UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-K
[ X ] |
|
Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
|
|
|
[ ] |
|
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For
the transition period from _____ to _____
For the fiscal year ended December 31, 2013 |
Commission file #0-50273 |
Kaanapali
Land, LLC
(Exact
name of registrant as specified in its charter)
Delaware
(State or other jurisdiction
of organization or 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
Securities
to be registered pursuant to Section 12(b) of the Act:
Title of each class |
Name of each exchange on
which registered |
N/A |
N/A |
Securities
registered pursuant to Section 12(g) of the Act:
Limited
Liability Company Interests (Class A Shares)
(Title
of Class)
Indicate
by check mark whether the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [ ] No
[ X ]
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No
[ X ]
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 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes [ ] No [ X ]
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-T) '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 [ ] No [ ]
Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K ('229.405
of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy
or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K [ X ]
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See definition 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
(Do not check if a smaller
reporting company) |
[ ] |
|
Smaller reporting company |
[ X ] |
|
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes
[ ] No [ X ]
State
the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price
at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day
of the registrant's most recently completed second fiscal quarter. Not applicable.
As
of November 1, 2015, the registrant had approximately 1,792,613 Common Shares and 52,000 Class C Shares outstanding.
Documents
incorporated by reference: None
Table of Contents
Part
I
Item
1. Business
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").
As indicated in the Plan, Kaanapali Land has elected to be taxable as a corporation.
The
Plan was confirmed by the Bankruptcy Court by orders dated July 29, 2002 and October 30, 2002 (collectively, the "Order")
and became effective November 13, 2002 (the "Plan Effective Date"). During August 2005, pursuant to a motion for entry
of final decree, the bankruptcy cases were closed. References in this Form 10-K to Kaanapali Land or the Company for dates on or
after the Plan Effective Date are to the entity surviving the Plan Effective Date under the Plan and for dates before the Plan
Effective Date are to predecessor entities, unless otherwise specified.
KLC
Land (formerly known as Amfac Hawaii, LLC and, previously, Amfac/JMB Hawaii, LLC) is a Hawaii limited liability company that is
a wholly-owned subsidiary of Kaanapali Land. KLC Land and Kaanapali Land have continued the businesses formerly conducted by KLC
Land and Northbrook Corporation, a Delaware corporation ("Northbrook") and their subsidiaries prior to the bankruptcy,
although some of such businesses have been discontinued or reduced in scope as described herein.
Northbrook
was formed in 1978 as a holding company to facilitate the purchase of a number of businesses, generally relating to short line
railroads, rail car leasing and light manufacturing. Over 90% of the stock of Northbrook was purchased by persons and entities
affiliated with JMB Realty Corporation, through a series of stock purchases in 1987 and 1988. One of Northbrook's subsidiaries
(later merged into Northbrook) purchased the stock of Amfac, Inc. ("Amfac"), in 1988, pursuant to a public tender offer,
and thus Amfac became an indirect subsidiary of Northbrook at such time. As a consequence of the merger of Amfac into Northbrook
in 1995, KLC Land, FHTC and Amfac's other direct subsidiaries became direct subsidiaries of Northbrook. All existing shareholders
of Northbrook contributed their shares to Pacific Trail Holdings, LLC ("Pacific Trail") in 2000. Pursuant to the Plan,
Northbrook was merged into FHTC and FHTC was thereafter merged into Kaanapali Land in November 2002.
Kaanapali
Land's subsidiaries include the Debtors as reorganized under the Plan, certain subsidiaries of KLC Land that were not debtors (the
"Non-Debtor KLC Subsidiaries") and other former subsidiaries of Northbrook (collectively with Kaanapali Land, all the
Reorganized Debtors, the Non-Debtor KLC Subsidiaries and such other subsidiaries are referred to herein as the "Company").
The
Company operates in two primary business segments: (i) Property and (ii) Agriculture. The Company operates through a number of
subsidiaries, each of which is owned directly or indirectly by Kaanapali Land, LLC.
Material
aspects of the history and business of the Company, the Plan, the procedures for consummating the Plan and the risks attendant
thereto were set forth in a Second Amended Disclosure Statement With Respect to Joint Plan of Reorganization of Amfac Hawaii, LLC,
Certain of Its Subsidiaries and FHT Corporation Under Chapter 11 of the Bankruptcy Code, dated June 11, 2002 (the "Disclosure
Statement"). The Disclosure Statement and the Plan are each filed as Exhibits to Kaanapali Land's Form 10 filed on May 1,
2003 and incorporated herein by reference.
All
claims against the Debtors were deemed discharged as of the Plan Effective Date.
The
Limited Liability Company Agreement of Kaanapali Land (the "LLC Agreement") provided for two classes of membership interests,
"Class A Shares" and "Class B Shares", which had substantially identical rights and economic value under the
LLC Agreement; except that holders of Class A Shares were represented by a "Class A Representative" who was required
to approve certain transactions proposed by Kaanapali Land before they could be undertaken. The Class A Representative was further
entitled to receive certain reports from the Company and meet with Company officials on a periodic basis. Reference is made to
the LLC Agreement for a more detailed discussion of these provisions. Class B Shares were held by Pacific Trail and various
entities and individuals that are affiliated or otherwise associated with Pacific Trail. Class A Shares were issued under the Plan
to claimants who had no such affiliation. Reference is made to Item 10 below for a further explanation of the LLC Agreement.
Kaanapali
Land distributed in the aggregate, approximately $1.8 million in cash and approximately 161,100 Class A Shares on account
of the claims that were made under the Plan and has no further obligations to make any further distributions under the Plan.
Kaanapali
Land issued all Class B Shares required to be issued under the Plan to Pacific Trail and those entities and individuals that were
entitled to Class B Shares. As a consequence, Kaanapali Land had approximately 1,631,513 Class B Shares outstanding.
Pursuant
to the LLC Agreement, the Class A Shares and Class B Shares were automatically redesignated as Common Shares on November 15,
2007. Accordingly, the Company's Class A Shares and Class B Shares ceased to exist separately on November 15, 2007. On April 15,
2008, the Company entered into an agreement with Stephen Lovelette ("Lovelette"), an executive vice president of
the Company in charge of the Company's development activities, whereby the Company agreed to issue up to 52,000 shares of a new
class of common shares (the "Class C Shares") in consideration for his services to the Company. The Class C Shares have
the same rights as the Shares except that the Class C Shares will not participate in any distributions until the holders of the
Shares have received aggregate distributions equal to $19 per Share, subject to customary antidilution adjustments. As of December
31, 2013, the Company had approximately 1,792,613 Common shares and 52,000 Class C Shares Outstanding.
KLC
Land is the direct subsidiary of Kaanapali Land through which the Company conducts substantially all of its
remaining operations. KLC Land conducts substantially all of its business through various subsidiaries. Those with remaining
assets of significant net value include KLC Holding Corp. ("KLC"), Pioneer Mill Company, LLC ("PMCo"),
Kaanapali Land Management Corp. ("KLM" fka Kaanapali Development Corp.), PM Land Company, LLC. and KCF-1, LLC. In
2013, the Kaanapali Coffee Farms Lot Owners’ Association was consolidated with the interests of third party owners
reflected as non controlling interests.
All
dollar amounts are in thousands of dollars unless otherwise noted.
Property
Project
Planning and Development. The Company's real estate development approach, for land that it holds for development rather than
investment, is designed to enhance the value of its properties in phases. In most instances, the process begins with the preparation
of market and feasibility studies that consider potential uses for the property, as well as costs associated with those uses. The
studies consider factors such as location, physical characteristics, demographic patterns, anticipated absorption rates, transportation,
infrastructure costs, both on site and offsite, and regulatory and environmental requirements.
For
any property targeted for development, the Company will generally prepare a land plan that is consistent with the findings of the
studies and then commence the process of applying for the entitlements necessary to permit the use of the property in accordance
with the land plan. The length and difficulty of obtaining the requisite entitlements by government agencies, as well as the cost
of complying with any conditions attached to the entitlements, are significant factors in determining the viability of the Company's
projects. Applications for entitlements may include, among other things, applications for state land use reclassification, county
community plan amendments and changes in zoning.
Kaanapali
2020. The Company's developable lands are located on the west side of the Island of Maui in the State of Hawaii. The majority
of the developable lands are located near to the Kaanapali resort area. The Kaanapali development lands have been the subject of
a community-based planning process that commenced in 1999 for the Kaanapali 2020 Development Plan. The Kaanapali 2020 Development
Plan includes a mix of resort recreation, residential units and some commercial and recreational development sites, as well as
affordable housing. While the oceanfront resort properties have been sold, most of the other Kaanapali 2020 lands continue to be
owned by the Company. Any development plan for any of the Company's land, including the Kaanapali 2020 Development Plan and the
Wainee development, will be subject to approval and regulation by various state and county agencies and governing entities, especially
insofar as the nature and extent of zoning, and improvements necessary for site infrastructure, building, transportation, water
management, environmental and health are concerned. In Hawaii, the governmental entities have the right to impose limits or controls
on growth in their communities through restrictive zoning, density reduction, impact fees and development requirements, which may
materially affect utilization of the land and the costs associated with developing the land. In addition, Maui County currently
requires certain percentages and levels of affordability to be included in proposed residential developments or subdivisions of
land, thereby affecting the feasibility of these projects. There can be no assurance that
the Company will be successful in obtaining the necessary zoning and related entitlements for development of any currently unentitled
Maui lands. At this time, the only Kaanapali 2020 lands that have sufficient entitlements to commence development are those in
Phase I of the Kaanapali Coffee Farms development and the Puukolii Village development, as described below.
The
current regulatory approval process for a development project takes a number of years or more and involves substantial expense.
The applications generally require the submission of comprehensive plans that involve the use of consultants and other professionals.
A substantial portion of the Company's Kaanapali 2020 land will require state district boundary amendments and county general plan
and community plan amendments, as well as rezoning approvals. There is no assurance that all necessary approvals and permits will
be obtained with respect to the current projects or future projects of the Company. Generally, entitlements are extremely difficult
to obtain in Hawaii. There is often significant opposition to proposed developments from numerous local groups, environmental organizations,
various community and civic groups, condominium associations and politicians advocating no-growth policies, among others. Any such
group with standing can challenge submitted applications, which may substantially delay the process. Generally, once the applications
are deemed acceptable, the various governing agencies involved in the entitlement process commence consideration of the requested
entitlements. The applicable agencies often impose conditions, which may be costly and time consuming, on any approvals of the
entitlements. The substantial time and expense of obtaining entitlements and the uncertainty of success in obtaining the entitlements
could have a material adverse effect on the Company's success.
At
the state level, all land in Hawaii is divided into four land use classifications: urban, rural, agricultural and conservation.
The majority of the Kaanapali 2020 Development Plan land is currently classified as either agricultural or conservation.
A
relatively small portion (approximately 300 acres) of the Kaanapali 2020 Development Planning area owned by the Company, known
as Puukolii Village, comprised of two parcels known as the Puukolii Triangle and Puukolii Mauka, received entitlements in 1993
under the terms of a superseded law that fast tracked entitlements for planned mixed use developments that contained the requisite
percentage of affordable housing units. The requirements imposed on the Company relative to these entitlements proved uneconomic
and thus the developments were not pursued. The Company proposed revisions to certain entitlement conditions as well as the development
agreement with the applicable state agencies and is beginning to plan for the development of the Puukolii Mauka area, which will,
if ultimately developed, include certain affordable and market housing units, a small commercial area, a school, a park and associated
improvements. From 2007 through 2009, the Company received various approvals of its proposed revisions of entitlement conditions
and of the development agreement.
Despite
the hurdles mentioned above, the Company remains hopeful that it will generally be able to develop that portion of its land for
which it can obtain classification as an urban district from the State Land Use Commission. However, it is uncertain whether the
Company will be able to obtain all necessary entitlements or, if so, how long it will take, and it cannot be predicted what the
market will be for such land (or the associated development costs) at such time. Conservation land is land that has been considered
by the state as necessary for preserving natural conditions as well as to protect water resources and cannot be developed. Lands
within agricultural and rural districts have limited development potential, especially as it relates to density and use. Pursuant
to the Kaanapali 2020 Development Plan, the Company intends to apply to the State Land Use Commission for reclassification of a
portion of the agricultural lands to urban, and perhaps some rural, but does not intend to apply for reclassification of the conservation
lands.
During 2012, Maui County
updated its General Plan which projects general growth of the County over the next few decades. This update included a new component
with maps which show directed growth areas. The Company successfully lobbied the County of Maui to recognize the Kaanapali 2020
Development Plan and Wainee Development Plan within the urban growth limits identified in these directed growth maps. Development
of the Kaanapali 2020 lands in accordance with the Kaanapali 2020 Development Plan will require, in addition to State Land Use
reclassification of some of the land from agriculture to urban, appropriate designation under County community plan, and the appropriate
County zoning designation included in the Maui County General Plan noting it as an urban growth area.
Obtaining any and all of these approvals can involve a substantial amount of time and expense, and approvals may need to be resubmitted
if there is any subsequent, material deviation in current approved plans or significant objections by the responsible government
agencies.
In
connection with seeking approvals from regulatory authorities of the Kaanapali 2020 Development Plan, the Company may be required
to make significant improvements in public facilities (such as roads), to dedicate property for public use, to provide employee/affordable
housing units and to make other concessions, monetary or otherwise. The ability of the Company to perform its development activities
may also be adversely affected by restrictions that may be imposed by government agencies and the surrounding communities because
of inadequate public facilities, such as roads, water management areas and sewer facilities, and by local opposition to continued
growth. However, as part of the Kaanapali 2020 Development Plan, the Company has included a number of community members and local
government officials in the development planning process and has earned significant community support for its preliminary Kaanapali
2020 and Wainee development plans. It also believes that it enjoys general local community support for its new Puukolii Mauka concept.
The Company hopes that carrying on with this process will continue to generate substantial support from local government and the
community for the Company's development plans.
There
can be no assurance that all necessary approvals will be obtained, that modifications to those plans will not require additional
approvals, or that such additional approvals will be obtained, nor can there be any assurance as to the timing of such events.
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. 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 can be applied to the purchase of the 18.5
acre site. The option expires in September 2017. 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.
In October 2014, through
a limited liability company of which KLMC was the manager, a sale was made to an unrelated third party of an approximate 7.65 acre
parcel in West Maui commonly referred to as Lot 10-H. KLMC received proceeds from the sale of approximately $1,300.
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. The more significant portion remains uncompleted.
Under certain circumstances,
which have not yet occurred, KLMC remains committed for approximately $1.1 million 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 $6.7 million 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.
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, consists of 51 agricultural
lots, which are currently being offered to individual buyers. The land improvements were completed during 2008. In conjunction
with the sale of four lots sold in 2013, in addition to cash proceeds, the Company received promissory notes totaling $1,208, which
are included in other assets in the consolidated balance sheet at December 31, 2013. As of December 31, 2013, the Company
sold 18 of the 51 lots at Kaanapali Coffee Farms. In the first quarter of 2014, three additional lots were sold. In the second
quarter of 2014, seven lots were sold and in the fourth quarter of 2014, three lots were sold. In 2015, two lots were sold in the
first quarter, one was sold in the second quarter and one in the third quarter. In conjunction with the sale of four of the lots
sold in 2014, in addition to cash proceeds, the Company received promissory notes. As of November 1, 2015, $1,208 remains outstanding.
Other
Maui Property. The Company owns approximately 19 acres in Lahaina, known as the Pioneer Mill Site, which is zoned for industrial
development. This is the former site of Pioneer Mill's sugar mill on Maui and continues to be the site of the coffee mill operation.
In addition, portions of this parcel are subject to various short-term license agreements with third parties that generate minor
amounts of income for the Company. Pioneer Mill is currently evaluating strategic options relating to this site.
On December 23, 2015
Pioneer Mill Company, LLC entered into a property purchase agreement with an unrelated third party for the sale of an approximate
19 acre site in Lahaina, known as the Pioneer Mill Site. The agreement, which calls for a purchase price of $20.5 million and has
a scheduled closing date of April 30, 2016, has significant conditions to closing, including investigation and evaluation by the
purchaser during the due diligence period. Accordingly there can be no assurance that the sale will be completed under the existing
or any other terms. If the agreement is consummated, the Company will likely incur significant costs for the relocation of certain
buildings and equipment on the property and be subject to certain warranties and representations that will survive the closing
of the transaction. If closing were to occur, all net proceeds are expected to be retained by the Company for future working capital
and other needs.
The
Company also owns several parcels, known collectively as the "Wainee Lands", which are located in Lahaina south of
the mill site. The Wainee Lands include approximately 235 acres and are classified and zoned for agricultural use and will
need to obtain land use and zoning reclassification in order to proceed with any development. Most of the Wainee Lands have
been included in the Maui County General Plan. The Company is conducting various meetings with the West Maui community,
public officials and consultants to determine a plan for a portion of their lands. While it is likely that this development,
if pursued, will contain a significant affordable housing component as required by county ordinance, the Company believes
that these lands may be available for a number of uses compatible with the close proximity of them to the center of Lahaina,
including both affordable and market housing and certain recreational and service uses. However, government planned
infrastructure in this area is necessary, particularly a major storm drainage improvement referred to as the Lahaina Flood
Control Channel, for which there is currently no government commitment of construction funding.
Therefore, the Company is considering several options for this land. The Company has been engaged in numerous legal actions
to quiet title to its Wainee lands as a necessary predicate to such development. While such cases have generally been
contested, the Company has been successful in the cases completed so far. There can be no assurances that any actions, not
yet filed, will permit the Wainee development to go forward on an economic basis.
Agriculture
Historic
Operations. A significant portion of the Company's revenues were formerly derived from agricultural operations primarily consisting
of the cultivation, milling and sale of raw sugar. The last remaining operating sugar plantation of the Company, owned by a subsidiary
of Kaanapali Land, was shut down at the end of 2000.
Coffee
Operations. Agricultural operations now consist of cultivation, milling and sale of coffee. The Company has entered into certain
consulting and marketing arrangements in this regard.
Seed
Crop Operations. The Company's seed crop operations (primarily corn but also other crops such as soy beans) were located on
former Maui sugar lands that are now part of the Kaanapali 2020 area. The Company earned a modest income, under a contract with
Monsanto Seed Company to grow seed corn according to Monsanto's specifications. The contract expired June 30, 2012. The Company
is exploring alternative agricultural operations, but there can be no assurances that replacement operations at any level will
result.
Other
Property
In October 2011, the Company
sold an approximate 68 acre gulch property located adjacent to the Waikele Golf course to an unaffiliated third party for $0.8
million, resulting in an approximate gain of $0.2 million. This was the Company’s last remaining property on Oahu other than
several remnant parcels.
For
a description of financial information by segment, please read Note 8 to the attached consolidated financial statements, which
information is incorporated herein by reference.
Significant
Asset Sales
The
Company has in the past consummated various strategic sales of bulk land. These transactions were generally pursued in order to
raise additional cash that would enhance the Company's ability to fund the Kaanapali 2020 developments including, but not limited
to Kaanapali Coffee Farms, and other Company overhead costs. The Company currently has no outstanding agreements for the sale of
land in bulk, but while this is not the current focus of the Company, it does from time to time in the ordinary course of business
engage in discussions with third parties who may be interested in certain parcels.
Employees
At
December 1, 2015, Kaanapali Land and its subsidiaries had employed 20 full time employees. Certain corporate services are provided
by Pacific Trail and its affiliates. Kaanapali Land reimburses for these services and related overhead at cost.
Trademarks
and Service Marks
The
Company maintains a variety of trademarks and service marks that support each of its business segments. These marks are filed in
various jurisdictions, including the United States Patent and Trademark Office, the State of Hawaii Department of Commerce and
Consumer Affairs and foreign trademark offices. The trademarks and service marks protect, among other things, the use of the term
"Kaanapali" and related names in connection with the developments in the vicinity of the Kaanapali Resort area on Maui
and the various trade names and service marks obtained in connection with the Company's coffee operations. Certain trademarks,
trade names and service marks have also been registered in connection with the Kaanapali Coffee Farms development. Also protected
are certain designs and logos associated with the names protected. Certain marks owned by the Company have been licensed to third
parties, however, the income therefrom is not material to the Company's financial results. To the extent deemed advantageous in
connection with the Company's ongoing businesses, to satisfy contractual commitments with respect to certain marks or where the
Company believes that there are future licensing opportunities with respect to specific marks, the Company intends to maintain
such marks to the extent necessary to protect their use relative thereto. The Company also intends to develop and protect appropriate
marks in connection with its future land development and agricultural activities.
Market
Conditions and Competition
There
are a number of factors that historically have negatively impacted Kaanapali Land's property activities, including market conditions,
the difficulty in obtaining regulatory approvals, the high cost of required infrastructure and the Company's operating deficits
in its other business segments. As a result, the planned use of many of the Company's land holdings and the ability to generate
cash flow from these land holdings have become long-term in nature, and the Company has found it necessary to sell certain parcels
in order to raise cash rather than realize their full economic potential through the entitlement process.
Maui's
residential real estate market experienced a dramatic slow down beginning in the latter part of 2005. The international credit
crisis resulted in both national and global economic downturns and had a significant adverse impact on the Hawaiian economy. Market
conditions have moved in a positive direction in 2013 and to date in 2015, however, there can be no assurance that such conditions
will continue. A weakening of the Maui real estate market would negatively impact the Company.
There
are several developers, operators, real estate companies and other owners of real estate that compete with the Company in its property
business on Maui, many of which have greater resources. The number of competitive properties in a particular market could have
a material adverse effect on the Company's success. In addition, many properties previously purchased by retail buyers are listed
for resale and provide additional competition to the Company.
Government
Regulations and Approvals
The
current regulatory approval process for a project can take many years and involves substantial expense. There is no assurance that
all necessary approvals and permits will be obtained with respect to the Company's current and future projects. Generally, entitlements
are extremely difficult to obtain in Hawaii. Many different agencies at the state and county level are involved in the entitlement
process. There is often significant opposition from numerous local groups - including environmental organizations, various community
and civic groups, condominium associations and politicians advocating no-growth policies, among others. Certain ordinances adopted
by the County of Maui have placed additional requirements on developers, some of which may be difficult or expensive to satisfy.
Other proposed ordinances that have not yet passed may place moratoria on new development. It is currently unknown to what extent
new legislative initiatives will impact the cost or timing of the Company's planned developments.
Currently,
Kaanapali Land is preparing applications for the necessary entitlements to carry out the Kaanapali 2020 plan. While some of these
lands have some form of entitlements, it is anticipated that at least a substantial portion of the land will require state district
boundary amendments and Community Plan amendments, as well as rezoning approvals. In January 2009 the Company received approval
of revisions to its development plans for the Puukolii Village Mauka parcel. Entitlements for an agricultural subdivision were
received during the first quarter of 2006. The Kaanapali 2020 Development Plan and most of the Wainee Lands are recognized within
the urban growth areas identified in the growth maps of the Maui County General Plan. Approximately 1,500 acres of the Company's
Maui land which is contiguous to Kaanapali 2020 land is located toward the top of mountain ridges and in gulches is classified
as conservation, which precludes most other use. This conservation land, and other land that will be designated as open
space, is an important component of the overall project, allowing for the protection of water and other natural resources, and
its existence is expected to influence obtaining the entitlements for the remaining land.
Environmental
Matters
The
Company is subject to environmental and health safety laws and regulations related to the ownership, operation, development and
acquisition of real estate, or the operation of former business units. Under those laws and regulations, the Company may be liable
for, among other things, the costs of removal or remediation of certain hazardous substances. In addition, the Company may find
itself having to defend against personal injury lawsuits based on exposure to such substances including asbestos related liabilities.
Those laws and regulations often impose liability without regard to fault. The Company is now engaged in work at a site on the
Waipio Peninsula consisting of, among other things, performing testing at the site pursuant to an order discussed in Item 3.
Legal Proceedings. The Company believes that the cost of this work pursuant to the 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 assurance
that the cost of remediation of the site 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. With regard to other environmental matters as generally described
in the risk factors set forth below, no assurance can be given that those matters will not have a material adverse effect on the
Company’s consolidated financial position or results of operations. Reference is made to Item 1A. Risk Factors and
Item 3. Legal Proceedings for a description of certain legal proceedings related to environmental conditions.
Item
1A. Risk Factors
Kaanapali
Land faces numerous risks, including those set forth below. The risks described below are not the only risks that the Company faces,
nor are they listed in order of significance. Risk factors include a number of factors that could negatively impact Kaanapali Land's
property activities. Any of the risks may have a material adverse effect on the Company's success, consolidated financial position
or results of operations.
Reference
is made to Item 1. Business and Item 3. Legal Proceedings for an item specific detailed discussion of some of the
risk factors facing Kaanapali Land, LLC.
Risks
Related to Hawaiian Real Estate and Development Markets
The
Kaanapali 2020 Development Plan (including, without limitation, Kaanapali Coffee Farms and Puukolii Mauka) and the development
of the Wainee land, as well as the Company's other development activities, are, apart from the risks associated with the entitlement
process described above, subject to the risks generally incident to the ownership and development of real property. These include
the possibility that cash generated from sales will not be sufficient to meet the Company's continuing obligations. This could
result from inadequate pricing or pace of sales of properties or changes in costs of construction or development; increased government
mandates; adverse changes in Hawaiian economic conditions, such as increased costs of labor, marketing and production, restricted
availability of financing; adverse changes in local, national and/or international economic conditions (including adverse changes
in exchange rates of foreign currencies for U.S. dollars); adverse effects of international political events, such as additional
terrorist activity in the U.S. or abroad that lessen travel, tourism and investment in Hawaii; the need for unanticipated improvements
or unanticipated expenditures in connection with environmental matters; changes in real estate tax rates and other expenses; delays
in obtaining permits or approvals for construction or development and adverse changes in laws, governmental rules and fiscal policies;
acts of God, including earthquakes, volcanic eruptions, floods, droughts, fires, tsunamis, unusually heavy or prolonged rains,
and hurricanes; and other factors which are beyond the control of the Company. Because of these risks and others, real estate ownership
and development is subject to unexpected increases in costs.
The
Company may, from time to time and to the extent economically advantageous, sell rezoned, undeveloped or partially developed parcels,
such as portions of the Kaanapali 2020 Development Plan lands, the former Pioneer Mill site and/or the Wainee land. It intends
to develop the balance of its lands for residential, resort, affordable housing, limited commercial and recreational purposes.
Any
increase in interest rates or downturn in the international, national or Hawaiian economy could affect the Company's profitability
and sales. The downturn in the Asian economy, particularly the Japanese economy, has had a profound effect on the Hawaiian real
estate market. However, the Kaanapali resort area has historically enjoyed a significant mainland tourist market in the United
States and Canada, which had resulted, beginning in the late 1990's, in a strong market for resort housing in the area. Markets
turned down significantly beginning in late 2005, which negatively impacted the volume of transactions completed in West Maui.
The severe national and global recession had an adverse impact on the Hawaiian economy and adversely impacted the Company's pricing
for its residential properties. The restricted availability of financing continues to negatively impact the number of lot sales
to date and could continue to negatively impact the lot sales in the foreseeable future. A weakening of the Maui real estate market
would negatively impact the Company. Market conditions have moved in a positive direction in 2013 and to date in 2015, however,
there can be no assurance that such conditions will continue.
The
Company's real estate activities may be adversely affected by possible changes in the tax laws, including changes which may have
an adverse effect on resort and residential real estate development. High rates of inflation 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 developers,
but also have a significant effect on the affordability of permanent mortgage financing to prospective purchasers. High rates of
inflation may permit the Company to increase the prices that it charges in connection with land sales, subject to economic conditions
in the real estate industry generally and local market factors. There can be no assurance that Hawaiian real estate values will
rise, or that, if such values do rise, the Company's properties will benefit.
Risks
Relating to Natural Events
The
Company's development lands are located in an area that is susceptible to hurricanes and seismic activity. In addition, during
certain times of year, heavy rainfall is not uncommon. These events may adversely impact the Company's development activities and
infrastructure assets, such as roadways, reservoirs, water courses and drainage ways. Significant events may cause the Company
to incur substantial expenditures for investigation and restoration of damaged structures and facilities. Flooding, drought, fires,
wind, prolonged heavy rains, and other natural perils can adversely impact agricultural production and water transmission and storage
resources on lands owned or used by the Company. In addition, similar events elsewhere in Hawaii may cause regulatory responses
that impact all landowners. For example, the Company received notice from the Hawaii Department of Land and Natural Resources ("DLNR")
that DNLR 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 January 2013. 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. The Company has taken certain corrective actions as well as updating important plans to address emergency events
and basic operations and maintenance. 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.
Risks
Relating to Agriculture
While
agricultural operations are relatively insignificant to the Company's financial success, competition in the agriculture business
segment affects the prices the Company may obtain for the land and other assets it may lease to third parties for the production
of agricultural products. The Company formerly earned a modest profit on its contract with Monsanto for the production of seed
corn on a portion of its Kaanapali 2020 Development Plan land. The contract with Monsanto expired June 30, 2012. The Company
is exploring alternative agricultural operations, but there can be no assurance that replacement operations at any level will result.
The Company remains engaged in farming, harvesting and milling operations relating to coffee orchards. The Company incurs significant
risks relating to the cost of growing and maintaining the trees and producing the crop, as well as the market risk attendant to
the sale of the crop.
Risks
Relating to Hawaiian, U.S. and World Economies Generally
The
Company's businesses will be subject to risks generally confronting the Hawaiian, U.S. and world economies. All of the Company's
tangible property is located in Hawaii. As a result, the Company's revenues will be exposed to the risks of investment in Hawaii
and to the economic conditions prevalent in the Hawaiian real estate market. While the Hawaiian real estate market is subject to
economic cycles that impact tourism and investment (particularly in the United States, Japan and other Pacific Rim countries),
it is also influenced by the level of economic development in Hawaii generally and by external and internal political forces.
Various
factors impact the desire of people to travel, particularly by air. Discretionary income and unemployment throughout the world
also impact travel to Hawaii and the market for real estate. Thus, Hawaii is subject to higher risks than other portions of the
United States due to its disproportionate reliance on air travel and tourism. The visitor industry is Hawaii's most important source
of economic activity, accounting for a significant portion of Gross State Product.
Because
of the foregoing considerations, it is clear that the risks associated with the large reliance by Hawaii on a visitor base, both
from foreign countries and the United States mainland, will disproportionately impact the Company in future years, as market and
visitation cycles play out.
Environmental
Risks and Environmental Regulations
The
Company is subject to environmental and health safety laws and regulations related to the ownership, operation, development and
acquisition of real estate, or the operation of former business units. Under various federal, state and local laws, ordinances
and regulations, a current or previous owner, developer or operator of real estate may be liable for the costs of removal or remediation
of certain hazardous toxic substances at, on, under or in its property. The costs of such removal or remediation of such substances
could be substantial. Such laws often impose liability without regard to whether the owner or operator knew of, or was responsible
for, the actual release or presence of such hazardous or toxic substances. The presence of such substances may adversely affect
the owner's ability to sell or rent such real estate or to borrow using such real estate as collateral. Persons who arrange for
the disposal or treatment of hazardous or toxic substances also may be liable for the costs of removal or remediation of such substances
at the disposal or treatment facility, whether or not such facility is owned or operated by such person. Certain environmental
laws impose liability for the release of asbestos containing material into the air, pursuant to which third parties may seek recovery
from owners or operators of real properties for personal injuries associated with such materials, and prescribe specific methods
for the removal and disposal of such materials. The cost of legal counsel and consultants to investigate and defend against these
claims is often high and can significantly impact the Company's operating results, even if no liability is ultimately shown. No
assurance can be given that the Company will not incur liability in the future for known or unknown conditions and any significant
claims may have a material adverse impact on the Company.
