Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 08, 2021 | Jun. 30, 2020 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 000-56177 | ||
Entity Registrant Name | BBX Capital, Inc. | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Tax Identification Number | 82-4669146 | ||
Entity Address, Address Line One | 401 East Las Olas Boulevard | ||
Entity Address, Address Line Two | Suite 800 | ||
Entity Address, City or Town | Fort Lauderdale | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33301 | ||
City Area Code | 954 | ||
Local Phone Number | 940-4900 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Document Fiscal Year Focus | 2020 | ||
Entity Central Index Key | 0001814974 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Documents Incorporated by Reference | Documents Incorporated by Reference Portions of the registrant’s Definitive Proxy Statement on Schedule 14A relating to the registrant’s 2021 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K. | ||
Class A Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 15,624,091 | ||
Class B Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 3,693,596 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 90,037 | $ 20,723 |
Restricted cash | 350 | 529 |
Trade accounts receivable, net | 29,507 | 13,104 |
Trade inventory | 31,846 | 22,843 |
Real estate ($9,031 in 2020 and $11,297 in 2019 held for sale) | 55,800 | 65,818 |
Investments in and advances to unconsolidated real estate joint ventures | 58,010 | 57,330 |
Investment in and advances to IT'SUGAR, LLC | 22,976 | |
Note receivable from Bluegreen Vacations Holding Corporation | 75,000 | |
Property and equipment, net | 7,803 | 29,836 |
Goodwill | 8,277 | 37,248 |
Intangible assets, net | 22,420 | 6,671 |
Operating lease assets | 13,488 | 87,082 |
Deferred tax asset, net | 7,424 | 3,280 |
Other assets | 24,718 | 16,051 |
Discontinued operations total assets | 992 | |
Total assets | 447,656 | 361,507 |
Liabilities: | ||
Accounts payable | 14,472 | 10,104 |
Accrued expenses | 30,852 | 14,115 |
Other liabilities | 5,455 | 6,336 |
Due to parent | 1,362 | |
Operating lease liabilities | 14,141 | 99,568 |
Notes payable and other borrowings | 73,483 | 42,736 |
Discontinued operations total liabilities | 1,041 | |
Deferred income taxes | 834 | 1,415 |
Total liabilities | 138,403 | 175,262 |
Commitments and contingencies (See Note 14) | ||
Redeemable noncontrolling interest | 4,009 | |
Equity: | ||
Bluegreen Vacations Holding Corporation equity | 179,681 | |
Additional paid-in capital | 310,588 | |
Accumulated deficit | (3,457) | |
Accumulated other comprehensive income | 1,830 | 1,554 |
Total shareholders' equity | 309,154 | 181,235 |
Noncontrolling interests | 99 | 1,001 |
Total equity | 309,253 | 182,236 |
Total liabilities and equity | 447,656 | $ 361,507 |
Class A Common Stock [Member] | ||
Equity: | ||
Common stock | 156 | |
Class B Common Stock [Member] | ||
Equity: | ||
Common stock | $ 37 |
Consolidated Statements Of Fi_2
Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate held-for-sale | $ 9,031 | $ 11,297 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Class A Common Stock [Member] | ||
Common Stock, par value | $ 0.01 | |
Common stock, shares authorized | 30,000,000 | |
Common stock, shares issued | 15,624,091 | |
Common stock, shares outstanding | 15,624,091 | |
Class B Common Stock [Member] | ||
Common Stock, par value | $ 0.01 | |
Common stock, shares authorized | 4,000,000 | |
Common stock, shares issued | 3,693,596 | |
Common stock, shares outstanding | 3,693,596 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||
Revenue from customers | $ 167,573 | $ 185,368 | $ 197,270 |
Interest income | 2,399 | 811 | 2,338 |
Net gains on sales of real estate assets | 255 | 13,616 | 4,563 |
Other revenue | 3,002 | 3,929 | 4,394 |
Total revenues | 173,229 | 203,724 | 208,565 |
Costs and Expenses: | |||
Interest expense | 237 | 433 | 803 |
Recoveries from loan losses, net | (8,876) | (5,428) | (8,653) |
Impairment losses | 30,772 | 189 | 4,718 |
Selling, general and administrative expenses | 66,757 | 90,830 | 91,775 |
Total costs and expenses | 228,213 | 213,227 | 226,126 |
Operating losses | (54,984) | (9,503) | (17,561) |
Equity in net earnings of unconsolidated real estate joint ventures | 465 | 37,898 | 14,194 |
Loss on the deconsolidation of IT'SUGAR, LLC | (3,326) | ||
Other income | 290 | 665 | 277 |
Foreign exchange (loss) gain | (692) | (75) | 68 |
(Loss) income from continuing operations before income taxes | (58,247) | 28,985 | (3,022) |
Benefit (provision) for income taxes | 11,231 | (8,334) | (2,865) |
(Loss) income from continuing operations | (47,016) | 20,651 | (5,887) |
Discontinued operation | |||
Loss from operations | (91) | (9,434) | (4,529) |
Benefit for income taxes | 17 | 2,296 | 949 |
Loss from discontinued operations | (74) | (7,138) | (3,580) |
Net (loss) income | (47,090) | 13,513 | (9,467) |
Less: Net loss attributable to noncontrolling interests | 4,803 | 224 | 266 |
Net (loss) income attributable to shareholders | (42,287) | 13,737 | (9,201) |
Other comprehensive income (loss), net of tax: | |||
Unrealized gain (loss) on securities available for sale | 35 | 51 | (46) |
Foreign currency translation adjustments | 241 | 287 | (194) |
Other comprehensive income (loss), net | 276 | 338 | (240) |
Comprehensive (loss) income, net of tax | (46,814) | 13,851 | (9,707) |
Less: Comprehensive income attributable to noncontrolling interests | 4,803 | 224 | 266 |
Comprehensive (loss) income attributable to shareholders | $ (42,011) | $ 14,075 | $ (9,441) |
Basic and diluted (loss) earnings per share from continuing operations | $ (2.19) | $ 1.08 | $ (0.29) |
Basic and diluted loss per share from discontinued operations | (0.37) | (0.19) | |
Total basic and diluted (loss) earnings per share | $ (2.19) | $ 0.71 | $ (0.48) |
Weighted average number of common shares outstanding | 19,318 | 19,318 | 19,318 |
Trade Sales [Member] | |||
Revenues | |||
Revenue from customers | $ 147,210 | $ 180,319 | $ 175,499 |
Costs and Expenses: | |||
Total costs | 126,152 | 124,560 | 123,367 |
Sales Of Real Estate Inventory [Member] | |||
Revenues | |||
Revenue from customers | 20,363 | 5,049 | 21,771 |
Costs and Expenses: | |||
Total costs | $ 13,171 | $ 2,643 | $ 14,116 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - USD ($) $ in Thousands | Common Stock [Member]Class A Common Stock [Member] | Common Stock [Member]Class B Common Stock [Member] | Parent Equity [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Parent Equity [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income [Member] | Noncontrolling Interest [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Total |
Beginning balance at Dec. 31, 2017 | $ 237,259 | $ 1,785 | $ (238) | $ 238,806 | |||||||||
Net income (loss) excluding of loss attributable to redeemable noncontrolling interest | (9,201) | 103 | (9,098) | ||||||||||
Other comprehensive income (loss) | (240) | (240) | |||||||||||
Increase in noncontrolling interest from loan foreclosure | 705 | 705 | |||||||||||
Acquisition of noncontrolling interest | (587) | 329 | (258) | ||||||||||
Net transfers from (to) Parent | 7,615 | 7,615 | |||||||||||
Ending balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2018 | $ 329 | $ (329) | |||||||||||
Ending balance at Dec. 31, 2018 | 235,415 | 1,216 | 899 | 237,530 | |||||||||
Net income (loss) excluding of loss attributable to redeemable noncontrolling interest | 13,737 | 102 | 13,839 | ||||||||||
Other comprehensive income (loss) | 338 | 338 | |||||||||||
Accretion of redeemable noncontrolling interest | (1,902) | (1,902) | |||||||||||
Net transfers from (to) Parent | (65,367) | (65,367) | |||||||||||
Ending balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2019 | $ (2,202) | $ (2,202) | |||||||||||
Ending balance at Dec. 31, 2019 | 179,681 | 1,554 | 1,001 | 182,236 | |||||||||
Ending balance at Dec. 31, 2019 | 179,681 | ||||||||||||
Net income (loss) excluding of loss attributable to redeemable noncontrolling interest | (38,830) | $ (3,457) | (730) | (43,017) | |||||||||
Other comprehensive income (loss) | 276 | 276 | |||||||||||
Distributions to noncontrolling interests | (54) | (54) | |||||||||||
Accretion of redeemable noncontrolling interest | (1,248) | (1,248) | |||||||||||
Acquisition of noncontrolling interest | $ 118 | (118) | |||||||||||
Reversal of accretion of redeemable noncontrolling interest | 3,150 | 3,150 | |||||||||||
Net transfers from (to) Parent | 167,910 | 167,910 | |||||||||||
Transfer to additional paid-in capital | (310,470) | 310,470 | |||||||||||
Ending balance at Dec. 31, 2020 | $ 156 | $ 37 | $ 310,588 | $ (3,457) | $ 1,830 | $ 99 | $ 309,253 | ||||||
Ending balance, shares at Dec. 31, 2020 | 15,624,000 | 3,694,000 | |||||||||||
Issuance of common stock | $ 156 | $ 37 | $ (193) | $ 156 | $ 37 | ||||||||
Issuance of common stock, shares | 15,624,000 | 3,694,000 | 15,624,091 | 3,693,596 |
Consolidated Statement Of Cha_2
Consolidated Statement Of Changes In Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statement Of Changes In Equity [Abstract] | |||
Income (loss) attributable to redeemable noncontrolling interest | $ 4,073 | $ 326 | $ 369 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities: | |||
Net (loss) income | $ (47,090) | $ 13,513 | $ (9,467) |
Adjustment to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Recoveries from loan losses, net | (8,876) | (5,428) | (8,653) |
Depreciation, amortization and accretion, net | 6,532 | 8,008 | 8,322 |
Net gains on sales of real estate and property and equipment | (255) | (13,305) | (4,563) |
Equity earnings of unconsolidated real estate joint ventures | (465) | (37,898) | (14,194) |
Return on investment in unconsolidated real estate joint ventures | 4,910 | 39,043 | 17,679 |
Loss on the deconsolidation of IT'SUGAR, LLC | 3,326 | ||
(Increase) decrease in deferred income tax asset, net | (4,737) | 2,343 | 1,084 |
Impairment losses | 31,620 | 6,938 | 4,718 |
(Increase) decrease in trade receivable | (7,975) | 5,190 | (2,323) |
(Increase) decrease in trade inventory | (3,245) | (2,733) | 3,882 |
Decrease (increase) in real estate inventory | 3,482 | (7,445) | 12,001 |
Net change in operating lease asset and operating lease liability | (621) | 515 | |
(Increase) decrease in other assets | (6,802) | 6,817 | 2,197 |
(Decrease) Increase in accounts payable | (1,253) | (596) | 1,648 |
Net change in due/from to parent | (1,362) | 3,284 | (1,282) |
Increase in accrued expenses | 27,668 | 927 | 1,638 |
(Decrease) increase in other liabilities | (1,040) | 3,496 | (1,480) |
Net cash (used in) provided by operating activities | (6,183) | 22,669 | 11,207 |
Investing activities: | |||
Return of investment in unconsolidated real estate joint ventures | 7,567 | 31,442 | 12,080 |
Investments in unconsolidated real estate joint ventures | (14,276) | (25,179) | (29,187) |
Loan fundings to IT'SUGAR, LLC, net | (3,947) | ||
Proceeds from repayment of loans receivable | 9,296 | 6,339 | 19,394 |
Proceeds from sales of real estate held-for-sale | 2,608 | 23,512 | 17,431 |
Proceeds from sales of property and equipment | 11,762 | 569 | |
Additions to real estate held-for-sale and held-for-investment | 91 | 600 | 1,221 |
Purchases of property and equipment | (5,345) | (11,091) | (12,796) |
Cash paid for acquisition, net of cash received | (42,133) | ||
Decrease in cash from other investing activities | (6,078) | (222) | (4,696) |
Net cash (used in) provided by investing activities | (52,399) | 35,963 | 1,574 |
Financing activities: | |||
Repayments of notes payable and other borrowings | (16,459) | (3,947) | (18,037) |
Proceeds from notes payable and other borrowings | 50,136 | 1,983 | 721 |
Payments for debt issuance costs | (216) | (96) | (125) |
Acquisition of noncontrolling interest | (258) | ||
Distribution to noncontrolling interests | (54) | ||
Net transfers from (to) parent | 94,275 | (65,367) | 7,615 |
Net cash provided by (used in) financing activities | 127,682 | (67,427) | (10,084) |
Increase (decrease) in cash, cash equivalents and restricted cash | 69,100 | (8,795) | 2,697 |
Cash, cash equivalents and restricted cash at beginning of period | 21,287 | 30,082 | 27,385 |
Cash, cash equivalents and restricted cash at end of period | 90,387 | 21,287 | 30,082 |
Supplemental cash flow information: | |||
Interest paid on borrowings, net of amounts capitalized | 721 | 854 | |
Income taxes paid | 330 | 1,227 | 678 |
Supplementary disclosure of non-cash investing and financing activities: | |||
Bluegreen Vacations Holding Corporation note receivable | 75,000 | ||
Construction funds receivable transferred to real estate | 18,318 | 14,548 | |
Loans receivable transferred to real estate | 333 | 1,673 | |
Increase in other assets upon issuance of Community Development District Bonds | 827 | 8,110 | 15,996 |
Assumption of Community Development District Bonds by builders | 4,170 | 1,035 | 5,572 |
Operating lease assets recognized upon adoption of ASC 842 | 86,431 | ||
Operating lease liabilities recognized upon adoption of ASC 842 | 95,296 | ||
Operating lease assets obtained in exchange for new operating lease liabilities | 4,721 | 22,942 | |
Reconciliation of cash, cash equivalents and restricted cash: | |||
Total cash, cash equivalents, and restricted cash | $ 90,387 | $ 21,287 | $ 30,082 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization [Abstract] | |
Organization | 1. Organization BBX Capital, Inc. and its subsidiaries (the “Company” or, unless otherwise indicated or the context otherwise requires, “we,” “us,” or “our”) is a Florida-based diversified holding company. BBX Capital, Inc. as a standalone entity without its subsidiaries is referred to as “BBX Capital.” Spin-Off from BVH Prior to September 30, 2020, the Company was a wholly owned subsidiary of Bluegreen Vacations Holding Corporation (“Parent” or “BVH”), which was formerly known as BBX Capital Corporation. Prior to September 30, 2020, BVH was a Florida-based diversified holding company whose principal holdings were Bluegreen Vacations Corporation (“Bluegreen”), BBX Capital Real Estate LLC (“BBX Capital Real Estate” or “BBXRE”), BBX Sweet Holdings, LLC (“BBX Sweet Holdings”), and Renin Holdings, LLC (“Renin”). On September 30, 2020, BVH completed the spin-off of the Company, which separated BVH’s business, activities, and investments into two separate, publicly-traded companies: (i) BVH, which continues to hold its investment in Bluegreen, and (ii) BBX Capital, which continues to hold all of BVH’s former businesses and investments, including BBX Capital Real Estate, BBX Sweet Holdings, and Renin. The spin-off was consummated on September 30, 2020 with the distribution by BVH to its shareholders all of the outstanding shares of BBX Capital’s Common Stock through the distribution of one share of BBX Capital’s Class A Common Stock for each share of its Class A Common Stock held on September 22, 2020, the record date for the distribution, and one share of BBX Capital’s Class B Common Stock for each share of its Class B Common Stock held on the record date. Accordingly, as of the close of business on September 30, 2020, BVH ceased to have an ownership interest in the Company, and BVH’s shareholders who received shares of BBX Capital’s Common Stock in the distribution became shareholders of the Company following the spin-off. In connection with the spin-off, BBX Capital was converted from a Florida limited liability company into a Florida corporation and changed its name from BBX Capital Florida LLC to BBX Capital, Inc., and BVH changed its name from BBX Capital Corporation to Bluegreen Vacations Holding Corporation. In addition, in connection with the spin-off, BVH issued a $75.0 million note payable to the Company that accrues interest at a rate of 6% per annum and requires payments of interest on a quarterly basis. Under the terms of the note, BVH has the option in its discretion to defer interest payments under the note, with interest on the entire outstanding balance thereafter to accrue at a cumulative, compounded rate of 8% per annum until such time that BVH is current on all accrued payments under the note, including deferred interest. All outstanding amounts under the note become due and payable on September 30, 2025 or earlier upon certain other events. In October 2020, BBX Capital’s Class A Common Stock commenced trading on the OTCQX Best Market under the ticker symbol “BBXIA,” and its Class B Common Stock commenced trading on the OTC Pink Market under the ticker symbol “BBXIB.” Principal Investments The Company’s principal holdings include BBX Capital Real Estate, BBX Sweet Holdings, and Renin. BBX Capital Real Estate BBX Capital Real Estate is engaged in the acquisition, development, construction, ownership, financing, and management of real estate and investments in real estate joint ventures, including investments in multifamily rental apartment communities, single-family master-planned for sale housing communities, and commercial properties located primarily in Florida. In addition, BBX Capital Real Estate owns a 50% equity interest in The Altman Companies, LLC (the “Altman Companies”), a developer and manager of multifamily rental apartment communities, and manages the legacy assets acquired in connection with the Company’s sale of BankAtlantic in 2012, including portfolios of loans receivable, real estate properties, and judgments against past borrowers. BBX Sweet Holdings BBX Sweet Holdings is engaged in the ownership and management of operating businesses in the confectionery industry, including Hoffman’s Chocolates, a retailer of gourmet chocolates with retail locations in South Florida, and Las Olas Confections and Snacks, a manufacturer and wholesaler of chocolate and other confectionery products. BBX Sweet Holdings also owns approximately 93% of the equity interests in IT’SUGAR, a specialty candy retailer whose products include bulk candy, candy in giant packaging, and licensed and novelty items. Prior to September 22, 2020, the Company consolidated the financial statements of IT’SUGAR and its subsidiaries as a result of its 93% ownership of IT’SUGAR. However, as further discussed in Note 23, on September 22, 2020, IT’SUGAR and its subsidiaries filed voluntary petitions to reorganize under Chapter 11 of Title 11 of the U.S. Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the Southern District of Florida (the “Bankruptcy Court”) (the cases commenced by such filings, the “Bankruptcy Cases”) , and the Company deconsolidated IT’SUGAR as a result of the filings and the uncertainties surrounding the nature, timing, and specifics of the bankruptcy proceedings. Renin Renin is engaged in the design, manufacture, and distribution of sliding doors, door systems and hardware, and home décor products and operates through its headquarters in Canada and three manufacturing and distribution facilities in the United States and Canada. In addition to its own manufacturing, Renin also sources various products and raw materials from China , Brazil, and certain other countries . In October 2020, Renin acquired substantially all of the assets and assumed certain of the liabilities of Colonial Elegance, Inc (“Colonial Elegance”), as further described in Note 3. Headquartered in Montreal, Canada, Colonial Elegance is a supplier and distributor of building products, including barn doors, closet doors, and stair parts, and its customers include various big box retailers in the United States and Canada. During the year ended December 31, 2020, Renin’s total revenues included $63.6 million of trade sales to two major customers and their affiliates and $ 28.3 million of revenues generated outside the United States . Revenues from one customer of Renin represented $34.2 million , $20.2 million , and $20.7 million of the Company’s total revenues for the years ended December 31, 20 20 , 201 9 and 201 8 , respectively, which represented 19.7% of the Company’s total revenues for the year ended December 31, 2020 and nearly 10% of the Company’s revenues for the years ended December 31, 2019 and 2018 , while revenue from a second customer of Renin represented $29.4 million of the Company’s total revenues for the year ended December 31, 2020, which represented 17.0% of the Company’s revenues during the year ended December 31, 2020. Renin’s long-lived assets located outside the United States, which includes properties and equipment and right of use assets, had a carrying amount of $9.6 million as of December 31, 2020. Other In addition to its principal holdings, the Company has investments in other operating businesses, including a restaurant located in South Florida that was acquired through a loan foreclosure and an insurance agency, and previously operated pizza restaurant locations as a franchisee of MOD Super Fast Pizza (“MOD Pizza”). As further described in Note 22, the Company’s operations as a franchisee of MOD Pizza are presented as discontinued operations in the Company’s consolidated financial statements. Basis of Presentation The accompanying consolidated financial statements of the Company include the consolidated financial statements of BBX Capital and its subsidiaries, including BBX Capital Real Estate, BBX Sweet Holdings, and Renin, as well as certain subsidiaries in which ownership was transferred from Parent in connection with the spin-off transaction described above. However, for the periods prior to the spin-off on September 30, 2020, the accompanying consolidated financial statements reflect the combined financial statements of these entities, have been derived from the accounting records of Parent and these companies , and should be read with the accompanying notes thereto. Further, the consolidated financial statements for the periods prior to the spin-off on September 30, 2020 do not necessarily reflect what the results of operations, financial position, or cash flows would have been had the Company been a separate entity nor are they indicative of the future results of the Company. For the periods prior to the spin-off on September 30, 2020, t he majority of the assets, liabilities, revenues, expenses, and cash flows of the Company have been identified based on the legal entities included in the spin-off transaction . However, the historical costs and expenses reflected in the financial statements for the periods prior to the spin-off also include an allocation for certain corporate and shared service functions that were historically provided by Parent prior to the spin-off. These expenses have been allocated to the Company on the basis of direct usage when identifiable, while the remainder of the expenses, including costs related to executive compensation, were allocated primarily on a pro-rata basis of the combined revenues and equity in earnings of unconsolidated joint ventures of Parent and its subsidiaries. However, the allocation of corporate expenses excludes costs specific to the spin-off and the acceleration of compensation expense in connection with the spin-off. The Company believes that the assumptions underlying the consolidated financial statements for the periods prior to the spin-off , including the assumptions regarding the allocation of general corporate expenses from the Parent, are reasonable. However, the consolidated financial statements may not include all of the actual expenses that would have been incurred had the Company been operating as a standalone company during the applicable periods presented. Actual costs that would have been incurred if the Company operated as a standalone company would depend on multiple factors, including organizational structure, technology infrastructure, and strategic direction. In addition, following the spin-off on September 30, 2020, the Company also incurs additional costs associated with being a public company that are not reflected in the accompanying consolidated financial statements for periods prior to September 30, 2020 . Impact of the COVID-19 Pandemic The COVID-19 pandemic has resulted in an unprecedented disruption in the U.S. and global economies and the industries in which the Company operates due to, among other things, (i) government ordered “shelter in place” and “stay at home” orders and advisories, travel restrictions, and restrictions on business operations, (ii) government guidance and restrictions with respect to travel, public accommodations, social gatherings, and related matters, and (iii) the general public’s reaction to the pandemic. The disruptions arising from the pandemic and the reaction of the general public had a significant adverse impact on the Company's financial condition and operations during the year ended December 3 1 , 2020 , primarily with respect to BBX Sweet Holdings . The duration and severity of the pandemic and related disruptions, as well as the adverse impact on economic and market conditions, are uncertain; however, given the nature of these circumstances, the adverse impact of the pandemic on the Company’s consolidated results of operations, cash flows, and financial condition has been, and is expected to continue to be, material. Furthermore, although the duration and severity of the effects of the pandemic are uncertain, demand for many of the Company’s products and services may remain weak for a significant length of time, and the Company cannot predict if or when the industries in which the Company operates will return to pre-pandemic levels. Although the impact of the COVID-19 pandemic on the Company’s principal holdings and management’s efforts to mitigate the effects of the pandemic has varied, BBX Capital and its subsidiaries have sought to take steps to manage expenses through cost saving initiatives and reductions in employee head count and actions to increase liquidity and strengthen the Company’s financial position, including reducing planned capital expenditures. As of December 3 1 , 2020, the Company’s consolidated cash balances were $90.0 million . BBX Capital Real Estate Although BBXRE’s operations were impacted by the COVID-19 pandemic during 2020 and there is no assurance that they will not be impacted in the future, BBXRE’s operations are not currently being significantly impacted by the pandemic. Following the initial outbreak of COVID-19 in March 2020, construction activities continued at BBXRE’s existing projects, while sales activities at BBXRE’s single-family for sale housing developments and rental activities at its multifamily apartment developments were temporarily impacted. Further, the effects of the pandemic, including economic uncertainty generally and in the real estate and credit markets in particular, increased uncertainty relating to the expected timing and pricing of sales of its current multifamily apartment developments and the expected timing and financing of new multifamily apartment developments. However, throughout the remainder of 2020 and to date in 2021, BBXRE has experienced a progressive recovery in its operations, which management believes is primarily attributable to demand for single-family and multifamily apartment housing in many of the markets in Florida in which BBXRE operates. In particular, sales at its single-family home developments and leasing and rent collections at its multifamily apartment developments have returned to pre-pandemic levels in most (but not all) locations. In addition, while the sale of existing projects and the commencement of new projects were delayed in 2020 as a result of a temporary decline in investment activity, BBXRE believes that there has generally been a recovery in investor demand for the acquisition of stabilized multifamily apartment communities and the availability of financing of debt and equity capital for new multifamily apartment developments. However, the pandemic has nevertheless resulted in significant uncertainty in the overall economy and real estate and credit markets, and an increase in COVID-19 cases or the emergence of variant coronavirus strains could result in further disruptions to the U.S. and global economies. As a result, there is no assurance that the real estate market will not be materially adversely impacted by the pandemic or otherwise, that sales prices of single-family homes will not materially decline, that rents will be paid when due or at all, or that market rents will not materially decline. Further, while government efforts to delay or forestall evictions and the availability of judicial remedies have not to date materially impacted BBXRE’s operations, they may in the future have an adverse impact on both market values and BBXRE’s operating results. In addition, the effects of the pandemic may impact the costs of developing and operating BBXRE’s real estate assets, including, but not limited to, an increase in commodity and labor prices and property insurance costs as compared to pre-pandemic levels, which could also have an adverse impact on market values and BBXRE’s operating results. BBXRE will continue to monitor economic and market conditions and may recognize impairment losses in future periods as a result of various factors, including, but not limited to, material declines in overall real estate values, sales prices for single-family homes, and/or rental rates for multifamily apartments. Further, as it specifically relates to the Altman Companies, the effects of the pandemic, including a prolonged economic downturn, high unemployment, the expiration of or a decrease in government benefits to individuals, and government-mandated moratoriums on tenant evictions, could ultimately have a longer term and more significant impact on rental rates, occupancy levels, and rent collections, including an increase in tenant delinquencies and/or requests for rent abatements. These effects would impact the amount of rental revenues generated from the multifamily apartment communities sponsored and managed by the Altman Companies, the extent of management fees earned by the Altman Companies, and the ability of the related joint ventures to stabilize and successfully sell such communities. Furthermore, a decline in rental revenues at developments sponsored by the Altman Companies could require it, as the sponsor and managing member, to fund operating shortfalls in certain circumstances. In addition, the effects of the pandemic may impact the costs of developing and operating multifamily apartment communities, including, but not limited to, an increase in commodity prices as a result of, among other things, supply chain disruptions and material shortages, labor prices, and property insurance costs as compared to pre-pandemic levels, which could also have an adverse impact on market values and the Altman Companies’ operating results. Further, the impact of the COVID-19 pandemic on economic conditions in general, including uncertainty regarding the severity and duration of such impact, may ultimately have a significant adverse impact on capitalization rates and real estate values in future periods, particularly if there is a prolonged economic downturn. If there is a significant adverse impact on real estate values as a result of lower rental revenues, higher capitalization rates, or otherwise, the joint ventures sponsored by the Altman Companies may be unable to sell their respective multifamily apartment developments within the time frames previously anticipated and/or for the previously forecasted sales prices, if at all, which may impact the profits expected to be earned by BBXRE from its investment in the managing member of such projects and the ability of the joint ventures to repay or refinance construction loans on such projects and could result in the recognition of impairment losses related to BBXRE’s investment in such projects. Furthermore, the Altman Companies may be unable to close on the equity and/or debt financing necessary to commence the construction of new projects, including the development of Altis Lake Willis, which could result in increased operating losses at the Altman Companies due to a decline in development, general contractor, and management fees, the recognition of impairment losses by BBXRE and/or the Altman Companies related to their current investments in predevelopment expenditures and land acquired for development, and the recognition of impairment losses related to BBXRE’s overall investment in the Altman Companies, as the profitability and value of the Altman Companies is directly correlated with its ability to source new development opportunities. With respect to BBXRE’s Beacon Lake Master Planned Development, the effects of the COVID-19 pandemic on the economy and demand for single-family housing remain uncertain and could result in requests by homebuilders to extend the timing of their purchase of developed lots from BBXRE and/or failure of the homebuilders to meet their obligations under the contracts with BBXRE to purchase developed lots . In addition, a decline in home prices as a result of the economic impacts associated with the COVID-19 pandemic could result in a decrease in contractually owed contingent revenues expected to be earned by BBXRE in connection with sales of homes by homebuilders on developed lots previously sold to them, as well as a decrease in the expected sales prices for the unsold lots comprising the remainder of the Beacon Lakes Community. Although BBXRE does not currently expect that there will be a significant decrease in the sales prices or fair value of its unsold lots, a significant decline in the demand and pricing for single-family homes could have such an effect and result in the recognition of impairment losses in future periods. As a result of the above factors, BBXRE’s results of operations and financial condition may be materially adversely impacted by the effects of the pandemic in future periods. BBX Sweet Holdings BBX Sweet Holdings has been materially adversely impacted by the effects of the COVID-19 pandemic , primarily with respect to the impact on IT’SUGAR . A s further described in Note 23, i n March 2020, IT’SUGAR closed all of its retail locations and furloughed all store employees and the majority of its corporate employees as a result of various factors, including government-mandated closures and Center for Disease Control and the World Health Organization advisories in connection with the COVID-19 pandemic , and b etween May 2020 and September 2020, it reopened nearly all of its approximately 100 locations that were open prior to the pandemic as part of a phased reopening plan . IT’SUGAR ceased paying rent to the landlords of its closed locations in April 2020 and engaged in negotiations with its landlords for rent abatements, deferrals, and other modifications for both the period of time that the locations were closed and the subsequent period that the locations have been opened and operating under conditions which have been affected by the pandemic. In addition to its unpaid rental obligations, IT’SUGAR ceased paying various outstanding obligations to its vendors. Although IT’SUGAR was able to reopen its retail locations and received an advance of $2.0 million from a subsidiary of BBX Capital (as further described in Note 11), IT’SUGAR was unable to maintain sufficient liquidity to sustain its operations as (i) it was unable to obtain significant rent abatements or deferrals from its landlords and amended payment terms from its vendors and (ii) its sales volumes had not sufficiently improved and stabilized following the reopening of its locations. As a result, on September 22, 2020, IT’SUGAR and its subsidiaries filed voluntary petitions to reorganize under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court. As a result of IT’SUGAR filing the Bankruptcy Cases and the uncertainties surrounding the nature, timing, and specifics of the bankruptcy proceedings, the Company deconsolidated IT’SUGAR as of September 22, 2020 and recognized a loss of $3.3 million during the year ended December 3 1 , 2020 in connection with the deconsolidation . Prior to the deconsolidation of IT’SUGAR, the Company also recognized $25.3 million of impairment losses during the year ended December 31, 2020 related to IT’SUGAR’s goodwill and long-lived assets as a result of the effects of the pandemic, including the recognition of a goodwill impairment loss of $20.3 million based on a decline in the estimated fair value of IT’SUGAR. See Note 23 for additional information, including risks and uncertainties, related to the impacts of the COVID-19 pandemic and Bankruptcy Cases on IT’SUGAR and Note s 8, 9, and 10 for additional information with respect to the Company’s recognition of impairment losses related to IT’SUGAR. Renin As of December 3 1 , 2020, Renin ’s had not been significantly impacted by the COVID-19 pandemic, and it has continued to operate both of its manufacturing and distribution facilities, source various products and raw materials from China, Brazil, and certain other countries , and sell its products through various channels. However, as a result of the effects of the pandemic, Renin has experienced increased costs related to the shipment of products and raw materials, which has impacted its product costs and gross margin , and Renin expects this increase in costs to continue and worsen during 2021 . Although Renin’s operations had not been significantly impacted by the pandemic as of December 31 , 2020, the effects of the pandemic, including a recessionary economic environment, could have a significant adverse impact on Renin’s results of operations and financial condition in future periods, particularly if an economic downturn is prolonged in nature and impacts consumer demand or the effects of the pandemic result in material disruptions in the supply chains for its products and raw materials, including additional delays in the production and shipment of products and raw materials from foreign suppliers and continued increases in shipping costs. Further, while Renin has begun to diversify its supply chain and transfer the assembly of certain products from foreign suppliers to its own manufacturing facilities, Renin continues to source products and raw materials from China. As a result, disruptions in its supply chain from China as a result of various factors, including closures or delays in the supply chain, could have a material impact on Renin’s cost of product and ability to meet customer demand. |
Basis Of Presentation And Signi
