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Segment Information
 12 Months Ended
Dec. 31, 2013
Segment Reporting [Abstract]  
Segment Information
Segment Information
The Company currently conducts primarily all of its business in five reportable operating segments: 1) residential real estate, 2) commercial real estate, 3) rural land, 4) resorts, leisure and leasing operations and 5) forestry. The residential real estate segment generates revenues from the development and sale of homes and homesites. The commercial real estate segment sells undeveloped or developed land and commercial operating property. The rural land segment sells parcels of land included in the Company’s holdings of timberlands. The resorts, leisure and leasing operations segment generates revenue and rental fees associated with its vacation rental program in the WaterColor Inn, WaterColor, WaterSound Beach and surrounding communities and other resort, golf club, marina and retail/commercial leasing operations. The forestry segment produces and sells woodfiber, sawtimber and other forest products.
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 from operations before equity in income (loss) from unconsolidated affiliates, 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 and in the Company’s Form 10-K. Total revenues represent sales to unaffiliated customers, as reported in the Company’s Consolidated Statements of Operations. All intercompany transactions have been eliminated. The caption entitled “Other” consists of non-allocated corporate general and administrative expenses, net of investment income.
Information by business segment is as follows:
 
2013
 
2012
 
2011
OPERATING REVENUES:
 
 
 
 
 
Residential real estate
$
33,698

 
$
22,115

 
$
12,595

Commercial real estate
10,881

 
10,400

 
3,778

Rural land
85

 
23,413

 
3,472

Resorts, leisure and leasing operations
50,767

 
44,407

 
38,239

Forestry
35,450

 
38,977

 
86,703

Other
375

 
84

 
498

Consolidated operating revenues
$
131,256

 
$
139,396

 
$
145,285

 
 
 
 
 
 
DEPRECIATION, DEPLETION AND AMORTIZATION:
 
 
 
 
 
Residential real estate
$
776

 
$
1,802

 
$
2,457

Resorts, leisure and leasing operations
6,424

 
5,714

 
6,924

Forestry
1,775

 
2,105

 
4,950

Other reportable segments
156

 
489

 
1,509

Consolidated depreciation, depletion and amortization
$
9,131

 
$
10,110

 
$
15,840

 
 
 
 
 
 
INVESTMENT INCOME, NET
 
 
 
 
 
Other reportable segments
113

 
68

 
102

Corporate
1,385

 
1,151

 
1,028

Consolidated investment income, net
$
1,498

 
$
1,219

 
$
1,130

 
 
 
 
 
 
INTEREST EXPENSE
 
 
 
 
 
Residential real estate
$
(1,999
)
 
$
(2,802
)
 
$
(3,555
)
Commercial and other
(41
)
 
(18
)
 
(366
)
Consolidated interest expense
$
(2,040
)
 
$
(2,820
)
 
$
(3,921
)
 
 
 
 
 
 
EQUITY IN INCOME (LOSS) FROM UNCONSOLIDATED AFFILIATES
 
 
 
 
 
Resorts, leisure and leasing operations
$
112

 
$
(46
)
 
$
(93
)
 
 
 
 
 
 
INCOME (LOSS) BEFORE EQUITY IN (INCOME) LOSS FROM UNCONSOLDIATED AFFILIATES AND INCOME TAXES:
 
 
 
 
 
Residential real estate (a)
$
4,558

 
$
(6,772
)
 
$
(355,080
)
Commercial real estate (b)
3,298

 
(271
)
 
(42,516
)
Rural land
22

 
16,791

 
2,158

Resorts, leisure and leasing operations (c)
(1,928
)
 
(1,414
)
 
(8,020
)
Forestry
13,384

 
13,475

 
59,092

Other (d)
(14,889
)
 
(15,386
)
 
(41,507
)
Consolidated income (loss) before equity in income (loss) from unconsolidated affiliates and income taxes
$
4,445

 
$
6,423

 
$
(385,873
)
 
 
 
 
 
 
   
2013
 
2012
 
2011
CAPITAL EXPENDITURES:
 
 
 
 
 
Residential real estate
$
12,284

 
$
7,679

 
$
12,023

Commercial real estate
2,388

 
3,829

 
11,833

Resorts, leisure and leasing operations
23,486

 
9,023

 
4,007

Forestry
3,678

 
2,701

 
2,766

Other
224

 
163

 
93

Total capital expenditures
$
42,060

 
$
23,395

 
$
30,722

 
 
 
 
 
 
 
December 31,
2013
 
December 31, 2012
TOTAL ASSETS:
 
 
 
Residential real estate
$
141,097

 
$
141,526

Commercial real estate
62,924

 
64,961

Rural land
6,147

 
6,219

Resorts, leisure and leasing operations (e)
142,940

 
125,596

Forestry
54,742

 
53,839

Other
261,622

 
253,380

Total assets
$
669,472

 
$
645,521

(a)
Includes impairment losses of $0.2 million and $337.6 million in 2013 and 2011, respectively.
(b)
Includes impairment losses of $38.2 million in 2011.
(c)
Includes impairment losses of $4.9 million, $2.6 million and $1.4 million in 2013, 2012 and 2011, respectively.
(d)
Includes pension charges of $2.1 million and $5.9 million in 2012 and 2011, respectively.
(e)
Includes $2.2 million of investment in equity method investees at December 31, 2013 and 2012.