0000892626-18-000147.txt : 20181113 0000892626-18-000147.hdr.sgml : 20181113 20181113134237 ACCESSION NUMBER: 0000892626-18-000147 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 48 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181113 DATE AS OF CHANGE: 20181113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KAANAPALI LAND LLC CENTRAL INDEX KEY: 0001230058 STANDARD INDUSTRIAL CLASSIFICATION: LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552] IRS NUMBER: 010731997 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-50273 FILM NUMBER: 181177004 BUSINESS ADDRESS: STREET 1: C/O JMB REALTY CORP STREET 2: 900 NORTH MICHIGAN AVE CITY: CHICAGO STATE: IL ZIP: 60611 BUSINESS PHONE: 312-915-1987 MAIL ADDRESS: STREET 1: 900 NORTH MICHIGAN AVE CITY: CHICAGO STATE: IL ZIP: 60611 10-Q 1 kaa10q-20180930.htm KAANAPALI LAND, LLC - FORM 10-Q - 9/30/18

United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

[  X  ] Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended September 30, 2018

 

or

 

[     ]       Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _______ to __________

 

Commission file #0-50273

 

KAANAPALI LAND, LLC

(Exact name of registrant as specified in its charter)

 

Delaware

(State of organization)

01-0731997

(I.R.S. Employer Identification No.)

   

900 N. Michigan Ave., Chicago, Illinois

(Address of principal executive office)

60611

(Zip Code)

 

Registrant's telephone number, including area code: 312-915-1987

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act") during the preceding 12 months (or for such a shorter period that registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [ X ]    No [   ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-5 ('232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes [ X ]    No [   ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

 

  Large accelerated filer [    ]   Accelerated filer [     ]  
  Non-accelerated filer [    ]   Smaller reporting company [ X ]  
  (Do not check if a smaller reporting company)        

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [   ]    No [ X ]

 

As of November 13, 2018, the registrant had 1,792,613 shares of Common Shares and 52,000 Class C Shares outstanding.

1 

TABLE OF CONTENTS

 

 

Part I   FINANCIAL INFORMATION    
         
Item 1.   Condensed Consolidated Financial Statements 3  
         
Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations 23  
         
Item 4.   Controls and Procedures 25  
         
Part II  OTHER INFORMATION    
         
Item 1.   Legal Proceedings 26  
         
Item 1A.   Risk Factors 26  
         
Item 6.   Exhibits 26  
         
SIGNATURES 27  

 

2 

 

Part I.  Financial Information

     Item 1.  Condensed Consolidated Financial Statements

 

KAANAPALI LAND, LLC

 

Condensed Consolidated Balance Sheets

 

September 30, 2018 and December 31, 2017

(Dollars in Thousands, except share data)

(Unaudited)

 

 

 

September 30,

2018

 

December 31,

2017

Assets
Cash and cash equivalents $ 29,602      30,565 
Restricted cash   1,081      592 
Property, net   62,443      64,283 
Pension plan assets   14,519      14,353 
Other assets   3,260      3,115 
          Total assets $ 110,905      112,908 
           
Liabilities
Accounts payable and accrued expenses $ 351      528 
Deposits and deferred gains   2,405      2,409 
Deferred income taxes   11,064      11,007 
Other liabilities   11,956      12,476 
           
          Total liabilities   25,776      26,420 
           
Commitments and contingencies (Note 7)          
           
Equity

Common stock, at 9/30/18 and 12/31/17 non par value

  (Shares authorized – unlimited; shares issued and

    outstanding - 1,792,613 common shares and

    52,000 Class C shares

  --      -- 
Additional paid-in capital   5,471      5,471 
Accumulated other comprehensive loss, net of tax   (1,210)     (1,367)
Accumulated earnings   79,751      81,754 
           
          Stockholders’ equity   84,012      85,858 
           
Non-controlling interests   1,117      630 
           
          Total equity   85,129      86,488 
           
          Total liabilities and stockholders’ equity $ 110,905      112,908 

 

 

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

3 

KAANAPALI LAND, LLC

 

Condensed Consolidated Statements of Operations

 

Three and Nine Months Ended September 30, 2018 and 2017

(Unaudited)

(Dollars in Thousands, except per share data)

 

 

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

  2018   2017   2018   2017
Revenues:                      
  Sales and rental revenues $ 595    $ 9,358    $ 4,846    $ 12,244 
  Interest and other income   55      342      150      531 
       Total revenues   650      9,700      4,996      12,775 
Cost and expenses:                      
  Cost of sales   860      5,617      4,737      8,452 

  Selling, general and

    administrative

  487      306      1,896      1,795 

  Depreciation and

    amortization

  59      49      173      147 
       Total cost and expenses   1,406      5,972      6,806      10,394 

  Operating income (loss)

    from continuing

    operations before

    income taxes

  (756)     3,728      (1,810)     2,381 
                       
  Income tax benefit (expense)   --      --      --      -- 
                       
       Net income (loss)   (756)     3,728      (1,810)     2,381 
                       

       Less: Net income (loss)

          attributable to non

          controlling interests

  (37)     (37)     162      (77)
                       

       Net income (loss)

          attributable to

          stockholders

$ (719)   $ 3,765    $ (1,972)   $ 2,458 
                       

Net income (loss) per share

  - basic and diluted

$ (0.39)   $ 2.04    $ (1.07)   $ 1.33 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

4 

 

KAANAPALI LAND, LLC

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

 

Three and Nine Months Ended September 30, 2018 and 2017

(Unaudited)

(Dollars in Thousands)

 

 

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

  2018   2017   2018   2017
Net income (loss) $ (756)   $ 3,728    $ (1,810)   $ 2,381 
                       
Other comprehensive loss:                      

    Net unrealized losses

     on pension plan assets

  (70)     (19)     (212)     (58)

Other comprehensive loss,

  before tax

  (70)     (19)     (212)     (58)
                       

Income tax expense related to

  items of other comprehensive

  loss

  18          55      23 

Other comprehensive loss,

  net of tax

  (52)     (11)     (157)     (35)
                       
Comprehensive income (loss)   (808)     3,717      (1,967)     2,346 
                       

Comprehensive loss attributable

  to non controlling interests

  (37)     (37)     162      (77)
                       

Comprehensive income (loss)

  attributable to stockholders

$ (771)   $ 3,754    $ (2,129)   $ 2,423 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

5 

 

KAANAPALI LAND, LLC

 

Condensed Consolidated Statements of Cash Flows

 

Nine Months Ended September 30, 2018 and 2017

(Unaudited)

(Dollars in Thousands)

 

 

 

  2018   2017
Net cash (used in) provided by operating activities $ (383)   $ 8,374 
           
Net cash used in investing activities:          
  Property additions   (385)     (475)
    (385)     (475)
           
Net cash provided by financing activities:          
  Contributions related to the LOA   294      258 
    294      258 
           

        Net (decrease) increase in cash, cash equivalents

            and restricted cash

  (474)     8,157 

        Cash, cash equivalents and restricted cash

            at beginning of period

  31,157      21,598 
           

        Cash, cash equivalents and restricted cash

            at end of period

$ 30,683    $ 29,755 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

6 

 

KAANAPALI LAND, LLC

 

Notes to Condensed Consolidated Financial Statements

 

(Unaudited)

(Dollars in Thousands)

 

 

(1)  Summary of Significant Accounting Policies

 

Organization and Basis of Accounting

 

Kaanapali Land, LLC ("Kaanapali Land"), a Delaware limited liability company, is the reorganized entity resulting from the Joint Plan of Reorganization of Amfac Hawaii, LLC (now known as KLC Land Company, LLC ("KLC Land")), certain of its subsidiaries (together with KLC Land, the "KLC Debtors") and FHT Corporation ("FHTC" and, together with the KLC Debtors, the "Debtors") under Chapter 11 of the Bankruptcy Code, dated June 11, 2002 (as amended, the "Plan").

 

The Company's continuing operations are in two business segments - Agriculture and Property. The Agriculture segment remains engaged in farming, harvesting, milling and selling operations relating to coffee orchards on behalf of the applicable land owners. The Property segment primarily develops land for sale and negotiates bulk sales of undeveloped land. The Property and Agriculture segments operate exclusively in the State of Hawaii.

 

In 2013, the Kaanapali Coffee Farms Lot Owners’ Association was consolidated into the accompanying consolidated financial statements. The interests of third party owners are reflected as non controlling interests. All significant intercompany transactions and balances have been eliminated in consolidation.

 

The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements, and therefore, should be read in conjunction with the Company's Annual Report on Form 10-K (File No. 0-50273) for the year ended December 31, 2017. Capitalized terms used but not defined in this quarterly report have the same meanings as in the Company's 2017 Annual Report on Form 10-K.

 

Property

 

The Company's significant property holdings are on the island of Maui consisting of approximately 3,900 acres, of which approximately 1,500 acres are classified as conservation land which precludes development. The Company has determined, based on its current projections for the development and/or disposition of its property holdings, that the property holdings are not currently recorded in an amount in excess of proceeds that the Company expects that it will ultimately obtain from the operation and disposition thereof.

7 

 

Inventory of land held for sale, of approximately $1,446 and $3,498, representing primarily Kaanapali Coffee Farms, is included in Property, net in the consolidated balance sheets at September 30, 2018 and December 31, 2017, respectively, and is carried at the lower of cost or fair market value, less costs to sell, which is based on current and foreseeable market conditions, discussions with real estate brokers and review of historical land sale activity (level 2 and 3). Generally no land is currently in use except for certain acreage of coffee trees which are being maintained to support the Company's land development program and miscellaneous parcels of land that have been leased or licensed to third parties on a short term basis.

 

In August 2017, Pioneer Mill Company, LLC, pursuant to a property sales agreement with an unrelated third party, closed on the sale of approximately 230 acres known collectively as the “Wainee Lands”, which are located in Lahaina south of the mill site (“Wainee Sales Agreement”). The purchase price was $8,000, paid in cash at closing.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

 

Operating results for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that may be achieved in future periods.

 

Cash, Cash Equivalents and Restricted Cash

 

The Company considers as cash equivalents all investments with maturities of three months or less when purchased. Included in this balance is a money market fund for $10,000 that is considered to be a Level 1 investment with a maturity of 30 days. The Company’s cash balances are maintained primarily in two financial institutions. Restricted cash represents cash held by the Kaanapali Coffee Farms Lot Owners’ Association. Such balances significantly exceed the Federal Deposit Insurance Corporation insurance limits. Management does not believe the Company is exposed to significant risk of loss on cash and cash equivalents.

 

Recognition of Profit From Real Property Sales

 

In accordance with the core principle of ASC 606, revenue from real property sales is recognized at the time of closing when control of the property transfers to the customer. After closing of the sale transaction, we have no remaining performance obligation. When the sale does not meet the requirements for full profit recognition, all or a portion of the profit is deferred until such requirements are met.

 

Other revenues in the scope of ASC 606 are recognized when control of goods or services transfers to the customers, in the amount that we expect to receive for the transfer of goods or provision of services.

 

8 

 

Recently Issued Accounting Pronouncements

 

In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance under the Accounting Standards Codification (“ASC”) 606, Revenue from Contract with Customers, which established a single comprehensive revenue recognition model for all contracts with customers and superseded prior revenue guidance, and subsequently, it issued additional guidance that further clarified the Accounting Standards Update (“ASU”). This guidance requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange. The revenue recognition ASU has implications for all revenues, excluding those that are under the specific scope of other accounting standards.

 

The Company’s revenues for the nine months ended September 30, 2018 that were subject to the revenue recognition ASU were as follows (in thousands):

 

  Sales of real estate $ 2,417  
  Coffee and other crop sales   1,805  
  Total $ 4,222  

 

The ASU requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The application of the five-step model to the revenue streams compared to the prior guidance did not result in significant changes in the way the Company records its sales of real estate and coffee and other crop sales.

 

The Company elected to adopt this guidance using the modified retrospective method at January 1, 2018 which did not result in an adjustment to the retained earnings. Additionally, upon adoption, the Company evaluated its revenue recognition policy for all revenue streams within the scope of the ASU under previous standards and using the five-step model under the new guidance and confirmed that there were no differences in the pattern of revenue recognition.

 

In February 2016, the FASB updated ASC Topic 842 Leases (ASU 2016-02). ASU 2016-02 requires lessees to record operating and financing leases as assets and liabilities on the balance sheet and lessors to expense costs that are not direct leasing costs. In addition, the following ASUs were subsequently issued related to ASC Topic 842, all of which will be effective with ASU 2016-02:

 

·In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842. The standard provides an optional transition practical expedient for the adoption of ASU 2016-02 that, if elected, would not require an organization to reconsider its accounting for existing land easements that are not currently accounted for under the old leases standard.

 

·In July 2018, the FASB issued ASU 2018-10: Codification Improvements to Topic 842, Leases, which affects narrow aspects of the guidance issued in the amendments to ASU 2016-02.

9 

 

·In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, which provide lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead, to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue guidance (Topic 606) and certain criteria are met. The guidance also provides an optional transition method which would allow entities to initially apply the new guidance in the period of adoption, recognizing a cumulative-effect adjustment to the opening balance of retained earnings, if necessary.

 

ASU 2016-02 is effective for periods beginning after December 15, 2018, with early adoption permitted using a modified retrospective approach. The Company continues to evaluate the effect the adoption of ASU 2016-02 will have on our consolidated financial statements. The Company believes the adoption of ASU 2016-02 will not have material impact for lease agreements where we are the lessor and we will continue to record rental revenues on a monthly basis. In addition, for leases where the Company is a lessee, the Company anticipates the adoption of this guidance will have no material impact. The Company expects to adopt this new guidance on January 1, 2019 and will continue to evaluate the impact of this guidance until it becomes effective.

 

In June 2016, the FASB updated ASC Topic 326 Financial Instruments – Credit Losses with ASU 2016-13 Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within that fiscal year. While the Company is currently evaluating the effect that implementation of this update will have on its consolidated financial statements, significant impact is not anticipated.

 

On January 1, 2018, the Company adopted ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments, which provides guidance on how certain cash receipts and cash payments should be presented and classified in the statement of cash flows with the objective of reducing existing diversity in practice with respect to these items. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

 

On January 1, 2018, the Company adopted ASU 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash. This update required inclusion of restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows.

 

Our restricted cash consists of amounts primarily held by Kaanapali Coffee Farms Lot Owners Association (“LOA”) in deposit for business operations of the LOA and design review and construction deposits. Changes in restricted cash are reported in our Consolidated Statements of Cash Flows as operating, investing or financing activities based on the nature of the underlying activity.

 

The following table reconciles our beginning-of-period and end-of-period balances of cash, cash equivalents and restricted cash for the periods shown (in thousands):

 

 

September 30,

2018

 

December 31,

2017

 

September 30,

2017

 

December 31,

2016

Cash and

    cash equivalents

$ 29,602    $ 30,565   $ 29,090    $ 21,049
Restricted cash   1,081      592     665      549

Cash, cash equivalents

  and restricted cash

$ 30,683    $ 31,157   $ 29,755    $ 21,598

10 

 

In January 2017, the FASB issued guidance to add the SEC Staff Announcement “Disclosure of the Impact that Recently Issued Accounting Standards will have on the Financial Statements of a Registrant when such Standards are Adopted in a Future Period (in accordance with Staff Accounting Bulletin Topic 11.M).” The announcement applies to the May 2014 guidance on revenue recognition from contracts with customers and the February 2016 guidance on leases. The announcement provides the SEC staff view that a registrant should evaluate certain recent accounting standards that have not yet been adopted to determine appropriate financial statement disclosures about the potential material effects of those recent accounting standards. If a registrant does not know or cannot reasonably estimate the impact that adoption of the recent accounting standards referenced in this announcement is expected to have on the financial statements, then the registrant should make a statement to that effect and consider the additional qualitative financial statement disclosures to assist the reader in assessing the significance of the impact that the recent accounting standards will have on the financial statements of the registrant when adopted. While the Company is currently evaluating the impact of this guidance on leases and its impact on its consolidated financial statements, significant impact is not anticipated.