Basis Of Presentation And Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Basis Of Presentation And Significant Accounting Policies | 2. Basis of Presentation and Significant Accounting Policies Consolidation Policy - The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of BBX Capital’s wholly-owned subsidiaries, other entities in which BBX Capital or its subsidiaries hold controlling financial interests, and any variable interest entities (“VIEs”) in which BBX Capital or one of its consolidated subsidiaries is deemed the primary beneficiary of the VIE. All significant inter-company accounts and transactions have been eliminated in consolidation. Use of Estimates – T he preparation of GAAP financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, management evaluates its estimates, including those that relate to the recognition of revenue; the allowance for expected credit losses ; the recovery of the carrying value of real estate; the measurement of assets and liabilities at fair value, including amounts recognized in business combinations and items measured at fair value on a non-recurring basis, such as intangible assets, goodwill, and real estate; the amount of the deferred tax valuation allowance and accounting for uncertain tax positions; and the estimate of contingent liabilities related to litigation and other claims and assessments. Management bases its estimates on historical experience and on other various assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions and conditions. Due to, among other things, the impact and potential future impact of the ongoing COVID-19 pandemic, which is discussed above, actual conditions could materially differ from the Company’s expectations and estimates, which could materially affect the Company’s results of operations and financial condition. The severity, magnitude, and duration, as well as the economic consequences, of the COVID-19 pandemic, are uncertain, rapidly changing, and difficult to predict. As a result, the Company’s accounting estimates and assumptions may change over time in response to the COVID-19 pandemic. Such changes could result in, among other adjustments, future impairments of intangibles, long-lived assets, and investments in unconsolidated subsidiaries and future reserves for inventory and receivables. Reclassifications - Certain amounts for prior years have been reclassified to conform to the revised financial statement presentation for 2020. The reclassifications had no impact on the Company’s statements of operations and comprehensive income or statements of cash flows. Cash, Cash Equivalents, and Restricted Cash - Cash equivalents consist of demand deposits at financial institutions, money market funds, and other short-term investments with original maturities at the time of purchase of 90 days or less. Cash in excess of the Company’s immediate operating requirements are generally invested in short-term time deposits and money market instruments that typically have original maturities at the date of purchase of three months or less. Restricted cash consists primarily of cash held at financial institutions associated with our insurance subsidiary or with borrowings. Cash and cash equivalents are maintained at various financial institutions located throughout the United States and Canada in amounts exceeding the $250,000 federally insured limit. Accordingly, the Company is subject to credit risk. Management performs periodic evaluations of the relative credit standing of financial institutions maintaining the Company’s deposits to evaluate and, if necessary, take actions in an attempt to mitigate credit risk. Revenue Recognition Trade sales – Revenue is recognized on trade sales as follows: · Revenue is recognized on wholesale trade sales when control of the products is transferred to customers, which generally occurs when the products are shipped or the customers accept delivery. Wholesale trade sales typically have payment terms between 10 and 90 days. Certain customer trade sale contracts have provisions for right of return, volume rebates, and price concessions. These types of discounts are accounted for as variable consideration, and the Company uses the expected value method to calculate the estimated reduction in the trade sales revenue. The inputs used in the expected value method include historical experience with the customer, sales forecasts, and outstanding purchase orders. · Revenue is recognized on retail trade sales at the point of sale, which occurs when products are sold at the Company’s retail locations. · Sales and other taxes imposed by governmental authorities that are collected by the Company from customers are excluded from revenue or the transaction price. · Shipping and handling activities that occur after the control of goods is transferred to a customer are accounted for as fulfillment activities instead of a separate performance obligation. · Revenue is not adjusted for the effects of a significant financing component if the Company expects, at the contract inception, that the performance obligation will be satisfied within one year or less. Sales of real estate inventory - Revenue is generally recognized on sales of real estate inventory to customers when the sales are closed and title passes to the buyer. The Company generally receives payment from the sale of real estate inventory at the date of closing. In addition, certain real estate sales contracts provide for a contingent purchase price. The contingent purchase price in contracts pursuant to which the Company sells developed lots to homebuilders is generally calculated as a percentage of the proceeds that the homebuilders receive from sales to their own customers, and the Company does not receive payment of such amounts until the homebuilders close on such sales. The Company accounts for the contingent purchase price in these contracts as variable consideration and estimates the amount of such consideration that may be recognized upon the closing of the real estate transaction based on the expected value method. The estimate of variable consideration is recognized as revenue to the extent that it is not probable that a significant reversal in the amount of cumulative revenue recognized will occur when the uncertainty associated with the variable consideration is subsequently resolved. The inputs used in the expected value method include current and expected sales prices (net of incentives), historical contingent purchase price receipts, and sales contracts on similar properties. Interest income – Interest income from loans receivable originated by the Company and the note receivable from BVH is recognized on accruing loans when management determines that it is probable that all of the principal and interest will be collected in accordance with the loan’s contractual terms. Interest income is recognized on non-accrual loans on a cash basis. Other than the note receivable from BVH, the Company’s loans receivable are included in other assets in the Company’s consolidated statements of financial condition. Net gains on sales of real estate assets – Net gains on sales of real estate assets represents sales of assets to non-customers. Gains (or losses) are recognized from sales to non-customers when the control of the asset has been transferred to the buyer, which generally occurs when title passes to the buyer. Other revenue – Other revenue is primarily comprised of rental income from properties under short-term operating leases and insurance commissions earned from insurance carriers. Rental income is recognized as rents become due, and rental payments received in advance are deferred until earned. Trade Accounts Receivables and Allowance for Expected Credit Losses – Accounts receivable are stated at the amounts billed to customers for sale of goods or services with a contractual maturity of one year or less. The Company provides an allowance for expected credit losses . This allowance is based on a review of outstanding receivables and historical collection information and an evaluation of both existing economic conditions and reasonable and supportable forecasts of future economic conditions impacting the Company’s customers. Accounts receivable are ordinarily due 30 to 60 days after the issuance of the invoice (based on terms). Accounts receivable are considered delinquent after 30 days past the due date. These delinquent receivables are monitored and are charged to the allowance for expected credit losses based on an evaluation of individual circumstances of the customer. Account balances are written off after collection efforts have been made and the potential recovery is considered remote. Trade Inventory – Trade inventory is measured at the lower of cost or market. Cost includes all costs of conversions, including materials, direct labor, production overhead, depreciation of equipment, and shipping costs. Raw materials are not written down unless the goods in which they are incorporated are expected to be sold for less than cost, in which case, they are written down by reference to replacement cost of the raw materials. Finished goods and work in progress are stated at the lower of cost or market determined on a first-in, first-out or average cost basis. Shipping and handling fees billed to customers are recorded as trade sales, and shipping and handling fees paid by the Company are recorded as cost of trade sales. In valuing inventory, the Company makes assumptions regarding write-downs required for excess and obsolete inventory based on judgments and estimates formulated from available information. Estimates for excess and obsolete inventory are based on historical and forecasted usage. Inventory is also examined for upcoming expiration, and write-downs are recorded where appropriate. Real Estate – From time to time, the Company acquires real estate or takes possession or ownership of real estate through the foreclosure of collateral on loans receivable. Such real estate is classified as real estate held-for-sale, real estate held-for-investment, or real estate inventory. When real estate is classified as held-for-sale, it is initially recorded at fair value less estimated selling costs and subsequently measured at the lower of cost or estimated fair value less selling costs. When real estate is classified as held-for-investment, it is initially recorded at fair value and, if applicable, is depreciated in subsequent periods over its useful life using the straight-line method. Real estate is classified as real estate inventory when the property is under development for sale to customers and is measured at cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest and real estate taxes, and other costs incurred during the construction period. Expenditures for capital improvements are generally capitalized, while the ongoing costs of owning and operating real estate are charged to selling, general and administrative expenses as incurred. Impairments required on loans receivable at the time of foreclosure of real estate collateral are charged to the allowance for loan losses, while impairments of real estate required under ASC 360 to reflect subsequent declines in fair value are recorded as impairment losses in the Company’s consolidated statements of operations and comprehensive income. Investments in Unconsolidated Real Estate Joint Ventures - The Company uses the equity method of accounting to record its equity investments in entities in which it has significant influence but does not hold a controlling financial interest, including equity investments in VIEs in which the Company is not the primary beneficiary. Under the equity method, an investment is reflected on the statement of financial condition of an investor as a single amount, and an investor’s share of earnings or losses from its investment is reflected in the statement of operations as a single amount. The investment is initially measured at cost and subsequently adjusted for the investor’s share of the earnings or losses of the investee and distributions received from the investee. The investor recognizes its share of the earnings or losses of the investee in the periods in which they are reported by the investee in its financial statements rather than in the period in which an investee declares a distribution. Intra-entity profits and losses on assets still remaining with an investor or investee are eliminated. The Company recognizes its share of earnings or losses from certain equity method investments based on the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, earnings or losses are recognized based on how an entity would allocate and distribute its cash if it were to sell all of its assets and settle its liabilities for their carrying amounts and liquidate at the reporting date. The HLBV method is used to calculate the Company’s share of earnings or losses from equity method investments when the contractual cash disbursements to the investors are different than the investors’ stated ownership percentage. The Company capitalizes interest expense on investments in and advances to or loans to real estate joint ventures accounted for under the equity method that have commenced qualifying activities, such as real estate development projects. The capitalization of interest expense ceases when the investee completes its qualifying activities, and total capitalized interest expense cannot exceed interest expense incurred. The Company reviews its investments on an ongoing basis for indicators of other-than-temporary impairment. This determination requires significant judgment in which the Company evaluates, among other factors, the fair market value of its investments, general market conditions, the duration and extent to which the fair value of an investment is less than cost, and the Company’s intent and ability to hold an investment until it recovers. The Company also considers specific adverse conditions related to the financial health and business outlook of the investee, including industry and market performance, rating agency actions, and expected future operating and financing cash flows. If a decline in the fair value of an investment is determined to be other-than-temporary, an impairment loss is recorded to reduce the investment to its fair value, and a new cost basis in the investment is established. Property and Equipment, net – Property and equipment is stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which is generally 3 years for computer equipment, 3 to 5 years for software, 5 years for furniture and fixtures, and 7 to 10 years for manufacturing equipment. The cost of leasehold improvements is depreciated using the straight-line method over the shorter of the term of the related lease or the estimated useful lives of the improvements. Expenditures for new property, leasehold improvements, and equipment, as well as major renewals and betterments, are capitalized, while expenditures for maintenance and repairs are expensed as incurred. Gains or losses on the disposal of property and equipment are reflected in current operations. Goodwill – The Company recognizes goodwill upon the acquisition of a business when the fair values of the consideration transferred and any noncontrolling interests in the acquiree are in excess of the fair value of the acquiree’s identifiable net assets. The Company tests goodwill for potential impairment on an annual basis as of December 31 or during interim periods if impairment indicators exist. The Company first assesses qualitatively whether it is necessary to perform goodwill impairment testing. Impairment testing is performed when it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The Company evaluates various factors affecting a reporting unit in its qualitative assessment, including, but not limited to, macroeconomic conditions, industry and market considerations, cost factors, and financial performance. If the Company concludes from its qualitative assessment that goodwill impairment testing is required, the fair value of the reporting unit is compared to its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, the Company records an impairment loss for the excess amount, although the impairment loss is limited to the amount of goodwill allocated to the reporting unit. The Company generally applies an income approach utilizing a discounted cash flow methodology and a market approach utilizing a guideline public company and transaction methodology to estimate the fair value of its reporting units. The estimated fair values obtained from the income and market approaches are compared and reviewed for reasonableness to determine a best estimate of fair value. The Company’s discounted cash flow methodology establishes an estimate of fair value by estimating the present value of the projected future cash flows to be generated from a reporting unit. The discount rate applied to the projected future cash flows to arrive at the present value is intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows. The Company generally uses a five to ten-year period in computing discounted cash flow values. The most significant assumptions used in the discounted cash flow methodology are generally the terminal value, the discount rate, and the forecast of future cash flows. The guideline public company methodology establishes an estimate of fair value based upon the trading prices of public traded companies that are similar to the applicable reporting unit, while the guideline transaction methodology establishes an estimate of fair value based on acquisitions of companies that are similar to the applicable reporting unit. Under these methods, the Company develops multiples of revenue and earnings before interest, taxes, depreciation and amortization (“EBITDA”) based upon the indicated enterprise value, revenues, and EBITDA of the guideline companies and makes adjustments to such multiples based on various considerations, including the financial condition, operating performance, and relative risk of the guideline companies. The adjusted multiples are then applied to the revenues and EBITDA of the reporting unit to develop an estimated fair value of the reporting unit. Depending on the facts and circumstances applicable to the reporting unit and the guideline companies, the Company may place greater emphasis on the income or market approach to determine its best estimate of fair value. Inherent in the Company’s determinations of fair value are certain judgments and estimates relating to future cash flows, including the Company’s assessment of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operating businesses. Due to the uncertainties associated with such evaluations, actual results could differ materially from such estimates. Intangible Asset, net – Intangible assets in the Company’s financial statements primarily consist of intangible assets acquired in connection with certain business combinations, including acquired customer relationships, trademarks, and noncompetition agreements. These definite-lived intangible assets are recognized at fair value upon acquisition and amortized on a straight-line basis over their respective estimated useful lives. Operating Lease Assets and Operating Lease Liabilities – The Company recognizes right-of-use assets and lease liabilities associated with lease agreements with an initial term of greater than 12 months, while lease agreements with an initial term of 12 months or less are not recorded in the Company’s consolidated statements of financial condition. The Company determines if an arrangement is a lease at inception. Operating lease assets represent the Company’s right to use an underlying asset for the lease term, and operating lease liabilities represent the Company’s obligation to make lease payments. Operating lease assets and liabilities are recognized when the Company takes possession of the underlying asset based on the present value of lease payments over the lease term. The Company generally does not include lease payments associated with renewal options that are exercisable at its discretion in the measurement of its operating lease assets and operating lease liabilities as it is not reasonably certain that such options will be exercised. The Company generally recognizes lease costs associated with its operating leases on a straight-line basis over the lease term, while variable lease payments that do not depend on an index or rate are recognized as variable lease costs in the period in which the obligation for those payments is incurred. The Company recognizes accrued straight-line rent and unamortized tenant allowances received from landlords associated with its operating leases as a reduction of the operated lease assets associated with such leases. The Company has lease agreements with lease and non-lease components which it generally accounts for as a single lease component for lease classification, recognition, and measurement purposes. Impairment of Long-Lived Assets – The Company evaluates its long-lived assets, including property and equipment, definite-lived intangible assets, and right-of-use assets associated with its lease agreements, for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. Factors which could indicate that an asset (or asset group) may not be recoverable include, but are not limited to, significant underperformance relative to historical or projected future operating results, significant changes in the manner of use of the assets or the strategy for the overall business, a significant decrease in the market value of the assets, and significant negative industry or economic trends. The carrying amount of an asset (or asset group) is not considered recoverable when the carrying amount exceeds the sum of the undiscounted cash flows expected to result from the use of the asset (or asset group). To the extent that the carrying amount of an asset (or asset group) exceeds the sum of such undiscounted cash flows, an impairment loss is measured and recorded based on the amount by which the carrying amount of the asset (or asset group) exceeds its fair value. Impairment losses associated with an asset group are allocated to long-lived assets within the asset group based on their relative carrying amounts; however, the carrying amounts of individual long-lived assets within an asset group are not reduced below their individual fair values. To the extent that impairment testing is required, the Company generally estimates the fair values of its long-lived assets utilizing a discounted cash flow methodology which estimates the present value of the projected future cash flows expected to be generated from the applicable assets or asset groups. When estimating the fair value of asset groups related to a retail location, the Company’s estimated fair value considers the relevant market participants and the highest and best use for the location, including whether the value of the location would be maximized by operating the location in its current use or by permanently closing the location and subleasing it. To the extent applicable, the Company estimates the fair value of right-of-use assets associated with its retail locations using a discounted cash flow methodology which estimates the present value of market rental rates applicable to such right-of-use assets. When estimating the fair value of intangible assets, the Company uses a form of the income approach relevant to the applicable asset or asset group. The Company uses the relief from royalty valuation method, a form of the income approach, to estimate the fair value of trademarks. Under this method, the fair value of trademarks is determined by calculating the present value using a risk-adjusted discount rate of the estimated future royalty payments that would have to be paid if the trademarks were not owned. The Company uses the multi-period excess earnings method, a form of the income approach, to estimate the fair value of customer relationships. Under this method, the fair value of customer relationships is determined by isolating the expected cash flows attributable to the customer relationship intangible asset and discounting these cash flows using a risk-adjusted discount rate. As the carrying amounts of the Company’s long-lived assets are dependent upon estimates of future cash flows that they are expected to generate, these assets may be impaired if cash flows decrease significantly or do not meet expectations, in which case they would be written down to their estimated fair values. The estimates of useful lives and expected cash flows require the Company to make significant judgments regarding future periods that are subject to a number of factors, many of which are beyond the Company’s control. Deferred Financing Costs – Deferred financing costs are comprised of costs incurred in connection with obtaining financing from third-party lenders and are presented in the Company’s consolidated statements of financial condition as other assets or as a direct deduction from the carrying amount of the associated debt liability. These costs are capitalized and amortized to interest expense over the terms of the related financing arrangements. As of December 31, 2020 and 2019, unamortized deferred financing costs presented in other assets totaled $0.2 million and $0.1 million , respectively, while unamortized costs presented against the associated debt liabilities totaled $1.1 million and $0.8 million , respectively. Interest expense from the amortization of deferred financing costs for the years ended December 31, 2020, 2019 and 2018 was $28,000 , $72,000 , and $41,000 , respectively. Income Taxes – Subsequent to September 30, 2020, BBX Capital and its subsidiaries in which it owns 80% or more of the voting power and value of the subsidiary’s stock file a consolidated U.S. Federal and Florida income tax return. Other than Florida, BBX Capital and its subsidiaries file separate or unitary state income tax returns for each jurisdiction. Subsidiaries in which BBX Capital owns less than 80% of the outstanding equity are not included in the Company’s consolidated U.S. Federal or Florida state income tax return. Prior to September 30, 2020, the Company was a wholly owned subsidiary of BVH, and its activities were included in BVH’s tax return filings. While it was a wholly owned subsidiary of BVH, the Company accounted for income taxes on a separate return basis. The Company accounts for income taxes using the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income or expense in the period that the change is effective. Income tax benefits are recognized when it is probable that the deduction will be sustained. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will either expire before the Company is able to realize the benefit, or that future deductibility is uncertain. If a valuation allowance is recorded, a subsequent change in circumstances that causes a change in judgment about the realization of the related deferred tax amount could result in the reversal of the deferred tax valuation allowance. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. The Company has no t identified any uncertain tax positions as of December 31, 2020. Noncontrolling Interests – Noncontrolling interests reflect third parties’ ownership interests in entities that are consolidated in the Company’s financial statements but are less than 100% owned by the Company. Noncontrolling interests are recognized as equity in the consolidated statements of financial condition and presented separately from the equity attributable to BBX Capital’s shareholders, while noncontrolling interests that are redeemable for cash at the holder’s option or upon a contingent event outside of the Company’s control are classified as redeemable noncontrolling interests and presented in the mezzanine section between total liabilities and equity in the consolidated statements of financial condition. The Company measures redeemable noncontrolling interests on an ongoing basis by accreting changes in the estimated redemption value of such interests from the date of issuance to the earliest redemption date and adjusts the carrying amount of such interests to the calculated value in the event that it is in excess of the carrying amount of such interests at such time. A change in the ownership interests of a subsidiary is accounted for as an equity transaction if the Company retains its controlling financial interest in the subsidiary. The amounts of consolidated net income and comprehensive income attributable to BBX Capital’s shareholders and noncontrolling interests are separately presented in the Company’s consolidated statements of operations and comprehensive income. Cost of Trade Sales – Cost of trade sales includes the cost of inventory, shipping and handling, warehousing, and occupancy expenses related to the Company’s retail locations and manufacturing facilities. Advertising – The Company expenses advertising and marketing costs as incurred. Advertising and marketing costs, which are included as selling, general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income, were $1.1 million , $2.5 million , and $2.3 million for the years ended December 31, 2020, 2019, and 2018, respectively. Accounting for Loss Contingencies – Loss contingencies, including those arising from legal actions, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Earnings Per Share – Basic and diluted earnings per share is computed by dividing net income attributable to BBX Capital’s shareholders by the weighted average shares outstanding. For periods prior to the spin-off on September 30, 2020, the weighted average shares outstanding was based on the shares issued in connection with the spin-off, while for periods subsequent to spin-off, the shares outstanding was based on the actual weighted average number of shares outstanding. Recently Adopted Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) has issued the followin |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Acquisitions [Abstract] | |
Acquisitions | 3. Acquisition Acquisition of Colonial Elegance On October 22, 2020, Renin acquired substantially all of the assets and assumed certain of the liabilities of Colonial Elegance. Colonial Elegance , which is headquartered in Montreal, Canada, is a supplier and distributor of building products, including barn doors, closet doors, and stair parts, and its customers include various big box retailers in the United States and Canada. The base purchase price for the a cquisition was $38.8 million , substantially all of which was paid in cash by Renin at closing. In addition to the base purchase price, Renin acquired excess working capital held by Colonial Elegance above an agreed upon target working capital amount of $9.9 million for $4.3 million, which resulted in total purchase consideration of $43.1 million. BBX Capital made a $5.0 million capital contribution to Renin to partially fund the acquisition of Colonial Elegance , while the remainder of the a cquisition was funded by Renin under its amended and restated credit facility with TD Bank described in Note 11. The consolidated net assets and results of operations of Colonial Elegance are included in the Company’s consolidated financial statements commencing on October 22, 2020 and resulted in the following impact to trade sales and income before income taxes from the acquisition date to December 31, 2020 (in thousands): October 22, 2020 to December 31, 2020 Trade sales $ 12,393 Income before income taxes $ 722 Purchase Price Allocation The Company accounted for the acquisition of Colonial Elegance using the acquisition method of accounting, which requires that the assets acquired and liabilities assumed associated with an acquiree be recognized at their fair values at the acquisition date. The following table summarizes the provisional purchase price allocation based on the Company’s preliminary valuation, including the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands): Cash $ 557 Trade accounts receivable 10,278 Trade inventory 11,970 Property and equipment 819 Identifiable intangible assets (1) 19,680 Operating lease asset 2,213 Other assets 651 Total assets acquired 46,168 Accounts payable (5,619) Other liabilities (3,524) Operating lease liability (2,213) Total liabilities assumed (11,356) Fair value of identifiable net assets 34,812 Goodwill 8,277 Purchase consideration 43,089 Less: cash acquired (557) Less: consideration payable (399) Cash paid for acquisition less cash acquired $ 42,133 Acquisition-related costs included in selling, general and administrative expenses $ 441 (1) Identifiable intangible assets were comprised of $3.7 million, $15.8 million and $0.2 million associated with Colonial Elegance’s trademark, customer relationships, and noncompetition agreements, respectively. The identifiable intangible assets are amortized over their expected useful lives of 5 years for noncompetition agreements and 13 years for trademarks and customer relationships. The provisional fair values reported in the above table were estimated by the Company using available market information and appropriate valuation methods. As considerable judgment is involved in estimates of fair value, the provisional fair values presented above are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methods could have a material effect on the estimated fair value amounts. As management is still in the process of completing its valuation analysis, the Company’s accounting for the acquisition is not complete as of the date of this report. As a result, the amounts reported in the above table are provisional amounts that may be updated in subsequent periods to reflect the completion of the Company’s valuation analysis and any additional information obtained during the measurement period. The following summarizes the Company’s methodologies for estimating the provisional fair value of certain assets and liabilities associated with Colonial Elegance: Trade Receivables Trade receivables were recorded at fair value using the cost approach . The inputs used were trade receivable balances, allowances, charge-offs, sales discounts and volume of returned merchandise. The cost approach was used for the valuation of trade receivables due to their short maturities. Trade Inventories Raw materials were fair valued using the cost approach. Raw material items replaced on a regular basis were recorded at fair value based on historical costs. Finished goods inventory was recorded at fair value by adding a gross margin based on earnings before income taxes from building product distributors to the finished goods historical cost amounts in order to estimate a reasonable profit margin for selling finished goods. Identifiable Intangible Assets and Liabilities The fair value of the acquired trademark was estimated using the relief-from-royalty method, a form of the income approach. Under this approach, the fair value was estimated by calculating the present value using a risk-adjusted discount rate of the expected future royalty payments that would have to be paid if the Colonial Elegance trademark was not owned. The fair value of the acquired customer relationships was estimated using the multi-period excess earnings method. The multi-period excess earnings method isolates the expected cash flows attributable to Colonial Elegance’s customer relationships and discounts these cash flows at a risk-adjusted discount rate. Goodwill The goodwill recognized in connection with the acquisition reflects the difference between the estimated fair value of the net assets acquired and the consideration paid by Renin to acquire Colonial Elegance. The goodwill recognized in the acquisition is deductible for income tax purposes. Pro Forma Information (unaudited) The following unaudited pro forma financial data presents the Company’s revenues and earnings for the years ended December 31, 2020 and 2019 as if the acquisition was completed on January 1, 2019 (in thousands): Pro Forma Actual For the Years Ended December 31, For the Years Ended December 31, 2020 2019 2020 2019 Trade sales $ 188,146 226,033 147,210 180,319 (Loss) income from continuing operations before income taxes $ (55,619) 29,333 (57,947) 28,985 (Loss) income from continuing operations $ (45,035) 21,000 (46,703) 20,651 Net (loss) income attributable to shareholders $ (40,306) 14,086 (41,974) 13,737 The unaudited pro forma financial data for the years ended December 31, 2020 and 2019 includes estimated interest expense of $1.5 million and $2.3 million , respectively, associated with borrowings used to fund the acquisition of Colonial Elegance. The unaudited pro forma financial data reported in the above table does not purport to represent what the actual results of the Company’s operations would have been assuming that the acquisition date was January 1, 2019, nor does it purport to predict the Company’s results of operations for future periods. |
Trade Receivables
Trade Receivables | 12 Months Ended |
Dec. 31, 2020 | |
Trade Receivables [Abstract] | |
Trade Receivables | 4 . Trade Receivables The Company’s trade receivables consisted of the following (in thousands): December 31, December 31, 2020 2019 Trade receivables $ 29,860 13,274 Allowance for expected credit losses (353) (170) Total trade receivables $ 29,507 13,104 |
Trade Inventory
Trade Inventory | 12 Months Ended |
Dec. 31, 2020 | |
Trade Inventory [Abstract] | |
Trade Inventory | 5. Trade Inventory The Company’s trade inventory consisted of the following (in thousands): December 31, December 31, 2020 2019 Raw materials $ 6,191 3,048 Paper goods and packaging materials 1,322 1,327 Finished goods 24,333 18,468 Total trade inventory $ 31,846 22,843 |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Real Estate | 6. Real Estate The Company’s real estate consisted of the following (in thousands): December 31, December 31, 2020 2019 Real estate held-for-sale $ 9,031 11,297 Real estate held-for-investment 5,992 6,015 Real estate inventory 40,777 48,506 Total real estate $ 55,800 65,818 During the year ended December 31, 2020, the Company sold various real estate assets that were classified as held-for-sale. As a result of these sales, the Company recognized total net gains on sales of real estate of $0.3 million and received aggregate net proceeds of $2.6 million. During the year ended December 31, 2019, the Company sold various real estate assets that were classified as held-for-sale or held-for-investment, including its remaining land parcels located at PGA Station in Palm Beach Gardens, Florida and various land parcels located in Florida, as well as RoboVault, a self-storage facility in Fort Lauderdale, Florida that was previously classified in property and equipment. As a result of these sales, the Company recognized total net gains on sales of real estate of $13.6 million and received aggregate net proceeds of $35.2 million during the year ended December 31, 2019. Impairment Testing As a result of the COVID-19 pandemic and the related impact on the overall market, the Company evaluated various factors, including asset-specific factors, overall economic and market conditions, and concluded that , except as discussed in Note 7 in relation to certain of its investments in unconsolidated real estate joint ventures , there had not been a significant decline in the fair value of BBXRE’s real estate assets during the year ended December 31, 2020 that required the Company to recognize any material impairment losses. As part of this evaluation, the Company considered the excess of the expected profits associated with BBXRE’s real estate assets in relation to their carrying amounts. sales at BBXRE’s single-family home developments (which have returned to pre-pandemic levels), indications that there has not to date been a significant decline in sales prices for single-family homes, and appraisals of certain of its real estate held-for-sale and held-for-investment. 0 |
Investments In And Advances To
Investments In And Advances To Unconsolidated Real Estate Joint Ventures | 12 Months Ended |
Dec. 31, 2020 | |
Investments In And Advances To Unconsolidated Real Estate Joint Ventures [Abstract] | |
