Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 01, 2018 | |
Entity Registrant Name | BBX Capital Corp | |
Entity Central Index Key | 315,858 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Class A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 79,578,730 | |
Class B Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 17,461,655 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | [1] |
ASSETS | |||
Cash and cash equivalents | $ 369,512 | $ 362,526 | |
Restricted cash ($17,081 in 2018 and $19,488 in 2017 in variable interest entities ("VIEs")) | 55,710 | 46,721 | |
Notes receivable, net ($308,221 in 2018 and $279,188 in 2017 in VIEs) | 439,484 | 426,858 | |
Trade inventory | 21,706 | 23,902 | |
Vacation ownership interest ("VOI") inventory | 325,532 | 281,291 | |
Real estate ($20,684 in 2018 and $27,828 in 2017 held for sale) | 52,579 | 68,536 | |
Investments in unconsolidated real estate joint ventures | 42,550 | 51,234 | |
Property and equipment, net | 133,267 | 111,929 | |
Goodwill | 39,482 | 39,482 | |
Intangible assets, net | 71,609 | 70,449 | |
Other assets | 126,336 | 122,753 | |
Total assets | 1,677,767 | 1,605,681 | |
Liabilities: | |||
Accounts payable | 26,677 | 31,370 | |
Deferred income | 15,509 | 16,893 | |
Escrow deposits | 31,957 | 21,079 | |
Other liabilities | 112,133 | 103,464 | |
Receivable-backed notes payable - recourse | 97,770 | 84,697 | |
Receivable-backed notes payable - non-recourse (in VIEs) | 335,680 | 336,421 | |
Notes payable and other borrowings | 197,177 | 144,114 | |
Junior subordinated debentures | 136,231 | 135,414 | |
Deferred income taxes | 68,453 | 47,968 | |
Redeemable 5% cumulative preferred stock of $.01 par value; authorized 15,000 shares; issued and outstanding 10,000 shares in 2018 and 15,000 shares in 2017 with a stated value of $1,000 per share | 9,390 | 13,974 | |
Total liabilities | 1,030,977 | 935,394 | |
Commitments and contingencies (See Note 11) | |||
Redeemable noncontrolling interest | 2,844 | 2,765 | |
Equity: | |||
Preferred stock of $.01 par value; authorized 10,000,000 shares | |||
Additional paid-in capital | 175,896 | 229,379 | |
Accumulated earnings | 374,405 | 353,384 | |
Accumulated other comprehensive income | 1,507 | 1,708 | |
Total shareholders' equity | 552,740 | 585,468 | |
Noncontrolling interests | 91,206 | 82,054 | |
Total equity | 643,946 | 667,522 | |
Total liabilities and equity | 1,677,767 | 1,605,681 | |
Class A Common Stock [Member] | |||
Equity: | |||
Common stock | 794 | 857 | |
Class B Common Stock [Member] | |||
Equity: | |||
Common stock | $ 138 | $ 140 | |
[1] | See Note 1 for a summary of adjustments. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Restricted cash | $ 55,710 | $ 46,721 | [1] |
Notes receivable, net | 439,484 | 426,858 | [1] |
Real estate held-for-sale | $ 20,684 | $ 27,828 | |
Redeemable Cumulative Preferred Stock, dividend rate | 5.00% | 5.00% | |
Redeemable Cumulative Preferred Stock, par value | $ 0.01 | $ 0.01 | |
Redeemable Cumulative Preferred Stock, authorized amount | 15,000 | 15,000 | |
Redeemable Cumulative Preferred Stock, shares issued | 10,000 | 15,000 | |
Redeemable Cumulative Preferred Stock, shares outstanding | 10,000 | 15,000 | |
Redeemable Cumulative Preferred Stock, stated value per share | $ 1,000 | $ 1,000 | |
Preferred stock, par value | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Restricted cash | $ 17,081 | $ 19,488 | |
Notes receivable, net | $ 308,221 | $ 279,188 | |
Class A Common Stock [Member] | |||
Common Stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 150,000,000 | 150,000,000 | |
Common stock, shares issued | 79,417,242 | 85,689,163 | |
Common stock, shares outstanding | 79,417,242 | 85,689,163 | |
Class B Common Stock [Member] | |||
Common Stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 20,000,000 | 20,000,000 | |
Common stock, shares issued | 13,798,718 | 13,963,200 | |
Common stock, shares outstanding | 13,798,718 | 13,963,200 | |
[1] | See Note 1 for a summary of adjustments. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Operations And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||||
Revenues | |||||||
Total revenues | $ 254,403 | $ 240,896 | [1] | $ 715,692 | $ 643,996 | [1] | |
Costs and Expenses | |||||||
Cost of VOIs sold | 11,237 | 6,444 | [1] | 19,838 | 11,352 | [1] | |
Cost of other fee-based services | 19,937 | 17,182 | [1] | 53,983 | 48,663 | [1] | |
Cost reimbursements | 16,900 | 14,097 | [1] | 47,157 | 40,660 | [1] | |
Cost of trade sales | 28,960 | 31,810 | [1] | 88,051 | 73,773 | [1] | |
Cost of real estate inventory sold | 4,655 | 11,283 | |||||
Interest expense | 11,130 | 9,483 | [1] | 30,732 | 27,580 | [1] | |
Recoveries from loan losses, net | (443) | (2,005) | [1] | (7,236) | (6,098) | [1] | |
Asset impairments, net | 191 | 1,506 | [1] | 527 | 1,551 | [1] | |
Net gains on cancellation of junior subordinated debentures | [1] | (6,929) | |||||
Reimbursement of litigation costs and penalty | [1] | (2,113) | (11,719) | ||||
Selling, general and administrative expenses | 143,558 | 146,842 | [1] | 410,490 | 395,489 | [1] | |
Total costs and expenses | 236,125 | 223,246 | [1] | 654,825 | 574,322 | [1] | |
Equity in net earnings of unconsolidated real estate joint ventures | 373 | 2,105 | [1] | 1,165 | 8,428 | [1] | |
Foreign exchange gain (loss) | 76 | (105) | [1] | 91 | (312) | [1] | |
Income before income taxes | 18,727 | 19,650 | [1] | 62,123 | 77,790 | [1] | |
Provision for income taxes | (6,742) | (8,126) | [1] | (21,997) | (30,021) | [1] | |
Net income | 11,985 | 11,524 | [1] | 40,126 | 47,769 | [1] | |
Less: Net income attributable to noncontrolling interests | 5,806 | 3,398 | [1] | 16,324 | 9,488 | [1] | |
Net income attributable to shareholders | $ 6,179 | $ 8,126 | [1] | $ 23,802 | $ 38,281 | [1] | |
Basic earnings per share | $ 0.07 | $ 0.08 | [1] | $ 0.25 | $ 0.39 | [1] | |
Diluted earnings per share | $ 0.06 | $ 0.08 | [1] | $ 0.24 | $ 0.36 | [1] | |
Basic weighted average number of common shares outstanding | 93,193 | 98,073 | [1] | 95,722 | 98,408 | [1] | |
Diluted weighted average number of common and common equivalent shares outstanding | 96,576 | 106,021 | [1] | 98,971 | 105,802 | [1] | |
Other comprehensive income, net of tax: | |||||||
Unrealized (losses) gains on securities available for sale | $ (11) | $ 16 | [1] | $ (11) | $ 62 | [1] | |
Foreign currency translation adjustments | 65 | 418 | [1] | 62 | 301 | [1] | |
Other comprehensive income, net | 54 | 434 | [1] | 51 | 363 | [1] | |
Comprehensive income, net of tax | 12,039 | 11,958 | [1] | 40,177 | 48,132 | [1] | |
Less: Comprehensive income attributable to noncontrolling interests | 5,806 | 3,398 | [1] | 16,324 | 9,488 | [1] | |
Comprehensive income attributable to shareholders | $ 6,233 | $ 8,560 | [1] | $ 23,853 | $ 38,644 | [1] | |
Class A Common Stock [Member] | |||||||
Costs and Expenses | |||||||
Cash dividends declared per common share | $ 0.010 | $ 0.0075 | [1] | $ 0.030 | $ 0.0225 | [1] | |
Class B Common Stock [Member] | |||||||
Costs and Expenses | |||||||
Cash dividends declared per common share | $ 0.010 | $ 0.0075 | [1] | $ 0.030 | $ 0.0225 | [1] | |
Sales Of VOIs [Member] | |||||||
Revenues | |||||||
Total revenues | $ 70,698 | $ 62,453 | [1] | $ 195,412 | $ 176,094 | [1] | |
Fee-Based Sales Commissions [Member] | |||||||
Revenues | |||||||
Total revenues | 61,641 | 69,977 | [1] | 167,581 | 179,046 | [1] | |
Other Fee-Based Services [Member] | |||||||
Revenues | |||||||
Total revenues | 31,057 | 27,386 | [1] | 89,472 | 83,442 | [1] | |
Cost Reimbursements [Member] | |||||||
Revenues | |||||||
Total revenues | 16,900 | 14,097 | [1] | 47,157 | 40,660 | [1] | |
Trade Sales [Member] | |||||||
Revenues | |||||||
Total revenues | 43,803 | 44,718 | [1] | 126,114 | 96,369 | [1] | |
Sales Of Real Estate Inventory [Member] | |||||||
Revenues | |||||||
Total revenues | 7,478 | 17,138 | |||||
Interest Income [Member] | |||||||
Revenues | |||||||
Total revenues | 21,157 | 21,035 | [1] | 63,738 | 63,065 | [1] | |
Net (Losses) Gains On Sales Of Real Estate Assets [Member] | |||||||
Revenues | |||||||
Total revenues | (4) | (18) | [1] | 4,798 | 1,668 | [1] | |
Other Revenue [Member] | |||||||
Revenues | |||||||
Total revenues | $ 1,673 | $ 1,248 | [1] | $ 4,282 | $ 3,652 | [1] | |
[1] | See Note 1 for a summary of adjustments. |
Condensed Consolidated Statem_4
Condensed Consolidated Statement Of Changes In Equity - 9 months ended Sep. 30, 2018 - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member]Class A Common Stock [Member] | Common Stock [Member]Class B Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Earnings [Member]Class A Common Stock [Member] | Accumulated Earnings [Member]Class B Common Stock [Member] | Accumulated Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Total Shareholders' Equity [Member]Class A Common Stock [Member] | Total Shareholders' Equity [Member]Class B Common Stock [Member] | Total Shareholders' Equity [Member] | Non-controlling Interests [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Total | |
Beginning balance (As Previously Reported [Member]) at Dec. 31, 2017 | $ 653,501 | ||||||||||||||
Beginning balance at Dec. 31, 2017 | [1] | $ 857 | $ 140 | $ 229,379 | $ 353,384 | $ 1,708 | $ 585,468 | $ 82,054 | 667,522 | ||||||
Beginning balance, shares at Dec. 31, 2017 | [1] | 85,689 | 13,963 | ||||||||||||
Net income excluding $58 of loss attributable to redeemable noncontrolling interest | 23,802 | 23,802 | 16,382 | 40,184 | |||||||||||
Other comprehensive income | 51 | 51 | 51 | ||||||||||||
Distributions to noncontrolling interests | (8,263) | (8,263) | |||||||||||||
Increase in noncontrolling interest from loan foreclosure | 704 | 704 | |||||||||||||
Purchase of noncontrolling interest | (587) | (587) | 329 | (258) | |||||||||||
Common stock cash dividends declared | $ (2,492) | $ (541) | $ (2,492) | $ (541) | $ (2,492) | $ (541) | |||||||||
Repurchase and retirement of Common Stock from tender offer, value | $ (65) | (60,076) | (60,141) | (60,141) | |||||||||||
Repurchase and retirement of Common Stock from tender offer, shares | (6,486) | ||||||||||||||
Repurchase and retirement of Common Stock from vesting of restricted awards, value | $ (4) | $ (1) | (3,777) | (3,782) | (3,782) | ||||||||||
Repurchase and retirement of Common Stock from vesting of restricted awards, shares | (375) | (137) | |||||||||||||
Conversion of Common Stock from Class B to Class A, value | $ 1 | $ (1) | |||||||||||||
Conversion of Common Stock from Class B to Class A, shares | 27 | (27) | |||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, value | $ 5 | (5) | |||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, shares | 535 | ||||||||||||||
Issuance of Common Stock from exercise of options, value | 245 | 245 | 245 | ||||||||||||
Issuance of Common Stock from exercise of options, shares | 27 | ||||||||||||||
Share-based compensation | 10,717 | 10,717 | 10,717 | ||||||||||||
Ending balance at Sep. 30, 2018 | $ 794 | $ 138 | $ 175,896 | 374,405 | 1,507 | $ 552,740 | $ 91,206 | $ 643,946 | |||||||
Ending balance, shares at Sep. 30, 2018 | 79,417 | 13,799 | |||||||||||||
Cumulative effect from the adoption of ASU | Accounting Standards Update 2016-01 [Member] | $ 252 | $ (252) | |||||||||||||
[1] | See Note 1 for a summary of adjustments. |
Condensed Consolidated Statem_5
Condensed Consolidated Statement Of Changes In Equity (Parenthetical) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Condensed Consolidated Statement Of Changes In Equity [Abstract] | |
Loss attributable to redeemable noncontrolling interest | $ (58) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | |||||
Operating activities: | |||||||||||||
Net income | $ 11,985 | $ 11,524 | [1] | $ 40,126 | $ 47,769 | [1] | $ 102,303 | $ 42,596 | |||||
Adjustment to reconcile net income to net cash provided by operating activities: | |||||||||||||
Recoveries from loan losses and asset impairments, net | (6,709) | (4,547) | |||||||||||
Provision for notes receivable allowances | 35,866 | 32,066 | |||||||||||
Depreciation, amortization and accretion, net | 18,550 | 15,066 | |||||||||||
Share-based compensation expense | 10,717 | 10,119 | |||||||||||
Net gains on sales of real estate held-for-sale | (4,798) | (1,668) | |||||||||||
Equity in earnings of unconsolidated real estate joint ventures | (373) | (2,105) | [1] | (1,165) | (8,428) | [1] | (12,541) | (12,178) | |||||
Return on investment in unconsolidated real estate joint ventures | 5,233 | 11,465 | |||||||||||
Increase in deferred income tax | 20,465 | 30,279 | |||||||||||
Net gains on cancellation of junior subordinated debentures | [1] | (6,929) | |||||||||||
Interest accretion on redeemable 5% cumulative preferred stock | 854 | 901 | |||||||||||
Increase in notes receivable | (48,492) | (29,526) | |||||||||||
Increase in VOI inventory | (23,405) | (30,707) | |||||||||||
Decrease (increase) in trade inventory | 2,286 | (5,613) | |||||||||||
Decrease (increase) in real estate inventory | 9,990 | (7,733) | |||||||||||
Increase in other assets | (24,705) | (12,657) | |||||||||||
Increase in other liabilities | 8,774 | 13,323 | |||||||||||
Net cash provided by operating activities | 43,587 | 53,180 | |||||||||||
Investing activities: | |||||||||||||
Return of investment in unconsolidated real estate joint ventures | 6,586 | 888 | |||||||||||
Investments in unconsolidated real estate joint ventures | (1,755) | (2,645) | |||||||||||
Repayment of loans receivable | 17,930 | 9,522 | |||||||||||
Proceeds from sales of real estate held-for-sale | 17,121 | 10,601 | |||||||||||
Additions to real estate held-for-sale and held-for-investment | (1,102) | (933) | |||||||||||
Purchases of property and equipment | (13,243) | (5,780) | (33,316) | (14,158) | |||||||||
Proceeds from the sale of property and equipment | 569 | ||||||||||||
Cash paid for acquisition, net of cash received | (58,418) | ||||||||||||
Decrease in cash from other investing activities | (5,072) | (373) | |||||||||||
Net cash provided by (used in) investing activities | 961 | (55,516) | |||||||||||
Financing activities: | |||||||||||||
Repayments of notes payable and other borrowings | (152,204) | (197,581) | |||||||||||
Proceeds from notes payable and other borrowings | 196,439 | 206,884 | |||||||||||
Redemption of junior subordinated debentures | (11,438) | ||||||||||||
Payments for debt issuance costs | (1,131) | (3,217) | |||||||||||
Payments of interest on redeemable 5% cumulative preferred stock | (438) | (563) | |||||||||||
Repurchase and retirement of Class A common stock | (60,141) | (6,213) | |||||||||||
Purchase of noncontrolling interest | (258) | ||||||||||||
Proceeds from the exercise of stock options | 245 | 62 | |||||||||||
Dividends paid on common stock | (2,822) | (2,136) | |||||||||||
Distributions to noncontrolling interest | (8,263) | (3,920) | |||||||||||
Net cash used in financing activities | (28,573) | (18,122) | |||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | 15,975 | (20,458) | |||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 409,247 | 346,317 | 346,317 | ||||||||||
Cash, cash equivalents and restricted cash at end of period | 425,222 | 325,859 | 425,222 | 325,859 | 409,247 | 346,317 | |||||||
Supplemental cash flow information: | |||||||||||||
Interest paid on borrowings | 27,807 | 21,392 | |||||||||||
Income taxes paid | 3,103 | 2,570 | |||||||||||
Supplementary disclosure of non-cash investing and financing activities: | |||||||||||||
Construction funds receivable transferred to real estate | 8,716 | 8,259 | |||||||||||
Acquisition of VOI inventory, property and equipment for notes payable | 24,258 | ||||||||||||
Reduction in redeemable 5% cumulative preferred stock | 4,862 | ||||||||||||
Reduction in note receivable from holder of redeemable 5% cumulative preferred stock | (5,000) | ||||||||||||
Property and equipment transferred to real estate | 6,181 | ||||||||||||
Decrease in deferred tax liabilities due to cumulative effect of excess tax benefits | $ 3,054 | ||||||||||||
Repurchase and retirement of shares of common stock in connection with share based compensation withholding tax obligations | 3,782 | 4,028 | |||||||||||
Reconciliation of cash, cash equivalents and restricted cash: | |||||||||||||
Cash and cash equivalents | $ 369,512 | $ 362,526 | [1] | 264,380 | |||||||||
Restricted cash | 55,710 | 46,721 | [1] | 61,479 | |||||||||
Total cash, cash equivalents, and restricted cash | $ 425,222 | $ 325,859 | $ 409,247 | $ 346,317 | $ 346,317 | $ 346,317 | $ 425,222 | $ 409,247 | $ 325,859 | ||||
[1] | See Note 1 for a summary of adjustments. |
Basis Of Financial Statement Pr
Basis Of Financial Statement Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Basis Of Financial Statement Presentation [Abstract] | |
Basis Of Financial Statement Presentation | 1. Basis of Financial Statement Presentation BBX Capital Corporation and its subsidiaries (the “Company” or, unless otherwise indicated or the context otherwise requires, “we,” “us,” or “our”) is a Florida-based diversified holding company. BBX Capital Corporation as a standalone entity without its subsidiaries is referred to as “BBX Capital.” The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these financial statements do not include all of the information and disclosures required by GAAP for complete financial statements. In management’s opinion, the accompanying unaudited condensed consolidated financial statements contain all adjustments, which include normal recurring adjustments, that are necessary for a fair statement of the condensed consolidated financial condition of the Company at September 30, 2018; the condensed consolidated results of operations and comprehensive income of the Company for the three and nine months ended September 30, 2018 and 2017; the condensed consolidated changes in equity of the Company for the nine months ended September 30, 2018; and the condensed consolidated cash flows of the Company for the nine months ended September 30, 2018 and 2017. Operating results for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 or any other future period. These unaudited condensed consolidated financial statements and related notes are presented as permitted by Form 10-Q and should be read in conjunction with the Company’s audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 (the “2017 Annual Report”) filed with the Securities and Exchange Commission (“SEC”) on March 9, 2018 . The consolidated financial statements include the accounts of all of BBX Capital ’s wholly-owned subsidiaries, other entities in which BBX Capital or its subsidiaries hold controlling financial interests, and any VIEs in which BBX Capital or one of its consolidated subsidiaries is deemed the primary beneficiary of the VIE. All significant inter-company accounts and transactions have been eliminated in consolidation. Certain amounts for prior periods have been reclassified to conform to the current period’s presentation. The Company’s adoption of the new revenue recognition accounting standard on a full retrospective basis required the Company to restate certain previously reported results. For further details regarding the impact of adopting new accounting pronouncements, see “Recently Adopted Accounting Pronouncement s ” section below. In addition, the Company also reclassified $ 19.5 million of loans receivable to other assets in its condensed consolidated statement of financial condition as of December 31, 2017. The Company’s principal investments include Bluegreen Vacations Corporation (“Bluegreen” or “Bluegreen Vacations”), real estate and real estate joint ventures, and middle market operating businesses. Bluegreen is a leading vacation ownership company that markets and sells VOIs and manages resorts in leisure and urban destinations. Bluegreen’s resort network includes 45 Club Resorts (resorts in which owners in the Bluegreen Vacation Club (“Vacation Club”) have the right to use most of the units in connection with their VOI ownership) and 24 Club Associate Resorts (resorts in which owners in Bluegreen’s Vacation Club have the right to use a limited number of units in connection with their VOI ownership). Bluegreen’s Club Resorts and Club Associate Resorts are primarily located in popular, high-volume, “drive-to” vacation locations, including Orlando, Las Vegas, Myrtle Beach and Charleston, among others. Through Bluegreen’s points-based system, the approximately 216,000 owners in Bluegreen’s Vacation Club have the flexibility to stay at units available at any of its resorts and have access to approximately 11,100 other hotels and resorts through partnerships and exchange networks. Bluegreen’s sales and marketing platform is supported by exclusive marketing relationships with nationally-recognized consumer brands, such as Bass Pro and Choice Hotels. These marketing relationships drive sales within Bluegreen’s core demographic. Prior to 2009, Bluegreen’s vacation ownership business consisted solely of the sale of VOIs in resorts that it developed or acquired. While it continues to conduct such sales and development activities, Bluegreen now also derives a significant portion of its revenue from its capital-light business model, which utilizes Bluegreen’s expertise and infrastructure to generate both VOI sales and recurring revenue from third parties without the significant capital investment generally associated with the development and acquisition of resorts. Bluegreen’s capital-light business activities include sales of VOIs owned by third-party developers pursuant to which Bluegreen is paid a commission (“fee-based sales”) and sales of VOIs that it purchases under just-in-time (“JIT”) arrangements with third-party developers or from secondary market sources. In addition, Bluegreen provides resorts and resort developers with other fee-based services, including resort management, mortgage servicing, title services and construction management. Bluegreen also offers financing to qualified VOI purchasers, which generates significant interest income. Prior to the fourth quarter of 2017, Woodbridge Holdings, LLC (“Woodbridge”), a wholly-owned subsidiary of BBX Capital, owned 100% of Bluegreen ’s common stock . During the fourth quarter of 2017, Bluegreen completed an initial public offering (“IPO”) of its common stock in which Bluegreen sold to the public 3,736,723 shares of its common stock and Woodbridge, as a selling shareholder, sold to the public 3,736,722 shares of Bluegreen’s common stock. As a result of Bluegreen’s IPO, BBX Capital currently owns 90% of Bluegreen ’s common stock through Woodbridge. The Company’s real estate investments include real estate joint ventures and the acquisition, development , ownership, financing, and management of real estate. The Company’s investments in middle market operating businesses include Renin Holdings, LLC (“Renin”), a company that manufactures products for the home improvement industry, and investments in confectionery businesses through its wholly-owned subsidiary, BBX Sweet Holdings, LLC (“BBX Sweet Holdings”). The Company’s investments in confectionery businesses include IT’SUGAR, LLC (“IT’SUGAR”), a specialty candy retailer with over 90 retail locations in 26 states and Washington, D.C. that was acquired by BBX Sweet Holdings in June 2017. BBX Capital has two classes of common stock. Holders of the Class A common stock are entitled to one vote per share, which in the aggregate represents 22% of the combined voting power of the Class A common stock and the Class B common stock. Class B common stock represents the remaining 78% of the combined vote. The percentage of total common equity represented by Class A and Class B common stock was 85% and 15% , respectively, at September 30, 2018. Class B common stock is convertible into Class A common stock on a share for share basis at any time at the option of the holder. Recently Adopted Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) has issued the following Accounting Standards Updates (“ASU”) and guidance relevant to the Company’s operations which were adopted as of January 1, 2018: ASU No. 2014-09 – Revenue Recognition (Topic 606): In May 2014, the FASB issued a new standard related to revenue recognition (as subsequently clarified and amended by various ASUs). Under the new standard, revenue is recognized when an entity satisfies a performance obligation by transferring to a customer control over promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company adopted the standard on January 1, 2018 under the full retrospective method , and accordingly, results for prior periods have been adjusted to apply the new standard as shown below. The adoption of the standard affected Bluegreen in the following areas: (i) gross versus net presentation for payroll and insurance premium reimbursements related to resorts managed by Bluegreen and on behalf of third parties and (ii) the timing of the recognition of VOI revenue related to the removal of certain bright line tests regarding the determination of the adequacy of the buyer’s commitment under prior industry-specific guidance. Bluegreen concluded that the recognition of fee-based sales commissions, ancillary revenues, and rental revenues remained materially unchanged. The adoption of the standard on the Company’s real estate activities results in recognizing revenue sooner for contingent consideration on sales of real estate inventory. The adoption of the standard did not materially affect revenue recognition associated with the Company’s trade sales. Retail trade sales performance obligations are generally satisfied at the time of the sales transaction as customers of the retail business typically pay in cash at the time of transfer of the promised goods, while wholesale trade sales performance obligations are generally satisfied when the promised goods are shipped by the Company or received by the customer. However, the Company has historically recognized shipping and handling costs in selling, general and administration expenses, and upon the adoption of the standard, the Company began accounting for such costs as a fulfillment cost in cost of trade sales. The Company has elected to use the following practical expedients in connection with the adoption of ASU 2014-09: · We utilize the transaction price upon completion of the contract for certain contracts with customers; · We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less or unsatisfied performance obligations or unsatisfied promises to transfer a distinct good or service that forms a part of a single performance obligation recognized over time. See Note 2 for a further description of variable consideration identified in contracts with customers; · We expense all marketing and sales costs as incurred; · We exclude from the transaction price all taxes assessed by a governmental authority that are imposed on a specified transaction concurrent with the closing thereof and are collected by the Company from a customer; · We do not disclose remaining performance obligations for variable consideration when the variable consideration is allocated entirely to a wholly unsatisfied performance obligation; · We do not disclose remaining performance obligations when revenue is recognized based on the Company’s right to invoice; · We account for shipping and handling activities that occur after the control of the goods is transferred to a customer as fulfillment activities instead of a separate performance obligation; · We recognize incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset is one year or less; and · We do not adjust the transaction price for the effects of a significant financial component if we expect, at the contract inception, that the performance obligations will be satisfied within one year or less. ASU No. 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20). This standard provides guidance on the recognition of gains and losses from the transfer of nonfinancial assets to non-customers and requires that an entity must identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a non-customer or counterparty and derecognize each asset when the counterparty obtains control of the asset. This standard significantly changed the guidance on the transfer of real estate to unconsolidated joint ventures. Under prior guidance, the transfer of real estate to an unconsolidated joint venture was accounted for as a partial sale, resulting in the recognition of a partial gain, and the noncontrolling interest retained was measured at historical cost, resulting in a basis adjustment to the seller’s investment in the joint venture. In addition, the partial gain could be deferred if the sale did not satisfy certain criteria for gain recognition. As a result, the Company previously accounted for the transfer of land to certain unconsolidated real estate joint ventures for initial capital contributions as partial sales, resulting in deferred gains and joint venture basis adjustments. However, under the new standard, the full gain is recognized upon the transfer of control of real estate to an unconsolidated joint venture, and any noncontrolling interest retained is measured at fair value. The Company adopted the standard on January 1, 2018 under the full retrospective method and, accordingly, prior years’ results have been adjusted to apply the new standard as shown below. The following represents the impact of the a doption of ASU 2014-09 and ASU 2017-05 on our consolidated statements of financial condition as of December 31, 2017 and December 31, 2016 and consolidated statements of operations for the three and nine months ended September 30 , 2017 and the years ended December 31, 2017 and 2016 (in thousands, except per share data): For the Three Months Ended September 30, 2017 Prior to Adoption ASU 2014-09 Adjustments ASU 2017-05 Adjustments As Adjusted Statement of Operations: Sales of VOIs $ 61,687 766 - 62,453 Cost reimbursements - 14,097 - 14,097 Cost reimbursements - 14,097 - 14,097 Cost of VOIs sold 6,284 160 - 6,444 Trade sales 44,877 (159) - 44,718 Net loss on sales of real estate assets (18) - - (18) Cost of trade sales 29,494 2,316 - 31,810 Selling, general and administrative expenses 149,021 (2,179) - 146,842 Equity in earnings of unconsolidated real estate joint ventures 2,451 - (346) 2,105 Income before income taxes 19,686 310 (346) 19,650 Provision for income taxes (8,195) (64) 133 (8,126) Net income 11,491 246 (213) 11,524 Less: Net income attributable to noncontrolling interests 3,256 142 - 3,398 Net income attributable to shareholders $ 8,235 104 (213) 8,126 Basic earnings per share $ 0.08 0.08 Diluted earnings per share $ 0.08 0.08 For the Nine Months Ended September 30, 2017 Prior to Adoption ASU 2014-09 Adjustments ASU 2017-05 Adjustments As Adjusted Statement of Operations: Sales of VOIs $ 172,839 3,255 - 176,094 Cost reimbursements - 40,660 - 40,660 Cost reimbursements - 40,660 - 40,660 Cost of VOIs sold 10,737 615 - 11,352 Trade sales 96,831 (462) - 96,369 Net gains on sales of real estate assets 2,161 - (493) 1,668 Cost of trade sales 68,027 5,746 - 73,773 Selling, general and administrative expenses 400,845 (5,356) - 395,489 Equity in earnings of unconsolidated real estate joint ventures 9,620 - (1,192) 8,428 Income before income taxes 77,687 1,788 (1,685) 77,790 Provision for income taxes (30,028) (643) 650 (30,021) Net income 47,659 1,145 (1,035) 47,769 Less: Net income attributable to noncontrolling interests 9,467 21 - 9,488 Net income attributable to shareholders $ 38,192 1,124 (1,035) 38,281 Basic earnings per share $ 0.39 0.39 Diluted earnings per share $ 0.36 0.36 As of and for the Year Ended December 31, 2017 As Previously Reported ASU 2014-09 Adjustments ASU 2017-05 Adjustments As Adjusted Statement of Financial Condition: Notes receivable, net $ 431,801 (4,943) - 426,858 Investment in unconsolidated real estate joint ventures 47,275 - 3,959 51,234 Property and equipment, net 112,858 (929) - 111,929 Other assets 121,824 929 - 122,753 Other liabilities 103,926 - (462) 103,464 Deferred income 36,311 (19,418) - 16,893 Deferred income taxes 43,093 3,755 1,120 47,968 Total equity $ 653,501 10,720 3,301 667,522 Statement of Operations: Sales of VOIs $ 239,662 2,355 - 242,017 Cost reimbursements - 52,639 - 52,639 Cost reimbursements - 52,639 - 52,639 Cost of VOIs sold 17,439 240 - 17,679 Trade sales 142,798 (713) - 142,085 Net gains on sales of assets 2,442 - (493) 1,949 Cost of trade sales 97,755 8,163 - 105,918 Selling, general and administrative expenses 538,125 (8,423) - 529,702 Equity in earnings of unconsolidated real estate joint ventures 14,483 - (1,942) 12,541 Income before income taxes 93,374 1,662 (2,435) 92,601 Benefit for income taxes 7,223 954 1,525 9,702 Net income 100,597 2,616 (910) 102,303 Less: Net income attributable to noncontrolling interests 18,402 (24) - 18,378 Net income attributable to shareholders $ 82,195 2,640 (910) 83,925 Basic earnings per share $ 0.83 0.85 Diluted earnings per share $ 0.79 0.81 As of and for the Year Ended December 31, 2016 As Previously Reported ASU 2014-09 Adjustments ASU 2017-05 Adjustments As Adjusted Statement of Financial Condition: Notes receivable, net $ 430,480 (4,680) - 425,800 Investment in unconsolidated real estate joint ventures 43,491 - 5,901 49,392 Property and equipment, net 95,998 (590) - 95,408 Other assets 130,333 590 - 130,923 Other liabilities 95,611 - (956) 94,655 Deferred income 37,015 (17,493) - 19,522 Deferred income taxes 44,318 4,711 2,645 51,674 Total equity $ 495,454 8,102 4,212 507,768 Statement of Operations: Sales of VOIs $ 266,142 7,732 - 273,874 Cost reimbursements - 49,557 - 49,557 Cost reimbursements - 49,557 - 49,557 Cost of VOIs sold 27,346 1,483 - 28,829 Trade sales 95,996 (157) - 95,839 Net gains on sales of assets 6,076 - (2,274) 3,802 Cost of trade sales 74,341 6,022 - 80,363 Selling, general and administrative expenses 516,757 (4,606) - 512,151 Equity in earnings of unconsolidated real estate joint ventures 13,630 - (1,452) 12,178 Income before income taxes 78,036 4,676 (3,726) 78,986 Provision for income taxes (36,379) (1,448) 1,437 (36,390) Net income 41,657 3,228 (2,289) 42,596 Less: Net income attributable to noncontrolling interests 13,295 300 (429) 13,166 Net income attributable to shareholders $ 28,362 2,928 (1,860) 29,430 Basic earnings per share $ 0.33 0.34 Diluted earnings per share $ 0.32 0.34 On March 9, 2018, the Company filed its 2017 Annual Report which included in Item 8 – Note 2 to the consolidated financial statements the expected impacts to reported results of the retrospective adjustments to the Company’s financial statements for the years ended December 31, 2017 and 2016 due to the adoption of ASU 2014-09 and ASU 2017-05. Subsequent to the March 9, 2018 filing date, the Company revised its calculation of the expected impact of the full retrospective adoption of both standards, and the amounts included in the above tables reflect these revisions. The adoption of the new standards had no impact on our consolidated statements of cash flows. ASU No. 2017-09, Compensation – Stock Compensation (Topic 718). This update was issued to provide guidance on determining which changes to the terms and conditions of share-based compensation awards require an entity to apply modification accounting under Topic 718. Under this guidance, an entity must apply modification accounting to changes to terms or conditions of a share-based compensation award unless there is no change in the fair value, vesting or classification of the modified award as compared to the original award. The standard is effective for annual periods beginning after December 15, 2017 and for interim periods within those annual periods. The Company adopted this standard on January 1, 2018. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. ASU No. 2017-01, Business Combinations - Clarifying the Definition of a Business. This update was issued to clarify the determination of whether an entity has acquired or sold a business. The definition of a business affects many areas of accounting, including acquisitions, disposals, goodwill and consolidations, and the standard is intended to assist entities in the determination of whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The standard is expected to result in more acquisitions being accounted for as asset purchases instead of business combinations. The guidance is effective for fiscal years beginning after December 15, 2017. The Company adopted this standard on January 1, 2018 using the prospective transition method. The adoption of this standard resulted in the Company accounting for Bluegreen’s acquisition of the Éilan Hotel & Spa in April 2018 as an asset acquisition, and consequently, all transaction costs were capitalized as part of the assets acquired. ASU No. 2016-01 –– Financial Instruments – Overall (Topic 825) – Recognition and Measurement of Financial Assets and Financial Liabilities. This update requires all equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) to generally be measured at fair value through earnings and eliminates the available-for-sale classification for equity securities with readily determinable fair values and the cost method for equity investments without readily determinable fair values. However, the update allows entities to elect to record equity investments without readily determinable fair values at cost, less impairments. This update also simplifies the impairment assessment for equity investments and requires the use of an exit price when measuring the fair value of financial instruments for disclosure purposes. The amendments in this standard are effective for fiscal years beginning after December 15, 2017. The Company adopted this standard on January 1, 2018 and recognized a cumulative effect adjustment of $0.3 million, net of tax, to accumulated earnings as of January 1, 2018 for equity securities with readily determinable fair values. The standard was adopted prospectively for $2.4 million of equity securities without readily determinable fair values. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. ASU No. 2018-02 –– Income Statement – Reporting Comprehensive Income (Topic 220) – Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This update provides an entity with an option to reclassify to accumulated earnings the stranded tax effects within accumulated other comprehensive income associated with the reduction in the corporate income tax rate from the enactment of the U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”). The Company elected to adopt this update as of January 1, 2018 and reclassified the stranded income tax effects from the Tax Reform Act into accumulated earnings as of the adoption date. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. ASU No. 2018-05 –– Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118. This update formally amended Topic 740 for the guidance previously provided by SEC Staff Accounting Bulletin No. 118 (“SAB 118”) related to the application of Topic 740 in the reporting period in which the Tax Reform Act was signed into law. The Company adopted SAB 118 in the fourth quarter of 2017, and therefore, the Company’s subsequent adoption of ASU 2018-05 in the first quarter of 2018 had no impact on its accounting for income taxes in the first quarter of 2018. See Note 10 for additional information regarding the Company’s accounting for income taxes and the Tax Reform Act. Future Adoption of Recently Issued Accounting Pronouncements The FASB has issued the following accounting pronouncements and guidance relevant to the Company’s operations which have not been adopted as of September 30, 2018 : ASU No. 2016-02 – Leases (Topic 842), as subsequently amended by ASU 2018-01 and ASU 2018-11 . This standard will require assets and liabilities to be recognized on the balance sheet of a lessee for the rights and obligations created by leases of assets with terms of more than 12 months. For income statement purposes, the standard retained a dual model which requires leases to be classified as either operating or finance based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. This standard also requires extensive quantitative and qualitative disclosures, including significant judgments made by management, to provide greater insight into the extent of revenue and expense recognized and expected to be recognized from existing leases. This standard, which will be effective for the Company on January 1, 2019, permits two methods of adoption: a modified retrospective transition method or an optional transition method. The modified retrospective transition method applies the standard’s transition guidance as of the beginning of the earliest comparable period presented in an entity’s financial statements, which results in financial statements for the current periods that are comparable to the financial statements for the prior periods presented. The optional transition method applies the transition guidance on the date of adoption with a cumulative-effect adjustment to the opening balance of retained earnings. Under this transition method, comparable prior periods in an entity’s financial statements in the year of adoption would continue to be reported in accordance with Topic 840, including the disclosures of Topic 840. The Company expects that the implementation of this new standard will have a material impact on its consolidated financial statements and related disclosures as the Company ha d aggregate future minimum lease payments of $147.5 million at September 30, 2018 under its current non-cancelable lease agreements with various expiration dates between 2018 and 2030. The Company anticipates the recognition of additional assets and corresponding liabilities related to these leases on its consolidated statement of financial condition. The Company anticipates adopting the standard on January 1, 2019 under the optional transition method, and accordingly, will not apply the new guidance in comparable prior periods presented in its financial statements in the year of adoption. The Company anticipates electing certain practical expedients available under the transition guidance within the standard, including the package of practical expedients which would allow the Company to not have to reassess under the new standard prior conclusions about lease identification, classification, and initial direct costs. The Company also expects to make accounting policy elections by class of underlying asset to not apply the recognition requirements of this standard to leases with a term of twelve months or less and to not separate non-lease components from lease components. If the election is made to not separate non-lease components from lease components, each separate lease component and the non-lease components associated with that lease component will instead be accounted for as a single lease component for lease classification, recognition, and measurement purposes. The Company is currently in the process of evaluating its existing lease portfolio, including accumulating all of the necessary information required to properly account for leases under this standard . Other significant implementation matters include assessing the impact on the Company’s internal control over financial reporting and documenting and implementing new processes for accounting for its lease agreements. ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This standard introduces an approach of estimating credit losses on certain types of financial instruments based on expected losses and will expand the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating its allowance for credit losses. In addition, the standard will require entities to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination (i.e., by vintage year). This standard will be effective for the Company on January 1, 2020. Early adoption is permitted beginning on January 1, 2019. The Company is currently evaluating the impact that adopting ASU 2016-13 may have on its consolidated financial statements. ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. This standard modifies the disclosure requirements in Topic 820 related to the valuation techniques and inputs used, uncertainty in measurement, and changes in measurements applied. This standard is effective for the Company in annual periods beginning after December 15, 2019 and for interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact that ASU 2018-13 may have on its consolidated financial statement footnote disclosures. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 2. Revenue Recognition Sales of VOIs - Revenue is recognized for sales of VOIs after control of the VOI is deemed transferred to the customer, which is when the legal rescission period has expired on a binding executed VOI sales agreement and the collectability of the note receivable from the buyer, if any, is reasonably assured. Transfer of control of the VOI to the buyer is deemed to occur when the legal rescission period expires as the risk and rewards associated with VOI ownership are transferred to the buyer at that time. The Company records Bluegreen’s customer deposits from contracts within the legal rescission period in restricted cash and escrow deposits in the Company’s condensed consolidated statements of financial condition, as such amounts are refundable until the legal rescission period has expired. In cases where construction and development of Bluegreen’s developed resorts has not been substantially completed, Bluegreen defers all of the revenues and associated expenses for the sales of VOIs until construction is substantially complete and the resort may be occupied. Bluegreen generally offers qualified purchasers financing for up to 90% of the purchase price of VOIs. The typical financing provides for a term of ten years and a fixed interest rate, is fully amortizing in equal installments and may be prepaid without penalty. For sales of VOIs for which Bluegreen provides financing, Bluegreen reduces the transaction price for expected loan losses, which it considers to be variable consideration. To the extent Bluegreen determines that it is probable that a significant reversal of cumulative revenue recognized may occur, it records an estimate of variable consideration as a reduction to the transaction price of the sales of VOIs until the uncertainty associated with the variable consideration is resolved. Bluegreen’s estimates of credit losses are based on the results of its static pool analysis, which relies on historical payment data for similar VOI notes receivable and tracks uncollectibles for each period’s sales over the entire life of the notes. Bluegreen also considers whether historical economic conditions are comparable to then current economic conditions, as well as variations in underwriting standards. Bluegreen reviews its estimate of variable consideration on at least a quarterly basis. VOI sales where no financing was provided do not have any material significant payment terms. Rental operations, including accommodations provided through the use of Bluegreen’s sampler program, are accounted for as incidental operations whereby incremental carrying costs in excess of incremental revenues are expensed as incurred. During each of the periods presented, Bluegreen’s aggregate rental revenue and sampler revenue was less than the aggregate carrying cost of its VOI inventory. Accordingly, Bluegreen recorded such revenue as a reduction to the carrying cost of VOI inventory, which is included in cost of other fee-based services in the Company’s condensed consolidated statements of operations and comprehensive income for each period. Fee-based sales commission s - Fee-based sales commission r evenue is recognized when a sales transaction with a VOI purchaser is consummated in accordance with the terms of the fee-based sales agreement with the third-party developer , it is probable that a significant reversal of such revenue will not occur, and the related consumer rescission period has expired. Other fee-based service s and cost reimbursements - Revenue associated with Bluegreen’s other fee-based services (which are described below) is recognized as follows: · Resort and club management revenue and related cost reimbursements are recognized as services are rendered. These services provided to the resort homeowner associations (“ HOAs ”) are comprised of day-to-day services to operate the resort , including management services and certain accounting and administrative functions. Management services provided to the Vacation Club include managing the reservation system and providing owner, billing and collection services. Bluegreen’s management contracts are typically structured as cost-plus , with an initial term of three years and automatic one -year renewals. Bluegreen believe s these services to be a series of distinct goods and services to be accounted for as a single performance obligation over time and recognize s revenue as the customer receives the benefits of its services. Bluegreen allocate s variable consideration to the distinct good or service within the series, such that revenue from management fees and cost reimbursements is recognized in each period as the uncertainty with respect to such variable consideration is resolved. · Resort t itle fee revenue is recognized when escrow amounts are released and title documents are completed. · Rental revenues are recognized on a daily basis , which is consistent with the period for which the customer benefits from such service. Revenue from the sampler program is typically recognized within a year from sale as guests complete stays at the resorts. · Mortgage servicing revenue is recognized over time as services are rendered. Bluegreen’s cost of other fee-based services consists of the costs associated with the various activities described above, as well as developer subsidies and maintenance fees on its unsold VOIs. Trade sales – Revenue is recognized on trade sales as follows: · Revenue is recognized on wholesale trade sales when control of the products is transferred to customers, which generally occurs when the products are shipped or the customer s accept delivery. Wholesale trade sales typically have payment terms between 10 and 90 days. Certain customer trade sale contracts have provisions for right of return, volume rebates, and price concessions. These types of discounts are accounted for as variable consideration, and the Company uses the expected value method with constraints to calculate the estimated reduction in the trade sales revenue. The inputs used in the expected value method include historical experience with the customer, sales forecasts, and outstanding purchase orders. · Revenue is recognized on retail trade sales at the point of sale, which occurs when products are sold at the Company’s retail locations. Sales of r eal estate inventory - Revenue is generally recognized on sales of real estate inventory to customers when the sales are closed and title passes to the buyer. The Company generally receives payment from the sale of real estate inventory at the date of closing. In addition, c ertain real estate sales contracts provide for a contingent purchase price which is accounted for as variable consideration. The Company estimates the amount of variable consideration that may be recognized upon the closing of the real estate transaction based on an expected value methodology. The estimate of variable consideration is recognized as revenue to the extent that it is not probable that a significant revenue reversal in the amount of cumulative revenue recognized will occur when the uncertainty associated with the variable consideration is subsequently resolved. The inputs used in the expected value model include current sales prices (net of incentives), historical contingent purchase price receipts, and sales contracts on similar properties. Interest i ncome - Bluegreen provides financing for a significant portion of sales of its owned VOIs. Bluegreen recognizes interest income from financing VOI sales on the accrual method as earned based on the outstanding principal balance, interest rate, and terms stated in each individual financing agreement. Bluegreen’s VOI notes receivable are carried at amortized cost, less an allowance for loan losses. In addition, loan origination costs are deferred and recognized over the life of the related notes receivable. Interest income is suspended, and previously accrued but unpaid interest income is reversed, on all delinquent notes receivable when principal or interest payments are more than 90 days contractually past due and is not resumed until such loans are less than 90 days past due. As of September 30, 2018 and December 31, 2017, $17.0 million and $12.9 million, respectively, of Bluegreen’s VOI notes receivable were more than 90 days past due, and accordingly, were not accruing interest income. After 120 days, Bluegreen’s VOI notes receivable are generally written off against the allowance for loan losses. Interest income from other loans receivable originated by the Company is recognized on accruing loans when management determines that it is probable that all of the principal and interest will be collected in accordance with the loan’s contractual terms. Interest income is recognized on non-accrual loans on a cash basis. Loans receivable are included in other assets in the Company’s statement of financial condition. Net gains on sales of real estate assets – Net gains on sales of real estate assets represents sales of assets to non-customers. Gains (or losses) are recognized from sales to non-customers when the control of the asset has been transferred to the buyer, which generally occurs when title passes to the buyer. Other revenue – Other r evenue i s primarily comprised of rental income from properties under operating leases. Rental income is recognized as rents become due , and rental payments received in advance are deferred until earned. Disaggregated revenue – The table below sets forth the Company’s revenue disaggregated by category (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Sales of VOIs $ 70,698 62,453 195,412 176,094 Fee-based sales commissions 61,641 69,977 167,581 179,046 Other fee-based services 25,744 23,170 75,257 67,857 Cost reimbursements 16,900 14,097 47,157 40,660 Title fees 3,491 2,373 9,355 10,927 Other customer revenue 1,822 1,843 4,860 4,658 Trade sales - wholesale 17,671 21,388 56,024 65,963 Trade sales - retail 26,132 23,330 70,090 30,406 Sales of real estate inventory 7,478 - 17,138 - Revenue from customers 231,577 218,631 642,874 575,611 Interest income 21,157 21,035 63,738 63,065 Net (losses) gains on sales of real estate assets (4) (18) 4,798 1,668 Other revenue 1,673 1,248 4,282 3,652 Total revenues $ 254,403 240,896 715,692 643,996 |
Consolidated Variable Interest
Consolidated Variable Interest Entities | 9 Months Ended |
Sep. 30, 2018 | |
Consolidated Variable Interest Entities [Abstract] | |
Consolidated Variable Interest Entities | 3. Consolidated Variable Interest Entities Bluegreen sells VOI notes receivable through special purpose finance entities. These transactions are generally structured as non-recourse to Bluegreen and are designed to provide liquidity for Bluegreen and to transfer the economic risks and benefits of the notes receivable to third parties. In a securitization, various classes of debt securities are issued by the special purpose finance entities that are generally collateralized by a single tranche of transferred assets, which consist of VOI notes receivable. Bluegreen services the securitized notes receivable for a fee pursuant to servicing agreements negotiated with third parties based on market conditions at the time of the securitization. In these securitizations, Bluegreen generally retains a portion of the securities and continues to service the securitized notes receivable. Under these arrangements, the cash payments received from obligors on the receivables sold are generally applied monthly to pay fees to service providers, make interest and principal payments to investors, and fund required reserves, if any, with the remaining balance of such cash retained by Bluegreen; however, to the extent the portfolio of receivables fails to satisfy specified performance criteria (as may occur due to, among other things, an increase in default rates or credit loss severity) or other trigger events occur, the funds received from obligors are required to be distributed on an accelerated basis to investors. Depending on the circumstances and the transaction, the application of the accelerated payment formula may be permanent or temporary until the trigger event is cured. As of September 30, 2018, Bluegreen was in compliance with all material terms under its securitization transactions, and no trigger events had occurred. In accordance with applicable accounting guidance for the consolidation of VIEs, Bluegreen analyzes its variable interests, which may consist of loans, servicing rights, guarantees, and equity investments, to determine if an entity in which Bluegreen has a variable interest is a VIE. The analysis includes a review of both quantitative and qualitative factors. Bluegreen bases its quantitative analysis on the forecasted cash flows of the entity. Bluegreen bases its qualitative analysis on the structure of the entity, including its decision-making ability and authority with respect to the entity, and relevant financial agreements. Bluegreen also uses qualitative analysis to determine if Bluegreen must consolidate a VIE as the primary beneficiary. In accordance with applicable accounting guidance, Bluegreen has determined these securitization entities to be VIEs of which Bluegreen is primary beneficiary and, therefore, Bluegreen consolidates the entities into its financial statements. Under the terms of certain VOI note sales, Bluegreen has the right to repurchase or substitute a limited amount of defaulted notes for new notes at the outstanding principal balance plus accrued interest. Bluegreen’s v oluntary repurchases and substitutions of defaulted notes during the nine months ended September 30, 2018 and 2017 were $4.4 million and $7.4 million, respectively. Bluegreen’s maximum exposure to loss relating to its non-recourse securitization entities is the difference between the outstanding VOI notes receivable and the notes payable, plus cash reserves and any additional residual interest in future cash flows from collateral. The table below sets forth information regarding the assets and liabilities of Bluegreen’s consolidated VIEs included in the Company’s condensed consolidated statements of financial condition (in thousands): September 30, December 31, 2018 2017 Restricted cash $ 17,081 19,488 Securitized notes receivable, net 308,221 279,188 Receivable backed notes payable - non-recourse 335,680 336,421 The restricted cash and the securitized notes receivable balances disclosed in the table above are restricted to satisfy obligations of the VIEs. |
Notes Receivable
Notes Receivable | 9 Months Ended |
Sep. 30, 2018 | |
Notes Receivable [Abstract] | |
Notes Receivable | 4 . Notes Receivable The table below sets forth information regarding Bluegreen’s notes receivable and related allowance for loan losses (in thousands): September 30, December 31, 2018 2017 Notes receivable: VOI notes receivable - non-securitized $ 167,717 184,971 VOI notes receivable - securitized 399,080 364,349 Notes receivable secured by homesites (1) 986 1,329 Gross notes receivable 567,783 550,649 Allowance for loan losses - non-securitized (37,341) (38,497) Allowance for loan losses - securitized (90,859) (85,161) Allowance for loan losses - homesites (1) (99) (133) Notes receivable, net $ 439,484 426,858 Allowance as a % of gross notes receivable 23% 22% (1) Notes receivable secured by homesites were originated through a business, substantially all of the assets of which were sold by Bluegreen in 2012. The weighted-average interest rate on Bluegreen’s notes receivable was 15.1% and 15.3% at September 30, 2018 and December 31, 2017, respectively. Bluegreen’s VOI notes receivable bear interest at fixed rates. Credit Quality of Notes Receivable and the Allowance for Loan Losses Bluegreen monitors the credit quality of its receivables on an ongoing basis. Bluegreen holds large amounts of homogeneous VOI notes receivable and assesses uncollectibility based on pools of receivables as there are no significant concentrations of credit risk with any individual counterparty or groups of counterparties . In estimating future credit losses, Bluegreen does not use a single primary indicator of credit quality but instead evaluates its VOI notes receivable based upon a static pool analysis that incorporates the ag e of the respective receivables, default trends and prepayment rates by origination year, as well as the FICO scores of the borrowers. The activity in Bluegreen’s allowance for loan losses (including notes receivable secured by homesites) was as follows (in thousands): For the Nine Months Ended September 30, 2018 2017 Balance, beginning of period $ 123,791 120,270 Provision for loan losses 35,866 32,066 Write-offs of uncollectible receivables (31,358) (31,581) Balance, end of period $ 128,299 120,755 The percentage of gross notes receivable outstanding, by FICO score at origination, was as follows: September 30, December 31, 2018 2017 FICO Score 700+ 56.00 % 54.00 % 600-699 40.00 41.00 <699 3.00 3.00 No score (1) 1.00 2.00 Total 100.00 % 100.00 % (1) VOI notes receivable without a FICO score are primarily related to foreign borrowers. The table below sets forth information regarding the delinquency status of Bluegreen’s VOI notes receivable (in thousands): September 30, December 31, 2018 2017 Current $ 539,836 525,482 31-60 days 5,462 6,088 61-90 days 4,531 4,897 > 90 days (1) 16,968 12,853 Total $ 566,797 549,320 (1) Includes $11.6 million and $7.6 million as of September 30, 2018 and December 31, 2017, respectively, related to VOI notes receivable that, as of such date, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of Bluegreen's receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses. |
Trade Inventory
Trade Inventory | 9 Months Ended |
Sep. 30, 2018 | |
Trade Inventory [Abstract] | |
Trade Inventory | 5. Trade Inventory Trade inventory consisted of the following (in thousands): September 30, December 31, 2018 2017 Raw materials $ 3,334 3,320 Paper goods and packaging materials 1,052 865 Finished goods 17,320 19,717 Total trade inventory $ 21,706 23,902 Trade inventory is measured at the lower of cost or market. Cost includes all costs of conversions, including materials, direct labor, production overhead, depreciation of equipment , and shipping costs. Raw materials are stated at the lower of approximate cost, on a first-in, first-out or average cost basis, and market is determined by reference to replacement cost. Raw materials are not written down unless the goods in which they are incorporated are expected to be sold for less than cost, in which case, they are written down by reference to replacement cost of the raw materials. Finished goods and work in progress are stated at the lower of cost or market determined on a first-in, first-out or average cost basis. Shipping and handling fees billed to customers are recorded as trade sales, and shipping and handling fees paid by the Company are recorded as cost of goods sold. |
VOI Inventory
VOI Inventory | 9 Months Ended |
Sep. 30, 2018 | |
VOI Inventory [Abstract] | |
VOI Inventory | 6 . VOI Inventory Bluegreen’s VOI inventory consisted of the following (in thousands): .19 September 30, December 31, 2018 2017 Completed VOI units $ 232,205 194,503 Construction-in-progress 20,965 22,334 Real estate held for future VOI development 72,362 64,454 Total VOI inventory $ 325,532 281,291 |
Real Estate
Real Estate | 9 Months Ended |
Sep. 30, 2018 | |
Real Estate [Abstract] | |
Real Estate | 7 . Real Estate Real estate consisted of the following (in thousands): September 30, December 31, 2018 2017 Real estate held-for-sale: Land $ 18,742 20,528 Rental properties - 6,181 Residential single-family 1,092 1,119 Other 850 - Total real estate held-for-sale 20,684 27,828 Real estate held-for-investment: Land 10,939 13,066 Other - 839 Total real estate held-for-investment 10,939 13,905 Real estate inventory 20,956 26,803 Total real estate $ 52,579 68,536 0 |
Investments In Unconsolidated R
Investments In Unconsolidated Real Estate Joint Ventures | 9 Months Ended |
Sep. 30, 2018 | |
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | |
Investments In Unconsolidated Real Estate Joint Ventures | 8 . Investment s in Unconsolidated Real Estate Joint Ventures As of September 30, 2018, the Company had equity interests in 18 unconsolidated real estate joint ventures primarily involved in the development of single-family master planned communities and, multifamily apartment and townhome communities. Investments in unconsolidated real estate joint ventures are accounted for as unconsolidated variable interest entities. See Note 3 for information regarding the Company’s investments in consolidated variable interest entities. Investments in unconsolidated real estate joint ventures consisted of the following (in thousands): September 30, December 31, 2018 2017 Altis at Kendall Square, LLC $ 70 78 Altis at Lakeline - Austin Investors LLC 3,835 4,156 New Urban/BBX Development, LLC 102 2,064 Sunrise and Bayview Partners, LLC 1,438 1,499 Hialeah Communities, LLC 109 473 PGA Design Center Holdings, LLC 736 1,862 CCB Miramar, LLC 1,575 1,225 Centra Falls, LLC 15 159 The Addison on Millenia Investment, LLC 5,220 5,933 BBX/S Millenia Blvd Investments, LLC 151 5,611 Altis at Bonterra - Hialeah, LLC 19,533 19,566 Altis at Shingle Creek Manager, LLC 353 338 Altis at Grand Central Capital, LLC 2,160 1,872 Centra Falls II, LLC 157 551 BBX/Label Chapel Trail Development, LLC 4,694 4,885 Altis Promenade Capital, LLC 997 962 Altis Ludlam - Miami Investor, LLC 415 - Altis Preserve, LLC 990 - Investments in unconsolidated real estate joint ventures $ 42,550 51,234 During May 2018, the Company invested in a joint venture, Altis Ludlam – Miami Investor, LLC, to acquire land and obtain entitlements for a potential multifamily apartment development project located in Miami, Florida. During August 2018, the Company invested in a joint venture, Altis Preserve , LLC, to acquire land and obtain entitlements for a potential multifamily apartment development project located in Odessa , Florida. See Note 10 to the Company’s consolidated financial statements included in the 2017 Annual Report for the Company’s accounting policies for analyzing its investments in real estate joint ventures. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt [Abstract] | |
