Note 10 - Reportable Operating Segments

9 Months Ended

Sep. 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

nine

months ended

September 30, 2017

and

2016

were as follows:

	Three Months					Nine Months
	Ended September 30,					Ended September 30,
	2017			2016		2017		2016
	(in thousands)					(in thousands)
Operating Segment Revenues
Real estate	$	290		$	3,210	$	14,281	$	18,876
Leasing		1,353			1,680		4,309		4,572
Utilities		898			813		2,403		2,539
Resort amenities and other		299			359		866		1,030
Total Operating Segment Revenues	$	2,840		$	6,062	$	21,859	$	27,017
Operating Segment Income (Loss)
Real estate	$	(38	)	$	2,768	$	13,065	$	16,778
Leasing		692			560		2,592		2,195
Utilities		410			124		936		630
Resort amenities and other		57			192		78		357
Total Operating Segment Income	$	1,121		$	3,644	$	16,671	$	19,960