Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 01, 2019 | Jun. 30, 2018 | |
Entity Registrant Name | BBX Capital Corp | ||
Entity Central Index Key | 0000315858 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2018 | ||
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 Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 562.2 | ||
Class A Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 78,379,530 | ||
Class B Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 19,384,830 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | [1] |
ASSETS | |||
Cash and cash equivalents | $ 366,305 | $ 362,526 | |
Restricted cash ($28,400 in 2018 and $19,488 in 2017 in variable interest entities ("VIEs")) | 54,792 | 46,721 | |
Notes receivable, net ($341,975 in 2018 and $279,188 in 2017 in VIEs) | 439,167 | 426,858 | |
Trade inventory | 20,110 | 23,902 | |
Vacation ownership interest ("VOI") inventory | 334,149 | 281,291 | |
Real estate ($20,202 in 2018 and $27,828 in 2017 held for sale) | 54,956 | 68,536 | |
Investments in unconsolidated real estate joint ventures | 64,738 | 51,234 | |
Property and equipment, net | 139,628 | 111,929 | |
Goodwill | 37,248 | 39,482 | |
Intangible assets, net | 69,710 | 70,449 | |
Other assets | 124,217 | 122,753 | |
Total assets | 1,705,020 | 1,605,681 | |
Liabilities: | |||
Accounts payable | 29,537 | 31,370 | |
Deferred income | 16,522 | 16,893 | |
Escrow deposits | 22,255 | 21,079 | |
Other liabilities | 104,441 | 103,464 | |
Receivable-backed notes payable - recourse | 76,674 | 84,697 | |
Receivable-backed notes payable - non-recourse (in VIEs) | 382,257 | 336,421 | |
Notes payable and other borrowings | 200,887 | 144,114 | |
Junior subordinated debentures | 136,425 | 135,414 | |
Deferred income taxes | 86,363 | 47,968 | |
Redeemable 5% cumulative preferred stock of $.01 par value; authorized 15,000 shares; issued and outstanding 10,000 shares in 2018 and 15,000 shares in 2017 with a stated value of $1,000 per share | 9,472 | 13,974 | |
Total liabilities | 1,064,833 | 935,394 | |
Commitments and contingencies (See Note 11) | |||
Redeemable noncontrolling interest | 2,579 | 2,765 | |
Equity: | |||
Preferred stock of $.01 par value; authorized 10,000,000 shares | |||
Additional paid-in capital | 161,684 | 228,331 | |
Accumulated earnings | 385,789 | 354,432 | |
Accumulated other comprehensive income | 1,215 | 1,708 | |
Total shareholders' equity | 549,620 | 585,468 | |
Noncontrolling interests | 87,988 | 82,054 | |
Total equity | 637,608 | 667,522 | |
Total liabilities and equity | 1,705,020 | 1,605,681 | |
Class A Common Stock [Member] | |||
Equity: | |||
Common stock | 784 | 857 | |
Class B Common Stock [Member] | |||
Equity: | |||
Common stock | $ 148 | $ 140 | |
[1] | See Note 2 for a summary of adjustments. |
Consolidated Statements Of Fi_2
Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted cash | $ 54,792 | $ 46,721 | [1] |
Notes receivable, net | 439,167 | 426,858 | [1] |
Real estate held-for-sale | $ 20,202 | $ 27,828 | |
Redeemable Cumulative Preferred Stock, dividend rate | 5.00% | 5.00% | |
Redeemable Cumulative Preferred Stock, par value | $ 0.01 | $ 0.01 | |
Redeemable Cumulative Preferred Stock, authorized amount | 15,000 | 15,000 | |
Redeemable Cumulative Preferred Stock, shares issued | 10,000 | 15,000 | |
Redeemable Cumulative Preferred Stock, shares outstanding | 10,000 | 15,000 | |
Redeemable Cumulative Preferred Stock, stated value per share | $ 1,000 | $ 1,000 | |
Preferred stock, par value | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Restricted cash | $ 28,400 | $ 19,488 | |
Notes receivable, net | $ 341,975 | $ 279,188 | |
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 | 78,379,530 | 85,689,163 | |
Common stock, shares outstanding | 78,379,530 | 85,689,163 | |
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 | 14,840,634 | 13,963,200 | |
Common stock, shares outstanding | 14,840,634 | 13,963,200 | |
[1] | See Note 2 for a summary of adjustments. |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | |||
Revenues | ||||
Revenue from customers | $ 852,462 | $ 777,949 | ||
Interest income | 85,501 | 83,708 | [1] | |
Net gains on sales of real estate assets | 4,563 | 1,451 | ||
Other revenue | 5,067 | 6,462 | [1] | |
Total revenues | 947,593 | 869,570 | [1] | |
Costs and Expenses | ||||
Interest expense | 41,938 | 35,205 | [1] | |
Recoveries from loan losses, net | (8,603) | (7,495) | [1] | |
Impairment losses | 4,668 | 7,431 | [1] | |
Net gains on cancellation of junior subordinated debentures | [1] | (6,929) | ||
Reimbursement of litigation costs and penalty | (600) | (13,169) | [1] | |
Selling, general and administrative expenses | 537,941 | 533,478 | [1] | |
Total costs and expenses | 874,423 | 789,317 | [1] | |
Equity in net earnings of unconsolidated real estate joint ventures | 14,194 | 12,541 | [1] | |
Foreign exchange gain (loss) | 68 | (193) | [1] | |
Income (loss) before income taxes | 87,432 | 92,601 | [1] | |
(Provision) benefit for income taxes | [2] | (31,639) | 9,702 | [1] |
Net income | 55,793 | 102,303 | [1] | |
Less: Net income attributable to noncontrolling interests | 20,691 | 18,378 | [1] | |
Net income attributable to shareholders | $ 35,102 | $ 83,925 | [1] | |
Basic earnings per share | $ 0.37 | $ 0.85 | [1] | |
Diluted earnings per share | $ 0.36 | $ 0.81 | [1] | |
Basic weighted average number of common shares outstanding | 95,298 | 98,745 | [1] | |
Diluted weighted average number of common and common equivalent shares outstanding | 97,860 | 103,916 | [1] | |
Other comprehensive income, net of tax: | ||||
Unrealized (losses) gains on securities available for sale | $ (47) | $ 135 | [1] | |
Foreign currency translation adjustments | (194) | 406 | [1] | |
Other comprehensive (loss) income, net | (241) | 541 | [1] | |
Comprehensive income, net of tax | 55,552 | 102,844 | [1] | |
Less: Comprehensive income attributable to noncontrolling interests | 20,691 | 18,378 | [1] | |
Comprehensive income attributable to shareholders | $ 34,861 | $ 84,466 | [1] | |
Class A Common Stock [Member] | ||||
Costs and Expenses | ||||
Cash dividends declared per common share | $ 0.040 | $ 0.030 | [1] | |
Class B Common Stock [Member] | ||||
Costs and Expenses | ||||
Cash dividends declared per common share | $ 0.040 | $ 0.030 | [1] | |
Sales Of VOIs [Member] | ||||
Revenues | ||||
Revenue from customers | $ 254,225 | $ 242,017 | [1] | |
Costs and Expenses | ||||
Total costs | 23,813 | 17,679 | [1] | |
Fee-Based Sales Commissions [Member] | ||||
Revenues | ||||
Revenue from customers | 216,422 | 229,389 | [1] | |
Costs and Expenses | ||||
Total costs | 72,968 | |||
Other Fee-Based Services [Member] | ||||
Revenues | ||||
Revenue from customers | 118,024 | 111,819 | [1] | |
Costs and Expenses | ||||
Total costs | 72,968 | 64,560 | [1] | |
Cost Reimbursements [Member] | ||||
Revenues | ||||
Revenue from customers | 62,534 | 52,639 | [1] | |
Costs and Expenses | ||||
Total costs | 62,534 | 52,639 | [1] | |
Trade Sales [Member] | ||||
Revenues | ||||
Revenue from customers | 179,486 | 142,085 | [1] | |
Costs and Expenses | ||||
Total costs | 125,648 | 105,918 | [1] | |
Sales Of Real Estate Inventory [Member] | ||||
Revenues | ||||
Revenue from customers | 21,771 | |||
Costs and Expenses | ||||
Total costs | 14,116 | |||
Net Gains (Losses) On Sales Of Real Estate Assets [Member] | ||||
Revenues | ||||
Total revenues | 4,563 | $ 1,451 | [1] | |
Costs and Expenses | ||||
Total costs | $ 14,116 | |||
[1] | See Note 2 for a summary of adjustments. | |||
[2] | Expected tax is computed based upon income before income taxes. |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - USD ($) $ in Thousands | Common Stock [Member]Class A Common Stock [Member] | Common Stock [Member]Class B Common Stock [Member] | 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] | Total Shareholders' Equity [Member]Class A Common Stock [Member] | Total Shareholders' Equity [Member]Class B Common Stock [Member] | Total Shareholders' Equity [Member] | Non-controlling Interests [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Total | ||
Beginning balance at Dec. 31, 2015 | $ 732 | $ 113 | $ 143,231 | $ 232,134 | $ 616 | $ 376,826 | $ 106,080 | $ 482,906 | ||||||||
Beginning balance, shares at Dec. 31, 2015 | 73,212,000 | 11,346,000 | ||||||||||||||
Net income | 29,430 | 29,430 | 13,166 | 42,596 | [1] | |||||||||||
Other comprehensive income (loss) | 360 | 360 | 360 | |||||||||||||
Subsidiaries' capital transactions | 1,608 | 1,608 | 413 | 2,021 | ||||||||||||
Increase in investment in BCC from share exchange agreements | $ 15 | 1,101 | 1,116 | (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 | $ 121 | 48,366 | 191 | 48,678 | (65,572) | (16,894) | ||||||||||
Issuance of Class A common stock and consideration paid to aquire BCC noncontrolling interest, shares | 12,038,000 | |||||||||||||||
Distributions to noncontrolling interests | (12,250) | (12,250) | ||||||||||||||
Common stock cash dividends declared | $ (1,174) | $ (212) | $ (1,174) | $ (212) | $ (1,174) | $ (212) | ||||||||||
Repurchase and retirement of Common Stock, value | $ (19) | $ (2) | (7,299) | (7,320) | (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 | $ 848 | $ 132 | 193,347 | 270,665 | 1,167 | 466,159 | 41,609 | 507,768 | ||||||||
Ending balance, shares at Dec. 31, 2016 | 84,845,000 | 13,185,000 | ||||||||||||||
Cumulative effect from the adoption of ASU | ASU 2014-09 and ASU 2017-05 [Member] | [1] | 10,487 | 10,487 | 888 | 11,375 | |||||||||||
Net income | [1] | 102,303 | ||||||||||||||
Net income excluding earnings attributable to redeemable noncontrolling interest | 83,925 | 83,925 | 18,203 | 102,128 | ||||||||||||
Other comprehensive income (loss) | 541 | 541 | 541 | |||||||||||||
Bluegreen initial public offering, net of income taxes | 50,303 | 50,303 | 33,632 | 83,935 | ||||||||||||
Distributions to noncontrolling interests | (11,390) | (11,390) | ||||||||||||||
Common stock cash dividends declared | (2,711) | (501) | (2,711) | (501) | (2,711) | (501) | ||||||||||
Repurchase and retirement of Common Stock, value | $ (37) | $ (2) | (27,585) | (27,624) | (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 | ||||||||||||||
Issuance of Common Stock from exercise of options, value | $ 3 | 60 | 63 | 63 | ||||||||||||
Issuance of Common Stock from exercise of options, shares | 150,000 | |||||||||||||||
Share-based compensation | 12,259 | 12,259 | 12,259 | |||||||||||||
Ending balance at Dec. 31, 2017 | $ 857 | $ 140 | 228,331 | 354,432 | 1,708 | 585,468 | 82,054 | 667,522 | [1] | |||||||
Ending balance, shares at Dec. 31, 2017 | 85,689,000 | 13,963,000 | ||||||||||||||
Cumulative effect from the adoption of ASU | Accounting Standards Update 2016-09 [Member] | 3,054 | 3,054 | 3,054 | |||||||||||||
Cumulative effect from the adoption of ASU | [1] | 3,054 | ||||||||||||||
Net income | 55,793 | |||||||||||||||
Net income excluding earnings attributable to redeemable noncontrolling interest | 35,102 | 35,102 | 21,061 | 56,163 | ||||||||||||
Other comprehensive income (loss) | (241) | (241) | (241) | |||||||||||||
Subsidiaries' capital transactions | 704 | 704 | ||||||||||||||
Distributions to noncontrolling interests | (14,284) | (14,284) | ||||||||||||||
Common stock cash dividends declared | $ (3,281) | $ (716) | $ (3,281) | $ (716) | $ (3,281) | $ (716) | ||||||||||
Bluegreen repurchase and retirement of its common stock | (2,124) | (2,124) | (1,876) | (4,000) | ||||||||||||
Purchase of noncontrolling interest | (587) | (587) | 329 | (258) | ||||||||||||
Repurchase and retirement of Common Stock from tender offer, value | $ (65) | (60,076) | (60,141) | (60,141) | ||||||||||||
Repurchase and retirement of Common Stock from tender offer, shares | (6,486,000) | |||||||||||||||
Repurchase and retirement of Common Stock, value | $ (20) | $ (5) | (16,981) | (17,006) | $ (17,006) | |||||||||||
Repurchase and retirement of Common Stock, shares | (1,990,000) | (505,000) | ||||||||||||||
Conversion of Common Stock from Class B to Class A, value | $ 1 | $ (1) | ||||||||||||||
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 | $ 11 | $ 14 | (25) | |||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, shares | 1,101,000 | 1,421,000 | 0 | |||||||||||||
Issuance of Common Stock from exercise of options, value | 245 | 245 | $ 245 | |||||||||||||
Issuance of Common Stock from exercise of options, shares | 27,000 | 27,346 | ||||||||||||||
Share-based compensation | 12,901 | 12,901 | $ 12,901 | |||||||||||||
Ending balance at Dec. 31, 2018 | $ 784 | $ 148 | $ 161,684 | 385,789 | 1,215 | $ 549,620 | $ 87,988 | $ 637,608 | ||||||||
Ending balance, shares at Dec. 31, 2018 | 78,379,000 | 14,841,000 | ||||||||||||||
Cumulative effect from the adoption of ASU | Accounting Standards Update 2016-01 [Member] | $ 252 | $ (252) | ||||||||||||||
[1] | See Note 2 for a summary of adjustments. |
Consolidated Statement Of Cha_2
Consolidated Statement Of Changes In Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statement Of Changes In Equity [Abstract] | ||
Loss (Income) attributable to redeemable noncontrolling interest | $ 370 | $ (175) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Operating activities: | ||||||
Net income | $ 55,793 | $ 102,303 | [1] | $ 42,596 | [1] | |
Adjustment to reconcile net income to net cash provided by operating activities: | ||||||
Recoveries from loan losses, net | (8,603) | (7,495) | [1] | (20,508) | [1] | |
Provision for notes receivable allowances | 51,236 | 46,412 | [1] | 45,544 | [1] | |
Depreciation, amortization and accretion, net | 25,739 | 20,731 | [1] | 17,670 | [1] | |
Share-based compensation expense | 12,901 | 12,259 | [1] | 6,350 | [1] | |
Share-based compensation expense of subsidiaries | [1] | 6,099 | ||||
Net gains on sales of real estate held-for-sale | (4,563) | (1,451) | [1] | (3,213) | [1] | |
Equity in earnings of unconsolidated real estate joint ventures | (14,194) | (12,541) | [1] | (12,178) | [1] | |
Return on investment in unconsolidated real estate joint ventures | 17,679 | 12,852 | [1] | 13,267 | [1] | |
Increase (decrease) in deferred income tax | 27,444 | (12,680) | [1] | 35,715 | [1] | |
Impairment losses | 4,668 | 7,431 | [1] | 4,656 | [1] | |
Net gains on cancellation of junior subordinated debentures | [1] | (6,929) | ||||
Interest accretion on redeemable 5% cumulative preferred stock | 1,061 | 1,207 | [1] | 1,169 | [1] | |
Increase in notes receivable | (63,545) | (47,470) | [1] | (59,219) | [1] | |
Increase in VOI inventory | (32,022) | (42,757) | [1] | (18,323) | [1] | |
Decrease (increase) in trade inventory | 3,882 | (2,261) | [1] | (1,834) | [1] | |
Decrease (increase) in real estate inventory | 12,001 | (273) | [1] | |||
(Increase) decrease in other assets | (1,607) | (7,410) | [1] | 6,090 | [1] | |
(Decrease) increase in other liabilities | (1,231) | 3,671 | [1] | 17,282 | [1] | |
Net cash provided by operating activities | 86,639 | 65,599 | [1] | 81,163 | [1] | |
Investing activities: | ||||||
Return of investment in unconsolidated real estate joint ventures | 12,080 | 6,440 | [1] | 3,321 | [1] | |
Investments in unconsolidated real estate joint ventures | (29,070) | (5,310) | [1] | (3,370) | [1] | |
Repayment of loans receivable | 19,394 | 11,168 | [1] | 46,454 | [1] | |
Proceeds from sales of real estate held-for-sale | 17,431 | 15,081 | [1] | 23,606 | [1] | |
Additions to real estate held-for-sale and held-for-investment | (1,221) | (1,642) | [1] | (8,176) | [1] | |
Purchases of property and equipment | (45,550) | (22,045) | [1] | (12,939) | [1] | |
Proceeds from the sale of property and equipment | 569 | 341 | [1] | 2,321 | [1] | |
Cash paid for acquisition, net of cash received | [1] | (58,418) | ||||
Decrease in cash from other investing activities | (4,696) | (380) | [1] | (2,019) | [1] | |
Net cash (used in) provided by investing activities | (31,063) | (54,765) | [1] | 49,198 | [1] | |
Financing activities: | ||||||
Repayments of notes payable and other borrowings | (279,737) | (233,132) | [1] | (281,177) | [1] | |
Proceeds from notes payable and other borrowings | 336,951 | 246,771 | [1] | 285,682 | [1] | |
Redemption of junior subordinated debentures | [1] | (11,438) | ||||
Payments for debt issuance costs | (1,121) | (3,390) | [1] | (4,608) | [1] | |
Payments of interest on redeemable 5% cumulative preferred stock | (563) | (750) | [1] | (750) | [1] | |
Repurchase and retirement of Common stock | (77,147) | (27,624) | [1] | (7,320) | [1] | |
Repurchase and retirement of subsidiaries' common stock | (4,000) | (4,151) | [1] | |||
Purchase of BCC noncontrolling interest | [1] | (16,894) | ||||
Purchase of noncontrolling interest | (258) | |||||
Proceeds from the exercise of stock options | 245 | 63 | [1] | 10 | [1] | |
Dividends paid on Common Stock | (3,812) | (2,937) | [1] | (856) | [1] | |
Bluegreen initial public offering, net of offering costs | [1] | 95,923 | ||||
Distributions to noncontrolling interest | (14,284) | (11,390) | [1] | (12,250) | [1] | |
Net cash (used in) provided by financing activities | (43,726) | 52,096 | [1] | (42,314) | [1] | |
Increase in cash, cash equivalents and restricted cash | 11,850 | 62,930 | [1] | 88,047 | [1] | |
Cash, cash equivalents and restricted cash at beginning of period | [1] | 409,247 | 346,317 | 258,270 | ||
Cash, cash equivalents and restricted cash at end of period | 421,097 | 409,247 | [1] | 346,317 | [1] | |
Supplemental cash flow information: | ||||||
Interest paid on borrowings | 37,424 | 29,980 | [1] | 32,139 | [1] | |
Income taxes paid | 3,801 | 4,015 | [1] | 2,203 | [1] | |
Income tax refunded | [1] | (2,695) | ||||
Supplementary disclosure of non-cash investing and financing activities: | ||||||
Construction funds receivable transferred to real estate | 14,548 | 11,276 | [1] | |||
Loans receivable transferred to real estate | 1,673 | 1,365 | [1] | 4,807 | [1] | |
Loans held-for-sale transferred to loans receivable | [1] | 16,078 | ||||
Acquisition of VOI inventory, property and equipment for notes payable | 24,258 | |||||
Reduction in redeemable 5% cumulative preferred stock | 4,862 | |||||
Reduction in note receivable from holder of redeemable 5% cumulative preferred stock | (5,000) | |||||
Real estate transferred to property and equipment | [1] | 6,557 | ||||
Property and equipment transferred to real estate | [1] | 6,181 | ||||
Increase in other assets upon issuance of Community Development District Bonds | 15,996 | 20,743 | [1] | |||
Assumption of Community Development District Bonds by developer | 5,572 | |||||
Issuance of common stock to acquire BCC noncontrolling interest | [1] | 48,487 | ||||
Reconciliation of cash, cash equivalents and restricted cash: | ||||||
Total cash, cash equivalents, and restricted cash | [1] | $ 409,247 | $ 346,317 | $ 258,270 | ||
[1] | See Note 2 for a summary of adjustments. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2018 | |
Organization [Abstract] | |
Organization | 1. Organization 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 . ” In December 2016 , BBX Capital completed the acquisition of all the outstanding shares of the former BBX Capital Corporation (“BCC”) not previously owned by it . Prior to the acquisition, BBX Capital had an 82% equity interest in BCC and a direct 54% equity interest in Woodbridge Holdings, LLC (“Woodbridge”), and BCC held the remaining 46% 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 4 for additional information regarding the acquisition of BCC. Principal Investments The Company’s principal investments include Bluegreen Vacations Corporation (“Bluegreen” or “Bluegreen Vacations”), BBX Capital Real Estate LLC (“BBX Capital Real Estate”), Renin Holdings, LLC (“Renin”), and IT’SUGAR, LLC (“IT’SUGAR”) . Bluegreen is a leading vacation ownership company that markets and sells VOIs and manages resorts in popular leisure and urban destinations. Bluegreen’s resort network includes 45 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 markets, sells and manages VOIs in resorts, which are generally located in popular, high-volume, “drive-to” vacation destinations, including Orlando, Las Vegas, Myrtle Beach, Charleston and New Orleans, among others. Through its points-based system, the approximately 216,000 owners in Bluegreen’s Vacation Club have the flexibility to stay at units available at its resorts and have access to over 11,000 other hotels and resorts through partnerships and exchange networks. 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 earns fees for providing sales and marketing services to third party developers. Bluegreen also earns fees by providing management services to the Vacation Club and homeowners’ associations (“HOAs”), mortgage servicing, VOI title services, reservation services, and construction design and development services. In addition, Bluegreen provides financing to FICO score-qualified purchasers of VOIs, which generates significant interest income. Prior to the fourth quarter of 2017, Woodbridge owned 100% of Bluegreen’s common stock. During the fourth quarter of 2017, Bluegreen completed an initial public offering (“IPO”) of its common stock in which Bluegreen sold to the public 3,736,723 shares of its common stock and Woodbridge, as a sell ing shareholder, sold to the public 3,736,722 shares of Bluegreen’s common stock. In addition, during the fourth quarter of 2018, Bluegreen repurchased and retired 288,532 shares of its common stock for $4.0 million. As a result of Bluegreen’s IPO and subsequent share repurchases , BBX Capita l owns approximately 90.3% of Bluegreen’s common stock through Woodbridge. BBX Capital Real Estate is engaged in the acquisition, development, construction, ownership, financing, and management of real estate and investments in real estate joint ventures . Included in the Company’s real estate investments is a 50% interest in The Altman Companies LLC, a developer and manager of multifamily apartment communities. Renin is engaged in the design, manufacture, and distribution of sliding doors, door systems and hardware, and home décor products and operates through its headquarters in Canada and two manufacturing and distribution facilities in the United States and Canada. IT’SUGAR is a specialty candy retailer which operates approximately 100 retail locations in over 25 states and Washington D.C., and its products include bulk candy, giant candy packaging, and novelty items that are sold at its retail locations, which include a mix of high-traffic resort and entertainment, lifestyle, mall/outlet, and urban locations. IT’SUGAR was acquired by the Company in June 2017 . In addition to its principal investments, the Company has other investments in various operating businesses, including restaurant locations throughout Florida and companies in the confectionery industry. |
Basis Of Presentation And Signi
Basis Of Presentation And Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Basis Of Presentation And Significant Accounting Policies | 2. Basis of Presentation and Significant Accounting Policies Consolidation Policy - The consolidated financial statements include the accounts of BBX Capital’s wholly-owned subsidiaries, other entities in which BBX Capital or its subsidiaries hold controlling financial interests, and any VIEs in which BBX Capital or one of its consolidated subsidiaries is deemed the primary beneficiary of the VIE. All significant inter-company accounts and transactions have been eliminated in consolidation. Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“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; the allowance for credit losses; the recovery of the carrying value of VOI inventories and real estate; the measurement of assets and liabilities at fair value, including amounts recognized in business combinations and items measured at fair value on a non-recurring basis, such as intangible assets, goodwill, and real estate; the amount of the deferred tax valuation allowance and accounting for uncertain tax positions; and the estimate of contingent liabilities related to litigation and other claims and assessments. Management bases its estimates on historical experience and on 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 2018. The Company’s adoption of the new revenue recognition accounting standard on a full retrospective basis required the Company to restate certain previously reported results. For further details regarding the impact of the adoption of the standard, see the “Recently Adopted Accounting Pronouncements” section below. In addition, the Company reclassified its loans receivable to other assets in its consolidated statement of financial condition. Loans receivable had an outstanding balance of $6.2 million and $19.5 million as of December 31, 2018 and 2017, respectively. Cash, Cash Equivalents, and Restricted Cash - Cash equivalents consist of demand deposits at financial institutions, money market funds, and other short-term investments with original maturities at the time of purchase of 90 days or less. Cash in excess of the Company’ immediate operating requirements are generally invested in short-term time deposits and money market instruments that typically have original maturities at the date of purchase of three months or less. Restricted cash consists primarily of customer deposits held in escrow accounts and cash collected on pledged/secured notes receivable not yet remitted to lenders. Cash and cash equivalents are maintained at various financial institutions located throughout the United States, as well as in Canada and Aruba, in amounts exceeding the $250,000 federally insured limit. Accordingly, the Company is subject to credit risk. Revenue Recognition Sales of VOIs – Revenue is recognized for sales of VOIs after control of the VOI is deemed transferred to the customer, which is when the legal rescission period has expired on a binding executed VOI sales agreement and the collectability of the note receivable from the buyer, if any, is reasonably assured. Transfer of control of the VOI to the buyer is deemed to occur when the legal rescission period expires as the risk and rewards associated with VOI ownership are transferred to the buyer at that time. The Company records Bluegreen’s customer deposits from contracts within the legal rescission period in restricted cash and escrow deposits in the Company’s consolidated statements of financial condition, as such amounts are refundable until the legal rescission period has expired. In cases where construction and development of Bluegreen’s developed resorts has not been substantially completed, Bluegreen defers all of the revenues and associated expenses for the sales of VOIs until construction is substantially complete and the resort may be occupied. Bluegreen generally offers qualified purchasers financing for up to 90% of the purchase price of VOIs. The typical financing provides for a term of ten years and a fixed interest rate, is fully amortizing in equal installments, and may be prepaid without penalty. For sales of VOIs for which Bluegreen provides financing, Bluegreen reduces the transaction price for expected credit losses, which it considers to be variable consideration. To the extent Bluegreen determines that it is probable that a significant reversal of cumulative revenue recognized may occur, it records an estimate of variable consideration as a reduction to the transaction price of the sales of VOIs until the uncertainty associated with the variable consideration is resolved. Bluegreen’s estimates of variable consideration are based on the results of its static pool analysis, which relies on historical payment data for similar VOI notes receivable and tracks uncollectibles for each period’s sales over the entire life of the notes. Bluegreen also considers whether historical economic conditions are comparable to then current economic conditions, as well as variations in underwriting standards. Bluegreen reviews its estimate of variable consideration on at least a quarterly basis. VOI sales where no financing is provided do not have any significant payment terms. 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. During each of the years presented, Bluegreen’s aggregate rental revenue and sampler revenue was less than the aggregate carrying cost of its VOI inventory. Accordingly, Bluegreen recorded such revenue as a reduction to the carrying cost of VOI inventory, which is included in cost of other fee-based services in the Company’s consolidated statements of operations and comprehensive income for each year. Fee-based sales commissions - Fee-based sales commission r evenue is recognized when a sales transaction with a VOI purchaser is consummated in accordance with the terms of the fee-based sales agreement with the third-party developer, it is probable that a significant reversal of such revenue will not occur, and the related consumer rescission period has expired. Other fee-based services and cost reimbursements - Revenue associated with Bluegreen’s other fee-based services is recognized as follows: · Resort and club management revenue and related cost reimbursements are recognized as services are rendered. These services provided to the resort HOAs are comprised of day-to-day services to operate the resort, including management services and certain accounting and administrative functions. Management services provided to the Vacation Club include managing the reservation system and providing owner, billing, and collection services. Bluegreen’s management contracts are typically structured as cost-plus, with an initial term of three years and automatic one-year renewals. Bluegreen believes these services to be a series of distinct goods and services to be accounted for as a single performance obligation over time and recognizes revenue as the customer receives the benefits of its services. Bluegreen allocates variable consideration to the distinct good or service within the series, such that revenue from management fees and cost reimbursements is recognized in each period as the uncertainty with respect to such variable consideration is resolved. · Resort title fee revenue is recognized when escrow amounts are released and title documents are completed. · Rental revenues are recognized on a daily basis, which is consistent with the period for which the customer benefits from such service. Revenue from the sampler program is typically recognized within a year from sale as guests complete stays at the resorts. · Mortgage servicing revenue is recognized as services are rendered. Fees received in advance are generally included in deferred income in the Company’s consolidated statement of financial condition until the related service is rendered and revenue is recognized as stated above. Trade sales – Revenue is recognized on trade sales as follows: · Revenue is recognized on wholesale trade sales when control of the products is transferred to customers, which generally occurs when the products are shipped or the customers accept delivery. Wholesale trade sales typically have payment terms between 10 and 90 days. Certain customer trade sale contracts have provisions for right of return, volume rebates, and price concessions. These types of discounts are accounted for as variable consideration, and the Company uses the expected value method to calculate the estimated reduction in the trade sales revenue. The inputs used in the expected value method include historical experience with the customer, sales forecasts, and outstanding purchase orders. · Revenue is recognized on retail trade sales at the point of sale, which occurs when products are sold at the Company’s retail locations. · Sales and other taxes imposed by governmental authorities that are collected by the Company from customers are excluded from revenue or the transaction price. Sales of real estate inventory - Revenue is generally recognized on sales of real estate inventory to customers when the sales are closed and title passes to the buyer. The Company generally receives payment from the sale of real estate inventory at the date of closing. In addition, certain real estate sales contracts provide for a contingent purchase price. The contingent purchase price in contracts pursuant to which the Company sells developed lots to homebuilders is generally calculated as a percentage of the proceeds that the homebuilders receive from sales to their own customers, and the Company does not receive payment of such amounts until the homebuilders close on such sales. The Company accounts for contingent purchase price as variable consideration and estimates the amount of such consideration that may be recognized upon the closing of the real estate transaction based on the expected value method. The estimate of variable consideration is recognized as revenue to the extent that it is not probable that a significant revenue reversal in the amount of cumulative revenue recognized will occur when the uncertainty associated with the variable consideration is subsequently resolved. The inputs used in the expected value method include current sales prices (net of incentives), historical contingent purchase price receipts, and sales contracts on similar properties. Interest income - Bluegreen provides financing for a significant portion of sales of its owned VOIs. Bluegreen recognizes interest income from financing VOI sales on the accrual method as earned based on the outstanding principal balance, interest rate, and terms stated in each individual financing agreement. Interest income from other loans receivable originated by the Company is recognized on accruing loans when management determines that it is probable that all of the principal and interest will be collected in accordance with the loan’s contractual terms. Interest income is recognized on non-accrual loans on a cash basis. Loans receivable are included in other assets in the Company’s statements of financial condition. Net gains on sales of real estate assets – Net gains on sales of real estate assets represents sales of assets to non-customers. Gains (or losses) are recognized from sales to non-customers when the control of the asset has been transferred to the buyer, which generally occurs when title passes to the buyer. Other revenue – Other revenue is primarily comprised of rental income from properties under operating leases. Rental income is recognized as rents become due, and rental payments received in advance are deferred until earned. Notes Receivable - Bluegreen’s n otes receivable are carried at amortized cost less an allowance for credit losses, and its loan origination costs are deferred and recognized over the life of the related notes receivable. Interest income is suspended, and previously accrued but unpaid interest income is reversed, on all delinquent notes receivable when principal or interest payments are more than 90 days contractually past due and is not resumed until such notes receivable are less than 90 days past due. After 120 days, Bluegreen’s notes receivable are generally written off against the allowance for credit loss. VOI Inventory - Bluegreen’s VOI inventory is primarily comprised of completed VOIs, VOIs under construction, and land held for future VOI development. Completed VOI inventory is carried at the lower of (i) cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest and 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, cost of sales is calculated as a percentage of net sales using a cost-of-sales percentage that is the ratio of total estimated development costs to total estimated VOI revenue, including the estimated incremental revenue from the resale of repossessed VOI inventory that is generally obtained as a result of the default of the related receivable. In addition, pursuant to timeshare accounting rules, Bluegreen does not relieve inventory for VOI cost of sales related to anticipated credit losses. Accordingly, no adjustment is made when inventory is reacquired upon default of the related receivable. Bluegreen also periodically evaluates the recoverability of the carrying amount of its undeveloped or under development resort properties 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 years presented. Trade Inventory – Trade inventory is measured at the lower of cost or market. Cost includes all costs of conversions, including materials, direct labor, production overhead, depreciation of equipment, and shipping costs. Raw materials are 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 cost of goods sold. 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 acquires real estate or takes possession or ownership of real estate through the foreclosure of collateral on loans receivable. Such real estate is classified as real estate held-for-sale, real estate held-for-investment, or real estate inventory. When real estate is classified as held-for-sale, it is initially recorded at fair value less estimated selling costs and subsequently measured at the lower of cost or estimated fair value less selling costs. When real estate is classified as held-for-investment, it is initially recorded at fair value and, if applicable, is depreciated in subsequent periods over its useful life using the straight-line method. Real estate is classified as real estate inventory when the property is under development for sale to customers and is measured at cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest and real estate taxes, and other costs incurred during the construction period. Expenditures for capital improvements are generally capitalized, while the ongoing costs of holding and operating real estate are charged to selling, general and administrative expenses as incurred. Impairments required on loans receivable at the time of foreclosure of real estate collateral are charged to the allowance for loan losses, while impairments of real estate required under ASC 360 to reflect subsequent declines in fair value are recorded as impairment losses in the Company’s consolidated 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 reflected on the statement of financial condition of an investor as a single amount, and an investor’s share of earnings or losses from its investment is reflected in the statement of operations as a single amount. The investment is initially measured at cost and subsequently adjusted for the investor’s share of the earnings or losses of the investee and di stributions received from the investee. The investor recognizes its share of the earnings or losses of the investee in the periods in which they are reported by the investee in its financial statements rather than in the period in which an investee declares a distribution . Intra-entity profits and losses on assets still remaining with an investor or investee are eliminated. The Company recognizes 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 joint ventures accounted for under the equity method that have commenced qualifying activities, such as real estate development projects. The capitalization of interest expense ceases when the investee completes its qualifying activities, and total capitalized interest expense cannot exceed interest expense incurred. The Company reviews its investments on an ongoing basis for indicators of other-than-temporary impairment. This determination requires significant judgment in which the Company evaluates, among other factors, the fair market value of the investments, general market conditions, the duration and extent to which the fair value of an investment is less than cost, and the Company’s intent and ability to hold an investment until it recovers. The Company also considers specific adverse conditions related to the financial health and business outlook of the investee, including industry and market performance, rating agency actions, and expected future operating and financing cash flows. If a decline in the fair value of an investment is determined to be other-than-temporary, an impairment 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. Property 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, fixtures, and equipment , from 3 to 5 year s 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 estimated useful lives of the improvements. Expenditures for new property, 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 developed for internal use is capitalized in accordance with the accounting guidance for costs of computer software developed or obtained for internal use. The capitalization of costs of software developed for internal use commences during the development phase of the project and ends when the software 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. The Company capitalized costs of software for internal use of $10.2 million and $6.2 million for the years ended December 31, 2018 and 2017, respectively. Goodwill and Intangible Assets Goodwill – The Company recognizes goodwill upon the acquisition of a business when the fair values of the consideration transferred and any noncontrolling interests in the acquiree are in excess of the fair value of the acquiree’s identifiable net assets. The Company tests goodwill for potential impairment on an annual basis as of December 31 or during interim periods if impairment indicators exist. The Company first assesses qualitatively whether it is necessary to perform goodwill impairment testing. Impairment testing is performed when it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The Company evaluates various factors affecting a reporting unit in its qualitative assessment, including, but not limited to, macroeconomic conditions, industry and market considerations, cost factors, and financial performance. Prior to January 1, 2017, the Company performed a two-step goodwill impairment test if management concluded from the qualitative assessment that testing was required, which was the case for certain of the Company’s reporting units during the year ended December 31, 2016. 