Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 02, 2020 | Jun. 30, 2019 | |
Entity Registrant Name | BBX Capital Corp | ||
Entity Central Index Key | 0000315858 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 298.9 | ||
Class A Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 78,106,148 | ||
Class B Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 18,466,942 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 356,604 | $ 366,305 |
Restricted cash ($22,534 in 2019 and $28,400 in 2018 in variable interest entities ("VIEs")) | 50,266 | 54,792 |
Notes receivable, net ($292,590 in 2019 and $341,975 in 2018 in VIEs) | 449,162 | 439,167 |
Trade inventory | 22,843 | 20,110 |
Vacation ownership interest ("VOI") inventory | 346,937 | 334,149 |
Real estate ($11,297 in 2019 and $20,202 in 2018 held for sale) | 65,818 | 54,956 |
Investments in unconsolidated real estate joint ventures | 57,330 | 64,738 |
Property and equipment, net | 129,686 | 139,628 |
Goodwill | 37,248 | 37,248 |
Intangible assets, net | 68,186 | 69,710 |
Operating lease assets | 109,351 | |
Other assets | 97,540 | 124,217 |
Total assets | 1,790,971 | 1,705,020 |
Liabilities: | ||
Accounts payable | 25,957 | 29,537 |
Deferred income | 18,074 | 16,522 |
Escrow deposits | 22,711 | 22,255 |
Other liabilities | 120,362 | 104,441 |
Receivable-backed notes payable - recourse | 88,569 | 76,674 |
Receivable-backed notes payable - non-recourse (in VIEs) | 334,246 | 382,257 |
Notes payable and other borrowings | 188,731 | 200,887 |
Junior subordinated debentures | 137,254 | 136,425 |
Operating lease liabilities | 123,430 | |
Deferred income taxes | 87,558 | 86,363 |
Redeemable 5% cumulative preferred stock of $.01 par value; authorized 15,000 shares; issued and outstanding 0 shares in 2019 and 10,000 shares in 2018 with a stated value of $1,000 per share | 9,472 | |
Total liabilities | 1,146,892 | 1,064,833 |
Commitments and contingencies (See Note 16) | ||
Redeemable noncontrolling interest | 4,009 | 2,579 |
Equity: | ||
Preferred stock of $.01 par value; authorized 10,000,000 shares | ||
Additional paid-in capital | 152,775 | 161,684 |
Accumulated earnings | 394,551 | 385,789 |
Accumulated other comprehensive income | 1,554 | 1,215 |
Total shareholders' equity | 549,795 | 549,620 |
Noncontrolling interests | 90,275 | 87,988 |
Total equity | 640,070 | 637,608 |
Total liabilities and equity | 1,790,971 | 1,705,020 |
Class A Common Stock [Member] | ||
Equity: | ||
Common stock | 755 | 784 |
Class B Common Stock [Member] | ||
Equity: | ||
Common stock | $ 160 | $ 148 |
Consolidated Statements Of Fi_2
Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted cash | $ 50,266 | $ 54,792 |
Notes receivable, net | 449,162 | 439,167 |
Real estate held-for-sale | $ 11,297 | $ 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 | 0 | 10,000 |
Redeemable Cumulative Preferred Stock, shares outstanding | 0 | 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 | $ 22,534 | $ 28,400 |
Notes receivable, net | $ 292,590 | $ 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 | 75,530,331 | 78,379,530 |
Common stock, shares outstanding | 75,530,331 | 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 | 15,957,853 | 14,840,634 |
Common stock, shares outstanding | 15,957,853 | 14,840,634 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Revenues | |||||
Revenue from customers | $ 843,726 | $ 852,462 | $ 777,949 | ||
Interest income | 86,326 | 85,501 | 83,708 | ||
Net gains on sales of real estate assets | 13,616 | 4,563 | 1,451 | ||
Other revenue | 3,203 | 3,372 | 5,661 | ||
Total revenues | 946,871 | [1] | 945,898 | 868,769 | |
Costs and Expenses | |||||
Interest expense | 45,782 | 42,075 | 35,205 | ||
Recoveries from loan losses, net | (5,428) | (8,653) | (7,546) | ||
Impairment losses | 6,938 | 4,718 | 7,482 | ||
Net gains on cancellation of junior subordinated debentures | (6,929) | ||||
Reimbursement of litigation costs and penalty | (600) | (13,169) | |||
Selling, general and administrative expenses | 585,686 | 537,812 | 532,061 | ||
Total costs and expenses | 936,015 | [1] | 874,423 | 789,317 | |
Equity in net earnings of unconsolidated real estate joint ventures | 37,898 | 14,194 | 12,541 | ||
Other income | 82 | 1,695 | 801 | ||
Foreign exchange (loss) gain | (75) | 68 | (193) | ||
Income before income taxes | 48,761 | 87,432 | 92,601 | ||
(Provision) benefit for income taxes | [2] | (16,658) | (31,639) | 9,702 | |
Net income | 32,103 | 55,793 | 102,303 | ||
Less: Net income attributable to noncontrolling interests | 14,412 | 20,691 | 18,378 | ||
Net income attributable to shareholders | $ 17,691 | $ 35,102 | $ 83,925 | ||
Basic earnings per share | $ 0.19 | $ 0.37 | $ 0.85 | ||
Diluted earnings per share | $ 0.19 | $ 0.36 | $ 0.81 | ||
Basic weighted average number of common shares outstanding | 92,628 | 95,298 | 98,745 | ||
Diluted weighted average number of common and common equivalent shares outstanding | 93,654 | 97,860 | 103,916 | ||
Other comprehensive income (loss), net of tax: | |||||
Unrealized gain (loss) on securities available for sale | $ 52 | $ (47) | $ 135 | ||
Foreign currency translation adjustments | 287 | (194) | 406 | ||
Other comprehensive gain (loss), net | 339 | (241) | 541 | ||
Comprehensive income, net of tax | 32,442 | 55,552 | 102,844 | ||
Less: Comprehensive income attributable to noncontrolling interests | 14,412 | 20,691 | 18,378 | ||
Comprehensive income attributable to shareholders | $ 18,030 | $ 34,861 | $ 84,466 | ||
Class A Common Stock [Member] | |||||
Costs and Expenses | |||||
Cash dividends declared per common share | $ 0.05 | $ 0.04 | $ 0.03 | ||
Class B Common Stock [Member] | |||||
Costs and Expenses | |||||
Cash dividends declared per common share | $ 0.05 | $ 0.04 | $ 0.03 | ||
Sales Of VOIs [Member] | |||||
Revenues | |||||
Revenue from customers | $ 255,375 | $ 254,225 | $ 242,017 | ||
Costs and Expenses | |||||
Total costs | 21,845 | 23,813 | 17,679 | ||
Fee-Based Sales Commissions [Member] | |||||
Revenues | |||||
Revenue from customers | 207,832 | 216,422 | 229,389 | ||
Costs and Expenses | |||||
Total costs | 86,940 | ||||
Other Fee-Based Services [Member] | |||||
Revenues | |||||
Revenue from customers | 125,244 | 118,024 | 111,819 | ||
Costs and Expenses | |||||
Total costs | 86,940 | 72,968 | 64,560 | ||
Cost Reimbursements [Member] | |||||
Revenues | |||||
Revenue from customers | 63,889 | 62,534 | 52,639 | ||
Costs and Expenses | |||||
Total costs | 63,889 | 62,534 | 52,639 | ||
Trade Sales [Member] | |||||
Revenues | |||||
Revenue from customers | 186,337 | 179,486 | 142,085 | ||
Costs and Expenses | |||||
Total costs | 127,720 | 125,640 | 107,335 | ||
Sales Of Real Estate Inventory [Member] | |||||
Revenues | |||||
Revenue from customers | 5,049 | 21,771 | |||
Costs and Expenses | |||||
Total costs | 2,643 | 14,116 | |||
Other [Member] | |||||
Revenues | |||||
Revenue from customers | $ 7,528 | $ 6,284 | $ 5,997 | ||
[1] | During the fourth quarter of 2019, the prior 2019 quarterly revenue and operating expense amounts were reclassified for consistency to conform to the fourth quarter 2019 presentation. | ||||
[2] | Expected tax is computed based upon income before income taxes. |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - USD ($) $ in Thousands | Common Stock [Member]Class A Common Stock [Member] | Common Stock [Member]Class B Common Stock [Member] | Additional Paid-In Capital [Member]Class A Common Stock [Member] | Additional Paid-In Capital [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]Class A Common Stock [Member] | Accumulated Other Comprehensive Income [Member]Class B Common Stock [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] | Non-controlling Interests [Member]Class B Common Stock [Member] | Non-controlling Interests [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Total |
Beginning balance at Dec. 31, 2016 | $ 848 | $ 132 | $ 193,347 | $ 270,665 | $ 1,167 | $ 466,159 | $ 41,609 | $ 507,768 | ||||||||||||
Beginning balance, shares at Dec. 31, 2016 | 84,845,000 | 13,185,000 | ||||||||||||||||||
Net income | 102,303 | |||||||||||||||||||
Net income excluding of loss attributable to redeemable noncontrolling interest | 83,925 | 83,925 | 18,203 | 102,128 | ||||||||||||||||
Purchase and retirement of Common Stock, value | $ (37) | $ (2) | (27,585) | (27,624) | (27,624) | |||||||||||||||
Purchase and retirement of Common Stock, shares | (3,716,000) | (176,000) | ||||||||||||||||||
Other comprehensive income | 541 | 541 | 541 | |||||||||||||||||
Bluegreen initial public offering, net of income taxes | 50,303 | 50,303 | 33,632 | 83,935 | ||||||||||||||||
Distributions to noncontrolling interests | (11,390) | (11,390) | ||||||||||||||||||
Common stock cash dividends declared | $ (2,711) | $ (501) | $ (2,711) | $ (501) | $ (2,711) | $ (501) | ||||||||||||||
Conversion of Common Stock from Class B to Class A, value | ||||||||||||||||||||
Conversion of Common Stock from Class B to Class A, shares | 95,000 | (95,000) | ||||||||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, value | $ 43 | $ 10 | (53) | |||||||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, shares | 4,315,000 | 1,049,000 | ||||||||||||||||||
Issuance of Common Stock from exercise of options, value | $ 3 | 60 | 63 | 63 | ||||||||||||||||
Issuance of Common Stock from exercise of options, shares | 150,000 | |||||||||||||||||||
Share-based compensation | 12,259 | 12,259 | 12,259 | |||||||||||||||||
Ending balance at Dec. 31, 2017 | $ 857 | $ 140 | 228,331 | 354,432 | 1,708 | 585,468 | 82,054 | 667,522 | ||||||||||||
Ending balance, shares at Dec. 31, 2017 | 85,689,000 | 13,963,000 | ||||||||||||||||||
Cumulative effect from the adoption of ASU | Accounting Standards Update 2016-09 [Member] | 3,054 | 3,054 | 3,054 | |||||||||||||||||
Net income | 55,793 | |||||||||||||||||||
Net income excluding of loss attributable to redeemable noncontrolling interest | 35,102 | 35,102 | 21,061 | 56,163 | ||||||||||||||||
Purchase and retirement of Common Stock, value | $ (20) | $ (5) | (16,981) | (17,006) | (17,006) | |||||||||||||||
Purchase and retirement of Common Stock, shares | (1,990,000) | (505,000) | ||||||||||||||||||
Other comprehensive income | (241) | (241) | (241) | |||||||||||||||||
Distributions to noncontrolling interests | (14,284) | (14,284) | ||||||||||||||||||
Bluegreen purchase and retirement of its common stock | (2,124) | (2,124) | (1,876) | (4,000) | ||||||||||||||||
Increase in noncontrolling interest from loan foreclosure | 704 | 704 | ||||||||||||||||||
Purchase of noncontrolling interest | (587) | (587) | 329 | (258) | ||||||||||||||||
Common stock cash dividends declared | (3,281) | (716) | (3,281) | (716) | (3,281) | (716) | ||||||||||||||
Purchase and retirement of Common Stock from tender offer, value | $ (65) | (60,076) | (60,141) | (60,141) | ||||||||||||||||
Purchase and retirement of Common Stock from tender offer, shares | (6,486,000) | |||||||||||||||||||
Conversion of Common Stock from Class B to Class A, value | $ 1 | $ (1) | ||||||||||||||||||
Conversion of Common Stock from Class B to Class A, shares | 38,000 | (38,000) | ||||||||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, value | $ 11 | $ 14 | (25) | |||||||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, shares | 1,101,000 | 1,421,000 | ||||||||||||||||||
Issuance of Common Stock from exercise of options, value | 245 | 245 | 245 | |||||||||||||||||
Issuance of Common Stock from exercise of options, shares | 27,000 | |||||||||||||||||||
Share-based compensation | 12,901 | 12,901 | 12,901 | |||||||||||||||||
Ending balance at Dec. 31, 2018 | $ 784 | $ 148 | 161,684 | 385,789 | 1,215 | 549,620 | 87,988 | 637,608 | ||||||||||||
Ending balance, shares at Dec. 31, 2018 | 78,379,000 | 14,841,000 | ||||||||||||||||||
Cumulative effect from the adoption of ASU | Accounting Standards Update 2016-01 [Member] | 252 | (252) | ||||||||||||||||||
Net income | 32,103 | |||||||||||||||||||
Net income excluding of loss attributable to redeemable noncontrolling interest | 17,691 | 17,691 | 14,738 | 32,429 | ||||||||||||||||
Purchase and retirement of Common Stock, value | $ (35) | $ (7) | (19,997) | (20,039) | (20,039) | |||||||||||||||
Purchase and retirement of Common Stock, shares | (3,451,000) | (749,000) | ||||||||||||||||||
Other comprehensive income | 339 | 339 | 339 | |||||||||||||||||
Distributions to noncontrolling interests | (11,948) | (11,948) | ||||||||||||||||||
Bluegreen purchase and retirement of its common stock | (332) | (332) | (503) | (835) | ||||||||||||||||
Purchase of noncontrolling interest | (1,902) | (1,902) | (1,902) | |||||||||||||||||
Common stock cash dividends declared | $ (3,878) | $ (947) | $ (3,878) | $ (947) | $ (3,878) | $ (947) | ||||||||||||||
Conversion of Common Stock from Class B to Class A, value | ||||||||||||||||||||
Conversion of Common Stock from Class B to Class A, shares | 36,000 | (36,000) | ||||||||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, value | $ 6 | $ 19 | (25) | |||||||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, shares | 566,000 | 1,902,000 | 0 | |||||||||||||||||
Share-based compensation | 11,445 | 11,445 | $ 11,445 | |||||||||||||||||
Ending balance at Dec. 31, 2019 | $ 755 | $ 160 | 152,775 | 394,551 | 1,554 | 549,795 | 90,275 | 640,070 | ||||||||||||
Ending balance, shares at Dec. 31, 2019 | 75,530,000 | 15,958,000 | ||||||||||||||||||
Cumulative effect from the adoption of ASU | Accounting Standards Update 2016-02 [Member] | $ (2,202) | $ (2,202) | $ (2,202) |
Consolidated Statement Of Cha_2
Consolidated Statement Of Changes In Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statement Of Changes In Equity [Abstract] | |||
Loss (earnings) attributable to redeemable noncontrolling interest | $ 326 | $ 370 | $ (175) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | |||
Net income | $ 32,103 | $ 55,793 | $ 102,303 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Recoveries from loan losses, net | (5,428) | (8,653) | (7,546) |
Provision for notes receivable allowances | 55,677 | 51,236 | 46,412 |
Depreciation, amortization and accretion, net | 27,720 | 25,739 | 20,731 |
Share-based compensation expense | 11,445 | 12,901 | 12,259 |
Net gains on sales of real estate and property and equipment | (9,396) | (4,563) | (1,451) |
Equity earnings of unconsolidated real estate joint ventures | (37,898) | (14,194) | (12,541) |
Return on investment in unconsolidated real estate joint ventures | 39,043 | 17,679 | 12,852 |
Increase (decrease) in deferred income tax | 2,072 | 27,444 | (12,680) |
Impairment losses | 6,938 | 4,718 | 7,482 |
Net gains on cancellation of junior subordinated debentures | (6,929) | ||
Interest accretion on redeemable 5% cumulative preferred stock | 1,028 | 1,061 | 1,207 |
Increase in notes receivable | (65,672) | (63,545) | (47,470) |
Increase in VOI inventory | (12,788) | (32,022) | (42,757) |
(Increase) decrease in trade inventory | (2,733) | 3,882 | (2,261) |
(Increase) decrease in real estate inventory | (7,445) | 12,001 | (273) |
Net change in operating lease asset and operating lease liability | 1,444 | ||
Decrease (increase) in other assets | 19,315 | (1,607) | (7,410) |
Increase (decrease) in other liabilities | 22,817 | (1,231) | 3,671 |
Net cash provided by operating activities | 78,242 | 86,639 | 65,599 |
Investing activities: | |||
Return of investment in unconsolidated real estate joint ventures | 31,442 | 12,080 | 6,440 |
Investments in unconsolidated real estate joint ventures | (25,179) | (29,070) | (5,310) |
Proceeds from repayment of loans receivable | 6,171 | 19,394 | 11,168 |
Proceeds from sales of real estate held-for-sale | 23,512 | 17,431 | 15,081 |
Proceeds from the sale of property and equipment | 16,642 | 569 | 341 |
Additions to real estate held-for-sale and held-for-investment | (600) | (1,221) | (1,642) |
Purchases of property and equipment | (35,588) | (45,550) | (22,045) |
Cash paid for acquisition, net of cash received | (58,418) | ||
Decrease in cash from other investing activities | (81) | (4,696) | (380) |
Net cash provided by (used in) investing activities | 16,319 | (31,063) | (54,765) |
Financing activities: | |||
Repayments of notes payable and other borrowings | (258,198) | (279,737) | (233,132) |
Proceeds from notes payable and other borrowings | 200,781 | 336,951 | 246,771 |
Redemption of junior subordinated debentures | (11,438) | ||
Payments for debt issuance costs | (3,428) | (1,121) | (3,390) |
Payments of interest of redeemable 5% cumulative preferred stock | (500) | (563) | (750) |
Payments to redeem redeemable 5% cumulative preferred stock | (10,000) | ||
Purchase and retirement of Class A common stock | (20,039) | (77,147) | (27,624) |
Repurchase and retirement of subsidiaries' common stock | (835) | (4,000) | |
Purchase of noncontrolling interest | (258) | ||
Proceeds from the exercise of stock options | 245 | 63 | |
Dividends paid on common stock | (4,621) | (3,812) | (2,937) |
Bluegreen initial public offering, net of offering costs | 95,923 | ||
Distributions to noncontrolling interest | (11,948) | (14,284) | (11,390) |
Net cash (used in) provided by financing activities | (108,788) | (43,726) | 52,096 |
(Decrease) increase in cash, cash equivalents and restricted cash | (14,227) | 11,850 | 62,930 |
Cash, cash equivalents and restricted cash at beginning of period | 421,097 | 409,247 | 346,317 |
Cash, cash equivalents and restricted cash at end of period | 406,870 | 421,097 | 409,247 |
Supplemental cash flow information: | |||
Interest paid on borrowings, net of amounts capitalized | 40,306 | 37,424 | 29,980 |
Income taxes paid | 11,381 | 3,801 | 4,015 |
Supplementary disclosure of non-cash investing and financing activities: | |||
Construction funds receivable transferred to real estate | 18,318 | 14,548 | 11,276 |
Operating lease assets obtained in exchange for new operating lease liabilities | 26,200 | ||
Acquisition of VOI inventory, property and equipment for notes payable | 24,258 | ||
Loans receivable transferred to real estate | 333 | 1,673 | 1,365 |
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 | 15,996 | |
Assumption of Community Development District Bonds by builders | 1,035 | 5,572 | |
Reconciliation of cash, cash equivalents and restricted cash: | |||
Total cash, cash equivalents, and restricted cash | $ 406,870 | $ 421,097 | $ 409,247 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
Organization [Abstract] | |
Organization | 1. 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 . ” In December 2016 , BBX Capital completed the acquisition of all the outstanding shares of the former BBX Capital Corporation (“BCC”) not previously owned by it . Prior to the acquisition, BBX Capital had an 82% equity interest in BCC and a direct 54% equity interest in Woodbridge Holdings Corporation (“Woodbridge”), and BCC held the remaining 46% interest in Woodbridge. As a result of the acquisition, BCC and Woodbridge are wholly-owned subsidiaries of BBX Capital, and on January 30, 2017, BBX Capital changed its name from BFC Financial Corporation to BBX Capital Corporation. 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 BBX Sweet Holdings, LLC (“BBX Sweet Holdings”) . Bluegreen 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 (the “Vacation Club”) have the right to use most of the units in connection with their VOI ownership) and 23 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 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 220,000 owners in Bluegreen’s Vacation Club have the flexibility to stay at units available at its resorts and have access to over 11,350 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 by 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 FICO score-qualified purchasers of VOIs, which generates significant interest income. Prior to the fourth quarter of 2017, Woodbridge owned 100% of Bluegreen’s common stock. During the fourth quarter of 2017, Bluegreen completed an initial public offering (“IPO”) of its common stock in which Bluegreen sold to the public 3,736,723 shares of its common stock and Woodbridge, as a sell ing shareholder, sold to the public 3,736,722 shares of Bluegreen’s common stock. In addition, as of December 31, 2019, Bluegreen has repurchased and retired 371,762 shares of its common stock for $4.8 million. As a result of Bluegreen’s IPO and subsequent share repurchases , BBX Capita l owns approximately 90.5% of Bluegreen’s common stock through Woodbridge. BBX Capital Real Estate 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 , including investments in multifamily apartment and townhome communities, single-family master-planned communities, and commercial properties located primarily in Florida. 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 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. BBX Sweet Holdings BBX Sweet Holdings is engaged in the ownership and management of operating businesses in the confectionery industry, including IT’SUGAR, Hoffman’s Chocolates, and Las Olas Confections and Snacks. IT’SUGAR is a specialty candy retailer which operates approximately 100 retail locations, which include a mix of high-traffic resort and entertainment, lifestyle, mall/outlet, and urban locations in over 25 states and Washington D.C., and its products include bulk candy, candy in giant packaging, and novelty items. Hoffman’s Chocolates is a retailer of gourmet chocolates with retail locations in South Florida, and Las Olas Confections and Snacks is a manufacturer and wholesaler of chocolate and other confectionery products . Renin 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 year ended December 31, 2019, Renin’s total revenues included $36.0 million of trade sales to two major customers and their affiliates and $ 18.4 million of revenues generated outside the United States . Renin’s properties and equipment located outside the United States had a carrying amount of $1.6 million as of December 31, 2019. Other In addition to its principal investments, the Company has investments in other operating businesses, including a restaurant located in South Florida that was acquired through a loan foreclosure and an insurance agency, and previously operated pizza restaurant locations as a franchisee of MOD Super Fast Pizza (“MOD Pizza”), as described below. In 2016, Food for Thought Restaurant Group (“FFTRG”), a wholly-owned subsidiary of BBX Capital, entered into area development and franchise agreements with MOD Pizza related to the development of up to approximately 60 MOD Pizza franchised restaurant locations throughout Florida. Through 2019, FFTRG had opened nine restaurant locations. As a result of FFTRG’s overall operating performance and the Company’s goal of streamlining its investment verticals, the Company entered into an agreement with MOD Pizza to terminate the area development and franchise agreements and transferred seven of its restaurant locations, including the related assets, operations, and lease obligations, to MOD Pizza during the third quarter of 2019. In addition, the Company closed the remaining two locations and terminated the related lease agreements. In connection with the transfer of the seven restaurant locations to MOD Pizza, the Company recognized an aggregate impairment loss of $4.0 million related to the disposal group, which included property and equipment, intangible assets, and net lease liabilities. In addition, prior to the transaction, the Company previously recognized $2.7 million of impairment losses associated with property and equipment at three restaurant locations. Accordingly, the Company recognized $6.7 million of impairment losses associated with its investment in MOD Pizza restaurant locations during the year ended December 31, 2019. |
Basis Of Presentation And Signi
Basis Of Presentation And Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Basis Of Presentation And Significant Accounting Policies | 2. Basis of Presentation and Significant Accounting Policies Consolidation Policy - The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and 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. Use of Estimates – The preparation of GAAP financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, management evaluates its estimates, including those that relate to the estimated future sales value of inventory; the recognition of revenue; the allowance for loan losses; the recovery of the carrying value of VOI inventories and real estate; the measurement of assets and liabilities at fair value, including amounts recognized in business combinations and items measured at fair value on a non-recurring basis, such as intangible assets, goodwill, and real estate; the amount of the deferred tax valuation allowance and accounting for uncertain tax positions; and the estimate of contingent liabilities related to litigation and other claims and assessments. Management bases its estimates on historical experience and on other various assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions and conditions. Reclassifications - Certain amounts for prior years have been reclassified to conform to the revised financial statement presentation for 2019. The reclassification had no impact on the Company’s statements of operations and comprehensive income or statements of cash flows. Cash, Cash Equivalents, and Restricted Cash - Cash equivalents consist of demand deposits at financial institutions, money market funds, and other short-term investments with original maturities at the time of purchase of 90 days or less. Cash in excess of the Company’s immediate operating requirements are generally invested in short-term time deposits and money market instruments that typically have original maturities at the date of purchase of three months or less. Restricted cash consists primarily of customer deposits held in escrow accounts and cash collected on pledged/secured notes receivable not yet remitted to lenders. Cash and cash equivalents are maintained at various financial institutions located throughout the United States, as well as in Canada and Aruba, in amounts exceeding the $250,000 federally insured limit. Accordingly, the Company is subject to credit risk. Management performs periodic evaluations of the relative credit standing of financial institutions maintaining the Company’s deposits to evaluate and, if necessary, take actions in an attempt to mitigate credit risk. Revenue Recognition Sales of VOIs – Revenue is recognized for sales of VOIs after control of the VOI is deemed transferred to the customer, which is when the legal rescission period has expired on a binding executed VOI sales agreement and the collectability of the note receivable from the buyer, if any, is reasonably assured. Transfer of control of the VOI to the buyer is deemed to occur when the legal rescission period expires as the risk and rewards associated with VOI ownership are transferred to the buyer at that time. The Company records Bluegreen’s customer deposits from contracts within the legal rescission period in restricted cash and escrow deposits in the Company’s consolidated statements of financial condition, as such amounts are refundable until the legal rescission period has expired. In cases where construction and development of Bluegreen’s developed resorts has not been substantially completed, Bluegreen defers all of the revenues and associated expenses for the sales of VOIs until construction is substantially complete and the resort may be occupied. Bluegreen generally offers qualified purchasers financing for up to 90% of the purchase price of VOIs. The typical financing provides for a term of ten years and a fixed interest rate, is fully amortizing in equal installments, and may be prepaid without penalty. For sales of VOIs for which Bluegreen provides financing, Bluegreen reduces the transaction price for expected loan losses, which it considers to be variable consideration. To the extent Bluegreen determines that it is probable that a significant reversal of cumulative revenue recognized may occur, it records an estimate of variable consideration as a reduction to the transaction price of the sales of VOIs until the uncertainty associated with the variable consideration is resolved. Bluegreen’s estimates of variable consideration are based on the results of its static pool analysis, which relies on historical payment data for similar VOI notes receivable and tracks uncollectibles for each period’s sales over the entire life of the notes. Bluegreen also considers whether historical economic conditions are comparable to then current economic conditions, as well as variations in underwriting standards. Bluegreen reviews its estimate of variable consideration on at least a quarterly basis. VOI sales for which no financing is provided do not have any significant payment terms. Fee-based sales commissions – Bluegreen enters into fee-based sales arrangements with third-party developers to sell VOIs through its sales and marketing platforms for which Bluegreen earns a commission. Commission r evenue is recognized to the extent that it is probable that a significant reversal of such revenue will not occur and the related consumer rescission period has expired. Commission revenue is recognized over time as the third-party developer receives and consumes the benefits of the services. Other fee-based services and cost reimbursements - Revenue associated with Bluegreen’s other fee-based services is recognized as follows: · Resort and club management revenue is recognized as services are rendered. These services provided to the resort HOAs are comprised of day-to-day services to operate the resort, including management services and certain accounting and administrative functions. Management services provided to the Vacation Club include managing the reservation system and providing owner, billing, and collection services. Bluegreen’s management contracts are typically structured as cost-plus, with an initial term of three years and automatic one year renewals. Bluegreen believes these services to be a series of distinct goods and services to be accounted for as a single performance obligation over time and recognizes revenue as the customer receives the benefits of its services. Bluegreen allocates variable consideration to the distinct good or service within the series, such that revenue from management fees and cost reimbursements is recognized in each period as the uncertainty with respect to such variable consideration is resolved. · Cost reimbursements are received for performing day to day management services based on agreements with the HOAs. These costs primarily consist of payroll and payroll related costs for the management of the HOAs and other services provided where Bluegreen is the employer. Cost reimbursements are based upon actual expenses and are billed to the HOA on a monthly basis. Bluegreen recognizes cost reimbursement when they incur the related reimbursable costs as the HOA receives and consumes the benefits of the management services. · Resort title fee revenue is recognized when escrow amounts are released and title documents are completed. · Rental revenues are recognized on a daily basis, which is consistent with the period for which the customer benefits from such service. Revenue from the sampler program is typically recognized when guests complete stays at the resorts, which typically occurs within a year from sale. · Mortgage servicing revenue is recognized as services are rendered. Fees received in advance are generally included in deferred income in the Company’s consolidated statements of financial condition until the related service is rendered and revenue is recognized as stated above. Rental operations, including accommodations provided through the use of Bluegreen’s sampler program, are accounted for as incidental operations whereby incremental carrying costs in excess of incremental revenues are expensed as incurred , and as noted above, r evenue from the sampler program is deferred and typically recognized within a year from sale as guests complete stays at the resorts. During each of the years presented, Bluegreen’s aggregate rental revenue and sampler revenue was less than the aggregate carrying cost of its VOI inventory. Accordingly, Bluegreen recorded such revenue as a reduction to the carrying cost of VOI inventory, which is included in cost of other fee-based services in the Company’s consolidated statements of operations and comprehensive income for each year. Trade sales – Revenue is recognized on trade sales as follows: · Revenue is recognized on wholesale trade sales when control of the products is transferred to customers, which generally occurs when the products are shipped or the customers accept delivery. Wholesale trade sales typically have payment terms between 10 and 90 days. Certain customer trade sale contracts have provisions for right of return, volume rebates, and price concessions. These types of discounts are accounted for as variable consideration, and the Company uses the expected value method to calculate the estimated reduction in the trade sales revenue. The inputs used in the expected value method include historical experience with the customer, sales forecasts, and outstanding purchase orders. · Revenue is recognized on retail trade sales at the point of sale, which occurs when products are sold at the Company’s retail locations. · Sales and other taxes imposed by governmental authorities that are collected by the Company from customers are excluded from revenue or the transaction price. · Shipping and handling activities that occur after the control of goods is transferred to a customer are accounted for as fulfillment activities instead of a separate performance obligation. · Revenue is not adjusted for the effects of a significant financing component if the Company expects, at the contract inception, that the performance obligation will be satisfied within one year or less. Sales of real estate inventory - Revenue is generally recognized on sales of real estate inventory to customers when the sales are closed and title passes to the buyer. The Company generally receives payment from the sale of real estate inventory at the date of closing. In addition, certain real estate sales contracts provide for a contingent purchase price. The contingent purchase price in contracts pursuant to which the Company sells developed lots to homebuilders is generally calculated as a percentage of the proceeds that the homebuilders receive from sales to their own customers, and the Company does not receive payment of such amounts until the homebuilders close on such sales. The Company accounts for the contingent purchase price in these contracts as variable consideration and estimates the amount of such consideration that may be recognized upon the closing of the real estate transaction based on the expected value method. The estimate of variable consideration is recognized as revenue to the extent that it is not probable that a significant reversal in the amount of cumulative revenue recognized will occur when the uncertainty associated with the variable consideration is subsequently resolved. The inputs used in the expected value method include current sales prices (net of incentives), historical contingent purchase price receipts, and sales contracts on similar properties. Interest income - Bluegreen provides financing for a significant portion of sales of its owned VOIs. Bluegreen recognizes interest income from financing VOI sales on the accrual method as earned based on the outstanding principal balance, interest rate, and terms stated in each individual financing agreement. Interest income from other loans receivable originated by the Company is recognized on accruing loans when management determines that it is probable that all of the principal and interest will be collected in accordance with the loan’s contractual terms. Interest income is recognized on non-accrual loans on a cash basis. Loans receivable are included in other assets in the Company’s consolidated statements of financial condition. Net gains on sales of real estate assets – Net gains on sales of real estate assets represents sales of assets to non-customers. Gains (or losses) are recognized from sales to non-customers when the control of the asset has been transferred to the buyer, which generally occurs when title passes to the buyer. Other revenue – Other revenue is primarily comprised of rental income from properties under short-term operating leases. Rental income is recognized as rents become due, and rental payments received in advance are deferred until earned. Notes Receivable - Bluegreen’s n otes receivable are carried at amortized cost less an allowance for loan losses, and its loan origination costs are deferred and recognized over the life of the related notes receivable. Interest income is suspended, and previously accrued but unpaid interest income is reversed, on all delinquent notes receivable when principal or interest payments are more than 90 days contractually past due and is not resumed until such notes receivable are less than 90 days past due. As of December 31, 2019 and December 31, 2018, $25.5 million and $20.4 million, respectively, of Bluegreen’s VOI notes receivable were more than 90 days past due, and accordingly, consistent with Bluegreen’s policy, were not accruing interest income. After approximately 127 days, Bluegreen’s VOI notes receivable are generally written off against the allowance for loan loss. VOI Inventory - Bluegreen’s VOI inventory is primarily comprised of completed VOIs, VOIs under construction, and land held for future VOI development. Completed VOI inventory is carried at the lower of (i) cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest and real estate taxes, and other costs incurred during construction, or (ii) estimated fair market value, less costs to sell. VOI inventory and cost of sales are accounted for under timeshare accounting rules, which require the use of a specific method of the relative sales value method for relieving VOI inventory and recording cost of sales. Under the relative sales value method, cost of sales is calculated as a percentage of net sales using a cost-of-sales percentage that is the ratio of total estimated development costs to total estimated VOI revenue, including the estimated incremental revenue from the resale of repossessed VOI inventory that is generally obtained as a result of the default of the related receivable. In addition, pursuant to timeshare accounting rules, Bluegreen does not relieve inventory for VOI cost of sales related to anticipated loan losses. Accordingly, no adjustment is made when inventory is reacquired upon default of the related receivable. Trade Inventory – Trade inventory is measured at the lower of cost or market. Cost includes all costs of conversions, including materials, direct labor, production overhead, depreciation of equipment, and shipping costs. Raw materials are not written down unless the goods in which they are incorporated are expected to be sold for less than cost, in which case, they are written down by reference to replacement cost of the raw materials. Finished goods and work in progress are stated at the lower of cost or market determined on a first-in, first-out or average cost basis. Shipping and handling fees billed to customers are recorded as trade sales, and shipping and handling fees paid by the Company are recorded as cost of goods sold. In valuing inventory, the Company makes assumptions regarding the write-downs required for excess and obsolete inventory based on judgments and estimates formulated from available information. Estimates for excess and obsolete inventory are based on historical and forecasted usage. Inventory is also examined for upcoming expiration, and write-downs are recorded where appropriate. Real Estate – From time to time, the Company acquires real estate or takes possession or ownership of real estate through the foreclosure of collateral on loans receivable. Such real estate is classified as real estate held-for-sale, real estate held-for-investment, or real estate inventory. When real estate is classified as held-for-sale, it is initially recorded at fair value less estimated selling costs and subsequently measured at the lower of cost or estimated fair value less selling costs. When real estate is classified as held-for-investment, it is initially recorded at fair value and, if applicable, is depreciated in subsequent periods over its useful life using the straight-line method. Real estate is classified as real estate inventory when the property is under development for sale to customers and is measured at cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest and real estate taxes, and other costs incurred during the construction period. Expenditures for capital improvements are generally capitalized, while the ongoing costs of owning and operating real estate are charged to selling, general and administrative expenses as incurred. Impairments required on loans receivable at the time of foreclosure of real estate collateral are charged to the allowance for loan losses, while impairments of real estate required under ASC 360 to reflect subsequent declines in fair value are recorded as impairment losses in the Company’s consolidated statements of operations and comprehensive income. Investments in Unconsolidated Real Estate Joint Ventures - The Company uses the equity method of accounting to record its equity investments in entities in which it has significant influence but does not hold a controlling financial interest, including equity investments in VIEs in which the Company is not the primary beneficiary. Under the equity method, an investment is reflected on the statement of financial condition of an investor as a single amount, and an investor’s share of earnings or losses from its investment is reflected in the statement of operations as a single amount. The investment is initially measured at cost and subsequently adjusted for the investor’s share of the earnings or losses of the investee and distributions received from the investee. The investor recognizes its share of the earnings or losses of the investee in the periods in which they are reported by the investee in its financial statements rather than in the period in which an investee declares a distribution. Intra-entity profits and losses on assets still remaining with an investor or investee are eliminated. The Company recognizes its share of earnings or losses from certain equity method investments based on the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, earnings or losses are recognized based on how an entity would allocate and distribute its cash if it were to sell all of its assets and settle its liabilities for their carrying amounts and liquidate at the reporting date. The HLBV method is used to calculate the Company’s share of earnings or losses from equity method investments when the contractual cash disbursements are different than the investors’ equity interest. The Company capitalizes interest expense on investments in and advances or loans to real estate joint ventures accounted for under the equity method that have commenced qualifying activities, such as real estate development projects. The capitalization of interest expense ceases when the investee completes its qualifying activities, and total capitalized interest expense cannot exceed interest expense incurred. The Company reviews its investments on an ongoing basis for indicators of other-than-temporary impairment. This determination requires significant judgment in which the Company evaluates, among other factors, the fair market value of its investments, general market conditions, the duration and extent to which the fair value of an investment is less than cost, and the Company’s intent and ability to hold an investment until it recovers. The Company also considers specific adverse conditions related to the financial health and business outlook of the investee, including industry and market performance, rating agency actions, and expected future operating and financing cash flows. If a decline in the fair value of an investment is determined to be other-than-temporary, an impairment loss is recorded to reduce the investment to its fair value, and a new cost basis in the investment is established. Property and Equipment - Land is carried at cost. Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets, which generally range up to 40 years for buildings and building improvements, from 3 to 14 years for office furniture, fixtures, and equipment, from 3 to 5 years for transportation and equipment, and from 3 to 14 years for leasehold improvements. The cost of leasehold improvements is depreciated using the straight-line method over the shorter of the terms of the related leases or the estimated useful lives of the improvements. Expenditures for new property, leasehold improvements, and equipment and major renewals and betterments are capitalized. Expenditures for maintenance and repairs are expensed as incurred, and gains or losses on disposal of assets are reflected in current operations. The cost of software developed for internal use is capitalized in accordance with the accounting guidance for costs of computer software developed or obtained for internal use. The capitalization of costs of software developed for internal use commences during the development phase of the project and ends when the software is ready for its intended use. The costs of software developed or obtained for internal use are generally amortized on a straight-line basis over 3 to 5 years. The Company capitalized costs of software for internal use of $10.1 million and $10.2 million for the years ended December 31, 2019 and 2018, respectively. Goodwill and Intangible Assets Goodwill – The Company recognizes goodwill upon the acquisition of a business when the fair values of the consideration transferred and any noncontrolling interests in the acquiree are in excess of the fair value of the acquiree’s identifiable net assets. The Company tests goodwill for potential impairment on an annual basis as of December 31 or during interim periods if impairment indicators exist. The Company first assesses qualitatively whether it is necessary to perform goodwill impairment testing. Impairment testing is performed when it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The Company evaluates various factors affecting a reporting unit in its qualitative assessment, including, but not limited to, macroeconomic conditions, industry and market considerations, cost factors, and financial performance. If the Company concludes from its qualitative assessment that goodwill impairment testing is required, the fair value of the reporting unit is compared to its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, the Company records an impairment loss for the excess amount, although the impairment loss is limited to the amount of goodwill allocated to the reporting unit. Intangible assets – Intangible assets consist primarily of indefinite-lived management contracts recognized upon the consolidation of Bluegreen in November 2009. The remaining balance in intangible assets includes various amortizable intangible assets that are amortized on a straight-line basis of their respective estimated useful lives, including trade names and non-competition agreements acquired in connection with business combinations that were initially recorded at fair value at the applicable acquisition date. Prior to the adoption of the new lease accounting standard on January 1, 2019, intangible assets also included off-market lease agreements acquired in connection with business combinations that were initially recorded at fair value. Indefinite-lived intangible assets are not amortized and are tested for impairment on at least an annual basis, or more frequently if events and circumstances indicate that it is more likely than not that the related carrying amounts may be impaired. The Company evaluates indefinite-lived intangible assets for impairment by first qualitatively considering relevant events and circumstances to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. If it is more likely than not that the fair value of the indefinite-lived intangible asset is greater than its carrying amount, the indefinite-lived intangible asset is not impaired. If the Company concludes that it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, the Company estimates the fair value of the indefinite-lived intangible asset and compares the estimated fair value to the carrying amount. If the fair value of the indefinite-lived intangible asset is less than the carrying value, an impairment loss is recognized for the difference. Amortizable intangible assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. The carrying amount of an intangible asset is not considered recoverable when the carrying amount exceeds the sum of the undiscounted cash flows expected to result from the use of the intangible asset. To the extent that the carrying amount of an intangible asset exceeds the sum of such undiscounted cash flows, an impairment loss is measured and recorded based on the amount by which the carrying amount of the intangible asset exceeds its fair value. Operating Lease Assets and Operating Lease Liabilities – 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 consolidated statements of financial condition. The Company determines if an arrangement is a lease at inception. The operating lease assets represent the Company’s right to use an underlying asset for the lease term, and operating lease liabilities represent the Company’s obligation to make lease payments. Operating lease assets and liabilities are recognized when the Company takes possession of the underlying asset based on the present value of lease payments over the lease term. The Company generally does not include lease payments associated with renewal options that are exercisable at its discretion in the measurement of its operating lease assets and operating lease liabilities as it is not reasonably certain that such options will be exercised. 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 Company recognizes accrued straight-line rent and unamortized tenant allowances received from landlords associated with its operating leases as a reduction of the operated lease assets associated with such leases. The Company has lease agreements with lease and non-lease components which it generally accounts for as a single lease component for lease classification, recognition and measurement purposes. Trade Receivables – Trade receivables are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its trade receivable portfolio. In establishing the required allowance, management considers various factors, including historical losses, current market conditions, the customers' financial condition, the amount of receivables in dispute, and the aging and payment patterns related to the receivables. The Company reviews its allowance for doubtful accounts on a quarterly basis. Past due balances over 90 days and over a specified amount are reviewed individually for collectibility. Account balances are charged off against the allowance after all standard means of collection have been exhausted and the potential for recovery is considered remote. Trade receivables are included in other assets in the Company’s consolidated statements of financial condition and had an outstanding balance of $13.1 million and $18.3 million as of December 31, 2019 and 2018, respectively. Deferred Financing Costs – Deferred financing costs are comprised of costs incurred in connection with obtaining financing from third-party lenders and are presented in the Company’s consolidated statements of financial condition as other assets or as a direct deduction from the carrying amount of the associated debt liability. These costs are capitalized and amortized to interest expense over the terms of the related financing arrangements. As of December 31, 2019 and 2018, unamortized deferred financing costs presented in other assets totaled $6.0 million and $5.6 million, respectively, while unamortized costs presented against the associated debt liabilities totaled $8.5 million and $9.1 million, respectively. Interest expense from the amortization of deferred financing costs for the years ended December 31, 2019, 2018 and 2017 was $4.5 million, $3.5 million, and $3.1 million, respectively. Advertising – The Company expenses advertising costs, which are primarily marketing costs, as incurred. Advertising expenses totaled $146.0 million, $138.9 million and $148.6 million for the years ended December 31, 2019, 2018 and 2017, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income. Bluegreen has entered into marketing arrangements with various third parties. For the years ended December 31, 2019, 2018, and 2017, sales of VOIs to prospects and leads generated by Bluegreen’s marketing arrangement with Bass Pro accounted for approximately 13% , 14%, and 15% , respectively, of total VOI sales volume. There can be no guarantee that Bluegreen will be able to maintain this agreement in accordance with its terms or extend or renew this agreement on similar terms, or at all, nor is there any assurance that Bluegreen’s business relationship with Bass Pro under the revised terms of its marketing agreement entered into in June 2019 will be as profitable as under the prior terms, or at all. See Note 16 for a description of the revised terms of Bluegreen’s marketing agreement with Bass Pro. Income Taxes – The Company and its subsidiaries in which it owns 80% or more of the voting power and value of the subsidiary’s stock file a consolidated U.S. Federal and Florida income tax return. Other than Florida, the Company and its subsidiaries file separate or unitary state income tax returns for each jurisdiction. Subsidiaries in which the Company owns less than 80% of the outstanding equity are not included in the Company’s consolidated U.S. Federal or Florida state income tax return. The provision for income taxes is based on incom |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Acquisitions [Abstract] | |
Acquisitions | 3. Acquisitions Acquisition of IT’SUGAR On June 16, 2017, BBX Sweet Holdings acquired IT’SUGAR, a specialty candy retailer w ith approximately 100 retail locations in over 25 states and Washington, D . C . , through the acquisition of all of its Class A Preferred Units and 90.4% of its Class B Common Units for cash consideration of approximately $58.4 million, net of cash acquired. The remaining 9.6% of IT’SUGAR’s Class B Common Units is owned by JR Sugar Holdings, LLC (“JR Sugar”), an entity owned by the founder and CEO of IT’SUGAR. The consolidated net assets and results of operations of IT’SUGAR are included in the Company’s consolidated financial statements commencing on June 16, 2017 and resulted in the following impact to trade sales and income before income taxes from the acquisition date to December 31, 2017 (in thousands): June 16, 2017 to December 31, 2017 Trade sales $ 46,765 Income before income taxes $ 2,598 Purchase Price Allocation The Company accounted for the acquisition of IT’SUGAR using the acquisition method of accounting, which requires that the assets acquired and liabilities assumed associated with an acquiree be recognized at their fair values at the acquisition date. The following table summarizes the purchase price allocation based on the Company’s valuation, including the fair values of the assets acquired, liabilities assumed, and the redeemable noncontrolling interest in IT’SUGAR at the acquisition date (in thousands): Property and equipment $ 18,747 Cash, inventory and other assets 12,212 Identifiable intangible assets (1) 4,512 Total assets acquired 35,471 Accounts payable and other liabilities (5,370) Identifiable intangible liabilities (2) (716) Total liabilities assumed (6,086) Fair value of identifiable net assets 29,385 Redeemable noncontrolling interest (2,490) Goodwill 35,164 Purchase consideration 62,059 Less: cash acquired (3,641) Cash paid for acquisition less cash acquired $ 58,418 Acquisition-related costs included in selling, general and administrative expenses $ 2,963 (1) Identifiable intangible assets were comprised of $4.2 million, $0.2 million and $0.1 million associated with IT’SUGAR’s trademark, favorable operating lease agreements, and a noncompetition agreement, respectively. (2) Identifiable intangible liabilities were comprised of unfavorable operating lease agreements. The fair values reported in the above table were estimated by the Company using available market information and appropriate valuation methods. As considerable judgment is involved in estimates of fair value, the fair values presented above are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methods could have a material effect on the estimated fair value amounts. The following summarizes the Company’s methodologies for estimating the fair values of certain assets and liabilities associated with IT’SUGAR: Property and Equipment Property and equipment acquired consisted primarily of leasehold improvements at IT’SUGAR’s retail locations. The fair value of the leasehold improvements and other equipment was estimated based on the replacement cost approach. Identifiable Intangible Assets and Liabilities The identifiable intangible assets acquired primarily consisted of the fair value of IT’SUGAR’s trademark, which was estimated using the relief-from-royalty method, a form of the income approach. Under this approach, the fair value was estimated by calculating the present value using a risk-adjusted discount rate of the expected future royalty payments that would have to be paid if the IT’SUGAR trademark was not owned. The identifiable intangible assets and liabilities also included the fair value of IT’SUGAR’s operating lease agreements associated with its retail stores. The fair values of these assets and liabilities were estimated by calculating the present value using a risk-adjusted discount rate of the difference between the contractual amounts to be paid pursuant to the lease agreements and the estimate of market lease rates at the acquisition date. The $4.2 million trademark intangible asset is being amortized over 15 years, and the $0.2 million of favorable lease agreements and the $0.7 million of unfavorabl e lease agreements were being amortized over a weighted average period of 6.5 years. Upon the Company’s adoption of the new lease accounting standard on January 1, 2019, the unamortized balances of the intangibles related to IT’SUGAR’s lease agreements were reclassified and included in the measurement of the right-of-use assets associated with the applicable lease agreements. The noncompetition agreement is being amortized over five years. Goodwill The goodwill recognized in connection with the acquisition reflects the difference between the estimated fair value of the net assets acquired and the consideration paid by BBX Sweet Holdings to acquire IT’SUGAR. The goodwill recognized in the acquisition is deductible for income tax purposes. Pro Forma Information (unaudited) The following unaudited pro forma financial data presents the Company’s revenues and earnings for the year ended December 31, 2017 as if the acquisition was completed on January 1, 2016 (in thousands): Pro Forma For the Year Ended December 31, 2017 Trade sales $ 178,643 Income before income taxes $ 93,273 Net income (1) $ 102,703 Net income attributable to shareholders (1) $ 84,356 (1) The pro forma income before income taxes, net income, and net income attributable to shareholders for the year ended December 31, 2017 were adjusted to exclude $3.0 million of acquisition-related costs. The unaudited pro forma financial data reported in the above table does not purport to represent what the actual results of the Company’s operations would have been assuming that the acquisition date was January 1, 2016, nor does it purport to predict the Company’s results of operations for future periods. Noncontrolling Interest Under the terms of IT’SUGAR’s operating agreement, JR Sugar may require the Company to purchase for cash its Class B Common Units of IT’SUGAR upon the occurrence of certain events, including events relating to the employment agreement between the Company and the CEO of IT’SUGAR, as described below. The purchase price payable by the Company for such Class B Common Units will be determined based on the circumstance giving rise to such purchase obligation in accordance with prescribed formulas set forth in IT’SUGAR’s operating agreement. In addition, commencing on the seventh anniversary of the acquisition date, the Company shall have the right, but not the obligation, to require JR Sugar to sell its Class B Common Units to the Company in accordance with a prescribed formula set forth in IT’SUGAR’s operating agreement. As a result of the redemption features, JR Sugar’s Class B Common Units are considered redeemable noncontrolling interests and reflected in the mezzanine section as a separate line item in the Company’s c onsolidated s tatement of f inancial c ondition. As the noncontrolling interests are not currently subject to redemption but are probable of becoming redeemable in a future period, the Company is measur ing the noncontrolling interests by accreting changes in the estimated purchase price from the acquisition date to the earliest redemption date and adjust s the carrying amount of such interests to equal the calculated value in the event it is in excess of the carrying amount of such interests at such time. Employment and Loan Agreements In connection with the acquisition of IT’SUGAR, the Company entered into an employment agreement with the founder and CEO of IT’SUGAR for his continued services as CEO of IT’SUGAR. Upon the occurrence of certain events constituting a breach of the employment agreement by the CEO resulting in his termination, the Company may exercise its ability to purchase JR Sugar’s Class B Common Units for cash for an amount equal to the lesser of the fair market value of such units determined in accordance with the prescribed formula set forth in IT’SUGAR’s operating agreement and the initial value ascribed to such units at the acquisition date. Similarly, upon the occurrence of certain “not for cause” termination events associated with the termination of the CEO’s employment, JR Sugar may require the Company to purchase its Class B Common Units for cash for an amount equal to the greater of the fair market value of such units determined in accordance with the prescribed formula set forth in IT’SUGAR’s operating agreement and the initial value ascribed to such units at the acquisition date. Concurrent with the acquisition, JR Sugar borrowed $2.0 million from the Company in the form of two promissory notes, as partial consideration for the purchase of its 9.6% ownership of IT’SUGAR’s Class B Common Units. The notes mature on June 16, 2024, and a portion of the aggregate principal balance and accrued interest of such notes will be forgiven on an annual basis provided that IT’SUGAR’s CEO continues to remain employed with the Company pursuant to his employment agreement. The notes receivable are presented as a deduction from the balance of the related Class B Common Units included in redeemable noncontrolling interests in the c onsolidated s tatement of f inancial c ondition. |
Consolidated Variable Interest
Consolidated Variable Interest Entities | 12 Months Ended |
Dec. 31, 2019 | |
Consolidated Variable Interest Entities [Abstract] | |
Consolidated Variable Interest Entities | 4. Consolidated Variable Interest Entities Bluegreen sells VOI notes receivable through special purpose finance entities. These transactions are generally structured as non-recourse to Bluegreen and are designed to provide liquidity for Bluegreen and to transfer the economic risks and benefits of the notes receivable to third parties. In a securitization, various classes of debt securities are issued by the special purpose finance entities that are generally collateralized by a single tranche of transferred assets, which consist of VOI notes receivable. Bluegreen services the securitized notes receivable for a fee pursuant to servicing agreements negotiated with third parties based on market conditions at the time of the securitization. In these securitizations, Bluegreen generally retains a portion of the securities and continues to service the securitized notes receivable. Under these arrangements, the cash payments received from obligors on the receivables sold are generally applied monthly to pay fees to service providers, make interest and principal payments to investors, and fund required reserves, if any, with the remaining balance of such cash retained by Bluegreen; however, to the extent the portfolio of receivables fails to satisfy specified performance criteria (which 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 December 31, 2019, Bluegreen was in compliance with all applicable terms under its securitization transactions, and no trigger events had occurred. In accordance with the 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 its qualitative analysis to determine if Bluegreen must consolidate a VIE as the primary beneficiary. In accordance with the applicable accounting guidance, Bluegreen has determined these securitization entities to be VIEs of which Bluegreen is primary beneficiary and, therefore, Bluegreen consolidates the entities in its consolidated financial statements. Under the terms of certain VOI notes receivable sales, Bluegreen has the right to repurchase or substitute a limited amount of defaulted notes for new notes receivable at the outstanding principal balance plus accrued interest. Bluegreen’s voluntary repurchases and substitutions of defaulted notes receivable during 2019, 2018 and 201 7 were $11.5 million, $13.7 million, and $9.5 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 consolidated statements of financial condition (in thousands): December 31, 2019 2018 Restricted cash $ 22,534 28,400 Securitized notes receivable, net 292,590 341,975 Receivable backed notes payable - non-recourse 334,246 382,257 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 | 12 Months Ended |
Dec. 31, 2019 | |
Notes Receivable [Abstract] | |
Notes Receivable | 5 . Notes Receivable The table below sets forth information regarding Bluegreen’s notes receivable and related allowance for loan losses (dollars in thousands): December 31, 2019 2018 Notes receivable: VOI notes receivable - non-securitized $ 203,872 124,642 VOI notes receivable - securitized 385,326 447,850 Notes receivable secured by homesites (1) 659 898 Gross notes receivable 589,857 573,390 Allowance for loan losses - non-securitized (47,894) (28,258) Allowance for loan losses - securitized (92,736) (105,875) Allowance for loan losses - homesites (1) (65) (90) Notes receivable, net $ 449,162 439,167 Allowance as a % of gross notes receivable 24% 23% (1) Notes receivable secured by homesites were originated through a business, substantially all of the assets of which were sold by Bluegreen in 2012. The weighted-average interest rate on Bluegreen’s notes receivable was 14.9% and 15.1% at December 31, 2019 and 2018, respectively. Bluegreen’s VOI notes receivable bear interest at fixed rates and are generally secured by property located in Florida, Missouri, Nevada, South Carolina, Tennessee, and Wisconsin. The table below sets forth future principal payments due on Bluegreen’s notes receivable during each of the five years subsequent to December 31, 2019 and thereafter (in thousands): December 31, 2019 2020 $ 62,808 2021 62,320 2022 67,086 2023 70,589 2024 72,559 Thereafter 254,495 Gross notes receivable $ 589,857 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 Years Ended December 31, 2019 2018 2017 Balance, beginning of period $ 134,223 123,791 120,270 Provision for loan losses 55,677 51,236 46,412 Write-offs of uncollectible receivables (49,205) (40,804) (42,891) Balance, end of period $ 140,695 134,223 123,791 The table below sets forth information regarding the percentage of gross VOI notes receivable outstanding by FICO score at origination: December 31, FICO Score 2019 2018 700+ 59.00 % 57.00 % 600-699 37.00 39.00 <600 3.00 3.00 No score (1) 1.00 1.00 Total 100.00 % 100.00 % (1) VOI notes receivables 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): December 31, 2019 2018 Current $ 557,849 541,783 31-60 days 6,794 5,783 61-90 days 5,288 4,516 > 91 days (1) 19,267 20,410 Total $ 589,198 572,492 (1) Includes $10.6 million and $14.3 million of VOI notes receivable as of December 31, 201 9 and 201 8 , 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 | 12 Months Ended |
Dec. 31, 2019 | |
Trade Inventory [Abstract] | |
Trade Inventory | 6. Trade Inventory The Company’s trade inventory consisted of the following (in thousands): December 31, 2019 2018 Raw materials $ 3,048 2,718 Paper goods and packaging materials 1,327 1,122 Finished goods 18,468 16,270 Total trade inventory $ 22,843 20,110 |
VOI Inventory
VOI Inventory | 12 Months Ended |
Dec. 31, 2019 | |
VOI Inventory [Abstract] | |
VOI Inventory | 7. VOI Inventory Bluegreen’s VOI inventory consisted of the following (in thousands): December 31, 2019 2018 Completed VOI units $ 269,847 $ 237,010 Construction-in-progress 3,946 26,587 Real estate held for future VOI development 73,144 70,552 Total VOI inventory $ 346,937 $ 334,149 Bluegreen increased the average selling price of its VOIs by 3% in December 2018 and 4% i n June 2017. As a result of these pricing changes, Bluegreen’s management increased its estimate of total gross margin generated on the sale of its VOI inventory. Under the relative sales value method prescribed for timeshare developers to relieve the cost of VOI inventory, changes to the estimate of gross margin expected to be generated on the sale of VOI inventory are recognized on a retrospective basis in earnings. Accordingly, during the years ended December 31, 2018 and 2017, Bluegreen recognized a benefit to cost of VOIs sold of $3.6 million and $5.1 million , respectively, in connection with these pricing changes . No such pricing change occurred in 2019. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Real Estate | 8. Real Estate The Company’s real estate consisted of the following (in thousands): December 31, 2019 2018 Real estate held-for-sale $ 11,297 20,202 Real estate held-for-investment 6,015 10,976 Real estate inventory 48,506 23,778 Total real estate $ 65,818 54,956 During the year ended December 3 1 , 2019, the Company sold various real estate assets that were classified as held-for-sale or held-for-investment , including its remaining land parcels located at PGA Station in Palm Beach Gardens, Florida and various land parcels located in Florida, as well as RoboVault, a self-storage facility in Fort Lauderdale, Florida that was previously classified in property and equipment. As a result of these sales, the Company recognized total net gains on sales of real estate of $ 13 . 6 million and received aggregate net proceeds of $ 35.2 million during the year ended December 31, 2019 . 0 |
Investments In Unconsolidated R
Investments In Unconsolidated Real Estate Joint Ventures | 12 Months Ended |
Dec. 31, 2019 | |
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | |
Investments In Unconsolidated Real Estate Joint Ventures | 9 . Investments in Unconsolidated Real Estate Joint Ventures As of December 31, 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 4 for information regarding the Company’s investments in consolidated VIEs. Investments in unconsolidated real estate joint ventures consisted of the following (in thousands): December 31, 2019 Ownership (1) 2018 Altis at Lakeline - Austin Investors, LLC $ 242 % 34.47 $ 4,531 Altis at Grand Central Capital, LLC 2,653 11.07 2,549 Altis Promenade Capital, LLC 2,126 6.61 2,195 Altis at Bonterra - Hialeah, LLC 618 96.73 21,602 Altis Ludlam - Miami Investor, LLC 1,081 33.30 675 Altis Suncoast Manager, LLC 753 33.30 1,857 Altis Pembroke Gardens, LLC 1,277 0.41 1,284 Altis Fairways, LLC 1,880 0.42 1,876 Altis Wiregrass, LLC 1,792 2.22 1,897 Altis LH-Miami Manager, LLC 811 3.43 — Altis Vineland Pointe Manager, LLC 4,712 50.00 — Altis Miramar East/West 2,631 5.00 — The Altman Companies, LLC (2) 14,745 50.00 14,893 ABBX Guaranty, LLC 3,750 50.00 2,500 Sunrise and Bayview Partners, LLC 1,562 50.00 1,439 PGA Design Center Holdings, LLC 996 40.00 691 CCB Miramar, LLC 5,999 70.00 1,575 BBX/Label Chapel Trail Development, LLC 1,126 46.75 4,515 L03/212 Partners, LLC 2,087 3.41 — PGA Lender, LLC 2,111 45.88 — Sky Cove, LLC 4,178 26.25 — All other investments in real estate joint ventures 200 659 Total $ 57,330 $ 64,738 (1) The Company’s ownership percentage in each real estate joint venture represents the Company’s percentage of the contributed capital in each venture. The operating agreements for many of these ventures provide for a disproportionate allocation of distributions to the extent that certain investors receive specified returns on their investments, and as a result, these percentages do not necessarily reflect the Company’s economic interest in the expected distributions from such ventures. (2) The investment in The Altman Companies, LLC includes $2.3 million of transaction costs that were incurred in connection with the formation of the joint venture. See additional information below in this Note 9 regarding the Company’s acquisition of its interest in the Altman Companies, LLC. Unconsolidated Variable Interest Entities In accordance with the applicable accounting guidance for the consolidation of VIEs, the Company analyzes its investments in real estate joint ventures to determine if such entities are VIEs, and to the extent that such entities are VIEs, if the Company is the primary beneficiary. Based on the Company’s analysis of the forecasted cash flows and structure of these ventures, including the respective operating agreements governing these entities and any relevant financial agreements, such as financing arrangements, the Company has determined that its real estate joint ventures are VIEs in which the Company is not the primary beneficiary, and therefore, the Company accounts for its investments in the real estate joint ventures under the equity method of accounting. The Company’s conclusion that it is not the primary beneficiary of these entities is primarily based on the determination that the Company does not have the power to direct activities of the entities that most significantly affect their economic performance. In many of the joint ventures, the Company is not the operating manager and has limited protective rights under the operating agreements, while in certain joint ventures, the investors share decision-making authority in a manner that prevents any individual investor from exercising power over such entities. The Company’s maximum exposure to loss in its unconsolidated real estate joint ventures was $59.8 million as of December 31, 2019. Basis Differences The aggregate difference between the Company’s investments in unconsolidated real estate joint ventures and its underlying equity in the net assets of such ventures was $9.2 million and $11.9 million as of December 31, 2019 and 2018, respectively, which includes $8.5 million and $10.3 million associated with the Company’s investment in the Altman Companies and certain multifamily apartment developments which were acquired for cash consideration based on their estimated fair values as of the acquisition date, as described below, and $0.7 million and $1.6 million associated with the capitalization of interest on real estate development projects. Equity in Net Earnings of Unconsolidated Real Estate Joint Ventures For the years ended December 31, 2019, 2018 and 2017, the Company’s equity in net earnings of unconsolidated real estate joint ventures was $ 37.9 million, $1 4 . 2 million and $1 2.5 million, respectively . Equity earnings for the year ended December 31, 2019 includes $ 29.2 million and $5.0 million in equity earnings from the Altis at Bonterra and the Altis at Lakeline joint ventures, respectively, which includes the Company’s share of gains recognized by the ventures upon the sale of their respective multifamily apartment communities. Equity earnings for the year ended December 31, 2018 includes $ 9.3 million in equity earnings from the Addison on Millenia joint venture, which includes the Company’s share of the gain recognized by the venture upon the sale of its multifamily apartment community. Equity earnings for the year ended December 31, 2017 includes $11.0 million in equity earnings from the Hialeah Communities joint venture, which reflects the Company’s share of the profits recognized by the venture upon the sale of single-family homes in its master planned community. The Altman Companies, LLC In November 2018, the Company acquired a 50% equity interest in the Altman Companies, a joint venture between the Company and Joel Altman (“JA”) engaged in the development, construction, and management of multifamily apartment communities, for cash consideration of $14.6 million, including $2.3 million in transaction costs. The Altman Companies owns 100% of the membership interests in Altman Development Company and Altman Management Company and 60% of the membership interests in Altman-Glenewinkel Construction and generates revenues from the performance of development, general contractor, leasing, and property management services to joint ventures that are formed to invest in development projects originated by the Altman Companies . In addition, the Company and JA invest in the managing member of such joint ventures based on their relative ownership percentages in the Altman Companies. Pursuant to the operating agreement of the Altman Companies, the Company will acquire an additional 40% equity interest in the Altman Companies from JA for a purchase price of $9.4 million in January 2023, and JA can also, at his option or in other predefined circumstances, require the Company to purchase his remaining 10% equity interest in the Altman Companies for $2.4 million. However, JA will retain his membership interests, including his decision making rights, in the managing member of any development joint ventures that are originated prior to the Company’s acquisition of additional equity interests in the Altman Companies. In addition, in certain circumstances, the Company may acquire the 40% membership interests in Altman-Glenewinkel Construction that are not owned by the Altman Companies for a purchase price based on prescribed formulas in the operating agreement of Altman-Glenewinkel Construction. Under the terms of the operating agreement of the Altman Companies, the venture is being jointly managed by the Company and JA until the Company’s acquisition of the additional 40% equity interest from JA, with the partners sharing decision making authority for all significant operating and financing decisions. To the extent that the parties cannot reach consensus on a matter, the operating agreement generally provides that a third party will resolve such matter; however, for certain decisions, the operating agreement provides that the venture cannot proceed with such matters without approval from both parties. In connection with its investment in the Altman Companies, the Company acquired interests in the managing member of seven multifamily apartment developments, including four developments in which the Company had previously invested as a non-managing member, for aggregate cash consideration of $8.8 million. In addition, the Company and JA have each contributed $3. 8 million to ABBX Guaranty, LLC, a joint venture established to provide guarantees on the indebtedness and construction cost overruns of new real estate joint ventures formed by the Altman Companies. Summarized Financial Information of Certain Unconsolidated Real Estate Joint Ventures The tables below set forth financial information, including condensed statements of financial condition and operations, related to Altis at Bonterra – Hialeah, LLC (in thousands): December 31, 2019 2018 Assets Cash $ 855 3,777 Restricted cash 559 256 Real estate — 55,734 Other assets — 134 Total assets $ 1,414 59,901 Liabilities and Equity Notes payable $ — 38,641 Other liabilities 751 571 Total liabilities 751 39,212 Total equity 663 20,689 Total liabilities and equity $ 1,414 59,901 For the Years Ended December 31, 2019 2018 2017 Total revenues $ 4,498 6,510 1,851 Gain on sale of real estate 33,843 — — Other expenses (4,480) (5,937) (2,657) Net earnings $ 33,861 573 (806) Equity in net earnings of unconsolidated real estate joint venture - Altis at Bonterra - Hialeah, LLC $ 29,221 544 (766) The tables below set forth financial information, including condensed statements of financial condition and operations, related Addison on Millenia joint venture (in thousands): December 31, 2019 2018 Assets Cash $ — 68 Properties and equipment — — Other assets — 86 Total assets $ — 154 Liabilities and Equity Notes payable $ — — Other liabilities — 12 Total liabilities — 12 Total equity — 142 Total liabilities and equity $ — 154 For the Years Ended December 31, 2019 2018 2017 Net gains on sales of real estate assets $ — 22,203 — Other revenue — 3,858 1,303 Total revenues $ — 26,061 1,303 Total expenses — (2,266) (1,794) Net earnings (losses) — 23,795 (491) Equity in net earnings of unconsolidated real estate joint venture - The Addison at Millenia Investment, LLC $ — 9,283 (146) The tables below set forth financial information, including condensed statements of financial condition and operations, related to Altis at Lakeline – Austin Investors, LLC (in thousands): December 31, 2019 2018 Assets Cash $ 628 2,403 Restricted cash 5 229 Real estate — 42,940 Other assets 144 108 Total assets $ 777 45,680 Liabilities and Equity Notes payable $ — 33,467 Other liabilities — 1,835 Total liabilities — 35,302 Total equity 777 10,378 Total liabilities and equity $ 777 45,680 For the Years Ended December 31, 2019 2018 2017 Total revenues $ 1,458 5,842 3,528 Gain on sale of real estate 17,178 — — Other expenses (1,801) (6,746) (6,028) Net earnings $ 16,835 (904) (2,500) Equity in net earnings of unconsolidated real estate joint venture - Altis at Lakeline - Austin Investors, LLC $ 5,029 (312) (862) |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property And Equipment [Abstract] | |
Property And Equipment | 1 0 . Property and Equipment The Company’s property and equipment consisted of the following (in thousands): December 31, 2019 2018 Land, building and building improvements $ 70,647 80,887 Leasehold improvements 45,993 41,278 Office equipment, furniture, fixtures and software 86,941 86,759 Transportation 1,000 3,097 204,581 212,021 Accumulated depreciation (74,895) (72,393) Property and equipment, net $ 129,686 139,628 During the years ended December 31, 2019, 2018, and 2017 , the Company recognized approximately $21.4 million, $20.2 million, and $15.6 million, respectively, of depreciation expense related to its property and equipment which is reflected in selling, general and administrative expenses and cost of trade sales in the Company’s statements of operations and comprehensive income. During the year ended December 31, 2019, the Company recognized $ 6 . 7 million of impairment losses related to the disposal of seven MOD Pizza restaurant locations and the closure of two additional locations, which was primarily comprised of the write-off of leasehold improvements, furniture, and fixtures at the locations. See Note 1 for further discussion. During the year ended December 31, 2019 , Bluegreen conveyed the ski and golf operations and related property at one of its resorts to the HOA, which resulted in a loss on the disposal of approximately $5. 6 million. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | 11. Goodwill and Intangible Assets Goodwill The activity in the balance of the Company’s goodwill was as follows (in thousands): For the Years Ended December 31, 2019 2018 2017 Balance, beginning of period $ 37,248 39,482 6,731 Acquisitions — 1,727 35,164 Impairment losses — (3,961) (2,413) Balance, end of period $ 37,248 37,248 39,482 The Company recognized $1.7 million of goodwill in connection with the acquisition of an operating business through a loan foreclosure during the year ended December 31, 2018 and $35.2 million of goodwill in connection with the acquisition of IT’SUGAR during the year ended December 31, 2017. The goodwill associated with IT’SUGAR is included in the Company’s BBX Sweet Holdings reportable segment, while the remaining goodwill relates to an operating business included in the “Other” category for segment reporting. As described in Note 2, the Company tests goodwill for potential impairment on an annual basis as of December 31 or during interim periods if impairment indicators exist. During the year ended December 31, 2019, the Company determined that its goodwill was not impaired. During the years ended December 31, 2018 and 2017, the Company determined that the fair values of certain of BBX Sweet Holdings’ reporting units were below their respective carrying values as of the applicable testing dates and recognized goodwill impairment losses of $4.0 million and $2.4 million, respectively. The goodwill impairment losses recognized during the years ended December 31, 2018 and 2017 were measured based on the excess of the applicable reporting unit’s carrying value over its fair value. The decline in the fair values of these reporting units and the related recognition of goodwill impairment losses primarily resulted from ongoing losses in these operations and various strategic initiatives related to such businesses, including the consolidation of manufacturing facilities, a reduction in corporate personnel and infrastructure, and the elimination of various unprofitable brands. Intangible Assets The Company’s intangible assets consisted of the following (in thousands): December 31, Class 2019 2018 Intangible assets: Management contracts $ 61,293 61,293 Trademarks 8,522 8,522 Customer relationships 70 70 Lease premium — 2,313 Franchise agreements — 740 Other 721 777 70,606 73,715 Accumulated amortization (2,420) (4,005) Total intangible assets $ 68,186 69,710 Management contracts are indefinite-lived intangible assets and are not amortized. Trademarks and customer relationships are amortized using the straight-line method over their expected useful lives, which range from 12 to 20 years. The off-market lease intangibles were amortized using the straight-line method over the remaining lease terms following the acquisition date of the related lease agreements, which is 5 to 9 years. Upon the Company’s adoption of the new lease accounting standard on January 1, 2019, the unamortized balances of these intangibles were reclassified and included in the measurement of the right-of-use assets associated with the applicable lease agreements. As discussed in Note 1, the Company previously entered into area development and franchise agreements with MOD Pizza related to the development of MOD Pizza franchised restaurant locations throughout Florida. The costs related to entering into these agreements were previously capitalized and being amortized using the straight-line method over their expected useful lives, which ranged from 7 to 10 years. As a result of the Company’s termination of these agreements in 2019, the unamortized balance of these costs was written off and included in impairment losses in the Company’s statement of operations and comprehensive income during the year ended December 31, 2019. Amortization Expense During the years ended December 31, 2019, 2018, and 2017 , the Company recognized approximately $0.7 million , $0.8 million and $0.9 million, respectively, of amortization expense related to its intangible assets which is reflected in selling, general and administrative expenses in the Company’s statements of operations and comprehensive income. The table below sets forth the estimated aggregate amortization expense of intangible assets during each of the five years subsequent to December 31, 2019 (in thousands): Years Ending December 31, Total 2020 $ 630 2021 609 2022 556 2023 500 2024 500 Impairment Testing As described in Note 2, the Company tests indefinite-lived intangible assets for impairment on at least an annual basis, or during interim periods if impairment indicators exist, and amortizable intangible assets for recoverability whenever events or changes in circumstances indicate that the carrying amount of an intangible asset, or an asset group which includes an intangible asset, may not be recoverable. Due to ongoing losses associated with certain of BBX Sweet Holdings’ businesses in the confectionery industry and strategic initiatives related to such businesses, as described above, the Company tested certain asset groups associated with these businesses for recoverability during the years ended December 31, 2019, 2018, and 2017 and determined that the carrying amounts of certain asset groups exceeded the estimated undiscounted future cash flows expected to result from the use of such assets during the year ended December 31, 2017. As a result, during the year ended December 31, 2017, the Company recognized intangible asset impairment losses of $1.9 million. The intangible asset impairment losses were measured based on the amount by which the carrying amounts of the intangible assets exceeded their respective estimated fair values . The Company did not recognize any intangible asset impairment losses during the year s ended December 31, 2019 and 2018 . Valuation Methods for Goodwill and Intangible Asset Impairment Testing The Company utilizes a discounted cash flow methodology and the guideline public company market approach to determine the fair value of its goodwill and indefinite-lived intangible assets. The discounted cash flow methodology establishes fair value by estimating the present value of the projected future cash flows to be generated from reporting units or asset groups. The discount rate applied to the projected future cash flows to arrive at the present value is intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows. The Company generally used a five to ten -year period in computing discounted cash flow values. The most significant assumptions used in the discounted cash flow methodology are the discount rate, the terminal value, and the forecast of future cash flows. The guideline public company approach method determines fair value based upon the consideration of trading prices of publicly held stocks of comparable companies. The significant inputs are enterprise value to revenue and enterprise value to earnings before interest, taxes, depreciation and amortization (“EBITDA”). Based on the inputs, multiples of revenue and EBITDA are derived to approximate the fair value of the reporting unit. To the extent that impairment testing was required, the Company estimated the fair values of certain of its trademark and customer relationship intangible assets. The relief from royalty valuation method, a form of the income approach, was used to estimate the fair value of trademarks. Under this method, the fair value of trademarks was determined by calculating the present value using a risk-adjusted discount rate of the estimated future royalty payments that would have to be paid if the trademarks were not owned. The multi-period excess earnings method, a form of the income approach, was used to estimate the fair value of customer relationships. The multi-period excess earnings method isolates the expected cash flows attributable to the customer relationship intangible asset and discounts these cash flows at a risk adjusted discount rate. Inherent in the Company’s determinations of fair value are certain judgments and estimates relating to future cash flows, including the Company’s assessment of current economic indicators and market valuations and assumptions about the Company’s strategic plans with regard to its operating businesses. Due to the uncertainties associated with such evaluations, actual results could differ materially from such estimates. |
