Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 07, 2016 | Jun. 30, 2015 | |
Entity Registrant Name | BFC FINANCIAL CORP | ||
Entity Central Index Key | 315,858 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 209.8 | ||
Class A Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 75,492,819 | ||
Class B Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 13,718,928 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents ($4,993 in 2014 held by variable interest entities ("VIEs")) | $ 198,905 | $ 279,437 |
Restricted cash ($25,358 in 2015 and $31,554 in 2014 held by VIEs) | 59,365 | 54,620 |
Loans held for sale ($35,423 in 2014 held by VIEs) | 21,354 | 35,423 |
Loans receivable, net (including $18,972 in 2014 held by VIE) | 34,035 | 26,844 |
Notes receivable, net ($280,841 and $293,950 in VIE in 2015 and 2014, respectively) | 415,598 | 424,267 |
Inventory | 220,929 | 195,388 |
Real estate held for investment ($19,945 in 2014 held by VIEs) | 31,290 | 76,552 |
Real estate held for sale ($13,745 in 2014 held by VIEs), net | 46,338 | 41,733 |
Investments in unconsolidated real estate joint ventures | 42,962 | 16,065 |
Property and equipment, net ($7,561 in 2014 held by VIEs) | 90,020 | 89,051 |
Goodwill and intangible assets, net | 77,789 | 79,730 |
Other assets ($404 in 2015 and $1,165 in 2014 held by VIEs) | 111,113 | 92,186 |
Total assets | 1,349,698 | 1,411,296 |
Liabilities: | ||
BB&T preferred interest in FAR, LLC ($12,348 in 2014 held by VIEs) | 12,348 | |
Receivable-backed notes payable - recourse | 89,888 | 92,129 |
Receivable-backed notes payable - non-recourse (held by VIEs) | 318,929 | 320,275 |
Notes and mortgage notes payable and other borrowings | 123,005 | 107,984 |
Junior subordinated debentures | 152,307 | 150,038 |
Deferred income taxes | 8,594 | 92,609 |
Shares subject to mandatory redemption | 13,098 | 12,714 |
Accounts payable | 25,976 | 20,421 |
Deferred income | 28,847 | 25,057 |
Other liabilities ($12,602 in 2014 held by VIEs) | 106,148 | 131,015 |
Total liabilities | $ 866,792 | $ 964,590 |
Commitments and contingencies (See Note 15) | ||
Preferred stock of $.01 par value; authorized - 10,000,000 shares: | ||
Redeemable 5% Cumulative Preferred Stock of $.01 par value; authorized 15,000 shares; issued and outstanding 15,000 shares with a stated value of $1,000 per share | ||
Equity: | ||
Additional paid-in capital | $ 143,231 | $ 142,058 |
Accumulated earnings | 232,134 | 109,660 |
Accumulated other comprehensive income | 616 | 353 |
Total BFC Financial Corporation equity | 376,826 | 252,906 |
Noncontrolling interests | 106,080 | 193,800 |
Total equity | 482,906 | 446,706 |
Total liabilities and equity | 1,349,698 | 1,411,296 |
Class A Common Stock [Member] | ||
Equity: | ||
Common stock | 732 | 733 |
Total equity | 732 | 733 |
Class B Common Stock [Member] | ||
Equity: | ||
Common stock | 113 | 102 |
Total equity | $ 113 | $ 102 |
Consolidated Statements Of Fin3
Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash and cash equivalents | $ 198,905 | $ 279,437 |
Restricted cash | 59,365 | 54,620 |
Loans held for sale | 21,354 | 35,423 |
Loans receivable, net | 34,035 | 26,844 |
Notes receivable, net | 415,598 | 424,267 |
Real estate held-for-investment | 31,290 | 76,552 |
Real estate held-for-sale | 46,338 | 41,733 |
Properties and equipment, net | 90,020 | 89,051 |
Other assets | 111,113 | 92,186 |
BB&T preferred interest in FAR, LLC | 12,348 | |
Other liabilities | $ 106,148 | $ 131,015 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Redeemable Cumulative Preferred Stock, dividend rate | 5.00% | 5.00% |
Redeemable Cumulative Preferred Stock, par value | $ 0.01 | $ 0.01 |
Redeemable Cumulative Preferred Stock, shares authorized | 15,000 | 15,000 |
Redeemable Cumulative Preferred Stock, shares issued | 15,000 | 15,000 |
Redeemable Cumulative Preferred Stock, shares outstanding | 15,000 | 15,000 |
Stated value of redeemable cumulative preferred stock | $ 1,000 | $ 1,000 |
Class A Common Stock [Member] | ||
Common Stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 73,211,519 | 73,307,012 |
Common stock, shares outstanding | 73,211,519 | 73,307,012 |
Class B Common Stock [Member] | ||
Common Stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 11,346,336 | 10,168,105 |
Common stock, shares outstanding | 11,346,336 | 10,168,105 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash and cash equivalents | $ 4,993 | |
Restricted cash | $ 25,358 | 31,554 |
Loans held for sale | 35,423 | |
Loans receivable, net | 18,972 | |
Notes receivable, net | 280,841 | 293,950 |
Real estate held-for-investment | 19,945 | |
Real estate held-for-sale | 13,745 | |
Properties and equipment, net | 7,561 | |
Other assets | $ 404 | 1,165 |
BB&T preferred interest in FAR, LLC | 12,348 | |
Other liabilities | $ 12,602 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Revenues | ||||
Sales of VOIs | $ 259,236 | $ 262,334 | $ 261,439 | |
Fee-based sales commission | 173,659 | 144,239 | 91,859 | |
Other fee-based service revenue | 97,539 | 92,089 | 80,125 | |
Trade sales | 84,284 | 74,083 | 10,243 | |
Interest income | 88,765 | 86,492 | 106,271 | |
Net gains on sales of assets | 31,092 | 5,527 | 6,728 | |
Other revenue | 5,632 | 7,422 | 7,098 | |
Total revenues | 740,207 | 672,186 | 563,763 | |
Costs and Expenses | ||||
Cost of sales of VOIs | 22,884 | 30,766 | 32,607 | |
Cost of other fee-based services | 60,942 | 56,941 | 52,817 | |
Cost of trade sales | 62,707 | 54,682 | 7,860 | |
Interest expense | 40,408 | 47,402 | 50,621 | |
Recoveries from loan losses | (13,457) | (7,155) | (43,865) | |
Impairments of assets | 287 | 7,015 | 4,708 | |
Litigation settlement | 36,500 | |||
Selling, general and administrative expenses | 466,700 | 421,649 | 361,958 | |
Total costs and expenses | 676,971 | 611,300 | 466,706 | |
Equity in losses of unconsolidated real estate joint ventures | (1,565) | (573) | (30) | |
Foreign exchange loss | (1,038) | (715) | (357) | |
Other income, net | 4,050 | 4,780 | 228 | |
Income before income taxes | 64,683 | 64,378 | 96,898 | |
Benefit (provision) for income taxes (See Note 14) | [1] | 76,596 | (37,073) | (26,141) |
Net income | 141,279 | 27,305 | 70,757 | |
Less: Net income attributable to noncontrolling interests | 18,805 | 13,455 | 41,694 | |
Net income attributable to BFC | $ 122,474 | $ 13,850 | $ 29,063 | |
Basic earnings per share | $ 1.41 | $ 0.16 | $ 0.35 | |
Diluted earnings per share | $ 1.40 | $ 0.16 | $ 0.35 | |
Basic weighted average number of common shares outstanding | 87,022 | 84,502 | 83,202 | |
Diluted weighted average number of common and common equivalent shares outstanding | 87,208 | 84,761 | 84,624 | |
Other comprehensive income, net of tax: | ||||
Unrealized (losses) gains on securities available for sale, net of tax of $16 for 2015 | $ (10) | $ 59 | $ 69 | |
Foreign currency translation adjustments | 353 | 89 | 16 | |
Other comprehensive income, net of tax | 343 | 148 | 85 | |
Comprehensive income, net of tax | 141,622 | 27,453 | 70,842 | |
Less: Comprehensive income attributable to noncontrolling interests | 18,885 | 13,490 | 41,700 | |
Total comprehensive income attributable to BFC | $ 122,737 | $ 13,963 | $ 29,142 | |
[1] | Expected tax is computed based upon income before noncontrolling interests. |
Consolidated Statements Of Ope5
Consolidated Statements Of Operations And Comprehensive Income (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Consolidated Statements Of Comprehensive Income [Abstract] | |
Unrealized (losses) gain on securities available for sale, Tax | $ 16 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - USD ($) $ in Thousands | Total BFC Equity [Member] | Additional Paid-In Capital [Member] | Accumulated Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Non-controlling Interest in Subsidiaries [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Total |
Beginning balance at Dec. 31, 2012 | $ 298,967 | $ 231,287 | $ 66,747 | $ 161 | $ 208,822 | $ 703 | $ 69 | $ 507,789 |
Beginning balance, shares at Dec. 31, 2012 | 70,309,000 | 6,860,000 | ||||||
Net income | 29,063 | 29,063 | 41,694 | 70,757 | ||||
Other comprehensive income | 79 | 79 | 6 | 85 | ||||
Subsidiaries' capital transactions attributable to noncontrolling interest | (904) | (904) | 2,432 | 1,528 | ||||
Distributions to noncontrolling interest | (8,575) | (8,575) | ||||||
BFC's tender offer of BBX Capital attributable to non-controlling interest | (6,309) | (6,309) | 6,309 | (6,309) | ||||
Bluegreen merger attributable to noncontrolling interests | 67,713 | 67,713 | (67,713) | 67,713 | ||||
Consideration paid in connection with Bluegreen merger | (149,212) | (149,212) | (149,212) | |||||
Repurchase and retirement of Class A Common Stock, value | (1,483) | (1,477) | $ (6) | (1,483) | ||||
Repurchase and retirement of Class A Common Stock, shares | (564,000) | |||||||
Issuance of Common Stock from exercise of options, value | 249 | 243 | $ 2 | $ 4 | $ 249 | |||
Issuance of Common Stock from exercise of options, shares | 131,000 | 477,000 | 607,543 | |||||
Issuance of Common Stock from vesting of restricted stock award, value | (14) | $ 14 | ||||||
Issuance of Common Stock from vesting of restricted stock award, shares | 1,389,000 | |||||||
Share-based compensation | 1,258 | 1,258 | $ 1,258 | |||||
Ending balance at Dec. 31, 2013 | 239,421 | 142,585 | 95,810 | 240 | 182,975 | $ 713 | $ 73 | 422,396 |
Ending balance, shares at Dec. 31, 2013 | 71,265,000 | 7,337,000 | ||||||
Net income | 13,850 | 13,850 | 13,455 | 27,305 | ||||
Other comprehensive income | 113 | 113 | 35 | 148 | ||||
Subsidiaries' capital transactions attributable to noncontrolling interest | 500 | 500 | 3,258 | 3,758 | ||||
Distributions to noncontrolling interest | (5,923) | (5,923) | ||||||
Conversion of Common Stock from Class B to Class A, value | $ 4 | $ (4) | ||||||
Conversion of Common Stock from Class B to Class A, shares | 474,000 | (474,000) | ||||||
Repurchase and retirement of Class A Common Stock, value | (4,089) | (4,079) | $ (10) | (4,089) | ||||
Repurchase and retirement of Class A Common Stock, shares | (1,040,000) | |||||||
Issuance of Common Stock from exercise of options, value | 587 | 573 | $ 12 | $ 2 | $ 587 | |||
Issuance of Common Stock from exercise of options, shares | 1,219,000 | 212,000 | 1,428,420 | |||||
Issuance of Common Stock from vesting of restricted stock award, value | (14) | $ 14 | ||||||
Issuance of Common Stock from vesting of restricted stock award, shares | 1,389,000 | |||||||
Issuance of restricted Class B Common Stock, value | (31) | $ 31 | ||||||
Issuance of restricted Class B Common Stock, shares | 3,093,000 | |||||||
Share-based compensation | 2,524 | 2,524 | $ 2,524 | |||||
Ending balance at Dec. 31, 2014 | 252,906 | 142,058 | 109,660 | 353 | 193,800 | $ 733 | $ 102 | 446,706 |
Ending balance, shares at Dec. 31, 2014 | 73,307,000 | 10,168,000 | ||||||
Net income | 122,474 | 122,474 | 18,805 | 141,279 | ||||
Other comprehensive income | 263 | 263 | 80 | 343 | ||||
Subsidiaries' capital transactions attributable to noncontrolling interest | 1,904 | 1,904 | 1,039 | 2,943 | ||||
Distributions to noncontrolling interest | (14,059) | (14,059) | ||||||
BFC's tender offer of BBX Capital attributable to non-controlling interest | 92,763 | 92,763 | (92,763) | |||||
Acquisition of BBX Capital's Class A Common Stock in connection with tender offer | (95,424) | (95,424) | (95,424) | |||||
Conversion of Common Stock from Class B to Class A, shares | 40,000 | (40,000) | ||||||
Repurchase and retirement of Class A Common Stock, value | (4,454) | (4,439) | $ (15) | (4,454) | ||||
Repurchase and retirement of Class A Common Stock, shares | (1,549,000) | |||||||
Issuance of Common Stock from exercise of options, value | 10 | 10 | $ 10 | |||||
Issuance of Common Stock from exercise of options, shares | 25,000 | 25,000 | ||||||
Issuance of Common Stock from vesting of restricted stock award, value | (14) | $ 14 | ||||||
Issuance of Common Stock from vesting of restricted stock award, shares | 1,389,000 | |||||||
Issuance of BFC Common Stock in exchange for BBX Capital Common Stock pursuant to the share exchange, value | 822 | 811 | (822) | $ 11 | ||||
Issuance of BFC Common Stock in exchange for BBX Capital Common Stock pursuant to the share exchange , shares | 1,218,000 | |||||||
Share-based compensation | 5,562 | 5,562 | $ 5,562 | |||||
Ending balance at Dec. 31, 2015 | $ 376,826 | $ 143,231 | $ 232,134 | $ 616 | $ 106,080 | $ 732 | $ 113 | $ 482,906 |
Ending balance, shares at Dec. 31, 2015 | 73,212,000 | 11,346,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income | $ 141,279 | $ 27,305 | $ 70,757 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Recoveries from loan losses and asset impairments, net | (13,233) | (1,470) | (39,157) |
Provision for notes receivable allowances | 42,063 | 40,164 | 54,309 |
Depreciation, amortization and accretion, net | 10,511 | 9,399 | 4,563 |
Share-based compensation expense | 5,562 | 2,524 | 1,258 |
Share-based compensation expense of subsidiaries | 5,472 | 3,703 | 2,662 |
(Gain) loss on disposal of property and equipment | (163) | 571 | (25) |
Gains on sales of real estate and loans held for sale | (31,048) | (5,285) | (4,761) |
Gain on bargain purchase | (254) | (1,237) | (1,001) |
Equity in losses (earnings) of unconsolidated real estate joint ventures | 1,565 | 573 | 30 |
(Decrease) increase in deferred income tax | (84,329) | 12,707 | 19,624 |
Interest accretion on shares subject to mandatory redemption | 1,134 | 1,102 | 1,261 |
(Increase) decrease in restricted cash | (2,094) | 10,665 | (10,950) |
(Increase) decrease in inventory | (15,685) | 19,048 | 2,791 |
Decrease in accrued interest receivable | 25 | 177 | 1,269 |
Increase in other assets | (13,539) | (3,394) | (9,559) |
Increase in notes receivable | (34,538) | (9,820) | (24,209) |
(Decrease) increase in other liabilities | (16,473) | 2,405 | 6,317 |
Net cash (used by) provided by operating activities | (3,745) | 109,137 | 75,179 |
Investing activities: | |||
Increase in restricted cash and cash equivalents | (2,651) | ||
Distributions from unconsolidated real estate joint ventures | 510 | 273 | 163 |
Investment in uncosolidated real estate joint ventures | (9,687) | (10,074) | (1,354) |
Issuance of notes receivable to preferred shareholders | (5,013) | ||
Repayment of loans receivable, net | 30,170 | 42,298 | 136,136 |
Proceeds from the sale of loans receivable | 68 | 9,497 | 3,490 |
Proceeds from sales of real estate held-for-sale | 72,154 | 33,240 | 31,365 |
Proceeds from contribution of real estate to unconsolidated real estate joint ventures | 701 | 4,086 | |
Improvements in real estate held-for-investment | (20,032) | (4,242) | (6,063) |
Purcahses of real estate held-for-sale | (10,667) | ||
Purchases of property and equipment | (12,810) | (19,453) | (12,760) |
Proceeds from the sale of property and equipment | 372 | 164 | 5,889 |
Cash paid for acquisitions, net of cash received | (10) | (8,844) | (15,413) |
Acquisition of BBX Capital Class A shares | (95,424) | ||
(Increase) decrease from other investing activities | (807) | 627 | 3,774 |
Net cash (used in) provided by investing activities | (48,113) | 47,572 | 140,214 |
Financing activities: | |||
Repayment of BB&T preferred interest in FAR, LLC | (12,348) | (56,169) | (128,360) |
Repayments of notes, mortgage notes payable and other borrowings | (253,615) | (164,074) | (169,675) |
Proceeds from notes, mortgage notes payable and other borrowings | 262,900 | 137,274 | 235,499 |
Payments for debt issuance costs | (3,830) | (1,822) | (6,363) |
Consideration paid in connection with the Bluegreen merger | (149,212) | ||
Payment of interest on shares subject to mandatory redemption | (750) | (750) | (750) |
Proceeds from the exercise of BFC stock options | 10 | 586 | 249 |
Proceeds from the exercise of subsidiary stock options | 400 | ||
Excess tax benefits from share-based compensation | 2,080 | ||
Retirement of BFC's common stock | (4,453) | (4,089) | (1,483) |
Retirement of subsidiary's common stock | (2,529) | (2,021) | (1,647) |
Contributions from noncontrolling interest | 135 | ||
Distributions to noncontrolling interest | (14,059) | (5,923) | (8,575) |
Net cash used in financing activities | (28,674) | (94,908) | (229,782) |
(Decrease) increase in cash and cash equivalents | (80,532) | 61,801 | (14,389) |
Cash and cash equivalents at beginning of period | 279,437 | 217,636 | 232,025 |
Cash and cash equivalents at end of period | 198,905 | 279,437 | 217,636 |
Supplemental cash flow information: | |||
Interest paid on borrowings | 35,111 | 41,665 | 43,968 |
Income taxes paid | 26,092 | 26,169 | 7,215 |
Income tax refunded | (309) | (86) | (40) |
Supplementary disclosure of non-cash investing and financing | |||
Loans and tax certificates transferred to real estate held-for-sale or real estate held-for-investment | 3,215 | 21,400 | 82,177 |
Loans receivable transferred to property and equipment | 12,834 | ||
Loans receivable transferred from loans held-for-sale to loans held-for-investment | 7,365 | 1,312 | |
Loans receivable transferred to loans held-for-sale from loans held-for-investment | 2,299 | 42,398 | |
Receivable from sale of real estate held-for-sale | 10,000 | ||
Real estate held-for-investment transferred to investments in unconsolidated real estate joint ventures | 19,448 | 1,920 | |
Real estate held-for-investment transferred to real estate held-for-sale | 41,751 | 28,018 | |
Increase in real estate held-for-sale from the assumption of other liabilities | 2,879 | ||
Increase of BFC common stock in exchange for BBX Capital Class A Common STock | 822 | ||
Increase in BFC accumulated other comprehensive income, net of taxes | 343 | 148 | 85 |
BBX Capital's investment in Woodbridge attributable to noncontrolling interest | (6,309) | ||
Bluegreen merger attributable to noncontrolling interest | 67,713 | ||
Net (decrease) increase in BFC shareholders' equity from the effect of subsidiaries' capital transactions, net of taxes | (1,904) | 500 | (904) |
Accumulated Other Comprehensive Income [Member] | |||
Supplementary disclosure of non-cash investing and financing | |||
Increase in BFC accumulated other comprehensive income, net of taxes | $ 263 | $ 113 | $ 79 |
Basis Of Financial Statement Pr
Basis Of Financial Statement Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Basis Of Financial Statement Presentation [Abstract] | |
Basis Of Financial Statement Presentation | 1. Basis of Financial Statement Presentation BFC Financial Corporation (“BFC” or, unless otherwise indicated or the context otherwise requires, “we,” “us,” “our,” or the “Company”) is a Florida-based holding company. BFC’s principal holdings include an approximately 81% equity interest in BBX Capital Corporation (formerly BankAtlantic Bancorp, Inc.) and its subsidiaries (“BBX Capital”) and a direct 54% equity interest in Woodbridge Holdings, LLC (“Woodbridge”). Woodbridge owns 100% of Bluegreen Corporation and its subsidiaries (“Bluegreen”). Bluegreen is a sales, marketing and management company focused on the vacation ownership industry. BBX Capital is a Florida-based company involved in the ownership, financing, acquisition, development and management of real estate, including through real estate joint ventures, and investments in middle market operating businesses. BBX Capital has acquired companies in the sugar and confectionary industry through its wholly-owned subsidiary, BBX Sweet Holdings, LLC (“BBX Sweet Holdings”), and, through a joint venture owned 81% by BBX Capital and 19% by BFC, has acquired the assets of Renin Corporation (“Renin”), a company that manufactures products for the home improvement industry. BBX Capital also holds the remaining 46% equity interest in Woodbridge not held by BFC. BFC reports the results of its operations through two segments: Bluegreen and BBX. BFC consolidate s the financial results of the entities in which it has controlling financial interests, including BBX Capital, Woodbridge and Bluegreen. As a consequence, the assets and liabilities of all such entities are presented on a consolidated basis in BFC’s financial statements. However, except as otherwise noted, the debts and obligations of the consolidated entities, including BBX Capital, Woodbridge, and Bluegreen, are not direct obligations of BFC and are non-recourse to BFC. Similarly, the assets of those entities are not available to BFC absent a dividend or distribution from those entities (and, in the case of Bluegreen, a subsequent dividend or distribution by Woodbridge , Bluegreen’s parent company ). Increase in Ownership of Shares of BBX Capital’s Class A Common Stock On April 30 , 2015, the Company completed a cash tender offer pursuant to which it purchased from the shareholders of BBX Capital a total of 4,771,221 shares of BBX Capital’s Class A Common Stock at a purchase price of $20.00 per share , for an aggregate purchase price of approximately $95.4 mil lion . Prior to the tender offer, t he Company owned approximately 51% of the issued and outstanding shares of BBX Capital’s Class A Common Stock and all of the i ssued and outstanding shares of BBX Capital’s Class B Common Stock . C ollectively , these shares represented an approximately 51% equity interest and 74% voting interest in BBX Capital . The purchase of BBX Capital’s Class A Common Stock in the tender offer increased the Company’s ownership interest to approximately 81% of the issued and outstanding shares of BBX Capital’s Class A Common Stock . T he shares of BBX Capital’s Class A Common Stock and Class B Common Stock owned by the Company currently represent an approximately 81% equity interest and 90% voting interest in BBX Capital . As a result of the increase in BFC’s ownership interest in BBX Capital, BFC, will be filing a consolidated group tax return which will include the operations of BBX Capital , Woodbridge and Bluegreen. See Note 14 for additional information regarding the C ompany’s income taxes . Sale of BankAtlantic BBX Capital’s principal asset until July 31, 2012 was its ownership of BankAtlantic and its subsidiaries (“BankAtlantic”). BankAtlantic was a federal savings bank headquartered in Fort Lauderdale, Florida. On July 31, 2012, BBX Capital completed the sale to BB&T Corporation (“BB&T”) of all of the issued and outstanding shares of capital stock of BankAtlantic (the stock sale and related transactions described herein are collectively referred to as the “BankAtlantic Sale” or the “BB&T Transaction”). Prior to the closing of the BB&T Transaction, BankAtlantic formed two wholly-owned subsidiaries, BBX Capital Asset Management, LLC (“CAM”) and Florida Asset Resolution Group, LLC (“FAR”). Prior to the closing of the BB&T Transaction, BankAtlantic contributed approximately $82 million in cash to CAM and certain non-performing commercial loans, commercial real estate and previously written-off assets that had an aggregate carrying value on BankAtlantic’s balance sheet of $125 million as of July 31, 2012. CAM assumed all liabilities related to these assets. Prior to the closing of the BB&T Transaction, BankAtlantic distributed all of the membership interests in CAM to BBX Capital. CAM remains a wholly-owned subsidiary of BBX Capital. BankAtlantic also contributed to FAR certain performing and non-performing loans, tax certificates and real estate that had an aggregate carrying value on BankAtlantic’s balance sheet of approximately $346 million as of July 31, 2012. FAR assumed all liabilities related to these assets. BankAtlantic also contributed approximately $50 million in cash to FAR on July 31, 2012 and thereafter distributed all of the membership interests in FAR to BBX Capital. At the closing of the BB&T Transaction, BBX Capital transferred to BB&T 95% of the outstanding preferred membership interests in FAR in connection with BB&T’s assumption of BBX Capital’s $285.4 million in principal amount of outstanding trust preferred securities (“TruPS”) obligations. BBX Capital retained the remaining 5% of FAR’s preferred membership interests. Under the terms of the Amended and Restated Limited Liability Company agreement of FAR entered into by BBX Capital and BB&T at the closing, BB&T was entitled to hold its 95% preferred interest in the net cash flows of FAR until it recovered $285 million in preference amount plus a priority return of LIBOR + 2.0% per annum on any unpaid preference amount. On May 6, 2015, BB&T’s preferred interest in FAR was repaid in full and redeemed and FAR became a wholly-owned subsidiary of BBX Capital. Woodbridge Acquisition of Bluegreen ; Settlement of Merger Litigation On April 2, 2013, Bluegreen merged with a wholly-owned subsidiary of Woodbridge in a cash merger transaction (sometimes hereinafter referred to as the “Bluegreen merger” or the “Bluegreen cash merger”). Pursuant to the terms of the merger agreement, Bluegreen’s shareholders (other than Woodbridge) received consideration of $10.00 in cash for each share of Bluegreen’s common stock that they held at the effective time of the merger, including unvested restricted securities. The aggregate merger consideration was approximately $149.2 million. As a result of the merger, Bluegreen, which was the surviving corporation of the merger, became a wholly-owned subsidiary of Woodbridge. Prior to the merger, the Company indirectly through Woodbridge owned approximately 54% of Bluegreen’s outstanding common stock. Several class action lawsuits were brought against Bluegreen, the directors of Bluegreen, BFC, Woodbridge, certain directors and officers of BFC and others, which challenged the terms of the merger. The plaintiffs, former Bluegreen shareholders, in the lawsuit sought the “fair value” of the shares of Bluegreen’s common stock on behalf of Bluegreen’s minority shareholders. On June 5, 2015, the parties in the action agreed to the settlement of the litigation. Pursuant to the settlement, Woodbridge paid $36.5 million, which amounts to approximately $2.50 per share, into a “Settlement Fund” for the benefit of former shareholders of Bluegreen whose shares were acquired in connection with the merger (the “Class”). Woodbridge used the proceeds from BBX Capital’s repayment of its $11.75 million promissory note to Woodbridge and additional capital contributions from BFC and BBX Capital of $13.4 million and $11.4 million, respectively, based on their respective 54% and 46% ownership interests in Woodbridge to fund the Settlement Fund. All litigation arising from or relating to the merger was dismissed with prejudice, together with a full release of BFC, Bluegreen, Woodbridge, BBX Capital and others. BFC, Bluegreen, Woodbridge, BBX Capital and all of the defendants denied and continue to deny that any of them violated any laws or breached any duties to the plaintiffs or Bluegreen’s former shareholders. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The accounting policies applied by the Company conform to accounting principles generally accepted in the United States of America. Consolidation Policy - The consolidated financial statements include the accounts of all the Company’s wholly-owned subsidiaries, the Company’s controlled subsidiaries, including BBX Capital, Woodbridge and Bluegreen, other entities in which the Company and its subsidiaries hold controlling financial interests, and variable interest entities (“VIEs”) if the Company or its consolidated subsidiary is deemed the primary beneficiary of the VIE. All significant inter-company accounts and transactions have been eliminated among consolidated entities. Use of Estimates - In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the statements of financial condition and operations for the periods presented. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the fair value of assets and liabilities, including those acquired in business combinations, the allowance for loan losses, collateral dependent loans, the valuation of loans held-for-sale, evaluation of intangible and long-lived assets for impairment, valuation of securities, evaluation of securities for impairment and other-than-temporary declines in value, revenue recognition on percent complete projects, the evaluation of real estate assets for impairment, estimated costs to complete construction, estimated future sales value on inventories, the amount of the deferred tax asset valuation allowance, accounting for uncertain tax positions, contingencies and litigation, and accounting for share-based compensation. Reclassifications - Certain amounts for prior years have been reclassified to conform to the revised financial statement presentation for 2015. Cash and Cash Equivalents - Cash equivalents consist of cash, demand deposits at financial institutions, money market funds and other short-term investments with original maturities of 90 days or less. Cash and cash equivalents are held at various financial institutions located throughout the United States, Canada, and Aruba in amounts exceeding the $250,000 federally insured limit. A significant portion of unrestricted cash is maintained with two banks and, accordingly, is subject to increased credit risk. Periodic evaluations of the relative credit standing of financial institutions maintaining the Company’s deposits are performed to evaluate and attempt to mitigate, if necessary, credit risk. Restricted Cash - Cash and interest bearing deposits are segregated into restricted accounts for specific uses in accordance with the terms of certain land sale and development contracts, VOI sales and other agreements and include customer deposits on VOI purchases held in escrow accounts and cash collected on pledged/secured notes receivable not yet remitted to lenders. Restricted funds may be utilized in accordance with the terms of the applicable governing documents. Restricted cash consists primarily of Bluegreen customer deposits held in escrow accounts and cash collected on pledged/secured notes receivable not yet remitted to lenders. Loans Receivable - Loans that BBX Capital has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for loan losses. Loans that BBX Capital’s management has the intent to sell are classified as loans held-for-sale and are reported at the lower of aggregate cost or estimated fair value. Loan origination fees and related direct loan origination costs on loans held-for-sale and premiums and discounts on loans held-for-sale are deferred until the related loan is sold and included in gains and losses upon sale. Loans are classified as loans held-for-sale when BBX Capital’s management originates loans for resale or when BBX Capital’s management decides to sell loans that were not originated or purchased for sale. Transfers of loans between classifications are recorded at the lower of aggregate cost or estimated fair value at the transfer date. Allowance for Loan Losses – BBX Capital’s allowance for loan losses reflects its management’s reasonable estimate of probable credit losses inherent in its loan portfolio based on its evaluation of credit risk as of period end. Loans are charged off against the allowance when BBX Capital’s management believes the loan is not collectible. Recoveries are credited to the allowance. The allowance consists of two components. The first component of the allowance is for loans that are individually evaluated for impairment. BBX Capital’s management evaluates commercial real estate and commercial non-real estate loans greater than $0.5 million for impairment quarterly. Once an individual loan is found to be impaired, an evaluation is performed to determine if a specific valuation allowance needs to be assigned to the loan based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, impairment may be measured based on the observable market price of the loan or the fair value of the collateral if the loan is collateral dependent. Loans determined to be collateral dependent are measured based on the fair value of the collateral less costs to sell. Consumer and residential loans past due 120 days or more are also evaluated individually for impairment and measured based on the lower of the estimated fair value of the loan’s collateral less cost to sell or the carrying value of the loan. The second component of the allowance is for groups of loans with common characteristics that are evaluated in loan pools to estimate the inherent losses in the portfolio. BBX Capital’s management segregates loans into segments with certain common characteristics so as to form a basis for estimating losses as it relates to the segment. BBX Capital’s loan portfolio has the following loan segments: residential, consumer, commercial non-real estate, commercial real estate, and small business loans. The loss experience for each loan segment was derived by calculating a charge-off history by loan segment adjusted by an expected recovery rate. Based on the nature of each portfolio, a time frame is selected for the charge-off history in order to estimate the inherent loss in each segment. The loss factor that was calculated from the charge-off history by loan segment is adjusted by considering the following factors: delinquency and charge-off levels and trends, non-accrual levels and trends, credit scores of borrowers, collateral value and external factors. Based on an analysis of the above factors, BBX Capital’s management may adjust the historical loss experience up or down to reflect current conditions that differ from the conditions that existed during the historical loss experience time frame. Non-accrual and past due loans – BBX Capital’s loans are generally placed on non-accrual status at the earlier of the loan becoming past due 90 days as to either principal or interest or when the borrower has entered bankruptcy proceedings and the loan is delinquent. BBX Capital’s commercial and small business loans may be placed on non-accrual status sooner due to material deterioration of conditions surrounding the repayment sources, which could include insufficient borrower capacity to service the debt, declines in the ratio of the loan amount to the value of the loan’s collateral or other factors causing the full payment of the loan’s principal and interest to be in doubt. Accordingly, a loan may be placed on non-accrual status even when payments of principal or interest are not currently in default. When a loan is placed on non-accrual, all accrued interest is reversed against interest income. BBX Capital’s loans may be restored to accrual status when there has been a satisfactory period of performance and the loan is expected to perform in the future according to its contractual terms. BBX Capital’s commercial and small business loans are charged-down if the collection of principal or interest is considered doubtful. BBX Capital’s consumer and residential real estate loans that are 120 days past due are charged down to the collateral’s fair value less estimated selling costs. Notes Receivable - Bluegreen’s VOI n otes receivable are carried at amortized cost less an allowance for credit losses. Interest income is suspended, and previously accrued but unpaid interest income is reversed, on all delinquent Bluegreen VOI notes receivable when principal or interest payments are more than 90 days contractually past due, and not resumed until such VOI notes receivable are less than 90 days past due. After 120 days, Bluegreen’s VOI notes receivable are generally written off against the allowance for credit loss. Bluegreen records an estimate of expected uncollectible VOI notes receivable as a reduction of revenue at the time Bluegreen recognizes a VOI sale. Bluegreen estimates of uncollectible VOI notes receivable is based on historical uncollectibles for similar VOI notes receivable. Bluegreen uses a static pool analysis, which tracks uncollectibles for each year’s sales over the entire life of the notes. Bluegreen also considers whether the historical economic conditions are comparable to current economic conditions, as well as variations in underwriting standards. Additionally, no consideration is given for future recoveries of defaulted inventory in the estimate of uncollectible VOI notes receivable. Bluegreen reviews its allowance for credit losses on at least a quarterly basis. Bluegreen’s loan origination costs are deferred and recognized over the life of the related notes receivable. Acquired Notes Receivable – During November 2009, BFC acquired additional shares of Bluegreen’s common stock which resulted in BFC consolidating Bluegreen in its financial statements. In connection with such transaction, BFC was deemed under applicable accounting guidance to have acquired certain of Bluegreen’s assets, including a pool of notes receivable consisting principally of homogenous consumer timeshare loans originated by Bluegreen. Consistent with the accounting guidance, BFC has elected an accounting policy based on expected cash flows, which includes guidance on maintaining the integrity of a pool of multiple loans accounted for as a single asset. The loans have common risk characteristics as defined in the accounting guidance, Loans and Debt Securities with Deteriorated Credit Quality, including similar risk ratings, as defined and monitored by risk rating agencies, term, purpose and collateral type (VOIs). BFC evaluates the pool of loans accounted for as a single asset for indications of impairment. Acquired notes receivable are considered to be impaired if it is not expected that all contractually required cash flows will be received due to concerns about credit quality. The excess of the cash flows expected to be collected measured as of the acquisition date, over the estimated fair value is referred to as the accretable yield and is recognized into interest income over the remaining life of the loan using a level yield methodology. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected is referred to as the nonaccretable difference. Subsequent decreases to expected principal cash flows result in a charge to provision for credit losses and a corresponding increase to a valuation allowance included in the allowance for loan losses. Subsequent increases in expected principal cash flows result in a recovery of any previously recorded allowance for loan losses, to the extent applicable, and a reclassification from nonaccretable difference to accretable yield for any remaining increase. Changes in expected interest cash flows may result in reclassifications to or from the nonaccretable difference. Loan disposals, which may include receipt of payments in full from the borrower or foreclosure, result in the removal of the loan from the loan pool at its allocated carrying amount. Trade Receivables – At December 31, 2015 and 2014 BBX Capital’s trade receivables in the amounts of $13.7 million and $13.4 million, respectively consists of receivables from Renin’s production and sale of home building products and BBX Sweet Holdings ’ manufactur e and sale of sugar confection er products. Trade receivables are recorded at the invoiced amount and do not bear interest. BBX Capital maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, its management considers historical losses adjusted to take into account current market conditions and the customers' financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. BBX Capital reviews its allowance for doubtful accounts quarterly. Past due balances over 90 days and over a specified amount are reviewed individually for collectibility. Account balances are charged off against the allowance after all standard means of collection have been exhausted and the potential for recovery is considered remote. Trade receivables are included in other assets in the Company’s consolidated statements of financial condition. Inventory - The Company’s inventory is primarily comprised of Bluegreen’s completed VOIs, VOIs under construction and land held for future vacation ownership development. Bluegreen’s completed inventory is carried at the lower of (i) cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest, real estate taxes and other costs incurred during construction, or (ii) estimated fair market value, less costs to sell. VOI inventory and cost of sales are accounted for under timeshare accounting rules, which define a specific method of the relative sales value method for relieving VOI inventory and recording cost of sales. Under the relative sales value method required by timeshare accounting rules, cost of sales is calculated as a percentage of net sales using a cost-of-sales percentage - the ratio of total estimated development costs to total estimated VOI revenue, including the estimated incremental revenue from the resale of VOI inventory repossessed, generally as a result of the default of the related receivable. Also, pursuant to timeshare accounting rules, Bluegreen does not relieve inventory for VOI cost of sales related to anticipated credit losses. Accordingly, no adjustment is made when inventory is reacquired upon default of the related receivable. Bluegreen also periodically evaluates the recoverability of the carrying amount of its undeveloped or under development resort properties under the accounting guidelines for Property, Plant and Equipment, which provides guidance relating to the accounting for the impairment or disposal of long-lived assets . No impairment charges were recorded with respect to VOI inventory during any of the periods presented. As of December 31, 2015 and 2014, BBX Capital’s inventory consisting of raw materials and finished goods from Renin and BBX Sweet Holdings operations in the amount of $ 16.3 million and $14.5 million, respectively. These amounts are included in other assets in the Company’s consolidated statements of financial condition. These inventories are 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 cost. Raw materials are stated at the lower of approximate cost, on a first-in, first-out basis, and market determined by reference to replacement cost. 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 basis for Renin’s finished goods inventory and on an average cost basis for BBX Sweet Holdings’ finished goods inventory. Real Estate Held-for-Investment and Real Estate Held-for-Sale – From time to time, BBX Capital takes possession or ownership of real estate through foreclosure of the underlying loan collateral or through the purchase of the real estate from third parties. When real estate is determined to be held-for-sale, it is recorded at fair value less estimated selling costs and subsequently measured at the lower of cost or estimated fair value. When real estate is determined to be held-for-investment, it is recorded at fair value and in subsequent periods depreciated over its useful life using the straight line method, if applicable. Impairments required at the time of foreclosure are charged to the allowance for loan losses. Expenditures for capital improvements are generally capitalized. Valuation allowance adjustments are made to reflect any subsequent declines in fair values. The costs of holding real estate are charged to real estate operating expenses as incurred. Changes in the real estate valuation allowance are recorded as asset (recoveries) impairments in the statement of operations. Investments in Unconsolidated Real Estate Joint Ventures - The Company follows the equity method of accounting to record its interests in entities in which it does not own the majority of the voting stock or otherwise hold a controlling financial interest and to record its investment in variable interest entities in which it is not the primary beneficiary. Under the equity method, the initial investment in the entity is recorded at cost on the Company’s statement of financial condition and is subsequently adjusted to recognize the Company's share of the entity’s earnings or losses. Distributions received and other-than temporary impairments reduce the carrying amount of the investment. The Company’s share of earnings or losses from its investment is shown on the statement of operations. BBX Capital recognizes earnings or losses on 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 earnings or losses for equity method investments when the contractual cash disbursements are different than the investors’ equity interest. The Company reviews its equity and cost method 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 the investments, general market conditions, the duration and extent to which the fair value of the investment is less than cost, and the Company’s intent and ability to hold the investment until it recovers. The Company also considers specific adverse conditions related to the financial health of and business outlook for the investee, including industry and sector performance, rating agency actions, changes in operations and financing cash flow factors. If a decline in the fair value of the investment is determined to be other-than-temporary, an impairment charge is recorded to reduce the investment to its fair value and a new cost basis in the investment is established. Impairment of Long Lived Assets - Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the full carrying amount of such assets may not be recoverable. In performing the review for impairment, the Company compares the expected undiscounted future cash flows to the carrying amount of the asset and records an impairment loss if the carrying amount exceeds the expected future cash flows based on the estimated discounted cash flows generated by the long-lived assets. The assumptions developed and used by management to evaluate impairment are subjective and involve significant estimates, and are subject to increased volatility due to uncertain market conditions. Long-lived assets to be abandoned are considered held and used until disposed. The carrying value of a long-lived asset to be abandoned is depreciated over its shortened depreciable life when a plan to abandon the asset is committed to before the end of its previously estimated useful life. Long-lived assets classified as held for sale are reported at the lower of its carrying amount or fair value less estimated selling costs. Depreciation (amortization) ceases with respect to long-lived assets upon their classification as assets held for sale. Goodwill and Intangible Assets – Goodwill is recorded at the acquisition date of a business. The Company tests goodwill for potential impairment annually on December 31 or during interim periods if impairment indicators exist. The Company first assesses qualitatively whether it is necessary to perform the two-step goodwill impairment test. The two-step test is performed when it is more-likely-than-not that the reporting unit’s goodwill fair value is less than its carrying amount. The Company evaluates the following factors in its qualitative assessment: macroeconomic conditions, market considerations, cost factors, financial performance and events affecting the reporting unit. If the Company concludes from the qualitative assessment that further testing is required, the Company performs the two-step goodwill impairment test. The first step of the goodwill impairment test is used to identify potential impairment. This step compares the fair value of a reporting unit with its carrying value. If the fair value of the reporting unit exceeds its carrying value, goodwill is considered not impaired and the second step of the impairment test is not necessary. If the fair value of the reporting unit is less than the carrying value, then the second step of the test is used to measure the amount of goodwill impairment, if any, in the reporting unit. This step compares the current implied goodwill in the reporting unit to its carrying amount. If the carrying amount of the goodwill exceeds the implied goodwill, an impairment is recorded for the excess. The implied goodwill is determined in the same manner as the amount of goodwill recognized in a business combination is determined. Intangible assets consist primarily of indefinite lived management contracts recognized upon the consolidation of Bluegreen during November 2009. The remaining balance in intangible assets consisted of trade names, customer relationships, non-competition agreements and lease premiums that were initially recorded at fair value and are amortized on a straight-line basis over their respective estimated useful lives. Indefinite lived intangible assets are not amortized and are tested for impairment on at least an annual basis, or more frequently if events and circumstances indicate that the indefinite lived intangible assets may be impaired. The Company evaluates indefinite lived intangible assets for impairment by first qualitatively considering relevant events and circumstances to determine whether it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying value. If it is more-likely-than-not that the fair value of the indefinite-lived intangible asset is greater than it carrying value than the indefinite-lived intangible asset is not impaired. If the Company concludes that further testing is required, the Company calculates the fair value of the indefinite-lived intangible asset and compares the fair value to the carrying value. If the fair value of the indefinite-lived intangible asset is less than the carrying value, an impairment is recognized for the difference. Amortizable intangible assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. The carrying amount of an intangible asset is not considered recoverable when the carrying amount exceeds the sum of the undiscounted cash flows expected to result from the use of the intangible asset. The impairment is measured as the amount by which the carrying amount of the intangible asset exceeds its fair value. Fair value is generally established using the discounted cash flow methodology. The discounted cash flow methodology establishes fair value by estimating the present value of the projected future cash flows to be generated from the 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. A five year period was generally used to compute discounted cash flow values. The most significant assumptions used in the discounted cash flow methodology are the discount rate, the terminal value and the forecast of future cash flows. Properties and Equipment - Land is carried at cost. Properties and equipment are carried at cost less accumulated depreciation. Depreciation is primarily computed on the straight-line method over the estimated useful lives of the assets which generally range up to 40 years for buildings and building improvements, from 3 to 14 years for office equipment, furniture and fixtures, 5 years for transportation and equipment and from 3 to 14 years for leasehold improvements. The cost of leasehold improvements is amortized using the straight-line method over the shorter of the terms of the related leases or the useful lives of the assets. Expenditures for new properties, leasehold improvements and equipment and major renewals and betterments are capitalized. Expenditures for maintenance and repairs are expensed as incurred, and gains or losses on disposal of assets are reflected in current operations. The cost of software development for internal use is capitalized in accordance with the accounting guidance for costs of computer software developed or obtained for internal use. Capitalization of software developed for internal use commences during the development phase of the project. Software developed or obtained for internal use is generally amortized on a straight-line basis over 3 to 5 years. Revenue Recognition – Revenue is recorded for the sale of VOIs, net of a provision for credit losses, in accordance with timeshare accounting guidance. In accordance with the requirements of the accounting guidance for real estate, Bluegreen recognizes revenue on VOI sales when a minimum of 10% of the sales price has been received in cash (demonstrating the buyer’s commitment), the legal rescission period has expired, collectibility of the receivable representing the remainder of the sales price is reasonably assured and Bluegreen has completed substantially all of its obligations with respect to any development related to the real estate sold. Bluegreen believes that it uses a reasonably reliable methodology to estimate the collectibility of the receivables representing the remainder of the sales price of real estate sold. See “Notes Receivable” above for a further discussion of Bluegreen’s policies regarding the estimation of credit losses on its notes receivable. Under timeshare accounting rules, the calculation of the adequacy of a buyer’s commitment for the sale of VOIs requires that cash received towards the purchase of Bluegreen VOIs be reduced by the value of certain incentives provided to the buyer at the time of sale. If after considering the value of the incentives provided, the 10% requirement is not met, the VOI sale, and the related cost and direct selling expenses, are deferred until such time that sufficient cash is received from the customer, generally through receipt of mortgage payments, to meet the 10% threshold. Changes to the quantity, type, or value of sales incentives that Bluegreen provides to buyers of its VOIs may result in additional VOI sales being deferred or extend the period during which a sale is deferred. In cases where construction and development on Bluegreen-owned resorts has not been substantially completed, Bluegreen recognizes revenue in accordance with the percentage-of-completion method of accounting. Should Bluegreen’s estimates of the total anticipated cost of completing any of its projects increase, Bluegreen may be required to defer a greater amount of revenue or may be required to defer revenue for a longer period of time. Under timeshare accounting rules, rental operations, including accommodations provided through the use of Bluegreen’s sampler program, are accounted for as incidental operations whereby incremental carrying costs in excess of incremental revenues are expensed as incurred. Conversely, incremental revenues in excess of incremental carrying costs are recorded as a reduction to the carrying cost of VOI inventory. Incremental carrying costs include costs that have been incurred by Bluegreen during the holding period of unsold VOIs, such as developer subsidies and maintenance fees on unsold VOI inventory. During each of the years presented, all of Bluegreen’s rental revenue and sampler revenue earned was recorded as an offset to cost of other fee-based services as such amounts were less than the incremental carrying cost. In addition to sales of VOIs, Bluegreen also generates revenue from the activities listed below. The table provides a brief description of the applicable revenue recognition policy: Activity Revenue is recognized when: Fee-based sales commissions The sale transaction with the VOI purchaser is consummated in accordance with the terms of the agreement with the third-party developer and the related consumer rescission period has expired. Resort management and service fees Management services are rendered. (1) Resort title fees Escrow amounts are released and title documents are completed. Rental and sampler program Guests complete stays at the resorts. Rental and sampler program proceeds are classified as a reduction to “Cost of other fee-based services” in the consolidated statements of operations and comprehensive income. (1) In connection with Bluegreen’s management property owners’ associations, Bluegreen acts as agent for the property owners’ association to operate the resort as provided under the management agreements. In certain cases, the personnel at the resorts are Bluegreen employees. The property owners’ association bears all of the economic costs of such personnel and generally pay Bluegreen in advance of, or simultaneously with, the payment of payroll. In accordance with the accounting guidance for reporting revenues gross versus net, reimbursements from the property owners’ associations relating to direct pass-through costs are recorded net of the related expenses. Bluegreen’s cost of other fee-based services consists of the costs associated with the various activities described above, as well as developer subsidies and maintenance fees on Bluegreen’s unsold VOIs. BBX Capital’s gains and losses from the sales of real estate and the transfer of real estate to joint ventures are recognized when the sales are closed and title passes to the buyer, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the property, the buyer’s receivable, if applicable, is not subject to future subordination and BBX Capital does not have substantial continuing involvement with the property. BBX Capital’s revenues are recognized on trade sales when products are shipped and the customer takes ownership and assumes the risk of loss. BBX Capital’s revenues from interest income are recognized on accruing loans when BBX Capital’s 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 BBX Capital’s non-accrual loans on a cash basis. BBX Capital’s revenues from real estate operations are generally rental income from properties under operating leases. Rental i |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions [Abstract] | |
