Business Segment Information

9 Months Ended

Sep. 30, 2025

(8) Business Segment Information

The Company’s reportable segments are components of the Company that engage in certain business activities. The Company measures and evaluates operating segments based on revenues and operating income (loss). The internal reporting of these operating segments is based, in part, on the reporting and review process used in the evaluation of operating income (loss). The internal reporting is used for such review process by the Company’s chief operating decision maker (“CODM”), its President. The CODM primarily uses operating income (loss), a measure that is determined in accordance with U.S. GAAP, to evaluate segment income (loss) when making decisions about allocating resources to the segments.

As described in Note 1, Summary of Significant Accounting Policies, the Company has two reportable business segments, Property and Agriculture. The Company’s Property segment consists primarily of revenue received from land sales and development, and lease and licensing agreements. The Company’s Agricultural segment currently consists primarily of coffee farming and milling operations and sales of coffee, other farm related operations, and revenue derived from licensing agreements.

The Corporate amounts include interest earned on the Company’s investments and costs that are not allocated to segments including direct expenses and general overhead expenses reimbursed to Pacific Trail, certain professional fees, insurance expenses and other expenses.

Net gain on property damage and lost profits, net of insurance claims is a result of the Company’s losses caused by the destruction of the Lahaina wildfires.

The Company has determined its significant segment expense categories based on amounts used, in part, by the Company’s CODM when making decisions about allocating resources to the segments.

Reportable segment revenues and significant reportable segment expense categories and amounts included in the Company’s measure of operating profit (loss) by business segment are presented in the tables below.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Property:
Revenue	$	86	$	78	$	261	$	194
Less:
Operating costs and expenses		247		220		788		751
Property tax		36		33		102		93
Credit loss reserve expense		15		15		47		969
Other selling, general and administrative expenses		189		277		812		792
Depreciation		19		16		55		47
Property operating loss before income taxes		(420)		(483)		(1,543)		(2,458)


Agriculture
Revenue		161		8		333		169
Less:
Cost of goods sold		151		767		833		2,035
Property tax		5		5		15		13
Other selling, general and administrative expenses		14		60		181		154
Depreciation		15		37		44		105
Agriculture operating loss before income taxes		(24)		(861)		(740)		(2,138)

Operating loss		(444)		(1,344)		(2,283)		(4,596)

Crop insurance proceeds		--		--		682		--
Net gain on property damage and lost profits, net of insurance claims		--		1,088		--		6,243
Corporate operating loss before income taxes		(284)		(179)		(1,100)		(1,470)

Income (loss) before income taxes	$	(728)	$	(435)	$	(2,701)	$	177

- 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

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+ Details

KAANAPALI LAND LLC 10-Q