Debt | 9. Debt N otes Payable and Other Borrowings The table below sets forth information regarding the Company’s notes payable and other borrowings (dollars in thousands): September 30, 2018 December 31, 2017 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Bluegreen: 2013 Notes Payable $ 33,750 5.50% $ 33,662 $ 46,500 5.50% $ 29,403 Pacific Western Term Loan - - - 2,715 6.72% 9,884 Fifth Third Bank Note 3,895 5.08% 7,937 4,080 4.36% 8,071 NBA Line of Credit - - - 5,089 4.75% 15,260 NBA Éilan Loan 24,258 5.35% 34,539 - - - Fifth Third Syndicated Line of Credit 55,000 4.99% 87,785 20,000 4.27% 75,662 Fifth Third Syndicated Term Loan 22,813 5.04% 26,702 23,750 4.32% 23,960 Unamortized debt issuance costs (1,882) (1,940) Total Bluegreen $ 137,834 $ 100,194 Other: Community Development District Obligations $ 13,263 4.50 -6.00% $ 20,956 $ 21,435 4.50 -6.00% $ 26,803 TD Bank Term Loan and Line of Credit 9,422 5.13% (1) 12,890 4.02% (1) Anastasia Seller's Note (2) 1,491 5.00% (1) 1,471 5.00% (1) Iberia $50.0 million Revolving Line of Credit 30,000 5.10% (3) - - - Iberia $5.0 million Revolving Line of Credit - - - 3,820 4.12% (1) Banc of America Leasing & Capital Equipment Note 620 4.75% (4) - - - Unsecured Note 3,400 6.00% (5) 3,400 6.00% (5) Other 1,542 5.41% 1,955 1,544 5.25% 1,993 Unamortized debt issuance costs (395) (640) Total other $ 59,343 $ 43,920 Total notes payable and other borrowings $ 197,177 $ 144,114 (1) The collateral is a blanket lien on the respective company’s assets. (2) In October 2018, the balance of the note was paid in full. (3) The collateral is membership interests in Woodbridge having a value of not less than $100.0 million. (4) The collateral is a security interest in the equipment financed by the underlying note. Additionally, IT’SUGAR is guarantor on the note. (5) BBX Capital is guarantor on the note. See Note 13 to the Company’s consolidated financial statements included in the 2017 Annual Report for additional information regarding the above listed notes payable and other borrowings. New debt issuances and significant changes related to notes payable and other borrowings during the nine months ended September 30, 2018 are detailed below. Pacific Western Term Loan . - Bluegreen had a non-revolving term loan (the “Pacific Western Term Loan”) with Pacific Western Bank secured by unsold inventory and undeveloped land at the Bluegreen Odyssey Dells Resort. During the quarter ended September 30, 2018, Bluegreen repaid in full the then outstanding balance of the Pacific Western Term Loan . NBA Line of Credit. - Bluegreen/Big Cedar Vacations had a revolving line of credit (the “NBA Line of Credit”) with the National Bank of Arizona (“NBA”) with a borrowing limit of $20.0 million. The NBA Line of Credit provided for a revolving advance period expiring in September 2020 and maturity in March 2025 and was secured by unsold inventory and a building under construction at Bluegreen/Big Cedar Vacations’ The Cliffs at Long Creek Resort. During the quarter ended September 30, 2018, Bluegreen repaid in full the then outstanding balance of the NBA Line of Credit . In connection with such repayment, availability under the NBA Receivables Facility described below was increased by $20.0 million and there is no further availability under this line. NBA Éilan Loan – In April 2018, Bluegreen purchased the Éilan Hotel & Spa in San Antonio, Texas for approximately $34.3 million . In connection with the acquisition, Bluegreen entered into a non-revolving acquisition loan (the “NBA Éilan Loan”) with NBA. The NBA Éilan Loan provides for advances of up to $27.5 million, $24.3 million of which was used to fund the acquisition of the resort and up to an additional $3.2 million which may be drawn upon to fund certain future improvement costs over a 12 -month advance period. Principal payments will be effected through release payments from sales of VOIs at the Éilan Hotel & Spa that serve as collateral for the NBA Éilan Loan, subject to a minimum amortization schedule, with the remaining balance due at maturity in April 2023. Borrowings under the NBA Éilan Loan bear interest at an annual rate equal to one - month LIBOR plus 3.25% , subject to a floor of 4.75% . As of September 30, 2018, there was $24.3 million outstanding on the NBA Éilan Loan . Toronto-Dominion Commercial Bank (“TD Bank”) Term Loan and Line of Credit - Renin has maintained a credit facility with TD Bank. Under the terms and conditions of the credit facility, TD Bank provide s term loans for up to $1.7 million and loans under a revolving credit facility for up to approximately $16.3 million based on available collateral as defined in the facility and subject to Renin’s compliance with the terms and conditions of the facility, including certain specific financial covenants. In September 2018, the maturity date of the revolving credit portion of the facility was amended to extend the maturity date to September 20 19. The maturity dates of the term loans under the facility remain unchanged and are scheduled to mature between 2020 and 2022. Iberia $50.0 million Revolving Line of Credit - In March 2018, BBX Capital, BBX Sweet Holdings, Food for Thought Restaurant Group-Florida, LLC, the former BBX Capital Corporation, (“BCC”), and Woodbridge, entered into a Loan and Security Agreement and related agreements with IberiaBank (“Iberia”) , as administrative agent and lender, and City National Bank of Florida, as lender, w hich provide for a $50.0 million revolving line of credit. Amounts borrowed under the facility accrue interest at a floating rate of 30-day LIBOR plus a margin of 3.0% to 3.75% or the Prime Rate plus a margin of 1.50% to 2.25% . The applicable margin is based on BBX Capital’s debt to EBITDA ratio. Payments of interest only are payable monthly. The facility matures, and all outstanding principal and interest will be payable, on March 6, 2020 , with twelve - month renewal options at BBX Capital’s request, subject to satisfaction of certain conditions. The facility is secured by a pledge of a percentage of BBX Capital’s membership interests in Woodbridge having a value of not less than $100.0 million. Borrowings under the facility may be used for business acquisitions, real estate investments, stock repurchases, letters of credit and general corporate purposes. Under the terms and conditions of the Loan and Security Agreement, BBX Capital is required to comply with certain financial covenants, including maintaining minimum unencumbered liquidity and complying with financial ratios related to fixed charge coverage and debt to EBITDA. The Loan and Security Agreement also contains customary affirmative and negative covenants, including those that, among other things, limit the ability of BBX Capital and the other borrowers to incur additional indebtedness and to make certain loans and investments. As of September 30, 2018, there was $30.0 million outstanding on the line of credit. Iberia $5.0 million Revolving Line of Credit – BBX Sweet Holdings had a revolving line of credit with Iberia that was secured by the assets of BBX Sweet Holdings and its subsidiaries and guaranteed by the Company. During the quarter ended September 30, 2018, the Company repaid in full the then outstanding balance of the line of credit. Banc of America Leasing & Capital Equipment Note – In September 2018, IT’SUGAR entered into a Master Loan and Security Agreement with Banc of America Leasing & Capital, LLC which sets forth the terms and conditions pursuant to which IT’SUGAR may borrow funds to purchase equipment under one or more equipment security notes. The Agreement contains customary representation s and covenants, including the submission of quarterly and annual financial statements to the lender. Each equipment note constitutes a separate, distinct and independent financing of equipment and is secured by a security interest in the purchased equipment and is an unconditional contractual obligation of IT’SUGAR. As of September 30, 2018, there was one equipment note outstanding with a balance of $0.6 million. The equipment note bears interest at a fixed rate of 4.75% per annum and is payable in 36 consecutive monthly principal and interest installments of $18,516 with a maturity date of September 2021. The equipment note is subject to a prepayment charge equal to one percent of the amount prepaid multiplied by the number of years or fraction thereof for the then remaining equipment note term. Bank of America Revolving Line of Credit - In August 2018, IT’SUGAR entered into a revolving credit facility with Bank of America. Under the terms and conditions of the credit facility, Bank of America has agreed to provide a revolving line of credit to IT’SUGAR for up to $4.0 million based on available collateral as defined by the credit facility and subject to IT’SUGAR’s compliance with the terms and conditions of the credit facility including certain specific financial covenants. The revolving credit facility is available through August 2021 and amounts outstanding bear interest at a LIBOR daily floating rate plus 1.50% or a monthly LIBOR rate subject to the terms and conditions of the credit facility. Payments of interest only will be payable monthly. There were no borrowings outstanding under the credit facility as of September 30, 2018. Under the terms and conditions of th is revolving line of credit, IT’SUGAR is required to comply with certain financial covenants, including quarterly and annual debt service coverage ratios. The facility also contains various covenants, including those that, among other things, limit the ability of IT’SUGAR to incur liens, make certain investments, or engage in certain asset acquisitions or dispositions. Receivable-Backed Notes Payable The table below sets forth information regarding Bluegreen’s receivable-backed notes payable facilities (dollars in thousands): September 30, 2018 December 31, 2017 Principal Principal Balance of Balance of Pledged/ Pledged/ Debt Interest Secured Debt Interest Secured Balance Rate Receivables Balance Rate Receivables Receivable-backed notes payable - recourse: Liberty Bank Facility $ 40,392 5.00% $ 48,589 $ 24,990 5.00% $ 30,472 NBA Receivables Facility 40,297 4.83% 53,695 44,414 4.10% 53,730 Pacific Western Facility 17,081 5.84% 21,586 15,293 6.00% 19,516 Total $ 97,770 $ 123,870 $ 84,697 $ 103,718 Receivable-backed notes payable - non-recourse: KeyBank/DZ Purchase Facility $ 49,733 5.01% $ 62,164 $ 16,144 4.31% $ 19,866 Quorum Purchase Facility 39,739 4.75 -5.50% 44,907 16,771 4.75 -6.90% 18,659 2012 Term Securitization 16,978 2.94% 19,593 23,227 2.94% 25,986 2013 Term Securitization 29,814 3.20% 32,288 37,163 3.20% 39,510 2015 Term Securitization 47,624 3.02% 51,430 58,498 3.02% 61,705 2016 Term Securitization 68,155 3.35% 76,206 83,142 3.35% 91,348 2017 Term Securitization 88,632 3.12% 100,847 107,624 3.12% 119,582 Unamortized debt issuance costs (4,995) - (6,148) - Total $ 335,680 $ 387,435 $ 336,421 $ 376,656 Total receivable-backed debt $ 433,450 $ 511,305 $ 421,118 $ 480,374 See Note 13 to the Company’s consolidated financial statements included in the 2017 Annual Report for additional information regarding the above listed receivable-backed notes payable facilities. New debt issuances and significant changes related to receivable-backed notes payable during the nine months ended September 30, 2018 are detailed below . Liberty Bank Facility - Bluegreen has maintained a revolving VOI notes receivable hypothecation facility (the “Liberty Bank Facility”) with Liberty Bank which provides for advances on eligible receivables pledged under the Liberty Bank Facility, subject to specified terms and conditions, during a revolving credit period. On March 12, 2018, the Liberty Bank Facility was amended and restated to extend the revolving credit period from March 2018 to March 2020, extend the maturity date from November 2020 until March 2023, and amend the interest rate on borrowings as described below. Subject to its terms and conditions, the Liberty Bank Facility provides for advances of (i) 85% of the unpaid principal balance of Qualified Timeshare Loans assigned to agent, and (ii) 60% of the unpaid principal balance of Non-Conforming Timeshare Loans assigned to agent, during the revolving credit period of the facility. Maximum permitted outstanding borrowings under the Liberty Bank Facility are $50.0 million, subject to the terms of the facility. Through March 31, 2018, borrowings under the Liberty Bank Facility bore interest at the Wall Street Journal (“WSJ”) Prime Rate plus 0.50% per annum, subject to a 4.00% floor. Pursuant to the March 2018 amendment to the Liberty Bank Facility, effective April 1, 2018, all borrowings outstanding under the facility bear interest at an annual rate equal to the WSJ Prime Rate, subject to a 4.00% floor. Principal repayments and interest on borrowings under the Liberty Bank Facility are paid as cash is collected on the pledged receivables, with the remaining balance being due by maturity , subject to the terms of the facility . NBA Receivables Facility - Bluegreen/Big Cedar Vacations has a revolving VOI hypothecation facility (the “NBA Receivables Facility”) with NBA. The NBA Receivables Facility provides for advances at a rate of 85% on eligible receivables pledged under the facility, subject to eligible collateral and specified terms and conditions, during a revolving credit period expiring in September 2020 and allows for maximum borrowings of up to $70.0 million (inclusive of the $20.0 million increase in availability described above) . The maturity date for the facility is March 2025. The interest rate applicable to future borrowings under the NBA Receivables Facility is equal to the 30-day LIBOR plus 2.75% (with an interest rate floor of 3.50% ). All principal and interest payments received on pledged receivables are applied to principal and interest due under the facility , with the remaining balance being due by maturity , subject to the terms of the facility. Pacific Western Facility – Bluegreen has a revolving VOI notes receivable hypothecation facility (the “Pacific Western Facility”) with Pacific Western Bank, which provides for advances on eligible VOI notes receivable pledged under the facility, subject to specified terms and conditions, during a revolving credit period. Maximum outstanding borrowings under the Pacific Western Facility are $40.0 million, subject to eligible collateral and customary terms and conditions. On August 15, 2018, the Pacific Western Facility was amended to extend the revolving advance period from September 2018 to September 2021 , extend the maturity date from September 2021 until September 2024 (in each case, subject to an additional 12 -month extension at the option of Pacific Western Bank) and amend the interest rate on borrowings as described below . Eligible “A” VOI notes receivable that meet certain eligibility and FICO score requirements, which Bluegreen believes are typically consistent with loans originated under its current credit underwriting standards, are subject to an 85% advance rate. The Pacific Western Facility also allows for certain eligible “B” VOI notes receivable (which have less stringent FICO score requirements) to be funded at a 53% advance rate. Through September 21, 2018, borrowings under the Pacific Western Facility bore interest at the then prevailing interest rates under the facility, which ranged from 30-day LIBOR plus 3.50% to 4.50% . P ursuant to the amendment to the Pacific Western Facility, effective September 21, 2018, all borrowings outstanding under the f acility bear interest at an annual rate equal to 30-day LIBOR plus 3.00% ; provided, however, that a portion of the borrowings, to the extent such borrowings are in excess of established debt minimums, will bear interest at 30-day LIBOR plus 2.75% . Principal repayments and interest on borrowings under the Pacific Western Facility are paid as cash is collected on the pledged VOI notes receivable, subject to future required decreases in the advance rates after the end of the revolving advance period, with the remaining balance being due by maturity , subject to the terms of the facility. Quorum Purchase Facility - Bluegreen and Bluegreen/Big Cedar Vacations have a VOI notes receivable purchase facility (the “Quorum Purchase Facility”) with Quorum Federal Credit Union (“Quorum”), pursuant to which Quorum has agreed to purchase eligible VOI notes receivable in an amount of up to an aggregate $50.0 million purchase price, subject to certain conditions precedent and other terms of the facility. On April 6, 2018, the Quorum Purchase Facility was amended to extend the revolving purchase period from June 30, 2018 to June 30, 2020, and provided for a fixed interest rate of 4.95% per annum on advances made through September 30, 2018. The interest rate on advances made after September 30, 2018 will be set at the time of funding based on rates mutually agreed upon by all parties. The amendment also reduced the loan purchase fee applicable to advances from 0.50% to 0.25% and extended the maturity of the Quorum Purchase Facility from December 2030 to December 2032. Of the amounts outstanding under the Quorum Purchase Facility at September 30, 2018, $5.0 million accrues interest at a rate per annum of 4.75% , $29.9 million accrues interest at a rate per annum of 4.95% , $2.7 million accrues interest at a rate per annum of 5.0% , and $2.1 million accrues interest at a rate per annum of 5.5% . The Quorum Purchase Facility provides for an 85% advance rate on eligible receivables sold under the facility ; however, Quorum can modify this advance rate on future purchases subject to the terms and conditions of the Quorum Purchase Facility. Eligibility requirements for VOI notes receivable sold include, among others, that the obligors under the VOI notes receivable sold be members of Quorum at the time of the note sale. Subject to the performance of the collateral, Bluegreen or Bluegreen/Big Cedar Vacations, as applicable, will receive any excess cash flows generated by the VOI notes receivable transferred to Quorum under the facility (excess meaning after payment of customary fees, interest and principal under the facility) on a pro-rata basis as borrowers make payments on their VOI notes receivable. While ownership of the VOI notes receivable included in the Quorum Purchase Facility is transferred and sold for legal purposes, the transfer of these VOI notes receivable is accounted for as a secured borrowing for financial reporting purposes. The facility is nonrecourse. Junior Subordinated Debentures The table below sets forth information regarding the Company’s junior subordinated debentures (dollars in thousands): September 30, December 31, 2018 2017 Effective Effective Carrying Interest Carrying Interest Maturity Amounts Rates (1) Amounts Rates (1) Years (2) Woodbridge - Levitt Capital Trusts I - IV $ 66,302 6.14 - 6.20% $ 66,302 5.14 - 5.19% 2035 - 2036 Bluegreen Statutory Trusts I - VI 110,827 7.14 - 7.24% 110,827 6.18 - 6.59% 2035 - 2037 Unamortized debt issuance costs (1,218) (1,272) Unamortized p urchase discount (39,680) (40,443) Total junior subordinated debentures $ 136,231 $ 135,414 (1) Junior subordinated debentures bear interest at 3-month LIBOR plus a spread ranging from 3.80% to 4.90% . (2) All of the junior subordinated debentures were eligible for redemption by Woodbridge and Bluegreen, as applicable, as of September 30, 2018 and December 31, 2017. Woodbridge and Bluegreen have each formed statutory business trusts (collectively, the “Trusts”), each of which issued trust preferred securities and invested the proceeds thereof in junior subordinated debentures of Woodbridge and Bluegreen, respectively. The Trusts are VIEs in which Woodbridge and Bluegreen, as applicable, are not the primary beneficiaries. Accordingly, the Company and its subsidiaries do not consolidate the operations of these Trusts; instead, the beneficial interests in the Trusts are accounted for under the equity method of accounting. Included in other assets as of September 30, 2018 and December 31, 2017 was $5.9 million of equity in the Trusts. Interest on the junior subordinated debentures and distributions on the trust preferred securities are payable quarterly in arrears at the same interest rate. During January 2017, Woodbridge purchased approximately $11.1 million of Levitt Capital Trust II (“LCTII”) trust preferred securities for $6.7 million and purchased approximately $7.7 million of Levitt Capital Trust III (“LCTIII”) trust preferred securities for $4.7 million, and in February 2017, Woodbridge delivered the purchased securities to the respective trusts in exchange for the cancellation of $11.1 million of Woodbridge’s junior subordinated debentures held by LCTII and $7.7 million of Woodbridge’s junior subordinated debentures held by LCTIII. As a result, in February 2017, Woodbridge recognized a $6.9 million gain associated with the cancellation of the notes, which is included in “Net gains on cancellation of junior subordinated debentures” in the Company’s c ondensed consolidated statement of operations for the nine months ended September 30, 2017. See Note 13 to the Company’s consolidated financial statements included in the 2017 Annual Report for additional information regarding the Company’s junior subordinated debentures. As of September 30, 2018, BBX Capital and its subsidiaries were in compliance with all financial debt covenants under its debt instruments. As of September 30, 2018, Bluegreen had availability of approximately $122.8 million under its receivable-backed purchase and credit facilities, inventory lines of credit and corporate credit line, subject to eligible collateral and the terms of the facilities, as applicable. As of September 30, 2018, BBX Capital and its other subsidiaries had availability of approximately $27.9 million under revolving lines of credit, subject to eligible collateral and the terms of the facilities, as applicable. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | 1 0 . Income Taxes BBX Capital and its subsidiaries file a consolidated federal income tax return and income tax returns in various state and foreign jurisdictions. On December 22, 2017, the Tax Reform Act was signed into law. In addition to changes or limitations to certain tax deductions, including limitations on the deductibility of interest payable to related and unrelated lenders and further limiting deductible executive compensation, the Tax Reform Act permanently lowers the federal corporate tax rate to 21% from the previous maximum rate of 35% , effective for tax years commencing January 1, 2018. As a result of the Tax Reform Act, SAB 118 and ASU 2018-05 were issued to address the application of ASC 740 in situations in which an entity does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. Under this guidance, an entity may record provisional amounts for the impact of the Tax Reform Act which may be revised during a one year “measurement period.” In accordance with this guidance, the Company remeasured its net deferred tax liabilities in the fourth quarter of 2017 due to the reduction of the corporate tax rate to 21% and recorded a provisional tax benefit of $45.3 million in its statement of operations for the year ended December 31, 2017. During the nine months ended September 30, 2018, the Company reduced the provisional tax benefit recognized for the year ended December 31, 2017 by $2.8 million as a result of its analysis of the impact of the Tax Reform Act on the deductibility of certain compensation to covered employees. The Company continues to analyze the impact of the Tax Reform Act, which may differ, possibly materially, from the provisional amounts recorded by the Company due to, among other things, additional analysis, changes in interpretations and assumptions made by the Company, and additional regulatory guidance that may be issued. Therefore, the Company may recognize additional revisions during the one year measurement period in accordance with the guidance in SAB 118 and ASU 2018-05 and expects to complete its analysis prior to the end of 2018. The Company’s effective income tax rate was approximately 36% during the nine months ended September 30, 2018, excluding the discrete income tax expense of $2.8 million related to the provisional adjustment described above, as compared to 44% during the nine months ended September 30, 2017. The Company’s effective income tax rate for the nine months ended September 30, 2018, excluding the impact of the provisional adjustment described above, was favorably impacted by the reduction in the federal corporate tax rate from 35% to 21% commencing on January 1, 2018, partially offset by limitations in the deductibility of compensation to covered employees. Effective income tax rates for interim periods are based upon the Company’s current estimated annual rate, which varies based upon the Company’s estimate of taxable earnings and the mix of taxable earnings in the various states in which the Company operates. The Company’s effective tax rate was applied to income before income taxes reduced by net income attributable to noncontrolling interests in joint ventures taxed as partnerships. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 1 1 . Commitments and Contingencies In the ordinary course of business, BBX Capital and its subsidiaries are parties to lawsuits as plaintiff or defendant involving its operations and activities. Bluegreen is subject to claims or proceedings from time to time relating to the purchase, sale, marketing, or financing of VOIs or other business activities. Additionally, from time to time in the ordinary course of business, the Company is involved in disputes with existing and former employees, vendors, taxing jurisdictions and various other parties, and Bluegreen also receives individual consumer complaints, as well as complaints received through regulatory and consumer agencies, including Offices of State Attorneys General. The Company takes these matters seriously and attempts to resolve any such issues as they arise. Reserves are accrued for matters in which management believes it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. Management does not believe that the aggregate liability relating to known contingencies in excess of the aggregate amounts accrued will have a material impact on the Company’s results of operations or financial condition. However, litigation is inherently uncertain , and the actual costs of resolving legal claims, including awards of damages, may be substantially higher than the amounts accrued for these claims and may have a material adverse impact on the Company’s results of operations or financial condition. Adverse judgements and the costs of defending or resolving legal claims may be substantial and may have a material adverse impact on the Company’s financial statements. Management is not at this time able to estimate a range of reasonably possible losses with respect to matters in which it is reasonably possible that a loss will occur. In certain matters, management is unable to estimate the loss or reasonable range of loss until additional developments provide information sufficient to support an assessment of the loss or reasonable range of loss. Frequently in these matters, the claims are broad, and the plaintiffs have not quantified or factually supported their claim. BBX Capital Litigation Securities and Exchange Commission Complaint In 2012, the SEC brought an action in the United States District Court for the Southern District of Florida against BCC and Alan B. Levan, BCC’s Chairman and Chief Executive Officer. Following an initial trial in 2014 and the reversal on appeal of certain judgments of the district court by the Eleventh Circuit Court of Appeals, a second trial was held in 2017, and on May 8, 2017, the jury rendered a verdict in favor of BCC and Mr. Levan and against the SEC on all counts. In connection with the Eleventh Circuit Court of Appeals’ reversal of certain judgments in the first trial, which became final on January 31, 2017, and the resolution of the matter in favor of BCC and Mr. Levan in the second trial, BBX Capital received legal fees and costs reimbursements from its insurance carrier for the nine months ended September 30, 2017 of approximately $ 7.1 million as well as the release of a $4.6 million penalty assessed against BCC in the first trial. The legal fees and costs reimbursements and the release of the penalty are reflected in the Company’s condensed consolidated statement of operations in “Reimbursements of litigation costs and penalty” for the nine months ended September 30, 2017. In Re BCC Merger Shareholder Litigation On August 10, 2016, Shiva Stein filed a lawsuit against the Company, BBX Merger Sub, LLC, BCC , and the members of BCC’s board of directors, which seeks to establish a class of BCC’s shareholders and challenges the Merger. The plaintiff asserts that the Merger consideration undervalues BCC and is unfair to BCC’s public shareholders, that the sales process was unfair and that BCC’s directors breached their fiduciary duties of care, loyalty and candor owed to the public shareholders of BCC because, among other reasons, they failed to take steps to maximize the value of BCC to its public shareholders and instead diverted consideration to themselves. The lawsuit also alleges that BBX Capital, as the controlling shareholder of BCC, breached its fiduciary duties of care, loyalty and candor owed to the public shareholders of BCC by utilizing confidential, non-public information to formulate the Merger consideration and not acting in the best interests of BCC’s public shareholders. In addition, the lawsuit includes a cause of action against BCC, the Company , and Merger Sub for aiding and abetting the alleged breaches of fiduciary duties. The lawsuit requested that the court grant an injunction blocking the proposed Merger or, if the proposed Merger is completed, rescind the transaction or award damages as determined by the court. On September 15, 2016, Defendants filed a Motion to Dismiss the amended complaint. On November 21, 2016, the Court issued an order granting the Motion to Dismiss with prejudice. Plaintiff appealed the Court’s order dismissing the amended complaint to the Fourth District Court of Appeals, and on March 21, 2018, the Fourth District Court of Appeals issued an opinion affirming the dismissal of the action. The time period for plaintiff to appeal the Fourth District Court of Appeals ruling has lapsed. The following is a description of certain ongoing litigation matters: Bluegreen Litigation On August 24, 2016, Whitney Paxton and Jeff Reeser filed a lawsuit against Bluegreen Vacations Unlimited, Inc. (“BVU”), a wholly-owned subsidiary of Bluegreen, and certain of its employees, seeking to establish a class action of former and current employees of BVU and alleging violations of plaintiffs’ rights under the Fair Labor Standards Act of 1938 (the “FLSA”) and breach of contract. The lawsuit also claims that the defendants terminated plaintiff Whitney Paxton as retaliation for her complaints about alleged violations of the FLSA. The lawsuit seeks damages in the amount of the unpaid compensation owed to the plaintiffs. During July 2017, a magistrate judge entered a report and recommendation that the plaintiffs’ motion to conditionally certify collective action and facilitate notice to potential class members be granted with respect to certain employees and denied as to others. During September 2017, the judge accepted the recommendation and granted preliminary approval of class certification. Based on that conditional class certification, all potential class members were provided Consent Forms to opt-in to the lawsuit, which opt-in period has since expired, and a set number of opt-ins has been determined (approximately 80) . Class-wide discovery was subsequently served and plaintiffs filed a Motion for Protective Order which is pending. Bluegreen intends to seek to compel 59 of the currently named opt-in plaintiffs to submit their respective claims to arbitration on an individual basis. Bluegreen believes that the lawsuit is without merit and intends to vigorously defend the action. On September 22, 2017, Stephen Potje, Tamela Potje, Sharon Davis, Beafus Davis, Matthew Baldwin, Tammy Baldwin, Arnor Lee, Angela Lee, Gretchen Brown, Paul Brown, Jeremy Estrada, Emily Estrada, M ichael Oliver, Carrie Oliver, Russell Walters, Elaine Walters, and Mike Ericson, individually and on behalf of all other similarly situated , filed a purported class action lawsuit against Bluegreen which asserted claims for alleged violations of the Florida Deceptive and Unfair Trade Practices Act and the Florida False Advertising Law. In the complaint, the plaintiffs alleged the making of false representations in connection with Bluegreen’s sales of VOIs, including representations regarding the ability to use points for stays or other experiences with other vacation providers, the ability to cancel VOI purchases and receive a refund of the purchase price and the ability to roll over unused points and that annual maintenance fees would not increase. The complaint sought to establish a class of consumers who, since the beginning of the applicable statute of limitations, purchased VOIs from Bluegreen, had their annual maintenance fees relating to Bluegreen VOIs increased, or were unable to roll over their unused points to the next calendar year. The plaintiffs sought damages in the amount alleged to have been improperly obtained by Bluegreen, as well as any statutory enhanced damages, attorneys’ fees and costs, and equitable and injunctive relief. On November 20, 2017, Bluegreen moved to dismiss the complaint and, in response, the plaintiffs filed an amended complaint dropping the claims relating to the Florida Deceptive and Unfair Trade Practices Act and adding claims for fraud in the inducement and violation of the Florida Vacation Plan and Timesharing Act. On March 20, 2018, the plaintiffs withdrew their motion for class action certification and on March 23, 2018, the court ordered dismissal of the suit. On April 24, 2018, the plaintiffs filed a new lawsuit against BVU, for substantially the same claims, but only on behalf of the 18 named individuals and not as a class action. Bluegreen believes that the lawsuit is without merit and intends to vigorously defend the action. On January 4, 2018, Gordon Siu, individually and on behalf of all others similarly situated, filed a lawsuit against BVU and others, Choice Hotels International, Inc. which asserted claims for alleged violations of California law that relates to the recording of telephone conversations with consumers. Plaintiff alleges that after staying at a Choice Hotels resort, defendants placed a telemarketing call to plaintiff to sell the Choice Hotels customer loyalty program and a vacation package at a Choice hotel via the Bluegreen Getaways