 

In February 2018, the FASB issued ASU 2018-02, Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (AOCI). These amendments provide financial statement preparers with an option to reclassify stranded tax effects within AOCI to retain earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Job Act (or portion thereof) is recorded. This standard is effective for fiscal years beginning after December 15, 2018 and interim periods within those financial years. While the Company is currently evaluating the effect that implementation of this update will have on its consolidated financial position and results of operations upon adoption, significant impact is not anticipated.

 

In August 2018, FASB issued ASU 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, which amends ASC 820, Fair Value Measurement. ASU 2018-13 modified the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. This standard is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. While the Company is currently evaluating the effect that implementation of this update will have on its consolidated financial statements, significant impact is not anticipated.

 

In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification, amending certain disclosure requirements that were redundant, duplicative, overlapping. outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders’ equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. The Company anticipates its first presentation of changes in stockholders' equity as required under the new SEC guidance will be included in our Form 10-Q for the three month period ended March 31, 2019.

 

 

11 

 

(2)  Land Development

 

During the first quarter of 2006, the Company received final subdivision approval on an approximate 336 acre parcel in the region "mauka" (toward the mountains) from the main highway serving the area. This project, called Kaanapali Coffee Farms, consisted of 51 agricultural lots, offered to individual buyers. The land improvements were completed during 2008. As of September 30, 2018, the Company sold forty-nine lots at Kaanapali Coffee Farms including two lots during the second quarter, one lot during the first quarter of 2018 and five lots during 2017. In October 2018, an additional lot was sold, leaving one unsold lot.

 

In September 2014, Kaanapali Land Management Corp. (“KLMC”), pursuant to a property and option purchase agreement with an unrelated third party, closed on the sale of an approximate 14.9 acre parcel in West Maui. The purchase price was $3,300, paid in cash at closing. The agreement commits KLMC to fund up to between $803 and $1,008, depending on various factors, for off-site roadway, water, sewer and electrical improvements that will also provide service to other KLMC properties $803 is included in Deposits and deferred gains on the Company’s consolidated balance sheet. The purchaser was also granted an option for the purchase of an adjacent site of approximately 18.5 acres for $4,078, of which $525 was paid in cash upon the closing of the 14.9 acre site. The nonrefundable $525 option payment, included in Deposits and deferred gains on the Company’s consolidated balance sheet, can be applied to the purchase of the adjacent 18.5 acre option site. The option which initially expired in September 2017 has been extended to December 31, 2018. The 14.9 acre site is intended to be used for a hospital, skilled nursing facility, assisted living facility, and medical offices, and the option site is intended to be used for other medical and health-related facilities.

 

 

(3)  Mortgage Note Payable

 

Certain subsidiaries of Kaanapali Land are jointly indebted to Kaanapali Land pursuant to a certain Secured Promissory Note in the principal amount of $70,000 dated November 14, 2002, and due September 30, 2020, as extended. Such note had an outstanding balance of principal and accrued interest as of September 30, 2018 and December 31, 2017 of approximately $88,300 and $87,900, respectively. The interest rate currently is 1.19% per annum and compounds semi-annually. The note, which is prepayable, is secured by substantially all of the remaining real property owned by such subsidiaries, pursuant to a certain Mortgage, Security Agreement and Financing Statement, dated as of November 14, 2002 and placed on record in December 2002. The note has been eliminated in the consolidated financial statements because the obligors are consolidated subsidiaries of Kaanapali Land.

 

 

(4)  Employee Benefit Plans

 

The Company participates in a defined benefit pension plan that covers substantially all its eligible employees. The Pension Plan is sponsored and maintained by Kaanapali Land in conjunction with other plans providing benefits to employees of Kaanapali Land and its affiliates.

 

The Company does not consider the excess assets of the Pension Plan (approximately $14 million) to be a source of liquidity due to the substantial cost, including Federal income tax consequences, associated with liquidating the Pension Plan.

 

12 

 

The components of the net periodic pension benefit (credit), included in selling, general and administrative in the consolidated statements of operations for the three and nine months ended September 30, 2018 and 2017 are as follows:

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

  2018   2017   2018   2017
Service cost $ 154    $ 151    $ 463    $ 454 
Interest cost       11      20      34 
Expected return on plan assets   (216)     (251)     (649)     (754)
Recognized net actuarial loss   71      20      212      59 

Net periodic pension cost

  (credit)

$ 15    $ (69)   $ 46    $ (207)

 

The Company recognizes the over funded or under funded status of its employee benefit plans as an asset or liability in its statement of financial position and recognizes changes in its funded status in the year in which the changes occur through comprehensive income. Included in accumulated other comprehensive income at September 30, 2018 and December 31, 2017 are the following amounts that have not yet been recognized in net periodic pension cost: unrecognized prior service costs of $1 ($1 net of tax) and $14 ($9 net of tax), respectively, and unrecognized actuarial loss of $1,635 ($1,210, net of tax) and $1,847 ($1,367, net of tax), respectively. The prior service cost and actuarial loss recognized in net periodic pension cost for the nine months ending September 30, 2018 are $1 ($1 net of tax) and $142 ($105, net of tax), respectively.

 

The Company maintains a nonqualified deferred compensation arrangement (the "Rabbi Trust") which provides certain former directors of Amfac and their spouses with pension benefits. The Rabbi Trust invests in marketable securities and cash equivalents (Level 1). The deferred compensation liability of $546, included in Other liabilities and assets funding such deferred compensation liability of $38, included in Other assets, are consolidated in the Company's balance sheet.

 

 

(5)  Income Taxes

 

Federal tax return examinations have been completed for all years through 2005 and for the year 2013. The statutes of limitations have run for the tax years 2006 through 2012. The statutes of limitations with respect to the Company's taxes for 2014 through 2017 remain open, subject to possible utilization of loss carryforwards from earlier years. The Company believes adequate provisions for income tax have been recorded for all years, although there can be no assurance that such provisions will be adequate. To the extent that there is a shortfall, any such shortfall for which the Company could be liable could be material.

 

Reference is made to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.

 

On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the Act) which made significant changes that affected the Company, primarily due to the lower U.S. Federal tax rate and the repeal of the corporate alternative minimum tax. On January 1, 2018, the Company’s federal corporate tax rate became 21%. The Company reflected the impact of this rate on its deferred tax assets and liabilities at December 31, 2017, as it was required to reflect the change in the period in which the law was enacted. The impact of this change was reflected as a net benefit of $8,076 in the income tax provision for the period ended December 31, 2017.

13 

 

The Act also repealed the corporate alternative minimum tax for tax years beginning after January 1, 2018 and provided that prior alternative minimum tax credits (AMT credits) would be refundable. The Company has AMT credits that are expected to be refunded between 2018 and 2021 as a result of the Act. The Company’s 2017 tax provision reflected the release of previously recorded valuation allowances against AMT credit carry-forwards of $2,686, as those credits will now be refundable, net of anticipated sequestration. The expected refundable tax credit of $2,686 is included in Other assets in the accompanying consolidated financial statements.

 

The Act is a comprehensive tax reform bill containing a number of other provisions that either currently or in the future could impact the Company, particularly the effect of certain limitations effective for the tax year 2018 and forward (prior losses remain subject to the prior 20 year carryover period) on the use of federal net operating loss carryforwards (NOLs) which will generally be limited to being used to offset 80% of future annual taxable income.

 

 

(6)  Transactions with Affiliates

 

An affiliated insurance agency, JMB Insurance Agency, Inc., which has some degree of common ownership with the Company, earns insurance brokerage commissions in connection with providing the placement of insurance coverage for certain of the properties and operations of the Company. Such commissions are believed by management to be comparable to those that would be paid to such affiliate insurance agency in similar dealings with unaffiliated third parties. Commissions paid for the three and nine months ended September 30, 2018 were $0 and $12, respectively and September 30, 2017 were $0 and $12, respectively.

 

The Company reimburses their affiliates for general overhead expense and for direct expenses incurred on its behalf, including salaries and salary-related expenses incurred in connection with the management of the Company's operations. Generally, the entity that employs the person providing the services receives the reimbursement. Substantially all of such reimbursable amounts were incurred by JMB Realty Corporation or its affiliates, 900 Financial Management Services, LLC, and JMB Financial Advisors, LLC, all of which have some degree of common ownership with the Company. The total costs recorded in cost of sales and selling, general and administrative expenses in the consolidated statement of operations for the three and nine months ended September 30, 2018 were $237 and $920, respectively, and $323 and $982 for the three and nine months ended September 30, 2017, respectively, of which $177 was unpaid as of September 30, 2018.

 

The Company derives revenue from farming and common area maintenance services and for providing non-potable water to the Kaanapali Coffee Farms Lot Owners Association (“LOA”). The LOA is the association of the owners of the Kaanapali Coffee Farms. The revenues were $309 and $821 for the three and nine months ended September 30, 2018, respectively, and $266 and $888 for the three and nine months ended September 30, 2017, respectively. Such revenue is recognized in the Agriculture Segment as disclosed in footnote 9 Business Segment Information. The 2018 and 2017 amounts have been eliminated in consolidation.

 

 

(7)  Commitments and Contingencies

 

At September 30, 2018, the Company has no principal contractual obligations related to the land improvements in conjunction with Phase I of the Kaanapali Coffee Farms project.

 

14 

 

Material legal proceedings of the Company are described below. Unless otherwise noted, the parties adverse to the Company in the legal proceedings described below have not made a claim for damages in a liquidated amount and/or the Company believes that it would be speculative to attempt to determine the Company's exposure relative thereto, and as a consequence believes that an estimate of the range of potential loss cannot be made. Any claims that were not filed on a timely basis under the Plan have been discharged by the Bankruptcy Court and thus the underlying legal proceedings should not result in any liability to the Debtors. All other claims have been satisfied. Proceedings against subsidiaries or affiliates of Kaanapali Land that are not Debtors were not stayed by the Plan and were permitted to proceed. However, two such subsidiaries, Oahu Sugar Company, LLC (“Oahu Sugar”) and D/C Distribution Corporation (“D/C”), filed subsequent petitions for liquidation under Chapter 7 of the Bankruptcy Code in April 2005 and July 2007, respectively, as described below. As a consequence of the Chapter 7 filings, both subsidiaries are not under control of the Company.

 

As a result of an administrative order issued to Oahu Sugar by the Hawaii Department of Health (“HDOH”), Order No. CH 98-001, dated January 27, 1998, Oahu Sugar was engaged in environmental site assessment of lands it leased from the U.S. Navy and located on the Waipio Peninsula. Oahu Sugar submitted a Remedial Investigation Report to the HDOH. The HDOH provided comments that indicated that additional testing may be required. Oahu Sugar responded to these comments with additional information. On January 9, 2004, the Environmental Protection Agency (“EPA”) issued a request to Oahu Sugar seeking information related to the actual or threatened release of hazardous substances, pollutants and contaminants at the Waipio Peninsula portion of the Pearl Harbor Naval Complex National Priorities List Superfund Site. The request sought, among other things, information relating to the ability of Oahu Sugar to pay for or perform a clean up of the land formerly occupied by Oahu Sugar. Oahu Sugar responded to the information requests and had notified both the Navy and the EPA that while it had some modest remaining cash that it could contribute to further investigation and remediation efforts in connection with an overall settlement of the outstanding claims, Oahu Sugar was substantially without assets and would be unable to make a significant contribution to such an effort. Attempts at negotiating such a settlement were fruitless and Oahu Sugar received an order from EPA in March 2005 that would purport to require certain testing and remediation of the site. As Oahu Sugar was substantially without assets, the pursuit of any action, informational, enforcement, or otherwise, would have had a material adverse effect on the financial condition of Oahu Sugar. Counsel for the trustee, EPA, the Navy, and for Fireman’s Fund, one of Kaanapali Land’s insurers, are exploring ways in which to conclude the Oahu Sugar bankruptcy. There are no assurances that such an agreement can be reached.

 

Therefore, as a result of the pursuit of further action by the HDOH and EPA as described above and the immediate material adverse effect that the actions had on the financial condition of Oahu Sugar, Oahu Sugar filed with the United States Bankruptcy Court, Northern District of Illinois, Eastern Division its voluntary petition for liquidation under Chapter 7 of Title 11, United States Bankruptcy Code. Such filing is not expected to have a material adverse effect on the Company as Oahu Sugar was substantially without assets at the time of the filing. While it is not believed that any other affiliates have any responsibility for the debts of Oahu Sugar, the EPA has indicated that it intends to make a claim against Kaanapali Land as further described below, and therefore, there can be no assurance that the Company will not incur significant costs in conjunction with such claim.

 

15 

 

The deadline for filing proofs of claim with the bankruptcy court passed in April 2006. Prior to the deadline, Kaanapali Land, on behalf of itself and certain subsidiaries, filed claims that aggregated approximately $224,000, primarily relating to unpaid guarantee obligations made by Oahu Sugar that were assigned to Kaanapali Land pursuant to the Plan on the Plan Effective Date. In addition, the EPA and the U.S. Navy filed a joint proof of claim that seeks to recover certain environmental response costs relative to the Waipio Peninsula site discussed above. The proof of claim contained a demand for previously spent costs in the amount of approximately $260, and additional anticipated response costs of between approximately $2,760 and $11,450. No specific justification of these costs, or what they are purported to represent, was included in the EPA/Navy proof of claim. Due to the insignificant amount of assets remaining in the debtor's estate, it is unclear whether the United States Trustee who has taken control of Oahu Sugar will take any action to contest the EPA/Navy claim, or how it will reconcile such claim for the purpose of distributing any remaining assets of Oahu Sugar.

 

EPA has sent three requests for information to Kaanapali Land regarding, among other things, Kaanapali Land's organization and relationship, if any, to entities that may have, historically, operated on the site and with respect to operations conducted on the site. Kaanapali Land responded to these requests for information. By letter dated February 7, 2007, pursuant to an allegation that Kaanapali Land is a successor to Oahu Sugar Company, Limited, a company that operated at the site prior to 1961 ("Old Oahu"), EPA advised Kaanapali that it believes it is authorized by the Comprehensive Environmental Response Compensation and Liability Act (“CERCLA”) to amend the existing Unilateral Administrative Order against Oahu Sugar Company, LLC, for the clean up of the site to include Kaanapali Land as an additional respondent. The purported basis for the EPA's position is that Kaanapali Land, by virtue of certain corporate actions, is jointly and severally responsible for the performance of the response actions, including, without limitation, clean-up at the site. No such amendment has taken place as of the date hereof. Instead, after a series of discussions between Kaanapali and the EPA, on or about September 30, 2009, the EPA issued a Unilateral Administrative Order to Kaanapali Land for the performance of work in support of a removal action at the former Oahu Sugar pesticide mixing site located on Waipio peninsula. The work consists of the performance of soil and groundwater sampling and analysis, a topographic survey, and the preparation of an engineering evaluation and cost analysis of potential removal actions to abate an alleged "imminent and substantial endangerment" to public health, welfare or the environment. The order appears to be further predicated primarily on the alleged connection of Kaanapali Land to Old Oahu and its activities on the site. Kaanapali Land is currently performing work, including the conduct of sampling at the site, required by the order while reserving its rights to contest liability regarding the site. With regard to liability for the site, Kaanapali Land believes that its liability, if any, should relate solely to a portion of the period of operation of Old Oahu at the site, although in some circumstances CERCLA apparently permits imposition of joint and several liability, which can exceed a responsible party's equitable share. Kaanapali Land believes that the U.S. Navy bears substantial liability for the site by virtue of its ownership of the site throughout the entire relevant period, both as landlord under its various leases with Oahu Sugar and Old Oahu and by operating and intensively utilizing the site directly during a period when no lease was in force. The Company believes that the cost of the work as set forth in the current order will not be material to the Company as a whole; however, in the event that the EPA were to issue an order requiring remediation of the site, there can be no assurances that the cost of said remediation would not ultimately have a material adverse effect on the Company. In addition, if there is litigation regarding the site, there can be no assurance that the cost of such litigation will not be material or that such litigation will result in a judgment in favor of the Company. Currently, Kaanapali and the EPA are exchanging comments relative to further studies to be performed at the site, including a possible ecological risk assessment. Kaanapali expects that after a further review, the next phase is likely a consideration of the remedial alternatives for the Site.

