Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 23, 2018 | Jun. 30, 2017 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FOR | ||
Entity Registrant Name | FORESTAR GROUP INC. | ||
Entity Central Index Key | 1,406,587 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 41,938,936 | ||
Entity Public Float | $ 707 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 321,783 | $ 265,798 |
Restricted cash | 40,017 | 275 |
Real estate, net | 130,380 | 293,003 |
Assets of discontinued operations | 0 | 14 |
Assets held for sale | 181,607 | 30,377 |
Investment in unconsolidated ventures | 64,579 | 77,611 |
Receivables, net | 6,307 | 8,931 |
Income taxes receivable | 6,674 | 10,867 |
Prepaid expenses | 3,118 | 2,000 |
Property and equipment, net | 2,003 | 3,116 |
Deferred tax asset, net | 2,028 | 323 |
Goodwill and other intangible assets | 448 | 37,900 |
Other assets | 2,968 | 2,993 |
TOTAL ASSETS | 761,912 | 733,208 |
LIABILITIES AND EQUITY | ||
Accounts payable | 2,382 | 4,804 |
Accrued employee compensation and benefits | 8,994 | 4,126 |
Accrued property taxes | 2,153 | 2,008 |
Accrued interest | 1,489 | 1,585 |
Earnest money deposits | 11,940 | 10,511 |
Other accrued expenses | 5,942 | 12,598 |
Liabilities of discontinued operations | 0 | 5,295 |
Liabilities held for sale | 1,017 | 103 |
Other liabilities | 13,934 | 19,702 |
Debt, net | 108,429 | 110,358 |
TOTAL LIABILITIES | 156,280 | 171,090 |
COMMITMENTS AND CONTINGENCIES | ||
Forestar Group Inc. shareholders’ equity: | ||
Common stock, par value $1.00 per share, 200,000,000 authorized shares, 41,938,936 issued at December 31, 2017 and 44,803,603 issued at December 31, 2016 | 41,939 | 44,804 |
Additional paid-in capital | 505,977 | 553,005 |
Retained earnings | 56,296 | 12,602 |
Treasury stock, at cost, 0 shares at December 31, 2017 and 3,187,253 shares at December 31, 2016 | 0 | (49,760) |
Total Forestar Group Inc. shareholders’ equity | 604,212 | 560,651 |
Noncontrolling interests | 1,420 | 1,467 |
TOTAL EQUITY | 605,632 | 562,118 |
TOTAL LIABILITIES AND EQUITY | $ 761,912 | $ 733,208 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 1 | $ 1 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 41,938,936 | 44,803,603 |
Treasury stock, common shares | 0 | 3,187,253 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
REVENUES | |||
Real estate sales and other | $ 112,655 | $ 176,535 | $ 120,022 |
Commercial and income producing properties | 91 | 13,738 | 82,808 |
Real estate | 112,746 | 190,273 | 202,830 |
Mineral resources | 1,502 | 5,076 | 9,094 |
Other | 74 | 1,965 | 6,652 |
Total revenues | 114,322 | 197,314 | 218,576 |
COST AND EXPENSES | |||
Cost of real estate sales and other | (65,012) | (147,653) | (52,640) |
Cost of commercial and income producing properties | (2) | (15,442) | (61,251) |
Cost of mineral resources | (38,315) | (763) | (2,998) |
Cost of other | (6,450) | (5,075) | (3,081) |
Other operating | (21,658) | (33,177) | (48,996) |
General and administrative | (56,531) | (21,597) | (27,253) |
Total cost and expenses | (187,968) | (223,707) | (196,219) |
GAIN ON SALE OF ASSETS | 113,411 | 166,747 | 1,585 |
OPERATING INCOME | 39,765 | 140,354 | 23,942 |
Equity in earnings of unconsolidated ventures | 17,899 | 6,123 | 16,008 |
Interest expense | (8,532) | (19,985) | (34,066) |
Loss on extinguishment of debt, net | (611) | (35,864) | 0 |
Other non-operating income | 3,600 | 1,718 | 3,006 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES | 52,121 | 92,346 | 8,890 |
Income tax expense | (45,820) | (15,302) | (35,131) |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | 6,301 | 77,044 | (26,241) |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAXES | 46,031 | (16,865) | (186,130) |
CONSOLIDATED NET INCOME (LOSS) | 52,332 | 60,179 | (212,371) |
Less: Net (income) attributable to noncontrolling interests | (2,078) | (1,531) | (676) |
NET INCOME (LOSS) ATTRIBUTABLE TO FORESTAR GROUP INC. | $ 50,254 | $ 58,648 | $ (213,047) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | |||
Basic (shares) | 42,143 | 34,546 | 34,266 |
Diluted (shares) | 42,381 | 42,334 | 34,266 |
NET INCOME (LOSS) PER BASIC SHARE | |||
Continuing operations, basic (usd per share) | $ 0.10 | $ 1.80 | $ (0.79) |
Discontinued operations, basic (usd per share) | 1.09 | (0.40) | (5.43) |
Basic (usd per share) | 1.19 | 1.40 | (6.22) |
NET INCOME (LOSS) PER DILUTED SHARE | |||
Continuing operations, diluted (usd per share) | 0.10 | 1.78 | (0.79) |
Discontinued operations, diluted (usd per share) | 1.09 | (0.40) | (5.43) |
Diluted (usd per share) | $ 1.19 | $ 1.38 | $ (6.22) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Noncontrolling Interest | Stock Options | Stock OptionsAdditional Paid-in Capital | Stock OptionsTreasury Stock | Former Affiliated EntityStock Options | Former Affiliated EntityStock OptionsAdditional Paid-in Capital | Former Affiliated EntityStock OptionsTreasury Stock |
Beginning Balances at Dec. 31, 2014 | $ 709,742,000 | $ 36,947,000 | $ 558,945,000 | $ (55,691,000) | $ 167,001,000 | $ 2,540,000 | ||||||
Beginning Balances, Shares at Dec. 31, 2014 | 36,946,603 | (3,485,278) | ||||||||||
Net income | (212,371,000) | (213,047,000) | 676,000 | |||||||||
Distributions to noncontrolling interest | (701,000) | (701,000) | ||||||||||
Issuances of common stock, Shares | 335,611 | |||||||||||
Issuances of common stock, Value | (5,362,000) | $ 5,362,000 | ||||||||||
Issuances from exercises of stock options, net of swaps, Shares | 3,999 | |||||||||||
Issuances from exercises of stock options, net of swaps, Value | $ 31,000 | $ (33,000) | $ 64,000 | |||||||||
Shares withheld for payroll taxes, Shares | (51,521) | |||||||||||
Shares withheld for payroll taxes, Value | (762,000) | (1,000) | $ (761,000) | |||||||||
Forfeitures of restricted stock, Shares | (6,579) | |||||||||||
Forfeitures of restricted stock, Value | 0 | 125,000 | $ (125,000) | |||||||||
Share-based compensation | 8,576,000 | 8,576,000 | ||||||||||
Tax benefit from exercise of restricted stock units and stock options and vested restricted stock | (400,000) | (400,000) | ||||||||||
Ending Balances at Dec. 31, 2015 | 504,115,000 | $ 36,947,000 | 561,850,000 | $ (51,151,000) | (46,046,000) | 2,515,000 | ||||||
Ending Balances, Shares at Dec. 31, 2015 | 36,946,603 | (3,203,768) | ||||||||||
Net income | 60,179,000 | 58,648,000 | 1,531,000 | |||||||||
Distributions to noncontrolling interest | (2,579,000) | (2,579,000) | ||||||||||
Issuances of common stock, Shares | 288,397 | |||||||||||
Issuances of common stock, Value | $ 0 | (4,570,000) | $ 4,570,000 | |||||||||
Issuances from exercises of stock options, net of swaps, Shares | 35,406 | |||||||||||
Issuances from exercises of stock options, net of swaps, Value | $ 328,000 | $ (224,000) | $ 552,000 | |||||||||
Shares withheld for payroll taxes, Shares | (25,082) | (23,312) | ||||||||||
Shares withheld for payroll taxes, Value | $ (222,000) | (28,000) | $ (194,000) | |||||||||
Shares repurchased, Shares | (283,976) | (283,976) | ||||||||||
Shares repurchased, Value | $ (3,537,000) | $ (3,537,000) | ||||||||||
Share-based compensation | 4,045,000 | 4,045,000 | ||||||||||
Settlement of tangible equity units, Shares | 7,857,000 | |||||||||||
Settlement of tangible equity units, Value | $ 7,857,000 | (7,857,000) | ||||||||||
Reacquisition of equity component related to convertible debt | (211,000) | (211,000) | ||||||||||
Ending Balances at Dec. 31, 2016 | 562,118,000 | $ 44,804,000 | 553,005,000 | $ (49,760,000) | 12,602,000 | 1,467,000 | ||||||
Ending Balances, Shares at Dec. 31, 2016 | 44,803,603 | (3,187,253) | ||||||||||
Net income | 52,332,000 | 50,254,000 | 2,078,000 | |||||||||
Distributions to noncontrolling interest | (2,125,000) | (2,125,000) | ||||||||||
Issuances of common stock, Shares | 335,261 | |||||||||||
Issuances of common stock, Value | $ 0 | (5,224,000) | $ 5,224,000 | |||||||||
Issuances from exercises of stock options, net of swaps, Shares | 768,000 | 63,195 | ||||||||||
Issuances from exercises of stock options, net of swaps, Value | $ 616,000 | $ (367,000) | $ 983,000 | |||||||||
Shares withheld for payroll taxes, Shares | (75,870) | (75,870) | ||||||||||
Shares withheld for payroll taxes, Value | $ (981,000) | 0 | $ (981,000) | |||||||||
Shares repurchased, Shares | 2,864,667 | |||||||||||
Shares repurchased, Value | 0 | $ (2,864,667) | (35,109,000) | $ 44,534,000 | (6,560,000) | |||||||
Share-based compensation | 6,458,000 | 6,458,000 | ||||||||||
Settlement of tangible equity units, Shares | 0 | |||||||||||
Settlement of tangible equity units, Value | (12,786,000) | $ 0 | (12,786,000) | |||||||||
Ending Balances at Dec. 31, 2017 | $ 605,632,000 | $ 41,939,000 | $ 505,977,000 | $ 0 | $ 56,296,000 | $ 1,420,000 | ||||||
Ending Balances, Shares at Dec. 31, 2017 | 41,938,936 | 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Consolidated net income (loss) | $ 52,332 | $ 60,179 | $ (212,371) |
Adjustments: | |||
Depreciation, depletion and amortization | 5,463 | 11,447 | 45,085 |
Change in deferred income taxes | (1,705) | (1,360) | 41,261 |
Equity in earnings of unconsolidated ventures | (17,899) | (6,123) | (16,008) |
Distributions of earnings of unconsolidated ventures | 23,041 | 7,719 | 12,741 |
Share-based compensation | 6,643 | 4,037 | 4,246 |
Real estate cost of sales | 63,999 | 98,412 | 87,733 |
Dry hole and unproved leasehold impairment costs | 0 | 0 | 67,639 |
Real estate development and acquisition expenditures, net | (103,904) | (81,179) | (107,988) |
Reimbursements from utility and improvement districts | 20,071 | 27,107 | 15,176 |
Asset impairments | 47,172 | 60,939 | 108,184 |
Loss on debt extinguishment, net | 611 | 35,864 | 0 |
Gain on sale of assets | (113,214) | (153,083) | (879) |
Other | 2,877 | 5,359 | 4,680 |
Changes in: | |||
Notes and accounts receivables | 2,686 | 13,214 | (978) |
Prepaid expenses and other | (1,345) | (133) | 3,026 |
Accounts payable and other accrued liabilities | (7,236) | (16,711) | (11,868) |
Income taxes | 4,193 | 1,189 | (4,553) |
Net cash (used in) provided by operating activities | (16,215) | 66,877 | 35,126 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Property, equipment, software, reforestation and other | (52) | (6,138) | (14,690) |
Oil and gas properties and equipment | (2,400) | (579) | (49,717) |
Investment in unconsolidated ventures | (4,548) | (6,089) | (26,349) |
Proceeds from sale of assets | 130,146 | 427,849 | 18,260 |
Return of investment in unconsolidated ventures | 11,398 | 5,700 | 12,168 |
Net cash provided by (used in) investing activities | 134,544 | 420,743 | (60,328) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payments of debt | (10,049) | (315,229) | (58,220) |
Additions to debt | 3,036 | 3,184 | 11,463 |
Deferred financing fees | (313) | 0 | (295) |
Change in restricted cash | 39,742 | 0 | 0 |
Distributions to noncontrolling interests, net | (2,125) | (2,579) | (701) |
Settlement of equity awards | (12,786) | 0 | 0 |
Exercise of stock options | 616 | 0 | 0 |
Repurchases of common stock | 0 | (3,537) | 0 |
Payroll taxes on restricted stock and stock options | (981) | (222) | (762) |
Other | 0 | 119 | 32 |
Net cash (used in) provided by financing activities | (62,344) | (318,264) | (48,483) |
Net increase (decrease) in cash and cash equivalents | 55,985 | 169,356 | (73,685) |
Cash and cash equivalents at beginning of year | 265,798 | 96,442 | 170,127 |
Cash and cash equivalents at year-end | 321,783 | 265,798 | 96,442 |
Cash paid during the year for: | |||
Interest | 4,913 | 14,790 | 27,330 |
Income taxes paid (refunds) | (2,699) | 10,205 | (4,077) |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION: | |||
Capitalized interest | $ 1,655 | $ 2,838 | $ 2,938 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation Our consolidated financial statements include the accounts of Forestar Group Inc., all subsidiaries, ventures and other entities in which we have a controlling interest. We account for our investment in other entities in which we have significant influence over operations and financial policies using the equity method (we recognize our share of the entities’ income or loss and any preferential returns and treat distributions as a reduction of our investment). We eliminate all material intercompany accounts and transactions. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes. We prepare our financial statements in accordance with generally accepted accounting principles in the United States, which require us to make estimates and assumptions about future events. Actual results can, and probably will, differ from those we currently estimate. At year-end 2016, we had divested substantially all of our oil and gas working interest properties. As a result of this significant change in our operations, we have reported the results of operations and financial position of these assets as discontinued operations within the consolidated statements of income (loss) and consolidated balance sheets for all periods presented. In addition, in 2016, we changed the name of the oil and gas segment to mineral resources to reflect the strategic shift from oil and gas working interest investments to owned mineral interests. The transactions included in our net income in the consolidated statements of income (loss) are the same as those that would be presented in other comprehensive income. Thus, our net income equates to other comprehensive income. We are evaluating the impact of any potential changes in our accounting policies and related party transactions with D.R. Horton post-merger and will update our disclosures accordingly in future periods. The merger was accounted for under the acquisition method in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). D.R. Horton was the acquirer for accounting purposes and our consolidated financial statements will continue to be stated at historical cost. Cash and Cash Equivalents Cash and cash equivalents include cash and other short-term instruments with original maturities of three months or less. Cash Flows The consolidated statements of cash flows for 2017 , 2016 and 2015 reflect cash flows from both continuing and discontinued operations. Expenditures for the acquisition and development of single-family and multifamily real estate that we intend to develop for sale are classified as operating activities. Expenditures for the acquisition and development of properties to be held and operated, investment in oil and gas properties and equipment, and business acquisitions are classified as investing activities. Change in Fiscal Year As a result of the Merger with D.R. Horton, we have elected to change our fiscal year-end from December 31 to September 30, effective January 1, 2018. This change will align our fiscal year-end reporting calendar with D.R. Horton. Environmental and Asset Retirement Obligations We recognize environmental remediation liabilities on an undiscounted basis when environmental assessments or remediation are probable and we can reasonably estimate the cost. We adjust these liabilities as further information is obtained or circumstances change. With the sale of our remaining oil and gas entities in 2017 we no longer have asset retirement obligations related to the abandonment and site restoration requirements that result from the acquisition, construction and development of oil and gas working interest properties, which we have divested. Prior to the sale, we recorded the fair value of a liability for an asset retirement obligation in the period in which it was incurred and a corresponding increase in the carrying amount of the related long-lived asset. Accretion expense related to the asset retirement obligation and depletion expense related to capitalized asset retirement costs are included in cost of mineral resources and in discontinued operations on our consolidated statements of income (loss). Fair Value Measurements Financial instruments for which we did not elect the fair value option include cash and cash equivalents, accounts and notes receivables, other assets, debt, accounts payable and other liabilities. With the exception of long-term notes receivable and debt, the carrying amounts of these financial instruments approximate their fair values due to their short-term nature. Goodwill and Other Intangible Assets We record goodwill when the purchase price of a business acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. We do not amortize goodwill or other indefinite lived intangible assets. Instead, we measure these assets for impairment based on the estimated fair values at least annually or more frequently if impairment indicators exist. We perform the annual impairment measurement in the fourth quarter of each year. Intangible assets with finite useful lives are amortized over their estimated useful lives. In 2017 , we sold our remaining owned mineral assets for approximately $85,700,000 and as a result of this sale we recorded a non-cash impairment charge of $37,900,000 related to the mineral resources reporting unit goodwill which is included in cost of mineral resources on our consolidated statements of income (loss). At year-end 2016, we performed our annual goodwill impairment evaluation and concluded that goodwill related to our central Texas water assets was impaired because the carrying value exceeded the fair value and recorded a $3,874,000 non-cash impairment charge which is included in cost of other on our consolidated statements of income (loss). Income Taxes We provide deferred income taxes using current tax rates for temporary differences between the financial accounting carrying value of assets and liabilities and their tax accounting carrying values. We recognize and value income tax exposures for the various taxing jurisdictions where we operate based on laws, elections, commonly accepted tax positions, and management estimates. We include tax penalties and interest in income tax expense. We provide a valuation allowance for any deferred tax asset that is not likely to be recoverable in future periods. When we believe a tax position is supportable but the outcome uncertain, we include the item in our tax return but do not recognize the related benefit in our provision for taxes. Instead, we record a reserve for unrecognized tax benefits, which represents our expectation of the most likely outcome considering the technical merits and specific facts of the position. Changes to liabilities are only made when an event occurs that changes the most likely outcome, such as settlement with the relevant tax authority, expiration of statutes of limitations, changes in tax law, or recent court rulings. Property and Equipment We carry property and equipment at cost less accumulated depreciation. We capitalize the cost of significant additions and improvements, and we expense the cost of repairs and maintenance. We capitalize interest costs incurred on major construction projects. We depreciate these assets using the straight-line method over their estimated useful lives as follows: Estimated Year-End Useful Lives 2017 2016 (In thousands) Buildings and building improvements 10 to 40 years $ 2,162 $ 2,700 Property and equipment 2 to 10 years 4,513 4,957 6,675 7,657 Less: accumulated depreciation (4,672 ) (4,541 ) $ 2,003 $ 3,116 Depreciation expense of property and equipment was $441,000 in 2017 , $889,000 in 2016 and $1,067,000 in 2015 . Real Estate We carry real estate at the lower of cost or fair value less cost to sell. We capitalize interest costs once development begins, and we continue to capitalize throughout the development period. We also capitalize infrastructure, improvements, amenities, and other development costs incurred during the development period. We determine the cost of real estate sold using the relative sales value method. When we sell real estate from projects that are not finished, we include in the cost of real estate sold estimates of future development costs through completion, allocated based on relative sales values. These estimates of future development costs are reevaluated at least annually, with any adjustments being allocated prospectively to the remaining units available for sale. We receive cash deposits from home builders for purchases of vacant developed lots from community development projects. These earnest money deposits are released to the home builders as lots are developed and sold. In certain instances earnest money deposits are subject to mortgages which are secured by the real estate under contract with the home builder. These mortgages expire when the earnest money is released to the home builders as lots are developed and sold. At year-end 2017 , $40,408,000 of real estate was subject to earnest money mortgages, including $25,712,000 classified as assets held for sale. We have agreements with utility or improvement districts, principally in Texas, whereby we agree to convey to the districts water, sewer and other infrastructure-related assets we have constructed in connection with projects within their jurisdiction. The reimbursement for these assets ranges from 70 to 90 percent of allowable cost as defined by the district. The transfer is consummated and we receive payment when the districts have a sufficient tax base to support funding of their bonds. The cost we incur in constructing these assets is included in capitalized development costs, and upon collection, we remove the assets from capitalized development costs. We provide an allowance to reflect our past experiences in collecting these reimbursements. Impairment of Real Estate Long-Lived Assets We review real estate long-lived assets held for use for impairment when events or circumstances indicate that their carrying value may not be recoverable. Impairment exists if the carrying amount of the long-lived asset is not recoverable from the undiscounted cash flows expected from its use and eventual disposition. We determine the amount of the impairment loss by comparing the carrying value of the long-lived asset to its estimated fair value. We generally determine fair value based on the present value of future cash flows expected from the sale of the long-lived asset. Non-cash impairment charges related to our owned and consolidated real estate assets are included in cost of real estate sales and other. In 2017, we recorded $3,420,000 in non-cash impairment charges related to the asset group sold in the strategic asset sale to Starwood and one mitigation project. In 2016, we recorded $56,453,000 in non-cash impairment charges related to six non-core community development projects and two multifamily sites. Reclassifications In 2017, we have reclassified prior years' restricted cash that was included in other assets to a separate line item on our consolidated balance sheets to conform to the current year presentation. Real Estate Revenue We recognize revenue from sales of real estate when a sale is consummated, the buyer’s initial investment is adequate, any receivables are probable of collection, the usual risks and rewards of ownership have been transferred to the buyer, and we do not have significant continuing involvement with the real estate sold. If we determine that the earnings process is not complete, we defer recognition of any gain until earned. We exclude from revenue amounts we collect from utility or improvement districts related to the conveyance of water, sewer and other infrastructure related assets. We exclude from revenue amounts we collect from customers that represent sales tax or other taxes that are based on the sale. These amounts are included in other accrued expenses until paid. Share-Based Compensation We use the Black-Scholes option pricing model to determine the fair value of stock options, and a Monte Carlo simulation pricing model to determine the fair value of market-leveraged stock units and for stock options with market conditions. The fair value of equity-settled awards is determined on the grant date and the fair value of cash-settled awards is determined at period end. We expense share-based awards ratably over the vesting period or earlier based on retirement eligibility. Owned Mineral Interests Historically, we leased our mineral interests to third-party exploration and production entities, we retained a royalty interest and may have taken an additional participation in production, including a working interest. In first quarter 2017, we sold our remaining owned mineral assets. Oil and Gas Properties (Discontinued Operations) We used the successful efforts method of accounting for our oil and gas producing activities. Costs to acquire mineral interests leased, costs to drill and complete development of oil and gas wells and related asset retirement costs were capitalized. Costs to drill exploratory wells were capitalized pending determination of whether the wells had proved reserves and if determined incapable of producing commercial quantities of oil and gas these costs were expensed as dry hole costs. At year-end 2017 , we had no capitalized exploratory well costs pending determination of proved reserves. Exploration costs include dry hole costs, geological and geophysical costs, expired unproved leasehold costs and seismic studies, and were expensed as incurred. Production costs incurred to maintain wells and related equipment were charged to expense as incurred. Depreciation and depletion of producing oil and gas properties was calculated using the units-of-production method. Proved developed reserves were used to compute unit rates for unamortized tangible and intangible drilling and completion costs. Proved reserves were used to compute unit rates for unamortized acquisition of proved leasehold costs. Unit-of-production amortization rates were revised whenever there was an indication of the need for revision but at least once a year and those revisions were accounted for prospectively as changes in accounting estimates. We no longer own any oil and gas working interest properties. Impairment of Oil and Gas Properties (Discontinued Operations) Historically, we evaluated our oil and gas properties, including facilities and equipment, for impairment whenever events or changes in circumstances indicated that the carrying value of the asset may not be recoverable. We estimate the expected undiscounted future cash flows of our oil and gas properties and compared such undiscounted future cash flows to the carrying amount of the oil and gas properties to determine if the carrying amount was recoverable. If the carrying amount exceeded the estimated undiscounted future cash flows, we adjusted the carrying amount of the oil and gas properties to fair value. The factors used to determine fair value were subject to our judgment and expertise and included, but were not limited to, recent sales prices of comparable properties, the present value of future cash flows net of estimated operating and development costs using estimates of proved reserves, future commodity pricing, future production estimates, anticipated capital expenditures, and various discount rates commensurate with the risk and current market conditions associated with realizing the expected cash flows projected. Assessing unproved leasehold properties to determine impairment required significant judgment. We assessed our unproved leasehold properties periodically for impairment on a property-by-property basis based on remaining lease terms, drilling results or future plans to develop acreage. Impairment expense for proved and unproved oil and gas properties are included in cost of mineral resources and cost of oil and gas producing activities in discontinued operations. Oil and Gas Working Interest Revenues (Discontinued Operations) We recognized revenue as oil and gas was produced and sold. There were a significant amount of oil and gas properties which we did not operate and, therefore, revenue was typically recorded in the month of production based on an estimate of our share of volumes produced and prices realized. We obtained the most current available production data from the operators and price indices for each well to estimate the accrual of revenue. Obtaining production data on a timely basis for some wells was not feasible; therefore we utilized past production receipts and estimated sales price information to estimate accrual of working interest revenue on all other non-operated wells each month. Revisions to such estimates were recorded as actual results became known. A majority of our sales were made under contractual arrangements with terms that were considered to be usual and customary in the oil and gas industry. The contracts were for periods of up to five years with prices determined upon a percentage of pre-determined and published monthly index price. The terms of these contracts did not have an effect on how we recognized revenue. Mineral Resources Revenues We recognized revenue from mineral bonus payments when we had received an executed agreement with the exploration company transferring the rights to any oil or gas it may find and requiring drilling be done within a specified period, the payment had been collected, and we had no obligation to refund the payment. We recognized revenue from delay rentals received if drilling had not started within the specified period and when the payment had been collected. We recognized revenue from mineral royalties and non-working interests when the minerals had been delivered to the buyer, the value was determinable, and we were reasonably sure of collection. Other Revenues We recognized revenue from timber sales upon passage of title, which occurred at delivery; when the price was fixed and determinable; and we were reasonably sure of collection. We recognized revenue from recreational leases on a straight-line basis over the lease term. We recognize revenue from the sale of water rights or groundwater reservation agreements upon receipt of an executed agreement, when payment has been collected, all conditions to the agreement have been met and we have no further performance obligations. Water delivery revenues are recognized as water is delivered and metered at the delivery point. |
New and Pending Accounting Pron
New and Pending Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New and Pending Accounting Pronouncements | New and Pending Accounting Pronouncements Adoption of New Accounting Standards In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , as part of its simplification initiative. The areas for simplification in this update involve several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and the classification on the statement of cash flows. We adopted the updated standard on January 1, 2017. Effective first quarter 2017, stock-based compensation (SBC) excess tax benefits or deficiencies are reflected in the consolidated statements of income (loss) as a component of the provision for income taxes, whereas they previously were recognized in equity to the extent additional paid-in capital pool was available. Additionally, our consolidated statements of cash flows will now present excess tax benefits as an operating activity, if applicable. Finally, we have elected to account for forfeitures as they occur, rather than estimate expected forfeitures. The adoption of this guidance did not have a material impact on our consolidated financial statements. Pending Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. The updated standard becomes effective for annual and interim periods beginning after December 15, 2017. Due to our change in fiscal year-end, this standard is effective for us beginning October 1, 2018. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). We currently anticipate adopting the standard using the cumulative catch-up transition method. We anticipate this standard will not have a material impact on our consolidated financial statements. While we are continuing to assess all potential impacts of the standard, we expect revenue related to lot and tract sales to remain substantially unchanged. Due to the complexity of certain of our real estate sale transactions, the revenue recognition treatment required under the standard will be dependent on contract-specific terms, and may vary in some instances from recognition at the time of the sale closing. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner that is similar to today's accounting. This guidance also eliminates today's real estate-specific provisions for all entities. For lessors, the guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. This guidance is effective in 2019, and interim periods within that year. Early adoption is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. We are currently evaluating the effect the updated standard will have on our financial position and disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) , in order to address eight specific cash flow issues with the objective of reducing the existing diversity in practice. The updated standard is effective for financial statements issued for annual periods beginning after December 15, 2017 and interim periods within those fiscal years with early adoption permitted. We are currently evaluating the effect that the updated standard will have on our earnings, financial position and disclosures, but we do not expect it to have a material effect on our consolidated financial statements. In November, 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230). This ASU requires that a statement of cash flow explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash investments. This standard is effective for fiscal years beginning after December 15, 2017. The adoption of ASU 2016-18 will modify our current disclosures and reclassifications relating to the consolidated statements of cash flows, but we do not expect it to have a material effect on our consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718), in order to provide guidance about which changes to terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The updated standard is effective for financial statements issued for annual periods beginning after December 15, 2017. We are currently evaluating the effect that the updated standard will have on our earnings, financial position and disclosures, but we do not expect it to have a material effect on our consolidated financial statements. |