Investments In And Advances To Unconsolidated Real Estate Joint Ventures | 7 . Investments in and Advances to Unconsolidated Real Estate Joint Ventures As of December 31, 2020, the Company had equity interests in unconsolidated real estate joint ventures primarily involved in the development of multifamily rental apartment communities, as well as single-family master planned for sale housing communities. In addition, the Company owns a 50% equity interest in the Altman Companies, a developer and manager of multifamily apartment communities. Investments in unconsolidated real estate joint ventures are accounted for as unconsolidated VIEs. Investments in and advances to unconsolidated real estate joint ventures consisted of the following (in thousands): December 31, December 31, 2020 Ownership (1) 2019 Altis Grand Central $ 2,287 % 11.07 $ 2,653 Altis Promenade 1,964 6.61 2,126 Altis Bonterra — 96.73 618 Altis Ludlam Trial (2) 9,653 33.30 1,081 Altis Grand at The Preserve (Suncoast) 1,086 33.30 753 Altis Pembroke Gardens 310 0.41 1,277 Altis Boca Raton — 0.42 1,880 Altis Wiregrass 163 2.22 1,792 Altis Little Havana 844 3.43 811 Altis Lake Willis (Vineland Pointe) 5,446 50.00 4,712 Altis Miramar East/West 2,818 5.00 2,631 The Altman Companies (3) 15,222 50.00 14,745 ABBX Guaranty 3,750 50.00 3,750 Bayview 1,563 50.00 1,562 PGA Design Center — 40.00 996 Marbella 6,971 70.00 5,999 Chapel Trail 153 46.75 1,126 L03/212 Partners 2,462 3.41 2,087 PGA Lender — 45.88 2,111 Sky Cove 3,287 26.25 4,178 Other 31 442 Total $ 58,010 $ 57,330 (1) The Company’s ownership percentage in each real estate joint venture represents the Company’s percentage of the contributed capital in each venture. The operating agreements for many of these ventures provide for a disproportionate allocation of distributions to the extent that certain investors receive specified returns on their investments, and as a result, these percentages do not necessarily reflect the Company’s economic interest in the expected distributions from such ventures. (2) Ownership percentage represents the Company's ownership of the managing member of the joint venture and excludes its preferred interest accounted for as a loan r eceivable from the joint venture. (3) The investment in The Altman Companies, LLC includes $2.3 million of transaction costs that were incurred in connection with the formation of the joint venture. See additional information below in this Note 7 regarding the Company’s acquisition of its interest in the Altman Companies, LLC. Unconsolidated Variable Interest Entities In accordance with the applicable accounting guidance for the consolidation of VIEs, the Company analyzes its investments in real estate joint ventures to determine if such entities are VIEs, and to the extent that such entities are VIEs, if the Company is the primary beneficiary. Based on the Company’s analysis of the forecasted cash flows and structure of these ventures, including the respective operating agreements governing these entities and any relevant financial agreements, such as financing arrangements, the Company has determined that its real estate joint ventures are VIEs in which the Company is not the primary beneficiary, and therefore, the Company accounts for its investments in the real estate joint ventures under the equity method of accounting. The Company’s conclusion that it is not the primary beneficiary of these entities is primarily based on the determination that the Company does not have the power to direct activities of the entities that most significantly affect their economic performance. In certain joint ventures, the Company is not the operating manager and has limited protective rights under the operating agreements, while in other joint ventures, the investors share decision-making authority in a manner that prevents any individual investor from exercising power over such entities. The Company’s maximum exposure to loss in its unconsolidated real estate joint ventures was $60.5 million as of December 31, 2020. Basis Differences The aggregate difference between the Company’s investments in unconsolidated real estate joint ventures and its underlying equity in the net assets of such ventures was $4.1 million and $9.2 million as of December 31, 2020 and 2019, respectively, which includes (i) $4.8 million and $8.5 million associated with the Company’s investment in the Altman Companies and certain multifamily apartment developments which were acquired for cash consideration based on their estimated fair values as of the acquisition date, as described below, and (ii) $1.5 million and $0.7 million associated with the capitalization of interest on real estate development projects, partially offset by (iii) $2.2 million of impairments as of December 31, 2020, as described below. Equity in Net Earnings of Unconsolidated Real Estate Joint Ventures For the years ended December 31, 2020, 2019, and 2018, the Company’s equity in net earnings of unconsolidated real estate joint ventures was $0.5 million, $37.9 million, and $14.2 million, respectively. Equity earnings for the year ended December 31, 2020 includes $1.1 million and $0.8 million in equity earnings from the Altis Boca Raton and Altis Wiregrass joint ventures, respectively, which includes the Company’s share of gains recognized by the ventures upon the sale of their respective multifamily apartment communities. Equity earnings for the year ended December 31, 2019 includes $29.2 million and $5.0 million in equity earnings from the Altis Bonterra and the Altis Lakeline joint ventures, respectively, which includes the Company’s share of gains recognized by the ventures upon the sale of their respective multifamily apartment communities. Equity earnings for the year ended December 31, 2018 includes $9.3 million in equity earnings from the Addison on Millenia joint venture, which includes the Company’s share of the gain recognized by the venture upon the sale of its multifamily apartment community. Altis Ludlam Trail Joint Venture As of December 31, 2019, BBXRE had invested $1.1 million in the Altis Ludlam Trail joint venture to acquire land, obtain entitlements, and fund predevelopment costs for a potential multifamily apartment development in Miami, Florida. In June 2020, the joint venture obtained entitlements, closed on development financing, and commenced development of a 312 unit multifamily apartment community with 7,500 square feet of retail space. In connection with the closing, BBXRE received a $0.5 million distribution from the joint venture as a reimbursement of predevelopment costs and invested an additional $8.5 million in the joint venture as preferred equity. Pursuant to the applicable operating agreement for the Altis Ludlam Trail joint venture, distributions from the joint venture are required to be paid to BBXRE on account of its preferred equity interest until it receives its $8.5 million investment and a preferred return of 11.9% per annum (subject to a minimum payment of $11.9 million). Following such payment, all remaining distributions will be paid to the other members, including the managing member in which BBXRE holds an interest. Further, BBXRE’s preferred interest is required to be redeemed by the joint venture for a cash amount equal to its preferred return and initial investment in December 2023, although the joint venture has the option to extend the redemption for three one -year periods, subject to certain conditions. As BBXRE’s preferred membership interest in the joint venture is mandatorily redeemable, the Company is accounting for its preferred interest in the joint venture as a loan receivable from the Altis Ludlam Trail joint venture, while the Company’s remaining investment in the managing member of the joint venture is being accounted for under the equity method of accounting. The Altman Companies, LLC In November 2018, BBXRE acquired a 50% equity interest in the Altman Companies, a joint venture between BBXRE and Joel Altman (“Mr. Altman”) engaged in the development, construction, and management of multifamily apartment communities, for cash consideration of $14.6 million, including $2.3 million in transaction costs. The Altman Companies owns 100% of the membership interests in Altman Development Company and Altman Management Company and 60% of the membership interests in Altman-Glenewinkel Construction and generates revenues from the performance of development, general contractor, leasing, and property management services to joint ventures that are formed to invest in development projects originated by the Altman Companies. In addition, BBXRE and Mr. Altman invest in the managing member of such joint ventures based on their relative ownership percentages in the Altman Companies. Pursuant to the operating agreement of the Altman Companies, BBXRE will acquire an additional 40% equity interest in the Altman Companies from Mr. Altman for a purchase price of $9.4 million, subject to certain adjustments, in January 2023, and Mr. Altman can also, at his option or in other predefined circumstances, require the Company to purchase his remaining 10% equity interest in the Altman Companies for $2.4 million. However, Mr. Altman will retain his membership interests, including his decision making rights, in the managing member of any development joint ventures that are originated prior to BBXRE’s acquisition of additional equity interests in the Altman Companies. In addition, in certain circumstances, BBXRE may acquire the 40% membership interests in Altman-Glenewinkel Construction that are not owned by the Altman Companies for a purchase price based on prescribed formulas in the operating agreement of Altman-Glenewinkel Construction. Under the terms of the operating agreement of the Altman Companies, the venture is being jointly managed by BBXRE and Mr. Altman until the Company’s acquisition of the additional 40% equity interest from Mr. Altman, with the partners sharing decision making authority for all significant operating and financing decisions. To the extent that the parties cannot reach consensus on a matter, the operating agreement generally provides that a third party will resolve such matter; however, for certain decisions, the operating agreement provides that the venture cannot proceed with such matters without approval from both parties. In connection with its investment in the Altman Companies, BBXRE acquired interests in the managing member of seven multifamily apartment developments, including four developments in which BBXRE had previously invested as a non-managing member, for aggregate cash consideration of $8.8 million. As of December 31, 2020, four of these seven joint ventures had sold their respective multifamily apartment communities. In addition, BBXRE and Mr. Altman have each contributed $3. 8 million to ABBX Guaranty, LLC, a joint venture established to provide guarantees on the indebtedness and construction cost overruns of new real estate joint ventures formed by the Altman Companies. Impairment Testing As described in Note 2, t he Company evaluates its equity method investments for impairment when events or changes in circumstances indicate that the fair values of the investments may be below the carrying values. When a decline in the fair value of an investment is determined to be other - than - temporary, an impairment loss is recorded to reduce the carrying amount of the investment to its fair value. The Company’s determination of whether an other-than-temporary impairment has occurred requires significant judgment in which the Company evaluates, among other factors, the fair value of an investment, general market conditions, the duration and extent to which the fair value of an investment is less than cost, and the Company’s intent and ability to hold an investment until it recovers. The Company also considers specific adverse conditions related to the financial health and business outlook of the investee, including industry and market performance and expected future operating and financing cash flows. As a result of the COVID-19 pandemic and the related impact on the overall market, the Company evaluated various factors, including asset-specific factors, overall economic and market conditions, and the excess of the expected profits associated with BBXRE’s real estate assets in relation to their carrying amounts, and concluded that, except as discussed below, there had not been a significant decline in the fair value of most of BBXRE’s real estate assets , including its investments in unconsolidated real estate joint ventures, during the year ended December 31, 2020 that should be recognized as an impairment loss. As part of this evaluation, the Company considered the sales at its single-family home developments (which have returned to pre-pandemic levels), continued collection of rent at its multifamily apartment developments, and indications that there has not to date been a significant decline in sales prices for single family homes or an increase in capitalization rates for multifamily apartment communities. However, during the year ended December 31, 2020, the Company recognized $2.2 million of impairment losses related to a decline in the estimated fair values of certain of BBXRE’s investments in unconsolidated real estate joint ventures, including (i) a joint venture that is developing an office tower, as the market for commercial office space has been more significantly impacted by the pandemic compared to the single family and multifamily markets in which BBXRE primarily invests , and (ii) a joint venture invested in a multifamily apartment community in which BBXRE purchased its interest following the stabilization of the underlying asset at a purchase price calculated based on assumptions related to the timing and pricing of the sale of the asset, both of which have been adversely impacted by the COVID-19 pandemic. The Company estimated the fair value of these investments utilizing a discounted cash flow methodology which estimated the present value of the projected future cash flows expected to be generated from such investments. The Company did not record any impairment charges related to its equity method investments during the years ended December 31, 2019 and 2018. Summarized Financial Information of Certain Unconsolidated Real Estate Joint Ventures The tables below set forth financial information, including condensed statements of financial condition and operations, related to The Altman Companies joint venture (in thousands): December 31, 2020 2019 Assets Cash $ 3,100 1,634 Properties and equipment 363 315 Investment in unconsolidated subsidiaries 7,382 6,353 Goodwill 16,683 16,683 Due from related parties 2,306 2,954 Other assets 3,443 209 Total assets $ 33,277 28,148 Liabilities and Equity Other liabilities $ 6,408 2,719 Total liabilities 6,408 2,719 Total equity 26,869 25,429 Total liabilities and equity $ 33,277 28,148 For the Years Ended December 31, 2020 2019 2018 Total revenues $ 8,700 7,242 362 Other expenses (10,670) (9,493) (652) Operating loss (1,970) (2,251) (290) Equity in earnings (losses) from unconsolidated investment in Altman Glenewinkel Construction, LLC 1,737 (913) 113 Net loss (233) (3,164) (177) Equity in net (loss) earnings of unconsolidated real estate joint venture - The Altman Companies $ (117) (1,582) (88) The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Altis Bonterra joint venture (in thousands): December 31, 2020 2019 Assets Cash $ — 855 Restricted cash — 559 Real estate — — Other assets — — Total assets $ — 1,414 Liabilities and Equity Notes payable $ — — Other liabilities — 751 Total liabilities — 751 Total equity — 663 Total liabilities and equity $ — 1,414 For the Years Ended December 31, 2020 2019 2018 Total revenues $ — $ 4,498 6,510 Gain on sale of real estate — 33,843 — Other expenses — (4,480) (5,937) Net earnings $ — $ 33,861 573 Equity in net earnings of unconsolidated real estate joint venture - Altis Bonterra $ — $ 29,221 544 The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Altis Lakeline joint venture (in thousands): December 31, 2020 2019 Assets Cash $ — $ 628 Restricted cash — 5 Real estate — — Other assets — 144 Total assets $ — $ 777 Liabilities and Equity Notes payable $ — $ — Other liabilities — — Total liabilities — — Total equity — 777 Total liabilities and equity $ — $ 777 For the Years Ended December 31, 2020 2019 2018 Total revenues $ — $ 1,458 5,842 Gain on sale of real estate — 17,178 — Other expenses — (1,801) (6,746) Net earnings (loss) $ — $ 16,835 (904) Equity in net (loss) earnings of unconsolidated real estate joint venture - Altis Lakeline $ — $ 5,029 (312) The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Chapel Trail joint venture (in thousands): December 31, 2020 2019 Assets Cash $ — 1,725 Real estate — 2,134 Other assets — 6 Total assets $ — 3,865 Liabilities and Equity Notes payable $ — 184 Other liabilities — 357 Total liabilities — 541 Total equity — 3,324 Total liabilities and equity $ — 3,865 For the Years Ended December 31, 2020 2019 2018 Total revenues $ — 44,988 — Costs of sales — (35,575) — Other expenses — (2,341) (1,388) Net earnings (loss) — 7,072 (1,388) Equity in net earnings of unconsolidated real estate joint venture - Chapel Trail $ — 3,306 (649) The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Altis Shingle Creek joint venture (in thousands): December 31, 2020 2019 Assets Cash $ — — Real estate — — Other assets — — Total assets $ — — Liabilities and Equity Notes payable $ — — Other liabilities — — Total liabilities — — Total equity — — Total liabilities and equity $ — — For the Years Ended December 31, 2020 2019 2018 Total revenues $ — — 1,704 Gain on sale of real estate — — 22,027 Other expenses — — (2,156) Net earnings $ — — 21,575 Equity in net earnings of unconsolidated real estate joint venture - Altis Shingle Creek $ — — 3,401 |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property And Equipment [Abstract] | |
Property And Equipment | 8. Property and Equipment The Company’s property and equipment consisted of the following (in thousands): December 31, 2020 2019 Land, building and building improvements $ 2,271 2,258 Leasehold improvements 5,554 35,768 Office equipment, furniture, fixtures and software 14,421 11,941 Transportation 515 379 22,761 50,346 Accumulated depreciation (14,958) (20,510) Property and equipment, net $ 7,803 29,836 During the years ended December 31, 2020, 2019, and 2018, the Company recognized approximately $5.1 million , $6.4 million , and $7.5 million , respectively, of depreciation expense from continuing operations related to its property and equipment which is reflected in selling, general and administrative expenses and cost of trade sales in the Company’s statements of operations and comprehensive income. As described in Note 2, t he Company tests its long-lived assets , including property and equipment, for recoverability whenever events or changes in circumstances indicate that the carrying amount of such assets or asset groups may not be recoverable . During the year ended December 31, 2020, t he Company concluded that the effects of the COVID-19 pandemic indicated that the carrying amount of certain of its property and equipment may not be recoverable, including asset groups associated with certain of its retail locations which were temporarily closed as a result of the pandemic. In such circumstances, the Company compared its estimated undiscounted cash flows expected to result from the use of such assets or asset groups with their respective carrying amounts, and to the extent that such carrying amounts were in excess of the related undiscounted cash flows, the Company estimated the fair values of the applicable assets or asset groups and recognized impairment losses based on the excess of the carrying amounts of such assets or asset groups over their estimated fair values. As a result of the Company’s testing of its property and equipment for impairment, the Company recognized impairment losses of $1.3 million during the year ended December 31, 2020 related primarily to leasehold improvements associated with certain of IT’SUGAR’s retail locations. The recognition of these impairment losses primarily resulted from the effects of the COVID-19 pandemic on the estimated cash flows expected to be generated by the related assets. The Company did not record any impairment losses from continuing operations related to property and equipment during the years ended December 31, 2019 and 2018. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | 9. Goodwill and Intangible Assets Goodwill The activity in the balance of the Company’s goodwill was as follows (in thousands): For the Years Ended December 31, 2020 2019 2018 Balance, beginning of period $ 37,248 37,248 39,482 Acquisitions 8,277 — 1,727 Deconsolidation of IT'SUGAR (14,864) — — Impairment losses (22,384) — (3,961) Balance, end of period $ 8,277 37,248 37,248 The Company recognized $8.3 million of goodwill in connection with the acquisition of Colonial Elegance during the year ended December 31, 2020 and $1.7 million of goodwill in connection with the acquisition of an operating business through a loan foreclosure during the year ended December 31, 2018. The goodwill associated with the Colonial Elegance acquisition is included in the Renin category for segment reporting. Impairment Testing As described in Note 2, the Company tests goodwill for potential impairment on an annual basis as of December 31 or during interim periods if impairment indicators exist. During the year ended December 31, 2020, t he Company concluded that the effects of the COVID-19 pandemic, including the recessionary economic environment and the impact on certain of the Company’s operations, indicated that it was more likely than not that the fair values of certain of its reporting units with goodwill had declined below the respective carrying amounts of such reporting units as of March 31, 2020. As a result, the Company tested the goodwill associated with such reporting units for impairment by estimating the fair values of the respective reporting units as of March 31, 2020 and recognized goodwill impairment losses of $20.3 million associated with the IT’SUGAR reporting unit and $2.1 million associated with certain of its other reporting units. The Company primarily utilized a discounted cash flow methodology to estimate the fair values of these reporting units and used the relevant market approaches to support the reasonableness of its estimated fair values under the income approach. Further, on September 22, 2020, the Company deconsolidated IT’SUGAR as a result of IT’SUGAR filing the Bankruptcy Cases and derecognized the remaining IT’SUGAR goodwill balance of approximately $14.9 million as of that date. The decline in the estimated fair values of these reporting units from December 31, 2019 primarily resulted from the effects of the COVID-19 pandemic on these businesses. In particular, t he decline in the estimated fair value of IT’SUGAR during the year ended December 31, 2020 reflected the impact on the Company’s estimated future cash flows of the temporary closure of IT’SUGAR’s retail locations commencing in March 2020, including the liabilities incurred by IT’SUGAR during the shutdown, and considered scenarios in which IT’SUGAR’s business and sales volumes would stabilize following the phased reopening of its retail locations. The Company’s estimated discount rate applicable to IT’SUGAR’s cash flows was also increased to reflect, among other things, changes in market conditions, the uncertainty of the duration and severity of the economic downturn, uncertainty related to the retail environment and consumer behavior, uncertainty related to IT’SUGAR’s ability to stabilize its operations and implement its long-term strategies for its business, and the deterioration in IT’SUGAR’s financial condition as a result of the effects of the COVID-19 pandemic, including its lack of sufficient liquidity for its operations during 2020. The Company’s assessment of IT’SUGAR’s assets for impairment, as well as its estimate of the fair value of its investment in IT’SUGAR in connection with the deconsolidation of IT’SUGAR, as further described in Note 23, required the Company to make estimates based on facts and circumstances as of each reporting date and assumptions about current and future economic and market conditions. These assumptions included the stabilization of IT’SUGAR following the phased reopening of its retail locations in 2020 and its ability to access and operate in its retail locations in spite of ongoing negotiations with the landlords of these locations related to unpaid rents. Further, the Company’s estimated fair value of its investment in IT’SUGAR at the time of its filing of the Chapter 11 Bankruptcy Cases included assumptions related to relief of pre-petition obligations and improved occupancy costs as a result of renegotiated lease agreements for its retail locations. In addition, the Company’s estimates assumed that there would not be a material permanent decline in the demand for IT’SUGAR’s products and that IT’SUGAR will ultimately in the future return to its full operations and implement its long-term strategy to reinvest in and grow its business. However, as it is difficult to predict (i) the severity, magnitude, and duration, as well as the economic consequences, of the COVID-19 pandemic, which are uncertain and rapidly changing and may involve the re-implementation of government mandated closures or operating restrictions, and (ii) the ultimate outcome of IT’SUGAR’s Bankruptcy Cases, these estimates and assumptions may change over time, which may result in the recognition of additional impairment losses related to the Company’s investment in IT’SUGAR that would be material to the Company’s financial statements. Changes in assumptions that could materially impact the Company’s estimates related to IT’SUGAR that could result in the recognition of impairment losses in future periods include, but are not limited to, IT’SUGAR’s Bankruptcy Cases being converted to Chapter 7 bankruptcy cases, IT’SUGAR not obtaining expected relief during the reorganization, a material permanent decline in demand for IT’SUGAR’s products, IT’SUGAR abandoning its long-term strategy to reinvest and grow its business as a result of changes in consumer demand, and significant additional closures following the initial reopening of locations as a result of additional outbreaks of COVID-19. During the year ended December 31, 2019, the Company determined that its goodwill was not impaired. During the year ended December 31, 2018, the Company determined that the fair values of certain of BBX Sweet Holdings’ reporting units were below their respective carrying values as of the applicable testing dates and recognized goodwill impairment losses of $4.0 million . The decline in the fair values of these reporting units and the related recognition of goodwill impairment losses during the year ended December 31, 2018 primarily resulted from ongoing losses in these operations and various strategic initiatives related to such businesses, including the consolidation of manufacturing facilities, a reduction in corporate personnel and infrastructure, and the elimination of various unprofitable brands. Intangible Assets The Company’s intangible assets consisted of the following (in thousands): December 31, 2020 2019 Trademarks $ 7,747 8,522 Customer relationships 15,877 70 Other 384 306 24,008 8,898 Accumulated amortization (1,588) (2,227) Total intangible assets $ 22,420 6,671 Trademarks and customer relationships are amortized using the straight-line method over their expected useful lives, which range from 12 to 20 years. On September 22, 2020, the Company deconsolidated IT’SUGAR as a result of IT’SUGAR filing the Bankruptcy Cases and derecognized $3.2 million of intangible assets related to IT’SUGAR, including the intangible asset related to its trademark. Amortization Expense During the years ended December 31, 2020, 2019, and 2018, the Company recognized approximately $0.7 million, $0.6 million and $0.5 million, respectively, of amortization expense related to its intangible assets which is reflected in selling, general and administrative expenses in the Company’s consolidated statements of operations and comprehensive income. The table below sets forth the estimated aggregate amortization expense of intangible assets during each of the five years subsequent to December 31, 2020 (in thousands): Years Ending December 31, Total 2021 $ 1,768 2022 1,768 2023 1,768 2024 1,768 2025 1,750 Impairment Testing As described in Note 2, the Company tests its long-lived assets, including amortizable intangible assets and asset groups that include amortizable intangible assets, for recoverability whenever events or changes in circumstances indicate that the carrying amount of such assets or assets groups may not be recoverable. Due to effects of the COVID-19 pandemic during 2020 and the ongoing losses associated with certain of BBX Sweet Holdings’ businesses in the confectionery industry and strategic initiatives related to such businesses, the Company tested certain asset groups associated with these businesses for recoverability during the years ended December 31, 2020, 2019 and 2018, and determined that the estimated undiscounted future cash flows exceeded the carrying amounts of the asset groups. Accordingly, the Company did no t recognize any impairment losses associated with its intangible assets during the years ended December 31, 2020, 2019 and 2018. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 10. Leases BBX Capital and its subsidiaries are lessees under various operating leases for retail stores, office space, equipment, and vehicles. Many of the Company’s lease agreements include one or more options to renew, with renewal terms that can extend the lease term from one to seven years, and the exercise of such renewal options is generally at the Company’s discretion. Certain of the Company’s lease agreements include rental payments based on a percentage of sales generated at the leased location over contractually specified levels, and others include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain material residual value guarantees or material restrictive covenants. The Company recognizes right-of-use assets and lease liabilities associated with lease agreements with an initial term of 12 months or greater, while lease agreements with an initial term of 12 months or less are not recorded in the Company’s statement of financial condition. The Company generally does not include lease payments associated with renewal options that are exercisable at its discretion in the measurement of its right-of-use assets and lease liabilities as it is not reasonably certain that such options will be exercised. The table below sets forth information regarding the Company’s lease agreements which had an initial term of greater than 12 months (dollars in thousands): As of As of December 31, 2020 December 31 , 2019 (2) Operating lease assets $ 13,488 $ 87,082 Operating lease liabilities $ 14,141 $ 99,568 Weighted average remaining lease term (years) 7.0 6.6 Weighted average discount rate (1) 5.36 % 5.26 % (1) As most of the Company’s lease agreements do not provide an implicit rate, the Company estimates incremental secured borrowing rates corresponding to the maturities of its lease agreements to determine the present value of future lease payments. To estimate incremental borrowing rates applicable to BBX Capital and its subsidiaries, the Company considers various factors, including the rates applicable to its recently issued debt and credit facilities and prevailing financial market conditions. The Company used the incremental borrowing rates applicable to BBX Capital and its subsidiaries on January 1, 2019 for operating leases that commenced prior to that date. (2) Includes IT’SUGAR’s operating leases. On September 22, 2020, the Company deconsolidated IT’SUGAR as a result of IT’SUGAR filing the Bankruptcy Cases and derecognized its operating lease assets and liabilities. The Company generally recognizes lease costs associated with its operating leases on a straight-line basis over the lease term, while variable lease payments that do not depend on an index or rate are recognized as variable lease costs in the period in which the obligation for those payments is incurred. The table below sets forth information regarding the Company’s lease costs which are included in cost of trade sales and selling, general, and administrative expenses in the Company’s consolidated statements of operations (in thousands): For the Years Ended December 31, 2020 December 31, 2019 Fixed lease costs $ 14,111 $ 19,944 Short-term lease costs 283 121 Variable lease costs 3,584 5,763 Total operating lease costs $ 17,978 $ 25,828 Included in the Company’s statement of cash flows under operating activities for the years ended December 31, 2020 and 2019 was $7.6 million and $18.7 million, respectively, of cash paid for amounts included in the measurement of lease liabilities. During the years ended December 31, 2020 and 2019, the Company obtained $4.7 million and $22.9 million, respectively, of right-of-use assets in exchange for operating lease liabilities. The table below sets forth information regarding the maturity of the Company’s operating lease liabilities as of December 31, 2020 (in thousands): Years Ending December 31, 2021 $ 3,113 2022 2,511 2023 2,082 2024 2,054 2025 1,940 After 2025 5,356 Total lease payments 17,056 Less: interest 2,915 Present value of lease liabilities $ 14,141 The above operating lease payments exclude $10.8 million of legally binding minimum lease payments for lease agreements executed but not yet commenced, as the Company has not received possession of the leased property. During the year ended December 31, 2018, the Company recognized rent expenses under its lease agreements of $22.4 million, which is included in cost of trade sales and selling, general, and administrative expenses in the Company’s consolidated statements of operations . Impairment Testing As described in Note 2, the Company tests its long-lived assets, including right-of-use assets and asset groups that include right-of-use assets, for recoverability whenever events or changes in circumstances indicate that the carrying amount of such assets or asset groups may not be recoverable. During the year ended December 31, 2020, the Company concluded that the effects of the COVID-19 pandemic indicated that the carrying amount of certain of its asset groups that include right-of-use assets may not be recoverable , including asset groups associated with certain of its retail locations which were temporarily closed as a result of the pandemic. In such circumstances, the Company compared its estimated undiscounted cash flows expected to result from the use of such asset groups with their respective carrying amounts, and to the extent that such carrying amounts were in excess of the related undiscounted cash flows, the Company estimated the fair values of the applicable asset groups and recognized impairment losses based on the excess of the carrying amounts of such asset groups over their estimated fair values. In certain circumstances, the Company estimated the fair value of individual assets within its asset groups, including right-of-use assets associated with its retail locations, to determine the extent to which an impairment loss should be allocated to such assets. As a result of the Company’s testing of certain of its right-of-use assets for impairment, the Company recognized impairment losses of $4.1 million during the year ended December 31, 2020 related primarily to right-of-use assets associated with certain of IT’SUGAR’s retail locations. The recognition of these impairment losses primarily resulted from the effects of the COVID-19 pandemic on the estimated cash flows expected to be generated by the related asset groups . The Company did no t record any impairment losses from continuing operations related to right-of-use assets during the year ended December 31, 2019. |
Notes Payable And Other Borrowi
Notes Payable And Other Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Notes Payable And Other Borrowings [Abstract] | |
