Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 25, 2019 | |
Entity Registrant Name | BBX Capital Corp | |
Entity Central Index Key | 0000315858 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Class A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 77,978,452 | |
Class B Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 19,384,730 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | [1] |
ASSETS | |||
Cash and cash equivalents | $ 332,871 | $ 366,305 | |
Restricted cash ($19,018 in 2019 and $28,400 in 2018 in variable interest entities ("VIEs")) | 48,373 | 54,792 | |
Notes receivable, net ($308,042 in 2019 and $341,975 in 2018 in VIEs) | 440,854 | 439,167 | |
Trade inventory | 23,323 | 20,110 | |
Vacation ownership interest ("VOI") inventory | 342,220 | 334,149 | |
Real estate ($13,024 in 2019 and $20,202 in 2018 held for sale) | 53,564 | 54,956 | |
Investments in unconsolidated real estate joint ventures | 65,254 | 64,738 | |
Property and equipment, net | 134,107 | 139,628 | |
Goodwill | 37,248 | 37,248 | |
Intangible assets, net | 68,953 | 69,710 | |
Operating lease assets | 122,724 | ||
Other assets | 132,270 | 124,217 | |
Total assets | 1,801,761 | 1,705,020 | |
Liabilities: | |||
Accounts payable | 27,359 | 29,537 | |
Deferred income | 17,668 | 16,522 | |
Escrow deposits | 25,531 | 22,255 | |
Other liabilities | 115,711 | 104,441 | |
Receivable-backed notes payable - recourse | 86,820 | 76,674 | |
Receivable-backed notes payable - non-recourse (in VIEs) | 351,316 | 382,257 | |
Notes payable and other borrowings | 178,516 | 200,887 | |
Junior subordinated debentures | 136,829 | 136,425 | |
Operating lease liabilities | 137,643 | ||
Deferred income taxes | 80,271 | 86,363 | |
Redeemable 5% cumulative preferred stock of $.01 par value; authorized 15,000 shares; issued and outstanding 10,000 shares in 2019 and 2018 with a stated value of $1,000 per share | 9,642 | 9,472 | |
Total liabilities | 1,167,306 | 1,064,833 | |
Commitments and contingencies (See Note 11) | |||
Redeemable noncontrolling interest | 2,102 | 2,579 | |
Equity: | |||
Preferred stock of $.01 par value; authorized 10,000,000 shares | |||
Additional paid-in capital | 166,015 | 161,684 | |
Accumulated earnings | 370,983 | 385,789 | |
Accumulated other comprehensive income | 1,479 | 1,215 | |
Total shareholders' equity | 539,405 | 549,620 | |
Noncontrolling interests | 92,948 | 87,988 | |
Total equity | 632,353 | 637,608 | |
Total liabilities and equity | 1,801,761 | 1,705,020 | |
Class A Common Stock [Member] | |||
Equity: | |||
Common stock | 780 | 784 | |
Class B Common Stock [Member] | |||
Equity: | |||
Common stock | $ 148 | $ 148 | |
[1] | See Note 1 for a summary of adjustments. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Restricted cash | $ 48,373 | $ 54,792 | [1] |
Notes receivable, net | 440,854 | 439,167 | [1] |
Real estate held-for-sale | $ 13,024 | $ 20,202 | |
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 | 10,000 | |
Redeemable Cumulative Preferred Stock, shares outstanding | 10,000 | 10,000 | |
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 | $ 19,018 | $ 28,400 | |
Notes receivable, net | $ 308,042 | $ 341,975 | |
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 | 77,978,452 | 78,379,530 | |
Common stock, shares outstanding | 77,978,452 | 78,379,530 | |
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 | 14,840,534 | 14,840,634 | |
Common stock, shares outstanding | 14,840,534 | 14,840,634 | |
[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 | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Revenues | |||||
Revenue from customers | $ 220,151 | $ 221,829 | $ 418,461 | $ 413,910 | |
Interest income | 21,518 | 20,664 | [1] | 42,933 | 42,581 |
Net gains on sales of real estate assets | 9,664 | 733 | [1] | 10,996 | 4,802 |
Other revenue | 2,960 | 1,562 | [1] | 4,303 | 2,611 |
Total revenues | 251,333 | 243,226 | [1] | 472,390 | 461,293 |
Costs and Expenses | |||||
Interest expense | 11,661 | 10,403 | [1] | 22,809 | 19,602 |
Recoveries from loan losses, net | (1,424) | (1,999) | [1] | (2,385) | (6,814) |
Impairment losses | 2,138 | 122 | [1] | 2,756 | 356 |
Selling, general and administrative expenses | 177,968 | 142,047 | [1] | 299,961 | 266,935 |
Total costs and expenses | 269,025 | 221,607 | [1] | 483,708 | 418,704 |
Equity in net earnings (losses) of unconsolidated real estate joint ventures | 8,759 | (488) | [1] | 8,742 | 792 |
Foreign exchange (loss) gain | (29) | (37) | [1] | (24) | 15 |
(Loss) Income before income taxes | (8,962) | 21,094 | [1] | (2,600) | 43,396 |
Benefit (provision) for income taxes | 1,338 | (8,655) | [1] | (386) | (15,255) |
Net (loss) income | (7,624) | 12,439 | [1] | (2,986) | 28,141 |
Less: Net income attributable to noncontrolling interests | 4,024 | 5,958 | [1] | 7,163 | 10,518 |
Net (loss) income attributable to shareholders | $ (11,648) | $ 6,481 | [1] | $ (10,149) | $ 17,623 |
Basic (loss) earnings per share | $ (0.12) | $ 0.07 | [1] | $ (0.11) | $ 0.18 |
Diluted (loss) earnings per share | $ (0.12) | $ 0.07 | [1] | $ (0.11) | $ 0.18 |
Basic weighted average number of common shares outstanding | 93,207 | 94,390 | [1] | 93,214 | 97,007 |
Diluted weighted average number of common and common equivalent shares outstanding | 93,207 | 97,779 | [1] | 93,214 | 100,194 |
Other comprehensive income (loss), net of tax: | |||||
Unrealized (losses) gains on securities available for sale | $ 10 | $ 38 | |||
Foreign currency translation adjustments | 125 | $ 24 | [1] | 226 | $ (4) |
Other comprehensive (loss) income, net | 135 | 24 | [1] | 264 | (4) |
Comprehensive (loss) income, net of tax | (7,489) | 12,463 | [1] | (2,722) | 28,137 |
Less: Comprehensive income attributable to noncontrolling interests | 4,024 | 5,958 | [1] | 7,163 | 10,518 |
Comprehensive (loss) income attributable to shareholders | $ (11,513) | $ 6,505 | [1] | $ (9,885) | $ 17,619 |
Class A Common Stock [Member] | |||||
Costs and Expenses | |||||
Cash dividends declared per common share | $ 0.0125 | $ 0.010 | [1] | $ 0.0250 | $ 0.020 |
Class B Common Stock [Member] | |||||
Costs and Expenses | |||||
Cash dividends declared per common share | $ 0.0125 | $ 0.010 | [1] | $ 0.0250 | $ 0.020 |
Sales Of VOIs [Member] | |||||
Revenues | |||||
Revenue from customers | $ 68,302 | $ 68,573 | [1] | $ 120,033 | $ 124,714 |
Costs and Expenses | |||||
Total costs | 10,572 | 6,789 | [1] | 14,420 | 8,601 |
Fee-Based Sales Commissions [Member] | |||||
Revenues | |||||
Revenue from customers | 55,343 | 60,086 | [1] | 100,555 | 105,940 |
Other Fee-Based Services [Member] | |||||
Revenues | |||||
Revenue from customers | 30,703 | 30,391 | [1] | 60,271 | 58,415 |
Costs and Expenses | |||||
Total costs | 19,924 | 16,634 | [1] | 42,792 | 34,045 |
Cost Reimbursements [Member] | |||||
Revenues | |||||
Revenue from customers | 17,358 | 14,059 | [1] | 37,594 | 30,260 |
Costs and Expenses | |||||
Total costs | 17,358 | 14,059 | [1] | 37,594 | 30,260 |
Trade Sales [Member] | |||||
Revenues | |||||
Revenue from customers | 45,061 | 43,908 | [1] | 91,045 | 82,311 |
Costs and Expenses | |||||
Total costs | 30,828 | 31,171 | [1] | 63,118 | 59,091 |
Sales Of Real Estate Inventory [Member] | |||||
Revenues | |||||
Revenue from customers | 424 | 3,250 | [1] | 4,660 | 9,659 |
Costs and Expenses | |||||
Total costs | 2,381 | [1] | 2,643 | 6,628 | |
Other Revenue [Member] | |||||
Revenues | |||||
Revenue from customers | $ 5,020 | $ 3,216 | $ 7,767 | $ 5,649 | |
[1] | See Note 1 for a summary of adjustments. |
Condensed Consolidated Statem_4
Condensed Consolidated Statement Of Changes In Equity - 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 at Dec. 31, 2017 | $ 857 | $ 140 | $ 228,331 | $ 354,432 | $ 1,708 | $ 585,468 | $ 82,054 | $ 667,522 | ||||||||
Beginning balance, shares at Dec. 31, 2017 | 85,689 | 13,963 | ||||||||||||||
Net (loss) income | 28,141 | |||||||||||||||
Net income excluding of loss attributable to redeemable noncontrolling interest | 17,623 | 17,623 | 10,784 | 28,407 | ||||||||||||
Other comprehensive income | (4) | (4) | (4) | |||||||||||||
Distributions to noncontrolling interests | (2,242) | (2,242) | ||||||||||||||
Increase in noncontrolling interest from loan foreclosure | 704 | 704 | ||||||||||||||
Common stock cash dividends declared | $ (1,683) | $ (362) | $ (1,683) | $ (362) | $ (1,683) | $ (362) | ||||||||||
Purchase of noncontrolling interest | (587) | (587) | 329 | (258) | ||||||||||||
Repurchase and retirement of Common Stock from tender offer, value | $ (65) | (60,059) | (60,124) | (60,124) | ||||||||||||
Repurchase and retirement of Common Stock from tender offer, shares | (6,486) | |||||||||||||||
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 exercise of options, value | 245 | 245 | 245 | |||||||||||||
Issuance of Common Stock from exercise of options, shares | 27 | |||||||||||||||
Share-based compensation | 7,072 | 7,072 | 7,072 | |||||||||||||
Ending balance at Jun. 30, 2018 | $ 793 | $ 139 | 175,002 | 370,262 | 1,452 | 547,648 | 91,629 | 639,277 | ||||||||
Ending balance, shares at Jun. 30, 2018 | 79,257 | 13,936 | ||||||||||||||
Beginning balance at Mar. 31, 2018 | $ 857 | $ 140 | 231,783 | 364,772 | 1,428 | 598,980 | 86,418 | 685,398 | ||||||||
Beginning balance, shares at Mar. 31, 2018 | 85,709 | 13,943 | ||||||||||||||
Net (loss) income | [1] | 12,439 | ||||||||||||||
Net income excluding of loss attributable to redeemable noncontrolling interest | 6,481 | 6,481 | 6,003 | 12,484 | ||||||||||||
Other comprehensive income | 24 | 24 | 24 | [1] | ||||||||||||
Distributions to noncontrolling interests | (1,121) | (1,121) | ||||||||||||||
Common stock cash dividends declared | (826) | (165) | (826) | (165) | (826) | (165) | ||||||||||
Purchase of noncontrolling interest | (587) | (587) | 329 | (258) | ||||||||||||
Repurchase and retirement of Common Stock from tender offer, value | $ (65) | (60,059) | (60,124) | (60,124) | ||||||||||||
Repurchase and retirement of Common Stock from tender offer, shares | (6,486) | |||||||||||||||
Conversion of Common Stock from Class B to Class A, value | $ 1 | $ (1) | ||||||||||||||
Conversion of Common Stock from Class B to Class A, shares | 7 | (7) | ||||||||||||||
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 | 3,620 | 3,620 | 3,620 | |||||||||||||
Ending balance at Jun. 30, 2018 | $ 793 | $ 139 | 175,002 | 370,262 | 1,452 | 547,648 | 91,629 | 639,277 | ||||||||
Ending balance, shares at Jun. 30, 2018 | 79,257 | 13,936 | ||||||||||||||
Cumulative effect from the adoption of ASU | Accounting Standards Update 2016-01 [Member] | 252 | (252) | ||||||||||||||
Beginning balance at Dec. 31, 2018 | $ 784 | $ 148 | 161,684 | 385,789 | 1,215 | 549,620 | 87,988 | 637,608 | [1] | |||||||
Beginning balance, shares at Dec. 31, 2018 | 78,379 | 14,841 | ||||||||||||||
Net (loss) income | (2,986) | |||||||||||||||
Net income excluding of loss attributable to redeemable noncontrolling interest | (10,149) | (10,149) | 7,403 | (2,746) | ||||||||||||
Repurchase and retirement of Common Stock, value | $ (4) | (1,879) | (1,883) | (1,883) | ||||||||||||
Repurchase and retirement of Common Stock, shares | (401) | |||||||||||||||
Other comprehensive income | 264 | 264 | 264 | |||||||||||||
Distributions to noncontrolling interests | (2,443) | (2,443) | ||||||||||||||
Common stock cash dividends declared | (1,971) | (484) | (1,971) | (484) | (1,971) | (484) | ||||||||||
Share-based compensation | 6,210 | 6,210 | 6,210 | |||||||||||||
Ending balance at Jun. 30, 2019 | $ 780 | $ 148 | 166,015 | 370,983 | 1,479 | 539,405 | 92,948 | 632,353 | ||||||||
Ending balance, shares at Jun. 30, 2019 | 77,978 | 14,841 | ||||||||||||||
Beginning balance at Mar. 31, 2019 | $ 784 | $ 148 | 164,733 | 383,855 | 1,344 | 550,864 | 90,127 | 640,991 | ||||||||
Beginning balance, shares at Mar. 31, 2019 | 78,379 | 14,841 | ||||||||||||||
Net (loss) income | (7,624) | |||||||||||||||
Net income excluding of loss attributable to redeemable noncontrolling interest | (11,648) | (11,648) | 4,044 | (7,604) | ||||||||||||
Repurchase and retirement of Common Stock, value | $ (4) | (1,879) | (1,883) | (1,883) | ||||||||||||
Repurchase and retirement of Common Stock, shares | (401) | |||||||||||||||
Other comprehensive income | 135 | 135 | 135 | |||||||||||||
Distributions to noncontrolling interests | (1,223) | (1,223) | ||||||||||||||
Common stock cash dividends declared | $ (982) | $ (242) | $ (982) | $ (242) | $ (982) | $ (242) | ||||||||||
Share-based compensation | 3,161 | 3,161 | 3,161 | |||||||||||||
Ending balance at Jun. 30, 2019 | $ 780 | $ 148 | $ 166,015 | 370,983 | $ 1,479 | 539,405 | $ 92,948 | 632,353 | ||||||||
Ending balance, shares at Jun. 30, 2019 | 77,978 | 14,841 | ||||||||||||||
Cumulative effect from the adoption of ASU | Accounting Standards Update 2016-02 [Member] | $ (2,202) | $ (2,202) | $ (2,202) | |||||||||||||
[1] | See Note 1 for a summary of adjustments. |
Condensed Consolidated Statem_5
Condensed Consolidated Statement Of Changes In Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Condensed Consolidated Statement Of Changes In Equity [Abstract] | ||||
Loss (Income) attributable to redeemable noncontrolling interest | $ 20 | $ 45 | $ 240 | $ 266 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities: | ||
Net (loss) income | $ (2,986) | $ 28,141 |
Adjustment to reconcile net (loss) income to net cash provided by operating activities: | ||
Recoveries from loan losses, net | (2,385) | (6,814) |
Provision for notes receivable allowances | 23,055 | 21,447 |
Depreciation, amortization and accretion, net | 13,691 | 11,861 |
Share-based compensation expense | 6,210 | 7,072 |
Net gains on sales of real estate assets | (12,960) | (4,895) |
Equity earnings of unconsolidated real estate joint ventures | (8,742) | (792) |
Return on investment in unconsolidated real estate joint ventures | 8,277 | 5,071 |
(Decrease) increase in deferred income tax | (5,214) | 14,753 |
Impairment losses | 2,756 | 356 |
Interest accretion on redeemable 5% cumulative preferred stock | 420 | 649 |
Increase in notes receivable | (24,742) | (24,236) |
Increase in VOI inventory | (8,071) | (25,770) |
(Increase) decrease in trade inventory | (3,213) | 2,712 |
(Increase) decrease in real estate inventory | (2,657) | 5,810 |
Net change in operating lease asset and operating lease liability | 1,185 | |
Increase in other assets | (4,048) | (16,812) |
Increase (decrease) in other liabilities | 21,718 | (5,924) |
Net cash provided by operating activities | 2,294 | 12,629 |
Investing activities: | ||
Return of investment in unconsolidated real estate joint ventures | 14,059 | 5,713 |
Investments in unconsolidated real estate joint ventures | (13,944) | (533) |
Repayment of loans receivable | 2,492 | 17,367 |
Proceeds from sales of real estate held-for-sale | 18,966 | 16,882 |
Proceeds from the sale of property and equipment | 13,544 | 569 |
Additions to real estate held-for-sale and held-for-investment | (474) | (594) |
Purchases of property and equipment | (18,244) | (20,073) |
Decrease in cash from other investing activities | (64) | (163) |
Net cash provided by investing activities | 16,335 | 19,168 |
Financing activities: | ||
Repayments of notes payable and other borrowings | (117,882) | (95,600) |
Proceeds from notes payable and other borrowings | 66,224 | 154,771 |
Payments for debt issuance costs | (149) | (770) |
Payments of interest on redeemable 5% cumulative preferred stock | (250) | (313) |
Repurchase and retirement of Class A common stock | (1,883) | (60,124) |
Purchase of noncontrolling interest | (258) | |
Proceeds from the exercise of stock options | 245 | |
Dividends paid on Common Stock | (2,099) | (1,835) |
Distributions to noncontrolling interest | (2,443) | (2,242) |
Net cash used in financing activities | (58,482) | (6,126) |
(Decrease) increase in cash, cash equivalents and restricted cash | (39,853) | 25,671 |
Cash, cash equivalents and restricted cash at beginning of period | 421,097 | 409,247 |
Cash, cash equivalents and restricted cash at end of period | 381,244 | 434,918 |
Supplemental cash flow information: | ||
Interest paid on borrowings | 19,724 | 17,709 |
Income taxes paid | 9,840 | 1,755 |
Supplementary disclosure of non-cash investing and financing activities: | ||
Construction funds receivable transferred to real estate | 9,183 | 6,943 |
Operating lease assets recognized upon adoption of ASC 842 | 113,183 | |
Operating lease liability recognized upon adoption of ASU 842 | 123,240 | |
Operating lease assets obtained in exchange for new operating lease liabilities | 20,791 | |
Acquisition of VOI inventory, property and equipment for notes payable | 24,258 | |
Loans receivable transferred to real estate | 333 | 1,673 |
Reduction in note receivable from holder of redeemable 5% cumulative preferred stock | (5,000) | |
Reduction in redeemable 5% cumulative preferred stock | 4,862 | |
Increase in other assets upon issuance of Community Development District Bonds | 8,110 | |
Assumption of Community Development District Bonds by developer | 1,035 | 2,776 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Total cash, cash equivalents, and restricted cash | $ 421,097 | $ 409,247 |
Organization And Basis Of Finan
Organization And Basis Of Financial Statement Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization And Basis Of Financial Statement Presentation [Abstract] | |
Organization And Basis Of Financial Statement Presentation | 1. Organization and Basis of Financial Statement Presentation Organization 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.” 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 84% and 16% , respectively, at June 3 0 , 2019. 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. Basis of Financial Statement Presentation 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 June 3 0 , 2019; the condensed consolidated results of operations and comprehensive income of the Company for the three and six months ended June 3 0 , 2019 and 2018; the condensed consolidated changes in equity of the Company for the three and six months ended June 3 0 , 2019 and 2018; and the condensed consolidated cash flows of the Company for the six months ended June 3 0 , 2019 and 2018. Operating results for the three and six months ended June 3 0 , 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 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, 2018 (the “2018 Annual Report”) filed with the Securities and Exchange Commission (“SEC”) on March 12, 2019. The condensed consolidated financial statements include the accounts 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 presentation for the current period. Principal Investments The Company’s principal investments include Bluegreen Vacations Corporation (“Bluegreen” or “Bluegreen Vacations”), BBX Capital Real Estate LLC (“BBX Capital Real Estate”), Renin Holdings, LLC (“Renin”), and IT’SUGAR, LLC (“IT’SUGAR”). Bluegreen is a leading vacation ownership company that markets and sells VOIs and manages resorts in popular 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 markets, sells, and manages VOIs in resorts, which are generally located in popular, high-volume, “drive-to” vacation destinations, including Orlando, Las Vegas, Myrtle Beach, Charleston and New Orleans, among others. Through its points-based system, the approximately 217,000 owners in Bluegreen’s Vacation Club have the flexibility to stay at units available at its resorts and have access to over 11,300 other hotels and resorts through partnerships and exchange networks. The resorts in which Bluegreen markets, sells, or manages VOIs were either developed or acquired by Bluegreen or were developed and are owned by third parties. Bluegreen earns fees for providing sales and marketing services to third party developers. Bluegreen also earns fees for providing management services to the Vacation Club and homeowners’ associations (“HOAs”), mortgage servicing, VOI title services, reservation services, and construction design and development services. In addition, Bluegreen provides financing to qualified VOI purchasers, which generates significant interest income. BBX Capital Real Estate is engaged in the acquisition, development, construction, ownership, financing, and management of real estate and investments in real estate joint ventures. In addition, BBX Capital Real Estate owns a 50% equity interest in The Altman Companies, LLC (the “Altman Companies”), a developer and manager of multifamily apartment communities, and also manages the legacy assets acquired in connection with the Company’s sale of BankAtlantic in 2012, including portfolios of loans receivable and real estate properties. Renin is engaged in the design, manufacture, and distribution of sliding doors, door systems and hardware, and home décor products and operates through its headquarters in Canada and two manufacturing and distribution facilities in the United States and Canada. In addition to its own manufacturing, Renin also sources various products and raw materials from China. During the three months ended June 30, 2019 and 2018, Renin’s revenues include d $7.8 million and $8.3 million, respectively, of gross trade sales to two major customers and their affiliates and $4.5 million and $5.3 million, respectively, of gross trade sales generated outside of the United States. During the six months ended June 30, 2019 and 2018, Renin’s revenues include d $19.9 million and $16.8 million, respectively, of gross trade sales to two major customers and their affiliates and $8.9 million and $9.9 million, respectively, of gross trade sales generated outside of the United States . As of June 3 0 , 2019 and 2018, the net book value of Renin’s properties and equipment located outside of the United States totaled $ 1.8 million and $2.2 million, respectively . IT’SUGAR is a specialty candy retailer which operates approximately 100 retail locations in over 25 states and Washington D.C. Its products include bulk candy, candy in giant packaging, and novelty items that are sold at its retail locations, which include a mix of high-traffic resort and entertainment, lifestyle, mall/outlet, and urban locations across the United States. In addition to its principal investments, the Company has other investments in various operating businesses, including restaurant locations throughout Florida and companies in the confectionery industry. 