stock, shares issued (in shares) | 19,615,350 | 19,476,671 |
Common stock, shares outstanding (in shares) | 19,615,350 | 19,476,671 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
OPERATING REVENUES | |||
Leasing | $ 8,461 | $ 8,513 | |
Total Operating Revenues | [1] | 10,915 | 20,960 |
OPERATING COSTS AND EXPENSES | |||
Leasing | 4,420 | 3,598 | |
General and administrative | 3,998 | 2,795 | |
Share-based compensation | 2,846 | 1,278 | |
Depreciation | 869 | 1,109 | |
Total Operating Costs and Expenses | 14,260 | 11,353 | |
OPERATING INCOME (LOSS) | (3,345) | 9,607 | |
Other income | 707 | 71 | |
Pension and other post-retirement expenses | (436) | (7,885) | |
Interest expense | (6) | (6) | |
NET INCOME (LOSS) | (3,080) | 1,787 | |
Pension, net of income taxes of $0 | 1,370 | 7,381 | |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ (1,710) | $ 9,168 | |
INCOME (LOSS) PER COMMON SHARE--BASIC AND DILUTED (in dollars per share) | $ (150) | $ 90 | |
Real Estate [Member] | |||
OPERATING REVENUES | |||
Operating revenues | $ 1,626 | $ 11,600 | |
OPERATING COSTS AND EXPENSES | |||
Operating Costs and Expenses | 595 | 1,026 | |
Resort Amenities and Other [Member] | |||
OPERATING REVENUES | |||
Operating revenues | 828 | 847 | |
OPERATING COSTS AND EXPENSES | |||
Operating Costs and Expenses | $ 1,532 | $ 1,547 | |
[1]Amounts are principally revenues from external customers and exclude equity in earnings of affiliates. |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
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, 2021 | 19,383 | ||||
Balance at Dec. 31, 2021 | $ 82,378 | $ 9,184 | $ (52,324) | $ (15,648) | $ 23,590 |
Share-based compensation expense | 855 | 855 | |||
Issuance of shares for incentive plan (in shares) | 49 | ||||
Issuance of shares for incentive plan | $ 494 | 494 | |||
Vested restricted stock issued (in shares) | 78 | ||||
Vested restricted stock issued | $ 855 | (855) | 0 | ||
Shares canceled to pay tax liability (in shares) | (33) | ||||
Shares canceled to pay tax liability | $ (335) | (335) | |||
Pension, net of income taxes of $0 | 7,381 | 7,381 | |||
Net income (loss) | 1,787 | 1,787 | |||
Balance (in shares) at Dec. 31, 2022 | 19,477 | ||||
Balance at Dec. 31, 2022 | $ 83,392 | 9,184 | (50,537) | (8,267) | 33,772 |
Share-based compensation expense | 2,596 | 2,596 | |||
Issuance of shares for incentive plan (in shares) | 67 | ||||
Issuance of shares for incentive plan | $ 620 | 620 | |||
Vested restricted stock issued (in shares) | 123 | ||||
Vested restricted stock issued | $ 1,242 | (1,242) | 0 | ||
Shares canceled to pay tax liability (in shares) | (52) | ||||
Shares canceled to pay tax liability | $ (574) | (574) | |||
Pension, net of income taxes of $0 | 1,370 | 1,370 | |||
Net income (loss) | (3,080) | (3,080) | |||
Balance (in shares) at Dec. 31, 2023 | 19,615 | ||||
Balance at Dec. 31, 2023 | $ 84,680 | $ 10,538 | $ (53,617) | $ (6,897) | $ 34,704 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Cash receipts from customers and other receipts | $ 9,846 | $ 20,916 |
Cash paid to vendors | (8,792) | (13,296) |
Cash paid for payroll and taxes | (2,425) | (1,357) |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (1,371) | 6,263 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of bond securities | (3,107) | (3,079) |
Maturities of bond securities | 2,955 | 97 |
Purchases of property and equipment | (618) | 0 |
Payments for other assets | (94) | (33) |
NET CASH USED IN INVESTING ACTIVITIES | (864) | (3,015) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Common stock issuance costs and other | (574) | (335) |
NET CASH USED IN FINANCING ACTIVITIES | (574) | (335) |
NET INCREASE (DECREASE) IN CASH | (2,809) | 2,913 |
CASH AND RESTRICTED CASH AT BEGINNING OF YEAR | 8,509 | 5,596 |
CASH AND RESTRICTED CASH AT END OF YEAR | 5,700 | 8,509 |
RECONCILIATION OF NET INCOME (LOSS) TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: | ||
Net income (loss) | (3,080) | 1,787 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 785 | 1,116 |
Bad debt provision | 142 | 28 |
Restricted Stock or Unit Expense | 2,596 | 855 |
Gain on disposal of property | (1,608) | 0 |
Cost of real estate sales | 0 | 167 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (416) | 183 |
Retirement liabilities | 308 | 2,056 |
Accounts payable | 102 | 9 |
Other operating assets and liabilities | (200) | 62 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ (1,371) | $ 6,263 |
Supplemental Schedule of Non-Ca
Supplemental Schedule of Non-Cash Investing and Financing Activities | 12 Months Ended |
Dec. 31, 2023 | |
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 $0.6 million and $0.5 million during the years ended December 31, 2023 2022, • Capitalized property, equipment, and development costs in accounts payable were $0.5 million at December 31, 2023. |
Note 1 - Description of Busines
Note 1 - Description of Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
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 Delaware corporation and the successor to a business organized in 1909 July 18, 2022. 268,000 Land Development & Sales Our real estate operations consist of land planning and entitlement, development, and sales activities. Leasing Our leasing operations include commercial, agricultural, and industrial land and property leases, licensing of our registered trademarks and trade names, management of potable and non-potable water systems in West and Upcountry Maui, and stewardship of conservation areas. Resort Amenities We manage the operations of the Kapalua Club, a private, non-equity club program providing our members 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 of America (“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. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand, deposits in banks, and money market funds. RESTRICTED CASH Restricted cash consisted of deposits held in escrow from the prospective buyer of a property held for sale. ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES Receivables are recorded net of an allowance for credit losses. 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 INVESTMENT IN BOND SECURITIES Held-to-maturity debt securities are stated at amortized cost. Investments are reviewed for impairment for each reporting period. If any impairment is considered other-than-temporary, an allowance for credit loss would be established and held-to-maturity debt securities will be presented net of the credit loss allowance. Adjustments to expected credit losses are recorded as a component of other income (expense). 