Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 26, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ST JOE CO | ||
Trading Symbol | JOE | ||
Entity Central Index Key | 745,308 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 65,333,311 | ||
Entity Public Float | $ 402.3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Investment in real estate, net | $ 332,624 | $ 314,620 |
Cash and cash equivalents | 192,083 | 241,111 |
Investments | 111,268 | 175,725 |
Restricted investments | 4,469 | 5,636 |
Income tax receivable | 8,371 | 27,057 |
Claim settlement receivable | 5,280 | 7,804 |
Other assets | 47,133 | 38,410 |
Property and equipment, net of accumulated depreciation of $60,697 and $59,404 at December 31, 2017 and 2016, respectively | 11,776 | 8,992 |
Investments held by special purpose entities | 207,989 | 208,590 |
Total assets | 920,993 | 1,027,945 |
Liabilities: | ||
Debt | 55,630 | 55,040 |
Other liabilities | 47,259 | 40,950 |
Deferred tax liabilities, net | 48,983 | 68,846 |
Senior Notes held by special purpose entity | 176,537 | 176,310 |
Total liabilities | 328,409 | 341,146 |
Equity: | ||
Common stock, no par value; 180,000,000 shares authorized; 65,897,866 and 74,342,826 issued and outstanding at December 31, 2017 and 2016, respectively | 424,694 | 572,040 |
Retained earnings | 154,324 | 94,746 |
Accumulated other comprehensive (loss) income | (1,461) | 2,507 |
Total stockholders’ equity | 577,557 | 669,293 |
Non-controlling interest | 15,027 | 17,506 |
Total equity | 592,584 | 686,799 |
Total liabilities and equity | 920,993 | 1,027,945 |
Variable Interest Entity, Primary Beneficiary | ||
ASSETS | ||
Investment in real estate, net | 58,441 | 63,362 |
Cash and cash equivalents | 5,084 | 3,965 |
Other assets | 11,889 | 13,209 |
Investments held by special purpose entities | 207,989 | 208,590 |
Total assets | 283,403 | 289,126 |
Liabilities: | ||
Debt | 46,783 | 47,519 |
Other liabilities | 4,357 | 4,275 |
Senior Notes held by special purpose entity | 176,537 | 176,310 |
Total liabilities | $ 227,677 | $ 228,104 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Property and equipment, Accumulated depreciation | $ 60,697 | $ 59,404 |
Common stock, shares authorized (in shares) | 180,000,000 | 180,000,000 |
Common stock, issued (in shares) | 65,897,866 | 74,342,826 |
Common stock, outstanding (in shares) | 65,897,866 | 74,342,826 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue: | |||
Real estate revenue | $ 27,717 | $ 23,397 | $ 33,704 |
Resorts and leisure revenue | 54,820 | 57,284 | 54,488 |
Leasing revenue | 10,637 | 9,858 | 8,978 |
Timber revenue | 5,622 | 5,205 | 6,701 |
Total revenue | 98,796 | 95,744 | 103,871 |
Expenses: | |||
Cost of real estate revenue | 15,370 | 8,036 | 16,399 |
Cost of resorts and leisure revenue | 47,816 | 50,229 | 47,069 |
Cost of leasing revenue | 3,199 | 3,108 | 2,792 |
Cost of timber revenue | 809 | 821 | 834 |
Other operating and corporate expenses | 20,382 | 23,019 | 33,426 |
Depreciation, depletion and amortization | 8,885 | 8,571 | 9,486 |
Total expenses | 96,461 | 93,784 | 110,006 |
Operating income (loss) | 2,335 | 1,960 | (6,135) |
Other income (expense): | |||
Investment income, net | 35,410 | 17,776 | 22,688 |
Interest expense | (12,145) | (12,295) | (11,429) |
Claim settlement | 0 | 12,548 | 0 |
Sale of vacation rental management, net | 9,800 | 0 | 0 |
Other income (expense), net | 5,955 | 2,622 | (6,287) |
Total other income, net | 39,020 | 20,651 | 4,972 |
Income (loss) before income taxes | 41,355 | 22,611 | (1,163) |
Income tax benefit (expense) | 17,881 | (7,147) | (808) |
Net income (loss) | 59,236 | 15,464 | (1,971) |
Net loss attributable to non-controlling interest | 342 | 431 | 240 |
Net income (loss) attributable to the Company | $ 59,578 | $ 15,895 | $ (1,731) |
Basic and Diluted | |||
Weighted average shares outstanding (in shares) | 70,548,411 | 74,457,541 | 87,827,869 |
Net income (loss) per share attributable to the Company (in dollars per share) | $ 0.84 | $ 0.21 | $ (0.02) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income (loss): | $ 59,236 | $ 15,464 | $ (1,971) |
Available-for-sale investment items: | |||
Reclassification of net realized gain included in earnings | (10,750) | (795) | (5,311) |
Reclassification of other-than-temporary impairment loss included in earnings | 2,288 | 0 | 0 |
Total before income taxes | (6,456) | 5,196 | 339 |
Income tax benefit (expense) | 2,488 | (2,003) | 300 |
Total other comprehensive (loss) income, net of tax | (3,968) | 3,193 | 639 |
Total comprehensive income (loss), net of tax | 55,268 | 18,657 | (1,332) |
Available-for-sale securities | |||
Available-for-sale investment items: | |||
Net unrealized gain on available-for-sale investments | 2,015 | 5,997 | 5,650 |
Restricted investments | |||
Available-for-sale investment items: | |||
Net unrealized gain on available-for-sale investments | $ (9) | $ (6) | $ 0 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Non-controlling Interest |
Beginning Balance (in shares) at Dec. 31, 2014 | 92,302,636 | |||||
Beginning Balance at Dec. 31, 2014 | $ 979,701 | $ 892,237 | $ 80,582 | $ (1,325) | $ (285) | $ 8,492 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Capital contributions from non-controlling interest | (68) | (68) | ||||
Issuance of common stock for director fees (in shares) | 9,660 | |||||
Issuance of common stock for director fees | 150 | $ 150 | ||||
Repurchase of common shares (in shares) | (16,982,739) | |||||
Repurchase of common shares | (305,004) | (305,004) | ||||
Other comprehensive income (loss) | 639 | 639 | ||||
Net income (loss) | (1,971) | (1,731) | (240) | |||
Ending Balance (in shares) at Dec. 31, 2015 | 75,329,557 | |||||
Ending Balance at Dec. 31, 2015 | 673,447 | $ 892,387 | 78,851 | (686) | (305,289) | 8,184 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Capital contributions from non-controlling interest | 10,353 | 10,353 | ||||
Capital distribution to non-controlling interest | (600) | (600) | ||||
Issuance of common stock for director fees (in shares) | 8,919 | |||||
Issuance of common stock for director fees | 131 | $ 131 | ||||
Reduction in excess tax benefits on stock options | (369) | $ (369) | ||||
Repurchase of common shares (in shares) | (995,650) | |||||
Repurchase of common shares | (14,820) | (14,820) | ||||
Retirement of treasury stock | $ (320,109) | 320,109 | ||||
Other comprehensive income (loss) | 3,193 | 3,193 | ||||
Net income (loss) | 15,464 | 15,895 | (431) | |||
Ending Balance (in shares) at Dec. 31, 2016 | 74,342,826 | |||||
Ending Balance at Dec. 31, 2016 | 686,799 | $ 572,040 | 94,746 | 2,507 | 0 | 17,506 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Capital contributions from non-controlling interest | 193 | 193 | ||||
Capital distribution to non-controlling interest | (2,330) | (2,330) | ||||
Issuance of common stock for director fees (in shares) | 5,334 | |||||
Issuance of common stock for director fees | 76 | $ 76 | ||||
Repurchase of common shares (in shares) | (8,450,294) | |||||
Repurchase of common shares | (147,422) | (147,422) | ||||
Retirement of treasury stock | $ (147,422) | 147,422 | ||||
Other comprehensive income (loss) | (3,968) | (3,968) | ||||
Net income (loss) | 59,236 | 59,578 | (342) | |||
Ending Balance (in shares) at Dec. 31, 2017 | 65,897,866 | |||||
Ending Balance at Dec. 31, 2017 | $ 592,584 | $ 424,694 | $ 154,324 | $ (1,461) | $ 0 | $ 15,027 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 59,236,000 | $ 15,464,000 | $ (1,971,000) |
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||
Depreciation, depletion and amortization | 8,885,000 | 8,571,000 | 9,486,000 |
Stock based compensation | 76,000 | 131,000 | 150,000 |
Gain on sale of investments | (10,750,000) | (795,000) | (5,311,000) |
Other-than-temporary impairment loss on investments | 2,288,000 | 0 | 0 |
Deferred income tax (benefit) expense | (17,375,000) | 29,627,000 | 2,323,000 |
Impairment losses on investment in real estate | 714,000 | 357,000 | 0 |
Loss on disposal of real estate and property and equipment | 887,000 | 9,000 | 77,000 |
Gain on sale of vacation rental management | (9,800,000) | 0 | 0 |
Cost of real estate sold | 13,727,000 | 6,489,000 | 14,584,000 |
Expenditures for and acquisition of real estate to be sold | (8,475,000) | (8,335,000) | (8,378,000) |
Accretion income and other | (3,159,000) | (2,792,000) | (1,780,000) |
Changes in operating assets and liabilities: | |||
Notes receivable | (2,596,000) | 694,000 | 21,780,000 |
Claim settlement receivable | 2,741,000 | (7,804,000) | 0 |
Other assets | (3,667,000) | (1,576,000) | (3,650,000) |
Other liabilities | 4,734,000 | (2,384,000) | (3,395,000) |
Income taxes receivable | 18,300,000 | (24,782,000) | (1,497,000) |
Net cash provided by operating activities | 55,766,000 | 12,874,000 | 22,418,000 |
Cash flows from investing activities: | |||
Expenditures for operating property | (28,400,000) | (3,226,000) | (6,619,000) |
Expenditures for property and equipment | (3,005,000) | (1,297,000) | (2,468,000) |
Proceeds from the disposition of assets | 2,518,000 | 3,000 | 0 |
Purchases of investments | (115,944,000) | (357,787,000) | (341,994,000) |
Maturities of investments | 13,988,000 | 185,000,000 | 410,000,000 |
Sales of investments | 174,507,000 | 197,548,000 | 385,695,000 |
Maturities of assets held by special purpose entities | 787,000 | 787,000 | 787,000 |
Net cash provided by investing activities | 44,451,000 | 21,028,000 | 445,401,000 |
Cash flows from financing activities: | |||
Capital contribution from non-controlling interest | 193,000 | 10,353,000 | 0 |
Capital distribution to non-controlling interest | (2,330,000) | (600,000) | (68,000) |
Repurchase of common shares | (147,422,000) | (14,820,000) | (305,004,000) |
Borrowings on debt | 1,624,000 | 0 | 48,200,000 |
Principal payments for debt | (1,290,000) | (497,000) | (31,942,000) |
Debt issuance costs | (20,000) | 0 | (747,000) |
Net cash used in financing activities | (149,245,000) | (5,564,000) | (289,561,000) |
Net (decrease) increase in cash and cash equivalents | (49,028,000) | 28,338,000 | 178,258,000 |
Cash and cash equivalents at beginning of the year | 241,111,000 | 212,773,000 | 34,515,000 |
Cash and cash equivalents at end of the year | 192,083,000 | 241,111,000 | 212,773,000 |
Cash paid during the period for: | |||
Interest | 11,823,000 | 11,811,000 | 10,569,000 |
Income taxes | 5,430,000 | 2,302,000 | 0 |
Non-cash financing and investment activities: | |||
Increase in notes receivable - PCR Note | (5,000,000) | 0 | 0 |
Increase (decrease) in Community Development District debt | 174,000 | 955,000 | (768,000) |
Decrease in pledged treasury securities related to defeased debt | 0 | 0 | (25,670,000) |
Expenditures for operating properties and property and equipment financed through accounts payable | $ 2,525,000 | $ 139,000 | $ 1,138,000 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations The St. Joe Company together with its consolidated subsidiaries (“St. Joe” or the “Company”) is a real estate development, asset management and operating company with real estate assets and operations currently concentrated primarily between Tallahassee and Destin, Florida. The Company conducts primarily all of its business in the following four reportable operating segments: 1) residential real estate, 2) resorts and leisure, 3) commercial leasing and sales and 4) forestry. In prior periods, the Company’s reportable operating segments were 1) residential real estate, 2) commercial real estate, 3) resorts and leisure 4) leasing operations and 5) forestry. Commencing in the fourth quarter of 2017, the Company’s commercial real estate segment and leasing operations segment were combined into a new segment titled “commercial leasing and sales”. This change is consistent with the Company’s belief that the decision making and management of the assets in these segments are being made as one group. Prior to the fourth quarter of 2017, commercial real estate and leasing operations were treated as individual operating segments. All prior years’ segment information has been reclassified to conform to the 2017 presentation. The change in reporting segments has no effect on the consolidated balance sheets, statements of operations, statements of comprehensive income (loss) or statements of cash flows for the periods presented. See Note 19. Segment Information . |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company is the primary beneficiary. Investments in joint ventures and limited partnerships in which the Company does not have a controlling interest are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. A variable interest entity (“VIE”) is an entity in which a controlling financial interest may be achieved through arrangements that do not involve voting interests. A VIE is required to be consolidated by its primary beneficiary, which is the entity that possesses the power to direct the activities of the VIE that most significantly impact the VIEs economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to the entity. The Company consolidates VIEs when it is the primary beneficiary of the VIE, including real estate joint ventures determined to be VIEs. See Note 10. Real Estate Joint Ventures . Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions including investment in real estate, real estate impairment assessments, investments, other-than-temporary impairment assessments, retained interest investments, accruals and deferred income taxes. Actual results could differ from those estimates. Investment in Real Estate The Company capitalizes costs directly associated with development and construction of identified real estate projects. The Company also capitalizes those indirect costs that relate to the projects under development or construction. These indirect costs include construction and development administration, legal fees, capitalized interest, and project administration to the extent that such costs are related to a specific project. Interest is capitalized (up to total interest expense) based on the amount of underlying borrowings and real estate taxes are capitalized on real estate projects under development. Real estate development costs also include land and common development costs (such as roads, utilities and amenities), capitalized property taxes, capitalized interest and certain indirect costs. A portion of real estate inventory costs and estimates for costs to complete are allocated to each unit based on the relative sales value of each unit as compared to the estimated sales value of the total project. These estimates are reevaluated at least annually and more frequently if warranted by market conditions, changes in the project’s scope or other factors, with any adjustments being allocated prospectively to the remaining units available for sale. The capitalization period relating to direct and indirect project costs is the period in which activities necessary to ready a property for its intended use are in progress. The period begins when such activities commence, typically when the Company begins the entitlement processes for land already owned, and ends when the asset is substantially complete and ready for its intended use. Determination of when construction of a project is substantially complete and ready for its intended use requires judgment. The Company determines when the capitalization period begins and ends through communication with project and other managers responsible for the tracking and oversight of individual projects. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. If the Company determines not to complete a project, any previously capitalized costs are expensed in the period in which the determination is made and recovery is not deemed reasonable. Investment in real estate is carried at cost, net of depreciation and timber depletion, unless circumstances indicate that the carrying value of the assets may not be recoverable. If the Company determines that an impairment exists due to the inability to recover an asset’s carrying value, an impairment charge is recorded to the extent that the carrying value exceeds estimated fair value. If such assets were held for sale, the provision for loss would be recorded to the extent that the carrying value exceeds estimated fair value less costs to sell. Depreciation is computed on the straight-line method over the estimated economic lives of the assets, as follows: Estimated Useful Life (in years) Land N/A Land improvements 15 - 20 Buildings 20-40 Building improvements 5-25 Timber N/A Building improvements are amortized on a straight-line basis over the shorter of the minimum lease term or the estimated economic life of the assets. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, bank demand accounts, money market instruments and short term commercial paper having original maturities at acquisition date, of ninety days or less. Investments Investments and restricted investments consist of available-for-sale securities recorded at fair value, which is established through external pricing services that use quoted market prices and pricing data from recently executed market transactions. Unrealized gains and temporary losses on investments, net of tax, are recorded in other comprehensive (loss) income. Realized gains and losses on investments are determined using the specific identification method. The amortized cost of debt securities are adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization and accretion is included in investment income, net. The Company evaluates investments classified as available-for-sale with an unrealized loss to determine if they are other-than- temporarily impaired. This evaluation is based on various factors, including the financial condition, business prospects, industry and creditworthiness of the issuer, severity and length of time the securities were in a loss position, the Company’s ability and intent to hold investments until the unrealized loss is recovered or until maturity and the amount of the unrealized loss. If a decline in fair value is considered other-than-temporary, the decline is then bifurcated into its credit and non-credit related components. The amount of the credit-related component is recognized in earnings, and the amount of the non-credit related component is recognized in other comprehensive (loss) income, unless the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security prior to its anticipated recovery. Restricted Investments The Company’s restricted investments are related to the Company’s deferred compensation plan. As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) Plan. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s consolidated balance sheets until they are allocated to current or future 401(k) plan participants for up to the next four years. See Note 17. Employee Benefit Plan . Fair Value Measurements Fair value is an exit price, representing the amount that would be received by selling an asset or paying to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 1. Quoted prices in active markets for identical assets or liabilities; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, such as internally-developed valuation models which require the reporting entity to develop its own assumptions . Comprehensive Income (Loss) The Company’s comprehensive income (loss) includes unrealized gains and temporary losses on available-for-sale securities and restricted investments. Receivables The Company’s receivables include primarily the PCR Note, Pier Park CDD notes, homebuilder notes and claim settlement receivable. The Company evaluates the carrying value of receivables at each reporting date. Receivable balances are adjusted to net realizable value based upon a review of entity specific facts or when terms are modified. Judgments are made with respect to the collectability of accounts based on historical experience and current economic trends. Actual losses could differ from those estimates. As of December 31, 2017 and 2016 there were no collectability issues. Long-Lived Assets Long-lived assets include the Company’s investments in operating and development property and property and equipment. The Company reviews its long-lived assets for impairment quarterly to determine whether events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. As part of the Company’s review for impairment of its long-lived assets, the Company reviews the long-lived asset’s carrying value, current period actual financial results as compared to prior period and forecasted results contained in the Company’s business plan and any other events or changes in circumstances to identify whether an indicator of potential impairment may exist. Some of the events or changes in circumstances that are considered by the Company as indicators of potential impairment include: • a prolonged decrease in the fair value or demand for the Company’s properties; • a change in the expected use or development plans for the Company’s properties; • a material change in strategy that would affect the fair value of the Company’s properties; • continuing operating or cash flow loss for an operating property; • an accumulation of costs in excess of the projected costs for development or operating property; and • any other adverse change that may affect the fair value of the property. The Company uses varying methods to determine if an impairment exists, such as (i) considering indicators of potential impairment, (ii) analyzing expected future cash flows and comparing the expected future undiscounted cash flows of the property to its carrying value or (iii) determining market resale values. For projects under development, an estimate of undiscounted future cash flows is performed using estimated future expenditures necessary to develop and maintain the existing project and using management’s best estimates about future sales prices and holding periods. The projection of undiscounted cash flows requires that management develop various assumptions including: • the projected pace of sales of homesites based on estimated market conditions and the Company’s development plans; • estimated pricing and projected price appreciation over time; • the amount and trajectory of price appreciation over the estimated selling period; • the length of the estimated development and selling periods, which can differ depending on the size of the development and the number of phases to be developed; • the amount of remaining development costs, including the extent of infrastructure or amenities included in such development costs; • holding costs to be incurred over the selling period; • for bulk land sales of undeveloped and developed parcels future pricing is based upon estimated developed lot pricing less estimated development costs and estimated developer profit; • for commercial development property, future pricing is based on sales of comparable property in similar markets; and • whether liquidity is available to fund continued development. For operating properties, an estimate of undiscounted cash flows also requires management to make assumptions about the use and disposition of such properties. These assumptions include: • for investments in inns and rental condominium units, average occupancy and room rates, revenue from food and beverage and other amenity operations, operating expenses and capital expenditures, and eventual disposition of such properties as private residence vacation units or condominiums, based on current prices for similar units appreciated to the expected sale date; • for investments in commercial or retail property, future occupancy and rental rates and the amount of proceeds to be realized upon eventual disposition of such property at a terminal capitalization rate; and, • for investments in a beach club, golf courses, memberships, future rounds and greens fees, operating expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties at a multiple of terminal year cash flows. Homesites substantially completed and ready for sale are measured at the lower of carrying value or fair value less costs to sell. Management identifies homesites as being substantially completed and ready for sale when the properties are being actively marketed with intent to sell such properties in the near term and under current market conditions. Other homesites for which management does not intend to sell in the near term under current market conditions are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of such property. Other properties that management does not intend to sell in the near term under current market conditions and has the ability to hold are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of the property. The results of impairment analyses for development and operating properties are particularly dependent on the estimated holding and selling period for each asset group. If a property is considered impaired, the impairment charge is determined by the amount the property’s carrying value exceeds its fair value. The Company uses varying methods to determine fair value, such as (i) analyzing expected future cash flows, (ii) determining resale values in a given market (iii) applying a capitalization rate to net operating income using prevailing rates in a given market or (iv) applying a multiplier to revenue using prevailing rates in a given market. The fair value of a property may be derived either from discounting projected cash flows at an appropriate discount rate, through appraisals of the underlying property, or a combination thereof. The Company classifies the assets and liabilities of a long-lived asset as held-for-sale when management approves and commits to a formal plan of sale and it is probable that a sale will be completed. The carrying value of the assets held-for-sale are then recorded at the lower of their carrying value or fair value less estimated costs to sell. Timber Inventory The Company estimates its standing timber inventory on an annual basis utilizing a process referred to as a “timber cruise.” Specifically, the Company conducts field measurements of the number of trees, tree height and tree diameter on a sample area equal to approximately 20% of our timber holdings each year. Inventory data is used to calculate volumes and products along with growth projections to maintain accurate data. Industry practices are used for modeling including growth projections, volume and product classifications. A depletion rate is established annually by dividing merchantable inventory cost by standing merchantable inventory volume. Property and Equipment, net Property and equipment is stated at cost, net of accumulated depreciation. Major improvements are capitalized while maintenance and repairs are expensed in the period the cost is incurred. Depreciation is computed using the straight-line method over the estimated economic lives of various assets, as follows: Estimated Useful Life (in years) Railroad and equipment 15-30 Furniture and fixtures 5-10 Machinery and equipment 3-10 Office equipment 5-10 Autos and trucks 5 Income Taxes The Company’s provision for income taxes includes the current tax owed on the current period earnings, as well as a deferred provision, which reflects the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Changes in existing tax laws and rates, their related interpretations, as well as the uncertainty generated by the prospect of tax legislation in the future may affect the amounts of deferred tax liabilities or the realizability of deferred tax assets. For tax positions the Company has taken or expects to take in a tax return, the Company applies a more likely than not assessment (i.e., there is a greater than 50 percent chance) about whether the tax position will be sustained upon examination by the appropriate tax authority with full knowledge of all relevant information. Amounts recorded for uncertain tax positions are periodically assessed, including the evaluation of new facts and circumstances, to ensure sustainability of the position. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in other income (expense), net. Concentration of Risks and Uncertainties The Company’s real estate investments are concentrated in Northwest Florida in a number of specific development projects. Uncertain economic conditions could have an adverse impact on the Company’s real estate values and could cause the Company to sell assets at depressed values in order to pay ongoing obligations. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, other receivables, investments held by special purpose entity or entities (“SPE”), and investments in retained interests. The Company deposits and invests cash with regional financial institutions and as of December 31, 2017 these balances exceed the amount of FDIC insurance provided on such deposits by $18.6 million . In addition, as of December 31, 2017 , the Company had $9.9 million invested in U.S. Treasury securities, $66.4 million invested in six issuers of corporate debt securities that are non-investment grade and $35.0 million invested in five issuers of preferred stock that are non-investment grade, as well as investments of $160.0 million in short term commercial paper from twelve issuers. Earnings Per Share Basic and diluted earnings per share are calculated by dividing net income by the average number of common shares outstanding for the period. For the three years ended December 31, 2017 , basic and diluted average shares outstanding were the same and there were no outstanding common stock equivalents as of December 31, 2017 or 2016 . Non-vested restricted stock is included in outstanding shares at the time of grant. Revenue and Revenue Recognition Revenue consists primarily of real estate sales, resorts and leisure operations, leasing operations, and timber sales. Taxes collected from customers and remitted to governmental authorities (e.g., sales tax) are excluded from revenue, costs and expenses. Real Estate Revenue Revenue from real estate sales, including sales of homesites, commercial properties and rural or timberland, is recognized when a sale is closed and title transfers to the buyer, the buyer’s initial investment is adequate, any receivables are probable of collection, the usual risks and rewards of ownership have been transferred to the buyer and the Company does not have significant continuing involvement with the real estate sold. The buyer’s minimum initial investment requirement is typically the receipt of cash for approximately twenty to twenty-five percent of the sales value depending on the type and use of the property purchased. If the minimum initial investment requirement is not met, revenue may be deferred, depending on the circumstances. As part of the purchase price consideration for a homesite from sales to homebuilders, the Company may receive a percentage of the sale price of the completed home if the home price or gross profit of the home exceeds a negotiated threshold. These lot residuals are recognized in revenue when consideration is received by the Company in periods subsequent to the initial recognition of revenue for the sale of the homesite. Effective January 1, 2018, with the adoption of ASU 2014-09, estimated lot residuals, marketing fees and tap and impact fees will be recognized as revenue at the time of sale to homebuilders, subject to constraints, and any change in circumstances from the estimated amounts will be updated at each reporting period. Resorts and Leisure Revenue Resorts and leisure revenue includes service and rental fees associated with the WaterColor Inn and the Company’s vacation rental programs in WaterColor, WaterSound Beach and surrounding communities. In addition, other resorts and leisure revenue includes club memberships, membership reservations, daily play at golf courses, merchandise sales, food and beverage sales, marina boat slip rentals, fuel sales, and management services of The Pearl Hotel. The revenue is generally recognized as services are provided. Vacation rental revenue includes the entire rental fee collected from the customer, including the homeowner’s portion. A percentage of the fee is remitted to the homeowner and presented in cost of resorts and leisure revenue. The Company is the principal in its vacation rental management business and has determined that it is the primary obligor to the guest, as it has sole discretion in establishing prices and provides the majority of the services to the guest. As discussed further in Note 7. Sale of Vacation Rental Management , the Company sold its short term vacation rental management business during December 2017. Club membership revenue is recognized when billed to the member and the non-refundable initiation fee is deferred and recognized ratably over the estimated membership period. Revenue generated from the Company’s management services of The Pearl Hotel includes a management fee, fifty percent of certain resort fees and a percentage of The Pearl Hotel’s gross operating profit. Leasing Revenue Leasing revenue consists of long term rental revenue from retail, office and commercial operations, cell towers, and other assets, which is recognized as earned, using the straight-line method over the life of each lease. Leasing revenue includes properties located in the Company’s Beckrich Office Park, consolidated Pier Park North JV and Windmark JV, as well as the Company’s industrial park, VentureCrossings, and other properties. Certain leases provide for tenant occupancy during periods for which no rent is due or where minimum rent payments change during the lease term. Accordingly, a receivable or liability is recorded representing the difference between the straight-line rent and the rent that is contractually due from the tenant. Minimum future base rents on non-cancelable leases for the next five years are: 2018 $ 10,189 2019 9,718 2020 9,073 2021 8,632 2022 8,339 $ 45,951 Forestry Product Revenue Revenue from the sale of the Company’s forestry products is primarily derived from either pay-as-cut sales contracts or timber bid sales. Under a pay-as-cut sales contract, the risk of loss and title to the specified timber transfers to the buyer when cut by the buyer, and the buyer or some other third party is responsible for all logging and hauling costs, if any. Timber bid sales are agreements in which the buyer agrees to purchase and harvest specified timber (i.e., mature pulpwood and/or sawlogs) on a tract of land over the term of the contract. Unlike a pay-as-cut sales contract, risk of loss and title to the trees transfer to the buyer when the contract is signed. The buyer pays the full purchase price when the contract is signed and the Company does not have any additional performance obligations. Recently Adopted Accounting Pronouncements Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued ASU 2016-09 that simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The Company adopted the new guidance as of January 1, 2017. The adoption of this guidance did not have a material impact on the Company’s financial condition, results of operations or cash flows. Consolidation In October 2016, the FASB issued ASU 2016-17 that amends the evaluation of whether a reporting entity is the primary beneficiary of a VIE by changing how a reporting entity that is a single decision maker of a VIE treats indirect interests in the entity held through related parties that are under common control with the reporting entity. The Company adopted the new guidance as of January 1, 2017. The adoption of this guidance had no impact on the Company’s financial condition, results of operations or cash flows. Business Combinations In January 2017, the FASB issued ASU 2017-01 that clarifies the definition of a business for entities that must determine whether a business has been acquired or sold. This guidance is intended to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company adopted the new guidance as of April 1, 2017. The adoption of this guidance had no impact on the Company’s financial condition, results of operations or cash flows. Recently Issued Accounting Pronouncements Revenue Recognition In May 2014, the FASB issued ASU 2014-09 that establishes the principles used to recognize revenue for all entities. In March 2016, the FASB issued ASU 2016-08 that further clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10 that clarifies guidance on identifying performance obligations and to improve the operability and understandability of licensing implementation guidance. In May 2016, the FASB issued ASU 2016-11 that rescinds SEC guidance pursuant to announcements at the March 3, 2016 Emerging Issues Task Force Meeting. In May 2016, the FASB issued ASU 2016-12 that provides narrow-scope improvements and practical expedients to Revenue from Contracts with Customers. In December 2016, the FASB issued ASU 2016-20 that includes technical corrections and improvements to ASU 2014-09. The new guidance will be effective for annual and interim periods beginning after December 15, 2017. The Company has elected to implement ASU 2014-09 using the modified retrospective application, with the cumulative effect recorded as an adjustment to opening retained earnings at January 1, 2018. The Company has evaluated the impact of adopting this guidance and as a result of this evaluation estimate an adjustment to increase retained earnings by $1.6 million , related to the recognition of lot residuals, marketing fees, and tap and impact fee credits. The Company also expects an impact to revenue-related disclosures as a result of adopting this guidance. Financial Instruments In January 2016, the FASB issued ASU 2016-01 that amends existing guidance to address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The new guidance will require equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in results of operations. Additionally, certain disclosure requirements and other aspects of accounting for financial instruments will change as a result of the new guidance, which is effective for interim and annual reporting periods beginning after December 15, 2017. ASU 2016-01 will be effective for the Company January 1, 2018 and implemented using a cumulative-effect adjustment to retained earnings as of the date of adoption. The Company has evaluated the impact of the adoption of this guidance, and as a result of this evaluation, determined the change in the fair value of its equity investments after January 1, 2018, will be recognized in the consolidated statements of operations rather than the consolidated statements of comprehensive income (loss), and estimate a cumulative-effect adjustment to reduce retained earnings by $0.9 million . Leases In February 2016, the FASB issued ASU 2016-02 that amends the existing accounting standards for lease accounting, including requiring lessees to recognize both finance and operating leases with terms of more than 12 months on the balance sheet. The accounting applied by a lessor is largely unchanged from existing guidance. This amendment also requires certain quantitative and qualitative disclosures about leasing arrangements. In January 2018, the FASB issued ASU 2018-01 which provides an optional transition practical expedient to not evaluate under the new lease standard, existing or expired land easements that were not previously accounted for as leases. The new guidance will be effective for annual and interim periods beginning after December 15, 2018 and requires a modified retrospective adoption. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows. Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13 that requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected and requires that credit losses from available-for-sale debt securities be presented as an allowance for credit loss. This new guidance will be effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted for annual and interim periods beginning after December 15, 2018. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows. Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15 that amends the classification of certain cash receipts and cash payments, to reduce the diversity in how these cash receipts and cash payments are presented and classified in the statement of cash flows. The new standard is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted, including adoption in an interim period. As this guidance only affects the classification within the statement of cash flows, it is not currently expected to have an impact on the Company’s cash flows. Statement of Cash Flows - Restricted Cash In November 2016, the FASB issued ASU 2016-18 that requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years and should be applied using a retrospective transition method to each period presented. Early adoption is permitted, including adoption in an interim period. ASU 2016-18 will be effective for the Company on January 1, 2018 and is not expected to have a material impact on the Company’s cash flows. Reclassification of Certain Tax Effects from Accumulated Other Co |
Investment in Real Estate
Investment in Real Estate | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Investment in Real Estate | Investment in Real Estate Real estate by property type and segment includes the following: December 31, December 31, Development property: Residential real estate $ 100,279 $ 101,292 Resorts and leisure 4,131 263 Commercial leasing and sales 53,896 58,364 Forestry 2,488 2,492 Corporate 2,571 2,438 Total development property 163,365 164,849 Operating property: Residential real estate 7,344 8,097 Resorts and leisure 103,616 107,029 Commercial leasing and sales 110,491 82,336 Forestry 19,510 19,608 Other 50 50 Total operating property 241,011 217,120 Less: Accumulated depreciation 71,752 67,349 Total operating property, net 169,259 149,771 Investment in real estate, net $ 332,624 $ 314,620 Development property consists of land the Company is developing or intends to develop for sale or future operations and includes direct costs associated with the land, development and construction costs and indirect costs. Residential real estate includes residential communities. Resorts and leisure development property consists of the improvement and expansion of existing beach club property, land and development costs and improvements to existing restaurant property. Commercial leasing and sales development property primarily consists of land and development costs for commercial and industrial uses, including the Pier Park Crossings JV, land holdings near the Northwest Florida Beaches International Airport and Port of Port St. Joe. Development property in the commercial leasing and sales and resorts and leisure segments will be reclassified as operating property as it is placed into service. Operating property includes the following components: December 31, December 31, Land and land improvements $ 77,788 $ 73,239 Buildings and building improvements 152,272 133,678 Timber 10,951 10,203 241,011 217,120 Less: Accumulated depreciation 71,752 67,349 Total operating property, net $ 169,259 $ 149,771 Operating property includes property that the Company uses for operations and activities. Residential real estate operating property consists primarily of residential utility assets. The resorts and leisure operating property includes the WaterColor Inn, certain vacation rental properties, golf courses, a beach club and marinas. Commercial leasing and sales operating property includes property developed or purchased by the Company and used for retail and commercial rental purposes, including property in the Pier Park North JV, Venture Crossings, and Beckrich Office Park as well as other properties. Forestry operating property includes the Company’s timberlands. Operating property may be sold in the future as part of the Company’s principal real estate business. Depreciation expense related to real estate investments was $6.2 million , $6.0 million and $6.2 million in 2017 , 2016 and 2015 , respectively. Depletion and amortization expense related to our timber operations was $0.5 million in each of 2017 , 2016 and 2015 . |
Investments
Investments | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments At December 31, 2017 , investments and restricted investments classified as available-for-sale securities were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investments: U.S. Treasury securities $ 9,892 $ — $ 22 $ 9,870 Corporate debt securities 67,781 411 1,817 66,375 Preferred stock 35,955 423 1,355 35,023 113,628 834 3,194 111,268 Restricted investments: Short-term bond 4,264 — 13 4,251 Money market fund 218 — — 218 4,482 — 13 4,469 $ 118,110 $ 834 $ 3,207 $ 115,737 At December 31, 2016 , investments and restricted investments classified as available-for-sale securities were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investments: Corporate debt securities $ 135,590 $ 5,311 $ 1,769 $ 139,132 Preferred stock 36,048 656 111 36,593 171,638 5,967 1,880 175,725 Restricted investments: Short-term bond 4,232 — 6 4,226 Money market fund 1,410 — — 1,410 5,642 — 6 5,636 $ 177,280 $ 5,967 $ 1,886 $ 181,361 Mr. Bruce R. Berkowitz is the Chairman of the Company’s Board. He is the Manager of, and controls entities that own and control, Fairholme Holdings, which wholly owns FCM and FTC. Mr. Berkowitz is the Chief Investment Officer of FCM, and the Chief Executive Officer and a director of FTC. Since April 2013, FCM has provided investment advisory services to the Company directly, or more recently, as the sub-advisor to FTC. Neither FCM nor FTC receives any compensation for services as the Company’s investment advisor. As of December 31, 2017 , clients of FCM and FTC beneficially owned approximately 42.33% of the Company’s common stock and Fairholme, including Mr. Berkowitz and clients of FCM and FTC, collectively beneficially owned 43.95% of the Company’s common stock. FCM and its client The Fairholme Fund, a series of the Fairholme Funds, Inc., may be deemed affiliates of the Company. Prior to October 31, 2017, Mr. Berkowitz served on the Sears Holding Corporation board of directors, which may have been deemed an affiliate of FCM, or the Company. On October 31, 2017, Mr. Berkowitz stepped down from the Sears Holding Corporation board of directors. Both Mr. Cesar Alvarez and Mr. Howard Frank are members of the Company’s Board and also serve as directors of Fairholme Funds, Inc. Mr. Alvarez is also a director of FTC. Pursuant to the terms of the Investment Management Agreement, as amended, with the Company, FTC agreed to supervise and direct the investments of investment accounts established by the Company in accordance with the investment guidelines and restrictions approved by the Investment Committee of the Company’s Board. The investment guidelines are set forth in the Investment Management Agreement and require that, as of the date of any investment: (i) no more than 15% of the investment account may be invested in securities of any one issuer (excluding the U.S. Government), (ii) any investment in any one issuer (excluding the U.S. Government) that exceeds 10% of the investment account, but not 15% , requires the consent of at least two members of the Investment Committee, (iii) 25% of the investment account must be held in cash and cash equivalents, (iv) the investment account is permitted to be invested in common equity securities; however, common stock investments shall be limited to exchange-traded common equities, shall not exceed 5% ownership of a single issuer and, cumulatively, the common stock held in the Company’s investment portfolio shall not exceed $100.0 million market value, and (v) the aggregate market value of investments in common stock, preferred stock or other equity investments cannot exceed 25% of the market value of the Company’s investment portfolio at the time of purchase. During 2017 , net realized gains from the sale of available-for-sale securities were $10.7 million , proceeds from the sale of available-for-sale securities were $174.5 million and proceeds from the maturity of available-for-sale securities were $14.0 million . During 2016 , net realized gains from the sale of available-for-sale securities were $0.8 million , proceeds from the sale of available-for-sale securities were $197.5 million and proceeds from the maturity of available-for-sale securities were $185.0 million . The following table provides the U.S. Treasury securities, corporate debt securities, preferred stock and restricted investments unrealized loss position and related fair values: As of December 31, 2017 As of December 31, 2016 Less Than 12 Months 12 Months or Greater Less Than 12 Months 12 Months or Greater Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Investments: U.S. Treasury securities $ 9,870 $ 22 $ — $ — $ — $ — $ — $ — Corporate debt securities 15,515 691 29,595 1,126 64,516 1,410 6,971 359 Preferred stock 11,263 1,337 1,986 18 — — 153 111 Restricted investments: Short-term bond — — 4,251 13 4,226 6 — — $ 36,648 $ 2,050 $ 35,832 $ 1,157 $ 68,742 $ 1,416 $ 7,124 $ 470 As of December 31, 2017 , the Company had unrealized losses of $3.2 million related to U.S. Treasury securities, corporate debt securities, preferred stock and restricted investments. The Company had unrealized losses of $1.9 million as of December 31, 2016 related to corporate debt securities, preferred stock and restricted investments. As of December 31, 2017 and 2016 , the Company did not intend to sell the investments with a material unrealized loss and it is more likely than not that the Company will not be required to sell any of these securities prior to their anticipated recovery, which could be maturity. During 2017 , the Company determined that unrealized losses related to its corporate debt securities and preferred stock were other-than-temporary and recorded an impairment of $2.3 million for credit-related loss in investment income, net in the Company's consolidated statements of operations. The net carrying value and estimated fair value of investments and restricted investments classified as available-for-sale at December 31, 2017 , by contractual maturity are shown in the following table. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations. Amortized Cost Fair Value Due in one year or less $ 11,892 $ 11,852 Due after one year through five years 65,713 64,332 Due after five year through ten years 68 61 77,673 76,245 Preferred stock 35,955 35,023 Restricted investments 4,482 4,469 $ 118,110 $ 115,737 |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | Financial Instruments and Fair Value Measurements Fair Value Measurements The financial instruments measured at fair value on a recurring basis at December 31, 2017 were as follows: Level 1 Level 2 Level 3 Total Fair Value Cash equivalents: Money market funds $ 10,505 $ — $ — $ 10,505 Commercial paper 159,970 — — 159,970 170,475 — — 170,475 Investments: U.S. Treasury securities 9,870 — — 9,870 Corporate debt securities — 66,375 — 66,375 Preferred stock 10,717 24,306 — 35,023 20,587 90,681 — 111,268 Restricted investments: Short-term bond 4,251 — — 4,251 Money market fund 218 — — 218 4,469 — — 4,469 $ 195,531 $ 90,681 $ — $ 286,212 The financial instruments measured at fair value on a recurring basis at December 31, 2016 were as follows: Level 1 Level 2 Level 3 Total Fair Value Cash equivalents: Money market funds $ 86,236 $ — $ — $ 86,236 Commercial paper 129,671 — — 129,671 215,907 — — 215,907 Investments: Corporate debt securities 57,788 81,344 — 139,132 Preferred stock 19,177 17,416 — 36,593 76,965 98,760 — 175,725 Restricted investments: Short-term bond 4,226 — — 4,226 Money market fund 1,410 — — 1,410 5,636 — — 5,636 $ 298,508 $ 98,760 $ — $ 397,268 Money market funds, commercial paper, U.S. Treasury securities, certain preferred stocks and short-term bonds were measured based on quoted market prices in an active market and categorized within level 1 of the fair value hierarchy. In addition, during 2016 certain corporate debt securities were also classified as level 1 of the fair value hierarchy. Money market funds and commercial paper with a maturity date of 90 days or less from the date of purchase are classified as cash equivalents in the Company’s consolidated balance sheets. The Company’s corporate debt securities and certain preferred stocks are not traded on a nationally recognized exchange but rather are traded in the U.S. over-the-counter market where there is less trading activity and the investments are measured primarily using pricing data from external pricing services that report prices observed for recently executed market transactions. For these reasons, the Company has determined that certain corporate debt securities and certain preferred stocks are categorized as level 2 financial instruments since their fair values were determined from market inputs in an inactive market. Restricted investments include certain of the surplus assets that were transferred from the Company’s Pension Plan to a suspense account in the Company’s 401(k) Plan in December 2014. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s consolidated financial statements until they are allocated to participants. As of December 31, 2017 and 2016 , the assets held in the suspense account were invested in Vanguard Money Market Funds, which invest in short-term, high quality securities or short-term U.S. government securities and seek to provide current income and preserve shareholders’ principal investment and a Vanguard Short-Term Bond Fund, which invests in money market instruments and short-term high quality bonds, including asset-backed, government, and investment grade corporate securities with an expected maturity of 0-3 years. The Vanguard Money Market Funds and Vanguard Short-Term Bond Fund are measured based on quoted market prices in an active market and categorized within level 1 of the fair value hierarchy. The Company’s Retirement Plan Investment Committee is responsible for investing decisions and allocation decisions of the suspense account. Refer to Note 17. Employee Benefit Plan . Long-lived Assets The Company reviews its long lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and impairments during the year. During 2017 , the Company recorded an impairment charge of $0.7 million included in cost of resorts and leisure revenue, related to a non-strategic resorts and leisure asset. During 2016 , the Company recorded an impairment charge of $0.4 million , included in cost of real estate revenue, related to a commercial leasing and sales property. During 2015 there were no impairments. Fair Value of Financial Instruments The Company uses the following methods and assumptions in estimating fair value for financial instruments: • The fair value of the Company’s retained interest investments is based on the present value of the expected future cash flows at the effective yield. • The fair value of the Investments held by SPE - time deposit is based on the present value of future cash flows at the current market rate. • The fair value of the Investments held by SPE - U.S. Treasury securities are measured based on quoted market prices in an active market. • The fair value of the senior notes held by SPE is based on the present value of future cash flows at the current market rate. The carrying amount and fair value, measured on a nonrecurring basis, of the Company’s financial instruments were as follows: December 31, 2017 December 31, 2016 Carrying value Fair value Level Carrying value Fair value Level Assets Retained interest investments $ 11,147 $ 14,106 3 $ 10,635 $ 13,669 3 Investments held by SPEs: Time deposit $ 200,000 $ 200,000 3 $ 200,000 $ 200,000 3 U.S. Treasury securities and cash equivalents $ 7,989 $ 7,797 1 $ 8,590 $ 8,398 1 Liabilities Senior Notes held by SPE $ 176,537 $ 198,530 3 $ 176,310 $ 199,691 3 Retained Interest Investments The Company has a beneficial interest in certain bankruptcy-remote qualified SPEs used in the installment sale monetization of certain sales of timberlands in 2007 and 2008. The SPEs’ assets are not available to satisfy the Company’s liabilities or obligations and the liabilities of the SPEs are not the Company’s liabilities or obligations. Therefore, the SPEs’ assets and liabilities are not consolidated in the Company’s consolidated financial statements as of December 31, 2017 and 2016 . The Company’s continuing involvement with the SPEs is the receipt of the net interest payments and the remaining principal of approximately $16.8 million to be received at the end of the installment notes’ fifteen year maturity period, in 2022 through 2024 . The Company has a beneficial or retained interest investment related to these SPEs of $11.1 million and $10.6 million as of December 31, 2017 and 2016 , respectively, recorded in other assets on the Company’s consolidated balance sheets. Investments and Senior Notes Held by Special Purpose Entities In connection with a real estate sale in 2014, the Company received consideration including a $200.0 million fifteen -year installment note (the “Timber Note”) issued by Panama City Timber Finance Company, LLC. The Company contributed the Timber Note and assigned its rights as a beneficiary under a letter of credit to Northwest Florida Timber Finance, LLC. Northwest Florida Timber Finance, LLC monetized the Timber Note by issuing $180.0 million aggregate principal amount of its 4.8% Senior Secured Notes due in 2029 at an issue price of 98.5% of face value to third party investors. The investments held by Panama City Timber Finance Company, LLC as of December 31, 2017 , consist of a $200.0 million time deposit that, subsequent to April 2, 2014, pays interest at 4.0% and matures in March 2029, U.S. Treasuries of $7.6 million and cash of $0.4 million . The Senior Notes held by Northwest Florida Timber Finance, LLC as of December 31, 2017 consist of $176.5 million , net of the $3.5 million discount and debt issuance costs. Panama City Timber Finance Company, LLC and Northwest Florida Timber Finance, LLC are VIEs, which the Company consolidates as the primary beneficiary of each entity. |