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, 2019: ASU No. 2016-02 – Leases (Topic 842) . This standard, as subsequently amended and clarified by various ASUs, requires lessees to recognize assets and liabilities for the rights and obligations created by leases of assets. For income statement purposes, the standard retains a dual model which requires leases to be classified as either operating or finance based on criteria that are largely similar to those applied under prior lease accounting but without explicit bright lines. The standard also requires extensive quantitative and qualitative disclosures, including significant judgments and assumptions made by management in applying the standard, intended to provide greater insight into the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted the standard on January 1, 2019 and applied the transition guidance as of the date of adoption under the current-period adjustment method. As a result, the Company recognized right-of-use assets and lease liabilities associated with its leases on January 1, 2019, with a cumulative-effect adjustment to the opening balance of accumulated earnings, while the comparable prior periods in the Company’s financial statements continue to be reported in accordance with Topic 840, including the disclosures of Topic 840. The standard includes a number of optional practical expedients under the transition guidance. The Company elected the package of practical expedients which allowed the Company to not reassess prior conclusions about lease identification, lease classification, and initial direct costs. The Company also made accounting policy elections by class of underlying asset to not apply the recognition requirements of the standard to leases with terms of 12 months or less and to not separate non-lease components from lease components. Consequently, each separate lease component and the non-lease components associated with that lease component is accounted for as a single lease component for lease classification, recognition, and measurement purposes. Upon adoption of the standard on January 1, 2019, the Company recognized a lease liability of $123.2 million and a right-of-use asset of $113.2 million. The difference between the lease liability and right-of-use asset primarily reflects the reclassification of accrued straight-line rent and unamortized tenant allowances from other liabilities in the Company’s statement of financial condition to a reduction of the right-of-use asset. In addition, the Company recognized an impairment loss of $3.4 million in connection with the recognition of right-of-use assets for certain IT’SUGAR retail locations as a cumulative-effect adjustment to the opening balance of accumulated earnings. The implementation of the standard did not have a material impact on the Company’s statement of operations and comprehensive income or statement of cash flows. See Note 12 for additional information regarding the Company’s lease agreements. 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 June 3 0 , 2019: ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (as subsequently amended and clarified by various ASUs) . This standard introduces an approach of estimating credit losses on certain types of financial instruments based on expected losses and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating its allowance for credit losses. In addition, the standard requires 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). The standard also allows entities to irrevocably elect to measure certain financial instruments within the scope of the standard at fair value upon the adoption of the standard. This standard will be effective for the Company on January 1, 2020. The Company is currently evaluating the impact that 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 in fair value measurements, uncertainty in measurement, and changes in measurements applied. This standard will be effective for the Company on January 1, 2020. The Company is currently evaluating the impact that ASU 2018-13 may have on its consolidated financial statement footnote disclosures. |
Consolidated Variable Interest
Consolidated Variable Interest Entities | 6 Months Ended |
Jun. 30, 2019 | |
Consolidated Variable Interest Entities [Abstract] | |
Consolidated Variable Interest Entities | 2 . 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 generally 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 June 3 0 , 201 9 , 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 and 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 the 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 for the six months ended June 30 , 201 9 and 201 8 were $4.5 million and $3.1 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): June 30, December 31, 2019 2018 Restricted cash $ 19,018 28,400 Securitized notes receivable, net 308,042 341,975 Receivable backed notes payable - non-recourse 351,316 382,257 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 | 6 Months Ended |
Jun. 30, 2019 | |
Notes Receivable [Abstract] | |
Notes Receivable | 3 . Notes Receivable The table below sets forth information relating to Bluegreen’s notes receivable and related allowance for loan losses (in thousands): June 30, December 31, 2019 2018 Notes receivable: VOI notes receivable - non-securitized $ 169,531 124,642 VOI notes receivable - securitized 404,147 447,850 Notes receivable secured by homesites (1) 736 898 Gross notes receivable 574,414 573,390 Allowance for loan losses - non-securitized (37,381) (28,258) Allowance for loan losses - securitized (96,105) (105,875) Allowance for loan losses - homesites (1) (74) (90) Notes receivable, net $ 440,854 439,167 Allowance as a % of gross notes receivable 23% 23% (1) Notes receivable secured by homesites were originated through a business, substantially all the assets of which were sold by Bluegreen in 2012. The weighted-average interest rate charged on Bluegreen’s notes receivable was 15.0% and 15.1% at June 30, 2019 and December 31, 201 8, respectively . All of Bluegreen’s VOI notes receivable bear interest at fixed rates. Blueg r een’s VOI notes receivable are generally secured by property located in Florida, Missouri, Nevada, South Carolina, Tennessee, and Wisconsin. 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 Bluegreen does not believe that there are significant concentrations of credit risk with any individual counterparty or groups of counterparties. In estimating loan 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 aging 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 Six Months Ended June 30, 2019 2018 Balance, beginning of period $ 134,223 123,791 Provision for loan losses 23,055 21,447 Write-offs of uncollectible receivables (23,718) (21,633) Balance, end of period $ 133,560 123,605 The table below sets forth information regarding t he percentage of gross notes receivable outstanding by FICO score of the borrower at the time of origination: June 30, December 31, FICO Score 2019 2018 700+ 58.00 % 57.00 % 600-699 39.00 39.00 <600 2.00 3.00 No score (1) 1.00 1.00 Total 100.00 % 100.00 % (1) VOI notes receivable attributable to borrowers 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): June 30, December 31, 2019 2018 Current $ 541,778 541,783 31-60 days 5,689 5,783 61-90 days 5,206 4,516 > 9 1 days (1) 21,005 20,410 Total $ 573,678 572,492 (1) Includes $13.0 million and $14.3 million of VOI notes receivable as of June 30, 2019 and December 31, 2018, respectively, 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 | 6 Months Ended |
Jun. 30, 2019 | |
Trade Inventory [Abstract] | |
Trade Inventory | 4 . Trade Inventory The Company’s t rade inventory consisted of the following (in thousands): June 30, December 31, 2019 2018 Raw materials $ 3,358 2,718 Paper goods and packaging materials 1,185 1,122 Finished goods 18,780 16,270 Total trade inventory $ 23,323 20,110 |
VOI Inventory
VOI Inventory | 6 Months Ended |
Jun. 30, 2019 | |
VOI Inventory [Abstract] | |
VOI Inventory | 5 . VOI Inventory Bluegreen’s VOI inventory consisted of the following (in thousands): June 30, December 31, 2019 2018 Completed VOI units $ 267,897 237,010 Construction-in-progress 537 26,587 Real estate held for future VOI development 73,786 70,552 Total VOI inventory $ 342,220 334,149 |
Real Estate
Real Estate | 6 Months Ended |
Jun. 30, 2019 | |
Real Estate [Abstract] | |
Real Estate | 6 . Real Estate The Company’s r eal estate consisted of the following (in thousands): June 30, December 31, 2019 2018 Real estate held-for-sale: Land $ 11,210 18,439 Residential single-family 756 832 Other 1,058 931 Total real estate held-for-sale 13,024 20,202 Real estate held-for-investment: Land 5,957 10,976 Total real estate held-for-investment 5,957 10,976 Real estate inventory 34,583 23,778 Total real estate $ 53,564 54,956 In April 2019, the Company sold its remaining land parcels located at PGA Station in Palm Beach Gardens, Florida for net proceeds of $8.3 million and recognized a gain on sale of real estate of $1.8 million for the three and six months ended June 30, 2019. In connection with the sale, the Company invested $2.1 million of the proceeds in the PGA Lender, LLC joint venture as described in Note 7 below. In May 2019, the Company transferred RoboVault, a self-storage facility located in Fort Lauderdale, Florida, from property and equipment to real estate held-for-sale following a buyer’s completion of due diligence on the property and subsequently sold it to the buyer for net proceeds of $11.8 million. As a result of the sale, the Company recognized a gain on sale of real estate of $4.8 million for the three and six months ended June 30, 2019. In June 2019, the Company sold a land parcel located in St. Cloud, Florida that was previously held for investment for net proceeds of $8.7 million and recognized a gain on sale of real estate of $3.0 million for the three and six months ended June 30, 2019. 0 |
Investments In Unconsolidated R
Investments In Unconsolidated Real Estate Joint Ventures | 6 Months Ended |
Jun. 30, 2019 | |
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | |
Investments In Unconsolidated Real Estate Joint Ventures | 7. Investment s in Unconsolidated Real Estate Joint Ventures As of June 30, 2019, the Company had equity interests in unconsolidated real estate joint ventures involved in the development of multifamily apartment and townhome communities, as well as single-family master planned communities. In addition, the Company owns a 50% equity interest in the Altman Companies, a developer and manager of multifamily apartment communities. Investments in unconsolidated real estate joint ventures are accounted for as unconsolidated VIEs . See Note 2 for information regarding the Company’s investments in consolidated VIEs. The Company’s i nvestments in unconsolidated real estate joint ventures consisted of the following (in thousands): June 30, December 31, 2019 2018 Altis at Lakeline - Austin Investors LLC $ 242 4,531 Altis at Grand Central Capital, LLC 2,635 2,549 Altis Promenade Capital, LLC 2,227 2,195 Altis at Bonterra - Hialeah, LLC 17,294 21,602 Altis Ludlam - Miami Investor, LLC 865 675 Altis Suncoast Manager, LLC 731 1,857 Altis Pembroke Gardens, LLC 1,279 1,284 Altis Fairways, LLC 1,885 1,876 Altis Wiregrass, LLC 1,839 1,897 Altis LH-Miami Manager, LLC 793 - The Altman Companies, LLC 16,443 14,893 ABBX Guaranty, LLC 2,500 2,500 Sunrise and Bayview Partners, LLC 1,505 1,439 PGA Design Center Holdings, LLC 947 691 CCB Miramar, LLC 4,316 1,575 BBX/Label Chapel Trail Development, LLC 1,233 4,515 L03/212 Partners, LLC 1,859 - PGA Lender, LLC 2,133 - Sky Cove, LLC 4,200 - All other investments in real estate joint ventures 328 659 Total $ 65,254 64,738 See Note 10 to the Company’s consolidated financial statements included in the 2018 Annual Report for the Company’s accounting policies relating to its investments in unconsolidated real estate joint ventures , including the Company’s analysis and determination that such entities are VIEs in which the Company is not the primary beneficiary. Sales by Unconsolidated Real Estate Joint Ventures In April 2019, the Altis at Lakeline joint venture sold its 354 unit multifamily apartment community located in Cedar Park, Texas . As a result of the sale, the Company received approximately $9.3 million of distributions from the venture and recognized $5.3 million and $5.0 million of equity earnings from the venture for the three and six months ended June 30, 2019, respectively. In April 2019, the PGA Design Center joint venture sold its remaining commercial buildings located in Palm Beach Gardens, Florida for $9.2 million and provided seller financing to the buyer for $4.6 million. As a result of the sale, the Company received approximately $2.3 million of distributions from the venture and recognized $2.8 million of equity earnings from the venture for the three and six months ended June 30, 2019. As described below, the joint venture contributed the promissory note received from the buyer to a newly formed joint venture with the Company. In July 2019, the Altis at Bonterra joint venture entered into a contract to sell its 314 unit multifamily apartment community located in Hialeah, Florida . T he potential buyer has completed due diligence and made a nonrefundable deposit on the property. If the closing of the sale occurs pursuant to the terms of the contract, the Company anticipates that it will receive distributions of approximately $45.0 million from the joint venture. However, the closing of the sale is subject to customary closing conditions, and t here is no assurance that the property will be sold by the joint venture pursuant to the terms of the contract, or at all. New Unconsolidated Real Estate Joint Ventures In January 201 9 , the Company invested in L03/212 Partners, LLC, a joint venture formed to invest in the development of The Main Las Olas, a mixed-used project located in downtown Fort Lauderdale, Florida that is planned to be comprised of an office tower with approximately 365,000 square feet of leasable area, a residential tower with approximately 341 units, and approximately 45,000 square feet of ground floor retail. As of June 30, 2019, the Company had funded $1.9 million of its expected capital contribution of $4.0 million. In April 2019, the Company invested $2.1 million in PGA Lender, LLC, a joint venture formed with the PGA Design Center joint venture to invest in the $4.6 million seller financing provided to the buyer of the PGA Design Center joint venture’s commercial buildings, as described above. In connection with the transaction, the Company contributed $2.1 million in cash in exchange for a 45.88% equity interest in the venture, while the PGA Design Center joint venture contributed the $4.6 million promissory note received from the buyer in exchange for $2.1 million in cash and a 54.12% equity interest in the venture. In June 2019, the Company invested $4.2 million in Sky Cove, LLC, a joint venture formed to develop, construct, and sell 204 single family homes located in Westlake, Florida. In June 2019, the Company invested $0.8 million in Altis LH – Miami Manager, LLC, a joint venture formed to serve as the managing member of Altis LH-Miami, LLC, a joint venture sponsored by the Altman Companies that was formed to develop, construct, and manage Altis at Little Havana, a 224 unit multifamily apartment community located in Miami, Florida . Summarized Financial Information of Certain Unconsolidated Real Estate Joint Ventures The condensed statements of operations for Altis at Lakeline-Austin Investors LLC for the three and six month ended June 30, 2019 and 2018 were as follows (in thousands): For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 Total revenues $ - 1,267 1,459 2,567 Gain on sale of real estate 17,150 - 17,150 - Other expenses (25) (2,204) (1,773) (3,380) Net earnings $ 17,125 (937) 16,836 (813) Equity in net earnings of unconsolidated real estate joint venture - Altis at Lakeline $ 5,256 (320) 5,029 (362) The condensed statements of financial condition for Altis at Lakeline-Austin Investors LLC as of June 30, 2019 and December 31, 2018 were as follows (in thousands): June 30, December 31, 2019 2018 Assets Cash $ 633 2,633 Real estate - 42,843 Other assets 144 201 Total assets $ 777 45,677 Liabilities and Equity Notes payable $ - 33,482 Other liabilities - 1,826 Total liabilities - 35,308 Total equity 777 10,369 Total liabilities and equity $ 777 45,677 The condensed statements of operations for PGA Design Center Holdings, LLC for the three and six month ended June 30, 2019 and 2018 were as follows (in thousands): For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 Total revenues $ - - - 69 Gain on sale of real estate 7,212 7,212 3,693 Other expenses (88) (151) (183) (259) Net earnings $ 7,124 (151) 7,029 3,503 Equity in net earnings of unconsolidated real estate joint venture -PGA Design Center $ 2,849 (60) 2,812 1,401 The condensed statements of financial condition for PGA Design Center Holdings, LLC as of June 30, 2019 and December 31, 2018 were as follows (in thousands): June 30, December 31, 2019 2018 Assets Cash $ 13 330 Real estate - 1,419 Investments in joint ventures 2,976 - Other assets 1 6 Total assets $ 2,990 1,755 Liabilities and Equity Other liabilities 22 64 Total liabilities 22 64 Total equity 2,968 1,691 Total liabilities and equity $ 2,990 1,755 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt [Abstract] | |
