XML 29 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 10 - Reportable Operating Segments
 6 Months Ended
Jun. 30, 2017
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 in the Kapalua Resort.
 
 
•
Leasing – includes residential, resort, commercial, agricultural and industrial 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 Commission-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.
 
The Company’s reportable operating segment results are measured based on operating income , exclusive of interest, depreciation, general and administrative, share-based compensation, pension and other postretirement expenses.
 
Reportable operating segment revenues and income for the
three
and
six
months ended
June 30, 2017
and
2016
were as follows:
 
 
 
Three Months
 
 
Six Months
 
 
 
Ended June 30,
 
 
Ended June 30,
 
 
 
2017
 
 
2016
 
 
2017
 
 
2016
 
 
 
(in thousands)
 
 
(in thousands)
 
Operating Segment Revenues
                                
Real estate
  $
6,852
    $
15,498
    $
13,991
    $
15,666
 
Leasing
   
1,370
     
1,277
     
2,956
     
2,892
 
Utilities
   
829
     
878
     
1,505
     
1,726
 
Resort amenities and other
    
285
     
324
     
567
     
670
 
Total Operating Segment Revenues
  $
9,336
    $
17,977
    $
19,019
    $
20,954
 
Operating Segment Income
                                
Real estate
  $
6,700
    $
14,142
    $
13,103
    $
14,009
 
Leasing
   
783
     
732
     
1,900
     
1,634
 
Utilities
   
403
     
289
     
526
     
506
 
Resort amenities and other
    
72
     
54
     
21
     
164
 
Total Operating Segment Income
   $
7,958
    $
15,217
    $
15,550
    $
16,313