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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2013
SEGMENT INFORMATION  
SEGMENT INFORMATION

13.   SEGMENT INFORMATION

        The Company's presentation of its reportable operating segments 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 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 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 include a membership program that provides certain benefits and privileges within the Kapalua Resort for its members. In 2012, the resort amenities segment also included a full-service spa and a beach club. In 2013, the Company ceased operating the spa and beach club in conjunction with the conclusion of The Residences at Kapalua Bay foreclosure proceeding and accounted for the spa and beach club operation results as discontinued operations.

        Condensed financial information for each of the Company's reportable segments for 2013 and 2012 follows:

 
   Real
Estate		   Leasing   Utilities   Resort
Amenities		   Other(5)   Consolidated  

2013

                                      

Operating revenues(1)

   $ 5,434   $ 4,862   $ 3,686   $ 1,217   $ 13   $ 15,212  

Operating income (loss)(2)

     357     (405 )   882     326     (1,700 )   (540 )

Interest expense, net

                                   (2,491 )
                                     
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Loss from continuing operations

                                 $ (3,031 )

Depreciation expense

     —     1,992     426     61     71   $ 2,550  

Capital expenditures(3)

     270     —     7     —     —   $ 277  

Assets(4)

     10,026     32,398     6,113     1,385     3,831   $ 53,753  


 

 
   Real
Estate		   Leasing   Utilities   Resort
Amenities		   Other(5)   Consolidated  

2012

                                      

Operating revenues(1)

   $ 2,545   $ 5,806   $ 3,541   $ 1,635   $ 44   $ 13,571  

Operating income (loss)(2)

     (338 )   428     624     960     (2,926 )   (1,252 )

Interest expense, net

                                   (2,563 )
                                     
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Loss from continuing operations

                                 $ (3,815 )

Depreciation expense

     —     2,240     461     1     176   $ 2,878  

Capital expenditures(3)

     109     22     54     —     —   $ 185  

Assets(4)

     6,736     37,421     6,437     1,752     9,139   $ 61,485  
(1)
Amounts are principally revenues from external customers and exclude equity in earnings of affiliates and interest income. Intersegment revenues were insignificant.

(2)
"Operating loss" is total operating revenues, less operating costs and expenses (excluding 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 miscellaneous transactions and unallocated general and administrative, pension and other post-retirement expenses and gain related to the Kapalua Bay settlement. Other assets are primarily assets held for sale, assets related to discontinued operations, information technology assets and assets at the Kapalua Resort that are not used directly in any operating segment.