Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 05, 2018 | Jun. 30, 2017 | |
Entity Registrant Name | BBX Capital Corp | ||
Entity Central Index Key | 315,858 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
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 | $ 389.6 | ||
Class A Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 85,709,163 | ||
Class B Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 17,984,221 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
ASSETS | |||
Cash and cash equivalents | $ 362,526 | $ 299,861 | |
Restricted cash ($19,488 in 2017 and $21,894 in 2016 in variable interest entities ("VIEs")) | 46,721 | 46,456 | |
Loans receivable, net | 19,454 | 25,521 | |
Notes receivable, net ($282,599 in 2017 and $287,012 in 2016 in VIEs) | 431,801 | 430,480 | |
Trade inventory | 23,902 | 14,726 | |
Vacation ownership interet ("VOI") inventory | 281,291 | 238,534 | |
Real estate ($27,828 in 2017 and $33,345 in 2016 held for sale) | 68,536 | 61,003 | |
Investments in unconsolidated real estate joint ventures | 47,275 | 43,491 | |
Property and equipment, net | 112,858 | 95,998 | |
Goodwill | 39,482 | 6,731 | |
Intangible assets, net | 70,449 | 68,455 | |
Other assets | 102,370 | 104,812 | |
Total assets | 1,606,665 | 1,436,068 | |
Liabilities: | |||
Accounts payable | 31,370 | 28,855 | |
Deferred income | 36,311 | 37,015 | |
Escrow deposits | 21,079 | 20,152 | |
Other liabilities | 103,926 | 95,611 | |
Receivable-backed notes payable - recourse | 84,697 | 87,631 | |
Receivable-backed notes payable - non-recourse (in VIEs) | 336,421 | 327,358 | |
Notes payable and other borrowings | 144,114 | 133,790 | |
Junior subordinated debentures | [1] | 135,414 | 152,367 |
Deferred income taxes | 43,093 | 44,318 | |
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 | 13,974 | 13,517 | |
Total liabilities | 950,399 | 940,614 | |
Commitments and contingencies (See Note 15) | |||
Redeemable noncontrolling interest | 2,765 | ||
Equity: | |||
Preferred stock of $.01 par value; authorized 10,000,000 shares: | |||
Additional paid-in capital | 229,379 | 193,347 | |
Accumulated earnings | 341,146 | 259,110 | |
Accumulated other comprehensive income | 1,708 | 1,167 | |
Total shareholders' equity | 573,230 | 454,604 | |
Noncontrolling interests | 80,271 | 40,850 | |
Total equity | 653,501 | 495,454 | |
Total liabilities and equity | 1,606,665 | 1,436,068 | |
Class A Common Stock [Member] | |||
Equity: | |||
Common stock | 857 | 848 | |
Class B Common Stock [Member] | |||
Equity: | |||
Common stock | $ 140 | $ 132 | |
[1] | Amounts as of December 31, 2017 and 2016 include purchase accounting adjustments which reduced the carrying value by $40.4 million and $41.8 million, respectively. |
Consolidated Statements Of Fin3
Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted cash | $ 46,721 | $ 46,456 |
Notes receivable, net | 431,801 | 430,480 |
Real estate held-for-sale | $ 27,828 | $ 33,345 |
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 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Restricted cash | $ 19,488 | $ 21,894 |
Notes receivable, net | $ 282,599 | $ 287,012 |
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 | 85,689,163 | 84,844,439 |
Common stock, shares outstanding | 85,689,163 | 84,844,439 |
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 | 13,963,200 | 13,184,789 |
Common stock, shares outstanding | 13,963,200 | 13,184,789 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Revenues | ||||
Sales of VOIs | $ 239,662 | $ 266,142 | $ 259,236 | |
Fee-based sales commission revenue | 229,389 | 201,829 | 173,659 | |
Other fee-based services revenue | 111,819 | 103,448 | 97,539 | |
Trade sales | 142,798 | 95,996 | 84,284 | |
Interest income | 83,708 | 85,746 | 89,071 | |
Net gains on sales of assets | 2,442 | 6,076 | 31,092 | |
Other revenue | 5,964 | 8,058 | 9,376 | |
Total revenues | 815,782 | 767,295 | 744,257 | |
Costs and Expenses | ||||
Cost of sales of VOIs | 17,439 | 27,346 | 22,884 | |
Cost of other fee-based services | 68,336 | 64,479 | 60,942 | |
Cost of trade sales | 97,755 | 74,341 | 62,707 | |
Interest expense | 35,205 | 36,037 | 40,408 | |
Recoveries from loan losses, net | (7,495) | (20,508) | (13,457) | |
Asset impairments, net | 7,431 | 4,656 | 287 | |
Net gains on cancellation of junior subordinated debentures | (6,929) | |||
Litigation settlement | 36,500 | |||
Reimbursements of litigation costs and penalty | (13,169) | |||
Selling, general and administrative expenses | 538,125 | 516,757 | 466,700 | |
Total costs and expenses | 736,698 | 703,108 | 676,971 | |
Equity in net earnings (losses) of unconsolidated real estate joint ventures | 14,483 | 13,630 | (1,565) | |
Foreign exchange (loss) gain | (193) | 219 | (1,038) | |
Income before income taxes | 93,374 | 78,036 | 64,683 | |
Benefit (provision) for income taxes | [1] | 7,223 | (36,379) | 76,596 |
Net income | 100,597 | 41,657 | 141,279 | |
Less: Net income attributable to noncontrolling interests | 18,402 | 13,295 | 18,805 | |
Net income attributable to shareholders | $ 82,195 | $ 28,362 | $ 122,474 | |
Basic earnings per share | $ 0.83 | $ 0.33 | $ 1.41 | |
Diluted earnings per share | $ 0.79 | $ 0.32 | $ 1.40 | |
Basic weighted average number of common shares outstanding | 98,745 | 86,902 | 87,022 | |
Diluted weighted average number of common and common equivalent shares outstanding | 103,916 | 87,492 | 87,208 | |
Other comprehensive income, net of tax: | ||||
Unrealized gains (losses) on securities available for sale net of taxes: $20 provision for 2017, $131 provision for 2016 and $(16) benefit for 2015 | $ 135 | $ (33) | $ (10) | |
Foreign currency translation adjustments | 406 | 584 | 353 | |
Other comprehensive income, net | 541 | 551 | 343 | |
Comprehensive income, net of tax | 101,138 | 42,208 | 141,622 | |
Less: Comprehensive income attributable to noncontrolling interests | 18,402 | 13,295 | 18,885 | |
Comprehensive income attributable to shareholders | $ 82,736 | $ 28,913 | $ 122,737 | |
Class A Common Stock [Member] | ||||
Costs and Expenses | ||||
Cash dividends declared per common share | $ 0.030 | $ 0.015 | $ 0 | |
Class B Common Stock [Member] | ||||
Costs and Expenses | ||||
Cash dividends declared per common share | $ 0.030 | $ 0.015 | $ 0 | |
[1] | Expected tax is computed based upon income before income taxes. |
Consolidated Statements Of Ope5
Consolidated Statements Of Operations And Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Unrealized (losses) gain on securities available for sale, Tax | $ 20 | $ 131 | $ (16) |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity - USD ($) $ in Thousands | Total Shareholders' Equity [Member]Class A Common Stock [Member] | Total Shareholders' Equity [Member]Class B Common Stock [Member] | Total Shareholders' Equity [Member] | Common Stock [Member]Class A Common Stock [Member] | Common Stock [Member]Class B Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Earnings [Member]Class A Common Stock [Member] | Accumulated Earnings [Member]Class B Common Stock [Member] | Accumulated Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Non-controlling Interests [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Total |
Beginning balance at Dec. 31, 2014 | $ 252,906 | $ 733 | $ 102 | $ 142,058 | $ 109,660 | $ 353 | $ 193,800 | $ 446,706 | ||||||
Beginning 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 | 1,904 | 1,904 | 1,039 | 2,943 | ||||||||||
Distributions to noncontrolling interests | (14,059) | (14,059) | ||||||||||||
Net effect of tender offer for BCC attributable to non-controlling interest | 92,763 | 92,763 | (92,763) | |||||||||||
Consideration paid in connection with the tender offer for BCC | (95,424) | (95,424) | (95,424) | |||||||||||
Increase in investment in BCC from share exchange agreements | 822 | $ 11 | 811 | (822) | ||||||||||
Increase in investment in BCC from share exchange agreements, shares | 1,218,000 | |||||||||||||
Repurchase and retirement of common stock, value | (4,454) | $ (15) | (4,439) | (4,454) | ||||||||||
Repurchase and retirement of common stock, shares | (1,549,000) | |||||||||||||
Conversion of common stock from Class B to Class A, shares | 40,000 | (40,000) | ||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, value | $ 14 | (14) | ||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, shares | 1,389,000 | |||||||||||||
Issuance of Common Stock from exercise of options, value | 10 | 10 | 10 | |||||||||||
Issuance of Common Stock from exercise of options, shares | 25,000 | |||||||||||||
Share-based compensation | 5,562 | 5,562 | 5,562 | |||||||||||
Ending balance at Dec. 31, 2015 | 376,826 | $ 732 | $ 113 | 143,231 | 232,134 | 616 | 106,080 | 482,906 | ||||||
Ending balance, shares at Dec. 31, 2015 | 73,212,000 | 11,346,000 | ||||||||||||
Net income | 28,362 | 28,362 | 13,295 | 41,657 | ||||||||||
Other comprehensive income | 360 | 360 | 360 | |||||||||||
Subsidiaries' capital transactions | 1,608 | 1,608 | 413 | 2,021 | ||||||||||
Distributions to noncontrolling interests | (12,250) | (12,250) | ||||||||||||
Increase in investment in BCC from share exchange agreements | 1,116 | $ 15 | 1,101 | (1,116) | ||||||||||
Increase in investment in BCC from share exchange agreements, shares | 1,531,000 | |||||||||||||
Issuance of Class A common stock and consideration paid to aquire BCC noncontrolling interest, amount | 48,678 | $ 121 | 48,366 | 191 | (65,572) | (16,894) | ||||||||
Issuance of Class A common stock and consideration paid to aquire BCC noncontrolling interest, shares | 12,038,000 | |||||||||||||
Common stock cash dividends declared | $ (1,174) | $ (212) | $ (1,174) | $ (212) | $ (1,174) | $ (212) | ||||||||
Repurchase and retirement of common stock, value | (7,320) | $ (19) | $ (2) | (7,299) | (7,320) | |||||||||
Repurchase and retirement of common stock, shares | (1,880,000) | (247,000) | ||||||||||||
Conversion of common stock from Class B to Class A, shares | 38,000 | (38,000) | ||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, value | $ 14 | $ 6 | (20) | |||||||||||
Issuance of Common Stock from vesting of restricted stock awards, shares | 1,389,000 | 593,000 | ||||||||||||
Issuance of Common Stock from exercise of options, value | 10 | 10 | 10 | |||||||||||
Issuance of Common Stock from exercise of options, shares | 48,000 | |||||||||||||
Share-based compensation | 6,350 | 6,350 | 6,350 | |||||||||||
Ending balance at Dec. 31, 2016 | 454,604 | $ 848 | $ 132 | 193,347 | 259,110 | 1,167 | 40,850 | 495,454 | ||||||
Ending balance, shares at Dec. 31, 2016 | 84,845,000 | 13,185,000 | ||||||||||||
Net income | 100,597 | |||||||||||||
Net income excluding $175 of earnings attributable to redeemable noncontrolling interest | 82,195 | 82,195 | 18,227 | 100,422 | ||||||||||
Other comprehensive income | 541 | 541 | 541 | |||||||||||
Bluegreen initial public offering, net of income taxes | 51,351 | 51,351 | 32,584 | 83,935 | ||||||||||
Distributions to noncontrolling interests | (11,390) | (11,390) | ||||||||||||
Common stock cash dividends declared | $ (2,712) | $ (501) | $ (2,712) | $ (501) | $ (2,712) | $ (501) | ||||||||
Repurchase and retirement of common stock, value | (27,624) | $ (37) | $ (2) | (27,585) | $ (27,624) | |||||||||
Repurchase and retirement of common stock, shares | (3,716,000) | (176,000) | ||||||||||||
Conversion of common stock from Class B to Class A, shares | 95,000 | (95,000) | ||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, value | $ 43 | $ 10 | (53) | |||||||||||
Issuance of Common Stock from vesting of restricted stock awards, shares | 4,315,000 | 1,049,000 | 0 | |||||||||||
Issuance of Common Stock from exercise of options, value | 63 | $ 3 | 60 | $ 63 | ||||||||||
Issuance of Common Stock from exercise of options, shares | 150,000 | 151,075 | ||||||||||||
Share-based compensation | 12,259 | 12,259 | $ 12,259 | |||||||||||
Ending balance at Dec. 31, 2017 | 573,230 | $ 857 | $ 140 | $ 229,379 | 341,146 | $ 1,708 | $ 80,271 | 653,501 | ||||||
Ending balance, shares at Dec. 31, 2017 | 85,689,000 | 13,963,000 | ||||||||||||
Cumulative effect from excess tax benefits on share based compensation associated with the adoption of ASU 2016-09 | $ 3,054 | $ 3,054 | $ 3,054 |
Consolidated Statements Of Cha7
Consolidated Statements Of Changes In Equity (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Consolidated Statements Of Changes In Equity [Abstract] | |
Earnings attributable to redeemable noncontrolling interest | $ 175 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities: | |||
Net income | $ 100,597 | $ 41,657 | $ 141,279 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Recoveries from loan losses and asset impairments, net | (3,131) | (15,300) | (13,233) |
Provision for notes receivable allowances | 46,149 | 44,337 | 42,063 |
Depreciation, amortization and accretion, net | 21,444 | 17,827 | 18,433 |
Share-based compensation expense | 12,259 | 6,350 | 5,562 |
Share-based compensation expense of subsidiaries | 6,099 | 5,472 | |
Net gains on sales of real estate, loans held-for-sale, and properties and equipment | (2,471) | (5,139) | (31,211) |
Equity in (earnings) losses of unconsolidated real estate joint ventures | (14,483) | (13,630) | 1,565 |
Return on investment in unconsolidated real estate joint ventures | 12,852 | 13,267 | |
(Decrease) increase in deferred income tax | (10,201) | 35,704 | (84,329) |
Impairment of goodwill | 2,413 | 870 | |
Net gains realized on cancellation of junior subordinated debentures | (6,929) | ||
Interest accretion on shares subject to mandatory redemption | 1,207 | 1,169 | 1,134 |
Increase in notes receivable | (47,470) | (59,219) | (33,394) |
Increase in vacation ownership interest inventory | (42,757) | (18,323) | (25,498) |
Increase in trade inventory | (2,261) | (2,704) | (559) |
Increase in real estate inventory | (273) | ||
(Increase) decrease in other assets | (6,941) | 5,035 | (12,462) |
Increase (decrease) in other liabilities | 5,595 | 23,163 | (16,473) |
Net cash provided by (used in) operating activities | 65,599 | 81,163 | (1,651) |
Investing activities: | |||
Return of investment in unconsolidated real estate joint ventures | 6,440 | 3,321 | 510 |
Investments in unconsolidated real estate joint ventures | (5,310) | (3,370) | (9,687) |
Repayment of loans receivable | 11,168 | 46,454 | 30,170 |
Proceeds from sale of loans and real estate | 15,081 | 23,606 | 72,154 |
Proceeds from contribution of real estate to unconsolidated real estate joint ventures | 701 | ||
Additions to real estate | (1,642) | (8,176) | (30,699) |
Purchases of property and equipment | (22,045) | (12,939) | (12,810) |
Proceeds from the sale of property and equipment | 341 | 2,321 | 372 |
Cash paid for acquisition, net of cash received | (58,418) | (10) | |
Decrease in cash from other investing activities | (380) | (2,019) | (739) |
Net cash (used in) provided by investing activities | (54,765) | 49,198 | 49,962 |
Financing activities: | |||
Repayment of BB&T preferred interest in Florida Asset Resolution Group, LLC ("FAR") | (12,348) | ||
Repayments of notes payable and other borrowings | (233,132) | (281,177) | (253,615) |
Proceeds from notes payable and other borrowings | 246,771 | 285,682 | 262,900 |
Redemption of junior subordinated debentures | (11,438) | ||
Payments for debt issuance costs | (3,390) | (4,608) | (3,830) |
Payments of interest on shares subject to mandatory redemption | (750) | (750) | (750) |
Proceeds from the exercise of stock options | 63 | 10 | 10 |
Dividends paid on common stock | (2,937) | (856) | |
Repurchase and retirement of common stock | (27,624) | (7,320) | (4,453) |
Repurchase and retirement of subsidiary's common stock | (4,151) | (2,529) | |
Purchase of BCC noncontrolling interest | (16,894) | (95,424) | |
Bluegreen initial public offering, net of offering costs | 95,923 | ||
Distributions to noncontrolling interest | (11,390) | (12,250) | (14,059) |
Net cash provided by (used in) financing activities | 52,096 | (42,314) | (124,098) |
Increase (decrease) in cash, cash equivalents and restricted cash | 62,930 | 88,047 | (75,787) |
Cash, cash equivalents and restricted cash at beginning of period | 346,317 | 258,270 | 334,057 |
Cash, cash equivalents and restricted cash at end of period | 409,247 | 346,317 | 258,270 |
Supplemental cash flow information: | |||
Interest paid on borrowings | (29,980) | (32,139) | (35,111) |
Income taxes paid | (4,015) | (2,203) | (26,092) |
Income tax refunded | 2,695 | 309 | |
Supplementary disclosure of non-cash investing and financing activities: | |||
Construction funds receivable transferred to real estate | 11,276 | ||
Loans receivable transferred to real estate | 1,365 | 4,807 | 3,215 |
Loans held-for-sale transferred to loans receivable | 16,078 | 7,365 | |
Loans receivable transferred to loans held-for-sale | 1,029 | ||
Loan receivable increase from sale of real estate | 10,000 | ||
Real estate transferred to property and equipment | 6,557 | ||
Real estate transferred to investments in unconsolidated real estate joint ventures | 19,448 | ||
Property and equipment transferred to real estate | 6,181 | ||
Increase in other assets upon issuance of Community Development District Bonds | 20,743 | ||
Increase in shareholders' accumulated other comprehensive income, net of taxes | 541 | 551 | 343 |
Issuance of common stock to acquire BCC noncontrolling interest | 48,487 | ||
Reconciliation of cash, cash equivalents and restricted cash | |||
Total cash, cash equivalents, and restricted cash | $ 346,317 | $ 258,270 | $ 334,057 |
Basis Of Financial Statement Pr
Basis Of Financial Statement Presentation | 12 Months Ended |
Dec. 31, 2017 | |
Basis Of Financial Statement Presentation [Abstract] | |
Basis Of Financial Statement Presentation | 1. Basis of Financial Statement Presentation BBX Capital Corporation and its subsidiaries (the “Company” or, unless otherwise indicated or the context otherwise requires, “we,” “us,” or “our,”) is a Florida-based diversified holding company. BBX Capital Corporation as a standalone entity without its subsidiaries is referred to as “BBX Capital”. The Company’s core investments include Bluegreen Vacations Corporation (“Bluegreen” or “Bluegreen Vacations”), real estate and real estate joint ventures, and middle market operating businesses. Bluegreen is a leading vacation ownership company that markets and sells VOIs and manages resorts in top leisure and urban destinations. Bluegreen’s resort network includes 43 Club Resorts (resorts in which owners in the Bluegreen Vacation Club (“Vacation Club”) have the right to use most of the units in connection with their VOI ownership) and 24 Club Associate Resorts (resorts in which owners in Bluegreen’s Vacation Club have the right to use a limited number of units in connection with their VOI ownership). Bluegreen is a sales, marketing, and management company focused on the vacation ownership industry. Bluegreen markets, sells and manages vacation ownership interests (“VOIs”) in resorts, which are generally located in popular, high-volume, “drive-to” vacation destinations. The resorts in which Bluegreen markets, sells or manages VOIs were either developed or acquired by Bluegreen, or were developed and are owned by third parties. Bluegreen earn fees for providing sales and marketing services to third party developers. Bluegreen also earns fees by providing management services to the Bluegreen Vacation Club (the “Vacation Club”) and home owners’ associations (“HOAs”), mortgage servicing, VOI title services, reservation services, and construction design and development services. In addition, Bluegreen provides financing to FICO score-qualified individual purchasers of VOIs, which generates significant interest income. Prior to November 2017, Bluegreen Vacations’ parent, Woodbridge Holdings, LLC (“Woodbridge”), a wholly-owned subsidiary of BBX Capital, owned 100% of Bluegreen. On November 17, 2017, Bluegreen completed an initial public offering (“IPO”) of its common stock by selling to the public 3,736,723 of Bluegreen shares and Woodbridge selling 2,761,925 of Bluegreen shares as a selling shareholder. In connection with the offering, Woodbridge granted the underwriters a 30 -day option to purchase up to an additional 974,797 shares from Woodbridge, and on December 5, 2017, the underwriters purchased all of the additional 974,797 option shares from Woodbridge. As a result of Bluegreen’s IPO, BBX Capital currently owns 90% of Bluegreen through Woodbridge. The Company’s real estate investments include real estate joint ventures and the acquisition, development ownership, financing, and management of real estate. The Company’s investments in middle market operating businesses include Renin Holdings, LLC (“Renin”), a company that manufactures products for the home improvement industry, and investments in confectionery businesses through its wholly-owned subsidiary, BBX Sweet Holdings, LLC (“BBX Sweet Holdings”). The Company’s investment in confectionery businesses includes BBX Sweet Holdings’ acquisition of IT’SUGAR, LLC (“IT’SUGAR”) in June 2017. See Note 3 for additional information regarding the acquisition of IT’SUGAR. On December 15, 2016, BBX Capital completed the acquisition of all the outstanding shares of the former BBX Capital Corporation (“BCC”) not previously owned by the Company. Prior to the acquisition, the Company had an 82% equity interest in BCC and a direct 54% equity interest in Woodbridge. As a result of the acquisition, BCC and Woodbridge are wholly-owned subsidiaries of BBX Capital, and on January 30, 2017, the Company changed its name from BFC Financial Corporation to BBX Capital Corporation. See Note 3 for additional information regarding the acquisition of BCC. On April 30 , 2015, the Company completed a cash tender offer pursuant to which it purchased from the shareholders of BCC a total of 4,771,221 shares of BCC ’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 BCC ’s Class A Common Stock and all of the i ssued and outstanding shares of BCC ’s Class B Common Stock . The purchase of BCC’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 BCC’ s Class A Common Stock . As a result of the increase in the Company’s ownership interest in BCC in excess of 80% , the Company began filing a consolidated group tax return which includes the operations of BCC, Woodbridge and Bluegreen. See Note 14 for additional information regarding the C ompany’s income taxes . |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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 (“GAAP”) . Consolidation Policy - The consolidated financial statements include the accounts of all the Company’s wholly-owned subsidiaries, and other entities in which the Company and its subsidiaries hold controlling financial interests, as well as accounts of any variable interest entities (“VIEs”) in which the Company or one of its consolidated subsidiaries is deemed the primary beneficiary of the VIE. All significant inter-company accounts and transactions have been eliminated among consolidated entities. Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, management evaluates its estimates, including those that relate to the estimated future sales value of inventory; the recognition of revenue, including revenue recognition under the percentage-of-completion method of accounting; allowance for credit losses; the recovery of the carrying value of VOI inventories; the measurement of assets and liabilities at fair value including business combinations and measuring the fair value on a non-recurring basis of intangible assets, goodwill, real estate held-for-sale and real estate held-for-investment; the amount of the deferred tax valuation allowance, accounting for uncertain tax positions and the estimate of contingent liabilities related to litigation and other claims and assessments. Management bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions and conditions. Reclassifications - Certain amounts for prior years have been reclassified to conform to the revised financial statement presentation for 201 7 . Cash , Cash Equivalents and Restricted Cash - Cash equivalents consist of demand deposits at financial institutions, money market funds and other short-term investments with original maturities at the time of purchase of 90 days or less. Management generally invests cash in excess of its immediate operating requirements in short-term time deposits and money market instruments, typically with original maturities at the date of purchase of three months or less. Restricted cash consists primarily of customer deposits held in escrow accounts and cash collected on pledged/secured notes receivable not yet remitted to lenders. Management maintains cash and cash equivalents with various financial institutions located throughout the United States, Canada and Aruba in amounts exceeding the $250,000 federally insured limit. Accordingly, the Company is subject to credit risk. 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 Accounting Standards Codification (“ASC”) 970, Real Estate (“ASC 970”), 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. Bluegreen’s policies regarding the estimation of credit losses on its notes receivable are discussed in further detail under “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. To the extent that 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 s . 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 of home owners’ associations (“HOA”) , Bluegreen acts as agent for the HOA to operate the resort as provided under the management agreements. In certain cases, the personnel at the resorts are Bluegreen employees. The HOA bears the costs of such personnel and generally pay Bluegreen in advance of, or simultaneously with, the payment of payroll. In accordance with ASC 605-45, Overall Considerations of Reporting Revenues Gross as a Principal versus Net as an Agent , reimbursements from the HOAs 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. Revenue is recognized from sales of real estate and the transfer of real estate to joint ventures 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 the Company does not have substantial continuing involvement with the property. Revenues are recognized on wholesale trade sales when products are shipped and the customer takes title and assumes the risk of loss. Revenues are recognized on retail trade sales at the point of sale, which occurs when products are sold at the Company’s retail locations. R evenues from interest income are recognized on accruing loans when management determines that it is probable that all of the principal and interest will be collected in accordance with the loan’s contractual terms. Interest income is recognized on non-accrual loans on a cash basis. 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. Loans Receivable - Loans that the Company 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 discounts and allowance for loan losses. Loans that 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. 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 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. A n allowance for loan losses is recorded to reflect management’s reasonable estimate of probable credit losses inherent in the loan portfolio based on its evaluation of credit risk as of period end. Loans are charged off against the allowance when management believes the loan is not collectible. Recoveries are credited to the allowance. Management segregates loans into segments with certain common characteristics to form a basis for estimating losses for each segment. The loan portfolio has the following loan segments: residential, consumer, commercial non-real estate, commercial real estate, and small business loans. Impaired loans 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 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. 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. When a loan is placed on non-accrual, all accrued interest is reversed against interest income. 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. Notes Receivable - Bluegreen’s 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 notes receivable when principal or interest payments are more than 90 days contractually past due, and not resumed until such notes receivable are less than 90 days past due. As of December 31, 2017 and 2016, $12.9 million and $11.4 million, respectively, of Bluegreen’s VOI notes receivable were more than 90 days past due, and accordingly, consistent with Bluegreen’s policy, were not accruing interest income. 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 uncollectible VOI notes receivable in accordance with timeshare accounting rules. Under these rules, 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, under timeshare accounting rules, 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. VOI Inventory - Bluegreen ’s VOI inventory is primarily comprised of completed VOIs, VOIs under construction, and land held for future VOI development. VOI 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 require the use of 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, we do 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 in accordance with ASC 360, Property, Plant and Equipment (“ASC 360”), 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. Trade Inventory – Trade inventor y is measured at the lower of cost or market. Cost includes all costs of conversions, including materials, direct labor, production overhead, depreciation of equipment and shipping cost s . Raw materials are stated at the lower of approximate cost, on a first-in, first-out or average cost basis, and market is 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 or average cost basis. Shipping and handling fees billed to customers are recorded as trade sales and shipping and handling fees paid by the Company are recorded as selling, general, and administrative expenses. Included in the Company’s Consolidated Statements of Operations and Comprehensive Income as selling, general, and administrative expenses for the years ended December 31, 2017, 201 6 and 201 5 were $8.2 million, $6.0 million and $5.5 million , respectively, of costs associated with shipping goods to customers. In valuing inventory, the Company makes assumptions regarding the write-downs required for excess and obsolete inventory based on judgments and estimates formulated from available information. Estimates for excess and obsolete inventory are based on historical and forecasted usage. Inventory is also examined for upcoming expiration and write-downs are recorded where appropriate. Real Estate – From time to time, the Company purchases or takes possession or ownership of real estate through foreclosure of the underlying loan collateral. Real estate acquired through foreclosure is measured at the fair value of the collateral and classified as real estate held-for-sale, real estate held-for-investment or real estate inventory. When real estate is classified as held-for-sale, it is initially recorded at fair value less estimated selling costs (cost basis) and subsequently measured at the lower of cost or estimated fair value. When real estate is classified as 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. Real estate is classified as real estate inventory when the property is under development for sale to customers and is measured at cost, including improvements, real estate taxes and interest capitalized during the construction period. 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 for real estate held-for-sale . 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 impairments , net in the Company’s Consolidated Statement of Operations and Comprehensive Income. Investments in Unconsolidated Real Estate Joint Ventures - The Company uses the equity method of accounting to record its interests in entities in which it has significant influence but does not hold a controlling financial interest and to record its investment in VIEs in which it is not the primary beneficiary. Under the equity method, an investment is shown on the Statement of Financial Condition of an investor as a single amount and an investor’s share of earnings or losses from its investment is shown in the Statement of Operations as a single amount. The investment is initially measured at cost and adjusted for the investor’s share of the earnings or losses of the investee and dividends received from the investee. The investor recognizes its share of the earnings or losses of the investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend. The Company 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. Interest expense is capitalized by the Company on investments, advances , or loans to real estate equity method companies that began qualifying activities. Total capitalized interest expense cannot exceed interest expense incurred. Interest expense capitalization ceases when the investee completes its qualifying activities. 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. Property and Equipment - Land is carried at cost. Propert y 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 furniture and fixtures, and equipment, 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 propert y , 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 and ends when the asset is ready for its intended use . Software developed or obtained for internal use is generally amortized on a straight-line basis over 3 to 5 years. Goodwill and Intangible Assets – The Company recognizes goodwill upon the acquisition of a business when the fair values of the consideration transferred and any noncontrolling interests in the acquiree are in excess of the fair value of the acquiree’s identifiable net assets. The Company tests goodwill for potential impairment on an annual basis as of December 31 or during interim periods if impairment indicators exist. The Company first assesses qualitatively whether it is necessary to perform goodwill impairment testing. Impairment testing is performed when it is more-likely-than-not that the 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 concluded from the qualitative assessment that further testing was required, as was the case for certain of the Company’s reporting units during the years ended December 31, 2016 and 2015, the Company performed the two-step goodwill impairment test. The first step of the goodwill impairment test was used to identify potential impairment and consisted of comparing the fair value of a reporting unit with its carrying value. If the fair value of the reporting unit exceeded its carrying value, goodwill was considered not impaired, and the second step of the impairment test was not performed. If the fair value of the reporting unit was less than the carrying value, the second step of the test was used to measure the amount of goodwill impairment, if any, in the reporting unit. This step compared the current implied goodwill in the reporting unit to its carrying amount. If the carrying amount of the goodwill exceeded the implied goodwill, an impairment was recorded for the excess. The implied goodwill was determined in the same manner as the amount of goodwill recognized in a business combination. During the year ended December 31, 2017, the Company early adopted Accounting Standards Update (“ASU”) No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The new guidance removes the second step of the two-step goodwill impairment test described above. Instead, if a reporting unit’s carrying amount exceeds its fair value, the Company will record an impairment charge based on that difference. The impairment charge is limited to the amount of goodwill allocated to that reporting unit. 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 , area development contracts and lease premiums that were initially recorded at fair value at the acquisition date of a business 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 it is more likely than not that the related carrying amounts 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 s carrying value , 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. Trade Receivables – Trade receivables are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its trade receivable portfolio. In establishing the required allowance, 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. The Company reviews its allowance for doubtful accounts on a quarterly basis. 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 with an outstanding balance of $16.0 million as of December 31, 2017 and 2016. Deferred Financing – Deferred financing costs are comprised of costs incurred in connection with obtaining financing from third-party lenders and are presented in the Company’s Consolidated Statement of Financial Condition as other assets or as a direct deduction from the carrying value of the associated debt liability. These costs are capitalized and amortized to interest expense over the terms of the related financing arrangements. Deferred Income - Bluegreen defers the recognition of sales of VOIs, 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. As of December 31, 2017 and 2016, Bluegreen’s deferred income consisted of the following (in thousands): As of December 31, 2017 2016 Deferred sampler program income $ 10,056 $ 11,821 Deferred VOI sales revenue 22,461 21,126 Other deferred income 3,794 4,068 Total $ 36,311 $ 37,015 Advertising – The Company expenses advertising costs, which are primarily marketing costs, as incurred. Advertising expense totaled $148.6 million, $146.0 million and $123.8 million for the years ended December 31, 2017, 2016 and 2015, respectively, and are included in selling, general and administrative expenses in the accompanying Consolidated Statements of Operations and Comprehensive Income. Bluegreen has entered into marketing arrangements with various third parties. For the year s ended December 31, 2017, 2016 and 2015, sales of VOIs to prospects and leads generated by Bass Pro accounted for approximately 15% , 16% and 20 % , respectively, of total 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 – The Company and its subsidiaries in which it 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, BCC and Bluegreen filed separate tax returns with the Internal Revenue Service as the Company owned less than 80% of the outstanding equity of these subsidiaries. As a result of the Company’s purchase of additional shares of BCC’s Class A Common Stock in the above-described April 2015 cash tender offer and the related increase in the Company’s ownership interest in BCC, the Company files a consolidated group tax return which includes the operations of BCC, Woodbridge and Bluegreen for the years ended December 31, 2017, 2016 and 2015. 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 recorded , a subsequent change in circumstances that causes a change in judgment about the realization of the related deferred tax amount could result in the reversal of the deferred tax valuation allowance. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized b |
Acquisitions And Mergers
Acquisitions And Mergers | 12 Months Ended |
Dec. 31, 2017 | |
Acquisitions And Mergers [Abstract] | |
Acquisitions And Mergers | 3. Acquisitions and Mergers Acquisition of IT’SUGAR On June 16, 2017, a wholly-owned subsidiary of BBX Sweet Holdings acquired IT’SUGAR, a specialty candy retailer with 95 retail locations in 26 states and Washington, DC, through the acquisition of all of its Class A Preferred Units and 90.4% of its Class B Common Units for cash consideration of approximately $58.4 million, net of cash acquired. The remaining 9.6% of IT’SUGAR’s Class B Common Units are owned by JR Sugar Holdings, LLC (“JR Sugar”), an entity owned by the founder and CEO of IT’SUGAR. The consolidated net assets and results of operations of IT’SUGAR are included in the Company’s consolidated financial statements commencing on June 16, 2017 and resulted in the following impact to trade sales and net income attributable to shareholders from the acquisition date to December 31, 2017 (in thousands): June 16, 2017 to December 31, 2017 Trade sales $ 46,772 Income before income taxes $ 2,598 Purchase Price Allocation The Company accounted for the acquisition of IT’SUGAR using the acquisition method of accounting, which requires, among other things, that the assets acquired and liabilities assumed be recognized at their fair values at the acquisition date. The following table summarizes the purchase price allocation based on the Company’s valuation, including the fair values of the assets acquired, liabilities assumed, and the redeemable noncontrolling interest in IT’SUGAR at the acquisition date (in thousands): Property and equipment $ 18,747 Cash, inventory and other assets 12,212 Identifiable intangible assets (1) 4,512 Total assets acquired 35,471 Accounts payable and other liabilities (5,370) Identifiable intangible liabilities (2) (716) Total liabilities assumed (6,086) Fair value of identifiable net assets 29,385 Redeemable noncontrolling interest (2,490) Goodwill 35,164 Purchase consideration 62,059 Less: cash acquired (3,641) Cash paid for acquisition less cash acquired $ 58,418 Acquisition-related costs included in selling, general and administrative expenses $ 2,963 (1) Identifiable intangible assets were comprised of $4.2 million, $0.2 million and $0.1 million associated with IT’SUGAR’s trademark, favorable operating lease agreements, and a noncompetition agreement, respectively. (2) Identifiable intangible liabilities were comprised of unfavorable operating lease agreements. The fair values reported in the above table have been estimated by the Company using available market information and appropriate valuation methods. As considerable judgment is involved in estimates of fair value, the fair values presented above are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methods could have a material effect on the estimated fair value amounts. The following summarizes the Company’s methodologies for estimating the fair values of certain assets and liabilities associated with IT’SUGAR: Property and Equipment Property and equipment acquired consisted primarily of leasehold improvements at IT’SUGAR’s retail stores. The fair value of the leasehold improvements and other equipment was estimated based on the replacement cost approach. Identifiable Intangible Assets and Liabilities The identifiable intangible assets acquired primarily consisted of the fair value of IT’SUGAR’s trademark, which was estimated using the relief-from-royalty method, a form of the income approach. Under this approach, the fair value was estimated by calculating the present value using a risk-adjusted discount rate of the expected future royalty payments that would have to be paid if the IT’SUGAR trademark was not owned. The identifiable intangible assets and liabilities also included the fair value of IT’SUGAR’s operating lease agreements associated with its retail stores. The fair value of these assets and liabilities were estimated by calculating the present value using a risk-adjusted discount rate of the difference between the contractual amounts to be paid pursuant to the lease agreements and the estimate of market lease rates at the acquisition date. The $4.2 million trademark intangible asset is amortized over 15 years, and the $0.2 million of favorable lease agreements and the $0.7 million of unfavorable lease agreements are amortized over a weighted average period of 6.5 years. The noncompetition agreement is amortized over five years. Goodwill The goodwill recognized in connection with the acquisition reflects the difference between the estimated fair value of the net assets acquired and the Company’s consideration paid to acquire IT’SUGAR. The goodwill recognized in the acquisition is deductible for income tax purposes. Pro Forma Information (unaudited) The following unaudited pro forma financial data presents the Company’s revenues and earnings for the years ended December 31, 2017 and 2016 as if the acquisition was completed on January 1, 2016 (in thousands): Pro Forma Actual For the Years Ended December 31, For the Years Ended December 31, 2017 2016 2017 2016 Trade sales $ 179,356 172,769 142,798 95,996 Income before income taxes $ 94,046 73,644 93,374 78,036 Net income (1) $ 100,997 38,965 100,597 41,657 Net income attributable to shareholders (1) $ 82,626 26,068 82,195 28,362 (1) The pro forma net income and net income attributable to shareholders for the year ended December 31, 2017 were adjusted to exclude $3.0 million of acquisition-related costs . The unaudited pro forma financial data reported in the above table does not purport to represent what the actual results of the Company’s operations would have been assuming that the acquisition date was January 1, 2016, nor does it purport to predict the Company’s results of operations for future periods. Noncontrolling Interest Under the terms of IT’SUGAR’s operating agreement, JR Sugar may require the Company to purchase for cash its IT’SUGAR Class B Common Units upon the occurrence of certain events, including events relating to the employment agreement between BBX Sweet Holdings and the CEO of IT’SUGAR, as described below. The purchase price payable by the Company for such Class B Common Units will be determined based on the circumstance giving rise to such purchase obligation in accordance with prescribed formulas set forth in IT’SUGAR’s operating agreement. In addition, commencing on the seventh anniversary of the acquisition date, the Company shall have the right, but not the obligation, to require JR Sugar to sell its Class B Common Units to the Company in accordance with a prescribed formula set forth in IT’SUGAR’s operating agreement. As a result of the redemption features, JR Sugar’s Class B Common Units are considered redeemable noncontrolling interests and reflected in the mezzanine section as a separate line item in the Company’s Consolidated Statement of Financial Condition as of December 31, 2017. As the noncontrolling interests are not currently subject to redemption but are probable of becoming redeemable in a future period, the Company will measure the noncontrolling interests by accreting changes in the estimated purchase price from the acquisition date to the earliest redemption date and may adjust the carrying amount of such interests to equal the calculated value in the event it is in excess of the carrying amount at such time. Employment and Loan Agreements In connection with the acquisition of IT’SUGAR, BBX Sweet Holdings entered into an employment agreement with the founder and CEO of IT’SUGAR for his continued services as CEO of IT’SUGAR. Upon the occurrence of certain events constituting a breach of the employment agreement by the CEO resulting in his termination, the Company may exercise its ability to purchase JR Sugar’s Class B Common Units for cash for an amount equal to the lesser of the fair market value of such units determined in accordance with the prescribed formula set forth in IT’SUGAR’s operating agreement and the initial value ascribed to such units at the acquisition date. Similarly, upon the occurrence of certain “not for cause” termination events associated with the termination of the CEO’s employment, JR Sugar may require the Company to purchase its Class B Common Units for cash for an amount equal to the greater of the fair market value of such units determined in accordance with the prescribed formula set forth in IT’SUGAR’s operating agreement and the initial value ascribed to such units at the acquisition date. Concurrent with the acquisition, JR Sugar borrowed $2.0 million from BBX Sweet Holdings in the form of two promissory notes, as partial consideration for the purchase of its 9.6% ownership of IT’SUGAR’s Class B Common Units. The notes mature on June 16, 2024, and a portion of the aggregate principal balance and accrued interest of such notes may be forgiven on an annual basis provided that IT’SUGAR’s CEO continues to remain employed with BBX Sweet Holdings pursuant to his employment agreement. The notes receivable are presented as a deduction from the balance of the related Class B Common Units included in redeemable noncontrolling interests in the Consolidated Statement of Financial Condition as of December 31, 2017. Merger of BCC On December 15, 2016, the Company acquired all of the outstanding shares of BCC not previously owned by the Company. P ursuant to the terms of the Agreement and Plan of Merger, dated as of July 27, 2016, as amended on October 20, 2016, between BBX Capital , a wholly-owned subsidiary of BBX Capital (“Merger Sub”) , and BCC (the “Merger Agreement”) , BCC merged with and into Merger Sub and BCC is now a wholly owned subsidiary of BBX Capital. Pursuant to the terms of the Merger Agreement, each share of BCC ’s Class A Common Stock outstanding immediately prior to December 15, 2016 (other than shares held by the Company and shares as to which appraisal rights were exercised in accordance with Florida law) was converted into the right to receive, at the election of the holder thereof, either (i) $20.00 in cash, without interest (the “Cash Consideration”), or (ii) 5.4 shares of the Company ’s Class A Common Stock (the “Stock Consideration” and, collectively with the Cash Consideration, the “Merger Consideration”). Shares of BCC ’s Class A Common Stock which were converted into the right to receive Merger Consideration but as to which no election was made were converted into the right to receive Cash Consideration. Based on the foregoing, the Company paid to BCC ’s shareholders a total of approximately $16.9 million of Cash Consideration and issue d to BCC ’s shareholders a total of approximately 12.0 million shares of the Company ’s Class A Common Stock as Stock Consideration. The merger was accounted for as an equity transaction as the Company increased its ownership interest in BCC and retained its controlling financial interest. The Company held an approximately 82% equity interest in BCC prior to the M erger and, as a result of the M erger, the Company owns 100% of BCC. Accounting for the merger as an equity transaction resulted in n o gain or loss being recognized in the Company ’s C onsolidated S tatements of O perations and Comprehensive Income and the difference between the consideration paid and the amount of noncontrolling interest was recognized in additional paid-in capital . Pursuant to the terms of the Merger Agreement, effective upon consummation of the Merger on December 15, 2016 , the Company adopted and assumed BCC’s 2014 Stock Incentive Plan, as amended, and BCC ’s 2005 Restricted Stock and Option Plan, as amended (collectively, the “B CC Capital Equity Plans”). Options and restricted stock awards granted under the BCC Equity Plans and outstanding at December 15, 2016 , including those held by the Company ’s executive officers, other employees, and directors, were converted into BBX Capital’s options or restricted stock awards, as the case may be. As a result , 5,090,354 restricted shares of BBX Capital’s Class A Common Stock awards were issued in exchange for 942,657 restricted shares of BCC’s Class A Common Stock awards outstanding as of December 15, 2016 and BCC options to acquire 6,614 of BCC Class A Common Stock were exchanged for options to acquire 35,716 shares of the Company's Class A Common Stock pursuant to the terms of the Merger Agreement as of December 31, 2016. |