Merger
Merger | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Merger | Merger On October 5, 2017, we merged with a subsidiary of D.R. Horton and we continued as the surviving entity (the "Merger"). In the Merger, each existing share of our common stock issued and outstanding immediately prior to the effective time (the “Former Forestar Common Stock”) (except for shares of our common stock that were held by us as treasury shares or by us or D.R. Horton or our or their respective subsidiaries) were converted into the right to receive, at the election of the holders of such shares of Former Forestar Common Stock, either an amount in cash equal to the Cash Consideration ( $17.75 per share) or one new share of our common stock (the “New Forestar Common Stock”), subject to proration procedures applicable to oversubscription and undersubscription for the Cash Consideration described in the Merger Agreement. The aggregate amount of Cash Consideration paid by D.R. Horton to holders of Former Forestar Common Stock in the Merger was $558,256,000 . In the Merger, 10,487,873 shares of New Forestar Common Stock (representing 25% of the outstanding shares of New Forestar Common Stock immediately after the effective time) were issued to the holders of our common stock and 31,451,063 shares of New Forestar Common Stock (representing 75% of the outstanding share of the New Forestar Common Stock immediately after the effective time) were issued to D.R. Horton. Subject to the terms of the Merger Agreement, at the effective time, each equity award made or otherwise denominated in shares of Former Forestar Common Stock that was outstanding immediately prior to the effective time under our equity compensation plans was cancelled and of no further force or effect as of the effective time. In exchange for the cancellation of the equity awards, each holder of such an equity award received from us the Cash Consideration for each share of Former Forestar Common Stock underlying such equity award (and in the case of equity awards that were stock options or stock appreciation rights, less the applicable exercise or strike price, but not less than $0), whether or not otherwise vested as of the effective time. With respect to any of our market-leveraged stock units, the number of shares of Former Forestar Common Stock subject to such equity awards were determined pursuant to the terms set forth in the applicable award agreements and based on a per share value equal to $17.75 . In connection with merger activities, we incurred $43,819,000 in transaction costs in 2017, of which, $41,475,000 are included in general and administrative expenses and $2,344,000 in other operating expenses on our consolidated statements of income (loss). These costs include a $20,000,000 merger termination fee paid to Starwood Capital Group, $7,683,000 in executive severance and change in control costs, $7,170,000 in transaction and other fees paid to our financial advisor, $4,617,000 in professional services and other costs and $4,349,000 related to the acceleration of vesting and settlement of equity awards. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Real Estate | Real Estate Real estate consists of: At Year-End 2017 2016 (In thousands) Entitled, developed and under development projects $ 127,442 $ 263,859 Other real estate costs (principally land in entitlement in 2016) 2,938 29,144 $ 130,380 $ 293,003 Our estimated reimbursements from utility and improvement districts included in real estate were $9,775,000 at year-end 2017 and $45,157,000 at year-end 2016 , which included $14,749,000 related to our Cibolo Canyons project near San Antonio. In 2017, we collected $19,606,000 in reimbursements that were previously submitted to these districts. These costs are principally for water, sewer and other infrastructure assets that we have incurred and submitted or will submit to utility or improvement districts for approval and reimbursement. We expect to be reimbursed by utility and improvement districts when these districts achieve adequate tax basis or otherwise have funds available to support payment. At year-end 2017, estimated reimbursements of $27,915,000 , which include $14,127,000 related to Cibolo Canyons, are classified as assets held for sale. Please read Note 22 — Subsequent Event for additional information regarding our strategic asset sale to Starwood. In 2017 , we recognized non-cash impairment charges of $3,420,000 related to the asset group sold in the strategic asset sale to Starwood and one non-core mitigation project. In 2016, we recognized non-cash impairment charges of $56,453,000 related to six non-core community development projects and two multifamily sites. These impairments were a result of our key initiative to review our entire portfolio of assets which resulted in business plan changes, inclusive of cash tax savings considerations, to market these properties for sale, which resulted in adjustment of the carrying value to fair value. In 2017 , we sold over 19,000 acres of timberland and undeveloped land in Georgia and Texas for $46,197,000 generating combined net proceeds of $45,396,000 . These transactions resulted in a gain on sale of assets of $28,674,000 . In 2016, we sold the Radisson Hotel & Suites, a 413 room hotel in Austin, for $130,000,000 , generating $128,764,000 in net proceeds before paying in full the associated debt of $15,400,000 and recognized a gain on sale of $95,336,000 . We also sold Eleven, a wholly-owned 257 -unit multifamily property in Austin, for $60,150,000 , generating $59,719,000 in net proceeds before paying in full the associated debt of $23,936,000 and recognized a gain on sale of $9,116,000 . In addition, we sold Dillon, a planned 379 -unit multifamily property that was under construction in Charlotte, for $25,979,000 , generating $25,428,000 in net proceeds and recognized a gain on sale of $1,223,000 , and Music Row, a planned 230 -unit multifamily property that was under construction in Nashville, for $15,025,000 , generating $14,703,000 in net proceeds and recognized a gain on sale of $3,968,000 . We also sold Downtown Edge, a multifamily site in Austin, for $5,000,000 , generating $4,975,000 in net proceeds and recognized a loss of $3,870,000 . In 2016 , we sold over 58,300 acres of timberland and undeveloped land in Georgia and Alabama for $104,172,000 generating net proceeds of $103,238,000 . These transactions resulted in a gain on sale of assets of $48,891,000 . Depreciation expense related to commercial and income producing properties was $0 in 2017 , $816,000 in 2016 and $6,810,000 in 2015 and is included in other operating expense. We provided a performance bond and standby letter of credit in support of a bond issuance by CCSID. In 2014, we received $50,550,000 from CCSID principally related to its issuance of $48,900,000 Hotel Occupancy Tax (HOT) and Sales and Use Tax Revenue Bonds. These bonds are obligations solely of CCSID and are payable from HOT and sales and use taxes levied by CCSID. To facilitate the issuance of the bonds, we provided a $6,846,000 letter of credit to the bond trustee as security for certain debt service fund obligations in the event CCSID tax collections are not sufficient to support payment of the bonds in accordance with their terms. The letter of credit must be maintained until the earlier of redemption of the bonds or scheduled bond maturity in 2034. We also entered into an agreement with the owner of the Resort to assign its senior rights to us in exchange for consideration provided by us, including a surety bond to be drawn if CCSID tax collections are not sufficient to support ad valorem tax rebates payable. The surety bond decreases as CCSID makes annual ad valorem tax rebate payments, which obligation is scheduled to be retired in full by 2020. At year-end 2017, the surety bond was $5,312,000 . Our rights to receive the excess HOT and sales taxes from CCSID was excluded from the strategic asset sale to Starwood. |
Investment in Unconsolidated Ve
Investment in Unconsolidated Ventures | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Ventures | Investment in Unconsolidated Ventures We participate in real estate ventures for the purpose of acquiring and developing residential, multifamily and mixed-use communities in which we may or may not have a controlling financial interest. U.S. GAAP requires consolidation of Variable Interest Entities (VIEs) in which an enterprise has a controlling financial interest and is the primary beneficiary. A controlling financial interest will have both of the following characteristics: (a) the power to direct the VIE activities that most significantly impact economic performance and (b) the obligation to absorb the VIE losses and right to receive benefits that are significant to the VIE. We examine specific criteria and use judgment when determining whether a venture is a VIE and whether we are the primary beneficiary. We perform this review initially at the time we enter into venture agreements and reassess upon reconsideration events. At year-end 2017 , we had ownership interests in 15 ventures that we accounted for using the equity method, none of which are a VIE. Combined summarized balance sheet information for our ventures accounted for using the equity method follows: Venture Assets Venture Borrowings (a) Venture Equity Our Investment At Year-End 2017 2016 2017 2016 2017 2016 2017 2016 (In thousands) 242, LLC (b) (e) $ 19,525 $ 26,503 $ — $ 1,107 $ 19,357 $ 23,136 $ 9,131 $ 10,934 CL Ashton Woods, LP (c) 124 2,653 — — 104 2,198 83 1,107 CL Realty, LLC 4,528 8,048 — — 4,344 7,899 2,172 3,950 CREA FMF Nashville LLC (b) 2,315 56,081 — 37,446 684 17,091 342 4,923 Elan 99, LLC (e) 49,080 49,652 36,348 36,238 11,204 13,100 10,078 11,790 FMF Littleton LLC 66,849 70,282 45,836 44,446 20,289 23,798 5,144 6,128 FMF Peakview LLC — — — — — — — — FOR/SR Forsyth LLC 11,598 10,672 1,551 1,568 10,041 8,990 9,037 8,091 HM Stonewall Estates, Ltd — 852 — — — 852 — 477 LM Land Holdings, LP (c) 19,479 25,538 — 3,477 12,074 20,945 5,935 9,685 MRECV DT Holdings LLC (e) 3,043 4,155 — — 3,043 4,144 2,594 3,729 MRECV Edelweiss LLC/MRECV Lender VIII LLC (e) 8,127 3,484 — — 8,127 3,484 7,189 3,358 MRECV Juniper Ridge LLC (e) 3,936 4,156 — — 3,936 4,156 3,331 3,741 MRECV Meadow Crossing II LLC (e) 3,129 2,492 — — 3,129 2,491 2,738 2,242 Miramonte Boulder Pass, LLC (e) 7,573 10,738 1,398 4,006 4,843 5,265 4,633 5,330 Temco Associates, LLC 4,448 4,368 — — 4,345 4,253 2,172 2,126 Other ventures — — — — — — — — $ 203,754 $ 279,674 $ 85,133 $ 128,288 $ 105,520 $ 141,802 $ 64,579 $ 77,611 Combined summarized income statement information for our ventures accounted for using the equity method follows: Revenues Earnings (Loss) Our Share of Earnings (Loss) For the Year 2017 2016 2015 2017 2016 2015 2017 2016 2015 (In thousands) 242, LLC (b) (e) $ 13,073 $ 5,835 $ 20,995 $ 8,021 $ 1,259 $ 9,588 $ 4,096 $ 668 $ 4,919 CL Ashton Woods, LP 3,179 2,870 9,820 1,456 914 3,881 1,816 1,332 5,000 CL Realty, LLC 499 567 856 (1,155 ) 237 424 (578 ) 119 212 CREA FMF Nashville LLC (b) (d) 5,440 4,955 1,227 17,267 (1,420 ) (1,696 ) 7,563 1,103 (1,696 ) Elan 99, LLC (e) 4,596 1,392 — (1,896 ) (2,739 ) (49 ) (1,712 ) (2,465 ) (44 ) FMF Littleton LLC 6,366 3,116 120 192 (571 ) (367 ) 48 (143 ) (92 ) FMF Peakview LLC — 939 2,057 — (248 ) (1,116 ) — (50 ) (223 ) FOR/SR Forsyth LLC — — — (148 ) (65 ) — (134 ) (58 ) — HM Stonewall Estates, Ltd. 496 2,112 3,990 243 832 1,881 103 361 952 LM Land Holdings, LP (c) 22,127 10,001 10,956 10,629 7,288 8,251 3,563 2,458 3,342 MRECV DT Holdings LLC (e) 1,196 495 — 1,173 477 167 911 429 — MRECV Edelweiss LLC/MRECV Lender VIII LLC (e) 1,018 416 — 1,016 409 151 789 368 137 MRECV Juniper Ridge LLC (e) 1,445 379 — 1,445 380 106 1,089 342 — MRECV Meadow Crossing II LLC (e) 638 267 — 638 220 — 496 198 — Miramonte Boulder Pass, LLC (e) 5,483 4,923 — 177 (399 ) (250 ) (197 ) (200 ) (125 ) PSW Communities, LP — — 29,986 — — 2,688 — — 1,169 TEMCO Associates, LLC 192 1,344 9,485 92 440 2,358 46 220 1,179 Other ventures — 6,519 36,237 — 2,105 33,303 — 1,441 1,278 $ 65,748 $ 46,130 $ 125,729 $ 39,150 $ 9,119 $ 59,320 $ 17,899 $ 6,123 $ 16,008 _____________________ (a) Total includes current maturities of $84,098,000 at year-end 2017 , of which $79,515,000 is non-recourse to us, and $89,756,000 at year-end 2016 , of which $78,557,000 is non-recourse to us. (b) Includes unamortized deferred gains on real estate contributed by us to ventures. We recognize deferred gains as income as real estate is sold to third parties. Deferred gains of $548,000 are reflected as a reduction to our investment in unconsolidated ventures at year-end 2017 . (c) Includes unrecognized basis difference of $448,000 which is reflected as an increase of our investment in unconsolidated ventures at year-end 2017 . This difference will be amortized as expense over the life of the investment and included in our share of earnings (loss) from the respective venture. (d) Our share of venture earnings in 2016 includes reallocation of prior year cumulative losses incurred by the venture as a result of equity contribution by the venture partner in 2016 in accordance with the partnership agreement. (e) Included in our strategic asset sale to Starwood on February 8, 2018. Please read Note 22 - Subsequent Event for additional information regarding this transaction. In 2017 , we invested $4,548,000 in these ventures and received $34,439,000 in distributions; in 2016 , we invested $6,089,000 in these ventures and received $13,419,000 in distributions; and in 2015 , we invested $26,349,000 in these ventures and received $24,909,000 in distributions. Distributions include both return of investments and distributions of earnings. In 2017, CREA FMF Nashville LLC (Acklen), sold a 320 -unit multifamily project in Nashville for $71,750,000 and recognized a gain of $18,986,000 . Our share of earnings was $7,783,000 and we received a distribution of $11,956,000 as a result of this sale. In 2017, venture earnings from 242, LLC benefited from the sale of 46 commercial acres for $9,719,000 generating $6,612,000 in earnings to the venture. Based on our 50% interest in the venture, our pro-rata share of the earnings associated with this sale was $3,306,000 and our pro-rata share of the total distributable cash was $4,348,000 . In 2017, CL Realty, LLC, a venture in which we own a 50% interest, sold certain mineral assets to us for $2,400,000 . Subsequent to closing of this transaction, we received $1,200,000 from the venture, representing our pro-rata share of distributable cash. In 2017, the venture recognized a non-cash impairment charge of $3,756,000 associated with a commercial tract on the Texas coast. In 2016, we sold our interest in FMF Peakview LLC (360 0 ), a 304 -unit multifamily joint venture near Denver, generating $13,917,000 in net proceeds and recognized a gain of $10,363,000 which is included in gain on sale of assets. We provided construction and development services for some of these ventures for which we receive fees. Fees for these services were $741,000 in 2017 , $2,466,000 in 2016 and $1,856,000 in 2015 , and are included in real estate revenues. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Carrying value of goodwill and other intangible assets follows: Year-End 2017 2016 (In thousands) Goodwill $ — $ 37,900 Identified intangibles, net 448 — $ 448 $ 37,900 Goodwill related to our mineral assets was $0 at year-end 2017 and $37,900,000 at year-end 2016 . In 2017, we recognized a non-cash impairment charge of $37,900,000 related to goodwill attributable to our mineral resources reporting unit as a result of selling our remaining owned mineral assets. In 2016, we recognized a goodwill non-cash impairment charge of $3,874,000 related to interests in groundwater leases in central Texas. Impairment charges are included in cost of mineral resources and cost of other on our consolidated statements of income (loss). Identified intangibles, net represent indefinite lived groundwater leases associated with our central Texas water assets at year-end 2017 and were included in assets held for sale at year-end 2016. In 2017, we recognized a non-cash impairment charge of $1,233,000 related to the indefinite lived groundwater leases. Impairment charges are included in cost of other on our consolidated statements of income (loss). |
Held for Sale
Held for Sale | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Held for Sale | Held for Sale At year-end 2017 , assets held for sale principally included certain real estate projects sold on February 8, 2018, and water wells related to our nonparticipating royalty interests in water rights located in east Texas. Please read Note 22 - Subsequent Event for additional information regarding our strategic asset sale to Starwood. The major classes of assets and liabilities held for sale were as follows: At Year-End 2017 2016 Assets Held for Sale: (In thousands) Real estate $ 180,247 $ 19,931 Timber — 1,682 Other intangible assets — 1,681 Oil and gas properties and equipment, net — 782 Property and equipment, net 1,360 6,301 $ 181,607 $ 30,377 Liabilities Held for Sale: Accounts payable 1,017 — Other liabilities — 103 $ 1,017 $ 103 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations We have divested all of our oil and gas working interest properties. As a result of this significant change in our operations, we have reported the results of operations and financial position of these assets as discontinued operations within the consolidated statements of income (loss) and consolidated balance sheets for all periods presented. Summarized results from discontinued operations were as follows: For the Year 2017 2016 2015 Revenues $ 15 $ 5,862 $ 43,845 Cost of oil and gas producing activities (52 ) (6,578 ) (221,402 ) Other operating expenses 226 (7,754 ) (10,363 ) Income (loss) from discontinued operations before income taxes $ 189 $ (8,470 ) $ (187,920 ) Gain (loss) on sale of assets before income taxes (197 ) (13,664 ) (706 ) Income tax benefit 46,039 5,269 2,496 Income (loss) from discontinued operations, net of taxes $ 46,031 $ (16,865 ) $ (186,130 ) In third quarter 2017, we sold the common stock of Forestar Petroleum Corporation for $100,000 . This transaction completed the sale of all our oil and gas assets and related entities. This transaction resulted in a significant tax loss, and the corresponding tax benefit is reported in discontinued operations in 2017. In 2016, we recorded a net loss of $13,664,000 on the sale of 199,263 net mineral acres leased from others and 379 gross ( 95 net) producing oil and gas working interest wells in Nebraska, Kansas, Oklahoma and North Dakota for total net proceeds of $80,374,000 , which includes $3,269,000 in reimbursement of capital costs incurred on in-progress wells that were assumed by the buyer. Other operating expenses in 2017 include a benefit of $1,043,000 due to a reduction of an accrual resulting from a change in estimate related to potential environmental liabilities to plug and abandon certain oil and gas wells in Wyoming. Other operating expenses in 2016 include loss contingency charges of $2,990,000 related to litigation and $1,155,000 related to potential environmental liabilities to plug and abandon certain oil and gas wells in Wyoming. In 2015, we recorded a net loss of $706,000 on the sale of 109,000 net mineral acres leased from others and the disposition of 39 gross ( 7 net) producing oil and gas wells in Nebraska, Texas, Colorado, North Dakota and Oklahoma for total net proceeds of $17,800,000 . Cost of sales includes non-cash impairment charges of $0 in 2017 , $612,000 in 2016 and $163,029,000 in 2015 related to our proved properties and unproved leasehold oil and gas working interests. The major classes of assets and liabilities of discontinued operations at year-end 2017 and 2016 are as follows: At Year-End 2017 2016 (In thousands) Assets of Discontinued Operations: Receivables, net of allowance for bad debt $ — $ 6 Prepaid expenses — 8 $ — $ 14 Liabilities of Discontinued Operations: Accounts payable $ — $ 67 Other accrued expenses — 5,228 $ — $ 5,295 Cash (used in) or provided by operating activities and investing activities of discontinued operations are as follows: For the Year 2017 2016 2015 (In thousands) Operating activities: Asset impairments $ — $ 612 $ 105,337 Changes in accounts payable and other accrued liabilities (3,000 ) — — Dry hole and unproved leasehold impairment charges — — 67,639 Loss (gain) on sale of assets 197 13,664 706 Depreciation, depletion and amortization — 2,202 28,391 $ (2,803 ) $ 16,478 $ 202,073 Investing activities: Oil and gas properties and equipment $ — $ (579 ) $ (49,717 ) Proceeds from sales of assets 200 77,105 17,800 $ 200 $ 76,526 $ (31,917 ) |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Receivables | Receivables Receivables consist of: At Year-End 2017 2016 (In thousands) Other receivables and accrued interest 2,557 1,505 Loans secured by real estate, average interest rate of 5.40% at year-end 2017 and 4.94% at year-end 2016 3,776 7,452 6,333 8,957 Allowance for bad debts (26 ) (26 ) $ 6,307 $ 8,931 Other loans secured by real estate generally are secured by a deed of trust and due within three to five years . |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt consists of: At Year-End 2017 2016 (In thousands) 8.50% senior secured notes due 2022 — 5,200 3.75% convertible senior notes due 2020, net of discount 108,139 104,673 Other indebtedness due through 2018 at variable and fixed interest rates ranging from 5.0% to 5.50% 290 485 $ 108,429 $ 110,358 Letter of Credit Facility On October 5, 2017, we entered into a Letter of Credit Facility Agreement providing for a $30,000,000 secured standby letter of credit facility (the “LC Facility”). The LC Facility is secured by $30,000,000 in cash deposited with the administrative agent. In addition, we have $10,000,000 on deposit with a participating lender. The total of these two deposits are classified as restricted cash on our consolidated balance sheets. At year-end 2017 , $14,072,000 was outstanding under the LC Facility. Termination of Senior Credit Facility On October 5, 2017, in connection with entry into the LC Facility, we terminated our existing senior credit facility (the “Prior Credit Facility”). The Prior Credit Facility provided for a $50,000,000 revolving line of credit that was scheduled to mature on May 15, 2018. This Prior Credit Facility could be prepaid at any time without penalty and included a $50,000,000 sublimit for letters of credit. All outstanding letters of credit at the time of termination were transferred to the new LC Facility. 8.50% Senior Secured Notes due 2022 On October 30, 2017, we redeemed the remaining $5,315,000 aggregate principal amount of outstanding 8.50% Senior Secured Notes due 2022 (the “Notes”). The Notes were redeemed for $5,928,000 and the redemption resulted in a $524,000 loss on extinguishment of debt. In 2016, we completed a cash tender offer for our Notes, pursuant to which we purchased $215,495,000 principal amount of the outstanding Notes. Total consideration paid was $245,604,000 , which included $29,091,000 in premium and $1,018,000 in accrued and unpaid interest. In addition, we received consent from holders of the Notes to eliminate or modify certain covenants, events of default and other provisions contained in the indenture governing the Notes, and to release the subsidiary guarantees and collateral securing the Notes. We also purchased $9,750,000 principal amount of the Notes in open market transactions. The cash tender offer and open market purchases resulted in a $35,681,000 loss on extinguishment of debt, which included the premium paid to repurchase the Notes, write-off of unamortized debt issuance costs of $5,416,000 and $1,301,000 in other costs. 3.75% Convertible Senior Notes due 2020 In 2013, we issued $125,000,000 aggregate principal amount of 3.75% Convertible Senior Notes due 2020 (Convertible Notes). Interest on the Convertible Notes is payable semiannually at a rate of 3.75 percent per annum and they mature on March 1, 2020 . The Convertible Notes had an initial conversion rate of 40.8351 per $1,000 principal amount. The initial conversion rate was subject to adjustment upon the occurrence of certain events. Prior to November 1, 2019, the Convertible Notes are convertible only upon certain circumstances, and thereafter are convertible at any time prior to the close of business on the second scheduled trading day prior to maturity. On October 5, 2017, we had $120,000,000 aggregate principal amount of Convertible Notes outstanding. In connection with the consummation of the Merger, we entered into a Third Supplemental Indenture (together with the base indenture and the prior supplemental indentures, the "Indenture") to the Indenture relating to our Convertible Notes. Pursuant to the Third Supplemental Indenture, the Convertible Notes are no longer convertible into shares of our pre-merger common stock (“Former Forestar Common Stock”) and instead are convertible into cash and shares of our post-merger common stock (“New Forestar Common Stock”) based on the per-share weighted average of the cash and shares of New Forestar Common Stock received by our stockholders that affirmatively made an election in connection with the Merger. As a result of such elections, for each share of Former Forestar Common Stock a holder of Convertible Notes was previously entitled to receive upon conversion of Convertible Notes, such holder is instead entitled to receive $579.77062 in cash and 8.17192 shares of New Forestar Common Stock per $1,000 principal amount of Notes surrendered for conversion. The completion of the Merger constituted a Fundamental Change, as defined in the Indenture. On October 12, 2017, in accordance with the Indenture, we gave notice of the Fundamental Change to holders of the Convertible Notes and made an offer to purchase (a “Fundamental Change Offer”) all or any part (equal to $1,000 or an integral multiple of $1,000) of every holder’s Convertible Notes. Under this offer, we repurchased $1,077,000 of Notes, and recorded a loss on extinguishment of debt of $87,000 . At year-end 2017 , unamortized debt discount of our Convertible Notes was $9,726,000 . The effective interest rate on the liability component was 8 percent and the carrying amount of the equity component was $16,847,000 . We intend to settle the principal amount of Convertible Notes in cash upon conversion, with any excess conversion value to be settled in shares of our common stock. In 2016, we purchased $5,000,000 of 3.75% Convertible Senior Notes due 2020 at 93.25 percent of face value in open market transactions for $4,663,000 and we allocated $4,452,000 to extinguish the debt and $211,000 to reacquire the equity component within the convertible notes based on the fair value of the debt component. We recognized a $110,000 loss on extinguishment of debt based on the difference between the fair value of the debt component prior to conversion and the carrying value of the debt component. Total loss on extinguishment of debt including write-off of debt issuance costs allocated to the repurchased notes was $183,000 . Deferred Fees and Debt Maturities At year-end 2017 and 2016 , we have $1,058,000 and $1,633,000 in unamortized deferred fees which were deducted from our debt. Amortization of deferred financing fees was $979,000 in 2017 , $3,598,000 in 2016 and $4,002,000 in 2015 and is included in interest expense. Debt maturities during the next five years are: 2018 — $290,000 ; 2019 — $0 ; 2020 — $108,139,000 ; 2021 — $0 ; 2022 — $0 and thereafter — $0 . |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Fair value is the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants. In arriving at a fair value measurement, we use a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable. The three levels of inputs used to establish fair value are the following: • Level 1 — Quoted prices in active markets for identical assets or liabilities; • Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. We elected not to use the fair value option for cash and cash equivalents, accounts and notes receivable, other assets, debt, accounts payable and other liabilities. The carrying amounts of these financial instruments approximate their fair values due to their short-term nature or variable interest rates. We determine the fair value of fixed rate financial instruments using quoted prices for similar instruments in active markets. Information about our fixed rate financial instruments not measured at fair value follows: Year-End 2017 Year-End 2016 Carrying Amount Fair Value Carrying Amount Fair Value Valuation Technique (In thousands) Fixed rate debt $ (109,197 ) $ (109,114 ) $ (111,506 ) $ (109,789 ) Level 2 Non-financial assets measured at fair value on a non-recurring basis include real estate assets, assets held for sale, goodwill and intangible assets, which are measured for impairment. In 2017, we recognized a non-cash impairment charge of $37,900,000 related to goodwill attributable to our mineral resources reporting unit as a result of selling our remaining owned mineral assets. We recognized non-cash impairment charges of $5,852,000 related to our non-core water assets in central Texas and Georgia and $420,000 related to a non-core mitigation project in Georgia. We also recorded a non-cash impairment charge of $3,000,000 related to the asset group to be disposed of in the strategic asset sale to Starwood on February 8, 2018. We based the valuations of our water assets and mitigation project primarily on past and current negotiations with expected buyers. In 2016, we recognized non-cash impairment charges of $56,453,000 related to six non-core community development projects and two multifamily sites as a result of the review of our entire portfolio of assets and marketing these properties for sale, of which four non-core community development projects and one multifamily site were sold in 2016. We based our valuations primarily on executed purchase and sale agreements, current negotiations and letters of intent with expected buyers and third party broker price opinions. In 2016, we recognized non-cash impairment charges of $612,000 related to non-core oil and gas working interest properties that were sold in 2016. Non-financial assets measured at fair value on a non-recurring basis are as follows: Year-End 2017 Year-End 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Non-financial Assets and Liabilities: Real estate held for sale $ — $ 180,247 $ — $ 180,247 $ — $ — $ — $ — Central Texas water assets $ — $ — $ 1,987 $ 1,987 $ — $ — $ — $ — |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Capital Stock | Capital Stock On October 5, 2017, our stockholders received New Forestar Common Stock in connection with the Merger. Please see Note 3 — Merger for additional information. On December 15, 2016, we issued 7,857,000 shares of our common stock upon settlement of the stock purchase contract related to the 6.00% tangible equity units. In 2016, we repurchased 283,976 shares of our common stock for $3,537,000 . We have repurchased 3,777,308 shares of our common stock for $57,696,000 since we announced our 2009 strategic initiative of repurchasing up to 20 percent or up to 7,000,000 shares of our common stock. The foregoing purchase authorization terminated upon closing of the Merger with D.R. Horton on October 5, 2017. |
Net Income (Loss) per Share
