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Note 10 - Segment Information
 12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
10.
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 in
2019
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. The operating segment also includes the management of ditch, reservoir and well systems that provide potable and non-potable 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 results of discontinued operations discussed in Note
9
were included in the Utilities segment in prior periods. The Utilities segment previously consisted of the operations of Kapalua Water Company and Kapalua Waste Treatment Company, water and sewage transmission services for the Kapalua Resort, and the management of ditch, reservoir, and well systems in the West and Upcountry Maui areas.
 
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 consolidated financial information for each of the Company’s reportable segments for the years ended
December 31, 2019
and
2018
were as follows:
 
   
Real
            
Resort
                  
   
Estate
    
Leasing
    
Amenities
    
Other
(2)
    
Consolidated
  
2019
                                        
Operating revenues
(1)
   $
915
     $
8,148
     $
982
     $
-
     $
10,045
  
Operating costs and expenses
    
(1,185
 )    
(3,228
 )    
(1,030
 )    
-
      
(5,443
 )
Depreciation expense
    
 
      
(1,352
 )    
(49
 )    
(11
 )    
(1,412
 )
General and administrative and other expenses
    
(1,069
 )    
(1,102
 )    
(479
 )    
(1,336
 )    
(3,986
 )
Operating income (loss)
    
(1,339
 )    
2,466
      
(576
 )    
(1,347
 )    
(796
 )
Pension and other post-retirement expenses
    
 
      
 
      
 
      
 
      
(1,016
 )
Interest expense
    
 
      
 
      
 
      
 
      
(198
 )
Income tax expense
    
 
      
 
      
 
      
 
      
(4,999
 )
Loss from continuing operations
    
 
      
 
      
 
      
 
     $
(7,009
 )
                                         
Capital expenditures
(3)
   $
278
     $
86
     $
-
     $
626
     $
990
  
Assets
(4)
   $
13,789
     $
17,995
     $
1,039
     $
6,296
     $
39,119
  
 
   
Real
            
Resort
                  
   
Estate
    
Leasing
    
Amenities
    
Other
(2)
    
Consolidated
  
2018
                                        
Operating revenues
(1)
   $
446
     $
7,266
     $
1,148
     $
-
     $
8,860
  
Operating costs and expenses
    
(2,770
 )    
(3,037
 )    
(1,109
 )    
-
      
(6,916
 )
Depreciation expense
    
-
      
(1,424
 )    
(57
 )    
(9
 )    
(1,490
 )
General and administrative and other expenses
    
(1,145
 )    
(1,222
 )    
(531
 )    
(1,538
 )    
(4,436
 )
Operating income (loss)
    
(3,469
 )    
1,583
      
(549
 )    
(1,547
 )    
(3,982
 )
Pension and other post-retirement expenses
    
 
      
 
      
 
      
 
      
(514
 )
Interest expense
    
 
      
 
      
 
      
 
      
(156
 )
Income tax benefit
    
 
      
 
      
 
      
 
      
4,999
  
Income from continuing operations
    
 
      
 
      
 
      
 
     $
347
  
                                         
Capital expenditures
(3)
   $
395
     $
156
     $
-
     $
155
     $
706
  
Assets
(4)
   $
13,634
     $
18,778
     $
1,099
     $
14,681
     $
48,192
  
 
(
1
)
Amounts are principally revenues from external customers and exclude equity in earnings of affiliates.
(
2
)
Consists primarily of miscellaneous transactions, unallocated general and administrative, and pension and other post-retirement expenses. Includes assets related to discontinued operations of
$4.5
million and
$7.7
million at
December 31, 2019
and
2018,
respectively
(
3
)
Primarily includes expenditures for property and deferred costs.
(
4
)
Segment assets are located in the United States.