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Note 14 - Reportable Operating Segments
 3 Months Ended
Mar. 31, 2025
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 operations consist of land planning and entitlement, development, development related construction, and sales of land assets;

 

 

•

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 watershed 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; and

 

 

•

Resort amenities, includes a membership program that 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, pension and other postretirement expenses.

 

   

Land Development &

Sales

    

Leasing

    

Resort

Amenities

    

Other

    

Consolidated

  
                                         

March 31, 2025

                                        

Operating revenues (1)

   $ 2,298     $ 3,219     $ 287     $ -     $ 5,804  

Operating costs and expenses

     (2,323 )     (1,364 )     (612 )     -       (4,299 )

Depreciation expense

     -       (155 )     -       (31 )     (186 )

General and administrative expenses

     (228 )     (303 )     (76 )     (2,491 )     (3,098 )

Operating income (loss)

     (253 )     1,397       (401 )     (2,522 )     (1,779 )

Pension and other postretirement expenses

                                     (6,919 )

Interest expense

                                     (48 )

Gain on asset disposal

                                     1  

Other income

                                     105  

Loss from continuing operations

                                     (8,640 )
                                         

Capital expenditures (2)

   $ 444     $ 135     $ -     $ -     $ 579  

Assets (3)

   $ 17,984  (4)    $ 17,552     $ 1,598     $ 10,098     $ 47,232  

 

(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 $42,000 equity method investment as of March 31, 2025.

 

 

   

Land Development &

Sales

    

Leasing

    

Resort

Amenities

    

Other

    

Consolidated

  
                                         

March 31, 2024

                                        

Operating revenues (1)

   $ -     $ 2,216     $ 267     $ -     $ 2,483  

Operating costs and expenses

     (266 )     (992 )     (436 )     -       (1,694 )

Depreciation expense

     -       (168 )     -       (4 )     (172 )

General and administrative expenses

     (159 )     (211 )     (53 )     (1,593 )     (2,016 )

Operating income (loss)

     (425 )     845       (222 )     (1,597 )     (1,399 )

Pension and other postretirement expenses

                                     (78 )

Interest expense

                                     (2 )

Other income

                                     104  

Loss from continuing operations

                                     (1,375 )
                                         

Capital expenditures (2)

   $ 64     $ 121     $ -     $ -     $ 185  

Assets (3)

   $ 17,165   (4)    $ 14,126     $ 1,731     $ 9,033     $ 42,055  

 

(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 as of March 31, 2024.