Net Income (Loss) per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | Net Income (Loss) per Share Basic and diluted earnings (loss) per share are computed using the treasury stock method in 2017 and the two-class method for 2016 and 2015. The two-class method is an earnings allocation formula that determines net income per share for each class of common stock and participating security. We previously determined that our 6.00% tangible equity units issued in 2013 were participating securities. Per share amounts are computed by dividing earnings available to common shareholders by the weighted average shares outstanding during each period. In periods with a net loss, no such adjustment is made to earnings as the holders of the participating securities have no obligation to fund losses. The computations of basic and diluted earnings (loss) per share are as follows: For the Year 2017 2016 2015 (In thousands) Numerator: Continuing operations Net income (loss) from continuing operations $ 6,301 $ 77,044 $ (26,241 ) Less: Net (income) attributable to noncontrolling interest (2,078 ) (1,531 ) (676 ) Earnings (loss) available for diluted earnings per share $ 4,223 $ 75,513 $ (26,917 ) Less: Undistributed net income from continuing operations allocated to participating securities — (13,493 ) — Earnings (loss) from continuing operations available to common shareholders for basic earnings per share $ 4,223 $ 62,020 $ (26,917 ) Discontinued operations Net income (loss) from discontinued operations available for diluted earnings per share 46,031 (16,865 ) (186,130 ) Less: Undistributed net income from discontinued operations allocated to participating securities — 3,014 — Earnings (loss) from discontinued operations available to common shareholders for basic earnings per share 46,031 (13,851 ) (186,130 ) Denominator: Weighted average common shares outstanding — basic 42,143 34,546 34,266 Weighted average common shares upon conversion of participating securities (a) — 7,515 — Dilutive effect of stock options, restricted stock and equity-settled awards 238 273 — Total weighted average shares outstanding — diluted 42,381 42,334 34,266 Anti-dilutive awards excluded from diluted weighted average shares outstanding 1,093 2,102 10,864 _____________________ (a) Our earnings per share calculation reflects the weighted average shares issuable upon settlement of the prepaid stock purchase contract component of our 6.00% tangible equity units. On December 15, 2016, we issued 7,857,000 shares of our common stock upon settlement of the stock purchase contract related to the 6.00% tangible equity units. We intend to settle the principal amount of the Convertible Notes in cash upon conversion with any excess conversion value to be settled in shares of our common stock. Therefore, only the amount in excess of the par value of the Convertible Notes will be included in our calculation of diluted net income per share using the treasury stock method. As such, the Convertible Notes have no impact on diluted net income per share until the price of our common stock exceeds the conversion price of the Convertible Notes of $51.42 . The price of our common stock in 2017 did not exceed the conversion price which resulted in no additional diluted outstanding shares. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense from continuing operations consists of: For the Year 2017 2016 2015 (In thousands) Current tax provision: U.S. Federal $ (44,177 ) $ (15,089 ) $ 6,740 State and other (3,378 ) (1,520 ) (418 ) (47,555 ) (16,609 ) 6,322 Deferred tax provision: U.S. Federal 1,678 1,382 (38,262 ) State and other 57 (75 ) (3,191 ) 1,735 1,307 (41,453 ) Income tax expense $ (45,820 ) $ (15,302 ) $ (35,131 ) A reconciliation of the federal statutory rate to the effective income tax rate on continuing operations follows: For the Year 2017 2016 2015 Federal statutory rate (benefit) 35 % 35 % 35 % State, net of federal benefit 3 — 10 Valuation allowance (42 ) (19 ) 348 Tax rate change due to new tax act 40 — — Noncontrolling interests (1 ) (1 ) (3 ) Installment sale ace adjustment — 2 — Stock based compensation 11 — 5 Goodwill 25 — — Merger costs 18 — — Oil and gas percentage depletion — — (1 ) Other (1 ) — 1 Effective tax rate 88 % 17 % 395 % The effective tax rate for all years includes an expense for state income taxes and non-deductible expenses, reduced by a tax benefit related to noncontrolling interests. The effective tax rate for 2017 also includes an expense for non-deductible goodwill related to the sale of our owned mineral assets and non-deductible transaction costs related to the Merger with D.R. Horton. Other 2017 differences, including the remeasurement of our deferred tax assets and liabilities as a result of the Tax Cuts and Jobs Act ("Tax Act"), are fully offset by a change in our valuation allowance. The effective tax rate for 2016 includes a change in valuation allowance due to a decrease in our deferred tax assets. The effective rate for 2015 includes the establishment of a valuation allowance against our deferred tax assets. Significant components of deferred taxes are: At Year-End 2017 2016 (In thousands) Deferred Tax Assets: Real estate $ 37,513 $ 50,759 Employee benefits 1,510 13,185 Net operating loss carryforwards 2,305 2,804 Oil and gas properties — 1,672 AMT credits 1,690 5,900 Income producing properties 794 2,055 Oil and gas percentage depletion carryforwards — 3,478 Accruals not deductible until paid 196 552 Gross deferred tax assets 44,008 80,405 Valuation allowance (39,578 ) (73,405 ) Deferred tax asset net of valuation allowance 4,430 7,000 Deferred Tax Liabilities: Undeveloped land — (1,359 ) Convertible debt (2,402 ) (5,035 ) Timber — (283 ) Gross deferred tax liabilities (2,402 ) (6,677 ) Net Deferred Tax Asset (Liability) $ 2,028 $ 323 The Tax Act was enacted on December 22, 2017, and reduced the federal corporate tax rate from 35 percent to 21 percent for all corporations effective January 1, 2018. ASC 740 requires companies to reflect the effects of a tax law change in the period in which the law is enacted. Accordingly, we have remeasured our deferred tax assets and liabilities along with the corresponding valuation allowance as of the enactment date. This remeasurement resulted in no additional tax expense or benefit except for the release of a portion of the valuation allowance for AMT credits which become fully refundable in future years as a result of the tax law change. We have determined based on current available information that no other tax law changes as a result of the Tax Act have a significant impact on our 2017 tax expense. The adjustment to the deferred tax accounts and our determination that no other tax law changes have a significant impact on our 2017 tax expense are our best estimate based on the information available at this time and may change as additional information, such as regulatory guidance, becomes available. Adjustments to estimated amounts, if any, would be reflected as a discrete expense or benefit in the quarter that it is identified, as allowed by SEC Staff Accounting Bulletin No. 118. On October 5, 2017, D.R. Horton acquired 75 percent of our common stock resulting in an ownership change under Section 382. Section 382 limits our ability to use certain tax attributes and built-in losses and deductions in a given year. Any tax attributes or built-in losses and deductions that are limited in the current year are expected to be fully utilized in future years. At year-end 2017, we had approximately $9,200,000 and $69,200,000 of federal and state net operating loss carryforwards, which include certain recognized built-in losses that are deferred under Section 382. These carryforwards are subject to a full valuation allowance and $45,600,000 of the state carryforwards are attributable to states in which we are not currently doing business due to our exit from the oil and gas business. If not utilized, the federal carryforwards will expire in 2037 and the state carryforwards will expire in 2020 to 2037 . We had approximately $1,690,000 of AMT credit carryforwards which are refundable over the next four years if not used to offset current taxes. At year-end 2017 and 2016, we have provided a valuation allowance for our deferred tax asset of $39,578,000 and $73,405,000 for the portion of the deferred tax asset that is more likely than not to be unrealizable. The decrease in the valuation allowance for the year was primarily attributable to the remeasurement of deferred tax assets and liabilities as a result of the tax rate decrease from the Tax Act. In determining our valuation allowance, we assessed available positive and negative evidence to estimate whether sufficient future taxable income would be generated to permit use of the existing deferred tax asset. A significant piece of objective evidence was the cumulative loss incurred over the three-year period ended December 31, 2017, principally driven by impairments of oil and gas and real estate assets. Such evidence limited our ability to consider other subjective evidence, such as our projected future taxable income. The amount of deferred tax asset considered realizable could be adjusted if negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence, such as our projected future taxable income. We file income tax returns in the U.S. and in various state jurisdictions. All federal statutes of limitations for tax years prior to 2012 are closed. As a result of filing refund claims for the 2012 through 2014 tax years for carrybacks from the 2015 tax year, the Internal Revenue Service (“IRS”) initiated and completed an audit of our 2012 through 2015 tax years during 2017 resulting in no change to our tax liability. As a result, the IRS cannot re-open the 2012 through 2015 tax years for audit unless they identify an issue that meets the criteria for re-opening an audit under Section 5 of Rev. Proc. 2005-32. We believe there are no such issues in our 2012 through 2015 tax years that meet this criteria and, therefore, we believe the IRS will not re-open our 2012 through 2015 tax years for audit. We are no longer subject to state income tax examinations before 2013. A reconciliation of the beginning and ending amount of tax benefits not recognized for book purposes is as follows: At Year-End (In thousands) 2017 2016 2015 Balance at beginning of year $ 2,499 $ — $ — Increases (decreases) for tax positions of current year — 2,499 — Decreases for dispositions and other (1,449 ) — — Balance at end of year $ 1,050 $ 2,499 $ — If the total amount of unrecognized tax benefits were recognized at year-end 2017, it would result in a $1,050,000 deferred tax asset and a corresponding tax benefit. We recognize interest accrued related to unrecognized tax benefits in income tax expense. In 2017 , 2016 and 2015 , we recognized no interest related to unrecognized tax benefits. At year-end 2017 and 2016 , we had no accrued interest or penalties. |
Litigation and Environmental Co
Litigation and Environmental Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Environmental Contingencies | Litigation and Environmental Contingencies Litigation We are involved in various legal proceedings that arise from time to time in the ordinary course of business and believe that adequate reserves have been established for any probable losses. We do not believe that the outcome of any of these proceedings should have a significant adverse effect on our financial position, long-term results of operations or cash flows. It is possible, however, that charges related to these matters could be significant to our results or cash flows in any one accounting period. Environmental Environmental remediation liabilities arise from time to time in the ordinary course of doing business, and we believe we have established adequate reserves for any probable losses that we can reasonably estimate. In 2016, we sold all but 25 of our 289 acres near Antioch, California, approximately 80 acres of which had not yet received a certificate of completion under the voluntary remediation program in which we were participating. The buyer of the former paper manufacturing sites assumed responsibility for environmental, remediation and monitoring activities, subject to limited exclusions, and obtained a $20,000,000 , ten year pollution legal liability insurance policy naming us as an additional insured. With the sale of our remaining oil and gas entities in third quarter 2017 we no longer have asset retirement obligations related to the abandonment and site restoration requirements that result from the acquisition, construction and development of oil and gas properties. At year-end 2016, we had accrued $1,155,000 related to potential environmental liabilities to plug and abandon certain oil and gas wells in Wyoming which is included in liabilities of discontinued operations. |
Commitments and Other Contingen
Commitments and Other Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Other Contingencies | Commitments and Other Contingencies We lease facilities and equipment under non-cancelable long-term operating lease agreements. In addition, we have various obligations under other office space and equipment leases of less than one year. Rent expense on facilities and equipment, including amounts recorded as discontinued operations, was $2,101,000 in 2017 , $1,923,000 in 2016 and $3,872,000 in 2015 . Future minimum rental commitments under non-cancelable operating leases having an initial or remaining term in excess of one year are: 2018 — $1,313,000 ; 2019 — $208,000 ; 2020 — $180,000 ; 2021 — $61,000 ; 2022 — $0 ; and thereafter — $0 . We lease office space in Austin, Texas, as our corporate headquarters and in other locations in support of our business operations. The total remaining contractual obligations for these leases is $1,762,000 . In support of our core community development business, we have a $40,000,000 surety bond program that provides financial assurance to beneficiaries related to execution and performance of our land development business. At year-end 2017, there were $14,708,000 outstanding under this program. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We manage our operations through three business segments: real estate, mineral resources and other. Real estate secures entitlements and develops infrastructure on our lands for single-family residential and mixed-use communities, and manages our undeveloped land, commercial and income producing properties. Mineral resources managed our owned mineral assets. Other managed our timber, recreational leases and water resource assets. We have divested all of our oil and gas working interest properties. As a result of this significant change in our operations, we have reported the results of operations and financial position of these assets as discontinued operations for all periods presented. In addition, we changed the name of the oil and gas segment to mineral resources to reflect the strategic shift from oil and gas working interest investments to owned mineral interests. We also changed the name of the other natural resources segment to other. We evaluate performance based on segment earnings (loss) before unallocated items and income taxes. Segment earnings (loss) consist of operating income, equity in earnings (loss) of unconsolidated ventures, gain on sales of assets, interest income on loans secured by real estate and net (income) loss attributable to noncontrolling interests. Items not allocated to our business segments consist of general and administrative expense, share-based and long-term incentive compensation, gain on sale of strategic timberland, interest expense, loss on extinguishment of debt and other corporate non-operating income and expense. The accounting policies of the segments are the same as those described in Note 1 — Summary of Significant Accounting Policies . Our revenues are derived from our U.S. operations and all of our assets are located in the U.S. In 2017 , one homebuilder accounted for $20,923,000 of our total real estate segment revenues. In 2016 and 2015 , no single customer accounted for more than 10 percent of our total revenues, other than the customer associated with the sale of our Midtown Cedar Hill multifamily project in 2015. Real Estate Mineral Resources Other Items Not Allocated to Segments Total (In thousands) For the year or at year-end 2017 Revenues $ 112,746 $ 1,502 $ 74 $ — $ 114,322 Depreciation, depletion and amortization 131 28 25 5,279 5,463 Equity in earnings of unconsolidated ventures 16,500 1,395 4 — 17,899 Income (loss) before taxes from continuing operations attributable to Forestar Group Inc. 47,281 45,552 (6,393 ) (36,397 ) (a) 50,043 Total assets 386,222 — 3,346 372,344 761,912 Investment in unconsolidated ventures 64,579 — — — 64,579 Capital expenditures 52 2,400 — — 2,452 For the year or at year-end 2016 Revenues $ 190,273 $ 5,076 $ 1,965 $ — $ 197,314 Depreciation, depletion and amortization 976 145 352 7,772 9,245 Equity in earnings of unconsolidated ventures 5,778 173 172 — 6,123 Income (loss) before taxes from continuing operations attributable to Forestar Group Inc. 121,420 3,327 (4,625 ) (29,307 ) (a) 90,815 Total assets (b) 403,062 38,907 11,531 279,694 733,194 Investment in unconsolidated ventures 77,611 — — — 77,611 Capital expenditures 5,783 — 299 56 6,138 For the year or at year-end 2015 Revenues $ 202,830 $ 9,094 $ 6,652 $ — $ 218,576 Depreciation, depletion and amortization 7,605 383 540 8,166 16,694 Equity in earnings of unconsolidated ventures 15,582 275 151 — 16,008 Income (loss) before taxes from continuing operations attributable to Forestar Group Inc. 67,678 4,230 (608 ) (63,086 ) (a) 8,214 Investment in unconsolidated ventures 82,453 — — — 82,453 Capital expenditures 13,644 59 745 242 14,690 _____________________ (a) Items not allocated to segments consist of: For the Year 2017 2016 2015 (In thousands) General and administrative expense $ (50,354 ) $ (18,274 ) $ (24,802 ) Share-based and long-term incentive compensation expense (7,201 ) (4,425 ) (4,474 ) Gain on sale of assets 28,674 48,891 — Interest expense (8,532 ) (19,985 ) (34,066 ) Loss on extinguishment of debt, net (611 ) (35,864 ) — Other corporate non-operating income 1,627 350 256 $ (36,397 ) $ (29,307 ) $ (63,086 ) (b) Total assets excludes assets of discontinued operations of $14,000 and $104,967,000 in 2016 and 2015. |
Share-Based and Long-Term Incen
Share-Based and Long-Term Incentive Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based and LongTerm incentive Compensation | Share-Based and Long-Term Incentive Compensation Share-based and long-term incentive compensation expense consists of: For the Year 2017 2016 2015 (In thousands) Cash-settled awards $ 634 $ 717 $ (3,127 ) Equity-settled awards 5,001 2,444 5,026 Restricted stock — 22 (8 ) Stock options 1,008 854 2,355 Total share-based compensation $ 6,643 $ 4,037 $ 4,246 Deferred cash 558 388 228 $ 7,201 $ 4,425 $ 4,474 Share-based and long-term incentive compensation expense is included in: For the Year 2017 2016 2015 (In thousands) General and administrative $ 6,177 $ 3,323 $ 2,451 Other operating 1,024 1,102 2,023 $ 7,201 $ 4,425 $ 4,474 In 2017, share-based compensation expense included $4,349,000 in charges related to the acceleration of vesting and settlement of outstanding equity awards in connection with the Merger. Excluded from share-based compensation expense in the table above are fees earned by our previous directors in the amount of $449,000 for 2017 , $725,000 for 2016 and $1,203,000 for 2015 for which they elected to defer payment until retirement in the form of share-settled units. These deferred fees were settled in 2017 as a result of the Merger. These expenses are included in general and administrative expense on our consolidated statements of income (loss). Share-Based Compensation The fair value of awards granted to retirement-eligible employees and expensed at the date of grant was $9,000 in 2017 , $600,000 in 2016 and $517,000 in 2015 . Unrecognized share-based compensation expense related to non-vested equity-settled awards was $1,424,000 at year-end 2017 . The weighted average period over which this amount will be recognized is estimated to be four years. We did not capitalize any share-based compensation in 2017 , 2016 or 2015 . In 2017 and 2016 , we issued 322,586 and 300,491 shares out of our treasury stock associated with vesting of stock-based awards or exercise of stock options, net of 75,870 and 25,082 shares withheld having a value of $981,000 and $222,000 for payroll taxes in connection with vesting of stock-based awards or exercise of stock options which are reflected in financing activities in our consolidated statements of cash flows. Cash-settled awards Cash-settled awards granted to our employees in the form of restricted stock units or stock appreciation rights generally vest over three to five years from the date of grant and generally provide for accelerated vesting upon death, disability or if there is a change in control. Cash-settled stock appreciation rights have a ten -year term, generally become exercisable ratably over four years and provide for accelerated or continued vesting upon retirement, death, disability or if there is a change in control. Stock appreciation rights are granted with an exercise price equal to the market value of our stock on the date of grant. Cash-settled awards granted to our directors in the form of restricted stock units are fully vested at the time of grant and payable upon retirement. The following table summarizes the activity of cash-settled restricted stock unit awards in 2017 : Equivalent Units Weighted Average Grant Date Fair Value (In thousands) (Per unit) Non-vested at beginning of period 42 $14.98 Granted — — Vested (30 ) 15.66 Forfeited (12 ) 13.15 Non-vested at end of period — — The weighted average grant date fair value of cash-settled restricted stock unit awards was $13.26 per unit for 2015. The fair value of cash-settled restricted stock unit awards settled was $2,178,000 in 2017, $1,195,000 in 2016, and $2,469,000 in 2015. The following table summarizes the activity of cash-settled stock appreciation rights in 2017 : Rights Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (Current Value Less Exercise Price) (In thousands) (Per share) (In years) (In thousands) Balance at beginning of period 374 $12.97 3 $773 Granted — — Exercised (234 ) 10.14 Forfeited (140 ) 17.69 Balance at end of period — — 0 — Exercisable at end of period — — 0 — The intrinsic value of cash-settled stock appreciation rights settled was $1,581,000 in 2017 , $154,000 in 2016 and $206,000 in 2015 . The fair value of accrued cash-settled awards at year-end 2017 was $0 since all outstanding equity awards were accelerated as a result of the Merger and $1,758,000 at year-end 2016 and was included in other liabilities in our consolidated balance sheets. Equity-settled awards Equity-settled awards granted to our employees and directors include restricted stock units (RSU), which vest after three years for directors and five years for employees from the date of grant, market-leveraged stock units (MSU), which vest after three years from date of grant and performance stock units (PSU), which generally vest after three years from the date of grant if certain performance goals are met. The following table summarizes the activity of equity-settled awards in 2017 : Equivalent Units Weighted Average Grant Date Fair Value (In thousands) (Per unit) Non-vested at beginning of period 555 $ 14.70 Granted 198 14.55 Vested (653 ) 14.28 Forfeited (14 ) 14.59 Non-vested at end of period 86 17.54 In 2017 and 2016 , we granted 198,000 and 313,000 RSU awards. The grant date fair value was based on the market value of the stock on the date of the grant. In 2015 , we granted 234,000 MSU awards. The vesting of these awards was accelerated in accordance with their terms upon change in control of the company and settled in cash in 2017 in connection with the Merger. We estimated the grant date fair value of MSU awards using a Monte Carlo simulation pricing model and the following assumptions: For the Year 2015 Expected stock price volatility 32.9 % Risk-free interest rate 1.0 % Expected dividend yield — % Weighted average grant date fair value of MSU awards (per unit) $ 15.11 The weighted average grant date fair value of equity-settled awards (RSU, MSU and PSU) per unit in 2017, 2016 and 2015 was $14.55 , $9.04 and $12.99 . The fair value of equity-settled awards settled was $14,894,000 , $2,884,000 and $4,451,000 in 2017, 2016 and 2015. Stock options Stock options have a ten -year term, generally become exercisable ratably over four years and provide for accelerated or continued vesting upon retirement, death, disability or if there is a change in control. All options have been granted with an exercise price equal to the market value of our stock on the date of grant. In the first quarter of 2016, stock options were issued to each of two new directors to acquire 20,000 shares of common stock of which 6,500 shares vest on the first and second anniversary of the date of grant and the remaining 7,000 shares vest on the third anniversary of the date of grant. Expense associated with annual restricted stock units and non-qualified stock options to our board of directors is included in share-based compensation expense. The following table summarizes the activity of stock option awards in 2017 : Options Outstanding Weighted Average Exercise or Settlement Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (Current Value Less Exercise Price) (In thousands) (Per share) (In years) (In thousands) Balance at beginning of period 1,836 $ 19.39 5 $ 449 Granted — — Exercised or settled in merger (768 ) 14.07 Forfeited (1,068 ) 23.21 Balance at end of period — — — — Exercisable at end of period — — — — We estimated the grant date fair value of stock options using the Black-Scholes option pricing model and the following assumptions: For the Year 2016 2015 Expected stock price volatility 39.5 % 45.6 % Risk-free interest rate 1.5 % 1.8 % Expected life of options (years) 6 6 Expected dividend yield — % — % Weighted average grant date fair value of options (per share) $ 8.60 $ 6.51 We determine the expected life using the simplified method which utilizes the midpoint between the vesting period and the contractual life of the awards. The expected stock price volatility assumption was determined using a blend of historical and implied volatility. The intrinsic value of options exercised was $2,603,000 in 2017 , $61,000 in 2016 and $0 in 2015 . Long-Term Incentive Compensation In 2017 and 2016, we granted $1,180,000 and $620,000 of long-term incentive compensation in the form of deferred cash compensation. The 2017 deferred cash awards vest annually over three years, and the 2016 deferred cash awards vest after two years. The 2016 award provides for accelerated vesting upon retirement, disability, death, or if there is a change in control. Expense associated with deferred cash awards is recognized ratably over the vesting period or earlier based on retirement eligibility or accelerated vesting under the change of control provision. The 2016 award and the first payment on the 2017 award were settled in cash based upon their terms in connection with the Merger. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans Our defined contribution retirement plans include a 401(k) plan, which is funded, and a supplemental plan for certain employees, which is unfunded. The expense of our defined contribution retirement plans was $660,000 in 2017 , $978,000 in 2016 and $1,060,000 in 2015 . The unfunded liability for our supplemental plan was $374,000 at year-end 2017 and $334,000 at year-end 2016 and is included in other liabilities. |
Supplemental Oil and Gas Disclo
Supplemental Oil and Gas Disclosures (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Extractive Industries [Abstract] | |
Supplemental Oil and Gas Disclosures (Unaudited) | Supplemental Oil and Gas Disclosures (Unaudited) The following unaudited information regarding our oil and gas reserves has been prepared and is presented pursuant to requirements of the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB). As of year-end 2017, we had divested all of our oil and gas working interest properties. As a result of this significant change in our operations, we have reported the results of operations and financial position of these assets as discontinued operations within our consolidated statements of income (loss) and consolidated balance sheets for all periods presented. However, all information presented in this unaudited supplemental oil and gas disclosures footnote includes all oil and gas reserve estimates and results of operations. In addition, we have sold our remaining mineral assets and no longer own any oil and gas or mineral assets. We engaged independent petroleum engineers, Netherland, Sewell & Associates, Inc., to assist in preparing estimates of our proved oil and gas reserves, all of which were located in the U.S., and future net cash flows as of year-end 2016 and 2015 . These estimates were based on the economic and operating conditions existing at year-end 2016 and 2015 . Proved developed reserves are those quantities of petroleum from existing wells and facilities, which by analysis of geosciences and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward for known reservoirs and under defined economic conditions, operating methods and government regulations. For 2016 and 2015, the primary internal technical person in charge of overseeing our reserves estimates had a Bachelor of Science in Physics and Mathematics and a Master's of Science in Civil Engineering. He had over 40 years of domestic and international experience in the exploration and production business including 40 years of reserve evaluations. He had been a registered Professional Engineer for over 25 years. As part of our internal control over financial reporting, for 2016 and 2015 we had a process for reviewing well production data and division of interest percentages prior to submitting well level data to NSAI to assist us in preparing reserve estimates. Our primary internal technical person and other members of management reviewed the reserve estimates prepared by NSAI, including the underlying assumptions and estimates upon which they are based, for accuracy and reasonableness. SEC rules require disclosure of proved reserves using the twelve-month average beginning-of-month price (which we refer to as the average price) for the year. These same average prices also were used in calculating the amount of (and changes in) future net cash inflows related to the standardized measure of discounted future net cash flows. For 2016 and 2015 , the average spot price per barrel of oil based on the West Texas Intermediate price was $42.75 and $50.28 and the average price per MMBTU of gas based on the Henry Hub spot was $2.48 and $2.59 . All prices were then adjusted for quality, transportation fees and differentials. The process of estimating proved reserves and future net cash flows is complex involving decisions and assumptions in evaluating the available engineering and geologic data and prices for oil and gas and the cost to produce these reserves and other factors, many of which are beyond our control. As a result, these estimates were imprecise and could be expected to change as future information became available. Estimated Quantities of Proved Oil and Gas Reserves Estimated quantities of proved oil and gas reserves are summarized as follows: Reserves Oil (a) (Barrels) Gas (Mcf) (In thousands) Consolidated entities: Year-end 2014 7,672 12,649 Revisions of previous estimates (855 ) (1,675 ) Extensions and discoveries 224 173 Acquisitions — — Sales (704 ) (1,223 ) Production (1,158 ) (1,967 ) Year-end 2015 5,179 7,957 Revisions of previous estimates (11 ) 631 Extensions and discoveries 29 — Acquisitions — — Sales (4,460 ) (3,756 ) Production (291 ) (996 ) Year-end 2016 446 3,836 Revisions of previous estimates — — Extensions and discoveries — — Acquisitions — — Sales (446 ) (3,836 ) Production — — Year-end 2017 — — Our share of ventures accounted for using the equity method: Year-end 2014 — 1,751 Revisions of previous estimates — (320 ) Production — (168 ) Year-end 2015 — 1,263 Revisions of previous estimates — 79 Production — (143 ) Year-end 2016 — 1,199 Sales — (1,199 ) Year-end 2017 — — Total consolidated and our share of equity method ventures: Year-end 2015 Proved developed reserves 5,179 9,220 Proved undeveloped reserves — — Total Year-end 2015 5,179 9,220 Year-end 2016 Proved developed reserves 446 5,035 Proved undeveloped reserves — — Total Year-end 2016 446 5,035 Year-end 2017 Proved developed reserves — — Proved undeveloped reserves — — Total Year-end 2017 — — _____________________ (a) Includes natural gas liquids (NGLs). We did not have any estimated reserves or wells with production of synthetic oil, synthetic gas or products of other non-renewable natural resources that are intended to be upgraded into synthetic oil and gas as of year-end 2017, 2016 or 2015. In 2017, we sold oil and gas wells located primarily in Texas and Louisiana. Our net reserves for those properties as of year-end 2016 were 446,000 barrels of oil and 5,035,000 Mcf of gas. In 2016, we sold oil and gas wells located primarily in Oklahoma, Kansas, Nebraska and North Dakota. Our net reserves for those properties as of year-end 2015 less our share of 2016 production were 4,155,000 barrels of oil, 305,000 barrels of NGL, and 3,756,000 Mcf of gas. Oklahoma properties sold were mainly mature gas wells. Kansas and Nebraska produce oil from the Lansing/Kansas City formation. The North Dakota oil wells produce from the Bakken/Three Forks formation. In 2015, oil and gas properties having reserves consisting of approximately 704,000 barrels of oil and 1,223,000 Mcf of gas located primarily in the Texas Panhandle and Bakken/Three Forks formations were sold. Due to the significant decline in oil and gas prices during 2015, net negative revisions of previous estimates were 855,000 barrels of oil and 1,995,000 Mcf of gas. At year-end 2015, we had no barrels of oil equivalent (BOE) of proved undeveloped (PUD) reserves based on our plan to exit non-core oil and gas working interest assets compared with 2,703,000 BOE of PUD reserves at year-end 2014. In 2016 and 2015 , reserve additions from new wells drilled and completed during the year are shown for both consolidated entities and ventures accounted for using the equity method under extensions and discoveries. There were no new well additions in 2017 , no new well additions in 2016 and 36 new well additions in 2015 . Capitalized Costs Relating to Oil and Gas Producing Activities Capitalized costs related to our oil and gas producing activities classified as assets held for sale at year-end 2016 are as follows: At Year-End 2017 2016 (In thousands) Consolidated entities: Unproved oil and gas properties $ — $ 374 Proved oil and gas properties — 5,159 Total costs — 5,533 Less accumulated depreciation, depletion and amortization — (4,751 ) $ — $ 782 We have not capitalized any costs for our share in ventures accounted for using the equity method. Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Costs incurred in oil and gas property acquisition, exploration and development activities, whether capitalized or expensed, follows: For the Year 2017 2016 2015 (In thousands) Consolidated entities: Acquisition costs Proved properties $ — $ — $ — Unproved properties — 15 4,832 Exploration costs — 21 17,922 Development costs — 537 27,609 $ — $ 573 $ 50,363 We have not incurred any costs for our share in ventures accounted for using the equity method. In 2015, acquisition of leasehold interests, exploration expenses, and development costs have decreased as a result of our increased focus on exiting and selling our leasehold working interests. Drilling and Other Exploratory and Development Activities The following tables set forth the number of gross and net oil and gas wells in which we participated: Gross Wells Exploratory Development Year Total Oil Gas Dry Oil Gas Dry 2017 — — — — — — — 2016 — — — — — — — 2015 (a) 38 2 — 1 34 — 1 _____________________ (a) Of the gross wells drilled in 2015, we operated 3 wells or 8 percent. The remaining wells represent our participations in wells operated by others. The exploratory dry hole was located in Oklahoma. Net Wells Exploratory Development Year Total Oil Gas Dry Oil Gas Dry 2017 — — — — — — — 2016 — — — — — — — 2015 6.3 0.7 — 0.8 4.3 — 0.5 Present Activities None. Delivery Commitments We have no oil or gas delivery commitments. Wells and Acreage We had no interest in any productive wells as of year-end 2017 . At year-end 2017 , 2016 and 2015 , we had royalty interests in 0 , 473 and 534 gross wells. In addition, at year-end 2017 , 2016 and 2015 , we had working interests in 0 , 32 and 400 gross wells. Standardized Measure of Discounted Future Net Cash Flows Estimates of future cash flows from proved oil and gas reserves are shown in the following table. Estimated income taxes are calculated by applying the appropriate tax rates to the estimated future pre-tax net cash flows less depreciation of the tax basis of properties and the statutory depletion allowance. At Year-End 2017 2016 2015 (In thousands) Consolidated entities: Future cash inflows $ — $ 24,304 $ 216,588 Future production and development costs — (2,988 ) (93,623 ) Future income tax expenses — (3,926 ) (22,218 ) Future net cash flows — 17,390 100,747 10% annual discount for estimated timing of cash flows — (7,077 ) (33,951 ) Standardized measure of discounted future net cash flows $ — $ 10,313 $ 66,796 Our share in ventures accounted for using the equity method: Future cash inflows $ — $ 2,010 $ 2,283 Future production and development costs — (216 ) (245 ) Future income tax expenses — (537 ) (774 ) Future net cash flows — 1,257 1,264 10% annual discount for estimated timing of cash flows — (585 ) (562 ) Standardized measure of discounted future net cash flows $ — $ 672 $ 702 Total consolidated and our share of equity method ventures $ — $ 10,985 $ 67,498 Future net cash flows were computed using prices used in estimating proved oil and gas reserves, year-end costs, and statutory tax rates (adjusted for tax deductions) that relate to proved oil and gas reserves. Changes in the standardized measure of discounted future net cash flow follows: For the Year Consolidated Our Share of Equity Method Ventures Total (In thousands) Year-end 2014 $ 163,841 $ 1,775 $ 165,616 Changes resulting from: Net change in sales prices and production costs (136,536 ) (1,112 ) (137,648 ) Net change in future development costs 92 — 92 Sales of oil and gas, net of production costs (31,732 ) (428 ) (32,160 ) Net change due to extensions and discoveries 11,747 — 11,747 Net change due to acquisition of reserves — — — Net change due to divestitures of reserves (15,855 ) — (15,855 ) Net change due to revisions of quantity estimates (15,164 ) (267 ) (15,431 ) Previously estimated development costs incurred 15,096 — 15,096 Accretion of discount 22,600 286 22,886 Net change in timing and other 4,018 (210 ) 3,808 Net change in income taxes 48,689 658 49,347 Aggregate change for the year (97,045 ) (1,073 ) (98,118 ) Year-end 2015 66,796 702 67,498 Changes resulting from: Net change in sales prices and production costs (3,585 ) (60 ) (3,645 ) Net change in future development costs — — — Sales of oil and gas, net of production costs (5,663 ) (208 ) (5,871 ) Net change due to extensions and discoveries 410 — 410 Net change due to acquisition of reserves — — — Net change due to divestitures of reserves (63,535 ) — (63,535 ) Net change due to revisions of quantity estimates 1,304 63 1,367 Previously estimated development costs incurred — — — Accretion of discount 2,992 113 3,105 Net change in timing and other (128 ) (80 ) (208 ) Net change in income taxes 11,722 142 11,864 Aggregate change for the year (56,483 ) (30 ) (56,513 ) Year-end 2016 10,313 672 10,985 Changes resulting from: Net change in sales prices and production costs — — — Net change in future development costs — — — Sales of oil and gas, net of production costs — — — Net change due to extensions and discoveries — — — Net change due to acquisition of reserves — — — Net change due to divestitures of reserves (10,313 ) (672 ) (10,985 ) Net change due to revisions of quantity estimates — — — Previously estimated development costs incurred — — — Accretion of discount — — — Net change in timing and other — — — Net change in income taxes — — — Aggregate change for the year (10,313 ) (672 ) (10,985 ) Year-end 2017 $ — $ — $ — Results of Operations for Oil and Gas Producing Activities Our royalty interests were contractually defined and based on a percentage of production at prevailing market prices. We received our percentage of production in cash. Similarly, for operating properties our working interests and the associated net revenue interests were contractually defined and we paid our proportionate share of the capital and operating costs to develop and operate the well and we marketed our share of the production. Our revenues fluctuated based on changes in the market prices for oil and gas, the decline in production from existing wells, and other factors affecting oil and gas exploration and production activities, including the cost of development and production. Information about the results of operations of our oil and gas interests follows: For the Year 2017 2016 2015 (In thousands) Consolidated entities Revenues $ 1,399 $ 10,111 $ 51,553 Production costs (209 ) (4,392 ) (19,820 ) Exploration costs (34 ) (124 ) (11,864 ) Depreciation, depletion, amortization — (2,157 ) (28,774 ) Non-cash impairment of proved oil and gas properties and unproved leasehold interests (224 ) (612 ) (164,831 ) Oil and gas administrative expenses (1,197 ) (8,700 ) (11,700 ) Accretion expense — (56 ) (144 ) Income tax (expense) benefit (7 ) (20 ) 14,717 Results of operations (272 ) (5,950 ) (170,863 ) Our share in ventures accounted for using the equity method: Revenues $ 100 $ 284 $ 428 Production costs (19 ) (76 ) (102 ) Oil and gas administrative expenses (2 ) (35 ) (51 ) Income tax (expense) benefit — — 21 Results of operations $ 79 $ 173 $ 296 Total results of operations $ (193 ) $ (5,777 ) $ (170,567 ) Production costs represent our share of oil and gas production severance taxes, and lease operating expenses. Exploration costs principally represent exploratory dry hole costs, geological and geophysical and seismic study costs. |
Summary of Quarterly Results of
Summary of Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations (Unaudited) | Summary of Quarterly Results of Operations (Unaudited) Summarized quarterly financial results for 2017 and 2016 follows: First Quarter (a) Second Quarter (a) Third Quarter (a) Fourth Quarter (a) (In thousands, except per share amounts) 2017 Total revenues $ 22,305 $ 28,015 $ 33,136 $ 30,866 Gross profit (loss) (28,332 ) 11,559 11,251 10,065 Operating income (loss) 36,235 6,965 12,381 (15,816 ) Equity in earnings of unconsolidated ventures 6,362 2,747 1,764 7,026 Income (loss) from continuing operations before taxes attributable to Forestar Group Inc. 40,998 8,120 13,223 (12,298 ) Income from discontinued operations, net of taxes 418 1,229 37,193 7,191 Net income (loss) attributable to Forestar Group Inc. 25,205 (2,579 ) 45,202 (17,574 ) Net income (loss) per share — basic Continuing operations $ 0.59 $ (0.09 ) $ 0.19 $ (0.59 ) Discontinued operations $ 0.01 $ 0.03 $ 0.88 $ 0.17 Net income (loss) per share — basic $ 0.60 $ (0.06 ) $ 1.07 $ (0.42 ) Net income (loss) per share — diluted Continuing operations $ 0.58 (0.09 ) 0.19 $ (0.58 ) Discontinued operations $ 0.01 0.03 0.87 $ 0.18 Net income (loss) per share — diluted $ 0.59 (0.06 ) 1.06 $ (0.40 ) 2016 Total revenues $ 37,618 $ 47,992 $ 47,207 $ 64,497 Gross profit (loss) 18,579 (24,953 ) 17,403 17,352 Operating income 13,590 69,528 6,256 50,980 Equity in earnings of unconsolidated ventures 47 188 3,637 2,251 Income from continuing operations before taxes attributable to Forestar Group Inc. 5,992 26,591 7,163 51,069 Income (loss) from discontinued operations, net of taxes (8,216 ) (2,048 ) (7,164 ) 563 Net income (loss) attributable to Forestar Group Inc. (4,376 ) 9,614 9,665 43,745 Net income (loss) per share — basic Continuing operations $ 0.11 $ 0.28 $ 0.40 $ 1.03 Discontinued operations $ (0.24 ) $ (0.05 ) $ (0.17 ) $ 0.01 Net income (loss) per share — basic $ (0.13 ) $ 0.23 $ 0.23 $ 1.04 Net income (loss) per share — diluted Continuing operations $ 0.09 $ 0.28 $ 0.40 $ 1.02 Discontinued operations $ (0.19 ) $ (0.05 ) $ (0.17 ) $ 0.01 Net income (loss) per share — diluted $ (0.10 ) $ 0.23 $ 0.23 $ 1.03 _____________________ (a) Non-cash impairment charges related to real estate, water assets and unproved leasehold interests and proved oil and gas properties included in our quarterly financial results are as follows: First Quarter Second Quarter Third Fourth (In thousands) 2017 Continuing operations $ 37,900 $ — $ — $ 9,272 Discontinued operations $ — $ — $ — $ — 2016 Continuing operations $ — $ 48,826 $ 7,627 $ 3,874 Discontinued operations $ — $ 612 $ — $ — |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On February 8, 2018, we entered into and closed on a Purchase and Sale Agreement with Starwood Land, L.P. to sell 24 legacy projects for $232,000,000 . This strategic asset sale included projects owned both directly and indirectly through ventures and consisted of approximately 750 developed and under development lots, over 4,000 future undeveloped lots (including all real estate associated with the Cibolo Canyons mixed-use development), 730 unentitled acres in California, an interest in one multifamily operating property and a multifamily development site. The agreement contains representations, warranties and indemnities customary for a real estate industry asset sale and includes certain adjustment provisions to the purchase price. The estimated total net proceeds after certain purchase price adjustments, closing costs and other costs associated with selling these projects is expected to be approximately $216,000,000 . At year-end 2017, we have recorded the estimated fair value of these assets on our balance sheet and as a result have recognized a non-cash impairment charge of $3,000,000 related to the asset group. The owned real estate projects are classified as assets held for sale and our equity interests in ventures continued to be classified as investment in unconsolidated ventures at year-end 2017. The non-cash impairment is included in cost of real estate sales and other on our consolidated statements of income (loss). This transaction is not expected to have a material impact on our fiscal 2018 pre-tax earnings but is expected to generate tax losses which are currently anticipated to substantially reduce our income tax expense for fiscal 2018. |
Schedule III - Consolidated Rea
Schedule III - Consolidated Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block] | Forestar Group Inc. Schedule III — Consolidated Real Estate and Accumulated Depreciation Year-End 2017 (In thousands) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at End of Period Description Encumbrances Land Buildings & Improvements Improvements less Cost of Sales and Other Carrying Costs (a) Land & Land Improvements Buildings & Improvements Total Accumulated Depreciation Date of Construction Date Acquired Real Estate, Net CALIFORNIA Contra Costa County San Joaquin River 12,225 (10,558 ) 1,667 1,667 (b) COLORADO Douglas County Cielo 3,933 3,187 7,120 7,120 2016 FLORIDA Brevard County The Preserves at Stonebriar 3,002 244 3,246 3,246 2017 Manatee County Palisades 4,516 370 4,886 4,886 2017 Sarasota County Fox Creek 12,257 742 12,999 12,999 2017 GEORGIA Cobb County West Oaks 1,669 748 2,417 2,417 2015 2015 Gwinnett County Independence 15,937 2,651 18,588 18,588 2017 2017 Paulding County Harris Place 265 (219 ) 46 46 2012 Seven Hills 2,964 1,198 61 4,223 4,223 2012 NORTH CAROLINA Cabbarrus County Moss Creek 1,254 116 1,370 1,370 2017 2016 SOUTH CAROLINA York County Habersham 3,877 (948 ) 506 3,435 3,435 2014 2013 TENNESEE Williamson County Morgan Farms 6,841 (4,168 ) 225 2,898 2,898 2013 2013 Weatherford Estates 856 (922 ) 139 73 73 2015 2014 Wilson County Beckwith Crossing 1,294 1,070 275 2,639 2,639 2015 2014 TEXAS Calhoun County Caracol 8,603 (8,025 ) 578 578 2006 2006 Collin County Lakes of Prosper 8,951 (9,094 ) 453 310 310 2012 Parkside 2,177 (1,937 ) 307 547 547 2014 2013 Timber Creek 7,282 6,410 212 13,904 13,904 2007 2007 Denton County Lantana 27,673 (19,680 ) 585 8,578 8,578 2000 1999 River's Edge 1,227 445 1,672 1,672 2014 The Preserve at Pecan Creek 5,855 (681 ) 256 5,430 5,430 2006 2005 Fort Bend County Southern Colony 3,024 4,090 7,114 7,114 2017 Willow Creek Farms 290 3,479 (1,741 ) 60 1,798 1,798 2012 2012 Harris County City Park 3,946 (3,794 ) 229 381 381 2002 2001 Imperial Forest 5,345 (634 ) 5 4,716 4,716 2015 2014 Kaufman County Lakewood Trails 8,009 340 8,349 8,349 2017 Tarrant County Summer Creek Ranch 2,887 (1,651 ) 1,236 1,236 2012 The Bar C Ranch 1,365 3,623 430 5,418 5,418 2012 Other — 4,742 — 4,742 4,742 Total Real Estate, Net $ 290 $ 160,713 $ — $ (34,076 ) $ 3,743 $ 130,380 $ — $ 130,380 $ — Real Estate Held for Sale (c) CALIFORNIA Los Angeles County Land In Entitlement Process $ 3,950 $ 21,752 $ 25,702 $ 25,702 1997 COLORADO Douglas County Pinery West 7,308 3,849 11,157 11,157 2006 2006 Weld County Buffalo Highlands 3,001 (295 ) 2,706 2,706 2006 2005 Johnstown Farms 2,749 4,073 $ 100 6,922 6,922 2002 2002 Stonebraker 3,878 (1,786 ) 2,092 2,092 2005 2005 NORTH CAROLINA Mecklenburg County Walden 12,085 5,446 350 17,881 17,881 2016 2015 SOUTH CAROLINA Lancaster County Ansley Park 5,089 4,198 315 9,602 9,602 2017 2015 TENNESEE Williamson County Scales Farmstead 3,575 4,848 455 8,878 8,878 2015 TEXAS Bastrop County Hunter’s Crossing 3,613 3,970 7,583 7,583 2001 2001 Bexar County Cibolo Canyons 17,305 22,088 1,696 41,089 41,089 2004 1986 Dallas County Stoney Creek 12,822 1,712 608 15,142 15,142 2007 2007 Fort Bend County Summer Lakes 4,269 (1,100 ) 89 3,258 3,258 2013 2012 Summer Park 4,804 (2,490 ) 17 2,331 2,331 2013 2012 Harris County Barrington 8,950 (7,892 ) 1,058 1,058 2011 Hays County Arrowhead Ranch 12,856 7,639 286 20,781 20,781 2015 2007 Travis County West Austin multifamily site 7,274 (1,525 ) 5,749 5,749 2014 Other (d) (1,684 ) (1,684 ) (1,684 ) Total Real Estate Held for Sale (c) $ — $ 113,528 $ — $ 62,803 $ 3,916 $ 180,247 $ — $ 180,247 $ — Total Investment in Real Estate $ 290 $ 274,241 $ — $ 28,727 $ 7,659 $ 310,627 $ — $ 310,627 $ — (a) We do not capitalize carrying costs until development begins. (b) The acquisition date is not available. (c) Included in the strategic asset sale to Starwood on February 8, 2018. Please read Note 22 — Subsequent Event for additional information regarding this transaction. (d) Includes $3,000,000 in non-cash impairment charges in fourth quarter 2017 associated with the asset group sold to Starwood. Reconciliation of real estate (a) : 2017 2016 2015 (In thousands) Balance at beginning of year $ 293,003 $ 618,844 $ 607,133 Amounts capitalized 105,611 89,780 124,633 Amounts retired or adjusted (87,987 ) (415,621 ) (112,922 ) Balance at close of period $ 310,627 $ 293,003 $ 618,844 Reconciliation of accumulated depreciation: 2017 2016 2015 (In thousands) Balance at beginning of year $ — $ (32,129 ) $ (31,377 ) Depreciation expense — (816 ) (6,810 ) Amounts retired or adjusted — 32,945 6,058 Balance at close of period $ — $ — $ (32,129 ) (a) Includes real estate classified as assets held for sale as of year-end 2017. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our consolidated financial statements include the accounts of Forestar Group Inc., all subsidiaries, ventures and other entities in which we have a controlling interest. We account for our investment in other entities in which we have significant influence over operations and financial policies using the equity method (we recognize our share of the entities’ income or loss and any preferential returns and treat distributions as a reduction of our investment). We eliminate all material intercompany accounts and transactions. Noncontrolling interests in consolidated pass-through entities are recognized before income taxes. We prepare our financial statements in accordance with generally accepted accounting principles in the United States, which require us to make estimates and assumptions about future events. Actual results can, and probably will, differ from those we currently estimate. At year-end 2016, we had divested substantially all of our oil and gas working interest properties. As a result of this significant change in our operations, we have reported the results of operations and financial position of these assets as discontinued operations within the consolidated statements of income (loss) and consolidated balance sheets for all periods presented. In addition, in 2016, we changed the name of the oil and gas segment to mineral resources to reflect the strategic shift from oil and gas working interest investments to owned mineral interests. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and other short-term instruments with original maturities of three months or less. |
Cash Flows | Cash Flows The consolidated statements of cash flows for 2017 , 2016 and 2015 reflect cash flows from both continuing and discontinued operations. Expenditures for the acquisition and development of single-family and multifamily real estate that we intend to develop for sale are classified as operating activities. Expenditures for the acquisition and development of properties to be held and operated, investment in oil and gas properties and equipment, and business acquisitions are classified as investing activities. |
Environmental and Asset Retirement Obligations | Environmental and Asset Retirement Obligations We recognize environmental remediation liabilities on an undiscounted basis when environmental assessments or remediation are probable and we can reasonably estimate the cost. We adjust these liabilities as further information is obtained or circumstances change. With the sale of our remaining oil and gas entities in 2017 we no longer have asset retirement obligations related to the abandonment and site restoration requirements that result from the acquisition, construction and development of oil and gas working interest properties, which we have divested. Prior to the sale, we recorded the fair value of a liability for an asset retirement obligation in the period in which it was incurred and a corresponding increase in the carrying amount of the related long-lived asset. Accretion expense related to the asset retirement obligation and depletion expense related to capitalized asset retirement costs are included in cost of mineral resources and in discontinued operations on our consolidated statements of income (loss). |
Fair Value Measurements | Fair Value Measurements Financial instruments for which we did not elect the fair value option include cash and cash equivalents, accounts and notes receivables, other assets, debt, accounts payable and other liabilities. With the exception of long-term notes receivable and debt, the carrying amounts of these financial instruments approximate their fair values due to their short-term nature. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets We record goodwill when the purchase price of a business acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. We do not amortize goodwill or other indefinite lived intangible assets. Instead, we measure these assets for impairment based on the estimated fair values at least annually or more frequently if impairment indicators exist. We perform the annual impairment measurement in the fourth quarter of each year. Intangible assets with finite useful lives are amortized over their estimated useful lives. In 2017 , we sold our remaining owned mineral assets for approximately $85,700,000 and as a result of this sale we recorded a non-cash impairment charge of $37,900,000 related to the mineral resources reporting unit goodwill which is included in cost of mineral resources on our consolidated statements of income (loss). At year-end 2016, we performed our annual goodwill impairment evaluation and concluded that goodwill related to our central Texas water assets was impaired because the carrying value exceeded the fair value and recorded a $3,874,000 non-cash impairment charge |
Income Taxes | Income Taxes We provide deferred income taxes using current tax rates for temporary differences between the financial accounting carrying value of assets and liabilities and their tax accounting carrying values. We recognize and value income tax exposures for the various taxing jurisdictions where we operate based on laws, elections, commonly accepted tax positions, and management estimates. We include tax penalties and interest in income tax expense. We provide a valuation allowance for any deferred tax asset that is not likely to be recoverable in future periods. When we believe a tax position is supportable but the outcome uncertain, we include the item in our tax return but do not recognize the related benefit in our provision for taxes. Instead, we record a reserve for unrecognized tax benefits, which represents our expectation of the most likely outcome considering the technical merits and specific facts of the position. Changes to liabilities are only made when an event occurs that changes the most likely outcome, such as settlement with the relevant tax authority, expiration of statutes of limitations, changes in tax law, or recent court rulings. |
Property and Equipment | Property and Equipment We carry property and equipment at cost less accumulated depreciation. We capitalize the cost of significant additions and improvements, and we expense the cost of repairs and maintenance. We capitalize interest costs incurred on major construction projects. |
Real Estate | Real Estate We carry real estate at the lower of cost or fair value less cost to sell. We capitalize interest costs once development begins, and we continue to capitalize throughout the development period. We also capitalize infrastructure, improvements, amenities, and other development costs incurred during the development period. We determine the cost of real estate sold using the relative sales value method. When we sell real estate from projects that are not finished, we include in the cost of real estate sold estimates of future development costs through completion, allocated based on relative sales values. These estimates of future development costs are reevaluated at least annually, with any adjustments being allocated prospectively to the remaining units available for sale. We receive cash deposits from home builders for purchases of vacant developed lots from community development projects. These earnest money deposits are released to the home builders as lots are developed and sold. In certain instances earnest money deposits are subject to mortgages which are secured by the real estate under contract with the home builder. These mortgages expire when the earnest money is released to the home builders as lots are developed and sold. At year-end 2017 , $40,408,000 of real estate was subject to earnest money mortgages, including $25,712,000 classified as assets held for sale. We have agreements with utility or improvement districts, principally in Texas, whereby we agree to convey to the districts water, sewer and other infrastructure-related assets we have constructed in connection with projects within their jurisdiction. The reimbursement for these assets ranges from 70 to 90 percent of allowable cost as defined by the district. The transfer is consummated and we receive payment when the districts have a sufficient tax base to support funding of their bonds. The cost we incur in constructing these assets is included in capitalized development costs, and upon collection, we remove the assets from capitalized development costs. We provide an allowance to reflect our past experiences in collecting these reimbursements. Impairment of Real Estate Long-Lived Assets We review real estate long-lived assets held for use for impairment when events or circumstances indicate that their carrying value may not be recoverable. Impairment exists if the carrying amount of the long-lived asset is not recoverable from the undiscounted cash flows expected from its use and eventual disposition. We determine the amount of the impairment loss by comparing the carrying value of the long-lived asset to its estimated fair value. We generally determine fair value based on the present value of future cash flows expected from the sale of the long-lived asset. Non-cash impairment charges related to our owned and consolidated real estate assets are included in cost of real estate sales and other. |
Reclassifications | Reclassifications In 2017, we have reclassified prior years' restricted cash that was included in other assets to a separate line item on our consolidated balance sheets to conform to the current year presentation. |
Revenue | Revenue We recognize revenue from sales of real estate when a sale is consummated, the buyer’s initial investment is adequate, any receivables are probable of collection, the usual risks and rewards of ownership have been transferred to the buyer, and we do not have significant continuing involvement with the real estate sold. If we determine that the earnings process is not complete, we defer recognition of any gain until earned. We exclude from revenue amounts we collect from utility or improvement districts related to the conveyance of water, sewer and other infrastructure related assets. We exclude from revenue amounts we collect from customers that represent sales tax or other taxes that are based on the sale. These amounts are included in other accrued expenses until paid. |
Share-Based Compensation | Share-Based Compensation We use the Black-Scholes option pricing model to determine the fair value of stock options, and a Monte Carlo simulation pricing model to determine the fair value of market-leveraged stock units and for stock options with market conditions. The fair value of equity-settled awards is determined on the grant date and the fair value of cash-settled awards is determined at period end. We expense share-based awards ratably over the vesting period or earlier based on retirement eligibility. |
Owned Mineral Interests | Owned Mineral Interests Historically, we leased our mineral interests to third-party exploration and production entities, we retained a royalty interest and may have taken an additional participation in production, including a working interest. In first quarter 2017, we sold our remaining owned mineral assets. |
Oil and Gas Properties (Discontinued Operations) | Oil and Gas Properties (Discontinued Operations) We used the successful efforts method of accounting for our oil and gas producing activities. Costs to acquire mineral interests leased, costs to drill and complete development of oil and gas wells and related asset retirement costs were capitalized. Costs to drill exploratory wells were capitalized pending determination of whether the wells had proved reserves and if determined incapable of producing commercial quantities of oil and gas these costs were expensed as dry hole costs. At year-end 2017 , we had no capitalized exploratory well costs pending determination of proved reserves. Exploration costs include dry hole costs, geological and geophysical costs, expired unproved leasehold costs and seismic studies, and were expensed as incurred. Production costs incurred to maintain wells and related equipment were charged to expense as incurred. Depreciation and depletion of producing oil and gas properties was calculated using the units-of-production method. Proved developed reserves were used to compute unit rates for unamortized tangible and intangible drilling and completion costs. Proved reserves were used to compute unit rates for unamortized acquisition of proved leasehold costs. Unit-of-production amortization rates were revised whenever there was an indication of the need for revision but at least once a year and those revisions were accounted for prospectively as changes in accounting estimates. We no longer own any oil and gas working interest properties. Impairment of Oil and Gas Properties (Discontinued Operations) Historically, we evaluated our oil and gas properties, including facilities and equipment, for impairment whenever events or changes in circumstances indicated that the carrying value of the asset may not be recoverable. We estimate the expected undiscounted future cash flows of our oil and gas properties and compared such undiscounted future cash flows to the carrying amount of the oil and gas properties to determine if the carrying amount was recoverable. If the carrying amount exceeded the estimated undiscounted future cash flows, we adjusted the carrying amount of the oil and gas properties to fair value. The factors used to determine fair value were subject to our judgment and expertise and included, but were not limited to, recent sales prices of comparable properties, the present value of future cash flows net of estimated operating and development costs using estimates of proved reserves, future commodity pricing, future production estimates, anticipated capital expenditures, and various discount rates commensurate with the risk and current market conditions associated with realizing the expected cash flows projected. Assessing unproved leasehold properties to determine impairment required significant judgment. We assessed our unproved leasehold properties periodically for impairment on a property-by-property basis based on remaining lease terms, drilling results or future plans to develop acreage. Impairment expense for proved and unproved oil and gas properties are included in cost of mineral resources and cost of oil and gas producing activities in discontinued operations. |