 

16 

 

On February 11, 2015, the Company filed a complaint for declaratory judgment, bad faith and damages against Fireman’s Fund Insurance Company (“Fireman’s Fund”) in the Circuit Court of the First Circuit, State of Hawaii, Civil No. 15-1-0239-02, in connection with costs and expenses it has incurred or may incur in connection with the Waipio site. In the five-count complaint, the Company seeks, among other things, a declaratory judgment of its rights under various Fireman’s Fund policies and an order that Fireman’s Fund defend and indemnify Kaanapali Land from all past, present and future costs and expenses in connection with the site, including costs of investigation and defense incurred by Kaanapali and the professionals it has engaged. In addition, Kaanapali seeks general, special, and punitive damages, prejudgment and post judgment interest, and such other legal or equitable relief as the court deems just and proper. Fireman’s Fund has filed a responsive pleading. There are no assurances of the amounts of insurance proceeds that may or may not be ultimately recovered.

 

Kaanapali Land, as successor by merger to other entities, and D/C have been named as defendants in personal injury actions allegedly based on exposure to asbestos. While there are relatively few cases that name Kaanapali Land, there were a substantial number of cases that were pending against D/C on the U.S. mainland (primarily in California). Cases against Kaanapali Land (hereafter, “Kaanapali Land asbestos cases”) are allegedly based on its prior business operations in Hawaii and cases against D/C are allegedly based on sale of asbestos-containing products by D/C's prior distribution business operations primarily in California. Each entity defending these cases believes that it has meritorious defenses against these actions, but can give no assurances as to the ultimate outcome of these cases. The defense of these cases has had a material adverse effect on the financial condition of D/C as it has been forced to file a voluntary petition for liquidation as discussed below. Kaanapali Land does not believe that it has liability, directly or indirectly, for D/C's obligations in those cases. Kaanapali Land does not presently believe that the cases in which it is named will result in any material liability to Kaanapali Land; however, there can be no assurance in that regard.

 

On February 12, 2014, counsel for Fireman’s Fund, the carrier that has been paying defense costs and settlements for the Kaanapali Land asbestos cases, stated that it would no longer advance fund settlements or judgments in the Kaanapali Land asbestos cases due to the pendency of the D/C and Oahu Sugar bankruptcies. In its communications with Kaanapali Land, Fireman’s fund expressed its view that the automatic stay in effect in the D/C bankruptcy case bars Fireman’s Fund from making any payments to resolve the Kaanapali Land asbestos claims because D/C Distribution is also alleging a right to coverage under those policies for asbestos claims against it. However, in the interim, Fireman’s Fund advised that it presently intends to continue to pay defense costs for those cases, subject to whatever reservations of rights may be in effect and subject further to the policy terms. Fireman’s Fund has also indicated that to the extent that Kaanapali Land cooperates with Fireman’s Fund in addressing settlement of the Kaanapali Land asbestos cases through coordination with its adjusters, it is Fireman’s Fund’s present intention to reimburse any such payments by Kaanapali Land, subject, among other things, to the terms of any lift-stay order, the limits and other terms and conditions of the policies, and prior approval of the settlements. Kaanapali Land continues to pursue discussions with Fireman’s Fund in an attempt to resolve the issues, however, Kaanapali Land is unable to determine what portion, if any, of settlements or judgments in the Kaanapali Land asbestos cases will be covered by insurance.

 

17 

 

On February 15, 2005, D/C was served with a lawsuit entitled American & Foreign Insurance Company v. D/C Distribution and Amfac Corporation, Case No. 04433669 filed in the Superior Court of the State of California for the County of San Francisco, Central Justice Center. No other purported party was served. In the eight-count complaint for declaratory relief, reimbursement and recoupment of unspecified amounts, costs and for such other relief as the court might grant, plaintiff alleged that it is an insurance company to whom D/C tendered for defense and indemnity various personal injury lawsuits allegedly based on exposure to asbestos containing products. Plaintiff alleged that because none of the parties have been able to produce a copy of the policy or policies in question, a judicial determination of the material terms of the missing policy or policies is needed. Plaintiff sought, among other things, a declaration: of the material terms, rights, and obligations of the parties under the terms of the policy or policies; that the policies were exhausted; that plaintiff is not obligated to reimburse D/C for its attorneys' fees in that the amounts of attorneys' fees incurred by D/C have been incurred unreasonably; that plaintiff was entitled to recoupment and reimbursement of some or all of the amounts it has paid for defense and/or indemnity; and that D/C breached its obligation of cooperation with plaintiff. D/C filed an answer and an amended cross-claim. D/C believed that it had meritorious defenses and positions, and intended to vigorously defend. In addition, D/C believed that it was entitled to amounts from plaintiffs for reimbursement and recoupment of amounts expended by D/C on the lawsuits previously tendered. In order to fund such action and its other ongoing obligations while such lawsuit continued, D/C entered into a Loan Agreement and Security Agreement with Kaanapali Land, in August 2006, whereby Kaanapali Land provided certain advances against a promissory note delivered by D/C in return for a security interest in any D/C insurance policy at issue in this lawsuit. In June 2007, the parties settled this lawsuit with payment by plaintiffs in the amount of $1,618. Such settlement amount was paid to Kaanapali Land in partial satisfaction of the secured indebtedness noted above.

 

Because D/C was substantially without assets and was unable to obtain additional sources of capital to satisfy its liabilities, D/C filed with the United States Bankruptcy Court, Northern District of Illinois, its voluntary petition for liquidation under Chapter 7 of Title 11, United States Bankruptcy Code during July 2007, Case No. 07-12776. Such filing is not expected to have a material adverse effect on the Company as D/C was substantially without assets at the time of the filing. Kaanapali Land filed claims in the D/C bankruptcy that aggregated approximately $26,800, relating to both secured and unsecured intercompany debts owed by D/C to Kaanapali Land. In addition, a personal injury law firm based in San Francisco that represents clients with asbestos-related claims, filed proofs of claim on behalf of approximately two thousand claimants. While it is not likely that a significant number of these claimants have a claim against D/C that could withstand a vigorous defense, it is unknown how the trustee will deal with these claims. It is not expected, however, that the Company will receive any material additional amounts in the liquidation of D/C.

 

18 

 

On or about April 28, 2015, eight litigants who filed asbestos claims in California state court (hereinafter, “Petitioners”) filed a motion for relief from the automatic stay in the D/C bankruptcy (hereinafter “life stay motion”). Under relevant provisions of the bankruptcy rules and on the filing of the D/C bankruptcy action, all pending litigation claims against D/C were stayed pending resolution of the bankruptcy action. In their motion, Petitioners asked the bankruptcy court to lift the stay in the bankruptcy court to name D/C and/or its alternate entities as defendants in their respective California state court asbestos actions and to satisfy their claims against insurance policies that defend and indemnify D/C and/or their alternate entities. The Petitioner’s motion to lift stay thus in part has as an objective ultimate recovery, if any, from, among other things, insurance policy proceeds that were allegedly assets of both the D/C and Oahu Sugar bankruptcy estates. As noted above, Kaanapali, the EPA, and the Navy are claimants in the Oahu Sugar bankruptcy and the Fireman’s Fund policies are allegedly among the assets of the Oahu Sugar bankruptcy estate as well. For this and other reasons, Kaanapali, the EPA and the Navy opposed the motion to lift stay. After briefing and argument, on May 14, 2015, the United States Bankruptcy Court, for the Northern District of Illinois, Eastern Division, in In Re D/C Distribution, LLC, Bankruptcy Case No. 07-12776, issued an order lifting the stay. In the order, the court permitted the Petitioners to “proceed in the applicable nonbankruptcy forum to final judgment (including any appeals) in accordance with applicable nonbankruptcy law. Claimants are entitled to settle or enforce their claims only by collecting upon any available insurance Debtor’s liability to them in accordance with applicable nonbankruptcy law. No recovery may be made directly against the property of Debtor, or property of the bankruptcy estate.” Kaanapali, Firemen’s Fund and the United States appealed the bankruptcy court order lifting the stay. In March 2016, the district court reversed the bankruptcy court order finding that the bankruptcy court did not apply relevant law to the facts in the case to arrive at a reasoned decision. On appeal the district court noted that the law requires consideration of a number of factors when lifting a stay to permit certain claims to proceed, including consideration of the adequacy of remaining insurance to meet claims still subject to the stay. Among other things, the court noted that the bankruptcy court failed to explain why it was appropriate for the petitioners to liquidate their claims before the other claimants whose claims remained subject to the stay. The district court remanded the case for further proceedings. It is uncertain whether such further proceedings on the lift stay will take place.

 

The parties in the D/C and Oahu Sugar bankruptcies have reached out to each other to determine if there is any interest in pursuing a global settlement of the claims in the Oahu Sugar and D/C bankruptcies insofar as the Fireman’s Fund insurance policies are concerned. If such discussions take place, they may take the form of a mediation or other format and involve some form of resolution of Kaanapali’s interest in various of the Fireman’s Fund insurance policies for Kaanapali’s various and future insurance claims. Kaanapali may consider entering into such discussions, but there is no assurance that such discussions will take place or prove successful in resolving any of the claims in whole or in part.

 

On or about October 17, 2018, PM Land Company, LLC (“PM Land”) received a demand for arbitration of a claim allegedly involving the sale of a lot located in the Kaanapali Coffee Farms Subdivision. The purchaser of the lot seeks unspecified damages in connection with Claimant’s July 2016 purchase of the lot, allegedly on the basis that PM Land did not, among other things, fully and adequately disclose the nature, source of the chronic problems associated with alleged excessive groundwater accumulation on the property. Claimant seeks unspecified damages for, among other things, breach of contract, violation of the Uniform Land Sales Practices Act, unfair and deceptive trade practices. Claimant seeks damages in an amount to be proven at trial, and attorneys’ fees and costs. The parties are in the preliminary stages of the arbitration process and are discussing alternatives to arbitration. PM Land believes it has meritorious defenses to the claim. PM Land does not presently believe that the case will result in any material liability to PM Land; however, there are no assurances in that regard.

 

19 

 

The Company has received notice from Hawaii’s Department of Land and Natural Resources (“DLNR”) that DLNR on a periodic basis would inspect all significant dams and reservoirs in Hawaii, including those maintained by the Company on Maui in connection with its agricultural operations. A series of such inspections have taken place over the period from 2006 through the most recent inspections that occurred in November 2016. To date, the DLNR has cited certain deficiencies concerning two of the Company’s reservoirs relating to dam and reservoir safety standards established by the State of Hawaii. These deficiencies include, among other things, vegetative overgrowth, erosion of slopes, uncertainty of inflow control, spillway capacity, and freeboard, and uncertainty of structural stability under certain loading and seismic conditions. The Company has taken certain corrective actions as well as updating important plans to address emergency events and basic operations and maintenance. The November 2016 inspection resulted in a notice of dam safety deficiency requiring certain actions needing immediate attention. The Company is in the process of addressing the action items, with the lowering of the reservoir water level the most immediate. In 2012, the State of Hawaii issued new Hawaii Administrative Rules for Dams and Reservoirs which require dam owners to obtain from DLNR Certificates of Impoundment (“permits”) to operate and maintain dams or reservoirs. Obtaining such permits requires owners to completely resolve all cited deficiencies. Therefore, the process may involve further analysis of dam and reservoir safety requirements, which would likely involve hiring specialized engineering consultants, and ultimately could result in significant and costly improvements which may be material to the Company.

 

The DLNR categorizes the reservoirs as "high hazard" under State of Hawaii Administrative Rules and State Statutes concerning dam and reservoir safety. This classification, which bears upon government oversight and reporting requirements, may increase the cost of managing and maintaining these reservoirs in a material manner. The Company does not believe that this classification is warranted for either of these reservoirs and has initiated a dialogue with DLNR in that regard. In April 2008, the Company received further correspondence from DLNR that included the assessment by their consultants of the potential losses that result from the failure of these reservoirs. In April 2009, the Company filed a written response to DLNR to correct certain factual errors in its report and to request further analysis on whether such "high hazard" classifications are warranted. It is unlikely that the “high hazard” designation will be changed.

 

Other than as described above, the Company is not involved in any material pending legal proceedings, other than ordinary routine litigation incidental to its business. The Company and/or certain of its affiliates have been named as defendants in several pending lawsuits. While it is impossible to predict the outcome of such routine litigation that is now pending (or threatened) and for which the potential liability is not covered by insurance, the Company is of the opinion that the ultimate liability from any of this litigation will not materially adversely affect the Company's consolidated results of operations or its financial condition.

 

The Company often seeks insurance recoveries under its policies for costs incurred or expected to be incurred for losses or claims under which the policies might apply. While payouts from various coverages are being sought and may be recovered in the future, no anticipatory amounts have been reflected in the Company’s consolidated financial statements.

 

20 

 

Kaanapali Land Management Corp. (KLMC) is a party to an agreement with the State of Hawaii for the development of the Lahaina Bypass Highway. An approximate 2.4 mile portion of this two lane state highway has been completed. Construction to extend the southern terminus was completed in mid 2018. The northern portion of the Bypass Highway, which extends to KLMC’s lands, remains uncompleted. Under certain circumstances, which have not yet occurred, KLMC remains committed for approximately $1,100 of various future costs relating to the planning and design of the uncompleted portion of the Bypass Highway. Under certain conditions, which have not yet been met, KLMC has agreed to contribute an amount not exceeding $6,700 toward construction costs. Any such amount contributed would be reduced by the value of KLMC’s land actually contributed to the State for the Bypass Highway.

 

These potential commitments have not been reflected in the accompanying consolidated financial statements. While the completion of the Bypass Highway would add value to KLMC’s lands north of the town of Lahaina, there can be no assurance that it will be completed or when any future phases will be undertaken.

 

 

(8)  Calculation of Net Loss Per Share

 

The following tables set forth the computation of net loss per share - basic and diluted:

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

  (Amounts in thousands, except per share amounts)
  2018   2017   2018   2017
Numerator:                      
Net income (loss) $ (756)   $ 3,728    $ (1,810)   $ 2,381 

Less: Net (loss) income

  attributable to non controlling

  interests

  (37)     (37)     162      (77)

Net income (loss) attributable

  to stockholders

$ (719)   $ 3,765    $ (1,972)   $ 2,458 
                       
Denominator:                      

Number of weighted

  average share outstanding

                     
  -  basic and diluted   1,845      1,845      1,845      1,845 
                       
Net income (loss) per share,                      

  attributable to

  Kaanapali Land

  -  basic and diluted

$ (0.39)   $ 2.04    $ (1.07)   $ 1.33 

 

21 

 

(9)  Business Segment Information

 

As described in Note 1, the Company operates in two business segments. Total revenues and operating profit by business segment are presented in the tables below.

 

Total revenues by business segment includes primarily (i) sales, all of which are to unaffiliated customers and (ii) interest income that is earned from outside sources on assets which are included in the individual industry segment's identifiable assets.

 

Operating income (loss) is comprised of total revenue less cost of sales and operating expenses. In computing operating income (loss), none of the following items have been added or deducted: general corporate revenues and expenses, interest expense and income taxes.

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

  2018   2017   2018   2017
Revenues:                      
  Property $ 102    $ 9,247    $ 2,704    $ 10,592 
  Agriculture   504      450      2,182      2,181 
  Corporate   44          110     
  $ 650    $ 9,700    $ 4,996    $ 12,775 
                       
Operating (loss) income:                      
  Property $ (270)   $ 4,067    $ (811)   $ 3,562 
  Agriculture   (41)     (23)     186      142 
Operating (loss) income   (311)     4,044      (625)     3,704 
                       
Corporate   (445)     (316)     (1,185)     (1,323)
                       

Operating (loss) income

  before income taxes

$ (756)   $ 3,728    $ (1,810)   $ 2,381 

 

The Company’s property segment consists primarily of revenue received from land sales and lease and licensing agreements.

 

The Company’s agricultural segment consists primarily of coffee operations.

 

The Company is exploring alternative agricultural operations, but there can be no assurance that replacement operations at any level will result.

 

 

22 

Part I.  Financial Information

 

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operation

 

Liquidity and Capital Resources

 

General

 

In addition to historical information, this Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations about its businesses and the markets in which the Company operates. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties or other factors which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual operating results may be affected by various factors including, without limitation, changes in international, national and Hawaiian economic conditions, competitive market conditions, uncertainties and costs related to the imposition of conditions on receipt of governmental approvals and costs of material and labor, and actual versus projected timing of events all of which may cause such actual results to differ materially from what is expressed or forecast in this report.

