Note 10 - Reportable Operating Segments

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

10 . 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. The Company’s reportable operating segments are as follows:

• Real Estate – includes land planning and entitlement, development and sales activities. This segment also includes the operations of Kapalua Realty Company Ltd., a general brokerage and resales real estate company located within the Kapalua Resort.

• Leasing – includes residential, resort, commercial, industrial and agricultural land and property leases, licensing of the Company’s registered trademarks and trade names, and stewardship and conservation efforts.

• Utilities – comprised of the Company’s two publicly-regulated utility companies which provide potable and non-potable water and wastewater transmission services to the Kapalua Resort. In addition, this segment also includes management of ditch, reservoir and well systems which provide non-potable irrigation water to West and Upcountry Maui areas.

• Resort Amenities – include the operations of the Kapalua Club, a private, non-equity club providing its members special programs, access and other privileges at certain of the amenities at the Kapalua Resort including a 30,000 square foot full-service spa and a private pool-side dining beach club.

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 post retirement expenses.

Reportable operating segment revenues and income (loss) for the three and nine months ended September 30, 2015 and 2014 were as follows:

	Three Months					Nine Months
	Ended September 30,					Ended September 30,
	2015		2014			2015		2014
	(in thousands)					(in thousands)
Operating Segment Revenues
Real estate	$	12,054	$	249		$	12,377	$	2,785
Leasing		1,311		1,246			4,148		3,967
Utilities		785		924			2,409		2,475
Resort amenities and other		330		320			1,105		990
Total Operating Segment Revenues	$	14,480	$	2,739		$	20,039	$	10,217
Operating Segment Income (Loss)
Real estate	$	10,438	$	(106	)	$	10,344	$	957
Leasing		855		699			2,538		2,284
Utilities		206		324			635		730
Resort amenities and other		123		101			419		300
Total Operating Segment Income	$	11,622	$	1,018		$	13,936	$	4,271