Claim Settlement Receivable
Claim Settlement Receivable | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Claim Settlement Receivable | Claim Settlement Receivable On March 24, 2016, the Company entered into a full and final release agreement with BP p.l.c. and various related entities pursuant to which the Company, on its own behalf and on behalf of certain wholly owned subsidiaries, released any and all claims related to the Deepwater Horizon oil spill which occurred on April 20, 2010. In exchange for this release, the Company will receive $13.2 million , from BP Exploration & Production Inc., a large portion of which will reimburse the Company for expenses incurred. In October 2017 and 2016, the Company received payments of $2.7 million and $5.0 million , respectively. The remaining settlement amount will be made in payments of $2.7 million due in October 2018 and 2019. The Company also received a guaranty of payments from BP North America Corporation Inc. As of March 24, 2016, the Company recorded the claim settlement receivable using an imputed interest rate of 3.0% , based on its best estimate of the prevailing market rates for the source of credit, resulting in an initial present value of $12.5 million and a discount of $0.7 million . The claim settlement of $12.5 million was recognized as other income in the Company’s consolidated statements of operations for the year ended December 31, 2016. The discount is being accreted over the term of the receivable using the effective interest method. Interest income for the year ended December 31, 2017 and the period from March 24, 2016 to December 31, 2016 was $0.2 million and $0.3 million , respectively. |
Sale of Vacation Rental Managem
Sale of Vacation Rental Management | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of Vacation Rental Management | Sale of Vacation Rental Management In December 2017, the Company entered into and consummated the PCR Purchase Agreement with PCR for the sale of the Company’s short term vacation rental management business. The PCR Purchase Agreement contained representations and warranties, confidentiality and indemnification provisions of the type customarily found in these types of transactions. The Company also has a limited right of first refusal on any third party offer to purchase the vacation rental management business that will end upon the earlier of (i) 18 months after the date of the PCR Rentals Sale or (ii) the later of (x) the date of payoff of the PCR Note and (y) nine months after the date of the PCR Rentals Sale. The Company received proceeds of approximately $9.9 million , which resulted in a net gain of $9.8 million , from the PCR Rentals Sale, consisting of approximately $4.9 million in cash and transfer of liabilities and $5.0 million in the form of a promissory note secured by certain assets of PCR. The PCR Note bears interest at 10% per annum and matures on December 31, 2020, unless it matures earlier upon acceleration, by prepayment or otherwise. See Note 8. Other Assets for additional information. On February 14, 2018, the PCR Note was paid in full. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets Other assets consist of the following: December 31, December 31, Retained interest investments $ 11,147 $ 10,635 Accounts receivable, net 8,460 4,625 Notes receivable 9,522 1,926 Prepaid expenses 6,625 5,685 Straight line rent 3,804 3,812 Other assets 4,637 8,789 Accrued interest receivable for Senior Notes held by SPE 2,938 2,938 Total other assets $ 47,133 $ 38,410 Notes receivable consists of the following: December 31, December 31, PCR Note, secured by certain assets, 10% interest rate, principal payments due beginning September 2018 per agreed upon schedule, and any remaining amount outstanding is due by December 2020, paid in full February 2018 $ 5,000 $ — Pier Park Community Development District notes, non-interest bearing, due September 2022 1,527 1,684 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due November 2018 and any remaining amount outstanding is due by November 2019 1,060 — Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due September 2018 and any remaining amount outstanding is due by September 2019 904 — Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due June 2018 and any remaining amount outstanding is due by June 2019 857 — Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, due December 2016, paid January 2017 — 33 Various mortgage notes, secured by certain real estate, bearing interest at various rates 174 209 Total notes receivable $ 9,522 $ 1,926 The Company evaluates the carrying value of the notes receivable and the need for an allowance for doubtful notes receivable at each reporting date. As of December 31, 2017 and 2016 , there was no allowance for doubtful notes receivable. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consists of the following: December 31, December 31, Railroad and equipment $ 33,626 $ 33,626 Furniture and fixtures 22,552 19,191 Machinery and equipment 9,468 8,998 Office equipment 5,322 5,154 Autos and trucks 1,012 1,075 71,980 68,044 Less: Accumulated depreciation 60,697 59,404 11,283 8,640 Construction in progress 493 352 Total property and equipment, net $ 11,776 $ 8,992 Depreciation expense on property and equipment was $1.9 million , $2.1 million and $2.8 million in 2017 , 2016 and 2015 , respectively. |
Real Estate Joint Ventures
Real Estate Joint Ventures | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Real Estate Joint Ventures | Real Estate Joint Ventures The Company enters into real estate joint ventures, from time to time, for the purpose of developing real estate in which the Company may or may not have a controlling financial interest. GAAP requires consolidation of VIEs in which an enterprise has a controlling financial interest and is the primary beneficiary. A controlling financial interest will have both of the following characteristics: (a) the power to direct the VIE activities that most significantly impact economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company examines specific criteria and uses judgment when determining whether the Company is the primary beneficiary and must consolidate a VIE. The Company continues to assess whether it is the primary beneficiary on an ongoing basis. Consolidated Real Estate Joint Ventures In April 2017, the Company entered into a joint venture agreement to develop, manage and lease apartments in Panama City Beach, Florida. The joint venture parties are working together to design, develop and construct a 240 unit multi-family apartment home community. The community will be located on land in the Pier Park area that is currently owned by the Company and will be contributed to the joint venture. During the fourth quarter of 2017, the Company’s equity interest in the consolidated joint venture increased from 65.0% to 75.0% . The Company’s partners are responsible for the day-to- day activities of the joint venture. However, the Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined Pier Park Crossings JV is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2017 . In December 2016, the Company entered into a joint venture agreement, pursuant to which the Company sold to Windmark JV all of its interest in the WindMark Beach project. As of December 31, 2017 and 2016 , the Company owned a 49.0% equity interest in the consolidated joint venture. A wholly owned subsidiary of the Company is the managing member of Windmark JV and runs its day-to-day operations. Windmark JV owns and its members make major decisions related to the management and development of the WindMark Beach project. For financial accounting purposes, the Company is deemed to control Windmark JV, which is consolidated within the financial results of the Company as of December 31, 2017 and 2016 . During 2012, the Company entered into a joint venture agreement with a partner to develop a retail center at Pier Park North. As of December 31, 2017 and 2016 , the Company owned a 60.0% equity interest in the consolidated joint venture. The Company’s partner is responsible for the day-to-day activities of the joint venture. However, the Company has significant involvement in the design of the development and approves all major decisions, including project development, annual budgets and financing. The Company determined the joint venture is a VIE and that the Company is the VIE’s primary beneficiary as of December 31, 2017 and 2016 . In addition, the Company is the primary beneficiary of Artisan Park, L.L.C., another real estate joint venture, that is consolidated within the financial results of the Company. The Company is entitled to 74.0% of the profit or loss of this VIE and is responsible for the day-to-day activities of the joint venture. Unconsolidated Real Estate VIE As of December 31, 2017 and 2016 , the Company was a partner in ALP Liquidating Trust ( “ ALP ” ) that is accounted for using the equity method. The joint venture was entered into to develop and sell certain mixed use residential and commercial projects. In 2008, the Company wrote-off its investment in ALP as a result of ALP reserving its assets to satisfy potential claims and obligations in accordance with its publicly reported liquidation basis of accounting. Subsequently, ALP changed its method of accounting to a going concern basis and reinstated its equity and stated it would report certain expenses as they are incurred. The Company has not recorded any additional equity income as a result of the ALP’s change in accounting. Financial information for ALP is provided to the Company on a delayed basis. The summarized information as of September 30, 2017 and December 31, 2016 includes total assets of $10.8 million and $11.5 million , respectively, total liabilities of $0.5 million and $0.6 million , respectively and total equity of $10.3 million and $10.9 million , respectively. For the nine months ended September 30, 2017, 2016 and 2015 ALP reported a net loss of $0.6 million , $0.8 million and $2.7 million , respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt consists of the following as of December 31, 2017 : Principal Unamortized Discount and Debt Issuance Costs Net Refinanced Loan in the Pier Park North JV, due November 2025, bearing interest at 4.1% $ 47,295 $ 512 $ 46,783 Community Development District debt, secured by certain real estate or other collateral, due May 2031 — May 2039, bearing interest at 3.6% to 7.0% 7,241 — 7,241 Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.3% at December 31, 2017) 1,624 18 1,606 Total debt $ 56,160 $ 530 $ 55,630 Debt consists of the following as of December 31, 2016 : Principal Unamortized Discount and Debt Issuance Costs Net Refinanced Loan in the Pier Park North JV, due November 2025, bearing interest at 4.1% $ 48,132 $ 613 $ 47,519 Community Development District debt, secured by certain real estate or other collateral, due May 2031 — May 2039, bearing interest at 3.4% to 7.0% 7,521 — 7,521 Total debt $ 55,653 $ 613 $ 55,040 In October 2015, the Pier Park North JV refinanced a construction loan by entering into a $48.2 million loan. As of December 31, 2017 , the Refinanced Loan was secured by a first lien on, and security interest in, a majority of the Pier Park North JV’s property. Security on the Refinanced Loan also included a remaining $1.3 million short term letter of credit, which was released during October 2017. In connection with the Refinanced Loan, the Company entered into a limited guarantee in favor of the lender, based on its percentage ownership of the joint venture. In addition, the guarantee can become full recourse in the case of any fraud or intentional misrepresentation by the Pier Park North JV; any voluntary transfer or encumbrance of the property in violation of the due-on-sale clause in the security instrument; upon commencement of voluntary bankruptcy or insolvency proceedings and upon breach of covenants in the security instrument. CDD bonds financed the construction of infrastructure improvements at some of the Company’s projects. The principal and interest payments on the bonds are paid by assessments on the properties benefited by the improvements financed by the bonds. The Company has recorded a liability for CDD debt that is associated with platted property, which is the point at which it becomes fixed or determinable. Additionally, the Company has recorded a liability for the portion of the CDD debt that is associated with unplatted property if it is probable and reasonably estimable that the Company will ultimately be responsible for repaying. The Company’s total outstanding CDD debt was $21.7 million and $22.6 million at December 31, 2017 and 2016 , respectively. The Company pays interest on this total outstanding CDD debt. In March 2017, a wholly owned subsidiary of the Company entered into a $1.6 million Construction Loan to finance the construction of a commercial leasing property located in Panama City Beach, Florida. The Construction Loan provides for interest only payments during the first twelve months and principal and interest payments thereafter with a final balloon payment at maturity. The Construction Loan is secured by the real property, assignment of rents and the security interest in the rents and personal property. In connection with the Construction Loan, the Company executed a guarantee in favor of the lender to guarantee the payment and performance of the borrower under the Construction Loan until the project meets certain cash flow stabilization requirements. The aggregate maturities of debt subsequent to December 31, 2017 are: December 31, 2018 $ 1,487 2019 1,533 2020 1,536 2021 1,517 2022 1,495 Thereafter 48,592 $ 56,160 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Other Liabilities | Other Liabilities Other liabilities consist of the following: December 31, December 31, Accounts payable $ 7,524 $ 4,376 Accrued compensation 2,664 2,655 Deferred revenue 17,864 15,289 Membership deposits and initiation fees 9,704 7,384 Advance deposits 1,468 3,419 Other accrued liabilities 5,185 4,977 Accrued interest expense for Senior Notes held by SPE 2,850 2,850 Total other liabilities $ 47,259 $ 40,950 Deferred revenue at December 31, 2017 and 2016 includes $12.5 million related to a 2006 agreement pursuant to which the Company agreed to sell land to the Florida Department of Transportation. Revenue is recognized when title to a specific parcel is legally transferred. Membership deposits and initiation fees consist of deposits and fees received for club memberships. Initiation fees are recognized as revenue over the estimated average duration of membership, which is evaluated periodically. Advance deposits consist of deposits received on hotel rooms and vacation rentals. Advance deposits are recorded as other liabilities in the consolidated balance sheets without regard to whether they are refundable and are recognized as income at the time the service is provided for the related deposit. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax (benefit) expense for the years ended December 31, 2017 , 2016 , and 2015 consist of the following: 2017 2016 2015 Current: Federal $ 7,418 $ (22,416 ) $ (1,377 ) State 48 (64 ) (138 ) Total 7,466 (22,480 ) (1,515 ) Deferred: Federal (23,512 ) 29,796 2,261 State (1,835 ) (169 ) 62 Total (25,347 ) 29,627 2,323 Income tax (benefit) expense $ (17,881 ) $ 7,147 $ 808 Total income tax (benefit) expense for the years ended December 31, 2017 , 2016 , and 2015 was allocated in the consolidated financial statements as follows: 2017 2016 2015 Income tax (benefit) expense $ (17,881 ) $ 7,147 $ 808 Income tax recorded in accumulated other comprehensive (loss) income Income tax (benefit) expense (2,488 ) 2,003 (300 ) Total income tax (benefit) expense $ (20,369 ) $ 9,150 $ 508 Income tax (benefit) expense attributable to income (loss) from operations differed from the amount computed by applying the statutory federal income tax rate of 35% to pre-tax income or loss as a result of the following: 2017 2016 2015 Tax at the statutory federal rate $ 14,594 $ 8,065 $ (323 ) State income taxes (net of federal benefit) 1,340 806 (32 ) Decrease in valuation allowance, net (142 ) (941 ) (164 ) Fees and expenses for SEC investigation — — 1,092 Change in statutory federal rate to 21% (33,542 ) — — Dividend received deduction (530 ) (40 ) — Other 399 (743 ) 235 Total income tax (benefit) expense $ (17,881 ) $ 7,147 $ 808 The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of December 31, 2017 and 2016 are presented below: 2017 2016 Deferred tax assets: State net operating loss carryforwards $ 17,237 $ 14,956 Alternative minimum tax credit carryforward — 13,477 Impairment losses 41,837 63,108 Prepaid income from land sales 3,734 5,461 Other 322 — Total gross deferred tax assets 63,130 97,002 Valuation allowance (4,993 ) (5,135 ) Total net deferred tax assets 58,137 91,867 Deferred tax liabilities: Investment in real estate and property and equipment basis differences 525 647 Deferred gain on land sales and involuntary conversions 19,671 28,920 Installment sales 85,769 127,260 Pension Plan assets transferred to the 401(k) Plan 1,155 2,170 Other — 1,716 Total gross deferred tax liabilities 107,120 160,713 Net deferred tax liabilities $ (48,983 ) $ (68,846 ) As of December 31, 2017 and 2016 , the Company had state net operating loss carryforwards of $391.7 million and $427.3 million , respectively and no federal net operating loss carryforwards. The majority of state net operating losses are available to offset future taxable income through 2037 . The Company had a federal AMT credit carryforward of $13.5 million as of December 31, 2016 . During 2017, $5.1 million of the AMT credit was utilized, leaving a remaining balance of $8.4 million as of December 31, 2017 . This AMT credit was reclassified as an income tax receivable following the enactment of the Tax Act in December 2017 and is refundable to the Company in the years 2018 through 2021. The Tax Act was enacted on December 22, 2017 and changed many aspects of U.S. corporate income taxation including reducing the U.S. federal corporate tax rate from 35% to 21% for tax years beginning after December 31, 2017. The Company recognized the tax effects of the Tax Act during the year ended December 31, 2017, which included a $33.5 million income tax benefit from the reassessment of net deferred tax balances to reflect the newly enacted tax rate. In general, a valuation allowance is recorded if, based on the available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in future years in the appropriate tax jurisdictions to obtain a benefit from the reversal of deductible temporary differences and from loss carryforwards. As of December 31, 2017 and 2016 , based on the timing of reversal of future taxable amounts and the Company’s history of losses, management believes it has not met the requirements to realize the benefits of certain of its deferred tax assets; therefore, the Company has maintained a valuation allowance of $5.0 million and $5.1 million , respectively. As of December 31, 2017 , management believes it has not met the requirements to realize the benefits for a portion of its deferred tax assets for state net operating loss carryforwards; therefore, the Company has maintained a valuation allowance of $5.0 million for these deferred tax assets. The Company had approximately $1.7 million of total unrecognized tax benefits as of both December 31, 2017 and 2016 . Of this total, there are no amounts of unrecognized tax benefits that, if recognized, would affect the effective income tax rate. There were no decreases or increases related to prior year or current year tax positions. In December 2016, the Company entered into a joint venture agreement, pursuant to which the Company sold to Windmark JV all of its interest in the WindMark Beach project. The sale of the WindMark Beach project created a net taxable loss for the Company in 2016. The loss was carried back to 2014 for a federal income tax refund of $21.9 million , which was received during 2017 . In addition, the Company received a federal tax refund for 2016 of $4.4 million during 2017 . There were no penalties required to be accrued at December 31, 2017 and 2016 . The Company recognizes interest and/or penalties related to income tax matters in income tax benefit (expense). The Company is currently open to examination by taxing authorities for the years ended December 31, 2015 through 2017. Our federal income tax returns for 2016 and 2015 are currently under a limited scope review by the Internal Revenue Service (the “IRS”). The IRS has completed the examination of the Company’s tax return for 2014 without adjustment. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income Following is a summary of the changes in the balances of accumulated other comprehensive (loss) income, which is presented net of tax, as of December 31, 2017 and 2016 : Unrealized Gain and (Loss) on Available-for-Sale Securities Accumulated other comprehensive loss at December 31, 2015 $ (686 ) Other comprehensive income before reclassifications 3,685 Amounts reclassified from accumulated other comprehensive income (492 ) Other comprehensive income 3,193 Accumulated other comprehensive income at December 31, 2016 2,507 Other comprehensive income before reclassifications 1,235 Amounts reclassified from accumulated other comprehensive loss (5,203 ) Other comprehensive loss (3,968 ) Accumulated other comprehensive loss at December 31, 2017 $ (1,461 ) The following is a summary of the tax effects allocated to other comprehensive loss for the year ended December 31, 2017 : Year Ended December 31, 2017 Before-Tax Amount Tax (Expense) or Benefit Net-of-Tax Amount Unrealized gain (loss) on investments and restricted investments: Unrealized gain on available-for-sale investments $ 2,015 $ (774 ) $ 1,241 Unrealized loss on restricted investments (9 ) 3 (6 ) Reclassification adjustment for net gain included in earnings (10,750 ) 4,139 (6,611 ) Reclassification adjustment for other-than-temporary impairment loss included in earnings 2,288 (880 ) 1,408 Net unrealized loss (6,456 ) 2,488 (3,968 ) Other comprehensive loss $ (6,456 ) $ 2,488 $ (3,968 ) The following is a summary of the tax effects allocated to other comprehensive income for the year ended December 31, 2016 : Year Ended December 31, 2016 Before-Tax Amount Tax (Expense) or Benefit Net-of-Tax Amount Unrealized gain (loss) on investments and restricted investments: Unrealized gain on available-for-sale investments $ 5,997 $ (2,308 ) $ 3,689 Unrealized loss on restricted investments (6 ) 2 (4 ) Reclassification adjustment for net gain included in earnings (795 ) 303 (492 ) Net unrealized gain 5,196 (2,003 ) 3,193 Other comprehensive income $ 5,196 $ (2,003 ) $ 3,193 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Stock Repurchase Program During the years ended December 31, 2017 and 2016 , the Company repurchased 8,450,294 and 995,650 shares, respectively, of its common stock at an average purchase price of $17.46 and $14.88 , per share, respectively, for an aggregate purchase price of $147.4 million and $14.8 million , respectively, pursuant to its Stock Repurchase Program. On July 7, 2017, the Company’s Board authorized additional repurchases of up to $28.0 million of the Company’s shares of its common stock under the Stock Repurchase Program. On July 11, 2017, the Company repurchased 1,500,000 shares for an aggregate purchase price of $27.0 million . On September 18, 2017, the Company’s Board authorized additional repurchase authority of up to $66.0 million of the Company’s shares of its common stock under the Stock Repurchase Program. On September 20, 2017, the Company repurchased 3,742,111 shares for an aggregate purchase price of $65.8 million . After giving effect to these and other recent repurchase activities, as of December 31, 2017 , the Company has $136.3 million remaining under the Stock Repurchase Program. The Company may repurchase its common stock in open market purchases from time to time, in privately negotiated transactions or otherwise, pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing and amount of any additional shares to be repurchased will depend upon a variety of factors, including market and business conditions and other factors. Repurchases may be commenced or suspended at any time or from time to time without prior notice. The Stock Repurchase Program will continue until otherwise modified or terminated by the Company’s Board at any time in its sole discretion. In December 2017, the Company retired 8,450,294 shares of treasury stock at a value of $147.4 million . In July 2016, the Company retired 17,998,658 shares of treasury stock at a value of $320.1 million . Subsequent to December 31, 2017 and through February 26, 2018 , the Company purchased an additional 564,555 shares for an aggregate purchase price of $10.1 million . Issuance of Common Stock for Director’s Fees On May 25, 2017, the Company’s Board approved granting to each non-employee director an equity grant with an aggregate fair market value of $50,000 or, at the director’s election, its cash equivalent. On July 3, 2017, 5,334 shares of restricted stock were granted to two of the Company’s directors pursuant to the Board’s May 25th approval and the Company's 2015 Performance and Equity Incentive Plan (the “2015 Plan”). This restricted stock will vest on the date of the Company's 2018 Annual Meeting of Shareholders (the “Annual Meeting”) and is subject to forfeiture upon termination of service on the Board prior to the Annual Meeting. Four non-employee directors elected to receive cash in lieu of the stock. On May 17, 2016, the Board approved the issuance of 8,919 restricted stock awards to three members of the Board as part of their 2016 compensation package and pursuant to the 2015 Plan. These restricted stock awards vested 25% on the date of issue and 25% on August 17, 2016, November 17, 2016, and February 17, 2017. For each of the years ended December 31, 2017 and 2016 , the Company recorded expense of $0.1 million , related to restricted stock awards to the Company’s directors. