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Note 9 - Segment Information
 12 Months Ended
Dec. 31, 2017
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 f
inancial information for each of the Company’s reportable segments for the years ended
December 31, 2017
and
2016
were as follows:
 
   
Real
                    
Resort
                  
   
Estate
    
Leasing
    
Utilities
    
Amenities
    
Other (2)
    
Consolidated
  
2017
                                                
Operating revenues (1)
   $
14,575
     $
5,527
     $
3,153
     $
1,121
     $
1
     $
24,377
  
Operating costs and expenses
    
(1,457
 )    
(2,444
 )    
(1,892
 )    
(978
 )    
(55
 )    
(6,826
 )
Depreciation expense
    
-
      
(1,207
 )    
(393
 )    
(52
 )    
(104
 )    
(1,756
 )
General and administrative and other expenses
    
(982
 )    
(742
 )    
(306
 )    
(531
 )    
(2,144
 )    
(4,705
 )
Operating income (loss)
    
12,136
      
1,134
      
562
      
(440
 )    
(2,302
 )    
11,090
  
Interest expense
    
 
      
 
      
 
      
 
      
 
      
(190
 )
Income from continuing operations
    
 
      
 
      
 
      
 
      
 
     $
10,900
  
                                                 
Capital expenditures (3)
   $
1,457
     $
-
     $
-
     $
-
     $
-
     $
1,457
  
Assets (4)
   $
13,261
     $
18,100
     $
2,932
     $
1,216
     $
9,292
     $
44,801
  
 
   
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
  
 
(
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.