Leases
Leases | 12 Months Ended |
Dec. 31, 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 the exercise of such renewal options is generally at the Company’s discretion. Certain of the Company’s lease agreements include rental payments based on a percentage of sales generated at the leased location over contractually 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 12 months or greater, 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 December 31, 2019 Operating lease assets $ 109,351 Operating lease liabilities $ 123,430 Weighted average remaining lease term (years) 6.2 Weighted average discount rate (1) 5.27 % (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 included in cost of trade sales and selling, general, and administrative expenses in the Company’s consolidated statements of operations (in thousands): For the Year Ended December 31, 2019 Fixed lease costs $ 28,745 Short-term lease costs 5,266 Variable lease costs 9,066 Total operating lease costs $ 43,077 The table below sets forth information regarding the maturity of the Company’s operating lease liabilities as of December 31, 2019 (in thousands): Years Ending December 31, 2020 $ 26,384 2021 25,568 2022 23,413 2023 19,863 2024 12,644 After 2024 44,508 Total lease payments 152,380 Less: interest 28,950 Present value of lease liabilities $ 123,430 The above operating lease payments exclude $19.2 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 year ended December 31, 2019 was $27.6 million of cash paid for amounts included in the measurement of lease liabilities. During the year ended December 31, 2019, the Company obtained $ 26.2 million of right-of-use assets in exchange for operating lease liabilities. The table below sets forth the approximate minimum future rental payments (excluding executory costs) under the Company’s lease agreements during periods subsequent to December 31, 2018 related to agreements that were executed as of December 31, 2018 (in thousands): Years Ending December 31, Amount 2019 $ 26,871 2020 24,525 2021 23,022 2022 20,682 2023 17,564 Thereafter 41,299 Total $ 153,963 During the years ended December 31, 2018 and 2017, the Company recognized rent expenses under its lease agreements of $41.1 million and $30.8 million, respectively, which are included in cost of trade sales and selling, general, and administrative expenses in the Company’s consolidated statements of operations . |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt [Abstract] | |
Debt | 13. Debt The table below sets forth the contractual minimum principal payments of the Company’s debt during each of the five years subsequent to December 31, 2019 and thereafter (in thousands): Notes Payable and Other Borrowings Receivable Backed Notes Payable - Recourse Receivable Backed Notes Payable - Non-recourse Junior Subordinated Debentures Total 2020 $ 17,127 — — — 17,127 2021 15,147 4,861 — — 20,008 2022 18,365 8,263 — — 26,628 2023 8,525 34,537 — — 43,062 2024 104,379 36,136 31,708 — 172,223 Thereafter 27,422 4,772 307,663 177,129 516,986 190,965 88,569 339,371 177,129 796,034 Unamortized debt issuance costs (2,234) — (5,125) (1,129) (8,488) Unamortized purchase discount — — — (38,746) (38,746) Total Debt $ 188,731 88,569 334,246 137,254 748,800 The minimum contractual payments set forth in the table above may differ from actual payments due to the timing of principal payments required upon (1) the sale of real estate assets that serve as collateral on certain debt (release payments) and (2) cash collections of pledged or transferred notes receivable. Notes Payable and Other Borrowings The table below sets forth information regarding the Company’s notes payable and other borrowings (dollars in thousands): December 31, 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 $ — — $ — $ 28,125 5.50% $ 22,878 Fifth Third Bank Note — — — 3,834 5.34% 7,892 NBA Éilan Loan 18,820 4.95% 31,259 25,603 5.60% 35,615 Fifth Third Syndicated Line of Credit 30,000 3.85% 49,062 55,000 5.27% 92,415 Fifth Third Syndicated Term Loan 98,750 3.71% 161,497 22,500 5.37% 27,724 Unamortized debt issuance costs (1,410) (1,671) Total Bluegreen $ 146,160 $ 133,391 Other: Community Development District Obligations $ 29,287 4.25 -6.00% $ 49,352 $ 24,583 4.25 -6.00% $ 35,157 TD Bank Term Loan and Line of Credit 6,826 5.00% (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 355 4.75% (3) 555 4.75% (3) Bank of America Revolving Line of Credit 2,000 3.24% — — — — Unsecured Note (4) 3,400 6.00% — 3,400 6.00% (4) Centennial Bank Note (4) 1,469 5.25% 1,892 1,507 5.25% 1,968 (4) Other 58 15.00% — — — — Unamortized debt issuance costs (824) (666) Total other $ 42,571 $ 67,496 Total notes payable and other borrowings $ 188,731 $ 200,887 (1) The collateral is a blanket lien on Renin’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. Bluegreen 2013 Notes Payable – In March 2013, Bluegreen issued $75.0 million of senior secured notes (the “2013 Notes Payable”) in a private financing transaction. In September 2019, Bluegreen repaid in full the 2013 Notes Payable. Accordingly, the related unamortized debt issuance costs associated with the notes of $0.4 million were written off to interest expense in the Company’s consolidated statement of operations and comprehensive income for the year ended December 31, 2019. Fifth Third Syndicated Line of Credit and Fifth Third Syndicated Term Loan - In December 2016, Bluegreen entered into a $100.0 million syndicated credit facility with Fifth Third Bank as administrative agent and lead arranger and certain other bank participants as lenders. In October 2019, Bluegreen amended the facility and increased the facility to $225.0 million. The amended facility includes a $100.0 million term loan (the “Fifth Third Syndicated Term Loan”) with quarterly amortization requirements and a $125.0 million revolving line of credit (the “Fifth Third Syndicated Line of Credit”). Amounts borrowed under the amended facility generally bear interest at LIBOR plus 2.00% - 2.50% , depending on Bluegreen’s leverage ratio, are collateralized by certain of Bluegreen’s VOI inventories, sales center buildings, management fees, short-term receivables and cash flows from residual interests relating to certain term securitizations, and will mature in October 2024. At closing, Bluegreen borrowed the entire $100.0 million term loan and $30.0 million under the revolving line of credit. Proceeds were used to repay the outstanding balance on the existing Fifth Third syndicated credit facility, repay $3.6 million on the existing Fifth Third Bank Note Payable and pay expenses and fees associated with the amendment, with the remainder to be used for general corporate purposes. NBA Éilan Loan – In April 2018, Bluegreen purchased the Éilan Hotel & Spa in San Antonio, Texas for approximately $34.3 million. In connection with the acquisition, Bluegreen entered into a non-revolving acquisition loan with NBA (the “NBA Éilan Loan”). The NBA Éilan Loan provides for advances of up to $27.5 million, $24.3 million of which was used to fund the acquisition of the resort and $1.7 million of which was used to fund certain improvement costs. In addition, approximately $0.4 million was drawn upon through April 2019 to fund certain future improvement costs. The ability to borrow under the NBA Éilan Loan expired in April 2019. Principal payments on the loan are effected through release payments from sales of VOIs at the Éilan Hotel & Spa that serve as collateral for the loan, subject to a minimum amortization schedule, with the remaining balance due at maturity in April 2023. Borrowings under the NBA Éilan Loan bear interest at an annual rate equal to one-month LIBOR plus 3.25% , subject to a floor of 4.75% . Other Notes Payable Community Development District Obligations - A community development district or similar development authority (“CDD”) is a unit of local government created under various state and/or local statutes to encourage planned community development and allow for the construction of infrastructure improvements through alternative financing sources, including the tax-exempt bond markets. A CDD is generally created through the approval of the local city or county in which the CDD is located and is controlled by a board of supervisors representing the landowners within the CDD. In connection with the Company’s development of the Beacon Lakes Community, The Meadow View at Twin Creeks CDD (the “Beacon Lakes CDD”) was formed by St. Johns County, Florida to use bond financing to fund the construction of infrastructure improvements at the Beacon Lakes Community. The Beacon Lakes CDD issues bonds periodically to fund ongoing construction of the Beacon Lakes Community, and in February 2019, November 2018 . and November 2016, the Beacon Lakes CDD issued $8.1 million, $16.5 million , and $21.4 million, respectively, of bonds . The obligation to pay principal and interest on the bonds issued by the Beacon Lakes CDD is assigned to each parcel within the CDD, and the Beacon Lakes CDD has a lien on each parcel. If the owner of the parcel does not pay this obligation, the Beacon Lakes CDD can foreclose on the lien. The CDD bond obligations, including interest and the associated lien on the property, are typically payable, secured, and satisfied by revenues, fees, or assessments levied on the property benefited. The assessments to be levied by the CDD are fixed or determinable amounts. The CDD bond obligations outstanding as of December 31, 2019 have fixed interest rates ranging from 4.25% to 6.00% and mature at various times during the years 2026 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. Upon the issuance of CDD bond obligations by the Beacon Lakes CDD, the Company records an obligation for the CDD bond obligations with a corresponding increase in other assets. The CDD bonds are secured by a lien on the Beacon Lakes property, which is included in “Real Estate” in the Company’s consolidated statement of financial condition and has a carrying amount of $48.5 million as of December 31, 2019. The Company relieves the CDD bond obligation associated with a particular parcel when the purchaser of the property assumes the obligation, which occurs automatically upon such purchaser’s acquisition of the property, or upon repayment by the Company. Included in “Other Assets” in the Company’s consolidated statements of financial condition as of December 31, 2019 and 2018 was $ 0.8 million and $11.4 million, respectively, of funds that the Company does not have the right of setoff on the Company’s CDD bond obligations. Construction funds receivable associated with the CDD bond obligations is reduced with a corresponding increase in real estate inventory when the CDD disburses the funds to contractors for the construction of infrastructure improvements. Toronto-Dominion Commercial Bank (“TD Bank”) Term Loan and Line of Credit - Renin maintain s a credit facility with TD Bank. Under the terms and conditions of the credit facility, TD Bank provides term loans for up to $1.7 million and loans under a revolving credit facility for up to approximately $16.3 million based on available collateral, as defined in the facility, and subject to Renin’s compliance with the terms and conditions of the facility, including certain specific financial covenants. Amounts outstanding under the revolving credit facility bear interest at the Canadian or United States Prime Rate plus a margin of 1.00% per annum or the three-month LIBOR rate plus a margin of 2.75% per annum. Outstanding principal on the revolving credit facility is payable one year from the date of the advance. As of December 31, 201 9 , the amount outstanding under the revolving credit facility was $6.1 million and is scheduled to mature in September 20 20. The term loans were funded in three tranches aggregating $1.6 million through July 2017 . Amounts outstanding under the term loans bear interest at fixed interest rates ranging from 5.8% to 6.2% for one year from the date of the applicable drawdown for each loan. Annually , the fixed interest rates adjust to a variable rate based on Canadian or United States Prime Rate plus a margin of 1.00% per annum or the three-month LIBOR rate plus a margin of 2.75% per annum. The amounts outstanding under the term loans mature between June 2020 and Ju ly 2022. Amounts outstanding under the term loans and borrowings under the revolving credit facility require monthly interest payments. Under the terms and conditions of the TD Bank credit facility, Renin is required to comply with certain financial covenants, including a quarterly debt service coverage ratio and a quarterly total debt to tangible net worth ratio, as defined in the facility. The facility also contains customary affirmative and negative covenants, including those that, among other things, limit the ability of Renin to incur liens or engage in certain asset dispositions, mergers or consolidations, dissolutions, liquidations, or winding up of its businesses. The credit facility is collateralized by all of Renin’s assets. As of December 31, 2019, Renin was not in compliance with certain covenants under the TD Bank credit facility as a result of a breach of its quarterly debt service coverage ratio. During the first quarter of 2020, Renin received a waiver of the default from TD Bank, and the credit facility was amended to replace the existing debt service coverage ratio with an interest coverage ratio. In connection with the amendment to the credit facility, Renin repaid the outstanding balance of the term loans with borrowings from the revolving credit facility. Iberia $50.0 million Revolving Line of Credit – In March 2018, BBX Capital, BCC , Woodbridge, and certain other wholly-owned subsidiaries of the Company entered into a $50.0 million revolving credit facility with Iberiabank (“Iberia”), as administrative agent and lender, and City National Bank of Florida, as lender, and in July 2019, the facility was amended to extend the term of the facility and remove certain financial covenants. Amounts borrowed under the facility accrue interest at a floating rate of 30-day LIBOR plus a margin of 3.0% to 3.75% or the Prime Rate plus a margin of 1.50% to 2.25% . The applicable margin is based on BBX Capital’s debt to EBITDA ratio. Payments of interest only are payable monthly. The facility matures, and all outstanding principal and interest will be payable, on June 30, 2021 , with a twelve month renewal option at BBX Capital’s request, subject to the satisfaction of certain conditions. The facility is secured by a pledge of a percentage of BBX Capital’s membership interests in Woodbridge having a value of not less than $100 million. Borrowings under the facility may be used for business acquisitions, real estate investments, stock repurchases, letters of credit, and general corporate purposes. Under the terms and conditions of the facility, BBX Capital is required to comply with certain financial covenants, including maintaining minimum unencumbered liquidity and complying with debt to EBITDA financial ratios. The Loan and Security Agreement also contains customary affirmative and negative covenants, including those that, among other things, limit the ability of BBX Capital and the other borrowers to incur additional indebtedness and to make certain loans and investments. Banc of America Leasing & Capital Equipment Note – In September 2018, IT’SUGAR entered into a Master Loan and Security Agreement with Banc of America Leasing & Capital, LLC which sets forth the terms and conditions pursuant to which IT’SUGAR may borrow funds to purchase equipment under one or more equipment security notes. The agreement contains customary representations and covenants. Each equipment note constitutes a separate, distinct and independent financing of equipment, is secured by a security interest in the purchased equipment, and is an unconditional contractual obligation of IT’SUGAR. As of December 31, 201 9 , there was one equipment note outstanding with a balance of $0. 4 million. The equipment note bears interest at a fixed rate of 4.75% per annum and is payable in 36 consecutive monthly principal and interest installments of $18,516 with a maturity date of September 2021. The equipment note is subject to a prepayment charge equal to one percent of the amount prepaid multiplied by the number of years or fraction thereof for the then remaining equipment note term. Bank of America Revolving Line of Credit - In August 2018, IT’SUGAR entered into a revolving credit facility with Bank of America. Under the terms and conditions of the credit facility, Bank of America has agreed to provide a revolving line of credit to IT’SUGAR for up to $4.0 million based on available collateral, as defined by the credit facility, and subject to IT’SUGAR’s compliance with the terms and conditions of the credit facility, including certain specific financial covenants. The revolving credit facility is available through August 2021, and amounts outstanding bear interest at a LIBOR daily floating rate plus 1.50% or a monthly LIBOR rate subject to the terms and conditions of the credit facility. Payments of interest only are payable monthly. Under the terms and conditions of this revolving line of credit, IT’SUGAR is required to comply with certain financial covenants, including quarterly and annual debt service coverage ratios. The facility also contains various covenants, including those that, among other things, limit the ability of IT’SUGAR to incur liens, make certain investments, or engage in certain asset acquisitions or dispositions. Unsecured Note – In October 2017, a wholly-owned subsidiary of BBX Capital Real Estate issued a $3.4 million unsecured note to the seller of real estate to the Chapel Trail real estate joint venture, in which the subsidiary has a 46.75% equity interest. The issuance of the unsecured note was part of the subsidiary’s initial capital contribution to the venture. The note was not secured by the Company’s equity interest in the joint venture or the venture’s underlying property, and BBX Capital guaranteed the repayment of the unsecured note. The unsecured note accrued interest at a fixed rate of 6.0% per annum, with monthly interest only payments, and was scheduled to mature in October 2022. In February 2020, the Company repaid in full the unsecured note. Centennial Bank Note – In October 2014, Hoffman’s Chocolates issued a $1.7 million note payable to Centennial Bank . The note is secured by land and buildings owned by Hoffman’s Chocolates, and BBX Capital and BBX Sweet Holdings have guaranteed the repayment of the note. The note requires monthly principal and interest payments based upon a 25 year amortization schedule and matures in October 2024. Receivable-Backed Notes Payable The table below sets forth information regarding Bluegreen’s receivable-backed notes payable facilities (dollars in thousands): December 31, 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 $ 25,860 4.75% $ 31,681 $ 17,654 5.25% $ 22,062 NBA Receivables Facility 32,405 4.55% 39,787 48,414 5.27% 57,805 Pacific Western Facility 30,304 4.68% 37,809 10,606 5.52% 13,730 Total $ 88,569 $ 109,277 $ 76,674 $ 93,597 Receivable-backed notes payable - non-recourse: KeyBank/DZ Purchase Facility 31,708 3.99% 39,448 — — — Quorum Purchase Facility 44,525 4.75 -5.50% 49,981 40,074 4.75 -5.50% 45,283 2012 Term Securitization 8,638 2.94% 9,878 15,212 2.94% 16,866 2013 Term Securitization 18,219 3.20% 19,995 27,573 3.20% 29,351 2015 Term Securitization 31,188 3.02% 33,765 44,230 3.02% 47,690 2016 Term Securitization 48,529 3.35% 54,067 63,982 3.35% 72,590 2017 Term Securitization 65,333 3.12% 74,219 83,513 3.12% 95,877 2018 Term Securitization 91,231 4.02% 103,974 114,480 4.02% 125,916 Unamortized debt issuance costs (5,125) (6,807) Total $ 334,246 $ 385,327 $ 382,257 $ 433,573 Total receivable-backed debt $ 422,815 $ 494,604 $ 458,931 $ 527,170 Liberty Bank Facility – Since 2008, Bluegreen has maintained a revolving VOI notes receivable hypothecation facility with Liberty Bank (the “Liberty Bank Facility”) which provides for advances on eligible receivables pledged under the Liberty Bank Facility, subject to specified terms and conditions, during a revolving credit period. In March 2018, the Liberty Bank Facility was amended and restated to extend the revolving credit period from March 2018 to March 2020, extend the maturity date from November 2020 until March 2023, and amend the interest rate on borrowings as described below. Subject to its terms and conditions, the Liberty Bank Facility provides for advances of (i) 85% of the unpaid principal balance of Qualified Timeshare Loans assigned to agent and (ii) 60% of the unpaid principal balance of Non-Conforming Qualified Timeshare Loans assigned to agent during the revolving credit period of the facility. Maximum permitted outstanding borrowings under the Liberty Bank Facility are $50.0 million, subject to the terms of the facility. Through March 31, 2018, borrowings under the Liberty Bank Facility accrued interest at the Wall Street Journal (“WSJ”) Prime Rate plus 0.50% per annum, subject to a 4.00% floor. Pursuant to the March 2018 amendment to the facility, effective April 1, 2018, all borrowings outstanding under the facility accrue interest at the WSJ Prime Rate, subject to a 4.00% floor. Subject to the terms of the facility, principal and interest under the Liberty Bank Facility are paid as cash is collected on the pledged receivables, with the remaining balance being due by maturity. In February 2020, the Liberty Bank Facility was amended solely to extend the revolving credit period from March 2020 to June 2020. NBA Receivables Facility. Bluegreen/Big Cedar Vacations has a revolving VOI hypothecation facility with National Bank of Arizona (the “NBA Receivables Facility”). The NBA Receivables Facility provides for advances at a rate of 85% on eligible receivables pledged under the facility, subject to eligible collateral and specified terms and conditions, during a revolving credit period expiring in September 2020 and allows for maximum borrowings of up to $70.0 million. The maturity date for the facility is March 2025. The interest rate applicable to future borrowings under the NBA Receivables Facility is equal to the 30-day LIBOR plus 2.75% (with an interest rate floor of 3.50% ). Subject to the terms of the facility, principal and interest payments received on pledged receivables are applied to principal and interest due under the facility, with the remaining outstanding balance being due by maturity. Pacific Western Facility - Bluegreen has a revolving VOI notes receivable hypothecation facility with Pacific Western Bank (the “Pacific Western Facility”) which provides for advances on eligible VOI notes receivable pledged under the facility, subject to specified terms and conditions, during a revolving credit period. Maximum outstanding borrowings under the Pacific Western Facility are $40.0 million, subject to eligible collateral and customary terms and conditions. In August 2018, the Pacific Western Facility was amended to extend the revolving advance period from September 2018 through September 2021 and the maturity date from September 2021 until September 2024 (in each case, subject to an additional 12 -month extension at the option of Pacific Western Bank). Eligible “A” VOI notes receivable that meet certain eligibility and FICO score requirements, which Bluegreen’s believes are typically consistent with loans originated under its current credit underwriting standards, are subject to an 85% advance rate. The Pacific Western Facility also allows for certain eligible “B” VOI notes receivable (which have less stringent FICO score requirements) to be funded at a 53% advance rate. In addition, pursuant to the August 2018 amendment to the facility, effective September 21, 2018, all borrowings outstanding under the facility accrue interest at an annual rate equal to 30-day LIBOR plus 3.00% ; provided, however, that a portion of the borrowings, to the extent such borrowings are in excess of established debt minimums, accrue interest at 30-day LIBOR plus 2.75% . Subject to the terms of the facility, principal repayments and interest on borrowings under the Pacific Western Facility are paid as cash is collected on the pledged VOI notes receivable, subject to future required decreases in the advance rates after the end of the revolving advance period, with the remaining outstanding balance being due by maturity . KeyBank/DZ Purchase Facility. Bluegreen has a VOI notes receivable purchase facility (the “KeyBank/DZ Purchase Facility”) with DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt AM Main (“DZ”), and KeyBank National Association (“KeyBank”) which permits maximum outstanding financings of $80.0 million and provides for an advance rate of 80% with respect to VOI receivables securing amounts financed. In December 2019, Bluegreen amended the facility to extend the advance period from December 2019 to December 2022. The amended facility will mature and all outstanding amounts will become due 24 months after the revolving advance period has expired, or earlier under certain circumstances set forth in the facility. Interest on amounts outstanding under the facility is tied to an applicable index rate of the LIBOR rate, in the case of amounts funded by KeyBank, and a cost of funds rate or commercial paper rates, in the case of amounts funded by or through DZ. Pursuant to the amendment, the interest rate payable under the facility is the applicable index rate plus 2.25% until the expiration of the revolving advance period (a decrease from 2.75% prior to the amendment) and thereafter will be the applicable index rate plus 3.25% (a decrease from 4.75% prior to the amendment). Subject to the terms of the facility, Bluegreen will receive the excess cash flows generated by the VOI notes receivable sold (excess meaning after payments of customary fees, interest and principal under the facility) until the expiration of the VOI notes receivable advance period, at which point all of the excess cash flow will be paid to the note holders until the outstanding balance is reduced to zero . While ownership of the VOI notes receivable included in the facility is transferred and sold for legal purposes, the transfer of these VOI notes receivable is accounted for as a secured borrowing for financial reporting purposes. The facility is nonrecourse and is not guaranteed by Bluegreen. Quorum Purchase Facility - Bluegreen/Big Cedar Vacations has a VOI notes receivable purchase facility (the “Quorum Purchase Facility”) with Quorum Federal Credit Union (“Quorum”) p ursuant to which Quorum agreed to purchase eligible VOI notes receivable in an amount of up to an aggregate $50.0 million purchase price, subject to certain conditions precedent and other terms of the facility. Th e revolving purchase period expires June 30, 2020 . The interest rate on each advance is set at the time of funding based on rates mutually agreed upon by all parties, and t he loan purchase fee is applicable to future advances is 0.25% . The maturity of t he Quorum Purchase Facility is December 2032. Of the amounts outstanding under the Quorum Purchase Facility at December 31 , 201 9 , $3.1 m illion accrues interest at a rate per annum of 4.75% , $21.3 million accrues interest at a fixed rate of 4.95% , $1.6 million accrues interest at a fixed rate of 5.0% , $17.2 million accrues interest at a fixed rate of 5.1% , and $1.3 million accrues interest at a fixed rate of 5.50% . The Quorum Purchase Facility provides for an 85% advance rate on eligible receivables sold under the facility; however Quorum can modify this advance rate on future purchases subject to the terms and conditions of the facility. Eligibility requirements for VOI notes receivable sold include, among others, that the obligors under the VOI notes receivable sold be members of Quorum at the time of the note sale. Subject to performance of the collateral, Bluegreen or Bluegreen/Big Cedar Vacations, as applicable, will receive any excess cash flows generated by the VOI notes receivable transferred to Quorum under the facility (excess meaning after payment of customary fees, interest and principal under the facility) on a pro-rata basis as borrowers make payments on their VOI notes receivable. While ownership of the VOI notes receivable included in the Quorum Purchase Facility is transferred and sold for legal purposes, the transfer of these VOI notes receivable is accounted for as a secured borrowing for financial reporting purposes. The facility is nonrecourse and is not guaranteed by Bluegreen. 2018 Term Securitization - In October 2018, Bluegreen completed the 2018 Term Securitization, a private offering and sale of approximately $117.7 million of investment-grade, VOI receivable-backed notes (the "Notes"), including approximately $49.8 million of Class A Notes, approximately $33.1 million of Class B Notes , and approximately $34.8 million of Class C Notes with interest rates of 3.77% , 3.95% and 4.44% , respectively, which blends to an overall weighted average interest rate of approximately 4.02% . The gross advance rate for this transaction was 87.2% . The Notes mature in February 2034. The amount of the VOI notes receivables sold to BXG Receivables Note Trust 2018 (the “Trust”) was approximately $135.0 million, approximately $109.0 million of which was sold to the Trust at closing, approximately $23.9 million of which was subsequently sold to the 2018 Trust in 2018 , and the rem a inder of which was sold to the Trust in January 2019. The gross proceeds of such sales to the Trust were approximately $117.7 million. A portion of the proceeds received at the closing was used to: repay KeyBank and DZ approximately $49.2 million, representing all amounts outstanding (including accrued interest) under the KeyBank/DZ Purchase Facility at that time ; repay Liberty Bank approximately $20.4 million under the Liberty Bank Facility; repay Pacific Western Bank approximately $7.1 million under the Pacific Western Bank Facility; capitalize a reserve fund; and pay fees and expenses associated with the transaction. The remainder of the proceeds from the 2018 Term Securitization were used for general corporate purposes. While ownership of the VOI receivables included in the 2018 Term Securitization is transferred and sold for legal purposes, the transfer of these VOI receivables is accounted for as a secured borrowing for financial accounting purposes. Accordingly, no gain or loss was recognized as a result of the transaction. S ubject to performance of the collateral, Bluegreen will receive any excess cash flows generated by the receivables transferred under the 2018 Term Securitization (meaning excess cash after payments of customary fees, interest, and principal under the 2018 Term Securitization) on a pro-rata basis as borrowers make payments on their VOI loans. Other Non-Recourse Receivable-Backed Notes Payable – In addition to the above described facilities, Bluegreen has a number of other nonrecours e receivable-backed notes payable facilities, as set forth in the table above. During 2019 and 2018, Bluegreen repaid $62.6 million and $51.0 million, respectively, under these additional receivable-backed notes payable facilities. Junior Subordinated Debentures The table below sets forth information regarding the Company’s junior subordinated debentures (dollars in thousands): December 31, 2019 December 31, 2018 Effective Effective Carrying Interest Carrying Interest Maturity Amounts Rates (1) Amounts Rates (1) Years (2) Woodbridge - Levitt Capital Trusts I - IV $ 66,302 5.74 - 5.95% $ 66,302 6.20 - 6.65% 2035 - 2036 Bluegreen Statutory Trusts I - VI 110,827 6.74 - 6.86% 110,827 7.32 - 7.70% 2035 - 2037 Unamortized debt issuance costs (1,129) (1,200) Unamortized purchase discount (38,746) (39,504) Total junior subordinated debentures $ 137,254 $ 136,425 (1) The Company’s junior subordinated debentures bear interest at three-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 3.80% to 4.90% . (2) All of the junior subordinated debentures were eligible for redemption by Woodbridge and Bluegreen, as applicable, as of December 31, 201 9 and 201 8 . 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 December 31 , 201 9 and 201 8 was $2.1 million of equity in the Trusts. Interest on the junior subordinated debentures and distributions on the trust preferred securities are payable quarterly in arrears at the same interest rate. During January 2017, Woodbridge purchased approximately $11.1 million of Levitt Capital Trust II (“LCTII”) trust preferred securities for $6.7 million and purchased approximately $7.7 million of Levitt Capital Trust III (“LCTIII”) trust preferred securities for $4.7 million, and in February 2017, Woodbridge delivered the purchased securities to the respective trusts in exchange for the cancellation of $11.1 million of Woodbridge’s junior subordinated debentures held by LCTII and $7.7 million of Woodbridge’s junior subordinated debentures held by LCTIII. As a result, in February 2017, Woodbridge recognized a $6.9 million gain associated with the cancellation of the notes, which is included in net gains on cancellation of junior subordinated debentures in the Company’s consolidated statement of operations for the year ended December 31, 2017. Debt Compliance and Amounts Available under Credit Facilities As of December 31, 2019, BBX Capital and its subsidiaries were |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | 14. Income Taxes The Company’s United States and foreign components of income before income taxes are as follows (in thousands): For the Years Ended December 31, 2019 2018 2017 U.S. $ 49,414 88,284 92,115 Foreign (653) (852) 486 Total $ 48,761 87,432 92,601 The Company’s provision (benefit) for income taxes consisted of the following (in thousands): For the Years Ended December 31, 2019 2018 2017 Current: Federal $ 12,260 676 1,211 State 2,326 3,519 1,767 14,586 4,195 2,978 Deferred: Federal 601 22,824 (14,368) State 1,471 4,620 1,688 2,072 27,444 (12,680) Provision (benefit) for income taxes $ 16,658 31,639 (9,702) The table below sets forth a reconciliation of the Company's expected Federal income tax provision to the actual provision for income taxes (dollars in thousands): For the Years Ended December 31, 2019 2018 2017 Income tax provision at expected federal income tax rate (1) $ 10,240 21.00 % $ 18,360 21.00 % $ 32,410 35.00 % Increase (decrease) resulting from: Provision for state taxes, net of federal effect 2,967 6.08 6,446 7.37 3,607 3.90 Effect of federal rate change-2017 tax reform — — — — (45,267) (48.88) Taxes related to noncontrolling interests in subsidiaries not consolidated for income tax purposes (2,306) (4.73) (2,519) (2.88) (4,467) (4.82) Nondeductible executive compensation 5,572 11.43 8,421 9.63 4,309 4.65 Bluegreen initial public offering — — — — 1,467 1.58 SEC penalty — — — — (1,593) (1.72) Other – net 185 0.38 931 1.06 (168) (0.18) Provision (benefit) for income taxes $ 16,658 34.16 % $ 31,639 36.18 % $ (9,702) (10.47) % (1) Expected tax is computed based upon income before income taxes. The Company’s deferred income taxes consisted of the following significant components (in thousands): December 31, 2019 2018 2017 Deferred tax assets: Allowance for loan losses, tax certificate losses and write-downs for financial statement purposes $ 30,644 29,969 25,604 Federal and State NOL and tax credit carryforward 95,970 97,102 132,650 Real estate valuation 6,575 7,519 9,117 Property and equipment — — 1,642 Expenses recognized for books and deferred for tax 7,827 2,985 3,868 Other 6,261 4,409 3,521 Total gross deferred tax assets 147,277 141,984 176,402 Valuation allowance (86,435) (86,533) (86,267) Total deferred tax assets 60,842 55,451 90,135 Deferred tax liabilities: Installment sales treatment of notes 107,551 104,126 100,717 Intangible assets 14,760 14,162 14,322 Junior subordinated debentures 9,124 9,378 9,144 Deferral of VOI sales and costs under timeshare accounting 10,511 8,654 10,071 Property and equipment 4,985 3,351 — Other 1,469 2,143 3,849 Total gross deferred tax liabilities 148,400 141,814 138,103 Net deferred tax liability (87,558) (86,363) (47,968) Less net deferred tax liability at beginning of period 86,363 47,968 51,674 Reclassify alternative minimum tax credit to other assets — 11,169 — Bluegreen initial public offering — — 11,988 Cumulative effect for excess tax benefits recognized in accumulated earnings associated with share based compensation — — (3,054) Cumulative effect for the adoption of ASU 2016-02 recognized in accumulated earnings (874) — — Other (3) (218) 40 (Provision) benefit for deferred income taxes $ (2,072) (27,444) 12,680 Impact of the Tax Reform Act On December 22, 2017, the Tax Reform Act was signed into law. In addition to changes or limitations to certain tax deductions, including limitations on the deductibility of interest payable to related and unrelated lenders and further limiting deductible executive compensation, the Tax Reform Act permanently lower ed the federal corporate tax rate to 21% from the previous maximum rate of 35% , effective for tax years commencing January 1, 2018. As a result of the reduction of the corporate tax rate to 21%, the Company revalued its deferred tax assets and liabilities as of the date of enactment and recognized a $45.3 million provisional benefit for income taxes during the year ended December 31, 2017. During the year ended December 31, 2018, the Company completed its analysis of the tax effects of the Tax Reform Act and reduced the provisional tax benefit recognized for the year ended December 31, 2017 by $2.8 million as a result of its analysis of the impact of the Tax Reform Act on the deductibility of certain compensation to covered employees. The $2.8 million adjustment recognized during the year ended December 31, 2018 is included in nondeductible executive compensation in the above table that reconciles the Company’s expected income tax provision to its actual income tax provision. The Tax Reform Act also repealed the alternative minimum tax effective in 2018 and allows credits associated with the alternative minimum tax to be applied to fully offset regular income taxes. Any credits that are not used to reduce regular income taxes are 50% refundable for the years 2019 through 2020 and 100% refundable in 2021. The Company had alternative minimum tax credit carryforwards of $11.2 million as of December 31, 2018 that were reclassified from deferred tax liabilities to other assets in the Company’s consolidated statement of financial condition as of December 31, 2018. During the year ended December 31, 2019, this credit was fully utilized. Valuation Allowance on Deferred Tax Assets The Company evaluates its deferred tax assets to determine if valuation allowances are required. In the evaluation, management considers net operating loss (“NOL”) carryback availability, expectations of sufficient future taxable income, trends in earnings, existence of taxable income in recent years, the future reversal of temporary differences, and available tax planning strategies that could be implemented, if required. Valuation allowances are established based on the consideration of all available evidence using a more likely than not standard. Based on the Company’s evaluations, which are discussed in further detail below, the deferred tax valuation allowances decreased by $0.1 million for the year ended December 31, 2019 and increased by $0.3 million for the year ended December 31, 2018 . As of December 31, 2019, the Company has established a valuation allowance of $86.2 million relating to the deferred tax asset of $96.0 million for federal and state NOL and tax credit carryforwards, as the Company’s ability to utilize a portion of these carryforwards to reduce future tax liability income is subject to significant limitations. The table below sets forth information regarding the federal and state NOL and tax credit carryforwards and the applicable valuation allowance as of December 31, 2019 (in thousands): Federal and State NOL and Credit Carryforward Gross Deferred Tax Asset Valuation Allowance Net Deferred Tax Asset Year Expires Non-Florida State NOLs $ 227,700 10,329 2,458 7,871 2020-2039 Federal NOL SRLY Limitation 227,595 47,795 47,795 — 2026-2034 Florida NOL SRLY Limitation 750,987 32,630 32,630 — 2026-2034 Other Federal tax credits-SRLY Limitation 2,372 2,372 2,372 — 2025-2031 Federal NOL Section 382 Limitation 7,885 1,656 — 1,656 2023-2029 Florida NOL Section 382 Limitation 5,127 209 — 209 2024-2029 Canadian NOL 3,919 794 794 — 2033-2039 Canadian capital losses 738 185 185 — Do not expire Total $ 95,970 86,234 9,736 The Company evaluated all positive and negative evidence available as of the reporting date, including tax planning strategies, the ability to file a consolidated return with its subsidiaries, the expected future reversal of existing taxable temporary differences, and expected future taxable income (primarily from Bluegreen) exclusive of reversing temporary differences and carry forwards. Based on this evaluation, the Company has determined that it is more likely than not that it will be able to realize $ 9 .7 million of the deferred tax asset that is attributed to the Company’s federal and state NOL and credit carryforwards. As of December 31, 201 9 , Bluegreen had non-Florida state NOL carryforwards of $22 7 . 