Acquisitions | 3. Acquisitions 2015 Acquisitions In April 2015, BBX Sweet Holdings, a wholly-owned subsidiary of BBX Capital, acquired the assets of Kencraft Confections, LLC (“Kencraft”) for $1.4 million. The purchase consideration was funded by a $995,000 note payable to a financial institution and a $400,000 promissory note to the seller. Kencraft is a Utah based manufacturer of hard candies and icing decorations. Business combination disclosures required by Topic 805-10-50 for the Kencraft asset acquisition are not included in these notes to the consolidated financial statements as the Kencraft asset acquisition was not considered material to the Company’s consolidated financial statements. BBX Capital recognized a $254,000 bargain gain from the acquisition of Kencraft and incurred $0.1 million of acquisition related costs. 2014 Acquisitions In October 2014, BBX Sweet Holdings acquired the outstanding common shares of Anastasia Confections (“Anastasia”) for $11.4 million. Founded in 1984 and headquartered in an 80,000 square foot production facility in Orlando, Florida, Anastasia manufactures gourmet coconut and chocolate candy, salt water taffy, and other chocolate gift products. The purchase consideration included cash of $4.2 million and a $7.5 million promissory note. The promissory note was recorded at a $0.3 million discount to reflect the fair value of the promissory note at the acquisition date. In July 2014, BBX Sweet Holdings acquired Helen Grace Chocolates (“Helen Grace”), a California based manufacturer of premium chocolate confections, chocolate bars, chocolate candies and truffles. In a separate transaction during July 2014, BBX Sweet Holdings acquired Jer’s Chocolates (“Jer’s”), a California based distributor of peanut butter chocolate products internationally and in the United States. In January 2014, BBX Sweet Holdings acquired Williams and Bennett, including its brand Big Chocolate Dipper. Williams and Bennett is headquartered in Boynton Beach, Florida and is a manufacturer of chocolate products serving boutique retailers, big box chains, department stores, national resort properties, corporate customers, and private label brands. The aggregate purchase consideration for the Williams and Bennett, Helen Grace, and Jer’s acquisitions included cash of $4.6 million and holdback amounts of $0.7 million. The holdback amounts are intended to satisfy any indemnification claims made by BBX Sweet Holdings against a seller pursuant to the purchase agreements. The following tables summarize the fair value of the assets acquired and liabilities assumed from Anastasia at the acquisition date (in thousands): Fair value of identifiable assets acquired and liabilities assumed: Trade receivables $ 483 Inventories 1,338 Properties and equipment 1,873 Identifiable intangible assets (1) 3,410 Deferred tax liabilities (1,589) Other liabilities (421) Fair value of identifiable net assets 5,094 Goodwill 6,337 Purchase consideration $ 11,431 (1) Identifiable intangible assets consisted primarily of $1.9 million and $1.5 million of trademarks and customer relationships, respectively. BBX Capital incurred $0.1 million of acquisition related costs in connection with the Anastasia acquisition. The acquisition related costs are included in selling, general and administrative expenses in the consolidated statement of operations for the year ended December 31, 2014. The amount of revenues and net income from Anastasia included in the consolidated statement of operations for the year ended December 31, 2014 was $2.1 million and $268,000 , respectively. The Anastasia net income excludes acquisition related costs and is from the date of acquisition (October 1, 2014) through December 31, 2014. The supplemental pro forma amount of BBX Capital’s revenues and net income had the Anastasia acquisition been as of January 1, 2013 was as follows (in thousands): (unaudited) Revenue Income (1) Pro forma from 1/1/2014 -12/31/2014 $ 98,022 4,540 Pro forma from 1/1/2013 -12/31/2013 $ 54,828 48,305 (1) Amounts represent income from continuing operations. The following tables summarize the fair value of the assets acquired and liabilities assumed from Williams and Bennett, Helen Grace and Jer’s at the respective acquisition dates (in thousands): Fair value of identifiable assets acquired and liabilities assumed: Trade receivables $ 49 Inventories 3,284 Properties and equipment 1,329 Identifiable intangible assets 2,738 Other assets 416 Notes payable (186) Deferred tax liabilities (1,742) Other liabilities (602) Fair value of identifiable net assets 5,286 Goodwill 1,264 Purchase consideration (5,313) Bargain purchase gain $ 1,237 (1) Identifiable intangible assets consisted primarily of $1.2 million and $1.1 million of trademarks and customer relationships, respectively. BBX Capital incurred $0.4 million of acquisition related costs in connection with these acquisitions. The acquisition related costs are included in selling, general and administrative expenses in the consolidated statement of operations for the year ended December 31, 2014. The bargain purchase gain of $1.2 million from the Helen Grace acquisition represents the amount by which the fair value of identifiable net assets acquired exceeded the purchase consideration. BBX Capital’s management believes that it was able to acquire Helen Grace for a bargain purchase gain because Helen Grace was a division of a larger company that made a strategic decision to divest chocolate manufacturing activities. The amount of revenues and net loss from these acquisitions included in the Company’s Statement of Operations for the year ended December 31, 2014 was $9.7 million and $0.3 million, respectively. The net loss from the date of these acquisitions through December 31, 2014 excludes $0.4 million of acquisition related costs and the $1.2 million Helen Grace bargain purchase gain. The supplemental pro forma amount of the BBX Capital’s revenues and net income had these acquisitions been consummated as of January 1, 2013 was as follows (in thousands): (unaudited) Revenue Income (1) Pro forma from 1/1/2014 -12/31/2014 $ 97,148 3,289 Pro forma from 1/1/2013 -12/31/2013 $ 64,496 46,941 (1) Amounts represent income from continuing operations. The net cash outflows from the Williams and Bennett, Helen Grace, Jer’s, and Anastasia acquisitions (collectively, “2014 Acquisitions”) was as follows (in thousands): Total purchase consideration $ 16,744 Notes payable (7,750) Other liabilities (150) Net cash outflow from acquisitions $ 8,844 2013 Acquisitions On October 30, 2013, Renin, through two newly formed subsidiaries, acquired substantially all of the assets and certain liabilities of Renin Corp for approximately $14.5 million (the “Renin Transaction Consideration”). Renin manufactures interior closet doors, wall décor, hardware and fabricated glass products and operates through headquarters in Canada and three manufacturing, assembly and distribution facilities in Canada and the United States. Renin funded approximately $9.4 million of the Renin Transaction Consideration through proceeds from a loan and revolver facility to Renin provided by Bluegreen. The remainder of the Renin Transaction Consideration was funded $4.2 million by BBX Capital and $1.0 million by BFC pro rata in accordance with their percentage equity interests in Renin. At closing, $1.7 million of the Renin Transaction Consideration was placed in an escrow account pending final determination of the working capital adjustment (if any) and final resolution of any indemnification obligations of Renin Corp. In January 2014, the working capital and indemnification obligations of the sellers were finalized and the entire escrow balance was distributed to Renin. As a result, the Renin Transaction Consideration was reduced to $12.8 million. In December 2013, BBX Sweet Holdings acquired the outstanding common shares or membership interests in Hoffman’s from their shareholders or members. The purchase consideration included a $500,000 holdback (“Holdback”) that is payable on the second anniversary of the closing date and accrues interest at 1.93% per annum. The Holdback serves as security for the Hoffman’s sellers’ obligations under the Hoffman’s stock purchase and sale agreement including the indemnity obligations and performance under each of such seller’s non-competition agreements. The Holdback was recorded at a $46,000 premium to reflect the fair value of the Holdback at the acquisition date. The obligation of BBX Sweet Holdings to pay to the Hoffman’s sellers all or any portion of the Holdback is guaranteed by BBX Capital. The following tables summarize the purchase consideration for the Hoffman’s acquisition and for the Renin Transaction and the fair value of the assets acquired and liabilities assumed and the net cash outflows from the acquisitions at the acquisition dates (in thousands): Fair value of identifiable assets acquired and liabilities assumed: Cash $ 1,033 Trade receivables 7,523 Inventories 9,858 Properties and equipment 6,134 Identifiable intangible assets 2,686 Other assets 477 Note payable (2,493) Other liabilities (9,011) Fair value of identifiable net assets 16,207 Purchase consideration (15,206) Bargain purchase gain $ 1,001 Purchase consideration $ 15,206 Working capital adjustment receivable 1,694 Holdback Amounts (500) Discount on Holdback Amount 46 Cash acquired (1,033) Net cash outflows from acquisition $ 15,413 BBX Capital incurred $1.1 million of acquisition related costs in connection with the acquisitions. The bargain purchase gain of $1.0 million from the Renin Transaction represents the amount by which the fair value of identifiable net assets acquired exceeded the Renin Transaction Consideration. Management believes that it was able to acquire Renin Corp. for a bargain purchase gain because Renin Corp. was a distressed company. The acquisition related costs are included in selling, general and administrative expenses in the consolidated statement of operations for the year ended December 31, 2013. The amount of revenues and loss before income taxes from the Renin acquisition included in the consolidated statement of operations for the year ended December 31, 2013 was $9.3 million and a net loss of $0.9 million, respectively. Actual loss from October 30, 2013 through December 31, 2013 excludes acquisition costs and the bargain purchase gain. The supplemental pro forma amount of BBX Capital’s revenues and net income (loss) had the Renin Transaction been consummated as of January 1, 2012 was as follows (in thousands): (unaudited) Revenue Income (1) Pro forma from 1/1/2013 - 12/31/2013 $ 104,987 43,639 (1) Amounts represent income from continuing operations. The methodology utilized to fair value the assets acquired for the Renin and Hoffman’s acquisitions in 2013 and the 2014 Acquisitions was as follows: Trade Receivables Trade receivables were recorded at fair value using the cost approach with level 3 inputs based on the percentage of gross receivables collected in a trailing eighteen month period ending in October 2013 for Renin. The inputs used were trade receivable balances, allowances, charge-offs, sales discounts and volume of returned merchandise. The fair value of the trade receivables acquired from the BBX Sweet Holdings acquisitions were recorded at the invoiced amounts. 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. Raw material items acquired in the Renin transaction with greater than 180 days of usage on hand were recorded at fair value based on discounts relative to historical cost amounts. Finished goods inventory was recorded at fair value using the cost approach. Fifty percent of the historical gross margin was added to the finished goods historical cost amounts in order to estimate a reasonable profit margin for selling finished goods. Finished goods on hand acquired in the Renin Transaction greater than 180 days of sales were recorded at fair value with discounts relative to historical costs. Properties and Equipment Properties and equipment acquired consisted primarily of machinery and equipment used in manufacturing operations. The machinery and equipment was recorded at fair value using the market approach with level 2 inputs as market comparable data. The cost approach was used to estimate the contributing installation costs to fair value and the electrical distribution system in certain manufacturing facilities. The inputs were obtained from market data collected from used equipment dealers that purchase and sell comparable equipment, quotations from new machinery dealers and manufacturers, historical installation cost information and searches on the internet. Identifiable Intangible Assets The identifiable intangible assets acquired primarily consisted of trade names and customer relationships. The relief from royalty valuation method, a form of the income approach, was used to estimate the fair value of the trade names. The fair value was determined by present valuing the expected future estimated royalty payments that would have to be paid if the trade names were not owned. The fair value of the net royalties saved was estimated based on discounted cash flows at a risk adjusted discount rate. The multi-period excess earnings method, a form of the income approach, was used to estimate the fair value of the customer relationships. The multi-period excess earnings method isolates the expected cash flows attributable to the customer relationship intangible asset and discounts these cash flows at a risk adjusted discount rate. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2015 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 4 . Variable Interest Entities Bluegreen Bluegreen sells VOI notes receivable through special purpose finance entities. These transactions are generally structured as non-recourse to Bluegreen, and are designed to provide liquidity for Bluegreen and to transfer the economic risks and certain benefits o f the notes receivable to third parties. In a securitization, various classes of debt securities are issued by the special purpose finance entities that are generally collateralized by a single tranche of transferred assets, which consist of VOI notes receivable. Bluegreen services the securitized notes receivable for a fee pursuant to servicing agreements negotiated with third parties based on market conditions at the time of the securitization. With each securitization, Bluegreen generally retains a portion of the securities and continues to service the securitized notes receivable. Under these arrangements, the cash payments received from obligors on the receivables sold are generally applied monthly to pay fees to service providers, make interest and principal payments to investors, and fund required reserves, if any, with the remaining balance of such cash retained by Bluegreen; however, to the extent the portfolio of receivables fails to satisfy specified performance criteria (as may occur due to, among other things, an increase in default rates or credit loss severity) or other trigger events occur, the funds received from obligors are distributed on an accelerated basis to investors. Depending on the circumstances and the transaction, the application of the accelerated payment formula may be permanent or temporary until the trigger event is cured. As of December 31 , 2015, Bluegreen was in compliance with all applicable terms under its securitization transactions, and no trigger events had occurred. In accordance with applicable accounting guidance for the consolidation of VIEs, Bluegreen analyzes its variable interests, which may consist of loans, servicing rights, guarantees, and equity investments, to determine if an entity in which Bluegreen has a variable interest is a variable interest entity. Bluegreen’s analysis includes a review of both quantitative and qualitative factors . Bluegreen bases its quantitative analysis on the forecasted cash flows of the entity, and bases its qualitative analysis on the design of the entity, its organizational structure, including decision-making ability, and relevant financial agreements. Bluegreen also uses its qualitative analysis to determine if Bluegreen must consolidate a variable interest entity as the primary beneficiary. In accordance with applicable accounting guidance, Bluegreen has determined these securitization entities to be VIEs of which Bluegreen is the primary beneficiary and, therefore, Bluegreen consolidates the entities into its financial statements. As previously described, BFC consolidates Bluegreen and its consolidated subsidiaries and VIEs into BFC’s consolidated financial statements. Under the terms of certain of Bluegreen’s timeshare note sales, Bluegreen has the right to repurchase or substitute a limited amount of defaulted mortgage notes receivable for new notes receivable at the outstanding principal balance plus accrued interest. Voluntary repurchases and substitutions by Bluegreen of defaulted notes receivable during 2015 , 2014 and 2013 were $3 .3 million, $4.9 mi llion and $ 6.7 million, respectively. Bluegreen’s maximum exposure to loss relating to its non-recourse securitization entities is the difference between the outstanding VOI notes receivable and the notes payable, plus cash reserves and any additional residual interest in future cash flows from collateral. Information related to the assets and liabilities of Bluegreen’s consolidated VIEs included in the Company’s consolidated statements of financial condition is set forth below (in thousands): December 31, 2015 2014 Restricted cash $ 25,358 $ 31,554 Securitized notes receivable, net 280,841 293,950 Receivable backed notes payable - non-recourse 318,929 320,275 The restricted cash and the securitized notes receivable balances disclosed in the table above are restricted to satisfy obligations of the VIEs. BBX Capital FAR BBX Capital analyzed FAR’s amended and restated limited liability agreement and determined that it was the primary beneficiary and therefore should consolidate FAR in its financial statements. BB&T’s preferred equity interest in FAR, which was represented by FAR’s Class A Units, entitled it to a $ 285.0 million preference amount plus the related priority return. Based on FAR’s amended and restated limited liability company agreement, FAR was required to make distributions quarterly, or more frequently as approved by FAR’s Board of Managers, of excess cash flows from its operations and the orderly disposition of its assets to redeem the preferred membership interests. As such, the Class A units previously were considered mandatorily redeemable and were reflected as debt obligations in the consolidated statement of financial condition at December 31, 2014 and the priority return was considered interest expense in the consolidated statements of operations. The activities of FAR are governed by an amended and restated limited liability company agreement, which grants the Board of Managers decision-making authority over FAR. Prior to May 6, 2015, the Board had four members, two members elected by the BBX Capital and two members elected by BB&T. Upon redemption of BB&T’s preferred interest in FAR on May 6, 2015, FAR became a wholly owned subsidiary of BBX Capital and the two Board members designated by BB&T resigned. FAR was no longer a variable interest entity as of May 6, 2015. The carrying amount of the remaining assets and liabilities of FAR and the classification of these assets and liabilities in BFC’s consolidated statements of financial condition at December 31, 2014 was as follows (in thousands): December 31, 2014 Cash and cash equivalents $ 4,976 Restricted cash - Loans held-for-sale 35,423 Loans receivable, net 18,972 Real estate held-for-investment 19,129 Real estate held-for-sale 13,745 Properties and equipment, net 7,561 Other assets 638 Total assets $ 100,444 BB&T preferred interest in FAR, LLC $ 12,348 Other liabilities 12,486 Total liabilities $ 24,834 JRG/BBX Development, LLC (“North Flagler”) In October 2013, an indirect wholly-owned subsidiary of BBX Capital entered into the North Flagler joint venture with JRG USA, and in connection with the formation of the joint venture JRG USA assigned to the joint venture a contract to purchase for $10.8 million a 4.5 acre real estate parcel overlooking the Intracoastal Waterway in West Palm Beach, Florida. BBX Capital is entitled to receive 80% of any joint venture distributions until it receives the return of its capital investment and 70% of any joint venture distributions thereafter. BBX Capital is the managing member and has control of all aspects of the operations of the joint venture. BBX Capital analyzed North Flagler’s operating agreement and determined that it was the primary beneficiary of the joint venture and therefore should consolidate North Flagler in its financial statements. This conclusion was based primarily on the determination that BBX Capital absorbs 80% of the losses, is entitled to 70% of the profits and controls all aspects of North Flagler’s operations. In May 2015, the North Flagler joint venture purchased the 4.5 acre parcel for $10.8 million and on the same day sold the property to a third party developer for $20.0 million. Included in the consolidated statement of operations in net gains on sales of assets for the year ended December 31, 2015 is a $7.8 million gain on the property sale. Net sales proceeds in the amount of $2.3 million were distributed to the noncontrolling member. The carrying amount of the assets and liabilities of North Flagler and the classification of these assets and liabilities in the consolidated statement of financial condition was as follows (in thousands): December 31, 2014 Cash and cash equivalents $ 17 Real estate held-for-investment 816 Other assets 379 Total assets $ 1,212 Other liabilities $ 116 Noncontrolling interest $ 132 |
BBX Capital's Loans Held-For-Sa
BBX Capital's Loans Held-For-Sale | 12 Months Ended |
Dec. 31, 2015 | |
BBX Capital's Loans Held-For-Sale [Abstract] | |
BBX Capital's Loans Held-For-Sale | 5 . BBX Capital’s Loans Held-For-Sale BBX Capital’s loans-held-for-sale are as follows (in thousands): December 31, 2015 2014 Residential $ 21,354 27,331 Second-lien consumer - 2,351 Small business - 5,741 Total loans held-for-sale $ 21,354 35,423 Loans held-for-sale are reported at the lower of cost or fair value and measured on an aggregate basis. As of December 31, 2015 and 2014 the lower of cost or fair value adjustment on loans held-for-sale was $1.6 million and $6.4 million, respectively. BBX Capital transfers loans to held-for-sale when, based on the current economic environment and related market conditions, it does not have the intent to hold those loans for the foreseeable future. BBX Capital transfers loans previously held-for-sale to loans held-for-investment at the lower of cost or fair value on the transfer date. In September 2014, BBX Capital, based on market conditions at that time, decided to sell performing second-lien consumer loans. BBX Capital charged down these loans $2.7 million to fair value and transferred the loans to held-for-sale in the aggregate amount of $2.3 million. During the 2013 fourth quarter, management evaluated its residential loan portfolio in light of the general appreciation of residential real estate values during 2013 and decided to transfer first lien residential and consumer loans to loans held-for-sale as of December 31, 2013. BBX Capital charged down its first lien residential and consumer loan portfolio by $4.1 million and reduced its allowance for loan losses by $1.4 million upon the transfer of first lien residential and consumer loans to loans held-for-sale. In June 2015, BBX Capital transferred its small business, residential and second-lien consumer loans from loans held-for-sale to loans held-for-investment based on its decision to hold these loans for the foreseeable future as a result of the recent appreciation of real estate values and the improving economic environment. As a consequence, $2.4 million , $70,000 and $4.9 million of second-lien consumer, residential and small business loans, respectively, were transferred from loans held-for-sale to loans receivable measured at the lower of cost or fair value on the transfer date . Any difference between the carrying amount of the loan and its outstanding principal balance was recognized as a discount. Such loans are included in loans receivable, net of the discount on the consolidated statement of financial condition as of December 31, 2015 . In July 2014, BBX Capital received net proceeds from the sales of its first-lien consumer loan portfolio and certain residential loans of approximately $3.2 million and $6.3 million, respectively. Included in net gains on the sales of assets for the year ended December 31, 2014 was a $0.6 million gain from the sale of these loans. As of December 31 , 2015, foreclosure proceedings were in process o n $14.1 m illion principal balance of BBX Capital’s residential loans held-for-sale. |
BBX Capital_s Loans Receivable
BBX Capital’s Loans Receivable | 12 Months Ended |
Dec. 31, 2015 | |
BBX Capital’s Loans Receivable [abstract] | |
BBX Capital's Loans Receivable | 6. BBX Capital’s Loans Receivable BBX Capital’s loan s receivable portfolio consisted of the following (in thousands ): December 31, 2015 2014 Commercial non-real estate $ 11,250 1,326 Commercial real estate 16,294 24,189 Small business 4,054 - Consumer 2,368 2,306 Residential 69 - Total loans, net of discount 34,035 27,821 Allowance for loan losses - (977) Loans receivable -- net $ 34,035 26,844 The underlying collateral for BBX Capital’s real estate loan portfolio was primarily located in Florida at December 31, 2015 and 2014. As of December 31, 2015, foreclosure proceedings were in process on $0.5 mil lion of BBX Capital’s consumer loans. The total discount on loans receivable was $3.3 million and $0 as of December 31, 2015 and 2014, respectively. BBX Capital segregates its loan portfolio into five segments. BBX Capital’s loan segments are: residential loans, commercial real estate loans, commercial non-real estate loans, consumer loans, and small business loans. BBX Capital’s loan segments are described below: Commercial non-real estate - represents a $10.0 million unsecured loan made in connection with the sale of land to a developer and loans secured by general corporate assets of the borrowers’ business. Commercial real estate - represents loans for acquisition, development and construction of various types of properties including residential, office buildings, retail shopping centers, and other non-residential properties. Small business – consists of loans originated to businesses in principal amounts that do not generally exceed $2.0 million. The principal source of repayment for these loans is generally from the cash flow of a business. Consumer - consists of loans to individuals originated through BankAtlantic’s branch network. Consumer loans are generally home equity lines of credit secured by a second mortgage on the primary residence of the borrower. All collateral secured consumer loans are located in Florida. First-lien consumer loans were transferred to loans held-for-sale as of December 31, 2013 and sold during the year ended December 31, 2014. Residential – represents loans secured by one to four dwelling units. Credit Quality Information BBX Capital monitors delinquency trends, current loan to value ratios, credit scores and general economic conditions in an effort to assess loan credit quality. BBX Capital assesses loan credit quality through accrual and non-accrual loan classifications. The recorded investment (unpaid principal balance less charge-offs and deferred fees) of non-accrual loans receivable was as follows (in thousands): December 31, Loan Class 2015 2014 Commercial non-real estate $ 1,250 1,326 Commercial real estate 9,639 14,464 Small business 4,054 - Consumer 2,368 1,990 Residential 69 - Total nonaccrual loans $ 17,380 17,780 An age analysis of the past due recorded investment in BBX Capital’s loans receivable as of December 31, 2015 and 2014 was as follows (in thousands): Total 31-59 Days 60-89 Days 90 Days Total Loans December 31, 2015 Past Due Past Due or More (1) Past Due Current Receivable Commercial non-real estate $ - - 329 329 10,921 11,250 Commercial real estate - - 3,986 3,986 12,308 16,294 Small business - 205 - 205 3,849 4,054 Consumer 316 138 562 1,016 1,352 2,368 Residential - 24 42 66 3 69 Total $ 316 367 4,919 5,602 28,433 34,035 Total 31-59 Days 60-89 Days 90 Days Total Loans December 31, 2014 Past Due Past Due or More (1) Past Due Current Receivable Commercial non-real estate $ - - 330 330 996 1,326 Commercial real estate - - 5,458 5,458 18,731 24,189 Consumer - 227 1,703 1,930 376 2,306 Residential - - - - - - Total $ - 227 7,491 7,718 20,103 27,821 1) BBX Capital had no loans that were 90 days or more past due and still accruing interest as of December 31, 2015 or 2014 . The activity in BBX Capital’s allowance for loan losses for the years ended December 31, 2015, 2014 and 2013 was as follows (in thousands): For the Years Ended December 31, 2015 2014 2013 Allowance for Loan Losses: Beginning balance $ 977 2,713 5,311 Charge-offs : (1,037) (7,189) (10,867) Recoveries : 13,517 12,608 52,134 Provision: (13,457) (7,155) (43,865) Ending balance $ - 977 2,713 Ending balance individually evaluated for impairment $ - - 954 Ending balance collectively evaluated for impairment - 977 1,759 Total $ - 977 2,713 Loans receivable: Ending balance individually evaluated for impairment $ 12,849 17,045 51,131 Ending balance collectively evaluated for impairment 21,186 10,776 23,808 Total $ 34,035 27,821 74,939 Proceeds from loan sales $ 68 9,497 3,490 Transfer to loans held-for-sale $ - 2,299 42,398 Transfer from loans held-for-sale $ 7,365 - 1,312 Impaired Loans BBX Capital’s l oans are considered impaired when, based on current information and events, BBX Capital believes it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan agreement. For a loan that has been restructured, the actual terms of the loan agreement refer to the contractual terms specified by the original loan agreement, not the contractual terms specified by the restructured agreement. Impairment is evaluated based on past due status for consumer and residential loans. Impairment is evaluated by BBX Capital for commercial and small business loans based on-past payment history, financial strength of the borrower or guarantors and cash flow associated with the collateral or business. If a loan is impaired, a specific valuation allowance is established , if necessary, based on the present value of estimated future cash flows using the loan’s existing interest rate or based on the fair value of the loan. Collateral dependent impaired loans are charged down to the fair value of collateral less cost to sell. Inter est payments on impaired loans are recognized on a cash basi s as interest income . Impaired loans, or portions thereof, are charged off when deemed uncollectible. BBX Capital’s individually impaired loans as of December 31 , 2015 and 2014 were as follows (in thousands): As of December 31, 2015 As of December 31, 2014 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance Total with allowance recorded $ - - - 735 1,664 735 Total with no allowance recorded 17,380 30,212 - 17,361 35,812 - Total $ 17,380 30,212 - 18,096 37,476 735 Average recorded investment and interest income recognized on BBX Capital’s impaired loans for the year s ended December 31 , 2015 and 2014 were as follows (in thousands): For the Years Ended December 31, 2015 2014 Average Recorded Interest Income Average Recorded Interest Income Investment Recognized Investment Recognized Total with allowance recorded $ - - 837 7 Total with no allowance recorded 22,186 1,299 23,161 1,111 Total $ 22,186 1,299 23,998 1,118 BBX Capital’s individually impaired loans and the average recorded investment and interest income recognized on BBX Capital’s impaired loans as of December 31, 2013 were as follows (in thousands): For the Year Ended As of December 31, 2013 December 31, 2013 Unpaid Average Recorded Principal Related Recorded Interest Investment Balance Allowance Investment Income Total with allowance recorded $ 3,921 6,700 1,874 4,055 121 Total with no allowance recorded 53,088 88,739 - 55,027 1,478 Total $ 57,009 95,439 1,874 59,082 1,599 BBX C apital’s i mpaired loans without specific valuation allowances represent loans that were written-down to the fair value of the collateral less cost to sell, loans in which the collateral value less cost to sell was greater than the carrying value of the loan, loans in which the present value of the cash flows discounted at the loans’ effective interest rate were equal to or greater than the carrying value of the loans, or were collectively measured for impairment. BBX Capital had no co mmitments to lend additional funds on impaired loans as of December 31, 2015. |
Bluegreen's Notes Receivable
Bluegreen's Notes Receivable | 12 Months Ended |
Dec. 31, 2015 | |
Bluegreen's Notes Receivable [Abstract] | |
Bluegreen's Notes Receivable | 7 . Bluegreen’s Notes Receivable The table below sets forth information relating to Bluegreen’s notes receivable and Bluegreen’s allowance for credit losses (in thousands): December 31, 2015 2014 Notes receivable secured by VOIs: VOI notes receivable - non-securitized $ 166,040 162,001 VOI notes receivable - securitized 357,845 361,930 Purchase accounting adjustment - (150) 523,885 523,781 Allowance for credit losses (110,467) (102,259) VOI notes receivable, net $ 413,418 421,522 Allowance as a % of VOI notes receivable 21% 20% Notes receivable secured by homesites: (1) Homesite notes receivable $ 2,427 3,052 Allowance for credit losses (247) (307) Homesite notes receivable, net $ 2,180 2,745 Allowance as a % of homesite notes receivable 10% 10% Total notes receivable Gross notes receivable $ 526,312 526,983 Purchase accounting adjustment - (150) Allowance for credit losses (110,714) (102,566) Notes receivable, net $ 415,598 424,267 Allowance as a % of notes receivable 21% 19% (1) Notes receivable secured by homesites were originated through a business, substantially all of the assets of which were sold by Bluegreen in 2012. The table above includes notes receivable deemed to have been acquired by BFC, indirectly through Woodbridge, in connection with Woodbridge’s November 2009 acquisition of approximately 7.4 million additional shares of Bluegreen’s Common Stock, which resulted in BFC, indirectly through Woodbridge, holding a controlling interest in Bluegreen. In accordance with applicable accounting guidance, “Loans and Debt Securities Acquired with Deteriorated Credit Quality”, BFC elected to recognize interest income on these notes receivable using the expected cash flows method. BFC treated expected prepayments consistently in determining cash flows expected to be collected, such that the non-accretable difference was not affected and the difference between actual prepayments and expected prepayments will not affect the non-accretable difference. The assumption for prepayment rates was derived from Bluegreen’s historical performance information for its off-balance sheet securitizations and ranges from 4 % to 9 %. As of December 31, 2015 and 2014, the outstanding contractual unpaid principal balance of the acquired notes was $47.8 million and $ 78.2 million, respectively. As of December 31, 2015 and 2014, the carrying amount of the acquired notes was $43.6 million and $ 70.7 million, respectively. The carrying amount of the acquired notes is included in the amounts of notes receivable in the consolidated statements of financial condition at December 31 , 2015 and 2014 . The following is a reconciliation of accretable yield as of December 31 , 2015 and 2014 (in thousands): Accretable Yield For the Years Ended December 31, 2015 2014 Balance, beginning of period $ 16,857 31,678 Accretion (8,479) (12,562) Reclassification from (to) nonaccretable yield 655 (2,259) Balance, end of period $ 9,033 16,857 The weighted-average interest rate on Bluegreen’s notes receivable was 15.9% , 16.0% and 15.8% at December 31, 2015, 2014 and 2013, respectively. All of Bluegreen’s VOI notes receivable bear interest at fixed rates. The weighted-average interest rate charged on notes receivable secured by VOIs was 16.0% , 16.1% and 15.9% at December 31 , 2015 , 2014 and 2013, respectively . Bluegreen’s VOI notes receivable are generally secured by property located in Florida, Missouri, Nevada, South Carolina, Tennessee and Wisconsin. Future contractual principal payments on Bluegreen’s notes receivables (including homesite notes receivable) during each of the five years subsequent to December 31, 2015 and thereafter are set forth below (in thousands): December 31, 2015 2016 $ 76,918 2017 71,775 2018 60,616 2019 53,696 2020 54,141 Thereafter 209,166 $ 526,312 Allowance for loan losses (110,714) Notes receivable, net of allowance 415,598 Credit Quality for Financial Receivables and Allowance for Credit Losses Bluegreen holds large amounts of homogeneous VOI notes receivable and assesses uncollectibility based on pools of receivables. In estimating future credit losses, Bluegreen’s management does not use a single primary indicator of credit quality but instead evaluates its VOI notes receivable based upon a combination of factors, including a static pool analysis, the aging of the respective receivables, current default trends and prepayment rates by origination year, as well as the FICO® scores of the borrowers at the time of origination. The activity in Bluegreen’s allowance for loan losses (including with respect to notes receivable secured by homesites) was as follows (in thousands): For the Years Ended December 31, 2015 2014 Balance, beginning of period $ 102,566 90,592 Provision for credit losses 42,062 40,164 Write-offs of uncollectible receivables (33,914) (28,190) Balance, end of period $ 110,714 102,566 The following table shows the delinquency status of Bluegreen’s VOI notes receivable as of December 31 , 2015 and 2014 (in thousands): December 31, 2015 2014 Current $ 501,738 500,405 31-60 days 6,889 6,505 61-90 days 4,869 5,361 > 90 days (1) 10,389 11,660 Purchase accounting adjustments - (150) Total $ 523,885 523,781 (1) Includes $5.2 million and $6.0 million as of December 31 , 2015 and 2014 , respectively, relating to VOI notes receivable that, as of such date, had been defaulted but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of Bluegreen's receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for credit loss. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2015 | |
Inventory [Abstract] | |
Inventory | 8 . Inventory Inventory consisted of the following (in thousands): December 31, 2015 2014 Completed VOI units $ 166,781 166,332 Construction-in-progress 10,455 2,103 Real estate held for future development 90,400 83,560 Land and facilities held for sale 718 675 Purchase accounting adjustment (47,425) (57,282) Total Inventory $ 220,929 195,388 Interest capitalized to VOI inventory during 2015 and 201 4 w as $0.7 million and $0.1 million, respectively . The interest expense reflected in the Company’s consolidated statements of operations is net of capitalized interest. |
Real Estate Held-For-Investment
Real Estate Held-For-Investment And Real Estate Held-For-Sale | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate Held-For-Investment And Real Estate Held-For-Sale [Abstract] | |
Real Estate Held-For-Investment And Real Estate Held-For-Sale | 9 . Real Estate Held-For-Investment and Real Estate Held-For-Sale Although BBX Capital has purchased certain property, a significant portion of BBX Capital’s r eal estate has been acquired through foreclosure s, settlements, or deeds in lieu of foreclosure . Upon acquisition by BBX Capital , real estate is classified as real estate held-for-sale or real estate held-for investment. Real estate is classified as held-for-sale when the property is a vailable for immediate sale in i t s present condition, BBX Capital’s management commits to a plan to sell the property, an active program to locate a buyer has been initiated, the property is being marketed at a price that is reasonable in relation to its current fair value and it is likely that a sale will be completed within one year. When the property does not meet the real estate held-for-sale criteria, the real estate is classified as held-for-investment. The following table presents real estate held-for-sale grouped in the following classifications (in thousands ): As of December 31, 2015 2014 Real estate held-for-sale Land $ 25,994 33,505 Rental properties 17,162 1,748 Residential single-family 2,924 4,385 Other 258 2,095 Total real estate held-for-sale $ 46,338 41,733 The following table presents real estate held-for-investment grouped in the following classifications (in thousands): As of December 31, 2015 2014 Real estate held-for-investment Land $ 30,369 60,356 Rental properties - 15,234 Other 921 962 Total real estate held-for-investment $ 31,290 76,552 The following table presents the activity in real estate held-for-sale and held-for-investment for the years ended December 31, 2015 and 2014 (in thousands): For the Years Ended December 31, 2015 2014 Real Estate Real Estate Held-for-Sale Held-for-Investment Held-for-Sale Held-for-Investment Beginning of period, net $ 41,733 76,552 33,971 107,336 Acquired through foreclosure 3,215 - 5,300 16,100 Transfers 41,751 (41,751) 28,018 (28,018) Purchases 10,667 - 2,313 1,977 Improvements 3,261 16,771 - 3,824 Accumulated depreciation - (468) - (462) Sales (51,040) - (26,973) (16,200) Property contributed to joint ventures - (19,448) - - Impairments, net (3,249) (366) (896) (8,005) End of period, net $ 46,338 31,290 41,733 76,552 The following table presents the real estate held-for-sale valuation allowance activity for the years ended December 31, 2015, 2014 and 2013 (in thousands): For the Years Ended December 31, 2015 2014 2013 Beginning of period $ 2,940 4,818 3,729 Transfer to held-for-investment (93) - - Impairments, net (1) 3,089 896 3,893 Sales (1,536) (2,774) (2,804) End of period $ 4,400 2,940 4,818 (1) Tax certificate impairments are not included . Net real estate income (loss) included in the consolidated statements of operations were as follows (in thousands): For the Years Ended December 31, 2015 2014 2013 Real estate acquired in settlement of loans and tax certificates: Income from real estate operations $ 3,887 5,516 4,161 Real estate operating expenses (4,773) (6,296) (5,807) Impairment of real estate (3,615) (8,901) (3,342) Net gains on the sales of real estate 31,114 4,677 4,155 Net real estate income (losses) $ 26,613 (5,004) (833) 0 |
Investments In Unconsolidated R
Investments In Unconsolidated Real Estate Joint Ventures | 12 Months Ended |
Dec. 31, 2015 | |
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | |
Investments In Unconsolidated Real Estate Joint Ventures | 10 . Investment s in Unconsolidated Real Estate Joint Ventures BBX Capital had the following investments in unconsolidated real estate joint ventures (in thousands): December 31, Investment in unconsolidated real estate joint ventures 2015 2014 Altis at Kendall Square, LLC $ 764 1,264 Altis at Lakeline - Austin Investors LLC 5,210 5,000 New Urban/BBX Development, LLC 864 996 Sunrise and Bayview Partners, LLC 1,577 1,723 Hialeah Communities, LLC 4,569 5,091 PGA Design Center Holdings, LLC 1,911 1,991 CCB Miramar, LLC 875 - Centra Falls, LLC 727 - The Addison on Millenia Investment, LLC 5,778 - BBX/S Millenia Blvd Investments, LLC 4,905 - Altis at Bonterra - Hialeah, LLC 15,782 - Investments in unconsolidated real estate joint ventures $ 42,962 16,065 BBX Capital’s investments in unconsolidated real estate joint ventures are unconsolidated variable interest entities. See Note 4 for a listing of BBX Capital’s investment in consolidated variable interest entities. Information regarding BBX Capital’s investments in unconsolidated companies are listed below. Methodology for Determining the Primary Beneficiary BBX Capital analyzed the operating agreements of its investments in unconsolidated real estate joint ventures and determined that it is not the primary beneficiary and therefore the investments in the real estate joint ventures are accounted for under the equity method of accounting. The conclusions were based primarily on the determination that BBX Capital does not have the power to direct activities of the joint venture that most significantly affect the joint venture’s economic performance as BBX Capital only has limited protective rights under the operating agreements, is not the manager of the joint ventures and does not have day-to-day decision making authority. Additionally, in the majority of the joint ventures the managing member guarantees the indebtedness of the joint venture and in certain joint ventures the managing member is responsible for construction cost overruns. BBX Capital’s Involvement in Unconsolidated Real Estate Joint Ventures Altis at Kendall Square, LLC (“Kendall Commons”) In March 2013, BBX Capital invested $1.3 million in a joint venture to develop 321 apartment units. BBX Capital is entitled to receive 13% of the joint venture distributions until a 15% internal rate of return has been attained and then BBX Capital will be entitled to receive 9.75% of any joint venture distributions thereafter. Altis at Lakeline – Austin Investors, LLC (“Altis at Lakeline”) In December 2014, BBX Capital invested $5.0 million in a joint venture to develop 354 apartment units in Austin, Texas. BBX Capital contributed 34% of the capital to the joint venture. After BBX Capital receives a preferred return of 9% and all of its capital is returned, BBX Capital will be entitled to receive 26.3% of the joint venture’s distributions until an 18% internal rate of return has been attained and thereafter BBX Capital will be entitled to receive 18.8% of any joint venture distributions. The amount of interest capitalized associated with the Altis at Lakeline joint venture land development activities for the year ended December 31, 2015 was $210,000 . There was no capitalized interest in 2014. New Urban/BBX Development, LLC (“Village at Victoria Park”) In December 2013, BBX Capital invested in a joint venture with New Urban Communities to develop 2 acres of vacant land owned by BBX Capital located near downtown Fort Lauderdale, Florida as 30 single-family homes. BBX Capital and New Urban Communities each have a 50% membership interest in the joint venture and New Urban Communities serves as the developer and the manager. In April 2014, the joint venture obtained an acquisition, development and construction loan from a financial institution and BBX Capital and New Urban Communities each contributed $692,000 to the joint venture as a capital contribution. The joint venture purchased the two acre site from BBX Capital for $3.6 million consisting of $1.8 million in cash (less $0.2 million in selling expenses) and a $1.6 million promissory note. The promissory note bears interest at 8% per annum and is subordinated to the financial institution acquisition, development and construction loan. BBX Capital recognized a partial gain included in net gains on the sales of assets in the consolidated statement of operations of $188,000 for the year ended December 31, 2014 and recorded a deferred gain of $1.1 million included in other liabilities in the consolidated statements of financial condition as of December 31, 2015 and 2014 on the sale of the vacant land to the joint venture. The sale of appreciated property to the joint venture resulted in a joint venture basis difference as BBX Capital’s carrying value of the land was $1.1 million lower than the fair value. BBX Capital accounted for the sale of the vacant land to the joint venture using the cost recovery method. BBX Capital will recognize the deferred gain based on the repayments of the principal balance of the notes receivable. BBX Capital will recognize the joint venture basis adjustment as joint venture equity earnings upon the joint venture sale of single-family units. The amount of interest capitalized associated with New Urban/BBX Development joint venture land development activities for the year ended December 31, 2015 was $44,000 . There was no capitalized interest in 2014. Sunrise and Bayview Partners In June 2014, BBX Capital invested in a joint venture with an affiliate of Procacci Development Corporation (“PDC”) and BBX Capital and PDC each contributed $1.8 million to the Sunrise and Bayview Partners joint venture. BBX Capital and PDC each have a 50% interest in the joint venture. In July 2014, the joint venture borrowed $5.0 million from PDC and acquired for $8.0 million three acres of real estate in Fort Lauderdale, Florida from an unrelated third party. The property is improved with an approximate 84,000 square foot office building along with a convenience store and gas station. The joint venture refinanced the PDC borrowings with a financial institution and BBX Capital provided the financial institution with a guarantee of 50% of the outstanding balance of the joint venture’s $5.0 million loan. Hialeah Communities, LLC In July 2014, BBX Capital invested in a joint venture with CC Bonterra to develop approximately 394 homes in a portion of Bonterra community in Hialeah, Florida. BBX Capital transferred approximately 50 acres of land at an agreed upon value of approximately $15.6 million subject to an $8.3 million mortgage which was assumed by the joint venture. In exchange, BBX Capital received $2.2 million in cash and a joint venture interest with an agreed upon assigned initial capital contribution value of $4.9 million. BBX Capital is entitled to receive 57% of the joint venture distributions until it receives its aggregate capital contributions plus a 9% per annum return on capital. Any distributions thereafter are shared 45% by BBX Capital and 55% by CC Bonterra. BBX Capital contributes 57% of the capital and remains liable as a co-borrower on the $8.3 million mortgage that was assumed by the joint venture. The transfer of the land to the joint venture as an initial capital contribution resulted in a deferred gain of $1.6 million included in other liabilities in the consolidated statements of financial condition as of December 31, 2015 and 2014 and a joint venture adjustment of $2.1 million. BBX Capital determined that the transfer of the land to the joint venture should be accounted for on the cost recovery method. The deferred gain of $1.6 million will be recognized upon the repayment of the principal balance of the $8.3 million mortgage. BBX Capital will recognize the joint venture basis adjustment as joint venture equity earnings upon the joint venture sale of single-family units. In March 2015, the joint venture refinanced the $8.3 million mortgage loan with proceeds from a $31.0 million acquisition and development loan. BBX Capital is a guarantor on 26.3% of the joint venture’s $31.0 million acquisition and development loan. The amount of interest capitalized associated with Hialeah Communities joint venture land development activities for the year ended December 31, 2015 was $226,000 . There was no capitalized interest in 2014. PGA Design Center Holdings, LLC (“PGA Design Center”) In December 2013, BBX Capital purchased for $6.1 million a commercial property with three existing buildings consisting of 145,000 square feet of mainly furniture retail space in Palm Beach Gardens, Florida. In January 2014, BBX Capital entered into a joint venture with Stiles Development, and in connection with the formation of the joint venture, BBX Capital sold the commercial property to the joint venture in exchange for $2.9 million in cash and a 40% interest in the joint venture. The joint venture intends to seek governmental approvals to change the use of a portion of the property from retail to office and subsequently sell or lease the property. CCB Miramar, LLC In May 2015, BBX Capital invested in a joint venture with two separate unaffiliated developers for the acquisition of real estate in Miramar, Florida to construct single-family homes. BBX Capital contributed $ 875,000 for a 35 % interest in the joint venture and one of the developers contributed to the joint venture a contract to purchase real estate . The purchase of the real estate is subject to certain closing conditions, including receipt of all necessary entitlements and completion of due diligence by the joint venture . Centra Falls, LLC In August 2015, BBX Capital and other investors invested in a joint venture with a developer for the development and sale of 89 townhomes in Pembroke Pines, Florida. BBX Capital contributed 7.143% of the total capital of the joint venture or $750,000 and is entitled to receive 7.143% of the joint venture distributions until a 12% return on its investment has been attained and then BBX Capital will be entitled to 3.175% of the joint venture distributions thereafter. The Addison on Millenia Investment, LLC In December 2015, BBX Capital and another investor invested in a joint venture to develop 11.8 acres in the Gardens at Millenia site located in Orlando, Florida into nine rental apartment buildings totaling approximately 292 units. The joint venture intends to operate the property as an income producing business. BBX Capital invested 48% of the joint venture total capital by transferring property with an agreed upon value of $5.8 million and $0.3 million of cash. In exchange, BBX Capital is entitled to receive 48% of the joint venture distributions until it receives its aggregate capital contributions plus a 10% per annum return on capital. Any distributions thereafter are shared based on the project’s internal rate of return resulting in the managing member receiving an increasing percentage of distributions based on the joint ventures internal rate of return. The transfer of the land to the joint venture as an initial capital contribution resulted in a deferred gain of $0.4 million included in other liabilities in consolidated statements of financial condition as of December 31, 2015 and a joint venture basis adjustment of $0.4 million. BBX Capital determined that the gain on the transfer of the land to the joint venture should be recorded on the cost recovery method as BBX Capital did not receive cash. The deferred gain of $0.4 million will be recognized upon the receipt of cash distributions from the joint venture. BBX Capital will recognize the joint venture basis adjustment as equity earnings upon the joint venture sale of the apartment units. BBX/S Millenia Blvd Investments, LLC In October 2015, BBX Capital and a developer invested in a joint venture to develop a retail center on the Gardens of Millenia site in Orlando, Florida. The joint venture intends to obtain all necessary approvals, secure financing, construct all improvements, lease the premises and sell the property. BBX Capital transferred property with an agreed upon value of $ 7.0 million to the joint venture and received $0.7 million in cash and a 90% interest in the joint venture. BBX Capital is entitled to receive 90% of the joint venture distributions until it receives its aggregate capital contributions plus an 8% per annum return on capital. Any distributions thereafter are shared 54% to BBX Capital and 46% to the developer. The transfer of the land to the joint venture as an initial capital contribution resulted in a recognized gain of $0.1 million included in gains on sales of assets in the consolidated statements of operations and a joint venture basis adjustment of $0.9 million that will be recognized as joint venture equity earnings upon the sale of the retail center. Altis at Bonterra - Hialeah, LLC In December 2015, BBX Capital invested in a joint venture with Altman Companies to develop approximately 314 apartment homes in a portion of Bonterra communities in Hialeah, Florida. BBX Capital transferred approximately 14 acres of land at an agreed upon value of approximately $9.4 million and cash of $7.5 million to the joint venture. In exchange, BBX Capital is entitled to receive 95% of the joint venture distributions until it receives its aggregate capital contributions plus a 9% per annum return on capital. Any distributions thereafter are shared 85% by BBX Capital and 15% by Altman Companies. BBX Capital contributed 95% of the capital and the Altman Companies contributed the remaining 5% of capital, guaranteed the construction loan and is liable for construction cost overruns. The transfer of the land to the joint venture as an initial capital contribution resulted in a joint venture basis adjustment of $4.1 million. BBX Capital will recognize the joint venture basis adjustment as joint venture equity earnings upon the joint venture sale of the multi-family apartment complex. BBX Capital’s maximum exposure to loss as a result of its investments in the unconsolidated real estate joint ventures was as follows (in thousands): December 31, 2015 Altis at Kendall Square, LLC $ 764 Altis at Lakeline - Austin Investors LLC 5,210 New Urban/BBX Development, LLC 864 Sunrise and Bayview Partners, LLC 4,077 Hialeah Communities, LLC 12,722 PGA Design Center Holdings, LLC 1,911 CCB Miramar, LLC 875 Centra Falls, LLC 727 The Addison on Millenia Investment, LLC 5,778 BBX/S Millenia Blvd Investments, LLC 4,905 Altis at Bonterra - Hialeah, LLC 15,782 BBX Capital maximum expose to loss $ 53,615 |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property And Equipment [Abstract] | |
Property And Equipment | 11. Property and Equipment Property and equipment was comprised of (in thousands): December 31, 2015 2014 Land, building and building improvements $ 61,859 67,112 Leasehold improvements 16,667 8,410 Office equipment, furniture and fixtures 59,696 52,508 Transportation 379 423 138,601 128,453 Accumulated depreciation (48,581) (39,402) Property and equipment, net $ 90,020 89,051 Included in selling, general and administrative expenses in the Company’s consolidated statements of operations was approximately $11.4 million, $10.6 million, and $7.4 million of depreciation expense for the years ended December 31, 2015, 2014 and 2013, respectively. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | 12. Goodwill and Intangible Assets Goodwill was recognized in connection with the acquisitions by BBX Sweet Holdings during 2015 and 2014 and is part of the BBX Capital reportable segment. The Anastasia acquisition goodwill was adjusted based on additional information obtained concerning the tax basis of properties and equipment acquired. Goodwill and major classes of intangible assets are as follows (in thousands): December 31, Class 2015 2014 Intangible assets: Management contracts $ 61,293 63,000 Trademarks 5,965 5,715 Customer relationships 2,691 2,631 Lease premium 2,411 2,301 Other 246 246 72,606 73,893 Accumulated amortization (2,418) (1,540) Total intangibles assets 70,188 72,353 Goodwill 7,601 7,377 Total goodwill and intangible assets $ 77,789 79,730 The management contracts are indefinite lived intangible assets and are not amortized. The amortization expense of other intangible assets included in selling general and administrative expenses for the years ended December 31, 2015, 2014 and 2013 was approximately $0.9 million, $0.6 million and $0.2 million, respectively. The estimated aggregate amortization expense of intangible assets for each of the five succeeding years is as follows (in thousands): Years Ending December 31, Total 2016 $ 877 2017 849 2018 825 2019 583 2020 536 The lease premiums are amortized using the straight-line method over their expected useful lives of 5 to 9 years. Trademarks, customer relationships and non-competition agreements are amortized using the straight-line method over their expected useful lives of 4 years to 20 y ears. Included in other liabilities was a $306,000 lease discount intangible liability associated with the Anastasia acquisition. The lease discount is amortized using the straight-line method over the lease term of five years. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt [Abstract] | |