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, associated with the reporting unit and consisted of comparing the implied goodwill in the reporting unit to its carrying amount. If the carrying amount of the goodwill exceeded the implied goodwill, the Company recorded an impairment for the excess amount. 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 adopted Accounting Standards Update (“ASU”) No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which amended Topic 350 and removed the second step of the two-step goodwill impairment test described above. Under the amended guidance, if the carrying amount of a reporting unit exceeds its fair value, the Company records an impairment for the excess amount, although the impairment loss is limited to the amount of goodwill allocated to the reporting unit. Intangible assets - Intangible assets consist primarily of indefinite-lived management contracts recognized upon the consolidation of Bluegreen in November 2009. The remaining balance in intangible assets includes various amortizable intangible assets that are amortized on a straight-line basis of their respective estimated useful lives, including trade names, non-competition agreements, and off-market lease agreements acquired in connection with business combinations that were initially recorded at fair value at the applicable acquisition date, as well as area development and franchise contracts that were initially recorded at cost. 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 amount. If it is more likely than not that the fair value of the indefinite-lived intangible asset is greater than its carrying amount, the indefinite-lived intangible asset is not impaired. If the Company concludes that it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, the Company estimates the fair value of the indefinite-lived intangible asset and compares the estimated fair value to the carrying amount. 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. To the extent that the carrying amount of an intangible asset exceeds the sum of such undiscounted cash flows, an impairment is measured and recorded based on 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 various factors, including historical losses, current market conditions, the customers' financial condition, the amount of receivables in dispute, and the current receivables aging and 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 and had an outstanding balance of $18.3 million and $16.0 million as of December 31, 2018 and 2017, respectively. Deferred Financing Costs – Deferred financing costs are comprised of costs incurred in connection with obtaining financing from third-party lenders and are presented in the Company’s consolidated statement of financial condition as other assets or as a direct deduction from the carrying amount of the associated debt liability. These costs are capitalized and amortized to interest expense over the terms of the related financing arrangements. As of December 31, 2018 and 2017, unamortized deferred financing costs presented in other assets totaled $5.6 million and $5.8 million, respectively, while unamortized costs presented against the associated debt liabilities totaled $9.1 million and $8.7 million, respectively. Interest expense from the amortization of deferred financing costs for the years ended December 31 2018, 2017 and 2016 was $3.5 million, $3.1 million, and $3.1 million, respectively. Advertising – The Company expenses advertising costs, which are primarily marketing costs, as incurred. Advertising expenses totaled $138.9 million, $148.6 million and $146.0 million for the years ended December 31, 2018, 2017 and 2016, respectively, and are included in selling, general and administ rative expenses in the accompanying consolidated statements of operations and comprehensive income. Bluegreen has entered into marketing arrangements with various third parties. For the years ended December 31, 2018, 2017 and 2016, sales of VOIs t o prospects and leads generated by Bass Pro accounted for approximately 14% , 15%, and 16% , respective ly, of total VOI sales volume. Income Taxes – The Company and its subsidiaries in which it owns 80% or more of the voting power and value of the subsidiary’s stock file a consolidated U.S. Federal and Florida income tax return. Other than Florida, the Company and its subsidiaries file separate or unitary 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. 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 recognized 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 reflect third parties’ ownership interests in ent |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 3. Revenue Recognition The table below sets forth the Company’s revenue disaggregated by category (in thousands): For the Years Ended December 31, 2018 2017 2016 Sales of VOIs $ 254,225 242,017 273,873 Fee-based sales commissions 216,422 229,389 201,829 Resort and club management revenue 99,535 91,080 84,318 Cost reimbursements 62,534 52,639 49,557 Title fees 12,205 14,742 13,838 Other customer revenue 6,284 5,997 5,292 Trade sales - wholesale 82,800 89,223 89,725 Trade sales - retail 96,686 52,862 6,114 Sales of real estate inventory 21,771 - - Revenue from customers 852,462 777,949 724,546 Interest income 85,501 83,708 85,747 Net gains on sales of real estate assets 4,563 1,451 3,213 Other revenue 5,067 6,462 8,647 Total revenues $ 947,593 869,570 822,153 |
Acquisitions And Mergers
Acquisitions And Mergers | 12 Months Ended |
Dec. 31, 2018 | |
Acquisitions And Mergers [Abstract] | |
Acquisitions And Mergers | 4. Acquisitions and Mergers Acquisition of IT’SUGAR On June 16, 2017, the Company acquired IT’SUGAR, a specialty candy retailer w ith approximately 100 retail locations in over 2 5 states and Washington, D . C . , 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 is 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 income before income taxes from the acquisition date to December 31, 2017 (in thousands): June 16, 2017 to December 31, 2017 Trade sales $ 46,765 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 associated with an acquiree 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 were 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 values 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 being amortized over 15 years, and the $0.2 million of favorable lease agreements and the $0.7 million of unfavorable lease agreements are being amortized over a weighted average period of 6.5 years. The noncompetition agreement is being 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 $ 178,643 172,612 142,085 95,839 Income before income taxes $ 93,273 74,594 92,601 78,986 Net income (1) $ 102,703 39,904 102,303 42,596 Net income attributable to shareholders (1) $ 84,356 27,136 83,925 29,430 (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 Class B Common Units of IT’SUGAR upon the occurrence of certain events, including events relating to the employment agreement between the Company 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 c onsolidated s tatement of f inancial c ondition. As the noncontrolling interests are not currently subject to redemption but are probable of becoming redeemable in a future period, the Company is measur ing 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 of such interests at such time. Employment and Loan Agreements In connection with the acquisition of IT’SUGAR, the Company 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 the Company 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 will be forgiven on an annual basis provided that IT’SUGAR’s CEO continues to remain employed with the Company 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 c onsolidated s tatement of f inancial c ondition. Merger of BCC On December 15, 2016, BBX Capital acquired all of the outstanding shares of BCC not previously owned by it . Pursuant 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 BBX Capital’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, BBX Capital paid to BCC’s shareholders a total of approximately $16.9 million of Cash Consideration and issued to BCC’s shareholders a total of approximately 12.0 million shares of its Class A Common Stock as Stock Consideration. BBX Capital held an approximately 82% equity interest in BCC prior to the Merger and, as a result of the Merger, owns 100% of BCC. The merger was accounted for as an equity transaction as the Company increased its ownership interest in BCC and retained its controlling financial interest. As a result, no gain or loss was recognized in the Company’s consolidated statement of operations and comprehensive income in connection with the merger, 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, BBX Capital adopted and assumed BCC’s 2014 Stock Incentive Plan, as amended, and BCC’s 2005 Restricted Stock and Option Plan, as amended (collectively, the “BCC Equity Plans”). Options and restricted stock awards granted under the BCC Equity Plans and outstanding at December 15, 2016, including those held by BBX Capital’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 re sult, pursuant to the terms of the Merger Agreement, 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 options to acquire 6,614 shares of BCC’s Class A Common Stock were exchanged for options to acquire 35,716 shares of BBX Capital’s Class A Common Stock as of December 31, 2016. |
Consolidated Variable Interest
Consolidated Variable Interest Entities | 12 Months Ended |
Dec. 31, 2018 | |
Consolidated Variable Interest Entities [Abstract] | |
Consolidated Variable Interest Entities | 5. 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 securitization. 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, 2018, Bluegreen was in compliance with all applicable terms under its securitization transactions, and no trigger events had occurred. In accordance with the 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 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 the 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. Bluegreen’s voluntary repurchases and substitutions of defaulted notes during 2018, 2017 and 2016 were $13.7 million, $9.5 million , and $6.5 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. The table below sets forth information related to the assets and liabilities of Bluegreen’s consolidated VIEs included in the Company’s consolidated statements of financial condition (in thousands): December 31, 2018 2017 Restricted cash $ 28,400 19,488 Securitized notes receivable, net 341,975 279,188 Receivable backed notes payable - non-recourse 382,257 336,421 The restricted cash and the securitized notes receivable balances disclosed in the table above are restricted to satisfy obligations of the VIEs. |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2018 | |
Notes Receivable [Abstract] | |
Notes Receivable | 6 . Notes Receivable The table below sets forth information relating to Bluegreen’s notes receivable and related allowance for credit losses (dollars in thousands): December 31, 2018 2017 Notes receivable: VOI notes receivable - non-securitized $ 124,642 184,971 VOI notes receivable - securitized 447,850 364,349 Notes receivable secured by homesites (1) 898 1,329 Gross notes receivable 573,390 550,649 Allowance for loan losses - non-securitized (28,258) (38,497) Allowance for loan losses - securitized (105,875) (85,161) Allowance for loan losses - homesites (1) (90) (133) Notes receivable, net $ 439,167 426,858 Allowance as a % of gross notes receivable 23% 22% (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 15.1% and 15.3% at December 31, 2018 and 2017, respectively. Bluegreen’s VOI notes receivable bear interest at fixed rates and are generally secured by property located in Florida, Missouri, Nevada, South Carolina, Tennessee, and Wisconsin. The table below sets forth 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, 2018 and thereafter (in thousands): December 31, 2018 2019 $ 61,093 2020 59,746 2021 63,759 2022 68,046 2023 70,472 Thereafter 250,274 Gross notes receivable $ 573,390 Credit Quality of Notes Receivable and the Allowance for Credit Losses Bluegreen monitors the credit quality of its receivables on an ongoing basis. Bluegreen holds large amounts of homogeneous VOI notes receivable and assesses uncollectibility based on pools of receivables as Bluegreen does not believe that there are significant concentrations of credit risk with any individual counterparty or groups of counterparties. In estimating credit losses, Bluegreen 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, 2018 2017 2016 Balance, beginning of period $ 123,791 120,270 114,187 Provision for loan losses 51,236 46,412 45,544 Write-offs of uncollectible receivables (40,804) (42,891) (39,461) Balance, end of period $ 134,223 123,791 120,270 The percentage of gross notes receivable outstanding by FICO score at origination was as follows: December 31, FICO Score 2018 2017 700+ 57.00 % 54.00 % 600-699 39.00 41.00 <699 3.00 3.00 No score (1) 1.00 2.00 Total 100.00 % 100.00 % (1) VOI notes receivables without a FICO score are primarily related to foreign borrowers. The table below sets forth information regarding the delinquency status of Bluegreen’s VOI notes receivable (in thousands): December 31, 2018 2017 Current $ 541,783 525,482 31-60 days 5,783 6,088 61-90 days 4,516 4,897 > 90 days (1) 20,410 12,853 Total $ 572,492 549,320 (1) Includes $14.3 million and $7.6 million as of December 31, 2018 and 2017, 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, 2018 | |
Trade Inventory [Abstract] | |
Trade Inventory | 7. Trade Inventory The Company’s trade inventory consisted of the following (in thousands): December 31, 2018 2017 Raw materials $ 2,718 3,320 Paper goods and packaging materials 1,122 865 Finished goods 16,270 19,717 Total trade inventory $ 20,110 23,902 |
VOI Inventory
VOI Inventory | 12 Months Ended |
Dec. 31, 2018 | |
VOI Inventory [Abstract] | |
VOI Inventory | 8. VOI Inventory Bluegreen’s VOI inventory consisted of the following (in thousands): December 31, 2018 2017 Completed VOI units $ 237,010 194,503 Construction-in-progress 26,587 22,334 Real estate held for future VOI development 70,552 64,454 Total VOI inventory $ 334,149 281,291 Bluegreen increased the average selling price of its VOIs by 3% in December 2018, 4% i n June 2017, and 5% in September 2016. 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 the years ended December 31, 2018, 2017, and 2016, Bluegreen recognized a benefit to cost of VOIs sold of $3.6 million, $5.1 million, and $5.6 million , respectively . |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Real Estate | 9. Real Estate The Company’s real estate consisted of the following (in thousands): December 31, 2018 2017 Real estate held-for-sale: Land $ 18,439 20,528 Rental properties - 6,181 Residential single-family 832 1,119 Other 931 - Total real estate held-for-sale 20,202 27,828 Real estate held-for-investment: Land 10,976 13,066 Other - 839 Total real estate held-for-investment 10,976 13,905 Real estate inventory 23,778 26,803 Total real estate $ 54,956 68,536 0 |
Investments In Unconsolidated R
Investments In Unconsolidated Real Estate Joint Ventures | 12 Months Ended |
Dec. 31, 2018 | |
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | |
Investments In Unconsolidated Real Estate Joint Ventures | 10 . Investments in Unconsolidated Real Estate Joint Ventures As of December 31, 2018, the Company had equity interests in unconsolidated real estate joint ventures involved in the development of multifamily apartment and townhome communities, as well as single-family master planned communities. In addition, the Company owns a 50% equity interest in The Altman Companies, LLC (the “Altman Companies”), a developer and manager of multifamily apartment communities. Investments in unconsolidated real estate joint ventures are accounted for as unconsolidated variable interest entities. See Note 5 for information regarding the Company’s investments in consolidated variable interest entities. Investments in unconsolidated real estate joint ventures consisted of the following (in thousands): December 31, December 31, 2018 Ownership (1) 2017 Ownership (1) Altis at Kendall Square, LLC $ 70 20.24 % 78 20.24 % Altis at Lakeline - Austin Investors LLC 4,531 34.47 4,156 33.74 Altis at Shingle Creek, LLC 83 2.50 338 2.50 Altis at Grand Central Capital, LLC 2,549 11.07 1,872 10.54 Altis Promenade Capital, LLC 2,195 6.61 962 5.00 Altis at Bonterra - Hialeah, LLC 21,602 96.73 19,566 95.00 Altis Ludlam - Miami Investor, LLC 675 33.30 - - Altis Suncoast Manager, LLC 1,857 33.30 - - Altis Pembroke Gardens, LLC 1,284 0.41 - - Altis Fairways, LLC 1,876 0.42 - - Altis Wiregrass, LLC 1,897 2.22 - - The Altman Companies, LLC (2) 14,893 50.00 - - ABBX Guaranty, LLC 2,500 50.00 - - New Urban/BBX Development, LLC 98 50.00 2,064 50.00 Sunrise and Bayview Partners, LLC 1,439 50.00 1,499 50.00 Hialeah Communities, LLC 182 57.00 473 57.00 PGA Design Center Holdings, LLC 691 40.00 1,862 40.00 CCB Miramar, LLC 1,575 35.00 1,225 35.00 The Addison on Millenia Investment, LLC 35 48.00 5,933 48.00 BBX/S Millenia Blvd Investments, LLC 137 90.00 5,611 90.00 Centra Falls, LLC 16 7.14 159 7.14 Centra Falls II, LLC 38 7.14 551 7.14 BBX/Label Chapel Trail Development, LLC 4,515 46.75 4,885 46.75 Total $ 64,738 51,234 (1) The Company’s ownership percentage in each real estate joint venture represent s the Company’s percentage of the contributed capital in each venture. The operating agreements for many of these ventures provide for a disproportionate allocation of distributions to the extent that certain investors receive specified returns on their investments, and as a result, these percentages do not necessarily reflect the Company’s economic interest in the expected distributions from such venture s . (2) The investment in The Altman Companies, LLC includes $2.3 million of transaction costs. Unconsolidated Variable Interest Entities In accordance with the applicable accounting guidance for the consolidation of VIEs, the Company analyzes its investments in real estate joint ventures to determine if such entities are VIEs, and to the extent that such entities are VIEs, if the Company is the primary beneficiary. Based on the Company’s analysis of the forecasted cash flows and structure of these ventures, including the respective operating agreements governing these entities, the Company has determined that its real estate joint ventures are VIEs in which the Company is not the primary beneficiary, and therefore, the Company accounts for its investments in the real estate joint ventures under the equity method of accounting. The Company’s conclusions are primarily based on the determination that the Company does not have the power to direct activities of the entities that most significantly affect their economic performance. In the majority of the joint ventures, the Company is not the operating manager and has limited protective rights under the operating agreements, while in certain joint ventures, the investors share decision-making authority in a manner that prevents any individual investor from exercising power over such entities. The Company’s maximum exposure to loss in its unconsolidated real estate joint ventures was $67.2 mill ion as of December 31, 2018. Basis Differences The aggregate difference between the Company’s net investments in unconsolidated real estate joint ventures and its underlying equity in the net assets of such ventures was $11.9 million as of December 31, 2018, which includes $10.3 million associated with the Company’s investment in the Altman Companies and seven multifamily apartment developments at fair value, as described below, and $1.6 million associated with the capitalization of interest on real estate development projects. The $10.3 million fair value basis adjustment was primarily assigned to goodwill and real estate assets in the amount of $2.9 million and $7.4 million, respectively. Equity in Net Earnings of Unconsolidated Real Estate Joint Ventures For the years ended December 31, 2018, 2017 and 2016, the equity earnings of unconsolidated real estate joint ventures was $ 14.2 million, $12.5 million and $1 2.2 million, respectively . Equity earnings for the year ended December 31, 2018 includes $ 9.3 million in equity earnings from The Addison on Millenia joint venture, which includes the Company’s share of the gain recognized by the venture upon the sale of its multifamily apartment facility. Equity earnings for the year ended December 31, 2017 and 2016 includes $11.0 million and $8.5 million, respectively, in equity earnings from the Hialeah Communities joint venture, which reflects the Company’s share of the profits recognized by the venture upon the sale of single-family homes in its master planned community. The Altman Companies, LLC In November 2018, the Company acquired a 50% equity interest in The Altman Companies, LLC (the “Altman Companies”), a joint venture between the Company and Joel Altman (“JA”) engaged in the development, construction, and management of multifamily apartment communities, for cash consideration of $14.6 million, including $2.3 million in transaction costs. The Altman Companies owns 100% of the membership interests in Altman Development Company and Altman Management Company and 60% of the membership interests in Altman-Glenewinkel Construction and generates revenues from the performance of development, general contractor, leasing, and property management services to joint ventures that are formed to invest in development projects originated by the platform. In addition, BBXRE and JA invest in the managing member of such joint ventures based on their relative ownership percentages in the Altman Companies. Pursuant to the operating agreement of the Altman Companies, the Company will acquire an additional 40% equity interest in the Altman Companies from JA for a purchase price of $9.4 million in January 2023, while JA can also, at his option or in other predefined circumstances, require the Company to purchase his remaining 10% equity interest in the Altman Companies for $2.4 million. However, JA will retain his membership interests, including his decision making rights, in the managing member of any development joint ventures that are originated prior to the Company’s acquisition of additional equity interests in the Altman Companies. In addition, in certain circumstances, the Company may acquire the 40% membership interests in Altman-Glenewinkel Construction that are not owned by the Altman Companies for a purchase price based on prescribed formulas in the operating agreement of Altman-Glenewinkel Construction. Under the terms of the operating agreement of the Altman Companies, the venture is being jointly managed by the Company and JA until the Company’s acquisition of the additional 40% equity interest from JA, with the partners sharing decision making authority for all significant operating and financing decisions. To the extent that the parties cannot reach consensus on a matter, the operating agreement generally provides that a third party will resolve such matter; however, for certain decisions, the operating agreement provides that the venture cannot proceed with such matters without approval from both parties. In connection with its investment in the Altman Companies, the Company acquired interests in the managing member of seven multifamily apartment developments, including four developments in which the Company had previously invested as a non-managing member, for aggregate cash consideration of $8.8 million. In addition, the Company and JA each contributed $2.5 million to ABBX Guaranty, LLC, a newly formed joint venture established to provide guarantees on the indebtedness and construction cost overruns of new real estate joint ventures formed by the Altman Companies. Summarized Financial Information of Certain Unconsolidated Real Estate Joint Ventures The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Addison on Millenia joint venture (in thousands): December 31, 2018 2017 Assets Cash $ 68 427 Properties and equipment - 40,381 Other assets 86 117 Total assets $ 154 40,925 Liabilities and Equity Notes payable $ - 27,139 Other liabilities 12 2,161 Total liabilities 12 29,300 Total equity 142 11,625 Total liabilities and equity $ 154 40,925 For the Years Ended December 31, 2018 2017 2016 Net gains on sales of real estate assets $ 22,203 - - Other revenue 3,858 1,303 - Total revenues $ 26,061 1,303 - Total expenses (2,266) (1,794) - Net earnings (losses) $ 23,795 (491) - Equity in net earnings of unconsolidated real estate joint venture - The Addison at Millenia Investment, LLC $ 9,283 (146) - The tables below set forth financial information, including condensed statements of financial condition and operations, related to the Hialeah Communities joint venture (in thousands): December 31, 2018 2017 Assets Cash $ 675 1,750 Real estate inventory - 221 Properties and equipment - - Other assets - 137 Total assets $ 675 2,108 Liabilities and Equity Notes payable $ - 161 Other liabilities 277 1,347 Total liabilities 277 1,508 Total equity 398 600 Total liabilities and equity $ 675 2,108 For the Years Ended December 31, 2018 2017 2016 Total revenues $ 406 80,407 84,860 Costs of sales (64) (51,072) (62,315) Other expenses (44) (5,134) (4,562) Net earnings (losses) $ 298 24,201 17,983 Equity in net earnings of unconsolidated real estate joint venture - Hialeah Communities, LLC $ 55 11,043 8,476 |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property And Equipment [Abstract] | |
Property And Equipment | 11. Property and Equipment The Company’s property and equipment consisted of the following (in thousands): December 31, 2018 2017 Land, building and building improvements $ 80,887 67,538 Leasehold improvements 41,278 32,419 Office equipment, furniture, fixtures and software 86,759 74,261 Transportation 3,097 670 212,021 174,888 Accumulated depreciation (72,393) (62,959) Property and equipment, net $ 139,628 111,929 The Company’s selling, general and administrative expenses and cost of trade sales for the years ended December 31, 2018, 2017, and 2016 included approximately $20.2 million , $15.6 million, and $11.7 million, respectively, of depreciation expense. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | 12. Goodwill and Intangible Assets Goodwill The activity in the balance of the Company’s goodwill was as follows (in thousands): For the Years Ended December 31, 2018 2017 2016 Balance, beginning of period $ 39,482 6,731 7,601 Acquisitions 1,727 35,164 - Impairment losses (3,961) (2,413) (870) Balance, end of period $ 37,248 39,482 6,731 The Company recognized $1.7 million of goodwill in connection with the acquisition of an operating business through a loan foreclosure during the year ended December 31, 2018 and $35.2 million of goodwill in connection with the acquisition of IT’SUGAR during the year ended December 31, 2017. The goodwill associated with IT’SUGAR is included in the Company’s IT’SUGAR reportable segment, while the remaining goodwill relates to operating businesses included in the “Other” category for segment reporting. During the years ended December 31, 2018, 2017, and 2016, the Company determined that the fair values of certain of its operating businesses in the confectionery industry were below their respective carrying values as of the applicable testing dates and recognized goodwill impairment losses of $4.0 million, $2.4 million, and $0.9 million, respectively. As described in Note 2, the goodwill impairment losses recognized during the year ended December 31, 2018 and 2017 were 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 these operating businesses in the confectionary industry and the related recognition of goodwill impairment losses primarily resulted from ongoing losses in these operations and various strategic initiatives related to such businesses, including the consolidation of manufacturing facilities, a reduction in corporate personnel and infrastructure, and the elimination of various unprofitable brands. Intangible Assets The Company’s intangible assets consisted of the following (in thousands): December 31, Class 2018 2017 Intangible assets: Management contracts $ 61,293 61,293 Trademarks 8,522 8,471 Customer relationships 70 70 Lease premium 2,313 2,313 Franchise agreements 740 640 Other 777 777 73,715 73,564 Accumulated amortization (4,005) (3,115) Total intangible assets $ 69,710 70,449 Management 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, which range from 12 to 20 years. The off-market lease intangibles are amortized using the straight-line method over the remaining lease terms following the acquisition date of the related lease agreements, which is 5 to 9 years. The Company has entered into franchise agreements with a franchisor, and the costs related to these agreements are amortized using the straight-line method over their expected useful lives, which range from 7 to 10 years. Amortization Expense The Company’s selling, general and administrative expenses for the years ended December 31, 2018, 2017 and 2016 included approximately $0.8 million , $0.9 million and $0.9 million, respectively, of amortization expense associated with intangible assets . The table below sets forth the estimated aggregate amortization expense of intangible assets during each of the five years subsequent to December 31, 2018 (in thousands): Years Ending December 31, Total 2019 799 2020 799 2021 778 2022 725 2023 647 Impairment Testing The Company tests amortizable intangible assets for recoverability whenever events or changes in circumstances indicate that the carrying amount of an intangible asset, or an asset group which includes an intangible asset, may not be recoverable. Due to ongoing losses associated with certain of the Company’s operating businesses in the confectionery industry and strategic initiatives related to such businesses, as described above, the Company tested certain asset groups associated with these businesses for recoverability during the years ended December 31, 2018, 2017 and 2016 and determined that the carrying amounts of certain asset groups exceeded the estimated undiscounted future cash flows expected to result from the use of such assets during the years ended December 31, 2017 and 2016. As a result, during the years ended December 31, 2017 and 2016, the Company recognized intangible asset impairment losses of $1.9 million and $1.5 million, respectively. The Company did not recognize any intangible asset impairment losses during the year ended December 31, 2018 . The intangible asset impairment losses were measured based on the amount by which the carrying amounts of the intangible assets exceeded their respective estimated fair values . Valuation Methods for Goodwill and Intangible Asset Impairment Testing The Company utilizes a 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 ten -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 enterprise value to revenue and enterprise value to earnings before interest, taxes, depreciation and amortization (“EBITDA”). Based on the inputs, multiples of revenue and EBITDA are derived to approximate the fair value of the reporting unit. To the extent that impairment testing was required, the Company estimated the fair values of certain of its trademark and customer relationship intangible assets. The relief from royalty valuation method, a form of the income approach, was used to estimate the fair value of trademarks. The fair value of trademarks was determined by calculating the present value of the expected future estimated royalty payments that would have to be paid if the trademarks 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 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. Inherent in the Company’s determinations of fair value are certain judgments and estimates relating to future cash flows, including the Company’s assessment of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operating businesses. Due to the uncertainties associated with such evaluations, actual results could differ materially from such estimates. Other During the year ended December 31, 2018, the Company ceased operations at its candy manufacturing facility in Utah and incurred various costs in connection with this initiative, including severance costs for certain employees. In addition, the Company remains liable under its lease agreement for the manufacturing facility, which has estimated future minimum rental payments of $2.1 million as of December 31, 2018, and has recognized a lease liability of $1.0 million that is included in other liabilities in the Company’s consolidated statement of financial condition as of December 31, 2018. The Company is also continuing to evaluate its wholesale businesses in the confectionery industry. To the extent that the Company decides to divest of or otherwise exit certain of these operations, the Company may recognize additional impairment charges and incur additional costs in future periods. As of December 31, 2018, the net book value of the Company’s wholesale businesses in the confection ery industry was $5.7 million. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt [Abstract] | |