Consolidated Variable Interest
Consolidated Variable Interest Entities | 12 Months Ended |
Dec. 31, 2017 | |
Consolidated Variable Interest Entities [Abstract] | |
Consolidated Variable Interest Entities | 4. Consolidated Variable Interest Entities 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 benefits of 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 secu ritization. In these securitizations, 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 required to be 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, 2017, 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 VIE. The 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 structure of the entity, including its decision-making ability and authority with respect to the entity, and relevant financial agreements. Bluegreen also uses its qualitative analysis to determine if Bluegreen must consolidate a VIE as the primary beneficiary. In accordance with applicable accounting guidance, Bluegreen has determined these securitization entities to be VIEs of which Bluegreen is primary beneficiary and, therefore, Bluegreen consolidates the entities into its financial statements. Under the terms of certain VOI note sales, Bluegreen has the right to repurchase or substitute a limited amount of defaulted notes for new notes at the outstanding principal balance plus accrued interest. Voluntary repurchases and substitutions by Bluegreen of defaulted notes during 2017, 2016 and 2015 were $ 9 . 5 million, $6.5 million and $3.3 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, 2017 2016 Restricted cash $ 19,488 21,894 Securitized notes receivable, net 282,599 287,012 Receivable backed notes payable - non-recourse 336,421 327,358 The restricted cash and securitized notes receivable balances disclosed in the table above are restricted to satisfy obligations of the VIEs. |
Loans Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 2017 | |
Loans Receivable [Abstract] | |
Loans Receivable | 5. Loans Receivable L oan s receivable consisted of the following components (in thousands ): December 31, 2017 2016 Commercial non-real estate $ 789 1,169 Commercial real estate 4,615 5,880 Small business 1,585 2,506 Consumer 787 1,799 Residential 11,678 14,167 Total loans receivable $ 19,454 25,521 The underlying collateral for the real estate loan portfolio, except residential loans, was located primarily in Florida at December 31, 2017 . As of December 31, 2017, 27% , 33% and 13% of the residential loan portfolio underlying collateral was located in California, New York and Florida, respectively. As of December 31, 2017, foreclosure proceedings were in process on $8.0 million of residential loans and $0.1 million of consumer loans. The total discount on loans receivable was $2.3 million and $3.3 million as of December 31, 2017 and 2016, respectively. The loan portfolio is segregated into five segments: commercial non-real estate loans, commercial real estate loans, small business loans , consumer loans, and residential loans d escribed below: Commercial non-real estate - represents 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. 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. Residential – represents loans secured by one to four dwelling units. Credit Quality Information The Company assesses loan credit quality by monitoring delinquencies and current loan to value ratios. The recorded investment (unpaid principal balance less charge-offs and discounts ) in non-accrual loans receivable was as follows (in thousands): December 31, Loan Class 2017 2016 Commercial non-real estate $ 789 1,169 Commercial real estate 4,615 5,880 Small business 1,585 2,506 Consumer 715 1,701 Residential 10,355 12,762 Total nonaccrual loans $ 18,059 24,018 An age analysis of the past due recorded investment in loans receivable as of December 31, 2017 and 2016 was as follows (in thousands): Total 31-59 Days 60-89 Days 90 Days Total Loans December 31, 2017 Past Due Past Due or More (1) Past Due Current Receivable Commercial non-real estate $ - - 789 789 - 789 Commercial real estate - - 2,996 2,996 1,619 4,615 Small business - - - - 1,585 1,585 Consumer 25 168 291 484 303 787 Residential 297 21 7,995 8,313 3,365 11,678 Total $ 322 189 12,071 12,582 6,872 19,454 Total 31-59 Days 60-89 Days 90 Days Total Loans December 31, 2016 Past Due Past Due or More (1) Past Due Current Receivable Commercial non-real estate $ - - 330 330 839 1,169 Commercial real estate - - 3,986 3,986 1,894 5,880 Small business - - - - 2,506 2,506 Consumer 23 - 467 490 1,309 1,799 Residential 609 231 9,541 10,381 3,786 14,167 Total $ 632 231 14,324 15,187 10,334 25,521 1) There were no loans that were 90 days or more past due and still accruing interest as of December 31, 2017 or 2016 . The activity in the allowance for loan losses for the years ended December 31, 2017, 2016 and 2015 was as follows (in thousands): For the Years Ended December 31, 2017 2016 2015 Allowance for Loan Losses: Beginning balance $ - - 977 Charge-offs (137) (156) (1,037) Recoveries 7,632 20,664 13,517 Provision (7,495) (20,508) (13,457) Ending balance $ - - - Ending balance individually evaluated for impairment $ - - - Ending balance collectively evaluated for impairment - - - Total $ - - - Loans receivable: Ending balance individually evaluated for impairment $ 16,728 21,363 12,849 Ending balance collectively evaluated for impairment 2,726 4,158 21,186 Total $ 19,454 25,521 34,035 Proceeds from loan sales $ 1,666 - 68 Transfer to loans held-for-sale $ 1,029 - - Transfer from loans held-for-sale $ - 16,078 7,365 Impaired Loans Loans are considered impaired when, based on current information and events, management believes it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan agreement. Impairment is evaluated based on past due status for consumer and residential loans. Impairment is evaluated for commercial and small business loans based on payment history and cash flow associated with the collateral or business. 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. Individually impaired loans as of December 31, 2017 and 2016 were as follows (in thousands): As of December 31, 2017 As of December 31, 2016 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance Total with allowance recorded $ - - - - - - Total with no allowance recorded 18,667 30,321 - 24,188 39,901 - Total $ 18,667 30,321 - 24,188 39,901 - Average recorded investment and interest income recognized on impaired loans for the year s ended December 31, 2017 and 2016 were as follows (in thousands): For the Years Ended December 31, 2017 2016 Average Recorded Interest Income Average Recorded Interest Income Investment Recognized Investment Recognized Total with allowance recorded $ - - - - Total with no allowance recorded 20,686 647 24,573 657 Total $ 20,686 647 24,573 657 Individually impaired loans and the average recorded investment and interest income recognized on impaired loans as of December 31, 2015 were as follows (in thousands): As of For the Year Ended December 31, 2015 December 31, 2015 Unpaid Average Recorded Principal Related Recorded Interest Investment Balance Allowance Investment Income Total with allowance recorded $ - - - - - Total with no allowance recorded 17,380 30,212 - 22,186 1,299 Total $ 17,380 30,212 - 22,186 1,299 Impaired loans without 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 was equal to or greater than the carrying value of the loans, or loans that were collectively measured for impairment. There were no co mmitments to lend additional funds on impaired loans as of December 31, 2017. |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2017 | |
Notes Receivable [Abstract] | |
Notes Receivable | 6 . Notes Receivable The table below provides information relating to Bluegreen’s notes receivable and related allowance for credit losses as of December 31, 2017 and 2016 (in thousands): December 31, 2017 2016 Notes receivable: VOI notes receivable - non-securitized $ 184,971 175,123 VOI notes receivable - securitized 364,349 369,259 Notes receivable secured by homesites (1) 1,329 1,688 Gross notes receivable 550,649 546,070 Allowance for credit losses - non-securitized (37,098) (33,343) Allowance for credit losses - securitized (81,750) (82,247) Notes receivable, net $ 431,801 430,480 Allowance as a % of gross notes receivable 22% 21% (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 weighted-average interest rate on Bluegreen’s notes receivable was 15.3% and 15.7% at December 31, 2017 and 2016, respectively. Bluegreen’s notes receivable secured by VOI notes receivable bear interest at fixed rates. Bluegreen’s VOI notes receivable are generally secured by property located in Florida, Missouri, Nevada, South Carolina, Tennessee and Wisconsin. Future principal payments due on Bluegreen’s notes receivable (including notes receivable secured by homesites) during each of the five years subsequent to December 31, 2017 and thereafter are set forth below (in thousands): December 31, 2017 2018 $ 62,360 2019 56,879 2020 59,500 2021 63,061 2022 66,246 Thereafter 242,603 $ 550,649 Credit Quality of Notes Receivable and the 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 static pool analysis that incorporates the aging of the respective receivables, default trends and prepayment rates by origination year, as well as the FICO scores of the borrowers. The activity in Bluegreen’s allowance for credit losses (including notes receivable secured by homesites) was as follows (in thousands): For the Years Ended December 31, 2017 2016 2015 Balance, beginning of period $ 115,590 110,714 102,566 Provision for credit losses 46,149 44,337 42,062 Write-offs of uncollectible receivables (42,891) (39,461) (33,914) Balance, end of period $ 118,848 115,590 110,714 The following table shows the delinquency status of Bluegreen’s VOI notes receivable as of December 31, 2017 and 2016 (in thousands): December 31, 2017 2016 Current $ 525,482 521,536 31-60 days 6,088 6,378 61-90 days 4,897 5,082 > 90 days (1) 12,853 11,386 Total $ 549,320 544,382 (1) Includes $7.6 million and $5.3 million as of December 31, 2017 and 2016, respectively, related to VOI notes receivable that, as of such date, had 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 losses. |
Trade Inventory
Trade Inventory | 12 Months Ended |
Dec. 31, 2017 | |
Trade Inventory [Abstract] | |
Trade Inventory | 7 . Trade Inventory The Company’s trade inventory consists of the following as of December 31, 2017 and 201 6 (in thousands): December 31, 2017 2016 Raw materials $ 3,320 5,059 Paper goods and packaging materials 865 2,090 Finished goods 19,717 7,577 Total $ 23,902 14,726 Included in cost of trade sales for the years ended December 31, 2017, 2016 and 2015 was $1.7 million , $4.7 million and $1.7 million , respectively, of inventory write-downs. |
VOI Inventory
VOI Inventory | 12 Months Ended |
Dec. 31, 2017 | |
VOI Inventory [Abstract] | |
VOI Inventory | 8 . VOI Inventory Bluegreen’s VOI i nventory consisted of the following (in thousands): December 31, 2017 2016 Completed VOI units $ 194,503 156,401 Construction-in-progress 22,334 10,427 Real estate held for future VOI development 64,454 71,706 Total VOI Inventory $ 281,291 238,534 In September 2016, Bluegreen increased the average selling price of its VOIs by 5% and in June 2017, Bluegreen increased the average selling price of its VOIs by 4% . As a result of these pricing changes, Bluegreen’s management increased its estimate of total gross margin generated on the sale of its VOI inventory. Under the relative sales value method prescribed for timeshare developers to relieve the cost of VOI inventory, changes to the estimate of gross margin expected to be generated on the sale of VOI inventory are recognized on a retrospective basis in earnings. Accordingly, during 2017 and 2016, Bluegreen recognized a benefit to cost of VOIs sold of $5.1 million and $5.6 million, respectively. The interest expense reflected in the Company’s Consolidated Statements of Operations and Comprehensive Income is net of capitalized interest. Interest capitalized to VOI inventory was $1.1 million , $0.4 million and $0.7 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Real Estate | 9. Real Estate Real estate consisted of the following (in thousands): December 31, 2017 2016 Real estate held-for-sale Land $ 20,528 28,701 Rental properties 6,181 1,748 Residential single-family 1,119 2,896 Total real estate held-for-sale 27,828 33,345 Real estate held-for-investment Land 13,066 11,524 Other 839 880 Total real estate held-for-investment 13,905 12,404 Real estate inventory 26,803 15,254 Total real estate $ 68,536 61,003 The amount of interest capitalized to real estate inventory for the years ended December 31, 2017 and 2016 w as $1.4 million and $0 , respectively. The following table presents real estate held-for-sale valuation allowance activity for the years ended December 31, 2017, 2016 and 2015 (in thousands): For the Years Ended December 31, 2017 2016 2015 Beginning of period $ 5,240 4,400 2,940 Transfer to held-for-investment - - (93) Impairments, net (1) 1,696 3,563 3,089 Sales (3,837) (2,723) (1,536) End of period $ 3,099 5,240 4,400 (1) Tax certificate impairments are not included . 0 |
Investments In Unconsolidated R
Investments In Unconsolidated Real Estate Joint Ventures | 12 Months Ended |
Dec. 31, 2017 | |
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | |
Investments In Unconsolidated Real Estate Joint Ventures | 10 . Investment s in Unconsolidated Real Estate Joint Ventures As of December 31, 2017, the Company had equity interests in 16 unconsolidated real estate joint ventures involved in the development of single-family master planned communities, multifamily apartment facilities and retail centers. Investments in unconsolidated real estate joint ventures are accounted for as unconsolidated variable interest entities. See Note 4 for information regarding the Company’s investments in consolidated variable interest entities. The Company had the following investments in unconsolidated real estate joint ventures (in thousands): December 31, BBX Capital Investment in unconsolidated real estate joint ventures 2017 2016 % Ownership Altis at Kendall Square, LLC $ 78 154 20.24 % Altis at Lakeline - Austin Investors LLC 4,156 5,165 33.74 New Urban/BBX Development, LLC 1,556 907 50.00 Sunrise and Bayview Partners, LLC 1,499 1,574 50.00 Hialeah Communities, LLC 467 2,758 57.00 PGA Design Center Holdings, LLC 1,862 1,904 40.00 CCB Miramar, LLC 1,225 875 35.00 Centra Falls, LLC 159 595 7.14 The Addison on Millenia Investment, LLC 5,525 5,935 48.00 BBX/S Millenia Blvd Investments, LLC 5,218 5,095 90.00 Altis at Bonterra - Hialeah, LLC 16,922 17,626 95.00 Altis at Shingle Creek Manager, LLC 338 332 2.50 Altis at Grand Central Capital, LLC 1,872 - 10.54 Centra Falls II, LLC 551 571 7.14 BBX/Label Chapel Trail Development, LLC 4,885 - 46.75 Altis Promenade Capital, LLC 962 - 5.00 Investments in unconsolidated real estate joint ventures $ 47,275 43,491 The Company analyzed the respective operating agreements governing 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 the Company does not have the power to direct activities of the joint ventures that most significantly affect the joint ventures’ economic performance as the Company 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. The Company’s maximum loss exposure in unconsolidated real estate joint ventures was $49.8 million as of December 31, 2017. In certain joint ventures, the Company transferred land to the joint venture as an initial capital contribution resulting in deferred gains and joint venture basis adjustments. The Company accounted for the contribution of land to the joint ventures on the cost recovery method. Included in other liabilities in the Company’s Consolidated Statements of Financial Condition as of December 31, 2017 and 2016 was $0.4 million and $0.9 million, respectively, of deferred gains associated with these land transfers. During the years ended December 31, 2017, 2016 and 2015 the Company recognized $0.5 million, $2.3 million and $0 of deferred gains in net gains on sales of assets in the Company’s Statements of Operations, respectively, upon sales by joint ventures of single-family homes and a multifamily apartment facility. Differences between the net investments in unconsolidated real estate joint ventures and the underlying equity in the net assets of the joint ventures result from basis adjustments and the capitalization of interest. The aggregate amount of interest capitalized associated with land development activities of the real estate joint ventures for the years ended December 31, 2017, 2016 and 2015 was $0.3 million, $0.9 million and $0.5 million, respectively. The aggregate amount of real estate joint venture basis adjustments as of December 31, 2017 and 2016 was $5.5 million and $7.6 million, respectively. Included in the Company’s Consolidated Statement of Operations and Comprehensive Income for the years ended December 31, 2017 and 2016 was $2.0 million and $1.5 million, respectively, of equity earnings associated with basis adjustments from joint ventures arising from sales by joint ventures of single-family homes. There were no real estate joint venture basis adjustments in equity earnings for the year ended December 31, 2015. For the years ended December 31, 2017 and 2016, the equity earnings of unconsolidated real estate joint ventures was $14.5 million and $13.6 million, respectively, of which $12.1 million and $9.5 million, respectively, was equity earnings from the Hialeah Communities real estate joint venture. The condensed Statements of Financial Condition as of December 31, 2017 and 2016, and the condensed Statements of Operations for the years ended December 31, 2017, 2016 and 2015 for the Hialeah Communities joint venture are as follows (in thousands): December 31, 2017 2016 Assets Cash $ 1,750 2,719 Real estate inventory 221 28,246 Properties and equipment - 439 Other assets 137 1,387 Total assets $ 2,108 32,791 Liabilities and Equity Notes payable $ 161 16,278 Other liabilities 1,347 8,628 Total liabilities 1,508 24,906 Total equity 600 7,885 Total liabilities and equity $ 2,108 32,791 For the Years Ended December 31, 2017 2016 2015 Total revenues $ 80,407 84,860 17 Costs of sales (51,072) (62,315) - Other expenses (5,134) (4,562) (1,340) Net earnings (losses) $ 24,201 17,983 (1,323) Equity in net earnings (losses) of unconsolidated real estate joint venture - Hialeah Communities, LLC $ 12,067 9,547 (747) |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property And Equipment [Abstract] | |
Property And Equipment | 11. Property and Equipment Property and equipment was comprised of (in thousands): December 31, 2017 2016 Land, building and building improvements $ 67,538 73,883 Leasehold improvements 32,419 11,912 Office equipment, furniture and fixtures 76,186 65,284 Transportation 670 453 176,813 151,532 Accumulated depreciation (63,955) (55,534) Property and equipment, net $ 112,858 95,998 Included in selling, general and administrative expenses and cost of trade sales in the Company’s Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2017, 2016 and 2015 was approximately $15. 8 million , $12.4 million and $11.4 million, respectively, of depreciation expense. During the year ended December 31, 2017, the Company recognized $0.7 million of impairments losses associated with its manufacturing facility in Utah. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | 12 . Goodwill and Intangible Assets Goodwill The following table presents goodwill activity for the years ended December 31, 2017, 2016 and 2015 (in thousands): For the Years Ended December 31, 2017 2016 2015 Balance, beginning of period $ 6,731 7,601 7,377 Acquisitions 35,164 - 224 Impairment losses (2,413) (870) - Balance, end of period $ 39,482 6,731 7,601 The Company’s goodwill was recognized in connection with BBX Sweet Holdings’ acquisition of various operating businesses during the years ended December 31, 2017, 2015, and 2014, including the acquisition of IT’SUGAR in June 2017. The Company tests goodwill for impairment on an annual basis as of December 31st or during interim periods if impairment indicators exist. During the years ended December 31, 2017 and 2016, the Company determined that the fair values of certain of BBX Sweet Holdings’ reporting units were below their respective carrying values as of the applicable testing dates and recognized goodwill impairment losses of $2.4 million and $0.9 million, respectively. As a result of the adoption of ASU No. 2017-04, the goodwill impairment loss recognized during the year ended December 31, 2017 was measured based on the excess of the applicable reporting unit’s carrying value over its fair value, while the loss recognized during the year ended December 31, 2016 was measured based on the excess of the carrying amount of the reporting unit’s goodwill over its implied goodwill as of the testing date. The decline in the fair value of certain of BBX Sweet Holdings’ reporting units and related recognition of goodwill impairment losses primarily resulted from declining profits in its Orlando manufacturing operations and various ongoing strategic initiatives, including the consolidation of BBX Sweet Holdings’ manufacturing facilities and the elimination of unprofitable brands. To the extent that BBX Sweet Holdings’ reporting units do not meet expectations, there is a downturn in the confectionery industry, or the Company otherwise decides to divest of or exit certain of these operations, the Company may recognize additional goodwill impairment losses in future periods. The process of evaluating goodwill for impairment involves the determination of the fair value of the Company’s reporting units. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. Due to the uncertainties associated with such evaluations, actual results could differ materially from such estimates. Intangible Assets I ntangible assets are as follows (in thousands): December 31, Class 2017 2016 Intangible assets: Management contracts $ 61,293 61,293 Trademarks 8,471 5,215 Customer relationships 70 1,620 Lease premium 2,313 2,411 Area development agreements 640 660 Other 777 126 73,564 71,325 Accumulated amortization (3,115) (2,870) Total intangible assets $ 70,449 68,455 M anagement contracts are indefinite lived intangible assets and are not amortized. Trademarks and customer relationships are amortized using the straight-line method over their expected useful lives of 20 years and 12 years, respectively . During the year ended December 31, 2016, the Company entered into area development agreements with a franchisor, and the costs related to these agreements are amortized using the straight-line method over their expected lives of 7 years. The lease premiums are amortized using the straight-line method over the remaining lease term following the acquisition date which is 5 to 7 years. A mortization expense of intangible assets included in selling general and administrative expenses during each of the three years ended December 31, 2017 was approximately $0.9 million . The Company tests intangible assets for recoverability whenever events or changes in circumstances indicate the carrying value of an intangible asset, or an asset group which includes an intangible asset, may not be recoverable. Due to declining profits in BBX Sweet Holdings’ Orlando manufacturing operations and various ongoing strategic initiatives, including the consolidation of BBX Sweet Holdings’ manufacturing facilities, the elimination of unprofitable brands, and changes in management, the Company tested BBX Sweet Holdings’ asset groups for recoverability during the years ended December 31, 2017 and 2016 and determined that the carrying amounts of certain of BBX Sweet Holdings’ asset groups were below the estimated undiscounted future cash flows expected to result from the use of such assets. As a result, the Company recognized intangible asset impairment losses of $1.9 million and $1.5 million during the years ended December 31, 2017 and 2016, respectively. The impairment losses were measured as the amount by which the carrying amount of the intangible assets exceeded their respective fair values. There were no intangible asset impairment losses recognized during the year ended December 31, 2015. The Company utilizes discounted cash flow methodology as well as the guideline public company market approach method to determine the fair value of its goodwill and indefinite lived intangible assets. The discounted cash flow methodology establishes fair value by estimating the present value of the projected future cash flows to be generated from reporting units or asset groups. The discount rate applied to the projected future cash flows to arrive at the present value is intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows. The Company generally used a five to nine -year period in computing 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. The guideline public company method determines fair value based upon the consideration of trading prices of publicly held stocks of comparable companies. The significant inputs are market value of invested capital (“MVIC”) to revenue and MVIC to earnings before interest, taxes, depreciation and amortization (“EBITDA”). Based on the inputs, multiples of MVIC and EBITDA are derived to approximate the fair value of the reporting unit. The relief from royalty valuation method, a form of the income approach, was used to estimate the fair value of the trade marks . The fair value of trademarks was determined by present valuing the expected future estimated royalty payments that would have to be paid if the trade marks 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. 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 2018 838 2019 789 2020 782 2021 768 2022 740 Subsequent to December 31, 2017, the Company commenced the process of exiting BBX Sweet Holdings’ manufacturing facility in Utah, and it is anticipated that BBX Sweet Holdings will incur various costs in connection with this initiative, including severance costs for certain employees. In addition, BBX Sweet Holdings remains liable under its lease agreement for the manufacturing facility, which has estimated future minimum rental payments of $2.5 million, and expects that it will be required to recognize a lease liability when it ceases operations in the facility or will otherwise incur costs to terminate the lease agreement. The Company is also continuing to evaluate the operations of BBX Sweet Holdings’ wholesale business, including the potential divestiture of certain operations or acquired businesses. To the extent that the Company decides to divest of or otherwise exit certain of these operations, BBX Sweet Holdings may recognize additional impairment charges and incur additional costs in the first quarter of 2018 or in future periods. As of December 31, 2017, the net book value of the operations under evaluation was $9.3 million, and the total estimated future minimum rental payments for operating leases (excluding the $2.5 million above) was $1.1 million. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt [Abstract] | |
Debt | 13. Debt Contractual minimum principal payments of debt outstanding for each of the five years subsequent to December 31, 2017 and thereafter are shown below (in thousands): Recourse Non-recourse Notes Receivable Receivable Junior Payable and Backed Backed Subordinated Lines of Credit Notes Payable Notes Payable Debentures Total 2018 $ 36,796 - - - 36,796 2019 27,521 - - - 27,521 2020 10,183 24,989 - - 35,172 2021 45,477 21,955 - - 67,432 2022 4,888 11,326 16,144 - 32,358 Thereafter 21,829 26,427 326,425 177,129 551,810 146,694 84,697 342,569 177,129 751,089 Unamortized debt issuance costs (2,580) - (6,148) (1,272) (10,000) Discount - - - (40,443) (40,443) Total Debt $ 144,114 84,697 336,421 135,414 700,646 The minimum contractual payments set forth in the table above may differ from actual payments due to the 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. N otes Payable and Other Borrowings The table below sets forth information regarding the lines-of-credit and notes payable facilities (other than receivable-backed notes payable) of the Company as of December 31, 2017 and 2016 (dollars in thousands): December 31, 2017 December 31, 2016 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Bluegreen: 2013 Notes Payable $ 46,500 5.50% $ 29,403 $ 52,500 5.50% $ 29,349 Pacific Western Term Loan 2,715 6.72% 9,884 1,727 6.02% 8,963 Fifth Third Bank Note 4,080 4.36% 8,071 4,326 3.62% 9,157 NBA Line of Credit 5,089 4.75% 15,260 2,006 5.00% 8,230 Fifth Third Syndicated Line of Credit 20,000 4.27% 75,662 15,000 3.46% 60,343 Fifth Third Syndicated Term Loan 23,750 4.32% 23,960 25,000 3.46% 20,114 Unamortized debt issuance costs (1,940) - (2,177) - Total Bluegreen $ 100,194 $ 162,240 $ 98,382 $ 136,156 Other: Community Development District Obligations $ 21,435 4.50 -6.00% $ 26,803 $ 21,435 4.50 -6.00% $ 20,744 TD Bank Term Loan and Line of Credit 12,890 4.02% (2) - - - Wells Fargo Capital Finance - - - 9,692 (1) (2) Seller Note 1,471 5.00% (2) 3,417 5.00% (2) Iberia Line of Credit 3,820 4.12% (2) - 3.37% (2) Unsecured Note 3,400 6.00% (3) - - - Other 1,544 5.25% $ 1,993 1,579 5.25% $ 2,044 Unamortized debt issuance costs (640) (715) Total Other $ 43,920 $ 35,408 Total Notes Payable and Other Borrowings $ 144,114 $ 133,790 (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 company’s assets. (3) BBX Capital is guarantor on the promissory note. 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 certain 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 other term securitizations. In September 2016, the 2013 Notes Payable were amended to reduce the interest rate from 8.05% to 5.50% . The 2013 Notes Payable mature in March 2020. 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 consideration paid to Bluegreen’s former shareholders in connection with BBX Capital’s acquisition of all of Bluegreen’s then-outstanding shares in April 2013. Pacific Western Term Loan - Bluegreen has a non-revolving $2.7 million 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. The Pacific Western Term Loan matures in June 2019 and bears interest at 30 -day LIBOR plus 5.25% . Interest payments are paid monthly. Principal payments are effected through release payments upon sales of VOIs 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. 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. The Fifth Third Bank Note Payable matures in 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% . NBA Line of Credit. Bluegreen/Big Cedar Vacations has a revolving line of credit (the “NBA Line of Credit”) with National Bank of Arizona (“NBA”). The NBA Line of Credit allows for a maximum borrowing limit of $20 million (subject to decrease as described below in connection with any increase in the borrowing limit under the NBA Receivables Facility). The NBA Line of Credit provides for a revolving advance period expiring in September 2020 and maturity in September 2022, and is secured by unsold inventory and a building under construction at Bluegreen/Big Cedar Vacations’ the Cliffs at Long Creek Resort. Borrowings under the NBA Line of Credit accrue interest at a rate equal to the one month LIBOR plus 3.25% (with an interest rate floor of 4.75% ). Interest payments are paid monthly. Principal payments are effected through release payments upon sales of VOIs in The Cliffs at Long Creek 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. Fifth Third Syndicated Line-of-Credit and Fifth Third Syndicated Term Loan - In November 2014, Bluegreen entered into a $25.0 million revolving credit facility with Fifth Third Bank as administrative agent and lead arranger and certain other bank participants as lenders. In December 2016, Bluegreen amended and restated the credit and security agreement. The amended and restated facility is a $100.0 million syndicated credit facility with Fifth Third, as administrative agent and lead arranger and certain other bank participants. The amended and restated facility includes a $25.0 million term loan (the “Fifth Third Syndicated Term Loan”) with quarterly amortization requirements and a $75.0 million revolving line of credit (the “Fifth Third Syndicated Line-of-Credit”). Amounts borrowed under the facility generally bear interest at LIBOR plus 2.75% - 3.75% depending on Bluegreen’s leverage ratio, are collateralized by certain of Bluegreen’s VOI inventory, sales center buildings and short-ter m receivables, and will mature i n December 2021. 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, 2017, outstanding borrowings under the facility totaled $43.8 million, including $23.8 million outstanding under the Fifth Third Syndicated Term Loan and $20.0 million of borrowings under the Fifth Third Syndicated Line-of-Credit. Other Notes Payable Community Development District Obligations - A community development district or similar development authority (“CDD”) is a unit of local government created under various state and/or local statutes to encourage planned community development and allow for the construction of infrastructure improvements through alternative financing sources, including the tax-exempt bond markets. A CDD is generally created through the approval of the local city or county in which the CDD is located and is controlled by a Board of Supervisors representing the landowners within the CDD. In connection with the development of the Beacon Lakes C ommunit y , The Meadow View at Twin Creeks CDD was formed by St. Johns County, Florida to use bond financing to fund construction of infrastructure improvements at the Beacon Lakes C ommunit y . The CDD assesses the property owners benefiting from the improvements financed by the bond offerings. The obligation to pay principal and interest on the bonds issued by the CDD is assigned to each parcel within the CDD and the CDD has a lien on each parcel. If the owner of the parcel does not pay this obligation, the CDD can foreclose on the lien. The CDD bond obligations , including interest and the associated lien on the property are typically payable, secured and satisfied by revenues, fees or assessments levied on the property benefited. The total amount of CDD bond obligations outstanding with respect to the Beacon Lakes Community was $ 21.4 million as of December 31, 2017 . The assessments to be levied by the CDD are fixed or determinable amounts. The CDD bond obligations outstanding as of December 31, 2017 have fixed interest rates ranging from 4.5% to 6.00% and mature at various times during the years 202 6 through 20 47 . The Company at its option has the ability to repay a specified portion of the bonds at the time of each lot closing . The Company records an obligation for the CDD bond upon issuance with a corresponding increase in other assets. The CDD bonds are secured by a lien on the Beacon Lakes property which is included in “Real Estate” in the Company’s Consolidated Statement of Financial Condition with a carrying amount of $26.8 million as of December 31, 2017. The Company relieves the CDD bond obligation associated with a particular parcel when the purchaser of the property assumes the obligation which occurs automatically upon such purchaser’s acquisition of the property or upon repayment by the Company. Included in “Other Assets” in the Company’s Consolidated Statement of Financial Condition as of December 31, 2017 and 2016 was $9.5 million and $20.7 million, respectively, of funds that the Company does not have the right of setoff on the Company’s CDD bond obligations. Construction funds receivable associated with the CDD bond obligations is reduced with a corresponding increase in real estate inventory when the CDD disburses the funds to contractors for the construction of infrastructure improvements. Toronto-Dominion Commercial Bank (“TD Bank”) Term Loan and Line of Credit In May 2017, Renin entered into a credit facility with TD Bank and in September 2017 the facility was amended. Under the terms and conditions of the amended credit facility, TD Bank agreed to provide term loans for up to $1.7 million and loans under a revolving credit facility for up to approximately $16.3 million based on available collateral as defined in the facility and subject to Renin’s compliance with the terms and conditions of the facility, including certain specific financial covenants. The proceeds from the TD Bank credit facility were used to repay the Wells Fargo credit facility described below and for working capital. Amounts outstanding under the revolving credit facility bear interest at the Canadian or United States Prime Rate plus a margin of 1.00% per annum or the three-month LIBOR rate plus a margin of 2.75% per annum. Outstanding principal on the revolving credit facility is payable one -year from the date of the advance. As of December 31, 2017, the amount outstanding under the revolving credit facility was $11.3 million . The term loans were funded in three tranches aggregating $1.6 million through July 2017 with $0.1 million of additional draws permitted. Amounts outstanding under the term loans bear interest at fixed interest rates ranging from 3.85% to 4.35% for one-year from the date of the applicable drawdown for each loan. Annually, the fixed interest rates adjust to a variable rate based on Canadian or United States Prime Rate plus a margin of 1.00% per annum or the three-month LIBOR rate plus a margin of 2.75% per annum. The amounts outstanding under the term loans mature between June 2020 and June 2022. Amounts outstanding under the term loans and borrowings under the revolving credit facility require monthly interest payments. Under the terms and conditions of the TD Bank credit facility, Renin is required to comply with certain financial covenants including a quarterly Debt Service Coverage Ratio and a quarterly Total Debt to Tangible Net Worth Ratio. The facility 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 credit facility is collateralized by all of Renin’s assets. Wells Fargo Capital Finance - In May 2017, Renin entered into a credit facility with TD Bank described above, with a portion of the proceeds from the TD Bank credit facility used to repay all amounts then outstanding under the Wells Fargo Credit Agreement (including accrued interest). Seller Note - In October 2014, BBX Sweet Holdings acquired the outstanding common shares of Anastasia Confections, LLC (“Anastasia”). A portion of the purchase consideration was a $7.5 million promissory note. The promissory note bears interest at 5% per annum , and the Company has made three annual principal payments of $2.0 million each on the promissory note plus accrued interest on October 1, 2017, 2016 and 2015. The remaining $1.5 million balance of the promissory note plus accrued interest is payable on October 1, 2018. The repayment of the promissory note is guaranteed by the Company 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. Unsecured Note – In October 2017, a wholly-owned subsidiary of the Company issued a $3.4 million unsecured note to the seller of real estate to the Chapel Trail joint venture, in which the subsidiary has a 46.75% equity interest. The unsecured note was part of the subsidiar y’s initial capital contribution to the BBX/Label Chapel Trail Development real estate joint venture. The note is not secured by the joint venture property and BBX Capital guarantees the repayment of the unsecured note . The unsecured note accrues interest at a fixed rate of 6.0% per annum with monthly interest only payments and the entire outstanding principal maturing on October 12, 2022 . Iberia Line of Credit - On August 7, 2015, 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 30- day LIBOR plus 2.75% . Payments of interest only are payable monthly. The facility matured on August 4, 2017 and BBX Sweet Holdings exercised its twelve month renewal option and the maturity date was extended from August 4, 2017 to August 4, 2018. 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 the Company. Other – Other notes payable includes a term loan to BBX Sweet Holdings with an outstanding balance of $1.5 million and $1.6 million as of December 31, 2017 and 2016, respectively, collateralized by land and buildings with a carrying value of $2.0 million on each of December 31, 2017 and 2016. The Company is the guarantor on this note payable. On March 6, 2018, BBX Capital, BBX Sweet Holdings, Food for Thought Restaurant Group-Florida, LLC, BBX Capital Florida LLC and Woodbridge, entered into a Loan and Security Agreement and related agreements with Iberiabank, as administrative agent and lender, and City National Bank of Florida, as lender, w hich provide for a $50 million revolving line of credit. Amounts borrowed under the facility will accrue interest at a floating rate of 30-day LIBOR plus a margin of 3.0% to 3.75% or the Prime Rate plus a margin of 1.50% to 2.25% . The applicable margin is based on BBX Capital’s debt to EBITDA ratio. Payments of interest only will be payable monthly. The facility matures, and all outstanding principal and interest will be payable, on March 6, 2020, with twelve month renewal options at BBX Capital’s request, subject to satisfaction of certain conditions. The facility is secured by a pledge of a percentage of BBX Capital’s membership interests in Woodbridge having a value of not less than $100 million. Borrowings under the facility may be used for business acquisitions, real estate investments, stock repurchases, letters of credit and general corporate purposes. Under the terms and conditions of the Loan and Security Agreement, we are required to comply with certain financial covenants, including maintaining minimum unencumbered liquidity and complying with financial ratios related to fixed charge coverage and debt to EBITDA. The Loan and Security Agreement also contains customary affirmative and negative covenants, including those that, among other things, limit the ability of BBX Capital and the other borrowers to incur additional indebtedness and to make certain loans and investments. Receivable-Backed Notes Payable The table below sets forth information regarding Bluegreen’s receivable-backed notes payable facilities (dollars in thousands): December 31, 2017 December 31, 2016 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 $ 24,990 5.00% $ 30,472 $ 32,674 4.25% $ 41,357 NBA Receivables Facility 44,414 4.10% 53,730 34,164 3.50 - 4.00% 40,763 Pacific Western Facility 15,293 6.00% 19,516 20,793 5.14% 27,712 Total $ 84,697 $ 103,718 $ 87,631 $ 109,832 Non-recourse receivable-backed notes payable: KeyBank/DZ Purchase Facility $ 16,144 4.31% $ 19,866 $ 31,417 3.67% $ 41,388 Quorum Purchase Facility 16,771 4.75 -6.90% 18,659 23,981 4.75 -6.90% 26,855 2010 Term Securitization - - - 13,163 5.54% 16,191 2012 Term Securitization 23,227 2.94% 25,986 32,929 2.94% 36,174 2013 Term Securitization 37,163 3.20% 39,510 48,514 3.20% 51,157 2015 Term Securitization 58,498 3.02% 61,705 75,011 3.02% 78,980 2016 Term Securitization 83,142 3.35% 91,348 107,533 3.35% 117,249 2017 Term Securitization 107,624 3.12% 119,582 - - - Unamortized debt issuance costs (6,148) - (5,190) - Total $ 336,421 $ 376,656 $ 327,358 $ 367,994 Total receivable-backed debt $ 421,118 $ 480,374 $ 414,989 $ 477,826 Liberty Bank Facility - Since 2008, Bluegreen has maintained a revolving VOI notes receivable 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 facility , the aggregate maximum outstanding borrowings are $50.0 million and the revolving credit period w as due to expire on January 30, 2018; however, in January 2018 an amendment to the agreement extended the expiration to March 31, 2018. Bluegreen has signed a non-binding term sheet for a renewal of the Liberty Bank Facility and is negotiating the definitive legal documentation. There can be no assurance that this renewal will be closed on acceptable terms, if at all. 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. NBA Receivables Facility. Bluegreen/Big Cedar Vacations has a revolving VOI hypothecation facility (the “NBA Receivables Facility”) with NBA. The NBA Receivables Facility provides for advances at a rate of 85% on eligible receivables pledged under the facility, subject to eligible collateral and specified terms and conditions, during a revolving credit period expiring in 2020 and allows for maximum borrowings of up to $50.0 million (inclusive of outstanding borrowings under the NBA Line of Credit). The maximum borrowings may increase by up to an additional $20.0 million (to a total of $70.0 million, at our option); provided, however, that any such increase will result in a corresponding decrease in the maximum borrowings under the NBA Line of Credit. The maturity date for the facility is March 2025. The interest rate applicable to future borrowings under the NBA Receivables Facility is equal to the 30-day LIBOR plus 2.75% (with an interest rate floor of 3.50% ). 