Debt | 13. Debt Notes Payable and Other Borrowings Contractual minimum principal payments of debt outstanding, net of unamortized discount, for each of the five years subsequent to December 31, 20 15 and thereafter are shown below (in thousands): Notes and Recourse Non-recourse Junior Mortgage Notes Payable Receivable Backed Receivable Backed Subordinated and Lines of Credit Notes Payable Notes Payable Debentures Total 2016 $ 33,503 - - - 33,503 2017 15,793 - - - 15,793 2018 23,755 - - - 23,755 2019 37,305 3,729 - - 41,034 2020 7,694 52,887 38,228 - 98,809 Thereafter 4,955 33,272 280,701 195,879 514,807 123,005 89,888 318,929 195,879 727,701 Purchase Accounting - - - (43,572) (43,572) Total Debt $ 123,005 89,888 318,929 152,307 684,129 The minimum contractual payments set forth in the table above may differ from actual payments due to timing of principal payments required upon (1) the sale of real estate assets that serve as collateral on certain debt (release payments) and (2) cash collections of pledged or transferred notes receivable. BFC Financial During July 2015, BFC entered into a Loan and Security Agreement and related agreements, including a Pledge Agreement, with Stifel Bank & Trust, which allows for borrowings by BFC of up to $10.0 million on a revolving basis. Amounts borrowed under the f acility will accrue interest at the Lender’s prime rate plus 5.0% or one-month LIBOR plus 7.5% , at the option of BFC upon a drawdown of the f acility. Payments of interest for prime rate loans are payable quarterly in arrears and for LIBOR loans are payable at the end of each one-month LIBOR interest period. Additional fees include an annual 0.5% fee on any unused portion of the facility. Borrowings under the facility will be secured by shares of Class A Common Stock of BBX Capital held by BFC in an amount such that the principal balance outstanding under the facility will not exceed 33.33% of the fair market value of the pledged BBX Capital shares based on the closing price of BBX Capital’s Class A Common Stock on the New York Stock Exchange. As of December 31, 2015, BFC had not drawn down any borrowings under the Loan and Security Agreement. The table below sets forth information regarding the lines-of-credit and notes payable facilities of Bluegreen (other than receivable-backed notes payable) and notes payable of BBX Capital as of December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 December 31, 2014 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Bluegreen: 2013 Notes Payable $ 58,500 8.05% $ 30,411 $ 64,500 8.05% $ 43,903 Foundation Capital - - - 7,010 8.00% 10,596 Pacific Western Term Loan 3,791 5.68% 10,868 2,945 5.91% 11,882 Fifth Third Bank Note 4,572 3.50% 9,336 4,817 3.25% 9,366 NBA Line of Credit 9,721 5.50% 24,246 789 5.50% 7,601 Fifth Third Syndicated Line of Credit 25,000 3.11% 54,312 10,000 3.01% 52,453 Total Bluegreen $ 101,584 $ 129,173 $ 90,061 $ 135,801 BBX Capital: Wells Fargo Capital Finance $ 8,071 (1) (2) $ 8,028 (1) (2) Anastasia Note 5,330 5.00% (2) 7,214 5.00% (2) Iberia Line of Credit 4,997 3.18% (2) - - - Centennial Bank - Hoffman's 1,613 5.25% 2,094 1,645 5.25% 2,145 Centennial Bank - Kencraft 995 2.35% 995 - - - Other 415 5.82% - 1,036 Various - Total BBX Capital $ 21,421 $ 17,923 Total Notes Payable $ 123,005 $ 107,984 (1) The term loan and revolving advance facility bear interest at the Bank Prime Interest Rate or the daily three month LIBOR interest rate plus a margin specified in the credit agreement ranging from 0.5% to 3.25% per annum. (2) The collateral is a blanket lien on the respective companies’ assets. Bluegreen 2013 Notes Payable - In March 2013, Bluegreen issued $75.0 million of senior secured notes (the “2013 Notes Payable”) in a private financing transaction. The 2013 Notes Payable are secured by certain of Bluegreen’s assets, including primarily the cash flows from the residual interests relating to term securitizations and the VOI inventory in the BG Club 36 resort in Las Vegas, Nevada. Pursuant to the terms of the 2013 Notes Payable, Bluegreen is required to periodically pledge reacquired VOI inventory in the BG Club 36 resort. Bluegreen may also pledge additional residual interests from its future term securitizations. The 2013 Notes Payable accrue interest at a fixed rate of 8.05% . The 2013 Notes Payable mature in March 2020, with certain required amortization during the seven -year term. The terms of the 2013 Notes Payable include certain covenants and events of default, which Bluegreen’s management considers to be customary for transactions of this type. The proceeds from the 2013 Notes Payable were used to fund a portion of the merger consideration paid to Bluegreen’s former shareholders in connection with the closing of Woodbridge’s April 2013 acquisition of Bluegreen. Foundation Capital - In 2010, Bluegreen acquired a 109 -acre development parcel, located in close proximity to the existing Wilderness Club at Big Cedar. A portion of the acquisition was financed with a note payable to Foundation Capital Resources, Inc. (“Foundation Capital”), totaling $13.2 million. The note payable to Foundation Capital was scheduled to mature in October 2015 and bore interest at a rate of 8% . Repayments of the note were based upon release payments from sales of VOIs located on the underlying property that served as collateral for the note payable, subject to minimum payments stipulated in the agreement. In Febru ary 2015, Bluegreen repaid in full the Foundation Capital note payab le. Pacific Western Term Loan - Bluegreen has a non-revolving term loan (the “Pacific Western Term Loan”) with Pacific Western Bank, as successor by merger to CapitalSource Bank, secured by unsold inventory and undeveloped land at the Bluegreen Odyssey Dells Resort. On June 25, 2015, the Pacific Western Term Loan was amended to increase its then outstanding balance from $2.4 million to $4.8 million, extend the maturity date from July 2016 to June 2019, and reduce the interest rate from 30-day LIBOR plus 5.75% to 30 -day LIBOR plus 5.25% ( 5.68% at December 31, 2015). Interest payments are paid monthly. Principal payments are effected through release payments upon sales of the timeshare interests in the Bluegreen Odyssey Dells Resort that serve as collateral for the Pacific Western Term Loan, subject to mandatory principal reductions pursuant to the terms of the loan agreement. The Pacific Western Term Loan is cross-collateralized and is subject to cross-default with the Pacific Western Facility described below under “Receivable-Backed Notes Payable.” Fifth Third Bank Note Payable - In April 2008, Bluegreen entered into a note payable with Fifth Third Bank to finance an acquisition of real estate. In August 2014, the Fifth Third Bank Note Payable was amended to increase its then outstanding balance from $2.3 million to $4.9 million, and change the maturity date from April 2023 to August 2021. Principal and interest on amounts outstanding under the Fifth Third Bank Note Payable are payable monthly through maturity. The interest rate under the note equals the 30-day LIBOR plus 3.00% , with a 0.125% roundup provision, ( 3.50% as of December 31, 2015). NBA Line of Credi t - Since December 2013, Bluegreen/Big Cedar Vacations has had a revolving line of credit with National Bank of Arizona (the “NBA Line of Credit”). The NBA Line of Credit is secured by unsold inventory and VOIs under construction at Bluegreen/Big Cedar Vacation’s Paradise Point Resort. Pursuant to an amendment to the NBA Line of Credit on June 30, 2015, the NBA Line of Credit was increased to $15.0 million, the revolving advance period was extended from to June 2018 and the maturity date was extended to June 2020. In addition, the interest rate on borrowings under the NBA Line of Credit will be reduced from 30-day LIBOR plus 4.50% (with an interest rate floor of 5.50%) to 30-day LIBOR plus 3.50% (with an interest rate floor of 5.00%) upon completion of construction of the building where the VOIs are located. Interest payments are paid monthly. Principal payments are effected through release payments upon sales of the timeshare interests in the Paradise Point Resort that serve as collateral for the NBA Line of Credit, subject to mandatory principal reductions. The NBA Line of Credit is cross-collateralized and is subject to cross-default with the NBA Receivables Facility described below under “Receivable-Backed Notes Payable.” Fifth Third Syndicated Line-of-Credit - In November 2014, Bluegreen entered into a $25.0 million revolving credit facility with Fifth Third Bank as administrative agent and lead arranger and Fifth Third Bank, Bank of America, N. A. and Branch Banking and Trust Company as initial lenders. The facility is secured by certain of Bluegreen’s sales centers, certain VOI inventory and specified non-consumer receivables and is guaranteed by certain of Bluegreen’s subsidiaries. Amounts borrowed under the facility generally bear interest at LIBOR plus 2.75% (with other borrower elections). The facility matures in November 2016 subject to an annual clean up provision for at least 30 consecutive days, which occurred in July 2015, in accordance with the terms and conditions of the agreement. The facility contains covenants and conditions which Bluegreen considers to be customary for transactions of this type. Borrowings are used by Bluegreen for general corporate purposes. As of December 31, 2015, the interest rate under the note was 3.11% and $25.0 million was outstanding. BBX Capital Wells Fargo Capital Finance - On June 11, 2014, Renin entered into a credit agreement (the “WF Credit Agreement”) with Wells Fargo Capital Finance Corporation (“Wells Fargo”). Under the terms and conditions of the WF Credit Agreement, Wells Fargo made a $1.5 million term loan to Renin. The WF Credit Agreement also includes a revolving advance facility pursuant to which Wells Fargo agreed to make loans to Renin on a revolving basis up to a maximum of approximately $18 million or, if lower, the Borrowing Base (as defined in the WF Credit Agreement), subject to Renin’s compliance with the terms and conditions of the WF Credit Agreement, including certain specific financial covenants as discussed below. Amounts outstanding under the term loan and loans made under the revolving advance facility bear interest at the Canadian Prime Rate or the daily three month LIBOR rate plus a margin specified in the WF Credit Agreement at various rates between 0.5% per annum and 3.25% per annum. The revolving advance facility also includes a 0.25% per annum fee charged on the amount of unused commitment. The term loan and borrowings under the revolving advance facility require monthly interest payments. In addition, beginning on October 1, 2014, the term loan requires quarterly principal repayments of $75,000 . The maturity date under the WF Credit Agreement with respect to the term loan and all loans made pursuant to the revolving advance facility is June 11, 2019. The amount outstanding under the term loan and revolving advance facility were $1.1 million and $7.0 million as of December 31, 2015. The amounts outstanding under the term loan and revolving advance facility were $1.4 million and $6.6 million as of December 31, 2014. Under the terms and conditions of the WF Credit Agreement, Renin was originally required to comply with certain financial covenants from June 30, 2014 to November 30, 2014, including limits on monthly capital expenditures and the achievement of monthly EBITDA (as defined in the WF Credit Agreement) in amounts equal to or greater than specific amounts set forth in the WF Credit Agreement. However, the WF Credit Agreement was amended in October 2014 replacing the EBITDA financial covenants requirements for each month ended during the period from September 2014 through November 2014 with a Fixed Charge Coverage Ratio (as defined in the amended WF Credit Agreement). In addition, beginning on December 1, 2014, Renin is required to maintain as of the end of each month a certain specified Fixed Charge Coverage Ratio (as defined in the WF Credit Agreement) measured on a trailing twelve-month basis. The WF Credit Agreement also contains customary affirmative and negative covenants, including those that, among other things, limit the ability of Renin to incur liens or engage in certain asset dispositions, mergers or consolidations, dissolutions, liquidations or winding up of its businesses. The loans are collateralized by all of Renin’s assets. Renin was in compliance with the WF Credit Agreement financial covenants as of December 31, 2015. Anastasia Note - In October 2014, a wholly-owned subsidiary of BBX Capital, BBX Sweet Holdings, acquired the outstanding common shares of Anastasia. A portion of the purchase consideration was a $7.5 million promissory note. The promissory note bears interest at 5% per annum and $2.0 million of the promissory note plus accrued interest was repaid on October 1, 2015. The remaining balance of the promissory note is payable in three annual payments of principal and accrued interest as follows: $2.0 million plus accrued interest on October 1, 2016, $2.0 million plus accrued interest on October 1, 2017 and the final payment of $1.5 million plus accrued interest on October 1, 2018. The repayment of the promissory note is guaranteed by BBX Capital Corporation and secured by the common stock of Anastasia. The Anastasia note payable was recorded at a $0.3 million discount to reflect the fair value of the note payable at the acquisition date. Iberia Line of Credit - On August 7, 2015, the wholly-owned subsidiary of BBX Capital, BBX Sweet Holdings entered into a Loan and Security Agreement and related agreements, with Iberiabank, which provides for borrowings by BBX Sweet Holdings of up to $5.0 million on a revolving basis. Amounts borrowed under this facility accrue interest at a floating rate of thirty day LIBOR plus 2.75% or 3.18% as of December 31, 2015. Payments of interest only are payable monthly. The facility matures, and all outstanding principal and interest will be payable, on July 31, 2017, with one twelve month renewal option at BBX Sweet Holdings’ request, subject to satisfaction of certain conditions. The loan documents include a number of covenants, including financial covenants relating to BBX Sweet Holdings’ debt service coverage ratio. The facility is secured by the assets of BBX Sweet Holdings and its subsidiaries and is guaranteed by BBX Capital. BBX Sweet Holdings is using the proceeds of the facility for general corporate purposes. BBX Sweet Holdings was not in compliance with the Iberiabank loan financial covenants as of December 31, 2015. Centennial Bank – Hoffman’s - In October 2014, a wholly-owned subsidiary of BBX Sweet Holdings borrowed $1.7 million from a Centennial Bank in the form of a ten year promissory note for working capital. The note bears interest at a fixed rate of 5.25% per annum for the first five years and adjusts to the 5 -year US Treasury SWAP Rate in effect on the change date plus 345 basis points for the remaining five year term of the note. The note requires monthly principal and interest payments based upon a 25 year amortization schedule and is due and payable in October 2024 . BBX Sweet Holdings and BBX Capital are guarantors of the note and the note is collateralized by land and buildings with a carrying value of $2.1 million as of December 31, 2015. Centennial Bank – Kencraft - In April 2015, a wholly-owned subsidiary of BBX Sweet Holdings borrowed $995,000 from a Centennial Bank in the form of a promissory note in order to partially fund the Kencraft asset acquisition. The promissory note bears interest at 2.35% per annum and the principal balance is payable on April 1, 2017 or sooner upon demand. Interest is payable monthly. The promissory note is secured by a $995,000 certificate of deposit and a blanket lien on the Kencraft assets acquired. The $ 995,000 time deposit account is included in restricted cash in the consolidated statement of financial condition as of December 31, 2015. BBX Sweet Holdings was in compliance with the debt financial covenants of the loan as of December 31, 2015. Other Notes Payable – Other notes payable consisted of purchase consideration payable in connection with BBX Sweet Holdings acquisitions. Receivable-Backed Notes Payable The table below sets forth information regarding Bluegreen’s receivable-backed notes payable facilities (dollars in thousands): December 31, 2015 December 31, 2014 Principal Principal Balance of Balance of Pledged/ Pledged/ Debt Interest Secured Debt Interest Secured Balance Rate Receivables Balance Rate Receivables Recourse receivable-backed notes payable: Liberty Bank Facility $ 46,547 4.00% $ 56,815 $ 38,088 4.25% $ 49,976 NBA Receivables Facility 24,860 4.00 - 4.50% 29,947 29,058 4.00 - 4.50% 35,296 Pacific Western Facility 18,481 4.93% 23,596 24,983 4.67% 32,397 Total $ 89,888 $ 110,358 $ 92,129 $ 117,669 Non-recourse receivable-backed notes payable: BB&T/DZ Purchase Facility $ 38,228 3.33% $ 50,224 $ 42,818 3.88% $ 56,406 Quorum Purchase Facility 28,500 4.75 -6.90% 32,303 26,447 5.00 -6.90% 30,158 GE 2006 Facility - - - 18,008 7.35% 19,881 2006 Term Securitization - - - 12,366 6.16% 12,881 2007 Term Securitization 17,642 7.32% 18,720 30,126 7.32% 33,094 2008 Term Securitization 7,227 7.88% 7,726 11,846 7.88% 13,089 2010 Term Securitization 24,074 5.54% 28,159 37,048 5.54% 44,092 2012 Term Securitization 44,603 2.94% 49,091 59,377 2.94% 65,827 2013 Term Securitization 62,670 3.20% 66,020 82,239 3.20% 86,503 2015-A Term Securitization 95,985 3.02% 100,142 - - - Total $ 318,929 $ 352,385 $ 320,275 $ 361,931 Total receivable-backed debt $ 408,817 $ 462,743 $ 412,404 $ 479,600 Liberty Bank Facility - Since 2008, Bluegreen has maintained a revolving timeshare receivables hypothecation facility (the “Liberty Bank Facility”) with Liberty Bank which provides for advances on eligible receivables pledged under the Liberty Bank Facility, subject to specified terms and conditions, during a revolving credit period. Pursuant to the terms of the agreement, as amended in November 2015, the aggregate maximum outstanding borrowings are $50.0 million and the revolving credit period will expire in November 2017. The Liberty Bank Facility allows future advances of (i) 85% of the unpaid principal balance of Qualified Timeshare Loans assigned to agent, and (ii) 60% of the unpaid principal balance of Non-Conforming Qualified Timeshare Loans assigned to agent, all of which bear interest at the WSJ Prime Rate plus 0.50% per annum subject to a 4.00% floor. Principal and interest are required to be paid as cash is collected on the pledged receivables, with all outstanding amounts being due in November 2020. In January 2015, Bluegreen repaid $22.3 million under the facility in connection with the issuance of the 2015 Term Securitization described below. NBA Receivables Facility - Bluegreen/Big Cedar Vacations has a revolving timeshare hypothecation facility with National Bank of Arizona (the “NBA Receivables Facility”). On June 30, 2015, the NBA Receivables Facility was amended to extend the revolving advance period and the maturity date, and to reduce the interest rate on future borrowings. The NBA Receivables Facility provides for advances at a rate of 85% on eligible receivables pledged under the facility up to a maximum of $45.0 million of outstanding borrowings (inclusive of outstanding borrowings under the NBA Line of Credit discussed above), subject to eligible collateral and specified terms and conditions, during a revolving credit period. Pursuant to the terms of the amendment to the NBA Receivables Facility, the revolving advance period expiration date was extended to June 2018. In addition, post-amendment borrowings under the NBA Receivables Facility will accrue interest at a rate equal to the 30-day LIBOR plus 3.25% (with an interest rate floor of 4.00%). Amounts outstanding under the NBA Receivables Facility for borrowings made prior to the amendment accrue interest at the previously prevailing rates, which for certain of such borrowings is 30-day LIBOR plus 3.25% (with an interest rate floor of 4.00%) and for the remainder of such borrowings is 30-day LIBOR plus 3.50% (with an interest rate floor of 4.50%) . Principal repayments and interest on borrowings under the NBA Receivables Facility are paid as cash is collected on the pledged receivables, subject to future required decreases in the advance rates after the expiration of the revolving advance period, with the remaining outstanding balance maturing in December 2022. As of December 31, 2015, $17.2 million of the outstanding balance bears interest at 4.00% and $7.6 million of the outstanding balance bears interest at 4.50% . All principal and interest payments received on pledged receivables are applied to principal and interest due under the facility. The NBA Receivables Facility is cross-collateralized and is subject to cross-default with the NBA Line of Credit described above. Pacific Western Facility - Bluegreen has a revolving timeshare receivables hypothecation facility (the “Pacific Western Facility”) with Pacific Western Bank, as successor-by-merger to CapitalSource Bank, which provides for advances on eligible receivables pledged under the facility, subject to specified terms and conditions, during a revolving credit period. On June 25, 2015, Bluegreen amended the Pacific Western Facility to extend the revolving advance period and the maturity date, increase the advance rate for certain eligible receivables, and reduce the interest rate on portions of certain future borrowings. Maximum outstanding borrowings under the Pacific Western Facility are $40.0 million (inclusive of outstanding borrowings under the Pacific Western Term Loan discussed above), subject to eligible collateral and customary terms and conditions. Pursuant to the terms of the amendment to the Pacific Western Facility, the revolving advance period expiration date was extended to September 2018, subject to an additional 12 month extension at the option of Pacific Western Bank. Eligible “A” receivables that meet certain eligibility and FICO® score requirements, which Bluegreen’s management believes are typically consistent with loans originated under Bluegreen’s current credit underwriting standards, are subject to an 85% advance rate. The Pacific Western Facility also allows for certain eligible “B” receivables (which have less stringent FICO® score requirements) to be funded at a 53% advance rate as a result of the amendment, compared to a 45% advance rate prior to the amendment. Borrowings under the Pacific Western Facility accrue interest at 30-day LIBOR plus 4.50% , except that, pursuant to the amendment, the interest rate on a portion of borrowings under the Pacific Western Facility, advanced after the date of the amendment to the extent such borrowings are in excess of established debt minimums, accrue interest at 30-day LIBOR plus 4.00% . Principal repayments and interest on borrowings under the Pacific Western Facility are paid as cash is collected on the pledged receivables, subject to future required decreases in the advance rates after the end of the revolving advance period, with the remaining outstanding balance maturing in September 2021, subject to an additional 12 month extension at the option of Pacific Western Bank. The Pacific Western Facility is cross-collateralized and is subject to cross-default with the Pacific Western Term Loan described above. BB&T/DZ Purchase Facility - Bluegreen has a timeshare notes receivable purchase facility (the “BB&T/DZ Purchase Facility”) with Branch Banking and Trust Company (“BB&T”) and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt AM Main (“DZ”), which permits maximum outstanding financings of $80.0 million. In December 2015, Bluegreen amended the BB&T/DZ Purchase Facility to extend the revolving advance period and the maturity date, and reduce the interest rate on portions of certain borrowings. Availability under the BB&T/DZ Purchase Facility is on a revolving basis through December 2017, and amounts financed are secured by timeshare receivables at an advance rate of 75% , subject to eligible collateral and other terms of the facility, which Bluegreen believes to be customary for financing arrangements of this type. The facility will mature and all outstanding amounts will become due thirty-six months after the expiration of the revolving advance period, or earlier under certain circumstances set forth in the facility. Interest on amounts outstanding under the facility is tied to an applicable index rate of the LIBOR rate, in the case of amounts funded by BB&T, and a cost of funds rate or commercial paper rates, in the case of amounts funded by or through DZ. The interest rate under the facility equals the applicable index rate plus 2.90% until the expiration of the revolving advance period and thereafter will equal the applicable index rate plus 4.9% . Subject to the terms of the facility, Bluegreen will receive the excess cash flows generated by the receivables sold (excess meaning after payments of customary fees, interest and principal under the facility) until the expiration of the receivables advance period, at which point all of the excess cash flow will be paid to the note holders until the outstanding balance is reduced to zero . While ownership of the timeshare receivables included in the facility is transferred and sold for legal purposes, the transfer of these timeshare receivables is accounted for as a secured borrowing for financial reporting purposes. The facility is nonrecourse and is not guaranteed by Bluegreen. In January 2015, Bluegreen used a portion of the proceeds from the issuance of the 2015 Term Securitization described below to repay $42.3 million under the facility. Quorum Purchase Facility - Bluegreen and Bluegreen/Big Cedar Vacations have a timeshare notes receivable purchase facility (the “Quorum Purchase Facility”) with Quorum Federal Credit Union (“Quorum”). In October 2015, the Quorum Purchase Facility was amended. Pursuant to the amendment, which was effective as of July 1, 2015, Quorum agreed to purchase, on a revolving basis through June 30, 2017, eligible timeshare receivables in an amount of up to an aggregate outstanding $ 50.0 million purchase price, subject to certain conditions precedent and other terms of the facility. In addition, the amendment decreased the interest rate on advances made under the Quorum Purchase Facility from the July 1, 2015 effective date of the amendment until June 30, 2016 to 4.75% per annum, subject to specified terms and conditions. All amounts outstanding under the Quorum Purchase Facility prior to July 1, 2015 accrue interest at the previously prevailing rates (from 5.00% to 6.90% per annum). The Quorum Purchase Facility continues to provide for an 85% advance rate on eligible receivables sold under the facility and a program fee rate of 5.00% per annum with respect to any future advances after June 30, 2016. Future advances are also subject to a loan purchase fee of 0.50% . The Quorum Purchase Facility becomes due in December 2030. Eligibility requirements for receivables sold include, among others, that the obligors under the timeshare notes receivable sold be members of Quorum at the time of the note sale. Subject to performance of the collateral, Bluegreen or Bluegreen/Big Cedar Vacations, as applicable, will receive any excess cash flows generated by the receivables transferred to Quorum under the facility (excess meaning after payments of customary fees, interest, and principal under the facility) on a pro-rata basis as borrowers make payments on their timeshare loans. While ownership of the timeshare receivables included in the Quorum Purchase Facility is transferred and sold for legal purposes, the transfer of these timeshare receivables is accounted for as a secured borrowing for financial reporting purposes. The facility is nonrecourse and is not guaranteed by Bluegreen. 2015 Term Securitization - On January 29, 2015, Bluegreen completed a private offering and sale of $117.8 million of investment-grade, timeshare receivable-backed notes (the " 2015 Term Securitization"). The 2015 Term Securitization consisted of the issuance of two tranches of timeshare receivable-backed notes (the “Notes”): $89.4 million of A rated and $28.4 million of BBB/BBB- rated notes with note interest rates of 2.88% and 3.47% , respectively, which blended to an overall weighted average note interest rate of 3.02% . The gross advance rate for this transaction was 94.25% . The Notes mature in May 2030. The amount of the timeshare receivables sold to BXG Receivables Note Trust 2015-A (the “2015 Trust”) was $125.0 million, $100.2 million of which was sold to the 2015 Trust at closing and $24.8 million of which was subsequently sold to the 2015 Trust during 2015. The gross proceeds of such sales to the 2015 Trust were $117.8 million. A portion of the proceeds were used to: repay the BB&T/DZ Purchase Facility a total of $42.3 million, representing all amounts then outstanding (including accrued interest); repay $22.3 million under the Liberty Bank Facility plus accrued interest; capitalize a reserve fund; and pay fees and expenses associated with the transaction. Prior to the closing of the 2015 Term Securitization, Bluegreen, as servicer, funded $9.5 million in connection with the servicer redemption of the notes related to BXG Receivables Note Trust 2006-B, and certain of the timeshare loans in such trust were sold to the 2015 Trust in connection with the 2015 Term Securitization. The remaining $40 million of proceeds from the 2015 Term Securitization were used by Bluegreen for general corporate purposes. While ownership of the timeshare receivables included in the 2015 Term Securitization is transferred and sold for legal purposes, the transfer of these timeshare receivables is accounted for as a secured borrowing for financial reporting purposes. Accordingly, no gain or loss was recognized as a result of this transaction. Subject to performance of the collateral, Bluegreen will receive any excess cash flows generated by the receivables transferred under the 2015 Term Securitization (excess meaning after payments of customary fees, interest, and principal under the 2015 Term Securitization) on a pro-rata basis as borrowers make payments on their timeshare loans. Other Non-Recourse Receivable-Backed Notes Payable - In addition to the above described facilities, Bluegreen has a number of other nonrecourse receivable-backed notes payable facilities, as set forth in the table above. During 2015, Bluegreen repaid $75.2 million under these additional receivable-backed notes payable facilities, including the payment in full of the GE 2006 Facility and the notes payable issued in connection with the 2006 Term Securitization. During 2015, Bluegreen wrote off the related unamortized GE 2006 Facility and 2006 Term Securitization debt issuance costs totaling approximately $0.2 million. As of December 31, 2015 , Bluegreen was in compliance with all financial debt covenants under its debt instruments. Junior Subordinated Debentures Junior subordinated debentures outstanding at December 31, 2015 and 2014 were as follows (in thousands): December 31, Beginning 2015 2014 Optional Issue Outstanding Outstanding Interest Maturity Redemption Junior Subordinated Debentures Date Amount Amount Rate (1) Date Date Levitt Capital Trust I ("LCT I") 03/15/2005 $ 23,196 23,196 LIBOR + 3.85% 03/01/2035 03/15/2010 Levitt Capital Trust II ("LCT II") 05/04/2005 30,928 30,928 LIBOR + 3.80% 06/30/2035 06/30/2010 Levitt Capital Trust III ("LCT III") 06/01/2006 15,464 15,464 LIBOR + 3.80% 06/30/2036 06/30/2011 Levitt Capital Trust IV ("LCTIV") 07/18/2006 15,464 15,464 LIBOR + 3.80% 09/30/2036 09/30/2011 Total Woodbridge Holdings 85,052 85,052 Bluegreen Statutory Trust I 03/15/2005 23,196 23,196 LIBOR + 4.90% 3/30/2035 03/30/2010 Bluegreen Statutory Trust II 05/04/2005 25,774 25,774 LIBOR + 4.85% 7/30/2035 07/30/2010 Bluegreen Statutory Trust III 05/10/2005 10,310 10,310 LIBOR + 4.85% 7/30/2035 07/30/2010 Bluegreen Statutory Trust IV 04/24/2006 15,464 15,464 LIBOR + 4.85% 6/30/2036 06/30/2011 Bluegreen Statutory Trust V 07/21/2006 15,464 15,464 LIBOR + 4.85% 9/30/2036 09/30/2011 Bluegreen Statutory Trust VI 02/26/2007 20,619 20,619 LIBOR + 4.80% 4/30/2037 04/30/2012 Total Bluegreen Corporation 110,827 110,827 Purchase accounting adjustment (43,572) (45,841) To |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 1 4 . Income Taxes The Company’s United States and foreign components of income before income taxes are as follows (in thousands): For the Years Ended December 31, 2015 2014 2013 U.S. $ 67,272 67,553 97,861 Foreign (2,589) (3,175) (963) Total $ 64,683 64,378 96,898 The provision for income taxes consisted of (in thousands): For the Years Ended December 31, 2015 2014 2013 Current: Federal $ 5,288 20,756 4,275 State 2,445 3,904 1,948 7,733 24,660 6,223 Deferred: Federal (74,189) 11,001 19,952 State (10,140) 1,412 (34) (84,329) 12,413 19,918 (Benefit) provision for income taxes $ (76,596) 37,073 26,141 The Company's actual provision for income taxes differs from the expected Federal income tax provision as follows (dollars in thousands): For the Years Ended December 31, 2015 (1) 2014 (1) 2013 (1) Income tax provision at expected federal income tax rate of 35% $ 22,639 35.00 % $ 22,532 35.00 % $ 33,914 35.00 % Increase (decrease) resulting from: Benefit for state taxes, net of federal effect 9,029 13.96 6,120 9.51 2,947 3.04 Taxes related to subsidiaries not consolidated for income tax purposes (4,842) (7.49) 1,124 1.75 (2,324) (2.40) Nondeductible executive compensation 5,524 8.54 4,993 7.76 3,463 3.57 Bluegreen settlement 12,820 19.82 - - - - SEC penalty 1,243 1.92 - - - - Decrease in valuation allowance (127,835) (197.63) 1,294 2.01 (18,022) (18.60) Other – net 4,826 7.46 1,010 1.57 6,163 6.36 (Benefit) provision for income taxes $ (76,596) (118.42) % $ 37,073 57.60 % $ 26,141 26.97 % (1) Expected tax is computed based upon income before noncontrolling interests. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and tax liabilities were (in thousands): December 31, 2015 2014 2013 Deferred tax assets: Allowance for loan losses, tax certificate losses and write-downs for financial statement purposes $ 41,832 38,771 35,560 Federal and State NOL and tax credit carryforward 237,820 270,331 289,464 Capital loss carryover 15 766 766 Real estate valuation 33,505 42,278 42,327 Share based compensation 3,097 5,742 4,696 Income recognized for tax purposes and deferred for financial statement purposes 103 103 103 Investment in unconsolidated affiliates 828 828 828 Property and equipment 588 1,056 2,300 Other 5,685 11,467 12,058 Total gross deferred tax assets 323,473 371,342 388,102 Valuation allowance (129,846) (257,681) (256,410) Total deferred tax assets 193,627 113,661 131,692 Deferred tax liabilities: Installment sales treatment of notes 150,237 152,419 158,065 Intangible assets 25,368 26,467 24,292 Junior subordinate notes 17,205 18,700 19,313 Deferral of VOI sales and costs under timeshare accounting 9,222 8,554 6,264 Investment in securities 96 112 89 Other 93 18 758 Total gross deferred tax liabilities 202,221 206,270 208,781 Net deferred tax liability (8,594) (92,609) (77,089) Less net deferred tax liability at beginning of period 92,609 77,089 57,171 Net deferred tax liabilities from acquisitions 329 3,107 - Less change in net deferred tax liability for amounts included in other comprehensive income (15) - - Benefit (provision) for deferred income taxes $ 84,329 (12,413) (19,918) Activity in the deferred tax asset valuation allowance was (in thousands): For the Years Ended December 31, 2015 2014 2013 Balance, beginning of period $ 257,681 256,410 274,861 (Increase) decrease in deferred tax valuation allowance (127,835) 1,294 (18,022) Other comprehensive loss - (23) (27) Acquisitions - - (402) Balance, end of period $ 129,846 257,681 256,410 BFC and its subsidiaries evaluate their deferred tax assets to determine if valuation allowances are required. In the evaluation, management considers net operating loss (“NOL”) carry-back availability, 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. V aluation allowances are established based on the consideration of all available evidence using a more likely than not standard. Based on BFC’s evaluations, which are discussed in further detail below, the deferred tax valuation allowances decreased by $127 .8 million, increased by $1.3 million and decreased $18.0 million for the years ended December 31, 2015, 2014 and 2013, respectively. At December 31, 2014, BFC had maintained a valuation allowance against deferred tax assets of $257.7 million. A substantial portion of these deferred tax assets were attributable to federal and state net operating loss carry forwards. BFC, BBX Capital and Bluegreen have historically filed separate group federal and state tax returns. As a separate tax return filer, BFC maintained a full valuation allowance against certain deferred tax assets based on BFC’s determination that it was more likely than not that these deferred tax assets would not be realized. As a result of the increase in BFC’s ownership interest in BBX Capital completed on April 30, 2015 (as discussed in Note 1), BFC will be filing a consolidated group tax return with BBX Capital, Woodbridge and Bluegreen, which will include the operations of BBX Capital, Woodbridge and Bluegreen from May 1, 2015 forward. A substantial portion of BFC’s net operating losses and other deductible temporary differences may be utilized in the consolidated return without limitation. BFC evaluated all positive and negative evidence available as of the reporting date, including the ability to file a consolidated return with BBX Capital, Woodbridge and Bluegreen, the expected future reversal of existing taxable temporary differences, and expected future taxable income (primarily of Bluegreen) exclusive of reversing temporary differences and carry forwards. Based on this evaluation, BFC has determined that it is more likely than not that it will be able to realize certain deferred tax assets against which it had previously carried a valuation allowance. BFC will continue to evaluate the positive and negative evidence available in subsequent periods and adjust its remaining valuation allowance to reflect the amount of net deferred tax assets it determines are more likely than not to be realized. At December 31, 2015, BFC had estimated federal and Florida net operating loss carryforwards of approximately $377.0 million and $439.7 million, respectively (which expire from 2021 through 2034). As described below, BFC’s ability to utilize a portion of these NOLs to offset future taxable income is subject to significant limitations as a result of the 2009 merger between BFC and Woodbridge. BFC’s NOL carryforwards also include federal and Florida of approximately $16.8 million and $16.0 million, respectively, that are attributed to the exercise of stock options and the vesting of restricted stock awards. These tax benefits will not be recognized in the financial statements until such deductions are utilized to reduce taxes payable. The BFC’s NOLs at December 31, 2015 include the federal and Florida NOL carryforwards of Woodbridge as of September 30, 2009 of $105.3 million and $210.9 , respectively. The Woodbridge pre-merger Federal and Florida NOL carryforwards expire from 2027 through 2029. Woodbridge’s pre-merger NOLs are available to be used by BFC but only if BFC generates taxable income. As such, a full valuation allowance has been established for these NOLs. In addition, as a result of BFC’s merger with Woodbridge in September 2009, BFC experienced a “change of ownership” as that term is defined in the Internal Revenue Code. This change of ownership resulted in a significant limitation of the amount of BFC’s pre-merger net operating losses that can be utilized by BFC annually. Of the total federal and Florida net operating loss carryforwards, approximately $75.3 million and $63.6 million, respectively, were generated by BFC prior to the merger with Woodbridge. As a result, a valuation allowance has been established for these NOLs to the extent that they may expire before they can be utilized. These Federal and Florida NOL carryforwards expire from 2021 through 2029. On September 21, 2009, BFC adopted a shareholder rights agreement aimed at protecting our ability to use available NOLs to offset future taxable income . See Note 19 for additional information regarding BFC’s rights agreement. The Company evaluates its tax positions based upon guidelines of ASC 740-10, Income Tax, which clarifies the accounting for uncertainty in tax positions. Based on an evaluation of uncertain tax provisions, the Company is required to measure tax benefits based on the largest amount of benefit that is greater than 50% likely of being realized upon settlement. There were no unrecognized tax benefits at December 31, 2015, 2014 or 2013. The Company does not expect the amount of unrecognized tax benefits to materially change within the next 12 months. BFC is no longer subject to United States federal, state or local income tax examinations by tax authorities for tax years before 2012. Prior to its merger with BFC, Woodbridge was subject to U.S. federal income tax as well as to income tax in multiple state jurisdictions. Woodbridge is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for tax years before 2012. Bluegreen For tax years through the increase in ownership of shares of BBX Capital on April 30, 2015, Bluegreen and its subsidiaries filed consolidated U.S. federal and Florida income tax returns. Bluegreen and its subsidiaries also file income tax returns in various other states and foreign jurisdictions. With certain exceptions, Bluegreen is no longer subject to these state and local, or non-U.S. income tax examinations by tax authorities for years before 2010. As of December 31, 2014, Bluegreen had utilized all remaining federal net operating loss carryforwards, including an equity net operating loss of $5.9 million. As of December 31, 2015, Bluegreen had alternative minimum tax credit carryforwards of $25.1 million, which will never expire, and state operating loss carryforwards of $251.2 million, which expire from 2016 through 2035. In August 2015, Bluegreen received notice from the Internal Revenue Service that its Income Tax Return for the year ended December 31, 2013 was selected for examination. In September 2015, the examination was extended to include the tax year ended December 31, 2012. In October 2015, the examination was further extended to include payroll taxes for the year ended December 31, 2013. Bluegreen has complied with all examination requests to date. While there is no assurance as to the results of the examination, Bluegreen does not currently anticipate any material adjustments in connection with this examination. Certain of Bluegreen’s other state filings are under routine examination. While there is no assurance as to the results of these audits, Bluegreen does not currently anticipate any material adjustments in connection with these examinations. BBX Capital At December 31, 2015 BBX Capital had $11 0.5 million of federal income tax NOL carryforwards which expire from 20 29 to 2034. BBX Capital’s federal tax credit carry-forwards were $2. 1 million at December 31, 2015 and expire from 2025 to 20 31 . BBX Capital filed separate state income tax returns for years ending prior to December 31, 2011. BBX Capital’s state NOL carry-forwards were $533 .5 million as of December 31, 2015 and expire from 202 3 through 203 3 . Renin’s Canadian subsidiaries’ earnings are subject to taxation in Canada and the United Kingdom. Renin had taxable losses in these tax jurisdictions during the years ended December 31, 2015 and 2014 and two months ended December 31, 2013. BBX Capital’s foreign income tax NOL carryforwards were $3. 8 million and expire from 2033 to 2035. BBX Capital is no longer subject to U.S. federal state and local income tax examinations by tax authorities for tax years before 2012. Various state jurisdiction tax years remain open to examination. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 1 5 . Commitments and Contingencies The Company and its subsidiaries are lessees under various operating leases for real estate and equipment. At December 31, 2015, the approximate minimum future rental payments under such leases for the periods shown are (in thousands): Year Ending December 31, Amount 2016 $ 12,553 2017 11,898 2018 10,550 2019 4,160 2020 3,524 Thereafter 19,335 Total $ 62,020 The Company and its subsidiaries incurred rent expense as follows (in thousands): For the Years Ended December 31, 2015 2014 2013 Rental expense for premises and equipment $ 13,745 12,943 10,888 In the ordinary course of business, BFC and its subsidiaries are parties to lawsuits as plaintiff or defendant involving its operations and activities. Reserves are accrued for amounts in which it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. As of December 31, 2015 and 2014 , BFC accrued $ 0.1 million and $11.9 million, respectively, for pending legal proceedings , all of which related to the Woodbridge appraisal rights litigation . See the description of such litigation (Woodbridge Holdings, LLC vs Prescott Group et. al.) below for information related to payments made by BFC during 2015 in connection with such litigation. L iabilities arising from pending litigation matters discussed below, in excess of the amounts currently accrued, if any, are not expected t o have a material impact on BFC’s financial statements. However, due to the significant uncertainties involved in legal matters, losses in excess of amounts accrued may be incurred and could be material to BFC’s financial statements. In Re Bluegreen Corporation Shareholder Litigation On June 5, 2015, the parties in the action captioned In re: Bluegreen Corporation Shareholder Litigation agreed to the settlement of the litigation (the “Settlement”). The lawsuit, first filed in November 2011, was brought against Bluegreen, the directors of Bluegreen, BFC, Woodbridge, certain directors and officers of BFC and others, and challenged the terms of the merger pursuant to which Bluegreen merged into a wholly owned subsidiary of Woodbridge and Bluegreen’s shareholders (other than Woodbridge) were paid $10.00 for each share of Bluegreen’s common stock that they held immediately prior to the effective time of the merger. The plaintiffs in the lawsuit sought the “fair value” of the shares of Bluegreen’s common stock on behalf of Bluegreen’s minority shareholders. Pursuant to the Settlement, Woodbridge paid $36.5 million, which amounts to approximately $2.50 per share, into a “Settlement Fund” for the benefit of former shareholders of Bluegreen whose shares were acquired in connection with the merger (the “Class”). Woodbridge used the proceeds from BBX Capital’s repayment of its $11.75 million promissory note to Woodbridge and additional capital contributions from BFC and BBX Capital of $13.4 million and $11.4 million, respectively, based on their respective 54% and 46% ownership interests in Woodbridge to fund the Settlement Fund. All litigation arising from or relating to the merger was dismissed with prejudice, together with a full release of BFC, Bluegreen, Woodbridge, BBX Capital and others. BFC, Bluegreen, Woodbridge, BBX Capital and all of the defendants denied and continue to deny that any of them violated any laws or breached any duties to the plaintiffs or Bluegreen’s former shareholders. Woodbridge Holdings, LLC v. Prescott Group Aggressive Small Cap Master Fund, G.P., Cede & Co., William J. Maeck, Ravenswood Investments III, L.P., and The Ravenswood Investment Company, Circuit Court, 17 th Judicial Circuit, Broward County, Florida On September 21, 2009, BFC consummated its merger with Woodbridge Holdings Corporation (“WHC”). Pursuant to the merger, WHC merged with and into Woodbridge, which was a wholly-owned subsidiary of BFC at that time. The shareholders of WHC at the effective time of the merger (other than BFC) were entitled to receive 3.47 shares of BFC’s Class A Common Stock in exchange for each share of WHC’s Class A Common Stock that they owned. Under Florida law, holders of WHC’s Class A Common Stock who did not vote to approve BFC’s September 2009 merger with WHC and who properly asserted and exercised their appraisal rights with respect to their shares are entitled to receive a cash payment in an amount equal to the fair value of their shares (as determined in accordance with the provisions of Florida law) in lieu of the shares of BFC’s Class A Common Stock which they would otherwise have been entitled to receive. In accordance with Florida law, Woodbridge (the successor by merger to WHC) provided written notices and required forms to the dissenting shareholders setting forth, among other things, its determination that the fair value of WHC’s Class A Common Stock immediately prior to the effectiveness of the merger was $ 1.10 per share. Dissenting shareholders, who collectively held approximately 4.2 million shares of WHC’s Class A Common Stock, rejected Woodbridge’s offer of $1.10 per share and requested payment for their shares based on their respective fair value estimates of WHC’s Class A Common Stock. Under Florida law, Woodbridge thereafter commenced the appraisal rights action. In December 2009, a $ 4.6 million liability was recorded with a corresponding reduction to additional paid-in capital representing, in the aggregate, Woodbridge’s offer to the dissenting shareholders. On July 5, 2012, the presiding court determined the fair value of the dissenting shareholders’ shares of WHC’s Class A Common Stock to be $ 1.78 per share and awarded legal and other costs in favor of the dissenting shareholders. As a result, the $4.6 million liability was increased to approximately $ 7.5 million as of June 30, 2012 (with a corresponding reduction to additional paid in capital of $ 2.8 million) to account for the per share value awarded. On March 11, 2013, the court awarded legal fees and pre and post judgment interest to the dissenting shareholders for a total award of approximately $ 11.9 million (including the $7.5 million based on the $1.78 per share value determination). As a result, the liability was increased by approximately $ 4.4 million during the fourth quarter of 2012 to $11.9 million as of December 31, 2012. Woodbridge appealed the court’s ruling with respect to the fair value determination and the award of legal fees and costs and posted a $ 13.4 million bond in connection with the appeal. On August 12, 2015, the appellate court issued its decision, in which it largely affirmed the trial court’s order, including the trial court’s fair value determination and the trial court’s award of attorneys’ fees and costs. During August and December 2015, the Company made payments totaling approximately $13.7 million to the dissenting shareholders for the fair value portion of the judgment and interest thereon, but reserved all rights on appeal, including the right to recover the amount paid if Woodbridge prevails. On October 2, 2015, Woodbridge filed a motion for rehearing. On December 8, 2015, the appellate court denied the motion for rehearing. On January 7, 2016, Woodbridge filed a notice with the Florida Supreme Court to seek discretionary review of the matter. The Florida Supreme Court’s judgment with respect to this notice and the outcome of any review by the Florida Supreme Court is uncertain. Bluegreen In the ordinary course of its business, Bluegreen becomes subject to claims or proceedings from time to time relating to the purchase, sale, marketing or financing of VOIs or Bluegreen’s other business activities. Bluegreen is also subject to certain matters relating to the Bluegreen Communities’ business, substantially all of the assets of which were sold by Bluegreen on May 4, 2012. Additionally, from time to time, Bluegreen becomes involved in disputes with existing and former employees, vendors, taxing jurisdictions and various other parties. From time to time in the ordinary course of business, Bluegreen also receives individual consumer complaints, as well as complaints received through regulatory and consumer agencies, including Offices of State Attorney s General. Bluegreen takes these matters seriously and attempts to resolve any such issues as they arise. Unless otherwise described below, Bluegreen believes that these claims are routine proceedings incidental to Bluegreen’ s business. Reserves are accrued for matters in which Bluegreen’s management believes it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. Bluegreen’s 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 Bluegreen’s results of operations or financial condition. However, litigation is inherently uncertain. The actual costs of resolving legal claims may be substantially higher than the amounts accrued for these claims and may have a material adverse impact on Bluegreen’s results of operations or financial condition . Bluegreen’s 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, Bluegreen ’s 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 range of loss. Frequently in these matters, the claims are broad and the plaintiffs have not quantified or factually supported the ir claim. However, due to the significant uncertainties involved in these legal matters, losses in excess of amounts accrued may be incurred and an adverse outcome in these matters could be material to our consolidated financial statements. In lieu of paying maintenance fees for unsold VOI inventory, Bluegreen provides subsidies to certain property owners’ associations to provide for funds necessary to operate and maintain vacation ownership properties in excess of assessments collected from owners of the VOIs. As of December 31, 2015, Bluegreen had no liability for such subsidies. As of December 31, 2014, Bluegreen had liabilities for such subsidies totaling $0.3 million, which was included in other liabilities on the Company’s consolidated statements of financial condition. As of December 31, 2015, Bluegreen was providing subsidies to eight property owners’ associations. In October 2013, Bluegreen entered into an agreement to purchase from an unaffiliated third party completed VOI inventory at the Lake Eve Resort in Orlando, Florida over a five -year period. The total purchase commitment was $35.0 million, of which $5.0 million, $7.2 million and $4.0 million of inventory was purchased in 2015 , 2014 and 2013, respectively. As of December 31, 2015, $18.9 million of the Lake Eve Resort purchase commitment remained. Commitment to Former Bluegreen CEO In June 2015, Bluegreen entered into certain agreements with its former CEO, John Maloney, who resigned from Bluegreen on May 27, 2015. Under the terms of these agreements, Mr. John Maloney received $3.8 million at the time of resignation and beginning in June 2015 is entitled to receive an additional $2.9 million over the 2 year period in exchange for ongoing services during the term of the agreements. BBX Capital BBX Capital and its consolidated subsidiaries are parties to lawsuits as plaintiff or defendant involving its collections, lending and prior period tax certificate activities . Although BBX Capital believes it has meritorious defenses in all current legal actions, the outcome of litigation matters and the timing of ultimate resolution are inherently uncertain and difficult to predict. BBX Capital accrues r eserves for matters in which it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. There were no reserves accrued by BBX Capital for these matters as of December 31, 2015 . The actual costs of resolving these legal claims may be substantially higher or lower than the amounts accrued for these claims. In certain matters BBX Capital is unable to estimate the loss or reasonable range of loss until additional developments in the case provide information sufficient to support an assessment of the loss or range of loss. Frequently in these matters , the claims are broad and the plaintiffs have not quantified or factually supported the claim. L iabilities arising from the litigation matters discussed below, in excess of the amounts currently accrued, if any, are not expected t o have a material impact on BFC’s consolidated financial statements. However, due to the significant uncertainties involved in these legal matters, losses in excess of amounts accrued may be incurred and an adverse outcome in these matters could be material to BFC’s consolidated financial statements. BBX Capital has received notices from BB&T regarding a series of claims asserted against BB&T’s subsidiary, Branch Banking and Trust Company, as successor to BankAtlantic, by certain individuals who purport to have had accounts in their names with BankAtlantic prior to consummation of the sale of BankAtlantic to BB&T. These third party claims allege wrongful conduct by BankAtlantic in connection with certain alleged unauthorized transactions associated with their accounts. BB&T’s notices assert its belief that it may be entitled to indemnification under the BankAtlantic stock purchase agreement with respect to such claims as well as another third party claim relating to an action which was settled by BB&T. On July 31, 2014, BBX Capital and BB&T entered into a tolling agreement with respect to the time period within which BB&T may assert a claim for indemnity under the stock purchase agreement with respect to such claims. The following is a description of certain ongoing or recently concluded litigation matters: Securities and Exchange Commission Complaint On January 18, 2012, the SEC brought an action in the United States District Court for the Southern District of Florida against BBX Capital and Alan B. Levan, BBX Capital’s Chairman and Chief Executive Officer, alleging that they violated securities laws by not timely disclosing known adverse trends in BBX Capital’s commercial real estate loans, selectively disclosing problem loans and engaging in improper accounting treatment of certain specific loans which may have resulted in a material understatement of its net loss in BBX Capital’s Annual Report on Form 10-K for the year ended December 31, 2007. Further, the complaint alleges that Mr. Alan B. Levan intentionally misled investors in related earnings calls. The Court denied summary judgment as to most issues, but granted the SEC’s motion for partial summary judgment that certain statements in one of Alan Levan’s answers on a July 25, 2007 investor conference call were false. On December 15, 2014, after a six-week trial, the jury found in favor of BBX Capital and Alan B. Levan with respect to the disclosures made during an April 2007 earnings conference call and in BBX Capital’s quarterly reports on Form 10-Q for the 2007 first and second quarters, but found that they had engaged in an act of fraud or deceit toward shareholders or prospective investors by making materially false statements knowingly or with severe recklessness (1) with respect to three statements in the July 25, 2007 conference call referenced above, and (2) by failing to classify certain loans as held-for sale in the 2007 Annual Report on Form 10-K. The jury also found that Mr. Levan made or caused to be made false statements to the independent accountants regarding the held for sale issue. The SEC sought a final judgment: (i) permanently barring Alan B. Levan from serving as an officer or director of any SEC reporting company, (ii) imposing civil penalties of $5.2 million against BBX Capital and $1.56 million against Alan B. Levan; and (iii) permanently restraining BBX Capital and Alan B. Levan from violating securities laws. On September 24, 2015, the court entered a final judgment denying the SEC’s request for a permanent bar from Mr. Levan serving as an officer or director of any public company, but instead ordered Mr. Levan barred from serving as an officer or director of any public company for a period of two years commencing on December 23, 2015. The court also imposed monetary penalties against BBX Capital in the amount of $4,550,000 and monetary penalties against Mr. Levan in the amount of $1,300,000 . BBX Capital and Mr. Levan are appealing the final judgment to the Eleventh Circuit Court of Appeals. Mr. Levan’s motion to the Eleventh Circuit Court of Appeals to stay the two year bar pending appeal of the court’s decision was denied. As a result, effective December 22, 2015, Mr. Levan resigned as Chairman and Chief Executive Officer of BBX Capital, as Chairman, Chief Executive Officer and President of BFC, and as a director of BBX Capital and BFC. On January 14, 2015, BBX Capital received notice from its insurance carrier that, based upon its interpretation of the jury verdict in this action, the carrier does not believe it is obligated to advance further payments towards fees and costs incurred in connection with this action and that it reserves its right to obtain reimbursement of the amounts it previously advanced with respect to this action. BBX Capital has received legal fee and cost reimbursements from its insurance carrier in connection with this action of approximately $5.8 million. New Jersey Tax Sales Certificates Antitrust Litigation On December 21, 2012, p laintiffs filed an Amended Complaint in an existing purported class action filed in Federal District Court in New Jersey adding BBX Capital and Fidelity Tax, LLC, a wholly-owned subsidiary of CAM, among others as defendants. The class action complaint is brought on behalf of a class defined a s “a ll persons who owned real property in the State of New Jersey and who had a Tax Certificate issued with respect to their property that was purchased by a Defendant during the Class Period at a public auction in the State of New Jersey at an interest rate above 0 %.” Plaintiffs allege d that beginning in January 1998 and at least through February 2009, the Defendants were part of a statewide conspiracy to manipulate interest rates associated with tax certificates sold at public auction from at least January 1, 1998, through February 28, 2009. During this period, Fidelity Tax was a subsidiary of BankAtlantic. Fidelity Tax was contributed to CAM in connection with the sale of BankAtlantic in the BB&T Transaction. BBX Capital and Fidelity Tax filed a Mot ion to Dismiss in March 2013 and on October 23, 2013, the Court granted the Motion to Dismiss and dismissed the Amended Complaint with prejudice as to certain claims, but without prejudice as to plaintiffs’ main antitrust claim. Plaintiffs filed a Consolidated Amended Complaint on January 6, 2014. While BBX Capital believed the claims to be without merit, BBX Capital reached an agreement to settle the action, subject to court approval. The settlement has been preliminarily approved by the court and the final approval hearing is currently scheduled for the second quarter of 2016. BBX Capital guarantees certain obligations of its wholly-owned subsidiaries and unconsolidated real estate joint ventures as follows: · During the year ended December 31, 2015 , the Sunrise and Bayview Partners, LLC joint venture owned 50% by Procacci Bayview, LLC and 50% by a wholly-owned subsidiary of BBX Capital refinanced its land acquisition loan with a financial institution. BBX Capital provided the financial institution with a guarantee of 50% of the outstanding balance of the joint venture’s loan which had an outstanding balance of $5.0 million as of December 31, 2015 . · In July 2014, BBX Capital entered into the Hialeah Communities joint venture with CC Bonterra to develop approximately 394 homes in a portion of the newly proposed Bonterra community in Hialeah Florida. BBX Capital transferred approximately 50 acres of land at an agreed upon value of approximately $15.6 million subject to an $8.3 million mortgage which was assumed by the joint venture. CAM remained liable as a co-borrower on the mortgage that was assumed by the joint venture. The mortgage was also guaranteed by BBX Capital. In March 2015, the joint venture refinanced the $8.3 million mortgage loan into a $31.0 million acquisition and development loan. BBX Capital is a guarantor of 26.3% of the joint venture’s $31.0 million acquisition and development loan. · In March 2015, BBX Capital placed $1.3 million in a money market account with a financial institution in order to obtain an irrevocable letter of credit for a wholly-owned subsidiary of CAM. The letter of credit was to guarantee payment to a third party upon the third party obtaining wetlands permits in connection with a potential development project. The $1.3 million money market account is included in r estricted c ash in the c onsolidated s tatement of f inancial c ondition at December 31, 2015 . In January 2016, BBX Capital paid the third party for the wetlands permits and the letter of credit was cancelled. |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2015 | |
