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Note 16 - Reportable Operating Segments
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

16.

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

 
                     

June 30, 2025

                    

Operating revenues (1)

 $3,442  $6,421  $543  $-  $10,406 

Operating costs and expenses

  (3,300)  (3,367)  (854)  -   (7,521)

Depreciation expense

  -   (484)  (5)  (52)  (541)

General and administrative expenses

  (377)  (503)  (126)  (3,829)  (4,835)

Operating income (loss)

  (235)  2,067   (442)  (3,881)  (2,491)

Pension and other postretirement expenses

                  (7,501)

Interest expense

                  (103)

Gain on asset disposal

                  1 

Other income

                  455 

Income (Loss) from continuing operations

                  (9,639)
                     

Capital expenditures (2)

 $1,671  $322  $-  $111  $2,104 

Assets (3)(4)

 $16,920  $17,320  $1,332  $10,167  $45,739 

 

(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 June 30, 2025.

 

  

Land Development

& Sales

  

Leasing

  

Resort

Amenities

  

Other

  

Consolidated

 
                     

June 30, 2024

                    

Operating revenues (1)

 $200  $4,388  $540  $-  $5,128 

Operating costs and expenses

  (450)  (2,114)  (741)  -   (3,305)

Depreciation expense

  -   (336)  -   (8)  (344)

General and administrative expenses

  (327)  (436)  (108)  (3,889)  (4,760)

Operating income (loss)

  (577)  1,502   (309)  (3,897)  (3,281)

Pension and other postretirement expenses

                  (156)

Interest expense

                  (3)

Other income

                  193 

Income (Loss) from continuing operations

                  (3,247)
                     

Capital expenditures (2)

 $911  $324  $-  $-  $1,235 

Assets (3)(4)

 $16,042  $14,973  $1,195  $9,726  $41,936 

 

(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 June 30, 2024.