XML 16 R12.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Discontinued Operations
 6 Months Ended
Jun. 30, 2011
Discontinued Operations  
Discontinued Operations

6.     Discontinued Operations

 

As of April 1, 2011, the Company’s business no longer includes the operation of the two championship golf courses at Kapalua Resort (Note 5).  The operating results for the golf courses and the gains and losses from disposal of the golf course land, improvements and equipment are reported as discontinued operations.  These operations were previously reported as part of the Resort segment.  Income from golf course discontinued operations for the first six months of 2011 includes a gain of $15.1 million from sale of the Bay Course.

 

As of June 30, 2011, the Honolua Store was leased to a third-party operator.  In June 2011, the Company determined that it would cease operations of its last retail outlet in September 2011.  For the year ended December 31, 2010, revenues and operating costs and expenses from the Company’s retail operations were approximately $9,165,000 and $7,619,000, respectively.

 

The Company ceased all agriculture operations as of the end of 2009 and accordingly, these operations are reported as discontinued operations.  Loss from discontinued agriculture operations in 2011 includes the loss of $871,000 from the June 2011 sale of a portion of the former agriculture processing facilities (Note 5).  Income from discontinued agriculture operations for the six months ended June 30, 2010 includes a credit of $2.3 million representing the gain from settlement of the Company’s post-retirement life insurance plans (Note 10).

 

Revenues and income (loss) before income taxes from discontinued operations were as follows:

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

 

 

(in thousands)

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

Golf course operations

 

$

—

 

$

2,040

 

$

3,375

 

$

5,162

 

Total

 

$

—

 

$

2,040

 

$

3,375

 

$

5,162

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) from Discontinued Operations

 

 

 

 

 

 

 

 

 

Golf course operations

 

$

103

 

$

(1,208

)

$

14,709

 

$

(1,336

)

Agriculture operations

 

(439

)

(318

)

(288

)

1,243

 

Total

 

$

(336

)

$

(1,526

)

$

14,421

 

$

(93

)