vacation package program. Plaintiff alleges that he was not timely informed that the phone conversation was being recorded and is seeking certification of a class comprised of other persons recorded on calls without their consent within one year before the filing of the original complaint. After BVU moved to dismiss the complaint, plaintiff amended his complaint to dismiss one of the two causes of action in the original complaint on the basis that that particular statute only concerns land line phones. Plaintiff and Choice agreed to a confidential settlement and Choice has been dismissed from this lawsuit. Plaintiff seeks money damages and injunctive relief. Bluegreen believes the lawsuit is without merit and intends to vigorously defend the action. On May 3, 2018, Katja Anderson and George Galloway, individually and on behalf of all other persons similarly situated, filed a lawsuit against Bluegreen which asserted violations of the Telephone Consumer Practices Act. The plaintiffs claim ed that they received multiple telemarketing calls in the spring of 2015 despite their requests not to be called. Plaintiffs s ought certification of a class of individuals in the United States who received more than one telephone call made by Bluegreen or on its behalf within a 12-month period; to a telephone number that was registered with the National Do Not Call Registry for at least 30 days. Plaintiffs sought money damages, attorneys’ fees and a court order requiring Bluegreen to cease all unsolicited telephone calling activities. Bluegreen moved to dismiss the lawsuit and, on August 13, 2018, this case was dismissed without prejudice. On June 28, 2018, Melissa S. Landon, Edward P. Landon, Shane Auxier and Mu Hpare, individually and on behalf of all others similarly situated, filed a purported class action lawsuit against Bluegreen and BVU asserting claims for alleged violations of the Wisconsin Timeshare Act, Wisconsin law prohibiting illegal referral selling, and Wisconsin law prohibiting illegal attorney’s fee provisions. Plaintiffs allegations include that Bluegreen failed to disclose the identity of the seller of real property at the beginning of its initial contact with the purchaser; that Bluegreen misrepresented who the seller of the real property was; that Bluegreen misrepresented the buyer’s right to cancel; that Bluegreen included an illegal attorney’s fee provision in the sales document(s); that Bluegreen offered an illegal “today only” incentive to purchase; and that Bluegreen utilizes an illegal referral selling program to induce the sale of VOIs. Plaintiffs seek certification of a class consisting of all persons who, in Wisconsin, purchased from Bluegreen one or more VOIs within six years prior to the filing of this lawsuit. Plaintiffs seek statutory damages, attorneys’ fees and injunctive relief. Bluegreen believes the lawsuit is without merit and intend to vigorously defend the action. Commencing in 2015, it came to Bluegreen’s attention that its collection efforts with respect to its VOI notes receivable were being impacted by a then emerging industry-wide trend involving the receipt of “cease and desist” letters from attorneys and timeshare exit companies purporting to represent certain VOI owners. Following receipt of these letters, Bluegreen is unable to contact the owners unless allowed by law. Bluegreen believes these attorneys and timeshare exit companies have encouraged such owners to become delinquent and ultimately default on their obligations and that such actions and Bluegreen’s inability to contact the owners are a primary contributor to the increase in its annual default rates. Bluegreen’s average annual default rates have increased from 6.9% in 2015 to 8.4% in 2018. Bluegreen also estimates that approximately 16.8 % of the total delinquencies on its VOI notes receivable as of September 30, 2018 related to VOI notes receivable subject to these letters. Bluegreen has in a number of cases pursued, and may in the future pursue, legal action against the VOI owners. The following is a description of certain commitments , contingencies, and guarantees: In lieu of paying maintenance fees for unsold VOI inventory, Bluegreen provides subsidies to certain HOAs to provide funds to operate and maintain vacation ownership properties in excess of assessments collected from owners of the VOIs. During the nine months ended September 30, 2018 and 2017, Bluegreen made payments related to such subsidies of $2.2 million and $1.7 million, respectively. As of September 30, 2018 , Bluegreen was providing subsidies to ten HOAs and had $6.2 million accrued for such subsidies, which is included in other liabilities in the Company’s condensed consolidated statement of financial condition. As of December 31, 2017, Bluegreen had no accrued liabilities for such subsidies. In August 2016, BBX Capital entered into a severance arrangement with a former executive pursuant to which the executive is entitled to receive $ 3.7 million in cash payments over a three - year period ending in August 2019. As of September 30, 2018, the Company had a $0.9 million liability remaining under this arrangement , which is included in other liabilities in the Company’s condensed consolidated statement of financial condition. In September 2017, Bluegreen entered into an agreement with a former executive in connection with his retirement . Pursuant to the terms of the agreement, Bluegreen agreed to make payments totaling approximately $2.9 million through March 2019. As of September 30, 2018, $1.2 million remain ed payable under this arrangement. Also, d uring the second half of 2017, Bluegreen commenced an initiative designed to streamline its operations in certain areas to facilitate future growth. Such initiative resulted in $5.8 million of severance accrued as of December 31, 2017 and $0.4 million accrued as of September 30, 2018 . Such outstanding amounts are included in other liabilities in the Company’s condensed consolidated statements of financial condition . In March 2018, Bluegreen’s compensation committee approved in principle the material terms of an Executive Leadership Incentive Plan (the “ELIP”), which provides for the grant of cash-settled performance units (“Performance Units”) and cash-settled stock appreciation rights (“SARs”) to participants in the ELIP. It is contemplated that each participant will be granted award opportunities representing a percentage of his or her base salary (the “Target LTI”). In the case of certain of Bluegreen’s executive officers, the award will be divided 30% to SARs and 70% to Performance Units. For other participants, including certain Bluegreen senior vice presidents, certain vice presidents and certain other employees, the award will be 100% in Performance Units. Performance Units will represent the right of the recipient to receive a cash payment based on the achievement of levels of EBITDA and return on invested capital (“ROIC”) during a two -year period. SARs granted under the ELIP, upon exercise after vesting, will entitle the holder to a cash payment in an amount equal to the excess of the market price of Bluegreen’s common stock on the date of exercise over the exercise price of the SAR. The SARs will vest in equal annual installments on the first, second and third anniversary of the date of grant and have a five -year term . In March 2018, Bluegreen’s compensation committee approved grants of 639,643 SARs at an exercise price of $19.72 per share to certain of Bluegreen’s officers, as well as Performance Units to receive up to approximately $7.4 million in 2020, depending on actual results from the two years ending December 31, 2019. As of September 30 , 2018, Bluegreen had $3.7 million accrued for the ELIP, which is included in other liabilities in the Company’s condensed consolidated statement of financial condition. Bluegreen has an exclusive marketing agreement with Bass Pro, a nationally-recognized retailer of fishing, marine, hunting, camping and sports gear, that provides Bluegreen with the right to market and sell vacation packages at kiosks in each of Bass Pro’s retail locations and through certain other means. As of September 30, 2018, Bluegreen was selling vacation packages in 69 of Bass Pro’s stores. Bluegreen compensates Bass Pro based on VOI sales generated through the program. No compensation is paid to Bass Pro under the agreement on sales made at Bluegreen/Big Cedar Vacations’ resorts. During the nine months ended September 30, 2018 and 2017, VOI sales to prospects and leads generated by the agreement with Bass Pro accounted for approximately 14% and 15% , respectively, of Bluegreen’s VOI sales volume. On October 9, 2017, Bass Pro advised Bluegreen that it believed the amounts paid to it as VOI sales commissions should not have been adjusted for certain purchaser defaults. Bluegreen previously had informed Bass Pro that the aggregate amount of such adjustments for defaults charged back to Bass Pro between January 2008 and June 2017 totaled approximately $4.8 million. While Bluegreen believed and continues to believe that these adjustments were appropriate and consistent with both the terms and the intent of the agreements with Bass Pro, in October 2017, in order to demonstrate its good faith, Bluegreen paid the amount at issue to Bass Pro pending future resolution of the matter. Bluegreen has continued to make payments to Bass Pro as it believes appropriate and consistent with the agreements, which continue to be adjusted for defaults, and Bass Pro has accepted these payments as historically calculated. Subsequently and again more recently, Bass Pro has raised issues regarding adjustments for defaults and requested additional information regarding the calculation of commissions payable to Bass Pro and other amounts payable under the agreements, including reimbursements paid to Bluegreen, as well as regarding the operations at Bluegreen/Big Cedar Vacations. Bluegreen does not believe that the issues raised by Bass Pro have impacted current operations under the marketing agreement or relative to Bluegreen/Big Cedar Vacations. Bluegreen has formally responded to Bass Pro with its view on these matters and intends to provide Bass Pro with all appropriately requested information. Bluegreen’s agreements with Bass Pro provide that in the event of any dispute the CEOs of the companies will meet to work toward a resolution of the issues or disagreements between the parties. Accordingly, it is anticipated that such process will be followed in good faith and that the parties will appropriately resolve any issues. While Bluegreen does not believe that any material additional amounts are due to Bass Pro as a result of these matters, the Company’s future results may be impacted by any change in the calculations utilized in connection with payments or reimbursements required under the agreements or if Bluegreen is unable to resolve the issue . The Company guarantees certain obligations of its wholly-owned subsidiaries and unconsolidated real estate joint ventures as follows: · BBX Capital is a guarant or of 50% of the outstanding balance of a third party loan to the Sunrise and Bayview Partners, LLC real estate joint venture , which had an outstanding balance of $5.0 million as of September 30, 2018 . · BBX Capital is a guarantor o f a $1.5 million note payable of Anastasia , a wholly-owned subsidiary of BBX Sweet Holdings, owe d to the former owner of Anastasia. The note payable is collateralized by the common stock of Anastasia. In October 2018, the note was paid in full. · BBX Capital and BBX Sweet Holdings are guarantors of a $1.5 million note payable of Hoffman’s Chocolates, a wholly-owned subsidiary of BBX Sweet Holdings, owe d to Centennial Bank. T h e note payable is collateralized by propert y and equipment with a carrying amount of approximately $2.0 million . · In October 2017, a wholly-owned subsidiary of the Company issued a $3.4 million unsecured note to the seller of real estate to the Chapel Trail joint venture in which the subsidiary has a 46.75% equity interest. The unsecured note was part of the subsidiar y’s initial capital contribution to the Chapel Trail real estate joint venture. The note is not secured by the joint venture property , and BBX Capital guarantees the repayment of the unsecured note. · The Company’s wholly-owned subsidiary, Food for Thought Restaurant Group, LLC, enters into lease agreements for MOD Super-Fast Pizza (“MOD Pizza”) restaurant locations. As of September 30 , 2018, the Company is a guarantor on five of the lease agreements with estimated future minimum rental payments of $4.8 million. · BBX Capital and BBX Sweet Holdings are guarantors on the lease of a manufacturing facility in Utah. The Company exited the manufacturing facility during 2018 and recognized a lease liability of $1.0 million on the cease-use date. |
Common Stock And Redeemable 5%
Common Stock And Redeemable 5% Cumulative Preferred Stock | 9 Months Ended |
Sep. 30, 2018 | |
Common Stock And Redeemable 5% Cumulative Preferred Stock [Abstract] | |
Common Stock And Redeemable 5% Cumulative Preferred Stock | 12. Common Stock and Redeemable 5% Cumulative Preferred Stock Cash Tender Offer In April 2018, BBX Capital completed a cash tender offer pursuant to which it purchased and retired 6,486,486 shares of its Class A Common Stock at a purchase price of $9.25 per share for an aggregate purchase price of approximately $60.1 million , inclusive of acquisition costs. As of April 19, 2018, the shares purchased in the tender offer represented approximately 7.6% of the total number of outstanding shares of BBX Capital’s Class A Common Stock and 6.3% of BBX Capital’s total issued and outstanding equity (which includes the issued and outstanding shares of BBX Capital’s Class B Common Stock). Redeemable 5% Cumulative Preferred Stock As of December 31, 2017, the Company had outstanding 15,000 shares of 5% Cumulative Preferred Stock with a stated value of $1,000 per share. During December 2013, the Company made a $5.0 million loan to the holders of the 5% Cumulative Preferred Stock. The loan was secured by 5,000 shares of the 5% Cumulative Preferred Stock, had a term of five years, accrued interest at a rate of 5% per annum, and provided for payments of interest on a quarterly basis during the term of the loan, with all outstanding amounts being due and payable at maturity in December 2018. On March 31, 2018, the Company redeemed 5,000 shares of the 5% Cumulative Preferred Stock in exchange for the cancellation of the $5.0 million loan to the holders of the 5% Cumulative Preferred Stock. As of September 30, 2018, the Company had outstanding 10,000 shares of 5% Cumulative Preferred Stock. Restricted Stock On September 30, 2018, 534,696 shares of restricted Class A common stock awards and 773,202 shares of restricted Class B common stock awards previously granted to certain of the Company’s officers vested. The officers surrendered a total of 374,895 shares of Class A common stock and 137,064 shares of Class B common stock to the Company to satisfy the $3.8 million tax withholding obligation associated with the vesting of these award s on September 30, 2018. The Company retired the surrendered shares. The following is a summary of the Company’s restricted Class A and Class B common stock activity for the nine months ended September 30, 2018: 1 Weighted Unvested Average Restricted Grant Date Stock Fair Value Unvested balance outstanding, beginning of period 4,994,515 $ 3.39 Granted 1,487,051 8.70 Vested (1,307,898) 3.36 Forfeited - - Unvested balance outstanding, end of period 5,173,668 $ 4.92 The fair value of shares of the Company’s restricted stock awards which vested in September 2018 and 2017 was $9.6 million during each period. The Company recognized restricted stock compensation expense of approximately $10.7 million and $10.1 million during the nine months ended September 30, 2018 and 2017, respectively. Between October 1, 2018 and October 5, 2018, 566,322 shares of restricted Class A common stock awards and 1,420,800 shares of restricted Class B common stock awards previously granted to certain of the Company’s officers vested. The officers surrendered a total of 414,834 shares of Class A common stock and 368,084 shares of Class B common stock to the Company to satisfy the $5.7 million tax withholding obligation associated with the vesting of these shares. The Company retired the surrendered shares in October 2018 . |
Noncontrolling Interests And Re
Noncontrolling Interests And Redeemable Noncontrolling Interest | 9 Months Ended |
Sep. 30, 2018 | |
Noncontrolling Interests And Redeemable Noncontrolling Interest [Abstract] | |
Noncontrolling Interests And Redeemable Noncontrolling Interest | 13 . Noncontrolling Interests and Redeemable Noncontrolling Interest N oncontrolling interests in the Company’s consolidated subsidiaries consisted of the following (in thousands): September 30, December 31, 2018 2017 Bluegreen (1) $ 42,725 39,271 Bluegreen / Big Cedar Vacations (2) 47,630 43,021 Joint ventures and other 851 (238) Total noncontrolling interests $ 91,206 82,054 The redeemable noncontrolling interest included in the Company’s condensed consolidated statements of financial condition is comprised of a redeemable noncontrolling interest associated with IT’SUGAR. The Company owns 90.4% of IT’SUGAR’s Class B Units, while the remaining 9.6% of such units are held by a noncontrolling interest and may be redeemed for cash at the holder’s option upon a contingent event outside of the Company’s control. Income (loss) attributable to noncontrolling interests, including redeemable noncontrolling interests, consisted of the following (in thousands): For the Three For the Nine Months Ended Months Ended September 30, September 30, 2018 2017 2018 2017 Bluegreen (1) $ 2,048 - 6,817 - Bluegreen / Big Cedar Vacations (2) 3,585 3,252 9,509 9,418 Joint ventures and other 173 146 (2) 70 Net income attributable to noncontrolling interests $ 5,806 3,398 16,324 9,488 (1) Subsequent to Bluegreen’s IPO during the fourth quarter of 2017 , the Company owns 90% of Bluegreen. (2) Bluegreen has a joint venture arrangement pursuant to which it owns 51% of Bluegreen/Big Cedar Vacations . |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 14. Fair Value Measurement Fair value is defined as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The accounting literature defines an input fair value hierarchy that has three broad levels and gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The input fair value hierarchy is summarized below: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability Level 3: Unobservable inputs for the asset or liability Financial Disclosures about Fair Value of Financial Instruments The following tables present information for consolidated financial instruments at September 30, 2018 and December 31, 2017 (in thousands): Fair Value Measurements Using Quoted prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable September 30, September 30, Assets Inputs Inputs 2018 2018 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 369,512 369,512 369,512 - - Restricted cash 55,710 55,710 55,710 - - Loans receivable (1) 6,292 7,437 - - 7,437 Notes receivable, net 439,484 542,000 - - 542,000 Financial liabilities: Receivable-backed notes payable $ 433,450 431,964 - - 431,964 Notes payable and other borrowings 197,177 201,460 - - 201,460 Junior subordinated debentures 136,231 142,000 - - 142,000 Redeemable 5% cumulative preferred stock 9,390 9,053 - - 9,053 Fair Value Measurements Using Quoted prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable December 31, December 31, Assets Inputs Inputs 2017 2017 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 362,526 362,526 362,526 - - Restricted cash 46,721 46,721 46,721 - - Loans receivable (1) 19,454 21,125 - - 21,125 Notes receivable, net 426,858 525,000 - - 525,000 Notes receivable from preferred shareholders (2) 5,000 5,000 - - 5,000 Financial liabilities: Receivable-backed notes payable $ 421,118 425,900 - - 425,900 Notes payable and other borrowings 144,114 149,438 - - 149,438 Junior subordinated debentures 135,414 132,000 - - 132,000 Redeemable 5% cumulative preferred stock 13,974 13,977 - - 13,977 (1) Included in other assets in the Company’s condensed consolidated statements of financial condition as of September 30, 2018 and December 31, 2017. (2) Included in other assets in the Company’s condensed consolidated statements of financial condition as of December 31, 2017. M anagement has made estimates of fair value that it believes to be reasonable. However, because there is no active market for many of these financial instruments, the fair value of these financial instruments has been derived using the income approach technique with Level 3 unobservable inputs. Estimates used in net present value financial models rely on assumptions and judgments regarding issues where the outcome is unknown, and actual results or values may differ significantly from these estimates. These fair value estimates do not consider the tax effect that would be associated with the disposition of the assets or liabilities at their fair value estimates. As such, the estimated value upon sale or disposition of the asset may not be received, and the estimated value upon disposition of the liability in advance of its scheduled maturity may not be paid. The amounts reported in the consolidated statements of financial condition for cash and cash equivalents and restricted cash approximate fair value. The fair value of the Company’s accruing loans is calculated using an income approach with Level 3 inputs by discounting forecasted cash flows using estimated market discount rates. The fair value of non-accruing collateral dependent loans is estimated using an income approach with Level 3 inputs utilizing the fair value of the collateral adjusted for operating and selling expenses and discounted over the estimated holding period based on the market risk inherent in the property. The fair values of notes receivable and note receivable from preferred shareholders are estimated using Level 3 inputs and are based on estimated future cash flows considering contractual payments and estimates of prepayments and defaults, discounted at a market rate. The fair value of the 5% Cumulative Preferred Stock, which is subject to mandatory redemption, is calculated using the income approach with Level 3 inputs by discounting the estimated cash flows at a market discount rate. The amounts reported in the consolidated statements of financial condition relating to Bluegreen’s notes payable and other borrowings, as well as variable rate receivable-backed notes payable, approximate fair value for indebtedness that provides for variable interest rates. The fair value of Bluegreen’s fixed rate, receivable-backed notes payable was determined using Level 3 inputs by discounting the net cash outflows estimated to be used to repay the debt. These obligations are to be satisfied using the proceeds from the consumer loans that secure the obligations. The fair value of Community Development Bonds is measured using the market approach with Level 3 inputs obtained based on estimated market prices of similar financial instruments. Community Development Bonds are included in notes payable and other borrowings in the above table. The fair value of other borrowings (other than Bluegreen’s notes payable and other borrowings and Community Development Bonds above) is measured using the income approach with Level 3 inputs obtained by discounting the forecasted cash flows based on estimated market rates. The fair value of junior subordinated debentures is estimated using Level 3 inputs based on the contractual cash flows discounted at a market rate or based on market price quotes from the over-the-counter bond market. |
Certain Relationships And Relat
Certain Relationships And Related Party Transactions | 9 Months Ended |
Sep. 30, 2018 | |
Certain Relationships And Related Party Transactions [Abstract] | |
Certain Relationships And Related Party Transactions | 15. Certain Relationships and Related Party Transactions The Company may be deemed to be controlled by Alan B. Levan, the Company’s Chairman and Chief Executive Officer, and John E. Abdo, the Company’s Vice Chairman. Together, Mr. Alan B. Levan and Mr. Abdo may be deemed to beneficially own shares of the Company’s Class A Common Stock and Class B Common Stock representing approximately 77% of the Company’s total voting power. Mr. Alan B. Levan and Mr. Abdo serve as Chairman and Vice Chairman, respectively, of Bluegreen’s Board of Directors. Jarett S. Levan, the Company’s President and son of Alan B. Levan, and Seth M. Wise, the Company’s Executive Vice President, also serve as directors of the Company and Bluegreen. Woodbridge is a wholly-owned subsidiary of the Company and owns 90% of Bluegreen as of September 30, 2018. Bluegreen paid or reimbursed the Company for management advisory, risk management, administrative and other services in the amounts of $0.6 million and $1.2 million during the three and nine months ended September 30, 2018, respectively, and $0.3 million and $1.2 million during the three and nine months ended September 30, 2017, respectively. The Company received $10.1 million and $30.3 million of dividends from Bluegreen during the three and nine months ended September 30, 2018, respectively. The Company received $20.0 million and $40.0 million of dividends during the three and nine months ended September 30, 2017, respectively . During the nine months ended September 30, 2018, Bluegreen paid $0.6 million for the acquisition of VOI inventory from a company whose President is the son of David L. Pontius, Bluegreen’s Executive Vice President and Chief Operating Officer. In April 2015, pursuant to a Loan Agreement and Promissory Note, a wholly owned subsidiary of Bluegreen provided an $80.0 million loan to BBX Capital. Amounts outstanding on the loan bore interest at a rate of 10% per annum until July 2017 when the interest rate was reduced to 6% per annum. Payments of interest are required on a quarterly basis, with the entire $80.0 million principal balance and accrued interest being due and payable in April 2020. BBX Capital is permitted to prepay the loan in whole or in part at any time, and prepayments will be required, to the extent necessary, in order for Bluegreen or its subsidiaries to remain in compliance with covenants under outstanding indebtedness. During the three and nine months ended September 30, 2018, BBX Capital recognized $1.2 million and $3.6 million, respectively, of interest expense on the loan to Bluegreen. During the three and nine months ended September 30, 2017, BBX Capital recognized $1.2 million and $5.2 million, respectively, of interest expense on the loan to Bluegreen. The interest expense was eliminated in consolidation in the Company’s condensed consolidated financial statements. In May 2015, the Company, BCC, Woodbridge, Bluegreen and their respective subsidiaries entered into an Agreement to Allocate Consolidated Income Tax Liability and Benefits pursuant to which, among other customary terms and conditions, the parties agreed to file consolidated federal tax returns. Under the agreement, the parties calculate their respective income tax liabilities and attributes as if each of them were a separate filer. If any tax attributes of one party to the agreement are used by another party to the agreement to offset such other party’s tax liability, the party providing the benefit will receive an amount for the tax benefits realized. During the three and nine months ended September 30, 2018, Bluegreen paid the Company $7.1 million and $21.0 million, respectively, pursuant to this agreement. During the three and nine months ended September 30, 2017, Bluegreen paid the Company $13.9 million and $39.3 million, respectively, pursuant to this agreement. During each of the three and nine months ended September 30, 2018 and 2017, the Company paid Abdo Companies, Inc. approximately $77,000 and $230,000 , respectively, in exchange for certain management services. John E. Abdo, the Company’s Vice Chairman, is the principal shareholder and Chief Executive Officer of Abdo Companies, Inc. Certain of the Company’s affiliates, including its executive officers, have independently made investments with their own funds in investments that the Company has sponsored or in which the Company holds investments. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | 16 . Segment Reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the chief operating decision maker in assessing performance and deciding how to allocate resources. Reportable segments consist of one or more operating segments with similar economic characteristics, products and services, production processes, type of customer, distribution system or regulatory environment. The information provided for segment reporting is obtained from internal reports utilized by management of the Company , and t he presentation and allocation of assets and results of operations may not reflect the actual economic costs of the segments as standalone businesses. If a different basis of allocation were utilized, the relative contributions of the segments might differ , but the relative trends in the segments’ operating results would, in management ’ s view, likely not be impacted. In the table for the three and nine months ended September 30, 2018 and 2017, amounts set forth in the column entitled “Corporate Expenses & Other” include interest expense associated with Woodbridge’s trust preferred securities, corporate overhead, the Company’s pizza restaurant operations as a franchisee of MOD Pizza, and a controlling financial interest in a restaurant acquired in connection with a loan receivable default. The Company opened two MOD Pizza restaurant locations during the fourth quarter of 2017 and three locations during the nine months ended September 30, 2018. As of September 30, 2018, management determined that the restaurant operations did not warrant separate presentation as a reportable segment. The Company evaluates segment performance based on segment income before income taxes . Set forth below is summary information regarding the Company ’ s reportable segments: Bluegreen Bluegreen markets, sells and manages real estate-based VOIs in resorts generally located in popular, high-volume, “drive-to” vacation destinations, which were developed or acquired by Bluegreen or are owned by others , in which case Bluegreen earns fees for providing these services. Bluegreen also earns fees by providing VOI title services, club and homeowners’ association management services, mortgage servicing, reservation services, services related to the Traveler-Plus program, food and beverage and other retail operations, and construction design and development services. In addition, Bluegreen provides financing to qualified individual purchasers of VOIs, which provides significant interest income. BBX Capital Real Estate BBX Capital Real Estate’s activities include the acquisition, development, ownership, and management of real estate, real estate development projects, and investments in real estate joint ventures. BBX Capital Real Estate also manages the legacy assets acquired in connection with the Company’s sale of BankAtlantic in July 2012. The legacy assets include portfolios of loans receivable, real estate properties, and loans previously charged off by BankAtlantic. Renin Renin is engaged in the design, manufacture, and distribution of specialty doors, door systems and hardware, and home décor products in the United States and Canada and operates through its headquarters in Canada and two manufacturing, assembly and distribution facilities in Canada and the United States. In addition to its own manufacturing, Renin also sources various products and raw materials from China. During the three months ended September 30, 2018 and 2017, total revenues for the Renin reportable segment include $9.6 million and $6.8 million, respectively, of trade sales to two major customers and their affiliates. During the three months ended September 30 , 2018 and 2017, Renin’s revenues generated outside the United States totaled $7.0 million and $5.0 million, respectively. During the nine months ended September 30 , 2018 and 2017, total revenues for the Renin reportable segment include $26.4 million and $23.4 million, respectively, of trade sales to two major customers and their affiliates. During the nine months ended September 30 , 2018 and 2017, Renin’s revenues generated outside the United States totaled $16.9 million and $15.8 million , respectively. As of September 30 , 2018 and 2017, Renin’s properties and equipment located outside the United States totaled $2.1 million and $2.3 million, respectively. BBX Sweet Holdings BBX Sweet Holdings consists of IT’SUGAR, Hoffman’s Chocolates, and manufacturing facilities in the chocolate and confection industries which serve customers such as boutique retailers, big box chains, department stores, national resort properties, corporate customers, and private label brands. IT’SUGAR, which was acquired by BBX Sweet Holdings in June 2017, is a specialty candy retailer which currently has over 90 retail locations in 26 states and Washington, D.C. Hoffman’s Chocolates is a manufacturer and retailer of gourmet chocolates with retail locations in South Florida. The table below sets forth the Company’s segment information as of and for the three months ended September 30, 2018 (in thousands): Reportable Segments BBX Corporate Capital BBX Expenses Real Sweet & Segment Bluegreen Estate Renin Holdings Other Eliminations Total Revenues: Sales of VOIs $ 70,698 - - - - - 70,698 Fee-based sales commissions 61,641 - - - - - 61,641 Other fee-based services 31,057 - - - - - 31,057 Cost reimbursements 16,900 - - - - - 16,900 Trade sales - - 15,330 26,181 2,297 (5) 