7 million which expire from 20 20 through 203 9 . These NOLs can only be utilized against Bluegreen’s (or a subsidiary of Bluegreen) income allocable to the state in which the NOL was generated. A valuation allowance is maintained for those state NOLs where the NOL is not more likely than not realizable. As of December 31, 2019, t he Company had federal and Florida NOL carryforwards and federal tax credit carryforwards that can only be utilized if the separate entity that generated them has separate company taxable income ( the “SRLY Limitation”). These carryforwards cannot be utilized against most of the Company’s subsidiaries’ taxable income, including Bluegreen. As such, a full valuation allowance has been established for these carryforwards. In addition, as a result of the Company’s merger with Woodbridge in September 2009, the Company experienced a “change of ownership” as that term is defined in the Internal Revenue Code. This change of ownership resulted in a significant limitation of the amount of the Company’s pre-merger NOLs that can be utilized by the Company annually (the “Section 382 limitation”). The federal and Florida annual limit is approximately $788,000 and $513,000 , respectively. As a result, the amounts in the table represent the NOLs that more likely than not can be utilized before expiration. As of December 31, 201 9 , BBX Capital’s Canadian subsidiaries had NOL carryforwards. As the Canadian operation ha s had cumulative taxable losses in recent years, a full valuation allowance has been applied to these NOL carryforwards. In addition, one of the Canadian subsidiaries has a capital loss carryforward that can only be used to reduce capital gains , and the tax on Canadian capital gains is 50% of the Canadian tax rate. Canadian capital loss carryforwards do not expire. A full valuation allowance is maintained for the Canadian capital loss carryforward as it is unlikely that the Canadian subsidiary will generate capital gains in the future. Other I n September 2009, the Company adopted a shareholder rights agreement designed to protect its ability to use available NOLs to offset future taxable income and deter shareholders from acquiring a 5% or greater ownership interest in BBX Capital’s common stock without the prior approval of the board of directors. During the year ended December 31, 2019, the shareholder rights agreement expired. The Company evaluates its tax positions based upon guidelines of ASC 740, which clarifies the accounting for uncertainty in tax positions. Based on an evaluation of uncertain tax provisions, the Company is required to measure tax benefits based on the largest amount of benefit that is greater than 50% likely of being realized upon settlement. There were no u nrecognized tax benefits at December 31, 2019, 2018, or 2017. The Company is no longer subject to federal or Florida income tax examinations by tax authorities for tax years before 201 6 . Several of the Company’s subsidiaries are no longer subject to income tax examinations in certain state, local, and non-U.S. jurisdictions for tax years before 201 5 . Certain of the Company’s state income tax filings are under routine examination. While there is no assurance as to the results of these audits, the Company does not currently anticipate any material adjustments in connection with these examinations. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 15. Revenue Recognition The table below sets forth the Company’s revenue disaggregated by category (in thousands): For the Years Ended December 31, 2019 2018 2017 Sales of VOIs $ 255,375 254,225 242,017 Fee-based sales commissions 207,832 216,422 229,389 Resort and club management revenue 103,470 99,535 91,080 Cost reimbursements 63,889 62,534 52,639 Resort title fees 14,246 12,205 14,742 Trade sales - wholesale 80,197 82,800 89,223 Trade sales - retail 106,140 96,686 52,862 Sales of real estate inventory 5,049 21,771 — Other customer revenue 7,528 6,284 5,997 Revenue from customers 843,726 852,462 777,949 Interest income 86,326 85,501 83,708 Net gains on sales of real estate assets 13,616 4,563 1,451 Other revenue 3,203 3,372 5,661 Total revenues $ 946,871 945,898 868,769 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 16. 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 consumer complaints and complaints, inquiries, and orders requiring compliance from governmental 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 December 31, 201 9 . Bluegreen Litigation On August 24, 2016, Whitney Paxton and Jeff Reeser filed a lawsuit against Bluegreen Vacations Unlimited, Inc. (“BVU”), a wholly-owned subsidiary of Bluegreen, and certain of its employees (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. 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. Subsequently on October 15, 2019, the Court entered an order granting summary judgment in favor of Bluegreen and dismissed all claims. Bluegreen has moved for their attorneys’ fees. Plaintiffs have filed a notice to appeal the summary judgment order. 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 sought to represent a class of approximately 660 hourly, non-exempt employees who worked in the state of California since March 1, 2014. 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 moved to dismiss the case, and on November 27, 2019, the Court issued a ruling granting the motion in part. Bluegreen has answered the remaining claims. 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, 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 intend 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 has filed a motion to dismiss which is pending. Bluegreen has agreed to indemnify Bass Pro with respect to the claims brought against Bluegreen in this proceeding. Bluegreen believes the lawsuit is without merit and intends to vigorously defend the action. On March 15, 2018, BVU entered into an Agreement for Purchase and Sale of Assets with T. Park Central, LLC, O. Park Central, LLC, and New York Urban Ownership Management, LLC, (collectively “New York Urban”) (“Purchase and Sale Agreement”), which provides for the purchase of The Manhattan Club inventory over a number of years and the assumption of the management contract with The Manhattan Club HOA anticipated to occur in 2021. On October 7, 2019, New York Urban initiated arbitration proceedings against BVU alleging that The Manhattan Club HOA (of which BVU is a member) was obligated to pay an increased management fee to a New York Urban affiliate and that this higher amount would be the benchmark for BVU’s purchase of the management contract under the parties’ Purchase and Sale Agreement. New York Urban also sought damages in the arbitration proceedings in excess of $10 million for promissory estoppel and tortious interference. BVU denied New York Urban’s claims and terminated the Purchase and Sale Agreement and the related Security Agreement for, among other things, prematurely initiating arbitration in violation of the Purchase and Sale Agreement. On November 25, 2019, New York Urban sent its own Notice of Termination and a separate letter containing an offer to compromise if BVU resigns its position on the Manhattan Club HOA board and permits New York Urban to enforce its rights under the Security Agreement. On November 29, 2019, BVU accepted the offer. BVU has provided New York Urban with resignations of its members on the Board of Directors consistent with the parties’ settlement agreement. BVU believes it has fulfilled all of its legal obligations under the settlement terms offered. On July 18, 2019, Eddie Boyd, et al. filed an action alleging that BVU and co-defendants violated the Missouri Merchandise Practices Act for allegedly making false statements and misrepresentations with respect to the sale of VOIs. Plaintiffs further have filed a purported class action allegation that BVU’s charging of an administrative processing fee constitutes the unauthorized practice of law. Plaintiffs seek monetary damages, attorneys’ fees and injunctive relief. Bluegreen has moved to dismiss the action. Bluegreen believes the lawsuit is without merit and intends to vigorously defend the action. Commencing in 2015, it came to Bluegreen’s attention that its collection efforts with respect 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 their 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 8.7% in 2019. Bluegreen also estimates that approximately 12.6% of the total delinquencies on its VOI notes receivable as of December 31, 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 in certain circumstances against the exit firms. On December 21, 2018, Bluegreen 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. Bluegreen 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. On November 13, 2019, Bluegreen filed a lawsuit against timeshare exit firm The Montgomery Law Firm and certain of its affiliates (“also included in 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. Bluegreen 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. Other Commitments, Contingencies, and Guarantees Bluegreen / Bass Pro Settlement BVU 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. 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. BVU subsequently filed a counter claim against Bass Pro and Big Cedar LLC. On June 13, 2019, Bluegreen entered into a settlement agreement which resolved the litigation 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 in June 2019 and, among other things, agreed to make five annual payments to Bass Pro of $4.0 million each commencing in 2020. Bluegreen accrued for the net present value of the above amounts, plus attorneys’ fees and costs, totaling approximately $39.1 million, which is reflected in selling, general, and administrative expenses in the Company’s consolidated statement of operations for the year ended December 31, 2019. As of December 31, 2019, $17.9 million was accrued for the remaining payments required by the settlement agreement, which is included in other liabilities in the Company’s consolidated statement of financial condition. As of December 31, 2019, Bluegreen sold vacation packages in 68 Bass Pro retail stores and 15 Cabela’s retail stores. During the years ended December 31, 2019 and 2018, VOI sales to prospects and leads generated by the agreement with Bass Pro accounted for approximately 13% and 14% , respectively, of Bluegreen’s VOI sales volume. Other In lieu of paying maintenance fees for unsold VOI inventory, Bluegreen may enter in subsidy agreements with certain HOAs. During the years ended December 31, 2019, 2018 and 2017, Bluegreen made subsidy payments related to such subsidies of $24.9 million , $12.6 million, and $12.6 million, respectively, which are included in cost of other fee-based services in the Company’s consolidated statements of operations. As of December 31, 2019 and 2018, Bluegreen had no accrued liabilities for such subsidies. In December 2019 , Bluegreen’s President and Chief Executive Officer resigned. In connection with his resignation, Bluegreen agreed to make payments to him totaling $3.5 million , over a period of 18 months, all of which remained payable as of December 31, 2019. Additionally, during 2019, Bluegreen entered into certain agreements with executives related to their separation from Bluegreen or a change in position. Pursuant to the terms of these agreements, Bluegreen agreed to make payments totaling $2.5 million through November 2020. As of December 31, 2019, $2.3 million remained payable under these agreements. BBX Capital guarantees certain obligations of its wholly-owned subsidiaries and unconsolidated real estate joint ventures, including the following: · BBX Capital is a guarantor 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 December 31, 2019. · BBX Capital is a guarantor on certain notes payable by its wholly-owned subsidiaries. See Note 13 for additional information regarding these obligations. |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2019 | |
Stock Incentive Plans [Abstract] | |
Stock Incentive Plans | 17. Stock Incentive Plans Restricted Stock and Stock Options Plans BBX Capital maintains t he BBX Capital Corporation Amended and Restated 2014 Incentive Plan, as previously amended (the “ 2014 Plan”) , which allows for the issuance of restricted stock awards of the Company’s Class A Common Stock and Class B Common Stock, the grant of options to purchase shares of the Company’s Class A Common Stock and Class B Common Stock, and the grant of performance-based cash awards. BBX Capital also previously maintained the BBX Capital 2005 Restricted Stock and Option Plan and the BBX Capital 2014 Stock Incentive Plan , which BBX Capital assumed from BCC in December 2016. The BBX Capital 2005 Restricted Stock and Option Plan was terminated during 2018 when the last option previously granted under the plan was exercised, and the BBX Capital 2014 Stock Incentive Plan was terminated during 2019 when the final stock-based award previously granted under the plan vested. The 2014 Plan permits the issuance of awards for up to 3,300,000 shares of the Company’s Class A Common Stock and up to 10,700,000 shares of the Company’s Class B Common Stock. Awards for up to 2,817,776 shares of Class A Common Stock and 0 shares of Class B Common Stock remained available for grant under the 2014 Plan as of December 31, 2019; however, as described below, awards of 2,442,503 restricted shares of the Company’s Class A Common Stock were granted to the Company’s executive officers under the 2014 Plan in January 2020 . Vesting of awards granted under the 2014 Plan is established by the Compensation Committee of BBX Capital’s board of directors in connection with each grant of restricted stock awards or stock options. The maximum term of incentive and non-qualifying stock options issuable under the 2014 Plan is ten years. There were no stock options issued or outstanding under the 2014 Plan as of December 31, 2019. Compensation cost for restricted stock awards and stock options is based on the fair value of the award on the measurement date, which is generally the grant date. The fair value of restricted stock awards is generally based on the market price of the Company’s common stock on the grant date, while the fair value of the Company’s stock options is estimated using the Black-Scholes option-pricing model. For awards that are subject only to service conditions, the Company recognizes compensation costs on a straight-line basis over the requisite service period of the awards, and the impact of forfeitures are recognized when they occur. Restricted Stock Activity The table below sets forth information regarding the Company’s unvested restricted stock award activity for the year ended December 31, 2019: Weighted Unvested Average Restricted Grant Date Stock Fair Value Unvested balance outstanding, beginning of period 3,186,546 $ 5.32 Granted 1,923,975 6.12 Vested (2,468,115) 4.65 Forfeited — — Unvested balance outstanding, end of period 2,642,406 $ 6.53 Available for grant at December 31, 2019 2,817,776 The Company issued restricted stock awards to certain officers during the years ended December 31, 2019 and 2018, while there were no restricted stock awards issued during the year ended December 31, 2017. The table below sets forth information regarding the restricted stock awards granted during the years ended December 31, 2019 and 2018: Per Share Number of Weighted Average Shares Underlying Grant Date Requisite Grant Date Award Type Awards Granted Fair Value Service Period (1) 1/9/2018 Class B Common Stock 1,487,051 8.7 4 years 1/8/2019 Class B Common Stock 1,923,975 6.12 4 years (1) The awards vest ratably in annual installments over the requisite service period . In addition to the above awards, o n January 21 , 20 20 , the Compensation Committee of BBX Capital’s board of directors granted awards of 2,442,503 restricted shares of BBX Capital ’s Class A Common Stock to the Company’s executive officers under the 2014 Plan. The aggregate grant date fair value of the January 20 20 awards was $10.2 million , and the shares vest ratably in annual installments of approximately 611,000 shares over four periods beginning on October 1, 2020. In October 2019, award recipients surrendered a total of 222,848 shares of Class A Common Stock and 748,357 shares of Class B Common Stock to the Company to satisfy the $4.5 million tax withholding obligation associated with the vesting of 2,468,115 restricted shares. The Company retired the surrendered shares. The fair value of shares of BBX Capital’s restricted stock awards which vested during the years ended December 31, 2019, 2018, and 2017 was $11.5 million, $24.0 million and $45.2 million, respectively, based on the fair value of BBX Capital’s common stock on the applicable vesting dates. The Company recognized restricted stock compensation expense related to BBX Capital restricted stock awards of approximat ely $11.4 million, $12.9 million, and $12.3 million during the years ended December 31, 2019, 2018, and 2017, respectively, and recognized tax benefits of $0.4 million during the year ended December 31, 2017. There were no tax benefits recognized on restricted stock compensation expense for these awards during the years ended December 31, 2019 and 2018. As of December 31, 2019, the total unrecognized compensation cost related to the Company’s unvested restricted stock awards was approximately $15.2 m illion. The cost is expected to be recognized over a weighted-average period of approximately 1.22 yea rs. Stock Option Activity There were no options granted to employees or non-employee directors during the three-year period ended December 31, 2019. During the years ended December 31, 2018 and 2017, the Company received net proceeds of approximately $245,000 and $63,000 , r espectively, upon the exercise of stock options, and the total intrinsic value of exercised options during such periods was $6,000 and $881,000 , respectively. There were no stock options issued or outstanding during the year ended December 31, 2019. |
Employee Benefit Plans And Ince
Employee Benefit Plans And Incentive Compensation Program | 12 Months Ended |
Dec. 31, 2019 | |
Employee Benefit Plans And Incentive Compensation Program [Abstract] | |
Employee Benefit Plans And Incentive Compensation Program | 18. Employee Benefit Plans and Incentive Compensation Program Defined Contribution 401(k) Plan BBX Capital and its subsidiaries sponsor four Employee Retirement Plans under Internal Revenue Code Section 401(k). Although there are variations in the eligibility requirements under such plans, employees who have completed 90 days of service and have reached the age of 21 are generally eligible to participate in the Company’s 401(k) plans. For the year ending December 31, 2019, an eligible employee under the plan was entitled to contribute up to $1 9 , 0 00 , while an eligible employee over 50 years of age was entitled to contribute up to $2 5 , 0 00 . During the years ended December 31, 2019, 2018, and 2017, the Company generally matched 100% of the first 3% of employee contributions and 50% of the next 2% of employee contributions, and the match amounts generally vested immediately. Further, Bluegreen may make additional discretionary matching contributions to its plan not to exceed 4% of each participant’s compensation. For the years ended December 31, 2019, 2018, and 2017, the Company recorded expense for contributions to the 401(k) plans totaling approximately $ 6.2 million , $5. 6 million, and $5. 7 million, respectively. |
Common Stock And Redeemable 5%
Common Stock And Redeemable 5% Cumulative Preferred Stock | 12 Months Ended |
Dec. 31, 2019 | |
Common Stock And Redeemable 5% Cumulative Preferred Stock [Abstract] | |
Common Stock And Redeemable 5% Cumulative Preferred Stock | 19. Common Stock and Redeemable 5% Cumulative Preferred Stock Common Stock BBX Capital’s Articles of Incorporation authorize the Company to issue both Class A Common Stock, par value $.01 per share, and Class B Common Stock, par value $.01 per share. Under Florida law and the Company’s Articles of Incorporation, holders of Class A Common Stock and Class B Common Stock vote together as a single class on most matters presented to a vote of the Company’s shareholders. On such matters, holders of Class A Common Stock are entitled to one vote for each share held, with all holders of Class A Common Stock possessing in the aggregate 22% of the total voting power, while holders of Class B Common Stock possess the remaining 78% of the total voting power. If the number of shares of Class B Common Stock outstanding decreases to 1,800,000 shares, the Class A Common Stock’s aggregate voting power will increase to 40%, and the Class B Common Stock will have the remaining 60% . If the number of shares of Class B Common Stock outstanding decreases to 1,400,000 shares, the Class A Common Stock’s aggregate voting power will increase to 53%, and the Class B Common Stock will have the remaining 47% . These relative voting percentages will remain fixed unless the number of shares of Class B Common Stock outstanding decreases to 500,000 shares or less, at which time the fixed voting percentages will be eliminated, and holders of Class A Common Stock and holders of Class B Common Stock would then each be entitled to one vote per share held. Each share of Class B Common Stock is convertible into one share of Class A Common Stock at any time at the option of the holder. The percentage of total common equity represented by Class A and Class B common stock was 8 3 % and 1 7 % , respectively, at December 31, 201 9 . Share Repurchase Program In September 2009, BBX Capital’s board of directors approved a share repurchase program which authorized the repurchase of up to 20,000,000 shares of BBX Capital’s Class A and Class B Common Stock at an aggregate cost of no more than $10.0 million. Under this program, BBX Capital repurchased 1.0 million shares of its Class A Common Stock for approximately $6.2 million d uring April 2017. In June 2017, BBX Capital’s board of directors approved a share repurchase program which replaced the September 2009 share repurchase program and authorizes the repurchase 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. During the years ended December 31, 2019, 2018 and 2017, BBX Capital repurchased 3,228,890, 1,200,000 and 321,593 shares, respectively, of its Class A Common Stock for approximately $15.4 million, $7.6 million and $2.4 million, respectively. As of December 31, 201 9 , 249,517 shares of the Company’s Class A or Class B Common Stock remain available to be repurchased under the June 2017 share repurchase program . Cash Tender Offer In April 2018, BBX Capital completed a cash tender offer pursuant to which it purchased and retired 6,486,486 shares of its Class A Common Stock at a purchase price of $9.25 per share for an aggregate purchase price of approximately $60.1 million, inclusive of acquisition costs. As of April 19, 2018, the shares purchased in the tender offer represented approximately 7.6% of the total number of outstanding shares of BBX Capital’s Class A Common Stock and 6.3% of BBX Capital’s total issued and outstanding equity (which includes the issued and outstanding shares of BBX Capital’s Class B Common Stock). Redeemable 5% Cumulative Preferred Stock BBX Capital’s shares of mandatorily redeemable 5% Cumulative Preferred Stock were redeemable at its option at a redemption price of $1,000 per share and were classified as a liability in the Company’s consolidated statements of financial condition while such shares were outstanding due to the mandatory redemption feature. In December 2013, the Company made a $5.0 million loan to the holders of the 5% Cumulative Preferred Stock and in March 2018 , the Company redeemed 5,000 shares of the 5% Cumulative Preferred Stock in exchange for the cancellation of the $5.0 million loan to the holders of the 5% Cumulative Preferred Stock. In December 2019, the Company redeemed the remaining 10,000 shares of the 5% Cumulative Preferred Stock at their stated value of $10.0 million. For the years ended December 31, 2019, 2018, and 2017, the Company recorded interest expense related to the 5% Cumulative Preferred Stock of $ 1 . 0 million , $ 1.1 million, and $ 1.2 million, respectively, in its consolidated statements of operations and comprehensive income. |
Noncontrolling Interests And Re
Noncontrolling Interests And Redeemable Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interests And Redeemable Noncontrolling Interest [Abstract] | |
Noncontrolling Interests And Redeemable Noncontrolling Interest | 20 . Noncontrolling Interests and Redeemable Noncontrolling Interest Noncontrolling interests in the Company’s consolidated subsidiaries consisted of the following (in thousands): December 31, 2019 2018 Bluegreen (1) $ 39,740 41,478 Bluegreen / Big Cedar Vacations (2) 49,534 45,611 Joint ventures and other 1,001 899 Total noncontrolling interests $ 90,275 87,988 The redeemable noncontrolling interest included in the Company’s consolidated statements of financial condition as of December 31, 2019 and 2018 was $ 4 . 0 million and $2.6 million, respectively, which is comprised of the 9.6% of IT’SUGAR’s Class B Units that are held by a noncontrolling interest and may be redeemed for cash at the holder’s option upon a contingent event that is outside of the Company’s control. Income (loss) attributable to noncontrolling interests, including redeemable noncontrolling interests, consisted of the following (in thousands): For the Years Ended December 31, 2019 2018 2017 Bluegreen (1) $ 3,363 8,566 5,639 Bluegreen / Big Cedar Vacations (2) 11,273 12,390 12,760 Joint ventures and other (224) (265) (21) Net income attributable to noncontrolling interests $ 14,412 20,691 18,378 (1) As a result of Bluegreen’s IPO during the fourth quarter of 2017 and subsequent share repurchases in 2018 and 2019 , the Company owns 90. 5 % of Bluegreen. Bluegreen was a wholly-owned subsidiary of the Company prior to the Bluegreen IPO. (2) Bluegreen has a joint venture arrangement pursuant to which it owns 51% of Bluegreen/Big Cedar Vacations. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | 21. Earnings Per Common Share The table below sets forth the computations of basic and diluted earnings per common share (in thousands, except per share data): For the Years Ended December 31, 2019 2018 2017 Basic earnings per common share Numerator: Net income $ 32,103 55,793 102,303 Less: Net income attributable to noncontrolling interests 14,412 20,691 18,378 Net income available to shareholders $ 17,691 35,102 83,925 Denominator: Basic - weighted average number of common share outstanding 92,628 95,298 98,745 Basic earnings per common share $ 0.19 0.37 0.85 Diluted earnings per common share Numerator: Net income available to shareholders $ 17,691 35,102 83,925 Denominator: Basic weighted average number of common shares outstanding 92,628 95,298 98,745 Effect of dilutive restricted stock awards 1,026 2,562 5,171 Diluted weighted average number of common shares outstanding 93,654 97,860 103,916 Diluted earnings per common share $ 0.19 0.36 0.81 During the year ended December 31, 2019, approximately 2,506,876 shares of unvested restricted stock awards were not included in the computation of diluted earnings per share because such awards were assumed to be fully repurchased under the treasury stock method based on the unrecognized compensation cost associated with such awards. During the years ended December 31, 2018 and 2017, there were no unvested restricted stock awards t hat were excluded from the computation of diluted earnings per share for such periods . During the year ended December 31, 2017, options to acquire 27,346 shares of Class A Common Stock were anti-dilutive. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 22. 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. There are three main valuation techniques to measure the fair value of assets and liabilities: the market approach, the income approach and the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses financial models to convert future amounts to a single present amount and includes present value and option-pricing models. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset and is often referred to as current replacement cost. The accounting guidance for fair value measurements defines an input fair value hierarchy that has three broad levels and gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The input fair value hierarchy is summarized below: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability Level 3: Unobservable inputs for the asset or liability There were no material assets or liabilities measured at fair value on a recurring or nonrecurring basis in the Company’s consolidated financial statements as of December 31, 2019 and 2018. Financial Disclosures about Fair Value of Financial Instruments The tables below set forth information related to 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 December 31, December 31, Assets Inputs Inputs 2019 2019 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 356,604 356,604 356,604 — — Restricted cash 50,266 50,266 50,266 — — Notes receivable, net 449,162 587,000 — — 587,000 Financial liabilities: Receivable-backed notes payable $ 422,815 440,900 — — 440,900 Notes payable and other borrowings 188,731 194,069 — — 194,069 Junior subordinated debentures 137,254 146,000 — — 146,000 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 s of these financial instruments ha ve 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 in which the outcome is unknown , and actual results or values may differ significantly from these estimates. These fair value estimates do not consider the tax effect that would be associated with the disposition of the assets or liabilities at their fair value estimates. As such, the estimated value upon sale or disposition of the asset may not be received , and the estimated value upon disposition of the liability in advance of its scheduled maturity may not be paid. The amounts reported in the consolidated statements of financial condition for cash and cash equivalents and restricted cash approximate fair value. The fair value s of Bluegreen’s notes receivable were measured 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 Bluegreen’s 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 w ere measured 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 s of the Company’s Community Development Bonds , which are included in notes payable and other borrowings above, were measured using the market approach with L evel 3 inputs obtained based on estimated market prices of similar financial instruments. The fair values of the Company’s notes payable and other borrowings (other than Bluegreen’s notes payable and other borrowings and Community Development Bonds above) were measured using the income approach with Level 3 inputs by discounting the forecasted cash out flows associated with the debt using estimated market discount rates. The fair values of the Company’s junior subordinated debentures were measured using the income approach with Level 3 by discounting the contractual cash outflows associated with the debt using estimated market discount rates or using the market approach based on market price quotes from the over-the-counter bond market. The fair value of the Company’s 5% Cumulative Preferred Stock, which is subject to mandatory redemption, was measured using the income approach with Level 3 inputs by discounting the forecasted cash out flows using estimated market discount rates . |
Certain Relationships And Relat
Certain Relationships And Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Certain Relationships And Related Party Transactions [Abstract] | |
Certain Relationships And Related Party Transactions | 23. 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 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 7 8 % of the Company’s total voting power. Mr. Alan Levan and Mr. Abdo also serve as Chairman and Vice Chairman, respectively, of Bluegreen’s board of directors, and effective January 1, 2020, Mr. Alan Levan also became Bluegreen’s President and Chief Executive Officer. Jarett S. Levan, the Company’s President and son of Alan 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 BBX Capital and owns 90.5% of Bluegreen as of December 31, 2019. During the years ended December 31, 2019, 2018, and 2017, Bluegreen paid or reimbursed the Company $1.7 million , $1. 6 millio n, and $1. 5 m illion, respectively, for management advisory, risk management, administrative, and other services. In addition, during the years ended December 31, 2019, 2018, and 2017, the Company received dividends from Bluegreen of $4 3 . 0 million , $40. 4 million, and $ 4 0.0 million, respectively. These amounts are eliminated in consolidation in the Company’s consolidated financial statements. In April 2015, pursuant to a Loan Agreement and Promissory Note, a wholly-owned subsidiary of Bluegreen provided an $80.0 million loan to BBX Capital. Amounts outstanding on the loan bore interest at a rate of 10% per annum until July 2017, when the interest rate was reduced to 6% per annum. Payments of interest are required on a quarterly basis, and all outstanding amounts under the loan 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 will be required, to the extent necessary, in order for Bluegreen or its subsidiaries to remain in compliance with covenants under outstanding indebtedness. During the years ended December 31, 2019, 2018, and 2017, BBX Capital paid interest expense on the loan of $4.8 million, $ 4.8 million, and $ 6 . 4 million, respectively. The interest expense is eliminated in consolidation in the Company’s consolidated financial statements. In May 2015, the Company, BCC, 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 such other party’s tax liability, the party providing the benefit will receive an amount for the tax benefits realized . During the years ended December 31, 2019, 2018, and 2017, Bluegreen paid the Company $13.0 million , $ 23 . 1 million, and $ 39.3 million, respectively, pursuant to this agreement. During the year ended December 31, 2019, BBX Capital received $1.0 million from Renin pursuant to the agreement. These amounts are eliminated in consolidation in the Company’s consolidated financial statements. During each of the years ended December 31, 2019, 2018 and 2017, the Company paid Abdo Companies, Inc. approximately $306,000 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 | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | 24. 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 (“CODM”) 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 the Company’s CODM, and the presentation and allocation of assets and results of operations may not reflect the actual economic costs of the segments as standalone businesses. If a different basis of allocation were utilized, the relative contributions of the segments might differ, but the relative trends in the segments’ operating results would, in management’s view, likely not be impacted. During the fourth quarter of 2019, the Company reorganized its operating businesses in the confectionery industry under BBX Sweet Holdings, including the centralization of various management and back office activities. In connection with these organizational changes, the Company’s CODM determined that he would manage the operations of the Company’s investments in the confectionery industry, including making decisions related to the allocation of resources to such investments, based on the consolidated activities and results of BBX Sweet Holdings, and the Company’s internal management reports were modified to present the consolidated performance of BBX Sweet Holdings to the Company’s CODM. As a result, the Company determined that it was appropriate to report the operations of BBX Sweet Holdings as a separate reportable segment together with the Company’s three other reportable segments as follows: Bluegreen, BBX Capital Real Estate, BBX Sweet Holdings and Renin. The Company’s segment information for the years ended December 31, 2018 and 2017 has been updated retrospectively to conform to the current presentation. See Note 1 for a description of the Company’s reportable segments. In the segment information for the years ended December 31, 2019, 2018 and 2017, 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 and a controlling financial interest in a restaurant acquired in connection with a loan receivable default. As described in Note 1, the Company exited its pizza restaurant operations as a franchisee of MOD Pizza in September 2019. The amounts set forth in the column entitled “Reconciling Items and Eliminations” include unallocated corporate 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 year ended December 31, 2019 (in thousands): Bluegreen BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 255,375 — — — — — 255,375 Fee-based sales commissions 207,832 — — — — — 207,832 Other fee-based services 125,244 — — — — — 125,244 Cost reimbursements 63,889 — — — — — 63,889 Trade sales — — 105,406 67,537 13,420 (26) 186,337 Sales of real estate inventory — 5,049 — — — — 5,049 Interest income 87,902 750 56 — 104 (2,486) 86,326 Net gains on sales of real estate assets — 13,616 — — — — 13,616 Other revenue — 1,619 324 — 2,233 (973) 3,203 Total revenues 740,242 21,034 105,786 67,537 15,757 (3,485) 946,871 Costs and expenses: Cost of VOIs sold 21,845 — — — — — 21,845 Cost of other fee-based services 86,940 — — — — — 86,940 Cost reimbursements 63,889 — — — — — 63,889 Cost of trade sales — — 67,703 54,243 5,800 (26) 127,720 Cost of real estate inventory sold — 2,643 — — — — 2,643 Interest expense 39,538 — 196 498 27 5,523 45,782 Recoveries from loan losses, net — (5,428) — — — — (5,428) Impairment losses — 47 142 — 6,749 — 6,938 Selling, general and administrative expenses 468,856 9,144 43,203 11,066 12,282 41,135 585,686 Total costs and expenses 681,068 6,406 111,244 65,807 24,858 46,632 936,015 Equity in net earnings of unconsolidated real estate joint ventures — 37,898 — — — — 37,898 Other (expense) income (910) 170 336 153 15 318 82 Foreign exchange loss — — — (75) — — (75) Income (loss) before income taxes $ 58,264 52,696 (5,122) 1,808 (9,086) (49,799) 48,761 Total assets $ 1,360,018 145,891 167,284 32,320 10,768 74,690 1,790,971 Expenditures for property and equipment $ 24,475 4 9,441 517 1,129 22 35,588 Depreciation and amortization $ 14,114 93 5,565 1,202 770 421 22,165 Debt accretion and amortization $ 4,878 125 226 27 — 299 5,555 Cash and cash equivalents $ 190,009 13,776 6,314 — 668 145,837 356,604 Equity method investments $ — 57,330 — — — 57,330 Goodwill $ — — 35,521 — 1,727 — 37,248 Receivable-backed notes payable $ 422,815 — — — — — 422,815 Notes payable and other borrowings $ 146,160 31,877 3,810 6,825 224 (165) 188,731 Junior subordinated debentures $ 72,081 — — — — 65,173 137,254 T he table below sets forth the Company’s segment information as of and for the year ended December 31, 201 8 (in thousands): Bluegreen BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 254,225 — — — — — 254,225 Fee-based sales commissions 216,422 — — — — — 216,422 Other fee-based services 118,024 — — — — — 118,024 Cost reimbursements 62,534 — — — — — 62,534 Trade sales — — 101,187 68,417 9,903 (21) 179,486 Sales of real estate inventory — 21,771 — — — — 21,771 Interest income 85,914 2,277 61 — 87 (2,838) 85,501 Net gains on sales of real estate assets — 4,563 — — — — 4,563 Other revenue — 2,541 10 — 1,869 (1,048) 3,372 Total revenues 737,119 31,152 101,258 68,417 11,859 (3,907) 945,898 Costs and expenses: Cost of VOIs sold 23,813 — — — — — 23,813 Cost of other fee-based services 72,968 — — — — — 72,968 Cost reimbursements 62,534 — — — — — 62,534 Cost of trade sales — — 65,829 55,483 4,349 (21) 125,640 Cost of real estate inventory sold — 14,116 — — — — 14,116 Interest expense 34,709 — 308 638 7 6,413 42,075 Recoveries from loan losses, net — (8,653) — — — — (8,653) Impairment losses — 571 4,147 — — — 4,718 Reimbursements of litigation costs and penalty — — — — — (600) (600) Selling, general and administrative expenses 415,403 9,210 46,130 9,903 11,680 45,486 537,812 Total costs and expenses 609,427 15,244 116,414 66,024 16,036 51,278 874,423 Equity in net earnings of unconsolidated real estate joint ventures — 14,194 — — — — 14,194 Other income (expense) 1,201 112 170 — (1) 213 1,695 Foreign exchange gain — — — 68 — — 68 Income (loss) before income taxes $ 128,893 30,214 (14,986) 2,461 (4,178) (54,972) 87,432 Total assets $ 1,346,467 165,109 83,618 32,354 20,187 57,285 1,705,020 Expenditures for property and equipment $ 32,539 318 6,254 796 5,428 215 45,550 Depreciation and amortization $ 12,392 374 5,897 1,159 671 501 20,994 Debt accretion and amortization $ 4,212 3 201 17 — 312 4,745 Cash and cash equivalents $ 219,408 16,103 5,328 — 7,681 117,785 366,305 Equity method investments $ — 64,738 — — — 64,738 Goodwill $ — — 35,521 — 1,727 — 37,248 Receivable-backed notes payable $ 458,931 — — — — — 458,931 Notes payable and other borrowings $ 133,391 27,333 2,046 8,117 — 30,000 200,887 Junior subordinated debentures $ 71,323 — — — — 65,102 136,425 The table below sets forth the Company’s segment information as of and for the year ended December 31, 201 7 (in thousands): Bluegreen BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 242,017 — — — — — 242,017 Fee-based sales commissions 229,389 — — — — — 229,389 Other fee-based services 111,819 — — — — — 111,819 Cost reimbursements 52,639 — — — — — 52,639 Trade sales — — 72,899 68,935 251 — 142,085 Interest income 86,876 2,225 40 — 36 (5,469) 83,708 Net gains on sales of real estate assets — 1,451 — — — — 1,451 Other revenue — 4,997 7 — 1,256 (599) 5,661 Total revenues 722,740 8,673 72,946 68,935 1,543 (6,068) 868,769 Costs and expenses: Cost of VOIs sold 17,679 — — — — — 17,679 Cost of other fee-based services 64,560 — — — — — 64,560 Cost reimbursements 52,639 — — — — — 52,639 Cost of trade sales — — 51,975 54,941 419 — 107,335 Interest expense 29,977 — 335 509 — 4,384 35,205 Recoveries from loan losses, net — (7,546) — — — — (7,546) Impairment losses — 1,696 5,786 — — — 7,482 Net gains on cancellation of junior subordinated debentures — — — — — (6,929) (6,929) Reimbursements of litigation costs and penalty — — — — (13,169) (13,169) Selling, general and administrative expenses 421,199 11,127 31,703 11,112 4,065 52,855 532,061 Total costs and expenses 586,054 5,277 89,799 66,562 4,484 37,141 789,317 Equity in net earnings of unconsolidated real estate joint ventures — 12,541 — — — — 12,541 Other income 312 148 72 — 269 — 801 Foreign exchange loss — — — (193) — — (193) Income (loss) before income taxes $ 136,998 16,085 (16,781) 2,180 (2,672) (43,209) 92,601 Total assets $ 1,231,481 166,548 92,587 36,189 11,940 66,936 1,605,681 Expenditures for property and equipment $ 14,115 308 2,246 2,786 2,518 72 22,045 Depreciation and amortization $ 9,632 581 4,080 1,000 112 644 16,049 Debt accretion and amortization $ 4,478 — 55 — — 149 4,682 Cash and cash equivalents $ 197,337 8,636 10,160 863 7,099 138,431 362,526 Equity method investments $ — 51,234 — — — 51,234 Goodwill $ — — 39,482 — — — 39,482 Receivable-backed notes payable $ 421,118 — — — — — 421,118 Notes payable and other borrowings $ 100,194 24,215 6,815 12,890 — — 144,114 Junior subordinated debentures $ 70,384 — — — — 65,030 135,414 |
Selected Quarterly Results
Selected Quarterly Results | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Results [Abstract] | |
