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Kaanapali Land LLC – ‘10-Q’ for 3/31/20 – ‘EX-101.INS’

On:  Tuesday, 5/12/20, at 12:13pm ET   ·   For:  3/31/20   ·   Accession #:  892626-20-38   ·   File #:  0-50273

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 5/12/20  Kaanapali Land LLC                10-Q        3/31/20   46:1.8M                                   Elec Filing Sys… Svcs/FA

Quarterly Report   —   Form 10-Q   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Kaanapali Land, LLC - Form 10-Q - 3/31/2020         HTML    182K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     21K 
 3: EX-32       Certifications Pursuant to 18 Usc Section 1350      HTML     15K 
13: R1          Document and Entity Information                     HTML     48K 
28: R2          Condensed Consolidated Balance Sheets               HTML    104K 
43: R3          Condensed Consolidated Balance Sheets               HTML     28K 
                (Parenthetical)                                                  
20: R4          Condensed Consolidated Statements of Operations     HTML     77K 
12: R5          Condensed Consolidated Statements of Comprehensive  HTML     56K 
                Income (Loss)                                                    
27: R6          Condensed Consolidated Statements of Equity         HTML     43K 
42: R7          Condensed Consolidated Statements of Cash Flows     HTML     41K 
19: R8          Summary of Significant Accounting Policies          HTML     44K 
14: R9          Land Development                                    HTML     21K 
16: R10         Mortgage Note Payable                               HTML     19K 
23: R11         Employee Benefit Plans                              HTML     27K 
44: R12         Income Taxes                                        HTML     22K 
29: R13         Transactions with Affiliates                        HTML     22K 
17: R14         Commitments and Contingencies                       HTML     51K 
24: R15         Calculation of Net Loss Per Share                   HTML     25K 
45: R16         Business Segment Information                        HTML     33K 
30: R17         Summary of Significant Accounting Policies          HTML     61K 
                (Policies)                                                       
18: R18         Summary of Significant Accounting Policies          HTML     22K 
                (Tables)                                                         
22: R19         Employee Benefit Plans (Tables)                     HTML     22K 
38: R20         Calculation of Net Income (Loss) Per Share          HTML     24K 
                (Tables)                                                         
33: R21         Business Segment Information (Tables)               HTML     27K 
10: R22         Summary of Significant Accounting Policies          HTML     21K 
                (Property) (Details)                                             
25: R23         Summary of Significant Accounting Policies (Cash    HTML     17K 
                and Cash Equivalents) (Details)                                  
40: R24         Summary of Significant Accounting Policies          HTML     21K 
                (Schedule of Revenues Subject to Revenue                         
                Recognition Standards) (Details)                                 
34: R25         Summary of Significant Accounting Policies (Lease   HTML     20K 
                Accounting) (Details)                                            
11: R26         Land Development (Details)                          HTML     35K 
26: R27         Mortgage Note Payable (Details)                     HTML     31K 
37: R28         Employee Benefit Plans (Narrative) (Details)        HTML     46K 
35: R29         Employee Benefit Plans (Schedule of Components of   HTML     33K 
                Net Periodic Pension Benefit (Credit)) (Details)                 
32: R30         Income Taxes (Details)                              HTML     23K 
46: R31         Transactions with Affiliates (Details)              HTML     28K 
21: R32         Commitments and Contingencies (Details)             HTML     41K 
15: R33         Calculation of Net Loss Per Share (Details)         HTML     46K 
31: R34         Business Segment Information (Schedule of Net       HTML     43K 
                Income by Segments) (Details)                                    
39: XML         IDEA XML File -- Filing Summary                      XML     80K 
41: EXCEL       IDEA Workbook of Financial Reports                  XLSX     50K 
 4: EX-101.INS  XBRL Instance -- kanp-20200331                       XML    416K 
 6: EX-101.CAL  XBRL Calculations -- kanp-20200331_cal               XML    104K 
 7: EX-101.DEF  XBRL Definitions -- kanp-20200331_def                XML    191K 
 8: EX-101.LAB  XBRL Labels -- kanp-20200331_lab                     XML    487K 
 9: EX-101.PRE  XBRL Presentations -- kanp-20200331_pre              XML    340K 
 5: EX-101.SCH  XBRL Schema -- kanp-20200331                         XSD     91K 
36: ZIP         XBRL Zipped Folder -- 0000892626-20-000038-xbrl      Zip     68K

‘EX-101.INS’   —   XBRL Instance — kanp-20200331

This Exhibit is an XBRL XML File.

                                                                                                                                                                                
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<dei:DocumentFiscalPeriodFocus contextRef="From2020-01-01to2020-03-31"> Q1 </dei:DocumentFiscalPeriodFocus>
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<dei:EntityCurrentReportingStatus contextRef="From2020-01-01to2020-03-31"> Yes </dei:EntityCurrentReportingStatus>
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<dei:EntityFileNumber contextRef="From2020-01-01to2020-03-31"> 0-50273 </dei:EntityFileNumber>
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<kanp:TotalNumberOfAgriculturalLotsSold contextRef="AsOf2020-03-31" unitRef="Land" decimals="INF"> 50 </kanp:TotalNumberOfAgriculturalLotsSold>
<kanp:ExcessAssetsOfPensionPlan contextRef="From2020-01-01to2020-03-31" unitRef="USD" decimals="-3"> 16000000 </kanp:ExcessAssetsOfPensionPlan>
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<us-gaap:OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax contextRef="From2020-01-01to2020-03-31" unitRef="USD" decimals="-3"> 13000 </us-gaap:OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax>
<kanp:RefundableAlternativeMinimumTaxCreditsRecordedInOtherAssets contextRef="AsOf2020-03-31" unitRef="USD" decimals="-3"> 2869000 </kanp:RefundableAlternativeMinimumTaxCreditsRecordedInOtherAssets>
<kanp:ApproximateFutureCostsExpendituresCompanyIsCommittedTo contextRef="AsOf2020-03-31" unitRef="USD" decimals="-3"> 1100000 </kanp:ApproximateFutureCostsExpendituresCompanyIsCommittedTo>
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<us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect contextRef="From2020-01-01to2020-03-31" unitRef="USD" decimals="-3"> -1342000 </us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect>
<us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect contextRef="From2019-01-01to2019-03-31" unitRef="USD" decimals="-3"> -854000 </us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect>
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<us-gaap:CashEquivalentsAtCarryingValue contextRef="AsOf2020-03-31" unitRef="USD" decimals="-3"> 15500000 </us-gaap:CashEquivalentsAtCarryingValue>
<us-gaap:NotesReceivableGross contextRef="AsOf2020-03-31" unitRef="USD" decimals="-3"> 460000 </us-gaap:NotesReceivableGross>
<us-gaap:ProceedsFromInsuranceSettlementOperatingActivities contextRef="From2019-04-01to2019-06-30" unitRef="USD" decimals="-3"> 442000 </us-gaap:ProceedsFromInsuranceSettlementOperatingActivities>
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<us-gaap:DebtDisclosureTextBlock contextRef="From2020-01-01to2020-03-31">
<p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(3)  Mortgage Note Payable</b></p> <p style="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 March 31, 2020 and December 31, 2019 of approximately $89,742 and $89,476, 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 Company is currently in discussions to extend the note under similar terms prior to its due date of September 30, 2020. The note has been eliminated in the consolidated financial statements because the obligors are consolidated subsidiaries of Kaanapali Land.</p>
</us-gaap:DebtDisclosureTextBlock>
<us-gaap:CompensationAndEmployeeBenefitPlansTextBlock contextRef="From2020-01-01to2020-03-31">