Debt | 13. Debt The table below sets forth the contractual minimum principal payments of debt during each of the five years subsequent to December 31, 2018 and thereafter (in thousands): Notes Receivable Receivable Payable and Backed Backed Junior and Other Notes Payable - Notes Payable - Subordinated Borrowings Recourse Non-recourse Debentures Total 2019 $ 68,159 - - - 68,159 2020 13,251 - - - 13,251 2021 84,462 7,262 - - 91,724 2022 11,916 12,346 - - 24,262 2023 2,423 30,617 - - 33,040 Thereafter 23,013 26,449 389,064 177,129 615,655 203,224 76,674 389,064 177,129 846,091 Unamortized debt issuance costs (2,337) - (6,807) (1,200) (10,344) Unamortized purchase discount - - - (39,504) (39,504) Total Debt $ 200,887 76,674 382,257 136,425 796,243 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. Notes Payable and Other Borrowings The table below sets forth information regarding the Company’s notes payable and other borrowings (dollars in thousands): December 31, 2018 December 31, 2017 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Bluegreen: 2013 Notes Payable $ 28,125 5.50% $ 22,878 $ 46,500 5.50% $ 29,403 Pacific Western Term Loan - - - 2,715 6.72% 9,884 Fifth Third Bank Note 3,834 5.34% 7,892 4,080 4.36% 8,071 NBA Line of Credit - - - 5,089 4.75% 15,260 NBA Éilan Loan 25,603 5.60% 35,615 - - - Fifth Third Syndicated Line of Credit 55,000 5.27% 92,415 20,000 4.27% 75,662 Fifth Third Syndicated Term Loan 22,500 5.37% 27,724 23,750 4.32% 23,960 Unamortized debt issuance costs (1,671) (1,940) Total Bluegreen $ 133,391 $ 100,194 Other: Community Development District Obligations $ 24,583 4.25 -6.00% $ 23,778 $ 21,435 4.50 -6.00% $ 26,803 TD Bank Term Loan and Line of Credit 8,117 5.47% (1) 12,890 4.02% (1) Anastasia Note Payable - - 1,471 5.00% (1) Iberia $50.0 million Revolving Line of Credit 30,000 5.35% (2) - - - Iberia $5.0 million Revolving Line of Credit - - - 3,820 4.12% (1) Banc of America Leasing & Capital Equipment Note 555 4.75% (3) - - - Unsecured Note 3,400 6.00% (4) 3,400 6.00% (4) Other 1,507 5.25% 1,968 1,544 5.25% 1,993 Unamortized debt issuance costs (666) (640) Total other $ 67,496 $ 43,920 Total notes payable and other borrowings $ 200,887 $ 144,114 (1) The collateral is a blanket lien on the respective company’s assets. (2) The collateral is membership interests in Woodbridge having a value of not less than $100.0 million. (3) The collateral is a security interest in the equipment financed by the underlying note. Additionally, IT’SUGAR is guarantor on the note. (4) BBX Capital is guarantor on the 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 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 had a non-revolving term loan with Pacific Western Bank (the “Pacific Western Term Loan”) that was secured by unsold inventory and undeveloped land at the Bluegreen Odyssey Dells Resort. During the year ended December 31, 2018, Bluegreen repaid in full the then outstanding balance of the Pacific Western Term Loan. Fifth Third Bank Note Payable - In April 2008, Bluegreen entered into a note payable with Fifth Third Bank (the “Fifth Third Bank Note Payable”) 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 had a revolving line of credit with NBA (the “NBA Line of Credit”) with a borrowing limit of $20 million. The NBA Line of Credit provided for a revolving advance period expiring in September 2020 and maturity in March 2025 and was secured by unsold inventory and a building under construction at Bluegreen/Big Cedar Vacations’ The Cliffs at Long Creek Resort. During the year ended December 31, 2018, Bluegreen repaid in full the then outstanding balance of the NBA Line of Credit. In connection with such repayment, availability under the NBA Receivables Facility described below was increased by $20.0 million, and there is no further availability under this line. NBA Éilan Loan – In April 2018, Bluegreen purchased the Éilan Hotel & Spa in San Antonio, Texas for approximately $34.3 million. In connection with the acquisition, Bluegreen entered into a non-revolving acquisition loan with NBA (the “NBA Éilan Loan”). The NBA Éilan Loan provides for advances of up to $27.5 million, $24.3 million of which was used to fund the acquisition of the resort, $1.7 million of which was used to fund certain improvement costs, and up to an additional $1.5 million , which may be drawn upon through April 2019, to fund certain future improvement costs. Principal payments will be effected through release payments from sales of VOIs at the Éilan Hotel & Spa that serve as collateral for the NBA Éilan Loan, subject to a minimum amortization schedule, with the remaining balance due at maturity in April 2023. Borrowings under the NBA Éilan Loan bear interest at an annual rate equal to one-month LIBOR plus 3.25% , subject to a floor of 4.75% . Fifth Third Syndicated Line of Credit and Fifth Third Syndicated Term Loan - In December 2016, Bluegreen entered into a $100.0 million syndicated credit facility with Fifth Third Bank as administrative agent and lead arranger and certain other bank participants as lenders. The facility includes a $75.0 million revolving line of credit (the “Fifth Third Syndicated Line of Credit”) and a $25.0 million term loan (the “Fifth Third Syndicated Term Loan”) with quarterly amortization requirements. Amounts borrowed under the facility generally bear interest at LIBOR plus 2.75% - 3.75% depending on Bluegreen’s lev erage ratio, are collateralized by certain of Bluegreen’s VOI inventory, sales center buildings, management fees and short-term receivables, and will mature in December 2021. 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 Company’s development of the Beacon Lakes Community, The Meadow View at Twin Creeks CDD (the “Beacon Lakes CDD”) was formed by St. Johns County, Florida to use bond financing to fund construction of infrastructure improvements at the Beacon Lakes Community. The Beacon Lakes CDD issues bonds periodically to fund ongoing construction of the Beacon Lakes Community, and in February 2019, November 2018 and November 2016, the Beacon Lakes CDD issued $8.1 million, $16.5 million and $21.4 million, respectively, of bonds. The obligation to pay principal and interest on the bonds issued by the Beacon Lakes CDD is assigned to each parcel within the CDD, and the Beacon Lakes CDD has a lien on each parcel. If the owner of the parcel does not pay this obligation, the Beacon Lakes CDD can foreclose on the lien. The CDD bond obligations, including interest and the associated lien on the property, are typically payable, secured and satisfied by revenues, fees or assessments levied on the property benefited. The total amount of CDD bond obligations outstanding with respect to the Beacon Lakes Community was $24.6 million as of December 31, 2018. The assessments to be levied by the CDD are fixed or determinable amounts. The CDD bond obligations outstanding as of December 31, 2018 have fixed interest rates ranging from 4.25% to 6.00% and mature at various times during the years 2026 through 2049. The Company at its option has the ability to repay a specified portion of the bonds at the time that it sells developed lots in the Beacon Lakes Community. Upon the issuance of CDD bond obligations by the Beacon Lakes CDD, the Company records an obligation for the CDD bond obligations with a corresponding increase in other assets. The CDD bonds are secured by a lien on the Beacon Lakes property which is included in “Real Estate” in the Company’s Consolidated Statement of Financial Condition with a carrying amount of $23.8 million as of December 31, 2018. 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, 2018 and 2017 was $11.4 million and $9.5 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 - Renin maintain s a credit facility with TD Bank. Under the terms and conditions of the credit facility, TD Bank provides 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. 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, 2018, the amount outstanding under the revolving credit facility was $7.0 million and is scheduled to mature in September 2019. The term loans were funded in three tranches aggregating $1.6 million through July 2017 . Amounts outstanding under the term loans bear interest at fixed interest rates ranging from 5.8% to 6.2% 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 Ju ly 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, as defined in the facility. 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. Anastasia Note Payable – In 2014, the Company acquired the outstanding common shares of Anastasia Confections, LLC (“Anastasia”), an operating business in the confectionery industry, and a portion of the purchase price was funded through the issuance of a $7.5 million note payable to the seller (the “Anastasia Note Payable”) that was guaranteed by the Company. During the year ended December 31, 2018, the Company repaid in full the then outstanding balance of the Anastasia Note Payable. Iberia $50.0 million Revolving Line of Credit - On March 6, 2018, BBX Capital, BCC , Woodbridge, and certain other wholly-owned subsidiaries of the Company entered into a Loan and Security Agreement and related agreements with Iberiabank (“Iberia”), as administrative agent and lender, and City National Bank of Florida, as lender, w hich provide for a $50.0 million revolving line of credit. Amounts borrowed under the facility 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 a twelve month renewal option at BBX Capital’s request, subject to the 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, BBX Capital is 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. In January 2019, the Company repaid the $30.0 million outstanding balance on the facility as of December 31, 2018. Iberia $5.0 million Revolving Line of Credit – A wholly-owned subsidiary of the Company previously had a revolving line of credit with Iberia that was secured by the assets of various subsidiaries and guaranteed by BBX Capital . During the year ended December 31, 2018, the Company repaid in full the then outstanding balance of the line of credit. Banc of America Leasing & Capital Equipment Note – In September 2018, IT’SUGAR entered into a Master Loan and Security Agreement with Banc of America Leasing & Capital, LLC which sets forth the terms and conditions pursuant to which IT’SUGAR may borrow funds to purchase equipment under one or more equipment security notes. The agreement contains customary representations and covenants. Each equipment note constitutes a separate, distinct and independent financing of equipment, is secured by a security interest in the purchased equipment, and is an unconditional contractual obligation of IT’SUGAR. As of December 31, 2018, there was one equipment note outstanding with a balance of $0.6 million. The equipment note bears interest at a fixed rate of 4.75% per annum and is payable in 36 consecutive monthly principal and interest installments of $18,516 with a maturity date of September 2021. The equipment note is subject to a prepayment charge equal to one percent of the amount prepaid multiplied by the number of years or fraction thereof for the then remaining equipment note term. Bank of America Revolving Line of Credit - In August 2018, IT’SUGAR entered into a revolving credit facility with Bank of America. Under the terms and conditions of the credit facility, Bank of America has agreed to provide a revolving line of credit to IT’SUGAR for up to $4.0 million based on available collateral, as defined by the credit facility, and subject to IT’SUGAR’s compliance with the terms and conditions of the credit facility, including certain specific financial covenants. The revolving credit facility is available through August 2021, and amounts outstanding bear interest at a LIBOR daily floating rate plus 1.50% or a monthly LIBOR rate subject to the terms and conditions of the credit facility. Payments of interest only are payable monthly. There were no borrowings outstanding under the credit facility as of December 31, 2018. Under the terms and conditions of this revolving line of credit, IT’SUGAR is required to comply with certain financial covenants, including quarterly and annual debt service coverage ratios. The facility also contains various covenants, including those that, among other things, limit the ability of IT’SUGAR to incur liens, make certain investments, or engage in certain asset acquisitions or dispositions. 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 real estate joint venture, in which the subsidiary has a 46.75% equity interest. The unsecured note was part of the subsidiary’s initial capital contribution to the venture. The note is not secured by the Company’s equity interest in the joint venture or the venture’s underlying 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 matures in October 2022. Other – Other notes payable is a term loan payable by a wholly-owned subsidiary of the Company. The loan had an outstanding balance of $1.5 million as of December 31, 2018 and 2017, respectively, and is collateralized by land and buildings that had a carrying value of $2.0 million as of December 31, 2018 and 2017 . The Company is a guarantor on this note payable. Receivable-Backed Notes Payable The table below sets forth information regarding Bluegreen’s receivable-backed notes payable facilities (dollars in thousands): December 31, 2018 December 31, 2017 Principal Principal Balance of Balance of Pledged/ Pledged/ Debt Interest Secured Debt Interest Secured Balance Rate Receivables Balance Rate Receivables Receivable-backed notes payable - recourse: Liberty Bank Facility $ 17,654 5.25% $ 22,062 $ 24,990 5.00% $ 30,472 NBA Receivables Facility 48,414 5.27% 57,805 44,414 4.10% 53,730 Pacific Western Facility 10,606 5.52% 13,730 15,293 6.00% 19,516 Total $ 76,674 $ 93,597 $ 84,697 $ 103,718 Receivable-backed notes payable - non-recourse: KeyBank/DZ Purchase Facility $ - - $ - $ 16,144 4.31% $ 19,866 Quorum Purchase Facility 40,074 4.75 -5.50% 45,283 16,771 4.75 -6.90% 18,659 2012 Term Securitization 15,212 2.94% 16,866 23,227 2.94% 25,986 2013 Term Securitization 27,573 3.20% 29,351 37,163 3.20% 39,510 2015 Term Securitization 44,230 3.02% 47,690 58,498 3.02% 61,705 2016 Term Securitization 63,982 3.35% 72,590 83,142 3.35% 91,348 2017 Term Securitization 83,513 3.12% 95,877 107,624 3.12% 119,582 2018 Term Securitization 114,480 4.02% 125,916 - - - Unamortized debt issuance costs (6,807) - - (6,148) - Total $ 382,257 $ 433,573 $ 336,421 $ 376,656 Total receivable-backed debt $ 458,931 $ 527,170 $ 421,118 $ 480,374 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. On March 12, 2018, the Liberty Bank Facility was amended and restated to extend the revolving credit period from March 2018 to March 2020, extend the maturity date from November 2020 until March 2023, and amend the interest rate on borrowings as described below. Subject to its terms and conditions, the Liberty Bank Facility provides for 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, during the revolving credit period of the facility. Maximum permitted outstanding borrowings under the Liberty Bank Facility are $50.0 million, subject to the terms of the facility. Through March 31, 2018, borrowings under the Liberty Bank Facility accrued interest at the Wall Street Journal (“WSJ”) Prime Rate plus 0.50% per annum, subject to a 4.00% floor. Pursuant to the March 2018 amendment to the Liberty Bank Facility, effective April 1, 2018, all borrowings outstanding under the facility accrue interest at an annual rate equal to the WSJ Prime Rate, subject to a 4.00% floor. Subject to the terms of the facility, principal and interest on borrowings under the Liberty Bank Facility are paid as cash is collected on the pledged receivables, with the remaining balance being due by maturity. 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 $70.0 million. 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% ). Subject to the terms of the facility, principal and interest payments received on pledged receivables are applied to principal and interest due under the facility, with the remaining outstanding balance being due by maturity. 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, subject to eligible collateral and customary terms and conditions. On August 15, 2018, the Pacific Western Facility was amended to extend the revolving advance period from September 2018 to September 2021, extend the maturity date from September 2021 until September 2024 (in each case 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 believes are typically consistent with loans originated under its 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. In addition, pursuant to the amendment, effective September 21, 2018, all borrowings outstanding under the Pacific Western facility accrue interest at an annual rate equal to 30-day LIBOR plus 3.00% ; provided, however, that a portion of the borrowings, to the extent such borrowings are in excess of established debt minimums, will accrue interest at 30-day LIBOR plus 2.75% . Subject to the terms of the facility, 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 being due by maturity . 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 VOI notes receivable purchase facility (the “Quorum Purchase Facility”) with Quorum Federal Credit Union (“Quorum”), p ursuant to which Quorum agreed to purchase eligible VOI notes receivable in an amount of up to an aggregate $50.0 million purchase price, subject to certain conditions precedent and other terms of the facility. On April 6, 2018, the Quorum Purchase Facility was amended to extend the revolving purchase period from June 30, 2018 to June 30, 2020, and provided for a fixed interest rate of 4.95% per annum on advances made through September 30, 2018. The interest rate on advances made after September 30, 2018 under the Quorum Purchase Facility will be set at the time of funding based on rates mutually agreed upon by all parties. The amendment also reduced the loan purchase fee from 0.50% to 0.25% and extended the maturity of t he Quorum Purchase Facility from December 2030 to December 2032. Of the amounts outstanding under the Quorum Purchase Facility at December 31 , 2018, $4.0 m illion accrues interest at a rate per annum of 4.75% , $31.1 million accrues interest at a rate per annum of 4.95% , $2.5 million accrues interest at a rate per annum of 5.0% , and $2.0 million accrues interest at a rate per annum of 5.5% . The Quorum Purchase Facility provides for an 85% advance rate on eligible receivables sold under the facility; however , Quorum can modify this advance rate on future purchases subject to the terms and conditions of the Quorum Purchase Facility. Eligibility requirements for VOI notes receivable sold include, among others, that the obligors under the VOI 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 VOI notes receivable 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 VOI notes receivable. While ownership of the VOI notes receivable included in the Quorum Purchase 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. 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”). The 2017 Term Securitization consisted of the issuance of two tranches of VOI receivable-backed 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. 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 then 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 receivable is 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 VOI notes receivable transferred under the 2017 Term Securitization (excess meaning after payments of customary fees, interest, and principal under the 2017 Term Securitization) on a pro-rata basis as borrowers make payments on their VOI notes receivable. 2018 Term Securitization - In October 2018, Bluegreen completed the 2018 Term Securitization, a private offering and sale of approximately $117.7 million of investment-grade, VOI receivable-backed notes (the "Notes"), including approximately $49.8 million of Class A Notes, approximately $33.1 million of Class B Notes and approximately $34.8 million of Class C Notes with interest rates of 3.77% , 3.95% and 4.44% , respectively, which blends to an overall weighted average interest rate of approximately 4.02% . The gross advance rate for this transaction was 87.2% . The Notes mature in February 2034. The amount of the VOI notes receivables sold to BXG Receivables Note Trust 2018 (the “Trust”) was approximately $135.0 million, approximately $109.0 million of which was sold to the Trust at closing, approximately $23.9 million of which was subsequently sold to the 2018 Trust in 2018 , and the rem a inder of which was sold to the Trust in January 2019. The gross proceeds of such sales to the Trust were approximately $117.7 million. A portion of the proceeds received at the closing was used to: repay KeyBank and DZ |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | 14. 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, 2018 2017 2016 U.S. $ 88,284 92,115 78,579 Foreign (852) 486 407 Total $ 87,432 92,601 78,986 The Company’s provision for income taxes consisted of the following (in thousands): For the Years Ended December 31, 2018 2017 2016 Current: Federal $ 676 1,211 (339) State 3,519 1,767 1,014 4,195 2,978 675 Deferred: Federal 22,824 (14,368) 36,404 State 4,620 1,688 (689) 27,444 (12,680) 35,715 Provision (benefit) for income taxes $ 31,639 (9,702) 36,390 The table below sets forth a reconciliation of the Company's expected Federal income tax provision to the actual provision for income taxes (dollars in thousands): For the Years Ended December 31, 2018 (1) 2017 (1) 2016 (1) Income tax provision at expected federal income tax rate $ 18,360 21.00 % $ 32,410 35.00 % $ 27,646 35.00 % Increase (decrease) resulting from: Provision for state taxes, net of federal effect 6,446 7.37 3,607 3.90 529 0.67 Effect of federal rate change-2017 tax reform - - (45,267) (48.88) - - Taxes related to noncontrolling interests in subsidiaries not consolidated for income tax purposes (2,519) (2.88) (4,467) (4.82) (3,432) (4.35) Nondeductible executive compensation 8,421 9.63 4,309 4.65 7,301 9.24 Bluegreen initial public offering - - 1,467 1.58 - - SEC penalty - - (1,593) (1.72) - - Increase in valuation allowance 266 0.30 25 0.03 3,807 4.82 Other – net 665 0.76 (193) (0.21) 539 0.68 Provision (benefit) for income taxes $ 31,639 36.18 % $ (9,702) (10.47) % $ 36,390 46.06 % (1) Expected tax is computed based upon income before income taxes. The Company’s deferred income taxes consisted of the following significant components (in thousands): December 31, 2018 2017 2016 Deferred tax assets: Allowance for loan losses, tax certificate losses and write-downs for financial statement purposes $ 29,969 25,604 43,729 Federal and State NOL and tax credit carryforward (1) 97,102 132,650 194,051 Real estate valuation 7,519 9,117 16,828 Share based compensation - 24 232 Property and equipment - 1,642 3,015 Other 7,394 7,365 11,183 Total gross deferred tax assets 141,984 176,402 269,038 Valuation allowance (1) (86,533) (86,267) (107,169) Total deferred tax assets 55,451 90,135 161,869 Deferred tax liabilities: Installment sales treatment of notes 104,126 100,717 152,074 Intangible assets 14,162 14,322 24,501 Junior subordinated debentures 9,378 9,144 16,349 Deferral of VOI sales and costs under timeshare accounting 8,654 10,071 15,150 Property and equipment 3,351 - - Other 2,143 3,849 5,469 Total gross deferred tax liabilities 141,814 138,103 213,543 Net deferred tax liability (86,363) (47,968) (51,674) Less net deferred tax liability at beginning of period 47,968 51,674 15,939 Reclassify alternative minimum tax credit to other assets 11,169 - - Bluegreen initial public offering - 11,988 - Cumulative effect for excess tax benefits recognized in accumulated earnings associated with share based compensation - (3,054) - Other (235) - - Less change in net deferred tax liability for amounts included in other comprehensive income 17 40 20 (Provision) benefit for deferred income taxes $ (27,444) 12,680 (35,715) (1) Federal and state NOLs and the related valuation allowances at December 31, 2017 and 2016 were decreased by $16.0 million and $24.6 million, respectively, from amounts reflected in the Company’s prior period financial statements to reflect the write-off of NOLs subject to the Section 382 limitation that cannot be utilized before expiration (which is discussed in further detail below). Impact of the Tax Reform Act On December 22, 2017, the Tax Reform 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 Reform Act permanently lower ed the federal corporate tax rate to 21% from the previous maximum rate of 35% , effective for tax years commencing January 1, 2018. As a result of the Tax Reform Act, SAB 118 and ASU 2018-05 were issued to address the application of ASC 740 in situations in which an entity 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 Reform Act. Under this guidance, an entity may record provisional amounts for the impact of the Tax Reform Act which may be revised during a one year “measurement period.” In accordance with this guidance, the Company remeasured its net deferred tax liabilities in the fourth quarter of 2017 due to the reduction of the corporate tax rate to 21% and recorded a provisional tax benefit of $45.3 million in its statement of operations for the year ended December 31, 2017. During the year ended December 3 1 , 2018, the Company completed its analysis of the tax effects of the Tax Reform Act and reduced the provisional tax benefit recognized for the year ended December 31, 2017 by $2.8 million as a result of its analysis of the impact of the Tax Reform Act had on the deductibility of certain compensation to covered employees. The recognition of this adjustment during the year ended December 31, 2018 increased the Company’s effective tax rate from 3 3 . 0 % to 36.2% . The Tax Reform Act also repealed the alternative minimum tax effective in 2018 and allows credits associated with the alternative minimum tax to be applied to fully offset regular income taxes. Any credits that are not used to reduce regular income taxes are refundable at 50% for the years 2019 through 2020 and 100% refundable in 2021. The Company has alternative minimum tax credit carryforwards of $11.2 million as of December 31, 2018 that were reclassified from deferred tax liabilities to other assets in the Company’s consolidated statement of financial condition as of December 31, 2018. Valuation Allowance on Deferred Tax Assets The Company evaluates its deferred tax assets to determine if valuation allowances are required. In the evaluation, management considers net operating loss (“NOL”) carryback 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. Valuation 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 $0.3 million and $25,000 for the year ended December 31, 2018 and 2017, respectively . The $25,000 increase in the deferred tax valuation allowance as of December 31, 2017 is in addition to the decrease in the valuation allowance of $25.7 million from the permanent reduction in the corporate tax rate from 35% to 21%. As of December 31, 2018, the Company has established a valuation allowance of $86.4 million relating to the deferred tax asset of $97.1 million for federal and state NOL and tax credit carryforwards, as the Company’s ability to utilize a portion of these carryforwards to reduce future tax liability income is subject to significant limitations. The table below sets forth information regarding the federal and state NOL and tax credit carryforwards and the applicable valuation allowance as of December 31, 2018 (in thousands): Federal and State Gross Net NOL and Deferred Deferred Credit Tax Valuation Tax Carryforward Asset Allowance Asset Year Expires Florida NOL-BBX $ 20,878 907 - 907 2030-2034 Non-Florida State NOLs 224,300 10,135 2,403 7,732 2019-2038 Federal NOL SRLY Limitation 227,595 47,795 47,795 - 2026-2034 Florida NOL SRLY Limitation 750,987 32,630 32,630 - 2026-2034 Other Federal tax credits-SRLY Limitation 2,372 2,372 2,372 - 2025-2031 Federal NOL Section 382 Limitation 8,674 1,822 - 1,822 2023-2029 Florida NOL Section 382 Limitation 5,639 245 - 245 2024-2029 Canadian NOL 4,045 1,011 1,011 - 2033-2038 Canadian capital losses 1,477 185 185 - Do not expire Total $ 97,102 86,396 10,706 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 $10.7 million of the deferred tax asset that is attributed to the Company’s federal and state NOL and credit carryforwards. As of December 31, 2018, the Company had estimated Florida NOL carryforwards of approximately $20.9 million which expire from 2030 through 2034 . These NOLs 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, 2018, Bluegreen had non-Florida state NOL carryforwards of $224.3 million which expire from 2019 through 2038. These NOLs can only be utilized against Bluegreen’s (or a subsidiary of Bluegreen) income allocable to the state in which the NOL was generated. A valuation allowance is maintained for those state NOLs where the NOL is not more likely than not realizable. As of December 31, 2018, t he Company had 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 NOLs 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, the amounts in the table represent the NOLs that more likely than not can be utilized before expiration. As of December 31, 2018, BBX Capital’s Canadian subsidiaries had NOL carryforwards. As the Canadian operation ha s 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. Other 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 18 for additional information regarding the Company’s rights agreement. The Company evaluates its tax positions based upon guidelines of ASC 740, 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 u nrecognized tax benefits at December 31, 2018, 2017 or 2016. The Company is no longer subject to federal or Florida income tax examinations by tax authorities for tax years before 2015. 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 2013. 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, 2018 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 15. Commitments and Contingencies Litigation Matters In the ordinary course of business, BBX Capital and its subsidiaries are parties to lawsuits as plaintiff or defendant involving its operations and activities. Bluegreen is subject to claims or proceedings from time to time relating to the purchase, sale, marketing, or financing of VOIs and other business activities. Additionally, from time to time in the ordinary course of business, the Company is involved in disputes with existing and former employees, vendors, taxing jurisdictions and various other parties and also receives individual consumer complaints and complaints through regulatory and consumer agencies, including Offices of State Attorneys General. The Company takes these matters seriously and attempts 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’s financial statements. Management is not at this time able to estimate a range of reasonably possible losses with respect to matters in which it is reasonably possible that a loss will occur. In certain matters, management is unable to estimate the loss or reasonable range of loss until additional developments provide information sufficient to support an assessment of the loss or reasonable range of loss. Frequently in these matters, the claims are broad, and the plaintiffs have not quantified or factually supported their claim. 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 reimbursements of litigation costs and penalty for the year ended December 31, 2017. The Company received an additional $0.6 million of legal fees and costs reimbursements during the year ended December 31, 2018. The following is a description of certain ongoing litigation matters: BBX Capital Litigation There were no material pending legal proceedings against BBX Capital or its subsidiaries excluding Bluegreen as of December 31, 2018. Bluegreen Litigation 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 sought damages in the amount of the unpaid compensation owed to the plaintiffs. The court granted preliminary approval of class action in September 2017 to conditionally certify collective action and facilitate notice to potential class members be granted with respect to certain employees and denied as to others. In February 2019, the parties agreed to settle the matter for an immaterial amount. It is expected that the court will approve the settlement and the dismissal of the lawsuit after the settlement documents are fully prepared and executed. 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, Michael Oliver, Carrie Oliver, Russell Walters, Elaine Walters, and Mike Ericson, individually and on behalf of all other similarly situated , filed a purported class action 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 alleged 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 and the ability to roll over unused points, and that annual maintenance fees would not increase. The purported class action lawsuit was dismissed without prejudice after mediation. However, on or about April 24, 2018, plaintiffs re-filed their individual claims in Palm Beach County Circuit Court. Bluegreen intends to file a motion for summary judgment seeking dismissal of the suit. On January 4, 2018, Gordon Siu, individually and on behalf of all others similarly situated, filed a lawsuit against BVU and Choice Hotels International, Inc. which asserted claims for alleged violations of California law that relates to the recording of telephone conversations with consumers. Plaintiff alleged that, after staying at a Choice Hotels resort, defendants placed a telemarketing call to plaintiff to sell the Choice Hotels customer loyalty program and a vacation package at a Choice Hotel via the Bluegreen Getaways vacation package program. Plaintiff alleged that he was not timely informed that the phone conversation was being recorded and sought certification of a class comprised of other persons recorded on calls without their consent within one year before the filing of the original complaint. After BVU moved to dismiss the complaint, p laintiff amended his complaint to dismiss one of the two causes of action in the original complaint on the basis that that particular statute only concerns land line phones. Plaintiff and Choice agreed to a confidential settlement, and Choice was dismissed from this lawsuit. On November 22, 2018, the parties agreed to settle the matter for a nominal amount. In January 2019, the settlement was approved, and the case is now closed. On June 28, 2018, Melissa S. Landon, Edward P. Landon, Shane Auxier and Mu Hpare, individually and on behalf of all others similarly situated, filed a purported class action lawsuit against the Company and BVU asserting claims for alleged violations of the Wisconsin Timeshare Act, Wisconsin law prohibiting illegal referral selling, and Wisconsin law prohibiting illegal attorney’s fee provisions. Plaintiffs allegations include that Bluegreen failed to disclose the identity of the seller of real property at the beginning of Bluegreen’s initial contact with the purchaser; that Bluegreen misrepresented who the seller of the real property was; that Bluegreen misrepresented the buyer’s right to cancel; that Bluegreen included an illegal attorney’s fee provision in the sales document(s); that Bluegreen offered an illegal “today only” incentive to purchase; and that Bluegreen utilizes an illegal referral selling program to induce the sale of VOIs. Plaintiffs seek certification of a class consisting of all persons who, in Wisconsin, purchased from Bluegreen one or more VOIs within six years prior to the filing of this lawsuit. Plaintiffs seek statutory damages, attorneys’ fees and injunctive relief. Bluegreen believes the lawsuit is without merit and intends to vigorously defend the action. Bluegreen has filed a motion to dismiss the complaint, which is pending. On January 7, 2019, Shehan Wijesinha filed a purported class action lawsuit alleging violations of the Telephone Consumer Protection Act. It is alleged that BVU called plaintiff’s cell phone for telemarketing purposes using an automated dialing system and that plaintiff did not give BVU his express written consent to do so. Plaintiffs seek certification of a class comprised of other persons in the United States who received similar calls from or on behalf of BVU without the person’s consent. Plaintiffs seeks monetary damages, attorneys’ fees, and injunctive relief. Bluegreen believes the lawsuit is without merit and intends to vigorously defend the action. On January 7, 2019, Debbie Adair and thirty-four other timeshare purchasers filed a lawsuit against BVU and Bass Pro alleging violations of the Tennessee Consumer Protection Act, the Tennessee Time-share Act, the California Time-Share Act, fraudulent misrepresentation for failure to make certain required disclosures, fraudulent inducement for inducing purchasers to remain under contract past rescission, unauthorized practice of law, civil conspiracy, unjust enrichment, and breach of contract. Plaintiffs seek rescission of their contracts, money damages, including statutory treble damages, or in the alternative, punitive damages in an amount not less than $0.5 million. Bluegreen believes the lawsuit is without merit and intends to vigorously defend the action. Bluegreen has agreed to indemnify Bass Pro with respect to the claims brought against Bluegreen in this proceeding. Commencing in 2015, it came to Bluegreen’s attention that its collection efforts with respect its VOI notes receivable were being impacted by a then emerging, industry-wide trend involving the receipt of “cease and desist” letters from exit firms and their 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 exit firms 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 8.4% in 2018. Bluegreen also estimates that approximately 14.4% of the total delinquencies on its VOI notes receivable as of December 31, 2018 related to VOI notes receivable subject to this issue. Bluegreen has in a number of cases pursued, and may in the future pursue, legal action against the VOI owners, and in certain circumstances against the exit firms. On December 21, 2018, Bluegreen and BVU filed a lawsuit against timeshare exit firm Totten Franqui and certain other affiliated timeshare exit companies (“TPEs”). In the compliant, Bluegreen argues that through various forms of deceptive advertising, as well as inappropriate direct contact with VOI owners, the TPEs made false statements about Bluegreen and provided misleading information to the VOI owners. Bluegreen also believes that the TPEs induce Bluegreen’s VOI owners to breach their contracts and stop making payments to Bluegreen, which typically results in a default on the VOI note and termination of the VOI. Thereafter, the TPEs, despite often times doing no more than encouraging non-payment, claim that they “helped” the consumer “exit” their timeshare contract. Bluegreen believes that all of this results in the consumer paying fees to the TPEs in exchange for illusory services. Bluegreen has asserted claims under the Lanham Act, as well as tortious interference with contractual relations, civil conspiracy to commit tortious interference, and other claims. Commitments under Operating Leases The Company and its subsidiaries are lessees under various operating leases for real estate and equipment. The table below sets forth the approximate minimum future rental payments under such leases (excluding executory costs) during each of the five years subsequent to December 31, 2018 and thereafter (in thousands): Years Ending December 31, Amount 2019 $ 26,871 2020 24,525 2021 23,022 2022 20,682 2023 17,564 Thereafter 41,299 Total $ 153,963 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’s selling, general and administrative expenses and cost of trade sales included the following rental expenses (in thousands): For the Years Ended December 31, 2018 2017 2016 Rental expense for premises and equipment $ 41,079 30,832 18,706 Other Commitments, Contingencies, and Guarantees In lieu of paying maintenance fees for unsold VOI inventory, Bluegreen provides subsidies to certain HOAs to provide for funds to operate and maintain vacation ownership properties in excess of assessments collected from owners of the VOIs. During the years ended December 31, 2018, 2017 and 2016, Bluegreen made payments related to such subsidies of $13.9 million, $12.6 million, and $13.9 million, respectively, which are included in cost of other fee-based services. As of December 31, 2018 and 2017, Bluegreen had no accrued liabilities for such subsidies. In August 2016, BBX Capital entered into a severance arrangement with a former executive pursuant to which the executive is entitled to receive $ 3.7 million in cash payments over a three year period ending in August 2019. As of December 31, 2018, $0.7 million remained payable under this arrangement. In September 2017, Bluegreen entered into an agreement with a former 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. As of December 31, 2018, $0.8 million remained payable under this agreement. Further, in December 2018, Bluegreen entered into an agreement with another executive in connection with his retirement. Pursuant to the terms of the agreement, Bluegreen agreed to make payments totaling approximately $2.0 million through December 2019, all of which remained payable as of December 31, 2018. In March 2018, Bluegreen’s compensation committee approved in principle the material terms of an Executive Leadership Incentive Plan (the “ELIP”), which provides for the grant of cash-settled performance units (“Performance Units”) and cash-settled stock appreciation rights (“SARs”) to participants in the ELIP. It is contemplated that each participant will be granted award opportunities representing a percentage of his or her b ase salary (the “Target LTI”). In the case of certain of Bluegreen’s executive officers, the award will be divided 30% to SARs and 70% to Performance Units. For other participants, including certain of Bluegreen ’s senior vice presidents, certain vice presidents , and certain other employees, the award will be 100% in Performance Units. Performance Units will represent the right of the recipient to receive a cash payment based on the achievement of levels of EBITDA and return on invested capital (“ROIC”) during a two-year period. SARs granted under the ELIP, upon exercise after vesting, will entitle the holder to a cash payment in an amount equal to the excess of the market price of Bluegreen’s common stock on the date of exercise over the exercise price of the SAR. The SARs will vest in equal annual installments on the first, second , and third anniversary of the date of grant and have a five-year term. In March 2018, Bluegreen’s compensation committee approved grants of 639,643 SARs , of which 559,194 remain outstanding as of December 31, 2018, at an exercise price of $19.72 per share to certain of Bluegreen’s officers, as well as Performance Units to receive up to approximately $7.4 million in 2020 to certain members of management , depending on actual results for the two years ending December 31, 2019. In addition, the ELIP includes an interim award based on 2018 EBITDA performance and cash generation, payable in 2019. As of December 31 , 2018, Bluegreen had $3.4 million accrued for the ELIP, which is included in o ther liabilities in the Company’s c onsolidated s tatement of f inancial c ondition. Bluegreen 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, 2018, Bluegreen sold vacation packages in 69 of Bass Pro’s stores. 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, 2018, 2017 and 2016, VOI sales to prospects and leads generated by the agreement with Bass Pro accounted for approximately 14% , 15% and 16% , respectively, of Bluegreen’s VOI sales volume . Bluegreen has continued to meet with Bass Pro’s leadership in an effort to resolve the issues which arose between the parties in 2017 and 2018. While there is no assurance that a resolution will be reached, Bluegreen remain s optimistic that it will achieve a resolution of the outstanding issues. Bluegreen is hopeful that the resolution will address the timing of entry into the Cabela’s stores and an extension of the parties’ agreements. If reached, the resolution may include a restructuring of the amount and timing of compensation paid to Bass Pro. In the meantime, Bluegreen continue s to execute its vacation package marketing strategy under the current agreement with Bass Pro. While Bluegreen does not believe that any material additional amounts are due to Bass Pro, Bluegreen’s future results would be impacted if the issues are not resolved and by any change in the compensation payable to Bass Pro or the calculation of payments or reimbursements utilized pursuant to the agreements. BBX Capital guarantees certain obligations of its wholly-owned subsidiaries and unconsolidated real estate joint ventures, including the following: · BBX Capital is a guarantor of 50% of the outstanding balance of a third party loan to the Sunrise and Bayview Partners, LLC real estate joint venture, which had an outstanding balance of $5.0 million as of December 31, 2018. · BBX Capital is the guarantor of a $1.5 million note payable owed to Centennial Bank by a wholly-owned subsidiary. The note payable is collateralized by property and equipment with a carrying amount of approximately $2.0 million . · In October 2017, a wholly-owned subsidiary of BBX Capital 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 subsidiary’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. · BBX Capital ’s wholly-owned subsidiary, Food for Thought Restaurant Group, LLC, enters into lease agreements to operate MOD Super-Fast Pizza (“MOD Pizza”) restaurant locations. As of December 31, 2018, BBX Capital is a guarantor on four of the lease agreements with estimated future minimum rental payments of $5.0 million. BBX Capital is a guarantor on the lease of a manufacturing facility in Utah. The Company exited the manufacturing facility during 2018 and recognized a lease liability on the cease-use date. As of December 31, 2018, the lease liability was $1.0 million and is included in o ther l iabilities in the Company’s consolidated s tatement of f inancial c ondition . |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2018 | |