Notes Payable And Other Borrowings | 11. Notes Payable and Other Borrowings The table below sets forth information regarding the Company’s notes payable and other borrowings (dollars in thousands): December 31, 2020 December 31, 2019 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Community Development District Obligations $ 27,565 4.25 -6.00% $ 42,230 $ 29,287 4.25 -6.00% $ 49,352 TD Bank Term Loan and Line of Credit 45,573 3.30% (1) 6,826 5.00% (1) Banc of America Leasing & Capital Equipment Note — — — 355 4.75% (2) Bank of America Revolving Line of Credit — — — 2,000 3.24% — Unsecured Note (3) — — — 3,400 6.00% — Centennial Bank Note (4) 1,428 5.25% 1,840 1,469 5.25% 1,892 Other 43 4.22% — 223 15.00% — Unamortized debt issuance costs (1,126) (824) Total notes payable and other borrowings $ 73,483 $ 42,736 (1) The collateral is a blanket lien on Renin’s assets. (2) The collateral is a security interest in the equipment financed by the underlying note. Additionally, IT’SUGAR is guarantor on the note. (3) BBX Capital was guarantor on the note prior to BBXRE’s repayment of the note in December 2019. (4) BBX Capital is guarantor of the note. Community Development District Obligations – A community development district or similar development authority (“CDD”) is a unit of local government created under various state and/or local statutes to encourage planned community development and allow for the construction of infrastructure improvements through alternative financing sources, including the tax-exempt bond markets. A CDD is generally created through the approval of the local city or county in which the CDD is located and is controlled by a board of supervisors representing the landowners within the CDD. In connection with BBXRE’s development of the Beacon Lakes Community, The Meadow View at Twin Creeks CDD (the “Beacon Lakes CDD”) was formed by St. Johns County, Florida to use bond financing to fund the construction of infrastructure improvements at the Beacon Lakes Community. The Beacon Lakes CDD issues bonds periodically to fund ongoing construction of the Beacon Lakes Community, and in May 2020, February 2019, November 2018, and November 2016, the Beacon Lakes CDD issued bonds in the amount of $8.6 million, $8.1 million, $16.5 million, and $21.4 million, respectively. The obligation to pay principal and interest on the bonds issued by the Beacon Lakes CDD is assigned to each parcel within the CDD, and the Beacon Lakes CDD has a lien on each parcel. If the owner of the parcel does not pay this obligation, the Beacon Lakes CDD can foreclose on the lien. The CDD bond obligations, including interest and the associated lien on the property, are typically payable, secured, and satisfied by revenues, fees, or assessments levied on the property benefited. The assessments to be levied by the CDD are fixed or determinable amounts. The CDD bond obligations outstanding as of December 31, 2020 have fixed interest rates ranging from 4.25% to 6.00% and mature at various times during the years 2026 through 2051. The Company at its option has the ability to repay a specified portion of the bonds at the time that it sells developed lots in the Beacon Lakes Community. Upon the issuance of CDD bond obligations by the Beacon Lakes CDD, the Company records an obligation for the CDD bond obligations with a corresponding increase in other assets. The CDD bonds are secured by a lien on the Beacon Lakes property, which is included in r eal e state in the Company’s consolidated statement of financial condition and ha d a carrying amount of $40.8 million as of December 31, 2020. The Company relieves the CDD bond obligation associated with a particular parcel when the purchaser of the property assumes the obligation, which occurs automatically upon such purchaser’s acquisition of the property, or upon the repayment of the obligation by the Company. Included in other assets in the Company’s consolidated statements of financial condition as of December 31, 2020 and 2019 was $1.4 million and $0.8 million, respectively, of construction funds receivable from the issuance of CDD bond obligations that the Company does not have the right of setoff on its CDD bond obligations. Construction funds receivable associated with the CDD bond obligations are reduced with a corresponding increase in real estate inventory when the CDD disburses the funds to contractors for the construction of infrastructure improvements. Toronto-Dominion Bank (“TD Bank”) Term Loan and Operating Loan – Since May 2017, Renin has maintained a credit facility with TD Bank, and in October 2020, Renin amended and restated the facility in connection with the acquisition of Colonial Elegance. Under the terms and conditions of the previous credit facility, TD Bank provided loans under a revolving operating loan for up to approximately $16.3 million based on available collateral, as defined in the facility, and subject to Renin’s compliance with the terms and conditions of the facility, including certain specific financial covenants. Through February 2020, the credit facility also provided for term loans for up to $1.7 million. However, in February 2020, the credit facility was amended to replace the existing debt service coverage ratio with an interest coverage ratio, and in connection with the amendment to the credit facility, Renin repaid the outstanding balance of the term loans with borrowings from the revolving operating loan. In July 2020, the credit facility was also amended to extend the maturity date of the facility from September 2020 to September 2022. In October 2020, the credit facility with TD Bank was amended and restated to include a $30.0 million term loan, increase the availability under the revolving operating loan to $20 million, and extend the maturity of the facility to October 2025. Renin utilized $30.0 million of proceeds under the term loan and approximately $8.0 million of proceeds under the revolving operating loan in connection with the acquisition of Colonial Elegance. The amount outstanding on the revolving operating loan was $15.6 million as of December 31, 2020. Amounts outstanding under the t erm l oan and revolving operating loan bear interest at (i) the Canadian Prime Rate plus a spread between 1.375% to 1.875% per annum, (ii) the United States Base Rate plus a spread between 1.00% to 1.50% per annum, or (iii) LIBOR or Canadian Bankers Acceptance Rate, in each case plus a spread between 2.875% to 3.375% per annum, with the spreads applicable to each rate depending on Renin’s total leverage. In addition to ongoing payments of interest under the t erm l oan and revolving operating loan , the t erm l oan requires q uarterly payments of principal based on a stated percentage of the original principal amount of $30.0 million, with approximately 37.5% of the original principal amount due at maturity in October 2025. Pursuant to the terms and conditions of the amended and restated credit facility, Renin is required to comply with certain financial covenants, including a maximum total leverage ratio and a minimum total fixed charge coverage ratio determined quarterly. The credit facility also contains other affirmative and negative covenants believed to be customary, including those that may, among other things, limit Renin’s ability to make distributions to the Company and engage in certain transactions, including asset acquisitions or dispositions, mergers, consolidations, and similar transactions. Renin has guaranteed the obligations of the borrowers under the credit facility, and the facility is collateralized by all of Renin’s assets. In addition, the Company entered into a Pledge Agreement pursuant to which it pledged all of its membership interests in Renin as security for the borrower’s obligations under the amended and restated credit facility. As of December 31, 2020, there was $4.4 million available to Renin under the TD Bank revolving line of credit, subject to available collateral and the terms of the facility, and Renin was in compliance with all financial debt covenants under the credit facility. However, the effects of the COVID-19 pandemic on Renin’s operations could impact its ability to remain in compliance with the financial covenants and the extent of availability under its credit facility with TD Bank in future periods. If Renin is unable to maintain compliance with its debt covenants or obtain waivers if it is not in compliance with such covenants, Renin will no longer be able to access its revolving line of credit, may have to repay all or a portion of its borrowings prior to the scheduled maturity date, and/or provide additional collateral for such borrowings, any of which would have a material adverse effect on the Company’s liquidity, financial position, and results of operations. Banc of America Leasing & Capital Equipment Note – In September 2018, IT’SUGAR entered into a Master Loan and Security Agreement with Banc of America Leasing & Capital, LLC which sets forth the terms and conditions pursuant to which IT’SUGAR may borrow funds to purchase equipment under one or more equipment security notes. The agreement contains customary representations and covenants. Each equipment note constitutes a separate, distinct, and independent financing of equipment, is secured by a security interest in the purchased equipment, and is an unconditional contractual obligation of IT’SUGAR. As of December 31, 2020, there was one equipment note outstanding with a balance of $0.2 million. The equipment note bears interest at a fixed rate of 4.75% per annum and is payable in 36 consecutive monthly principal and interest installments of $18,516 with a maturity date of September 2021. The equipment note is subject to a prepayment charge equal to one percent of the amount prepaid multiplied by the number of years or fraction thereof for the then remaining equipment note term. Bank of America Revolving Line of Credit – In August 201 8, IT’SUGAR entered into a revolving credit facility with Bank of America. Under the terms and conditions of the credit facility, Bank of America agreed to provide a revolving line of credit to IT’SUGAR for up to $4.0 million based on available collateral, as defined by the credit facility, and subject to IT’SUGAR’s compliance with the terms and conditions of the credit facility, including certain specific financial covenants. The revolving credit facility was available through August 202 1, and amounts outstanding bear interest at a LIBOR daily floating rate plus 1.50% or a monthly LIBOR rate subject to the terms and conditions of the credit facility. Payments of interest only are payable monthly. In May 202 0, a wholly-owned subsidiary of BBXRE purchased IT’SUGAR’s revolving line of credit and equipment note facility from the respective lenders for the outstanding principal balance of the loans plus accrued interest and subsequently advanced an additional $2.0 million to IT’SUGAR pursuant to the terms of the loans. As the Company paid the respective third party lenders and was relieved of its obligations to such lenders under the respective debt arrangements, the Company derecognized the liabilities in its consolidated financial statements in connection with the purchase of the loans by the wholly-owned subsidiary of BBXRE. However, as described in Note 23, as a result of IT’SUGAR filing the Bankruptcy Cases and the Company deconsolidating IT’SUGAR, the loans held by the subsidiary of BBXRE are no longer eliminated in consolidation and are included in investment in and advances to IT’SUGAR in the Company’s statements of financial condition as of December 31, 2020. Unsecured Note – In October 2017, a wholly-owned subsidiary of BBXRE issued a $3.4 million unsecured note to the seller of real estate to the Chapel Trail joint venture, in which the subsidiary has a 46.75% equity interest. The issuance of the unsecured note was part of the subsidiary’s initial capital contribution to the venture. The note was not secured by the Company’s equity interest in the joint venture or the venture’s underlying property, and BBX Capital guaranteed the repayment of the unsecured note. The unsecured note accrued interest at a fixed rate of 6.0% per annum, with monthly interest only payments, and was scheduled to mature in October 2022. In February 2020, the Company repaid the outstanding balance of the unsecured note. Centennial Bank Note – In October 2014, Hoffman’s Chocolates issued a $1.7 million note payable to Centennial Bank. The note is secured by land and buildings owned by Hoffman’s Chocolates, and BBX Capital and BBX Sweet Holdings have guaranteed the repayment of the note. The note requires monthly principal and interest payments based upon a 25 year amortization schedule and matures in October 2024. Scheduled Minimum Principal Payments on Notes Payable and Other Borrowings The table below sets forth the contractual minimum principal payments of the Company’s notes payable and other borrowings during each of the five years subsequent to December 31, 2020 and thereafter (in thousands): Notes Payable and Other Borrowings 2021 $ 2,643 2022 3,490 2023 4,275 2024 6,468 2025 32,643 Thereafter 25,090 74,609 Unamortized debt issuance costs (1,126) Total Debt $ 73,483 The minimum contractual payments set forth in the table above may differ from actual payments due to the timing of principal payments required upon the sale of real estate assets or other assets that serve as collateral on certain debt. Debt Compliance As of December 31, 2020, BBX Capital and its subsidiaries were in compliance with all financial debt covenants under its debt instruments. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | 12. Income Taxes The Company’s United States and foreign components of (loss) income from continuing operations before income taxes are as follows (in thousands): For the Years Ended December 31, 2020 2019 2018 U.S. $ (59,096) 29,638 (2,170) Foreign 849 (653) (852) Total $ (58,247) 28,985 (3,022) The Company’s (benefit) provision for income taxes from continuing operations consisted of the following (in thousands): For the Years Ended December 31, 2020 2019 2018 Current: Federal $ (5,895) 4,163 914 State (599) 1,738 536 (6,494) 5,901 1,450 Deferred: Federal (3,800) 2,665 1,471 State (937) (232) (56) (4,737) 2,433 1,415 (Benefit) provision for income taxes $ (11,231) 8,334 2,865 The table below sets forth a reconciliation of the difference between the (benefit) provision for income taxes and the amount that results from applying the federal statutory tax rate of 21% to (loss) income from continuing operations before income taxes (dollars in thousands): For the Years Ended December 31, 2020 2019 2018 Income tax (benefit) provision at expected federal income tax rate (1) $ (12,232) 6,087 (635) Increase (decrease) resulting from: (Benefit) provision for state taxes, net of federal effect (1,219) 1,156 343 Taxes related to noncontrolling interests in subsidiaries not consolidated for income tax purposes 854 62 83 Nondeductible goodwill 437 — 832 Nondeductible executive compensation 773 1,119 1,205 (Decrease) increase in valuation allowance (142) (153) 226 Other – net 298 63 811 (Benefit) provision for income taxes $ (11,231) 8,334 2,865 (1) Expected tax is computed based upon (loss) income from continuing operations before income taxes. The Company’s deferred income taxes consisted of the following significant components (in thousands): As of December 31, 2020 2019 Deferred federal and state tax assets: Net operating loss carryforwards $ 7,275 6,714 Book reserves for credit losses, inventory, real estate and property and equipment 1,324 1,407 Expensed recognized for books and deferred for tax 1,860 3,439 Investment in IT'SUGAR, LLC 3,510 — Intangible assets 226 — Other assets 835 49 Total gross federal and state deferred tax assets 15,030 11,609 Less deferred tax asset valuation allowance (6,772) (6,914) Total deferred tax assets 8,258 4,695 Deferred federal and state tax liabilities: Tax over book depreciation (456) (245) Intangible assets — (592) Other liabilities (378) (578) Total gross deferred federal and state tax liabilities (834) (1,415) Net federal and state deferred tax assets $ 7,424 3,280 The Company’s income tax provision (benefit) and current and deferred income taxes were calculated on a separate return basis through September 30, 2020, the date of the spin-off from BVH. The Company became a tax filer when it converted from a Florida limited liability company into a Florida corporation as of September 29, 2020. The Company’s effective income tax rate from continuing operations was approximately 19% , 29% and ( 96% ) during the years ended December 31, 2020, 2019, and 2018, respectively. The provision for income taxes was different than the expected federal income tax rate of 21% primarily due to the impact of nondeductible executive compensation and state income taxes, as well as the impact of a nondeductible goodwill impairment loss recognized during the year s ended December 31, 20 20 and 20 18. The Company evaluates its deferred tax assets to determine if valuation allowances are required. In the evaluation, management considers expectations of sufficient future taxable income, trends in earnings, existence of taxable income in recent years, the future reversal of temporary differences, and available tax planning strategies that could be implemented, if required. Valuation allowances are established based on the consideration of all available evidence using a more likely than not standard. Based on the Company’s evaluation a deferred tax valuation allowance was established for $5.8 million of federal and state net operating loss carryforwards (“NOL”) and $1.0 million of Canadian NOL and other temporary differences as of December 31, 2020. As of December 31, 2020, the Company had federal NOL carryforwards of $3.4 million that do not expire and can only reduce annual taxable income by 80%. The Company also had federal and Florida NOL carryforwards that can only be utilized if the separate entity that generated them has separate company taxable income (the “SRLY Limitation”). These carryforwards cannot be utilized against most of the Company’s subsidiaries’ taxable income. As such, a full valuation allowance has been established for these carryforwards . The Company’s Canadian operations have had cumulative taxable losses in recent years, and as a result, a full valuation allowance has been applied to the NOL carryforwards as of December 31, 2020 and 2019. In addition, one of the Canadian subsidiaries has a capital loss carryforward that can only be used to reduce capital gains, and the tax on Canadian capital gains is 50% of the Canadian tax rate. Canadian capital loss carryforwards do not expire. A full valuation allowance is maintained for the Canadian capital loss carryforward as it is unlikely that the Canadian subsidiary will generate capital gains in the future. F ederal and Florida NOLs subject to SRLY limitations expire in the year s 2026-2034 and the Canadian NOLs expire in the year s 2033-20 40 . The Company recognizes liabilities for uncertain tax positions. An uncertain tax position is defined as a position in a previously filed tax return or a position expected to be taken in a future tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. The Company has not identified any uncertain tax positions as of December 31, 2020. The Company was previously a party to an Agreement to Allocate Consolidated Income Tax Liability and Benefits with BVH. Under this tax sharing agreement, the parties calculated their respective income tax liabilities and attributes as if each of them was a separate filer. If any tax attributes were used by another party to the agreement to offset its tax liability, the party providing the benefit would receive an amount for the tax benefits realized. However, this tax sharing agreement was terminated with respect to the Company upon the consummation of the spin-off. During the years ended December 31, 2020 and 2019, Renin paid BVH $0.3 million and $1.0 million in accordance with this tax sharing agreement. As of December 31, 2020, no amounts were due to BVH pursuant to the tax sharing agreement, while as of December 31, 2019, $2.8 million was due to BVH pursuant to the agreement. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 13. Revenue Recognition The table below sets forth the Company’s revenue disaggregated by category (in thousands): For the Years Ended December 31, 2020 2019 2018 Trade sales - wholesale $ 106,508 80,197 82,800 Trade sales - retail 40,702 100,122 92,699 Sales of real estate inventory 20,363 5,049 21,771 Revenue from customers 167,573 185,368 197,270 Interest income 2,399 811 2,338 Net gains on sales of real estate assets 255 13,616 4,563 Other revenue 3,002 3,929 4,394 Total revenues $ 173,229 203,724 208,565 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 14. Commitments and Contingencies Litigation Matters In the ordinary course of business, BBX Capital and its subsidiaries are parties to lawsuits as plaintiff or defendant involving its operations and activities. Additionally, from time to time in the ordinary course of business, the Company is involved in disputes with existing and former employees, vendors, taxing jurisdictions, and various other parties and also receive s individual consumer complaints as well as complaints received through regulatory and consumer agencies. The Company takes these matters seriously and attempts to resolve any such issues as they arise. The Company may also become subject to litigation related to the COVID-19 pandemic, including with respect to any actions we take or may be required to take as a result thereof. Reserves are accrued for matters in which management believes it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. Management does not believe that the aggregate liability relating to known contingencies in excess of the aggregate amounts accrued will have a material impact on the Company’s results of operations or financial condition. However, litigation is inherently uncertain, and the actual costs of resolving legal claims, including awards of damages, may be substantially higher than the amounts accrued for these claims and may have a material adverse impact on the Company’s results of operations or financial condition. Adverse judgements and the costs of defending or resolving legal claims may be substantial and may have a material adverse impact on the Company’s financial statements. Management is not at this time able to estimate a range of reasonably possible losses with respect to matters in which it is reasonably possible that a loss will occur. In certain matters, management is unable to estimate the loss or reasonable range of loss until additional developments provide information sufficient to support an assessment of the loss or reasonable range of loss. Frequently in these matters, the claims are broad, and the plaintiffs have not quantified or factually supported their claim. There were no material pending legal proceedings against BBX Capital or its subsidiaries as of December 31, 2020. Renin Supplier Dispute In October 202 0, Renin incurred approximately $6.0 million in costs for the expedited shipment of products to Renin from a foreign supplier and an additional $2.0 million in costs for the expedited shipment of product displays from the same supplier. The supplier had failed to deliver both the products and displays on the contractually agreed upon delivery schedule, and Renin incurred these costs, which were significantly in excess of the shipping costs that would have been incurred had such products been delivered on schedule, based on its belief that the costs were necessary in order for Renin to meet its obligations to one of its major customers. The products were committed to be sold by Renin in connection with the customer’s November 202 0 holiday sale program, while the displays were required to be delivered in connection with the rollout of new products with the customer. Renin believes that the supplier is liable to Renin for damages related to the increased costs pursuant to the terms of the agreements between Renin and the supplier and has notified the supplier that it is exercising a right of offset of the costs against outstanding amounts due to the supplier of approximately $8.1 million in order to recover its damages. However, the supplier is disputing that it is liable for the additional shipping costs and has demanded that Renin pay any outstanding amounts due to it. As the supplier is disputing that it is liable to Renin for damages and there is no assurance regarding the ultimate resolution of the matter and whether Renin’s assertion that it is entitled to damages will be sustained, Renin recognized the cost of the products and related shipping costs upon the sale of such products in cost of trade sales in the Company’s statement s of operations and comprehensive income during the year ended December 31, 2020, while the costs of the displays and related shipping were deferred and will be amortized over the period in which the Company expects to benefit from their use. As of December 31, 2020, this matter did not impact Renin’s compliance with the financial covenants under its outstanding credit facility with TD Bank. However, if Renin is unable to sustain its assertion that it is entitled to damages from the supplier and is ultimately required to pay the supplier for outstanding amounts due to it, Renin may be unable to comply with its covenants . If Renin is unable to comply with its covenants, it would be required to seek a waiver from the bank, and if unable to obtain a waiver, might lose availability under its line of credit, be required to provide additional collateral, or repay all or a portion of its borrowings, any of which could have a material adverse effect on the Company’s liquidity, financial position, and results. Other Commitments, Contingencies, and Guarantees BBX Capital guarantees certain obligations of its wholly-owned subsidiaries and unconsolidated real estate joint ventures, including the following: · BBX Capital is a guarantor of 50% of the outstanding balance of a third party loan to the Sunrise real estate joint venture, which had an outstanding balance of $5.0 million as of December 31, 2020. · BBX Capital is a guarantor on certain notes payable by its wholly-owned subsidiaries. See Note 11 for additional information regarding these obligations. |
Employee Benefit Plans And Ince
Employee Benefit Plans And Incentive Compensation Program | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefit Plans And Incentive Compensation Program [Abstract] | |
Employee Benefit Plans And Incentive Compensation Program | 15. Employee Benefit Plans and Incentive Compensation Program Defined Contribution 401(k) Plan The sponsorship of three of the BBX Capital Corporation Employee Retirement Plans under Internal Revenue Code Section 401(k) was transferred to the Company on September 30, 2020 in connection with the spin-off. Although there are variations in the eligibility requirements under such plans, employees who have completed 90 days of service and have reached the age o f 21 are generally eligible to participate in the Company’s 401(k) plans. For the year ending December 31, 2020, an eligible employee under the plans is entitled to contribute up to $19,500 , while an eligible employee over 50 years of age was entitled to contribute up to $26,000 . The Company generally matches 100% of the first 3% of employee contributions and 50% of the next 2% of employee contributions, and the match amounts generally vest immediately. F or the three months ended December 31, 2020 , the Company recorded expenses of approximately $87,000 for contributions to its 401(k) plans. Prior to September 30, 2020, the expenses for 401(k) contributions were allocated to the Company on a pro-rata basis based on the combined revenues and equity in earnings of unconsolidated joint ventures of BVH and its subsidiaries. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2020 | |
Common Stock [Abstract] | |
Common Stock | 16. Common Stock Common Stock BBX Capital’s Articles of Incorporation authorize BBX Capital to issue both Class A Common Stock, par value $.01 per share, and Class B Common Stock, par value $.01 per share. Under Florida law and the Company’s Articles of Incorporation, holders of Class A Common Stock and Class B Common Stock vote together as a single class on most matters presented to a vote of BBX Capital’s shareholders. On such matters, holders of Class A Common Stock are entitled to one vote for each share held, with all holders of Class A Common Stock possessing in the aggregate 22% of the total voting power, while holders of Class B Common Stock possess the remaining 78% of the total voting power. If the number of shares of Class B Common Stock outstanding decreases below 360,000 shares but greater than 280,000 shares, the Class A Common Stock’s aggregate voting power will increase to 40%, and the Class B Common Stock will have the remaining 60% . If the number of shares of Class B Common Stock outstanding decreases below 280,000 shares but is greater than 100,000 shares, the Class A Common Stock’s aggregate voting power will increase to 53%, and the Class B Common Stock will have the remaining 47% . These relative voting percentages will remain fixed unless the number of shares of Class B Common Stock outstanding decreases to 100,000 shares or less, at which time the fixed voting percentages will be eliminated, and holders of Class A Common Stock and holders of Class B Common Stock would then each be entitled to one vote per share held. Each share of Class B Common Stock is convertible into one share of Class A Common Stock at any time at the option of the holder. The percentage of total common equity represented by Class A and Class B common stock was 81% and 19% , respectively, at December 31, 2020. Rights Agreement On September 25, 2020, BBX Capital adopted a rights agreement (the “Rights Agreement”) in light of the significant market volatility and uncertainties associated with the COVID-19 pandemic and the impact on the Company and the market price of BBX Capital’s Class A Common Stock and Class B Common Stock. The Rights Agreement provides a deterrent to shareholders from acquiring a 5% or greater ownership interest in BBX Capital’s Class A Common Stock, Class B Common Stock or total combined common stock without the prior approval of the board of directors. Share Repurchase Program In October 2020, BBX Capital’s board of directors approved a share repurchase program which authorized the repurchase of up to $10.0 million of shares of BBX Capital’s Class A Common Stock and Class B Common Stock. The timing, price, and number of shares repurchased will be based on market conditions, applicable securities laws, and other factors. The stock repurchases may be made from time to time through solicited or unsolicited transactions in the open market or in privately negotiated transactions. The stock repurchase authorization does not obligate the Company to repurchase any specific number of shares and may be suspended, modified, or terminated at any time without prior notice. There were no purchases of Class A Common Stock or Class B Common Stock under this program as of December 31, 2020. |
Noncontrolling Interests And Re
Noncontrolling Interests And Redeemable Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interests And Redeemable Noncontrolling Interest [Abstract] | |
Noncontrolling Interests And Redeemable Noncontrolling Interest | 17 . Noncontrolling Interests and Redeemable Noncontrolling Interest The redeemable noncontrolling interest included in the Company’s consolidated statement s of financial condition as of December 31, 2019 of $4.0 million is comprised of a redeemable noncontrolling interest associated with IT’SUGAR. The Company owns 90.4% of IT’SUGAR’s Class B Units, while the remaining 9.6% of such units are a noncontrolling interest held by an executive officer of IT’SUGAR and may be redeemed for cash at the holder’s option upon a contingent event outside of the Company’s control. As a result of IT’SUGAR filing the Bankruptcy Cases and the related deconsolidation of IT’SUGAR by the Company, the Company derecognized the redeemable noncontrolling interest in IT’SUGAR. See Note 23 for additional discussion. The noncontrolling interest s included in the Company’s consolidated statements of financial condition as of December 3 1 , 2020 and 2019 of $0.1 million and $1.0 million are comprised of noncontrolling equity interest s in a restaurant the Company acquired through foreclosure. In October 2020, the Company acquired an additional 28% equity interest in the restaurant, which decreased the noncontrolling interests from 47% at December 31, 2019 to 19% as of December 31, 2020. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | 18. Earnings Per Common Share The table below sets forth the computations of basic and diluted earnings per common share (in thousands, except per share data): For the Years Ended December 31, 2020 2019 2018 Basic and diluted (loss) earnings per common share Numerator: Net (loss) income from continuing operations $ (47,016) 20,651 (5,887) Less: Net loss attributable to noncontrolling interests from continuing operations (4,803) (224) (266) Net (loss) income from continuing operations available to shareholders (42,213) 20,875 (5,621) Loss from discontinued operations (74) (7,138) (3,580) Net (loss) income available to shareholders $ (42,287) 13,737 (9,201) Denominator: Weighted average number of common share outstanding 19,318 19,318 19,318 Basic and diluted (loss) earnings per common share: (Loss) earnings per share from continuing operations $ (2.19) 1.08 (0.29) (Loss) per share from discontinued operations — (0.37) (0.19) Basic and diluted (loss) earnings per common share: $ (2.19) 0.71 (0.48) For periods prior to the spin-off on September 30, 2020, the weighted average shares outstanding was based on the number of shares issued in connection with the spin-off, while for periods subsequent to spin-off , the weighted average shares outstanding is based on the actual weighted average number of shares outstanding. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 19. Fair Value Measurement Fair value is defined as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three main valuation techniques to measure the fair value of assets and liabilities: the market approach, the income approach and the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses financial models to convert future amounts to a single present amount and includes present value and option-pricing models. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset and is often referred to as current replacement cost. The accounting guidance for fair value measurements defines an input fair value hierarchy that has three broad levels and gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The input fair value hierarchy is summarized below: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability Level 3: Unobservable inputs for the asset or liability There were no material assets or liabilities measured at fair value on a recurring or nonrecurring basis in the Company’s consolidated financial statements as of December 31, 2020 and 2019. Financial Disclosures about Fair Value of Financial Instruments The tables below set forth information related to the Company’s consolidated financial instruments (in thousands): Fair Value Measurements Using Quoted prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable December 31, December 31, Assets Inputs Inputs 2020 2020 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 90,037 90,037 90,037 — — Restricted cash 350 350 350 — — Note receivable from Bluegreen Vacations Holding Corporation 75,000 78,218 — — 78,218 Financial liabilities: Notes payable and other borrowings 73,483 77,500 — — 77,500 Fair Value Measurements Using Quoted prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable December 31, December 31, Assets Inputs Inputs 2019 2019 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 20,723 20,723 20,723 — — Restricted cash 529 529 529 — — Financial liabilities: Notes payable and other borrowings 42,736 45,669 — — 45,669 M anagement has made estimates of fair value that it believes to be reasonable. However, because there is no active market for many of these financial instruments, the fair values of the majority of the Company’s financial instruments have been derived using the income approach technique with Level 3 unobservable inputs. Estimates used in net present value financial models rely on assumptions and judgments regarding issues in which the outcome is unknown, and actual results or values may differ significantly from these estimates. The Company’s fair value estimates do not consider the tax effect that would be associated with the disposition of the assets or liabilities at their fair value estimates. As such, the estimated value upon sale or disposition of the asset may not be received, and the estimated value upon disposition of the liability in advance of its scheduled maturity may not be paid. The amounts reported in the consolidated statements of financial condition for cash and cash equivalents and restricted cash approximate fair value. The estimated fair value of the Company’s note receivable from BVH was measured using the income approach with Level 3 inputs by discounting the forecasted cash inflows associated with the note using an estimated market discount rate. The fair values of the Company’s Community Development Bonds, which are included in notes payable and other borrowings above, were measured using the market approach with Level 3 inputs obtained based on estimated market prices of similar financial instruments. The fair values of the Company’s notes payable and other borrowings (other than Community Development Bonds above) were measured using the income approach with Level 3 inputs by discounting the forecasted cash outflows associated with the debt using estimated market discount rates. The Company’s financial instruments also include trade accounts receivable, accounts payable, and accrued liabilities. The carrying amount of these financial instruments approximate their fair values due to their short-term maturities. The Company is exposed to credit related losses in the event of non-performance by counterparties to the financial instruments with a maximum exposure equal to the carrying amount of the assets. The Company’s exposure to credit risk consists of accounts receivable balances. |
Certain Relationships And Relat
Certain Relationships And Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Certain Relationships And Related Party Transactions [Abstract] | |
Certain Relationships And Related Party Transactions | 20. Certain Relationships and Related Party Transactions The Company may be deemed to be controlled by Alan B. Levan, the Company’s Chairman, John E. Abdo, the Company’s Vice Chairman, Jarett S. Levan, the Company’s Chief Executive Officer and President, and Seth M. Wise, the Company’s Executive Vice President. Together, they may be deemed to beneficially own shares of BBX Capital ’s Class A Common Stock and Class B Common Stock representing approximately 79 % of BBX Capital ’s total voting power. Mr. Alan B. Levan serves as the Chairman, Chief Executive Officer, and President of BVH and Bluegreen, Mr. Abdo serve s as Vice Chairman of BVH and Bluegreen, Mr. Jarett Levan serves as a director of BVH and Bluegreen and Mr. Wise serves as a director of Bluegreen. Included in selling, general and administrative expenses in the Company’s consolidated statements of operations and comprehensive loss or income was $1.3 million , $0.6 million , and $1.0 million during the years ended December 31, 2020, 2019 and 2018, respectively, for management advisory and employer provided medical insurance provided by BVH to the Company. Also included in selling, general and administrative expenses during the year ended December 31, 2020 was $0.3 million of rent for office space provided by BVH to the Company. The Company reimbursed BVH the actual cost of providing the services. The Company also received $0.2 million for providing management services to The Altman Companies and received $0.2 million for providing administrative services to Bluegreen during the year ended December 31, 2020. Included in other revenues in the Company’s consolidated statements of operations and comprehensive loss or income was $0.7 million, $0.8 million, and $1.0 million for providing risk management consulting services to Bluegreen for the years ended December 31, 2020, 2019 and 2018, respectively. Prior to the spin-off of BBX Capital on September 30, 2020, expenses related to certain support functions paid for by BVH, including executive services, treasury, tax, accounting, legal, internal audit, human resources, public and investor relations, general management, shared information technology systems, corporate governance activities, and centralized managed employee benefit arrangements, were allocated to the Company on the basis of direct usage when identifiable, while the remainder of the expenses, including costs related to executive compensation, were allocated primarily on a pro-rata basis of combined revenues and equity in earnings of unconsolidated joint ventures of BVH and its subsidiaries. The expenses related to these support functions allocated to the Company and included in selling, general and administrative expenses in the Company’s consolidated statements of operations and comprehensive loss or income for the years ended December 31, 2020, 2019 and 2018 were $12.7 million , $21.0 million, and $21.2 million, respectively. The allocated support function costs were recognized as contributed capital in the Company’s consolidated statements of financial condition for the years ended December 31, 2020, 2019 and 2018. Upon the consummation of the spin-off, all agreements with BVH were terminated and replaced with a Transition Services Agreement, Tax Matters Agreement, and Employee Matters Agreement. The Transition Services Agreement generally sets out the respective rights, responsibilities and obligations of BVH and BBX Capital with respect to the support services to be provided to one another after the spin-off, as may be necessary to ensure an orderly transition. The Transition Services Agreement establishes a baseline charge for certain categories or components of services to be provided, which will be at cost unless the parties mutually agree to a different charge. The Transition Services Agreement was effective on September 30, 2020 and will continue for a minimum term of one year, provided that after that year, BVH or BBX Capital may terminate the Transition Services Agreement with respect to any or all services provided thereunder at any time upon thirty ( 30 ) days prior written notice to the other party. Either party may renew or extend the term of the Transition Services Agreement with respect to the provision of any service which has not been previously terminated. The Tax Matters Agreement generally sets out the respective rights, responsibilities, and obligations of BVH and BBX Capital with respect to taxes (including taxes arising in the ordinary course of business and taxes incurred as a result of the spin-off), tax attributes, tax returns, tax contests, and certain other related tax matters. The Tax Matters Agreement allocates responsibility for the preparation and filing of certain tax returns (and the payment of taxes reflected thereon). Under the Tax Matters Agreement, BVH will generally be liable for its own taxes and taxes of all of its subsidiaries (other than the taxes of BBX Capital and its subsidiaries, for which BBX Capital shall be liable) for all tax periods (or portion thereof) ending on September 30, 2020, the effective date of the spin-off. BBX Capital will be responsible for its taxes, including for taxes of its subsidiaries, as well as for taxes of BVH arising as a result of the spin-off (including any taxes resulting from an election under Section 336(e) of the Internal Revenue Code of 1986, as amended (the “Code”) in connection with the spin-off). BBX Capital will bear liability for any transfer taxes incurred in the spin-off. Each of BVH and BBX Capital will indemnify each other against any taxes to the extent paid by one party but allocated to the other party under the Tax Matters Agreement, or arising from any breach of its covenants thereunder, and related out-of-pocket costs and expenses. The Employee Matters Agreement sets out the respective rights, responsibilities, and obligations of BVH and BBX Capital with respect to the transfer of certain employees of the