Debt | 8. 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): June 30, 2019 December 31, 2018 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Bluegreen: 2013 Notes Payable $ 16,875 5.50% $ 21,106 $ 28,125 5.50% $ 22,878 Fifth Third Bank Note 3,711 5.44% 7,802 3,834 5.34% 7,892 NBA Éilan Loan 20,893 5.69% 30,880 25,603 5.60% 35,615 Fifth Third Syndicated Line of Credit 75,000 5.11% 101,038 55,000 5.27% 92,415 Fifth Third Syndicated Term Loan 21,562 5.08% 29,049 22,500 5.37% 27,724 Unamortized debt issuance costs (1,245) (1,671) Total Bluegreen $ 136,796 $ 133,391 Other: Community Development District Obligations $ 29,432 4.25 -6.00% $ 44,576 $ 24,583 4.25 -6.00% $ 35,155 TD Bank Term Loan and Line of Credit 6,756 5.75% (1) 8,117 5.47% (1) Iberia $50.0 million Revolving Line of Credit - - (2) 30,000 5.35% (2) Banc of America Leasing & Capital Equipment Note 457 4.75% (3) 555 4.75% (3) Banc of America Revolving Line of Credit 1,000 4.00% (1) - - - Unsecured Note 3,400 6.00% (4) 3,400 6.00% (4) Other 1,539 5.58% 1,917 1,507 5.25% 1,968 Unamortized debt issuance costs (864) (666) Total other $ 41,720 $ 67,496 Total notes payable and other borrowings $ 178,516 $ 200,887 (1) The collateral is a blanket lien on the respective company’s assets. (2) The collateral is membership interests in Woodbridge having a value of not less than $100.0 million. (3) The collateral is a security interest in the equipment financed by the underlying note. Additionally, IT’SUGAR is guarantor on the note. (4) BBX Capital is guarantor on the note. See Note 13 to the Company’s consolidated financial statements included in the 201 8 Annual Report for additional information regarding the above listed notes payable and other borrowings. New debt issuances and significant changes related to the above listed notes payable and other borrowings are detailed below. In February 2019, the Meadow View at Twin Creeks Community Development District issued $8.1 million of community development bonds in order to fund the infrastructure improvements for Phase II of the Company’s Beacon Lake Community development and repay a portion of the bonds previously issued in 2016 in connection with Phase I of the development. The bonds issued in February 2019 have fixed interest rates ranging from 5.20% to 5.80% and mature at various times during the years 20 30 through 2049. The Company at its option has the ability to repay a specified portion of the bonds at the time that it sells developed lots in the Beacon Lakes Community. In July 2019, the Company modified the Iberia $50.0 million revolving line of credit to, among other things, extend the maturity of the line of credit from March 6, 2020 to June 30, 2021 and remove the existing financial covenant regarding the fixed charge coverage. Under the terms of the modified line of credit, the Company has the option to extend the maturity of the line of credit for a twelve -month period, subject to the satisfaction of certain conditions. In July 2019, Bluegreen amended the Fifth Third Bank Note Payable, Syndicated Line of Credit, and Term Loan, effective June 28, 2019, to exclude the $39.1 million Bass Pro settlement expense recognized during the three and six months ended June 30, 2019 from the calculation of certain financial covenants in the credit facilities in order to maintain compliance with such covenants. See Note 1 1 for additional information regarding the Bass Pro settlement. Receivable-Backed Notes Payable The table below sets forth information regarding Bluegreen’s receivable-backed notes payable facilities (dollars in thousands): June 30, 2019 December 31, 2018 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 $ 27,708 5.50% $ 34,152 $ 17,654 5.25% $ 22,062 NBA Receivables Facility 39,698 5.18% 48,487 48,414 5.27% 57,805 Pacific Western Facility 19,414 5.34% 24,144 10,606 5.52% 13,730 Total $ 86,820 $ 106,783 $ 76,674 $ 93,597 Receivable-backed notes payable - non-recourse: KeyBank/DZ Purchase Facility 14,436 5.16% 17,641 - - - Quorum Purchase Facility 38,112 4.75 -5.50% 43,024 40,074 4.75 -5.50% 45,283 2012 Term Securitization 11,431 2.94% 13,229 15,212 2.94% 16,866 2013 Term Securitization 22,308 3.20% 24,494 27,573 3.20% 29,351 2015 Term Securitization 37,109 3.02% 40,428 44,230 3.02% 47,690 2016 Term Securitization 56,672 3.35% 63,830 63,982 3.35% 72,590 2017 Term Securitization 74,396 3.12% 85,322 83,513 3.12% 95,877 2018 Term Securitization 102,779 4.02% 116,172 114,480 4.02% 125,916 Unamortized debt issuance costs (5,927) - (6,807) - Total $ 351,316 $ 404,140 $ 382,257 $ 433,573 Total receivable-backed debt $ 438,136 $ 510,923 $ 458,931 $ 527,170 There were no new debt issuances or significant changes related to the above listed facilities during the six months ended June 3 0 , 2019. See Note 13 to the Company’s consolidated financial statements included in the 2018 Annual Report for additional information regarding the above listed receivable-backed notes payable facilities. Junior Subordinated Debentures The table below sets forth information regarding the Company’s junior subordinated debentures (dollars in thousands): June 30, 2019 December 31, 2018 Effective Effective Carrying Interest Carrying Interest Amounts Rates (1) Amounts Rates (1) Woodbridge - Levitt Capital Trusts I - IV $ 66,302 6.12 - 6.38% $ 66,302 6.20 - 6.65% Bluegreen Statutory Trusts I - VI 110,827 7.38 - 7.49% 110,827 7.32 - 7.70% Unamortized debt issuance costs (1,164) (1,200) Unamortized purchase discount (39,136) (39,504) Total junior subordinated debentures $ 136,829 $ 136,425 (1) The Company’s junior subordinated debentures bear interest at 3-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 3.80% to 4.90% . 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 June 3 0 , 201 9 and December 31, 201 8 was $2.2 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. All of the junior subordinated debentures were eligible for redemption by Woodbridge and Bluegreen, as applicable, as of June 3 0 , 2019 and December 31, 2018. See Note 13 to the Company’s consolidated financial statements included in the 201 8 Annual Report for additional information regarding the Company’s junior subordinated debentures. Debt Compliance and Amounts Available under Credit Facilities As of June 30, 2019, BBX Capital and its subsidiaries were in compliance with all financial debt covenants under its debt instruments, as amended. Amounts available under credit facilities for BBX Capital and its principal investments as of June 30, 2019 were as follows (in thousands): BBX Capital $ 50,000 Bluegreen 150,600 Renin 3,381 IT'SUGAR 3,000 Total credit availability $ 206,981 The amounts available under the Company’s credit facilities are subject to eligible collateral and the terms of the facilities, as applicable . |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 9. Revenue Recognition The table below sets forth the Company’s revenue disaggregated by category (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Sales of VOIs $ 68,302 68,573 120,033 124,714 Fee-based sales commissions 55,343 60,086 100,555 105,940 Other fee-based services 25,603 25,562 51,039 49,514 Cost reimbursements 17,358 14,059 37,594 30,260 Resort title fees 3,040 3,175 5,768 5,863 Trade sales - wholesale 18,000 19,987 40,360 38,352 Trade sales - retail 27,061 23,921 50,685 43,959 Sales of real estate inventory 424 3,250 4,660 9,659 Other revenue 5,020 3,216 7,767 5,649 Revenue from customers 220,151 221,829 418,461 413,910 Interest income 21,518 20,664 42,933 42,581 Net gains on sales of real estate assets 9,664 733 10,996 4,802 Total revenues $ 251,333 243,226 472,390 461,293 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | 1 0 . Income Taxes BBX Capital and its subsidiaries file a consolidated U.S. federal income tax return and income tax returns in various state and foreign jurisdictions. 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. In addition, the Company recognizes taxes related to unusual or infrequent items or resulting from change in judgment regarding a position taken in a prior period as discrete items in the interim period in which the event occurs. The Company’s effective income tax rate was approximately 35% during the three and six months ended June 3 0 , 201 9 compared to an effective income tax rate of 33% for the three and six months ended June 30, 2018. The effective tax rate for the three and six months ended June 30, 2019 excludes the tax benefit associated with the $39.1 million Bass Pro litigation settlement, which the Company accounted for as a discrete item at the statutory income tax rate of 26% . The effective income tax rate for the three and six months ended June 30, 2018 excludes a discrete income tax expense of $2.7 million related to the recognition of a provisional adjustment associated with the December 2017 Tax Reform Act. The Company’s effective income tax rate s for the three and six months ended June 3 0 , 201 9 and 2018 w ere higher than the expected federal income tax rate of 21% due to nondeductible executive compensation and state income taxes. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 1 1 . Commitments and Contingencies Litigation Matters 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 and 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 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. The following is a description of certain ongoing litigation matters: BBX Capital Litigation There were no material pending legal proceedings against BBX Capital or its subsidiaries other than proceedings against Bluegreen as of June 3 0 , 201 9 . Bluegreen Litigation Bluegreen, indirectly through Bluegreen Vacations Unlimited (“BVU”), its wholly - owned subsidiary , 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 other means. As previously disclosed, in March 2019, Bluegreen received a notice from Bass Pro stating that Bass Pro intended to cancel Bluegreen’s access to the Bass Pro marketing channels and advertising materials as of 30 days from the date of the notice unless Bluegreen cured the alleged breaches to Bass Pro’s satisfaction. The alleged breaches cited in the notice included those previously disclosed by Bluegreen , and specifically Bass Pro’s belief that the amounts paid to it as VOI sales commissions under the marketing agreement should not have been adjusted for certain purchaser defaults, breaches regarding the calculation of commissions and other amounts payable under the marketing agreement and other related agreements, including reimbursements paid to Bluegreen , as well as matters regarding the operations at Bluegreen/Big Cedar Vacations. In addition, the notice referenced a breach Bass Pro alleged in 2014 regarding customer service. Bluegreen sent a response to Bass Pro with respect to each of these issues prior to the expiration of the cure period. On April 17, 2019, Bass Pro and its affiliates brought an action against BVU alleging that BVU failed to pay certain commissions due it under the parties’ marketing agreement, improperly charged a tour generation fee and that its conduct in the Bass Pro retail stores breached its contractual commitments. Bass Pro sought damages plus interest and attorneys’ fees, and such additional relief as the court determines. On May 24, 2019, Bluegreen received notice from Bass Pro and its affiliates that it was terminating the marketing agreement based on the failure to cure the alleged breaches, and Bluegreen was removed from all Bass Pro retail stores. Subsequently, BVU filed a counter claim against Bass Pro and Big Cedar LLC. On June 13, 2019, Bluegreen entered into a settlement agreement which resolved the action filed by Bass Pro and the counter claim filed by BVU and reinstated and amended the marketing agreement. Pursuant to the terms of the settlement agreement, Bass Pro agreed to reinstate BVU’s access to Bass Pro’s marketing channels, including Bass Pro and Cabela’s retail stores. Additionally, with no admission of any wrongdoing, Bluegreen paid Bass Pro $20.0 million within 15 days after the execution of the settlement agreement; Bluegreen agreed to p ay Bass Pro $4.0 million on each January 1 from 2020 through 2024; and Bluegreen agreed that Bass Pro would keep the remaining $1.5 million of an amount prepaid to them earlier in 2019 under the marketing agreement. Additionally, in lieu of the previous commission arrangement, Bluegreen agreed to pay Bass Pro a fixed annual fee of $70,000 for each Bass Pro and Cabela’s retail store that BVU accesses (excluding retail stores which are designated to provide tours to Bluegreen/Big Cedar Vacations, or “Bluegreen/Big Cedar Feeder Stores”) plus $32 per net vacation package sold (less cancellations and refunds within 45 days of sale), excluding sales at Bluegreen/Big Cedar Feeder Stores. Bluegreen also agreed to contribute to the Wonders of Wildlife Foundation $5.00 per net package sold (less cancellations and refunds within 45 days of sale), subject to an annual minimum of $700,000 . The fixed annual fee will be prorated for the remainder of 2019. Subject to the terms and conditions of the settlement agreement, Bluegreen will generally be required to pay the fixed annual fee with respect to at least 60 Bass Pro retail stores and a minimum number of Cabela’s retail stores that increases over time to a total of at least 60 Cabela’s retail stores by the end of 2021. Notwithstanding the foregoing, the minimum number of Bass Pro and Cabela’s retail stores for purposes of the fixed annual fee may be reduced under certain circumstances set forth in the settlement agreement, including as a result of a reduction of traffic in the stores in excess of 25% year-over-year. The parties executed mutual waivers and releases and agreed to the dismissal of the litigation. Bluegreen accrued for the net present value of the above payments required by the settlement agreement, plus attorney costs, totaling approximately $39.1 million, which is reflected in selling, general, and administrative expenses in the Company’s condensed consolidated statements of operations for the three and six months ended June 30, 2019. As of June 30, 2019, $17.3 million remained accrued for the remaining payments required by the settlement agreement, which is reflected in other liabilities in the Company’s condensed consolidated statement of financial condition. As of June 30, 2019, Bluegreen sold vacation packages in 67 of Bass Pro’s retail stores. During the six months ended June 30, 2019 and 2018, VOI sales to prospects and leads generated by the agreement with Bass Pro accounted for approximately 10% and 14% , respectively, of Bluegreen’s VOI sales volume. 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 (collectively, the “Defendants”), 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 sought damages in the amount of the unpaid compensation owed to the plaintiffs. The court granted preliminary approval of class action in September 2017 to conditionally certify collective action and facilitate notice to potential class members be granted with respect to certain employees and denied as to others. In February 2019, the parties agreed to settle the matter for an immaterial amount. The court approved the settlement and dismissed the case with prejudice on May 9, 2019. 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, Michael 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 asserts 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 purported class action lawsuit was dismissed without prejudice after mediation. However, on or about April 24, 2018, plaintiffs re-filed their individual claims in Palm Beach County Circuit Court. Bluegreen intends to vigorously defend the action . On February 28, 2018, Oscar Hernandez and Estella Michael filed a purported class action litigation in San Bernardino Superior Court against BVU. The central claims in the complaint, as amended during June 2018, include alleged failures to pay overtime and wages at termination and to provide meal and rest periods, as well as claims relating to non-compliant wage statements and unreimbursed business expenses; and a claim under the Private Attorney’s General Act. Plaintiffs seek to represent a class of approximately 660 hourly, non-exempt employees who worked in the state of California since March 1, 2014. An initial case management conference was held, and discovery was stayed pending completion of mediation. In April 2019, the parties mediated and agreed to settle the matter for an immaterial amount. It is expected that the court will approve the settlement and the dismissal of the lawsuit after the settlement documents are executed. 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 the Company 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 Bluegreen’s 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 intends to vigorously defend the action. On January 7, 2019, Shehan Wijesinha filed a purported class action lawsuit alleging violations of the Telephone Consumer Protection Act (the “TCPA”). It is alleged that BVU called plaintiff’s cell phone for telemarketing purposes using an automated dialing system and that plaintiff did not give BVU his express written consent to do so. Plaintiffs seek certification of a class comprised of other persons in the United States who, within the four years prior to the filing of the complaint, received similar calls from or on behalf of BVU without the person’s consent. Plaintiff seeks monetary damages, attorneys’ fees, and injunctive relief. Bluegreen believes the lawsuit is without merit and intends to vigorously defend the action. On July 15, 2019, the court entered an order staying this case pending a ruling from the Federal Communications Commission clarifying the definition of an automatic telephone dialing system under the TCPA and the decision of the Eleventh Circuit in a separate action brought against a VOI company by a plaintiff alleging violations of the TCPA. On January 7, 2019, Debbie Adair and thirty-four other timeshare purchasers filed a lawsuit against BVU and Bass Pro alleging violations of the Tennessee Consumer Protection Act, the Tennessee Time-share Act, the California Time-Share Act, fraudulent misrepresentation for failure to make certain required disclosures, fraudulent inducement for inducing purchasers to remain under contract past rescission, unauthorized practice of law, civil conspiracy, unjust enrichment, and breach of contract. Plaintiffs seek rescission of their contracts, money damages, including statutory treble damages, or in the alternative, punitive damages in an amount not less than $0.5 million. Bluegreen believes the lawsuit is without merit and intends to vigorously defend the action. Bluegreen has agreed to indemnify Bass Pro with respect to the claims brought against it in this proceeding. This matter was removed to federal court, and plaintiffs are seeking to remand the matter to state court. 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 exit firms and attorneys 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 exit firms 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 8.0% in 2019. Bluegreen also estimates that approximately 16.0% of the total delinquencies on its VOI notes receivable as of June 3 0 , 2019 related to VOI notes receivable subject to this issue. Bluegreen has in a number of cases pursued, and may in the future pursue, legal action against the VOI owners, and as described below, against the exit firms. On December 21, 2018, Bluegreen and BVU filed a lawsuit against timeshare exit firm Totten Franqui and certain of its affiliates (“TPEs”). In the complaint, Bluegreen alleged that the TPEs, through various forms of deceptive advertising, as well as inappropriate direct contact with VOI owners, made false statements about Bluegreen and provided misleading information to the VOI owners. The TPEs have encouraged nonpayment by consumers and exacted fees for doing so. Bluegreen believes the consumers are paying fees to the TPEs in exchange for illusory services and has asserted claims against the TPEs under the Lanham Act, as well as tortious interference with contractual relations, civil conspiracy to commit tortious interference, and other claims. During the course of the litigation, the TPEs and Totten Franqui filed for bankruptcy, which resulted in the litigation being stayed. The bankruptcy judge has appointed an independent trustee to handle the estate of the debtors, and Bluegreen has been in discussions with the bankruptcy trustee about a possible settlement. Bluegreen intends to assert all of its legal rights in the bankruptcy case. The following is a description of certain commitments , contingencies, and guarantees: In lieu of paying maintenance fees for unsold VOI inventory, Bluegreen may enter into subsidy agreements with certain HOAs . During the six months ended June 3 0 , 201 9 and 2018 , Bluegreen made payments related to such subsidies of $4.8 million and $0.6 million, respectively. As of June 3 0 , 201 9, Bluegreen had accrued $7.1 million for such subsidies, which is included in other liabilities in the Company’s condensed consolidated statement of financial condition. As of December 31, 2018, Bluegreen had no accrued liabilities for such subsidies. The Company guarantees certain obligations of its wholly-owned subsidiaries and unconsolidated real estate joint ventures , including the following : · 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 June 30, 2019 . · BBX Capital is the guarantor of a $1.5 million note payable owed to Centennial Bank by a wholly-owned subsidiary. The note payable is collateralized by property and equipment with a carrying amount of approximately $1.9 million . · In October 2017, a wholly-owned subsidiary of BBX Capital 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 subsidiary’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. · BBX Capital’s wholly-owned subsidiary, Food for Thought Restaurant Group, LLC, from time to time enters into lease agreements in connection with its MOD Super Fast Pizza (“MOD Pizza”) restaurant locations. As of June 3 0 , 2019, BBX Capital is a guarantor on four of the lease agreements with estimated future minimum rental payments of $4.7 million. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | 12. Leases BBX Capital and its subsidiaries are lessees under various operating leases for retail stores , sales offices, call centers, office space , equipment , and vehicles . Many of the Company’s lease agreements include one or more options to renew, with renewal terms that can extend the lease term from one to seven years, and t he exercise of such renewal options is generally at the Company’s discretion . C ertain of the Company’s lease agreements include rental payments based on a percentage of sales generated at the leased location over contractua l l y specified levels , and others include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain material residual value guarantees or material restrictive covenants. The Company recognizes right-of-use assets and lease liabilities associated with lease agreements with an initial term of greater than 12 months, while lease agreements with an initial term of 12 months or less are not recorded in the Company’s statement of financial condition. The Company generally does not include lease payments associated with renewal options that are exercisable at its discretion in the measurement of its right-of-use assets and lease liabilities as it is not reasonably certain that such options will be exercised. The table below sets forth information regarding the Company’s lease agreements which had an initial term of greater than 12 months (dollars in thousands): As of June 30, 2019 Operating lease assets $ 122,724 Operating lease liabilities $ 137,643 Weighted average remaining lease term (years) 6.8 Weighted average discount rate (1) 5.36 % (1) As most of the Company’s lease agreements do not provide an implicit rate, the Company estimates incremental secured borrowing rates corresponding to the maturities of its lease agreements to determine the present value of future lease payments. To estimate incremental borrowing rates applicable to BBX Capital and its subsidiaries, the Company considers various factors, including the rates applicable to its recently issued debt and credit facilities and prevailing financial market conditions. The Company used the incremental borrowing rates applicable to BBX Capital and its subsidiaries on January 1, 2019 for operating leases that commenced prior to that date. The Company generally recognizes lease costs associated with its operating leases on a straight-line basis over the lease term, while variable lease payments that do not depend on an index or rate are recognized as variable lease costs in the period in which the obligation for those payments is incurred. The table below sets forth information regarding the Company’s lease costs which are reflected in cost of trade sales and selling, general, and administrative expenses in the Company’s condensed consolidated statements of operations (in thousands): For the Three For the Six Months Ended Months Ended June 30, 2019 June 30, 2019 Fixed lease costs $ 7,056 14,377 Short-term lease costs 1,171 2,341 Variable lease costs 2,253 4,480 Total operating lease costs $ 10,480 21,198 The table below sets forth information regarding the maturity of the Company’s operating lease liabilities as of June 30, 2019 (in thousands): Period Ending December 31, 2019 $ 14,033 2020 26,761 2021 25,549 2022 23,466 2023 20,350 After 2023 62,763 Total lease payments 172,922 Less: interest 35,279 Present value of lease liabilities $ 137,643 The above operating lease payments exclude $10.1 million of legally binding minimum lease payments for lease agreements executed but not yet commenced, as the Company has not received possession of the leased property. Included in the Company’s statement of cash flows under operating activities for the six months ended June 30, 2019 was $13.3 million of cash paid for amounts included in the measurement of lease liabilities. During the six months ended June 30, 2019, the Company obtained $20.8 million of right -of-use assets in exchange for new operating lease liabilities. |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2019 | |