<p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(4)  Employee Benefit Plans </b></p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company does not consider the excess assets of the Pension Plan (approximately $16 million) to be a source of liquidity due to the substantial cost, including Federal income tax consequences, associated with liquidating the Pension Plan.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The components of the net periodic pension benefit (credit), included in selling, general and administrative in the consolidated statements of operations for the three months ended March 31, 2020 and 2019 are as follows:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td colspan="5" style="border-bottom: Black 1pt solid; vertical-align: bottom"> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Months Ended</b></p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>March 31,</b></p></td> </tr> <tr> <td style="vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; line-height: 12pt"><font style="font-size: 11pt"><b>2020</b></font></td> <td style="vertical-align: bottom; text-align: center; line-height: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; line-height: 12pt"><font style="font-size: 11pt"><b>2019</b></font></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: justify; line-height: 12pt; width: 61%"><font style="font-size: 11pt">Service cost</font></td> <td style="vertical-align: bottom; line-height: 12pt; width: 2%"><font style="font-size: 11pt">$</font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt; width: 14%"><font style="font-size: 11pt">91 </font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt; width: 7%"> </td> <td style="vertical-align: bottom; line-height: 12pt; width: 3%"><font style="font-size: 11pt">$</font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt; width: 13%"><font style="font-size: 11pt">137 </font></td></tr> <tr style="background-color: White"> <td style="vertical-align: top; text-align: justify; line-height: 12pt"><font style="font-size: 11pt">Interest cost</font></td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">5 </font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">7 </font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: justify; line-height: 12pt"><font style="font-size: 11pt">Expected return on plan assets</font></td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">(219)</font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">(220)</font></td></tr> <tr style="background-color: White"> <td style="vertical-align: top; text-align: justify; line-height: 12pt"><font style="font-size: 11pt">Recognized net actuarial (gain) loss</font></td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">17 </font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">62 </font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: justify; line-height: 12pt"><font style="font-size: 11pt">Net periodic pension cost (credit)</font></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1.5pt double; line-height: 12pt"><font style="font-size: 11pt">$</font></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1.5pt double; text-align: right; line-height: 12pt"><font style="font-size: 11pt">(106)</font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1.5pt double; line-height: 12pt"><font style="font-size: 11pt">$</font></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">(14)</font></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company recognizes the over funded or under funded status of its employee benefit plans as an asset or liability in its statement of financial position and recognizes changes in its funded status in the year in which the changes occur through comprehensive income. Included in accumulated other comprehensive income at March 31, 2020 and December 31, 2019 are the following amounts that have not yet been recognized in net periodic pension cost: unrecognized prior service costs of $0 and $1 ($1 net of tax), respectively, and unrecognized actuarial loss of $306 ($226, net of tax) and $322 ($238, net of tax), respectively. The prior service cost and actuarial loss recognized in net periodic pension cost for the three months ending March 31, 2020 are $0 and $17 ($13 net of tax), respectively.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 $410, included in Other liabilities, represented in the Rabbi Trust and assets funding such deferred compensation liability of $27, included in Other assets, are consolidated in the Company's balance sheet as of March 31, 2020.</p>
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<p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(6)  Transactions with Affiliates</b></p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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. No such commissions were paid for the three months ended March 31, 2020 and 2019.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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, 900FMS, LLC, 900Work, LLC, and JMB Financial Advisors, LLC, all of which have some degree of common ownership with the Company. The total costs recorded in cost of sales and selling, general and administrative expenses in the consolidated statement of operations for the three months ended March 31, 2020 and 2019 were $356 and $275, respectively, of which $329 was unpaid as of March 31, 2020.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 $323 and $307 for the three months ended March 31, 2020 and 2019, respectively. Such revenue is recognized in the Agriculture Segment as disclosed in footnote 9 Business Segment Information. The revenue amounts have been eliminated in the consolidated financial statements.</p>
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<us-gaap:EarningsPerShareTextBlock contextRef="From2020-01-01to2020-03-31">
<p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(8)  Calculation of Net Loss Per Share</b></p> <p style="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following tables set forth the computation of net loss per share - basic and diluted:</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 12pt"> </td> <td colspan="5" style="border-bottom: Black 1pt solid"> <p style="font: 10.5pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Months Ended</b></p> <p style="font: 10.5pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>March 31, </b></p> <p style="font: 10.5pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><i>(Amounts in thousands,</i></p> <p style="font: 10.5pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><i>Except per share amounts)</i></p></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 12pt"><font style="font-size: 10.5pt"><b>2020</b></font></td> <td style="text-align: center; line-height: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 12pt"><font style="font-size: 10.5pt"><b>2019</b></font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 67%; text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt"><b>Numerator:</b></font></td> <td style="vertical-align: bottom; width: 2%; line-height: 12pt"> </td> <td style="vertical-align: bottom; width: 11%; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; width: 5%; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; width: 2%; line-height: 12pt"> </td> <td style="vertical-align: bottom; width: 13%; text-align: right; line-height: 12pt"> </td></tr> <tr style="background-color: White"> <td style="vertical-align: top; text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">Net loss</font></td> <td style="vertical-align: bottom; line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(776)</font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(1,016)</font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">Less:  Net loss attributable to non-controlling interests</font></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(58)</font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(71)</font></td></tr> <tr style="background-color: White"> <td style="vertical-align: top; text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">Net loss attributable to stockholders</font></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(718)</font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(945)</font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td></tr> <tr style="background-color: White"> <td style="vertical-align: top; text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt"><b>Denominator:</b></font></td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top"> <p style="font: 10.5pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Number of weighted average share outstanding</p> <p style="font: 10.5pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  - basic and diluted</p></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; line-height: 12pt"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">1,845 </font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; line-height: 12pt"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">1,845 </font></td></tr> <tr style="background-color: White"> <td style="vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top"> <p style="font: 10.5pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net loss per share, attributable to Kaanapali Land </p> <p style="font: 10.5pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  - basic and diluted</p></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(0.39)</font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(0.51)</font></td></tr></table>
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<us-gaap:SegmentReportingDisclosureTextBlock contextRef="From2020-01-01to2020-03-31">
