Note 9 - Segment Information

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

9 . SEGMENT INFORMATION

The Company’s presentation of its reportable operating segments is consistent with how the Company’s chief operating decision maker determines the allocation of resources. Reportable 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.

• Utilities primarily include the operations of Kapalua Water Company and Kapalua Waste Treatment Company, the Company’s water and sewage transmission services (regulated by the Hawaii Public Utilities Commission) for the Kapalua Resort. 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.

Condensed financial information for each of the Company’s reportable segments for the years ended

December

31,

2016

and

2015

were as follows:

	Real									Resort
	Estate			Leasing			Utilities			Amenities			Other (2)			Consolidated
2016
Operating revenues (1)	$	37,116		$	5,324		$	3,345		$	1,487		$	92		$	47,364
Operating costs and expenses		(7,460	)		(2,971	)		(2,325	)		(897	)		(50	)		(13,703	)
Depreciation expense		-			(1,524	)		(394	)					(66	)		(1,984	)
General and administrative and other expenses		(829	)		(626	)		(271	)		(385	)		(6,096	)		(8,207	)
Operating income (loss)		28,827			203			355			205			(6,120	)		23,470
Interest expense																	(1,656	)
Income from continuing operations																$	21,814
Capital expenditures (3)	$	123		$	-		$	-		$	-		$	-		$	123
Assets (4)	$	11,634		$	19,721		$	3,604		$	1,476		$	2,448		$	38,883

	Real									Resort
	Estate			Leasing			Utilities			Amenities			Other (2)			Consolidated
2015
Operating revenues (1)	$	12,501		$	5,546		$	3,335		$	1,263		$	141		$	22,786
Operating costs and expenses		(2,515	)		(2,208	)		(2,260	)		(872	)		(53	)		(7,908	)
Depreciation expense		-			(1,646	)		(397	)		-			(72	)		(2,115	)
General and administrative and other expenses		(819	)		(619	)		(256	)		(380	)		(1,357	)		(3,431	)
Operating income (loss)		9,167			1,073			422			11			(1,341	)		9,332
Interest expense																	(2,519	)
Income from continuing operations																$	6,813
Capital expenditures (3)	$	20		$	-		$	-		$	-		$	-		$	20
Assets (4)	$	12,104		$	27,060		$	4,003		$	1,309		$	2,123		$	46,599

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

(2) Consists primarily of miscellaneous transactions and unallocated general and administrative, and pension and other post-retirement expenses.

(3) Primarily includes expenditures for property and deferred costs.

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