Item
1B. Unresolved Staff Comments
Not
Applicable.
Item
2. Properties
Land
Holdings
The
major real properties owned by the Company are described under Item 1. Business.
Item
3. Legal Proceedings
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 may 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 the 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 might 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 connection 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 million, 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
$.3 million, and additional anticipated response costs of between approximately $2.8 million and $11.5 million. 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
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 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 not yet 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 Distribution Corporation ("D/C"), a subsidiary of Kaanapali Land,
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 the 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 this 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 $1.6 million. 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 $26.8 million, 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, Fireman’s Fund, and the
United States government on behalf of the EPA and the Navy have appealed the decision.
The
attorneys for the trustee in the D/C bankruptcy have reached out to the various claimants noted above 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 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 February 13, 2013, PM Land Company received demand to mediate a dispute arising in connection with the contract for sale
of a lot in the Kaanapali Coffee Farms subdivision. PM Land held the sum of $450,000 as a result of the contract for sale to the
claimants that did not proceed to closing. Claimants sought, among other things, cancellation of the contract, the return of the
amounts of money still on deposit, treble damages, attorneys’ fees and costs. PM Land Company mediated, settled this matter
and retained $150,000 of the deposit.
The
Company has received notice from DNLR that DNLR 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 January 2013. 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. The Company has taken certain corrective actions as well as updating important
plans to address emergency events and basic operations and maintenance. 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.
Item
4. Mine Safety Disclosures
None.
Part
II
Item
5. Market Registrant’s Common Equity, Related Stockholder Matters
and
Issuer Purchases of Equity Securities
As
of December 31, 2013 there were approximately 688 holders of record of the Company's 1,792,613 Common Shares and 52,000 Class C
Shares. The Company has no outstanding options, warrants to purchase or securities convertible into, common equity of the Company.
There is no established public trading market for the Company's membership interests. The Company has elected to be treated as
a corporation for federal and state income tax purposes. As a consequence, under current law, holders of membership interests in
the Company will not receive annual reports or direct allocations of profits or losses relating to the financial results of the
Company as they would for the typical limited liability company that elects to be treated as a partnership for tax purposes. In
addition, any distributions that may be made by the Company will be treated as dividends. However, no dividends have been paid
by the Company in 2013 and 2012 and the Company does not anticipate making any distributions for the foreseeable future.
Item 6. Selected Financial
Data
Kaanapali
Land, LLC
For
the years ended December 31, 2013, 2012, 2011, 2010 and 2009
(Dollars
in Thousands Except Per Share Amounts)
|
2013 |
|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
8,831 |
|
5,140 |
|
5,493 |
|
4,137 |
|
4,695 |
|
|
|
|
|
|
|
|
|
|
|
Net loss from
continuing
operations |
$ |
(2,815) |
|
(418) |
|
(6,803) |
|
(4,092) |
|
(5,278) |
|
|
|
|
|
|
|
|
|
|
|
Net loss from
continuing
operations
attributable
to
stockholders |
$ |
(2,964) |
|
(418) |
|
(6,803) |
|
(4,092) |
|
(5,278) |
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations
per share –
basic
and diluted |
$ |
(1.61) |
|
(0.23) |
|
(3.69) |
|
(2.22) |
|
(2.88) |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
131,619 |
|
126,889 |
|
132,782 |
|
144,697 |
|
155,595 |
The
above selected financial data should be read in conjunction with the financial statements and the related notes appearing elsewhere
in this report. The amounts reflected are those business segments of the Company's predecessor that are continuing in nature.
Item
7. Management’s Discussion and Analysis of Financial Condition and
Results
of Operations
All
references to "Notes" herein are to Notes to Consolidated Financial Statements contained in this report. Information
is not presented on a reportable segment basis in this section because in the Company's judgment such discussion is not material
to an understanding of the Company's business.
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.
Liquidity
and Capital Resources
A
description of the reorganization of Kaanapali Land and its subsidiaries pursuant to the Plan and a description of certain elements
of the Plan are set forth in Item 1 above.
Unless
wound up by the Company or merged, the Debtors continued to exist after the Plan Effective Date as separate legal entities. Except
as otherwise provided in the Order or the Plan, the Debtors have been discharged from all claims and liabilities existing through
the Plan Effective Date. As such, all persons and entities who had receivables, claims or contracts with the Debtors that first
arose prior to the Petition Date and have not previously filed timely claims under the Plan or have not previously reserved their
right to do so in the Reorganization Case are precluded from asserting any claims against the Debtors or their assets for any acts,
omissions, liabilities, transactions or activities that occurred before the Plan Effective Date. During August 2005, pursuant to
a motion for entry of final decree, the bankruptcy cases were closed.
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 December 31, 2013 and 2012 of approximately $87 million and $87 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 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 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 Northbrook and were holders of COLAs (Certificate of Land Appreciation Notes)
on the date that the Plan was confirmed by the Bankruptcy Court, and their successors in interest, represent approximately 9.0%
of the ownership of the Company.
At
December 31, 2013, the Company had cash and cash equivalents and short term securities of approximately $13 million 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
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. Reference is made to Item 1 - Business,
Item 3 - Legal Proceedings and the footnotes to the financial statements. 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.
In October 2011, the Company
sold an approximate 68 acre gulch property located adjacent to the Waikele Golf course to an unaffiliated third party for $800
thousand, resulting in an approximate gain of $200 thousand. This was the Company’s last remaining property on Oahu other
than several remnant parcels.
The
Company's operations have in recent periods been primarily reliant upon the net proceeds of sales of developed and undeveloped
land parcels.
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. 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 can be applied to the purchase of the 18.5
acre site. The option expires in September 2017. 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.
In October 2014, through
a limited liability company of which KLMC was the manager, a sale was made to an unrelated third party of an approximate 7.65 acre
parcel in West Maui commonly referred to as Lot 10-H. KLMC received proceeds from the sale of approximately $1,300.
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,
consists of 51 agricultural lots, which are currently being offered to individual buyers. The land improvements were
completed during 2008. In conjunction with the sale of four lots sold in 2013, in addition to cash proceeds, the Company
received promissory notes totaling $1.2 million, which are included in other assets in the consolidated balance sheet of
December 31, 2013. As of December 31, 2013, the Company sold 18 of the 51 lots at Kaanapali Coffee Farms. In the
first quarter of 2014, three additional lots were sold. In the second quarter of 2014, seven lots were sold and in the fourth
quarter of 2014, three lots were sold. In 2015, two lots were sold in the first quarter, one was sold in the second quarter
and one in the third quarter. In conjunction with the sale of four of the lots sold in 2014, in addition to cash proceeds,
the Company received promissory notes. As of November 1, 2015, $1.2 million remains outstanding.
On
December 23, 2015 Pioneer Mill Company, LLC entered into a property purchase agreement with an unrelated third party for the sale
of an approximate 19 acre site in Lahaina, known as the Pioneer Mill Site. The agreement, which calls for a purchase price of
$20.5 million and has a scheduled closing date of April 30, 2016, has significant conditions to closing, including investigation
and evaluation by the purchaser during the due diligence period. Accordingly there can be no assurance that the sale will be completed
under the existing or any other terms. If the agreement is consummated, the Company will likely incur significant costs for the
relocation of certain buildings and equipment on the property and be subject to certain warranties and representations that will
survive the closing of the transaction. If closing were to occur, all net proceeds are expected to be retained by the Company
for future working capital and other needs.
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.
Results
of Operations
Reference
is made to the footnotes to the financial statements for additional discussion of items addressing comparability between years.
2013
Compared to 2012
The
increase in restricted cash is due to the consolidation of the Kaanapali Coffee Farms Lot Owners’ Association.
The
decrease in property, net and the related increases in sales and costs of sales as of December 31, 2013 is primarily due to the
sale of nine lots during 2013. The decrease is also due to the value adjustment taken on the value of the inventory of property
during the second quarter of 2013.
Pension
plan assets increased as of December 31, 2013 as compared to December 31, 2012 as a result of an increase in the market values
of the Company’s pension plan assets, as well as a decrease in the discount rate used to determine the plan’s benefit
obligation.
The
increase in other assets at December 31, 2013 as compared to December 31, 2012 is primarily due to promissory notes received related
to lot sales during 2013.
The
increase in other liabilities at December 31, 2013 as compared to December 31, 2012 is primarily due to the adjustment of certain
contingency accruals during 2013, which is reflected in selling, general and administrative expenses at December 31, 2013.
2012
Compared to 2011
The decrease in sales as
of December 21, 2012 is primarily due to the expiration of the seed corn contract with Monsanto Seed Company that expired on June
30, 2012.
The
decrease in selling, general and administrative expenses as of December 31, 2012 is primarily due to the adjustment of certain
contingency accruals at December 31, 2012. The decrease is also is due to a decrease in payroll related expenses and professional
services during 2012.
Critical
Accounting Policies
The
discussion and analysis of the Company's financial condition and results of operations are based upon the Company's consolidated
financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States.
The preparation of these financial statements requires management to make estimates and judgments that affect the reported amounts
of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates are
based on historical experience and on various other assumptions that management believes are reasonable under the circumstances;
additionally management evaluates these results on an on-going basis. Management's estimates form the basis for making judgments
about the carrying values of assets and liabilities that are not readily apparent from other sources. Different estimates could
be made under different assumptions or conditions, and in any event, actual results may differ from the estimates.
The
Company reviews its property for impairment of value. This includes considering certain indications of impairment such as significant
changes in asset usage, significant deterioration in the surrounding economy or environmental problems. If such indications are
present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying value, the
Company will adjust the carrying value down to its estimated fair value. Fair value is based on management's estimate of the property's
fair value based on discounted projected cash flows.
There
are various judgments and uncertainties affecting the application of these and other accounting policies, including the liabilities
related to asserted and unasserted claims and the utilization of net operating losses. Materially different amounts may be reported
under different circumstances or if different assumptions were used.
Pension
assumptions are significant inputs to the actuarial models that measure pension benefit obligations and related effects on operations.
Two assumptions - discount rate and expected return on assets - are important elements of plan expense and asset/liability measurement.
The Company evaluates these critical assumptions at least annually. The Company periodically evaluates other assumptions involving
demographic factors such as mortality, and updates the assumptions to reflect experience and expectations for the future. Actual
results in any given year will often differ from actuarial assumptions because of economic and other factors.
Accumulated
and projected benefit obligations are measured as the present value of future cash payments. The Company discounts those cash payments
using the weighted average of market-observed yields for high quality fixed income securities with maturities that correspond to
the payment of benefits. Lower discount rates increase present values and subsequent-year pension expense; higher discount rates
decrease present values and subsequent-year pension expense.
The
Company’s discount rates for projected benefit obligations of the pension plan at December 31, 2013, 2012 and 2011 were
4.47%, 3.75% and 4.37%, respectively, reflecting market interest rates.
To
determine the expected long-term rate of return on pension plan assets, the Company considers current and expected asset allocations,
as well as historical and expected returns on various categories of plan assets. Based on our analysis of future expectations of
asset performance, past return results, and our current and expected asset allocations, we have assumed a 7% long-term expected
return on those assets.
Item
7A. Quantitative and Qualitative Disclosures About Market Risk
The
Company's future earnings, cash flows and fair values relevant to financial instruments are dependent upon prevalent market rates.
Market risk is the risk of loss from adverse changes in market prices and interest rates. The Company manages its market risk by
matching projected cash inflows from operating properties, financing activities, and investing activities with projected cash outflows
to fund capital expenditures and other cash requirements. The Company does not enter into financial instruments for trading purposes.
Item
8. Financial Statements and Supplementary Data
Kaanapali
Land, LLC
Index
Report
of Independent Registered Public Accounting Firm, Grant Thornton LLP
Report
of Independent Registered Public Accounting Firm, Ernst & Young LLP
Consolidated
Balance Sheets, December 31, 2013 and 2012
Consolidated
Statements of Operations for the years ended December 31, 2013, 2012 and 2011
Consolidated
Statements of Comprehensive Income (Loss) for the years ended December 31, 2013, 2012 and 2011
Consolidated
Statements of Equity for the years ended December 31, 2013, 2012 and 2011
Consolidated
Statements of Cash Flows for the years ended December 31, 2013, 2012 and 2011
Notes
to Consolidated Financial Statements
Schedules
not filed:
All
schedules have been omitted as the required information is inapplicable or the information is presented in the financial statements
or related notes.
Report
of Independent Registered Public Accounting Firm
The
Managing Member and Stockholders
Kaanapali
Land, LLC
We
have audited the accompanying consolidated balance sheets of Kaanapali Land, LLC (the "Company") as of December 31, 2013,
and the related consolidated statements of operations, comprehensive income (loss), equity, and cash flows
for the year then ended. These financial statements are the responsibility of the Company’s management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We
conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. We were not engaged to perform an audit of the Company’s internal control over financial reporting. Our audit
included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control
over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
In
our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position
of Kaanapali Land, LLC as of December 31, 2013, and the consolidated results of their operations and their cash flows for the year
then ended, in conformity with accounting principles generally accepted in the United States of America.
/s/
Grant Thornton LLP
Chicago,
Illinois
December
29, 2015
Report
of Independent Registered Public Accounting Firm
The
Managing Member and Stockholders
Kaanapali
Land, LLC
We
have audited the accompanying consolidated balance sheet of Kaanapali Land, LLC and subsidiaries (the "Company") as of
December 31, 2012, and the related consolidated statements of operations, comprehensive income (loss), stockholders' equity, and
cash flows for the years ended December 31, 2012 and 2011. These consolidated financial statements are the responsibility of the
Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our
audits.
We
conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and significant estimates made by management, and evaluating the
overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In
our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated
financial position of Kaanapali Land, LLC and subsidiaries as of December 31, 2012, and the consolidated results of their
operations and their cash flows for the years ended December 31, 2012 and 2011, in conformity with U.S. generally accepted accounting
principles.
/s/
Ernst & Young LLP
Chicago,
Illinois
March
27, 2013
Kaanapali
Land, LLC
Consolidated
Balance Sheets
December
31, 2013 and 2012
(Dollars
in Thousands, except share data)
|
2013 |
|
2012 |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
13,140 |
|
|
14,270 |
Restricted cash |
|
872 |
|
|
-- |
Property, net |
|
90,792 |
|
|
95,535 |
Pension plan assets |
|
24,891 |
|
|
16,154 |
Other assets |
|
1,924 |
|
|
930 |
|
$ |
131,619 |
|
|
126,889 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Accounts payable and accrued expenses |
$ |
399 |
|
|
557 |
Deposits and deferred gains |
|
1,205 |
|
|
1,673 |
Deferred income taxes |
|
21,612 |
|
|
18,933 |
Other liabilities |
|
15,463 |
|
|
15,549 |
|
|
|
|
|
|
Total liabilities |
|
38,679 |
|
|
36,712 |
|
|
|
|
|
|
Commitments and contingencies (Note 7) |
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Common stock, at 12/31/13 and 12/31/12
Shares
authorized – unlimited, Class C shares
52,000;
shares issued and outstanding 1,792,613
in
2013 and 2012, Class C shares issued and
outstanding
52,000 in 2013 and 2012 |
|
-- |
|
|
-- |
Additional paid-in capital |
|
5,471 |
|
|
5,471 |
Accumulated other comprehensive income
(loss),
net
of tax |
|
(6,069) |
|
|
(11,089) |
Accumulated earnings |
|
93,191 |
|
|
95,795 |
|
|
|
|
|
|
Stockholders’ equity |
|
92,593 |
|
|
90,177 |
|
|
|
|
|
|
Non controlling interests |
|
347 |
|
|
-- |
|
|
|
|
|
|
Total equity |
|
92,940 |
|
|
90,177 |
|
|
|
|
|
|
|
$ |
131,619 |
|
|
126,889 |
The
accompanying notes are an integral part of the consolidated financial statements.
Kaanapali
Land, LLC
Consolidated
Statements of Operations
Years
ended December 31, 2013, 2012 and 2011
(Dollars
in Thousands Except Per Share Amounts)
|
2013 |
|
2012 |
|
2011 |
Revenues: |
|
|
|
|
|
|
|
|
Sales |
$ |
8,209 |
|
|
4,761 |
|
|
5,318 |
Interest and other income |
|
622 |
|
|
379 |
|
|
175 |
|
|
8,831 |
|
|
5,140 |
|
|
5,493 |
|
|
|
|
|
|
|
|
|
Cost and expenses: |
|
|
|
|
|
|
|
|
Cost of sales |
|
7,653 |
|
|
4,252 |
|
|
4,543 |
Selling, general and administrative |
|
4,347 |
|
|
382 |
|
|
5,544 |
Depreciation and amortization |
|
232 |
|
|
286 |
|
|
276 |
|
|
12,232 |
|
|
4,920 |
|
|
10,363 |
|
|
|
|
|
|
|
|
|
Operating income (loss) before income taxes |
|
(3,401) |
|
|
220 |
|
|
(4,870) |
Income tax benefit (expense) |
|
586 |
|
|
(638) |
|
|
(1,933) |
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
(2,815) |
|
|
(418) |
|
|
(6,803) |
|
|
|
|
|
|
|
|
|
Less: Net
income attributable to
non
controlling interests |
|
149 |
|
|
-- |
|
|
-- |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to stockholders |
$ |
(2,964) |
|
|
(418) |
|
|
(6,803) |
|
|
|
|
|
|
|
|
|
Net income (loss) per share – basic and diluted |
$ |
(1.61) |
|
|
(0.23) |
|
|
(3.69) |
The
accompanying notes are an integral part of the consolidated financial statements.
Kaanapali
Land, LLC
Consolidated
Statements of Comprehensive Income (Loss)
Years
ended December 31, 2013, 2012 and 2011
(Dollars
in Thousands Except Per Share Amounts)
|
2013 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(2,815) |
|
|
(418) |
|
|
(6,803) |
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
Net unrealized gains (losses) on pension plan assets |
|
8,230 |
|
|
96 |
|
|
(7,825) |
Other comprehensive income (loss), before tax |
|
8,230 |
|
|
96 |
|
|
(7,825) |
|
|
|
|
|
|
|
|
|
Income
tax expense related to items of other
comprehensive
income (loss) |
|
(3,210) |
|
|
(38) |
|
|
3,052 |
Other comprehensive income (loss), net of tax |
|
5,020 |
|
|
58 |
|
|
(4,773) |
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) |
$ |
2,205 |
|
|
(360) |
|
|
(11,576) |
The
accompanying notes are an integral part of the consolidated financial statements.
Kaanapali
Land, LLC
Consolidated
Statements of Equity
Years
ended December 31, 2013, 2012 and 2011
(Dollars
in Thousands)
|
|
Common
Stock |
|
Additional
Paid-In
Capital |
|
Accumu-
lated
(Deficit)
Earnings |
|
Accumu-
lated
Other
Compre-
hensive
Income/
(Loss) |
|
Total
Stock-
holders’
Equity |
|
Non
Controlling
Interests |
|
Total
Equity |
Balance at
December 31,
2010 |
|
$ |
-- |
|
5,471 |
|
103,016 |
|
(6,374) |
|
102,113 |
|
-- |
|
102,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other compre-
hensive income,
net of tax |
|
|
-- |
|
-- |
|
-- |
|
(4,773) |
|
(4,773) |
|
-- |
|
(4,773) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
-- |
|
-- |
|
(6,803) |
|
-- |
|
(6,803) |
|
-- |
|
(6,803) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
December 31,
2011 |
|
|
-- |
|
5,471 |
|
96,213 |
|
(11,147) |
|
90,537 |
|
-- |
|
90,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other compre-
hensive income,
net of tax |
|
|
-- |
|
-- |
|
-- |
|
58 |
|
58 |
|
-- |
|
58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
-- |
|
-- |
|
(418) |
|
-- |
|
(418) |
|
-- |
|
(418) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
December 31,
2012 |
|
|
-- |
|
5,471 |
|
95,795 |
|
(11,089) |
|
90,177 |
|
-- |
|
90,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of consolidat-
ing
Kaanapali
Coffee Farms
Lot Owners’
Association |
|
|
-- |
|
-- |
|
360 |
|
-- |
|
360 |
|
198 |
|
558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other compre-
hensive income,
net of tax |
|
|
-- |
|
-- |
|
-- |
|
5,020 |
|
5,020 |
|
-- |
|
5,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
-- |
|
-- |
|
(2,964) |
|
-- |
|
(2,964) |
|
149 |
|
(2,815) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
December 31,
2013 |
|
$ |
-- |
|
5,471 |
|
93,191 |
|
(6,069) |
|
92,593 |
|
347 |
|
92,940 |
The
accompanying notes are an integral part of the consolidated financial statements.
Kaanapali
Land, LLC
Consolidated
Statements of Cash Flows
Years
ended December 31, 2013, 2012 and 2011
(Dollars
in Thousands)
|
2013 |
|
2012 |
|
2011 |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net loss |
$ |
(2,815) |
|
|
(418) |
|
|
(6,803) |
Adjustments
to reconcile net loss to net cash
used
in operating activities: |
|
|
|
|
|
|
|
|
Proceeds from property sales |
|
5,127 |
|
|
936 |
|
|
1,089 |
Gain/loss on property sales |
|
(655) |
|
|
109 |
|
|
585 |
Impairment loss |
|
856 |
|
|
-- |
|
|
415 |
Pension plan assets |
|
(507) |
|
|
(573) |
|
|
(346) |
Depreciation and amortization |
|
232 |
|
|
286 |
|
|
276 |
Deferred income taxes |
|
(531) |
|
|
620 |
|
|
1,944 |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Restricted cash |
|
(468) |
|
|
-- |
|
|
-- |
Other assets |
|
(981) |
|
|
506 |
|
|
531 |
Accounts
payable, accrued expenses, deposits,
deferred
gains and other |
|
(690) |
|
|
(6,191) |
|
|
769 |
Net cash used in operating activities |
|
(432) |
|
|
(4,725) |
|
|
(1,540) |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Property additions |
|
(817) |
|
|
(424) |
|
|
(778) |
Effect
of consolidating Kaanapali Coffee Farms
Lot
Owners’ Association |
|
119 |
|
|
-- |
|
|
-- |
Proceeds from short-term investments |
|
-- |
|
|
5,000 |
|
|
15,000 |
Purchase of short-term investments |
|
-- |
|
|
-- |
|
|
(9,992) |
Net cash provided by (used in) investing activities |
|
(698) |
|
|
4,576 |
|
|
4,230 |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
(1,130) |
|
|
(149) |
|
|
2,690 |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of year |
|
14,270 |
|
|
14,419 |
|
|
11,729 |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of year |
$ |
13,140 |
|
|
14,270 |
|
|
14,419 |
|
|
|
|
|
|
|
|
|
Cash received (paid) for income taxes |
$ |
-- |
|
|
-- |
|
|
-- |
Supplemental
Non-Cash Investing Activities:
Amounts
included in Proceeds from property sales include promissory notes of $1,208 at December 31, 2013.
The
accompanying notes are an integral part of the consolidated financial statements.
Kaanapali
Land, LLC
Notes
to Consolidated Financial Statements
(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 Plan was filed jointly by all Debtors to consolidate each case for joint administration in the Bankruptcy Court in order to
(a) permit the petitioners to present a joint reorganization plan that recognized, among other things, the common indebtedness
of the debtors (i.e. the Certificate of Land Appreciation Notes ("COLAs") and Senior Indebtedness) and (b) facilitate
the overall administration of the bankruptcy proceedings. As indicated in the Plan, Kaanapali Land has elected to be taxable as
a corporation.
The
Plan was confirmed by the Bankruptcy Court by orders dated July 29, 2002 and October 30, 2002 (collectively, the "Order")
and became effective November 13, 2002 (the "Plan Effective Date"). During August 2005, pursuant to a motion for entry
of final decree, the bankruptcy cases were closed.
In
accordance with the Plan, approximately 1,793,000 Common Shares were issued all of which remained outstanding at December 31, 2013.
Kaanapali
Land's membership interests are denominated as non par value "Shares" and were originally divided into two classes: the
Class A Shares, which were widely held primarily by non-affiliated persons who had previously held Company indebtedness prior to
the Plan Effective Date and "Class B Shares" which were generally held by affiliates of Kaanapali Land. Pursuant to the
LLC Agreement, the Class A Shares and Class B Shares were automatically redesignated Company Common Shares on November 15, 2007.
Accordingly, the Company's Class A Shares and Class B Shares ceased to exist separately on November 15, 2007.
The
accompanying consolidated financial statements include the accounts of Kaanapali Land and all of its subsidiaries and its predecessor
(collectively, the "Company"), which include KLC Land and its wholly-owned subsidiaries. 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. All references to acres/acreage are unaudited.
The
Company's continuing operations are in two business segments - Agriculture and Property. The Agriculture segment formerly grew
seed corn and soybeans under contract and remains engaged in farming, harvesting and milling operations relating to coffee orchards
on behalf of the applicable land owners. The corn and soybean contract expired June 30, 2012. 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. For further information on the Company's business segments see Note 8.
Cash
and Cash Equivalents
The
Company considers as cash equivalents all investments with maturities of three months or less when purchased. The
Company’s cash balances are maintained primarily in two financial institutions. Restricted cash as of December 31,
2013 represents cash held by the Kaanapali Coffee Farms Lot Owners’ Association. At times, such balances may 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.
Subsequent
Events
The
Company has performed an evaluation of subsequent events from the date of the financial statements included in this annual report
through the date of its filing with the SEC.
Reclassification of
Prior Year Presentation
Certain prior year amounts
have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported
consolidated financial statements.
Recently
Issued Accounting Pronouncements
In
February 2013, the FASB issued guidance on the recognition, measurement, and disclosure of obligations resulting from joint and
several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting
date. This guidance requires an entity to measure obligations resulting from such joint and several liability arrangements, as
the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional
amount the reporting entity expects to pay on behalf of its co-obligors. An entity is also required to disclose the nature and
amount of the obligation as well as other information about those obligations. This guidance is effective for public companies
for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance
is not expected to have a material impact on our Condensed Financial Statements.
In
July 2013, the FASB issued guidance on the financial statement presentation of an unrecognized tax benefit when a net operating
loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance requires an unrecognized tax benefit,
or a portion of an unrecognized tax benefit, be presented in the financial statements as a reduction to a deferred tax asset for
a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. If a net operating loss carryforward, a similar
tax loss, or a tax credit carryforward is not available at the reporting date, the unrecognized tax benefit should be presented
in the financial statements as a liability and not combined with deferred tax assets. This guidance is effective prospectively
for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption permitted. The
adoption of this guidance is not expected to have a material effect on the Company’s consolidated financial statements.
Impact
of Recently Issued Accounting Standards: In April 2014, the FASB issued Accounting Standards Update (ASU) 2014-08, Presentation
of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures
of Disposals of Components of an Entity (ASU 2014-08). This update changes the requirements for reporting discontinued operations
under Subtopic 205-20. A disposal of a component of an entity or a group of components of an entity is required to be reported
in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s
operations and financial results when either (i) the component of an entity or group of components of an entity meets the criteria
to be classified as held for sale, (ii) the component of an entity or group of components of an entity is disposed of by sale,
or (iii) the component of an entity or group of components of an entity is disposed of other than by sale. The amendments in ASU
2014-08 improve the definition of discontinued operations by limiting discontinued operations reporting to disposals of components
of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial
results. The amendments in the update require additional disclosures about discontinued operations and disclosures related to the
disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation.
The amendments in ASU 2014-08 are to be applied to all disposals (or classifications as held for sale) of components of an entity
that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption
is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements
previously issued or available for issuance. The Company has chosen not to early adopt the provisions under ASU 2014-08 and is
currently evaluating the impact of adopting this new accounting standard.
In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance under the Accounting
Standards Codification (“ASC”) 606, Revenue from Contract with Customers, which establishes a single comprehensive
revenue recognition model for all contracts with customers and will supersede most existing revenue guidance. 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. Transition options include either a full or modified
retrospective approach and early adoption is permitted. The implementation date for this guidance was recently deferred and will
now be effective at the beginning of our first quarter of fiscal year 2019. We are currently evaluating the impact of the adoption
of this requirement on our Consolidated Financial Statements.
In
May 2015, the FASB issued Accounting Standards Update (ASU) 2015-07, Fair Value Measurement Disclosures for Investments in Certain
Entities That Calculate Net Asset Value per Share (or its Equivalent), as a new Topic, Accounting Standards Codification (ASC)
Topic 820. Under this new guidance, investments measured at net asset value (“NAV”), as a practical expedient for
fair value, are excluded from the fair value hierarchy. Removing investments measured using the practical expedient from the fair
value hierarchy is intended to eliminate the diversity in practice that currently exists with respect to the categorization of
these investments. The only criterion for categorizing investments in the fair value hierarchy will be the observability of the
inputs. This ASU is effective for annual periods beginning after December 15, 2015 and shall be applied retrospectively to
all periods presented. The Company is currently evaluating the potential impact of adopting this new accounting standard.
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, consists of 51 agricultural
lots, which are currently being offered to individual buyers. The land improvements were completed during 2008. In conjunction
with the sale of four lots sold in 2013, in addition to cash proceeds, the Company received promissory notes totaling $1,208, which
are included in other assets in the consolidated balance sheet at December 31, 2013. As of December 31, 2013, the Company
sold 18 of the 51 lots at Kaanapali Coffee Farms. In the first quarter of 2014, three additional lots were sold. In the second
quarter of 2014, seven lots were sold and in the fourth quarter of 2014, three lots were sold. In 2015, two lots were sold in the
first quarter, one was sold in the second quarter and one in the third quarter. In conjunction with the sale of four of the lots
sold in 2014, in addition to cash proceeds, the Company received promissory notes. As of November 1, 2015, $1,208 remains outstanding.
Project
costs associated with the development and construction of real estate projects are capitalized and classified as Property, net.
Such capitalized costs are not in excess of the projects' estimated fair value as reviewed periodically or as considered necessary.
In addition, interest, insurance and property tax are capitalized to qualifying assets during the period that such assets are undergoing
activities necessary to prepare them for their intended use.
For
development projects, capitalized costs are allocated using the direct method for expenditures that are specifically associated
with the lot being sold and the relative-sales-value method for expenditures that benefit the entire project.
Recognition
of Profit From Real Property Sales
For
real property sales, profit is recognized in full when the collectability of the sales price is reasonably assured and the earnings
process is virtually complete. 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 are recognized when delivery has occurred or services have been rendered, the sales price is fixed or determinable, and
collectability is reasonably assured.
Property
Property
is stated at cost. Depreciation is based on the straight-line method over the estimated economic lives of 15-40 years for the Company's
depreciable land improvements, 3-18 years for machinery and equipment. Maintenance and repairs are charged to operations as incurred.
Significant betterments and improvements are capitalized and depreciated over their estimated useful lives.
