SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2012

SEGMENT INFORMATION

SEGMENT INFORMATION

12.   SEGMENT INFORMATION

        The Company's presentation of its reportable operating segments is consistent with how the Company's chief operating decision maker determines the allocation of resources. Reportable segments are as follows:

• •

  Real Estate includes the development and sale of real estate inventory and the operations of Kapalua Realty Company, a general brokerage real estate company located within the Kapalua Resort.

  •

  Leasing primarily includes revenues and expense from real property leasing activities, license fees and royalties for the use of certain of the Company's trademarks and brand names by third parties, and the cost of maintaining the Company's real estate assets, including conservation activities.

  •

  Utilities primarily include the operations of Kapalua Water Company and Kapalua Waste Treatment Company, the Company's water and sewage transmission operations (regulated by the Hawaii Public Utilities Commission) servicing the Kapalua Resort. The operating segment also includes the management of ditch, reservoir and well systems that provide non-potable irrigation water to West and Upcountry Maui areas.

  •

  Resort Amenities includes a spa, beach club and a membership program that provides certain benefits and privileges within the Kapalua Resort for its members.

        Financial information for each of the Company's reportable segments for 2012 and 2011 follows:

	Real Estate			Leasing		Utilities		Resort Amenities			Other(6)			Consolidated
2012
Operating revenues(1)	$	2,545		$	5,806	$	3,541	$	4,228		$	44		$	16,164
Operating loss(2)		(338	)		428		624		(181	)		(2,926	)	$	(2,393	)
Interest expense, net															(2,563	)
Loss from continuing operations before income tax benefit														$	(4,956	)
Depreciation expense		—			2,240		461		12			176			2,889
Capital expenditures(3)		109			22		54		—			—			185
Assets relating to continuing operations(4)		6,736			37,421		6,437		1,752			5,190			57,536
Other assets(5)															3,949
														$	61,485

	Real Estate			Leasing			Utilities			Resort Amenities			Other(6)			Consolidated
2011
Operating revenues(1)	$	1,070		$	5,144		$	3,418		$	3,854		$	1,056		$	14,542
Operating loss(2)		(661	)		(1,000	)		(319	)		(803	)		(4,499	)	$	(7,282	)
Interest expense, net																	(2,402	)
Loss from continuing operations before income tax benefit																$	(9,684	)
Depreciation expense		313			1,535			459			23			1,060			3,390
Capital expenditures(3)		89			487			6			—			244			826
Assets relating to continuing operations(4)		10,844			38,744			6,977			1,138			3,873			61,576
Other assets(5)																	2,496
																$	64,072

(1)

Amounts are principally revenues from external customers and exclude equity in earnings of affiliates and interest income. Intersegment revenues were insignificant.

(2)

"Operating loss" is total operating revenues, less operating costs and expenses (excluding interest income, interest expense and income taxes).

(3)

Primarily includes expenditures for property and deferred costs.

(4)

"Segment assets" are located in the United States.

(5)

Consists primarily of assets held for sale and assets related to discontinued operations.

(6)

Consists primarily of miscellaneous transactions and unallocated general, administrative, marketing, pension and other post-retirement benefit expenses. Other assets are primarily information technology assets and assets at the Kapalua Resort that are not used directly in any operating segment.