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 December 31, 2023 2022. 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 December 31, 2023 2022. INVESTMENT IN JOINT VENTURES Investments in joint ventures are accounted for under the equity method of accounting. The initial capital contribution of assets to a joint venture is recorded at fair value. 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 funded status of the Company’s defined benefit pension plan is recorded as an asset or liability in the consolidated balance sheet reflecting the difference between the fair value of plan assets and the projected benefit obligation. Changes in the funded status of the plan are recorded in the year in which the changes occur, through comprehensive income. 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 13 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. 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. 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. 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. Leasing revenues are recognized on a straight-line basis over the terms of the leases. Lease income may The Company elected the following practical expedients upon adoption of ASC Topic 842 January 1, 2019: ● Single component practical expedient – requires the Company to account for lease and non-lease components associated with that lease, if certain criteria are met. ● Short-term leases practical expedient – for operating leases with a term of 12 not third Included in leasing revenues are grants issued by the State of Hawai‘i to subsidize the conservation and preservation efforts of the Pu‘u Kukui Watershed Preserve (“PKW”). The PKW is approximately 9,000 acres of conservation zoned lands that is a primary source of water that originates on the top of the West Maui Mountains. We currently receive government assistance via two July 1, 2023 six July 1, 2023 June 30, 2024 $510,000 April 1, 2019 April 30, 2024 2023 2022. 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 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 14 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. SHARE-BASED COMPENSATION PLANS The Company accounts for share-based compensation, including grants of restricted shares of common stock and options to purchase common shares, as compensation expense over the respective vesting periods in the consolidated financial statements based on their fair values on the grant dates. The impact of forfeitures that may 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. 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 income (loss) and such amounts are included in income taxes payable on the Company’s consolidated balance sheets. COMPREHENSIVE INCOME (LOSS) Comprehensive income (loss) includes all changes in stockholders’ equity, except those resulting from capital stock transactions. Comprehensive income also includes adjustments to the Company’s defined benefit pension plan obligations. INCOME (LOSS) PER COMMON SHARE Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding. Diluted net income (loss) per common share is computed similar to basic net income (loss) per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if dilutive potential common shares from share-based compensation arrangements had been issued. Potentially dilutive shares from stock option grants to purchase common shares and non-vested restricted stock are determined using the treasury stock method. Basic weighted-average common shares outstanding at December 31, 2023 2022 December 31, 2023 2022 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 cash and cash equivalents to be unrestricted for 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. 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, 2023 2022. No 2023 2022. 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 9 NEW ACCOUNTING STANDARD ADOPTED In June 2016, 2016 13 January 1, 2023 no |
Note 2 - Investments in Bond Se
Note 2 - Investments in Bond Securities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. INVESTMENTS IN BOND SECURITIES Amortized cost and fair value of debt securities at December 31, 2023 2022 2023 2022 (in thousands) Amortized cost $ 3,135 $ 2,983 Unrealized gains 4 9 Fair value $ 3,139 $ 2,992 Maturities of debt securities at December 31, 2023 2022 2023 2022 Amortized Cost Fair Value Amortized Cost Fair Value (in thousands) One year or less $ 2,671 $ 2,671 $ 2,432 $ 2,440 Greater than one year through five years 464 468 551 552 $ 3,135 $ 3,139 $ 2,983 $ 2,992 The fair value of debt securities were measured using Level 1 |
Note 3 - Assets Held for Sale
Note 3 - Assets Held for Sale | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Assets Held-for-Sale and Real Estate Sales Disclosure [Text Block] | 3. ASSETS HELD FOR SALE Assets held for sale consisted of the 46 December 2021, five April 11, 2023. 2023, |
Note 4 - Property & Equipment
Note 4 - Property & Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. PROPERTY & EQUIPMENT Land Most of the Company’s 22,300 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. 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. Most of the Company’s buildings were constructed and placed in service in the mid-to-late 1970’s. Machinery and Equipment Machinery and equipment are mainly comprised of zipline course equipment installed in 2008 |
Note 5 - Investment in Joint Ve
Note 5 - Investment in Joint Venture | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Investment [Text Block] | 5. INVESTMENT IN JOINT VENTURE In December 2023, "BRE2 BRE2 |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6. LONG-TERM DEBT The Company has available a $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 was in compliance with the covenants under the Credit Facility as of December 31, 2023. |
Note 7 - Accrued Retirement Ben