businesses of BBX Capital and related matters, including benefit plans, terms of employment, retirement plans and other employment-related matters. Under the Employee Matters Agreement, BBX Capital or its subsidiaries will generally assume or retain responsibility as employer of employees whose duties primarily relate to their respective businesses as well as all obligations and liabilities with respect thereto. The Company was also previously a party to an Agreement to Allocate Consolidated Income Tax Liability and Benefits with BVH and Bluegreen that was terminated in connection with the spin-off. See Note 12 for further discussion. As further described in Note 1, in connection with the spin-off, BVH also issued a $75.0 million note payable to BBX Capital that accrues interest at a rate of 6% per annum and requires payments of interest on a quarterly basis. During the three months ended December 31, 2020 , the Company paid Abdo Companies, Inc. approximately $38,000 for certain management services. John E. Abdo, the Company’s Vice Chairman, is the principal shareholder and Chief Executive Officer of Abdo Companies, Inc. The components of net transfers from/to BVH in the consolidated statements of changes in equity consisted of the following (in thousands): For the Years Ended December 31, 2020 2019 2018 Cash pooling $ 81,581 (85,246) (14,222) Corporate overhead allocations 12,694 21,037 21,198 Asset transfers 75,320 302 660 Income taxes (1,685) (1,460) (21) Net transfers from (to) BVH $ 167,910 (65,367) 7,615 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | 21. Segment Reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the chief operating decision maker (“CODM”) in assessing performance and deciding how to allocate resources. Reportable segments consist of one or more operating segments with similar economic characteristics, products and services, production processes, type of customer, distribution system or regulatory environment. The information provided for segment reporting is obtained from internal reports utilized by the Company’s CODM, and the presentation and allocation of assets and results of operations may not reflect the actual economic costs of the segments as standalone businesses. If a different basis of allocation were utilized, the relative contributions of the segments might differ, but the relative trends in the segments’ operating results would, in management’s view, likely not be impacted. The Company’s three reportable segments are its principal investments: BBX Capital Real Estate, BBX Sweet Holdings, and Renin. See Note 1 for a description of the Company’s reportable segments. In the segment information for the years ended December 31, 2020, 2019, and 2018, amounts set forth in the column entitled “Other” include the Company’s investments in various operating businesses, including a controlling financial interest in a restaurant acquired in connection with a loan receivable default. The amounts set forth in the column entitled “Reconciling Items and Eliminations” include unallocated corporate general and administrative expenses. The Company evaluates segment performance based on segment income or loss before income taxes. The table below sets forth the Company’s segment information as of and for the year ended December 31, 2020 (in thousands): BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 49,155 93,036 5,019 — 147,210 Sales of real estate inventory 20,363 — — — — 20,363 Interest income 1,240 29 — 1 1,129 2,399 Net gains on sales of real estate assets 255 — — — — 255 Other revenue 1,454 281 — 1,461 (194) 3,002 Total revenues 23,312 49,465 93,036 6,481 935 173,229 Costs and expenses: Cost of trade sales — 41,482 83,563 1,107 — 126,152 Cost of real estate inventory sold 13,171 — — — — 13,171 Interest expense — 193 615 10 (581) 237 Recoveries from loan losses, net (8,876) — — — — (8,876) Impairment losses 2,742 25,303 — 2,727 — 30,772 Selling, general and administrative expenses 6,758 26,855 11,735 5,560 15,849 66,757 Total costs and expenses 13,795 93,833 95,913 9,404 15,268 228,213 Operating profits (losses) 9,517 (44,368) (2,877) (2,923) (14,333) (54,984) Equity in net earnings of unconsolidated real estate joint ventures 465 — — — — 465 Loss on the deconsolidation of IT'SUGAR, LLC — (3,326) — — — (3,326) Other income (expense) 6 221 (3) 8 58 290 Foreign exchange loss — — (692) — — (692) Income (loss) before income taxes $ 9,988 (47,473) (3,572) (2,915) (14,275) (58,247) Total assets $ 165,732 28,668 104,654 7,096 141,506 447,656 Expenditures for property and equipment $ — 3,155 2,118 72 — 5,345 Depreciation and amortization $ — 4,244 1,380 106 104 5,834 Debt accretion and amortization $ 287 168 243 — — 698 Cash and cash equivalents $ 31,133 1,163 2,438 1,539 53,764 90,037 Equity method investments $ 58,010 — — — — 58,010 Goodwill $ — — 8,277 — — 8,277 Notes payable and other borrowings $ 26,762 1,417 45,261 43 — 73,483 (1) The above segment information excludes the operations of IT’SUGAR as of September 22, 2020, the date the Company deconsolidated IT’SUGAR. The table below sets forth the Company’s segment information as of and for the year ended December 31, 2019 (in thousands): BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 105,406 67,537 7,376 — 180,319 Sales of real estate inventory 5,049 — — — — 5,049 Interest income 750 56 — — 5 811 Net gains on sales of real estate assets 13,616 — — — — 13,616 Other revenue 1,619 324 — 2,233 (247) 3,929 Total revenues 21,034 105,786 67,537 9,609 (242) 203,724 Costs and expenses: Cost of trade sales — 67,703 54,243 2,613 1 124,560 Cost of real estate inventory sold 2,643 — — — — 2,643 Interest expense — 196 498 27 (288) 433 Recoveries from loan losses, net (5,428) — — — — (5,428) Impairment losses 47 142 — — — 189 Selling, general and administrative expenses 9,144 43,203 11,066 6,626 20,791 90,830 Total costs and expenses 6,406 111,244 65,807 9,266 20,504 213,227 Operating profits (losses) 14,628 (5,458) 1,730 343 (20,746) (9,503) Equity in net earnings of unconsolidated real estate joint ventures 37,898 — — — — 37,898 Other income 170 336 153 6 — 665 Foreign exchange loss — — (75) — — (75) Income (loss) before income taxes $ 52,696 (5,122) 1,808 349 (20,746) 28,985 Total assets $ 145,930 167,281 32,320 10,059 5,917 361,507 Expenditures for property and equipment $ 4 9,441 517 1,129 — 11,091 Depreciation and amortization $ 93 5,565 1,202 770 — 7,630 Debt accretion and amortization $ 125 226 27 — — 378 Cash and cash equivalents $ 13,776 6,314 — 633 — 20,723 Equity method investments $ 57,330 — — — — 57,330 Goodwill $ — 35,521 — 1,727 — 37,248 Notes payable and other borrowings $ 31,877 3,810 6,825 224 — 42,736 The table below sets forth the Company’s segment information as of and for the year ended December 31, 2018 (in thousands): BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: $ Trade sales — 101,187 68,417 5,895 — 175,499 Sales of real estate inventory 21,771 — — — — 21,771 Interest income 2,277 61 — — — 2,338 Net gains on sales of real estate assets 4,563 — — — — 4,563 Other revenue 2,541 10 — 1,865 (22) 4,394 Total revenues 31,152 101,258 68,417 7,760 (22) 208,565 Costs and expenses: Cost of trade sales — 65,829 55,483 2,055 — 123,367 Cost of real estate inventory sold 14,116 — — — — 14,116 Interest expense — 308 638 7 (150) 803 Recoveries from loan losses, net (8,653) — — — — (8,653) Impairment losses 571 4,147 — — — 4,718 Selling, general and administrative expenses 9,210 46,130 9,903 5,347 21,185 91,775 Total costs and expenses 15,244 116,414 66,024 7,409 21,035 226,126 Operating profits (losses) 15,908 (15,156) 2,393 351 (21,057) (17,561) Equity in net earnings of unconsolidated real estate joint ventures 14,194 — — — — 14,194 Other income (expense) 112 170 — (5) — 277 Foreign exchange gain — — 68 — — 68 Income (loss) before income taxes $ 30,214 (14,986) 2,461 346 (21,057) (3,022) Total assets $ 165,109 83,617 32,322 20,187 8,717 309,952 Expenditures for property and equipment $ 318 6,254 796 5,428 — 12,796 Depreciation and amortization $ 374 5,897 1,159 671 — 8,101 Debt accretion and amortization $ 3 201 17 — — 221 Cash and cash equivalents $ 16,103 5,328 — 668 4 22,103 Equity method investments $ 64,738 — — — — 64,738 Goodwill $ — 35,521 — 1,727 — 37,248 Notes payable and other borrowings $ 27,333 2,046 8,117 — — 37,496 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | 22. Discontinued Operations In 2016, Food for Thought Restaurant Group (“FFTRG”), a wholly-owned subsidiary of BBX Capital, entered into area development and franchise agreements with MOD Pizza related to the development of up to approximately 60 MOD Pizza franchised restaurant locations throughout Florida, and through 2019, FFTRG had opened nine restaurant locations. As a result of FFTRG’s overall operating performance and the Company’s goal of streamlining its investment verticals, the Company entered into an agreement with MOD Pizza to terminate the area development and franchise agreements and transferred seven of its restaurant locations, including the related assets, operations, and lease obligations, to MOD Pizza in September 2019. In addition, the Company closed the remaining two locations and terminated the related lease agreements. In connection with the transfer of the seven restaurant locations to MOD Pizza, the Company recognized an aggregate impairment loss of $4.0 million related to the disposal group, which included property and equipment, intangible assets, and net lease liabilities. In addition, prior to the transaction, the Company previously recognized $2.7 million of impairment losses associated with property and equipment at three restaurant locations. Accordingly, the Company recognized $6.7 million of impairment losses associated with its investment in MOD Pizza restaurant locations during the year ended December 31, 2019. FFTRG’s operations as a franchisee of MOD Pizza are presented as discontinued operations in the Company’s consolidated financial statements. The carrying amount of major classes of assets and liabilities included as part of discontinued operations is as follows (in thousands): December 31, December 31, 2020 2019 ASSETS Cash and cash equivalents $ — 35 Operating lease assets — 772 Other assets — 185 Discontinued operations total assets $ — 992 LIABILITIES AND EQUITY Liabilities: Accounts payable $ — 2 Accrued expenses — 134 Operating lease liability — 905 Discontinued operations total liabilities $ — 1,041 The major components of loss from discontinued operations are as follows (in thousands): For the Years Ended December 31, 2020 2019 2018 Revenues: Trade sales $ — 6,044 4,007 Other revenue — 104 87 Total revenues — 6,148 4,094 Costs and Expenses: Cost of trade sales — 2,012 1,438 Depreciation, amortization and accretion, net — 691 555 Impairment losses 71 6,749 — Selling, general and administrative expenses 20 6,139 6,634 Total costs and expenses 91 15,591 8,627 Other revenue — 9 4 Pre-tax loss from discontinued operations $ (91) (9,434) (4,529) The following are the major components of the statement of cash flows from discontinued operations (in thousands): For the Years Ended December 31, 2020 2019 2018 Operating activities: Pre-tax loss from discontinued operations $ (91) (9,434) (4,529) Adjustment to reconcile pre-tax loss to net cash used in operating activities: Depreciation, amortization and accretion, net — 691 555 Impairment losses 71 6,749 — Decrease (increase) in trade inventory — 64 (42) Decrease in other assets 94 522 242 Change in operating lease assets and liabilities (113) (88) — Decrease in accounts payable (2) (187) (16) Decrease in accrued expenses (134) (1,201) (138) Net cash used in operating activities $ (175) (2,884) (3,928) Investing activities: Cash paid for intangible assets $ — (40) (100) Purchases of property and equipment — (576) (5,140) Net cash used in investing activities $ — (616) (5,240) Supplemental disclosure of non-cash investing and financing activities: Operating lease assets recognized upon adoption of ASC 842 $ — 6,878 — Operating lease liabilities recognized upon adoption of ASC 842 — 8,192 — |
IT'SUGAR Bankruptcy
IT'SUGAR Bankruptcy | 12 Months Ended |
Dec. 31, 2020 | |
IT'SUGAR Bankruptcy [Abstract] | |
IT'SUGAR Bankruptcy | 23. IT’SUGAR Bankruptcy In March 202 0, as a result of various factors, including government-mandated closures and Center for Disease Control and the World Health Organization advisories in connection with the COVID-19 pandemic, IT’SUGAR closed all of its retail locations and furloughed all store employees and the majority of its corporate employees. Between May 202 0 and September 202 0, IT’SUGAR reopened nearly all of its approximately 100 locations that were open prior to the pandemic as part of a phased reopening plan which included revised store floor plans, increased sanitation protocols, and the gradual recall of furloughed store and corporate employees to full or part-time employment. However, from time to time, IT’SUGAR has been required to close previously reopened locations as a result of various factors, including government-mandated closures and staffing shortages. IT’SUGAR ceased paying rent to the landlords of its closed locations in April 202 0 and engaged in negotiations with its landlords for rent abatements, deferrals, and other modifications for both the period of time that the locations were closed and the subsequent period that the locations have been opened and operating under conditions which have been affected by the pandemic. In addition to its unpaid rental obligations, IT’SUGAR ceased paying various outstanding obligations to its vendors. Although IT’SUGAR was able to reopen its retail locations and received an advance of $2.0 million from a subsidiary of BBX Capital under an existing credit facility (as further described in Note 11 ), IT’SUGAR was unable to maintain sufficient liquidity to sustain its operations as ( i) it was unable to obtain significant rent abatements or deferrals from its landlords and amended payment terms from its vendors and ( ii) its sales volumes had not sufficiently improved and stabilized following the reopening of its locations. In particular, although a significant portion of its retail locations were reopened during the three months ended September 30, 2020, IT’SUGAR’s total revenues for the period declined by approximately 50.4% as compared to the comparable period in 2019. As a result, on September 22, 2020, IT’SUGAR and its subsidiaries filed voluntary petitions to reorganize under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court. Under Section 362 of the Bankruptcy Code, the filing of bankruptcy petitions automatically stays most actions against IT’SUGAR, including most actions to collect pre-petition indebtedness or to exercise control of the property of IT’SUGAR. Accordingly, absent an order of the Bankruptcy Court, substantially all pre-petition liabilities will be subject to treat ment under a plan of reorganization, as further described below. In order to successfully exit the Bankruptcy Cases, IT’SUGAR must propose, and obtain confirmation by the Bankruptcy Court of, a plan of reorganization or liquidation (the “Reorganization Plan”) that satisfies the requirements of the Bankruptcy Code. The Reorganization Plan will determine the rights and claims of various creditors and security holders, and under the priority rules established by the Bankruptcy Code, certain post-petition liabilities and pre-petition liabilities will be given priority over pre-petition indebtedness and need to be satisfied before unsecured creditors or holders of equity interests are entitled to any distribution. As provided by the Bankruptcy Code, IT’SUGAR initially has the exclusive right to solicit a plan and currently intends to submit a Reorganization Plan to the Bankruptcy Court in the first quarter of 2021 . In connection with the Bankruptcy Cases, the Office of the United States Trustee, a division of the Department of Justice, has appointed an official committee of unsecured creditors (the “Creditors’ Committee”), which has a right to be heard on all matters that come before the Bankruptcy Court, including the confirmation of the Reorganization Plan. I f the Bankruptcy Court does not confirm a Reorganization Plan filed by IT’SUGAR, the Bankruptcy Cases could be converted to cases under Chapter 7 of the Bankruptcy Code. Under Chapter 7 bankruptcy cases, a trustee would be appointed to collect IT’SUGAR’s assets, reduce them to cash, and distribute the proceeds to IT’SUGAR’s creditors in accordance with the statutory scheme of the Bankruptcy Code. Alternatively, if IT’SUGAR’s Reorganization Plan is not confirmed by the Bankruptcy Court, in lieu of the conversion of the Bankruptcy Cases to Chapter 7 bankruptcy cases, the Bankruptcy Court could dismiss the Bankruptcy Cases. At this time, it is not possible to predict the ultimate effect of the reorganization process on IT’SUGAR’s business and creditors or when, or if, IT’SUGAR may emerge from bankruptcy. While the reorganization process may improve IT’SUGAR’s result of operations, cash flows, and financial condition if it obtains relief in relation to its pre-petition liabilities and it is able to negotiate amendments to its lease agreements that lower its ongoing occupancy costs while its business continues to be impacted by the effects of the COVID-19 pandemic , there is no assurance that it will obtain such relief, and the ultimate impact of the Bankruptcy Cases and the reorganization process on IT’SUGAR and its results of operations, cash flows, or financial condition remains uncertain. Further, the effects of the COVID-19 pandemic on demand, sales levels, and consumer behavior, as well as the current recessionary economic environment, have had and could continue to have a material adverse effect on IT’SUGAR’s business, results of operations, and financial condition during the bankruptcy proceedings and thereafter. As a result of the filings, the uncertainties surrounding the nature, timing, and specifics of the Bankruptcy Cases, and the Company’s resulting loss of control and significant influence over IT’SUGAR , the Company determined that IT’SUGAR is a VIE in which the Company is not the primary beneficiary and deconsolidated IT’SUGAR in connection with the filings. In connection with the deconsolidation of IT’SUGAR, the Company recognized a noncontrolling equity investment in IT’SUGAR at its estimated fair value of $12.7 million and a $3.3 million loss based upon the difference between the carrying amount of IT’SUGAR (including its asset and liabilities and the redeemable noncontrolling interest in it) and the Company’s estimated fair value of its noncontrolling equity investment. Following the deconsolidation of IT’SUGAR, the Company’s noncontrolling equity investment in IT’SUGAR is being accounted for at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Equity investments are accounted for at cost less impairment when the investor does not have significant influence over the investee and the equity investment has no readily determinable fair value. Under this method, equity investments are accounted for at historical cost and adjusted if there is evidence that the fair market value of the equity investment has declined below the historical cost. IT’SUGAR’s assets, liabilities, results of operations, and cash flows through September 22, 2020 are included as continuing operations in the Company’s financial statements, as the Company continues to hold a substantive equity investment in IT’SUGAR. Additionally, as a result of the Company deconsolidating IT’SUGAR, IT’SUGAR’s notes payable to the Company, which had a total balance of $6.2 million as of September 22, 2020, are no longer eliminated in consolidation and are included in investments in and advances to IT’SUGAR in the Company’s statements of financial condition as of September 30, 2020. The following table summarizes the assets, liabilities, and net equity of IT’SUGAR as of September 22, 2020, the date it was deconsolidated from the Company’s financial statements (in thousands): IT'SUGAR Balance Sheet September 22, 2020 ASSETS Cash and cash equivalents $ 1,045 Restricted cash 20 Trade accounts receivable, net 103 Trade inventory 6,213 Property and equipment, net 22,162 Goodwill 14,864 Intangible assets, net 3,222 Operating lease assets 64,889 Other assets 1,707 Total assets $ 114,225 LIABILITIES AND EQUITY Liabilities: Accrued expenses 13,441 Operating lease liabilities 80,388 Notes payable and other borrowings 6,199 Total liabilities 100,028 Equity: Additional paid-in capital 59,809 Accumulated earnings (50,102) Noncontrolling interests 4,490 Total equity 14,197 Total liabilities and equity $ 114,225 Included in total liabilities in the above table are approximately $11.7 million of pre-petition liabilities, of which $7.7 million are pre-petition lease payments and $4.0 million are pre-petition obligations to other creditors, including supplies and vendors. Under the Bankruptcy Code, debtors may assume, assign or reject executory contracts and unexpired leases subject to the approval of the Bankruptcy Court and certain other conditions. Generally, the rejection of an executory contract or unexpired lease is treated as a prepetition breach of such executory contract or unexpired lease and, subject to certain exceptions, relieves the debtors of performing their future obligations under such executory contract or unexpired lease but entitles the contract counterparty or lessor to a pre-petition general unsecured claim for damages caused by such deemed breach subject, in the case of the rejection of unexpired leases of real property, to certain caps on damages. Counterparties to such rejected contracts or leases may assert unsecured claims in the Bankruptcy Court against the applicable debtor’s estate for such damages. Generally, the assumption or assumption and assignment of an executory contract or unexpired lease requires the debtors to cure existing monetary defaults under such executory contract or unexpired lease and provide adequate assurance of future performance. In connection with the Bankruptcy Cases, on October 7, 2020, IT’SUGAR obtained approval by the Bankruptcy Court of a $4.0 million “debtor in possession” (“DIP”) credit facility made by a subsidiary of the Company. The full $4.0 million available under the DIP credit facility had been funded to IT’SUGAR and was outstanding as of December 31, 2020. The principal amount outstanding under the DIP facility bears interest at the LIBOR daily floating rate plus 1.50% with monthly interest only payments until the full payment of all principal outstanding. The maturity date is the earliest of (a) 365 days from the petition date; (b) the effective date of a plan of reorganization or liquidation; (c) the consummation of a sale(s) of all or substantially all of the assets of IT’SUGAR; (d) the occurrence of an Event of Default (as defined in the loan agreement); and (e) the entry of an order by the Bankruptcy Court approving or authorizing any alternative or additional debtor-in-possession financing. Notwithstanding the foregoing, the Company may, in its sole discretion, agree in writing with IT’SUGAR, to a later maturity date. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 24. Subsequent Event s Subsequent events have been evaluated through the date the financial statements were available to be issued. As of such date, other than described below or elsewhere herein, there were no subsequent events identified that required recognition or disclosure. In February 202 1, BBX Capital Real Estate invested $4.9 million as one of a number of investors in a new joint venture with Label & Co. to develop Sky Cove South at Westlake, a residential community that will be adjacent to Sky Cove at Westlake and is expected to be comprised of 197 single-family homes. BBX Capital Real Estate is entitled to receive 26.25% of the joint venture distributions until it receives its aggregate capital contributions plus a specified return on its capital. After all investors receive a specified return and the return of their contributed capital, any distributions thereafter are shared based on earnings, with Label & Co., as the managing member, receiving an increasing percentage of distributions . |
Basis Of Presentation And Sig_2
Basis Of Presentation And Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Consolidation Policy | Consolidation Policy - The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of BBX Capital’s wholly-owned subsidiaries, other entities in which BBX Capital or its subsidiaries hold controlling financial interests, and any variable interest entities (“VIEs”) in which BBX Capital or one of its consolidated subsidiaries is deemed the primary beneficiary of the VIE. All significant inter-company accounts and transactions have been eliminated in consolidation. |
Use Of Estimates | Use of Estimates – T he preparation of GAAP financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, management evaluates its estimates, including those that relate to the recognition of revenue; the allowance for expected credit losses ; the recovery of the carrying value of real estate; the measurement of assets and liabilities at fair value, including amounts recognized in business combinations and items measured at fair value on a non-recurring basis, such as intangible assets, goodwill, and real estate; the amount of the deferred tax valuation allowance and accounting for uncertain tax positions; and the estimate of contingent liabilities related to litigation and other claims and assessments. Management bases its estimates on historical experience and on other various assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions and conditions. Due to, among other things, the impact and potential future impact of the ongoing COVID-19 pandemic, which is discussed above, actual conditions could materially differ from the Company’s expectations and estimates, which could materially affect the Company’s results of operations and financial condition. The severity, magnitude, and duration, as well as the economic consequences, of the COVID-19 pandemic, are uncertain, rapidly changing, and difficult to predict. As a result, the Company’s accounting estimates and assumptions may change over time in response to the COVID-19 pandemic. Such changes could result in, among other adjustments, future impairments of intangibles, long-lived assets, and investments in unconsolidated subsidiaries and future reserves for inventory and receivables. |
Reclassifications | Reclassifications - Certain amounts for prior years have been reclassified to conform to the revised financial statement presentation for 2020. The reclassifications had no impact on the Company’s statements of operations and comprehensive income or statements of cash flows. |
Cash, Cash Equivalents, And Restricted Cash | Cash, Cash Equivalents, and Restricted Cash - Cash equivalents consist of demand deposits at financial institutions, money market funds, and other short-term investments with original maturities at the time of purchase of 90 days or less. Cash in excess of the Company’s immediate operating requirements are generally invested in short-term time deposits and money market instruments that typically have original maturities at the date of purchase of three months or less. Restricted cash consists primarily of cash held at financial institutions associated with our insurance subsidiary or with borrowings. Cash and cash equivalents are maintained at various financial institutions located throughout the United States and Canada in amounts exceeding the $250,000 federally insured limit. Accordingly, the Company is subject to credit risk. Management performs periodic evaluations of the relative credit standing of financial institutions maintaining the Company’s deposits to evaluate and, if necessary, take actions in an attempt to mitigate credit risk. |
Revenue Recognition | Revenue Recognition Trade sales – Revenue is recognized on trade sales as follows: · Revenue is recognized on wholesale trade sales when control of the products is transferred to customers, which generally occurs when the products are shipped or the customers accept delivery. Wholesale trade sales typically have payment terms between 10 and 90 days. Certain customer trade sale contracts have provisions for right of return, volume rebates, and price concessions. These types of discounts are accounted for as variable consideration, and the Company uses the expected value method to calculate the estimated reduction in the trade sales revenue. The inputs used in the expected value method include historical experience with the customer, sales forecasts, and outstanding purchase orders. · Revenue is recognized on retail trade sales at the point of sale, which occurs when products are sold at the Company’s retail locations. · Sales and other taxes imposed by governmental authorities that are collected by the Company from customers are excluded from revenue or the transaction price. · Shipping and handling activities that occur after the control of goods is transferred to a customer are accounted for as fulfillment activities instead of a separate performance obligation. · Revenue is not adjusted for the effects of a significant financing component if the Company expects, at the contract inception, that the performance obligation will be satisfied within one year or less. Sales of real estate inventory - Revenue is generally recognized on sales of real estate inventory to customers when the sales are closed and title passes to the buyer. The Company generally receives payment from the sale of real estate inventory at the date of closing. In addition, certain real estate sales contracts provide for a contingent purchase price. The contingent purchase price in contracts pursuant to which the Company sells developed lots to homebuilders is generally calculated as a percentage of the proceeds that the homebuilders receive from sales to their own customers, and the Company does not receive payment of such amounts until the homebuilders close on such sales. The Company accounts for the contingent purchase price in these contracts as variable consideration and estimates the amount of such consideration that may be recognized upon the closing of the real estate transaction based on the expected value method. The estimate of variable consideration is recognized as revenue to the extent that it is not probable that a significant reversal in the amount of cumulative revenue recognized will occur when the uncertainty associated with the variable consideration is subsequently resolved. The inputs used in the expected value method include current and expected sales prices (net of incentives), historical contingent purchase price receipts, and sales contracts on similar properties. Interest income – Interest income from loans receivable originated by the Company and the note receivable from BVH is recognized on accruing loans when management determines that it is probable that all of the principal and interest will be collected in accordance with the loan’s contractual terms. Interest income is recognized on non-accrual loans on a cash basis. Other than the note receivable from BVH, the Company’s loans receivable are included in other assets in the Company’s consolidated statements of financial condition. Net gains on sales of real estate assets – Net gains on sales of real estate assets represents sales of assets to non-customers. Gains (or losses) are recognized from sales to non-customers when the control of the asset has been transferred to the buyer, which generally occurs when title passes to the buyer. Other revenue – Other revenue is primarily comprised of rental income from properties under short-term operating leases and insurance commissions earned from insurance carriers. Rental income is recognized as rents become due, and rental payments received in advance are deferred until earned. |
Trade Accounts Receivables And Allowance For Bad Debts | Trade Accounts Receivables and Allowance for Expected Credit Losses – Accounts receivable are stated at the amounts billed to customers for sale of goods or services with a contractual maturity of one year or less. The Company provides an allowance for expected credit losses . This allowance is based on a review of outstanding receivables and historical collection information and an evaluation of both existing economic conditions and reasonable and supportable forecasts of future economic conditions impacting the Company’s customers. Accounts receivable are ordinarily due 30 to 60 days after the issuance of the invoice (based on terms). Accounts receivable are considered delinquent after 30 days past the due date. These delinquent receivables are monitored and are charged to the allowance for expected credit losses based on an evaluation of individual circumstances of the customer. Account balances are written off after collection efforts have been made and the potential recovery is considered remote. |
Trade Inventory | Trade Inventory – Trade inventory is measured at the lower of cost or market. Cost includes all costs of conversions, including materials, direct labor, production overhead, depreciation of equipment, and shipping costs. Raw materials are not written down unless the goods in which they are incorporated are expected to be sold for less than cost, in which case, they are written down by reference to replacement cost of the raw materials. Finished goods and work in progress are stated at the lower of cost or market determined on a first-in, first-out or average cost basis. Shipping and handling fees billed to customers are recorded as trade sales, and shipping and handling fees paid by the Company are recorded as cost of trade sales. In valuing inventory, the Company makes assumptions regarding write-downs required for excess and obsolete inventory based on judgments and estimates formulated from available information. Estimates for excess and obsolete inventory are based on historical and forecasted usage. Inventory is also examined for upcoming expiration, and write-downs are recorded where appropriate. |
Real Estate | Real Estate – From time to time, the Company acquires real estate or takes possession or ownership of real estate through the foreclosure of collateral on loans receivable. Such real estate is classified as real estate held-for-sale, real estate held-for-investment, or real estate inventory. When real estate is classified as held-for-sale, it is initially recorded at fair value less estimated selling costs and subsequently measured at the lower of cost or estimated fair value less selling costs. When real estate is classified as held-for-investment, it is initially recorded at fair value and, if applicable, is depreciated in subsequent periods over its useful life using the straight-line method. Real estate is classified as real estate inventory when the property is under development for sale to customers and is measured at cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest and real estate taxes, and other costs incurred during the construction period. Expenditures for capital improvements are generally capitalized, while the ongoing costs of owning and operating real estate are charged to selling, general and administrative expenses as incurred. Impairments required on loans receivable at the time of foreclosure of real estate collateral are charged to the allowance for loan losses, while impairments of real estate required under ASC 360 to reflect subsequent declines in fair value are recorded as impairment losses in the Company’s consolidated statements of operations and comprehensive income. |
Investments In Unconsolidated Real Estate Joint Ventures | Investments in Unconsolidated Real Estate Joint Ventures - The Company uses the equity method of accounting to record its equity investments in entities in which it has significant influence but does not hold a controlling financial interest, including equity investments in VIEs in which the Company is not the primary beneficiary. Under the equity method, an investment is reflected on the statement of financial condition of an investor as a single amount, and an investor’s share of earnings or losses from its investment is reflected in the statement of operations as a single amount. The investment is initially measured at cost and subsequently adjusted for the investor’s share of the earnings or losses of the investee and distributions received from the investee. The investor recognizes its share of the earnings or losses of the investee in the periods in which they are reported by the investee in its financial statements rather than in the period in which an investee declares a distribution. Intra-entity profits and losses on assets still remaining with an investor or investee are eliminated. The Company recognizes its share of earnings or losses from certain equity method investments based on the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, earnings or losses are recognized based on how an entity would allocate and distribute its cash if it were to sell all of its assets and settle its liabilities for their carrying amounts and liquidate at the reporting date. The HLBV method is used to calculate the Company’s share of earnings or losses from equity method investments when the contractual cash disbursements to the investors are different than the investors’ stated ownership percentage. The Company capitalizes interest expense on investments in and advances to or loans to real estate joint ventures accounted for under the equity method that have commenced qualifying activities, such as real estate development projects. The capitalization of interest expense ceases when the investee completes its qualifying activities, and total capitalized interest expense cannot exceed interest expense incurred. The Company reviews its investments on an ongoing basis for indicators of other-than-temporary impairment. This determination requires significant judgment in which the Company evaluates, among other factors, the fair market value of its investments, general market conditions, the duration and extent to which the fair value of an investment is less than cost, and the Company’s intent and ability to hold an investment until it recovers. The Company also considers specific adverse conditions related to the financial health and business outlook of the investee, including industry and market performance, rating agency actions, and expected future operating and financing cash flows. If a decline in the fair value of an investment is determined to be other-than-temporary, an impairment loss is recorded to reduce the investment to its fair value, and a new cost basis in the investment is established. |
Property And Equipment, Net | Property and Equipment, net – Property and equipment is stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which is generally 3 years for computer equipment, 3 to 5 years for software, 5 years for furniture and fixtures, and 7 to 10 years for manufacturing equipment. The cost of leasehold improvements is depreciated using the straight-line method over the shorter of the term of the related lease or the estimated useful lives of the improvements. Expenditures for new property, leasehold improvements, and equipment, as well as major renewals and betterments, are capitalized, while expenditures for maintenance and repairs are expensed as incurred. Gains or losses on the disposal of property and equipment are reflected in current operations. |