Stock Incentive Plans [Abstract] | |
Stock Incentive Plans | 16. Stock Incentive Plans BFC At BFC’s Annual Meeting of Shareholders held in June 2014, the BFC Financial Corporation 2014 Stock Incentive Plan (the “2014 Plan”) was approved by the Company’s shareholders. The 2014 Plan, initially permitted the issuance of up to 500,000 shares of the Company’s Class A Common Stock and up to 4,500,000 shares of the Company’s Class B Common Stock pursuant to restricted stock awards or stock options granted under the 2014 Plan. On May 19, 2015, the shareholders of BFC approved an amendment to the 2014 Plan to increase the maximum number of shares of the Company’s Class B Common Stock available under the Plan from 4,500,000 shares to 8,500,000 shares. At December 31, 2015, 3,052,367 shares remained available for grants of awards under the 2014 Plan. BFC had a share based compensation plan (the “2005 Plan”) under which incentive stock options, non-qualifying stock options and restricted stock awards were granted. With the approval of the 2014 Plan, shares are no longer available for grant under the 2005 Plan ; however, the termination of the 2005 Plan did not impact any previously issued awards granted under that plan . Compensation expense for stock options and restricted common stock awards is based on the fair value of the award on the measurement date, which is generally the grant date. The fair value of the Company’s stock options is estimated using the Black-Scholes option-pricing model. The Company recognizes compensation costs on a straight-line basis over the requisite service period of the awards. There were no options granted to employees or non-employee directors during the years ended December 31, 2013, 2014 or 2015. As described below, the Company issued restricted stock awards to its officers during 2013, 2014 and 2015. The following table sets forth information on outstanding options: Weighted Weighted Average Average Aggregate Outstanding Exercise Remaining Intrinsic Options Price Contractual Term Value ($000) Outstanding at December 31, 2012 2,263,488 $ 0.41 2.28 $ 1,924 Exercised (607,543) 0.41 961 Forfeited (1,302) 0.41 Expired - 0.00 Granted - 0.00 Outstanding at December 31, 2013 1,654,643 $ 0.41 1.91 $ 4,104 Exercised (1,428,420) 0.41 5,038 Forfeited - 0.00 Expired - 0.00 Granted - 0.00 Outstanding at December 31, 2014 226,223 $ 0.41 2.66 $ 631 Exercised (25,000) 0.41 85 Forfeited - 0.00 Expired - 0.00 Granted - 0.00 Outstanding at December 31, 2015 201,223 $ 0.41 1.93 $ 600 Exercisable at December 31, 2015 201,223 $ 0.41 1.93 $ 600 There is no unearned compensation cost related to BFC’s stock options as all options are vested as of December 31, 2015. During the years ended December 31, 2015, 2014 and 2013, BFC received net proceeds of approximately $10,000 , $586,000 and $249,000 , respectively, upon the exercise of stock options. The total intrinsic value of options exercised during the years ended December 31, 2015, 2014 and 2013 was $85,000 , $5.0 million and $961,000 , respectively. The following is a summary of BFC’s non-vested restricted stock activity: Weighted Non-vested Average Restricted Grant Date Stock Fair Value Outstanding at December 31, 2012 7,309,767 $ 0.69 Granted 410,000 2.45 Vested (1,389,072) 0.79 Forfeited - - Outstanding at December 31, 2013 6,330,695 $ 0.78 Granted 3,575,041 3.80 Vested (1,389,072) 0.79 Forfeited - - Outstanding at December 31, 2014 8,516,664 $ 2.05 Granted 2,372,592 3.16 Vested (3,915,749) 1.19 Forfeited - - Outstanding at December 31, 2015 6,973,507 $ 2.90 On October 7, 2013, BFC’s Compensation Committee approved the grant of an aggregate of 892,224 shares of restricted Class A Common Stock to four of BFC’s then serving executive officers. 410,000 restricted stock awards were granted under BFC’s 2005 Stock Incentive Plan and will vest four years from the grant date on October 7, 2017. The fair value of those 410,000 shares of restricted stock was approximately $1.0 million, or $2.45 per share based on the closing price of BFC’s Class A Common Stock on October 7, 2013, and the cost is being recognized over the four -year service period from October 2013 through October 2017. The grant of the balance of 482,224 of those restricted shares was subject to the approval of BFC’s shareholders of the 2014 Plan. Upon approval of the 2014 Plan at the Company’s 2014 Annual Meeting of Shareholders, the 482,224 restricted shares were granted under the 2014 Plan. The fair value of those 482,224 shares of restricted stock was approximately $1.8 million, or $3.82 per share based on the closing price of BFC’s Class A Common Stock on June 12, 2014, and the cost is being recognized over the service period from June 2014 through October 2017. On October 6, 2014, BFC’s Compensation Committee approved the grant of an aggregate of 3.1 million shares of restricted Class B Common Stock to four of BFC’s then serving executive officers. The fair value of approximately $11.8 million was calculated based on the closing price of BFC’s Class B Common Stock on the date of grant, or $3.80 per share. The cost is being recognized over a four year service period. The restricted stock awards vest pro-rata over a four year period, with the first installment of approximately 773,000 shares vesting on September 30, 2015. On September 1, 2015, the Company granted a total of 2,372,592 restricted shares of the Company’s Class B Common Stock to the Company’s then serving executive officers under the 2014 Plan. The restricted Class B common shares had an aggregate fair value of $7.5 million on the grant date. The restricted shares are scheduled to vest ratably in annual installments of approximately 593,000 shares over four years beginning in October 2016. The Company recognizes the compensation costs based on the straight-line method over the vesting period. During 2015, an aggregate of 1,753,475 shares vested of BFC’s restricted Class A Common Stock granted to its and its subsidiary’s officers in September 2011. The Company repurchased and retired an aggregate of 635,133 shares of Class A Common Stock of the officers’ BFC Class A Common Stock to satisfy the $1.9 million withholding tax obligations associated with the vesting of these shares in connection with these grants. On September 30, 2015, 1,389,072 shares vested of BFC’s restricted Class A Common Stock and 773,206 shares of BFC’s restricted Class B Common Stock granted to executive officers in September 2012 and October 2014, respectively. The Company repurchased and retired an aggregate of 914,677 shares of the executive officers’ Class A Common Stock to satisfy the $2.6 million withholding tax obligations associated with the vesting of these shares in connection with these grants. BFC recognized restricted stock compensation expense of approximately $5.6 million, $2.5 million and $1.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, the total unrecognized compensation cost related to BFC’s non-vested restricted stock compensation was approximately $17.2 million. The cost is expected to be recognized over a weighted-average period of approximately 2.97 years. BBX Capital BBX Capital has two share-based compensation plans: the 2005 Restricted Stock and Option Plan and the BBX Capital Corporation 2014 Stock Incentive Plan. The maximum term of incentive stock options and non-qualifying stock options issuable under each of these plans is ten years. Vesting is established by BBX Capital’s Compensation Committee of the Board of Directors (“BBX Capital Compensation Committee”) in connection with each grant of options or restricted stock. All directors’ stock options vest immediately. The 2005 Restricted Stock and Option Plan provided that up to 1,875,000 shares of BBX Capital’s Class A common stock may be issued for restricted stock awards and upon the exercise of options granted under the 2005 Restricted and Stock Option Plan, and at December 31, 2015 and 2014 no shares remained available for grants of awards under BBX Capital’s 2005 Plan. BBX Capital’s 2014 Stock Incentive Plan provides that up to 1,000,000 shares of Class A common stock may be issued for restricted stock awards and upon the exercise of options granted under the BBX Capital 2014 Stock Incentive Plan, and at December 31, 2015, 184,426 shares remained available for grants of awards under the BBX Capital 2014 Stock Incentive Plan. In March 2015, BBX Capital’s Board of Directors approved an amendment to both the BBX Capital Corporation 2014 Stock Incentive Plan and 2005 Restricted Stock and Option Plan. The amendment to each Plan authorizes the Compensation Committee to issue restricted stock awards in the form of restricted stock units rather than directly in restricted stock. Following the amendment, BBX Capital and its then executive officers agreed to retire any shares of BBX Capital’s outstanding restricted Class A common stock awards previously issued in the name of the Compensation Committee and subject to forfeiture until vested in exchange for BBX Capital issuing to the then executive officers restricted BBX Capital Class A common stock units (“RSUs”). This exchange resulted in the retirement of 1,391,282 BBX Capital Class A common shares. Pursuant to the terms of the RSUs, BBX Capital promises to issue BBX Capital Class A common stock at the time the underlying units vest. The BBX Capital RSUs issued have the same terms, and cover the same number of underlying shares of BBX Capital Class A common stock, as the BBX Capital RSAs that were retired. The following is a summary of BBX Capital’s non-vested restricted Class A common share activity: Class A Weighted Non-vested Average Restricted Grant date Stock Fair Value Outstanding at December 31, 2012 1,195,406 $ 6.53 Vested (315,104) 6.52 Forfeited - - Granted 430,000 13.33 Outstanding at December 31, 2013 1,310,302 $ 8.76 Vested (315,102) 6.52 Forfeited - - Granted 396,082 16.58 Outstanding at December 31, 2014 1,391,282 $ 11.50 Vested (381,622) 9.13 Forfeited - - Granted 419,492 15.60 Outstanding at December 31, 2015 1,429,152 $ 13.33 On September 1, 2015, BBX Capital’s Compensation Committee of the Board of Directors’ granted 419,492 Class A common stock units (“RSUs”) to its executive officers under the BBX Capital’s 2014 Stock Incentive Plan. These RSUs had a $6.5 million fair value on the grant date and vest ratably each year over the 4 year service period beginning in October 2016. The grant date fair value was calculated based on the closing price of BBX Capital’s Class A common stock on the grant date. BBX Capital recognizes the compensation costs based on the straight-line method over the vesting period. On September 30, 2015, 381,622 shares of restricted Class A common stock units granted to executive officers in September 2012 and September 2014 vested. BBX Capital repurchased and retired 159,801 shares of the executive officers’ Class A common stock to satisfy the $2.5 million withholding tax obligations associated with the vesting of these shares in connection with these grants. In October 2014, BBX Capital’s Board of Directors granted in the aggregate 396,082 shares of BBX Capital restricted Class A common stock (“RSAs”) under BBX Capital’s 2014 Stock Incentive Plan to certain of its executive officers. The grant date fair value was calculated based on the closing price of BBX Capital’s Class A common stock on the grant date. The RSAs vest pro-rata over a four year period beginning September 30, 2015 and had a fair value of $16.58 per share at the grant date. In October 2013, BBX Capital’s Board of Directors granted in the aggregate 430,000 RSAs under BBX Capital’s 2005 Restricted Stock and Option Plan. The grant date fair value was calculated based on the closing price of BBX Capital’s Class A common stock on the grant date. The RSAs vest four years from the grant date or October 8, 2017. The RSAs had a fair value of $13.33 per share at the grant date. As of December 31, 2015, the total unrecognized compensation cost related to BBX Capital’s non-vested restricted stock compensation was approximately $14.5 million. The cost of these non-veste d RSUs i s expected to be recognized over a weighted-average period of approximately 17 months. The fair value of restricted shares of BBX Capital’s stock vested during the years ended December 31, 2015, 2014 and 2013 was $6.0 million, $5.5 million and $4.3 million, respectively. BBX Capital recognizes stock based compensation costs based on the grant date fair value. The grant date fair value for stock options is calculated using the Black-Scholes option pricing model incorporating an estimated forfeiture rate and recognizes the compensation costs for those shares expected to vest on a straight-line basis over the requisite service period of the award, which is generally the option vesting term of five years. The following is a summary of BBX Capital’s Class A common stock option activity: Weighted Weighted Class A Average Average Aggregate Outstanding Exercise Remaining Intrinsic Options Price Contractual Term Value ($000) Outstanding at December 31, 2012 36,804 $ 233.00 3.1 Exercised - - Forfeited (7,559) 124.57 Expired (7,963) 185.82 Granted - - Outstanding at December 31, 2013 21,282 $ 289.17 2.5 Exercised - Forfeited - - Expired (5,801) 455.00 Granted - - Outstanding at December 31, 2014 15,481 $ 227.03 2.3 - Exercised - Forfeited (3,307) 92.09 Expired (5,158) 475.12 Granted - Outstanding at December 31, 2015 7,016 $ 108.24 1.6 $ - Exercisable at December 31, 2015 7,016 $ 108.24 1.6 $ - There were no options granted or exercised during any of the years in the three year period ended December 31, 2015. Included in the consolidated statements of operations in compensation expense was $5.5 million, $3.7 million and $2.5 million of share-based compensation expense related to BBX Capital for the years ended December 31, 2015, 2014 and 2013, respectively. There was no recognized tax benefit associated with the compensation expense for the years ended December 31, 2015, 2014 and 2013 as it was not more likely than not that BBX Capital would realize the tax benefits associated with the share based compensation expense. |
Employee Benefit Plans And Ince
Employee Benefit Plans And Incentive Compensation Program | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans And Incentive Compensation Program [Abstract] | |
Employee Benefit Plans And Incentive Compensation Program | 17. Employee Benefit Plans and Incentive Compensation Program BFC Defined Contribution 401(k) Plan During 2006, the BFC 401(k) Plan was merged into the BankAtlantic Security Plus 401(k) Plan, which is an Internal Revenue Code Section 401(k) Retirement Savings Plan. In connection with the Sale of BankAtlantic to BB&T during July 2012, BBX Capital assumed sponsorship of the BankAtlantic Security Plus 401(k) Plan. Employees who have completed 90 days of service and have reached the age of 18 are eligible to participate in the 401(k) plan. From April 1, 2009 through December 31, 2013, the employer match feature of the 401(k) plan was discontinued. As of January 1, 2014, the employer match feature was resumed under the 401(k) plan. During 2014 and 2015, the employer matched 100% of the first 3% of employee contributions and 50% of the next 2% of employee contributions. For the years ended December 31, 2015 and 2014, the Company recorded expense for its contributions to the 401(k) plan totaling approximately $0.1 million during each of 2015 and 2014. BFC Deferred Retirement Agreement On September 13, 2005, the Company entered into an agreement with Glen R. Gilbert, the Company’s former Chief Financial Officer, pursuant to which the Company agreed to pay him a monthly retirement benefit of $5,449 beginning January 1, 2010. During the third quarter of 2005, BFC recorded the present value of the retirement benefit payment, as actuarially determined, in the amount of $482,444 , payable as a life annuity with 120 payments at 6.5% interest. The interest on the retirement benefit is recognized monthly as compensation expense. At December 31, 2015 and 2014, the deferred retirement obligation balance was approximately $459,000 and $494,000 , respectively, which represents the present value of accumulated benefit related obligation and is included in other liabilities in the Company’s consolidated statements of financial condition. The related compensation expense for the years ended December 31, 2015, 2014 and 2013 was approximately $31,000 , $33,000 and $35,000 , respectively. Incentive Compensation Program On September 29, 2008, Woodbridge’s Board of Directors approved the terms of an incentive program for certain employees, including certain executive officers, pursuant to which a portion of their compensation may be based on the cash returns realized on investments held by individual limited partnerships or other legal entities. Certain of the participants in this incentive program are also employees and executive officers of BFC. This incentive program qualifies as a liability-based plan and, accordingly, the components of the program are required to be evaluated in order to determine the estimated fair value of the liability, if any, to be recorded. Based on the evaluation there was no liabilities recognized under the program at December 31, 2015 and 2014. Bluegreen Bluegreen’s Employee Retirement Plan (the “Bluegreen Retirement Plan”) is an Internal Revenue Code Section 401(k) Retirement Savings Plan. Historically, all U.S.-based employees at least 21 years of age with at least three months of employment with Bluegreen are eligible to participate in the Bluegreen Retirement Plan. The Bluegreen Retirement Plan provides for an annual employer discretionary matching contribution. In December 2013, Bluegreen approved a basic matching contribution effective January 1, 2014 equal to 100% of each participant’s contributions not exceeding 3% of each participant’s compensation, plus 50% of the participant’s contributions in excess of 3% but not in excess of 5% of the participant’s compensation. Further, Bluegreen may make additional discretionary matching contributions not to exceed 6% of each participant’s compensation. Bluegreen made contributions to the Bluegreen Retirement Plan totaling approximately $4.8 million an d $6.7 million during 2015 and 2014, respectively. During 2015 and 2014, expenses recorded for Bluegreen’s contributions to the Bluegreen Retirement Plan tota led $4.8 million and $4.6 millio n, respectively. BBX Capital Defined Contribution 401(k) Plan: The table below outlines the terms of the BBX Capital Security Plus 401(k) Plan and the associated employer costs to BBX Capital (in thousands): For the Years Ended December 31, 2015 2014 2013 Employee salary contribution limit (1) $ 18.0 17.5 17.5 Percentage of salary limitation % 75 75 75 Total match contribution (2) $ 322 150 - (1) For the years ended December 31, 2015, 2014 and 2013, employees over 50 were entitled to contribute $24,000 , $23,000 and $23,000 , respectively. (2) The employer match vests immediately. BBX Capital did not offer an employer match for the year ended December 31, 2013. |
Shares Subject To Mandatory Red
Shares Subject To Mandatory Redemption | 12 Months Ended |
Dec. 31, 2015 | |
Shares Subject To Mandatory Redemption [Abstract] | |
Shares Subject To Mandatory Redemption | 18. Shares Subject to Mandatory Redemption On June 7, 2004, the Company’s board of directors designated 15,000 shares of the Company’s preferred stock as 5% Cumulative Preferred Stock . On June 21, 2004, the Company sold all 15,000 shares of the 5% Cumulative Preferred Stock to an investor group in a private offering. The Company’s 5% Cumulative Preferred Stock has a stated value of $1,000 per share. The shares of 5% Cumulative Preferred Stock are redeemable at the option of the Company, from time to time, at a redemption price of $1,000 per share. In addition, the Company is required to redeem the preferred shares in $5.0 million annual payments in each of the years in the three year period ending December 31, 2020. The 5% Cumulative Preferred Stock’s liquidation preference is equal to its stated value of $1,000 per share plus any accumulated and unpaid dividends or an amount equal to the applicable redemption price in a voluntary liquidation or winding up of the Company. Holders of the 5% Cumulative Preferred Stock have no voting rights, except as provided by Florida law, and are entitled to receive, when and as declared by the Company’s board of directors , cumulative quarterly cash dividends on each such share at a rate per annum of 5% of the stated value from the date of issuance. The Company pays quarterly dividends on the 5% Cumulative Preferred Stock totaling $187,500 . The 5% Cumulative Preferred Stock is mandatory redeemable and classified as a liability in the Company’s consolidated statement s of financial condition as of December 31, 2015 and 2014 . For the years ended December 31, 2015, 2014 and 2013, t he Company recorded interest expense in its statements of operations of $1.1 million, $1.1 million and $1.3 million, respectively, of which $750,000 was paid during each of these three years as dividends on the 5% Cumulative Preferred Stock . During December 2013, BFC made a $5 million loan to the holders of its 5% Cumulative Preferred Stock. The loan is secured by 5,000 shares of 5% Cumulative Preferred Stock, accrues interest at a rate of 5% per annum and provides for payments of interest only on a quarterly basis during the term of the loan, with all outstanding amounts being due and payable at maturity in December 2018. |
Common Stock, Preferred Stock A
Common Stock, Preferred Stock And Dividends | 12 Months Ended |
Dec. 31, 2015 | |
Common Stock, Preferred Stock And Dividends [Abstract] | |
Common Stock, Preferred Stock And Dividends | 19. Common Stock, Preferred Stock and Dividends Common Stock The Company's Articles of Incorporation authorize the Company 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 the Company’s Class A Common Stock and Class B Common Stock vote together as a single class on most matters presented to a vote of the Company’s shareholders. On such matters, holders of the Company’s 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. 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 to 1,800,000 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 to 1,400,000 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 500,000 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 at the option of the holder thereof into one share of Class A Common Stock. On September 21, 2009, BFC adopted a rights agreement (“Rights Agreement”) designed to preserve shareholder value and protect our ability to use available net operating loss carryforwards to offset future taxable income. The Rights Agreement provides a deterrent to shareholders from acquiring a 5% or greater ownership interest in BFC’s Class A Common Stock and Class B Common Stock, taken as a whole, without the prior approval of BFC’s Board of Directors. Shareholders of BFC at September 21, 2009 were not required to divest any shares. On September 21, 2009, BFC’s Board of Directors approved a share repurchase program which authorizes the repurchase of up to 20,000,000 shares of Class A and Class B Common Stock at an aggregate cost of no more than $10 million. The share repurchase program authorizes management, at its discretion, to repurchase shares from time to time subject to market conditions and other factors. No shares have been repurchased under the repurchase program. On September 4, 2015, BFC entered into Share Exchange Agreements with Alan B. Levan, John E. Abdo, Jarett S. Levan and Seth M. Wise (collectively, the “BBX Capital RSU Holder s”) as holders of restricted stock units of Class A Common Stock of BBX Capital (“BBX Capital RSUs”). Pursuant to the Share Exchange Agreements, (a) each BBX Capital RSU Holder granted BFC the option to acquire, simultaneously with the vesting of each BBX Capital RSU, some or all of the shares of BBX Capital’s Class A Common Stock which, absent the Share Exchange Agreement, would (after withholding) have been received by the BBX Capital RSU Holder upon the vesting of the BBX Capital RSU and (b) BFC agreed to issue to the BBX Capital RSU Holder shares of BFC’s Class A Common Stock or Class B Common Stock having an aggregate market value equal to the aggregate market value of the shares of BBX Capital’s Class A Common Stock acquired by BFC upon the option exercise. Pursuant to the Share Exchange Agreements, the market value of the shares of BFC’s Class A Common Stock and Class B Common Stock and of BBX Capital’s Class A Common Stock is the closing price of the applicable class of stock on the trading day immediately preceding the date of closing of the share exchange. See Note 23 for information regarding the options exercised by BFC and the share exchanges consummated under the share Exchange Agreements during 2015. Preferred Stock The Company’s authorized capital stock includes 10 million shares of preferred stock, par value of $.01 per share. See Note 18 for further information regarding BFC’s outstanding 5% Cumulative Preferred Stock. Dividends BFC has never paid cash dividends on its common stock. See Note 18 for information regarding dividends paid by BFC with respect to its 5% Cumulative Preferred Stock. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interests [Abstract] | |
Noncontrolling Interests | 20 . Noncontrolling Interests The following table summarizes the noncontrolling interests in the Company’s subsidiaries at December 31, 2015 and 2014 (in thousands): December 31, 2015 2014 BBX Capital $ 62,752 150,254 Joint ventures and other 43,328 43,546 Total noncontrolling interests $ 106,080 193,800 The following table summarizes the income recognized with respect to the Company’s subsidiaries attributable to noncontrolling interests for the years ended December 31, 2015, 201 4 and 2013 (in thousands): For the Years Ended December 31, 2015 2014 2013 BBX Capital $ 4,964 2,040 23,112 Bluegreen (1) - - 5,298 Joint ventures and other 13,841 11,415 13,284 Net income attributable to noncontrolling interests $ 18,805 13,455 41,694 (1) Represents noncontrolling interest in Bluegreen prior to the April 2, 2013 Bluegreen merger pursuant to which Woodbridge acquired all of the shares of Bluegreen’s common stock not previously owned by Woodbridge. See Note 1 for additional information regarding the Bluegreen merger. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | 21. Earnings Per Common Share The following table presents the computation of basic and diluted earnings per common share attributable to the Company for the years ended December 31, 2015, 2014 and 2013 (in thousands, except per share data): For the Years Ended December 31, 2015 2014 2013 Basic earnings per common share Numerator: Net income $ 141,279 27,305 70,757 Less: Noncontrolling interests net income 18,805 13,455 41,694 Net income available to common shareholders $ 122,474 13,850 29,063 Denominator: Basic weighted average number of of common shares outstanding 87,022 84,502 83,202 Basic earnings per common share $ 1.41 0.16 0.35 Diluted earnings per common share Numerator: Net income available to common shareholders $ 122,474 13,850 29,063 Denominator: Basic weighted average number of common shares outstanding 87,022 84,502 83,202 Effect of dilutive stock-based compensation 186 259 1,422 Diluted weighted average number of common shares outstanding 87,208 84,761 84,624 Diluted earnings per common share $ 1.40 0.16 0.35 During each of the years ended December 31, 2015, 2014 and 2013, there were no options to acquire shares of common stock that were anti-dilutive. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 22 . 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 accounting literature 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 valuation techniques are summarized below: 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. These valuation techniques include 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. This technique is often referred to as current replacement cost. The input fair value hierarchy is summarized below: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that BBX Capital has the ability to access at each reporting date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value and is used to measure fair value whenever available. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers (for example, some brokered markets), or in which little information is released publicly (for example, a principal-to-principal market); inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates). Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are only used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Assets and liabilities on a recurring basis There were no significant assets or liabilities measured at fair value on a recurring basis in the Company’s consolidated financial statements as of December 31 , 2015 or 2014 . Assets on a non-recurring basis The following table presents major categories of assets measured at fair value on a non-recurring basis as of December 31 , 2015 (in thousands): Fair Value Measurements Using Quoted prices in Significant Total Active Markets Other Significant Impairments (1) As of for Identical Observable Unobservable For the December 31, Assets Inputs Inputs Year Ended Description 2015 (Level 1) (Level 2) (Level 3) December 31, 2015 Loans measured for impairment using the fair value of the underlying collateral $ 186 - - 186 120 Impaired real estate held-for-sale and held-for-investment 13,257 - - 13,257 3,000 Impaired loans held-for-sale 5,856 5,856 740 Total $ 19,299 - - 19,299 3,860 (1) Total impairments represent the amount of losses recognized during the year ended December 31 , 2015 on assets that were held and measured at fair value as of December 31 , 2015. Quantitative information about significant unobservable inputs within Level 3 on major categories of assets measured at fair-value on a non-recurring basis is as follows (Fair Value in thousands): As of December 31, 2015 Fair Valuation Unobservable Description Value Technique Inputs Range (Average) (1)(2) Loans measured for impairment using the fair value Fair Value of Discount Rates and Appraised of the underlying collateral $ 186 Collateral Value less Cost to Sell $0.2 - $0.4 million ( $0.3 million) Impaired real estate Fair Value of Discount Rates and Appraised held-for-sale 13,257 Property Value less Cost to Sell $0.3 - $11.0 million ( $2.0 million) Fair Value of Discount Rates and Appraised Impaired loans held-for-sale 5,856 Collateral Value less Cost to Sell $0.1 - $0.5 million ( $0.2 million) Total $ 19,299 (1) Range and average appraised values were reduced by costs to sell. (2) Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. The following table presents major categories of assets measured at fair value on a non-recurring basis as of December 31 , 2014 (in thousands): Fair Value Measurements Using Quoted prices in Significant Total Active Markets Other Significant Impairments (1) As of for Identical Observable Unobservable For the Nine December 31, Assets Inputs Inputs Months Ended Description 2014 (Level 1) (Level 2) (Level 3) December 31, 2014 Loans measured for impairment using the fair value of the underlying collateral $ 2,648 - - 2,648 2,161 Impaired real estate held-for-sale and held-for-investment 20,701 - - 20,701 8,756 Total $ 23,349 - - 23,349 10,917 (1) Total impairments represent the amount of losses recognized during the year ended December 31 , 2014 on assets that were held and measured at fair value as of December 31 , 2014. Quantitative information about significant unobservable inputs within Level 3 on major categories of assets measured at fair value on a non-recurring basis was as follows (Fair Value in thousands): As of December 31, 2014 Fair Valuation Unobservable Description Value Technique Inputs Range (Average) (1)(2) Loans measured for impairment using the fair value Fair Value of Discount Rates and Appraised of the underlying collateral $ 2,648 Collateral Value less Cost to Sell $0.1 - $2.6 million ( $0.5 million) Impaired real estate held-for-sale Fair Value of Discount Rates and Appraised and held-for-investment 20,701 Property Value less Cost to Sell $0.3 - $8.4 million ( $2.0 million) Total $ 23,349 (1) Range and average appraised values were reduced by costs to sell. (2) Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. Liabilities on a non-recurring basis There were no significant liabilities measured at fair value on a non-recurring basis in the Company’s consolidated financial statements as of December 31 , 2015 or 2014 . Loans Measured For Impairment Impaired loans are generally valued based on the fair value of the underlying collateral less cost to sell as the majority of BBX Capital’s loans are collateral dependent. The fair value of BBX Capital’s loans may significantly increase or decrease based on changes in property values as its loans are primarily secured by real estate. BBX Capital primarily uses third party appraisals to assist in measuring non-homogenous impaired loans and broker price opinions to assist in measuring homogeneous impaired loans. The appraisals generally use the market or income approach valuation technique and use market observable data to formulate an estimate of the fair value of the loan’s collateral. However, the appraiser uses professional judgment in determining the fair value of the collateral, and BBX Capital may also adjust these values for changes in market conditions subsequent to the appraisal date. When current appraisals are not available for certain loans, BBX Capital uses its judgment on market conditions to adjust the most current appraisal. As a consequence, the calculation of the fair value of the collateral is considered a Level 3 input. BBX Capital generally recognizes impairment losses based on third party broker price opinions when impaired homogeneous loans become 120 days delinquent. These third party valuations from real estate professionals also use Level 3 inputs in determining fair values. The observable market inputs used to fair value loans include comparable property sales, rent rolls, market capitalization rates on income producing properties, risk adjusted discount rates and foreclosure time frames and exposure periods. Real Estate Held-for-Sale and Held-for-Investment Real estate is generally valued using third party appraisals or broker price opinions . These appraisals generally use the market approach valuation technique and use market observable data to formulate an estimate of the fair value of the properties. The market observable data typically consists of comparable property sales, rent rolls, market capitalization rates on income producing properties and risk adjusted discount rates. The above inputs are considered Level 3 inputs as the appraiser uses professional judgement in the calculation of the fair value of the properties. Loans Held - for - Sale Loans held - for - sale are valued using an income approach with Level 3 inputs as market quotes or sale transactions of similar loans are generally not available. The fair value is estimated by discounting forecasted cash flows, using a discount rate that reflects the risks inherent in the loans held - for - sale portfolio. For non-performing loans held - for - sale, the forecasted cash flows are based on the estimated fair value of the collateral less cost to sell adjusted for foreclosure expenses and other operating expenses of the underlying collateral until foreclosure or sale. Financial Disclosures about Fair Value of Financial Instruments The following tables present information for consolidated financial instruments at December 31 , 2015 and 2014 (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 2015 2015 (Level 1) (Level 2) (Level 3) Financial assets: Loans receivable including loans held- for-sale, net $ 55,389 63,668 - - 63,668 Notes receivable, net 415,598 495,000 - - 495,000 Notes receivable from preferred shareholders (1) 5,063 4,500 - - 4,500 Financial liabilities: Receivable-backed notes payable $ 408,817 406,600 - - 406,600 Notes and mortgage notes payable and other borrowings 123,005 124,456 - - 124,456 Junior subordinated debentures 152,307 116,500 - - 116,500 Shares subject to mandatory redemption 13,098 11,900 - - 11,900 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 2014 2014 (Level 1) (Level 2) (Level 3) Financial assets: Loans receivable including loans held- for-sale, net $ 62,267 73,423 - - 73,423 N otes receivable, net 424,267 520,000 - - 520,000 Notes receivable from preferred shareholders (1) 5,000 4,400 - - 4,400 Financial liabilities: Receivable-backed notes payable $ 412,404 411,400 - - 411,400 Notes and mortgage notes payable and other borrowings 107,984 108,828 - - 108,828 BB&T preferred interest in FAR 12,348 12,383 - - 12,383 Junior subordinated debentures 150,038 134,500 - - 134,500 Shares subject to mandatory redemption 12,714 12,215 - - 12,215 (1) Notes receivable from preferred shareholders is included in other assets i n BFC’s consolidated statements of financial condition as of December 31, 2015 and 2014 . M anagement of each of BFC, BBX Capital and Bluegreen 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 value of these financial instruments has 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 where the outcome is unknown and actual results or values may differ significantly from these estimates. These 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. T he fair value of BBX Capital’s accruing loans is calculated using an income approach with Level 3 inputs by discounting forecasted cash flows using estimated market discount rates that reflect the interest rate and credit risk inherent in the loan portfolio. BBX Capital’s management assigns a credit risk premium and an illiquidity adjustment to these loans based on delinquency status. The fair value of non-accruing collateral dependent loans is estimated using an income approach with Level 3 inputs utilizing the fair value of the collateral adjusted for operating and selling expenses and discounted over the estimated holding period based on the market risk inherent in the property. The fair value of Bluegreen’s notes receivable and BFC’s note receivable from preferred shareholders are estimated using Level 3 inputs and is based on estimated future cash flows considering contractual payments and estimates of prepayments and defaults, discounted at a market rate. The fair value of BFC’s 5% Cumulative Preferred Stock, which is subject to mandatory redemption is calculated using the income approach with Level 3 inputs by discounting the estimated cash flows at a market discount rate. BB&T’s preferred interest in FAR was considered an adjustable rate debt security. The fair value of this security was calculated using the income approach with Level 3 inputs and was obtained by discounting forecasted cash flows by risk adjusted market interest rate spreads to the LIBOR swap curve. The market spreads were obtained from reference data in secondary institutional markets. The amounts reported in the consolidated statements of financial condition relating to Bluegreen’s notes and mortgage notes payable and other borrowings, including receivable-backed notes payable, approximate fair value for indebtedness that provides for variable interest rates. The fair value of Bluegreen’s fixed rate , receivable-backed notes payable was determined using Level 3 inputs by discounting the net cash outflows estimated to be used to repay the debt. These obligations are to be satisfied using the proceeds from the consumer loans that secure the obligations. The fair value of BBX Capital’s notes payable is measured using the income approach with Level 3 inputs obtained by discounting the forecasted cash flows based on estimated market rates. The fair value of junior subordinated debentures is estimated using Level 3 inputs based on the contractual cash flows discounted at a market rate or based on market price quotes from the over-the-counter bond market. |
Certain Relationships And Relat
Certain Relationships And Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Certain Relationships And Related Party Transactions [Abstract] | |
Certain Relationships And Related Party Transactions | 23. Certain Relationships and Related Party Transactions The Company may be deemed to be controlled by Alan B. Levan, the Company’s former Chairman and Chief Executive Officer, and John E. Abdo, Vice Chairman of the Company. Together, Mr. Alan Levan and Mr. Abdo may be deemed to beneficially own shares of the Company’s Class A Common Stock and Class B Common Stock representing approximatel y 63 % of the Company’s total voting power. Mr. Abdo is Vice Chairman of BBX Capital. In addition, Mr. Abdo became Chairman of Bluegreen during December 2015 following Mr. Alan Levan’s resignation from such position (as described below) after previously serving as Bluegreen’s Vice Chairman. In December 2015, Mr. Alan Levan resigned as Chairman, Chief Executive Officer and President of the Company, as Chairman and Chief Executive Officer of BBX Capital and as chairman of Bluegreen. Jarett S. Levan, Executive Vice President of BFC and President of BBX Capital and son of Alan B. Levan, was appointed Acting Chairman of the Board, Chief Executive Officer and President of the Company and Acting Chairman and Chief Executive Officer of BBX Capital. Further, Seth M. Wise, an executive officer and director of the Company, and Raymond S. Lopez, an executive officer of the Company, are each executive officers of BBX Capital. The Company and BBX Capital own 54 % and 46 %, respectively, of the outstanding equity interests in Woodbridge, which is the sole shareholder of Bluegreen. On September 4, 2015, BFC entered into Share Exchange Agreements with Alan B. Levan, John E. Abdo, Jarett S. Levan and Seth M. Wise (collectively, the “BBX Capital RSU Holders”) as holders of restricted stock units of Class A Common Stock of BBX Capital (“BBX Capital RSUs”). Pursuant to the Share Exchange Agreements, (a) each BBX Capital RSU Holder granted BFC the option to acquire, simultaneously with the vesting of each BBX Capital RSU, some or all of the shares of BBX Capital’s Class A Common Stock which, absent the Share Exchange Agreement, would (after withholding) have been received by the BBX Capital RSU Holder upon the vesting of the BBX Capital RSU and (b) BFC agreed to issue to the BBX Capital RSU Holder shares of BFC’s Class A Common Stock or Class B Common Stock having an aggregate market value equal to the aggregate market value of the shares of BBX Capital’s Class A Common Stock acquired by BFC upon the option exercise. Pursuant to the Share Exchange Agreements, the market value of the shares of BFC’s Class A Common Stock and Class B Common Stock and of BBX Capital’s Class A Common Stock is the closing price of the applicable class of stock on the trading day immediately preceding the date of closing of the share exchange. On September 1, 2015, BFC’s Board of Directors approved (a) the exercise in full of BFC’s options with respect to all of the BBX Capital RSUs held by the BBX Capital RSU Holders which vest ed on September 30, 2015 and (b) the issuance of shares of BFC’s Class B Common Stock in exchange therefor. In connection with this option exercise, on September 30, 2015, BFC issued a total of 1,218,476 shares of its Class B Common Stock to the BBX Capital RSU Holders and received a total of 221,821 shares of BBX Capital’s Class A Common Stock in exchange therefor. The share exchanges were effected simultaneously with the vesting of the applicable BBX Capital RSUs on September 30, 2015 and were based on the closing prices of BFC’s Class B Common Stock and BBX Capital’s Class A Common Stock on September 29, 2015 of $2.88 per share and $15.82 per share, respectively. The following table sets forth the number of shares of BFC’s Class B Common Stock issued to each BBX Capital RSU Holder on September 3 0 , 2015 and the number of shares of BBX Capital’s Class A Common Stock which BFC received in exchange therefor. BBX Capital RSU Holder Number of Shares of BFC’s Class B Common Stock Issued to the BBX Capital RSU Holder Number of Shares of BBX Capital’s Class A Common Stock Received by BFC Alan B. Levan 405,624 73,843 John E. Abdo 405,624 73,843 Jarett S. Levan 204,413 37,213 Seth M. Wise 202,815 36,922 Total 1,218,476 221,821 On May 8, 2015, BFC, BBX Capital, Woodbridge, Bluegreen and their respective subsidiaries entered into an Agreement to Allocate Consolidated Income Tax Liability and Benefits pursuant to which, among other customary terms and conditions, the parties agreed to file consolidated federal tax returns. The parties will calculate their respective income tax liabilities and attributes as if each of them were a separate filer. If any tax attributes are used by another party to the agreement to offset its tax liability, the party providing the benefit will receive an amount for the tax benefits realized . Bluegreen paid BF C $19.2 mi llion during the year ended December 31, 2015 pursuant to the Agreement to Allocate Consolidated Income Tax Liability and Benefits. During each of the years ended December 31, 2015 and 2014, the Company paid Abdo Companies, Inc. approximately $306,000 in exchange for Abdo Companies, Inc.’s provision of certain management services. John E. Abdo, the Company’s Vice Chairman, is the principal shareholder and Chief Executive Officer of Abdo Companies, Inc. Certain of BFC’s affiliates, including its executive officers, have independently made investments with their own funds in investments that BFC has sponsored and in which BFC holds investments. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | 24. 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 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 management of the Company and its subsidiaries. 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. From time to time, we revise the identification of our segments and/or the measurement of each segment's operating results. These revisions are generally the result of changes in the alignment of segment operations or changes in how our management reviews and assesses profitability and allocates resources to each segment. Effective March 31, 2015, we made certain changes to our internal reporting that affected our determination of reportable segments. These changes consisted of consolidating the different business activities of BBX Capital, including FAR, Renin, BBX Sweet Holdings, CAM and BBX Partners, into a single reportable segment (BBX Capital) to align with how management is assessing BBX Capital. As a result of these changes, we currently report the results of our operations through two reportable segments: Bluegreen and BBX Capital. For the years ended December 31, 2014 and 2013 segment information is presented as reported in prior periods . In the table for the year ended December 31, 2015 amounts set forth in the column entitled “Other” include interest expense associated with Woodbridge’s trust preferred securities (“TruPs”), corporate overhead of BFC and Woodbridge, and BFC’s other income. The Company evaluates segment performance based on segment net income (loss). Set forth below is summary information regarding the Company's reportable segments for the year ended December 31, 2015: Bluegreen Bluegreen markets, sells and manages real estate-based VOIs in resorts generally located in popular, high-volume, “drive-to” vacation destinations, which were developed or acquired by Bluegreen or are owned by others in which case Bluegreen earns fees for providing these services. Bluegreen also earns fees by providing club and property owners’ association management services, mortgage servicing, VOI title services, reservation services, and construction design and development services. In addition, Bluegreen provides financing to credit-qualified individual purchasers of VOIs, which provides significant interest income. BBX Capital BBX Capital is involved in the acquisition, ownership and management of investments in real estate and real estate development projects, as well as investments in operating businesses. The BBX Capital reportable segment includes operations and activities of FAR, CAM, BBX Partners, Renin and BBX Sweet Holdings. BBX Capital also holds a 46% equity interest in Woodbridge, which owns 100% of Bluegreen. BBX Capital’s equity earnings attributable to its interest in Woodbridge are eliminated in consolidation. Set forth below is summary information regarding the Company's reportable segments for the years ended December 31, 2014 and 2013: FAR BBX Capital holds 5% of the outstanding preferred membership interests in FAR as well as the right to own 100% of FAR following such time, if any, as BB&T, which holds 95% of FAR’s outstanding preferred membership interests, has recovered $285 million preference amount plus a priority return of LIBOR + 2.00% per annum on any unpaid preference amount. Since its inception (August 1, 2012), FAR’s activities have primarily consisted of managing its portfolio of assets with a view towards liquidating the assets to provide sufficient funds to result in the full recovery of the preference amount and to maximize the residual value of the assets. FAR’s activities also include oversight of third party servicers and the liquidation of tax certificates, loans and real estate acquired through foreclosure. BBX The BBX segment consists of the activities associated with CAM’s and BBX Partner’s portfolios of loans receivable, real estate properties, and a BankAtlantic legacy portfolio of previously charged-off loans retained by CAM in the BB&T Transaction. The BBX segment also includes the Company’s investment in Woodbridge and investments in real estate joint ventures. BBX’s primary business activities relate to: managing and, where appropriate, monetizing its portfolio of loans receivable; managing and, where appropriate, monetizing or developing its portfolio of real estate properties; maximizing the cash flows from its portfolio of charged-off loans and judgments; and pursuing equity and debt investment opportunities in real estate and operating businesses. Renin The Renin reportable segment consists of the activities of Renin, which is owned 81% by BBX Capital and 19% by BFC and was formed during October 2013 in connection with the acquisition at that time of Renin Corp. and its subsidiaries. The Renin reportable segment includes the results of operations of Renin for the two months ended December 31, 2013 and the year ended December 31, 2014. Sweet Holdings The Sweet Holdings segment consists of the operating activities of BBX Sweet Holdings. For 2013, BBX Sweet Holdings’ reportable segment includes the operating results of Hoffman’s for the one month ended December 31, 2013. The Sweet Holdings segment for 2014 includes the activities of Hoffman’s for the year ended December 31, 2014 and also includes the activities of Williams and Bennett, Jer’s, Helen Grace and Anastasia from their dates of acquisition, January 13, 2014, July 1, 2014, July 21, 2014 and October 1, 2014, respectively, through December 31, 2014. See Note 3 for additional information regarding BBX Sweet Holdings’ acquisitions. The table below sets forth the Company’s segment information as of and for the year ended December 31, 2015 (in thousands): Reportable Segments BBX Segment Bluegreen Capital Other Eliminations Total Revenues: Sales of VOIs $ 259,236 - - - 259,236 Fee-based sales commission revenue 173,659 - - - 173,659 Other fee-based services revenue 97,539 - - - 97,539 Trade sales - 84,284 - - 84,284 Interest income 84,331 10,056 - (5,622) 88,765 Gain on sales of assets - 31,092 - - 31,092 Other revenue - 6,051 - (419) 5,632 Total revenues 614,765 131,483 - (6,041) 740,207 Costs and Expenses: Cost of sales of VOIs 22,884 - - - 22,884 Cost of other fee-based services 60,942 - - - 60,942 Cost of trade sales - 62,707 - - 62,707 Interest expense 35,698 326 10,424 (6,040) 40,408 Recoveries from loan losses - (13,457) - - (13,457) Impairments of assets - 287 - - 287 Litigation settlement - - 36,500 - 36,500 Selling, general and administrative expenses 373,804 70,709 23,228 (1,041) 466,700 Total costs and expenses 493,328 120,572 70,152 (7,081) 676,971 Equity earnings from Woodbridge Holdings, LLC - 14,974 - (14,974) - Equity in losses of unconsolidated real estate joint ventures - (1,565) (391) 391 (1,565) Foreign exchange loss - (1,038) - - (1,038) Other income, net 2,883 - 2,226 (1,059) 4,050 Income (loss) before taxes 124,320 23,282 (68,317) (14,602) 64,683 (Provision) benefit for income taxes (42,311) 245 74,581 44,081 76,596 Net income 82,009 23,527 6,264 29,479 141,279 Less: Net income attributable to noncontrolling interests 11,705 1,753 - 5,347 18,805 Net income attributable to BFC $ 70,304 21,774 6,264 24,132 122,474 Total assets $ 1,090,031 393,541 384,214 (518,088) 1,349,698 The table below sets forth the Company’s segment information as of and for the year ended December 31, 2014 (in thousands): Unallocated Segment Amounts Sweet and Bluegreen BBX FAR Renin Holdings Eliminations Total Revenues: Sales of VOIs $ 262,334 - - - - - 262,334 Fee-based sales commission revenue 144,239 - - - - - 144,239 Other fee-based services revenue 92,089 - - - - - 92,089 Interest income 81,666 1,515 3,907 - 7 (603) 86,492 Trade sales - - - 57,839 16,245 (1) 74,083 Net gains on sales of assets - 3,651 1,876 - - - 5,527 Other revenue - 3,607 4,442 - 5 (632) 7,422 Total revenues 580,328 8,773 10,225 57,839 16,257 (1,236) 672,186 Costs and Expenses: Cost of sales of VOIs 30,766 - - - - - 30,766 Cost of trade sales - - - 43,888 10,794 - 54,682 Cost of other fee-based services 56,941 - - - - - 56,941 Interest expense 41,324 815 775 551 440 3,497 47,402 (Recoveries from) provision for loan losses - (10,169) 3,014 - - - (7,155) Asset impairments - 266 6,749 - - - 7,015 Selling, general and administrative expenses 345,191 30,700 8,347 14,729 5,000 17,682 421,649 Total costs and expenses 474,222 21,612 18,885 59,168 16,234 21,179 611,300 Equity loss from unconsolidated entities - 24,723 - - - (25,296) (573) Foreign exchange loss - - - (715) - - (715) Other income, net - - - - - 4,780 4,780 Income (loss) before income taxes 106,106 11,884 (8,660) (2,044) 23 (42,931) 64,378 (Provision) benefit for income taxes - - - (6) 3,107 (40,174) (37,073) Net income (loss) 106,106 11,884 (8,660) (2,050) 3,130 (83,105) 27,305 Less: Net income (loss) attributable to noncontrolling interests - - - - - 13,455 13,455 Net income (loss) attributable to BFC $ 106,106 11,884 (8,660) (2,050) 3,130 (96,560) 13,850 Total assets $ 1,045,498 550,993 100,306 23,661 31,645 (340,807) 1,411,296 The table below sets forth the Company’s segment information as of and for the year ended December 31, 2013 (in thousands): Unallocated Amounts Sweet and Segment Bluegreen BBX FAR Renin Holdings Eliminations Total Revenues: Sales of VOIs $ 261,439 - - - - - 261,439 Fee-based sales commission revenue 91,859 - - - - - 91,859 Other fee-based services revenue 80,125 - - - - - 80,125 Interest income 82,230 14,490 9,847 - - (296) 106,271 Trade sales - - - 9,300 966 (23) 10,243 Net gains on the sales of assets - 3,525 3,203 - - - 6,728 Other revenue - 4,047 3,489 - - (438) 7,098 Total revenues 515,653 22,062 16,539 9,300 966 (757) 563,763 Costs and Expenses: Cost of sale of VOIs 32,607 - - - - - 32,607 Cost of other fee-based services 52,817 - - - - - 52,817 Cost of trade sales - - - 7,227 633 - 7,860 Interest expense 41,137 1,774 3,397 144 24 4,145 50,621 Recoveries from loan losses - (34,128) (9,737) - - - (43,865) Asset impairments, net - 219 4,489 - - - 4,708 Selling, general and administrative expenses 306,559 27,132 10,257 1,636 346 16,028 361,958 Total costs and expenses 433,120 (5,003) 8,406 9,007 1,003 20,173 466,706 Equity in (losses) earnings of unconsolidated entities - 13,461 - - - (13,491) (30) Foreign exchange loss - - - (357) - - (357) Other income, net - - - - - 228 228 Income (loss) before income taxes 82,533 40,526 8,133 (64) (37) (34,193) 96,898 Provision for income taxes - - (20) (294) - (25,827) (26,141) Net income (loss) 82,533 40,526 8,113 (358) (37) (60,020) 70,757 Less: Net income (loss) attributable to noncontrolling interests - - 41,694 41,694 Net income (loss) attributable to BFC 82,533 40,526 8,113 (358) (37) (101,714) 29,063 Total assets $ 1,086,316 476,947 166,114 23,809 5,383 (317,204) 1,441,365 |
