Note 11 - Reportable Operating Segments

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

11. 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 planning, entitlement, development and sale of real estate inventory. The segment included the operations of Kapalua Realty Company, a general brokerage real estate company located within the Kapalua Resort, through June 30, 2020.

• Leasing 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 six months ended June 30, 2021 and 2020 were as follows:

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	(unaudited)					(unaudited)
	2021		2020			2021			2020
	(in thousands)					(in thousands)
Operating Segment Revenues
Real estate	$	2,700	$	90		$	2,700		$	158
Leasing		1,962		1,436			3,763			3,172
Resort amenities and other		288		184			546			414
Total Operating Segment Revenues	$	4,950	$	1,710		$	7,009		$	3,744
Operating Segment Income (Loss)
Real estate	$	2,246	$	(102	)	$	2,148		$	(209	)
Leasing		1,086		609			2,047			1,569
Resort amenities and other		10		15			(145	)		(326	)
Total Operating Segment Income	$	3,342	$	522		$	4,050		$	1,034