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: 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 Plans.” As described in Note 4, the Company assumed the BCC Equity Plans upon consummation of the merger with BCC on December 15, 2016. Pursuant to the Merger Agreement, awards outstanding under the BCC Equity Plans at December 15, 2016, including options and restricted stock awards, continue to be outstanding and governed by the BCC Equity Plans, except that such awards were converted into BBX Capital’s options or restricted stock awards, as applicable. As a result, pursuant to the terms of the Merger Agreement, 5,090,354 restricted shares of BBX Capital’s Class A Common Stock and non-qualifying stock options to acquire 35,716 shares of BBX Capital’s Class A Common Stock were issued on December 15, 2016. No further awards will be granted under the BCC Equity 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, 2018. The 2014 Plan permits the issuance of awards for up to 800,000 shares of the Company’s Class A Common Stock and up to 10,700,000 shares of the Company’s Class B Common Stock. Awards for up to 317,776 shares of Class A Common Stock and 1,923,975 shares of Class B Common Stock remained available for grant under the 2014 Plan as of December 31, 2018, although in January 2019, awards of 1,923,975 restricted shares of the Company’s Class B Common Stock were granted to the Company’s executive officers under the 2014 Plan. Compensation cost for stock options and restricted 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, while the fair value of unvested restricted stock awards is generally based on the market price of the Company’s common stock on the grant date. The Company recognizes compensation costs on a straight-line basis over the requisite service period of the awards, and the impact of forfeitures are recognized when they occur. Stock Option Activity There were no options granted to employees or non-employee directors during the three-year period ended December 31, 2018. The table below sets forth information on the Company’s outstanding options: Weighted Weighted Average Average Aggregate Outstanding Exercise Remaining Intrinsic Options Price Contractual Term Value ($000) Outstanding at December 31, 2017 27,346 $ 8.98 0.43 - Exercised (27,346) 8.98 6 Forfeited - 0.00 Expired - 0.00 Outstanding at December 31, 2018 - $ 0.00 0.00 Exercisable at December 31, 2018 - $ 0.00 0.00 Available for grant at December 31, 2018 2,241,751 During the years ended December 31, 2018, 2017 and 2016, the Company received net proceeds of approximately $ 24 5 ,000 , $63,000 and $10,000 , r espectively, upon the exercise of stock options, and the total intrinsic value of exercised options during such periods was $6,000 , $881,000, and $143,000 , respectively. Restricted Stock Activity The table below sets forth information regarding the Company’s unvested restricted stock award activity for the year ended December 31, 2018: Weighted Unvested Average Restricted Grant Date Stock Fair Value Unvested balance outstanding, beginning of period 4,994,515 $ 3.39 Granted 1,487,051 8.70 Vested (3,295,020) 3.92 Forfeited - - Unvested balance outstanding, end of period 3,186,546 $ 5.32 The Company issued restricted stock awards to certain officers during the years ended December 31, 2018 and 2016, while there were no restricted stock awards issued during the year ended December 31, 2017. The table below sets forth information regarding the restricted stock awards granted during the years ended December 31, 2018 and 2016: Per Share Weighted Average Number of Grant Date Requisite Grant Date Awards Granted Fair Value Service Period (3) 12/15/2016 (2) 5,090,354 $ 2.74 1.63 Years 12/22/2016 (1) 1,823,565 4.3 4 years 1/9/2018 (1) 1,487,051 8.7 4 years (1) The awards are issuable in shares of BBX Capital ’s Class B Common Stock. (2) Pursuant to the Merger Agreement, the Company assumed and adopted the BCC Equity Plans as of December 15, 2016 and 942,657 shares of BCC’s restricted stock units were retired in exchange for the issuance of restricted stock units with respect to approximately 5.1 million shares of BBX Capital 's Class A Common Stock. (3) The awards vest ratably in annual installments over the requisite service period . In addition to the above awards, o n January 8, 2019, the Company’s Compensation Committee of the board of directors granted awards of 1,923,975 restricted shares of BBX Capital ’s Class B Common Stock to the Company’s executive officers under the 2014 Plan. The aggregate grant date fair value of the January 2019 awards was $11.8 million, and the shares vest ratably in annual installments of approximately 481,000 shares over four periods beginning on October 1, 2019. Betw een September 30, 201 8 through October 5 , 201 8 , award recipients surrendered a total of 789,729 shares of Class A Common Stock and 505,148 shares of Class B Common Stock to the Company to satisfy the $9.4 million tax withholding obligation associated with the vesting of 3,295,020 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, 2018, 2017 and 2016 was $24.0 million, $45.2 million and $10.3 million, respectively, while the fair value of shares of BCC restricted stock awards which vested during the year ended December 31, 2016 was $10.0 million. The Company recognized restricted stock compensation expense related to BBX Capital restricted stock awards of approximat ely $12.9 million, $12.3 million and $6.4 million during the years ended December 31, 2018, 2017, and 2016, respectively, and recognized tax benefits of $0.4 million and $0.8 million for the years ended December 31, 2017 and 2016, respectively. There were no tax benefits recognized on restricted stock compensation expense for these awards for the year ended December 31, 2018. The Company also recognized restricted stock compensation expense and tax benefits related to BCC restricted stock awards of $6.1 million and $0.7 million, respectively, during the year ended December 31, 2016. As of December 31, 2018, the total unrecognized compensation cost related to the Company’s unvested restricted stock awards was approximately $14.9 million. The cost is expected to be recognized over a weighted-average period of approximately 2.17 years. |
Employee Benefit Plans And Ince
Employee Benefit Plans And Incentive Compensation Program | 12 Months Ended |
Dec. 31, 2018 | |
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 four Employee Retirement Plans under Internal Revenue Code Section 401(k). Although there are variations in the eligibility requirements under such plans, employees who have completed 90 days of service and have reached the age of 21 are generally eligible to participate in the Company’s 401(k) plans. For the year ending December 31, 2018, an eligible employee under the plan was entitled to contribute up to $18,500 , while an eligible employee over 50 years of age was entitled to contribute up to $24,500 . During the years ended December 31, 2018, 2017 and 2016, the Company generally matched 100% of the first 3% of employee contributions and 50% of the next 2% of employee contributions, and the match amounts generally vested immediately. Further, Bluegreen may make additional discretionary matching contributions to its plan not to exceed 4% of each participant’s compensation. For the years ended December 31, 2018, 2017 and 2016, the Company recorded expense for contributions to the 401(k) plans totaling approximately $5.6 million , $5.7 million, and $5.5 million, respectively. |
Common Stock And Redeemable 5%
Common Stock And Redeemable 5% Cumulative Preferred Stock | 12 Months Ended |
Dec. 31, 2018 | |
Common Stock And Redeemable 5% Cumulative Preferred Stock [Abstract] | |
Common Stock And Redeemable 5% Cumulative Preferred Stock | 18. Common Stock and Redeemable 5% Cumulative Preferred Stock Common Stock BBX Capital’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 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 Class A Common Stock are entitled to one vote for each share held, with all holders of Class A Common Stock possessing in the aggregate 22% of the total voting power, while holders of Class B Common Stock possess the remaining 78% of the total voting power. If the number of shares of Class B Common Stock outstanding decreases 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 into one share of Class A Common Stock at any time at the option of the holder. The percentage of total common equity represented by Class A and Class B common stock was 84% and 16% , respectively, at December 31, 2018. On September 21, 2009, the Company adopted a rights agreement (“Rights Agreement”) designed to preserve shareholder value and protect its 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 BBX Capital’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. Share Repurchase Program In September 2009, the board of directors approved a share repurchase program which authorized the repurchase of up to 20,000,000 shares of BBX Capital’s Class A and Class B Common Stock at an aggregate cost of no more than $10.0 million. Under this program, BBX Capital repurchased 1.0 million shares of its Class A Common Stock for approximately $3.0 million during April 2016 and 1.0 million shares of its Class A Common Stock for approximately $6.2 million and d uring April 2017. In June 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 BBX Capital’s Class A Common Stock and Class B Common Stock at an aggregate cost of up to $35.0 million. As of December 31, 201 8 , BBX Capital repurchased 1,521,593 shares of its Class A Common Stock for approximately $10.0 million pursuant to the June 2017 share repurchase program . Cash Tender Offer In April 2018, BBX Capital completed a cash tender offer pursuant to which it purchased and retired 6,486,486 shares of its Class A Common Stock at a purchase price of $9.25 per share for an aggregate purchase price of approximately $60.1 million, inclusive of acquisition costs. As of April 19, 2018, the shares purchased in the tender offer represented approximately 7.6% of the total number of outstanding shares of BBX Capital’s Class A Common Stock and 6.3% of BBX Capital’s total issued and outstanding equity (which includes the issued and outstanding shares of BBX Capital’s Class B Common Stock). Redeemable 5% Cumulative Preferred Stock As of December 31, 2018, the Company has outstanding 10,000 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 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, 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 was secured by 5,000 shares of the 5% Cumulative Preferred Stock, had a term of five years, accrued interest at a rate of 5% per annum, and provided for payments of interest only on a quarterly basis during the term of the loan. On March 31, 2018, the Company redeemed 5,000 shares of the 5% Cumulative Preferred Stock in exchange for the cancellation of the $5.0 million loan to the holders of the 5% Cumulative Preferred Stock. For the years ended December 31, 2018, 2017 and 2016, the Company recorded interest expense in its consolidated statements of operations and comprehensive income of $0. 9 million , $1.2 million and $1.2 million, respectively, of which $5 62 , 5 00 was paid in 2018 and $750,000 was paid during each of 2017 and 2016 as dividends on the 5% Cumulative Preferred Stock. |
Noncontrolling Interests And Re
Noncontrolling Interests And Redeemable Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interests And Redeemable Noncontrolling Interest [Abstract] | |
Noncontrolling Interests And Redeemable Noncontrolling Interest | 19 . Noncontrolling Interests and Redeemable Noncontrolling Interest Noncontrolling interests in the Company’s consolidated subsidiaries consisted of the following (in thousands): December 31, 2018 2017 Bluegreen (1) $ 41,478 39,271 Bluegreen / Big Cedar Vacations (2) 45,611 43,021 Joint ventures and other 899 (238) Total noncontrolling interests $ 87,988 82,054 The redeemable noncontrolling interest included in the Company’s consolidated statements of financial condition as of December 31, 2018 and 2017 was $2.6 million and $2.8 million, respectively, which is comprised of the 9.6% of IT’SUGAR’s Class B Units that are held by a noncontrolling interest and may be redeemed for cash at the holder’s option upon a contingent event that is outside of the Company’s control. Income (loss) attributable to noncontrolling interests, including redeemable noncontrolling interests, consisted of the following (in thousands): For the Years Ended December 31, 2018 2017 2016 Bluegreen (1) $ 8,566 5,639 - Bluegreen / Big Cedar Vacations (2) 12,390 12,760 10,126 BCC - - 3,060 Joint ventures and other (265) (21) (20) Net income attributable to noncontrolling interests $ 20,691 18,378 13,166 (1) As a result of Bluegreen’s IPO during the fourth quarter of 2017 and subsequent share repurchases in 2018, the Company owns 90.3% of Bluegreen. Bluegreen was a wholly-owned subsidiary of the Company prior to the Bluegreen IPO. (2) Bluegreen has a joint venture arrangement pursuant to which, it owns 51% of Bluegreen/Big Cedar Vacations. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | 20. Earnings Per Common Share The table below sets forth the computations of basic and diluted earnings per common share (in thousands, except per share data): For the Years Ended December 31, 2018 2017 2016 Basic earnings per common share Numerator: Net income $ 55,793 102,303 42,596 Less: Net income attributable to noncontrolling interests 20,691 18,378 13,166 Net income available to shareholders $ 35,102 83,925 29,430 Denominator: Basic - weighted average number of common share outstanding 95,298 98,745 86,902 Basic earnings per common share $ 0.37 0.85 0.34 Diluted earnings per common share Numerator: Net income available to shareholders $ 35,102 83,925 29,430 Denominator: Basic weighted average number of common shares outstanding 95,298 98,745 86,902 Effect of dilutive restricted stock awards 2,562 5,171 590 Diluted weighted average number of common shares outstanding 97,860 103,916 87,492 Diluted earnings per common share $ 0.36 0.81 0.34 During the years ended December 31, 2018 and 2017, there were no restricted stock awards that were anti-dilutive. During the year ended December 31, 2017, 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. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 21. Fair Value Measurement Fair value is defined as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three main valuation techniques to measure the fair value of assets and liabilities: the market approach, the income approach and the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses financial models to convert future amounts to a single present amount and includes present value and option-pricing models. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset and is often referred to as current replacement cost. The accounting literature also defines an input fair value hierarchy that has three broad levels and gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The input fair value hierarchy is summarized below: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability Level 3: Unobservable inputs for the asset or liability There were no material assets or liabilities measured at fair value on a recurring or nonrecurring basis in the Company’s consolidated financial statements as of December 31, 2018 and 2017. Financial Disclosures about Fair Value of Financial Instruments The tables below set forth information related to the Company’s consolidated financial instruments (in thousands): Fair Value Measurements Using Quoted prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable December 31, December 31, Assets Inputs Inputs 2018 2018 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 366,305 366,305 366,305 - - Restricted cash 54,792 54,792 54,792 - - Loans receivable (1) 6,195 7,388 - - 7,388 Notes receivable, net 439,167 537,000 - - 537,000 Financial liabilities: Receivable-backed notes payable $ 458,931 462,400 - - 462,400 Notes payable and other borrowings 200,887 203,547 - - 203,547 Junior subordinated debentures 136,425 132,400 - - 132,400 Redeemable 5% cumulative preferred stock 9,472 9,538 - - 9,538 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 (1) 19,454 21,125 - - 21,125 Notes receivable, net 426,858 525,000 - - 525,000 Notes receivable from preferred shareholders (2) 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 Redeemable 5% cumulative preferred stock 13,974 13,977 - - 13,977 (1) Included in other assets in the Company’s consolidated statements of financial condition as of December 31, 2018 and 2017. (2) Included in other assets in the Company’s consolidated statements of financial condition as of December 31, 2017. 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. The 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 s of notes receivable and note receivable from preferred shareholders are estimated using Level 3 inputs and are 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 L evel 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 values of other borrowings (other than Bluegreen’s notes payable and other borrowings and Community Development Bonds above) are 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, 2018 | |
Certain Relationships And Related Party Transactions [Abstract] | |
Certain Relationships And Related Party Transactions | 22. 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, the Company’s Vice Chairman. 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 % of the Company’s total voting power. Mr. Alan Levan and Mr. Abdo also serve as Chairman and Vice-Chairman, respectively, of Bluegreen’s board of directors. Jarett S. Levan, the Company’s President and son of Alan Levan, and Seth M. Wise, the Company’s Executive Vice President, also serve as directors of the Company and Bluegreen. Woodbridge is a wholly-owned subsidiary of the Company and owns 90.3% of Bluegreen as of December 31, 2018. During the years ended December 31, 2018, 2017, and 2016, Bluegreen paid or reimbursed the Company $1.6 million, $1.5 millio n, and $1.3 m illion, respectively, for management advisory, risk management, administrative and other services. In addition, the Company received $40. 4 million , $40.0 million, and $70.0 million of dividends from Bluegreen during the years ended December 31, 2018, 2017 and 2016, respectively. During the years ended December 31 , 2018 and 2017, Bluegreen paid $0.9 million and $0.6 million, respectively, for the acquisition of VOI inventory from a company whose p resident is the son of David L. Pontius, Bluegreen’s former Executive Vice President and Chief Operating Officer. 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, 2018, 2017, and 2016, BBX Capital paid $4.8 million, $6.4 million, and $8.0 million, respectively, of interest expense on the loan to Bluegreen. The interest expense is eliminated in consolidation in the Company’s consolidated financial statements. In May 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. Under the agreement, 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 . During the years ended December 31, 2018, 2017, and 2016, Bluegreen paid the Company $23.1 million, $39. 3 million, and $26.2 million, respectively, pursuant to this agreement. In September 2015, the Company entered into Share Exchange Agreements with Alan B. Levan, John E. Abdo, Jarett S. Levan and Seth M. Wise (collectively, the “BCC RSU Holders”) as holders of restricted stock units of Class A Common Stock of BCC (the “BCC RSUs”). Pursuant to the Share Exchange Agreements, each BCC 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 applicable BCC RSU Holder upon the vesting of the BCC RSUs, and in return, the Company agreed to issue to the BCC RSU Holder shares of BBX Capital’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 BBX Capital’s Class A and Class B Common Stock and 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. In September 2016, the Company’s board of directors approved 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 the issuance of shares of BBX Capital’s Class B Common Stock to the BCC RSU Holders in exchange for such BCC RSUs. 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 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. 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 Plans on December 15, 2016, the Share Exchange Agreements were terminated. The table below sets forth the number of shares of BBX Capital ’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 pursuant to the Share Exchange Agreements 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, 2018, 2017 and 2016, 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, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | 23. 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, and the presentation and allocation of assets and results of operations may not reflect the actual economic costs of the segments as standalone businesses. If a different basis of allocation were utilized, the relative contributions of the segments might differ, but the relative trends in the segments’ operating results would, in management’s view, likely not be impacted. During 2018, the Company completed a reorganization of various operating businesses in the confectionery industry, including the closure of manufacturing facilities and elimination of corporate personnel and infrastructure, which is anticipated to result in significantly reduced revenues and operations associated with these businesses. In addition, the Company has made additional investments in IT’SUGAR, including capital expenditures associated with new stores in high profile locations and the hiring of new senior management personnel. As these activities have ultimately resulted in IT’SUGAR becoming the Company’s principal investment in the confectionery industry, internal management reports were modified to present the standalone performance of IT’SUGAR and exclude the other operating businesses in the confectionery industry, 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 IT’SUGAR as a separate reportable segment together with the Company’s three other reportable segments as follows: Bluegreen, BBX Capital Real Estate, Renin, and IT’SUGAR. The Company’s segment information for the years ended December 31, 2017 and 2016 has been updated retrospectively to conform to the current presentation. In the segment information for the years ended December 31, 2018, 2017 and 2016, amounts set forth in the column entitled “Other” include the Company investments in various operating businesses, including its pizza restaurant operations as a franchisee of MOD Pizza, the remaining operating businesses in the confectionery industry, and a controlling financial interest in a restaurant acquired in connection with a loan receivable default. The amounts set forth in the column entitled “Reconciling Items and Eliminations” include interest expense associated with Woodbridge’s junior subordinated debentures, unallocated corporate overhead, and elimination entries. 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 VOIs in resorts generally located in popular, high-volume, “drive-to” vacation destinations, which were developed or acquired by Bluegreen or are owned by others, in which case Bluegreen earns fees for providing these services. Bluegreen also earns fees by providing VOI title services, club and homeowners’ 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 is engaged in the acquisition, development, construction, ownership, financing, and management of real estate and investments in real estate joint ventures. Included in BBX Capital Real Estate’s investments in real estate joint ventures is a 50% equity interest in The Altman Companies, LLC, a developer and manager of multifamily apartment communities. BBX Capital Real Estate also manages the legacy assets acquired in connection with BCC’s sale of BankAtlantic in July 2012. The legacy assets include portfolios of loans receivable, real estate properties, and loans previously charged off by BankAtlantic. Renin Renin is engaged in the design, manufacture, and distribution of sliding doors, door systems and hardware, and home décor products and operates through its headquarters in Canada and two manufacturing and distribution facilities in Canada and the United States. In addition to its own manufacturing, Renin also sources various products and materials from China. During 2018, total revenues for the Renin reportable segment include $31.5 million of trade sales to two major customers and their affiliates. Renin’s revenues generated outside the United States totaled $ 23.2 million for the year ended December 31, 2018 , and its properties and equipment located outside the United States had a carrying amount of $2.95 million as of December 31, 2018. IT’SUGAR IT’SUGAR is a specialty candy retailer which operates approximately 100 retail locations in over 25 states and Washington, D.C., and its products include bulk candy, giant candy packaging, and novelty items that are purchased from third-party vendors and sold at its retail locations, which include a mix of high-traffic resort and entertainment, lifestyle, mall/outlet, and urban locations across the United States. The table below sets forth the Company’s segment information as of and for the year ended December 31, 2018 (in thousands): Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 254,225 - - - - - 254,225 Fee-based sales commissions 216,422 - - - - - 216,422 Other fee-based services 118,024 - - - - - 118,024 Cost reimbursements 62,534 - - - - - 62,534 Trade sales - - 68,417 79,618 31,472 (21) 179,486 Sales of real estate inventory - 21,771 - - - - 21,771 Interest income 85,914 2,277 - 1 147 (2,838) 85,501 Net gains on sales of real estate assets - 4,563 - - - - 4,563 Other revenue 1,201 2,653 - 159 1,889 (835) 5,067 Total revenues 738,320 31,264 68,417 79,778 33,508 (3,694) 947,593 Costs and expenses: Cost of VOIs sold 23,813 - - - - - 23,813 Cost of other fee-based services 72,968 - - - - - 72,968 Cost reimbursements 62,534 - - - - - 62,534 Cost of trade sales - - 55,483 46,718 23,468 (21) 125,648 Cost of real estate inventory sold - 14,116 - - - - 14,116 Interest expense 34,709 - 638 40 275 6,276 41,938 Recoveries from loan losses, net - (8,603) - - - - (8,603) Impairment losses - 521 - - 4,147 - 4,668 Reimbursements of litigation costs and penalty - - - - - (600) (600) Selling, general and administrative expenses 415,403 9,210 9,903 35,404 22,398 45,623 537,941 Total costs and expenses 609,427 15,244 66,024 82,162 50,288 51,278 874,423 Equity in net earnings of unconsolidated real estate joint ventures - 14,194 - - - - 14,194 Foreign exchange gain - - 68 - - - 68 Income (loss) before income taxes $ 128,893 30,214 2,461 (2,384) (16,780) (54,972) 87,432 Total assets $ 1,346,467 165,109 32,354 70,693 33,112 57,285 1,705,020 Expenditures for property and equipment 32,539 318 796 6,022 5,875 - 45,550 Depreciation and amortization 12,392 374 1,159 4,556 2,513 - 20,994 Debt accretion and amortization 4,212 3 17 184 329 - 4,745 Cash and cash equivalents 219,408 16,103 - 3,883 9,126 117,785 366,305 Equity method investments - 64,738 - - - 64,738 Goodwill - - - 35,167 2,081 - 37,248 Receivable-backed notes payable 458,931 - - - - - 458,931 Notes payable and other borrowings 133,391 27,333 8,117 556 1,490 30,000 200,887 Junior subordinated debentures 71,323 - - - - 65,102 136,425 The table below sets forth the Company’s segment information as of and for the year ended December 31, 2017 (in thousands): Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 242,017 - - - - - 242,017 Fee-based sales commissions 229,389 - - - - - 229,389 Other fee-based services 111,819 - - - - - 111,819 Cost reimbursements 52,639 - - - - - 52,639 Trade sales - - 68,935 46,765 26,385 - 142,085 Interest income 86,876 2,225 - 2 74 (5,469) 83,708 Net gains on sales of real estate assets - 1,451 - - - - 1,451 Other revenue 312 5,145 - 64 1,540 (599) 6,462 Total revenues 723,052 8,821 68,935 46,831 27,999 (6,068) 869,570 Costs and expenses: Cost of VOIs sold 17,679 - - - - - 17,679 Cost of other fee-based services 64,560 - - - - - 64,560 Cost reimbursements 52,639 - - - - - 52,639 Cost of trade sales - - 54,941 25,744 25,233 - 105,918 Interest expense 29,977 - 509 - 335 4,384 35,205 Recoveries from loan losses, net - (7,495) - - - - (7,495) Impairment losses - 1,646 - - 5,785 - 7,431 Net gains on cancellation of junior subordinated debentures - - - - - (6,929) (6,929) Reimbursements of litigation costs and penalty - - - - (13,169) (13,169) Selling, general and administrative expenses 421,199 11,127 11,112 18,489 18,698 52,853 533,478 Total costs and expenses 586,054 5,278 66,562 44,233 50,051 37,139 789,317 Equity in net earnings of unconsolidated real estate joint ventures - 12,541 - - - - 12,541 Foreign exchange loss - - (193) - - - (193) Income (loss) before income taxes $ 136,998 16,084 2,180 2,598 (22,052) (43,207) 92,601 Total assets $ 1,231,481 166,548 36,189 71,702 32,825 66,936 1,605,681 Expenditures for property and equipment 14,115 308 2,786 1,221 3,615 - 22,045 Depreciation and amortization 9,632 581 1,000 2,324 2,512 - 16,049 Debt accretion and amortization 4,478 - - - 204 - 4,682 Cash and cash equivalents 197,337 8,636 863 6,877 10,382 138,431 362,526 Equity method investments - 51,234 - - - 51,234 Goodwill - - - 35,167 4,315 - 39,482 Receivable-backed notes payable 421,118 - - - - - 421,118 Notes payable and other borrowings 100,194 24,215 12,890 - 6,815 - 144,114 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 Reconciling Real Items and Segment Bluegreen Estate Renin IT'SUGAR Other Eliminations Total Revenues: Sales of VOIs $ 273,873 - - - - - 273,873 Fee-based sales commissions 201,829 - - - - - 201,829 Other fee-based services 103,448 - - - - - 103,448 Cost reimbursements 49,557 - - - - - 49,557 Trade sales - - 65,068 - 30,771 - 95,839 Interest income 89,511 3,606 - - 14 (7,384) 85,747 Net gains on sales of real estate assets - 3,213 - - - - 3,213 Other revenue 1,724 5,656 - - 1,441 (174) 8,647 Total revenues 719,942 12,475 65,068 - 32,226 (7,558) 822,153 Costs and Expenses: Cost of VOIs sold 28,829 - - - - - 28,829 Cost of other fee-based services 61,149 - - - - - 61,149 Cost reimbursements 49,557 - - - - - 49,557 Cost of trade sales - - 51,572 - 28,791 - 80,363 Interest expense 30,853 - 313 - 409 4,462 36,037 Recoveries from loan losses, net - (20,508) - - - - (20,508) Impairment losses - 2,304 - - 2,352 - 4,656 Selling, general and administrative expenses 419,930 11,864 12,545 - 16,150 54,992 515,481 Total costs and expenses 590,318 (6,340) 64,430 - 47,702 59,454 755,564 Equity in net earnings of unconsolidated real estate joint ventures - 12,178 - - - - 12,178 Foreign exchange gain - - 219 - - - 219 Income (loss) before income taxes $ 129,624 30,993 857 - (15,476) (67,012) 78,986 Total assets $ 1,123,950 186,132 28,913 - 46,302 51,993 1,437,290 Expenditures for property and equipment 9,605 266 1,718 - 1,350 - 12,939 Depreciation and amortization 9,536 603 661 - 1,949 - 12,749 Debt accretion and amortization 4,736 - 83 - 102 - 4,921 Cash and cash equivalents 144,120 13,628 (288) - 19,364 123,037 299,861 Equity method investments - 49,392 - - - - 49,392 Goodwill - - - - 6,731 - 6,731 Receivable-backed notes payable 414,989 - - - - - 414,989 Notes payable and other borrowings 98,382 20,743 9,692 - 4,973 - 133,790 Junior subordinated debentures 69,044 - - - - 83,323 152,367 |
Selected Quarterly Results
Selected Quarterly Results | 12 Months Ended |
Dec. 31, 2018 | |
Selected Quarterly Results [Abstract] | |
Selected Quarterly Results | 24. Selected Quarterly Results (Unaudited) The following tables summarize the results of operations for each fiscal quarter during the years ended December 31, 2018 and 2017 (in thousands except for per share data): First Second Third Fourth 2018 Quarter Quarter Quarter Quarter Total Revenues $ 218,042 243,226 254,403 231,922 947,593 Costs and expenses 197,072 221,607 236,125 219,619 874,423 20,970 21,619 18,278 12,303 73,170 Equity in net earnings of unconsolidated real estate joint ventures 1,280 (488) 373 13,029 14,194 Foreign exchange gains (losses) 52 (37) 76 (23) 68 Income before income taxes 22,302 21,094 18,727 25,309 87,432 Provision for income taxes (6,600) (8,655) (6,742) (9,642) (31,639) Net income 15,702 12,439 11,985 15,667 55,793 Less: Net income attributable to noncontrolling interests 4,560 5,958 5,806 4,367 20,691 Net income attributable to shareholders 11,142 6,481 6,179 11,300 35,102 Basic earnings per common share $ 0.11 0.07 0.07 0.12 0.37 Diluted earnings per common share $ 0.11 0.07 0.06 0.12 0.36 Basic weighted average number of common shares outstanding 99,652 94,390 93,193 94,042 95,298 Diluted weighted average number of common and common equivalent shares outstanding 102,628 97,779 96,576 95,041 97,860 First Second Third Fourth 2017 Quarter Quarter Quarter Quarter Total Revenues $ 185,434 217,666 240,896 225,574 869,570 Costs and expenses 156,020 195,057 223,246 214,994 789,317 29,414 22,609 17,650 10,580 80,253 Equity in net earnings of unconsolidated real estate joint ventures 3,236 3,087 2,105 4,113 12,541 Foreign exchange gains (losses) 191 (398) (105) 119 (193) Income before income taxes 32,841 25,298 19,650 14,812 92,601 (Provision) benefit for income taxes (12,764) (9,131) (8,126) 39,723 9,702 Net income 20,077 16,167 11,524 54,535 102,303 Less: Net income attributable to noncontrolling interests 2,637 3,453 3,398 8,890 18,378 Net income attributable to shareholders 17,440 12,714 8,126 45,645 83,925 Basic earnings per common share $ 0.18 0.13 0.08 0.46 0.85 Diluted earnings per common share $ 0.16 0.12 0.08 0.45 0.81 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 |
Real Estate Investments And Acc
Real Estate Investments And Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 (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 6,310 900 - 8,800 1,893 2009 4/2013 40 (1) The aggregate cost for federal income tax purposes is $5.8 million. The following table presents the changes in BBX Capital’s real estate investments for the year ended December 31, 2018 (in thousands): Total Accumulated (in thousands) Costs Depreciation Balance at December 31, 2017 $ 8,481 1,546 Depreciation - 347 Subsequent additions 319 - Transfer to real estate held-for-sale - - Balance at December 31, 2018 $ 8,800 1,893 |
Mortgage Loans On Real Estate
Mortgage Loans On Real Estate | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 (Dollars in thousands) Principal Amount of Loans Subject Number Interest Final Periodic Face Carrying to Delinquent of Rate Maturity Payment Prior Amount Amount of Principal Loans Description (1) Date (2) Terms Liens of Loans Loans (3) or Interest 23 First-lien 1-4 Family (4) 6.27% 6/30/2034 Monthly $ - 7,721 4,393 6,038 13 Second lien -Consumer 3.99% 8/14/2019 Monthly 2,451 1,226 563 845 8 Small Business Real Estate 6.69% 3/23/2024 Monthly - 1,380 1,121 - Total Mortgage Loans $ 2,451 10,327 6,077 6,883 (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 $7.3 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, 2018 (in thousands): Balance at December 31, 2017 $ 18,504 Advances on existing mortgages - Collections of principal (10,754) Foreclosures (1,673) Costs of mortgages sold - Balance at December 31, 2018 $ 6,077 |
Basis Of Presentation And Sig_2
Basis Of Presentation And Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Consolidation Policy | Consolidation Policy - The consolidated financial statements include the accounts of BBX Capital’s wholly-owned subsidiaries, other entities in which BBX Capital or its subsidiaries hold controlling financial interests, and any VIEs in which BBX Capital or one of its consolidated subsidiaries is deemed the primary beneficiary of the VIE. All significant inter-company accounts and transactions have been eliminated in consolidation. |
Use Of Estimates | Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“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; the allowance for credit losses; the recovery of the carrying value of VOI inventories and real estate; the measurement of assets and liabilities at fair value, including amounts recognized in business combinations and items measured at fair value on a non-recurring basis, such as intangible assets, goodwill, and real estate; the amount of the deferred tax valuation allowance and accounting for uncertain tax positions; and the estimate of contingent liabilities related to litigation and other claims and assessments. Management bases its estimates on historical experience and on 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 2018. The Company’s adoption of the new revenue recognition accounting standard on a full retrospective basis required the Company to restate certain previously reported results. For further details regarding the impact of the adoption of the standard, see the “Recently Adopted Accounting Pronouncements” section below. In addition, the Company reclassified its loans receivable to other assets in its consolidated statement of financial condition. Loans receivable had an outstanding balance of $6.2 million and $19.5 million as of December 31, 2018 and 2017, respectively. |
Cash, Cash Equivalents, And Restricted Cash | Cash, Cash Equivalents, and Restricted Cash - Cash equivalents consist of demand deposits at financial institutions, money market funds, and other short-term investments with original maturities at the time of purchase of 90 days or less. Cash in excess of the Company’ immediate operating requirements are generally invested in short-term time deposits and money market instruments that typically have original maturities at the date of purchase of three months or less. Restricted cash consists primarily of customer deposits held in escrow accounts and cash collected on pledged/secured notes receivable not yet remitted to lenders. Cash and cash equivalents are maintained at various financial institutions located throughout the United States, as well as in Canada and Aruba, in amounts exceeding the $250,000 federally insured limit. Accordingly, the Company is subject to credit risk. |