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. Pacific Western Facility - Bluegreen has a revolving VOI notes receivable hypothecation facility (the “Pacific Western Facility”) with Pacific Western Bank, which provides for advances on eligible VOI notes receivable pledged under the facility, subject to specified terms and conditions, during a revolving credit period. Maximum outstanding borrowings under the Pacific Western Facility are $40.0 million (inclusive of outstanding borrowings under the Pacific Western Term Loan), subject to eligible collateral and customary terms and conditions. The revolving advance period expiration date is September 2018, subject to an additional 12 -month extension at the option of Pacific Western Bank. Eligible “A” VOI notes receivable 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” VOI notes receivable (which have less stringent FICO score requirements) to be funded at a 53% advance rate. Borrowings under the facility bear interest at 30-day LIBOR plus 4.50% . However, on October 19, 2017 the Pacific Western Facility was amended to decrease the interest rate on a portion of future borrowings, to the extent such borrowings are in excess of established debt minimums, to 30-day LIBOR plus 3.50% to 4.00% . Principal repayments and interest on borrowings under the Pacific Western Facility are paid as cash is collected on the pledged VOI notes receivable, 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. KeyBank/DZ Purchase Facility. Bluegreen has a VOI notes receivable purchase facility (the “KeyBank/DZ Purchase Facility”) with DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt AM Main (“DZ”), and KeyBank National Association (“KeyBank”) which permits maximum outstanding financings of $80.0 million, with an advance period expiring in December 2019 and an advance rate of 80% . The KeyBank/DZ Purchase Facility will mature and all outstanding amounts will become due thirty-six months after the revolving advance period has expired, 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 KeyBank, and a cost of funds rate or commercial paper rates, in the case of amounts funded by or through DZ. The interest rate payable under the facility is the applicable index rate plus 2.75% until the expiration of the revolving advance period and thereafter will be the applicable index rate plus 4.75% . Subject to the terms of the facility, Bluegreen will receive the excess cash flows generated by the VOI notes receivable sold (excess meaning after payments of customary fees, interest and principal under the facility) until the expiration of the VOI notes receivable 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 VOI notes receivable included in the facility is transferred and sold for legal purposes, the transfer of these VOI notes receivable is accounted for as a secured borrowing for financial reporting purposes. The facility is nonrecourse. 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”). Pursuant to which Quorum agreed to purchase, on a revolving basis through June 30, 2018, eligible timeshare receivables in an amount of up to an aggregate $50.0 million purchase price, subject to certain conditions precedent and other terms of the facility. Amounts currently outstanding under the Quorum Purchase Facility accrue interest at interest rates ranging from 4.75% to 6.90% per annum. The interest rate on future advances made under the Quorum Purchase Facility will be set at the time of funding based on rates mutually agreed upon by all parties. The Quorum Purchase Facility provides for an 85% advance rate on eligible receivables sold under the facility. 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. As of December 31, 2017, $16.8 million was outstanding under the Quorum Purchase Facility, all of which relates to Bluegreen/Big Cedar Vacations. 2016 Term Securitization – On March 17, 2016, Bluegreen completed a private offering and sale of $130.5 million of investment-grade, timeshare receivable-backed notes (the “2016 Term Securitization”). The 2016 Term Securitization consisted of the issuance of two tranches of timeshare receivable-backed notes (the “Notes”): $95.7 million of Class A and $34.8 million of Class B notes with note interest rates of 3.17% and 3.86% , respectively, which blended to an overall weighted-average note interest rate of 3.35% . The gross advance rate for this transaction was 90% . The Notes mature in July 2031. The amount of the timeshare receivables sold to BXG Receivable Note Trust 2016 (the “2016 Trust”) was $145.0 million, $122.3 million of which was sold to the 2016 Trust at closing and $22.7 million of which was subsequently sold to the 2016 Trust. The gross proceeds of such sales to the 2016 Trust were $130.5 million. A portion of the proceeds were used to: repay the KeyBank/DZ Purchase Facility a total of $49.0 million, representing all amounts then outstanding under the facility (including accrued interest); repay $24.2 million under the Liberty Bank Facility, which includes accrued interest; capitalize a reserve fund; and pay fees and expenses associated with the transaction. Prior to the closing of the 2016 Term Securitization, Bluegreen, as a servicer, funded $11.3 million in connection with the servicer redemption of the notes related to BXG Receivables Note Trust 2007-A, and certain of the timeshare loans in such trust were sold to the 2016 Trust in connection with the 2016 Term Securitization. In April 2016, Bluegreen, as a servicer, funded $6.1 million in connection with the servicer redemption of the notes related to BXG Receivables Note Trust 2008-A, and certain of the timeshare loans in such trust were sold to the 2016 Trust in connection with the 2016 Term Securitization. The remainder of the net proceeds from the 2016 Term Securitization of $36.0 million were used by Bluegreen for general corporate purposes. While ownership of the timeshare receivables included in the 2016 Term Securitization was transferred and sold for legal purposes, the transfer of these timeshare receivables was accounted for as a secured borrowing for financial accounting purposes. Accordingly, no gain or loss was recognized as a result of this transaction. Subject to the performance of the collateral, Bluegreen will receive any excess cash flows generated by the receivables transferred under the 2016 Term Securitization (excess meaning after payments of customary fees, interest, and principal under the 2016 Term Securitization) on a pro-rata basis as borrowers make payments on their timeshare loans. 2017 Term Securitization – On June 6, 2017, Bluegreen completed a private offering and sale of approximately $120.2 million of investment grade, VOI receivable-backed notes (the “2017 Term Securitization”). T he 2017 Term Securitization consisted of the issuance of two tranches of VOI receivable-backed notes (the “Notes”): approximately $88.8 million of Class A notes and approximately $31.4 million of Class B notes with note interest rates of 2.95% and 3.59% , respectively, which blended to an overall weighted average note interest rate of approximately 3.12% . The gross advance rate for this transaction was 88% . The Notes mature in October 2032. The amount of the VOI notes receivable sold to BXG Receivables Note Trust 2017 (the “2017 Trust”) was approximately $136.5 million, approximately $117.0 million of which was sold to the 2017 Trust at closing, and approximately $19.6 million of which was subsequently sold to the 2017 Trust. The gross proceeds of such sales to the 2017 Trust were $120.2 million. A portion of the proceeds was used to repay KeyBank and DZ $32.3 million, representing all amounts outstanding (including accrued interest) under the KeyBank/DZ Purchase Facility, repay Liberty Bank approximately $26.8 million (including accrued interest) under Bluegreen’s existing facility with Liberty Bank, capitalize a reserve fund, and pay fees and expenses associated with the transaction. In April 2017, Bluegreen, as servicer, redeemed the notes related to BXG Receivables Note Trust 2010-A for approximately $10.0 million, and certain of the VOI notes receivable in such trust were sold to the 2017 Trust in connection with the 2017 Term Securitization. The remainder of the proceeds from the 2017 Term Securitization were used by Bluegreen for general corporate purposes. While ownership of the VOI notes receivable included in the 2017 Term Securitization is transferred and sold for legal purposes, the transfer of these VOI notes receivables are accounted for as a secured borrowing for financial accounting purposes. Accordingly, no gain or loss was recognized as a result of this transaction. Subject to the performance of the colla |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 U.S. $ 92,888 77,629 67,272 Foreign 486 407 (2,589) Total $ 93,374 78,036 64,683 The provision for income taxes consisted of (in thousands): For the Years Ended December 31, 2017 2016 2015 Current: Federal $ 1,211 (339) 5,288 State 1,767 1,014 2,445 2,978 675 7,733 Deferred: Federal (12,072) 36,393 (74,189) State 1,871 (689) (10,140) (10,201) 35,704 (84,329) (Benefit) provision for income taxes (7,223) 36,379 (76,596) 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, 2017 (1) 2016 (1) 2015 (1) Income tax provision at expected federal income tax rate of 35% $ 32,681 35.00 % $ 27,313 35.00 % $ 22,639 35.00 % Increase (decrease) resulting from: Provision for state taxes, net of federal effect 3,637 3.90 527 0.68 9,029 13.96 Effect of federal rate change-2017 tax reform (43,089) (46.15) - - - - Taxes related to subsidiaries not consolidated for income tax purposes (4,467) (4.78) (3,432) (4.40) (4,842) (7.49) Nondeductible executive compensation 4,309 4.61 7,301 7.47 5,636 8.54 Bluegreen settlement - - - - 12,820 19.82 Bluegreen initial public offering 1,467 1.57 - - - - SEC penalty (1,593) (1.71) - - 1,243 1.92 Increase/(decrease) in valuation allowance 25 0.03 3,807 6.76 (127,947) (197.63) Other – net (193) (0.21) 863 1.11 4,826 7.46 (Benefit) provision for income taxes $ (7,223) (7.74) % $ 36,379 46.62 % $ (76,596) (118.42) % (1) Expected tax is computed based upon income before income taxes. 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, 2017 2016 2015 Deferred tax assets: Allowance for loan losses, tax certificate losses and write-downs for financial statement purposes $ 26,825 42,008 41,832 Federal and State NOL and tax credit carryforward 148,665 218,609 237,820 Real estate valuation 9,117 16,828 33,505 Share based compensation 24 232 1,171 Property and equipment 1,642 3,015 588 Other 7,363 11,183 6,631 Total gross deferred tax assets 193,636 291,875 321,547 Valuation allowance (102,282) (131,727) (127,920) Total deferred tax assets 91,354 160,148 193,627 Deferred tax liabilities: Installment sales treatment of notes 100,717 152,074 150,237 Intangible assets 14,322 24,501 25,368 Junior subordinated debentures 9,144 16,349 17,205 Deferral of VOI sales and costs under timeshare accounting 7,535 8,718 9,222 Other 2,729 2,824 189 Total gross deferred tax liabilities 134,447 204,466 202,221 Net deferred tax liability (43,093) (44,318) (8,594) Less net deferred tax liability at beginning of period 44,318 8,594 92,609 Net deferred tax liabilities from acquisitions - - 329 Bluegreen initial public offering 11,988 - - Cumulative effect for excess tax benefits recognized in accumulated earnings associated with share based compensation (3,054) - - Less change in net deferred tax liability for amounts included in other comprehensive income 42 20 (15) Benefit (provision) for deferred income taxes $ 10,201 (35,704) 84,329 On December 22, 2017, the “Tax Cuts and Jobs Act,” was signed into law. In addition to changes or limitations to certain tax deductions, including limitations on the deductibility of interest payable to related and unrelated lenders and further limiting deductible executive compensation, the Tax Cuts and Jobs Act permanently lowered the corporate tax rate to 21% from the existing maximum rate of 35%, effective for tax years commencing January 1, 2018. The SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Cuts and Jobs Act. SAB 118 allows registrants to record provisional amounts during a one year “measurement period” similar to that used when accounting for business combinations. The Company recorded a provisional tax benefit for the impact of the Tax Cuts and Jobs Act of approximately $ 43.1 million in its Consolidated Statement of Operations for the year ended December 31, 2017 . The $43.1 million tax benefit is net of a decrease in the valuation allowance of $34.2 million. This tax benefit is comprised of the remeasur e ment of our federal net deferred tax liabilities resulting from the permanent reduction in the corporate tax rate from 35% to 21% . The impact of the Tax Cuts and Jobs Act may differ , possible materially, from the provisional amounts due to among other things, additional analysis, changes in interpretations and assumptions made by the Company and additional regulatory guidance that may be issued. Any such revisions will be treated in accordance with the measurement period guidance outlined in SAB 118. As such, the Company expect s to complete its analysis no later than December 22, 2018. The Company evaluates its 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 the Company’s evaluations, which are discussed in further detail below, the deferred tax valuation allowances increased by $25,000 and $3.8 million for the years ended December 31, 2017 and 2016, respectively, and decreased by $127.8 million for the years en ded December 31, 2015. At December 31, 2014, the Company had maintained a valuation allowance against deferred tax assets of $25 5 . 9 million as the Company, BCC and Bluegreen filed separate group federal and state tax returns. A substantial portion of these deferred tax assets were attributable to federal and state net operating loss carry forwards. As a separate tax return filer, the Company maintained a full valuation allowance against certain deferred tax assets based on the Company’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 the company’s ownership interest in BCC completed on April 30, 2015, the Company currently files a consolidated group tax return with all of its U.S. subsidiaries from May 1, 2015 forward. As a consequence, a substantial portion of the Company’s net operating losses and other deductible temporary differences were utilized in the Company’s consolidated tax return s without limitation subsequent to May 1, 2015 . The Company 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. The Company has established a valuation allowance of $102.2 million relating to the deferred tax asset of $148.7 million for federal and state NOL and tax credit carryforwards. The Company’s ability to utilize a portion of these carryforwards to reduce future tax liability income is subject to significant limitations. The following table summarizes the federal and State NOL and tax credit carryforwards and the applicable 2017 valuation allowance (in thousands): Federal and Net State Gross Deferred NOL and Credit Deferred Tax Valuation Tax Carryforward Asset Allowance Asset Year Expires Federal NOL $ 18,470 3,879 - 3,879 2032-2034 Florida NOL-BBX 73,504 3,194 - 3,194 2030-2034 Non-Florida State NOLs-Bluegreen 240,000 11,001 2,442 8,559 2018-2037 Alternative minimum tax credit 28,611 28,611 - 28,611 Refundable Federal NOL SRLY Limitation 227,595 47,795 47,795 - 2026-2034 Florida NOL SRLY Limitation 749,212 32,554 32,554 - 2026-2034 Other Federal tax credits-SRLY Limitation 2,372 2,372 2,372 - 2025-2031 Federal NOL Section 382 Limitation 74,471 15,473 13,486 1,987 2023-2029 Florida NOL Section 382 Limitation 64,866 2,796 2,529 267 2024-2029 Canadian NOL 2,900 713 713 - 2033-2037 Canadian capital losses 2,220 277 277 - Do not expire Total $ 148,665 102,168 46,497 The Company evaluated all positive and negative evidence available as of the reporting date, including tax planning strategies, the ability to file a consolidated return with its subsidiaries, the expected future reversal of existing taxable temporary differences, and expected future taxable income (primarily from Bluegreen) exclusive of reversing temporary differences and carry forwards. Based on this evaluation, the Company has determined that it is more likely than not that it will be able to realize $46.5 million of the deferred tax asset that is attributed to the Company’s federal and state NOL and credit carryforwards . As of December 31, 2017, the Company had estimated federal and Florida NOL carryforwards of approximately $18.5 million and $73.5 million, respectively (which expire from 2030 through 2034) that are not subject to any limitation and can be applied to the taxable income of any subsidiary of the Company. No valuation allowance is needed for these NOLs. As of December 31, 2017, Bluegreen had non-Florida state NOL carryforwards of $240.0 million, which expire from 2018 through 2037. These NOLs can only be utilized against Bluegreen’s (or a subsidiary of Bluegreen) income allocable to the state that the NOL was generated from. A valuation allowance is maintained for those state NOLs where the NOL is not more likely than not realizable. The Company had alternative minimum tax credit carryforwards of $28.6 million. The Tax Cuts and Jobs Act repealed the alternative minimum tax effective in 2018 and allows the credit to be applied to fully offset regular income taxes. Any credits that are not used to reduce regular income tax is refundable at 50% for the years 2018 through 2020 and 100% refundable in 2021. No valuation allowance is needed for these credits. The Company’s deferred tax asset at December 31, 2017 includes federal and Florida NOL carryforwards and federal tax credit carryforwards that can only be utilized if the separate entity that generated them has separate company taxable income (“SRLY NOL Limitation”). These carryforwards cannot be utilized against most of the Company’s subsidiaries’ taxable income, including Bluegreen. As such, a full valuation allowance has been established for these carryforwards . In addition, as a result of the Company’s merger with Woodbridge in September 2009, the Company 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 the Company’s pre-merger net operating losses that can be utilized by the Company annually (the “Section 382 limitation”). The federal and Florida annual limit is approximately $788,000 and $513,000 , respectively. As a result, a valuation allowance has been established for these NOLs to the extent that they may expire before they can be utilized. As of December 31, 2017, BBX Capital’s Canadian subsidiaries had NOL carryforwards. As the Canadian operation have had cumulative taxable losses in recent years, a full valuation allowance has been applied to these NOL carryforwards. In addition, one of the Canadian subsidiaries has a capital loss carryforward that can only be used to reduce capital gains and the tax on Canadian capital gains is 50% of the Canadian tax rate. Canadian capital loss carryforwards do not expire. A full valuation allowance is maintained for the Canadian capital loss carryforward as it is unlikely that the Canadian subsidiary will generate capital gains in the future. On September 21, 2009, the Company adopted a shareholder rights agreement aimed at protecting its ability to use available NOLs to offset future taxable income . See Note 19 for additional information regarding the Company’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, 2017, 2016 or 2015. The Company is no longer subject to federal or Florida income tax examinations by tax authorities for tax years before 2014. Several of the Company’s subsidiaries are no longer subject to income tax examinations in certain state, local and non-U.S. jurisdictions for tax years before 2012. Certain of the Company’s state income tax filings are under routine examination. While there is no assurance as to the results of these audits, the Company does not currently anticipate any material adjustments in connection with these examinations. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 15. Commitments and Contingencies The Company and its subsidiaries are lessees under various operating leases for real estate and equipment. At December 31, 2017, the approximate minimum future rental payments under such leases for the periods shown are (in thousands): Years Ending December 31, Amount 2018 $ 26,736 2019 23,992 2020 22,096 2021 21,122 2022 18,207 Thereafter 47,177 Total $ 159,330 Certain of the Company’s leases give the Company options to renew the lease at a stipulated rental amount for additional five to seven year periods. The Company incurred rent expense as follows (in thousands): For the Years Ended December 31, 2017 2016 2015 Rental expense for premises and equipment $ 30,832 18,706 16,645 In the ordinary course of business, BBX Capital and its subsidiaries are parties to lawsuits as plaintiff or defendant involving its operations and activities. Bluegreen is subject to claims or proceedings from time to time relating to the purchase, sale, marketing, or financing of VOIs. Bluegreen is also subject to certain matters relating to the Bluegreen Communities’ business, substantially all of the assets of which were sold by us on May 4, 2012. Additionally, from time to time in the ordinary course of business , Bluegreen is involved in disputes with existing and former employees, vendors, taxing jurisdictions and various other parties , and Bluegreen receives individual consumer complaints, as well as complaints received through regulatory and consumer agencies, including Offices of State Attorneys General. Bluegreen take s these matters seriously and attempt s to resolve any such issues as they arise. Reserves are accrued for matters in which management believes it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. Management does not believe that the aggregate liability relating to known contingencies in excess of the aggregate amounts accrued will have a material impact on the Company’s results of operations or financial condition. However, litigation is inherently uncertain and the actual costs of resolving legal claims, including awards of damages, may be substantially higher than the amounts accrued for these claims and may have a material adverse impact on the Company’s results of operations or financial condition. Adverse judgements and the costs of defending or resolving legal claims may be substantial and may have a material adverse impact on the Company’ financial statements. Management is not at this time able to estimate a range of reasonably possible losses with respect to matters in which it is reasonably possible that a loss will occur. In certain matters, management is unable to estimate the loss or reasonable range of loss until additional developments provide information sufficient to support an assessment of the loss or reasonable range of loss. Frequently in these matters, the claims are broad, and the plaintiffs have not quantified or factually supported their claim. The following is a description of certain ongoing litigation matters: BBX Capital Litigation Securities and Exchange Commission Complaint In 2012, the SEC brought an action in the United States District Court for the Southern District of Florida against BCC and Alan B. Levan, BCC’s Chairman and Chief Executive Officer. Following an initial trial in 2014 and the reversal on appeal of certain judgments of the district court by the Eleventh Circuit Court of Appeals, a second trial was held in 2017, and on May 8, 2017, the jury rendered a verdict in favor of BCC and Mr. Levan and against the SEC on all counts. In connection with the Eleventh Circuit Court of Appeals’ reversal of certain judgments in the first trial, which became final on January 31, 2017, and the resolution of the matter in favor of BCC and Mr. Levan in the second trial, BBX Capital received legal fees and costs reimbursements from its insurance carrier of approximately $8.6 million as well as the release of the $4.6 million penalty assessed against BCC in the first trial. The legal fees and costs reimbursements and the release of the penalty are reflected in the Company’s Statement of Operations in “Litigation Costs and penalty reimbursements” for the year ended December 31, 2017. In Re BCC Merger Shareholder Litigation On August 10, 2016, Shiva Stein filed a lawsuit against the Company, BBX Merger Sub, LLC, BCC and the members of BCC’s board of directors, which seeks to establish a class of BCC’s shareholders and challenges the Merger. The plaintiff asserts that the Merger consideration undervalues BCC and is unfair to BCC’s public shareholders, that the sales process was unfair and that BCC’s directors breached their fiduciary duties of care, loyalty and candor owed to the public shareholders of BCC because, among other reasons, they failed to take steps to maximize the value of BCC to its public shareholders and instead diverted consideration to themselves. The lawsuit also alleges that BBX Capital, as the controlling shareholder of BCC, breached its fiduciary duties of care, loyalty and candor owed to the public shareholders of BCC by utilizing confidential, non-public information to formulate the Merger consideration and not acting in the best interests of BCC’s public shareholders. In addition, the lawsuit includes a cause of action against BCC, the Company and Merger Sub for aiding and abetting the alleged breaches of fiduciary duties. The lawsuit request ed that the court grant an injunction blocking the proposed Merger or, if the proposed Merger is completed, rescind the transaction or award damages as determined by the court. On September 15, 2016, Defendants filed a Motion to Dismiss the amended complaint. On November 21, 2016, the Court issued an order granting the Motion to Dismiss with prejudice. Plaintiff appealed the Court’s order dismissing the amended complaint to the Fourth District Court of Appeals and on January 9, 2018, the Fourth District Court of Appeals held oral argument on the appeal . The Company believes that the appeal is without merit and intends to continue vigorously defending the action. Bluegreen Litigation Commencing in 2015, it came to Bluegreen’s attention that its collection efforts with respect to its VOI notes receivable were being impacted by a then emerging industry-wide trend involving the receipt of “cease and desist” letters from attorneys purporting to represent certain VOI owners. Following receipt of these letters, Bluegreen is unable to contact the owners unless allowed by law. Bluegreen believes these attorneys have encouraged such owners to become delinquent and ultimately default on their obligations and that such actions and Bluegreen’s inability to contact the owners are a primary contributor to the increase in its annual default rates. Bluegreen’s average annual default rates have increased from 6.9% in 2015 to 8.5% in 2017. Bluegreen also estimates that approximately 9.3 % of the total delinquencies on its VOI notes receivable as of December 31, 2017 related to VOI notes receivable subject to these letters. Bluegreen has in a number of cases pursued, and may in the future pursue, legal action against the VOI owners. On August 24, 2016, Whitney Paxton and Jeff Reeser filed a lawsuit against Bluegreen Vacations Unlimited, Inc. (“BVU”), a wholly-owned subsidiary of Bluegreen, and certain of its employees (collectively, the “Defendants”), seeking to establish a class action of former and current employees of BVU and alleging violations of plaintiffs’ rights under the Fair Labor Standards Act of 1938 (the “FLSA”) and breach of contract. The lawsuit also claims that the Defendants terminated plaintiff Whitney Paxton as retaliation for her complaints about alleged violations of the FLSA. The lawsuit seeks damages in the amount of the unpaid compensation owed to the plaintiffs. During July 2017, a magistrate judge entered a report and recommendation that the plaintiffs’ motion to conditionally certify collective action and facilitate notice to potential class members be granted with respect to certain employees and denied as to others. During September 2017, the judge accepted the recommendation and granted preliminary approval of class certification. Bluegreen believes that the lawsuit is without merit and intend to vigorously defend the action. On September 22, 2017, Stephen Potje, Tamela Potje, Sharon Davis, Beafus Davis, Matthew Baldwin, Tammy Baldwin, Arnor Lee, Angela Lee, Gretchen Brown, Paul Brown, Jeremy Estrada, Emily Estrada, Guillermo Astorga Jr., Michael Oliver, Carrie Oliver, Russell Walters, Elaine Walters, and Mike Ericson, individually and on behalf of all other similarly situated , filed a lawsuit against Bluegreen which asserts claims for alleged violations of the Florida Deceptive and Unfair Trade Practices Act and the Florida False Advertising Law. In the complaint, the plaintiffs allege the making of false representations in connection with Bluegreen’s sales of VOIs, including representations regarding the ability to use points for stays or other experiences with other vacation providers, the ability to cancel VOI purchases and receive a refund of the purchase price, the ability to roll over unused points and that annual maintenance fees would not increase. The complaint seeks to establish a class of consumers who, since the beginning of the applicable statute of limitations, have purchased VOIs from Bluegreen, had their annual maintenance fees relating to Bluegreen VOIs increased, or were unable to roll over their unused points to the next calendar year. The lawsuit alleges damages in excess of $5.0 million and seeks damages in the amount alleged to have been improperly obtained by Bluegreen, as well as any statutory enhanced damages, attorneys’ fees and costs, and equitable and injunctive relief. On November 20, 2017, Bluegreen moved to dismiss the complaint and, in response, the plaintiffs filed an amended complaint dropping the claims relating to the Florida Deceptive and Unfair Trade Practices Act and adding claims for fraud in the inducement and violation of the Florida Vacation Plan and Timesharing Act. Bluegreen filed a motion to dismiss the amended complaint which is currently pending before the court. Bluegreen’s management believes that the lawsuit is without merit and intends to vigorously defend the action. On January 4, 2018, Gordon Siu, individually and on behalf of all others similarly situated, filed a lawsuit alleging that Bluegreen Vacations and Choice Hotels violated California state privacy laws by recording and/or monitoring a telemarketing call to the plaintiff without his consent. The plaintiff claims the individual making the call requested that the plaintiff provide personal and private information and did not disclose that the call was being recorded until after making such request. The plaintiff seeks certification of a class of persons in California whose telephone conversations were monitored, recorded and/or eavesdropped upon without their consent by Bluegreen and/or Choice Hotels and damages of $5,000 per violation. Bluegreen believes that the lawsuit is without merit and intends to vigorously defend the action. B luegreen has an exclusive marketing agreement with Bass Pro, a nationally-recognized retailer of fishing, marine, hunting, camping and sports gear, that provides Bluegreen with the right to market and sell vacation packages at kiosks in each of Bass Pro’s retail locations and through other means. As of December 31, 2017, Bluegreen sold vacation packages in 68 of Bass Pro’s stores. In exchange, Bluegreen compensates Bass Pro based on VOI sales generated through the program. No compensation is paid to Bass Pro under the agreement on sales made at Bluegreen/Big Cedar Vacations’ resorts. During the years ended December 31, 2017, 2016 and 2015, VOI sales to prospects and leads generated by the agreement with Bass Pro accounted for approximately 15% , 16% and 20% , respectively, of Bluegreen’s VOI sales volume. On October 9, 2017, Bass Pro advised Bluegreen that it believes the amounts paid to it as VOI sales commissions should not have been adjusted for certain purchaser defaults. Bluegreen previously informed Bass Pro that the aggregate amount of such adjustments for defaults charged back to Bass Pro between January 2008 and June 2017 totaled approximately $4.8 million. Bluegreen believes these chargebacks were appropriate and consistent with the terms and intent of the agreements with Bass Pro, and Bluegreen is continuing to discuss the matter with Bass Pro. On October 20, 2017, in order to demonstrate good faith, Bluegreen paid this amount to Bass Pro pending a resolution of the matter in the ordinary course. Bluegreen recognized the $4.8 million payment as general and administrative expense during the fourth quarter of 2017. In addition, the resolution of the matter may adversely impact our future marketing expenses. The following is a description of certain commitments and guarantees: In lieu of paying maintenance fees for unsold VOI inventory, Bluegreen provides subsidies to certain homeowners’ associations to provide for funds necessary to operate and maintain vacation ownership properties in excess of assessments collected from owners of the VOIs. During the years ended December 31, 2017 , 2016 and 201 5 , Bluegreen made subsid y payments , included within cost of other fee-based services, in connection with these arrangements of $12.6 million , $13.9 million and $15.8 million, respectively. As of December 31, 2017 and 2016, Bluegreen had no accrued liabilities for such subsidies. As of December 31, 2017 and 2016, Bluegreen was providing subsidies to nine homeowners’ 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 $35.1 million, of which $8.9 million and $5.4 million of inventory was purchased in 2017 and 2016, respectively. As of December 31, 2017, $4.6 million of the Lake Eve Resort purchase commitment remained. During August 2016, the Company entered into a severance arrangement with an executive. Under the terms of the arrangement, the executive will receive $ 3.7 million over a three year period ending in August 2019. As of December 31, 2017, $1.9 million was left to be paid under this agreement. In September 2017, Bluegreen entered into an agreement with an executive in connection with his retirement. Pursuant to the terms of the agreement, Bluegreen agreed to make payments totaling approximately $2.9 million through March 2019 . T he amount payable under the agreement was accrued as of December 31, 2017 and is included in selling, general and administrative expenses for the year ended December 31, 2017. As of December 31, 2017, B l uegreen had a $2.6 million liability remaining under this agreement. Also, during the second half of 2017, Bluegreen implemented an initiative designed to streamline their operations in certain areas to facilitate future growth. Such initiative resulted in $5.8 million of severance expense for the year ended December 31, 2017, $1.9 million of which will be paid in 2018. The Company guarantees certain obligations of its wholly-owned subsidiaries and unconsolidated real estate joint ventures as follows: · During the year ended December 31, 2014, the Sunrise and Bayview Partners, LLC joint venture owned 50% by Procacci Bayview, LLC and 50% by a subsidiary of the Company 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, 2017. · BBX Capital is a guarantor on a $1.5 million note payable of Anastasia , a wholly-owned subsidiary of BBX Sweet Holdings, owed to the former owner of Anastasia. The Anastasia note payable is collateralized by the common stock of Anastasia. · BBX Sweet Holdings and BBX Capital are guarantors of a $1.5 million note payable of Hoffman’s Chocolates, a wholly-owned subsidiary of BBX Sweet Holdings, owed to Centennial Bank. This note payable is collateralized by approximately $2.0 million of properties and equipment. · In October 2017, a wholly-owned subsidiary of the Company issued a $3.4 million unsecured note to the seller of real estate to the Chapel Grove joint venture in which the subsidiary has a 46.75% equity interest. The unsecured note was part of the subsidiar y’s initial capital contribution to the Chapel Trail real estate joint venture. The note is not secured by the joint venture property and BBX Capital guarantees the repayment of the unsecured note. · On August 7, 2015, 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. The facility is secured by the assets of BBX Sweet Holdings and its subsidiaries and is guaranteed by BBX Capital. · The Company’s wholly-owned subsidiary, Food for Thought Restaurant Group, LLC enters into lease agreements for MOD restaurant locations. As of December 31, 2017, the Company is a guarantor on two of the lease agreements with an aggregate lease obligation of $1.3 million . |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2017 | |
Stock Incentive Plans [Abstract] | |
Stock Incentive Plans | 16. Stock Incentive Plans Restricted Stock and Stock Options Plans The Company has three share-based compensation plans as of December 31, 2017: the BBX Capital Corporation 2014 Incentive Plan (the “2014 Plan”), the BBX Capital 2005 Restricted Stock and Option Plan, and the BBX Capital 2014 Stock Incentive Plan. The BBX Capital 2005 Restricted Stock and Option Plan and the BBX Capital 2014 Stock Incentive Plan are collectively referred to as the “BCC Equity Compensation Plans”. The Company assumed the BCC Equity Compensation Plans upon consummation of the Merger with BCC on December 15, 2016 (see Note 3 – Acquisitions and Merger). Pursuant to the Merger Agreement, awards outstanding under the BCC Equity Compensation Plan at December 15, 2016 continue to be outstanding and governed by the BCC Equity Compensation Plans, except that such awards were converted into awards that are eligible to be settled in shares of the Company’s Class A Common Stock resulting in the issuance of 5,090,354 of restricted shares of the Company’s Class A Common Stock and non-qualifying stock options to acquire 35,716 shares of the Company’s Class A Common Stock at December 15, 2016. No further awards will be granted under the BCC Equity Compensation Plans. The maximum term of incentive and non-qualifying stock options issuable under the 2014 Plan is ten years. Vesting is established by the Compensation Committee of the board of directors in connection with each grant of options or restricted stock awards. There were no options issued or outstanding under the 2014 Plan as of December 31, 2017. 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. Forfeitures are recognized when they occur. There were no options granted to employees or non-employee directors during the three year period ended December 31, 2017. As described below, the Company issued restricted stock awards to certain officers for each of the years in the t wo year period ended December 31, 2016. There were no restricted stock awards issued during the year ended December 31, 2017. However, o n January 9, 2018, the Company’s Compensation Committee of the board of directors granted awards of 1,487,051 restricted shares of the Company’s Class B Common Stock to the Company’s executive officers under the 2014 Plan. The aggregate grant date fair value of the January 2018 awards was $12.9 million and the shares vest ratably in annual installments of approximately 372,000 shares over four years beginning on October 1, 2018 The following table sets forth information on outstanding options: Weighted Weighted Average Average Remaining Aggregate Outstanding Options Exercise Price Contractual Term Intrinsic Value ($000) Outstanding at December 31, 2016 186,791 $ 3.59 1.24 $ 675 Exercised (151,075) 0.41 881 Forfeited (8,370) 43.43 Expired - 0.00 Outstanding at December 31, 2017 27,346 $ 8.98 0.43 Exercisable at December 31, 2017 27,346 $ 8.98 0.43 Available for grant at December 31, 2017 2,228,802 The 2014 Plan permits the issuance of awards for up to 500,000 shares of the Company’s Class A Common Stock and up to 9,500,000 shares of the Company’s Class B Common Stock . Awards for up to 17,776 shares of Class A Common Stock and 2,211,026 shares of Class B Common Stock remain ed available for grant under the 2014 Plan as of December 31, 2017 , although on January 9, 2018, awards of 1,481,051 restricted shares of the Company’s Class B Common Stock were granted to the Company’s executive officers under the 2014 Plan . There was no unearned compensation cost related to the Company’s stock options as all options were vested as of December 31, 2017. During the years ended December 31, 2017, 2016 and 2015, the Company received net proceeds of approximately $63,000 , $10,000 and $10,000 , respectively, upon the exercise of stock options. The total intrinsic value of options exercised during the years ended December 31, 2017, 2016 and 2015 was $881,000 , $143,000 and $85,000 , respectively. The following is a summary of the Company’s non-vested restricted stock and restricted stock units activity: Weighted Non-vested Average Restricted Grant Date Stock Fair Value Outstanding at December 31, 2016 11,131,996 $ 2.74 Granted - - Vested (6,137,481) 2.22 Forfeited - - Outstanding at December 31, 2017 4,994,515 $ 3.39 The following table indicates the grant date, the number of restricted stock awards granted, the per share weighted average grant date fair value and the requisite service period for restricted stock awards granted during the years ended December 31, 2016 and 2015: Per Share Weighted Average Number of Grant Date Requisite Grant Date Awards Granted Fair Value Service Period (3) 9/1/2015 (1) 2,372,592 $ 3.16 4 years 12/15/2016 (2) 5,090,354 2.74 1.63 Years 12/22/2016 (1) 1,823,565 4.3 4 years (1) The awards are issuable in shares of Class B Common Stock. (2) Pursuant to the Merger Agreement the Company assumed and adopted the BCC Equity Compensation Plans as of December 15, 2016 and 942,657 shares of BCC’s restricted stock units were retired in exchange for restricted stock units with respect to approximately 5.1 million shares of the Company's Class A Common Stock with a weighted average requisite service period of 1.63 years. (3) The awards vest ratable in annual installments over the requisite service period . Between September 30, 2017 through October 8, 2017, award recipients surrendered a total of 2,394,492 shares of Class A Common Stock and 176,132 shares of Class B Common Stock to the Company to satisfy the $19.0 million tax withholding obligation associated with the vesting of 6,137,481 restricted shares. The Company retired the surrendered shares. The fair value of shares of BBX Capital’s restricted stock awards which vested during the years ended December 31, 2017, 2016 and 2015 was $45.2 million, $10.3 million and $10.7 million, respectively. BBX Capital recognized restricted stock compensation expense of approximately $12.3 million, $6.4 million and $5.6 million and recognized tax benefits of $0.4 million, $0.8 million and $0.6 million for the years ended December 31, 2017, 2016 and 2015, respectively. The fair value of restricted shares of BCC’s stock when vested during the years ended December 31, 2016 and 2015 was $10.0 million and $6.0 million, respectively. Included in the Company’s Consolidated Statements of Operations and Comprehensive Income is $6.1 million and $5.5 million of share-based compensation expense related to BCC for the years ended December 31, 2016 and 2015, respectively. BCC recognized tax benefits of $0.7 million and $0.4 for the years ended December 31, 2016 and 2015, respectively. As of December 31, 2017, the total unrecognized compensation cost related to the Company’s non-vested restricted stock compensation was approximately $14.8 million. The cost is expected to be recognized over a weighted-average period of approximately 1.88 yea rs. |
Employee Benefit Plans And Ince
Employee Benefit Plans And Incentive Compensation Program | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefit Plans And Incentive Compensation Program [Abstract] | |
Employee Benefit Plans And Incentive Compensation Program | 17. Employee Benefit Plans and Incentive Compensation Program Defined Contribution 401(k) Plan BBX Capital and its subsidiaries sponsor three Employee Retirement Plans under Internal Revenue Code Section 401(k). Generally, employees who have completed 90 days of service and have reached the age of 21 are eligible to participate in the 401(k) plans. For the year ending December 31, 2017, an eligible employee under the plan was entitled to contribute up to $18,000 , while an eligible employe e over 50 years of age was entitled to contribute up to $24,000 . During the years ended December 31, 2017, 2016 and 2015, the Company generally matches 100% of the first 3% of employee contributions and 50% of the next 2% of employee contributions. In general, the match amounts vest immediately. Further, Bluegreen may make additional discretionary matching contributions to its 401(k) retirement plan not to exceed 4% of each participant’s compensation. For the years ended December 31, 2017, 2016 and 2015, the Company recorded expense for contributions to the 401(k) plans totaling approximately $5.7 million, $5 .5 million and $5 . 3 million , respectively. |
Redeemable 5% Cumulative Prefer
Redeemable 5% Cumulative Preferred Stock | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Redeemable 5% Cumulative Preferred Stock | 18. Redeemable 5% Cumulative Preferred Stock The Company has outstanding 15,000 shares of 5% Cumulative Preferred Stock at 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 . Shares of the 5% Cumulative Preferred Stock are also subject to mandatory redemption as described below. 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 regular quarterly cash dividends of $187,500 on its 5% Cumulative Preferred Stock. The 5% Cumulative Preferred Stock is subject to mandatory redemption and accordingly is classified as a liability in the Company’s Consolidated Statements of Financial Condition. The Company is required to redeem the preferred shares in $5.0 million annual payments in each of the years ending December 31, 2018, 2019 and 2020. During December 2013, the Company made a $5.0 million loan to the holders of the 5% Cumulative Preferred Stock. The loan is secured by 5,000 shares of the 5% Cumulative Preferred Stock, has a term of five years, 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. For the years ended December 31, 2017 , 201 6 and 201 5 , t he Company recorded interest expense in its Consolidated Statements of Operations and Comprehensive Income of $1.2 million, $1.2 million and $1.1 million , respectively, of which $750,000 was paid during each of these three years as dividends on the 5% Cumulative Preferred Stock . |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2017 | |
Common Stock [Abstract] | |
