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Note 5 - Property & Equipment
6 Months Ended
Jun. 30, 2022
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

5.

PROPERTY & EQUIPMENT

 

Property and equipment at June 30, 2022 and December 31, 2021 consisted of the following:

 

   

June 30,

   

December 31,

 
   

2022

   

2021

 
   

(unaudited)

   

(audited)

 
   

(in thousands)

 

Land

  $ 5,052     $ 5,063  

Land improvements

    12,943       12,943  

Buildings

    22,869       22,869  

Machinery and equipment

    10,360       10,360  

Total property and equipment

    51,224       51,235  

Less accumulated depreciation

    34,787       34,237  

Property and equipment, net

  $ 16,437     $ 16,998  

 

Land

 

Most of the Company’s 22,100 acres of land were acquired between 1911 and 1932 and are carried in its consolidated balance sheets at cost. Approximately 20,700 acres of land are located in West Maui and comprise a largely contiguous parcel that extends from the sea to an elevation of approximately 5,700 feet. This parcel includes approximately 900 acres within the Kapalua Resort, a master-planned, destination resort and residential community located in West Maui encompassing approximately 3,000 acres. The Company’s remaining 1,400 acres of land are located in Upcountry Maui in an area commonly known as Hali’imaile and are mainly comprised of leased agricultural fields, including related processing and maintenance facilities.

 

Land Improvements

 

Land improvements are comprised primarily of roads, utilities, and landscaping infrastructure improvements at the Kapalua Resort. Also included is the Company’s potable and non-potable water systems in West Maui. The majority of the Company’s land improvements were constructed and placed in service in the mid-to-late 1970’s or conveyed in 2017. Depreciation expense would be considerably higher if these assets were stated at current replacement cost.

 

Buildings

 

Buildings are comprised of restaurant, retail and light industrial spaces located at the Kapalua Resort and Hali’imaile which are used in the Company’s leasing operations. The majority of the buildings were constructed and placed in service in the mid-to-late 1970’s. Depreciation expense would be considerably higher if these assets were stated at current replacement cost.

 

Machinery and Equipment

 

Machinery and equipment are mainly comprised of zipline course equipment installed in 2008 at the Kapalua Resort and used in the Company’s leasing operations.