Revenue Recognition | Revenue Recognition Sales of VOIs – Revenue is recognized for sales of VOIs after control of the VOI is deemed transferred to the customer, which is when the legal rescission period has expired on a binding executed VOI sales agreement and the collectability of the note receivable from the buyer, if any, is reasonably assured. Transfer of control of the VOI to the buyer is deemed to occur when the legal rescission period expires as the risk and rewards associated with VOI ownership are transferred to the buyer at that time. The Company records Bluegreen’s customer deposits from contracts within the legal rescission period in restricted cash and escrow deposits in the Company’s consolidated statements of financial condition, as such amounts are refundable until the legal rescission period has expired. In cases where construction and development of Bluegreen’s developed resorts has not been substantially completed, Bluegreen defers all of the revenues and associated expenses for the sales of VOIs until construction is substantially complete and the resort may be occupied. Bluegreen generally offers qualified purchasers financing for up to 90% of the purchase price of VOIs. The typical financing provides for a term of ten years and a fixed interest rate, is fully amortizing in equal installments, and may be prepaid without penalty. For sales of VOIs for which Bluegreen provides financing, Bluegreen reduces the transaction price for expected credit losses, which it considers to be variable consideration. To the extent Bluegreen determines that it is probable that a significant reversal of cumulative revenue recognized may occur, it records an estimate of variable consideration as a reduction to the transaction price of the sales of VOIs until the uncertainty associated with the variable consideration is resolved. Bluegreen’s estimates of variable consideration are based on the results of its static pool analysis, which relies on historical payment data for similar VOI notes receivable and tracks uncollectibles for each period’s sales over the entire life of the notes. Bluegreen also considers whether historical economic conditions are comparable to then current economic conditions, as well as variations in underwriting standards. Bluegreen reviews its estimate of variable consideration on at least a quarterly basis. VOI sales where no financing is provided do not have any significant payment terms. 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. During each of the years presented, Bluegreen’s aggregate rental revenue and sampler revenue was less than the aggregate carrying cost of its VOI inventory. Accordingly, Bluegreen recorded such revenue as a reduction to the carrying cost of VOI inventory, which is included in cost of other fee-based services in the Company’s consolidated statements of operations and comprehensive income for each year. Fee-based sales commissions - Fee-based sales commission r evenue is recognized when a sales transaction with a VOI purchaser is consummated in accordance with the terms of the fee-based sales agreement with the third-party developer, it is probable that a significant reversal of such revenue will not occur, and the related consumer rescission period has expired. Other fee-based services and cost reimbursements - Revenue associated with Bluegreen’s other fee-based services is recognized as follows: · Resort and club management revenue and related cost reimbursements are recognized as services are rendered. These services provided to the resort HOAs are comprised of day-to-day services to operate the resort, including management services and certain accounting and administrative functions. Management services provided to the Vacation Club include managing the reservation system and providing owner, billing, and collection services. Bluegreen’s management contracts are typically structured as cost-plus, with an initial term of three years and automatic one-year renewals. Bluegreen believes these services to be a series of distinct goods and services to be accounted for as a single performance obligation over time and recognizes revenue as the customer receives the benefits of its services. Bluegreen allocates variable consideration to the distinct good or service within the series, such that revenue from management fees and cost reimbursements is recognized in each period as the uncertainty with respect to such variable consideration is resolved. · Resort title fee revenue is recognized when escrow amounts are released and title documents are completed. · Rental revenues are recognized on a daily basis, which is consistent with the period for which the customer benefits from such service. Revenue from the sampler program is typically recognized within a year from sale as guests complete stays at the resorts. · Mortgage servicing revenue is recognized as services are rendered. Fees received in advance are generally included in deferred income in the Company’s consolidated statement of financial condition until the related service is rendered and revenue is recognized as stated above. Trade sales – Revenue is recognized on trade sales as follows: · Revenue is recognized on wholesale trade sales when control of the products is transferred to customers, which generally occurs when the products are shipped or the customers accept delivery. Wholesale trade sales typically have payment terms between 10 and 90 days. Certain customer trade sale contracts have provisions for right of return, volume rebates, and price concessions. These types of discounts are accounted for as variable consideration, and the Company uses the expected value method to calculate the estimated reduction in the trade sales revenue. The inputs used in the expected value method include historical experience with the customer, sales forecasts, and outstanding purchase orders. · Revenue is recognized on retail trade sales at the point of sale, which occurs when products are sold at the Company’s retail locations. · Sales and other taxes imposed by governmental authorities that are collected by the Company from customers are excluded from revenue or the transaction price. Sales of real estate inventory - Revenue is generally recognized on sales of real estate inventory to customers when the sales are closed and title passes to the buyer. The Company generally receives payment from the sale of real estate inventory at the date of closing. In addition, certain real estate sales contracts provide for a contingent purchase price. The contingent purchase price in contracts pursuant to which the Company sells developed lots to homebuilders is generally calculated as a percentage of the proceeds that the homebuilders receive from sales to their own customers, and the Company does not receive payment of such amounts until the homebuilders close on such sales. The Company accounts for contingent purchase price as variable consideration and estimates the amount of such consideration that may be recognized upon the closing of the real estate transaction based on the expected value method. The estimate of variable consideration is recognized as revenue to the extent that it is not probable that a significant revenue reversal in the amount of cumulative revenue recognized will occur when the uncertainty associated with the variable consideration is subsequently resolved. The inputs used in the expected value method include current sales prices (net of incentives), historical contingent purchase price receipts, and sales contracts on similar properties. Interest income - Bluegreen provides financing for a significant portion of sales of its owned VOIs. Bluegreen recognizes interest income from financing VOI sales on the accrual method as earned based on the outstanding principal balance, interest rate, and terms stated in each individual financing agreement. Interest income from other loans receivable originated by the Company is recognized on accruing loans when management determines that it is probable that all of the principal and interest will be collected in accordance with the loan’s contractual terms. Interest income is recognized on non-accrual loans on a cash basis. Loans receivable are included in other assets in the Company’s statements of financial condition. Net gains on sales of real estate assets – Net gains on sales of real estate assets represents sales of assets to non-customers. Gains (or losses) are recognized from sales to non-customers when the control of the asset has been transferred to the buyer, which generally occurs when title passes to the buyer. Other revenue – Other revenue is primarily comprised of rental income from properties under operating leases. Rental income is recognized as rents become due, and rental payments received in advance are deferred until earned. |
Notes Receivable | Notes Receivable - Bluegreen’s n otes receivable are carried at amortized cost less an allowance for credit losses, and its loan origination costs are deferred and recognized over the life of the related notes receivable. Interest income is suspended, and previously accrued but unpaid interest income is reversed, on all delinquent notes receivable when principal or interest payments are more than 90 days contractually past due and is not resumed until such notes receivable are less than 90 days past due. After 120 days, Bluegreen’s notes receivable are generally written off against the allowance for credit loss. |
VOI Inventory | VOI Inventory - Bluegreen’s VOI inventory is primarily comprised of completed VOIs, VOIs under construction, and land held for future VOI development. Completed VOI inventory is carried at the lower of (i) cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest and 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, cost of sales is calculated as a percentage of net sales using a cost-of-sales percentage that is the ratio of total estimated development costs to total estimated VOI revenue, including the estimated incremental revenue from the resale of repossessed VOI inventory that is generally obtained as a result of the default of the related receivable. In addition, pursuant to timeshare accounting rules, Bluegreen does not relieve inventory for VOI cost of sales related to anticipated credit losses. Accordingly, no adjustment is made when inventory is reacquired upon default of the related receivable. Bluegreen also periodically evaluates the recoverability of the carrying amount of its undeveloped or under development resort properties 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 years presented. |
Trade Inventory | Trade Inventory – Trade inventory is measured at the lower of cost or market. Cost includes all costs of conversions, including materials, direct labor, production overhead, depreciation of equipment, and shipping costs. Raw materials are 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 cost of goods sold. 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 acquires real estate or takes possession or ownership of real estate through the foreclosure of collateral on loans receivable. Such real estate is classified as real estate held-for-sale, real estate held-for-investment, or real estate inventory. When real estate is classified as held-for-sale, it is initially recorded at fair value less estimated selling costs and subsequently measured at the lower of cost or estimated fair value less selling costs. When real estate is classified as held-for-investment, it is initially recorded at fair value and, if applicable, is depreciated in subsequent periods over its useful life using the straight-line method. Real estate is classified as real estate inventory when the property is under development for sale to customers and is measured at cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest and real estate taxes, and other costs incurred during the construction period. Expenditures for capital improvements are generally capitalized, while the ongoing costs of holding and operating real estate are charged to selling, general and administrative expenses as incurred. Impairments required on loans receivable at the time of foreclosure of real estate collateral are charged to the allowance for loan losses, while impairments of real estate required under ASC 360 to reflect subsequent declines in fair value are recorded as impairment losses in the Company’s consolidated 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 reflected on the statement of financial condition of an investor as a single amount, and an investor’s share of earnings or losses from its investment is reflected in the statement of operations as a single amount. The investment is initially measured at cost and subsequently adjusted for the investor’s share of the earnings or losses of the investee and di stributions received from the investee. The investor recognizes its share of the earnings or losses of the investee in the periods in which they are reported by the investee in its financial statements rather than in the period in which an investee declares a distribution . Intra-entity profits and losses on assets still remaining with an investor or investee are eliminated. The Company recognizes 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 joint ventures accounted for under the equity method that have commenced qualifying activities, such as real estate development projects. The capitalization of interest expense ceases when the investee completes its qualifying activities, and total capitalized interest expense cannot exceed interest expense incurred. The Company reviews its investments on an ongoing basis for indicators of other-than-temporary impairment. This determination requires significant judgment in which the Company evaluates, among other factors, the fair market value of the investments, general market conditions, the duration and extent to which the fair value of an investment is less than cost, and the Company’s intent and ability to hold an investment until it recovers. The Company also considers specific adverse conditions related to the financial health and business outlook of the investee, including industry and market performance, rating agency actions, and expected future operating and financing cash flows. If a decline in the fair value of an investment is determined to be other-than-temporary, an impairment charge is recorded to reduce the investment to its fair value, and a new cost basis in the investment is established. |
Property And Equipment | Property and Equipment - Land is carried at cost. Property 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, fixtures, and equipment , from 3 to 5 year s 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 estimated useful lives of the improvements. Expenditures for new property, 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 developed for internal use is capitalized in accordance with the accounting guidance for costs of computer software developed or obtained for internal use. The capitalization of costs of software developed for internal use commences during the development phase of the project and ends when the software 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. The Company capitalized costs of software for internal use of $10.2 million and $6.2 million for the years ended December 31, 2018 and 2017, respectively. |
Goodwill And Intangible Assets | Goodwill and Intangible Assets Goodwill – The Company recognizes goodwill upon the acquisition of a business when the fair values of the consideration transferred and any noncontrolling interests in the acquiree are in excess of the fair value of the acquiree’s identifiable net assets. The Company tests goodwill for potential impairment on an annual basis as of December 31 or during interim periods if impairment indicators exist. The Company first assesses qualitatively whether it is necessary to perform goodwill impairment testing. Impairment testing is performed when it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The Company evaluates various factors affecting a reporting unit in its qualitative assessment, including, but not limited to, macroeconomic conditions, industry and market considerations, cost factors, and financial performance. Prior to January 1, 2017, the Company performed a two-step goodwill impairment test if management concluded from the qualitative assessment that testing was required, which was the case for certain of the Company’s reporting units during the year ended December 31, 2016. 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, associated with the reporting unit and consisted of comparing the implied goodwill in the reporting unit to its carrying amount. If the carrying amount of the goodwill exceeded the implied goodwill, the Company recorded an impairment for the excess amount. 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 adopted Accounting Standards Update (“ASU”) No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which amended Topic 350 and removed the second step of the two-step goodwill impairment test described above. Under the amended guidance, if the carrying amount of a reporting unit exceeds its fair value, the Company records an impairment for the excess amount, although the impairment loss is limited to the amount of goodwill allocated to the reporting unit. Intangible assets - Intangible assets consist primarily of indefinite-lived management contracts recognized upon the consolidation of Bluegreen in November 2009. The remaining balance in intangible assets includes various amortizable intangible assets that are amortized on a straight-line basis of their respective estimated useful lives, including trade names, non-competition agreements, and off-market lease agreements acquired in connection with business combinations that were initially recorded at fair value at the applicable acquisition date, as well as area development and franchise contracts that were initially recorded at cost. 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 amount. If it is more likely than not that the fair value of the indefinite-lived intangible asset is greater than its carrying amount, the indefinite-lived intangible asset is not impaired. If the Company concludes that it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, the Company estimates the fair value of the indefinite-lived intangible asset and compares the estimated fair value to the carrying amount. 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. To the extent that the carrying amount of an intangible asset exceeds the sum of such undiscounted cash flows, an impairment is measured and recorded based on 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 various factors, including historical losses, current market conditions, the customers' financial condition, the amount of receivables in dispute, and the current receivables aging and 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 and had an outstanding balance of $18.3 million and $16.0 million as of December 31, 2018 and 2017, respectively. |
Deferred Financing Costs | Deferred Financing Costs – Deferred financing costs are comprised of costs incurred in connection with obtaining financing from third-party lenders and are presented in the Company’s consolidated statement of financial condition as other assets or as a direct deduction from the carrying amount of the associated debt liability. These costs are capitalized and amortized to interest expense over the terms of the related financing arrangements. As of December 31, 2018 and 2017, unamortized deferred financing costs presented in other assets totaled $5.6 million and $5.8 million, respectively, while unamortized costs presented against the associated debt liabilities totaled $9.1 million and $8.7 million, respectively. Interest expense from the amortization of deferred financing costs for the years ended December 31 2018, 2017 and 2016 was $3.5 million, $3.1 million, and $3.1 million, respectively. |
Advertising | Advertising – The Company expenses advertising costs, which are primarily marketing costs, as incurred. Advertising expenses totaled $138.9 million, $148.6 million and $146.0 million for the years ended December 31, 2018, 2017 and 2016, respectively, and are included in selling, general and administ rative expenses in the accompanying consolidated statements of operations and comprehensive income. Bluegreen has entered into marketing arrangements with various third parties. For the years ended December 31, 2018, 2017 and 2016, sales of VOIs t o prospects and leads generated by Bass Pro accounted for approximately 14% , 15%, and 16% , respective ly, of total VOI sales volume. |
Income Taxes | Income Taxes – The Company and its subsidiaries in which it owns 80% or more of the voting power and value of the subsidiary’s stock file a consolidated U.S. Federal and Florida income tax return. Other than Florida, the Company and its subsidiaries file separate or unitary 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. 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 recognized 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 are less than 100% owned by the Company. A noncontrolling interest is recognized as equity in the consolidated statement of financial condition and present ed 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 consolidated statement of financial condition. A change in the ownership interests of a subsidiary is accounted for as an equity transaction if the Company retains its controlling financial interest in the subsidiary. The amounts of consolidated net income and comprehensive income attributable to BBX Capital’s shareholders and noncontrolling interests are separately presented in the Company’s consolidated 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 BBX Capital’s 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 unvested restricted stock awards is based on the fair value of the award on the measurement date, which is generally the grant date, and is recognized on a straight-line basis over the requisite service period of the award, which is generally four years for unvested restricted stock awards. The fair value of unvested 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 January 1, 2018: ASU No. 2014-09 – Revenue Recognition (Topic 606). In May 2014, the FASB issued a new standard related to revenue recognition (as subsequently amended and clarified by various ASUs). Under the new standard, revenue is recognized when an entity satisfies a performance obligation by transferring to a customer control over 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 Company adopted the standard on January 1, 2018 under the full retrospective method, and accordingly, results for prior periods have been adjusted to apply the new standard as shown below. The adoption of the standard affected Bluegreen in certain areas. Under the standard, Bluegreen is required to present reimbursements of costs for payroll and insurance premiums associated with resorts managed by Bluegreen and on behalf of third parties on a gross basis in revenues, while such reimbursements were previously presented net against the related costs. In addition, the standard impacted the timing of the recognition of revenue from sales of VOIs due to the removal of certain bright line tests regarding the determination of the adequacy of a buyer’s commitment under prior industry-specific accounting guidance. Bluegreen concluded that the recognition of other various revenue streams, including fee-based sales commissions and rental revenues, remained materially unchanged. The adoption of the standard affected the Company’s real estate activities primarily in relation to the recognition of contingent revenue on sales of real estate inventory, as the standard results in such revenue being recognized sooner than under prior industry-specific accounting guidance. The adoption of the standard did 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 Company has historically recognized shipping and handling costs in selling, general and administration expenses, and upon the adoption of the standard, the Company began accounting for such costs as a fulfillment cost in cost of trade sales. The Company has elected to use the following practical expedients in connection with the adoption of the standard: • We utilize the transaction price upon completion of the contract for certain contracts with customers; • We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less or unsatisfied performance obligations or unsatisfied promises to transfer a distinct good or service that forms a part of a single performance obligation recognized over time; • We expense all marketing and sales costs as incurred; • We exclude from the transaction price all taxes assessed by a governmental authority that are imposed on a specified transaction concurrent with the closing thereof and are collected by the Company from a customer; • We do not disclose remaining performance obligations for variable consideration when the variable consideration is allocated entirely to a wholly unsatisfied performance obligation; • We do not disclose remaining performance obligations when revenue is recognized based on the Company’s right to invoice; • We account for shipping and handling activities that occur after the control of the goods is transferred to a customer as fulfillment activities instead of a separate performance obligation; • We recognize incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset is one year or less; and • We do not adjust the transaction price for the effects of a significant financial component if we expect, at the contract inception, that the performance obligations will be satisfied within one year or less. ASU No. 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20). This standard provides guidance on the recognition of gains and losses from the transfer of nonfinancial assets to non-customers and requires that an entity must 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 standard significantly changed the guidance on the transfer of real estate to unconsolidated joint ventures. Under prior guidance, the transfer of real estate to an unconsolidated 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. As a result, the Company previously accounted for the transfer of land to certain unconsolidated real estate joint ventures for initial capital contributions as partial sales, resulting in deferred gains and basis adjustments related to our investment in such ventures. However, under the new standard, the full gain is recognized upon the transfer of control of real estate to an unconsolidated joint venture, and any noncontrolling interest retained is measured at fair value. The Company adopted the standard on January 1, 2018 under the full retrospective method and, accordingly, results for prior periods have been adjusted to apply the new standard as shown below. The following represents the impact of the adoption of ASU 2014-09 and ASU 2017-05 on our Consolidated Statements of Financial Condition as of December 31, 2017 and December 31, 2016 and our Consolidated Statements of Operations for the years ended December 31, 2017 and 2016 (in thousands, except per share data): As of and for the Year Ended December 31, 2017 As Previously Reported ASU 2014-09 Adjustments ASU 2017-05 Adjustments As Adjusted Statement of Financial Condition: Notes receivable, net $ 431,801 (4,943) - 426,858 Investment in unconsolidated real estate joint ventures 47,275 - 3,959 51,234 Property and equipment, net 112,858 (929) - 111,929 Other assets 121,824 929 - 122,753 Other liabilities 103,926 - (462) 103,464 Deferred income 36,311 (19,418) - 16,893 Deferred income taxes 43,093 3,755 1,120 47,968 Total equity $ 653,501 10,720 3,301 667,522 Statement of Operations: Sales of VOIs $ 239,662 2,355 - 242,017 Cost reimbursements - 52,639 - 52,639 Cost reimbursements - 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 real estate assets 1,944 - (493) 1,451 Cost of trade sales 97,755 8,163 - 105,918 Selling, general and administrative expenses 541,901 (8,423) - 533,478 Equity in earnings of unconsolidated real estate joint ventures 14,483 - (1,942) 12,541 Income before income taxes 93,374 1,662 (2,435) 92,601 Benefit for income taxes 7,223 954 1,525 9,702 Net income 100,597 2,616 (910) 102,303 Less: Net income attributable to noncontrolling interests 18,402 (24) - 18,378 Net income attributable to shareholders $ 82,195 2,640 (910) 83,925 Basic earnings per share $ 0.83 0.85 Diluted earnings per share $ 0.79 0.81 As of and for the Year Ended December 31, 2016 As Previously Reported ASU 2014-09 Adjustments ASU 2017-05 Adjustments As Adjusted Statement of Financial Condition: Notes receivable, net $ 430,480 (4,680) - 425,800 Investment in unconsolidated real estate joint ventures 43,491 - 5,901 49,392 Property and equipment, net 95,998 (590) - 95,408 Other assets 130,333 590 - 130,923 Other liabilities 95,611 - (956) 94,655 Deferred income 37,015 (17,493) - 19,522 Deferred income taxes 44,318 4,711 2,645 51,674 Total equity $ 495,454 8,102 4,212 507,768 Statement of Operations: Sales of VOIs $ 266,142 7,731 - 273,873 Cost reimbursements - 49,557 - 49,557 Cost reimbursements - 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 real estate assets 5,487 - (2,274) 3,213 Cost of trade sales 74,341 6,022 - 80,363 Selling, general and administrative expenses 520,087 (4,606) - 515,481 Equity in earnings of unconsolidated real estate joint ventures 13,630 - (1,452) 12,178 Income before income taxes 78,036 4,676 (3,726) 78,986 Provision for income taxes (36,379) (1,448) 1,437 (36,390) Net income 41,657 3,228 (2,289) 42,596 Less: Net income attributable to noncontrolling interests 13,295 300 (429) 13,166 Net income attributable to shareholders $ 28,362 2,928 (1,860) 29,430 Basic earnings per share $ 0.33 0.34 Diluted earnings per share $ 0.32 0.34 The cumulative effect of adopting ASU 2014-09 and ASU 2017-05 was to increase total equity from the amount originally reported as of January 1, 2016 of $482.9 million to $494.3 million, an adjustment of $11.4 million. 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. Under this guidance, an entity must 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 update is effective for fiscal years beginning after December 15, 2017 and for interim periods within those annual periods. The Company adopted this update on January 1, 2018. The adoption of this update 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 was issued to clarify the determination of whether an entity has acquired or sold a business. The definition of a business affects many areas of accounting, including acquisitions, disposals, goodwill, and consolidation, and the update is intended to assist entities in the determination of whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The update is expected to result in more acquisitions being accounted for as asset purchases instead of business combinations. The update is effective for fiscal years beginning after December 15, 2017. The Company adopted this update on January 1, 2018 using the prospective transition method. The adoption of this update resulted in the Company accounting for Bluegreen’s acquisition of the Éilan Hotel & Spa in April 2018 as an asset acquisition, and consequently, all transaction costs were capitalized as part of the assets acquired. 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 and 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, the update allows entities to elect to record equity investments without readily determinable fair values at cost, less impairments. 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 update is effective for fiscal years beginning after December 15, 2017. The Company adopted this update on January 1, 2018 and recognized a cumulative effect adjustment of $0.3 million, net of tax, to accumulated earnings as of January 1, 2018 for equity securities with readily determinable fair values. The update was adopted prospectively for $2.4 million of equity securities without readily determinable fair values as of January 1, 2018. The adoption of this update did not have a material impact on the Company’s consolidated financial statements. ASU No. 2018-02 –– Income Statement – Reporting Comprehensive Income (Topic 220) – Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This update provides an entity with an option to reclassify to accumulated earnings the stranded tax effects within accumulated other comprehensive income associated with the reduction in the corporate income tax rate from the enactment of the U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”). The Company elected to adopt this update as of January 1, 2018 and reclassified the stranded income tax effects from the Tax Reform Act into accumulated earnings as of the adoption date. The adoption of this update did not have a material impact on the Company’s consolidated financial statements. ASU No. 2018-05 –– Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118. This update amended Topic 740 to incorporate the guidance previously provided by SEC Staff Accounting Bulletin No. 118 (“SAB 118”) related to the application of Topic 740 in the reporting period in which the Tax Reform Act was signed into law. The Company adopted SAB 118 in the fourth quarter of 2017, and therefore, the Company’s subsequent adoption of this update on January 1, 2018 had no impact on its accounting for income taxes in 2018. See Note 14 for additional information regarding the Company’s accounting for income taxes and the Tax Reform Act. |
Future Adoption of Recently Issued Accounting Pronouncements | Future Adoption of Recently Issued Accounting Pronouncements The FASB has issued the following accounting pronouncements and guidance relevant to the Company’s operations which have not been adopted as of December 31, 2018: ASU No. 2016-02 – Leases (Topic 842) . This standard , as subsequently amended and clarified by various ASUs , requires lessees to recognize assets and liabilities for the rights and obligations created by leases of assets. For income statement purposes, the standard retains a dual model which requires leases to be classified as either operating or finance based on criteria that are largely similar to those applied in current lease accounting but without explicit bright lines. The standard also requires extensive quantitative and qualitative disclosures, including significant judgments and assumptions made by management in applying the standard, intended to provide greater insight into the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted the standard on January 1, 2019 and is applying the transition guidance as of the date of adoption under the current-period adjustment method . As a result, the Company will recognize right-of-use assets and lease liabilities associated with its leases on January 1, 2019, with a cumulative-effect adjustment to the opening balance of accumulated earnings, while the comparable prior periods in the Company’s financial statements will continue to be reported in accordance with Topic 840, including the disclosures of Topic 840. The standard includes a number of optional practical expedients under the transaction guidance. The Company has elected the package of practical expedients which allows the Company to not reassess prior conclusions about lease identification, lease classification, and initial direct costs. The Company has also made accounting policy elections by class of underlying asset to not apply the recognition requirements of the standard to leases with terms of 12 months or less and to not separate non-lease components from lease components. Consequently, each separate lease component and the non-lease components associated with that lease component will be accounted for as a single lease component for lease classification, recognition, and measurement purposes. Upon adoption of the standard, the Company expects to recognize an estimated lease liability ranging from $121.0 million to $126.0 million and a right-of-use asset ranging from $110.0 million to $117.0 million on January 1, 2019. The difference between the estimated lease liability and right-of-use asset primarily reflects the reclassification of accrued straight-line rent and unamortized tenant allowances from other liabilities in the Company’s statement of financial condition to a reduction of the right-of-use asset. In addition, t he Company expects to recognize an impairment loss ranging from $2.0 million to $4.0 million in connection with the recognition of right-of-use assets for certain retail locations as a cumulative-effect adjustment to the opening balance of accumulated earnings. The Company believes that the standard will not have a material impact on its statement of operations and cash flows. 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 and will expand the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating its allowance for 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, and 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. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. This standard modifies the disclosure requirements in Topic 820 related to the valuation techniques and inputs used in fair value measurements, uncertainty in measurements, and changes in measurements applied. This standard is effective for the Company in annual periods beginning after December 15, 2019 and for interim periods within those annual periods, and early adoption is permitted. The Company is currently evaluating the impact that ASU 2018-13 may have on the footnote disclosures in its consolidated financial statements. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Retrospective Adjustments Due To Adoption Of New Accounting Standards | As of and for the Year Ended December 31, 2017 As Previously Reported ASU 2014-09 Adjustments ASU 2017-05 Adjustments As Adjusted Statement of Financial Condition: Notes receivable, net $ 431,801 (4,943) - 426,858 Investment in unconsolidated real estate joint ventures 47,275 - 3,959 51,234 Property and equipment, net 112,858 (929) - 111,929 Other assets 121,824 929 - 122,753 Other liabilities 103,926 - (462) 103,464 Deferred income 36,311 (19,418) - 16,893 Deferred income taxes 43,093 3,755 1,120 47,968 Total equity $ 653,501 10,720 3,301 667,522 Statement of Operations: Sales of VOIs $ 239,662 2,355 - 242,017 Cost reimbursements - 52,639 - 52,639 Cost reimbursements - 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 real estate assets 1,944 - (493) 1,451 Cost of trade sales 97,755 8,163 - 105,918 Selling, general and administrative expenses 541,901 (8,423) - 533,478 Equity in earnings of unconsolidated real estate joint ventures 14,483 - (1,942) 12,541 Income before income taxes 93,374 1,662 (2,435) 92,601 Benefit for income taxes 7,223 954 1,525 9,702 Net income 100,597 2,616 (910) 102,303 Less: Net income attributable to noncontrolling interests 18,402 (24) - 18,378 Net income attributable to shareholders $ 82,195 2,640 (910) 83,925 Basic earnings per share $ 0.83 0.85 Diluted earnings per share $ 0.79 0.81 As of and for the Year Ended December 31, 2016 As Previously Reported ASU 2014-09 Adjustments ASU 2017-05 Adjustments As Adjusted Statement of Financial Condition: Notes receivable, net $ 430,480 (4,680) - 425,800 Investment in unconsolidated real estate joint ventures 43,491 - 5,901 49,392 Property and equipment, net 95,998 (590) - 95,408 Other assets 130,333 590 - 130,923 Other liabilities 95,611 - (956) 94,655 Deferred income 37,015 (17,493) - 19,522 Deferred income taxes 44,318 4,711 2,645 51,674 Total equity $ 495,454 8,102 4,212 507,768 Statement of Operations: Sales of VOIs $ 266,142 7,731 - 273,873 Cost reimbursements - 49,557 - 49,557 Cost reimbursements - 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 real estate assets 5,487 - (2,274) 3,213 Cost of trade sales 74,341 6,022 - 80,363 Selling, general and administrative expenses 520,087 (4,606) - 515,481 Equity in earnings of unconsolidated real estate joint ventures 13,630 - (1,452) 12,178 Income before income taxes 78,036 4,676 (3,726) 78,986 Provision for income taxes (36,379) (1,448) 1,437 (36,390) Net income 41,657 3,228 (2,289) 42,596 Less: Net income attributable to noncontrolling interests 13,295 300 (429) 13,166 Net income attributable to shareholders $ 28,362 2,928 (1,860) 29,430 Basic earnings per share $ 0.33 0.34 Diluted earnings per share $ 0.32 0.34 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Disaggregated Revenue | For the Years Ended December 31, 2018 2017 2016 Sales of VOIs $ 254,225 242,017 273,873 Fee-based sales commissions 216,422 229,389 201,829 Resort and club management revenue 99,535 91,080 84,318 Cost reimbursements 62,534 52,639 49,557 Title fees 12,205 14,742 13,838 Other customer revenue 6,284 5,997 5,292 Trade sales - wholesale 82,800 89,223 89,725 Trade sales - retail 96,686 52,862 6,114 Sales of real estate inventory 21,771 - - Revenue from customers 852,462 777,949 724,546 Interest income 85,501 83,708 85,747 Net gains on sales of real estate assets 4,563 1,451 3,213 Other revenue 5,067 6,462 8,647 Total revenues $ 947,593 869,570 822,153 |