Selected Quarterly Results | 2 5 . Selected Quarterly Results (Unaudited) The following tables summarize the results of operations for each fiscal quarter during the years ended December 31, 201 9 and 201 8 (in thousands except for per share data): First Second Third Fourth 2019 Quarter Quarter Quarter Quarter Total Revenues (1) $ 217,352 245,693 249,613 234,213 946,871 Costs and expenses (1) 211,491 265,674 239,237 219,613 936,015 5,861 (19,981) 10,376 14,600 10,856 Equity in net (loss) earnings of unconsolidated real estate joint ventures (17) 8,759 28,534 622 37,898 Other income (expense) 513 2,289 2,272 (4,992) 82 Foreign exchange gains (losses) 5 (29) — (51) (75) Income (loss) before income taxes 6,362 (8,962) 41,182 10,179 48,761 (Provision) benefit for income taxes (1,724) 1,338 (14,682) (1,590) (16,658) Net income (loss) 4,638 (7,624) 26,500 8,589 32,103 Less: Net income attributable to noncontrolling interests 3,139 4,024 4,112 3,137 14,412 Net income (loss) attributable to shareholders 1,499 (11,648) 22,388 5,452 17,691 Basic earnings (loss) per common share $ 0.02 (0.12) 0.24 0.06 0.19 Diluted earnings (loss) per common share $ 0.02 (0.12) 0.24 0.06 0.19 Basic weighted average number of common shares outstanding 93,220 93,207 92,587 91,497 92,628 Diluted weighted average number of common and common equivalent shares outstanding 94,487 93,207 94,059 91,572 93,654 First Second Third Fourth 2018 Quarter Quarter Quarter Quarter Total Revenues $ 217,771 242,410 253,873 231,844 945,898 Costs and expenses 197,072 221,607 236,125 219,619 874,423 20,699 20,803 17,748 12,225 71,475 Equity in net earnings (loss) of unconsolidated real estate joint ventures 1,280 (488) 373 13,029 14,194 Other income 271 816 530 78 1,695 Foreign exchange gains (losses) 52 (37) 76 (23) 68 Income before income taxes 22,302 21,094 18,727 25,309 87,432 Provision for income taxes (6,600) (8,655) (6,742) (9,642) (31,639) Net income 15,702 12,439 11,985 15,667 55,793 Less: Net income attributable to noncontrolling interests 4,560 5,958 5,806 4,367 20,691 Net income attributable to shareholders 11,142 6,481 6,179 11,300 35,102 Basic earnings per common share $ 0.11 0.07 0.07 0.12 0.37 Diluted earnings per common share $ 0.11 0.07 0.06 0.12 0.36 Basic weighted average number of common shares outstanding 99,652 94,390 93,193 94,042 95,298 Diluted weighted average number of common and common equivalent shares outstanding 102,628 97,779 96,576 95,041 97,860 (1) During the fourth quarter of 2019, the prior 2019 quarterly revenue and operating expense amounts were reclassified for consistency to conform to the fourth quarter 2019 presentation. |
Basis Of Presentation And Sig_2
Basis Of Presentation And Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Consolidation Policy | Consolidation Policy - The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and 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. |
Use Of Estimates | Use of Estimates – The preparation of GAAP financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, management evaluates its estimates, including those that relate to the estimated future sales value of inventory; the recognition of revenue; the allowance for loan losses; the recovery of the carrying value of VOI inventories and real estate; the measurement of assets and liabilities at fair value, including amounts recognized in business combinations and items measured at fair value on a non-recurring basis, such as intangible assets, goodwill, and real estate; the amount of the deferred tax valuation allowance and accounting for uncertain tax positions; and the estimate of contingent liabilities related to litigation and other claims and assessments. Management bases its estimates on historical experience and on other various assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions and conditions. |
Reclassifications | Reclassifications - Certain amounts for prior years have been reclassified to conform to the revised financial statement presentation for 2019. The reclassification had no impact on the Company’s statements of operations and comprehensive income or statements of cash flows. |
Cash, Cash Equivalents, And Restricted Cash | Cash, Cash Equivalents, and Restricted Cash - Cash equivalents consist of demand deposits at financial institutions, money market funds, and other short-term investments with original maturities at the time of purchase of 90 days or less. Cash in excess of the Company’s immediate operating requirements are generally invested in short-term time deposits and money market instruments that typically have original maturities at the date of purchase of three months or less. Restricted cash consists primarily of customer deposits held in escrow accounts and cash collected on pledged/secured notes receivable not yet remitted to lenders. Cash and cash equivalents are maintained at various financial institutions located throughout the United States, as well as in Canada and Aruba, in amounts exceeding the $250,000 federally insured limit. Accordingly, the Company is subject to credit risk. Management performs periodic evaluations of the relative credit standing of financial institutions maintaining the Company’s deposits to evaluate and, if necessary, take actions in an attempt to mitigate credit risk. |
Revenue Recognition | Revenue Recognition Sales of VOIs – Revenue is recognized for sales of VOIs after control of the VOI is deemed transferred to the customer, which is when the legal rescission period has expired on a binding executed VOI sales agreement and the collectability of the note receivable from the buyer, if any, is reasonably assured. Transfer of control of the VOI to the buyer is deemed to occur when the legal rescission period expires as the risk and rewards associated with VOI ownership are transferred to the buyer at that time. The Company records Bluegreen’s customer deposits from contracts within the legal rescission period in restricted cash and escrow deposits in the Company’s consolidated statements of financial condition, as such amounts are refundable until the legal rescission period has expired. In cases where construction and development of Bluegreen’s developed resorts has not been substantially completed, Bluegreen defers all of the revenues and associated expenses for the sales of VOIs until construction is substantially complete and the resort may be occupied. Bluegreen generally offers qualified purchasers financing for up to 90% of the purchase price of VOIs. The typical financing provides for a term of ten years and a fixed interest rate, is fully amortizing in equal installments, and may be prepaid without penalty. For sales of VOIs for which Bluegreen provides financing, Bluegreen reduces the transaction price for expected loan losses, which it considers to be variable consideration. To the extent Bluegreen determines that it is probable that a significant reversal of cumulative revenue recognized may occur, it records an estimate of variable consideration as a reduction to the transaction price of the sales of VOIs until the uncertainty associated with the variable consideration is resolved. Bluegreen’s estimates of variable consideration are based on the results of its static pool analysis, which relies on historical payment data for similar VOI notes receivable and tracks uncollectibles for each period’s sales over the entire life of the notes. Bluegreen also considers whether historical economic conditions are comparable to then current economic conditions, as well as variations in underwriting standards. Bluegreen reviews its estimate of variable consideration on at least a quarterly basis. VOI sales for which no financing is provided do not have any significant payment terms. Fee-based sales commissions – Bluegreen enters into fee-based sales arrangements with third-party developers to sell VOIs through its sales and marketing platforms for which Bluegreen earns a commission. Commission r evenue is recognized to the extent that it is probable that a significant reversal of such revenue will not occur and the related consumer rescission period has expired. Commission revenue is recognized over time as the third-party developer receives and consumes the benefits of the services. Other fee-based services and cost reimbursements - Revenue associated with Bluegreen’s other fee-based services is recognized as follows: · Resort and club management revenue is recognized as services are rendered. These services provided to the resort HOAs are comprised of day-to-day services to operate the resort, including management services and certain accounting and administrative functions. Management services provided to the Vacation Club include managing the reservation system and providing owner, billing, and collection services. Bluegreen’s management contracts are typically structured as cost-plus, with an initial term of three years and automatic one year renewals. Bluegreen believes these services to be a series of distinct goods and services to be accounted for as a single performance obligation over time and recognizes revenue as the customer receives the benefits of its services. Bluegreen allocates variable consideration to the distinct good or service within the series, such that revenue from management fees and cost reimbursements is recognized in each period as the uncertainty with respect to such variable consideration is resolved. · Cost reimbursements are received for performing day to day management services based on agreements with the HOAs. These costs primarily consist of payroll and payroll related costs for the management of the HOAs and other services provided where Bluegreen is the employer. Cost reimbursements are based upon actual expenses and are billed to the HOA on a monthly basis. Bluegreen recognizes cost reimbursement when they incur the related reimbursable costs as the HOA receives and consumes the benefits of the management services. · Resort title fee revenue is recognized when escrow amounts are released and title documents are completed. · Rental revenues are recognized on a daily basis, which is consistent with the period for which the customer benefits from such service. Revenue from the sampler program is typically recognized when guests complete stays at the resorts, which typically occurs within a year from sale. · Mortgage servicing revenue is recognized as services are rendered. Fees received in advance are generally included in deferred income in the Company’s consolidated statements of financial condition until the related service is rendered and revenue is recognized as stated above. Rental operations, including accommodations provided through the use of Bluegreen’s sampler program, are accounted for as incidental operations whereby incremental carrying costs in excess of incremental revenues are expensed as incurred , and as noted above, r evenue from the sampler program is deferred and typically recognized within a year from sale as guests complete stays at the resorts. During each of the years presented, Bluegreen’s aggregate rental revenue and sampler revenue was less than the aggregate carrying cost of its VOI inventory. Accordingly, Bluegreen recorded such revenue as a reduction to the carrying cost of VOI inventory, which is included in cost of other fee-based services in the Company’s consolidated statements of operations and comprehensive income for each year. Trade sales – Revenue is recognized on trade sales as follows: · Revenue is recognized on wholesale trade sales when control of the products is transferred to customers, which generally occurs when the products are shipped or the customers accept delivery. Wholesale trade sales typically have payment terms between 10 and 90 days. Certain customer trade sale contracts have provisions for right of return, volume rebates, and price concessions. These types of discounts are accounted for as variable consideration, and the Company uses the expected value method to calculate the estimated reduction in the trade sales revenue. The inputs used in the expected value method include historical experience with the customer, sales forecasts, and outstanding purchase orders. · Revenue is recognized on retail trade sales at the point of sale, which occurs when products are sold at the Company’s retail locations. · Sales and other taxes imposed by governmental authorities that are collected by the Company from customers are excluded from revenue or the transaction price. · Shipping and handling activities that occur after the control of goods is transferred to a customer are accounted for as fulfillment activities instead of a separate performance obligation. · Revenue is not adjusted for the effects of a significant financing component if the Company expects, at the contract inception, that the performance obligation will be satisfied within one year or less. Sales of real estate inventory - Revenue is generally recognized on sales of real estate inventory to customers when the sales are closed and title passes to the buyer. The Company generally receives payment from the sale of real estate inventory at the date of closing. In addition, certain real estate sales contracts provide for a contingent purchase price. The contingent purchase price in contracts pursuant to which the Company sells developed lots to homebuilders is generally calculated as a percentage of the proceeds that the homebuilders receive from sales to their own customers, and the Company does not receive payment of such amounts until the homebuilders close on such sales. The Company accounts for the contingent purchase price in these contracts as variable consideration and estimates the amount of such consideration that may be recognized upon the closing of the real estate transaction based on the expected value method. The estimate of variable consideration is recognized as revenue to the extent that it is not probable that a significant reversal in the amount of cumulative revenue recognized will occur when the uncertainty associated with the variable consideration is subsequently resolved. The inputs used in the expected value method include current sales prices (net of incentives), historical contingent purchase price receipts, and sales contracts on similar properties. Interest income - Bluegreen provides financing for a significant portion of sales of its owned VOIs. Bluegreen recognizes interest income from financing VOI sales on the accrual method as earned based on the outstanding principal balance, interest rate, and terms stated in each individual financing agreement. Interest income from other loans receivable originated by the Company is recognized on accruing loans when management determines that it is probable that all of the principal and interest will be collected in accordance with the loan’s contractual terms. Interest income is recognized on non-accrual loans on a cash basis. Loans receivable are included in other assets in the Company’s consolidated statements of financial condition. Net gains on sales of real estate assets – Net gains on sales of real estate assets represents sales of assets to non-customers. Gains (or losses) are recognized from sales to non-customers when the control of the asset has been transferred to the buyer, which generally occurs when title passes to the buyer. Other revenue – Other revenue is primarily comprised of rental income from properties under short-term operating leases. Rental income is recognized as rents become due, and rental payments received in advance are deferred until earned. |
Notes Receivable | Notes Receivable - Bluegreen’s n otes receivable are carried at amortized cost less an allowance for loan losses, and its loan origination costs are deferred and recognized over the life of the related notes receivable. Interest income is suspended, and previously accrued but unpaid interest income is reversed, on all delinquent notes receivable when principal or interest payments are more than 90 days contractually past due and is not resumed until such notes receivable are less than 90 days past due. As of December 31, 2019 and December 31, 2018, $25.5 million and $20.4 million, respectively, of Bluegreen’s VOI notes receivable were more than 90 days past due, and accordingly, consistent with Bluegreen’s policy, were not accruing interest income. After approximately 127 days, Bluegreen’s VOI notes receivable are generally written off against the allowance for loan loss. |
VOI Inventory | VOI Inventory - Bluegreen’s VOI inventory is primarily comprised of completed VOIs, VOIs under construction, and land held for future VOI development. Completed VOI inventory is carried at the lower of (i) cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest and real estate taxes, and other costs incurred during construction, or (ii) estimated fair market value, less costs to sell. VOI inventory and cost of sales are accounted for under timeshare accounting rules, which require the use of a specific method of the relative sales value method for relieving VOI inventory and recording cost of sales. Under the relative sales value method, cost of sales is calculated as a percentage of net sales using a cost-of-sales percentage that is the ratio of total estimated development costs to total estimated VOI revenue, including the estimated incremental revenue from the resale of repossessed VOI inventory that is generally obtained as a result of the default of the related receivable. In addition, pursuant to timeshare accounting rules, Bluegreen does not relieve inventory for VOI cost of sales related to anticipated loan losses. Accordingly, no adjustment is made when inventory is reacquired upon default of the related receivable. |
Trade Inventory | Trade Inventory – Trade inventory is measured at the lower of cost or market. Cost includes all costs of conversions, including materials, direct labor, production overhead, depreciation of equipment, and shipping costs. Raw materials are not written down unless the goods in which they are incorporated are expected to be sold for less than cost, in which case, they are written down by reference to replacement cost of the raw materials. Finished goods and work in progress are stated at the lower of cost or market determined on a first-in, first-out or average cost basis. Shipping and handling fees billed to customers are recorded as trade sales, and shipping and handling fees paid by the Company are recorded as cost of goods sold. In valuing inventory, the Company makes assumptions regarding the write-downs required for excess and obsolete inventory based on judgments and estimates formulated from available information. Estimates for excess and obsolete inventory are based on historical and forecasted usage. Inventory is also examined for upcoming expiration, and write-downs are recorded where appropriate. |
Real Estate | Real Estate – From time to time, the Company acquires real estate or takes possession or ownership of real estate through the foreclosure of collateral on loans receivable. Such real estate is classified as real estate held-for-sale, real estate held-for-investment, or real estate inventory. When real estate is classified as held-for-sale, it is initially recorded at fair value less estimated selling costs and subsequently measured at the lower of cost or estimated fair value less selling costs. When real estate is classified as held-for-investment, it is initially recorded at fair value and, if applicable, is depreciated in subsequent periods over its useful life using the straight-line method. Real estate is classified as real estate inventory when the property is under development for sale to customers and is measured at cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest and real estate taxes, and other costs incurred during the construction period. Expenditures for capital improvements are generally capitalized, while the ongoing costs of owning and operating real estate are charged to selling, general and administrative expenses as incurred. Impairments required on loans receivable at the time of foreclosure of real estate collateral are charged to the allowance for loan losses, while impairments of real estate required under ASC 360 to reflect subsequent declines in fair value are recorded as impairment losses in the Company’s consolidated statements of operations and comprehensive income. |
Investments In Unconsolidated Real Estate Joint Ventures | Investments in Unconsolidated Real Estate Joint Ventures - The Company uses the equity method of accounting to record its equity investments in entities in which it has significant influence but does not hold a controlling financial interest, including equity investments in VIEs in which the Company is not the primary beneficiary. Under the equity method, an investment is reflected on the statement of financial condition of an investor as a single amount, and an investor’s share of earnings or losses from its investment is reflected in the statement of operations as a single amount. The investment is initially measured at cost and subsequently adjusted for the investor’s share of the earnings or losses of the investee and distributions received from the investee. The investor recognizes its share of the earnings or losses of the investee in the periods in which they are reported by the investee in its financial statements rather than in the period in which an investee declares a distribution. Intra-entity profits and losses on assets still remaining with an investor or investee are eliminated. The Company recognizes its share of earnings or losses from certain equity method investments based on the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, earnings or losses are recognized based on how an entity would allocate and distribute its cash if it were to sell all of its assets and settle its liabilities for their carrying amounts and liquidate at the reporting date. The HLBV method is used to calculate the Company’s share of earnings or losses from equity method investments when the contractual cash disbursements are different than the investors’ equity interest. The Company capitalizes interest expense on investments in and advances or loans to real estate joint ventures accounted for under the equity method that have commenced qualifying activities, such as real estate development projects. The capitalization of interest expense ceases when the investee completes its qualifying activities, and total capitalized interest expense cannot exceed interest expense incurred. The Company reviews its investments on an ongoing basis for indicators of other-than-temporary impairment. This determination requires significant judgment in which the Company evaluates, among other factors, the fair market value of its investments, general market conditions, the duration and extent to which the fair value of an investment is less than cost, and the Company’s intent and ability to hold an investment until it recovers. The Company also considers specific adverse conditions related to the financial health and business outlook of the investee, including industry and market performance, rating agency actions, and expected future operating and financing cash flows. If a decline in the fair value of an investment is determined to be other-than-temporary, an impairment loss is recorded to reduce the investment to its fair value, and a new cost basis in the investment is established. |
Property And Equipment | Property and Equipment - Land is carried at cost. Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets, which generally range up to 40 years for buildings and building improvements, from 3 to 14 years for office furniture, fixtures, and equipment, from 3 to 5 years for transportation and equipment, and from 3 to 14 years for leasehold improvements. The cost of leasehold improvements is depreciated using the straight-line method over the shorter of the terms of the related leases or the estimated useful lives of the improvements. Expenditures for new property, leasehold improvements, and equipment and major renewals and betterments are capitalized. Expenditures for maintenance and repairs are expensed as incurred, and gains or losses on disposal of assets are reflected in current operations. The cost of software developed for internal use is capitalized in accordance with the accounting guidance for costs of computer software developed or obtained for internal use. The capitalization of costs of software developed for internal use commences during the development phase of the project and ends when the software is ready for its intended use. The costs of software developed or obtained for internal use are generally amortized on a straight-line basis over 3 to 5 years. The Company capitalized costs of software for internal use of $10.1 million and $10.2 million for the years ended December 31, 2019 and 2018, respectively. |
Goodwill And Intangible Assets | Goodwill and Intangible Assets Goodwill – The Company recognizes goodwill upon the acquisition of a business when the fair values of the consideration transferred and any noncontrolling interests in the acquiree are in excess of the fair value of the acquiree’s identifiable net assets. The Company tests goodwill for potential impairment on an annual basis as of December 31 or during interim periods if impairment indicators exist. The Company first assesses qualitatively whether it is necessary to perform goodwill impairment testing. Impairment testing is performed when it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The Company evaluates various factors affecting a reporting unit in its qualitative assessment, including, but not limited to, macroeconomic conditions, industry and market considerations, cost factors, and financial performance. If the Company concludes from its qualitative assessment that goodwill impairment testing is required, the fair value of the reporting unit is compared to its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, the Company records an impairment loss for the excess amount, although the impairment loss is limited to the amount of goodwill allocated to the reporting unit. Intangible assets – Intangible assets consist primarily of indefinite-lived management contracts recognized upon the consolidation of Bluegreen in November 2009. The remaining balance in intangible assets includes various amortizable intangible assets that are amortized on a straight-line basis of their respective estimated useful lives, including trade names and non-competition agreements acquired in connection with business combinations that were initially recorded at fair value at the applicable acquisition date. Prior to the adoption of the new lease accounting standard on January 1, 2019, intangible assets also included off-market lease agreements acquired in connection with business combinations that were initially recorded at fair value. Indefinite-lived intangible assets are not amortized and are tested for impairment on at least an annual basis, or more frequently if events and circumstances indicate that it is more likely than not that the related carrying amounts may be impaired. The Company evaluates indefinite-lived intangible assets for impairment by first qualitatively considering relevant events and circumstances to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. If it is more likely than not that the fair value of the indefinite-lived intangible asset is greater than its carrying amount, the indefinite-lived intangible asset is not impaired. If the Company concludes that it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, the Company estimates the fair value of the indefinite-lived intangible asset and compares the estimated fair value to the carrying amount. If the fair value of the indefinite-lived intangible asset is less than the carrying value, an impairment loss is recognized for the difference. Amortizable intangible assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. The carrying amount of an intangible asset is not considered recoverable when the carrying amount exceeds the sum of the undiscounted cash flows expected to result from the use of the intangible asset. To the extent that the carrying amount of an intangible asset exceeds the sum of such undiscounted cash flows, an impairment loss is measured and recorded based on the amount by which the carrying amount of the intangible asset exceeds its fair value. |
Operating Lease Assets And Operating Lease Liabilities | Operating Lease Assets and Operating Lease Liabilities – 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 consolidated statements of financial condition. The Company determines if an arrangement is a lease at inception. The operating lease assets represent the Company’s right to use an underlying asset for the lease term, and operating lease liabilities represent the Company’s obligation to make lease payments. Operating lease assets and liabilities are recognized when the Company takes possession of the underlying asset based on the present value of lease payments over the lease term. The Company generally does not include lease payments associated with renewal options that are exercisable at its discretion in the measurement of its operating lease assets and operating lease liabilities as it is not reasonably certain that such options will be exercised. 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 Company recognizes accrued straight-line rent and unamortized tenant allowances received from landlords associated with its operating leases as a reduction of the operated lease assets associated with such leases. The Company has lease agreements with lease and non-lease components which it generally accounts for as a single lease component for lease classification, recognition and measurement purposes. |
Trade Receivables | Trade Receivables – Trade receivables are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its trade receivable portfolio. In establishing the required allowance, management considers various factors, including historical losses, current market conditions, the customers' financial condition, the amount of receivables in dispute, and the aging and payment patterns related to the receivables. The Company reviews its allowance for doubtful accounts on a quarterly basis. Past due balances over 90 days and over a specified amount are reviewed individually for collectibility. Account balances are charged off against the allowance after all standard means of collection have been exhausted and the potential for recovery is considered remote. Trade receivables are included in other assets in the Company’s consolidated statements of financial condition and had an outstanding balance of $13.1 million and $18.3 million as of December 31, 2019 and 2018, respectively. |
Deferred Financing Costs | Deferred Financing Costs – Deferred financing costs are comprised of costs incurred in connection with obtaining financing from third-party lenders and are presented in the Company’s consolidated statements of financial condition as other assets or as a direct deduction from the carrying amount of the associated debt liability. These costs are capitalized and amortized to interest expense over the terms of the related financing arrangements. As of December 31, 2019 and 2018, unamortized deferred financing costs presented in other assets totaled $6.0 million and $5.6 million, respectively, while unamortized costs presented against the associated debt liabilities totaled $8.5 million and $9.1 million, respectively. Interest expense from the amortization of deferred financing costs for the years ended December 31, 2019, 2018 and 2017 was $4.5 million, $3.5 million, and $3.1 million, respectively. |
Advertising | Advertising – The Company expenses advertising costs, which are primarily marketing costs, as incurred. Advertising expenses totaled $146.0 million, $138.9 million and $148.6 million for the years ended December 31, 2019, 2018 and 2017, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income. Bluegreen has entered into marketing arrangements with various third parties. For the years ended December 31, 2019, 2018, and 2017, sales of VOIs to prospects and leads generated by Bluegreen’s marketing arrangement with Bass Pro accounted for approximately 13% , 14%, and 15% , respectively, of total VOI sales volume. There can be no guarantee that Bluegreen will be able to maintain this agreement in accordance with its terms or extend or renew this agreement on similar terms, or at all, nor is there any assurance that Bluegreen’s business relationship with Bass Pro under the revised terms of its marketing agreement entered into in June 2019 will be as profitable as under the prior terms, or at all. See Note 16 for a description of the revised terms of Bluegreen’s marketing agreement with Bass Pro. |
Income Taxes | Income Taxes – The Company and its subsidiaries in which it owns 80% or more of the voting power and value of the subsidiary’s stock file a consolidated U.S. Federal and Florida income tax return. Other than Florida, the Company and its subsidiaries file separate or unitary state income tax returns for each jurisdiction. Subsidiaries in which the Company owns less than 80% of the outstanding equity are not included in the Company’s consolidated U.S. Federal or Florida state income tax return. The provision for income taxes is based on income before taxes reported for financial statement purposes after adjustment for transactions that do not have tax consequences. Deferred tax assets and liabilities are recognized according to the estimated future tax consequences attributable to differences between the carrying value of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates as of the date of the statement of financial condition. The effect of a change in tax rates on deferred tax assets and liabilities is reflected in the period that includes the statutory enactment date. A deferred tax asset valuation allowance is recorded when it has been determined that it is more likely than not that deferred tax assets will not be realized. If a valuation allowance is recorded, a subsequent change in circumstances that causes a change in judgment about the realization of the related deferred tax amount could result in the reversal of the deferred tax valuation allowance. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. |
Noncontrolling Interests | Noncontrolling Interests – Noncontrolling interests reflect third parties’ ownership interests in entities that are consolidated in the Company’s financial statements but are less than 100% owned by the Company. Noncontrolling interests are recognized as equity in the consolidated statement of financial condition and presented separately from the equity attributable to BBX Capital’s shareholders, while noncontrolling interests that are redeemable for cash at the holder’s option or upon a contingent event outside of the Company’s control are classified as redeemable noncontrolling interests and presented in the mezzanine section between total liabilities and equity in the consolidated statement of financial condition. The Company measures redeemable noncontrolling interests on an ongoing basis by accreting changes in the estimated redemption value of such interests from the date of issuance to the earliest redemption date and adjusts the carrying amount of such interests to the calculated value in the event that it is in excess of the carrying amount of such interests at such time. A change in the ownership interests of a subsidiary is accounted for as an equity transaction if the Company retains its controlling financial interest in the subsidiary. The amounts of consolidated net income and comprehensive income attributable to BBX Capital’s shareholders and noncontrolling interests are separately presented in the Company’s consolidated statement of operations and comprehensive income. |
Accounting For Loss Contingencies | Accounting for Loss Contingencies – Loss contingencies, including those arising from legal actions, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. |
Earnings Per Share | Earnings Per Share - Basic earnings per share is computed by dividing net income attributable to BBX Capital’s shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed in the same manner as basic earnings per share but also reflects potential dilution that could occur if options to acquire BBX Capital’s common shares were exercised or if restricted stock awards issued by BBX Capital were vested. Common stock options and restricted stock awards, if dilutive, are considered in the weighted average number of dilutive common shares outstanding based on the treasury stock method. |
Stock-Based Compensation | Stock-Based Compensation – Compensation cost for unvested restricted stock awards is based on the fair value of the award on the measurement date, which is generally the grant date, and is recognized on a straight-line basis over the requisite service period of the award, which is generally four years for unvested restricted stock awards. The fair value of unvested restricted stock awards is generally determined based on the market price of the Company’s common stock on the grant date. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) has issued the following accounting pronouncements and guidance relevant to the Company’s operations which have been 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 have been and will 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 December 31, 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. The standard also requires entities to record an allowance for credit losses for available for sale debt securities rather than reduce the carrying amount under the other-than temporary impairment model. 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). This standard was effective for the Company on January 1, 2020 . Although th e Company is finalizing its assessment , the Company believes that the adoption of the standard will not have a material impact on its consolidated financial statements. ASU 2018-15, Intangibles (Topic 350-40): Goodwill and Other – Internal–Use Software. This standard requires a customer in a cloud computing arrangement that is a service contract (“CCA”) to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. The standard also requires entities to present implementation costs related to a CCA in the same financial statement line items as the CCA service fees. The Company adopted this standard on January 1, 2020 and is applying the transition guidance as of the date of adoption prospectively, under the current period adjustment method. The Company expects that capitalized implementation costs related to a CCA that were in the implementation phase as of January 1, 2020 ranging from $1.5 million to $2.5 million will be reclassified from property and equipment to prepaid expenses in connection with the adoption of the standard. The Company believes that the adoption of the standard will not have a material impact on its consolidated financial statements. ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This standard removes specific exceptions to the general principles in Topic 740 including exceptions related to (i) the incremental approach for intraperiod tax allocations, (ii) accounting for basis differences when there are ownership changes in foreign investments, and (iii) interim period income tax accounting for year-to-date losses that exceed anticipated losses. The statement is effective for the Company on January 1, 2021 and interim periods within that fiscal year. Early adoption is permitted. The Company is currently evaluating the impact that ASU 2019-12 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 was effective for the Company on January 1, 2020, and the adoption of the standard is not expected to have a material impact on the Company’s consolidated financial statements and disclosures. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Acquisitions [Abstract] | |
Consolidated Net Assets And Results Of Operations | June 16, 2017 to December 31, 2017 Trade sales $ 46,765 Income before income taxes $ 2,598 |
Summary Of Fair Value Of The Assets Acquired And Liabilities Assumed | Property and equipment $ 18,747 Cash, inventory and other assets 12,212 Identifiable intangible assets (1) 4,512 Total assets acquired 35,471 Accounts payable and other liabilities (5,370) Identifiable intangible liabilities (2) (716) Total liabilities assumed (6,086) Fair value of identifiable net assets 29,385 Redeemable noncontrolling interest (2,490) Goodwill 35,164 Purchase consideration 62,059 Less: cash acquired (3,641) Cash paid for acquisition less cash acquired $ 58,418 Acquisition-related costs included in selling, general and administrative expenses $ 2,963 (1) Identifiable intangible assets were comprised of $4.2 million, $0.2 million and $0.1 million associated with IT’SUGAR’s trademark, favorable operating lease agreements, and a noncompetition agreement, respectively. (2) Identifiable intangible liabilities were comprised of unfavorable operating lease agreements. |
Pro Forma Information | Pro Forma For the Year Ended December 31, 2017 Trade sales $ 178,643 Income before income taxes $ 93,273 Net income (1) $ 102,703 Net income attributable to shareholders (1) $ 84,356 (1) The pro forma income before income taxes, net income, and net income attributable to shareholders for the year ended December 31, 2017 were adjusted to exclude $3.0 million of acquisition-related costs. |
Consolidated Variable Interes_2
Consolidated Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Consolidated Variable Interest Entities [Abstract] | |
Information Related To The Assets And Liabilities Of The VIEs | December 31, 2019 2018 Restricted cash $ 22,534 28,400 Securitized notes receivable, net 292,590 341,975 Receivable backed notes payable - non-recourse 334,246 382,257 |
Notes Receivable (Tables)
Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Receivable [Abstract] | |
Information Relating To Bluegreen's Notes Receivable | December 31, 2019 2018 Notes receivable: VOI notes receivable - non-securitized $ 203,872 124,642 VOI notes receivable - securitized 385,326 447,850 Notes receivable secured by homesites (1) 659 898 Gross notes receivable 589,857 573,390 Allowance for loan losses - non-securitized (47,894) (28,258) Allowance for loan losses - securitized (92,736) (105,875) Allowance for loan losses - homesites (1) (65) (90) Notes receivable, net $ 449,162 439,167 Allowance as a % of gross notes receivable 24% 23% (1) Notes receivable secured by homesites were originated through a business, substantially all of the assets of which were sold by Bluegreen in 2012. |
Future Contractual Principal Payments Of Notes Receivables | December 31, 2019 2020 $ 62,808 2021 62,320 2022 67,086 2023 70,589 2024 72,559 Thereafter 254,495 Gross notes receivable $ 589,857 |
Activity In The Allowance For Loan Losses | For the Years Ended December 31, 2019 2018 2017 Balance, beginning of period $ 134,223 123,791 120,270 Provision for loan losses 55,677 51,236 46,412 Write-offs of uncollectible receivables (49,205) (40,804) (42,891) Balance, end of period $ 140,695 134,223 123,791 |
Percentage Of Gross Notes Receivable Outstanding, By FICO Score At Origination | December 31, FICO Score 2019 2018 700+ 59.00 % 57.00 % 600-699 37.00 39.00 <600 3.00 3.00 No score (1) 1.00 1.00 Total 100.00 % 100.00 % (1) VOI notes receivables without a FICO score are primarily related to foreign borrowers. |
Delinquency Status Of Bluegreen's VOI Notes Receivable | December 31, 2019 2018 Current $ 557,849 541,783 31-60 days 6,794 5,783 61-90 days 5,288 4,516 > 91 days (1) 19,267 20,410 Total $ 589,198 572,492 (1) Includes $10.6 million and $14.3 million of VOI notes receivable as of December 31, 201 9 and 201 8 , 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 (Tables)
Trade Inventory (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trade Inventory [Abstract] | |
Summary Of Inventory | December 31, 2019 2018 Raw materials $ 3,048 2,718 Paper goods and packaging materials 1,327 1,122 Finished goods 18,468 16,270 Total trade inventory $ 22,843 20,110 |
VOI Inventory (Tables)
VOI Inventory (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
VOI Inventory [Abstract] | |
Summary Of Inventory | December 31, 2019 2018 Completed VOI units $ 269,847 $ 237,010 Construction-in-progress 3,946 26,587 Real estate held for future VOI development 73,144 70,552 Total VOI inventory $ 346,937 $ 334,149 |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Schedule Of Real Estate | December 31, 2019 2018 Real estate held-for-sale $ 11,297 20,202 Real estate held-for-investment 6,015 10,976 Real estate inventory 48,506 23,778 Total real estate $ 65,818 54,956 |
Investments In Unconsolidated_2
Investments In Unconsolidated Real Estate Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Acquisition [Line Items] | |
Investments In Unconsolidated Real Estate Joint Ventures | December 31, 2019 Ownership (1) 2018 Altis at Lakeline - Austin Investors, LLC $ 242 % 34.47 $ 4,531 Altis at Grand Central Capital, LLC 2,653 11.07 2,549 Altis Promenade Capital, LLC 2,126 6.61 2,195 Altis at Bonterra - Hialeah, LLC 618 96.73 21,602 Altis Ludlam - Miami Investor, LLC 1,081 33.30 675 Altis Suncoast Manager, LLC 753 33.30 1,857 Altis Pembroke Gardens, LLC 1,277 0.41 1,284 Altis Fairways, LLC 1,880 0.42 1,876 Altis Wiregrass, LLC 1,792 2.22 1,897 Altis LH-Miami Manager, LLC 811 3.43 — Altis Vineland Pointe Manager, LLC 4,712 50.00 — Altis Miramar East/West 2,631 5.00 — The Altman Companies, LLC (2) 14,745 50.00 14,893 ABBX Guaranty, LLC 3,750 50.00 2,500 Sunrise and Bayview Partners, LLC 1,562 50.00 1,439 PGA Design Center Holdings, LLC 996 40.00 691 CCB Miramar, LLC 5,999 70.00 1,575 BBX/Label Chapel Trail Development, LLC 1,126 46.75 4,515 L03/212 Partners, LLC 2,087 3.41 — PGA Lender, LLC 2,111 45.88 — Sky Cove, LLC 4,178 26.25 — All other investments in real estate joint ventures 200 659 Total $ 57,330 $ 64,738 (1) The Company’s ownership percentage in each real estate joint venture represents the Company’s percentage of the contributed capital in each venture. The operating agreements for many of these ventures provide for a disproportionate allocation of distributions to the extent that certain investors receive specified returns on their investments, and as a result, these percentages do not necessarily reflect the Company’s economic interest in the expected distributions from such ventures. (2) The investment in The Altman Companies, LLC includes $2.3 million of transaction costs that were incurred in connection with the formation of the joint venture. See additional information below in this Note 9 regarding the Company’s acquisition of its interest in the Altman Companies, LLC. |