Common Stock | 1 9 . 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, the Company 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 the Company’s Class A Common Stock and Class B Common Stock, taken as a whole, without the prior approval of the board of directors. Shareholders of the Company at September 21, 2009 were not required to divest any shares. On September 21, 2009, the board of directors approved a share repurchase program which authorizes the repurchase of up to 20,000,000 shares of the Company’s Class A and Class B Common Stock at an aggregate cost of no more than $10.0 million. During April 2017, the Company purchased 1.0 million shares of its Class A Common Stock for approximately $6.2 million. During April 2016, the Company repurchased 1.0 million shares of its Class A Common Stock for approximately $3.0 million. On June 13, 2017, the board of directors approved a share repurchase program which replaced the September 2009 share repurchase program and authorizes the repurchase of up to 5,000,000 shares of the Company’s Class A Common Stock and Class B Common Stock at an aggregate cost of up to $35 .0 million. As of December 31, 2017, 321,593 shares of the Company’s Class A Common Stock have been repurchased for approximately $2.4 million under the June 2017 share repurchase program. On September 4, 2015, the Company entered into Share Exchange Agreements with Alan B. Levan, John E. Abdo, Jarett S. Levan and Seth M. Wise as holders of restricted stock units of Class A Common Stock of BCC. See Note 23 for information regarding the options exercised by the Company and the share exchanges consummated under the Share Exchange Agreements during 2016. Upon the Company’s adoption of the BCC Equity Compensation Plans in connection with the Merger Agreement on December 15, 2016, the Share Exchange Agreements were terminated. |
Noncontrolling Interests And Re
Noncontrolling Interests And Redeemable Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interests And Redeemable Noncontrolling Interest [Abstract] | |
Noncontrolling Interests And Redeemable Noncontrolling Interest | 20 . Noncontrolling Interests and Redeemable Noncontrolling Interest The following table summarizes the noncontrolling interests in the Company’s subsidiaries at December 31, 2017 and 2016 (in thousands): December 31, 2017 2016 Bluegreen Vacations (1) $ 38,223 - Bluegreen / Big Cedar Vacations (2) 42,286 40,773 Joint ventures and other (238) 77 Total noncontrolling interests $ 80,271 40,850 Included in the Company’s Consolidated Statement of Financial Condition as of December 31, 2017 was a $2.8 million redeemable noncontrolling interest associated with the IT’SUGAR acquisition. The Company owns 90.4% of IT’SUGAR’s Class B Units and the remaining 9.6% of IT’SUGAR’s Class B Units represent a redeemable noncontrolling interest. The following table summarizes the income recognized with respect to the Company’s subsidiaries attributable to noncontrolling interests for the years ended December 31, 2017, 201 6 and 2015 (in thousands): For the Years Ended December 31, 2017 2016 2015 Bluegreen Vacations (1) $ 5,639 - - Bluegreen / Big Cedar Vacations (2) 12,784 9,826 11,705 BCC - 3,489 4,964 Joint ventures and other (21) (20) 2,136 Net income attributable to noncontrolling interests $ 18,402 13,295 18,805 (1) Subsequent to Bluegreen’s IPO in November 2017, the Company owns 90% of Bluegreen. Bluegreen was a wholly-owned subsidiary of the Company prior to the Bluegreen IPO. (2) Bluegreen Vacations has a joint venture arrangement pursuant to which, Bluegreen owns 51% of Bluegreen/Big Cedar Vacations. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2017 | |
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 shareholders for the years ended December 31, 2017, 2016 and 2015 (in thousands, except per share data): For the Years Ended December 31, 2017 2016 2015 Basic earnings per common share Numerator: Net income $ 100,597 41,657 141,279 Less: Net income attributable to noncontrolling interests 18,402 13,295 18,805 Net income available to shareholders $ 82,195 28,362 122,474 Denominator: Basic weighted average number of of common shares outstanding 98,745 86,902 87,022 Basic earnings per common share $ 0.83 0.33 1.41 Diluted earnings per common share Numerator: Net income available to shareholders $ 82,195 28,362 122,474 Denominator: Basic weighted average number of common shares outstanding 98,745 86,902 87,022 Effect of dilutive stock-based compensation 5,171 590 186 Diluted weighted average number of common shares outstanding 103,916 87,492 87,208 Diluted earnings per common share $ 0.79 0.32 1.40 During the year ended December 31, 2017, there were no restricted stock awards that were anti-dilutive and options to acquire 27,346 shares of Class A common stock were anti-dilutive. During the year ended December 31, 2016, approximately 55,000 restricted stock awards and options to acquire 35,716 shares of Class A common stock were anti-dilutive. During the year ended December 31, 2015, there were no restricted stock awards or options to acquire shares of common stock that were anti-dilutive. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2017 | |
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: Unadjusted quoted prices in active markets for identical assets or liabilities Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability Level 3: Unobservable inputs for the asset or liability Assets and liabilities on a recurring basis There were no assets or liabilities measured at fair value on a recurring basis in the Company’s consolidated financial statements as of December 31, 2017 or 2016 . 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, 2017 (in thousands): Fair Value Measurements Using Carrying Quoted prices in Significant Total Amount Active Markets Other Significant Impairments (1) As of for Identical Observable Unobservable For the December 31, Assets Inputs Inputs Year Ended Description 2017 (Level 1) (Level 2) (Level 3) December 31, 2017 Impaired real estate held-for-sale $ 6,346 - - 6,346 1,638 (1) Total impairments represent the amount of losses recognized during the year ended December 31, 201 7 on assets that were held and measured at fair value as of December 31, 201 7 . 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, 2017 Fair Valuation Unobservable Description Value Technique Inputs Range (Average) (1)(2) Real estate held-for-sale $ 6,346 Fair Value of Property Asset Purchase Agreements or Appraisals $0.2 - $4.3 million ( $1.2 million) (1) Range and average appraised values were reduced by estimated 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, 201 6 (in thousands): Fair Value Measurements Using Carrying Quoted prices in Significant Total Amount Active Markets Other Significant Im pairments (1) As of for Identical Observable Unobservable For the December 31, Assets Inputs Inputs Year Ended Description 2016 (Level 1) (Level 2) (Level 3) December 31, 2016 Loans measured for impairment using the fair value of the underlying collateral $ 5,759 - - 5,759 101 Impaired real estate held-for-sale 5,456 - - 5,456 3,271 Total $ 11,215 - - 11,215 3,372 (1) Total impairments represent the amount of losses recognized during the year ended December 31, 201 6 on assets that were held and measured at fair value as of December 31, 201 6 . 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, 2016 Fair Valuation Unobservable Description Value Technique Inputs Range (Average) (1)(2) Loans measured for impairment Discount Rates and using the fair value of the Fair Value of Appraised Value $0.1 - $0.7 million underlying collateral $ 5,759 Collateral less Cost to Sell ( $0.3 million) Fair Value of Asset Purchase Agreements $0.1 - $1.4 million Impaired real estate held-for-sale 5,456 Property or Appraised Value less Cost to Sell ( $0.5 million) Total $ 11,215 (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 liabilities measured at fair value on a non-recurring basis in the Company’s consolidated financial statements as of December 31, 2017 or 201 6 . 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 the Company’s loans are collateral dependent. The fair value of the Company’s loans may significantly increase or decrease based on changes in property values as its loans are primarily secured by real estate. The Company 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. As a consequence, the calculation of the fair value of the collateral is considered a Level 3 input. The Company 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 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. Financial Disclosures about Fair Value of Financial Instruments The following tables present information for consolidated financial instruments at December 31, 2017 and 2016 (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 2017 2017 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 362,526 362,526 362,526 - - Restricted cash 46,721 46,721 46,721 - - Loans receivable 19,454 21,125 - - 21,125 Notes receivable, net 431,801 525,000 - - 525,000 Notes receivable from preferred shareholders (1) 5,000 5,000 - - 5,000 Financial liabilities: Receivable-backed notes payable $ 421,118 425,900 - - 425,900 Notes payable and other borrowings 144,114 149,438 - - 149,438 Junior subordinated debentures 135,414 132,000 - - 132,000 Mandatorily redeemable cumulative preferred stock 13,974 13,977 - - 13,977 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 2016 2016 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 299,861 299,861 299,861 - - Restricted cash 46,456 46,456 46,456 - - Loans receivable 25,521 27,904 - - 27,904 Notes receivable, net 430,480 545,000 - - 545,000 Notes receivable from preferred shareholders (1) 5,063 4,900 - - 4,900 Financial liabilities: Receivable-backed notes payable $ 414,989 420,400 - - 420,400 Notes payable and other borrowings 133,790 135,404 - - 135,404 Junior subordinated debentures 152,367 149,200 - - 149,200 Shares subject to mandatory redemption 13,517 13,600 - - 13,600 (1) Notes receivable from preferred shareholders is included in other assets i n the Company’s Consolidated S tatements of Financial C ondition as of December 31, 2017 and 2016 . M anagement has made estimates of fair value that it believes to be reasonable. However, because there is no active market for many of these financial instruments, the fair 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. The amounts reported in the consolidated statements of financial condition, for cash and cash equivalents and restricted cash approximate fair value. T he fair value of the Company ’s accruing loans is calculated using an income approach with Level 3 inputs by discounting forecasted cash flows using estimated market discount rates. 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 notes receivable and 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 the 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. The amounts reported in the consolidated statements of financial condition relating to Bluegreen’s 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 Community Development Bonds is measured using the market approach with level 3 inputs obtained based on estimated market prices of similar financial instruments. Community Development Bonds are included in notes payable and other borrowings in the above table. The fair value of other borrowings (other than Bluegreen’s notes payable and other borrowings and Community Development Bonds above) 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, 2017 | |
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 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 approximately 77 % o f the Company’s total voting power. Mr. Alan B. Levan serves as Chairman of the Board and Mr. John E. Abdo serves as Vice-Chairman of the Board for Bluegreen. Jarett S. Levan is President of the Company, a Director of Bluegreen and son of Alan B. Levan. Further, Seth M. Wise is Executive Vice President and director of the Company and Bluegreen and Raymond S. Lopez is Chief Financial Officer of the Company. Currently, Woodbridge is a wholly-owned subsidiary of the Company and Woodbridge owns approximately 90% of Bluegreen as of December 31, 2017. Bluegreen paid or reimbursed the Company $1.5 million, $1.3 million and $1.4 million during 2017, 2016, and 2015, respectively, for management advisory, risk management, administrative and other services. The Company received $40.0 million, $70.0 million and $54.4 million of dividends from Bluegreen during the years ended December 31, 2017, 2016 and 2015, respectively. Additionally, on January 23, 2018, Bluegreen paid the Company $10.1 million of dividends. In April 2015, pursuant to a Loan Agreement and Promissory Note, a wholly owned subsidiary of Bluegreen provided an $80.0 million loan to BBX Capital. Amounts outstanding on the loan bore interest at a rate of 10% per annum until July 2017 when the interest rate was reduced to 6% per annum. Payments of interest are required on a quarterly basis, with the entire $80.0 million principal balance and accrued interest being due and payable in April 2020. BBX Capital is permitted to prepay the loan in whole or in part at any time, and prepayments will be required, to the extent necessary, in order for Bluegreen or its subsidiaries to remain in compliance with covenants under outstanding indebtedness. During the years ended December 31, 2017, 2016 and 2015, BBX Capital paid $6.4 million , $8.0 million and $5.6 million, respectively, of interest expense on the loan to Bluegreen. The interest expense was eliminated in consolidation in the Company’s consolidated financial statements. On May 8, 2015, the Company , BCC , 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 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 the Company $39.4 m illion, $26.2 million and $19.2 million during the years ended December 31, 2017, 2016 and 2015, respectively, pursuant to this agreement. On September 4, 2015, the Company entered into Share Exchange Agreements with Alan B. Levan, John E. Abdo, Jarett S. Levan and Seth M. Wise (collectively, the “ B CC R SU Holders”) as holders of restricted stock units of Class A Common Stock of BCC (“ B CC RSUs”). Pursuant to the Share Exchange Agreements, (a) each B CC RSU Holder granted the Company the option to acquire, simultaneously with the vesting of each BCC RSU, some or all of the shares of BCC’s Class A Common Stock which, absent the Share Exchange Agreement, would (after withholding) have been received by the BCC RSU Holder upon the vesting of the BCC RSU s and (b) the Company agreed to issue to the BCC RSU Holder shares of the Company’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 BCC’s Class A Common Stock acquired by the Company upon the option exercise. Pursuant to the Share Exchange Agreements, the market value of the shares of the Company ’s Class A Common Stock and Class B Common Stock and of BCC ’s Class A Common Stock was calculated as the closing price of the applicable company’s class of stock on the trading day immediately preceding the date of closing of the share exchange. On September 12, 2016, the board of directors approved (a) the exercise in full of the Company’s options with respect to all of the BCC RSUs held by the BCC RSU Holders which were scheduled to vest between September 30, 2016 and October 4, 2016 and (b) the issuance of shares of the Company’s Class B Common Stock in exchange therefor. In addition, during September 2016, each BCC RSU Holder agreed, as a result of the Company’s entry into the Merger Agreement on July 27, 2016 and the 5.4 exchange ratio contemplated thereby, to receive no more than 5.4 shares of the Company’s Class A Common Stock or Class B Common Stock for each share of BCC’s Class A Common Stock subject to vested BCC RSUs with respect to any share exchanges effected during the pendency of the Merger Agreement. Between September 30, 2016 and October 4, 2016, the Company issued a total of 1,530,822 shares of its Class B Common Stock to the BCC RSU Holders and received a total of 283,486 shares of BCC’s Class A Common Stock in exchange therefor. Because the exchange ratio calculated by dividing the closing price of BCC’s Class A Common Stock on each relevant date by the closing price of the Company’s Class B Common Stock on each such date exceeded 5.4, the Company issued 5.4 shares of its Class B Common Stock for each share of BCC’s Class A Common Stock received by it between September 30, 2016 and October 4, 2016. Upon the Company’s adoption of the BCC Equity Compensation Plans on December 15, 2016, the share exchange agreements were terminated. See Note 3 – Acquisitions and Mergers for a description of the BCC Merger in which BCC merged with and into a wholly owned subsidiary of the Company. The following table sets forth the number of shares of the Company’s Class B Common Stock issued to the BCC RSU Holders and the number of shares of BCC’s Class A Common Stock received by the Company in exchange therefor during 2016 pursuant to the share exchange transaction described above. Individual Reporting Person Date of Share Exchange Number of Shares of the Company’s Class B Common Stock Issued to the BCC RSU Holder Number of Shares of BCC’s Class A Common Stock Received by the Company Alan B. Levan 9/30/2016 398,752 73,843 10/1/2016 107,800 19,963 John E. Abdo 9/30/2016 398,752 73,843 10/2/2016 107,800 19,963 Jarett S. Levan 9/30/2016 204,962 37,956 10/3/2016 53,897 9,981 Seth M. Wise 9/30/2016 204,962 37,956 10/4/2016 53,897 9,981 Total 1,530,822 283,486 During each of the years ended December 31, 2017, 2016 and 2015, the Company paid Abdo Companies, Inc. approximately $306,000 in exchange for 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 the Company’s affiliates, including its executive officers, have independently made investments with their own funds in investments that the Company has sponsored or in which the Company holds investments. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | 2 4 . Segment Reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the chief operating decision maker (“CODM”) in assessing performance and deciding how to allocate resources. Reportable segments consist of one or more operating segments with similar economic characteristics, products and services, production processes, type of customer, distribution system or regulatory environment. The information provided for segment reporting is obtained from internal reports utilized by management of the Company. 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. In June 2017, BBX Sweet Holdings acquired IT’SUGAR, for cash consideration of approximately $58.4 million. Additionally, in 2017, the Company commenced a reorganization of BBX Sweet Holdings’ businesses including the consolidation of manufacturing facilities and integration of operating entities. As a result of these activities, internal management reports were modified, and the CODM began utilizing the new reporting structure to manage operations and allocate resources. As a consequence, the Company determined that it was appropriate to report the operations of BBX Sweet Holdings as a separate reportable segment together with the Company’s three other reportable segments as follows: Bluegreen, BBX Capital Real Estate, Renin, and BBX Sweet Holdings. Segment information for the years ended December 31, 2016 and 2015 has been updated retrospectively to conform to 2017 presentation . In the table for the year s ended December 31, 2017, 201 6 and 2015, amounts set forth in the column entitled “ Corporate Expenses & Other” include interest expense associated with Woodbridge’s trust preferred securities (“TruPs”), corporate overhead and, for the 2016 and 2017 periods, start-up expenses for the Company’s MOD Super-Fast Pizza franchise restaurants . The Company opened two MOD Super-Fast Pizza franchise restaurants during the fourth quarter of 2017 and a third location during the first quarter of 2018. As of December 31, 2017, management determined that the operations of MOD did not warrant separate presentation as a reportable segment. The Company evaluates segment performance based on segment income before income taxes . Set forth below is summary information regarding the Company ’ s reportable segments: 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 earns fees by providing VOI title services , club and home owners’ association management services, mortgage servicing, reservation services, services related to the Traveler-Plus program, food and beverage and other retail operations, and construction design and development services. In addition, Bluegreen provides financing to qualified individual purchasers of VOIs, which provides significant interest income. BBX Capital Real Estate BBX Capital Real Estate activities include the acquisition, ownership and management of real estate, real estate development projects , and investments in real estate joint ventures. BBX Capital Real Estate also manages the legacy assets acquired in connection with the sale of BankAtlantic to BB&T Corporation in July 2012. The legacy assets include portfolios of loans receivable, real estate properties and previously charged-off BankAtlantic loans. Renin Renin manufactures interior closet doors, wall décor, hardware and fabricated glass products and operates through its headquarters in Canada and two manufacturing, assembly and distribution facilities in Canada and the United States. During 2017, total revenues for the Renin reportable segment include $34.0 million of trade sales to two major customers and their affiliates. Renin’s revenues generated outside the United States totaled $ 10.6 million for the year ended December 31, 2017. Renin’s properties and equipment located outside the United States totaled $3.1 million as of December 31, 2017. BBX Sweet Holdings BBX Sweet Holdings consists of IT’SUGAR, Hoffman’s Chocolates, and manufacturing facilities in the chocolate and confection industries serving wholesalers such as boutique retailers, big box chains, department stores, national resort properties, corporate customers, and private label brands. IT’SUGAR is a specialty candy retailer with 95 retail locations in 26 states and Washington, DC. Hoffman’s Chocolates is a manufacturer of gourmet chocolates with retail locations in South Florida. The table below sets forth the Company’s segment information as of and for the year ended December 31, 201 7 (in thousands): Reportable Segments BBX Capital Corporate Real BBX Sweet Expenses & Segment Bluegreen Estate Renin Holdings Other Eliminations Total Revenues: Sales of VOIs $ 239,662 - - - - - 239,662 Fee-based sales commission revenue 229,389 - - - - - 229,389 Other fee-based services revenue 111,819 - - - - - 111,819 Trade sales - - 69,648 72,905 245 - 142,798 Interest income 86,876 2,225 - 38 969 (6,400) 83,708 Net gains on sales of assets - 2,442 - - - - 2,442 Other revenue 312 4,647 - 74 1,480 (549) 5,964 Total revenues 668,058 9,314 69,648 73,017 2,694 (6,949) 815,782 Costs and Expenses: Cost of sales of VOIs 17,439 - - - - - 17,439 Cost of other fee-based services 68,336 - - - - - 68,336 Cost of trade sales - - 49,358 48,306 91 - 97,755 Interest expense 29,977 0 509 335 10,784 (6,400) 35,205 Recoveries from loan losses, net - (7,495) - - - - (7,495) Asset impairments, net - 1,646 - 5,785 - - 7,431 Net gains on cancellation of junior subordinated debentures - - - - (6,929) - (6,929) Litigation costs and penalty reimbursements - - - - (13,169) - (13,169) Selling, general and administrative expenses 416,970 11,113 17,408 35,374 57,809 (549) 538,125 Total costs and expenses 532,722 5,264 67,275 89,800 48,586 (6,949) 736,698 Equity in net earnings of unconsolidated real estate joint ventures - 14,483 - - - - 14,483 Foreign exchange loss - - (193) - - - (193) Income (loss) before income taxes $ 135,336 18,533 2,180 (16,783) (45,892) - 93,374 Total assets $ 1,236,424 162,214 36,134 92,588 161,340 (82,035) 1,606,665 Expenditures for property and equipment $ 14,115 308 2,786 2,246 2,590 - 22,045 Depreciation and amortization $ 9,632 581 1,713 4,080 756 - 16,762 Debt accretion and amortization $ 4,478 - - 55 149 - 4,682 Cash and cash equivalents $ 197,337 8,636 863 10,160 145,530 - 362,526 Equity method investments included in total assets $ - 47,275 - - - - 47,275 Goodwill $ - - - 39,482 - - 39,482 Notes payable and other borrowings $ 521,312 24,215 12,890 6,815 80,000 (80,000) 565,232 Junior subordinated debentures $ 70,384 - - - 65,030 - 135,414 The table below sets forth the Company’s segment information as of and for the year ended December 31, 2016 (in thousands): Reportable Segments BBX Capital Corporate Real BBX Sweet Expenses & Segment Bluegreen Estate Renin Holdings Other Eliminations Total Revenues: Sales of VOIs $ 266,142 - - - - - 266,142 Fee-based sales commission revenue 201,829 - - - - - 201,829 Other fee-based services revenue 103,448 - - - - - 103,448 Trade sales - - 65,225 30,771 - - 95,996 Interest income 89,510 3,606 - 10 620 (8,000) 85,746 Net gains on sales of assets - 6,076 - - - - 6,076 Other revenue 1,724 5,067 - 8 2,230 (971) 8,058 Total revenues 662,653 14,749 65,225 30,789 2,850 (8,971) 767,295 Costs and Expenses: Cost of sales of VOIs 27,346 - - - - - 27,346 Cost of other fee-based services 64,479 - - - - - 64,479 Cost of trade sales - - 47,088 27,253 - - 74,341 Interest expense 30,853 - 313 409 12,462 (8,000) 36,037 Recoveries from loan losses, net - (20,508) - - - - (20,508) Asset impairments, net 2,304 - 2,352 - - 4,656 Selling, general and administrative expenses 415,027 11,864 17,186 15,720 57,931 (971) 516,757 Total costs and expenses 537,705 (6,340) 64,587 45,734 70,393 (8,971) 703,108 Equity in net earnings of unconsolidated real estate joint ventures - 13,630 - - - - 13,630 Foreign exchange gain - - 219 - - - 219 Income (loss) before income taxes $ 124,948 34,719 857 (14,945) (67,543) - 78,036 Total assets $ 1,128,630 179,856 28,913 34,356 146,702 (82,389) 1,436,068 Expenditures for property and equipment $ 9,605 266 1,718 834 516 - 12,939 Depreciation and amortization $ 9,536 603 818 1,437 512 - 12,906 Debt accretion and amortization $ 4,736 - 83 102 - - 4,921 Cash and cash equivalents $ 144,120 13,628 (288) 8,627 133,774 - 299,861 Equity method investments included in total assets $ - 43,491 - - - - 43,491 Goodwill $ - - - 6,731 - - 6,731 Notes payable and other borrowings $ 513,371 20,743 9,692 4,973 80,000 (80,000) 548,779 Junior subordinated debentures $ 69,044 - - - 83,323 - 152,367 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 Capital Corporate Real BBX Sweet Expenses & Segment Bluegreen Estate Renin Holdings 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 - - 56,461 27,823 - - 84,284 Interest income 84,331 9,921 - - 859 (6,040) 89,071 Net gains (losses) on sales of assets - 31,181 - - (89) - 31,092 Other revenue 2,883 5,540 - 14 1,999 (1,060) 9,376 Total revenues 617,648 46,642 56,461 27,837 2,769 (7,100) 744,257 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 - - 42,123 20,584 - - 62,707 Interest expense 35,698 - 309 950 9,491 (6,040) 40,408 Recoveries from loan losses, net - (13,457) - - - - (13,457) Asset impairments, net - 287 - - - - 287 Litigation settlement - - - - 36,500 - 36,500 Selling, general and administrative expenses 373,804 12,773 15,049 15,071 51,063 (1,060) 466,700 Total costs and expenses 493,328 (397) 57,481 36,605 97,054 (7,100) 676,971 Equity in net earnings of unconsolidated real estate joint ventures - (1,565) - - - - (1,565) Foreign exchange loss - - (1,038) - - (1,038) Income (loss) before income taxes $ 124,320 45,474 (2,058) (8,768) (94,285) - 64,683 Total assets $ 1,083,151 204,787 22,778 33,836 78,839 (82,431) 1,340,960 Expenditures for property and equipment $ 9,176 4 92 2,003 1,535 - 12,810 Depreciation and amortization $ 9,181 810 546 1,628 263 - 12,428 Debt accretion and amortization $ 5,681 - 97 135 92 - 6,005 Cash and cash equivalents $ 115,524 18,130 632 1,069 63,550 - 198,905 Equity method investments included in total assets $ - 42,962 - - - - 42,962 Goodwill $ - - - 7,601 - - 7,601 Notes payable and other borrowings $ 503,521 - 8,071 13,314 80,000 (80,000) 524,906 Junior subordinated debentures $ 67,255 - - - 83,230 - 150,485 |
Selected Quarterly Results
Selected Quarterly Results | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 (in thousands except for per share data): First Second Third Fourth 2017 Quarter Quarter Quarter Quarter Total Revenues $ 171,651 203,192 226,192 214,747 815,782 Costs and expenses 141,831 181,974 208,852 204,041 736,698 29,820 21,218 17,340 10,706 79,084 Equity in net earnings of unconsolidated real estate joint ventures 3,714 3,455 2,451 4,863 14,483 Foreign exchange gains (losses) 191 (398) (105) 119 (193) Income before income taxes 33,725 24,275 19,686 15,688 93,374 (Provision) benefit for income taxes (13,054) (8,779) (8,195) 37,251 7,223 Net income 20,671 15,496 11,491 52,939 100,597 Less: Net income attributable to noncontrolling interests 2,796 3,415 3,256 8,935 18,402 Net income to common shareholders 17,875 12,081 8,235 44,004 82,195 Basic earnings per common share $ 0.18 0.12 0.08 0.44 0.83 Diluted earnings per common share $ 0.17 0.11 0.08 0.43 0.79 Basic weighted average number of common shares outstanding 98,921 98,240 98,073 99,744 98,745 Diluted weighted average number of common and common equivalent shares outstanding 105,866 106,173 106,021 102,440 103,916 First Second Third Fourth 2016 Quarter Quarter Quarter Quarter Total Revenues $ 165,902 193,154 209,695 198,544 767,295 Costs and expenses 153,310 192,616 171,685 185,497 703,108 12,592 538 38,010 13,047 64,187 Equity in net (losses) earnings of unconsolidated real estate joint ventures (342) 1,655 4,480 7,837 13,630 Foreign exchange gains (losses) 210 110 5 (106) 219 Income before income taxes 12,460 2,303 42,495 20,778 78,036 (Provision) benefit for income taxes (5,107) 368 (19,118) (12,522) (36,379) Net income 7,353 2,671 23,377 8,256 41,657 Less: Net income attributable to noncontrolling interests 1,871 2,427 5,602 3,395 13,295 Net income to common shareholders 5,482 244 17,775 4,861 28,362 Basic earnings per common share $ 0.06 0.00 0.21 0.05 0.33 Diluted earnings per common share $ 0.06 0.00 0.21 0.05 0.32 Basic weighted average number of common shares outstanding 86,839 85,946 85,864 88,949 86,902 Diluted weighted average number of common and common equivalent shares outstanding 87,013 86,145 86,573 89,961 87,492 |
Real Estate Investments And Acc
Real Estate Investments And Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 (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 6,310 581 - 8,481 1,546 2009 4/2013 40 (1) The aggregate cost for federal income tax purposes is $7.4 million. The following table presents the changes in BBX Capital’s real estate investments for the year ended December 31, 2017 (in thousands): Total Accumulated Costs Depreciation Balance at December 31, 2016 $ 14,040 1,322 Depreciation - 465 Subsequent additions 581 - Transfer to real estate held-for-sale (6,140) (241) Balance at December 31, 2017 $ 8,481 1,546 |
Mortgage Loans On Real Estate
Mortgage Loans On Real Estate | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 (Dollars in thousands) Principal Amount of Loans Subject Number Final Periodic Face Carrying to Delinquent of Interest Maturity Payment Prior Amount Amount of Principal Loans Description Rate (1) Date (2) Terms Liens of Loans Loans (3) or Interest 53 First-lien 1-4 Family (4) 5.76% 10/31/2033 Monthly $ - 18,219 11,678 13,627 19 Second lien -Consumer 4.08% 7/2/2018 Monthly 4,441 2,224 787 566 9 Small Business Real Estate 6.66% 8/22/2023 Monthly - 1,775 1,425 - Large Balance Commercial Real Estate Loans 1 Marina 3.23% 1/1/2018 Monthly - 3,913 1,619 - 1 Land 4.00% 12/31/2017 Maturity - 2,995 2,995 2,995 Total Mortgage Loans $ 4,441 29,126 18,504 17,188 (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 $20.3 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, 2017 (in thousands): Balance at December 31, 2016 $ 24,130 Advances on existing mortgages - Collections of principal (3,232) Foreclosures (1,365) Costs of mortgages sold (1,029) Balance at December 31, 2017 $ 18,504 |
Summary Of Significant Accoun36
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Accounting | The accounting policies applied by the Company conform to accounting principles generally accepted in the United States of America (“GAAP”) . |
Consolidation Policy | Consolidation Policy - The consolidated financial statements include the accounts of all the Company’s wholly-owned subsidiaries, and other entities in which the Company and its subsidiaries hold controlling financial interests, as well as accounts of any variable interest entities (“VIEs”) in which the Company or one of its consolidated subsidiaries 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 – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, management evaluates its estimates, including those that relate to the estimated future sales value of inventory; the recognition of revenue, including revenue recognition under the percentage-of-completion method of accounting; allowance for credit losses; the recovery of the carrying value of VOI inventories; the measurement of assets and liabilities at fair value including business combinations and measuring the fair value on a non-recurring basis of intangible assets, goodwill, real estate held-for-sale and real estate held-for-investment; the amount of the deferred tax valuation allowance, accounting for uncertain tax positions and the estimate of contingent liabilities related to litigation and other claims and assessments. Management bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions and conditions. |
Reclassifications | Reclassifications - Certain amounts for prior years have been reclassified to conform to the revised financial statement presentation for 201 7 . |
Cash, Cash Equivalents, And Restricted Cash | Cash , Cash Equivalents and Restricted Cash - Cash equivalents consist of demand deposits at financial institutions, money market funds and other short-term investments with original maturities at the time of purchase of 90 days or less. Management generally invests cash in excess of its immediate operating requirements in short-term time deposits and money market instruments, typically with original maturities at the date of purchase of three months or less. Restricted cash consists primarily of customer deposits held in escrow accounts and cash collected on pledged/secured notes receivable not yet remitted to lenders. Management maintains cash and cash equivalents with various financial institutions located throughout the United States, Canada and Aruba in amounts exceeding the $250,000 federally insured limit. Accordingly, the Company is subject to credit risk. |
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 Accounting Standards Codification (“ASC”) 970, Real Estate (“ASC 970”), 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. Bluegreen’s policies regarding the estimation of credit losses on its notes receivable are discussed in further detail under “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. To the extent that 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 s . 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 of home owners’ associations (“HOA”) , Bluegreen acts as agent for the HOA to operate the resort as provided under the management agreements. In certain cases, the personnel at the resorts are Bluegreen employees. The HOA bears the costs of such personnel and generally pay Bluegreen in advance of, or simultaneously with, the payment of payroll. In accordance with ASC 605-45, Overall Considerations of Reporting Revenues Gross as a Principal versus Net as an Agent , reimbursements from the HOAs 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. Revenue is recognized from sales of real estate and the transfer of real estate to joint ventures 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 the Company does not have substantial continuing involvement with the property. Revenues are recognized on wholesale trade sales when products are shipped and the customer takes title and assumes the risk of loss. Revenues are recognized on retail trade sales at the point of sale, which occurs when products are sold at the Company’s retail locations. R evenues from interest income are recognized on accruing loans when management determines that it is probable that all of the principal and interest will be collected in accordance with the loan’s contractual terms. Interest income is recognized on non-accrual loans on a cash basis. 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. |
Loans Receivable | Loans Receivable - Loans that the Company 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 discounts and allowance for loan losses. Loans that 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. 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 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. A n allowance for loan losses is recorded to reflect management’s reasonable estimate of probable credit losses inherent in the loan portfolio based on its evaluation of credit risk as of period end. Loans are charged off against the allowance when management believes the loan is not collectible. Recoveries are credited to the allowance. Management segregates loans into segments with certain common characteristics to form a basis for estimating losses for each segment. The loan portfolio has the following loan segments: residential, consumer, commercial non-real estate, commercial real estate, and small business loans. Impaired loans 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 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. 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. When a loan is placed on non-accrual, all accrued interest is reversed against interest income. 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. |
Notes Receivable | Notes Receivable - Bluegreen’s 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 notes receivable when principal or interest payments are more than 90 days contractually past due, and not resumed until such notes receivable are less than 90 days past due. As of December 31, 2017 and 2016, $12.9 million and $11.4 million, respectively, of Bluegreen’s VOI notes receivable were more than 90 days past due, and accordingly, consistent with Bluegreen’s policy, were not accruing interest income. 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 uncollectible VOI notes receivable in accordance with timeshare accounting rules. Under these rules, 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, under timeshare accounting rules, 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. |
VOI Inventory | VOI Inventory - Bluegreen ’s VOI inventory is primarily comprised of completed VOIs, VOIs under construction, and land held for future VOI development. VOI 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 require the use of 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, we do 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 in accordance with ASC 360, Property, Plant and Equipment (“ASC 360”), 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. |
Trade Inventory | Trade Inventory – Trade inventor y is measured at the lower of cost or market. Cost includes all costs of conversions, including materials, direct labor, production overhead, depreciation of equipment and shipping cost s . Raw materials are stated at the lower of approximate cost, on a first-in, first-out or average cost basis, and market is 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 or average cost basis. Shipping and handling fees billed to customers are recorded as trade sales and shipping and handling fees paid by the Company are recorded as selling, general, and administrative expenses. Included in the Company’s Consolidated Statements of Operations and Comprehensive Income as selling, general, and administrative expenses for the years ended December 31, 2017, 201 6 and 201 5 were $8.2 million, $6.0 million and $5.5 million , respectively, of costs associated with shipping goods to customers. In valuing inventory, the Company makes assumptions regarding the write-downs required for excess and obsolete inventory based on judgments and estimates formulated from available information. Estimates for excess and obsolete inventory are based on historical and forecasted usage. Inventory is also examined for upcoming expiration and write-downs are recorded where appropriate. |
Real Estate | Real Estate – From time to time, the Company purchases or takes possession or ownership of real estate through foreclosure of the underlying loan collateral. Real estate acquired through foreclosure is measured at the fair value of the collateral and classified as real estate held-for-sale, real estate held-for-investment or real estate inventory. When real estate is classified as held-for-sale, it is initially recorded at fair value less estimated selling costs (cost basis) and subsequently measured at the lower of cost or estimated fair value. When real estate is classified as 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. Real estate is classified as real estate inventory when the property is under development for sale to customers and is measured at cost, including improvements, real estate taxes and interest capitalized during the construction period. 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 for real estate held-for-sale . 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 impairments , net in the Company’s Consolidated Statement of Operations and Comprehensive Income. |
Investments In Unconsolidated Real Estate Joint Ventures | Investments in Unconsolidated Real Estate Joint Ventures - The Company uses the equity method of accounting to record its interests in entities in which it has significant influence but does not hold a controlling financial interest and to record its investment in VIEs in which it is not the primary beneficiary. Under the equity method, an investment is shown on the Statement of Financial Condition of an investor as a single amount and an investor’s share of earnings or losses from its investment is shown in the Statement of Operations as a single amount. The investment is initially measured at cost and adjusted for the investor’s share of the earnings or losses of the investee and dividends received from the investee. The investor recognizes its share of the earnings or losses of the investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend. The Company 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. Interest expense is capitalized by the Company on investments, advances , or loans to real estate equity method companies that began qualifying activities. Total capitalized interest expense cannot exceed interest expense incurred. Interest expense capitalization ceases when the investee completes its qualifying activities. 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. |
Properties And Equipment | Property and Equipment - Land is carried at cost. Propert y 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 furniture and fixtures, and equipment, 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 propert y , 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 and ends when the asset is ready for its intended use . Software developed or obtained for internal use is generally amortized on a straight-line basis over 3 to 5 years. |
Goodwill And Intangible Assets | Goodwill and Intangible Assets – The Company recognizes goodwill upon the acquisition of a business when the fair values of the consideration transferred and any noncontrolling interests in the acquiree are in excess of the fair value of the acquiree’s identifiable net assets. The Company tests goodwill for potential impairment on an annual basis as of December 31 or during interim periods if impairment indicators exist. The Company first assesses qualitatively whether it is necessary to perform goodwill impairment testing. Impairment testing is performed when it is more-likely-than-not that the 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 concluded from the qualitative assessment that further testing was required, as was the case for certain of the Company’s reporting units during the years ended December 31, 2016 and 2015, the Company performed the two-step goodwill impairment test. The first step of the goodwill impairment test was used to identify potential impairment and consisted of comparing the fair value of a reporting unit with its carrying value. If the fair value of the reporting unit exceeded its carrying value, goodwill was considered not impaired, and the second step of the impairment test was not performed. If the fair value of the reporting unit was less than the carrying value, the second step of the test was used to measure the amount of goodwill impairment, if any, in the reporting unit. This step compared the current implied goodwill in the reporting unit to its carrying amount. If the carrying amount of the goodwill exceeded the implied goodwill, an impairment was recorded for the excess. The implied goodwill was determined in the same manner as the amount of goodwill recognized in a business combination. During the year ended December 31, 2017, the Company early adopted Accounting Standards Update (“ASU”) No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The new guidance removes the second step of the two-step goodwill impairment test described above. Instead, if a reporting unit’s carrying amount exceeds its fair value, the Company will record an impairment charge based on that difference. The impairment charge is limited to the amount of goodwill allocated to that reporting unit. 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 , area development contracts and lease premiums that were initially recorded at fair value at the acquisition date of a business 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 it is more likely than not that the related carrying amounts 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 s carrying value , 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. |
Trade Receivables | Trade Receivables – Trade receivables are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its trade receivable portfolio. In establishing the required allowance, 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. The Company reviews its allowance for doubtful accounts on a quarterly basis. 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 with an outstanding balance of $16.0 million as of December 31, 2017 and 2016. |
Deferred Financing | Deferred Financing – Deferred financing costs are comprised of costs incurred in connection with obtaining financing from third-party lenders and are presented in the Company’s Consolidated Statement of Financial Condition as other assets or as a direct deduction from the carrying value of the associated debt liability. These costs are capitalized and amortized to interest expense over the terms of the related financing arrangements. |
Deferred Income | Deferred Income - Bluegreen defers the recognition of sales of VOIs, 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. As of December 31, 2017 and 2016, Bluegreen’s deferred income consisted of the following (in thousands): As of December 31, 2017 2016 Deferred sampler program income $ 10,056 $ 11,821 Deferred VOI sales revenue 22,461 21,126 Other deferred income 3,794 4,068 Total $ 36,311 $ 37,015 |
Advertising | Advertising – The Company expenses advertising costs, which are primarily marketing costs, as incurred. Advertising expense totaled $148.6 million, $146.0 million and $123.8 million for the years ended December 31, 2017, 2016 and 2015, respectively, and are included in selling, general and administrative expenses in the accompanying Consolidated Statements of Operations and Comprehensive Income. Bluegreen has entered into marketing arrangements with various third parties. For the year s ended December 31, 2017, 2016 and 2015, sales of VOIs to prospects and leads generated by Bass Pro accounted for approximately 15% , 16% and 20 % , respectively, of total 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 – The Company and its subsidiaries in which it 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, BCC and Bluegreen filed separate tax returns with the Internal Revenue Service as the Company owned less than 80% of the outstanding equity of these subsidiaries. As a result of the Company’s purchase of additional shares of BCC’s Class A Common Stock in the above-described April 2015 cash tender offer and the related increase in the Company’s ownership interest in BCC, the Company files a consolidated group tax return which includes the operations of BCC, Woodbridge and Bluegreen for the years ended December 31, 2017, 2016 and 2015. 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 recorded , a subsequent change in circumstances that causes a change in judgment about the realization of the related deferred tax amount could result in the reversal of the deferred tax valuation allowance. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. |