Acquisitions And Mergers (Table
Acquisitions And Mergers (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Acquisitions And Mergers [Abstract] | |
Consolidated Net Assets And Results Of Operations | June 16, 2017 to December 31, 2017 Trade sales $ 46,765 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 $ 178,643 172,612 142,085 95,839 Income before income taxes $ 93,273 74,594 92,601 78,986 Net income (1) $ 102,703 39,904 102,303 42,596 Net income attributable to shareholders (1) $ 84,356 27,136 83,925 29,430 (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 Interes_2
Consolidated Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Consolidated Variable Interest Entities [Abstract] | |
Information Related To The Assets And Liabilities Of The VIEs | December 31, 2018 2017 Restricted cash $ 28,400 19,488 Securitized notes receivable, net 341,975 279,188 Receivable backed notes payable - non-recourse 382,257 336,421 |
Notes Receivable (Tables)
Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Receivable [Abstract] | |
Information Relating To Bluegreen's Notes Receivable | December 31, 2018 2017 Notes receivable: VOI notes receivable - non-securitized $ 124,642 184,971 VOI notes receivable - securitized 447,850 364,349 Notes receivable secured by homesites (1) 898 1,329 Gross notes receivable 573,390 550,649 Allowance for loan losses - non-securitized (28,258) (38,497) Allowance for loan losses - securitized (105,875) (85,161) Allowance for loan losses - homesites (1) (90) (133) Notes receivable, net $ 439,167 426,858 Allowance as a % of gross notes receivable 23% 22% (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, 2018 2019 $ 61,093 2020 59,746 2021 63,759 2022 68,046 2023 70,472 Thereafter 250,274 Gross notes receivable $ 573,390 |
Activity In The Allowance For Loan Losses | For the Years Ended December 31, 2018 2017 2016 Balance, beginning of period $ 123,791 120,270 114,187 Provision for loan losses 51,236 46,412 45,544 Write-offs of uncollectible receivables (40,804) (42,891) (39,461) Balance, end of period $ 134,223 123,791 120,270 |
Percentage Of Gross Notes Receivable Outstanding, By FICO Score At Origination | December 31, FICO Score 2018 2017 700+ 57.00 % 54.00 % 600-699 39.00 41.00 <699 3.00 3.00 No score (1) 1.00 2.00 Total 100.00 % 100.00 % (1) VOI notes receivables without a FICO score are primarily related to foreign borrowers. |
Delinquency Status Of Bluegreen's VOI Notes Receivable | December 31, 2018 2017 Current $ 541,783 525,482 31-60 days 5,783 6,088 61-90 days 4,516 4,897 > 90 days (1) 20,410 12,853 Total $ 572,492 549,320 (1) Includes $14.3 million and $7.6 million as of December 31, 2018 and 2017, 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, 2018 | |
Trade Inventory [Abstract] | |
Summary Of Inventory | December 31, 2018 2017 Raw materials $ 2,718 3,320 Paper goods and packaging materials 1,122 865 Finished goods 16,270 19,717 Total trade inventory $ 20,110 23,902 |
VOI Inventory (Tables)
VOI Inventory (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
VOI Inventory [Abstract] | |
Summary Of Inventory | December 31, 2018 2017 Completed VOI units $ 237,010 194,503 Construction-in-progress 26,587 22,334 Real estate held for future VOI development 70,552 64,454 Total VOI inventory $ 334,149 281,291 |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Schedule Of Real Estate | December 31, 2018 2017 Real estate held-for-sale: Land $ 18,439 20,528 Rental properties - 6,181 Residential single-family 832 1,119 Other 931 - Total real estate held-for-sale 20,202 27,828 Real estate held-for-investment: Land 10,976 13,066 Other - 839 Total real estate held-for-investment 10,976 13,905 Real estate inventory 23,778 26,803 Total real estate $ 54,956 68,536 |
Investments In Unconsolidated_2
Investments In Unconsolidated Real Estate Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Acquisition [Line Items] | |
Investments In Unconsolidated Real Estate Joint Ventures | December 31, December 31, 2018 Ownership (1) 2017 Ownership (1) Altis at Kendall Square, LLC $ 70 20.24 % 78 20.24 % Altis at Lakeline - Austin Investors LLC 4,531 34.47 4,156 33.74 Altis at Shingle Creek, LLC 83 2.50 338 2.50 Altis at Grand Central Capital, LLC 2,549 11.07 1,872 10.54 Altis Promenade Capital, LLC 2,195 6.61 962 5.00 Altis at Bonterra - Hialeah, LLC 21,602 96.73 19,566 95.00 Altis Ludlam - Miami Investor, LLC 675 33.30 - - Altis Suncoast Manager, LLC 1,857 33.30 - - Altis Pembroke Gardens, LLC 1,284 0.41 - - Altis Fairways, LLC 1,876 0.42 - - Altis Wiregrass, LLC 1,897 2.22 - - The Altman Companies, LLC (2) 14,893 50.00 - - ABBX Guaranty, LLC 2,500 50.00 - - New Urban/BBX Development, LLC 98 50.00 2,064 50.00 Sunrise and Bayview Partners, LLC 1,439 50.00 1,499 50.00 Hialeah Communities, LLC 182 57.00 473 57.00 PGA Design Center Holdings, LLC 691 40.00 1,862 40.00 CCB Miramar, LLC 1,575 35.00 1,225 35.00 The Addison on Millenia Investment, LLC 35 48.00 5,933 48.00 BBX/S Millenia Blvd Investments, LLC 137 90.00 5,611 90.00 Centra Falls, LLC 16 7.14 159 7.14 Centra Falls II, LLC 38 7.14 551 7.14 BBX/Label Chapel Trail Development, LLC 4,515 46.75 4,885 46.75 Total $ 64,738 51,234 (1) The Company’s ownership percentage in each real estate joint venture represent s the Company’s percentage of the contributed capital in each venture. The operating agreements for many of these ventures provide for a disproportionate allocation of distributions to the extent that certain investors receive specified returns on their investments, and as a result, these percentages do not necessarily reflect the Company’s economic interest in the expected distributions from such venture s . (2) The investment in The Altman Companies, LLC includes $2.3 million of transaction costs. |
Condensed Statements Of Operations For Equity Method Joint Ventures | For the Years Ended December 31, 2018 2017 2016 Total revenues $ 406 80,407 84,860 Costs of sales (64) (51,072) (62,315) Other expenses (44) (5,134) (4,562) Net earnings (losses) $ 298 24,201 17,983 Equity in net earnings of unconsolidated real estate joint venture - Hialeah Communities, LLC $ 55 11,043 8,476 |
The Addison on Millenia Investment, LLC [Member] | |
Business Acquisition [Line Items] | |
Condensed Statements Of Financial Condition For Equity Method Joint Ventures | December 31, 2018 2017 Assets Cash $ 68 427 Properties and equipment - 40,381 Other assets 86 117 Total assets $ 154 40,925 Liabilities and Equity Notes payable $ - 27,139 Other liabilities 12 2,161 Total liabilities 12 29,300 Total equity 142 11,625 Total liabilities and equity $ 154 40,925 For the Years Ended December 31, 2018 2017 2016 Net gains on sales of real estate assets $ 22,203 - - Other revenue 3,858 1,303 - Total revenues $ 26,061 1,303 - Total expenses (2,266) (1,794) - Net earnings (losses) $ 23,795 (491) - Equity in net earnings of unconsolidated real estate joint venture - The Addison at Millenia Investment, LLC $ 9,283 (146) - |
Hialeah Communities, LLC [Member] | |
Business Acquisition [Line Items] | |
Condensed Statements Of Financial Condition For Equity Method Joint Ventures | December 31, 2018 2017 Assets Cash $ 675 1,750 Real estate inventory - 221 Properties and equipment - - Other assets - 137 Total assets $ 675 2,108 Liabilities and Equity Notes payable $ - 161 Other liabilities 277 1,347 Total liabilities 277 1,508 Total equity 398 600 Total liabilities and equity $ 675 2,108 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property And Equipment [Abstract] | |
Components Of Property And Equipment | December 31, 2018 2017 Land, building and building improvements $ 80,887 67,538 Leasehold improvements 41,278 32,419 Office equipment, furniture, fixtures and software 86,759 74,261 Transportation 3,097 670 212,021 174,888 Accumulated depreciation (72,393) (62,959) Property and equipment, net $ 139,628 111,929 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets [Abstract] | |
Schedule Of Changes In Goodwill | For the Years Ended December 31, 2018 2017 2016 Balance, beginning of period $ 39,482 6,731 7,601 Acquisitions 1,727 35,164 - Impairment losses (3,961) (2,413) (870) Balance, end of period $ 37,248 39,482 6,731 |
Major Classes Of Intangible Assets | December 31, Class 2018 2017 Intangible assets: Management contracts $ 61,293 61,293 Trademarks 8,522 8,471 Customer relationships 70 70 Lease premium 2,313 2,313 Franchise agreements 740 640 Other 777 777 73,715 73,564 Accumulated amortization (4,005) (3,115) Total intangible assets $ 69,710 70,449 |
Estimated Aggregate Amortization Expense Of Intangible Assets | Years Ending December 31, Total 2019 799 2020 799 2021 778 2022 725 2023 647 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt [Abstract] | |
Contractual Minimum Principal Payments Of Debt Outstanding | Notes Receivable Receivable Payable and Backed Backed Junior and Other Notes Payable - Notes Payable - Subordinated Borrowings Recourse Non-recourse Debentures Total 2019 $ 68,159 - - - 68,159 2020 13,251 - - - 13,251 2021 84,462 7,262 - - 91,724 2022 11,916 12,346 - - 24,262 2023 2,423 30,617 - - 33,040 Thereafter 23,013 26,449 389,064 177,129 615,655 203,224 76,674 389,064 177,129 846,091 Unamortized debt issuance costs (2,337) - (6,807) (1,200) (10,344) Unamortized purchase discount - - - (39,504) (39,504) Total Debt $ 200,887 76,674 382,257 136,425 796,243 |
Notes Payable And Other Borrowings | December 31, 2018 December 31, 2017 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Bluegreen: 2013 Notes Payable $ 28,125 5.50% $ 22,878 $ 46,500 5.50% $ 29,403 Pacific Western Term Loan - - - 2,715 6.72% 9,884 Fifth Third Bank Note 3,834 5.34% 7,892 4,080 4.36% 8,071 NBA Line of Credit - - - 5,089 4.75% 15,260 NBA Éilan Loan 25,603 5.60% 35,615 - - - Fifth Third Syndicated Line of Credit 55,000 5.27% 92,415 20,000 4.27% 75,662 Fifth Third Syndicated Term Loan 22,500 5.37% 27,724 23,750 4.32% 23,960 Unamortized debt issuance costs (1,671) (1,940) Total Bluegreen $ 133,391 $ 100,194 Other: Community Development District Obligations $ 24,583 4.25 -6.00% $ 23,778 $ 21,435 4.50 -6.00% $ 26,803 TD Bank Term Loan and Line of Credit 8,117 5.47% (1) 12,890 4.02% (1) Anastasia Note Payable - - 1,471 5.00% (1) Iberia $50.0 million Revolving Line of Credit 30,000 5.35% (2) - - - Iberia $5.0 million Revolving Line of Credit - - - 3,820 4.12% (1) Banc of America Leasing & Capital Equipment Note 555 4.75% (3) - - - Unsecured Note 3,400 6.00% (4) 3,400 6.00% (4) Other 1,507 5.25% 1,968 1,544 5.25% 1,993 Unamortized debt issuance costs (666) (640) Total other $ 67,496 $ 43,920 Total notes payable and other borrowings $ 200,887 $ 144,114 (1) The collateral is a blanket lien on the respective company’s assets. (2) The collateral is membership interests in Woodbridge having a value of not less than $100.0 million. (3) The collateral is a security interest in the equipment financed by the underlying note. Additionally, IT’SUGAR is guarantor on the note. (4) BBX Capital is guarantor on the note. |
Receivable-Backed Notes Payable | December 31, 2018 December 31, 2017 Principal Principal Balance of Balance of Pledged/ Pledged/ Debt Interest Secured Debt Interest Secured Balance Rate Receivables Balance Rate Receivables Receivable-backed notes payable - recourse: Liberty Bank Facility $ 17,654 5.25% $ 22,062 $ 24,990 5.00% $ 30,472 NBA Receivables Facility 48,414 5.27% 57,805 44,414 4.10% 53,730 Pacific Western Facility 10,606 5.52% 13,730 15,293 6.00% 19,516 Total $ 76,674 $ 93,597 $ 84,697 $ 103,718 Receivable-backed notes payable - non-recourse: KeyBank/DZ Purchase Facility $ - - $ - $ 16,144 4.31% $ 19,866 Quorum Purchase Facility 40,074 4.75 -5.50% 45,283 16,771 4.75 -6.90% 18,659 2012 Term Securitization 15,212 2.94% 16,866 23,227 2.94% 25,986 2013 Term Securitization 27,573 3.20% 29,351 37,163 3.20% 39,510 2015 Term Securitization 44,230 3.02% 47,690 58,498 3.02% 61,705 2016 Term Securitization 63,982 3.35% 72,590 83,142 3.35% 91,348 2017 Term Securitization 83,513 3.12% 95,877 107,624 3.12% 119,582 2018 Term Securitization 114,480 4.02% 125,916 - - - Unamortized debt issuance costs (6,807) - - (6,148) - Total $ 382,257 $ 433,573 $ 336,421 $ 376,656 Total receivable-backed debt $ 458,931 $ 527,170 $ 421,118 $ 480,374 |
Junior Subordinated Debentures Outstanding | December 31, 2018 2017 Effective Effective Carrying Interest Carrying Interest Maturity Amounts Rates (1) Amounts Rates (1) Years (2) Woodbridge - Levitt Capital Trusts I - IV $ 66,302 6.20 - 6.65% $ 66,302 5.14 - 5.19% 2035 - 2036 Bluegreen Statutory Trusts I - VI 110,827 7.32 - 7.70% 110,827 6.18 - 6.59% 2035 - 2037 Unamortized debt issuance costs (1,200) (1,272) Unamortized purchase discount (39,504) (40,443) Total junior subordinated debentures $ 136,425 $ 135,414 (1) The Company’s junior subordinated debentures bear interest at three-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 3.80% to 4.90% . (2) All of the junior subordinated debentures were eligible for redemption by Woodbridge and Bluegreen, as applicable, as of December 31, 2018 and 2017. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
United States And Foreign Components Of Income From Continuing Operations Before Income Taxes | For the Years Ended December 31, 2018 2017 2016 U.S. $ 88,284 92,115 78,579 Foreign (852) 486 407 Total $ 87,432 92,601 78,986 |
Provision For Income Taxes | For the Years Ended December 31, 2018 2017 2016 Current: Federal $ 676 1,211 (339) State 3,519 1,767 1,014 4,195 2,978 675 Deferred: Federal 22,824 (14,368) 36,404 State 4,620 1,688 (689) 27,444 (12,680) 35,715 Provision (benefit) for income taxes $ 31,639 (9,702) 36,390 |
Actual Provision For Income Taxes From Continuing Operations Rate | For the Years Ended December 31, 2018 (1) 2017 (1) 2016 (1) Income tax provision at expected federal income tax rate $ 18,360 21.00 % $ 32,410 35.00 % $ 27,646 35.00 % Increase (decrease) resulting from: Provision for state taxes, net of federal effect 6,446 7.37 3,607 3.90 529 0.67 Effect of federal rate change-2017 tax reform - - (45,267) (48.88) - - Taxes related to noncontrolling interests in subsidiaries not consolidated for income tax purposes (2,519) (2.88) (4,467) (4.82) (3,432) (4.35) Nondeductible executive compensation 8,421 9.63 4,309 4.65 7,301 9.24 Bluegreen initial public offering - - 1,467 1.58 - - SEC penalty - - (1,593) (1.72) - - Increase in valuation allowance 266 0.30 25 0.03 3,807 4.82 Other – net 665 0.76 (193) (0.21) 539 0.68 Provision (benefit) for income taxes $ 31,639 36.18 % $ (9,702) (10.47) % $ 36,390 46.06 % (1) Expected tax is computed based upon income before income taxes. |
Schedule Of Deferred Tax Assets And Liabilities | December 31, 2018 2017 2016 Deferred tax assets: Allowance for loan losses, tax certificate losses and write-downs for financial statement purposes $ 29,969 25,604 43,729 Federal and State NOL and tax credit carryforward (1) 97,102 132,650 194,051 Real estate valuation 7,519 9,117 16,828 Share based compensation - 24 232 Property and equipment - 1,642 3,015 Other 7,394 7,365 11,183 Total gross deferred tax assets 141,984 176,402 269,038 Valuation allowance (1) (86,533) (86,267) (107,169) Total deferred tax assets 55,451 90,135 161,869 Deferred tax liabilities: Installment sales treatment of notes 104,126 100,717 152,074 Intangible assets 14,162 14,322 24,501 Junior subordinated debentures 9,378 9,144 16,349 Deferral of VOI sales and costs under timeshare accounting 8,654 10,071 15,150 Property and equipment 3,351 - - Other 2,143 3,849 5,469 Total gross deferred tax liabilities 141,814 138,103 213,543 Net deferred tax liability (86,363) (47,968) (51,674) Less net deferred tax liability at beginning of period 47,968 51,674 15,939 Reclassify alternative minimum tax credit to other assets 11,169 - - Bluegreen initial public offering - 11,988 - Cumulative effect for excess tax benefits recognized in accumulated earnings associated with share based compensation - (3,054) - Other (235) - - Less change in net deferred tax liability for amounts included in other comprehensive income 17 40 20 (Provision) benefit for deferred income taxes $ (27,444) 12,680 (35,715) (1) Federal and state NOLs and the related valuation allowances at December 31, 2017 and 2016 were decreased by $16.0 million and $24.6 million, respectively, from amounts reflected in the Company’s prior period financial statements to reflect the write-off of NOLs subject to the Section 382 limitation that cannot be utilized before expiration (which is discussed in further detail below). |
Summary Of NOL, Credit Carryforwards, Valuation Allowance | Federal and State Gross Net NOL and Deferred Deferred Credit Tax Valuation Tax Carryforward Asset Allowance Asset Year Expires Florida NOL-BBX $ 20,878 907 - 907 2030-2034 Non-Florida State NOLs 224,300 10,135 2,403 7,732 2019-2038 Federal NOL SRLY Limitation 227,595 47,795 47,795 - 2026-2034 Florida NOL SRLY Limitation 750,987 32,630 32,630 - 2026-2034 Other Federal tax credits-SRLY Limitation 2,372 2,372 2,372 - 2025-2031 Federal NOL Section 382 Limitation 8,674 1,822 - 1,822 2023-2029 Florida NOL Section 382 Limitation 5,639 245 - 245 2024-2029 Canadian NOL 4,045 1,011 1,011 - 2033-2038 Canadian capital losses 1,477 185 185 - Do not expire Total $ 97,102 86,396 10,706 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies [Abstract] | |
Approximate Minimum Future Rental Payments Under Leases | Years Ending December 31, Amount 2019 $ 26,871 2020 24,525 2021 23,022 2022 20,682 2023 17,564 Thereafter 41,299 Total $ 153,963 |
Summary Of Incurred Rent Expense | For the Years Ended December 31, 2018 2017 2016 Rental expense for premises and equipment $ 41,079 30,832 18,706 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stock Incentive Plans [Abstract] | |
Information On Outstanding Options | Weighted Weighted Average Average Aggregate Outstanding Exercise Remaining Intrinsic Options Price Contractual Term Value ($000) Outstanding at December 31, 2017 27,346 $ 8.98 0.43 - Exercised (27,346) 8.98 6 Forfeited - 0.00 Expired - 0.00 Outstanding at December 31, 2018 - $ 0.00 0.00 Exercisable at December 31, 2018 - $ 0.00 0.00 Available for grant at December 31, 2018 2,241,751 |
Summary Of Non-Vested Restricted Stock And Restricted Stock Units | Weighted Unvested Average Restricted Grant Date Stock Fair Value Unvested balance outstanding, beginning of period 4,994,515 $ 3.39 Granted 1,487,051 8.70 Vested (3,295,020) 3.92 Forfeited - - Unvested balance outstanding, end of period 3,186,546 $ 5.32 |
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) 12/15/2016 (2) 5,090,354 $ 2.74 1.63 Years 12/22/2016 (1) 1,823,565 4.3 4 years 1/9/2018 (1) 1,487,051 8.7 4 years (1) The awards are issuable in shares of BBX Capital ’s Class B Common Stock. (2) Pursuant to the Merger Agreement, the Company assumed and adopted the BCC Equity Plans as of December 15, 2016 and 942,657 shares of BCC’s restricted stock units were retired in exchange for the issuance of restricted stock units with respect to approximately 5.1 million shares of BBX Capital 's Class A Common Stock. (3) The awards vest ratably in annual installments over the requisite service period . |
Noncontrolling Interests And _2
Noncontrolling Interests And Redeemable Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interests And Redeemable Noncontrolling Interest [Abstract] | |
Summary Of Noncontrolling Interests | December 31, 2018 2017 Bluegreen (1) $ 41,478 39,271 Bluegreen / Big Cedar Vacations (2) 45,611 43,021 Joint ventures and other 899 (238) Total noncontrolling interests $ 87,988 82,054 |
Summary Of Income (Loss) Attributable To Noncontrolling Interests | For the Years Ended December 31, 2018 2017 2016 Bluegreen (1) $ 8,566 5,639 - Bluegreen / Big Cedar Vacations (2) 12,390 12,760 10,126 BCC - - 3,060 Joint ventures and other (265) (21) (20) Net income attributable to noncontrolling interests $ 20,691 18,378 13,166 (1) As a result of Bluegreen’s IPO during the fourth quarter of 2017 and subsequent share repurchases in 2018, the Company owns 90.3% of Bluegreen. Bluegreen was a wholly-owned subsidiary of the Company prior to the Bluegreen IPO. (2) Bluegreen has a joint venture arrangement pursuant to which, it owns 51% of Bluegreen/Big Cedar Vacations. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Common Share [Abstract] | |
Computation Of Basic And Diluted Loss Per Common Share | For the Years Ended December 31, 2018 2017 2016 Basic earnings per common share Numerator: Net income $ 55,793 102,303 42,596 Less: Net income attributable to noncontrolling interests 20,691 18,378 13,166 Net income available to shareholders $ 35,102 83,925 29,430 Denominator: Basic - weighted average number of common share outstanding 95,298 98,745 86,902 Basic earnings per common share $ 0.37 0.85 0.34 Diluted earnings per common share Numerator: Net income available to shareholders $ 35,102 83,925 29,430 Denominator: Basic weighted average number of common shares outstanding 95,298 98,745 86,902 Effect of dilutive restricted stock awards 2,562 5,171 590 Diluted weighted average number of common shares outstanding 97,860 103,916 87,492 Diluted earnings per common share $ 0.36 0.81 0.34 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurement [Abstract] | |
Financial Disclosures About Fair Value Of Financial Instruments | Fair Value Measurements Using Quoted prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable December 31, December 31, Assets Inputs Inputs 2018 2018 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 366,305 366,305 366,305 - - Restricted cash 54,792 54,792 54,792 - - Loans receivable (1) 6,195 7,388 - - 7,388 Notes receivable, net 439,167 537,000 - - 537,000 Financial liabilities: Receivable-backed notes payable $ 458,931 462,400 - - 462,400 Notes payable and other borrowings 200,887 203,547 - - 203,547 Junior subordinated debentures 136,425 132,400 - - 132,400 Redeemable 5% cumulative preferred stock 9,472 9,538 - - 9,538 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 (1) 19,454 21,125 - - 21,125 Notes receivable, net 426,858 525,000 - - 525,000 Notes receivable from preferred shareholders (2) 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 Redeemable 5% cumulative preferred stock 13,974 13,977 - - 13,977 (1) Included in other assets in the Company’s consolidated statements of financial condition as of December 31, 2018 and 2017. (2) Included in other assets in the Company’s consolidated statements of financial condition as of December 31, 2017. |
Certain Relationships And Rel_2
Certain Relationships And Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Certain Relationships And Related Party Transactions [Abstract] | |
Related Party Transactions Relating To The Shared Service Arrangements | 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 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 254,225 - - - - - 254,225 Fee-based sales commissions 216,422 - - - - - 216,422 Other fee-based services 118,024 - - - - - 118,024 Cost reimbursements 62,534 - - - - - 62,534 Trade sales - - 68,417 79,618 31,472 (21) 179,486 Sales of real estate inventory - 21,771 - - - - 21,771 Interest income 85,914 2,277 - 1 147 (2,838) 85,501 Net gains on sales of real estate assets - 4,563 - - - - 4,563 Other revenue 1,201 2,653 - 159 1,889 (835) 5,067 Total revenues 738,320 31,264 68,417 79,778 33,508 (3,694) 947,593 Costs and expenses: Cost of VOIs sold 23,813 - - - - - 23,813 Cost of other fee-based services 72,968 - - - - - 72,968 Cost reimbursements 62,534 - - - - - 62,534 Cost of trade sales - - 55,483 46,718 23,468 (21) 125,648 Cost of real estate inventory sold - 14,116 - - - - 14,116 Interest expense 34,709 - 638 40 275 6,276 41,938 Recoveries from loan losses, net - (8,603) - - - - (8,603) Impairment losses - 521 - - 4,147 - 4,668 Reimbursements of litigation costs and penalty - - - - - (600) (600) Selling, general and administrative expenses 415,403 9,210 9,903 35,404 22,398 45,623 537,941 Total costs and expenses 609,427 15,244 66,024 82,162 50,288 51,278 874,423 Equity in net earnings of unconsolidated real estate joint ventures - 14,194 - - - - 14,194 Foreign exchange gain - - 68 - - - 68 Income (loss) before income taxes $ 128,893 30,214 2,461 (2,384) (16,780) (54,972) 87,432 Total assets $ 1,346,467 165,109 32,354 70,693 33,112 57,285 1,705,020 Expenditures for property and equipment 32,539 318 796 6,022 5,875 - 45,550 Depreciation and amortization 12,392 374 1,159 4,556 2,513 - 20,994 Debt accretion and amortization 4,212 3 17 184 329 - 4,745 Cash and cash equivalents 219,408 16,103 - 3,883 9,126 117,785 366,305 Equity method investments - 64,738 - - - 64,738 Goodwill - - - 35,167 2,081 - 37,248 Receivable-backed notes payable 458,931 - - - - - 458,931 Notes payable and other borrowings 133,391 27,333 8,117 556 1,490 30,000 200,887 Junior subordinated debentures 71,323 - - - - 65,102 136,425 The table below sets forth the Company’s segment information as of and for the year ended December 31, 2017 (in thousands): Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 242,017 - - - - - 242,017 Fee-based sales commissions 229,389 - - - - - 229,389 Other fee-based services 111,819 - - - - - 111,819 Cost reimbursements 52,639 - - - - - 52,639 Trade sales - - 68,935 46,765 26,385 - 142,085 Interest income 86,876 2,225 - 2 74 (5,469) 83,708 Net gains on sales of real estate assets - 1,451 - - - - 1,451 Other revenue 312 5,145 - 64 1,540 (599) 6,462 Total revenues 723,052 8,821 68,935 46,831 27,999 (6,068) 869,570 Costs and expenses: Cost of VOIs sold 17,679 - - - - - 17,679 Cost of other fee-based services 64,560 - - - - - 64,560 Cost reimbursements 52,639 - - - - - 52,639 Cost of trade sales - - 54,941 25,744 25,233 - 105,918 Interest expense 29,977 - 509 - 335 4,384 35,205 Recoveries from loan losses, net - (7,495) - - - - (7,495) Impairment losses - 1,646 - - 5,785 - 7,431 Net gains on cancellation of junior subordinated debentures - - - - - (6,929) (6,929) Reimbursements of litigation costs and penalty - - - - (13,169) (13,169) Selling, general and administrative expenses 421,199 11,127 11,112 18,489 18,698 52,853 533,478 Total costs and expenses 586,054 5,278 66,562 44,233 50,051 37,139 789,317 Equity in net earnings of unconsolidated real estate joint ventures - 12,541 - - - - 12,541 Foreign exchange loss - - (193) - - - (193) Income (loss) before income taxes $ 136,998 16,084 2,180 2,598 (22,052) (43,207) 92,601 Total assets $ 1,231,481 166,548 36,189 71,702 32,825 66,936 1,605,681 Expenditures for property and equipment 14,115 308 2,786 1,221 3,615 - 22,045 Depreciation and amortization 9,632 581 1,000 2,324 2,512 - 16,049 Debt accretion and amortization 4,478 - - - 204 - 4,682 Cash and cash equivalents 197,337 8,636 863 6,877 10,382 138,431 362,526 Equity method investments - 51,234 - - - 51,234 Goodwill - - - 35,167 4,315 - 39,482 Receivable-backed notes payable 421,118 - - - - - 421,118 Notes payable and other borrowings 100,194 24,215 12,890 - 6,815 - 144,114 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 Reconciling Real Items and Segment Bluegreen Estate Renin IT'SUGAR Other Eliminations Total Revenues: Sales of VOIs $ 273,873 - - - - - 273,873 Fee-based sales commissions 201,829 - - - - - 201,829 Other fee-based services 103,448 - - - - - 103,448 Cost reimbursements 49,557 - - - - - 49,557 Trade sales - - 65,068 - 30,771 - 95,839 Interest income 89,511 3,606 - - 14 (7,384) 85,747 Net gains on sales of real estate assets - 3,213 - - - - 3,213 Other revenue 1,724 5,656 - - 1,441 (174) 8,647 Total revenues 719,942 12,475 65,068 - 32,226 (7,558) 822,153 Costs and Expenses: Cost of VOIs sold 28,829 - - - - - 28,829 Cost of other fee-based services 61,149 - - - - - 61,149 Cost reimbursements 49,557 - - - - - 49,557 Cost of trade sales - - 51,572 - 28,791 - 80,363 Interest expense 30,853 - 313 - 409 4,462 36,037 Recoveries from loan losses, net - (20,508) - - - - (20,508) Impairment losses - 2,304 - - 2,352 - 4,656 Selling, general and administrative expenses 419,930 11,864 12,545 - 16,150 54,992 515,481 Total costs and expenses 590,318 (6,340) 64,430 - 47,702 59,454 755,564 Equity in net earnings of unconsolidated real estate joint ventures - 12,178 - - - - 12,178 Foreign exchange gain - - 219 - - - 219 Income (loss) before income taxes $ 129,624 30,993 857 - (15,476) (67,012) 78,986 Total assets $ 1,123,950 186,132 28,913 - 46,302 51,993 1,437,290 Expenditures for property and equipment 9,605 266 1,718 - 1,350 - 12,939 Depreciation and amortization 9,536 603 661 - 1,949 - 12,749 Debt accretion and amortization 4,736 - 83 - 102 - 4,921 Cash and cash equivalents 144,120 13,628 (288) - 19,364 123,037 299,861 Equity method investments - 49,392 - - - - 49,392 Goodwill - - - - 6,731 - 6,731 Receivable-backed notes payable 414,989 - - - - - 414,989 Notes payable and other borrowings 98,382 20,743 9,692 - 4,973 - 133,790 Junior subordinated debentures 69,044 - - - - 83,323 152,367 |
Organization (Narrative) (Detai
Organization (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Apr. 30, 2018USD ($)shares | Nov. 30, 2017shares | Dec. 31, 2018USD ($)stateshares | Dec. 31, 2018USD ($)statepropertyitem | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Nov. 16, 2017 | Jun. 16, 2017storestate | Dec. 15, 2016 | ||
Business Acquisition [Line Items] | ||||||||||
Other assets | $ | $ 124,217 | $ 124,217 | $ 122,753 | [1] | $ 130,923 | |||||
Purchase and retirement, value | $ | $ 17,006 | $ 27,624 | $ 7,320 | |||||||
Number of states of retail locations | state | 25 | |||||||||
Equity method investment ownership percentage income taxes consolidation measure | 80.00% | |||||||||
BCC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Consolidated method ownership percentage | 82.00% | |||||||||
Bluegreen [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Consolidated method ownership percentage | 90.30% | 90.30% | ||||||||
Woodbridge [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Consolidated method ownership percentage | 54.00% | |||||||||
Altman [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Consolidated method ownership percentage | 50.00% | 50.00% | ||||||||
Bluegreen [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | shares | 3,736,723 | |||||||||
Number of resorts owned | property | 45 | |||||||||
Number of resorts owners in VOI have right to use | property | 24 | |||||||||
Approximate number of owners in the resort club | item | 216,000 | |||||||||
Number of additional other hotels owners can stay through program | property | 11,000 | |||||||||
Purchase and retirement, shares | shares | 288,532 | |||||||||
Purchase and retirement, value | $ | $ 4,000 | |||||||||
Woodbridge [Member] | BCC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Consolidated method ownership percentage | 46.00% | |||||||||
Woodbridge [Member] | Bluegreen [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | shares | 3,736,722 | |||||||||
Consolidated method ownership percentage | 100.00% | |||||||||
IT'SUGAR, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of Stores | store | 100 | |||||||||
Number of states of retail locations | state | 25 | 25 | ||||||||
Class A Common Stock [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Purchase and retirement, shares | shares | 6,486,486 | |||||||||
Purchase and retirement, value | $ | $ 60,100 | |||||||||
[1] | See Note 2 for a summary of adjustments. |
Basis Of Presentation And Sig_3
Basis Of Presentation And Significant Accounting Policies (Narrative) (Details) - USD ($) | Jan. 01, 2019 | Dec. 15, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Reclassication of loans receivable to other assets | $ 6,200,000 | $ 19,500,000 | $ 6,200,000 | $ 19,500,000 | ||||||||||||
Cash equivalents maximum maturity term, in days | 90 days | |||||||||||||||
Cash, FDIC insured amount, limit | 250,000 | $ 250,000 | ||||||||||||||
Days past due for notes receivable to generally be written off as uncollectible, in days | 120 days | |||||||||||||||
Trade receivables | 18,300,000 | 16,000,000 | $ 18,300,000 | 16,000,000 | ||||||||||||
Inventory impairment charges | 0 | 0 | $ 0 | |||||||||||||
Retained Earnings (Accumulated Deficit) | 385,789,000 | 354,432,000 | [1] | 385,789,000 | 354,432,000 | [1] | ||||||||||
Capitalized costs of software | 10,200,000 | 6,200,000 | ||||||||||||||
Unamortized deferred financing costs | 9,100,000 | 8,700,000 | ||||||||||||||
Unamortized deferred financing costs presented in other assets | 5,600,000 | 5,800,000 | 5,600,000 | 5,800,000 | ||||||||||||
Unamortized debt issuance costs | 10,344,000 | 10,344,000 | ||||||||||||||
Interest expense from the amortization of deferred financing costs | 3,500,000 | 3,100,000 | 3,100,000 | |||||||||||||
Advertising expense | $ 138,900,000 | $ 148,600,000 | $ 146,000,000 | |||||||||||||
Minimum percent of VOI sales generated by one marketing arrangement | 14.00% | 15.00% | 16.00% | |||||||||||||
Equity method investment ownership percentage income taxes consolidation measure | 80.00% | |||||||||||||||
Net income | 15,667,000 | $ 11,985,000 | $ 12,439,000 | $ 15,702,000 | 54,535,000 | $ 11,524,000 | $ 16,167,000 | $ 20,077,000 | $ 55,793,000 | $ 102,303,000 | [1] | $ 42,596,000 | [1] | |||
Equity in net earnings of unconsolidated real estate joint ventures | 13,029,000 | $ 373,000 | $ (488,000) | $ 1,280,000 | 4,113,000 | $ 2,105,000 | $ 3,087,000 | $ 3,236,000 | 14,194,000 | 12,541,000 | [1] | 12,178,000 | [1] | |||
Lease liability | 1,000,000 | $ 1,000,000 | ||||||||||||||
As Previously Reported [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Net income | 100,597,000 | 41,657,000 | ||||||||||||||
Equity in net earnings of unconsolidated real estate joint ventures | 14,483,000 | 13,630,000 | ||||||||||||||
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 | $ 300,000 | |||||||||||||||
Equity securities without readily determinable fair values | $ 2,400,000 | |||||||||||||||
Accounting Standards Update 2017-05 [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Retained Earnings (Accumulated Deficit) | 494,300,000 | |||||||||||||||
Accounting Standards Update 2017-05 [Member] | As Previously Reported [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Retained Earnings (Accumulated Deficit) | 482,900,000 | |||||||||||||||
Accounting Standards Update 2017-05 [Member] | Adjustments [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Retained Earnings (Accumulated Deficit) | 11,400,000 | |||||||||||||||
Net income | (910,000) | (2,289,000) | ||||||||||||||
Equity in net earnings of unconsolidated real estate joint ventures | (1,942,000) | $ (1,452,000) | ||||||||||||||
Restricted Stock [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Vesting period (years) | 4 years | |||||||||||||||
Bluegreen [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Qualified purchase percentage threshold for VOIs | 90.00% | |||||||||||||||
Financing term for qualified purchases of VOIs | 10 years | |||||||||||||||
Unamortized debt issuance costs | $ 1,671,000 | $ 1,940,000 | $ 1,671,000 | $ 1,940,000 | ||||||||||||
Maximum [Member] | Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Lease liability | $ 126,000,000 | |||||||||||||||
Right-of-use asset | 117,000,000 | |||||||||||||||
Right-of-use asset impairment | 4,000,000 | |||||||||||||||
Minimum [Member] | Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Lease liability | 121,000,000 | |||||||||||||||
Right-of-use asset | 110,000,000 | |||||||||||||||
Right-of-use asset impairment | $ 2,000,000 | |||||||||||||||
Building And Building Improvements [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Estimated useful life, in years | 40 years | |||||||||||||||
Office Equipment, Furniture And Fixtures [Member] | Maximum [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Estimated useful life, in years | 14 years | |||||||||||||||
Office Equipment, Furniture And Fixtures [Member] | Minimum [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Estimated useful life, in years | 3 years | |||||||||||||||
Transportation And Equipment [Member] | Maximum [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Estimated useful life, in years | 5 years | |||||||||||||||
Transportation And Equipment [Member] | Minimum [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Estimated useful life, in years | 3 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 | |||||||||||||||
[1] | See Note 2 for a summary of adjustments. |
Basis Of Financial Statement Pr
Basis Of Financial Statement Presentation (Retrospective Adjustments Due To Adoption Of New Accounting Standards) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Notes receivable, net | $ 439,167 | $ 426,858 | [1] | $ 439,167 | $ 426,858 | [1] | $ 425,800 | |||||||||
Investments in unconsolidated real estate joint ventures | 64,738 | 51,234 | [1] | 64,738 | 51,234 | [1] | 49,392 | |||||||||
Property and equipment, net | 139,628 | 111,929 | [1] | 139,628 | 111,929 | [1] | 95,408 | |||||||||
Other assets | 124,217 | 122,753 | [1] | 124,217 | 122,753 | [1] | 130,923 | |||||||||
Other liabilities | 104,441 | 103,464 | [1] | 104,441 | 103,464 | [1] | 94,655 | |||||||||
Deferred income | 16,522 | 16,893 | [1] | 16,522 | 16,893 | [1] | 19,522 | |||||||||
Deferred income taxes | 86,363 | 47,968 | [1] | 86,363 | 47,968 | [1] | 51,674 | $ 15,939 | ||||||||
Total equity | 637,608 | 667,522 | [1] | 637,608 | 667,522 | [1] | 507,768 | $ 482,906 | ||||||||
Revenue from customers | 852,462 | 777,949 | 724,546 | |||||||||||||
Revenues | 231,922 | $ 254,403 | $ 243,226 | $ 218,042 | 225,574 | $ 240,896 | $ 217,666 | $ 185,434 | 947,593 | 869,570 | [1] | 822,153 | ||||
Selling, general and administrative expenses | 537,941 | 533,478 | [1] | 515,481 | ||||||||||||
Equity in earning of unconsolidated real estate joint ventures | 13,029 | 373 | (488) | 1,280 | 4,113 | 2,105 | 3,087 | 3,236 | 14,194 | 12,541 | [1] | 12,178 | [1] | |||
Income before income taxes | 25,309 | 18,727 | 21,094 | 22,302 | 14,812 | 19,650 | 25,298 | 32,841 | 87,432 | 92,601 | [1] | 78,986 | ||||
(Provision) benefit for income taxes | (9,642) | (6,742) | (8,655) | (6,600) | 39,723 | (8,126) | (9,131) | (12,764) | (31,639) | [2] | 9,702 | [1],[2] | (36,390) | [2] | ||
Net income | 15,667 | 11,985 | 12,439 | 15,702 | 54,535 | 11,524 | 16,167 | 20,077 | 55,793 | 102,303 | [1] | 42,596 | [1] | |||
Less: Net income attributable to noncontrolling interests | 4,367 | 5,806 | 5,958 | 4,560 | 8,890 | 3,398 | 3,453 | 2,637 | 20,691 | 18,378 | [1] | 13,166 | ||||
Net income attributable to shareholders | $ 11,300 | $ 6,179 | $ 6,481 | $ 11,142 | $ 45,645 | $ 8,126 | $ 12,714 | $ 17,440 | $ 35,102 | $ 83,925 | [1] | $ 29,430 | ||||
Basic earnings per share | $ 0.12 | $ 0.07 | $ 0.07 | $ 0.11 | $ 0.46 | $ 0.08 | $ 0.13 | $ 0.18 | $ 0.37 | $ 0.85 | [1] | $ 0.34 | ||||
Diluted earnings per share | $ 0.12 | $ 0.06 | $ 0.07 | $ 0.11 | $ 0.45 | $ 0.08 | $ 0.12 | $ 0.16 | $ 0.36 | $ 0.81 | [1] | $ 0.34 | ||||
As Previously Reported [Member] | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Notes receivable, net | $ 431,801 | $ 431,801 | $ 430,480 | |||||||||||||
Investments in unconsolidated real estate joint ventures | 47,275 | 47,275 | 43,491 | |||||||||||||
Property and equipment, net | 112,858 | 112,858 | 95,998 | |||||||||||||
Other assets | 121,824 | 121,824 | 130,333 | |||||||||||||
Other liabilities | 103,926 | 103,926 | 95,611 | |||||||||||||