New and Pending Accounting Pronouncements | New and Pending Accounting Pronouncements Adoption of New Accounting Standards In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , as part of its simplification initiative. The areas for simplification in this update involve several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and the classification on the statement of cash flows. We adopted the updated standard on January 1, 2017. Effective first quarter 2017, stock-based compensation (SBC) excess tax benefits or deficiencies are reflected in the consolidated statements of income (loss) as a component of the provision for income taxes, whereas they previously were recognized in equity to the extent additional paid-in capital pool was available. Additionally, our consolidated statements of cash flows will now present excess tax benefits as an operating activity, if applicable. Finally, we have elected to account for forfeitures as they occur, rather than estimate expected forfeitures. The adoption of this guidance did not have a material impact on our consolidated financial statements. Pending Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. The updated standard becomes effective for annual and interim periods beginning after December 15, 2017. Due to our change in fiscal year-end, this standard is effective for us beginning October 1, 2018. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). We currently anticipate adopting the standard using the cumulative catch-up transition method. We anticipate this standard will not have a material impact on our consolidated financial statements. While we are continuing to assess all potential impacts of the standard, we expect revenue related to lot and tract sales to remain substantially unchanged. Due to the complexity of certain of our real estate sale transactions, the revenue recognition treatment required under the standard will be dependent on contract-specific terms, and may vary in some instances from recognition at the time of the sale closing. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner that is similar to today's accounting. This guidance also eliminates today's real estate-specific provisions for all entities. For lessors, the guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. This guidance is effective in 2019, and interim periods within that year. Early adoption is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. We are currently evaluating the effect the updated standard will have on our financial position and disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) , in order to address eight specific cash flow issues with the objective of reducing the existing diversity in practice. The updated standard is effective for financial statements issued for annual periods beginning after December 15, 2017 and interim periods within those fiscal years with early adoption permitted. We are currently evaluating the effect that the updated standard will have on our earnings, financial position and disclosures, but we do not expect it to have a material effect on our consolidated financial statements. In November, 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230). This ASU requires that a statement of cash flow explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash investments. This standard is effective for fiscal years beginning after December 15, 2017. The adoption of ASU 2016-18 will modify our current disclosures and reclassifications relating to the consolidated statements of cash flows, but we do not expect it to have a material effect on our consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718), in order to provide guidance about which changes to terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The updated standard is effective for financial statements issued for annual periods beginning after December 15, 2017. We are currently evaluating the effect that the updated standard will have on our earnings, financial position and disclosures, but we do not expect it to have a material effect on our consolidated financial statements. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Property, Plant and Equipment | We depreciate these assets using the straight-line method over their estimated useful lives as follows: Estimated Year-End Useful Lives 2017 2016 (In thousands) Buildings and building improvements 10 to 40 years $ 2,162 $ 2,700 Property and equipment 2 to 10 years 4,513 4,957 6,675 7,657 Less: accumulated depreciation (4,672 ) (4,541 ) $ 2,003 $ 3,116 |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Real Estate | Real estate consists of: At Year-End 2017 2016 (In thousands) Entitled, developed and under development projects $ 127,442 $ 263,859 Other real estate costs (principally land in entitlement in 2016) 2,938 29,144 $ 130,380 $ 293,003 |
Investment in Unconsolidated 33
Investment in Unconsolidated Ventures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summarized Balance Sheet Information | Combined summarized balance sheet information for our ventures accounted for using the equity method follows: Venture Assets Venture Borrowings (a) Venture Equity Our Investment At Year-End 2017 2016 2017 2016 2017 2016 2017 2016 (In thousands) 242, LLC (b) (e) $ 19,525 $ 26,503 $ — $ 1,107 $ 19,357 $ 23,136 $ 9,131 $ 10,934 CL Ashton Woods, LP (c) 124 2,653 — — 104 2,198 83 1,107 CL Realty, LLC 4,528 8,048 — — 4,344 7,899 2,172 3,950 CREA FMF Nashville LLC (b) 2,315 56,081 — 37,446 684 17,091 342 4,923 Elan 99, LLC (e) 49,080 49,652 36,348 36,238 11,204 13,100 10,078 11,790 FMF Littleton LLC 66,849 70,282 45,836 44,446 20,289 23,798 5,144 6,128 FMF Peakview LLC — — — — — — — — FOR/SR Forsyth LLC 11,598 10,672 1,551 1,568 10,041 8,990 9,037 8,091 HM Stonewall Estates, Ltd — 852 — — — 852 — 477 LM Land Holdings, LP (c) 19,479 25,538 — 3,477 12,074 20,945 5,935 9,685 MRECV DT Holdings LLC (e) 3,043 4,155 — — 3,043 4,144 2,594 3,729 MRECV Edelweiss LLC/MRECV Lender VIII LLC (e) 8,127 3,484 — — 8,127 3,484 7,189 3,358 MRECV Juniper Ridge LLC (e) 3,936 4,156 — — 3,936 4,156 3,331 3,741 MRECV Meadow Crossing II LLC (e) 3,129 2,492 — — 3,129 2,491 2,738 2,242 Miramonte Boulder Pass, LLC (e) 7,573 10,738 1,398 4,006 4,843 5,265 4,633 5,330 Temco Associates, LLC 4,448 4,368 — — 4,345 4,253 2,172 2,126 Other ventures — — — — — — — — $ 203,754 $ 279,674 $ 85,133 $ 128,288 $ 105,520 $ 141,802 $ 64,579 $ 77,611 |
Summarized Income Statement Information | Combined summarized income statement information for our ventures accounted for using the equity method follows: Revenues Earnings (Loss) Our Share of Earnings (Loss) For the Year 2017 2016 2015 2017 2016 2015 2017 2016 2015 (In thousands) 242, LLC (b) (e) $ 13,073 $ 5,835 $ 20,995 $ 8,021 $ 1,259 $ 9,588 $ 4,096 $ 668 $ 4,919 CL Ashton Woods, LP 3,179 2,870 9,820 1,456 914 3,881 1,816 1,332 5,000 CL Realty, LLC 499 567 856 (1,155 ) 237 424 (578 ) 119 212 CREA FMF Nashville LLC (b) (d) 5,440 4,955 1,227 17,267 (1,420 ) (1,696 ) 7,563 1,103 (1,696 ) Elan 99, LLC (e) 4,596 1,392 — (1,896 ) (2,739 ) (49 ) (1,712 ) (2,465 ) (44 ) FMF Littleton LLC 6,366 3,116 120 192 (571 ) (367 ) 48 (143 ) (92 ) FMF Peakview LLC — 939 2,057 — (248 ) (1,116 ) — (50 ) (223 ) FOR/SR Forsyth LLC — — — (148 ) (65 ) — (134 ) (58 ) — HM Stonewall Estates, Ltd. 496 2,112 3,990 243 832 1,881 103 361 952 LM Land Holdings, LP (c) 22,127 10,001 10,956 10,629 7,288 8,251 3,563 2,458 3,342 MRECV DT Holdings LLC (e) 1,196 495 — 1,173 477 167 911 429 — MRECV Edelweiss LLC/MRECV Lender VIII LLC (e) 1,018 416 — 1,016 409 151 789 368 137 MRECV Juniper Ridge LLC (e) 1,445 379 — 1,445 380 106 1,089 342 — MRECV Meadow Crossing II LLC (e) 638 267 — 638 220 — 496 198 — Miramonte Boulder Pass, LLC (e) 5,483 4,923 — 177 (399 ) (250 ) (197 ) (200 ) (125 ) PSW Communities, LP — — 29,986 — — 2,688 — — 1,169 TEMCO Associates, LLC 192 1,344 9,485 92 440 2,358 46 220 1,179 Other ventures — 6,519 36,237 — 2,105 33,303 — 1,441 1,278 $ 65,748 $ 46,130 $ 125,729 $ 39,150 $ 9,119 $ 59,320 $ 17,899 $ 6,123 $ 16,008 _____________________ (a) Total includes current maturities of $84,098,000 at year-end 2017 , of which $79,515,000 is non-recourse to us, and $89,756,000 at year-end 2016 , of which $78,557,000 is non-recourse to us. (b) Includes unamortized deferred gains on real estate contributed by us to ventures. We recognize deferred gains as income as real estate is sold to third parties. Deferred gains of $548,000 are reflected as a reduction to our investment in unconsolidated ventures at year-end 2017 . (c) Includes unrecognized basis difference of $448,000 which is reflected as an increase of our investment in unconsolidated ventures at year-end 2017 . This difference will be amortized as expense over the life of the investment and included in our share of earnings (loss) from the respective venture. (d) Our share of venture earnings in 2016 includes reallocation of prior year cumulative losses incurred by the venture as a result of equity contribution by the venture partner in 2016 in accordance with the partnership agreement. (e) Included in our strategic asset sale to Starwood on February 8, 2018. Please read Note 22 - Subsequent Event for additional information regarding this transaction. |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Value of Goodwill and Other Intangible Assets | Carrying value of goodwill and other intangible assets follows: Year-End 2017 2016 (In thousands) Goodwill $ — $ 37,900 Identified intangibles, net 448 — $ 448 $ 37,900 |
Held for Sale (Tables)
Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities of Properties Held for Sale | The major classes of assets and liabilities held for sale were as follows: At Year-End 2017 2016 Assets Held for Sale: (In thousands) Real estate $ 180,247 $ 19,931 Timber — 1,682 Other intangible assets — 1,681 Oil and gas properties and equipment, net — 782 Property and equipment, net 1,360 6,301 $ 181,607 $ 30,377 Liabilities Held for Sale: Accounts payable 1,017 — Other liabilities — 103 $ 1,017 $ 103 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summarized Results from Discontinued Operations | Summarized results from discontinued operations were as follows: For the Year 2017 2016 2015 Revenues $ 15 $ 5,862 $ 43,845 Cost of oil and gas producing activities (52 ) (6,578 ) (221,402 ) Other operating expenses 226 (7,754 ) (10,363 ) Income (loss) from discontinued operations before income taxes $ 189 $ (8,470 ) $ (187,920 ) Gain (loss) on sale of assets before income taxes (197 ) (13,664 ) (706 ) Income tax benefit 46,039 5,269 2,496 Income (loss) from discontinued operations, net of taxes $ 46,031 $ (16,865 ) $ (186,130 ) |
Disposal Groups, Including Discontinued Operations | The major classes of assets and liabilities of discontinued operations at year-end 2017 and 2016 are as follows: At Year-End 2017 2016 (In thousands) Assets of Discontinued Operations: Receivables, net of allowance for bad debt $ — $ 6 Prepaid expenses — 8 $ — $ 14 Liabilities of Discontinued Operations: Accounts payable $ — $ 67 Other accrued expenses — 5,228 $ — $ 5,295 |
Significant Operation and Investing Activities of DIscontinued Operations | Cash (used in) or provided by operating activities and investing activities of discontinued operations are as follows: For the Year 2017 2016 2015 (In thousands) Operating activities: Asset impairments $ — $ 612 $ 105,337 Changes in accounts payable and other accrued liabilities (3,000 ) — — Dry hole and unproved leasehold impairment charges — — 67,639 Loss (gain) on sale of assets 197 13,664 706 Depreciation, depletion and amortization — 2,202 28,391 $ (2,803 ) $ 16,478 $ 202,073 Investing activities: Oil and gas properties and equipment $ — $ (579 ) $ (49,717 ) Proceeds from sales of assets 200 77,105 17,800 $ 200 $ 76,526 $ (31,917 ) |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Receivables | Receivables consist of: At Year-End 2017 2016 (In thousands) Other receivables and accrued interest 2,557 1,505 Loans secured by real estate, average interest rate of 5.40% at year-end 2017 and 4.94% at year-end 2016 3,776 7,452 6,333 8,957 Allowance for bad debts (26 ) (26 ) $ 6,307 $ 8,931 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt consists of: At Year-End 2017 2016 (In thousands) 8.50% senior secured notes due 2022 — 5,200 3.75% convertible senior notes due 2020, net of discount 108,139 104,673 Other indebtedness due through 2018 at variable and fixed interest rates ranging from 5.0% to 5.50% 290 485 $ 108,429 $ 110,358 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Information About Our Fixed Rate Financial Instruments Not Measured at Fair Value | Information about our fixed rate financial instruments not measured at fair value follows: Year-End 2017 Year-End 2016 Carrying Amount Fair Value Carrying Amount Fair Value Valuation Technique (In thousands) Fixed rate debt $ (109,197 ) $ (109,114 ) $ (111,506 ) $ (109,789 ) Level 2 |
Carrying Value of Assets | Non-financial assets measured at fair value on a non-recurring basis are as follows: Year-End 2017 Year-End 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Non-financial Assets and Liabilities: Real estate held for sale $ — $ 180,247 $ — $ 180,247 $ — $ — $ — $ — Central Texas water assets $ — $ — $ 1,987 $ 1,987 $ — $ — $ — $ — |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Attributable to Common Shareholders and Weighted Average Common Shares Outstanding | The computations of basic and diluted earnings (loss) per share are as follows: For the Year 2017 2016 2015 (In thousands) Numerator: Continuing operations Net income (loss) from continuing operations $ 6,301 $ 77,044 $ (26,241 ) Less: Net (income) attributable to noncontrolling interest (2,078 ) (1,531 ) (676 ) Earnings (loss) available for diluted earnings per share $ 4,223 $ 75,513 $ (26,917 ) Less: Undistributed net income from continuing operations allocated to participating securities — (13,493 ) — Earnings (loss) from continuing operations available to common shareholders for basic earnings per share $ 4,223 $ 62,020 $ (26,917 ) Discontinued operations Net income (loss) from discontinued operations available for diluted earnings per share 46,031 (16,865 ) (186,130 ) Less: Undistributed net income from discontinued operations allocated to participating securities — 3,014 — Earnings (loss) from discontinued operations available to common shareholders for basic earnings per share 46,031 (13,851 ) (186,130 ) Denominator: Weighted average common shares outstanding — basic 42,143 34,546 34,266 Weighted average common shares upon conversion of participating securities (a) — 7,515 — Dilutive effect of stock options, restricted stock and equity-settled awards 238 273 — Total weighted average shares outstanding — diluted 42,381 42,334 34,266 Anti-dilutive awards excluded from diluted weighted average shares outstanding 1,093 2,102 10,864 _____________________ (a) Our earnings per share calculation reflects the weighted average shares issuable upon settlement of the prepaid stock purchase contract component of our 6.00% tangible equity units |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | Income tax expense from continuing operations consists of: For the Year 2017 2016 2015 (In thousands) Current tax provision: U.S. Federal $ (44,177 ) $ (15,089 ) $ 6,740 State and other (3,378 ) (1,520 ) (418 ) (47,555 ) (16,609 ) 6,322 Deferred tax provision: U.S. Federal 1,678 1,382 (38,262 ) State and other 57 (75 ) (3,191 ) 1,735 1,307 (41,453 ) Income tax expense $ (45,820 ) $ (15,302 ) $ (35,131 ) |
Reconciliation of Federal Statutory Rate to Effective Income Tax Rate on Continuing Operations | A reconciliation of the federal statutory rate to the effective income tax rate on continuing operations follows: For the Year 2017 2016 2015 Federal statutory rate (benefit) 35 % 35 % 35 % State, net of federal benefit 3 — 10 Valuation allowance (42 ) (19 ) 348 Tax rate change due to new tax act 40 — — Noncontrolling interests (1 ) (1 ) (3 ) Installment sale ace adjustment — 2 — Stock based compensation 11 — 5 Goodwill 25 — — Merger costs 18 — — Oil and gas percentage depletion — — (1 ) Other (1 ) — 1 Effective tax rate 88 % 17 % 395 % |
Significant Components of Deferred Taxes | Significant components of deferred taxes are: At Year-End 2017 2016 (In thousands) Deferred Tax Assets: Real estate $ 37,513 $ 50,759 Employee benefits 1,510 13,185 Net operating loss carryforwards 2,305 2,804 Oil and gas properties — 1,672 AMT credits 1,690 5,900 Income producing properties 794 2,055 Oil and gas percentage depletion carryforwards — 3,478 Accruals not deductible until paid 196 552 Gross deferred tax assets 44,008 80,405 Valuation allowance (39,578 ) (73,405 ) Deferred tax asset net of valuation allowance 4,430 7,000 Deferred Tax Liabilities: Undeveloped land — (1,359 ) Convertible debt (2,402 ) (5,035 ) Timber — (283 ) Gross deferred tax liabilities (2,402 ) (6,677 ) Net Deferred Tax Asset (Liability) $ 2,028 $ 323 |
Summary of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of tax benefits not recognized for book purposes is as follows: At Year-End (In thousands) 2017 2016 2015 Balance at beginning of year $ 2,499 $ — $ — Increases (decreases) for tax positions of current year — 2,499 — Decreases for dispositions and other (1,449 ) — — Balance at end of year $ 1,050 $ 2,499 $ — |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Revenues and Earnings | Real Estate Mineral Resources Other Items Not Allocated to Segments Total (In thousands) For the year or at year-end 2017 Revenues $ 112,746 $ 1,502 $ 74 $ — $ 114,322 Depreciation, depletion and amortization 131 28 25 5,279 5,463 Equity in earnings of unconsolidated ventures 16,500 1,395 4 — 17,899 Income (loss) before taxes from continuing operations attributable to Forestar Group Inc. 47,281 45,552 (6,393 ) (36,397 ) (a) 50,043 Total assets 386,222 — 3,346 372,344 761,912 Investment in unconsolidated ventures 64,579 — — — 64,579 Capital expenditures 52 2,400 — — 2,452 For the year or at year-end 2016 Revenues $ 190,273 $ 5,076 $ 1,965 $ — $ 197,314 Depreciation, depletion and amortization 976 145 352 7,772 9,245 Equity in earnings of unconsolidated ventures 5,778 173 172 — 6,123 Income (loss) before taxes from continuing operations attributable to Forestar Group Inc. 121,420 3,327 (4,625 ) (29,307 ) (a) 90,815 Total assets (b) 403,062 38,907 11,531 279,694 733,194 Investment in unconsolidated ventures 77,611 — — — 77,611 Capital expenditures 5,783 — 299 56 6,138 For the year or at year-end 2015 Revenues $ 202,830 $ 9,094 $ 6,652 $ — $ 218,576 Depreciation, depletion and amortization 7,605 383 540 8,166 16,694 Equity in earnings of unconsolidated ventures 15,582 275 151 — 16,008 Income (loss) before taxes from continuing operations attributable to Forestar Group Inc. 67,678 4,230 (608 ) (63,086 ) (a) 8,214 Investment in unconsolidated ventures 82,453 — — — 82,453 Capital expenditures 13,644 59 745 242 14,690 _____________________ (a) Items not allocated to segments consist of: For the Year 2017 2016 2015 (In thousands) General and administrative expense $ (50,354 ) $ (18,274 ) $ (24,802 ) Share-based and long-term incentive compensation expense (7,201 ) (4,425 ) (4,474 ) Gain on sale of assets 28,674 48,891 — Interest expense (8,532 ) (19,985 ) (34,066 ) Loss on extinguishment of debt, net (611 ) (35,864 ) — Other corporate non-operating income 1,627 350 256 $ (36,397 ) $ (29,307 ) $ (63,086 ) (b) Total assets excludes assets of discontinued operations of $14,000 and $104,967,000 in 2016 and 2015. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Components of Share-Based Compensation Expense (Income) | Share-based and long-term incentive compensation expense consists of: For the Year 2017 2016 2015 (In thousands) Cash-settled awards $ 634 $ 717 $ (3,127 ) Equity-settled awards 5,001 2,444 5,026 Restricted stock — 22 (8 ) Stock options 1,008 854 2,355 Total share-based compensation $ 6,643 $ 4,037 $ 4,246 Deferred cash 558 388 228 $ 7,201 $ 4,425 $ 4,474 |
Share-Based Compensation Expense (Income) Included in Operating Expense | Share-based and long-term incentive compensation expense is included in: For the Year 2017 2016 2015 (In thousands) General and administrative $ 6,177 $ 3,323 $ 2,451 Other operating 1,024 1,102 2,023 $ 7,201 $ 4,425 $ 4,474 |
Summarized Activity of Cash-Settled Restricted Stock Unit Awards | The following table summarizes the activity of cash-settled restricted stock unit awards in 2017 : Equivalent Units Weighted Average Grant Date Fair Value (In thousands) (Per unit) Non-vested at beginning of period 42 $14.98 Granted — — Vested (30 ) 15.66 Forfeited (12 ) 13.15 Non-vested at end of period — — |
Summarized Activity of Cash-Settled Stock Appreciation Rights | The following table summarizes the activity of cash-settled stock appreciation rights in 2017 : Rights Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (Current Value Less Exercise Price) (In thousands) (Per share) (In years) (In thousands) Balance at beginning of period 374 $12.97 3 $773 Granted — — Exercised (234 ) 10.14 Forfeited (140 ) 17.69 Balance at end of period — — 0 — Exercisable at end of period — — 0 — |
Summarized Activity of Equity-Settled Awards | The following table summarizes the activity of equity-settled awards in 2017 : Equivalent Units Weighted Average Grant Date Fair Value (In thousands) (Per unit) Non-vested at beginning of period 555 $ 14.70 Granted 198 14.55 Vested (653 ) 14.28 Forfeited (14 ) 14.59 Non-vested at end of period 86 17.54 |
Summarized Activity of Stock Option Awards | The following table summarizes the activity of stock option awards in 2017 : Options Outstanding Weighted Average Exercise or Settlement Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (Current Value Less Exercise Price) (In thousands) (Per share) (In years) (In thousands) Balance at beginning of period 1,836 $ 19.39 5 $ 449 Granted — — Exercised or settled in merger (768 ) 14.07 Forfeited (1,068 ) 23.21 Balance at end of period — — — — Exercisable at end of period — — — — |
Schedule of Fair Value Assumptions of Stock Options | We estimated the grant date fair value of stock options using the Black-Scholes option pricing model and the following assumptions: For the Year 2016 2015 Expected stock price volatility 39.5 % 45.6 % Risk-free interest rate 1.5 % 1.8 % Expected life of options (years) 6 6 Expected dividend yield — % — % Weighted average grant date fair value of options (per share) $ 8.60 $ 6.51 We estimated the grant date fair value of MSU awards using a Monte Carlo simulation pricing model and the following assumptions: For the Year 2015 Expected stock price volatility 32.9 % Risk-free interest rate 1.0 % Expected dividend yield — % Weighted average grant date fair value of MSU awards (per unit) $ 15.11 |
Supplemental Oil and Gas Disc44
Supplemental Oil and Gas Disclosures (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Oil and Gas In Process Activities [Line Items] | |
Summary of Estimated Quantities of Proved Developed Oil and Natural Gas Reserves | Estimated quantities of proved oil and gas reserves are summarized as follows: Reserves Oil (a) (Barrels) Gas (Mcf) (In thousands) Consolidated entities: Year-end 2014 7,672 12,649 Revisions of previous estimates (855 ) (1,675 ) Extensions and discoveries 224 173 Acquisitions — — Sales (704 ) (1,223 ) Production (1,158 ) (1,967 ) Year-end 2015 5,179 7,957 Revisions of previous estimates (11 ) 631 Extensions and discoveries 29 — Acquisitions — — Sales (4,460 ) (3,756 ) Production (291 ) (996 ) Year-end 2016 446 3,836 Revisions of previous estimates — — Extensions and discoveries — — Acquisitions — — Sales (446 ) (3,836 ) Production — — Year-end 2017 — — Our share of ventures accounted for using the equity method: Year-end 2014 — 1,751 Revisions of previous estimates — (320 ) Production — (168 ) Year-end 2015 — 1,263 Revisions of previous estimates — 79 Production — (143 ) Year-end 2016 — 1,199 Sales — (1,199 ) Year-end 2017 — — Total consolidated and our share of equity method ventures: Year-end 2015 Proved developed reserves 5,179 9,220 Proved undeveloped reserves — — Total Year-end 2015 5,179 9,220 Year-end 2016 Proved developed reserves 446 5,035 Proved undeveloped reserves — — Total Year-end 2016 446 5,035 Year-end 2017 Proved developed reserves — — Proved undeveloped reserves — — Total Year-end 2017 — — _____________________ (a) Includes natural gas liquids (NGLs). |
Costs Incurred in Oil and Natural Gas Property Acquisition, Exploration and Development Activities | Costs incurred in oil and gas property acquisition, exploration and development activities, whether capitalized or expensed, follows: For the Year 2017 2016 2015 (In thousands) Consolidated entities: Acquisition costs Proved properties $ — $ — $ — Unproved properties — 15 4,832 Exploration costs — 21 17,922 Development costs — 537 27,609 $ — $ 573 $ 50,363 |
Schedule of Development Wells Drilled | The following tables set forth the number of gross and net oil and gas wells in which we participated: Gross Wells Exploratory Development Year Total Oil Gas Dry Oil Gas Dry 2017 — — — — — — — 2016 — — — — — — — 2015 (a) 38 2 — 1 34 — 1 _____________________ (a) Of the gross wells drilled in 2015, we operated 3 wells or 8 percent. The remaining wells represent our participations in wells operated by others. The exploratory dry hole was located in Oklahoma. Net Wells Exploratory Development Year Total Oil Gas Dry Oil Gas Dry 2017 — — — — — — — 2016 — — — — — — — 2015 6.3 0.7 — 0.8 4.3 — 0.5 |
Schedule of Exploratory Wells Drilled | The following tables set forth the number of gross and net oil and gas wells in which we participated: Gross Wells Exploratory Development Year Total Oil Gas Dry Oil Gas Dry 2017 — — — — — — — 2016 — — — — — — — 2015 (a) 38 2 — 1 34 — 1 _____________________ (a) Of the gross wells drilled in 2015, we operated 3 wells or 8 percent. The remaining wells represent our participations in wells operated by others. The exploratory dry hole was located in Oklahoma. Net Wells Exploratory Development Year Total Oil Gas Dry Oil Gas Dry 2017 — — — — — — — 2016 — — — — — — — 2015 6.3 0.7 — 0.8 4.3 — 0.5 |
Estimates of Future Cash Flows from Proved Developed Oil and Natural Gas Reserves | Estimates of future cash flows from proved oil and gas reserves are shown in the following table. Estimated income taxes are calculated by applying the appropriate tax rates to the estimated future pre-tax net cash flows less depreciation of the tax basis of properties and the statutory depletion allowance. At Year-End 2017 2016 2015 (In thousands) Consolidated entities: Future cash inflows $ — $ 24,304 $ 216,588 Future production and development costs — (2,988 ) (93,623 ) Future income tax expenses — (3,926 ) (22,218 ) Future net cash flows — 17,390 100,747 10% annual discount for estimated timing of cash flows — (7,077 ) (33,951 ) Standardized measure of discounted future net cash flows $ — $ 10,313 $ 66,796 Our share in ventures accounted for using the equity method: Future cash inflows $ — $ 2,010 $ 2,283 Future production and development costs — (216 ) (245 ) Future income tax expenses — (537 ) (774 ) Future net cash flows — 1,257 1,264 10% annual discount for estimated timing of cash flows — (585 ) (562 ) Standardized measure of discounted future net cash flows $ — $ 672 $ 702 Total consolidated and our share of equity method ventures $ — $ 10,985 $ 67,498 |
Changes in Standardized Measure of Discounted Future Net Cash Flow | Changes in the standardized measure of discounted future net cash flow follows: For the Year Consolidated Our Share of Equity Method Ventures Total (In thousands) Year-end 2014 $ 163,841 $ 1,775 $ 165,616 Changes resulting from: Net change in sales prices and production costs (136,536 ) (1,112 ) (137,648 ) Net change in future development costs 92 — 92 Sales of oil and gas, net of production costs (31,732 ) (428 ) (32,160 ) Net change due to extensions and discoveries 11,747 — 11,747 Net change due to acquisition of reserves — — — Net change due to divestitures of reserves (15,855 ) — (15,855 ) Net change due to revisions of quantity estimates (15,164 ) (267 ) (15,431 ) Previously estimated development costs incurred 15,096 — 15,096 Accretion of discount 22,600 286 22,886 Net change in timing and other 4,018 (210 ) 3,808 Net change in income taxes 48,689 658 49,347 Aggregate change for the year (97,045 ) (1,073 ) (98,118 ) Year-end 2015 66,796 702 67,498 Changes resulting from: Net change in sales prices and production costs (3,585 ) (60 ) (3,645 ) Net change in future development costs — — — Sales of oil and gas, net of production costs (5,663 ) (208 ) (5,871 ) Net change due to extensions and discoveries 410 — 410 Net change due to acquisition of reserves — — — Net change due to divestitures of reserves (63,535 ) — (63,535 ) Net change due to revisions of quantity estimates 1,304 63 1,367 Previously estimated development costs incurred — — — Accretion of discount 2,992 113 3,105 Net change in timing and other (128 ) (80 ) (208 ) Net change in income taxes 11,722 142 11,864 Aggregate change for the year (56,483 ) (30 ) (56,513 ) Year-end 2016 10,313 672 10,985 Changes resulting from: Net change in sales prices and production costs — — — Net change in future development costs — — — Sales of oil and gas, net of production costs — — — Net change due to extensions and discoveries — — — Net change due to acquisition of reserves — — — Net change due to divestitures of reserves (10,313 ) (672 ) (10,985 ) Net change due to revisions of quantity estimates — — — Previously estimated development costs incurred — — — Accretion of discount — — — Net change in timing and other — — — Net change in income taxes — — — Aggregate change for the year (10,313 ) (672 ) (10,985 ) Year-end 2017 $ — $ — $ — |
Information About Results of Operations of Oil and Natural Gas Interests | Information about the results of operations of our oil and gas interests follows: For the Year 2017 2016 2015 (In thousands) Consolidated entities Revenues $ 1,399 $ 10,111 $ 51,553 Production costs (209 ) (4,392 ) (19,820 ) Exploration costs (34 ) (124 ) (11,864 ) Depreciation, depletion, amortization — (2,157 ) (28,774 ) Non-cash impairment of proved oil and gas properties and unproved leasehold interests (224 ) (612 ) (164,831 ) Oil and gas administrative expenses (1,197 ) (8,700 ) (11,700 ) Accretion expense — (56 ) (144 ) Income tax (expense) benefit (7 ) (20 ) 14,717 Results of operations (272 ) (5,950 ) (170,863 ) Our share in ventures accounted for using the equity method: Revenues $ 100 $ 284 $ 428 Production costs (19 ) (76 ) (102 ) Oil and gas administrative expenses (2 ) (35 ) (51 ) Income tax (expense) benefit — — 21 Results of operations $ 79 $ 173 $ 296 Total results of operations $ (193 ) $ (5,777 ) $ (170,567 ) |
Consolidated Entities | |
Oil and Gas In Process Activities [Line Items] | |
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure | Capitalized costs related to our oil and gas producing activities classified as assets held for sale at year-end 2016 are as follows: At Year-End 2017 2016 (In thousands) Consolidated entities: Unproved oil and gas properties $ — $ 374 Proved oil and gas properties — 5,159 Total costs — 5,533 Less accumulated depreciation, depletion and amortization — (4,751 ) $ — $ 782 |
Summary of Quarterly Results 45
Summary of Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations | Summarized quarterly financial results for 2017 and 2016 follows: First Quarter (a) Second Quarter (a) Third Quarter (a) Fourth Quarter (a) (In thousands, except per share amounts) 2017 Total revenues $ 22,305 $ 28,015 $ 33,136 $ 30,866 Gross profit (loss) (28,332 ) 11,559 11,251 10,065 Operating income (loss) 36,235 6,965 12,381 (15,816 ) Equity in earnings of unconsolidated ventures 6,362 2,747 1,764 7,026 Income (loss) from continuing operations before taxes attributable to Forestar Group Inc. 40,998 8,120 13,223 (12,298 ) Income from discontinued operations, net of taxes 418 1,229 37,193 7,191 Net income (loss) attributable to Forestar Group Inc. 25,205 (2,579 ) 45,202 (17,574 ) Net income (loss) per share — basic Continuing operations $ 0.59 $ (0.09 ) $ 0.19 $ (0.59 ) Discontinued operations $ 0.01 $ 0.03 $ 0.88 $ 0.17 Net income (loss) per share — basic $ 0.60 $ (0.06 ) $ 1.07 $ (0.42 ) Net income (loss) per share — diluted Continuing operations $ 0.58 (0.09 ) 0.19 $ (0.58 ) Discontinued operations $ 0.01 0.03 0.87 $ 0.18 Net income (loss) per share — diluted $ 0.59 (0.06 ) 1.06 $ (0.40 ) 2016 Total revenues $ 37,618 $ 47,992 $ 47,207 $ 64,497 Gross profit (loss) 18,579 (24,953 ) 17,403 17,352 Operating income 13,590 69,528 6,256 50,980 Equity in earnings of unconsolidated ventures 47 188 3,637 2,251 Income from continuing operations before taxes attributable to Forestar Group Inc. 5,992 26,591 7,163 51,069 Income (loss) from discontinued operations, net of taxes (8,216 ) (2,048 ) (7,164 ) 563 Net income (loss) attributable to Forestar Group Inc. (4,376 ) 9,614 9,665 43,745 Net income (loss) per share — basic Continuing operations $ 0.11 $ 0.28 $ 0.40 $ 1.03 Discontinued operations $ (0.24 ) $ (0.05 ) $ (0.17 ) $ 0.01 Net income (loss) per share — basic $ (0.13 ) $ 0.23 $ 0.23 $ 1.04 Net income (loss) per share — diluted Continuing operations $ 0.09 $ 0.28 $ 0.40 $ 1.02 Discontinued operations $ (0.19 ) $ (0.05 ) $ (0.17 ) $ 0.01 Net income (loss) per share — diluted $ (0.10 ) $ 0.23 $ 0.23 $ 1.03 _____________________ (a) Non-cash impairment charges related to real estate, water assets and unproved leasehold interests and proved oil and gas properties included in our quarterly financial results are as follows: First Quarter Second Quarter Third Fourth (In thousands) 2017 Continuing operations $ 37,900 $ — $ — $ 9,272 Discontinued operations $ — $ — $ — $ — 2016 Continuing operations $ — $ 48,826 $ 7,627 $ 3,874 Discontinued operations $ — $ 612 $ — $ — |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)community_development_project | Dec. 31, 2016USD ($)community_development_projectmultifamily_site | Dec. 31, 2015USD ($) | |