Note 7 - Accrued Retirement Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 7. ACCRUED RETIREMENT BENEFITS Accrued retirement benefits at December 31, 2023 2022 2023 2022 (in thousands) Defined benefit pension plan $ (33 ) $ 1,023 Non-qualified retirement plan 1,725 1,731 Total 1,692 2,754 Less current portion (142 ) (142 ) Non-current portion of accrued retirement benefits $ 1,550 $ 2,612 The Company had two 2011, two 2018. nine 2009 In November 2022, The measurement date for the Company’s benefit plan disclosures is December 31 December 31, 2023 2022, December 31, 2023 2022 2023 2022 (in thousands) Change in benefit obligations: Benefit obligations at beginning of year $ 16,537 $ 40,182 Interest cost 783 1,034 Actuarial gain (580 ) (7,772 ) Benefits paid (1,188 ) (16,907 ) Benefit obligations at end of year 15,552 16,537 Change in plan assets: Fair value of plan assets at beginning of year 13,783 32,103 Actual return on plan assets 1,137 (7,241 ) Employer contributions 128 5,828 Benefits paid (1,188 ) (16,907 ) Fair value of plan assets at end of year 13,860 13,783 Funded status $ (1,692 ) $ (2,754 ) Accumulated benefit obligations $ (15,552 ) $ 16,537 Weighted average assumptions to determine benefit obligations: Discount rate 4.90 - 4.95% 5.11 - 5.14% Expected long-term return on plan assets 5.25% 5.00% Rate of compensation increase n/a n/a Accumulated other comprehensive loss of $6.9 million and $8.3 million at December 31, 2023 2022, not Components of net periodic benefit cost and other amounts recognized in comprehensive income were as follows: 2023 2022 (in thousands) Pension and other benefits: Interest cost $ 783 $ 1,034 Expected return on plan assets (657 ) (1,226 ) Recognized net actuarial loss 310 585 Settlement expense - 7,492 Pension expense $ 436 $ 7,885 Other changes in plan assets and benefit obligations recognized in comprehensive income: Net loss (gain) $ (1,060 ) $ 696 Amortization of recognized loss (310 ) (8,077 ) Total recognized gain in comprehensive income $ (1,370 ) (7,381 ) Weighted average assumptions used to determine net periodic benefit cost: 2023 2022 Discount rate 5.11 - 5.14% 2.69 - 2.74% Expected long-term return on plan assets 5.00% 4.00% 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, 2023 2022, 2023 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 $ - $ 760 $ - $ 760 ACIT fixed income funds - 12,002 70 12,072 Cash management funds - 1,028 - 1,028 $ - $ 13,790 $ 70 $ 13,860 2022 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 $ - $ 631 $ 828 $ 1,459 ACIT fixed income funds - 10,666 261 10,927 Cash management funds - 1,397 - 1,397 $ - $ 12,694 $ 1,089 $ 13,783 Level 1 2 2 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, 2023 $ 1,394 2024 $ 1,373 2025 $ 1,346 2026 $ 1,316 2027 $ 1,277 2028-2032 $ 5,851 The Company made a voluntary contribution of $5.7 million to its defined benefit pension plan in August 2022. 2023. |
Note 8 - Contract Assets and Li
Note 8 - Contract Assets and Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 8. CONTRACT ASSETS AND LIABILITIES Receivables from contracts with customers were $0.4 million, $0.3 million, and $0.3 million at December 31, 2023, 2022 2021, 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, 2023 2022, |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. COMMITMENTS AND CONTINGENCIES On December 31, 2018, 1960’s 200 two 1.5 The DOH agreed to defer the Order as we continue to work to resolve and remediate the facility’s wastewater effluent issues through an approved corrective action plan. The construction of additional leach fields and installations of a surface aerator, sludge removal system, and natural pond cover using water plants were completed. Test results from wastewater monitoring indicate effluent concentration amounts within allowable ranges. A feasibility study was prepared and submitted identifying various technical solutions that could be implemented to resolve the Order. The Company submitted a plan and proposed solution to resolve the Order. The plan included the installation of an additional pond that will be lined and installed with aerators. One of the existing ponds will be lined and renovated as necessary and the other pond will be taken offline and used as a backup pond if needed. The Company is awaiting comments, feedback and approval from the DOH at the time of filing the Form 10 Pursuant to a 1999 90% December 31, 2023 2022, 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 10 - Leasing Arrangements
Note 10 - Leasing Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessor, Operating Leases [Text Block] | 10. 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, 2023 2022 2023 2022 (in thousands) Minimum rentals $ 3,409 $ 3,272 Percentage rentals 1,391 1,937 Licensing fees 827 1,001 Other 1,336 1,296 $ 6,963 $ 7,506 Leased property, net of accumulated depreciation, was $10.3 million and $10.1 million at December 31, 2023 2022, Future minimum rental income for the next five Years ending December 31, 2024 $ 2,460 2025 $ 2,361 2026 $ 2,338 2027 $ 2,268 2028 $ 1,675 Thereafter $ 8,685 The Company recognized rent expense from operating leases of $34,000 and $49,000 for the years ended December 31, 2023 2022, December 31, 2023 2022, |
Note 11 - Share-based Compensat
Note 11 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 11. 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 awarded annually to certain members of the Company’s management based on their achievement of 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 of common stock vesting quarterly over a period of three Directors receive both cash and equity compensation under the Equity Plan. Share-based compensation is comprised of restricted shares of common stock vesting quarterly over the directors’ annual period of service which are valued based on the average of the high and low share price on the date of grant. Shares are issued upon execution of agreements reflecting the grantee’s acceptance of the respective shares subject to the terms and conditions of the Equity Plan. Restricted shares issued under the Equity Plan have voting and regular dividend rights but cannot be disposed of until such time as they are vested. All unvested restricted shares are forfeited upon the grantee’s termination of directorship from the Company. Options to purchase shares of the Company’s common stock under the Equity Plan were granted to directors during the quarter ended June 30, 2023. For annual board service and board committee service, stock option grants have a contractual period of ten December 31, 2023, December 31, 2023. For continued service of the Board's Chairman, the stock option grant has a contractual period of ten June 1, 2024, June 1, 2025, June 1, 2026. December 31, 2023 The simplified method described in Staff Accounting Bulletin No. 107 not not Share-based compensation expense totaled $2.8 million $1.3 million December 31, 2023 2022, $1.2 million $0.9 million December 31, 2023 2022, December 31, 2023. In January 2024, ten January 1, 2025, January 1, 2026, January 1, 2027. January 2024. January 1, 2024 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. 