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Segment Information
 12 Months Ended
Dec. 31, 2014
Segment Reporting [Abstract]  
Segment Information
Segment Information
The Company currently conducts primarily all of its business in the following four reportable operating segments: 1) residential real estate, 2) commercial real estate, 3) resorts, leisure and leasing operations and 4) forestry. During the first quarter of 2014, the Company’s rural land segment no longer met the qualitative or quantitative factors as a reportable operating segment. The Company has revised its segment presentation to include the remaining rural land segment primarily within the Company’s forestry segment. All prior period segment information has been updated to conform with the 2014 presentation. The change in reportable segments had no effect on the Company’s consolidated financial position, results of operations or cash flows for the periods presented.
The residential real estate segment generates revenues from the development and sale of homesites. The commercial real estate segment sells undeveloped or developed land and commercial operating property. The resorts, leisure and leasing operations segment generates revenue and rental fees associated with its vacation rental program and other resort, golf club, marina and retail/commercial leasing operations. The forestry segment produces and sells woodfiber, sawtimber and other forest products and may sell the Company’s timber or rural land holdings.
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 (loss) income 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 Income. All intercompany transactions have been eliminated.
Information by business segment is as follows:
 
2014
 
2013
 
2012
OPERATING REVENUES:
 
 
 
 
 
Residential real estate (a)
$
61,384

 
$
33,698

 
$
22,115

Commercial real estate
3,265

 
10,881

 
10,400

Resorts, leisure and leasing operations
55,451

 
50,767

 
44,407

Forestry (b)
581,442

 
35,450

 
38,977

Other
331

 
460

 
23,497

Consolidated operating revenues
$
701,873

 
$
131,256

 
$
139,396

 
 
 
 
 
 
DEPRECIATION, DEPLETION AND AMORTIZATION:
 
 
 
 
 
Residential real estate
$
574

 
$
776

 
$
1,802

Resorts, leisure and leasing operations
6,916

 
6,424

 
5,714

Forestry
729

 
1,775

 
2,105

Other reportable segments
203

 
156

 
489

Consolidated depreciation, depletion and amortization
$
8,422

 
$
9,131

 
$
10,110

 
 
 
 
 
 
INVESTMENT INCOME, NET
 
 
 
 
 
Residential real estate and other
$
994

 
$
113

 
$
68

Corporate (c)
11,697

 
1,385

 
639

Consolidated investment income, net
$
12,691

 
$
1,498

 
$
707

 
 
 
 
 
 
INTEREST EXPENSE
 
 
 
 
 
Residential real estate
$
(1,316
)
 
$
(1,999
)
 
$
(2,802
)
Commercial and other
(696
)
 
(41
)
 
(18
)
Corporate (d)
(6,596
)
 
—

 
—

Consolidated interest expense
$
(8,608
)
 
$
(2,040
)
 
$
(2,820
)
 
 
 
 
 
 
INCOME (LOSS) BEFORE EQUITY IN (INCOME) LOSS FROM UNCONSOLDIATED AFFILIATES AND INCOME TAXES:
 
 
 
 
 
Residential real estate (a)(e)
$
25,440

 
$
4,558

 
$
(6,772
)
Commercial real estate
(163
)
 
3,298

 
(271
)
Resorts, leisure and leasing operations (f)
1,886

 
(1,928
)
 
(1,414
)
Forestry (b)
517,087

 
13,406

 
13,475

Corporate (c)(d)(g)
(22,429
)
 
(14,889
)
 
1,405

Consolidated income (loss) before equity in (loss) income from unconsolidated affiliates and income taxes
$
521,821

 
$
4,445

 
$
6,423

 
 
 
 
 
 
   
2014
 
2013
 
2012
CAPITAL EXPENDITURES:
 
 
 
 
 
Residential real estate
$
4,981

 
$
12,284

 
$
7,679

Commercial real estate
854

 
2,388

 
3,829

Resorts, leisure and leasing operations
24,798

 
23,486

 
9,023

Forestry
1,537

 
3,678

 
2,701

Other
271

 
224

 
163

Total capital expenditures
$
32,441

 
$
42,060

 
$
23,395

 
 
 
 
 
 
 
December 31,
2014
 
December 31, 2013
TOTAL ASSETS:
 
 
 
Residential real estate
$
129,663

 
$
141,097

Commercial real estate
62,931

 
62,924

Resorts, leisure and leasing operations
158,226

 
142,940

Forestry
20,521

 
60,889

Other
931,794

 
261,622

Total assets
$
1,303,135

 
$
669,472

(a)
Includes revenues of $43.6 million from the RiverTown Sale in 2014.
(b)
Includes revenues of $570.9 million from the AgReserves Sale in 2014.
(c)
Includes interest income of $6.1 million from investments in special purpose entities in 2014.
(d)
Includes interest expense of $6.6 million from Senior Note issued by an special purpose entity in 2014.
(e)
Includes impairment losses of $0.2 million in 2013.
(f)
Includes impairment losses of $4.9 million and $2.6 million in 2013 and 2012, respectively.
(g)
Includes pension charges of $13.5 million, $1.5 million and $3.0 million in 2014, 2013 and 2012, respectively.