Selected Quarterly Results
Selected Quarterly Results | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Results [Abstract] | |
Selected Quarterly Results | 25. Selected Quarterly Results (Unaudited) The following tables summarize the results of operations for each fiscal quarter during the years ended December 31, 2015 and 2014 (in thousands except for per share data): First Second Third Fourth 2015 Quarter Quarter Quarter Quarter Total Revenues $ 149,893 190,971 199,291 200,052 740,207 Costs and expenses 136,587 191,605 175,218 173,561 676,971 13,306 (634) 24,073 26,491 63,236 Equity in losses of unconsolidated real estate joint ventures (304) (291) (158) (812) (1,565) Foreign exchange (loss) gains (469) 70 (236) (403) (1,038) Other income, net 1,248 1,114 1,205 483 4,050 Income before income taxes 13,781 259 24,884 25,759 64,683 (Provision) benefit for income taxes (8,609) 90,353 (4,213) (935) 76,596 Net income 5,172 90,612 20,671 24,824 141,279 Less: Net income attributable to noncontrolling interests 3,286 6,317 4,313 4,889 18,805 Net income to common shareholders 1,886 84,295 16,358 19,935 122,474 Basic earnings per common share $ 0.02 0.97 0.19 0.23 1.41 Diluted earnings per common share $ 0.02 0.97 0.19 0.23 1.40 Basic weighted average number of common shares outstanding 87,136 87,093 87,023 86,839 87,022 Diluted weighted average number of common and common equivalent shares outstanding 87,332 87,286 87,174 87,175 87,208 First Second Third Fourth 2014 Quarter Quarter Quarter Quarter Total Revenues $ 150,410 173,036 185,215 163,525 672,186 Costs and expenses 135,481 147,809 167,328 160,682 611,300 14,929 25,227 17,887 2,843 60,886 Equity in losses of unconsolidated real estate joint ventures (6) (26) (205) (336) (573) Foreign exchange loss (307) 141 (319) (230) (715) Other income, net 680 1,004 445 2,651 4,780 Income before income taxes 15,296 26,346 17,808 4,928 64,378 Provision for income taxes 8,754 11,511 11,135 5,673 37,073 Net income (loss) 6,542 14,835 6,673 (745) 27,305 Less: Net income attributable to noncontrolling interests 3,406 5,575 2,845 1,629 13,455 Net income (loss) to common shareholders 3,136 9,260 3,828 (2,374) 13,850 Basic earnings (loss) per common share $ 0.04 0.11 0.05 (0.04) 0.16 Diluted earnings (loss) per common share $ 0.04 0.11 0.05 (0.04) 0.16 Basic weighted average number of common shares outstanding 83,185 83,513 84,326 86,943 84,502 Diluted weighted average number of common and common equivalent shares outstanding 84,624 84,698 84,939 86,943 84,761 |
Real Estate Investments And Acc
Real Estate Investments And Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate Investments And Accumulated Depreciation [Abstract] | |
Real Estate Investments And Accumulated Depreciation | Schedule III – Real Estate Investments and Accumulated Depreciation BBX Capital Corporation As of December 31, 2015 (Dollars in thousands) Capitalized Initial Costs Costs Depreciable Building and Subsequent to Total Accumulated Year of Foreclosure Lives Property Land Improvements Acquisition Other Cost (1) Depreciation Construction Month/Year (Years) RoboVault $ 1,590 6,310 - - 7,900 840 2009 4/2013 40 (1) The aggregate cost for federal income tax purposes is $6.4 million. The following table presents the changes in BBX Capital’s real estate investments for the year ended December 31, 2015: Total Accumulated (in thousands) Costs Depreciation Balance at December 31, 2014 $ 22,440 630 Depreciation - 652 Transfer to held-for-sale (14,540) (442) Balance at December 31, 2015 $ 7,900 840 |
Mortgage Loans On Real Estate
Mortgage Loans On Real Estate | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Loans On Real Estate [Abstract] | |
Mortgage Loans On Real Estate | Schedule IV – Mortgage Loans on Real Estate BBX Capital Corporation As of December 31, 2015 (Dollars in thousands) Principal Amount of Loans Subject Number Interest Final Periodic Face Carrying to Delinquent of Rate Maturity Payment Prior Amount Amount of Principal Loans Description (1) Date (2) Terms Liens of Loans Loans (3) or Interest 101 First-lien 1-4 Family (4) 5.71% 12/17/2033 Monthly $ - 34,432 21,354 27,450 45 Second lien -Consumer held-for-investment 3.21% 2/18/2017 Monthly 8,107 4,686 2,368 910 18 Small Business Real Estate 7.05% 7/14/2023 Monthly - 4,373 3,529 - 1 Commercial Real Estate held-for-investment 5.00% 5/31/2016 Monthly - 879 879 - Large Balance Commercial Real Estate Loans 1 Retail 7.00% 6/20/2018 Monthly - 2,074 2,074 - 1 Marina 2.08% 1/1/2018 Monthly - 4,500 2,206 - 1 Apartment building 5.00% 6/1/2017 Monthly - 8,048 3,448 - 1 Residential 5.75% 5/1/2016 Monthly 753 3,702 3,702 - 1 Land 4.00% 12/31/2016 Maturity - 3,985 3,985 - Total Mortgage Loans $ 8,860 66,679 43,545 28,360 (1) Represents weighted average interest rates for mortgage loans grouped by category when there is more than one loan in the category. (2) Represents weighted average maturity dates for mortgage loans grouped by category when there is more than one loan in the category. (3) The aggregate cost for federal income tax purposes was $48.5 million. (4) The Company does not own the servicing on these loans. The following table presents the changes in the Company’s mortgage loans for the year ended December 31, 2015 (in thousands): Balance at December 31, 2014 $ 61,230 Advances on existing mortgages - Collections of principal (14,470) Foreclosures (3,215) Costs of mortgages sold - Balance at December 31, 2015 $ 43,545 |
Summary Of Significant Accoun35
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | The accounting policies applied by the Company conform to accounting principles generally accepted in the United States of America. |
Consolidation Policy | Consolidation Policy - The consolidated financial statements include the accounts of all the Company’s wholly-owned subsidiaries, the Company’s controlled subsidiaries, including BBX Capital, Woodbridge and Bluegreen, other entities in which the Company and its subsidiaries hold controlling financial interests, and variable interest entities (“VIEs”) if the Company or its consolidated subsidiary is deemed the primary beneficiary of the VIE. All significant inter-company accounts and transactions have been eliminated among consolidated entities. |
Use Of Estimates | Use of Estimates - In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the statements of financial condition and operations for the periods presented. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the fair value of assets and liabilities, including those acquired in business combinations, the allowance for loan losses, collateral dependent loans, the valuation of loans held-for-sale, evaluation of intangible and long-lived assets for impairment, valuation of securities, evaluation of securities for impairment and other-than-temporary declines in value, revenue recognition on percent complete projects, the evaluation of real estate assets for impairment, estimated costs to complete construction, estimated future sales value on inventories, the amount of the deferred tax asset valuation allowance, accounting for uncertain tax positions, contingencies and litigation, and accounting for share-based compensation. |
Reclassifications | Reclassifications - Certain amounts for prior years have been reclassified to conform to the revised financial statement presentation for 2015. |
Cash And Cash Equivalents | Cash and Cash Equivalents - Cash equivalents consist of cash, demand deposits at financial institutions, money market funds and other short-term investments with original maturities of 90 days or less. Cash and cash equivalents are held at various financial institutions located throughout the United States, Canada, and Aruba in amounts exceeding the $250,000 federally insured limit. A significant portion of unrestricted cash is maintained with two banks and, accordingly, is subject to increased credit risk. Periodic evaluations of the relative credit standing of financial institutions maintaining the Company’s deposits are performed to evaluate and attempt to mitigate, if necessary, credit risk. |
Restricted Cash | Restricted Cash - Cash and interest bearing deposits are segregated into restricted accounts for specific uses in accordance with the terms of certain land sale and development contracts, VOI sales and other agreements and include customer deposits on VOI purchases held in escrow accounts and cash collected on pledged/secured notes receivable not yet remitted to lenders. Restricted funds may be utilized in accordance with the terms of the applicable governing documents. Restricted cash consists primarily of Bluegreen customer deposits held in escrow accounts and cash collected on pledged/secured notes receivable not yet remitted to lenders. |
Loans Receivable | Loans Receivable - Loans that BBX Capital has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any unearned income, unamortized deferred fees or costs, premiums or discounts and an allowance for loan losses. Loans that BBX Capital’s management has the intent to sell are classified as loans held-for-sale and are reported at the lower of aggregate cost or estimated fair value. Loan origination fees and related direct loan origination costs on loans held-for-sale and premiums and discounts on loans held-for-sale are deferred until the related loan is sold and included in gains and losses upon sale. Loans are classified as loans held-for-sale when BBX Capital’s management originates loans for resale or when BBX Capital’s management decides to sell loans that were not originated or purchased for sale. Transfers of loans between classifications are recorded at the lower of aggregate cost or estimated fair value at the transfer date. |
Allowance For Loan Losses | Allowance for Loan Losses – BBX Capital’s allowance for loan losses reflects its management’s reasonable estimate of probable credit losses inherent in its loan portfolio based on its evaluation of credit risk as of period end. Loans are charged off against the allowance when BBX Capital’s management believes the loan is not collectible. Recoveries are credited to the allowance. The allowance consists of two components. The first component of the allowance is for loans that are individually evaluated for impairment. BBX Capital’s management evaluates commercial real estate and commercial non-real estate loans greater than $0.5 million for impairment quarterly. Once an individual loan is found to be impaired, an evaluation is performed to determine if a specific valuation allowance needs to be assigned to the loan based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, impairment may be measured based on the observable market price of the loan or the fair value of the collateral if the loan is collateral dependent. Loans determined to be collateral dependent are measured based on the fair value of the collateral less costs to sell. Consumer and residential loans past due 120 days or more are also evaluated individually for impairment and measured based on the lower of the estimated fair value of the loan’s collateral less cost to sell or the carrying value of the loan. The second component of the allowance is for groups of loans with common characteristics that are evaluated in loan pools to estimate the inherent losses in the portfolio. BBX Capital’s management segregates loans into segments with certain common characteristics so as to form a basis for estimating losses as it relates to the segment. BBX Capital’s loan portfolio has the following loan segments: residential, consumer, commercial non-real estate, commercial real estate, and small business loans. The loss experience for each loan segment was derived by calculating a charge-off history by loan segment adjusted by an expected recovery rate. Based on the nature of each portfolio, a time frame is selected for the charge-off history in order to estimate the inherent loss in each segment. The loss factor that was calculated from the charge-off history by loan segment is adjusted by considering the following factors: delinquency and charge-off levels and trends, non-accrual levels and trends, credit scores of borrowers, collateral value and external factors. Based on an analysis of the above factors, BBX Capital’s management may adjust the historical loss experience up or down to reflect current conditions that differ from the conditions that existed during the historical loss experience time frame. |
Non-Accrual And Past Due Loans | Non-accrual and past due loans – BBX Capital’s loans are generally placed on non-accrual status at the earlier of the loan becoming past due 90 days as to either principal or interest or when the borrower has entered bankruptcy proceedings and the loan is delinquent. BBX Capital’s commercial and small business loans may be placed on non-accrual status sooner due to material deterioration of conditions surrounding the repayment sources, which could include insufficient borrower capacity to service the debt, declines in the ratio of the loan amount to the value of the loan’s collateral or other factors causing the full payment of the loan’s principal and interest to be in doubt. Accordingly, a loan may be placed on non-accrual status even when payments of principal or interest are not currently in default. When a loan is placed on non-accrual, all accrued interest is reversed against interest income. BBX Capital’s loans may be restored to accrual status when there has been a satisfactory period of performance and the loan is expected to perform in the future according to its contractual terms. BBX Capital’s commercial and small business loans are charged-down if the collection of principal or interest is considered doubtful. BBX Capital’s consumer and residential real estate loans that are 120 days past due are charged down to the collateral’s fair value less estimated selling costs. |
Notes Receivable | Notes Receivable - Bluegreen’s VOI n otes receivable are carried at amortized cost less an allowance for credit losses. Interest income is suspended, and previously accrued but unpaid interest income is reversed, on all delinquent Bluegreen VOI notes receivable when principal or interest payments are more than 90 days contractually past due, and not resumed until such VOI notes receivable are less than 90 days past due. After 120 days, Bluegreen’s VOI notes receivable are generally written off against the allowance for credit loss. Bluegreen records an estimate of expected uncollectible VOI notes receivable as a reduction of revenue at the time Bluegreen recognizes a VOI sale. Bluegreen estimates of uncollectible VOI notes receivable is based on historical uncollectibles for similar VOI notes receivable. Bluegreen uses a static pool analysis, which tracks uncollectibles for each year’s sales over the entire life of the notes. Bluegreen also considers whether the historical economic conditions are comparable to current economic conditions, as well as variations in underwriting standards. Additionally, no consideration is given for future recoveries of defaulted inventory in the estimate of uncollectible VOI notes receivable. Bluegreen reviews its allowance for credit losses on at least a quarterly basis. Bluegreen’s loan origination costs are deferred and recognized over the life of the related notes receivable. |
Acquired Notes Receivable | Acquired Notes Receivable – During November 2009, BFC acquired additional shares of Bluegreen’s common stock which resulted in BFC consolidating Bluegreen in its financial statements. In connection with such transaction, BFC was deemed under applicable accounting guidance to have acquired certain of Bluegreen’s assets, including a pool of notes receivable consisting principally of homogenous consumer timeshare loans originated by Bluegreen. Consistent with the accounting guidance, BFC has elected an accounting policy based on expected cash flows, which includes guidance on maintaining the integrity of a pool of multiple loans accounted for as a single asset. The loans have common risk characteristics as defined in the accounting guidance, Loans and Debt Securities with Deteriorated Credit Quality, including similar risk ratings, as defined and monitored by risk rating agencies, term, purpose and collateral type (VOIs). BFC evaluates the pool of loans accounted for as a single asset for indications of impairment. Acquired notes receivable are considered to be impaired if it is not expected that all contractually required cash flows will be received due to concerns about credit quality. The excess of the cash flows expected to be collected measured as of the acquisition date, over the estimated fair value is referred to as the accretable yield and is recognized into interest income over the remaining life of the loan using a level yield methodology. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected is referred to as the nonaccretable difference. Subsequent decreases to expected principal cash flows result in a charge to provision for credit losses and a corresponding increase to a valuation allowance included in the allowance for loan losses. Subsequent increases in expected principal cash flows result in a recovery of any previously recorded allowance for loan losses, to the extent applicable, and a reclassification from nonaccretable difference to accretable yield for any remaining increase. Changes in expected interest cash flows may result in reclassifications to or from the nonaccretable difference. Loan disposals, which may include receipt of payments in full from the borrower or foreclosure, result in the removal of the loan from the loan pool at its allocated carrying amount. |
Trade Receivables | Trade Receivables – At December 31, 2015 and 2014 BBX Capital’s trade receivables in the amounts of $13.7 million and $13.4 million, respectively consists of receivables from Renin’s production and sale of home building products and BBX Sweet Holdings ’ manufactur e and sale of sugar confection er products. Trade receivables are recorded at the invoiced amount and do not bear interest. BBX Capital maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, its management considers historical losses adjusted to take into account current market conditions and the customers' financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. BBX Capital reviews its allowance for doubtful accounts quarterly. Past due balances over 90 days and over a specified amount are reviewed individually for collectibility. Account balances are charged off against the allowance after all standard means of collection have been exhausted and the potential for recovery is considered remote. Trade receivables are included in other assets in the Company’s consolidated statements of financial condition. |
Inventory | Inventory - The Company’s inventory is primarily comprised of Bluegreen’s completed VOIs, VOIs under construction and land held for future vacation ownership development. Bluegreen’s completed inventory is carried at the lower of (i) cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest, real estate taxes and other costs incurred during construction, or (ii) estimated fair market value, less costs to sell. VOI inventory and cost of sales are accounted for under timeshare accounting rules, which define a specific method of the relative sales value method for relieving VOI inventory and recording cost of sales. Under the relative sales value method required by timeshare accounting rules, cost of sales is calculated as a percentage of net sales using a cost-of-sales percentage - the ratio of total estimated development costs to total estimated VOI revenue, including the estimated incremental revenue from the resale of VOI inventory repossessed, generally as a result of the default of the related receivable. Also, pursuant to timeshare accounting rules, Bluegreen does not relieve inventory for VOI cost of sales related to anticipated credit losses. Accordingly, no adjustment is made when inventory is reacquired upon default of the related receivable. Bluegreen also periodically evaluates the recoverability of the carrying amount of its undeveloped or under development resort properties under the accounting guidelines for Property, Plant and Equipment, which provides guidance relating to the accounting for the impairment or disposal of long-lived assets . No impairment charges were recorded with respect to VOI inventory during any of the periods presented. As of December 31, 2015 and 2014, BBX Capital’s inventory consisting of raw materials and finished goods from Renin and BBX Sweet Holdings operations in the amount of $ 16.3 million and $14.5 million, respectively. These amounts are included in other assets in the Company’s consolidated statements of financial condition. These inventories are 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 cost. Raw materials are stated at the lower of approximate cost, on a first-in, first-out basis, and market determined by reference to replacement cost. 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 basis for Renin’s finished goods inventory and on an average cost basis for BBX Sweet Holdings’ finished goods inventory. |
Real Estate Held-For Sale And Real Estate Held-For Investment | Real Estate Held-for-Investment and Real Estate Held-for-Sale – From time to time, BBX Capital takes possession or ownership of real estate through foreclosure of the underlying loan collateral or through the purchase of the real estate from third parties. When real estate is determined to be held-for-sale, it is recorded at fair value less estimated selling costs and subsequently measured at the lower of cost or estimated fair value. When real estate is determined to be held-for-investment, it is recorded at fair value and in subsequent periods depreciated over its useful life using the straight line method, if applicable. Impairments required at the time of foreclosure are charged to the allowance for loan losses. Expenditures for capital improvements are generally capitalized. Valuation allowance adjustments are made to reflect any subsequent declines in fair values. The costs of holding real estate are charged to real estate operating expenses as incurred. Changes in the real estate valuation allowance are recorded as asset (recoveries) impairments in the statement of operations. |
Investments In Unconsolidated Real Estate Joint Ventures | Investments in Unconsolidated Real Estate Joint Ventures - The Company follows the equity method of accounting to record its interests in entities in which it does not own the majority of the voting stock or otherwise hold a controlling financial interest and to record its investment in variable interest entities in which it is not the primary beneficiary. Under the equity method, the initial investment in the entity is recorded at cost on the Company’s statement of financial condition and is subsequently adjusted to recognize the Company's share of the entity’s earnings or losses. Distributions received and other-than temporary impairments reduce the carrying amount of the investment. The Company’s share of earnings or losses from its investment is shown on the statement of operations. BBX Capital recognizes earnings or losses on 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 earnings or losses for equity method investments when the contractual cash disbursements are different than the investors’ equity interest. The Company reviews its equity and cost method 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 the investments, general market conditions, the duration and extent to which the fair value of the investment is less than cost, and the Company’s intent and ability to hold the investment until it recovers. The Company also considers specific adverse conditions related to the financial health of and business outlook for the investee, including industry and sector performance, rating agency actions, changes in operations and financing cash flow factors. If a decline in the fair value of the investment is determined to be other-than-temporary, an impairment charge is recorded to reduce the investment to its fair value and a new cost basis in the investment is established. |
Impairment Of Long Lived Assets | Impairment of Long Lived Assets - Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the full carrying amount of such assets may not be recoverable. In performing the review for impairment, the Company compares the expected undiscounted future cash flows to the carrying amount of the asset and records an impairment loss if the carrying amount exceeds the expected future cash flows based on the estimated discounted cash flows generated by the long-lived assets. The assumptions developed and used by management to evaluate impairment are subjective and involve significant estimates, and are subject to increased volatility due to uncertain market conditions. Long-lived assets to be abandoned are considered held and used until disposed. The carrying value of a long-lived asset to be abandoned is depreciated over its shortened depreciable life when a plan to abandon the asset is committed to before the end of its previously estimated useful life. Long-lived assets classified as held for sale are reported at the lower of its carrying amount or fair value less estimated selling costs. Depreciation (amortization) ceases with respect to long-lived assets upon their classification as assets held for sale. |
Goodwill And Intangible Assets | Goodwill and Intangible Assets – Goodwill is recorded at the acquisition date of a business. The Company tests goodwill for potential impairment annually on December 31 or during interim periods if impairment indicators exist. The Company first assesses qualitatively whether it is necessary to perform the two-step goodwill impairment test. The two-step test is performed when it is more-likely-than-not that the reporting unit’s goodwill fair value is less than its carrying amount. The Company evaluates the following factors in its qualitative assessment: macroeconomic conditions, market considerations, cost factors, financial performance and events affecting the reporting unit. If the Company concludes from the qualitative assessment that further testing is required, the Company performs the two-step goodwill impairment test. The first step of the goodwill impairment test is used to identify potential impairment. This step compares the fair value of a reporting unit with its carrying value. If the fair value of the reporting unit exceeds its carrying value, goodwill is considered not impaired and the second step of the impairment test is not necessary. If the fair value of the reporting unit is less than the carrying value, then the second step of the test is used to measure the amount of goodwill impairment, if any, in the reporting unit. This step compares the current implied goodwill in the reporting unit to its carrying amount. If the carrying amount of the goodwill exceeds the implied goodwill, an impairment is recorded for the excess. The implied goodwill is determined in the same manner as the amount of goodwill recognized in a business combination is determined. Intangible assets consist primarily of indefinite lived management contracts recognized upon the consolidation of Bluegreen during November 2009. The remaining balance in intangible assets consisted of trade names, customer relationships, non-competition agreements and lease premiums that were initially recorded at fair value and are amortized on a straight-line basis over their respective estimated useful lives. Indefinite lived intangible assets are not amortized and are tested for impairment on at least an annual basis, or more frequently if events and circumstances indicate that the indefinite lived intangible assets may be impaired. The Company evaluates indefinite lived intangible assets for impairment by first qualitatively considering relevant events and circumstances to determine whether it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying value. If it is more-likely-than-not that the fair value of the indefinite-lived intangible asset is greater than it carrying value than the indefinite-lived intangible asset is not impaired. If the Company concludes that further testing is required, the Company calculates the fair value of the indefinite-lived intangible asset and compares the fair value to the carrying value. If the fair value of the indefinite-lived intangible asset is less than the carrying value, an impairment is recognized for the difference. Amortizable intangible assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. The carrying amount of an intangible asset is not considered recoverable when the carrying amount exceeds the sum of the undiscounted cash flows expected to result from the use of the intangible asset. The impairment is measured as the amount by which the carrying amount of the intangible asset exceeds its fair value. Fair value is generally established using the discounted cash flow methodology. The discounted cash flow methodology establishes fair value by estimating the present value of the projected future cash flows to be generated from the 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. A five year period was generally used to compute discounted cash flow values. The most significant assumptions used in the discounted cash flow methodology are the discount rate, the terminal value and the forecast of future cash flows. |
Properties And Equipment | Properties and Equipment - Land is carried at cost. Properties and equipment are carried at cost less accumulated depreciation. Depreciation is primarily computed on the straight-line method over the estimated useful lives of the assets which generally range up to 40 years for buildings and building improvements, from 3 to 14 years for office equipment, furniture and fixtures, 5 years for transportation and equipment and from 3 to 14 years for leasehold improvements. The cost of leasehold improvements is amortized using the straight-line method over the shorter of the terms of the related leases or the useful lives of the assets. Expenditures for new properties, leasehold improvements and equipment and major renewals and betterments are capitalized. Expenditures for maintenance and repairs are expensed as incurred, and gains or losses on disposal of assets are reflected in current operations. The cost of software development for internal use is capitalized in accordance with the accounting guidance for costs of computer software developed or obtained for internal use. Capitalization of software developed for internal use commences during the development phase of the project. Software developed or obtained for internal use is generally amortized on a straight-line basis over 3 to 5 years. |
Revenue Recognition | Revenue Recognition – Revenue is recorded for the sale of VOIs, net of a provision for credit losses, in accordance with timeshare accounting guidance. In accordance with the requirements of the accounting guidance for real estate, Bluegreen recognizes revenue on VOI sales when a minimum of 10% of the sales price has been received in cash (demonstrating the buyer’s commitment), the legal rescission period has expired, collectibility of the receivable representing the remainder of the sales price is reasonably assured and Bluegreen has completed substantially all of its obligations with respect to any development related to the real estate sold. Bluegreen believes that it uses a reasonably reliable methodology to estimate the collectibility of the receivables representing the remainder of the sales price of real estate sold. See “Notes Receivable” above for a further discussion of Bluegreen’s policies regarding the estimation of credit losses on its notes receivable. Under timeshare accounting rules, the calculation of the adequacy of a buyer’s commitment for the sale of VOIs requires that cash received towards the purchase of Bluegreen VOIs be reduced by the value of certain incentives provided to the buyer at the time of sale. If after considering the value of the incentives provided, the 10% requirement is not met, the VOI sale, and the related cost and direct selling expenses, are deferred until such time that sufficient cash is received from the customer, generally through receipt of mortgage payments, to meet the 10% threshold. Changes to the quantity, type, or value of sales incentives that Bluegreen provides to buyers of its VOIs may result in additional VOI sales being deferred or extend the period during which a sale is deferred. In cases where construction and development on Bluegreen-owned resorts has not been substantially completed, Bluegreen recognizes revenue in accordance with the percentage-of-completion method of accounting. Should Bluegreen’s estimates of the total anticipated cost of completing any of its projects increase, Bluegreen may be required to defer a greater amount of revenue or may be required to defer revenue for a longer period of time. Under timeshare accounting rules, rental operations, including accommodations provided through the use of Bluegreen’s sampler program, are accounted for as incidental operations whereby incremental carrying costs in excess of incremental revenues are expensed as incurred. Conversely, incremental revenues in excess of incremental carrying costs are recorded as a reduction to the carrying cost of VOI inventory. Incremental carrying costs include costs that have been incurred by Bluegreen during the holding period of unsold VOIs, such as developer subsidies and maintenance fees on unsold VOI inventory. During each of the years presented, all of Bluegreen’s rental revenue and sampler revenue earned was recorded as an offset to cost of other fee-based services as such amounts were less than the incremental carrying cost. In addition to sales of VOIs, Bluegreen also generates revenue from the activities listed below. The table provides a brief description of the applicable revenue recognition policy: Activity Revenue is recognized when: Fee-based sales commissions The sale transaction with the VOI purchaser is consummated in accordance with the terms of the agreement with the third-party developer and the related consumer rescission period has expired. Resort management and service fees Management services are rendered. (1) Resort title fees Escrow amounts are released and title documents are completed. Rental and sampler program Guests complete stays at the resorts. Rental and sampler program proceeds are classified as a reduction to “Cost of other fee-based services” in the consolidated statements of operations and comprehensive income. (1) In connection with Bluegreen’s management property owners’ associations, Bluegreen acts as agent for the property owners’ association to operate the resort as provided under the management agreements. In certain cases, the personnel at the resorts are Bluegreen employees. The property owners’ association bears all of the economic costs of such personnel and generally pay Bluegreen in advance of, or simultaneously with, the payment of payroll. In accordance with the accounting guidance for reporting revenues gross versus net, reimbursements from the property owners’ associations relating to direct pass-through costs are recorded net of the related expenses. Bluegreen’s cost of other fee-based services consists of the costs associated with the various activities described above, as well as developer subsidies and maintenance fees on Bluegreen’s unsold VOIs. BBX Capital’s gains and losses from the sales of real estate and the transfer of real estate to joint ventures are recognized when the sales are closed and title passes to the buyer, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the property, the buyer’s receivable, if applicable, is not subject to future subordination and BBX Capital does not have substantial continuing involvement with the property. BBX Capital’s revenues are recognized on trade sales when products are shipped and the customer takes ownership and assumes the risk of loss. BBX Capital’s revenues from interest income are recognized on accruing loans when BBX Capital’s 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 BBX Capital’s non-accrual loans on a cash basis. BBX Capital’s revenues from real estate operations are generally rental income from properties under operating leases. Rental income is recognized as rents become due and rental payments received in advance are deferred until earned. |
Deferred Income | Deferred Income - Bluegreen defers VOI revenue, net of direct incremental selling expenses, for sales for which the legal rescission period has expired but the required revenue recognition criteria described above has not been met. Additionally, in connection with Bluegreen’s sampler program, Bluegreen defers revenue, net of direct incremental selling expenses, for guest stays not yet completed. |
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 capitalized and amortized to interest expense over the terms of the related financing arrangements. |
Advertising | Advertising – Bluegreen expenses advertising costs, which are primarily marketing costs, as incurred. Advertising expense is included in selling, general and administrative expenses in the accompanying consolidated statements of operations. Bluegreen has entered into marketing arrangements with various third parties. For the year ended December 31, 2015, sales of VOIs to prospects and leads generated by one marketing arrangement accounted for over 20% of VOI sales volume. There can be no guarantee that Bluegreen will be able to maintain this agreement in accordance with its terms or extend or renew these agreements on similar terms, or at all. |
Income Taxes | Income Taxes – BFC and its subsidiaries in which BFC owns 80% or more of the subsidiary’s outstanding equity file a consolidated U.S. Federal and Florida income tax return. Other than Florida, the Company and its subsidiaries file separate state income tax returns for each jurisdiction. Subsidiaries in which the Company 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 . For years prior to December 31, 2015, the Company, BBX Capital and Bluegreen filed separate tax returns with the internal revenue service as the Company owned less than 80% of BBX Capital’s outstanding equity. As a result of the increase in the Company’s ownership interest in BBX Capital due to the purchase of additional shares of BBX Capital’s Class A Common Stock in the above-described tender offer, BFC will be filing a consolidated group tax return which will include the operations of BBX Capital, Woodbridge and Bluegreen for the year ended December 31, 2015. See Note 14 for additional information regarding income taxes. The provision for income taxes is based on income before taxes reported for financial statement purposes after adjustment for transactions that do not have tax consequences. Deferred tax assets and liabilities are realized according to the estimated future tax consequences attributable to differences between the carrying value of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates as of the date of the statement of financial condition. The effect of a change in tax rates on deferred tax assets and liabilities is reflected in the period that includes the statutory enactment date. A deferred tax asset valuation allowance is recorded when it has been determined that it is more likely than not that deferred tax assets will not be realized. If a valuation allowance is needed, 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. Additionally, taxable temporary differences that originate from a business combination could result in deferred tax valuation allowance reversals. 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. |
Noncontrolling Interests | Noncontrolling Interests – Noncontrolling interests reflect third parties’ ownership interests in entities that are consolidated in BFC’s financial statements, but less than 100% owned by BFC. Generally accepted accounting principles require that a noncontrolling interest (minority interest) be recognized as equity in the consolidated financial statements and itemized separately from the parent’s equity. In accordance with applicable guidance, a change in BFC’s ownership interest in a subsidiary is treated as an equity transaction if BFC retains its controlling financial interest. |
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 earnings per share excludes dilution and is computed by dividing net income allocable to common stock by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed in the same manner as basic earnings per share, but it also reflects potential dilution that could occur if options to acquire common shares or restricted stock awards of the Company were exercised or vest. Common stock options and restricted stock awards, if dilutive, are considered in the weighted average number of dilutive common shares outstanding based on the treasury stock method. Diluted earnings per share also takes into consideration the potential dilution from securities issued by subsidiaries that enable their holders to obtain the subsidiary’s common stock. The resulting net income amount is divided by the weighted average number of dilutive common shares outstanding. |
Stock-Based Compensation | Stock-Based Compensation – We account for stock-based compensation using the fair value method of expense recognition in accordance with the provisions established by ASC Topic 718 – Stock Compensation (“Topic 718”) . The fair value of stock options is estimated using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires the input of subjective assumptions, including the expected price volatility of the underlying stock. Projected data related to the expected volatility and expected life of stock options is based upon historical and other information. Changes in these subjective assumptions can materially affect the fair value of the estimate, and therefore, the existing valuation models may not provide a precise measure of the fair value of stock options. The fair value of restricted common stock awards is generally the market price of the Company’s common stock on the grant date. Compensation expense for stock options and restricted common stock awards is based on the fair value of the award on the measurement date, which is generally the grant date. The Company recognizes these compensation costs on a straight-line basis over the requisite service period of the awards. |
New Accounting Pronouncements | New Accounting Pronouncements The Financial Accounting Standards Board (“ FASB ”) has issued the following accounting pronouncements and guidance relevant to the Company’s operations : Accounting Standards Update Number 2016-02 – Leases (Topic 845). This update requires an entity to recognize a right-of-use asset and a lease liability for virtually all of its leases. The liability will be equal to the present value of lease payments. The asset will generally be based on the liability. For income statement purposes operating leases will result in straight-line expense and finance leases will result in expenses similar to current capital leases. The guidance also requires additional disclosures to enable users of financial statements to understand the amount, timing and uncertainty of cash flows arising from leases. The guidance will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the requirements of this update and has not yet determined its impact on the Company’s consolidated financial statements. Accounting Standards Update Number 2016-01 –– Financial Instruments – Overall (Topic 825) – Recognition and Measurement of Financial Assets and Financial Liabilities. This update requires all equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) to generally be measured at fair value through earnings. The update eliminates the available-for-sale classification for equity securities with readily determinable fair values and the cost method for equity investments without readily determinable fair values. However, entities will be able to elect to record equity investments without readily determinable fair values at cost, less impairment. This update also simplifies the impairment assessment for equity investments and requires the use of the exit price when measuring the fair value of financial instruments measured at amortized cost for disclosure purposes. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the requirements of this update and has not yet determined the impact it may have on the Company’s consolidated financial statements. Accounting Standards Update Number 2015-16 –– Business Combinations – Imputation of Interest (Topic 805) – Simplifying the Accounting Measurement-Period Adjustments. This update requires that an acquirer in a business combination recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquirer is required to record, in the same period’s financial statements, the effect on earnings, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this update are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments in this update should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this update with earlier application permitted for financial statements that have not been issued. We do not expect the adoption of this update on January 1, 2016 to have a material impact on the Company’s consolidated financial statements. Accounting Standards Update Number 2015-11 –– Inventory (Topic 330) – Simplifying the Measurement of Inventory. This update requires that an entity measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The update is intended to more clearly articulate the requirements for the measurement and disclosure of inventory and not to change current practices. The update is effective for annual and interim reporting periods beginning after December 15, 2016. The update should be applied prospectively with early application permitted at the beginning of an interim or annual reporting period. The adoption of this update is not expected to have a material impact on the Company’s consolidated financial statements. Accounting Standards Update Number 2015-0 5 –– Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. This update provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The standard became effective for annual and interim reporting periods beginning after December 15, 2015. We do not expect the adoption of this update on January 1, 2016 to have a material impact on the Company’s consolidated financial statements. Accounting Standards Update Number 2015-0 3 – Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . This update requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. ASU 2015-15 amended this update and permits presentation of line of credit debt issuance costs as an asset with amortization over the term of the line of credit, regardless of whether there are any outstanding borrowings on the line of credit. This standard is effective for annual and interim reporting periods beg inning after December 15, 2015. We do not expect the adoption of this update on January 1, 2016 to have a material impact on the Company’s consolidated financial statements. Accounting Standards Update Number 2015-0 2 – Consolidation (Subtopic 810): Amendments to Consolidation Analysis. This guidance makes targeted amendments to the consolidation guidance and ends the deferral granted to investment companies from applying the VIE guidance. This standard is effective for annual and interim reporting periods beg inning after December 15, 2015. We do not expect the adoption of this update on January 1, 2016 to have a material impact on the Company’s consolidated financial statements. Accounting Standards Update Number 2014-15 – Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern . This update provides guidance regarding management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The guidance requires management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in United States auditing standards. The standard is effective for annual and interim reporting periods beginning after December 15, 2016. Early application is permitted. The Company is currently evaluating the requirements of this update and has not yet determined the impact it may have on the Company's consolidated financial statements. Accounting Standards Update Number 2014-09 – Revenue Recognition (Topic 606): Revenue from Contracts with Customers . This guidance is intended to improve the financial reporting requirements for revenue from contracts with customers by providing a principle based approach. It also requires disclosures designed to enable readers of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This accounting guidance update will replace most existing revenue recognition guidance in GAAP. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently evaluating the requirements of this update and has not yet determined its adoption date, adoption method or the impact it may have on the Company's consolidated financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Anastasia [Member] | |
Business Acquisition [Line Items] | |
Summary Of Fair Value Of The Assets Acquired And Liabilities Assumed | Fair value of identifiable assets acquired and liabilities assumed: Trade receivables $ 483 Inventories 1,338 Properties and equipment 1,873 Identifiable intangible assets (1) 3,410 Deferred tax liabilities (1,589) Other liabilities (421) Fair value of identifiable net assets 5,094 Goodwill 6,337 Purchase consideration $ 11,431 (1) Identifiable intangible assets consisted primarily of $1.9 million and $1.5 million of trademarks and customer relationships, respectively. |
Pro Forma Information | (unaudited) Revenue Income (1) Pro forma from 1/1/2014 -12/31/2014 $ 98,022 4,540 Pro forma from 1/1/2013 -12/31/2013 $ 54,828 48,305 (1) Amounts represent income from continuing operations. |
Williams And Bennett, Helen Grace And Jer's [Member] | |
Business Acquisition [Line Items] | |
Summary Of Fair Value Of The Assets Acquired And Liabilities Assumed | Fair value of identifiable assets acquired and liabilities assumed: Trade receivables $ 49 Inventories 3,284 Properties and equipment 1,329 Identifiable intangible assets 2,738 Other assets 416 Notes payable (186) Deferred tax liabilities (1,742) Other liabilities (602) Fair value of identifiable net assets 5,286 Goodwill 1,264 Purchase consideration (5,313) Bargain purchase gain $ 1,237 (1) Identifiable intangible assets consisted primarily of $1.2 million and $1.1 million of trademarks and customer relationships, respectively. |
Pro Forma Information | (unaudited) Revenue Income (1) Pro forma from 1/1/2014 -12/31/2014 $ 97,148 3,289 Pro forma from 1/1/2013 -12/31/2013 $ 64,496 46,941 (1) Amounts represent income from continuing operations. |
Williams & Bennett, Jer’s, Helen Grace And Anastasia [Member] | |
Business Acquisition [Line Items] | |
Net Cash Outflow From Acquisitions | Total purchase consideration $ 16,744 Notes payable (7,750) Other liabilities (150) Net cash outflow from acquisitions $ 8,844 |
Renin And Hoffman [Member] | |
Business Acquisition [Line Items] | |
Summary Of Fair Value Of The Assets Acquired And Liabilities Assumed | Fair value of identifiable assets acquired and liabilities assumed: Cash $ 1,033 Trade receivables 7,523 Inventories 9,858 Properties and equipment 6,134 Identifiable intangible assets 2,686 Other assets 477 Note payable (2,493) Other liabilities (9,011) Fair value of identifiable net assets 16,207 Purchase consideration (15,206) Bargain purchase gain $ 1,001 Purchase consideration $ 15,206 Working capital adjustment receivable 1,694 Holdback Amounts (500) Discount on Holdback Amount 46 Cash acquired (1,033) Net cash outflows from acquisition $ 15,413 |
Renin Holdings LLC [Member] | |
Business Acquisition [Line Items] | |
Pro Forma Information | (unaudited) Revenue Income (1) Pro forma from 1/1/2013 - 12/31/2013 $ 104,987 43,639 (1) Amounts represent income from continuing operations. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Bluegreens Vacation Ownership Interests [Member] | |
Variable Interest Entity [Line Items] | |
Information Related To The Assets And Liabilities Of The VIEs | December 31, 2015 2014 Restricted cash $ 25,358 $ 31,554 Securitized notes receivable, net 280,841 293,950 Receivable backed notes payable - non-recourse 318,929 320,275 |
Florida Asset Resolution Group LLC [Member] | |
Variable Interest Entity [Line Items] | |
Information Related To The Assets And Liabilities Of The VIEs | December 31, 2014 Cash and cash equivalents $ 4,976 Restricted cash - Loans held-for-sale 35,423 Loans receivable, net 18,972 Real estate held-for-investment 19,129 Real estate held-for-sale 13,745 Properties and equipment, net 7,561 Other assets 638 Total assets $ 100,444 BB&T preferred interest in FAR, LLC $ 12,348 Other liabilities 12,486 Total liabilities $ 24,834 |
North Flagler [Member] | |
Variable Interest Entity [Line Items] | |
Information Related To The Assets And Liabilities Of The VIEs | December 31, 2014 Cash and cash equivalents $ 17 Real estate held-for-investment 816 Other assets 379 Total assets $ 1,212 Other liabilities $ 116 Noncontrolling interest $ 132 |
BBX Capital's Loans Held-For-38
BBX Capital's Loans Held-For-Sale (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
BBX Capital's Loans Held-For-Sale [Abstract] | |
Loans Held-For-Sale | December 31, 2015 2014 Residential $ 21,354 27,331 Second-lien consumer - 2,351 Small business - 5,741 Total loans held-for-sale $ 21,354 35,423 |
BBX Capital_s Loans Receivable
BBX Capital’s Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
BBX Capital’s Loans Receivable [abstract] | |
Schedule Of Loan Portfolio | December 31, 2015 2014 Commercial non-real estate $ 11,250 1,326 Commercial real estate 16,294 24,189 Small business 4,054 - Consumer 2,368 2,306 Residential 69 - Total loans, net of discount 34,035 27,821 Allowance for loan losses - (977) Loans receivable -- net $ 34,035 26,844 |
Schedule Of Non-Accrual Loans Receivable And Loans Held For Sale | December 31, Loan Class 2015 2014 Commercial non-real estate $ 1,250 1,326 Commercial real estate 9,639 14,464 Small business 4,054 - Consumer 2,368 1,990 Residential 69 - Total nonaccrual loans $ 17,380 17,780 |
Age Analysis Of Past Due Recorded Investment In Loans Receivable And Loans Held For Sale | Total 31-59 Days 60-89 Days 90 Days Total Loans December 31, 2015 Past Due Past Due or More (1) Past Due Current Receivable Commercial non-real estate $ - - 329 329 10,921 11,250 Commercial real estate - - 3,986 3,986 12,308 16,294 Small business - 205 - 205 3,849 4,054 Consumer 316 138 562 1,016 1,352 2,368 Residential - 24 42 66 3 69 Total $ 316 367 4,919 5,602 28,433 34,035 Total 31-59 Days 60-89 Days 90 Days Total Loans December 31, 2014 Past Due Past Due or More (1) Past Due Current Receivable Commercial non-real estate $ - - 330 330 996 1,326 Commercial real estate - - 5,458 5,458 18,731 24,189 Consumer - 227 1,703 1,930 376 2,306 Residential - - - - - - Total $ - 227 7,491 7,718 20,103 27,821 1) BBX Capital had no loans that were 90 days or more past due and still accruing interest as of December 31, 2015 or 2014 . |