 

Certain subsidiaries of Kaanapali Land are jointly indebted to Kaanapali Land pursuant to a certain Secured Promissory Note in the principal amount of $70 million, dated November 14, 2002, and due September 30, 2020, as extended. Such note had an outstanding balance of principal and accrued interest as of September 30, 2018 and December 31, 2017 of approximately $88 million and $88 million, respectively. The interest rate currently is 1.19% per annum and compounds semi-annually. The note, which is prepayable, is secured by substantially all of the remaining real property owned by such subsidiaries, pursuant to a certain Mortgage, Security Agreement and Financing Statement, dated as of November 14, 2002 and placed on record in December 2002. The note has been eliminated in the consolidated financial statements because the obligors are consolidated subsidiaries of Kaanapali Land.

 

In addition to such Secured Promissory Note, certain other subsidiaries of Kaanapali Land continue to be liable to Kaanapali Land under certain guarantees (the "Guarantees") that they had previously provided to support certain Senior Indebtedness (as defined in the Plan) and the Certificate of Land Appreciation Notes ("COLA Notes") formerly issued by Amfac/JMB Hawaii, Inc. (as predecessor to KLC Land). Although such Senior Indebtedness and COLA Notes were discharged under the Plan, the Guarantees of the Non-Debtor KLC Subsidiaries were not. Thus, to the extent that the holders of the Senior Indebtedness and COLA Notes did not receive payment on the outstanding balance thereof from distributions made under the Plan, the remaining amounts due thereunder remain obligations of the Non-Debtor KLC Subsidiaries under the Guarantees. Under the Plan, the obligations of the Non-Debtor KLC Subsidiaries under such Guarantees were assigned by the holders of the Senior Indebtedness and COLA Notes to Kaanapali Land on the Plan Effective Date. Kaanapali Land has notified each of the Non-Debtor KLC Subsidiaries that are liable under such Guarantees that their respective guarantee obligations are due and owing and that Kaanapali Land reserves all of its rights and remedies in such regard. Given the financial condition of such Non-Debtor KLC Subsidiaries, however, it is unlikely that Kaanapali Land will realize payments on such Guarantees that are more than a small percentage of the total amounts outstanding thereunder or

23 

 

that in the aggregate will generate any material proceeds to the Company. Nevertheless, Kaanapali Land has submitted a claim in the Chapter 7 bankruptcy proceeding of Oahu Sugar in order that it may recover substantially all of the assets remaining in the bankruptcy estate, if any, that become available for creditors of Oahu Sugar. Any amounts so received would not be material to the Company. These Guarantee obligations have been eliminated in the consolidated financial statements because the obligors are consolidated subsidiaries of Kaanapali Land, which is now the sole obligee thereunder.

 

Those persons and entities that were not affiliated with the predecessor of Kaanapali Land and were holders of COLAs on the date that the Plan was confirmed by the Bankruptcy Court, and their successors in interest, represent approximately 9% of the ownership of the Company.

 

The Company had cash and cash equivalents of approximately $31 million and $31 million, as of September 30, 2018 and December 31, 2017, respectively, which is available for, among other things, working capital requirements, including future operating expenses, and the Company's obligations for engineering, planning, regulatory and development costs, drainage and utilities, environmental remediation costs on existing and former properties, potential liabilities resulting from tax audits, and existing and possible future litigation. The Company does not anticipate making any distributions for the foreseeable future.

 

The primary business of Kaanapali Land is the investment in and development of the Company's assets on the Island of Maui. The various development plans will take many years at significant expense to fully implement. Proceeds from land sales are the Company's only source of significant cash proceeds and the Company's ability to meet its liquidity needs is dependent on the timing and amount of such proceeds.

 

The Company's operations have in recent periods been primarily reliant upon the net proceeds of sales of developed and undeveloped land parcels.

 

During the first quarter of 2006, the Company received final subdivision approval on an approximate 336 acre parcel in the region "mauka" (toward the mountains) from the main highway serving the area. This project, called Kaanapali Coffee Farms, consisted of 51 agricultural lots, offered to individual buyers. The land improvements were completed during 2008. As of September 30, 2018, the Company sold forty-nine lots at Kaanapali Coffee Farms including two lots during the second quarter, one lot during the first quarter of 2018 and five lots in 2017. In October 2018, an additional lot was sold, leaving one unsold lot.

 

The Company does not consider the excess assets of the Pension Plan (approximately $14 million) to be a source of liquidity due to the substantial cost, including Federal income tax consequences, associated with liquidating the Pension Plan.

 

Although the Company does not currently believe that it has significant liquidity problems over the near term, should the Company be unable to satisfy its liquidity requirements from its existing resources and future property sales, it will likely pursue alternate financing arrangements. However it cannot be determined at this time what, if any, financing alternatives may be available and at what cost.

 

24 

 

Results of Operations

 

Reference is made to the footnotes to the financial statements for additional discussion of items addressing comparability between years.

 

Property, net decreased as of September 30, 2018 due to the sale of three lots during 2018.

 

The decrease in sales and the related decrease in cost of sales for the three and nine months ended September 30, 2018 as compared to the three and nine months ended September 30, 2017 is primarily due to no lot sales during the three months ended September 30, 2018 as compared to one lot sale during the three months ended September 30, 2017 as well as the sale of the Wainee Lands that occurred during third quarter 2017, and three lot sales during the nine months ended September 30, 2018 as compared to two lot sales during the nine months ended September 30, 2017 as well as the sale of the Wainee Lands that occurred during third quarter 2017.

 

Inflation

 

Due to the lack of significant fluctuations in the level of inflation in recent years, inflation generally has not had a material effect on real estate development.

 

In the future, high rates of inflation may adversely affect real estate development generally because of their impact on interest rates. High interest rates not only increase the cost of borrowed funds to the Company, but can also have a significant effect on the affordability of permanent mortgage financing to prospective purchasers. However, high rates of inflation may permit the Company to increase the prices that it charges in connection with real property sales, subject to general economic conditions affecting the real estate industry and local market factors, and therefore may be advantageous where property investments are not highly leveraged with debt or where the cost of such debt has been previously fixed.

 

 

Item 4.  Controls and Procedures

 

Disclosure controls and procedures. The principal executive officer and the principal accounting officer of the Company have evaluated the effectiveness of the Company's disclosure controls and procedures as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended, (the "Exchange Act") as of the end of the period covered by this report. Based on such evaluation, the principal executive officer and the principal accounting officer have concluded that the Company's disclosure controls and procedures were effective to ensure that information required to be disclosed was recorded, processed, summarized and reported within the time periods specified in the applicable rules and form of the Securities and Exchange Commission.

 

Internal control over financial reporting. There have not been any changes in the Company's internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the third quarter of 2018 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

 

25 

 

Part II.  Other Information

 

Item 1.   Legal Proceedings

 

See Note 7 to the Condensed Consolidated Financial Statements included in Part I of this report.

 

Item 1A.  Risk Factors

 

There has been no known material changes from risk factors as previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2017.

 

Item 6.  Exhibit

    3.1 Amended and Restated Limited Liability Company Agreement of Kaanapali Land, LLC dated November 14, 2002 filed as an exhibit to the Company's report on Form 10 filed May 1, 2003 and hereby incorporated by reference.
       
    3.2 Amendment to the Amended and Restated Limited Company Agreement of Kaanapali Land, LLC dated November 14, 2002 filed as an exhibit to the Company's report on Form 8-K filed April 21, 2008 and hereby incorporated by reference.
       
    10.2 Restricted Share Agreement dated April 15, 2008 is filed as an exhibit to the Company's report on Form 10-Q filed August 14, 2008 and hereby incorporated by reference.
       
    31.1 Certification of Chief Executive Officer pursuant to Rule 13a-14(a) is filed herewith.
       
    31.2 Certification of Chief Financial Officer pursuant to Rule 13a-14(a) is filed herewith.
       
    32. Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

 

 

 

26 

 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  KAANAPALI LAND, LLC
     
  By:

Pacific Trail Holdings, LLC.

(sole member)

     
    /s/ RICHARD HELLAND
  By: Richard Helland, Vice President
  Date: November 13, 2018

 

 

27

EX-31.1 2 kaa10q-exh311.htm CERTIFICATION - PRINCIPAL EXECUTIVE OFFICER

Exhibit 31.1

 

 

CERTIFICATION

 

I, Gary Nickele, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q for the period ending September 30, 2018,  of Kaanapali Land, LLC;
     
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
     
  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

 

 
 

 

     
  d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
     
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
     
  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
     
  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

Date: November 13, 2018    
       
       
      /s/ Gary Nickele
      Principal Executive Officer

 

 

EX-31.2 3 kaa10q-exh312.htm CERTIFICATION - PRINCIPAL ACCOUNTING OFFICER

Exhibit 31.2

 

 

CERTIFICATION

 

I, Richard Helland, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q for the period ending September 30, 2018, of Kaanapali Land, LLC;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
     
  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

 

 
 

 

     
  d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
     
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
     
  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
     
  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

Date: November 13, 2018    
       
       
      /s/ Richard Helland
      Principal Accounting Officer

 

 

EX-32 4 kaa10q-exh32.htm CERTIFICATIONS PURSUANT TO 18 USC SECTION 1350

Exhibit 32

 

 

CERTIFICATIONS PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

 

The following statement is provided by the undersigned with respect to the Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed pursuant to any provision of the Securities Exchange Act of 1934 or any other securities law:

 

Each of the undersigned certifies that the foregoing Report on Form 10-Q fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m) and that the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Kaanapali Land, LLC.

 

 

Date:   November 13, 2018

 

 

 

By: /s/ Gary Nickele   By: /s/ Richard Helland
 

Gary Nickele

Chief Executive Officer

   

Richard Helland

Principal Accounting Officer

 

 

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investment target allocation percentages Unrecognized prior service costs that have not yet been recognized in net periodic pension cost, before tax Unrecognized prior service costs that have not yet been recognized in net periodic pension cost, after tax Unrecognized actuarial loss that have not yet been recognized in net periodic pension cost, before tax Unrecognized actuarial loss that have not yet been recognized in net periodic pension cost, after tax Prior service cost recognized in net periodic pension cost, pre tax Prior service cost recognized in net periodic pension cost, after tax Prior actuarial loss recognized in net periodic pension cost, pre tax Prior actuarial loss recognized in net periodic pension cost, after tax Deferred liability for nonqualified deferred compensation arrangement ("Rabbi Trust") Assets held under deferred compensation arrangement ("Rabbi Trust") Service cost Interest cost Expected return on plan assets Recognized net actuarial loss Amortization of prior service cost Net periodic pension cost (credit) Income Tax Examination [Table] Income Tax Examination [Line Items] Open tax years Income tax benefit recognized from the Tax Cuts and Jobs Act Corporate tax rate Refundable AMT tax credits recorded in other assets Schedule of Related Party Transactions, by Related Party [Table] Related Party Transaction [Line Items] Insurance brokerage commissions incurred during period with related party Selling, general and administrative expenses incurred during the period with related parties Amounts due to affiliates not yet paid Revenue from farming and common area maintenance services and for providing non-potable water to the Kaanapali Coffee Farms Lot Owners Association ('LOA') Gain Contingencies [Table] Gain Contingencies [Line Items] Scenario [Axis] Amount of claims filed Total costs spent included in bankruptcy proof of claim Additional anticipated response costs submitted in bankruptcy proof of claim Litigation settlement Approximate future costs and expenditures KLMC remains committed for on uncompleted portion of Bypass Highway Maximum amount KLMC has agreed to contribute towards construction costs on Bypass Highway project Numerator: Less: Net (loss) income attributable to non controlling interests Net income (loss) attributable to stockholders Denominator: Number of weighted average share outstanding - basic and diluted Net income (loss) per share, attributable to Kaanapali Land - basic and diluted Schedule of Segment Reporting Information, by Segment [Table] Segment Reporting Information [Line Items] Revenues: Revenues Operating (loss) income: Operating (loss) income Operating (loss) income from continuing operations before income taxes Revenue reclassified from property segment to agriculture segment Operating income (loss) reclassified from property segment to agriculture segment Acres of land sold. Additional acres of land granted to purchaser for adjacent sites. Additional anticipated response costs submitted in bankruptcy proof of claim. Agriculture [Member] Alternative Investments [Member] Amount of nonrefundable option payment applied to the purchase of additional acres. Amount of pension plan funds transferred to third party to fund purchase. Approximate future costs and expenditures KLMC remains committed for relating to the planning and design of the uncompleted portion of the Bypass Highway. Area of property holdings in Maui classified as conservation land which precludes development. D/C Distribution [Member] D/C Distributions Bankruptcy [Member] After tax net amount of gain (loss) that are not yet recognized as a component of net periodic benefit cost, and that are recognized as increases (decreases) in other comprehensive income as they arise. The pretax net amount of gains and losses that are not yet recognized as a component of net periodic benefit cost, and that are recognized as increases or decreases in other comprehensive income as they arise. Gains and losses are due to changes in the value of either the benefit obligation or the plan assets resulting from experience different from that assumed or from a change in an actuarial assumption, or the consequence of a decision to temporarily deviate from the substantive plan. The total amount of deposits and deferred gains as of the balance sheet date. Excess assets of pension plan. Funds committed by entity for improvements to land sold depending on various factors, for off-site roadway, water, sewer and electrical improvements that will also provide service to other adjacent properties. KLC Sales Agreement [Member] Maximum amount KLMC has agreed to contribute towards construction costs on Bypass Highway project. Number of agricultural lots held for sale. Number of agricultural lots sold during period. Oahu Sugar Bankruptcy [Member] Operating income (loss) reclassified from property segment to agriculture segment. Percentage of the pension plan's benefit obligations that will be settled from purchase of a single premium group annuity contract. Pioneer Mill Site [Member] Property and Agriculture [Member] Property [Member] Property Purchase Agreement [Axis] Property Sales Agreement [Axis] Real Assets [Member] Recognized non-cash accumulated other comprehensive loss, after tax. Revenue reclassified from property segment to agriculture segment. Sales price of additional acres offered to purchaser. Total after tax accumulated other comprehensive loss recognized in accumulated earnings. Total costs spent included in bankruptcy proof of claim. Total number of agricultural lots sold. The aggregate revenue from real estate operations during the reporting period. Income tax benefit recognized from enacted the Tax Cuts and Jobs Act. 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Document and Entity Information - shares
9 Months Ended
Sep. 30, 2018
Nov. 13, 2018
Document And Entity Information    
Entity Registrant Name KAANAPALI LAND LLC  
Entity Central Index Key 0001230058  
Document Type 10-Q  
Document Period End Date Sep. 30, 2018  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   1,792,613
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2018  
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Assets    
Cash and cash equivalents $ 29,602 $ 30,565
Restricted cash 1,081 592
Property, net 62,443 64,283
Pension plan assets 14,519 14,353
Other assets 3,260 3,115
Total assets 110,905 112,908
Liabilities    
Accounts payable and accrued expenses 351 528
Deposits and deferred gains 2,405 2,409
Deferred income taxes 11,064 11,007
Other liabilities 11,956 12,476
Total liabilities 25,776 26,420
Commitments and contingencies (Note 7)
Stockholders' Equity    
Common stock, at 9/30/18 and 12/31/17 non par value (Shares authorized - unlimited; shares issued and outstanding - 1,792,613 common shares and 52,000 Class C shares
Additional paid-in capital 5,471 5,471
Accumulated other comprehensive loss, net of tax (1,210) (1,367)
Accumulated earnings 79,751 81,754
Stockholders' equity 84,012 85,858
Non controlling interests 1,117 630
Total equity 85,129 86,488
Total liabilities and stockholders' equity $ 110,905 $ 112,908
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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
9 Months Ended 12 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Common stock, no par value
Common stock shares authorized Unlimited Unlimited
Common stock, shares issued 1,792,613 1,792,613
Common stock, shares outstanding 1,792,613 1,792,613
Common Stock Class C [Member]    
Common stock, shares authorized 52,000 52,000
Common stock, shares issued 52,000 52,000
Common stock, shares outstanding 52,000 52,000
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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues:        
Sales and rental revenues $ 595 $ 9,358 $ 4,846 $ 12,244
Interest and other income 55 342 150 531
Total revenues 650 9,700 4,996 12,775
Cost and expenses:        
Cost of sales 860 5,617 4,737 8,452
Selling, general and administrative 487 306 1,896 1,795
Depreciation and amortization 59 49 173 147
Total cost and expenses 1,406 5,972 6,806 10,394
Operating income (loss) from continuing operations before income taxes (756) 3,728 (1,810) 2,381
Income tax benefit (expense)
Net income (loss) (756) 3,728 (1,810) 2,381
Less: Net income (loss) attributable to non controlling interests (37) (37) 162 (77)
Net income (loss) attributable to stockholders $ (719) $ 3,765 $ (1,972) $ 2,458
Net income (loss) per share - basic and diluted $ (0.39) $ 2.04 $ (1.07) $ 1.33
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Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ (756) $ 3,728 $ (1,810) $ 2,381
Other comprehensive loss:        
Net unrealized losses on pension plan assets (70) (19) (212) (58)
Other comprehensive loss, before tax (70) (19) (212) (58)
Income tax expense related to items of other comprehensive loss 18 8 55 23
Other comprehensive loss, net of tax (52) (11) (157) (35)
Comprehensive income (loss) (808) 3,717 (1,967) 2,346
Comprehensive loss attributable to non controlling interests (37) (37) 162 (77)
Comprehensive income (loss) attributable to stockholders $ (771) $ 3,754 $ (2,129) $ 2,423
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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Statement of Cash Flows [Abstract]    
Net cash (used in) provided by operating activities $ (383) $ 8,374
Net cash used in investing activities:    
Property additions (385) (475)
Net cash used in investing activities (385) (475)
Net cash provided by financing activities:    
Contributions related to the LOA 294 258
Net cash provided by financing activities 294 258
Net (decrease) increase in cash, cash equivalents and restricted cash (474) 8,157
Cash, cash equivalents and restricted cash at beginning of period 31,157 21,598
Cash, cash equivalents and restricted cash at end of period $ 30,683 $ 29,755
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Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

