Note 15 - Reporatable Operating Segments

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

15. 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 and by the Board of Directors. Reportable operating segments are as follows:

• Real Estate includes the planning, entitlement, development, and sale of real estate inventory.

• 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 watershed conservation activities. The operating segment also includes the revenues and expenses from 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, and share-based compensation.

Reportable operating segment revenues and income for the three and six months ended June 30, 2023 and 2022 were as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	(unaudited)						(unaudited)
	2023			2022			2023			2022
	(in thousands)						(in thousands)
Operating Segment Revenues
Real estate	$	19		$	11,600		$	19		$	11,600
Leasing		2,241			2,198			4,318			4,228
Resort amenities and other		213			189			433			406
Total Operating Segment Revenues	$	2,473		$	13,987		$	4,770		$	16,234
Operating Segment Income (Loss)
Real estate	$	(317	)	$	10,893		$	(399	)	$	10,804
Leasing		1,202			1,201			2,485			2,489
Resort amenities and other		(150	)		(141	)		(478	)		(434	)
Total Operating Segment Income	$	735		$	11,953		$	1,608		$	12,859