43,803 Sales of real estate inventory - 7,478 - - - - 7,478 Interest income 21,531 229 - 15 582 (1,200) 21,157 Net losses on sales of real estate assets - (4) - - - - (4) Other revenue 378 576 - 101 776 (158) 1,673 Total revenues 202,205 8,279 15,330 26,297 3,655 (1,363) 254,403 Costs and expenses: Cost of VOIs sold 11,237 - - - - - 11,237 Cost of other fee-based services 19,937 - - - - - 19,937 Cost reimbursements 16,900 - - - - - 16,900 Cost of trade sales - - 12,306 15,542 1,117 (5) 28,960 Cost of real estate inventory sold - 4,655 - - - - 4,655 Interest expense 9,208 - 157 50 2,915 (1,200) 11,130 Recoveries from loan losses, net - (443) - - - - (443) Asset impairments, net - 191 - - - - 191 Selling, general and administrative expenses 112,407 2,304 2,250 10,666 16,089 (158) 143,558 Total costs and expenses 169,689 6,707 14,713 26,258 20,121 (1,363) 236,125 Equity in net earnings of unconsolidated real estate joint ventures - 373 - - - - 373 Foreign exchange gain - - 76 - - - 76 Income (loss) before income taxes $ 32,516 1,945 693 39 (16,466) - 18,727 Total assets $ 1,336,992 135,929 28,798 89,968 168,396 (82,316) 1,677,767 Expenditures for property and equipment $ 9,242 131 99 2,042 1,729 - 13,243 Depreciation and amortization $ 3,169 91 284 1,610 293 - 5,447 Debt accretion and amortization $ 1,086 - 4 53 91 - 1,234 Cash and cash equivalents $ 195,439 21,625 - 6,485 145,963 - 369,512 Equity method investments $ - 42,550 - - - - 42,550 Goodwill $ - - - 39,482 - - 39,482 Receivable-backed notes payable $ 433,450 - - - - - 433,450 Notes payable and other borrowings $ 137,834 16,285 9,422 3,610 110,026 (80,000) 197,177 Junior subordinated debentures $ 71,147 - - - 65,084 - 136,231 The table below sets forth the Company’s segment information as of and for the three months ended September 30, 2017 (in thousands): Reportable Segments BBX Corporate Segment Capital BBX Expenses Total Real Sweet & *As Bluegreen Estate Renin Holdings Other Eliminations Adjusted Revenues: Sales of VOIs $ 62,453 - - - - - 62,453 Fee-based sales commissions 69,977 - - - - - 69,977 Other fee-based services 27,386 - - - - - 27,386 Cost reimbursements 14,097 - - - - - 14,097 Trade sales - - 16,463 28,255 - - 44,718 Interest income 21,296 697 - 1 241 (1,200) 21,035 Net losses on sales of real estate assets - (18) - - - - (18) Other revenue (119) 964 - 14 507 (118) 1,248 Total revenues 195,090 1,643 16,463 28,270 748 (1,318) 240,896 Costs and expenses: Cost of VOIs sold 6,444 - - - - - 6,444 Cost of other fee-based services 17,182 - - - - - 17,182 Cost reimbursements 14,097 - - - - - 14,097 Cost of trade sales - - 13,509 18,301 - - 31,810 Interest expense 8,058 - 161 85 2,379 (1,200) 9,483 Recoveries from loan losses, net - (2,005) - - - - (2,005) Asset impairments, net - 1,233 - 273 - - 1,506 Reimbursement of litigation costs and penalty - - - - (2,113) - (2,113) Selling, general and administrative expenses 114,934 3,099 2,598 10,879 15,450 (118) 146,842 Total costs and expenses 160,715 2,327 16,268 29,538 15,716 (1,318) 223,246 Equity in net earnings of unconsolidated real estate joint ventures - 2,105 - - - - 2,105 Foreign exchange loss - - (105) - - - (105) Income (loss) before income taxes $ 34,375 1,421 90 (1,268) (14,968) - 19,650 Total assets $ 1,166,247 171,270 38,286 98,538 131,406 (81,891) 1,523,856 Expenditures for property and equipment $ 3,973 58 615 522 612 - 5,780 Depreciation and amortization $ 2,420 161 323 1,327 176 - 4,407 Debt accretion and amortization $ 1,123 - - - 180 - 1,303 Cash and cash equivalents $ 124,002 13,246 - 9,304 117,828 - 264,380 Equity method investments $ - 47,995 - - - - 47,995 Goodwill $ - - - 41,016 - - 41,016 Receivable-backed notes payable $ 419,335 - - - - - 419,335 Notes payable and other borrowings $ 95,594 20,907 16,113 5,169 80,000 (80,000) 137,783 Junior subordinated debentures $ 70,100 - - - 65,012 - 135,112 * See Note 1 for a summary of adjustments. The table below sets forth the Company’s segment information for the nine months ended September 30, 2018 (in thousands): Reportable Segments BBX Corporate Capital BBX Expenses Real Sweet & Segment Bluegreen Estate Renin Holdings Other Eliminations Total Revenues: Sales of VOIs $ 195,412 - - - - - 195,412 Fee-based sales commissions 167,581 - - - - - 167,581 Other fee-based services 89,472 - - - - - 89,472 Cost reimbursements 47,157 - - - - - 47,157 Trade sales - - 47,205 72,442 6,479 (12) 126,114 Sales of real estate inventory - 17,138 - - - - 17,138 Interest income 63,771 2,064 - 46 1,457 (3,600) 63,738 Net gains on sales of real estate assets - 4,798 - - - - 4,798 Other revenue 1,269 2,024 - 155 1,296 (462) 4,282 Total revenues 564,662 26,024 47,205 72,643 9,232 (4,074) 715,692 Costs and expenses: Cost of VOIs sold 19,838 - - - - - 19,838 Cost of other fee-based services 53,983 - - - - - 53,983 Cost reimbursements 47,157 - - - - - 47,157 Cost of trade sales - - 38,454 46,707 2,902 (12) 88,051 Cost of real estate inventory sold - 11,283 - - - - 11,283 Interest expense 25,470 - 497 238 8,127 (3,600) 30,732 Recoveries from loan losses, net - (7,236) - - - - (7,236) Asset impairments, net - 340 - 187 - - 527 Selling, general and administrative expenses 315,535 7,165 7,641 34,099 46,512 (462) 410,490 Total costs and expenses 461,983 11,552 46,592 81,231 57,541 (4,074) 654,825 Equity in net earnings of unconsolidated real estate joint ventures - 1,165 - - - - 1,165 Foreign exchange gain - - 91 - - - 91 Income (loss) before income taxes $ 102,679 15,637 704 (8,588) (48,309) - 62,123 Expenditures for property and equipment $ 24,347 298 447 4,330 3,894 - 33,316 Depreciation and amortization $ 9,087 283 869 4,346 806 - 15,391 Debt accretion and amortization $ 2,765 2 12 159 221 - 3,159 The table below sets forth the Company’s segment information for the nine months ended September 30, 2017 (in thousands): Reportable Segments BBX Corporate Segment Capital BBX Expenses Total Real Sweet & *As Bluegreen Estate Renin Holdings Other Eliminations Adjusted Revenues: Sales of VOIs $ 176,094 - - - - - 176,094 Fee-based sales commissions 179,046 - - - - - 179,046 Other fee-based services 83,442 - - - - - 83,442 Cost reimbursements 40,660 - - - - - 40,660 Trade sales - - 51,447 44,922 - - 96,369 Interest income 65,673 1,915 - 3 674 (5,200) 63,065 Net gains on sales of real estate assets - 1,668 - - - - 1,668 Other revenue (120) 3,023 - 27 1,079 (357) 3,652 Total revenues 544,795 6,606 51,447 44,952 1,753 (5,557) 643,996 Costs and expenses: Cost of VOIs sold 11,352 - - - - - 11,352 Cost of other fee-based services 48,663 - - - - - 48,663 Cost reimbursements 40,660 - - - - - 40,660 Cost of trade sales - - 41,332 32,441 - - 73,773 Interest expense 23,779 - 343 255 8,403 (5,200) 27,580 Recoveries from loan losses, net - (6,098) - - - - (6,098) Asset impairments, net - 1,278 - 273 - - 1,551 Net gains on cancellation of junior subordinated debentures - - - - (6,929) - (6,929) Reimbursement of litigation costs and penalty - - - - (11,719) - (11,719) Selling, general and administrative expenses 312,257 8,002 8,404 20,638 46,545 (357) 395,489 Total costs and expenses 436,711 3,182 50,079 53,607 36,300 (5,557) 574,322 Equity in net earnings of unconsolidated real estate joint ventures - 8,428 - - - - 8,428 Foreign exchange loss - - (312) - - - (312) Income (loss) before income taxes $ 108,084 11,852 1,056 (8,655) (34,547) - 77,790 Expenditures for segment fixed assets $ 9,380 257 2,454 1,144 923 - 14,158 Depreciation and amortization $ 7,089 480 712 2,509 544 - 11,334 Debt accretion and amortization $ 3,470 - 18 30 214 - 3,732 * See Note 1 for a summary of adjustments. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17 . S ubsequent Events 2018 Term Securitization I n October 2018, Bluegreen completed the 2018-A Term Securitization, a private offering and sale of approximately $117.7 million of investment-grade, VOI receivable-backed notes (the "Notes"), including approximately $49.8 million of Class A Notes, approximately $33.1 million of Class B Notes and approximately $34.8 million of Class C Notes with interest rates of 3.77% , 3.95% and 4.44% , respectively, which blends to an overall weighted average interest rate of approximately 4.02% . The gross advance rate for this transaction was 87.2% . The Notes mature in February 2034. KeyBanc Capital Markets Inc. (“KeyCM”) and Barclays Capital Inc. acted as joint bookrunners and co-lead managers and were the initial purchasers of the Notes. KeyCM also acted as structuring agent for the transaction. The amount of the VOI notes receivables sold or to be sold to BXG Receivables Note Trust 2018-A (the “Trust”) is approximately $135.0 million, approximately $109.0 million of which was sold to the Trust at closing and approximately $26.0 million of which is expected to be sold to the Trust prior to February 25, 2019. The gross proceeds of such sales to the Trust are anticipated to be approximately $117.7 million. A portion of the proceeds received at the closing w as used to: repay KeyBank National Association (“KeyBank”) and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main (“DZ Bank”) approximately $49.2 million, representing all amounts outstanding (including accrued interest) under Bluegreen’s existing purchase facility with KeyBank and DZ Bank (the "KeyBank/DZ Purchase Facility"); repay Liberty Bank approximately $20.4 million under Bluegreen’s existing Liberty Bank Facility; repay Pacific Western Bank approximately $7.1 million under Bluegreen’s existing Pacific Western Bank Facility; capitalize a reserve fund; and pay fees and expenses associated with the transaction. The remainder of the proceeds from the 2018-A Term Securitization are expected to be used by Bluegreen for general corporate purposes. As a result of the facility repayments described above, following the closing of the 2018-A Term Securitization, (i) there were no amounts outstanding under the KeyBank/DZ Purchase Facility, which allows for maximum outstanding receivable-backed borrowings of $80.0 million on a revolving basis through December 31, 2019, (ii) there was approximately $19.1 million outstanding under the Liberty Bank Facility, which permits maximum outstanding receivable-backed borrowings of $50.0 million on a revolving basis through March 12, 2020, and (iii) there was approximately $9.6 million outstanding under the Pacific Western Bank Facility, which permits maximum outstanding receivable-backed borrowings of $40.0 million on a revolving basis through September 20, 2021, in each case, subject to eligible collateral and the other terms and conditions of each facility , respectively . Thus, subject to the foregoing, approximately $76.7 million in the aggregate was available under the KeyBank/DZ Purchase Facility, Liberty Bank Facility and Pacific Western Facility as a result of the repayments. Further, s ubject to performance of the collateral, Bluegreen will receive any excess cash flows generated by the receivables transferred under the 2018-A Term Securitization ( meaning excess cash after payments of customary fees, interest, and principal under the 2018-A Term Securitization) on a pro-rata basis as borrowers make payments on their VOI loans. While ownership of the VOI receivables included in the 2018-A Term Securitization is transferred and sold for legal purposes, the transfer of these VOI notes receivables is accounted for as a secured borrowing for financial accounting purposes. Accordingly, no gain or loss was recognized as a result of the transaction. Investment in Altman Companies In October 2018, the Company entered into an agreement pursuant to which it has agreed, subject to the satisfaction or waiver of the conditions to closing, to acquire a fifty percent ( 50% ) membership interest in The Altman Companies, LLC (“Altman Companies”), a real estate development company which operates a fully integrated multifamily platform covering all aspects of the development process and includes membership interests in Altman Development Company, Altman-Glenewinkel Construction, and Altman Management Company, for a purchase price of $11.8 million. Simultaneously with th is investment, the Company has agreed to acquire interests in the manag ing member of eight multifamily real estate developments affiliated with Altman Companies (the “Developments”) for a n aggregate purchase price of $10.9 million , subject to adjustment based on the terms of the agreement . The Company has also agreed, subject to various terms and conditions, to acquire an additional forty percent ( 40% ) of the membership interests in Altman Companies for a purchase price of $9.4 million in approximately four years after the closing of the initial purchase. The seller, Joel Altman, can also, at his option, or in other predefined circumstances, require the Company to acquire the remaining ten percent ( 10% ) interest in Altman Companies for $2.4 million. Closing of the investment in Altman Companies and the Developments is subject to the satisfaction or waiver of certain conditions, including obtaining consents from lenders and investors in the Developments. The Addison on Millenia Investment, LLC In October 2018, The Addison on Millenia Investment, LLC, a joint venture in which the Company holds a noncontrolling equity interest which had a carrying amount of $5.2 million as of September 30, 2018, sold its 292 unit multifamily apartment facility located in Orlando, Florida. In connection with the sale, the Company received $14.4 million of distributions from the joint venture. |
Basis Of Financial Statement _2
Basis Of Financial Statement Presentation (Policy) | 9 Months Ended |
Sep. 30, 2018 | |
Basis Of Financial Statement Presentation [Abstract] | |
Basis Of Accounting | BBX Capital Corporation and its subsidiaries (the “Company” or, unless otherwise indicated or the context otherwise requires, “we,” “us,” or “our”) is a Florida-based diversified holding company. BBX Capital Corporation as a standalone entity without its subsidiaries is referred to as “BBX Capital.” The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these financial statements do not include all of the information and disclosures required by GAAP for complete financial statements. |
Consolidation Policy | The consolidated financial statements include the accounts of all of BBX Capital ’s wholly-owned subsidiaries, other entities in which BBX Capital or its subsidiaries hold controlling financial interests, and any VIEs in which BBX Capital or one of its consolidated subsidiaries is deemed the primary beneficiary of the VIE. All significant inter-company accounts and transactions have been eliminated in consolidation. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) has issued the following Accounting Standards Updates (“ASU”) and guidance relevant to the Company’s operations which were adopted as of January 1, 2018: ASU No. 2014-09 – Revenue Recognition (Topic 606): In May 2014, the FASB issued a new standard related to revenue recognition (as subsequently clarified and amended by various ASUs). Under the new standard, revenue is recognized when an entity satisfies a performance obligation by transferring to a customer control over promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company adopted the standard on January 1, 2018 under the full retrospective method , and accordingly, results for prior periods have been adjusted to apply the new standard as shown below. The adoption of the standard affected Bluegreen in the following areas: (i) gross versus net presentation for payroll and insurance premium reimbursements related to resorts managed by Bluegreen and on behalf of third parties and (ii) the timing of the recognition of VOI revenue related to the removal of certain bright line tests regarding the determination of the adequacy of the buyer’s commitment under prior industry-specific guidance. Bluegreen concluded that the recognition of fee-based sales commissions, ancillary revenues, and rental revenues remained materially unchanged. The adoption of the standard on the Company’s real estate activities results in recognizing revenue sooner for contingent consideration on sales of real estate inventory. The adoption of the standard did not materially affect revenue recognition associated with the Company’s trade sales. Retail trade sales performance obligations are generally satisfied at the time of the sales transaction as customers of the retail business typically pay in cash at the time of transfer of the promised goods, while wholesale trade sales performance obligations are generally satisfied when the promised goods are shipped by the Company or received by the customer. However, the Company has historically recognized shipping and handling costs in selling, general and administration expenses, and upon the adoption of the standard, the Company began accounting for such costs as a fulfillment cost in cost of trade sales. The Company has elected to use the following practical expedients in connection with the adoption of ASU 2014-09: · We utilize the transaction price upon completion of the contract for certain contracts with customers; · We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less or unsatisfied performance obligations or unsatisfied promises to transfer a distinct good or service that forms a part of a single performance obligation recognized over time. See Note 2 for a further description of variable consideration identified in contracts with customers; · We expense all marketing and sales costs as incurred; · We exclude from the transaction price all taxes assessed by a governmental authority that are imposed on a specified transaction concurrent with the closing thereof and are collected by the Company from a customer; · We do not disclose remaining performance obligations for variable consideration when the variable consideration is allocated entirely to a wholly unsatisfied performance obligation; · We do not disclose remaining performance obligations when revenue is recognized based on the Company’s right to invoice; · We account for shipping and handling activities that occur after the control of the goods is transferred to a customer as fulfillment activities instead of a separate performance obligation; · We recognize incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset is one year or less; and · We do not adjust the transaction price for the effects of a significant financial component if we expect, at the contract inception, that the performance obligations will be satisfied within one year or less. ASU No. 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20). This standard provides guidance on the recognition of gains and losses from the transfer of nonfinancial assets to non-customers and requires that an entity must identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a non-customer or counterparty and derecognize each asset when the counterparty obtains control of the asset. This standard significantly changed the guidance on the transfer of real estate to unconsolidated joint ventures. Under prior guidance, the transfer of real estate to an unconsolidated joint venture was accounted for as a partial sale, resulting in the recognition of a partial gain, and the noncontrolling interest retained was measured at historical cost, resulting in a basis adjustment to the seller’s investment in the joint venture. In addition, the partial gain could be deferred if the sale did not satisfy certain criteria for gain recognition. As a result, the Company previously accounted for the transfer of land to certain unconsolidated real estate joint ventures for initial capital contributions as partial sales, resulting in deferred gains and joint venture basis adjustments. However, under the new standard, the full gain is recognized upon the transfer of control of real estate to an unconsolidated joint venture, and any noncontrolling interest retained is measured at fair value. The Company adopted the standard on January 1, 2018 under the full retrospective method and, accordingly, prior years’ results have been adjusted to apply the new standard as shown below. The following represents the impact of the a doption of ASU 2014-09 and ASU 2017-05 on our consolidated statements of financial condition as of December 31, 2017 and December 31, 2016 and consolidated statements of operations for the three and nine months ended September 30 , 2017 and the years ended December 31, 2017 and 2016 (in thousands, except per share data): For the Three Months Ended September 30, 2017 Prior to Adoption ASU 2014-09 Adjustments ASU 2017-05 Adjustments As Adjusted Statement of Operations: Sales of VOIs $ 61,687 766 - 62,453 Cost reimbursements - 14,097 - 14,097 Cost reimbursements - 14,097 - 14,097 Cost of VOIs sold 6,284 160 - 6,444 Trade sales 44,877 (159) - 44,718 Net loss on sales of real estate assets (18) - - (18) Cost of trade sales 29,494 2,316 - 31,810 Selling, general and administrative expenses 149,021 (2,179) - 146,842 Equity in earnings of unconsolidated real estate joint ventures 2,451 - (346) 2,105 Income before income taxes 19,686 310 (346) 19,650 Provision for income taxes (8,195) (64) 133 (8,126) Net income 11,491 246 (213) 11,524 Less: Net income attributable to noncontrolling interests 3,256 142 - 3,398 Net income attributable to shareholders $ 8,235 104 (213) 8,126 Basic earnings per share $ 0.08 0.08 Diluted earnings per share $ 0.08 0.08 For the Nine Months Ended September 30, 2017 Prior to Adoption ASU 2014-09 Adjustments ASU 2017-05 Adjustments As Adjusted Statement of Operations: Sales of VOIs $ 172,839 3,255 - 176,094 Cost reimbursements - 40,660 - 40,660 Cost reimbursements - 40,660 - 40,660 Cost of VOIs sold 10,737 615 - 11,352 Trade sales 96,831 (462) - 96,369 Net gains on sales of real estate assets 2,161 - (493) 1,668 Cost of trade sales 68,027 5,746 - 73,773 Selling, general and administrative expenses 400,845 (5,356) - 395,489 Equity in earnings of unconsolidated real estate joint ventures 9,620 - (1,192) 8,428 Income before income taxes 77,687 1,788 (1,685) 77,790 Provision for income taxes (30,028) (643) 650 (30,021) Net income 47,659 1,145 (1,035) 47,769 Less: Net income attributable to noncontrolling interests 9,467 21 - 9,488 Net income attributable to shareholders $ 38,192 1,124 (1,035) 38,281 Basic earnings per share $ 0.39 0.39 Diluted earnings per share $ 0.36 0.36 As of and for the Year Ended December 31, 2017 As Previously Reported ASU 2014-09 Adjustments ASU 2017-05 Adjustments As Adjusted Statement of Financial Condition: Notes receivable, net $ 431,801 (4,943) - 426,858 Investment in unconsolidated real estate joint ventures 47,275 - 3,959 51,234 Property and equipment, net 112,858 (929) - 111,929 Other assets 121,824 929 - 122,753 Other liabilities 103,926 - (462) 103,464 Deferred income 36,311 (19,418) - 16,893 Deferred income taxes 43,093 3,755 1,120 47,968 Total equity $ 653,501 10,720 3,301 667,522 Statement of Operations: Sales of VOIs $ 239,662 2,355 - 242,017 Cost reimbursements - 52,639 - 52,639 Cost reimbursements - 52,639 - 52,639 Cost of VOIs sold 17,439 240 - 17,679 Trade sales 142,798 (713) - 142,085 Net gains on sales of assets 2,442 - (493) 1,949 Cost of trade sales 97,755 8,163 - 105,918 Selling, general and administrative expenses 538,125 (8,423) - 529,702 Equity in earnings of unconsolidated real estate joint ventures 14,483 - (1,942) 12,541 Income before income taxes 93,374 1,662 (2,435) 92,601 Benefit for income taxes 7,223 954 1,525 9,702 Net income 100,597 2,616 (910) 102,303 Less: Net income attributable to noncontrolling interests 18,402 (24) - 18,378 Net income attributable to shareholders $ 82,195 2,640 (910) 83,925 Basic earnings per share $ 0.83 0.85 Diluted earnings per share $ 0.79 0.81 As of and for the Year Ended December 31, 2016 As Previously Reported ASU 2014-09 Adjustments ASU 2017-05 Adjustments As Adjusted Statement of Financial Condition: Notes receivable, net $ 430,480 (4,680) - 425,800 Investment in unconsolidated real estate joint ventures 43,491 - 5,901 49,392 Property and equipment, net 95,998 (590) - 95,408 Other assets 130,333 590 - 130,923 Other liabilities 95,611 - (956) 94,655 Deferred income 37,015 (17,493) - 19,522 Deferred income taxes 44,318 4,711 2,645 51,674 Total equity $ 495,454 8,102 4,212 507,768 Statement of Operations: Sales of VOIs $ 266,142 7,732 - 273,874 Cost reimbursements - 49,557 - 49,557 Cost reimbursements - 49,557 - 49,557 Cost of VOIs sold 27,346 1,483 - 28,829 Trade sales 95,996 (157) - 95,839 Net gains on sales of assets 6,076 - (2,274) 3,802 Cost of trade sales 74,341 6,022 - 80,363 Selling, general and administrative expenses 516,757 (4,606) - 512,151 Equity in earnings of unconsolidated real estate joint ventures 13,630 - (1,452) 12,178 Income before income taxes 78,036 4,676 (3,726) 78,986 Provision for income taxes (36,379) (1,448) 1,437 (36,390) Net income 41,657 3,228 (2,289) 42,596 Less: Net income attributable to noncontrolling interests 13,295 300 (429) 13,166 Net income attributable to shareholders $ 28,362 2,928 (1,860) 29,430 Basic earnings per share $ 0.33 0.34 Diluted earnings per share $ 0.32 0.34 On March 9, 2018, the Company filed its 2017 Annual Report which included in Item 8 – Note 2 to the consolidated financial statements the expected impacts to reported results of the retrospective adjustments to the Company’s financial statements for the years ended December 31, 2017 and 2016 due to the adoption of ASU 2014-09 and ASU 2017-05. Subsequent to the March 9, 2018 filing date, the Company revised its calculation of the expected impact of the full retrospective adoption of both standards, and the amounts included in the above tables reflect these revisions. The adoption of the new standards had no impact on our consolidated statements of cash flows. ASU No. 2017-09, Compensation – Stock Compensation (Topic 718). This update was issued to provide guidance on determining which changes to the terms and conditions of share-based compensation awards require an entity to apply modification accounting under Topic 718. Under this guidance, an entity must apply modification accounting to changes to terms or conditions of a share-based compensation award unless there is no change in the fair value, vesting or classification of the modified award as compared to the original award. The standard is effective for annual periods beginning after December 15, 2017 and for interim periods within those annual periods. The Company adopted this standard on January 1, 2018. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. ASU No. 2017-01, Business Combinations - Clarifying the Definition of a Business. This update was issued to clarify the determination of whether an entity has acquired or sold a business. The definition of a business affects many areas of accounting, including acquisitions, disposals, goodwill and consolidations, and the standard is intended to assist entities in the determination of whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The standard is expected to result in more acquisitions being accounted for as asset purchases instead of business combinations. The guidance is effective for fiscal years beginning after December 15, 2017. The Company adopted this standard on January 1, 2018 using the prospective transition method. The adoption of this standard resulted in the Company accounting for Bluegreen’s acquisition of the Éilan Hotel & Spa in April 2018 as an asset acquisition, and consequently, all transaction costs were capitalized as part of the assets acquired. ASU No. 2016-01 –– Financial Instruments – Overall (Topic 825) – Recognition and Measurement of Financial Assets and Financial Liabilities. This update requires all equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) to generally be measured at fair value through earnings and eliminates the available-for-sale classification for equity securities with readily determinable fair values and the cost method for equity investments without readily determinable fair values. However, the update allows entities to elect to record equity investments without readily determinable fair values at cost, less impairments. This update also simplifies the impairment assessment for equity investments and requires the use of an exit price when measuring the fair value of financial instruments for disclosure purposes. The amendments in this standard are effective for fiscal years beginning after December 15, 2017. The Company adopted this standard on January 1, 2018 and recognized a cumulative effect adjustment of $0.3 million, net of tax, to accumulated earnings as of January 1, 2018 for equity securities with readily determinable fair values. The standard was adopted prospectively for $2.4 million of equity securities without readily determinable fair values. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. ASU No. 2018-02 –– Income Statement – Reporting Comprehensive Income (Topic 220) – Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This update provides an entity with an option to reclassify to accumulated earnings the stranded tax effects within accumulated other comprehensive income associated with the reduction in the corporate income tax rate from the enactment of the U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”). The Company elected to adopt this update as of January 1, 2018 and reclassified the stranded income tax effects from the Tax Reform Act into accumulated earnings as of the adoption date. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. ASU No. 2018-05 –– Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118. This update formally amended Topic 740 for the guidance previously provided by SEC Staff Accounting Bulletin No. 118 (“SAB 118”) related to the application of Topic 740 in the reporting period in which the Tax Reform Act was signed into law. The Company adopted SAB 118 in the fourth quarter of 2017, and therefore, the Company’s subsequent adoption of ASU 2018-05 in the first quarter of 2018 had no impact on its accounting for income taxes in the first quarter of 2018. See Note 10 for additional information regarding the Company’s accounting for income taxes and the Tax Reform Act. |
Future Adoption of Recently Issued Accounting Pronouncements | Future Adoption of Recently Issued Accounting Pronouncements The FASB has issued the following accounting pronouncements and guidance relevant to the Company’s operations which have not been adopted as of September 30, 2018 : ASU No. 2016-02 – Leases (Topic 842), as subsequently amended by ASU 2018-01 and ASU 2018-11 . This standard will require assets and liabilities to be recognized on the balance sheet of a lessee for the rights and obligations created by leases of assets with terms of more than 12 months. For income statement purposes, the standard retained a dual model which requires leases to be classified as either operating or finance based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. This standard also requires extensive quantitative and qualitative disclosures, including significant judgments made by management, to provide greater insight into the extent of revenue and expense recognized and expected to be recognized from existing leases. This standard, which will be effective for the Company on January 1, 2019, permits two methods of adoption: a modified retrospective transition method or an optional transition method. The modified retrospective transition method applies the standard’s transition guidance as of the beginning of the earliest comparable period presented in an entity’s financial statements, which results in financial statements for the current periods that are comparable to the financial statements for the prior periods presented. The optional transition method applies the transition guidance on the date of adoption with a cumulative-effect adjustment to the opening balance of retained earnings. Under this transition method, comparable prior periods in an entity’s financial statements in the year of adoption would continue to be reported in accordance with Topic 840, including the disclosures of Topic 840. The Company expects that the implementation of this new standard will have a material impact on its consolidated financial statements and related disclosures as the Company ha d aggregate future minimum lease payments of $147.5 million at September 30, 2018 under its current non-cancelable lease agreements with various expiration dates between 2018 and 2030. The Company anticipates the recognition of additional assets and corresponding liabilities related to these leases on its consolidated statement of financial condition. The Company anticipates adopting the standard on January 1, 2019 under the optional transition method, and accordingly, will not apply the new guidance in comparable prior periods presented in its financial statements in the year of adoption. The Company anticipates electing certain practical expedients available under the transition guidance within the standard, including the package of practical expedients which would allow the Company to not have to reassess under the new standard prior conclusions about lease identification, classification, and initial direct costs. The Company also expects to make accounting policy elections by class of underlying asset to not apply the recognition requirements of this standard to leases with a term of twelve months or less and to not separate non-lease components from lease components. If the election is made to not separate non-lease components from lease components, each separate lease component and the non-lease components associated with that lease component will instead be accounted for as a single lease component for lease classification, recognition, and measurement purposes. The Company is currently in the process of evaluating its existing lease portfolio, including accumulating all of the necessary information required to properly account for leases under this standard . Other significant implementation matters include assessing the impact on the Company’s internal control over financial reporting and documenting and implementing new processes for accounting for its lease agreements. ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This standard introduces an approach of estimating credit losses on certain types of financial instruments based on expected losses and will expand the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating its allowance for credit losses. In addition, the standard will require entities to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination (i.e., by vintage year). This standard will be effective for the Company on January 1, 2020. Early adoption is permitted beginning on January 1, 2019. The Company is currently evaluating the impact that adopting ASU 2016-13 may have on its consolidated financial statements. ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. This standard modifies the disclosure requirements in Topic 820 related to the valuation techniques and inputs used, uncertainty in measurement, and changes in measurements applied. This standard is effective for the Company in annual periods beginning after December 15, 2019 and for interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact that ASU 2018-13 may have on its consolidated financial statement footnote disclosures. |