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 expense (benefit) and the amount computed using the statutory federal rate of 21% for the years ended December 31, 2023 2022 2023 2022 (in thousands) Federal income tax expense (benefit) at statutory rate $ (647 ) $ 375 Adjusted for: Permanent differences 99 86 Valuation allowance 548 (461 ) Income tax expense (benefit) $ - $ - Deferred tax assets were comprised of the following temporary differences as of December 31, 2023 2022: 2023 2022 (in thousands) Net operating loss and tax credit carryforwards $ 24,648 $ 23,980 Joint venture and other investments (446 ) (27 ) Accrued retirement benefits and other compensation 1,233 1,149 Property net book value 3,002 2,960 Deferred revenue 962 1,016 Reserves and other 37 (50 ) Total deferred tax assets 29,436 29,028 Valuation allowance (29,436 ) (29,028 ) Net deferred tax assets $ - $ - Valuation allowances at December 31, 2023 2022 not December 31, 2017 not December 31, 2023, 2030 2034. December 31, 2023 not |
Note 13 - Segment Information
Note 13 - Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. 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, and the Board of Directors in assessing performance and determining the allocation of resources. Reportable operating segments in 2023 • Land development and sales includes development activities, such as land planning and entitlement, and the sale of real estate inventory. • 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 were measured based on operating income, exclusive of interest, pension and other postretirement expenses. Condensed consolidated financial information for each of the Company’s reportable segments for the years ended December 31, 2023 2022 Land Development & Resort Sales Leasing Amenities Other Consolidated 2023 Operating revenues (1) $ 1,626 $ 8,461 $ 828 $ - $ 10,915 Operating costs and expenses (595 ) (4,420 ) (1,532 ) - (6,547 ) Depreciation expense - (861 ) - (8 ) (869 ) General and administrative expenses (908 ) (456 ) (393 ) (5,087 ) (6,844 ) Operating income (loss) 123 2,724 (1,097 ) (5,095 ) (3,345 ) Pension and other post-retirement expenses (436 ) Interest expense (6 ) Other income 707 Income from continuing operations $ (3,080 ) Capital expenditures (2) $ 200 $ 619 $ - $ - $ 819 Assets (3) $ 17,102 (4) $ 14,489 $ 1,018 $ 9,614 $ 42,223 Land Development and Resort Sales Leasing Amenities Other Consolidated 2022 Operating revenues (1) $ 11,600 $ 8,513 $ 847 $ - $ 20,960 Operating costs and expenses (1,026 ) (3,598 ) (1,547 ) - (6,171 ) Depreciation expense - (1,101 ) - (8 ) (1,109 ) General and administrative expenses (1,068 ) (1,141 ) (496 ) (1,368 ) (4,073 ) Operating income (loss) 9,506 2,673 (1,196 ) (1,376 ) 9,607 Pension and other post-retirement expenses (7,885 ) Interest expense (6 ) Other income 71 Income from continuing operations $ 1,787 Capital expenditures (2) $ 33 $ - $ - $ - $ 33 Assets (3) $ 15,274 $ 13,586 $ 815 $ 12,731 $ 42,406 ( 1 Amounts are principally revenues from external customers and exclude equity in earnings of affiliates. ( 2 Includes expenditures for property and deferred costs. ( 3 Segment assets are located in the United States ( 4 The Land Development and Sales segment includes a $1.6 million equity method investment |
Note 14 - Reserves
Note 14 - Reserves | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | 14. RESERVES Allowance for credit losses for 2023 2022 Description Balance at Beginning of Year Increase (Decrease) Balance at End of Year (in thousands) Allowance for Credit Losses 2023 $ 177 $ 341 $ 518 2022 $ 154 $ 23 $ 177 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. OTHER INFORMATION None |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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 of America (“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. |
Cash and Cash Equivalents, Policy [Policy Text Block] | CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand, deposits in banks, and money market funds. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | RESTRICTED CASH Restricted cash consisted of deposits held in escrow from the prospective buyer of a property held for sale. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES Receivables are recorded net of an allowance for credit losses. 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 |
Investment, Policy [Policy Text Block] | INVESTMENT IN BOND SECURITIES Held-to-maturity debt securities are stated at amortized cost. Investments are reviewed for impairment for each reporting period. If any impairment is considered other-than-temporary, an allowance for credit loss would be established and held-to-maturity debt securities will be presented net of the credit loss allowance. Adjustments to expected credit losses are recorded as a component of other income (expense). |
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 December 31, 2023 2022. |
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 December 31, 2023 2022. |
Equity Method Investments [Policy Text Block] | INVESTMENT IN JOINT VENTURES Investments in joint ventures are accounted for under the equity method of accounting. The initial capital contribution of assets to a joint venture is recorded at fair value. |
