Note 10 - Reportable Operating Segments

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

10 . REPORTABLE OPERATING SEGMENTS

The Company’s reportable operating segments are comprised of the discrete business units whose operating results are regularly reviewed by the Company’s Chief Executive Officer – its chief decision maker – in assessing performance and determining the allocation of resources. The Company’s reportable operating segments are as follows:

• Real Estate – includes land planning and entitlement, development and sales activities. This segment also includes the operations of Kapalua Realty Company Ltd., a general brokerage real estate company located within the Kapalua Resort.

• Leasing – includes residential, resort, commercial, industrial and agricultural land and property leases, licensing of the Company’s registered trademarks and trade names, and stewardship and conservation efforts.

• Utilities – includes the operations of the Company’s two Hawaii Public Utilities Commision-regulated subsidiaries which provide potable and non-potable water and wastewater transmission services to the Kapalua Resort. In addition, this segment also includes management of ditch, reservoir and well systems which provide non-potable irrigation water systems in West and Upcountry Maui.

• Resort Amenities – include the operations of the Kapalua Club, a private, non-equity club providing its members special programs, access and other privileges at certain of the amenities at the Kapalua Resort including a 30,000 square foot full-service spa and a private pool-side dining beach club.

The Company’s reportable operating segment results are measured based on operating income (loss), exclusive of interest, depreciation, general and administrative, share-based compensation, pension and other post retirement expenses.

Reportable operating segment revenues and income (loss) for the three months ended March 31, 2016 and 2015 were as follows:

	Three Months
	Ended March 31,
	2016			2015
	(in thousands)
Operating Segment Revenues
Real estate	$	168		$	112
Leasing		1,615			1,415
Utilities		847			817
Resort amenities and other		346			450
Total Operating Segment Revenues	$	2,976		$	2,794
Operating Segment Income (Loss)
Real estate	$	(132	)	$	(56	)
Leasing		903			883
Utilities		216			205
Resort amenities and other		149			237
Total Operating Segment Income	$	1,136		$	1,269