(1)  Summary of Significant Accounting Policies

 

Organization and Basis of Accounting

 

Kaanapali Land, LLC ("Kaanapali Land"), a Delaware limited liability company, is the reorganized entity resulting from the Joint Plan of Reorganization of Amfac Hawaii, LLC (now known as KLC Land Company, LLC ("KLC Land")), certain of its subsidiaries (together with KLC Land, the "KLC Debtors") and FHT Corporation ("FHTC" and, together with the KLC Debtors, the "Debtors") under Chapter 11 of the Bankruptcy Code, dated June 11, 2002 (as amended, the "Plan").

 

The Company's continuing operations are in two business segments - Agriculture and Property. The Agriculture segment remains engaged in farming, harvesting, milling and selling operations relating to coffee orchards on behalf of the applicable land owners. The Property segment primarily develops land for sale and negotiates bulk sales of undeveloped land. The Property and Agriculture segments operate exclusively in the State of Hawaii.

 

In 2013, the Kaanapali Coffee Farms Lot Owners’ Association was consolidated into the accompanying consolidated financial statements. The interests of third party owners are reflected as non controlling interests. All significant intercompany transactions and balances have been eliminated in consolidation.

 

The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements, and therefore, should be read in conjunction with the Company's Annual Report on Form 10-K (File No. 0-50273) for the year ended December 31, 2017. Capitalized terms used but not defined in this quarterly report have the same meanings as in the Company's 2017 Annual Report on Form 10-K.

 

Property

 

The Company's significant property holdings are on the island of Maui consisting of approximately 3,900 acres, of which approximately 1,500 acres are classified as conservation land which precludes development. The Company has determined, based on its current projections for the development and/or disposition of its property holdings, that the property holdings are not currently recorded in an amount in excess of proceeds that the Company expects that it will ultimately obtain from the operation and disposition thereof.

 

Inventory of land held for sale, of approximately $1,446 and $3,498, representing primarily Kaanapali Coffee Farms, is included in Property, net in the consolidated balance sheets at September 30, 2018 and December 31, 2017, respectively, and is carried at the lower of cost or fair market value, less costs to sell, which is based on current and foreseeable market conditions, discussions with real estate brokers and review of historical land sale activity (level 2 and 3). Generally no land is currently in use except for certain acreage of coffee trees which are being maintained to support the Company's land development program and miscellaneous parcels of land that have been leased or licensed to third parties on a short term basis.

 

In August 2017, Pioneer Mill Company, LLC, pursuant to a property sales agreement with an unrelated third party, closed on the sale of approximately 230 acres known collectively as the “Wainee Lands”, which are located in Lahaina south of the mill site (“Wainee Sales Agreement”). The purchase price was $8,000, paid in cash at closing.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

 

Operating results for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that may be achieved in future periods.

 

Cash, Cash Equivalents and Restricted Cash

 

The Company considers as cash equivalents all investments with maturities of three months or less when purchased. Included in this balance is a money market fund for $10,000 that is considered to be a Level 1 investment with a maturity of 30 days. The Company’s cash balances are maintained primarily in two financial institutions. Restricted cash represents cash held by the Kaanapali Coffee Farms Lot Owners’ Association. Such balances significantly exceed the Federal Deposit Insurance Corporation insurance limits. Management does not believe the Company is exposed to significant risk of loss on cash and cash equivalents.

 

Recognition of Profit From Real Property Sales

 

In accordance with the core principle of ASC 606, revenue from real property sales is recognized at the time of closing when control of the property transfers to the customer. After closing of the sale transaction, we have no remaining performance obligation. When the sale does not meet the requirements for full profit recognition, all or a portion of the profit is deferred until such requirements are met.

 

Other revenues in the scope of ASC 606 are recognized when control of goods or services transfers to the customers, in the amount that we expect to receive for the transfer of goods or provision of services.

 

Recently Issued Accounting Pronouncements

 

In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance under the Accounting Standards Codification (“ASC”) 606, Revenue from Contract with Customers, which established a single comprehensive revenue recognition model for all contracts with customers and superseded prior revenue guidance, and subsequently, it issued additional guidance that further clarified the Accounting Standards Update (“ASU”). This guidance requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange. The revenue recognition ASU has implications for all revenues, excluding those that are under the specific scope of other accounting standards.

 

The Company’s revenues for the nine months ended September 30, 2018 that were subject to the revenue recognition ASU were as follows (in thousands):

 

  Sales of real estate $ 2,417  
  Coffee and other crop sales   1,805  
  Total $ 4,222  

 

The ASU requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The application of the five-step model to the revenue streams compared to the prior guidance did not result in significant changes in the way the Company records its sales of real estate and coffee and other crop sales.

 

The Company elected to adopt this guidance using the modified retrospective method at January 1, 2018 which did not result in an adjustment to the retained earnings. Additionally, upon adoption, the Company evaluated its revenue recognition policy for all revenue streams within the scope of the ASU under previous standards and using the five-step model under the new guidance and confirmed that there were no differences in the pattern of revenue recognition.

 

In February 2016, the FASB updated ASC Topic 842 Leases (ASU 2016-02). ASU 2016-02 requires lessees to record operating and financing leases as assets and liabilities on the balance sheet and lessors to expense costs that are not direct leasing costs. In addition, the following ASUs were subsequently issued related to ASC Topic 842, all of which will be effective with ASU 2016-02:

 

·In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842. The standard provides an optional transition practical expedient for the adoption of ASU 2016-02 that, if elected, would not require an organization to reconsider its accounting for existing land easements that are not currently accounted for under the old leases standard.

 

·In July 2018, the FASB issued ASU 2018-10: Codification Improvements to Topic 842, Leases, which affects narrow aspects of the guidance issued in the amendments to ASU 2016-02.

 

·In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, which provide lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead, to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue guidance (Topic 606) and certain criteria are met. The guidance also provides an optional transition method which would allow entities to initially apply the new guidance in the period of adoption, recognizing a cumulative-effect adjustment to the opening balance of retained earnings, if necessary.

 

ASU 2016-02 is effective for periods beginning after December 15, 2018, with early adoption permitted using a modified retrospective approach. The Company continues to evaluate the effect the adoption of ASU 2016-02 will have on our consolidated financial statements. The Company believes the adoption of ASU 2016-02 will not have material impact for lease agreements where we are the lessor and we will continue to record rental revenues on a monthly basis. In addition, for leases where the Company is a lessee, the Company anticipates the adoption of this guidance will have no material impact. The Company expects to adopt this new guidance on January 1, 2019 and will continue to evaluate the impact of this guidance until it becomes effective.

 

In June 2016, the FASB updated ASC Topic 326 Financial Instruments – Credit Losses with ASU 2016-13 Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within that fiscal year. While the Company is currently evaluating the effect that implementation of this update will have on its consolidated financial statements, significant impact is not anticipated.

 

On January 1, 2018, the Company adopted ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments, which provides guidance on how certain cash receipts and cash payments should be presented and classified in the statement of cash flows with the objective of reducing existing diversity in practice with respect to these items. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

 

On January 1, 2018, the Company adopted ASU 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash. This update required inclusion of restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows.

 

Our restricted cash consists of amounts primarily held by Kaanapali Coffee Farms Lot Owners Association (“LOA”) in deposit for business operations of the LOA and design review and construction deposits. Changes in restricted cash are reported in our Consolidated Statements of Cash Flows as operating, investing or financing activities based on the nature of the underlying activity.

 

The following table reconciles our beginning-of-period and end-of-period balances of cash, cash equivalents and restricted cash for the periods shown (in thousands):

 

 

September 30,

2018

 

December 31,

2017

 

September 30,

2017

 

December 31,

2016

Cash and

    cash equivalents

$ 29,602    $ 30,565   $ 29,090    $ 21,049
Restricted cash   1,081      592     665      549

Cash, cash equivalents

  and restricted cash

$ 30,683    $ 31,157   $ 29,755    $ 21,598

 

In January 2017, the FASB issued guidance to add the SEC Staff Announcement “Disclosure of the Impact that Recently Issued Accounting Standards will have on the Financial Statements of a Registrant when such Standards are Adopted in a Future Period (in accordance with Staff Accounting Bulletin Topic 11.M).” The announcement applies to the May 2014 guidance on revenue recognition from contracts with customers and the February 2016 guidance on leases. The announcement provides the SEC staff view that a registrant should evaluate certain recent accounting standards that have not yet been adopted to determine appropriate financial statement disclosures about the potential material effects of those recent accounting standards. If a registrant does not know or cannot reasonably estimate the impact that adoption of the recent accounting standards referenced in this announcement is expected to have on the financial statements, then the registrant should make a statement to that effect and consider the additional qualitative financial statement disclosures to assist the reader in assessing the significance of the impact that the recent accounting standards will have on the financial statements of the registrant when adopted. While the Company is currently evaluating the impact of this guidance on leases and its impact on its consolidated financial statements, significant impact is not anticipated.

 

In February 2018, the FASB issued ASU 2018-02, Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (AOCI). These amendments provide financial statement preparers with an option to reclassify stranded tax effects within AOCI to retain earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Job Act (or portion thereof) is recorded. This standard is effective for fiscal years beginning after December 15, 2018 and interim periods within those financial years. While the Company is currently evaluating the effect that implementation of this update will have on its consolidated financial position and results of operations upon adoption, significant impact is not anticipated.

 

In August 2018, FASB issued ASU 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, which amends ASC 820, Fair Value Measurement. ASU 2018-13 modified the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. This standard is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. While the Company is currently evaluating the effect that implementation of this update will have on its consolidated financial statements, significant impact is not anticipated.

 

In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification, amending certain disclosure requirements that were redundant, duplicative, overlapping. outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders’ equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. The Company anticipates its first presentation of changes in stockholders' equity as required under the new SEC guidance will be included in our Form 10-Q for the three month period ended March 31, 2019.

 

XML 18 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Land Development
9 Months Ended
Sep. 30, 2018
Real Estate [Abstract]  
Land Development

(2)  Land Development

 

During the first quarter of 2006, the Company received final subdivision approval on an approximate 336 acre parcel in the region "mauka" (toward the mountains) from the main highway serving the area. This project, called Kaanapali Coffee Farms, consisted of 51 agricultural lots, offered to individual buyers. The land improvements were completed during 2008. As of September 30, 2018, the Company sold forty-nine lots at Kaanapali Coffee Farms including two lots during the second quarter, one lot during the first quarter of 2018 and five lots during 2017. In October 2018, an additional lot was sold, leaving one unsold lot.

 

In September 2014, Kaanapali Land Management Corp. (“KLMC”), pursuant to a property and option purchase agreement with an unrelated third party, closed on the sale of an approximate 14.9 acre parcel in West Maui. The purchase price was $3,300, paid in cash at closing. The agreement commits KLMC to fund up to between $803 and $1,008, depending on various factors, for off-site roadway, water, sewer and electrical improvements that will also provide service to other KLMC properties $803 is included in Deposits and deferred gains on the Company’s consolidated balance sheet. The purchaser was also granted an option for the purchase of an adjacent site of approximately 18.5 acres for $4,078, of which $525 was paid in cash upon the closing of the 14.9 acre site. The nonrefundable $525 option payment, included in Deposits and deferred gains on the Company’s consolidated balance sheet, can be applied to the purchase of the adjacent 18.5 acre option site. The option which initially expired in September 2017 has been extended to December 31, 2018. The 14.9 acre site is intended to be used for a hospital, skilled nursing facility, assisted living facility, and medical offices, and the option site is intended to be used for other medical and health-related facilities.

XML 19 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Mortgage Note Payable
9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Mortgage Note Payable

(3)  Mortgage Note Payable

 

Certain subsidiaries of Kaanapali Land are jointly indebted to Kaanapali Land pursuant to a certain Secured Promissory Note in the principal amount of $70,000 dated November 14, 2002, and due September 30, 2020, as extended. Such note had an outstanding balance of principal and accrued interest as of September 30, 2018 and December 31, 2017 of approximately $88,300 and $87,900, respectively. The interest rate currently is 1.19% per annum and compounds semi-annually. The note, which is prepayable, is secured by substantially all of the remaining real property owned by such subsidiaries, pursuant to a certain Mortgage, Security Agreement and Financing Statement, dated as of November 14, 2002 and placed on record in December 2002. The note has been eliminated in the consolidated financial statements because the obligors are consolidated subsidiaries of Kaanapali Land.

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Employee Benefit Plans
9 Months Ended
Sep. 30, 2018
Retirement Benefits [Abstract]  
Employee Benefit Plans

(4)  Employee Benefit Plans

 

The Company participates in a defined benefit pension plan that covers substantially all its eligible employees. The Pension Plan is sponsored and maintained by Kaanapali Land in conjunction with other plans providing benefits to employees of Kaanapali Land and its affiliates.

 

The Company does not consider the excess assets of the Pension Plan (approximately $14 million) to be a source of liquidity due to the substantial cost, including Federal income tax consequences, associated with liquidating the Pension Plan.

 

The components of the net periodic pension benefit (credit), included in selling, general and administrative in the consolidated statements of operations for the three and nine months ended September 30, 2018 and 2017 are as follows:

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

  2018   2017   2018   2017
Service cost $ 154    $ 151    $ 463    $ 454 
Interest cost       11      20      34 
Expected return on plan assets   (216)     (251)     (649)     (754)
Recognized net actuarial loss   71      20      212      59 

Net periodic pension cost

  (credit)

$ 15    $ (69)   $ 46    $ (207)

 

The Company recognizes the over funded or under funded status of its employee benefit plans as an asset or liability in its statement of financial position and recognizes changes in its funded status in the year in which the changes occur through comprehensive income. Included in accumulated other comprehensive income at September 30, 2018 and December 31, 2017 are the following amounts that have not yet been recognized in net periodic pension cost: unrecognized prior service costs of $1 ($1 net of tax) and $14 ($9 net of tax), respectively, and unrecognized actuarial loss of $1,635 ($1,210, net of tax) and $1,847 ($1,367, net of tax), respectively. The prior service cost and actuarial loss recognized in net periodic pension cost for the nine months ending September 30, 2018 are $1 ($1 net of tax) and $142 ($105, net of tax), respectively.

