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Note 10 - Segment Information | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
10. | SEGMENT INFORMATION
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. Reportable operating segments in 2019 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. The operating segment also includes the management of ditch, reservoir and well systems that provide potable and non-potable 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.
The results of discontinued operations discussed in Note 9 were included in the Utilities segment in prior periods. The Utilities segment previously consisted of the operations of Kapalua Water Company and Kapalua Waste Treatment Company, water and sewage transmission services for the Kapalua Resort, and the management of ditch, reservoir, and well systems in the West and Upcountry Maui areas. 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. Condensed consolidated financial information for each of the Company’s reportable segments for the years ended December 31, 2019 and 2018 were as follows:
|  | Real |  |  |  |  |  |  | Resort |  |  |  |  |  |  |  |  |
|  | Estate |  |  | Leasing |  |  | Amenities |  |  | Other (2) |  |  | Consolidated |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues (1) |  | $ | 915 |  |  | $ | 8,148 |  |  | $ | 982 |  |  | $ | - |  |  | $ | 10,045 |
Operating costs and expenses |  |  | (1,185 | ) |  |  | (3,228 | ) |  |  | (1,030 | ) |  |  | - |  |  |  | (5,443 | )
Depreciation expense |  |  |  |  |  |  | (1,352 | ) |  |  | (49 | ) |  |  | (11 | ) |  |  | (1,412 | )
General and administrative and other expenses |  |  | (1,069 | ) |  |  | (1,102 | ) |  |  | (479 | ) |  |  | (1,336 | ) |  |  | (3,986 | )
Operating income (loss) |  |  | (1,339 | ) |  |  | 2,466 |  |  |  | (576 | ) |  |  | (1,347 | ) |  |  | (796 | )
Pension and other post-retirement expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,016 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (198 | )
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,999 | )
Loss from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (7,009 | )
Capital expenditures (3) |  | $ | 278 |  |  | $ | 86 |  |  | $ | - |  |  | $ | 626 |  |  | $ | 990 |
Assets (4) |  | $ | 13,789 |  |  | $ | 17,995 |  |  | $ | 1,039 |  |  | $ | 6,296 |  |  | $ | 39,119 |
|  | Real |  |  |  |  |  |  | Resort |  |  |  |  |  |  |  |  |
|  | Estate |  |  | Leasing |  |  | Amenities |  |  | Other (2) |  |  | Consolidated |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues (1) |  | $ | 446 |  |  | $ | 7,266 |  |  | $ | 1,148 |  |  | $ | - |  |  | $ | 8,860 |
Operating costs and expenses |  |  | (2,770 | ) |  |  | (3,037 | ) |  |  | (1,109 | ) |  |  | - |  |  |  | (6,916 | )
Depreciation expense |  |  | - |  |  |  | (1,424 | ) |  |  | (57 | ) |  |  | (9 | ) |  |  | (1,490 | )
General and administrative and other expenses |  |  | (1,145 | ) |  |  | (1,222 | ) |  |  | (531 | ) |  |  | (1,538 | ) |  |  | (4,436 | )
Operating income (loss) |  |  | (3,469 | ) |  |  | 1,583 |  |  |  | (549 | ) |  |  | (1,547 | ) |  |  | (3,982 | )
Pension and other post-retirement expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (514 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (156 | )
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,999 |
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 347 |
Capital expenditures (3) |  | $ | 395 |  |  | $ | 156 |  |  | $ | - |  |  | $ | 155 |  |  | $ | 706 |
Assets (4) |  | $ | 13,634 |  |  | $ | 18,778 |  |  | $ | 1,099 |  |  | $ | 14,681 |  |  | $ | 48,192 |
( 1 ) | Amounts are principally revenues from external customers and exclude equity in earnings of affiliates.
( 2 ) | Consists primarily of miscellaneous transactions, unallocated general and administrative, and pension and other post-retirement expenses. Includes assets related to discontinued operations of $4.5 million and $7.7 million at December 31, 2019 and 2018, respectively
( 3 ) | Primarily includes expenditures for property and deferred costs.
( 4 ) | Segment assets are located in the United States.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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