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | Stock Based Compensation The Company previously offered a stock incentive plan whereby awards were granted to certain employees and non-employee directors of the Company in various forms including restricted shares of Company common stock and options to purchase Company common stock. Awards were discretionary and were determined by the Compensation Committee of the Board. Stock based compensation cost is measured at the grant date based on the fair value of the award and is typically recognized as expense on a straight-line basis over the requisite service period, which is the vesting period. During 2015, the Company had two equity plans available for issuance of equity compensation instruments, including restricted shares of Company common stock and options to purchase Company common stock, the 2009 Equity Incentive Plan (the “2009 Plan”) and the 2015 Plan. Upon adoption of the 2015 Plan, the remaining shares available for awards under the 2009 Plan were included in the 1,500,000 shares approved under the 2015 Plan. As of December 31, 2017, 1,485,747 shares were available under the 2015 Plan. Stock options previously granted under the 2009 Plan expired in February 2017. Total stock-based compensation recorded in other operating and corporate expenses on the consolidated statements of operations for the three years ended December 31, 2017 is as follows: 2017 2016 2015 Stock compensation expense before tax benefit $ 76 $ 131 $ 150 Income tax benefit (22 ) (50 ) (58 ) $ 54 $ 81 $ 92 The following table sets forth the summary of option activity outstanding under the stock option program for 2017 : Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value ($000) Balance at December 31, 2016 45,405 $ 54.05 0.1 — Forfeited or expired 45,405 54.05 — — Balance at December 31, 2017 — $ — — — Vested or expected to vest at December 31, 2017 — $ — — — Exercisable at December 31, 2017 — $ — — — In 2017 and 2016 , the Company granted 5,334 and 8,919 , respectively, of restricted stock awards to certain of the Company’s directors as fees for services rendered under the 2015 Plan, of which 2,229 and 6,690 vested during the year ended December 31, 2017 and 2016 , respectively. As of December 31, 2017 , the Company had 5,334 unvested restricted stock units outstanding, which will vest in May 2018 . The weighted average grant date fair value of restricted stock units during 2017 , 2016 and 2015 were $18.75 , $16.82 and $15.53 , respectively. The total fair values of restricted stock units that vested were $0.1 million during both 2017 and 2016 and $0.2 million during 2015 . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plan The Company maintains a 401(k) retirement plan covering substantially all officers and employees of the Company, which permits participants to defer up to the maximum allowable amount determined by the IRS of their eligible compensation. As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer $7.9 million of the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) Plan. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s consolidated financial statements until they are allocated to participants. At December 31, 2017 and 2016 , the fair value of these assets were $4.5 million and $5.6 million , respectively. The Company expenses the fair value of the assets at the time the assets are allocated to participants, which is expected to be allocated up to the next four years. During 2017 , 2016 and 2015 , the Company recorded an expense of $1.2 million , $1.4 million and $1.3 million , respectively, for the fair value of the assets, less expenses, that were allocated to participants. Any gain or loss on these assets is reflected in the Company’s consolidated statements of operations and was less than a $0.1 million gain for each of the years ended December 31, 2017 , 2016 and 2015 . |
Other Income (Expense)
Other Income (Expense) | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other Income (Expense) | Other Income (Expense) Other income (expense) consists of the following during the three years ended December 31, 2017 : 2017 2016 2015 Investment income, net Net investment income from available-for-sale securities Interest and dividend income $ 16,380 $ 6,602 $ 6,940 Accretion income 1,983 1,829 1,526 Net realized gain on the sale of investments 10,750 795 5,311 Other-than-temporary impairment loss (2,288 ) — — Total net investment income from available-for-sale securities 26,825 9,226 13,777 Interest income from investments in SPEs 8,201 8,202 8,217 Interest accrued on notes receivable and other interest 384 348 694 Total investment income, net 35,410 17,776 22,688 Interest expense Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE (8,777 ) (8,833 ) (8,755 ) Other interest expense (3,368 ) (3,462 ) (2,674 ) Total interest expense (12,145 ) (12,295 ) (11,429 ) Claim settlement — 12,548 — Sale of vacation rental management, net 9,800 — — Other income (expense), net Accretion income from retained interest investments 1,100 991 913 Hunting lease income 569 553 562 Miscellaneous income (expense), net 4,286 1,078 (7,762 ) Other income (expense), net 5,955 2,622 (6,287 ) Total other income, net $ 39,020 $ 20,651 $ 4,972 Investment Income, Net Interest and dividend income includes interest income accrued or received on the Company’s corporate debt securities, commercial paper and money market funds, and dividend income received from the Company’s preferred stock and other investments. Accretion income includes the amortization of the premium or accretion of discount related to the Company’s available-for-sale securities, which is amortized based on an effective interest rate method over the term of the available-for-sale securities. Net realized gain on the sale of investments include the gain or loss recognized on the sale of an available-for-sale security prior to maturity. During the year ended December 31, 2017 , the Company determined that a portion of its investments in corporate debt securities and preferred stock were other-than-temporary impaired and recorded a $2.3 million impairment related to credit-related loss in investment income, net on the Company's consolidated statements of operations. See Note 4. Investments. Interest income from investments in SPEs primarily includes interest accrued or received on the investments held by Panama City Timber Finance Company, LLC, which is used to pay the interest expense for Senior Notes held by Northwest Florida Timber Finance, LLC. Interest Expense Interest expense includes interest expense related to the Company’s CDD debt, Refinanced Loan in the Pier Park North JV and Construction Loan. Borrowing costs, including the discount and issuance costs for the Senior Notes issued by Northwest Florida Timber Finance, LLC, are amortized based on the effective interest method at an effective rate of 4.9% . Claim Settlement Claim settlement during the year ended December 31, 2016 includes $12.5 million for a settlement related to the Deepwater Horizon oil spill. See Note 6. Claim Settlement Receivable for further discussion. Sale of Vacation Rental Management, Net Sale of vacation rental management, net includes proceeds of $9.9 million , which resulted in a gain of $9.8 million from the PCR Rentals sale in December 2017. See Note 7. Sale of Vacation Rental Management for further discussion. Other Income (Expense), Net Other income (expense), net primarily includes insurance settlement proceeds and fees and expenses related to a resolved SEC investigation, income from the Company’s retained interest investments, hunting lease income and other income and expense items. During 2017 , the Company negotiated an insurance settlement that resulted in proceeds of $3.5 million , for reimbursement of certain attorney fees and related costs incurred by the Company in defending shareholder litigation and the SEC investigation, which was resolved in October 2015. During 2016 , the Company negotiated a settlement of SEC investigation expenses that resulted in the reversal of an accrual of $0.7 million . During 2015 , the Company expensed a total of $8.2 million , related to the SEC investigation. These amounts were included within miscellaneous income (expense), net. The Company records the accretion of investment income from its retained interest investment over the life of the retained interest using the effective yield method with rates ranging from 3.7% to 11.8% . Hunting lease income is recognized as income over the term of the lease. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company currently conducts primarily all of its business in the following four operating segments: 1) residential real estate, 2) resorts and leisure, 3) commercial leasing and sales and 4) forestry. In prior periods, the Company’s reportable operating segments were 1) residential real estate, 2) commercial real estate, 3) resorts and leisure 4) leasing operations and 5) forestry. Commencing in the fourth quarter of 2017, the Company’s commercial real estate segment and leasing operations segment were combined into a new segment titled “commercial leasing and sales”. This change is consistent with the Company’s belief that the decision making and management of the assets in these segments are being made as one group. Prior to the fourth quarter of 2017, commercial real estate and leasing operations were treated as individual operating segments. All prior years’ segment information has been reclassified to conform to the 2017 presentation. The change in reporting segments has no effect on the consolidated balance sheets, statements of operations, statements of comprehensive income (loss) or statements of cash flows for the periods presented. The Company’s reportable segments are strategic business units that offer different products and services. They are each managed separately and decisions about allocations of resources are determined by management based on these strategic business units. The Company uses income (loss) before income taxes and non-controlling interest for purposes of making decisions about allocating resources to each segment and assessing each segment’s performance, which the Company believes represents current performance measures. The accounting policies of the segments are the same as those described herein. Total revenue represents sales to unaffiliated customers, as reported in the Company’s consolidated statements of operations. All significant intercompany transactions have been eliminated in consolidation. The caption entitled “Other” consists of mitigation credit and title fee revenue and non-allocated corporate general and administrative expenses, net of investment income. Information by business segment is as follows: 2017 2016 2015 OPERATING REVENUE: Residential real estate $ 21,747 $ 19,483 $ 21,137 Resorts and leisure 54,820 57,284 54,488 Commercial leasing and sales 14,510 11,929 16,138 Forestry revenue 7,201 6,673 12,042 Other 518 375 66 Consolidated operating revenue $ 98,796 $ 95,744 $ 103,871 COST OF REVENUE: Cost of residential real estate revenue $ 12,455 $ 6,383 $ 10,853 Cost of resorts and leisure revenue 47,816 50,229 47,069 Cost of commercial leasing and sales revenue 5,979 4,431 7,766 Cost of forestry revenue 903 1,121 1,402 Cost of other revenue 41 30 4 Consolidated cost of revenue $ 67,194 $ 62,194 $ 67,094 OTHER OPERATING AND CORPORATE EXPENSES: Residential real estate $ 4,297 $ 5,744 $ 10,215 Resorts and leisure 494 547 426 Commercial leasing and sales 3,444 3,492 3,031 Forestry revenue 396 530 941 Other 11,751 12,706 18,813 Consolidated other operating and corporate expenses $ 20,382 $ 23,019 $ 33,426 DEPRECIATION, DEPLETION AND AMORTIZATION: Residential real estate $ 187 $ 286 $ 544 Resorts and leisure 4,225 4,402 5,096 Commercial leasing and sales 3,729 3,137 3,118 Forestry 575 552 581 Other 169 194 147 Consolidated depreciation, depletion and amortization $ 8,885 $ 8,571 $ 9,486 INVESTMENT INCOME, NET Residential real estate and other $ 89 $ 97 $ 571 Corporate (a) 35,321 17,679 22,117 Consolidated investment income, net $ 35,410 $ 17,776 $ 22,688 2017 2016 2015 INTEREST EXPENSE Residential real estate $ (1,164 ) $ (1,284 ) $ (1,174 ) Commercial leasing and sales (2,200 ) (2,169 ) (1,489 ) Corporate (b) (8,781 ) (8,842 ) (8,766 ) Consolidated interest expense $ (12,145 ) $ (12,295 ) $ (11,429 ) SALE OF VACATION RENTAL MANAGEMENT, NET Resorts and leisure (c) $ 9,800 $ — $ — Consolidated sale of vacation rental management, net $ 9,800 $ — $ — INCOME (LOSS) BEFORE INCOME TAXES: Residential real estate $ 3,903 $ 5,887 $ (821 ) Resorts and leisure (c) 12,444 2,087 1,819 Commercial leasing and sales (836 ) (1,233 ) 802 Forestry 6,586 5,609 10,259 Corporate (a)(b) 19,258 10,261 (13,222 ) Consolidated income (loss) before income taxes $ 41,355 $ 22,611 $ (1,163 ) 2017 2016 2015 CAPITAL EXPENDITURES: Residential real estate $ 8,407 $ 3,319 $ 4,923 Resorts and leisure 4,918 1,287 2,526 Commercial leasing and sales 25,248 6,836 8,014 Forestry 1,100 1,095 1,366 Other 207 321 636 Total capital expenditures $ 39,880 $ 12,858 $ 17,465 December 31, December 31, 2016 TOTAL ASSETS: Residential real estate $ 117,732 $ 112,220 Resorts and leisure 83,151 73,436 Commercial leasing and sales 163,271 141,013 Forestry 20,212 20,664 Other 536,627 680,612 Total assets $ 920,993 $ 1,027,945 (a) Includes interest income from investments in SPEs of $8.2 million in each 2017, 2016 and 2015. (b) Includes interest expense from Senior Notes issued by SPE of $8.8 million in each 2017, 2016 and 2015. (c) Includes proceeds of $9.9 million, which resulted in a net gain of $9.8 million from the PCR Rentals sale in 2017. See Note 7. Sale of Vacation Rental Management . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company establishes an accrued liability when it is both probable that a material loss has been incurred and the amount of the loss can be reasonably estimated. The Company will evaluate the range of reasonably estimated losses and record an accrued liability based on what it believes to be the minimum amount in the range, unless it believes an amount within the range is a better estimate than any other amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. The Company evaluates quarterly whether further developments could affect the amount of the accrued liability previously established or would make a loss contingency both probable and reasonably estimable. The Company also provides disclosure when it believes it is reasonably possible that a material loss will be incurred or when it believes it is reasonably possible that the amount of a loss will exceed the recorded liability. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. This estimated range of possible losses is based upon currently available information and is subject to significant judgment and a variety of assumptions, as well as known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. The Company is subject to a variety of litigation, claims, other disputes and governmental proceedings that arise from time to time in the ordinary course of its business, including litigation related to its prior homebuilding and development activities. The Company cannot assure that it will be successful in defending these matters. Based on current knowledge, the Company does not believe that loss contingencies arising from pending litigation, claims, other disputes and governmental proceedings, including those described herein, will have a material adverse effect on the consolidated financial position or liquidity of the Company. However, in light of the inherent uncertainties involved in these matters, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. The Company is subject to costs arising out of environmental laws and regulations, which include obligations to remove or limit the effects on the environment of the disposal or release of certain wastes or substances at various sites, including sites which have been previously sold. It is the Company’s policy to accrue and charge against earnings environmental cleanup costs when it is probable that a liability has been incurred or range of loss can be reasonably estimated. As assessments and cleanups proceed, these accruals are reviewed and adjusted, if necessary, as additional information becomes available. The Company is in the process of assessing certain properties in regard to the effects, if any, on the environment from the disposal or release of wastes or substances. Management is unable to quantify future rehabilitation costs above present accruals at this time or provide a reasonably estimated range of loss. Other litigation, claims, disputes and governmental proceedings, including environmental matters, are pending against the Company. Accrued aggregate liabilities related to the matters described above and other litigation matters were $1.3 million as of both December 31, 2017 and 2016 , respectively. Significant judgment is required in both the determination of probability and the determination as to whether the amount of an exposure is reasonably estimable. Due to uncertainties related to these matters, accruals are based only on the information available at the time. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company's results of operations in a given period. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage, including its timber assets. At December 31, 2017 and 2016 , the Company was required to provide surety bonds that guarantee completion of certain infrastructure in certain development projects and mitigation banks of $8.6 million and $6.2 million , respectively, and standby letters of credit in the amount of less than $0.1 million and $0.4 million , respectively, which may potentially result in liability to the Company if certain obligations of the Company are not met. At December 31, 2017 , the Company has a total of $9.6 million in contractual obligations all of which are due in 2018. Security on the Refinanced Loan included a remaining $1.3 million short term letter of credit, which was released during October 2017. See Note 11. Debt for a further discussion on the Refinanced Loan. As part of certain sales of timberlands in 2007, 2008 and 2014, the Company generated significant tax gains. The installment notes structure allowed the Company to defer the resulting federal tax liability of $33.7 million until 2022 - 2024 and $37.8 million until 2029, respectively, the maturity dates for the installment notes. The Company has a deferred tax liability related to the gains in connection with these sales. |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (unaudited) | Quarterly Financial Data (unaudited) Quarters Ended December 31 September 30 June 30 March 31 2017 Operating revenue $ 21,562 $ 33,654 $ 30,383 $ 13,197 Operating (loss) income $ (1,884 ) $ 4,453 $ 4,663 $ (4,897 ) Net income attributable to the Company $ 38,503 $ 5,943 $ 10,764 $ 4,368 Basic and diluted income per share attributable to the Company (1) $ 0.58 $ 0.08 $ 0.15 $ 0.06 2016 Operating revenue $ 18,747 $ 27,192 $ 29,551 $ 20,254 Operating (loss) income $ (881 ) $ 1,595 $ 2,143 $ (897 ) Net income attributable to the Company $ 2,709 $ 2,711 $ 1,810 $ 8,665 Basic and diluted income per share attributable to the Company (1) $ 0.04 $ 0.04 $ 0.02 $ 0.11 (1) Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not be consistent with the per share amounts for the year. |
Schedule III (Consolidated) - R
Schedule III (Consolidated) - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION | THE ST. JOE COMPANY SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (in thousands) Initial Cost to Company (1) Gross Amount at December 31, 2017 Description Encumbrances Land & Improvements Buildings & Costs (2) Land & Land Buildings and Total Accumulated Date of Construction or Acquisition Depreciation Life (In Years) Residential developments $ 1,928 $ 48,430 $ 10,954 $ 48,239 $ 106,163 $ 1,460 $ 107,623 $ 1,952 through 2017 5-25 Resorts and leisure WaterColor Inn — 1,137 13,689 6,413 1,794 19,445 21,239 8,865 2002, 2013 10 - 40 Clubs and golf courses — 39,147 20,748 (1,083 ) 38,889 19,923 58,812 26,026 2001 - 2007 10 - 25 Marinas — 5,765 9,520 1,165 6,786 9,664 16,450 4,669 2006 - 2007 10 - 25 Other — 1,100 10,057 89 1,100 10,146 11,246 3,933 2008 - 2009 10 - 30 Commercial leasing and sales Leasing properties: Pier Park North 46,783 13,711 35,243 2,312 13,711 37,555 51,266 5,930 2014 - 2017 15 - 39 Town centers — 713 21,887 (2,141 ) 784 19,675 20,459 14,873 2001 - 2008 10 - 25 VentureCrossings — 5,791 24,490 (3,730 ) 2,611 23,940 26,551 2,537 2012, 2017 10 - 39 Other 1,606 3,304 8,579 721 4,025 8,579 12,604 870 through 2017 10 - 39 Commercial developments 5,313 35,068 — 18,439 53,507 — 53,507 59 through 2017 5 Timberlands — 6,694 1,886 10,930 17,625 1,885 19,510 2,010 n/a 5-30 Unimproved land — 85 — 5,024 5,109 — 5,109 28 n/a 15-20 Total $ 55,630 $ 160,945 $ 157,053 $ 86,378 $ 252,104 $ 152,272 $ 404,376 $ 71,752 (1) Includes initial costs to the Company to place the assets in service. (2) Includes cumulative impairments. Notes: (A) The aggregate cost of real estate owned at December 31, 2017 for federal income tax purposes is approximately $431.7 million. (B) Reconciliation of real estate owned (in thousands of dollars): 2017 2016 2015 Balance at beginning of the year $ 381,969 $ 377,668 $ 379,944 Amounts capitalized 39,261 13,875 13,372 Impairments (714 ) (357 ) — Cost of real estate sold (14,274 ) (6,489 ) (14,584 ) Amounts retired or adjusted (1,866 ) (2,728 ) (1,064 ) Balance at the end of the year $ 404,376 $ 381,969 $ 377,668 (C) Reconciliation of accumulated depreciation (in thousands of dollars): 2017 2016 2015 Balance at beginning of the year $ 67,349 $ 64,069 $ 58,132 Depreciation expense 6,245 6,002 6,204 Amounts retired or adjusted (1,842 ) (2,722 ) (267 ) Balance at the end of the year $ 71,752 $ 67,349 $ 64,069 |
Schedule IV (Consolidated) - Mo
Schedule IV (Consolidated) - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2017 | |
Mortgage Loans on Real Estate [Abstract] | |
SCHEDULE IV (CONSOLIDATED) - MORTGAGE LOANS ON REAL ESTATE | THE ST. JOE COMPANY SCHEDULE IV (CONSOLIDATED) - MORTGAGE LOANS ON REAL ESTATE DECEMBER 31, 2017 (in thousands) Description Interest Rate Final Maturity Date Periodic Payment Terms Prior Liens Carrying Amount of Mortgages Principal Amount of Loans Subject to Delinquent Principal or Interest Seller financing 5.5% November 2019 P&I (a) — $ 1,060 — Seller financing 5.5% September 2019 P&I (a) — 904 — Seller financing 5.5% June 2019 P&I (a) — 857 — Various other seller financing 4.80% to 8.15% October 2022 through November 2023 P&I (b) — 174 — Total (c) $ 2,995 (a) Annual principal payment of $0.1 million due and interest is paid quarterly over a twenty year amortization schedule. On the maturity date, all outstanding principal, all accrued interest and any other customary charges shall be due and payable in full. (b) Principal and interest is paid monthly. (c) The aggregate cost for federal income tax purposes approximates the amount of unpaid principal. The summarized changes in the carrying amount of mortgage loans are as follows: 2017 2016 2015 Balance at beginning of the year $ 242 $ 570 $ 22,122 Additions during the year - new mortgage loans 2,821 — — Deductions during the year: Collections of principal 68 328 21,552 Foreclosures — — — Balance at the end of the year $ 2,995 $ 242 $ 570 |
Significant Accounting Polici31
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company is the primary beneficiary. Investments in joint ventures and limited partnerships in which the Company does not have a controlling interest are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. A variable interest entity (“VIE”) is an entity in which a controlling financial interest may be achieved through arrangements that do not involve voting interests. A VIE is required to be consolidated by its primary beneficiary, which is the entity that possesses the power to direct the activities of the VIE that most significantly impact the VIEs economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that are significant to the entity. The Company consolidates VIEs when it is the primary beneficiary of the VIE, including real estate joint ventures determined to be VIEs. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions including investment in real estate, real estate impairment assessments, investments, other-than-temporary impairment assessments, retained interest investments, accruals and deferred income taxes. Actual results could differ from those estimates. |