 

The Company maintains a nonqualified deferred compensation arrangement (the "Rabbi Trust") which provides certain former directors of Amfac and their spouses with pension benefits. The Rabbi Trust invests in marketable securities and cash equivalents (Level 1). The deferred compensation liability of $546, included in Other liabilities and assets funding such deferred compensation liability of $38, included in Other assets, are consolidated in the Company's balance sheet.

XML 21 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes
9 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
Income Taxes

(5)  Income Taxes

 

Federal tax return examinations have been completed for all years through 2005 and for the year 2013. The statutes of limitations have run for the tax years 2006 through 2012. The statutes of limitations with respect to the Company's taxes for 2014 through 2017 remain open, subject to possible utilization of loss carryforwards from earlier years. The Company believes adequate provisions for income tax have been recorded for all years, although there can be no assurance that such provisions will be adequate. To the extent that there is a shortfall, any such shortfall for which the Company could be liable could be material.

 

Reference is made to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.

 

On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the Act) which made significant changes that affected the Company, primarily due to the lower U.S. Federal tax rate and the repeal of the corporate alternative minimum tax. On January 1, 2018, the Company’s federal corporate tax rate became 21%. The Company reflected the impact of this rate on its deferred tax assets and liabilities at December 31, 2017, as it was required to reflect the change in the period in which the law was enacted. The impact of this change was reflected as a net benefit of $8,076 in the income tax provision for the period ended December 31, 2017.

 

The Act also repealed the corporate alternative minimum tax for tax years beginning after January 1, 2018 and provided that prior alternative minimum tax credits (AMT credits) would be refundable. The Company has AMT credits that are expected to be refunded between 2018 and 2021 as a result of the Act. The Company’s 2017 tax provision reflected the release of previously recorded valuation allowances against AMT credit carry-forwards of $2,686, as those credits will now be refundable, net of anticipated sequestration. The expected refundable tax credit of $2,686 is included in Other assets in the accompanying consolidated financial statements.

 

The Act is a comprehensive tax reform bill containing a number of other provisions that either currently or in the future could impact the Company, particularly the effect of certain limitations effective for the tax year 2018 and forward (prior losses remain subject to the prior 20 year carryover period) on the use of federal net operating loss carryforwards (NOLs) which will generally be limited to being used to offset 80% of future annual taxable income.

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Transactions with Affiliates
9 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
Transactions with Affiliates

(6)  Transactions with Affiliates

 

An affiliated insurance agency, JMB Insurance Agency, Inc., which has some degree of common ownership with the Company, earns insurance brokerage commissions in connection with providing the placement of insurance coverage for certain of the properties and operations of the Company. Such commissions are believed by management to be comparable to those that would be paid to such affiliate insurance agency in similar dealings with unaffiliated third parties. Commissions paid for the three and nine months ended September 30, 2018 were $0 and $12, respectively and September 30, 2017 were $0 and $12, respectively.

 

The Company reimburses their affiliates for general overhead expense and for direct expenses incurred on its behalf, including salaries and salary-related expenses incurred in connection with the management of the Company's operations. Generally, the entity that employs the person providing the services receives the reimbursement. Substantially all of such reimbursable amounts were incurred by JMB Realty Corporation or its affiliates, 900 Financial Management Services, LLC, and JMB Financial Advisors, LLC, all of which have some degree of common ownership with the Company. The total costs recorded in cost of sales and selling, general and administrative expenses in the consolidated statement of operations for the three and nine months ended September 30, 2018 were $237 and $920, respectively, and $323 and $982 for the three and nine months ended September 30, 2017, respectively, of which $177 was unpaid as of September 30, 2018.

 

The Company derives revenue from farming and common area maintenance services and for providing non-potable water to the Kaanapali Coffee Farms Lot Owners Association (“LOA”). The LOA is the association of the owners of the Kaanapali Coffee Farms. The revenues were $309 and $821 for the three and nine months ended September 30, 2018, respectively, and $266 and $888 for the three and nine months ended September 30, 2017, respectively. Such revenue is recognized in the Agriculture Segment as disclosed in footnote 9 Business Segment Information. The 2018 and 2017 amounts have been eliminated in consolidation.

XML 23 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies
9 Months Ended
Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

(7)  Commitments and Contingencies

 

At September 30, 2018, the Company has no principal contractual obligations related to the land improvements in conjunction with Phase I of the Kaanapali Coffee Farms project.

 

Material legal proceedings of the Company are described below. Unless otherwise noted, the parties adverse to the Company in the legal proceedings described below have not made a claim for damages in a liquidated amount and/or the Company believes that it would be speculative to attempt to determine the Company's exposure relative thereto, and as a consequence believes that an estimate of the range of potential loss cannot be made. Any claims that were not filed on a timely basis under the Plan have been discharged by the Bankruptcy Court and thus the underlying legal proceedings should not result in any liability to the Debtors. All other claims have been satisfied. Proceedings against subsidiaries or affiliates of Kaanapali Land that are not Debtors were not stayed by the Plan and were permitted to proceed. However, two such subsidiaries, Oahu Sugar Company, LLC (“Oahu Sugar”) and D/C Distribution Corporation (“D/C”), filed subsequent petitions for liquidation under Chapter 7 of the Bankruptcy Code in April 2005 and July 2007, respectively, as described below. As a consequence of the Chapter 7 filings, both subsidiaries are not under control of the Company.

 

As a result of an administrative order issued to Oahu Sugar by the Hawaii Department of Health (“HDOH”), Order No. CH 98-001, dated January 27, 1998, Oahu Sugar was engaged in environmental site assessment of lands it leased from the U.S. Navy and located on the Waipio Peninsula. Oahu Sugar submitted a Remedial Investigation Report to the HDOH. The HDOH provided comments that indicated that additional testing may be required. Oahu Sugar responded to these comments with additional information. On January 9, 2004, the Environmental Protection Agency (“EPA”) issued a request to Oahu Sugar seeking information related to the actual or threatened release of hazardous substances, pollutants and contaminants at the Waipio Peninsula portion of the Pearl Harbor Naval Complex National Priorities List Superfund Site. The request sought, among other things, information relating to the ability of Oahu Sugar to pay for or perform a clean up of the land formerly occupied by Oahu Sugar. Oahu Sugar responded to the information requests and had notified both the Navy and the EPA that while it had some modest remaining cash that it could contribute to further investigation and remediation efforts in connection with an overall settlement of the outstanding claims, Oahu Sugar was substantially without assets and would be unable to make a significant contribution to such an effort. Attempts at negotiating such a settlement were fruitless and Oahu Sugar received an order from EPA in March 2005 that would purport to require certain testing and remediation of the site. As Oahu Sugar was substantially without assets, the pursuit of any action, informational, enforcement, or otherwise, would have had a material adverse effect on the financial condition of Oahu Sugar. Counsel for the trustee, EPA, the Navy, and for Fireman’s Fund, one of Kaanapali Land’s insurers, are exploring ways in which to conclude the Oahu Sugar bankruptcy. There are no assurances that such an agreement can be reached.

 

Therefore, as a result of the pursuit of further action by the HDOH and EPA as described above and the immediate material adverse effect that the actions had on the financial condition of Oahu Sugar, Oahu Sugar filed with the United States Bankruptcy Court, Northern District of Illinois, Eastern Division its voluntary petition for liquidation under Chapter 7 of Title 11, United States Bankruptcy Code. Such filing is not expected to have a material adverse effect on the Company as Oahu Sugar was substantially without assets at the time of the filing. While it is not believed that any other affiliates have any responsibility for the debts of Oahu Sugar, the EPA has indicated that it intends to make a claim against Kaanapali Land as further described below, and therefore, there can be no assurance that the Company will not incur significant costs in conjunction with such claim.

 

The deadline for filing proofs of claim with the bankruptcy court passed in April 2006. Prior to the deadline, Kaanapali Land, on behalf of itself and certain subsidiaries, filed claims that aggregated approximately $224,000, primarily relating to unpaid guarantee obligations made by Oahu Sugar that were assigned to Kaanapali Land pursuant to the Plan on the Plan Effective Date. In addition, the EPA and the U.S. Navy filed a joint proof of claim that seeks to recover certain environmental response costs relative to the Waipio Peninsula site discussed above. The proof of claim contained a demand for previously spent costs in the amount of approximately $260, and additional anticipated response costs of between approximately $2,760 and $11,450. No specific justification of these costs, or what they are purported to represent, was included in the EPA/Navy proof of claim. Due to the insignificant amount of assets remaining in the debtor's estate, it is unclear whether the United States Trustee who has taken control of Oahu Sugar will take any action to contest the EPA/Navy claim, or how it will reconcile such claim for the purpose of distributing any remaining assets of Oahu Sugar.

 

EPA has sent three requests for information to Kaanapali Land regarding, among other things, Kaanapali Land's organization and relationship, if any, to entities that may have, historically, operated on the site and with respect to operations conducted on the site. Kaanapali Land responded to these requests for information. By letter dated February 7, 2007, pursuant to an allegation that Kaanapali Land is a successor to Oahu Sugar Company, Limited, a company that operated at the site prior to 1961 ("Old Oahu"), EPA advised Kaanapali that it believes it is authorized by the Comprehensive Environmental Response Compensation and Liability Act (“CERCLA”) to amend the existing Unilateral Administrative Order against Oahu Sugar Company, LLC, for the clean up of the site to include Kaanapali Land as an additional respondent. The purported basis for the EPA's position is that Kaanapali Land, by virtue of certain corporate actions, is jointly and severally responsible for the performance of the response actions, including, without limitation, clean-up at the site. No such amendment has taken place as of the date hereof. Instead, after a series of discussions between Kaanapali and the EPA, on or about September 30, 2009, the EPA issued a Unilateral Administrative Order to Kaanapali Land for the performance of work in support of a removal action at the former Oahu Sugar pesticide mixing site located on Waipio peninsula. The work consists of the performance of soil and groundwater sampling and analysis, a topographic survey, and the preparation of an engineering evaluation and cost analysis of potential removal actions to abate an alleged "imminent and substantial endangerment" to public health, welfare or the environment. The order appears to be further predicated primarily on the alleged connection of Kaanapali Land to Old Oahu and its activities on the site. Kaanapali Land is currently performing work, including the conduct of sampling at the site, required by the order while reserving its rights to contest liability regarding the site. With regard to liability for the site, Kaanapali Land believes that its liability, if any, should relate solely to a portion of the period of operation of Old Oahu at the site, although in some circumstances CERCLA apparently permits imposition of joint and several liability, which can exceed a responsible party's equitable share. Kaanapali Land believes that the U.S. Navy bears substantial liability for the site by virtue of its ownership of the site throughout the entire relevant period, both as landlord under its various leases with Oahu Sugar and Old Oahu and by operating and intensively utilizing the site directly during a period when no lease was in force. The Company believes that the cost of the work as set forth in the current order will not be material to the Company as a whole; however, in the event that the EPA were to issue an order requiring remediation of the site, there can be no assurances that the cost of said remediation would not ultimately have a material adverse effect on the Company. In addition, if there is litigation regarding the site, there can be no assurance that the cost of such litigation will not be material or that such litigation will result in a judgment in favor of the Company. Currently, Kaanapali and the EPA are exchanging comments relative to further studies to be performed at the site, including a possible ecological risk assessment. Kaanapali expects that after a further review, the next phase is likely a consideration of the remedial alternatives for the Site.

 

On February 11, 2015, the Company filed a complaint for declaratory judgment, bad faith and damages against Fireman’s Fund Insurance Company (“Fireman’s Fund”) in the Circuit Court of the First Circuit, State of Hawaii, Civil No. 15-1-0239-02, in connection with costs and expenses it has incurred or may incur in connection with the Waipio site. In the five-count complaint, the Company seeks, among other things, a declaratory judgment of its rights under various Fireman’s Fund policies and an order that Fireman’s Fund defend and indemnify Kaanapali Land from all past, present and future costs and expenses in connection with the site, including costs of investigation and defense incurred by Kaanapali and the professionals it has engaged. In addition, Kaanapali seeks general, special, and punitive damages, prejudgment and post judgment interest, and such other legal or equitable relief as the court deems just and proper. Fireman’s Fund has filed a responsive pleading. There are no assurances of the amounts of insurance proceeds that may or may not be ultimately recovered.

 

Kaanapali Land, as successor by merger to other entities, and D/C have been named as defendants in personal injury actions allegedly based on exposure to asbestos. While there are relatively few cases that name Kaanapali Land, there were a substantial number of cases that were pending against D/C on the U.S. mainland (primarily in California). Cases against Kaanapali Land (hereafter, “Kaanapali Land asbestos cases”) are allegedly based on its prior business operations in Hawaii and cases against D/C are allegedly based on sale of asbestos-containing products by D/C's prior distribution business operations primarily in California. Each entity defending these cases believes that it has meritorious defenses against these actions, but can give no assurances as to the ultimate outcome of these cases. The defense of these cases has had a material adverse effect on the financial condition of D/C as it has been forced to file a voluntary petition for liquidation as discussed below. Kaanapali Land does not believe that it has liability, directly or indirectly, for D/C's obligations in those cases. Kaanapali Land does not presently believe that the cases in which it is named will result in any material liability to Kaanapali Land; however, there can be no assurance in that regard.

 

On February 12, 2014, counsel for Fireman’s Fund, the carrier that has been paying defense costs and settlements for the Kaanapali Land asbestos cases, stated that it would no longer advance fund settlements or judgments in the Kaanapali Land asbestos cases due to the pendency of the D/C and Oahu Sugar bankruptcies. In its communications with Kaanapali Land, Fireman’s fund expressed its view that the automatic stay in effect in the D/C bankruptcy case bars Fireman’s Fund from making any payments to resolve the Kaanapali Land asbestos claims because D/C Distribution is also alleging a right to coverage under those policies for asbestos claims against it. However, in the interim, Fireman’s Fund advised that it presently intends to continue to pay defense costs for those cases, subject to whatever reservations of rights may be in effect and subject further to the policy terms. Fireman’s Fund has also indicated that to the extent that Kaanapali Land cooperates with Fireman’s Fund in addressing settlement of the Kaanapali Land asbestos cases through coordination with its adjusters, it is Fireman’s Fund’s present intention to reimburse any such payments by Kaanapali Land, subject, among other things, to the terms of any lift-stay order, the limits and other terms and conditions of the policies, and prior approval of the settlements. Kaanapali Land continues to pursue discussions with Fireman’s Fund in an attempt to resolve the issues, however, Kaanapali Land is unable to determine what portion, if any, of settlements or judgments in the Kaanapali Land asbestos cases will be covered by insurance.

 

On February 15, 2005, D/C was served with a lawsuit entitled American & Foreign Insurance Company v. D/C Distribution and Amfac Corporation, Case No. 04433669 filed in the Superior Court of the State of California for the County of San Francisco, Central Justice Center. No other purported party was served. In the eight-count complaint for declaratory relief, reimbursement and recoupment of unspecified amounts, costs and for such other relief as the court might grant, plaintiff alleged that it is an insurance company to whom D/C tendered for defense and indemnity various personal injury lawsuits allegedly based on exposure to asbestos containing products. Plaintiff alleged that because none of the parties have been able to produce a copy of the policy or policies in question, a judicial determination of the material terms of the missing policy or policies is needed. Plaintiff sought, among other things, a declaration: of the material terms, rights, and obligations of the parties under the terms of the policy or policies; that the policies were exhausted; that plaintiff is not obligated to reimburse D/C for its attorneys' fees in that the amounts of attorneys' fees incurred by D/C have been incurred unreasonably; that plaintiff was entitled to recoupment and reimbursement of some or all of the amounts it has paid for defense and/or indemnity; and that D/C breached its obligation of cooperation with plaintiff. D/C filed an answer and an amended cross-claim. D/C believed that it had meritorious defenses and positions, and intended to vigorously defend. In addition, D/C believed that it was entitled to amounts from plaintiffs for reimbursement and recoupment of amounts expended by D/C on the lawsuits previously tendered. In order to fund such action and its other ongoing obligations while such lawsuit continued, D/C entered into a Loan Agreement and Security Agreement with Kaanapali Land, in August 2006, whereby Kaanapali Land provided certain advances against a promissory note delivered by D/C in return for a security interest in any D/C insurance policy at issue in this lawsuit. In June 2007, the parties settled this lawsuit with payment by plaintiffs in the amount of $1,618. Such settlement amount was paid to Kaanapali Land in partial satisfaction of the secured indebtedness noted above.