Provisions
for impairment losses related to long-lived assets, if any, are recognized when expected future cash flows are less than the carrying
values of the assets. If indicators of impairment are present, the Company evaluates the carrying value of the related long-lived
assets in relationship to the future undiscounted cash flows of the underlying operations or anticipated sales proceeds. The Company
adjusts the net book value of property to fair value if the sum of the expected undiscounted future cash flow or sales proceeds
is less than book value. Assets held for sale are recorded at the lower of the carrying value of the asset or fair value less costs
to sell.
|
2013 |
|
2012 |
Property, net: |
|
|
|
|
|
Land |
$ |
88,133 |
|
|
91,955 |
Buildings |
|
2,977 |
|
|
3,688 |
Machinery and equipment |
|
3,960 |
|
|
3,938 |
|
|
95,070 |
|
|
99,581 |
Accumulated depreciation |
|
(4,278) |
|
|
(4,046) |
|
|
|
|
|
|
Property, net |
$ |
90,792 |
|
|
95,535 |
Inventory
of land held for sale of approximately $21,300 and $25,100, representing primarily Kaanapali Coffee Farms, was included in Property,
net in the consolidated balance sheets at December 31, 2013 and 2012, respectively, and is carried at the lower of cost or
net realizable value. Based on current and foreseeable market conditions, discussions with real estate brokers and review of historical
land sale activity (level 2 and 3), the value of the inventory of property was reduced by $856 during 2013 to reflect the property
at the lower of carrying value or fair value less costs to sell. The value adjustment is reflected in cost of sales in the consolidated
statements of operations at December 31, 2013. The impairment and land held for sale is recognized in the Property segment
as disclosed in footnote 8 Business Segment Information. 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.
The
Company's significant property holdings are on the island of Maui consisting of approximately 4,000 acres, of which approximately
1,500 acres is 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.
Other
Liabilities
Other
liabilities are comprised of estimated liabilities for losses, commitments and contingencies related to various divested assets
or operations. These estimated liabilities include the estimated effects of certain asbestos related claims, certain lease and
other real estate related guarantees and obligations, obligations related to former officers and employees such as pension, post-retirement
benefits and workmen's compensation, investigation and potential remedial efforts in connection with environmental matters in the
state of Hawaii. In late 2012, the Company made a final cash payment in settlement of a future real estate related obligation.
As a result, a settlement gain of approximately $3,000 is recognized in selling, general and administrative in 2012. Management's
estimates are based, as applicable, on taking into consideration claim amounts filed by third parties, life expectancy of beneficiaries,
advice of consultants, negotiations with claimants, historical settlement experience, the number of new cases expected to be filed
and the likelihood of liability in specific situations. Management periodically reviews the adequacy of each of its reserve amounts
and adjusts such as it determines appropriate to reflect current information. Reference is made to Note 7, Commitments and
Contingencies.
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.
Short-Term
Investments
It
is the Company's policy to classify all of its investments in U.S. Government obligations with original maturities greater than
three months as held-to maturity, as the Company has the ability and intent to hold these investments until their maturity, and
are recorded at amortized cost, which approximates fair value. Prior to maturity in May 2012, the Company held short term investments
consisting of $5,000 of such securities purchased in June 2011. The Company held no short-term investments as of December 31,
2013 or 2012.
Income
Taxes
Income
taxes are accounted for under the asset and liability approach which requires recognition of deferred tax assets and liabilities
for the differences between the financial reporting and tax basis of assets and liabilities. A valuation allowance reduces deferred
tax assets when it is more likely than not some portion or all of the deferred tax assets will not be realized. As of December
31, 2013 and 2012, there were no uncertain tax positions that had a material impact on the Company's consolidated financial statements.
(2)
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 December 31, 2013 and 2012 of approximately $87,300 and $87,000, 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.
(3)
Rental Arrangements
During
2013 and 2012, the Company leased various office spaces with average annual rental of approximately $26 and $26 per year, respectively.
Although the Company was a party to certain other leasing arrangements, none of them were material.
(4)
Employee Benefit Plans
As
of December 31, 2013, 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 Pension Plan for Bargaining Unit Employees of Amfac Plantations (the "Pension Plan")
provides benefits based primarily on length of service and career-average compensation levels. Kaanapali Land's policy is to fund
pension costs in accordance with the minimum funding requirements under provisions of the Employee Retirement Income Security Act
("ERISA"). Under such guidelines, amounts funded may be more or less than the pension expense or credit recognized for
financial reporting purposes.
The
Company does not consider the excess assets of the Pension Plan to be a source of liquidity. While under certain circumstances
the Company could seek to use the excess assets to provide such funds, there are substantial costs, including Federal income tax
consequences, in doing so.
FASB
ASC Topic 820, Fair Value Measurements and Disclosures, establishes a framework for measuring fair value. That framework provides
a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the
highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the
lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described as follows:
Level 1 - |
|
Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. |
|
|
|
Level 2 - |
|
Inputs to the valuation methodology include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar instruments in inactive markets; or other inputs that are observable for the asset or liability. |
|
|
|
Level 3 - |
|
Inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
The
asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that
is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize
unobservable inputs.
Following
is a description of the valuation methodologies used for Pension Plan assets measured at fair value.
-- |
|
Common and Preferred Stock: Valued at the closing price reported in the active market in which the individual security is traded. |
|
|
|
-- |
|
Mutual Funds Holding Corporate Notes, Bonds and Debentures: Valued at the closing price reported in the active market in which the mutual fund is traded. |
|
|
|
-- |
|
Private Equity Investments and Investment in Partnerships: Valued at net asset value ("NAV") of shares/ownership units held by the Pension Plan at year-end. NAV represents the Pension Plan's interests in the net assets of these investments which consisted primarily of equity and debt securities, some of which are exchange-traded or valued using independent pricing feeds (i.e. Bloomberg or Reuters) or independent broker quotes. |
|
|
|
-- |
|
Investment Contract with Insurance Company: Valued at fair value by recording a Market Value Adjustment to estimate the current market value of fixed income securities held by the insurance company. |
The
following table sets forth by level, within the fair value hierarchy, the Pension Plan's assets at fair value as of December 31,
2013:
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
|
|
|
|
|
|
|
|
Common and preferred stocks |
|
$ |
20,500 |
|
-- |
|
-- |
|
20,500 |
Corporate notes, bonds and debentures |
|
|
1,400 |
|
-- |
|
-- |
|
1,400 |
Investment in partnerships |
|
|
-- |
|
19,500 |
|
6,700 |
|
26,200 |
Investments in insurance companies |
|
|
-- |
|
-- |
|
1,600 |
|
1,600 |
Investments in private equity funds |
|
|
-- |
|
6,500 |
|
9,600 |
|
16,100 |
Cash and cash equivalents |
|
|
200 |
|
-- |
|
-- |
|
200 |
|
|
|
|
|
|
|
|
|
|
Total
Pension Plan assets
at
fair value |
|
$ |
22,100 |
|
26,000 |
|
17,900 |
|
66,000 |
The
following table sets forth by level, within the fair value hierarchy, the Pension Plan's assets at fair value as of December 31,
2012:
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
|
|
|
|
|
|
|
|
Common and preferred stocks |
|
$ |
18,400 |
|
-- |
|
-- |
|
18,400 |
Corporate notes, bonds and debentures |
|
|
5,600 |
|
-- |
|
-- |
|
5,600 |
Investment in partnerships |
|
|
100 |
|
17,200 |
|
1,100 |
|
18,400 |
Investments in insurance companies |
|
|
-- |
|
-- |
|
1,800 |
|
1,800 |
Investments in private equity funds |
|
|
7,800 |
|
1,900 |
|
7,800 |
|
17,500 |
Cash and cash equivalents |
|
|
300 |
|
-- |
|
-- |
|
300 |
|
|
|
|
|
|
|
|
|
|
Total
Pension Plan assets
at
fair value |
|
$ |
32,200 |
|
19,100 |
|
10,700 |
|
62,000 |
Changes
in Level 3 Investments
The
following table sets forth a summary of changes in fair value of the plan's level 3 assets for the year ended December 31, 2013:
|
|
Investment
in
Insurance
Companies |
|
Investment
in
Partnerships |
|
Investment
in
Private
Equity
Funds |
|
Total |
|
|
|
|
|
|
|
|
|
|
Balance, beginning of year |
|
$ |
1,800 |
|
1,100 |
|
7,800 |
|
10,700 |
Net
earned interest and
realized/unrealized
gains
(losses) |
|
|
100 |
|
1,400 |
|
700 |
|
2,200 |
Transfers in to Level 3 |
|
|
-- |
|
1,800 |
|
-- |
|
1,800 |
Transfers from Level 3 |
|
|
(1,100) |
|
-- |
|
-- |
|
(1,100) |
Purchases,
sales, issuances and
settlements
(net) |
|
|
800 |
|
2,400 |
|
1,100 |
|
4,300 |
|
|
|
|
|
|
|
|
|
|
Balance, end of year |
|
$ |
1,600 |
|
6,700 |
|
9,600 |
|
17,900 |
The
following table sets forth a summary of changes in fair value of the plan's level 3 assets for the year ended December 31, 2012:
|
|
Investment
in
Insurance
Companies |
|
Investment
in
Partnerships |
|
Investment
in
Private
Equity
Funds |
|
Total |
|
|
|
|
|
|
|
|
|
|
Balance, beginning of year |
|
$ |
1,900 |
|
1,200 |
|
7,200 |
|
10,300 |
Net
earned interest and
realized/unrealized
gains
(losses) |
|
|
200 |
|
200 |
|
600 |
|
1,000 |
Transfers in to Level 3 |
|
|
1,000 |
|
500 |
|
-- |
|
1,500 |
Transfers from Level 3 |
|
|
(1,300) |
|
(800) |
|
-- |
|
(2,100) |
Purchases,
sales, issuances and
settlements
(net) |
|
|
-- |
|
-- |
|
-- |
|
-- |
|
|
|
|
|
|
|
|
|
|
Balance, end of year |
|
$ |
1,800 |
|
1,100 |
|
7,800 |
|
10,700 |
The
following tables summarize the components of the change in pension benefit obligations, plan assets and funded status of the Company's
defined benefit pension plan at December 31, 2013, 2012 and 2011.
|
|
2013 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
Benefit obligation at beginning of year |
|
$ |
45,814 |
|
45,605 |
|
43,771 |
Service cost |
|
|
636 |
|
627 |
|
602 |
Interest cost |
|
|
1,653 |
|
1,881 |
|
2,182 |
Actuarial (gain) loss |
|
|
(3,311) |
|
1,660 |
|
2,850 |
Benefits paid |
|
|
(3,679) |
|
(3,959) |
|
(3,800) |
|
|
|
|
|
|
|
|
Accumulated
and projected benefit obligation
at
end of year |
|
|
41,113 |
|
45,814 |
|
45,605 |
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of year |
|
|
61,968 |
|
61,090 |
|
66,735 |
Actual return on plan assets |
|
|
7,715 |
|
4,837 |
|
(1,845) |
Benefits paid |
|
|
(3,679) |
|
(3,959) |
|
(3,800) |
|
|
|
|
|
|
|
|
Fair value of plan assets at end of year |
|
|
66,004 |
|
61,968 |
|
61,090 |
|
|
|
|
|
|
|
|
Funded status |
|
|
24,891 |
|
16,154 |
|
15,485 |
|
|
|
|
|
|
|
|
Unrecognized net actuarial (gain) loss |
|
|
9,920 |
|
18,146 |
|
18,238 |
Unrecognized prior service cost |
|
|
27 |
|
31 |
|
35 |
|
|
|
|
|
|
|
|
Prepaid pension cost |
|
$ |
34,838 |
|
34,331 |
|
33,758 |
At
December 31, 2013, approximately 34% of the plan's assets are invested in equity composite, 15% in debt composite, 45% in multi-strategy
composite and 6% in real assets composite. The allocations are within Company's target allocations in association with the Company's
investment strategy.
The
components of the net periodic pension credit for the years ended December 31, 2013, 2012 and 2011 (which are reflected as selling,
general and administrative in the consolidated statements of operations) are as follows:
|
|
2013 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
Service costs |
|
$ |
636 |
|
627 |
|
602 |
Interest cost |
|
|
1,653 |
|
1,881 |
|
2,182 |
Expected return on plan assets |
|
|
(4,025) |
|
(4,101) |
|
(4,065) |
Recognized net actuarial loss |
|
|
1,225 |
|
1,016 |
|
930 |
Amortization of prior service cost |
|
|
4 |
|
4 |
|
5 |
|
|
|
|
|
|
|
|
Net periodic pension credit |
|
$ |
(507) |
|
(573) |
|
(346) |
The
principal weighted average assumptions used to determine the net periodic pension benefit (credit) and the actuarial value of the
accumulated benefit obligation were as follows:
|
|
2013 |
|
2012 |
|
2011 |
As of January 1, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate |
|
|
3.75% |
|
4.37% |
|
5.24% |
|
|
|
|
|
|
|
|
Rates of compensation increase |
|
|
3% |
|
3% |
|
3% |
|
|
|
|
|
|
|
|
Expected long-term rate of return on assets |
|
|
7.0% |
|
7.0% |
|
7.0% |
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate – net periodic pension credit |
|
|
3.75% |
|
4.37% |
|
5.24% |
|
|
|
|
|
|
|
|
Discount rate – accumulated benefit obligation |
|
|
4.47% |
|
3.75% |
|
4.37% |
|
|
|
|
|
|
|
|
Rates of compensation increase |
|
|
3% |
|
3% |
|
3% |
|
|
|
|
|
|
|
|
Expected long-term rate of return on assets |
|
|
7.0% |
|
7.0% |
|
7.0% |
The
above long-term rates of return were selected based on historical asset returns and expectations of future returns.
The
Company amortizes experience gains and losses as well as effects of changes in actuarial assumptions and plan provisions over a
period no longer than the average expected mortality of participants in the pension plan.
The
measurement date is December 31, the last day of the corporate fiscal year.
A
comparison of the market value of the Pension Plan's net assets with the present value of the benefit obligations indicates the
Company's ability at a point in time to pay future benefits. The fair value of the Pension Plan's assets available for benefits
will fluctuate.
There
was no contribution required in 2013 to the pension plan. Furthermore, due to ERISA full funding limits, no contribution, whether
required or discretionary, could be made and deducted on the corporation's tax return for the current fiscal year.
The
Company's target asset allocations reflect the Company's investment strategy of maximizing the rate of return on plan assets and
the resulting funded status, within an appropriate level of risk. Plan assets are reviewed and, if necessary, rebalanced in accordance
with target allocation levels once every three months.
The
estimated future benefit payments under the Company's pension plan are as follows (in thousands):
|
|
Amounts |
|
|
|
|
2014 |
|
$ |
3,583 |
2015 |
|
|
3,428 |
2016 |
|
|
3,286 |
2017 |
|
|
3,143 |
2018 |
|
|
3,043 |
2019-2023 |
|
|
13,444 |
Effect
of a 1% change in the discount rate and salary increase rate for the fiscal years ended December 31, 2013 and 2012:
|
|
2013
Discount
Rate |
|
2013
Salary
Increase |
|
2012
Discount
Rate |
|
2012
Salary
Increase |
Effect of a 1% increase on: |
|
|
|
|
|
|
|
|
|
Net periodic pension cost |
|
$ |
(20) |
|
1 |
|
(18) |
|
1 |
Pension
benefit obligation
at
year end |
|
$ |
(3,509) |
|
6 |
|
(4,287) |
|
8 |
|
|
|
|
|
|
|
|
|
|
Effect of a 1% decrease on: |
|
|
|
|
|
|
|
|
|
Net periodic pension cost |
|
$ |
14 |
|
-- |
|
8 |
|
(1) |
Pension
benefit obligation
at
year end |
|
$ |
4,177 |
|
(3) |
|
5,165 |
|
(5) |
Effect
of a 1% change in the rate of return on assets for the fiscal year ended December 31, 2013:
|
|
1% Increase |
|
1% Decrease |
|
|
|
|
|
|
Net periodic pension cost |
|
$ |
(575) |
|
575 |
The
Company recognizes the over funded or under funded status of its employee benefit plans as an asset or liability in its consolidated
statements 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 December 31, 2013 and 2012 are the following amounts that have not
yet been recognized in net periodic pension cost: unrecognized prior service costs of $27 ($16, net of tax) and $31 ($19, net of
tax), respectively, and unrecognized actuarial loss of $9,947 ($6,068, net of tax) and $18,177 ($11,088, 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 approximately $1,012 represented in the Rabbi Trust and assets funding such deferred
compensation liability of approximately $75 are consolidated in the Company's consolidated balance sheet.
(5) Income
Taxes
Income
tax expense/(benefit) attributable to income from continuing operations for the years ended December 31, 2013, 2012 and 2011 consists
of:
|
|
Current |
|
Deferred |
|
Total |
Year ended December 31, 2013: |
|
|
|
|
|
|
|
U.S. federal |
|
$ |
-- |
|
(527) |
|
(527) |
State |
|
|
-- |
|
(59) |
|
(59) |
|
|
$ |
-- |
|
(586) |
|
(586) |
|
|
|
|
|
|
|
|
Year ended December 31, 2012: |
|
|
|
|
|
|
|
U.S. federal |
|
$ |
-- |
|
574 |
|
574 |
State |
|
|
-- |
|
64 |
|
64 |
|
|
$ |
-- |
|
638 |
|
638 |
|
|
|
|
|
|
|
|
Year ended December 31, 2011: |
|
|
|
|
|
|
|
U.S. federal |
|
$ |
-- |
|
1,740 |
|
1,740 |
State |
|
|
-- |
|
193 |
|
193 |
|
|
$ |
-- |
|
1,933 |
|
1,933 |
Income
tax expense/(benefit) attributable to income from continuing operations differs from the amounts computed by applying the U.S.
federal income tax rate of 35 percent to pretax income from operations as a result of the following:
|
|
2013 |
|
2012 |
|
2011 |
Provision at statutory rate |
|
$ |
(1,171) |
|
71 |
|
(1,701) |
Increase
(reduction) in income taxes
resulting
from: |
|
|
|
|
|
|
|
Increase (reduction) in valuation allowance |
|
|
1,077 |
|
241 |
|
3,506 |
Other, net |
|
|
(492) |
|
326 |
|
128 |
|
|
|
|
|
|
|
|
Total |
|
$ |
(586) |
|
638 |
|
1,933 |
During
the year ended December 31, 2013, the Company increased its valuation allowance by $1,077 due to the uncertainty regarding future
valuation.
Deferred
income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for income tax purposes. The deferred tax effects of temporary differences at December 31,
2013, 2012 and 2011 are as follows:
|
|
December 31, |
|
|
2013 |
|
2012 |
|
2011 |
Deferred tax assets: |
|
|
|
|
|
|
|
Reserves
related primarily to losses
on
divestitures |
|
$ |
(5,871) |
|
(5,810) |
|
(7,682) |
Loss carryforwards |
|
|
(11,466) |
|
(10,030) |
|
(8,147) |
Tax credit carryforwards |
|
|
(2,777) |
|
(2,777) |
|
(2,777) |
Other, net |
|
|
(892) |
|
(892) |
|
(1,140) |
Total deferred tax assets |
|
|
(21,006) |
|
(19,509) |
|
(19,746) |
Less – valuation allowance |
|
|
14,242 |
|
13,165 |
|
12,924 |
Total deferred tax assets |
|
|
(6,764) |
|
(6,344) |
|
(6,822) |
|
|
|
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
Property,
plant and equipment, principally
due
to purchase accounting adjustments,
net
of impairment charges |
|
|
17,874 |
|
18,183 |
|
18,264 |
Prepaid pension costs |
|
|
10,502 |
|
7,094 |
|
6,833 |
Total deferred tax liabilities |
|
|
28,376 |
|
25,277 |
|
25,097 |
Net deferred tax liability |
|
$ |
21,612 |
|
18,933 |
|
18,275 |
The
Company at December 31, 2013 has net operating loss carryforwards ("NOLs") of approximately $48,000 for state income
tax purposes which can be used to offset taxable income, if any, in future years. Federal NOLs of approximately $27,700 originated
in 2006 and later years and expire over twenty years. State NOLs began to expire in 2010.
Federal
tax return examinations have been completed for all years through 2005. The statutes of limitations with respect to the Company's
taxes for 2010 and subsequent years 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 may be liable could
be material.
In
August 2015, the Company received a notice that its 2013 federal income tax return has been selected for examination. The examination
was concluded in December with no changes to reported tax.
(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. The total of such commissions for the years ended December 31, 2013,
2012 and 2011 was approximately $16, $20 and $21, 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, during 2013,
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 years ended 2013, 2012 and 2011 were approximately
$1,148, $1,517 and $2,476, respectively, of which approximately $52 was unpaid as of December 31, 2013.
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 $1,004, $1,065 and $1,029 for the years ended December 31, 2013, 2012 and 2011, respectively. Such revenue is
recognized in the Agriculture Segment as disclosed in footnote 8 Business Segment Information. The 2013 amounts have been eliminated
in consolidation.
(7) Commitments
and Contingencies
At
December 31, 2013, the Company has no principal contractual obligations related to the land improvements in conjunction with Phase
I of the Kaanapali Coffee Farms project.
On
November 23, 2015, the SEC contacted Kaanapali Land regarding the Company’s compliance with the reporting requirements under
Section 13(a) of the Securities Exchange Act of 1934, as the Company is delinquent on its annual and interim SEC filings.
In light of this letter, Kaanapali Land is unable to determine whether the SEC might pursue some future action related to this
matter.
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 not yet 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, Fireman’s Fund, and the
United States government on behalf of the EPA and the Navy have appealed the decision.
The
attorneys for the trustee in the D/C bankruptcy have reached out to the various claimants noted above 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 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 February 13, 2013, PM Land Company received demand to mediate a dispute arising in connection with the contract for sale
of a lot in the Kaanapali Coffee Farms subdivision. PM Land held the sum of $450,000 as a result of the sale to the claimants that
did not proceed to closing. Claimants sought, among other things, cancellation of the contract, the return of the amounts of money
still on deposit, treble damages, attorneys’ fees and costs. PM Land Company mediated, settled this matter and retained $150,000
of the deposit.
The
Company has received notice from Hawaii’s Department of Land and Natural Resources (“DNLR”) that DNLR 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 January 2013. 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. The Company
has taken certain corrective actions as well as updating important plans to address emergency events and basic operations and maintenance.
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. The more significant portion 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) Business
Segment Information
As
described in Note 1, the Company operates in two business segments. Total revenues, operating profit, identifiable assets, capital
expenditures, and depreciation and amortization by business segment are presented in the tables below.
Total
revenues by business segment include 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.
Identifiable
assets by business segment are those assets that are used in the Company's operations in each industry. Corporate assets consist
principally of cash and cash equivalents, prepaid pension costs and receivables related to previously divested businesses.
|
|
2013 |
|
2012 |
|
2011 |
Revenues: |
|
|
|
|
|
|
|
Property |
|
$ |
5,838 |
|
2,047 |
|
2,103 |
Agriculture |
|
|
2,979 |
|
3,070 |
|
3,336 |
Corporate |
|
|
14 |
|
23 |
|
54 |
|
|
$ |
8,831 |
|
5,140 |
|
5,493 |
|
|
|
|
|
|
|
|
Operating income (loss): |
|
|
|
|
|
|
|
Property |
|
$ |
(2,038) |
|
(1,149) |
|
(1,929) |
Agriculture |
|
|
611 |
|
320 |
|
255 |
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
(1,427) |
|
(829) |
|
(1,674) |
|
|
|
|
|
|
|
|
Corporate |
|
|
(1,974) |
|
1,049 |
|
(3,196) |
|
|
|
|
|
|
|
|
Operating
income (loss) from continuing
operations
before income taxes |
|
$ |
(3,401) |
|
220 |
|
(4,870) |
|
|
|
|
|
|
|
|
Identifiable Assets: |
|
|
|
|
|
|
|
Property |
|
$ |
39,357 |
|
41,483 |
|
41,570 |
Agriculture |
|
|
58,125 |
|
57,026 |
|
56,811 |
|
|
|
|
|
|
|
|
|
|
|
97,482 |
|
98,509 |
|
98,381 |
|
|
|
|
|
|
|
|
Corporate |
|
|
34,137 |
|
28,380 |
|
34,401 |
|
|
|
|
|
|
|
|
|
|
$ |
131,619 |
|
126,889 |
|
132,782 |
The
Company’s property segment consists primarily of revenue received from land sales and lease and licensing agreements.
The
Company’s agricultural segment currently consists of coffee operations. Seed corn operations formerly were under a contract
with Monsanto Seed Company which expired June 30, 2012.
The
Company is exploring alternative agricultural operations, but there can be no assurance that replacement operations at any level
will result.
The
Company reclassified revenues and operating income (loss) from coffee operations reported in the property segment in 2012 and 2011
to the agriculture segment of $977 and $459, respectively.
Agricultural
identified assets include land classified as agricultural or conservation for State and County purposes.
|
|
2013 |
|
2012 |
|
2011 |
Capital Expenditures: |
|
|
|
|
|
|
|
Property |
|
$ |
748 |
|
251 |
|
505 |
Agriculture |
|
|
69 |
|
173 |
|
273 |
|
|
$ |
817 |
|
424 |
|
778 |
|
|
|
|
|
|
|
|
Depreciation and Amortization: |
|
|
|
|
|
|
|
Property |
|
$ |
59 |
|
61 |
|
75 |
Agriculture |
|
|
173 |
|
225 |
|
201 |
Total |
|
$ |
232 |
|
286 |
|
276 |
(9) Calculation
of Net Income Per Share
The
following tables set forth the computation of net income (loss) per share - basic and diluted:
|
|
Year
Ended
December
31,
2013 |
|
Year
Ended
December
31,
2012 |
|
Year
Ended
December
31,
2011 |
|
|
(Amounts in thousands except per share amounts) |
Numerator: |
|
|
|
|
|
|
|
Net income (loss) attributable to
stockholders |
|
$ |
(2,964) |
|
(418) |
|
(6,803) |
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
Number of weighted average shares
outstanding |
|
|
1,845 |
|
1,845 |
|
1,845 |
|
|
|
|
|
|
|
|
Net income (loss) per share – basic
and diluted |
|
$ |
(1.61) |
|
(0.23) |
|
(3.69) |
As
of December 31, 2013, the Company had issued and outstanding 1,792,613 Shares and 52,000 Class C Shares. The LLC Agreement initially
provided for two classes of membership interests, Class A Shares and Class B Shares, which had substantially identical rights
and economic value under the LLC Agreement; except that holders of Class A Shares were represented by a "Class A Representative"
who was required to approve certain transactions proposed by Kaanapali Land before they could be undertaken. Class B Shares were
held by Pacific Trail and various entities and individuals that are affiliated with Pacific Trail. Class A Shares were issued under
the Plan to claimants who had no such affiliation. Pursuant to the LLC Agreement, the Class A Shares and Class B Shares were automatically
redesignated as Common Shares on November 15, 2007. Accordingly, the Company's Class A Shares and Class B Shares ceased to
exist separately on November 15, 2007. The Class C Shares have the same rights as the Shares except that the Class C
Shares will not participate in any distributions until the holders of the Shares have received aggregate distributions equal to
$19 per share, subject to customary antidilution adjustments. Net income per share data are based on the aggregate 1,844,613 outstanding
shares.
(10) Subsequent Events
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. 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 can be applied to the purchase of the 18.5
acre site. The option expires in September 2017. 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.
In October 2014, through
a limited liability company of which KLMC was the manager, a sale was made to an unrelated third party of an approximate 7.65 acre
parcel in West Maui commonly referred to as Lot 10-H. KLMC received proceeds from the sale of approximately $1,300.
As of December 31, 2013,
the Company sold 18 of the 51 lots at Kaanapali Coffee Farms. In the first quarter of 2014, three additional lots were sold. In
the second quarter of 2014, seven lots were sold and in the fourth quarter of 2014, three lots were sold. In 2015, two lots were
sold in the first quarter, one was sold in the second quarter and one in the third quarter. In conjunction with the sale of four
of the lots sold in 2014, in addition to cash proceeds, the Company received promissory notes. As of November 1, 2015, $1,208
remains outstanding.
The Pension Plan determines
its accumulated and projected benefit obligation in part based on mortality tables. If the mortality table issued in November 2014
had been used to determine the benefit obligation as of December 31, 2013, such obligation would be greater, and the prepaid pension
cost would be less than reflected in the accompanying consolidated financial statements. Any such difference would not have an
effect on the Company’s operations or liquidity.
On December 23, 2015 Pioneer Mill Company,
LLC entered into a property purchase agreement with an unrelated third party for the sale of an approximate 19 acre site in Lahaina,
known as the Pioneer Mill Site. The agreement, which calls for a purchase price of $20,500 and has a scheduled closing date of
April 30, 2016, has significant conditions to closing, including investigation and evaluation by the purchaser during the due
diligence period. Accordingly there can be no assurance that the sale will be completed under the existing or any other terms.
If the agreement is consummated, the Company will likely incur significant costs for the relocation of certain buildings and equipment
on the property and be subject to certain warranties and representations that will survive the closing of the transaction. If
closing were to occur, all net proceeds are expected to be retained by the Company for future working capital and other needs.
(11) Supplementary
Quarterly Data (Unaudited)
|
|
2013 |
|
|
Quarter
ended
3/31 |
|
Quarter
ended
6/30 |
|
Quarter
ended
9/30 |
|
Quarter
ended
12/31 |
Total revenues |
|
$ |
2,676 |
|
1,386 |
|
508 |
|
4,261 |
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to
stockholders |
|
$ |
81 |
|
154 |
|
(733) |
|
(2,466) |
|
|
|
|
|
|
|
|
|
|
Net
income (loss) per Share –
basic
and diluted |
|
$ |
0.04 |
|
0.08 |
|
(0.40) |
|
(1.34) |
|
|
2012 |
|
|
Quarter
ended
3/31 |
|
Quarter
ended
6/30 |
|
Quarter
ended
9/30 |
|
Quarter
ended
12/31 |
Total revenues |
|
$ |
1,121 |
|
1,282 |
|
1,276 |
|
1,461 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(835) |
|
(409) |
|
(635) |
|
1,461 |
|
|
|
|
|
|
|
|
|
|
Net
income (loss) per Share –
basic
and diluted |
|
$ |
(0.45) |
|
(0.22) |
|
(0.35) |
|
0.79 |
|
|
2011 |
|
|
Quarter
ended
3/31 |
|
Quarter
ended
6/30 |
|
Quarter
ended
9/30 |
|
Quarter
ended
12/31 |
Total revenues |
|
$ |
2,286 |
|
1,253 |
|
998 |
|
956 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(87) |
|
(872) |
|
(687) |
|
(5,157) |
|
|
|
|
|
|
|
|
|
|
Net
income (loss) per Share –
basic
and diluted |
|
$ |
(0.05) |
|
(0.47) |
|
(0.37) |
|
(2.80) |
Item
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
There
were no disagreements with the accountants during the fiscal years 2013, 2012 and 2011.
In
2013, the Company hired McGladrey, LLP (“McGladrey”) to provide auditing and tax services for the Company. In August
2014, the Company dismissed McGladrey as their independent registered public accounting firm. In March 2015, the Company approved
the engagement of Grant Thornton, LLP (“Grant Thornton”) as its independent registered public accounting firm.