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 funded status of the Company’s defined benefit pension plan is recorded as an asset or liability in the consolidated balance sheet reflecting the difference between the fair value of plan assets and the projected benefit obligation. Changes in the funded status of the plan are recorded in the year in which the changes occur, through comprehensive income. 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 13 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. 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. 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. 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. Leasing revenues are recognized on a straight-line basis over the terms of the leases. Lease income may The Company elected the following practical expedients upon adoption of ASC Topic 842 January 1, 2019: ● Single component practical expedient – requires the Company to account for lease and non-lease components associated with that lease, if certain criteria are met. ● Short-term leases practical expedient – for operating leases with a term of 12 not third Included in leasing revenues are grants issued by the State of Hawai‘i to subsidize the conservation and preservation efforts of the Pu‘u Kukui Watershed Preserve (“PKW”). The PKW is approximately 9,000 acres of conservation zoned lands that is a primary source of water that originates on the top of the West Maui Mountains. We currently receive government assistance via two July 1, 2023 six July 1, 2023 June 30, 2024 $510,000 April 1, 2019 April 30, 2024 2023 2022. 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 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 14 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. |
Share-Based Payment Arrangement [Policy Text Block] | SHARE-BASED COMPENSATION PLANS The Company accounts for share-based compensation, including grants of restricted shares of common stock and options to purchase common shares, as compensation expense over the respective vesting periods in the consolidated financial statements based on their fair values on the grant dates. The impact of forfeitures that may |
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. 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 income (loss) and such amounts are included in income taxes payable on the Company’s consolidated balance sheets. |
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 also includes adjustments to the Company’s defined benefit pension plan obligations. |
Earnings Per Share, Policy [Policy Text Block] | INCOME (LOSS) PER COMMON SHARE Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding. Diluted net income (loss) per common share is computed similar to basic net income (loss) per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if dilutive potential common shares from share-based compensation arrangements had been issued. Potentially dilutive shares from stock option grants to purchase common shares and non-vested restricted stock are determined using the treasury stock method. Basic weighted-average common shares outstanding at December 31, 2023 2022 December 31, 2023 2022 |
Fair Value Measurement, Policy [Policy Text Block] | 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 cash and cash equivalents to be unrestricted for 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. |
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, 2023 2022. No 2023 2022. |
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 9 |
New Accounting Pronouncements, Policy [Policy Text Block] | NEW ACCOUNTING STANDARD ADOPTED In June 2016, 2016 13 January 1, 2023 no |
Note 2 - Investments in Bond _2
Note 2 - Investments in Bond Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Debt Securities, Held-to-Maturity [Table Text Block] | 2023 2022 (in thousands) Amortized cost $ 3,135 $ 2,983 Unrealized gains 4 9 Fair value $ 3,139 $ 2,992 |
Investments Classified by Contractual Maturity Date [Table Text Block] | 2023 2022 Amortized Cost Fair Value Amortized Cost Fair Value (in thousands) One year or less $ 2,671 $ 2,671 $ 2,432 $ 2,440 Greater than one year through five years 464 468 551 552 $ 3,135 $ 3,139 $ 2,983 $ 2,992 |
Note 7 - Accrued Retirement B_2
Note 7 - Accrued Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | 2023 2022 (in thousands) Defined benefit pension plan $ (33 ) $ 1,023 Non-qualified retirement plan 1,725 1,731 Total 1,692 2,754 Less current portion (142 ) (142 ) Non-current portion of accrued retirement benefits $ 1,550 $ 2,612 |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | 2023 2022 (in thousands) Change in benefit obligations: Benefit obligations at beginning of year $ 16,537 $ 40,182 Interest cost 783 1,034 Actuarial gain (580 ) (7,772 ) Benefits paid (1,188 ) (16,907 ) Benefit obligations at end of year 15,552 16,537 Change in plan assets: Fair value of plan assets at beginning of year 13,783 32,103 Actual return on plan assets 1,137 (7,241 ) Employer contributions 128 5,828 Benefits paid (1,188 ) (16,907 ) Fair value of plan assets at end of year 13,860 13,783 Funded status $ (1,692 ) $ (2,754 ) Accumulated benefit obligations $ (15,552 ) $ 16,537 Weighted average assumptions to determine benefit obligations: Discount rate 4.90 - 4.95% 5.11 - 5.14% Expected long-term return on plan assets 5.25% 5.00% Rate of compensation increase n/a n/a |
Schedule of Net Benefit Costs [Table Text Block] | 2023 2022 (in thousands) Pension and other benefits: Interest cost $ 783 $ 1,034 Expected return on plan assets (657 ) (1,226 ) Recognized net actuarial loss 310 585 Settlement expense - 7,492 Pension expense $ 436 $ 7,885 Other changes in plan assets and benefit obligations recognized in comprehensive income: Net loss (gain) $ (1,060 ) $ 696 Amortization of recognized loss (310 ) (8,077 ) Total recognized gain in comprehensive income $ (1,370 ) (7,381 ) |
Defined Benefit Plan, Assumptions [Table Text Block] | Weighted average assumptions used to determine net periodic benefit cost: 2023 2022 Discount rate 5.11 - 5.14% 2.69 - 2.74% Expected long-term return on plan assets 5.00% 4.00% Rate of compensation increase n/a n/a |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | 2023 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 $ - $ 760 $ - $ 760 ACIT fixed income funds - 12,002 70 12,072 Cash management funds - 1,028 - 1,028 $ - $ 13,790 $ 70 $ 13,860 2022 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 $ - $ 631 $ 828 $ 1,459 ACIT fixed income funds - 10,666 261 10,927 Cash management funds - 1,397 - 1,397 $ - $ 12,694 $ 1,089 $ 13,783 |
Schedule of Expected Benefit Payments [Table Text Block] | Years ending December 31, 2023 $ 1,394 2024 $ 1,373 2025 $ 1,346 2026 $ 1,316 2027 $ 1,277 2028-2032 $ 5,851 |
Note 10 - Leasing Arrangements
Note 10 - Leasing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Operating Lease, Lease Income [Table Text Block] | 2023 2022 (in thousands) Minimum rentals $ 3,409 $ 3,272 Percentage rentals 1,391 1,937 Licensing fees 827 1,001 Other 1,336 1,296 $ 6,963 $ 7,506 |