Noncontrolling Interests | Noncontrolling Interests – Noncontrolling interests reflect third parties’ ownership interests in entities that are consolidated in the Company’s financial statements, but less than 100% owned by the Company. A noncontrolling interest is recognized as equity in the Statement of Financial Condition and itemized separately from the equity attributable to BBX Capital’s shareholders, while a noncontrolling interest that is redeemable for cash at the holder’s option or upon a contingent event outside of the Company’s control is classified as redeemable noncontrolling interests and presented in the mezzanine section between total liabilities and equity in the Statement of Financial Condition. A change in the ownership interests in a subsidiary is accounted for as an equity transaction if the Company retains its controlling financial interest in the subsidiary. The amounts of consolidated net income and comprehensive income attributable to BBX Capital’s shareholders and to noncontrolling interests are presented in the Company’s Consolidated Statement of Operations and Comprehensive Income. |
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 is computed by dividing net income attributable to shareholders 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 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 – Compensation cost for non-vested restricted 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 award, which is generally four years for non-vested restricted stock awards. The fair value of non-vested restricted stock awards is generally the market price of the Company’s common stock on the grant date. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) has issued the following accounting pronouncements and guidance relevant to the Company’s operations which have been adopted as of December 31, 2017: ASU No. 2016-18, Statement of Cash Flows, Restricted Cash (Topic 230). This update requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and restricted cash. The amount of restricted cash should be included with cash and cash equivalents when reconciling the beginning of the period and the end of period cash as shown on the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017 with early adoption permitted. The Company elected to early adopt the standard using the retrospective transition method to each period presented in the accompanying consolidated financial statements . The Company’s adoption of ASU 2016-18 did not have a material impact on the Company’s consolidated financial statements. ASU No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. (Topic 230) - This update provides guidance on the classification of certain cash receipts and payments with the objective of reducing the existing diversity in current practice. The Company elected to early adopt the standard using the retrospective transition method to each period presented in the accompanying consolidated financial statements . The Company’s adoption of ASU 2016-15 did not have a material impact on the Company’s consolidated financial statements. ASU No. 2017-04, Intangibles- Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment. This update eliminates the second step of the goodwill impairment test under current guidance. As a result, the annual or interim goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount, and an impairment charge is recognized for the amount by which the carrying amount exceeds the fair value of the reporting unit. The guidance is effective for fiscal years beginning after December 15, 2019 with early adoption permitted. The Company elected to early adopt the standard effective for the Company’s goodwill impairment tests performed on December 31, 2017. This statement was adopted on a prospective basis. ASU No. 2016-09, Compensation – Stock Compensation (Topic 718), Improvements to Employee Share-based Payment Accounting . This update requires the recognition of excess tax benefits (“windfall”) and tax deficiencies in the income statement when the stock awards vest or are settled, thus eliminating additional paid in capital pools . The new standard also removes the requirement to delay recognition of windfall tax benefits until it reduces current taxes payable. The new standard instead requires the recognition of windfall tax benefits at the time of settlement, subject to valuation allowance considerations. The new standard clarifies that all cash payments made on an employee’s behalf for withheld shares should be presented as a financing activity on the Company’s statement of cash flows and cash flows related to windfall tax benefits will no longer be separately classified as a financing activity apart from other income tax cash flows which are classified as operating activities. The new standard provides an accounting policy election to account for forfeitures as they occur instead of on an estimated basis and allows for the employer to repurchase more of an employee’s shares for tax withholding purposes up to the maximum statutory rate in the employee’s applicable jurisdictions without triggering liability accounting. The new standard changes the computation of diluted earnings per share as windfall tax benefits will not be included in the calculation of assumed proceeds when applying the treasury stock method. The Company adopted the standard on January 1, 2017. The primary impact of the adoption of this standard on the Company’s consolidated financial statements was the recognition of a $3.1 million w indfall tax benefit as a cumulative effect to accumulated earnings associated with windfall tax benefits that were not previously recognized because the related tax deduction had not reduced current taxes payable. Upon adoption of the new standard, the Company made an accounting policy election to recognize forfeitures as they occur. The presentation requirement for cash flows related to employee taxes paid for withheld shares had no impact to operating cash flows on any of the periods presented in the Company’s consolidated cash flows statements since these cash flows have historically been presented as a financing activity. |
New Accounting Pronouncements | Future Adoption of Recently Issued Accounting Pronouncements The FASB has issued the following accounting pronouncements and guidance relevant to the Company’s operations which have not been adopted as of December 31, 2017 : ASU No. 2014-09 – Revenue Recognition (Topic 606): In May 2014, the FASB issued a new standard related to revenue recognition (as subsequently clarified and amended by various ASUs). Under the new standard, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The standard permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). The Company adopted the standard on January 1, 2018 under the full retrospective method and accordingly will retrospectively adjust each prior reporting period presented in subsequent filings to the new standard. In preparation for adoption of the standard, the Company analyzed the potential impact that adopting this standard will have on its consolidated financial statements and related disclosures and its business processes, accounting policies and controls and reached conclusions on key accounting assessments related to the standard in subsequent filings. The adoption of the standard will impact Bluegreen in the following areas: (i) gross versus net presentation for payroll and insurance premium reimbursements related to resorts managed by Bluegreen and on behalf of third parties and (ii) the timing of the recognition of VOI revenue related to the removal of certain bright line tests regarding the determination of the adequacy of the buyer’s commitment under existing industry-specific guidance. In addition, Bluegreen concluded that the recognition of fee-based sales commission revenue, ancillary revenues, and rental revenues will remain materially unchanged. The adoption of the standard will impact the Company’s real estate activities as revenue will be recognized sooner for contingent consideration on sales of real estate inventory. The adoption of the standard will not materially affect revenue recognition associated with the Company’s trade sales. Retail trade sales performance obligations are generally satisfied at the time of the sales transaction as customers of the retail business typically pay in cash at the time of transfer of the promised goods, while wholesale trade sales performance obligations are generally satisfied when the promised goods are shipped by the Company or received by the customer. However, the adoption of the standard will impact the classification of certain marketing concessions provided to customers of Renin and BBX Sweet Holdings as the marketing concessions are required to be reflected as a reduction of revenue instead of a selling, general and administrative expense. Additionally, the Company has historically recognized shipping and handling costs in selling, general and administration expenses, and upon the adoption of the standard, the Company will account for such costs as a fulfillment cost and include such costs in cost of trade sales. See Expected Impacts to Reported Results below for the impact of adoption of the standard on the Company’s consolidated financial statements. ASU No. 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20). This update provides guidance on the recognition of revenues for the transfer of nonfinancial assets to non-customers. The standard indicates that an entity should identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a non-customer or counterparty and derecognize each asset when the counterparty obtains control of the asset. This update supersedes the guidance in Topic 845 and eliminates partial sale accounting for the transfer of real estate to joint ventures. The Company adopted the standard on January 1, 2018 under the full retrospective method and accordingly will retrospectively adjust each prior reporting period presented in subsequent filings to the new standard. The standard significantly changes the guidance on the transfer of real estate to unconsolidated joint ventures. Under prior guidance, the transfer of real estate to a joint venture was accounted for as a partial sale, resulting in the recognition of a partial gain, and the noncontrolling interest retained was measured at historical cost, resulting in a basis adjustment to the seller’s investment in the joint venture. In addition, the partial gain could be deferred if the sale did not satisfy certain criteria for gain recognition. Under the new statement, the full gain is recognized upon the transfer of control in the real estate to the unconsolidated joint venture, and any noncontrolling interest retained is measured at fair value. In certain unconsolidated real estate joint ventures, the Company accounted for the transfer of land to such ventures for initial capital contributions as partial sales, resulting in deferred gains and joint venture basis adjustments. The adoption of the standard will result in the recognition of deferred gains and joint venture basis adjustments of $3.2 million and $7.4 million, respectively, in accumulated earnings as a cumulative effect as of January 1, 2016 upon adoption of the standard. As a result of the cumulative effect adjustment, net gains on sales of assets will be reduced by $0.5 million and $2.3 million, respectively, for the years ended December 31, 2017 and 2016, and equity in earnings from unconsolidated joint ventures will be reduced by $1.9 million and $1.5 million, respectively, for the years ended December 31, 2017 and 2016. Expected Impacts to Reported Results The retrospective adjustments to the Company’s Statement of Financial Condition as of December 31, 2017 and 2016 and the Company’s Statements of Operations for the years ended December 31, 2017 and 2016 due to the adoption of these new accounting standards are as follows (dollars in thousands, except per share data): As of and for the Year ended December 31, 2017 As Reported Herein ASU 2014-09 Adjustments ASU 2017-05 Adjustments As Adjusted Statement of Financial Condition Notes receivable, net $ 431,801 (4,507) — 427,294 Investment in unconsolidated real estate joint ventures 47,275 — 3,959 51,234 Property and equipment, net 112,858 (929) — 111,929 Other assets 102,370 929 — 103,299 Other liabilities 103,926 — (462) 103,464 Deferred income 36,311 (19,418) — 16,893 Deferred income taxes 43,093 3,647 1,120 47,860 Total equity $ 653,501 11,264 3,301 668,066 Statement of Operations Sales of VOIs $ 239,662 12,633 — 252,295 Reimbursement revenue — 52,639 — 52,639 Cost of reimbursement — 52,639 — 52,639 Cost of VOIs sold 17,439 240 — 17,679 Trade sales 142,798 (713) — 142,085 Net gains on sales of assets 2,442 — (493) 1,949 Cost of trade sales 97,755 8,163 — 105,918 Selling, general and administrative expenses 538,125 (8,423) — 529,702 Equity in earnings of unconsolidated real estate joint ventures 14,483 — (1,942) 12,541 Income before income taxes 93,374 11,940 (2,435) 102,879 Benefit (provision) for income taxes 7,223 (2,464) 1,525 6,284 Net income 100,597 9,476 (910) 109,163 Less: Net income attributable to non-controlling interest 18,402 463 — 18,865 Net income attributable to Shareholders $ 82,195 9,013 (910) 90,298 Basic earnings per share $ 0.83 0.91 Diluted earnings per share $ 0.79 0.87 As of and for the Year ended December 31, 2016 As Reported Herein ASU 2014-09 Adjustments ASU 2017-05 Adjustments As Adjusted Statement of Financial Condition Notes receivable, net $ 430,480 (4,600) — 425,880 Investment in unconsolidated real estate joint ventures 43,491 — 5,901 49,392 Property and equipment, net 95,998 (590) — 95,408 Other assets 104,812 590 — 105,402 Other liabilities 95,611 — (956) 94,655 Deferred income 37,015 (17,493) — 19,522 Deferred income taxes 44,318 4,734 2,645 51,697 Total equity $ 495,454 8,160 4,212 507,826 Statement of Operations Sales of VOIs $ 266,142 14,781 — 280,923 Reimbursement revenue — 49,557 — 49,557 Cost of reimbursement — 49,557 — 49,557 Cost of VOIs sold 27,346 1,483 — 28,829 Trade sales 95,996 (157) — 95,839 Net gains on sales of assets 6,076 — (2,274) 3,802 Cost of trade sales 74,341 6,022 — 80,363 Selling, general and administrative expenses 516,757 (4,607) — 512,150 Equity in earnings of unconsolidated real estate joint ventures 13,630 — (1,452) 12,178 Income before income taxes 78,036 11,726 (3,726) 86,036 Provision for income taxes (36,379) 4,276 1,437 (30,666) Net income 41,657 7,450 (2,289) 46,818 Less: Net income attributable to non-controlling interest 13,295 401 (429) 13,267 Net income attributable to Shareholders $ 28,362 7,049 (1,860) 33,551 Basic earnings per share $ 0.33 0.39 Diluted earnings per share $ 0.32 0.38 The cumulative effect impact of adopting the new revenue standard and ASU 2017-05 was to increase accumulated earnings from the amount originally reported as of January 1, 2016 of $232.1 million to $243.9 million, an adjustment of $11.8 million. The adoption of the new standards had no impact to each prior period statement of cash flows. ASU No. 2016-02 – Leases (Topic 842). This standard will require assets and liabilities to be recognized on the balance sheet of a lessee for the rights and obligations created by leases of assets with terms of more than 12 months. For income statement purposes, the update retained a dual model, requiring leases to be classified as either operating or finance based on largely similar criteria to those applied in current lease accounting, but without explicit bright lines. This standard also requires extensive quantitative and qualitative disclosures, including significant judgments made by management, to provide greater insight into the extent of revenue and expense recognized and expected to be recognized from existing leases. This standard will be effective for the Company on January 1, 2019. Early adoption is permitted. The Company expects that the implementation of this new standard will have a material impact on its consolidated financial statements and related disclosures as the Company has aggregate future minimum lease payments of $ 159.3 million at December 3 1 , 2017 under its current non-cancelable lease agreements with various expirations dates between 201 8 and 2030. The Company anticipates the recognition of additional assets and corresponding liabilities related to these leases on its consolidated statement of financial condition. The Company is currently compiling a listing of contracts that meet the statement’s definition of a lease and is reviewing the functionality of its systems to prepare for the adoption of this statement. The Company will be required to recognize and measure leases at the beginning of the earliest period presented using the modified retrospective approach. The Company is currently evaluating the impact that ASU 2016- 02 will have on its consolidated financial statements. ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This standard introduces an approach of estimating credit losses on certain types of financial instruments based on expected losses. The standard also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and credit losses. In addition, the standard requires entities to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination (i.e., by vintage year). This standard will be effective for the Company on January 1, 2020. Early adoption is permitted beginning on January 1, 2019. The Company is currently evaluating the impact that ASU 2016-13 may have on its consolidated financial statements. ASU No. 2017-09, Compensation – Stock Compensation (Topic 718). This update was issued to provide guidance on determining which changes to the terms and conditions of share-based compensation awards require an entity to apply modification accounting under Topic 718. An entity should apply modification accounting to changes to terms or conditions of a share-based compensation award unless there is no change in the fair value, vesting or classification of the modified award as compared to the original award. The standard is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company adopted this standard on January 1, 2018. The adoption of this statement did not have a material impact on the Company’s consolidated financial statements. ASU No. 2017-01, Business Combinations - Clarifying the Definition of a Business. This update affects the determination of whether a company has acquired or sold a business. The definition of a business affects many areas of accounting, including acquisitions, disposals, goodwill and consolidations, and the standard will help entities determine whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The standard is expected to result in more acquisitions being accounted for as asset purchases instead of business combinations. The guidance will be effective for fiscal years beginning after December 15, 2017. The Company adopted this standard on January 1, 2018 using the prospective transition method. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. ASU No. 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 an exit price when measuring the fair value of financial instruments for disclosure purposes. The amendments in this statement are effective for fiscal years beginning after December 15, 2017. The Company adopted this statement on January 1, 2018 and recognized a cumulative effect adjustment of $0.4 million to accumulated earnings as of January 1, 2018 for equity securities with readily determinable fair values. The statement was adopted prospectively for $2.4 million of equity securities without readily determinable fair values. The adoption of this statement did not have a material impact on the Company’s consolidated financial statements. |
Summary Of Significant Accoun37
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Deferred Income | As of December 31, 2017 2016 Deferred sampler program income $ 10,056 $ 11,821 Deferred VOI sales revenue 22,461 21,126 Other deferred income 3,794 4,068 Total $ 36,311 $ 37,015 |
Retrospective Adjustments Due To Adoption Of New Accounting Standards | As of and for the Year ended December 31, 2017 As Reported Herein ASU 2014-09 Adjustments ASU 2017-05 Adjustments As Adjusted Statement of Financial Condition Notes receivable, net $ 431,801 (4,507) — 427,294 Investment in unconsolidated real estate joint ventures 47,275 — 3,959 51,234 Property and equipment, net 112,858 (929) — 111,929 Other assets 102,370 929 — 103,299 Other liabilities 103,926 — (462) 103,464 Deferred income 36,311 (19,418) — 16,893 Deferred income taxes 43,093 3,647 1,120 47,860 Total equity $ 653,501 11,264 3,301 668,066 Statement of Operations Sales of VOIs $ 239,662 12,633 — 252,295 Reimbursement revenue — 52,639 — 52,639 Cost of reimbursement — 52,639 — 52,639 Cost of VOIs sold 17,439 240 — 17,679 Trade sales 142,798 (713) — 142,085 Net gains on sales of assets 2,442 — (493) 1,949 Cost of trade sales 97,755 8,163 — 105,918 Selling, general and administrative expenses 538,125 (8,423) — 529,702 Equity in earnings of unconsolidated real estate joint ventures 14,483 — (1,942) 12,541 Income before income taxes 93,374 11,940 (2,435) 102,879 Benefit (provision) for income taxes 7,223 (2,464) 1,525 6,284 Net income 100,597 9,476 (910) 109,163 Less: Net income attributable to non-controlling interest 18,402 463 — 18,865 Net income attributable to Shareholders $ 82,195 9,013 (910) 90,298 Basic earnings per share $ 0.83 0.91 Diluted earnings per share $ 0.79 0.87 As of and for the Year ended December 31, 2016 As Reported Herein ASU 2014-09 Adjustments ASU 2017-05 Adjustments As Adjusted Statement of Financial Condition Notes receivable, net $ 430,480 (4,600) — 425,880 Investment in unconsolidated real estate joint ventures 43,491 — 5,901 49,392 Property and equipment, net 95,998 (590) — 95,408 Other assets 104,812 590 — 105,402 Other liabilities 95,611 — (956) 94,655 Deferred income 37,015 (17,493) — 19,522 Deferred income taxes 44,318 4,734 2,645 51,697 Total equity $ 495,454 8,160 4,212 507,826 Statement of Operations Sales of VOIs $ 266,142 14,781 — 280,923 Reimbursement revenue — 49,557 — 49,557 Cost of reimbursement — 49,557 — 49,557 Cost of VOIs sold 27,346 1,483 — 28,829 Trade sales 95,996 (157) — 95,839 Net gains on sales of assets 6,076 — (2,274) 3,802 Cost of trade sales 74,341 6,022 — 80,363 Selling, general and administrative expenses 516,757 (4,607) — 512,150 Equity in earnings of unconsolidated real estate joint ventures 13,630 — (1,452) 12,178 Income before income taxes 78,036 11,726 (3,726) 86,036 Provision for income taxes (36,379) 4,276 1,437 (30,666) Net income 41,657 7,450 (2,289) 46,818 Less: Net income attributable to non-controlling interest 13,295 401 (429) 13,267 Net income attributable to Shareholders $ 28,362 7,049 (1,860) 33,551 Basic earnings per share $ 0.33 0.39 Diluted earnings per share $ 0.32 0.38 |
Acquisitions And Mergers (Table
Acquisitions And Mergers (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Acquisitions And Mergers [Abstract] | |
Consolidated Net Assets And Results Of Operations | June 16, 2017 to December 31, 2017 Trade sales $ 46,772 Income before income taxes $ 2,598 |
Summary Of Fair Value Of The Assets Acquired And Liabilities Assumed | Property and equipment $ 18,747 Cash, inventory and other assets 12,212 Identifiable intangible assets (1) 4,512 Total assets acquired 35,471 Accounts payable and other liabilities (5,370) Identifiable intangible liabilities (2) (716) Total liabilities assumed (6,086) Fair value of identifiable net assets 29,385 Redeemable noncontrolling interest (2,490) Goodwill 35,164 Purchase consideration 62,059 Less: cash acquired (3,641) Cash paid for acquisition less cash acquired $ 58,418 Acquisition-related costs included in selling, general and administrative expenses $ 2,963 (1) Identifiable intangible assets were comprised of $4.2 million, $0.2 million and $0.1 million associated with IT’SUGAR’s trademark, favorable operating lease agreements, and a noncompetition agreement, respectively. (2) Identifiable intangible liabilities were comprised of unfavorable operating lease agreements. |
Pro Forma Information | Pro Forma Actual For the Years Ended December 31, For the Years Ended December 31, 2017 2016 2017 2016 Trade sales $ 179,356 172,769 142,798 95,996 Income before income taxes $ 94,046 73,644 93,374 78,036 Net income (1) $ 100,997 38,965 100,597 41,657 Net income attributable to shareholders (1) $ 82,626 26,068 82,195 28,362 (1) The pro forma net income and net income attributable to shareholders for the year ended December 31, 2017 were adjusted to exclude $3.0 million of acquisition-related costs . |
Consolidated Variable Interes39
Consolidated Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Consolidated Variable Interest Entities [Abstract] | |
Information Related To The Assets And Liabilities Of The VIEs | December 31, 2017 2016 Restricted cash $ 19,488 21,894 Securitized notes receivable, net 282,599 287,012 Receivable backed notes payable - non-recourse 336,421 327,358 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Loans Receivable [Abstract] | |
Schedule Of Loan Portfolio | December 31, 2017 2016 Commercial non-real estate $ 789 1,169 Commercial real estate 4,615 5,880 Small business 1,585 2,506 Consumer 787 1,799 Residential 11,678 14,167 Total loans receivable $ 19,454 25,521 |
Schedule Of Non-Accrual Loans Receivable And Loans Held For Sale | December 31, Loan Class 2017 2016 Commercial non-real estate $ 789 1,169 Commercial real estate 4,615 5,880 Small business 1,585 2,506 Consumer 715 1,701 Residential 10,355 12,762 Total nonaccrual loans $ 18,059 24,018 |
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, 2017 Past Due Past Due or More (1) Past Due Current Receivable Commercial non-real estate $ - - 789 789 - 789 Commercial real estate - - 2,996 2,996 1,619 4,615 Small business - - - - 1,585 1,585 Consumer 25 168 291 484 303 787 Residential 297 21 7,995 8,313 3,365 11,678 Total $ 322 189 12,071 12,582 6,872 19,454 Total 31-59 Days 60-89 Days 90 Days Total Loans December 31, 2016 Past Due Past Due or More (1) Past Due Current Receivable Commercial non-real estate $ - - 330 330 839 1,169 Commercial real estate - - 3,986 3,986 1,894 5,880 Small business - - - - 2,506 2,506 Consumer 23 - 467 490 1,309 1,799 Residential 609 231 9,541 10,381 3,786 14,167 Total $ 632 231 14,324 15,187 10,334 25,521 1) There were no loans that were 90 days or more past due and still accruing interest as of December 31, 2017 or 2016 . |
Allowance For Loan Losses By Portfolio Segment | For the Years Ended December 31, 2017 2016 2015 Allowance for Loan Losses: Beginning balance $ - - 977 Charge-offs (137) (156) (1,037) Recoveries 7,632 20,664 13,517 Provision (7,495) (20,508) (13,457) Ending balance $ - - - Ending balance individually evaluated for impairment $ - - - Ending balance collectively evaluated for impairment - - - Total $ - - - Loans receivable: Ending balance individually evaluated for impairment $ 16,728 21,363 12,849 Ending balance collectively evaluated for impairment 2,726 4,158 21,186 Total $ 19,454 25,521 34,035 Proceeds from loan sales $ 1,666 - 68 Transfer to loans held-for-sale $ 1,029 - - Transfer from loans held-for-sale $ - 16,078 7,365 |
Average Recorded Investment And Interest Income Recognized On Impaired Loans | Individually impaired loans as of December 31, 2017 and 2016 were as follows (in thousands): As of December 31, 2017 As of December 31, 2016 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance Total with allowance recorded $ - - - - - - Total with no allowance recorded 18,667 30,321 - 24,188 39,901 - Total $ 18,667 30,321 - 24,188 39,901 - Average recorded investment and interest income recognized on impaired loans for the year s ended December 31, 2017 and 2016 were as follows (in thousands): For the Years Ended December 31, 2017 2016 Average Recorded Interest Income Average Recorded Interest Income Investment Recognized Investment Recognized Total with allowance recorded $ - - - - Total with no allowance recorded 20,686 647 24,573 657 Total $ 20,686 647 24,573 657 Individually impaired loans and the average recorded investment and interest income recognized on impaired loans as of December 31, 2015 were as follows (in thousands): As of For the Year Ended December 31, 2015 December 31, 2015 Unpaid Average Recorded Principal Related Recorded Interest Investment Balance Allowance Investment Income Total with allowance recorded $ - - - - - Total with no allowance recorded 17,380 30,212 - 22,186 1,299 Total $ 17,380 30,212 - 22,186 1,299 |
Notes Receivable (Tables)
Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Receivable [Abstract] | |
Information Relating To Bluegreen's Notes Receivable | December 31, 2017 2016 Notes receivable: VOI notes receivable - non-securitized $ 184,971 175,123 VOI notes receivable - securitized 364,349 369,259 Notes receivable secured by homesites (1) 1,329 1,688 Gross notes receivable 550,649 546,070 Allowance for credit losses - non-securitized (37,098) (33,343) Allowance for credit losses - securitized (81,750) (82,247) Notes receivable, net $ 431,801 430,480 Allowance as a % of gross notes receivable 22% 21% (1) Notes receivable secured by homesites were originated through a business, substantially all of the assets of which were sold by Bluegreen in 2012. |
Future Contractual Principal Payments Of Notes Receivables | December 31, 2017 2018 $ 62,360 2019 56,879 2020 59,500 2021 63,061 2022 66,246 Thereafter 242,603 $ 550,649 |
Activity In The Allowance For Loan Losses | For the Years Ended December 31, 2017 2016 2015 Balance, beginning of period $ 115,590 110,714 102,566 Provision for credit losses 46,149 44,337 42,062 Write-offs of uncollectible receivables (42,891) (39,461) (33,914) Balance, end of period $ 118,848 115,590 110,714 |
Delinquency Status Of Bluegreen's VOI Notes Receivable | December 31, 2017 2016 Current $ 525,482 521,536 31-60 days 6,088 6,378 61-90 days 4,897 5,082 > 90 days (1) 12,853 11,386 Total $ 549,320 544,382 (1) Includes $7.6 million and $5.3 million as of December 31, 2017 and 2016, respectively, related to VOI notes receivable that, as of such date, had 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 losses. |
Trade Inventory (Tables)
Trade Inventory (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Trade Inventory [Abstract] | |
Summary Of Inventory | December 31, 2017 2016 Raw materials $ 3,320 5,059 Paper goods and packaging materials 865 2,090 Finished goods 19,717 7,577 Total $ 23,902 14,726 |
VOI Inventory (Tables)
VOI Inventory (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
VOI Inventory [Abstract] | |
Summary Of Inventory | December 31, 2017 2016 Completed VOI units $ 194,503 156,401 Construction-in-progress 22,334 10,427 Real estate held for future VOI development 64,454 71,706 Total VOI Inventory $ 281,291 238,534 |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Schedule Of Real Estate | December 31, 2017 2016 Real estate held-for-sale Land $ 20,528 28,701 Rental properties 6,181 1,748 Residential single-family 1,119 2,896 Total real estate held-for-sale 27,828 33,345 Real estate held-for-investment Land 13,066 11,524 Other 839 880 Total real estate held-for-investment 13,905 12,404 Real estate inventory 26,803 15,254 Total real estate $ 68,536 61,003 |
Real Estate Held-For-Sale Valuation Allowance Activity | For the Years Ended December 31, 2017 2016 2015 Beginning of period $ 5,240 4,400 2,940 Transfer to held-for-investment - - (93) Impairments, net (1) 1,696 3,563 3,089 Sales (3,837) (2,723) (1,536) End of period $ 3,099 5,240 4,400 (1) Tax certificate impairments are not included . |
Investments In Unconsolidated45
Investments In Unconsolidated Real Estate Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | |
Investments In Unconsolidated Real Estate Joint Ventures | December 31, BBX Capital Investment in unconsolidated real estate joint ventures 2017 2016 % Ownership Altis at Kendall Square, LLC $ 78 154 20.24 % Altis at Lakeline - Austin Investors LLC 4,156 5,165 33.74 New Urban/BBX Development, LLC 1,556 907 50.00 Sunrise and Bayview Partners, LLC 1,499 1,574 50.00 Hialeah Communities, LLC 467 2,758 57.00 PGA Design Center Holdings, LLC 1,862 1,904 40.00 CCB Miramar, LLC 1,225 875 35.00 Centra Falls, LLC 159 595 7.14 The Addison on Millenia Investment, LLC 5,525 5,935 48.00 BBX/S Millenia Blvd Investments, LLC 5,218 5,095 90.00 Altis at Bonterra - Hialeah, LLC 16,922 17,626 95.00 Altis at Shingle Creek Manager, LLC 338 332 2.50 Altis at Grand Central Capital, LLC 1,872 - 10.54 Centra Falls II, LLC 551 571 7.14 BBX/Label Chapel Trail Development, LLC 4,885 - 46.75 Altis Promenade Capital, LLC 962 - 5.00 Investments in unconsolidated real estate joint ventures $ 47,275 43,491 |
Condensed Statements Of Financial Condition For Equity Method Joint Ventures | December 31, 2017 2016 Assets Cash $ 1,750 2,719 Real estate inventory 221 28,246 Properties and equipment - 439 Other assets 137 1,387 Total assets $ 2,108 32,791 Liabilities and Equity Notes payable $ 161 16,278 Other liabilities 1,347 8,628 Total liabilities 1,508 24,906 Total equity 600 7,885 Total liabilities and equity $ 2,108 32,791 |
Condensed Statements Of Operations For Equity Method Joint Ventures | For the Years Ended December 31, 2017 2016 2015 Total revenues $ 80,407 84,860 17 Costs of sales (51,072) (62,315) - Other expenses (5,134) (4,562) (1,340) Net earnings (losses) $ 24,201 17,983 (1,323) Equity in net earnings (losses) of unconsolidated real estate joint venture - Hialeah Communities, LLC $ 12,067 9,547 (747) |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property And Equipment [Abstract] | |
Components Of Property And Equipment | December 31, 2017 2016 Land, building and building improvements $ 67,538 73,883 Leasehold improvements 32,419 11,912 Office equipment, furniture and fixtures 76,186 65,284 Transportation 670 453 176,813 151,532 Accumulated depreciation (63,955) (55,534) Property and equipment, net $ 112,858 95,998 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets [Abstract] | |
Schedule Of Changes In Goodwill | For the Years Ended December 31, 2017 2016 2015 Balance, beginning of period $ 6,731 7,601 7,377 Acquisitions 35,164 - 224 Impairment losses (2,413) (870) - Balance, end of period $ 39,482 6,731 7,601 |
Major Classes Of Intangible Assets | December 31, Class 2017 2016 Intangible assets: Management contracts $ 61,293 61,293 Trademarks 8,471 5,215 Customer relationships 70 1,620 Lease premium 2,313 2,411 Area development agreements 640 660 Other 777 126 73,564 71,325 Accumulated amortization (3,115) (2,870) Total intangible assets $ 70,449 68,455 |
Estimated Aggregate Amortization Expense Of Intangible Assets | Years Ending December 31, Total 2018 838 2019 789 2020 782 2021 768 2022 740 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt [Abstract] | |
Contractual Minimum Principal Payments Of Debt Outstanding | Recourse Non-recourse Notes Receivable Receivable Junior Payable and Backed Backed Subordinated Lines of Credit Notes Payable Notes Payable Debentures Total 2018 $ 36,796 - - - 36,796 2019 27,521 - - - 27,521 2020 10,183 24,989 - - 35,172 2021 45,477 21,955 - - 67,432 2022 4,888 11,326 16,144 - 32,358 Thereafter 21,829 26,427 326,425 177,129 551,810 146,694 84,697 342,569 177,129 751,089 Unamortized debt issuance costs (2,580) - (6,148) (1,272) (10,000) Discount - - - (40,443) (40,443) Total Debt $ 144,114 84,697 336,421 135,414 700,646 |
Notes Payable And Other Borrowings | December 31, 2017 December 31, 2016 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Bluegreen: 2013 Notes Payable $ 46,500 5.50% $ 29,403 $ 52,500 5.50% $ 29,349 Pacific Western Term Loan 2,715 6.72% 9,884 1,727 6.02% 8,963 Fifth Third Bank Note 4,080 4.36% 8,071 4,326 3.62% 9,157 NBA Line of Credit 5,089 4.75% 15,260 2,006 5.00% 8,230 Fifth Third Syndicated Line of Credit 20,000 4.27% 75,662 15,000 3.46% 60,343 Fifth Third Syndicated Term Loan 23,750 4.32% 23,960 25,000 3.46% 20,114 Unamortized debt issuance costs (1,940) - (2,177) - Total Bluegreen $ 100,194 $ 162,240 $ 98,382 $ 136,156 Other: Community Development District Obligations $ 21,435 4.50 -6.00% $ 26,803 $ 21,435 4.50 -6.00% $ 20,744 TD Bank Term Loan and Line of Credit 12,890 4.02% (2) - - - Wells Fargo Capital Finance - - - 9,692 (1) (2) Seller Note 1,471 5.00% (2) 3,417 5.00% (2) Iberia Line of Credit 3,820 4.12% (2) - 3.37% (2) Unsecured Note 3,400 6.00% (3) - - - Other 1,544 5.25% $ 1,993 1,579 5.25% $ 2,044 Unamortized debt issuance costs (640) (715) Total Other $ 43,920 $ 35,408 Total Notes Payable and Other Borrowings $ 144,114 $ 133,790 (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 company’s assets. (3) BBX Capital is guarantor on the promissory note. |
Receivable-Backed Notes Payable | December 31, 2017 December 31, 2016 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 $ 24,990 5.00% $ 30,472 $ 32,674 4.25% $ 41,357 NBA Receivables Facility 44,414 4.10% 53,730 34,164 3.50 - 4.00% 40,763 Pacific Western Facility 15,293 6.00% 19,516 20,793 5.14% 27,712 Total $ 84,697 $ 103,718 $ 87,631 $ 109,832 Non-recourse receivable-backed notes payable: KeyBank/DZ Purchase Facility $ 16,144 4.31% $ 19,866 $ 31,417 3.67% $ 41,388 Quorum Purchase Facility 16,771 4.75 -6.90% 18,659 23,981 4.75 -6.90% 26,855 2010 Term Securitization - - - 13,163 5.54% 16,191 2012 Term Securitization 23,227 2.94% 25,986 32,929 2.94% 36,174 2013 Term Securitization 37,163 3.20% 39,510 48,514 3.20% 51,157 2015 Term Securitization 58,498 3.02% 61,705 75,011 3.02% 78,980 2016 Term Securitization 83,142 3.35% 91,348 107,533 3.35% 117,249 2017 Term Securitization 107,624 3.12% 119,582 - - - Unamortized debt issuance costs (6,148) - (5,190) - Total $ 336,421 $ 376,656 $ 327,358 $ 367,994 Total receivable-backed debt $ 421,118 $ 480,374 $ 414,989 $ 477,826 |
Junior Subordinated Debentures Outstanding | December 31, 2017 2016 Effective Effective Initial Carrying Interest Carrying Interest Interest Equity in Issue Maturity Junior Subordinated Debentures Amount (1) Rate Amount (1) Rate Rate (2) Trust (3) Date Date (4) Levitt Capital Trust I ("LCT I") $ 23,196 5.19% $ 23,196 4.85% LIBOR + 3.85% $ 696 03/15/2005 03/01/2035 Levitt Capital Trust II ("LCT II") 19,878 5.18% 30,928 4.69% LIBOR + 3.80% 928 05/04/2005 06/30/2035 Levitt Capital Trust III ("LCT III") 7,764 5.14% 15,464 4.80% LIBOR + 3.80% 464 06/01/2006 06/30/2036 Levitt Capital Trust IV ("LCTIV") 15,464 5.14% 15,464 4.80% LIBOR + 3.80% 464 07/18/2006 09/30/2036 Total Woodbridge $ 66,302 $ 85,052 $ 2,552 Bluegreen Statutory Trust I $ 14,703 6.59% $ 14,422 5.90% LIBOR + 4.90% $ 696 03/15/2005 3/30/2035 Bluegreen Statutory Trust II 16,472 6.23% 16,164 5.74% LIBOR + 4.85% 774 05/04/2005 7/30/2035 Bluegreen Statutory Trust III 6,670 6.23% 6,550 5.74% LIBOR + 4.85% 310 05/10/2005 7/30/2035 Bluegreen Statutory Trust IV 9,802 6.54% 9,614 5.85% LIBOR + 4.85% 464 04/24/2006 6/30/2036 Bluegreen Statutory Trust V 9,802 6.54% 9,614 5.85% LIBOR + 4.85% 464 07/21/2006 9/30/2036 Bluegreen Statutory Trust VI 12,935 6.18% 12,680 5.69% LIBOR + 4.80% 619 02/26/2007 4/30/2037 Total Bluegreen $ 70,384 $ 69,044 $ 3,327 Unamortized debt issuance costs $ (1,272) $ (1,729) Total Junior Subordinated Debentures $ 135,414 $ 152,367 (1) Amounts as of December 31, 2017 and 2016 include purchase accounting adjustments which reduced the carrying value by $40.4 million and $41.8 million, respectively. (2) LIBOR interest rates are indexed to three-month LIBOR and adjust quarterly. (3) Initial equity in the trust is recorded as part of other assets in the Consolidated Statements of Financial Condition. (4) All of the junior subordinated debentures are eligible for redemption as of December 31, 2017 and 2016. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
United States And Foreign Components Of Income From Continuing Operations Before Income Taxes | For the Years Ended December 31, 2017 2016 2015 U.S. $ 92,888 77,629 67,272 Foreign 486 407 (2,589) Total $ 93,374 78,036 64,683 |
Provision For Income Taxes | For the Years Ended December 31, 2017 2016 2015 Current: Federal $ 1,211 (339) 5,288 State 1,767 1,014 2,445 2,978 675 7,733 Deferred: Federal (12,072) 36,393 (74,189) State 1,871 (689) (10,140) (10,201) 35,704 (84,329) (Benefit) provision for income taxes (7,223) 36,379 (76,596) |
Actual Provision For Income Taxes From Continuing Operations Rate | For the Years Ended December 31, 2017 (1) 2016 (1) 2015 (1) Income tax provision at expected federal income tax rate of 35% $ 32,681 35.00 % $ 27,313 35.00 % $ 22,639 35.00 % Increase (decrease) resulting from: Provision for state taxes, net of federal effect 3,637 3.90 527 0.68 9,029 13.96 Effect of federal rate change-2017 tax reform (43,089) (46.15) - - - - Taxes related to subsidiaries not consolidated for income tax purposes (4,467) (4.78) (3,432) (4.40) (4,842) (7.49) Nondeductible executive compensation 4,309 4.61 7,301 7.47 5,636 8.54 Bluegreen settlement - - - - 12,820 19.82 Bluegreen initial public offering 1,467 1.57 - - - - SEC penalty (1,593) (1.71) - - 1,243 1.92 Increase/(decrease) in valuation allowance 25 0.03 3,807 6.76 (127,947) (197.63) Other – net (193) (0.21) 863 1.11 4,826 7.46 (Benefit) provision for income taxes $ (7,223) (7.74) % $ 36,379 46.62 % $ (76,596) (118.42) % (1) Expected tax is computed based upon income before income taxes. |
Schedule Of Deferred Tax Assets And Liabilities | December 31, 2017 2016 2015 Deferred tax assets: Allowance for loan losses, tax certificate losses and write-downs for financial statement purposes $ 26,825 42,008 41,832 Federal and State NOL and tax credit carryforward 148,665 218,609 237,820 Real estate valuation 9,117 16,828 33,505 Share based compensation 24 232 1,171 Property and equipment 1,642 3,015 588 Other 7,363 11,183 6,631 Total gross deferred tax assets 193,636 291,875 321,547 Valuation allowance (102,282) (131,727) (127,920) Total deferred tax assets 91,354 160,148 193,627 Deferred tax liabilities: Installment sales treatment of notes 100,717 152,074 150,237 Intangible assets 14,322 24,501 25,368 Junior subordinated debentures 9,144 16,349 17,205 Deferral of VOI sales and costs under timeshare accounting 7,535 8,718 9,222 Other 2,729 2,824 189 Total gross deferred tax liabilities 134,447 204,466 202,221 Net deferred tax liability (43,093) (44,318) (8,594) Less net deferred tax liability at beginning of period 44,318 8,594 92,609 Net deferred tax liabilities from acquisitions - - 329 Bluegreen initial public offering 11,988 - - Cumulative effect for excess tax benefits recognized in accumulated earnings associated with share based compensation (3,054) - - Less change in net deferred tax liability for amounts included in other comprehensive income 42 20 (15) Benefit (provision) for deferred income taxes $ 10,201 (35,704) 84,329 |
Summary Of NOL, Credit Carryforwards, Valuation Allowance | Federal and Net State Gross Deferred NOL and Credit Deferred Tax Valuation Tax Carryforward Asset Allowance Asset Year Expires Federal NOL $ 18,470 3,879 - 3,879 2032-2034 Florida NOL-BBX 73,504 3,194 - 3,194 2030-2034 Non-Florida State NOLs-Bluegreen 240,000 11,001 2,442 8,559 2018-2037 Alternative minimum tax credit 28,611 28,611 - 28,611 Refundable Federal NOL SRLY Limitation 227,595 47,795 47,795 - 2026-2034 Florida NOL SRLY Limitation 749,212 32,554 32,554 - 2026-2034 Other Federal tax credits-SRLY Limitation 2,372 2,372 2,372 - 2025-2031 Federal NOL Section 382 Limitation 74,471 15,473 13,486 1,987 2023-2029 Florida NOL Section 382 Limitation 64,866 2,796 2,529 267 2024-2029 Canadian NOL 2,900 713 713 - 2033-2037 Canadian capital losses 2,220 277 277 - Do not expire Total $ 148,665 102,168 46,497 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies [Abstract] | |
Approximate Minimum Future Rental Payments Under Leases | Years Ending December 31, Amount 2018 $ 26,736 2019 23,992 2020 22,096 2021 21,122 2022 18,207 Thereafter 47,177 Total $ 159,330 |
Summary Of Incurred Rent Expense | For the Years Ended December 31, 2017 2016 2015 Rental expense for premises and equipment $ 30,832 18,706 16,645 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stock Incentive Plans [Abstract] | |
Information On Outstanding Options | Weighted Weighted Average Average Remaining Aggregate Outstanding Options Exercise Price Contractual Term Intrinsic Value ($000) Outstanding at December 31, 2016 186,791 $ 3.59 1.24 $ 675 Exercised (151,075) 0.41 881 Forfeited (8,370) 43.43 Expired - 0.00 Outstanding at December 31, 2017 27,346 $ 8.98 0.43 Exercisable at December 31, 2017 27,346 $ 8.98 0.43 Available for grant at December 31, 2017 2,228,802 |
Summary Of Non-Vested Restricted Stock And Restricted Stock Units | Weighted Non-vested Average Restricted Grant Date Stock Fair Value Outstanding at December 31, 2016 11,131,996 $ 2.74 Granted - - Vested (6,137,481) 2.22 Forfeited - - Outstanding at December 31, 2017 4,994,515 $ 3.39 |
Restricted Stock Awards, Grants in Period, Weighted Average Grant Date Fair Value | Per Share Weighted Average Number of Grant Date Requisite Grant Date Awards Granted Fair Value Service Period (3) 9/1/2015 (1) 2,372,592 $ 3.16 4 years 12/15/2016 (2) 5,090,354 2.74 1.63 Years 12/22/2016 (1) 1,823,565 4.3 4 years (1) The awards are issuable in shares of Class B Common Stock. (2) Pursuant to the Merger Agreement the Company assumed and adopted the BCC Equity Compensation Plans as of December 15, 2016 and 942,657 shares of BCC’s restricted stock units were retired in exchange for restricted stock units with respect to approximately 5.1 million shares of the Company's Class A Common Stock with a weighted average requisite service period of 1.63 years. (3) The awards vest ratable in annual installments over the requisite service period . |
Noncontrolling Interests And 52
Noncontrolling Interests And Redeemable Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interests And Redeemable Noncontrolling Interest [Abstract] | |
Summary Of Noncontrolling Interests | December 31, 2017 2016 Bluegreen Vacations (1) $ 38,223 - Bluegreen / Big Cedar Vacations (2) 42,286 40,773 Joint ventures and other (238) 77 Total noncontrolling interests $ 80,271 40,850 |
Summary Of Income (Loss) Attributable To Noncontrolling Interests | For the Years Ended December 31, 2017 2016 2015 Bluegreen Vacations (1) $ 5,639 - - Bluegreen / Big Cedar Vacations (2) 12,784 9,826 11,705 BCC - 3,489 4,964 Joint ventures and other (21) (20) 2,136 Net income attributable to noncontrolling interests $ 18,402 13,295 18,805 (1) Subsequent to Bluegreen’s IPO in November 2017, the Company owns 90% of Bluegreen. Bluegreen was a wholly-owned subsidiary of the Company prior to the Bluegreen IPO. (2) Bluegreen Vacations has a joint venture arrangement pursuant to which, Bluegreen owns 51% of Bluegreen/Big Cedar Vacations. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Common Share [Abstract] | |
Computation Of Basic And Diluted Loss Per Common Share | For the Years Ended December 31, 2017 2016 2015 Basic earnings per common share Numerator: Net income $ 100,597 41,657 141,279 Less: Net income attributable to noncontrolling interests 18,402 13,295 18,805 Net income available to shareholders $ 82,195 28,362 122,474 Denominator: Basic weighted average number of of common shares outstanding 98,745 86,902 87,022 Basic earnings per common share $ 0.83 0.33 1.41 Diluted earnings per common share Numerator: Net income available to shareholders $ 82,195 28,362 122,474 Denominator: Basic weighted average number of common shares outstanding 98,745 86,902 87,022 Effect of dilutive stock-based compensation 5,171 590 186 Diluted weighted average number of common shares outstanding 103,916 87,492 87,208 Diluted earnings per common share $ 0.79 0.32 1.40 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurement [Abstract] | |