<p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(9)  Business Segment Information</b></p> <p style="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As described in Note 1, the Company operates in two business segments. Total revenues and operating profit by business segment are presented in the tables below.</p> <p style="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Total revenues by business segment includes primarily (i) sales, all of which are to unaffiliated customers and (ii) interest income that is earned from outside sources on assets which are included in the individual industry segment's identifiable assets.</p> <p style="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 12pt"> </td> <td colspan="5" style="border-bottom: Black 1pt solid"> <p style="font: 10.5pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Months Ended</b></p> <p style="font: 10.5pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>March 31,</b></p></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 12pt"><font style="font-size: 10.5pt"><b>2020</b></font></td> <td style="text-align: center; line-height: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 12pt"><font style="font-size: 10.5pt"><b>2019</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 67%; text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt"><b>Revenues:</b></font></td> <td style="width: 2%; line-height: 12pt"> </td> <td style="width: 11%; text-align: right; line-height: 12pt"> </td> <td style="width: 5%; text-align: right; line-height: 12pt"> </td> <td style="width: 2%; line-height: 12pt"> </td> <td style="width: 13%; text-align: right; line-height: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">  Property</font></td> <td style="line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="text-align: right; line-height: 12pt">150 </td> <td style="text-align: right; line-height: 12pt"> </td> <td style="line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="text-align: right; line-height: 12pt">62 </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">  Agriculture</font></td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">819 </font></td> <td style="text-align: right; line-height: 12pt"> </td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">643 </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">  Corporate</font></td> <td style="border-bottom: Black 1pt solid; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">31 </font></td> <td style="text-align: right; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">31 </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; line-height: 12pt"> </td> <td style="border-bottom: Black 1.5pt double; line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="border-bottom: Black 1.5pt double; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">1,000 </font></td> <td style="text-align: right; line-height: 12pt"> </td> <td style="border-bottom: Black 1.5pt double; line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="border-bottom: Black 1.5pt double; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">736 </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; line-height: 12pt"> </td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">Operating income (loss):</font></td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">  Property</font></td> <td style="line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(557)</font></td> <td style="text-align: right; line-height: 12pt"> </td> <td style="line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(401)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">  Agriculture</font></td> <td style="border-bottom: Black 1pt solid; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">154 </font></td> <td style="text-align: right; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(29)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">Operating income (loss)</font></td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(403)</font></td> <td style="text-align: right; line-height: 12pt"> </td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(430)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; line-height: 12pt"> </td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">Corporate</font></td> <td style="border-bottom: Black 1pt solid; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(625)</font></td> <td style="text-align: right; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(586)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; line-height: 12pt"> </td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">Operating loss before income taxes</font></td> <td style="border-bottom: Black 1.5pt double; line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="border-bottom: Black 1.5pt double; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(1,028)</font></td> <td style="text-align: right; line-height: 12pt"> </td> <td style="border-bottom: Black 1.5pt double; line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="border-bottom: Black 1.5pt double; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(1,016)</font></td></tr> </table> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company’s property segment consists primarily of revenue received from land sales and lease and licensing agreements.</p> <p style="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company’s agricultural segment consists primarily of coffee operations and licensing agreements.</p> <p style="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company is exploring alternative agricultural operations, but there can be no assurance that replacement operations at any level will result.</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:SegmentReportingDisclosureTextBlock>
<us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="From2020-01-01to2020-03-31">
<p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>Organization and Basis of Accounting</b></p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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").</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The accompanying consolidated financial statements include the accounts of Kaanapali Land and all of its subsidiaries and its predecessors (collectively, the “Company”), which include KLC Land and its wholly-owned subsidiaries. The Kaanapali Coffee Farms Lot Owners’ Association is 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.</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company's continuing operations are in two business segments - Agriculture and Property. The Agriculture segment remains engaged in farming, harvesting and milling operations relating to coffee orchards on behalf of the applicable land owners. The Company also cultivates, harvests and sells bananas and citrus fruits and engages in certain ranching operations. 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.</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements, and therefore, should be read in conjunction with the Company's Annual Report on Form 10-K (File No. 0-50273) for the year ended December 31, 2019. Capitalized terms used but not defined in this quarterly report have the same meanings as in the Company's 2019 Annual Report on Form 10-K.</p>
</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
<us-gaap:RealEstateHeldForDevelopmentAndSalePolicy contextRef="From2020-01-01to2020-03-31">
<p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>Property </b></p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company's significant property holdings are on the island of Maui consisting of approximately 3,900 acres, of which approximately 1,500 acres are classified as conservation land which precludes development. The Company has determined, based on its current projections for the development and/or disposition of its property holdings, that the property holdings are not currently recorded in an amount in excess of proceeds that the Company expects that it will ultimately obtain from the operation and disposition thereof.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Inventory of land held for sale, of approximately $736 and $736, representing Kaanapali Coffee Farms, was included in Property, net in the consolidated balance sheets at March 31, 2020 and December 31, 2019, respectively, and is carried at the lower of cost or fair market value, less costs to sell, which is based on current and foreseeable market conditions, discussions with real estate brokers and review of historical land sale activity (level 2 and 3). Land is currently utilized for commercial specialty coffee farming operations which also support the Company's land development program, as well as, farming bananas, citrus fruits and other farm products and ranching operations. Additionally, miscellaneous parcels of land have been leased or licensed to third parties on a short term basis.</p>
</us-gaap:RealEstateHeldForDevelopmentAndSalePolicy>
<us-gaap:UseOfEstimates contextRef="From2020-01-01to2020-03-31">
<p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>Use of Estimates</b></p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be achieved in future periods.</p>
</us-gaap:UseOfEstimates>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="From2020-01-01to2020-03-31">
<p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>Cash and Cash Equivalents</b></p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company considers as cash equivalents all investments with maturities of three months or less when purchased. Included in this balance is a money market fund for $15,500 that is considered to be a Level 1 investment with a maturity of 30 days. The Company’s cash balances are maintained primarily in two financial institutions. Restricted cash represents cash held by the Kaanapali Coffee Farms Lot Owners’ Association. Such balances significantly exceed the Federal Deposit Insurance Corporation insurance limits. Management does not believe the Company is exposed to significant risk of loss on cash and cash equivalents or restricted cash.</p>
</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<us-gaap:RevenueFromContractWithCustomerPolicyTextBlock contextRef="From2020-01-01to2020-03-31">