Basis Of Financial Statement _3
Basis Of Financial Statement Presentation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Basis Of Financial Statement Presentation [Abstract] | |
Retrospective Adjustments Due To Adoption Of New Accounting Standards | For the Three Months Ended September 30, 2017 Prior to Adoption ASU 2014-09 Adjustments ASU 2017-05 Adjustments As Adjusted Statement of Operations: Sales of VOIs $ 61,687 766 - 62,453 Cost reimbursements - 14,097 - 14,097 Cost reimbursements - 14,097 - 14,097 Cost of VOIs sold 6,284 160 - 6,444 Trade sales 44,877 (159) - 44,718 Net loss on sales of real estate assets (18) - - (18) Cost of trade sales 29,494 2,316 - 31,810 Selling, general and administrative expenses 149,021 (2,179) - 146,842 Equity in earnings of unconsolidated real estate joint ventures 2,451 - (346) 2,105 Income before income taxes 19,686 310 (346) 19,650 Provision for income taxes (8,195) (64) 133 (8,126) Net income 11,491 246 (213) 11,524 Less: Net income attributable to noncontrolling interests 3,256 142 - 3,398 Net income attributable to shareholders $ 8,235 104 (213) 8,126 Basic earnings per share $ 0.08 0.08 Diluted earnings per share $ 0.08 0.08 For the Nine Months Ended September 30, 2017 Prior to Adoption ASU 2014-09 Adjustments ASU 2017-05 Adjustments As Adjusted Statement of Operations: Sales of VOIs $ 172,839 3,255 - 176,094 Cost reimbursements - 40,660 - 40,660 Cost reimbursements - 40,660 - 40,660 Cost of VOIs sold 10,737 615 - 11,352 Trade sales 96,831 (462) - 96,369 Net gains on sales of real estate assets 2,161 - (493) 1,668 Cost of trade sales 68,027 5,746 - 73,773 Selling, general and administrative expenses 400,845 (5,356) - 395,489 Equity in earnings of unconsolidated real estate joint ventures 9,620 - (1,192) 8,428 Income before income taxes 77,687 1,788 (1,685) 77,790 Provision for income taxes (30,028) (643) 650 (30,021) Net income 47,659 1,145 (1,035) 47,769 Less: Net income attributable to noncontrolling interests 9,467 21 - 9,488 Net income attributable to shareholders $ 38,192 1,124 (1,035) 38,281 Basic earnings per share $ 0.39 0.39 Diluted earnings per share $ 0.36 0.36 As of and for the Year Ended December 31, 2017 As Previously Reported ASU 2014-09 Adjustments ASU 2017-05 Adjustments As Adjusted Statement of Financial Condition: Notes receivable, net $ 431,801 (4,943) - 426,858 Investment in unconsolidated real estate joint ventures 47,275 - 3,959 51,234 Property and equipment, net 112,858 (929) - 111,929 Other assets 121,824 929 - 122,753 Other liabilities 103,926 - (462) 103,464 Deferred income 36,311 (19,418) - 16,893 Deferred income taxes 43,093 3,755 1,120 47,968 Total equity $ 653,501 10,720 3,301 667,522 Statement of Operations: Sales of VOIs $ 239,662 2,355 - 242,017 Cost reimbursements - 52,639 - 52,639 Cost reimbursements - 52,639 - 52,639 Cost of VOIs sold 17,439 240 - 17,679 Trade sales 142,798 (713) - 142,085 Net gains on sales of assets 2,442 - (493) 1,949 Cost of trade sales 97,755 8,163 - 105,918 Selling, general and administrative expenses 538,125 (8,423) - 529,702 Equity in earnings of unconsolidated real estate joint ventures 14,483 - (1,942) 12,541 Income before income taxes 93,374 1,662 (2,435) 92,601 Benefit for income taxes 7,223 954 1,525 9,702 Net income 100,597 2,616 (910) 102,303 Less: Net income attributable to noncontrolling interests 18,402 (24) - 18,378 Net income attributable to shareholders $ 82,195 2,640 (910) 83,925 Basic earnings per share $ 0.83 0.85 Diluted earnings per share $ 0.79 0.81 As of and for the Year Ended December 31, 2016 As Previously Reported ASU 2014-09 Adjustments ASU 2017-05 Adjustments As Adjusted Statement of Financial Condition: Notes receivable, net $ 430,480 (4,680) - 425,800 Investment in unconsolidated real estate joint ventures 43,491 - 5,901 49,392 Property and equipment, net 95,998 (590) - 95,408 Other assets 130,333 590 - 130,923 Other liabilities 95,611 - (956) 94,655 Deferred income 37,015 (17,493) - 19,522 Deferred income taxes 44,318 4,711 2,645 51,674 Total equity $ 495,454 8,102 4,212 507,768 Statement of Operations: Sales of VOIs $ 266,142 7,732 - 273,874 Cost reimbursements - 49,557 - 49,557 Cost reimbursements - 49,557 - 49,557 Cost of VOIs sold 27,346 1,483 - 28,829 Trade sales 95,996 (157) - 95,839 Net gains on sales of assets 6,076 - (2,274) 3,802 Cost of trade sales 74,341 6,022 - 80,363 Selling, general and administrative expenses 516,757 (4,606) - 512,151 Equity in earnings of unconsolidated real estate joint ventures 13,630 - (1,452) 12,178 Income before income taxes 78,036 4,676 (3,726) 78,986 Provision for income taxes (36,379) (1,448) 1,437 (36,390) Net income 41,657 3,228 (2,289) 42,596 Less: Net income attributable to noncontrolling interests 13,295 300 (429) 13,166 Net income attributable to shareholders $ 28,362 2,928 (1,860) 29,430 Basic earnings per share $ 0.33 0.34 Diluted earnings per share $ 0.32 0.34 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue Recognition [Abstract] | |
Disaggregated Revenue | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Sales of VOIs $ 70,698 62,453 195,412 176,094 Fee-based sales commissions 61,641 69,977 167,581 179,046 Other fee-based services 25,744 23,170 75,257 67,857 Cost reimbursements 16,900 14,097 47,157 40,660 Title fees 3,491 2,373 9,355 10,927 Other customer revenue 1,822 1,843 4,860 4,658 Trade sales - wholesale 17,671 21,388 56,024 65,963 Trade sales - retail 26,132 23,330 70,090 30,406 Sales of real estate inventory 7,478 - 17,138 - Revenue from customers 231,577 218,631 642,874 575,611 Interest income 21,157 21,035 63,738 63,065 Net (losses) gains on sales of real estate assets (4) (18) 4,798 1,668 Other revenue 1,673 1,248 4,282 3,652 Total revenues $ 254,403 240,896 715,692 643,996 |
Consolidated Variable Interes_2
Consolidated Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Consolidated Variable Interest Entities [Abstract] | |
Information Related To The Assets And Liabilities Of The VIEs | September 30, December 31, 2018 2017 Restricted cash $ 17,081 19,488 Securitized notes receivable, net 308,221 279,188 Receivable backed notes payable - non-recourse 335,680 336,421 |
Notes Receivable (Tables)
Notes Receivable (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Receivable [Abstract] | |
Information Relating To Bluegreen's Notes Receivable | September 30, December 31, 2018 2017 Notes receivable: VOI notes receivable - non-securitized $ 167,717 184,971 VOI notes receivable - securitized 399,080 364,349 Notes receivable secured by homesites (1) 986 1,329 Gross notes receivable 567,783 550,649 Allowance for loan losses - non-securitized (37,341) (38,497) Allowance for loan losses - securitized (90,859) (85,161) Allowance for loan losses - homesites (1) (99) (133) Notes receivable, net $ 439,484 426,858 Allowance as a % of gross notes receivable 23% 22% (1) Notes receivable secured by homesites were originated through a business, substantially all of the assets of which were sold by Bluegreen in 2012. |
Activity In The Allowance For Loan Losses | For the Nine Months Ended September 30, 2018 2017 Balance, beginning of period $ 123,791 120,270 Provision for loan losses 35,866 32,066 Write-offs of uncollectible receivables (31,358) (31,581) Balance, end of period $ 128,299 120,755 |
Percentage Of Gross Notes Receivable Outstanding, By FICO Score At Origination | September 30, December 31, 2018 2017 FICO Score 700+ 56.00 % 54.00 % 600-699 40.00 41.00 <699 3.00 3.00 No score (1) 1.00 2.00 Total 100.00 % 100.00 % (1) VOI notes receivable without a FICO score are primarily related to foreign borrowers. |
Delinquency Status Of Bluegreen's VOI Notes Receivable | September 30, December 31, 2018 2017 Current $ 539,836 525,482 31-60 days 5,462 6,088 61-90 days 4,531 4,897 > 90 days (1) 16,968 12,853 Total $ 566,797 549,320 (1) Includes $11.6 million and $7.6 million as of September 30, 2018 and December 31, 2017, respectively, related to VOI notes receivable that, as of such date, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of Bluegreen's receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses. |
Trade Inventory (Tables)
Trade Inventory (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Trade Inventory [Abstract] | |
Summary Of Inventory | September 30, December 31, 2018 2017 Raw materials $ 3,334 3,320 Paper goods and packaging materials 1,052 865 Finished goods 17,320 19,717 Total trade inventory $ 21,706 23,902 |
VOI Inventory (Tables)
VOI Inventory (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
VOI Inventory [Abstract] | |
Summary Of Inventory | .19 September 30, December 31, 2018 2017 Completed VOI units $ 232,205 194,503 Construction-in-progress 20,965 22,334 Real estate held for future VOI development 72,362 64,454 Total VOI inventory $ 325,532 281,291 |
Real Estate (Tables)
Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Real Estate [Abstract] | |
Schedule Of Real Estate | September 30, December 31, 2018 2017 Real estate held-for-sale: Land $ 18,742 20,528 Rental properties - 6,181 Residential single-family 1,092 1,119 Other 850 - Total real estate held-for-sale 20,684 27,828 Real estate held-for-investment: Land 10,939 13,066 Other - 839 Total real estate held-for-investment 10,939 13,905 Real estate inventory 20,956 26,803 Total real estate $ 52,579 68,536 |
Investments In Unconsolidated_2
Investments In Unconsolidated Real Estate Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | |
Investments In Unconsolidated Real Estate Joint Ventures | September 30, December 31, 2018 2017 Altis at Kendall Square, LLC $ 70 78 Altis at Lakeline - Austin Investors LLC 3,835 4,156 New Urban/BBX Development, LLC 102 2,064 Sunrise and Bayview Partners, LLC 1,438 1,499 Hialeah Communities, LLC 109 473 PGA Design Center Holdings, LLC 736 1,862 CCB Miramar, LLC 1,575 1,225 Centra Falls, LLC 15 159 The Addison on Millenia Investment, LLC 5,220 5,933 BBX/S Millenia Blvd Investments, LLC 151 5,611 Altis at Bonterra - Hialeah, LLC 19,533 19,566 Altis at Shingle Creek Manager, LLC 353 338 Altis at Grand Central Capital, LLC 2,160 1,872 Centra Falls II, LLC 157 551 BBX/Label Chapel Trail Development, LLC 4,694 4,885 Altis Promenade Capital, LLC 997 962 Altis Ludlam - Miami Investor, LLC 415 - Altis Preserve, LLC 990 - Investments in unconsolidated real estate joint ventures $ 42,550 51,234 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt [Abstract] | |
Notes Payable And Other Borrowings | The table below sets forth information regarding the Company’s notes payable and other borrowings (dollars in thousands): September 30, 2018 December 31, 2017 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Bluegreen: 2013 Notes Payable $ 33,750 5.50% $ 33,662 $ 46,500 5.50% $ 29,403 Pacific Western Term Loan - - - 2,715 6.72% 9,884 Fifth Third Bank Note 3,895 5.08% 7,937 4,080 4.36% 8,071 NBA Line of Credit - - - 5,089 4.75% 15,260 NBA Éilan Loan 24,258 5.35% 34,539 - - - Fifth Third Syndicated Line of Credit 55,000 4.99% 87,785 20,000 4.27% 75,662 Fifth Third Syndicated Term Loan 22,813 5.04% 26,702 23,750 4.32% 23,960 Unamortized debt issuance costs (1,882) (1,940) Total Bluegreen $ 137,834 $ 100,194 Other: Community Development District Obligations $ 13,263 4.50 -6.00% $ 20,956 $ 21,435 4.50 -6.00% $ 26,803 TD Bank Term Loan and Line of Credit 9,422 5.13% (1) 12,890 4.02% (1) Anastasia Seller's Note (2) 1,491 5.00% (1) 1,471 5.00% (1) Iberia $50.0 million Revolving Line of Credit 30,000 5.10% (3) - - - Iberia $5.0 million Revolving Line of Credit - - - 3,820 4.12% (1) Banc of America Leasing & Capital Equipment Note 620 4.75% (4) - - - Unsecured Note 3,400 6.00% (5) 3,400 6.00% (5) Other 1,542 5.41% 1,955 1,544 5.25% 1,993 Unamortized debt issuance costs (395) (640) Total other $ 59,343 $ 43,920 Total notes payable and other borrowings $ 197,177 $ 144,114 (1) The collateral is a blanket lien on the respective company’s assets. (2) In October 2018, the balance of the note was paid in full. (3) The collateral is membership interests in Woodbridge having a value of not less than $100.0 million. (4) The collateral is a security interest in the equipment financed by the underlying note. Additionally, IT’SUGAR is guarantor on the note. (5) BBX Capital is guarantor on the note. |
Receivable-Backed Notes Payable | September 30, 2018 December 31, 2017 Principal Principal Balance of Balance of Pledged/ Pledged/ Debt Interest Secured Debt Interest Secured Balance Rate Receivables Balance Rate Receivables Receivable-backed notes payable - recourse: Liberty Bank Facility $ 40,392 5.00% $ 48,589 $ 24,990 5.00% $ 30,472 NBA Receivables Facility 40,297 4.83% 53,695 44,414 4.10% 53,730 Pacific Western Facility 17,081 5.84% 21,586 15,293 6.00% 19,516 Total $ 97,770 $ 123,870 $ 84,697 $ 103,718 Receivable-backed notes payable - non-recourse: KeyBank/DZ Purchase Facility $ 49,733 5.01% $ 62,164 $ 16,144 4.31% $ 19,866 Quorum Purchase Facility 39,739 4.75 -5.50% 44,907 16,771 4.75 -6.90% 18,659 2012 Term Securitization 16,978 2.94% 19,593 23,227 2.94% 25,986 2013 Term Securitization 29,814 3.20% 32,288 37,163 3.20% 39,510 2015 Term Securitization 47,624 3.02% 51,430 58,498 3.02% 61,705 2016 Term Securitization 68,155 3.35% 76,206 83,142 3.35% 91,348 2017 Term Securitization 88,632 3.12% 100,847 107,624 3.12% 119,582 Unamortized debt issuance costs (4,995) - (6,148) - Total $ 335,680 $ 387,435 $ 336,421 $ 376,656 Total receivable-backed debt $ 433,450 $ 511,305 $ 421,118 $ 480,374 |
Junior Subordinated Debentures Outstanding | The table below sets forth information regarding the Company’s junior subordinated debentures (dollars in thousands): September 30, December 31, 2018 2017 Effective Effective Carrying Interest Carrying Interest Maturity Amounts Rates (1) Amounts Rates (1) Years (2) Woodbridge - Levitt Capital Trusts I - IV $ 66,302 6.14 - 6.20% $ 66,302 5.14 - 5.19% 2035 - 2036 Bluegreen Statutory Trusts I - VI 110,827 7.14 - 7.24% 110,827 6.18 - 6.59% 2035 - 2037 Unamortized debt issuance costs (1,218) (1,272) Unamortized p urchase discount (39,680) (40,443) Total junior subordinated debentures $ 136,231 $ 135,414 (1) Junior subordinated debentures bear interest at 3-month LIBOR plus a spread ranging from 3.80% to 4.90% . (2) All of the junior subordinated debentures were eligible for redemption by Woodbridge and Bluegreen, as applicable, as of September 30, 2018 and December 31, 2017. |
Common Stock And Redeemable 5_2
Common Stock And Redeemable 5% Cumulative Preferred Stock (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Common Stock And Redeemable 5% Cumulative Preferred Stock [Abstract] | |
Summary Of Restricted Common Stock Activity | 1 Weighted Unvested Average Restricted Grant Date Stock Fair Value Unvested balance outstanding, beginning of period 4,994,515 $ 3.39 Granted 1,487,051 8.70 Vested (1,307,898) 3.36 Forfeited - - Unvested balance outstanding, end of period 5,173,668 $ 4.92 |
Noncontrolling Interests And _2
Noncontrolling Interests And Redeemable Noncontrolling Interest (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Noncontrolling Interests And Redeemable Noncontrolling Interest [Abstract] | |
Summary Of Noncontrolling Interests | September 30, December 31, 2018 2017 Bluegreen (1) $ 42,725 39,271 Bluegreen / Big Cedar Vacations (2) 47,630 43,021 Joint ventures and other 851 (238) Total noncontrolling interests $ 91,206 82,054 |
Summary Of Income (Loss) Attributable To Noncontrolling Interests | For the Three For the Nine Months Ended Months Ended September 30, September 30, 2018 2017 2018 2017 Bluegreen (1) $ 2,048 - 6,817 - Bluegreen / Big Cedar Vacations (2) 3,585 3,252 9,509 9,418 Joint ventures and other 173 146 (2) 70 Net income attributable to noncontrolling interests $ 5,806 3,398 16,324 9,488 (1) Subsequent to Bluegreen’s IPO during the fourth quarter of 2017 , the Company owns 90% of Bluegreen. Bluegreen has a joint venture arrangement pursuant to which it owns 51% of Bluegreen/Big Cedar Vacations . |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Measurement [Abstract] | |
Financial Disclosures About Fair Value Of Financial Instruments | Fair Value Measurements Using Quoted prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable September 30, September 30, Assets Inputs Inputs 2018 2018 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 369,512 369,512 369,512 - - Restricted cash 55,710 55,710 55,710 - - Loans receivable (1) 6,292 7,437 - - 7,437 Notes receivable, net 439,484 542,000 - - 542,000 Financial liabilities: Receivable-backed notes payable $ 433,450 431,964 - - 431,964 Notes payable and other borrowings 197,177 201,460 - - 201,460 Junior subordinated debentures 136,231 142,000 - - 142,000 Redeemable 5% cumulative preferred stock 9,390 9,053 - - 9,053 Fair Value Measurements Using Quoted prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable December 31, December 31, Assets Inputs Inputs 2017 2017 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 362,526 362,526 362,526 - - Restricted cash 46,721 46,721 46,721 - - Loans receivable (1) 19,454 21,125 - - 21,125 Notes receivable, net 426,858 525,000 - - 525,000 Notes receivable from preferred shareholders (2) 5,000 5,000 - - 5,000 Financial liabilities: Receivable-backed notes payable $ 421,118 425,900 - - 425,900 Notes payable and other borrowings 144,114 149,438 - - 149,438 Junior subordinated debentures 135,414 132,000 - - 132,000 Redeemable 5% cumulative preferred stock 13,974 13,977 - - 13,977 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | The table below sets forth the Company’s segment information as of and for the three months ended September 30, 2018 (in thousands): Reportable Segments BBX Corporate Capital BBX Expenses Real Sweet & Segment Bluegreen Estate Renin Holdings Other Eliminations Total Revenues: Sales of VOIs $ 70,698 - - - - - 70,698 Fee-based sales commissions 61,641 - - - - - 61,641 Other fee-based services 31,057 - - - - - 31,057 Cost reimbursements 16,900 - - - - - 16,900 Trade sales - - 15,330 26,181 2,297 (5) 43,803 Sales of real estate inventory - 7,478 - - - - 7,478 Interest income 21,531 229 - 15 582 (1,200) 21,157 Net losses on sales of real estate assets - (4) - - - - (4) Other revenue 378 576 - 101 776 (158) 1,673 Total revenues 202,205 8,279 15,330 26,297 3,655 (1,363) 254,403 Costs and expenses: Cost of VOIs sold 11,237 - - - - - 11,237 Cost of other fee-based services 19,937 - - - - - 19,937 Cost reimbursements 16,900 - - - - - 16,900 Cost of trade sales - - 12,306 15,542 1,117 (5) 28,960 Cost of real estate inventory sold - 4,655 - - - - 4,655 Interest expense 9,208 - 157 50 2,915 (1,200) 11,130 Recoveries from loan losses, net - (443) - - - - (443) Asset impairments, net - 191 - - - - 191 Selling, general and administrative expenses 112,407 2,304 2,250 10,666 16,089 (158) 143,558 Total costs and expenses 169,689 6,707 14,713 26,258 20,121 (1,363) 236,125 Equity in net earnings of unconsolidated real estate joint ventures - 373 - - - - 373 Foreign exchange gain - - 76 - - - 76 Income (loss) before income taxes $ 32,516 1,945 693 39 (16,466) - 18,727 Total assets $ 1,336,992 135,929 28,798 89,968 168,396 (82,316) 1,677,767 Expenditures for property and equipment $ 9,242 131 99 2,042 1,729 - 13,243 Depreciation and amortization $ 3,169 91 284 1,610 293 - 5,447 Debt accretion and amortization $ 1,086 - 4 53 91 - 1,234 Cash and cash equivalents $ 195,439 21,625 - 6,485 145,963 - 369,512 Equity method investments $ - 42,550 - - - - 42,550 Goodwill $ - - - 39,482 - - 39,482 Receivable-backed notes payable $ 433,450 - - - - - 433,450 Notes payable and other borrowings $ 137,834 16,285 9,422 3,610 110,026 (80,000) 197,177 Junior subordinated debentures $ 71,147 - - - 65,084 - 136,231 The table below sets forth the Company’s segment information as of and for the three months ended September 30, 2017 (in thousands): Reportable Segments BBX Corporate Segment Capital BBX Expenses Total Real Sweet & *As Bluegreen Estate Renin Holdings Other Eliminations Adjusted Revenues: Sales of VOIs $ 62,453 - - - - - 62,453 Fee-based sales commissions 69,977 - - - - - 69,977 Other fee-based services 27,386 - - - - - 27,386 Cost reimbursements 14,097 - - - - - 14,097 Trade sales - - 16,463 28,255 - - 44,718 Interest income 21,296 697 - 1 241 (1,200) 21,035 Net losses on sales of real estate assets - (18) - - - - (18) Other revenue (119) 964 - 14 507 (118) 1,248 Total revenues 195,090 1,643 16,463 28,270 748 (1,318) 240,896 Costs and expenses: Cost of VOIs sold 6,444 - - - - - 6,444 Cost of other fee-based services 17,182 - - - - - 17,182 Cost reimbursements 14,097 - - - - - 14,097 Cost of trade sales - - 13,509 18,301 - - 31,810 Interest expense 8,058 - 161 85 2,379 (1,200) 9,483 Recoveries from loan losses, net - (2,005) - - - - (2,005) Asset impairments, net - 1,233 - 273 - - 1,506 Reimbursement of litigation costs and penalty - - - - (2,113) - (2,113) Selling, general and administrative expenses 114,934 3,099 2,598 10,879 15,450 (118) 146,842 Total costs and expenses 160,715 2,327 16,268 29,538 15,716 (1,318) 223,246 Equity in net earnings of unconsolidated real estate joint ventures - 2,105 - - - - 2,105 Foreign exchange loss - - (105) - - - (105) Income (loss) before income taxes $ 34,375 1,421 90 (1,268) (14,968) - 19,650 Total assets $ 1,166,247 171,270 38,286 98,538 131,406 (81,891) 1,523,856 Expenditures for property and equipment $ 3,973 58 615 522 612 - 5,780 Depreciation and amortization $ 2,420 161 323 1,327 176 - 4,407 Debt accretion and amortization $ 1,123 - - - 180 - 1,303 Cash and cash equivalents $ 124,002 13,246 - 9,304 117,828 - 264,380 Equity method investments $ - 47,995 - - - - 47,995 Goodwill $ - - - 41,016 - - 41,016 Receivable-backed notes payable $ 419,335 - - - - - 419,335 Notes payable and other borrowings $ 95,594 20,907 16,113 5,169 80,000 (80,000) 137,783 Junior subordinated debentures $ 70,100 - - - 65,012 - 135,112 * See Note 1 for a summary of adjustments. The table below sets forth the Company’s segment information for the nine months ended September 30, 2018 (in thousands): Reportable Segments BBX Corporate Capital BBX Expenses Real Sweet & Segment Bluegreen Estate Renin Holdings Other Eliminations Total Revenues: Sales of VOIs $ 195,412 - - - - - 195,412 Fee-based sales commissions 167,581 - - - - - 167,581 Other fee-based services 89,472 - - - - - 89,472 Cost reimbursements 47,157 - - - - - 47,157 Trade sales - - 47,205 72,442 6,479 (12) 126,114 Sales of real estate inventory - 17,138 - - - - 17,138 Interest income 63,771 2,064 - 46 1,457 (3,600) 63,738 Net gains on sales of real estate assets - 4,798 - - - - 4,798 Other revenue 1,269 2,024 - 155 1,296 (462) 4,282 Total revenues 564,662 26,024 47,205 72,643 9,232 (4,074) 715,692 Costs and expenses: Cost of VOIs sold 19,838 - - - - - 19,838 Cost of other fee-based services 53,983 - - - - - 53,983 Cost reimbursements 47,157 - - - - - 47,157 Cost of trade sales - - 38,454 46,707 2,902 (12) 88,051 Cost of real estate inventory sold - 11,283 - - - - 11,283 Interest expense 25,470 - 497 238 8,127 (3,600) 30,732 Recoveries from loan losses, net - (7,236) - - - - (7,236) Asset impairments, net - 340 - 187 - - 527 Selling, general and administrative expenses 315,535 7,165 7,641 34,099 46,512 (462) 410,490 Total costs and expenses 461,983 11,552 46,592 81,231 57,541 (4,074) 654,825 Equity in net earnings of unconsolidated real estate joint ventures - 1,165 - - - - 1,165 Foreign exchange gain - - 91 - - - 91 Income (loss) before income taxes $ 102,679 15,637 704 (8,588) (48,309) - 62,123 Expenditures for property and equipment $ 24,347 298 447 4,330 3,894 - 33,316 Depreciation and amortization $ 9,087 283 869 4,346 806 - 15,391 Debt accretion and amortization $ 2,765 2 12 159 221 - 3,159 The table below sets forth the Company’s segment information for the nine months ended September 30, 2017 (in thousands): Reportable Segments BBX Corporate Segment Capital BBX Expenses Total Real Sweet & *As Bluegreen Estate Renin Holdings Other Eliminations Adjusted Revenues: Sales of VOIs $ 176,094 - - - - - 176,094 Fee-based sales commissions 179,046 - - - - - 179,046 Other fee-based services 83,442 - - - - - 83,442 Cost reimbursements 40,660 - - - - - 40,660 Trade sales - - 51,447 44,922 - - 96,369 Interest income 65,673 1,915 - 3 674 (5,200) 63,065 Net gains on sales of real estate assets - 1,668 - - - - 1,668 Other revenue (120) 3,023 - 27 1,079 (357) 3,652 Total revenues 544,795 6,606 51,447 44,952 1,753 (5,557) 643,996 Costs and expenses: Cost of VOIs sold 11,352 - - - - - 11,352 Cost of other fee-based services 48,663 - - - - - 48,663 Cost reimbursements 40,660 - - - - - 40,660 Cost of trade sales - - 41,332 32,441 - - 73,773 Interest expense 23,779 - 343 255 8,403 (5,200) 27,580 Recoveries from loan losses, net - (6,098) - - - - (6,098) Asset impairments, net - 1,278 - 273 - - 1,551 Net gains on cancellation of junior subordinated debentures - - - - (6,929) - (6,929) Reimbursement of litigation costs and penalty - - - - (11,719) - (11,719) Selling, general and administrative expenses 312,257 8,002 8,404 20,638 46,545 (357) 395,489 Total costs and expenses 436,711 3,182 50,079 53,607 36,300 (5,557) 574,322 Equity in net earnings of unconsolidated real estate joint ventures - 8,428 - - - - 8,428 Foreign exchange loss - - (312) - - - (312) Income (loss) before income taxes $ 108,084 11,852 1,056 (8,655) (34,547) - 77,790 Expenditures for segment fixed assets $ 9,380 257 2,454 1,144 923 - 14,158 Depreciation and amortization $ 7,089 480 712 2,509 544 - 11,334 Debt accretion and amortization $ 3,470 - 18 30 214 - 3,732 |
Basis Of Financial Statement _4
Basis Of Financial Statement Presentation (Narrative I) (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | ||||
Nov. 30, 2017shares | Sep. 30, 2018USD ($)statestorepropertyitem | Dec. 31, 2017USD ($) | Sep. 30, 2017 | Dec. 31, 2016USD ($) | ||
Business Acquisition [Line Items] | ||||||
Other assets | $ | $ 126,336 | $ 122,753 | [1] | $ 130,923 | ||
Number of class of common stock | 2 | |||||
Number of votes per share | 1 | |||||
Bluegreen [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Consolidated method ownership percentage | 90.00% | 90.00% | ||||
Adjustments [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Other assets | $ | $ 19,500 | |||||
Bluegreen [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of resorts owned | property | 45 | |||||
Number of resorts owners in VOI have right to use | property | 24 | |||||
Approximate number of owners in the resort club | 216,000 | |||||
Number of additional other hotels owners can stay through program | 11,100 | |||||
Stock issued | shares | 3,736,723 | |||||
Woodbridge [Member] | Bluegreen [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Consolidated method ownership percentage | 100.00% | |||||
Stock issued | shares | 3,736,722 | |||||
IT'SUGAR, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of Stores | store | 90 | |||||
Number of states of retail locations | state | 26 | |||||
Class A Common Stock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Percent of voting power | 22.00% | |||||
Percentage of total common equity | 85.00% | |||||
Class B Common Stock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Percent of voting power | 78.00% | |||||
Percentage of total common equity | 15.00% | |||||
[1] | See Note 1 for a summary of adjustments. |
Basis Of Financial Statement _5
Basis Of Financial Statement Presentation (Narrative II) (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Sep. 30, 2018 |
Accounting Standards Update 2016-01 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Quantification of the effect of adopting the new accounting standard or change in accounting principle expected | $ 0.3 | |
Equity securities without readily determinable fair values | $ 2.4 | |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Quantification of the effect of adopting the new accounting standard or change in accounting principle expected | $ 147.5 | |
Lease assets and liabilities recognized, term | 12 months |
Basis Of Financial Statement _6
Basis Of Financial Statement Presentation (Retrospective Adjustments Due To Adoption Of New Accounting Standards) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Notes receivable, net | $ 439,484 | $ 439,484 | $ 426,858 | [1] | $ 425,800 | ||||
Investments in unconsolidated real estate joint ventures | 42,550 | $ 47,995 | 42,550 | $ 47,995 | 51,234 | [1] | 49,392 | ||
Property and equipment, net | 133,267 | 133,267 | 111,929 | [1] | 95,408 | ||||
Other assets | 126,336 | 126,336 | 122,753 | [1] | 130,923 | ||||
Other liabilities | 112,133 | 112,133 | 103,464 | [1] | 94,655 | ||||
Deferred income | 15,509 | 15,509 | 16,893 | [1] | 19,522 | ||||
Deferred income taxes | 68,453 | 68,453 | 47,968 | [1] | 51,674 | ||||
Total equity | 643,946 | 643,946 | 667,522 | [1] | 507,768 | ||||
Total revenues | 254,403 | 240,896 | [1] | 715,692 | 643,996 | [1] | |||
Cost reimbursements | 16,900 | 14,097 | [1] | 47,157 | 40,660 | [1] | 52,639 | 49,557 | |
Cost of VOIs sold | 11,237 | 6,444 | [1] | 19,838 | 11,352 | [1] | 17,679 | 28,829 | |
Cost of trade sales | 28,960 | 31,810 | [1] | 88,051 | 73,773 | [1] | 105,918 | 80,363 | |
Selling, general and administrative expenses | 143,558 | 146,842 | [1] | 410,490 | 395,489 | [1] | 529,702 | 512,151 | |
Equity in earning of unconsolidated real estate joint ventures | 373 | 2,105 | [1] | 1,165 | 8,428 | [1] | 12,541 | 12,178 | |
Income before income taxes | 18,727 | 19,650 | [1] | 62,123 | 77,790 | [1] | 92,601 | 78,986 | |
(Provision) benefit for income taxes | (6,742) | (8,126) | [1] | (21,997) | (30,021) | [1] | 9,702 | (36,390) | |
Net income | 11,985 | 11,524 | [1] | 40,126 | 47,769 | [1] | 102,303 | 42,596 | |
Less: Net income attributable to noncontrolling interests | 5,806 | 3,398 | [1] | 16,324 | 9,488 | [1] | 18,378 | 13,166 | |
Net income attributable to shareholders | $ 6,179 | $ 8,126 | [1] | $ 23,802 | $ 38,281 | [1] | $ 83,925 | $ 29,430 | |
Basic earnings per share | $ 0.07 | $ 0.08 | [1] | $ 0.25 | $ 0.39 | [1] | $ 0.85 | $ 0.34 | |
Diluted earnings per share | $ 0.06 | $ 0.08 | [1] | $ 0.24 | $ 0.36 | [1] | $ 0.81 | $ 0.34 | |
As Previously Reported [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Notes receivable, net | $ 431,801 | $ 430,480 | |||||||
Investments in unconsolidated real estate joint ventures | 47,275 | 43,491 | |||||||
Property and equipment, net | 112,858 | 95,998 | |||||||
Other assets | 121,824 | 130,333 | |||||||
Other liabilities | 103,926 | 95,611 | |||||||
Deferred income | 36,311 | 37,015 | |||||||
Deferred income taxes | 43,093 | 44,318 | |||||||
Total equity | 653,501 | 495,454 | |||||||
Cost of VOIs sold | $ 6,284 | $ 10,737 | 17,439 | 27,346 | |||||
Cost of trade sales | 29,494 | 68,027 | 97,755 | 74,341 | |||||
Selling, general and administrative expenses | 149,021 | 400,845 | 538,125 | 516,757 | |||||
Equity in earning of unconsolidated real estate joint ventures | 2,451 | 9,620 | 14,483 | 13,630 | |||||
Income before income taxes | 19,686 | 77,687 | 93,374 | 78,036 | |||||
(Provision) benefit for income taxes | (8,195) | (30,028) | 7,223 | (36,379) | |||||
Net income | 11,491 | 47,659 | 100,597 | 41,657 | |||||
Less: Net income attributable to noncontrolling interests | 3,256 | 9,467 | 18,402 | 13,295 | |||||
Net income attributable to shareholders | $ 8,235 | $ 38,192 | $ 82,195 | $ 28,362 | |||||
Basic earnings per share | $ 0.08 | $ 0.39 | $ 0.83 | $ 0.33 | |||||
Diluted earnings per share | $ 0.08 | $ 0.36 | $ 0.79 | $ 0.32 | |||||
Adjustments [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Other assets | $ 19,500 | ||||||||
Accounting Standards Update 2014-09 [Member] | Adjustments [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Notes receivable, net | (4,943) | $ (4,680) | |||||||
Property and equipment, net | (929) | (590) | |||||||
Other assets | 929 | 590 | |||||||
Deferred income | (19,418) | (17,493) | |||||||
Deferred income taxes | 3,755 | 4,711 | |||||||
Total equity | 10,720 | 8,102 | |||||||
Cost reimbursements | $ 14,097 | $ 40,660 | 52,639 | 49,557 | |||||
Cost of VOIs sold | 160 | 615 | 240 | 1,483 | |||||
Cost of trade sales | 2,316 | 5,746 | 8,163 | 6,022 | |||||
Selling, general and administrative expenses | (2,179) | (5,356) | (8,423) | (4,606) | |||||
Income before income taxes | 310 | 1,788 | 1,662 | 4,676 | |||||
(Provision) benefit for income taxes | (64) | (643) | 954 | (1,448) | |||||
Net income | 246 | 1,145 | 2,616 | 3,228 | |||||
Less: Net income attributable to noncontrolling interests | 142 | 21 | (24) | 300 | |||||