Assets Measured At Fair Value On Non-Recurring Basis | Fair Value Measurements Using Carrying Quoted prices in Significant Total Amount Active Markets Other Significant Impairments (1) As of for Identical Observable Unobservable For the December 31, Assets Inputs Inputs Year Ended Description 2017 (Level 1) (Level 2) (Level 3) December 31, 2017 Impaired real estate held-for-sale $ 6,346 - - 6,346 1,638 (1) Total impairments represent the amount of losses recognized during the year ended December 31, 2017 on assets that were held and measured at fair value as of December 31, 2017. Fair Value Measurements Using Carrying Quoted prices in Significant Total Amount Active Markets Other Significant Impairments (1) As of for Identical Observable Unobservable For the December 31, Assets Inputs Inputs Year Ended Description 2016 (Level 1) (Level 2) (Level 3) December 31, 2016 Loans measured for impairment using the fair value of the underlying collateral $ 5,759 - - 5,759 101 Impaired real estate held-for-sale 5,456 - - 5,456 3,271 Total $ 11,215 - - 11,215 3,372 (2) Total impairments represent the amount of losses recognized during the year ended December 31, 2016 on assets that were held and measured at fair value as of December 31, 2016. |
Quantitative Information About Significant Unobservable Inputs Within Level 3 | As of December 31, 2017 Fair Valuation Unobservable Description Value Technique Inputs Range (Average) (1)(2) Real estate held-for-sale $ 6,346 Fair Value of Property Asset Purchase Agreements or Appraisals $0.2 - $4.3 million ($1.2 million) (1) Range and average appraised values were reduced by estimated costs to sell. (2) Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. As of December 31, 2016 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 $ 5,759 Collateral Value less Cost to Sell $0.1 - $0.7 million ($0.3 million) Impaired real estate Fair Value of held-for-sale 5,456 Property Asset Purchase Agreements $0.1 - $1.4 million ($0.5 million) Total $ 11,215 and appraisals (1) Range and average appraised values were reduced by estimated 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 2017 2017 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 362,526 362,526 362,526 - - Restricted cash 46,721 46,721 46,721 - - Loans receivable 19,454 21,125 - - 21,125 Notes receivable, net 431,801 525,000 - - 525,000 Notes receivable from preferred shareholders (1) 5,000 5,000 - - 5,000 Financial liabilities: Receivable-backed notes payable $ 421,118 425,900 - - 425,900 Notes payable and other borrowings 144,114 149,438 - - 149,438 Junior subordinated debentures 135,414 132,000 - - 132,000 Mandatorily redeemable cumulative preferred stock 13,974 13,977 - - 13,977 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 2016 2016 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 299,861 299,861 299,861 - - Restricted cash 46,456 46,456 46,456 - - Loans receivable 25,521 27,904 - - 27,904 Notes receivable, net 430,480 545,000 - - 545,000 Notes receivable from preferred shareholders (1) 5,063 4,900 - - 4,900 Financial liabilities: Receivable-backed notes payable $ 414,989 420,400 - - 420,400 Notes payable and other borrowings 133,790 135,404 - - 135,404 Junior subordinated debentures 152,367 149,200 - - 149,200 Shares subject to mandatory redemption 13,517 13,600 - - 13,600 (1) Notes receivable from preferred shareholders is included in other assets i n the Company’s Consolidated S tatements of Financial C ondition as of December 31, 2017 and 2016 . |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | The table below sets forth the Company’s segment information as of and for the year ended December 31, 201 7 (in thousands): Reportable Segments BBX Capital Corporate Real BBX Sweet Expenses & Segment Bluegreen Estate Renin Holdings Other Eliminations Total Revenues: Sales of VOIs $ 239,662 - - - - - 239,662 Fee-based sales commission revenue 229,389 - - - - - 229,389 Other fee-based services revenue 111,819 - - - - - 111,819 Trade sales - - 69,648 72,905 245 - 142,798 Interest income 86,876 2,225 - 38 969 (6,400) 83,708 Net gains on sales of assets - 2,442 - - - - 2,442 Other revenue 312 4,647 - 74 1,480 (549) 5,964 Total revenues 668,058 9,314 69,648 73,017 2,694 (6,949) 815,782 Costs and Expenses: Cost of sales of VOIs 17,439 - - - - - 17,439 Cost of other fee-based services 68,336 - - - - - 68,336 Cost of trade sales - - 49,358 48,306 91 - 97,755 Interest expense 29,977 0 509 335 10,784 (6,400) 35,205 Recoveries from loan losses, net - (7,495) - - - - (7,495) Asset impairments, net - 1,646 - 5,785 - - 7,431 Net gains on cancellation of junior subordinated debentures - - - - (6,929) - (6,929) Litigation costs and penalty reimbursements - - - - (13,169) - (13,169) Selling, general and administrative expenses 416,970 11,113 17,408 35,374 57,809 (549) 538,125 Total costs and expenses 532,722 5,264 67,275 89,800 48,586 (6,949) 736,698 Equity in net earnings of unconsolidated real estate joint ventures - 14,483 - - - - 14,483 Foreign exchange loss - - (193) - - - (193) Income (loss) before income taxes $ 135,336 18,533 2,180 (16,783) (45,892) - 93,374 Total assets $ 1,236,424 162,214 36,134 92,588 161,340 (82,035) 1,606,665 Expenditures for property and equipment $ 14,115 308 2,786 2,246 2,590 - 22,045 Depreciation and amortization $ 9,632 581 1,713 4,080 756 - 16,762 Debt accretion and amortization $ 4,478 - - 55 149 - 4,682 Cash and cash equivalents $ 197,337 8,636 863 10,160 145,530 - 362,526 Equity method investments included in total assets $ - 47,275 - - - - 47,275 Goodwill $ - - - 39,482 - - 39,482 Notes payable and other borrowings $ 521,312 24,215 12,890 6,815 80,000 (80,000) 565,232 Junior subordinated debentures $ 70,384 - - - 65,030 - 135,414 The table below sets forth the Company’s segment information as of and for the year ended December 31, 2016 (in thousands): Reportable Segments BBX Capital Corporate Real BBX Sweet Expenses & Segment Bluegreen Estate Renin Holdings Other Eliminations Total Revenues: Sales of VOIs $ 266,142 - - - - - 266,142 Fee-based sales commission revenue 201,829 - - - - - 201,829 Other fee-based services revenue 103,448 - - - - - 103,448 Trade sales - - 65,225 30,771 - - 95,996 Interest income 89,510 3,606 - 10 620 (8,000) 85,746 Net gains on sales of assets - 6,076 - - - - 6,076 Other revenue 1,724 5,067 - 8 2,230 (971) 8,058 Total revenues 662,653 14,749 65,225 30,789 2,850 (8,971) 767,295 Costs and Expenses: Cost of sales of VOIs 27,346 - - - - - 27,346 Cost of other fee-based services 64,479 - - - - - 64,479 Cost of trade sales - - 47,088 27,253 - - 74,341 Interest expense 30,853 - 313 409 12,462 (8,000) 36,037 Recoveries from loan losses, net - (20,508) - - - - (20,508) Asset impairments, net 2,304 - 2,352 - - 4,656 Selling, general and administrative expenses 415,027 11,864 17,186 15,720 57,931 (971) 516,757 Total costs and expenses 537,705 (6,340) 64,587 45,734 70,393 (8,971) 703,108 Equity in net earnings of unconsolidated real estate joint ventures - 13,630 - - - - 13,630 Foreign exchange gain - - 219 - - - 219 Income (loss) before income taxes $ 124,948 34,719 857 (14,945) (67,543) - 78,036 Total assets $ 1,128,630 179,856 28,913 34,356 146,702 (82,389) 1,436,068 Expenditures for property and equipment $ 9,605 266 1,718 834 516 - 12,939 Depreciation and amortization $ 9,536 603 818 1,437 512 - 12,906 Debt accretion and amortization $ 4,736 - 83 102 - - 4,921 Cash and cash equivalents $ 144,120 13,628 (288) 8,627 133,774 - 299,861 Equity method investments included in total assets $ - 43,491 - - - - 43,491 Goodwill $ - - - 6,731 - - 6,731 Notes payable and other borrowings $ 513,371 20,743 9,692 4,973 80,000 (80,000) 548,779 Junior subordinated debentures $ 69,044 - - - 83,323 - 152,367 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 Capital Corporate Real BBX Sweet Expenses & Segment Bluegreen Estate Renin Holdings 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 - - 56,461 27,823 - - 84,284 Interest income 84,331 9,921 - - 859 (6,040) 89,071 Net gains (losses) on sales of assets - 31,181 - - (89) - 31,092 Other revenue 2,883 5,540 - 14 1,999 (1,060) 9,376 Total revenues 617,648 46,642 56,461 27,837 2,769 (7,100) 744,257 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 - - 42,123 20,584 - - 62,707 Interest expense 35,698 - 309 950 9,491 (6,040) 40,408 Recoveries from loan losses, net - (13,457) - - - - (13,457) Asset impairments, net - 287 - - - - 287 Litigation settlement - - - - 36,500 - 36,500 Selling, general and administrative expenses 373,804 12,773 15,049 15,071 51,063 (1,060) 466,700 Total costs and expenses 493,328 (397) 57,481 36,605 97,054 (7,100) 676,971 Equity in net earnings of unconsolidated real estate joint ventures - (1,565) - - - - (1,565) Foreign exchange loss - - (1,038) - - (1,038) Income (loss) before income taxes $ 124,320 45,474 (2,058) (8,768) (94,285) - 64,683 Total assets $ 1,083,151 204,787 22,778 33,836 78,839 (82,431) 1,340,960 Expenditures for property and equipment $ 9,176 4 92 2,003 1,535 - 12,810 Depreciation and amortization $ 9,181 810 546 1,628 263 - 12,428 Debt accretion and amortization $ 5,681 - 97 135 92 - 6,005 Cash and cash equivalents $ 115,524 18,130 632 1,069 63,550 - 198,905 Equity method investments included in total assets $ - 42,962 - - - - 42,962 Goodwill $ - - - 7,601 - - 7,601 Notes payable and other borrowings $ 503,521 - 8,071 13,314 80,000 (80,000) 524,906 Junior subordinated debentures $ 67,255 - - - 83,230 - 150,485 |
Basis Of Financial Statement 56
Basis Of Financial Statement Presentation (Details) $ / shares in Units, $ in Millions | Dec. 05, 2017shares | Nov. 30, 2017shares | Apr. 30, 2015USD ($)$ / sharesshares | Dec. 31, 2017property | Nov. 16, 2017 | Dec. 15, 2016 | Mar. 31, 2015 |
Business Acquisition [Line Items] | |||||||
Equity method investment ownership percentage income taxes consolidation measure | 80.00% | ||||||
BCC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Consolidated method ownership percentage | 81.00% | 82.00% | 51.00% | ||||
Number of shares purchased on market, tender offer | 4,771,221 | ||||||
Purchase price per share | $ / shares | $ 20 | ||||||
Purchase price of stock | $ | $ 95.4 | ||||||
Bluegreen [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Consolidated method ownership percentage | 90.00% | 90.00% | |||||
Woodbridge [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Consolidated method ownership percentage | 54.00% | ||||||
Bluegreen [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of resorts owned | property | 43 | ||||||
Number of resorts owners in VOI have right to use | property | 24 | ||||||
Stock issued | 3,736,723 | ||||||
Woodbridge [Member] | Bluegreen [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Stock issued | 974,797 | 2,761,925 | |||||
Period for option of additional purchase of shares | 30 days | ||||||
Number of additional shares available during option period | 974,797 | ||||||
Consolidated method ownership percentage | 100.00% |
Summary Of Significant Accoun57
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) | Dec. 15, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Cash equivalents maximum maturity term, in days | 90 days | |||||||||||
Cash, FDIC insured amount, limit | $ 250,000 | $ 250,000 | ||||||||||
Revenue recognition minimum percentage of sale received | 10.00% | |||||||||||
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 | |||||||||||
Shipping goods, costs | $ 8,200,000 | $ 6,000,000 | $ 5,500,000 | |||||||||
Trade receivables | 16,000,000 | $ 16,000,000 | 16,000,000 | 16,000,000 | ||||||||
Inventory impairment charges | 0 | 0 | 0 | |||||||||
Retained Earnings (Accumulated Deficit) | 341,146,000 | 259,110,000 | 341,146,000 | 259,110,000 | ||||||||
Advertising expense | $ 148,600,000 | $ 146,000,000 | $ 123,800,000 | |||||||||
Minimum percent of VOI sales generated by one marketing arrangement | 15.00% | 16.00% | 20.00% | |||||||||
Equity method investment ownership percentage income taxes consolidation measure | 80.00% | |||||||||||
Net gains on sales of assets | $ 2,442,000 | $ 6,076,000 | ||||||||||
Net income | 52,939,000 | $ 11,491,000 | $ 15,496,000 | $ 20,671,000 | 8,256,000 | $ 23,377,000 | $ 2,671,000 | $ 7,353,000 | 100,597,000 | 41,657,000 | $ 141,279,000 | |
Equity in net earnings (losses) of unconsolidated real estate joint ventures | $ 4,863,000 | $ 2,451,000 | $ 3,455,000 | $ 3,714,000 | $ 7,837,000 | $ 4,480,000 | $ 1,655,000 | $ (342,000) | 14,483,000 | 13,630,000 | (1,565,000) | |
Accounting Standards Update 2016-02 [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Quantification of the effect of adopting the new accounting standard or change in accounting principle expected | 159,300,000 | |||||||||||
Accounting Standards Update 2016-09 [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Quantification of the effect of adopting the new accounting standard or change in accounting principle expected | 3,100,000 | |||||||||||
Accounting Standards Update 2017-05 [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Retained Earnings (Accumulated Deficit) | 243,900,000 | |||||||||||
Net gains on sales of assets | (493,000) | (2,274,000) | ||||||||||
Net income | (910,000) | (2,289,000) | ||||||||||
Equity in net earnings (losses) of unconsolidated real estate joint ventures | $ (1,942,000) | $ (1,452,000) | ||||||||||
Accounting Standards Update 2017-05 [Member] | Recognition Of Deferred Gains [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Retained Earnings (Accumulated Deficit) | 3,200,000 | |||||||||||
Accounting Standards Update 2017-05 [Member] | Joint Venture Basis Adjustments [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Retained Earnings (Accumulated Deficit) | 7,400,000 | |||||||||||
Accounting Standards Update 2016-01 [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Quantification of the effect of adopting the new accounting standard or change in accounting principle expected | $ 400,000 | |||||||||||
Equity securities without readily determinable fair values | $ 2,400,000 | |||||||||||
Restricted Stock [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Vesting period (years) | 4 years | |||||||||||
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 | |||||||||||
As Previously Presented [Member] | Accounting Standards Update 2017-05 [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Retained Earnings (Accumulated Deficit) | 232,100,000 | |||||||||||
Reclassification [Member] | Accounting Standards Update 2017-05 [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Retained Earnings (Accumulated Deficit) | $ 11,800,000 |
Summary Of Significant Accoun58
Summary Of Significant Accounting Policies (Schedule Of Deferred Income) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Revenue Arrangement [Line Items] | ||
Total | $ 36,311 | $ 37,015 |
Deferred Sampler Program Income [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Total | 10,056 | 11,821 |
Deferred VOI Sales Revenue [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Total | 22,461 | 21,126 |
Other Deferred Income [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Total | $ 3,794 | $ 4,068 |
Summary Of Significant Accoun59
Summary Of Significant Accounting Policies (Retrospective Adjustments Due To Adoption Of New Accounting Standards) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||
Notes receivable, net | $ 431,801 | $ 430,480 | $ 431,801 | $ 430,480 | |||||||||||
Investments in unconsolidated real estate joint ventures | 47,275 | 43,491 | 47,275 | 43,491 | $ 42,962 | ||||||||||
Property and equipment, net | 112,858 | 95,998 | 112,858 | 95,998 | |||||||||||
Other assets | 102,370 | 104,812 | 102,370 | 104,812 | |||||||||||
Other liabilities | 103,926 | 95,611 | 103,926 | 95,611 | |||||||||||
Deferred income | 36,311 | 37,015 | 36,311 | 37,015 | |||||||||||
Deferred income taxes | 43,093 | 44,318 | 43,093 | 44,318 | 8,594 | $ 92,609 | |||||||||
Total equity | 653,501 | 495,454 | 653,501 | 495,454 | 482,906 | $ 446,706 | |||||||||
Sales of VOIs | 239,662 | 266,142 | 259,236 | ||||||||||||
Reimbursement revenue | 111,819 | 103,448 | 97,539 | ||||||||||||
Cost of reimbursement | 68,336 | 64,479 | 60,942 | ||||||||||||
Cost of sales of VOIs | 17,439 | 27,346 | 22,884 | ||||||||||||
Trade sales | 142,798 | 95,996 | 84,284 | ||||||||||||
Net gains on sales of assets | 2,442 | 6,076 | |||||||||||||
Cost of trade sales | 97,755 | 74,341 | 62,707 | ||||||||||||
Selling, general and administrative expenses | 538,125 | 516,757 | 466,700 | ||||||||||||
Equity in net earnings (losses) of unconsolidated real estate joint ventures | 4,863 | $ 2,451 | $ 3,455 | $ 3,714 | 7,837 | $ 4,480 | $ 1,655 | $ (342) | 14,483 | 13,630 | (1,565) | ||||
Income before income taxes | 15,688 | 19,686 | 24,275 | 33,725 | 20,778 | 42,495 | 2,303 | 12,460 | 93,374 | 78,036 | 64,683 | ||||
(Provision) benefit for income taxes | (37,251) | 8,195 | 8,779 | 13,054 | 12,522 | 19,118 | (368) | 5,107 | (7,223) | [1] | 36,379 | [1] | (76,596) | [1] | |
Net income | 52,939 | 11,491 | 15,496 | 20,671 | 8,256 | 23,377 | 2,671 | 7,353 | 100,597 | 41,657 | 141,279 | ||||
Less: Net income attributable to noncontrolling interests | 8,935 | 3,256 | 3,415 | 2,796 | 3,395 | 5,602 | 2,427 | 1,871 | 18,402 | 13,295 | 18,805 | ||||
Net income attributable to BFC | $ 44,004 | $ 8,235 | $ 12,081 | $ 17,875 | $ 4,861 | $ 17,775 | $ 244 | $ 5,482 | $ 82,195 | $ 28,362 | $ 122,474 | ||||
Basic earnings per share | $ 0.44 | $ 0.08 | $ 0.12 | $ 0.18 | $ 0.05 | $ 0.21 | $ 0 | $ 0.06 | $ 0.83 | $ 0.33 | $ 1.41 | ||||
Diluted earnings per share | $ 0.43 | $ 0.08 | $ 0.11 | $ 0.17 | $ 0.05 | $ 0.21 | $ 0 | $ 0.06 | $ 0.79 | $ 0.32 | $ 1.40 | ||||
As Adjusted [Member] | |||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||
Notes receivable, net | $ 427,294 | $ 425,880 | $ 427,294 | $ 425,880 | |||||||||||
Investments in unconsolidated real estate joint ventures | 51,234 | 49,392 | 51,234 | 49,392 | |||||||||||
Property and equipment, net | 111,929 | 95,408 | 111,929 | 95,408 | |||||||||||
Other assets | 103,299 | 105,402 | 103,299 | 105,402 | |||||||||||
Other liabilities | 103,464 | 94,655 | 103,464 | 94,655 | |||||||||||
Deferred income | 16,893 | 19,522 | 16,893 | 19,522 | |||||||||||
Deferred income taxes | 47,860 | 51,697 | 47,860 | 51,697 | |||||||||||
Total equity | 668,066 | 507,826 | 668,066 | 507,826 | |||||||||||
Sales of VOIs | 252,295 | 280,923 | |||||||||||||
Reimbursement revenue | 52,639 | 49,557 | |||||||||||||
Cost of reimbursement | 52,639 | 49,557 | |||||||||||||
Cost of sales of VOIs | 17,679 | 28,829 | |||||||||||||
Trade sales | 142,085 | 95,839 | |||||||||||||
Net gains on sales of assets | 1,949 | 3,802 | |||||||||||||
Cost of trade sales | 105,918 | 80,363 | |||||||||||||
Selling, general and administrative expenses | 529,702 | 512,150 | |||||||||||||
Equity in net earnings (losses) of unconsolidated real estate joint ventures | 12,541 | 12,178 | |||||||||||||
Income before income taxes | 102,879 | 86,036 | |||||||||||||
(Provision) benefit for income taxes | (6,284) | 30,666 | |||||||||||||
Net income | 109,163 | 46,818 | |||||||||||||
Less: Net income attributable to noncontrolling interests | 18,865 | 13,267 | |||||||||||||
Net income attributable to BFC | $ 90,298 | $ 33,551 | |||||||||||||
Basic earnings per share | $ 0.91 | $ 0.39 | |||||||||||||
Diluted earnings per share | $ 0.87 | $ 0.38 | |||||||||||||
Accounting Standards Update 2014-09 [Member] | |||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||
Notes receivable, net | (4,507) | (4,600) | $ (4,507) | $ (4,600) | |||||||||||
Property and equipment, net | (929) | (590) | (929) | (590) | |||||||||||
Other assets | 929 | 590 | 929 | 590 | |||||||||||
Deferred income | (19,418) | (17,493) | (19,418) | (17,493) | |||||||||||
Deferred income taxes | 3,647 | 4,734 | 3,647 | 4,734 | |||||||||||
Total equity | 11,264 | 8,160 | 11,264 | 8,160 | |||||||||||
Sales of VOIs | 12,633 | 14,781 | |||||||||||||
Reimbursement revenue | 52,639 | 49,557 | |||||||||||||
Cost of reimbursement | 52,639 | 49,557 | |||||||||||||
Cost of sales of VOIs | 240 | 1,483 | |||||||||||||
Trade sales | (713) | (157) | |||||||||||||
Cost of trade sales | 8,163 | 6,022 | |||||||||||||
Selling, general and administrative expenses | (8,423) | (4,607) | |||||||||||||
Income before income taxes | 11,940 | 11,726 | |||||||||||||
(Provision) benefit for income taxes | 2,464 | (4,276) | |||||||||||||
Net income | 9,476 | 7,450 | |||||||||||||
Less: Net income attributable to noncontrolling interests | 463 | 401 | |||||||||||||
Net income attributable to BFC | 9,013 | 7,049 | |||||||||||||
Accounting Standards Update 2017-05 [Member] | |||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||
Investments in unconsolidated real estate joint ventures | 3,959 | 5,901 | 3,959 | 5,901 | |||||||||||
Other liabilities | (462) | (956) | (462) | (956) | |||||||||||
Deferred income taxes | 1,120 | 2,645 | 1,120 | 2,645 | |||||||||||
Total equity | $ 3,301 | $ 4,212 | 3,301 | 4,212 | |||||||||||
Net gains on sales of assets | (493) | (2,274) | |||||||||||||
Equity in net earnings (losses) of unconsolidated real estate joint ventures | (1,942) | (1,452) | |||||||||||||
Income before income taxes | (2,435) | (3,726) | |||||||||||||
(Provision) benefit for income taxes | (1,525) | (1,437) | |||||||||||||
Net income | (910) | (2,289) | |||||||||||||
Less: Net income attributable to noncontrolling interests | (429) | ||||||||||||||
Net income attributable to BFC | $ (910) | $ (1,860) | |||||||||||||
[1] | Expected tax is computed based upon income before income taxes. |
Acquisitions And Mergers (Narra
Acquisitions And Mergers (Narrative) (Details) $ / shares in Units, $ in Thousands | Jun. 17, 2017USD ($)item | Jun. 16, 2017USD ($)statestore | Dec. 15, 2016USD ($)$ / sharesshares | Dec. 31, 2017USD ($) | Dec. 31, 2016shares | Dec. 31, 2015USD ($) | Dec. 14, 2016 | Sep. 30, 2016shares | |
Business Acquisition [Line Items] | |||||||||
Number of retail locations | store | 95 | ||||||||
Number of states of retail locations | state | 26 | ||||||||
Cash consideration, net of cash acquired | $ 58,418 | $ 10 | |||||||
Discount amount | $ 40,443 | ||||||||
Class B Preferred Units [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Preferred units contributed capital percent | 90.40% | ||||||||
JR Sugar [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Percent of noncontrolling equity interest | 9.60% | ||||||||
IT'SUGAR, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash consideration, net of cash acquired | $ 58,418 | ||||||||
Intangible assets | [1] | 4,512 | |||||||
Identifiable intangible liabilities | [2] | 716 | |||||||
IT'SUGAR, LLC [Member] | BBX Sweet Holdings Promissory Notes [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Related party transaction, due from related party | $ 2,000 | ||||||||
Number of promissory notes | item | 2 | ||||||||
BCC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash consideration | $ 16,900 | ||||||||
Merger, price per share | $ / shares | $ 20 | ||||||||
Shares issued as a result of acquisitions | shares | 12,000,000 | ||||||||
Shares received in exchange for each share of WHC's Class A Common Stock | shares | 5.4 | 5.4 | |||||||
Consolidated method ownership percentage | 100.00% | 82.00% | |||||||
Trademarks [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible assets useful life, in years | 20 years | ||||||||
Trademarks [Member] | IT'SUGAR, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible assets | 4,200 | ||||||||
Intangible assets useful life, in years | 15 years | ||||||||
Customer Relationships [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible assets useful life, in years | 12 years | ||||||||
Lease Premium [Member] | Maximum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible assets useful life, in years | 7 years | ||||||||
Lease Premium [Member] | Minimum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible assets useful life, in years | 5 years | ||||||||
Lease Premium [Member] | IT'SUGAR, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible assets | 200 | ||||||||
Intangible assets useful life, in years | 6 years 6 months | ||||||||
Identifiable intangible liabilities | 700 | ||||||||
Noncompete Agreements [Member] | IT'SUGAR, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible assets | $ 100 | ||||||||
Intangible assets useful life, in years | 5 years | ||||||||
Class A Common Stock [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Shares issued as a result of acquisitions | shares | 5,090,354 | ||||||||
Outstanding Options, Stock options exchanged | shares | 6,614 | ||||||||
Outstanding Options, Assumed pursuant to the merger agreement | shares | 35,716 | ||||||||
Class A Common Stock [Member] | Restricted Stock [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Shares issued as a result of acquisitions | shares | 5,090,354 | ||||||||
Class A Common Stock [Member] | Restricted Stock [Member] | BCC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Shares outstanding exchanged by acquiree | shares | 942,657 | ||||||||
[1] | Identifiable intangible assets were comprised of $4.2 million, $0.2 million and $0.1 million associated with IT'SUGAR's trademark, favorable operating lease agreements, and a noncompetition agreement, respectively. | ||||||||
[2] | Identifiable intangible liabilities were comprised of unfavorable operating lease agreements. |
Acquisitions And Mergers (Conso
Acquisitions And Mergers (Consolidated Net Assets And Results Of Operations) (Details) - IT'SUGAR, LLC [Member] - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Business Acquisition [Line Items] | |||||
Trade sales | $ 46,772 | $ 142,798 | $ 95,996 | ||
Income before income taxes | $ 2,598 | $ 82,195 | [1] | $ 28,362 | [1] |
[1] | The pro forma net income and net income attributable to shareholders for the year ended December 31, 2017 were adjusted to exclude $3.0 million of acquisition-related costs. |
Acquisitions And Mergers (Summa
Acquisitions And Mergers (Summary Of Fair Value Of The Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands | Jun. 16, 2017 | Sep. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 39,482 | $ 7,601 | $ 6,731 | $ 7,377 | ||||
Cash paid for acquisition less cash acquired | $ 58,418 | $ 10 | ||||||
Acquisition-related cost included in selling, general and administrative expenses | $ 3,000 | $ 3,000 | ||||||
IT'SUGAR, LLC [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Property and equipment | $ 18,747 | |||||||
Cash, inventory and other assets | 12,212 | |||||||
Identifiable intangible assets | [1] | 4,512 | ||||||
Total assets acquired | 35,471 | |||||||
Accounts payable and other liabilities | (5,370) | |||||||
Identifiable intangible liabilities | [2] | (716) | ||||||
Total liabilities assumed | (6,086) | |||||||
Fair value of identifiable net assets | 29,385 | |||||||
Redeemable noncontrolling interest | (2,490) | |||||||
Goodwill | 35,164 | |||||||
Purchase consideration | 62,059 | |||||||
Less: cash acquired | (3,641) | |||||||
Cash paid for acquisition less cash acquired | 58,418 | |||||||
Acquisition-related cost included in selling, general and administrative expenses | 2,963 | |||||||
IT'SUGAR, LLC [Member] | Trademarks [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Identifiable intangible assets | 4,200 | |||||||
IT'SUGAR, LLC [Member] | Lease Premium [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Identifiable intangible assets | 200 | |||||||
Identifiable intangible liabilities | (700) | |||||||
IT'SUGAR, LLC [Member] | Noncompete Agreements [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Identifiable intangible assets | $ 100 | |||||||
[1] | Identifiable intangible assets were comprised of $4.2 million, $0.2 million and $0.1 million associated with IT'SUGAR's trademark, favorable operating lease agreements, and a noncompetition agreement, respectively. | |||||||
[2] | Identifiable intangible liabilities were comprised of unfavorable operating lease agreements. |
Acquisitions And Mergers (Pro F
Acquisitions And Mergers (Pro Forma Information) (Details) - USD ($) $ in Thousands | Jun. 16, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Business Acquisition [Line Items] | |||||||||
Acquisition-related cost | $ 3,000 | $ 3,000 | |||||||
IT'SUGAR, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Trade sales, Pro Forma | $ 179,356 | $ 172,769 | |||||||
Income before income taxes, Pro Forma | 94,046 | 73,644 | |||||||
Net income, Pro Forma | [1] | 100,997 | 38,965 | ||||||
Net income attributable to shareholders, Pro Forma | [1] | 82,626 | 26,068 | ||||||
Trade sales, Actual | $ 46,772 | 142,798 | 95,996 | ||||||
Income before income taxes, Actual | 93,374 | 78,036 | |||||||
Net income, Actual | [1] | 100,597 | 41,657 | ||||||
Net income attributable to shareholders, Actual | $ 2,598 | $ 82,195 | [1] | $ 28,362 | [1] | ||||
Acquisition-related cost | $ 2,963 | ||||||||
[1] | The pro forma net income and net income attributable to shareholders for the year ended December 31, 2017 were adjusted to exclude $3.0 million of acquisition-related costs. |
Consolidated Variable Interes64
Consolidated Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Bluegreens Vacation Ownership Interests [Member] | |||
Variable Interest Entity [Line Items] | |||
Voluntary repurchases and substitutions | $ 9.5 | $ 6.5 | $ 3.3 |
Consolidated Variable Interes65
Consolidated Variable Interest Entities (Information Related To The Assets And Liabilities Of The VIEs) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | |||
Restricted cash | $ 46,721 | $ 46,456 | $ 59,365 |
Securitized notes receivable, net | 431,801 | 430,480 | |
Receivable backed notes payable - non-recourse | 336,421 | 327,358 | |
Bluegreens Vacation Ownership Interests [Member] | |||
Variable Interest Entity [Line Items] | |||
Restricted cash | 19,488 | 21,894 | |
Securitized notes receivable, net | 282,599 | 287,012 | |
Receivable backed notes payable - non-recourse | $ 336,421 | $ 327,358 |
Loans Receivable (Narrative) (D
Loans Receivable (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Discounts on loans | $ 2,300 | $ 3,300 |
Number of loan portfolio segments | item | 5 | |
Commitments to lend on impaired loans | $ 0 | |
California [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Underlying collateral for real estate loan portfolio, percent | 27.00% | |
New York [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Underlying collateral for real estate loan portfolio, percent | 33.00% | |
Florida [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Underlying collateral for real estate loan portfolio, percent | 13.00% | |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Foreclosure proceedings in progress | $ 8,000 | |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Foreclosure proceedings in progress | 100 | |
Small Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, general maximum amount per loan | $ 2,000 |
Loans Receivable (Schedule Of L
Loans Receivable (Schedule Of Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | $ 19,454 | $ 25,521 |
Commercial non-real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 789 | 1,169 |
Commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 4,615 | 5,880 |
Small Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 1,585 | 2,506 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 787 | 1,799 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | $ 11,678 | $ 14,167 |
Loans Receivable (Schedule Of N
Loans Receivable (Schedule Of Non-Accrual Loans Receivable And Loans Held For Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | $ 18,059 | $ 24,018 |
Commercial non-real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 789 | 1,169 |
Commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 4,615 | 5,880 |
Small Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 1,585 | 2,506 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 715 | 1,701 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | $ 10,355 | $ 12,762 |
Loans Receivable (Age Analysis
Loans Receivable (Age Analysis Of Past Due Recorded Investment In Loans Receivable And Loans Held For Sale) (Details) $ in Thousands | Dec. 31, 2017USD ($)loan | Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($) | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | $ 12,582 | $ 15,187 | ||
Current | 6,872 | 10,334 | ||
Total Loans receivable | $ 19,454 | $ 25,521 | $ 34,035 | |
Number of loans past due greater than 90 days and still accruing interest | loan | 0 | 0 | ||
31 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | $ 322 | $ 632 | ||
60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 189 | 231 | ||
90 Days Or More [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [1] | 12,071 | 14,324 | |
Commercial non-real estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 789 | 330 | ||
Current | 839 | |||
Total Loans receivable | 789 | 1,169 | ||
Commercial non-real estate [Member] | 90 Days Or More [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [1] | 789 | 330 | |
Commercial real estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 2,996 | 3,986 | ||
Current | 1,619 | 1,894 | ||
Total Loans receivable | 4,615 | 5,880 | ||
Commercial real estate [Member] | 90 Days Or More [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [1] | 2,996 | 3,986 | |
Small Business [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 1,585 | 2,506 | ||
Total Loans receivable | 1,585 | 2,506 | ||
Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 484 | 490 | ||
Current | 303 | 1,309 | ||
Total Loans receivable | 787 | 1,799 | ||
Consumer [Member] | 31 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 25 | 23 | ||
Consumer [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 168 | |||
Consumer [Member] | 90 Days Or More [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [1] | 291 | 467 | |
Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 8,313 | 10,381 | ||
Current | 3,365 | 3,786 | ||
Total Loans receivable | 11,678 | 14,167 | ||
Residential [Member] | 31 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 297 | 609 | ||
Residential [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 21 | 231 | ||
Residential [Member] | 90 Days Or More [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [1] | $ 7,995 | $ 9,541 | |
[1] | There were no loans that were 90 days or more past due and still accruing interest as of December 31, 2017 or 2016. |
Loans Receivable (Allowance For
Loans Receivable (Allowance For Loan Losses By Portfolio Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loans Receivable [Abstract] | |||
Beginning balance | $ 977 | ||
Charge-offs | $ (137) | $ (156) | (1,037) |
Recoveries | 7,632 | 20,664 | 13,517 |
Provision | (7,495) | (20,508) | (13,457) |
Loans receivable: Ending balance individually evaluated for impairment | 16,728 | 21,363 | 12,849 |
Loans receivable: Ending balance collectively evaluated for impairment | 2,726 | 4,158 | 21,186 |
Total Loans receivable | 19,454 | 25,521 | 34,035 |
Proceeds from loan sales | 1,666 | 68 | |
Transfer to loans held-for-sale | $ 1,029 | ||
Transfer from loans held-for-sale | $ 16,078 | $ 7,365 |
Loans Receivable (Schedule Of I
Loans Receivable (Schedule Of Impaired Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Loans Receivable [Abstract] | |||
Recorded Investment, With No Allowance Recorded | $ 18,667 | $ 24,188 | $ 17,380 |
Recorded Investment | 18,667 | 24,188 | 17,380 |
Unpaid Principal Balance, With No Allowance Recorded | 30,321 | 39,901 | 30,212 |
Unpaid Principal Balance | $ 30,321 | $ 39,901 | $ 30,212 |
Loans Receivable (Average Recor
Loans Receivable (Average Recorded Investment And Interest Income Recognized On Impaired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loans Receivable [Abstract] | |||
Average Recorded Investment, With No Allowance Recorded | $ 20,686 | $ 24,573 | $ 22,186 |
Average Recorded Investment | 20,686 | 24,573 | 22,186 |
Interest Income Recognized, With No Allowance Recorded | 647 | 657 | 1,299 |
Interest Income Recognized | $ 647 | $ 657 | $ 1,299 |
Notes Receivable (Narrative) (D
Notes Receivable (Narrative) (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
Notes Receivable [Member] | Bluegreen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted-average interest rate | 15.30% | 15.70% |
Notes Receivable (Information R
Notes Receivable (Information Relating To Bluegreen's Notes Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross notes receivable | $ 550,649 | $ 546,070 | |
Notes receivable, net | $ 431,801 | $ 430,480 | |
Allowance as a % of gross notes receivable | 22.00% | 21.00% | |
VOI Notes Receivable - Non-Securitized [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross notes receivable | $ 184,971 | $ 175,123 | |
Allowance for credit losses | (37,098) | (33,343) | |
VOI Notes Receivable - Securitized [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross notes receivable | 364,349 | 369,259 | |
Allowance for credit losses | (81,750) | (82,247) | |
Other Notes Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross notes receivable | [1] | $ 1,329 | $ 1,688 |
[1] | Notes receivable secured by homesites were originated through a business, substantially all of the assets of which were sold by Bluegreen in 2012. |
Notes Receivable (Future Contra
Notes Receivable (Future Contractual Principal Payments Of Notes Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Notes Receivable [Abstract] | ||
2,018 | $ 62,360 | |
2,019 | 56,879 | |
2,020 | 59,500 | |
2,021 | 63,061 | |
2,022 | 66,246 | |
Thereafter | 242,603 | |
Notes receivable, gross | $ 550,649 | $ 546,070 |
Notes Receivable (Activity In T
Notes Receivable (Activity In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision for credit losses | $ (3,131) | $ (15,300) | $ (13,233) |
Bluegreens Vacation Ownership Interests [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance, beginning of period | 115,590 | 110,714 | 102,566 |
Provision for credit losses | 46,149 | 44,337 | 42,062 |
Write-offs of uncollectible receivables | (42,891) | (39,461) | (33,914) |
Balance, end of period | $ 118,848 | $ 115,590 | $ 110,714 |
Notes Receivable (Delinquency S
Notes Receivable (Delinquency Status Of Bluegreen's VOI Notes Receivable) (Details) - Bluegreens Vacation Ownership Interests [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 525,482 | $ 521,536 | |
31-60 days | 6,088 | 6,378 | |
61-90 days | 4,897 | 5,082 | |
> 90 days | [1] | 12,853 | 11,386 |
Total | 549,320 | 544,382 | |
VOI note receivable balance had not yet been charged off | $ 7,600 | $ 5,300 | |
[1] | Includes $7.6 million and $5.3 million as of December 31, 2017 and 2016, respectively, related to VOI notes receivable that, as of such date, had defaulted but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of Bluegreen's receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for credit losses. |
Trade Inventory (Narrative) (De
Trade Inventory (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Trade Inventory [Abstract] | |||
Inventory writedowns included in costs of goods sold | $ 1.7 | $ 4.7 | $ 1.7 |
Trade Inventory (Summary Of Inv
Trade Inventory (Summary Of Inventory) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Trade Inventory [Abstract] | ||
Raw materials | $ 3,320 | $ 5,059 |
Paper goods and packaging materials | 865 | 2,090 |
Finished goods | 19,717 | 7,577 |
Total | $ 23,902 | $ 14,726 |
VOI Inventory (Narrative) (Deta
VOI Inventory (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
VOI Inventory [Line Items] | |||||
Interest capitalized to VOI inventory | $ 1.1 | $ 0.4 | $ 0.7 | ||
Bluegreen [Member] | |||||
VOI Inventory [Line Items] | |||||
Percent of selling price increase | 4.00% | 5.00% | |||
Benefit to cost of sales | $ 5.1 | $ 5.6 |
VOI Inventory (Summary Of Inven
VOI Inventory (Summary Of Inventory) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
VOI Inventory [Abstract] | ||
Completed VOI units | $ 194,503 | $ 156,401 |
Construction-in-progress | 22,334 | 10,427 |
Real estate held for future VOI development | 64,454 | 71,706 |
Total VOI Inventory | $ 281,291 | $ 238,534 |
Real Estate (Narrative) (Detail
Real Estate (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate Inventory, Capitalized Interest Costs Incurred | $ 1.1 | $ 0.4 | $ 0.7 |
Real Estate Inventory [Member] | |||
Real Estate Inventory, Capitalized Interest Costs Incurred | $ 1.4 | $ 0 |
Real Estate (Schedule Of Real E
Real Estate (Schedule Of Real Estate) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Long Lived Assets Held-for-sale [Line Items] | ||
Total real estate held-for-sale | $ 27,828 | $ 33,345 |
Total real estate held-for-investment | 13,905 | 12,404 |
Real estate inventory | 26,803 | 15,254 |
Total real estate | 68,536 | 61,003 |
Land [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Total real estate held-for-sale | 20,528 | 28,701 |
Total real estate held-for-investment | 13,066 | 11,524 |
Rental Properties [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Total real estate held-for-sale | 6,181 | 1,748 |
Residential Single-Family [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Total real estate held-for-sale | 1,119 | 2,896 |
Other Real Estate [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Total real estate held-for-investment | $ 839 | $ 880 |
Real Estate (Real Estate Held-F
Real Estate (Real Estate Held-For-Sale Valuation Allowance Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Real Estate [Abstract] | ||||
Beginning of period | $ 5,240 | $ 4,400 | $ 2,940 | |
Transfer to held-for-investment | (93) | |||
Impairments, net | [1] | 1,696 | 3,563 | 3,089 |
Sales | (3,837) | (2,723) | (1,536) | |
End of period | $ 3,099 | $ 5,240 | $ 4,400 | |
[1] | Tax certificate impairments are not included. |
Investments In Unconsolidated85
Investments In Unconsolidated Real Estate Joint Ventures (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($)item | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of equity interest in unconsolidated real estate joint ventures | item | 16 | 16 | |||||||||
BBX Capital maximum expose to loss | $ 49,800 | $ 49,800 | |||||||||
Gain from transfer of property | 400 | $ 900 | |||||||||
Net gains on the sales of assets | 2,442 | 6,076 | $ 31,092 | ||||||||
Interest Costs Capitalized | 300 | 900 | 500 | ||||||||
Property adjustment | 5,500 | 7,600 | |||||||||
Equity in net earnings (losses) of unconsolidated real estate joint ventures | $ 4,863 | $ 2,451 | $ 3,455 | $ 3,714 | $ 7,837 | $ 4,480 | $ 1,655 | $ (342) | 14,483 | 13,630 | (1,565) |
Hialeah Communities, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in net earnings (losses) of unconsolidated real estate joint ventures | 12,067 | 9,547 | (747) | ||||||||
Single-Family Homes [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Net gains on the sales of assets | 500 | 2,300 | 0 | ||||||||
Equity in net earnings (losses) of unconsolidated real estate joint ventures | $ 2,000 | $ 1,500 | $ 0 |
Investments In Unconsolidated86
Investments In Unconsolidated Real Estate Joint Ventures (Investments In Unconsolidated Real Estate Joint Ventures) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 47,275 | $ 43,491 | $ 42,962 |
Altis at Kendall Square, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 78 | 154 | |
Investments in unconsolidated real estate joint ventures, Percent | 20.24% | ||
Altis At Lakeline - Austin Investors LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 4,156 | 5,165 | |
Investments in unconsolidated real estate joint ventures, Percent | 33.74% | ||
New Urban/BBX Development, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 1,556 | 907 | |
Investments in unconsolidated real estate joint ventures, Percent | 50.00% | ||
Sunrise and Bayview Partners, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 1,499 | 1,574 | |
Investments in unconsolidated real estate joint ventures, Percent | 50.00% | ||
Hialeah Communities, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 467 | 2,758 | |
Investments in unconsolidated real estate joint ventures, Percent | 57.00% | ||
PGA Design Center Holdings, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 1,862 | 1,904 | |
Investments in unconsolidated real estate joint ventures, Percent | 40.00% | ||
CCB Miramar, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 1,225 | 875 | |
Investments in unconsolidated real estate joint ventures, Percent | 35.00% | ||
Centra Falls, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 159 | 595 | |
Investments in unconsolidated real estate joint ventures, Percent | 7.14% | ||
The Addison on Millenia Investment, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 5,525 | 5,935 | |
Investments in unconsolidated real estate joint ventures, Percent | 48.00% | ||
BBX/S Millenia Blvd Investments, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 5,218 | 5,095 | |
Investments in unconsolidated real estate joint ventures, Percent | 90.00% | ||
Altis at Bonterra - Hialeah, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 16,922 | 17,626 | |
Investments in unconsolidated real estate joint ventures, Percent | 95.00% | ||
Altis at Shingle Creek Manager, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 338 | 332 | |
Investments in unconsolidated real estate joint ventures, Percent | 2.50% | ||
Altis at Grand Central Capital, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 1,872 | ||
Investments in unconsolidated real estate joint ventures, Percent | 10.54% | ||
Centra Falls II, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 551 | $ 571 | |
Investments in unconsolidated real estate joint ventures, Percent | 7.14% | ||
BBX/Label Chapel Trail Development, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 4,885 | ||
Investments in unconsolidated real estate joint ventures, Percent | 46.75% | ||
Altis Promenade Capital, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated real estate joint ventures | $ 962 | ||
Investments in unconsolidated real estate joint ventures, Percent | 5.00% |
Investments In Unconsolidated87
Investments In Unconsolidated Real Estate Joint Ventures (Condensed Statements Of Financial Condition For Equity Method Joint Ventures) (Details) - Hialeah Communities, LLC [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Cash | $ 1,750 | $ 2,719 |
Real estate inventory | 221 | 28,246 |
Properties and equipment | 439 | |
Other assets | 137 | 1,387 |
Total assets | 2,108 | 32,791 |
Notes payable | 161 | 16,278 |
Other liabilities | 1,347 | 8,628 |
Total liabilities | 1,508 | 24,906 |
Total equity | 600 | 7,885 |
Total liabilities and equity | $ 2,108 | $ 32,791 |
Investments In Unconsolidated88
Investments In Unconsolidated Real Estate Joint Ventures (Condensed Statements Of Operations For Equity Method Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in net earning (losses) of unconsolidated real estate joint ventures | $ 4,863 | $ 2,451 | $ 3,455 | $ 3,714 | $ 7,837 | $ 4,480 | $ 1,655 | $ (342) | $ 14,483 | $ 13,630 | $ (1,565) |
Hialeah Communities, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total revenues | 80,407 | 84,860 | 17 | ||||||||
Costs of sales | (51,072) | (62,315) | |||||||||
Other expenses | (5,134) | (4,562) | (1,340) | ||||||||
Net earnings (losses) | 24,201 | 17,983 | (1,323) | ||||||||
Equity in net earning (losses) of unconsolidated real estate joint ventures | $ 12,067 | $ 9,547 | $ (747) |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 15,800 | $ 12,400 | $ 11,400 |
Asset impairments, net | 7,431 | $ 4,656 | $ 287 |
Utah [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Asset impairments, net | $ 700 |
Property And Equipment (Compone
Property And Equipment (Components Of Property And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | $ 176,813 | $ 151,532 |
Accumulated Depreciation | (63,955) | (55,534) |