Item
9A. Controls and Procedures
Disclosure
Controls and Procedures
The
principal executive officer and the principal financial 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 financial officer have concluded that, as of the end of such period, the Company's disclosure controls and procedures
were not effective, due to the material weakness described below.
Internal
Control Over Financial Reporting
The
Company's management is responsible for establishing and maintaining adequate internal control over financial reporting as such
term is defined in Rule 13a-15(f) under the Exchange Act. Under the supervision and with the participation of management including
the principal executive officer and the principal financial officer management conducted an evaluation of the effectiveness of
internal control over financial reporting based on the 1992 framework in Internal Control - Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even
those systems determined to be effective can only provide reasonable assurances with respect to financial statement preparation
and presentation.
A material weakness is
a deficiency, or combination of control deficiencies, in internal control over financial reporting such that there is a reasonable
possibility that a material misstatement of the registrant’s annual or interim financial statements will not be prevented
or detected on a timely basis. As a result of our evaluation of our internal control over financial reporting for the year ended
December 31, 2013, management identified a material weakness related to management’s analysis of the appropriate accounting
treatment regarding the consolidation of Kaanapali Coffee Farms Lot Owners Association.
The deficiency described
above was detected while preparing the financial statements for the year ended December 31, 2013. Because of this material weakness,
management concluded that the Company did not maintain effective control over financial reporting as of December 31, 2013.
This
annual report does not include an attestation report of the Company's independent registered public accounting firm regarding internal
control over financial reporting. Management's report was not subject to attestation by the Company's independent registered public
accounting firm pursuant to temporary rules of the Security and Exchange Commission that permit the Company to provide only management's
report in this annual report.
Item
9B. Other Information
Not
Applicable.
Part
III
Item
10. Directors, Executive Officers, and Corporate Governance of the Registrant
The
sole managing member of Kaanapali Land, LLC is Pacific Trail, which is also Kaanapali Land's largest shareholder. Pacific Trail
manages the business of Kaanapali Land pursuant to the terms of the LLC Agreement. Although the executive officers of Kaanapali
Land are empowered to manage its day-to-day business affairs, under the LLC Agreement, most significant actions of Kaanapali Land
outside the ordinary course of business must first be authorized by Pacific Trail, which is responsible and has full power and
authority to do all things deemed necessary and desirable by it to conduct the business of Kaanapali Land. Pacific Trail may be
removed as manager in certain specified circumstances. As of March 31, 2011, the executive officers and certain other officers
of the Company were as follows:
Name |
|
Position Held with the Company |
|
|
|
Gary Nickele |
|
President and Chief Executive Officer |
Stephen A. Lovelette |
|
Executive Vice President |
Gailen J. Hull |
|
Senior Vice President and Chief Financial Officer |
Certain
of these officers are also officers and/or directors of JMB Realty Corporation ("JMB") and numerous affiliated companies
of JMB (hereinafter collectively referred to as "JMB affiliates"). JMB affiliates outside of the Company have not materially
engaged in the agriculture business and have primarily purchased, or made mortgage loans securing, existing commercial, retail,
office, industrial and multi-family residential rental buildings or have owned or operated hotels on various other hospitality
businesses. However, certain partnerships sponsored by JMB and other affiliates of JMB were previously engaged in land development
activities including planned communities, none of which are in Hawaii.
There
is no family relationship among any of the foregoing officers.
The
LLC Agreement also provided for the appointment of a "Class A Representative" to monitor the activities of Kaanapali
Land on behalf of its Class A Shareholders. The Class A Representative who was independent was entitled to receive certain
information from Kaanapali Land and was required to approve certain actions that Kaanapali Land took outside the course of business
primarily related to debt that might be obtained from affiliated parties. Pursuant to the LLC Agreement, the Class A Shares
and Class B Shares were automatically redesignated as Common Shares on November 15, 2007. Accordingly, the Company's
Class A Shares and Class B Shares ceased to exist separately on November 15, 2007. Reference is also made to Item
12 for more information.
There
are no arrangements or understandings between or among any of said officers and any other person pursuant to which any officer
was selected as such.
The
following table sets forth certain business experience during the past five years of such officers of the Company.
Gary
Nickele (age 61) has been Manager of KLC Land since August, 2000 and President of KLC Land and certain of its subsidiaries since
February 2001. He has been the President of Kaanapali Land since May 2002. Mr. Nickele is also the President and Director of Arvida
Company, the administrator of ALP Liquidating Trust, which exists to manage the liquidation of the former business of Arvida/JMB
Partners, L.P. ("Arvida Partners"). From October 1987 until September 2005, Arvida Partners conducted land development
activities primarily in Florida. Mr. Nickele has been associated with JMB and Arvida Partners since February, 1984 and September,
1987, respectively. He holds a J.D. degree from the University of Michigan Law School and is a member of the Bar of the State of
Illinois. Mr. Nickele's experience relative to JMB, the Company and Arvida Partners during the past five years has included overall
responsibility for all legal matters, oversight of the operations of the Company and Arvida Partners, including matters relating
to property development and sales and general personnel and administrative functions. During the past five years, Mr. Nickele has
also been an Executive Vice President of JMB.
Stephen
Lovelette (age 57) has been an Executive Vice President of KLC Land since 2000 and Kaanapali Land since May 2002. Mr. Lovelette
is in charge of implementing the Kaanapali 2020 development plan. Mr. Lovelette has been associated with JMB and its affiliates
for over 20 years. Prior to joining an affiliate of JMB, Mr. Lovelette worked for Arvida Corporation, the predecessor to Arvida
Partners, under its previous ownership. Mr. Lovelette holds a bachelor's degree from The College of the Holy Cross and an MBA from
Seton Hall University. In addition, Mr. Lovelette has extensive experience in corporate finance and has been responsible for obtaining
substantial financial commitments from institutional lenders relating to the assets of JMB and Arvida Partners. During the past
five years, Mr. Lovelette has also been a Managing Director of JMB.
Gailen
J. Hull (age 65) is Senior Vice President and, since August 2002, Chief Financial Officer of Kaanapali Land. Mr. Hull has been
associated with JMB since March, 1982. He holds a Master’s degree in Business Administration from Northern Illinois University
and is a Certified Public Accountant. Mr. Hull has substantial experience in the management of the accounting and financial reporting
functions of both public and private entities, primarily including those of JMB, Arvida Partners, the Company and their respective
affiliates. During the past five years, Mr. Hull has also been a Senior Vice President of JMB.
It
is currently anticipated that Gary Nickele will devote 25 to 50 percent of his time to the operations of the Company. The percentage
is largely dependent upon potential land sale transactions, the entitlement processes relating to various land parcels and other
matters (including attention devoted to litigation, overhead, staffing and operations).
In
light of the fact that the Company's shares are not publicly traded, the Company is a limited liability company and the rights
of members are governed by the limited liability company agreement, the Company has determined that it is not necessary to have
a separately designated audit committee, compensation committee, an audit committee financial expert or a code of ethics that applies
to its principal executive, financial or accounting officers as those terms are defined in the rules and regulations of the SEC.
Item
11. Executive Compensation
Certain
of the officers of the Company listed in Item 10 above are officers of JMB and are compensated by JMB or an affiliate thereof
(other than the Company and its subsidiaries). The Company will reimburse JMB, Pacific Trail and their affiliates for any expenses
incurred while providing services to the Company.
Summary
Compensation Table
Annual
Compensation (1)(3)
Name (2) |
|
Principal Position |
|
Year |
|
Salary
($) |
|
Bonus
($) |
|
Other
Annual
Compensation
($) |
|
Total
($) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gary Nickele |
|
President and |
|
2013 |
|
115,000 |
|
10,000 |
|
N/A |
|
125,000 |
|
|
Chief Executive Officer |
|
2012 |
|
180,000 |
|
10,000 |
|
N/A |
|
190,000 |
|
|
|
|
2011 |
|
180,000 |
|
100,000 |
|
N/A |
|
280,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stephen
A
Lovelette |
|
Executive Vice President |
|
2013 |
|
165,000 |
|
25,000 |
|
N/A |
|
190,000 |
|
|
|
|
2012 |
|
200,000 |
|
25,000 |
|
N/A |
|
225,000 |
|
|
|
|
2011 |
|
255,000 |
|
100,000 |
|
N/A |
|
355,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gailen J. Hull |
|
Senior Vice President and |
|
2013 |
|
115,000 |
|
10,000 |
|
N/A |
|
125,000 |
|
|
Chief Financial Officer |
|
2012 |
|
175,000 |
|
15,000 |
|
N/A |
|
190,000 |
|
|
|
|
2011 |
|
175,000 |
|
50,000 |
|
N/A |
|
225,000 |
(1) The
Company does not have a compensation committee. Executive officer compensation was determined through deliberations with Pacific
Trail representatives.
(2) Includes
CEO and all other executive officers.
(3) Salary
and bonus amounts for Messrs. Nickele, Lovelette and Hull represent the portion of total compensation allocated and charged to
the Company.
Item
12. Security Ownership of Certain Beneficial Owners and Management and
Related
Stockholder Matters
Title of Class |
|
Name and Address
of Beneficial Owner |
|
Amount and Nature
of Beneficial Ownership |
|
|
|
|
|
Common Shares |
|
Pacific
Trail Holdings, LLC
900
North Michigan Avenue
Chicago,
IL 60611 |
|
1,466,573
Shares owned directly (81.8% of the Common Shares)
(1)
(2) |
(1) |
|
The sole managing member of Pacific Trail, Pacific Trail Holdings, Inc. ("PTHI"), may be deemed to beneficially own the Shares owned by Pacific Trail. PTHI disclaims beneficial ownership with respect to any of the shares owned by Pacific Trail. Each of the shareholders of PTHI may be deemed to own the Common Shares owned by Pacific Trail. Each of such shareholders, being Gary Nickele, Gailen Hull and Stephen A. Lovelette, disclaims beneficial ownership with respect to any of the shares owned by Pacific Trail. The addresses of PTHI and Messrs. Nickele, Hull and Lovelette are the same as for Pacific Trail. |
|
|
|
(2) |
|
As of November 1, 2015, there were approximately 1,792,613 Common Shares and 52,000 Class C Shares issued and outstanding. |
No
other person including any officer of the Company is known by the Company to beneficially own in excess of 5% of the Common Shares
issued, outstanding and distributed.
Item
13. Certain Relationships and Related Transactions
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 comparable to those that would be paid to such affiliate insurance agency in similar dealings
with unaffiliated third parties, and are generally paid by the insurance carriers that the agency represents out of the premiums
paid by the Company for such coverage. The total of such commissions for the years ended December 31, 2013, 2012 and 2011 was approximately
$16 thousand, $20 thousand and $21 thousand, respectively, all of which was paid as of December 31, 2013.
The
Company reimburses its 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 during 2013,
all of which have some degree of common ownership with the Company. The total costs for the years ended December 31, 2013, 2012
and 2011 was approximately $1.1 million, $1.5 million and $2.5 million, respectively, of which approximately $52 thousand was unpaid
as of December 31, 2013.
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 $1.0 million, $1.1 million and $1.0 million for the years ended December 31, 2013, 2012 and 2011, respectively.
The 2013 amounts have been eliminated in consolidation.
In
light of the fact that the Company's shares are not publicly traded, is a limited liability company, and has no independent outside
directors or managers, it has no formal policy or procedure for the review, approval or ratification of related party transactions
that are required to be disclosed pursuant to Item 404 of Regulation S-K.
Item
14. Principal Accounting Fees and Services
In
2013, the Company hired McGladrey, LLP (“McGladrey”) to provide auditing and tax services for the Company. In August
2014, the Company dismissed McGladrey as their independent registered public accounting firm. In March 2015, the Company approved
the engagement of Grant Thornton, LLP (“Grant Thornton”) as its independent registered public accounting firm. The
fees billed by Grant Thornton for the years ended December 31, 2014 and 2013 are as follows:
(1) Audit
Fees
| | The aggregate fees billed for the years ended December 31,
2014 and 2013 for professional services for the audit of the Company’s consolidated financial statements were approximately
$214 thousand. |
(2) Audit
Related Fees
(3) Tax
Fees
Prior
to the hiring of Grant Thornton, the principal auditor of the Company was Ernst & Young LLP (“E&Y”).
The
aggregate audit fees incurred for professional services by E&Y in 2012 and 2011 were $249 thousand and $249 thousand, respectively.
In accordance with the SEC's definitions and rules, "audit fees" are fees the Company paid E&Y for professional services
for the audit of the Company's consolidated financial statements included in Form 10-K and review of financial statements
included in Form 10-Qs, and for services that are normally provided by the accountant in connection with statutory and regulatory
filings or engagements. There were no non-audit related, tax or other services provided by E&Y.
The
Company has not adopted any pre-approval policies and procedures. All audit and permitted non-audit services are approved by the
managing member of the Company before the service is undertaken.
Part
IV
Item
15. Exhibits, Financial Statement Schedules
|
(a) |
Exhibits. |
|
|
2.1 |
Order Confirming Second Amendment Joint Plan of Reorganization Dated June 1, 2002, including as an exhibit thereto, the Second Amended Joint Plan of Reorganization of Amfac Hawaii, LLC, Certain of its Subsidiaries and FHT Corporation Under Chapter 11 of the Bankruptcy Code incorporated herein by reference the Amfac Hawaii, LLC Current Report on Form 8-K for July 29, 2002 dated August 13, 2002 (File No. 33-24180). |
|
|
|
|
|
|
2.2 |
Second Amended Disclosure Statement with Respect to Joint Plan of Reorganization of Amfac Hawaii, LLC, Certain of its Subsidiaries and FHT Corporation Under Chapter 11 of the Bankruptcy Code, incorporated herein by reference from the Amfac Hawaii, LLC Current Report on Form 8-K for July 29, 2002 dated August 13, 2002 (File No. 33-24180). |
|
|
|
|
|
|
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 Form 10 filed May 1, 2003 and hereby incorporated by reference. |
|
|
|
|
|
|
10.1 |
Service Agreement, dated November 18, 1988, between Amfac/JMB Hawaii, Inc., and Amfac Property Development Corp.; Amfac Property Investment Corp.; Amfac Sugar and Agribusiness, Inc.; Kaanapali Water Corporation; Amfac Agribusiness, Inc.; Kekaha Sugar Company, Limited; The Lihue Plantation Company; Oahu Sugar Company, Limited; Pioneer Mill Company, Limited; Puna Sugar Company, Limited; H. Hackfeld & Co., Ltd.; and Waiahole Irrigation Company, Limited and JMB Realty Corporation, incorporated herein by reference to the Amfac Hawaii, LLC Annual Report on Form 10-K filed on March 22, 1989 (File No. 33-24180) for the year ended December 31, 1988. |
|
|
|
|
|
|
21. |
List of Subsidiaries |
|
|
|
|
|
|
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. |
|
|
|
|
|
|
(1) |
Previously filed as exhibits to Amfac Hawaii, LLC's Registration Statement on Form S-1 (as amended) under the Securities Act of 1933 (File No. 33-24180) and hereby incorporated by reference. |
Signatures
Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company 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 Managing Member) |
|
|
|
|
|
/s/ Gailen J. Hull |
|
By: |
Gailen J. Hull
Senior Vice President |
|
Date: |
December 29, 2015 |
Pursuant
to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
|
|
|
/s/ Gailen J. Hull |
|
By: |
Gailen J. Hull
Senior Vice President, Chief Accounting
Officer
and Chief Financial Officer |
|
Date: |
December 29, 2015 |
|
|
|
|
|
|
|
|
|
|
|
/s/ Gary Nickele |
|
By: |
Gary Nickele
President and Chief Executive Officer |
|
Date: |
December 29, 2015 |
Exhibit
21
List
of Subsidiaries
|
Name of Company |
Where Organized |
|
|
|
1. |
AMF Merchandising Corporation |
Delaware |
2. |
Kaanapali Land Management Corporation |
Hawaii |
3. |
Kaanapali Farm Services, Inc. |
Hawaii |
4. |
Kaanapali Roads, LLC |
Hawaii |
5. |
KCF-1, LLC |
Hawaii |
6. |
KLC Holding Corp. |
Delaware |
7. |
KLC Land Company, LLC |
Hawaii |
8. |
MauiGrown Coffee Distributors, LLC |
Hawaii |
9. |
NB Lot 3, LLC |
Delaware |
10. |
Oahu MS Development Corp. |
Hawaii |
11. |
Pioneer Mill Company, LLC |
Hawaii |
12. |
PM Land Company, LLC |
Delaware |
13. |
WG Land, LLC |
Delaware |
Exhibit
31.1
Certification
I,
Gary Nickele, certify that:
1. |
I have reviewed this annual report on Form 10-K for the year ended December 31, 2013, 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: |
December 29, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Gary Nickele |
|
|
|
Chief Executive Officer |
Exhibit
31.2
Certification
I,
Gailen J. Hull, certify that:
1. |
I have reviewed this annual report on Form 10-K for the year ended December 31, 2013, 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: |
December 29, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Gailen J. Hull |
|
|
|
Chief Financial Officer |
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 to accompany the Annual Report on Form 10-K for the year ended December
31, 2013, 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 Annual Report on Form 10-K 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-K fairly presents,
in all material respects, the financial condition and results of operations of Kaanapali Land, LLC.
By: |
/s/ Gary Nickele |
|
By: |
/s/ Gailen J. Hull |
|
Gary Nickele
Chief Executive Officer |
|
|
Gailen J. Hull
Chief Financial Officer and
Chief Accounting Officer |
v3.3.1.900
X |
- DefinitionIf the value is true, then the document is an amendment to previously-filed/accepted document.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionEnd date of current fiscal year in the format --MM-DD.
+ References
+ Details
Name: |
dei_CurrentFiscalYearEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gMonthDayItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThis is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.
+ References
+ Details
Name: |
dei_DocumentFiscalPeriodFocus |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fiscalPeriodItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThis is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.
+ References
+ Details
Name: |
dei_DocumentFiscalYearFocus |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gYearItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.
+ References
+ Details
Name: |
dei_EntityCommonStockSharesOutstanding |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionIndicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
+ Details
Name: |
dei_EntityCurrentReportingStatus |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
+ Details
Name: |
dei_EntityFilerCategory |
Namespace Prefix: |
dei_ |
Data Type: |
dei:filerCategoryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionState aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.
+ References
+ Details
Name: |
dei_EntityPublicFloat |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
+ References
+ Details
Name: |
dei_EntityVoluntaryFilers |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.
+ References
+ Details
Name: |
dei_EntityWellKnownSeasonedIssuer |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Consolidated Balance Sheets - USD ($) $ in Thousands |
Dec. 31, 2013 |
Dec. 31, 2012 |
Assets |
|
|
Cash and cash equivalents |
$ 13,140
|
$ 14,270
|
Restricted cash |
872
|
|
Property, net |
90,792
|
$ 95,535
|
Pension plan assets |
24,891
|
16,154
|
Other assets |
1,924
|
930
|
Total assets |
131,619
|
126,889
|
Liabilities |
|
|
Accounts payable and accrued expenses |
399
|
557
|
Deposits and deferred gains |
1,205
|
1,673
|
Deferred income taxes |
21,612
|
18,933
|
Other liabilities |
15,463
|
15,549
|
Total liabilities |
$ 38,679
|
$ 36,712
|
Commitments and contingencies (Note 7) |
|
|
Stockholders' Equity |
|
|
Common stock, at 12/31/13 and 12/31/12 Shares authorized - unlimited, Class C shares 52,000; shares issued and outstanding 1,792,613 in 2013 and 2012, Class C shares issued and outstanding 52,000 in 2013 and 2012 |
|
|
Additional paid-in capital |
$ 5,471
|
$ 5,471
|
Accumulated other comprehensive income (loss), net of tax |
(6,069)
|
(11,089)
|
Accumulated earnings |
93,191
|
95,795
|
Stockholders' equity |
92,593
|
$ 90,177
|
Non controlling interests |
347
|
|
Total equity |
92,940
|
$ 90,177
|
Total liabilities and stockholders' equity |
$ 131,619
|
$ 126,889
|
X |
- DefinitionThe total amount of deposits and deferred gains as of the balance sheet date.
+ References
+ Details
Name: |
kanp_DepositsAndDeferredGains |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.15(1),(5)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.15) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910
+ Details
Name: |
us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAccumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669686-108580
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3
+ Details
Name: |
us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionValue received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.30(a)(1)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5
+ Details
Name: |
us-gaap_AdditionalPaidInCapitalCommonStock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.18) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 12 -Article 7
+ Details
Name: |
us-gaap_Assets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_AssetsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash -URI http://asc.fasb.org/extlink&oid=6506951
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3044-108585
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash Equivalents -URI http://asc.fasb.org/extlink&oid=6507016
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.1) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_CashAndCashEquivalentsAtCarryingValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionRepresents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.(a),19) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14326-108349
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.17) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_CommitmentsAndContingencies |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThis represents the entire assets recognized in the balance sheet that are associated with the defined benefit plans.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.10) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.10) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=21915240&loc=d3e1703-114919
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsCurrentAndNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19-26) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_Liabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_LiabilitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.32) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 25 -Article 7
+ Details
Name: |
us-gaap_LiabilitiesAndStockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionTotal of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 27 -Article 5
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 20 -Article 7
+ Details
Name: |
us-gaap_MinorityInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.17) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Article 7
+ Details
Name: |
us-gaap_OtherAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionThe aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.15) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
+ Details
Name: |
us-gaap_OtherLiabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph a -Article 5
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 8 -Article 7
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionThe carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.1) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_RestrictedCashAndCashEquivalents |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionThe cumulative amount of the reporting entity's undistributed earnings or deficit.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.31(a)(3)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3
+ Details
Name: |
us-gaap_RetainedEarningsAccumulatedDeficit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionTotal of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E
+ Details
Name: |
us-gaap_StockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_StockholdersEquityAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4I -URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4590271-111686
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4568740-111683
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4568447-111683
+ Details
Name: |
us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.3.1.900
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
12 Months Ended |
Dec. 31, 2013 |
Dec. 31, 2012 |
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
|
X |
- DefinitionFace amount per share of no-par value common stock.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockNoParValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe maximum number of common shares permitted to be issued by an entity's charter and bylaws.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockSharesAuthorized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionIndicates that the number of common shares permitted to be issued by an entity's charter and bylaws is unlimited. The acceptable value is "Unlimited".
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_CommonStockSharesAuthorizedUnlimited |
Namespace Prefix: |
us-gaap_ |
Data Type: |
us-types:authorizedUnlimitedItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockSharesIssued |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassCMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
Consolidated Statements of Operations - USD ($) $ in Thousands |
12 Months Ended |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2011 |
Revenues: |
|
|
|
Sales |
$ 8,209
|
$ 4,761
|
$ 5,318
|
Interest and other income |
622
|
379
|
175
|
Total revenues |
8,831
|
5,140
|
5,493
|
Cost and expenses: |
|
|
|
Cost of sales |
7,653
|
4,252
|
4,543
|
Selling, general and administrative |
4,347
|
382
|
5,544
|
Depreciation and amortization |
232
|
286
|
276
|
Total cost and expenses |
12,232
|
4,920
|
10,363
|
Operating income (loss) before income taxes |
(3,401)
|
220
|
(4,870)
|
Income tax benefit (expense) |
586
|
(638)
|
(1,933)
|
Net income (loss) |
(2,815)
|
$ (418)
|
$ (6,803)
|
Less: Net income attributable to non controlling interests |
149
|
|
|
Net income (loss) attributable to stockholders |
$ (2,964)
|
$ (418)
|
$ (6,803)
|
Net income (loss) per share - basic and diluted |
$ (1.61)
|
$ (0.23)
|
$ (3.69)
|
X |
- DefinitionThis element represents the total of the costs related to real estate revenues, including management, leasing, and development services.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.2(e)) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_CostOfRealEstateRevenue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_DepreciationAndAmortization |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ References
+ Details
Name: |
us-gaap_EarningsPerShareBasicAndDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1(e)) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_InterestIncomeOperating |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Net Income -URI http://asc.fasb.org/extlink&oid=51831255
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.19) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.18) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.22) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Other Comprehensive Income -URI http://asc.fasb.org/extlink&oid=51831270
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 5
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of Net Income (Loss) attributable to noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591551-111686
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684
+ Details
Name: |
us-gaap_NetIncomeLossAttributableToNoncontrollingInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionGenerally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense.
+ References
+ Details
Name: |
us-gaap_OperatingCostsAndExpenses |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OperatingCostsAndExpensesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569616-111683
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591552-111686
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (a),(c) -URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591551-111686
+ Details
Name: |
us-gaap_ProfitLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate revenue from real estate operations during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1(e)) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_RealEstateRevenueNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_Revenues |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_RevenuesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.4) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -SubTopic 10 -Section 30 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=51677171&loc=d3e3636-108311
+ Details
Name: |
us-gaap_SellingGeneralAndAdministrativeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
v3.3.1.900
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
12 Months Ended |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] |
|
|
|
Net income (loss) |
$ (2,815)
|
$ (418)
|
$ (6,803)
|
Other comprehensive income (loss): |
|
|
|
Net unrealized gains (losses) on pension plan assets |
8,230
|
96
|
(7,825)
|
Other comprehensive income (loss), before tax |
8,230
|
96
|
(7,825)
|
Income tax expense related to items of other comprehensive income (loss) |
(3,210)
|
(38)
|
3,052
|
Other comprehensive income (loss), net of tax |
5,020
|
58
|
(4,773)
|
Comprehensive income (loss) |
$ 2,205
|
$ (360)
|
$ (11,576)
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Other Comprehensive Income -URI http://asc.fasb.org/extlink&oid=51831270
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Comprehensive Income -URI http://asc.fasb.org/extlink&oid=51831223
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e557-108580
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Net Income -URI http://asc.fasb.org/extlink&oid=51831255
+ Details
Name: |
us-gaap_ComprehensiveIncomeNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount before tax, after reclassification adjustments, of actuarial gain (loss) that has not been recognized in the income statement.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 10A -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669646-108580
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossNetGainLossBeforeTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount before tax of other comprehensive income (loss) attributable to parent entity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (c)(3) -URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569643-111683
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569616-111683
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax of other comprehensive income (loss) attributable to parent entity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (c)(3) -URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569616-111683
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569643-111683
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of tax expense (benefit) allocated to other comprehensive income (loss) attributable to parent entity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (c)(3) -URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569616-111683
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569643-111683
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossTaxPortionAttributableToParent1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569616-111683
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591552-111686
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (a),(c) -URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591551-111686
+ Details
Name: |
us-gaap_ProfitLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands |
Common Stock [Member] |
Additional Paid-In Capital [Member] |
Accumulated (Deficit) Earnings [Member] |
Accumulated Other Comprehensive Income / (Loss) [Member] |
Total Stockholders' Equity [Member] |
Non Controlling Interests [Member] |
Total |
Balance at Dec. 31, 2010 |
|
$ 5,471
|
$ 103,016
|
$ (6,374)
|
$ 102,113
|
|
$ 102,113
|
Other comprehensive income (loss), net of tax |
|
|
|
$ (4,773)
|
(4,773)
|
|
(4,773)
|
Net loss |
|
|
$ (6,803)
|
|
(6,803)
|
|
(6,803)
|
Balance at Dec. 31, 2011 |
|
$ 5,471
|
$ 96,213
|
$ (11,147)
|
90,537
|
|
90,537
|
Other comprehensive income (loss), net of tax |
|
|
|
$ 58
|
58
|
|
58
|
Net loss |
|
|
$ (418)
|
|
(418)
|
|
(418)
|
Balance at Dec. 31, 2012 |
|
$ 5,471
|
95,795
|
$ (11,089)
|
90,177
|
|
90,177
|
Effect of consolidating Kaanapali Coffee Farms Lot Owners' Association |
|
|
$ 360
|
|
360
|
$ 198
|
558
|
Other comprehensive income (loss), net of tax |
|
|
|
$ 5,020
|
5,020
|
|
5,020
|
Net loss |
|
|
$ (2,964)
|
|
(2,964)
|
$ 149
|
(2,815)
|
Balance at Dec. 31, 2013 |
|
$ 5,471
|
$ 93,191
|
$ (6,069)
|
$ 92,593
|
$ 347
|
$ 92,940
|
X |
- DefinitionAmount after tax of other comprehensive income (loss) attributable to parent entity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (c)(3) -URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569616-111683
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569643-111683
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569616-111683
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591552-111686
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (a),(c) -URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591551-111686
+ Details
Name: |
us-gaap_ProfitLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4I -URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4590271-111686
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4568740-111683
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4568447-111683
+ Details
Name: |
us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThis element represents movements included in the statement of changes in stockholders' equity which are not separately disclosed or provided for elsewhere in the taxonomy.
+ References
+ Details
Name: |
us-gaap_StockholdersEquityOther |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=us-gaap_ParentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=us-gaap_NoncontrollingInterestMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2011 |
Cash flows from operating activities: |
|
|
|
Net loss |
$ (2,815)
|
$ (418)
|
$ (6,803)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
Proceeds from property sales |
5,127
|
936
|
1,089
|
Gain/loss on property sales |
(655)
|
$ 109
|
585
|
Impairment loss |
856
|
|
415
|
Pension plan assets |
(507)
|
$ (573)
|
(346)
|
Depreciation and amortization |
232
|
286
|
276
|
Deferred income taxes |
(531)
|
$ 620
|
$ 1,944
|
Changes in operating assets and liabilities: |
|
|
|
Restricted cash |
(468)
|
|
|
Other assets |
(981)
|
$ 506
|
$ 531
|
Accounts payable, accrued expenses, deposits, deferred gains and other |
(690)
|
(6,191)
|
769
|
Net cash used in operating activities |
(432)
|
(4,725)
|
(1,540)
|
Cash flows from investing activities: |
|
|
|
Property additions |
(817)
|
$ (424)
|
$ (778)
|
Effect of consolidating Kaanapali Coffee Farms Lot Owners' Association |
$ 119
|
|
|
Proceeds from short-term investments |
|
$ 5,000
|
$ 15,000
|
Purchase of short-term investments |
|
|
(9,992)
|
Net cash provided by (used in) investing activities |
$ (698)
|
$ 4,576
|
4,230
|
Net increase (decrease) in cash and cash equivalents |
(1,130)
|
(149)
|
2,690
|
Cash and cash equivalents at beginning of year |
14,270
|
14,419
|
11,729
|
Cash and cash equivalents at end of year |
$ 13,140
|
$ 14,270
|
$ 14,419
|
Cash received (paid) for income taxes |
|
|
|
X |
- DefinitionEffect of consolidating noncontrolling interest.