<p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>Revenue Recognition </b></p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Revenue from real property sales is recognized at the time of closing when control of the property transfers to the customer. After closing of the sale transaction, the Company has no remaining performance obligation.</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Other revenues are recognized when control of goods or services transfers to the customers, in the amount that the Company expects to receive for the transfer of goods or provision of services.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Revenue recognition standards require entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange. The revenue recognition standards have implications for all revenues, excluding those that are under the specific scope of other accounting standards.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company’s revenues that were subject to revenue recognition standards for the three months ended March 31, 2020 and 2019 were as follows (in thousands):</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td style="vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td colspan="5" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; line-height: 12pt"><font style="font-size: 11pt"><b>Three Months ended March 31,</b></font></td> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td></tr> <tr> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td style="vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; line-height: 12pt"><font style="font-size: 11pt"><b>2020</b></font></td> <td style="vertical-align: bottom; text-align: center; line-height: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; line-height: 12pt"><font style="font-size: 11pt"><b>2019</b></font></td> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="background-color: White; vertical-align: top; width: 12%; text-align: justify; line-height: 12pt"> </td> <td style="vertical-align: top; width: 44%; text-align: justify; line-height: 12pt"><font style="font-size: 11pt">Sales of real estate</font></td> <td style="vertical-align: bottom; width: 2%; line-height: 12pt"><font style="font-size: 11pt">$</font></td> <td style="vertical-align: bottom; width: 11%; text-align: right; line-height: 12pt"><font style="font-size: 11pt">0</font></td> <td style="vertical-align: top; width: 5%; text-align: justify; line-height: 12pt"> </td> <td style="vertical-align: bottom; width: 2%; line-height: 12pt"><font style="font-size: 11pt">$</font></td> <td style="vertical-align: bottom; width: 12%; text-align: right; line-height: 12pt"><font style="font-size: 11pt">0</font></td> <td style="background-color: White; vertical-align: top; width: 12%; text-align: justify; line-height: 12pt"> </td></tr> <tr style="background-color: White"> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td style="vertical-align: top; text-align: justify; line-height: 12pt"><font style="font-size: 11pt">Coffee and other crop sales</font></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">674</font></td> <td style="vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">499</font></td> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td style="vertical-align: top; text-align: justify; line-height: 12pt"><font style="font-size: 11pt">Total</font></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; line-height: 12pt"><font style="font-size: 11pt">$</font></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">674</font></td> <td style="vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; line-height: 12pt"><font style="font-size: 11pt">$</font></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">499</font></td> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td></tr> </table> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The revenue recognition standards require the use of a five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The application of the five-step model to the impacted revenue streams compared to the prior guidance did not result in significant changes in the way the Company records its sales of real estate and coffee and other crop sales.</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company evaluated its revenue recognition policy for all revenue streams and using the five-step model, confirmed that there were no differences in the pattern of revenue recognition.</p>
</us-gaap:RevenueFromContractWithCustomerPolicyTextBlock>
<kanp:LeaseAccountingPolicyTextblock contextRef="From2020-01-01to2020-03-31">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Lease Accounting </b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In February 2016, the Financial Accounting Standards Board (“FASB”) updated Accounting Standards Codification (“ASC”) Topic 842 Leases (ASU 2016-02). Accounting Standards Update (“ASU”) 2016-02 requires lessees to record operating and financing leases as assets and liabilities on the balance sheet and lessors to expense costs that are not direct leasing costs. Subsequently, the FASB issued additional ASUs that further clarified the original ASU. The ASUs became effective for the Company on January 1, 2019. Upon adoption of the lease ASUs, the Company elected the practical expedients allowable under the ASUs, which included the optional transition method permitting January 1, 2019 to be its initial application date. The adoption of this guidance did not result in an adjustment to retained earnings. Additionally, the Company elected the package of practical expedients, which permits the Company not to reassess expired or existing contracts continuing a lease, the lease classification for expired or existing contracts, and initial direct costs for any existing leases. Further, the Company elected the practical expedient regarding short-term leases, which allows lessees to elect not to apply the balance sheet recognition requirements in ASC 842 to short-term leases. Finally, under ASC 842, lessors are required to continually assess collectability of lessee payments, and, if operating lease payments are not probable of collection, to only recognize into income the lesser of (i) straight-line rental income or (ii) lease payments received to date. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company’s lease arrangements, both as lessor and as lessee, are short-term leases. The Company leases land to tenants under operating leases, and the Company leases property, primarily office and storage space, from lessors under operating leases. During the three months ended March 31, 2020 and 2019, the Company recognized approximately $170 and $156, respectively, of lease income, substantially comprised of non-variable lease payments. During the three months ended March 31, 2020 and 2019, the Company recognized $18 and $15, respectively, of lease expense, substantially comprised of non-variable lease payments.</p>
</kanp:LeaseAccountingPolicyTextblock>
<us-gaap:DisaggregationOfRevenueTableTextBlock contextRef="From2020-01-01to2020-03-31">
<p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company’s revenues that were subject to revenue recognition standards for the three months ended March 31, 2020 and 2019 were as follows (in thousands):</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td style="vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td colspan="5" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; line-height: 12pt"><font style="font-size: 11pt"><b>Three Months ended March 31,</b></font></td> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td></tr> <tr> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td style="vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; line-height: 12pt"><font style="font-size: 11pt"><b>2020</b></font></td> <td style="vertical-align: bottom; text-align: center; line-height: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; line-height: 12pt"><font style="font-size: 11pt"><b>2019</b></font></td> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="background-color: White; vertical-align: top; width: 12%; text-align: justify; line-height: 12pt"> </td> <td style="vertical-align: top; width: 44%; text-align: justify; line-height: 12pt"><font style="font-size: 11pt">Sales of real estate</font></td> <td style="vertical-align: bottom; width: 2%; line-height: 12pt"><font style="font-size: 11pt">$</font></td> <td style="vertical-align: bottom; width: 11%; text-align: right; line-height: 12pt"><font style="font-size: 11pt">0</font></td> <td style="vertical-align: top; width: 5%; text-align: justify; line-height: 12pt"> </td> <td style="vertical-align: bottom; width: 2%; line-height: 12pt"><font style="font-size: 11pt">$</font></td> <td style="vertical-align: bottom; width: 12%; text-align: right; line-height: 12pt"><font style="font-size: 11pt">0</font></td> <td style="background-color: White; vertical-align: top; width: 12%; text-align: justify; line-height: 12pt"> </td></tr> <tr style="background-color: White"> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td style="vertical-align: top; text-align: justify; line-height: 12pt"><font style="font-size: 11pt">Coffee and other crop sales</font></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">674</font></td> <td style="vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">499</font></td> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td style="vertical-align: top; text-align: justify; line-height: 12pt"><font style="font-size: 11pt">Total</font></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; line-height: 12pt"><font style="font-size: 11pt">$</font></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">674</font></td> <td style="vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; line-height: 12pt"><font style="font-size: 11pt">$</font></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">499</font></td> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td></tr></table>
</us-gaap:DisaggregationOfRevenueTableTextBlock>