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block] | Years ending December 31, 2024 $ 2,460 2025 $ 2,361 2026 $ 2,338 2027 $ 2,268 2028 $ 1,675 Thereafter $ 8,685 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2023 2022 (in thousands) Federal income tax expense (benefit) at statutory rate $ (647 ) $ 375 Adjusted for: Permanent differences 99 86 Valuation allowance 548 (461 ) Income tax expense (benefit) $ - $ - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2023 2022 (in thousands) Net operating loss and tax credit carryforwards $ 24,648 $ 23,980 Joint venture and other investments (446 ) (27 ) Accrued retirement benefits and other compensation 1,233 1,149 Property net book value 3,002 2,960 Deferred revenue 962 1,016 Reserves and other 37 (50 ) Total deferred tax assets 29,436 29,028 Valuation allowance (29,436 ) (29,028 ) Net deferred tax assets $ - $ - |
Note 13 - Segment Information (
Note 13 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Land Development & Resort Sales Leasing Amenities Other Consolidated 2023 Operating revenues (1) $ 1,626 $ 8,461 $ 828 $ - $ 10,915 Operating costs and expenses (595 ) (4,420 ) (1,532 ) - (6,547 ) Depreciation expense - (861 ) - (8 ) (869 ) General and administrative expenses (908 ) (456 ) (393 ) (5,087 ) (6,844 ) Operating income (loss) 123 2,724 (1,097 ) (5,095 ) (3,345 ) Pension and other post-retirement expenses (436 ) Interest expense (6 ) Other income 707 Income from continuing operations $ (3,080 ) Capital expenditures (2) $ 200 $ 619 $ - $ - $ 819 Assets (3) $ 17,102 (4) $ 14,489 $ 1,018 $ 9,614 $ 42,223 Land Development and Resort Sales Leasing Amenities Other Consolidated 2022 Operating revenues (1) $ 11,600 $ 8,513 $ 847 $ - $ 20,960 Operating costs and expenses (1,026 ) (3,598 ) (1,547 ) - (6,171 ) Depreciation expense - (1,101 ) - (8 ) (1,109 ) General and administrative expenses (1,068 ) (1,141 ) (496 ) (1,368 ) (4,073 ) Operating income (loss) 9,506 2,673 (1,196 ) (1,376 ) 9,607 Pension and other post-retirement expenses (7,885 ) Interest expense (6 ) Other income 71 Income from continuing operations $ 1,787 Capital expenditures (2) $ 33 $ - $ - $ - $ 33 Assets (3) $ 15,274 $ 13,586 $ 815 $ 12,731 $ 42,406 |
Note 14 - Reserves (Tables)
Note 14 - Reserves (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 Credit Losses 2023 $ 177 $ 341 $ 518 2022 $ 154 $ 23 $ 177 |
Supplemental Schedule of Non-_2
Supplemental Schedule of Non-Cash Investing and Financing Activities (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Stock Issued | $ 0.6 | $ 0.5 |
Capital Expenditures Incurred but Not yet Paid | $ 0.5 |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Significant Accounting Policies (Details Textual) | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) a $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) | Jul. 01, 2023 USD ($) | Jun. 29, 2022 $ / shares shares | Apr. 01, 2019 USD ($) | |
Capital Units, Authorized (in shares) | shares | 48,000,000 | |||||
Common Stock, Shares Authorized (in shares) | shares | 43,000,000 | 43,000,000 | 43,000,000 | |||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Preferred Stock, Shares Authorized (in shares) | shares | 5,000,000 | |||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | |||||
Asset Impairment Charges | $ | $ 0 | $ 0 | $ 0 | |||
Impairment of Deferred Development Costs | $ | $ 0 | $ 0 | ||||
Weighted Average Number of Shares Outstanding, Basic (in shares) | shares | 19,600,000 | 19,400,000 | ||||
Weighted Average Number of Shares Outstanding, Diluted (in shares) | shares | 19,700,000 | 19,400,000 | ||||
Subsidized Stewardship and Conservation Efforts [Member] | ||||||
Area of Land (Acre) | a | 9,000 | |||||
Government Assistance, Amount, Cumulative | $ | $ 510,000,000,000 | |||||
Grants Receivable | $ | $ 75,000 | $ 1,100,000 | ||||
Government Assistance, Amount | $ | $ 300,000 | $ 400,000 | ||||
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 | 22,300 |
Note 2 - Investments - Amortize
Note 2 - Investments - Amortized Cost to Fair Value of Debt Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized cost | $ 3,135 | $ 2,983 |
Unrealized gains | 4 | 9 |
Fair value | $ 3,139 | $ 2,992 |
Note 2 - Investments - Maturiti
Note 2 - Investments - Maturities of Debt Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
One year or less, amortized cost | $ 2,671 | $ 2,432 |
One year or less, fair value | 2,671 | 2,440 |
Greater than one year through five years, amortized cost | 464 | 551 |
Greater than one year through five years, fair value | 468 | 552 |
Amortized cost | 3,135 | 2,983 |
Fair value | $ 3,139 | $ 2,992 |
Note 3 - Assets Held for Sale (
Note 3 - Assets Held for Sale (Details Textual) $ in Millions | Dec. 31, 2021 USD ($) |
Kapalua Central Resort Project [Member] | |
Receivables, Long-term Contracts or Programs, Total | $ 40 |
Note 4 - Property & Equipment (
Note 4 - Property & Equipment (Details Textual) - Land [Member] | 12 Months Ended |
Dec. 31, 2023 a ft² | |
Area of Land (Acre) | 22,300 |
West Maui [Member] | |
Area of Land (Acre) | 20,000 |
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) | 1,500 |
Note 5 - Investment in Joint _2
Note 5 - Investment in Joint Venture (Details Textual) $ in Thousands | Dec. 31, 2023 USD ($) a | Dec. 31, 2022 USD ($) |
Equity Method Investments | $ 1,608 | $ 0 |
Joint Venture Agreement With BRE2 LLC [Member] | ||
Area of Land (Acre) | a | 31 | |
Equity Method Investments | $ 1,600 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) - First Hawaiian Bank Revolving Line of Credit [Member] - Revolving Credit Facility [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) 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 7 - Accrued Retirement B_3
Note 7 - Accrued Retirement Benefits (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2022 USD ($) | Aug. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Defined Benefit Plan, Number of People Receiving Pension Benefits | 167 | |||
Defined Benefit Plan, Plan Assets, Benefits Paid | $ 14,500 | $ 1,188 | $ 16,907 | |
Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax | $ 6,900 | 8,300 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Redemption Restriction Period (Day) | 105 days | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 5,700 | $ 128 | $ 5,828 | |
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | $ 0 |
