XML 30 R18.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 10 - Reportable Operating Segments
 6 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
10
.
     
REPORTABLE OPERATING SEGMENTS
 
The Company’s reportable operating segments are comprised of the discrete business units whose operating results are regularly reviewed by the Company’s Chief Executive Officer – its chief decision maker – in assessing performance and determining the allocation of resources. The Company’s reportable operating segments are as follows:
 
 
•
Real Estate – includes land planning and entitlement, development and sales activities. This segment also includes the operations of Kapalua Realty Company Ltd., a general brokerage real estate company located within the Kapalua Resort.
 
 
•
Leasing – includes residential, resort, commercial, industrial and agricultural land and property leases, licensing of the Company’s registered trademarks and trade names, and stewardship and conservation efforts.
 
 
•
Utilities – includes the operations of the Company’s two Hawaii Public Utilities Commission-regulated subsidiaries which provide potable and non-potable water and wastewater transmission services to the Kapalua Resort. In addition, this segment also includes management of ditch, reservoir and well systems which provide non-potable irrigation water systems in West and Upcountry Maui.
 
 
•
Resort Amenities – include the operations of the Kapalua Club, a private, non-equity club providing its members special programs, access and other privileges at certain of the amenities at the Kapalua Resort including a 30,000 square foot full-service spa and a private pool-side dining beach club.
 
The Company’s reportable operating segment results are measured based on operating income (loss), exclusive of interest, depreciation, general and administrative, share-based compensation, pension and other postretirement expenses.
 
Reportable operating segment revenues and income (loss) for the three and six months ended June 30, 2016 and 2015 were as follows:
 
 
 
Three Months
Ended June 30,
 
 
Six Months
Ended June 30,
 
 
 
2016
 
 
2015
 
 
2016
 
 
2015
 
 
 
(in thousands)
 
 
(in thousands)
 
Operating Segment Revenues
                                
Real estate
  $ 15,498     $ 211     $ 15,666     $ 323  
Leasing
    1,277       1,422       2,892       2,837  
Utilities
    878       807       1,726       1,623  
Resort amenities and other
     324       325       670       776  
Total Operating Segment Revenues
  $ 17,977     $ 2,765     $ 20,954     $ 5,559  
Operating Segment Income (Loss)
                                
Real estate
  $ 14,142     $ (37 )   $ 14,009     $ (94 )
Leasing
    732       811       1,634       1,688  
Utilities
    289       225       506       429  
Resort amenities and other
     54       60       164       297  
Total Operating Segment Income
   $ 15,217     $ 1,059     $ 16,313     $ 2,320