 

Because D/C was substantially without assets and was unable to obtain additional sources of capital to satisfy its liabilities, D/C filed with the United States Bankruptcy Court, Northern District of Illinois, its voluntary petition for liquidation under Chapter 7 of Title 11, United States Bankruptcy Code during July 2007, Case No. 07-12776. Such filing is not expected to have a material adverse effect on the Company as D/C was substantially without assets at the time of the filing. Kaanapali Land filed claims in the D/C bankruptcy that aggregated approximately $26,800, relating to both secured and unsecured intercompany debts owed by D/C to Kaanapali Land. In addition, a personal injury law firm based in San Francisco that represents clients with asbestos-related claims, filed proofs of claim on behalf of approximately two thousand claimants. While it is not likely that a significant number of these claimants have a claim against D/C that could withstand a vigorous defense, it is unknown how the trustee will deal with these claims. It is not expected, however, that the Company will receive any material additional amounts in the liquidation of D/C.

 

On or about April 28, 2015, eight litigants who filed asbestos claims in California state court (hereinafter, “Petitioners”) filed a motion for relief from the automatic stay in the D/C bankruptcy (hereinafter “life stay motion”). Under relevant provisions of the bankruptcy rules and on the filing of the D/C bankruptcy action, all pending litigation claims against D/C were stayed pending resolution of the bankruptcy action. In their motion, Petitioners asked the bankruptcy court to lift the stay in the bankruptcy court to name D/C and/or its alternate entities as defendants in their respective California state court asbestos actions and to satisfy their claims against insurance policies that defend and indemnify D/C and/or their alternate entities. The Petitioner’s motion to lift stay thus in part has as an objective ultimate recovery, if any, from, among other things, insurance policy proceeds that were allegedly assets of both the D/C and Oahu Sugar bankruptcy estates. As noted above, Kaanapali, the EPA, and the Navy are claimants in the Oahu Sugar bankruptcy and the Fireman’s Fund policies are allegedly among the assets of the Oahu Sugar bankruptcy estate as well. For this and other reasons, Kaanapali, the EPA and the Navy opposed the motion to lift stay. After briefing and argument, on May 14, 2015, the United States Bankruptcy Court, for the Northern District of Illinois, Eastern Division, in In Re D/C Distribution, LLC, Bankruptcy Case No. 07-12776, issued an order lifting the stay. In the order, the court permitted the Petitioners to “proceed in the applicable nonbankruptcy forum to final judgment (including any appeals) in accordance with applicable nonbankruptcy law. Claimants are entitled to settle or enforce their claims only by collecting upon any available insurance Debtor’s liability to them in accordance with applicable nonbankruptcy law. No recovery may be made directly against the property of Debtor, or property of the bankruptcy estate.” Kaanapali, Firemen’s Fund and the United States appealed the bankruptcy court order lifting the stay. In March 2016, the district court reversed the bankruptcy court order finding that the bankruptcy court did not apply relevant law to the facts in the case to arrive at a reasoned decision. On appeal the district court noted that the law requires consideration of a number of factors when lifting a stay to permit certain claims to proceed, including consideration of the adequacy of remaining insurance to meet claims still subject to the stay. Among other things, the court noted that the bankruptcy court failed to explain why it was appropriate for the petitioners to liquidate their claims before the other claimants whose claims remained subject to the stay. The district court remanded the case for further proceedings. It is uncertain whether such further proceedings on the lift stay will take place.

 

The parties in the D/C and Oahu Sugar bankruptcies have reached out to each other to determine if there is any interest in pursuing a global settlement of the claims in the Oahu Sugar and D/C bankruptcies insofar as the Fireman’s Fund insurance policies are concerned. If such discussions take place, they may take the form of a mediation or other format and involve some form of resolution of Kaanapali’s interest in various of the Fireman’s Fund insurance policies for Kaanapali’s various and future insurance claims. Kaanapali may consider entering into such discussions, but there is no assurance that such discussions will take place or prove successful in resolving any of the claims in whole or in part.

 

On or about October 17, 2018, PM Land Company, LLC (“PM Land”) received a demand for arbitration of a claim allegedly involving the sale of a lot located in the Kaanapali Coffee Farms Subdivision. The purchaser of the lot seeks unspecified damages in connection with Claimant’s July 2016 purchase of the lot, allegedly on the basis that PM Land did not, among other things, fully and adequately disclose the nature, source of the chronic problems associated with alleged excessive groundwater accumulation on the property. Claimant seeks unspecified damages for, among other things, breach of contract, violation of the Uniform Land Sales Practices Act, unfair and deceptive trade practices. Claimant seeks damages in an amount to be proven at trial, and attorneys’ fees and costs. The parties are in the preliminary stages of the arbitration process and are discussing alternatives to arbitration. PM Land believes it has meritorious defenses to the claim. PM Land does not presently believe that the case will result in any material liability to PM Land; however, there are no assurances in that regard.

 

The Company has received notice from Hawaii’s Department of Land and Natural Resources (“DLNR”) that DLNR on a periodic basis would inspect all significant dams and reservoirs in Hawaii, including those maintained by the Company on Maui in connection with its agricultural operations. A series of such inspections have taken place over the period from 2006 through the most recent inspections that occurred in November 2016. To date, the DLNR has cited certain deficiencies concerning two of the Company’s reservoirs relating to dam and reservoir safety standards established by the State of Hawaii. These deficiencies include, among other things, vegetative overgrowth, erosion of slopes, uncertainty of inflow control, spillway capacity, and freeboard, and uncertainty of structural stability under certain loading and seismic conditions. The Company has taken certain corrective actions as well as updating important plans to address emergency events and basic operations and maintenance. The November 2016 inspection resulted in a notice of dam safety deficiency requiring certain actions needing immediate attention. The Company is in the process of addressing the action items, with the lowering of the reservoir water level the most immediate. In 2012, the State of Hawaii issued new Hawaii Administrative Rules for Dams and Reservoirs which require dam owners to obtain from DLNR Certificates of Impoundment (“permits”) to operate and maintain dams or reservoirs. Obtaining such permits requires owners to completely resolve all cited deficiencies. Therefore, the process may involve further analysis of dam and reservoir safety requirements, which would likely involve hiring specialized engineering consultants, and ultimately could result in significant and costly improvements which may be material to the Company.

 

The DLNR categorizes the reservoirs as "high hazard" under State of Hawaii Administrative Rules and State Statutes concerning dam and reservoir safety. This classification, which bears upon government oversight and reporting requirements, may increase the cost of managing and maintaining these reservoirs in a material manner. The Company does not believe that this classification is warranted for either of these reservoirs and has initiated a dialogue with DLNR in that regard. In April 2008, the Company received further correspondence from DLNR that included the assessment by their consultants of the potential losses that result from the failure of these reservoirs. In April 2009, the Company filed a written response to DLNR to correct certain factual errors in its report and to request further analysis on whether such "high hazard" classifications are warranted. It is unlikely that the “high hazard” designation will be changed.

 

Other than as described above, the Company is not involved in any material pending legal proceedings, other than ordinary routine litigation incidental to its business. The Company and/or certain of its affiliates have been named as defendants in several pending lawsuits. While it is impossible to predict the outcome of such routine litigation that is now pending (or threatened) and for which the potential liability is not covered by insurance, the Company is of the opinion that the ultimate liability from any of this litigation will not materially adversely affect the Company's consolidated results of operations or its financial condition.

 

The Company often seeks insurance recoveries under its policies for costs incurred or expected to be incurred for losses or claims under which the policies might apply. While payouts from various coverages are being sought and may be recovered in the future, no anticipatory amounts have been reflected in the Company’s consolidated financial statements.

 

Kaanapali Land Management Corp. (KLMC) is a party to an agreement with the State of Hawaii for the development of the Lahaina Bypass Highway. An approximate 2.4 mile portion of this two lane state highway has been completed. Construction to extend the southern terminus was completed in mid 2018. The northern portion of the Bypass Highway, which extends to KLMC’s lands, remains uncompleted. Under certain circumstances, which have not yet occurred, KLMC remains committed for approximately $1,100 of various future costs relating to the planning and design of the uncompleted portion of the Bypass Highway. Under certain conditions, which have not yet been met, KLMC has agreed to contribute an amount not exceeding $6,700 toward construction costs. Any such amount contributed would be reduced by the value of KLMC’s land actually contributed to the State for the Bypass Highway.

 

These potential commitments have not been reflected in the accompanying consolidated financial statements. While the completion of the Bypass Highway would add value to KLMC’s lands north of the town of Lahaina, there can be no assurance that it will be completed or when any future phases will be undertaken.

 

XML 24 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Calculation of Net Loss Per Share
9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Calculation of Net Loss Per Share

(8)  Calculation of Net Loss Per Share

 

The following tables set forth the computation of net loss per share - basic and diluted:

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

  (Amounts in thousands, except per share amounts)
  2018   2017   2018   2017
Numerator:                      
Net income (loss) $ (756)   $ 3,728    $ (1,810)   $ 2,381 

Less: Net (loss) income

  attributable to non controlling

  interests

  (37)     (37)     162      (77)

Net income (loss) attributable

  to stockholders

$ (719)   $ 3,765    $ (1,972)   $ 2,458 
                       
Denominator:                      

Number of weighted

  average share outstanding

                     
  -  basic and diluted   1,845      1,845      1,845      1,845 
                       
Net income (loss) per share,                      

  attributable to

  Kaanapali Land

  -  basic and diluted

$ (0.39)   $ 2.04    $ (1.07)   $ 1.33 

 

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Business Segment Information
9 Months Ended
Sep. 30, 2018
Segment Reporting [Abstract]  
Business Segment Information

(9)  Business Segment Information

 

As described in Note 1, the Company operates in two business segments. Total revenues and operating profit by business segment are presented in the tables below.

 

Total revenues by business segment includes primarily (i) sales, all of which are to unaffiliated customers and (ii) interest income that is earned from outside sources on assets which are included in the individual industry segment's identifiable assets.

 

Operating income (loss) is comprised of total revenue less cost of sales and operating expenses. In computing operating income (loss), none of the following items have been added or deducted: general corporate revenues and expenses, interest expense and income taxes.

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

  2018   2017   2018   2017
Revenues:                      
  Property $ 102    $ 9,247    $ 2,704    $ 10,592 
  Agriculture   504      450      2,182      2,181 
  Corporate   44          110     
  $ 650    $ 9,700    $ 4,996    $ 12,775 
                       
Operating (loss) income:                      
  Property $ (270)   $ 4,067    $ (811)   $ 3,562 
  Agriculture   (41)     (23)     186      142 
Operating (loss) income   (311)     4,044      (625)     3,704 
                       
Corporate   (445)     (316)     (1,185)     (1,323)
                       

Operating (loss) income

  before income taxes

$ (756)   $ 3,728    $ (1,810)   $ 2,381 

 

The Company’s property segment consists primarily of revenue received from land sales and lease and licensing agreements.

 

The Company’s agricultural segment consists primarily of coffee operations.

 

The Company is exploring alternative agricultural operations, but there can be no assurance that replacement operations at any level will result.

XML 26 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Organization and Basis of Accounting

Organization and Basis of Accounting

 

Kaanapali Land, LLC ("Kaanapali Land"), a Delaware limited liability company, is the reorganized entity resulting from the Joint Plan of Reorganization of Amfac Hawaii, LLC (now known as KLC Land Company, LLC ("KLC Land")), certain of its subsidiaries (together with KLC Land, the "KLC Debtors") and FHT Corporation ("FHTC" and, together with the KLC Debtors, the "Debtors") under Chapter 11 of the Bankruptcy Code, dated June 11, 2002 (as amended, the "Plan").

 

The Company's continuing operations are in two business segments - Agriculture and Property. The Agriculture segment remains engaged in farming, harvesting, milling and selling operations relating to coffee orchards on behalf of the applicable land owners. The Property segment primarily develops land for sale and negotiates bulk sales of undeveloped land. The Property and Agriculture segments operate exclusively in the State of Hawaii.

 

In 2013, the Kaanapali Coffee Farms Lot Owners’ Association was consolidated into the accompanying consolidated financial statements. The interests of third party owners are reflected as non controlling interests. All significant intercompany transactions and balances have been eliminated in consolidation.

 

The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements, and therefore, should be read in conjunction with the Company's Annual Report on Form 10-K (File No. 0-50273) for the year ended December 31, 2017. Capitalized terms used but not defined in this quarterly report have the same meanings as in the Company's 2017 Annual Report on Form 10-K.

Property

Property

 

The Company's significant property holdings are on the island of Maui consisting of approximately 3,900 acres, of which approximately 1,500 acres are classified as conservation land which precludes development. The Company has determined, based on its current projections for the development and/or disposition of its property holdings, that the property holdings are not currently recorded in an amount in excess of proceeds that the Company expects that it will ultimately obtain from the operation and disposition thereof.

 

Inventory of land held for sale, of approximately $1,446 and $3,498, representing primarily Kaanapali Coffee Farms, is included in Property, net in the consolidated balance sheets at September 30, 2018 and December 31, 2017, respectively, and is carried at the lower of cost or fair market value, less costs to sell, which is based on current and foreseeable market conditions, discussions with real estate brokers and review of historical land sale activity (level 2 and 3). Generally no land is currently in use except for certain acreage of coffee trees which are being maintained to support the Company's land development program and miscellaneous parcels of land that have been leased or licensed to third parties on a short term basis.

 

In August 2017, Pioneer Mill Company, LLC, pursuant to a property sales agreement with an unrelated third party, closed on the sale of approximately 230 acres known collectively as the “Wainee Lands”, which are located in Lahaina south of the mill site (“Wainee Sales Agreement”). The purchase price was $8,000, paid in cash at closing.

Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

 

Operating results for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that may be achieved in future periods.

Cash, Cash Equivalents and Restricted Cash

Cash, Cash Equivalents and Restricted Cash

 

The Company considers as cash equivalents all investments with maturities of three months or less when purchased. Included in this balance is a money market fund for $10,000 that is considered to be a Level 1 investment with a maturity of 30 days. The Company’s cash balances are maintained primarily in two financial institutions. Restricted cash represents cash held by the Kaanapali Coffee Farms Lot Owners’ Association. Such balances significantly exceed the Federal Deposit Insurance Corporation insurance limits. Management does not believe the Company is exposed to significant risk of loss on cash and cash equivalents.

Recognition of Profit From Real Property Sales

Recognition of Profit From Real Property Sales

 

In accordance with the core principle of ASC 606, revenue from real property sales is recognized at the time of closing when control of the property transfers to the customer. After closing of the sale transaction, we have no remaining performance obligation. When the sale does not meet the requirements for full profit recognition, all or a portion of the profit is deferred until such requirements are met.

 

Other revenues in the scope of ASC 606 are recognized when control of goods or services transfers to the customers, in the amount that we expect to receive for the transfer of goods or provision of services.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

 

In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance under the Accounting Standards Codification (“ASC”) 606, Revenue from Contract with Customers, which established a single comprehensive revenue recognition model for all contracts with customers and superseded prior revenue guidance, and subsequently, it issued additional guidance that further clarified the Accounting Standards Update (“ASU”). This guidance requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange. The revenue recognition ASU has implications for all revenues, excluding those that are under the specific scope of other accounting standards.

 

The Company’s revenues for the nine months ended September 30, 2018 that were subject to the revenue recognition ASU were as follows (in thousands):

 

  Sales of real estate $ 2,417  
  Coffee and other crop sales   1,805  
  Total $ 4,222  

 

The ASU requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The application of the five-step model to the revenue streams compared to the prior guidance did not result in significant changes in the way the Company records its sales of real estate and coffee and other crop sales.

 

The Company elected to adopt this guidance using the modified retrospective method at January 1, 2018 which did not result in an adjustment to the retained earnings. Additionally, upon adoption, the Company evaluated its revenue recognition policy for all revenue streams within the scope of the ASU under previous standards and using the five-step model under the new guidance and confirmed that there were no differences in the pattern of revenue recognition.

