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Note 14 - Reportable Operating Segments | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
14. | REPORTABLE OPERATING SEGMENTS
The Company’s reportable operating segments are comprised of the discrete business units whose operating results are regularly reviewed by the Chief Executive Officer – its chief operating decision maker – in assessing performance and determining the allocation of resources and by the Board. Reportable operating segments are as follows:
| • | Land development and sales, which includes the planning, entitlement, development, and sale of real estate inventory;
| • | Leasing, which 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 watershed conservation activities. The operating segment also includes the revenues and expenses from the management of ditch, reservoir and well systems that provide non-potable irrigation water to West and Upcountry Maui areas; and
| • | Resort amenities, which includes the Kapalua Club, which provides certain benefits and privileges within the Kapalua Resort for its members.
The Company’s reportable operating segment results are measured based on operating income (loss), exclusive of interest, depreciation, general and administrative expenses, and share-based compensation. The reportable segment data is presented as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | (unaudited) |  |  | (unaudited) |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (in thousands) |  |  | (in thousands) |
Operating Segment Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land development and sales |  | $ | - |  |  | $ | - |  |  | $ | 200 |  |  | $ | 19 |
Leasing |  |  | 2,729 |  |  |  | 1,931 |  |  |  | 7,148 |  |  |  | 6,249 |
Resort amenities and other |  |  | 299 |  |  |  | 170 |  |  |  | 805 |  |  |  | 604 |
Total Operating Segment Revenues |  | $ | 3,028 |  |  | $ | 2,101 |  |  | $ | 8,153 |  |  | $ | 6,872 |
Operating Segment Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land development and sales |  | $ | (237 | ) |  | $ | (108 | ) |  | $ | (487 | ) |  | $ | (507 | )
Leasing |  |  | 1,396 |  |  |  | 780 |  |  |  | 3,701 |  |  |  | 3,265 |
Resort amenities and other |  |  | 48 |  |  |  | (31 | ) |  |  | (187 | ) |  |  | (509 | )
Total Operating Segment Income |  | $ | 1,207 |  |  | $ | 641 |  |  | $ | 3,027 |  |  | $ | 2,249 |

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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://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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