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Note 13 - Segment Information | 12 Months Ended
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Dec. 31, 2023
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, and the Board of Directors in assessing performance and determining the allocation of resources. Reportable operating segments in 2023 were as follows:
| • | Land development and sales 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, pension and other postretirement expenses. Condensed consolidated financial information for each of the Company’s reportable segments for the years ended December 31, 2023 and 2022 (in thousands) were as follows:
|  | Land Development & Sales |  |  | Leasing |  |  | Resort Amenities |  |  | Other |  |  | Consolidated |
2023 (As Restated) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | - |  |  | $ | 8,461 |  |  | $ | 828 |  |  | $ | - |  |  | $ | 9,289 |
Operating costs and expenses |  |  | (595 | ) |  |  | (4,420 | ) |  |  | (1,532 | ) |  |  | - |  |  |  | (6,547 | )
Depreciation expense |  |  | - |  |  |  | (861 | ) |  |  | - |  |  |  | (8 | ) |  |  | (869 | )
General and administrative expenses |  |  | (908 | ) |  |  | (456 | ) |  |  | (393 | ) |  |  | (5,087 | ) |  |  | (6,844 | )
Operating income (loss) |  |  | (1,503 | ) |  |  | 2,724 |  |  |  | (1,097 | ) |  |  | (5,095 | ) |  |  | (4,971 | )
Pension and other postretirement expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (436 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (6 | )
Gain from dercognition of nonfinancial asset |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,626 |
Other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 707 |
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,080 | )
Capital expenditures |  | $ | 200 |  |  | $ | 619 |  |  |  | - |  |  |  | - |  |  | $ | 819 |
Assets (3)(4) |  | $ | 17,102 |  |  | $ | 14,489 |  |  | $ | 1,018 |  |  | $ | 9,614 |  |  | $ | 42,223 |
|  | Land Development and |  |  |  |  |  |  | Resort |  |  |  |  |  |  |  |  |
|  | Sales |  |  | 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 |
(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
(4) | The Land Development and Sales segment includes a $1.6 million equity method investment

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- Definition The entire disclosure for reporting segments including data and tables. 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