+ References
+ Details
Name: |
kanp_EffectOfConsolidatingNoncontrollingInterest |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash -URI http://asc.fasb.org/extlink&oid=6506951
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3044-108585
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash Equivalents -URI http://asc.fasb.org/extlink&oid=6507016
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.1) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_CashAndCashEquivalentsAtCarryingValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 230 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49171198&loc=d3e33268-110906
+ Details
Name: |
us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_DepreciationDepletionAndAmortization |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe difference between the carrying value and the sale price of real estate or properties that were intended to be sold or held for capital appreciation or rental income. This element refers to the gain (loss) included in earnings and not to the cash proceeds of the sale. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_GainLossOnSaleOfProperties |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe charge against earnings in the period to reduce the carrying amount of real property to fair value.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2921-110230
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_ImpairmentOfRealEstate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_IncreaseDecreaseInOperatingCapitalAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInOtherOperatingAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3179-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Investing Activities -URI http://asc.fasb.org/extlink&oid=6516133
+ Details
Name: |
us-gaap_IncreaseDecreaseInRestrictedCash |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3574-108585
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3536-108585
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Investing Activities -URI http://asc.fasb.org/extlink&oid=6516133
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585
+ Details
Name: |
us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow for securities or other assets acquired, which qualify for treatment as an investing activity and are to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Investing Activities -URI http://asc.fasb.org/extlink&oid=6516133
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585
+ Details
Name: |
us-gaap_PaymentsToAcquireShortTermInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe amount of cash or cash equivalents contributed by the entity to fund its pension plans.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 25 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3536-108585
+ Details
Name: |
us-gaap_PensionContributions |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow from sales, maturities, prepayments, calls and collections of all investments, including securities and other assets, having ready marketability and intended by management to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3179-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Investing Activities -URI http://asc.fasb.org/extlink&oid=6516133
+ Details
Name: |
us-gaap_ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow from the sale of land held for investment; excludes sales of land held as inventory or productive use.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3179-108585
+ Details
Name: |
us-gaap_ProceedsFromSaleOfLandHeldforinvestment |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569616-111683
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591552-111686
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (a),(c) -URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591551-111686
+ Details
Name: |
us-gaap_ProfitLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v3.3.1.900
X |
- DefinitionAmount of promissory notes included in proceeds from property sales.
+ References
+ Details
Name: |
kanp_AmountOfPromissoryNotesIncludedInProceedsFromPropertySales |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
kanp_ConsolidatedStatementsOfCashFlowsParentheticalAbstract |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Summary of Significant Accounting Policies
|
12 Months Ended |
Dec. 31, 2013 |
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 Plan was filed jointly by all Debtors to consolidate each case for joint administration in the Bankruptcy Court in order to
(a) permit the petitioners to present a joint reorganization plan that recognized, among other things, the common indebtedness
of the debtors (i.e. the Certificate of Land Appreciation Notes ("COLAs") and Senior Indebtedness) and (b) facilitate
the overall administration of the bankruptcy proceedings. As indicated in the Plan, Kaanapali Land has elected to be taxable as
a corporation.
The
Plan was confirmed by the Bankruptcy Court by orders dated July 29, 2002 and October 30, 2002 (collectively, the "Order")
and became effective November 13, 2002 (the "Plan Effective Date"). During August 2005, pursuant to a motion for entry
of final decree, the bankruptcy cases were closed.
In
accordance with the Plan, approximately 1,793,000 Common Shares were issued all of which remained outstanding at December 31, 2013.
Kaanapali
Land's membership interests are denominated as non par value "Shares" and were originally divided into two classes: the
Class A Shares, which were widely held primarily by non-affiliated persons who had previously held Company indebtedness prior to
the Plan Effective Date and "Class B Shares" which were generally held by affiliates of Kaanapali Land. Pursuant to the
LLC Agreement, the Class A Shares and Class B Shares were automatically redesignated Company Common Shares on November 15, 2007.
Accordingly, the Company's Class A Shares and Class B Shares ceased to exist separately on November 15, 2007.
The
accompanying consolidated financial statements include the accounts of Kaanapali Land and all of its subsidiaries and its predecessor
(collectively, the "Company"), which include KLC Land and its wholly-owned subsidiaries. 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. All references to acres/acreage are unaudited.
The
Company's continuing operations are in two business segments - Agriculture and Property. The Agriculture segment formerly grew
seed corn and soybeans under contract and remains engaged in farming, harvesting and milling operations relating to coffee orchards
on behalf of the applicable land owners. The corn and soybean contract expired June 30, 2012. 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. For further information on the Company's business segments see Note 8.
Cash
and Cash Equivalents
The
Company considers as cash equivalents all investments with maturities of three months or less when purchased. The
Companys cash balances are maintained primarily in two financial institutions. Restricted cash as of December 31,
2013 represents cash held by the Kaanapali Coffee Farms Lot Owners Association. At times, such balances may 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.
Subsequent
Events
The
Company has performed an evaluation of subsequent events from the date of the financial statements included in this annual report
through the date of its filing with the SEC.
Reclassification of
Prior Year Presentation
Certain prior year amounts
have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported
consolidated financial statements.
Recently
Issued Accounting Pronouncements
In
February 2013, the FASB issued guidance on the recognition, measurement, and disclosure of obligations resulting from joint and
several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting
date. This guidance requires an entity to measure obligations resulting from such joint and several liability arrangements, as
the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional
amount the reporting entity expects to pay on behalf of its co-obligors. An entity is also required to disclose the nature and
amount of the obligation as well as other information about those obligations. This guidance is effective for public companies
for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance
is not expected to have a material impact on our Condensed Financial Statements.
In
July 2013, the FASB issued guidance on the financial statement presentation of an unrecognized tax benefit when a net operating
loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance requires an unrecognized tax benefit,
or a portion of an unrecognized tax benefit, be presented in the financial statements as a reduction to a deferred tax asset for
a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. If a net operating loss carryforward, a similar
tax loss, or a tax credit carryforward is not available at the reporting date, the unrecognized tax benefit should be presented
in the financial statements as a liability and not combined with deferred tax assets. This guidance is effective prospectively
for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption permitted. The
adoption of this guidance is not expected to have a material effect on the Companys consolidated financial statements.
Impact
of Recently Issued Accounting Standards: In April 2014, the FASB issued Accounting Standards Update (ASU) 2014-08, Presentation
of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures
of Disposals of Components of an Entity (ASU 2014-08). This update changes the requirements for reporting discontinued operations
under Subtopic 205-20. A disposal of a component of an entity or a group of components of an entity is required to be reported
in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entitys
operations and financial results when either (i) the component of an entity or group of components of an entity meets the criteria
to be classified as held for sale, (ii) the component of an entity or group of components of an entity is disposed of by sale,
or (iii) the component of an entity or group of components of an entity is disposed of other than by sale. The amendments in ASU
2014-08 improve the definition of discontinued operations by limiting discontinued operations reporting to disposals of components
of an entity that represent strategic shifts that have (or will have) a major effect on an entitys operations and financial
results. The amendments in the update require additional disclosures about discontinued operations and disclosures related to the
disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation.
The amendments in ASU 2014-08 are to be applied to all disposals (or classifications as held for sale) of components of an entity
that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption
is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements
previously issued or available for issuance. The Company has chosen not to early adopt the provisions under ASU 2014-08 and is
currently evaluating the impact of adopting this new accounting standard.
In May 2014, the Financial Accounting Standards Board (FASB) issued guidance under the Accounting
Standards Codification (ASC) 606, Revenue from Contract with Customers, which establishes a single comprehensive
revenue recognition model for all contracts with customers and will supersede most existing revenue guidance. 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. Transition options include either a full or modified
retrospective approach and early adoption is permitted. The implementation date for this guidance was recently deferred and will
now be effective at the beginning of our first quarter of fiscal year 2019. We are currently evaluating the impact of the adoption
of this requirement on our Consolidated Financial Statements.
In
May 2015, the FASB issued Accounting Standards Update (ASU) 2015-07, Fair Value Measurement Disclosures for Investments in Certain
Entities That Calculate Net Asset Value per Share (or its Equivalent), as a new Topic, Accounting Standards Codification (ASC)
Topic 820. Under this new guidance, investments measured at net asset value (NAV), as a practical expedient for
fair value, are excluded from the fair value hierarchy. Removing investments measured using the practical expedient from the fair
value hierarchy is intended to eliminate the diversity in practice that currently exists with respect to the categorization of
these investments. The only criterion for categorizing investments in the fair value hierarchy will be the observability of the
inputs. This ASU is effective for annual periods beginning after December 15, 2015 and shall be applied retrospectively to
all periods presented. The Company is currently evaluating the potential impact of adopting this new accounting standard.
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, consists of 51 agricultural
lots, which are currently being offered to individual buyers. The land improvements were completed during 2008. In conjunction
with the sale of four lots sold in 2013, in addition to cash proceeds, the Company received promissory notes totaling $1,208, which
are included in other assets in the consolidated balance sheet at December 31, 2013. As of December 31, 2013, the Company
sold 18 of the 51 lots at Kaanapali Coffee Farms. In the first quarter of 2014, three additional lots were sold. In the second
quarter of 2014, seven lots were sold and in the fourth quarter of 2014, three lots were sold. In 2015, two lots were sold in the
first quarter, one was sold in the second quarter and one in the third quarter. In conjunction with the sale of four of the lots
sold in 2014, in addition to cash proceeds, the Company received promissory notes. As of November 1, 2015, $1,208 remains outstanding.
Project
costs associated with the development and construction of real estate projects are capitalized and classified as Property, net.
Such capitalized costs are not in excess of the projects' estimated fair value as reviewed periodically or as considered necessary.
In addition, interest, insurance and property tax are capitalized to qualifying assets during the period that such assets are undergoing
activities necessary to prepare them for their intended use.
For
development projects, capitalized costs are allocated using the direct method for expenditures that are specifically associated
with the lot being sold and the relative-sales-value method for expenditures that benefit the entire project.
Recognition
of Profit From Real Property Sales
For
real property sales, profit is recognized in full when the collectability of the sales price is reasonably assured and the earnings
process is virtually complete. 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 are recognized when delivery has occurred or services have been rendered, the sales price is fixed or determinable, and
collectability is reasonably assured.
Property
Property
is stated at cost. Depreciation is based on the straight-line method over the estimated economic lives of 15-40 years for the Company's
depreciable land improvements, 3-18 years for machinery and equipment. Maintenance and repairs are charged to operations as incurred.
Significant betterments and improvements are capitalized and depreciated over their estimated useful lives.
Provisions
for impairment losses related to long-lived assets, if any, are recognized when expected future cash flows are less than the carrying
values of the assets. If indicators of impairment are present, the Company evaluates the carrying value of the related long-lived
assets in relationship to the future undiscounted cash flows of the underlying operations or anticipated sales proceeds. The Company
adjusts the net book value of property to fair value if the sum of the expected undiscounted future cash flow or sales proceeds
is less than book value. Assets held for sale are recorded at the lower of the carrying value of the asset or fair value less costs
to sell.
|
2013 |
|
2012 |
Property, net: |
|
|
|
|
|
Land |
$ |
88,133 |
|
|
91,955 |
Buildings |
|
2,977 |
|
|
3,688 |
Machinery and equipment |
|
3,960 |
|
|
3,938 |
|
|
95,070 |
|
|
99,581 |
Accumulated depreciation |
|
(4,278) |
|
|
(4,046) |
|
|
|
|
|
|
Property, net |
$ |
90,792 |
|
|
95,535 |
Inventory
of land held for sale of approximately $21,300 and $25,100, representing primarily Kaanapali Coffee Farms, was included in Property,
net in the consolidated balance sheets at December 31, 2013 and 2012, respectively, and is carried at the lower of cost or
net realizable value. Based on current and foreseeable market conditions, discussions with real estate brokers and review of historical
land sale activity (level 2 and 3), the value of the inventory of property was reduced by $856 during 2013 to reflect the property
at the lower of carrying value or fair value less costs to sell. The value adjustment is reflected in cost of sales in the consolidated
statements of operations at December 31, 2013. The impairment and land held for sale is recognized in the Property segment
as disclosed in footnote 8 Business Segment Information. 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.
The
Company's significant property holdings are on the island of Maui consisting of approximately 4,000 acres, of which approximately
1,500 acres is 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.
Other
Liabilities
Other
liabilities are comprised of estimated liabilities for losses, commitments and contingencies related to various divested assets
or operations. These estimated liabilities include the estimated effects of certain asbestos related claims, certain lease and
other real estate related guarantees and obligations, obligations related to former officers and employees such as pension, post-retirement
benefits and workmen's compensation, investigation and potential remedial efforts in connection with environmental matters in the
state of Hawaii. In late 2012, the Company made a final cash payment in settlement of a future real estate related obligation.
As a result, a settlement gain of approximately $3,000 is recognized in selling, general and administrative in 2012. Management's
estimates are based, as applicable, on taking into consideration claim amounts filed by third parties, life expectancy of beneficiaries,
advice of consultants, negotiations with claimants, historical settlement experience, the number of new cases expected to be filed
and the likelihood of liability in specific situations. Management periodically reviews the adequacy of each of its reserve amounts
and adjusts such as it determines appropriate to reflect current information. Reference is made to Note 7, Commitments and
Contingencies.
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.
Short-Term
Investments
It
is the Company's policy to classify all of its investments in U.S. Government obligations with original maturities greater than
three months as held-to maturity, as the Company has the ability and intent to hold these investments until their maturity, and
are recorded at amortized cost, which approximates fair value. Prior to maturity in May 2012, the Company held short term investments
consisting of $5,000 of such securities purchased in June 2011. The Company held no short-term investments as of December 31,
2013 or 2012.
Income
Taxes
Income
taxes are accounted for under the asset and liability approach which requires recognition of deferred tax assets and liabilities
for the differences between the financial reporting and tax basis of assets and liabilities. A valuation allowance reduces deferred
tax assets when it is more likely than not some portion or all of the deferred tax assets will not be realized. As of December
31, 2013 and 2012, there were no uncertain tax positions that had a material impact on the Company's consolidated financial statements.
|
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6003-108592
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Mortgage Note Payable
|
12 Months Ended |
Dec. 31, 2013 |
Debt Disclosure [Abstract] |
|
Mortgage Note Payable |
(2)
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 December 31, 2013 and 2012 of approximately $87,300 and $87,000, 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.
|
X |
- References
+ Details
Name: |
us-gaap_DebtDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_DebtDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Rental Arrangements
|
12 Months Ended |
Dec. 31, 2013 |
Leases [Abstract] |
|
Rental Arrangements |
(3)
Rental Arrangements
During
2013 and 2012, the Company leased various office spaces with average annual rental of approximately $26 and $26 per year, respectively.
Although the Company was a party to certain other leasing arrangements, none of them were material.
|
X |
- References
+ Details
Name: |
us-gaap_LeasesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6452660&loc=d3e36991-112694
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41499-112717
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 1,3) -URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12069-110248
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717
+ Details
Name: |
us-gaap_LeasesOfLesseeDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Employee Benefit Plans
|
12 Months Ended |
Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] |
|
Employee Benefit Plans |
(4)
Employee Benefit Plans
As
of December 31, 2013, 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 Pension Plan for Bargaining Unit Employees of Amfac Plantations (the "Pension Plan")
provides benefits based primarily on length of service and career-average compensation levels. Kaanapali Land's policy is to fund
pension costs in accordance with the minimum funding requirements under provisions of the Employee Retirement Income Security Act
("ERISA"). Under such guidelines, amounts funded may be more or less than the pension expense or credit recognized for
financial reporting purposes.
The
Company does not consider the excess assets of the Pension Plan to be a source of liquidity. While under certain circumstances
the Company could seek to use the excess assets to provide such funds, there are substantial costs, including Federal income tax
consequences, in doing so.
FASB
ASC Topic 820, Fair Value Measurements and Disclosures, establishes a framework for measuring fair value. That framework provides
a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the
highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the
lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described as follows:
Level 1 - |
|
Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. |
|
|
|
Level 2 - |
|
Inputs to the valuation methodology include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar instruments in inactive markets; or other inputs that are observable for the asset or liability. |
|
|
|
Level 3 - |
|
Inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
The
asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that
is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize
unobservable inputs.
Following
is a description of the valuation methodologies used for Pension Plan assets measured at fair value.
-- |
|
Common and Preferred Stock: Valued at the closing price reported in the active market in which the individual security is traded. |
|
|
|
-- |
|
Mutual Funds Holding Corporate Notes, Bonds and Debentures: Valued at the closing price reported in the active market in which the mutual fund is traded. |
|
|
|
-- |
|
Private Equity Investments and Investment in Partnerships: Valued at net asset value ("NAV") of shares/ownership units held by the Pension Plan at year-end. NAV represents the Pension Plan's interests in the net assets of these investments which consisted primarily of equity and debt securities, some of which are exchange-traded or valued using independent pricing feeds (i.e. Bloomberg or Reuters) or independent broker quotes. |
|
|
|
-- |
|
Investment Contract with Insurance Company: Valued at fair value by recording a Market Value Adjustment to estimate the current market value of fixed income securities held by the insurance company. |
The
following table sets forth by level, within the fair value hierarchy, the Pension Plan's assets at fair value as of December 31,
2013:
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
|
|
|
|
|
|
|
|
Common and preferred stocks |
|
$ |
20,500 |
|
-- |
|
-- |
|
20,500 |
Corporate notes, bonds and debentures |
|
|
1,400 |
|
-- |
|
-- |
|
1,400 |
Investment in partnerships |
|
|
-- |
|
19,500 |
|
6,700 |
|
26,200 |
Investments in insurance companies |
|
|
-- |
|
-- |
|
1,600 |
|
1,600 |
Investments in private equity funds |
|
|
-- |
|
6,500 |
|
9,600 |
|
16,100 |
Cash and cash equivalents |
|
|
200 |
|
-- |
|
-- |
|
200 |
|
|
|
|
|
|
|
|
|
|
Total
Pension Plan assets
at
fair value |
|
$ |
22,100 |
|
26,000 |
|
17,900 |
|
66,000 |
The
following table sets forth by level, within the fair value hierarchy, the Pension Plan's assets at fair value as of December 31,
2012:
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
|
|
|
|
|
|
|
|
Common and preferred stocks |
|
$ |
18,400 |
|
-- |
|
-- |
|
18,400 |
Corporate notes, bonds and debentures |
|
|
5,600 |
|
-- |
|
-- |
|
5,600 |
Investment in partnerships |
|
|
100 |
|
17,200 |
|
1,100 |
|
18,400 |
Investments in insurance companies |
|
|
-- |
|
-- |
|
1,800 |
|
1,800 |
Investments in private equity funds |
|
|
7,800 |
|
1,900 |
|
7,800 |
|
17,500 |
Cash and cash equivalents |
|
|
300 |
|
-- |
|
-- |
|
300 |
|
|
|
|
|
|
|
|
|
|
Total
Pension Plan assets
at
fair value |
|
$ |
32,200 |
|
19,100 |
|
10,700 |
|
62,000 |
Changes
in Level 3 Investments
The
following table sets forth a summary of changes in fair value of the plan's level 3 assets for the year ended December 31, 2013:
|
|
Investment
in
Insurance
Companies |
|
Investment
in
Partnerships |
|
Investment
in
Private
Equity
Funds |
|
Total |
|
|
|
|
|
|
|
|
|
|
Balance, beginning of year |
|
$ |
1,800 |
|
1,100 |
|
7,800 |
|
10,700 |
Net
earned interest and
realized/unrealized
gains
(losses) |
|
|
100 |
|
1,400 |
|
700 |
|
2,200 |
Transfers in to Level 3 |
|
|
-- |
|
1,800 |
|
-- |
|
1,800 |
Transfers from Level 3 |
|
|
(1,100) |
|
-- |
|
-- |
|
(1,100) |
Purchases,
sales, issuances and
settlements
(net) |
|
|
800 |
|
2,400 |
|
1,100 |
|
4,300 |
|
|
|
|
|
|
|
|
|
|
Balance, end of year |
|
$ |
1,600 |
|
6,700 |
|
9,600 |
|
17,900 |
The
following table sets forth a summary of changes in fair value of the plan's level 3 assets for the year ended December 31, 2012:
|
|
Investment
in
Insurance
Companies |
|
Investment
in
Partnerships |
|
Investment
in
Private
Equity
Funds |
|
Total |
|
|
|
|
|
|
|
|
|
|
Balance, beginning of year |
|
$ |
1,900 |
|
1,200 |
|
7,200 |
|
10,300 |
Net
earned interest and
realized/unrealized
gains
(losses) |
|
|
200 |
|
200 |
|
600 |
|
1,000 |
Transfers in to Level 3 |
|
|
1,000 |
|
500 |
|
-- |
|
1,500 |
Transfers from Level 3 |
|
|
(1,300) |
|
(800) |
|
-- |
|
(2,100) |
Purchases,
sales, issuances and
settlements
(net) |
|
|
-- |
|
-- |
|
-- |
|
-- |
|
|
|
|
|
|
|
|
|
|
Balance, end of year |
|
$ |
1,800 |
|
1,100 |
|
7,800 |
|
10,700 |
The
following tables summarize the components of the change in pension benefit obligations, plan assets and funded status of the Company's
defined benefit pension plan at December 31, 2013, 2012 and 2011.
|
|
2013 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
Benefit obligation at beginning of year |
|
$ |
45,814 |
|
45,605 |
|
43,771 |
Service cost |
|
|
636 |
|
627 |
|
602 |
Interest cost |
|
|
1,653 |
|
1,881 |
|
2,182 |
Actuarial (gain) loss |
|
|
(3,311) |
|
1,660 |
|
2,850 |
Benefits paid |
|
|
(3,679) |
|
(3,959) |
|
(3,800) |
|
|
|
|
|
|
|
|
Accumulated
and projected benefit obligation
at
end of year |
|
|
41,113 |
|
45,814 |
|
45,605 |
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of year |
|
|
61,968 |
|
61,090 |
|
66,735 |
Actual return on plan assets |
|
|
7,715 |
|
4,837 |
|
(1,845) |
Benefits paid |
|
|
(3,679) |
|
(3,959) |
|
(3,800) |
|
|
|
|
|
|
|
|
Fair value of plan assets at end of year |
|
|
66,004 |
|
61,968 |
|
61,090 |
|
|
|
|
|
|
|
|
Funded status |
|
|
24,891 |
|
16,154 |
|
15,485 |
|
|
|
|
|
|
|
|
Unrecognized net actuarial (gain) loss |
|
|
9,920 |
|
18,146 |
|
18,238 |
Unrecognized prior service cost |
|
|
27 |
|
31 |
|
35 |
|
|
|
|
|
|
|
|
Prepaid pension cost |
|
$ |
34,838 |
|
34,331 |
|
33,758 |
At
December 31, 2013, approximately 34% of the plan's assets are invested in equity composite, 15% in debt composite, 45% in multi-strategy
composite and 6% in real assets composite. The allocations are within Company's target allocations in association with the Company's
investment strategy.
The
components of the net periodic pension credit for the years ended December 31, 2013, 2012 and 2011 (which are reflected as selling,
general and administrative in the consolidated statements of operations) are as follows:
|
|
2013 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
Service costs |
|
$ |
636 |
|
627 |
|
602 |
Interest cost |
|
|
1,653 |
|
1,881 |
|
2,182 |
Expected return on plan assets |
|
|
(4,025) |
|
(4,101) |
|
(4,065) |
Recognized net actuarial loss |
|
|
1,225 |
|
1,016 |
|
930 |
Amortization of prior service cost |
|
|
4 |
|
4 |
|
5 |
|
|
|
|
|
|
|
|
Net periodic pension credit |
|
$ |
(507) |
|
(573) |
|
(346) |
The
principal weighted average assumptions used to determine the net periodic pension benefit (credit) and the actuarial value of the
accumulated benefit obligation were as follows:
|
|
2013 |
|
2012 |
|
2011 |
As of January 1, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate |
|
|
3.75% |
|
4.37% |
|
5.24% |
|
|
|
|
|
|
|
|
Rates of compensation increase |
|
|
3% |
|
3% |
|
3% |
|
|
|
|
|
|
|
|
Expected long-term rate of return on assets |
|
|
7.0% |
|
7.0% |
|
7.0% |
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate net periodic pension credit |
|
|
3.75% |
|
4.37% |
|
5.24% |
|
|
|
|
|
|
|
|
Discount rate accumulated benefit obligation |
|
|
4.47% |
|
3.75% |
|
4.37% |
|
|
|
|
|
|
|
|
Rates of compensation increase |
|
|
3% |
|
3% |
|
3% |
|
|
|
|
|
|
|
|
Expected long-term rate of return on assets |
|
|
7.0% |
|
7.0% |
|
7.0% |
The
above long-term rates of return were selected based on historical asset returns and expectations of future returns.
The
Company amortizes experience gains and losses as well as effects of changes in actuarial assumptions and plan provisions over a
period no longer than the average expected mortality of participants in the pension plan.
The
measurement date is December 31, the last day of the corporate fiscal year.
A
comparison of the market value of the Pension Plan's net assets with the present value of the benefit obligations indicates the
Company's ability at a point in time to pay future benefits. The fair value of the Pension Plan's assets available for benefits
will fluctuate.
There
was no contribution required in 2013 to the pension plan. Furthermore, due to ERISA full funding limits, no contribution, whether
required or discretionary, could be made and deducted on the corporation's tax return for the current fiscal year.
The
Company's target asset allocations reflect the Company's investment strategy of maximizing the rate of return on plan assets and
the resulting funded status, within an appropriate level of risk. Plan assets are reviewed and, if necessary, rebalanced in accordance
with target allocation levels once every three months.
The
estimated future benefit payments under the Company's pension plan are as follows (in thousands):
|
|
Amounts |
|
|
|
|
2014 |
|
$ |
3,583 |
2015 |
|
|
3,428 |
2016 |
|
|
3,286 |
2017 |
|
|
3,143 |
2018 |
|
|
3,043 |
2019-2023 |
|
|
13,444 |
Effect
of a 1% change in the discount rate and salary increase rate for the fiscal years ended December 31, 2013 and 2012:
|
|
2013
Discount
Rate |
|
2013
Salary
Increase |
|
2012
Discount
Rate |
|
2012
Salary
Increase |
Effect of a 1% increase on: |
|
|
|
|
|
|
|
|
|
Net periodic pension cost |
|
$ |
(20) |
|
1 |
|
(18) |
|
1 |
Pension
benefit obligation
at
year end |
|
$ |
(3,509) |
|
6 |
|
(4,287) |
|
8 |
|
|
|
|
|
|
|
|
|
|
Effect of a 1% decrease on: |
|
|
|
|
|
|
|
|
|
Net periodic pension cost |
|
$ |
14 |
|
-- |
|
8 |
|
(1) |
Pension
benefit obligation
at
year end |
|
$ |
4,177 |
|
(3) |
|
5,165 |
|
(5) |
Effect
of a 1% change in the rate of return on assets for the fiscal year ended December 31, 2013:
|
|
1% Increase |
|
1% Decrease |
|
|
|
|
|
|
Net periodic pension cost |
|
$ |
(575) |
|
575 |
The
Company recognizes the over funded or under funded status of its employee benefit plans as an asset or liability in its consolidated
statements 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 December 31, 2013 and 2012 are the following amounts that have not
yet been recognized in net periodic pension cost: unrecognized prior service costs of $27 ($16, net of tax) and $31 ($19, net of
tax), respectively, and unrecognized actuarial loss of $9,947 ($6,068, net of tax) and $18,177 ($11,088, 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 approximately $1,012 represented in the Rabbi Trust and assets funding such deferred
compensation liability of approximately $75 are consolidated in the Company's consolidated balance sheet.
|
X |
- DefinitionThe entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.
+ References
+ Details
Name: |
us-gaap_CompensationAndEmployeeBenefitPlansTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_CompensationAndRetirementDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Income Taxes
|
12 Months Ended |
Dec. 31, 2013 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
(5) Income
Taxes
Income
tax expense/(benefit) attributable to income from continuing operations for the years ended December 31, 2013, 2012 and 2011 consists
of:
|
|
Current |
|
Deferred |
|
Total |
Year ended December 31, 2013: |
|
|
|
|
|
|
|
U.S. federal |
|
$ |
-- |
|
(527) |
|
(527) |
State |
|
|
-- |
|
(59) |
|
(59) |
|
|
$ |
-- |
|
(586) |
|
(586) |
|
|
|
|
|
|
|
|
Year ended December 31, 2012: |
|
|
|
|
|
|
|
U.S. federal |
|
$ |
-- |
|
574 |
|
574 |
State |
|
|
-- |
|
64 |
|
64 |
|
|
$ |
-- |
|
638 |
|
638 |
|
|
|
|
|
|
|
|
Year ended December 31, 2011: |
|
|
|
|
|
|
|
U.S. federal |
|
$ |
-- |
|
1,740 |
|
1,740 |
State |
|
|
-- |
|
193 |
|
193 |
|
|
$ |
-- |
|
1,933 |
|
1,933 |
Income
tax expense/(benefit) attributable to income from continuing operations differs from the amounts computed by applying the U.S.
federal income tax rate of 35 percent to pretax income from operations as a result of the following:
|
|
2013 |
|
2012 |
|
2011 |
Provision at statutory rate |
|
$ |
(1,171) |
|
71 |
|
(1,701) |
Increase
(reduction) in income taxes
resulting
from: |
|
|
|
|
|
|
|
Increase (reduction) in valuation allowance |
|
|
1,077 |
|
241 |
|
3,506 |
Other, net |
|
|
(492) |
|
326 |
|
128 |
|
|
|
|
|
|
|
|
Total |
|
$ |
(586) |
|
638 |
|
1,933 |
During
the year ended December 31, 2013, the Company increased its valuation allowance by $1,077 due to the uncertainty regarding future
valuation.
Deferred
income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for income tax purposes. The deferred tax effects of temporary differences at December 31,
2013, 2012 and 2011 are as follows:
|
|
December 31, |
|
|
2013 |
|
2012 |
|
2011 |
Deferred tax assets: |
|
|
|
|
|
|
|
Reserves
related primarily to losses
on
divestitures |
|
$ |
(5,871) |
|
(5,810) |
|
(7,682) |
Loss carryforwards |
|
|
(11,466) |
|
(10,030) |
|
(8,147) |
Tax credit carryforwards |
|
|
(2,777) |
|
(2,777) |
|
(2,777) |
Other, net |
|
|
(892) |
|
(892) |
|
(1,140) |
Total deferred tax assets |
|
|
(21,006) |
|
(19,509) |
|
(19,746) |
Less valuation allowance |
|
|
14,242 |
|
13,165 |
|
12,924 |
Total deferred tax assets |
|
|
(6,764) |
|
(6,344) |
|
(6,822) |
|
|
|
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
Property,
plant and equipment, principally
due
to purchase accounting adjustments,
net
of impairment charges |
|
|
17,874 |
|
18,183 |
|
18,264 |
Prepaid pension costs |
|
|
10,502 |
|
7,094 |
|
6,833 |
Total deferred tax liabilities |
|
|
28,376 |
|
25,277 |
|
25,097 |
Net deferred tax liability |
|
$ |
21,612 |
|
18,933 |
|
18,275 |
The
Company at December 31, 2013 has net operating loss carryforwards ("NOLs") of approximately $48,000 for state income
tax purposes which can be used to offset taxable income, if any, in future years. Federal NOLs of approximately $27,700 originated
in 2006 and later years and expire over twenty years. State NOLs began to expire in 2010.
Federal
tax return examinations have been completed for all years through 2005. The statutes of limitations with respect to the Company's
taxes for 2010 and subsequent years 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 may be liable could
be material.