Common Stock [Abstract] | |
Common Stock | 13 . Common Stock Share Repurchase Program In June 2017, BBX Capital’s board of directors approved a share repurchase program authorizing the purchase of up to 5,000,000 shares of BBX Capital’s Class A Common Stock and Class B Common Stock at an aggregate cost of up to $35.0 million. In June 2019, BBX Capital purchased 401,178 shares of its Class A Common Stock for approximately $1.9 million. As of June 30, 2019, BBX Capital had purchased 1,922,771 shares of its Class A Common Stock for approximately $11.8 million pursuant to the June 2017 share repurchase program. Stock Incentive Plans O n January 8, 2019, BBX Capital ’s c ompensation c ommittee of the board of directors granted awards of 1,923,975 restricted shares of BBX Capital’s Class B Common Stock to its executive officers under the BBX Capital Corporation 2014 Incentive Plan. The aggregate grant date fair value of the awards was $11.8 million, and the shares vest ratably in annual installments of approximately 481,000 shares over four periods beginning on October 1, 2019. Earnings per Share During the three and six months ended June 30, 2019, approximately 5.1 million shares of unvested restricted stock awards were anti-dilutive and therefore not included in the computation of diluted loss per share for such periods. During the three and six months ended June 30, 2018, there were no unvested restricted stock awards that were anti-dilutive, and therefore, the dilutive effect of such awards was included in the computation of diluted earnings per share for such periods. |
Noncontrolling Interests And Re
Noncontrolling Interests And Redeemable Noncontrolling Interest | 6 Months Ended |
Jun. 30, 2019 | |
Noncontrolling Interests And Redeemable Noncontrolling Interest [Abstract] | |
Noncontrolling Interests And Redeemable Noncontrolling Interest | 14 . Noncontrolling Interests and Redeemable Noncontrolling Interest N oncontrolling interests in the Company’s consolidated subsidiaries consisted of the following (in thousands): June 30, December 31, 2019 2018 Bluegreen (1) $ 39,418 41,478 Bluegreen / Big Cedar Vacations (2) 52,458 45,611 Joint ventures and other 1,072 899 Total noncontrolling interests $ 92,948 87,988 The redeemable noncontrolling interest included in the Company’s condensed consolidated statements of financial condition as of June 30, 2019 and December 31, 2018 of $2.1 million and $2.6 million, respectively, 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 Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 Bluegreen (1) $ (1,079) 2,671 384 4,769 Bluegreen / Big Cedar Vacations (2) 5,131 3,317 6,847 5,924 Joint ventures and other (28) (30) (68) (175) Net income attributable to noncontrolling interests $ 4,024 5,958 7,163 10,518 (1) As a result of Bluegreen’s IPO during the fourth quarter of 2017 and subsequent share repurchases in 2018, the Company owns 90.3% of Bluegreen. Bluegreen was a wholly-owned subsidiary of the Company immediately prior to the Bluegreen IPO. (2) Bluegreen has a joint venture arrangement pursuant to which it owns 51% of Bluegreen/Big Cedar Vacations. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 1 5 . 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. A ccounting standards define 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 tables below set forth information regarding the Company’s consolidated financial instruments (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 June 30, June 30, Assets Inputs Inputs 2019 2019 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 332,871 332,871 332,871 - - Restricted cash 48,373 48,373 48,373 - - Notes receivable, net 440,854 575,000 - - 575,000 Financial liabilities: Receivable-backed notes payable $ 438,136 456,600 - - 456,600 Notes payable and other borrowings 178,516 186,523 - - 186,523 Junior subordinated debentures 136,829 134,000 - - 134,000 Redeemable 5% cumulative preferred stock 9,642 9,538 - - 9,538 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 2018 2018 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 366,305 366,305 366,305 - - Restricted cash 54,792 54,792 54,792 - - Notes receivable, net 439,167 537,000 - - 537,000 Financial liabilities: Receivable-backed notes payable $ 458,931 462,400 - - 462,400 Notes payable and other borrowings 200,887 203,547 - - 203,547 Junior subordinated debentures 136,425 132,400 - - 132,400 Redeemable 5% cumulative preferred stock 9,472 9,538 - - 9,538 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 values of Bluegreen’s notes receivable 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 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 s of Bluegreen’s fixed rate, receivable-backed notes payable are estimated 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 the Company’s Community Development Bonds , which are included in notes payable and other borrowings above, is measured using the market approach with Level 3 inputs obtained based on estimated market prices of similar financial instruments. The fair value s of the Company’s other borrowings (other than Bluegreen’s notes payable and other borrowings and Community Development Bonds above) are 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 the Company’s 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. 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. |
Certain Relationships And Relat
Certain Relationships And Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Certain Relationships And Related Party Transactions [Abstract] | |
Certain Relationships And Related Party Transactions | 16. 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 78% of the Company’s total voting power. Mr. Alan B. Levan and Mr. Abdo also 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 own ed 90.3% of Bluegreen as of June 30, 2019 . Bluegreen paid or reimbursed the Company for management advisory, risk management, administrative and other services in the amounts of $0.5 million and $0.9 million during the three months and six months ended June 3 0, 201 9, respectively, and $0.3 million and $0.6 million during the three months and six months ended June 30, 2018 , respectively . The Company received $11.4 million and $22.9 million of dividends from Bluegreen during the three and six months ended June 30 , 201 9, respectively. The Company received $10.1 million and $20.2 million of dividends from Bluegreen during the three and six months ended June 30, 2018 , respectively. 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 b ear interest at a rate of 6% per annum. Payments of interest are required on a quarterly basis, and all outstanding amounts are due and payable in April 2020. BBX Capital is permitted to prepay the loan in whole or in part at any time, and prepayments may be required, to the extent necessary, in order for Bluegreen or its subsidiaries to remain in compliance with covenants under outstanding indebtedness. During each of the three and six months ended June 3 0 , 2019 and 2018, BBX Capital recognized $1.2 million and $2.4 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, Woodbridge, Bluegreen , Renin, 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 six months ended June 3 0 , 201 9 , BBX Capital received $10.7 million and $13.0 million, respectively, of tax sharing payments from Bluegreen and $1.0 million of tax sharing payments from Renin. During the three and six months ended June 3 0 , 201 8 , BBX Capital received $9.9 million and $13.8 million , respectively, of tax sharing payments from Bluegreen . During each of the three and six months ended June 30 , 201 9 and 201 8 , the Company paid Abdo Companies, Inc. approximately $77,000 and $153,000 , 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 | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | 17 . 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 materially impacted. The Company’s reportable segments are its principal investments : Bluegreen , BBX Capital Real Estate , Renin , and IT’SUGAR. See Note 1 for a description of these segments. In the segment information for the three and six months ended June 30, 2019 and 2018, amounts set forth in the column entitled “Other” include the Company’s investments in various operating businesses, including its pizza restaurant operations as a franchisee of MOD Pizza, the remaining operating businesses in the confectionery industry, and a controlling financial interest in a restaurant acquired in connection with a loan receivable default. The amounts set forth in the column entitled “Reconciling Items and Eliminations” include corporate selling, general, and administrative expenses, interest expense associated with Woodbridge’s junior subordinated debentures and BBX Capital’s $50.0 million revolving line of credit , and elimination entries. The Company evaluates segment performance based on segment income before income taxes . The table below sets forth the Company’s segment information as of and for the three months ended June 30, 2019 (in thousands): Revenues: Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Sales of VOIs $ 68,302 - - - - - 68,302 Fee-based sales commissions 55,343 - - - - - 55,343 Other fee-based services 30,703 - - - - - 30,703 Cost reimbursements 17,358 - - - - - 17,358 Trade sales - - 15,339 21,454 8,274 (6) 45,061 Sales of real estate inventory - 424 - - - - 424 Interest income 21,875 263 - - 46 (666) 21,518 Net gains on sales of real estate assets - 9,664 - - - - 9,664 Other revenue 1,993 449 152 16 497 (147) 2,960 Total revenues 195,574 10,800 15,491 21,470 8,817 (819) 251,333 Costs and expenses: Cost of VOIs sold 10,572 - - - - - 10,572 Cost of other fee-based services 19,924 - - - - - 19,924 Cost reimbursements 17,358 - - - - - 17,358 Cost of trade sales - - 12,889 12,320 5,625 (6) 30,828 Cost of real estate inventory sold - - - - - - - Interest expense 10,061 - 116 35 21 1,428 11,661 Recoveries from loan losses, net - (1,424) - - - - (1,424) Impairment losses - - - - 2,138 - 2,138 Selling, general and administrative expenses 147,668 1,879 2,442 8,972 5,120 11,887 177,968 Total costs and expenses 205,583 455 15,447 21,327 12,904 13,309 269,025 Equity in net earnings of unconsolidated real estate joint ventures - 8,759 - - - - 8,759 Foreign exchange loss - - (29) - - - (29) (Loss) income before income taxes $ (10,009) 19,104 15 143 (4,087) (14,128) (8,962) Total assets $ 1,351,213 153,503 31,626 153,712 43,518 68,189 1,801,761 Expenditures for property and equipment $ 7,009 - 90 1,261 179 12 8,551 Depreciation and amortization $ 3,504 - 296 1,072 590 105 5,567 Debt accretion and amortization $ 1,066 25 9 56 - 93 1,249 Cash and cash equivalents $ 180,166 14,551 - 2,905 8,289 126,960 332,871 Real Estate equity method investments $ - 65,254 - - - - 65,254 Goodwill $ - - - 35,167 2,081 - 37,248 Receivable-backed notes payable $ 438,136 - - - - - 438,136 Notes payable and other borrowings $ 136,796 31,983 6,757 1,457 1,671 (148) 178,516 Junior subordinated debentures $ 71,691 - - - - 65,138 136,829 The table below sets forth the Company’s segment information as of and for the three months ended June 30, 2018 (in thousands): Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 68,573 - - - - - 68,573 Fee-based sales commissions 60,086 - - - - - 60,086 Other fee-based services 30,391 - - - - - 30,391 Cost reimbursements 14,059 - - - - - 14,059 Trade sales - - 16,890 19,623 7,400 (5) 43,908 Sales of real estate inventory - 3,250 - - - - 3,250 Interest income 21,118 301 - - 64 (819) 20,664 Net gains on sales of real estate assets - 733 - - - - 733 Other revenue 710 710 - 17 311 (186) 1,562 Total revenues 194,937 4,994 16,890 19,640 7,775 (1,010) 243,226 Costs and expenses: Cost of VOIs sold 6,789 - - - - - 6,789 Cost of other fee-based services 16,634 - - - - - 16,634 Cost reimbursements 14,059 - - - - - 14,059 Cost of trade sales - - 13,998 11,224 5,954 (5) 31,171 Cost of real estate inventory sold - 2,381 - - - - 2,381 Interest expense 8,495 - 174 - 99 1,635 10,403 Recoveries from loan losses, net - (1,999) - - - - (1,999) Impairment losses - 122 - - - - 122 Selling, general and administrative expenses 109,580 2,377 2,639 8,520 6,593 12,338 142,047 Total costs and expenses 155,557 2,881 16,811 19,744 12,646 13,968 221,607 Equity in net losses of unconsolidated real estate joint ventures - (488) - - - - (488) Foreign exchange loss - - (37) - - - (37) Income (loss) before income taxes $ 39,380 1,625 42 (104) (4,871) (14,978) 21,094 Total assets $ 1,325,317 137,555 30,841 68,992 34,646 67,042 1,664,393 Expenditures for property and equipment $ 9,643 144 241 1,138 745 87 11,998 Depreciation and amortization $ 2,989 101 296 1,080 409 138 5,013 Debt accretion and amortization $ 663 2 4 45 (6) 131 839 Cash and cash equivalents $ 205,745 18,824 - 3,593 9,573 142,712 380,447 Real Estate equity method investments $ - 41,801 - - - - 41,801 Goodwill $ - - - 35,167 4,315 - 39,482 Receivable-backed notes payable $ 427,094 - - - - - 427,094 Notes payable and other borrowings $ 149,651 19,453 12,705 - 7,806 30,000 219,615 Junior subordinated debentures $ 70,908 - - - - 65,066 135,974 The table below sets forth the Company’s segment information as of and for the six months ended June 30, 2019 (in thousands): Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 120,033 - - - - - 120,033 Fee-based sales commissions 100,555 - - - - - 100,555 Other fee-based services 60,271 - - - - - 60,271 Cost reimbursements 37,594 - - - - - 37,594 Trade sales - - 34,682 38,669 17,709 (15) 91,045 Sales of real estate inventory - 4,660 - - - - 4,660 Interest income 43,883 465 - - 85 (1,500) 42,933 Net gains on sales of real estate assets - 10,996 - - - - 10,996 Other revenue 2,082 1,295 152 226 967 (419) 4,303 Total revenues 364,418 17,416 34,834 38,895 18,761 (1,934) 472,390 Costs and expenses: Cost of VOIs sold 14,420 - - - - - 14,420 Cost of other fee-based services 42,792 - - - - - 42,792 Cost reimbursements 37,594 - - - - - 37,594 Cost of trade sales - - 28,006 23,540 11,587 (15) 63,118 Cost of real estate inventory sold - 2,643 - - - - 2,643 Interest expense 19,567 - 256 57 43 2,886 22,809 Recoveries from loan losses, net - (2,385) - - - - (2,385) Impairment losses - - - - 2,756 - 2,756 Selling, general and administrative expenses 237,882 4,373 5,477 17,078 11,161 23,990 299,961 Total costs and expenses 352,255 4,631 33,739 40,675 25,547 26,861 483,708 Equity in net earnings of unconsolidated real estate joint ventures - 8,742 - - - - 8,742 Foreign exchange loss - - (24) - - - (24) Income (loss) before income taxes $ 12,163 21,527 1,071 (1,780) (6,786) (28,795) (2,600) Expenditures for property and equipment $ 14,516 3 205 2,481 1,021 18 18,244 Depreciation and amortization $ 6,870 93 594 2,132 1,175 217 11,081 Debt accretion and amortization $ 2,186 111 17 112 1 183 2,610 The table below sets forth the Company’s segment information as of and for the six months ended June 30, 2018 (in thousands): Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 124,714 - - - - - 124,714 Fee-based sales commissions 105,940 - - - - - 105,940 Other fee-based services 58,415 - - - - - 58,415 Cost reimbursements 30,260 - - - - - 30,260 Trade sales - - 31,875 36,304 14,139 (7) 82,311 Sales of real estate inventory - 9,659 - - - - 9,659 Interest income 42,240 1,834 - 1 95 (1,589) 42,581 Net gains on sales of real estate assets - 4,802 - - - - 4,802 Other revenue 891 1,449 - 35 615 (379) 2,611 Total revenues 362,460 17,744 31,875 36,340 14,849 (1,975) 461,293 Costs and expenses: Cost of VOIs sold 8,601 - - - - - 8,601 Cost of other fee-based services 34,045 - - - - - 34,045 Cost reimbursements 30,260 - - - - - 30,260 Cost of trade sales - - 26,148 21,784 11,166 (7) 59,091 Cost of real estate inventory sold - 6,628 - - - - 6,628 Interest expense 16,262 - 340 - 188 2,812 19,602 Recoveries from loan losses, net - (6,814) - - - - (6,814) Impairment losses - 169 - - 187 - 356 Selling, general and administrative expenses 203,129 4,868 5,390 16,597 11,670 25,281 266,935 Total costs and expenses 292,297 4,851 31,878 38,381 23,211 28,086 418,704 Equity in net earnings of unconsolidated real estate joint ventures - 792 - - - - 792 Foreign exchange gains - - 15 - - - 15 Income (loss) before income taxes $ 70,163 13,685 12 (2,041) (8,362) (30,061) 43,396 Expenditures for property and equipment $ 15,105 167 348 2,227 2,137 89 20,073 Depreciation and amortization $ 5,917 192 577 2,174 794 280 9,934 Debt accretion and amortization $ 1,680 2 8 90 16 131 1,927 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18 . S ubsequent Events Subsequent events have been evaluated through the date the financial statements were available to be issued. As of such date, there were no subsequent events identified that required recognition or disclosure other than as disclosed in the footnotes herein. |
Organization And Basis Of Fin_2
Organization And Basis Of Financial Statement Presentation (Policy) | 6 Months Ended |
Jun. 30, 2019 | |
Organization And Basis Of Financial Statement Presentation [Abstract] | |
Basis Of Financial Statement Presentation | Basis of Financial Statement Presentation 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 June 3 0 , 2019; the condensed consolidated results of operations and comprehensive income of the Company for the three and six months ended June 3 0 , 2019 and 2018; the condensed consolidated changes in equity of the Company for the three and six months ended June 3 0 , 2019 and 2018; and the condensed consolidated cash flows of the Company for the six months ended June 3 0 , 2019 and 2018. Operating results for the three and six months ended June 3 0 , 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 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, 2018 (the “2018 Annual Report”) filed with the Securities and Exchange Commission (“SEC”) on March 12, 2019. The condensed consolidated financial statements include the accounts 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 presentation for the current period. |
