Segment Information

12 Months Ended

Dec. 31, 2011

Segment Information [Abstract]

Segment Information

26.      Segment Information:

The Company's reportable segments consist of its operating units, which offer different products and services and are managed separately.  National Beef processes, packages and delivers fresh and frozen beef and beef by-products for sale to customers in the U.S. and international markets. Idaho Timber primarily remanufactures, manufactures and/or distributes wood products.  Conwed Plastics manufactures and markets lightweight plastic netting used for a variety of purposes.  The Company's gaming entertainment segment is conducted through Premier, which owns the Hard Rock Biloxi.  The Company's domestic real estate operations consist of a variety of commercial properties, residential land development projects and other unimproved land, all in various stages of development.  The Company's medical product development segment is conducted through Sangart.  Other operations primarily consist of the Company's wineries and energy projects.  As a result of the classification of Keen as a discontinued operation, the Company no longer has an oil and gas drilling services segment.

Prior to its consolidation in November 2009, the Company's investment in Keen was classified as an investment in an associated company.

Associated companies include equity interests in other entities that the Company accounts for under the equity method of accounting.  Investments in associated companies that are accounted for under the equity method of accounting include HomeFed, Linkem, JHYH, Berkadia, and Garcadia.  Associated companies also include the Company's investments in Jefferies and Mueller, which are accounted for at fair value rather than under the equity method of accounting.

Corporate assets primarily consist of the deferred tax asset, investments and cash and cash equivalents and corporate revenues primarily consist of investment and other income and securities gains and losses.  Corporate assets include the Company's investment in Fortescue and in the Inmet common shares.  Corporate assets, revenues, overhead expenses and interest expense are not allocated to the operating units.

Conwed Plastics has a manufacturing and sales facility located in Belgium,National Beef has sales offices in and exports its products to various countries and the Company owns a small Caribbean-based telecommunications provider; these are the only foreign operations with non-U.S. revenue or assets that the Company consolidates.  Unconsolidated non-U.S. based investments include the investments in Fortescue, Inmet and Linkem.

Certain information concerning the Company's segments is presented in the following table.  Consolidated subsidiaries are reflected as of the date a majority controlling interest was acquired, which was December 30, 2011 for National Beef. However, since operating activities for National Beef subsequent to the acquisition during 2011 were not significant they have not been included in the Company's 2011 consolidated statement of operations.Associated Companies are not considered to be a reportable segment, but are reflected in the table below under income (loss) from continuing operations before income taxes and identifiable assets employed.

	2011			2010			2009
	(In thousands)
Revenues and other income (a):
Manufacturing:
Idaho Timber	$	159,026		$	172,908		$	142,709
Conwed Plastics		85,961			87,073			82,094
Gaming Entertainment		117,238			114,809			103,583
Domestic Real Estate		96,501			17,075			30,637
Medical Product Development		378			123			5,147
Other Operations (b)		69,038			67,119			51,764
Corporate (c)		906,480			744,337			98,815
Total consolidated revenues and other income	$	1,434,622		$	1,203,444		$	514,749
Income (loss) from continuing operations before income taxes:
Manufacturing:
Idaho Timber	$	(3,787	)	$	547		$	(12,680	)
Conwed Plastics		5,916			8,803			11,578
Gaming Entertainment		12,616			(2,159	)		2,379
Domestic Real Estate		80,919			(54,935	)		(71,298	)
Medical Product Development		(42,696	)		(25,443	)		(23,818	)
Other Operations (b)		(24,374	)		(17,487	)		(26,434	)
Income (loss) related to Associated Companies		(612,362	)		375,021			805,803
Corporate (c)		648,861			473,614			(167,619	)
Total consolidated income from continuing
operations before income taxes	$	65,093		$	757,961		$	517,911
Depreciation and amortization expenses:
Manufacturing (d):
Idaho Timber	$	5,299		$	6,131		$	8,631
Conwed Plastics		6,509			9,068			8,476
Gaming Entertainment		16,785			16,657			16,532
Domestic Real Estate		3,461			6,163			8,408
Medical Product Development		845			870			836
Other Operations (d)		9,922			7,183			8,125
Corporate		23,296			20,979			18,441
Total consolidated depreciation and amortization expenses	$	66,117		$	67,051		$	69,449
Identifiable assets employed:
Beef Processing	$	1,786,855		$	–		$	–
Manufacturing:
Idaho Timber		71,859			84,436			94,211
Conwed Plastics		56,539			60,822			67,940
Gaming Entertainment		243,888			253,221			266,951
Domestic Real Estate		254,885			255,027			311,571
Medical Product Development		27,893			16,950			26,702
Other Operations		226,051			165,644			158,326
Investments in Associated Companies		1,991,795			2,274,163			2,764,885
Corporate		4,388,961			6,004,942			2,659,148
Assets of discontinued operations		214,463			235,093			412,630
Total consolidated assets	$	9,263,189		$	9,350,298		$	6,762,364

(a)   Revenues and other income for each segment include amounts for services rendered and products sold, as well as segment reported amounts classified as investment and other income and net securities gains (losses) in the Company's consolidated statements of operations.

(b) Other operations includes pre-tax losses of $28,598,000, $16,076,000 and $25,324,000 for the years ended December 31, 2011, 2010 and 2009, respectively, for the investigation and evaluation of various energy related projects.  There were no significant operating revenues or identifiable assets associated with these activities in any period; however, other income includes $5,366,000 and $11,143,000 in 2011 and 2010, respectively, with respect to government grants to reimburse the Company for certain of its prior expenditures, which were fully expensed as incurred.

(c) Net securities gains (losses) for Corporate aggregated $641,480,000, $179,494,000 and $(21,106,000) during 2011, 2010 and 2009, respectively.  Corporate net securities gains (losses) are net of impairment charges of $3,586,000, $2,474,000 and $31,420,000 during 2011, 2010 and 2009, respectively.  In 2011, security gains included gains of $628,197,000 from the sale of certain of the Company's common shares of Fortescue.  In 2010, security gains include a gain of $66,200,000 from the sale of the Company's investment in LPH and a gain of $94,918,000 from the sale of certain of the Company's common shares of Fortescue.  Corporate investment and other income includes the gain on sale of Las Cruces of $383,369,000 in 2010.

(d) Includes amounts classified as cost of sales.

(e) For the years ended December 31, 2011, 2010 and 2009, interest expense was primarily comprised of Corporate; interest expense for other segments was not significant.