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Segment Results (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of Operating Segment Information

Operating segment information for the years ended December 31, 2020, 2019 and 2018 is summarized below (in millions):

						2020						2019						2018
Operating Revenue:
Commercial Real Estate						$	150.0					$	160.6					$	140.3
Land Operations						40.6						114.1						289.5
Materials & Construction						114.7						160.5						214.6
Total operating revenue						305.3						435.2						644.4
Operating Profit (Loss):
Commercial Real Estate1						49.8						66.2						58.5
Land Operations2						17.3						20.8						(26.7)
Materials & Construction3						(12.4)						(69.2)						(73.2)
Total operating profit (loss)						54.7						17.8						(41.4)
Gain (loss) on disposal of commercial real estate properties, net						0.5						—						51.4
Interest expense						(30.3)						(33.1)						(35.3)
General corporate expenses						(19.3)						(23.6)						(27.6)
Income (Loss) from Continuing Operations Before Income Taxes						$	5.6					$	(38.9)					$	(52.9)
Identifiable Assets:
Commercial Real Estate						$	1,499.9					$	1,532.6					$	1,530.4
Land Operations4						258.4						282.5						350.0
Materials & Construction						211.9						243.0						297.1
Other						65.8						26.2						47.7
Total assets						$	2,036.0					$	2,084.3					$	2,225.2
Capital Expenditures:
Commercial Real Estate5						$	18.8					$	250.5					$	282.7
Land Operations6						1.4						2.3						1.4
Materials & Construction						4.5						1.9						11.0
Other						0.4						0.4						1.0
Total capital expenditures						$	25.1					$	255.1					$	296.1
Depreciation and Amortization:
Commercial Real Estate						$	40.1					$	36.7					$	28.0
Land Operations						1.5						1.6						1.9
Materials & Construction						10.8						11.4						12.1
Other						0.9						0.8						0.8
Total depreciation and amortization						$	53.3					$	50.5					$	42.8

1 Commercial Real Estate segment operating profit (loss) includes intersegment operating revenue, primarily from the Materials & Construction segment, and is eliminated in the consolidated results of operations.

2 Land Operations segment operating profit (loss) includes equity in earnings (losses) from the Company's various real estate joint ventures and non-cash reductions related to the Company's solar tax equity investments. The year ended December 31, 2018 also includes a non-cash, other-than-temporary impairment of $186.8 million recorded against the Company's investment in Kukui‘ula.

3 Materials & Construction segment operating profit (loss) for the year ended December 31, 2020 includes an impairment charge of $5.6 million related to its disposal of GPRM. Materials & Construction segment operating profit (loss) for the December 31, 2019 includes an impairment charge related to its goodwill of $49.7 million. Materials & Construction segment operating profit (loss) for the December 31, 2018 includes cumulative impairment charges related to long-lived assets, finite-lived intangible assets and goodwill of $77.8 million.

4 The Land Operations segment includes assets related to its investment in various real estate joint ventures.

5 Represents gross capital additions to the commercial real estate portfolio, including gross tax deferred property purchases but excluding the assumption of debt, that are reflected as non-cash transactions in the consolidated statements of cash flows.

6 Excludes expenditures for real estate developments held for sale, which are classified as cash flows from operating activities within the consolidated statements of cash flows, and excludes investment in joint ventures classified as cash flows from investing activities.

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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