Goodwill And Intangible Assets, Net | Goodwill – The Company recognizes goodwill upon the acquisition of a business when the fair values of the consideration transferred and any noncontrolling interests in the acquiree are in excess of the fair value of the acquiree’s identifiable net assets. The Company tests goodwill for potential impairment on an annual basis as of December 31 or during interim periods if impairment indicators exist. The Company first assesses qualitatively whether it is necessary to perform goodwill impairment testing. Impairment testing is performed when it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The Company evaluates various factors affecting a reporting unit in its qualitative assessment, including, but not limited to, macroeconomic conditions, industry and market considerations, cost factors, and financial performance. If the Company concludes from its qualitative assessment that goodwill impairment testing is required, the fair value of the reporting unit is compared to its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, the Company records an impairment loss for the excess amount, although the impairment loss is limited to the amount of goodwill allocated to the reporting unit. The Company generally applies an income approach utilizing a discounted cash flow methodology and a market approach utilizing a guideline public company and transaction methodology to estimate the fair value of its reporting units. The estimated fair values obtained from the income and market approaches are compared and reviewed for reasonableness to determine a best estimate of fair value. The Company’s discounted cash flow methodology establishes an estimate of fair value by estimating the present value of the projected future cash flows to be generated from a reporting unit. The discount rate applied to the projected future cash flows to arrive at the present value is intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows. The Company generally uses a five to ten-year period in computing discounted cash flow values. The most significant assumptions used in the discounted cash flow methodology are generally the terminal value, the discount rate, and the forecast of future cash flows. The guideline public company methodology establishes an estimate of fair value based upon the trading prices of public traded companies that are similar to the applicable reporting unit, while the guideline transaction methodology establishes an estimate of fair value based on acquisitions of companies that are similar to the applicable reporting unit. Under these methods, the Company develops multiples of revenue and earnings before interest, taxes, depreciation and amortization (“EBITDA”) based upon the indicated enterprise value, revenues, and EBITDA of the guideline companies and makes adjustments to such multiples based on various considerations, including the financial condition, operating performance, and relative risk of the guideline companies. The adjusted multiples are then applied to the revenues and EBITDA of the reporting unit to develop an estimated fair value of the reporting unit. Depending on the facts and circumstances applicable to the reporting unit and the guideline companies, the Company may place greater emphasis on the income or market approach to determine its best estimate of fair value. Inherent in the Company’s determinations of fair value are certain judgments and estimates relating to future cash flows, including the Company’s assessment of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operating businesses. Due to the uncertainties associated with such evaluations, actual results could differ materially from such estimates. Intangible Asset, net – Intangible assets in the Company’s financial statements primarily consist of intangible assets acquired in connection with certain business combinations, including acquired customer relationships, trademarks, and noncompetition agreements. These definite-lived intangible assets are recognized at fair value upon acquisition and amortized on a straight-line basis over their respective estimated useful lives. |
Operating Lease Assets And Operating Lease Liabilities | Operating Lease Assets and Operating Lease Liabilities – The Company recognizes right-of-use assets and lease liabilities associated with lease agreements with an initial term of greater than 12 months, while lease agreements with an initial term of 12 months or less are not recorded in the Company’s consolidated statements of financial condition. The Company determines if an arrangement is a lease at inception. Operating lease assets represent the Company’s right to use an underlying asset for the lease term, and operating lease liabilities represent the Company’s obligation to make lease payments. Operating lease assets and liabilities are recognized when the Company takes possession of the underlying asset based on the present value of lease payments over the lease term. The Company generally does not include lease payments associated with renewal options that are exercisable at its discretion in the measurement of its operating lease assets and operating lease liabilities as it is not reasonably certain that such options will be exercised. The Company generally recognizes lease costs associated with its operating leases on a straight-line basis over the lease term, while variable lease payments that do not depend on an index or rate are recognized as variable lease costs in the period in which the obligation for those payments is incurred. The Company recognizes accrued straight-line rent and unamortized tenant allowances received from landlords associated with its operating leases as a reduction of the operated lease assets associated with such leases. The Company has lease agreements with lease and non-lease components which it generally accounts for as a single lease component for lease classification, recognition, and measurement purposes. |
Impairment Of Long-Lived Assets | Impairment of Long-Lived Assets – The Company evaluates its long-lived assets, including property and equipment, definite-lived intangible assets, and right-of-use assets associated with its lease agreements, for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. Factors which could indicate that an asset (or asset group) may not be recoverable include, but are not limited to, significant underperformance relative to historical or projected future operating results, significant changes in the manner of use of the assets or the strategy for the overall business, a significant decrease in the market value of the assets, and significant negative industry or economic trends. The carrying amount of an asset (or asset group) is not considered recoverable when the carrying amount exceeds the sum of the undiscounted cash flows expected to result from the use of the asset (or asset group). To the extent that the carrying amount of an asset (or asset group) exceeds the sum of such undiscounted cash flows, an impairment loss is measured and recorded based on the amount by which the carrying amount of the asset (or asset group) exceeds its fair value. Impairment losses associated with an asset group are allocated to long-lived assets within the asset group based on their relative carrying amounts; however, the carrying amounts of individual long-lived assets within an asset group are not reduced below their individual fair values. To the extent that impairment testing is required, the Company generally estimates the fair values of its long-lived assets utilizing a discounted cash flow methodology which estimates the present value of the projected future cash flows expected to be generated from the applicable assets or asset groups. When estimating the fair value of asset groups related to a retail location, the Company’s estimated fair value considers the relevant market participants and the highest and best use for the location, including whether the value of the location would be maximized by operating the location in its current use or by permanently closing the location and subleasing it. To the extent applicable, the Company estimates the fair value of right-of-use assets associated with its retail locations using a discounted cash flow methodology which estimates the present value of market rental rates applicable to such right-of-use assets. When estimating the fair value of intangible assets, the Company uses a form of the income approach relevant to the applicable asset or asset group. The Company uses the relief from royalty valuation method, a form of the income approach, to estimate the fair value of trademarks. Under this method, the fair value of trademarks is determined by calculating the present value using a risk-adjusted discount rate of the estimated future royalty payments that would have to be paid if the trademarks were not owned. The Company uses the multi-period excess earnings method, a form of the income approach, to estimate the fair value of customer relationships. Under this method, the fair value of customer relationships is determined by isolating the expected cash flows attributable to the customer relationship intangible asset and discounting these cash flows using a risk-adjusted discount rate. As the carrying amounts of the Company’s long-lived assets are dependent upon estimates of future cash flows that they are expected to generate, these assets may be impaired if cash flows decrease significantly or do not meet expectations, in which case they would be written down to their estimated fair values. The estimates of useful lives and expected cash flows require the Company to make significant judgments regarding future periods that are subject to a number of factors, many of which are beyond the Company’s control. |
Deferred Financing Costs | Deferred Financing Costs – Deferred financing costs are comprised of costs incurred in connection with obtaining financing from third-party lenders and are presented in the Company’s consolidated statements of financial condition as other assets or as a direct deduction from the carrying amount of the associated debt liability. These costs are capitalized and amortized to interest expense over the terms of the related financing arrangements. As of December 31, 2020 and 2019, unamortized deferred financing costs presented in other assets totaled $0.2 million and $0.1 million , respectively, while unamortized costs presented against the associated debt liabilities totaled $1.1 million and $0.8 million , respectively. Interest expense from the amortization of deferred financing costs for the years ended December 31, 2020, 2019 and 2018 was $28,000 , $72,000 , and $41,000 , respectively. |
Income Taxes | Income Taxes – Subsequent to September 30, 2020, BBX Capital and its subsidiaries in which it owns 80% or more of the voting power and value of the subsidiary’s stock file a consolidated U.S. Federal and Florida income tax return. Other than Florida, BBX Capital and its subsidiaries file separate or unitary state income tax returns for each jurisdiction. Subsidiaries in which BBX Capital owns less than 80% of the outstanding equity are not included in the Company’s consolidated U.S. Federal or Florida state income tax return. Prior to September 30, 2020, the Company was a wholly owned subsidiary of BVH, and its activities were included in BVH’s tax return filings. While it was a wholly owned subsidiary of BVH, the Company accounted for income taxes on a separate return basis. The Company accounts for income taxes using the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income or expense in the period that the change is effective. Income tax benefits are recognized when it is probable that the deduction will be sustained. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will either expire before the Company is able to realize the benefit, or that future deductibility is uncertain. If a valuation allowance is recorded, a subsequent change in circumstances that causes a change in judgment about the realization of the related deferred tax amount could result in the reversal of the deferred tax valuation allowance. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. The Company has no t identified any uncertain tax positions as of December 31, 2020. |
Noncontrolling Interests | Noncontrolling Interests – Noncontrolling interests reflect third parties’ ownership interests in entities that are consolidated in the Company’s financial statements but are less than 100% owned by the Company. Noncontrolling interests are recognized as equity in the consolidated statements of financial condition and presented separately from the equity attributable to BBX Capital’s shareholders, while noncontrolling interests that are redeemable for cash at the holder’s option or upon a contingent event outside of the Company’s control are classified as redeemable noncontrolling interests and presented in the mezzanine section between total liabilities and equity in the consolidated statements of financial condition. The Company measures redeemable noncontrolling interests on an ongoing basis by accreting changes in the estimated redemption value of such interests from the date of issuance to the earliest redemption date and adjusts the carrying amount of such interests to the calculated value in the event that it is in excess of the carrying amount of such interests at such time. A change in the ownership interests of a subsidiary is accounted for as an equity transaction if the Company retains its controlling financial interest in the subsidiary. The amounts of consolidated net income and comprehensive income attributable to BBX Capital’s shareholders and noncontrolling interests are separately presented in the Company’s consolidated statements of operations and comprehensive income. |
Cost Of Trade Sales | Cost of Trade Sales – Cost of trade sales includes the cost of inventory, shipping and handling, warehousing, and occupancy expenses related to the Company’s retail locations and manufacturing facilities. |
Advertising | Advertising – The Company expenses advertising and marketing costs as incurred. Advertising and marketing costs, which are included as selling, general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income, were $1.1 million , $2.5 million , and $2.3 million for the years ended December 31, 2020, 2019, and 2018, respectively. |
Accounting For Loss Contingencies | Accounting for Loss Contingencies – Loss contingencies, including those arising from legal actions, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. |
Earnings Per Share | Earnings Per Share – Basic and diluted earnings per share is computed by dividing net income attributable to BBX Capital’s shareholders by the weighted average shares outstanding. For periods prior to the spin-off on September 30, 2020, the weighted average shares outstanding was based on the shares issued in connection with the spin-off, while for periods subsequent to spin-off, the shares outstanding was based on the actual weighted average number of shares outstanding. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) has issued the following accounting pronouncements and guidance relevant to the Company’s operations which have been adopted as of January 1, 2020: ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (as subsequently amended and clarified by various ASUs). This standard requires an approach of estimating credit losses on certain types of financial instruments based on expected losses and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating its allowance for credit losses. The standard also requires entities to record an allowance for credit losses for available for sale debt securities rather than reduce the carrying amount under the other-than temporary impairment model. In addition, the standard requires entities to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination (i.e., by vintage year). The Company adopted this standard on January 1, 2020 using a modified retrospective method and did not recognize a cumulative effect adjustment upon adoption of the standard as the Company’s trade receivables are generally due 30 to 60 days from the date of the invoice with minimal historical loss experience. The Company’s loans receivable are legacy loans from BVH’s sale of BankAtlantic that have been written down to the collateral value less cost to sell with interest recognized on a cash basis. As such, the adoption of the standard did not have a material impact on the Company’s consolidated financial statements. ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement . This standard modifies the disclosure requirements in Topic 820 related to the valuation techniques and inputs used in fair value measurements, uncertainty in measurement, and changes in measurements applied. This standard was effective for the Company on January 1, 2020, and the adoption of the standard did not have a material impact on the Company’s consolidated financial statements and disclosures. FASB Staff Q&A Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic (Topic 842): The FASB issued guidance on lease concessions related to the effects of the COVID-19 pandemic allowing entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic as if the enforceable rights and obligations for those concessions existed in the lease contract (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the lease contract). Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance of Topic 842. The election only applies to concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. Pursuant to this FASB guidance, the Company has elected to account for lease concessions related to the effects of the COVID-19 pandemic as if the rights and obligations related to such concessions existed in the related lease agreements. Accordingly, if a concession does not result in a substantial increase in the rights of the lessor or the Company’s obligations as the lessee, the Company will elect to not account for the concession as a modification and will not remeasure the lease liability and right-of-use asset for such leases. If rent is deferred pursuant to a concession, such rents will be accrued pursuant to the existing terms of the lease, and the related liability will be relieved when the rental payment is made to the landlord pursuant to the terms of the concession. If rent is abated pursuant to a concession, the Company’s rent expense will be decreased by the amount of the abated rental payment in the period in which the payment was otherwise due pursuant to the existing terms of the lease. As of December 31, 2020, excluding agreements executed by IT’SUGAR prior to its filing of the Bankruptcy Cases and related deconsolidation by the Company, the Company had executed 7 agreements related to lease concessions associated with the COVID-19 pandemic, which included a combination of rent deferrals and abatements. Under the terms of such agreements, rent payments subject to deferral are generally required to be paid between 1 - 21 months following the execution of the agreements based on the payment schedules specified in such agreements. The Company accounted for 3 of these agreements as modifications and remeasured the related lease liabilities as the concessions extended the lease terms and increased the Company’s overall obligations under the related lease agreements. The Company did not account for the remaining 4 agreements as modifications as the concessions did not result in a substantial increase in the rights of the lessor or the obligations of the Company as the lessee. Under these agreements, deferrals and abatements of rental payments were $0.2 million and $0.3 million , respectively, for the year ended December 31, 2020, which were not accounted for as modifications. As of December 31, 2020, $0.2 million of these deferred amounts had been paid to the respective landlords. |
Future Adoption Of Recently Issued Accounting Pronouncements | Future Adoption of Recently Issued Accounting Pronouncements The FASB has issued the following accounting pronouncements and guidance relevant to the Company’s operations which had not been adopted as of December 31, 2020: ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This standard removes specific exceptions to the general principles in Topic 740, including exceptions related to (i) the incremental approach for intraperiod tax allocations, (ii) accounting for basis differences when there are ownership changes in foreign investments, and (iii) interim period income tax accounting for year-to-date losses that exceed anticipated losses. The statement is effective for the Company on January 1, 2021 and interim periods within that fiscal year. Early adoption is permitted. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. ASU No. 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standard provides relief for companies preparing for discontinuation of LIBOR in response to the Financial Conduct Authority (the regulatory authority over LIBOR) plan for a phase out of regulatory oversight of LIBOR interest rate indices after 2021 to allow for an orderly transition to an alternate reference rate. The Alternative Reference Rates Committee (“ARRC”) has proposed that the Secured Overnight Financing Rate (“SOFR”) is the rate that represents best practice as the alternative to LIBOR for promissory notes or other contracts that are currently indexed to LIBOR. The ARRC has proposed a market transition plan to SOFR from LIBOR, and organizations are currently working on transition plans as it relates to derivatives and cash markets exposed to LIBOR. The Company currently has a LIBOR indexed credit facility which has a balance of $45.6 million and matures after 2021. Although companies can apply this standard immediately, the guidance will only be available for a limited time, generally through December 31, 2022. The Company is currently evaluating the potential impact that the eventual replacement of the LIBOR benchmark interest rate could have on its results of operations, liquidity and consolidated financial statements and the related impact that this standard may have on its consolidated financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Acquisitions [Abstract] | |
Consolidated Net Assets And Results Of Operations | October 22, 2020 to December 31, 2020 Trade sales $ 12,393 Income before income taxes $ 722 |
Summary Of Fair Value Of The Assets Acquired And Liabilities Assumed | Cash $ 557 Trade accounts receivable 10,278 Trade inventory 11,970 Property and equipment 819 Identifiable intangible assets (1) 19,680 Operating lease asset 2,213 Other assets 651 Total assets acquired 46,168 Accounts payable (5,619) Other liabilities (3,524) Operating lease liability (2,213) Total liabilities assumed (11,356) Fair value of identifiable net assets 34,812 Goodwill 8,277 Purchase consideration 43,089 Less: cash acquired (557) Less: consideration payable (399) Cash paid for acquisition less cash acquired $ 42,133 Acquisition-related costs included in selling, general and administrative expenses $ 441 (1) Identifiable intangible assets were comprised of $3.7 million, $15.8 million and $0.2 million associated with Colonial Elegance’s trademark, customer relationships, and noncompetition agreements, respectively. The identifiable intangible assets are amortized over their expected useful lives of 5 years for noncompetition agreements and 13 years for trademarks and customer relationships. |
Pro Forma Information | Pro Forma Actual For the Years Ended December 31, For the Years Ended December 31, 2020 2019 2020 2019 Trade sales $ 188,146 226,033 147,210 180,319 (Loss) income from continuing operations before income taxes $ (55,619) 29,333 (57,947) 28,985 (Loss) income from continuing operations $ (45,035) 21,000 (46,703) 20,651 Net (loss) income attributable to shareholders $ (40,306) 14,086 (41,974) 13,737 |
Trade Receivables (Tables)
Trade Receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Trade Receivables [Abstract] | |
Schedule Of Trade Receivables | December 31, December 31, 2020 2019 Trade receivables $ 29,860 13,274 Allowance for expected credit losses (353) (170) Total trade receivables $ 29,507 13,104 |
Trade Inventory (Tables)
Trade Inventory (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Trade Inventory [Abstract] | |
Summary Of Inventory | December 31, December 31, 2020 2019 Raw materials $ 6,191 3,048 Paper goods and packaging materials 1,322 1,327 Finished goods 24,333 18,468 Total trade inventory $ 31,846 22,843 |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Schedule Of Real Estate | December 31, December 31, 2020 2019 Real estate held-for-sale $ 9,031 11,297 Real estate held-for-investment 5,992 6,015 Real estate inventory 40,777 48,506 Total real estate $ 55,800 65,818 |
Investments In And Advances T_2
Investments In And Advances To Unconsolidated Real Estate Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Acquisition [Line Items] | |
Investments In Unconsolidated Real Estate Joint Ventures | December 31, December 31, 2020 Ownership (1) 2019 Altis Grand Central $ 2,287 % 11.07 $ 2,653 Altis Promenade 1,964 6.61 2,126 Altis Bonterra — 96.73 618 Altis Ludlam Trial (2) 9,653 33.30 1,081 Altis Grand at The Preserve (Suncoast) 1,086 33.30 753 Altis Pembroke Gardens 310 0.41 1,277 Altis Boca Raton — 0.42 1,880 Altis Wiregrass 163 2.22 1,792 Altis Little Havana 844 3.43 811 Altis Lake Willis (Vineland Pointe) 5,446 50.00 4,712 Altis Miramar East/West 2,818 5.00 2,631 The Altman Companies (3) 15,222 50.00 14,745 ABBX Guaranty 3,750 50.00 3,750 Bayview 1,563 50.00 1,562 PGA Design Center — 40.00 996 Marbella 6,971 70.00 5,999 Chapel Trail 153 46.75 1,126 L03/212 Partners 2,462 3.41 2,087 PGA Lender — 45.88 2,111 Sky Cove 3,287 26.25 4,178 Other 31 442 Total $ 58,010 $ 57,330 (1) The Company’s ownership percentage in each real estate joint venture represents the Company’s percentage of the contributed capital in each venture. The operating agreements for many of these ventures provide for a disproportionate allocation of distributions to the extent that certain investors receive specified returns on their investments, and as a result, these percentages do not necessarily reflect the Company’s economic interest in the expected distributions from such ventures. (2) Ownership percentage represents the Company's ownership of the managing member of the joint venture and excludes its preferred interest accounted for as a loan r eceivable from the joint venture. (3) The investment in The Altman Companies, LLC includes $2.3 million of transaction costs that were incurred in connection with the formation of the joint venture. See additional information below in this Note 7 regarding the Company’s acquisition of its interest in the Altman Companies, LLC. |
The Altman Companies, LLC [Member] | |
Business Acquisition [Line Items] | |
Condensed Statements Of Financial Condition For Equity Method Joint Ventures | December 31, 2020 2019 Assets Cash $ 3,100 1,634 Properties and equipment 363 315 Investment in unconsolidated subsidiaries 7,382 6,353 Goodwill 16,683 16,683 Due from related parties 2,306 2,954 Other assets 3,443 209 Total assets $ 33,277 28,148 Liabilities and Equity Other liabilities $ 6,408 2,719 Total liabilities 6,408 2,719 Total equity 26,869 25,429 Total liabilities and equity $ 33,277 28,148 |
Condensed Statements Of Operations For Equity Method Joint Ventures | For the Years Ended December 31, 2020 2019 2018 Total revenues $ 8,700 7,242 362 Other expenses (10,670) (9,493) (652) Operating loss (1,970) (2,251) (290) Equity in earnings (losses) from unconsolidated investment in Altman Glenewinkel Construction, LLC 1,737 (913) 113 Net loss (233) (3,164) (177) Equity in net (loss) earnings of unconsolidated real estate joint venture - The Altman Companies $ (117) (1,582) (88) |
Altis at Bonterra - Hialeah, LLC [Member] | |
Business Acquisition [Line Items] | |
Condensed Statements Of Financial Condition For Equity Method Joint Ventures | December 31, 2020 2019 Assets Cash $ — 855 Restricted cash — 559 Real estate — — Other assets — — Total assets $ — 1,414 Liabilities and Equity Notes payable $ — — Other liabilities — 751 Total liabilities — 751 Total equity — 663 Total liabilities and equity $ — 1,414 |
Condensed Statements Of Operations For Equity Method Joint Ventures | For the Years Ended December 31, 2020 2019 2018 Total revenues $ — $ 4,498 6,510 Gain on sale of real estate — 33,843 — Other expenses — (4,480) (5,937) Net earnings $ — $ 33,861 573 Equity in net earnings of unconsolidated real estate joint venture - Altis Bonterra $ — $ 29,221 544 |
Altis At Lakeline - Austin Investors LLC [Member] | |
Business Acquisition [Line Items] | |
Condensed Statements Of Financial Condition For Equity Method Joint Ventures | December 31, 2020 2019 Assets Cash $ — $ 628 Restricted cash — 5 Real estate — — Other assets — 144 Total assets $ — $ 777 Liabilities and Equity Notes payable $ — $ — Other liabilities — — Total liabilities — — Total equity — 777 Total liabilities and equity $ — $ 777 |
Condensed Statements Of Operations For Equity Method Joint Ventures | For the Years Ended December 31, 2020 2019 2018 Total revenues $ — $ 1,458 5,842 Gain on sale of real estate — 17,178 — Other expenses — (1,801) (6,746) Net earnings (loss) $ — $ 16,835 (904) Equity in net (loss) earnings of unconsolidated real estate joint venture - Altis Lakeline $ — $ 5,029 (312) |
Chapel Trail [Member] | |
Business Acquisition [Line Items] | |
Condensed Statements Of Financial Condition For Equity Method Joint Ventures | December 31, 2020 2019 Assets Cash $ — 1,725 Real estate — 2,134 Other assets — 6 Total assets $ — 3,865 Liabilities and Equity Notes payable $ — 184 Other liabilities — 357 Total liabilities — 541 Total equity — 3,324 Total liabilities and equity $ — 3,865 |
Condensed Statements Of Operations For Equity Method Joint Ventures | For the Years Ended December 31, 2020 2019 2018 Total revenues $ — 44,988 — Costs of sales — (35,575) — Other expenses — (2,341) (1,388) Net earnings (loss) — 7,072 (1,388) Equity in net earnings of unconsolidated real estate joint venture - Chapel Trail $ — 3,306 (649) |
Altis at Shingle Creek Manager, LLC [Member] | |
Business Acquisition [Line Items] | |
Condensed Statements Of Financial Condition For Equity Method Joint Ventures | December 31, 2020 2019 Assets Cash $ — — Real estate — — Other assets — — Total assets $ — — Liabilities and Equity Notes payable $ — — Other liabilities — — Total liabilities — — Total equity — — Total liabilities and equity $ — — |
Condensed Statements Of Operations For Equity Method Joint Ventures | For the Years Ended December 31, 2020 2019 2018 Total revenues $ — — 1,704 Gain on sale of real estate — — 22,027 Other expenses — — (2,156) Net earnings $ — — 21,575 Equity in net earnings of unconsolidated real estate joint venture - Altis Shingle Creek $ — — 3,401 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property And Equipment [Abstract] | |
Components Of Property And Equipment | December 31, 2020 2019 Land, building and building improvements $ 2,271 2,258 Leasehold improvements 5,554 35,768 Office equipment, furniture, fixtures and software 14,421 11,941 Transportation 515 379 22,761 50,346 Accumulated depreciation (14,958) (20,510) Property and equipment, net $ 7,803 29,836 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets [Abstract] | |
Schedule Of Changes In Goodwill | For the Years Ended December 31, 2020 2019 2018 Balance, beginning of period $ 37,248 37,248 39,482 Acquisitions 8,277 — 1,727 Deconsolidation of IT'SUGAR (14,864) — — Impairment losses (22,384) — (3,961) Balance, end of period $ 8,277 37,248 37,248 |
Major Classes Of Intangible Assets | December 31, 2020 2019 Trademarks $ 7,747 8,522 Customer relationships 15,877 70 Other 384 306 24,008 8,898 Accumulated amortization (1,588) (2,227) Total intangible assets $ 22,420 6,671 |
Estimated Aggregate Amortization Expense Of Intangible Assets | Years Ending December 31, Total 2021 $ 1,768 2022 1,768 2023 1,768 2024 1,768 2025 1,750 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule Of Lease Information | As of As of December 31, 2020 December 31 , 2019 (2) Operating lease assets $ 13,488 $ 87,082 Operating lease liabilities $ 14,141 $ 99,568 Weighted average remaining lease term (years) 7.0 6.6 Weighted average discount rate (1) 5.36 % 5.26 % (1) As most of the Company’s lease agreements do not provide an implicit rate, the Company estimates incremental secured borrowing rates corresponding to the maturities of its lease agreements to determine the present value of future lease payments. To estimate incremental borrowing rates applicable to BBX Capital and its subsidiaries, the Company considers various factors, including the rates applicable to its recently issued debt and credit facilities and prevailing financial market conditions. The Company used the incremental borrowing rates applicable to BBX Capital and its subsidiaries on January 1, 2019 for operating leases that commenced prior to that date. (2) Includes IT’SUGAR’s operating leases. On September 22, 2020, the Company deconsolidated IT’SUGAR as a result of IT’SUGAR filing the Bankruptcy Cases and derecognized its operating lease assets and liabilities. |
Schedule Of Lease Costs | For the Years Ended December 31, 2020 December 31, 2019 Fixed lease costs $ 14,111 $ 19,944 Short-term lease costs 283 121 Variable lease costs 3,584 5,763 Total operating lease costs $ 17,978 $ 25,828 |
Schedule Of Operating Lease Maturity | Years Ending December 31, 2021 $ 3,113 2022 2,511 2023 2,082 2024 2,054 2025 1,940 After 2025 5,356 Total lease payments 17,056 Less: interest 2,915 Present value of lease liabilities $ 14,141 |
Notes Payable And Other Borro_2
Notes Payable And Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Payable And Other Borrowings [Abstract] | |
Notes Payable And Other Borrowings | December 31, 2020 December 31, 2019 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Community Development District Obligations $ 27,565 4.25 -6.00% $ 42,230 $ 29,287 4.25 -6.00% $ 49,352 TD Bank Term Loan and Line of Credit 45,573 3.30% (1) 6,826 5.00% (1) Banc of America Leasing & Capital Equipment Note — — — 355 4.75% (2) Bank of America Revolving Line of Credit — — — 2,000 3.24% — Unsecured Note (3) — — — 3,400 6.00% — Centennial Bank Note (4) 1,428 5.25% 1,840 1,469 5.25% 1,892 Other 43 4.22% — 223 15.00% — Unamortized debt issuance costs (1,126) (824) Total notes payable and other borrowings $ 73,483 $ 42,736 (1) The collateral is a blanket lien on Renin’s assets. (2) The collateral is a security interest in the equipment financed by the underlying note. Additionally, IT’SUGAR is guarantor on the note. (3) BBX Capital was guarantor on the note prior to BBXRE’s repayment of the note in December 2019. (4) BBX Capital is guarantor of the note. |
Contractual Minimum Principal Payments Of Debt Outstanding | Notes Payable and Other Borrowings 2021 $ 2,643 2022 3,490 2023 4,275 2024 6,468 2025 32,643 Thereafter 25,090 74,609 Unamortized debt issuance costs (1,126) Total Debt $ 73,483 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
United States And Foreign Components Of Income From Continuing Operations Before Income Taxes | For the Years Ended December 31, 2020 2019 2018 U.S. $ (59,096) 29,638 (2,170) Foreign 849 (653) (852) Total $ (58,247) 28,985 (3,022) |
Provision For Income Taxes | For the Years Ended December 31, 2020 2019 2018 Current: Federal $ (5,895) 4,163 914 State (599) 1,738 536 (6,494) 5,901 1,450 Deferred: Federal (3,800) 2,665 1,471 State (937) (232) (56) (4,737) 2,433 1,415 (Benefit) provision for income taxes $ (11,231) 8,334 2,865 |
Actual Provision For Income Taxes From Continuing Operations Rate | For the Years Ended December 31, 2020 2019 2018 Income tax (benefit) provision at expected federal income tax rate (1) $ (12,232) 6,087 (635) Increase (decrease) resulting from: (Benefit) provision for state taxes, net of federal effect (1,219) 1,156 343 Taxes related to noncontrolling interests in subsidiaries not consolidated for income tax purposes 854 62 83 Nondeductible goodwill 437 — 832 Nondeductible executive compensation 773 1,119 1,205 (Decrease) increase in valuation allowance (142) (153) 226 Other – net 298 63 811 (Benefit) provision for income taxes $ (11,231) 8,334 2,865 (1) Expected tax is computed based upon (loss) income from continuing operations before income taxes. |
Schedule Of Deferred Tax Assets And Liabilities | As of December 31, 2020 2019 Deferred federal and state tax assets: Net operating loss carryforwards $ 7,275 6,714 Book reserves for credit losses, inventory, real estate and property and equipment 1,324 1,407 Expensed recognized for books and deferred for tax 1,860 3,439 Investment in IT'SUGAR, LLC 3,510 — Intangible assets 226 — Other assets 835 49 Total gross federal and state deferred tax assets 15,030 11,609 Less deferred tax asset valuation allowance (6,772) (6,914) Total deferred tax assets 8,258 4,695 Deferred federal and state tax liabilities: Tax over book depreciation (456) (245) Intangible assets — (592) Other liabilities (378) (578) Total gross deferred federal and state tax liabilities (834) (1,415) Net federal and state deferred tax assets $ 7,424 3,280 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue Recognition [Abstract] | |
Disaggregated Revenue | For the Years Ended December 31, 2020 2019 2018 Trade sales - wholesale $ 106,508 80,197 82,800 Trade sales - retail 40,702 100,122 92,699 Sales of real estate inventory 20,363 5,049 21,771 Revenue from customers 167,573 185,368 197,270 Interest income 2,399 811 2,338 Net gains on sales of real estate assets 255 13,616 4,563 Other revenue 3,002 3,929 4,394 Total revenues $ 173,229 203,724 208,565 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Common Share [Abstract] | |
Computation Of Basic And Diluted Loss Per Common Share | For the Years Ended December 31, 2020 2019 2018 Basic and diluted (loss) earnings per common share Numerator: Net (loss) income from continuing operations $ (47,016) 20,651 (5,887) Less: Net loss attributable to noncontrolling interests from continuing operations (4,803) (224) (266) Net (loss) income from continuing operations available to shareholders (42,213) 20,875 (5,621) Loss from discontinued operations (74) (7,138) (3,580) Net (loss) income available to shareholders $ (42,287) 13,737 (9,201) Denominator: Weighted average number of common share outstanding 19,318 19,318 19,318 Basic and diluted (loss) earnings per common share: (Loss) earnings per share from continuing operations $ (2.19) 1.08 (0.29) (Loss) per share from discontinued operations — (0.37) (0.19) Basic and diluted (loss) earnings per common share: $ (2.19) 0.71 (0.48) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Measurement [Abstract] | |
Financial Disclosures About Fair Value Of Financial Instruments | Fair Value Measurements Using Quoted prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable December 31, December 31, Assets Inputs Inputs 2020 2020 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 90,037 90,037 90,037 — — Restricted cash 350 350 350 — — Note receivable from Bluegreen Vacations Holding Corporation 75,000 78,218 — — 78,218 Financial liabilities: Notes payable and other borrowings 73,483 77,500 — — 77,500 Fair Value Measurements Using Quoted prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable December 31, December 31, Assets Inputs Inputs 2019 2019 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 20,723 20,723 20,723 — — Restricted cash 529 529 529 — — Financial liabilities: Notes payable and other borrowings 42,736 45,669 — — 45,669 |
Certain Relationships And Rel_2
Certain Relationships And Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Certain Relationships And Related Party Transactions [Abstract] | |