Net income attributable to shareholders | 104 | 1,124 | 2,640 | 2,928 | |||||
Accounting Standards Update 2017-05 [Member] | Adjustments [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Investments in unconsolidated real estate joint ventures | 3,959 | 5,901 | |||||||
Other liabilities | (462) | (956) | |||||||
Deferred income taxes | 1,120 | 2,645 | |||||||
Total equity | 3,301 | 4,212 | |||||||
Equity in earning of unconsolidated real estate joint ventures | (346) | (1,192) | (1,942) | (1,452) | |||||
Income before income taxes | (346) | (1,685) | (2,435) | (3,726) | |||||
(Provision) benefit for income taxes | 133 | 650 | 1,525 | 1,437 | |||||
Net income | (213) | (1,035) | (910) | (2,289) | |||||
Less: Net income attributable to noncontrolling interests | (429) | ||||||||
Net income attributable to shareholders | (213) | (1,035) | (910) | (1,860) | |||||
Sales Of VOIs [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total revenues | $ 70,698 | 62,453 | [1] | $ 195,412 | 176,094 | [1] | 242,017 | 273,874 | |
Sales Of VOIs [Member] | As Previously Reported [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total revenues | 61,687 | 172,839 | 239,662 | 266,142 | |||||
Sales Of VOIs [Member] | Accounting Standards Update 2014-09 [Member] | Adjustments [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total revenues | 766 | 3,255 | 2,355 | 7,732 | |||||
Cost Reimbursements [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total revenues | 16,900 | 14,097 | [1] | 47,157 | 40,660 | [1] | 52,639 | 49,557 | |
Cost Reimbursements [Member] | Accounting Standards Update 2014-09 [Member] | Adjustments [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total revenues | 14,097 | 40,660 | 52,639 | 49,557 | |||||
Trade Sales [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total revenues | 43,803 | 44,718 | [1] | 126,114 | 96,369 | [1] | 142,085 | 95,839 | |
Trade Sales [Member] | As Previously Reported [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total revenues | 44,877 | 96,831 | 142,798 | 95,996 | |||||
Trade Sales [Member] | Accounting Standards Update 2014-09 [Member] | Adjustments [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total revenues | (159) | (462) | (713) | (157) | |||||
Net (Losses) Gains On Sales Of Real Estate Assets [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total revenues | $ (4) | (18) | [1] | $ 4,798 | 1,668 | [1] | 1,949 | 3,802 | |
Net (Losses) Gains On Sales Of Real Estate Assets [Member] | As Previously Reported [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total revenues | $ (18) | 2,161 | 2,442 | 6,076 | |||||
Net (Losses) Gains On Sales Of Real Estate Assets [Member] | Accounting Standards Update 2017-05 [Member] | Adjustments [Member] | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Total revenues | $ (493) | $ (493) | $ (2,274) | ||||||
[1] | See Note 1 for a summary of adjustments. |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2017 | ||
Bluegreen [Member] | |||
Segment Reporting Information [Line Items] | |||
Management Contracts, initial term | 3 years | ||
Management contracts, renewal period | 1 year | ||
Financing percent of purchase price, offered to qualified purchasers | 90.00% | ||
Offered financing term, qualified purchasers | 10 years | ||
Bluegreens Vacation Ownership Interests [Member] | |||
Segment Reporting Information [Line Items] | |||
VOI notes receivable, more than 90 days past due | [1] | $ 16,968 | $ 12,853 |
Maximum [Member] | Bluegreen [Member] | |||
Segment Reporting Information [Line Items] | |||
Wholesale trade sale, payment term | 90 days | ||
Minimum [Member] | Bluegreen [Member] | |||
Segment Reporting Information [Line Items] | |||
Wholesale trade sale, payment term | 10 days | ||
[1] | Includes $11.6 million and $7.6 million as of September 30, 2018 and December 31, 2017, respectively, related to VOI notes receivable that, as of such date, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of Bluegreen's receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses. |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregated Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from customers | $ 231,577 | $ 218,631 | $ 642,874 | $ 575,611 | ||||
Total revenues | 254,403 | 240,896 | [1] | 715,692 | 643,996 | [1] | ||
Sales Of VOIs [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from customers | 70,698 | 62,453 | 195,412 | 176,094 | ||||
Total revenues | 70,698 | 62,453 | [1] | 195,412 | 176,094 | [1] | $ 242,017 | $ 273,874 |
Fee-Based Sales Commissions [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from customers | 61,641 | 69,977 | 167,581 | 179,046 | ||||
Total revenues | 61,641 | 69,977 | [1] | 167,581 | 179,046 | [1] | ||
Other Fee-Based Services [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from customers | 25,744 | 23,170 | 75,257 | 67,857 | ||||
Total revenues | 31,057 | 27,386 | [1] | 89,472 | 83,442 | [1] | ||
Cost Reimbursements [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from customers | 16,900 | 14,097 | 47,157 | 40,660 | ||||
Total revenues | 16,900 | 14,097 | [1] | 47,157 | 40,660 | [1] | 52,639 | 49,557 |
Title Fees [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from customers | 3,491 | 2,373 | 9,355 | 10,927 | ||||
Other Customer Revenue [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from customers | 1,822 | 1,843 | 4,860 | 4,658 | ||||
Trade Sales - Wholesale [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from customers | 17,671 | 21,388 | 56,024 | 65,963 | ||||
Trade Sales - Retail [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from customers | 26,132 | 23,330 | 70,090 | 30,406 | ||||
Sales Of Real Estate Inventory [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from customers | 7,478 | 17,138 | ||||||
Total revenues | 7,478 | 17,138 | ||||||
Interest Income [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total revenues | 21,157 | 21,035 | [1] | 63,738 | 63,065 | [1] | ||
Net (Losses) Gains On Sales Of Real Estate Assets [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total revenues | (4) | (18) | [1] | 4,798 | 1,668 | [1] | $ 1,949 | $ 3,802 |
Other Revenue [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total revenues | $ 1,673 | $ 1,248 | [1] | $ 4,282 | $ 3,652 | [1] | ||
[1] | See Note 1 for a summary of adjustments. |
Consolidated Variable Interes_3
Consolidated Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Bluegreens Vacation Ownership Interests [Member] | ||
Variable Interest Entity [Line Items] | ||
Voluntary repurchases and substitutions | $ 4.4 | $ 7.4 |
Consolidated Variable Interes_4
Consolidated Variable Interest Entities (Information Related To The Assets And Liabilities Of The VIEs) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | |
Variable Interest Entity [Line Items] | |||||
Restricted cash | $ 55,710 | $ 46,721 | [1] | $ 61,479 | |
Securitized notes receivable, net | 439,484 | 426,858 | [1] | $ 425,800 | |
Receivable backed notes payable - non-recourse | 335,680 | 336,421 | [1] | ||
Bluegreens Vacation Ownership Interests [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Restricted cash | 17,081 | 19,488 | |||
Securitized notes receivable, net | 308,221 | 279,188 | |||
Receivable backed notes payable - non-recourse | $ 335,680 | $ 336,421 | |||
[1] | See Note 1 for a summary of adjustments. |
Notes Receivable (Narrative) (D
Notes Receivable (Narrative) (Details) | Sep. 30, 2018 | Dec. 31, 2017 |
Notes Receivable [Member] | Bluegreen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted-average interest rate | 15.10% | 15.30% |
Notes Receivable (Information R
Notes Receivable (Information Relating To Bluegreen's Notes Receivable) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Gross notes receivable | $ 567,783 | $ 550,649 | |||
Notes receivable, net | $ 439,484 | $ 426,858 | [1] | $ 425,800 | |
Allowance as a % of gross notes receivable | 23.00% | 22.00% | |||
VOI Notes Receivable - Non-Securitized [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Gross notes receivable | $ 167,717 | $ 184,971 | |||
Allowance for loan losses | (37,341) | (38,497) | |||
VOI Notes Receivable - Securitized [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Gross notes receivable | 399,080 | 364,349 | |||
Allowance for loan losses | (90,859) | (85,161) | |||
Notes Receivable Secured By Homesites [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Gross notes receivable | [2] | 986 | 1,329 | ||
Allowance for loan losses | [2] | $ (99) | $ (133) | ||
[1] | See Note 1 for a summary of adjustments. | ||||
[2] | Notes receivable secured by homesites were originated through a business, substantially all of the assets of which were sold by Bluegreen in 2012. |
Notes Receivable (Activity In T
Notes Receivable (Activity In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Provision for loan losses | $ (6,709) | $ (4,547) |
Bluegreens Vacation Ownership Interests [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance, beginning of period | 123,791 | 120,270 |
Provision for loan losses | 35,866 | 32,066 |
Write-offs of uncollectible receivables | (31,358) | (31,581) |
Balance, end of period | $ 128,299 | $ 120,755 |
Notes Receivable (Percentage Of
Notes Receivable (Percentage Of Gross Notes Receivable Outstanding, By FICO Score At Origination) (Details) | Sep. 30, 2018 | Dec. 31, 2017 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of gross notes receivable outstanding | 100.00% | 100.00% | |
700+ [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of gross notes receivable outstanding | 56.00% | 54.00% | |
600-699 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of gross notes receivable outstanding | 40.00% | 41.00% | |
Less Than 699 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of gross notes receivable outstanding | 3.00% | 3.00% | |
No Score [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of gross notes receivable outstanding | [1] | 1.00% | 2.00% |
[1] | VOI notes receivable without a FICO score are primarily related to foreign borrowers. |
Notes Receivable (Delinquency S
Notes Receivable (Delinquency Status Of Bluegreen's VOI Notes Receivable) (Details) - Bluegreens Vacation Ownership Interests [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 539,836 | $ 525,482 | |
31-60 days | 5,462 | 6,088 | |
61-90 days | 4,531 | 4,897 | |
> 90 days | [1] | 16,968 | 12,853 |
Total | 566,797 | 549,320 | |
VOI note receivable balance had not yet been charged off | $ 11,600 | $ 7,600 | |
[1] | Includes $11.6 million and $7.6 million as of September 30, 2018 and December 31, 2017, respectively, related to VOI notes receivable that, as of such date, had defaulted, but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of Bluegreen's receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses. |
Trade Inventory (Summary Of Inv
Trade Inventory (Summary Of Inventory) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Trade Inventory [Abstract] | |||
Raw materials | $ 3,334 | $ 3,320 | |
Paper goods and packaging materials | 1,052 | 865 | |
Finished goods | 17,320 | 19,717 | |
Total trade inventory | $ 21,706 | $ 23,902 | [1] |
[1] | See Note 1 for a summary of adjustments. |
VOI Inventory (Summary Of Inven
VOI Inventory (Summary Of Inventory) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
VOI Inventory [Abstract] | |||
Completed VOI units | $ 232,205 | $ 194,503 | |
Construction-in-progress | 20,965 | 22,334 | |
Real estate held for future VOI development | 72,362 | 64,454 | |
Total VOI inventory | $ 325,532 | $ 281,291 | [1] |
[1] | See Note 1 for a summary of adjustments. |
Real Estate (Schedule Of Real E
Real Estate (Schedule Of Real Estate) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Long Lived Assets Held-for-sale [Line Items] | |||
Total real estate held-for-sale | $ 20,684 | $ 27,828 | |
Total real estate held-for-investment | 10,939 | 13,905 | |
Real estate inventory | 20,956 | 26,803 | |
Total real estate | 52,579 | 68,536 | [1] |
Land [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Total real estate held-for-sale | 18,742 | 20,528 | |
Total real estate held-for-investment | 10,939 | 13,066 | |
Rental Properties [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Total real estate held-for-sale | 6,181 | ||
Residential Single-Family [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Total real estate held-for-sale | 1,092 | 1,119 | |
Other Real Estate [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Total real estate held-for-sale | $ 850 | ||
Total real estate held-for-investment | $ 839 | ||
[1] | See Note 1 for a summary of adjustments. |
Investments In Unconsolidated_3
Investments In Unconsolidated Real Estate Joint Ventures (Narrative) (Details) | Sep. 30, 2018item |
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | |
Number of equity interest in unconsolidated real estate joint ventures | 18 |
Investments In Unconsolidated_4
Investments In Unconsolidated Real Estate Joint Ventures (Investments In Unconsolidated Real Estate Joint Ventures) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | $ 42,550 | $ 51,234 | [1] | $ 47,995 | $ 49,392 |
Altis at Kendall Square, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 70 | 78 | |||
Altis At Lakeline - Austin Investors LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 3,835 | 4,156 | |||
New Urban/BBX Development, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 102 | 2,064 | |||
Sunrise and Bayview Partners, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 1,438 | 1,499 | |||
Hialeah Communities, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 109 | 473 | |||
PGA Design Center Holdings, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 736 | 1,862 | |||
CCB Miramar, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 1,575 | 1,225 | |||
Centra Falls, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 15 | 159 | |||
The Addison on Millenia Investment, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 5,220 | 5,933 | |||
BBX/S Millenia Blvd Investments, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 151 | 5,611 | |||
Altis at Bonterra - Hialeah, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 19,533 | 19,566 | |||
Altis at Shingle Creek Manager, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 353 | 338 | |||
Altis at Grand Central Capital, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 2,160 | 1,872 | |||
Centra Falls II, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 157 | 551 | |||
BBX/Label Chapel Trail Development, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 4,694 | 4,885 | |||
Altis Promenade Capital, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 997 | $ 962 | |||
Altis Ludlam - Miami Investor, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 415 | ||||
Altis Preserve, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | $ 990 | ||||
[1] | See Note 1 for a summary of adjustments. |
Debt (Notes Payable And Other B
Debt (Notes Payable And Other Borrowings, Narrative) (Details) - USD ($) | 1 Months Ended | 9 Months Ended | ||||||
Apr. 30, 2018 | Sep. 30, 2018 | Sep. 29, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | ||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | $ 197,177,000 | $ 144,114,000 | [1] | $ 137,783,000 | ||||
NBA Eilan Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 27,500,000 | |||||||
Proceeds from lines of credit | 24,300,000 | |||||||
Availability of line of credits/credit facilities | $ 3,200,000 | |||||||
Line of credit, advance period | 12 months | |||||||
NBA Eilan Loan [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Effective Interest Rate | 4.75% | |||||||
NBA Eilan Loan [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on rate | 3.25% | |||||||
NBA Line Of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 20,000,000 | |||||||
NBA Receivables Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 70,000,000 | |||||||
Increase of borrowing capacity | $ 20,000,000 | |||||||
Basis spread on rate | 2.75% | |||||||
NBA Receivables Facility [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Effective Interest Rate | 3.50% | |||||||
Banc Of America Leasing & Capital Equipment Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility expiration period | 36 months | |||||||
Periodic payment, principal and interest | $ 18,516 | |||||||
Bank Of America Revolving Line Of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 4,000,000 | |||||||
Line of credit, outstanding | $ 0 | |||||||
Bank Of America Revolving Line Of Credit [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on rate | 1.50% | |||||||
Other Notes Payable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | $ 59,343,000 | 43,920,000 | ||||||
Other Notes Payable [Member] | Iberia $50.0 Million Revolving Line Of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | 30,000,000 | |||||||
Maximum borrowing capacity | $ 50,000,000 | |||||||
Maturity Date | Mar. 6, 2020 | |||||||
Renewal term | 12 months | |||||||
Carrying Amount of Pledged Assets | [2] | [3] | ||||||
Membership interest pledge as collateral | 100,000,000 | |||||||
Other Notes Payable [Member] | Iberia $50.0 Million Revolving Line Of Credit [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying Amount of Pledged Assets | $ 100,000,000 | |||||||
Other Notes Payable [Member] | Iberia $50.0 Million Revolving Line Of Credit [Member] | Prime Rate [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on rate | 2.25% | |||||||
Other Notes Payable [Member] | Iberia $50.0 Million Revolving Line Of Credit [Member] | Prime Rate [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on rate | 1.50% | |||||||
Other Notes Payable [Member] | Iberia $50.0 Million Revolving Line Of Credit [Member] | LIBOR [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on rate | 3.75% | |||||||
Other Notes Payable [Member] | Iberia $50.0 Million Revolving Line Of Credit [Member] | LIBOR [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on rate | 3.00% | |||||||
Other Notes Payable [Member] | Banc Of America Leasing & Capital Equipment Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | $ 620,000 | |||||||
Term Loans [Member] | TD Bank Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | 1,700,000 | |||||||
Line of Credit [Member] | TD Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 16,300,000 | |||||||
The Eilan Hotel And Spa [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Purchase consideration | $ 34,300,000 | |||||||
Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | 137,834,000 | 100,194,000 | ||||||
Availability of line of credits/credit facilities | 122,800,000 | |||||||
Bluegreen [Member] | NBA Eilan Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | 24,258,000 | |||||||
Carrying Amount of Pledged Assets | [2] | $ 34,539,000 | ||||||
Bluegreen [Member] | NBA Line Of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | 5,089,000 | |||||||
Carrying Amount of Pledged Assets | [2] | $ 15,260,000 | ||||||
[1] | See Note 1 for a summary of adjustments. | |||||||
[2] | In October 2018, the balance of the note was paid in full. | |||||||
[3] | The collateral is membership interests in Woodbridge having a value of not less than $100.0 million. |
Debt (Receivable-Backed Notes P
Debt (Receivable-Backed Notes Payable, Narrative) (Details) - USD ($) $ in Thousands | Sep. 21, 2018 | Apr. 06, 2018 | Mar. 31, 2018 | Sep. 30, 2018 | Sep. 20, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||||||
Receivable backed notes payable - non-recourse | $ 335,680 | $ 336,421 | [1] | |||||
Liberty Bank Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 5.00% | 5.00% | ||||||
Liberty Bank Facility [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 50,000 | |||||||
Future advance rate percent | 0.50% | |||||||
Liberty Bank Facility [Member] | Minimum [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 4.00% | |||||||
Pacific Western Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 5.84% | 6.00% | ||||||
Pacific Western Facility [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 40,000 | |||||||
Possible additional debt extension period | 12 months | |||||||
Pacific Western Facility [Member] | LIBOR [Member] | Maximum [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on rate | 3.00% | 4.50% | ||||||
Pacific Western Facility [Member] | LIBOR [Member] | Minimum [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on rate | 2.75% | 3.50% | ||||||
Pacific Western Facility, Eligible A Receivables [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Gross advance rate | 85.00% | |||||||
Pacific Western Facility, Eligible B Receivables [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Gross advance rate | 53.00% | |||||||
Quorum Purchase Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Receivable backed notes payable - non-recourse | $ 39,739 | $ 16,771 | ||||||
Quorum Purchase Facility [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 50,000 | |||||||
Gross advance rate | 85.00% | |||||||
Effective yield rate | 4.95% | |||||||
Loan application fee, percent | 0.25% | 0.50% | ||||||
Quorum Purchase Facility [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 5.50% | 6.90% | ||||||
Quorum Purchase Facility [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 4.75% | 4.75% | ||||||
Quorum Purchase Facility [Member] | Interest Rate Per Annum 5.5% [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Receivable backed notes payable - non-recourse | $ 2,100 | |||||||
Effective yield rate | 5.50% | |||||||
Quorum Purchase Facility [Member] | Interest Rate Per Annum 4.95% [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Receivable backed notes payable - non-recourse | $ 29,900 | |||||||
Effective yield rate | 4.95% | |||||||
Quorum Purchase Facility [Member] | Interest Rate Per Annum 5.0% [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Receivable backed notes payable - non-recourse | $ 2,700 | |||||||
Effective yield rate | 5.00% | |||||||
Quorum Purchase Facility [Member] | Interest Rate Per Annum 4.75% [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Receivable backed notes payable - non-recourse | $ 5,000 | |||||||
Effective yield rate | 4.75% | |||||||
NBA Receivables Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 70,000 | |||||||
Gross advance rate | 85.00% | |||||||
Basis spread on rate | 2.75% | |||||||
Interest rate | 4.83% | 4.10% | ||||||
NBA Receivables Facility [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Effective yield rate | 3.50% | |||||||
Qualified Timeshare Loans [Member] | Liberty Bank Facility [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Future advance rate percent | 85.00% | |||||||
Non-Conforming Qualified Timeshare Loans [Member] | Liberty Bank Facility [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Future advance rate percent | 60.00% | |||||||
[1] | See Note 1 for a summary of adjustments. |
Debt (Junior Subordinated Deben
Debt (Junior Subordinated Debentures, Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | ||||||
Feb. 28, 2017 | Jan. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Debt Instrument [Line Items] | ||||||||
Gain on extinguishment of debt | [1] | $ 6,929 | ||||||
Other assets | $ 126,336 | $ 122,753 | [1] | $ 130,923 | ||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Availability of line of credits/credit facilities | 27,900 | |||||||
Woodbridge [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Gain on extinguishment of debt | $ 6,900 | |||||||
Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Availability of line of credits/credit facilities | 122,800 | |||||||
Levitt Capital Trust II [Member] | Woodbridge [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Purchased amount of Junior subordinated debentures | $ 11,100 | |||||||
Payment amount of purchased of Junior subordinated debentures | 6,700 | |||||||
Levitt Capital Trust III [Member] | Woodbridge [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Purchased amount of Junior subordinated debentures | 7,700 | |||||||
Payment amount of purchased of Junior subordinated debentures | $ 4,700 | |||||||
The Trusts [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Other assets | $ 5,900 | $ 5,900 | ||||||
[1] | See Note 1 for a summary of adjustments. |
Debt (Notes Payable And Other_2
Debt (Notes Payable And Other Borrowings) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 29, 2018 | Apr. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | |||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 197,177 | $ 144,114 | [1] | $ 137,783 | ||||
NBA Line Of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 20,000 | |||||||
NBA Eilan Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 27,500 | |||||||
Other Notes Payable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | 59,343 | 43,920 | ||||||
Unamortized debt issuance costs | (395) | (640) | ||||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | 13,263 | 21,435 | ||||||
Carrying Amount of Pledged Assets | [2] | 20,956 | 26,803 | |||||
Other Notes Payable [Member] | TD Bank Term Loan And Line Of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 9,422 | $ 12,890 | ||||||
Interest Rate | 5.13% | 4.02% | ||||||
Carrying Amount of Pledged Assets | [2],[3] | |||||||
Other Notes Payable [Member] | Anastasia Seller's Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 1,491 | $ 1,471 | ||||||
Interest Rate | 5.00% | 5.00% | ||||||
Carrying Amount of Pledged Assets | [2],[3] | |||||||
Other Notes Payable [Member] | Iberia $50.0 Million Revolving Line Of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 30,000 | |||||||
Interest Rate | 5.10% | |||||||
Carrying Amount of Pledged Assets | [2] | [4] | ||||||
Maximum borrowing capacity | 50,000 | |||||||
Other Notes Payable [Member] | Iberia $5.0 Million Revolving Line Of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 3,820 | |||||||
Interest Rate | 4.12% | |||||||
Carrying Amount of Pledged Assets | [2],[3] | |||||||
Maximum borrowing capacity | 5,000 | |||||||
Other Notes Payable [Member] | Banc Of America Leasing & Capital Equipment Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 620 | |||||||
Interest Rate | 4.75% | |||||||
Other Notes Payable [Member] | Unsecured Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 3,400 | $ 3,400 | ||||||
Interest Rate | 6.00% | 6.00% | ||||||
Carrying Amount of Pledged Assets | [2],[5] | |||||||
Other Notes Payable [Member] | Other Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 1,542 | $ 1,544 | ||||||
Interest Rate | 5.41% | 5.25% | ||||||
Carrying Amount of Pledged Assets | [2] | $ 1,955 | $ 1,993 | |||||
Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | 137,834 | 100,194 | ||||||
Unamortized debt issuance costs | (1,882) | (1,940) | ||||||
Bluegreen [Member] | 2013 Notes Payable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 33,750 | $ 46,500 | ||||||
Interest Rate | 5.50% | 5.50% | ||||||
Carrying Amount of Pledged Assets | [2] | $ 33,662 | $ 29,403 | |||||
Bluegreen [Member] | Pacific Western Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 2,715 | |||||||
Interest Rate | 6.72% | |||||||
Carrying Amount of Pledged Assets | [2] | $ 9,884 | ||||||
Bluegreen [Member] | Fifth Third Bank Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 3,895 | $ 4,080 | ||||||
Interest Rate | 5.08% | 4.36% | ||||||
Carrying Amount of Pledged Assets | [2] | $ 7,937 | $ 8,071 | |||||
Bluegreen [Member] | NBA Line Of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 5,089 | |||||||
Interest Rate | 4.75% | |||||||
Carrying Amount of Pledged Assets | [2] | $ 15,260 | ||||||
Bluegreen [Member] | NBA Eilan Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 24,258 | |||||||
Interest Rate | 5.35% | |||||||
Carrying Amount of Pledged Assets | [2] | $ 34,539 | ||||||
Bluegreen [Member] | Fifth Third Syndicated LOC [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 55,000 | $ 20,000 | ||||||
Interest Rate | 4.99% | 4.27% | ||||||
Carrying Amount of Pledged Assets | [2] | $ 87,785 | $ 75,662 | |||||
Bluegreen [Member] | Fifth Third Syndicated Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 22,813 | $ 23,750 | ||||||
Interest Rate | 5.04% | 4.32% | ||||||
Carrying Amount of Pledged Assets | [2] | $ 26,702 | $ 23,960 | |||||
Minimum [Member] | Other Notes Payable [Member] | Community Development District Obligations [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 4.50% | 4.50% | ||||||
Minimum [Member] | Other Notes Payable [Member] | Iberia $50.0 Million Revolving Line Of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying Amount of Pledged Assets | $ 100,000 | |||||||
Maximum [Member] | Other Notes Payable [Member] | Community Development District Obligations [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 6.00% | 6.00% | ||||||
[1] | See Note 1 for a summary of adjustments. | |||||||
[2] | In October 2018, the balance of the note was paid in full. | |||||||
[3] | The collateral is a blanket lien on the respective company's assets. | |||||||
[4] | The collateral is membership interests in Woodbridge having a value of not less than $100.0 million. | |||||||
[5] | BBX Capital is guarantor on the note. |
Debt (Receivable-Backed Notes_2
Debt (Receivable-Backed Notes Payable) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 97,770 | $ 84,697 | [1] |
Receivable backed notes payable - non-recourse | 335,680 | 336,421 | [1] |
Total receivable-backed debt | 433,450 | 421,118 | |
Principal Balance of Pledged/Secured Receivables | 511,305 | 480,374 | |
Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | 123,870 | 103,718 | |
Non-Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized debt issuance costs | (4,995) | (6,148) | |
Principal Balance of Pledged/Secured Receivables | 387,435 | 376,656 | |
Liberty Bank Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 40,392 | $ 24,990 | |
Interest Rate | 5.00% | 5.00% | |
Liberty Bank Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 48,589 | $ 30,472 | |
NBA Receivables Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 40,297 | $ 44,414 | |
Interest Rate | 4.83% | 4.10% | |
NBA Receivables Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 53,695 | $ 53,730 | |
Pacific Western Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 17,081 | $ 15,293 | |
Interest Rate | 5.84% | 6.00% | |
Pacific Western Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 21,586 | $ 19,516 | |
KeyBank/DZ Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 49,733 | $ 16,144 | |
Interest Rate | 5.01% | 4.31% | |
KeyBank/DZ Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 62,164 | $ 19,866 | |
Quorum Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | 39,739 | 16,771 | |
Quorum Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | 44,907 | 18,659 | |
2012 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 16,978 | $ 23,227 | |
Interest Rate | 2.94% | 2.94% | |
2012 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 19,593 | $ 25,986 | |
2013 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 29,814 | $ 37,163 | |
Interest Rate | 3.20% | 3.20% | |
2013 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 32,288 | $ 39,510 | |
2015 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 47,624 | $ 58,498 | |
Interest Rate | 3.02% | 3.02% | |
2015 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 51,430 | $ 61,705 | |
2016 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 68,155 | $ 83,142 | |
Interest Rate | 3.35% | 3.35% | |
2016 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 76,206 | $ 91,348 | |
2017 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 88,632 | $ 107,624 | |
Interest Rate | 3.12% | 3.12% | |
2017 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 100,847 | $ 119,582 | |
Minimum [Member] | NBA Receivables Facility [Member] | |||
Debt Instrument [Line Items] | |||
Effective yield rate | 3.50% | ||
Minimum [Member] | Quorum Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4.75% | 4.75% | |
Maximum [Member] | Quorum Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 5.50% | 6.90% | |
[1] | See Note 1 for a summary of adjustments. |
Debt (Junior Subordinated Deb_2
Debt (Junior Subordinated Debentures Outstanding) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | |||
Debt Instrument [Line Items] | |||||
Carrying Amounts | $ 136,231 | $ 135,414 | [1] | $ 135,112 | |
Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | (1,218) | (1,272) | |||
Unamortized purchase discount | (39,680) | (40,443) | |||
Woodbridge [Member] | Levitt Capital Trust I-IV [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying Amounts | 66,302 | 66,302 | |||
Bluegreen [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | (1,882) | (1,940) | |||
Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying Amounts | $ 110,827 | $ 110,827 | |||
Minimum [Member] | Woodbridge [Member] | Levitt Capital Trust I-IV [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective Interest Rate | [2] | 6.14% | 5.14% | ||
Maturity Years | [3] | 2,035 | |||
Minimum [Member] | Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective Interest Rate | [2] | 7.14% | 6.18% | ||
Maturity Years | [3] | 2,035 | |||
Maximum [Member] | Woodbridge [Member] | Levitt Capital Trust I-IV [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective Interest Rate | [2] | 6.20% | 5.19% | ||
Maturity Years | [3] | 2,036 | |||
Maximum [Member] | Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective Interest Rate | [2] | 7.24% | 6.59% | ||
Maturity Years | [3] | 2,037 | |||
LIBOR [Member] | Minimum [Member] | Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on rate | 3.80% | 3.80% | |||
LIBOR [Member] | Maximum [Member] | Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on rate | 4.90% | 4.90% | |||
[1] | See Note 1 for a summary of adjustments. | ||||
[2] | Junior subordinated debentures bear interest at 3-month LIBOR plus a spread ranging from 3.80% to 4.90%. | ||||