In
August 2015, the Company received a notice that its 2013 federal income tax return has been selected for examination. The examination
was concluded in December with no changes to reported tax.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319
+ Details
Name: |
us-gaap_IncomeTaxDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Transactions with Affiliates
|
12 Months Ended |
Dec. 31, 2013 |
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. The total of such commissions for the years ended December 31, 2013,
2012 and 2011 was approximately $16, $20 and $21, 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, during 2013,
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 years ended 2013, 2012 and 2011 were approximately
$1,148, $1,517 and $2,476, respectively, of which approximately $52 was unpaid as of December 31, 2013.
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 $1,004, $1,065 and $1,029 for the years ended December 31, 2013, 2012 and 2011, respectively. Such revenue is
recognized in the Agriculture Segment as disclosed in footnote 8 Business Segment Information. The 2013 amounts have been eliminated
in consolidation.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph b -Article 3A
+ Details
Name: |
us-gaap_RelatedPartyTransactionsDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Commitments and Contingencies
|
12 Months Ended |
Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
(7) Commitments
and Contingencies
At
December 31, 2013, the Company has no principal contractual obligations related to the land improvements in conjunction with Phase
I of the Kaanapali Coffee Farms project.
On
November 23, 2015, the SEC contacted Kaanapali Land regarding the Companys compliance with the reporting requirements under
Section 13(a) of the Securities Exchange Act of 1934, as the Company is delinquent on its annual and interim SEC filings.
In light of this letter, Kaanapali Land is unable to determine whether the SEC might pursue some future action related to this
matter.
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 Firemans Fund, one of Kaanapali Lands 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 Firemans Fund
Insurance Company (Firemans 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 Firemans Fund policies and an
order that Firemans 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. Firemans Fund has not yet 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 Firemans 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, Firemans fund
expressed its view that the automatic stay in effect in the D/C bankruptcy case bars Firemans 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, Firemans 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. Firemans Fund has also indicated that to the extent that Kaanapali Land cooperates with Firemans Fund in addressing
settlement of the Kaanapali Land asbestos cases through coordination with its adjusters, it is Firemans Funds 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 Firemans 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
Petitioners 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 Firemans 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 Debtors 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, Firemans Fund, and the
United States government on behalf of the EPA and the Navy have appealed the decision.
The
attorneys for the trustee in the D/C bankruptcy have reached out to the various claimants noted above 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 Firemans
Fund insurance policies are concerned. If such discussions take place, they may involve some form of resolution of Kaanapalis
interest in various of the Firemans Fund insurance policies for Kaanapalis 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 February 13, 2013, PM Land Company received demand to mediate a dispute arising in connection with the contract for sale
of a lot in the Kaanapali Coffee Farms subdivision. PM Land held the sum of $450,000 as a result of the sale to the claimants that
did not proceed to closing. Claimants sought, among other things, cancellation of the contract, the return of the amounts of money
still on deposit, treble damages, attorneys fees and costs. PM Land Company mediated, settled this matter and retained $150,000
of the deposit.
The
Company has received notice from Hawaiis Department of Land and Natural Resources (DNLR) that DNLR 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 January 2013. To date, the DLNR has cited certain deficiencies concerning two of the Companys
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. The Company
has taken certain corrective actions as well as updating important plans to address emergency events and basic operations and maintenance.
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 Companys 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. The more significant portion 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 KLMCs 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 KLMCs 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.
|
X |
- References
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for commitments and contingencies.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=51674963&loc=d3e12565-110249
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14435-108349
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Business Segment Information
|
12 Months Ended |
Dec. 31, 2013 |
Segment Reporting [Abstract] |
|
Business Segment Information |
(8) Business
Segment Information
As
described in Note 1, the Company operates in two business segments. Total revenues, operating profit, identifiable assets, capital
expenditures, and depreciation and amortization by business segment are presented in the tables below.
Total
revenues by business segment include 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.
Identifiable
assets by business segment are those assets that are used in the Company's operations in each industry. Corporate assets consist
principally of cash and cash equivalents, prepaid pension costs and receivables related to previously divested businesses.
|
|
2013 |
|
2012 |
|
2011 |
Revenues: |
|
|
|
|
|
|
|
Property |
|
$ |
5,838 |
|
2,047 |
|
2,103 |
Agriculture |
|
|
2,979 |
|
3,070 |
|
3,336 |
Corporate |
|
|
14 |
|
23 |
|
54 |
|
|
$ |
8,831 |
|
5,140 |
|
5,493 |
|
|
|
|
|
|
|
|
Operating income (loss): |
|
|
|
|
|
|
|
Property |
|
$ |
(2,038) |
|
(1,149) |
|
(1,929) |
Agriculture |
|
|
611 |
|
320 |
|
255 |
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
(1,427) |
|
(829) |
|
(1,674) |
|
|
|
|
|
|
|
|
Corporate |
|
|
(1,974) |
|
1,049 |
|
(3,196) |
|
|
|
|
|
|
|
|
Operating
income (loss) from continuing
operations
before income taxes |
|
$ |
(3,401) |
|
220 |
|
(4,870) |
|
|
|
|
|
|
|
|
Identifiable Assets: |
|
|
|
|
|
|
|
Property |
|
$ |
39,357 |
|
41,483 |
|
41,570 |
Agriculture |
|
|
58,125 |
|
57,026 |
|
56,811 |
|
|
|
|
|
|
|
|
|
|
|
97,482 |
|
98,509 |
|
98,381 |
|
|
|
|
|
|
|
|
Corporate |
|
|
34,137 |
|
28,380 |
|
34,401 |
|
|
|
|
|
|
|
|
|
|
$ |
131,619 |
|
126,889 |
|
132,782 |
The
Companys property segment consists primarily of revenue received from land sales and lease and licensing agreements.
The
Companys agricultural segment currently consists of coffee operations. Seed corn operations formerly were under a contract
with Monsanto Seed Company which expired June 30, 2012.
The
Company is exploring alternative agricultural operations, but there can be no assurance that replacement operations at any level
will result.
The
Company reclassified revenues and operating income (loss) from coffee operations reported in the property segment in 2012 and 2011
to the agriculture segment of $977 and $459, respectively.
Agricultural
identified assets include land classified as agricultural or conservation for State and County purposes.
|
|
2013 |
|
2012 |
|
2011 |
Capital Expenditures: |
|
|
|
|
|
|
|
Property |
|
$ |
748 |
|
251 |
|
505 |
Agriculture |
|
|
69 |
|
173 |
|
273 |
|
|
$ |
817 |
|
424 |
|
778 |
|
|
|
|
|
|
|
|
Depreciation and Amortization: |
|
|
|
|
|
|
|
Property |
|
$ |
59 |
|
61 |
|
75 |
Agriculture |
|
|
173 |
|
225 |
|
201 |
Total |
|
$ |
232 |
|
286 |
|
276 |
|
X |
- References
+ Details
Name: |
us-gaap_SegmentReportingAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599
Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599
Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599
Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599
Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599
Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599
+ Details
Name: |
us-gaap_SegmentReportingDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Calculation of Net Income Per Share
|
12 Months Ended |
Dec. 31, 2013 |
Earnings Per Share [Abstract] |
|
Calculation of Net Income Per Share |
(9) Calculation
of Net Income Per Share
The
following tables set forth the computation of net income (loss) per share - basic and diluted:
|
|
Year
Ended
December
31,
2013 |
|
Year
Ended
December
31,
2012 |
|
Year
Ended
December
31,
2011 |
|
|
(Amounts in thousands except per share amounts) |
Numerator: |
|
|
|
|
|
|
|
Net income (loss) attributable to
stockholders |
|
$ |
(2,964) |
|
(418) |
|
(6,803) |
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
Number of weighted average shares
outstanding |
|
|
1,845 |
|
1,845 |
|
1,845 |
|
|
|
|
|
|
|
|
Net income (loss) per share basic
and diluted |
|
$ |
(1.61) |
|
(0.23) |
|
(3.69) |
As
of December 31, 2013, the Company had issued and outstanding 1,792,613 Shares and 52,000 Class C Shares. The LLC Agreement initially
provided for two classes of membership interests, Class A Shares and Class B Shares, which had substantially identical rights
and economic value under the LLC Agreement; except that holders of Class A Shares were represented by a "Class A Representative"
who was required to approve certain transactions proposed by Kaanapali Land before they could be undertaken. Class B Shares were
held by Pacific Trail and various entities and individuals that are affiliated with Pacific Trail. Class A Shares were issued under
the Plan to claimants who had no such affiliation. Pursuant to the LLC Agreement, the Class A Shares and Class B Shares were automatically
redesignated as Common Shares on November 15, 2007. Accordingly, the Company's Class A Shares and Class B Shares ceased to
exist separately on November 15, 2007. The Class C Shares have the same rights as the Shares except that the Class C
Shares will not participate in any distributions until the holders of the Shares have received aggregate distributions equal to
$19 per share, subject to customary antidilution adjustments. Net income per share data are based on the aggregate 1,844,613 outstanding
shares.
|
X |
- References
+ Details
Name: |
us-gaap_EarningsPerShareAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for earnings per share.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_EarningsPerShareTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Subsequent Events
|
12 Months Ended |
Dec. 31, 2013 |
Subsequent Events [Abstract] |
|
Subsequent Events |
(10) Subsequent Events
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. 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 can be applied to the purchase of the 18.5
acre site. The option expires in September 2017. 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.
In October 2014, through
a limited liability company of which KLMC was the manager, a sale was made to an unrelated third party of an approximate 7.65 acre
parcel in West Maui commonly referred to as Lot 10-H. KLMC received proceeds from the sale of approximately $1,300.
As of December 31, 2013,
the Company sold 18 of the 51 lots at Kaanapali Coffee Farms. In the first quarter of 2014, three additional lots were sold. In
the second quarter of 2014, seven lots were sold and in the fourth quarter of 2014, three lots were sold. In 2015, two lots were
sold in the first quarter, one was sold in the second quarter and one in the third quarter. In conjunction with the sale of four
of the lots sold in 2014, in addition to cash proceeds, the Company received promissory notes. As of November 1, 2015, $1,208
remains outstanding.
The Pension Plan determines
its accumulated and projected benefit obligation in part based on mortality tables. If the mortality table issued in November 2014
had been used to determine the benefit obligation as of December 31, 2013, such obligation would be greater, and the prepaid pension
cost would be less than reflected in the accompanying consolidated financial statements. Any such difference would not have an
effect on the Companys operations or liquidity.
On December 23, 2015 Pioneer Mill Company,
LLC entered into a property purchase agreement with an unrelated third party for the sale of an approximate 19 acre site in Lahaina,
known as the Pioneer Mill Site. The agreement, which calls for a purchase price of $20,500 and has a scheduled closing date of
April 30, 2016, has significant conditions to closing, including investigation and evaluation by the purchaser during the due
diligence period. Accordingly there can be no assurance that the sale will be completed under the existing or any other terms.
If the agreement is consummated, the Company will likely incur significant costs for the relocation of certain buildings and equipment
on the property and be subject to certain warranties and representations that will survive the closing of the transaction. If
closing were to occur, all net proceeds are expected to be retained by the Company for future working capital and other needs.
|
X |
- References
+ Details
Name: |
us-gaap_SubsequentEventsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
+ References
+ Details
Name: |
us-gaap_SubsequentEventsTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Supplementary Quarterly Data (Unaudited)
|
12 Months Ended |
Dec. 31, 2013 |
Quarterly Financial Information Disclosure [Abstract] |
|
Supplementary Quarterly Data (Unaudited) |
(11) Supplementary
Quarterly Data (Unaudited)
|
|
2013 |
|
|
Quarter
ended
3/31 |
|
Quarter
ended
6/30 |
|
Quarter
ended
9/30 |
|
Quarter
ended
12/31 |
Total revenues |
|
$ |
2,676 |
|
1,386 |
|
508 |
|
4,261 |
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to
stockholders |
|
$ |
81 |
|
154 |
|
(733) |
|
(2,466) |
|
|
|
|
|
|
|
|
|
|
Net
income (loss) per Share
basic
and diluted |
|
$ |
0.04 |
|
0.08 |
|
(0.40) |
|
(1.34) |
|
|
2012 |
|
|
Quarter
ended
3/31 |
|
Quarter
ended
6/30 |
|
Quarter
ended
9/30 |
|
Quarter
ended
12/31 |
Total revenues |
|
$ |
1,121 |
|
1,282 |
|
1,276 |
|
1,461 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(835) |
|
(409) |
|
(635) |
|
1,461 |
|
|
|
|
|
|
|
|
|
|
Net
income (loss) per Share
basic
and diluted |
|
$ |
(0.45) |
|
(0.22) |
|
(0.35) |
|
0.79 |
|
|
2011 |
|
|
Quarter
ended
3/31 |
|
Quarter
ended
6/30 |
|
Quarter
ended
9/30 |
|
Quarter
ended
12/31 |
Total revenues |
|
$ |
2,286 |
|
1,253 |
|
998 |
|
956 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(87) |
|
(872) |
|
(687) |
|
(5,157) |
|
|
|
|
|
|
|
|
|
|
Net
income (loss) per Share
basic
and diluted |
|
$ |
(0.05) |
|
(0.47) |
|
(0.37) |
|
(2.80) |
|
X |
- DefinitionThe entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=51825399&loc=d3e1280-108306
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a
+ Details
Name: |
us-gaap_QuarterlyFinancialInformationTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Summary of Significant Accounting Policies (Policies)
|
12 Months Ended |
Dec. 31, 2013 |
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 Plan was filed jointly by all Debtors to consolidate each case for joint administration in the Bankruptcy Court in order to
(a) permit the petitioners to present a joint reorganization plan that recognized, among other things, the common indebtedness
of the debtors (i.e. the Certificate of Land Appreciation Notes ("COLAs") and Senior Indebtedness) and (b) facilitate
the overall administration of the bankruptcy proceedings. As indicated in the Plan, Kaanapali Land has elected to be taxable as
a corporation.
The
Plan was confirmed by the Bankruptcy Court by orders dated July 29, 2002 and October 30, 2002 (collectively, the "Order")
and became effective November 13, 2002 (the "Plan Effective Date"). During August 2005, pursuant to a motion for entry
of final decree, the bankruptcy cases were closed.
In
accordance with the Plan, approximately 1,793,000 Common Shares were issued all of which remained outstanding at December 31, 2013.
Kaanapali
Land's membership interests are denominated as non par value "Shares" and were originally divided into two classes: the
Class A Shares, which were widely held primarily by non-affiliated persons who had previously held Company indebtedness prior to
the Plan Effective Date and "Class B Shares" which were generally held by affiliates of Kaanapali Land. Pursuant to the
LLC Agreement, the Class A Shares and Class B Shares were automatically redesignated Company Common Shares on November 15, 2007.
Accordingly, the Company's Class A Shares and Class B Shares ceased to exist separately on November 15, 2007.
The
accompanying consolidated financial statements include the accounts of Kaanapali Land and all of its subsidiaries and its predecessor
(collectively, the "Company"), which include KLC Land and its wholly-owned subsidiaries. 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. All references to acres/acreage are unaudited.
The
Company's continuing operations are in two business segments - Agriculture and Property. The Agriculture segment formerly grew
seed corn and soybeans under contract and remains engaged in farming, harvesting and milling operations relating to coffee orchards
on behalf of the applicable land owners. The corn and soybean contract expired June 30, 2012. 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. For further information on the Company's business segments see Note 8.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers as cash equivalents all investments with maturities of three months or less when purchased. The
Companys cash balances are maintained primarily in two financial institutions. Restricted cash as of December 31,
2013 represents cash held by the Kaanapali Coffee Farms Lot Owners Association. At times, such balances may 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.
|
Subsequent Events |
Subsequent
Events
The
Company has performed an evaluation of subsequent events from the date of the financial statements included in this annual report
through the date of its filing with the SEC.
|
Reclassification of Prior Year Presentation |
Reclassification of
Prior Year Presentation
Certain prior year amounts
have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported
consolidated financial statements.
|
Recently Issued Accounting Pronouncements |
Recently
Issued Accounting Pronouncements
In
February 2013, the FASB issued guidance on the recognition, measurement, and disclosure of obligations resulting from joint and
several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting
date. This guidance requires an entity to measure obligations resulting from such joint and several liability arrangements, as
the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional
amount the reporting entity expects to pay on behalf of its co-obligors. An entity is also required to disclose the nature and
amount of the obligation as well as other information about those obligations. This guidance is effective for public companies
for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance
is not expected to have a material impact on our Condensed Financial Statements.
In
July 2013, the FASB issued guidance on the financial statement presentation of an unrecognized tax benefit when a net operating
loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance requires an unrecognized tax benefit,
or a portion of an unrecognized tax benefit, be presented in the financial statements as a reduction to a deferred tax asset for
a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. If a net operating loss carryforward, a similar
tax loss, or a tax credit carryforward is not available at the reporting date, the unrecognized tax benefit should be presented
in the financial statements as a liability and not combined with deferred tax assets. This guidance is effective prospectively
for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption permitted. The
adoption of this guidance is not expected to have a material effect on the Companys consolidated financial statements.
Impact
of Recently Issued Accounting Standards: In April 2014, the FASB issued Accounting Standards Update (ASU) 2014-08, Presentation
of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures
of Disposals of Components of an Entity (ASU 2014-08). This update changes the requirements for reporting discontinued operations
under Subtopic 205-20. A disposal of a component of an entity or a group of components of an entity is required to be reported
in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entitys
operations and financial results when either (i) the component of an entity or group of components of an entity meets the criteria
to be classified as held for sale, (ii) the component of an entity or group of components of an entity is disposed of by sale,
or (iii) the component of an entity or group of components of an entity is disposed of other than by sale. The amendments in ASU
2014-08 improve the definition of discontinued operations by limiting discontinued operations reporting to disposals of components
of an entity that represent strategic shifts that have (or will have) a major effect on an entitys operations and financial
results. The amendments in the update require additional disclosures about discontinued operations and disclosures related to the
disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation.
The amendments in ASU 2014-08 are to be applied to all disposals (or classifications as held for sale) of components of an entity
that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption
is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements
previously issued or available for issuance. The Company has chosen not to early adopt the provisions under ASU 2014-08 and is
currently evaluating the impact of adopting this new accounting standard.
In May 2014, the Financial Accounting Standards Board (FASB) issued guidance under the Accounting
Standards Codification (ASC) 606, Revenue from Contract with Customers, which establishes a single comprehensive
revenue recognition model for all contracts with customers and will supersede most existing revenue guidance. 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. Transition options include either a full or modified
retrospective approach and early adoption is permitted. The implementation date for this guidance was recently deferred and will
now be effective at the beginning of our first quarter of fiscal year 2019. We are currently evaluating the impact of the adoption
of this requirement on our Consolidated Financial Statements.
In
May 2015, the FASB issued Accounting Standards Update (ASU) 2015-07, Fair Value Measurement Disclosures for Investments in Certain
Entities That Calculate Net Asset Value per Share (or its Equivalent), as a new Topic, Accounting Standards Codification (ASC)
Topic 820. Under this new guidance, investments measured at net asset value (NAV), as a practical expedient for
fair value, are excluded from the fair value hierarchy. Removing investments measured using the practical expedient from the fair
value hierarchy is intended to eliminate the diversity in practice that currently exists with respect to the categorization of
these investments. The only criterion for categorizing investments in the fair value hierarchy will be the observability of the
inputs. This ASU is effective for annual periods beginning after December 15, 2015 and shall be applied retrospectively to
all periods presented. The Company is currently evaluating the potential impact of adopting this new accounting standard.
|
Land Development |
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, consists of 51 agricultural
lots, which are currently being offered to individual buyers. The land improvements were completed during 2008. In conjunction
with the sale of four lots sold in 2013, in addition to cash proceeds, the Company received promissory notes totaling $1,208, which
are included in other assets in the consolidated balance sheet at December 31, 2013. As of December 31, 2013, the Company
sold 18 of the 51 lots at Kaanapali Coffee Farms. In the first quarter of 2014, three additional lots were sold. In the second
quarter of 2014, seven lots were sold and in the fourth quarter of 2014, three lots were sold. In 2015, two lots were sold in the
first quarter, one was sold in the second quarter and one in the third quarter. In conjunction with the sale of four of the lots
sold in 2014, in addition to cash proceeds, the Company received promissory notes. As of November 1, 2015, $1,208 remains outstanding.
Project
costs associated with the development and construction of real estate projects are capitalized and classified as Property, net.
Such capitalized costs are not in excess of the projects' estimated fair value as reviewed periodically or as considered necessary.
In addition, interest, insurance and property tax are capitalized to qualifying assets during the period that such assets are undergoing
activities necessary to prepare them for their intended use.
For
development projects, capitalized costs are allocated using the direct method for expenditures that are specifically associated
with the lot being sold and the relative-sales-value method for expenditures that benefit the entire project.
|
Recognition of Profit From Real Property Sales |
Recognition
of Profit From Real Property Sales
For
real property sales, profit is recognized in full when the collectability of the sales price is reasonably assured and the earnings
process is virtually complete. 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 are recognized when delivery has occurred or services have been rendered, the sales price is fixed or determinable, and
collectability is reasonably assured.
|
Property |
Property
Property
is stated at cost. Depreciation is based on the straight-line method over the estimated economic lives of 15-40 years for the Company's
depreciable land improvements, 3-18 years for machinery and equipment. Maintenance and repairs are charged to operations as incurred.
Significant betterments and improvements are capitalized and depreciated over their estimated useful lives.
Provisions
for impairment losses related to long-lived assets, if any, are recognized when expected future cash flows are less than the carrying
values of the assets. If indicators of impairment are present, the Company evaluates the carrying value of the related long-lived
assets in relationship to the future undiscounted cash flows of the underlying operations or anticipated sales proceeds. The Company
adjusts the net book value of property to fair value if the sum of the expected undiscounted future cash flow or sales proceeds
is less than book value. Assets held for sale are recorded at the lower of the carrying value of the asset or fair value less costs
to sell.
|
2013 |
|
2012 |
Property, net: |
|
|
|
|
|
Land |
$ |
88,133 |
|
|
91,955 |
Buildings |
|
2,977 |
|
|
3,688 |
Machinery and equipment |
|
3,960 |
|
|
3,938 |
|
|
95,070 |
|
|
99,581 |
Accumulated depreciation |
|
(4,278) |
|
|
(4,046) |
|
|
|
|
|
|
Property, net |
$ |
90,792 |
|
|
95,535 |
Inventory
of land held for sale of approximately $21,300 and $25,100, representing primarily Kaanapali Coffee Farms, was included in Property,
net in the consolidated balance sheets at December 31, 2013 and 2012, respectively, and is carried at the lower of cost or
net realizable value. Based on current and foreseeable market conditions, discussions with real estate brokers and review of historical
land sale activity (level 2 and 3), the value of the inventory of property was reduced by $856 during 2013 to reflect the property
at the lower of carrying value or fair value less costs to sell. The value adjustment is reflected in cost of sales in the consolidated
statements of operations at December 31, 2013. The impairment and land held for sale is recognized in the Property segment
as disclosed in footnote 8 Business Segment Information. 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.
The
Company's significant property holdings are on the island of Maui consisting of approximately 4,000 acres, of which approximately
1,500 acres is 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.
|
Other Liabilities |
Other
Liabilities
Other
liabilities are comprised of estimated liabilities for losses, commitments and contingencies related to various divested assets
or operations. These estimated liabilities include the estimated effects of certain asbestos related claims, certain lease and
other real estate related guarantees and obligations, obligations related to former officers and employees such as pension, post-retirement
benefits and workmen's compensation, investigation and potential remedial efforts in connection with environmental matters in the
state of Hawaii. In late 2012, the Company made a final cash payment in settlement of a future real estate related obligation.
As a result, a settlement gain of approximately $3,000 is recognized in selling, general and administrative in 2012. Management's
estimates are based, as applicable, on taking into consideration claim amounts filed by third parties, life expectancy of beneficiaries,
advice of consultants, negotiations with claimants, historical settlement experience, the number of new cases expected to be filed
and the likelihood of liability in specific situations. Management periodically reviews the adequacy of each of its reserve amounts
and adjusts such as it determines appropriate to reflect current information. Reference is made to Note 7, Commitments and
Contingencies.
|
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.
|
Short-Term Investments |
Short-Term
Investments
It
is the Company's policy to classify all of its investments in U.S. Government obligations with original maturities greater than
three months as held-to maturity, as the Company has the ability and intent to hold these investments until their maturity, and
are recorded at amortized cost, which approximates fair value. Prior to maturity in May 2012, the Company held short term investments
consisting of $5,000 of such securities purchased in June 2011. The Company held no short-term investments as of December 31,
2013 or 2012.
|
Income Taxes |
Income
Taxes
Income
taxes are accounted for under the asset and liability approach which requires recognition of deferred tax assets and liabilities
for the differences between the financial reporting and tax basis of assets and liabilities. A valuation allowance reduces deferred
tax assets when it is more likely than not some portion or all of the deferred tax assets will not be realized. As of December
31, 2013 and 2012, there were no uncertain tax positions that had a material impact on the Company's consolidated financial statements.
|
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
+ References
+ Details
Name: |
us-gaap_BasisOfAccountingPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 305 -SubTopic 10 -Section 05 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6375392&loc=d3e26790-107797
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4273-108586
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash -URI http://asc.fasb.org/extlink&oid=6506951
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash Equivalents -URI http://asc.fasb.org/extlink&oid=6507016
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Financial Reporting Release (FRR) -Number 203 -Paragraph 02-03
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5
+ Details
Name: |
us-gaap_CashAndCashEquivalentsPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32840-109319
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 05 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6423966&loc=d3e40913-109327
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 740 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6491622&loc=d3e9504-115650
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32809-109319
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e32247-109318
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e32280-109318
+ Details
Name: |
us-gaap_IncomeTaxPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (a)(2) -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.2,12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6872867&loc=d3e40691-111596
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section M
+ Details
Name: |
us-gaap_InvestmentPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for estimating its liability as of the balance sheet date for the ultimate cost of settling reported and unreported claims incurred and claims adjustment expenses (including effects of inflation and other societal and economic factors).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.13(b)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -URI http://asc.fasb.org/subtopic&trid=2560295
+ Details
Name: |
us-gaap_LiabilityReserveEstimatePolicy |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.
+ References
+ Details
Name: |
us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for reclassifications that affects the comparability of the financial statements.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755
+ Details
Name: |
us-gaap_PriorPeriodReclassificationAdjustmentDescription |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for real estate held for development or sale.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section 35 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6496927&loc=d3e30448-110314
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
+ Details
Name: |
us-gaap_RealEstateHeldForDevelopmentAndSalePolicy |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for retail land sales.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -SubTopic 310 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6497875&loc=d3e22274-108663
+ Details
Name: |
us-gaap_RetailLandSalesPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for the timing and amount of revenue recognized on retail sales of real estate. The entity also may disclose its treatment of any unearned or deferred revenue that arises from the transaction.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -SubTopic 605 -Section 25 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=51660556&loc=d3e23234-108669
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -SubTopic 605 -Section 25 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51660556&loc=d3e22908-108669
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -SubTopic 605 -Section 25 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=51660556&loc=d3e23011-108669
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 605 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 13.B.Q1) -URI http://asc.fasb.org/extlink&oid=27012821&loc=d3e214044-122780
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -SubTopic 605 -Section 25 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=51660556&loc=d3e23111-108669
+ Details
Name: |
us-gaap_RevenueRecognitionRetailLandSales |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for reporting subsequent events.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
+ Details
Name: |
us-gaap_SubsequentEventsPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6061-108592
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6143-108592
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6132-108592
+ Details
Name: |
us-gaap_UseOfEstimates |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2013 |
Accounting Policies [Abstract] |
|
Schedule of Property, Net |
|
2013 |
|
2012 |
Property, net: |
|
|
|
|
|
Land |
$ |
88,133 |
|
|
91,955 |
Buildings |
|
2,977 |
|
|
3,688 |
Machinery and equipment |
|
3,960 |
|
|
3,938 |
|
|
95,070 |
|
|
99,581 |
Accumulated depreciation |
|
(4,278) |
|
|
(4,046) |
|
|
|
|
|
|
Property, net |
$ |
90,792 |
|
|
95,535 |
|
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph b -Article 5
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Employee Benefit Plans (Tables)
|
12 Months Ended |
Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] |
|
Schedule of Pension Plan Assets at Measured at Fair Value |
The
following table sets forth by level, within the fair value hierarchy, the Pension Plan's assets at fair value as of December 31,
2013:
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
|
|
|
|
|
|
|
|
Common and preferred stocks |
|
$ |
20,500 |
|
-- |
|
-- |
|
20,500 |
Corporate notes, bonds and debentures |
|
|
1,400 |
|
-- |
|
-- |
|
1,400 |
Investment in partnerships |
|
|
-- |
|
19,500 |
|
6,700 |
|
26,200 |
Investments in insurance companies |
|
|
-- |
|
-- |
|
1,600 |
|
1,600 |
Investments in private equity funds |
|
|
-- |
|
6,500 |
|
9,600 |
|
16,100 |
Cash and cash equivalents |
|
|
200 |
|
-- |
|
-- |
|
200 |
|
|
|
|
|
|
|
|
|
|
Total
Pension Plan assets
at
fair value |
|
$ |
22,100 |
|
26,000 |
|
17,900 |
|
66,000 |
The
following table sets forth by level, within the fair value hierarchy, the Pension Plan's assets at fair value as of December 31,
2012:
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
|
|
|
|
|
|
|
|
Common and preferred stocks |
|
$ |
18,400 |
|
-- |
|
-- |
|
18,400 |
Corporate notes, bonds and debentures |
|
|
5,600 |
|
-- |
|
-- |
|
5,600 |
Investment in partnerships |
|
|
100 |
|
17,200 |
|
1,100 |
|
18,400 |
Investments in insurance companies |
|
|
-- |
|
-- |
|
1,800 |
|
1,800 |
Investments in private equity funds |
|
|
7,800 |
|
1,900 |
|
7,800 |
|
17,500 |
Cash and cash equivalents |
|
|
300 |
|
-- |
|
-- |
|
300 |
|
|
|
|
|
|
|
|
|
|
Total
Pension Plan assets
at
fair value |
|
$ |
32,200 |
|
19,100 |
|
10,700 |
|
62,000 |
|
Schedule of Changes in Level 3 Investments Held Under Pension Plan |
The
following table sets forth a summary of changes in fair value of the plan's level 3 assets for the year ended December 31, 2013:
|
|
Investment
in
Insurance
Companies |
|
Investment
in
Partnerships |
|
Investment
in
Private
Equity
Funds |
|
Total |
|
|
|
|
|
|
|
|
|
|
Balance, beginning of year |
|
$ |
1,800 |
|
1,100 |
|
7,800 |
|
10,700 |
Net
earned interest and
realized/unrealized
gains
(losses) |
|
|
100 |
|
1,400 |
|
700 |
|
2,200 |
Transfers in to Level 3 |
|
|
-- |
|
1,800 |
|
-- |
|
1,800 |
Transfers from Level 3 |
|
|
(1,100) |
|
-- |
|
-- |
|
(1,100) |
Purchases,
sales, issuances and
settlements
(net) |
|
|
800 |
|
2,400 |
|
1,100 |
|
4,300 |
|
|
|
|
|
|
|
|
|
|
Balance, end of year |
|
$ |
1,600 |
|
6,700 |
|
9,600 |
|
17,900 |
The
following table sets forth a summary of changes in fair value of the plan's level 3 assets for the year ended December 31, 2012:
|
|
Investment
in
Insurance
Companies |
|
Investment
in
Partnerships |
|
Investment
in
Private
Equity
Funds |
|
Total |
|
|
|
|
|
|
|
|
|
|
Balance, beginning of year |
|
$ |
1,900 |
|
1,200 |
|
7,200 |
|
10,300 |
Net
earned interest and
realized/unrealized
gains
(losses) |
|
|
200 |
|
200 |
|
600 |
|
1,000 |
Transfers in to Level 3 |
|
|
1,000 |
|
500 |
|
-- |
|
1,500 |
Transfers from Level 3 |
|
|
(1,300) |
|
(800) |
|
-- |
|
(2,100) |
Purchases,
sales, issuances and
settlements
(net) |
|
|
-- |
|
-- |
|
-- |
|
-- |
|
|
|
|
|
|
|
|
|
|
Balance, end of year |
|
$ |
1,800 |
|
1,100 |
|
7,800 |
|
10,700 |
|
Schedule of Changes in Pension Benefit Obligations, Plan Assets and Funded Status of Defined Benefit Pension Plan |
The
following tables summarize the components of the change in pension benefit obligations, plan assets and funded status of the Company's
defined benefit pension plan at December 31, 2013, 2012 and 2011.