Significant Accounting Policies [Line Items] | |||
Non-cash impairment charges | $ 47,172,000 | $ 60,939,000 | $ 108,184,000 |
Capitalized exploratory well costs | 0 | ||
Earnest money mortgages | 40,408,000 | ||
Non-Oil And Gas Properties | |||
Significant Accounting Policies [Line Items] | |||
Depreciation expense of property and equipment | $ 441,000 | 889,000 | $ 1,067,000 |
Minimum | |||
Significant Accounting Policies [Line Items] | |||
Reimbursement range on water, sewer and other infrastructure-related assets | 70.00% | ||
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Reimbursement range on water, sewer and other infrastructure-related assets | 90.00% | ||
Real Estate Impairment Charges | |||
Significant Accounting Policies [Line Items] | |||
Non-cash impairment charges | $ 3,420,000 | $ 56,453,000 | |
Community Development Project | |||
Significant Accounting Policies [Line Items] | |||
Number of properties impaired | community_development_project | 1 | 6 | |
Multifamily Site | |||
Significant Accounting Policies [Line Items] | |||
Number of properties impaired | multifamily_site | 2 | ||
Water Resources Company | Texas | |||
Significant Accounting Policies [Line Items] | |||
Non-cash impairment charges | $ 3,874,000 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Community Development Project | |||
Significant Accounting Policies [Line Items] | |||
Number of properties impaired | community_development_project | 4 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Multifamily Site | |||
Significant Accounting Policies [Line Items] | |||
Number of properties impaired | multifamily_site | 1 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | The Mineral Companies | |||
Significant Accounting Policies [Line Items] | |||
Purchase price of properties sold | 85,700,000 | ||
Non-cash impairment charges | 37,900,000 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations | |||
Significant Accounting Policies [Line Items] | |||
Earnest money mortgages | $ 25,712,000 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Estimated Useful Lives of Property Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 6,675 | $ 7,657 |
Less: accumulated depreciation | (4,672) | (4,541) |
Property Plant And Equipment, Net | 2,003 | 3,116 |
Building and Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 2,162 | 2,700 |
Property and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 4,513 | $ 4,957 |
Minimum | Building and Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, useful life | 10 years | |
Minimum | Property and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, useful life | 2 years | |
Maximum | Building and Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, useful life | 40 years | |
Maximum | Property and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, useful life | 10 years |
Merger (Details)
Merger (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 05, 2017 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||
Transaction costs | $ 43,819 | |
D.R. Horton Merger Agreement | ||
Business Acquisition [Line Items] | ||
Share price | $ 17.75 | |
Payments to acquire businesses, gross | $ 558,256 | |
Forestar Group Inc. | ||
Business Acquisition [Line Items] | ||
Payments for merger related costs | 7,170 | |
Severance costs | 7,683 | |
Professional fees | 4,617 | |
All Other Shareholders | D.R. Horton Merger Agreement | ||
Business Acquisition [Line Items] | ||
Stock issued during period, shares, acquisitions | 10,487,873 | |
Stockholders' equity, ownership interest by shareholder | 25.00% | |
D.R. Horton, Inc. | D.R. Horton Merger Agreement | ||
Business Acquisition [Line Items] | ||
Stock issued during period, shares, acquisitions | 31,451,063 | |
Stockholders' equity, ownership interest by shareholder | 75.00% | |
Starwood Capital Group | Forestar Group Inc. | ||
Business Acquisition [Line Items] | ||
Payments for merger related costs | 20,000 | |
General and Administrative Expense | ||
Business Acquisition [Line Items] | ||
Transaction costs | 41,475 | |
General and Administrative Expense | D.R. Horton Merger Agreement | ||
Business Acquisition [Line Items] | ||
Acceleration of vesting and settlement of equity | 4,349 | |
Other operating expense | ||
Business Acquisition [Line Items] | ||
Transaction costs | $ 2,344 |
Real Estate - Real Estate (Deta
Real Estate - Real Estate (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate Properties [Line Items] | ||
Carrying value | $ 130,380 | $ 293,003 |
Entitled, developed and under development projects | ||
Real Estate Properties [Line Items] | ||
Carrying value | 127,442 | 263,859 |
Other real estate costs (principally land in entitlement in 2016) | ||
Real Estate Properties [Line Items] | ||
Carrying value | $ 2,938 | $ 29,144 |
Real Estate - Additional Inform
Real Estate - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2017USD ($)acommunity_development_project | Dec. 31, 2016USD ($)apropertyroomcommunity_development_projectmultifamily_site | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Real Estate Properties [Line Items] | ||||
Cost of asset in developed and under development projects | $ 27,915,000 | |||
Recovery of direct costs | (20,071,000) | $ (27,107,000) | $ (15,176,000) | |
Non-cash impairment charges | 47,172,000 | 60,939,000 | 108,184,000 | |
Gain of sale of assets | 113,411,000 | 166,747,000 | 1,585,000 | |
Payment of debt | 10,049,000 | 315,229,000 | 58,220,000 | |
Utility and Improvement District | ||||
Real Estate Properties [Line Items] | ||||
Cost of asset in developed and under development projects | 9,775,000 | 45,157,000 | ||
Cibolo Canyons Project | San Antonio, Texas | ||||
Real Estate Properties [Line Items] | ||||
Cost of asset in developed and under development projects | 14,127,000 | 14,749,000 | ||
Consolidated Properties | ||||
Real Estate Properties [Line Items] | ||||
Recovery of direct costs | 19,606,000 | |||
Income Producing Properties | Land, Buildings and Improvements | ||||
Real Estate Properties [Line Items] | ||||
Depreciation expense, related to commercial and income producing properties | 0 | 816,000 | $ 6,810,000 | |
Radisson Hotel & Suites, Austin | Austin, Texas | ||||
Real Estate Properties [Line Items] | ||||
Sales price | 130,000,000 | |||
Net proceeds | 128,764,000 | |||
Gain of sale of assets | $ 95,336,000 | |||
Number of hotel rooms | room | 413 | |||
Payment of debt | $ 15,400,000 | |||
Eleven | Multi Family Property | Austin, Texas | ||||
Real Estate Properties [Line Items] | ||||
Sales price | 60,150,000 | |||
Net proceeds | 59,719,000 | |||
Gain of sale of assets | 9,116,000 | |||
Payment of debt | $ 23,936,000 | |||
Number of units of multifamily project | property | 257 | |||
Dillon | Charlotte, North Carolina | ||||
Real Estate Properties [Line Items] | ||||
Sales price | $ 25,979,000 | |||
Net proceeds | 25,428,000 | |||
Gain of sale of assets | $ 1,223,000 | |||
Number of units of multifamily project | property | 379 | |||
Music Row | Nashville, Tennessee | ||||
Real Estate Properties [Line Items] | ||||
Sales price | $ 15,025,000 | |||
Net proceeds | 14,703,000 | |||
Gain of sale of assets | $ 3,968,000 | |||
Number of units of multifamily project | property | 230 | |||
Downtown Edge | Austin, Texas | ||||
Real Estate Properties [Line Items] | ||||
Sales price | $ 5,000,000 | |||
Net proceeds | 4,975,000 | |||
Gain of sale of assets | (3,870,000) | |||
Real Estate Impairment Charges | ||||
Real Estate Properties [Line Items] | ||||
Non-cash impairment charges | $ 3,420,000 | $ 56,453,000 | ||
Community Development Project | ||||
Real Estate Properties [Line Items] | ||||
Number of properties impaired | community_development_project | 1 | 6 | ||
Multifamily Site | ||||
Real Estate Properties [Line Items] | ||||
Number of properties impaired | multifamily_site | 2 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Georgia and Texas | ||||
Real Estate Properties [Line Items] | ||||
Area of land (in acres) | a | 19,000 | |||
Sales price | $ 46,197,000 | |||
Net proceeds | 45,396,000 | |||
Gain of sale of assets | 28,674,000 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Georgia and Alabama | ||||
Real Estate Properties [Line Items] | ||||
Area of land (in acres) | a | 58,300 | |||
Sales price | $ 104,172,000 | |||
Net proceeds | 103,238,000 | |||
Gain of sale of assets | $ 48,891,000 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Community Development Project | ||||
Real Estate Properties [Line Items] | ||||
Number of properties impaired | community_development_project | 4 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Multifamily Site | ||||
Real Estate Properties [Line Items] | ||||
Number of properties impaired | multifamily_site | 1 | |||
Bonds | Cibolo Canyons Project | San Antonio, Texas | ||||
Real Estate Properties [Line Items] | ||||
Payments received from special improvement district | $ 50,550,000 | |||
Debt instrument, face amount | 48,900,000 | |||
Letters of credit outstanding, amount | $ 6,846,000 | |||
Surety bond for bond trustee | $ 5,312,000 |
Investment In Unconsolidated 51
Investment In Unconsolidated Ventures - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017USD ($)apropertyventure | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($)property | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)apropertyventure | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($) | ||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of ventures under ownership interest using equity method | venture | 15 | 15 | ||||||||||
Investment in unconsolidated ventures | $ 4,548,000 | $ 6,089,000 | $ 26,349,000 | |||||||||
Distributions | 34,439,000 | 13,419,000 | 24,909,000 | |||||||||
Gain of sale of assets | 113,411,000 | 166,747,000 | 1,585,000 | |||||||||
Earnings (Loss) | 39,150,000 | 9,119,000 | 59,320,000 | |||||||||
Equity in earnings of unconsolidated ventures | $ 7,026,000 | $ 1,764,000 | $ 2,747,000 | $ 6,362,000 | $ 2,251,000 | $ 3,637,000 | $ 188,000 | $ 47,000 | 17,899,000 | 6,123,000 | 16,008,000 | |
Non-cash impairment charges | 47,172,000 | 60,939,000 | 108,184,000 | |||||||||
Fees for services | $ 741,000 | 2,466,000 | 1,856,000 | |||||||||
Variable Interest Entity, Primary Beneficiary | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of ventures that are a VIE | venture | 0 | |||||||||||
CREA FMF | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Distributions | $ 11,956,000 | |||||||||||
Net proceeds | 71,750,000 | |||||||||||
Gain of sale of assets | $ 18,986,000 | |||||||||||
CREA FMF | Multi Family Property | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of units of multifamily project | property | 320 | 320 | ||||||||||
FMF Peakview | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Net proceeds | 13,917,000 | |||||||||||
Gain of sale of assets | $ 10,363,000 | |||||||||||
FMF Peakview | Multi Family Property | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of units of multifamily project | property | 304 | 304 | ||||||||||
Forestar Group Inc. | CREA FMF | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Net proceeds | $ 7,783,000 | |||||||||||
242, LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Earnings (Loss) | [1],[2] | 8,021,000 | $ 1,259,000 | 9,588,000 | ||||||||
Equity in earnings of unconsolidated ventures | [1],[2] | 4,096,000 | 668,000 | 4,919,000 | ||||||||
242, LLC | Equity Method Investments | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Distributions | 4,348,000 | |||||||||||
Net proceeds | $ 9,719,000 | |||||||||||
Area of land (in acres) | a | 46 | 46 | ||||||||||
Earnings (Loss) | $ 6,612,000 | |||||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||||||||||
Equity in earnings of unconsolidated ventures | $ 3,306,000 | |||||||||||
CL Realty | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Earnings (Loss) | (1,155,000) | 237,000 | 424,000 | |||||||||
Equity in earnings of unconsolidated ventures | (578,000) | $ 119,000 | $ 212,000 | |||||||||
CL Realty | Equity Method Investments | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Distributions | 1,200,000 | |||||||||||
Net proceeds | $ 2,400,000 | |||||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||||||||||
Non-cash impairment charges | $ 3,756,000 | |||||||||||
[1] | Includes unamortized deferred gains on real estate contributed by us to ventures. We recognize deferred gains as income as real estate is sold to third parties. Deferred gains of $548,000 are reflected as a reduction to our investment in unconsolidated ventures at year-end 2017. | |||||||||||
[2] | Our share of venture earnings in 2016 includes reallocation of prior year cumulative losses incurred by the venture as a result of equity contribution by the venture partner in 2016 |
Investment In Unconsolidated 52
Investment In Unconsolidated Ventures - Summarized Balance Sheet Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
Venture Assets | $ 203,754 | $ 279,674 | ||
Venture Borrowings | [1] | 85,133 | 128,288 | |
Venture Equity | 105,520 | 141,802 | ||
Investment in unconsolidated ventures | 64,579 | 77,611 | $ 82,453 | |
242, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Venture Assets | [2],[3] | 19,525 | 26,503 | |
Venture Borrowings | [2],[3] | 0 | 1,107 | |
Venture Equity | [2],[3] | 19,357 | 23,136 | |
Investment in unconsolidated ventures | [2],[3] | 9,131 | 10,934 | |
CL Ashton Woods | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Venture Assets | [4] | 124 | 2,653 | |
Venture Borrowings | [4] | 0 | 0 | |
Venture Equity | [4] | 104 | 2,198 | |
Investment in unconsolidated ventures | [4] | 83 | 1,107 | |
CL Realty | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Venture Assets | 4,528 | 8,048 | ||
Venture Borrowings | 0 | 0 | ||
Venture Equity | 4,344 | 7,899 | ||
Investment in unconsolidated ventures | 2,172 | 3,950 | ||
CREA FMF | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Venture Assets | [2] | 2,315 | 56,081 | |
Venture Borrowings | [2] | 37,446 | ||
Venture Equity | [2] | 684 | 17,091 | |
Investment in unconsolidated ventures | [2] | 342 | 4,923 | |
Elan 99 LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Venture Assets | 49,080 | 49,652 | ||
Venture Borrowings | 36,238 | |||
Venture Equity | 11,204 | 13,100 | ||
Investment in unconsolidated ventures | 10,078 | 11,790 | ||
FMF Littleton | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Venture Assets | 66,849 | 70,282 | ||
Venture Borrowings | 45,836 | 44,446 | ||
Venture Equity | 20,289 | 23,798 | ||
Investment in unconsolidated ventures | 5,144 | 6,128 | ||
FMF Peakview | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Venture Assets | 0 | 0 | ||
Venture Borrowings | 0 | 0 | ||
Venture Equity | 0 | 0 | ||
Investment in unconsolidated ventures | 0 | 0 | ||
FOR/SR Forsyth LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Venture Assets | 11,598 | 10,672 | ||
Venture Borrowings | 1,551 | 1,568 | ||
Venture Equity | 10,041 | 8,990 | ||
Investment in unconsolidated ventures | 9,037 | 8,091 | ||
HM Stonewall Estates | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Venture Assets | [4] | 0 | 852 | |
Venture Borrowings | [4] | 0 | 0 | |
Venture Equity | [4] | 0 | 852 | |
Investment in unconsolidated ventures | [4] | 0 | 477 | |
LM Land Holdings | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Venture Assets | [4] | 19,479 | 25,538 | |
Venture Borrowings | [4] | 0 | 3,477 | |
Venture Equity | [4] | 12,074 | 20,945 | |
Investment in unconsolidated ventures | [4] | 5,935 | 9,685 | |
MRECV DT Holdings LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Venture Assets | 3,043 | 4,155 | ||
Venture Borrowings | 0 | 0 | ||
Venture Equity | 3,043 | 4,144 | ||
Investment in unconsolidated ventures | 2,594 | 3,729 | ||
MRECV Edelweiss LLC/MRECV Lender VIII LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Venture Assets | 8,127 | 3,484 | ||
Venture Borrowings | 0 | 0 | ||
Venture Equity | 8,127 | 3,484 | ||
Investment in unconsolidated ventures | 7,189 | 3,358 | ||
MRECV Juniper Ridge LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Venture Assets | [5] | 3,936 | 4,156 | |
Venture Borrowings | [5] | 0 | 0 | |
Venture Equity | [5] | 3,936 | 4,156 | |
Investment in unconsolidated ventures | [5] | 3,331 | 3,741 | |
MRECV Meadow Crossing II LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Venture Assets | 3,129 | 2,492 | ||
Venture Borrowings | 0 | 0 | ||
Venture Equity | 3,129 | 2,491 | ||
Investment in unconsolidated ventures | 2,738 | 2,242 | ||
Miramonte Boulder Pass, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Venture Assets | [5] | 7,573 | 10,738 | |
Venture Borrowings | [5] | 1,398 | 4,006 | |
Venture Equity | [5] | 4,843 | 5,265 | |
Investment in unconsolidated ventures | [5] | 4,633 | 5,330 | |
Temco | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Venture Assets | 4,448 | 4,368 | ||
Venture Borrowings | 0 | 0 | ||
Venture Equity | 4,345 | 4,253 | ||
Investment in unconsolidated ventures | 2,172 | 2,126 | ||
Other Ventures | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Venture Assets | [3] | 0 | 0 | |
Venture Borrowings | [3] | 0 | 0 | |
Venture Equity | [3] | 0 | 0 | |
Investment in unconsolidated ventures | [3] | 0 | $ 0 | |
Nashville, Tennessee | Construction Loans | CREA FMF | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Venture Borrowings | [2] | 0 | ||
Houston, Texas | Construction Loans | Elan 99 LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Venture Borrowings | $ 36,348 | |||
[1] | Total includes current maturities of $84,098,000 at year-end 2017, of which $79,515,000 is non-recourse to us, and $89,756,000 at year-end 2016, of which $78,557,000 is non-recourse to us. | |||
[2] | Includes unamortized deferred gains on real estate contributed by us to ventures. We recognize deferred gains as income as real estate is sold to third parties. Deferred gains of $548,000 are reflected as a reduction to our investment in unconsolidated ventures at year-end 2017. | |||
[3] | Our share of venture earnings in 2016 includes reallocation of prior year cumulative losses incurred by the venture as a result of equity contribution by the venture partner in 2016 | |||
[4] | Includes unrecognized basis difference of $448,000 which is reflected as an increase of our investment in unconsolidated ventures at year-end 2017. This difference will be amortized as expense over the life of the investment and included in our share of earnings (loss) from the respective venture. | |||
[5] | Please read Note 22 - Subsequent Event for additional information regarding this transaction. |
Investment In Unconsolidated 53
Investment In Unconsolidated Ventures - Summarized Income Statement Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenues | $ 65,748 | $ 46,130 | $ 125,729 | |||||||||
Earnings (Loss) | 39,150 | 9,119 | 59,320 | |||||||||
Our share of earnings (loss) | $ 7,026 | $ 1,764 | $ 2,747 | $ 6,362 | $ 2,251 | $ 3,637 | $ 188 | $ 47 | 17,899 | 6,123 | 16,008 | |
242, LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenues | [1],[2] | 13,073 | 5,835 | 20,995 | ||||||||
Earnings (Loss) | [1],[2] | 8,021 | 1,259 | 9,588 | ||||||||
Our share of earnings (loss) | [1],[2] | 4,096 | 668 | 4,919 | ||||||||
CL Ashton Woods | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenues | [2] | 3,179 | 2,870 | 9,820 | ||||||||
Earnings (Loss) | [2] | 1,456 | 914 | 3,881 | ||||||||
Our share of earnings (loss) | [2] | 1,816 | 1,332 | 5,000 | ||||||||
CL Realty | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenues | 499 | 567 | 856 | |||||||||
Earnings (Loss) | (1,155) | 237 | 424 | |||||||||
Our share of earnings (loss) | (578) | 119 | 212 | |||||||||
CREA FMF | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenues | [1],[2] | 5,440 | 4,955 | 1,227 | ||||||||
Earnings (Loss) | [1],[2] | 17,267 | (1,420) | (1,696) | ||||||||
Our share of earnings (loss) | [1],[2] | 7,563 | 1,103 | (1,696) | ||||||||
Elan 99 LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenues | 4,596 | 1,392 | 0 | |||||||||
Earnings (Loss) | (1,896) | (2,739) | (49) | |||||||||
Our share of earnings (loss) | (1,712) | (2,465) | (44) | |||||||||
FMF Littleton | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenues | 6,366 | 3,116 | 120 | |||||||||
Earnings (Loss) | 192 | (571) | (367) | |||||||||
Our share of earnings (loss) | 48 | (143) | (92) | |||||||||
FMF Peakview | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenues | 0 | 939 | 2,057 | |||||||||
Earnings (Loss) | 0 | (248) | (1,116) | |||||||||
Our share of earnings (loss) | 0 | (50) | (223) | |||||||||
FOR/SR Forsyth LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenues | 0 | 0 | 0 | |||||||||
Earnings (Loss) | (148) | (65) | 0 | |||||||||
Our share of earnings (loss) | (134) | (58) | 0 | |||||||||
HM Stonewall Estates | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenues | [3] | 496 | 2,112 | 3,990 | ||||||||
Earnings (Loss) | [3] | 243 | 832 | 1,881 | ||||||||
Our share of earnings (loss) | [3] | 103 | 361 | 952 | ||||||||
LM Land Holdings | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenues | [3] | 22,127 | 10,001 | 10,956 | ||||||||
Earnings (Loss) | [3] | 10,629 | 7,288 | 8,251 | ||||||||
Our share of earnings (loss) | [3] | 3,563 | 2,458 | 3,342 | ||||||||
MRECV DT Holdings LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenues | [4] | 1,196 | 495 | 0 | ||||||||
Earnings (Loss) | [4] | 1,173 | 477 | 167 | ||||||||
Our share of earnings (loss) | [4] | 911 | 429 | 0 | ||||||||
MRECV Edelweiss LLC/MRECV Lender VIII LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenues | 1,018 | 416 | 0 | |||||||||
Earnings (Loss) | 1,016 | 409 | 151 | |||||||||
Our share of earnings (loss) | 789 | 368 | 137 | |||||||||
MRECV Juniper Ridge LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenues | [4] | 1,445 | 379 | 0 | ||||||||
Earnings (Loss) | [4] | 1,445 | 380 | 106 | ||||||||
Our share of earnings (loss) | [4] | 1,089 | 342 | 0 | ||||||||
MRECV Meadow Crossing II LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenues | 638 | 267 | 0 | |||||||||
Earnings (Loss) | 638 | 220 | 0 | |||||||||
Our share of earnings (loss) | 496 | 198 | 0 | |||||||||
Miramonte Boulder Pass, LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenues | [4] | 5,483 | 4,923 | 0 | ||||||||
Earnings (Loss) | [4] | 177 | (399) | (250) | ||||||||
Our share of earnings (loss) | [4] | (197) | (200) | (125) | ||||||||
PSW Communities | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenues | 0 | 0 | 29,986 | |||||||||
Earnings (Loss) | 0 | 0 | 2,688 | |||||||||
Our share of earnings (loss) | 0 | 0 | 1,169 | |||||||||
Temco | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenues | 192 | 1,344 | 9,485 | |||||||||
Earnings (Loss) | 92 | 440 | 2,358 | |||||||||
Our share of earnings (loss) | 46 | 220 | 1,179 | |||||||||
Other Ventures | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenues | 0 | 6,519 | 36,237 | |||||||||
Earnings (Loss) | 0 | 2,105 | 33,303 | |||||||||
Our share of earnings (loss) | $ 0 | $ 1,441 | $ 1,278 | |||||||||
[1] | Includes unamortized deferred gains on real estate contributed by us to ventures. We recognize deferred gains as income as real estate is sold to third parties. Deferred gains of $548,000 are reflected as a reduction to our investment in unconsolidated ventures at year-end 2017. | |||||||||||
[2] | Our share of venture earnings in 2016 includes reallocation of prior year cumulative losses incurred by the venture as a result of equity contribution by the venture partner in 2016 | |||||||||||
[3] | Includes unrecognized basis difference of $448,000 which is reflected as an increase of our investment in unconsolidated ventures at year-end 2017. This difference will be amortized as expense over the life of the investment and included in our share of earnings (loss) from the respective venture. | |||||||||||
[4] | Please read Note 22 - Subsequent Event for additional information regarding this transaction. |
Investment In Unconsolidated 54
Investment In Unconsolidated Ventures - Summarized Income Statement Information (Footnotes) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Reduction in investment | $ 448 | |
242, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Reduction in investment | 548 | |
Equity Method Investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Long-term debt, current maturities | 84,098 | $ 89,756 |
Equity Method Investments | Non-recourse Debt | ||
Schedule of Equity Method Investments [Line Items] | ||
Long-term debt, current maturities | $ 79,515 | $ 78,557 |
Goodwill and Other Intangible55
Goodwill and Other Intangible Assets - Carrying Value of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 0 | $ 37,900 |
Identified intangibles, net | 448 | 0 |
Total | $ 448 | $ 37,900 |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Goodwill And Other Intangible Assets [Line Items] | |||
Goodwill acquired on acquisition | $ 0 | $ 37,900,000 | |
Non-cash impairment charges | 47,172,000 | 60,939,000 | $ 108,184,000 |
Unproved leasehold interests | |||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | |||
Goodwill acquired on acquisition | 0 | $ 37,900,000 | |
Water Resources Company | Groundwater Leases | |||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | |||
Non-cash impairment charges | 1,233,000 | ||
Texas | Water Resources Company | |||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | |||
Non-cash impairment charges | 3,874,000 | ||
The Mineral Companies | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | |||
Goodwill, impairment loss | 37,900,000 | ||
Non-cash impairment charges | $ 37,900,000 |
Held for Sale (Assets and Liabi
Held for Sale (Assets and Liabilities of Properties Held for Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets Held for Sale [Abstract] | ||
Real estate | $ 130,380 | $ 293,003 |
Property and equipment, net | 2,003 | 3,116 |
Total assets | 761,912 | 733,208 |
Liabilities Held for Sale [Abstract] | ||
Accounts payable | 2,382 | 4,804 |
Other liabilities | 13,934 | 19,702 |
Total Liabiltiies | 156,280 | 171,090 |
Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Assets Held for Sale [Abstract] | ||
Real estate | 180,247 | 19,931 |
Timber | 0 | 1,682 |
Other intangible assets | 0 | 1,681 |
Oil and gas properties and equipment, net | 0 | 782 |
Property and equipment, net | 1,360 | 6,301 |
Total assets | 181,607 | 30,377 |
Liabilities Held for Sale [Abstract] | ||
Accounts payable | 1,017 | 0 |
Other liabilities | 0 | 103 |
Total Liabiltiies | $ 1,017 | $ 103 |
Discontinued Operations (Summar
Discontinued Operations (Summarized Results from Discontinued Operations) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||
Revenues | $ 15 | $ 5,862 | $ 43,845 | ||||||||
Cost of oil and gas producing activities | (52) | (6,578) | (221,402) | ||||||||
Other operating expenses | 226 | (7,754) | (10,363) | ||||||||
Income (loss) from discontinued operations before income taxes | 189 | (8,470) | (187,920) | ||||||||
Gain (loss) on sale of assets before income taxes | (197) | (13,664) | (706) | ||||||||
Income tax benefit | 46,039 | 5,269 | 2,496 | ||||||||
Net income (loss) from discontinued operations available for diluted earnings per share | $ 7,191 | $ 37,193 | $ 1,229 | $ 418 | $ 563 | $ (7,164) | $ (2,048) | $ (8,216) | $ 46,031 | $ (16,865) | $ (186,130) |
Discontinued Operations (Additi
Discontinued Operations (Additional Information) (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)awell | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)awell | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
(Loss) gain on disposition of proved property | $ (13,664) | $ (706) | |||
Net mineral acres leased from others sold | a | 199,263 | ||||
Gross producing oil and gas wells sold | well | 379 | ||||
Net producing oil and gas wells sold | well | 95 | ||||
Proceeds from sale of oil and gas property and equipment | $ 80,374 | 17,800 | |||
Reimbursement of capital costs related to sale of in progress wells | 3,269 | ||||
Non-cash impairment charges | 47,172 | $ 60,939 | $ 108,184 | ||
Pending Litigation | Huffman vs. Forestar Petroleum Corporation | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Accrual for damages | 2,990 | ||||
Wyoming | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Accrual for environmental loss contingencies, revision in estimates | $ 1,043 | ||||
Environmental liability | 1,155 | ||||
Transaction | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gas and oil area, undeveloped, net | a | 109,000 | ||||
Productive oil wells, number of wells, gross | well | 39 | ||||
Productive oil wells, number of wells, net | well | 7 | ||||
Cost of Sales | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Non-cash impairment charges | $ 0 | $ 612 | $ 163,029 | ||
Discontinued Operations, Disposed of by Sale | Forestar Petroleum Company | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sale of stock, consideration received on transaction | $ 100 |
Discontinued Operations (Assets
Discontinued Operations (Assets and Liabilities of Discontinued Operations) (Detail) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets of Discontinued Operations: | |||
Receivables, net of allowance for bad debt | $ 0 | $ 6 | |
Prepaid expenses | 0 | 8 | |
Assets | 0 | 14 | $ 104,967 |
Liabilities of Discontinued Operations: | |||
Accounts payable | 0 | 67 | |
Other accrued expenses | 0 | 5,228 | |
Liabiltiies | $ 0 | $ 5,295 |
Discontinued Operations (Signif
Discontinued Operations (Significant Operating and Investing Activities of Discontinued Operations) (Detail) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Cash Provided by (Used in) Operating Activities, Discontinuing Operations [Abstract] | |||
Asset impairments | $ 47,172 | $ 60,939 | $ 108,184 |
Dry hole and unproved leasehold impairment costs | 0 | 0 | 67,639 |
Loss (gain) on sale of assets | 197 | 13,664 | 706 |
Depreciation, depletion and amortization | 5,463 | 11,447 | 45,085 |
Cash provided by (used in) operating activities, discontinued operations | (2,803) | 16,478 | 202,073 |
Net Cash Provided by (Used in) Investing Activities, Discontinuing Operations [Abstract] [Abstract] | |||
Oil and gas properties and equipment | (2,400) | (579) | (49,717) |
Cash provided by (used in) investing activities, discontinued operations | 200 | 76,526 | (31,917) |
Discontinued Operations | |||
Net Cash Provided by (Used in) Operating Activities, Discontinuing Operations [Abstract] | |||
Asset impairments | 0 | 612 | 105,337 |
Changes in accounts payable and other accrued liabilities | (3,000) | 0 | 0 |
Dry hole and unproved leasehold impairment costs | 0 | 0 | 67,639 |
Loss (gain) on sale of assets | 197 | 13,664 | 706 |
Depreciation, depletion and amortization | 0 | 2,202 | 28,391 |
Net Cash Provided by (Used in) Investing Activities, Discontinuing Operations [Abstract] [Abstract] | |||
Oil and gas properties and equipment | 0 | (579) | (49,717) |
Proceeds from sales of assets | $ 200 | $ 77,105 | $ 17,800 |
Receivables - Receivables (Deta
Receivables - Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $ 6,333 | $ 8,957 |
Allowance for bad debts | (26) | (26) |
Receivables, net | 6,307 | 8,931 |
Other receivables and accrued interest | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | 2,557 | 1,505 |
Loans secured by real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $ 3,776 | $ 7,452 |
Average interest rates | 5.40% | 4.94% |
Receivables - Additional Inform
Receivables - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Minimum | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Due period of notes receivable as secured by deed of trust | 3 years |
Maximum | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Due period of notes receivable as secured by deed of trust | 5 years |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Line of Credit Facility [Line Items] | ||
Debt | $ 108,429 | $ 110,358 |
Senior Notes | ||
Line of Credit Facility [Line Items] | ||
Debt | 0 | 5,200 |
Convertible Debt | ||
Line of Credit Facility [Line Items] | ||
Debt | 108,139 | 104,673 |
Other Indebtedness | ||
Line of Credit Facility [Line Items] | ||
Debt | $ 290 | $ 485 |
Debt - Debt (Detail)
Debt - Debt (Detail) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2013 |
Convertible Debt | |||
Line of Credit Facility [Line Items] | |||
Average interest rate | 3.75% | 3.75% | |
Variable and fixed interest rates ranging, minimum | 3.75% | 3.75% | |
Senior Secured Credit Facility | Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Average interest rate | 8.50% | 8.50% | |
Minimum | Other Indebtedness | |||
Line of Credit Facility [Line Items] | |||
Variable and fixed interest rates ranging, minimum | 5.00% | ||
Maximum | Other Indebtedness | |||
Line of Credit Facility [Line Items] | |||
Variable and fixed interest rates ranging, minimum | 5.50% |
Debt - Additional Information (
Debt - Additional Information (Detail) | Oct. 30, 2017USD ($) | Oct. 12, 2017USD ($) | Oct. 05, 2017USD ($)shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($) |
Line of Credit Facility [Line Items] | |||||||
