XML 60 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
DISCONTINUED OPERATIONS
 12 Months Ended
Dec. 31, 2013
DISCONTINUED OPERATIONS  
DISCONTINUED OPERATIONS

7.     DISCONTINUED OPERATIONS

        The Company ceased spa operations in June 2013 and beach club operations in September 2013 in conjunction with the conclusion of The Residences at Kapalua Bay foreclosure proceedings and the Settlement. In September 2011, the Company ceased all retail operations at the Kapalua Resort. In March 2011, the Company ceased operating the two championship golf courses at the Kapalua Resort. In December 2009, the Company ceased all agriculture operations. Accordingly, the operating results including any gains or losses from the disposal of assets related to these former operations have been reported as discontinued operations in the accompanying consolidated financial statements. Income from discontinued operations for 2013 included a $1.9 million gain from the sale of a 7-acre parcel and building that was part of the Company's former agricultural processing facilities in Central Maui and a $0.5 million reversal of accrued income taxes payable and interest resulting from the IRS settlement. Income (loss) from discontinued operations in 2013 and 2012 also includes losses of $0.4 million and $1.1 million, respectively, from operating the spa and beach club prior to us ceasing such operations in 2013.

        The revenues and income (loss) before income tax benefits for the discontinued operations were as follows:

 
   2013   2012  
 
   (in thousands)
  

Revenues

              

Spa & Beach Club

   $ 1,294   $ 2,592  
           
​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 1,294   $ 2,592  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

Income (loss) from Discontinued Operations

              

Spa & Beach Club

   $ (443 ) $ (1,141 )

Golf courses

     —     (89 )

Retail

     (1 )   (3 )

Agriculture

     2,167     358  
           
​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 1,723   $ (875 )
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​