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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2011
SEGMENT INFORMATION  
SEGMENT INFORMATION

13.   SEGMENT INFORMATION

        In 2011, the Company revised its operating segments to reflect the September 2011 discontinuation of retail operations, the March 2011 discontinuation of golf operations and the Company's increased emphasis on real estate, leasing, utilities and resort amenities operations. The reportable operating segment presentation adopted 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 expense 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 operations (regulated by the Hawaii Public Utilities Commission) servicing 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 includes a spa, beach club and a membership program that provides certain benefits and privileges within the Kapalua Resort for its members.

        The accounting policies of the segments are the same as those described in Summary of Significant Accounting Policies, Note 1.

        The financial information for each of the Company's reportable segments for 2011 and 2010 follows (in thousands):

 
   Real
Estate 		  Leasing   Utilities   Resort
Amenities 		  Other(6)   Consolidated  

2011

                                      

Operating revenues(1)

   $ 1,070   $ 5,144   $ 3,418   $ 3,854   $ 1,056   $ 14,542  

Operating loss(2)

     (661 )   (1,000 )   (319 )   (803 )   (4,499 ) $ (7,282 )

Interest expense, net

                                   (2,402 )
                                     

Loss from continuing operations before income tax benefit

                                 $ (9,684 )
                                     

Depreciation expense

     313     1,535     459     23     1,060     3,390  

Capital expenditures(3)

     89     487     6     —     244     826  

Assets relating to continuing operations(4)

     10,844     38,744     6,977     1,138     3,873     61,576  

Other assets(5)

                                   2,496  
                                     

 

                                 $ 64,072  
                                     

2010

                                      

Operating revenues(1)

   $ 9,311   $ 4,994   $ 3,254   $ 3,583   $ 1,913   $ 23,055  

Operating profit (loss)(2)

     3,416     (1,137 )   (127 )   (108 )   (6,373 ) $ (4,329 )

Interest expense, net

                                   (7,347 )
                                     

Loss from continuing operations before income tax benefit

                                 $ (11,676 )
                                     

Depreciation expense

     336     1,685     492     23     2,242     4,778  

Capital expenditures(3)

     556     86                 4,054     4,696  

Assets relating to continuing operations(4)

     11,059     41,518     7,571     1,172     5,751     67,071  

Other assets(5)

                                   23,334  
                                     

 

                                 $ 90,405  
                                     
(1)
Amounts are principally revenues from external customers and exclude equity in earnings of affiliates and interest income. Intersegment revenues were insignificant.

(2)
"Operating profit (loss)" is total operating revenues, less operating costs and expenses (excludes interest income, interest expense and income taxes).
(3)
Primarily includes expenditures for property and deferred costs.

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

(5)
Consists primarily of assets held for sale and assets related to discontinued operations.

(6)
Consists primarily of miscellaneous transactions and unallocated general, administrative, marketing, pension and other post-retirement benefit expenses. Other assets are primarily information technology assets and assets at the Kapalua Resort that are not used directly in any operating segment.