Altis at Bonterra - Hialeah, LLC [Member] | |
Business Acquisition [Line Items] | |
Condensed Statements Of Financial Condition For Equity Method Joint Ventures | December 31, 2019 2018 Assets Cash $ 855 3,777 Restricted cash 559 256 Real estate — 55,734 Other assets — 134 Total assets $ 1,414 59,901 Liabilities and Equity Notes payable $ — 38,641 Other liabilities 751 571 Total liabilities 751 39,212 Total equity 663 20,689 Total liabilities and equity $ 1,414 59,901 |
Condensed Statements Of Operations For Equity Method Joint Ventures | For the Years Ended December 31, 2019 2018 2017 Total revenues $ 4,498 6,510 1,851 Gain on sale of real estate 33,843 — — Other expenses (4,480) (5,937) (2,657) Net earnings $ 33,861 573 (806) Equity in net earnings of unconsolidated real estate joint venture - Altis at Bonterra - Hialeah, LLC $ 29,221 544 (766) |
The Addison on Millenia Investment, LLC [Member] | |
Business Acquisition [Line Items] | |
Condensed Statements Of Financial Condition For Equity Method Joint Ventures | December 31, 2019 2018 Assets Cash $ — 68 Properties and equipment — — Other assets — 86 Total assets $ — 154 Liabilities and Equity Notes payable $ — — Other liabilities — 12 Total liabilities — 12 Total equity — 142 Total liabilities and equity $ — 154 |
Condensed Statements Of Operations For Equity Method Joint Ventures | For the Years Ended December 31, 2019 2018 2017 Net gains on sales of real estate assets $ — 22,203 — Other revenue — 3,858 1,303 Total revenues $ — 26,061 1,303 Total expenses — (2,266) (1,794) Net earnings (losses) — 23,795 (491) Equity in net earnings of unconsolidated real estate joint venture - The Addison at Millenia Investment, LLC $ — 9,283 (146) |
Altis At Lakeline - Austin Investors LLC [Member] | |
Business Acquisition [Line Items] | |
Condensed Statements Of Financial Condition For Equity Method Joint Ventures | December 31, 2019 2018 Assets Cash $ 628 2,403 Restricted cash 5 229 Real estate — 42,940 Other assets 144 108 Total assets $ 777 45,680 Liabilities and Equity Notes payable $ — 33,467 Other liabilities — 1,835 Total liabilities — 35,302 Total equity 777 10,378 Total liabilities and equity $ 777 45,680 |
Condensed Statements Of Operations For Equity Method Joint Ventures | For the Years Ended December 31, 2019 2018 2017 Total revenues $ 1,458 5,842 3,528 Gain on sale of real estate 17,178 — — Other expenses (1,801) (6,746) (6,028) Net earnings $ 16,835 (904) (2,500) Equity in net earnings of unconsolidated real estate joint venture - Altis at Lakeline - Austin Investors, LLC $ 5,029 (312) (862) |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property And Equipment [Abstract] | |
Components Of Property And Equipment | December 31, 2019 2018 Land, building and building improvements $ 70,647 80,887 Leasehold improvements 45,993 41,278 Office equipment, furniture, fixtures and software 86,941 86,759 Transportation 1,000 3,097 204,581 212,021 Accumulated depreciation (74,895) (72,393) Property and equipment, net $ 129,686 139,628 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets [Abstract] | |
Schedule Of Changes In Goodwill | For the Years Ended December 31, 2019 2018 2017 Balance, beginning of period $ 37,248 39,482 6,731 Acquisitions — 1,727 35,164 Impairment losses — (3,961) (2,413) Balance, end of period $ 37,248 37,248 39,482 |
Major Classes Of Intangible Assets | December 31, Class 2019 2018 Intangible assets: Management contracts $ 61,293 61,293 Trademarks 8,522 8,522 Customer relationships 70 70 Lease premium — 2,313 Franchise agreements — 740 Other 721 777 70,606 73,715 Accumulated amortization (2,420) (4,005) Total intangible assets $ 68,186 69,710 |
Estimated Aggregate Amortization Expense Of Intangible Assets | Years Ending December 31, Total 2020 $ 630 2021 609 2022 556 2023 500 2024 500 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule Of Lease Information | As of December 31, 2019 Operating lease assets $ 109,351 Operating lease liabilities $ 123,430 Weighted average remaining lease term (years) 6.2 Weighted average discount rate (1) 5.27 % (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 Year Ended December 31, 2019 Fixed lease costs $ 28,745 Short-term lease costs 5,266 Variable lease costs 9,066 Total operating lease costs $ 43,077 |
Schedule Of Operating Lease Maturity | Years Ending December 31, 2020 $ 26,384 2021 25,568 2022 23,413 2023 19,863 2024 12,644 After 2024 44,508 Total lease payments 152,380 Less: interest 28,950 Present value of lease liabilities $ 123,430 |
Schedule Of Future Rental Payments | Years Ending December 31, Amount 2019 $ 26,871 2020 24,525 2021 23,022 2022 20,682 2023 17,564 Thereafter 41,299 Total $ 153,963 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt [Abstract] | |
Contractual Minimum Principal Payments Of Debt Outstanding | Notes Payable and Other Borrowings Receivable Backed Notes Payable - Recourse Receivable Backed Notes Payable - Non-recourse Junior Subordinated Debentures Total 2020 $ 17,127 — — — 17,127 2021 15,147 4,861 — — 20,008 2022 18,365 8,263 — — 26,628 2023 8,525 34,537 — — 43,062 2024 104,379 36,136 31,708 — 172,223 Thereafter 27,422 4,772 307,663 177,129 516,986 190,965 88,569 339,371 177,129 796,034 Unamortized debt issuance costs (2,234) — (5,125) (1,129) (8,488) Unamortized purchase discount — — — (38,746) (38,746) Total Debt $ 188,731 88,569 334,246 137,254 748,800 |
Notes Payable And Other Borrowings | December 31, 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 $ — — $ — $ 28,125 5.50% $ 22,878 Fifth Third Bank Note — — — 3,834 5.34% 7,892 NBA Éilan Loan 18,820 4.95% 31,259 25,603 5.60% 35,615 Fifth Third Syndicated Line of Credit 30,000 3.85% 49,062 55,000 5.27% 92,415 Fifth Third Syndicated Term Loan 98,750 3.71% 161,497 22,500 5.37% 27,724 Unamortized debt issuance costs (1,410) (1,671) Total Bluegreen $ 146,160 $ 133,391 Other: Community Development District Obligations $ 29,287 4.25 -6.00% $ 49,352 $ 24,583 4.25 -6.00% $ 35,157 TD Bank Term Loan and Line of Credit 6,826 5.00% (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 355 4.75% (3) 555 4.75% (3) Bank of America Revolving Line of Credit 2,000 3.24% — — — — Unsecured Note (4) 3,400 6.00% — 3,400 6.00% (4) Centennial Bank Note (4) 1,469 5.25% 1,892 1,507 5.25% 1,968 (4) Other 58 15.00% — — — — Unamortized debt issuance costs (824) (666) Total other $ 42,571 $ 67,496 Total notes payable and other borrowings $ 188,731 $ 200,887 (1) The collateral is a blanket lien on Renin’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 | December 31, 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 $ 25,860 4.75% $ 31,681 $ 17,654 5.25% $ 22,062 NBA Receivables Facility 32,405 4.55% 39,787 48,414 5.27% 57,805 Pacific Western Facility 30,304 4.68% 37,809 10,606 5.52% 13,730 Total $ 88,569 $ 109,277 $ 76,674 $ 93,597 Receivable-backed notes payable - non-recourse: KeyBank/DZ Purchase Facility 31,708 3.99% 39,448 — — — Quorum Purchase Facility 44,525 4.75 -5.50% 49,981 40,074 4.75 -5.50% 45,283 2012 Term Securitization 8,638 2.94% 9,878 15,212 2.94% 16,866 2013 Term Securitization 18,219 3.20% 19,995 27,573 3.20% 29,351 2015 Term Securitization 31,188 3.02% 33,765 44,230 3.02% 47,690 2016 Term Securitization 48,529 3.35% 54,067 63,982 3.35% 72,590 2017 Term Securitization 65,333 3.12% 74,219 83,513 3.12% 95,877 2018 Term Securitization 91,231 4.02% 103,974 114,480 4.02% 125,916 Unamortized debt issuance costs (5,125) (6,807) Total $ 334,246 $ 385,327 $ 382,257 $ 433,573 Total receivable-backed debt $ 422,815 $ 494,604 $ 458,931 $ 527,170 |
Junior Subordinated Debentures Outstanding | December 31, 2019 December 31, 2018 Effective Effective Carrying Interest Carrying Interest Maturity Amounts Rates (1) Amounts Rates (1) Years (2) Woodbridge - Levitt Capital Trusts I - IV $ 66,302 5.74 - 5.95% $ 66,302 6.20 - 6.65% 2035 - 2036 Bluegreen Statutory Trusts I - VI 110,827 6.74 - 6.86% 110,827 7.32 - 7.70% 2035 - 2037 Unamortized debt issuance costs (1,129) (1,200) Unamortized purchase discount (38,746) (39,504) Total junior subordinated debentures $ 137,254 $ 136,425 (1) The Company’s junior subordinated debentures bear interest at three-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 3.80% to 4.90% . (2) All of the junior subordinated debentures were eligible for redemption by Woodbridge and Bluegreen, as applicable, as of December 31, 201 9 and 201 8 . |
Schedule Of Amounts Available Under Credit Facilities | BBX Capital $ 50,000 Bluegreen 220,200 Renin 4,983 IT'SUGAR 2,000 Total credit availability $ 277,183 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
United States And Foreign Components Of Income From Continuing Operations Before Income Taxes | For the Years Ended December 31, 2019 2018 2017 U.S. $ 49,414 88,284 92,115 Foreign (653) (852) 486 Total $ 48,761 87,432 92,601 |
Provision For Income Taxes | For the Years Ended December 31, 2019 2018 2017 Current: Federal $ 12,260 676 1,211 State 2,326 3,519 1,767 14,586 4,195 2,978 Deferred: Federal 601 22,824 (14,368) State 1,471 4,620 1,688 2,072 27,444 (12,680) Provision (benefit) for income taxes $ 16,658 31,639 (9,702) |
Actual Provision For Income Taxes From Continuing Operations Rate | For the Years Ended December 31, 2019 2018 2017 Income tax provision at expected federal income tax rate (1) $ 10,240 21.00 % $ 18,360 21.00 % $ 32,410 35.00 % Increase (decrease) resulting from: Provision for state taxes, net of federal effect 2,967 6.08 6,446 7.37 3,607 3.90 Effect of federal rate change-2017 tax reform — — — — (45,267) (48.88) Taxes related to noncontrolling interests in subsidiaries not consolidated for income tax purposes (2,306) (4.73) (2,519) (2.88) (4,467) (4.82) Nondeductible executive compensation 5,572 11.43 8,421 9.63 4,309 4.65 Bluegreen initial public offering — — — — 1,467 1.58 SEC penalty — — — — (1,593) (1.72) Other – net 185 0.38 931 1.06 (168) (0.18) Provision (benefit) for income taxes $ 16,658 34.16 % $ 31,639 36.18 % $ (9,702) (10.47) % (1) Expected tax is computed based upon income before income taxes. |
Schedule Of Deferred Tax Assets And Liabilities | December 31, 2019 2018 2017 Deferred tax assets: Allowance for loan losses, tax certificate losses and write-downs for financial statement purposes $ 30,644 29,969 25,604 Federal and State NOL and tax credit carryforward 95,970 97,102 132,650 Real estate valuation 6,575 7,519 9,117 Property and equipment — — 1,642 Expenses recognized for books and deferred for tax 7,827 2,985 3,868 Other 6,261 4,409 3,521 Total gross deferred tax assets 147,277 141,984 176,402 Valuation allowance (86,435) (86,533) (86,267) Total deferred tax assets 60,842 55,451 90,135 Deferred tax liabilities: Installment sales treatment of notes 107,551 104,126 100,717 Intangible assets 14,760 14,162 14,322 Junior subordinated debentures 9,124 9,378 9,144 Deferral of VOI sales and costs under timeshare accounting 10,511 8,654 10,071 Property and equipment 4,985 3,351 — Other 1,469 2,143 3,849 Total gross deferred tax liabilities 148,400 141,814 138,103 Net deferred tax liability (87,558) (86,363) (47,968) Less net deferred tax liability at beginning of period 86,363 47,968 51,674 Reclassify alternative minimum tax credit to other assets — 11,169 — Bluegreen initial public offering — — 11,988 Cumulative effect for excess tax benefits recognized in accumulated earnings associated with share based compensation — — (3,054) Cumulative effect for the adoption of ASU 2016-02 recognized in accumulated earnings (874) — — Other (3) (218) 40 (Provision) benefit for deferred income taxes $ (2,072) (27,444) 12,680 |
Summary Of NOL, Credit Carryforwards, Valuation Allowance | Federal and State NOL and Credit Carryforward Gross Deferred Tax Asset Valuation Allowance Net Deferred Tax Asset Year Expires Non-Florida State NOLs $ 227,700 10,329 2,458 7,871 2020-2039 Federal NOL SRLY Limitation 227,595 47,795 47,795 — 2026-2034 Florida NOL SRLY Limitation 750,987 32,630 32,630 — 2026-2034 Other Federal tax credits-SRLY Limitation 2,372 2,372 2,372 — 2025-2031 Federal NOL Section 382 Limitation 7,885 1,656 — 1,656 2023-2029 Florida NOL Section 382 Limitation 5,127 209 — 209 2024-2029 Canadian NOL 3,919 794 794 — 2033-2039 Canadian capital losses 738 185 185 — Do not expire Total $ 95,970 86,234 9,736 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition [Abstract] | |
Disaggregated Revenue | For the Years Ended December 31, 2019 2018 2017 Sales of VOIs $ 255,375 254,225 242,017 Fee-based sales commissions 207,832 216,422 229,389 Resort and club management revenue 103,470 99,535 91,080 Cost reimbursements 63,889 62,534 52,639 Resort title fees 14,246 12,205 14,742 Trade sales - wholesale 80,197 82,800 89,223 Trade sales - retail 106,140 96,686 52,862 Sales of real estate inventory 5,049 21,771 — Other customer revenue 7,528 6,284 5,997 Revenue from customers 843,726 852,462 777,949 Interest income 86,326 85,501 83,708 Net gains on sales of real estate assets 13,616 4,563 1,451 Other revenue 3,203 3,372 5,661 Total revenues $ 946,871 945,898 868,769 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stock Incentive Plans [Abstract] | |
Summary Of Non-Vested Restricted Stock And Restricted Stock Units | Weighted Unvested Average Restricted Grant Date Stock Fair Value Unvested balance outstanding, beginning of period 3,186,546 $ 5.32 Granted 1,923,975 6.12 Vested (2,468,115) 4.65 Forfeited — — Unvested balance outstanding, end of period 2,642,406 $ 6.53 Available for grant at December 31, 2019 2,817,776 |
Restricted Stock Awards, Grants in Period, Weighted Average Grant Date Fair Value | Per Share Number of Weighted Average Shares Underlying Grant Date Requisite Grant Date Award Type Awards Granted Fair Value Service Period (1) 1/9/2018 Class B Common Stock 1,487,051 8.7 4 years 1/8/2019 Class B Common Stock 1,923,975 6.12 4 years (1) The awards vest ratably in annual installments over the requisite service period . |
Noncontrolling Interests And _2
Noncontrolling Interests And Redeemable Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interests And Redeemable Noncontrolling Interest [Abstract] | |
Summary Of Noncontrolling Interests | December 31, 2019 2018 Bluegreen (1) $ 39,740 41,478 Bluegreen / Big Cedar Vacations (2) 49,534 45,611 Joint ventures and other 1,001 899 Total noncontrolling interests $ 90,275 87,988 |
Summary Of Income (Loss) Attributable To Noncontrolling Interests | For the Years Ended December 31, 2019 2018 2017 Bluegreen (1) $ 3,363 8,566 5,639 Bluegreen / Big Cedar Vacations (2) 11,273 12,390 12,760 Joint ventures and other (224) (265) (21) Net income attributable to noncontrolling interests $ 14,412 20,691 18,378 (1) As a result of Bluegreen’s IPO during the fourth quarter of 2017 and subsequent share repurchases in 2018 and 2019 , the Company owns 90. 5 % of Bluegreen. Bluegreen was a wholly-owned subsidiary of the Company prior to the Bluegreen IPO. (2) Bluegreen has a joint venture arrangement pursuant to which it owns 51% of Bluegreen/Big Cedar Vacations. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Common Share [Abstract] | |
Computation Of Basic And Diluted Loss Per Common Share | For the Years Ended December 31, 2019 2018 2017 Basic earnings per common share Numerator: Net income $ 32,103 55,793 102,303 Less: Net income attributable to noncontrolling interests 14,412 20,691 18,378 Net income available to shareholders $ 17,691 35,102 83,925 Denominator: Basic - weighted average number of common share outstanding 92,628 95,298 98,745 Basic earnings per common share $ 0.19 0.37 0.85 Diluted earnings per common share Numerator: Net income available to shareholders $ 17,691 35,102 83,925 Denominator: Basic weighted average number of common shares outstanding 92,628 95,298 98,745 Effect of dilutive restricted stock awards 1,026 2,562 5,171 Diluted weighted average number of common shares outstanding 93,654 97,860 103,916 Diluted earnings per common share $ 0.19 0.36 0.81 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, December 31, Assets Inputs Inputs 2019 2019 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 356,604 356,604 356,604 — — Restricted cash 50,266 50,266 50,266 — — Notes receivable, net 449,162 587,000 — — 587,000 Financial liabilities: Receivable-backed notes payable $ 422,815 440,900 — — 440,900 Notes payable and other borrowings 188,731 194,069 — — 194,069 Junior subordinated debentures 137,254 146,000 — — 146,000 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) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Bluegreen BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 255,375 — — — — — 255,375 Fee-based sales commissions 207,832 — — — — — 207,832 Other fee-based services 125,244 — — — — — 125,244 Cost reimbursements 63,889 — — — — — 63,889 Trade sales — — 105,406 67,537 13,420 (26) 186,337 Sales of real estate inventory — 5,049 — — — — 5,049 Interest income 87,902 750 56 — 104 (2,486) 86,326 Net gains on sales of real estate assets — 13,616 — — — — 13,616 Other revenue — 1,619 324 — 2,233 (973) 3,203 Total revenues 740,242 21,034 105,786 67,537 15,757 (3,485) 946,871 Costs and expenses: Cost of VOIs sold 21,845 — — — — — 21,845 Cost of other fee-based services 86,940 — — — — — 86,940 Cost reimbursements 63,889 — — — — — 63,889 Cost of trade sales — — 67,703 54,243 5,800 (26) 127,720 Cost of real estate inventory sold — 2,643 — — — — 2,643 Interest expense 39,538 — 196 498 27 5,523 45,782 Recoveries from loan losses, net — (5,428) — — — — (5,428) Impairment losses — 47 142 — 6,749 — 6,938 Selling, general and administrative expenses 468,856 9,144 43,203 11,066 12,282 41,135 585,686 Total costs and expenses 681,068 6,406 111,244 65,807 24,858 46,632 936,015 Equity in net earnings of unconsolidated real estate joint ventures — 37,898 — — — — 37,898 Other (expense) income (910) 170 336 153 15 318 82 Foreign exchange loss — — — (75) — — (75) Income (loss) before income taxes $ 58,264 52,696 (5,122) 1,808 (9,086) (49,799) 48,761 Total assets $ 1,360,018 145,891 167,284 32,320 10,768 74,690 1,790,971 Expenditures for property and equipment $ 24,475 4 9,441 517 1,129 22 35,588 Depreciation and amortization $ 14,114 93 5,565 1,202 770 421 22,165 Debt accretion and amortization $ 4,878 125 226 27 — 299 5,555 Cash and cash equivalents $ 190,009 13,776 6,314 — 668 145,837 356,604 Equity method investments $ — 57,330 — — — 57,330 Goodwill $ — — 35,521 — 1,727 — 37,248 Receivable-backed notes payable $ 422,815 — — — — — 422,815 Notes payable and other borrowings $ 146,160 31,877 3,810 6,825 224 (165) 188,731 Junior subordinated debentures $ 72,081 — — — — 65,173 137,254 T he table below sets forth the Company’s segment information as of and for the year ended December 31, 201 8 (in thousands): Bluegreen BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 254,225 — — — — — 254,225 Fee-based sales commissions 216,422 — — — — — 216,422 Other fee-based services 118,024 — — — — — 118,024 Cost reimbursements 62,534 — — — — — 62,534 Trade sales — — 101,187 68,417 9,903 (21) 179,486 Sales of real estate inventory — 21,771 — — — — 21,771 Interest income 85,914 2,277 61 — 87 (2,838) 85,501 Net gains on sales of real estate assets — 4,563 — — — — 4,563 Other revenue — 2,541 10 — 1,869 (1,048) 3,372 Total revenues 737,119 31,152 101,258 68,417 11,859 (3,907) 945,898 Costs and expenses: Cost of VOIs sold 23,813 — — — — — 23,813 Cost of other fee-based services 72,968 — — — — — 72,968 Cost reimbursements 62,534 — — — — — 62,534 Cost of trade sales — — 65,829 55,483 4,349 (21) 125,640 Cost of real estate inventory sold — 14,116 — — — — 14,116 Interest expense 34,709 — 308 638 7 6,413 42,075 Recoveries from loan losses, net — (8,653) — — — — (8,653) Impairment losses — 571 4,147 — — — 4,718 Reimbursements of litigation costs and penalty — — — — — (600) (600) Selling, general and administrative expenses 415,403 9,210 46,130 9,903 11,680 45,486 537,812 Total costs and expenses 609,427 15,244 116,414 66,024 16,036 51,278 874,423 Equity in net earnings of unconsolidated real estate joint ventures — 14,194 — — — — 14,194 Other income (expense) 1,201 112 170 — (1) 213 1,695 Foreign exchange gain — — — 68 — — 68 Income (loss) before income taxes $ 128,893 30,214 (14,986) 2,461 (4,178) (54,972) 87,432 Total assets $ 1,346,467 165,109 83,618 32,354 20,187 57,285 1,705,020 Expenditures for property and equipment $ 32,539 318 6,254 796 5,428 215 45,550 Depreciation and amortization $ 12,392 374 5,897 1,159 671 501 20,994 Debt accretion and amortization $ 4,212 3 201 17 — 312 4,745 Cash and cash equivalents $ 219,408 16,103 5,328 — 7,681 117,785 366,305 Equity method investments $ — 64,738 — — — 64,738 Goodwill $ — — 35,521 — 1,727 — 37,248 Receivable-backed notes payable $ 458,931 — — — — — 458,931 Notes payable and other borrowings $ 133,391 27,333 2,046 8,117 — 30,000 200,887 Junior subordinated debentures $ 71,323 — — — — 65,102 136,425 The table below sets forth the Company’s segment information as of and for the year ended December 31, 201 7 (in thousands): Bluegreen BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 242,017 — — — — — 242,017 Fee-based sales commissions 229,389 — — — — — 229,389 Other fee-based services 111,819 — — — — — 111,819 Cost reimbursements 52,639 — — — — — 52,639 Trade sales — — 72,899 68,935 251 — 142,085 Interest income 86,876 2,225 40 — 36 (5,469) 83,708 Net gains on sales of real estate assets — 1,451 — — — — 1,451 Other revenue — 4,997 7 — 1,256 (599) 5,661 Total revenues 722,740 8,673 72,946 68,935 1,543 (6,068) 868,769 Costs and expenses: Cost of VOIs sold 17,679 — — — — — 17,679 Cost of other fee-based services 64,560 — — — — — 64,560 Cost reimbursements 52,639 — — — — — 52,639 Cost of trade sales — — 51,975 54,941 419 — 107,335 Interest expense 29,977 — 335 509 — 4,384 35,205 Recoveries from loan losses, net — (7,546) — — — — (7,546) Impairment losses — 1,696 5,786 — — — 7,482 Net gains on cancellation of junior subordinated debentures — — — — — (6,929) (6,929) Reimbursements of litigation costs and penalty — — — — (13,169) (13,169) Selling, general and administrative expenses 421,199 11,127 31,703 11,112 4,065 52,855 532,061 Total costs and expenses 586,054 5,277 89,799 66,562 4,484 37,141 789,317 Equity in net earnings of unconsolidated real estate joint ventures — 12,541 — — — — 12,541 Other income 312 148 72 — 269 — 801 Foreign exchange loss — — — (193) — — (193) Income (loss) before income taxes $ 136,998 16,085 (16,781) 2,180 (2,672) (43,209) 92,601 Total assets $ 1,231,481 166,548 92,587 36,189 11,940 66,936 1,605,681 Expenditures for property and equipment $ 14,115 308 2,246 2,786 2,518 72 22,045 Depreciation and amortization $ 9,632 581 4,080 1,000 112 644 16,049 Debt accretion and amortization $ 4,478 — 55 — — 149 4,682 Cash and cash equivalents $ 197,337 8,636 10,160 863 7,099 138,431 362,526 Equity method investments $ — 51,234 — — — 51,234 Goodwill $ — — 39,482 — — — 39,482 Receivable-backed notes payable $ 421,118 — — — — — 421,118 Notes payable and other borrowings $ 100,194 24,215 6,815 12,890 — — 144,114 Junior subordinated debentures $ 70,384 — — — — 65,030 135,414 |
Selected Quarterly Results (Tab
Selected Quarterly Results (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Results [Abstract] | |
Summary Of Results Of Operations | First Second Third Fourth 2019 Quarter Quarter Quarter Quarter Total Revenues (1) $ 217,352 245,693 249,613 234,213 946,871 Costs and expenses (1) 211,491 265,674 239,237 219,613 936,015 5,861 (19,981) 10,376 14,600 10,856 Equity in net (loss) earnings of unconsolidated real estate joint ventures (17) 8,759 28,534 622 37,898 Other income (expense) 513 2,289 2,272 (4,992) 82 Foreign exchange gains (losses) 5 (29) — (51) (75) Income (loss) before income taxes 6,362 (8,962) 41,182 10,179 48,761 (Provision) benefit for income taxes (1,724) 1,338 (14,682) (1,590) (16,658) Net income (loss) 4,638 (7,624) 26,500 8,589 32,103 Less: Net income attributable to noncontrolling interests 3,139 4,024 4,112 3,137 14,412 Net income (loss) attributable to shareholders 1,499 (11,648) 22,388 5,452 17,691 Basic earnings (loss) per common share $ 0.02 (0.12) 0.24 0.06 0.19 Diluted earnings (loss) per common share $ 0.02 (0.12) 0.24 0.06 0.19 Basic weighted average number of common shares outstanding 93,220 93,207 92,587 91,497 92,628 Diluted weighted average number of common and common equivalent shares outstanding 94,487 93,207 94,059 91,572 93,654 First Second Third Fourth 2018 Quarter Quarter Quarter Quarter Total Revenues $ 217,771 242,410 253,873 231,844 945,898 Costs and expenses 197,072 221,607 236,125 219,619 874,423 20,699 20,803 17,748 12,225 71,475 Equity in net earnings (loss) of unconsolidated real estate joint ventures 1,280 (488) 373 13,029 14,194 Other income 271 816 530 78 1,695 Foreign exchange gains (losses) 52 (37) 76 (23) 68 Income before income taxes 22,302 21,094 18,727 25,309 87,432 Provision for income taxes (6,600) (8,655) (6,742) (9,642) (31,639) Net income 15,702 12,439 11,985 15,667 55,793 Less: Net income attributable to noncontrolling interests 4,560 5,958 5,806 4,367 20,691 Net income attributable to shareholders 11,142 6,481 6,179 11,300 35,102 Basic earnings per common share $ 0.11 0.07 0.07 0.12 0.37 Diluted earnings per common share $ 0.11 0.07 0.06 0.12 0.36 Basic weighted average number of common shares outstanding 99,652 94,390 93,193 94,042 95,298 Diluted weighted average number of common and common equivalent shares outstanding 102,628 97,779 96,576 95,041 97,860 (1) During the fourth quarter of 2019, the prior 2019 quarterly revenue and operating expense amounts were reclassified for consistency to conform to the fourth quarter 2019 presentation. |
Organization (Narrative) (Detai
Organization (Narrative) (Details) $ in Thousands | Jan. 01, 2019USD ($) | Apr. 30, 2018USD ($)shares | Nov. 30, 2017shares | Dec. 31, 2019USD ($)statestoreshares | Sep. 30, 2019USD ($) | [1] | Jun. 30, 2019USD ($) | [1] | Mar. 31, 2019USD ($) | [1] | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)statestorepropertyitem | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Nov. 16, 2017 | Jun. 16, 2017state | Dec. 31, 2016store | Dec. 15, 2016 | ||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Other assets | $ 97,540 | $ 124,217 | $ 97,540 | $ 124,217 | |||||||||||||||||||
Purchase and retirement, value | 20,039 | 17,006 | $ 27,624 | ||||||||||||||||||||
Revenues | 234,213 | [1] | $ 249,613 | $ 245,693 | $ 217,352 | 231,844 | $ 253,873 | $ 242,410 | $ 217,771 | 946,871 | [1] | 945,898 | 868,769 | ||||||||||
Property and equipment, net | $ 129,686 | $ 139,628 | $ 129,686 | 139,628 | |||||||||||||||||||
Number of states of retail locations | state | 25 | ||||||||||||||||||||||
BCC [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Consolidated method ownership percentage | 82.00% | ||||||||||||||||||||||
Bluegreen [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Consolidated method ownership percentage | 90.50% | 90.50% | |||||||||||||||||||||
Woodbridge [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Consolidated method ownership percentage | 54.00% | ||||||||||||||||||||||
Altman [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Consolidated method ownership percentage | 50.00% | 50.00% | |||||||||||||||||||||
MOD Pizza [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Number of Stores | store | 60 | ||||||||||||||||||||||
Number of stores transferred | store | 7 | ||||||||||||||||||||||
Number of stores closed | store | 2 | ||||||||||||||||||||||
Disposal group, impairment loss | $ 6,700 | $ 4,000 | $ 2,700 | ||||||||||||||||||||
Number of stores performing below expectations | store | 3 | ||||||||||||||||||||||
Bluegreen [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 3,736,723 | ||||||||||||||||||||||
Number of resorts owned | property | 45 | ||||||||||||||||||||||
Number of resorts owners in VOI have right to use | property | 23 | ||||||||||||||||||||||
Approximate number of owners in the resort club | item | 220,000 | ||||||||||||||||||||||
Number of additional other hotels owners can stay through program | property | 11,350 | ||||||||||||||||||||||
Purchase and retirement, shares | shares | 371,762 | ||||||||||||||||||||||
Purchase and retirement, value | $ 4,800 | ||||||||||||||||||||||
Disposal group, impairment loss | $ 5,600 | ||||||||||||||||||||||
Woodbridge [Member] | BCC [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Consolidated method ownership percentage | 46.00% | ||||||||||||||||||||||
Woodbridge [Member] | Bluegreen [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 3,736,722 | ||||||||||||||||||||||
Consolidated method ownership percentage | 100.00% | ||||||||||||||||||||||
BBX Sweet Holdings [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] | |||||||||||||||||||||||
Purchase and retirement, shares | shares | 6,486,486 | ||||||||||||||||||||||
Purchase and retirement, value | $ 60,100 | ||||||||||||||||||||||
Renin [Member] | Reportable Segments [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Revenues | $ 67,537 | ||||||||||||||||||||||
Renin [Member] | Outside United States [Member] | Reportable Segments [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Property and equipment, net | $ 1,600 | $ 1,600 | |||||||||||||||||||||
Accounting Standards Update 2016-02 [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Right-of-use asset impairment | $ 3,400 | ||||||||||||||||||||||
[1] | During the fourth quarter of 2019, the prior 2019 quarterly revenue and operating expense amounts were reclassified for consistency to conform to the fourth quarter 2019 presentation. |
Basis Of Presentation And Sig_3
Basis Of Presentation And Significant Accounting Policies (Narrative) (Details) - USD ($) | Jan. 01, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Cash equivalents maximum maturity term, in days | 90 days | |||||||||||
Cash, FDIC insured amount, limit | $ 250,000 | $ 250,000 | ||||||||||
Revenue from sampler program, period | 1 year | |||||||||||
Trade receivables | 13,100,000 | $ 18,300,000 | $ 13,100,000 | $ 18,300,000 | ||||||||
Retained Earnings (Accumulated Deficit) | 394,551,000 | 385,789,000 | 394,551,000 | 385,789,000 | ||||||||
Capitalized costs of software | 10,100,000 | 10,200,000 | ||||||||||
Unamortized deferred financing costs | 8,500,000 | 9,100,000 | ||||||||||
Unamortized deferred financing costs presented in other assets | 6,000,000 | 5,600,000 | 6,000,000 | 5,600,000 | ||||||||
Unamortized debt issuance costs | 8,488,000 | $ 400,000 | 8,488,000 | |||||||||
Interest expense from the amortization of deferred financing costs | 4,500,000 | 3,500,000 | $ 3,100,000 | |||||||||
Advertising expense | $ 146,000,000 | $ 138,900,000 | $ 148,600,000 | |||||||||
Minimum percent of VOI sales generated by one marketing arrangement | 13.00% | 14.00% | 15.00% | |||||||||
Equity method investment ownership percentage income taxes consolidation measure | 80.00% | |||||||||||
Net income | 8,589,000 | 26,500,000 | $ (7,624,000) | $ 4,638,000 | 15,667,000 | $ 11,985,000 | $ 12,439,000 | $ 15,702,000 | $ 32,103,000 | $ 55,793,000 | $ 102,303,000 | |
Equity in net earnings of unconsolidated real estate joint ventures | 622,000 | $ 28,534,000 | $ 8,759,000 | $ (17,000) | 13,029,000 | $ 373,000 | $ (488,000) | $ 1,280,000 | 37,898,000 | 14,194,000 | $ 12,541,000 | |
Operating lease liabilities | 123,430,000 | 123,430,000 | ||||||||||
Operating lease assets | 109,351,000 | $ 109,351,000 | ||||||||||
Accounting Standards Update 2016-02 [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Operating lease liabilities | $ 123,200,000 | |||||||||||
Operating lease assets | 113,200,000 | |||||||||||
Right-of-use asset impairment | $ 3,400,000 | |||||||||||
Restricted Stock [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Vesting period (years) | 4 years | |||||||||||
Bluegreen [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Qualified purchase percentage threshold for VOIs | 90.00% | |||||||||||
Financing term for qualified purchases of VOIs | 10 years | |||||||||||
Unamortized debt issuance costs | $ 1,410,000 | $ 1,671,000 | $ 1,410,000 | $ 1,671,000 | ||||||||
Maximum [Member] | Accounting Standards Update 2018-15 [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Expected capitalized implementation costs | 2,500,000 | |||||||||||
Minimum [Member] | Accounting Standards Update 2018-15 [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Expected capitalized implementation costs | $ 1,500,000 | |||||||||||
Building And Building Improvements [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Estimated useful life, in years | 40 years | |||||||||||
Office Equipment, Furniture, Fixtures And Software [Member] | Maximum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Estimated useful life, in years | 14 years | |||||||||||
Office Equipment, Furniture, Fixtures And Software [Member] | Minimum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Estimated useful life, in years | 3 years | |||||||||||
Transportation [Member] | Maximum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Estimated useful life, in years | 5 years | |||||||||||
Transportation [Member] | Minimum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Estimated useful life, in years | 3 years | |||||||||||
Leasehold Improvements [Member] | Maximum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Estimated useful life, in years | 14 years | |||||||||||
Leasehold Improvements [Member] | Minimum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Estimated useful life, in years | 3 years | |||||||||||
Software Development [Member] | Maximum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Estimated useful life, in years | 5 years | |||||||||||
Software Development [Member] | Minimum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Estimated useful life, in years | 3 years |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Jun. 17, 2017USD ($)item | Jun. 16, 2017USD ($)state | Dec. 31, 2019USD ($) | Dec. 31, 2017USD ($) | |
Business Acquisition [Line Items] | |||||
Number of states of retail locations | state | 25 | ||||
Cash consideration, net of cash acquired | $ 58,418 | ||||
Discount amount | $ 38,746 | ||||
Class B Preferred Units [Member] | |||||
Business Acquisition [Line Items] | |||||
Preferred units contributed capital percent | 90.40% | ||||
JR Sugar [Member] | |||||
Business Acquisition [Line Items] | |||||
Percent of noncontrolling equity interest | 9.60% | ||||
IT'SUGAR, LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash consideration, net of cash acquired | $ 58,418 | ||||
Intangible assets | [1] | 4,512 | |||
Identifiable intangible liabilities | [2] | 716 | |||
IT'SUGAR, LLC [Member] | BBX Sweet Holdings Promissory Notes [Member] | |||||
Business Acquisition [Line Items] | |||||
Related party transaction, due from related party | $ 2,000 | ||||
Number of promissory notes | item | 2 | ||||
Trademarks [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets useful life, in years | 20 years | ||||
Trademarks [Member] | IT'SUGAR, LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | 4,200 | ||||
Intangible assets useful life, in years | 15 years | ||||
Customer Relationships [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets useful life, in years | 12 years | ||||
Lease Premium [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets useful life, in years | 9 years | ||||
Lease Premium [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets useful life, in years | 5 years | ||||
Lease Premium [Member] | IT'SUGAR, LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | 200 | ||||
Intangible assets useful life, in years | 6 years 6 months | ||||
Identifiable intangible liabilities | 700 | ||||
Noncompete Agreements [Member] | IT'SUGAR, LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | $ 100 | ||||
Intangible assets useful life, in years | 5 years | ||||
[1] | Identifiable intangible assets were comprised of $4.2 million, $0.2 million and $0.1 million associated with IT'SUGAR's trademark, favorable operating lease agreements, and a noncompetition agreement, respectively. | ||||
[2] | Identifiable intangible liabilities were comprised of unfavorable operating lease agreements. |
Acquisitions (Consolidated Net
Acquisitions (Consolidated Net Assets And Results Of Operations) (Details) - IT'SUGAR, LLC [Member] $ in Thousands | 7 Months Ended |
Dec. 31, 2017USD ($) | |
Business Acquisition [Line Items] | |
Trade sales | $ 46,765 |
Income before income taxes | $ 2,598 |
Acquisitions (Summary Of Fair V
Acquisitions (Summary Of Fair Value Of The Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands | Jun. 16, 2017 | Jun. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 39,482 | $ 37,248 | $ 37,248 | $ 6,731 | |||||
Cash paid for acquisition less cash acquired | $ 58,418 | ||||||||
Acquisition-related cost included in selling, general and administrative expenses | $ 3,000 | $ 3,000 | |||||||
IT'SUGAR, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Property and equipment | $ 18,747 | ||||||||
Cash, inventory and other assets | 12,212 | ||||||||
Identifiable intangible assets | [1] | 4,512 | |||||||
Total assets acquired | 35,471 | ||||||||
Accounts payable and other liabilities | (5,370) | ||||||||
Identifiable intangible liabilities | [2] | (716) | |||||||
Total liabilities assumed | (6,086) | ||||||||
Fair value of identifiable net assets | 29,385 | ||||||||
Redeemable noncontrolling interest | (2,490) | ||||||||
Goodwill | 35,164 | ||||||||
Purchase consideration | $ 62,059 | ||||||||
Less: cash acquired | (3,641) | ||||||||
Cash paid for acquisition less cash acquired | 58,418 | ||||||||
Acquisition-related cost included in selling, general and administrative expenses | 2,963 | ||||||||
IT'SUGAR, LLC [Member] | Trademarks [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Identifiable intangible assets | 4,200 | ||||||||
IT'SUGAR, LLC [Member] | Lease Premium [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Identifiable intangible assets | 200 | ||||||||
Identifiable intangible liabilities | (700) | ||||||||
IT'SUGAR, LLC [Member] | Noncompete Agreements [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Identifiable intangible assets | $ 100 | ||||||||
[1] | Identifiable intangible assets were comprised of $4.2 million, $0.2 million and $0.1 million associated with IT'SUGAR's trademark, favorable operating lease agreements, and a noncompetition agreement, respectively. | ||||||||
[2] | Identifiable intangible liabilities were comprised of unfavorable operating lease agreements. |
Acquisitions (Pro Forma Informa
Acquisitions (Pro Forma Information) (Details) - USD ($) $ in Thousands | Jun. 16, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | ||||||
Acquisition-related cost | $ 3,000 | $ 3,000 | ||||
IT'SUGAR, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Trade sales, Pro Forma | $ 178,643 | |||||
Income before income taxes, Pro Forma | 93,273 | |||||
Net income, Pro Forma | [1] | 102,703 | ||||
Net income attributable to shareholders, Pro Forma | [1] | $ 84,356 | ||||
Trade sales, Actual | $ 46,765 | |||||
Net income attributable to shareholders, Actual | $ 2,598 | |||||
Acquisition-related cost | $ 2,963 | |||||
[1] | The pro forma income before income taxes, net income, and net income attributable to shareholders for the year ended December 31, 2017 were adjusted to exclude $3.0 million of acquisition-related costs. |
Consolidated Variable Interes_3
Consolidated Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Bluegreens Vacation Ownership Interests [Member] | |||
Variable Interest Entity [Line Items] | |||
Voluntary repurchases and substitutions | $ 11.5 | $ 13.7 | $ 9.5 |
Consolidated Variable Interes_4
Consolidated Variable Interest Entities (Information Related To The Assets And Liabilities Of The VIEs) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Variable Interest Entity [Line Items] | |||
Restricted cash | $ 50,266 | $ 54,792 | $ 46,721 |
Securitized notes receivable, net | 449,162 | 439,167 | |
Receivable backed notes payable - non-recourse | 334,246 | 382,257 | |
Bluegreens Vacation Ownership Interests [Member] | |||
Variable Interest Entity [Line Items] | |||
Restricted cash | 22,534 | 28,400 | |
Securitized notes receivable, net | 292,590 | 341,975 | |
Receivable backed notes payable - non-recourse | $ 334,246 | $ 382,257 |
Notes Receivable (Narrative) (D
Notes Receivable (Narrative) (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Notes Receivable [Member] | Bluegreen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted-average interest rate | 14.90% | 15.10% |
Notes Receivable (Information R
Notes Receivable (Information Relating To Bluegreen's Notes Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross notes receivable | $ 589,857 | $ 573,390 | |
Notes receivable, net | $ 449,162 | $ 439,167 | |
Allowance as a % of gross notes receivable | 24.00% | 23.00% | |
VOI Notes Receivable - Non-Securitized [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross notes receivable | $ 203,872 | $ 124,642 | |
Allowance for loan losses | (47,894) | (28,258) | |
VOI Notes Receivable - Securitized [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross notes receivable | 385,326 | 447,850 | |
Allowance for loan losses | (92,736) | (105,875) | |
Notes Receivable Secured By Homesites [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross notes receivable | [1] | 659 | 898 |
Allowance for loan losses | [1] | $ (65) | $ (90) |
[1] | Notes receivable secured by homesites were originated through a business, substantially all of the assets of which were sold by Bluegreen in 2012. |
Notes Receivable (Future Contra
Notes Receivable (Future Contractual Principal Payments Of Notes Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Notes Receivable [Abstract] | ||
2020 | $ 62,808 | |
2021 | 62,320 | |
2022 | 67,086 | |
2023 | 70,589 | |
2024 | 72,559 | |
Thereafter | 254,495 | |
Notes receivable, gross | $ 589,857 | $ 573,390 |
Notes Receivable (Activity In T
Notes Receivable (Activity In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision for loan losses | $ (5,428) | $ (8,653) | $ (7,546) |
Bluegreens Vacation Ownership Interests [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance, beginning of period | 134,223 | 123,791 | 120,270 |
Provision for loan losses | 55,677 | 51,236 | 46,412 |
Write-offs of uncollectible receivables | (49,205) | (40,804) | (42,891) |
Balance, end of period | $ 140,695 | $ 134,223 | $ 123,791 |
Notes Receivable (Percentage Of
Notes Receivable (Percentage Of Gross Notes Receivable Outstanding, By FICO Score At Origination) (Details) | Dec. 31, 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 | 59.00% | 57.00% | |
600-699 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of gross notes receivable outstanding | 37.00% | 39.00% | |
Less Than 699 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of gross notes receivable outstanding | 3.00% | 3.00% | |
No Score [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of gross notes receivable outstanding | [1] | 1.00% | 1.00% |
[1] | VOI notes receivables 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 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 557,849 | $ 541,783 | |
31-60 days | 6,794 | 5,783 | |
61-90 days | 5,288 | 4,516 | |
> 90 days | [1] | 19,267 | 20,410 |
Total | 589,198 | 572,492 | |
VOI note receivable balance had not yet been charged off | $ 10,600 | $ 14,300 | |
[1] | Includes $10.6 million and $14.3 million of VOI notes receivable as of December 31, 2019 and 2018, respectively, that, as of such date, had defaulted but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of Bluegreen's receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for loan losses. |
Trade Inventory (Summary Of Inv
