XML 53 R21.htm IDEA: XBRL DOCUMENT v3.23.1
Note 13 - Segment Information
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

13.

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 2022 were as follows:

 

 

•

Real Estate includes development activities, such as land planning and entitlement, and the sale of real estate inventory.

 

 

•

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 Company’s reportable operating segment results were measured based on operating income, 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, 2022 and 2021 (in thousands) were as follows:

 

   

Real

            

Resort

                  
   

Estate

    

Leasing

    

Amenities

    

Other

    

Consolidated

  

2022

                                        

Operating revenues (1)

   $ 11,600     $ 8,513     $ 847     $ -     $ 20,960  

Operating costs and expenses

     (1,026

)

     (3,598

)

     (1,547

)

     -       (6,171

)

Depreciation expense

     -       (1,101

)

     -       (8

)

     (1,109

)

General and administrative expenses

     (1,068

)

     (1,141

)

     (496

)

     (1,368

)

     (4,073

)

Operating income (loss)

     9,506       2,673       (1,196

)

     (1,376

)

     9,607  

Pension and other post-retirement expenses

                                     (7,885

)

Interest expense

                                     (6

)

Other income

                                     71  

Income from continuing operations

                                   $ 1,787  
                                         

Capital expenditures (2)

   $ 33     $ -     $ -     $ -     $ 33  

Assets (3)

   $ 15,274     $ 13,586     $ 815     $ 12,731     $ 42,406  

 

   

Real

            

Resort

                  
   

Estate

    

Leasing

    

Amenities

    

Other

    

Consolidated

  

2021

                                        

Operating revenues (1)

   $ 3,400     $ 8,103     $ 940     $ -     $ 12,443  

Operating costs and expenses

     (750

)

     (3,495

)

     (1,355

)

     -       (5,600

)

Depreciation expense

     -       (1,177

)

     -       (11

)

     (1,188

)

General and administrative expenses

     (1,049

)

     (1,121

)

     (487

)

     (1,361

)

     (4,018

)

Operating income (loss)

     1,601      

2,310

       (902

)

    

(1,372

)

    

1,637

  

Pension and other post-retirement expenses

                                     (4,732

)

Interest expense

                                     (122

)

Other income

                                     13  

Loss from continuing operations

                                   $ (3,204

)
                                         

Capital expenditures (2)

   $ 74     $ 29     $ -     $ -     $ 103  

Assets (3)

   $ 15,525     $ 14,684     $ 800     $ 6,910     $ 37,919  

 

(1)

Amounts are principally revenues from external customers and exclude equity in earnings of affiliates.

(2)

Includes expenditures for property and deferred costs.

(3)

Segment assets are located in the United States.