[3] | All of the junior subordinated debentures were eligible for redemption by Woodbridge and Bluegreen, as applicable, as of September 30, 2018 and December 31, 2017. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Effective tax rate | 36.00% | 44.00% | |
Corporate tax rate | 21.00% | 35.00% | |
Tax Cuts and Jobs Act of 2017, Provisoinal income tax benefit | $ 45.3 | ||
Reduction in provisional tax benefit recognized | $ 2.8 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative I) (Details) $ in Thousands | Apr. 24, 2018item | Sep. 30, 2017item | Sep. 30, 2017USD ($) | Sep. 30, 2018 | Sep. 30, 2017USD ($) | Dec. 31, 2015 | |
Commitments And Contingencies [Line Items] | |||||||
Gain on judgment of court | [1] | $ 2,113 | $ 11,719 | ||||
Number of named individuals, lawsuit | item | 18 | ||||||
Insurance [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Gain on judgment of court | 7,100 | ||||||
Release Of Penalty [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Gain on judgment of court | $ 4,600 | ||||||
Bluegreen [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Average annual default rates | 8.40% | 6.90% | |||||
Percent of total delinquencies subject to letters | 16.80% | ||||||
Number of opt-in plaintiffs | item | 59 | ||||||
[1] | See Note 1 for a summary of adjustments. |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative II) (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2018$ / sharesshares | Sep. 30, 2018USD ($)item | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Oct. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Aug. 31, 2016USD ($) | ||
Commitments And Contingencies [Line Items] | ||||||||
Payments to subsidies | $ 2,200 | $ 1,700 | ||||||
Other liabilities | $ 112,133 | $ 103,464 | [1] | $ 94,655 | ||||
Number of properties subsidized | item | 10 | |||||||
Issuance of note payable to purchase property and equipment | $ 24,258 | |||||||
Notes And Loans Payable | 197,177 | 137,783 | 144,114 | [1] | ||||
Lease liability | $ 1,000 | |||||||
Stock Appreciation Rights (SARs) [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Vesting period (years) | 5 years | |||||||
Performance Units [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Period of awards right to receive cash payment | 2 years | |||||||
Subsidies To Certain HOAs [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Other liabilities | $ 6,200 | 0 | ||||||
Executive Leadership Incentive Plan [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Other liabilities | 3,700 | |||||||
Shares available for grant | shares | 639,643 | |||||||
Available for grants, exercise price | $ / shares | $ 19.72 | |||||||
Executive Leadership Incentive Plan [Member] | Performance Units [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Value of additional shares authorized | 7,400 | |||||||
Bluegreen [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Amount of future payment | 400 | 5,800 | ||||||
Notes And Loans Payable | 137,834 | $ 100,194 | ||||||
Food for Thought Restaurant Group, LLC [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Amount on Guarantee obligation | $ 4,800 | |||||||
Executive Officers [Member] | Bluegreen [Member] | Stock Appreciation Rights (SARs) [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Percent of awards granted | 30.00% | |||||||
Executive Officers [Member] | Bluegreen [Member] | Performance Units [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Percent of awards granted | 70.00% | |||||||
Senior Vice Presidents [Member] | Bluegreen [Member] | Performance Units [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Percent of awards granted | 100.00% | |||||||
Executive [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Amount of future payment | $ 900 | $ 3,700 | ||||||
Period of future payments of former executive | 3 years | |||||||
Former Executive [Member] | Bluegreen [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Amount of future payment | $ 1,200 | $ 2,900 | ||||||
Sunrise and Bayview Partners, LLC [Member] | BCC [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Percent guaranteed on outstanding balance of loan | 50.00% | |||||||
Issuance of note payable to purchase property and equipment | $ 5,000 | |||||||
Chapel Trail Joint Venture [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Percentage of ownership interest | 46.75% | |||||||
Notes And Loans Payable | $ 3,400 | |||||||
Anastasia Note [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Amount on Guarantee obligation | 1,500 | |||||||
Centennial Bank - Hoffmans [Member] | BBX Sweet Holdings [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Amount on Guarantee obligation | 1,500 | |||||||
Note secured by property and equipment, amount | $ 2,000 | |||||||
Bass Pro [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Number of stores vacation packages are sold | item | 69 | |||||||
Compensation paid under agreement on sales | $ 0 | |||||||
Percent of volume sales from agreement | 14.00% | 15.00% | ||||||
Aggregate amount of purchaser default adjustments | $ 4,800 | |||||||
[1] | See Note 1 for a summary of adjustments. |
Common Stock And Redeemable 5_3
Common Stock And Redeemable 5% Cumulative Preferred Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 05, 2018 | Apr. 19, 2018 | Apr. 30, 2018 | Dec. 31, 2013 | Mar. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||||||||
Purchase and retirement of BFC's Class A Common Stock | $ 60,141 | |||||||
Redeemable Cumulative Preferred Stock, shares outstanding | 10,000 | 15,000 | ||||||
Redeemable Cumulative Preferred Stock, dividend rate | 5.00% | 5.00% | ||||||
Redeemable Cumulative Preferred Stock, stated value per share | $ 1,000 | $ 1,000 | ||||||
Number of preferred shares, loan secured by shares | 5,000 | |||||||
Holders Of The 5% Cumulative Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Debt instrument term (in years) | 5 years | |||||||
Class A Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Purchase and retirement, shares | 6,486,486 | |||||||
Share repurchased and retired, price per share | $ 9.25 | |||||||
Purchase and retirement of BFC's Class A Common Stock | $ 60,100 | |||||||
Shares purchased in tender offer percent of total, number of class A | 7.60% | |||||||
Class B Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares Purchased In Tender Offer Percent Of Total Issued And Outstanding Equity | 6.30% | |||||||
Redeemable 5% Cumulative Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Loan issued to holders | $ 5,000 | |||||||
Shares redeemed | 5,000 | |||||||
Restricted Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Vested shares | 1,307,898 | |||||||
Compensation cost | $ 10,700 | $ 10,100 | ||||||
Tax withholding for share-based compensation | 3,800 | |||||||
Restricted awards, vested fair value | $ 9,600 | |||||||
Restricted Stock [Member] | Subsequent Event [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Tax withholding for share-based compensation | $ 5,700 | |||||||
Restricted Stock [Member] | Class A Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Vested shares | 534,696 | |||||||
Shares withheld to meet minimum statutory tax withholding requirements | 374,895 | |||||||
Restricted Stock [Member] | Class A Common Stock [Member] | Subsequent Event [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Vested shares | 566,322 | |||||||
Shares withheld to meet minimum statutory tax withholding requirements | 414,834 | |||||||
Restricted Stock [Member] | Class B Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Vested shares | 773,202 | |||||||
Shares withheld to meet minimum statutory tax withholding requirements | 137,064 | |||||||
Restricted Stock [Member] | Class B Common Stock [Member] | Subsequent Event [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Vested shares | 1,420,800 | |||||||
Shares withheld to meet minimum statutory tax withholding requirements | 368,084 |
Common Stock And Redeemable 5_4
Common Stock And Redeemable 5% Cumulative Preferred Stock (Summary Of Restricted Common Stock Activity) (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested Restricted Stock, Beginning Balance | shares | 4,994,515 |
Non-vested Restricted Stock, Granted | shares | 1,487,051 |
Non-vested Restricted Stock, Vested | shares | (1,307,898) |
Non-vested Restricted Stock, Ending Balance | shares | 5,173,668 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 3.39 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 8.70 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 3.36 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 4.92 |
Noncontrolling Interests And _3
Noncontrolling Interests And Redeemable Noncontrolling Interest (Narrative) (Details) - IT'SUGAR, LLC [Member] | Jun. 16, 2017 |
Noncontrolling Interest [Line Items] | |
Percent of noncontrolling equity interest | 9.60% |
Class B Preferred Units [Member] | |
Noncontrolling Interest [Line Items] | |
Preferred units contributed capital percent | 90.40% |
Noncontrolling Interests And _4
Noncontrolling Interests And Redeemable Noncontrolling Interest (Summary Of Noncontrolling Interests) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | ||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interests | $ 91,206 | $ 82,054 | [1] | |
Bluegreen [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interests | [2] | 42,725 | 39,271 | |
Bluegreen/Big Cedar Vacation [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interests | [3] | 47,630 | 43,021 | |
Joint Ventures And Other [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interests | $ 851 | $ (238) | ||
[1] | See Note 1 for a summary of adjustments. | |||
[2] | Subsequent to Bluegreen's IPO during the fourth quarter of 2017, the Company owns 90% of Bluegreen. | |||
[3] | Bluegreen has a joint venture arrangement pursuant to which it owns 51% of Bluegreen/Big Cedar Vacations. |
Noncontrolling Interests And _5
Noncontrolling Interests And Redeemable Noncontrolling Interest (Summary Of Income (Loss) Attributable To Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Nov. 30, 2017 | ||
Noncontrolling Interest [Line Items] | ||||||
Net income attributable to noncontrolling interests | $ 5,806 | $ 3,398 | $ 16,324 | $ 9,488 | ||
Bluegreen [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Consolidated method ownership percentage | 90.00% | 90.00% | 90.00% | |||
Bluegreen [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Net income attributable to noncontrolling interests | [1] | $ 2,048 | $ 6,817 | |||
Bluegreen [Member] | Bluegreen/Big Cedar Vacation [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Consolidated method ownership percentage | 51.00% | 51.00% | ||||
Bluegreen/Big Cedar Vacation [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Net income attributable to noncontrolling interests | [2] | $ 3,585 | 3,252 | $ 9,509 | 9,418 | |
Joint Ventures And Other [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Net income attributable to noncontrolling interests | $ 173 | $ 146 | $ (2) | $ 70 | ||
[1] | Subsequent to Bluegreen's IPO during the fourth quarter of 2017, the Company owns 90% of Bluegreen. | |||||
[2] | Bluegreen has a joint venture arrangement pursuant to which it owns 51% of Bluegreen/Big Cedar Vacations. |
Fair Value Measurement (Financi
Fair Value Measurement (Financial Disclosures About Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other assets | $ 126,336 | $ 122,753 | [1] | $ 130,923 |
Carrying Amount [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 369,512 | 362,526 | ||
Restricted cash | 55,710 | 46,721 | ||
Loans receivable | 6,292 | 19,454 | ||
Notes receivable, net | 439,484 | 426,858 | ||
Receivable-backed notes payable | 433,450 | 421,118 | ||
Notes payable and other borrowings | 197,177 | 144,114 | ||
Junior subordinated debentures | 136,231 | 135,414 | ||
Redeemable 5% cumulative preferred stock | 9,390 | 13,974 | ||
Carrying Amount [Member] | Preferred Shareholders [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other assets | 5,000 | |||
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 369,512 | 362,526 | ||
Restricted cash | 55,710 | 46,721 | ||
Loans receivable | 7,437 | 21,125 | ||
Notes receivable, net | 542,000 | 525,000 | ||
Receivable-backed notes payable | 431,964 | 425,900 | ||
Notes payable and other borrowings | 201,460 | 149,438 | ||
Junior subordinated debentures | 142,000 | 132,000 | ||
Redeemable 5% cumulative preferred stock | 9,053 | 13,977 | ||
Fair Value [Member] | Preferred Shareholders [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other assets | 5,000 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 369,512 | 362,526 | ||
Restricted cash | 55,710 | 46,721 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans receivable | 7,437 | 21,125 | ||
Notes receivable, net | 542,000 | 525,000 | ||
Receivable-backed notes payable | 431,964 | 425,900 | ||
Notes payable and other borrowings | 201,460 | 149,438 | ||
Junior subordinated debentures | 142,000 | 132,000 | ||
Redeemable 5% cumulative preferred stock | $ 9,053 | 13,977 | ||
Significant Unobservable Inputs (Level 3) [Member] | Preferred Shareholders [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other assets | $ 5,000 | |||
[1] | See Note 1 for a summary of adjustments. |
Certain Relationships And Rel_2
Certain Relationships And Related Party Transactions (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jul. 31, 2017 | Apr. 30, 2015 | |
Bluegreen [Member] | Woodbridge [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Consolidated method ownership percentage | 90.00% | 90.00% | ||||
Alan Levan And Mr Abdo [Member] | Class A and B Common Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Percent of voting power | 77.00% | 77.00% | ||||
Bluegreen [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Payment of administrative fees from subsidiary | $ 600,000 | $ 300,000 | $ 1,200,000 | $ 1,200,000 | ||
Dividend received | 10,100,000 | 20,000,000 | 30,300,000 | 40,000,000 | ||
Allocated consolidated income tax liability and benefits, amount received | 7,100,000 | 13,900,000 | 21,000,000 | 39,300,000 | ||
Bluegreen [Member] | Other Notes Payable [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt face amount | $ 80,000,000 | |||||
Interest rate | 6.00% | 10.00% | ||||
Interest expense | 1,200,000 | 1,200,000 | 3,600,000 | 5,200,000 | ||
Abdo Companies Inc. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Management services expenses | $ 77,000 | $ 77,000 | 230,000 | $ 230,000 | ||
Son Of Executive Vice President Chief Operating Officer [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, purchases from related party | $ 600,000 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2018USD ($)statestore | Jun. 30, 2018customer | Sep. 30, 2017USD ($) | Jun. 30, 2017customer | Sep. 30, 2018USD ($)statestorecustomersegment | Sep. 30, 2017USD ($)customer | Dec. 31, 2017USD ($)store | Dec. 31, 2016USD ($) | ||||
Segment Reporting Information [Line Items] | |||||||||||
Minimum number of operating segments with similar characteristics to be considered as a reportable segment | segment | 1 | ||||||||||
Revenues | $ 254,403 | $ 240,896 | [1] | $ 715,692 | $ 643,996 | [1] | |||||
Property and equipment, net | $ 133,267 | $ 133,267 | $ 111,929 | [1] | $ 95,408 | ||||||
IT'SUGAR, LLC [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of retail locations | store | 90 | 90 | |||||||||
Number of states of retail locations | state | 26 | 26 | |||||||||
MOD Super-Fast Pizza [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of retail locations | store | 2 | ||||||||||
Number of stores opened | store | 3 | ||||||||||
Reportable Segments [Member] | Renin [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of major customers | customer | 2 | 2 | 2 | 2 | |||||||
Revenues | $ 15,330 | 16,463 | $ 47,205 | $ 51,447 | |||||||
Reportable Segments [Member] | Renin [Member] | Customer Concentration Risk [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 9,600 | 6,800 | 26,400 | 23,400 | |||||||
Reportable Segments [Member] | Outside United States [Member] | Renin [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 7,000 | 5,000 | 16,900 | 15,800 | |||||||
Property and equipment, net | $ 2,100 | $ 2,300 | $ 2,100 | $ 2,300 | |||||||
[1] | See Note 1 for a summary of adjustments. |
Segment Reporting (Segment Info
Segment Reporting (Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | $ 254,403 | $ 240,896 | [1] | $ 715,692 | $ 643,996 | [1] | ||||
Cost of VOIs sold | 11,237 | 6,444 | [1] | 19,838 | 11,352 | [1] | $ 17,679 | $ 28,829 | ||
Cost of other fee-based services | 19,937 | 17,182 | [1] | 53,983 | 48,663 | [1] | ||||
Cost reimbursements | 16,900 | 14,097 | [1] | 47,157 | 40,660 | [1] | 52,639 | 49,557 | ||
Cost of trade sales | 28,960 | 31,810 | [1] | 88,051 | 73,773 | [1] | 105,918 | 80,363 | ||
Cost of real estate inventory sold | 4,655 | 11,283 | ||||||||
Interest expense | 11,130 | 9,483 | [1] | 30,732 | 27,580 | [1] | ||||
Recoveries from loan losses, net | (443) | (2,005) | [1] | (7,236) | (6,098) | [1] | ||||
Asset impairments, net | 191 | 1,506 | [1] | 527 | 1,551 | [1] | ||||
Net gains on cancellation of junior subordinated debentures | [1] | (6,929) | ||||||||
Reimbursement of litigation costs and penalty | [1] | (2,113) | (11,719) | |||||||
Selling, general and administrative expenses | 143,558 | 146,842 | [1] | 410,490 | 395,489 | [1] | 529,702 | 512,151 | ||
Total costs and expenses | 236,125 | 223,246 | [1] | 654,825 | 574,322 | [1] | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 373 | 2,105 | [1] | 1,165 | 8,428 | [1] | 12,541 | 12,178 | ||
Foreign exchange gain (loss) | 76 | (105) | [1] | 91 | (312) | [1] | ||||
Income before income taxes | 18,727 | 19,650 | [1] | 62,123 | 77,790 | [1] | 92,601 | 78,986 | ||
Total assets | 1,677,767 | 1,523,856 | 1,677,767 | 1,523,856 | 1,605,681 | [1] | ||||
Expenditures for property and equipment | 13,243 | 5,780 | 33,316 | 14,158 | ||||||
Depreciation and amortization | 5,447 | 4,407 | 15,391 | 11,334 | ||||||
Debt accretion and amortization | 1,234 | 1,303 | 3,159 | 3,732 | ||||||
Cash and cash equivalents | 369,512 | 264,380 | 369,512 | 264,380 | 362,526 | [1] | ||||
Equity method investments | 42,550 | 47,995 | 42,550 | 47,995 | 51,234 | [1] | 49,392 | |||
Goodwill | 39,482 | 41,016 | 39,482 | 41,016 | 39,482 | [1] | ||||
Receivable-backed notes payable | 433,450 | 419,335 | 433,450 | 419,335 | ||||||
Notes payable and other borrowings | 197,177 | 137,783 | 197,177 | 137,783 | 144,114 | [1] | ||||
Junior subordinated debentures | 136,231 | 135,112 | 136,231 | 135,112 | 135,414 | [1] | ||||
Corporate Expenses & Other [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 3,655 | 748 | 9,232 | 1,753 | ||||||
Cost of trade sales | 1,117 | 2,902 | ||||||||
Interest expense | 2,915 | 2,379 | 8,127 | 8,403 | ||||||
Net gains on cancellation of junior subordinated debentures | (6,929) | |||||||||
Reimbursement of litigation costs and penalty | (2,113) | (11,719) | ||||||||
Selling, general and administrative expenses | 16,089 | 15,450 | 46,512 | 46,545 | ||||||
Total costs and expenses | 20,121 | 15,716 | 57,541 | 36,300 | ||||||
Income before income taxes | (16,466) | (14,968) | (48,309) | (34,547) | ||||||
Total assets | 168,396 | 131,406 | 168,396 | 131,406 | ||||||
Expenditures for property and equipment | 1,729 | 612 | 3,894 | 923 | ||||||
Depreciation and amortization | 293 | 176 | 806 | 544 | ||||||
Debt accretion and amortization | 91 | 180 | 221 | 214 | ||||||
Cash and cash equivalents | 145,963 | 117,828 | 145,963 | 117,828 | ||||||
Notes payable and other borrowings | 110,026 | 80,000 | 110,026 | 80,000 | ||||||
Junior subordinated debentures | 65,084 | 65,012 | 65,084 | 65,012 | ||||||
Eliminations [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | (1,363) | (1,318) | (4,074) | (5,557) | ||||||
Cost of trade sales | (5) | (12) | ||||||||
Interest expense | (1,200) | (1,200) | (3,600) | (5,200) | ||||||
Selling, general and administrative expenses | (158) | (118) | (462) | (357) | ||||||
Total costs and expenses | (1,363) | (1,318) | (4,074) | (5,557) | ||||||
Total assets | (82,316) | (81,891) | (82,316) | (81,891) | ||||||
Notes payable and other borrowings | (80,000) | (80,000) | (80,000) | (80,000) | ||||||
Bluegreen [Member] | Reportable Segments [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 202,205 | 195,090 | 564,662 | 544,795 | ||||||
Cost of VOIs sold | 11,237 | 6,444 | 19,838 | 11,352 | ||||||
Cost of other fee-based services | 19,937 | 17,182 | 53,983 | 48,663 | ||||||
Cost reimbursements | 16,900 | 14,097 | 47,157 | 40,660 | ||||||
Interest expense | 9,208 | 8,058 | 25,470 | 23,779 | ||||||
Selling, general and administrative expenses | 112,407 | 114,934 | 315,535 | 312,257 | ||||||
Total costs and expenses | 169,689 | 160,715 | 461,983 | 436,711 | ||||||
Income before income taxes | 32,516 | 34,375 | 102,679 | 108,084 | ||||||
Total assets | 1,336,992 | 1,166,247 | 1,336,992 | 1,166,247 | ||||||
Expenditures for property and equipment | 9,242 | 3,973 | 24,347 | 9,380 | ||||||
Depreciation and amortization | 3,169 | 2,420 | 9,087 | 7,089 | ||||||
Debt accretion and amortization | 1,086 | 1,123 | 2,765 | 3,470 | ||||||
Cash and cash equivalents | 195,439 | 124,002 | 195,439 | 124,002 | ||||||
Receivable-backed notes payable | 433,450 | 419,335 | 433,450 | 419,335 | ||||||
Notes payable and other borrowings | 137,834 | 95,594 | 137,834 | 95,594 | ||||||
Junior subordinated debentures | 71,147 | 70,100 | 71,147 | 70,100 | ||||||
BBX Capital Real Estate [Member] | Reportable Segments [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 8,279 | 1,643 | 26,024 | 6,606 | ||||||
Cost of real estate inventory sold | 4,655 | 11,283 | ||||||||
Recoveries from loan losses, net | (443) | (2,005) | (7,236) | (6,098) | ||||||
Asset impairments, net | 191 | 1,233 | 340 | 1,278 | ||||||
Selling, general and administrative expenses | 2,304 | 3,099 | 7,165 | 8,002 | ||||||
Total costs and expenses | 6,707 | 2,327 | 11,552 | 3,182 | ||||||
Equity in net earnings of unconsolidated real estate joint ventures | 373 | 2,105 | 1,165 | 8,428 | ||||||
Income before income taxes | 1,945 | 1,421 | 15,637 | 11,852 | ||||||
Total assets | 135,929 | 171,270 | 135,929 | 171,270 | ||||||
Expenditures for property and equipment | 131 | 58 | 298 | 257 | ||||||
Depreciation and amortization | 91 | 161 | 283 | 480 | ||||||
Debt accretion and amortization | 2 | |||||||||
Cash and cash equivalents | 21,625 | 13,246 | 21,625 | 13,246 | ||||||
Equity method investments | 42,550 | 47,995 | 42,550 | 47,995 | ||||||
Notes payable and other borrowings | 16,285 | 20,907 | 16,285 | 20,907 | ||||||
Renin [Member] | Reportable Segments [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 15,330 | 16,463 | 47,205 | 51,447 | ||||||
Cost of trade sales | 12,306 | 13,509 | 38,454 | 41,332 | ||||||
Interest expense | 157 | 161 | 497 | 343 | ||||||
Selling, general and administrative expenses | 2,250 | 2,598 | 7,641 | 8,404 | ||||||
Total costs and expenses | 14,713 | 16,268 | 46,592 | 50,079 | ||||||
Foreign exchange gain (loss) | 76 | (105) | 91 | (312) | ||||||
Income before income taxes | 693 | 90 | 704 | 1,056 | ||||||
Total assets | 28,798 | 38,286 | 28,798 | 38,286 | ||||||
Expenditures for property and equipment | 99 | 615 | 447 | 2,454 | ||||||
Depreciation and amortization | 284 | 323 | 869 | 712 | ||||||
Debt accretion and amortization | 4 | 12 | 18 | |||||||
Notes payable and other borrowings | 9,422 | 16,113 | 9,422 | 16,113 | ||||||
BBX Sweet Holdings [Member] | Reportable Segments [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 26,297 | 28,270 | 72,643 | 44,952 | ||||||
Cost of trade sales | 15,542 | 18,301 | 46,707 | 32,441 | ||||||
Interest expense | 50 | 85 | 238 | 255 | ||||||
Asset impairments, net | 273 | 187 | 273 | |||||||
Selling, general and administrative expenses | 10,666 | 10,879 | 34,099 | 20,638 | ||||||
Total costs and expenses | 26,258 | 29,538 | 81,231 | 53,607 | ||||||
Income before income taxes | 39 | (1,268) | (8,588) | (8,655) | ||||||
Total assets | 89,968 | 98,538 | 89,968 | 98,538 | ||||||
Expenditures for property and equipment | 2,042 | 522 | 4,330 | 1,144 | ||||||
Depreciation and amortization | 1,610 | 1,327 | 4,346 | 2,509 | ||||||
Debt accretion and amortization | 53 | 159 | 30 | |||||||
Cash and cash equivalents | 6,485 | 9,304 | 6,485 | 9,304 | ||||||
Goodwill | 39,482 | 41,016 | 39,482 | 41,016 | ||||||
Notes payable and other borrowings | 3,610 | 5,169 | 3,610 | 5,169 | ||||||
Sales Of VOIs [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 70,698 | 62,453 | [1] | 195,412 | 176,094 | [1] | 242,017 | 273,874 | ||
Sales Of VOIs [Member] | Bluegreen [Member] | Reportable Segments [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 70,698 | 62,453 | 195,412 | 176,094 | ||||||
Fee-Based Sales Commissions [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 61,641 | 69,977 | [1] | 167,581 | 179,046 | [1] | ||||
Fee-Based Sales Commissions [Member] | Bluegreen [Member] | Reportable Segments [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 61,641 | 69,977 | 167,581 | 179,046 | ||||||
Other Fee-Based Services [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 31,057 | 27,386 | [1] | 89,472 | 83,442 | [1] | ||||
Other Fee-Based Services [Member] | Bluegreen [Member] | Reportable Segments [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 31,057 | 27,386 | 89,472 | 83,442 | ||||||
Cost Reimbursements [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 16,900 | 14,097 | [1] | 47,157 | 40,660 | [1] | 52,639 | 49,557 | ||
Cost Reimbursements [Member] | Bluegreen [Member] | Reportable Segments [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 16,900 | 14,097 | 47,157 | 40,660 | ||||||
Trade Sales [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 43,803 | 44,718 | [1] | 126,114 | 96,369 | [1] | 142,085 | 95,839 | ||
Trade Sales [Member] | Corporate Expenses & Other [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 2,297 | 6,479 | ||||||||
Trade Sales [Member] | Eliminations [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | (5) | (12) | ||||||||
Trade Sales [Member] | Renin [Member] | Reportable Segments [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 15,330 | 16,463 | 47,205 | 51,447 | ||||||
Trade Sales [Member] | BBX Sweet Holdings [Member] | Reportable Segments [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 26,181 | 28,255 | 72,442 | 44,922 | ||||||
Sales Of Real Estate Inventory [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 7,478 | 17,138 | ||||||||
Sales Of Real Estate Inventory [Member] | BBX Capital Real Estate [Member] | Reportable Segments [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 7,478 | 17,138 | ||||||||
Interest Income [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 21,157 | 21,035 | [1] | 63,738 | 63,065 | [1] | ||||
Interest Income [Member] | Corporate Expenses & Other [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 582 | 241 | 1,457 | 674 | ||||||
Interest Income [Member] | Eliminations [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | (1,200) | (1,200) | (3,600) | (5,200) | ||||||
Interest Income [Member] | Bluegreen [Member] | Reportable Segments [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 21,531 | 21,296 | 63,771 | 65,673 | ||||||
Interest Income [Member] | BBX Capital Real Estate [Member] | Reportable Segments [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 229 | 697 | 2,064 | 1,915 | ||||||
Interest Income [Member] | BBX Sweet Holdings [Member] | Reportable Segments [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 15 | 1 | 46 | 3 | ||||||
Net (Losses) Gains On Sales Of Real Estate Assets [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | (4) | (18) | [1] | 4,798 | 1,668 | [1] | $ 1,949 | $ 3,802 | ||
Net (Losses) Gains On Sales Of Real Estate Assets [Member] | BBX Capital Real Estate [Member] | Reportable Segments [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | (4) | (18) | 4,798 | 1,668 | ||||||
Other Revenue [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 1,673 | 1,248 | [1] | 4,282 | 3,652 | [1] | ||||
Other Revenue [Member] | Corporate Expenses & Other [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 776 | 507 | 1,296 | 1,079 | ||||||
Other Revenue [Member] | Eliminations [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | (158) | (118) | (462) | (357) | ||||||
Other Revenue [Member] | Bluegreen [Member] | Reportable Segments [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 378 | (119) | 1,269 | (120) | ||||||
Other Revenue [Member] | BBX Capital Real Estate [Member] | Reportable Segments [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 576 | 964 | 2,024 | 3,023 | ||||||
Other Revenue [Member] | BBX Sweet Holdings [Member] | Reportable Segments [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | $ 101 | $ 14 | $ 155 | $ 27 | ||||||
[1] | See Note 1 for a summary of adjustments. |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | Oct. 23, 2018USD ($) | Oct. 18, 2018USD ($)item | Oct. 31, 2018USD ($) | Sep. 30, 2018USD ($)item | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||||||||
Receivable Backed Notes Payable Non Recourse | $ 335,680 | $ 336,421 | [1] | |||||
Receivable-backed notes payable - recourse | $ 97,770 | 84,697 | [1] | |||||
Number of equity interest in unconsolidated real estate joint ventures | item | 18 | |||||||
Investments in unconsolidated real estate joint ventures | $ 42,550 | 51,234 | [1] | $ 47,995 | $ 49,392 | |||
KeyBank/DZ Purchase Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Receivable Backed Notes Payable Non Recourse | 49,733 | 16,144 | ||||||
Liberty Bank Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Receivable-backed notes payable - recourse | 40,392 | 24,990 | ||||||
Liberty Bank Facility [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 50,000 | |||||||
Pacific Western Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Receivable-backed notes payable - recourse | 17,081 | 15,293 | ||||||
Pacific Western Facility [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 40,000 | |||||||
Subsequent Event [Member] | BXG Receivables Note Trust 2018-A [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Effective yield rate | 4.02% | |||||||
Gross advance rate | 87.20% | |||||||
Timeshare receivables sold | $ 135,000 | |||||||
Repayment of debt | $ 117,700 | |||||||
Subsequent Event [Member] | BXG Receivables Note Trust 2018-Class A [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Effective yield rate | 3.77% | |||||||
Receivable Backed Notes Payable Non Recourse | $ 49,800 | |||||||
Subsequent Event [Member] | BXG Receivables Note Trust 2018-Class B [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Effective yield rate | 3.95% | |||||||
Receivable Backed Notes Payable Non Recourse | $ 33,100 | |||||||
Subsequent Event [Member] | BXG Receivables Note Trust 2018-Class C [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Effective yield rate | 4.44% | |||||||
Receivable Backed Notes Payable Non Recourse | $ 34,800 | |||||||
Subsequent Event [Member] | KeyBank/DZ Purchase Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment of debt | 49,200 | |||||||
Maximum borrowing capacity | 80,000 | |||||||
Receivable-backed notes payable - recourse | 0 | |||||||
Subsequent Event [Member] | Liberty Bank Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment of debt | 20,400 | |||||||
Maximum borrowing capacity | 50,000 | |||||||
Receivable-backed notes payable - recourse | 19,100 | |||||||
Subsequent Event [Member] | Pacific Western Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment of debt | 7,100 | |||||||
Maximum borrowing capacity | 40,000 | |||||||
Receivable-backed notes payable - recourse | 9,600 | |||||||
Subsequent Event [Member] | KeyBank/DZ Purchase Facility, Liberty Bank Facility And Pacific Western Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Additional availability line of credit | 76,700 | |||||||
Sold At Closing [Member] | Subsequent Event [Member] | BXG Receivables Note Trust 2018-A [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Timeshare receivables sold | 109,000 | |||||||
Expected To Be Sold By Feb. 25, 2019 [Member] | Subsequent Event [Member] | BXG Receivables Note Trust 2018-A [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Timeshare receivables sold | $ 26,000 | |||||||
The Altman Companies, LLC [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Investments in unconsolidated real estate joint ventures, Percent | 50.00% | |||||||
Purchase price of membership interest in agreement | $ 11,800 | |||||||
Period after closing to acquire additional interest | 4 years | |||||||
The Altman Companies, LLC [Member] | Additional Percent Acquired [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Investments in unconsolidated real estate joint ventures, additional percent acquired | 40.00% | |||||||
Purchase price of membership interest in agreement | $ 9,400 | |||||||
The Altman Companies, LLC [Member] | Seller To Decide On Remaining Percent Sold [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Investments in unconsolidated real estate joint ventures, additional percent acquired | 10.00% | |||||||
Purchase price of membership interest in agreement | $ 2,400 | |||||||
The Developments [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Purchase price of membership interest in agreement | $ 10,900 | |||||||
Number of equity interest in unconsolidated real estate joint ventures | item | 8 | |||||||
The Addison on Millenia Investment, LLC [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Investments in unconsolidated real estate joint ventures | $ 5,220 | $ 5,933 | ||||||
The Addison on Millenia Investment, LLC [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Received from distributions from the joint venture | $ 14,400 | |||||||
[1] | See Note 1 for a summary of adjustments. |