Principal Investments | Principal Investments The Company’s principal investments include Bluegreen Vacations Corporation (“Bluegreen” or “Bluegreen Vacations”), BBX Capital Real Estate LLC (“BBX Capital Real Estate”), Renin Holdings, LLC (“Renin”), and IT’SUGAR, LLC (“IT’SUGAR”). Bluegreen is a leading vacation ownership company that markets and sells VOIs and manages resorts in popular 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 markets, sells, and manages VOIs in resorts, which are generally located in popular, high-volume, “drive-to” vacation destinations, including Orlando, Las Vegas, Myrtle Beach, Charleston and New Orleans, among others. Through its points-based system, the approximately 217,000 owners in Bluegreen’s Vacation Club have the flexibility to stay at units available at its resorts and have access to over 11,300 other hotels and resorts through partnerships and exchange networks. The resorts in which Bluegreen markets, sells, or manages VOIs were either developed or acquired by Bluegreen or were developed and are owned by third parties. Bluegreen earns fees for providing sales and marketing services to third party developers. Bluegreen also earns fees for providing management services to the Vacation Club and homeowners’ associations (“HOAs”), mortgage servicing, VOI title services, reservation services, and construction design and development services. In addition, Bluegreen provides financing to qualified VOI purchasers, which generates significant interest income. BBX Capital Real Estate is engaged in the acquisition, development, construction, ownership, financing, and management of real estate and investments in real estate joint ventures. In addition, BBX Capital Real Estate owns a 50% equity interest in The Altman Companies, LLC (the “Altman Companies”), a developer and manager of multifamily apartment communities, and also manages the legacy assets acquired in connection with the Company’s sale of BankAtlantic in 2012, including portfolios of loans receivable and real estate properties. Renin is engaged in the design, manufacture, and distribution of sliding doors, door systems and hardware, and home décor products and operates through its headquarters in Canada and two manufacturing and distribution facilities in the United States and Canada. In addition to its own manufacturing, Renin also sources various products and raw materials from China. During the three months ended June 30, 2019 and 2018, Renin’s revenues include d $7.8 million and $8.3 million, respectively, of gross trade sales to two major customers and their affiliates and $4.5 million and $5.3 million, respectively, of gross trade sales generated outside of the United States. During the six months ended June 30, 2019 and 2018, Renin’s revenues include d $19.9 million and $16.8 million, respectively, of gross trade sales to two major customers and their affiliates and $8.9 million and $9.9 million, respectively, of gross trade sales generated outside of the United States . As of June 3 0 , 2019 and 2018, the net book value of Renin’s properties and equipment located outside of the United States totaled $ 1.8 million and $2.2 million, respectively . IT’SUGAR is a specialty candy retailer which operates approximately 100 retail locations in over 25 states and Washington D.C. Its products include bulk candy, candy in giant packaging, and novelty items that are sold at its retail locations, which include a mix of high-traffic resort and entertainment, lifestyle, mall/outlet, and urban locations across the United States. In addition to its principal investments, the Company has other investments in various operating businesses, including restaurant locations throughout Florida and companies in the confectionery industry. |
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, 2019: ASU No. 2016-02 – Leases (Topic 842) . This standard, as subsequently amended and clarified by various ASUs, requires lessees to recognize assets and liabilities for the rights and obligations created by leases of assets. For income statement purposes, the standard retains a dual model which requires leases to be classified as either operating or finance based on criteria that are largely similar to those applied under prior lease accounting but without explicit bright lines. The standard also requires extensive quantitative and qualitative disclosures, including significant judgments and assumptions made by management in applying the standard, intended to provide greater insight into the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted the standard on January 1, 2019 and applied the transition guidance as of the date of adoption under the current-period adjustment method. As a result, the Company recognized right-of-use assets and lease liabilities associated with its leases on January 1, 2019, with a cumulative-effect adjustment to the opening balance of accumulated earnings, while the comparable prior periods in the Company’s financial statements continue to be reported in accordance with Topic 840, including the disclosures of Topic 840. The standard includes a number of optional practical expedients under the transition guidance. The Company elected the package of practical expedients which allowed the Company to not reassess prior conclusions about lease identification, lease classification, and initial direct costs. The Company also made accounting policy elections by class of underlying asset to not apply the recognition requirements of the standard to leases with terms of 12 months or less and to not separate non-lease components from lease components. Consequently, each separate lease component and the non-lease components associated with that lease component is accounted for as a single lease component for lease classification, recognition, and measurement purposes. Upon adoption of the standard on January 1, 2019, the Company recognized a lease liability of $123.2 million and a right-of-use asset of $113.2 million. The difference between the lease liability and right-of-use asset primarily reflects the reclassification of accrued straight-line rent and unamortized tenant allowances from other liabilities in the Company’s statement of financial condition to a reduction of the right-of-use asset. In addition, the Company recognized an impairment loss of $3.4 million in connection with the recognition of right-of-use assets for certain IT’SUGAR retail locations as a cumulative-effect adjustment to the opening balance of accumulated earnings. The implementation of the standard did not have a material impact on the Company’s statement of operations and comprehensive income or statement of cash flows. See Note 12 for additional information regarding the Company’s lease agreements. |
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 June 3 0 , 2019: ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (as subsequently amended and clarified by various ASUs) . This standard introduces an approach of estimating credit losses on certain types of financial instruments based on expected losses and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating its allowance for credit losses. In addition, the standard requires 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). The standard also allows entities to irrevocably elect to measure certain financial instruments within the scope of the standard at fair value upon the adoption of the standard. This standard will be effective for the Company on January 1, 2020. The Company is currently evaluating the impact that 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 in fair value measurements, uncertainty in measurement, and changes in measurements applied. This standard will be effective for the Company on January 1, 2020. The Company is currently evaluating the impact that ASU 2018-13 may have on its consolidated financial statement footnote disclosures. |
Consolidated Variable Interes_2
Consolidated Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Consolidated Variable Interest Entities [Abstract] | |
Information Related To The Assets And Liabilities Of The VIEs | June 30, December 31, 2019 2018 Restricted cash $ 19,018 28,400 Securitized notes receivable, net 308,042 341,975 Receivable backed notes payable - non-recourse 351,316 382,257 |
Notes Receivable (Tables)
Notes Receivable (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Receivable [Abstract] | |
Information Relating To Bluegreen's Notes Receivable | June 30, December 31, 2019 2018 Notes receivable: VOI notes receivable - non-securitized $ 169,531 124,642 VOI notes receivable - securitized 404,147 447,850 Notes receivable secured by homesites (1) 736 898 Gross notes receivable 574,414 573,390 Allowance for loan losses - non-securitized (37,381) (28,258) Allowance for loan losses - securitized (96,105) (105,875) Allowance for loan losses - homesites (1) (74) (90) Notes receivable, net $ 440,854 439,167 Allowance as a % of gross notes receivable 23% 23% (1) Notes receivable secured by homesites were originated through a business, substantially all the assets of which were sold by Bluegreen in 2012. |
Activity In The Allowance For Loan Losses | For the Six Months Ended June 30, 2019 2018 Balance, beginning of period $ 134,223 123,791 Provision for loan losses 23,055 21,447 Write-offs of uncollectible receivables (23,718) (21,633) Balance, end of period $ 133,560 123,605 |
Percentage Of Gross Notes Receivable Outstanding, By FICO Score At Origination | June 30, December 31, FICO Score 2019 2018 700+ 58.00 % 57.00 % 600-699 39.00 39.00 <600 2.00 3.00 No score (1) 1.00 1.00 Total 100.00 % 100.00 % (1) VOI notes receivable attributable to borrowers without a FICO score are primarily related to foreign borrowers. |
Delinquency Status Of Bluegreen's VOI Notes Receivable | June 30, December 31, 2019 2018 Current $ 541,778 541,783 31-60 days 5,689 5,783 61-90 days 5,206 4,516 > 9 1 days (1) 21,005 20,410 Total $ 573,678 572,492 |
Trade Inventory (Tables)
Trade Inventory (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Trade Inventory [Abstract] | |
Summary Of Inventory | June 30, December 31, 2019 2018 Raw materials $ 3,358 2,718 Paper goods and packaging materials 1,185 1,122 Finished goods 18,780 16,270 Total trade inventory $ 23,323 20,110 |
VOI Inventory (Tables)
VOI Inventory (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
VOI Inventory [Abstract] | |
Summary Of Inventory | June 30, December 31, 2019 2018 Completed VOI units $ 267,897 237,010 Construction-in-progress 537 26,587 Real estate held for future VOI development 73,786 70,552 Total VOI inventory $ 342,220 334,149 |
Real Estate (Tables)
Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Real Estate [Abstract] | |
Schedule Of Real Estate | June 30, December 31, 2019 2018 Real estate held-for-sale: Land $ 11,210 18,439 Residential single-family 756 832 Other 1,058 931 Total real estate held-for-sale 13,024 20,202 Real estate held-for-investment: Land 5,957 10,976 Total real estate held-for-investment 5,957 10,976 Real estate inventory 34,583 23,778 Total real estate $ 53,564 54,956 |
Investments In Unconsolidated_2
Investments In Unconsolidated Real Estate Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Business Acquisition [Line Items] | |
Investments In Unconsolidated Real Estate Joint Ventures | June 30, December 31, 2019 2018 Altis at Lakeline - Austin Investors LLC $ 242 4,531 Altis at Grand Central Capital, LLC 2,635 2,549 Altis Promenade Capital, LLC 2,227 2,195 Altis at Bonterra - Hialeah, LLC 17,294 21,602 Altis Ludlam - Miami Investor, LLC 865 675 Altis Suncoast Manager, LLC 731 1,857 Altis Pembroke Gardens, LLC 1,279 1,284 Altis Fairways, LLC 1,885 1,876 Altis Wiregrass, LLC 1,839 1,897 Altis LH-Miami Manager, LLC 793 - The Altman Companies, LLC 16,443 14,893 ABBX Guaranty, LLC 2,500 2,500 Sunrise and Bayview Partners, LLC 1,505 1,439 PGA Design Center Holdings, LLC 947 691 CCB Miramar, LLC 4,316 1,575 BBX/Label Chapel Trail Development, LLC 1,233 4,515 L03/212 Partners, LLC 1,859 - PGA Lender, LLC 2,133 - Sky Cove, LLC 4,200 - All other investments in real estate joint ventures 328 659 Total $ 65,254 64,738 |
Condensed Statements Of Operations For Equity Method Joint Ventures | For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 Total revenues $ - - - 69 Gain on sale of real estate 7,212 7,212 3,693 Other expenses (88) (151) (183) (259) Net earnings $ 7,124 (151) 7,029 3,503 Equity in net earnings of unconsolidated real estate joint venture -PGA Design Center $ 2,849 (60) 2,812 1,401 |
Altis At Lakeline - Austin Investors LLC [Member] | |
Business Acquisition [Line Items] | |
Condensed Statements Of Operations For Equity Method Joint Ventures | For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 Total revenues $ - 1,267 1,459 2,567 Gain on sale of real estate 17,150 - 17,150 - Other expenses (25) (2,204) (1,773) (3,380) Net earnings $ 17,125 (937) 16,836 (813) Equity in net earnings of unconsolidated real estate joint venture - Altis at Lakeline $ 5,256 (320) 5,029 (362) |
Condensed Statements Of Financial Condition For Equity Method Joint Ventures | June 30, December 31, 2019 2018 Assets Cash $ 633 2,633 Real estate - 42,843 Other assets 144 201 Total assets $ 777 45,677 Liabilities and Equity Notes payable $ - 33,482 Other liabilities - 1,826 Total liabilities - 35,308 Total equity 777 10,369 Total liabilities and equity $ 777 45,677 |
PGA Design Center Holdings, LLC [Member] | |
Business Acquisition [Line Items] | |
Condensed Statements Of Financial Condition For Equity Method Joint Ventures | June 30, December 31, 2019 2018 Assets Cash $ 13 330 Real estate - 1,419 Investments in joint ventures 2,976 - Other assets 1 6 Total assets $ 2,990 1,755 Liabilities and Equity Other liabilities 22 64 Total liabilities 22 64 Total equity 2,968 1,691 Total liabilities and equity $ 2,990 1,755 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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): June 30, 2019 December 31, 2018 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Bluegreen: 2013 Notes Payable $ 16,875 5.50% $ 21,106 $ 28,125 5.50% $ 22,878 Fifth Third Bank Note 3,711 5.44% 7,802 3,834 5.34% 7,892 NBA Éilan Loan 20,893 5.69% 30,880 25,603 5.60% 35,615 Fifth Third Syndicated Line of Credit 75,000 5.11% 101,038 55,000 5.27% 92,415 Fifth Third Syndicated Term Loan 21,562 5.08% 29,049 22,500 5.37% 27,724 Unamortized debt issuance costs (1,245) (1,671) Total Bluegreen $ 136,796 $ 133,391 Other: Community Development District Obligations $ 29,432 4.25 -6.00% $ 44,576 $ 24,583 4.25 -6.00% $ 35,155 TD Bank Term Loan and Line of Credit 6,756 5.75% (1) 8,117 5.47% (1) Iberia $50.0 million Revolving Line of Credit - - (2) 30,000 5.35% (2) Banc of America Leasing & Capital Equipment Note 457 4.75% (3) 555 4.75% (3) Banc of America Revolving Line of Credit 1,000 4.00% (1) - - - Unsecured Note 3,400 6.00% (4) 3,400 6.00% (4) Other 1,539 5.58% 1,917 1,507 5.25% 1,968 Unamortized debt issuance costs (864) (666) Total other $ 41,720 $ 67,496 Total notes payable and other borrowings $ 178,516 $ 200,887 (1) The collateral is a blanket lien on the respective company’s assets. (2) The collateral is membership interests in Woodbridge having a value of not less than $100.0 million. (3) The collateral is a security interest in the equipment financed by the underlying note. Additionally, IT’SUGAR is guarantor on the note. (4) BBX Capital is guarantor on the note. |
Receivable-Backed Notes Payable | June 30, 2019 December 31, 2018 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 $ 27,708 5.50% $ 34,152 $ 17,654 5.25% $ 22,062 NBA Receivables Facility 39,698 5.18% 48,487 48,414 5.27% 57,805 Pacific Western Facility 19,414 5.34% 24,144 10,606 5.52% 13,730 Total $ 86,820 $ 106,783 $ 76,674 $ 93,597 Receivable-backed notes payable - non-recourse: KeyBank/DZ Purchase Facility 14,436 5.16% 17,641 - - - Quorum Purchase Facility 38,112 4.75 -5.50% 43,024 40,074 4.75 -5.50% 45,283 2012 Term Securitization 11,431 2.94% 13,229 15,212 2.94% 16,866 2013 Term Securitization 22,308 3.20% 24,494 27,573 3.20% 29,351 2015 Term Securitization 37,109 3.02% 40,428 44,230 3.02% 47,690 2016 Term Securitization 56,672 3.35% 63,830 63,982 3.35% 72,590 2017 Term Securitization 74,396 3.12% 85,322 83,513 3.12% 95,877 2018 Term Securitization 102,779 4.02% 116,172 114,480 4.02% 125,916 Unamortized debt issuance costs (5,927) - (6,807) - Total $ 351,316 $ 404,140 $ 382,257 $ 433,573 Total receivable-backed debt $ 438,136 $ 510,923 $ 458,931 $ 527,170 |
Junior Subordinated Debentures Outstanding | The table below sets forth information regarding the Company’s junior subordinated debentures (dollars in thousands): June 30, 2019 December 31, 2018 Effective Effective Carrying Interest Carrying Interest Amounts Rates (1) Amounts Rates (1) Woodbridge - Levitt Capital Trusts I - IV $ 66,302 6.12 - 6.38% $ 66,302 6.20 - 6.65% Bluegreen Statutory Trusts I - VI 110,827 7.38 - 7.49% 110,827 7.32 - 7.70% Unamortized debt issuance costs (1,164) (1,200) Unamortized purchase discount (39,136) (39,504) Total junior subordinated debentures $ 136,829 $ 136,425 (1) The Company’s junior subordinated debentures bear interest at 3-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 3.80% to 4.90% . |
Schedule Of Amounts Available Under Credit Facilities | BBX Capital $ 50,000 Bluegreen 150,600 Renin 3,381 IT'SUGAR 3,000 Total credit availability $ 206,981 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue Recognition [Abstract] | |
Disaggregated Revenue | For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Sales of VOIs $ 68,302 68,573 120,033 124,714 Fee-based sales commissions 55,343 60,086 100,555 105,940 Other fee-based services 25,603 25,562 51,039 49,514 Cost reimbursements 17,358 14,059 37,594 30,260 Resort title fees 3,040 3,175 5,768 5,863 Trade sales - wholesale 18,000 19,987 40,360 38,352 Trade sales - retail 27,061 23,921 50,685 43,959 Sales of real estate inventory 424 3,250 4,660 9,659 Other revenue 5,020 3,216 7,767 5,649 Revenue from customers 220,151 221,829 418,461 413,910 Interest income 21,518 20,664 42,933 42,581 Net gains on sales of real estate assets 9,664 733 10,996 4,802 Total revenues $ 251,333 243,226 472,390 461,293 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule Of Lease Information | As of June 30, 2019 Operating lease assets $ 122,724 Operating lease liabilities $ 137,643 Weighted average remaining lease term (years) 6.8 Weighted average discount rate (1) 5.36 % (1) As most of the Company’s lease agreements do not provide an implicit rate, the Company estimates incremental secured borrowing rates corresponding to the maturities of its lease agreements to determine the present value of future lease payments. To estimate incremental borrowing rates applicable to BBX Capital and its subsidiaries, the Company considers various factors, including the rates applicable to its recently issued debt and credit facilities and prevailing financial market conditions. The Company used the incremental borrowing rates applicable to BBX Capital and its subsidiaries on January 1, 2019 for operating leases that commenced prior to that date. |
Schedule Of Lease Costs | For the Three For the Six Months Ended Months Ended June 30, 2019 June 30, 2019 Fixed lease costs $ 7,056 14,377 Short-term lease costs 1,171 2,341 Variable lease costs 2,253 4,480 Total operating lease costs $ 10,480 21,198 |
Schedule Of Operating Lease Maturity | Period Ending December 31, 2019 $ 14,033 2020 26,761 2021 25,549 2022 23,466 2023 20,350 After 2023 62,763 Total lease payments 172,922 Less: interest 35,279 Present value of lease liabilities $ 137,643 |
Noncontrolling Interests And _2
Noncontrolling Interests And Redeemable Noncontrolling Interest (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Noncontrolling Interests And Redeemable Noncontrolling Interest [Abstract] | |
Summary Of Noncontrolling Interests | June 30, December 31, 2019 2018 Bluegreen (1) $ 39,418 41,478 Bluegreen / Big Cedar Vacations (2) 52,458 45,611 Joint ventures and other 1,072 899 Total noncontrolling interests $ 92,948 87,988 |