Trade Inventory (Summary Of Inventory) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade Inventory [Abstract] | ||
Raw materials | $ 3,048 | $ 2,718 |
Paper goods and packaging materials | 1,327 | 1,122 |
Finished goods | 18,468 | 16,270 |
Total trade inventory | $ 22,843 | $ 20,110 |
VOI Inventory (Narrative) (Deta
VOI Inventory (Narrative) (Details) - Bluegreen [Member] - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
VOI Inventory [Line Items] | ||||
Percent of selling price increase | 3.00% | 4.00% | ||
Benefit to cost of sales | $ 3.6 | $ 5.1 |
VOI Inventory (Summary Of Inven
VOI Inventory (Summary Of Inventory) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
VOI Inventory [Line Items] | ||
Total VOI inventory | $ 346,937 | $ 334,149 |
Bluegreen [Member] | ||
VOI Inventory [Line Items] | ||
Completed VOI units | 269,847 | 237,010 |
Construction-in-progress | 3,946 | 26,587 |
Real estate held for future VOI development | 73,144 | 70,552 |
Total VOI inventory | $ 346,937 | $ 334,149 |
Real Estate (Schedule Of Real E
Real Estate (Schedule Of Real Estate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate [Abstract] | |||
Total real estate held-for-sale | $ 11,297 | $ 20,202 | |
Total real estate held-for-investment | 6,015 | 10,976 | |
Real estate inventory | 48,506 | 23,778 | |
Total VOI inventory | 65,818 | 54,956 | |
Net gains on sales of real estate assets | 13,616 | $ 4,563 | $ 1,451 |
Aggregate net proceeds | $ 35,200 |
Investments In Unconsolidated_3
Investments In Unconsolidated Real Estate Joint Ventures (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Feb. 28, 2023USD ($) | Jan. 31, 2023USD ($) | Nov. 30, 2018USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
BBX Capital maximum expose to loss | $ 59,800 | $ 59,800 | ||||||||||||
Proceeds from Sale of Real Estate | 35,200 | |||||||||||||
Equity in earning of unconsolidated real estate joint ventures | 622 | $ 28,534 | $ 8,759 | $ (17) | $ 13,029 | $ 373 | $ (488) | $ 1,280 | 37,898 | $ 14,194 | $ 12,541 | |||
Investments in unconsolidated real estate joint ventures | $ 57,330 | 64,738 | $ 57,330 | 64,738 | ||||||||||
The Altman Companies, LLC [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Consolidated method ownership percentage | 50.00% | 50.00% | 50.00% | |||||||||||
Number Of Multifamily Apartment Developments | property | 7 | |||||||||||||
The Altman Companies, LLC [Member] | Scenario, Forecast [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Consolidated method ownership percentage | 40.00% | |||||||||||||
The Altman Companies, LLC [Member] | Optional Forecast [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Consolidated method ownership percentage | 10.00% | |||||||||||||
The Altman Companies, LLC [Member] | Previously Invested As Non-managing Member [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Cash consideration | $ 8,800 | |||||||||||||
Number Of Multifamily Apartment Developments | property | 4 | |||||||||||||
Altman-Glenewinkel Construction [Member] | Optional Forecast [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Consolidated method ownership percentage | 40.00% | |||||||||||||
PGA Design Center Holdings, LLC [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Investments in unconsolidated real estate joint ventures | $ 996 | 691 | $ 996 | 691 | ||||||||||
Altis Ludlam - Miami Investor, LLC [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Investments in unconsolidated real estate joint ventures | 1,081 | 675 | 1,081 | 675 | ||||||||||
The Addison on Millenia Investment, LLC [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity in earning of unconsolidated real estate joint ventures | 9,283 | (146) | ||||||||||||
The Altman Companies, LLC [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Cash consideration | $ 14,600 | |||||||||||||
Investments in unconsolidated real estate joint ventures, transaction costs | $ 2,300 | |||||||||||||
Investments in unconsolidated real estate joint ventures | 14,745 | 14,893 | 14,745 | 14,893 | ||||||||||
The Altman Companies, LLC [Member] | Scenario, Forecast [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Cash consideration | $ 2,400 | $ 9,400 | ||||||||||||
ABBX Guaranty, LLC [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Investments in unconsolidated real estate joint ventures | 3,750 | 2,500 | 3,750 | 2,500 | ||||||||||
Altis at Bonterra - Hialeah, LLC [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity in earning of unconsolidated real estate joint ventures | 29,221 | 544 | (766) | |||||||||||
Investments in unconsolidated real estate joint ventures | 618 | 21,602 | 618 | 21,602 | ||||||||||
Altis At Lakeline - Austin Investors LLC [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity in earning of unconsolidated real estate joint ventures | 5,029 | (312) | $ (862) | |||||||||||
Investments in unconsolidated real estate joint ventures | 242 | $ 4,531 | 242 | $ 4,531 | ||||||||||
L03/212 Partners, LLC [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Investments in unconsolidated real estate joint ventures | 2,087 | 2,087 | ||||||||||||
PGA Lender, LLC [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Investments in unconsolidated real estate joint ventures | 2,111 | 2,111 | ||||||||||||
Sky Cove, LLC [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Investments in unconsolidated real estate joint ventures | 4,178 | 4,178 | ||||||||||||
Altis LH-Miami Manager, LLC [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Investments in unconsolidated real estate joint ventures | 811 | 811 | ||||||||||||
Altis Vineland Pointe [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Investments in unconsolidated real estate joint ventures | $ 4,712 | $ 4,712 | ||||||||||||
The Altman Companies, LLC [Member] | Altman Development Company and Altman Management Company [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Consolidated method ownership percentage | 100.00% | |||||||||||||
The Altman Companies, LLC [Member] | Altman-Glenewinkel Construction [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Consolidated method ownership percentage | 60.00% |
Investments In Unconsolidated_4
Investments In Unconsolidated Real Estate Joint Ventures (Investments In Unconsolidated Real Estate Joint Ventures) (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Nov. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 57,330 | $ 64,738 | |
Altis At Lakeline - Austin Investors LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 242 | 4,531 | |
Investments in unconsolidated real estate joint ventures, Percent | 34.47% | ||
Altis at Grand Central Capital, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 2,653 | 2,549 | |
Investments in unconsolidated real estate joint ventures, Percent | 11.07% | ||
Altis Promenade Capital, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 2,126 | 2,195 | |
Investments in unconsolidated real estate joint ventures, Percent | 6.61% | ||
Altis at Bonterra - Hialeah, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 618 | 21,602 | |
Investments in unconsolidated real estate joint ventures, Percent | 96.73% | ||
Altis Ludlam - Miami Investor, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 1,081 | 675 | |
Investments in unconsolidated real estate joint ventures, Percent | 33.30% | ||
Altis Suncoast Manager, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 753 | 1,857 | |
Investments in unconsolidated real estate joint ventures, Percent | 33.30% | ||
Altis Pembroke Gardens, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 1,277 | 1,284 | |
Investments in unconsolidated real estate joint ventures, Percent | 0.41% | ||
Altis Fairways, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 1,880 | 1,876 | |
Investments in unconsolidated real estate joint ventures, Percent | 0.42% | ||
Altis Wiregrass, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 1,792 | 1,897 | |
Investments in unconsolidated real estate joint ventures, Percent | 2.22% | ||
Altis LH-Miami Manager, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 811 | ||
Investments in unconsolidated real estate joint ventures, Percent | 3.43% | ||
Altis Vineland Pointe [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 4,712 | ||
Investments in unconsolidated real estate joint ventures, Percent | 50.00% | ||
Altis Miramar East/West [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 2,631 | ||
Investments in unconsolidated real estate joint ventures, Percent | 5.00% | ||
The Altman Companies, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 14,745 | 14,893 | |
Investments in unconsolidated real estate joint ventures, Percent | 50.00% | ||
Investments in unconsolidated real estate joint ventures, transaction costs | $ 2,300 | ||
ABBX Guaranty, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 3,750 | 2,500 | |
Investments in unconsolidated real estate joint ventures, Percent | 50.00% | ||
Sunrise and Bayview Partners, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 1,562 | 1,439 | |
Investments in unconsolidated real estate joint ventures, Percent | 50.00% | ||
PGA Design Center Holdings, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 996 | 691 | |
Investments in unconsolidated real estate joint ventures, Percent | 40.00% | ||
CCB Miramar, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 5,999 | 1,575 | |
Investments in unconsolidated real estate joint ventures, Percent | 70.00% | ||
BBX/Label Chapel Trail Development, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 1,126 | 4,515 | |
Investments in unconsolidated real estate joint ventures, Percent | 46.75% | ||
L03/212 Partners, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 2,087 | ||
Investments in unconsolidated real estate joint ventures, Percent | 3.41% | ||
PGA Lender, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 2,111 | ||
Investments in unconsolidated real estate joint ventures, Percent | 45.88% | ||
Sky Cove, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 4,178 | ||
Investments in unconsolidated real estate joint ventures, Percent | 26.25% | ||
All Other Investments In Real Estate Joint Ventures [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 200 | $ 659 |
Investments In Unconsolidated_5
Investments In Unconsolidated Real Estate Joint Ventures (Condensed Statements Of Financial Condition For Equity Method Joint Ventures) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Altis at Bonterra - Hialeah, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Cash | $ 855 | $ 3,777 |
Restricted cash | 559 | 256 |
Real estate | 55,734 | |
Other assets | 134 | |
Total assets | 1,414 | 59,901 |
Notes payable | 38,641 | |
Other liabilities | 751 | 571 |
Total liabilities | 751 | 39,212 |
Total equity | 663 | 20,689 |
Total liabilities and equity | 1,414 | 59,901 |
The Addison on Millenia Investment, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Cash | 68 | |
Other assets | 86 | |
Total assets | 154 | |
Other liabilities | 12 | |
Total liabilities | 12 | |
Total equity | 142 | |
Total liabilities and equity | 154 | |
Altis At Lakeline - Austin Investors LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Cash | 628 | 2,403 |
Restricted cash | 5 | 229 |
Real estate | 42,940 | |
Other assets | 144 | 108 |
Total assets | 777 | 45,680 |
Notes payable | 33,467 | |
Other liabilities | 1,835 | |
Total liabilities | 35,302 | |
Total equity | 777 | 10,378 |
Total liabilities and equity | $ 777 | $ 45,680 |
Investments In Unconsolidated_6
Investments In Unconsolidated Real Estate Joint Ventures (Condensed Statements Of Operations For Equity Method Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in net earnings of unconsolidated real estate joint venture | $ 622 | $ 28,534 | $ 8,759 | $ (17) | $ 13,029 | $ 373 | $ (488) | $ 1,280 | $ 37,898 | $ 14,194 | $ 12,541 |
Altis at Bonterra - Hialeah, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total revenues | 4,498 | 6,510 | 1,851 | ||||||||
Gain on sale of real estate | 33,843 | ||||||||||
Other expenses | (4,480) | (5,937) | (2,657) | ||||||||
Net earnings (losses) | 33,861 | 573 | (806) | ||||||||
Equity in net earnings of unconsolidated real estate joint venture | 29,221 | 544 | (766) | ||||||||
The Addison on Millenia Investment, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total revenues | 26,061 | 1,303 | |||||||||
Gain on sale of real estate | 22,203 | ||||||||||
Other revenue | 3,858 | 1,303 | |||||||||
Total expenses | (2,266) | (1,794) | |||||||||
Net earnings (losses) | 23,795 | (491) | |||||||||
Equity in net earnings of unconsolidated real estate joint venture | 9,283 | (146) | |||||||||
Altis At Lakeline - Austin Investors LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total revenues | 1,458 | 5,842 | 3,528 | ||||||||
Gain on sale of real estate | 17,178 | ||||||||||
Other expenses | (1,801) | (6,746) | (6,028) | ||||||||
Net earnings (losses) | 16,835 | (904) | (2,500) | ||||||||
Equity in net earnings of unconsolidated real estate joint venture | $ 5,029 | $ (312) | $ (862) |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)store | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 21.4 | $ 20.2 | $ 15.6 |
Bluegreen [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Disposal group, impairment loss | 5.6 | ||
MOD Pizza [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Disposal group, impairment loss | $ 6.7 | $ 4 | $ 2.7 |
Number of stores transferred | store | 7 | ||
Number of stores closed | store | 2 |
Property And Equipment (Compone
Property And Equipment (Components Of Property And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | $ 204,581 | $ 212,021 |
Accumulated Depreciation | (74,895) | (72,393) |
Properties and equipment - net | 129,686 | 139,628 |
Land, Buildings And Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | 70,647 | 80,887 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | 45,993 | 41,278 |
Office Equipment, Furniture, Fixtures And Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | 86,941 | 86,759 |
Transportation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | $ 1,000 | $ 3,097 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||||
Goodwill, impairment loss | $ 3,961,000 | $ 2,413,000 | ||
Amortization expense of intangible assets included in selling general and administrative expenses | 700,000 | 800,000 | 900,000 | |
Intangible asset impairment | 0 | 1,900,000 | ||
Estimated future minimum rental payments | 153,963,000 | |||
Goodwill | $ 37,248,000 | $ 37,248,000 | $ 39,482,000 | $ 6,731,000 |
Maximum [Member] | ||||
Goodwill [Line Items] | ||||
Computing discounted cash flows, in years | 10 years | |||
Minimum [Member] | ||||
Goodwill [Line Items] | ||||
Computing discounted cash flows, in years | 5 years | |||
Trademarks [Member] | ||||
Goodwill [Line Items] | ||||
Intangible assets useful life, in years | 20 years | |||
Customer Relationships [Member] | ||||
Goodwill [Line Items] | ||||
Intangible assets useful life, in years | 12 years | |||
Lease Premium [Member] | Maximum [Member] | ||||
Goodwill [Line Items] | ||||
Intangible assets useful life, in years | 9 years | |||
Lease Premium [Member] | Minimum [Member] | ||||
Goodwill [Line Items] | ||||
Intangible assets useful life, in years | 5 years | |||
Area Development And Franchise Agreements [Member] | Maximum [Member] | ||||
Goodwill [Line Items] | ||||
Intangible assets useful life, in years | 10 years | |||
Area Development And Franchise Agreements [Member] | Minimum [Member] | ||||
Goodwill [Line Items] | ||||
Intangible assets useful life, in years | 7 years |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Schedule Of Changes In Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill And Intangible Assets [Abstract] | |||
Balance, beginning of period | $ 37,248 | $ 39,482 | $ 6,731 |
Acquisitions | 1,727 | 35,164 | |
Impairment losses | (3,961) | (2,413) | |
Balance, end of period | $ 37,248 | $ 37,248 | $ 39,482 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Goodwill And Major Classes Of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets gross | $ 70,606 | $ 73,715 |
Accumulated amortization | (2,420) | (4,005) |
Total intangible assets | 68,186 | 69,710 |
Management Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived, intangible assets | 61,293 | 61,293 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, intangible assets | 8,522 | 8,522 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, intangible assets | 70 | 70 |
Lease Premium [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, intangible assets | 2,313 | |
Franchise Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, intangible assets | 740 | |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, intangible assets | $ 721 | $ 777 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Estimated Aggregate Amortization Expense Of Intangible Assets) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Goodwill And Intangible Assets [Abstract] | |
2020 | $ 630 |
2021 | 609 |
2022 | 556 |
2023 | 500 |
2024 | $ 500 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | |||
Legally binding minimum lease payments, not yet commenced | $ 19.2 | ||
Cash paid for amounts included in the measurement of lease liabilities | 27.6 | ||
Right-of-use assets in exchange for new operating lease liabilities | $ 26.2 | ||
Rent expenses | $ 41.1 | $ 30.8 |
Leases (Schedule Of Lease Infor
Leases (Schedule Of Lease Information) (Details) $ in Thousands | Dec. 31, 2019USD ($) | |
Leases [Abstract] | ||
Operating lease assets | $ 109,351 | |
Operating lease liabilities | $ 123,430 | |
Weighted average remaining lease term (years) | 6 years 2 months 12 days | |
Weighted average discount rate | 5.27% | [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) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Fixed lease costs | $ 28,745 |
Short-term lease costs | 5,266 |
Variable lease costs | 9,066 |
Total operating lease costs | $ 43,077 |
Leases (Schedule Of Operating L
Leases (Schedule Of Operating Lease Future Payments) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 26,384 |
2021 | 25,568 |
2022 | 23,413 |
2023 | 19,863 |
2024 | 12,644 |
After 2024 | 44,508 |
Total lease payments | 152,380 |
Less: interest | 28,950 |
Present value of lease liabilities | $ 123,430 |
Leases (Schedule Of Future Rent
Leases (Schedule Of Future Rental Payments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 26,871 |
2020 | 24,525 |
2021 | 23,022 |
2022 | 20,682 |
2023 | 17,564 |
Thereafter | 41,299 |
Total | $ 153,963 |
Debt (Notes Payable And Other B
Debt (Notes Payable And Other Borrowings, Narrative) (Details) | Mar. 06, 2018USD ($) | Oct. 31, 2019USD ($) | Aug. 31, 2018USD ($) | Apr. 30, 2018USD ($) | Jul. 31, 2017USD ($)item | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Oct. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2013USD ($) | |||
Debt Instrument [Line Items] | |||||||||||||||
Notes And Loans Payable | $ 188,731,000 | $ 200,887,000 | |||||||||||||
Inventory, Real Estate | 65,818,000 | 54,956,000 | |||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 277,183,000 | ||||||||||||||
Debt Instrument, Unamortized Discount | 38,746,000 | ||||||||||||||
Unamortized debt issuance costs | 8,488,000 | $ 400,000 | |||||||||||||
Other Assets | $ 97,540,000 | $ 124,217,000 | |||||||||||||
Fifth Third Bank Note [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt repaid | $ 3,600,000 | ||||||||||||||
Fifth Third Syndicated Line of Credit and Fifth Third Syndicated Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 225,000,000 | ||||||||||||||
Fifth Third Syndicated Line of Credit and Fifth Third Syndicated Term Loan [Member] | LIBOR [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 2.50% | ||||||||||||||
Fifth Third Syndicated Line of Credit and Fifth Third Syndicated Term Loan [Member] | LIBOR [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 2.00% | ||||||||||||||
NBA Receivables Facility [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 2.75% | ||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 70,000,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.55% | 5.27% | |||||||||||||
NBA Receivables Facility [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.55% | 5.27% | |||||||||||||
Effective Interest Rate | 3.50% | ||||||||||||||
NBA Eilan Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 27,500,000 | ||||||||||||||
Proceeds from lines of credit | 24,300,000 | ||||||||||||||
NBA Eilan Loan [Member] | Funding Of Certain Improvement Costs [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Proceeds from lines of credit | 1,700,000 | ||||||||||||||
NBA Eilan Loan [Member] | LIBOR [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 4.75% | ||||||||||||||
NBA Eilan Loan [Member] | LIBOR [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 3.25% | ||||||||||||||
Community Development District Obligations [Member] | Senior Lien [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Inventory, Real Estate | $ 48,500,000 | ||||||||||||||
TD Bank Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes And Loans Payable | $ 1,700,000 | ||||||||||||||
Debt face amount | $ 1,600,000 | ||||||||||||||
Number of tranches | item | 3 | ||||||||||||||
TD Bank Term Loan [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.20% | ||||||||||||||
TD Bank Term Loan [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | ||||||||||||||
TD Bank Term Loan [Member] | Prime Rate [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 1.00% | ||||||||||||||
TD Bank Term Loan [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 2.75% | ||||||||||||||
TD Bank Line Of Credit [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 16,300,000 | ||||||||||||||
Line of credit, outstanding | $ 6,100,000 | ||||||||||||||
Debt instrument term (in years) | 1 year | ||||||||||||||
TD Bank Line Of Credit [Member] | Prime Rate [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 1.00% | ||||||||||||||
TD Bank Line Of Credit [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 2.75% | ||||||||||||||
Iberiabank And City National Bank Of Florida [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 50,000,000 | ||||||||||||||
Renewal term | 12 months | ||||||||||||||
Iberiabank And City National Bank Of Florida [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Collateral Amount | $ 100,000,000 | ||||||||||||||
Iberiabank And City National Bank Of Florida [Member] | Prime Rate [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 2.25% | ||||||||||||||
Iberiabank And City National Bank Of Florida [Member] | Prime Rate [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 1.50% | ||||||||||||||
Iberiabank And City National Bank Of Florida [Member] | LIBOR [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 3.75% | ||||||||||||||
Iberiabank And City National Bank Of Florida [Member] | LIBOR [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 3.00% | ||||||||||||||
Other Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes And Loans Payable | $ 58,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 15.00% | |||||||||||||
Banc Of America Leasing & Capital Equipment Note [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit facility expiration period | 36 months | ||||||||||||||
Periodic payment, principal and interest | $ 18,516,000 | ||||||||||||||
Bank Of America Revolving Line Of Credit [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 4,000,000 | ||||||||||||||
Bank Of America Revolving Line Of Credit [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 1.50% | ||||||||||||||
Other Notes Payable [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes And Loans Payable | 42,571,000 | $ 67,496,000 | |||||||||||||
Unamortized debt issuance costs | 824,000 | 666,000 | |||||||||||||
Other Notes Payable [Member] | Iberia $50.0 Million Revolving Line Of Credit [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes And Loans Payable | [2] | 30,000,000 | |||||||||||||
Carrying Amount of Pledged Assets | [2] | $ (2,000) | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 5.35% | |||||||||||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes And Loans Payable | 29,287,000 | $ 24,583,000 | |||||||||||||
Carrying Amount of Pledged Assets | 49,352,000 | 35,157,000 | |||||||||||||
Other Assets | $ 800,000 | $ 11,400,000 | |||||||||||||
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% | |||||||||||||
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% | |||||||||||||
Other Notes Payable [Member] | Unsecured Note [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes And Loans Payable | [3] | $ 3,400,000 | $ 3,400,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | [1],[3] | 6.00% | [1],[3] | 6.00% | ||||||||||
Debt face amount | $ 3,400,000 | ||||||||||||||
Equity Method Investment, Ownership Percentage | 46.75% | ||||||||||||||
Other Notes Payable [Member] | Other Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes And Loans Payable | [3] | $ 1,469,000 | $ 1,507,000 | ||||||||||||
Carrying Amount of Pledged Assets | [3] | $ 1,892,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[3] | 5.25% | |||||||||||||
Other Notes Payable [Member] | Banc Of America Leasing & Capital Equipment Note [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes And Loans Payable | [4] | $ 355,000 | 555,000 | ||||||||||||
Carrying Amount of Pledged Assets | [4] | $ (3,000) | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[4] | 4.75% | 4.75% | ||||||||||||
Term Loans [Member] | Fifth Third Syndicated Line of Credit and Fifth Third Syndicated Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt face amount | $ 100,000,000 | ||||||||||||||
Line of Credit [Member] | Fifth Third Syndicated Line of Credit and Fifth Third Syndicated Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit, outstanding | $ 30,000,000 | ||||||||||||||
The Eilan Hotel And Spa [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Purchase consideration | $ 34,300,000 | ||||||||||||||
Bluegreen [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes And Loans Payable | $ 146,160,000 | $ 133,391,000 | |||||||||||||
Unamortized debt issuance costs | 1,410,000 | 1,671,000 | |||||||||||||
Bluegreen [Member] | 2013 Notes Payable [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes And Loans Payable | 28,125,000 | ||||||||||||||
Carrying Amount of Pledged Assets | $ 22,878,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.50% | |||||||||||||
Debt face amount | $ 75,000,000 | ||||||||||||||
Bluegreen [Member] | Fifth Third Bank Note [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes And Loans Payable | $ 3,834,000 | ||||||||||||||
Carrying Amount of Pledged Assets | $ 7,892,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.34% | |||||||||||||
Bluegreen [Member] | Fifth Third Syndicated Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes And Loans Payable | 98,750,000 | $ 22,500,000 | |||||||||||||
Carrying Amount of Pledged Assets | $ 161,497,000 | $ 27,724,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.71% | 5.37% | ||||||||||||
Bluegreen [Member] | Fifth Third Syndicated LOC [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes And Loans Payable | $ 30,000,000 | $ 55,000,000 | |||||||||||||
Carrying Amount of Pledged Assets | $ 49,062,000 | $ 92,415,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.85% | 5.27% | ||||||||||||
Bluegreen [Member] | Fifth Third Syndicated Line of Credit and Fifth Third Syndicated Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 100,000,000 | ||||||||||||||
Bluegreen [Member] | NBA Eilan Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes And Loans Payable | $ 18,820,000 | $ 25,603,000 | |||||||||||||
Carrying Amount of Pledged Assets | $ 31,259,000 | $ 35,615,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.95% | 5.60% | ||||||||||||
Bass Pro [Member] | Bluegreen [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Payments for legal settlements | $ 4,000,000 | ||||||||||||||
[1] | The collateral is a blanket lien on Renin's assets. | ||||||||||||||
[2] | The collateral is membership interests in Woodbridge having a value of not less than $100.0 million. | ||||||||||||||
[3] | BBX Capital is guarantor on the note. | ||||||||||||||
[4] | The collateral is a security interest in the equipment financed by the underlying note. Additionally, IT'SUGAR is guarantor on the note. |
Debt (Receivable-Backed Notes P
Debt (Receivable-Backed Notes Payable, Narrative) (Details) - USD ($) $ in Thousands | Sep. 21, 2018 | Apr. 06, 2018 | Oct. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | Nov. 30, 2015 | Jun. 30, 2015 |
Debt Instrument [Line Items] | ||||||||
Current borrowing capacity | $ 277,183 | |||||||
Receivable backed notes payable - non-recourse | 334,246 | $ 382,257 | ||||||
Long-term Debt, Gross | 796,034 | |||||||
Deferred Finance Costs, Net | 8,488 | $ 400 | ||||||
Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred Finance Costs, Net | $ 1,410 | $ 1,671 | ||||||
Liberty Bank Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of Debt | $ 20,400 | |||||||
Interest rate | 4.75% | 5.25% | ||||||
Liberty Bank Facility [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Receivable backed debt | $ 50,000 | |||||||
Future advance rate percent | 0.50% | |||||||
Liberty Bank Facility [Member] | Minimum [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 4.00% | |||||||
Pacific Western Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of Debt | 7,100 | |||||||
Interest rate | 4.68% | 5.52% | ||||||
Pacific Western Facility [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 40,000 | |||||||
Possible additional debt extension period | 12 months | |||||||
Pacific Western Facility [Member] | LIBOR [Member] | Maximum [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on rate | 3.00% | |||||||
Pacific Western Facility [Member] | LIBOR [Member] | Minimum [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on rate | 2.75% | |||||||
Pacific Western Facility, Eligible A Receivables [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Gross advance rate | 85.00% | |||||||
Pacific Western Facility, Eligible B Receivables [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Gross advance rate | 53.00% | |||||||
KeyBank/DZ Purchase Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Receivable backed notes payable - non-recourse | $ 31,708 | |||||||
Repayments of Debt | $ 49,200 | |||||||
Interest rate | 3.99% | |||||||
KeyBank/DZ Purchase Facility [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 80,000 | |||||||
Gross advance rate | 80.00% | |||||||
Outstanding balance which excess cash flow will be recieved until met | $ 0 | |||||||
Basis spread on rate | 2.25% | 2.75% | ||||||
KeyBank/DZ Purchase Facility [Member] | Expiration Of Revolving Advance Period [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on rate | 3.25% | 4.75% | ||||||
Quorum Purchase Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Receivable backed notes payable - non-recourse | $ 44,525 | $ 40,074 | ||||||
Future advance rate percent | 85.00% | |||||||
Quorum Purchase Facility [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 50,000 | |||||||
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% | ||||||
Quorum Purchase Facility [Member] | Index Rate Thereafter [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan purchase fee, percent | 0.25% | |||||||
Quorum Purchase Facility [Member] | Interest Rate Per Annum 5.5% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Receivable backed notes payable - non-recourse | $ 1,300 | |||||||
Effective yield rate | 5.50% | |||||||
Quorum Purchase Facility [Member] | Interest Rate Per Annum 4.95% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Receivable backed notes payable - non-recourse | $ 21,300 | |||||||
Effective yield rate | 4.95% | |||||||
Quorum Purchase Facility [Member] | Interest Rate Per Annum 5.0% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Receivable backed notes payable - non-recourse | $ 1,600 | |||||||
Effective yield rate | 5.00% | |||||||
Quorum Purchase Facility [Member] | Interest Rate Per Annum 4.75% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Receivable backed notes payable - non-recourse | $ 3,100 | |||||||
Effective yield rate | 4.75% | |||||||
Quorum Purchase Facility [Member] | Interest Rate Per Annum 5.1% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Receivable backed notes payable - non-recourse | $ 17,200 | |||||||
Effective yield rate | 5.10% | |||||||
2016 Term Securitization [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Receivable backed notes payable - non-recourse | $ 48,529 | $ 63,982 | ||||||
Interest rate | 3.35% | 3.35% | ||||||
2017 Term Securitization [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Receivable backed notes payable - non-recourse | $ 65,333 | $ 83,513 | ||||||
Interest rate | 3.12% | 3.12% | ||||||
2018 Term Securitization [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Gross advance rate | 87.20% | |||||||
Receivable backed notes payable - non-recourse | $ 91,231 | $ 114,480 | ||||||
Receivable backed debt | $ 117,700 | |||||||
Weighted-average interest rate | 4.02% | |||||||
Timeshare receivables sold | $ 135,000 | |||||||
Interest rate | 4.02% | 4.02% | ||||||
2018 Term Securitization - Class A [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Receivable backed debt | $ 49,800 | |||||||
Effective yield rate | 3.77% | |||||||
2018 Term Securitization - Class B [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Receivable backed debt | $ 33,100 | |||||||
Effective yield rate | 3.95% | |||||||
2018 Term Securitization - Class C [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Receivable backed debt | $ 34,800 | |||||||
Effective yield rate | 4.44% | |||||||
Other Non-Recourse Receivable-Backed Notes Payable [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of Debt | $ 62,600 | $ 51,000 | ||||||
NBA Receivables Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Current borrowing capacity | $ 70,000 | |||||||
Gross advance rate | 85.00% | |||||||
Basis spread on rate | 2.75% | |||||||
Interest rate | 4.55% | 5.27% | ||||||
NBA Receivables Facility [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Effective yield rate | 3.50% | |||||||
Interest rate | 4.55% | 5.27% | ||||||
Qualified Timeshare Loans [Member] | Liberty Bank Facility [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Future advance rate percent | 85.00% | |||||||
Non-Conforming Qualified Timeshare Loans [Member] | Liberty Bank Facility [Member] | Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Future advance rate percent | 60.00% | |||||||
Sold At Closing [Member] | 2018 Term Securitization [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Timeshare receivables sold | $ 109,000 |
Debt (Junior Subordinated Deben
Debt (Junior Subordinated Debentures, Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2017 | Jan. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||||
Gain on extinguishment of debt | $ 6,929 | ||||
Other assets | $ 97,540 | $ 124,217 | |||
Woodbridge [Member] | |||||
Debt Instrument [Line Items] | |||||
Gain on extinguishment of debt | $ 6,900 | ||||
Levitt Capital Trust II [Member] | Woodbridge [Member] | |||||
Debt Instrument [Line Items] | |||||
Payment amount of purchased of Junior subordinated debentures | $ 6,700 | ||||
Purchased amount of Junior subordinated debentures | 11,100 | ||||
Levitt Capital Trust III [Member] | Woodbridge [Member] | |||||
Debt Instrument [Line Items] | |||||
Payment amount of purchased of Junior subordinated debentures | 4,700 | ||||
Purchased amount of Junior subordinated debentures | $ 7,700 | ||||
The Trusts [Member] | |||||
Debt Instrument [Line Items] | |||||
Other assets | $ 2,100 | $ 2,100 |
Debt (Contractual Minimum Princ
Debt (Contractual Minimum Principle Payments Of Debt Outstanding) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||
2020 | $ 17,127 | ||
2021 | 20,008 | ||
2022 | 26,628 | ||
2023 | 43,062 | ||
2024 | 172,223 | ||
Thereafter | 516,986 | ||
Contractual minimum principal payments of debt outstanding, Gross | 796,034 | ||
Unamortized debt issuance costs | (8,488) | $ (400) | |
Purchase discount | (38,746) | ||
Total Debt | 748,800 | ||
Junior Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Thereafter | 177,129 | ||
Contractual minimum principal payments of debt outstanding, Gross | 177,129 | ||
Unamortized debt issuance costs | (1,129) | $ (1,200) | |
Purchase discount | (38,746) | ||
Total Debt | 137,254 | ||
Notes Payable And Other Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
2020 | 17,127 | ||
2021 | 15,147 | ||
2022 | 18,365 | ||
2023 | 8,525 | ||
2024 | 104,379 | ||
Thereafter | 27,422 | ||
Contractual minimum principal payments of debt outstanding, Gross | 190,965 | ||
Unamortized debt issuance costs | (2,234) | ||
Total Debt | 188,731 | ||
Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
2021 | 4,861 | ||
2022 | 8,263 | ||
2023 | 34,537 | ||
2024 | 36,136 | ||
Thereafter | 4,772 | ||
Contractual minimum principal payments of debt outstanding, Gross | 88,569 | ||
Total Debt | 88,569 | ||
Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
2024 | 31,708 | ||
Thereafter | 307,663 | ||
Contractual minimum principal payments of debt outstanding, Gross | 339,371 | ||
Unamortized debt issuance costs | (5,125) | ||
Total Debt | $ 334,246 |
Debt (Notes Payable And Other_2
Debt (Notes Payable And Other Borrowings) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Apr. 30, 2018 | Oct. 31, 2017 | |||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 188,731 | $ 200,887 | ||||||
Unamortized debt issuance costs | (8,488) | $ (400) | ||||||
NBA Eilan Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 27,500 | |||||||
Banc of America Revolving Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 2,000 | |||||||
Interest Rate | [1] | 3.24% | ||||||
Other Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 58 | |||||||
Interest Rate | [1] | 15.00% | ||||||
Other Notes Payable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 42,571 | 67,496 | ||||||
Unamortized debt issuance costs | (824) | (666) | ||||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | 29,287 | 24,583 | ||||||
Carrying Amount of Pledged Assets | 49,352 | 35,157 | ||||||
Other Notes Payable [Member] | TD Bank Term Loan And Line Of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | [1] | $ 6,826 | $ 8,117 | |||||
Interest Rate | [1] | 5.00% | 5.47% | |||||
Other Notes Payable [Member] | Iberia $50.0 Million Revolving Line Of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | [2] | $ 30,000 | ||||||
Interest Rate | [1],[2] | 5.35% | ||||||
Carrying Amount of Pledged Assets | [2] | $ (2) | ||||||
Other Notes Payable [Member] | Banc Of America Leasing & Capital Equipment Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | [3] | $ 355 | $ 555 | |||||
Interest Rate | [1],[3] | 4.75% | 4.75% | |||||
Carrying Amount of Pledged Assets | [3] | $ (3) | ||||||
Other Notes Payable [Member] | Unsecured Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | [4] | $ 3,400 | $ 3,400 | |||||
Interest Rate | 6.00% | [1],[4] | 6.00% | [1],[4] | 6.00% | |||
Other Notes Payable [Member] | Other Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | [4] | $ 1,469 | $ 1,507 | |||||
Interest Rate | [1],[4] | 5.25% | ||||||
Carrying Amount of Pledged Assets | [4] | $ 1,892 | ||||||
Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | 146,160 | 133,391 | ||||||
Unamortized debt issuance costs | (1,410) | (1,671) | ||||||
Bluegreen [Member] | 2013 Notes Payable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 28,125 | |||||||
Interest Rate | [1] | 5.50% | ||||||
Carrying Amount of Pledged Assets | $ 22,878 | |||||||
Bluegreen [Member] | Fifth Third Bank Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 3,834 | |||||||
Interest Rate | [1] | 5.34% | ||||||
Carrying Amount of Pledged Assets | $ 7,892 | |||||||
Bluegreen [Member] | NBA Eilan Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 18,820 | $ 25,603 | ||||||
Interest Rate | [1] | 4.95% | 5.60% | |||||
Carrying Amount of Pledged Assets | $ 31,259 | $ 35,615 | ||||||
Bluegreen [Member] | Fifth Third Syndicated LOC [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 30,000 | $ 55,000 | ||||||
Interest Rate | [1] | 3.85% | 5.27% | |||||
Carrying Amount of Pledged Assets | $ 49,062 | $ 92,415 | ||||||
Bluegreen [Member] | Fifth Third Syndicated Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable and other borrowings | $ 98,750 | $ 22,500 | ||||||
Interest Rate | [1] | 3.71% | 5.37% | |||||
Carrying Amount of Pledged Assets | $ 161,497 | $ 27,724 | ||||||
Woodbridge [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, collateral amount | $ 100,000 | |||||||
Minimum [Member] | Other Notes Payable [Member] | Community Development District Obligations [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 4.25% | 4.25% | ||||||
Maximum [Member] | Other Notes Payable [Member] | Community Development District Obligations [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 6.00% | 6.00% | ||||||
[1] | The collateral is a blanket lien on Renin's assets. | |||||||
[2] | The collateral is membership interests in Woodbridge having a value of not less than $100.0 million. | |||||||
[3] | The collateral is a security interest in the equipment financed by the underlying note. Additionally, IT'SUGAR is guarantor on the note. | |||||||
[4] | BBX Capital is guarantor on the note. |
Debt (Receivable-Backed Notes_2
Debt (Receivable-Backed Notes Payable) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||
Purchase discount | $ (38,746) | ||
Receivable-backed notes payable - recourse | 88,569 | $ 76,674 | |
Unamortized debt issuance costs | (8,488) | $ (400) | |
Receivable backed notes payable - non-recourse | 334,246 | 382,257 | |
Total receivable-backed debt | 422,815 | 458,931 | |
Principal Balance of Pledged/Secured Receivables | 494,604 | 527,170 | |
Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | 109,277 | 93,597 | |
Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized debt issuance costs | (5,125) | (6,807) | |
Principal Balance of Pledged/Secured Receivables | 385,327 | 433,573 | |
Liberty Bank Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 25,860 | $ 17,654 | |
Interest Rate | 4.75% | 5.25% | |
Liberty Bank Facility [Member] | Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 31,681 | $ 22,062 | |
NBA Receivables Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 32,405 | $ 48,414 | |
Interest Rate | 4.55% | 5.27% | |
NBA Receivables Facility [Member] | Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 39,787 | $ 57,805 | |
Pacific Western Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 30,304 | $ 10,606 | |
Interest Rate | 4.68% | 5.52% | |
Pacific Western Facility [Member] | Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 37,809 | $ 13,730 | |
KeyBank/DZ Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 31,708 | ||
Interest Rate | 3.99% | ||
Principal Balance of Pledged/Secured Receivables | $ 39,448 | ||
Quorum Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | 44,525 | 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 | 49,981 | 45,283 | |
2012 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 8,638 | $ 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 | $ 9,878 | $ 16,866 | |
2013 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 18,219 | $ 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 | $ 19,995 | $ 29,351 | |
2015 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 31,188 | $ 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 | $ 33,765 | $ 47,690 | |
2016 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 48,529 | $ 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 | $ 54,067 | $ 72,590 | |
2017 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 65,333 | $ 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 | $ 74,219 | $ 95,877 | |
2018 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 91,231 | $ 114,480 | |
Interest Rate | 4.02% | 4.02% | |
Principal Balance of Pledged/Secured Receivables | $ 103,974 | $ 125,916 | |
Minimum [Member] | NBA Receivables Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4.55% | 5.27% | |
Effective yield rate | 3.50% | ||
Minimum [Member] | Quorum Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4.75% | 4.75% | |
Maximum [Member] | Quorum Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 5.50% | 5.50% |
Debt (Junior Subordinated Deb_2
Debt (Junior Subordinated Debentures Outstanding) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | ||