 

In February 2016, the FASB updated ASC Topic 842 Leases (ASU 2016-02). ASU 2016-02 requires lessees to record operating and financing leases as assets and liabilities on the balance sheet and lessors to expense costs that are not direct leasing costs. In addition, the following ASUs were subsequently issued related to ASC Topic 842, all of which will be effective with ASU 2016-02:

 

·In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842. The standard provides an optional transition practical expedient for the adoption of ASU 2016-02 that, if elected, would not require an organization to reconsider its accounting for existing land easements that are not currently accounted for under the old leases standard.

 

·In July 2018, the FASB issued ASU 2018-10: Codification Improvements to Topic 842, Leases, which affects narrow aspects of the guidance issued in the amendments to ASU 2016-02.

 

·In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, which provide lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead, to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue guidance (Topic 606) and certain criteria are met. The guidance also provides an optional transition method which would allow entities to initially apply the new guidance in the period of adoption, recognizing a cumulative-effect adjustment to the opening balance of retained earnings, if necessary.

 

ASU 2016-02 is effective for periods beginning after December 15, 2018, with early adoption permitted using a modified retrospective approach. The Company continues to evaluate the effect the adoption of ASU 2016-02 will have on our consolidated financial statements. The Company believes the adoption of ASU 2016-02 will not have material impact for lease agreements where we are the lessor and we will continue to record rental revenues on a monthly basis. In addition, for leases where the Company is a lessee, the Company anticipates the adoption of this guidance will have no material impact. The Company expects to adopt this new guidance on January 1, 2019 and will continue to evaluate the impact of this guidance until it becomes effective.

 

In June 2016, the FASB updated ASC Topic 326 Financial Instruments – Credit Losses with ASU 2016-13 Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within that fiscal year. While the Company is currently evaluating the effect that implementation of this update will have on its consolidated financial statements, significant impact is not anticipated.

 

On January 1, 2018, the Company adopted ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments, which provides guidance on how certain cash receipts and cash payments should be presented and classified in the statement of cash flows with the objective of reducing existing diversity in practice with respect to these items. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

 

On January 1, 2018, the Company adopted ASU 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash. This update required inclusion of restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows.

 

Our restricted cash consists of amounts primarily held by Kaanapali Coffee Farms Lot Owners Association (“LOA”) in deposit for business operations of the LOA and design review and construction deposits. Changes in restricted cash are reported in our Consolidated Statements of Cash Flows as operating, investing or financing activities based on the nature of the underlying activity.

 

The following table reconciles our beginning-of-period and end-of-period balances of cash, cash equivalents and restricted cash for the periods shown (in thousands):

 

 

September 30,

2018

 

December 31,

2017

 

September 30,

2017

 

December 31,

2016

Cash and

    cash equivalents

$ 29,602    $ 30,565   $ 29,090    $ 21,049
Restricted cash   1,081      592     665      549

Cash, cash equivalents

  and restricted cash

$ 30,683    $ 31,157   $ 29,755    $ 21,598

 

In January 2017, the FASB issued guidance to add the SEC Staff Announcement “Disclosure of the Impact that Recently Issued Accounting Standards will have on the Financial Statements of a Registrant when such Standards are Adopted in a Future Period (in accordance with Staff Accounting Bulletin Topic 11.M).” The announcement applies to the May 2014 guidance on revenue recognition from contracts with customers and the February 2016 guidance on leases. The announcement provides the SEC staff view that a registrant should evaluate certain recent accounting standards that have not yet been adopted to determine appropriate financial statement disclosures about the potential material effects of those recent accounting standards. If a registrant does not know or cannot reasonably estimate the impact that adoption of the recent accounting standards referenced in this announcement is expected to have on the financial statements, then the registrant should make a statement to that effect and consider the additional qualitative financial statement disclosures to assist the reader in assessing the significance of the impact that the recent accounting standards will have on the financial statements of the registrant when adopted. While the Company is currently evaluating the impact of this guidance on leases and its impact on its consolidated financial statements, significant impact is not anticipated.

 

In February 2018, the FASB issued ASU 2018-02, Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (AOCI). These amendments provide financial statement preparers with an option to reclassify stranded tax effects within AOCI to retain earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Job Act (or portion thereof) is recorded. This standard is effective for fiscal years beginning after December 15, 2018 and interim periods within those financial years. While the Company is currently evaluating the effect that implementation of this update will have on its consolidated financial position and results of operations upon adoption, significant impact is not anticipated.

 

In August 2018, FASB issued ASU 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, which amends ASC 820, Fair Value Measurement. ASU 2018-13 modified the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. This standard is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. While the Company is currently evaluating the effect that implementation of this update will have on its consolidated financial statements, significant impact is not anticipated.

 

In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification, amending certain disclosure requirements that were redundant, duplicative, overlapping. outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders’ equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. The Company anticipates its first presentation of changes in stockholders' equity as required under the new SEC guidance will be included in our Form 10-Q for the three month period ended March 31, 2019.

XML 27 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Schedule of Revenues Subject to Revenue Recognition ASU 606

The Company’s revenues for the nine months ended September 30, 2018 that were subject to the revenue recognition ASU were as follows (in thousands):

 

  Sales of real estate $ 2,417  
  Coffee and other crop sales   1,805  
  Total $ 4,222  

 

Schedule of Cash, Cash Equivalents and Restricted Cash

The following table reconciles our beginning-of-period and end-of-period balances of cash, cash equivalents and restricted cash for the periods shown (in thousands):

 

 

September 30,

2018

 

December 31,

2017

 

September 30,

2017

 

December 31,

2016

Cash and

    cash equivalents

$ 29,602    $ 30,565   $ 29,090    $ 21,049
Restricted cash   1,081      592     665      549

Cash, cash equivalents

  and restricted cash

$ 30,683    $ 31,157   $ 29,755    $ 21,598

 

XML 28 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Employee Benefit Plans (Tables)
9 Months Ended
Sep. 30, 2018
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Pension Benefit (Credit)

The components of the net periodic pension benefit (credit), included in selling, general and administrative in the consolidated statements of operations for the three and nine months ended September 30, 2018 and 2017 are as follows:

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

  2018   2017   2018   2017
Service cost $ 154    $ 151    $ 463    $ 454 
Interest cost       11      20      34 
Expected return on plan assets   (216)     (251)     (649)     (754)
Recognized net actuarial loss   71      20      212      59 

Net periodic pension cost

  (credit)

$ 15    $ (69)   $ 46    $ (207)
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Calculation of Net Income (Loss) Per Share (Tables)
9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Schedule of Computation of Net Income (Loss) Per Share - Basic and Diluted

The following tables set forth the computation of net loss per share - basic and diluted:

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

  (Amounts in thousands, except per share amounts)
  2018   2017   2018   2017
Numerator:                      
Net income (loss) $ (756)   $ 3,728    $ (1,810)   $ 2,381 

Less: Net (loss) income

  attributable to non controlling

  interests

  (37)     (37)     162      (77)

Net income (loss) attributable

  to stockholders

$ (719)   $ 3,765    $ (1,972)   $ 2,458 
                       
Denominator:                      

Number of weighted

  average share outstanding

                     
  -  basic and diluted   1,845      1,845      1,845      1,845 
                       
Net income (loss) per share,                      

  attributable to

  Kaanapali Land

  -  basic and diluted

$ (0.39)   $ 2.04    $ (1.07)   $ 1.33 
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Business Segment Information (Tables)
9 Months Ended
Sep. 30, 2018
Segment Reporting [Abstract]  
Schedule of Operating Income (Loss) by Segments

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

  2018   2017   2018   2017
Revenues:                      
  Property $ 102    $ 9,247    $ 2,704    $ 10,592 
  Agriculture   504      450      2,182      2,181 
  Corporate   44          110     
  $ 650    $ 9,700    $ 4,996    $ 12,775 
                       
Operating (loss) income:                      
  Property $ (270)   $ 4,067    $ (811)   $ 3,562 
  Agriculture   (41)     (23)     186      142 
Operating (loss) income   (311)     4,044      (625)     3,704 
                       
Corporate   (445)     (316)     (1,185)     (1,323)
                       

Operating (loss) income

  before income taxes

$ (756)   $ 3,728    $ (1,810)   $ 2,381 

 

XML 31 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Property) (Details)
$ in Thousands
1 Months Ended
Aug. 10, 2017
USD ($)
a
Sep. 30, 2014
USD ($)
a
Sep. 30, 2018
USD ($)
a
Dec. 31, 2017
USD ($)
Property        
Area of significant property holdings on island of Maui     3,900  
Area of property holdings in Maui classified as conservation land which precludes development     1,500  
Inventory of land held for sale | $     $ 1,446 $ 3,498
Acres of land sold   14.9    
Proceeds from sale of land | $   $ 3,300    
Wainee Lands Sale Agreement [Member]        
Property        
Acres of land sold 230      
Proceeds from sale of land | $ $ 8,000      
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Cash, Cash Equivalents and Restricted Cash) (Details)
Sep. 30, 2018
USD ($)
Accounting Policies [Abstract]  
Money market fund $ 10,000
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Schedule of Revenues Subject to Revenue Recognition ASU 606 ) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Revenue $ 650 $ 9,700 $ 4,996 $ 12,775
ASU 606 [Member]        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Revenue     4,222  
ASU 606 [Member] | Real Estate Sales [Member]        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Revenue     2,417  
ASU 606 [Member] | Coffee and Other Crop Sales [Member]        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Revenue     $ 1,805  
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Schedule of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Sep. 30, 2017
Dec. 31, 2016
Accounting Policies [Abstract]        
Cash and cash equivalents $ 29,602 $ 30,565 $ 29,090 $ 21,049
Restricted cash 1,081 592 665 549
Cash, cash equivalents and restricted cash at beginning of period $ 30,683 $ 31,157 $ 29,755 $ 21,598
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Land Development (Details)
$ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Oct. 31, 2018
Lots
Sep. 30, 2014
USD ($)
a
Sep. 30, 2018
Lots
Mar. 31, 2018
Lots
Sep. 30, 2018
Lots
Dec. 31, 2017
Lots
Real Estate [Line Items]            
Number of agricultural lots held for sale | Lots         51  
Total number of agricultural lots sold | Lots     49   49  
Number of agricultural lots sold during period | Lots     2 1   5
Acres of land sold | a   14.9        
Proceeds from sale of land   $ 3,300        
Additional acres offered to purchaser | a   18.5        
Sales price for additional acres offered to purchaser   $ 4,078        
Amount of nonrefundable option payment applied to the purchase of additional acres   525        
Subsequent Event [Member]            
Real Estate [Line Items]            
Number of agricultural lots sold during period | Lots 1          
Minimum [Member]            
Real Estate [Line Items]            
Future funds committed by KLMC to improve parcel of land sold   803        
Maximum [Member]            
Real Estate [Line Items]            
Future funds committed by KLMC to improve parcel of land sold   $ 1,008        
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Mortgage Note Payable (Details) - Secured Promissory Note [Member] - Affiliated Entities [Member] - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Debt Instrument [Line Items]    
Debt instrument, face amount $ 70,000  
Debt instrument, issuance date Nov. 14, 2002  
Debt instrument, maturity date Sep. 30, 2020  
Outstanding balance of principal and accrued interest $ 88,300 $ 87,900
Debt instrument, interest rate 1.19%  
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Employee Benefit Plans (Narrative) (Details) - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
Sep. 30, 2018
Dec. 31, 2016
Dec. 31, 2017
Retirement Benefits [Abstract]      
Excess assets of pension plan   $ 14,000  
Unrecognized prior service costs that have not yet been recognized in net periodic pension cost, before tax $ 1   $ 14
Unrecognized prior service costs that have not yet been recognized in net periodic pension cost, after tax 1   9
Unrecognized actuarial loss that have not yet been recognized in net periodic pension cost, before tax 1,635   1,847
Unrecognized actuarial loss that have not yet been recognized in net periodic pension cost, after tax 1,210   $ 1,367
Prior service cost recognized in net periodic pension cost, pre tax 1    
Prior service cost recognized in net periodic pension cost, after tax 1    
Prior actuarial loss recognized in net periodic pension cost, pre tax 142    
Prior actuarial loss recognized in net periodic pension cost, after tax 105    
Deferred liability for nonqualified deferred compensation arrangement ("Rabbi Trust") 546    
Assets held under deferred compensation arrangement ("Rabbi Trust") $ 38    
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Employee Benefit Plans (Schedule of Components of Net Periodic Pension Benefit (Credit)) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Retirement Benefits [Abstract]        
Service cost $ 154 $ 151 $ 463 $ 454
Interest cost 6 11 20 34
Expected return on plan assets (216) (251) (649) (754)
Recognized net actuarial loss 71 20 212 59
Net periodic pension cost (credit) $ 15 $ (69) $ 46 $ (207)
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes (Details) - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Income Tax Examination [Line Items]    
Income tax benefit recognized from the Tax Cuts and Jobs Act   $ 8,076
Corporate tax rate 21.00%  
Refundable AMT tax credits recorded in other assets $ 2,686  
Internal Revenue Service (IRS) [Member] | Minimum [Member]    
Income Tax Examination [Line Items]    
Open tax years 2014  
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Transactions with Affiliates (Details) - Affiliated Entities [Member] - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Related Party Transaction [Line Items]        
Insurance brokerage commissions incurred during period with related party $ 0 $ 0 $ 12 $ 12
Selling, general and administrative expenses incurred during the period with related parties 237 323 920 982
Amounts due to affiliates not yet paid 177   177  
Revenue from farming and common area maintenance services and for providing non-potable water to the Kaanapali Coffee Farms Lot Owners Association ('LOA') $ 309 $ 266 $ 821 $ 888
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Details) - USD ($)
$ in Thousands
1 Months Ended
Sep. 30, 2007
Sep. 30, 2018
Sep. 30, 2014
Gain Contingencies [Line Items]      
Approximate future costs and expenditures KLMC remains committed for on uncompleted portion of Bypass Highway   $ 1,100  
Maximum amount KLMC has agreed to contribute towards construction costs on Bypass Highway project   $ 6,700  
Oahu Sugar Bankruptcy Case [Member]      
Gain Contingencies [Line Items]      
Amount of claims filed     $ 224,000
Total costs spent included in bankruptcy proof of claim     260
Oahu Sugar Bankruptcy Case [Member] | Minimum [Member]      
Gain Contingencies [Line Items]      
Additional anticipated response costs submitted in bankruptcy proof of claim     2,760
Oahu Sugar Bankruptcy Case [Member] | Maximum [Member]      
Gain Contingencies [Line Items]      
Additional anticipated response costs submitted in bankruptcy proof of claim     11,450
D/C Distribution [Member]      
Gain Contingencies [Line Items]      
Litigation settlement $ 1,618    
D/C Distributions Bankruptcy Case [Member]      
Gain Contingencies [Line Items]      
Amount of claims filed     $ 26,800
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Calculation of Net Loss Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Numerator:        
Net income (loss) $ (756) $ 3,728 $ (1,810) $ 2,381
Less: Net (loss) income attributable to non controlling interests (37) (37) 162 (77)
Net income (loss) attributable to stockholders $ (719) $ 3,765 $ (1,972) $ 2,458
Denominator:        
Number of weighted average share outstanding - basic and diluted 1,845 1,845 1,845 1,845
Net income (loss) per share, attributable to Kaanapali Land - basic and diluted $ (0.39) $ 2.04 $ (1.07) $ 1.33
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Business Segment Information (Schedule of Net Income by Segments) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues:        
Revenues $ 650 $ 9,700 $ 4,996 $ 12,775
Operating (loss) income:        
Operating (loss) income from continuing operations before income taxes (756) 3,728 (1,810) 2,381
Property [Member]        
Revenues:        
Revenues 102 9,247 2,704 10,592
Operating (loss) income:        
Operating (loss) income (270) 4,067 (811) 3,562
Agriculture [Member]        
Revenues:        
Revenues 504 450 2,182 2,181
Operating (loss) income:        
Operating (loss) income (41) (23) 186 142
Corporate [Member]        
Revenues:        
Revenues 44 3 110 2
Operating (loss) income:        
Operating (loss) income (445) (316) (1,185) (1,323)
Property and Agriculture [Member]        
Operating (loss) income:        
Operating (loss) income $ (311) $ 4,044 $ (625) $ 3,704
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