Summary Of Income (Loss) Attributable To Noncontrolling Interests | For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 Bluegreen (1) $ (1,079) 2,671 384 4,769 Bluegreen / Big Cedar Vacations (2) 5,131 3,317 6,847 5,924 Joint ventures and other (28) (30) (68) (175) Net income attributable to noncontrolling interests $ 4,024 5,958 7,163 10,518 (1) As a result of Bluegreen’s IPO during the fourth quarter of 2017 and subsequent share repurchases in 2018, the Company owns 90.3% of Bluegreen. Bluegreen was a wholly-owned subsidiary of the Company immediately prior to the Bluegreen IPO. (2) 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) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, June 30, Assets Inputs Inputs 2019 2019 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 332,871 332,871 332,871 - - Restricted cash 48,373 48,373 48,373 - - Notes receivable, net 440,854 575,000 - - 575,000 Financial liabilities: Receivable-backed notes payable $ 438,136 456,600 - - 456,600 Notes payable and other borrowings 178,516 186,523 - - 186,523 Junior subordinated debentures 136,829 134,000 - - 134,000 Redeemable 5% cumulative preferred stock 9,642 9,538 - - 9,538 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 2018 2018 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 366,305 366,305 366,305 - - Restricted cash 54,792 54,792 54,792 - - Notes receivable, net 439,167 537,000 - - 537,000 Financial liabilities: Receivable-backed notes payable $ 458,931 462,400 - - 462,400 Notes payable and other borrowings 200,887 203,547 - - 203,547 Junior subordinated debentures 136,425 132,400 - - 132,400 Redeemable 5% cumulative preferred stock 9,472 9,538 - - 9,538 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | The table below sets forth the Company’s segment information as of and for the three months ended June 30, 2019 (in thousands): Revenues: Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Sales of VOIs $ 68,302 - - - - - 68,302 Fee-based sales commissions 55,343 - - - - - 55,343 Other fee-based services 30,703 - - - - - 30,703 Cost reimbursements 17,358 - - - - - 17,358 Trade sales - - 15,339 21,454 8,274 (6) 45,061 Sales of real estate inventory - 424 - - - - 424 Interest income 21,875 263 - - 46 (666) 21,518 Net gains on sales of real estate assets - 9,664 - - - - 9,664 Other revenue 1,993 449 152 16 497 (147) 2,960 Total revenues 195,574 10,800 15,491 21,470 8,817 (819) 251,333 Costs and expenses: Cost of VOIs sold 10,572 - - - - - 10,572 Cost of other fee-based services 19,924 - - - - - 19,924 Cost reimbursements 17,358 - - - - - 17,358 Cost of trade sales - - 12,889 12,320 5,625 (6) 30,828 Cost of real estate inventory sold - - - - - - - Interest expense 10,061 - 116 35 21 1,428 11,661 Recoveries from loan losses, net - (1,424) - - - - (1,424) Impairment losses - - - - 2,138 - 2,138 Selling, general and administrative expenses 147,668 1,879 2,442 8,972 5,120 11,887 177,968 Total costs and expenses 205,583 455 15,447 21,327 12,904 13,309 269,025 Equity in net earnings of unconsolidated real estate joint ventures - 8,759 - - - - 8,759 Foreign exchange loss - - (29) - - - (29) (Loss) income before income taxes $ (10,009) 19,104 15 143 (4,087) (14,128) (8,962) Total assets $ 1,351,213 153,503 31,626 153,712 43,518 68,189 1,801,761 Expenditures for property and equipment $ 7,009 - 90 1,261 179 12 8,551 Depreciation and amortization $ 3,504 - 296 1,072 590 105 5,567 Debt accretion and amortization $ 1,066 25 9 56 - 93 1,249 Cash and cash equivalents $ 180,166 14,551 - 2,905 8,289 126,960 332,871 Real Estate equity method investments $ - 65,254 - - - - 65,254 Goodwill $ - - - 35,167 2,081 - 37,248 Receivable-backed notes payable $ 438,136 - - - - - 438,136 Notes payable and other borrowings $ 136,796 31,983 6,757 1,457 1,671 (148) 178,516 Junior subordinated debentures $ 71,691 - - - - 65,138 136,829 The table below sets forth the Company’s segment information as of and for the three months ended June 30, 2018 (in thousands): Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 68,573 - - - - - 68,573 Fee-based sales commissions 60,086 - - - - - 60,086 Other fee-based services 30,391 - - - - - 30,391 Cost reimbursements 14,059 - - - - - 14,059 Trade sales - - 16,890 19,623 7,400 (5) 43,908 Sales of real estate inventory - 3,250 - - - - 3,250 Interest income 21,118 301 - - 64 (819) 20,664 Net gains on sales of real estate assets - 733 - - - - 733 Other revenue 710 710 - 17 311 (186) 1,562 Total revenues 194,937 4,994 16,890 19,640 7,775 (1,010) 243,226 Costs and expenses: Cost of VOIs sold 6,789 - - - - - 6,789 Cost of other fee-based services 16,634 - - - - - 16,634 Cost reimbursements 14,059 - - - - - 14,059 Cost of trade sales - - 13,998 11,224 5,954 (5) 31,171 Cost of real estate inventory sold - 2,381 - - - - 2,381 Interest expense 8,495 - 174 - 99 1,635 10,403 Recoveries from loan losses, net - (1,999) - - - - (1,999) Impairment losses - 122 - - - - 122 Selling, general and administrative expenses 109,580 2,377 2,639 8,520 6,593 12,338 142,047 Total costs and expenses 155,557 2,881 16,811 19,744 12,646 13,968 221,607 Equity in net losses of unconsolidated real estate joint ventures - (488) - - - - (488) Foreign exchange loss - - (37) - - - (37) Income (loss) before income taxes $ 39,380 1,625 42 (104) (4,871) (14,978) 21,094 Total assets $ 1,325,317 137,555 30,841 68,992 34,646 67,042 1,664,393 Expenditures for property and equipment $ 9,643 144 241 1,138 745 87 11,998 Depreciation and amortization $ 2,989 101 296 1,080 409 138 5,013 Debt accretion and amortization $ 663 2 4 45 (6) 131 839 Cash and cash equivalents $ 205,745 18,824 - 3,593 9,573 142,712 380,447 Real Estate equity method investments $ - 41,801 - - - - 41,801 Goodwill $ - - - 35,167 4,315 - 39,482 Receivable-backed notes payable $ 427,094 - - - - - 427,094 Notes payable and other borrowings $ 149,651 19,453 12,705 - 7,806 30,000 219,615 Junior subordinated debentures $ 70,908 - - - - 65,066 135,974 The table below sets forth the Company’s segment information as of and for the six months ended June 30, 2019 (in thousands): Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 120,033 - - - - - 120,033 Fee-based sales commissions 100,555 - - - - - 100,555 Other fee-based services 60,271 - - - - - 60,271 Cost reimbursements 37,594 - - - - - 37,594 Trade sales - - 34,682 38,669 17,709 (15) 91,045 Sales of real estate inventory - 4,660 - - - - 4,660 Interest income 43,883 465 - - 85 (1,500) 42,933 Net gains on sales of real estate assets - 10,996 - - - - 10,996 Other revenue 2,082 1,295 152 226 967 (419) 4,303 Total revenues 364,418 17,416 34,834 38,895 18,761 (1,934) 472,390 Costs and expenses: Cost of VOIs sold 14,420 - - - - - 14,420 Cost of other fee-based services 42,792 - - - - - 42,792 Cost reimbursements 37,594 - - - - - 37,594 Cost of trade sales - - 28,006 23,540 11,587 (15) 63,118 Cost of real estate inventory sold - 2,643 - - - - 2,643 Interest expense 19,567 - 256 57 43 2,886 22,809 Recoveries from loan losses, net - (2,385) - - - - (2,385) Impairment losses - - - - 2,756 - 2,756 Selling, general and administrative expenses 237,882 4,373 5,477 17,078 11,161 23,990 299,961 Total costs and expenses 352,255 4,631 33,739 40,675 25,547 26,861 483,708 Equity in net earnings of unconsolidated real estate joint ventures - 8,742 - - - - 8,742 Foreign exchange loss - - (24) - - - (24) Income (loss) before income taxes $ 12,163 21,527 1,071 (1,780) (6,786) (28,795) (2,600) Expenditures for property and equipment $ 14,516 3 205 2,481 1,021 18 18,244 Depreciation and amortization $ 6,870 93 594 2,132 1,175 217 11,081 Debt accretion and amortization $ 2,186 111 17 112 1 183 2,610 The table below sets forth the Company’s segment information as of and for the six months ended June 30, 2018 (in thousands): Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 124,714 - - - - - 124,714 Fee-based sales commissions 105,940 - - - - - 105,940 Other fee-based services 58,415 - - - - - 58,415 Cost reimbursements 30,260 - - - - - 30,260 Trade sales - - 31,875 36,304 14,139 (7) 82,311 Sales of real estate inventory - 9,659 - - - - 9,659 Interest income 42,240 1,834 - 1 95 (1,589) 42,581 Net gains on sales of real estate assets - 4,802 - - - - 4,802 Other revenue 891 1,449 - 35 615 (379) 2,611 Total revenues 362,460 17,744 31,875 36,340 14,849 (1,975) 461,293 Costs and expenses: Cost of VOIs sold 8,601 - - - - - 8,601 Cost of other fee-based services 34,045 - - - - - 34,045 Cost reimbursements 30,260 - - - - - 30,260 Cost of trade sales - - 26,148 21,784 11,166 (7) 59,091 Cost of real estate inventory sold - 6,628 - - - - 6,628 Interest expense 16,262 - 340 - 188 2,812 19,602 Recoveries from loan losses, net - (6,814) - - - - (6,814) Impairment losses - 169 - - 187 - 356 Selling, general and administrative expenses 203,129 4,868 5,390 16,597 11,670 25,281 266,935 Total costs and expenses 292,297 4,851 31,878 38,381 23,211 28,086 418,704 Equity in net earnings of unconsolidated real estate joint ventures - 792 - - - - 792 Foreign exchange gains - - 15 - - - 15 Income (loss) before income taxes $ 70,163 13,685 12 (2,041) (8,362) (30,061) 43,396 Expenditures for property and equipment $ 15,105 167 348 2,227 2,137 89 20,073 Depreciation and amortization $ 5,917 192 577 2,174 794 280 9,934 Debt accretion and amortization $ 1,680 2 8 90 16 131 1,927 |
Organization And Basis Of Fin_3
Organization And Basis Of Financial Statement Presentation (Narrative) (Details) $ in Thousands | Jan. 01, 2019USD ($) | Jun. 30, 2019USD ($)statestoreitem | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)statestoreitem | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | [1] | |
Business Acquisition [Line Items] | ||||||||
Other assets | $ 132,270 | $ 132,270 | $ 124,217 | |||||
Purchase and retirement, value | 1,883 | 1,883 | ||||||
Revenues | 251,333 | $ 243,226 | [1] | 472,390 | $ 461,293 | |||
Property and equipment, net | $ 134,107 | $ 134,107 | $ 139,628 | |||||
Number of class of common stock | item | 2 | |||||||
Number of votes per share | item | 1 | 1 | ||||||
Operating lease liabilities | $ 137,643 | $ 137,643 | ||||||
Operating lease assets | $ 122,724 | $ 122,724 | ||||||
Altman [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Consolidated method ownership percentage | 50.00% | 50.00% | ||||||
Bluegreen [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of resorts owned | item | 45 | |||||||
Number of resorts owners in VOI have right to use | item | 24 | |||||||
Approximate number of owners in the resort club | item | 217,000 | |||||||
Number of additional other hotels owners can stay through program | item | 11,300 | |||||||
IT'SUGAR, LLC [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of Stores | store | 100 | 100 | ||||||
Number of states of retail locations | state | 25 | 25 | ||||||
Class A Common Stock [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percent of voting power | 22.00% | 22.00% | ||||||
Percentage of total common equity | 84.00% | 84.00% | ||||||
Class B Common Stock [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percent of voting power | 78.00% | 78.00% | ||||||
Percentage of total common equity | 16.00% | 16.00% | ||||||
Renin [Member] | Reportable Segments [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Revenues | $ 15,491 | 16,890 | $ 34,834 | 31,875 | ||||
Renin [Member] | Customer Concentration Risk [Member] | Reportable Segments [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Revenues | 7,800 | 8,300 | 19,900 | 16,800 | ||||
Renin [Member] | Outside United States [Member] | Reportable Segments [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Revenues | 4,500 | 5,300 | 8,900 | 9,900 | ||||
Property and equipment, net | $ 1,800 | $ 2,200 | $ 1,800 | $ 2,200 | ||||
Accounting Standards Update 2016-02 [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Operating lease liabilities | $ 123,200 | |||||||
Operating lease assets | 113,200 | |||||||
Right-of-use asset impairment | $ 3,400 | |||||||
[1] | See Note 1 for a summary of adjustments. |
Consolidated Variable Interes_3
Consolidated Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2018 | Jun. 30, 2019 | |
Bluegreens Vacation Ownership Interests [Member] | ||
Variable Interest Entity [Line Items] | ||
Voluntary repurchases and substitutions | $ 3.1 | $ 4.5 |
Consolidated Variable Interes_4
Consolidated Variable Interest Entities (Information Related To The Assets And Liabilities Of The VIEs) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Variable Interest Entity [Line Items] | ||||
Restricted cash | $ 48,373 | $ 54,792 | [1] | $ 54,471 |
Securitized notes receivable, net | 440,854 | 439,167 | [1] | |
Receivable backed notes payable - non-recourse | 351,316 | 382,257 | [1] | |
Bluegreens Vacation Ownership Interests [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Restricted cash | 19,018 | 28,400 | ||
Securitized notes receivable, net | 308,042 | 341,975 | ||
Receivable backed notes payable - non-recourse | $ 351,316 | $ 382,257 | ||
[1] | See Note 1 for a summary of adjustments. |
Notes Receivable (Narrative) (D
Notes Receivable (Narrative) (Details) | Jun. 30, 2019 | Dec. 31, 2018 |
Notes Receivable [Member] | Bluegreen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted-average interest rate | 15.00% | 15.10% |
Notes Receivable (Information R
Notes Receivable (Information Relating To Bluegreen's Notes Receivable) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross notes receivable | $ 574,414 | $ 573,390 | ||
Notes receivable, net | $ 440,854 | $ 439,167 | [1] | |
Allowance as a % of gross notes receivable | 23.00% | 23.00% | ||
VOI Notes Receivable - Non-Securitized [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross notes receivable | $ 169,531 | $ 124,642 | ||
Allowance for loan losses | (37,381) | (28,258) | ||
VOI Notes Receivable - Securitized [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross notes receivable | 404,147 | 447,850 | ||
Allowance for loan losses | (96,105) | (105,875) | ||
Notes Receivable Secured By Homesites [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross notes receivable | [2] | 736 | 898 | |
Allowance for loan losses | [2] | $ (74) | $ (90) | |
[1] | See Note 1 for a summary of adjustments. | |||
[2] | Notes receivable secured by homesites were originated through a business, substantially all 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 | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Provision for loan losses | $ (2,385) | $ (6,814) |
Bluegreens Vacation Ownership Interests [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance, beginning of period | 134,223 | 123,791 |
Provision for loan losses | 23,055 | 21,447 |
Write-offs of uncollectible receivables | (23,718) | (21,633) |
Balance, end of period | $ 133,560 | $ 123,605 |
Notes Receivable (Percentage Of
Notes Receivable (Percentage Of Gross Notes Receivable Outstanding, By FICO Score At Origination) (Details) | Jun. 30, 2019 | Dec. 31, 2018 | |
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 | 58.00% | 57.00% | |
600-699 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of gross notes receivable outstanding | 39.00% | 39.00% | |
Less Than 699 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of gross notes receivable outstanding | 2.00% | 3.00% | |
No Score [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of gross notes receivable outstanding | [1] | 1.00% | 1.00% |
[1] | VOI notes receivable attributable to borrowers 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 | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 541,778 | $ 541,783 |
31-60 days | 5,689 | 5,783 |
61-90 days | 5,206 | 4,516 |
> 90 days | 21,005 | 20,410 |
Total | 573,678 | 572,492 |
VOI note receivable balance had not yet been charged off | $ 13,000 | $ 14,300 |
Trade Inventory (Summary Of Inv
Trade Inventory (Summary Of Inventory) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Trade Inventory [Abstract] | |||
Raw materials | $ 3,358 | $ 2,718 | |
Paper goods and packaging materials | 1,185 | 1,122 | |
Finished goods | 18,780 | 16,270 | |
Total trade inventory | $ 23,323 | $ 20,110 | [1] |
[1] | See Note 1 for a summary of adjustments. |
VOI Inventory (Summary Of Inven
VOI Inventory (Summary Of Inventory) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
VOI Inventory [Abstract] | |||
Completed VOI units | $ 267,897 | $ 237,010 | |
Construction-in-progress | 537 | 26,587 | |
Real estate held for future VOI development | 73,786 | 70,552 | |
Total VOI inventory | $ 342,220 | $ 334,149 | [1] |
[1] | See Note 1 for a summary of adjustments. |
Real Estate (Narrative) (Detail
Real Estate (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | May 31, 2019 | Apr. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | [1] | Jun. 30, 2018 | |
Investments in unconsolidated real estate joint ventures | $ 65,254 | $ 65,254 | $ 65,254 | $ 64,738 | $ 41,801 | |||
PGA Design Center [Member] | ||||||||
Proceeds from Sale of Land Held-for-investment | $ 8,300 | |||||||
Gains (Losses) on Sales of Investment Real Estate | 1,800 | 1,800 | ||||||
PGA Lender, LLC [Member] | ||||||||
Investments in unconsolidated real estate joint ventures | 2,133 | 2,100 | 2,133 | 2,133 | ||||
PGA Lender, LLC [Member] | BBX Capital Real Estate [Member] | ||||||||
Investments in unconsolidated real estate joint ventures | $ 2,100 | |||||||
Robo Vault [Member] | ||||||||
Gains (Losses) on Sales of Investment Real Estate | $ 4,800 | 4,800 | ||||||
Proceeds from Sale of Real Estate | $ 11,800 | |||||||
St. Cloud, Florida [Member] | ||||||||
Proceeds from Sale of Land Held-for-investment | $ 8,700 | |||||||
Gains (Losses) on Sales of Investment Real Estate | $ 3,000 | |||||||
[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 | Jun. 30, 2019 | Dec. 31, 2018 | |
Long Lived Assets Held-for-sale [Line Items] | |||
Total real estate held-for-sale | $ 13,024 | $ 20,202 | |
Total real estate held-for-investment | 5,957 | 10,976 | |
Real estate inventory | 34,583 | 23,778 | |
Total VOI inventory | 53,564 | 54,956 | [1] |
Land [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Total real estate held-for-sale | 11,210 | 18,439 | |
Total real estate held-for-investment | 5,957 | 10,976 | |
Residential Single-Family [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Total real estate held-for-sale | 756 | 832 | |
Other Real Estate [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Total real estate held-for-sale | $ 1,058 | $ 931 | |
[1] | See Note 1 for a summary of adjustments. |
Investments In Unconsolidated_3
Investments In Unconsolidated Real Estate Joint Ventures (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
Jul. 31, 2019USD ($)property | Jun. 30, 2019USD ($)property | Apr. 30, 2019USD ($)property | Jan. 31, 2019ft²item | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in earning of unconsolidated real estate joint ventures | $ 8,759 | $ (488) | [1] | $ 8,742 | $ 792 | ||||||
Investments in unconsolidated real estate joint ventures | $ 65,254 | $ 65,254 | 41,801 | 65,254 | 41,801 | $ 64,738 | [1] | ||||
Expected total capital contribution of investment | $ 4,000 | ||||||||||
The Altman Companies, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Consolidated method ownership percentage | 50.00% | 50.00% | 50.00% | ||||||||
Altis At Lakeline - Austin Investors LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number Of Multifamily Apartment Developments | property | 354 | ||||||||||
Proceeds from Divestiture of Interest in Joint Venture | $ 9,300 | ||||||||||
Equity in earning of unconsolidated real estate joint ventures | $ 5,256 | (320) | $ 5,029 | (362) | |||||||
Investments in unconsolidated real estate joint ventures | $ 242 | 242 | 242 | 4,531 | |||||||
PGA Design Center Holdings, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Proceeds from Sale of Real Estate | 9,200 | ||||||||||
Proceeds from Divestiture of Interest in Joint Venture | 2,300 | ||||||||||
Provided seller financing to buyer | $ 4,600 | ||||||||||
Equity in earning of unconsolidated real estate joint ventures | 2,849 | $ (60) | 2,812 | $ 1,401 | |||||||
Investments in unconsolidated real estate joint ventures | 947 | 947 | 947 | 691 | |||||||
Altis Ludlam - Miami Investor, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investments in unconsolidated real estate joint ventures | 865 | 865 | 865 | 675 | |||||||
The Altman Companies, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investments in unconsolidated real estate joint ventures | 16,443 | 16,443 | 16,443 | 14,893 | |||||||
ABBX Guaranty, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investments in unconsolidated real estate joint ventures | 2,500 | 2,500 | 2,500 | 2,500 | |||||||
Altis at Bonterra - Hialeah, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investments in unconsolidated real estate joint ventures | 17,294 | 17,294 | 17,294 | $ 21,602 | |||||||
L03/212 Partners, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Area of retail space | ft² | 365,000 | ||||||||||
Number Of Multifamily Apartment Developments | item | 341 | ||||||||||
Number of square feet of ground floor retail | ft² | 45,000 | ||||||||||
Investments in unconsolidated real estate joint ventures | 1,859 | 1,859 | 1,859 | ||||||||
PGA Lender, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Consolidated method ownership percentage | 45.88% | ||||||||||
Investments in unconsolidated real estate joint ventures | 2,133 | $ 2,100 | 2,133 | 2,133 | |||||||
Sky Cove, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investments in unconsolidated real estate joint ventures | $ 4,200 | 4,200 | 4,200 | ||||||||
Altis LH-Miami Manager, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number Of Multifamily Apartment Developments | property | 224 | ||||||||||
Investments in unconsolidated real estate joint ventures | $ 793 | $ 793 | $ 793 | ||||||||
PGA Design Center [Member] | PGA Design Center Holdings, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Consolidated method ownership percentage | 54.12% | ||||||||||
Proceeds from Equity Method Investment, Distribution | $ 2,100 | ||||||||||
Investments in unconsolidated real estate joint ventures | $ 4,600 | ||||||||||
Subsequent Event [Member] | Altis at Bonterra - Hialeah, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number Of Multifamily Apartment Developments | property | 314 | ||||||||||
Proceeds from Divestiture of Interest in Joint Venture | $ 45,000 | ||||||||||
[1] | See Note 1 for a summary of adjustments. |
Investments In Unconsolidated_4
Investments In Unconsolidated Real Estate Joint Ventures (Investments In Unconsolidated Real Estate Joint Ventures) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Apr. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | $ 65,254 | $ 64,738 | [1] | $ 41,801 | |
Altis At Lakeline - Austin Investors LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 242 | 4,531 | |||
Altis at Grand Central Capital, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 2,635 | 2,549 | |||
Altis Promenade Capital, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 2,227 | 2,195 | |||
Altis at Bonterra - Hialeah, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 17,294 | 21,602 | |||
Altis Ludlam - Miami Investor, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 865 | 675 | |||
Altis Suncoast Manager, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 731 | 1,857 | |||
Altis Pembroke Gardens, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 1,279 | 1,284 | |||
Altis Fairways, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 1,885 | 1,876 | |||
Altis Wiregrass, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 1,839 | 1,897 | |||
Altis LH-Miami Manager, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 793 | ||||
The Altman Companies, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 16,443 | 14,893 | |||
ABBX Guaranty, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 2,500 | 2,500 | |||
Sunrise and Bayview Partners, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 1,505 | 1,439 | |||
PGA Design Center Holdings, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 947 | 691 | |||
CCB Miramar, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 4,316 | 1,575 | |||
BBX/S Millenia Blvd Investments, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 1,233 | 4,515 | |||
L03/212 Partners, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 1,859 | ||||
PGA Lender, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 2,133 | $ 2,100 | |||
