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Note 9 - Segment Information
 12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
9
.
SEGMENT INFORMATION
 
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. Reportable operating 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 expenses 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 services (regulated by the Hawaii Public Utilities Commission) for 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 include a membership program that provides certain benefits and privileges within the Kapalua Resort for its members.
 
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 postretirement expenses.
 
Condensed financial information for each of the Company’s reportable segments for the years ended
December 31, 2018
and
2017
were as follows:
 
   
Real
                    
Resort
                  
   
Estate
    
Leasing
    
Utilities
    
Amenities
    
Other (2)
    
Consolidated
  
2018
                                                
Operating revenues (1)
   $
446
     $
6,223
     $
3,220
     $
1,148
     $
-
     $
11,037
  
Operating costs and expenses
    
(2,770
 )    
(2,570
 )    
(2,213
 )    
(1,109
 )    
-
      
(8,662
 )
Depreciation expense
    
-
      
(1,179
 )    
(525
 )    
(57
 )    
(9
 )    
(1,770
 )
General and administrative and other expenses
    
(1,145
 )    
(865
 )    
(357
 )    
(531
 )    
(1,538
 )    
(4,436
 )
Operating income (loss)
    
(3,469
 )    
1,609
      
125
      
(549
 )    
(1,547
 )    
(3,831
 )
Pension and other post-retirement expenses
    
 
      
 
      
 
      
 
      
 
      
(514
 )
Interest expense
    
 
      
 
      
 
      
 
      
 
      
(156
 )
Income tax benefit
    
 
      
 
      
 
      
 
      
 
      
4,999
  
Income from continuing operations
    
 
      
 
      
 
      
 
      
 
     $
498
  
                                                 
Capital expenditures (3)
   $
273
     $
-
     $
148
     $
-
     $
-
     $
421
  
Assets (4)
   $
13,634
     $
17,084
     $
9,388
     $
1,099
     $
6,895
     $
48,100
  
 
   
Real
                    
Resort
                  
   
Estate
    
Leasing
    
Utilities
    
Amenities
    
Other (2)
    
Consolidated
  
2017
                                                
Operating revenues (1)
   $
14,575
     $
5,732
     $
3,153
     $
1,121
     $
1
     $
24,582
  
Operating costs and expenses
    
(1,457
 )    
(2,476
 )    
(2,065
 )    
(978
 )    
(55
 )    
(7,031
 )
Depreciation expense
    
-
      
(1,207
 )    
(477
 )    
(52
 )    
(20
 )    
(1,756
 )
General and administrative and other expenses
    
(982
 )    
(742
 )    
(306
 )    
(531
 )    
(1,273
 )    
(3,834
 )
Operating income (loss)
    
12,136
      
1,307
      
305
      
(440
 )    
(1,347
 )    
11,961
  
Pension and other post-retirement expenses
    
 
      
 
      
 
      
 
      
 
      
(871
 )
Interest expense
    
 
      
 
      
 
      
 
      
 
      
(190
 )
Income from continuing operations
    
 
      
 
      
 
      
 
      
 
     $
10,900
  
                                                 
Capital expenditures (3)
   $
1,457
     $
-
     $
-
     $
-
     $
-
     $
1,457
  
Assets (4)
   $
13,261
     $
18,100
     $
9,613
     $
1,216
     $
2,611
     $
44,801
  
 
(
1
)
Amounts are principally revenues from external customers and exclude equity in earnings of affiliates. Intersegment revenues were insignificant.
(
2
)
Consists primarily of miscellaneous transactions and unallocated general and administrative, and pension and other post-retirement expenses.
(
3
)
Primarily includes expenditures for property and deferred costs.
(
4
)
Segment assets are located in the United States.