Allowance For Loan Losses By Portfolio Segment | For the Years Ended December 31, 2015 2014 2013 Allowance for Loan Losses: Beginning balance $ 977 2,713 5,311 Charge-offs : (1,037) (7,189) (10,867) Recoveries : 13,517 12,608 52,134 Provision: (13,457) (7,155) (43,865) Ending balance $ - 977 2,713 Ending balance individually evaluated for impairment $ - - 954 Ending balance collectively evaluated for impairment - 977 1,759 Total $ - 977 2,713 Loans receivable: Ending balance individually evaluated for impairment $ 12,849 17,045 51,131 Ending balance collectively evaluated for impairment 21,186 10,776 23,808 Total $ 34,035 27,821 74,939 Proceeds from loan sales $ 68 9,497 3,490 Transfer to loans held-for-sale $ - 2,299 42,398 Transfer from loans held-for-sale $ 7,365 - 1,312 |
Average Recorded Investment And Interest Income Recognized On Impaired Loans | BBX Capital’s individually impaired loans as of December 31 , 2015 and 2014 were as follows (in thousands): As of December 31, 2015 As of December 31, 2014 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance Total with allowance recorded $ - - - 735 1,664 735 Total with no allowance recorded 17,380 30,212 - 17,361 35,812 - Total $ 17,380 30,212 - 18,096 37,476 735 Average recorded investment and interest income recognized on BBX Capital’s impaired loans for the year s ended December 31 , 2015 and 2014 were as follows (in thousands): For the Years Ended December 31, 2015 2014 Average Recorded Interest Income Average Recorded Interest Income Investment Recognized Investment Recognized Total with allowance recorded $ - - 837 7 Total with no allowance recorded 22,186 1,299 23,161 1,111 Total $ 22,186 1,299 23,998 1,118 |
Bluegreen's Notes Receivable (T
Bluegreen's Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Bluegreen's Notes Receivable [Abstract] | |
Information Relating To Bluegreen's Notes Receivable | December 31, 2015 2014 Notes receivable secured by VOIs: VOI notes receivable - non-securitized $ 166,040 162,001 VOI notes receivable - securitized 357,845 361,930 Purchase accounting adjustment - (150) 523,885 523,781 Allowance for credit losses (110,467) (102,259) VOI notes receivable, net $ 413,418 421,522 Allowance as a % of VOI notes receivable 21% 20% Notes receivable secured by homesites: (1) Homesite notes receivable $ 2,427 3,052 Allowance for credit losses (247) (307) Homesite notes receivable, net $ 2,180 2,745 Allowance as a % of homesite notes receivable 10% 10% Total notes receivable Gross notes receivable $ 526,312 526,983 Purchase accounting adjustment - (150) Allowance for credit losses (110,714) (102,566) Notes receivable, net $ 415,598 424,267 Allowance as a % of notes receivable 21% 19% (1) Notes receivable secured by homesites were originated through a business, substantially all of the assets of which were sold by Bluegreen in 2012. |
Reconciliation Of Accretable Yield | Accretable Yield For the Years Ended December 31, 2015 2014 Balance, beginning of period $ 16,857 31,678 Accretion (8,479) (12,562) Reclassification from (to) nonaccretable yield 655 (2,259) Balance, end of period $ 9,033 16,857 |
Future Contractual Principal Payments Of Notes Receivables | December 31, 2015 2016 $ 76,918 2017 71,775 2018 60,616 2019 53,696 2020 54,141 Thereafter 209,166 $ 526,312 Allowance for loan losses (110,714) Notes receivable, net of allowance 415,598 |
Activity In The Allowance For Loan Losses | For the Years Ended December 31, 2015 2014 Balance, beginning of period $ 102,566 90,592 Provision for credit losses 42,062 40,164 Write-offs of uncollectible receivables (33,914) (28,190) Balance, end of period $ 110,714 102,566 |
Delinquency Status Of Bluegreen's VOI Notes Receivable | December 31, 2015 2014 Current $ 501,738 500,405 31-60 days 6,889 6,505 61-90 days 4,869 5,361 > 90 days (1) 10,389 11,660 Purchase accounting adjustments - (150) Total $ 523,885 523,781 (1) Includes $5.2 million and $6.0 million as of December 31 , 2015 and 2014 , respectively, relating to VOI notes receivable that, as of such date, had been defaulted but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of Bluegreen's receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for credit loss. |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory [Abstract] | |
Summary Of Inventory | December 31, 2015 2014 Completed VOI units $ 166,781 166,332 Construction-in-progress 10,455 2,103 Real estate held for future development 90,400 83,560 Land and facilities held for sale 718 675 Purchase accounting adjustment (47,425) (57,282) Total Inventory $ 220,929 195,388 |
Real Estate Held-For-Investme42
Real Estate Held-For-Investment And Real Estate Held-For-Sale (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate Held-For-Investment And Real Estate Held-For-Sale [Abstract] | |
Real Estate Held-For-Sale | As of December 31, 2015 2014 Real estate held-for-sale Land $ 25,994 33,505 Rental properties 17,162 1,748 Residential single-family 2,924 4,385 Other 258 2,095 Total real estate held-for-sale $ 46,338 41,733 |
Real Estate Held-For-Investment | As of December 31, 2015 2014 Real estate held-for-investment Land $ 30,369 60,356 Rental properties - 15,234 Other 921 962 Total real estate held-for-investment $ 31,290 76,552 |
Activity In Real Estate Held-For-Sale And Held-For-Investment | For the Years Ended December 31, 2015 2014 Real Estate Real Estate Held-for-Sale Held-for-Investment Held-for-Sale Held-for-Investment Beginning of period, net $ 41,733 76,552 33,971 107,336 Acquired through foreclosure 3,215 - 5,300 16,100 Transfers 41,751 (41,751) 28,018 (28,018) Purchases 10,667 - 2,313 1,977 Improvements 3,261 16,771 - 3,824 Accumulated depreciation - (468) - (462) Sales (51,040) - (26,973) (16,200) Property contributed to joint ventures - (19,448) - - Impairments, net (3,249) (366) (896) (8,005) End of period, net $ 46,338 31,290 41,733 76,552 |
Real Estate Held-For-Sale Valuation Allowance Activity | For the Years Ended December 31, 2015 2014 2013 Beginning of period $ 2,940 4,818 3,729 Transfer to held-for-investment (93) - - Impairments, net (1) 3,089 896 3,893 Sales (1,536) (2,774) (2,804) End of period $ 4,400 2,940 4,818 (1) Tax certificate impairments are not included . |
Net Real Estate Income (Loss) | For the Years Ended December 31, 2015 2014 2013 Real estate acquired in settlement of loans and tax certificates: Income from real estate operations $ 3,887 5,516 4,161 Real estate operating expenses (4,773) (6,296) (5,807) Impairment of real estate (3,615) (8,901) (3,342) Net gains on the sales of real estate 31,114 4,677 4,155 Net real estate income (losses) $ 26,613 (5,004) (833) |
Investments In Unconsolidated43
Investments In Unconsolidated Real Estate Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | |
Investments In Unconsolidated Real Estate Joint Ventures | December 31, Investment in unconsolidated real estate joint ventures 2015 2014 Altis at Kendall Square, LLC $ 764 1,264 Altis at Lakeline - Austin Investors LLC 5,210 5,000 New Urban/BBX Development, LLC 864 996 Sunrise and Bayview Partners, LLC 1,577 1,723 Hialeah Communities, LLC 4,569 5,091 PGA Design Center Holdings, LLC 1,911 1,991 CCB Miramar, LLC 875 - Centra Falls, LLC 727 - The Addison on Millenia Investment, LLC 5,778 - BBX/S Millenia Blvd Investments, LLC 4,905 - Altis at Bonterra - Hialeah, LLC 15,782 - Investments in unconsolidated real estate joint ventures $ 42,962 16,065 |
Maximum Exposure Loss Of Investments | December 31, 2015 Altis at Kendall Square, LLC $ 764 Altis at Lakeline - Austin Investors LLC 5,210 New Urban/BBX Development, LLC 864 Sunrise and Bayview Partners, LLC 4,077 Hialeah Communities, LLC 12,722 PGA Design Center Holdings, LLC 1,911 CCB Miramar, LLC 875 Centra Falls, LLC 727 The Addison on Millenia Investment, LLC 5,778 BBX/S Millenia Blvd Investments, LLC 4,905 Altis at Bonterra - Hialeah, LLC 15,782 BBX Capital maximum expose to loss $ 53,615 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property And Equipment [Abstract] | |
Components Of Property And Equipment | December 31, 2015 2014 Land, building and building improvements $ 61,859 67,112 Leasehold improvements 16,667 8,410 Office equipment, furniture and fixtures 59,696 52,508 Transportation 379 423 138,601 128,453 Accumulated depreciation (48,581) (39,402) Property and equipment, net $ 90,020 89,051 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Major Classes Of Intangible Assets | December 31, Class 2015 2014 Intangible assets: Management contracts $ 61,293 63,000 Trademarks 5,965 5,715 Customer relationships 2,691 2,631 Lease premium 2,411 2,301 Other 246 246 72,606 73,893 Accumulated amortization (2,418) (1,540) Total intangibles assets 70,188 72,353 Goodwill 7,601 7,377 Total goodwill and intangible assets $ 77,789 79,730 |
Estimated Aggregate Amortization Expense Of Intangible Assets | Years Ending December 31, Total 2016 $ 877 2017 849 2018 825 2019 583 2020 536 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt [Abstract] | |
Contractual Minimum Principal Payments Of Debt Outstanding | Notes and Recourse Non-recourse Junior Mortgage Notes Payable Receivable Backed Receivable Backed Subordinated and Lines of Credit Notes Payable Notes Payable Debentures Total 2016 $ 33,503 - - - 33,503 2017 15,793 - - - 15,793 2018 23,755 - - - 23,755 2019 37,305 3,729 - - 41,034 2020 7,694 52,887 38,228 - 98,809 Thereafter 4,955 33,272 280,701 195,879 514,807 123,005 89,888 318,929 195,879 727,701 Purchase Accounting - - - (43,572) (43,572) Total Debt $ 123,005 89,888 318,929 152,307 684,129 |
Notes Payable And Other Borrowings | December 31, 2015 December 31, 2014 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Bluegreen: 2013 Notes Payable $ 58,500 8.05% $ 30,411 $ 64,500 8.05% $ 43,903 Foundation Capital - - - 7,010 8.00% 10,596 Pacific Western Term Loan 3,791 5.68% 10,868 2,945 5.91% 11,882 Fifth Third Bank Note 4,572 3.50% 9,336 4,817 3.25% 9,366 NBA Line of Credit 9,721 5.50% 24,246 789 5.50% 7,601 Fifth Third Syndicated Line of Credit 25,000 3.11% 54,312 10,000 3.01% 52,453 Total Bluegreen $ 101,584 $ 129,173 $ 90,061 $ 135,801 BBX Capital: Wells Fargo Capital Finance $ 8,071 (1) (2) $ 8,028 (1) (2) Anastasia Note 5,330 5.00% (2) 7,214 5.00% (2) Iberia Line of Credit 4,997 3.18% (2) - - - Centennial Bank - Hoffman's 1,613 5.25% 2,094 1,645 5.25% 2,145 Centennial Bank - Kencraft 995 2.35% 995 - - - Other 415 5.82% - 1,036 Various - Total BBX Capital $ 21,421 $ 17,923 Total Notes Payable $ 123,005 $ 107,984 (1) The term loan and revolving advance facility bear interest at the Bank Prime Interest Rate or the daily three month LIBOR interest rate plus a margin specified in the credit agreement ranging from 0.5% to 3.25% per annum. (2) The collateral is a blanket lien on the respective companies’ assets. |
Receivable-Backed Notes Payable | December 31, 2015 December 31, 2014 Principal Principal Balance of Balance of Pledged/ Pledged/ Debt Interest Secured Debt Interest Secured Balance Rate Receivables Balance Rate Receivables Recourse receivable-backed notes payable: Liberty Bank Facility $ 46,547 4.00% $ 56,815 $ 38,088 4.25% $ 49,976 NBA Receivables Facility 24,860 4.00 - 4.50% 29,947 29,058 4.00 - 4.50% 35,296 Pacific Western Facility 18,481 4.93% 23,596 24,983 4.67% 32,397 Total $ 89,888 $ 110,358 $ 92,129 $ 117,669 Non-recourse receivable-backed notes payable: BB&T/DZ Purchase Facility $ 38,228 3.33% $ 50,224 $ 42,818 3.88% $ 56,406 Quorum Purchase Facility 28,500 4.75 -6.90% 32,303 26,447 5.00 -6.90% 30,158 GE 2006 Facility - - - 18,008 7.35% 19,881 2006 Term Securitization - - - 12,366 6.16% 12,881 2007 Term Securitization 17,642 7.32% 18,720 30,126 7.32% 33,094 2008 Term Securitization 7,227 7.88% 7,726 11,846 7.88% 13,089 2010 Term Securitization 24,074 5.54% 28,159 37,048 5.54% 44,092 2012 Term Securitization 44,603 2.94% 49,091 59,377 2.94% 65,827 2013 Term Securitization 62,670 3.20% 66,020 82,239 3.20% 86,503 2015-A Term Securitization 95,985 3.02% 100,142 - - - Total $ 318,929 $ 352,385 $ 320,275 $ 361,931 Total receivable-backed debt $ 408,817 $ 462,743 $ 412,404 $ 479,600 |
Junior Subordinated Debentures Outstanding | December 31, Beginning 2015 2014 Optional Issue Outstanding Outstanding Interest Maturity Redemption Junior Subordinated Debentures Date Amount Amount Rate (1) Date Date Levitt Capital Trust I ("LCT I") 03/15/2005 $ 23,196 23,196 LIBOR + 3.85% 03/01/2035 03/15/2010 Levitt Capital Trust II ("LCT II") 05/04/2005 30,928 30,928 LIBOR + 3.80% 06/30/2035 06/30/2010 Levitt Capital Trust III ("LCT III") 06/01/2006 15,464 15,464 LIBOR + 3.80% 06/30/2036 06/30/2011 Levitt Capital Trust IV ("LCTIV") 07/18/2006 15,464 15,464 LIBOR + 3.80% 09/30/2036 09/30/2011 Total Woodbridge Holdings 85,052 85,052 Bluegreen Statutory Trust I 03/15/2005 23,196 23,196 LIBOR + 4.90% 3/30/2035 03/30/2010 Bluegreen Statutory Trust II 05/04/2005 25,774 25,774 LIBOR + 4.85% 7/30/2035 07/30/2010 Bluegreen Statutory Trust III 05/10/2005 10,310 10,310 LIBOR + 4.85% 7/30/2035 07/30/2010 Bluegreen Statutory Trust IV 04/24/2006 15,464 15,464 LIBOR + 4.85% 6/30/2036 06/30/2011 Bluegreen Statutory Trust V 07/21/2006 15,464 15,464 LIBOR + 4.85% 9/30/2036 09/30/2011 Bluegreen Statutory Trust VI 02/26/2007 20,619 20,619 LIBOR + 4.80% 4/30/2037 04/30/2012 Total Bluegreen Corporation 110,827 110,827 Purchase accounting adjustment (43,572) (45,841) Total Junior Subordinated Debentures $ 152,307 150,038 (1) LIBOR interest rates are indexed to three-month LIBOR and adjust quarterly. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
United States And Foreign Components Of Income From Continuing Operations Before Income Taxes | For the Years Ended December 31, 2015 2014 2013 U.S. $ 67,272 67,553 97,861 Foreign (2,589) (3,175) (963) Total $ 64,683 64,378 96,898 |
Provision For Income Taxes | For the Years Ended December 31, 2015 2014 2013 Current: Federal $ 5,288 20,756 4,275 State 2,445 3,904 1,948 7,733 24,660 6,223 Deferred: Federal (74,189) 11,001 19,952 State (10,140) 1,412 (34) (84,329) 12,413 19,918 (Benefit) provision for income taxes $ (76,596) 37,073 26,141 |
Actual Provision For Income Taxes From Continuing Operations Rate | For the Years Ended December 31, 2015 (1) 2014 (1) 2013 (1) Income tax provision at expected federal income tax rate of 35% $ 22,639 35.00 % $ 22,532 35.00 % $ 33,914 35.00 % Increase (decrease) resulting from: Benefit for state taxes, net of federal effect 9,029 13.96 6,120 9.51 2,947 3.04 Taxes related to subsidiaries not consolidated for income tax purposes (4,842) (7.49) 1,124 1.75 (2,324) (2.40) Nondeductible executive compensation 5,524 8.54 4,993 7.76 3,463 3.57 Bluegreen settlement 12,820 19.82 - - - - SEC penalty 1,243 1.92 - - - - Decrease in valuation allowance (127,835) (197.63) 1,294 2.01 (18,022) (18.60) Other – net 4,826 7.46 1,010 1.57 6,163 6.36 (Benefit) provision for income taxes $ (76,596) (118.42) % $ 37,073 57.60 % $ 26,141 26.97 % (1) Expected tax is computed based upon income before noncontrolling interests. |
Schedule Of Deferred Tax Assets And Liabilities | December 31, 2015 2014 2013 Deferred tax assets: Allowance for loan losses, tax certificate losses and write-downs for financial statement purposes $ 41,832 38,771 35,560 Federal and State NOL and tax credit carryforward 237,820 270,331 289,464 Capital loss carryover 15 766 766 Real estate valuation 33,505 42,278 42,327 Share based compensation 3,097 5,742 4,696 Income recognized for tax purposes and deferred for financial statement purposes 103 103 103 Investment in unconsolidated affiliates 828 828 828 Property and equipment 588 1,056 2,300 Other 5,685 11,467 12,058 Total gross deferred tax assets 323,473 371,342 388,102 Valuation allowance (129,846) (257,681) (256,410) Total deferred tax assets 193,627 113,661 131,692 Deferred tax liabilities: Installment sales treatment of notes 150,237 152,419 158,065 Intangible assets 25,368 26,467 24,292 Junior subordinate notes 17,205 18,700 19,313 Deferral of VOI sales and costs under timeshare accounting 9,222 8,554 6,264 Investment in securities 96 112 89 Other 93 18 758 Total gross deferred tax liabilities 202,221 206,270 208,781 Net deferred tax liability (8,594) (92,609) (77,089) Less net deferred tax liability at beginning of period 92,609 77,089 57,171 Net deferred tax liabilities from acquisitions 329 3,107 - Less change in net deferred tax liability for amounts included in other comprehensive income (15) - - Benefit (provision) for deferred income taxes $ 84,329 (12,413) (19,918) |
Activity In Deferred Tax Asset Valuation Allowance | For the Years Ended December 31, 2015 2014 2013 Balance, beginning of period $ 257,681 256,410 274,861 (Increase) decrease in deferred tax valuation allowance (127,835) 1,294 (18,022) Other comprehensive loss - (23) (27) Acquisitions - - (402) Balance, end of period $ 129,846 257,681 256,410 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Approximate Minimum Future Rental Payments Under Leases | Year Ending December 31, Amount 2016 $ 12,553 2017 11,898 2018 10,550 2019 4,160 2020 3,524 Thereafter 19,335 Total $ 62,020 |
Summary Of Incurred Rent Expense | For the Years Ended December 31, 2015 2014 2013 Rental expense for premises and equipment $ 13,745 12,943 10,888 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Information On Outstanding Options | Weighted Weighted Average Average Aggregate Outstanding Exercise Remaining Intrinsic Options Price Contractual Term Value ($000) Outstanding at December 31, 2012 2,263,488 $ 0.41 2.28 $ 1,924 Exercised (607,543) 0.41 961 Forfeited (1,302) 0.41 Expired - 0.00 Granted - 0.00 Outstanding at December 31, 2013 1,654,643 $ 0.41 1.91 $ 4,104 Exercised (1,428,420) 0.41 5,038 Forfeited - 0.00 Expired - 0.00 Granted - 0.00 Outstanding at December 31, 2014 226,223 $ 0.41 2.66 $ 631 Exercised (25,000) 0.41 85 Forfeited - 0.00 Expired - 0.00 Granted - 0.00 Outstanding at December 31, 2015 201,223 $ 0.41 1.93 $ 600 Exercisable at December 31, 2015 201,223 $ 0.41 1.93 $ 600 |
Unvested Restricted Stock Activity | Weighted Non-vested Average Restricted Grant Date Stock Fair Value Outstanding at December 31, 2012 7,309,767 $ 0.69 Granted 410,000 2.45 Vested (1,389,072) 0.79 Forfeited - - Outstanding at December 31, 2013 6,330,695 $ 0.78 Granted 3,575,041 3.80 Vested (1,389,072) 0.79 Forfeited - - Outstanding at December 31, 2014 8,516,664 $ 2.05 Granted 2,372,592 3.16 Vested (3,915,749) 1.19 Forfeited - - Outstanding at December 31, 2015 6,973,507 $ 2.90 |
BBX Capital Corporation [Member] | |
Information On Outstanding Options | Weighted Weighted Class A Average Average Aggregate Outstanding Exercise Remaining Intrinsic Options Price Contractual Term Value ($000) Outstanding at December 31, 2012 36,804 $ 233.00 3.1 Exercised - - Forfeited (7,559) 124.57 Expired (7,963) 185.82 Granted - - Outstanding at December 31, 2013 21,282 $ 289.17 2.5 Exercised - Forfeited - - Expired (5,801) 455.00 Granted - - Outstanding at December 31, 2014 15,481 $ 227.03 2.3 - Exercised - Forfeited (3,307) 92.09 Expired (5,158) 475.12 Granted - Outstanding at December 31, 2015 7,016 $ 108.24 1.6 $ - Exercisable at December 31, 2015 7,016 $ 108.24 1.6 $ - |
Unvested Restricted Stock Activity | Class A Weighted Non-vested Average Restricted Grant date Stock Fair Value Outstanding at December 31, 2012 1,195,406 $ 6.53 Vested (315,104) 6.52 Forfeited - - Granted 430,000 13.33 Outstanding at December 31, 2013 1,310,302 $ 8.76 Vested (315,102) 6.52 Forfeited - - Granted 396,082 16.58 Outstanding at December 31, 2014 1,391,282 $ 11.50 Vested (381,622) 9.13 Forfeited - - Granted 419,492 15.60 Outstanding at December 31, 2015 1,429,152 $ 13.33 |
Employee Benefit Plans And In50
Employee Benefit Plans And Incentive Compensation Program (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans And Incentive Compensation Program [Abstract] | |
Defined Contribution 401(k) Plan | For the Years Ended December 31, 2015 2014 2013 Employee salary contribution limit (1) $ 18.0 17.5 17.5 Percentage of salary limitation % 75 75 75 Total match contribution (2) $ 322 150 - (1) For the years ended December 31, 2015, 2014 and 2013, employees over 50 were entitled to contribute $24,000 , $23,000 and $23,000 , respectively. (2) The employer match vests immediately. BBX Capital did not offer an employer match for the year ended December 31, 2013. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interests [Abstract] | |
Summary Of Noncontrolling Interests | December 31, 2015 2014 BBX Capital $ 62,752 150,254 Joint ventures and other 43,328 43,546 Total noncontrolling interests $ 106,080 193,800 |
Summary Of Income (Loss) Attributable To Noncontrolling Interests | For the Years Ended December 31, 2015 2014 2013 BBX Capital $ 4,964 2,040 23,112 Bluegreen (1) - - 5,298 Joint ventures and other 13,841 11,415 13,284 Net income attributable to noncontrolling interests $ 18,805 13,455 41,694 (1) Represents noncontrolling interest in Bluegreen prior to the April 2, 2013 Bluegreen merger pursuant to which Woodbridge acquired all of the shares of Bluegreen’s common stock not previously owned by Woodbridge. See Note 1 for additional information regarding the Bluegreen merger. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Common Share [Abstract] | |
Computation Of Basic And Diluted Loss Per Common Share | For the Years Ended December 31, 2015 2014 2013 Basic earnings per common share Numerator: Net income $ 141,279 27,305 70,757 Less: Noncontrolling interests net income 18,805 13,455 41,694 Net income available to common shareholders $ 122,474 13,850 29,063 Denominator: Basic weighted average number of of common shares outstanding 87,022 84,502 83,202 Basic earnings per common share $ 1.41 0.16 0.35 Diluted earnings per common share Numerator: Net income available to common shareholders $ 122,474 13,850 29,063 Denominator: Basic weighted average number of common shares outstanding 87,022 84,502 83,202 Effect of dilutive stock-based compensation 186 259 1,422 Diluted weighted average number of common shares outstanding 87,208 84,761 84,624 Diluted earnings per common share $ 1.40 0.16 0.35 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurement [Abstract] | |
Assets Measured At Fair Value On Non-Recurring Basis | Fair Value Measurements Using Quoted prices in Significant Total Active Markets Other Significant Impairments (1) As of for Identical Observable Unobservable For the December 31, Assets Inputs Inputs Year Ended Description 2015 (Level 1) (Level 2) (Level 3) December 31, 2015 Loans measured for impairment using the fair value of the underlying collateral $ 186 - - 186 120 Impaired real estate held-for-sale and held-for-investment 13,257 - - 13,257 3,000 Impaired loans held-for-sale 5,856 5,856 740 Total $ 19,299 - - 19,299 3,860 (1) Total impairments represent the amount of losses recognized during the year ended December 31 , 2015 on assets that were held and measured at fair value as of December 31 , 2015. Fair Value Measurements Using Quoted prices in Significant Total Active Markets Other Significant Impairments (1) As of for Identical Observable Unobservable For the Nine December 31, Assets Inputs Inputs Months Ended Description 2014 (Level 1) (Level 2) (Level 3) December 31, 2014 Loans measured for impairment using the fair value of the underlying collateral $ 2,648 - - 2,648 2,161 Impaired real estate held-for-sale and held-for-investment 20,701 - - 20,701 8,756 Total $ 23,349 - - 23,349 10,917 (1) Total impairments represent the amount of losses recognized during the year ended December 31 , 2014 on assets that were held and measured at fair value as of December 31 , 2014. |
Quantitative Information About Significant Unobservable Inputs Within Level 3 | As of December 31, 2015 Fair Valuation Unobservable Description Value Technique Inputs Range (Average) (1)(2) Loans measured for impairment using the fair value Fair Value of Discount Rates and Appraised of the underlying collateral $ 186 Collateral Value less Cost to Sell $0.2 - $0.4 million ($0.3 million) Impaired real estate Fair Value of Discount Rates and Appraised held-for-sale 13,257 Property Value less Cost to Sell $0.3 - $11.0 million ($2.0 million) Fair Value of Discount Rates and Appraised Impaired loans held-for-sale 5,856 Collateral Value less Cost to Sell $0.1 - $0.5 million ($0.2 million) Total $ 19,299 (1) Range and average appraised values were reduced by costs to sell. (2) Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. As of December 31, 2014 Fair Valuation Unobservable Description Value Technique Inputs Range (Average) (1)(2) Loans measured for impairment using the fair value Fair Value of Discount Rates and Appraised of the underlying collateral $ 2,648 Collateral Value less Cost to Sell $0.1 - $2.6 million ($0.5 million) Impaired real estate held-for-sale Fair Value of Discount Rates and Appraised and held-for-investment 20,701 Property Value less Cost to Sell $0.3 - $8.4 million ($2.0 million) Total $ 23,349 (1) Range and average appraised values were reduced by costs to sell. (2) Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. |
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 2015 2015 (Level 1) (Level 2) (Level 3) Financial assets: Loans receivable including loans held- for-sale, net $ 55,389 63,668 - - 63,668 Notes receivable, net 415,598 495,000 - - 495,000 Notes receivable from preferred shareholders (1) 5,063 4,500 - - 4,500 Financial liabilities: Receivable-backed notes payable $ 408,817 406,600 - - 406,600 Notes and mortgage notes payable and other borrowings 123,005 124,456 - - 124,456 Junior subordinated debentures 152,307 116,500 - - 116,500 Shares subject to mandatory redemption 13,098 11,900 - - 11,900 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 2014 2014 (Level 1) (Level 2) (Level 3) Financial assets: Loans receivable including loans held- for-sale, net $ 62,267 73,423 - - 73,423 N otes receivable, net 424,267 520,000 - - 520,000 Notes receivable from preferred shareholders (1) 5,000 4,400 - - 4,400 Financial liabilities: Receivable-backed notes payable $ 412,404 411,400 - - 411,400 Notes and mortgage notes payable and other borrowings 107,984 108,828 - - 108,828 BB&T preferred interest in FAR 12,348 12,383 - - 12,383 Junior subordinated debentures 150,038 134,500 - - 134,500 Shares subject to mandatory redemption 12,714 12,215 - - 12,215 (1) Notes receivable from preferred shareholders is included in other assets i n BFC’s consolidated statements of financial condition as of December 31, 2015 and 2014 . |
Certain Relationships And Rel54
Certain Relationships And Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Certain Relationships And Related Party Transactions [Abstract] | |
Schedule Of Shares Issued Related Party Transactions | BBX Capital RSU Holder Number of Shares of BFC’s Class B Common Stock Issued to the BBX Capital RSU Holder Number of Shares of BBX Capital’s Class A Common Stock Received by BFC Alan B. Levan 405,624 73,843 John E. Abdo 405,624 73,843 Jarett S. Levan 204,413 37,213 Seth M. Wise 202,815 36,922 Total 1,218,476 221,821 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | The table below sets forth the Company’s segment information as of and for the year ended December 31, 2015 (in thousands): Reportable Segments BBX Segment Bluegreen Capital Other Eliminations Total Revenues: Sales of VOIs $ 259,236 - - - 259,236 Fee-based sales commission revenue 173,659 - - - 173,659 Other fee-based services revenue 97,539 - - - 97,539 Trade sales - 84,284 - - 84,284 Interest income 84,331 10,056 - (5,622) 88,765 Gain on sales of assets - 31,092 - - 31,092 Other revenue - 6,051 - (419) 5,632 Total revenues 614,765 131,483 - (6,041) 740,207 Costs and Expenses: Cost of sales of VOIs 22,884 - - - 22,884 Cost of other fee-based services 60,942 - - - 60,942 Cost of trade sales - 62,707 - - 62,707 Interest expense 35,698 326 10,424 (6,040) 40,408 Recoveries from loan losses - (13,457) - - (13,457) Impairments of assets - 287 - - 287 Litigation settlement - - 36,500 - 36,500 Selling, general and administrative expenses 373,804 70,709 23,228 (1,041) 466,700 Total costs and expenses 493,328 120,572 70,152 (7,081) 676,971 Equity earnings from Woodbridge Holdings, LLC - 14,974 - (14,974) - Equity in losses of unconsolidated real estate joint ventures - (1,565) (391) 391 (1,565) Foreign exchange loss - (1,038) - - (1,038) Other income, net 2,883 - 2,226 (1,059) 4,050 Income (loss) before taxes 124,320 23,282 (68,317) (14,602) 64,683 (Provision) benefit for income taxes (42,311) 245 74,581 44,081 76,596 Net income 82,009 23,527 6,264 29,479 141,279 Less: Net income attributable to noncontrolling interests 11,705 1,753 - 5,347 18,805 Net income attributable to BFC $ 70,304 21,774 6,264 24,132 122,474 Total assets $ 1,090,031 393,541 384,214 (518,088) 1,349,698 The table below sets forth the Company’s segment information as of and for the year ended December 31, 2014 (in thousands): Unallocated Segment Amounts Sweet and Bluegreen BBX FAR Renin Holdings Eliminations Total Revenues: Sales of VOIs $ 262,334 - - - - - 262,334 Fee-based sales commission revenue 144,239 - - - - - 144,239 Other fee-based services revenue 92,089 - - - - - 92,089 Interest income 81,666 1,515 3,907 - 7 (603) 86,492 Trade sales - - - 57,839 16,245 (1) 74,083 Net gains on sales of assets - 3,651 1,876 - - - 5,527 Other revenue - 3,607 4,442 - 5 (632) 7,422 Total revenues 580,328 8,773 10,225 57,839 16,257 (1,236) 672,186 Costs and Expenses: Cost of sales of VOIs 30,766 - - - - - 30,766 Cost of trade sales - - - 43,888 10,794 - 54,682 Cost of other fee-based services 56,941 - - - - - 56,941 Interest expense 41,324 815 775 551 440 3,497 47,402 (Recoveries from) provision for loan losses - (10,169) 3,014 - - - (7,155) Asset impairments - 266 6,749 - - - 7,015 Selling, general and administrative expenses 345,191 30,700 8,347 14,729 5,000 17,682 421,649 Total costs and expenses 474,222 21,612 18,885 59,168 16,234 21,179 611,300 Equity loss from unconsolidated entities - 24,723 - - - (25,296) (573) Foreign exchange loss - - - (715) - - (715) Other income, net - - - - - 4,780 4,780 Income (loss) before income taxes 106,106 11,884 (8,660) (2,044) 23 (42,931) 64,378 (Provision) benefit for income taxes - - - (6) 3,107 (40,174) (37,073) Net income (loss) 106,106 11,884 (8,660) (2,050) 3,130 (83,105) 27,305 Less: Net income (loss) attributable to noncontrolling interests - - - - - 13,455 13,455 Net income (loss) attributable to BFC $ 106,106 11,884 (8,660) (2,050) 3,130 (96,560) 13,850 Total assets $ 1,045,498 550,993 100,306 23,661 31,645 (340,807) 1,411,296 The table below sets forth the Company’s segment information as of and for the year ended December 31, 2013 (in thousands): Unallocated Amounts Sweet and Segment Bluegreen BBX FAR Renin Holdings Eliminations Total Revenues: Sales of VOIs $ 261,439 - - - - - 261,439 Fee-based sales commission revenue 91,859 - - - - - 91,859 Other fee-based services revenue 80,125 - - - - - 80,125 Interest income 82,230 14,490 9,847 - - (296) 106,271 Trade sales - - - 9,300 966 (23) 10,243 Net gains on the sales of assets - 3,525 3,203 - - - 6,728 Other revenue - 4,047 3,489 - - (438) 7,098 Total revenues 515,653 22,062 16,539 9,300 966 (757) 563,763 Costs and Expenses: Cost of sale of VOIs 32,607 - - - - - 32,607 Cost of other fee-based services 52,817 - - - - - 52,817 Cost of trade sales - - - 7,227 633 - 7,860 Interest expense 41,137 1,774 3,397 144 24 4,145 50,621 Recoveries from loan losses - (34,128) (9,737) - - - (43,865) Asset impairments, net - 219 4,489 - - - 4,708 Selling, general and administrative expenses 306,559 27,132 10,257 1,636 346 16,028 361,958 Total costs and expenses 433,120 (5,003) 8,406 9,007 1,003 20,173 466,706 Equity in (losses) earnings of unconsolidated entities - 13,461 - - - (13,491) (30) Foreign exchange loss - - - (357) - - (357) Other income, net - - - - - 228 228 Income (loss) before income taxes 82,533 40,526 8,133 (64) (37) (34,193) 96,898 Provision for income taxes - - (20) (294) - (25,827) (26,141) Net income (loss) 82,533 40,526 8,113 (358) (37) (60,020) 70,757 Less: Net income (loss) attributable to noncontrolling interests - - 41,694 41,694 Net income (loss) attributable to BFC 82,533 40,526 8,113 (358) (37) (101,714) 29,063 Total assets $ 1,086,316 476,947 166,114 23,809 5,383 (317,204) 1,441,365 |
Selected Quarterly Results (Tab
Selected Quarterly Results (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Results [Abstract] | |
Summary Of Results Of Operations | First Second Third Fourth 2015 Quarter Quarter Quarter Quarter Total Revenues $ 149,893 190,971 199,291 200,052 740,207 Costs and expenses 136,587 191,605 175,218 173,561 676,971 13,306 (634) 24,073 26,491 63,236 Equity in losses of unconsolidated real estate joint ventures (304) (291) (158) (812) (1,565) Foreign exchange (loss) gains (469) 70 (236) (403) (1,038) Other income, net 1,248 1,114 1,205 483 4,050 Income before income taxes 13,781 259 24,884 25,759 64,683 (Provision) benefit for income taxes (8,609) 90,353 (4,213) (935) 76,596 Net income 5,172 90,612 20,671 24,824 141,279 Less: Net income attributable to noncontrolling interests 3,286 6,317 4,313 4,889 18,805 Net income to common shareholders 1,886 84,295 16,358 19,935 122,474 Basic earnings per common share $ 0.02 0.97 0.19 0.23 1.41 Diluted earnings per common share $ 0.02 0.97 0.19 0.23 1.40 Basic weighted average number of common shares outstanding 87,136 87,093 87,023 86,839 87,022 Diluted weighted average number of common and common equivalent shares outstanding 87,332 87,286 87,174 87,175 87,208 First Second Third Fourth 2014 Quarter Quarter Quarter Quarter Total Revenues $ 150,410 173,036 185,215 163,525 672,186 Costs and expenses 135,481 147,809 167,328 160,682 611,300 14,929 25,227 17,887 2,843 60,886 Equity in losses of unconsolidated real estate joint ventures (6) (26) (205) (336) (573) Foreign exchange loss (307) 141 (319) (230) (715) Other income, net 680 1,004 445 2,651 4,780 Income before income taxes 15,296 26,346 17,808 4,928 64,378 Provision for income taxes 8,754 11,511 11,135 5,673 37,073 Net income (loss) 6,542 14,835 6,673 (745) 27,305 Less: Net income attributable to noncontrolling interests 3,406 5,575 2,845 1,629 13,455 Net income (loss) to common shareholders 3,136 9,260 3,828 (2,374) 13,850 Basic earnings (loss) per common share $ 0.04 0.11 0.05 (0.04) 0.16 Diluted earnings (loss) per common share $ 0.04 0.11 0.05 (0.04) 0.16 Basic weighted average number of common shares outstanding 83,185 83,513 84,326 86,943 84,502 Diluted weighted average number of common and common equivalent shares outstanding 84,624 84,698 84,939 86,943 84,761 |
Basis Of Financial Statement 57
Basis Of Financial Statement Presentation (Basis Of Financial Statement Presentation) (Details) | Dec. 31, 2015 | Apr. 30, 2015 | Mar. 31, 2015 |
BBX Capital Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Consolidated method ownership percentage | 81.00% | 81.00% | 51.00% |
Woodbridge [Member] | |||
Business Acquisition [Line Items] | |||
Consolidated method ownership percentage | 54.00% | ||
Renin Holdings LLC [Member] | |||
Business Acquisition [Line Items] | |||
Percentage of ownership interest | 19.00% | ||
Woodbridge [Member] | Bluegreen [Member] | |||
Business Acquisition [Line Items] | |||
Consolidated method ownership percentage | 100.00% | ||
BBX Capital Corporation [Member] | Woodbridge [Member] | |||
Business Acquisition [Line Items] | |||
Percentage of ownership interest | 46.00% | ||
BBX Capital Corporation [Member] | Renin Holdings LLC [Member] | |||
Business Acquisition [Line Items] | |||
Consolidated method ownership percentage | 81.00% |
Basis Of Financial Statement 58
Basis Of Financial Statement Presentation (Increase In Ownership Of Shares Of BBX Capital's Class A Common Stock) (Details) - BBX Capital Corporation [Member] - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||
Apr. 30, 2015 | Dec. 31, 2015 | Mar. 31, 2015 | |
Business Acquisition [Line Items] | |||
Number of shares purchased on market, tender offer | 4,771,221 | ||
Purchase price per share | $ 20 | ||
Purchase price of stock | $ 95.4 | ||
Consolidated method ownership percentage | 81.00% | 81.00% | 51.00% |
Percent of voting power | 90.00% | 74.00% |
Basis Of Financial Statement 59
Basis Of Financial Statement Presentation (Sale Of BankAtlantic) (Details) - USD ($) $ in Thousands | Jul. 31, 2012 | Dec. 31, 2014 | Mar. 12, 2012 |
Basis Of Financial Statement Presentation [Line Items] | |||
Preferred Interest | $ 12,348 | ||
BBX Capital Corporation [Member] | Preferred Interest [Member] | |||
Basis Of Financial Statement Presentation [Line Items] | |||
Basis spread on rate | 2.00% | ||
BBX Capital Corporation [Member] | Florida Asset Resolution Group LLC [Member] | |||
Basis Of Financial Statement Presentation [Line Items] | |||
Preferred membership percentage | 5.00% | ||
BBX Capital Asset Management LLC (CAM) [Member] | |||
Basis Of Financial Statement Presentation [Line Items] | |||
Cash | $ 82,000 | ||
Contribute non-performing commercial loans, commercial real estate | 125,000 | ||
Florida Asset Resolution Group LLC [Member] | |||
Basis Of Financial Statement Presentation [Line Items] | |||
Cash | 50,000 | ||
Contribute certain performing and non-performing loans, tax certificates | 346,000 | ||
BB&T [Member] | |||
Basis Of Financial Statement Presentation [Line Items] | |||
Preferred Interest | $ 285,400 | $ 285,000 | |
Percent of cash flows from assets, net of operating expenses applied to repayment of preferred interest | 95.00% | ||
BB&T [Member] | Florida Asset Resolution Group LLC [Member] | |||
Basis Of Financial Statement Presentation [Line Items] | |||
Preferred membership percentage | 95.00% |
Basis Of Financial Statement 60
Basis Of Financial Statement Presentation (Woodbridge Acquisition Of Bluegreen; Settlement Of Merger Litigation) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 05, 2015 | Apr. 02, 2013 | Nov. 30, 2011 | Dec. 31, 2015 |
Basis Of Financial Statement Presentation [Line Items] | ||||
Litigation Settlement, Amount | $ (36,500) | |||
Additional Contributions | $ 13,400 | |||
Woodbridge [Member] | ||||
Basis Of Financial Statement Presentation [Line Items] | ||||
Consolidated method ownership percentage | 54.00% | |||
Promissory note incurred from merger | $ 11,750 | |||
BBX Capital Corporation [Member] | ||||
Basis Of Financial Statement Presentation [Line Items] | ||||
Additional Contributions | $ 11,400 | |||
BBX Capital Corporation [Member] | Woodbridge [Member] | ||||
Basis Of Financial Statement Presentation [Line Items] | ||||
Percentage of ownership interest | 46.00% | |||
Woodbridge [Member] | Bluegreen [Member] | ||||
Basis Of Financial Statement Presentation [Line Items] | ||||
Cash paid per share in merger | $ 10 | |||
Purchase consideration | $ 149,200 | |||
Consolidated method ownership percentage | 100.00% | |||
Bluegreen Corporation Shareholder Litigation [Member] | Settled Litigation [Member] | ||||
Basis Of Financial Statement Presentation [Line Items] | ||||
Litigation Settlement, Amount | $ (36,500) | |||
Litigation Settlement Amount, Per Share | $ 2.50 | $ 10 | ||
Promissory note incurred from merger | $ 11,750 | |||
Additional Contributions | 13,400 | |||
Bluegreen Corporation Shareholder Litigation [Member] | Settled Litigation [Member] | BBX Capital Corporation [Member] | ||||
Basis Of Financial Statement Presentation [Line Items] | ||||
Additional Contributions | $ 11,400 |
Summary Of Significant Accoun61
Summary Of Significant Accounting Policies (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||
Cash equivalents maximum maturity term, in days | 90 days | |
Cash, FDIC insured amount, limit | $ 250,000 | |
Number of banks, significant portion of unrestricted cash is maintained | item | 2 | |
Minimum amount of commercial loan evaluated for impairment quarterly | $ 500,000 | |
Days loans are past due to be evaluated individually for impairment, in days | 120 days | |
Loans/receivables past due to be placed on non-accrual status, in days | 90 days | |
Days past due for charge downs or specific valuation allowance is established, in days | 120 days | |
Trade receivables | $ 13,700,000 | $ 13,400,000 |
Revenue recognition minimum percentage of sale received | 10.00% | |
Minimum percent of VOI sales generated by one marketing arrangement | 20.00% | |
Equity method investment ownership percentage income taxes consolidation measure | 80.00% | |
Bluegreen [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Inventory impairment charges | $ 0 | |
BBX Capital Corporation [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Other inventory | $ 16,300,000 | $ 14,500,000 |
Building And Building Improvements [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life, in years | 40 years | |
Office Equipment, Furniture And Fixtures [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life, in years | 14 years | |
Office Equipment, Furniture And Fixtures [Member] | Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life, in years | 3 years | |
Transportation [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life, in years | 5 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life, in years | 14 years | |
Leasehold Improvements [Member] | Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life, in years | 3 years | |
Software Development [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life, in years | 5 years | |
Software Development [Member] | Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life, in years | 3 years |
Acquisitions (2015-2014 Acquisi
Acquisitions (2015-2014 Acquisitions) (Details) | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2015USD ($) | Oct. 31, 2014USD ($)ft² | Jul. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Business Acquisition [Line Items] | ||||||
Revenue of Acquiree since Acquisition Date, Actual | $ 9,300,000 | |||||
Earnings or Loss of Acquiree since Acquisition Date, Actual | 900,000 | |||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 254,000 | $ 1,237,000 | $ 1,001,000 | |||
Anastasia [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase consideration | $ 11,431,000 | |||||
Square Feet Of Building | ft² | 80,000 | |||||
Acquisition, cash paid | $ 4,200,000 | |||||
Promissory note incurred from merger | 7,500,000 | |||||
Discount amount | $ 300,000 | |||||
Acquisition related cost incurred | 100,000 | |||||
Revenue of Acquiree since Acquisition Date, Actual | 2,100,000 | |||||
Earnings or Loss of Acquiree since Acquisition Date, Actual | 268,000 | |||||
Williams And Bennett, Helen Grace And Jer's [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase consideration | $ 5,313,000 | |||||
Acquisition, cash paid | 4,600,000 | |||||
Holdback Amounts | 700,000 | |||||
Acquisition related cost incurred | 400,000 | |||||
Revenue of Acquiree since Acquisition Date, Actual | 9,700,000 | |||||
Earnings or Loss of Acquiree since Acquisition Date, Actual | 300,000 | |||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 1,237,000 | |||||
Helen Grace [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 1,200,000 | |||||
Kencraft Confections, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase consideration | $ 1,400,000 | |||||
Notes payable to financial instituation | 995,000 | |||||
Promissory note incurred from merger | 400,000 | |||||
Acquisition related cost incurred | 100,000 | |||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 254,000 |
Acquisitions (2013 Acquisitions
Acquisitions (2013 Acquisitions) (Details) - USD ($) | Oct. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||||
Gain on bargain purchase | $ 254,000 | $ 1,237,000 | $ 1,001,000 | ||
Revenue of Acquiree since Acquisition Date, Actual | 9,300,000 | ||||
Earnings or Loss of Acquiree since Acquisition Date, Actual | 900,000 | ||||
Renin Holdings LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Consideration transferred, including holdback amount | $ 14,500,000 | ||||
Proceeds from Lines of Credit | 9,400,000 | ||||
Acquisition, cash paid | 1,000,000 | ||||
Escrow Deposit | 1,700,000 | ||||
Purchase consideration | 12,800,000 | ||||
Holdback Amounts | $ 500,000 | ||||
Holdback amounts, interest rate | 1.93% | ||||
Holdback Amounts, Premium | $ 46,000 | ||||
Acquisition related cost incurred | 1,100,000 | ||||
Gain on bargain purchase | $ 1,000,000 | ||||
BBX Capital Corporation [Member] | Renin Holdings LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition, cash paid | $ 4,200,000 |
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 | |||||
Oct. 31, 2014 | Jul. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 7,601 | $ 7,377 | |||||
Gain on bargain purchase | 254 | 1,237 | $ 1,001 | ||||
Net cash outflows from acquisition | $ 10 | 8,844 | 15,413 | ||||
Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Identifiable intangible assets | $ 1,500 | ||||||
Trademarks [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Identifiable intangible assets | 1,900 | ||||||
Anastasia [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | 483 | ||||||
Inventories | 1,338 | ||||||
Properties and equipment | 1,873 | ||||||
Identifiable intangible assets | [1] | 3,410 | |||||
Deferred tax liabilities | (1,589) | ||||||
Other liabilities | (421) | ||||||
Fair value of identifiable net assets | 5,094 | ||||||
Goodwill | 6,337 | ||||||
Purchase consideration | $ 11,431 | ||||||
Renin And Hoffman [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | $ 1,033 | 1,033 | |||||
Trade receivables | 7,523 | 7,523 | |||||
Inventories | 9,858 | 9,858 | |||||
Properties and equipment | 6,134 | 6,134 | |||||
Identifiable intangible assets | 2,686 | 2,686 | |||||
Other assets | 477 | 477 | |||||
Note payable | (2,493) | (2,493) | |||||
Other liabilities | (9,011) | (9,011) | |||||
Fair value of identifiable net assets | 16,207 | $ 16,207 | |||||
Purchase consideration | 15,206 | ||||||
Gain on bargain purchase | 1,001 | ||||||
Working capital adjustment receivable | 1,694 | ||||||
Holdback Amounts | (500) | ||||||
Discount on Holdback amount | 46 | ||||||
Cash acquired | (1,033) | ||||||
Net cash outflows from acquisition | $ 15,413 | ||||||
Williams And Bennett, Helen Grace And Jer's [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade receivables | $ 49 | ||||||
Inventories | 3,284 | ||||||
Properties and equipment | 1,329 | ||||||
Identifiable intangible assets | [2] | 2,738 | |||||
Other assets | 416 | ||||||
Note payable | (186) | ||||||
Deferred tax liabilities | (1,742) | ||||||
Other liabilities | (602) | ||||||
Fair value of identifiable net assets | 5,286 | ||||||
Goodwill | 1,264 | ||||||
Purchase consideration | 5,313 | ||||||
Gain on bargain purchase | 1,237 | ||||||
Holdback Amounts | (700) | ||||||
Williams And Bennett, Helen Grace And Jer's [Member] | Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Identifiable intangible assets | 1,100 | ||||||
Williams And Bennett, Helen Grace And Jer's [Member] | Trademarks [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Identifiable intangible assets | $ 1,200 | ||||||
Williams & Bennett, Jer’s, Helen Grace And Anastasia [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Purchase consideration | $ 16,744 | ||||||
[1] | Identifiable intangible assets consisted primarily of $1.9 million and $1.5 million of trademarks and customer relationships, respectively. | ||||||
[2] | Identifiable intangible assets consisted primarily of $1.2 million and $1.1 million of trademarks and customer relationships, respectively. |
Acquisitions (Pro Forma Informa
Acquisitions (Pro Forma Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | ||
Anastasia [Member] | |||
Business Acquisition [Line Items] | |||
Pro Forma Revenue | $ 98,022 | $ 54,828 | |
Pro Forma Income | [1] | 4,540 | 48,305 |
Williams And Bennett, Helen Grace And Jer's [Member] | |||
Business Acquisition [Line Items] | |||
Pro Forma Revenue | 97,148 | 64,496 | |
Pro Forma Income | [1] | $ 3,289 | 46,941 |
Renin Holdings LLC [Member] | |||
Business Acquisition [Line Items] | |||
Pro Forma Revenue | 104,987 | ||
Pro Forma Income | [1] | $ 43,639 | |
[1] | Amounts represent income from continuing operations. |
Acquisitions (Net Cash Outflow
Acquisitions (Net Cash Outflow Fom Acquisitions) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2014 | Jul. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |
Anastasia [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase consideration | $ 11,431 | |||
Notes Payable | (7,500) | |||
Net cash outflow from acquisitions | $ 4,200 | |||
Williams & Bennett, Jer’s, Helen Grace And Anastasia [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase consideration | $ 16,744 | |||
Notes Payable | (7,750) | |||
Other Liabilities | (150) | |||
Net cash outflow from acquisitions | $ 8,844 | |||
Williams And Bennett, Helen Grace And Jer's [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase consideration | $ 5,313 | |||
Net cash outflow from acquisitions | $ 4,600 | |||
Renin And Hoffman [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase consideration | $ 15,206 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative, Bluegreen) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Bluegreens Vacation Ownership Interests [Member] | |||
Variable Interest Entity [Line Items] | |||
Voluntary repurchases and substitutions | $ 3.3 | $ 4.9 | $ 6.7 |
Variable Interest Entities (N68
Variable Interest Entities (Narrative, FAR) (Details) $ in Thousands | May. 06, 2015item | Apr. 30, 2015item | Dec. 31, 2014USD ($) | Jul. 31, 2012USD ($) | Mar. 12, 2012USD ($) |
Variable Interest Entity [Line Items] | |||||
Preferred Interest | $ | $ 12,348 | ||||
Number of board members elected by company | 4 | ||||
BBX Capital Corporation [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Number of board members elected by company | 2 | ||||
BB&T [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Preferred Interest | $ | $ 285,400 | $ 285,000 | |||
Number of board members elected by company | 2 | ||||
Number of resigned board members | 2 |
Variable Interest Entities (N69
Variable Interest Entities (Narrative, North Flagler) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
May. 31, 2015USD ($)a | Oct. 31, 2013USD ($)a | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Variable Interest Entity [Line Items] | |||||
Investment in joint ventures | $ 9,687 | $ 10,074 | $ 1,354 | ||
Property sold | 31,092 | 5,527 | 6,728 | ||
Gain (loss) on sale of property sale | 163 | (571) | 25 | ||
Distributions to non-controlling interest | 14,059 | $ 5,923 | $ 8,575 | ||
North Flagler [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Amount of assigned contract to purchase real estate acres | $ 10,800 | ||||
Real estate parcel, acres | a | 4.5 | 4.5 | |||
Percent of joint venture distributions, until recovery of capital investment | 80.00% | ||||
Percent of joint venture distributions after capital investment recovery | 70.00% | ||||
Percent of losses absorbed | 80.00% | ||||
Percent of profits received | 70.00% | ||||
Investment in joint ventures | $ 10,800 | ||||
Property sold | $ 20,000 | ||||
Gain (loss) on sale of property sale | 7,800 | ||||
Distributions to non-controlling interest | $ 2,300 |
Variable Interest Entities (Inf
Variable Interest Entities (Information Related To The Assets And Liabilities Of The VIEs, Bluegreen) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | ||
Restricted cash | $ 59,365 | $ 54,620 |
Securitized notes receivable, net | 415,598 | 424,267 |
Receivable backed notes payable - non-recourse | 318,929 | 320,275 |
Receivable-backed notes payable - recourse | 89,888 | 92,129 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Restricted cash | 25,358 | 31,554 |
Securitized notes receivable, net | 280,841 | 293,950 |
Receivable backed notes payable - non-recourse | $ 318,929 | $ 320,275 |
Variable Interest Entities (I71
Variable Interest Entities (Information Related To The Assets And Liabilities Of The VIEs, FAR) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Variable Interest Entity [Line Items] | |||
Restricted cash | $ 59,365 | $ 54,620 | |
Loans held for sale | 21,354 | 35,423 | |
Loans receivable, net | 34,035 | 26,844 | |
Real estate held-for-investment | 31,290 | 76,552 | |
Real estate held-for-sale | 46,338 | 41,733 | |
Properties and equipment, net | 90,020 | 89,051 | |
Other assets | 111,113 | 92,186 | |
Total assets | 1,349,698 | 1,411,296 | $ 1,441,365 |
BB&T preferred interest in FAR, LLC | 12,348 | ||
Other liabilities | 106,148 | 131,015 | |
Total liabilities | $ 866,792 | 964,590 | |
Florida Asset Resolution Group LLC [Member] | |||
Variable Interest Entity [Line Items] | |||
Cash and cash equivalents | 4,976 | ||
Loans held for sale | 35,423 | ||
Loans receivable, net | 18,972 | ||
Real estate held-for-investment | 19,129 | ||
Real estate held-for-sale | 13,745 | ||
Properties and equipment, net | 7,561 | ||
Other assets | 638 | ||
Total assets | 100,444 | ||
BB&T preferred interest in FAR, LLC | 12,348 | ||
Other liabilities | 12,486 | ||
Total liabilities | $ 24,834 |
Variable Interest Entities (I72
Variable Interest Entities (Information Related To The Assets And Liabilities Of The VIEs, North Flagler) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Variable Interest Entity [Line Items] | |||
Real estate held-for-investment | $ 31,290 | $ 76,552 | |
Other assets | 111,113 | 92,186 | |
Total assets | 1,349,698 | 1,411,296 | $ 1,441,365 |
Other liabilities | 106,148 | 131,015 | |
Noncontrolling interests | $ 106,080 | 193,800 | |
North Flagler [Member] | |||
Variable Interest Entity [Line Items] | |||
Cash and cash equivalents | 17 | ||
Real estate held-for-investment | 816 | ||
Other assets | 379 | ||
Total assets | 1,212 | ||
Other liabilities | 116 | ||
Noncontrolling interests | $ 132 |
BBX Capital's Loans Held-For-73
BBX Capital's Loans Held-For-Sale (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015 | Sep. 30, 2014 | Jul. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans held-for-sale, adjustments | $ 1,600 | $ 6,400 | |||||
Charged down on loan porfolio | $ 4,100 | ||||||
Transfer to loans held-for-sale | 2,299 | $ 42,398 | |||||
Reducuction of allowance for loan losses | $ (1,400) | ||||||
Gain (Loss) on Disposition of Assets | 163 | $ (571) | $ 25 | ||||
First-Lien Consumer [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Net proceeds from sale of loans | $ 3,200 | ||||||
Second-Lien Consumer [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Charged down on loan porfolio | $ 2,700 | ||||||
Transfer to loans held-for-sale | $ 2,300 | ||||||
Loans receivable transferred to loans held-for-investment | $ 2,400 | ||||||
Residential [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans receivable transferred to loans held-for-investment | 70 | ||||||
Foreclosure proceedings in progress | $ 14,100 | ||||||
Net proceeds from sale of loans | $ 6,300 | ||||||
Small Business [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans receivable transferred to loans held-for-investment | $ 4,900 |
BBX Capital's Loans Held-For-74
BBX Capital's Loans Held-For-Sale (Loan's Held-For-Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $ 21,354 | $ 35,423 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $ 21,354 | 27,331 |
Second-Lien Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 2,351 | |
Small Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $ 5,741 |
BBX Capital's Loans Receivable
BBX Capital's Loans Receivable (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 3,300 | $ 0 | |
Loan receivable | 34,035 | 27,821 | $ 74,939 |
Commitments to lend on impaired loans | 0 | ||
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Foreclosure proceedings in progress | 500 | ||
Loan receivable | 2,368 | 2,306 | |
Commercial non-real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan receivable | 11,250 | $ 1,326 | |
Commercial non-real estate [Member] | Unsecured [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan receivable | 10,000 | ||
Small Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan receivable | 4,054 | ||
Loans receivable, general maximum amount per loan | $ 2,000 |
BBX Capital's Loans Receivabl76
BBX Capital's Loans Receivable (Schedule Of Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | $ 34,035 | $ 27,821 | $ 74,939 |
Allowance for loan losses | (977) | ||
Loans receivable - net | 34,035 | 26,844 | |
Commercial non-real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | 11,250 | 1,326 | |
Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | 16,294 | 24,189 | |
Small Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | 4,054 | ||
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | 2,368 | $ 2,306 | |
Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | $ 69 |
BBX Capital's Loans Receivabl77
BBX Capital's Loans Receivable (Schedule Of Non-Accrual Loans Receivable And Loans Held For Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | $ 17,380 | $ 17,780 |
Commercial non-real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 1,250 | 1,326 |
Commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 9,639 | 14,464 |
Small Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 4,054 | |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 2,368 | $ 1,990 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | $ 69 |
BBX Capital's Loans Receivabl78
BBX Capital's Loans Receivable (Age Analysis Of Past Due Recorded Investment In Loans Receivable And Loans Held For Sale) (Details) $ in Thousands | Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | Dec. 31, 2013USD ($) | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
31-59 Days Past Due | $ 316 | |||
60-89 Days Past Due | 367 | $ 227 | ||
90 Days or More | [1] | 4,919 | 7,491 | |
Total Past Due | 5,602 | 7,718 | ||
Current | 28,433 | 20,103 | ||
Loans receivable, Total | $ 34,035 | $ 27,821 | $ 74,939 | |
Number of loans past due greater than 90 days and still accruing interest | loan | 0 | 0 | ||
Commercial non-real estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
90 Days or More | [1] | $ 329 | $ 330 | |
Total Past Due | 329 | 330 | ||
Current | 10,921 | 996 | ||
Loans receivable, Total | 11,250 | 1,326 | ||
Commercial real estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
90 Days or More | [1] | 3,986 | 5,458 | |
Total Past Due | 3,986 | 5,458 | ||
Current | 12,308 | 18,731 | ||
Loans receivable, Total | 16,294 | 24,189 | ||
Small Business [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
60-89 Days Past Due | 205 | |||
Total Past Due | 205 | |||
Current | 3,849 | |||
Loans receivable, Total | 4,054 | |||
Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
31-59 Days Past Due | 316 | |||
60-89 Days Past Due | 138 | 227 | ||
90 Days or More | [1] | 562 | 1,703 | |
Total Past Due | 1,016 | 1,930 | ||
Current | 1,352 | 376 | ||
Loans receivable, Total | 2,368 | $ 2,306 | ||
Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
60-89 Days Past Due | 24 | |||
90 Days or More | [1] | 42 | ||
Total Past Due | 66 | |||
Current | 3 | |||
Loans receivable, Total | $ 69 | |||
