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Note 4 - Property & Equipment | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Property, Plant and Equipment Disclosure [Text Block] |
4. | PROPERTY & EQUIPMENT
Property and equipment, net at September 30, 2024 and December 31, 2023 consisted of the following:
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (unaudited) |  |  | (audited) |
|  | (in thousands) |
Land |  | $ | 5,052 |  |  | $ | 5,052 |
Land improvements |  |  | 13,861 |  |  |  | 13,853 |
Buildings |  |  | 23,105 |  |  |  | 22,869 |
Machinery and equipment |  |  | 10,960 |  |  |  | 10,500 |
Construction in progress |  |  | 829 |  |  |  | - |
Total property and equipment |  |  | 53,807 |  |  |  | 52,274 |
Less accumulated depreciation |  |  | (36,746 | ) |  |  | (36,215 | )
Property and equipment, net |  | $ | 17,061 |  |  | $ | 16,059 |
Land The Company holds approximately 22,400 acres of land. Most of this land was acquired between 1911 and 1932 and is carried in the Company’s balance sheets at cost. More than 20,900 acres are located in West Maui and are comprised of largely contiguous parcels which extend from the ocean to an elevation of approximately 5,700 feet. The West Maui landholdings include approximately 1,000 acres within Kapalua Resort, a master-planned, destination resort and residential community. Approximately 1,400 acres are located in Upcountry Maui in an area commonly known as Hali‘imaile and is mainly comprised of leased agricultural fields, commercial and light industrial properties. Land Improvements Land improvements are primarily comprised of roads, utilities, and landscaping infrastructure improvements at the Kapalua Resort. Also included are the Company’s potable and non-potable water systems in West Maui. A majority of the Company’s land improvements were either constructed and placed in service in the mid-to-late 1970s or conveyed in 2017. Depreciation expense would be considerably higher if these assets were stated at current replacement cost. Buildings The Company holds approximately 247,000 square feet of leasable area on Maui. The buildings are comprised of restaurant, retail, and light industrial spaces located at the Kapalua Resort and in Haliimaile. A majority of the Company’s buildings were constructed and placed in service in the mid-to-late 1970s. Depreciation expense would be considerably higher if these assets were stated at current replacement cost. Machinery and Equipment Machinery and equipment are mainly comprised of zipline course equipment installed at the Kapalua Resort in 2008 and used in the Company’s leasing operations. Construction in Progress Construction in progress is comprised of ongoing Kapalua Resort and Haliimaile projects, including renovations and improvements to buildings, warehouses and commercial assets.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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