Note 7 - Accrued Retirement B_4
Note 7 - Accrued Retirement Benefits - Accrued Retirement Benefits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued retirement benefits | $ 1,692 | $ 2,754 |
Less current portion | (142) | (142) |
Non-current portion of accrued retirement benefits | 1,550 | 2,612 |
Pension Plan [Member] | Qualified Plan [Member] | ||
Accrued retirement benefits | (33) | 1,023 |
Supplemental Employee Retirement Plan [Member] | Nonqualified Plan [Member] | ||
Accrued retirement benefits | $ 1,725 | $ 1,731 |
Note 7 - Accrued Retirement B_5
Note 7 - Accrued Retirement Benefits - Changes in Benefit Obligations and Plan Assets (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2022 | Aug. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Benefit obligations | $ 16,537 | $ 40,182 | ||
Interest cost | 783 | 1,034 | ||
Actuarial gain | (580) | (7,772) | ||
Benefits paid | (1,188) | (16,907) | ||
Benefit obligations | 15,552 | 16,537 | ||
Fair value of plan assets | 13,783 | 32,103 | ||
Actual return on plan assets | 1,137 | (7,241) | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 5,700 | 128 | 5,828 | |
Benefits paid | $ (14,500) | (1,188) | (16,907) | |
Fair value | 13,860 | 13,783 | ||
Funded status | (1,692) | (2,754) | ||
Accumulated benefit obligations | (15,552) | (16,537) | ||
Accumulated benefit obligations | $ 15,552 | $ 16,537 | ||
Expected long-term return on plan assets | 5.25% | 5% | ||
Minimum [Member] | ||||
Discount rate | 4.90% | 5.11% | ||
Maximum [Member] | ||||
Discount rate | 4.95% | 5.14% |
Note 6 - Accrued Retirement Ben
Note 6 - Accrued Retirement Benefits - Net Periodic Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pension and other benefits: | ||
Interest cost | $ 783 | $ 1,034 |
Expected return on plan assets | (657) | (1,226) |
Recognized net actuarial loss | 310 | 585 |
Settlement expense | 0 | 7,492 |
Pension expense | 436 | 7,885 |
Other changes in plan assets and benefit obligations recognized in comprehensive income: | ||
Net loss (gain) | (1,060) | 696 |
Amortization of recognized loss | (310) | (8,077) |
Total recognized gain in comprehensive income | $ (1,370) | $ (7,381) |
Note 7 - Accrued Retirement B_6
Note 7 - Accrued Retirement Benefits - Summary of Assumptions Used (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Expected long-term return on plan assets | 5% | 4% |
Minimum [Member] | ||
Discount rate | 5.11% | 2.69% |
Maximum [Member] | ||
Discount rate | 5.14% | 2.74% |
Note 7 - Accrued Retirement B_7
Note 7 - Accrued Retirement Benefits - Fair Values of Pension Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Fair value of pension plan assets | $ 13,860 | $ 13,783 | $ 32,103 |
Equity Funds [Member] | |||
Fair value of pension plan assets | 760 | 1,459 | |
Fixed Income Funds [Member] | |||
Fair value of pension plan assets | 12,072 | 10,927 | |
Money Market Funds [Member] | |||
Fair value of pension plan assets | 1,028 | 1,397 | |
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 | 13,790 | 12,694 | |
Fair Value, Inputs, Level 2 [Member] | Equity Funds [Member] | |||
Fair value of pension plan assets | 760 | 631 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds [Member] | |||
Fair value of pension plan assets | 12,002 | 10,666 | |
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | |||
Fair value of pension plan assets | 1,028 | 1,397 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair value of pension plan assets | 70 | 1,089 | |
Fair Value, Inputs, Level 3 [Member] | Equity Funds [Member] | |||
Fair value of pension plan assets | 0 | 828 | |
Fair Value, Inputs, Level 3 [Member] | Fixed Income Funds [Member] | |||
Fair value of pension plan assets | 70 | 261 | |
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | |||
Fair value of pension plan assets | $ 0 | $ 0 |
Note 7 - Accrued Retirement B_8
Note 7 - Accrued Retirement Benefits - Summary of Contribution to Defined Benefit Plans (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2023 | $ 1,394 |
2024 | 1,373 |
2025 | 1,346 |
2026 | 1,316 |
2027 | 1,277 |
2028-2032 | $ 5,851 |
Note 8 - Contract Assets and _2
Note 8 - Contract Assets and Liabilities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2020 | |
Contract with Customer, Receivable, after Allowance for Credit Loss, Total | $ 400 | $ 300 | $ 300 | |
License [Member] | ||||
Contract with Customer, Liability, Noncurrent | 1,367 | 1,500 | $ 2,000 | |
Contract with Customer, Liability, Revenue Recognized | $ 100 | $ 100 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2023 | Dec. 31, 2022 | |
Payments for Reimbursement of Filtration and Maintenance | $ 22,000 | $ 21,000 | |
Notice and Finding of Violation and Order [Member] | |||
Loss Contingency, Damages Sought, Value | $ 230,000 |
Note 10 - Leasing Arrangement_2
Note 10 - Leasing Arrangements (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment, Net | $ 16,059,000 | $ 15,878,000 |
Operating Lease, Expense | 34,000 | 49,000 |
Office and Equipment [Member] | ||
Operating Lease, Payments | 23,000 | 53,000 |
Asset Leased to Others [Member] | ||
Property, Plant and Equipment, Net | $ 10,300,000 | $ 10,100,000 |
Note 10 - Leasing Arrangement_3
Note 10 - Leasing Arrangements - Rental Income under Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Minimum rentals | $ 3,409 | $ 3,272 |
Percentage rentals | 1,391 | 1,937 |
Licensing fees | 827 | 1,001 |
Other | 1,336 | 1,296 |
Leasing | 8,461 | 8,513 |
Operating Lease Income Including Water System Sales [Member] | ||
Leasing | $ 6,963 | $ 7,506 |
Note 10 - Leasing Arrangement_4
Note 10 - Leasing Arrangements - Future Minimum Rental Income Receivable (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 2,460 |
2025 | 2,361 |
2026 | 2,338 |
2027 | 2,268 |
2028 | 1,675 |
Thereafter | $ 8,685 |
Note 11 - Share-based Compens_2
Note 11 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Jan. 31, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement, Expense | $ 2,846 | $ 1,278 | ||
Annual Board Service [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures (in shares) | 300,000 | |||
Board Committee Service [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 12 years | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures (in shares) | 100,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | |||
