SEGMENT REPORTING

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING

PICO Holdings, Inc. is a diversified holding company. The Company accounts for its segments consistent with the significant accounting policies described in Note 1.

The Company organizes its reportable segments by line of business. Currently, the major businesses that constitute operating and reportable segments are: developing water resources and water storage operations, developing land and homebuilding, corporate, which included investments in debt and equity securities, deferred compensation plans, and oil and gas operations, and the discontinued operations of a canola seed processing plant.

Segment performance is measured by revenues and segment profit before income tax and equity in loss of unconsolidated affiliate. In addition, assets identifiable with segments are disclosed as well as capital expenditures, and depreciation and amortization. The Company’s reported revenue for the three years ended December 31, 2016 was earned in the United States and therefore no geographic region disclosure is presented.

Water Resources and Water Storage Operations

The Company owns water resources and water storage operations in the southwestern United States, with assets and operations in Nevada, Arizona, Colorado and New Mexico. Currently, the Company is primarily focused on selling existing water rights and storage credits.

Real Estate Operations

The Company is engaged in land development and homebuilding operations primarily in California, Washington, North Carolina, South Carolina, and Tennessee. The ongoing revenues in this segment are primarily from sales in UCP, although the Company does have other real estate holdings that could be sold from time to time.

Corporate

This segment consists of cash and fixed-income securities, the 19.3% voting interest in Mindjet, the Company’s oil and gas venture, which sold the majority of its assets during 2016, deferred compensation assets and liabilities held in trust for the benefit of the Company’s current officers and former CEO, and other parent company assets and liabilities.

Discontinued Agribusiness Operations

During 2015, the Company sold substantially all of the assets used in its agribusiness segment for a net selling price of $105.3 million. Consequently the segment qualified as held-for-sale and has been classified as discontinued agribusiness operations in the accompanying consolidated financial statements as of the earliest period presented.

Segment information by major operating segment follows (in thousands):

	Water Resources and Water Storage Operations			Real Estate Operations			Corporate			Discontinued Agribusiness Operations		Consolidated
2016
Total revenues	$	952		$	354,745		$	6,881				$	362,578
Impairment loss on intangible and long-lived assets				$	6,811		$	201				$	7,012
Depreciation and amortization	$	355		$	631		$	510				$	1,496
Income (loss) from continuing operations before income taxes and equity in loss of unconsolidated affiliate	$	(5,476	)	$	8,064		$	(20,591	)			$	(18,003	)
Total assets	$	185,303		$	434,936		$	49,050		$	6,505	$	675,794
Capital expenditure	$	29		$	166		$	123				$	318
2015
Total revenues (losses)	$	4,332		$	279,196		$	(16,865	)			$	266,663
Impairment loss on intangible and long-lived assets	$	269		$	1,197		$	1,816				$	3,282
Depreciation and amortization	$	1,037		$	552		$	623				$	2,212
Income (loss) from continuing operations before income taxes and equity in loss of unconsolidated affiliate	$	(3,858	)	$	6,394		$	(33,686	)			$	(31,150	)
Equity in loss of unconsolidated affiliate							$	(3,422	)			$	(3,422	)
Total assets	$	185,037		$	421,411		$	46,844		$	8,793	$	662,085
Capital expenditure	$	76		$	330		$	2,702				$	3,108
2014
Total revenues (losses)	$	1,580		$	191,440		$	(532	)			$	192,488
Interest expense	$	18					$	210				$	228
Impairment loss on intangible and long-lived assets	$	5,791		$	2,865		$	4,428				$	13,084
Depreciation and amortization	$	1,098		$	669		$	1,287				$	3,054
Loss from continuing operations before income taxes and equity in loss of unconsolidated affiliate	$	(12,584	)	$	(10,531	)	$	(23,854	)			$	(46,969	)
Equity in loss of unconsolidated affiliate							$	(2,076	)			$	(2,076	)
Total assets	$	186,294		$	382,543		$	80,741		$	152,554	$	802,132
Capital expenditure	$	230		$	1,004		$	4,036				$	5,270