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Segment Information
 12 Months Ended
Dec. 31, 2015
Segment Reporting [Abstract]  
Segment Information
Segment Information
The Company currently conducts primarily all of its business in the following five operating segments: 1) residential real estate, 2) commercial real estate, 3) resorts and leisure, 4) leasing operations and 5) forestry. In prior periods, the Company’s reportable operating segments were 1) residential real estate, 2) commercial real estate, 3) resorts, leisure and leasing operations and 4) forestry. The Company’s leasing operations segment currently meets the quantitative and qualitative factors as a reportable operating segment; therefore, the Company has changed its segment presentation to include leasing operations as an operating segment. Leasing operations were historically included with the Company’s resorts, leisure and leasing operating segment. All prior year segment information has been reclassified to conform to the 2015 presentation. The change in reporting segments had no effect on the Consolidated Balance Sheets, Statements of Operations, Statements of Comprehensive (Loss) Income or Statements of Cash Flows for the periods presented.
The residential real estate segment generates revenues from the development and sale of homes and homesites and the sale of parcels of entitled, undeveloped lots. The commercial real estate segment sells undeveloped or developed land and commercial operating property. The resorts and leisure segment generates revenues and costs from the WaterColor Inn and Resort, vacation rental programs, management of The Pearl Hotel, four golf courses, marina operations and other related resort activities. The leasing segment generates revenues from retail and commercial leasing operations, including the Company’s consolidated joint venture at Pier Park North. 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 Operations. All intercompany transactions have been eliminated.
Information by business segment is as follows:
 
2015

2014

2013
OPERATING REVENUES:
 
 
 
 
 
Residential real estate (a)
$
21,203

 
$
61,444

 
$
33,735

Commercial real estate
7,160

 
3,265

 
10,881

Resorts and leisure
54,488

 
48,414

 
46,424

Leasing operations
8,978

 
6,977

 
4,306

Forestry (b)
12,042

 
581,442

 
35,450

Other
—

 
331

 
460

Consolidated operating revenues
$
103,871

 
$
701,873

 
$
131,256

 
 
 
 
 
 
DEPRECIATION, DEPLETION AND AMORTIZATION:
 
 
 
 
 
Residential real estate
$
544

 
$
662

 
$
863

Resorts and leisure
5,096

 
4,143

 
4,211

Leasing operations
3,118

 
2,685

 
2,126

Forestry
581

 
729

 
1,775

Other reportable segments
147

 
203

 
156

Consolidated depreciation, depletion and amortization
$
9,486

 
$
8,422

 
$
9,131

 
 
 
 
 
 
INVESTMENT INCOME, NET
 
 
 
 
 
Residential real estate and other
$
571

 
$
994

 
$
113

Corporate (c)
22,117

 
11,697

 
1,385

Consolidated investment income, net
$
22,688

 
$
12,691

 
$
1,498

 
 
 
 
 
 
INTEREST EXPENSE
 
 
 
 
 
Residential real estate
$
(1,174
)
 
$
(1,316
)
 
$
(1,999
)
Commercial and other
(1,489
)
 
(696
)
 
(41
)
Corporate (d)
(8,766
)
 
(6,596
)
 
—

Consolidated interest expense
$
(11,429
)
 
$
(8,608
)
 
$
(2,040
)
 
 
 
 
 
 
(LOSS) INCOME BEFORE EQUITY IN LOSS FROM UNCONSOLDIATED AFFILIATES AND INCOME TAXES:
 
 
 
 
 
Residential real estate (a)(e)
$
(821
)
 
$
24,854

 
$
4,087

Commercial real estate
126

 
(163
)
 
3,298

Resorts and leisure (f)
1,819

 
1,559

 
(1,561
)
Leasing operations
676

 
1,165

 
324

Forestry (b)
10,259

 
517,087

 
13,406

Corporate (c)(d)(g)
(13,222
)
 
(22,681
)
 
(15,109
)
Consolidated (loss) income before equity in loss from unconsolidated affiliates and income taxes
$
(1,163
)
 
$
521,821

 
$
4,445

 
 
 
 
 
 
   
2015
 
2014
 
2013
CAPITAL EXPENDITURES:
 
 
 
 
 
Residential real estate
$
4,923

 
$
4,981

 
$
12,284

Commercial real estate
2,165

 
854

 
2,388

Resorts and leisure
2,526

 
2,198

 
3,517

Leasing operations
5,849

 
22,600

 
19,969

Forestry
1,366

 
1,537

 
3,678

Other
636

 
271

 
224

Total capital expenditures
$
17,465

 
$
32,441

 
$
42,060

 
 
 
 
 
 
 
December 31,
2015
 
December 31, 2014
TOTAL ASSETS:
 
 
 
Residential real estate
$
109,791

 
$
135,317

Commercial real estate
62,649

 
62,931

Resorts and leisure
75,441

 
79,021

Leasing operations
82,120

 
74,800

Forestry
20,244

 
20,521

Other
634,568

 
930,545

Total assets
$
984,813

 
$
1,303,135

(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 $8.2 million and $6.1 million from investments in special purpose entities in 2015 and 2014, respectively.
(d)
Includes interest expense of $8.8 million and $6.6 million from Senior Note issued by a special purpose entity in 2015 and 2014, respectively.
(e)
Includes impairment losses of $0.2 million in 2013.
(f)
Includes impairment losses of $4.9 million in 2013.
(g)
Includes pension charges of $13.5 million and $1.5 million in 2014 and 2013, respectively.