Sky Cove, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | 4,200 | ||||
All Other Investments In Real Estate Joint Ventures [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated real estate joint ventures | $ 328 | $ 659 | |||
[1] | See Note 1 for a summary of adjustments. |
Investments In Unconsolidated_5
Investments In Unconsolidated Real Estate Joint Ventures (Condensed Statements Of Operations For Equity Method Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in net earnings of unconsolidated real estate joint venture | $ 8,759 | $ (488) | [1] | $ 8,742 | $ 792 |
Altis At Lakeline - Austin Investors LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total revenues | 1,267 | 1,459 | 2,567 | ||
Gain on sale of real estate | 17,150 | 17,150 | |||
Other expenses | (25) | (2,204) | (1,773) | (3,380) | |
Net earnings | 17,125 | (937) | 16,836 | (813) | |
Equity in net earnings of unconsolidated real estate joint venture | 5,256 | (320) | 5,029 | (362) | |
PGA Design Center Holdings, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total revenues | 69 | ||||
Gain on sale of real estate | 7,212 | 7,212 | 3,693 | ||
Other expenses | (88) | (151) | (183) | (259) | |
Net earnings | 7,124 | (151) | 7,029 | 3,503 | |
Equity in net earnings of unconsolidated real estate joint venture | $ 2,849 | $ (60) | $ 2,812 | $ 1,401 | |
[1] | See Note 1 for a summary of adjustments. |
Investments In Unconsolidated_6
Investments In Unconsolidated Real Estate Joint Ventures (Condensed Statements Of Financial Condition For Equity Method Joint Ventures) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Altis At Lakeline - Austin Investors LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Cash | $ 633 | $ 2,633 |
Real estate | 42,843 | |
Other assets | 144 | 201 |
Total assets | 777 | 45,677 |
Notes payable | 33,482 | |
Other liabilities | 1,826 | |
Total liabilities | 35,308 | |
Total equity | 777 | 10,369 |
Total liabilities and equity | 777 | 45,677 |
PGA Design Center Holdings, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Cash | 13 | 330 |
Real estate | 1,419 | |
Investments in joint ventures | 2,976 | |
Other assets | 1 | 6 |
Total assets | 2,990 | 1,755 |
Other liabilities | 22 | 64 |
Total liabilities | 22 | 64 |
Total equity | 2,968 | 1,691 |
Total liabilities and equity | $ 2,990 | $ 1,755 |
Debt (Notes Payable And Other B
Debt (Notes Payable And Other Borrowings, Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2019 | Jun. 30, 2019 | Feb. 28, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |||||
Debt Instrument [Line Items] | |||||||||
Notes And Loans Payable | $ 178,516 | $ 178,516 | $ 200,887 | [1] | $ 219,615 | ||||
Inventory, Real Estate | 53,564 | 53,564 | 54,956 | [1] | |||||
Line of Credit Facility, Current Borrowing Capacity | 206,981 | 206,981 | |||||||
Other Assets | $ 132,270 | $ 132,270 | $ 124,217 | [1] | |||||
NBA Receivables Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.18% | 5.18% | 5.27% | ||||||
Community Development Bonds [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes And Loans Payable | $ 8,100 | ||||||||
Community Development Bonds [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | ||||||||
Community Development Bonds [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | ||||||||
Other Notes Payable [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes And Loans Payable | $ 41,720 | $ 41,720 | $ 67,496 | ||||||
Other Notes Payable [Member] | Iberia $50.0 Million Revolving Line Of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes And Loans Payable | 30,000 | ||||||||
Maximum borrowing capacity | 50,000 | $ 50,000 | |||||||
Maturity Date | Jun. 30, 2021 | ||||||||
Line of credit, option to extend maturity | 12 months | ||||||||
Carrying Amount of Pledged Assets | [2] | [3] | [3] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.35% | ||||||||
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 | $ 100,000 | |||||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes And Loans Payable | 29,432 | 29,432 | $ 24,583 | ||||||
Carrying Amount of Pledged Assets | [2] | $ 44,576 | $ 44,576 | $ 35,155 | |||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | 6.00% | ||||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | 4.25% | ||||||
Other Notes Payable [Member] | Unsecured Note [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes And Loans Payable | $ 3,400 | $ 3,400 | $ 3,400 | ||||||
Carrying Amount of Pledged Assets | [2],[4] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | 6.00% | ||||||
Other Notes Payable [Member] | Other Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes And Loans Payable | $ 1,539 | $ 1,539 | $ 1,507 | ||||||
Carrying Amount of Pledged Assets | [2] | $ 1,917 | $ 1,917 | $ 1,968 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.58% | 5.58% | 5.25% | ||||||
Other Notes Payable [Member] | Banc Of America Leasing & Capital Equipment Note [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes And Loans Payable | $ 457 | $ 457 | $ 555 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | 4.75% | 4.75% | ||||||
Bluegreen [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes And Loans Payable | $ 136,796 | $ 136,796 | $ 133,391 | ||||||
Bluegreen [Member] | 2013 Notes Payable [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes And Loans Payable | 16,875 | 16,875 | 28,125 | ||||||
Carrying Amount of Pledged Assets | [2] | $ 21,106 | $ 21,106 | $ 22,878 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | 5.50% | ||||||
Bluegreen [Member] | Fifth Third Bank Note [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes And Loans Payable | $ 3,711 | $ 3,711 | $ 3,834 | ||||||
Carrying Amount of Pledged Assets | [2] | $ 7,802 | $ 7,802 | $ 7,892 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.44% | 5.44% | 5.34% | ||||||
Bluegreen [Member] | Fifth Third Syndicated Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes And Loans Payable | $ 21,562 | $ 21,562 | $ 22,500 | ||||||
Carrying Amount of Pledged Assets | [2] | $ 29,049 | $ 29,049 | $ 27,724 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.08% | 5.08% | 5.37% | ||||||
Bluegreen [Member] | Fifth Third Syndicated LOC [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes And Loans Payable | $ 75,000 | $ 75,000 | $ 55,000 | ||||||
Carrying Amount of Pledged Assets | [2] | $ 101,038 | $ 101,038 | $ 92,415 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.11% | 5.11% | 5.27% | ||||||
Bluegreen [Member] | NBA Eilan Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes And Loans Payable | $ 20,893 | $ 20,893 | $ 25,603 | ||||||
Carrying Amount of Pledged Assets | [2] | $ 30,880 | $ 30,880 | $ 35,615 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.69% | 5.69% | 5.60% | ||||||
Bass Pro [Member] | Bluegreen [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Payments for legal settlements | $ 39,100 | $ 39,100 | |||||||
[1] | See Note 1 for a summary of adjustments. | ||||||||
[2] | The collateral is a blanket lien on the respective company's assets. | ||||||||
[3] | The collateral is membership interests in Woodbridge having a value of not less than $100.0 million. | ||||||||
[4] | BBX Capital is guarantor on the note. |
Debt (Receivable-Backed Notes P
Debt (Receivable-Backed Notes Payable, Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Current borrowing capacity | $ 206,981 | ||
Receivable backed notes payable - non-recourse | 351,316 | $ 382,257 | [1] |
Deferred Finance Costs, Net | 1,164 | 1,200 | |
Bluegreen [Member] | |||
Debt Instrument [Line Items] | |||
Deferred Finance Costs, Net | $ 1,245 | $ 1,671 | |
Liberty Bank Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.50% | 5.25% | |
Pacific Western Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.34% | 5.52% | |
KeyBank/DZ Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 14,436 | ||
Interest rate | 5.16% | ||
Quorum Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 38,112 | $ 40,074 | |
Quorum Purchase Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.50% | 5.50% | |
Quorum Purchase Facility [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.75% | 4.75% | |
2016 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 56,672 | $ 63,982 | |
Interest rate | 3.35% | 3.35% | |
2017 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 74,396 | $ 83,513 | |
Interest rate | 3.12% | 3.12% | |
2018 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 102,779 | $ 114,480 | |
Interest rate | 4.02% | 4.02% | |
NBA Receivables Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.18% | 5.27% | |
[1] | See Note 1 for a summary of adjustments. |
Debt (Junior Subordinated Deben
Debt (Junior Subordinated Debentures, Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Other assets | $ 132,270 | $ 124,217 | [1] |
The Trusts [Member] | |||
Debt Instrument [Line Items] | |||
Other assets | $ 2,200 | $ 2,200 | |
[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 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | $ 178,516 | $ 200,887 | [1] | $ 219,615 | ||
Unamortized debt issuance costs | (1,164) | (1,200) | ||||
Other Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | 41,720 | 67,496 | ||||
Unamortized debt issuance costs | (864) | (666) | ||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | 29,432 | 24,583 | ||||
Carrying Amount of Pledged Assets | [2] | 44,576 | 35,155 | |||
Other Notes Payable [Member] | TD Bank Term Loan And Line Of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | $ 6,756 | $ 8,117 | ||||
Interest Rate | 5.75% | 5.47% | ||||
Carrying Amount of Pledged Assets | [2] | |||||
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 | 5.35% | |||||
Carrying Amount of Pledged Assets | [2] | [3] | ||||
Maximum borrowing capacity | 50,000 | |||||
Other Notes Payable [Member] | Banc Of America Leasing & Capital Equipment Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | $ 457 | $ 555 | ||||
Interest Rate | 4.75% | 4.75% | ||||
Other Notes Payable [Member] | Banc of America Revolving Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | $ 1,000 | |||||
Interest Rate | 4.00% | |||||
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],[4] | |||||
Other Notes Payable [Member] | Other Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | $ 1,539 | $ 1,507 | ||||
Interest Rate | 5.58% | 5.25% | ||||
Carrying Amount of Pledged Assets | [2] | $ 1,917 | $ 1,968 | |||
Bluegreen [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | 136,796 | 133,391 | ||||
Unamortized debt issuance costs | (1,245) | (1,671) | ||||
Bluegreen [Member] | 2013 Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | $ 16,875 | $ 28,125 | ||||
Interest Rate | 5.50% | 5.50% | ||||
Carrying Amount of Pledged Assets | [2] | $ 21,106 | $ 22,878 | |||
Bluegreen [Member] | Fifth Third Bank Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | $ 3,711 | $ 3,834 | ||||
Interest Rate | 5.44% | 5.34% | ||||
Carrying Amount of Pledged Assets | [2] | $ 7,802 | $ 7,892 | |||
Bluegreen [Member] | NBA Eilan Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | $ 20,893 | $ 25,603 | ||||
Interest Rate | 5.69% | 5.60% | ||||
Carrying Amount of Pledged Assets | [2] | $ 30,880 | $ 35,615 | |||
Bluegreen [Member] | Fifth Third Syndicated LOC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | $ 75,000 | $ 55,000 | ||||
Interest Rate | 5.11% | 5.27% | ||||
Carrying Amount of Pledged Assets | [2] | $ 101,038 | $ 92,415 | |||
Bluegreen [Member] | Fifth Third Syndicated Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | $ 21,562 | $ 22,500 | ||||
Interest Rate | 5.08% | 5.37% | ||||
Carrying Amount of Pledged Assets | [2] | $ 29,049 | $ 27,724 | |||
Minimum [Member] | Other Notes Payable [Member] | Community Development District Obligations [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 4.25% | 4.25% | ||||
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] | The collateral is a blanket lien on the respective company's assets. | |||||
[3] | The collateral is membership interests in Woodbridge having a value of not less than $100.0 million. | |||||
[4] | BBX Capital is guarantor on the note. |
Debt (Receivable-Backed Notes_2
Debt (Receivable-Backed Notes Payable) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 86,820 | $ 76,674 | [1] |
Unamortized debt issuance costs | (1,164) | (1,200) | |
Receivable backed notes payable - non-recourse | 351,316 | 382,257 | [1] |
Total receivable-backed debt | 438,136 | 458,931 | |
Principal Balance of Pledged/Secured Receivables | 510,923 | 527,170 | |
Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | 106,783 | 93,597 | |
Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized debt issuance costs | (5,927) | (6,807) | |
Principal Balance of Pledged/Secured Receivables | 404,140 | 433,573 | |
Liberty Bank Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 27,708 | $ 17,654 | |
Interest Rate | 5.50% | 5.25% | |
Liberty Bank Facility [Member] | Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 34,152 | $ 22,062 | |
NBA Receivables Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 39,698 | $ 48,414 | |
Interest Rate | 5.18% | 5.27% | |
NBA Receivables Facility [Member] | Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 48,487 | $ 57,805 | |
Pacific Western Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 19,414 | $ 10,606 | |
Interest Rate | 5.34% | 5.52% | |
Pacific Western Facility [Member] | Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 24,144 | $ 13,730 | |
KeyBank/DZ Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 14,436 | ||
Interest Rate | 5.16% | ||
Principal Balance of Pledged/Secured Receivables | $ 17,641 | ||
Quorum Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | 38,112 | 40,074 | |
Quorum Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | 43,024 | 45,283 | |
2012 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 11,431 | $ 15,212 | |
Interest Rate | 2.94% | 2.94% | |
2012 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 13,229 | $ 16,866 | |
2013 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 22,308 | $ 27,573 | |
Interest Rate | 3.20% | 3.20% | |
2013 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 24,494 | $ 29,351 | |
2015 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 37,109 | $ 44,230 | |
Interest Rate | 3.02% | 3.02% | |
2015 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 40,428 | $ 47,690 | |
2016 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 56,672 | $ 63,982 | |
Interest Rate | 3.35% | 3.35% | |
2016 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 63,830 | $ 72,590 | |
2017 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 74,396 | $ 83,513 | |
Interest Rate | 3.12% | 3.12% | |
2017 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 85,322 | $ 95,877 | |
2018 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 102,779 | $ 114,480 | |
Interest Rate | 4.02% | 4.02% | |
Principal Balance of Pledged/Secured Receivables | $ 116,172 | $ 125,916 | |
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% | 5.50% | |
[1] | See Note 1 for a summary of adjustments. |
Debt (Junior Subordinated Deb_2
Debt (Junior Subordinated Debentures Outstanding) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |||
Debt Instrument [Line Items] | |||||
Carrying Amounts | $ 136,829 | $ 136,425 | [1] | $ 135,974 | |
Unamortized debt issuance costs | (1,164) | (1,200) | |||
Unamortized purchase discount | (39,136) | (39,504) | |||
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 | (1,245) | (1,671) | |||
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] | 6.12% | 6.20% | ||
Minimum [Member] | Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective Interest Rate | 7.38% | 7.32% | [2] | ||
Maximum [Member] | Woodbridge [Member] | Levitt Capital Trust I-IV [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective Interest Rate | [2] | 6.38% | 6.65% | ||
Maximum [Member] | Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective Interest Rate | 7.49% | 7.70% | [2] | ||
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] | The Company's junior subordinated debentures bear interest at 3-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 3.80% to 4.90%. |
Debt (Schedule Of Amounts Avail
Debt (Schedule Of Amounts Available Under Credit Facilities) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Line of Credit Facility [Line Items] | |
Total credit availability | $ 206,981 |
BBX Capital Real Estate [Member] | |
Line of Credit Facility [Line Items] | |
Total credit availability | 50,000 |
Bluegreen [Member] | |
Line of Credit Facility [Line Items] | |
Total credit availability | 150,600 |
Renin [Member] | |
Line of Credit Facility [Line Items] | |
Total credit availability | 3,381 |
IT'SUGAR, LLC [Member] | |
Line of Credit Facility [Line Items] | |
Total credit availability | $ 3,000 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregated Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | $ 220,151 | $ 221,829 | $ 418,461 | $ 413,910 | |
Interest income | 21,518 | 20,664 | [1] | 42,933 | 42,581 |
Net gains on sales of real estate assets | 9,664 | 733 | [1] | 10,996 | 4,802 |
Other revenue | 2,960 | 1,562 | [1] | 4,303 | 2,611 |
Total revenues | 251,333 | 243,226 | [1] | 472,390 | 461,293 |
Sales Of VOIs [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 68,302 | 68,573 | [1] | 120,033 | 124,714 |
Fee-Based Sales Commissions [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 55,343 | 60,086 | [1] | 100,555 | 105,940 |
Other Fee-Based Services [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 30,703 | 30,391 | [1] | 60,271 | 58,415 |
Resort And Club Management Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 25,603 | 25,562 | 51,039 | 49,514 | |
Cost Reimbursements [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 17,358 | 14,059 | [1] | 37,594 | 30,260 |
Resort Title Fees [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 3,040 | 3,175 | 5,768 | 5,863 | |
Trade Sales - Wholesale [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 18,000 | 19,987 | 40,360 | 38,352 | |
Trade Sales - Retail [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 27,061 | 23,921 | 50,685 | 43,959 | |
Sales Of Real Estate Inventory [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 424 | 3,250 | [1] | 4,660 | 9,659 |
Other Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | $ 5,020 | $ 3,216 | $ 7,767 | $ 5,649 | |
[1] | See Note 1 for a summary of adjustments. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Loss Carryforwards [Line Items] | ||||
Effective tax rate | 35.00% | 33.00% | 35.00% | 33.00% |
Corporate tax rate | 21.00% | 21.00% | ||
Tax expense December 2017 Tax Reform Act | $ 2.7 | $ 2.7 | ||
Bass Pro [Member] | Bluegreen [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Corporate tax rate | 26.00% | 26.00% | ||
Payments for legal settlements | $ 39.1 | $ 39.1 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) | Jun. 13, 2019USD ($)store | Feb. 28, 2018plaintiff | Jun. 30, 2019USD ($)store | Jun. 30, 2019USD ($)store | Jun. 30, 2018USD ($) | Dec. 31, 2015 | Jan. 07, 2019USD ($) | Dec. 31, 2018USD ($) | Oct. 31, 2017USD ($) | |
Commitments And Contingencies [Line Items] | ||||||||||
Number of opt-in plaintiffs | plaintiff | 660 | |||||||||
Average annual default rates | 8.00% | 6.90% | ||||||||
Percent of total delinquencies subject to letters | 16.00% | |||||||||
Payments to subsidies | $ 4,800,000 | $ 600,000 | ||||||||
Other liabilities | $ 115,711,000 | 115,711,000 | $ 104,441,000 | [1] | ||||||
Notes And Loans Payable | 178,516,000 | 178,516,000 | $ 219,615,000 | 200,887,000 | [1] | |||||
Current borrowing capacity | 206,981,000 | 206,981,000 | ||||||||
Operating lease liabilities | 137,643,000 | 137,643,000 | ||||||||
Minimum [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Range of reasonably possible losses | $ 500,000 | |||||||||
Subsidies To Certain HOAs [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Other liabilities | 7,100,000 | 7,100,000 | 0 | |||||||
Bluegreen [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Notes And Loans Payable | 136,796,000 | 136,796,000 | $ 133,391,000 | |||||||
Food for Thought Restaurant Group, LLC [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Amount on Guarantee obligation | 4,700,000 | $ 4,700,000 | ||||||||
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 | $ 5,000,000 | |||||||||
Chapel Trail Joint Venture [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Notes And Loans Payable | $ 3,400,000 | |||||||||
Percentage of ownership interest | 46.75% | |||||||||
Centennial Bank - Hoffmans [Member] | BBX Sweet Holdings [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Amount on Guarantee obligation | 1,500,000 | 1,500,000 | ||||||||
Note secured by property and equipment, amount | $ 1,900,000 | $ 1,900,000 | ||||||||
Bass Pro [Member] | Bluegreen [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Annual fee for each store assessed | $ 70,000 | |||||||||
Payment per vacation package sold | $ 32,000 | |||||||||
Cancellation and refund period for vacation packages sold | 45 days | |||||||||
Number of stores vacation packages are sold | store | 67 | 67 | ||||||||
Settlement agreement, reduction of traffic in excess of percentage | 25.00% | |||||||||
Percent of volume sales from agreement | 10.00% | 14.00% | ||||||||
Notice period for cancellation of access | 30 days | |||||||||
Litigation settlement | $ 20,000,000 | |||||||||
Settlement agreement, period of exectution | 15 days | |||||||||