<us-gaap:ScheduleOfNetBenefitCostsTableTextBlock contextRef="From2020-01-01to2020-03-31">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The components of the net periodic pension benefit (credit), included in selling, general and administrative in the consolidated statements of operations for the three months ended March 31, 2020 and 2019 are as follows:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td colspan="5" style="border-bottom: Black 1pt solid; vertical-align: bottom"> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Months Ended</b></p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>March 31,</b></p></td> </tr> <tr> <td style="vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; line-height: 12pt"><font style="font-size: 11pt"><b>2020</b></font></td> <td style="vertical-align: bottom; text-align: center; line-height: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; line-height: 12pt"><font style="font-size: 11pt"><b>2019</b></font></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: justify; line-height: 12pt; width: 61%"><font style="font-size: 11pt">Service cost</font></td> <td style="vertical-align: bottom; line-height: 12pt; width: 2%"><font style="font-size: 11pt">$</font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt; width: 14%"><font style="font-size: 11pt">91 </font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt; width: 7%"> </td> <td style="vertical-align: bottom; line-height: 12pt; width: 3%"><font style="font-size: 11pt">$</font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt; width: 13%"><font style="font-size: 11pt">137 </font></td></tr> <tr style="background-color: White"> <td style="vertical-align: top; text-align: justify; line-height: 12pt"><font style="font-size: 11pt">Interest cost</font></td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">5 </font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">7 </font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: justify; line-height: 12pt"><font style="font-size: 11pt">Expected return on plan assets</font></td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">(219)</font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">(220)</font></td></tr> <tr style="background-color: White"> <td style="vertical-align: top; text-align: justify; line-height: 12pt"><font style="font-size: 11pt">Recognized net actuarial (gain) loss</font></td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">17 </font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">62 </font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: justify; line-height: 12pt"><font style="font-size: 11pt">Net periodic pension cost (credit)</font></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1.5pt double; line-height: 12pt"><font style="font-size: 11pt">$</font></td> <td style="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1.5pt double; text-align: right; line-height: 12pt"><font style="font-size: 11pt">(106)</font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1.5pt double; line-height: 12pt"><font style="font-size: 11pt">$</font></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">(14)</font></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:ScheduleOfNetBenefitCostsTableTextBlock>
<us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="From2020-01-01to2020-03-31">
<p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following tables set forth the computation of net loss per share - basic and diluted:</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 12pt"> </td> <td colspan="5" style="border-bottom: Black 1pt solid"> <p style="font: 10.5pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Months Ended</b></p> <p style="font: 10.5pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>March 31, </b></p> <p style="font: 10.5pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><i>(Amounts in thousands,</i></p> <p style="font: 10.5pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><i>Except per share amounts)</i></p></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 12pt"><font style="font-size: 10.5pt"><b>2020</b></font></td> <td style="text-align: center; line-height: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 12pt"><font style="font-size: 10.5pt"><b>2019</b></font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 67%; text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt"><b>Numerator:</b></font></td> <td style="vertical-align: bottom; width: 2%; line-height: 12pt"> </td> <td style="vertical-align: bottom; width: 11%; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; width: 5%; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; width: 2%; line-height: 12pt"> </td> <td style="vertical-align: bottom; width: 13%; text-align: right; line-height: 12pt"> </td></tr> <tr style="background-color: White"> <td style="vertical-align: top; text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">Net loss</font></td> <td style="vertical-align: bottom; line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(776)</font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(1,016)</font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">Less:  Net loss attributable to non-controlling interests</font></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(58)</font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(71)</font></td></tr> <tr style="background-color: White"> <td style="vertical-align: top; text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">Net loss attributable to stockholders</font></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(718)</font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(945)</font></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td></tr> <tr style="background-color: White"> <td style="vertical-align: top; text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt"><b>Denominator:</b></font></td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top"> <p style="font: 10.5pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Number of weighted average share outstanding</p> <p style="font: 10.5pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  - basic and diluted</p></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; line-height: 12pt"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">1,845 </font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; line-height: 12pt"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">1,845 </font></td></tr> <tr style="background-color: White"> <td style="vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="vertical-align: bottom; line-height: 12pt"> </td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top"> <p style="font: 10.5pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net loss per share, attributable to Kaanapali Land </p> <p style="font: 10.5pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  - basic and diluted</p></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(0.39)</font></td> <td style="vertical-align: bottom; text-align: right; line-height: 12pt"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(0.51)</font></td></tr> </table> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
<us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock contextRef="From2020-01-01to2020-03-31">
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: bottom"><td colspan="5" style="border-bottom: Black 1pt solid"><p style="font: 10.5pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Months Ended</b></p> <p style="font: 10.5pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>March 31,</b></p></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 12pt"><font style="font-size: 10.5pt"><b>2020</b></font></td> <td style="text-align: center; line-height: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 12pt"><font style="font-size: 10.5pt"><b>2019</b></font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 67%; text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt"><b>Revenues:</b></font></td> <td style="width: 2%; line-height: 12pt"> </td> <td style="width: 11%; text-align: right; line-height: 12pt"> </td> <td style="width: 5%; text-align: right; line-height: 12pt"> </td> <td style="width: 2%; line-height: 12pt"> </td> <td style="width: 13%; text-align: right; line-height: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">  Property</font></td> <td style="line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="text-align: right; line-height: 12pt">150 </td> <td style="text-align: right; line-height: 12pt"> </td> <td style="line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="text-align: right; line-height: 12pt">62 </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">  Agriculture</font></td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">819 </font></td> <td style="text-align: right; line-height: 12pt"> </td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">643 </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">  Corporate</font></td> <td style="border-bottom: Black 1pt solid; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">31 </font></td> <td style="text-align: right; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">31 </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; line-height: 12pt"> </td> <td style="border-bottom: Black 1.5pt double; line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="border-bottom: Black 1.5pt double; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">1,000 </font></td> <td style="text-align: right; line-height: 12pt"> </td> <td style="border-bottom: Black 1.5pt double; line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="border-bottom: Black 1.5pt double; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">736 </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; line-height: 12pt"> </td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">Operating income (loss):</font></td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">  Property</font></td> <td style="line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(557)</font></td> <td style="text-align: right; line-height: 12pt"> </td> <td style="line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(401)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">  Agriculture</font></td> <td style="border-bottom: Black 1pt solid; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">154 </font></td> <td style="text-align: right; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(29)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">Operating income (loss)</font></td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(403)</font></td> <td style="text-align: right; line-height: 12pt"> </td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(430)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; line-height: 12pt"> </td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">Corporate</font></td> <td style="border-bottom: Black 1pt solid; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(625)</font></td> <td style="text-align: right; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(586)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; line-height: 12pt"> </td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td> <td style="line-height: 12pt"> </td> <td style="text-align: right; line-height: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; line-height: 12pt"><font style="font-size: 10.5pt">Operating loss before income taxes</font></td> <td style="border-bottom: Black 1.5pt double; line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="border-bottom: Black 1.5pt double; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(1,028)</font></td> <td style="text-align: right; line-height: 12pt"> </td> <td style="border-bottom: Black 1.5pt double; line-height: 12pt"><font style="font-size: 10.5pt">$</font></td> <td style="border-bottom: Black 1.5pt double; text-align: right; line-height: 12pt"><font style="font-size: 10.5pt">(1,016)</font></td></tr> </table> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock>