Investment in Real Estate | Investment in Real Estate The Company capitalizes costs directly associated with development and construction of identified real estate projects. The Company also capitalizes those indirect costs that relate to the projects under development or construction. These indirect costs include construction and development administration, legal fees, capitalized interest, and project administration to the extent that such costs are related to a specific project. Interest is capitalized (up to total interest expense) based on the amount of underlying borrowings and real estate taxes are capitalized on real estate projects under development. Real estate development costs also include land and common development costs (such as roads, utilities and amenities), capitalized property taxes, capitalized interest and certain indirect costs. A portion of real estate inventory costs and estimates for costs to complete are allocated to each unit based on the relative sales value of each unit as compared to the estimated sales value of the total project. These estimates are reevaluated at least annually and more frequently if warranted by market conditions, changes in the project’s scope or other factors, with any adjustments being allocated prospectively to the remaining units available for sale. The capitalization period relating to direct and indirect project costs is the period in which activities necessary to ready a property for its intended use are in progress. The period begins when such activities commence, typically when the Company begins the entitlement processes for land already owned, and ends when the asset is substantially complete and ready for its intended use. Determination of when construction of a project is substantially complete and ready for its intended use requires judgment. The Company determines when the capitalization period begins and ends through communication with project and other managers responsible for the tracking and oversight of individual projects. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. If the Company determines not to complete a project, any previously capitalized costs are expensed in the period in which the determination is made and recovery is not deemed reasonable. Investment in real estate is carried at cost, net of depreciation and timber depletion, unless circumstances indicate that the carrying value of the assets may not be recoverable. If the Company determines that an impairment exists due to the inability to recover an asset’s carrying value, an impairment charge is recorded to the extent that the carrying value exceeds estimated fair value. If such assets were held for sale, the provision for loss would be recorded to the extent that the carrying value exceeds estimated fair value less costs to sell. Depreciation is computed on the straight-line method over the estimated economic lives of the assets, as follows: Estimated Useful Life (in years) Land N/A Land improvements 15 - 20 Buildings 20-40 Building improvements 5-25 Timber N/A Building improvements are amortized on a straight-line basis over the shorter of the minimum lease term or the estimated economic life of the assets. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, bank demand accounts, money market instruments and short term commercial paper having original maturities at acquisition date, of ninety days or less. |
Investments | Investments Investments and restricted investments consist of available-for-sale securities recorded at fair value, which is established through external pricing services that use quoted market prices and pricing data from recently executed market transactions. Unrealized gains and temporary losses on investments, net of tax, are recorded in other comprehensive (loss) income. Realized gains and losses on investments are determined using the specific identification method. The amortized cost of debt securities are adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization and accretion is included in investment income, net. The Company evaluates investments classified as available-for-sale with an unrealized loss to determine if they are other-than- temporarily impaired. This evaluation is based on various factors, including the financial condition, business prospects, industry and creditworthiness of the issuer, severity and length of time the securities were in a loss position, the Company’s ability and intent to hold investments until the unrealized loss is recovered or until maturity and the amount of the unrealized loss. If a decline in fair value is considered other-than-temporary, the decline is then bifurcated into its credit and non-credit related components. The amount of the credit-related component is recognized in earnings, and the amount of the non-credit related component is recognized in other comprehensive (loss) income, unless the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security prior to its anticipated recovery. |
Restricted Investments | Restricted Investments The Company’s restricted investments are related to the Company’s deferred compensation plan. As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) Plan. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s consolidated balance sheets until they are allocated to current or future 401(k) plan participants for up to the next four years. |
Fair Value Measurements | Fair Value Measurements Fair value is an exit price, representing the amount that would be received by selling an asset or paying to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 1. Quoted prices in active markets for identical assets or liabilities; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, such as internally-developed valuation models which require the reporting entity to develop its own assumptions . |
Comprehensive Income (Loss) | Comprehensive Income (Loss) The Company’s comprehensive income (loss) includes unrealized gains and temporary losses on available-for-sale securities and restricted investments. |
Receivables | Receivables The Company’s receivables include primarily the PCR Note, Pier Park CDD notes, homebuilder notes and claim settlement receivable. The Company evaluates the carrying value of receivables at each reporting date. Receivable balances are adjusted to net realizable value based upon a review of entity specific facts or when terms are modified. Judgments are made with respect to the collectability of accounts based on historical experience and current economic trends. Actual losses could differ from those estimates. As of December 31, 2017 and 2016 there were no collectability issues. |
Long-Lived Assets | Long-Lived Assets Long-lived assets include the Company’s investments in operating and development property and property and equipment. The Company reviews its long-lived assets for impairment quarterly to determine whether events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. As part of the Company’s review for impairment of its long-lived assets, the Company reviews the long-lived asset’s carrying value, current period actual financial results as compared to prior period and forecasted results contained in the Company’s business plan and any other events or changes in circumstances to identify whether an indicator of potential impairment may exist. Some of the events or changes in circumstances that are considered by the Company as indicators of potential impairment include: • a prolonged decrease in the fair value or demand for the Company’s properties; • a change in the expected use or development plans for the Company’s properties; • a material change in strategy that would affect the fair value of the Company’s properties; • continuing operating or cash flow loss for an operating property; • an accumulation of costs in excess of the projected costs for development or operating property; and • any other adverse change that may affect the fair value of the property. The Company uses varying methods to determine if an impairment exists, such as (i) considering indicators of potential impairment, (ii) analyzing expected future cash flows and comparing the expected future undiscounted cash flows of the property to its carrying value or (iii) determining market resale values. For projects under development, an estimate of undiscounted future cash flows is performed using estimated future expenditures necessary to develop and maintain the existing project and using management’s best estimates about future sales prices and holding periods. The projection of undiscounted cash flows requires that management develop various assumptions including: • the projected pace of sales of homesites based on estimated market conditions and the Company’s development plans; • estimated pricing and projected price appreciation over time; • the amount and trajectory of price appreciation over the estimated selling period; • the length of the estimated development and selling periods, which can differ depending on the size of the development and the number of phases to be developed; • the amount of remaining development costs, including the extent of infrastructure or amenities included in such development costs; • holding costs to be incurred over the selling period; • for bulk land sales of undeveloped and developed parcels future pricing is based upon estimated developed lot pricing less estimated development costs and estimated developer profit; • for commercial development property, future pricing is based on sales of comparable property in similar markets; and • whether liquidity is available to fund continued development. For operating properties, an estimate of undiscounted cash flows also requires management to make assumptions about the use and disposition of such properties. These assumptions include: • for investments in inns and rental condominium units, average occupancy and room rates, revenue from food and beverage and other amenity operations, operating expenses and capital expenditures, and eventual disposition of such properties as private residence vacation units or condominiums, based on current prices for similar units appreciated to the expected sale date; • for investments in commercial or retail property, future occupancy and rental rates and the amount of proceeds to be realized upon eventual disposition of such property at a terminal capitalization rate; and, • for investments in a beach club, golf courses, memberships, future rounds and greens fees, operating expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties at a multiple of terminal year cash flows. Homesites substantially completed and ready for sale are measured at the lower of carrying value or fair value less costs to sell. Management identifies homesites as being substantially completed and ready for sale when the properties are being actively marketed with intent to sell such properties in the near term and under current market conditions. Other homesites for which management does not intend to sell in the near term under current market conditions are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of such property. Other properties that management does not intend to sell in the near term under current market conditions and has the ability to hold are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of the property. The results of impairment analyses for development and operating properties are particularly dependent on the estimated holding and selling period for each asset group. If a property is considered impaired, the impairment charge is determined by the amount the property’s carrying value exceeds its fair value. The Company uses varying methods to determine fair value, such as (i) analyzing expected future cash flows, (ii) determining resale values in a given market (iii) applying a capitalization rate to net operating income using prevailing rates in a given market or (iv) applying a multiplier to revenue using prevailing rates in a given market. The fair value of a property may be derived either from discounting projected cash flows at an appropriate discount rate, through appraisals of the underlying property, or a combination thereof. The Company classifies the assets and liabilities of a long-lived asset as held-for-sale when management approves and commits to a formal plan of sale and it is probable that a sale will be completed. The carrying value of the assets held-for-sale are then recorded at the lower of their carrying value or fair value less estimated costs to sell. |
Timber Inventory | Timber Inventory The Company estimates its standing timber inventory on an annual basis utilizing a process referred to as a “timber cruise.” Specifically, the Company conducts field measurements of the number of trees, tree height and tree diameter on a sample area equal to approximately 20% of our timber holdings each year. Inventory data is used to calculate volumes and products along with growth projections to maintain accurate data. Industry practices are used for modeling including growth projections, volume and product classifications. A depletion rate is established annually by dividing merchantable inventory cost by standing merchantable inventory volume. |
Property and Equipment, net | Property and Equipment, net Property and equipment is stated at cost, net of accumulated depreciation. Major improvements are capitalized while maintenance and repairs are expensed in the period the cost is incurred. Depreciation is computed using the straight-line method over the estimated economic lives of various assets, as follows: Estimated Useful Life (in years) Railroad and equipment 15-30 Furniture and fixtures 5-10 Machinery and equipment 3-10 Office equipment 5-10 Autos and trucks 5 |
Income Taxes | Income Taxes The Company’s provision for income taxes includes the current tax owed on the current period earnings, as well as a deferred provision, which reflects the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Changes in existing tax laws and rates, their related interpretations, as well as the uncertainty generated by the prospect of tax legislation in the future may affect the amounts of deferred tax liabilities or the realizability of deferred tax assets. For tax positions the Company has taken or expects to take in a tax return, the Company applies a more likely than not assessment (i.e., there is a greater than 50 percent chance) about whether the tax position will be sustained upon examination by the appropriate tax authority with full knowledge of all relevant information. Amounts recorded for uncertain tax positions are periodically assessed, including the evaluation of new facts and circumstances, to ensure sustainability of the position. The Company records interest related to unrecognized tax benefits, if any, in interest expense and penalties in other income (expense), net. |
Concentration of Risks and Uncertainties | Concentration of Risks and Uncertainties The Company’s real estate investments are concentrated in Northwest Florida in a number of specific development projects. Uncertain economic conditions could have an adverse impact on the Company’s real estate values and could cause the Company to sell assets at depressed values in order to pay ongoing obligations. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, other receivables, investments held by special purpose entity or entities (“SPE”), and investments in retained interests. The Company deposits and invests cash with regional financial institutions and as of December 31, 2017 these balances exceed the amount of FDIC insurance provided on such deposits by $18.6 million . |
Earnings Per Share | Earnings Per Share Basic and diluted earnings per share are calculated by dividing net income by the average number of common shares outstanding for the period. |
Revenue and Revenue Recognition | Revenue and Revenue Recognition Revenue consists primarily of real estate sales, resorts and leisure operations, leasing operations, and timber sales. Taxes collected from customers and remitted to governmental authorities (e.g., sales tax) are excluded from revenue, costs and expenses. Real Estate Revenue Revenue from real estate sales, including sales of homesites, commercial properties and rural or timberland, is recognized when a sale is closed and title transfers to the buyer, the buyer’s initial investment is adequate, any receivables are probable of collection, the usual risks and rewards of ownership have been transferred to the buyer and the Company does not have significant continuing involvement with the real estate sold. The buyer’s minimum initial investment requirement is typically the receipt of cash for approximately twenty to twenty-five percent of the sales value depending on the type and use of the property purchased. If the minimum initial investment requirement is not met, revenue may be deferred, depending on the circumstances. As part of the purchase price consideration for a homesite from sales to homebuilders, the Company may receive a percentage of the sale price of the completed home if the home price or gross profit of the home exceeds a negotiated threshold. These lot residuals are recognized in revenue when consideration is received by the Company in periods subsequent to the initial recognition of revenue for the sale of the homesite. Effective January 1, 2018, with the adoption of ASU 2014-09, estimated lot residuals, marketing fees and tap and impact fees will be recognized as revenue at the time of sale to homebuilders, subject to constraints, and any change in circumstances from the estimated amounts will be updated at each reporting period. |
Resorts and Leisure Revenue | Resorts and Leisure Revenue Resorts and leisure revenue includes service and rental fees associated with the WaterColor Inn and the Company’s vacation rental programs in WaterColor, WaterSound Beach and surrounding communities. In addition, other resorts and leisure revenue includes club memberships, membership reservations, daily play at golf courses, merchandise sales, food and beverage sales, marina boat slip rentals, fuel sales, and management services of The Pearl Hotel. The revenue is generally recognized as services are provided. Vacation rental revenue includes the entire rental fee collected from the customer, including the homeowner’s portion. A percentage of the fee is remitted to the homeowner and presented in cost of resorts and leisure revenue. The Company is the principal in its vacation rental management business and has determined that it is the primary obligor to the guest, as it has sole discretion in establishing prices and provides the majority of the services to the guest. As discussed further in Note 7. Sale of Vacation Rental Management , the Company sold its short term vacation rental management business during December 2017. Club membership revenue is recognized when billed to the member and the non-refundable initiation fee is deferred and recognized ratably over the estimated membership period. Revenue generated from the Company’s management services of The Pearl Hotel includes a management fee, fifty percent of certain resort fees and a percentage of The Pearl Hotel’s gross operating profit. |
Leasing Revenue | Leasing Revenue Leasing revenue consists of long term rental revenue from retail, office and commercial operations, cell towers, and other assets, which is recognized as earned, using the straight-line method over the life of each lease. Leasing revenue includes properties located in the Company’s Beckrich Office Park, consolidated Pier Park North JV and Windmark JV, as well as the Company’s industrial park, VentureCrossings, and other properties. Certain leases provide for tenant occupancy during periods for which no rent is due or where minimum rent payments change during the lease term. Accordingly, a receivable or liability is recorded representing the difference between the straight-line rent and the rent that is contractually due from the tenant. |
Forestry Product Revenue | Forestry Product Revenue Revenue from the sale of the Company’s forestry products is primarily derived from either pay-as-cut sales contracts or timber bid sales. Under a pay-as-cut sales contract, the risk of loss and title to the specified timber transfers to the buyer when cut by the buyer, and the buyer or some other third party is responsible for all logging and hauling costs, if any. Timber bid sales are agreements in which the buyer agrees to purchase and harvest specified timber (i.e., mature pulpwood and/or sawlogs) on a tract of land over the term of the contract. Unlike a pay-as-cut sales contract, risk of loss and title to the trees transfer to the buyer when the contract is signed. The buyer pays the full purchase price when the contract is signed and the Company does not have any additional performance obligations. |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued ASU 2016-09 that simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The Company adopted the new guidance as of January 1, 2017. The adoption of this guidance did not have a material impact on the Company’s financial condition, results of operations or cash flows. Consolidation In October 2016, the FASB issued ASU 2016-17 that amends the evaluation of whether a reporting entity is the primary beneficiary of a VIE by changing how a reporting entity that is a single decision maker of a VIE treats indirect interests in the entity held through related parties that are under common control with the reporting entity. The Company adopted the new guidance as of January 1, 2017. The adoption of this guidance had no impact on the Company’s financial condition, results of operations or cash flows. Business Combinations In January 2017, the FASB issued ASU 2017-01 that clarifies the definition of a business for entities that must determine whether a business has been acquired or sold. This guidance is intended to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company adopted the new guidance as of April 1, 2017. The adoption of this guidance had no impact on the Company’s financial condition, results of operations or cash flows. Recently Issued Accounting Pronouncements Revenue Recognition In May 2014, the FASB issued ASU 2014-09 that establishes the principles used to recognize revenue for all entities. In March 2016, the FASB issued ASU 2016-08 that further clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10 that clarifies guidance on identifying performance obligations and to improve the operability and understandability of licensing implementation guidance. In May 2016, the FASB issued ASU 2016-11 that rescinds SEC guidance pursuant to announcements at the March 3, 2016 Emerging Issues Task Force Meeting. In May 2016, the FASB issued ASU 2016-12 that provides narrow-scope improvements and practical expedients to Revenue from Contracts with Customers. In December 2016, the FASB issued ASU 2016-20 that includes technical corrections and improvements to ASU 2014-09. The new guidance will be effective for annual and interim periods beginning after December 15, 2017. The Company has elected to implement ASU 2014-09 using the modified retrospective application, with the cumulative effect recorded as an adjustment to opening retained earnings at January 1, 2018. The Company has evaluated the impact of adopting this guidance and as a result of this evaluation estimate an adjustment to increase retained earnings by $1.6 million , related to the recognition of lot residuals, marketing fees, and tap and impact fee credits. The Company also expects an impact to revenue-related disclosures as a result of adopting this guidance. Financial Instruments In January 2016, the FASB issued ASU 2016-01 that amends existing guidance to address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The new guidance will require equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in results of operations. Additionally, certain disclosure requirements and other aspects of accounting for financial instruments will change as a result of the new guidance, which is effective for interim and annual reporting periods beginning after December 15, 2017. ASU 2016-01 will be effective for the Company January 1, 2018 and implemented using a cumulative-effect adjustment to retained earnings as of the date of adoption. The Company has evaluated the impact of the adoption of this guidance, and as a result of this evaluation, determined the change in the fair value of its equity investments after January 1, 2018, will be recognized in the consolidated statements of operations rather than the consolidated statements of comprehensive income (loss), and estimate a cumulative-effect adjustment to reduce retained earnings by $0.9 million . Leases In February 2016, the FASB issued ASU 2016-02 that amends the existing accounting standards for lease accounting, including requiring lessees to recognize both finance and operating leases with terms of more than 12 months on the balance sheet. The accounting applied by a lessor is largely unchanged from existing guidance. This amendment also requires certain quantitative and qualitative disclosures about leasing arrangements. In January 2018, the FASB issued ASU 2018-01 which provides an optional transition practical expedient to not evaluate under the new lease standard, existing or expired land easements that were not previously accounted for as leases. The new guidance will be effective for annual and interim periods beginning after December 15, 2018 and requires a modified retrospective adoption. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows. Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13 that requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected and requires that credit losses from available-for-sale debt securities be presented as an allowance for credit loss. This new guidance will be effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted for annual and interim periods beginning after December 15, 2018. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows. Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15 that amends the classification of certain cash receipts and cash payments, to reduce the diversity in how these cash receipts and cash payments are presented and classified in the statement of cash flows. The new standard is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted, including adoption in an interim period. As this guidance only affects the classification within the statement of cash flows, it is not currently expected to have an impact on the Company’s cash flows. Statement of Cash Flows - Restricted Cash In November 2016, the FASB issued ASU 2016-18 that requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years and should be applied using a retrospective transition method to each period presented. Early adoption is permitted, including adoption in an interim period. ASU 2016-18 will be effective for the Company on January 1, 2018 and is not expected to have a material impact on the Company’s cash flows. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU 2018-02 that allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. The ASU also requires additional disclosures that include a description of the accounting policy for releasing income tax effects from accumulated other comprehensive income, whether the Company elected to reclassify the effects from the Tax Act and information about other tax effects related to the Tax Act that are reclassified from accumulated other comprehensive income to retained earnings, if any. This guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years and should be applied either in the period of adoption or retrospectively to each period in which the effect of the Tax Act is recognized. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial condition, results of operations and cash flows. |