Debt instrument, collateral amount | $ 30,000,000 | ||||||
Debt instrument, additional collateral amount | 10,000,000 | ||||||
Extinguishment of debt, amount | $ 10,049,000 | $ 315,229,000 | $ 58,220,000 | ||||
Loss on extinguishment of debt, net | 611,000 | 35,864,000 | 0 | ||||
Accrued interest | 1,489,000 | 1,585,000 | |||||
Converted instrument, amount | 579.77062 | ||||||
Deferred finance costs, net | 1,058,000 | 1,633,000 | |||||
Amortization of deferred financing fees | 979,000 | 3,598,000 | $ 4,002,000 | ||||
Debt maturities, 2018 | 290,000 | ||||||
Debt maturities, 2019 | 0 | ||||||
Debt maturities, 2020 | 108,139,000 | ||||||
Debt maturities, 2021 | 0 | ||||||
Debt maturities, 2022 | 0 | ||||||
Debt maturities, thereafter | 0 | ||||||
Senior Notes | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate percentage | 8.50% | ||||||
Loss on extinguishment of debt, net | 35,681,000 | ||||||
Write off of deferred debt issuance cost | 5,416,000 | ||||||
Tender offer advisory services | $ 1,301,000 | ||||||
Senior Notes | Eight Point Five Zero Senior Secured Notes | |||||||
Line of Credit Facility [Line Items] | |||||||
Repurchased amount | $ 5,315,000 | ||||||
Extinguishment of debt, amount | 5,928,000 | ||||||
Loss on extinguishment of debt, net | $ (524,000) | ||||||
Convertible Debt | |||||||
Line of Credit Facility [Line Items] | |||||||
Repurchased amount | $ 1,077,000 | ||||||
Interest rate percentage | 3.75% | 3.75% | |||||
Extinguishment of debt, amount | $ 4,452,000 | ||||||
Principal amount of debt | $ 120,000,000 | $ 125,000,000 | |||||
Extinguishment of debt, amount | 5,000,000 | ||||||
Loss on extinguishment of debt, net | $ (87,000) | 183,000 | |||||
Maturity date | Mar. 1, 2020 | ||||||
Initial conversion rate | 40.8351 | ||||||
Principal amount of initial conversion rate | $ 1,000 | ||||||
Unamortized debt discount | $ 9,726,000 | ||||||
Effective interest rate | 8.00% | ||||||
Carrying amount of equity component | $ 16,847,000 | $ 211,000 | |||||
Percentage of principal amount redeemed | 93.25% | ||||||
Repayments of long-term debt, including payments for repurchase of equity | $ 4,663,000 | ||||||
Gain (loss) on early extinguishment of debt | 110,000 | ||||||
Senior Secured Credit Facility | Letter of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity under term loan facility | 50,000,000 | ||||||
Sublimit for letters of credit under line of credit facility | 50,000,000 | ||||||
Tender Offer | Senior Notes | |||||||
Line of Credit Facility [Line Items] | |||||||
Extinguishment of debt, amount | 245,604,000 | ||||||
Extinguishment of debt, amount | 215,495,000 | ||||||
Unamortized premium | 29,091,000 | ||||||
Accrued interest | 1,018,000 | ||||||
Open Market Transaction | Senior Notes | |||||||
Line of Credit Facility [Line Items] | |||||||
Principal amount of debt | $ 9,750,000 | ||||||
Common Stock | |||||||
Line of Credit Facility [Line Items] | |||||||
Converted instrument, shares issued | shares | 8.17192 | ||||||
Keybank National Association | Standby Letters of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity under term loan facility | $ 30,000,000 | ||||||
Current borrowing capacity | $ 14,072,000 |
Fair Value - Information About
Fair Value - Information About our Fixed Rate Financial instruments not Measured at Fair Value (Detail) - Level 2 - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Reported Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed rate debt | $ (109,197) | $ (111,506) |
Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed rate debt | $ (109,114) | $ (109,789) |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)community_development_project | Dec. 31, 2016USD ($)community_development_projectmultifamily_site | Dec. 31, 2015USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset impairments | $ 47,172 | $ 60,939 | $ 108,184 |
Real Estate Impairment Charges | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset impairments | $ 3,420 | $ 56,453 | |
Community Development Project | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of properties impaired | community_development_project | 1 | 6 | |
Multifamily Site | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of properties impaired | multifamily_site | 2 | ||
Oil and Gas Properties | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of assets to be disposed of | $ 612 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Community Development Project | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of properties impaired | community_development_project | 4 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Multifamily Site | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of properties impaired | multifamily_site | 1 | ||
The Mineral Companies | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset impairments | $ 37,900 | ||
Water Resources Company | Georgia and Texas | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset impairments | 5,852 | ||
Water Resources Company | Georgia | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset impairments | 420 | ||
Equity Method Investments | Cost of Real Estate Sales | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset impairments | $ 3,000 |
Fair Value - Carrying Value of
Fair Value - Carrying Value of Assets (Detail) - Non-recurring - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate | ||
Non-Financial Assets and Liabilities: | ||
Assets, fair value disclosure, nonrecurring | $ 180,247 | $ 0 |
Real Estate | Level 1 | ||
Non-Financial Assets and Liabilities: | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Real Estate | Level 2 | ||
Non-Financial Assets and Liabilities: | ||
Assets, fair value disclosure, nonrecurring | 180,247 | 0 |
Real Estate | Level 3 | ||
Non-Financial Assets and Liabilities: | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Central Texas water assets | ||
Non-Financial Assets and Liabilities: | ||
Assets, fair value disclosure, nonrecurring | 1,987 | 0 |
Central Texas water assets | Level 1 | ||
Non-Financial Assets and Liabilities: | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Central Texas water assets | Level 2 | ||
Non-Financial Assets and Liabilities: | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Central Texas water assets | Level 3 | ||
Non-Financial Assets and Liabilities: | ||
Assets, fair value disclosure, nonrecurring | $ 1,987 | $ 0 |
Capital Stock - (Detail)
Capital Stock - (Detail) - USD ($) $ in Thousands | Dec. 15, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2013 | Nov. 27, 2013 |
Class of Stock [Line Items] | |||||
Settlement of tangible equity units, Shares | 7,857,000 | ||||
Number of shares repurchased | 283,976 | ||||
Value of share repurchased | $ 0 | $ 3,537 | |||
Common stock repurchased since announcement of strategic initiative | 3,777,308 | ||||
Value of common stock repurchased since announcement of strategic initiative | $ 57,696 | ||||
Maximum percentage of shares repurchased under strategic initiative | 20.00% | ||||
Maximum number of shares repurchased under strategic initiative | 7,000,000 | ||||
6% Tangible Equity Units | |||||
Class of Stock [Line Items] | |||||
Interest rate percentage | 6.00% | 6.00% |
Net Income (Loss) per Share - E
Net Income (Loss) per Share - Earnings Attributable to Common Shareholders and Weighted Average Common Shares Outstanding (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Continuing operations | |||||||||||
Consolidated net income (loss) | $ 6,301 | $ 77,044 | $ (26,241) | ||||||||
Less: Net (income) attributable to noncontrolling interest | (2,078) | (1,531) | (676) | ||||||||
Earnings (loss) available for diluted earnings per share | 4,223 | 75,513 | (26,917) | ||||||||
Less: Undistributed net income from continuing operations allocated to participating securities | 0 | (13,493) | 0 | ||||||||
Earnings (loss) from continuing operations available to common shareholders for basic earnings per share | 4,223 | 62,020 | (26,917) | ||||||||
Discontinued operations | |||||||||||
Net income (loss) from discontinued operations available for diluted earnings per share | $ 7,191 | $ 37,193 | $ 1,229 | $ 418 | $ 563 | $ (7,164) | $ (2,048) | $ (8,216) | 46,031 | (16,865) | (186,130) |
Less: Undistributed net income from discontinued operations allocated to participating securities | 0 | 3,014 | 0 | ||||||||
Earnings (loss) from discontinued operations available to common shareholders for basic earnings per share | $ 46,031 | $ (13,851) | $ (186,130) | ||||||||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||||||||||
Weighted average common shares outstanding - basic | 42,143 | 34,546 | 34,266 | ||||||||
Weighted average common shares upon conversion of participating securities | 0 | 7,515 | 0 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 238 | 273 | 0 | ||||||||
Weighted average common shares outstanding - diluted | 42,381 | 42,334 | 34,266 | ||||||||
Anti-dilutive awards excluded from diluted weighted average shares outstanding | 1,093 | 2,102 | 10,864 |
Net Income (Loss) per Share - A
Net Income (Loss) per Share - Additional Information (Details) - $ / shares | Dec. 15, 2016 | Dec. 31, 2017 | Dec. 31, 2013 | Nov. 27, 2013 |
Debt Instrument [Line Items] | ||||
Settlement of tangible equity units, Shares | 7,857,000 | |||
6% Tangible Equity Units | ||||
Debt Instrument [Line Items] | ||||
Interest rate percentage | 6.00% | 6.00% | ||
Convertible Debt | ||||
Debt Instrument [Line Items] | ||||
Exercise price of unit | $ 51.42 | |||
Maximum | 6% Tangible Equity Units | ||||
Debt Instrument [Line Items] | ||||
Settlement of tangible equity units, Shares | 7,857,000 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current tax provision: | |||
U.S. Federal | $ (44,177) | $ (15,089) | $ 6,740 |
State and other | (3,378) | (1,520) | (418) |
Total | (47,555) | (16,609) | 6,322 |
Deferred tax provision: | |||
U.S. Federal | 1,678 | 1,382 | (38,262) |
State and other | 57 | (75) | (3,191) |
Total | 1,735 | 1,307 | (41,453) |
Income tax expense | $ (45,820) | $ (15,302) | $ (35,131) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Federal Statutory Rate to Effective Income Tax Rate on Continuing Operations (Detail) | Dec. 22, 2017 | Dec. 21, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | |||||
Federal statutory rate (benefit) | 21.00% | 35.00% | 35.00% | 35.00% | 35.00% |
State, net of federal benefit | 3.00% | 0.00% | 10.00% | ||
Valuation allowance | (42.00%) | (19.00%) | 348.00% | ||
Tax rate change due to new tax act | 40.00% | 0.00% | 0.00% | ||
Noncontrolling interests | (1.00%) | (1.00%) | (3.00%) | ||
Installment sale ace adjustment | 0.00% | 2.00% | 0.00% | ||
Stock based compensation | 11.00% | 0.00% | 5.00% | ||
Goodwill | 25.00% | 0.00% | 0.00% | ||
Merger costs | 18.00% | 0.00% | 0.00% | ||
Oil and gas percentage depletion | 0.00% | 0.00% | (1.00%) | ||
Other | (1.00%) | 0.00% | 1.00% | ||
Effective tax rate | 88.00% | 17.00% | 395.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Dec. 22, 2017 | Dec. 21, 2017 | Oct. 05, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Operating Loss Carryforwards [Line Items] | |||||||
Federal statutory rate (benefit), percent | 21.00% | 35.00% | 35.00% | 35.00% | 35.00% | ||
AMT credits | $ 1,690,000 | $ 5,900,000 | |||||
Valuation allowance | 39,578,000 | 73,405,000 | |||||
Unrecognized tax benefit | 1,050,000 | 2,499,000 | $ 0 | $ 0 | |||
Recognized interest accrued related to unrecognized tax benefits | 0 | 0 | $ 0 | ||||
Accrued interest | 0 | $ 0 | |||||
Domestic Tax Authority | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Operating loss carry forwards | $ 9,200,000 | ||||||
Expiration date of operating loss carry forwards | Dec. 31, 2037 | ||||||
State and Local Jurisdiction | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Operating loss carry forwards | $ 69,200,000 | ||||||
Operating loss carry forwards attributable to states not currently doing business with | $ 45,600,000 | ||||||
Minimum | State and Local Jurisdiction | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Expiration date of operating loss carry forwards | Dec. 31, 2020 | ||||||
Maximum | State and Local Jurisdiction | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Expiration date of operating loss carry forwards | Dec. 31, 2037 | ||||||
D.R. Horton Merger Agreement | D.R. Horton, Inc. | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Stockholders' equity, ownership interest by shareholder | 75.00% |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Taxes (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Tax Assets: | ||
Real estate | $ 37,513 | $ 50,759 |
Employee benefits | 1,510 | 13,185 |
Net operating loss carryforwards | 2,305 | 2,804 |
Oil and gas properties | 0 | 1,672 |
AMT credits | 1,690 | 5,900 |
Income producing properties | 794 | 2,055 |
Oil and gas percentage depletion carryforwards | 0 | 3,478 |
Accruals not deductible until paid | 196 | 552 |
Gross deferred tax assets | 44,008 | 80,405 |
Valuation allowance | (39,578) | (73,405) |
Deferred tax asset net of valuation allowance | 4,430 | 7,000 |
Deferred Tax Liabilities: | ||
Undeveloped land | 0 | (1,359) |
Convertible debt | (2,402) | (5,035) |
Timber | 0 | (283) |
Gross deferred tax liabilities | 2,402 | 6,677 |
Deferred tax asset, net | $ 2,028 | $ 323 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 2,499 | $ 0 | $ 0 |
Increases (decreases) for tax positions of current year | 0 | 2,499 | 0 |
Decreases for dispositions and other | (1,449) | 0 | 0 |
Balance at end of year | $ 1,050 | $ 2,499 | $ 0 |
Litigation and Environmental 78
Litigation and Environmental Contingencies - Environmental (Detail) | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)a | |
Antioch, California | ||
Environmental Exit Cost [Line Items] | ||
Area of land not sold (in acres) | 25 | |
Area of land (in acres) | 289 | |
Area sold without certificate of completion under voluntary remediation program | 80 | |
Wyoming | ||
Environmental Exit Cost [Line Items] | ||
Environmental liability | $ | $ 1,155,000 | |
Paper Manufacturing Sites | ||
Environmental Exit Cost [Line Items] | ||
Insurance policy | $ | $ 20,000,000 | |
Length of insurance policy (in years) | 10 years |
Commitments and Other Conting79
Commitments and Other Contingencies (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leased Assets [Line Items] | |||
Operating lease future payments, 2018 | $ 1,313 | ||
Operating lease future payments, 2019 | 208 | ||
Operating lease future payments, 2020 | 180 | ||
Operating lease future payments, 2021 | 61 | ||
Operating lease future payments, 2022 | 0 | ||
Operating lease future payments, thereafter | 0 | ||
Debt | 108,429 | $ 110,358 | |
Office Facilities And Other Equipment | |||
Operating Leased Assets [Line Items] | |||
Lease expense | 2,101 | $ 1,923 | $ 3,872 |
Other Office Locations | |||
Operating Leased Assets [Line Items] | |||
Remaining contractual obligation | 1,762 | ||
Surety Bond | |||
Operating Leased Assets [Line Items] | |||
Principal amount of debt | 40,000 | ||
Debt | $ 14,708 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)homebuildersegment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of business segments | segment | 3 | ||||||||||
Number of homebuilders | homebuilder | 1 | ||||||||||
Revenues | $ 30,866 | $ 33,136 | $ 28,015 | $ 22,305 | $ 64,497 | $ 47,207 | $ 47,992 | $ 37,618 | $ 114,322 | $ 197,314 | $ 218,576 |
Concentration risk, percentage (more than) | 10.00% | ||||||||||
Real Estate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 20,923 |
Segment Information - Segment R
Segment Information - Segment Revenues and Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 30,866 | $ 33,136 | $ 28,015 | $ 22,305 | $ 64,497 | $ 47,207 | $ 47,992 | $ 37,618 | $ 114,322 | $ 197,314 | $ 218,576 | |
Depreciation, depletion and amortization | 5,463 | 11,447 | 45,085 | |||||||||
Equity in earnings of unconsolidated ventures | 7,026 | $ 1,764 | $ 2,747 | $ 6,362 | 2,251 | $ 3,637 | $ 188 | $ 47 | 17,899 | 6,123 | 16,008 | |
Income (loss) before taxes from continuing operations | 50,043 | 90,815 | 8,214 | |||||||||
Total assets | 761,912 | 733,208 | 761,912 | 733,208 | ||||||||
Investment in unconsolidated ventures | 64,579 | 77,611 | 64,579 | 77,611 | 82,453 | |||||||
Capital expenditures | 2,452 | 6,138 | 14,690 | |||||||||
Assets of discontinued operations | 0 | 14 | 0 | 14 | 104,967 | |||||||
Real Estate | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 20,923 | |||||||||||
Operating Segments | Real Estate | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 112,746 | 190,273 | 202,830 | |||||||||
Depreciation, depletion and amortization | 131 | 976 | 7,605 | |||||||||
Equity in earnings of unconsolidated ventures | 16,500 | 5,778 | 15,582 | |||||||||
Income (loss) before taxes from continuing operations | 47,281 | 121,420 | 67,678 | |||||||||
Investment in unconsolidated ventures | 64,579 | 77,611 | 64,579 | 77,611 | 82,453 | |||||||
Capital expenditures | 52 | 5,783 | 13,644 | |||||||||
Operating Segments | Oil and Gas | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 1,502 | 5,076 | 9,094 | |||||||||
Depreciation, depletion and amortization | 28 | 145 | 383 | |||||||||
Equity in earnings of unconsolidated ventures | 1,395 | 173 | 275 | |||||||||
Income (loss) before taxes from continuing operations | 45,552 | 3,327 | 4,230 | |||||||||
Investment in unconsolidated ventures | 0 | 0 | 0 | 0 | 0 | |||||||
Capital expenditures | 2,400 | 0 | 59 | |||||||||
Operating Segments | Other Natural Resources | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 74 | 1,965 | 6,652 | |||||||||
Depreciation, depletion and amortization | 25 | 352 | 540 | |||||||||
Equity in earnings of unconsolidated ventures | 4 | 172 | 151 | |||||||||
Income (loss) before taxes from continuing operations | (6,393) | (4,625) | (608) | |||||||||
Investment in unconsolidated ventures | 0 | 0 | 0 | 0 | 0 | |||||||
Capital expenditures | 0 | 299 | 745 | |||||||||
Items Not Allocated To Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 0 | 0 | 0 | |||||||||
Depreciation, depletion and amortization | 5,279 | 7,772 | 8,166 | |||||||||
Equity in earnings of unconsolidated ventures | 0 | 0 | 0 | |||||||||
Income (loss) before taxes from continuing operations | [1] | (36,397) | (29,307) | (63,086) | ||||||||
Investment in unconsolidated ventures | 0 | 0 | 0 | 0 | 0 | |||||||
Capital expenditures | 0 | 56 | 242 | |||||||||
Continuing Operations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Depreciation, depletion and amortization | 5,463 | 9,245 | $ 16,694 | |||||||||
Total assets | [2] | 761,912 | 733,194 | 761,912 | 733,194 | |||||||
Continuing Operations | Operating Segments | Real Estate | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total assets | [2] | 386,222 | 403,062 | 386,222 | 403,062 | |||||||
Continuing Operations | Operating Segments | Oil and Gas | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total assets | [2] | 0 | 38,907 | 0 | 38,907 | |||||||
Continuing Operations | Operating Segments | Other Natural Resources | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total assets | [2] | 3,346 | 11,531 | 3,346 | 11,531 | |||||||
Continuing Operations | Items Not Allocated To Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total assets | [2] | $ 372,344 | $ 279,694 | $ 372,344 | $ 279,694 | |||||||
[1] | Items not allocated to segments consist of: For the Year 2017 2016 2015 (In thousands)General and administrative expense$(50,354) $(18,274) $(24,802)Share-based and long-term incentive compensation expense(7,201) (4,425) (4,474)Gain on sale of assets28,674 48,891 —Interest expense(8,532) (19,985) (34,066)Loss on extinguishment of debt, net(611) (35,864) —Other corporate non-operating income1,627 350 256 $(36,397) $(29,307) $(63,086) | |||||||||||
[2] | Total assets excludes assets of discontinued operations of $14,000 and $104,967,000 in 2016 and 2015. |
Segment Information - Items Not
Segment Information - Items Not Allocated to Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||
General and administrative expense | $ (56,531) | $ (21,597) | $ (27,253) | |
Gain of sale of assets | 113,411 | 166,747 | 1,585 | |
Interest expense | (8,532) | (19,985) | (34,066) | |
Loss on extinguishment of debt, net | (611) | (35,864) | 0 | |
Other corporate non-operating income | 3,600 | 1,718 | 3,006 | |
Income (loss) before taxes from continuing operations | 50,043 | 90,815 | 8,214 | |
Items Not Allocated To Segments | ||||
Segment Reporting Information [Line Items] | ||||
General and administrative expense | (50,354) | (18,274) | (24,802) | |
Share-based and long-term incentive compensation expense | (7,201) | (4,425) | (4,474) | |
Gain of sale of assets | 28,674 | 48,891 | 0 | |
Interest expense | (8,532) | (19,985) | (34,066) | |
Loss on extinguishment of debt, net | (611) | (35,864) | 0 | |
Other corporate non-operating income | 1,627 | 350 | 256 | |
Income (loss) before taxes from continuing operations | [1] | $ (36,397) | $ (29,307) | $ (63,086) |
[1] | Items not allocated to segments consist of: For the Year 2017 2016 2015 (In thousands)General and administrative expense$(50,354) $(18,274) $(24,802)Share-based and long-term incentive compensation expense(7,201) (4,425) (4,474)Gain on sale of assets28,674 48,891 —Interest expense(8,532) (19,985) (34,066)Loss on extinguishment of debt, net(611) (35,864) —Other corporate non-operating income1,627 350 256 $(36,397) $(29,307) $(63,086) |
Share Based Compensation - Comp
Share Based Compensation - Components of Share-Based Compensation Expense (Income) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 6,643 | $ 4,037 | $ 4,246 |
Deferred cash | 558 | 388 | 228 |
Share-based and long-term incentive compensation | 7,201 | 4,425 | 4,474 |
Cash Settled Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | 634 | 717 | (3,127) |
Equity-settled awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | 5,001 | 2,444 | 5,026 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | 0 | 22 | (8) |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 1,008 | $ 854 | $ 2,355 |
Share Based Compensation - Shar
Share Based Compensation - Share Based Compensation Expense Included in Operating Expense (Income) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based and long-term incentive compensation | $ 7,201 | $ 4,425 | $ 4,474 |
General and Administrative Expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based and long-term incentive compensation | 6,177 | 3,323 | 2,451 |
Other Operating Expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based and long-term incentive compensation | $ 1,024 | $ 1,102 | $ 2,023 |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016directorshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | $ 6,643,000 | $ 4,037,000 | $ 4,246,000 | |
Fair value of awards granted to retirement eligible employees and expensed at date of grant | 9,000 | $ 600,000 | 517,000 | |
Unrecognized share-based compensation expense related to non-vested equity-settled awards, restricted stock and stock options | $ 1,424,000 | |||
Weighted average period over which amount will be recognized | 4 years | |||
Shares issued out of treasury stock | shares | 322,586 | 300,491 | ||
Vesting of restricted stock awards and exercises of stock options, shares withheld | shares | 75,870 | 25,082 | ||
Payroll taxes on restricted stock and stock options | $ 981,000 | $ 222,000 | 762,000 | |
Board of Director Fees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | 449,000 | 725,000 | 1,203,000 | |
Cash Settled Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | $ 634,000 | 717,000 | (3,127,000) | |
Cash Settled Awards | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period over or after performance stock unit vest | 3 years | |||
Cash Settled Awards | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period over or after performance stock unit vest | 5 years | |||
Stock Appreciation Rights (SARs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period over or after performance stock unit vest | 4 years | |||
Expiration period | 10 years | |||
Fair value of awards settled in cash | $ 1,581,000 | 154,000 | $ 206,000 | |
Fair value of vested cash-settled awards | $ 0 | 1,758,000 | ||
Granted, equivalent units | shares | 0 | |||
Cash Settled Restricted Stock Unit | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, weighted average grant date fair value | $ / shares | $ 0 | $ 13.26 | ||
Fair value of awards settled in cash | $ 2,178,000 | $ 1,195,000 | $ 2,469,000 | |
Granted, equivalent units | shares | 0 | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period over or after performance stock unit vest | 5 years | |||
Granted, equivalent units | shares | 198,000 | 313,000 | ||
Market-leveraged stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period over or after performance stock unit vest | 3 years | |||
Granted, equivalent units | shares | 234,000 | |||
Weighted average estimated fair value of options at grant date | $ / shares | $ 15.11 | |||
Performance Stock Units Psu | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period over or after performance stock unit vest | 3 years | |||
Equity-settled awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | $ 5,001,000 | $ 2,444,000 | $ 5,026,000 | |
Granted, weighted average grant date fair value | $ / shares | $ 14.55 | |||
Fair value of vested cash-settled awards | $ 14,894,000 | $ 2,884,000 | $ 4,451,000 | |
Granted, equivalent units | shares | 198,000 | |||
Weighted average estimated fair value of options at grant date | $ / shares | $ 14.55 | $ 9.04 | $ 12.99 | |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | $ 0 | $ 22,000 | $ (8,000) | |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | $ 1,008,000 | 854,000 | 2,355,000 | |
Period over or after performance stock unit vest | 4 years | |||
Expiration period | 10 years | |||
Intrinsic value of options exercised | $ 2,603,000 | $ 61,000 | $ 0 | |
Options outstanding | shares | 0 | 1,836,000 | ||
Weighted average exercise price | $ / shares | $ 0 | |||
Weighted average remaining contractual term | 0 years | 5 years | ||
Long Term Incentive Compensation | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Deferred cash compensation | $ 1,180,000 | $ 620,000 | ||
Requisite service period (in years) | 3 years | 2 years | ||
Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of new directors | director | 2 | |||
Granted (in shares) | shares | 20,000 | |||
Director | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period over or after performance stock unit vest | 3 years | |||
Share-based Compensation Award, Tranche Two [Member] | Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting, number | shares | 6,500 | |||
Tranche One | Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting, number | shares | 6,500 | |||
Tranche Three | Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting, number | shares | 7,000 | |||
D.R. Horton Merger Agreement | General and Administrative Expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Acceleration of vesting and settlement of equity | $ 4,349,000 |
Share Based Compensation - Fair
Share Based Compensation - Fair Value of Stock Options Using Black-Scholes Option Pricing Model (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Market-leveraged stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected stock price volatility | 32.90% | ||
Risk-free interest rate | 1.00% | ||
Expected dividend yield | 0.00% | ||
Weighted average estimated fair value of options at grant date | $ 15.11 | ||
Stock Options | Market Condition Vesting | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected stock price volatility | 39.50% | 45.60% | |
Risk-free interest rate | 1.50% | 1.80% | |
Expected life of options (years) | 6 years | 6 years | |
Expected dividend yield | 0.00% | 0.00% | |
Weighted average estimated fair value of options at grant date | $ 8.60 | $ 6.51 |
Share Based Compensation - Summ
Share Based Compensation - Summarized Activity of Cash Settled Restricted Stock Unit Awards (Detail) - Cash Settled Restricted Stock Unit - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Balance at beginning of year | 42 | |
Granted, equivalent units | 0 | |
Vested, equivalent units | (30) | |
Forfeited, equivalent units | (12) | |
Balance at end of period | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Non-vested at beginning of year, weighted average grant date fair value | $ 14.98 | |
Granted, weighted average grant date fair value | 0 | $ 13.26 |
Vested, Weighted Average Grant Date Fair Value | 15.66 | |
Forfeited, weighted average grant date | 13.15 | |
Non-vested at end of period, weighted average grant date fair value | $ 0 |
Share Based Compensation - Su88
Share Based Compensation - Summarized Activity of Cash-Settled Stock Appreciation Rights (Detail) - Stock Appreciation Rights (SARs) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||
Balance at beginning of year | 374 | |
Granted, rights outstanding | 0 | |
Exercised, rights outstanding | (234) | |
Forfeited, rights outstanding | (140) | |
Balance at end of period | 0 | 374 |
Exercisable at end of period, rights outstanding | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Non-vested at beginning of year, weighted average grant date fair value | $ 12.97 | |
Granted, weighted average exercise price | 0 | |
Exercised, weighted average exercise price | 10.14 | |
Forfeited, weighted average grant date | 17.69 | |
Non-vested at end of period, weighted average grant date fair value | 0 | $ 12.97 |
Exercisable at end of period, weighted average exercise price | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Exercisable at end of period, weighted average remaining contractual terms | 0 years | 3 years |
Weighted average remaining contractual term | 0 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | ||
Aggregate intrinsic value | $ 0 | $ 773 |
Exercisable at end of period, aggregate intrinsic value | $ 0 |
Share Based Compensation - Equi
Share Based Compensation - Equity-Settled Awards (Detail) - Equity-settled awards shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Balance at beginning of year | shares | 555 |
Granted, equivalent units | shares | 198 |
Vested, equivalent units | shares | (653) |
Forfeited, equivalent units | shares | (14) |
Balance at end of period | shares | 86 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Non-vested at beginning of year, weighted average grant date fair value | $ / shares | $ 14.70 |
Granted, weighted average grant date fair value | $ / shares | 14.55 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 14.28 |
Forfeited, weighted average grant date | $ / shares | 14.59 |
Non-vested at end of period, weighted average grant date fair value | $ / shares | $ 17.54 |
Share Based Compensation - Su90
Share Based Compensation - Summarized Activity of Stock Option Awards (Detail) - Stock Options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Balance at beginning of year, options outstanding | 1,836 | |
Granted, options outstanding | 0 | |
Exercised, options outstanding | (768) | |
Forfeited, options outstanding | (1,068) | |
Balance at end of period, options outstanding | 0 | 1,836 |
Exercisable at end of period, options outstanding | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Balance at beginning of year, weighted average exercise price | $ 19.39 | |
Granted, weighted average exercise price | 0 | |
Exercised, weighted average exercise price | 14.07 | |
Forfeited, weighted average exercise price | 23.21 | |
Balance at end of period, weighted average exercise price | 0 | $ 19.39 |
Exercisable at end of period, weighted average exercise price | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Aggregate Intrinsic Value [Abstract] | ||
Weighted average remaining contractual term | 0 years | 5 years |
Exercisable at end of period, weighted average remaining contractual term | 0 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Aggregate intrinsic value | $ 0 | $ 449 |
Exercisable at end of period, aggregate intrinsic value | $ 0 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retirement Benefits [Abstract] | |||
Expense of defined contribution retirement plans | $ 660 | $ 978 | $ 1,060 |
Unfunded liability for supplemental plan | $ 374 | $ 334 |
Supplemental Oil and Gas Disc92
Supplemental Oil and Gas Disclosures (Unaudited) - Additional Information (Detail) bbl in Thousands, Mcf in Thousands | 12 Months Ended | |||||||||
Dec. 31, 2017wellbblMcf | Dec. 31, 2016well$ / MMBTU$ / BoebblMcf | Dec. 31, 2015BoebblMcf | Dec. 31, 2015BoewellbblMcf | Dec. 31, 2015Boe$ / MMBTUbblMcf | Dec. 31, 2015BoebblMcf | Dec. 31, 2015BoebblMcf | Dec. 31, 2015Boe$ / BoebblMcf | Dec. 31, 2014BoebblMcf | ||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||||
New well addition | well | 0 | 0 | 36 | |||||||
Wells which company has royalty interest in | 0 | 473 | 534 | |||||||
Wells which company has working interest in | well | 0 | 32 | 400 | |||||||
Crude Oil and NGL | ||||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||||
Average spot price | $ / Boe | 42.75 | 50.28 | ||||||||
Natural Gas in Mmbtu | ||||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||||
