Note 16 - Reportable Operating Segments

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

16. REPORTABLE OPERATING SEGMENTS

The Company’s reportable operating segments are comprised of the discrete business units whose operating results are regularly reviewed by the Chief Executive Officer – its chief operating decision maker – in assessing performance and determining the allocation of resources and by the Board. Reportable operating segments are as follows:

• Land development and sales consists of land planning and entitlement, development, development related construction, and sales of land assets;

• 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 watershed 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; and

• Resort amenities, includes 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, pension and other postretirement expenses.

	Land Development & Sales			Leasing			Resort Amenities			Other			Consolidated
September 30, 2025
Operating revenues (1)	$	4,211		$	9,947		$	774		$	-		$	14,932
Operating costs and expenses		(3,705	)		(5,450	)		(1,066	)		-			(10,221	)
Depreciation expense		(6	)		(542	)		(8	)		(275	)		(831	)
General and administrative expenses		(548	)		(731	)		(183	)		(5,267	)		(6,729	)
Operating income (loss)		(48	)		3,224			(483	)		(5,542	)		(2,849	)
Pension and other postretirement expenses														(6,914	)
Interest expense														(162	)
Gain on asset disposal														1
Other income														525
Loss from continuing operations														(9,399	)
Capital expenditures (2)	$	2,844		$	670		$	-		$	111		$	3,625
Assets (3)	$	18,307		$	17,514		$	1,316		$	8,702		$	45,839

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

(2) Includes expenditures for property and deferred costs.

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

	Land Development & Sales			Leasing			Resort Amenities			Other			Consolidated
September 30, 2024
Operating revenues (1)	$	200		$	7,148		$	805		$	-		$	8,153
Operating costs and expenses		(687	)		(3,447	)		(992	)		-			(5,126	)
Depreciation expense		-			(502	)		-			(29	)		(531	)
General and administrative expenses		(500	)		(667	)		(167	)		(6,678	)		(8,012	)
Operating income (loss)		(987	)		2,532			(354	)		(6,707	)		(5,516	)
Pension and other postretirement expenses														(234	)
Interest expense														(5	)
Other income														271
Loss from continuing operations														(5,484	)
Capital expenditures (2)	$	1,103		$	1,532		$	-		$	-		$	2,635
Assets (3)(4)	$	16,042		$	15,418		$	1,219		$	9,257		$	41,936

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

(2) Includes expenditures for property and deferred costs.

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

(4) The land development and sales segment includes a $1.6 million equity method investment as of September 30, 2024.