|
|
2013 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
Benefit obligation at beginning of year |
|
$ |
45,814 |
|
45,605 |
|
43,771 |
Service cost |
|
|
636 |
|
627 |
|
602 |
Interest cost |
|
|
1,653 |
|
1,881 |
|
2,182 |
Actuarial (gain) loss |
|
|
(3,311) |
|
1,660 |
|
2,850 |
Benefits paid |
|
|
(3,679) |
|
(3,959) |
|
(3,800) |
|
|
|
|
|
|
|
|
Accumulated
and projected benefit obligation
at
end of year |
|
|
41,113 |
|
45,814 |
|
45,605 |
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of year |
|
|
61,968 |
|
61,090 |
|
66,735 |
Actual return on plan assets |
|
|
7,715 |
|
4,837 |
|
(1,845) |
Benefits paid |
|
|
(3,679) |
|
(3,959) |
|
(3,800) |
|
|
|
|
|
|
|
|
Fair value of plan assets at end of year |
|
|
66,004 |
|
61,968 |
|
61,090 |
|
|
|
|
|
|
|
|
Funded status |
|
|
24,891 |
|
16,154 |
|
15,485 |
|
|
|
|
|
|
|
|
Unrecognized net actuarial (gain) loss |
|
|
9,920 |
|
18,146 |
|
18,238 |
Unrecognized prior service cost |
|
|
27 |
|
31 |
|
35 |
|
|
|
|
|
|
|
|
Prepaid pension cost |
|
$ |
34,838 |
|
34,331 |
|
33,758 |
|
Schedule of Components of Net Periodic Pension Credit |
The
components of the net periodic pension credit for the years ended December 31, 2013, 2012 and 2011 (which are reflected as selling,
general and administrative in the consolidated statements of operations) are as follows:
|
|
2013 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
Service costs |
|
$ |
636 |
|
627 |
|
602 |
Interest cost |
|
|
1,653 |
|
1,881 |
|
2,182 |
Expected return on plan assets |
|
|
(4,025) |
|
(4,101) |
|
(4,065) |
Recognized net actuarial loss |
|
|
1,225 |
|
1,016 |
|
930 |
Amortization of prior service cost |
|
|
4 |
|
4 |
|
5 |
|
|
|
|
|
|
|
|
Net periodic pension credit |
|
$ |
(507) |
|
(573) |
|
(346) |
|
Schedule of Weighted Average Assumptions Used in Valuing Pension Obligations |
The
principal weighted average assumptions used to determine the net periodic pension benefit (credit) and the actuarial value of the
accumulated benefit obligation were as follows:
|
|
2013 |
|
2012 |
|
2011 |
As of January 1, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate |
|
|
3.75% |
|
4.37% |
|
5.24% |
|
|
|
|
|
|
|
|
Rates of compensation increase |
|
|
3% |
|
3% |
|
3% |
|
|
|
|
|
|
|
|
Expected long-term rate of return on assets |
|
|
7.0% |
|
7.0% |
|
7.0% |
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate net periodic pension credit |
|
|
3.75% |
|
4.37% |
|
5.24% |
|
|
|
|
|
|
|
|
Discount rate accumulated benefit obligation |
|
|
4.47% |
|
3.75% |
|
4.37% |
|
|
|
|
|
|
|
|
Rates of compensation increase |
|
|
3% |
|
3% |
|
3% |
|
|
|
|
|
|
|
|
Expected long-term rate of return on assets |
|
|
7.0% |
|
7.0% |
|
7.0% |
|
Schedule of Future Benefit Payments Under Pension Plan |
The
estimated future benefit payments under the Company's pension plan are as follows (in thousands):
|
|
Amounts |
|
|
|
|
2014 |
|
$ |
3,583 |
2015 |
|
|
3,428 |
2016 |
|
|
3,286 |
2017 |
|
|
3,143 |
2018 |
|
|
3,043 |
2019-2023 |
|
|
13,444 |
|
Schedule of Effect of 1% Change in Discount, Salary and Return on Assets Rates |
Effect
of a 1% change in the discount rate and salary increase rate for the fiscal years ended December 31, 2013 and 2012:
|
|
2013
Discount
Rate |
|
2013
Salary
Increase |
|
2012
Discount
Rate |
|
2012
Salary
Increase |
Effect of a 1% increase on: |
|
|
|
|
|
|
|
|
|
Net periodic pension cost |
|
$ |
(20) |
|
1 |
|
(18) |
|
1 |
Pension
benefit obligation
at
year end |
|
$ |
(3,509) |
|
6 |
|
(4,287) |
|
8 |
|
|
|
|
|
|
|
|
|
|
Effect of a 1% decrease on: |
|
|
|
|
|
|
|
|
|
Net periodic pension cost |
|
$ |
14 |
|
-- |
|
8 |
|
(1) |
Pension
benefit obligation
at
year end |
|
$ |
4,177 |
|
(3) |
|
5,165 |
|
(5) |
Effect
of a 1% change in the rate of return on assets for the fiscal year ended December 31, 2013:
|
|
1% Increase |
|
1% Decrease |
|
|
|
|
|
|
Net periodic pension cost |
|
$ |
(575) |
|
575 |
|
X |
- DefinitionTabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a)(b)(c) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_CompensationAndRetirementDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_ScheduleOfAssumptionsUsedTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e2439-114920
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e2417-114920
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e2410-114920
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=58242635&loc=d3e4179-114921
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the effect of a one-percentage-point increase and the effect of a one-percentage-point decrease in the assumed health care cost trend rates on the aggregate of the service and interest cost components of net periodic postretirement health care benefit costs and the accumulated postretirement benefit obligation for health care benefits.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (m) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_ScheduleOfEffectOfOnePercentagePointChangeInAssumedHealthCareCostTrendRatesTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(4) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_ScheduleOfNetBenefitCostsTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2013 |
Income Tax Disclosure [Abstract] |
|
Schedule of Components of Income Tax Expense (Benefit) |
Income
tax expense/(benefit) attributable to income from continuing operations for the years ended December 31, 2013, 2012 and 2011 consists
of:
|
|
Current |
|
Deferred |
|
Total |
Year ended December 31, 2013: |
|
|
|
|
|
|
|
U.S. federal |
|
$ |
-- |
|
(527) |
|
(527) |
State |
|
|
-- |
|
(59) |
|
(59) |
|
|
$ |
-- |
|
(586) |
|
(586) |
|
|
|
|
|
|
|
|
Year ended December 31, 2012: |
|
|
|
|
|
|
|
U.S. federal |
|
$ |
-- |
|
574 |
|
574 |
State |
|
|
-- |
|
64 |
|
64 |
|
|
$ |
-- |
|
638 |
|
638 |
|
|
|
|
|
|
|
|
Year ended December 31, 2011: |
|
|
|
|
|
|
|
U.S. federal |
|
$ |
-- |
|
1,740 |
|
1,740 |
State |
|
|
-- |
|
193 |
|
193 |
|
|
$ |
-- |
|
1,933 |
|
1,933 |
|
Schedule of Reconciliation of Statutory Income Tax Rate |
Income
tax expense/(benefit) attributable to income from continuing operations differs from the amounts computed by applying the U.S.
federal income tax rate of 35 percent to pretax income from operations as a result of the following:
|
|
2013 |
|
2012 |
|
2011 |
Provision at statutory rate |
|
$ |
(1,171) |
|
71 |
|
(1,701) |
Increase
(reduction) in income taxes
resulting
from: |
|
|
|
|
|
|
|
Increase (reduction) in valuation allowance |
|
|
1,077 |
|
241 |
|
3,506 |
Other, net |
|
|
(492) |
|
326 |
|
128 |
|
|
|
|
|
|
|
|
Total |
|
$ |
(586) |
|
638 |
|
1,933 |
|
Schedule of Deferred Tax Assets and Liabilities |
The deferred tax effects of temporary differences at December 31,
2013, 2012 and 2011 are as follows:
|
|
December 31, |
|
|
2013 |
|
2012 |
|
2011 |
Deferred tax assets: |
|
|
|
|
|
|
|
Reserves
related primarily to losses
on
divestitures |
|
$ |
(5,871) |
|
(5,810) |
|
(7,682) |
Loss carryforwards |
|
|
(11,466) |
|
(10,030) |
|
(8,147) |
Tax credit carryforwards |
|
|
(2,777) |
|
(2,777) |
|
(2,777) |
Other, net |
|
|
(892) |
|
(892) |
|
(1,140) |
Total deferred tax assets |
|
|
(21,006) |
|
(19,509) |
|
(19,746) |
Less valuation allowance |
|
|
14,242 |
|
13,165 |
|
12,924 |
Total deferred tax assets |
|
|
(6,764) |
|
(6,344) |
|
(6,822) |
|
|
|
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
Property,
plant and equipment, principally
due
to purchase accounting adjustments,
net
of impairment charges |
|
|
17,874 |
|
18,183 |
|
18,264 |
Prepaid pension costs |
|
|
10,502 |
|
7,094 |
|
6,833 |
Total deferred tax liabilities |
|
|
28,376 |
|
25,277 |
|
25,097 |
Net deferred tax liability |
|
$ |
21,612 |
|
18,933 |
|
18,275 |
|
X |
- DefinitionTabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319
+ Details
Name: |
us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319
+ Details
Name: |
us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319
+ Details
Name: |
us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Business Segment Information (Tables)
|
12 Months Ended |
Dec. 31, 2013 |
Segment Reporting [Abstract] |
|
Schedule of Information by Segment |
|
|
2013 |
|
2012 |
|
2011 |
Revenues: |
|
|
|
|
|
|
|
Property |
|
$ |
5,838 |
|
2,047 |
|
2,103 |
Agriculture |
|
|
2,979 |
|
3,070 |
|
3,336 |
Corporate |
|
|
14 |
|
23 |
|
54 |
|
|
$ |
8,831 |
|
5,140 |
|
5,493 |
|
|
|
|
|
|
|
|
Operating income (loss): |
|
|
|
|
|
|
|
Property |
|
$ |
(2,038) |
|
(1,149) |
|
(1,929) |
Agriculture |
|
|
611 |
|
320 |
|
255 |
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
(1,427) |
|
(829) |
|
(1,674) |
|
|
|
|
|
|
|
|
Corporate |
|
|
(1,974) |
|
1,049 |
|
(3,196) |
|
|
|
|
|
|
|
|
Operating
income (loss) from continuing
operations
before income taxes |
|
$ |
(3,401) |
|
220 |
|
(4,870) |
|
|
|
|
|
|
|
|
Identifiable Assets: |
|
|
|
|
|
|
|
Property |
|
$ |
39,357 |
|
41,483 |
|
41,570 |
Agriculture |
|
|
58,125 |
|
57,026 |
|
56,811 |
|
|
|
|
|
|
|
|
|
|
|
97,482 |
|
98,509 |
|
98,381 |
|
|
|
|
|
|
|
|
Corporate |
|
|
34,137 |
|
28,380 |
|
34,401 |
|
|
|
|
|
|
|
|
|
|
$ |
131,619 |
|
126,889 |
|
132,782 |
|
Schedule of Capital Expenditures and Depreciation and Amortization by Segment |
|
2013 |
|
2012 |
|
2011 |
Capital Expenditures: |
|
|
|
|
|
|
|
Property |
|
$ |
748 |
|
251 |
|
505 |
Agriculture |
|
|
69 |
|
173 |
|
273 |
|
|
$ |
817 |
|
424 |
|
778 |
|
|
|
|
|
|
|
|
Depreciation and Amortization: |
|
|
|
|
|
|
|
Property |
|
$ |
59 |
|
61 |
|
75 |
Agriculture |
|
|
173 |
|
225 |
|
201 |
Total |
|
$ |
232 |
|
286 |
|
276 |
|
X |
- DefinitionTabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599
+ Details
Name: |
us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8813-108599
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8721-108599
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8736-108599
+ Details
Name: |
us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_SegmentReportingAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Calculation of Net Income Per Share (Tables)
|
12 Months Ended |
Dec. 31, 2013 |
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 income (loss) per share - basic and diluted:
|
|
Year
Ended
December
31,
2013 |
|
Year
Ended
December
31,
2012 |
|
Year
Ended
December
31,
2011 |
|
|
(Amounts in thousands except per share amounts) |
Numerator: |
|
|
|
|
|
|
|
Net income (loss) attributable to
stockholders |
|
$ |
(2,964) |
|
(418) |
|
(6,803) |
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
Number of weighted average shares
outstanding |
|
|
1,845 |
|
1,845 |
|
1,845 |
|
|
|
|
|
|
|
|
Net income (loss) per share basic
and diluted |
|
$ |
(1.61) |
|
(0.23) |
|
(3.69) |
|
X |
- References
+ Details
Name: |
us-gaap_EarningsPerShareAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
+ Details
Name: |
us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Supplementary Quarterly Data (Unaudited) (Tables)
|
12 Months Ended |
Dec. 31, 2013 |
Quarterly Financial Information Disclosure [Abstract] |
|
Schedule of Quarterly Financial Information |
|
2013 |
|
|
Quarter
ended
3/31 |
|
Quarter
ended
6/30 |
|
Quarter
ended
9/30 |
|
Quarter
ended
12/31 |
Total revenues |
|
$ |
2,676 |
|
1,386 |
|
508 |
|
4,261 |
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to
stockholders |
|
$ |
81 |
|
154 |
|
(733) |
|
(2,466) |
|
|
|
|
|
|
|
|
|
|
Net
income (loss) per Share
basic
and diluted |
|
$ |
0.04 |
|
0.08 |
|
(0.40) |
|
(1.34) |
|
|
2012 |
|
|
Quarter
ended
3/31 |
|
Quarter
ended
6/30 |
|
Quarter
ended
9/30 |
|
Quarter
ended
12/31 |
Total revenues |
|
$ |
1,121 |
|
1,282 |
|
1,276 |
|
1,461 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(835) |
|
(409) |
|
(635) |
|
1,461 |
|
|
|
|
|
|
|
|
|
|
Net
income (loss) per Share
basic
and diluted |
|
$ |
(0.45) |
|
(0.22) |
|
(0.35) |
|
0.79 |
|
|
2011 |
|
|
Quarter
ended
3/31 |
|
Quarter
ended
6/30 |
|
Quarter
ended
9/30 |
|
Quarter
ended
12/31 |
Total revenues |
|
$ |
2,286 |
|
1,253 |
|
998 |
|
956 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(87) |
|
(872) |
|
(687) |
|
(5,157) |
|
|
|
|
|
|
|
|
|
|
Net
income (loss) per Share
basic
and diluted |
|
$ |
(0.05) |
|
(0.47) |
|
(0.37) |
|
(2.80) |
|
X |
- DefinitionTabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=51825399&loc=d3e1280-108306
+ Details
Name: |
us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Summary of Significant Accounting Policies (Organization and Basis of Accounting) (Details) - shares
|
Dec. 31, 2013 |
Dec. 31, 2012 |
Accounting Policies [Abstract] |
|
|
Common stock, shares issued |
1,792,613
|
1,792,613
|
Common stock, shares outstanding |
1,792,613
|
1,792,613
|
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockSharesIssued |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
v3.3.1.900
Summary of Significant Accounting Policies (Land Development) (Details) $ in Thousands |
3 Months Ended |
12 Months Ended |
|
Sep. 30, 2015
Lots
|
Jun. 30, 2015
Lots
|
Mar. 31, 2015
Lots
|
Dec. 31, 2014
Lots
|
Jun. 30, 2014
Lots
|
Mar. 31, 2014
Lots
|
Dec. 31, 2014
Lots
|
Dec. 31, 2013
USD ($)
Lots
|
Nov. 01, 2015
USD ($)
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Number of agricultural lots held for sale |
|
|
|
|
|
|
|
51
|
|
Total number of agricultural lots sold |
|
|
|
|
|
|
|
18
|
|
Number of agricultural lots sold during period |
|
|
|
|
|
|
2
|
|
|
Total value of promissory notes outstanding | $ |
|
|
|
|
|
|
|
$ 1,208
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Number of agricultural lots sold during period |
1
|
1
|
2
|
3
|
7
|
3
|
|
|
|
Total value of promissory notes outstanding | $ |
|
|
|
|
|
|
|
|
$ 1,208
|
X |
- DefinitionNumber of agricultural lots held for sale.
+ References
+ Details
Name: |
kanp_NumberOfAgriculturalLotsHeldForSale |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:integerItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of agricultural lots sold during period.
+ References
+ Details
Name: |
kanp_NumberOfAgriculturalLotsSoldDuringPeriod |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:integerItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTotal number of agricultural lots sold.
+ References
+ Details
Name: |
kanp_TotalNumberOfAgriculturalLotsSold |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:integerItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionAmount representing an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. Excludes amounts related to receivables held-for-sale.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.10(3)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
+ Details
Name: |
us-gaap_NotesReceivableGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionDetail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event.
+ References
+ Details
Name: |
us-gaap_SubsequentEventLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
Summary of Significant Accounting Policies (Property Narrative) (Details) $ in Thousands |
12 Months Ended |
Dec. 31, 2013
USD ($)
a
|
Dec. 31, 2012
USD ($)
|
Property |
|
|
Area of significant property holdings on island of Maui | a |
4,000
|
|
Area of property holdings in Maui classified as conservation land which precludes development | a |
1,500
|
|
Inventory of land held for sale | $ |
$ 21,300
|
$ 25,100
|
Reduction in value of property inventory to reflect at the lower of carrying value or fair value less costs to sell | $ |
$ 856
|
|
Land Improvements [Member] | Minimum [Member] |
|
|
Property |
|
|
Property, estimated useful live |
15 years
|
15 years
|
Land Improvements [Member] | Maximum [Member] |
|
|
Property |
|
|
Property, estimated useful live |
40 years
|
40 years
|
Machinery and Equipment [Member] | Minimum [Member] |
|
|
Property |
|
|
Property, estimated useful live |
3 years
|
3 years
|
Machinery and Equipment [Member] | Maximum [Member] |
|
|
Property |
|
|
Property, estimated useful live |
18 years
|
18 years
|
X |
- DefinitionArea of property holdings in Maui classified as conservation land which precludes development.
+ References
+ Details
Name: |
kanp_AreaOfPropertyHoldingsInMauiClassifiedAsConservationLandWhichPrecludesDevelopment |
Namespace Prefix: |
kanp_ |
Data Type: |
num:areaItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionCarrying amount as of the balance sheet date of parcels of land held for sale, and on which the entity has no intention or no further intention to perform construction activities.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6(a)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_InventoryLandHeldForSale |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionCharge to cost of goods sold that represents the reduction of the carrying amount of inventory, generally attributable to obsolescence or market conditions.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=28360613&loc=d3e4542-108314
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.2) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_InventoryWriteDown |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionUseful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.
+ References
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentUsefulLife |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_RealEstateInvestmentPropertyNetAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LandImprovementsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_RangeAxis=us-gaap_MinimumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_RangeAxis=us-gaap_MaximumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_MachineryAndEquipmentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
Summary of Significant Accounting Policies (Schedule of Property, Net) (Details) - USD ($) $ in Thousands |
Dec. 31, 2013 |
Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] |
|
|
Property, gross |
$ 95,070
|
$ 99,581
|
Accumulated depreciation |
(4,278)
|
(4,046)
|
Property, net |
90,792
|
95,535
|
Land [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, gross |
88,133
|
91,955
|
Buildings [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, gross |
2,977
|
3,688
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, gross |
$ 3,960
|
$ 3,938
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph a -Article 5
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 8 -Article 7
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LandMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_MachineryAndEquipmentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionInvestments which are intended to be sold in the short term (usually less than one year or the normal operating cycle, whichever is longer) including trading securities, available-for-sale securities, held-to-maturity securities, and other short-term investments not otherwise listed in the existing taxonomy.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.2) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 1 -Subparagraph g -Article 7
+ Details
Name: |
us-gaap_ShortTermInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
v3.3.1.900
Mortgage Note Payable (Details) - Secured Promissory Note [Member] - Affiliated Entities [Member] - USD ($) $ in Thousands |
12 Months Ended |
|
Dec. 31, 2013 |
Dec. 31, 2012 |
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 |
$ 87,300
|
$ 87,000
|
Debt instrument, interest rate |
1.19%
|
|
X |
- DefinitionFace (par) amount of debt instrument at time of issuance.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399
+ Details
Name: |
us-gaap_DebtInstrumentFaceAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionContractual interest rate for funds borrowed, under the debt agreement.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_DebtInstrumentInterestRateStatedPercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionDate the debt instrument was issued, in CCYY-MM-DD format.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_DebtInstrumentIssuanceDate1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_DebtInstrumentLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDate when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(2)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_DebtInstrumentMaturityDate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCarrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.16) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20, 22 -Article 5
+ Details
Name: |
us-gaap_LongTermDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_LongtermDebtTypeAxis=us-gaap_SecuredDebtMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
X |
- DefinitionAmount of rent expense incurred for leased assets, including but not limited to, furniture and equipment, that is not directly or indirectly associated with the manufacture, sale or creation of a product or product line.
+ References
+ Details
Name: |
us-gaap_LeaseAndRentalExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_LeasesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended |
|
|
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Unrecognized prior service costs that have not yet been recognized in net periodic pension cost, before tax |
$ 27
|
$ 31
|
$ 35
|
Unrecognized prior service costs that have not yet been recognized in net periodic pension cost, after tax |
16
|
19
|
$ 21
|
Unrecognized actuarial loss that have not yet been recognized in net periodic pension cost, before tax |
9,947
|
18,177
|
|
Unrecognized actuarial loss that have not yet been recognized in net periodic pension cost, after tax |
6,068
|
$ 11,088
|
|
Deferred liability for nonqualified deferred compensation arrangement ("Rabbi Trust") |
1,012
|
|
|
Assets held under deferred compensation arrangement ("Rabbi Trust") |
$ 75
|
|
|
Equity Composite [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Defined benefit plan investment target allocation percentages |
34.00%
|
|
|
Debt Composite [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Defined benefit plan investment target allocation percentages |
15.00%
|
|
|
Multi-strategy Composite [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Defined benefit plan investment target allocation percentages |
45.00%
|
|
|
Real Assets [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Defined benefit plan investment target allocation percentages |
6.00%
|
|
|
X |
- DefinitionAfter 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.
+ References
+ Details
Name: |
kanp_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesAfterTaxes |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe 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.
+ References
+ Details
Name: |
kanp_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTaxes |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAggregate carrying value as of the balance sheet date of the liabilities for all deferred compensation arrangements. Represents currently earned compensation under compensation arrangements that is not actually paid until a later date.
+ References
+ Details
Name: |
us-gaap_DeferredCompensationLiabilityCurrentAndNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionCarrying amount as of the balance sheet date of assets held under deferred compensation agreements.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.17) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_DeferredCompensationPlanAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount after tax of cost (credit) due to benefit changes attributable to plan participants' prior service pursuant to a plan amendment or a plan initiation, which has not yet been recognized as a component of net periodic benefit cost.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Prior Service Cost -URI http://asc.fasb.org/extlink&oid=49177896
+ Details
Name: |
us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditAfterTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount related to the pretax cost of benefit changes attributable to plan participants' prior service pursuant to a plan amendment or a plan initiation, which has not yet been recognized as components of net periodic benefit cost.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Prior Service Cost -URI http://asc.fasb.org/extlink&oid=49177896
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (j) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 10A -Subparagraph (j) -URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669646-108580
+ Details
Name: |
us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_DefinedBenefitPlanDisclosureLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTarget allocation of investments of this type to total plan assets presented on a weighted average basis.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (c)(i) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e2446-114920
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(i) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanTargetPlanAssetAllocations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis=us-gaap_EquityFundsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis=us-gaap_DebtSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis=kanp_AlternativeInvestmentsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis=kanp_RealAssetsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
Employee Benefit Plans (Schedule of Pension Plan Assets Measured at Fair Value) (Details) - USD ($) $ in Thousands |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
$ 66,000
|
$ 62,000
|
|
Level 1 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
22,100
|
32,200
|
|
Level 2 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
26,000
|
19,100
|
|
Level 3 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
17,900
|
10,700
|
$ 10,300
|
Common and preferred stocks [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
20,500
|
18,400
|
|
Common and preferred stocks [Member] | Level 1 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
$ 20,500
|
$ 18,400
|
|
Common and preferred stocks [Member] | Level 2 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
|
|
|
Common and preferred stocks [Member] | Level 3 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
|
|
|
Corporate notes, bonds and debentures [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
$ 1,400
|
$ 5,600
|
|
Corporate notes, bonds and debentures [Member] | Level 1 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
$ 1,400
|
$ 5,600
|
|
Corporate notes, bonds and debentures [Member] | Level 2 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
|
|
|
Corporate notes, bonds and debentures [Member] | Level 3 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
|
|
|
Investment in partnerships [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
$ 26,200
|
$ 18,400
|
|
Investment in partnerships [Member] | Level 1 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
|
100
|
|
Investment in partnerships [Member] | Level 2 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
$ 19,500
|
17,200
|
|
Investment in partnerships [Member] | Level 3 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
6,700
|
1,100
|
1,200
|
Investments in insurance companies [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
$ 1,600
|
$ 1,800
|
|
Investments in insurance companies [Member] | Level 1 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
|
|
|
Investments in insurance companies [Member] | Level 2 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
|
|
|
Investments in insurance companies [Member] | Level 3 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
$ 1,600
|
$ 1,800
|
1,900
|
Investments in private equity funds [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
$ 16,100
|
17,500
|
|
Investments in private equity funds [Member] | Level 1 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
|
7,800
|
|
Investments in private equity funds [Member] | Level 2 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
$ 6,500
|
1,900
|
|
Investments in private equity funds [Member] | Level 3 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
9,600
|
7,800
|
$ 7,200
|
Cash and cash equivalents [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
200
|
300
|
|
Cash and cash equivalents [Member] | Level 1 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
$ 200
|
$ 300
|
|
Cash and cash equivalents [Member] | Level 2 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
|
|
|
Cash and cash equivalents [Member] | Level 3 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Pension plan assets at fair value |
|
|
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_DefinedBenefitPlanDisclosureLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAssets, usually stocks, bonds, and other investments, that have been segregated and restricted (usually in a trust) to provide benefits, at their fair value as of the measurement date. Plan assets include amounts contributed by the employer (and by employees for a contributory plan) and amounts earned from investing the contributions, less benefits paid. If a plan has liabilities other than for benefits, those non-benefit obligations may be considered as reductions of plan assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 30 -Section 35 -Paragraph 50 -URI http://asc.fasb.org/extlink&oid=49178875&loc=d3e12355-114930
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanFairValueOfPlanAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis=us-gaap_EquitySecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis=kanp_CorporateNotesBondsAndDebenturesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis=kanp_InvestmentsInPartnershipsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis=kanp_InvestmentsInInsuranceCompaniesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis=us-gaap_PrivateEquityFundsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis=us-gaap_CashAndCashEquivalentsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
Employee Benefit Plans (Schedule of Changes in Level 3 Investments Held Under Pension Plan) (Details) - USD ($) $ in Thousands |
12 Months Ended |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Balance, beginning of year |
$ 62,000
|
|
|
Net earned interest and realized/unrealized gains (losses) |
7,715
|
$ 4,837
|
$ (1,845)
|
Balance, end of year |
66,000
|
62,000
|
|
Level 3 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Balance, beginning of year |
10,700
|
10,300
|
|
Net earned interest and realized/unrealized gains (losses) |
2,200
|
1,000
|
|
Transfers in to Level 3 |
1,800
|
1,500
|
|
Transfers from Level 3 |
(1,100)
|
$ (2,100)
|
|
Purchases, sales, issuances and settlements (net) |
4,300
|
|
|
Balance, end of year |
17,900
|
$ 10,700
|
10,300
|
Investments in insurance companies [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Balance, beginning of year |
1,800
|
|
|
Balance, end of year |
1,600
|
1,800
|
|
Investments in insurance companies [Member] | Level 3 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Balance, beginning of year |
1,800
|
1,900
|
|
Net earned interest and realized/unrealized gains (losses) |
$ 100
|
200
|
|
Transfers in to Level 3 |
|
1,000
|
|
Transfers from Level 3 |
$ (1,100)
|
$ (1,300)
|
|
Purchases, sales, issuances and settlements (net) |
800
|
|
|
Balance, end of year |
1,600
|
$ 1,800
|
1,900
|
Investment in partnerships [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Balance, beginning of year |
18,400
|
|
|
Balance, end of year |
26,200
|
18,400
|
|
Investment in partnerships [Member] | Level 3 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Balance, beginning of year |
1,100
|
1,200
|
|
Net earned interest and realized/unrealized gains (losses) |
1,400
|
200
|
|
Transfers in to Level 3 |
$ 1,800
|
500
|
|
Transfers from Level 3 |
|
$ (800)
|
|
Purchases, sales, issuances and settlements (net) |
$ 2,400
|
|
|
Balance, end of year |
6,700
|
$ 1,100
|
1,200
|
Investments in private equity funds [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Balance, beginning of year |
17,500
|
|
|
Balance, end of year |
16,100
|
17,500
|
|
Investments in private equity funds [Member] | Level 3 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Balance, beginning of year |
7,800
|
7,200
|
|
Net earned interest and realized/unrealized gains (losses) |
$ 700
|
$ 600
|
|
Transfers in to Level 3 |
|
|
|
Transfers from Level 3 |
|
|
|
Purchases, sales, issuances and settlements (net) |
$ 1,100
|
|
|
Balance, end of year |
$ 9,600
|
$ 7,800
|
$ 7,200
|
X |
- DefinitionTransfers into Level 3. For example, transfers due to changes in the observability of significant inputs.
+ References
+ Details
Name: |
kanp_DefinedBenefitPlanTransfersInToLevelThree |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionTransfers out of Level 3. For example, transfers due to changes in the observability of significant inputs.