Properties and equipment - net | 112,858 | 95,998 |
Land, Buildings And Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | 67,538 | 73,883 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | 32,419 | 11,912 |
Office Equipment, Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | 76,186 | 65,284 |
Transportation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment - gross | $ 670 | $ 453 |
Goodwill And Intangible Asset91
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 09, 2018 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||||
Goodwill, impairment loss | $ 2,413 | $ 870 | |||
Amortization expense of intangible assets included in selling general and administrative expenses | 900 | ||||
Intangible asset impairment | 1,900 | 1,500 | $ 0 | ||
Estimated future minimum rental payments | 159,330 | ||||
Goodwill | 39,482 | $ 6,731 | $ 7,601 | $ 7,377 | |
BBX Sweet Holdings [Member] | |||||
Goodwill [Line Items] | |||||
Estimated future minimum rental payments | 1,100 | ||||
Net book value of operations under evaluation | $ 9,300 | ||||
Maximum [Member] | |||||
Goodwill [Line Items] | |||||
Computing discounted cash flows, in years | 9 years | ||||
Minimum [Member] | |||||
Goodwill [Line Items] | |||||
Computing discounted cash flows, in years | 5 years | ||||
Trademarks [Member] | |||||
Goodwill [Line Items] | |||||
Intangible assets useful life, in years | 20 years | ||||
Customer Relationships [Member] | |||||
Goodwill [Line Items] | |||||
Intangible assets useful life, in years | 12 years | ||||
Lease Premium [Member] | Maximum [Member] | |||||
Goodwill [Line Items] | |||||
Intangible assets useful life, in years | 7 years | ||||
Lease Premium [Member] | Minimum [Member] | |||||
Goodwill [Line Items] | |||||
Intangible assets useful life, in years | 5 years | ||||
Subsequent Event [Member] | BBX Sweet Holdings [Member] | Utah [Member] | |||||
Goodwill [Line Items] | |||||
Estimated future minimum rental payments | $ 2,500 |
Goodwill And Intangible Asset92
Goodwill And Intangible Assets (Schedule Of Changes In Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill And Intangible Assets [Abstract] | |||
Balance, beginning of period | $ 6,731 | $ 7,601 | $ 7,377 |
Acquisitions | 35,164 | 224 | |
Impairment losses | (2,413) | (870) | |
Balance, end of period | $ 39,482 | $ 6,731 | $ 7,601 |
Goodwill And Intangible Asset93
Goodwill And Intangible Assets (Goodwill And Major Classes Of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets gross | $ 73,564 | $ 71,325 |
Accumulated amortization | (3,115) | (2,870) |
Total intangible assets | 70,449 | 68,455 |
Management Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived, intangible assets | 61,293 | 61,293 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, intangible assets | 8,471 | 5,215 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, intangible assets | 70 | 1,620 |
Lease Premium [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, intangible assets | 2,313 | 2,411 |
Area Development Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, intangible assets | 640 | 660 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived, intangible assets | $ 777 | $ 126 |
Goodwill And Intangible Asset94
Goodwill And Intangible Assets (Estimated Aggregate Amortization Expense Of Intangible Assets) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Goodwill And Intangible Assets [Abstract] | |
2,018 | $ 838 |
2,019 | 789 |
2,020 | 782 |
2,021 | 768 |
2,022 | $ 740 |
Debt (Notes Payable And Other B
Debt (Notes Payable And Other Borrowings, Narrative) (Details) | Mar. 06, 2018USD ($) | Oct. 01, 2016USD ($) | Oct. 01, 2015USD ($) | Aug. 07, 2015USD ($) | Jun. 25, 2015 | Jul. 31, 2017USD ($)item | Oct. 31, 2014USD ($) | Aug. 31, 2014 | Dec. 31, 2017USD ($) | Oct. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Nov. 30, 2014USD ($) | Mar. 31, 2013USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||
Notes payable and other borrowings | $ 144,114,000 | $ 133,790,000 | |||||||||||||
Other Assets | 102,370,000 | 104,812,000 | |||||||||||||
Inventory, Real Estate | 281,291,000 | 238,534,000 | |||||||||||||
Discount amount | 40,443,000 | ||||||||||||||
NBA Line Of Credit [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 20,000,000 | ||||||||||||||
NBA Line Of Credit [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Effective rate | 4.75% | ||||||||||||||
NBA Line Of Credit [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 3.25% | ||||||||||||||
Community Development District Obligations [Member] | Senior Lien [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Inventory, Real Estate | $ 26,800,000 | ||||||||||||||
TD Bank Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes payable and other borrowings | $ 1,700,000 | ||||||||||||||
Debt face amount | $ 1,600,000 | ||||||||||||||
Additional amount permitted from loan | $ 100,000 | ||||||||||||||
Number of tranches | item | 3 | ||||||||||||||
TD Bank Term Loan [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 4.35% | ||||||||||||||
TD Bank Term Loan [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 3.85% | ||||||||||||||
TD Bank Term Loan [Member] | Prime Rate [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 1.00% | ||||||||||||||
TD Bank Term Loan [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 2.75% | ||||||||||||||
TD Bank Line Of Credit [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Current borrowing capacity | $ 16,300,000 | ||||||||||||||
Line of credit, outstanding | $ 11,300,000 | ||||||||||||||
Debt instrument term (in years) | 1 year | ||||||||||||||
TD Bank Line Of Credit [Member] | Prime Rate [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 1.00% | ||||||||||||||
TD Bank Line Of Credit [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 2.75% | ||||||||||||||
Iberiabank And City National Bank Of Florida [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Renewal term | 12 months | ||||||||||||||
Iberiabank And City National Bank Of Florida [Member] | Subsequent Event [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 50,000,000 | ||||||||||||||
Iberiabank And City National Bank Of Florida [Member] | Minimum [Member] | Subsequent Event [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Collateral Amount | $ 100,000,000 | ||||||||||||||
Iberiabank And City National Bank Of Florida [Member] | Prime Rate [Member] | Maximum [Member] | Subsequent Event [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 2.25% | ||||||||||||||
Iberiabank And City National Bank Of Florida [Member] | Prime Rate [Member] | Minimum [Member] | Subsequent Event [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 1.50% | ||||||||||||||
Iberiabank And City National Bank Of Florida [Member] | LIBOR [Member] | Maximum [Member] | Subsequent Event [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 3.75% | ||||||||||||||
Iberiabank And City National Bank Of Florida [Member] | LIBOR [Member] | Minimum [Member] | Subsequent Event [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 3.00% | ||||||||||||||
Other Notes Payable [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes payable and other borrowings | $ 43,920,000 | 35,408,000 | |||||||||||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes payable and other borrowings | 21,435,000 | 21,435,000 | |||||||||||||
Other Assets | $ 9,500,000 | $ 20,700,000 | |||||||||||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 6.00% | 6.00% | |||||||||||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 4.50% | 4.50% | |||||||||||||
Other Notes Payable [Member] | Seller Note [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes payable and other borrowings | $ 7,500,000 | $ 1,471,000 | $ 3,417,000 | ||||||||||||
Periodic payment, principal | $ 2,000,000 | $ 2,000,000 | $ 1,500,000 | ||||||||||||
Interest rate | 5.00% | 5.00% | 5.00% | ||||||||||||
Discount amount | $ 300,000 | ||||||||||||||
Other Notes Payable [Member] | Iberia Line Of Credit [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes payable and other borrowings | $ 3,820,000 | ||||||||||||||
Interest rate | 4.12% | 3.37% | |||||||||||||
Other Notes Payable [Member] | Other Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes payable and other borrowings | $ 1,544,000 | $ 1,579,000 | |||||||||||||
Interest rate | [1] | 5.25% | |||||||||||||
Other Notes Payable [Member] | Unsecured Note [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes payable and other borrowings | $ 3,400,000 | ||||||||||||||
Debt face amount | $ 3,400,000 | ||||||||||||||
Interest rate | 6.00% | 6.00% | |||||||||||||
Equity Method Investment, Ownership Percentage | 46.75% | ||||||||||||||
Maturity Date | Oct. 12, 2022 | ||||||||||||||
Other Notes Payable [Member] | TD Bank Term Loan And Line Of Credit [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes payable and other borrowings | $ 12,890,000 | ||||||||||||||
Interest rate | 4.02% | ||||||||||||||
Bluegreen [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes payable and other borrowings | $ 100,194,000 | $ 98,382,000 | |||||||||||||
Bluegreen [Member] | 2013 Notes Payable [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes payable and other borrowings | $ 46,500,000 | $ 52,500,000 | |||||||||||||
Debt face amount | $ 75,000,000 | ||||||||||||||
Interest rate | 5.50% | 5.50% | 8.05% | ||||||||||||
Bluegreen [Member] | Pacific Western Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 5.25% | ||||||||||||||
Notes payable and other borrowings | $ 2,715,000 | $ 1,727,000 | |||||||||||||
Interest rate | 6.72% | 6.02% | |||||||||||||
Bluegreen [Member] | Fifth Third Bank Note [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 3.00% | ||||||||||||||
Notes payable and other borrowings | $ 4,080,000 | $ 4,326,000 | |||||||||||||
Interest rate | 4.36% | 3.62% | |||||||||||||
Bluegreen [Member] | NBA Line Of Credit [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes payable and other borrowings | $ 5,089,000 | $ 2,006,000 | |||||||||||||
Interest rate | 4.75% | 5.00% | |||||||||||||
Bluegreen [Member] | Fifth Third Credit Facility [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 100,000,000 | $ 25,000,000 | |||||||||||||
Notes payable and other borrowings | 43,800,000 | ||||||||||||||
Bluegreen [Member] | Fifth Third Syndicated LOC [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | 75,000,000 | ||||||||||||||
Notes payable and other borrowings | $ 20,000,000 | $ 15,000,000 | |||||||||||||
Interest rate | 4.27% | 3.46% | |||||||||||||
Bluegreen [Member] | Fifth Third Syndicated LOC [Member] | LIBOR [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 3.75% | ||||||||||||||
Bluegreen [Member] | Fifth Third Syndicated LOC [Member] | LIBOR [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 2.75% | ||||||||||||||
Bluegreen [Member] | Fifth Third Syndicated Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 25,000,000 | ||||||||||||||
Notes payable and other borrowings | $ 23,750,000 | $ 25,000,000 | |||||||||||||
Interest rate | 4.32% | 3.46% | |||||||||||||
BBX Sweet Holdings [Member] | Iberia Line Of Credit [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Current borrowing capacity | $ 5,000,000 | ||||||||||||||
BBX Sweet Holdings [Member] | Other Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes payable and other borrowings | $ 1,500,000 | $ 1,600,000 | |||||||||||||
Debt Instrument, Collateral Amount | $ 2,000,000 | ||||||||||||||
BBX Sweet Holdings [Member] | Other Notes Payable [Member] | Iberia Line Of Credit [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 5,000,000 | ||||||||||||||
Renewal term | 12 months | ||||||||||||||
BBX Sweet Holdings [Member] | Other Notes Payable [Member] | Iberia Line Of Credit [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on rate | 2.75% | ||||||||||||||
[1] | The collateral is a blanket lien on the respective company's assets. |
Debt (Receivable-Backed Notes P
Debt (Receivable-Backed Notes Payable, Narrative) (Details) $ in Thousands | Oct. 19, 2017 | Oct. 18, 2017 | Jun. 06, 2017USD ($) | Mar. 17, 2016USD ($)item | Jun. 25, 2015 | Apr. 30, 2017USD ($) | Apr. 30, 2016USD ($) | Dec. 31, 2015 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Nov. 30, 2015USD ($) | Jun. 30, 2015 |
Debt Instrument [Line Items] | ||||||||||||
Receivable-backed notes payable - recourse | $ 84,697 | $ 87,631 | ||||||||||
Receivable backed notes payable - non-recourse | 336,421 | 327,358 | ||||||||||
Debt issuance cost | 10,000 | |||||||||||
Long-term Debt, Gross | 751,089 | |||||||||||
Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt issuance cost | 1,940 | 2,177 | ||||||||||
Liberty Bank Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable-backed notes payable - recourse | 24,990 | $ 32,674 | ||||||||||
Repayments of Debt | $ 26,800 | |||||||||||
Interest rate | 5.00% | 4.25% | ||||||||||
Liberty Bank Facility [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Debt | $ 24,200 | |||||||||||
Receivable backed debt | $ 50,000 | |||||||||||
Future advance rate percent | 0.50% | |||||||||||
Liberty Bank Facility [Member] | Minimum [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 4.00% | |||||||||||
NBA Receivables Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Increase of borrowing capacity | $ 20,000 | |||||||||||
Current borrowing capacity | 50,000 | |||||||||||
Maximum borrowing capacity | $ 70,000 | |||||||||||
Gross advance rate | 85.00% | |||||||||||
Receivable-backed notes payable - recourse | $ 44,414 | $ 34,164 | ||||||||||
Basis spread on rate | 2.75% | |||||||||||
Interest rate | 4.10% | |||||||||||
NBA Receivables Facility [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 4.00% | |||||||||||
NBA Receivables Facility [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Effective yield rate | 3.50% | |||||||||||
Interest rate | 4.10% | 3.50% | ||||||||||
Pacific Western Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable-backed notes payable - recourse | $ 15,293 | $ 20,793 | ||||||||||
Interest rate | 6.00% | 5.14% | ||||||||||
Pacific Western Facility [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 40,000 | |||||||||||
Possible additional debt extension period | 12 months | |||||||||||
Pacific Western Facility [Member] | LIBOR [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on rate | 4.00% | 3.50% | 4.50% | |||||||||
Pacific Western Facility, Eligible A Receivables [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Gross advance rate | 85.00% | |||||||||||
Pacific Western Facility, Eligible B Receivables [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Gross advance rate | 53.00% | |||||||||||
KeyBank/DZ Purchase Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable backed notes payable - non-recourse | $ 16,144 | $ 31,417 | ||||||||||
Repayments of Debt | $ 32,300 | |||||||||||
Interest rate | 4.31% | 3.67% | ||||||||||
KeyBank/DZ Purchase Facility [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 80,000 | |||||||||||
Gross advance rate | 80.00% | |||||||||||
Outstanding balance which excess cash flow will be recieved until met | $ 0 | |||||||||||
Basis spread on rate | 2.75% | |||||||||||
KeyBank/DZ Purchase Facility [Member] | Expiration Of Revolving Advance Period [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on rate | 4.75% | |||||||||||
Quorum Purchase Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable backed notes payable - non-recourse | $ 16,771 | $ 23,981 | ||||||||||
Quorum Purchase Facility [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 50,000 | |||||||||||
Gross advance rate | 85.00% | |||||||||||
Loan purchase fee, percent | 0.50% | |||||||||||
Quorum Purchase Facility [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 6.90% | 6.90% | ||||||||||
Quorum Purchase Facility [Member] | Maximum [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Effective yield rate | 6.90% | |||||||||||
Quorum Purchase Facility [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 4.75% | 4.75% | ||||||||||
Quorum Purchase Facility [Member] | Minimum [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Effective yield rate | 4.75% | |||||||||||
2010 Term Securitization [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable backed notes payable - non-recourse | $ 13,163 | |||||||||||
Interest rate | 5.54% | |||||||||||
2016 Term Securitization [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable backed notes payable - non-recourse | $ 83,142 | $ 107,533 | ||||||||||
Interest rate | 3.35% | 3.35% | ||||||||||
2016 Term Securitization [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Gross advance rate | 90.00% | |||||||||||
Repayments of Debt | $ 6,100 | |||||||||||
Receivable backed debt | $ 130,500 | |||||||||||
Number of tranches | item | 2 | |||||||||||
Weighted-average interest rate | 3.35% | |||||||||||
Timeshare receivables sold | $ 145,000 | |||||||||||
Proceeds from Issuance of Debt | 36,000 | |||||||||||
Class A 2016 Term Securitization [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable backed debt | $ 95,700 | |||||||||||
Effective yield rate | 3.17% | |||||||||||
Class B 2016 Term Securitization [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable backed debt | $ 34,800 | |||||||||||
Effective yield rate | 3.86% | |||||||||||
BB&T/DZ Purchase Facility [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Debt | 49,000 | |||||||||||
BXG Receivables Note Trust 2007A [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Debt | 11,300 | |||||||||||
2017 Term Securitization [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable backed notes payable - non-recourse | $ 107,624 | |||||||||||
Interest rate | 3.12% | |||||||||||
2017 Term Securitization [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Gross advance rate | 88.00% | |||||||||||
Repayments of Debt | $ 120,200 | |||||||||||
Interest rate | 3.12% | |||||||||||
BXG Receivables Note Trust 2017 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Timeshare receivables sold | $ 136,500 | |||||||||||
BXG Receivables Note Trust 2017 [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Gain (loss) recognized on sale of timeshare | $ 0 | |||||||||||
BXG Receivables Note Trust 2010-A [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Debt | $ 10,000 | |||||||||||
Other Non-Recourse Receivable-Backed Notes Payable [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Debt | 62,000 | $ 82,600 | ||||||||||
Debt issuance cost | 300 | $ 500 | ||||||||||
NBA Line Of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 20,000 | |||||||||||
NBA Line Of Credit [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 4.75% | 5.00% | ||||||||||
NBA Line Of Credit [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Effective yield rate | 4.75% | |||||||||||
NBA Line Of Credit [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on rate | 3.25% | |||||||||||
Other Notes Payable [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt issuance cost | $ 640 | $ 715 | ||||||||||
Qualified Timeshare Loans [Member] | Liberty Bank Facility [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Future advance rate percent | 85.00% | |||||||||||
Non-Conforming Qualified Timeshare Loans [Member] | Liberty Bank Facility [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Future advance rate percent | 60.00% | |||||||||||
Tranche 1 [Member] | 2017 Term Securitization [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable backed notes payable - non-recourse | $ 88,800 | |||||||||||
Effective yield rate | 2.95% | |||||||||||
Tranche 2 [Member] | 2017 Term Securitization [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable backed notes payable - non-recourse | $ 31,400 | |||||||||||
Effective yield rate | 3.59% | |||||||||||
Sold At Closing [Member] | 2016 Term Securitization [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Timeshare receivables sold | $ 122,300 | |||||||||||
Sold At Closing [Member] | BXG Receivables Note Trust 2017 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Timeshare receivables sold | 117,000 | |||||||||||
Subsequently Sold [Member] | 2016 Term Securitization [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Timeshare receivables sold | 22,700 | |||||||||||
Subsequently Sold [Member] | BXG Receivables Note Trust 2017 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Timeshare receivables sold | $ 19,600 |
Debt (Junior Subordinated Deben
Debt (Junior Subordinated Debentures Outstanding, Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Feb. 28, 2017 | Jan. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Debt Instrument [Line Items] | ||||||||
Gain on extinguishment of debt | $ 6,929 | |||||||
Junior subordinated debentures | 135,414 | [1] | $ 152,367 | [1] | $ 150,485 | |||
Unamortized debt issuance costs | 10,000 | |||||||
Purchase of trust preferred securities | 11,438 | |||||||
Woodbridge [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Purchased amount of Junior subordinated debentures | $ 7,700 | |||||||
Gain on extinguishment of debt | $ 6,900 | |||||||
Junior subordinated debentures | [1] | 66,302 | 85,052 | |||||
Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Junior subordinated debentures | [1] | 70,384 | 69,044 | |||||
Unamortized debt issuance costs | 1,940 | 2,177 | ||||||
Availability of line of credits/credit facilities | 219,600 | |||||||
Levitt Capital Trust II [Member] | Woodbridge [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Purchased amount of Junior subordinated debentures | 11,100 | |||||||
Payment amount of purchased of Junior subordinated debentures | 6,700 | |||||||
Junior subordinated debentures | [1] | 19,878 | 30,928 | |||||
Levitt Capital Trust III [Member] | Woodbridge [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Payment amount of purchased of Junior subordinated debentures | $ 4,700 | |||||||
Junior subordinated debentures | [1] | $ 7,764 | $ 15,464 | |||||
[1] | Amounts as of December 31, 2017 and 2016 include purchase accounting adjustments which reduced the carrying value by $40.4 million and $41.8 million, respectively. |
Debt (Contractual Minimum Princ
Debt (Contractual Minimum Principle Payments Of Debt Outstanding) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
2,017 | $ 36,796 | ||
2,018 | 27,521 | ||
2,019 | 35,172 | ||
2,020 | 67,432 | ||
2,021 | 32,358 | ||
Thereafter | 551,810 | ||
Contractual minimum principal payments of debt outstanding, Gross | 751,089 | ||
Unamortized debt issuance costs | (10,000) | ||
Discount | (40,443) | ||
Total Debt | 700,646 | ||
Junior Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Thereafter | 177,129 | ||
Contractual minimum principal payments of debt outstanding, Gross | 177,129 | ||
Unamortized debt issuance costs | [1] | (1,272) | $ (1,729) |
Discount | (40,443) | ||
Total Debt | 135,414 | ||
Notes Payable And Lines Of Credit [Member] | |||
Debt Instrument [Line Items] | |||
2,017 | 36,796 | ||
2,018 | 27,521 | ||
2,019 | 10,183 | ||
2,020 | 45,477 | ||
2,021 | 4,888 | ||
Thereafter | 21,829 | ||
Contractual minimum principal payments of debt outstanding, Gross | 146,694 | ||
Unamortized debt issuance costs | (2,580) | ||
Total Debt | 144,114 | ||
Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
2,019 | 24,989 | ||
2,020 | 21,955 | ||
2,021 | 11,326 | ||
Thereafter | 26,427 | ||
Contractual minimum principal payments of debt outstanding, Gross | 84,697 | ||
Total Debt | 84,697 | ||
Non-Recourse Receivable Backed Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
2,021 | 16,144 | ||
Thereafter | 326,425 | ||
Contractual minimum principal payments of debt outstanding, Gross | 342,569 | ||
Unamortized debt issuance costs | (6,148) | ||
Total Debt | $ 336,421 | ||
[1] | Amounts as of December 31, 2017 and 2016 include purchase accounting adjustments which reduced the carrying value by $40.4 million and $41.8 million, respectively. |
Debt (Notes Payable And Other99
Debt (Notes Payable And Other Borrowings) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Oct. 31, 2017 | Dec. 31, 2016 | Oct. 31, 2014 | Mar. 31, 2013 | |||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | $ 144,114 | $ 133,790 | ||||||
Unamortized debt issuance costs | (10,000) | |||||||
Other Notes Payable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | 43,920 | 35,408 | ||||||
Unamortized debt issuance costs | (640) | (715) | ||||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | 21,435 | 21,435 | ||||||
Carrying Amount of Pledged Assets | 26,803 | 20,744 | ||||||
Other Notes Payable [Member] | TD Bank Term Loan And Line Of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | $ 12,890 | |||||||
Interest Rate | 4.02% | |||||||
Carrying Amount of Pledged Assets | [1] | |||||||
Other Notes Payable [Member] | Wells Fargo Capital Finance [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | $ 9,692 | |||||||
Interest Rate | [2] | |||||||
Carrying Amount of Pledged Assets | [1] | |||||||
Other Notes Payable [Member] | Seller Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | $ 1,471 | $ 3,417 | $ 7,500 | |||||
Interest Rate | 5.00% | 5.00% | 5.00% | |||||
Carrying Amount of Pledged Assets | [1] | |||||||
Other Notes Payable [Member] | Iberia Line Of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | $ 3,820 | |||||||
Interest Rate | 4.12% | 3.37% | ||||||
Carrying Amount of Pledged Assets | [1] | |||||||
Other Notes Payable [Member] | Unsecured Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | $ 3,400 | |||||||
Interest Rate | 6.00% | 6.00% | ||||||
Other Notes Payable [Member] | Other Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | $ 1,544 | 1,579 | ||||||
Interest Rate | [1] | 5.25% | ||||||
Carrying Amount of Pledged Assets | $ 1,993 | 2,044 | ||||||
Bluegreen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | 100,194 | 98,382 | ||||||
Unamortized debt issuance costs | (1,940) | (2,177) | ||||||
Carrying Amount of Pledged Assets | 162,240 | 136,156 | ||||||
Bluegreen [Member] | 2013 Notes Payable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | $ 46,500 | $ 52,500 | ||||||
Interest Rate | 5.50% | 5.50% | 8.05% | |||||
Carrying Amount of Pledged Assets | $ 29,403 | $ 29,349 | ||||||
Bluegreen [Member] | Pacific Western Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | $ 2,715 | $ 1,727 | ||||||
Interest Rate | 6.72% | 6.02% | ||||||
Carrying Amount of Pledged Assets | $ 9,884 | $ 8,963 | ||||||
Bluegreen [Member] | Fifth Third Bank Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | $ 4,080 | $ 4,326 | ||||||
Interest Rate | 4.36% | 3.62% | ||||||
Carrying Amount of Pledged Assets | $ 8,071 | $ 9,157 | ||||||
Bluegreen [Member] | NBA Line Of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | $ 5,089 | $ 2,006 | ||||||
Interest Rate | 4.75% | 5.00% | ||||||
Carrying Amount of Pledged Assets | $ 15,260 | $ 8,230 | ||||||
Bluegreen [Member] | Fifth Third Syndicated LOC [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | $ 20,000 | $ 15,000 | ||||||
Interest Rate | 4.27% | 3.46% | ||||||
Carrying Amount of Pledged Assets | $ 75,662 | $ 60,343 | ||||||
Bluegreen [Member] | Fifth Third Syndicated Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes And Loans Payable | $ 23,750 | $ 25,000 | ||||||
Interest Rate | 4.32% | 3.46% | ||||||
Carrying Amount of Pledged Assets | $ 23,960 | $ 20,114 | ||||||
Minimum [Member] | Other Notes Payable [Member] | Community Development District Obligations [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 4.50% | 4.50% | ||||||
Minimum [Member] | Other Notes Payable [Member] | Wells Fargo Capital Finance [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 0.50% | 0.50% | ||||||
Maximum [Member] | Other Notes Payable [Member] | Community Development District Obligations [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 6.00% | 6.00% | ||||||
Maximum [Member] | Other Notes Payable [Member] | Wells Fargo Capital Finance [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 3.25% | |||||||
[1] | The collateral is a blanket lien on the respective company's assets. | |||||||
[2] | 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 Note100
Debt (Receivable-Backed Notes Payable) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Discount | $ (40,443) | |
Receivable-backed notes payable - recourse | 84,697 | $ 87,631 |
Unamortized debt issuance costs | (10,000) | |
Receivable backed notes payable - non-recourse | 336,421 | 327,358 |
Total receivable-backed debt | 421,118 | 414,989 |
Principal Balance of Pledged/Secured Receivables | 480,374 | 477,826 |
Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | 103,718 | 109,832 |
Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | (6,148) | (5,190) |
Principal Balance of Pledged/Secured Receivables | 376,656 | 367,994 |
Liberty Bank Facility [Member] | ||
Debt Instrument [Line Items] | ||
Receivable-backed notes payable - recourse | $ 24,990 | $ 32,674 |
Interest Rate | 5.00% | 4.25% |
Liberty Bank Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | $ 30,472 | $ 41,357 |
NBA Receivables Facility [Member] | ||
Debt Instrument [Line Items] | ||
Receivable-backed notes payable - recourse | $ 44,414 | 34,164 |
Interest Rate | 4.10% | |
NBA Receivables Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | $ 53,730 | 40,763 |
Pacific Western Facility [Member] | ||
Debt Instrument [Line Items] | ||
Receivable-backed notes payable - recourse | $ 15,293 | $ 20,793 |
Interest Rate | 6.00% | 5.14% |
Pacific Western Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | $ 19,516 | $ 27,712 |
KeyBank/DZ Purchase Facility [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 16,144 | $ 31,417 |
Interest Rate | 4.31% | 3.67% |
KeyBank/DZ Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | $ 19,866 | $ 41,388 |
Quorum Purchase Facility [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | 16,771 | 23,981 |
Quorum Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | 18,659 | 26,855 |
2010 Term Securitization [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 13,163 | |
Interest Rate | 5.54% | |
2010 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | $ 16,191 | |
2012 Term Securitization [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 23,227 | $ 32,929 |
Interest Rate | 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 | $ 25,986 | $ 36,174 |
2013 Term Securitization [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 37,163 | $ 48,514 |
Interest Rate | 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 | $ 39,510 | $ 51,157 |
2015 Term Securitization [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 58,498 | $ 75,011 |
Interest Rate | 3.02% | 3.02% |
2015 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | $ 61,705 | $ 78,980 |
2016 Term Securitization [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 83,142 | $ 107,533 |
Interest Rate | 3.35% | 3.35% |
2016 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | $ 91,348 | $ 117,249 |
2017 Term Securitization [Member] | ||
Debt Instrument [Line Items] | ||
Receivable backed notes payable - non-recourse | $ 107,624 | |
Interest Rate | 3.12% | |
2017 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance of Pledged/Secured Receivables | $ 119,582 | |
Minimum [Member] | NBA Receivables Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.10% | 3.50% |
Effective yield rate | 3.50% | |
Minimum [Member] | Quorum Purchase Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.75% | 4.75% |
Maximum [Member] | NBA Receivables Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.00% | |
Maximum [Member] | Quorum Purchase Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 6.90% | 6.90% |
Debt (Junior Subordinated De101
Debt (Junior Subordinated Debentures Outstanding) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Debt Instrument [Line Items] | ||||||
Carrying Amount | $ 135,414 | [1] | $ 152,367 | [1] | $ 150,485 | |
Unamortized debt issuance costs | (10,000) | |||||
Junior subordinated debenture, purchase accounting adjustment | 40,400 | 41,800 | ||||
Junior Subordinated Debentures [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized debt issuance costs | [1] | $ (1,272) | (1,729) | |||
Levitt Capital Trust III [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on rate | 3.80% | |||||
Woodbridge [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Carrying Amount | [1] | $ 66,302 | 85,052 | |||
Inital Equity in Trust | [2] | 2,552 | ||||
Woodbridge [Member] | Levitt Capital Trust I [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Carrying Amount | [1] | $ 23,196 | $ 23,196 | |||
Effective rate | 5.19% | 4.85% | ||||
Interest Rate | [3] | LIBOR + 3.85% | ||||
Inital Equity in Trust | [2] | $ 696 | ||||
Issue Date | Mar. 15, 2005 | |||||
Maturity Date | [4] | Mar. 1, 2035 | ||||
Woodbridge [Member] | Levitt Capital Trust I [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on rate | 3.85% | |||||
Woodbridge [Member] | Levitt Capital Trust II [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Carrying Amount | [1] | $ 19,878 | $ 30,928 | |||
Effective rate | 5.18% | 4.69% | ||||
Interest Rate | [3] | LIBOR + 3.80% | ||||
Inital Equity in Trust | [2] | $ 928 | ||||
Issue Date | May 4, 2005 | |||||
Maturity Date | [4] | Jun. 30, 2035 | ||||
Woodbridge [Member] | Levitt Capital Trust II [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on rate | 3.80% | |||||
Woodbridge [Member] | Levitt Capital Trust III [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Carrying Amount | [1] | $ 7,764 | $ 15,464 | |||
Effective rate | 5.14% | 4.80% | ||||
Interest Rate | [3] | LIBOR + 3.80% | ||||
Inital Equity in Trust | [2] | $ 464 | ||||
Issue Date | Jun. 1, 2006 | |||||
Maturity Date | [4] | Jun. 30, 2036 | ||||
Woodbridge [Member] | Levitt Capital Trust IV [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Carrying Amount | [1] | $ 15,464 | $ 15,464 | |||
Effective rate | 5.14% | 4.80% | ||||
Interest Rate | [3] | LIBOR + 3.80% | ||||
Inital Equity in Trust | [2] | $ 464 | ||||
Issue Date | Jul. 18, 2006 | |||||
Maturity Date | [4] | Sep. 30, 2036 | ||||
Woodbridge [Member] | Levitt Capital Trust IV [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on rate | 3.80% | |||||
Bluegreen [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Carrying Amount | [1] | $ 70,384 | $ 69,044 | |||
Unamortized debt issuance costs | (1,940) | (2,177) | ||||
Inital Equity in Trust | [2] | 3,327 | ||||
Bluegreen [Member] | Bluegreen Statutory Trust I [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Carrying Amount | [1] | $ 14,703 | $ 14,422 | |||
Effective rate | 6.59% | 5.90% | ||||
Interest Rate | [3] | LIBOR +4.90% | ||||
Inital Equity in Trust | [2] | $ 696 | ||||
Issue Date | Mar. 15, 2005 | |||||
Maturity Date | [4] | Mar. 30, 2035 | ||||
Bluegreen [Member] | Bluegreen Statutory Trust I [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on rate | 4.90% | |||||
Bluegreen [Member] | Bluegreen Statutory Trust II [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Carrying Amount | [1] | $ 16,472 | $ 16,164 | |||
Effective rate | 6.23% | 5.74% | ||||
Interest Rate | [3] | LIBOR +4.85% | ||||
Inital Equity in Trust | [2] | $ 774 | ||||
Issue Date | May 4, 2005 | |||||
Maturity Date | [4] | Jul. 30, 2035 | ||||
Bluegreen [Member] | Bluegreen Statutory Trust II [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on rate | 4.85% | |||||
Bluegreen [Member] | Bluegreen Statutory Trust III [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Carrying Amount | [1] | $ 6,670 | $ 6,550 | |||
Effective rate | 6.23% | 5.74% | ||||
Interest Rate | [3] | LIBOR +4.85% | ||||
Inital Equity in Trust | [2] | $ 310 | ||||
Issue Date | May 10, 2005 | |||||
Maturity Date | [4] | Jul. 30, 2035 | ||||
Bluegreen [Member] | Bluegreen Statutory Trust III [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on rate | 4.85% | |||||
Bluegreen [Member] | Bluegreen Statutory Trust IV [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Carrying Amount | [1] | $ 9,802 | $ 9,614 | |||
Effective rate | 6.54% | 5.85% | ||||
Interest Rate | [3] | LIBOR +4.85% | ||||
Inital Equity in Trust | [2] | $ 464 | ||||
Issue Date | Apr. 24, 2006 | |||||
Maturity Date | [4] | Jun. 30, 2036 | ||||
Bluegreen [Member] | Bluegreen Statutory Trust IV [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on rate | 4.85% | |||||
Bluegreen [Member] | Bluegreen Statutory Trust V [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Carrying Amount | [1] | $ 9,802 | $ 9,614 | |||
Effective rate | 6.54% | 5.85% | ||||
Interest Rate | [3] | LIBOR +4.85% | ||||
Inital Equity in Trust | [2] | $ 464 | ||||
Issue Date | Jul. 21, 2006 | |||||
Maturity Date | [4] | Sep. 30, 2036 | ||||
Bluegreen [Member] | Bluegreen Statutory Trust V [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on rate | 4.85% | |||||
Bluegreen [Member] | Bluegreen Statutory Trust VI [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Carrying Amount | [1] | $ 12,935 | $ 12,680 | |||
Effective rate | 6.18% | 5.69% | ||||
Interest Rate | [3] | LIBOR +4.80% | ||||
Inital Equity in Trust | [2] | $ 619 | ||||
Issue Date | Feb. 26, 2007 | |||||
Maturity Date | [4] | Apr. 30, 2037 | ||||
Bluegreen [Member] | Bluegreen Statutory Trust VI [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on rate | 4.80% | |||||
[1] | Amounts as of December 31, 2017 and 2016 include purchase accounting adjustments which reduced the carrying value by $40.4 million and $41.8 million, respectively. | |||||
[2] | Initial equity in the trust is recorded as part of other assets in the Consolidated Statements of Financial Condition. | |||||
[3] | LIBOR interest rates are indexed to three-month LIBOR and adjust quarterly. | |||||
[4] | All of the junior subordinated debentures are eligible for redemption as of December 31, 2017 and 2016. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | ||
Operating Loss Carryforwards [Line Items] | ||||||
Tax Cuts and Jobs Act of 2017, Provisoinal income tax benefit | $ 43,100 | |||||
Tax Cuts And Jobs Act Of 2017 Increase Decrease In Valuation Allowance | $ (34,200) | |||||
Corporate tax rate | [1] | 35.00% | 35.00% | 35.00% | ||
Change in valuation allowance | $ 25 | $ 3,800 | $ (127,800) | |||
Deferred tax assets, valuation allowance | 102,282 | 131,727 | 127,920 | $ 255,900 | ||
Deferred Tax Assets, Gross | 193,636 | 291,875 | 321,547 | |||
Deferred Tax Assets, Net of Valuation Allowance | $ 91,354 | 160,148 | 193,627 | |||
Refundable percentage of credits for years 2018 through 2020 | 50.00% | |||||
Refundable percentage of credits in 2021 | 100.00% | |||||
Federal operating loss utilized annual limit | $ 788 | |||||
State operating loss utilized annual limit | $ 513 | |||||
Number of canadian subsidiaries with capital loss carryforward that can only be used on capital gains | item | 1 | |||||
Canadian capital gain tax rate | 50.00% | |||||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 | |||
Scenario, Plan [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Corporate tax rate | 21.00% | |||||
Federal NOL [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Deferred Tax Assets, Gross | 3,879 | |||||
Deferred Tax Assets, Net of Valuation Allowance | 3,879 | |||||
Federal And State NOL And Credit Carryforward, Amount | 18,470 | |||||
Federal NOL-BBX [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Deferred Tax Assets, Gross | 3,194 | |||||
Deferred Tax Assets, Net of Valuation Allowance | 3,194 | |||||
Federal And State NOL And Credit Carryforward, Amount | 73,504 | |||||
Non-Florida State NOLs-Bluegreen [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Deferred tax assets, valuation allowance | 2,442 | |||||
Deferred Tax Assets, Gross | 11,001 | |||||
Deferred Tax Assets, Net of Valuation Allowance | 8,559 | |||||
Federal And State NOL And Credit Carryforward, Amount | 240,000 | |||||
Alternative Minimum Tax Credit [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Deferred Tax Assets, Gross | 28,611 | |||||
Deferred Tax Assets, Net of Valuation Allowance | 28,611 | |||||
Federal And State NOL And Credit Carryforward, Amount | 28,611 | |||||
Federal And State NOL And Credit Carryforward [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Deferred tax assets, valuation allowance | 102,168 | |||||
Deferred Tax Assets, Gross | 148,665 | |||||
Deferred Tax Assets, Net of Valuation Allowance | $ 46,497 | |||||
[1] | Expected tax is computed based upon income before income taxes. |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
U.S. | $ 92,888 | $ 77,629 | $ 67,272 |
Foreign | 486 | 407 | (2,589) |
Total | $ 93,374 | $ 78,036 | $ 64,683 |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Income Taxes [Abstract] | ||||||||||||||
Current: Federal | $ 1,211 | $ (339) | $ 5,288 | |||||||||||
Current: State | 1,767 | 1,014 | 2,445 | |||||||||||
Current provision (benefit), Total | 2,978 | 675 | 7,733 | |||||||||||
Deferred: Federal | (12,072) | 36,393 | (74,189) | |||||||||||
Deferred: State | 1,871 | (689) | (10,140) | |||||||||||
Deferred income taxes, Total | (10,201) | 35,704 | (84,329) | |||||||||||
(Benefit) provision for income taxes | $ (37,251) | $ 8,195 | $ 8,779 | $ 13,054 | $ 12,522 | $ 19,118 | $ (368) | $ 5,107 | $ (7,223) | [1] | $ 36,379 | [1] | $ (76,596) | [1] |
[1] | Expected tax is computed based upon income before income taxes. |
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Income Taxes [Abstract] | |||||||||||||||
Income tax provision at expected federal income tax rate of 35% | [1] | $ 32,681 | $ 27,313 | $ 22,639 | |||||||||||
Income tax provision at expected federal income tax rate, rate | [1] | 35.00% | 35.00% | 35.00% | |||||||||||
Provision for state taxes, net of federal effect | [1] | $ 3,637 | $ 527 | $ 9,029 | |||||||||||
Provision for state taxes, net of federal effect, rate | [1] | 3.90% | 0.68% | 13.96% | |||||||||||
Effect of federal rate change-2017 tax reform | [1] | $ (43,089) | |||||||||||||
Effect of federal rate change-2017 tax reform, rate | [1] | (46.15%) | |||||||||||||
Taxes related to subsidiaries not consolidated for income tax purposes | [1] | $ (4,467) | $ (3,432) | $ (4,842) | |||||||||||
Taxes related to subsidiaries not consolidated for income tax purposes, rate | [1] | (4.78%) | (4.40%) | (7.49%) | |||||||||||
Nondeductible executive compensation | [1] | $ 4,309 | $ 7,301 | $ 5,636 | |||||||||||
Nondeductible executive compensation, rate | [1] | 4.61% | 7.47% | 8.54% | |||||||||||
Bluegreen settlement | [1] | $ 12,820 | |||||||||||||
Bluegreen settlement, rate | [1] | 19.82% | |||||||||||||
Bluegreen initial public offering | [1] | $ 1,467 | |||||||||||||
Bluegreen initial public offering, rate | [1] | 1.57% | |||||||||||||
SEC penalty | [1] | $ (1,593) | $ 1,243 | ||||||||||||
SEC penalty, rate | [1] | (1.71%) | 1.92% | ||||||||||||
Increase/(decrease) in valuation allowance | [1] | $ 25 | $ 3,807 | $ (127,947) | |||||||||||
Increase/(decrease) in valuation allowance, rate | [1] | 0.03% | 6.76% | (197.63%) | |||||||||||
Other – net | [1] | $ (193) | $ 863 | $ 4,826 | |||||||||||
Other – net, rate | [1] | (0.21%) | 1.11% | 7.46% | |||||||||||
(Benefit) provision for income taxes | $ (37,251) | $ 8,195 | $ 8,779 | $ 13,054 | $ 12,522 | $ 19,118 | $ (368) | $ 5,107 | $ (7,223) | [1] | $ 36,379 | [1] | $ (76,596) | [1] | |
(Benefit) provision for income taxes, rate | [1] | (7.74%) | 46.62% | (118.42%) | |||||||||||
[1] | Expected tax is computed based upon income before income taxes. |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | ||||
Allowance for loan losses, tax certificate losses and write downs for financial statement purposes | $ 26,825 | $ 42,008 | $ 41,832 | |
Federal and State NOL and tax credit carryforward | 148,665 | 218,609 | 237,820 | |
Real estate valuation | 9,117 | 16,828 | 33,505 | |
Share based compensation | 24 | 232 | 1,171 | |
Property and equipment | 1,642 | 3,015 | 588 | |
Other | 7,363 | 11,183 | 6,631 | |
Total gross deferred tax assets | 193,636 | 291,875 | 321,547 | |
Valuation allowance | (102,282) | (131,727) | (127,920) | $ (255,900) |
Total deferred tax assets | 91,354 | 160,148 | 193,627 | |
Installment sales treatment of notes | 100,717 | 152,074 | 150,237 | |
Intangible assets | 14,322 | 24,501 | 25,368 | |
Junior subordinate debentures | 9,144 | 16,349 | 17,205 | |
Deferral of VOI sales and costs under timeshare accounting | 7,535 | 8,718 | 9,222 | |
Other | 2,729 | 2,824 | 189 | |
Total gross deferred tax liabilities | 134,447 | 204,466 | 202,221 | |
Net deferred tax liability | (43,093) | (44,318) | (8,594) | $ (92,609) |
Net deferred tax liabilities from acquisitions | 329 | |||
Bluegreen initial public offering | 11,988 | |||
Cumulative effect for excess tax benefits recognized in accumulated earnings associated with share based compensation | (3,054) | |||
Less change in net deferred tax liability for amount included in other comprehensive income | 42 | 20 | (15) | |
(Provision) benefit for deferred income taxes | $ 10,201 | $ (35,704) | $ 84,329 |
Income Taxes (Summary Of NOL, C
Income Taxes (Summary Of NOL, Credit Carryforwards, Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Tax Credit Carryforward [Line Items] | ||||
Gross Deferred Tax Asset | $ 193,636 | $ 291,875 | $ 321,547 | |
Valuation allowance | 102,282 | 131,727 | 127,920 | $ 255,900 |
Total deferred tax assets | 91,354 | $ 160,148 | $ 193,627 | |
Federal NOL [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal and State NOL and Credit Carryforward | 18,470 | |||
Gross Deferred Tax Asset | 3,879 | |||
Total deferred tax assets | $ 3,879 | |||
Year Expires | 2032-2034 | |||
Federal NOL-BBX [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal and State NOL and Credit Carryforward | $ 73,504 | |||
Gross Deferred Tax Asset | 3,194 | |||
Total deferred tax assets | $ 3,194 | |||
Year Expires | 2030-2034 | |||
Non-Florida State NOLs-Bluegreen [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal and State NOL and Credit Carryforward | $ 240,000 | |||
Gross Deferred Tax Asset | 11,001 | |||
Valuation allowance | 2,442 | |||
Total deferred tax assets | $ 8,559 | |||
Year Expires | 2018-2037 | |||
Alternative Minimum Tax Credit [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal and State NOL and Credit Carryforward | $ 28,611 | |||
Gross Deferred Tax Asset | 28,611 | |||
Total deferred tax assets | $ 28,611 | |||
Year Expires | Refundable | |||
Federal NOL SRLY Limitation [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal and State NOL and Credit Carryforward | $ 227,595 | |||
Gross Deferred Tax Asset | 47,795 | |||
Valuation allowance | $ 47,795 | |||
Year Expires | 2026-2034 | |||
Florida NOL SRLY Limitation [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal and State NOL and Credit Carryforward | $ 749,212 | |||
Gross Deferred Tax Asset | 32,554 | |||
Valuation allowance | $ 32,554 | |||
Year Expires | 2026-2034 | |||
Other Federal Tax Credits-SRLY Limitation [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal and State NOL and Credit Carryforward | $ 2,372 | |||
Gross Deferred Tax Asset | 2,372 | |||
Valuation allowance | $ 2,372 | |||
Year Expires | 2025-2031 | |||
Federal NOL Section 382 Limitation [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal and State NOL and Credit Carryforward | $ 74,471 | |||
Gross Deferred Tax Asset | 15,473 | |||
Valuation allowance | 13,486 | |||
Total deferred tax assets | $ 1,987 | |||
Year Expires | 2023-2029 | |||
Florida NOL Section 382 Limitation [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal and State NOL and Credit Carryforward | $ 64,866 | |||
Gross Deferred Tax Asset | 2,796 | |||
Valuation allowance | 2,529 | |||
Total deferred tax assets | $ 267 | |||
Year Expires | 2024-2029 | |||
Canadian NOL [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal and State NOL and Credit Carryforward | $ 2,900 | |||
Gross Deferred Tax Asset | 713 | |||
Valuation allowance | $ 713 | |||
Year Expires | 2033-2037 | |||
Canadian Capital Losses [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal and State NOL and Credit Carryforward | $ 2,220 | |||
Gross Deferred Tax Asset | 277 | |||
Valuation allowance | $ 277 | |||
Year Expires | Do not expire | |||