Average spot price | $ / MMBTU | 2.48 | 2.59 | ||||||||
Oil | ||||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||||
Proved developed and undeveloped reserves, net | [1] | 0 | 446 | 5,179 | 5,179 | 5,179 | 5,179 | 5,179 | 5,179 | |
Oil | Consolidated Entities | ||||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||||
Proved developed and undeveloped reserves, net | [1] | 0 | 446 | 5,179 | 5,179 | 5,179 | 5,179 | 5,179 | 5,179 | 7,672 |
Proved developed and undeveloped reserves, sales of minerals in place | [1] | 446 | 4,460 | 704 | ||||||
Proved developed and undeveloped reserves, revisions of previous estimates | [1] | 0 | 11 | 855 | ||||||
Oil Less Natural Gas Liquids | ||||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||||
Proved developed and undeveloped reserves, net | [1] | 446 | ||||||||
Oil Less Natural Gas Liquids | Consolidated Entities | ||||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||||
Proved developed and undeveloped reserves, sales of minerals in place | [1] | 4,155 | ||||||||
Natural Gas Liquids | Consolidated Entities | ||||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||||
Proved developed and undeveloped reserves, sales of minerals in place | 305 | |||||||||
Natural Gas | ||||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||||
Proved developed and undeveloped reserves, net | Mcf | 0 | 5,035 | 9,220 | 9,220 | 9,220 | 9,220 | 9,220 | 9,220 | ||
Natural Gas | Consolidated Entities | ||||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||||
Proved developed and undeveloped reserves, net | Mcf | 0 | 3,836 | 7,957 | 7,957 | 7,957 | 7,957 | 7,957 | 7,957 | 12,649 | |
Proved developed and undeveloped reserves, sales of minerals in place | Mcf | 3,836 | 3,756 | 1,223 | |||||||
Proved developed and undeveloped reserves, revisions of previous estimates | 0 | (631) | 1,995 | 1,675 | ||||||
BOE | ||||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | ||||||||||
Proved undeveloped reserve (Energy) | Boe | 0 | 0 | 0 | 0 | 0 | 0 | 2,703,000 | |||
[1] | Includes natural gas liquids (NGLs). |
Supplemental Oil and Gas Disc93
Supplemental Oil and Gas Disclosures (Unaudited) - Summary of Estimated Quantities of Proved Developed Oil and Natural Gas Reserves (Detail) bbl in Thousands, Mcf in Thousands | 12 Months Ended | ||||
Dec. 31, 2017bblMcf | Dec. 31, 2016bblMcf | Dec. 31, 2015bblMcf | Dec. 31, 2015bblMcf | ||
Oil | |||||
Proved Developed and Undeveloped Reserves [Roll Forward] | |||||
Beginning Balance | [1] | 446 | 5,179 | ||
Proved developed reserves | [1] | 0 | 446 | 5,179 | 5,179 |
Proved undeveloped reserves | [1] | 0 | 0 | 0 | 0 |
Ending Balance | [1] | 0 | 446 | 5,179 | |
Natural Gas | |||||
Proved Developed and Undeveloped Reserves [Roll Forward] | |||||
Beginning Balance | Mcf | 5,035 | 9,220 | |||
Proved developed reserves | Mcf | 0 | 5,035 | 9,220 | 9,220 | |
Proved undeveloped reserves | Mcf | 0 | 0 | 0 | 0 | |
Ending Balance | Mcf | 0 | 5,035 | 9,220 | ||
Consolidated Entities | Oil | |||||
Proved Developed and Undeveloped Reserves [Roll Forward] | |||||
Beginning Balance | [1] | 446 | 5,179 | 7,672 | |
Revisions of previous estimates | [1] | 0 | (11) | (855) | |
Extensions and discoveries | [1] | 0 | 29 | 224 | |
Acquisitions | [1] | 0 | 0 | 0 | |
Sales | [1] | (446) | (4,460) | (704) | |
Production | [1] | 0 | (291) | (1,158) | |
Ending Balance | [1] | 0 | 446 | 5,179 | |
Consolidated Entities | Natural Gas | |||||
Proved Developed and Undeveloped Reserves [Roll Forward] | |||||
Beginning Balance | Mcf | 3,836 | 7,957 | 12,649 | ||
Revisions of previous estimates | 0 | 631 | (1,995) | (1,675) | |
Extensions and discoveries | Mcf | 0 | 0 | 173 | ||
Acquisitions | Mcf | 0 | 0 | 0 | ||
Sales | Mcf | (3,836) | (3,756) | (1,223) | ||
Production | Mcf | 0 | (996) | (1,967) | ||
Ending Balance | Mcf | 0 | 3,836 | 7,957 | ||
Equity Method Investee | Oil | |||||
Proved Developed and Undeveloped Reserves [Roll Forward] | |||||
Beginning Balance | [1] | 0 | 0 | 0 | |
Revisions of previous estimates | [1] | 0 | 0 | ||
Sales | [1] | 0 | |||
Production | [1] | 0 | 0 | ||
Ending Balance | [1] | 0 | 0 | 0 | |
Equity Method Investee | Natural Gas | |||||
Proved Developed and Undeveloped Reserves [Roll Forward] | |||||
Beginning Balance | Mcf | 1,199 | 1,263 | 1,751 | ||
Revisions of previous estimates | Mcf | (79) | 320 | |||
Sales | Mcf | (1,199) | ||||
Production | Mcf | (143) | (168) | |||
Ending Balance | Mcf | 0 | 1,199 | 1,263 | ||
[1] | Includes natural gas liquids (NGLs). |
Supplemental Oil and Gas Disc94
Supplemental Oil and Gas Disclosures (Unaudited) - Capitalized Cost Related to Oil and Natural Gas Producing Activities (Detail) - Consolidated Entities - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Capitalized Costs Relating To Oil And Gas Producing Activities [Line Items] | ||
Unproved oil and gas properties | $ 0 | $ 374 |
Proved oil and gas properties | 0 | 5,159 |
Total costs | 0 | 5,533 |
Less accumulated depreciation, depletion and amortization | 0 | (4,751) |
Net capitalized costs | $ 0 | $ 782 |
Supplemental Oil and Gas Disc95
Supplemental Oil and Gas Disclosures (Unaudited) - Costs Incurred in Oil and Natural Gas Property Acquisition, Exploration and Development (Detail) - Consolidated Entities - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | |||
Costs incurred, acquisition of oil and gas properties with proved reserves | $ 0 | $ 0 | $ 0 |
Costs incurred, acquisition of unproved oil and gas properties | 0 | 15 | 4,832 |
Exploration costs | 0 | 21 | 17,922 |
Development costs | 0 | 537 | 27,609 |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities | $ 0 | $ 573 | $ 50,363 |
Supplemental Oil and Gas Disc96
Supplemental Oil and Gas Disclosures (Unaudited) Supplemental Oil and Gas Disclosures (Unaudited) - Schedule of Gross and Net Oil and Gas Wells Drilled (Details) - well | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2015 | |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||
Wells drilled, gross | 38 | |
Wells drilled, net | 6.3 | |
Wells operated by company | 3 | |
Percentage of wells operated by company | 8.00% | |
Oil | ||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||
Exploratory wells drilled, gross productive | 2 | |
Development wells drilled, gross productive | 34 | |
Exploratory wells drilled, net productive | 0.7 | |
Development wells drilled, net productive | 4.3 | |
Dry | ||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ||
Exploratory wells drilled, gross nonproductive | 1 | |
Development wells drilled, net nonnproductive | 1 | |
Exploratory wells drilled, net nonproductive | 0.8 | |
Development wells drilled, net unproductive | 0.5 |
Supplemental Oil and Gas Disc97
Supplemental Oil and Gas Disclosures (Unaudited) - Estimates of Future Cash Flows from Proved Developed Oil and Natural Gas Reserves (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||
Standardized measure of discounted future net cash flows | $ 0 | $ 10,985 | $ 67,498 | $ 165,616 |
Consolidated Entities | ||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||
Future cash inflows | 0 | 24,304 | 216,588 | |
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Production Costs | 0 | (2,988) | (93,623) | |
Future income tax expenses | 0 | (3,926) | (22,218) | |
Future net cash flows | 0 | 17,390 | 100,747 | |
10% annual discount for estimated timing of cash flows | 0 | (7,077) | (33,951) | |
Standardized measure of discounted future net cash flows | 0 | 10,313 | 66,796 | 163,841 |
Equity Method Investee | ||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||
Future cash inflows | 0 | 2,010 | 2,283 | |
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Production Costs | 0 | (216) | (245) | |
Future income tax expenses | 0 | (537) | (774) | |
Future net cash flows | 0 | 1,257 | 1,264 | |
10% annual discount for estimated timing of cash flows | 0 | (585) | (562) | |
Standardized measure of discounted future net cash flows | $ 0 | $ 672 | $ 702 | $ 1,775 |
Supplemental Oil and Gas Disc98
Supplemental Oil and Gas Disclosures (Unaudited) - Changes in Standardized Measure of Discounted Future Net Cash Flow (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows [Line Items] | |||
Beginning Balance | $ 10,985 | $ 67,498 | $ 165,616 |
Changes resulting from: | |||
Net change in sales prices and production costs | 0 | (3,645) | (137,648) |
Net change in future development costs | 0 | 0 | 92 |
Sales of oil and gas, net of production costs | 0 | (5,871) | (32,160) |
Net change due to extensions and discoveries | 0 | 410 | 11,747 |
Net change due to acquisition of reserves | 0 | 0 | 0 |
Net change due to divestitures of reserves | (10,985) | (63,535) | (15,855) |
Net change due to revisions of quantity estimates | 0 | 1,367 | (15,431) |
Previously estimated development costs incurred | 0 | 0 | 15,096 |
Accretion of discount | 0 | 3,105 | 22,886 |
Net change in timing and other | 0 | (208) | 3,808 |
Net change in income taxes | 0 | 11,864 | 49,347 |
Aggregate change for the year | (10,985) | (56,513) | (98,118) |
Ending Balance | 0 | 10,985 | 67,498 |
Consolidated Entities | |||
Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows [Line Items] | |||
Beginning Balance | 10,313 | 66,796 | 163,841 |
Changes resulting from: | |||
Net change in sales prices and production costs | 0 | (3,585) | (136,536) |
Net change in future development costs | 0 | 0 | 92 |
Sales of oil and gas, net of production costs | 0 | (5,663) | (31,732) |
Net change due to extensions and discoveries | 0 | 410 | 11,747 |
Net change due to acquisition of reserves | 0 | 0 | 0 |
Net change due to divestitures of reserves | (10,313) | (63,535) | (15,855) |
Net change due to revisions of quantity estimates | 0 | 1,304 | (15,164) |
Previously estimated development costs incurred | 0 | 0 | 15,096 |
Accretion of discount | 0 | 2,992 | 22,600 |
Net change in timing and other | 0 | (128) | 4,018 |
Net change in income taxes | 0 | 11,722 | 48,689 |
Aggregate change for the year | (10,313) | (56,483) | (97,045) |
Ending Balance | 0 | 10,313 | 66,796 |
Equity Method Investee | |||
Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows [Line Items] | |||
Beginning Balance | 672 | 702 | 1,775 |
Changes resulting from: | |||
Net change in sales prices and production costs | 0 | (60) | (1,112) |
Net change in future development costs | 0 | 0 | 0 |
Sales of oil and gas, net of production costs | 0 | (208) | (428) |
Net change due to extensions and discoveries | 0 | 0 | 0 |
Net change due to acquisition of reserves | 0 | 0 | 0 |
Net change due to divestitures of reserves | (672) | 0 | 0 |
Net change due to revisions of quantity estimates | 0 | 63 | (267) |
Previously estimated development costs incurred | 0 | 0 | 0 |
Accretion of discount | 0 | 113 | 286 |
Net change in timing and other | 0 | (80) | (210) |
Net change in income taxes | 0 | 142 | 658 |
Aggregate change for the year | (672) | (30) | (1,073) |
Ending Balance | $ 0 | $ 672 | $ 702 |
Supplemental Oil and Gas Disc99
Supplemental Oil and Gas Disclosures (Unaudited) - Information About Results of Operations of Oil and Natural Gas Interests (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated entities | |||
Results of operations | $ (193) | $ (5,777) | $ (170,567) |
Consolidated Entities | |||
Consolidated entities | |||
Revenues | 1,399 | 10,111 | 51,553 |
Production costs | (209) | (4,392) | (19,820) |
Exploration costs | (34) | (124) | (11,864) |
Depreciation, depletion, amortization | 0 | (2,157) | (28,774) |
Results of Operations, Impairment of Oil and Gas Properties | (224) | (612) | (164,831) |
Oil and gas administrative expenses | (1,197) | (8,700) | (11,700) |
Results of Operations, Accretion of Asset Retirement Obligations | 0 | (56) | (144) |
Income tax expenses | (7) | (20) | 14,717 |
Results of operations | (272) | (5,950) | (170,863) |
Equity Method Investee | |||
Consolidated entities | |||
Royalty revenues | 100 | 284 | 428 |
Production costs | (19) | (76) | (102) |
Oil and gas administrative expenses | (2) | (35) | (51) |
Income tax expenses | 0 | 0 | 21 |
Results of operations | $ 79 | $ 173 | $ 296 |
Summary of Quarterly Results100
Summary of Quarterly Results of Operations (Unaudited) - Summary of Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 30,866 | $ 33,136 | $ 28,015 | $ 22,305 | $ 64,497 | $ 47,207 | $ 47,992 | $ 37,618 | $ 114,322 | $ 197,314 | $ 218,576 |
Gross profit | 10,065 | 11,251 | 11,559 | (28,332) | 17,352 | 17,403 | (24,953) | 18,579 | |||
Operating income (loss) | (15,816) | 12,381 | 6,965 | 36,235 | 50,980 | 6,256 | 69,528 | 13,590 | 39,765 | 140,354 | 23,942 |
Equity in earnings of unconsolidated ventures | 7,026 | 1,764 | 2,747 | 6,362 | 2,251 | 3,637 | 188 | 47 | 17,899 | 6,123 | 16,008 |
Income (loss) before taxes | (12,298) | 13,223 | 8,120 | 40,998 | 51,069 | 7,163 | 26,591 | 5,992 | 52,121 | 92,346 | 8,890 |
Income (loss) discontinued operations, net of taxes | 7,191 | 37,193 | 1,229 | 418 | 563 | (7,164) | (2,048) | (8,216) | 46,031 | (16,865) | (186,130) |
Net income (loss) attributable to Forestar Group Inc. | $ (17,574) | $ 45,202 | $ (2,579) | $ 25,205 | $ 43,745 | $ 9,665 | $ 9,614 | $ (4,376) | $ 50,254 | $ 58,648 | $ (213,047) |
Net income (loss) per share -- basic | |||||||||||
Continuing operations, basic (usd per share) | $ (0.59) | $ 0.19 | $ (0.09) | $ 0.59 | $ 1.03 | $ 0.40 | $ 0.28 | $ 0.11 | $ 0.10 | $ 1.80 | $ (0.79) |
Discontinued operations, basic (usd per share) | 0.17 | 0.88 | 0.03 | 0.01 | 0.01 | (0.17) | (0.05) | (0.24) | 1.09 | (0.40) | (5.43) |
Basic (usd per share) | (0.42) | 1.07 | (0.06) | 0.60 | 1.04 | 0.23 | 0.23 | (0.13) | 1.19 | 1.40 | (6.22) |
Net income (loss) per share -- diluted | |||||||||||
Continuing operations, diluted (usd per share) | (0.58) | 0.19 | (0.09) | 0.58 | 1.02 | 0.40 | 0.28 | 0.09 | 0.10 | 1.78 | (0.79) |
Discontinued operations, diluted (usd per share) | 0.18 | 0.87 | 0.03 | 0.01 | 0.01 | (0.17) | (0.05) | (0.19) | 1.09 | (0.40) | (5.43) |
Diluted (usd per share) | $ (0.40) | $ 1.06 | $ (0.06) | $ 0.59 | $ 1.03 | $ 0.23 | $ 0.23 | $ (0.10) | $ 1.19 | $ 1.38 | $ (6.22) |
Continuing Operations | |||||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | |||||||||||
Impairment of oil and gas properties | $ 9,272 | $ 0 | $ 0 | $ 37,900 | $ 3,874 | $ 7,627 | $ 48,826 | $ 0 | |||
Discontinued Operations | |||||||||||
Supplemental Oil And Gas Reserve Information [Line Items] | |||||||||||
Impairment of oil and gas properties | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 612 | $ 0 |
Subsequent Event (Details)
Subsequent Event (Details) $ in Thousands | Feb. 08, 2018USD ($)Project | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Subsequent Event [Line Items] | ||||
Non-cash impairment charges | $ | $ 47,172 | $ 60,939 | $ 108,184 | |
Subsequent Event | Starwood Land, L.P. | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
Subsequent Event [Line Items] | ||||
Purchase price of properties sold | $ | $ 232,000 | |||
Net proceeds | $ | $ 216,000 | |||
Entitled, developed and under development projects | Subsequent Event | Starwood Land, L.P. | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
Subsequent Event [Line Items] | ||||
Number of projects sold | 24 | |||
Land In Entitlement | Subsequent Event | Starwood Land, L.P. | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
Subsequent Event [Line Items] | ||||
Number of projects sold | 750 | |||
Future Undeveloped Lots | Subsequent Event | Starwood Land, L.P. | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
Subsequent Event [Line Items] | ||||
Number of projects sold | 4,000 | |||
Unentitled Acres | Subsequent Event | Starwood Land, L.P. | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
Subsequent Event [Line Items] | ||||
Number of projects sold | 730 | |||
Multifamily Site | Subsequent Event | Starwood Land, L.P. | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
Subsequent Event [Line Items] | ||||
Number of projects sold | 1 | |||
Equity Method Investments | Cost of Real Estate Sales | ||||
Subsequent Event [Line Items] | ||||
Non-cash impairment charges | $ | $ 3,000 |
Schedule III - Consolidated 102
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 290 | ||||
Land | 274,241 | ||||
Improvements less Cost of Sales and Other | 28,727 | ||||
Carrying Costs | [1] | 7,659 | |||
Land & Land Improvements | 310,627 | ||||
Total | 310,627 | $ 293,003 | $ 618,844 | $ 607,133 | |
Accumulated depreciation | 0 | 0 | (32,129) | $ (31,377) | |
Non-cash impairment charges | 47,172 | $ 60,939 | $ 108,184 | ||
Real Estate, Net | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 290 | ||||
Land | 160,713 | ||||
Improvements less Cost of Sales and Other | (34,076) | ||||
Carrying Costs | [2] | 3,743 | |||
Land & Land Improvements | 130,380 | ||||
Total | 130,380 | ||||
Real Estate, Net | Other County | Other Property | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 0 | ||||
Improvements less Cost of Sales and Other | 4,742 | ||||
Carrying Costs | [2] | 0 | |||
Land & Land Improvements | 4,742 | ||||
Total | 4,742 | ||||
Real Estate, Net | California | Contra Costa County | San Joaquin River | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 12,225 | ||||
Improvements less Cost of Sales and Other | (10,558) | ||||
Land & Land Improvements | 1,667 | ||||
Total | 1,667 | ||||
Real Estate, Net | Colorado | Douglas County | Cielo | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | 3,933 | ||||
Improvements less Cost of Sales and Other | 3,187 | ||||
Land & Land Improvements | 7,120 | ||||
Total | $ 7,120 | ||||
Date Acquired | 2,016 | ||||
Real Estate, Net | Florida | Broward County | The Preserves at Stonebriar | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 3,002 | ||||
Improvements less Cost of Sales and Other | 244 | ||||
Land & Land Improvements | 3,246 | ||||
Total | $ 3,246 | ||||
Date Acquired | 2,017 | ||||
Real Estate, Net | Florida | Manatee County | Palisades | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 4,516 | ||||
Improvements less Cost of Sales and Other | 370 | ||||
Land & Land Improvements | 4,886 | ||||
Total | $ 4,886 | ||||
Date Acquired | 2,017 | ||||
Real Estate, Net | Florida | Sarasota County | Fox Creek | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 12,257 | ||||
Improvements less Cost of Sales and Other | 742 | ||||
Land & Land Improvements | 12,999 | ||||
Total | $ 12,999 | ||||
Date Acquired | 2,017 | ||||
Real Estate, Net | Georgia | Cobb County | West Oaks | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 1,669 | ||||
Improvements less Cost of Sales and Other | 748 | ||||
Land & Land Improvements | 2,417 | ||||
Total | $ 2,417 | ||||
Date of Construction | 2,015 | ||||
Date Acquired | 2,015 | ||||
Real Estate, Net | Georgia | Guinnett County | Independence | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 15,937 | ||||
Improvements less Cost of Sales and Other | 2,651 | ||||
Land & Land Improvements | 18,588 | ||||
Total | $ 18,588 | ||||
Date of Construction | 2,017 | ||||
Date Acquired | 2,017 | ||||
Real Estate, Net | Georgia | Paulding County | Harris Place | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 265 | ||||
Improvements less Cost of Sales and Other | (219) | ||||
Land & Land Improvements | 46 | ||||
Total | $ 46 | ||||
Date Acquired | 2,012 | ||||
Real Estate, Net | Georgia | Paulding County | Seven Hills | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 2,964 | ||||
Improvements less Cost of Sales and Other | 1,198 | ||||
Carrying Costs | [2] | 61 | |||
Land & Land Improvements | 4,223 | ||||
Total | $ 4,223 | ||||
Date Acquired | 2,012 | ||||
Real Estate, Net | North Carolina | Cabbarus County | Moss Creek | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 1,254 | ||||
Improvements less Cost of Sales and Other | 116 | ||||
Land & Land Improvements | 1,370 | ||||
Total | $ 1,370 | ||||
Date of Construction | 2,017 | ||||
Date Acquired | 2,016 | ||||
Real Estate, Net | South Carolina | York County | Habersham | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 3,877 | ||||
Improvements less Cost of Sales and Other | (948) | ||||
Carrying Costs | [2] | 506 | |||
Land & Land Improvements | 3,435 | ||||
Total | $ 3,435 | ||||
Date of Construction | 2,014 | ||||
Date Acquired | 2,013 | ||||
Real Estate, Net | Tennessee | Wilson County | Beckwith Crossing | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 1,294 | ||||
Improvements less Cost of Sales and Other | 1,070 | ||||
Carrying Costs | [2] | 275 | |||
Land & Land Improvements | 2,639 | ||||
Total | $ 2,639 | ||||
Date of Construction | 2,015 | ||||
Date Acquired | 2,014 | ||||
Real Estate, Net | Tennessee | Williamson County | Morgan Farms | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 6,841 | ||||
Improvements less Cost of Sales and Other | (4,168) | ||||
Carrying Costs | [2] | 225 | |||
Land & Land Improvements | 2,898 | ||||
Total | $ 2,898 | ||||
Date of Construction | 2,013 | ||||
Date Acquired | 2,013 | ||||
Real Estate, Net | Tennessee | Williamson County | Weatherford Estates | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 856 | ||||
Improvements less Cost of Sales and Other | (922) | ||||
Carrying Costs | [2] | 139 | |||
Land & Land Improvements | 73 | ||||
Total | $ 73 | ||||
Date of Construction | 2,015 | ||||
Date Acquired | 2,014 | ||||
Real Estate, Net | Texas | Calhoun County | Caracol | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 8,603 | ||||
Improvements less Cost of Sales and Other | (8,025) | ||||
Land & Land Improvements | 578 | ||||
Total | $ 578 | ||||
Date of Construction | 2,006 | ||||
Date Acquired | 2,006 | ||||
Real Estate, Net | Texas | Collin County | Lakes Of Prosper | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 8,951 | ||||
Improvements less Cost of Sales and Other | (9,094) | ||||
Carrying Costs | [2] | 453 | |||
Land & Land Improvements | 310 | ||||
Total | $ 310 | ||||
Date Acquired | 2,012 | ||||
Real Estate, Net | Texas | Collin County | Parkside | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 2,177 | ||||
Improvements less Cost of Sales and Other | (1,937) | ||||
Carrying Costs | [2] | 307 | |||
Land & Land Improvements | 547 | ||||
Total | $ 547 | ||||
Date of Construction | 2,014 | ||||
Date Acquired | 2,013 | ||||
Real Estate, Net | Texas | Collin County | Timber Creek | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 7,282 | ||||
Improvements less Cost of Sales and Other | 6,410 | ||||
Carrying Costs | [2] | 212 | |||
Land & Land Improvements | 13,904 | ||||
Total | $ 13,904 | ||||
Date of Construction | 2,007 | ||||
Date Acquired | 2,007 | ||||
Real Estate, Net | Texas | Denton County | Lantana | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 27,673 | ||||
Improvements less Cost of Sales and Other | (19,680) | ||||
Carrying Costs | [2] | 585 | |||
Land & Land Improvements | 8,578 | ||||
Total | $ 8,578 | ||||
Date of Construction | 2,000 | ||||
Date Acquired | 1,999 | ||||
Real Estate, Net | Texas | Denton County | River's Edge | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 1,227 | ||||
Improvements less Cost of Sales and Other | 445 | ||||
Land & Land Improvements | 1,672 | ||||
Total | $ 1,672 | ||||
Date Acquired | 2,014 | ||||
Real Estate, Net | Texas | Denton County | The Preserve At Pecan Creek | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 5,855 | ||||
Improvements less Cost of Sales and Other | (681) | ||||
Carrying Costs | [2] | 256 | |||
Land & Land Improvements | 5,430 | ||||
Total | $ 5,430 | ||||
Date of Construction | 2,006 | ||||
Date Acquired | 2,005 | ||||
Real Estate, Net | Texas | Kaufman County | Lakewood Trails | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 8,009 | ||||
Improvements less Cost of Sales and Other | 340 | ||||
Land & Land Improvements | 8,349 | ||||
Total | $ 8,349 | ||||
Date Acquired | 2,017 | ||||
Real Estate, Net | Texas | Tarrant County | Summer Creek Ranch | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 2,887 | ||||
Improvements less Cost of Sales and Other | (1,651) | ||||
Land & Land Improvements | 1,236 | ||||
Total | $ 1,236 | ||||
Date Acquired | 2,012 | ||||
Real Estate, Net | Texas | Tarrant County | Bar C Ranch | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 1,365 | ||||
Improvements less Cost of Sales and Other | 3,623 | ||||
Carrying Costs | [2] | 430 | |||
Land & Land Improvements | 5,418 | ||||
Total | $ 5,418 | ||||
Date Acquired | 2,012 | ||||
Real Estate, Net | Texas | Fort Bend County | Southern Colony | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 3,024 | ||||
Improvements less Cost of Sales and Other | 4,090 | ||||
Land & Land Improvements | 7,114 | ||||
Total | $ 7,114 | ||||
Date Acquired | 2,017 | ||||
Real Estate, Net | Texas | Fort Bend County | Willow Creek Farms | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 290 | ||||
Land | 3,479 | ||||
Improvements less Cost of Sales and Other | (1,741) | ||||
Carrying Costs | [2] | 60 | |||
Land & Land Improvements | 1,798 | ||||
Total | $ 1,798 | ||||
Date of Construction | 2,012 | ||||
Date Acquired | 2,012 | ||||
Real Estate, Net | Texas | Harris County | City Park | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 3,946 | ||||
Improvements less Cost of Sales and Other | (3,794) | ||||
Carrying Costs | [2] | 229 | |||
Land & Land Improvements | 381 | ||||
Total | $ 381 | ||||
Date of Construction | 2,002 | ||||
Date Acquired | 2,001 | ||||
Real Estate, Net | Texas | Harris County | Imperial Forest | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | $ 5,345 | ||||
Improvements less Cost of Sales and Other | (634) | ||||
Carrying Costs | [2] | 5 | |||
Land & Land Improvements | 4,716 | ||||
Total | $ 4,716 | ||||
Date of Construction | 2,015 | ||||
Date Acquired | 2,014 | ||||
Real Estate, Held For Sale | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | [3] | $ 113,528 | |||
Improvements less Cost of Sales and Other | [3] | 62,803 | |||
Carrying Costs | [2],[3] | 3,916 | |||
Land & Land Improvements | [3] | 180,247 | |||
Total | [3] | 180,247 | |||
Real Estate, Held For Sale | California | Los Angeles | Land In Entitlement Process | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | [3] | 3,950 | |||
Improvements less Cost of Sales and Other | [3] | 21,752 | |||
Land & Land Improvements | [3] | 25,702 | |||
Total | [3] | $ 25,702 | |||
Date Acquired | [3] | 1,997 | |||
Real Estate, Held For Sale | Colorado | Douglas County | Pinery West | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | [3] | $ 7,308 | |||
Improvements less Cost of Sales and Other | [3] | 3,849 | |||
Land & Land Improvements | [3] | 11,157 | |||
Total | [3] | $ 11,157 | |||
Date of Construction | [3] | 2,006 | |||
Date Acquired | [3] | 2,006 | |||
Real Estate, Held For Sale | Colorado | Weld County | Buffalo Highlands | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | [3] | $ 3,001 | |||
Improvements less Cost of Sales and Other | [3] | (295) | |||
Land & Land Improvements | [3] | 2,706 | |||
Total | [3] | $ 2,706 | |||
Date of Construction | [3] | 2,006 | |||
Date Acquired | [3] | 2,005 | |||
Real Estate, Held For Sale | Colorado | Weld County | Johnstown Farms | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | [3] | $ 2,749 | |||
Improvements less Cost of Sales and Other | [3] | 4,073 | |||
Carrying Costs | [2],[3] | 100 | |||
Land & Land Improvements | [3] | 6,922 | |||
Total | [3] | $ 6,922 | |||
Date of Construction | [3] | 2,002 | |||
Date Acquired | [3] | 2,002 | |||
Real Estate, Held For Sale | Colorado | Weld County | Stone Braker | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | [3] | $ 3,878 | |||
Improvements less Cost of Sales and Other | [3] | (1,786) | |||
Land & Land Improvements | [3] | 2,092 | |||
Total | [3] | $ 2,092 | |||
Date of Construction | [3] | 2,005 | |||
Date Acquired | [3] | 2,005 | |||
Real Estate, Held For Sale | North Carolina | Mechlanburg County | Walden | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | [3] | $ 12,085 | |||
Improvements less Cost of Sales and Other | [3] | 5,446 | |||
Carrying Costs | [2],[3] | 350 | |||
Land & Land Improvements | [3] | 17,881 | |||
Total | [3] | $ 17,881 | |||
Date of Construction | [3] | 2,016 | |||
Date Acquired | [3] | 2,015 | |||
Real Estate, Held For Sale | South Carolina | Lancaster County | Ansley | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | [3] | $ 5,089 | |||
Improvements less Cost of Sales and Other | [3] | 4,198 | |||
Carrying Costs | [2],[3] | 315 | |||
Land & Land Improvements | [3] | 9,602 | |||
Total | [3] | $ 9,602 | |||
Date of Construction | [3] | 2,017 | |||
Date Acquired | [3] | 2,015 | |||
Real Estate, Held For Sale | Tennessee | Williamson County | Scales Farmstead | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | [3] | $ 3,575 | |||
Improvements less Cost of Sales and Other | [3] | 4,848 | |||
Carrying Costs | [2],[3] | 455 | |||
Land & Land Improvements | [3] | 8,878 | |||
Total | [3] | $ 8,878 | |||
Date Acquired | [3] | 2,015 | |||
Real Estate, Held For Sale | Texas | Bastrop County | Hunters Crossing | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | [3] | $ 3,613 | |||
Improvements less Cost of Sales and Other | [3] | 3,970 | |||
Land & Land Improvements | [3] | 7,583 | |||
Total | [3] | $ 7,583 | |||
Date of Construction | [3] | 2,001 | |||
Date Acquired | [3] | 2,001 | |||
Real Estate, Held For Sale | Texas | Bexar County | Cibolo Canyons | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | [3] | $ 17,305 | |||
Improvements less Cost of Sales and Other | [3] | 22,088 | |||
Carrying Costs | [2],[3] | 1,696 | |||
Land & Land Improvements | [3] | 41,089 | |||
Total | [3] | $ 41,089 | |||
Date of Construction | [3] | 2,004 | |||
Date Acquired | [3] | 1,986 | |||
Real Estate, Held For Sale | Texas | Dallas County | Stoney Creek | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | [3] | $ 12,822 | |||
Improvements less Cost of Sales and Other | [3] | 1,712 | |||
Carrying Costs | [2],[3] | 608 | |||
Land & Land Improvements | [3] | 15,142 | |||
Total | [3] | $ 15,142 | |||
Date of Construction | [3] | 2,007 | |||
Date Acquired | [3] | 2,007 | |||
Real Estate, Held For Sale | Texas | Fort Bend County | Summer Lakes | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | [3] | $ 4,269 | |||
Improvements less Cost of Sales and Other | [3] | (1,100) | |||
Carrying Costs | [2],[3] | 89 | |||
Land & Land Improvements | [3] | 3,258 | |||
Total | [3] | $ 3,258 | |||
Date of Construction | [3] | 2,013 | |||
Date Acquired | [3] | 2,012 | |||
Real Estate, Held For Sale | Texas | Fort Bend County | Summer Park | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | [3] | $ 4,804 | |||
Improvements less Cost of Sales and Other | [3] | (2,490) | |||
Carrying Costs | [2],[3] | 17 | |||
Land & Land Improvements | [3] | 2,331 | |||
Total | [3] | $ 2,331 | |||
Date of Construction | [3] | 2,013 | |||
Date Acquired | [3] | 2,012 | |||
Real Estate, Held For Sale | Texas | Harris County | Barrington | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | [3] | $ 8,950 | |||
Improvements less Cost of Sales and Other | [3] | (7,892) | |||
Land & Land Improvements | [3] | 1,058 | |||
Total | [3] | $ 1,058 | |||
Date Acquired | [3] | 2,011 | |||
Real Estate, Held For Sale | Texas | Hays County | Arrowhead Ranch | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | [3] | $ 12,856 | |||
Improvements less Cost of Sales and Other | [3] | 7,639 | |||
Carrying Costs | [2],[3] | 286 | |||
Land & Land Improvements | [3] | 20,781 | |||
Total | [3] | $ 20,781 | |||
Date of Construction | [3] | 2,015 | |||
Date Acquired | [3] | 2,007 | |||
Real Estate, Held For Sale | Texas | Travis County | West Austin | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Land | [3] | $ 7,274 | |||
Improvements less Cost of Sales and Other | [3] | (1,525) | |||
Land & Land Improvements | [3] | 5,749 | |||
Total | [3] | $ 5,749 | |||
Date Acquired | [3] | 2,014 | |||
Real Estate, Held For Sale | Texas | Other County | Other Property | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Improvements less Cost of Sales and Other | [3],[4] | $ (1,684) | |||
Land & Land Improvements | [3],[4] | (1,684) | |||
Total | [3],[4] | (1,684) | |||
Equity Method Investments | Cost of Real Estate Sales | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Non-cash impairment charges | $ 3,000 | ||||
[1] | Includes natural gas liquids (NGLs). | ||||
[2] | We do not capitalize carrying costs until development begins. | ||||
[3] | Included in the strategic asset sale to Starwood on February 8, 2018. Please read Note 22 — Subsequent Event for additional information regarding this transaction. | ||||
[4] | Includes $3,000,000 in non-cash impairment charges in fourth quarter 2017 associated with the asset group sold to Starwood. |
Schedule III - Reconciliation o
Schedule III - Reconciliation of Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning balance | $ 293,003 | $ 618,844 | $ 607,133 |
Amounts capitalized | 105,611 | 89,780 | 124,633 |
Amounts retired or adjusted | (87,987) | (415,621) | (112,922) |
Ending balance | 310,627 | 293,003 | 618,844 |
Beginning balance | 0 | (32,129) | (31,377) |
Depreciation expense | 0 | (816) | (6,810) |
Amounts retired or adjusted | 0 | 32,945 | 6,058 |
Ending balance | $ 0 | $ 0 | $ (32,129) |