<us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock contextRef="From2020-01-01to2020-03-31">
<p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(1)  Summary of Significant Accounting Policies </b></p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>Organization and Basis of Accounting</b></p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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").</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The accompanying consolidated financial statements include the accounts of Kaanapali Land and all of its subsidiaries and its predecessors (collectively, the “Company”), which include KLC Land and its wholly-owned subsidiaries. The Kaanapali Coffee Farms Lot Owners’ Association is 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.</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company's continuing operations are in two business segments - Agriculture and Property. The Agriculture segment remains engaged in farming, harvesting and milling operations relating to coffee orchards on behalf of the applicable land owners. The Company also cultivates, harvests and sells bananas and citrus fruits and engages in certain ranching operations. 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.</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements, and therefore, should be read in conjunction with the Company's Annual Report on Form 10-K (File No. 0-50273) for the year ended December 31, 2019. Capitalized terms used but not defined in this quarterly report have the same meanings as in the Company's 2019 Annual Report on Form 10-K.</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>Property </b></p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company's significant property holdings are on the island of Maui consisting of approximately 3,900 acres, of which approximately 1,500 acres are classified as conservation land which precludes development. The Company has determined, based on its current projections for the development and/or disposition of its property holdings, that the property holdings are not currently recorded in an amount in excess of proceeds that the Company expects that it will ultimately obtain from the operation and disposition thereof.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Inventory of land held for sale, of approximately $736 and $736, representing Kaanapali Coffee Farms, was included in Property, net in the consolidated balance sheets at March 31, 2020 and December 31, 2019, respectively, and is carried at the lower of cost or fair market value, less costs to sell, which is based on current and foreseeable market conditions, discussions with real estate brokers and review of historical land sale activity (level 2 and 3). Land is currently utilized for commercial specialty coffee farming operations which also support the Company's land development program, as well as, farming bananas, citrus fruits and other farm products and ranching operations. Additionally, miscellaneous parcels of land have been leased or licensed to third parties on a short term basis.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>Use of Estimates</b></p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be achieved in future periods.</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>Cash and Cash Equivalents</b></p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company considers as cash equivalents all investments with maturities of three months or less when purchased. Included in this balance is a money market fund for $15,500 that is considered to be a Level 1 investment with a maturity of 30 days. The Company’s cash balances are maintained primarily in two financial institutions. Restricted cash represents cash held by the Kaanapali Coffee Farms Lot Owners’ Association. Such balances significantly exceed the Federal Deposit Insurance Corporation insurance limits. Management does not believe the Company is exposed to significant risk of loss on cash and cash equivalents or restricted cash.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>Revenue Recognition </b></p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Revenue from real property sales is recognized at the time of closing when control of the property transfers to the customer. After closing of the sale transaction, the Company has no remaining performance obligation.</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Other revenues are recognized when control of goods or services transfers to the customers, in the amount that the Company expects to receive for the transfer of goods or provision of services.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Revenue recognition standards require entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange. The revenue recognition standards have implications for all revenues, excluding those that are under the specific scope of other accounting standards.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company’s revenues that were subject to revenue recognition standards for the three months ended March 31, 2020 and 2019 were as follows (in thousands):</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td style="vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td colspan="5" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; line-height: 12pt"><font style="font-size: 11pt"><b>Three Months ended March 31,</b></font></td> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td></tr> <tr> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td style="vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; line-height: 12pt"><font style="font-size: 11pt"><b>2020</b></font></td> <td style="vertical-align: bottom; text-align: center; line-height: 12pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; line-height: 12pt"><font style="font-size: 11pt"><b>2019</b></font></td> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="background-color: White; vertical-align: top; width: 12%; text-align: justify; line-height: 12pt"> </td> <td style="vertical-align: top; width: 44%; text-align: justify; line-height: 12pt"><font style="font-size: 11pt">Sales of real estate</font></td> <td style="vertical-align: bottom; width: 2%; line-height: 12pt"><font style="font-size: 11pt">$</font></td> <td style="vertical-align: bottom; width: 11%; text-align: right; line-height: 12pt"><font style="font-size: 11pt">0</font></td> <td style="vertical-align: top; width: 5%; text-align: justify; line-height: 12pt"> </td> <td style="vertical-align: bottom; width: 2%; line-height: 12pt"><font style="font-size: 11pt">$</font></td> <td style="vertical-align: bottom; width: 12%; text-align: right; line-height: 12pt"><font style="font-size: 11pt">0</font></td> <td style="background-color: White; vertical-align: top; width: 12%; text-align: justify; line-height: 12pt"> </td></tr> <tr style="background-color: White"> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td style="vertical-align: top; text-align: justify; line-height: 12pt"><font style="font-size: 11pt">Coffee and other crop sales</font></td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">674</font></td> <td style="vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; line-height: 12pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">499</font></td> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td style="vertical-align: top; text-align: justify; line-height: 12pt"><font style="font-size: 11pt">Total</font></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; line-height: 12pt"><font style="font-size: 11pt">$</font></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">674</font></td> <td style="vertical-align: top; text-align: justify; line-height: 12pt"> </td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; line-height: 12pt"><font style="font-size: 11pt">$</font></td> <td style="border-bottom: Black 1.5pt double; vertical-align: bottom; text-align: right; line-height: 12pt"><font style="font-size: 11pt">499</font></td> <td style="background-color: White; vertical-align: top; text-align: justify; line-height: 12pt"> </td></tr> </table> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The revenue recognition standards require the use of a five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The application of the five-step model to the impacted revenue streams compared to the prior guidance did not result in significant changes in the way the Company records its sales of real estate and coffee and other crop sales.