[1] | BBX Capital had no loans that were 90 days or more past due and still accruing interest as of December 31, 2015 or 2014. |
BBX Capital's Loans Receivabl79
BBX Capital's Loans Receivable (Allowance For Loan Losses By Portfolio Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
BBX Capital’s Loans Receivable [abstract] | |||||
Beginning balance | $ 977 | $ 2,713 | $ 5,311 | ||
Charge-offs | (1,037) | (7,189) | (10,867) | ||
Recoveries | 13,517 | 12,608 | 52,134 | ||
Provision | (13,457) | (7,155) | (43,865) | ||
Ending balance | 977 | 2,713 | |||
Ending balance individually evaluated for impairment | $ 954 | ||||
Ending balance collectively evaluated for impairment | $ 977 | 1,759 | |||
Allowance for Loan Losses, Total | 977 | 2,713 | 5,311 | 977 | 2,713 |
Loans receivable: Ending balance individually evaluated for impairment | 12,849 | 17,045 | 51,131 | ||
Loans receivable: Ending balance collectively evaluated for impairment | 21,186 | 10,776 | 23,808 | ||
Loans receivable, Total | 34,035 | $ 27,821 | $ 74,939 | ||
Proceeds from loan sales | 68 | 9,497 | 3,490 | ||
Transfer to loans held-for-sale | $ 2,299 | 42,398 | |||
Transfer from loans held for sale | $ 7,365 | $ 1,312 |
BBX Capital's Loans Receivabl80
BBX Capital's Loans Receivable (Schedule Of Impaired Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
BBX Capital’s Loans Receivable [abstract] | |||
Recorded Investment, With Allowance Recorded | $ 735 | $ 3,921 | |
Recorded Investment, With No Allowance Recorded | $ 17,380 | 17,361 | 53,088 |
Recorded Investment | 17,380 | 18,096 | 57,009 |
Unpaid Principal Balance, With Allowance Recorded | 1,664 | 6,700 | |
Unpaid Principal Balance, With No Allowance Recorded | 30,212 | 35,812 | 88,739 |
Unpaid Principal Balance | $ 30,212 | 37,476 | 95,439 |
Related Allowance | $ 735 | $ 1,874 |
BBX Capital_s Loans Receivabl81
BBX Capital’s Loans Receivable (Average Recorded Investment And Interest Income Recognized On Impaired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
BBX Capital’s Loans Receivable [abstract] | |||
Average Recorded Investment, With Allowance Recorded | $ 837 | $ 4,055 | |
Average Recorded Investment, With No Allowance Recorded | $ 22,186 | 23,161 | 55,027 |
Average Recorded Investment | 22,186 | 23,998 | 59,082 |
Interest Income Recognized, With Allowance Recorded | 7 | 121 | |
Interest Income Recognized, With No Allowance Recorded | 1,299 | 1,111 | 1,478 |
Interest Income Recognized | $ 1,299 | $ 1,118 | $ 1,599 |
Bluegreen's Notes Receivable (N
Bluegreen's Notes Receivable (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions | 1 Months Ended | ||||
Nov. 30, 2009 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Acquisition of shares | 7.4 | ||||
Outstanding contractual unpaid principal balance | $ 30,212 | $ 37,476 | $ 95,439 | ||
Maximum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Assumption for prepayment rates | 9.00% | ||||
Minimum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Assumption for prepayment rates | 4.00% | ||||
Acquired Notes [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying amount of acquired notes | $ 43,600 | 70,700 | |||
Outstanding contractual unpaid principal balance | $ 47,800 | $ 78,200 | |||
Notes Receivable [Member] | Bluegreen [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Weighted-average interest rate | 15.90% | 16.00% | 15.80% | ||
Bluegreens Vacation Ownership Interests [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Weighted-average interest rate | 16.00% | 16.10% | 15.90% | ||
VOI notes receivable, more than three months past due | [1] | $ 10,389 | $ 11,660 | ||
[1] | Includes $5.2 million and $6.0 million as of December 31, 2015 and 2014, respectively, relating to VOI notes receivable that, as of such date, had been defaulted but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of Bluegreen's receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for credit loss. |
Bluegreen's Notes Receivable (I
Bluegreen's Notes Receivable (Information Relating To Bluegreen's Notes Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable, gross | $ 526,312 | $ 526,983 | |
Purchase accounting adjustments | (150) | ||
Allowance for loan losses | (110,714) | (102,566) | |
Notes receivable, net | $ 415,598 | $ 424,267 | |
Allowance as a % of notes receivable | 21.00% | 19.00% | |
Notes Receivable Secured By VOIs [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchase accounting adjustments | $ (150) | ||
Notes receivable, net of purchase accounting adjustments | $ 523,885 | 523,781 | |
Allowance for loan losses | (110,467) | (102,259) | |
Notes receivable, net | $ 413,418 | $ 421,522 | |
Allowance as a % of notes receivable | 21.00% | 20.00% | |
Notes Receivable Secured By VOIs [Member] | VOI Notes Receivable - Non-Securitized [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable, gross | $ 166,040 | $ 162,001 | |
Notes Receivable Secured By VOIs [Member] | VOI Notes Receivable - Securitized [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable, gross | 357,845 | 361,930 | |
Notes Receivable Secured By Homesites [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable, gross | [1] | 2,427 | 3,052 |
Allowance for loan losses | [1] | (247) | (307) |
Notes receivable, net | [1] | $ 2,180 | $ 2,745 |
Allowance as a % of notes receivable | [1] | 10.00% | 10.00% |
[1] | Notes receivable secured by homesites were originated through a business, substantially all of the assets of which were sold by Bluegreen in 2012. |
Bluegreen's Notes Receivable (R
Bluegreen's Notes Receivable (Reconciliation Of Accretable Yield) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Bluegreen's Notes Receivable [Abstract] | ||
Balance, beginning of period | $ 16,857 | $ 31,678 |
Accretion | (8,479) | (12,562) |
Reclassification from (to) nonaccretable yield | 655 | (2,259) |
Balance, end of period | $ 9,033 | $ 16,857 |
Bluegreen's Notes Receivable (F
Bluegreen's Notes Receivable (Future Contractual Principal Payments Of Notes Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Bluegreen's Notes Receivable [Abstract] | ||
2,016 | $ 76,918 | |
2,017 | 71,775 | |
2,018 | 60,616 | |
2,019 | 53,696 | |
2,020 | 54,141 | |
Thereafter | 209,166 | |
Notes receivable, gross | 526,312 | $ 526,983 |
Allowance for loan losses | (110,714) | (102,566) |
Notes receivable, net | $ 415,598 | $ 424,267 |
Bluegreen's Notes Receivable (A
Bluegreen's Notes Receivable (Activity In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance, beginning of period | $ 102,566 | ||
Provision for credit losses | (13,233) | $ (1,470) | $ (39,157) |
Balance, end of period | 110,714 | 102,566 | |
Bluegreens Vacation Ownership Interests [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance, beginning of period | 102,566 | 90,592 | |
Provision for credit losses | 42,062 | 40,164 | |
Write-offs of uncollectible receivables | (33,914) | (28,190) | |
Balance, end of period | $ 110,714 | $ 102,566 | $ 90,592 |
Bluegreen's Notes Receivable (D
Bluegreen's Notes Receivable (Delinquency Status Of Bluegreen's VOI Notes Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Purchase accounting adjustments | $ (150) | ||
Bluegreens Vacation Ownership Interests [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 501,738 | 500,405 | |
31-60 days | 6,889 | 6,505 | |
61-90 days | 4,869 | 5,361 | |
> 90 days | [1] | 10,389 | 11,660 |
Purchase accounting adjustments | (150) | ||
Total | 523,885 | 523,781 | |
VOI note receivable balance had not yet been charged off | $ 5,200 | $ 6,000 | |
[1] | Includes $5.2 million and $6.0 million as of December 31, 2015 and 2014, respectively, relating to VOI notes receivable that, as of such date, had been defaulted but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of Bluegreen's receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for credit loss. |
Inventory (Narrative) (Details)
Inventory (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Inventory [Abstract] | ||
Interest capitalized to VOI inventory | $ 0.7 | $ 0.1 |
Inventory (Summary Of Inventory
Inventory (Summary Of Inventory) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Total Inventory | $ 220,929 | $ 195,388 |
Bluegreen [Member] | ||
Inventory [Line Items] | ||
Completed VOI units | 166,781 | 166,332 |
Construction-in-progress | 10,455 | 2,103 |
Real estate held for future development | 90,400 | 83,560 |
Land and facilities held for sale | 718 | 675 |
Purchase accounting adjustment | (47,425) | (57,282) |
Total Inventory | $ 220,929 | $ 195,388 |
Real Estate Held-For-Investme90
Real Estate Held-For-Investment and Real Estate Held-For-Sale (Real Estate Held-For-Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate held-for-sale | $ 46,338 | $ 41,733 |
Land [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate held-for-sale | 25,994 | 33,505 |
Rental Properties [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate held-for-sale | 17,162 | 1,748 |
Residential Single-Family [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate held-for-sale | 2,924 | 4,385 |
Other Real Estate [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate held-for-sale | $ 258 | $ 2,095 |
Real Estate Held-For-Investme91
Real Estate Held-For-Investment and Real Estate Held-For-Sale (Real Estate Held-For-Investment) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Long Lived Assets Held For Investment [Line Items] | ||
Real estate held-for-investment | $ 31,290 | $ 76,552 |
Land [Member] | ||
Schedule Of Long Lived Assets Held For Investment [Line Items] | ||
Real estate held-for-investment | 30,369 | 60,356 |
Rental Properties [Member] | ||
Schedule Of Long Lived Assets Held For Investment [Line Items] | ||
Real estate held-for-investment | 15,234 | |
Other Real Estate [Member] | ||
Schedule Of Long Lived Assets Held For Investment [Line Items] | ||
Real estate held-for-investment | $ 921 | $ 962 |
Real Estate Held-For-Investme92
Real Estate Held-For-Investment and Real Estate Held-For-Sale (Activity In Real Estate Held-For-Sale And Held-For-Investment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate Held-For-Investment And Real Estate Held-For-Sale [Line Items] | |||
Acquired through foreclosure | $ 3,215 | $ 21,400 | $ 82,177 |
Transfers | (41,751) | (28,018) | |
Property contributed to joint ventures | 19,448 | 1,920 | |
Real Estate Held-For-Sale [Member] | |||
Real Estate Held-For-Investment And Real Estate Held-For-Sale [Line Items] | |||
Beginning of period, net | 41,733 | 33,971 | |
Acquired through foreclosure | 3,215 | 5,300 | |
Transfers | 41,751 | 28,018 | |
Purchases | 10,667 | 2,313 | |
Improvements | 3,261 | ||
Sales | (51,040) | (26,973) | |
Impairments, net | (3,249) | (896) | |
End of period, net | 46,338 | 41,733 | 33,971 |
Real Estate Held-For-Investment [Member] | |||
Real Estate Held-For-Investment And Real Estate Held-For-Sale [Line Items] | |||
Beginning of period, net | 76,552 | 107,336 | |
Acquired through foreclosure | 16,100 | ||
Transfers | (41,751) | (28,018) | |
Purchases | 1,977 | ||
Improvements | 16,771 | 3,824 | |
Accumulated depreciation | (468) | (462) | |
Sales | (16,200) | ||
Property contributed to joint ventures | (19,448) | ||
Impairments, net | (366) | (8,005) | |
End of period, net | $ 31,290 | $ 76,552 | $ 107,336 |
Real Estate Held-For-Investme93
Real Estate Held-For-Investment and Real Estate Held-For-Sale (Real Estate Held-For-Sale Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Real Estate Held-For-Investment And Real Estate Held-For-Sale [Abstract] | ||||
Beginning of period | $ 2,940 | $ 4,818 | $ 3,729 | |
Transfer to held-for-investment | (93) | |||
Impairments, net | [1] | 3,089 | 896 | 3,893 |
Sales | (1,536) | (2,774) | (2,804) | |
End of period | $ 4,400 | $ 2,940 | $ 4,818 | |
[1] | Tax certificate impairments are not included. |
Real Estate Held-For-Investme94
Real Estate Held-For-Investment and Real Estate Held-For-Sale (Net Real Estate Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Real Estate Held For Development And Sale [Line Items] | |||||
Trade sales | $ 84,284 | $ 74,083 | $ 10,243 | ||
Real estate operating expenses | (62,707) | (54,682) | (7,860) | ||
Impairment of real estate | (3,860) | [1] | (10,917) | [2] | |
Real Estate Acquired In Settlement Of Loans And Tax Certificates [Member] | |||||
Real Estate Held For Development And Sale [Line Items] | |||||
Trade sales | 3,887 | 5,516 | 4,161 | ||
Real estate operating expenses | (4,773) | (6,296) | (5,807) | ||
Impairment of real estate | (3,615) | (8,901) | (3,342) | ||
Net gains on the sales of real estate | 31,114 | 4,677 | 4,155 | ||
Net real estate income (losses) | $ 26,613 | $ (5,004) | $ (833) | ||
[1] | Total impairments represent the amount of losses recognized during the year ended December 31, 2015 on assets that were held and measured at fair value as of December 31, 2015. | ||||
[2] | Total impairments represent the amount of losses recognized during the year ended December 31, 2014 on assets that were held and measured at fair value as of December 31, 2014. |
Investments In Unconsolidated95
Investments In Unconsolidated Real Estate Joint Ventures (Narrative-Altis, New Urban) (Details) | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2014USD ($)item | Apr. 30, 2014USD ($)a | Dec. 31, 2013aitem | Mar. 31, 2013USD ($)item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)a | |
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | $ 16,065,000 | $ 42,962,000 | $ 16,065,000 | ||||
Investment in joint ventures | 9,687,000 | 10,074,000 | $ 1,354,000 | ||||
Altis at Kendall Square, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 1,264,000 | $ 1,300,000 | 764,000 | 1,264,000 | |||
Number of apartments units | item | 321 | ||||||
Percent of proceeds from joint venture entitlement | 13.00% | ||||||
Internal rate of return, threshold | 15.00% | ||||||
Percent of proceeds from joint venture after internal rate of return, threshold | 9.75% | ||||||
Altis At Lakeline - Austin Investors LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | $ 5,000,000 | 5,210,000 | $ 5,000,000 | ||||
Number of apartments units | item | 354 | ||||||
Percent of proceeds from joint venture entitlement | 26.30% | ||||||
Internal rate of return, threshold | 18.00% | ||||||
Percent of proceeds from joint venture after internal rate of return, threshold | 18.80% | ||||||
Percent of initial contribution of capital to joint venture | 34.00% | 34.00% | |||||
Additional percent of return on capital per annum | 9.00% | ||||||
Capitalized interest associated with joint venture real estate | 210,000 | $ 0 | |||||
New Urban/BBX Development, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | $ 996,000 | 864,000 | 996,000 | ||||
Capitalized interest associated with joint venture real estate | 44,000 | 0 | |||||
Area of land transferred | a | 2 | 2 | 2 | ||||
Number of single family homes | item | 30 | ||||||
Percentage of ownership interest | 50.00% | 50.00% | |||||
Investment in joint ventures | $ 692,000 | ||||||
Sales price | 3,600,000 | ||||||
Cash received from sale of land | 1,800,000 | ||||||
Selling expense | 200,000 | ||||||
Notes Issued | $ 1,600,000 | ||||||
Interest rate | 8.00% | ||||||
Equity interest gross profit deferred | 188,000 | 188,000 | |||||
Deferred gain on transfer | $ 1,100,000 | $ 1,100,000 | $ 1,100,000 |
Investments In Unconsolidated96
Investments In Unconsolidated Real Estate Joint Ventures (Narrative-Sunrise, Hialeah) (Details) | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Jul. 31, 2014USD ($)ft²aitem | Jun. 30, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||
Investment in joint ventures | $ 9,687,000 | $ 10,074,000 | $ 1,354,000 | |||
Contribution of Property | 19,448,000 | 1,920,000 | ||||
Sunrise and Bayview Partners, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment in joint ventures | $ 1,800,000 | |||||
Percentage of ownership interest | 50.00% | |||||
Notes Issued | $ 5,000,000 | |||||
Payments to Acquire Real Estate | $ 8,000,000 | |||||
Area of Real Estate Property | a | 3 | |||||
Square feet of office building | ft² | 84,000 | |||||
Percent guaranteed on outstanding balance of loan | 50.00% | |||||
Hialeah Communities, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of ownership interest | 45.00% | |||||
Area of Real Estate Property | a | 50 | |||||
Number of single family homes | item | 394 | |||||
Contribution of Property | $ 15,600,000 | |||||
Long-term Debt | 8,300,000 | |||||
Cash | 2,200,000 | |||||
Joint Venture Contribution Value | $ 4,900,000 | |||||
Percent of initial contribution of capital to joint venture | 57.00% | |||||
Percent of proceeds from joint venture after internal rate of return, threshold | 9.00% | |||||
Deferred gain on transfer | 1,600,000 | 1,600,000 | ||||
Joint Venture Adjustment | 2,100,000 | 2,100,000 | ||||
Guarantor percent of joint venture loan | 26.30% | |||||
Interest Costs Capitalized | 226,000 | $ 0 | ||||
Hialeah Communities, LLC [Member] | Acquisition And Development Loan [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Long-term Debt | $ 31,000,000 | |||||
Guarantor percent of joint venture loan | 26.30% | |||||
Hialeah Communities, LLC [Member] | CC Bonterra [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of ownership interest | 55.00% |
Investments In Unconsolidated97
Investments In Unconsolidated Real Estate Joint Ventures (Narrative-PGA, CCB, Central Falls) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Aug. 31, 2015USD ($)item | May. 31, 2015USD ($)item | Jan. 31, 2014USD ($) | Dec. 31, 2013USD ($)ft²item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)item | |
Schedule of Equity Method Investments [Line Items] | |||||||
Purchases of property and equipment, net | $ 12,810 | $ 19,453 | $ 12,760 | ||||
Payments to Acquire Interest in Joint Venture | $ 9,687 | $ 10,074 | $ 1,354 | ||||
PGA Design Center Holdings, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Purchases of property and equipment, net | $ 6,100 | ||||||
Number of buildings | item | 3 | 3 | |||||
Square feet of office building | ft² | 145,000 | ||||||
Sale of commercial property to the joint venture | $ 2,900 | ||||||
Percentage of ownership interest | 40.00% | ||||||
BBX Miramar, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of developers entered into joint venture | item | 2 | ||||||
BBX Miramar, LLC [Member] | BBX Capital Corporation [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Payments to Acquire Interest in Joint Venture | $ 875 | ||||||
Percentage of ownership interest | 35.00% | ||||||
Centra Falls, LLC [Member] | BBX Capital Corporation [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of townholmes in development and sale | item | 89 | ||||||
Payments to Acquire Interest in Joint Venture | $ 750 | ||||||
Percentage of ownership interest | 7.143% | ||||||
Return on investment percentage milestone | 12.00% | ||||||
Centra Falls, LLC [Member] | BBX Capital Corporation [Member] | Ownership Percent After 12% Return Attained [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of ownership interest | 3.175% |
Investments In Unconsolidated98
Investments In Unconsolidated Real Estate Joint Ventures (Narrative-Addison, BBX/S, Altis) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2015USD ($)aitem | Oct. 31, 2015USD ($) | Dec. 31, 2015USD ($)aitem | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Contribution of Property | $ 19,448 | $ 1,920 | |||
Payments to Acquire Interest in Joint Venture | $ 9,687 | $ 10,074 | $ 1,354 | ||
The Addison on Millenia Investment, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Area of Land | a | 11.8 | 11.8 | |||
Number Of Buildings | item | 9 | 9 | |||
Number Of Apartments Units | item | 292 | ||||
Percentage of ownership interest | 48.00% | 48.00% | |||
Contribution of Property | $ 5,800 | ||||
Payments to Acquire Interest in Joint Venture | $ 300 | ||||
Percent of entitled joint venture Distributions | 48.00% | ||||
Additional percent of return on capital per annum | 10.00% | ||||
Deferred gain on transfer | $ 400 | $ 400 | |||
BBX/S Millenia Blvd Investments, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage of ownership interest | 90.00% | ||||
Contribution of Property | $ 7,000 | ||||
Payments to Acquire Interest in Joint Venture | $ 700 | ||||
Percent of entitled joint venture Distributions | 90.00% | ||||
Additional percent of return on capital per annum | 8.00% | ||||
Percent of distribution after receives aggregate capital contribution | 54.00% | ||||
Percent of distribution after capital contribution requirement is achieved, other party | 46.00% | ||||
Gross profits recognized in net gains on sales of assets | $ 100 | ||||
Property adjustment | $ 900 | ||||
Altis at Bonterra - Hialeah, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Area of Land | a | 14 | 14 | |||
Number Of Apartments Units | item | 314 | ||||
Contribution of land | $ 9,400 | ||||
Payments to Acquire Interest in Joint Venture | $ 7,500 | ||||
Percent of entitled joint venture Distributions | 95.00% | ||||
Additional percent of return on capital per annum | 9.00% | ||||
Percent of distribution after receives aggregate capital contribution | 85.00% | ||||
Percent of distribution after capital contribution requirement is achieved, other party | 15.00% | ||||
Property adjustment | $ 4,100 | ||||
Percent of capital contribution | 95.00% | ||||
Percent of capital contribution, other party | 5.00% |
Investments In Unconsolidated99
Investments In Unconsolidated Real Estate Joint Ventures (Investments In Unconsolidated Real Estate Joint Ventures) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 42,962 | $ 16,065 | |
Altis at Kendall Square, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 764 | 1,264 | $ 1,300 |
Altis At Lakeline - Austin Investors LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 5,210 | 5,000 | |
New Urban/BBX Development, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 864 | 996 | |
Sunrise and Bayview Partners, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 1,577 | 1,723 | |
Hialeah Communities, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 4,569 | 5,091 | |
PGA Design Center Holdings, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 1,911 | $ 1,991 | |
CCB Miramar, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 875 | ||
Centra Falls, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 727 | ||
The Addison on Millenia Investment, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 5,778 | ||
BBX/S Millenia Blvd Investments, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | 4,905 | ||
Altis at Bonterra - Hialeah, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 15,782 |
Investments In Unconsolidate100
Investments In Unconsolidated Real Estate Joint Ventures (Maximum Exposure Loss Of Investments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Schedule of Equity Method Investments [Line Items] | |
BBX Capital maximum expose to loss | $ 53,615 |
Altis at Kendall Square, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
BBX Capital maximum expose to loss | 764 |
Altis At Lakeline - Austin Investors LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
BBX Capital maximum expose to loss | 5,210 |
New Urban/BBX Development, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
BBX Capital maximum expose to loss | 864 |
Sunrise and Bayview Partners, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
BBX Capital maximum expose to loss | 4,077 |
Hialeah Communities, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
BBX Capital maximum expose to loss | 12,722 |
PGA Design Center Holdings, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
BBX Capital maximum expose to loss | 1,911 |
CCB Miramar, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
BBX Capital maximum expose to loss | 875 |
Centra Falls, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
BBX Capital maximum expose to loss | 727 |
The Addison on Millenia Investment, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
BBX Capital maximum expose to loss | 5,778 |
BBX/S Millenia Blvd Investments, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
BBX Capital maximum expose to loss | 4,905 |
Altis at Bonterra - Hialeah, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
BBX Capital maximum expose to loss | $ 15,782 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property And Equipment [Abstract] | |||
Depreciation expense | $ 11.4 | $ 10.6 | $ 7.4 |
Property And Equipment (Compone
Property And Equipment (Components Of Property And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | $ 138,601 | $ 128,453 |
Accumulated Depreciation | (48,581) | (39,402) |
Properties and equipment - net | 90,020 | 89,051 |
Land, Buildings And Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | 61,859 | 67,112 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | 16,667 | 8,410 |
Office Equipment, Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | 59,696 | 52,508 |
Transportation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | $ 379 | $ 423 |
Goodwill And Intangible Asse103
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||
Amortization expense of intangible assets included in selling general and administrative expenses | $ 900 | $ 600 | $ 200 |
Anastasia [Member] | |||
Goodwill [Line Items] | |||
Intangible assets average life, in years | 5 years | ||
Lease discount intangible liability | $ 306 | ||
Lease Premium [Member] | Maximum [Member] | |||
Goodwill [Line Items] | |||
Intangible assets average life, in years | 9 years | ||
Lease Premium [Member] | Minimum [Member] | |||
Goodwill [Line Items] | |||
Intangible assets average life, in years | 5 years | ||
Trademarks, Customer Relationships And Non-Competition Agreements [Member] | Maximum [Member] | |||
Goodwill [Line Items] | |||
Intangible assets average life, in years | 20 years | ||
Trademarks, Customer Relationships And Non-Competition Agreements [Member] | Minimum [Member] | |||
Goodwill [Line Items] | |||
Intangible assets average life, in years | 4 years |
Goodwill And Intangible Asse104
Goodwill And Intangible Assets (Goodwill And Major Classes Of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets Gross | $ 72,606 | $ 73,893 |
Accumulated Amortization | (2,418) | (1,540) |
Total Intangible Assets | 70,188 | 72,353 |
Goodwill | 7,601 | 7,377 |
Total goodwill and intangible assets | 77,789 | 79,730 |
Management Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived, Intangible Assets, Gross | 61,293 | 63,000 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, Intangible Assets, Gross | 5,965 | 5,715 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, Intangible Assets, Gross | 2,691 | 2,631 |
Lease Premium [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, Intangible Assets, Gross | 2,411 | 2,301 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, Intangible Assets, Gross | $ 246 | $ 246 |
Goodwill And Intangible Asse105
Goodwill And Intangible Assets (Estimated Aggregate Amortization Of Intangible Assets) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill And Intangible Assets [Abstract] | |
2,016 | $ 877 |
2,017 | 849 |
2,018 | 825 |
2,019 | 583 |
2,020 | $ 536 |
Debt (Notes Payable And Other B
Debt (Notes Payable And Other Borrowings, Narrative) (Details) | Oct. 01, 2015USD ($) | Aug. 07, 2015USD ($)item | Jun. 30, 2015USD ($) | Jun. 29, 2015 | Jun. 25, 2015USD ($) | Jun. 24, 2015USD ($) | Jul. 31, 2015USD ($) | Nov. 30, 2014USD ($) | Oct. 31, 2014USD ($) | Aug. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2010USD ($)a | Apr. 30, 2015USD ($) | Jun. 11, 2014USD ($) | Mar. 31, 2013USD ($) | Apr. 30, 2008USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||||||
Notes And Loans Payable | $ 123,005,000 | $ 107,984,000 | ||||||||||||||||
Stifel Bank & Trust [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 10,000,000 | |||||||||||||||||
Debt instrument, annual fee percentage | 0.50% | |||||||||||||||||
Maximum ratio pledged shares to outstanding balance | 33.33% | |||||||||||||||||
Prime Rate [Member] | Stifel Bank & Trust [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Basis spread on rate | 5.00% | |||||||||||||||||
LIBOR [Member] | Stifel Bank & Trust [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Basis spread on rate | 7.50% | |||||||||||||||||
Bluegreen [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Notes And Loans Payable | 101,584,000 | 90,061,000 | ||||||||||||||||
BBX Capital Corporation [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Notes And Loans Payable | 21,421,000 | 17,923,000 | ||||||||||||||||
2013 Notes Payable [Member] | Bluegreen [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt face amount | $ 75,000,000 | |||||||||||||||||
Notes And Loans Payable | $ 58,500,000 | $ 64,500,000 | ||||||||||||||||
Interest rate | 8.05% | 8.05% | 8.05% | |||||||||||||||
Debt instrument, amortization period | 7 years | |||||||||||||||||
Foundation Capital [Member] | Bluegreen [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Notes And Loans Payable | $ 7,010,000 | $ 13,200,000 | ||||||||||||||||
Interest rate | 8.00% | 8.00% | ||||||||||||||||
Acreage development parcel | a | 109 | |||||||||||||||||
Fifth Third Bank Note [Member] | Bluegreen [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Notes And Loans Payable | $ 4,900,000 | $ 4,572,000 | $ 4,817,000 | $ 2,300,000 | ||||||||||||||
Basis spread on rate | 3.00% | |||||||||||||||||
Roundup Provision Percent | 0.125% | |||||||||||||||||
Interest rate | 3.50% | 3.25% | ||||||||||||||||
Effective rate | 3.50% | |||||||||||||||||
Pacific Western Term Loan [Member] | Bluegreen [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Notes And Loans Payable | $ 4,800,000 | $ 2,400,000 | $ 3,791,000 | $ 2,945,000 | ||||||||||||||
Basis spread on rate | 5.25% | 5.75% | 5.68% | |||||||||||||||
Interest rate | 5.68% | 5.91% | ||||||||||||||||
NBA Line Of Credit [Member] | Bluegreen [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Notes And Loans Payable | $ 9,721,000 | $ 789,000 | ||||||||||||||||
Basis spread on rate | 3.50% | 4.50% | ||||||||||||||||
Interest rate | 5.50% | 5.50% | ||||||||||||||||
Maximum borrowing capacity | $ 15,000,000 | |||||||||||||||||
Interest Rate, minimum | 5.00% | 5.50% | ||||||||||||||||
Fifth Third Syndicated LOC [Member] | Bluegreen [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Notes And Loans Payable | $ 25,000,000 | $ 10,000,000 | ||||||||||||||||
Basis spread on rate | 2.75% | |||||||||||||||||
Interest rate | 3.11% | 3.01% | ||||||||||||||||
Maximum borrowing capacity | $ 25,000,000 | |||||||||||||||||
Annual clean up provision, number of consecutive days | 30 days | |||||||||||||||||
Effective rate | 3.11% | |||||||||||||||||
Wells Fargo Capital [Member] | BBX Capital Corporation [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt face amount | $ 1,500,000 | |||||||||||||||||
Notes And Loans Payable | $ 8,071,000 | $ 8,028,000 | ||||||||||||||||
Interest rate | [1] | |||||||||||||||||
Maximum borrowing capacity | $ 18,000,000 | |||||||||||||||||
Interest Rate, minimum | 0.50% | 0.50% | ||||||||||||||||
Periodic payment, principal | $ 75,000 | |||||||||||||||||
Line of credit, outstanding | $ 7,000,000 | $ 6,600,000 | ||||||||||||||||
Debt instrument, annual fee percentage | 0.25% | |||||||||||||||||
Wells Fargo Capital [Member] | BBX Capital Corporation [Member] | Maximum [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Effective rate | 3.25% | |||||||||||||||||
Wells Fargo Capital [Member] | BBX Capital Corporation [Member] | Minimum [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Effective rate | 0.50% | |||||||||||||||||
Renin Term Loan [Member] | BBX Capital Corporation [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Notes And Loans Payable | $ 1,100,000 | 1,400,000 | ||||||||||||||||
Anastasia Note [Member] | BBX Capital Corporation [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Notes And Loans Payable | $ 7,500,000 | $ 5,330,000 | $ 7,214,000 | |||||||||||||||
Interest rate | 5.00% | 5.00% | 5.00% | |||||||||||||||
Periodic payment, principal | $ 2,000,000 | |||||||||||||||||
Discount amount | $ 300,000 | |||||||||||||||||
Anastasia Note [Member] | BBX Capital Corporation [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Periodic payment, principal | 2,000,000 | |||||||||||||||||
Anastasia Note [Member] | BBX Capital Corporation [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Periodic payment, principal | 2,000,000 | |||||||||||||||||
Anastasia Note [Member] | BBX Capital Corporation [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Periodic payment, principal | 1,500,000 | |||||||||||||||||
Iberia Line Of Credit [Member] | BBX Capital Corporation [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Notes And Loans Payable | $ 4,997,000 | |||||||||||||||||
Interest rate | 3.18% | |||||||||||||||||
Iberia Line Of Credit [Member] | BBX Sweet Holdings [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 5,000,000 | |||||||||||||||||
Number of renewal options | item | 1 | |||||||||||||||||
Renewal term | 12 months | |||||||||||||||||
Effective rate | 3.18% | |||||||||||||||||
Iberia Line Of Credit [Member] | BBX Sweet Holdings [Member] | LIBOR [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Basis spread on rate | 2.75% | |||||||||||||||||
Centennial Bank - Hoffmans [Member] | BBX Capital Corporation [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Notes And Loans Payable | $ 1,613,000 | $ 1,645,000 | ||||||||||||||||
Interest rate | 5.25% | 5.25% | ||||||||||||||||
Centennial Bank - Hoffmans [Member] | BBX Sweet Holdings [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Notes And Loans Payable | $ 1,700,000 | |||||||||||||||||
Basis spread on rate | 3.45% | |||||||||||||||||
Debt instrument, amortization period | 25 years | |||||||||||||||||
Effective rate | 5.25% | |||||||||||||||||
Debt Instrument Term | 10 years | |||||||||||||||||
Debt instrument, collateral amount | $ 2,100,000 | |||||||||||||||||
Centennial Bank - Kencraft [Member] | BBX Capital Corporation [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Notes And Loans Payable | $ 995,000 | |||||||||||||||||
Interest rate | 2.35% | |||||||||||||||||
Promissory Note [Member] | BBX Sweet Holdings [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt face amount | $ 995,000 | |||||||||||||||||
Interest rate | 2.35% | |||||||||||||||||
Debt instrument, collateral amount | $ 995,000 | |||||||||||||||||
[1] | The term loan and revolving advance facility bear interest at the Bank Prime Interest Rate or the daily three month LIBOR interest rate plus a margin specified in the credit agreement ranging from 0.5% to 3.25% per annum. |
Debt (Receivable-Backed Notes P
Debt (Receivable-Backed Notes Payable, Narrative) (Details) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2015 | Jun. 29, 2015 | Jun. 24, 2015 | Jan. 29, 2015USD ($)item | Jan. 31, 2015USD ($) | Jan. 29, 2015USD ($) | Mar. 16, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Nov. 30, 2015USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Debt outstanding | $ 727,701 | $ 727,701 | ||||||||||
Liberty Bank Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Debt | $ 22,300 | |||||||||||
NBA Receivables Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Rate, minimum | 4.00% | 4.00% | ||||||||||
Interest Rate, maximum | 4.50% | 4.50% | ||||||||||
Quorum Purchase Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Rate, minimum | 4.75% | 4.75% | 5.00% | |||||||||
Interest Rate, maximum | 6.90% | 6.90% | ||||||||||
Gross advance rate | 85.00% | |||||||||||
Maximum borrowing capacity | $ 50,000 | $ 50,000 | ||||||||||
Program fee rate | 5.00% | |||||||||||
Loan purchase fee, percent | 0.50% | |||||||||||
2015-A Term Securitization [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable backed debt | $ 117,800 | $ 117,800 | ||||||||||
Number of tranches | item | 2 | |||||||||||
Weighted-average interest rate | 3.02% | 3.02% | ||||||||||
Gross advance rate | 94.25% | |||||||||||
Timeshare receivables sold | $ 125,000 | |||||||||||
Proceeds from Issuance of Debt | $ 40,000 | |||||||||||
Gain Loss Reognized On Sale Of Timeshare Receivables | $ 0 | |||||||||||
BXG Receivables Note Trust 2006-B [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount funded in connection notes | $ 9,500 | |||||||||||
BB&T Purchase Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Debt | $ 42,300 | |||||||||||
Bluegreen [Member] | Liberty Bank Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Debt | $ 22,300 | |||||||||||
Receivable backed debt | $ 50,000 | |||||||||||
Interest Rate, minimum | 4.00% | |||||||||||
Future advance rate percent | 0.50% | |||||||||||
Bluegreen [Member] | Pacific Western Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on rate | 4.00% | 4.50% | ||||||||||
Maximum borrowing capacity | $ 40,000 | $ 40,000 | ||||||||||
Possible additional debt extension period | 12 months | |||||||||||
Bluegreen [Member] | Pacific Western Facility, Eligible A Receivables [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Gross advance rate | 85.00% | |||||||||||
Bluegreen [Member] | Pacific Western Facility, Eligible B Receivables [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Gross advance rate | 53.00% | 45.00% | ||||||||||
Bluegreen [Member] | BB&T/DZ Purchase Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Debt | $ 42,300 | |||||||||||
Basis spread on rate | 2.90% | |||||||||||
Maximum borrowing capacity | 80,000 | $ 80,000 | ||||||||||
Future advance rate percent | 75.00% | |||||||||||
Bluegreen [Member] | NBA Receivables Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on rate | 3.50% | 3.25% | ||||||||||
Interest Rate, minimum | 4.50% | 4.00% | ||||||||||
Gross advance rate | 85.00% | |||||||||||
Maximum borrowing capacity | $ 45,000 | $ 45,000 | ||||||||||
Bluegreen [Member] | NBA Receivables Facility [Member] | Interest Rate At 4.0% [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Effective yield rate | 4.00% | 4.00% | ||||||||||
Debt outstanding | $ 17,200 | $ 17,200 | ||||||||||
Bluegreen [Member] | NBA Receivables Facility [Member] | Interest Rate At 4.5% [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Effective yield rate | 4.50% | 4.50% | ||||||||||
Debt outstanding | $ 7,600 | $ 7,600 | ||||||||||
Bluegreen [Member] | Other Non-Recourse Receivable-Backed Notes Payable [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Debt | 75,200 | |||||||||||
Unamortized debt issuance cost | 200 | |||||||||||
Standard & Poor's, A/A Rating [Member] | 2015-A Term Securitization [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable backed debt | $ 89,400 | $ 89,400 | ||||||||||
Effective yield rate | 2.88% | 2.88% | ||||||||||
Standard & Poor's, BBB/BBB- Rating [Member] | 2015-A Term Securitization [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable backed debt | $ 28,400 | $ 28,400 | ||||||||||
Effective yield rate | 3.47% | 3.47% | ||||||||||
Sold At Closing [Member] | 2015-A Term Securitization [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Timeshare receivables sold | 100,200 | |||||||||||
Remaining After Closing [Member] | 2015-A Term Securitization [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Timeshare receivables sold | $ 24,800 | |||||||||||
Qualified Timeshare Loans [Member] | Bluegreen [Member] | Liberty Bank Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Future advance rate percent | 85.00% | |||||||||||
Non-Conforming Qualified Timeshare Loans [Member] | Bluegreen [Member] | Liberty Bank Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Future advance rate percent | 60.00% | |||||||||||
Expiration Of Revolving Advance Period [Member] | Bluegreen [Member] | BB&T/DZ Purchase Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on rate | 4.90% |
Debt (Junior Subordinated Deben
Debt (Junior Subordinated Debentures Outstanding, Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Junior subordinated debentures | $ 152,307 | $ 150,038 |
Woodbridge [Member] | ||
Debt Instrument [Line Items] | ||
Junior subordinated debentures | 85,052 | 85,052 |
Bluegreen [Member] | ||
Debt Instrument [Line Items] | ||
Junior subordinated debentures | $ 110,827 | $ 110,827 |
Debt (Contractual Minimum Princ
Debt (Contractual Minimum Principle Payments Of Debt Outstanding) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |
2,016 | $ 33,503 |
2,017 | 15,793 |
2,018 | 23,755 |
2,019 | 41,034 |
2,020 | 98,809 |
Thereafter | 514,807 |
Contractual minimum principal payments of debt outstanding, Gross | 727,701 |
Purchase Accounting | (43,572) |
Total Debt | 684,129 |
Junior Subordinated Debt [Member] | |
Debt Instrument [Line Items] | |
Thereafter | 195,879 |
Contractual minimum principal payments of debt outstanding, Gross | 195,879 |
Purchase Accounting | (43,572) |
Total Debt | 152,307 |
Notes And Mortgage Notes Payable And Lines Of Credit [Member] | |
Debt Instrument [Line Items] | |
2,016 | 33,503 |
2,017 | 15,793 |
2,018 | 23,755 |
2,019 | 37,305 |
2,020 | 7,694 |
Thereafter | 4,955 |
Contractual minimum principal payments of debt outstanding, Gross | 123,005 |
Total Debt | 123,005 |
Recourse Receivable Backed Notes Payable [Member] | |
Debt Instrument [Line Items] | |
2,019 | 3,729 |
2,020 | 52,887 |
Thereafter | 33,272 |
Contractual minimum principal payments of debt outstanding, Gross | 89,888 |
Total Debt | 89,888 |
Non-Recourse Receivable Backed Notes Payable [Member] | |
Debt Instrument [Line Items] | |
2,020 | 38,228 |
Thereafter | 280,701 |
Contractual minimum principal payments of debt outstanding, Gross | 318,929 |
Total Debt | $ 318,929 |
Debt (Notes Payable And Othe110
Debt (Notes Payable And Other Borrowings) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 29, 2015 | Jun. 25, 2015 | Jun. 24, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2010 | Apr. 30, 2008 | ||
Debt Instrument [Line Items] | ||||||||||||||
Notes And Loans Payable | $ 123,005 | $ 107,984 | ||||||||||||
Bluegreen [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Notes And Loans Payable | 101,584 | 90,061 | ||||||||||||
Carrying Amount of Pledged Assets | 129,173 | 135,801 | ||||||||||||
Bluegreen [Member] | 2013 Notes Payable [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Notes And Loans Payable | $ 58,500 | $ 64,500 | ||||||||||||
Interest Rate | 8.05% | 8.05% | 8.05% | |||||||||||
Carrying Amount of Pledged Assets | $ 30,411 | $ 43,903 | ||||||||||||
Bluegreen [Member] | Foundation Capital [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Notes And Loans Payable | $ 7,010 | $ 13,200 | ||||||||||||
Interest Rate | 8.00% | 8.00% | ||||||||||||
Carrying Amount of Pledged Assets | $ 10,596 | |||||||||||||
Bluegreen [Member] | Pacific Western Term Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Notes And Loans Payable | $ 4,800 | $ 2,400 | $ 3,791 | $ 2,945 | ||||||||||
Interest Rate | 5.68% | 5.91% | ||||||||||||
Carrying Amount of Pledged Assets | $ 10,868 | $ 11,882 | ||||||||||||
Basis spread on rate | 5.25% | 5.75% | 5.68% | |||||||||||
Bluegreen [Member] | Fifth Third Bank Note [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Notes And Loans Payable | $ 4,900 | $ 4,572 | $ 4,817 | $ 2,300 | ||||||||||
Interest Rate | 3.50% | 3.25% | ||||||||||||
Carrying Amount of Pledged Assets | $ 9,336 | $ 9,366 | ||||||||||||
Basis spread on rate | 3.00% | |||||||||||||
Bluegreen [Member] | NBA Line Of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Notes And Loans Payable | $ 9,721 | $ 789 | ||||||||||||
Interest Rate | 5.50% | 5.50% | ||||||||||||
Interest Rate, minimum | 5.00% | 5.50% | ||||||||||||
Carrying Amount of Pledged Assets | $ 24,246 | $ 7,601 | ||||||||||||
Basis spread on rate | 3.50% | 4.50% | ||||||||||||
Bluegreen [Member] | Fifth Third Syndicated LOC [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Notes And Loans Payable | $ 25,000 | $ 10,000 | ||||||||||||
Interest Rate | 3.11% | 3.01% | ||||||||||||
Carrying Amount of Pledged Assets | $ 54,312 | $ 52,453 | ||||||||||||
Basis spread on rate | 2.75% | |||||||||||||
BBX Capital Corporation [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Notes And Loans Payable | 21,421 | 17,923 | ||||||||||||
BBX Capital Corporation [Member] | Wells Fargo Capital [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Notes And Loans Payable | $ 8,071 | $ 8,028 | ||||||||||||
Interest Rate | [1] | |||||||||||||
Interest Rate, minimum | 0.50% | 0.50% | ||||||||||||
Interest Rate, maximum | 3.25% | 3.25% | ||||||||||||
Carrying Amount of Pledged Assets | [2] | |||||||||||||
BBX Capital Corporation [Member] | Anastasia Note [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Notes And Loans Payable | $ 5,330 | $ 7,214 | $ 7,500 | |||||||||||
Interest Rate | 5.00% | 5.00% | 5.00% | |||||||||||
Carrying Amount of Pledged Assets | [2] | |||||||||||||
BBX Capital Corporation [Member] | Iberia Line Of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Notes And Loans Payable | $ 4,997 | |||||||||||||
Interest Rate | 3.18% | |||||||||||||
Carrying Amount of Pledged Assets | [2] | |||||||||||||
BBX Capital Corporation [Member] | Centennial Bank - Hoffmans [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Notes And Loans Payable | $ 1,613 | $ 1,645 | ||||||||||||
Interest Rate | 5.25% | 5.25% | ||||||||||||
Carrying Amount of Pledged Assets | $ 2,094 | $ 2,145 | ||||||||||||
BBX Capital Corporation [Member] | Centennial Bank - Kencraft [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Notes And Loans Payable | $ 995 | |||||||||||||
Interest Rate | 2.35% | |||||||||||||
Carrying Amount of Pledged Assets | $ 995 | |||||||||||||
BBX Capital Corporation [Member] | Other Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Notes And Loans Payable | $ 415 | $ 1,036 | ||||||||||||
Interest Rate | [2] | 5.82% | ||||||||||||
[1] | The term loan and revolving advance facility bear interest at the Bank Prime Interest Rate or the daily three month LIBOR interest rate plus a margin specified in the credit agreement ranging from 0.5% to 3.25% per annum. | |||||||||||||
[2] | The collateral is a blanket lien on the respective companies' assets. |
Debt (Receivable-Backed Note111
Debt (Receivable-Backed Notes Payable) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 89,888 | $ 89,888 | $ 92,129 |
Receivable backed notes payable - non-recourse | 318,929 | 318,929 | 320,275 |
Total receivable-backed debt | 408,817 | 408,817 | 412,404 |
Principal Balance of Pledged/Secured Receivables | 462,743 | 462,743 | 479,600 |
Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | 110,358 | 110,358 | 117,669 |
Non-Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | 352,385 | 352,385 | 361,931 |
Liberty Bank Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 46,547 | $ 46,547 | $ 38,088 |
Interest Rate | 4.00% | 4.00% | 4.25% |
Liberty Bank Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 56,815 | $ 56,815 | $ 49,976 |
NBA Receivables Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | 24,860 | $ 24,860 | $ 29,058 |
Interest Rate, minimum | 4.00% | 4.00% | |
Interest Rate, maximum | 4.50% | 4.50% | |
NBA Receivables Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | 29,947 | $ 29,947 | $ 35,296 |
Pacific Western Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 18,481 | $ 18,481 | $ 24,983 |
Interest Rate | 4.93% | 4.93% | 4.67% |
Pacific Western Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 23,596 | $ 23,596 | $ 32,397 |
BB&T/DZ Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 38,228 | $ 38,228 | $ 42,818 |
Interest Rate | 3.33% | 3.33% | 3.88% |
BB&T/DZ Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 50,224 | $ 50,224 | $ 56,406 |
Quorum Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 28,500 | $ 28,500 | $ 26,447 |
Interest Rate, minimum | 4.75% | 4.75% | 5.00% |
Interest Rate, maximum | 6.90% | 6.90% | |
Quorum Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 32,303 | $ 32,303 | $ 30,158 |
GE 2006 Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 18,008 | ||
Interest Rate | 7.35% | ||
GE 2006 Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 19,881 | ||
2006 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 12,366 | ||
Interest Rate | 6.16% | ||
2006 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 12,881 | ||
2007 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 17,642 | $ 17,642 | $ 30,126 |
Interest Rate | 7.32% | 7.32% | 7.32% |
2007 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 18,720 | $ 18,720 | $ 33,094 |
2008 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 7,227 | $ 7,227 | $ 11,846 |
Interest Rate | 7.88% | 7.88% | 7.88% |
2008 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 7,726 | $ 7,726 | $ 13,089 |
2010 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 24,074 | $ 24,074 | $ 37,048 |
Interest Rate | 5.54% | 5.54% | 5.54% |
2010 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 28,159 | $ 28,159 | $ 44,092 |
2012 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 44,603 | $ 44,603 | $ 59,377 |
Interest Rate | 2.94% | 2.94% | 2.94% |
2012 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 49,091 | $ 49,091 | $ 65,827 |
2013 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 62,670 | $ 62,670 | $ 82,239 |
Interest Rate | 3.20% | 3.20% | 3.20% |
2013 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 66,020 | $ 66,020 | $ 86,503 |
2015-A Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 95,985 | $ 95,985 | |
Interest Rate | 3.02% | 3.02% | |
2015-A Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 100,142 | $ 100,142 |
Debt (Junior Subordinated De112
Debt (Junior Subordinated Debentures Outstanding) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | |||
Outstanding Amount | $ 152,307 | $ 150,038 | |
Purchase accounting | (43,572) | (45,841) | |
Woodbridge [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding Amount | $ 85,052 | 85,052 | |
Woodbridge [Member] | Levitt Capital Trust I [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | Mar. 15, 2005 | ||
Outstanding Amount | $ 23,196 | 23,196 | |
Interest Rate, Description | [1] | LIBOR + 3.85% | |
Basis spread on rate | 3.85% | ||
Maturity Date | Mar. 1, 2035 | ||
Beginning Optional Redemption Date | Mar. 15, 2010 | ||
Woodbridge [Member] | Levitt Capital Trust II [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | May 4, 2005 | ||
Outstanding Amount | $ 30,928 | 30,928 | |
Interest Rate, Description | [1] | LIBOR + 3.80% | |
Basis spread on rate | 3.80% | ||
Maturity Date | Jun. 30, 2035 | ||
Beginning Optional Redemption Date | Jun. 30, 2010 | ||
Woodbridge [Member] | Levitt Capital Trust III [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | Jun. 1, 2006 | ||
Outstanding Amount | $ 15,464 | 15,464 | |
Interest Rate, Description | [1] | LIBOR + 3.80% | |
Basis spread on rate | 3.80% | ||
Maturity Date | Jun. 30, 2036 | ||
Beginning Optional Redemption Date | Jun. 30, 2011 | ||
Woodbridge [Member] | Levitt Capital Trust IV [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | Jul. 18, 2006 | ||
Outstanding Amount | $ 15,464 | 15,464 | |
Interest Rate, Description | [1] | LIBOR + 3.80% | |
Basis spread on rate | 3.80% | ||
Maturity Date | Sep. 30, 2036 | ||
Beginning Optional Redemption Date | Sep. 30, 2011 | ||
Bluegreen [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding Amount | $ 110,827 | 110,827 | |
Bluegreen [Member] | Bluegreen Statutory Trust I [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | Mar. 15, 2005 | ||
Outstanding Amount | $ 23,196 | 23,196 | |
Interest Rate, Description | [1] | LIBOR +4.90% | |
Basis spread on rate | 4.90% | ||
Maturity Date | Mar. 30, 2035 | ||
Beginning Optional Redemption Date | Mar. 30, 2010 | ||
Bluegreen [Member] | Bluegreen Statutory Trust II [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | May 4, 2005 | ||
Outstanding Amount | $ 25,774 | 25,774 | |
Interest Rate, Description | [1] | LIBOR +4.85% | |
Basis spread on rate | 4.85% | ||
Maturity Date | Jul. 30, 2035 | ||
Beginning Optional Redemption Date | Jul. 30, 2010 | ||
Bluegreen [Member] | Bluegreen Statutory Trust III [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | May 10, 2005 | ||
Outstanding Amount | $ 10,310 | 10,310 | |
Interest Rate, Description | [1] | LIBOR +4.85% | |
Basis spread on rate | 4.85% | ||
Maturity Date | Jul. 30, 2035 | ||
Beginning Optional Redemption Date | Jul. 30, 2010 | ||
Bluegreen [Member] | Bluegreen Statutory Trust IV [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | Apr. 24, 2006 | ||
Outstanding Amount | $ 15,464 | 15,464 | |
Interest Rate, Description | [1] | LIBOR +4.85% | |
Basis spread on rate | 4.85% | ||
Maturity Date | Jun. 30, 2036 | ||
Beginning Optional Redemption Date | Jun. 30, 2011 | ||
Bluegreen [Member] | Bluegreen Statutory Trust V [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | Jul. 21, 2006 | ||
Outstanding Amount | $ 15,464 | 15,464 | |
Interest Rate, Description | [1] | LIBOR +4.85% | |
Basis spread on rate | 4.85% | ||
Maturity Date | Sep. 30, 2036 | ||
Beginning Optional Redemption Date | Sep. 30, 2011 | ||
Bluegreen [Member] | Bluegreen Statutory Trust VI [Member] | |||
Debt Instrument [Line Items] | |||
Issue Date | Feb. 26, 2007 | ||
Outstanding Amount | $ 20,619 | $ 20,619 | |
Interest Rate, Description | [1] | LIBOR +4.80% | |
Basis spread on rate | 4.80% | ||
Maturity Date | Apr. 30, 2037 | ||
Beginning Optional Redemption Date | Apr. 30, 2012 | ||
[1] | LIBOR interest rates are indexed to three-month LIBOR and adjust quarterly. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2009 | |
Operating Loss Carryforwards [Line Items] | |||||
Increase (decrease) in deferred tax valuation allowance | $ (127,835) | $ 1,294 | $ (18,022) | ||
Deferred Tax Assets, Valuation Allowance | 129,846 | 257,681 | 256,410 | $ 274,861 | |
Unrecognized tax benefits | 0 | 0 | $ 0 | ||
Federal Authority [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforward | 377,000 | $ 75,300 | |||
Net operating loss carryforward attributed to exercise of stock options | 16,800 | ||||
State Authority [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforward | 439,700 | $ 63,600 | |||
Net operating loss carryforward attributed to exercise of stock options | 16,000 | ||||
BBX Capital Corporation [Member] | Federal Authority [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforward | 110,500 | ||||
Federal tax credit carryforwards | 2,100 | ||||
BBX Capital Corporation [Member] | State Authority [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforward | 533,500 | ||||
BBX Capital Corporation [Member] | Foreign Authority [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforward | 3,800 | ||||
Woodbridge [Member] | Federal Authority [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforward | 105,300 | ||||
Woodbridge [Member] | State Authority [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforward | 210,900 | ||||
Bluegreen [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Alternative minimum tax credit carryforwards | 25,100 | ||||
Bluegreen [Member] | Federal Authority [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforward | $ 5,900 | ||||
Bluegreen [Member] | State Authority [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforward | $ 251,200 |
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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
U.S. | $ 67,272 | $ 67,553 | $ 97,861 |
Foreign | (2,589) | (3,175) | (963) |
Total | $ 64,683 | $ 64,378 | $ 96,898 |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Income Taxes [Abstract] | ||||||||||||||
Current: Federal | $ 5,288 | $ 20,756 | $ 4,275 | |||||||||||
Current: State | 2,445 | 3,904 | 1,948 | |||||||||||
Current provision (benefit), Total | 7,733 | 24,660 | 6,223 | |||||||||||
Deferred: Federal | (74,189) | 11,001 | 19,952 | |||||||||||
Deferred: State | (10,140) | 1,412 | (34) | |||||||||||
Deferred income taxes, Total | (84,329) | 12,413 | 19,918 | |||||||||||
Income Tax Expense (Benefit), Total | $ 935 | $ 4,213 | $ (90,353) | $ 8,609 | $ 5,673 | $ 11,135 | $ 11,511 | $ 8,754 | $ (76,596) | [1] | $ 37,073 | [1] | $ 26,141 | [1] |
[1] | Expected tax is computed based upon income before noncontrolling interests. |
Income Taxes (Actual Provisions
Income Taxes (Actual Provisions For Income Taxes From Continuing Operations Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Income Taxes [Abstract] | |||||||||||||||
Income tax provision at expected federal income tax rate of 35% | [1] | $ 22,639 | $ 22,532 | $ 33,914 | |||||||||||
Income tax provision at expected federal income tax rate, rate | [1] | 35.00% | 35.00% | 35.00% | |||||||||||
Benefit for state taxes, net of federal effect | [1] | $ 9,029 | $ 6,120 | $ 2,947 | |||||||||||
Benefit for state taxes, net of federal effect, rate | [1] | 13.96% | 9.51% | 3.04% | |||||||||||
Taxes related to subsidiaries not consolidated for income tax purposes | [1] | $ (4,842) | $ 1,124 | $ (2,324) | |||||||||||
Taxes related to subsidiaries not consolidated for income tax purposes, rate | [1] | (7.49%) | 1.75% | (2.40%) | |||||||||||
Nondeductible executive compensation | [1] | $ 5,524 | $ 4,993 | $ 3,463 | |||||||||||
Nondeductible executive compensation, rate | [1] | 8.54% | 7.76% | 3.57% | |||||||||||
Bluegreen settlement | [1] | $ 12,820 | |||||||||||||
Bluegreen settlement, Rate | [1] | 19.82% | |||||||||||||
SEC penalty | [1] | $ 1,243 | |||||||||||||
SEC penalty, rate | [1] | 1.92% | |||||||||||||
Decrease in valuation allowance | [1] | $ (127,835) | $ 1,294 | $ (18,022) | |||||||||||
Decrease in valuation allowance, rate | [1] | (197.63%) | 2.01% | (18.60%) | |||||||||||
Other – net | [1] | $ 4,826 | $ 1,010 | $ 6,163 | |||||||||||
Other – net, rate | [1] | 7.46% | 1.57% | 6.36% | |||||||||||
Income Tax Expense (Benefit), Total | $ 935 | $ 4,213 | $ (90,353) | $ 8,609 | $ 5,673 | $ 11,135 | $ 11,511 | $ 8,754 | $ (76,596) | [1] | $ 37,073 | [1] | $ 26,141 | [1] | |
Provision for income taxes, rate | [1] | (118.42%) | 57.60% | 26.97% | |||||||||||
[1] | Expected tax is computed based upon income before noncontrolling interests. |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Abstract] | ||||
Allowance for loan losses, REO, tax certificate losses and write downs for financial statement purposes | $ 41,832 | $ 38,771 | $ 35,560 | |
Federal and State NOL and tax credit carryforward | 237,820 | 270,331 | 289,464 | |
Capital loss carryover | 15 | 766 | 766 | |
Real estate valuation | 33,505 | 42,278 | 42,327 | |
Share based compensation | 3,097 | 5,742 | 4,696 | |
Income recognized for tax purposes and deferred for financial statement purposes | 103 | 103 | 103 | |
Investment in unconsolidated affiliates | 828 | 828 | 828 | |
Property and equipment | 588 | 1,056 | 2,300 | |
Other | 5,685 | 11,467 | 12,058 | |
Total gross deferred tax assets | 323,473 | 371,342 | 388,102 | |
Valuation allowance | (129,846) | (257,681) | (256,410) | $ (274,861) |
Total deferred tax assets | 193,627 | 113,661 | 131,692 | |