Debt Instrument [Line Items] | ||||
Carrying Amounts | $ 137,254 | $ 136,425 | ||
Unamortized debt issuance costs | (8,488) | $ (400) | ||
Junior Subordinated Debentures [Member] | ||||
Debt Instrument [Line Items] | ||||
Carrying Amounts | 137,254 | 136,425 | ||
Unamortized debt issuance costs | (1,129) | (1,200) | ||
Unamortized purchase discount | (38,746) | (39,504) | ||
Woodbridge [Member] | Levitt Capital Trust I-IV [Member] | Junior Subordinated Debentures [Member] | ||||
Debt Instrument [Line Items] | ||||
Carrying Amounts | 66,302 | 66,302 | ||
Bluegreen [Member] | ||||
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs | (1,410) | (1,671) | ||
Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | Junior Subordinated Debentures [Member] | ||||
Debt Instrument [Line Items] | ||||
Carrying Amounts | $ 110,827 | $ 110,827 | ||
Minimum [Member] | Woodbridge [Member] | Levitt Capital Trust I-IV [Member] | Junior Subordinated Debentures [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | [1] | 5.74% | 6.20% | |
Maturity Years | [2] | 2035 | ||
Minimum [Member] | Bluegreen [Member] | Levitt Capital Trust I-IV [Member] | Junior Subordinated Debentures [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | [1] | 7.32% | ||
Minimum [Member] | Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | Junior Subordinated Debentures [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | [1] | 6.74% | ||
Maturity Years | [2] | 2035 | ||
Maximum [Member] | Woodbridge [Member] | Levitt Capital Trust I-IV [Member] | Junior Subordinated Debentures [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | [1] | 5.95% | 6.65% | |
Maturity Years | [2] | 2036 | ||
Maximum [Member] | Bluegreen [Member] | Levitt Capital Trust I-IV [Member] | Junior Subordinated Debentures [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | [1] | 7.70% | ||
Maximum [Member] | Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | Junior Subordinated Debentures [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | [1] | 6.86% | ||
Maturity Years | [2] | 2037 | ||
LIBOR [Member] | Minimum [Member] | Junior Subordinated Debentures [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on rate | 3.80% | |||
LIBOR [Member] | Maximum [Member] | Junior Subordinated Debentures [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on rate | 4.90% | |||
[1] | The Company's junior subordinated debentures bear interest at three-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 3.80% to 4.90%. | |||
[2] | All of the junior subordinated debentures were eligible for redemption by Woodbridge and Bluegreen, as applicable, as of December 31, 2019 and 2018. |
Debt (Schedule Of Amounts Avail
Debt (Schedule Of Amounts Available Under Credit Facilities) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Line of Credit Facility [Line Items] | |
Total credit availability | $ 277,183 |
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 | 220,200 |
Renin [Member] | |
Line of Credit Facility [Line Items] | |
Total credit availability | 4,983 |
IT'SUGAR, LLC [Member] | |
Line of Credit Facility [Line Items] | |
Total credit availability | $ 2,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | ||
Operating Loss Carryforwards [Line Items] | ||||
Effective tax rate | [1] | 34.16% | 36.18% | (10.47%) |
Corporate tax rate | [1] | 21.00% | 21.00% | 35.00% |
Tax benefit December 2017 Tax Reform Act | $ (45,300,000) | |||
Reduced provisional tax benefit recognized | 2,800,000 | |||
Change in valuation allowance | $ 300,000 | |||
Deferred tax assets, valuation allowance | 86,435,000 | $ 86,533,000 | 86,267,000 | |
Deferred Tax Assets, Gross | 147,277,000 | 141,984,000 | 176,402,000 | |
Deferred Tax Assets, Net of Valuation Allowance | $ 60,842,000 | 55,451,000 | 90,135,000 | |
Refundable percentage of credits for years 2019 through 2020 | 50.00% | |||
Refundable percentage of credits in 2021 | 100.00% | |||
Federal operating loss utilized annual limit | $ 788,000 | |||
State operating loss utilized annual limit | $ 513,000 | |||
Number of canadian subsidiaries with capital loss carryforward that can only be used on capital gains | item | 1 | |||
Canadian capital gain tax rate | 50.00% | |||
Alternative minimum tax credit carryforwards | 11,169,000 | |||
Unrecognized tax benefits | $ 0 | 0 | 0 | |
Gain (loss) from legal settlements | $ 600,000 | $ 13,169,000 | ||
Bass Pro [Member] | Bluegreen [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Payments for legal settlements | $ 4,000,000 | |||
[1] | Expected tax is computed based upon income before income taxes. |
Income Taxes (United States And
Income Taxes (United States And Foreign Components Of Income From Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
U.S. | $ 49,414 | $ 88,284 | $ 92,115 |
Foreign | (653) | (852) | 486 |
Total | $ 48,761 | $ 87,432 | $ 92,601 |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Income Taxes [Abstract] | ||||||||||||||
Current: Federal | $ 12,260 | $ 676 | $ 1,211 | |||||||||||
Current: State | 2,326 | 3,519 | 1,767 | |||||||||||
Current provision (benefit), Total | 14,586 | 4,195 | 2,978 | |||||||||||
Deferred: Federal | 601 | 22,824 | (14,368) | |||||||||||
Deferred: State | 1,471 | 4,620 | 1,688 | |||||||||||
Deferred income taxes, Total | 2,072 | 27,444 | (12,680) | |||||||||||
Provision (benefit) for income taxes | $ 1,590 | $ 14,682 | $ (1,338) | $ 1,724 | $ 9,642 | $ 6,742 | $ 8,655 | $ 6,600 | $ 16,658 | [1] | $ 31,639 | [1] | $ (9,702) | [1] |
[1] | Expected tax is computed based upon income before income taxes. |
Income Taxes (Actual Provisions
Income Taxes (Actual Provisions For Income Taxes From Continuing Operations Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
Income Taxes [Abstract] | |||||||||||||||
Income tax provision at expected federal income tax rate | [1] | $ 10,240 | $ 18,360 | $ 32,410 | |||||||||||
Income tax provision at expected federal income tax rate, rate | [1] | 21.00% | 21.00% | 35.00% | |||||||||||
Provision for state taxes, net of federal effect | [1] | $ 2,967 | $ 6,446 | $ 3,607 | |||||||||||
Provision for state taxes, net of federal effect, rate | [1] | 6.08% | 7.37% | 3.90% | |||||||||||
Effect of federal rate change-2017 tax reform | [1] | $ (45,267) | |||||||||||||
Effect of federal rate change-2017 tax reform, rate | [1] | (48.88%) | |||||||||||||
Taxes related to noncontrolling interests in subsidiaries not consolidated for income tax purposes | [1] | $ (2,306) | $ (2,519) | $ (4,467) | |||||||||||
Taxes related to noncontrolling interests in subsidiaries not consolidated for income tax purposes, rate | [1] | (4.73%) | (2.88%) | (4.82%) | |||||||||||
Nondeductible executive compensation | [1] | $ 5,572 | $ 8,421 | $ 4,309 | |||||||||||
Nondeductible executive compensation, rate | [1] | 11.43% | 9.63% | 4.65% | |||||||||||
Bluegreen initial public offering | [1] | $ 1,467 | |||||||||||||
Bluegreen initial public offering, rate | [1] | 1.58% | |||||||||||||
SEC penalty | [1] | $ (1,593) | |||||||||||||
SEC penalty, rate | [1] | (1.72%) | |||||||||||||
Other – net | [1] | $ 185 | $ 931 | $ (168) | |||||||||||
Other – net, rate | [1] | 0.38% | 1.06% | (0.18%) | |||||||||||
Provision (benefit) for income taxes | $ 1,590 | $ 14,682 | $ (1,338) | $ 1,724 | $ 9,642 | $ 6,742 | $ 8,655 | $ 6,600 | $ 16,658 | [1] | $ 31,639 | [1] | $ (9,702) | [1] | |
Provision (benefit) for income taxes, rate | [1] | 34.16% | 36.18% | (10.47%) | |||||||||||
[1] | Expected tax is computed based upon income before income taxes. |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | ||||
Allowance for loan losses, tax certificate losses and write downs for financial statement purposes | $ 30,644 | $ 29,969 | $ 25,604 | |
Federal and State NOL and tax credit carryforward | 95,970 | 97,102 | 132,650 | |
Real estate valuation | 6,575 | 7,519 | 9,117 | |
Property and equipment | 1,642 | |||
Expenses recognized for books and deferred for tax | 7,827 | 2,985 | 3,868 | |
Other | 6,261 | 4,409 | 3,521 | |
Total gross deferred tax assets | 147,277 | 141,984 | 176,402 | |
Valuation allowance | (86,435) | (86,533) | (86,267) | |
Total deferred tax assets | 60,842 | 55,451 | 90,135 | |
Installment sales treatment of notes | 107,551 | 104,126 | 100,717 | |
Intangible assets | 14,760 | 14,162 | 14,322 | |
Junior subordinate debentures | 9,124 | 9,378 | 9,144 | |
Deferral of VOI sales and costs under timeshare accounting | 10,511 | 8,654 | 10,071 | |
Property and equipment | 4,985 | 3,351 | ||
Other | 1,469 | 2,143 | 3,849 | |
Total gross deferred tax liabilities | 148,400 | 141,814 | 138,103 | |
Net deferred tax liability | (87,558) | (86,363) | (47,968) | $ (51,674) |
Reclassify alternative minimum tax credit to other assets | 11,169 | |||
Bluegreen initial public offering | 11,988 | |||
Cumulative effect for excess tax benefits recognized in accumulated earnings associated with share based compensation | (3,054) | |||
Cumulative effect for the adoption of ASU 2016-02 recognized in accumulated earnings | (874) | |||
Other | (3) | (218) | 40 | |
(Provision) benefit for deferred income taxes | $ (2,072) | $ (27,444) | $ 12,680 |
Income Taxes (Summary Of NOL, C
Income Taxes (Summary Of NOL, Credit Carryforwards, Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Tax Credit Carryforward [Line Items] | |||
Gross Deferred Tax Asset | $ 147,277 | $ 141,984 | $ 176,402 |
Valuation allowance | 86,435 | 86,533 | 86,267 |
Total deferred tax assets | 60,842 | $ 55,451 | $ 90,135 |
Non-Florida State NOLs [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Federal and State NOL and Credit Carryforward | 227,700 | ||
Gross Deferred Tax Asset | 10,329 | ||
Valuation allowance | 2,458 | ||
Total deferred tax assets | $ 7,871 | ||
Year Expires | 2020-2039 | ||
Federal NOL SRLY Limitation [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Federal and State NOL and Credit Carryforward | $ 227,595 | ||
Gross Deferred Tax Asset | 47,795 | ||
Valuation allowance | $ 47,795 | ||
Year Expires | 2026-2034 | ||
Florida NOL SRLY Limitation [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Federal and State NOL and Credit Carryforward | $ 750,987 | ||
Gross Deferred Tax Asset | 32,630 | ||
Valuation allowance | $ 32,630 | ||
Year Expires | 2026-2034 | ||
Other Federal Tax Credits-SRLY Limitation [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Federal and State NOL and Credit Carryforward | $ 2,372 | ||
Gross Deferred Tax Asset | 2,372 | ||
Valuation allowance | $ 2,372 | ||
Year Expires | 2025-2031 | ||
Federal NOL Section 382 Limitation [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Federal and State NOL and Credit Carryforward | $ 7,885 | ||
Gross Deferred Tax Asset | 1,656 | ||
Total deferred tax assets | $ 1,656 | ||
Year Expires | 2023-2029 | ||
Florida NOL Section 382 Limitation [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Federal and State NOL and Credit Carryforward | $ 5,127 | ||
Gross Deferred Tax Asset | 209 | ||
Total deferred tax assets | $ 209 | ||
Year Expires | 2024-2029 | ||
Canadian NOL [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Federal and State NOL and Credit Carryforward | $ 3,919 | ||
Gross Deferred Tax Asset | 794 | ||
Valuation allowance | $ 794 | ||
Year Expires | 2033-2039 | ||
Canadian Capital Losses [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Federal and State NOL and Credit Carryforward | $ 738 | ||
Gross Deferred Tax Asset | 185 | ||
Valuation allowance | $ 185 | ||
Year Expires | Do not expire | ||
Federal And State NOL And Credit Carryforward [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Gross Deferred Tax Asset | $ 95,970 | ||
Valuation allowance | 86,234 | ||
Total deferred tax assets | $ 9,736 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregated Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | [1] | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Revenue from customers | $ 843,726 | $ 852,462 | $ 777,949 | |||||||||||||
Interest income | 86,326 | 85,501 | 83,708 | |||||||||||||
Net gains on sales of real estate assets | 13,616 | 4,563 | 1,451 | |||||||||||||
Other revenue | 3,203 | 3,372 | 5,661 | |||||||||||||
Total revenues | $ 234,213 | $ 249,613 | $ 245,693 | $ 217,352 | $ 231,844 | $ 253,873 | $ 242,410 | $ 217,771 | 946,871 | [1] | 945,898 | 868,769 | ||||
Sales Of VOIs [Member] | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Revenue from customers | 255,375 | 254,225 | 242,017 | |||||||||||||
Fee-Based Sales Commissions [Member] | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Revenue from customers | 207,832 | 216,422 | 229,389 | |||||||||||||
Other Fee-Based Services [Member] | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Revenue from customers | 125,244 | 118,024 | 111,819 | |||||||||||||
Resort And Club Management Revenue [Member] | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Revenue from customers | 103,470 | 99,535 | 91,080 | |||||||||||||
Cost Reimbursements [Member] | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Revenue from customers | 63,889 | 62,534 | 52,639 | |||||||||||||
Resort Title Fees [Member] | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Revenue from customers | 14,246 | 12,205 | 14,742 | |||||||||||||
Trade Sales - Wholesale [Member] | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Revenue from customers | 80,197 | 82,800 | 89,223 | |||||||||||||
Trade Sales - Retail [Member] | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Revenue from customers | 106,140 | 96,686 | 52,862 | |||||||||||||
Sales Of Real Estate Inventory [Member] | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Revenue from customers | 5,049 | 21,771 | ||||||||||||||
Other [Member] | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Revenue from customers | $ 7,528 | $ 6,284 | $ 5,997 | |||||||||||||
[1] | During the fourth quarter of 2019, the prior 2019 quarterly revenue and operating expense amounts were reclassified for consistency to conform to the fourth quarter 2019 presentation. |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) | Jan. 07, 2019USD ($) | Dec. 31, 2019USD ($)store | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($)store | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016 | Jan. 01, 2020USD ($) |
Commitments And Contingencies [Line Items] | ||||||||
Other liabilities | $ 120,362,000 | $ 120,362,000 | $ 104,441,000 | |||||
Notes And Loans Payable | 188,731,000 | 188,731,000 | 200,887,000 | |||||
Current borrowing capacity | 277,183,000 | 277,183,000 | ||||||
Estimated future minimum rental payments | 153,963,000 | |||||||
Operating lease liabilities | 123,430,000 | $ 123,430,000 | ||||||
Bluegreen [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Average annual default rates | 8.70% | 6.90% | ||||||
Percent of total delinquencies subject to letters | 12.60% | |||||||
Payments to subsidies | $ 24,900,000 | 12,600,000 | $ 12,600,000 | |||||
Liabilities for unsold vacation ownership properties | 0 | 0 | 0 | |||||
Amount of future payment | $ 2,300,000 | 2,300,000 | ||||||
Period of future payments of former executive | 18 months | |||||||
Payment to former CEO | $ 3,500,000 | |||||||
Notes And Loans Payable | 146,160,000 | $ 146,160,000 | $ 133,391,000 | |||||
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 | |||||||
Subsequent Event [Member] | Bluegreen [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Damages sought from lawsuit | $ 500,000 | |||||||
Amount of future payment | $ 2,500,000 | |||||||
Bass Pro [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Accrued claims | $ 17,900,000 | $ 17,900,000 | ||||||
Bass Pro [Member] | Bluegreen [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Number of stores vacation packages are sold | store | 68 | 68 | ||||||
Percent of volume sales from agreement | 13.00% | 14.00% | ||||||
Litigation settlement | $ 20,000,000 | |||||||
Payments for legal settlements | $ 4,000,000 | |||||||
Accrued claims | $ 39,100,000 | $ 39,100,000 | ||||||
Cabela [Member] | Bluegreen [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Number of stores vacation packages are sold | store | 15 | 15 |
Commitments And Contingencies_2
Commitments And Contingencies (Summary Of Incurred Rent Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Commitments And Contingencies [Abstract] | ||
Rental expense for premises and equipment | $ 41.1 | $ 30.8 |
Stock Incentive Plans (Narrativ
Stock Incentive Plans (Narrative) (Details) - USD ($) $ in Thousands | Jan. 08, 2019 | Jan. 09, 2018 | Sep. 30, 2017 | Jan. 31, 2020 | Apr. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares granted | 0 | ||||||||||
Net proceeds upon the exercise of stock options | $ 245 | $ 63 | |||||||||
Intrinsic value of options exercised | 6 | 881 | |||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | |||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 0 | ||||||||||
Class A Common Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock Repurchased and Retired During Period, Shares | 6,486,486 | ||||||||||
Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Shares available for grant | 2,817,776 | 2,817,776 | |||||||||
Recognized tax benefit associated with the compensation expense | 400 | ||||||||||
Unearned compensation cost, unvested stock options | $ 15,200 | $ 15,200 | |||||||||
Compensation costs recognition period | 1 year 2 months 19 days | ||||||||||
Vesting period (years) | 4 years | ||||||||||
Number of restricted shares granted | 1,923,975 | ||||||||||
Restricted awards, vested fair value | $ 11,500 | 24,000 | 45,200 | ||||||||
Vesting of RSAs | 2,468,115 | 2,468,115 | |||||||||
Compensation cost | $ 11,400 | $ 12,900 | $ 12,300 | ||||||||
Tax withholding for share-based compensation | $ 4,500 | ||||||||||
Restricted Stock [Member] | Class A Common Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Shares withheld to meet minimum statutory tax withholding requirements | 222,848 | ||||||||||
Restricted Stock [Member] | Class B Common Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period (years) | 4 years | ||||||||||
Shares withheld to meet minimum statutory tax withholding requirements | 748,357 | ||||||||||
2014 Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Maximum term of options issued, in years | 10 years | ||||||||||
2014 Plan [Member] | Class A Common Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Shares available for grant | 3,300,000 | ||||||||||
Shares remaining available for grant | 2,817,776 | 2,817,776 | |||||||||
2014 Plan [Member] | Class B Common Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Shares available for grant | 0 | 0 | 10,700,000 | ||||||||
2014 Plan [Member] | Restricted Stock [Member] | Class B Common Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of restricted shares granted | 2,442,503 | ||||||||||
Bluegreen [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock Repurchased and Retired During Period, Shares | 371,762 | ||||||||||
Subsequent Event [Member] | Restricted Stock [Member] | Class B Common Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of restricted shares granted | 2,442,503 | ||||||||||
Aggregate fair value on grant date | $ 10,200 | ||||||||||
Number shares per annual installments | 611,000 |
Stock Incentive Plans (Informat
Stock Incentive Plans (Information On Outstanding Options) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Incentive Plans [Abstract] | ||
Aggregate Intrinsic Value, Exercised | $ 6 | $ 881 |
Stock Incentive Plans (Summary
Stock Incentive Plans (Summary Of Non-Vested Restricted Stock And Restricted Stock Units) (Details) - Restricted Stock [Member] - $ / shares | 1 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested Restricted Stock, Beginning Balance | 3,186,546 | |
Non-vested Restricted Stock, Granted | 1,923,975 | |
Non-vested Restricted Stock, Vested | (2,468,115) | (2,468,115) |
Non-vested Restricted Stock, Ending Balance | 2,642,406 | |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 5.32 | |
Weighted Average Grant Date Fair Value, Granted | 6.12 | |
Weighted Average Grant Date Fair Value, Vested | 4.65 | |
Weighted Average Grant Date Fair Value, Ending Balance | $ 6.53 | |
Shares available for grant | 2,817,776 |
Stock Incentive Plans (Restrict
Stock Incentive Plans (Restricted Stock Awards, Grants in Period, Weighted Average Grant Date Fair Value) (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of restricted shares granted | shares | 1,923,975 |
Per Share Weighted Average Grant Date Fair Value | $ / shares | $ 6.12 |
Class B Common Stock [Member] | 1/9/2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of restricted shares granted | shares | 1,487,051 |
Per Share Weighted Average Grant Date Fair Value | $ / shares | $ 8.70 |
Requisite Service Period | 4 years |
Class B Common Stock [Member] | 1/8/2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of restricted shares granted | shares | 1,923,975 |
Per Share Weighted Average Grant Date Fair Value | $ / shares | $ 6.12 |
Requisite Service Period | 4 years |
Employee Benefit Plans And In_2
Employee Benefit Plans And Incentive Compensation Program (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Number of employee retirement plans sponsored | item | 4 | ||
Term of service to become eligible | 90 days | ||
Minimum age to participate in plan, in years | 21 years | ||
Employee salary contribution limit | $ 19,000 | ||
Employer contribution | 6,200,000 | $ 5,600,000 | $ 5,700,000 |
Employees Over 50 Years [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Employee salary contribution limit | $ 25,000 | ||
First 3% Of Employee Contributions [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Percentage employer matches of the employee's percentage contribution matched | 100.00% | 100.00% | 100.00% |
Percent of employee contribution | 3.00% | ||
Next 2% Of Employee Contributions [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Percentage employer matches of the employee's percentage contribution matched | 50.00% | ||
Percent of employee contribution | 2.00% | ||
Maximum [Member] | Bluegreen [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Percentage employer matches of the employee's percentage contribution matched | 4.00% |
Common Stock And Redeemable 5_2
Common Stock And Redeemable 5% Cumulative Preferred Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 19, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Apr. 30, 2018 | Sep. 30, 2017 | Apr. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 13, 2017 | Dec. 31, 2013 | Sep. 21, 2009 |
Class of Stock [Line Items] | ||||||||||||
Authorized share repurchase program | 5,000,000 | 20,000,000 | ||||||||||
Share repurchase program, value | $ 35,000 | |||||||||||
Number of shares repurchased | 1,000,000 | |||||||||||
Shares repurchased, value | $ 6,200 | |||||||||||
Purchase and retirement of BFC's Class A Common Stock | $ 20,039 | $ 17,006 | $ 27,624 | |||||||||
Redeemable Cumulative Preferred Stock, shares outstanding | 0 | 10,000 | ||||||||||
Redeemable Cumulative Preferred Stock, dividend rate | 5.00% | 5.00% | ||||||||||
Redeemable Cumulative Preferred Stock, stated value per share | $ 1,000 | $ 1,000 | ||||||||||
Maximum [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Share repurchase program, value | $ 10,000 | |||||||||||
Class A Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common Stock, par value | $ 0.01 | $ 0.01 | ||||||||||
Voting power percentage | 22.00% | |||||||||||
Common Stock, Shares, Outstanding | 75,530,331 | 78,379,530 | ||||||||||
Percent of total common equity | 83.00% | |||||||||||
Purchase and retirement, shares | 6,486,486 | |||||||||||
Share repurchased and retired, price per share | $ 9.25 | |||||||||||
Purchase and retirement of BFC's Class A Common Stock | $ 60,100 | |||||||||||
Shares purchased in tender offer percent of total, number of class A | 7.60% | |||||||||||
Class B Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common Stock, par value | $ 0.01 | $ 0.01 | ||||||||||
Voting power percentage | 78.00% | |||||||||||
Common Stock, Shares, Outstanding | 15,957,853 | 14,840,634 | ||||||||||
Percent of total common equity | 17.00% | |||||||||||
Shares Purchased In Tender Offer Percent Of Total Issued And Outstanding Equity | 6.30% | |||||||||||
Redeemable 5% Cumulative Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Loan issued to holders | $ 5,000 | |||||||||||
Shares redeemed | 5,000 | |||||||||||
Aggregate annual redemption price, per share | $ 1,000 | |||||||||||
Interest expense | $ 1,000 | $ 1,100 | 1,200 | |||||||||
Restricted Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Vested shares | 2,468,115 | 2,468,115 | ||||||||||
Compensation cost | $ 11,400 | 12,900 | 12,300 | |||||||||
Tax withholding for share-based compensation | $ 4,500 | |||||||||||
Restricted awards, vested fair value | $ 11,500 | $ 24,000 | $ 45,200 | |||||||||
Restricted Stock [Member] | Class A Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares withheld to meet minimum statutory tax withholding requirements | 222,848 | |||||||||||
Restricted Stock [Member] | Class B Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares withheld to meet minimum statutory tax withholding requirements | 748,357 | |||||||||||
Decrease In Class B Common Stock, Scenario One [Member] | Class A Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Voting power percentage | 40.00% | |||||||||||
Decrease In Class B Common Stock, Scenario One [Member] | Class B Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Voting power percentage | 60.00% | |||||||||||
Common Stock, Shares, Outstanding | 1,800,000 | |||||||||||
Decrease In Class B Common Stock, Scenario Two [Member] | Class A Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Voting power percentage | 53.00% | |||||||||||
Decrease In Class B Common Stock, Scenario Two [Member] | Class B Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Voting power percentage | 47.00% | |||||||||||
Common Stock, Shares, Outstanding | 1,400,000 | |||||||||||
Decrease In Class B Common Stock, Scenario Three [Member] | Class B Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common Stock, Shares, Outstanding | 500,000 | |||||||||||
June 2017 Share Repurchase Program [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Purchase and retirement, shares | 249,517 |
Noncontrolling Interests And _3
Noncontrolling Interests And Redeemable Noncontrolling Interest (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 16, 2017 |
Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interest | $ 4,009 | $ 2,579 | |
IT'SUGAR, LLC [Member] | |||
Noncontrolling Interest [Line Items] | |||
Percent of noncontrolling equity interest | 9.60% | ||
Class B Preferred Units [Member] | |||
Noncontrolling Interest [Line Items] | |||
Preferred Units Contributed Capital Percent | 90.40% |
Noncontrolling Interests And _4
Noncontrolling Interests And Redeemable Noncontrolling Interest (Summary Of Noncontrolling Interests) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests | $ 90,275 | $ 87,988 | |
Bluegreen [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests | [1] | 39,740 | 41,478 |
Bluegreen/Big Cedar Vacation [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests | [2] | 49,534 | 45,611 |
Joint Ventures And Other [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests | $ 1,001 | $ 899 | |
[1] | As a result of Bluegreen's IPO during the fourth quarter of 2017 and subsequent share repurchases in 2018 and 2019, the Company owns 90.5% of Bluegreen. Bluegreen was a wholly-owned subsidiary of the Company prior to the Bluegreen IPO. | ||
[2] | 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) | Dec. 31, 2019 |
Bluegreen [Member] | |
Noncontrolling Interest [Line Items] | |
Consolidated method ownership percentage | 90.50% |
Bluegreen [Member] | Bluegreen/Big Cedar Vacation [Member] | |
Noncontrolling Interest [Line Items] | |
Consolidated method ownership percentage | 51.00% |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Anti-dilutive shares | 0 | 0 |
Class A Common Stock [Member] | Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Anti-dilutive shares | 27,346 |
Earnings Per Common Share (Comp
Earnings Per Common Share (Computation Of Basic And Diluted Loss Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Common Share [Abstract] | |||||||||||
Net income | $ 8,589 | $ 26,500 | $ (7,624) | $ 4,638 | $ 15,667 | $ 11,985 | $ 12,439 | $ 15,702 | $ 32,103 | $ 55,793 | $ 102,303 |
Less: Net income attributable to noncontrolling interests | 3,137 | 4,112 | 4,024 | 3,139 | 4,367 | 5,806 | 5,958 | 4,560 | 14,412 | 20,691 | 18,378 |
Net income attributable to shareholders | $ 5,452 | $ 22,388 | $ (11,648) | $ 1,499 | $ 11,300 | $ 6,179 | $ 6,481 | $ 11,142 | $ 17,691 | $ 35,102 | $ 83,925 |
Basic weighted average number of common shares outstanding | 91,497 | 92,587 | 93,207 | 93,220 | 94,042 | 93,193 | 94,390 | 99,652 | 92,628 | 95,298 | 98,745 |
Basic earnings per common shares | $ 0.06 | $ 0.24 | $ (0.12) | $ 0.02 | $ 0.12 | $ 0.07 | $ 0.07 | $ 0.11 | $ 0.19 | $ 0.37 | $ 0.85 |
Effect of dilutive restricted stock awards | 1,026 | 2,562 | 5,171 | ||||||||
Diluted weighted average number of common shares outstanding | 91,572 | 94,059 | 93,207 | 94,487 | 95,041 | 96,576 | 97,779 | 102,628 | 93,654 | 97,860 | 103,916 |
Diluted earnings per common share | $ 0.06 | $ 0.24 | $ (0.12) | $ 0.02 | $ 0.12 | $ 0.06 | $ 0.07 | $ 0.11 | $ 0.19 | $ 0.36 | $ 0.81 |
Fair Value Measurement (Financi
Fair Value Measurement (Financial Disclosures About Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | $ 97,540 | $ 124,217 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 356,604 | |
Restricted cash | 50,266 | |
Notes receivable, net | 449,162 | |
Receivable-backed notes payable | 422,815 | |
Notes payable and other borrowings | 188,731 | |
Junior subordinated debentures | 137,254 | |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 356,604 | |
Restricted cash | 50,266 | |
Notes receivable, net | 587,000 | |
Receivable-backed notes payable | 440,900 | |
Notes payable and other borrowings | 194,069 | |
Junior subordinated debentures | 146,000 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 356,604 | |
Restricted cash | 50,266 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, net | 587,000 | |
Receivable-backed notes payable | 440,900 | |
Notes payable and other borrowings | 194,069 | |
Junior subordinated debentures | $ 146,000 |
Certain Relationships And Rel_2
Certain Relationships And Related Party Transactions (Narrative) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2015 | |
Bluegreen [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payment of administrative fees from subsidiary | $ 1,700,000 | ||||
Dividend received | $ 43,000,000 | ||||
Bluegreen [Member] | Woodbridge [Member] | |||||
Related Party Transaction [Line Items] | |||||
Consolidated method ownership percentage | 90.50% | ||||
Alan Levan And Mr Abdo [Member] | Class A and B Common Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percent of voting power | 78.00% | ||||
Bluegreen [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payment of administrative fees from subsidiary | $ 1,600,000 | $ 1,500,000 | |||
Dividend received | 40,400,000 | 40,000,000 | |||
Allocated consolidated income tax liability and benefits, amount received | $ 13,000,000 | 23,100,000 | 39,300,000 | ||
Bluegreen [Member] | Other Notes Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Debt face amount | $ 80,000,000 | ||||
Interest rate | 6.00% | 10.00% | |||
Interest expense | 4,800,000 | 4,800,000 | 6,400,000 | ||
Abdo Companies Inc. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management services expenses | $ 306,000 | $ 306,000 | $ 306,000 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)segmentitem | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 16, 2017state | |
Segment Reporting Information [Line Items] | ||||
Minimum number of operating segments with similar characteristics to be considered as a reportable segment | segment | 1 | |||
Revenues | $ 843,726 | $ 852,462 | $ 777,949 | |
Property and equipment, net | $ 129,686 | $ 139,628 | ||
Number of states of retail locations | state | 25 | |||
Reportable Segments [Member] | Renin [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of major customers | item | 2 | |||
Reportable Segments [Member] | Renin [Member] | Customer Concentration Risk [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 36,000 | |||
Reportable Segments [Member] | Outside United States [Member] | Renin [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 18,400 | |||
Property and equipment, net | $ 1,600 |
Segment Reporting (Segment Info
Segment Reporting (Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenue from customers | $ 843,726 | $ 852,462 | $ 777,949 | ||||||||||||||
Interest income | 86,326 | 85,501 | 83,708 | ||||||||||||||
Net gains on sales of real estate assets | 13,616 | 4,563 | 1,451 | ||||||||||||||
Other revenue | 3,203 | 3,372 | 5,661 | ||||||||||||||
Total revenues | $ 234,213 | [1] | $ 249,613 | [1] | $ 245,693 | [1] | $ 217,352 | [1] | $ 231,844 | $ 253,873 | $ 242,410 | $ 217,771 | 946,871 | [1] | 945,898 | 868,769 | |
Interest expense | 45,782 | 42,075 | 35,205 | ||||||||||||||
Recoveries from loan losses, net | (5,428) | (8,653) | (7,546) | ||||||||||||||
Impairment losses | 6,938 | 4,718 | 7,482 | ||||||||||||||
Net gains on cancellation of junior subordinated debentures | (6,929) | ||||||||||||||||
Reimbursement of litigation costs and penalty | (600) | (13,169) | |||||||||||||||
Selling, general and administrative expenses | 585,686 | 537,812 | 532,061 | ||||||||||||||
Total costs and expenses | 219,613 | [1] | 239,237 | [1] | 265,674 | [1] | 211,491 | [1] | 219,619 | 236,125 | 221,607 | 197,072 | 936,015 | [1] | 874,423 | 789,317 | |
Equity in net earnings of unconsolidated real estate joint ventures | 622 | 28,534 | 8,759 | (17) | 13,029 | 373 | (488) | 1,280 | 37,898 | 14,194 | 12,541 | ||||||
Foreign exchange (loss) gain | (51) | (29) | 5 | (23) | 76 | (37) | 52 | (75) | 68 | (193) | |||||||
Other income | (4,992) | 2,272 | 2,289 | 513 | 78 | 530 | 816 | 271 | 82 | 1,695 | 801 | ||||||
Income before income taxes | 10,179 | $ 41,182 | $ (8,962) | $ 6,362 | 25,309 | $ 18,727 | $ 21,094 | $ 22,302 | 48,761 | 87,432 | 92,601 | ||||||
Total assets | 1,790,971 | 1,705,020 | 1,790,971 | 1,705,020 | |||||||||||||
Expenditures for property and equipment | 35,588 | 45,550 | 22,045 | ||||||||||||||
Depreciation and amortization | 22,165 | ||||||||||||||||
Debt accretion and amortization | 5,555 | ||||||||||||||||
Cash and cash equivalents | 356,604 | 366,305 | 356,604 | 366,305 | 362,526 | ||||||||||||
Real estate equity method investments | 57,330 | 64,738 | 57,330 | 64,738 | |||||||||||||
Goodwill | 37,248 | 37,248 | 37,248 | 37,248 | 39,482 | $ 6,731 | |||||||||||
Notes payable and other borrowings | 188,731 | 200,887 | 188,731 | 200,887 | |||||||||||||
Junior subordinated debentures | $ 137,254 | $ 136,425 | 137,254 | 136,425 | |||||||||||||
Eliminations [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Interest income | (2,486) | ||||||||||||||||
Other revenue | (973) | ||||||||||||||||
Total revenues | (3,485) | ||||||||||||||||
Interest expense | 5,523 | ||||||||||||||||
Selling, general and administrative expenses | 41,135 | ||||||||||||||||
Total costs and expenses | 46,632 | ||||||||||||||||
Income before income taxes | (49,799) | ||||||||||||||||
Expenditures for property and equipment | 22 | ||||||||||||||||
Depreciation and amortization | 421 | ||||||||||||||||
Debt accretion and amortization | 299 | ||||||||||||||||
Bluegreen [Member] | Reportable Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Interest income | 87,902 | ||||||||||||||||
Total revenues | 740,242 | ||||||||||||||||
Interest expense | 39,538 | ||||||||||||||||
Selling, general and administrative expenses | 468,856 | ||||||||||||||||
Total costs and expenses | 681,068 | ||||||||||||||||
Income before income taxes | 58,264 | ||||||||||||||||
Expenditures for property and equipment | 24,475 | ||||||||||||||||
Depreciation and amortization | 14,114 | ||||||||||||||||
Debt accretion and amortization | 4,878 | ||||||||||||||||
BBX Capital Real Estate [Member] | Reportable Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Interest income | 750 | ||||||||||||||||
Net gains on sales of real estate assets | 13,616 | ||||||||||||||||
Other revenue | 1,619 | ||||||||||||||||
Total revenues | 21,034 | ||||||||||||||||
Recoveries from loan losses, net | (5,428) | ||||||||||||||||
Impairment losses | 47 | ||||||||||||||||
Selling, general and administrative expenses | 9,144 | ||||||||||||||||
Total costs and expenses | 6,406 | ||||||||||||||||
Equity in net earnings of unconsolidated real estate joint ventures | 37,898 | ||||||||||||||||
Income before income taxes | 52,696 | ||||||||||||||||
Expenditures for property and equipment | 4 | ||||||||||||||||
Depreciation and amortization | 93 | ||||||||||||||||
Debt accretion and amortization | 125 | ||||||||||||||||
Renin [Member] | Reportable Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Total revenues | 67,537 | ||||||||||||||||
Interest expense | 498 | ||||||||||||||||
Selling, general and administrative expenses | 11,066 | ||||||||||||||||
Total costs and expenses | 65,807 | ||||||||||||||||
Foreign exchange (loss) gain | (75) | ||||||||||||||||
Income before income taxes | 1,808 | ||||||||||||||||
Expenditures for property and equipment | 517 | ||||||||||||||||
Depreciation and amortization | 1,202 | ||||||||||||||||
Debt accretion and amortization | 27 | ||||||||||||||||
IT'SUGAR, LLC [Member] | Reportable Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Interest income | 56 | ||||||||||||||||
Other revenue | 324 | ||||||||||||||||
Total revenues | 105,786 | ||||||||||||||||
Interest expense | 196 | ||||||||||||||||
Impairment losses | 142 | ||||||||||||||||
Selling, general and administrative expenses | 43,203 | ||||||||||||||||
Total costs and expenses | 111,244 | ||||||||||||||||
Income before income taxes | (5,122) | ||||||||||||||||
Expenditures for property and equipment | 9,441 | ||||||||||||||||
Depreciation and amortization | 5,565 | ||||||||||||||||
Debt accretion and amortization | 226 | ||||||||||||||||
Other [Member] | Reportable Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Interest income | 104 | ||||||||||||||||
Other revenue | 2,233 | ||||||||||||||||
Total revenues | 15,757 | ||||||||||||||||
Interest expense | 27 | ||||||||||||||||
Impairment losses | 6,749 | ||||||||||||||||
Selling, general and administrative expenses | 12,282 | ||||||||||||||||
Total costs and expenses | 24,858 | ||||||||||||||||
Income before income taxes | (9,086) | ||||||||||||||||
Expenditures for property and equipment | 1,129 | ||||||||||||||||
Depreciation and amortization | 770 | ||||||||||||||||
Sales Of VOIs [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenue from customers | 255,375 | 254,225 | 242,017 | ||||||||||||||
Total costs | 21,845 | 23,813 | 17,679 | ||||||||||||||
Sales Of VOIs [Member] | Bluegreen [Member] | Reportable Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenue from customers | 255,375 | ||||||||||||||||
Total costs | 21,845 | ||||||||||||||||
Fee-Based Sales Commissions [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenue from customers | 207,832 | 216,422 | 229,389 | ||||||||||||||
Total costs | 86,940 | ||||||||||||||||
Fee-Based Sales Commissions [Member] | Bluegreen [Member] | Reportable Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenue from customers | 207,832 | ||||||||||||||||
Total costs | 86,940 | ||||||||||||||||
Other Fee-Based Services [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenue from customers | 125,244 | 118,024 | 111,819 | ||||||||||||||
Total costs | 86,940 | 72,968 | 64,560 | ||||||||||||||
Other Fee-Based Services [Member] | Bluegreen [Member] | Reportable Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenue from customers | 125,244 | ||||||||||||||||
Cost Reimbursements [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenue from customers | 63,889 | 62,534 | 52,639 | ||||||||||||||
Total costs | 63,889 | 62,534 | 52,639 | ||||||||||||||
Cost Reimbursements [Member] | Bluegreen [Member] | Reportable Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenue from customers | 63,889 | ||||||||||||||||
Total costs | 63,889 | ||||||||||||||||
Trade Sales [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenue from customers | 186,337 | 179,486 | 142,085 | ||||||||||||||
Total costs | 127,720 | 125,640 | 107,335 | ||||||||||||||
Trade Sales [Member] | Eliminations [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenue from customers | (26) | ||||||||||||||||
Total costs | (26) | ||||||||||||||||
Trade Sales [Member] | Renin [Member] | Reportable Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenue from customers | 67,537 | ||||||||||||||||
Total costs | 54,243 | ||||||||||||||||
Trade Sales [Member] | IT'SUGAR, LLC [Member] | Reportable Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenue from customers | 105,406 | ||||||||||||||||
Total costs | 67,703 | ||||||||||||||||
Trade Sales [Member] | Other [Member] | Reportable Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenue from customers | 13,420 | ||||||||||||||||
Total costs | 5,800 | ||||||||||||||||
Sales Of Real Estate Inventory [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenue from customers | 5,049 | 21,771 | |||||||||||||||
Total costs | 2,643 | 14,116 | |||||||||||||||
Sales Of Real Estate Inventory [Member] | BBX Capital Real Estate [Member] | Reportable Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenue from customers | 5,049 | ||||||||||||||||
Total costs | 2,643 | ||||||||||||||||
Other [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenue from customers | $ 7,528 | $ 6,284 | $ 5,997 | ||||||||||||||
[1] | During the fourth quarter of 2019, the prior 2019 quarterly revenue and operating expense amounts were reclassified for consistency to conform to the fourth quarter 2019 presentation. |
Selected Quarterly Results (Det
Selected Quarterly Results (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||||
Selected Quarterly Results [Abstract] | ||||||||||||||||||
Revenues | $ 234,213 | [1] | $ 249,613 | [1] | $ 245,693 | [1] | $ 217,352 | [1] | $ 231,844 | $ 253,873 | $ 242,410 | $ 217,771 | $ 946,871 | [1] | $ 945,898 | $ 868,769 | ||
Costs and expenses | 219,613 | [1] | 239,237 | [1] | 265,674 | [1] | 211,491 | [1] | 219,619 | 236,125 | 221,607 | 197,072 | 936,015 | [1] | 874,423 | 789,317 | ||
Gross profit | 14,600 | 10,376 | (19,981) | 5,861 | 12,225 | 17,748 | 20,803 | 20,699 | 10,856 | 71,475 | ||||||||
Equity in net earnings of unconsolidated real estate joint ventures | 622 | 28,534 | 8,759 | (17) | 13,029 | 373 | (488) | 1,280 | 37,898 | 14,194 | 12,541 | |||||||
Foreign exchange (loss) gain | (51) | (29) | 5 | (23) | 76 | (37) | 52 | (75) | 68 | (193) | ||||||||
Other income | (4,992) | 2,272 | 2,289 | 513 | 78 | 530 | 816 | 271 | 82 | 1,695 | 801 | |||||||
Income before income taxes | 10,179 | 41,182 | (8,962) | 6,362 | 25,309 | 18,727 | 21,094 | 22,302 | 48,761 | 87,432 | 92,601 | |||||||
(Provision) benefit for income taxes | (1,590) | (14,682) | 1,338 | (1,724) | (9,642) | (6,742) | (8,655) | (6,600) | (16,658) | [2] | (31,639) | [2] | 9,702 | [2] | ||||
Net income | 8,589 | 26,500 | (7,624) | 4,638 | 15,667 | 11,985 | 12,439 | 15,702 | 32,103 | 55,793 | 102,303 | |||||||
Less: Net income attributable to noncontrolling interests | 3,137 | 4,112 | 4,024 | 3,139 | 4,367 | 5,806 | 5,958 | 4,560 | 14,412 | 20,691 | 18,378 | |||||||
Net income attributable to shareholders | $ 5,452 | $ 22,388 | $ (11,648) | $ 1,499 | $ 11,300 | $ 6,179 | $ 6,481 | $ 11,142 | $ 17,691 | $ 35,102 | $ 83,925 | |||||||
Basic earnings per share | $ 0.06 | $ 0.24 | $ (0.12) | $ 0.02 | $ 0.12 | $ 0.07 | $ 0.07 | $ 0.11 | $ 0.19 | $ 0.37 | $ 0.85 | |||||||
Diluted earnings per share | $ 0.06 | $ 0.24 | $ (0.12) | $ 0.02 | $ 0.12 | $ 0.06 | $ 0.07 | $ 0.11 | $ 0.19 | $ 0.36 | $ 0.81 | |||||||
Basic weighted average number of common shares outstanding | 91,497 | 92,587 | 93,207 | 93,220 | 94,042 | 93,193 | 94,390 | 99,652 | 92,628 | 95,298 | 98,745 | |||||||
Diluted weighted average number of common and common equivalent shares outstanding | 91,572 | 94,059 | 93,207 | 94,487 | 95,041 | 96,576 | 97,779 | 102,628 | 93,654 | 97,860 | 103,916 | |||||||
[1] | During the fourth quarter of 2019, the prior 2019 quarterly revenue and operating expense amounts were reclassified for consistency to conform to the fourth quarter 2019 presentation. | |||||||||||||||||
[2] | Expected tax is computed based upon income before income taxes. |