Significant Accounting Polici32
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment | Depreciation is computed using the straight-line method over the estimated economic lives of various assets, as follows: Estimated Useful Life (in years) Railroad and equipment 15-30 Furniture and fixtures 5-10 Machinery and equipment 3-10 Office equipment 5-10 Autos and trucks 5 Depreciation is computed on the straight-line method over the estimated economic lives of the assets, as follows: Estimated Useful Life (in years) Land N/A Land improvements 15 - 20 Buildings 20-40 Building improvements 5-25 Timber N/A Operating property includes the following components: December 31, December 31, Land and land improvements $ 77,788 $ 73,239 Buildings and building improvements 152,272 133,678 Timber 10,951 10,203 241,011 217,120 Less: Accumulated depreciation 71,752 67,349 Total operating property, net $ 169,259 $ 149,771 Property and equipment, net consists of the following: December 31, December 31, Railroad and equipment $ 33,626 $ 33,626 Furniture and fixtures 22,552 19,191 Machinery and equipment 9,468 8,998 Office equipment 5,322 5,154 Autos and trucks 1,012 1,075 71,980 68,044 Less: Accumulated depreciation 60,697 59,404 11,283 8,640 Construction in progress 493 352 Total property and equipment, net $ 11,776 $ 8,992 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum future base rents on non-cancelable leases for the next five years are: 2018 $ 10,189 2019 9,718 2020 9,073 2021 8,632 2022 8,339 $ 45,951 |
Investment in Real Estate (Tabl
Investment in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Real Estate by Property Type and Segment | Real estate by property type and segment includes the following: December 31, December 31, Development property: Residential real estate $ 100,279 $ 101,292 Resorts and leisure 4,131 263 Commercial leasing and sales 53,896 58,364 Forestry 2,488 2,492 Corporate 2,571 2,438 Total development property 163,365 164,849 Operating property: Residential real estate 7,344 8,097 Resorts and leisure 103,616 107,029 Commercial leasing and sales 110,491 82,336 Forestry 19,510 19,608 Other 50 50 Total operating property 241,011 217,120 Less: Accumulated depreciation 71,752 67,349 Total operating property, net 169,259 149,771 Investment in real estate, net $ 332,624 $ 314,620 |
Property, Plant and Equipment | Depreciation is computed using the straight-line method over the estimated economic lives of various assets, as follows: Estimated Useful Life (in years) Railroad and equipment 15-30 Furniture and fixtures 5-10 Machinery and equipment 3-10 Office equipment 5-10 Autos and trucks 5 Depreciation is computed on the straight-line method over the estimated economic lives of the assets, as follows: Estimated Useful Life (in years) Land N/A Land improvements 15 - 20 Buildings 20-40 Building improvements 5-25 Timber N/A Operating property includes the following components: December 31, December 31, Land and land improvements $ 77,788 $ 73,239 Buildings and building improvements 152,272 133,678 Timber 10,951 10,203 241,011 217,120 Less: Accumulated depreciation 71,752 67,349 Total operating property, net $ 169,259 $ 149,771 Property and equipment, net consists of the following: December 31, December 31, Railroad and equipment $ 33,626 $ 33,626 Furniture and fixtures 22,552 19,191 Machinery and equipment 9,468 8,998 Office equipment 5,322 5,154 Autos and trucks 1,012 1,075 71,980 68,044 Less: Accumulated depreciation 60,697 59,404 11,283 8,640 Construction in progress 493 352 Total property and equipment, net $ 11,776 $ 8,992 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investments and Restricted Investments | At December 31, 2017 , investments and restricted investments classified as available-for-sale securities were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investments: U.S. Treasury securities $ 9,892 $ — $ 22 $ 9,870 Corporate debt securities 67,781 411 1,817 66,375 Preferred stock 35,955 423 1,355 35,023 113,628 834 3,194 111,268 Restricted investments: Short-term bond 4,264 — 13 4,251 Money market fund 218 — — 218 4,482 — 13 4,469 $ 118,110 $ 834 $ 3,207 $ 115,737 At December 31, 2016 , investments and restricted investments classified as available-for-sale securities were as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investments: Corporate debt securities $ 135,590 $ 5,311 $ 1,769 $ 139,132 Preferred stock 36,048 656 111 36,593 171,638 5,967 1,880 175,725 Restricted investments: Short-term bond 4,232 — 6 4,226 Money market fund 1,410 — — 1,410 5,642 — 6 5,636 $ 177,280 $ 5,967 $ 1,886 $ 181,361 |
Continuous Unrealized Loss Position | The following table provides the U.S. Treasury securities, corporate debt securities, preferred stock and restricted investments unrealized loss position and related fair values: As of December 31, 2017 As of December 31, 2016 Less Than 12 Months 12 Months or Greater Less Than 12 Months 12 Months or Greater Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Investments: U.S. Treasury securities $ 9,870 $ 22 $ — $ — $ — $ — $ — $ — Corporate debt securities 15,515 691 29,595 1,126 64,516 1,410 6,971 359 Preferred stock 11,263 1,337 1,986 18 — — 153 111 Restricted investments: Short-term bond — — 4,251 13 4,226 6 — — $ 36,648 $ 2,050 $ 35,832 $ 1,157 $ 68,742 $ 1,416 $ 7,124 $ 470 |
Contractual Maturities of Investments | The net carrying value and estimated fair value of investments and restricted investments classified as available-for-sale at December 31, 2017 , by contractual maturity are shown in the following table. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations. Amortized Cost Fair Value Due in one year or less $ 11,892 $ 11,852 Due after one year through five years 65,713 64,332 Due after five year through ten years 68 61 77,673 76,245 Preferred stock 35,955 35,023 Restricted investments 4,482 4,469 $ 118,110 $ 115,737 |
Financial Instruments and Fai35
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis | The financial instruments measured at fair value on a recurring basis at December 31, 2017 were as follows: Level 1 Level 2 Level 3 Total Fair Value Cash equivalents: Money market funds $ 10,505 $ — $ — $ 10,505 Commercial paper 159,970 — — 159,970 170,475 — — 170,475 Investments: U.S. Treasury securities 9,870 — — 9,870 Corporate debt securities — 66,375 — 66,375 Preferred stock 10,717 24,306 — 35,023 20,587 90,681 — 111,268 Restricted investments: Short-term bond 4,251 — — 4,251 Money market fund 218 — — 218 4,469 — — 4,469 $ 195,531 $ 90,681 $ — $ 286,212 The financial instruments measured at fair value on a recurring basis at December 31, 2016 were as follows: Level 1 Level 2 Level 3 Total Fair Value Cash equivalents: Money market funds $ 86,236 $ — $ — $ 86,236 Commercial paper 129,671 — — 129,671 215,907 — — 215,907 Investments: Corporate debt securities 57,788 81,344 — 139,132 Preferred stock 19,177 17,416 — 36,593 76,965 98,760 — 175,725 Restricted investments: Short-term bond 4,226 — — 4,226 Money market fund 1,410 — — 1,410 5,636 — — 5,636 $ 298,508 $ 98,760 $ — $ 397,268 |
Carrying Amount and Fair Value of Financial Instruments | The carrying amount and fair value, measured on a nonrecurring basis, of the Company’s financial instruments were as follows: December 31, 2017 December 31, 2016 Carrying value Fair value Level Carrying value Fair value Level Assets Retained interest investments $ 11,147 $ 14,106 3 $ 10,635 $ 13,669 3 Investments held by SPEs: Time deposit $ 200,000 $ 200,000 3 $ 200,000 $ 200,000 3 U.S. Treasury securities and cash equivalents $ 7,989 $ 7,797 1 $ 8,590 $ 8,398 1 Liabilities Senior Notes held by SPE $ 176,537 $ 198,530 3 $ 176,310 $ 199,691 3 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Other assets consist of the following: December 31, December 31, Retained interest investments $ 11,147 $ 10,635 Accounts receivable, net 8,460 4,625 Notes receivable 9,522 1,926 Prepaid expenses 6,625 5,685 Straight line rent 3,804 3,812 Other assets 4,637 8,789 Accrued interest receivable for Senior Notes held by SPE 2,938 2,938 Total other assets $ 47,133 $ 38,410 |
Notes Receivable, Net | Notes receivable consists of the following: December 31, December 31, PCR Note, secured by certain assets, 10% interest rate, principal payments due beginning September 2018 per agreed upon schedule, and any remaining amount outstanding is due by December 2020, paid in full February 2018 $ 5,000 $ — Pier Park Community Development District notes, non-interest bearing, due September 2022 1,527 1,684 Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due November 2018 and any remaining amount outstanding is due by November 2019 1,060 — Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due September 2018 and any remaining amount outstanding is due by September 2019 904 — Interest bearing homebuilder note, secured by the real estate sold — 5.5% interest rate, principal payment of $0.1 million due June 2018 and any remaining amount outstanding is due by June 2019 857 — Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, due December 2016, paid January 2017 — 33 Various mortgage notes, secured by certain real estate, bearing interest at various rates 174 209 Total notes receivable $ 9,522 $ 1,926 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Depreciation is computed using the straight-line method over the estimated economic lives of various assets, as follows: Estimated Useful Life (in years) Railroad and equipment 15-30 Furniture and fixtures 5-10 Machinery and equipment 3-10 Office equipment 5-10 Autos and trucks 5 Depreciation is computed on the straight-line method over the estimated economic lives of the assets, as follows: Estimated Useful Life (in years) Land N/A Land improvements 15 - 20 Buildings 20-40 Building improvements 5-25 Timber N/A Operating property includes the following components: December 31, December 31, Land and land improvements $ 77,788 $ 73,239 Buildings and building improvements 152,272 133,678 Timber 10,951 10,203 241,011 217,120 Less: Accumulated depreciation 71,752 67,349 Total operating property, net $ 169,259 $ 149,771 Property and equipment, net consists of the following: December 31, December 31, Railroad and equipment $ 33,626 $ 33,626 Furniture and fixtures 22,552 19,191 Machinery and equipment 9,468 8,998 Office equipment 5,322 5,154 Autos and trucks 1,012 1,075 71,980 68,044 Less: Accumulated depreciation 60,697 59,404 11,283 8,640 Construction in progress 493 352 Total property and equipment, net $ 11,776 $ 8,992 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt consists of the following as of December 31, 2017 : Principal Unamortized Discount and Debt Issuance Costs Net Refinanced Loan in the Pier Park North JV, due November 2025, bearing interest at 4.1% $ 47,295 $ 512 $ 46,783 Community Development District debt, secured by certain real estate or other collateral, due May 2031 — May 2039, bearing interest at 3.6% to 7.0% 7,241 — 7,241 Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.3% at December 31, 2017) 1,624 18 1,606 Total debt $ 56,160 $ 530 $ 55,630 Debt consists of the following as of December 31, 2016 : Principal Unamortized Discount and Debt Issuance Costs Net Refinanced Loan in the Pier Park North JV, due November 2025, bearing interest at 4.1% $ 48,132 $ 613 $ 47,519 Community Development District debt, secured by certain real estate or other collateral, due May 2031 — May 2039, bearing interest at 3.4% to 7.0% 7,521 — 7,521 Total debt $ 55,653 $ 613 $ 55,040 |
Maturities of Debt | The aggregate maturities of debt subsequent to December 31, 2017 are: December 31, 2018 $ 1,487 2019 1,533 2020 1,536 2021 1,517 2022 1,495 Thereafter 48,592 $ 56,160 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Other Liabilities | Other liabilities consist of the following: December 31, December 31, Accounts payable $ 7,524 $ 4,376 Accrued compensation 2,664 2,655 Deferred revenue 17,864 15,289 Membership deposits and initiation fees 9,704 7,384 Advance deposits 1,468 3,419 Other accrued liabilities 5,185 4,977 Accrued interest expense for Senior Notes held by SPE 2,850 2,850 Total other liabilities $ 47,259 $ 40,950 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Summary of the provision for income tax expense (benefit) | Income tax (benefit) expense for the years ended December 31, 2017 , 2016 , and 2015 consist of the following: 2017 2016 2015 Current: Federal $ 7,418 $ (22,416 ) $ (1,377 ) State 48 (64 ) (138 ) Total 7,466 (22,480 ) (1,515 ) Deferred: Federal (23,512 ) 29,796 2,261 State (1,835 ) (169 ) 62 Total (25,347 ) 29,627 2,323 Income tax (benefit) expense $ (17,881 ) $ 7,147 $ 808 |
Summary of total income tax expense (benefit) allocated in the consolidated financial statements | Total income tax (benefit) expense for the years ended December 31, 2017 , 2016 , and 2015 was allocated in the consolidated financial statements as follows: 2017 2016 2015 Income tax (benefit) expense $ (17,881 ) $ 7,147 $ 808 Income tax recorded in accumulated other comprehensive (loss) income Income tax (benefit) expense (2,488 ) 2,003 (300 ) Total income tax (benefit) expense $ (20,369 ) $ 9,150 $ 508 |
Schedule of effective income tax rate reconciliation | Income tax (benefit) expense attributable to income (loss) from operations differed from the amount computed by applying the statutory federal income tax rate of 35% to pre-tax income or loss as a result of the following: 2017 2016 2015 Tax at the statutory federal rate $ 14,594 $ 8,065 $ (323 ) State income taxes (net of federal benefit) 1,340 806 (32 ) Decrease in valuation allowance, net (142 ) (941 ) (164 ) Fees and expenses for SEC investigation — — 1,092 Change in statutory federal rate to 21% (33,542 ) — — Dividend received deduction (530 ) (40 ) — Other 399 (743 ) 235 Total income tax (benefit) expense $ (17,881 ) $ 7,147 $ 808 |
Schedule of deferred tax assets and liabilities | The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of December 31, 2017 and 2016 are presented below: 2017 2016 Deferred tax assets: State net operating loss carryforwards $ 17,237 $ 14,956 Alternative minimum tax credit carryforward — 13,477 Impairment losses 41,837 63,108 Prepaid income from land sales 3,734 5,461 Other 322 — Total gross deferred tax assets 63,130 97,002 Valuation allowance (4,993 ) (5,135 ) Total net deferred tax assets 58,137 91,867 Deferred tax liabilities: Investment in real estate and property and equipment basis differences 525 647 Deferred gain on land sales and involuntary conversions 19,671 28,920 Installment sales 85,769 127,260 Pension Plan assets transferred to the 401(k) Plan 1,155 2,170 Other — 1,716 Total gross deferred tax liabilities 107,120 160,713 Net deferred tax liabilities $ (48,983 ) $ (68,846 ) |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Summary of Changes in Accumulated Other Comprehensive (Loss) Income | Following is a summary of the changes in the balances of accumulated other comprehensive (loss) income, which is presented net of tax, as of December 31, 2017 and 2016 : Unrealized Gain and (Loss) on Available-for-Sale Securities Accumulated other comprehensive loss at December 31, 2015 $ (686 ) Other comprehensive income before reclassifications 3,685 Amounts reclassified from accumulated other comprehensive income (492 ) Other comprehensive income 3,193 Accumulated other comprehensive income at December 31, 2016 2,507 Other comprehensive income before reclassifications 1,235 Amounts reclassified from accumulated other comprehensive loss (5,203 ) Other comprehensive loss (3,968 ) Accumulated other comprehensive loss at December 31, 2017 $ (1,461 ) |
Reclassification out of Accumulated Other Comprehensive (Loss) Income | The following is a summary of the tax effects allocated to other comprehensive loss for the year ended December 31, 2017 : Year Ended December 31, 2017 Before-Tax Amount Tax (Expense) or Benefit Net-of-Tax Amount Unrealized gain (loss) on investments and restricted investments: Unrealized gain on available-for-sale investments $ 2,015 $ (774 ) $ 1,241 Unrealized loss on restricted investments (9 ) 3 (6 ) Reclassification adjustment for net gain included in earnings (10,750 ) 4,139 (6,611 ) Reclassification adjustment for other-than-temporary impairment loss included in earnings 2,288 (880 ) 1,408 Net unrealized loss (6,456 ) 2,488 (3,968 ) Other comprehensive loss $ (6,456 ) $ 2,488 $ (3,968 ) The following is a summary of the tax effects allocated to other comprehensive income for the year ended December 31, 2016 : Year Ended December 31, 2016 Before-Tax Amount Tax (Expense) or Benefit Net-of-Tax Amount Unrealized gain (loss) on investments and restricted investments: Unrealized gain on available-for-sale investments $ 5,997 $ (2,308 ) $ 3,689 Unrealized loss on restricted investments (6 ) 2 (4 ) Reclassification adjustment for net gain included in earnings (795 ) 303 (492 ) Net unrealized gain 5,196 (2,003 ) 3,193 Other comprehensive income $ 5,196 $ (2,003 ) $ 3,193 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Recognized as Expense | Total stock-based compensation recorded in other operating and corporate expenses on the consolidated statements of operations for the three years ended December 31, 2017 is as follows: 2017 2016 2015 Stock compensation expense before tax benefit $ 76 $ 131 $ 150 Income tax benefit (22 ) (50 ) (58 ) $ 54 $ 81 $ 92 |
Summary of Option Activity Outstanding | The following table sets forth the summary of option activity outstanding under the stock option program for 2017 : Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value ($000) Balance at December 31, 2016 45,405 $ 54.05 0.1 — Forfeited or expired 45,405 54.05 — — Balance at December 31, 2017 — $ — — — Vested or expected to vest at December 31, 2017 — $ — — — Exercisable at December 31, 2017 — $ — — — |
Other Income (Expense) (Tables)
Other Income (Expense) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other Income (Expense) | Other income (expense) consists of the following during the three years ended December 31, 2017 : 2017 2016 2015 Investment income, net Net investment income from available-for-sale securities Interest and dividend income $ 16,380 $ 6,602 $ 6,940 Accretion income 1,983 1,829 1,526 Net realized gain on the sale of investments 10,750 795 5,311 Other-than-temporary impairment loss (2,288 ) — — Total net investment income from available-for-sale securities 26,825 9,226 13,777 Interest income from investments in SPEs 8,201 8,202 8,217 Interest accrued on notes receivable and other interest 384 348 694 Total investment income, net 35,410 17,776 22,688 Interest expense Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE (8,777 ) (8,833 ) (8,755 ) Other interest expense (3,368 ) (3,462 ) (2,674 ) Total interest expense (12,145 ) (12,295 ) (11,429 ) Claim settlement — 12,548 — Sale of vacation rental management, net 9,800 — — Other income (expense), net Accretion income from retained interest investments 1,100 991 913 Hunting lease income 569 553 562 Miscellaneous income (expense), net 4,286 1,078 (7,762 ) Other income (expense), net 5,955 2,622 (6,287 ) Total other income, net $ 39,020 $ 20,651 $ 4,972 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Information by Business Segment | Information by business segment is as follows: 2017 2016 2015 OPERATING REVENUE: Residential real estate $ 21,747 $ 19,483 $ 21,137 Resorts and leisure 54,820 57,284 54,488 Commercial leasing and sales 14,510 11,929 16,138 Forestry revenue 7,201 6,673 12,042 Other 518 375 66 Consolidated operating revenue $ 98,796 $ 95,744 $ 103,871 COST OF REVENUE: Cost of residential real estate revenue $ 12,455 $ 6,383 $ 10,853 Cost of resorts and leisure revenue 47,816 50,229 47,069 Cost of commercial leasing and sales revenue 5,979 4,431 7,766 Cost of forestry revenue 903 1,121 1,402 Cost of other revenue 41 30 4 Consolidated cost of revenue $ 67,194 $ 62,194 $ 67,094 OTHER OPERATING AND CORPORATE EXPENSES: Residential real estate $ 4,297 $ 5,744 $ 10,215 Resorts and leisure 494 547 426 Commercial leasing and sales 3,444 3,492 3,031 Forestry revenue 396 530 941 Other 11,751 12,706 18,813 Consolidated other operating and corporate expenses $ 20,382 $ 23,019 $ 33,426 DEPRECIATION, DEPLETION AND AMORTIZATION: Residential real estate $ 187 $ 286 $ 544 Resorts and leisure 4,225 4,402 5,096 Commercial leasing and sales 3,729 3,137 3,118 Forestry 575 552 581 Other 169 194 147 Consolidated depreciation, depletion and amortization $ 8,885 $ 8,571 $ 9,486 INVESTMENT INCOME, NET Residential real estate and other $ 89 $ 97 $ 571 Corporate (a) 35,321 17,679 22,117 Consolidated investment income, net $ 35,410 $ 17,776 $ 22,688 2017 2016 2015 INTEREST EXPENSE Residential real estate $ (1,164 ) $ (1,284 ) $ (1,174 ) Commercial leasing and sales (2,200 ) (2,169 ) (1,489 ) Corporate (b) (8,781 ) (8,842 ) (8,766 ) Consolidated interest expense $ (12,145 ) $ (12,295 ) $ (11,429 ) SALE OF VACATION RENTAL MANAGEMENT, NET Resorts and leisure (c) $ 9,800 $ — $ — Consolidated sale of vacation rental management, net $ 9,800 $ — $ — INCOME (LOSS) BEFORE INCOME TAXES: Residential real estate $ 3,903 $ 5,887 $ (821 ) Resorts and leisure (c) 12,444 2,087 1,819 Commercial leasing and sales (836 ) (1,233 ) 802 Forestry 6,586 5,609 10,259 Corporate (a)(b) 19,258 10,261 (13,222 ) Consolidated income (loss) before income taxes $ 41,355 $ 22,611 $ (1,163 ) 2017 2016 2015 CAPITAL EXPENDITURES: Residential real estate $ 8,407 $ 3,319 $ 4,923 Resorts and leisure 4,918 1,287 2,526 Commercial leasing and sales 25,248 6,836 8,014 Forestry 1,100 1,095 1,366 Other 207 321 636 Total capital expenditures $ 39,880 $ 12,858 $ 17,465 December 31, December 31, 2016 TOTAL ASSETS: Residential real estate $ 117,732 $ 112,220 Resorts and leisure 83,151 73,436 Commercial leasing and sales 163,271 141,013 Forestry 20,212 20,664 Other 536,627 680,612 Total assets $ 920,993 $ 1,027,945 (a) Includes interest income from investments in SPEs of $8.2 million in each 2017, 2016 and 2015. (b) Includes interest expense from Senior Notes issued by SPE of $8.8 million in each 2017, 2016 and 2015. (c) Includes proceeds of $9.9 million, which resulted in a net gain of $9.8 million from the PCR Rentals sale in 2017. See Note 7. Sale of Vacation Rental Management . |
Quarterly Financial Data (una45
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Quarters Ended December 31 September 30 June 30 March 31 2017 Operating revenue $ 21,562 $ 33,654 $ 30,383 $ 13,197 Operating (loss) income $ (1,884 ) $ 4,453 $ 4,663 $ (4,897 ) Net income attributable to the Company $ 38,503 $ 5,943 $ 10,764 $ 4,368 Basic and diluted income per share attributable to the Company (1) $ 0.58 $ 0.08 $ 0.15 $ 0.06 2016 Operating revenue $ 18,747 $ 27,192 $ 29,551 $ 20,254 Operating (loss) income $ (881 ) $ 1,595 $ 2,143 $ (897 ) Net income attributable to the Company $ 2,709 $ 2,711 $ 1,810 $ 8,665 Basic and diluted income per share attributable to the Company (1) $ 0.04 $ 0.04 $ 0.02 $ 0.11 (1) Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not be consistent with the per share amounts for the year. |
Nature of Operations (Details)
Nature of Operations (Details) | 12 Months Ended |
Dec. 31, 2017Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable operating segments | 4 |
Significant Accounting Polici47
Significant Accounting Policies - Schedule of Economic Lives of Assets (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Railroad and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 15 years |
Railroad and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 30 years |
Furniture and fixtures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 5 years |
Furniture and fixtures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 10 years |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 3 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 10 years |
Office equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 5 years |
Office equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 10 years |
Autos and trucks | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 5 years |
Real Estate | Land improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 15 years |
Real Estate | Land improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 20 years |
Real Estate | Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 20 years |
Real Estate | Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 40 years |
Real Estate | Building improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 5 years |
Real Estate | Building improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 25 years |
Significant Accounting Polici48
Significant Accounting Policies - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)issuershares | Jan. 01, 2018USD ($) | Dec. 31, 2016USD ($)shares | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Period restricted investments are to be allocated to 401(k) plan participants | 4 years | ||
Allowance for doubtful accounts | $ 0 | $ 0 | |
Timber holdings valuation sample | 20.00% | ||
Cash, uninsured amount | $ 18,600,000 | ||
Debt securities, fair value | $ 76,245,000 | ||
Common stock equivalents (in shares) | shares | 0 | 0 | |
Reduction in retained earnings | $ (577,557,000) | $ (669,293,000) | |
U.S. Treasury securities | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Debt securities, fair value | 9,900,000 | ||
Corporate debt securities | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Debt securities, fair value | $ 66,400,000 | ||
Number of issuers | issuer | 6 | ||
Commercial paper | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Debt securities, fair value | $ 160,000,000 | ||
Number of issuers | issuer | 12 | ||
External Credit Rating, Non Investment Grade | Preferred stock | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Number of issuers | issuer | 5 | ||
Other marketable securities, noncurrent | $ 35,000,000 | ||
Retained Earnings | Subsequent Event | ASU 2014-09 | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Effect of new accounting principal in period of adoption | $ 1,600,000 | ||
Retained Earnings | Subsequent Event | ASU 2016-01 | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Reduction in retained earnings | $ 900,000 |
Significant Accounting Polici49
Significant Accounting Policies - Schedule of Future Payments Receivable (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Accounting Policies [Abstract] | |
2,018 | $ 10,189 |
2,019 | 9,718 |
2,020 | 9,073 |
2,021 | 8,632 |
2,022 | 8,339 |
Operating Leases, Future Minimum Payments Receivable | $ 45,951 |
Investment in Real Estate - Rea
Investment in Real Estate - Real Estate by Property Type and Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate Properties [Line Items] | ||
Development property | $ 163,365 | $ 164,849 |
Operating property | 241,011 | 217,120 |
Less: Accumulated depreciation | 71,752 | 67,349 |
Total operating property, net | 169,259 | 149,771 |
Investment in real estate, net | 332,624 | 314,620 |
Residential real estate | ||
Real Estate Properties [Line Items] | ||
Development property | 100,279 | 101,292 |
Operating property | 7,344 | 8,097 |
Resorts and leisure | ||
Real Estate Properties [Line Items] | ||
Development property | 4,131 | 263 |
Operating property | 103,616 | 107,029 |
Commercial leasing and sales | ||