Components Of Net Transfers | For the Years Ended December 31, 2020 2019 2018 Cash pooling $ 81,581 (85,246) (14,222) Corporate overhead allocations 12,694 21,037 21,198 Asset transfers 75,320 302 660 Income taxes (1,685) (1,460) (21) Net transfers from (to) BVH $ 167,910 (65,367) 7,615 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 49,155 93,036 5,019 — 147,210 Sales of real estate inventory 20,363 — — — — 20,363 Interest income 1,240 29 — 1 1,129 2,399 Net gains on sales of real estate assets 255 — — — — 255 Other revenue 1,454 281 — 1,461 (194) 3,002 Total revenues 23,312 49,465 93,036 6,481 935 173,229 Costs and expenses: Cost of trade sales — 41,482 83,563 1,107 — 126,152 Cost of real estate inventory sold 13,171 — — — — 13,171 Interest expense — 193 615 10 (581) 237 Recoveries from loan losses, net (8,876) — — — — (8,876) Impairment losses 2,742 25,303 — 2,727 — 30,772 Selling, general and administrative expenses 6,758 26,855 11,735 5,560 15,849 66,757 Total costs and expenses 13,795 93,833 95,913 9,404 15,268 228,213 Operating profits (losses) 9,517 (44,368) (2,877) (2,923) (14,333) (54,984) Equity in net earnings of unconsolidated real estate joint ventures 465 — — — — 465 Loss on the deconsolidation of IT'SUGAR, LLC — (3,326) — — — (3,326) Other income (expense) 6 221 (3) 8 58 290 Foreign exchange loss — — (692) — — (692) Income (loss) before income taxes $ 9,988 (47,473) (3,572) (2,915) (14,275) (58,247) Total assets $ 165,732 28,668 104,654 7,096 141,506 447,656 Expenditures for property and equipment $ — 3,155 2,118 72 — 5,345 Depreciation and amortization $ — 4,244 1,380 106 104 5,834 Debt accretion and amortization $ 287 168 243 — — 698 Cash and cash equivalents $ 31,133 1,163 2,438 1,539 53,764 90,037 Equity method investments $ 58,010 — — — — 58,010 Goodwill $ — — 8,277 — — 8,277 Notes payable and other borrowings $ 26,762 1,417 45,261 43 — 73,483 (1) The above segment information excludes the operations of IT’SUGAR as of September 22, 2020, the date the Company deconsolidated IT’SUGAR. The table below sets forth the Company’s segment information as of and for the year ended December 31, 2019 (in thousands): BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: Trade sales $ — 105,406 67,537 7,376 — 180,319 Sales of real estate inventory 5,049 — — — — 5,049 Interest income 750 56 — — 5 811 Net gains on sales of real estate assets 13,616 — — — — 13,616 Other revenue 1,619 324 — 2,233 (247) 3,929 Total revenues 21,034 105,786 67,537 9,609 (242) 203,724 Costs and expenses: Cost of trade sales — 67,703 54,243 2,613 1 124,560 Cost of real estate inventory sold 2,643 — — — — 2,643 Interest expense — 196 498 27 (288) 433 Recoveries from loan losses, net (5,428) — — — — (5,428) Impairment losses 47 142 — — — 189 Selling, general and administrative expenses 9,144 43,203 11,066 6,626 20,791 90,830 Total costs and expenses 6,406 111,244 65,807 9,266 20,504 213,227 Operating profits (losses) 14,628 (5,458) 1,730 343 (20,746) (9,503) Equity in net earnings of unconsolidated real estate joint ventures 37,898 — — — — 37,898 Other income 170 336 153 6 — 665 Foreign exchange loss — — (75) — — (75) Income (loss) before income taxes $ 52,696 (5,122) 1,808 349 (20,746) 28,985 Total assets $ 145,930 167,281 32,320 10,059 5,917 361,507 Expenditures for property and equipment $ 4 9,441 517 1,129 — 11,091 Depreciation and amortization $ 93 5,565 1,202 770 — 7,630 Debt accretion and amortization $ 125 226 27 — — 378 Cash and cash equivalents $ 13,776 6,314 — 633 — 20,723 Equity method investments $ 57,330 — — — — 57,330 Goodwill $ — 35,521 — 1,727 — 37,248 Notes payable and other borrowings $ 31,877 3,810 6,825 224 — 42,736 The table below sets forth the Company’s segment information as of and for the year ended December 31, 2018 (in thousands): BBX Capital Real Estate BBX Sweet Holdings Renin Other Reconciling Items and Eliminations Segment Total Revenues: $ Trade sales — 101,187 68,417 5,895 — 175,499 Sales of real estate inventory 21,771 — — — — 21,771 Interest income 2,277 61 — — — 2,338 Net gains on sales of real estate assets 4,563 — — — — 4,563 Other revenue 2,541 10 — 1,865 (22) 4,394 Total revenues 31,152 101,258 68,417 7,760 (22) 208,565 Costs and expenses: Cost of trade sales — 65,829 55,483 2,055 — 123,367 Cost of real estate inventory sold 14,116 — — — — 14,116 Interest expense — 308 638 7 (150) 803 Recoveries from loan losses, net (8,653) — — — — (8,653) Impairment losses 571 4,147 — — — 4,718 Selling, general and administrative expenses 9,210 46,130 9,903 5,347 21,185 91,775 Total costs and expenses 15,244 116,414 66,024 7,409 21,035 226,126 Operating profits (losses) 15,908 (15,156) 2,393 351 (21,057) (17,561) Equity in net earnings of unconsolidated real estate joint ventures 14,194 — — — — 14,194 Other income (expense) 112 170 — (5) — 277 Foreign exchange gain — — 68 — — 68 Income (loss) before income taxes $ 30,214 (14,986) 2,461 346 (21,057) (3,022) Total assets $ 165,109 83,617 32,322 20,187 8,717 309,952 Expenditures for property and equipment $ 318 6,254 796 5,428 — 12,796 Depreciation and amortization $ 374 5,897 1,159 671 — 8,101 Debt accretion and amortization $ 3 201 17 — — 221 Cash and cash equivalents $ 16,103 5,328 — 668 4 22,103 Equity method investments $ 64,738 — — — — 64,738 Goodwill $ — 35,521 — 1,727 — 37,248 Notes payable and other borrowings $ 27,333 2,046 8,117 — — 37,496 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations [Abstract] | |
Summary Of Assets And Liabilities Of Discontinued Operations | December 31, December 31, 2020 2019 ASSETS Cash and cash equivalents $ — 35 Operating lease assets — 772 Other assets — 185 Discontinued operations total assets $ — 992 LIABILITIES AND EQUITY Liabilities: Accounts payable $ — 2 Accrued expenses — 134 Operating lease liability — 905 Discontinued operations total liabilities $ — 1,041 |
Summary Of Income (Loss) Of Discontinued Operations | For the Years Ended December 31, 2020 2019 2018 Revenues: Trade sales $ — 6,044 4,007 Other revenue — 104 87 Total revenues — 6,148 4,094 Costs and Expenses: Cost of trade sales — 2,012 1,438 Depreciation, amortization and accretion, net — 691 555 Impairment losses 71 6,749 — Selling, general and administrative expenses 20 6,139 6,634 Total costs and expenses 91 15,591 8,627 Other revenue — 9 4 Pre-tax loss from discontinued operations $ (91) (9,434) (4,529) |
Summary Of Cash Flows Of Discontinued Operations | For the Years Ended December 31, 2020 2019 2018 Operating activities: Pre-tax loss from discontinued operations $ (91) (9,434) (4,529) Adjustment to reconcile pre-tax loss to net cash used in operating activities: Depreciation, amortization and accretion, net — 691 555 Impairment losses 71 6,749 — Decrease (increase) in trade inventory — 64 (42) Decrease in other assets 94 522 242 Change in operating lease assets and liabilities (113) (88) — Decrease in accounts payable (2) (187) (16) Decrease in accrued expenses (134) (1,201) (138) Net cash used in operating activities $ (175) (2,884) (3,928) Investing activities: Cash paid for intangible assets $ — (40) (100) Purchases of property and equipment — (576) (5,140) Net cash used in investing activities $ — (616) (5,240) Supplemental disclosure of non-cash investing and financing activities: Operating lease assets recognized upon adoption of ASC 842 $ — 6,878 — Operating lease liabilities recognized upon adoption of ASC 842 — 8,192 — |
IT'SUGAR Bankruptcy (Tables)
IT'SUGAR Bankruptcy (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
IT'SUGAR Bankruptcy [Abstract] | |
Schedule Of Balance Sheet While In Chapter 11 | IT'SUGAR Balance Sheet September 22, 2020 ASSETS Cash and cash equivalents $ 1,045 Restricted cash 20 Trade accounts receivable, net 103 Trade inventory 6,213 Property and equipment, net 22,162 Goodwill 14,864 Intangible assets, net 3,222 Operating lease assets 64,889 Other assets 1,707 Total assets $ 114,225 LIABILITIES AND EQUITY Liabilities: Accrued expenses 13,441 Operating lease liabilities 80,388 Notes payable and other borrowings 6,199 Total liabilities 100,028 Equity: Additional paid-in capital 59,809 Accumulated earnings (50,102) Noncontrolling interests 4,490 Total equity 14,197 Total liabilities and equity $ 114,225 |
Organization (Narrative) (Detai
Organization (Narrative) (Details) | Oct. 07, 2020USD ($) | Sep. 22, 2020USD ($) | Sep. 21, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2017USD ($) | Sep. 30, 2020item | Dec. 31, 2020USD ($)storeitemshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)store |
Business Acquisition [Line Items] | ||||||||||
Number of publicly-traded companies after spin-off | item | 2 | |||||||||
Other assets | $ 24,718,000 | $ 16,051,000 | ||||||||
Revenues | 173,229,000 | 203,724,000 | $ 208,565,000 | |||||||
Revenue from customers | 167,573,000 | 185,368,000 | 197,270,000 | |||||||
Property and equipment, net | 7,803,000 | 29,836,000 | ||||||||
Investments in and advances to unconsolidated real estate joint ventures | 58,010,000 | 57,330,000 | 64,738,000 | |||||||
Loss from noncontrolling interest | 1,248,000 | 1,902,000 | ||||||||
Cash and cash equivalents | 90,037,000 | 20,723,000 | 22,103,000 | |||||||
Impairment losses | 22,384,000 | 3,961,000 | ||||||||
Goodwill | $ 8,277,000 | 37,248,000 | 37,248,000 | $ 39,482,000 | ||||||
Right-of-use asset impairment | 0 | |||||||||
Altman [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Consolidated method ownership percentage | 50.00% | |||||||||
MOD Pizza [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of stores open | store | 60 | |||||||||
Number of stores transferred | store | 7 | |||||||||
Number of stores closed | store | 2 | |||||||||
Disposal group, impairment loss | $ 6,700,000 | $ 4,000,000 | 2,700,000 | |||||||
Number of stores performing below expectations | store | 3 | |||||||||
New BBX Capital [Member] | Notes Payable [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Debt face amount | $ 75,000,000 | |||||||||
Interest rate | 6.00% | |||||||||
Deferred interest rate | 8.00% | |||||||||
IT'SUGAR, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Other assets | $ 1,707,000 | |||||||||
Property and equipment, net | 22,162,000 | |||||||||
Advance from subsidiary | $ 2,000,000 | |||||||||
Number of stores open for existing owners | item | 100 | |||||||||
Loss from noncontrolling interest | 3,300,000 | |||||||||
Cash and cash equivalents | 1,045,000 | |||||||||
Goodwill | 14,864,000 | |||||||||
IT'SUGAR, LLC [Member] | Customer Concentration Risk [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Risk percentage | 50.40% | |||||||||
Renin [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Revenues | 63,600,000 | |||||||||
Renin [Member] | Customer Concentration Risk [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Revenue from customers | $ 34,200,000 | $ 20,200,000 | $ 20,700,000 | |||||||
Risk percentage | 19.70% | 10.00% | 10.00% | |||||||
Renin [Member] | Customer Two Concentration Risk [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Revenue from customers | $ 29,400,000 | |||||||||
Risk percentage | 17.00% | |||||||||
Class A Common Stock [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Common stock, shares authorized | shares | 30,000,000 | |||||||||
Class B Common Stock [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Common stock, shares authorized | shares | 4,000,000 | |||||||||
Renin [Member] | Reportable Segments [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Revenues | $ 93,036,000 | $ 67,537,000 | $ 68,417,000 | |||||||
Cash and cash equivalents | 2,438,000 | |||||||||
Goodwill | 8,277,000 | |||||||||
Renin [Member] | Outside United States [Member] | Reportable Segments [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Revenue from customers | 28,300,000 | |||||||||
Renin [Member] | Renin [Member] | Outside United States [Member] | Reportable Segments [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Property and equipment, net | 9,600,000 | |||||||||
IT'SUGAR, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Disposal group, impairment loss | $ 25,300,000 | |||||||||
Impairment losses | $ 20,300,000 | 20,300,000 | ||||||||
Goodwill | $ 14,900,000 | |||||||||
IT'SUGAR, LLC [Member] | Reportable Segments [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Revenues | 49,465,000 | |||||||||
Cash and cash equivalents | $ 1,163,000 | |||||||||
IT'SUGAR, LLC [Member] | BBX Sweet Holdings [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Consolidated method ownership percentage | 93.00% | |||||||||
Colonial Elegance [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Purchase consideration | $ 43,089,000 | |||||||||
Goodwill | $ 8,277,000 | |||||||||
Colonial Elegance [Member] | Renin [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Purchase consideration | $ 43,100,000 | |||||||||
DIP Facility [Member] | IT'SUGAR, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Debt instrument term (in years) | 365 days | |||||||||
Maximum borrowing capacity | $ 4,000,000 | |||||||||
LIBOR [Member] | DIP Facility [Member] | IT'SUGAR, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Basis spread on rate | 1.50% | |||||||||
Altis At Lakeline - Austin Investors LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Other assets | 144,000 | |||||||||
Revenues | 1,458,000 | 5,842,000 | ||||||||
Cash and cash equivalents | 628,000 | |||||||||
Altis at Shingle Creek Manager, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Revenues | 1,704,000 | |||||||||
Altis at Grand Central Capital, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | $ 2,287,000 | 2,653,000 | ||||||||
Altis Promenade Capital, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | 1,964,000 | 2,126,000 | ||||||||
Altis at Bonterra - Hialeah, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Revenues | 4,498,000 | $ 6,510,000 | ||||||||
Investments in and advances to unconsolidated real estate joint ventures | 618,000 | |||||||||
Altis Ludlam - Miami Investor, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | 9,653,000 | 1,081,000 | ||||||||
Altis Grand at The Preserve (Suncoast) [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | 1,086,000 | 753,000 | ||||||||
Altis Pembroke Gardens, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | 310,000 | 1,277,000 | ||||||||
Altis Boca Raton [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | 1,880,000 | |||||||||
Altis Wiregrass, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | 163,000 | 1,792,000 | ||||||||
Altis Little Havana [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | 844,000 | 811,000 | ||||||||
Altis Lake Willis (Vineland Pointe) [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | 5,446,000 | 4,712,000 | ||||||||
Altis Miramar East/West [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | 2,818,000 | 2,631,000 | ||||||||
The Altman Companies, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | 15,222,000 | 14,745,000 | ||||||||
Real estate investment impairment | 2,200,000 | |||||||||
ABBX Guaranty, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | 3,750,000 | 3,750,000 | ||||||||
Bayview [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | 1,563,000 | 1,562,000 | ||||||||
PGA Design Center Holdings, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | 996,000 | |||||||||
Marbella [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | 6,971,000 | 5,999,000 | ||||||||
Chapel Trail [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Other assets | 6,000 | |||||||||
Revenues | 44,988,000 | |||||||||
Investments in and advances to unconsolidated real estate joint ventures | 153,000 | 1,126,000 | ||||||||
Cash and cash equivalents | 1,725,000 | |||||||||
L03/212 Partners, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | 2,462,000 | 2,087,000 | ||||||||
PGA Lender, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | 2,111,000 | |||||||||
Sky Cove, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | 3,287,000 | 4,178,000 | ||||||||
Other [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Investments in and advances to unconsolidated real estate joint ventures | $ 31,000 | $ 442,000 |
Basis Of Presentation And Sig_3
Basis Of Presentation And Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash equivalents maximum maturity term, in days | 90 days | |||
Cash, FDIC insured amount, limit | $ 250,000 | |||
Trade receivables | 29,860,000 | $ 13,274,000 | ||
Trade accounts receivable, net | 29,507,000 | 13,104,000 | ||
Retained Earnings (Accumulated Deficit) | (3,457,000) | |||
Unamortized deferred financing costs | 1,100,000 | 800,000 | ||
Unamortized deferred financing costs presented in other assets | 200,000 | 100,000 | ||
Interest expense from the amortization of deferred financing costs | 28,000,000,000 | 72,000,000,000 | $ 41,000,000,000 | |
Advertising expense | 1,100,000 | 2,500,000 | 2,300,000 | |
Unrecognized tax benefits | $ 0 | |||
Equity method investment ownership percentage income taxes consolidation measure | 80.00% | |||
Net (loss) income | $ (47,090,000) | 13,513,000 | (9,467,000) | |
Equity in net earnings of unconsolidated real estate joint ventures | 465,000 | 37,898,000 | 14,194,000 | |
BB&T preferred interest in FAR, LLC | 309,253,000 | 182,236,000 | $ 237,530,000 | $ 238,806,000 |
Operating lease liabilities | 14,141,000 | 99,568,000 | ||
Operating lease assets | $ 13,488,000 | 87,082,000 | ||
Right-of-use asset impairment | 0 | |||
It's Sugar, LLC [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of agreements executed related to lease concessions | item | 7 | |||
Number of agreements related to lease modified and remeasured | item | 3 | |||
Number of agreements related to lease not resulting in increase | item | 4 | |||
Lease agreements, deferrals and abatements | $ 200,000 | $ 300,000 | ||
Maximum [Member] | It's Sugar, LLC [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Rent deferral period | 21 months | |||
Minimum [Member] | It's Sugar, LLC [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Rent deferral period | 1 month | |||
Office Equipment, Furniture, Fixtures And Software [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful life, in years | 10 years | |||
Office Equipment, Furniture, Fixtures And Software [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful life, in years | 7 years | |||
Transportation [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful life, in years | 5 years | |||
Transportation [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful life, in years | 3 years | |||
LIBOR Indexed Credit Facility [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Line of credit, outstanding | $ 45,600,000 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 16, 2017 | |
Business Acquisition [Line Items] | |||||
Cash consideration, net of cash acquired | $ 42,133 | ||||
Colonial Elegance [Member] | |||||
Business Acquisition [Line Items] | |||||
Base purchase price | 38,800 | ||||
Purchase consideration | $ 43,089 | ||||
Cash consideration, net of cash acquired | 42,133 | ||||
Intangible assets | 19,680 | ||||
Interest expense associated with borrowings | 1,500 | $ 2,300 | |||
Holdback Amounts | 399 | ||||
Colonial Elegance [Member] | Renin [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase consideration | 43,100 | ||||
Acquired excess working capital | 9,900 | ||||
Target working capital | 4,300 | ||||
Capital investments | $ 5,000 | ||||
Trademarks [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets useful life, in years | 20 years | ||||
Trademarks [Member] | IT'SUGAR, LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | $ 3,700 | ||||
Trademarks [Member] | Colonial Elegance [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets useful life, in years | 13 years | ||||
Customer Relationships [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets useful life, in years | 12 years | ||||
Customer Relationships [Member] | Colonial Elegance [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | $ 3,700 | $ 15,800 | $ 200 | ||
Noncompete Agreements [Member] | Colonial Elegance [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets useful life, in years | 5 years |
Acquisitions (Consolidated Net
Acquisitions (Consolidated Net Assets And Results Of Operations) (Details) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | |||
Trade sales | $ 147,210 | $ 180,319 | |
Income before income taxes | $ (41,974) | $ 13,737 | |
Colonial Elegance [Member] | |||
Business Acquisition [Line Items] | |||
Trade sales | $ 12,393 | ||
Income before income taxes | $ 722 |
Acquisitions (Summary Of Fair V
Acquisitions (Summary Of Fair Value Of The Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 16, 2017 | |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 8,277 | $ 37,248 | $ 37,248 | $ 39,482 | ||
Cash paid for acquisition less cash acquired | 42,133 | |||||
IT'SUGAR, LLC [Member] | Trademarks [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | $ 3,700 | |||||
Colonial Elegance [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash | 557 | |||||
Trade accounts receivable | 10,278 | |||||
Trade inventory | 11,970 | |||||
Property and equipment | 819 | |||||
Identifiable intangible assets | 19,680 | |||||
Operating lease asset | 2,213 | |||||
Other assets | 651 | |||||
Total assets acquired | 46,168 | |||||
Accounts payable | (5,619) | |||||
Other liabilities | (3,524) | |||||
Operating lease liability | (2,213) | |||||
Total liabilities assumed | (11,356) | |||||
Fair value of identifiable net assets | 34,812 | |||||
Goodwill | 8,277 | |||||
Purchase consideration | $ 43,089 | |||||
Less: cash acquired | (557) | |||||
Less: consideration payable | (399) | |||||
Cash paid for acquisition less cash acquired | 42,133 | |||||
Acquisition-related cost included in selling, general and administrative expenses | $ 441 | |||||
Colonial Elegance [Member] | Trademarks [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets useful life, in years | 13 years | |||||
Colonial Elegance [Member] | Customer Relationships [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | $ 3,700 | $ 15,800 | $ 200 | |||
Colonial Elegance [Member] | Noncompete Agreements [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets useful life, in years | 5 years |
Acquisitions (Pro Forma Informa
Acquisitions (Pro Forma Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Acquisitions [Abstract] | ||
Trade sales, Pro Forma | $ 188,146 | $ 226,033 |
(Loss) income from continuing operations before income taxes, Pro Forma | (55,619) | 29,333 |
(Loss) income from continuing operations, Pro Forma | 21,000 | |
Net (loss) income attributable to shareholders, Pro Forma | (45,035) | 14,086 |
Net income attributable to shareholders, Pro Forma | (40,306) | |
Trade sales, Actual | 147,210 | 180,319 |
(Loss) income from continung operations before income taxes, Actual | (57,947) | 28,985 |
(Loss) income from continuing operations, Actual | (46,703) | 20,651 |
Net (loss) income attributable to shareholders, Actual | $ (41,974) | $ 13,737 |
Trade Receivables (Schedule Of
Trade Receivables (Schedule Of Trade Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Trade Receivables [Abstract] | ||
Trade receivables | $ 29,860 | $ 13,274 |
Allowance for bad debts | (353) | (170) |
Total trade receivables | $ 29,507 | $ 13,104 |
Trade Inventory (Summary Of Inv
Trade Inventory (Summary Of Inventory) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Trade Inventory [Abstract] | ||
Raw materials | $ 6,191 | $ 3,048 |
Paper goods and packaging materials | 1,322 | 1,327 |
Finished goods | 24,333 | 18,468 |
Total trade inventory | $ 31,846 | $ 22,843 |
Real Estate (Narrative) (Detail
Real Estate (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments in and advances to unconsolidated real estate joint ventures | $ 58,010 | $ 57,330 | $ 64,738 |
PGA Design Center [Member] | |||
Gains (Losses) on Sales of Investment Real Estate | 13,600 | ||
Proceeds from Sale of Real Estate | 35,200 | ||
PGA Lender, LLC [Member] | |||
Investments in and advances to unconsolidated real estate joint ventures | $ 2,111 | ||
Real Estate Held-For-Sale [Member] | |||
Gains (Losses) on Sales of Investment Real Estate | 300 | ||
Proceeds from Sale of Real Estate | $ 2,600 |
Real Estate (Schedule Of Real E
Real Estate (Schedule Of Real Estate) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real Estate [Abstract] | ||
Real estate held-for-sale | $ 9,031 | $ 11,297 |
Real estate held-for-investment | 5,992 | 6,015 |
Real estate inventory | 40,777 | 48,506 |
Total VOI inventory | $ 55,800 | $ 65,818 |
Investments In And Advances T_3
Investments In And Advances To Unconsolidated Real Estate Joint Ventures (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Feb. 28, 2023USD ($) | Jan. 31, 2023USD ($) | Jun. 30, 2020USD ($) | Nov. 30, 2018USD ($) | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)ft²item | Dec. 31, 2018USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||||
Aggregate difference between investments in unconsolidated real estate joint ventures and net assets | $ 4,100 | $ 9,200 | |||||
Investments in and advances to unconsolidated real estate joint ventures | 58,010 | 57,330 | $ 64,738 | ||||
BBX Capital maximum expose to loss | 60,500 | ||||||
Equity in earning of unconsolidated real estate joint ventures | $ 465 | 37,898 | 14,194 | ||||
The Altman Companies, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Consolidated method ownership percentage | 50.00% | 50.00% | |||||
Number of multi-family apartment developments | property | 7 | ||||||
The Altman Companies, LLC [Member] | Scenario, Forecast [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Consolidated method ownership percentage | 40.00% | ||||||
The Altman Companies, LLC [Member] | Optional Forecast [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Consolidated method ownership percentage | 10.00% | ||||||
The Altman Companies, LLC [Member] | Previously Invested As Non-managing Member [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Cash consideration | $ 8,800 | ||||||
Number of multi-family apartment developments | property | 4 | ||||||
Altman-Glenewinkel Construction [Member] | Optional Forecast [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Consolidated method ownership percentage | 40.00% | ||||||
PGA Design Center Holdings, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in and advances to unconsolidated real estate joint ventures | 996 | ||||||
Altis Ludlam - Miami Investor, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in and advances to unconsolidated real estate joint ventures | $ 9,653 | 1,081 | |||||
The Addison on Millenia Investment, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity in earning of unconsolidated real estate joint ventures | 9,300 | ||||||
The Altman Companies, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Aggregate difference between investments in unconsolidated real estate joint ventures and net assets | 4,800 | 8,500 | |||||
Investments in and advances to unconsolidated real estate joint ventures | 15,222 | 14,745 | |||||
Interest Costs Capitalized | 1,500 | 700 | |||||
Impairment of assets | 2,200 | ||||||
Cash consideration | $ 14,600 | ||||||
Investments in unconsolidated real estate joint ventures, transaction costs | $ 2,300 | 2,300 | |||||
The Altman Companies, LLC [Member] | Scenario, Forecast [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Cash consideration | $ 2,400 | $ 9,400 | |||||
ABBX Guaranty, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in and advances to unconsolidated real estate joint ventures | 3,750 | 3,750 | |||||
Altis at Bonterra - Hialeah, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in and advances to unconsolidated real estate joint ventures | 618 | ||||||
Equity in earning of unconsolidated real estate joint ventures | 29,200 | 29,221 | 544 | ||||
Altis At Lakeline - Austin Investors LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity in earning of unconsolidated real estate joint ventures | 5,000 | 5,029 | $ (312) | ||||
L03/212 Partners, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in and advances to unconsolidated real estate joint ventures | 2,462 | 2,087 | |||||
PGA Lender, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in and advances to unconsolidated real estate joint ventures | 2,111 | ||||||
Sky Cove, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in and advances to unconsolidated real estate joint ventures | 3,287 | 4,178 | |||||
Altis Lake Willis (Vineland Pointe) [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in and advances to unconsolidated real estate joint ventures | 5,446 | 4,712 | |||||
Altis Wiregrass, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in and advances to unconsolidated real estate joint ventures | 163 | 1,792 | |||||
Equity in earning of unconsolidated real estate joint ventures | 800 | ||||||
Altis Boca Raton [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in and advances to unconsolidated real estate joint ventures | $ 1,880 | ||||||
Equity in earning of unconsolidated real estate joint ventures | 1,100 | ||||||
Certain Unconsolidated Investments [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Impairment of assets | $ 2,200 | ||||||
The Altman Companies, LLC [Member] | Altman Development Company and Altman Management Company [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Consolidated method ownership percentage | 100.00% | ||||||
The Altman Companies, LLC [Member] | Altman-Glenewinkel Construction [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Consolidated method ownership percentage | 60.00% | ||||||
BBXRE [Member] | Altis Ludlam - Miami Investor, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Area of retail space | ft² | 7,500 | ||||||
Percent of total capital of joint venture, contribution | 11.90% | ||||||
Minimum payment required from joint venture | $ 11,900 | ||||||
Investments in unconsolidated real estate joint ventures, transaction costs | $ 8,500 | $ 1,100 | |||||
Number of multi-family apartment developments | item | 312 | ||||||
Proceeds from Divestiture of Interest in Joint Venture | $ 500 | ||||||
Number of extensions | item | 3 | ||||||
Period of each extension | 1 year |
Investments In And Advances T_4
Investments In And Advances To Unconsolidated Real Estate Joint Ventures (Investments In Unconsolidated Real Estate Joint Ventures) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 58,010 | $ 57,330 | $ 64,738 | |
Altis at Grand Central Capital, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 2,287 | 2,653 | ||
Investments in unconsolidated real estate joint ventures, Percent | 11.07% | |||
Altis Promenade Capital, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 1,964 | 2,126 | ||
Investments in unconsolidated real estate joint ventures, Percent | 6.61% | |||
Altis at Bonterra - Hialeah, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | 618 | |||
Investments in unconsolidated real estate joint ventures, Percent | 96.73% | |||
Altis Ludlam - Miami Investor, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 9,653 | 1,081 | ||
Investments in unconsolidated real estate joint ventures, Percent | 33.30% | |||
Altis Grand at The Preserve (Suncoast) [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 1,086 | 753 | ||
Investments in unconsolidated real estate joint ventures, Percent | 33.30% | |||
Altis Pembroke Gardens, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 310 | 1,277 | ||
Investments in unconsolidated real estate joint ventures, Percent | 0.41% | |||
Altis Boca Raton [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | 1,880 | |||
Investments in unconsolidated real estate joint ventures, Percent | 0.42% | |||
Altis Wiregrass, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 163 | 1,792 | ||
Investments in unconsolidated real estate joint ventures, Percent | 2.22% | |||
Altis Little Havana [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 844 | 811 | ||
Investments in unconsolidated real estate joint ventures, Percent | 3.43% | |||
Altis Lake Willis (Vineland Pointe) [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 5,446 | 4,712 | ||
Investments in unconsolidated real estate joint ventures, Percent | 50.00% | |||
Altis Miramar East/West [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 2,818 | 2,631 | ||
Investments in unconsolidated real estate joint ventures, Percent | 5.00% | |||
The Altman Companies, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 15,222 | 14,745 | ||
Investments in unconsolidated real estate joint ventures, Percent | 50.00% | |||
Investments in unconsolidated real estate joint ventures, transaction costs | $ 2,300 | $ 2,300 | ||
ABBX Guaranty, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 3,750 | 3,750 | ||
Investments in unconsolidated real estate joint ventures, Percent | 50.00% | |||
Bayview [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 1,563 | 1,562 | ||
Investments in unconsolidated real estate joint ventures, Percent | 50.00% | |||
PGA Design Center Holdings, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | 996 | |||
Investments in unconsolidated real estate joint ventures, Percent | 40.00% | |||
Marbella [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 6,971 | 5,999 | ||
Investments in unconsolidated real estate joint ventures, Percent | 70.00% | |||
Chapel Trail [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 153 | 1,126 | ||
Investments in unconsolidated real estate joint ventures, Percent | 46.75% | |||
L03/212 Partners, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 2,462 | 2,087 | ||
Investments in unconsolidated real estate joint ventures, Percent | 3.41% | |||
PGA Lender, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | 2,111 | |||
Investments in unconsolidated real estate joint ventures, Percent | 45.88% | |||
Sky Cove, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 3,287 | 4,178 | ||
Investments in unconsolidated real estate joint ventures, Percent | 26.25% | |||
Other [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 31 | $ 442 |
Investments In And Advances T_5
Investments In And Advances To Unconsolidated Real Estate Joint Ventures (Condensed Statements Of Financial Condition For Equity Method Joint Ventures) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||||
Cash and cash equivalents | $ 90,037 | $ 20,723 | $ 22,103 | |
Property and equipment, net | 7,803 | 29,836 | ||
Equity method investments | 58,010 | 57,330 | 64,738 | |
Goodwill | 8,277 | 37,248 | 37,248 | $ 39,482 |
Real estate | 55,800 | 65,818 | ||
Other assets | 24,718 | 16,051 | ||
Total assets | 447,656 | 361,507 | 309,952 | |
Liabilities for subsidy guarantees | 5,455 | 6,336 | ||
Total liabilities | 138,403 | 175,262 | ||
Total equity | 309,253 | 182,236 | $ 237,530 | $ 238,806 |
Total liabilities and equity | 447,656 | 361,507 | ||
Altman Companies [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash and cash equivalents | 3,100 | 1,634 | ||
Property and equipment, net | 363 | 315 | ||
Equity method investments | 7,382 | 6,353 | ||
Goodwill | 16,683 | 16,683 | ||
Due from related parties | 2,306 | 2,954 | ||
Other assets | 3,443 | 209 | ||
Total assets | 33,277 | 28,148 | ||
Liabilities for subsidy guarantees | 6,408 | 2,719 | ||
Total liabilities | 6,408 | 2,719 | ||
Total equity | 26,869 | 25,429 | ||
Total liabilities and equity | 33,277 | 28,148 | ||
Altis at Bonterra - Hialeah, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | 618 | |||
Restricted cash | 559 | |||
Total assets | 1,414 | |||
Liabilities for subsidy guarantees | 751 | |||
Total liabilities | 751 | |||
Total equity | 663 | |||
Total liabilities and equity | 1,414 | |||
Altis At Lakeline - Austin Investors LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash and cash equivalents | 628 | |||
Restricted cash | 5 | |||
Other assets | 144 | |||
Total assets | 777 | |||
Total equity | 777 | |||
Total liabilities and equity | 777 | |||
Chapel Trail [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash and cash equivalents | 1,725 | |||
Equity method investments | $ 153 | 1,126 | ||
Real estate | 2,134 | |||
Other assets | 6 | |||
Total assets | 3,865 | |||
Notes payable | 184 | |||
Liabilities for subsidy guarantees | 357 | |||
Total liabilities | 541 | |||
Total equity | 3,324 | |||
Total liabilities and equity | 3,865 | |||
PGA Design Center Holdings, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 996 |
Investments In And Advances T_6
Investments In And Advances To Unconsolidated Real Estate Joint Ventures (Condensed Statements Of Operations For Equity Method Joint Ventures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Total revenues | $ 173,229 | $ 203,724 | $ 208,565 |
Operating losses | (54,984) | (9,503) | (17,561) |
Net earnings (loss) | (47,090) | 13,513 | (9,467) |
Equity in net earnings of unconsolidated real estate joint venture | 465 | 37,898 | 14,194 |
The Addison on Millenia Investment, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in net earnings of unconsolidated real estate joint venture | 9,300 | ||
Altman Companies [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total revenues | 8,700 | 7,242 | 362 |
Other expenses | (10,670) | (9,493) | (652) |
Operating losses | (1,970) | (2,251) | (290) |
Net earnings (loss) | (233) | (3,164) | (177) |
Equity in net earnings of unconsolidated real estate joint venture | (117) | (1,582) | (88) |
Altis at Bonterra - Hialeah, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total revenues | 4,498 | 6,510 | |
Gain on sale of real estate | 33,843 | ||
Other expenses | (4,480) | (5,937) | |
Net earnings (loss) | 33,861 | 573 | |
Equity in net earnings of unconsolidated real estate joint venture | 29,200 | 29,221 | 544 |
Altman Glenewinkel Construction, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in net earnings of unconsolidated real estate joint venture | 1,737 | (913) | 113 |
Altis At Lakeline - Austin Investors LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total revenues | 1,458 | 5,842 | |
Gain on sale of real estate | 17,178 | ||
Other expenses | (1,801) | (6,746) | |
Net earnings (loss) | 16,835 | (904) | |
Equity in net earnings of unconsolidated real estate joint venture | $ 5,000 | 5,029 | (312) |
Chapel Trail [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total revenues | 44,988 | ||
Cost of sales | (35,575) | ||
Other expenses | (2,341) | (1,388) | |
Net earnings (loss) | 7,072 | (1,388) | |
Equity in net earnings of unconsolidated real estate joint venture | $ 3,306 | (649) | |
Altis at Shingle Creek Manager, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total revenues | 1,704 | ||
Gain on sale of real estate | 22,027 | ||
Other expenses | (2,156) | ||
Net earnings (loss) | 21,575 | ||
Equity in net earnings of unconsolidated real estate joint venture | $ 3,401 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)store | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 5.1 | $ 6.4 | $ 7.5 |
It's Sugar, LLC [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment losses | 1.3 | ||
MOD Pizza [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Disposal group, impairment loss | $ 6.7 | $ 4 | $ 2.7 |
Number of stores transferred | store | 7 | ||
Number of stores closed | store | 2 |
Property And Equipment (Compone
Property And Equipment (Components Of Property And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | $ 22,761 | $ 50,346 |
Accumulated Depreciation | (14,958) | (20,510) |
Properties and equipment - net | 7,803 | 29,836 |
Land, Buildings And Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | 2,271 | 2,258 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | 5,554 | 35,768 |
Office Equipment, Furniture, Fixtures And Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | 14,421 | 11,941 |
Transportation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | $ 515 | $ 379 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 22, 2020 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||||||
Goodwill, impairment loss | $ 22,384,000 | $ 3,961,000 | ||||
Amortization expense of intangible assets included in selling general and administrative expenses | 700,000 | 600,000 | 500,000 | |||
Intangible asset impairment | 0 | 0 | 0 | |||