Settlement agreement, payment per year for next four years | 4,000,000 | |||||||||
Settlement agreement, amount kept as prepaid | $ 1,500,000 | |||||||||
Payments for legal settlements | $ 39,100,000 | $ 39,100,000 | ||||||||
Accrued claims | $ 17,300,000 | 17,300,000 | ||||||||
Bass Pro [Member] | Bluegreen [Member] | Minimum [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Number of stores vacation packages are sold | store | 60 | |||||||||
Wonders Of Wildlife Foundation [Member] | Bluegreen [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Annual fee for each store assessed | 700,000 | |||||||||
Payment per vacation package sold | $ 5 | |||||||||
Cancellation and refund period for vacation packages sold | 45 days | |||||||||
Cabela [Member] | Bluegreen [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Number of stores vacation packages are sold | store | 60 | 60 | ||||||||
[1] | See Note 1 for a summary of adjustments. |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Legally binding minimum lease payments, not yet commenced | $ 10,100 |
Cash paid for amounts included in the measurement of lease liabilities | 13,300 |
Right-of-use assets in exchange for new operating lease liabilities | $ 20,791 |
Maximum [Member] | |
Renewal term | 7 years |
Minimum [Member] | |
Renewal term | 1 year |
Leases (Schedule Of Lease Infor
Leases (Schedule Of Lease Information) (Details) $ in Thousands | Jun. 30, 2019USD ($) | |
Leases [Abstract] | ||
Operating lease assets | $ 122,724 | |
Operating lease liabilities | $ 137,643 | |
Weighted average remaining lease term (years) | 6 years 9 months 18 days | |
Weighted average discount rate | 5.36% | [1] |
[1] | As most of the Company's lease agreements do not provide an implicit rate, the Company estimates incremental secured borrowing rates corresponding to the maturities of its lease agreements to determine the present value of future lease payments. To estimate incremental borrowing rates applicable to BBX Capital and its subsidiaries, the Company considers various factors, including the rates applicable to its recently issued debt and credit facilities and prevailing financial market conditions. The Company used the incremental borrowing rates applicable to BBX Capital and its subsidiaries on January 1, 2019 for operating leases that commenced prior to that date. |
Leases (Schedule Of Lease Costs
Leases (Schedule Of Lease Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Fixed lease costs | $ 7,056 | $ 14,377 |
Short-term lease costs | 1,171 | 2,341 |
Variable lease costs | 2,253 | 4,480 |
Total operating lease costs | $ 10,480 | $ 21,198 |
Leases (Schedule Of Operating L
Leases (Schedule Of Operating Lease Future Payments) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 14,033 |
2020 | 26,761 |
2021 | 25,549 |
2022 | 23,466 |
2023 | 20,350 |
After 2023 | 62,763 |
Total lease payments | 172,922 |
Less: interest | 35,279 |
Present value of lease liabilities | $ 137,643 |
Common Stock (Details)
Common Stock (Details) $ in Millions | Jan. 08, 2019USD ($)itemshares | Jun. 30, 2019USD ($)shares | Jun. 30, 2019shares | Jun. 30, 2018shares | Jun. 30, 2019USD ($)shares | Jun. 30, 2018shares | Jun. 30, 2017USD ($)shares |
Equity, Class of Treasury Stock [Line Items] | |||||||
Authorized share repurchase program | 5,000,000 | ||||||
Share repurchase program, value | $ | $ 35 | ||||||
Class A Common Stock [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Number of shares repurchased | 401,178 | ||||||
Shares repurchased, value | $ | $ 1.9 | ||||||
Class A Common Stock [Member] | June 2017 Share Repurchase Program [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Number of shares repurchased | 1,922,771 | ||||||
Shares repurchased, value | $ | $ 11.8 | ||||||
Restricted Stock [Member] | Executive Officers [Member] | Class B Common Stock [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Number of shares granted | 1,923,975 | ||||||
Aggregate fair value on grant date | $ | $ 11.8 | ||||||
Number of shares vested | 481,000 | ||||||
Number of annual installments vested | item | 4 | ||||||
Restricted Stock [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Anti-dilutive shares | 5,100,000 | 0 | 5,100,000 | 0 |
Noncontrolling Interests And _3
Noncontrolling Interests And Redeemable Noncontrolling Interest (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 16, 2017 | |
Noncontrolling Interest [Line Items] | ||||
Redeemable noncontrolling interest | $ 2,102 | $ 2,579 | [1] | |
IT'SUGAR, LLC [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable noncontrolling interest | $ 2,100 | $ 2,600 | ||
Percent of noncontrolling equity interest | 9.60% | |||
Class B Preferred Units [Member] | IT'SUGAR, LLC [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Percent of noncontrolling equity interest | 90.40% | |||
[1] | See Note 1 for a summary of adjustments. |
Noncontrolling Interests And _4
Noncontrolling Interests And Redeemable Noncontrolling Interest (Summary Of Noncontrolling Interests) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | ||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interests | $ 92,948 | $ 87,988 | [1] | |
Bluegreen [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interests | [2] | 39,418 | 41,478 | |
Bluegreen/Big Cedar Vacation [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interests | [3] | 52,458 | 45,611 | |
Joint Ventures And Other [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interests | $ 1,072 | $ 899 | ||
[1] | See Note 1 for a summary of adjustments. | |||
[2] | As a result of Bluegreen's IPO during the fourth quarter of 2017 and subsequent share repurchases in 2018, the Company owns 90.3% of Bluegreen. Bluegreen was a wholly-owned subsidiary of the Company immediately prior to the Bluegreen IPO. | |||
[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 | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Noncontrolling Interest [Line Items] | |||||
Net income attributable to noncontrolling interests | $ 4,024 | $ 5,958 | $ 7,163 | $ 10,518 | |
Bluegreen [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Net income attributable to noncontrolling interests | [1] | $ (1,079) | 2,671 | $ 384 | 4,769 |
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] | $ 5,131 | 3,317 | $ 6,847 | 5,924 |
Joint Ventures And Other [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Net income attributable to noncontrolling interests | $ (28) | $ (30) | $ (68) | $ (175) | |
[1] | As a result of Bluegreen's IPO during the fourth quarter of 2017 and subsequent share repurchases in 2018, the Company owns 90.3% of Bluegreen. Bluegreen was a wholly-owned subsidiary of the Company immediately prior to the Bluegreen IPO. | ||||
[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 | Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | $ 132,270 | $ 124,217 | [1] |
Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 332,871 | 366,305 | |
Restricted cash | 48,373 | 54,792 | |
Notes receivable, net | 440,854 | 439,167 | |
Receivable-backed notes payable | 438,136 | 458,931 | |
Notes payable and other borrowings | 178,516 | 200,887 | |
Junior subordinated debentures | 136,829 | 136,425 | |
Redeemable 5% cumulative preferred stock | 9,642 | 9,472 | |
Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 332,871 | 366,305 | |
Restricted cash | 48,373 | 54,792 | |
Notes receivable, net | 575,000 | 537,000 | |
Receivable-backed notes payable | 456,600 | 462,400 | |
Notes payable and other borrowings | 186,523 | 203,547 | |
Junior subordinated debentures | 134,000 | 132,400 | |
Redeemable 5% cumulative preferred stock | 9,538 | 9,538 | |
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 | 332,871 | 366,305 | |
Restricted cash | 48,373 | 54,792 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes receivable, net | 575,000 | 537,000 | |
Receivable-backed notes payable | 456,600 | 462,400 | |
Notes payable and other borrowings | 186,523 | 203,547 | |
Junior subordinated debentures | 134,000 | 132,400 | |
Redeemable 5% cumulative preferred stock | $ 9,538 | $ 9,538 | |
[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 | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jul. 31, 2017 | Apr. 30, 2015 | |
Bluegreen [Member] | Woodbridge [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Consolidated method ownership percentage | 90.30% | 90.30% | ||||
Alan Levan And Mr Abdo [Member] | Class A and B Common Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Percent of voting power | 78.00% | 78.00% | ||||
Bluegreen [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Payment of administrative fees from subsidiary | $ 500,000 | $ 300,000 | $ 900,000 | $ 600,000 | ||
Dividend received | 11,400,000 | 10,100,000 | 22,900,000 | 20,200,000 | ||
Interest expense | 1,200,000 | 2,400,000 | 1,200,000 | 2,400,000 | ||
Allocated consolidated income tax liability and benefits, amount received | 10,700,000 | 9,900,000 | 13,000,000 | 13,800,000 | ||
Bluegreen [Member] | Other Notes Payable [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt face amount | $ 80,000,000 | |||||
Interest rate | 6.00% | |||||
Renin [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Allocated consolidated income tax liability and benefits, amount received | 1,000,000 | 1,000,000 | ||||
Abdo Companies Inc. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Management services expenses | $ 77,000 | $ 153,000 | $ 77,000 | $ 153,000 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019USD ($)statestore | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)statestorecustomersegment | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | [1] | |
Segment Reporting Information [Line Items] | ||||||
Minimum number of operating segments with similar characteristics to be considered as a reportable segment | segment | 1 | |||||
Revenues | $ 220,151 | $ 221,829 | $ 418,461 | $ 413,910 | ||
Property and equipment, net | $ 134,107 | $ 134,107 | $ 139,628 | |||
IT'SUGAR, LLC [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Number of retail locations | store | 100 | 100 | ||||
Number of states of retail locations | state | 25 | 25 | ||||
MOD Super-Fast Pizza [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | $ 50,000 | ||||
Reportable Segments [Member] | Renin [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Number of major customers | customer | 2 | |||||
Reportable Segments [Member] | Outside United States [Member] | Renin [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Property and equipment, net | $ 1,800 | $ 2,200 | $ 1,800 | $ 2,200 | ||
[1] | See Note 1 for a summary of adjustments. |
Segment Reporting (Segment Info
Segment Reporting (Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | [1] | ||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | $ 220,151 | $ 221,829 | $ 418,461 | $ 413,910 | |||
Interest income | 21,518 | 20,664 | [1] | 42,933 | 42,581 | ||
Net gains on sales of real estate assets | 9,664 | 733 | [1] | 10,996 | 4,802 | ||
Other revenue | 2,960 | 1,562 | [1] | 4,303 | 2,611 | ||
Total revenues | 251,333 | 243,226 | [1] | 472,390 | 461,293 | ||
Interest expense | 11,661 | 10,403 | [1] | 22,809 | 19,602 | ||
Recoveries from loan losses, net | (1,424) | (1,999) | [1] | (2,385) | (6,814) | ||
Impairment losses | 2,138 | 122 | [1] | 2,756 | 356 | ||
Selling, general and administrative expenses | 177,968 | 142,047 | [1] | 299,961 | 266,935 | ||
Total costs and expenses | 269,025 | 221,607 | [1] | 483,708 | 418,704 | ||
Equity in net earnings (losses) of unconsolidated real estate joint ventures | 8,759 | (488) | [1] | 8,742 | 792 | ||
Foreign exchange (loss) gain | (29) | (37) | [1] | (24) | 15 | ||
(Loss) Income before income taxes | (8,962) | 21,094 | [1] | (2,600) | 43,396 | ||
Total assets | 1,801,761 | 1,664,393 | 1,801,761 | 1,664,393 | $ 1,705,020 | ||
Expenditures for property and equipment | 8,551 | 11,998 | 18,244 | 20,073 | |||
Depreciation and amortization | 5,567 | 5,013 | 11,081 | 9,934 | |||
Debt accretion and amortization | 1,249 | 839 | 2,610 | 1,927 | |||
Cash and cash equivalents | 332,871 | 380,447 | 332,871 | 380,447 | 366,305 | ||
Equity method investments | 65,254 | 41,801 | 65,254 | 41,801 | 64,738 | ||
Goodwill | 37,248 | 39,482 | 37,248 | 39,482 | 37,248 | ||
Receivable-backed notes payable | 438,136 | 427,094 | 438,136 | 427,094 | |||
Notes payable and other borrowings | 178,516 | 219,615 | 178,516 | 219,615 | 200,887 | ||
Junior subordinated debentures | 136,829 | 135,974 | 136,829 | 135,974 | $ 136,425 | ||
Corporate Expenses & Other [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Interest income | 46 | 64 | 85 | 95 | |||
Other revenue | 497 | 311 | 967 | 615 | |||
Total revenues | 8,817 | 7,775 | 18,761 | 14,849 | |||
Interest expense | 21 | 99 | 43 | 188 | |||
Impairment losses | 2,138 | 2,756 | 187 | ||||
Selling, general and administrative expenses | 5,120 | 6,593 | 11,161 | 11,670 | |||
Total costs and expenses | 12,904 | 12,646 | 25,547 | 23,211 | |||
(Loss) Income before income taxes | (4,087) | (4,871) | (6,786) | (8,362) | |||
Total assets | 43,518 | 34,646 | 43,518 | 34,646 | |||
Expenditures for property and equipment | 179 | 745 | 1,021 | 2,137 | |||
Depreciation and amortization | 590 | 409 | 1,175 | 794 | |||
Debt accretion and amortization | (6) | 1 | 16 | ||||
Cash and cash equivalents | 8,289 | 9,573 | 8,289 | 9,573 | |||
Goodwill | 2,081 | 4,315 | 2,081 | 4,315 | |||
Notes payable and other borrowings | 1,671 | 7,806 | 1,671 | 7,806 | |||
Eliminations [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Interest income | (666) | (819) | (1,500) | (1,589) | |||
Other revenue | (147) | (186) | (419) | (379) | |||
Total revenues | (819) | (1,010) | (1,934) | (1,975) | |||
Interest expense | 1,428 | 1,635 | 2,886 | 2,812 | |||
Selling, general and administrative expenses | 11,887 | 12,338 | 23,990 | 25,281 | |||
Total costs and expenses | 13,309 | 13,968 | 26,861 | 28,086 | |||
(Loss) Income before income taxes | (14,128) | (14,978) | (28,795) | (30,061) | |||
Total assets | 68,189 | 67,042 | 68,189 | 67,042 | |||
Expenditures for property and equipment | 12 | 87 | 18 | 89 | |||
Depreciation and amortization | 105 | 138 | 217 | 280 | |||
Debt accretion and amortization | 93 | 131 | 183 | 131 | |||
Cash and cash equivalents | 126,960 | 142,712 | 126,960 | 142,712 | |||
Notes payable and other borrowings | (148) | 30,000 | (148) | 30,000 | |||
Junior subordinated debentures | 65,138 | 65,066 | 65,138 | 65,066 | |||
Bluegreen [Member] | Reportable Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Interest income | 21,875 | 21,118 | 43,883 | 42,240 | |||
Other revenue | 1,993 | 710 | 2,082 | 891 | |||
Total revenues | 195,574 | 194,937 | 364,418 | 362,460 | |||
Interest expense | 10,061 | 8,495 | 19,567 | 16,262 | |||
Selling, general and administrative expenses | 147,668 | 109,580 | 237,882 | 203,129 | |||
Total costs and expenses | 205,583 | 155,557 | 352,255 | 292,297 | |||
(Loss) Income before income taxes | (10,009) | 39,380 | 12,163 | 70,163 | |||
Total assets | 1,351,213 | 1,325,317 | 1,351,213 | 1,325,317 | |||
Expenditures for property and equipment | 7,009 | 9,643 | 14,516 | 15,105 | |||
Depreciation and amortization | 3,504 | 2,989 | 6,870 | 5,917 | |||
Debt accretion and amortization | 1,066 | 663 | 2,186 | 1,680 | |||
Cash and cash equivalents | 180,166 | 205,745 | 180,166 | 205,745 | |||
Receivable-backed notes payable | 438,136 | 427,094 | 438,136 | 427,094 | |||
Notes payable and other borrowings | 136,796 | 149,651 | 136,796 | 149,651 | |||
Junior subordinated debentures | 71,691 | 70,908 | 71,691 | 70,908 | |||
BBX Capital Real Estate [Member] | Reportable Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Interest income | 263 | 301 | 465 | 1,834 | |||
Net gains on sales of real estate assets | 9,664 | 733 | 10,996 | 4,802 | |||
Other revenue | 449 | 710 | 1,295 | 1,449 | |||
Total revenues | 10,800 | 4,994 | 17,416 | 17,744 | |||
Recoveries from loan losses, net | (1,424) | (1,999) | (2,385) | (6,814) | |||
Impairment losses | 122 | 169 | |||||
Selling, general and administrative expenses | 1,879 | 2,377 | 4,373 | 4,868 | |||
Total costs and expenses | 455 | 2,881 | 4,631 | 4,851 | |||
Equity in net earnings (losses) of unconsolidated real estate joint ventures | 8,759 | (488) | 8,742 | 792 | |||
(Loss) Income before income taxes | 19,104 | 1,625 | 21,527 | 13,685 | |||
Total assets | 153,503 | 137,555 | 153,503 | 137,555 | |||
Expenditures for property and equipment | 144 | 3 | 167 | ||||
Depreciation and amortization | 101 | 93 | 192 | ||||
Debt accretion and amortization | 25 | 2 | 111 | 2 | |||
Cash and cash equivalents | 14,551 | 18,824 | 14,551 | 18,824 | |||
Equity method investments | 65,254 | 41,801 | 65,254 | 41,801 | |||
Notes payable and other borrowings | 31,983 | 19,453 | 31,983 | 19,453 | |||
Renin [Member] | Reportable Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Other revenue | 152 | 152 | |||||
Total revenues | 15,491 | 16,890 | 34,834 | 31,875 | |||
Interest expense | 116 | 174 | 256 | 340 | |||
Selling, general and administrative expenses | 2,442 | 2,639 | 5,477 | 5,390 | |||
Total costs and expenses | 15,447 | 16,811 | 33,739 | 31,878 | |||
Foreign exchange (loss) gain | (29) | (37) | (24) | 15 | |||
(Loss) Income before income taxes | 15 | 42 | 1,071 | 12 | |||
Total assets | 31,626 | 30,841 | 31,626 | 30,841 | |||
Expenditures for property and equipment | 90 | 241 | 205 | 348 | |||
Depreciation and amortization | 296 | 296 | 594 | 577 | |||
Debt accretion and amortization | 9 | 4 | 17 | 8 | |||
Notes payable and other borrowings | 6,757 | 12,705 | 6,757 | 12,705 | |||
IT'SUGAR, LLC [Member] | Reportable Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Interest income | 1 | ||||||
Other revenue | 16 | 17 | 226 | 35 | |||
Total revenues | 21,470 | 19,640 | 38,895 | 36,340 | |||
Interest expense | 35 | 57 | |||||
Selling, general and administrative expenses | 8,972 | 8,520 | 17,078 | 16,597 | |||
Total costs and expenses | 21,327 | 19,744 | 40,675 | 38,381 | |||
(Loss) Income before income taxes | 143 | (104) | (1,780) | (2,041) | |||
Total assets | 153,712 | 68,992 | 153,712 | 68,992 | |||
Expenditures for property and equipment | 1,261 | 1,138 | 2,481 | 2,227 | |||
Depreciation and amortization | 1,072 | 1,080 | 2,132 | 2,174 | |||
Debt accretion and amortization | 56 | 45 | 112 | 90 | |||
Cash and cash equivalents | 2,905 | 3,593 | 2,905 | 3,593 | |||
Goodwill | 35,167 | 35,167 | 35,167 | 35,167 | |||
Notes payable and other borrowings | 1,457 | 1,457 | |||||
Sales Of VOIs [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 68,302 | 68,573 | [1] | 120,033 | 124,714 | ||
Total costs | 10,572 | 6,789 | [1] | 14,420 | 8,601 | ||
Sales Of VOIs [Member] | Bluegreen [Member] | Reportable Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 68,302 | 68,573 | 120,033 | 124,714 | |||
Total costs | 10,572 | 6,789 | 14,420 | 8,601 | |||
Fee-Based Sales Commissions [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 55,343 | 60,086 | [1] | 100,555 | 105,940 | ||
Fee-Based Sales Commissions [Member] | Bluegreen [Member] | Reportable Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 55,343 | 60,086 | 100,555 | 105,940 | |||
Other Fee-Based Services [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 30,703 | 30,391 | [1] | 60,271 | 58,415 | ||
Total costs | 19,924 | 16,634 | [1] | 42,792 | 34,045 | ||
Other Fee-Based Services [Member] | Bluegreen [Member] | Reportable Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 30,703 | 30,391 | 60,271 | 58,415 | |||
Total costs | 19,924 | 16,634 | 42,792 | 34,045 | |||
Cost Reimbursements [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 17,358 | 14,059 | [1] | 37,594 | 30,260 | ||
Total costs | 17,358 | 14,059 | [1] | 37,594 | 30,260 | ||
Cost Reimbursements [Member] | Bluegreen [Member] | Reportable Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 17,358 | 14,059 | 37,594 | 30,260 | |||
Total costs | 17,358 | 14,059 | 37,594 | 30,260 | |||
Trade Sales [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 45,061 | 43,908 | [1] | 91,045 | 82,311 | ||
Total costs | 30,828 | 31,171 | [1] | 63,118 | 59,091 | ||
Trade Sales [Member] | Corporate Expenses & Other [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 8,274 | 7,400 | 17,709 | 14,139 | |||
Total costs | 5,625 | 5,954 | 11,587 | 11,166 | |||
Trade Sales [Member] | Eliminations [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | (6) | (5) | (15) | (7) | |||
Total costs | (6) | (5) | (15) | (7) | |||
Trade Sales [Member] | Renin [Member] | Reportable Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 15,339 | 16,890 | 34,682 | 31,875 | |||
Total costs | 12,889 | 13,998 | 28,006 | 26,148 | |||
Trade Sales [Member] | IT'SUGAR, LLC [Member] | Reportable Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 21,454 | 19,623 | 38,669 | 36,304 | |||
Total costs | 12,320 | 11,224 | 23,540 | 21,784 | |||
Sales Of Real Estate Inventory [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 424 | 3,250 | [1] | 4,660 | 9,659 | ||
Total costs | 2,381 | [1] | 2,643 | 6,628 | |||
Sales Of Real Estate Inventory [Member] | BBX Capital Real Estate [Member] | Reportable Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 424 | 3,250 | 4,660 | 9,659 | |||
Total costs | 2,381 | 2,643 | 6,628 | ||||
Other Revenue [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | $ 5,020 | $ 3,216 | $ 7,767 | $ 5,649 | |||
[1] | See Note 1 for a summary of adjustments. |