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Midas Edge

TEJON RANCH CO

For the period ended Dec 31, 2024. Filed Mar 6, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Mar 6, 2025

TRC$17.55-1.1%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Cash Flows - Years Ended

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Twelve Months Ended December 31,
202420232022
Operating Activities
Net income$2,688$3,265$15,810
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization4,8854,8064,628
Amortization of (discount) premium on marketable securities(471)(691)87
Equity in earnings of unconsolidated joint ventures, net(10,881)(6,868)(7,752)
Non-cash retirement plan expense364462110
(Gain) loss on sale of real estate/assets(8)6(1,140)
Non-cash profits recognized from land contribution——(3,012)
Profit from water sale1—(490)(2,229)
Profit from land sales——(18,372)
Deferred income taxes7841,1212,865
Stock compensation expense4,1823,2522,877
Excess tax benefit of stock-based compensation(1)(723)(105)
Abandonment expense—18985
Inventory write down—4231,050
Distribution of earnings from unconsolidated joint ventures9,56313,51111,793
Changes in operating assets and liabilities:
Receivables, inventories, prepaids and other assets, net261(4,476)3,244
Current liabilities, net2,948(132)(1,408)
Net cash provided by operating activities14,31413,6558,531
Investing Activities
Maturities and sales of marketable securities92,605134,08341,135
Purchase of marketable securities(73,995)(132,317)(63,882)
Real estate and equipment expenditures(57,234)(21,328)(22,602)
Reimbursement proceeds from Community Facilities District15,745—5,950
Proceeds from sale of real estate/assets1577—
Proceeds from sale of land——24,950
Investment in unconsolidated joint ventures(346)(4,500)(800)
Distribution of equity from unconsolidated joint ventures6,33610,9788,166
Investments in long-term water assets(8,874)(6,034)(988)
Proceeds from water sales1—1,3246,180
Interest rate swap settlement2—3,715—
Net cash used in investing activities(25,748)(14,002)(1,891)
Financing Activities
Borrowings on line of credit19,00047,942—
Borrowings of long-term debt——49,080
Repayments of long-term debt—(50,357)(51,708)
Deferred financing costs—(1,097)(181)
Interest rate swap settlement3——1,123
Taxes on vested stock grants(206)(3,353)(2,733)
Net cash provided by (used in) financing activities18,794(6,865)(4,419)
Increase (decrease) in cash, cash equivalents, and restricted cash7,360(7,212)2,221
Cash, cash equivalents, and restricted cash at beginning of year32,40739,61937,398
Cash, cash equivalents, and restricted cash at end of year$39,767$32,407$39,619
Twelve Months Ended December 31,
202420232022
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents$39,267$31,907$39,119
Restricted cash (recorded in other assets)500500500
Total cash, cash equivalents, and restricted cash$39,767$32,407$39,619
Non-cash investing activities
Accrued capital and water expenditures included in current liabilities$5,290$2,091$1,847
Contribution to unconsolidated joint venture$—$—$8,501
Long term deferred profit on land contribution$—$—$3,012
1In determining the classification of cash inflows and outflows related to water asset activity, the Company’s practices are supported by ASC 230-10-45-22, which provides that “Certain cash receipts and payments have aspects of more than one class of cash flows…. If so, the appropriate classification shall depend on the activity that is likely to be the predominant source of cash flows for the item.” Also, at the 2006 American Institution of Certified Public Accountants Conference on Current SEC and PCAOB Developments, the SEC staff discussed that an entity should be consistent in how it classifies cash outflows and inflows related to an asset’s purchase and sale and noted that when cash flow classification is unclear, registrants must use judgment and analysis that considers the nature of the activity and the predominant source of cash flow for these items.Given the nature of our water assets and the aforementioned authoritative guidance, the Company estimates the appropriate classification of water assets purchased based on the timing of the sale of the water. Water purchased in prior periods that was classified as investing was sold for $1.32 and $6.18 million in 2023 and 2022, respectively, and this cash inflow is appropriately classified in the Company’s investing activities. The profit of $0.5 and $2.2 million in 2023 and 2022 related to the water purchased in prior periods is appropriately being deducted from operating activities for the respective period. The Company has and will continue to apply this methodology to water asset transactions that meet this fact pattern.
2The Company had an interest rate swap agreement with Bank of America, N.A. to reduce its exposure to fluctuations in the floating interest rate tied to SOFR under the term note. The hedging relationship qualified as an effective cash flow hedge and was recorded at fair value. On October 23, 2023, the Company terminated the interest rate swap, and received a $3,715,000 cash termination fee from Bank of America, N.A.
3The Company had an interest rate swap agreement with Wells Fargo Bank, N.A. to reduce its exposure to fluctuations in the floating interest rate tied to the London Inter-Bank Rate under a term note with Wells Fargo. The hedging relationship qualified as an effective cash flow hedge and was recorded at fair value. On June 27, 2022, the Company terminated the interest rate swap, and received a $1,123,000 cash termination fee from Wells Fargo.
ContentsView on SEC.gov

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