Federal And State NOL And Credit Carryforward [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Gross Deferred Tax Asset | $ 148,665 | |||
Valuation allowance | 102,168 | |||
Total deferred tax assets | $ 46,497 |
Commitments And Contingencie108
Commitments And Contingencies (Narrative I) (Details) | Jan. 04, 2018USD ($) | Sep. 22, 2017USD ($) | Dec. 31, 2017USD ($)store | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments And Contingencies [Line Items] | |||||
Gain on judgment of court | $ 13,169,000 | ||||
Damages sought from lawsuit | $ 5,000,000 | ||||
Insurance [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Gain on judgment of court | 8,600,000 | ||||
Release Of Penalty [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Gain on judgment of court | $ 4,600,000 | ||||
Subsequent Event [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Lawsuit damages per violation | $ 5,000 | ||||
Bluegreen [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Average annual default rates | 8.50% | 6.90% | |||
Percent of total delinquencies subject to letters | 9.30% | ||||
Bass Pro [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Number of stores vacation packages are sold | store | 68 | ||||
Compensation paid under agreement on sales | $ 0 | ||||
Percent of volume sales from agreement | 15.00% | 16.00% | 20.00% | ||
Aggregate amount of purchaser default adjustments | $ 4,800,000 |
Commitments And Contingencie109
Commitments And Contingencies (Narrative II) (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Oct. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Aug. 07, 2015USD ($) | Dec. 31, 2014 | |
Commitments And Contingencies [Line Items] | |||||||
Notes And Loans Payable | $ 144,114 | $ 133,790 | |||||
Implemented Initiative Streamline Operations In Certain Areas Facilitate Future Growth [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Salary and benefit costs | 5,800 | ||||||
Bluegreen [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Payments to subsidies | 12,600 | 13,900 | $ 15,800 | ||||
Liabilities for unsold vacation ownership properties | $ 0 | $ 0 | |||||
Number of properties subsidized | item | 9 | 9 | |||||
Purchase agreement period | 5 years | ||||||
Total purchase commitment | $ 35,100 | ||||||
Purchase amount under purchase commitment | $ 8,900 | $ 5,400 | |||||
Purchase agreements, remaining amount | 4,600 | ||||||
Amount of future payment | $ 2,900 | ||||||
Notes And Loans Payable | 100,194 | 98,382 | |||||
Bluegreen [Member] | Implemented Initiative Streamline Operations In Certain Areas Facilitate Future Growth [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Amount of future payment | $ 1,900 | ||||||
Food for Thought Restaurant Group, LLC [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Number of lease agreements | item | 2 | ||||||
Amount on Guarantee obligation | $ 1,300 | ||||||
Executive [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Amount of future payment | $ 3,700 | ||||||
Period of future payments of former executive | 3 years | ||||||
Executive [Member] | Bluegreen [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Amount of future payment | $ 2,600 | ||||||
Executive And Former CEO [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Amount of future payment | $ 1,900 | ||||||
Sunrise and Bayview Partners, LLC [Member] | BCC [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 | ||||||
Sunrise and Bayview Partners, LLC [Member] | Procacci Bayview, LLC [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Percentage of ownership interest | 50.00% | ||||||
Chapel Trail Joint Venture [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Percentage of ownership interest | 46.75% | ||||||
Notes And Loans Payable | $ 3,400 | ||||||
Anastasia Note [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Amount on Guarantee obligation | 1,500 | ||||||
Centennial Bank - Hoffmans [Member] | BBX Sweet Holdings [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Amount on Guarantee obligation | 1,500 | ||||||
Note secured by property and equipment, amount | $ 2,000 | ||||||
Iberia Line Of Credit [Member] | BBX Sweet Holdings [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Current borrowing capacity | $ 5,000 |
Commitments And Contingencie110
Commitments And Contingencies (Approximate Minimum Future Rental Payments Under Leases) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments And Contingencies [Abstract] | |
2,018 | $ 26,736 |
2,019 | 23,992 |
2,020 | 22,096 |
2,021 | 21,122 |
2,022 | 18,207 |
Thereafter | 47,177 |
Total | $ 159,330 |
Commitments And Contingencie111
Commitments And Contingencies (Summary Of Incurred Rent Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments And Contingencies [Abstract] | |||
Rental expense for premises and equipment | $ 30,832 | $ 18,706 | $ 16,645 |
Stock Incentive Plans (Narrativ
Stock Incentive Plans (Narrative) (Details) $ in Thousands | Jan. 09, 2018shares | Sep. 30, 2017USD ($)shares | Dec. 15, 2016shares | Jan. 31, 2018USD ($)shares | Sep. 30, 2017shares | Dec. 31, 2017USD ($)ShareBasedCompensationPlanshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2014shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares remaining available for grant | 2,228,802 | ||||||||
Number of shares granted | 0 | ||||||||
Unearned compensation cost, unvested stock options | $ | $ 0 | ||||||||
Net proceeds upon the exercise of stock options | $ | 63 | $ 10 | $ 10 | ||||||
Intrinsic value of options exercised | $ | $ 881 | 143 | 85 | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 0 | ||||||||
Number of share-based compensation plans | ShareBasedCompensationPlan | 3 | ||||||||
Class A Common Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares issued as a result of acquisitions | 5,090,354 | ||||||||
Number of shares granted | 35,716 | ||||||||
Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Recognized tax benefit associated with the compensation expense | $ | $ 400 | 800 | 600 | ||||||
Unearned compensation cost, unvested stock options | $ | $ 14,800 | ||||||||
Compensation costs recognition period | 1 year 10 months 17 days | ||||||||
Vesting period (years) | 4 years | ||||||||
Restricted awards, vested fair value | $ | $ 45,200 | 10,300 | 10,700 | ||||||
Vesting of RSAs | 6,137,481 | 6,137,481 | |||||||
Compensation cost | $ | $ 12,300 | 6,400 | 5,600 | ||||||
Tax withholding for share-based compensation | $ | $ 19,000 | ||||||||
Restricted Stock [Member] | Class A Common Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares issued as a result of acquisitions | 5,090,354 | ||||||||
Shares withheld to meet minimum statutory tax withholding requirements | 2,394,492 | ||||||||
Restricted Stock [Member] | Class B Common Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period (years) | 4 years | ||||||||
Shares withheld to meet minimum statutory tax withholding requirements | 176,132 | ||||||||
2014 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Maximum term of options issued, in years | 10 years | ||||||||
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 | ||||||||
Shares remaining available for grant | 17,776 | ||||||||
2014 Plan [Member] | Class B Common Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares available for grant | 9,500,000 | ||||||||
Shares remaining available for grant | 2,211,026 | ||||||||
BCC Equity Compensation Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares remaining available for grant | 0 | ||||||||
BCC [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Recognized tax benefit associated with the compensation expense | $ | 700 | 400 | |||||||
Compensation cost | $ | 6,100 | 5,500 | |||||||
BCC [Member] | Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Restricted awards, vested fair value | $ | $ 10,000 | $ 6,000 | |||||||
Subsequent Event [Member] | Restricted Stock [Member] | Class B Common Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of restricted shares granted | 1,487,051 | ||||||||
Aggregate fair value on grant date | $ | $ 12,900 | ||||||||
Number shares per annual installments | 372,000 | ||||||||
Subsequent Event [Member] | 2014 Plan [Member] | Restricted Stock [Member] | Class B Common Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of restricted shares granted | 1,481,051 |
Stock Incentive Plans (Informat
Stock Incentive Plans (Information On Outstanding Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock Incentive Plans [Abstract] | |||
Outstanding Options, Beginning balance | 186,791 | ||
Outstanding Options, Exercised | (151,075) | ||
Outstanding Options, Forfeited | (8,370) | ||
Outstanding Options, Ending balance | 27,346 | 186,791 | |
Outstanding Options, Exercisable | 27,346 | ||
Outstanding Options, Available for grant | 2,228,802 | ||
Weighted Average Exercise Price, Beginning balance | $ 3.59 | ||
Weighted Average Exercise Price, Exercised | 0.41 | ||
Weighted Average Exercise Price, Forfeited | 43.43 | ||
Weighted Average Exercised Price, Expired | 0 | ||
Weighted Average Exercise Price, Ending balance | 8.98 | $ 3.59 | |
Weighted Average Exercise Price, Exercisable | $ 8.98 | ||
Outstanding, Weighted Average Remaining Contractual Term (In Years) | 5 months 5 days | 1 year 2 months 27 days | |
Exercisable, Weighted Average Remaining Contractual Term (In Years) | 5 months 5 days | ||
Aggregate Intrinsic Value, Outstanding | $ 675 | ||
Aggregate Intrinsic Value, Exercised | $ 881 | $ 143 | $ 85 |
Stock Incentive Plans (Summary
Stock Incentive Plans (Summary Of Non-Vested Restricted Stock And Restricted Stock Units) (Details) - Restricted Stock [Member] - $ / shares | 1 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested Restricted Stock, Beginning Balance | 11,131,996 | |
Non-vested Restricted Stock, Vested | (6,137,481) | (6,137,481) |
Non-vested Restricted Stock, Ending Balance | 4,994,515 | |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 2.74 | |
Weighted Average Grant Date Fair Value, Vested | 2.22 | |
Weighted Average Grant Date Fair Value, Ending Balance | $ 3.39 |
Stock Incentive Plans (Restrict
Stock Incentive Plans (Restricted Stock Awards, Grants in Period, Weighted Average Grant Date Fair Value) (Details) - $ / shares | Dec. 22, 2016 | Dec. 15, 2016 | Sep. 01, 2015 | Dec. 31, 2017 | |
12/15/2016 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted Stock, Assumed pursuant to the Merger Agreement | 5,100,000 | ||||
Restricted Stock [Member] | 9/1/2015 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of restricted shares granted | [1] | 2,372,592 | |||
Per Share Weighted Average Grant Date Fair Value | [1] | $ 3.16 | |||
Requisite Service Period | [1],[2] | 4 years | |||
Restricted Stock [Member] | 12/15/2016 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of restricted shares granted | [3] | 5,090,354 | |||
Per Share Weighted Average Grant Date Fair Value | [3] | $ 2.74 | |||
Requisite Service Period | [2],[3] | 1 year 7 months 17 days | |||
Restricted Stock [Member] | 12/22/2016 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of restricted shares granted | [1] | 1,823,565 | |||
Per Share Weighted Average Grant Date Fair Value | [1] | $ 4.3 | |||
Requisite Service Period | [1],[2] | 4 years | |||
BCC Equity Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | 12/15/2016 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted Stock, RSU exchanged | 942,657 | ||||
[1] | The awards are issuable in shares of Class B Common Stock. | ||||
[2] | The awards vest ratable in annual installments over the requisite service period | ||||
[3] | Pursuant to the Merger Agreement the Company assumed and adopted the BCC Equity Compensation Plans as of December 15, 2016 and 942,657 shares of BCC's restricted stock units were retired in exchange for restricted stock units with respect to approximately 5.1 million shares of the Company's Class A Common Stock with a weighted average requisite service period of 1.63 years. |
Employee Benefit Plans And I116
Employee Benefit Plans And Incentive Compensation Program (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Number of employee retirement plans sponsored | item | 3 | ||
Term of service to become eligible | 90 days | ||
Minimum age to participate in plan, in years | 21 years | ||
Employee salary contribution limit | $ 18 | ||
Employer contribution | 5,700 | $ 5,500 | $ 5,300 |
Employees Over 50 Years [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Employee salary contribution limit | $ 24 | ||
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% | ||
Next 2% Of Employee Contributions [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Percentage employer matches of the employee's percentage contribution matched | 50.00% | ||
Percent of employee contribution | 2.00% | ||
Maximum [Member] | Bluegreen [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 | 4.00% |
Redeemable 5% Cumulative Pre117
Redeemable 5% Cumulative Preferred Stock (Details) - USD ($) | Jun. 07, 2004 | Dec. 31, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 21, 2004 |
Class of Stock [Line Items] | ||||||
Cumulative Preferred Stock stated value | $ 0.01 | $ 0.01 | ||||
Redeemable Cumulative Preferred Stock, dividend rate | 5.00% | 5.00% | ||||
Annual payments required to redeem preferred shares | $ 5,000,000 | |||||
Number of preferred shares, loan secured by shares | 5,000 | |||||
Holders Of The 5% Cumulative Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Debt instrument term (in years) | 5 years | |||||
5% Cumulative Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
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 | 1,200,000 | $ 1,200,000 | $ 1,100,000 | |||
Dividends, Preferred Stock, Cash | $ 750,000 | $ 750,000 | $ 750,000 | |||
Loan issued to holders | $ 5,000,000 |
Common Stock (Details)
Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Apr. 30, 2017 | Apr. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 13, 2017 | Sep. 21, 2009 | |
Equity, Class of Treasury Stock [Line Items] | |||||||
Minimum acquired ownership interest needing board approval, percentage | 5.00% | ||||||
Authorized share repurchase program | 5,000,000 | 20,000,000 | |||||
Share repurchase program, value | $ 35,000 | ||||||
Number of shares repurchased | 1,000,000 | 1,000,000 | |||||
Shares repurchased, value | $ 6,200 | $ 3,000 | |||||
Purchase and retirement, value | $ 27,624 | $ 7,320 | $ 4,454 | ||||
June 2017 Share Repurchase Program [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Purchase and retirement, shares | 321,593 | ||||||
Purchase and retirement, value | $ 2,400 | ||||||
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 | 85,689,163 | 84,844,439 | |||||
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 | 13,963,200 | 13,184,789 | |||||
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 | $ 10,000 |
Noncontrolling Interests And119
Noncontrolling Interests And Redeemable Noncontrolling Interest (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 16, 2017 |
Noncontrolling Interest [Line Items] | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 2,765 | |
IT'SUGAR, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Percent of noncontrolling equity interest | 9.60% | |
Class B Preferred Units [Member] | ||
Noncontrolling Interest [Line Items] | ||
Preferred units contributed capital percent | 90.40% | |
Class B Preferred Units [Member] | IT'SUGAR, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Preferred units contributed capital percent | 90.40% |
Noncontrolling Interests And120
Noncontrolling Interests And Redeemable Noncontrolling Interest (Summary Of Noncontrolling Interests) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests | $ 80,271 | $ 40,850 | |
Bluegreen [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests | [1] | 38,223 | |
Bluegreen/Big Cedar Vacation [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests | [2] | 42,286 | 40,773 |
Joint Ventures And Other [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests | $ (238) | $ 77 | |
[1] | Subsequent to Bluegreen's IPO in November 2017, the Company owns 90% of Bluegreen. Bluegreen was a wholly-owned subsidiary of the Company prior to the Bluegreen IPO. | ||
[2] | Bluegreen Vacations has a joint venture arrangement pursuant to which, Bluegreen owns 51% of Bluegreen/Big Cedar Vacations. |
Noncontrolling Interests And121
Noncontrolling Interests And Redeemable Noncontrolling Interest (Summary Of Income (Loss) Attributable To Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 30, 2017 | ||
Noncontrolling Interest [Line Items] | |||||
Net income attributable to noncontrolling interests | $ 18,402 | $ 13,295 | $ 18,805 | ||
Bluegreen [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Consolidated method ownership percentage | 90.00% | 90.00% | |||
Bluegreen [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Net income attributable to noncontrolling interests | [1] | $ 5,639 | |||
Bluegreen [Member] | Bluegreen/Big Cedar Vacation [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Consolidated method ownership percentage | 51.00% | ||||
Bluegreen/Big Cedar Vacation [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Net income attributable to noncontrolling interests | [2] | $ 12,784 | 9,826 | 11,705 | |
BCC [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Net income attributable to noncontrolling interests | 3,489 | 4,964 | |||
Joint Ventures And Other [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Net income attributable to noncontrolling interests | $ (21) | $ (20) | $ 2,136 | ||
[1] | Subsequent to Bluegreen's IPO in November 2017, the Company owns 90% of Bluegreen. Bluegreen was a wholly-owned subsidiary of the Company prior to the Bluegreen IPO. | ||||
[2] | Bluegreen Vacations has a joint venture arrangement pursuant to which, Bluegreen owns 51% of Bluegreen/Big Cedar Vacations. |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Anti-dilutive shares | 0 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Anti-dilutive shares | 0 | 55,000 | |
Class A Common Stock [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Anti-dilutive shares | 27,346 | 35,716 |
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Common Share [Abstract] | |||||||||||
Net income | $ 52,939 | $ 11,491 | $ 15,496 | $ 20,671 | $ 8,256 | $ 23,377 | $ 2,671 | $ 7,353 | $ 100,597 | $ 41,657 | $ 141,279 |
Less: Net income attributable to noncontrolling interests | 8,935 | 3,256 | 3,415 | 2,796 | 3,395 | 5,602 | 2,427 | 1,871 | 18,402 | 13,295 | 18,805 |
Net income attributable to shareholders | $ 44,004 | $ 8,235 | $ 12,081 | $ 17,875 | $ 4,861 | $ 17,775 | $ 244 | $ 5,482 | $ 82,195 | $ 28,362 | $ 122,474 |
Basic weighted average number of common shares outstanding | 99,744 | 98,073 | 98,240 | 98,921 | 88,949 | 85,864 | 85,946 | 86,839 | 98,745 | 86,902 | 87,022 |
Basic earnings per common shares | $ 0.44 | $ 0.08 | $ 0.12 | $ 0.18 | $ 0.05 | $ 0.21 | $ 0 | $ 0.06 | $ 0.83 | $ 0.33 | $ 1.41 |
Effect of dilutive stock-based compensation | 5,171 | 590 | 186 | ||||||||
Diluted weighted average number of common shares outstanding | 102,440 | 106,021 | 106,173 | 105,866 | 89,961 | 86,573 | 86,145 | 87,013 | 103,916 | 87,492 | 87,208 |
Diluted earnings per common share | $ 0.43 | $ 0.08 | $ 0.11 | $ 0.17 | $ 0.05 | $ 0.21 | $ 0 | $ 0.06 | $ 0.79 | $ 0.32 | $ 1.40 |
Fair Value Measurement (Narrati
Fair Value Measurement (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Measurement [Abstract] | ||
Impaired homogenous loans delinquent period | 120 days | |
Cumulative preferred stock, percentage | 5.00% | 5.00% |
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 Measured At Fair Value On Non-Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets measured at fair value on non-recurring basis | $ 11,215 | |||||
Asset impairments, net | $ 7,431 | 4,656 | $ 287 | |||
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 | 5,759 | |||||
Impaired real estate 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 | 6,346 | 5,456 | ||||
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 | 11,215 | |||||
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 | 5,759 | |||||
Significant Unobservable Inputs (Level 3) [Member] | Impaired real estate 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 | 6,346 | 5,456 | ||||
Non-recurring basis [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Asset impairments, net | [1] | 3,372 | ||||
Non-recurring basis [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] | ||||||
Asset impairments, net | [1] | 101 | ||||
Non-recurring basis [Member] | Impaired real estate held-for-sale [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Asset impairments, net | $ 1,638 | [2] | $ 3,271 | [1] | ||
[1] | Total impairments represent the amount of losses recognized during the year ended December 31, 2016 on assets that were held and measured at fair value as of December 31, 2016. | |||||
[2] | Total impairments represent the amount of losses recognized during the year ended December 31, 2017 on assets that were held and measured at fair value as of December 31, 2017. |
Fair Value Measurement (Quantit
Fair Value Measurement (Quantitative Information About Significant Unobservable Inputs Within Level 3) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | $ 11,215 | ||
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | 11,215 | ||
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 | 5,759 | ||
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 | 5,759 | ||
Loans measured for impairment using the fair value of the underlying collateral [Member] | Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 100 | |
Loans measured for impairment using the fair value of the underlying collateral [Member] | Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 700 | |
Loans measured for impairment using the fair value of the underlying collateral [Member] | Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 300 | |
Impaired real estate held-for-sale [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets measured at fair value on non-recurring basis | $ 6,346 | 5,456 | |
Impaired real estate 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 | 6,346 | 5,456 | |
Impaired real estate held-for-sale [Member] | Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 200 | 100 |
Impaired real estate held-for-sale [Member] | Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | 4,300 | 1,400 |
Impaired real estate held-for-sale [Member] | Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range (Average) | [1],[2] | $ 1,200 | $ 500 |
[1] | Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. | ||
[2] | Range and average appraised values were reduced by estimated costs to sell. |
Fair Value Measurement (Financi
Fair Value Measurement (Financial Disclosures About Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | $ 102,370 | $ 104,812 | |
Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 362,526 | 299,861 | |
Restricted cash | 46,721 | 46,456 | |
Loans receivable | 19,454 | 25,521 | |
Notes receivable, net | 431,801 | 430,480 | |
Receivable-backed notes payable | 421,118 | 414,989 | |
Notes payable and other borrowings | 144,114 | 133,790 | |
Junior subordinated debentures | 135,414 | 152,367 | |
Mandatorily redeemable cumulative preferred stock | 13,974 | 13,517 | |
Carrying Amount [Member] | Preferred Shareholders [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | [1] | 5,000 | 5,063 |
Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 362,526 | 299,861 | |
Restricted cash | 46,721 | 46,456 | |
Loans receivable | 21,125 | 27,904 | |
Notes receivable, net | 525,000 | 545,000 | |
Receivable-backed notes payable | 425,900 | 420,400 | |
Notes payable and other borrowings | 149,438 | 135,404 | |
Junior subordinated debentures | 132,000 | 149,200 | |
Mandatorily redeemable cumulative preferred stock | 13,977 | 13,600 | |
Fair Value [Member] | Preferred Shareholders [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | [1] | 5,000 | 4,900 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 362,526 | 299,861 | |
Restricted cash | 46,721 | 46,456 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans receivable | 21,125 | 27,904 | |
Notes receivable, net | 525,000 | 545,000 | |
Receivable-backed notes payable | 425,900 | 420,400 | |
Notes payable and other borrowings | 149,438 | 135,404 | |
Junior subordinated debentures | 132,000 | 149,200 | |
Mandatorily redeemable cumulative preferred stock | 13,977 | 13,600 | |
Significant Unobservable Inputs (Level 3) [Member] | Preferred Shareholders [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | [1] | $ 5,000 | $ 4,900 |
[1] | Notes receivable from preferred shareholders is included in other assets in the Company's Consolidated Statements of Financial Condition as of December 31, 2017 and 2016. |
Certain Relationships And Re128
Certain Relationships And Related Party Transactions (Narrative) (Details) - USD ($) | Jan. 23, 2018 | Oct. 04, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 31, 2017 | Dec. 15, 2016 | Dec. 14, 2016 | Sep. 30, 2016 | Apr. 30, 2015 |
Bluegreen [Member] | Woodbridge [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Consolidated method ownership percentage | 90.00% | |||||||||
BCC [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Consolidated method ownership percentage | 100.00% | 82.00% | ||||||||
Shares received in exchange for each share of WHC's Class A Common Stock | 5.4 | 5.4 | ||||||||
Alan Levan And Mr Abdo [Member] | Class A and B Common Stock [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Percent of voting power | 77.00% | |||||||||
Bluegreen [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Payment of administrative fees from subsidiary | $ 1,500,000 | $ 1,300,000 | $ 1,400,000 | |||||||
Dividend received | $ 10,100,000 | 40,000,000 | 70,000,000 | 54,400,000 | ||||||
Allocated consolidated income tax liability and benefits, amount received | 39,400,000 | 26,200,000 | 19,200,000 | |||||||
Bluegreen [Member] | Other Notes Payable [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt face amount | $ 80,000,000 | |||||||||
Interest rate | 6.00% | 10.00% | ||||||||
Interest expense | 6,400,000 | 8,000,000 | 5,600,000 | |||||||
Abdo Companies Inc. [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Management services expenses | $ 306,000 | $ 306,000 | $ 306,000 | |||||||
Number of Shares of the Company's Class B Common Stock Issued to the BCC RSU Holder [Member] | Executive Officers [Member] | Class B Common Stock [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Stock issued | 1,530,822 |
Certain Relationships And Re129
Certain Relationships And Related Party Transactions (Schedule Of Shares Issued Related Party Transactions) (Details) - shares | Oct. 04, 2016 | Oct. 03, 2016 | Oct. 02, 2016 | Oct. 01, 2016 | Sep. 30, 2016 |
Class A Common Stock [Member] | Number of Shares of BCC’s Class A Common Stock Received by the Company [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock Received In Exchanged For Company Stock | 283,486 | ||||
Class A Common Stock [Member] | Alan B. Levan [Member] | Number of Shares of BCC’s Class A Common Stock Received by the Company [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock Received In Exchanged For Company Stock | 19,963 | 73,843 | |||
Class A Common Stock [Member] | John E. Abdo [Member] | Number of Shares of BCC’s Class A Common Stock Received by the Company [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock Received In Exchanged For Company Stock | 19,963 | 73,843 | |||
Class A Common Stock [Member] | Jarett S. Levan [Member] | Number of Shares of BCC’s Class A Common Stock Received by the Company [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock Received In Exchanged For Company Stock | 9,981 | 37,956 | |||
Class A Common Stock [Member] | Seth M. Wise [Member] | Number of Shares of BCC’s Class A Common Stock Received by the Company [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock Received In Exchanged For Company Stock | 9,981 | 37,956 | |||
Class B Common Stock [Member] | Alan B. Levan [Member] | Number of Shares of the Company's Class B Common Stock Issued to the BCC RSU Holder [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 107,800 | 398,752 | |||
Class B Common Stock [Member] | John E. Abdo [Member] | Number of Shares of the Company's Class B Common Stock Issued to the BCC RSU Holder [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 107,800 | 398,752 | |||
Class B Common Stock [Member] | Jarett S. Levan [Member] | Number of Shares of the Company's Class B Common Stock Issued to the BCC RSU Holder [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 53,897 | 204,962 | |||
Class B Common Stock [Member] | Seth M. Wise [Member] | Number of Shares of the Company's Class B Common Stock Issued to the BCC RSU Holder [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 53,897 | 204,962 | |||
Class B Common Stock [Member] | Executive Officers [Member] | Number of Shares of the Company's Class B Common Stock Issued to the BCC RSU Holder [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 1,530,822 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2017USD ($)statestore | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)statestoreitemsegment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2018store | Jun. 16, 2017statestore | |
Segment Reporting Information [Line Items] | |||||||||||||
Minimum number of operating segments with similar characteristics to be considered as a reportable segment | segment | 1 | ||||||||||||
Cash consideration, net of cash acquired | $ 58,418 | $ 10 | |||||||||||
Trade sales | 142,798 | $ 95,996 | 84,284 | ||||||||||
Revenues | $ 214,747 | $ 226,192 | $ 203,192 | $ 171,651 | $ 198,544 | $ 209,695 | $ 193,154 | $ 165,902 | 815,782 | 767,295 | 744,257 | ||
Property and equipment, net | $ 112,858 | $ 95,998 | $ 112,858 | 95,998 | |||||||||
Number of retail locations | store | 95 | ||||||||||||
Number of states of retail locations | state | 26 | ||||||||||||
IT'SUGAR, LLC [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Number of retail locations | store | 95 | 95 | |||||||||||
Number of states of retail locations | state | 26 | 26 | |||||||||||
MOD Super-Fast Pizza [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Number of retail locations | store | 2 | 2 | |||||||||||
Reportable Segments [Member] | Renin [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Trade sales | $ 69,648 | 65,225 | 56,461 | ||||||||||
Number of major customers | item | 2 | ||||||||||||
Revenues | $ 69,648 | 65,225 | 56,461 | ||||||||||
Reportable Segments [Member] | Renin [Member] | Customer Concentration Risk [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Trade sales | 34,000 | ||||||||||||
Reportable Segments [Member] | BBX Sweet Holdings [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Trade sales | 72,905 | 30,771 | 27,823 | ||||||||||
Revenues | 73,017 | $ 30,789 | $ 27,837 | ||||||||||
Reportable Segments [Member] | Outside United States [Member] | Renin [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 10,600 | ||||||||||||
Property and equipment, net | $ 3,100 | $ 3,100 | |||||||||||
Scenario, Forecast [Member] | MOD Super-Fast Pizza [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Number of retail locations | store | 3 |
Segment Reporting (Segment Info
Segment Reporting (Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Sales of VOIs | $ 239,662 | $ 266,142 | $ 259,236 | |||||||||||||
Fee-based sales commission revenue | 229,389 | 201,829 | 173,659 | |||||||||||||
Other fee-based services revenue | 111,819 | 103,448 | 97,539 | |||||||||||||
Trade sales | 142,798 | 95,996 | 84,284 | |||||||||||||
Interest income | 83,708 | 85,746 | 89,071 | |||||||||||||
Net gains on sales of assets | 2,442 | 6,076 | 31,092 | |||||||||||||
Other revenue | 5,964 | 8,058 | 9,376 | |||||||||||||
Total revenues | $ 214,747 | $ 226,192 | $ 203,192 | $ 171,651 | $ 198,544 | $ 209,695 | $ 193,154 | $ 165,902 | 815,782 | 767,295 | 744,257 | |||||
Cost of sales of VOIs | 17,439 | 27,346 | 22,884 | |||||||||||||
Cost of other fee-based services | 68,336 | 64,479 | 60,942 | |||||||||||||
Cost of trade sales | 97,755 | 74,341 | 62,707 | |||||||||||||
Interest expense | 35,205 | 36,037 | 40,408 | |||||||||||||
Recoveries from loan losses, net | (7,495) | (20,508) | (13,457) | |||||||||||||
Asset impairments, net | 7,431 | 4,656 | 287 | |||||||||||||
Litigation settlement | 36,500 | |||||||||||||||
Net gains on cancellation of junior subordinated debentures | (6,929) | |||||||||||||||
Litigation costs and penalty reimbursements | (13,169) | |||||||||||||||
Selling, general and administrative expenses | 538,125 | 516,757 | 466,700 | |||||||||||||
Total costs and expenses | 204,041 | 208,852 | 181,974 | 141,831 | 185,497 | 171,685 | 192,616 | 153,310 | 736,698 | 703,108 | 676,971 | |||||
Equity in net earnings (losses) of unconsolidated real estate joint ventures | 4,863 | 2,451 | 3,455 | 3,714 | 7,837 | 4,480 | 1,655 | (342) | 14,483 | 13,630 | (1,565) | |||||
Foreign exchange (loss) gain | 119 | (105) | (398) | 191 | (106) | 5 | 110 | 210 | (193) | 219 | (1,038) | |||||
Income before income taxes | 15,688 | $ 19,686 | $ 24,275 | $ 33,725 | 20,778 | $ 42,495 | $ 2,303 | $ 12,460 | 93,374 | 78,036 | 64,683 | |||||
Total assets | 1,606,665 | 1,436,068 | 1,606,665 | 1,436,068 | 1,340,960 | |||||||||||
Expenditures for property and equipment | 22,045 | 12,939 | 12,810 | |||||||||||||
Depreciation and amortization | 16,762 | 12,906 | 12,428 | |||||||||||||
Debt accretion and amortization | 4,682 | 4,921 | 6,005 | |||||||||||||
Cash and cash equivalents | 362,526 | 299,861 | 362,526 | 299,861 | 198,905 | |||||||||||
Equity method investments included in total assets | 47,275 | 43,491 | 47,275 | 43,491 | 42,962 | |||||||||||
Goodwill | 39,482 | 6,731 | 39,482 | 6,731 | 7,601 | $ 7,377 | ||||||||||
Notes payable and other borrowings | 565,232 | 548,779 | 565,232 | 548,779 | 524,906 | |||||||||||
Junior subordinated debentures | 135,414 | [1] | 152,367 | [1] | 135,414 | [1] | 152,367 | [1] | 150,485 | |||||||
Corporate Expenses & Other [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Trade sales | 245 | |||||||||||||||
Interest income | 969 | 620 | 859 | |||||||||||||
Net gains on sales of assets | (89) | |||||||||||||||
Other revenue | 1,480 | 2,230 | 1,999 | |||||||||||||
Total revenues | 2,694 | 2,850 | 2,769 | |||||||||||||
Cost of trade sales | 91 | |||||||||||||||
Interest expense | 10,784 | 12,462 | 9,491 | |||||||||||||
Litigation settlement | 36,500 | |||||||||||||||
Net gains on cancellation of junior subordinated debentures | (6,929) | |||||||||||||||
Litigation costs and penalty reimbursements | (13,169) | |||||||||||||||
Selling, general and administrative expenses | 57,809 | 57,931 | 51,063 | |||||||||||||
Total costs and expenses | 48,586 | 70,393 | 97,054 | |||||||||||||
Income before income taxes | (45,892) | (67,543) | (94,285) | |||||||||||||
Total assets | 161,340 | 146,702 | 161,340 | 146,702 | 78,839 | |||||||||||
Expenditures for property and equipment | 2,590 | 516 | 1,535 | |||||||||||||
Depreciation and amortization | 756 | 512 | 263 | |||||||||||||
Debt accretion and amortization | 149 | 92 | ||||||||||||||
Cash and cash equivalents | 145,530 | 133,774 | 145,530 | 133,774 | 63,550 | |||||||||||
Notes payable and other borrowings | 80,000 | 80,000 | 80,000 | 80,000 | 80,000 | |||||||||||
Junior subordinated debentures | 65,030 | 83,323 | 65,030 | 83,323 | 83,230 | |||||||||||
Eliminations [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Interest income | (6,400) | (8,000) | (6,040) | |||||||||||||
Other revenue | (549) | (971) | (1,060) | |||||||||||||
Total revenues | (6,949) | (8,971) | (7,100) | |||||||||||||
Interest expense | (6,400) | (8,000) | (6,040) | |||||||||||||
Selling, general and administrative expenses | (549) | (971) | (1,060) | |||||||||||||
Total costs and expenses | (6,949) | (8,971) | (7,100) | |||||||||||||
Total assets | (82,035) | (82,389) | (82,035) | (82,389) | (82,431) | |||||||||||
Notes payable and other borrowings | (80,000) | (80,000) | (80,000) | (80,000) | (80,000) | |||||||||||
Bluegreen [Member] | Reportable Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Sales of VOIs | 239,662 | 266,142 | 259,236 | |||||||||||||
Fee-based sales commission revenue | 229,389 | 201,829 | 173,659 | |||||||||||||
Other fee-based services revenue | 111,819 | 103,448 | 97,539 | |||||||||||||
Interest income | 86,876 | 89,510 | 84,331 | |||||||||||||
Other revenue | 312 | 1,724 | 2,883 | |||||||||||||
Total revenues | 668,058 | 662,653 | 617,648 | |||||||||||||
Cost of sales of VOIs | 17,439 | 27,346 | 22,884 | |||||||||||||
Cost of other fee-based services | 68,336 | 64,479 | 60,942 | |||||||||||||
Interest expense | 29,977 | 30,853 | 35,698 | |||||||||||||
Selling, general and administrative expenses | 416,970 | 415,027 | 373,804 | |||||||||||||
Total costs and expenses | 532,722 | 537,705 | 493,328 | |||||||||||||
Income before income taxes | 135,336 | 124,948 | 124,320 | |||||||||||||
Total assets | 1,236,424 | 1,128,630 | 1,236,424 | 1,128,630 | 1,083,151 | |||||||||||
Expenditures for property and equipment | 14,115 | 9,605 | 9,176 | |||||||||||||
Depreciation and amortization | 9,632 | 9,536 | 9,181 | |||||||||||||
Debt accretion and amortization | 4,478 | 4,736 | 5,681 | |||||||||||||
Cash and cash equivalents | 197,337 | 144,120 | 197,337 | 144,120 | 115,524 | |||||||||||
Notes payable and other borrowings | 521,312 | 513,371 | 521,312 | 513,371 | 503,521 | |||||||||||
Junior subordinated debentures | 70,384 | 69,044 | 70,384 | 69,044 | 67,255 | |||||||||||
BBX Capital Real Estate [Member] | Reportable Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Interest income | 2,225 | 3,606 | 9,921 | |||||||||||||
Net gains on sales of assets | 2,442 | 6,076 | 31,181 | |||||||||||||
Other revenue | 4,647 | 5,067 | 5,540 | |||||||||||||
Total revenues | 9,314 | 14,749 | 46,642 | |||||||||||||
Interest expense | 0 | |||||||||||||||
Recoveries from loan losses, net | (7,495) | (20,508) | (13,457) | |||||||||||||
Asset impairments, net | 1,646 | 2,304 | 287 | |||||||||||||
Selling, general and administrative expenses | 11,113 | 11,864 | 12,773 | |||||||||||||
Total costs and expenses | 5,264 | (6,340) | (397) | |||||||||||||
Equity in net earnings (losses) of unconsolidated real estate joint ventures | 14,483 | 13,630 | (1,565) | |||||||||||||
Income before income taxes | 18,533 | 34,719 | 45,474 | |||||||||||||
Total assets | 162,214 | 179,856 | 162,214 | 179,856 | 204,787 | |||||||||||
Expenditures for property and equipment | 308 | 266 | 4 | |||||||||||||
Depreciation and amortization | 581 | 603 | 810 | |||||||||||||
Cash and cash equivalents | 8,636 | 13,628 | 8,636 | 13,628 | 18,130 | |||||||||||
Equity method investments included in total assets | 47,275 | 43,491 | 47,275 | 43,491 | 42,962 | |||||||||||
Notes payable and other borrowings | 24,215 | 20,743 | 24,215 | 20,743 | ||||||||||||
Renin [Member] | Reportable Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Trade sales | 69,648 | 65,225 | 56,461 | |||||||||||||
Total revenues | 69,648 | 65,225 | 56,461 | |||||||||||||
Cost of trade sales | 49,358 | 47,088 | 42,123 | |||||||||||||
Interest expense | 509 | 313 | 309 | |||||||||||||
Selling, general and administrative expenses | 17,408 | 17,186 | 15,049 | |||||||||||||
Total costs and expenses | 67,275 | 64,587 | 57,481 | |||||||||||||
Foreign exchange (loss) gain | (193) | 219 | (1,038) | |||||||||||||
Income before income taxes | 2,180 | 857 | (2,058) | |||||||||||||
Total assets | 36,134 | 28,913 | 36,134 | 28,913 | 22,778 | |||||||||||
Expenditures for property and equipment | 2,786 | 1,718 | 92 | |||||||||||||
Depreciation and amortization | 1,713 | 818 | 546 | |||||||||||||
Debt accretion and amortization | 83 | 97 | ||||||||||||||
Cash and cash equivalents | 863 | (288) | 863 | (288) | 632 | |||||||||||
Notes payable and other borrowings | 12,890 | 9,692 | 12,890 | 9,692 | 8,071 | |||||||||||
BBX Sweet Holdings [Member] | Reportable Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Trade sales | 72,905 | 30,771 | 27,823 | |||||||||||||
Interest income | 38 | 10 | ||||||||||||||
Other revenue | 74 | 8 | 14 | |||||||||||||
Total revenues | 73,017 | 30,789 | 27,837 | |||||||||||||
Cost of trade sales | 48,306 | 27,253 | 20,584 | |||||||||||||
Interest expense | 335 | 409 | 950 | |||||||||||||
Asset impairments, net | 5,785 | 2,352 | ||||||||||||||
Selling, general and administrative expenses | 35,374 | 15,720 | 15,071 | |||||||||||||
Total costs and expenses | 89,800 | 45,734 | 36,605 | |||||||||||||
Income before income taxes | (16,783) | (14,945) | (8,768) | |||||||||||||
Total assets | 92,588 | 34,356 | 92,588 | 34,356 | 33,836 | |||||||||||
Expenditures for property and equipment | 2,246 | 834 | 2,003 | |||||||||||||
Depreciation and amortization | 4,080 | 1,437 | 1,628 | |||||||||||||
Debt accretion and amortization | 55 | 102 | 135 | |||||||||||||
Cash and cash equivalents | 10,160 | 8,627 | 10,160 | 8,627 | 1,069 | |||||||||||
Goodwill | 39,482 | 6,731 | 39,482 | 6,731 | 7,601 | |||||||||||
Notes payable and other borrowings | $ 6,815 | $ 4,973 | $ 6,815 | $ 4,973 | $ 13,314 | |||||||||||
[1] | Amounts as of December 31, 2017 and 2016 include purchase accounting adjustments which reduced the carrying value by $40.4 million and $41.8 million, respectively. |
Selected Quarterly Results (Det
Selected Quarterly Results (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Selected Quarterly Results [Abstract] | ||||||||||||||
Revenues | $ 214,747 | $ 226,192 | $ 203,192 | $ 171,651 | $ 198,544 | $ 209,695 | $ 193,154 | $ 165,902 | $ 815,782 | $ 767,295 | $ 744,257 | |||
Costs and expenses | 204,041 | 208,852 | 181,974 | 141,831 | 185,497 | 171,685 | 192,616 | 153,310 | 736,698 | 703,108 | 676,971 | |||
Gross profit | 10,706 | 17,340 | 21,218 | 29,820 | 13,047 | 38,010 | 538 | 12,592 | 79,084 | 64,187 | ||||
Equity in net earnings (losses) of unconsolidated real estate joint ventures | 4,863 | 2,451 | 3,455 | 3,714 | 7,837 | 4,480 | 1,655 | (342) | 14,483 | 13,630 | (1,565) | |||
Foreign exchange (loss) gain | 119 | (105) | (398) | 191 | (106) | 5 | 110 | 210 | (193) | 219 | (1,038) | |||
Income before income taxes | 15,688 | 19,686 | 24,275 | 33,725 | 20,778 | 42,495 | 2,303 | 12,460 | 93,374 | 78,036 | 64,683 | |||
(Provision) benefit for income taxes | 37,251 | (8,195) | (8,779) | (13,054) | (12,522) | (19,118) | 368 | (5,107) | 7,223 | [1] | (36,379) | [1] | 76,596 | [1] |
Net income | 52,939 | 11,491 | 15,496 | 20,671 | 8,256 | 23,377 | 2,671 | 7,353 | 100,597 | 41,657 | 141,279 | |||
Less: Net income attributable to noncontrolling interests | 8,935 | 3,256 | 3,415 | 2,796 | 3,395 | 5,602 | 2,427 | 1,871 | 18,402 | 13,295 | 18,805 | |||
Net income attributable to shareholders | $ 44,004 | $ 8,235 | $ 12,081 | $ 17,875 | $ 4,861 | $ 17,775 | $ 244 | $ 5,482 | $ 82,195 | $ 28,362 | $ 122,474 | |||
Basic earnings per share | $ 0.44 | $ 0.08 | $ 0.12 | $ 0.18 | $ 0.05 | $ 0.21 | $ 0 | $ 0.06 | $ 0.83 | $ 0.33 | $ 1.41 | |||
Diluted earnings per share | $ 0.43 | $ 0.08 | $ 0.11 | $ 0.17 | $ 0.05 | $ 0.21 | $ 0 | $ 0.06 | $ 0.79 | $ 0.32 | $ 1.40 | |||
Basic weighted average number of common shares outstanding | 99,744 | 98,073 | 98,240 | 98,921 | 88,949 | 85,864 | 85,946 | 86,839 | 98,745 | 86,902 | 87,022 | |||
Diluted weighted average number of common and common equivalent shares outstanding | 102,440 | 106,021 | 106,173 | 105,866 | 89,961 | 86,573 | 86,145 | 87,013 | 103,916 | 87,492 | 87,208 | |||
[1] | Expected tax is computed based upon income before income taxes. |
Real Estate Investments And 133
Real Estate Investments And Accumulated Depreciation (Real Estate Investments And Accumulated Depreciation By Property) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Total Cost | $ 8,481 | $ 14,040 | |
Accumulated Depreciation | 1,546 | $ 1,322 | |
Aggregate cost for federal income tax purposes | 7,400 | ||
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 | ||
Costs Capitalized Subsequent to Acquisition | 581 | ||
Other | |||
Total Cost | [1] | 8,481 | |
Accumulated Depreciation | $ 1,546 | ||
Year of Construction | 2,009 | ||
Foreclosure Month/Year | 2013-04 | ||
Depreciable Lives (Years) | 40 years | ||
[1] | The aggregate cost for federal income tax purposes is $7.4 million. |
Real Estate Investments And 134
Real Estate Investments And Accumulated Depreciation (Change In Real Estate Investments) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Real Estate Investments And Accumulated Depreciation [Abstract] | |
Total Costs, Balance at December 31, 2016 | $ 14,040 |
Subsequent additions | 581 |
Transfer to real estate held-for-sale | (6,140) |
Total Costs, Balance at December 31, 2017 | 8,481 |
Accumulated Depreciation, Balance at December 31, 2016 | 1,322 |
Accumulated Depreciation, Depreciation | 465 |
Accumulated Depreciation, Transfer to real estate held-for-sale | (241) |
Accumulated Depreciation, Balance at December 31, 2017 | $ 1,546 |
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, 2017USD ($)loan | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Prior Liens | $ 4,441 | |
Mortgage Loans on Real Estate, Face Amount of Loans | 29,126 | |
Mortgage Loans on Real Estate, Carrying Amount of Loans | 18,504 | [1] |
Mortgage Loans on Real Estate, Principal Amount of Loans Subject to Delinquent Principal or Interest | 17,188 | |
Aggregate cost for federal income tax purposes | $ 20,300 | |
First-lien 1-4 Family [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 53 | [2] |
Mortgage Loans on Real Estate, Interest Rate | 5.76% | [2],[3] |
Mortgage Loans on Real Estate, Final Maturity Date | Oct. 31, 2033 | [2],[4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | [2] |
Mortgage Loans on Real Estate, Face Amount of Loans | $ 18,219 | [2] |
Mortgage Loans on Real Estate, Carrying Amount of Loans | 11,678 | [1],[2] |
Mortgage Loans on Real Estate, Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 13,627 | [2] |
Second-lien -Consumer [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 19 | |
Mortgage Loans on Real Estate, Interest Rate | 4.08% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | Jul. 2, 2018 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Prior Liens | $ 4,441 | |
Mortgage Loans on Real Estate, Face Amount of Loans | 2,224 | |
Mortgage Loans on Real Estate, Carrying Amount of Loans | 787 | [1] |
Mortgage Loans on Real Estate, Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 566 | |
Small Business Real Estate [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage Loans on Real Estate, Number of Loans | loan | 9 | |
Mortgage Loans on Real Estate, Interest Rate | 6.66% | [3] |
Mortgage Loans on Real Estate, Final Maturity Date | Aug. 22, 2023 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |
Mortgage Loans on Real Estate, Face Amount of Loans | $ 1,775 | |
Mortgage Loans on Real Estate, Carrying Amount of Loans | $ 1,425 | [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 | 3.23% | [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 | $ 3,913 | |
Mortgage Loans on Real Estate, Carrying Amount of Loans | $ 1,619 | [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, 2017 | [4] |
Mortgage Loans on Real Estate, Periodic Payment Terms | Maturity | |
Mortgage Loans on Real Estate, Face Amount of Loans | $ 2,995 | |
Mortgage Loans on Real Estate, Carrying Amount of Loans | 2,995 | [1] |
Mortgage Loans on Real Estate, Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 2,995 | |
[1] | The aggregate cost for federal income tax purposes was $20.3 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 Estat136
Mortgage Loans On Real Estate (Change In Mortgage Loans) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Mortgage Loans On Real Estate [Abstract] | |
Balance at December 31, 2016 | $ 24,130 |
Advances on existing mortgages | |
Collections of principal | (3,232) |
Foreclosures | (1,365) |
Costs of mortgages sold | (1,029) |
Balance at December 31, 2017 | $ 18,504 |