Goodwill | 8,277,000 | $ 37,248,000 | 37,248,000 | $ 39,482,000 | ||
BBX Sweet Holdings [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, impairment loss | $ 4,000,000 | |||||
IT'SUGAR, LLC [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, impairment loss | $ 20,300,000 | $ 20,300,000 | ||||
Goodwill | $ 14,900,000 | |||||
IT'SUGAR, LLC [Member] | Certain Investments In Unconsolidated Real Estate Joint Ventures [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, impairment loss | $ 2,100,000 | |||||
Trademarks [Member] | Maximum [Member] | ||||||
Goodwill [Line Items] | ||||||
Intangible assets useful life, in years | 20 years | |||||
Customer Relationships [Member] | Minimum [Member] | ||||||
Goodwill [Line Items] | ||||||
Intangible assets useful life, in years | 12 years | |||||
IT'SUGAR, LLC [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | $ 14,864,000 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Schedule Of Changes In Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill And Intangible Assets [Abstract] | |||
Balance, beginning of period | $ 37,248 | $ 37,248 | $ 39,482 |
Acquisitions | 8,277 | 1,727 | |
Deconsolidation of IT'SUGAR | (14,864) | ||
Impairment losses | (22,384) | (3,961) | |
Balance, end of period | $ 8,277 | $ 37,248 | $ 37,248 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Goodwill And Major Classes Of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, intangible assets | $ 24,008 | $ 8,898 |
Accumulated amortization | (1,588) | (2,227) |
Total intangible assets | 22,420 | 6,671 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, intangible assets | 7,747 | 8,522 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, intangible assets | 15,877 | 70 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, intangible assets | $ 384 | $ 306 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Estimated Aggregate Amortization Expense Of Intangible Assets) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Goodwill And Intangible Assets [Abstract] | |
2021 | $ 1,768 |
2022 | 1,768 |
2023 | 1,768 |
2024 | 1,768 |
2025 | $ 1,750 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Legally binding minimum lease payments, not yet commenced | $ 10,800,000 | |
Cash paid for amounts included in the measurement of lease liabilities | 7,600,000 | $ 18,700,000 |
Right-of-use assets in exchange for new operating lease liabilities | 4,721,000 | 22,942,000 |
Right-of-use asset impairment | 0 | |
Rent expenses | $ 22,400,000 | |
It's Sugar, LLC [Member] | ||
Right-of-use asset impairment | $ 4,100,000 |
Leases (Schedule Of Lease Infor
Leases (Schedule Of Lease Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating lease assets | $ 13,488 | $ 87,082 |
Operating lease liabilities | $ 14,141 | $ 99,568 |
Weighted average remaining lease term (years) | 7 years | |
Weighted average discount rate | 5.36% |
Leases (Schedule Of Lease Costs
Leases (Schedule Of Lease Costs) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Leases [Abstract] | |
Fixed lease costs | $ 14,111 |
Short-term lease costs | 283 |
Variable lease costs | 3,584 |
Total operating lease costs | $ 17,978 |
Leases (Schedule Of Operating L
Leases (Schedule Of Operating Lease Future Payments) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 3,113 | |
2022 | 2,511 | |
2023 | 2,082 | |
2024 | 2,054 | |
2025 | 1,940 | |
After 2025 | 5,356 | |
Total lease payments | 17,056 | |
Less: interest | 2,915 | |
Present value of lease liabilities | $ 14,141 | $ 99,568 |
Notes Payable And Other Borro_3
Notes Payable And Other Borrowings (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2018 | Dec. 31, 2020 | Oct. 31, 2025 | Oct. 31, 2020 | May 31, 2020 | Dec. 31, 2019 | Feb. 28, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | Oct. 31, 2017 | Sep. 30, 2017 | Nov. 30, 2016 | Oct. 31, 2014 | |
Debt Instrument [Line Items] | |||||||||||||
Notes And Loans Payable | $ 73,483,000 | $ 42,736,000 | $ 37,496,000 | ||||||||||
Inventory, Real Estate | 55,800,000 | 65,818,000 | |||||||||||
Other Assets | 24,718,000 | 16,051,000 | |||||||||||
Community Development District Obligations [Member] | Senior Lien [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Inventory, Real Estate | 40,800,000 | ||||||||||||
TD Bank Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Notes And Loans Payable | $ 1,700,000 | ||||||||||||
TD Bank Line Of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 16,300,000 | ||||||||||||
Other [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Notes And Loans Payable | $ 43,000 | $ 223,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.22% | 15.00% | |||||||||||
TD Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 20,000,000 | ||||||||||||
Periodic payment, principal | $ 30,000,000 | ||||||||||||
Debt face amount | $ 30,000,000 | ||||||||||||
TD Revolving Credit Facility [Member] | Scenario, Forecast [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Percent of debt required due | $ 37.5 | ||||||||||||
TD Revolving Credit Facility [Member] | LIBOR [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on rate | 3.375% | ||||||||||||
TD Revolving Credit Facility [Member] | LIBOR [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on rate | 2.875% | ||||||||||||
TD Revolving Credit Facility [Member] | Canadian Prime Rate [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on rate | 1.875% | ||||||||||||
TD Revolving Credit Facility [Member] | Canadian Prime Rate [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on rate | 1.375% | ||||||||||||
TD Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on rate | 1.50% | ||||||||||||
TD Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on rate | 1.00% | ||||||||||||
Banc Of America Leasing & Capital Equipment Note [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility expiration period | 36 months | ||||||||||||
Periodic payment, principal and interest | $ 18,516,000 | ||||||||||||
Bank Of America Revolving Line Of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 4,000,000 | ||||||||||||
Bank Of America Revolving Line Of Credit [Member] | LIBOR [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on rate | 1.50% | ||||||||||||
Community Development Bonds [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Issued bonds | $ 8,600,000 | $ 8,100,000 | $ 16,500,000 | $ 21,400,000 | |||||||||
Centennial Bank - Hoffmans [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Notes And Loans Payable | $ 1,700,000 | ||||||||||||
Amortization schedule | 25 years | ||||||||||||
Other Notes Payable [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Unamortized debt issuance costs | $ 1,126,000 | $ 824,000 | |||||||||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Notes And Loans Payable | 27,565,000 | 29,287,000 | |||||||||||
Carrying Amount of Pledged Assets | 42,230,000 | 49,352,000 | |||||||||||
Other Assets | $ 1,400,000 | $ 800,000 | |||||||||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | |||||||||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | |||||||||||
Other Notes Payable [Member] | Unsecured Note [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Notes And Loans Payable | $ 3,400,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | |||||||||||
Debt face amount | $ 3,400,000 | ||||||||||||
Equity Method Investment, Ownership Percentage | 46.75% | ||||||||||||
Other Notes Payable [Member] | Banc Of America Leasing & Capital Equipment Note [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Notes And Loans Payable | $ 355,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | ||||||||||||
BBXRE [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit, outstanding | $ 2,000,000 | ||||||||||||
Renin [Member] | TD Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Proceeds from loans | $ 30,000,000 | ||||||||||||
Proceeds from lines of credit | 8,000,000 | ||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 4,400,000 | ||||||||||||
Line of credit, outstanding | $ 15,600,000 |
Notes Payable And Other Borro_4
Notes Payable And Other Borrowings (Notes Payable And Other Borrowings) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 31, 2017 |
Debt Instrument [Line Items] | ||||
Notes payable and other borrowings | $ 73,483 | $ 42,736 | $ 37,496 | |
Bank of America Revolving Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable and other borrowings | $ 2,000 | |||
Interest Rate | 3.24% | |||
Other [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable and other borrowings | $ 43 | $ 223 | ||
Interest Rate | 4.22% | 15.00% | ||
Other Notes Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs | $ (1,126) | $ (824) | ||
Other Notes Payable [Member] | Community Development District Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable and other borrowings | 27,565 | 29,287 | ||
Carrying Amount of Pledged Assets | 42,230 | 49,352 | ||
Other Notes Payable [Member] | TD Bank Term Loan And Line Of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable and other borrowings | $ 45,573 | $ 6,826 | ||
Interest Rate | 3.30% | 5.00% | ||
Other Notes Payable [Member] | Banc Of America Leasing & Capital Equipment Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable and other borrowings | $ 355 | |||
Interest Rate | 4.75% | |||
Other Notes Payable [Member] | Unsecured Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable and other borrowings | $ 3,400 | |||
Interest Rate | 6.00% | 6.00% | ||
Other Notes Payable [Member] | Centennial Bank - Kencraft [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable and other borrowings | $ 1,428 | $ 1,469 | ||
Interest Rate | 5.25% | |||
Carrying Amount of Pledged Assets | $ 1,840 | $ 1,892 | ||
Minimum [Member] | Other Notes Payable [Member] | Community Development District Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 4.25% | 4.25% | ||
Maximum [Member] | Other Notes Payable [Member] | Community Development District Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 6.00% | 6.00% |
Notes Payable And Other Borro_5
Notes Payable And Other Borrowings (Contractual Minimum Principle Payments Of Debt Outstanding) (Details) - Notes Payable And Other Borrowings [Member] $ in Thousands | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |
2021 | $ 2,643 |
2022 | 3,490 |
2023 | 4,275 |
2024 | 6,468 |
2025 | 32,643 |
Thereafter | 25,090 |
Contractual minimum principal payments of debt outstanding, Gross | 74,609 |
Unamortized debt issuance costs | (1,126) |
Total Debt | $ 73,483 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | |||
Effective tax rate | 19.00% | 29.00% | (96.00%) |
Federal income tax rate | 21.00% | ||
Deferred tax assets, valuation allowance | $ 6,772,000 | $ 6,914,000 | |
Deferred Tax Assets, Gross | 15,030,000 | 11,609,000 | |
Deferred Tax Assets, Net of Valuation Allowance | $ 8,258,000 | 4,695,000 | |
Canadian capital gain tax rate | 50.00% | ||
Net operating loss carryforward | $ 5,800,000 | ||
Unrecognized tax benefits | 0 | ||
Due to related parties | 1,362,000 | ||
Federal Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforward | 3,400,000 | ||
Foreign Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforward | 1,000,000 | ||
Bluegreen Vacations Holding Corp [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Related party expenses | 12,700,000 | 21,000,000 | $ 21,200,000 |
Due to related parties | 0 | 2,800,000 | |
Bluegreen Vacations Holding Corp [Member] | Renin [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Related party expenses | $ 300,000 | $ 1,000,000 |
Income Taxes (United States And
Income Taxes (United States And Foreign Components Of Income From Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
U.S. | $ (59,096) | $ 29,638 | $ (2,170) |
Foreign | 849 | (653) | (852) |
Total | $ (58,247) | $ 28,985 | $ (3,022) |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Current: Federal | $ (5,895) | $ 4,163 | $ 914 |
Current: State | (599) | 1,738 | 536 |
Current provision (benefit), Total | (6,494) | 5,901 | 1,450 |
Deferred: Federal | (3,800) | 2,665 | 1,471 |
Deferred: State | (937) | (232) | (56) |
Deferred income taxes, Total | (4,737) | 2,433 | 1,415 |
Provision (benefit) for income taxes | $ (11,231) | $ 8,334 | $ 2,865 |
Income Taxes (Actual Provisions
Income Taxes (Actual Provisions For Income Taxes From Continuing Operations Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Income tax provision at expected federal income tax rate | $ (12,232) | $ 6,087 | $ (635) |
Income tax provision at expected federal income tax rate, rate | 21.00% | ||
Provision for state taxes, net of federal effect | $ (1,219) | 1,156 | 343 |
Taxes related to noncontrolling interests in subsidiaries not consolidated for income tax purposes | 854 | 62 | 83 |
Nondeductible goodwill | 437 | 832 | |
Nondeductible executive compensation | 773 | 1,119 | 1,205 |
(Decrease) increase in valuation allowance | (142) | (153) | 226 |
Other – net | 298 | 63 | 811 |
Provision (benefit) for income taxes | $ (11,231) | $ 8,334 | $ 2,865 |
Provision (benefit) for income taxes, rate | 19.00% | 29.00% | (96.00%) |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Net operating loss carryforwards | $ 7,275 | $ 6,714 | |
Book reserves for bad debt, inventory, real estate and property and equipment | 1,324 | 1,407 | |
Expensed recognized for books and deferred for tax | 1,860 | 3,439 | |
Investment in IT'SUGAR, LLC | 3,510 | ||
Intangible assets | 226 | ||
Other assets | 835 | 49 | |
Total gross federal and state deferred tax assets | 15,030 | 11,609 | |
Less deferred tax asset valuation allowance | (6,772) | (6,914) | |
Total deferred tax assets | 8,258 | 4,695 | |
Tax over book deprectiation | (456) | (245) | |
Intangible assets | (592) | ||
Other liabilities | (378) | (578) | |
Total gross deferred federal and state tax liabilities | (834) | (1,415) | |
Net federal and state deferred tax assets | 7,424 | 3,280 | |
(Provision) benefit for deferred income taxes | $ 4,737 | $ (2,433) | $ (1,415) |
Income Taxes (Summary Of NOL, C
Income Taxes (Summary Of NOL, Credit Carryforwards, Valuation Allowance) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Taxes [Abstract] | ||
Gross Deferred Tax Asset | $ 15,030 | $ 11,609 |
Valuation allowance | 6,772 | 6,914 |
Total deferred tax assets | $ 8,258 | $ 4,695 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregated Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from customers | $ 167,573 | $ 185,368 | $ 197,270 |
Interest income | 2,399 | 811 | 2,338 |
Net gains on sales of real estate assets | 255 | 13,616 | 4,563 |
Other revenue | 3,002 | 3,929 | 4,394 |
Total revenues | 173,229 | 203,724 | 208,565 |
Trade Sales - Wholesale [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from customers | 106,508 | 80,197 | 82,800 |
Trade Sales - Retail [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from customers | 40,702 | 100,122 | 92,699 |
Sales Of Real Estate Inventory [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from customers | $ 20,363 | $ 5,049 | $ 21,771 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 31, 2014 | |
Commitments And Contingencies [Line Items] | |||||
Other liabilities | $ 5,455 | $ 6,336 | |||
Notes And Loans Payable | 73,483 | 42,736 | $ 37,496 | ||
Operating lease liabilities | $ 14,141 | $ 99,568 | |||
Renin [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Shipment costs | $ 6,000 | ||||
Expedited shipment costs | 2,000 | ||||
Right to offset due to supplier failure to deliver | $ 8,100 | ||||
Sunrise and Bayview Partners, LLC [Member] | BCC [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Percent guaranteed on outstanding balance of loan | 50.00% | ||||
Issuance of note payable to purchase property and equipment | $ 5,000 | ||||
Centennial Bank - Hoffmans [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Notes And Loans Payable | $ 1,700 |
Employee Benefit Plans And In_2
Employee Benefit Plans And Incentive Compensation Program (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Employee salary contribution limit | $ 19,500 | ||
Employer contribution | 87,000 | ||
Employees Over 50 Years [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Employee salary contribution limit | $ 26,000 | ||
First 3% Of Employee Contributions [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Percentage employer matches of the employee's percentage contribution matched | 100.00% | 100.00% | 100.00% |
Percent of employee contribution | 3.00% | ||
Next 2% Of Employee Contributions [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Percentage employer matches of the employee's percentage contribution matched | 50.00% | ||
Percent of employee contribution | 2.00% |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Oct. 31, 2020 | |
Class of Stock [Line Items] | ||
Share repurchase program, value | $ 10 | |
Percent of total number of outstanding shares of company common stock | 5.00% | |
Class A Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, par value | $ 0.01 | |
Voting power percentage | 22.00% | |
Common stock, shares outstanding | 15,624,091 | |
Percent of total common equity | 81.00% | |
Class B Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, par value | $ 0.01 | |
Voting power percentage | 78.00% | |
Common stock, shares outstanding | 3,693,596 | |
Percent of total common equity | 19.00% | |
Decrease In Class B Common Stock, Scenario One [Member] | Class A Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Voting power percentage | 40.00% | |
Decrease In Class B Common Stock, Scenario One [Member] | Class B Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Voting power percentage | 60.00% | |
Decrease In Class B Common Stock, Scenario One [Member] | Class B Common Stock [Member] | Maximum [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares outstanding | 360,000 | |
Decrease In Class B Common Stock, Scenario One [Member] | Class B Common Stock [Member] | Minimum [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares outstanding | 280,000 | |
Decrease In Class B Common Stock, Scenario Two [Member] | Class A Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Voting power percentage | 53.00% | |
Decrease In Class B Common Stock, Scenario Two [Member] | Class B Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Voting power percentage | 47.00% | |
Common stock, shares outstanding | 280,000 | |
Decrease In Class B Common Stock, Scenario Three [Member] | Class B Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares outstanding | 100,000 | |
Decrease In Class B Common Stock, Scenario Three [Member] | Class B Common Stock [Member] | Minimum [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares outstanding | 100,000 |
Noncontrolling Interests And _2
Noncontrolling Interests And Redeemable Noncontrolling Interest (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Oct. 31, 2020 | Dec. 31, 2019 |
Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interest | $ 4,009 | ||
IT'SUGAR, LLC [Member] | |||
Noncontrolling Interest [Line Items] | |||
Percent of noncontrolling equity interest | 9.60% | ||
Restaurant [Member] | |||
Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interest | $ 100 | $ 1,000 | |
Percent of noncontrolling equity interest | 19.00% | 28.00% | 47.00% |
Class B Preferred Units [Member] | IT'SUGAR, LLC [Member] | |||
Noncontrolling Interest [Line Items] | |||
Percent of noncontrolling equity interest | 90.40% |
Earnings Per Common Share (Comp
Earnings Per Common Share (Computation Of Basic And Diluted Loss Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Common Share [Abstract] | |||
Net (loss) income from continuing operations | $ (47,016) | $ 20,651 | $ (5,887) |
Less: Noncontrolling interests net income | (4,803) | (224) | (266) |
Net income available to common shareholders | (42,213) | 20,875 | (5,621) |
Loss from discontinued operations | (74) | (7,138) | (3,580) |
Net (loss) income attributable to shareholders | $ (42,287) | $ 13,737 | $ (9,201) |
Weighted average number of common shares outstanding | 19,318 | 19,318 | 19,318 |
Basic and diluted (loss) earnings per share from continuing operations | $ (2.19) | $ 1.08 | $ (0.29) |
Basic and diluted loss per share from discontinued operations | (0.37) | (0.19) | |
Total basic and diluted (loss) earnings per share | $ (2.19) | $ 0.71 | $ (0.48) |
Fair Value Measurement (Financi
Fair Value Measurement (Financial Disclosures About Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | $ 24,718 | $ 16,051 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 90,037 | 20,723 |
Restricted cash | 350 | 529 |
Note receivable from Bluegreen Vacations Holding Corporation | 75,000 | |
Notes payable and other borrowings | 73,483 | 42,736 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 90,037 | 20,723 |
Restricted cash | 350 | 529 |
Note receivable from Bluegreen Vacations Holding Corporation | 78,218 | |
Notes payable and other borrowings | 77,500 | 45,669 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 90,037 | 20,723 |
Restricted cash | 350 | 529 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Note receivable from Bluegreen Vacations Holding Corporation | 78,218 | |
Notes payable and other borrowings | $ 77,500 | $ 45,669 |
Certain Relationships And Rel_3
Certain Relationships And Related Party Transactions (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Due to related parties | $ 1,362,000 | ||
Bluegreen [Member] | |||
Related Party Transaction [Line Items] | |||
Payment of administrative fees from subsidiary | $ 1,300,000 | ||
Bluegreen Vacations Holding Corp [Member] | |||
Related Party Transaction [Line Items] | |||
Related party expenses | 12,700,000 | 21,000,000 | $ 21,200,000 |
Due to related parties | $ 0 | 2,800,000 | |
Transition agreement period | 30 days | ||
Debt face amount | $ 75,000,000 | ||
Interest rate | 6.00% | ||
Alan Levan And Mr Abdo [Member] | Class A and B Common Stock [Member] | |||
Related Party Transaction [Line Items] | |||
Percent of voting power | 79.00% | ||
Bluegreen [Member] | |||
Related Party Transaction [Line Items] | |||
Payment of administrative fees from subsidiary | 600,000 | 1,000,000 | |
Altman Companies [Member] | |||
Related Party Transaction [Line Items] | |||
Due from related parties | $ 200,000 | ||
Abdo Companies Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Management services expenses | 38,000 | 38,000 | 38,000 |
BVH And Bluegreen [Member] | |||
Related Party Transaction [Line Items] | |||
Related party expenses | $ 700,000 | $ 800,000 | $ 1,000,000 |
Certain Relationships And Rel_4
Certain Relationships And Related Party Transactions (Components Of Net Transfers) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Certain Relationships And Related Party Transactions [Abstract] | |||
Cash pooling | $ 81,581 | $ (85,246) | $ (14,222) |
Corporate overhead allocations | 12,694 | 21,037 | 21,198 |
Asset transfers | 75,320 | 302 | 660 |
Income taxes | (1,685) | (1,460) | (21) |
Net transfers from (to) Parent | $ 167,910 | $ (65,367) | $ 7,615 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)itemsegment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 22, 2020USD ($) | |
Segment Reporting Information [Line Items] | ||||
Minimum number of operating segments with similar characteristics to be considered as a reportable segment | segment | 1 | |||
Number of reportable segments | segment | 3 | |||
Revenues | $ 167,573 | $ 185,368 | $ 197,270 | |
Property and equipment, net | 7,803 | 29,836 | ||
Cash and cash equivalents | $ 90,037 | $ 20,723 | $ 22,103 | |
IT'SUGAR, LLC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Property and equipment, net | $ 22,162 | |||
Cash and cash equivalents | $ 1,045 | |||
Reportable Segments [Member] | Renin [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of major customers | item | 2 | |||
Cash and cash equivalents | $ 2,438 | |||
Reportable Segments [Member] | Outside United States [Member] | Renin [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 28,300 |
Segment Reporting (Segment Info
Segment Reporting (Segment Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 22, 2020 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Revenue from customers | $ 167,573 | $ 185,368 | $ 197,270 | ||
Interest income | 2,399 | 811 | 2,338 | ||
Net gains on sales of real estate assets | 255 | 13,616 | 4,563 | ||
Other revenue | 3,002 | 3,929 | 4,394 | ||
Total revenues | 173,229 | 203,724 | 208,565 | ||
Interest expense | 237 | 433 | 803 | ||
Recoveries from loan losses, net | (8,876) | (5,428) | (8,653) | ||
Impairment losses | 30,772 | 189 | 4,718 | ||
Selling, general and administrative expenses | 66,757 | 90,830 | 91,775 | ||
Total costs and expenses | 228,213 | 213,227 | 226,126 | ||
Operating losses | (54,984) | (9,503) | (17,561) | ||
Equity in net earnings of unconsolidated real estate joint ventures | 465 | 37,898 | 14,194 | ||
Loss on the deconsolidation of IT'SUGAR, LLC | (3,326) | ||||
Other income (expense) | 290 | 665 | 277 | ||
Foreign exchange (loss) gain | (692) | (75) | 68 | ||
(Loss) income from continuing operations before income taxes | (58,247) | 28,985 | (3,022) | ||
Total assets | 447,656 | 361,507 | 309,952 | ||
Expenditures for property and equipment | 5,345 | 11,091 | 12,796 | ||
Depreciation and amortization | 5,834 | 7,630 | 8,101 | ||
Debt accretion and amortization | 698 | 378 | 221 | ||
Cash and cash equivalents | 90,037 | 20,723 | 22,103 | ||
Equity method investments | 58,010 | 57,330 | 64,738 | ||
Goodwill | 8,277 | 37,248 | 37,248 | $ 39,482 | |
Notes payable and other borrowings | 73,483 | 42,736 | 37,496 | ||
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 1 | ||||
Other revenue | 1,461 | 2,233 | 1,865 | ||
Total revenues | 6,481 | 9,609 | 7,760 | ||
Interest expense | 10 | 27 | 7 | ||
Impairment losses | 2,727 | ||||
Selling, general and administrative expenses | 5,560 | 6,626 | 5,347 | ||
Total costs and expenses | 9,404 | 9,266 | 7,409 | ||
Operating losses | (2,923) | 343 | 351 | ||
Other income (expense) | 8 | 6 | (5) | ||
(Loss) income from continuing operations before income taxes | (2,915) | 349 | 346 | ||
Total assets | 7,096 | 10,059 | 20,187 | ||
Expenditures for property and equipment | 72 | 1,129 | 5,428 | ||
Depreciation and amortization | 106 | 770 | 671 | ||
Cash and cash equivalents | 1,539 | 633 | 668 | ||
Goodwill | 1,727 | 1,727 | |||
Notes payable and other borrowings | 43 | 224 | |||
Reconciling Items And Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 1,129 | 5 | |||
Other revenue | (194) | (247) | (22) | ||
Total revenues | 935 | (242) | (22) | ||
Interest expense | (581) | (288) | (150) | ||
Selling, general and administrative expenses | 15,849 | 20,791 | 21,185 | ||
Total costs and expenses | 15,268 | 20,504 | 21,035 | ||
Operating losses | (14,333) | (20,746) | (21,057) | ||
Other income (expense) | 58 | ||||
(Loss) income from continuing operations before income taxes | (14,275) | (20,746) | (21,057) | ||
Total assets | 141,506 | 5,917 | 8,717 | ||
Depreciation and amortization | 104 | ||||
Cash and cash equivalents | 53,764 | 4 | |||
BBX Capital Real Estate [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 1,240 | 750 | 2,277 | ||
Net gains on sales of real estate assets | 255 | 13,616 | 4,563 | ||
Other revenue | 1,454 | 1,619 | 2,541 | ||
Total revenues | 23,312 | 21,034 | 31,152 | ||
Recoveries from loan losses, net | (8,876) | (5,428) | (8,653) | ||
Impairment losses | 2,742 | 47 | 571 | ||
Selling, general and administrative expenses | 6,758 | 9,144 | 9,210 | ||
Total costs and expenses | 13,795 | 6,406 | 15,244 | ||
Operating losses | 9,517 | 14,628 | 15,908 | ||
Equity in net earnings of unconsolidated real estate joint ventures | 465 | 37,898 | 14,194 | ||
Other income (expense) | 6 | 170 | 112 | ||
(Loss) income from continuing operations before income taxes | 9,988 | 52,696 | 30,214 | ||
Total assets | 165,732 | 145,930 | 165,109 | ||
Expenditures for property and equipment | 4 | 318 | |||
Depreciation and amortization | 93 | 374 | |||
Debt accretion and amortization | 287 | 125 | 3 | ||
Cash and cash equivalents | 31,133 | 13,776 | 16,103 | ||
Equity method investments | 58,010 | 57,330 | 64,738 | ||
Notes payable and other borrowings | 26,762 | 31,877 | 27,333 | ||
BBX Sweet Holdings [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 56 | 61 | |||
Other revenue | 324 | 10 | |||
Total revenues | 105,786 | 101,258 | |||
Interest expense | 196 | 308 | |||
Impairment losses | 142 | 4,147 | |||
Selling, general and administrative expenses | 43,203 | 46,130 | |||
Total costs and expenses | 111,244 | 116,414 | |||
Operating losses | (5,458) | (15,156) | |||
Other income (expense) | 336 | 170 | |||
(Loss) income from continuing operations before income taxes | (5,122) | (14,986) | |||
Total assets | 167,281 | 83,617 | |||
Expenditures for property and equipment | 9,441 | 6,254 | |||
Depreciation and amortization | 5,565 | 5,897 | |||
Debt accretion and amortization | 226 | 201 | |||
Cash and cash equivalents | 6,314 | 5,328 | |||
Goodwill | 35,521 | 35,521 | |||
Notes payable and other borrowings | 3,810 | 2,046 | |||
Renin [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 93,036 | 67,537 | 68,417 | ||
Interest expense | 615 | 498 | 638 | ||
Selling, general and administrative expenses | 11,735 | 11,066 | 9,903 | ||
Total costs and expenses | 95,913 | 65,807 | 66,024 | ||
Operating losses | (2,877) | 1,730 | 2,393 | ||
Other income (expense) | (3) | 153 | |||
Foreign exchange (loss) gain | (692) | (75) | 68 | ||
(Loss) income from continuing operations before income taxes | (3,572) | 1,808 | 2,461 | ||
Total assets | 104,654 | 32,320 | 32,322 | ||
Expenditures for property and equipment | 2,118 | 517 | 796 | ||
Depreciation and amortization | 1,380 | 1,202 | 1,159 | ||
Debt accretion and amortization | 243 | 27 | 17 | ||
Cash and cash equivalents | 2,438 | ||||
Goodwill | 8,277 | ||||
Notes payable and other borrowings | 45,261 | 6,825 | 8,117 | ||
IT'SUGAR, LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | $ 14,900 | ||||
IT'SUGAR, LLC [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 29 | ||||
Other revenue | 281 | ||||
Total revenues | 49,465 | ||||
Interest expense | 193 | ||||
Impairment losses | 25,303 | ||||
Selling, general and administrative expenses | 26,855 | ||||
Total costs and expenses | 93,833 | ||||
Operating losses | (44,368) | ||||
Loss on the deconsolidation of IT'SUGAR, LLC | (3,326) | ||||
Other income (expense) | 221 | ||||
(Loss) income from continuing operations before income taxes | (47,473) | ||||
Total assets | 28,668 | ||||
Expenditures for property and equipment | 3,155 | ||||
Depreciation and amortization | 4,244 | ||||
Debt accretion and amortization | 168 | ||||
Cash and cash equivalents | 1,163 | ||||
Notes payable and other borrowings | 1,417 | ||||
Trade Sales [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from customers | 147,210 | 180,319 | 175,499 | ||
Total costs | 126,152 | 124,560 | 123,367 | ||
Trade Sales [Member] | Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from customers | 5,019 | 7,376 | 5,895 | ||
Total costs | 1,107 | 2,613 | 2,055 | ||
Trade Sales [Member] | Reconciling Items And Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total costs | 1 | ||||
Trade Sales [Member] | BBX Sweet Holdings [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from customers | 105,406 | 101,187 | |||
Total costs | 67,703 | 65,829 | |||
Trade Sales [Member] | Renin [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from customers | 93,036 | 67,537 | 68,417 | ||
Total costs | 83,563 | 54,243 | 55,483 | ||
Trade Sales [Member] | IT'SUGAR, LLC [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from customers | 49,155 | ||||
Total costs | 41,482 | ||||
Sales Of Real Estate Inventory [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from customers | 20,363 | 5,049 | 21,771 | ||
Total costs | 13,171 | 2,643 | 14,116 | ||
Sales Of Real Estate Inventory [Member] | BBX Capital Real Estate [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from customers | 20,363 | 5,049 | 21,771 | ||
Total costs | $ 13,171 | $ 2,643 | $ 14,116 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020segment | Dec. 31, 2019USD ($) | |
Long Lived Assets Held-for-sale [Line Items] | ||
Number of reportable segments | segment | 3 | |
Discontinued operations total assets | $ 992 | |
MOD Pizza [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Discontinued operations total assets | $ 992 |
Discontinued Operations (Summar
Discontinued Operations (Summary Of Assets And Liabilities Of Discontinued Operations) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | $ 35 | $ 7,013 |
Discontinued operations total assets | 992 | |
Discontinued operations total liabilities | 1,041 | |
MOD Pizza [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | 35 | |
Operating lease assets | 772 | |
Other assets | 185 | |
Discontinued operations total assets | 992 | |
Accounts payable | 2 | |
Accrued expenses | 134 | |
Operating lease liability | 905 | |
Discontinued operations total liabilities | $ 1,041 |
Discontinued Operations (Summ_2
Discontinued Operations (Summary Of Income (Loss) Of Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
(Loss) income from discontinued operations before income taxes | $ (91) | $ (9,434) | $ (4,529) |
MOD Pizza [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | 6,148 | 4,094 | |
Depreciation, amortization and accretion, net | 691 | 555 | |
Impairment losses | 71 | 6,749 | |
Selling, general and administrative expenses | 20 | 6,139 | 6,634 |
Total costs and expenses | 91 | 15,591 | 8,627 |
Other revenue | 9 | 4 | |
(Loss) income from discontinued operations before income taxes | $ (91) | (9,434) | (4,529) |
MOD Pizza [Member] | Trade Sales [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | 6,044 | 4,007 | |
Costs and expenses | 2,012 | 1,438 | |
MOD Pizza [Member] | Other Revenue [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | $ 104 | $ 87 |
Discontinued Operations (Summ_3
Discontinued Operations (Summary Of Cash Flows Of Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities: | |||
Pre-tax loss from discontinued operations | $ 74 | $ 7,138 | $ 3,580 |
Adjustment to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Depreciation, amortization and accretion, net | 6,532 | 8,008 | 8,322 |
Impairment losses | 30,772 | 189 | 4,718 |
(Increase) decrease in trade inventory | (3,245) | (2,733) | 3,882 |
(Increase) decrease in other assets | (6,802) | 6,817 | 2,197 |
Change in operating lease assets and liabilities | (621) | 515 | |
(Decrease) Increase in accounts payable | (1,253) | (596) | 1,648 |
Decrease in accrued expenses | 27,668 | 927 | 1,638 |
Investing activities: | |||
Purchases of property and equipment | (5,345) | (11,091) | (12,796) |
Supplementary disclosure of non-cash investing and financing activities: | |||
Operating lease assets recognized upon adoption of ASC 842 | 86,431 | ||
Operating lease liabilities recognized upon adoption of ASC 842 | 95,296 | ||
MOD Pizza [Member] | |||
Operating activities: | |||
Pre-tax loss from discontinued operations | (91) | (9,434) | (4,529) |
Adjustment to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Depreciation, amortization and accretion, net | 691 | 555 | |
Impairment losses | 71 | 6,749 | |
(Increase) decrease in trade inventory | 64 | (42) | |
(Increase) decrease in other assets | 94 | 522 | 242 |
Change in operating lease assets and liabilities | (113) | (88) | |
(Decrease) Increase in accounts payable | (2) | (187) | (16) |
Decrease in accrued expenses | (134) | (1,201) | (138) |
Net cash used in operating activities | $ (175) | (2,884) | (3,928) |
Investing activities: | |||
Cash paid for intangible assets | (40) | (100) | |
Purchases of property and equipment | (576) | (5,140) | |
Net cash used in investing activities | (616) | $ (5,240) | |
Supplementary disclosure of non-cash investing and financing activities: | |||
Operating lease assets recognized upon adoption of ASC 842 | 6,878 | ||
Operating lease liabilities recognized upon adoption of ASC 842 | $ 8,192 |
IT'SUGAR Bankruptcy (Narrative)
IT'SUGAR Bankruptcy (Narrative) (Details) - USD ($) $ in Thousands | Oct. 07, 2020 | Sep. 22, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Loss from noncontrolling interest | $ 1,248 | $ 1,902 | ||
IT'SUGAR, LLC [Member] | ||||
Noncontrolling equity investment | $ 12,700 | |||
Loss from noncontrolling interest | 3,300 | |||
Notes payable to company | $ 6,200 | |||
Preconfirmation, liabilities | 11,700 | |||
Preconfirmation, rental obligations | 7,700 | |||
Preconfirmation, obligation to other creditor | 4,000 | |||
Advance from subsidiary | $ 2,000 | |||
DIP Facility [Member] | IT'SUGAR, LLC [Member] | ||||
Maximum borrowing capacity | $ 4,000 | |||
Debt instrument term (in years) | 365 days | |||
LIBOR [Member] | DIP Facility [Member] | IT'SUGAR, LLC [Member] | ||||
Basis spread on rate | 1.50% |
IT'SUGAR Bankruptcy (Schedule O
IT'SUGAR Bankruptcy (Schedule Of Balance Sheet While In Chapter 11) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 22, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | |||||
Cash and cash equivalents | $ 90,037 | $ 20,723 | $ 22,103 | ||
Restricted cash | 350 | 529 | 966 | ||
Trade accounts receivable, net | 29,507 | 13,104 | |||
Trade inventory | 31,846 | 22,843 | |||
Property and equipment, net | 7,803 | 29,836 | |||
Goodwill | 8,277 | 37,248 | 37,248 | $ 39,482 | |
Intangible assets, net | 22,420 | 6,671 | |||
Operating lease assets | 13,488 | 87,082 | |||
Other assets | 24,718 | 16,051 | |||
Total assets | 447,656 | 361,507 | 309,952 | ||
Liabilities: | |||||
Accrued expenses | 30,852 | 14,115 | |||
Operating lease liabilities | 14,141 | 99,568 | |||
Notes payable and other borrowings | 73,483 | 42,736 | 37,496 | ||
Deferred income taxes | 834 | 1,415 | |||
Total liabilities | 138,403 | 175,262 | |||
Equity: | |||||
Additional paid-in capital | 310,588 | ||||
Accumulated deficit | (3,457) | ||||
Noncontrolling interests | 99 | 1,001 | |||
Total equity | 309,253 | 182,236 | $ 237,530 | $ 238,806 | |
Total liabilities and equity | $ 447,656 | $ 361,507 | |||
IT'SUGAR, LLC [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | $ 1,045 | ||||
Restricted cash | 20 | ||||
Trade accounts receivable, net | 103 | ||||
Trade inventory | 6,213 | ||||
Property and equipment, net | 22,162 | ||||
Goodwill | 14,864 | ||||
Intangible assets, net | 3,222 | ||||
Operating lease assets | 64,889 | ||||
Other assets | 1,707 | ||||
Total assets | 114,225 | ||||
Liabilities: | |||||
Accrued expenses | 13,441 | ||||
Operating lease liabilities | 80,388 | ||||
Notes payable and other borrowings | 6,199 | ||||
Total liabilities | 100,028 | ||||
Equity: | |||||
Additional paid-in capital | 59,809 | ||||
Accumulated deficit | (50,102) | ||||
Noncontrolling interests | 4,490 | ||||
Total equity | 14,197 | ||||
Total liabilities and equity | $ 114,225 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2021USD ($)item | Jun. 30, 2017USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |||||
Investments in and advances to unconsolidated real estate joint ventures | $ 58,010 | $ 57,330 | $ 64,738 | ||
The Altman Companies, LLC [Member] | |||||
Debt Instrument [Line Items] | |||||
Investments in unconsolidated real estate joint ventures, Percent | 50.00% | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 15,222 | $ 14,745 | |||
Sky Cove South [Member] | Subsequent Event [Member] | BBX Capital Real Estate [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of units | item | 197 | ||||
Expected return on investment, percent | 26.25% | ||||
Investments in and advances to unconsolidated real estate joint ventures | $ 4,900 | ||||
Colonial Elegance [Member] | |||||
Debt Instrument [Line Items] | |||||
Purchase consideration | $ 43,089 | ||||
Colonial Elegance [Member] | Renin [Member] | |||||
Debt Instrument [Line Items] | |||||
Purchase consideration | $ 43,100 |