Installment sales treatment of notes | 150,237 | 152,419 | 158,065 | |
Intangible assets | 25,368 | 26,467 | 24,292 | |
Junior subordinate notes | 17,205 | 18,700 | 19,313 | |
Deferral of VOI sales and costs under timeshare accounting | 9,222 | 8,554 | 6,264 | |
Investment in securities | 96 | 112 | 89 | |
Other | 93 | 18 | 758 | |
Total gross deferred tax liabilities | 202,221 | 206,270 | 208,781 | |
Net deferred tax liability | (8,594) | (92,609) | (77,089) | $ (57,171) |
Net deferred tax liabilities from acquisitions | 329 | 3,107 | ||
Less change in net deferred tax liability for amount included in other comprehensive income | (15) | |||
Benefit (provision) for deferred income taxes | $ 84,329 | $ (12,413) | $ (19,918) |
Income Taxes (Activity In Defer
Income Taxes (Activity In Deferred Tax Assets Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Balance, beginning of period | $ 257,681 | $ 256,410 | $ 274,861 |
Decrease (Increase) in deferred tax valuation allowance | (127,835) | 1,294 | (18,022) |
Other comprehensive income (loss) | (23) | (27) | |
Acquisitions | (402) | ||
Balance, end of period | $ 129,846 | $ 257,681 | $ 256,410 |
Commitments And Contingencie119
Commitments And Contingencies (BFC, Wholly-Owned Subsidiaries, And Woodbridge) (Details) - USD ($) $ in Thousands | Jun. 05, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | |||
Litigation Settlement, Amount | $ (36,500) | ||
Bluegreen Corporation Shareholder Litigation [Member] | Settled Litigation [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation Settlement, Amount | $ (36,500) | ||
Woodbridge Appraisal Rights Litigation [Member] | |||
Loss Contingencies [Line Items] | |||
Accrued claims | $ 100 | $ 11,900 |
Commitments And Contingencie120
Commitments And Contingencies (Woodbridge Holdings, LLC) (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 05, 2013 | Mar. 11, 2013 | Dec. 31, 2015 | Aug. 31, 2015 | Dec. 31, 2009 | Dec. 31, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Jul. 05, 2012 | Sep. 21, 2009 |
Commitments And Contingencies [Line Items] | ||||||||||
Decrease in equity attributable to Woodbridge's dissenting holders | $ 4.4 | |||||||||
Decrease to additional paid in capital, per share value award | $ 2.8 | |||||||||
Amount of bond in connection with appeal | $ 13.4 | |||||||||
Woodbridge [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Court awarded value | $ 11.9 | |||||||||
Payments for legal settlements | $ 13.7 | $ 13.7 | ||||||||
Woodbridge [Member] | Class A Common Stock [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Shares received in exchange for each share of WHC's Class A Common Stock | 3.47 | |||||||||
Stock price per share | $ 1.78 | $ 1.10 | ||||||||
Dissenting Shareholders Shares | 4,200,000 | |||||||||
BFC [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Decrease in equity attributable to Woodbridge's dissenting holders | $ 4.6 | $ 7.5 |
Commitments And Contingencie121
Commitments And Contingencies (Bluegreen Corporation Shareholder Litigation) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 05, 2015 | Apr. 02, 2013 | Jun. 30, 2015 | Nov. 30, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Loss Contingencies [Line Items] | |||||||
Litigation settlement amount against | $ 36,500 | ||||||
Additional contributions | $ 13,400 | ||||||
Woodbridge [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Promissory note incurred from merger | $ 11,750 | ||||||
Consolidated method ownership percentage | 54.00% | ||||||
Bluegreen [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Payment to former CEO | $ 3,800 | ||||||
Amount of future payment | $ 2,900 | ||||||
Period of future payments of former CEO | 2 years | ||||||
Liabilities for unsold vacation ownership properties | $ 0 | $ 300 | |||||
Purchase agreement period | 5 years | ||||||
Long-term Purchase Commitment, Amount | $ 35,000 | ||||||
Purchase amount under purchase commitment | 5,000 | $ 7,200 | $ 4,000 | ||||
Purchase agreements, remaining amount | 18,900 | ||||||
BBX Capital Corporation [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Additional contributions | $ 11,400 | ||||||
BBX Capital Corporation [Member] | Woodbridge [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Percentage of ownership interest | 46.00% | ||||||
Settled Litigation [Member] | Bluegreen Corporation Shareholder Litigation [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Litigation settlement amount against | $ 36,500 | ||||||
Litigation settlement amount, per share | $ 2.50 | $ 10 | |||||
Promissory note incurred from merger | $ 11,750 | ||||||
Additional contributions | 13,400 | ||||||
Settled Litigation [Member] | Bluegreen Corporation Shareholder Litigation [Member] | BBX Capital Corporation [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Additional contributions | $ 11,400 |
Commitments And Contingencie122
Commitments And Contingencies (BBX Capital) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2015USD ($) | Jul. 31, 2014USD ($)aitem | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2014 | |
Commitments And Contingencies [Line Items] | |||||
Contribution of Property | $ 19,448 | $ 1,920 | |||
Notes And Loans Payable | 123,005 | 107,984 | |||
Debt outstanding | 727,701 | ||||
Sunrise and Bayview Partners, LLC [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Percentage of ownership interest | 50.00% | ||||
Percent guaranteed on outstanding balance of loan | 50.00% | ||||
Issuance of note payable to purchase property and equipment | $ 5,000 | ||||
Hialeah Communities, LLC [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Percentage of ownership interest | 45.00% | ||||
Number of single family homes | item | 394 | ||||
Contribution of Property | $ 15,600 | ||||
Debt outstanding | $ 31,000 | ||||
Guarantor percent of joint venture loan | 26.30% | ||||
BBX Capital Corporation [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Notes And Loans Payable | $ 21,421 | $ 17,923 | |||
Amount in money market account | $ 1,300 | ||||
BBX Capital Corporation [Member] | Sunrise and Bayview Partners, LLC [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Percentage of ownership interest | 50.00% | ||||
Percent guaranteed on outstanding balance of loan | 50.00% | ||||
Issuance of note payable to purchase property and equipment | $ 5,000 | ||||
BBX Capital Corporation [Member] | Hialeah Communities, LLC [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Number of single family homes | item | 394 | ||||
Real estate parcel, acres | a | 50 | ||||
Contribution of Property | $ 15,600 | ||||
Notes And Loans Payable | $ 8,300 | ||||
Procacci Bayview, LLC [Member] | Sunrise and Bayview Partners, LLC [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Percentage of ownership interest | 50.00% |
Commitments And Contingencie123
Commitments And Contingencies (SEC Complaint And NJ Tax Sales Certificates Antitrust Litigation) (Details) - USD ($) | Sep. 24, 2015 | Jan. 14, 2015 | Jan. 12, 2015 | Dec. 21, 2012 | Dec. 31, 2015 |
Commitments And Contingencies [Line Items] | |||||
Legal fee and cost reimbursements | $ 5,800,000 | ||||
Tax certificate issued interest rate | 0.00% | ||||
Alan B. Levan [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Penalty Awarded In Trial By The Judge | $ 1,300,000 | $ 1,560,000 | |||
Barred period | 2 years | ||||
BBX Capital Corporation [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Penalty Awarded In Trial By The Judge | $ 4,550,000 | $ 5,200,000 |
Commitments And Contingencie124
Commitments And Contingencies (Approximate Minimum Future Rental Payments Under Leases) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments And Contingencies [Abstract] | |
2,016 | $ 12,553 |
2,017 | 11,898 |
2,018 | 10,550 |
2,019 | 4,160 |
2,020 | 3,524 |
Thereafter | 19,335 |
Total | $ 62,020 |
Commitments And Contingencie125
Commitments And Contingencies (Summary Of Incurred Rent Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments And Contingencies [Abstract] | |||
Rental expense for premises and equipment | $ 13,745 | $ 12,943 | $ 10,888 |
Stock Incentive Plans (Narrativ
Stock Incentive Plans (Narrative) (Details) | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 01, 2015USD ($)shares | Oct. 06, 2014USD ($)item$ / sharesshares | Oct. 07, 2013USD ($)item$ / sharesshares | Jun. 12, 2013USD ($)$ / shares | May. 01, 2013 | Mar. 31, 2015shares | Oct. 31, 2013$ / sharesshares | Dec. 31, 2015USD ($)itemshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | May. 19, 2015shares | Oct. 31, 2014shares | Jun. 30, 2014shares | Dec. 31, 2012USD ($)shares | Sep. 21, 2009shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Options outstanding | 201,223 | 226,223 | 1,654,643 | 2,263,488 | ||||||||||||
Unearned compensation cost, unvested stock options | $ | $ 0 | |||||||||||||||
Net proceeds upon the exercise of stock options | $ | 10,000 | $ 586,000 | $ 249,000 | |||||||||||||
Intrinsic value of options exercised | $ | 85,000 | 5,038,000 | 961,000 | |||||||||||||
Shares repurchased | 20,000,000 | |||||||||||||||
Aggregate Intrinsic Value, Outstanding | $ | 600,000 | 631,000 | $ 4,104,000 | $ 1,924,000 | ||||||||||||
Aggregate Intrinsic Value, Exercisable | $ | 600,000 | |||||||||||||||
Outstanding Options, Forfeited | 1,302 | |||||||||||||||
Class A Common Stock [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ | $ 14,000 | $ 14,000 | $ 14,000 | |||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1,389,000 | 1,389,000 | 1,389,000 | |||||||||||||
Stock Repurchased and Retired During Period, Shares | 1,549,000 | 1,040,000 | 564,000 | |||||||||||||
Class B Common Stock [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Shares available for grant | 4,500,000 | |||||||||||||||
Restricted Stock [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Unearned compensation cost, unvested stock options | $ | $ 17,200,000 | |||||||||||||||
Compensation costs recognition period | 2 years 11 months 19 days | |||||||||||||||
Compensation cost | $ | $ 5,600,000 | $ 2,500,000 | $ 1,300,000 | |||||||||||||
Number of restricted shares granted | 2,372,592 | 3,575,041 | 410,000 | |||||||||||||
Vesting of RSAs | 3,915,749 | 1,389,072 | 1,389,072 | |||||||||||||
Restricted Stock [Member] | Class A Common Stock [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Shares available for grant | 892,224 | |||||||||||||||
Weighted average fair value | $ / shares | $ 2.45 | $ 3.82 | ||||||||||||||
Grant date fair value of shares | $ | $ 1,000,000 | $ 1,800,000 | ||||||||||||||
Compensation costs recognition period | 4 years | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||||
Number of shares vested | 1,389,072 | 1,753,475 | ||||||||||||||
Number of executive officers, approval from grant of stock | item | 4 | |||||||||||||||
Adjustments Related to Tax Withholding for Share-based Compensation | $ | $ 2,600,000 | $ 1,900,000 | ||||||||||||||
Stock Repurchased and Retired During Period, Shares | 914,677 | 635,133 | ||||||||||||||
Restricted Stock [Member] | Class B Common Stock [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Shares available for grant | 3,100,000 | |||||||||||||||
Weighted average fair value | $ / shares | $ 3.80 | |||||||||||||||
Grant date fair value of shares | $ | $ 11,800,000 | |||||||||||||||
Compensation costs recognition period | 4 years | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||||
Number of shares vested | 773,206 | |||||||||||||||
Number of executive officers, approval from grant of stock | item | 4 | |||||||||||||||
Vested shares | 773,000 | |||||||||||||||
2005 Stock Incentive Plan [Member] | Restricted Stock [Member] | Class A Common Stock [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Options granted | 410,000 | |||||||||||||||
2014 Plan [Member] | Class A Common Stock [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Shares available for grant | 500,000 | |||||||||||||||
2014 Plan [Member] | Class B Common Stock [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Shares available for grant | 8,500,000 | |||||||||||||||
2014 Plan [Member] | Restricted Stock [Member] | Class A Common Stock [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Shares available for grant, subject for approval | 482,224 | |||||||||||||||
BBX Capital Corporation [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Shares available for grant | 0 | 0 | ||||||||||||||
Options outstanding | 7,016 | 15,481 | 21,282 | 36,804 | ||||||||||||
Unearned compensation cost, unvested stock options | $ | $ 14,500,000 | |||||||||||||||
Maximum term of options granted, in years | 10 years | |||||||||||||||
Compensation costs recognition period | 17 months | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||
Compensation cost | $ | $ 5,500,000 | $ 3,700,000 | $ 2,500,000 | |||||||||||||
Adjustments Related to Tax Withholding for Share-based Compensation | $ | $ 0 | 0 | $ 0 | |||||||||||||
Number of share-based compensation plans | item | 2 | |||||||||||||||
Outstanding Options, Forfeited | 3,307 | 7,559 | ||||||||||||||
Fair value of shares vested | $ | $ 6,000,000 | $ 5,500,000 | $ 4,300,000 | |||||||||||||
BBX Capital Corporation [Member] | Class A Common Stock [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Options granted | 419,492 | |||||||||||||||
Grant date fair value of shares | $ | $ 6,500,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||||
Stock Repurchased and Retired During Period, Shares | 1,391,282 | |||||||||||||||
Number of common stock issuable | 1,875,000 | |||||||||||||||
BBX Capital Corporation [Member] | Restricted Stock [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Shares available for grant | 430,000 | |||||||||||||||
Weighted average fair value | $ / shares | $ 13.33 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||||
Number of restricted shares granted | 419,492 | 396,082 | 430,000 | |||||||||||||
Vesting of RSAs | 381,622 | 315,102 | 315,104 | |||||||||||||
BBX Capital Corporation [Member] | Restricted Stock [Member] | Class A Common Stock [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Shares available for grant | 1,000,000 | 396,082 | ||||||||||||||
Weighted average fair value | $ / shares | $ 16.58 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||||||
Number of shares vested | 381,622 | |||||||||||||||
Adjustments Related to Tax Withholding for Share-based Compensation | $ | $ 2,500,000 | |||||||||||||||
Stock Repurchased and Retired During Period, Shares | 159,801 | |||||||||||||||
BBX Capital Corporation [Member] | 2014 Plan [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Shares available for grant | 184,426 | |||||||||||||||
Executive Officers [Member] | Class B Common Stock [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ | $ 7,500,000 | |||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 2,372,592 | |||||||||||||||
Executive Officers [Member] | Restricted Stock [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Stock Incentive Plans (Informat
Stock Incentive Plans (Information On Outstanding Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding Options, Beginning balance | 226,223 | 1,654,643 | 2,263,488 | |
Outstanding Options, Exercised | (25,000) | (1,428,420) | (607,543) | |
Outstanding Options, Forfeited | (1,302) | |||
Outstanding Options, Ending balance | 201,223 | 226,223 | 1,654,643 | 2,263,488 |
Outstanding Options, Exercisable | 201,223 | |||
Weighted Average Exercise Price, Beginning balance | $ 0.41 | $ 0.41 | $ 0.41 | |
Weighted Average Exercise Price, Exercised | 0.41 | 0.41 | 0.41 | |
Weighted Average Exercise Price, Forfeited | 0 | 0 | 0.41 | |
Weighted Average Exercised Price, Expired | 0 | 0 | 0 | |
Weighted Average Exercise Price, Granted | 0 | 0 | 0 | |
Weighted Average Exercise Price, Ending balance | 0.41 | $ 0.41 | $ 0.41 | $ 0.41 |
Weighted Average Exercise Price, Exercisable | $ 0.41 | |||
Outstanding, Weighted Average Remaining Contractual Term (In Years) | 1 year 11 months 5 days | 2 years 7 months 28 days | 1 year 10 months 28 days | 2 years 3 months 11 days |
Exercisable, Weighted Average Remaining Contractual Term (In Years) | 1 year 11 months 5 days | |||
Aggregate Intrinsic Value, Outstanding | $ 600 | $ 631 | $ 4,104 | $ 1,924 |
Aggregate Intrinsic Value, Exercised | 85 | $ 5,038 | $ 961 | |
Aggregate Intrinsic Value, Exercisable | $ 600 | |||
BBX Capital Corporation [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding Options, Beginning balance | 15,481 | 21,282 | 36,804 | |
Outstanding Options, Forfeited | (3,307) | (7,559) | ||
Outstanding Options, Expired | (5,158) | (5,801) | (7,963) | |
Outstanding Options, Ending balance | 7,016 | 15,481 | 21,282 | 36,804 |
Outstanding Options, Exercisable | 7,016 | |||
Weighted Average Exercise Price, Beginning balance | $ 227.03 | $ 289.17 | $ 233 | |
Weighted Average Exercise Price, Forfeited | 92.09 | 124.57 | ||
Weighted Average Exercised Price, Expired | 475.12 | 455 | 185.82 | |
Weighted Average Exercise Price, Ending balance | 108.24 | $ 227.03 | $ 289.17 | $ 233 |
Weighted Average Exercise Price, Exercisable | $ 108.24 | |||
Outstanding, Weighted Average Remaining Contractual Term (In Years) | 1 year 7 months 6 days | 2 years 3 months 18 days | 2 years 6 months | 3 years 1 month 6 days |
Exercisable, Weighted Average Remaining Contractual Term (In Years) | 1 year 7 months 6 days |
Stock Incentive Plans (Unvested
Stock Incentive Plans (Unvested Restricted Stock Activity) (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Restricted Stock, Beginning Balance | 8,516,664 | 6,330,695 | 7,309,767 |
Unvested Restricted Stock, Granted | 2,372,592 | 3,575,041 | 410,000 |
Unvested Restricted Stock, Vested | (3,915,749) | (1,389,072) | (1,389,072) |
Unvested Restricted Stock, Ending Balance | 6,973,507 | 8,516,664 | 6,330,695 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 2.05 | $ 0.78 | $ 0.69 |
Weighted Average Grant Date Fair Value, Granted | 3.16 | 3.80 | 2.45 |
Weighted Average Grant Date Fair Value, Vested | 1.19 | 0.79 | 0.79 |
Weighted Average Grant Date Fair Value, Ending Balance | $ 2.90 | $ 2.05 | $ 0.78 |
BBX Capital Corporation [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Restricted Stock, Beginning Balance | 1,391,282 | 1,310,302 | 1,195,406 |
Unvested Restricted Stock, Granted | 419,492 | 396,082 | 430,000 |
Unvested Restricted Stock, Vested | (381,622) | (315,102) | (315,104) |
Unvested Restricted Stock, Ending Balance | 1,429,152 | 1,391,282 | 1,310,302 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 11.50 | $ 8.76 | $ 6.53 |
Weighted Average Grant Date Fair Value, Granted | 15.60 | 16.58 | 13.33 |
Weighted Average Grant Date Fair Value, Vested | 9.13 | 6.52 | 6.52 |
Weighted Average Grant Date Fair Value, Ending Balance | $ 13.33 | $ 11.50 | $ 8.76 |
Employee Benefit Plans And I129
Employee Benefit Plans And Incentive Compensation Program (Narrative) (Details) | Sep. 13, 2005USD ($) | Jun. 30, 2015USD ($) | Sep. 30, 2005USD ($)item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||||
Term of service to become eligible | 90 days | |||||
Minimum age to participate in plan, in years | 18 years | |||||
Recorded contribution expense | $ 100,000 | $ 100,000 | ||||
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% | ||||
Percent of employee contribution | 3.00% | 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% | 50.00% | ||||
Percent of employee contribution | 2.00% | 2.00% | ||||
Former Chief Financial Officer [Member] | ||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||||
Monthly retirement benefits | $ 5,449 | |||||
Life annuity amount | $ 482,444 | |||||
Number of life annuity payments | item | 120 | |||||
Interest rate on life annuity | 6.50% | |||||
Compensation expense | $ 31,000 | $ 33,000 | $ 35,000 | |||
Postemployment Benefits Liability | $ 459,000 | 494,000 | ||||
Bluegreen [Member] | ||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||||
Term of service to become eligible | 3 months | |||||
Minimum age to participate in plan, in years | 21 years | |||||
Contribution amount | $ 4,800,000 | 6,700,000 | ||||
Compensation expense | $ 3,800,000 | |||||
Recorded contribution expense | $ 4,800,000 | $ 4,600,000 | ||||
Postemployment Benefits Liability | $ 2,900,000 | |||||
Bluegreen [Member] | Maximum [Member] | ||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||||
Percent of employee contribution | 5.00% | |||||
Option for additional discretionary matching contributions percent of participant’s compensation | 6.00% | |||||
Bluegreen [Member] | 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% | |||||
Percent of employee contribution | 3.00% | |||||
Bluegreen [Member] | Next 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 | 50.00% | |||||
Percent of employee contribution | 3.00% |
Employee Benefit Plans And I130
Employee Benefit Plans And Incentive Compensation Program (Defined Contribution 401(k) Plan) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Employee salary contribution limit | [1] | $ 18,000 | $ 17,500 | $ 17,500 |
Percentage of salary limitation | 75.00% | 75.00% | 75.00% | |
Total match contribution | [2] | $ 322,000 | $ 150,000 | |
Employees Over 50 Years [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Employee salary contribution limit | $ 24,000 | $ 23,000 | $ 23,000 | |
[1] | For the years ended December 31, 2015, 2014 and 2013, employees over 50 were entitled to contribute $24,000, $23,000 and $23,000, respectively. | |||
[2] | The employer match vests immediately. BBX Capital did not offer an employer match for the year ended December 31, 2013. |
Shares Subject To Mandatory 131
Shares Subject To Mandatory Redemption (Details) - USD ($) | Jun. 07, 2004 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 21, 2004 | |
Class of Stock [Line Items] | ||||||
Preferred stock designated by board of directors | 10,000,000 | 10,000,000 | ||||
Cumulative Preferred Stock stated value | $ 0.01 | $ 0.01 | ||||
Redemption prices range | $ 1,000 | $ 1,000 | ||||
Temporary Equity, Carrying Amount, Attributable to Parent | ||||||
Shares subject to mandatory redemption | $ 13,098,000 | $ 12,714,000 | ||||
Redeemable Cumulative Preferred Stock, dividend rate | 5.00% | 5.00% | ||||
Other Assets | $ 111,113,000 | $ 92,186,000 | ||||
Number of preferred shares, loan secured by shares | 5,000 | |||||
Carrying Amount [Member] | ||||||
Class of Stock [Line Items] | ||||||
Cumulative Preferred Stock estimated fair value | $ 13,098,000 | 12,714,000 | ||||
5% Cumulative Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock designated by board of directors | 15,000 | |||||
Cumulative Preferred Stock sold | 15,000 | |||||
Cumulative Preferred Stock stated value | $ 1,000 | |||||
Aggregate annual redemption price, per share | 1,000 | |||||
Redeemable Cumulative Preferred Stock, dividend rate | 5.00% | |||||
Temporary Equity, Liquidation Preference Per Share | $ 1,000 | |||||
Quarterly dividends paid | $ 187,500 | |||||
Interest expense | 1,100,000 | 1,100,000 | $ 1,300,000 | |||
Dividends, Preferred Stock, Cash | 750,000 | 750,000 | 750,000 | |||
Loan issued to holders | $ 5,000,000 | |||||
Preferred Shareholders [Member] | Carrying Amount [Member] | ||||||
Class of Stock [Line Items] | ||||||
Other Assets | [1] | $ 5,063,000 | $ 5,000,000 | |||
[1] | Notes receivable from preferred shareholders is included in other assets in BFC's consolidated statements of financial condition as of December 31, 2015 and 2014. |
Common Stock, Preferred Stoc132
Common Stock, Preferred Stock And Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 21, 2009 | |
Equity, Class of Treasury Stock [Line Items] | |||
Minimum acquired ownership interest needing board approval, percentage | 5.00% | ||
Authorized share repurchase program | 20,000,000 | ||
Number of shares repurchased | 0 | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Preferred stock, par value | $ 0.01 | $ 0.01 | |
Cumulative preferred stock, percentage | 5.00% | 5.00% | |
Class A Common Stock [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common stock, shares authorized | 150,000,000 | 150,000,000 | |
Common Stock, par value | $ 0.01 | $ 0.01 | |
Voting power percentage | 22.00% | ||
Common stock, shares outstanding | 73,211,519 | 73,307,012 | |
Class A Common Stock [Member] | Decrease In Class B Common Stock, Scenario One [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Voting power percentage | 40.00% | ||
Class A Common Stock [Member] | Decrease In Class B Common Stock, Scenario Two [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Voting power percentage | 53.00% | ||
Class B Common Stock [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common stock, shares authorized | 20,000,000 | 20,000,000 | |
Common Stock, par value | $ 0.01 | $ 0.01 | |
Voting power percentage | 78.00% | ||
Common stock, shares outstanding | 11,346,336 | 10,168,105 | |
Class B Common Stock [Member] | Decrease In Class B Common Stock, Scenario One [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Voting power percentage | 60.00% | ||
Common stock, shares outstanding | 1,800,000 | ||
Class B Common Stock [Member] | Decrease In Class B Common Stock, Scenario Two [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Voting power percentage | 47.00% | ||
Common stock, shares outstanding | 1,400,000 | ||
Class B Common Stock [Member] | Decrease In Class B Common Stock, Scenario Three [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common stock, shares outstanding | 500,000 | ||
Maximum [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Share repurchase program, value | $ 10 |
Noncontrolling Interests (Summa
Noncontrolling Interests (Summary Of Noncontrolling Interests) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 106,080 | $ 193,800 |
BBX Capital Corporation [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 62,752 | 150,254 |
Joint Ventures [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 43,328 | $ 43,546 |
Noncontrolling Interests (Su134
Noncontrolling Interests (Summary Of Income (Loss) Attributable To Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest - Continuing Operations: | $ 18,805 | $ 13,455 | $ 41,694 | |
BBX Capital Corporation [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest - Continuing Operations: | 4,964 | 2,040 | 23,112 | |
Bluegreen [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest - Continuing Operations: | [1] | 5,298 | ||
Joint Ventures [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest - Continuing Operations: | $ 13,841 | $ 11,415 | $ 13,284 | |
[1] | Represents noncontrolling interest in Bluegreen prior to the April 2, 2013 Bluegreen merger pursuant to which Woodbridge acquired all of the shares of Bluegreen's common stock not previously owned by Woodbridge. See Note 1 for additional information regarding the Bluegreen merger. |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Common Share [Abstract] | |||
Anti-dilutive shares | 0 | 0 | 0 |
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 | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Common Share [Abstract] | |||||||||||
Net income | $ 24,824 | $ 20,671 | $ 90,612 | $ 5,172 | $ (745) | $ 6,673 | $ 14,835 | $ 6,542 | $ 141,279 | $ 27,305 | $ 70,757 |
Less: Noncontrolling interests net income | 18,805 | 13,455 | 41,694 | ||||||||
Net income available to common shareholders | $ 122,474 | $ 13,850 | $ 29,063 | ||||||||
Basic weighted average number of common shares outstanding | 86,839 | 87,023 | 87,093 | 87,136 | 86,943 | 84,326 | 83,513 | 83,185 | 87,022 | 84,502 | 83,202 |
Basic earnings per common shares | $ 0.23 | $ 0.19 | $ 0.97 | $ 0.02 | $ (0.04) | $ 0.05 | $ 0.11 | $ 0.04 | $ 1.41 | $ 0.16 | $ 0.35 |
Effect of dilutive stock-based compensation | 186 | 259 | 1,422 | ||||||||
Diluted weighted average number of common shares outstanding | 87,175 | 87,174 | 87,286 | 87,332 | 86,943 | 84,939 | 84,698 | 84,624 | 87,208 | 84,761 | 84,624 |
Diluted earnings per common share | $ 0.23 | $ 0.19 | $ 0.97 | $ 0.02 | $ (0.04) | $ 0.05 | $ 0.11 | $ 0.04 | $ 1.40 | $ 0.16 | $ 0.35 |
Fair Value Measurement (Narrati
Fair Value Measurement (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Measurement [Abstract] | ||
Impaired homogenous loans delinquent period | 120 days | |
Assets measured at fair value on recurring basis | $ 0 | $ 0 |
Liabilities measured at fair value on recurring basis | 0 | 0 |
Liabilities on a non-recurring basis | $ 0 | $ 0 |
Fair Value Measurement (Assets
Fair Value Measurement (Assets And Liabilities Measured At Fair Value On Non-Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets measured at fair value on non-recurring basis | $ 19,299 | $ 23,349 | |||
Impairment of assets | 3,860 | [1] | 10,917 | [2] | |
Loans measured for impairment using the fair value of the underlying collateral [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets measured at fair value on non-recurring basis | 186 | 2,648 | |||
Impairment of assets | 120 | [1] | 2,161 | [2] | |
Impaired real estate held-for-sale and held-for-investment [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets measured at fair value on non-recurring basis | 13,257 | 20,701 | |||
Impairment of assets | 3,000 | [1] | 8,756 | [2] | |
Impaired loans held-for-sale [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets measured at fair value on non-recurring basis | 5,856 | ||||
Impairment of assets | [1] | 740 | |||
Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets measured at fair value on non-recurring basis | 19,299 | 23,349 | |||
Significant Unobservable Inputs (Level 3) [Member] | Loans measured for impairment using the fair value of the underlying collateral [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets measured at fair value on non-recurring basis | 186 | 2,648 | |||
Significant Unobservable Inputs (Level 3) [Member] | Impaired real estate held-for-sale and held-for-investment [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets measured at fair value on non-recurring basis | 13,257 | $ 20,701 | |||
Significant Unobservable Inputs (Level 3) [Member] | Impaired loans held-for-sale [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets measured at fair value on non-recurring basis | $ 5,856 | ||||
[1] | Total impairments represent the amount of losses recognized during the year ended December 31, 2015 on assets that were held and measured at fair value as of December 31, 2015. | ||||
[2] | Total impairments represent the amount of losses recognized during the year ended December 31, 2014 on assets that were held and measured at fair value as of December 31, 2014. |
Fair Value Measurement (Quantit
Fair Value Measurement (Quantitative Information About Significant Unobservable Inputs Within Level 3) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | $ 19,299 | $ 23,349 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 19,299 | 23,349 | |
Loans measured for impairment using the fair value of the underlying collateral [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 186 | 2,648 | |
Loans measured for impairment using the fair value of the underlying collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 186 | 2,648 | |
Loans measured for impairment using the fair value of the underlying collateral [Member] | Fair Value of Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 186 | 2,648 | |
Loans measured for impairment using the fair value of the underlying collateral [Member] | Minimum [Member] | Fair Value of Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 200 | 100 |
Loans measured for impairment using the fair value of the underlying collateral [Member] | Maximum [Member] | Fair Value of Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 400 | 2,600 |
Loans measured for impairment using the fair value of the underlying collateral [Member] | Weighted Average [Member] | Fair Value of Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 300 | 500 |
Impaired real estate held-for-sale and held-for-investment [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 13,257 | 20,701 | |
Impaired real estate held-for-sale and held-for-investment [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 13,257 | 20,701 | |
Impaired real estate held-for-sale and held-for-investment [Member] | Fair Value of Property [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 13,257 | 20,701 | |
Impaired real estate held-for-sale and held-for-investment [Member] | Minimum [Member] | Fair Value of Property [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 300 | 300 |
Impaired real estate held-for-sale and held-for-investment [Member] | Maximum [Member] | Fair Value of Property [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 11,000 | 8,400 |
Impaired real estate held-for-sale and held-for-investment [Member] | Weighted Average [Member] | Fair Value of Property [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 2,000 | $ 2,000 |
Impaired loans held-for-sale [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 5,856 | ||
Impaired loans held-for-sale [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 5,856 | ||
Impaired loans held-for-sale [Member] | Fair Value of Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 5,856 | ||
Impaired loans held-for-sale [Member] | Minimum [Member] | Fair Value of Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 100 | |
Impaired loans held-for-sale [Member] | Maximum [Member] | Fair Value of Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 500 | |
Impaired loans held-for-sale [Member] | Weighted Average [Member] | Fair Value of Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | $ 200 | |
[1] | Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. | ||
[2] | Range and average appraised values were reduced by costs to sell. |
Fair Value Measurement (Financi
Fair Value Measurement (Financial Disclosures About Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | $ 111,113 | $ 92,186 | |
Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans receivable including loans held for sale, net | 55,389 | 62,267 | |
Notes receivable, net | 415,598 | 424,267 | |
Receivable-backed notes payable | 408,817 | 412,404 | |
Notes and mortgage notes payable and other borrowings | 123,005 | 107,984 | |
BB&T preferred interest in FAR | 12,348 | ||
Junior subordinated debentures | 152,307 | 150,038 | |
Shares subject to mandatory redemption | 13,098 | 12,714 | |
Carrying Amount [Member] | Preferred Shareholders [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | [1] | 5,063 | 5,000 |
Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans receivable including loans held for sale, net | 63,668 | 73,423 | |
Notes receivable, net | 495,000 | 520,000 | |
Receivable-backed notes payable | 406,600 | 411,400 | |
Notes and mortgage notes payable and other borrowings | 124,456 | 108,828 | |
BB&T preferred interest in FAR | 12,383 | ||
Junior subordinated debentures | 116,500 | 134,500 | |
Shares subject to mandatory redemption | 11,900 | 12,215 | |
Fair Value [Member] | Preferred Shareholders [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | [1] | 4,500 | 4,400 |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans receivable including loans held for sale, net | 63,668 | 73,423 | |
Notes receivable, net | 495,000 | 520,000 | |
Receivable-backed notes payable | 406,600 | 411,400 | |
Notes and mortgage notes payable and other borrowings | 124,456 | 108,828 | |
BB&T preferred interest in FAR | 12,383 | ||
Junior subordinated debentures | 116,500 | 134,500 | |
Shares subject to mandatory redemption | 11,900 | 12,215 | |
Significant Unobservable Inputs (Level 3) [Member] | Preferred Shareholders [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | [1] | $ 4,500 | $ 4,400 |
[1] | Notes receivable from preferred shareholders is included in other assets in BFC's consolidated statements of financial condition as of December 31, 2015 and 2014. |
Certain Relationships And Re141
Certain Relationships And Related Party Transactions (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2015 | Mar. 31, 2015 |
BBX Capital Corporation [Member] | |||||
Related Party Transaction [Line Items] | |||||
Consolidated method ownership percentage | 81.00% | 81.00% | 51.00% | ||
Percent of voting power | 90.00% | 74.00% | |||
Woodbridge [Member] | |||||
Related Party Transaction [Line Items] | |||||
Consolidated method ownership percentage | 54.00% | ||||
Class B Common Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock issued | 1,218,000 | ||||
Alan Levan And Mr Abdo [Member] | Class A and B Common Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percent of voting power | 63.00% | ||||
Bluegreen [Member] | |||||
Related Party Transaction [Line Items] | |||||
Allocated consolidated income tax liability and benefits, amount received | $ 19,200 | ||||
Abdo Companies Inc. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Management services expenses | $ 306 | $ 306 | |||
BBX Capital Corporation [Member] | Woodbridge [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership interest | 46.00% | ||||
Number of Shares of BFC’s Class B Common Stock Issued to the BBX Capital Executive [Member] | BBX Capital Executive [Member] | Class B Common Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock issued | 1,218,476 | ||||
Shares Issued, Price Per Share | $ 2.88 | ||||
Number of Shares of BBX Capital’s Class A Common Stock Received by BFC [Member] | Class A Common Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Shares Issued, Price Per Share | $ 15.82 |
Certain Relationships And Re142
Certain Relationships And Related Party Transactions (Schedule Of Shares Issued Related Party Transactions) (Details) - shares | Sep. 30, 2015 | Dec. 31, 2015 |
Class A Common Stock [Member] | Number of Shares of BBX Capital’s Class A Common Stock Received by BFC [Member] | ||
Related Party Transaction [Line Items] | ||
Stock Received In Exchanged For Company Stock | 221,821 | |
Class A Common Stock [Member] | Alan B. Levan [Member] | Number of Shares of BBX Capital’s Class A Common Stock Received by BFC [Member] | ||
Related Party Transaction [Line Items] | ||
Stock Received In Exchanged For Company Stock | 73,843 | |
Class A Common Stock [Member] | John E. Abdo [Member] | Number of Shares of BBX Capital’s Class A Common Stock Received by BFC [Member] | ||
Related Party Transaction [Line Items] | ||
Stock Received In Exchanged For Company Stock | 73,843 | |
Class A Common Stock [Member] | Jarett S. Levan [Member] | Number of Shares of BBX Capital’s Class A Common Stock Received by BFC [Member] | ||
Related Party Transaction [Line Items] | ||
Stock Received In Exchanged For Company Stock | 37,213 | |
Class A Common Stock [Member] | Seth M. Wise [Member] | Number of Shares of BBX Capital’s Class A Common Stock Received by BFC [Member] | ||
Related Party Transaction [Line Items] | ||
Stock Received In Exchanged For Company Stock | 36,922 | |
Class B Common Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 1,218,000 | |
Class B Common Stock [Member] | Alan B. Levan [Member] | Number of Shares of BFC’s Class B Common Stock Issued to the BBX Capital Executive [Member] | ||
Related Party Transaction [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 405,624 | |
Class B Common Stock [Member] | John E. Abdo [Member] | Number of Shares of BFC’s Class B Common Stock Issued to the BBX Capital Executive [Member] | ||
Related Party Transaction [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 405,624 | |
Class B Common Stock [Member] | Jarett S. Levan [Member] | Number of Shares of BFC’s Class B Common Stock Issued to the BBX Capital Executive [Member] | ||
Related Party Transaction [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 204,413 | |
Class B Common Stock [Member] | Seth M. Wise [Member] | Number of Shares of BFC’s Class B Common Stock Issued to the BBX Capital Executive [Member] | ||
Related Party Transaction [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 202,815 | |
Class B Common Stock [Member] | BBX Capital Executive [Member] | Number of Shares of BFC’s Class B Common Stock Issued to the BBX Capital Executive [Member] | ||
Related Party Transaction [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 1,218,476 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015segment | |
Segment Reporting Information [Line Items] | |
Minimum number of operating segments with similar characteristics to be considered as a reportable segment | 1 |
Number of operating segments | 2 |
Woodbridge [Member] | |
Segment Reporting Information [Line Items] | |
Consolidated method ownership percentage | 54.00% |
BBX Capital Corporation [Member] | Woodbridge [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of ownership interest | 46.00% |
Woodbridge [Member] | Bluegreen [Member] | |
Segment Reporting Information [Line Items] | |
Consolidated method ownership percentage | 100.00% |
Segment Reporting (Segment Info
Segment Reporting (Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Sales of VOIs | $ 259,236 | $ 262,334 | $ 261,439 | |||||||||||
Fee-based sales commission revenue | 173,659 | 144,239 | 91,859 | |||||||||||
Other fee-based service revenue | 97,539 | 92,089 | 80,125 | |||||||||||
Trade sales | 84,284 | 74,083 | 10,243 | |||||||||||
Interest income | 88,765 | 86,492 | 106,271 | |||||||||||
Net gains on the sale of assets | 31,092 | 5,527 | 6,728 | |||||||||||
Other revenue | 5,632 | 7,422 | 7,098 | |||||||||||
Total revenues | $ 200,052 | $ 199,291 | $ 190,971 | $ 149,893 | $ 163,525 | $ 185,215 | $ 173,036 | $ 150,410 | 740,207 | 672,186 | 563,763 | |||
Cost of sales of VOIs | 22,884 | 30,766 | 32,607 | |||||||||||
Cost of other fee-based services | 60,942 | 56,941 | 52,817 | |||||||||||
Cost of trade sales | 62,707 | 54,682 | 7,860 | |||||||||||
Interest expense | 40,408 | 47,402 | 50,621 | |||||||||||
Recoveries from loan losses | (13,457) | (7,155) | (43,865) | |||||||||||
Impairments of assets | 287 | 7,015 | 4,708 | |||||||||||
Litigation settlement | 36,500 | |||||||||||||
Selling, general and administrative expenses | 466,700 | 421,649 | 361,958 | |||||||||||
Total costs and expenses | 173,561 | 175,218 | 191,605 | 136,587 | 160,682 | 167,328 | 147,809 | 135,481 | 676,971 | 611,300 | 466,706 | |||
Equity in (loss) earnings from unconsolidated affiliates | (812) | (158) | (291) | (304) | (336) | (205) | (26) | (6) | (1,565) | (573) | (30) | |||
Foreign exchange loss | (403) | (236) | 70 | (469) | (230) | (319) | 141 | (307) | (1,038) | (715) | (357) | |||
Other income, net | 483 | 1,205 | 1,114 | 1,248 | 2,651 | 445 | 1,004 | 680 | 4,050 | 4,780 | 228 | |||
Income before income taxes | 25,759 | 24,884 | 259 | 13,781 | 4,928 | 17,808 | 26,346 | 15,296 | 64,683 | 64,378 | 96,898 | |||
Benefit (provision) for income taxes (See Note 14) | (935) | (4,213) | 90,353 | (8,609) | (5,673) | (11,135) | (11,511) | (8,754) | 76,596 | [1] | (37,073) | [1] | (26,141) | [1] |
Net income | 24,824 | 20,671 | 90,612 | 5,172 | (745) | 6,673 | 14,835 | 6,542 | 141,279 | 27,305 | 70,757 | |||
Less: Net income attributable to noncontrolling interests | 4,889 | 4,313 | 6,317 | 3,286 | 1,629 | 2,845 | 5,575 | 3,406 | 18,805 | 13,455 | 41,694 | |||
Net income attributable to BFC | 19,935 | $ 16,358 | $ 84,295 | $ 1,886 | (2,374) | $ 3,828 | $ 9,260 | $ 3,136 | 122,474 | 13,850 | 29,063 | |||
Total assets | 1,349,698 | 1,411,296 | 1,349,698 | 1,411,296 | 1,441,365 | |||||||||
Unallocated Amounts And Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Trade sales | (1) | (23) | ||||||||||||
Interest income | (5,622) | (603) | (296) | |||||||||||
Other revenue | (419) | (632) | (438) | |||||||||||
Total revenues | (6,041) | (1,236) | (757) | |||||||||||
Interest expense | (6,040) | 3,497 | 4,145 | |||||||||||
Selling, general and administrative expenses | (1,041) | 17,682 | 16,028 | |||||||||||
Total costs and expenses | (7,081) | 21,179 | 20,173 | |||||||||||
Equity in earnings from Woodbridge, LLC | (14,974) | |||||||||||||
Equity in (loss) earnings from unconsolidated affiliates | 391 | (25,296) | (13,491) | |||||||||||
Other income, net | (1,059) | 4,780 | 228 | |||||||||||
Income before income taxes | (14,602) | (42,931) | (34,193) | |||||||||||
Benefit (provision) for income taxes (See Note 14) | 44,081 | (40,174) | (25,827) | |||||||||||
Net income | 29,479 | (83,105) | (60,020) | |||||||||||
Less: Net income attributable to noncontrolling interests | 5,347 | 13,455 | 41,694 | |||||||||||
Net income attributable to BFC | 24,132 | (96,560) | (101,714) | |||||||||||
Total assets | (518,088) | (340,807) | (518,088) | (340,807) | (317,204) | |||||||||
Bluegreen [Member] | Reportable Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Sales of VOIs | 259,236 | 262,334 | 261,439 | |||||||||||
Fee-based sales commission revenue | 173,659 | 144,239 | 91,859 | |||||||||||
Other fee-based service revenue | 97,539 | 92,089 | 80,125 | |||||||||||
Interest income | 84,331 | 81,666 | 82,230 | |||||||||||
Total revenues | 614,765 | 580,328 | 515,653 | |||||||||||
Cost of sales of VOIs | 22,884 | 30,766 | 32,607 | |||||||||||
Cost of other fee-based services | 60,942 | 56,941 | 52,817 | |||||||||||
Interest expense | 35,698 | 41,324 | 41,137 | |||||||||||
Selling, general and administrative expenses | 373,804 | 345,191 | 306,559 | |||||||||||
Total costs and expenses | 493,328 | 474,222 | 433,120 | |||||||||||
Other income, net | 2,883 | |||||||||||||
Income before income taxes | 124,320 | 106,106 | 82,533 | |||||||||||
Benefit (provision) for income taxes (See Note 14) | (42,311) | |||||||||||||
Net income | 82,009 | 106,106 | 82,533 | |||||||||||
Less: Net income attributable to noncontrolling interests | 11,705 | |||||||||||||
Net income attributable to BFC | 70,304 | 106,106 | 82,533 | |||||||||||
Total assets | 1,090,031 | 1,045,498 | 1,090,031 | 1,045,498 | 1,086,316 | |||||||||
BBX Capital Corporation [Member] | Reportable Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Trade sales | 84,284 | |||||||||||||
Interest income | 10,056 | 1,515 | 14,490 | |||||||||||
Net gains on the sale of assets | 31,092 | 3,651 | 3,525 | |||||||||||
Other revenue | 6,051 | 3,607 | 4,047 | |||||||||||
Total revenues | 131,483 | 8,773 | 22,062 | |||||||||||
Cost of trade sales | 62,707 | |||||||||||||
Interest expense | 326 | 815 | 1,774 | |||||||||||
Recoveries from loan losses | (13,457) | (10,169) | (34,128) | |||||||||||
Impairments of assets | 287 | 266 | 219 | |||||||||||
Selling, general and administrative expenses | 70,709 | 30,700 | 27,132 | |||||||||||
Total costs and expenses | 120,572 | 21,612 | (5,003) | |||||||||||
Equity in earnings from Woodbridge, LLC | 14,974 | |||||||||||||
Equity in (loss) earnings from unconsolidated affiliates | (1,565) | 24,723 | 13,461 | |||||||||||
Foreign exchange loss | (1,038) | |||||||||||||
Income before income taxes | 23,282 | 11,884 | 40,526 | |||||||||||
Benefit (provision) for income taxes (See Note 14) | 245 | |||||||||||||
Net income | 23,527 | 11,884 | 40,526 | |||||||||||
Less: Net income attributable to noncontrolling interests | 1,753 | |||||||||||||
Net income attributable to BFC | 21,774 | 11,884 | 40,526 | |||||||||||
Total assets | 393,541 | 550,993 | 393,541 | 550,993 | 476,947 | |||||||||
Florida Asset Resolution Group LLC [Member] | Reportable Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Interest income | 3,907 | 9,847 | ||||||||||||
Net gains on the sale of assets | 1,876 | 3,203 | ||||||||||||
Other revenue | 4,442 | 3,489 | ||||||||||||
Total revenues | 10,225 | 16,539 | ||||||||||||
Interest expense | 775 | 3,397 | ||||||||||||
Recoveries from loan losses | 3,014 | (9,737) | ||||||||||||
Impairments of assets | 6,749 | 4,489 | ||||||||||||
Selling, general and administrative expenses | 8,347 | 10,257 | ||||||||||||
Total costs and expenses | 18,885 | 8,406 | ||||||||||||
Income before income taxes | (8,660) | 8,133 | ||||||||||||
Benefit (provision) for income taxes (See Note 14) | (20) | |||||||||||||
Net income | (8,660) | 8,113 | ||||||||||||
Net income attributable to BFC | (8,660) | 8,113 | ||||||||||||
Total assets | 100,306 | 100,306 | 166,114 | |||||||||||
Renin Term Loan [Member] | Reportable Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Trade sales | 57,839 | 9,300 | ||||||||||||
Total revenues | 57,839 | 9,300 | ||||||||||||
Cost of trade sales | 43,888 | 7,227 | ||||||||||||
Interest expense | 551 | 144 | ||||||||||||
Selling, general and administrative expenses | 14,729 | 1,636 | ||||||||||||
Total costs and expenses | 59,168 | 9,007 | ||||||||||||
Foreign exchange loss | (715) | (357) | ||||||||||||
Income before income taxes | (2,044) | (64) | ||||||||||||
Benefit (provision) for income taxes (See Note 14) | (6) | (294) | ||||||||||||
Net income | (2,050) | (358) | ||||||||||||
Net income attributable to BFC | (2,050) | (358) | ||||||||||||
Total assets | 23,661 | 23,661 | 23,809 | |||||||||||
BBX Sweet Holdings [Member] | Reportable Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Trade sales | 16,245 | 966 | ||||||||||||
Interest income | 7 | |||||||||||||
Other revenue | 5 | |||||||||||||
Total revenues | 16,257 | 966 | ||||||||||||
Cost of trade sales | 10,794 | 633 | ||||||||||||
Interest expense | 440 | 24 | ||||||||||||
Selling, general and administrative expenses | 5,000 | 346 | ||||||||||||
Total costs and expenses | 16,234 | 1,003 | ||||||||||||
Income before income taxes | 23 | (37) | ||||||||||||
Benefit (provision) for income taxes (See Note 14) | 3,107 | |||||||||||||
Net income | 3,130 | (37) | ||||||||||||
Net income attributable to BFC | 3,130 | (37) | ||||||||||||
Total assets | $ 31,645 | $ 31,645 | $ 5,383 | |||||||||||
Other Operations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Interest expense | 10,424 | |||||||||||||
Litigation settlement | 36,500 | |||||||||||||
Selling, general and administrative expenses | 23,228 | |||||||||||||
Total costs and expenses | 70,152 | |||||||||||||
Equity in (loss) earnings from unconsolidated affiliates | (391) | |||||||||||||
Other income, net | 2,226 | |||||||||||||
Income before income taxes | (68,317) | |||||||||||||
Benefit (provision) for income taxes (See Note 14) | 74,581 | |||||||||||||
Net income | 6,264 | |||||||||||||
Net income attributable to BFC | 6,264 | |||||||||||||
Total assets | $ 384,214 | $ 384,214 | ||||||||||||
[1] | Expected tax is computed based upon income before noncontrolling interests. |
Selected Quarterly Results (Det
Selected Quarterly Results (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Selected Quarterly Results [Abstract] | ||||||||||||||
Revenues | $ 200,052 | $ 199,291 | $ 190,971 | $ 149,893 | $ 163,525 | $ 185,215 | $ 173,036 | $ 150,410 | $ 740,207 | $ 672,186 | $ 563,763 | |||
Costs and expenses | 173,561 | 175,218 | 191,605 | 136,587 | 160,682 | 167,328 | 147,809 | 135,481 | 676,971 | 611,300 | 466,706 | |||
Gross profit | 26,491 | 24,073 | (634) | 13,306 | 2,843 | 17,887 | 25,227 | 14,929 | 63,236 | 60,886 | ||||
Equity in losses of unconsolidated real estate joint ventures | (812) | (158) | (291) | (304) | (336) | (205) | (26) | (6) | (1,565) | (573) | (30) | |||
Foreign exchange loss | (403) | (236) | 70 | (469) | (230) | (319) | 141 | (307) | (1,038) | (715) | (357) | |||
Other income, net | 483 | 1,205 | 1,114 | 1,248 | 2,651 | 445 | 1,004 | 680 | 4,050 | 4,780 | 228 | |||
Income before income taxes | 25,759 | 24,884 | 259 | 13,781 | 4,928 | 17,808 | 26,346 | 15,296 | 64,683 | 64,378 | 96,898 | |||
Income taxes provision | 935 | 4,213 | (90,353) | 8,609 | 5,673 | 11,135 | 11,511 | 8,754 | (76,596) | [1] | 37,073 | [1] | 26,141 | [1] |
Net income | 24,824 | 20,671 | 90,612 | 5,172 | (745) | 6,673 | 14,835 | 6,542 | 141,279 | 27,305 | 70,757 | |||
Less: Net income attributable to noncontrolling interests | 4,889 | 4,313 | 6,317 | 3,286 | 1,629 | 2,845 | 5,575 | 3,406 | 18,805 | 13,455 | 41,694 | |||
Net income attributable to BFC | $ 19,935 | $ 16,358 | $ 84,295 | $ 1,886 | $ (2,374) | $ 3,828 | $ 9,260 | $ 3,136 | $ 122,474 | $ 13,850 | $ 29,063 | |||
Basic earnings per share | $ 0.23 | $ 0.19 | $ 0.97 | $ 0.02 | $ (0.04) | $ 0.05 | $ 0.11 | $ 0.04 | $ 1.41 | $ 0.16 | $ 0.35 | |||
Diluted earnings per share | $ 0.23 | $ 0.19 | $ 0.97 | $ 0.02 | $ (0.04) | $ 0.05 | $ 0.11 | $ 0.04 | $ 1.40 | $ 0.16 | $ 0.35 | |||
Basic weighted average number of common shares outstanding | 86,839 | 87,023 | 87,093 | 87,136 | 86,943 | 84,326 | 83,513 | 83,185 | 87,022 | 84,502 | 83,202 | |||
Diluted weighted average number of common and common equivalent shares outstanding | 87,175 | 87,174 | 87,286 | 87,332 | 86,943 | 84,939 | 84,698 | 84,624 | 87,208 | 84,761 | 84,624 | |||
[1] | Expected tax is computed based upon income before noncontrolling interests. |
Real Estate Investments And 146
Real Estate Investments And Accumulated Depreciation (Real Estate Investments And Accumulated Depreciation By Property) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Total Cost | $ 7,900 | $ 22,440 | |
Accumulated Depreciation | 840 | $ 630 | |
Aggregate cost for federal income tax purposes | 6,400 | ||
Robo Vault [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Initial Cost, Land | 1,590 | ||
Initial Cost, Buildings and Improvements | 6,310 | ||
Total Cost | [1] | 7,900 | |
Accumulated Depreciation | $ 840 | ||
Year of Construction | 2,009 | ||
Foreclosure | 2013-04 | ||
Depreciable Lives (Years) | 40 years | ||
[1] | The aggregate cost for federal income tax purposes is $6.4 million. |
Real Estate Investments And 147
Real Estate Investments And Accumulated Depreciation (Change In Real Estate Investments) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Real Estate Investments And Accumulated Depreciation [Abstract] | |
Total Costs, Balance at December 31, 2014 | $ 22,440 |
Transfer to held-for-sale | (14,540) |
Total Costs, Balance at December 31, 2015 | 7,900 |
Accumulated Depreciation, Balance at December 31, 2014 | 630 |
Accumulated Depreciation, Depreciation | 652 |
Accumulated Depreciation, Transfer to held-for-sale | (442) |
Accumulated Depreciation, Balance at December 31, 2015 | $ 840 |
Mortgage Loans On Real Estate (
Mortgage Loans On Real Estate (Mortgage Loans On Real Estate, By Loan) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)loan | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Prior Liens | $ 8,860 | |
Mortgage Loans on Real Estate, Face Amount of Loans | 66,679 | |
Mortgage Loans on Real Estate, Carrying Amount of Loans | 43,545 | [1] |
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | 28,360 | |
Aggregate cost for federal income tax purposes | $ 48,500 | |
First-lien 1-4 Family [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 101 | [2] |
Mortgage Loans on Real Estate, Interest Rate | 5.71% | [2],[3] |
Mortgage Loans on Real Estate, Final Maturity Date | Dec. 17, 2033 | [2],[4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | [2] |
Mortgage Loans on Real Estate, Face Amount of Loans | $ 34,432 | [2] |
Mortgage Loans on Real Estate, Carrying Amount of Loans | 21,354 | [1],[2] |
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | $ 27,450 | [2] |
Second lien -Consumer Held-For-Investment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 45 | |
Mortgage Loans on Real Estate, Interest Rate | 3.21% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | Feb. 18, 2017 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Prior Liens | $ 8,107 | |
Mortgage Loans on Real Estate, Face Amount of Loans | 4,686 | |
Mortgage Loans on Real Estate, Carrying Amount of Loans | 2,368 | [1] |
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | $ 910 | |
Small Business Real Estate [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 18 | |
Mortgage Loans on Real Estate, Interest Rate | 7.05% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | Jul. 14, 2023 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Face Amount of Loans | $ 4,373 | |
Mortgage Loans on Real Estate, Carrying Amount of Loans | $ 3,529 | [1] |
Commercial Real Estate Held-For-Investment [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 1 | |
Mortgage Loans on Real Estate, Interest Rate | 5.00% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | May 31, 2016 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Face Amount of Loans | $ 879 | |
Mortgage Loans on Real Estate, Carrying Amount of Loans | $ 879 | [1] |
Retail [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 1 | |
Mortgage Loans on Real Estate, Interest Rate | 7.00% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | Jun. 20, 2018 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Face Amount of Loans | $ 2,074 | |
Mortgage Loans on Real Estate, Carrying Amount of Loans | $ 2,074 | [1] |
Marina [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 1 | |
Mortgage Loans on Real Estate, Interest Rate | 2.08% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | Jan. 1, 2018 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Face Amount of Loans | $ 4,500 | |
Mortgage Loans on Real Estate, Carrying Amount of Loans | $ 2,206 | [1] |
Apartment Building [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 1 | |
Mortgage Loans on Real Estate, Interest Rate | 5.00% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | Jun. 1, 2017 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Face Amount of Loans | $ 8,048 | |
Mortgage Loans on Real Estate, Carrying Amount of Loans | $ 3,448 | [1] |
Residential [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 1 | |
Mortgage Loans on Real Estate, Interest Rate | 5.75% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | May 1, 2016 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Prior Liens | $ 753 | |
Mortgage Loans on Real Estate, Face Amount of Loans | 3,702 | |
Mortgage Loans on Real Estate, Carrying Amount of Loans | $ 3,702 | [1] |
Land [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 1 | |
Mortgage Loans on Real Estate, Interest Rate | 4.00% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | Dec. 31, 2016 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Maturity | |
Mortgage Loans on Real Estate, Face Amount of Loans | $ 3,985 | |
Mortgage Loans on Real Estate, Carrying Amount of Loans | $ 3,985 | [1] |
[1] | The aggregate cost for federal income tax purposes was $48.5 million. | |
[2] | The Company does not own the servicing on these loans. | |
[3] | Represents weighted average interest rates for mortgage loans grouped by category when there is more than one loan in the category. | |
[4] | Represents weighted average maturity dates for mortgage loans grouped by category when there is more than one loan in the category. |
Mortgage Loans On Real Estat149
Mortgage Loans On Real Estate (Change In Mortgage Loans) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Mortgage Loans On Real Estate [Abstract] | |
Balance at December 31, 2014 | $ 61,230 |
Collections of principal | (14,470) |
Foreclosures | (3,215) |
Balance at December 31, 2015 | $ 43,545 |