Deferred income | 36,311 | 36,311 | 37,015 | |||||||||||||
Deferred income taxes | 43,093 | 43,093 | 44,318 | |||||||||||||
Total equity | 653,501 | 653,501 | 495,454 | |||||||||||||
Selling, general and administrative expenses | 541,901 | 520,087 | ||||||||||||||
Equity in earning of unconsolidated real estate joint ventures | 14,483 | 13,630 | ||||||||||||||
Income before income taxes | 93,374 | 78,036 | ||||||||||||||
(Provision) benefit for income taxes | 7,223 | (36,379) | ||||||||||||||
Net income | 100,597 | 41,657 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | 18,402 | 13,295 | ||||||||||||||
Net income attributable to shareholders | $ 82,195 | $ 28,362 | ||||||||||||||
Basic earnings per share | $ 0.83 | $ 0.33 | ||||||||||||||
Diluted earnings per share | $ 0.79 | $ 0.32 | ||||||||||||||
Accounting Standards Update 2014-09 [Member] | Adjustments [Member] | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Notes receivable, net | (4,943) | $ (4,943) | $ (4,680) | |||||||||||||
Property and equipment, net | (929) | (929) | (590) | |||||||||||||
Other assets | 929 | 929 | 590 | |||||||||||||
Deferred income | (19,418) | (19,418) | (17,493) | |||||||||||||
Deferred income taxes | 3,755 | 3,755 | 4,711 | |||||||||||||
Total equity | 10,720 | 10,720 | 8,102 | |||||||||||||
Selling, general and administrative expenses | (8,423) | (4,606) | ||||||||||||||
Income before income taxes | 1,662 | 4,676 | ||||||||||||||
(Provision) benefit for income taxes | 954 | (1,448) | ||||||||||||||
Net income | 2,616 | 3,228 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | (24) | 300 | ||||||||||||||
Net income attributable to shareholders | 2,640 | 2,928 | ||||||||||||||
Accounting Standards Update 2017-05 [Member] | Adjustments [Member] | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Investments in unconsolidated real estate joint ventures | 3,959 | 3,959 | 5,901 | |||||||||||||
Other liabilities | (462) | (462) | (956) | |||||||||||||
Deferred income taxes | 1,120 | 1,120 | 2,645 | |||||||||||||
Total equity | $ 3,301 | 3,301 | 4,212 | |||||||||||||
Equity in earning 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 shareholders | (910) | (1,860) | ||||||||||||||
Sales Of VOIs [Member] | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Revenue from customers | $ 254,225 | 242,017 | [1] | 273,873 | ||||||||||||
Total costs | 23,813 | 17,679 | [1] | 28,829 | ||||||||||||
Sales Of VOIs [Member] | As Previously Reported [Member] | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Revenue from customers | 239,662 | 266,142 | ||||||||||||||
Total costs | 17,439 | 27,346 | ||||||||||||||
Sales Of VOIs [Member] | Accounting Standards Update 2014-09 [Member] | Adjustments [Member] | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Revenue from customers | 2,355 | 7,731 | ||||||||||||||
Total costs | 240 | 1,483 | ||||||||||||||
Cost Reimbursements [Member] | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Revenue from customers | 62,534 | 52,639 | [1] | 49,557 | ||||||||||||
Total costs | 62,534 | 52,639 | [1] | 49,557 | ||||||||||||
Cost Reimbursements [Member] | Accounting Standards Update 2014-09 [Member] | Adjustments [Member] | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Revenue from customers | 52,639 | 49,557 | ||||||||||||||
Total costs | 52,639 | 49,557 | ||||||||||||||
Trade Sales [Member] | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Revenue from customers | 179,486 | 142,085 | [1] | 95,839 | ||||||||||||
Total costs | 125,648 | 105,918 | [1] | 80,363 | ||||||||||||
Trade Sales [Member] | As Previously Reported [Member] | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Revenue from customers | 142,798 | 95,996 | ||||||||||||||
Total costs | 97,755 | 74,341 | ||||||||||||||
Trade Sales [Member] | Accounting Standards Update 2014-09 [Member] | Adjustments [Member] | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Revenue from customers | (713) | (157) | ||||||||||||||
Total costs | 8,163 | 6,022 | ||||||||||||||
Net Gains (Losses) On Sales Of Real Estate Assets [Member] | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Revenues | 4,563 | 1,451 | [1] | 3,213 | ||||||||||||
Total costs | $ 14,116 | |||||||||||||||
Net Gains (Losses) On Sales Of Real Estate Assets [Member] | As Previously Reported [Member] | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Revenues | 1,944 | 5,487 | ||||||||||||||
Net Gains (Losses) On Sales Of Real Estate Assets [Member] | Accounting Standards Update 2017-05 [Member] | Adjustments [Member] | ||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||||
Revenues | $ (493) | $ (2,274) | ||||||||||||||
[1] | See Note 2 for a summary of adjustments. | |||||||||||||||
[2] | Expected tax is computed based upon income before income taxes. |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregated Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from customers | $ 852,462 | $ 777,949 | $ 724,546 | |||||||||
Interest income | 85,501 | 83,708 | [1] | 85,747 | ||||||||
Net gains on sales of real estate assets | 4,563 | 1,451 | 3,213 | |||||||||
Other revenue | 5,067 | 6,462 | [1] | 8,647 | ||||||||
Total revenues | $ 231,922 | $ 254,403 | $ 243,226 | $ 218,042 | $ 225,574 | $ 240,896 | $ 217,666 | $ 185,434 | 947,593 | 869,570 | [1] | 822,153 |
Sales Of VOIs [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from customers | 254,225 | 242,017 | [1] | 273,873 | ||||||||
Fee-Based Sales Commissions [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from customers | 216,422 | 229,389 | [1] | 201,829 | ||||||||
Resort And Club Management Revenue [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from customers | 99,535 | 91,080 | 84,318 | |||||||||
Cost Reimbursements [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from customers | 62,534 | 52,639 | [1] | 49,557 | ||||||||
Title Fees [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from customers | 12,205 | 14,742 | 13,838 | |||||||||
Other Customer Revenue [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from customers | 6,284 | 5,997 | 5,292 | |||||||||
Trade Sales - Wholesale [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from customers | 82,800 | 89,223 | 89,725 | |||||||||
Trade Sales - Retail [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from customers | 96,686 | 52,862 | 6,114 | |||||||||
Sales Of Real Estate Inventory [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from customers | 21,771 | |||||||||||
Net Gains (Losses) On Sales Of Real Estate Assets [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Total revenues | $ 4,563 | $ 1,451 | [1] | $ 3,213 | ||||||||
[1] | See Note 2 for a summary of adjustments. |
Acquisitions And Mergers (Narra
Acquisitions And Mergers (Narrative) (Details) $ / shares in Units, $ in Thousands | Jun. 17, 2017USD ($)item | Jun. 16, 2017USD ($)state | Dec. 15, 2016USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016shares | Dec. 14, 2016 | |
Business Acquisition [Line Items] | ||||||||
Number of states of retail locations | state | 25 | |||||||
Cash consideration, net of cash acquired | [1] | $ 58,418 | ||||||
Discount amount | $ 39,504 | |||||||
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 | [2] | 4,512 | ||||||
Identifiable intangible liabilities | [3] | 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 | 9 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] | See Note 2 for a summary of adjustments. | |||||||
[2] | Identifiable intangible assets were comprised of $4.2 million, $0.2 million and $0.1 million associated with IT'SUGAR's trademark, favorable operating lease agreements, and a noncompetition agreement, respectively. | |||||||
[3] | Identifiable intangible liabilities were comprised of unfavorable operating lease agreements. |
Acquisitions And Mergers (Conso
Acquisitions And Mergers (Consolidated Net Assets And Results Of Operations) (Details) - IT'SUGAR, LLC [Member] - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Business Acquisition [Line Items] | |||||
Trade sales | $ 46,765 | $ 142,085 | $ 95,839 | ||
Income before income taxes | $ 2,598 | $ 83,925 | [1] | $ 29,430 | [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 | Jun. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Business Acquisition [Line Items] | ||||||||||
Goodwill | $ 39,482 | [1] | $ 37,248 | $ 6,731 | $ 7,601 | |||||
Cash paid for acquisition less cash acquired | [1] | $ 58,418 | ||||||||
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 | [2] | 4,512 | ||||||||
Total assets acquired | 35,471 | |||||||||
Accounts payable and other liabilities | (5,370) | |||||||||
Identifiable intangible liabilities | [3] | (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] | See Note 2 for a summary of adjustments. | |||||||||
[2] | Identifiable intangible assets were comprised of $4.2 million, $0.2 million and $0.1 million associated with IT'SUGAR's trademark, favorable operating lease agreements, and a noncompetition agreement, respectively. | |||||||||
[3] | Identifiable intangible liabilities were comprised of unfavorable operating lease agreements. |
Acquisitions And Mergers (Pro F
Acquisitions And Mergers (Pro Forma Information) (Details) - USD ($) $ in Thousands | Jun. 16, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | 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 | $ 178,643 | $ 172,612 | ||||||||
Income before income taxes, Pro Forma | 93,273 | 74,594 | ||||||||
Net income, Pro Forma | [1] | 102,703 | 39,904 | |||||||
Net income attributable to shareholders, Pro Forma | [1] | $ 84,356 | 27,136 | |||||||
Trade sales, Actual | $ 46,765 | $ 142,085 | 95,839 | |||||||
Income before income taxes, Actual | 92,601 | 78,986 | ||||||||
Net income, Actual | [1] | 102,303 | 42,596 | |||||||
Net income attributable to shareholders, Actual | $ 2,598 | $ 83,925 | [1] | $ 29,430 | [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 $3.0 million of acquisition-related costs. |
Consolidated Variable Interes_3
Consolidated Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Bluegreens Vacation Ownership Interests [Member] | |||
Variable Interest Entity [Line Items] | |||
Voluntary repurchases and substitutions | $ 13.7 | $ 9.5 | $ 6.5 |
Consolidated Variable Interes_4
Consolidated Variable Interest Entities (Information Related To The Assets And Liabilities Of The VIEs) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Variable Interest Entity [Line Items] | |||||
Restricted cash | $ 54,792 | $ 46,721 | [1] | $ 46,456 | [1] |
Securitized notes receivable, net | 439,167 | 426,858 | [1] | $ 425,800 | |
Receivable backed notes payable - non-recourse | 382,257 | 336,421 | [1] | ||
Bluegreens Vacation Ownership Interests [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Restricted cash | 28,400 | 19,488 | |||
Securitized notes receivable, net | 341,975 | 279,188 | |||
Receivable backed notes payable - non-recourse | $ 382,257 | $ 336,421 | |||
[1] | See Note 2 for a summary of adjustments. |
Notes Receivable (Narrative) (D
Notes Receivable (Narrative) (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
Notes Receivable [Member] | Bluegreen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted-average interest rate | 15.10% | 15.30% |
Notes Receivable (Information R
Notes Receivable (Information Relating To Bluegreen's Notes Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross notes receivable | $ 573,390 | $ 550,649 | ||
Notes receivable, net | $ 439,167 | $ 426,858 | [1] | $ 425,800 |
Allowance as a % of gross notes receivable | 23.00% | 22.00% | ||
VOI Notes Receivable - Non-Securitized [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross notes receivable | $ 124,642 | $ 184,971 | ||
Allowance for loan losses | (28,258) | (38,497) | ||
VOI Notes Receivable - Securitized [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross notes receivable | 447,850 | 364,349 | ||
Allowance for loan losses | (105,875) | (85,161) | ||
Notes Receivable Secured By Homesites [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross notes receivable | 898 | 1,329 | ||
Allowance for loan losses | $ (90) | $ (133) | ||
[1] | See Note 2 for a summary of adjustments. |
Notes Receivable (Future Contra
Notes Receivable (Future Contractual Principal Payments Of Notes Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Notes Receivable [Abstract] | ||
2019 | $ 61,093 | |
2020 | 59,746 | |
2021 | 63,759 | |
2022 | 68,046 | |
2023 | 70,472 | |
Thereafter | 250,274 | |
Notes receivable, gross | $ 573,390 | $ 550,649 |
Notes Receivable (Activity In T
Notes Receivable (Activity In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Provision for loan losses | $ (8,603) | $ (7,495) | [1] | $ (20,508) | [1] |
Bluegreens Vacation Ownership Interests [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, beginning of period | 123,791 | 120,270 | 114,187 | ||
Provision for loan losses | 51,236 | 46,412 | 45,544 | ||
Write-offs of uncollectible receivables | (40,804) | (42,891) | (39,461) | ||
Balance, end of period | $ 134,223 | $ 123,791 | $ 120,270 | ||
[1] | See Note 2 for a summary of adjustments. |
Notes Receivable (Percentage Of
Notes Receivable (Percentage Of Gross Notes Receivable Outstanding, By FICO Score At Origination) (Details) | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of gross notes receivable outstanding | 100.00% | 100.00% | |
700+ [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of gross notes receivable outstanding | 57.00% | 54.00% | |
600-699 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of gross notes receivable outstanding | 39.00% | 41.00% | |
Less Than 699 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of gross notes receivable outstanding | 3.00% | 3.00% | |
No Score [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of gross notes receivable outstanding | [1] | 1.00% | 2.00% |
[1] | VOI notes receivables without a FICO score are primarily related to foreign borrowers. |
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, 2018 | Dec. 31, 2017 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 541,783 | $ 525,482 | |
31-60 days | 5,783 | 6,088 | |
61-90 days | 4,516 | 4,897 | |
> 90 days | [1] | 20,410 | 12,853 |
Total | 572,492 | 549,320 | |
VOI note receivable balance had not yet been charged off | $ 14,300 | $ 7,600 | |
[1] | Includes $14.3 million and $7.6 million as of December 31, 2018 and 2017, respectively, related to VOI notes receivable that, as of such date, had defaulted but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of Bluegreen's receivable-backed notes payable transactions. These VOI notes receivable have been reflected in the allowance for credit losses. |
Trade Inventory (Summary Of Inv
Trade Inventory (Summary Of Inventory) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Trade Inventory [Abstract] | |||
Raw materials | $ 2,718 | $ 3,320 | |
Paper goods and packaging materials | 1,122 | 865 | |
Finished goods | 16,270 | 19,717 | |
Total trade inventory | $ 20,110 | $ 23,902 | [1] |
[1] | See Note 2 for a summary of adjustments. |
VOI Inventory (Narrative) (Deta
VOI Inventory (Narrative) (Details) - Bluegreen [Member] - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Jun. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
VOI Inventory [Line Items] | ||||||
Percent of selling price increase | 3.00% | 4.00% | 5.00% | |||
Benefit to cost of sales | $ 3.6 | $ 5.1 | $ 5.6 |
VOI Inventory (Summary Of Inven
VOI Inventory (Summary Of Inventory) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
VOI Inventory [Abstract] | |||
Completed VOI units | $ 237,010 | $ 194,503 | |
Construction-in-progress | 26,587 | 22,334 | |
Real estate held for future VOI development | 70,552 | 64,454 | |
Total VOI inventory | $ 334,149 | $ 281,291 | [1] |
[1] | See Note 2 for a summary of adjustments. |
Real Estate (Schedule Of Real E
Real Estate (Schedule Of Real Estate) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Long Lived Assets Held-for-sale [Line Items] | |||
Total real estate held-for-sale | $ 20,202 | $ 27,828 | |
Total real estate held-for-investment | 10,976 | 13,905 | |
Real estate inventory | 23,778 | 26,803 | |
Total real estate | 54,956 | 68,536 | [1] |
Land [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Total real estate held-for-sale | 18,439 | 20,528 | |
Total real estate held-for-investment | 10,976 | 13,066 | |
Rental Properties [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Total real estate held-for-sale | 6,181 | ||
Residential Single-Family [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Total real estate held-for-sale | 832 | 1,119 | |
Other Real Estate [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Total real estate held-for-sale | $ 931 | ||
Total real estate held-for-investment | $ 839 | ||
[1] | See Note 2 for a summary of adjustments. |
Investments In Unconsolidated_3
Investments In Unconsolidated Real Estate Joint Ventures (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||
Feb. 28, 2023USD ($) | Jan. 31, 2023USD ($) | Nov. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
BBX Capital maximum expose to loss | $ 67,200 | $ 67,200 | ||||||||||||||||
Equity in net earnings of unconsolidated real estate joint ventures | 13,029 | $ 373 | $ (488) | $ 1,280 | $ 4,113 | $ 2,105 | $ 3,087 | $ 3,236 | 14,194 | $ 12,541 | [1] | $ 12,178 | [1] | |||||
Investments in unconsolidated real estate joint ventures | $ 64,738 | 51,234 | [1] | $ 64,738 | 51,234 | [1] | $ 49,392 | |||||||||||
The Altman Companies, LLC [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Consolidated method ownership percentage | 50.00% | 50.00% | 50.00% | |||||||||||||||
Number Of Multifamily Apartment Developments | property | 7 | |||||||||||||||||
The Altman Companies, LLC [Member] | Scenario, Forecast [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Consolidated method ownership percentage | 40.00% | |||||||||||||||||
The Altman Companies, LLC [Member] | Optional Forecast [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Consolidated method ownership percentage | 10.00% | |||||||||||||||||
The Altman Companies, LLC [Member] | Previously Invested As Non-managing Member [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Cash consideration | $ 8,800 | |||||||||||||||||
Number Of Multifamily Apartment Developments | property | 4 | |||||||||||||||||
Altman-Glenewinkel Construction [Member] | Optional Forecast [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Consolidated method ownership percentage | 40.00% | |||||||||||||||||
Altis Ludlam - Miami Investor, LLC [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Investments in unconsolidated real estate joint ventures | $ 675 | $ 675 | ||||||||||||||||
The Addison on Millenia Investment, LLC [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Equity in net earnings of unconsolidated real estate joint ventures | 9,283 | (146) | ||||||||||||||||
Investments in unconsolidated real estate joint ventures | 35 | $ 5,933 | 35 | $ 5,933 | ||||||||||||||
The Altman Companies, LLC [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Cash consideration | $ 14,600 | |||||||||||||||||
Investments in unconsolidated real estate joint ventures, transaction costs | $ 2,300 | |||||||||||||||||
Investments in unconsolidated real estate joint ventures | [2] | 14,893 | 14,893 | |||||||||||||||
The Altman Companies, LLC [Member] | Scenario, Forecast [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Cash consideration | $ 2,400 | $ 9,400 | ||||||||||||||||
ABBX Guaranty, LLC [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Investments in unconsolidated real estate joint ventures | $ 2,500 | $ 2,500 | ||||||||||||||||
The Altman Companies, LLC [Member] | Altman Development Company and Altman Management Company [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Consolidated method ownership percentage | 100.00% | |||||||||||||||||
The Altman Companies, LLC [Member] | Altman-Glenewinkel Construction [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Consolidated method ownership percentage | 60.00% | |||||||||||||||||
[1] | See Note 2 for a summary of adjustments. | |||||||||||||||||
[2] | The investment in The Altman Companies, LLC includes $2.3 million of transaction costs. |
Investments In Unconsolidated_4
Investments In Unconsolidated Real Estate Joint Ventures (Investments In Unconsolidated Real Estate Joint Ventures) (Details) - USD ($) $ in Thousands | 1 Months Ended | |||||
Nov. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 64,738 | $ 51,234 | [1] | $ 49,392 | ||
Altis at Kendall Square, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 70 | $ 78 | ||||
Investments in unconsolidated real estate joint ventures, Percent | [2] | 20.24% | 20.24% | |||
Altis At Lakeline - Austin Investors LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 4,531 | $ 4,156 | ||||
Investments in unconsolidated real estate joint ventures, Percent | [2] | 34.47% | 33.74% | |||
Altis at Shingle Creek Manager, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 83 | $ 338 | ||||
Investments in unconsolidated real estate joint ventures, Percent | [2] | 2.50% | 2.50% | |||
Altis at Grand Central Capital, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 2,549 | $ 1,872 | ||||
Investments in unconsolidated real estate joint ventures, Percent | [2] | 11.07% | 10.54% | |||
Altis Promenade Capital, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 2,195 | $ 962 | ||||
Investments in unconsolidated real estate joint ventures, Percent | [2] | 6.61% | 5.00% | |||
Altis at Bonterra - Hialeah, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 21,602 | $ 19,566 | ||||
Investments in unconsolidated real estate joint ventures, Percent | [2] | 96.73% | 95.00% | |||
Altis Ludlam - Miami Investor, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 675 | |||||
Investments in unconsolidated real estate joint ventures, Percent | [2] | 33.30% | ||||
Altis Suncoast Manager, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 1,857 | |||||
Investments in unconsolidated real estate joint ventures, Percent | [2] | 33.30% | ||||
Altis Pembroke Gardens, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 1,284 | |||||
Investments in unconsolidated real estate joint ventures, Percent | [2] | 0.41% | ||||
Altis Fairways, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 1,876 | |||||
Investments in unconsolidated real estate joint ventures, Percent | [2] | 0.42% | ||||
Altis Wiregrass, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 1,897 | |||||
Investments in unconsolidated real estate joint ventures, Percent | [2] | 2.22% | ||||
The Altman Companies, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | [3] | $ 14,893 | ||||
Investments in unconsolidated real estate joint ventures, Percent | [2],[3] | 50.00% | ||||
Investments in unconsolidated real estate joint ventures, transaction costs | $ 2,300 | |||||
ABBX Guaranty, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 2,500 | |||||
Investments in unconsolidated real estate joint ventures, Percent | [2] | 50.00% | ||||
New Urban/BBX Development, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 98 | $ 2,064 | ||||
Investments in unconsolidated real estate joint ventures, Percent | [2] | 50.00% | 50.00% | |||
Sunrise and Bayview Partners, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 1,439 | $ 1,499 | ||||
Investments in unconsolidated real estate joint ventures, Percent | [2] | 50.00% | 50.00% | |||
Hialeah Communities, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 182 | $ 473 | ||||
Investments in unconsolidated real estate joint ventures, Percent | [2] | 57.00% | 57.00% | |||
PGA Design Center Holdings, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 691 | $ 1,862 | ||||
Investments in unconsolidated real estate joint ventures, Percent | [2] | 40.00% | 40.00% | |||
CCB Miramar, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 1,575 | $ 1,225 | ||||
Investments in unconsolidated real estate joint ventures, Percent | [2] | 35.00% | 35.00% | |||
The Addison on Millenia Investment, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 35 | $ 5,933 | ||||
Investments in unconsolidated real estate joint ventures, Percent | [2] | 48.00% | 48.00% | |||
BBX/S Millenia Blvd Investments, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 137 | $ 5,611 | ||||
Investments in unconsolidated real estate joint ventures, Percent | [2] | 90.00% | 90.00% | |||
Centra Falls, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 16 | $ 159 | ||||
Investments in unconsolidated real estate joint ventures, Percent | [2] | 7.14% | 7.14% | |||
Centra Falls II, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 38 | $ 551 | ||||
Investments in unconsolidated real estate joint ventures, Percent | [2] | 7.14% | 7.14% | |||
BBX/Label Chapel Trail Development, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in unconsolidated real estate joint ventures | $ 4,515 | $ 4,885 | ||||
Investments in unconsolidated real estate joint ventures, Percent | [2] | 46.75% | 46.75% | |||
[1] | See Note 2 for a summary of adjustments. | |||||
[2] | The Company's ownership percentage in each real estate joint venture represents the Company's percentage of the contributed capital in each venture. The operating agreements for many of these ventures provide for a disproportionate allocation of distributions to the extent that certain investors receive specified returns on their investments, and as a result, these percentages do not necessarily reflect the Company's economic interest in the expected distributions from such ventures. | |||||
[3] | The investment in The Altman Companies, LLC includes $2.3 million of transaction costs. |
Investments In Unconsolidated_5
Investments In Unconsolidated Real Estate Joint Ventures (Condensed Statements Of Financial Condition For Equity Method Joint Ventures) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
The Addison on Millenia Investment, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Cash | $ 68 | $ 427 |
Properties and equipment | 40,381 | |
Other assets | 86 | 117 |
Total assets | 154 | 40,925 |
Notes payable | 27,139 | |
Other liabilities | 12 | 2,161 |
Total liabilities | 12 | 29,300 |
Total equity | 142 | 11,625 |
Total liabilities and equity | 154 | 40,925 |
Hialeah Communities, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Cash | 675 | 1,750 |
Real estate inventory | 221 | |
Other assets | 137 | |
Total assets | 675 | 2,108 |
Notes payable | 161 | |
Other liabilities | 277 | 1,347 |
Total liabilities | 277 | 1,508 |
Total equity | 398 | 600 |
Total liabilities and equity | $ 675 | $ 2,108 |
Investments In Unconsolidated_6
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity in net earnings of unconsolidated real estate joint ventures | $ 13,029 | $ 373 | $ (488) | $ 1,280 | $ 4,113 | $ 2,105 | $ 3,087 | $ 3,236 | $ 14,194 | $ 12,541 | [1] | $ 12,178 | [1] |
The Addison on Millenia Investment, LLC [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Total revenues | 26,061 | 1,303 | |||||||||||
Other expenses | (2,266) | (1,794) | |||||||||||
Net earnings (losses) | 23,795 | (491) | |||||||||||
Equity in net earnings of unconsolidated real estate joint ventures | 9,283 | (146) | |||||||||||
The Addison on Millenia Investment, LLC [Member] | Net Gains (Losses) On Sales Of Real Estate Assets [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Total revenues | 22,203 | ||||||||||||
The Addison on Millenia Investment, LLC [Member] | Other Revenue [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Total revenues | 3,858 | 1,303 | |||||||||||
Hialeah Communities, LLC [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Total revenues | 406 | 80,407 | 84,860 | ||||||||||
Costs of sales | (64) | (51,072) | (62,315) | ||||||||||
Other expenses | (44) | (5,134) | (4,562) | ||||||||||
Net earnings (losses) | 298 | 24,201 | 17,983 | ||||||||||
Equity in net earnings of unconsolidated real estate joint ventures | $ 55 | $ 11,043 | $ 8,476 | ||||||||||
[1] | See Note 2 for a summary of adjustments. |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property And Equipment [Abstract] | |||
Depreciation expense | $ 20.2 | $ 15.6 | $ 11.7 |
Property And Equipment (Compone
Property And Equipment (Components Of Property And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||||
Properties and equipment - gross | $ 212,021 | $ 174,888 | ||
Accumulated Depreciation | (72,393) | (62,959) | ||
Properties and equipment - net | 139,628 | 111,929 | [1] | $ 95,408 |
Land, Buildings And Building Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Properties and equipment - gross | 80,887 | 67,538 | ||
Leasehold Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Properties and equipment - gross | 41,278 | 32,419 | ||
Office Equipment, Furniture And Fixtures [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Properties and equipment - gross | 86,759 | 74,261 | ||
Transportation And Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Properties and equipment - gross | $ 3,097 | $ 670 | ||
[1] | See Note 2 for a summary of adjustments. |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Goodwill [Line Items] | |||||
Goodwill, impairment loss | $ 3,961,000 | $ 2,413,000 | $ 870,000 | ||
Amortization expense of intangible assets included in selling general and administrative expenses | 800,000 | 900,000 | 900,000 | ||
Intangible asset impairment | 0 | 1,900,000 | 1,500,000 | ||
Estimated future minimum rental payments | 153,963,000 | ||||
Goodwill | 37,248,000 | $ 39,482,000 | [1] | $ 6,731,000 | $ 7,601,000 |
BBX Sweet Holdings [Member] | |||||
Goodwill [Line Items] | |||||
Net book value of operations under evaluation | 5,700,000 | ||||
BBX Sweet Holdings [Member] | Utah [Member] | |||||
Goodwill [Line Items] | |||||
Estimated future minimum rental payments | 2,100,000 | ||||
Lease discount intangible liability | $ 1,000,000 | ||||
Maximum [Member] | |||||
Goodwill [Line Items] | |||||
Computing discounted cash flows, in years | 10 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 | 9 years | ||||
Lease Premium [Member] | Minimum [Member] | |||||
Goodwill [Line Items] | |||||
Intangible assets useful life, in years | 5 years | ||||
[1] | See Note 2 for a summary of adjustments. |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Schedule Of Changes In Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Goodwill And Intangible Assets [Abstract] | |||||
Balance, beginning of period | $ 39,482 | [1] | $ 6,731 | $ 7,601 | |
Acquisitions | 1,727 | 35,164 | |||
Impairment losses | (3,961) | (2,413) | (870) | ||
Balance, end of period | $ 37,248 | $ 39,482 | [1] | $ 6,731 | |
[1] | See Note 2 for a summary of adjustments. |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Goodwill And Major Classes Of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets gross | $ 73,715 | $ 73,564 | |
Accumulated amortization | (4,005) | (3,115) | |
Total intangible assets | 69,710 | 70,449 | [1] |
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 | 8,522 | 8,471 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived, intangible assets | 70 | 70 | |
Lease Premium [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived, intangible assets | 2,313 | 2,313 | |
Franchise Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived, intangible assets | 740 | 640 | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived, intangible assets | $ 777 | $ 777 | |
[1] | See Note 2 for a summary of adjustments. |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Estimated Aggregate Amortization Expense Of Intangible Assets) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Goodwill And Intangible Assets [Abstract] | |
2019 | $ 799 |
2020 | 799 |
2021 | 778 |
2022 | 725 |
2023 | $ 647 |
Debt (Notes Payable And Other B
Debt (Notes Payable And Other Borrowings, Narrative) (Details) | Mar. 06, 2018USD ($) | Aug. 31, 2018USD ($) | Apr. 30, 2018USD ($) | Jul. 31, 2017USD ($)item | Aug. 31, 2014 | Dec. 31, 2018USD ($) | Jan. 31, 2019USD ($) | Dec. 31, 2017USD ($) | Oct. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016 | Oct. 31, 2014USD ($) | Mar. 31, 2013USD ($) | |||
Debt Instrument [Line Items] | |||||||||||||||||
Notes And Loans Payable | $ 200,887,000 | $ 144,114,000 | [1] | $ 133,790,000 | |||||||||||||
Inventory, Real Estate | 334,149,000 | 281,291,000 | [1] | ||||||||||||||
Debt Instrument, Unamortized Discount | 39,504,000 | ||||||||||||||||
Other Assets | 124,217,000 | $ 122,753,000 | [1] | 130,923,000 | |||||||||||||
Fifth Third Syndicated Line of Credit and Fifth Third Syndicated Term Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt face amount | 25,000,000 | ||||||||||||||||
NBA Line Of Credit [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing capacity | 20,000,000 | ||||||||||||||||
NBA Receivables Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Increase of borrowing capacity | $ 20,000,000 | ||||||||||||||||
Basis spread on rate | 2.75% | ||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 70,000,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.27% | 4.10% | |||||||||||||||
NBA Receivables Facility [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.27% | 4.10% | |||||||||||||||
Effective Interest Rate | 3.50% | ||||||||||||||||
NBA Eilan Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing capacity | $ 27,500,000 | ||||||||||||||||
Proceeds from lines of credit | 24,300,000 | ||||||||||||||||
Availability of line of credits/credit facilities | 1,500,000 | ||||||||||||||||
NBA Eilan Loan [Member] | Funding Of Certain Improvement Costs [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Proceeds from lines of credit | $ 1,700,000 | ||||||||||||||||
NBA Eilan Loan [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Effective Interest Rate | 4.75% | ||||||||||||||||
NBA Eilan Loan [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 | $ 23,800,000 | ||||||||||||||||
TD Bank Term Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notes And Loans Payable | $ 1,700,000 | ||||||||||||||||
Debt face amount | $ 1,600,000 | ||||||||||||||||
Number of tranches | item | 3 | ||||||||||||||||
TD Bank Term Loan [Member] | Maximum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.20% | ||||||||||||||||
TD Bank Term Loan [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | ||||||||||||||||
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] | |||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 16,300,000 | ||||||||||||||||
Line of credit, outstanding | $ 7,000,000 | ||||||||||||||||
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% | ||||||||||||||||
Iberia Line Of Credit [Member] | Subsequent Event [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt repaid | $ 30,000,000 | ||||||||||||||||
Iberiabank And City National Bank Of Florida [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing capacity | $ 50,000,000 | ||||||||||||||||
Renewal term | 12 months | ||||||||||||||||
Iberiabank And City National Bank Of Florida [Member] | Minimum [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] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on rate | 2.25% | ||||||||||||||||
Iberiabank And City National Bank Of Florida [Member] | Prime Rate [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on rate | 1.50% | ||||||||||||||||
Iberiabank And City National Bank Of Florida [Member] | LIBOR [Member] | Maximum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on rate | 3.75% | ||||||||||||||||
Iberiabank And City National Bank Of Florida [Member] | LIBOR [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on rate | 3.00% | ||||||||||||||||
Banc Of America Leasing & Capital Equipment Note [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit facility expiration period | 36 months | ||||||||||||||||
Periodic payment, principal and interest | $ 18,516,000 | ||||||||||||||||
Bank Of America Revolving Line Of Credit [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing capacity | $ 4,000,000 | ||||||||||||||||
Line of credit, outstanding | 0 | ||||||||||||||||
Bank Of America Revolving Line Of Credit [Member] | LIBOR [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on rate | 1.50% | ||||||||||||||||
Other Notes Payable [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notes And Loans Payable | 67,496,000 | $ 43,920,000 | |||||||||||||||
Other Notes Payable [Member] | Iberia $50.0 Million Revolving Line Of Credit [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notes And Loans Payable | $ 30,000,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 5.35% | |||||||||||||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notes And Loans Payable | $ 24,583,000 | 21,435,000 | |||||||||||||||
Carrying Amount of Pledged Assets | 23,778,000 | $ 26,803,000 | |||||||||||||||
Other Assets | $ 9,500,000 | ||||||||||||||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | Maximum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | |||||||||||||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.50% | |||||||||||||||
Other Notes Payable [Member] | Unsecured Note [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notes And Loans Payable | $ 3,400,000 | $ 3,400,000 | |||||||||||||||
Maturity Date | Oct. 1, 2022 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | [2] | 6.00% | [2] | 6.00% | ||||||||||||
Debt face amount | $ 3,400,000 | ||||||||||||||||
Equity Method Investment, Ownership Percentage | 46.75% | ||||||||||||||||
Other Notes Payable [Member] | Anastasia Seller's Note [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notes And Loans Payable | $ 1,471,000 | $ 7,500,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 5.00% | |||||||||||||||
Other Notes Payable [Member] | Other Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notes And Loans Payable | $ 1,507,000 | $ 1,544,000 | |||||||||||||||
Carrying Amount of Pledged Assets | $ 1,968,000 | 1,993,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 5.25% | |||||||||||||||
Other Notes Payable [Member] | Banc Of America Leasing & Capital Equipment Note [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notes And Loans Payable | $ 555,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.75% | |||||||||||||||
The Eilan Hotel And Spa [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Purchase consideration | $ 34,300,000 | ||||||||||||||||
Bluegreen [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notes And Loans Payable | $ 133,391,000 | 100,194,000 | |||||||||||||||
Availability of line of credits/credit facilities | 193,300,000 | ||||||||||||||||
Bluegreen [Member] | 2013 Notes Payable [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notes And Loans Payable | 28,125,000 | 46,500,000 | |||||||||||||||
Carrying Amount of Pledged Assets | $ 22,878,000 | $ 29,403,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | [2] | 5.50% | [2] | 5.50% | 8.05% | |||||||||||
Debt face amount | $ 75,000,000 | ||||||||||||||||
Bluegreen [Member] | Pacific Western Term Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notes And Loans Payable | $ 2,715,000 | ||||||||||||||||
Carrying Amount of Pledged Assets | $ 9,884,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 6.72% | |||||||||||||||
Bluegreen [Member] | Fifth Third Bank Note [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notes And Loans Payable | $ 3,834,000 | $ 4,080,000 | |||||||||||||||
Basis spread on rate | 3.00% | ||||||||||||||||
Carrying Amount of Pledged Assets | $ 7,892,000 | $ 8,071,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 5.34% | 4.36% | ||||||||||||||
Bluegreen [Member] | Fifth Third Syndicated Term Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notes And Loans Payable | $ 22,500,000 | $ 23,750,000 | |||||||||||||||
Maximum borrowing capacity | 75,000,000 | ||||||||||||||||
Carrying Amount of Pledged Assets | $ 27,724,000 | $ 23,960,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 5.37% | 4.32% | ||||||||||||||
Bluegreen [Member] | Fifth Third Syndicated LOC [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notes And Loans Payable | $ 55,000,000 | $ 20,000,000 | |||||||||||||||
