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Note 2 - Assets Held for Sale | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Assets Held-for-Sale and Real Estate Sales Disclosure [Text Block] |
2. | ASSETS HELD FOR SALE
At December 31, 2021 and 2020 assets held for sale consisted of the following:
|  | 2021 |  |  | 2020 |
|  | (in thousands) |
Kapalua Resort, 46- acre Kapalua Central Resort project |  | $ | 2,988 |  |  | $ | 2,978 |
Upcountry Maui, 646-acre parcel of agricultural land |  |  | 156 |  |  |  | 156 |
Kapalua Resort, Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. assets |  |  | - |  |  |  | 4,306 |
|  | $ | 3,144 |  |  | $ | 7,440 |
None of the above assets held for sale have been pledged as collateral under the Company’s credit facility. In December 2021, the Company entered into an agreement to sell the Kapalua Central Resort project for $40.0 million. The closing of the transaction is subject to the satisfaction of certain customary closing conditions, including a due diligence period of 120 days and a closing date no later than March 31, 2022. In February 2022, the Company entered into an agreement to sell the 646-acre parcel in Upcountry Maui for $9.7 million. Terms of the agreement include a 30-day due diligence period, a closing date 30 days after the last day of the due diligence period, and other customary closing conditions. A $2.0 million refundable deposit was received into escrow. The Company received net proceeds of approximately $4.2 million from the sale of the Public Utilities Commission (PUC)-regulated assets of Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. located in the Kapalua Resort in May 2021. The sale was approved by the State of Hawaii PUC subject to certain closing conditions of its Decision and Order. The results of discontinued operations related to the sale of the Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. assets are reflected in Note 9.

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- Definition This element represents description and amounts relating to assets held for sale and sale of real estate inventories. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain or loss recognized in the income statement and the income statement caption that includes that gain or loss. For sale of real estate inventories, the disclosure may include the revenues and profit or loss recognized in the income statement. + References No definition available. + Details
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- References No definition available. + Details
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