Note 11 - Reportable Operating Segments

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

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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. 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. 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.

Reportable operating segment revenues and income for the

three

and

nine

months ended

September 30, 2020

and

2019

were as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	(unaudited)						(unaudited)
	2020			2019			2020			2019
	(in thousands)						(in thousands)
Operating Segment Revenues
Real estate	$	15		$	305		$	173		$	671
Leasing		1,448			2,167			4,620			6,121
Resort amenities and other		234			242			648			751
Total Operating Segment Revenues	$	1,697		$	2,714		$	5,441		$	7,543
Operating Segment Income (Loss)
Real estate	$	(71	)	$	(47	)	$	(284	)	$	(202	)
Leasing		777			1,374			2,342			3,888
Resort amenities and other		82			23			(245	)		-
Total Operating Segment Income	$	788		$	1,350		$	1,813		$	3,686