+ References
+ Details
Name: |
kanp_DefinedBenefitPlanTransfersOutOfLevelThree |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe difference between fair value of plan assets at the end of the period and the fair value at the beginning of the period, adjusted for contributions and payments of benefits during the period, and after adjusting for taxes and other expenses, as applicable.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Actual Return on Plan Assets (Component of Net Periodic Postretirement Benefit Cost) -URI http://asc.fasb.org/extlink&oid=6504192
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b)(1) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Actual Return on Plan Assets (Component of Net Periodic Pension Cost) -URI http://asc.fasb.org/extlink&oid=6504226
+ Details
Name: |
us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_DefinedBenefitPlanDisclosureLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAssets, usually stocks, bonds, and other investments, that have been segregated and restricted (usually in a trust) to provide benefits, at their fair value as of the measurement date. Plan assets include amounts contributed by the employer (and by employees for a contributory plan) and amounts earned from investing the contributions, less benefits paid. If a plan has liabilities other than for benefits, those non-benefit obligations may be considered as reductions of plan assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 30 -Section 35 -Paragraph 50 -URI http://asc.fasb.org/extlink&oid=49178875&loc=d3e12355-114930
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanFairValueOfPlanAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of increase (decrease) in plan assets from purchases, sales and settlement of plan obligations.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(02)(B) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (c)(iv)(02)(B) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e2446-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanPurchasesSalesAndSettlements |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis=kanp_InvestmentsInInsuranceCompaniesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis=kanp_InvestmentsInPartnershipsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis=us-gaap_PrivateEquityFundsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
Employee Benefit Plans (Schedule of Changes in Pension Benefit Obligations) (Details) - USD ($) $ in Thousands |
12 Months Ended |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] |
|
|
|
Benefit obligation at beginning of year |
$ 45,814
|
$ 45,605
|
$ 43,771
|
Service cost |
636
|
627
|
602
|
Interest cost |
1,653
|
1,881
|
2,182
|
Actuarial (gain) loss |
(3,311)
|
1,660
|
2,850
|
Benefits paid |
(3,679)
|
(3,959)
|
(3,800)
|
Accumulated and projected benefit obligation at end of year |
41,113
|
45,814
|
45,605
|
Fair value of plan assets at beginning of year |
61,968
|
61,090
|
66,735
|
Actual return on plan assets |
7,715
|
4,837
|
(1,845)
|
Benefits paid during period |
(3,679)
|
(3,959)
|
(3,800)
|
Fair value of plan assets at end of year |
66,004
|
61,968
|
61,090
|
Funded status |
24,891
|
16,154
|
15,485
|
Unrecognized net actuarial (gain) loss |
9,920
|
18,146
|
18,238
|
Unrecognized prior service cost |
27
|
31
|
35
|
Prepaid pension cost |
$ 34,838
|
$ 34,331
|
$ 33,758
|
X |
- DefinitionAssets, usually stocks, bonds, and other investments, that have been segregated and restricted (usually in a trust) to provide benefits, at their fair value as of the measurement date. Plan assets include amounts contributed by the employer (and by employees for a contributory plan) and amounts earned from investing the contributions, less benefits paid. If a plan has liabilities other than for benefits, those non-benefit obligations may be considered as reductions of plan assets.
+ References
+ Details
Name: |
kanp_DefinedBenefitPlansFairValueOfPlanAssets |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_CompensationAndRetirementDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 10A -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669646-108580
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (j) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount related to the pretax cost of benefit changes attributable to plan participants' prior service pursuant to a plan amendment or a plan initiation, which has not yet been recognized as components of net periodic benefit cost.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Prior Service Cost -URI http://asc.fasb.org/extlink&oid=49177896
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (j) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 10A -Subparagraph (j) -URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669646-108580
+ Details
Name: |
us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionThe difference between fair value of plan assets at the end of the period and the fair value at the beginning of the period, adjusted for contributions and payments of benefits during the period, and after adjusting for taxes and other expenses, as applicable.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Actual Return on Plan Assets (Component of Net Periodic Postretirement Benefit Cost) -URI http://asc.fasb.org/extlink&oid=6504192
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b)(1) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Actual Return on Plan Assets (Component of Net Periodic Pension Cost) -URI http://asc.fasb.org/extlink&oid=6504226
+ Details
Name: |
us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of gain (loss) related to change in benefit obligation resulting from changes in actuarial assumptions, for example, but not limited to, interest, mortality, employee turnover, salary, and temporary deviation from the substantive plan.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Gain or Loss -URI http://asc.fasb.org/extlink&oid=49168827
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a)(4) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanActuarialGainLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition1) For defined benefit pension plans, the benefit obligation is the projected benefit obligation, which is the actuarial present value as of a date of all benefits attributed by the pension benefit formula to employee service rendered prior to that date. 2) For other postretirement defined benefit plans, the benefit obligation is the accumulated postretirement benefit obligation, which is the actuarial present value of benefits attributed to employee service rendered to a particular date.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Projected Benefit Obligation -URI http://asc.fasb.org/extlink&oid=6522206
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Accumulated Postretirement Benefit Obligation -URI http://asc.fasb.org/extlink&oid=6503904
+ Details
Name: |
us-gaap_DefinedBenefitPlanBenefitObligation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe amount of payments made for which participants are entitled under a pension plan, including pension benefits, death benefits, and benefits due on termination of employment. Also includes payments made under a postretirement benefit plan, including prescription drug benefits, health care benefits, life insurance benefits, and legal, educational and advisory services. This item represents a periodic decrease to the plan obligations and a decrease to plan assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39716-114964
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Benefits -URI http://asc.fasb.org/extlink&oid=49170737
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a)(6) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Postretirement Benefits -URI http://asc.fasb.org/extlink&oid=6521376
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b)(5) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanBenefitsPaid |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe funded status is measured as the difference between the fair value of plan assets and the benefit obligation. Will normally be the same as the net Defined Benefit Plan, Amounts Recognized in Balance Sheet, Total.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=21915240&loc=d3e1703-114919
+ Details
Name: |
us-gaap_DefinedBenefitPlanFundedStatusOfPlan |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionThe increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a)(2) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanInterestCost |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during the period. The portion of the expected postretirement benefit obligation attributed to employee service during the period. The service cost component is a portion of the benefit obligation and is unaffected by the funded status of the plan.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Service Cost (Component of Net Periodic Pension Cost) -URI http://asc.fasb.org/extlink&oid=6525008
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a)(1) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanServiceCost |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionCumulative employer's contributions in excess of net pension cost recognized, before the adoption of the recognition provisions of FAS 158. Under FAS 158, prepaid pension costs are no longer recognized in the statement of financial position. Note that there is a separate concept for noncurrent assets relating to defined benefit pension and other defined benefit postretirement plans for use under the recognition provisions of FAS 158.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=21915240&loc=d3e1703-114919
+ Details
Name: |
us-gaap_PrepaidPensionCosts |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
v3.3.1.900
Employee Benefit Plans (Schedule of Components of Net Periodic Pension Credit) (Details) - USD ($) $ in Thousands |
12 Months Ended |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] |
|
|
|
Service costs |
$ 636
|
$ 627
|
$ 602
|
Interest cost |
1,653
|
1,881
|
2,182
|
Expected return on plan assets |
(4,025)
|
(4,101)
|
(4,065)
|
Recognized net actuarial loss |
1,225
|
1,016
|
930
|
Amortization of prior service cost |
4
|
4
|
5
|
Net periodic pension credit |
$ (507)
|
$ (573)
|
$ (346)
|
X |
- References
+ Details
Name: |
us-gaap_CompensationAndRetirementDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe amount of gains or losses recognized in net periodic benefit cost.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h)(4) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe amount of the prior service cost or credit recognized in net periodic benefit cost relating to benefit changes attributable to plan participants' prior service pursuant to a plan amendment or a plan initiation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Prior Service Cost -URI http://asc.fasb.org/extlink&oid=49177896
+ Details
Name: |
us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAn amount calculated as a basis for determining the extent of delayed recognition of the effects of changes in the fair value of assets. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Expected Return on Plan Assets -URI http://asc.fasb.org/extlink&oid=6512171
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a)(2) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanInterestCost |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe total amount of net periodic benefit cost for defined benefit plans for the period. Periodic benefit costs include the following components: service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) due to settlements or curtailments.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (j) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during the period. The portion of the expected postretirement benefit obligation attributed to employee service during the period. The service cost component is a portion of the benefit obligation and is unaffected by the funded status of the plan.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Service Cost (Component of Net Periodic Pension Cost) -URI http://asc.fasb.org/extlink&oid=6525008
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a)(1) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanServiceCost |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
v3.3.1.900
X |
- References
+ Details
Name: |
us-gaap_CompensationAndRetirementDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe interest rate used to adjust for the time value of money for the plan.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k)(1) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe interest rate used to adjust for the time value of money.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k)(1) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAn assumption as to the rate of return on plan assets reflecting the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the benefit obligation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Expected Long-Term Rate of Return on Plan Assets -URI http://asc.fasb.org/extlink&oid=6512046
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k)(3) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionExpected rate of compensation increases (for pay-related plans).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k)(2) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
X |
- References
+ Details
Name: |
us-gaap_CompensationAndRetirementDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of benefits from a defined benefit plan expected to be paid in the five fiscal years after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of benefits from a defined benefit plan expected to be paid in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of benefits from a defined benefit plan expected to be paid in the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of benefits from a defined benefit plan expected to be paid in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of benefits from a defined benefit plan expected to be paid in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of benefits from a defined benefit plan expected to be paid in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.3.1.900
X |
- DefinitionEffect of a 1% decrease in the rate of return on assets
+ References
+ Details
Name: |
kanp_DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnRateOfReturnOnAssets |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionEffect of a 1% increase in the rate of return on assets.
+ References
+ Details
Name: |
kanp_DefinedBenefitPlanEffectOfOnePercentagePointIncreaseOnRateOfReturnOnAssets |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_DefinedBenefitPlanDisclosureLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of effect of a one-percentage-point decrease in the assumed health care cost trend rates on the accumulated postretirement benefit obligation for health care benefits.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (m) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnAccumulatedPostretirementBenefitObligation1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of effect of a one-percentage-point decrease in the assumed health care cost trend rates on the aggregate of the service and interest cost components of net periodic postretirement health care benefit costs.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (m) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnServiceAndInterestCostComponents1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe effect of a one-percentage-point increase in the assumed health care cost trend rates on the accumulated postretirement benefit obligation for health care benefits.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (m) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanEffectOfOnePercentagePointIncreaseOnAccumulatedPostretirementBenefitObligation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe effect of a one-percentage-point increase in the assumed health care cost trend rates on the aggregate of the service and interest cost components of net periodic postretirement health care benefit costs.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (m) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanEffectOfOnePercentagePointIncreaseOnServiceAndInterestCostComponents |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Details
Name: |
kanp_PensionPlanHealthCareRateAxis=kanp_PensionPlanDiscountRateMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
kanp_PensionPlanHealthCareRateAxis=kanp_PensionPlanSalaryIncreaseMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
X |
- DefinitionTax year that remains open to examination under enacted tax laws, in CCYY format.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319
+ Details
Name: |
us-gaap_OpenTaxYear |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:gYearItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of operating loss carryforward, before tax effects, available to reduce future taxable income under enacted tax laws.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319
+ Details
Name: |
us-gaap_OperatingLossCarryforwards |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionExpiration date of each operating loss carryforward included in operating loss carryforward, in CCYY-MM-DD format.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319
+ Details
Name: |
us-gaap_OperatingLossCarryforwardsExpirationDate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_OperatingLossCarryforwardsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_RangeAxis=us-gaap_MinimumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
X |
- DefinitionThe total of U.S. Federal current and deferred income tax expense (benefit)
+ References
+ Details
Name: |
kanp_TotalCurrentAndDeferredFederalTaxExpenseBenefit |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe total of state current and deferred income tax expense (benefit).
+ References
+ Details
Name: |
kanp_TotalCurrentAndDeferredStateAndLocalTaxExpenseBenefit |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of current state, local, and federal tax expense (benefit) pertaining to income (loss) from continuing operations.
+ References
+ Details
Name: |
us-gaap_CurrentFederalStateAndLocalTaxExpenseBenefit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_CurrentFederalStateAndLocalTaxExpenseBenefitAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of current federal tax expense (benefit) pertaining to income (loss) from continuing operations.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Current Tax Expense (or Benefit) -URI http://asc.fasb.org/extlink&oid=6509736
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.7) -URI http://asc.fasb.org/extlink&oid=34349781&loc=d3e330036-122817
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section I -Paragraph Question 1-7
+ Details
Name: |
us-gaap_CurrentFederalTaxExpenseBenefit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of current state and local tax expense (benefit) pertaining to income (loss) from continuing operations.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.7) -URI http://asc.fasb.org/extlink&oid=34349781&loc=d3e330036-122817
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Current Tax Expense (or Benefit) -URI http://asc.fasb.org/extlink&oid=6509736
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section I -Subsection 7
+ Details
Name: |
us-gaap_CurrentStateAndLocalTaxExpenseBenefit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of deferred state, local, and federal tax expense (benefit) pertaining to income (loss) from continuing operations.
+ References
+ Details
Name: |
us-gaap_DeferredFederalStateAndLocalTaxExpenseBenefit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_DeferredFederalStateAndLocalTaxExpenseBenefitAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
v3.3.1.900
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2011 |
Deferred tax assets: |
|
|
|
Reserves related primarily to losses on divestitures |
$ (5,871)
|
$ (5,810)
|
$ (7,682)
|
Loss carryforwards |
(11,466)
|
(10,030)
|
(8,147)
|
Tax credit carryforwards |
(2,777)
|
(2,777)
|
(2,777)
|
Other, net |
(892)
|
(892)
|
(1,140)
|
Total deferred tax assets |
(21,006)
|
(19,509)
|
(19,746)
|
Less - valuation allowance |
14,242
|
13,165
|
12,924
|
Total deferred tax assets |
(6,764)
|
(6,344)
|
(6,822)
|
Deferred tax liabilities: |
|
|
|
Property, plant and equipment, principally due to purchase accounting adjustments, net of impairment charges |
17,874
|
18,183
|
18,264
|
Prepaid pension costs |
10,502
|
7,094
|
6,833
|
Total deferred tax liabilities |
28,376
|
25,277
|
25,097
|
Net deferred tax liability |
$ 21,612
|
$ 18,933
|
$ 18,275
|
X |
- References
+ Details
Name: |
us-gaap_ComponentsOfDeferredTaxAssetsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_ComponentsOfDeferredTaxLiabilitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Deferred Tax Asset -URI http://asc.fasb.org/extlink&oid=6510090
+ Details
Name: |
us-gaap_DeferredTaxAssetsGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b),(c) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319
+ Details
Name: |
us-gaap_DeferredTaxAssetsNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 25 -Paragraph 20 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=51675352&loc=d3e28680-109314
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32621-109319
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32632-109319
+ Details
Name: |
us-gaap_DeferredTaxAssetsOperatingLossCarryforwards |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences not separately disclosed.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32621-109319
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32632-109319
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 25 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=51675352&loc=d3e28680-109314
+ Details
Name: |
us-gaap_DeferredTaxAssetsOther |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount, before allocation of a valuation allowances, of deferred tax assets attributable to deductible tax credit carryforwards including, but not limited to, research, foreign, general business, alternative minimum tax, and other deductible tax credit carryforwards.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32621-109319
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Carryforwards -URI http://asc.fasb.org/extlink&oid=6506874
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32632-109319
+ Details
Name: |
us-gaap_DeferredTaxAssetsTaxCreditCarryforwards |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from loss reserves other than estimated credit losses.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32621-109319
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32632-109319
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 25 -Paragraph 20 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=51675352&loc=d3e28680-109314
+ Details
Name: |
us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLossReserves |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319
+ Details
Name: |
us-gaap_DeferredTaxAssetsValuationAllowance |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount, after deferred tax asset, of deferred tax liability attributable to taxable differences, before jurisdictional netting.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e31931-109318
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319
+ Details
Name: |
us-gaap_DeferredTaxLiabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of deferred tax consequences attributable to taxable temporary differences derived from prepaid expenses.
+ References
+ Details
Name: |
us-gaap_DeferredTaxLiabilitiesPrepaidExpenses |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of deferred tax liability attributable to taxable temporary differences from property, plant, and equipment.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32632-109319
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32621-109319
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 25 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=51675352&loc=d3e28680-109314
+ Details
Name: |
us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.3.1.900
Transactions with Affiliates (Details) - Affiliated Entities [Member] - USD ($) $ in Thousands |
12 Months Ended |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2011 |
Related Party Transaction [Line Items] |
|
|
|
Insurance brokerage commissions incurred during period with related party |
$ 16
|
$ 20
|
$ 21
|
Selling, general and administrative expenses incurred during the period with related parties |
1,148
|
1,517
|
2,476
|
Amounts due to affiliates not yet paid |
52
|
|
|
Revenue from farming and common area maintenance services and for providing non-potable water to the Kaanapali Coffee Farms Lot Owners Association ('LOA') |
$ 1,004
|
$ 1,065
|
$ 1,029
|
v3.3.1.900
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
1 Months Ended |
|
|
Jun. 30, 2007 |
Jun. 30, 2014 |
Dec. 31, 2013 |
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
|
|
X |
- DefinitionAdditional anticipated response costs submitted in bankruptcy proof of claim.
+ References
+ Details
Name: |
kanp_AdditionalAnticipatedResponseCostsSubmittedInBankruptcyProofOfClaim |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionApproximate future costs and expenditures KLMC remains committed for relating to the planning and design of the uncompleted portion of the Bypass Highway.
+ References
+ Details
Name: |
kanp_ApproximateFutureCostsExpendituresCompanyIsCommittedTo |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionMaximum amount KLMC has agreed to contribute towards construction costs on Bypass Highway project.
+ References
+ Details
Name: |
kanp_MaximumAmountCompanyHasAgreedToContributeTowardConstructionCosts |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionTotal costs spent included in bankruptcy proof of claim.
+ References
+ Details
Name: |
kanp_TotalCostsSpentIncludedInProofOfClaim |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_GainContingenciesLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe amount or range of possible amounts of gain that could be realized upon the resolution of a contingency.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6397426&loc=d3e17499-108355
+ Details
Name: |
us-gaap_GainContingencyUnrecordedAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of judgment or settlement awarded to (against) the entity in respect of litigation.
+ References
+ Details
Name: |
us-gaap_LitigationSettlementAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_GainContingenciesByNatureAxis=kanp_OahuSugarBankruptcyMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_RangeAxis=us-gaap_MinimumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_RangeAxis=us-gaap_MaximumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_GainContingenciesByNatureAxis=kanp_DcDistributionMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_GainContingenciesByNatureAxis=kanp_DcDistributionsBankruptcyMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
Business Segment Information (Schedule of Net Income by Segments) (Details) - USD ($) $ in Thousands |
3 Months Ended |
12 Months Ended |
Dec. 31, 2013 |
Sep. 30, 2013 |
Jun. 30, 2013 |
Mar. 31, 2013 |
Dec. 31, 2012 |
Sep. 30, 2012 |
Jun. 30, 2012 |
Mar. 31, 2012 |
Dec. 31, 2011 |
Sep. 30, 2011 |
Jun. 30, 2011 |
Mar. 31, 2011 |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2011 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ 4,261
|
$ 508
|
$ 1,386
|
$ 2,676
|
$ 1,461
|
$ 1,276
|
$ 1,282
|
$ 1,121
|
$ 956
|
$ 998
|
$ 1,253
|
$ 2,286
|
$ 8,831
|
$ 5,140
|
$ 5,493
|
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) from continuing operations before income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
(3,401)
|
220
|
(4,870)
|
Revenue reclassified from property segment to agriculture segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
977
|
|
Operating income (loss) reclassified from property segment to agriculture segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
459
|
|
Property [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
5,838
|
2,047
|
2,103
|
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
(2,038)
|
(1,149)
|
(1,929)
|
Agriculture [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
2,979
|
3,070
|
3,336
|
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
611
|
320
|
255
|
Corporate [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
14
|
23
|
54
|
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
(1,974)
|
1,049
|
(3,196)
|
Property and Agriculture [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
$ (1,427)
|
$ (829)
|
$ (1,674)
|
X |
- DefinitionOperating income (loss) reclassified from property segment to agriculture segment.
+ References
+ Details
Name: |
kanp_OperatingIncomeLossReclassifiedFromPropertySegmentToAgricultureSegment |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionRevenue reclassified from property segment to agriculture segment.
+ References
+ Details
Name: |
kanp_RevenueReclassifiedFromPropertySegmentToAgricultureSegment |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe net result for the period of deducting operating expenses from operating revenues.
+ References
+ Details
Name: |
us-gaap_OperatingIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_Revenues |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementBusinessSegmentsAxis=kanp_PropertyMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementBusinessSegmentsAxis=kanp_AgricultureMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementBusinessSegmentsAxis=us-gaap_CorporateMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementBusinessSegmentsAxis=kanp_PropertyAndAgricultureMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
Business Segment Information (Schedule of Identifiable Assets by Segment) (Details) - USD ($) $ in Thousands |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2011 |
Segment Reporting, Asset Reconciling Item [Line Items] |
|
|
|
Identifiable assets |
$ 131,619
|
$ 126,889
|
$ 132,782
|
Property [Member] |
|
|
|
Segment Reporting, Asset Reconciling Item [Line Items] |
|
|
|
Identifiable assets |
39,357
|
41,483
|
41,570
|
Agriculture [Member] |
|
|
|
Segment Reporting, Asset Reconciling Item [Line Items] |
|
|
|
Identifiable assets |
58,125
|
57,026
|
56,811
|
Property and Agriculture [Member] |
|
|
|
Segment Reporting, Asset Reconciling Item [Line Items] |
|
|
|
Identifiable assets |
97,482
|
98,509
|
98,381
|
Corporate [Member] |
|
|
|
Segment Reporting, Asset Reconciling Item [Line Items] |
|
|
|
Identifiable assets |
$ 34,137
|
$ 28,380
|
$ 34,401
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.18) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 12 -Article 7
+ Details
Name: |
us-gaap_Assets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_SegmentReportingAssetReconcilingItemLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementBusinessSegmentsAxis=kanp_PropertyMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementBusinessSegmentsAxis=kanp_AgricultureMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementBusinessSegmentsAxis=kanp_PropertyAndAgricultureMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementBusinessSegmentsAxis=us-gaap_CorporateMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
X |
- DefinitionThe aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_DepreciationDepletionAndAmortization |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Investing Activities -URI http://asc.fasb.org/extlink&oid=6516133
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585
+ Details
Name: |
us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_SegmentReportingOtherSignificantReconcilingItemLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementBusinessSegmentsAxis=kanp_PropertyMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementBusinessSegmentsAxis=kanp_AgricultureMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
Calculation of Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
12 Months Ended |
Dec. 31, 2013 |
Sep. 30, 2013 |
Jun. 30, 2013 |
Mar. 31, 2013 |
Dec. 31, 2012 |
Sep. 30, 2012 |
Jun. 30, 2012 |
Mar. 31, 2012 |
Dec. 31, 2011 |
Sep. 30, 2011 |
Jun. 30, 2011 |
Mar. 31, 2011 |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2011 |
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ (2,466)
|
$ (733)
|
$ 154
|
$ 81
|
$ 1,461
|
$ (635)
|
$ (409)
|
$ (835)
|
$ (5,157)
|
$ (687)
|
$ (872)
|
$ (87)
|
$ (2,964)
|
$ (418)
|
$ (6,803)
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of weighted average share outstanding - basic and diluted |
|
|
|
|
|
|
|
|
|
|
|
|
1,845,000
|
1,845,000
|
1,845,000
|
Earnings per share - basic and diluted: |
$ (1.34)
|
$ (0.40)
|
$ 0.08
|
$ 0.04
|
$ 0.79
|
$ (0.35)
|
$ (0.22)
|
$ (0.45)
|
$ (2.80)
|
$ (0.37)
|
$ (0.47)
|
$ (0.05)
|
$ (1.61)
|
$ (0.23)
|
$ (3.69)
|
Common stock, shares issued |
1,792,613
|
|
|
|
1,792,613
|
|
|
|
|
|
|
|
1,792,613
|
1,792,613
|
|
Common stock, shares outstanding |
1,792,613
|
|
|
|
1,792,613
|
|
|
|
|
|
|
|
1,792,613
|
1,792,613
|
|
Common Stock Class C [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares issued |
52,000
|
|
|
|
52,000
|
|
|
|
|
|
|
|
52,000
|
52,000
|
|
Common stock, shares outstanding |
52,000
|
|
|
|
52,000
|
|
|
|
|
|
|
|
52,000
|
52,000
|
|
X |
- DefinitionTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockSharesIssued |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ References
+ Details
Name: |
us-gaap_EarningsPerShareBasicAndDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Net Income -URI http://asc.fasb.org/extlink&oid=51831255
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.19) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.18) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.22) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Other Comprehensive Income -URI http://asc.fasb.org/extlink&oid=51831270
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 5
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAverage number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).
+ References
+ Details
Name: |
us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassCMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
Subsequent Events (Details) $ in Thousands |
1 Months Ended |
3 Months Ended |
12 Months Ended |
|
Dec. 31, 2015
USD ($)
|
Oct. 31, 2014
USD ($)
a
|
Sep. 30, 2014
USD ($)
a
|
Sep. 30, 2015
Lots
|
Jun. 30, 2015
Lots
|
Mar. 31, 2015
Lots
|
Dec. 31, 2014
Lots
|
Jun. 30, 2014
Lots
|
Mar. 31, 2014
Lots
|
Dec. 31, 2014
Lots
|
Dec. 31, 2013
USD ($)
Lots
|
Dec. 31, 2012
USD ($)
|
Dec. 31, 2011
USD ($)
|
Nov. 01, 2015
USD ($)
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of land |
|
|
|
|
|
|
|
|
|
|
$ 5,127
|
$ 936
|
$ 1,089
|
|
Number of agricultural lots held for sale | Lots |
|
|
|
|
|
|
|
|
|
|
51
|
|
|
|
Total number of agricultural lots sold | Lots |
|
|
|
|
|
|
|
|
|
|
18
|
|
|
|
Number of agricultural lots sold during period | Lots |
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
Total value of promissory notes outstanding |
|
|
|
|
|
|
|
|
|
|
$ 1,208
|
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acres of land sold | a |
|
7.65
|
14.9
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of land |
|
$ 1,300
|
$ 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
|
|
|
|
|
|
|
|
|
|
|
|
Number of agricultural lots sold during period | Lots |
|
|
|
1
|
1
|
2
|
3
|
7
|
3
|
|
|
|
|
|
Total value of promissory notes outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,208
|
Subsequent Event [Member] | Pioneer Mill Site [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price of approximate 19 acre site in Lahaina known as the Pioneer Mill Site |
$ 20,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Scheduled closing date for Pioneer Mill Site |
Apr. 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Future funds committed by KLMC to improve parcel of land sold |
|
|
803
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Future funds committed by KLMC to improve parcel of land sold |
|
|
$ 1,008
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionAdditional acres of land granted to purchaser for adjacent sites.
+ References
+ Details
Name: |
kanp_AdditionalAcresOfLandGrantedToPurchaserForAdjacentSite |
Namespace Prefix: |
kanp_ |
Data Type: |
num:areaItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of nonrefundable option payment applied to the purchase of additional acres.
+ References
+ Details
Name: |
kanp_AmountOfNonrefundableOptionPaymentMadeByPurchaserForAdditionalAcres |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionFunds 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.
+ References
+ Details
Name: |
kanp_FundsCommittedForImprovementsToLandSold |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionNumber of agricultural lots held for sale.
+ References
+ Details
Name: |
kanp_NumberOfAgriculturalLotsHeldForSale |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:integerItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of agricultural lots sold during period.
+ References
+ Details
Name: |
kanp_NumberOfAgriculturalLotsSoldDuringPeriod |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:integerItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPurchase price of approximate 19 acre site in Lahaina known as the Pioneer Mill Site.
+ References
+ Details
Name: |
kanp_PurchasePriceOfLandHeldForSale |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionSales price of additional acres offered to purchaser.
+ References
+ Details
Name: |
kanp_SalesPriceForAdditionalAcresOfferedToPurchaser |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionScheduled closing date for land held for sale under property purchase agreement.
+ References
+ Details
Name: |
kanp_ScheduledClosingDateForLandHeldForSale |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTotal number of agricultural lots sold.
+ References
+ Details
Name: |
kanp_TotalNumberOfAgriculturalLotsSold |
Namespace Prefix: |
kanp_ |
Data Type: |
xbrli:integerItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionAmount representing an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. Excludes amounts related to receivables held-for-sale.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.10(3)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
+ Details
Name: |
us-gaap_NotesReceivableGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionThe cash inflow from the sale of land held for investment; excludes sales of land held as inventory or productive use.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3179-108585
+ Details
Name: |
us-gaap_ProceedsFromSaleOfLandHeldforinvestment |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionDetail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event.
+ References
+ Details
Name: |
us-gaap_SubsequentEventLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
kanp_PropertyPurchaseAgreementAxis=kanp_PioneerMillSiteMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_RangeAxis=us-gaap_MinimumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_RangeAxis=us-gaap_MaximumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
Supplementary Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
12 Months Ended |
Dec. 31, 2013 |
Sep. 30, 2013 |
Jun. 30, 2013 |
Mar. 31, 2013 |
Dec. 31, 2012 |
Sep. 30, 2012 |
Jun. 30, 2012 |
Mar. 31, 2012 |
Dec. 31, 2011 |
Sep. 30, 2011 |
Jun. 30, 2011 |
Mar. 31, 2011 |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ 4,261
|
$ 508
|
$ 1,386
|
$ 2,676
|
$ 1,461
|
$ 1,276
|
$ 1,282
|
$ 1,121
|
$ 956
|
$ 998
|
$ 1,253
|
$ 2,286
|
$ 8,831
|
$ 5,140
|
$ 5,493
|
Net income (loss) |
$ (2,466)
|
$ (733)
|
$ 154
|
$ 81
|
$ 1,461
|
$ (635)
|
$ (409)
|
$ (835)
|
$ (5,157)
|
$ (687)
|
$ (872)
|
$ (87)
|
$ (2,964)
|
$ (418)
|
$ (6,803)
|
Net income (loss) per Share - basic and diluted |
$ (1.34)
|
$ (0.40)
|
$ 0.08
|
$ 0.04
|
$ 0.79
|
$ (0.35)
|
$ (0.22)
|
$ (0.45)
|
$ (2.80)
|
$ (0.37)
|
$ (0.47)
|
$ (0.05)
|
$ (1.61)
|
$ (0.23)
|
$ (3.69)
|
X |
- DefinitionThe amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ References
+ Details
Name: |
us-gaap_EarningsPerShareBasicAndDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Net Income -URI http://asc.fasb.org/extlink&oid=51831255
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.19) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.18) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.22) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Other Comprehensive Income -URI http://asc.fasb.org/extlink&oid=51831270
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 5
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_Revenues |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
Kaanapali Land (PK) (USOTC:KANP)
과거 데이터 주식 차트
부터 9월(9) 2024 으로 10월(10) 2024
Kaanapali Land (PK) (USOTC:KANP)
과거 데이터 주식 차트
부터 10월(10) 2023 으로 10월(10) 2024