Segment Information

12 Months Ended

Dec. 31, 2011

Segment Information [Abstract]

Segment Information

15. Segment Information

The Company conducts primarily all of its business in four reportable operating segments: residential real estate, commercial real estate, rural land sales and forestry. The residential real estate segment generates revenues from club and resort operations and the development and sale of homesites, and to a lesser extent, home sales due to the Company's exit from homebuilding. The commercial real estate segment sells or leases developed and undeveloped land. The rural land sales segment sells parcels of land included in the Company's holdings of timberlands. The forestry segment produces and sells woodfiber, sawtimber and other forest products.

The Company uses income from continuing operations before equity in income of unconsolidated affiliates, income taxes and noncontrolling 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 above in Note 2, Summary of Significant Accounting Policies. 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.

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.

Information by business segment is as follows:

	2011			2010			2009
OPERATING REVENUES:
Residential real estate	$	50,417		$	40,252		$	89,850
Commercial real estate		4,195			4,572			7,514
Rural land sales		3,970			25,875			14,309
Forestry		86,703			28,841			26,584
Consolidated operating revenues	$	145,285		$	99,540		$	138,257
(Loss) from continuing operations before equity in loss of unconsolidated affiliates and income taxes:
Residential real estate(a)	$	(385,367	)	$	(47,370	)	$	(137,855	)
Commercial real estate(b)		(20,220	)		(1,394	)		(513	)
Rural land sales		2,616			22,192			10,111
Forestry		59,063			6,281			4,771
Other(c)		(41,965	)		(35,155	)		(81,654	)
Consolidated (loss) from continuing operations before equity in loss of unconsolidated affiliates and income taxes	$	(385,873	)	$	(55,446	)	$	(205,140	)

(a) Includes impairment losses of $361.0 million, $4.8 million and $94.8 million in 2011, 2010 and 2009, respectively.

(b) Includes impairment losses of $16.3 million in 2011.

(c) Includes pension charges of $5.9 million, $4.1 million and $46.0 million in 2011, 2010 and 2009, respectively.

	2011		2010		2009
CAPITAL EXPENDITURES:
Residential real estate	$	13,336	$	7,557	$	13,687
Commercial real estate		14,467		7,415		984
Rural land sales		60		195		328
Forestry		2,766		785		719
Other		93		112		679
Discontinued operations		—		—		1,982
Total capital expenditures	$	30,722	$	16,064	$	18,379

	December 31, 2011		December 31, 2010
TOTAL ASSETS:
Residential real estate(d)	$	272,210	$	639,460
Commercial real estate		67,650		72,581
Rural land sales		10,048		7,964
Forestry		58,638		61,756
Other		252,745		269,934
Total assets	$	661,291	$	1,051,695

(d) Includes $2.3 million and $(2.2) million of investment in equity method investees at December 31, 2011 and 2010, respectively.