Real Estate Properties [Line Items] | ||
Development property | 53,896 | 58,364 |
Operating property | 110,491 | 82,336 |
Forestry | ||
Real Estate Properties [Line Items] | ||
Development property | 2,488 | 2,492 |
Operating property | 19,510 | 19,608 |
Corporate | ||
Real Estate Properties [Line Items] | ||
Development property | 2,571 | 2,438 |
Other | ||
Real Estate Properties [Line Items] | ||
Operating property | $ 50 | $ 50 |
Investment in Real Estate - Ope
Investment in Real Estate - Operating Property (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate [Abstract] | ||
Land and land improvements | $ 77,788 | $ 73,239 |
Buildings and building improvements | 152,272 | 133,678 |
Timber | 10,951 | 10,203 |
Operating property | 241,011 | 217,120 |
Less: Accumulated depreciation | 71,752 | 67,349 |
Total operating property, net | $ 169,259 | $ 149,771 |
Investment in Real Estate - Nar
Investment in Real Estate - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate [Abstract] | |||
Depreciation expense related to real estate investments | $ 6.2 | $ 6 | $ 6.2 |
Depletion | $ 0.5 | $ 0.5 | $ 0.5 |
Investments - Investments Class
Investments - Investments Classified as Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 118,110 | $ 177,280 |
Gross Unrealized Gains | 834 | 5,967 |
Gross Unrealized Losses | 3,207 | 1,886 |
Fair Value | 115,737 | 181,361 |
U.S. Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 9,892 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 22 | |
Fair Value | 9,870 | |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 67,781 | 135,590 |
Gross Unrealized Gains | 411 | 5,311 |
Gross Unrealized Losses | 1,817 | 1,769 |
Fair Value | 66,375 | 139,132 |
Preferred stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 35,955 | 36,048 |
Gross Unrealized Gains | 423 | 656 |
Gross Unrealized Losses | 1,355 | 111 |
Fair Value | 35,023 | 36,593 |
Debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 113,628 | 171,638 |
Gross Unrealized Gains | 834 | 5,967 |
Gross Unrealized Losses | 3,194 | 1,880 |
Fair Value | 111,268 | 175,725 |
Short-term bond | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,264 | 4,232 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 13 | 6 |
Fair Value | 4,251 | 4,226 |
Money market fund | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 218 | 1,410 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 218 | 1,410 |
Restricted investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,482 | 5,642 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 13 | 6 |
Fair Value | $ 4,469 | $ 5,636 |
Investments - Narrative (Detail
Investments - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)member | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Number of Investment Committee members required to authorize investment | member | 2 | ||
Net realized gains (losses) on sale of securities | $ 10,750,000 | $ 795,000 | $ 5,311,000 |
Proceeds from sales of securities | 174,507,000 | 197,548,000 | 385,695,000 |
Maturities of securities | 14,000,000 | 185,000,000 | |
Gross Unrealized Losses | 3,207,000 | 1,886,000 | |
Other-than-temporary impairment losses | $ 2,288,000 | $ 0 | $ 0 |
Corporate debt securities | Maximum | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments, target portfolio allocations percent | 15.00% | ||
Cash, investment grade cash equivalents or U.S. treasury securities | Minimum | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments, target portfolio allocations percent | 25.00% | ||
Other aggregated investments | Minimum | Securities of any one issuer (excluding the U.S. Government) | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments, target portfolio allocations percent | 10.00% | ||
Other aggregated investments | Maximum | Securities of any one issuer (excluding the U.S. Government) | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments, target portfolio allocations percent | 15.00% | ||
Other aggregated investments | Maximum | Single Issuer, Exchange-Traded Common Equities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments, target portfolio allocations percent | 5.00% | ||
Common stock investments | Maximum | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments, target portfolio allocations, amount | $ 100,000,000 | ||
Common, preferred or other equity investments | Maximum | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Investments, target portfolio allocations percent | 25.00% | ||
Investor | FCM and FTC | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Common stock ownership percentage | 42.33% | ||
Investor | FCM, FTC and Mr Berkowitz | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Common stock ownership percentage | 43.95% |
Investments - Continuous Unreal
Investments - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | $ 36,648 | $ 68,742 |
Less Than 12 Months, Unrealized Losses | 2,050 | 1,416 |
12 Months or Greater, Fair Value | 35,832 | 7,124 |
12 Months or Greater, Unrealized Losses | 1,157 | 470 |
U.S. Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 9,870 | 0 |
Less Than 12 Months, Unrealized Losses | 22 | 0 |
12 Months or Greater, Fair Value | 0 | 0 |
12 Months or Greater, Unrealized Losses | 0 | 0 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 15,515 | 64,516 |
Less Than 12 Months, Unrealized Losses | 691 | 1,410 |
12 Months or Greater, Fair Value | 29,595 | 6,971 |
12 Months or Greater, Unrealized Losses | 1,126 | 359 |
Preferred stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 11,263 | 0 |
Less Than 12 Months, Unrealized Losses | 1,337 | 0 |
12 Months or Greater, Fair Value | 1,986 | 153 |
12 Months or Greater, Unrealized Losses | 18 | 111 |
Short-term bond | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 0 | 4,226 |
Less Than 12 Months, Unrealized Losses | 0 | 6 |
12 Months or Greater, Fair Value | 4,251 | 0 |
12 Months or Greater, Unrealized Losses | $ 13 | $ 0 |
Investments - Contractual Matur
Investments - Contractual Maturities of Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Cost | ||
Due in one year or less | $ 11,892 | |
Due after one year through five years | 65,713 | |
Due after five year through ten years | 68 | |
Amortized Cost | 77,673 | |
Preferred stock | 35,955 | |
Restricted investments | 4,482 | |
Amortized Cost | 118,110 | $ 177,280 |
Fair Value | ||
Due in one year or less | 11,852 | |
Due after one year through five years | 64,332 | |
Due after five year through ten years | 61 | |
Fair Value | 76,245 | |
Preferred stock | 35,023 | |
Restricted investments | 4,469 | |
Available-for-sale Securities | $ 115,737 | $ 181,361 |
Financial Instruments and Fai57
Financial Instruments and Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted investments | $ 4,469 | $ 5,636 |
Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 170,475 | 215,907 |
Debt securities | 111,268 | 175,725 |
Restricted investments | 4,469 | 5,636 |
Total | 286,212 | 397,268 |
Recurring basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 170,475 | 215,907 |
Debt securities | 20,587 | 76,965 |
Restricted investments | 4,469 | 5,636 |
Total | 195,531 | 298,508 |
Recurring basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Debt securities | 90,681 | 98,760 |
Restricted investments | 0 | 0 |
Total | 90,681 | 98,760 |
Recurring basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Debt securities | 0 | 0 |
Restricted investments | 0 | 0 |
Total | 0 | 0 |
Recurring basis | Money market fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 10,505 | 86,236 |
Restricted investments | 218 | 1,410 |
Recurring basis | Money market fund | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 10,505 | 86,236 |
Restricted investments | 218 | 1,410 |
Recurring basis | Money market fund | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Restricted investments | 0 | 0 |
Recurring basis | Money market fund | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Restricted investments | 0 | 0 |
Recurring basis | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 159,970 | 129,671 |
Recurring basis | Commercial paper | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 159,970 | 129,671 |
Recurring basis | Commercial paper | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Recurring basis | Commercial paper | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Recurring basis | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 9,870 | |
Recurring basis | U.S. Treasury securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 9,870 | |
Recurring basis | U.S. Treasury securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 0 | |
Recurring basis | U.S. Treasury securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 0 | |
Recurring basis | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 66,375 | 139,132 |
Recurring basis | Corporate debt securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 0 | 57,788 |
Recurring basis | Corporate debt securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 66,375 | 81,344 |
Recurring basis | Corporate debt securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 0 | 0 |
Recurring basis | Preferred stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 35,023 | 36,593 |
Recurring basis | Preferred stock | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 10,717 | 19,177 |
Recurring basis | Preferred stock | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 24,306 | 17,416 |
Recurring basis | Preferred stock | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 0 | 0 |
Recurring basis | Short-term bond | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted investments | 4,251 | 4,226 |
Recurring basis | Short-term bond | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted investments | 4,251 | 4,226 |
Recurring basis | Short-term bond | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted investments | 0 | 0 |
Recurring basis | Short-term bond | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted investments | $ 0 | $ 0 |
Financial Instruments and Fai58
Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset impairment charges | $ 714,000 | $ 357,000 | $ 0 | |
Retained interest investments | 11,147,000 | 10,635,000 | ||
Debt principal amount | $ 180,000,000 | |||
Debt interest rate | 4.80% | |||
Senior Notes held by special purpose entity | 176,537,000 | 176,310,000 | ||
Northwest Florida Timber Finance, LLC | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Senior Notes held by special purpose entity | 176,500,000 | |||
Debt unamortized discount | 3,500,000 | |||
Special Purpose Entities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Expected amount to receive upon maturity of note after payment of note and any other liabilities | $ 16,800,000 | |||
Promissory notes maturity period | 15 years | |||
Retained interest investments | $ 11,100,000 | $ 10,600,000 | ||
Special Purpose Entities | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Notes maturity year | 2,022 | |||
Special Purpose Entities | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Notes maturity year | 2,024 | |||
Short-term bond | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment term | 0 years | |||
Short-term bond | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment term | 3 years | |||
AgReserves Sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Notes received in sale of real estate | $ 200,000,000 | |||
Maturity of notes receivables | 15 years | |||
Special Purpose Entities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Time deposits | $ 200,000,000 | |||
U.S. Treasury securities | 7,600,000 | |||
Cash | $ 400,000 | |||
Notes Receivable | Subsidiaries | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Issue price of senior secured notes | 98.50% | |||
Notes Receivable | Special Purpose Entities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt interest rate | 4.00% |
Financial Instruments and Fai59
Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes held by special purpose entity | $ 176,537 | $ 176,310 |
Carrying Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
U.S. Treasury securities and cash equivalents | 7,989 | 8,590 |
Carrying Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Retained interest investments | 11,147 | 10,635 |
Time deposit | 200,000 | 200,000 |
Senior Notes held by special purpose entity | 176,537 | 176,310 |
Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
U.S. Treasury securities and cash equivalents | 7,797 | 8,398 |
Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Retained interest investments | 14,106 | 13,669 |
Time deposit | 200,000 | 200,000 |
Senior Notes held by special purpose entity | $ 198,530 | $ 199,691 |
Claim Settlement Receivable (De
Claim Settlement Receivable (Details) - USD ($) $ in Thousands | Mar. 24, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables with Imputed Interest [Line Items] | |||||||
Litigation settlement receivable due October 2019 | $ 2,700 | ||||||
Litigation settlement receivable | $ 7,804 | 5,280 | $ 7,804 | ||||
Litigation settlement proceeds | 0 | 12,548 | $ 0 | ||||
BP Exploration & Production Inc. | |||||||
Receivables with Imputed Interest [Line Items] | |||||||
Litigation settlement amount | $ 13,200 | ||||||
Litigation settlement amount received | $ 2,700 | $ 5,000 | |||||
Litigation settlement receivable due in October 2018 | $ 2,700 | ||||||
Imputed interest rate on litigation settlement receivable | 3.00% | ||||||
Litigation settlement receivable | $ 12,500 | ||||||
Unamortized discount | $ 700 | ||||||
Interest income, operating | $ 300 | $ 200 | |||||
BP Exploration & Production Inc. | Other income | |||||||
Receivables with Imputed Interest [Line Items] | |||||||
Litigation settlement proceeds | $ 12,500 |
Sale of Vacation Rental Manag61
Sale of Vacation Rental Management (Details) - USD ($) $ in Thousands | Feb. 14, 2018 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on sale of assets | $ 9,800 | $ 0 | $ 0 | ||
Disposed of by Sale | PCR Rentals Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Right of first refusal on third party offer to purchase, period after the date of sale | 18 months | ||||
Right of first refusal on third party offer to purchase, period after PCR note is paid off and after date of sale | 9 months | ||||
Consideration received from sale of assets | $ 9,900 | 9,900 | |||
Gain on sale of assets | 9,800 | ||||
Proceeds from sale of real estate | 4,900 | ||||
Financing receivable, gross | $ 5,000 | $ 5,000 | |||
Interest rate on loans receivable | 10.00% | ||||
Subsequent Event | Disposed of by Sale | PCR Rentals Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from collection of loans receivable | $ 5,000 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Retained interest investments | $ 11,147 | $ 10,635 |
Accounts receivable, net | 8,460 | 4,625 |
Notes receivable | 9,522 | 1,926 |
Prepaid expenses | 6,625 | 5,685 |
Straight line rent | 3,804 | 3,812 |
Other assets | 4,637 | 8,789 |
Accrued interest receivable for Senior Notes held by SPE | 2,938 | 2,938 |
Total other assets | $ 47,133 | $ 38,410 |
Other Assets - Schedule of Note
Other Assets - Schedule of Notes Receivable, net (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Feb. 26, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loans and Leases Receivable Disclosure [Line Items] | |||||
Notes receivable | $ 9,522,000 | $ 1,926,000 | |||
Proceeds from collection of homebuilder notes | 68,000 | 328,000 | $ 21,552,000 | ||
Allowance for notes receivable | 0 | 0 | |||
PCR Note | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Notes receivable | $ 5,000,000 | 0 | |||
Interest rate on loans receivable | 10.00% | ||||
Pier Park Community Development District notes, non-interest bearing, due September 2022 | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Notes receivable | $ 1,527,000 | 1,684,000 | |||
Interest Bearing - 5.5% interest rate due November 2019 | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Notes receivable | $ 1,060,000 | 0 | |||
Interest rate | 5.50% | ||||
Principal receivable amount | $ 100,000 | ||||
Interest Bearing - 5.5% interest rate due September 2019 | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Notes receivable | $ 904,000 | 0 | |||
Interest rate | 5.50% | ||||
Principal receivable amount | $ 100,000 | ||||
Interest Bearing - 5.5% interest rate due June 2019 | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Notes receivable | $ 857,000 | 0 | |||
Interest rate | 5.50% | ||||
Principal receivable amount | $ 100,000 | ||||
Interest Bearing - 4.0% interest rate due 2016 | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Notes receivable | $ 0 | 33,000 | |||
Interest rate | 4.00% | ||||
Proceeds from collection of homebuilder notes | $ 33,000 | ||||
Various mortgage notes, secured by certain real estate, bearing interest at various rates | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Notes receivable | $ 174,000 | $ 209,000 | |||
Subsequent Event | PCR Note | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Proceeds from collection of homebuilder notes | $ 5,000,000 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 71,980 | $ 68,044 | |
Less: Accumulated depreciation | 60,697 | 59,404 | |
Property, plant and equipment, excluding construction in progress, net | 11,283 | 8,640 | |
Construction in progress | 493 | 352 | |
Total | 11,776 | 8,992 | |
Depreciation expense | 1,900 | 2,100 | $ 2,800 |
Railroad and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 33,626 | 33,626 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 22,552 | 19,191 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 9,468 | 8,998 | |
Office equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 5,322 | 5,154 | |
Autos and trucks | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 1,012 | $ 1,075 |
Real Estate Joint Ventures - Na
Real Estate Joint Ventures - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016USD ($) | Dec. 31, 2017 | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2017 | Apr. 30, 2017apartment | |
Pier Park Crossings JV | Variable Interest Entity, Primary Beneficiary | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Number of units | apartment | 240 | |||||||
Variable interest entity, ownership percentage | 75.00% | 65.00% | ||||||
Windmark | Variable Interest Entity, Primary Beneficiary | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Variable interest entity, ownership percentage | 49.00% | 49.00% | ||||||
Pier Park North | Variable Interest Entity, Primary Beneficiary | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Variable interest entity, ownership percentage | 60.00% | 60.00% | ||||||
Artisan Park, L.L.C | Variable Interest Entity, Primary Beneficiary | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Variable interest entity, ownership percentage | 74.00% | |||||||
ALP Liquidating Trust | ||||||||
Equity Method Investment, Summarized Financial Information [Abstract] | ||||||||
Assets | $ 11.5 | $ 10.8 | ||||||
Liabilities | 0.6 | 0.5 | ||||||
Equity | $ 10.9 | 10.3 | ||||||
Net loss | $ 0.6 | $ 0.8 | $ 2.7 |
Debt - Schedule of Total Debt
Debt - Schedule of Total Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 56,160 | $ 55,653 |
Debt issuance costs | 530 | 613 |
Long term debt | 55,630 | 55,040 |
Construction loan | Refinanced Loan in the Pier Park North JV, due November 2025, bearing interest at 4.1% | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 47,295 | 48,132 |
Debt issuance costs | 512 | 613 |
Long term debt | 46,783 | 47,519 |
Construction loan | Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.3% at December 31, 2017) | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 1,624 | |
Debt issuance costs | 18 | |
Long term debt | 1,606 | |
Secured debt | Community Development District debt, secured by certain real estate or other collateral, due May 2031 — May 2039, bearing interest at 3.6% to 7.0% | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 7,241 | |
Debt issuance costs | 0 | |
Long term debt | $ 7,241 | |
Secured debt | Community Development District debt, secured by certain real estate or other collateral, due May 2031 — May 2039, bearing interest at 3.4% to 7.0% | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 7,521 | |
Debt issuance costs | 0 | |
Long term debt | $ 7,521 |
Debt - Descriptors (Details)
Debt - Descriptors (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Debt interest rate | 4.80% | ||
Effective interest rate | 4.90% | ||
Construction loan | Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.3% at December 31, 2017) | |||
Debt Instrument [Line Items] | |||
Effective interest rate | 3.30% | ||
Consolidated Variable Interest Entities | Construction loan | Refinanced Loan in the Pier Park North JV, due November 2025, bearing interest at 4.1% | |||
Debt Instrument [Line Items] | |||
Debt interest rate | 4.10% | 4.10% | |
Maximum | Secured debt | Community Development District debt, secured by certain real estate or other collateral, due May 2031 — May 2039, bearing interest at 3.6% to 7.0% | |||
Debt Instrument [Line Items] | |||
Debt interest rate | 7.00% | ||
Maximum | Secured debt | Community Development District debt, secured by certain real estate or other collateral, due May 2031 — May 2039, bearing interest at 3.4% to 7.0% | |||
Debt Instrument [Line Items] | |||
Debt interest rate | 3.40% | ||
Minimum | Secured debt | Community Development District debt, secured by certain real estate or other collateral, due May 2031 — May 2039, bearing interest at 3.6% to 7.0% | |||
Debt Instrument [Line Items] | |||
Debt interest rate | 3.60% | ||
Minimum | Secured debt | Community Development District debt, secured by certain real estate or other collateral, due May 2031 — May 2039, bearing interest at 3.4% to 7.0% | |||
Debt Instrument [Line Items] | |||
Debt interest rate | 7.00% | ||
LIBOR | Construction loan | Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 3.3% at December 31, 2017) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.70% |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | ||||
Mar. 31, 2017 | Dec. 31, 2017 | Oct. 30, 2017 | Dec. 31, 2016 | Oct. 31, 2015 | |
Debt Instrument [Line Items] | |||||
Amount of letters of credit outstanding | $ 0.1 | $ 0.4 | |||
Total community development district debt | $ 21.7 | $ 22.6 | |||
Construction loan | Construction Loan Due March 2027 | |||||
Debt Instrument [Line Items] | |||||
Borrowings on debt | $ 1.6 | ||||
Pier Park North | Consolidated Variable Interest Entities | Pier Park North Joint Venture Refinanced Construction Loan | |||||
Debt Instrument [Line Items] | |||||
Construction Loan | $ 48.2 | ||||
Amount of letters of credit outstanding | $ 1.3 |
Debt - Maturities of Debt (Deta
Debt - Maturities of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
2,018 | $ 1,487 | |
2,019 | 1,533 | |
2,020 | 1,536 | |
2,021 | 1,517 | |
2,022 | 1,495 | |
Thereafter | 48,592 | |
Long term debt | $ 56,160 | $ 55,653 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued Liabilities And Deferred Credits [Line Items] | ||
Accounts payable | $ 7,524 | $ 4,376 |
Accrued compensation | 2,664 | 2,655 |
Deferred revenue | 17,864 | 15,289 |
Membership deposits and initiation fees | 9,704 | 7,384 |
Advance deposits | 1,468 | 3,419 |
Other accrued liabilities | 5,185 | 4,977 |
Total other liabilities | 47,259 | 40,950 |
Special Purpose Entities | ||
Accrued Liabilities And Deferred Credits [Line Items] | ||
Accrued interest expense for Senior Notes held by SPE | $ 2,850 | $ 2,850 |
Other Liabilities - Narrative (
Other Liabilities - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Deferred revenue | $ 17,864 | $ 15,289 |
Florida Department of Transportation | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Deferred revenue | $ 12,500 | $ 12,500 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
Federal | $ 7,418 | $ (22,416) | $ (1,377) |
State | 48 | (64) | (138) |
Total | 7,466 | (22,480) | (1,515) |
Deferred: | |||
Federal | (23,512) | 29,796 | 2,261 |
State | (1,835) | (169) | 62 |
Total | (25,347) | 29,627 | 2,323 |
Income tax (benefit) expense | $ (17,881) | $ 7,147 | $ 808 |
Income Taxes - Allocation of Ta
Income Taxes - Allocation of Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Income tax (benefit) expense | $ (17,881) | $ 7,147 | $ 808 |
Income tax recorded in accumulated other comprehensive (loss) income | (2,488) | 2,003 | (300) |
Total income tax (benefit) expense | $ (20,369) | $ 9,150 | $ 508 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | ||
Income tax receivable | $ 8,371,000 | $ 27,057,000 |
Income tax benefit due to change in tax rate | 33,500,000 | |
Valuation allowance | 4,993,000 | 5,135,000 |
Unrecognized tax benefits | 1,700,000 | 1,700,000 |
Unrecognized tax benefits that would impact effective tax rate | 0 | 0 |
Unrecognized tax benefits, period increase (decrease) | 0 | 0 |
Unrecognized tax benefits, income tax penalties accrued | 0 | 0 |
Domestic Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 0 | 0 |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 391,700,000 | 427,300,000 |
ATM Credit | Domestic Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward | $ 13,500,000 | |
Amount of AMT credit utilized | 5,100,000 | |
Income tax receivable | 8,400,000 | |
Tax Year 2014 | ||
Operating Loss Carryforwards [Line Items] | ||
Federal income tax refund received | 21,900,000 | |
Tax Year 2016 | ||
Operating Loss Carryforwards [Line Items] | ||
Federal income tax refund received | $ 4,400,000 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Tax at the statutory federal rate | $ 14,594 | $ 8,065 | $ (323) |
State income taxes (net of federal benefit) | 1,340 | 806 | (32) |
Decrease in valuation allowance, net | (142) | (941) | (164) |
Fees and expenses for SEC investigation | 0 | 0 | 1,092 |
Change in statutory federal rate to 21% | (33,542) | 0 | 0 |
Dividend received deduction | (530) | (40) | 0 |
Other | 399 | (743) | 235 |
Total income tax (benefit) expense | $ (17,881) | $ 7,147 | $ 808 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
State net operating loss carryforwards | $ 17,237 | $ 14,956 |
Alternative minimum tax credit carryforward | 0 | 13,477 |
Impairment losses | 41,837 | 63,108 |
Prepaid income from land sales | 3,734 | 5,461 |
Other | 322 | 0 |
Total gross deferred tax assets | 63,130 | 97,002 |
Valuation allowance | (4,993) | (5,135) |
Total net deferred tax assets | 58,137 | 91,867 |
Deferred tax liabilities: | ||
Investment in real estate and property and equipment basis differences | 525 | 647 |
Deferred gain on land sales and involuntary conversions | 19,671 | 28,920 |
Installment sales | 85,769 | 127,260 |
Pension Plan assets transferred to the 401(k) Plan | 1,155 | 2,170 |
Other | 0 | 1,716 |
Total gross deferred tax liabilities | 107,120 | 160,713 |
Net deferred tax liabilities | $ (48,983) | $ (68,846) |
Accumulated Other Comprehensi77
Accumulated Other Comprehensive (Loss) Income - Summary of Changes in Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | $ 686,799 | $ 673,447 | $ 979,701 |
Total other comprehensive (loss) income, net of tax | (3,968) | 3,193 | 639 |
Ending Balance | 592,584 | 686,799 | 673,447 |
Unrealized Gain and (Loss) on Available-for-Sale Securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | 2,507 | (686) | |