Share Price (in dollars per share) | $ 12.11 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in dollars per share) | $ 3.88 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) (Year) | 5 years 3 months | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 28% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.16% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares) | 0 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares (in shares) | 100,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 300 | |||
Board Committee Service [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in shares) | 300,000 | |||
Continued Service of the Chairman of the Board [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures (in shares) | 400,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in dollars per share) | $ 9.08 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) (Year) | 6 years 1 month 13 days | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 37% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 3.49% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in dollars per share) | $ 3.94 | |||
Continued Service of the Chairman of the Board [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in shares) | 100,000 | |||
Continued Service of the Chairman of the Board [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in shares) | 100,000 | |||
Continued Service of the Chairman of the Board [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in shares) | 100,000 | |||
Chief Executive Officer [Member] | Subsequent Event [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures (in shares) | 400,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in dollars per share) | $ 15.75 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) (Year) | 6 years | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 31% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 3.82% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in shares) | 0.1 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in dollars per share) | $ 6.02 | |||
Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||
Share-Based Payment Arrangement, Expense | $ 1,200 | $ 900 | ||
Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares (in shares) | 400,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1,400 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1,200 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards | $ 67.5 | |
Operating Loss Carryforwards that Do Not Expire | 8.3 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | 81.4 | |
Operating Loss Carryforwards that Do Not Expire | $ 8.3 |
Note 12 - Income Taxes - Effect
Note 12 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Federal income tax expense (benefit) at statutory rate | $ (647) | $ 375 |
Adjusted for: | ||
Permanent differences | 99 | 86 |
Valuation allowance | 548 | (461) |
Income tax expense (benefit) | $ 0 | $ 0 |
Note 12 - Income Taxes - Summar
Note 12 - Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Net operating loss and tax credit carryforwards | $ 24,648 | $ 23,980 |
Joint venture and other investments | (446) | (27) |
Accrued retirement benefits and other compensation | 1,233 | 1,149 |
Property net book value | 3,002 | 2,960 |
Deferred revenue | 962 | 1,016 |
Reserves and other | 37 | (50) |
Total deferred tax assets | 29,436 | 29,028 |
Valuation allowance | (29,436) | (29,028) |
Net deferred tax assets | $ 0 | $ 0 |
Note 13 - Segment Information_2
Note 13 - Segment Information (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Equity Method Investments | $ 1,608 | $ 0 |
Joint Venture Agreement With BRE2 LLC [Member] | ||
Equity Method Investments | $ 1,600 |
Note 13 - Segment Information -
Note 13 - Segment Information - Reportable Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | ||||
Revenues | [1] | $ 10,915 | $ 20,960 | ||
Operating costs and expenses | (6,547) | (6,171) | |||
Depreciation expense | (869) | (1,109) | |||
General and administrative expenses | (6,844) | (4,073) | |||
Operating income (loss) | (3,345) | 9,607 | |||
Pension and other post-retirement expenses | (436) | (7,885) | |||
Interest expense | (6) | (6) | |||
Other income | 707 | 71 | |||
Income from continuing operations | (3,080) | 1,787 | |||
Capital expenditures | [2] | 819 | 33 | ||
Assets | 42,223 | [3] | 42,406 | [4] | |
Operating Segments [Member] | Real Estate Segment [Member] | |||||
Revenues | [1] | 1,626 | 11,600 | ||
Operating costs and expenses | (595) | (1,026) | |||
Depreciation expense | 0 | ||||
General and administrative expenses | (908) | (1,068) | |||
Operating income (loss) | 123 | 9,506 | |||
Capital expenditures | [2] | 200 | 33 | ||
Assets | [3] | 17,102 | [4] | 15,274 | |
Operating Segments [Member] | Leasing Segment [Member] | |||||
Revenues | [1] | 8,461 | 8,513 | ||
Operating costs and expenses | (4,420) | (3,598) | |||
Depreciation expense | (861) | (1,101) | |||
General and administrative expenses | (456) | (1,141) | |||
Operating income (loss) | 2,724 | 2,673 | |||
Capital expenditures | [2] | 619 | 0 | ||
Assets | [3] | 14,489 | 13,586 | ||
Operating Segments [Member] | Resort Amenities Segment [Member] | |||||
Revenues | [1] | 828 | 847 | ||
Operating costs and expenses | (1,532) | (1,547) | |||
Depreciation expense | 0 | ||||
General and administrative expenses | (393) | (496) | |||
Operating income (loss) | (1,097) | (1,196) | |||
Capital expenditures | [2] | 0 | 0 | ||
Assets | [3] | 1,018 | 815 | ||
Operating Segments [Member] | Corporate and Other [Member] | |||||
Revenues | [1] | 0 | |||
Operating costs and expenses | 0 | ||||
Depreciation expense | (8) | (8) | |||
General and administrative expenses | (5,087) | (1,368) | |||
Operating income (loss) | (5,095) | (1,376) | |||
Capital expenditures | [2] | 0 | 0 | ||
Assets | [3] | $ 9,614 | $ 12,731 | ||
[1]Amounts are principally revenues from external customers and exclude equity in earnings of affiliates.[2]Includes expenditures for property and deferred costs.[3]Segment assets are located in the United States[4]The Land Development and Sales segment includes a $1.6 million equity method investment |
Note 14 - Reserves - Allowance
Note 14 - Reserves - Allowance for Doubtful Accounts and Reserves for Environmental Liabilities (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance at beginning of year | $ 177 | $ 154 |
Increase | 341 | 23 |
Balance at end of year | $ 518 | $ 177 |