Tejon Ranch Co 2025年季度报告

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerginggrowth company” in Rule 12b-2 of the Exchange Act. Non-accelerated filer☒Smaller reporting company☒Emerging growth company☐ new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ Unaudited Consolidated Statements of Operations for theThreeMonths EndedMarch31, 2025and2024 2025 and 2024 Unaudited Consolidated Statements of Cash Flows for theThreeMonths EndedMarch31, 2025 and 2024 Management’s Discussion and Analysis of Financial Condition and Results of Operations Controls and ProceduresPARTII.OTHER INFORMATIONLegal ProceedingsRisk FactorsUnregistered Sales of Equity Securities and Use of ProceedsDefaults Upon Senior SecuritiesMine Safety Disclosures Advance Kern Incentive ProgramAccounting Standards CodificationAccounting Standards UpdateAntelope Valley East Kern Water AgencyCentennial Founders, LLCCenter for Biological DiversityCalifornia Environmental Quality ActCommunity Facilities DistrictCalifornia Native Plant SocietyEarnings Before Interest Taxes Depreciation and Amortization Financial Accounting Standards Board Foreign Trade Zone NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Consolidated Statements of Operations. The Company’s reportable segments follow the same accounting policies used for theCompany’s consolidated financial statements. The Company uses segment profit or loss and equity in earnings of unconsolidated joint the Company’s agricultural activities, water activities, and timing of real estate sales and leasing activities. Historically, the Company’slargest percentages of farming revenues are recognized during the third and fourth quarters of the fiscal year. For further information and a summary of significant accounting policies, refer to the Consolidated Financial Statements and notesthereto included in the Company’s Annual Report on Form 10-K for the year endedDecember 31, 2024.Financial Instruments value due to their short-term and highly liquid nature.These instruments include cash and cash equivalents, restricted cash, timedeposits, accounts receivable, security deposits held for customers, accounts payable, and other accrued liabilities. The fair value ofthe revolving line of credit also approximates its carrying value, as the interest rate is variable and approximates prevailing marketinterest rates for similar debt arrangements. Restricted CashRestricted cash is included in Prepaid expenses and other current assets within the Consolidated Balance Sheets and primarily relatesto funds held in escrow.The Company had $500,000of restricted cash as of March31, 2025 and December 31, 2024.New Accounting Pronouncements Adopted In August 2023, FASB issued ASU No.2023-05, "Business Combinations - Joint Venture Formations." This ASU addresses theaccounting for contributions made to a joint venture, upon formation, in a joint venture's separate financial statements. The for all joint venture formations with a formation date on or after January 1, 2025. This pronouncement did not have a material effecton our consolidated financial statements. New Accounting Pronouncements and Climate Change Related Update by SEC Effective in Future PeriodsIncome Taxes In December 2023, the FASB issued ASU No.2023-09, "Income Taxes (Topic740) - Improvements to Income Tax Disclosures". ThisASU requires public business entities to disclose a tabular rate reconciliation of both percentages and reporting currency amounts on have a material effect on our consolidated financial statements. 9 Rules to Enhance and Standardize Climate-related Disclosures for Investors On March 6, 2024, the SEC adopted final rules to require registrants to disclose certain climate-related information in registrationstatements and annual reports. On April 4, 2024, the SEC issued an order staying the final rules pending completion of judicial review of the petitions challenging the final rules. The order does not amend the compliance dates contemplated by the final rules, which areapplicable to the Company for fiscal years beginning with the Company’s annual report on Form 10-K for the fiscal year endingDecember 31, 2027; however, the SEC disclosed in its litigation filings that it would publish a new effective date for the rules at theconclusion of its stay. On February 11, 2025, the SEC also indicated it would ask the court to hold on scheduling further arguments Expense Disaggregation Disclosures In November 2024, the FASB issued ASU No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-4