Other comprehensive income before reclassifications | 1,235 | 3,685 | |
Amounts reclassified from accumulated other comprehensive loss | (5,203) | (492) | |
Total other comprehensive (loss) income, net of tax | (3,968) | 3,193 | |
Ending Balance | $ (1,461) | $ 2,507 | $ (686) |
Accumulated Other Comprehensi78
Accumulated Other Comprehensive (Loss) Income - Summary of Reclassifications out of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unrealized gain (loss) on investments and restricted investments: | |||
Reclassification adjustment for other-than-temporary impairment loss included in earnings before-tax amount | $ 2,288 | $ 0 | $ 0 |
Other comprehensive loss before-tax amount | (6,456) | 5,196 | |
Other comprehensive loss tax benefit or (expense) | 2,488 | (2,003) | |
Total other comprehensive (loss) income, net of tax | (3,968) | 3,193 | $ 639 |
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | |||
Unrealized gain (loss) on investments and restricted investments: | |||
Reclassification adjustment for net gain included in earnings before-tax amount | (10,750) | (795) | |
Reclassification adjustment for net gain included in earnings tax (expense) or benefit | 4,139 | 303 | |
Reclassification adjustment for net gain included in earnings net-of-tax amount | (6,611) | (492) | |
Reclassification adjustment for other-than-temporary impairment loss included in earnings before-tax amount | 2,288 | ||
Reclassification adjustment for other-than-temporary impairment loss included in earnings tax (expense) or benefit | (880) | ||
Reclassification adjustment for other-than-temporary impairment loss included in earnings net-of-tax amount | 1,408 | ||
Other comprehensive loss before-tax amount | (6,456) | 5,196 | |
Other comprehensive loss tax benefit or (expense) | 2,488 | (2,003) | |
Total other comprehensive (loss) income, net of tax | (3,968) | 3,193 | |
Available-for-sale Securities | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | |||
Unrealized gain (loss) on investments and restricted investments: | |||
Unrealized gain (loss) on investments before-tax amount | 2,015 | 5,997 | |
Unrealized gain (loss) on investments tax (expense) or benefit | (774) | (2,308) | |
Unrealized gain (loss) on investments net-of-tax amount | 1,241 | 3,689 | |
Restricted investments | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | |||
Unrealized gain (loss) on investments and restricted investments: | |||
Unrealized gain (loss) on investments before-tax amount | (9) | (6) | |
Unrealized gain (loss) on investments tax (expense) or benefit | 3 | 2 | |
Unrealized gain (loss) on investments net-of-tax amount | $ (6) | $ (4) |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | Sep. 20, 2017USD ($)shares | Jul. 11, 2017USD ($)shares | Jul. 03, 2017directorshares | May 17, 2016directorshares | Dec. 31, 2017USD ($)shares | Jul. 31, 2016USD ($)shares | Feb. 26, 2018USD ($)shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)shares | Sep. 18, 2017USD ($) | Jul. 07, 2017USD ($) | May 25, 2017USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares repurchased during the period (in shares) | shares | 3,742,111 | 1,500,000 | |||||||||||
Payments for repurchase of common stock | $ 65,800,000 | $ 27,000,000 | $ 147,422,000 | $ 14,820,000 | $ 305,004,000 | ||||||||
Additional authorized repurchase amount | $ 66,000,000 | $ 28,000,000 | |||||||||||
Remaining authorized repurchase amount | $ 136,300,000 | 136,300,000 | |||||||||||
Treasury stock, shares, retired (in shares) | shares | 8,450,294 | 17,998,658 | |||||||||||
Retirement of treasury stock | $ 147,400,000 | $ 320,100,000 | |||||||||||
Restricted stock awards expense (less than) | 76,000 | 131,000 | $ 150,000 | ||||||||||
Restricted stock awards | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Amount approved granting to each non-employee director | $ 50,000 | ||||||||||||
Number of restricted stock awards issued (in shares) | shares | 5,334 | 8,919 | |||||||||||
Number of Board of Directors members granted restricted stock awards | director | 2 | 3 | |||||||||||
Restricted stock awards expense (less than) | $ 100,000 | $ 100,000 | |||||||||||
August 17, 2016 | Restricted stock awards | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Vesting percentage | 25.00% | ||||||||||||
November 17, 2016 | Restricted stock awards | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Vesting percentage | 25.00% | ||||||||||||
February 17, 2017 | Restricted stock awards | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Vesting percentage | 25.00% | ||||||||||||
Subsequent Event | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares repurchased during the period (in shares) | shares | 564,555 | ||||||||||||
Payments for repurchase of common stock | $ 10,100,000 | ||||||||||||
Common Stock | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares repurchased during the period (in shares) | shares | 8,450,294 | 995,650 | 16,982,739 | ||||||||||
Average purchase price per share for share repurchase (in dollars per share) | $ / shares | $ 17.46 | $ 14.88 | |||||||||||
Retirement of treasury stock | $ 147,422,000 | $ 320,109,000 |
Stock Based Compensation - Narr
Stock Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions | Jul. 03, 2017shares | May 17, 2016shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)equity_plan$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of equity plans | equity_plan | 2 | ||||
Weighted Average Grant Date Fair Value | |||||
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 18.75 | $ 16.82 | $ 15.53 | ||
Fair values of vested restricted stock and stock options | $ | $ 0.1 | $ 0.1 | $ 0.2 | ||
Restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock units issued | 5,334 | 8,919 | |||
2015 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares approved | 1,500,000 | ||||
Shares available for future issuance | 1,485,747 | ||||
Number of Units | |||||
Number of units, vested | 2,229 | 6,690 | |||
2015 Plan | Restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested restricted stock units outstanding | 5,334 | ||||
Director | 2015 Plan | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock units issued | 5,334 | 8,919 |
Stock Based Compensation - Reco
Stock Based Compensation - Recorded in Corporate Expense, Net, on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Stock compensation expense before tax benefit | $ 76 | $ 131 | $ 150 |
Income tax benefit | (22) | (50) | (58) |
Stock compensation expense after tax benefit | $ 54 | $ 81 | $ 92 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Shares | ||
Number of shares, beginning balance | 45,405 | |
Number of shares, forfeitures or expirations | 45,405 | |
Number of shares, ending balance | 0 | 45,405 |
Weighted Average Exercise Price | ||
Weighted average exercise price, beginning balance (in dollars per share) | $ 54.05 | |
Weighted average exercise price, forfeitures or expirations (in dollars per share) | 54.05 | |
Weighted average exercise price, ending balance (in dollars per share) | $ 0 | $ 54.05 |
Additional Disclosures | ||
Number of shares, vested or expected to vest | 0 | |
Number of shares, exercisable | 0 | |
Weighted average exercise price, vested or expected to vest (in dollars per share) | $ 0 | |
Weighted average exercise price, exercisable (in dollars per share) | $ 0 | |
Weighted average remaining contractual life (years) | 0 years | 1 month 18 days |
Weighted average remaining contractual life (years), vested or expected to vest | 0 years | |
Weighted average remaining contractual life (years), exercisable | 0 years | |
Options, outstanding, intrinsic value | $ 0 | $ 0 |
Options vested or expected to vest, intrinsic value | 0 | |
Options exercisable, intrinsic value | $ 0 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retirement Benefits [Abstract] | |||
Assets contributed to 401(k) Plan | $ 7,900 | ||
Restricted investments | $ 4,469 | $ 5,636 | |
401(k) Plan distribution period (in years) | 4 years | ||
Compensation expense for assets allocated to participants | $ 1,200 | 1,400 | 1,300 |
Gain on unallocated asset | $ 100 | $ 100 | $ 100 |
Other Income (Expense) - Summa
Other Income (Expense) - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investment Income, Net [Abstract] | |||
Interest and dividend income | $ 16,380 | $ 6,602 | $ 6,940 |
Accretion income | 1,983 | 1,829 | 1,526 |
Net realized gain on the sale of investments | 10,750 | 795 | 5,311 |
Other-than-temporary impairment loss | (2,288) | 0 | 0 |
Total net investment income from available-for-sale securities | 26,825 | 9,226 | 13,777 |
Interest income from investments in SPEs | 8,201 | 8,202 | 8,217 |
Interest accrued on notes receivable and other interest | 384 | 348 | 694 |
Total investment income, net | 35,410 | 17,776 | 22,688 |
Interest expense | |||
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE | (8,777) | (8,833) | (8,755) |
Other interest expense | (3,368) | (3,462) | (2,674) |
Total interest expense | (12,145) | (12,295) | (11,429) |
Claim settlement | 0 | 12,548 | 0 |
Sale of vacation rental management, net | 9,800 | 0 | 0 |
Other income (expense), net | |||
Accretion income from retained interest investments | 1,100 | 991 | 913 |
Hunting lease income | 569 | 553 | 562 |
Miscellaneous income (expense), net | 4,286 | 1,078 | (7,762) |
Other income (expense), net | 5,955 | 2,622 | (6,287) |
Total other income, net | $ 39,020 | $ 20,651 | $ 4,972 |
Other Income (Expense) - Narra
Other Income (Expense) - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income (Expense) [Line Items] | ||||
Other-than-temporary impairment losses | $ 2,288 | $ 0 | $ 0 | |
Effective interest rate | 4.90% | 4.90% | ||
Claim settlement | $ 0 | 12,548 | 0 | |
Gain on sale of assets | 9,800 | 0 | 0 | |
Proceeds from settlement received | $ 3,500 | |||
Fees and expenses for the SEC investigation | $ (700) | $ 8,200 | ||
Minimum | ||||
Other Income (Expense) [Line Items] | ||||
Retained interest, effective interest rate | 3.70% | |||
Maximum | ||||
Other Income (Expense) [Line Items] | ||||
Retained interest, effective interest rate | 11.80% | |||
PCR Rentals Sale | Disposed of by Sale | ||||
Other Income (Expense) [Line Items] | ||||
Consideration received from sale of assets | $ 9,900 | $ 9,900 | ||
Gain on sale of assets | $ 9,800 |
Segment Information - Informati
Segment Information - Information by Business Segment (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)Segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | ||||||||||||
Number of reportable operating segments | Segment | 4 | |||||||||||
Revenues | $ 21,562 | $ 33,654 | $ 30,383 | $ 13,197 | $ 18,747 | $ 27,192 | $ 29,551 | $ 20,254 | $ 98,796 | $ 95,744 | $ 103,871 | |
Cost of revenue | 67,194 | 62,194 | 67,094 | |||||||||
Other operating and corporate expenses | 20,382 | 23,019 | 33,426 | |||||||||
Depreciation, depletion and amortization | 8,885 | 8,571 | 9,486 | |||||||||
Investment Income, Net | 35,410 | 17,776 | 22,688 | |||||||||
Interest expense | (12,145) | (12,295) | (11,429) | |||||||||
Sale of vacation rental management, net | 9,800 | 0 | 0 | |||||||||
Income (loss) before income taxes | 41,355 | 22,611 | (1,163) | |||||||||
Expenditures for operating property | 39,880 | 12,858 | 17,465 | |||||||||
Assets | $ 920,993 | 920,993 | 1,027,945 | 920,993 | 1,027,945 | |||||||
Interest income | 384 | 348 | 694 | |||||||||
Disposed of by Sale | PCR Rentals Sale | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sale of vacation rental management, net | 9,800 | |||||||||||
Consideration received from sale of assets | 9,900 | 9,900 | 9,900 | |||||||||
Resorts and leisure | Disposed of by Sale | PCR Rentals Sale | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Sale of vacation rental management, net | 9,800 | |||||||||||
Consideration received from sale of assets | 9,900 | 9,900 | 9,900 | |||||||||
Operating Segments | Residential real estate | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 21,747 | 19,483 | 21,137 | |||||||||
Cost of revenue | 12,455 | 6,383 | 10,853 | |||||||||
Other operating and corporate expenses | 4,297 | 5,744 | 10,215 | |||||||||
Depreciation, depletion and amortization | 187 | 286 | 544 | |||||||||
Interest expense | (1,164) | (1,284) | (1,174) | |||||||||
Income (loss) before income taxes | 3,903 | 5,887 | (821) | |||||||||
Expenditures for operating property | 8,407 | 3,319 | 4,923 | |||||||||
Assets | 117,732 | 117,732 | 112,220 | 117,732 | 112,220 | |||||||
Operating Segments | Resorts and leisure | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 54,820 | 57,284 | 54,488 | |||||||||
Cost of revenue | 47,816 | 50,229 | 47,069 | |||||||||
Other operating and corporate expenses | 494 | 547 | 426 | |||||||||
Depreciation, depletion and amortization | 4,225 | 4,402 | 5,096 | |||||||||
Sale of vacation rental management, net | 9,800 | 0 | 0 | |||||||||
Income (loss) before income taxes | 12,444 | 2,087 | 1,819 | |||||||||
Expenditures for operating property | 4,918 | 1,287 | 2,526 | |||||||||
Assets | 83,151 | 83,151 | 73,436 | 83,151 | 73,436 | |||||||
Operating Segments | Commercial leasing and sales | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 14,510 | 11,929 | 16,138 | |||||||||
Cost of revenue | 5,979 | 4,431 | 7,766 | |||||||||
Other operating and corporate expenses | 3,444 | 3,492 | 3,031 | |||||||||
Depreciation, depletion and amortization | 3,729 | 3,137 | 3,118 | |||||||||
Interest expense | (2,200) | (2,169) | (1,489) | |||||||||
Income (loss) before income taxes | (836) | (1,233) | 802 | |||||||||
Expenditures for operating property | 25,248 | 6,836 | 8,014 | |||||||||
Assets | 163,271 | 163,271 | 141,013 | 163,271 | 141,013 | |||||||
Operating Segments | Forestry revenue | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 7,201 | 6,673 | 12,042 | |||||||||
Cost of revenue | 903 | 1,121 | 1,402 | |||||||||
Other operating and corporate expenses | 396 | 530 | 941 | |||||||||
Depreciation, depletion and amortization | 575 | 552 | 581 | |||||||||
Income (loss) before income taxes | 6,586 | 5,609 | 10,259 | |||||||||
Expenditures for operating property | 1,100 | 1,095 | 1,366 | |||||||||
Assets | 20,212 | 20,212 | 20,664 | 20,212 | 20,664 | |||||||
Operating Segments | Residential real estate and other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Investment Income, Net | 89 | 97 | 571 | |||||||||
Corporate/Other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 518 | 375 | 66 | |||||||||
Cost of revenue | 41 | 30 | 4 | |||||||||
Other operating and corporate expenses | 11,751 | 12,706 | 18,813 | |||||||||
Depreciation, depletion and amortization | 169 | 194 | 147 | |||||||||
Investment Income, Net | 35,321 | 17,679 | 22,117 | |||||||||
Interest expense | (8,781) | (8,842) | (8,766) | |||||||||
Income (loss) before income taxes | 19,258 | 10,261 | (13,222) | |||||||||
Expenditures for operating property | 207 | 321 | 636 | |||||||||
Assets | $ 536,627 | $ 536,627 | $ 680,612 | 536,627 | 680,612 | |||||||
Corporate/Other | Special Purpose Entities | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Interest expense | (8,800) | (8,800) | (8,800) | |||||||||
Interest income | $ 8,200 | $ 8,200 | $ 8,200 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Oct. 30, 2017 | Dec. 31, 2016 |
Guarantor Obligations [Line Items] | |||
Accrued liabilities, other litigation, claims, other disputes, governmental proceedings and environmental matters | $ 1,300 | $ 1,300 | |
Amount of letters of credit outstanding | 100 | 400 | |
Purchase obligations, total | 9,600 | ||
Deferred tax liabilities | 107,120 | 160,713 | |
Tax Year 2022 To 2024 | |||
Guarantor Obligations [Line Items] | |||
Deferred tax liabilities | 33,700 | ||
Tax Year 2029 | |||
Guarantor Obligations [Line Items] | |||
Deferred tax liabilities | 37,800 | ||
Consolidated Variable Interest Entities | Pier Park North | Pier Park North Joint Venture Refinanced Construction Loan | |||
Guarantor Obligations [Line Items] | |||
Amount of letters of credit outstanding | $ 1,300 | ||
Surety bonds | Commercial developments | |||
Guarantor Obligations [Line Items] | |||
Commitment obligations | $ 8,600 | $ 6,200 |
Quarterly Financial Data (una88
Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenue | $ 21,562 | $ 33,654 | $ 30,383 | $ 13,197 | $ 18,747 | $ 27,192 | $ 29,551 | $ 20,254 | $ 98,796 | $ 95,744 | $ 103,871 |
Operating (loss) income | (1,884) | 4,453 | 4,663 | (4,897) | (881) | 1,595 | 2,143 | (897) | 2,335 | 1,960 | (6,135) |
Net income (loss) attributable to the Company | $ 38,503 | $ 5,943 | $ 10,764 | $ 4,368 | $ 2,709 | $ 2,711 | $ 1,810 | $ 8,665 | $ 59,578 | $ 15,895 | $ (1,731) |
Basic and diluted income per share attributable to the Company (in dollars per share) | $ 0.58 | $ 0.08 | $ 0.15 | $ 0.06 | $ 0.04 | $ 0.04 | $ 0.02 | $ 0.11 | $ 0.84 | $ 0.21 | $ (0.02) |
Schedule III (Consolidated) -89
Schedule III (Consolidated) - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 55,630 | |||
Initial Cost to Company, Land & Improvements | 160,945 | |||
Initial Cost to Company, Buildings & Improvements | 157,053 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 86,378 | |||
Land & Land Improvements | 252,104 | |||
Buildings and Improvements | 152,272 | |||
Total | 404,376 | $ 381,969 | $ 377,668 | $ 379,944 |
Accumulated Depreciation | 71,752 | $ 67,349 | ||
Aggregate cost of real estate owned for federal income tax purposes | 431,700 | |||
Residential developments | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,928 | |||
Initial Cost to Company, Land & Improvements | 48,430 | |||
Initial Cost to Company, Buildings & Improvements | 10,954 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 48,239 | |||
Land & Land Improvements | 106,163 | |||
Buildings and Improvements | 1,460 | |||
Total | 107,623 | |||
Accumulated Depreciation | $ 1,952 | |||
Residential developments | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life (in years) | 5 years | |||
Residential developments | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life (in years) | 25 years | |||
WaterColor Inn | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land & Improvements | 1,137 | |||
Initial Cost to Company, Buildings & Improvements | 13,689 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 6,413 | |||
Land & Land Improvements | 1,794 | |||
Buildings and Improvements | 19,445 | |||
Total | 21,239 | |||
Accumulated Depreciation | $ 8,865 | |||
WaterColor Inn | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life (in years) | 10 years | |||
WaterColor Inn | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life (in years) | 40 years | |||
Clubs and golf courses | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land & Improvements | 39,147 | |||
Initial Cost to Company, Buildings & Improvements | 20,748 | |||
Costs Capitalized Subsequent to Acquisition or Construction | (1,083) | |||
Land & Land Improvements | 38,889 | |||
Buildings and Improvements | 19,923 | |||
Total | 58,812 | |||
Accumulated Depreciation | $ 26,026 | |||
Clubs and golf courses | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life (in years) | 10 years | |||
Clubs and golf courses | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life (in years) | 25 years | |||
Marinas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land & Improvements | 5,765 | |||
Initial Cost to Company, Buildings & Improvements | 9,520 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 1,165 | |||
Land & Land Improvements | 6,786 | |||
Buildings and Improvements | 9,664 | |||
Total | 16,450 | |||
Accumulated Depreciation | $ 4,669 | |||
Marinas | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life (in years) | 10 years | |||
Marinas | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life (in years) | 25 years | |||
Other | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land & Improvements | 1,100 | |||
Initial Cost to Company, Buildings & Improvements | 10,057 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 89 | |||
Land & Land Improvements | 1,100 | |||
Buildings and Improvements | 10,146 | |||
Total | 11,246 | |||
Accumulated Depreciation | $ 3,933 | |||
Other | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life (in years) | 10 years | |||
Other | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life (in years) | 30 years | |||
Pier Park North | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 46,783 | |||
Initial Cost to Company, Land & Improvements | 13,711 | |||
Initial Cost to Company, Buildings & Improvements | 35,243 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 2,312 | |||
Land & Land Improvements | 13,711 | |||
Buildings and Improvements | 37,555 | |||
Total | 51,266 | |||
Accumulated Depreciation | $ 5,930 | |||
Pier Park North | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life (in years) | 15 years | |||
Pier Park North | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life (in years) | 39 years | |||
Town centers | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land & Improvements | 713 | |||
Initial Cost to Company, Buildings & Improvements | 21,887 | |||
Costs Capitalized Subsequent to Acquisition or Construction | (2,141) | |||
Land & Land Improvements | 784 | |||
Buildings and Improvements | 19,675 | |||
Total | 20,459 | |||
Accumulated Depreciation | $ 14,873 | |||
Town centers | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life (in years) | 10 years | |||
Town centers | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life (in years) | 25 years | |||
VentureCrossings | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land & Improvements | 5,791 | |||
Initial Cost to Company, Buildings & Improvements | 24,490 | |||
Costs Capitalized Subsequent to Acquisition or Construction | (3,730) | |||
Land & Land Improvements | 2,611 | |||
Buildings and Improvements | 23,940 | |||
Total | 26,551 | |||
Accumulated Depreciation | $ 2,537 | |||
VentureCrossings | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life (in years) | 10 years | |||
VentureCrossings | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life (in years) | 39 years | |||
Other | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,606 | |||
Initial Cost to Company, Land & Improvements | 3,304 | |||
Initial Cost to Company, Buildings & Improvements | 8,579 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 721 | |||
Land & Land Improvements | 4,025 | |||
Buildings and Improvements | 8,579 | |||
Total | 12,604 | |||
Accumulated Depreciation | $ 870 | |||
Other | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life (in years) | 10 years | |||
Other | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life (in years) | 39 years | |||
Commercial developments | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,313 | |||
Initial Cost to Company, Land & Improvements | 35,068 | |||
Initial Cost to Company, Buildings & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 18,439 | |||
Land & Land Improvements | 53,507 | |||
Buildings and Improvements | 0 | |||
Total | 53,507 | |||
Accumulated Depreciation | $ 59 | |||
Depreciation Life (in years) | 5 years | |||
Timberlands | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land & Improvements | 6,694 | |||
Initial Cost to Company, Buildings & Improvements | 1,886 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 10,930 | |||
Land & Land Improvements | 17,625 | |||
Buildings and Improvements | 1,885 | |||
Total | 19,510 | |||
Accumulated Depreciation | $ 2,010 | |||
Timberlands | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life (in years) | 5 years | |||
Timberlands | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life (in years) | 30 years | |||
Unimproved land | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land & Improvements | 85 | |||
Initial Cost to Company, Buildings & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Construction | 5,024 | |||
Land & Land Improvements | 5,109 | |||
Buildings and Improvements | 0 | |||
Total | 5,109 | |||
Accumulated Depreciation | $ 28 | |||
Unimproved land | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life (in years) | 15 years | |||
Unimproved land | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life (in years) | 20 years |
Schedule III (Consolidated) -90
Schedule III (Consolidated) - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at beginning of the year | $ 381,969 | $ 377,668 | $ 379,944 |
Amounts capitalized | 39,261 | 13,875 | 13,372 |
Impairments | (714) | (357) | 0 |
Cost of real estate sold | (14,274) | (6,489) | (14,584) |
Amounts retired or adjusted | (1,866) | (2,728) | (1,064) |
Balance at the end of the year | $ 404,376 | $ 381,969 | $ 377,668 |
Schedule III (Consolidated) -91
Schedule III (Consolidated) - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of the year | $ 67,349 | $ 64,069 | $ 58,132 |
Depreciation expense | 6,245 | 6,002 | 6,204 |
Amounts retired or adjusted | (1,842) | (2,722) | (267) |
Balance at the end of the year | $ 71,752 | $ 67,349 | $ 64,069 |
Schedule IV (Consolidated) - 92
Schedule IV (Consolidated) - Mortgage Loans on Real Estate (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Mortgage Loans on Real Estate [Line Items] | |
Carrying Amount of Mortgages | $ 2,995 |
Annual principal payment | $ 100 |
Amortization period | 20 years |
Interest Bearing - 5.5% interest rate due November 2019 | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 5.50% |
Interest Bearing - 5.5% interest rate due November 2019 | Seller financing | Seller Financing, Maturing November 2019 | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 5.50% |
Carrying Amount of Mortgages | $ 1,060 |
Interest Bearing - 5.5% interest rate due September 2019 | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 5.50% |
Interest Bearing - 5.5% interest rate due September 2019 | Seller financing | Seller Financing, Maturing September 2019 | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 5.50% |
Carrying Amount of Mortgages | $ 904 |
Interest Bearing - 5.5% interest rate due June 2019 | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 5.50% |
Interest Bearing - 5.5% interest rate due June 2019 | Seller financing | Seller Financing, Maturing June 2019 | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 5.50% |
Carrying Amount of Mortgages | $ 857 |
Various other seller financing | Various other seller financing | Various other seller financing maturing October 2022 through November 2023 | |
Mortgage Loans on Real Estate [Line Items] | |
Carrying Amount of Mortgages | $ 174 |
Various other seller financing | Minimum | Various other seller financing | Various other seller financing maturing October 2022 through November 2023 | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 4.80% |
Various other seller financing | Maximum | Various other seller financing | Various other seller financing maturing October 2022 through November 2023 | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 8.15% |
Schedule IV (Consolidated) - 93
Schedule IV (Consolidated) - Mortgage Loans on Real Estate - Carrying Amount of Mortgage Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at beginning of the year | $ 242 | $ 570 | $ 22,122 |
Additions during the year - new mortgage loans | 2,821 | 0 | 0 |
Collections of principal | 68 | 328 | 21,552 |
Foreclosures | 0 | 0 | 0 |
Balance at the end of the year | $ 2,995 | $ 242 | $ 570 |