</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company evaluated its revenue recognition policy for all revenue streams and using the five-step model, confirmed that there were no differences in the pattern of revenue recognition.</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Lease Accounting </b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In February 2016, the Financial Accounting Standards Board (“FASB”) updated Accounting Standards Codification (“ASC”) Topic 842 Leases (ASU 2016-02). Accounting Standards Update (“ASU”) 2016-02 requires lessees to record operating and financing leases as assets and liabilities on the balance sheet and lessors to expense costs that are not direct leasing costs. Subsequently, the FASB issued additional ASUs that further clarified the original ASU. The ASUs became effective for the Company on January 1, 2019. Upon adoption of the lease ASUs, the Company elected the practical expedients allowable under the ASUs, which included the optional transition method permitting January 1, 2019 to be its initial application date. The adoption of this guidance did not result in an adjustment to retained earnings. Additionally, the Company elected the package of practical expedients, which permits the Company not to reassess expired or existing contracts continuing a lease, the lease classification for expired or existing contracts, and initial direct costs for any existing leases. Further, the Company elected the practical expedient regarding short-term leases, which allows lessees to elect not to apply the balance sheet recognition requirements in ASC 842 to short-term leases. Finally, under ASC 842, lessors are required to continually assess collectability of lessee payments, and, if operating lease payments are not probable of collection, to only recognize into income the lesser of (i) straight-line rental income or (ii) lease payments received to date. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company’s lease arrangements, both as lessor and as lessee, are short-term leases. The Company leases land to tenants under operating leases, and the Company leases property, primarily office and storage space, from lessors under operating leases. During the three months ended March 31, 2020 and 2019, the Company recognized approximately $170 and $156, respectively, of lease income, substantially comprised of non-variable lease payments. During the three months ended March 31, 2020 and 2019, the Company recognized $18 and $15, respectively, of lease expense, substantially comprised of non-variable lease payments.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>Recently Issued Accounting Pronouncements</b></p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In June 2016, FASB updated ASC Topic 326 Financial Instruments – Credit Losses with ASU 2016-13 Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. ASU 2016-13 is effective for annual periods beginning after December 15, 2019 for public companies except for smaller reporting companies whose effective date will be periods beginning after December 15, 2022. While the Company is currently evaluating the effect that implementation of this update will have on its consolidated financial statements, no significant impact is anticipated.</p> <p style="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In August 2018, FASB issued ASU 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, which amends ASC 820, Fair Value Measurement. ASU 2018-13 modified the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. This standard is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In December 2019, FASB issued ASU 2019-12, Income Taxes (Topic 740) to simplify the accounting for income taxes. This guidance removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The guidance also clarifies and simplifies other areas of ASC 740. This standard is effective for public companies for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. Early adoption is permitted. The Company is currently evaluating the impact this ASU will have on our financial statements and related disclosures as well as the timing of adoption.</p>
</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="From2020-01-01to2020-03-31">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>Recently Issued Accounting Pronouncements</b></p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In June 2016, FASB updated ASC Topic 326 Financial Instruments – Credit Losses with ASU 2016-13 Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. ASU 2016-13 is effective for annual periods beginning after December 15, 2019 for public companies except for smaller reporting companies whose effective date will be periods beginning after December 15, 2022. While the Company is currently evaluating the effect that implementation of this update will have on its consolidated financial statements, no significant impact is anticipated.</p> <p style="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In August 2018, FASB issued ASU 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, which amends ASC 820, Fair Value Measurement. ASU 2018-13 modified the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. This standard is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In December 2019, FASB issued ASU 2019-12, Income Taxes (Topic 740) to simplify the accounting for income taxes. This guidance removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The guidance also clarifies and simplifies other areas of ASC 740. This standard is effective for public companies for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. Early adoption is permitted. The Company is currently evaluating the impact this ASU will have on our financial statements and related disclosures as well as the timing of adoption.</p>
</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
<us-gaap:RealEstateDisclosureTextBlock contextRef="From2020-01-01to2020-03-31">
<p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(2)  Land Development</b></p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">During the first quarter of 2006, the Company received final subdivision approval on an approximate 336 acre parcel in the region "mauka" (toward the mountains) from the main highway serving the area. This project, called Kaanapali Coffee Farms, consisted of 51 agricultural lots, offered to individual buyers. The land improvements were completed during 2008. As of March 31, 2020, the Company sold fifty lots at Kaanapali Coffee Farms. In conjunction with the sale of one lot, in addition to cash proceeds, the Company received a promissory note in the amount of $460, included in other assets in the Company’s consolidated balance sheet.</p> <p style="font: 8pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 $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 commitment remains outstanding as construction of such improvements has not yet commenced on the site. 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 adjacent 18.5 acre option site. The option which initially expired in September 2017 has been extended to December 31, 2020. 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.</p>
</us-gaap:RealEstateDisclosureTextBlock>
<us-gaap:IncomeTaxDisclosureTextBlock contextRef="From2020-01-01to2020-03-31">
<p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(5)  Income Taxes</b></p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Federal tax return examinations have been completed for all years through 2005 and for the year 2013. The statutes of limitations have run for the tax years 2007 through 2012 and 2015. The statutes of limitations with respect to the Company's taxes for 2016 through 2019 remain open, subject to possible utilization of loss carryforwards from earlier years. Notwithstanding the foregoing, all net operating losses (“NOL”) generated and not yet utilized are subject to adjustment by the IRS. The Company believes adequate provisions for income tax have been recorded for all years, although there can be no assurance that such provisions will be adequate. To the extent that there is a shortfall, any such shortfall for which the Company could be liable could be material.</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Reference is made to the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has AMT credits that are expected to be refunded between 2019 and 2021 as a result of the Tax Cuts and Jobs Act (the “Act”). The expected refundable tax credit of $2,869 is included in Other assets in the accompanying consolidated financial statements.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Act is a comprehensive tax reform bill containing a number of other provisions that either currently or in the future could impact the Company, particularly the effect of certain limitations effective for the tax year 2018 and forward (prior losses remain subject to the prior 20 year carryover period) on the use of federal NOL carryforwards which will generally be limited to being used to offset 80% of future annual taxable income.</p>
</us-gaap:IncomeTaxDisclosureTextBlock>
<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2020-01-01to2020-03-31">
