Note 10 - Segment Information

12 Months Ended

Dec. 31, 2021

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 2021 are as follows:

• Real Estate includes the development and sale of real estate inventory. The segment also includes operations of Kapalua Realty Company, Ltd., a general brokerage real estate company located within the Kapalua Resort through August 2020.

• 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 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, 2021 and 2020 (in thousands) were as follows:

	Real						Resort
	Estate			Leasing			Amenities			Other			Consolidated
2021
Operating revenues (1)	$	3,400		$	8,103		$	940		$	-		$	12,443
Operating costs and expenses		(750	)		(3,495	)		(1,355	)		-			(5,600	)
Depreciation expense		-			(1,177	)		-			(11	)		(1,188	)
General and administrative expenses		(1,049	)		(1,121	)		(487	)		(1,361	)		(4,018	)
Operating income (loss)		1,601			2,310			(902	)		(1,372	)		1,637
Pension and other post-retirement expenses														(4,732	)
Interest expense														(122	)
Other income														13
Loss from continuing operations													$	(3,204	)
Capital expenditures (3)	$	74		$	29		$	-		$	-		$	103
Assets (4)	$	15,525		$	14,684		$	800		$	6,910		$	37,919

	Real						Resort
	Estate			Leasing			Amenities			Other (2)			Consolidated
2020
Operating revenues (1)	$	772		$	5,948		$	820		$	-		$	7,540
Operating costs and expenses		(600	)		(2,933	)		(1,193	)		-			(4,726	)
Depreciation expense		-			(1,278	)		-			(11	)		(1,289	)
General and administrative expenses		(1,075	)		(1,131	)		(492	)		(1,379	)		(4,077	)
Operating income (loss)		(903	)		606			(865	)		(1,390	)		(2,552	)
Pension and other post-retirement expenses														(475	)
Interest expense														(134	)
Other income														894
Loss from continuing operations													$	(2,267	)
Capital expenditures (3)	$	436		$	81		$	-		$	-		$	517
Assets (4)	$	14,851		$	16,109		$	830		$	6,680		$	38,470

(1) Amounts are principally revenues from external customers and exclude equity in earnings of affiliates.

(2) Includes assets related to discontinued operations of $4.7 million at December 31, 2020.

(3) Includes expenditures for property and deferred costs.

(4) Segment assets are located in the United States.