<p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(7)  Commitments and Contingencies</b></p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">At March 31, 2020, the Company has no principal contractual obligations related to the land improvements in conjunction with Phase I of the Kaanapali Coffee Farms project.</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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. Two former subsidiaries, Oahu Sugar Company, LLC (“Oahu Sugar”) and D/C Distribution Corporation (“D/C”), filed petitions for liquidation under Chapter 7 of the Bankruptcy Code in April 2005 and July 2007, respectively, as described below. On December 17, 2019, the Oahu Sugar bankruptcy case was closed. As a consequence of the Chapter 7 filing, D/C is not under control of the Company.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 cleanup of the land formerly occupied by Oahu Sugar. Oahu Sugar responded to the information requests and had notified both the Navy and 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.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 in April 2005, its voluntary petition for liquidation under Chapter 7 of Title 11, United States Bankruptcy Code. Such filing did not have a material adverse effect on the Company as Oahu Sugar was substantially without assets at the time of the filing. While it was and is not believed that any other affiliates have any responsibility for the debts of Oahu Sugar, EPA made a claim against Kaanapali Land as further described below, and therefore, there was and is no assurance that the Company will not incur significant costs in conjunction with such claim.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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, 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. There was an insignificant amount of assets remaining in the debtor's estate and it was unclear whether the United States Trustee who took control of Oahu Sugar was going to take any action to contest the EPA/Navy claim, or how it was going to reconcile such claim for the purpose of distributing any remaining assets of Oahu Sugar. Counsel for the trustee, EPA, the Navy, and for Fireman’s Fund, one of Kaanapali Land’s insurers, had been exploring ways in which to conclude the Oahu Sugar bankruptcy. On December 16, 2019, the Oahu Sugar bankruptcy trustee filed its final accounting with no distribution to claimants. On December 17, 2019, the Oahu Sugar bankruptcy case was closed and the trustee was discharged.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 the Comprehensive Environmental Response Compensation and Liability Act (“CERCLA”) to amend the existing Unilateral Administrative Order against Oahu Sugar Company, LLC, for the cleanup of the site to include Kaanapali Land as an additional respondent. The purported basis for 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 EPA, on or about September 30, 2009, 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</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 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. Kaanapali and EPA have exchanged 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.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On February 11, 2015, the Company filed a complaint for declaratory judgment, bad faith and damages against Fireman’s Fund Insurance Company (“Fireman’s Fund”) in the Circuit Court of the First Circuit, State of Hawaii, Civil No. 15-1-0239-02, in connection with costs and expenses it has incurred or may incur in connection with the Waipio site. In the five-count complaint, the Company seeks, among other things, a declaratory judgment of its rights under various Fireman’s Fund policies and an order that Fireman’s Fund defend and indemnify Kaanapali Land from all past, present and future costs and expenses in connection with the site, including costs of investigation and defense incurred by Kaanapali and the professionals it has engaged. In addition, Kaanapali seeks general, special, and punitive damages, prejudgment and post judgment interest, and such other legal or equitable relief as the court deems just and proper. Fireman’s Fund has filed a responsive pleading. There are no assurances of the amounts of insurance proceeds that may or may not be ultimately recovered.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On January 21, 2020, certain asbestos claimants filed a Stay Relief Motion in the Bankruptcy Court for the Northern District of Illinois, Eastern Division, Case No. 07-12776 (“motion to lift stay”) in connection with the D/C bankruptcy proceeding. The motion seeks the entry of an order, among other things, modifying the automatic stay in the D/C bankruptcy to permit those claimants to prosecute various lawsuits in state courts against D/C Distribution, LLC, and to recover on any judgment or settlement solely from any available insurance coverage. Various oppositions to the motion to lift stay have been filed, and the matter was heard and taken under advisement in April 2020. It is not clear that the court will grant such a motion or the terms and conditions of such a motion, including limiting recovery to insurance, if such insurance exist.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The parties in the D/C and in the prior pending Oahu Sugar bankruptcy have reached out to each other to determine if there is any interest in pursuing a global settlement of the claims in the prior Oahu Sugar bankruptcy and the D/C bankruptcy insofar as the Fireman’s Fund insurance policies are concerned. Such discussions are taking place. There are no assurances that a settlement of all claims and controversies as relating to Waipio can be reached.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On or about October 17, 2018, PM Land Company, LLC (“PM Land”) received a demand for arbitration of a claim allegedly involving the sale of a lot located in the Kaanapali Coffee Farms Subdivision. The purchaser of the lot sought unspecified damages, including possible punitive damages, in connection with Claimant’s July 2016 purchase of the lot, allegedly on the basis that PM Land did not, among other things, fully and adequately disclose the nature or source of the chronic problems associated with alleged excessive groundwater accumulation on the property. Claimant sought unspecified damages for, among other things, breach of contract, violation of the Uniform Land Sales Practices Act, unfair and deceptive trade practices. Claimant sought damages in an amount to be proven at trial, and attorneys’ fees and costs. The parties settled this matter during third quarter 2019.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 December 2018. To date, the DLNR has cited certain deficiencies concerning two of the Company’s reservoirs relating to dam and reservoir safety standards established by the State of Hawaii. These deficiencies include, among other things, vegetative overgrowth, erosion of slopes, uncertainty of inflow control, spillway capacity, and freeboard, and uncertainty of structural stability under certain loading and seismic conditions. The Company has taken certain corrective actions, including lowering the reservoir operating level; as well as updating important plans to address emergency events and basic operations and maintenance. In 2018, the Company contracted with an engineering firm to develop plans to address certain DLNR cited deficiencies on one of the Company’s reservoirs. 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 will involve continuing engagement with specialized engineering consultants, and ultimately could result in significant and costly improvements which may be material to the Company.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</p> <p style="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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. During second quarter 2019, the Company received $442 in insurance proceeds related to an insured event that occurred during the 2018 crop year. This amount has been reflected in sales and rental revenues in the Company’s consolidated financial statements.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Kaanapali Land Management Corp. (KLMC) is a party to an agreement with the State of Hawaii for the development of the Lahaina Bypass Highway. An approximate 2.4 mile portion of this two lane state highway has been completed. Construction to extend the southern terminus was completed mid-2018. The northern portion of the Bypass Highway, which extends to KLMC’s lands, remains uncompleted. Under certain circumstances, which have not yet occurred, KLMC remains committed for approximately $1,100 of various future costs relating to the planning and design of the uncompleted portion of the Bypass Highway. Under certain conditions, which have not yet been met, KLMC has agreed to contribute an amount not exceeding $6,700 toward construction costs. Any such amount contributed would be reduced by the value of KLMC’s land actually contributed to the State for the Bypass Highway.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In March 2020, the World Health Organization declared the outbreak of COVID-19 as a pandemic, and the U.S. and Hawaiian economy began to experience pronounced disruptions. Quarantine, travel restrictions and other governmental restrictions to reduce the spread of COVID-19 has caused and is likely to continue to have an adverse impact on economic activity, including business closures, increased unemployment, financial market instability, and reduced tourism to Maui. Mandates from the State of Hawaii and County of Maui include temporary business closures, stay at home and work from home orders of workers of certain non-essential businesses, and 14 day self-quarantine of persons traveling inter-island and arriving or returning to the State of Hawaii. Certain state mandates have been extended through May 31, 2020. The duration of the disruption on global, national, and local economies cannot be reasonably estimated at this time. Therefore, while this matter will negatively impact the Company’s results and financial position, the related financial impact cannot be reasonably estimated at this time and no such impact is recorded in these consolidated financial statements.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
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