Carrying Amount of Pledged Assets | $ 92,415,000 | $ 75,662,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 5.27% | 4.27% | ||||||||||||||
Bluegreen [Member] | Fifth Third Syndicated Line of Credit and Fifth Third Syndicated Term Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing capacity | 100,000,000 | ||||||||||||||||
Bluegreen [Member] | Fifth Third Syndicated Line of Credit and Fifth Third Syndicated Term Loan [Member] | LIBOR [Member] | Maximum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on rate | 3.75% | ||||||||||||||||
Bluegreen [Member] | Fifth Third Syndicated Line of Credit and Fifth Third Syndicated Term Loan [Member] | LIBOR [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on rate | 2.75% | ||||||||||||||||
Bluegreen [Member] | NBA Line Of Credit [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notes And Loans Payable | $ 5,089,000 | ||||||||||||||||
Carrying Amount of Pledged Assets | $ 15,260,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.75% | |||||||||||||||
Bluegreen [Member] | NBA Eilan Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notes And Loans Payable | $ 25,603,000 | ||||||||||||||||
Carrying Amount of Pledged Assets | $ 35,615,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 5.60% | |||||||||||||||
Bluegreen [Member] | Line of Credit [Member] | Fifth Third Syndicated Line of Credit and Fifth Third Syndicated Term Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing capacity | $ 75,000,000 | ||||||||||||||||
BBX Sweet Holdings [Member] | Other Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notes And Loans Payable | $ 1,500,000 | $ 1,500,000 | |||||||||||||||
Debt Instrument, Collateral Amount | $ 2,000,000 | $ 2,000,000 | |||||||||||||||
[1] | See Note 2 for a summary of adjustments. | ||||||||||||||||
[2] | The collateral is a blanket lien on the respective company's assets. |
Debt (Receivable-Backed Notes P
Debt (Receivable-Backed Notes Payable, Narrative) (Details) - USD ($) $ in Thousands | Sep. 21, 2018 | Apr. 06, 2018 | Jun. 06, 2017 | Oct. 31, 2018 | Jun. 30, 2017 | Apr. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | Nov. 30, 2015 | Jun. 30, 2015 | |
Debt Instrument [Line Items] | ||||||||||||
Receivable backed notes payable - non-recourse | $ 382,257 | $ 336,421 | [1] | |||||||||
Long-term Debt, Gross | 846,091 | |||||||||||
Deferred Finance Costs, Net | 10,344 | |||||||||||
Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Deferred Finance Costs, Net | 1,671 | $ 1,940 | ||||||||||
Liberty Bank Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Debt | $ 20,400 | $ 26,800 | ||||||||||
Interest rate | 5.25% | 5.00% | ||||||||||
Liberty Bank Facility [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
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% | |||||||||||
Pacific Western Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Debt | 7,100 | |||||||||||
Interest rate | 5.52% | 6.00% | ||||||||||
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] | Maximum [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on rate | 3.00% | |||||||||||
Pacific Western Facility [Member] | LIBOR [Member] | Minimum [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on rate | 2.75% | |||||||||||
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 | |||||||||||
Repayments of Debt | $ 49,200 | $ 32,300 | ||||||||||
Interest rate | 4.31% | |||||||||||
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 | $ 40,074 | $ 16,771 | ||||||||||
Quorum Purchase Facility [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 50,000 | |||||||||||
Gross advance rate | 85.00% | |||||||||||
Effective yield rate | 4.95% | |||||||||||
Loan purchase fee, percent | 0.50% | |||||||||||
Quorum Purchase Facility [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 5.50% | 6.90% | ||||||||||
Quorum Purchase Facility [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 4.75% | 4.75% | ||||||||||
Quorum Purchase Facility [Member] | Index Rate Thereafter [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loan purchase fee, percent | 0.25% | |||||||||||
Quorum Purchase Facility [Member] | Interest Rate Per Annum 5.5% [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable backed notes payable - non-recourse | $ 2,000 | |||||||||||
Effective yield rate | 5.50% | |||||||||||
Quorum Purchase Facility [Member] | Interest Rate Per Annum 4.95% [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable backed notes payable - non-recourse | $ 31,100 | |||||||||||
Effective yield rate | 4.95% | |||||||||||
Quorum Purchase Facility [Member] | Interest Rate Per Annum 5.0% [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable backed notes payable - non-recourse | $ 2,500 | |||||||||||
Effective yield rate | 5.00% | |||||||||||
Quorum Purchase Facility [Member] | Interest Rate Per Annum 4.75% [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable backed notes payable - non-recourse | $ 4,000 | |||||||||||
Effective yield rate | 4.75% | |||||||||||
2010 Term Securitization [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Debt | $ 62,000 | |||||||||||
BXG Receivables Note Trust 2017 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Timeshare receivables sold | 136,500 | |||||||||||
BXG Receivables Note Trust 2010-A [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Debt | $ 10,000 | |||||||||||
2016 Term Securitization [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable backed notes payable - non-recourse | $ 63,982 | $ 83,142 | ||||||||||
Interest rate | 3.35% | 3.35% | ||||||||||
2017 Term Securitization [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable backed notes payable - non-recourse | $ 83,513 | $ 107,624 | ||||||||||
Interest rate | 3.12% | 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% | |||||||||||
2018 Term Securitization [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Gross advance rate | 87.20% | |||||||||||
Receivable backed notes payable - non-recourse | $ 114,480 | |||||||||||
Receivable backed debt | $ 117,700 | |||||||||||
Weighted-average interest rate | 4.02% | |||||||||||
Timeshare receivables sold | $ 135,000 | |||||||||||
Interest rate | 4.02% | |||||||||||
2018 Term Securitization - Class A [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable backed debt | $ 49,800 | |||||||||||
Effective yield rate | 3.77% | |||||||||||
2018 Term Securitization - Class B [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable backed debt | $ 33,100 | |||||||||||
Effective yield rate | 3.95% | |||||||||||
2018 Term Securitization - Class C [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Receivable backed debt | $ 34,800 | |||||||||||
Effective yield rate | 4.44% | |||||||||||
Other Non-Recourse Receivable-Backed Notes Payable [Member] | Bluegreen [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Debt | $ 51,000 | |||||||||||
Deferred Finance Costs, Net | 300 | |||||||||||
Other Non-Recourse Receivable-Backed Notes Payable And 2010 Term Securitization [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Debt | 62,000 | |||||||||||
NBA Receivables Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current borrowing capacity | $ 70,000 | |||||||||||
Gross advance rate | 85.00% | |||||||||||
Basis spread on rate | 2.75% | |||||||||||
Interest rate | 5.27% | 4.10% | ||||||||||
NBA Receivables Facility [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Effective yield rate | 3.50% | |||||||||||
Interest rate | 5.27% | 4.10% | ||||||||||
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] | 2018 Term Securitization [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Timeshare receivables sold | $ 109,000 | |||||||||||
[1] | See Note 2 for a summary of adjustments. |
Debt (Junior Subordinated Deben
Debt (Junior Subordinated Debentures, Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Feb. 28, 2017 | Jan. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2016 | |||
Debt Instrument [Line Items] | |||||||
Gain on extinguishment of debt | [1] | $ 6,929 | |||||
Other assets | 122,753 | [1] | $ 124,217 | $ 130,923 | |||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Availability of line of credits/credit facilities | 31,400 | ||||||
Woodbridge [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Purchased amount of Junior subordinated debentures | $ 7,700 | ||||||
Gain on extinguishment of debt | $ 6,900 | ||||||
Bluegreen [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Availability of line of credits/credit facilities | 193,300 | ||||||
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 | ||||||
Levitt Capital Trust III [Member] | Woodbridge [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Payment amount of purchased of Junior subordinated debentures | $ 4,700 | ||||||
The Trusts [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Other assets | $ 2,100 | $ 2,100 | |||||
[1] | See Note 2 for a summary of adjustments. |
Debt (Contractual Minimum Princ
Debt (Contractual Minimum Principle Payments Of Debt Outstanding) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
2019 | $ 68,159 | |
2020 | 13,251 | |
2021 | 91,724 | |
2022 | 24,262 | |
2023 | 33,040 | |
Thereafter | 615,655 | |
Contractual minimum principal payments of debt outstanding, Gross | 846,091 | |
Unamortized debt issuance costs | (10,344) | |
Purchase discount | (39,504) | |
Total Debt | 796,243 | |
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 | (1,200) | $ (1,272) |
Purchase discount | (39,504) | |
Total Debt | 136,425 | |
Notes Payable And Other Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
2019 | 68,159 | |
2020 | 13,251 | |
2021 | 84,462 | |
2022 | 11,916 | |
2023 | 2,423 | |
Thereafter | 23,013 | |
Contractual minimum principal payments of debt outstanding, Gross | 203,224 | |
Unamortized debt issuance costs | (2,337) | |
Total Debt | 200,887 | |
Recourse Receivable Backed Notes Payable-Recourse [Member] | ||
Debt Instrument [Line Items] | ||
2021 | 7,262 | |
2022 | 12,346 | |
2023 | 30,617 | |
Thereafter | 26,449 | |
Contractual minimum principal payments of debt outstanding, Gross | 76,674 | |
Total Debt | 76,674 | |
Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | ||
Debt Instrument [Line Items] | ||
Thereafter | 389,064 | |
Contractual minimum principal payments of debt outstanding, Gross | 389,064 | |
Unamortized debt issuance costs | (6,807) | |
Total Debt | $ 382,257 |
Debt (Notes Payable And Other_2
Debt (Notes Payable And Other Borrowings) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Apr. 30, 2018 | Dec. 31, 2017 | Oct. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Oct. 31, 2014 | Mar. 31, 2013 | |||
Debt Instrument [Line Items] | |||||||||||
Notes payable and other borrowings | $ 200,887 | $ 144,114 | [1] | $ 133,790 | |||||||
Unamortized debt issuance costs | (10,344) | ||||||||||
NBA Line Of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 20,000 | ||||||||||
NBA Eilan Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 27,500 | ||||||||||
Other Notes Payable [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes payable and other borrowings | 67,496 | 43,920 | |||||||||
Unamortized debt issuance costs | (666) | (640) | |||||||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes payable and other borrowings | 24,583 | 21,435 | |||||||||
Carrying Amount of Pledged Assets | 23,778 | 26,803 | |||||||||
Other Notes Payable [Member] | TD Bank Term Loan And Line Of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes payable and other borrowings | $ 8,117 | $ 12,890 | |||||||||
Interest Rate | [2] | 5.47% | 4.02% | ||||||||
Other Notes Payable [Member] | Anastasia Seller's Note [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes payable and other borrowings | $ 1,471 | $ 7,500 | |||||||||
Interest Rate | [2] | 5.00% | |||||||||
Other Notes Payable [Member] | Iberia $50.0 Million Revolving Line Of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes payable and other borrowings | $ 30,000 | ||||||||||
Interest Rate | [2] | 5.35% | |||||||||
Other Notes Payable [Member] | Iberia $5.0 Million Revolving Line Of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes payable and other borrowings | $ 3,820 | ||||||||||
Interest Rate | [2] | 4.12% | |||||||||
Other Notes Payable [Member] | Banc Of America Leasing & Capital Equipment Note [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes payable and other borrowings | $ 555 | ||||||||||
Interest Rate | [2] | 4.75% | |||||||||
Other Notes Payable [Member] | Unsecured Note [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes payable and other borrowings | $ 3,400 | $ 3,400 | |||||||||
Interest Rate | 6.00% | [2] | 6.00% | [2] | 6.00% | ||||||
Other Notes Payable [Member] | Other Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes payable and other borrowings | $ 1,507 | $ 1,544 | |||||||||
Interest Rate | [2] | 5.25% | |||||||||
Carrying Amount of Pledged Assets | $ 1,968 | 1,993 | |||||||||
Bluegreen [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes payable and other borrowings | 133,391 | 100,194 | |||||||||
Unamortized debt issuance costs | (1,671) | (1,940) | |||||||||
Bluegreen [Member] | 2013 Notes Payable [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes payable and other borrowings | $ 28,125 | $ 46,500 | |||||||||
Interest Rate | 5.50% | [2] | 5.50% | [2] | 5.50% | 8.05% | |||||
Carrying Amount of Pledged Assets | $ 22,878 | $ 29,403 | |||||||||
Bluegreen [Member] | Pacific Western Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes payable and other borrowings | $ 2,715 | ||||||||||
Interest Rate | [2] | 6.72% | |||||||||
Carrying Amount of Pledged Assets | $ 9,884 | ||||||||||
Bluegreen [Member] | Fifth Third Bank Note [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes payable and other borrowings | $ 3,834 | $ 4,080 | |||||||||
Interest Rate | [2] | 5.34% | 4.36% | ||||||||
Carrying Amount of Pledged Assets | $ 7,892 | $ 8,071 | |||||||||
Bluegreen [Member] | NBA Line Of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes payable and other borrowings | $ 5,089 | ||||||||||
Interest Rate | [2] | 4.75% | |||||||||
Carrying Amount of Pledged Assets | $ 15,260 | ||||||||||
Bluegreen [Member] | NBA Eilan Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes payable and other borrowings | $ 25,603 | ||||||||||
Interest Rate | [2] | 5.60% | |||||||||
Carrying Amount of Pledged Assets | $ 35,615 | ||||||||||
Bluegreen [Member] | Fifth Third Syndicated LOC [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes payable and other borrowings | $ 55,000 | $ 20,000 | |||||||||
Interest Rate | [2] | 5.27% | 4.27% | ||||||||
Carrying Amount of Pledged Assets | $ 92,415 | $ 75,662 | |||||||||
Bluegreen [Member] | Fifth Third Syndicated Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes payable and other borrowings | $ 22,500 | $ 23,750 | |||||||||
Interest Rate | [2] | 5.37% | 4.32% | ||||||||
Carrying Amount of Pledged Assets | $ 27,724 | $ 23,960 | |||||||||
Maximum borrowing capacity | 75,000 | ||||||||||
Woodbridge [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, collateral amount | $ 100,000 | ||||||||||
Minimum [Member] | Other Notes Payable [Member] | Community Development District Obligations [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Rate | 4.25% | 4.50% | |||||||||
Maximum [Member] | Other Notes Payable [Member] | Community Development District Obligations [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Rate | 6.00% | 6.00% | |||||||||
[1] | See Note 2 for a summary of adjustments. | ||||||||||
[2] | The collateral is a blanket lien on the respective company's assets. |
Debt (Receivable-Backed Notes_2
Debt (Receivable-Backed Notes Payable) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Purchase discount | $ (39,504) | ||
Receivable-backed notes payable - recourse | 76,674 | $ 84,697 | [1] |
Unamortized debt issuance costs | (10,344) | ||
Receivable backed notes payable - non-recourse | 382,257 | 336,421 | [1] |
Total receivable-backed debt | 458,931 | 421,118 | |
Principal Balance of Pledged/Secured Receivables | 527,170 | 480,374 | |
Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | 93,597 | 103,718 | |
Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized debt issuance costs | (6,807) | (6,148) | |
Principal Balance of Pledged/Secured Receivables | 433,573 | 376,656 | |
Liberty Bank Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 17,654 | $ 24,990 | |
Interest Rate | 5.25% | 5.00% | |
Liberty Bank Facility [Member] | Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 22,062 | $ 30,472 | |
NBA Receivables Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 48,414 | $ 44,414 | |
Interest Rate | 5.27% | 4.10% | |
NBA Receivables Facility [Member] | Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 57,805 | $ 53,730 | |
Pacific Western Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 10,606 | $ 15,293 | |
Interest Rate | 5.52% | 6.00% | |
Pacific Western Facility [Member] | Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 13,730 | $ 19,516 | |
KeyBank/DZ Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 16,144 | ||
Interest Rate | 4.31% | ||
KeyBank/DZ Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 19,866 | ||
Quorum Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | 40,074 | 16,771 | |
Quorum Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | 45,283 | 18,659 | |
2012 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 15,212 | $ 23,227 | |
Interest Rate | 2.94% | 2.94% | |
2012 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 16,866 | $ 25,986 | |
2013 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 27,573 | $ 37,163 | |
Interest Rate | 3.20% | 3.20% | |
2013 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 29,351 | $ 39,510 | |
2015 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 44,230 | $ 58,498 | |
Interest Rate | 3.02% | 3.02% | |
2015 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 47,690 | $ 61,705 | |
2016 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 63,982 | $ 83,142 | |
Interest Rate | 3.35% | 3.35% | |
2016 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 72,590 | $ 91,348 | |
2017 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 83,513 | $ 107,624 | |
Interest Rate | 3.12% | 3.12% | |
2017 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 95,877 | $ 119,582 | |
2018 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 114,480 | ||
Interest Rate | 4.02% | ||
Principal Balance of Pledged/Secured Receivables | $ 125,916 | ||
Minimum [Member] | NBA Receivables Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 5.27% | 4.10% | |
Effective yield rate | 3.50% | ||
Minimum [Member] | Quorum Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4.75% | 4.75% | |
Maximum [Member] | Quorum Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 5.50% | 6.90% | |
[1] | See Note 2 for a summary of adjustments. |
Debt (Junior Subordinated Deb_2
Debt (Junior Subordinated Debentures Outstanding) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Debt Instrument [Line Items] | |||||
Carrying Amounts | $ 136,425 | $ 135,414 | [1] | $ 152,367 | |
Unamortized debt issuance costs | (10,344) | ||||
Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying Amounts | 136,425 | 135,414 | |||
Unamortized debt issuance costs | (1,200) | (1,272) | |||
Unamortized purchase discount | (39,504) | (40,443) | |||
Woodbridge [Member] | Levitt Capital Trust I-IV [Member] | Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying Amounts | 66,302 | 66,302 | |||
Bluegreen [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | (1,671) | (1,940) | |||
Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying Amounts | $ 110,827 | $ 110,827 | |||
Minimum [Member] | Woodbridge [Member] | Levitt Capital Trust I-IV [Member] | Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective Interest Rate | [2] | 6.20% | 5.14% | ||
Maturity Years | [3] | 2035 | |||
Minimum [Member] | Bluegreen [Member] | Levitt Capital Trust I-IV [Member] | Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective Interest Rate | [2] | 6.18% | |||
Minimum [Member] | Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective Interest Rate | [2] | 7.32% | |||
Maturity Years | [3] | 2035 | |||
Maximum [Member] | Woodbridge [Member] | Levitt Capital Trust I-IV [Member] | Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective Interest Rate | [2] | 6.65% | 5.19% | ||
Maturity Years | [3] | 2036 | |||
Maximum [Member] | Bluegreen [Member] | Levitt Capital Trust I-IV [Member] | Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective Interest Rate | [2] | 6.59% | |||
Maximum [Member] | Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective Interest Rate | [2] | 7.70% | |||
Maturity Years | [3] | 2037 | |||
LIBOR [Member] | Minimum [Member] | Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on rate | 3.80% | ||||
LIBOR [Member] | Maximum [Member] | Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on rate | 4.90% | ||||
[1] | See Note 2 for a summary of adjustments. | ||||
[2] | The Company's junior subordinated debentures bear interest at three-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 3.80% to 4.90%. | ||||
[3] | All of the junior subordinated debentures were eligible for redemption by Woodbridge and Bluegreen, as applicable, as of December 31, 2018 and 2017. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | ||
Income Taxes [Abstract] | ||||
Effective tax rate | [1] | 36.18% | (10.47%) | 46.06% |
Corporate tax rate | [1] | 21.00% | 35.00% | 35.00% |
Tax Cuts and Jobs Act of 2017, Provisoinal income tax benefit | $ 45,300,000 | |||
Change in valuation allowance | $ 300,000 | 25,000 | $ (25,700,000) | |
Deferred tax assets, valuation allowance | [2] | 86,533,000 | 86,267,000 | 107,169,000 |
Deferred Tax Assets, Gross | 141,984,000 | 176,402,000 | 269,038,000 | |
Deferred Tax Assets, Net of Valuation Allowance | $ 55,451,000 | 90,135,000 | 161,869,000 | |
Refundable percentage of credits for years 2019 through 2020 | 50.00% | |||
Refundable percentage of credits in 2021 | 100.00% | |||
Federal operating loss utilized annual limit | $ 788,000 | |||
State operating loss utilized annual limit | $ 513,000 | |||
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% | |||
Alternative minimum tax credit carryforwards | $ 11,169,000 | |||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 | |
[1] | Expected tax is computed based upon income before income taxes. | |||
[2] | Federal and state NOLs and the related valuation allowances at December 31, 2017 and 2016 were decreased by $16.0 million and $24.6 million, respectively, from amounts reflected in the Company's prior period financial statements to reflect the write-off of NOLs subject to the Section 382 limitation that cannot be utilized before expiration (which is discussed in further detail below). |
Income Taxes (United States And
Income Taxes (United States And Foreign Components Of Income From Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
U.S. | $ 88,284 | $ 92,115 | $ 78,579 |
Foreign | (852) | 486 | 407 |
Total | $ 87,432 | $ 92,601 | $ 78,986 |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Income Taxes [Abstract] | ||||||||||||||
Current: Federal | $ 676 | $ 1,211 | $ (339) | |||||||||||
Current: State | 3,519 | 1,767 | 1,014 | |||||||||||
Current provision (benefit), Total | 4,195 | 2,978 | 675 | |||||||||||
Deferred: Federal | 22,824 | (14,368) | 36,404 | |||||||||||
Deferred: State | 4,620 | 1,688 | (689) | |||||||||||
Deferred income taxes, Total | 27,444 | (12,680) | 35,715 | |||||||||||
Provision (benefit) for income taxes | $ 9,642 | $ 6,742 | $ 8,655 | $ 6,600 | $ (39,723) | $ 8,126 | $ 9,131 | $ 12,764 | $ 31,639 | [1] | $ (9,702) | [1],[2] | $ 36,390 | [1] |
[1] | Expected tax is computed based upon income before income taxes. | |||||||||||||
[2] | See Note 2 for a summary of adjustments. |
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Income Taxes [Abstract] | |||||||||||||||
Income tax provision at expected federal income tax rate | [1] | $ 18,360 | $ 32,410 | $ 27,646 | |||||||||||
Income tax provision at expected federal income tax rate, rate | [1] | 21.00% | 35.00% | 35.00% | |||||||||||
Provision for state taxes, net of federal effect | [1] | $ 6,446 | $ 3,607 | $ 529 | |||||||||||
Provision for state taxes, net of federal effect, rate | [1] | 7.37% | 3.90% | 0.67% | |||||||||||
Effect of federal rate change-2017 tax reform | [1] | $ (45,267) | |||||||||||||
Effect of federal rate change-2017 tax reform, rate | [1] | (48.88%) | |||||||||||||
Taxes related to noncontrolling interests in subsidiaries not consolidated for income tax purposes | [1] | $ (2,519) | $ (4,467) | $ (3,432) | |||||||||||
Taxes related to noncontrolling interests in subsidiaries not consolidated for income tax purposes, rate | [1] | (2.88%) | (4.82%) | (4.35%) | |||||||||||
Nondeductible executive compensation | [1] | $ 8,421 | $ 4,309 | $ 7,301 | |||||||||||
Nondeductible executive compensation, rate | [1] | 9.63% | 4.65% | 9.24% | |||||||||||
Bluegreen initial public offering | [1] | $ 1,467 | |||||||||||||
Bluegreen initial public offering, rate | [1] | 1.58% | |||||||||||||
SEC penalty | [1] | $ (1,593) | |||||||||||||
SEC penalty, rate | [1] | (1.72%) | |||||||||||||
Increase/(decrease) in valuation allowance | [1] | $ 266 | $ 25 | $ 3,807 | |||||||||||
Increase/(decrease) in valuation allowance, rate | [1] | 0.30% | 0.03% | 4.82% | |||||||||||
Other – net | [1] | $ 665 | $ (193) | $ 539 | |||||||||||
Other – net, rate | [1] | 0.76% | (0.21%) | 0.68% | |||||||||||
Provision (benefit) for income taxes | $ 9,642 | $ 6,742 | $ 8,655 | $ 6,600 | $ (39,723) | $ 8,126 | $ 9,131 | $ 12,764 | $ 31,639 | [1] | $ (9,702) | [1],[2] | $ 36,390 | [1] | |
Provision (benefit) for income taxes, rate | [1] | 36.18% | (10.47%) | 46.06% | |||||||||||
[1] | Expected tax is computed based upon income before income taxes. | ||||||||||||||
[2] | See Note 2 for a summary of adjustments. |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Income Taxes [Abstract] | ||||||
Allowance for loan losses, tax certificate losses and write downs for financial statement purposes | $ 29,969 | $ 25,604 | $ 43,729 | |||
Federal and State NOL and tax credit carryforward | [1] | 97,102 | 132,650 | 194,051 | ||
Real estate valuation | 7,519 | 9,117 | 16,828 | |||
Share based compensation | 24 | 232 | ||||
Property and equipment | 1,642 | 3,015 | ||||
Other | 7,394 | 7,365 | 11,183 | |||
Total gross deferred tax assets | 141,984 | 176,402 | 269,038 | |||
Valuation allowance | [1] | (86,533) | (86,267) | (107,169) | ||
Total deferred tax assets | 55,451 | 90,135 | 161,869 | |||
Installment sales treatment of notes | 104,126 | 100,717 | 152,074 | |||
Intangible assets | 14,162 | 14,322 | 24,501 | |||
Junior subordinate debentures | 9,378 | 9,144 | 16,349 | |||
Deferral of VOI sales and costs under timeshare accounting | 8,654 | 10,071 | 15,150 | |||
Property and equipment | 3,351 | |||||
Other | 2,143 | 3,849 | 5,469 | |||
Total gross deferred tax liabilities | 141,814 | 138,103 | 213,543 | |||
Net deferred tax liability | (86,363) | (47,968) | [2] | (51,674) | $ (15,939) | |
Reclassify alternative minimum tax credit to other assets | 11,169 | |||||
Bluegreen initial public offering | 11,988 | |||||
Cumulative effect for excess tax benefits recognized in accumulated earnings associated with share based compensation | (3,054) | |||||
Other | (235) | |||||
Less change in net deferred tax liability for amount included in other comprehensive income | 17 | 40 | 20 | |||
(Provision) benefit for deferred income taxes | $ (27,444) | 12,680 | (35,715) | |||
Decrease in federal and state NOLs and related valuation allowances | $ (16,000) | $ (24,600) | ||||
[1] | Federal and state NOLs and the related valuation allowances at December 31, 2017 and 2016 were decreased by $16.0 million and $24.6 million, respectively, from amounts reflected in the Company's prior period financial statements to reflect the write-off of NOLs subject to the Section 382 limitation that cannot be utilized before expiration (which is discussed in further detail below). | |||||
[2] | See Note 2 for a summary of adjustments. |
Income Taxes (Summary Of NOL, C
Income Taxes (Summary Of NOL, Credit Carryforwards, Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Tax Credit Carryforward [Line Items] | ||||
Gross Deferred Tax Asset | $ 141,984 | $ 176,402 | $ 269,038 | |
Valuation allowance | [1] | 86,533 | 86,267 | 107,169 |
Total deferred tax assets | 55,451 | $ 90,135 | $ 161,869 | |
Federal NOL-BBX [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal and State NOL and Credit Carryforward | 20,878 | |||
Gross Deferred Tax Asset | 907 | |||
Total deferred tax assets | $ 907 | |||
Year Expires | 2030-2034 | |||
Non-Florida State NOLs [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal and State NOL and Credit Carryforward | $ 224,300 | |||
Gross Deferred Tax Asset | 10,135 | |||
Valuation allowance | 2,403 | |||
Total deferred tax assets | $ 7,732 | |||
Year Expires | 2019-2038 | |||
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 | $ 750,987 | |||
Gross Deferred Tax Asset | 32,630 | |||
Valuation allowance | $ 32,630 | |||
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 | $ 8,674 | |||
Gross Deferred Tax Asset | 1,822 | |||
Total deferred tax assets | $ 1,822 | |||
Year Expires | 2023-2029 | |||
Florida NOL Section 382 Limitation [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal and State NOL and Credit Carryforward | $ 5,639 | |||
Gross Deferred Tax Asset | 245 | |||
Total deferred tax assets | $ 245 | |||
Year Expires | 2024-2029 | |||
Canadian NOL [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal and State NOL and Credit Carryforward | $ 4,045 | |||
Gross Deferred Tax Asset | 1,011 | |||
Valuation allowance | $ 1,011 | |||
Year Expires | 2033-2038 | |||
Canadian Capital Losses [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal and State NOL and Credit Carryforward | $ 1,477 | |||
Gross Deferred Tax Asset | 185 | |||
Valuation allowance | $ 185 | |||
Year Expires | Do not expire | |||
Federal And State NOL And Credit Carryforward [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Gross Deferred Tax Asset | $ 97,102 | |||
Valuation allowance | 86,396 | |||
Total deferred tax assets | $ 10,706 | |||
[1] | Federal and state NOLs and the related valuation allowances at December 31, 2017 and 2016 were decreased by $16.0 million and $24.6 million, respectively, from amounts reflected in the Company's prior period financial statements to reflect the write-off of NOLs subject to the Section 382 limitation that cannot be utilized before expiration (which is discussed in further detail below). |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative I) (Details) - USD ($) $ in Thousands | Jan. 07, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | |
Commitments And Contingencies [Line Items] | |||||
Gain on judgment of court | $ 600 | $ 13,169 | [1] | ||
Legal fees and costs reimbursements | $ 600 | ||||
Insurance [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Gain on judgment of court | 8,600 | ||||
Release Of Penalty [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Gain on judgment of court | $ 4,600 | ||||
Bluegreen [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Average annual default rates | 8.40% | 6.90% | |||
Percent of total delinquencies subject to letters | 14.40% | ||||
Bluegreen [Member] | Subsequent Event [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Damages sought from lawsuit | $ 500 | ||||
[1] | See Note 2 for a summary of adjustments. |
Commitments And Contingencies_3
Commitments And Contingencies (Narrative II) (Details) | 12 Months Ended | |||||
Dec. 31, 2018USD ($)item$ / sharesshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 31, 2017USD ($) | Sep. 30, 2017USD ($) | ||
Commitments And Contingencies [Line Items] | ||||||
Other liabilities | $ 104,441,000 | $ 103,464,000 | [1] | $ 94,655,000 | ||
Issuance of note payable to purchase property and equipment | 24,258,000 | |||||
Notes And Loans Payable | 200,887,000 | 144,114,000 | [1] | 133,790,000 | ||
Estimated future minimum rental payments | 153,963,000 | |||||
Lease liability | 1,000,000 | |||||
Executive Leadership Incentive Plan [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Other liabilities | $ 3,400,000 | |||||
Shares available for grant | shares | 639,643 | |||||
Available for grants, exercise price | $ / shares | $ 19.72 | |||||
Executive Leadership Incentive Plan [Member] | Performance Units [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Value of additional shares authorized | $ 7,400,000 | |||||
Bluegreen [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Payments to subsidies | 13,900,000 | 12,600,000 | $ 13,900,000 | |||
Liabilities for unsold vacation ownership properties | 0 | 0 | ||||
Amount of future payment | $ 2,900,000 | |||||
Notes And Loans Payable | $ 133,391,000 | $ 100,194,000 | ||||
Food for Thought Restaurant Group, LLC [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Number of lease agreements | item | 4 | |||||
Amount on Guarantee obligation | $ 5,000,000 | |||||
Executive Officers [Member] | Bluegreen [Member] | Stock Appreciation Rights (SARs) [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Percent of awards granted | 30.00% | |||||
Executive Officers [Member] | Bluegreen [Member] | Performance Units [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Percent of awards granted | 70.00% | |||||
Senior Vice Presidents [Member] | Bluegreen [Member] | Performance Units [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Percent of awards granted | 100.00% | |||||
Executive [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Amount of future payment | $ 3,700,000 | |||||
Period of future payments of former executive | 3 years | |||||
Executive [Member] | Bluegreen [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Amount of future payment | $ 2,000,000 | |||||
Former Executive [Member] | Bluegreen [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Amount of future payment | 800,000 | |||||
Executive And Former CEO [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Amount of future payment | $ 700,000 | |||||
Sunrise and Bayview Partners, LLC [Member] | BCC [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Percent guaranteed on outstanding balance of loan | 50.00% | |||||
Issuance of note payable to purchase property and equipment | $ 5,000,000 | |||||
Chapel Trail Joint Venture [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Percentage of ownership interest | 46.75% | |||||
Notes And Loans Payable | $ 3,400,000 | |||||
Centennial Bank - Hoffmans [Member] | BBX Sweet Holdings [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Amount on Guarantee obligation | 1,500,000 | |||||
Note secured by property and equipment, amount | $ 2,000,000 | |||||
Bass Pro [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Number of stores vacation packages are sold | item | 69 | |||||
Compensation paid under agreement on sales | $ 0 | |||||
Percent of volume sales from agreement | 14.00% | 15.00% | 16.00% | |||
[1] | See Note 2 for a summary of adjustments. |
Commitments And Contingencies_4
Commitments And Contingencies (Approximate Minimum Future Rental Payments Under Leases) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments And Contingencies [Abstract] | |
2019 | $ 26,871 |
2020 | 24,525 |
2021 | 23,022 |
2022 | 20,682 |
2023 | 17,564 |
Thereafter | 41,299 |
Total | $ 153,963 |
Commitments And Contingencies_5
Commitments And Contingencies (Summary Of Incurred Rent Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments And Contingencies [Abstract] | |||
Rental expense for premises and equipment | $ 41,079 | $ 30,832 | $ 18,706 |
Stock Incentive Plans (Narrativ
Stock Incentive Plans (Narrative) (Details) $ in Thousands | Jan. 08, 2019shares | Jan. 09, 2018shares | Sep. 30, 2017USD ($)shares | Dec. 15, 2016shares | Jan. 31, 2019USD ($)shares | Apr. 30, 2018shares | Sep. 30, 2017shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2018USD ($)ShareBasedCompensationPlanshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2014shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Shares remaining available for grant | 2,241,751 | 2,241,751 | ||||||||||||
Number of shares granted | 0 | |||||||||||||
Net proceeds upon the exercise of stock options | $ | $ 245 | $ 63 | [1] | $ 10 | [1] | |||||||||
Intrinsic value of options exercised | $ | $ 6 | 881 | 143 | |||||||||||
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 | |||||||||||||
Stock Repurchased and Retired During Period, Shares | 6,486,486 | |||||||||||||
Restricted Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Recognized tax benefit associated with the compensation expense | $ | 400 | 800 | ||||||||||||
Unearned compensation cost, unvested stock options | $ | $ 14,900 | $ 14,900 | ||||||||||||
Compensation costs recognition period | 2 years 2 months 1 day | |||||||||||||
Vesting period (years) | 4 years | |||||||||||||
Number of restricted shares granted | 1,487,051 | |||||||||||||
Restricted awards, vested fair value | $ | $ 24,000 | 45,200 | 10,300 | |||||||||||
Vesting of RSAs | 3,295,020 | 3,295,020 | ||||||||||||
Compensation cost | $ | $ 12,900 | $ 12,300 | 6,400 | |||||||||||
Tax withholding for share-based compensation | $ | $ 9,400 | |||||||||||||
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 | 789,729 | |||||||||||||
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 | 505,148 | |||||||||||||
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 | 800,000 | |||||||||||||
Shares remaining available for grant | 317,776 | 317,776 | ||||||||||||
2014 Plan [Member] | Class B Common Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Shares available for grant | 10,700,000 | |||||||||||||
Shares remaining available for grant | 1,923,975 | 1,923,975 | ||||||||||||
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 | 1,923,975 | |||||||||||||
BCC Equity Compensation Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Shares remaining available for grant | 0 | 0 | ||||||||||||
Bluegreen [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Stock Repurchased and Retired During Period, Shares | 288,532 | |||||||||||||
BCC [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Recognized tax benefit associated with the compensation expense | $ | 700 | |||||||||||||
Compensation cost | $ | 6,100 | |||||||||||||
BCC [Member] | Restricted Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Restricted awards, vested fair value | $ | $ 10,000 | |||||||||||||
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 | 1,923,975 | |||||||||||||
Aggregate fair value on grant date | $ | $ 11,800 | |||||||||||||
Number shares per annual installments | 481,000 | |||||||||||||
[1] | See Note 2 for a summary of adjustments. |
Stock Incentive Plans (Informat
Stock Incentive Plans (Information On Outstanding Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock Incentive Plans [Abstract] | |||
Outstanding Options, Beginning balance | 27,346 | ||
Outstanding Options, Exercised | (27,346) | ||
Outstanding Options, Ending balance | 27,346 | ||
Outstanding Options, Available for grant | 2,241,751 | ||
Weighted Average Exercise Price, Beginning balance | $ 8.98 | ||
Weighted Average Exercise Price, Exercised | 8.98 | ||
Weighted Average Exercise Price, Forfeited | 0 | ||
Weighted Average Exercised Price, Expired | 0 | ||
Weighted Average Exercise Price, Ending balance | 0 | $ 8.98 | |
Weighted Average Exercise Price, Exercisable | $ 0 | ||
Outstanding, Weighted Average Remaining Contractual Term (In Years) | 0 years | 5 months 5 days | |
Exercisable, Weighted Average Remaining Contractual Term (In Years) | 0 years | ||
Aggregate Intrinsic Value, Exercised | $ 6 | $ 881 | $ 143 |
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, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested Restricted Stock, Beginning Balance | 4,994,515 | |
Non-vested Restricted Stock, Granted | 1,487,051 | |
Non-vested Restricted Stock, Vested | (3,295,020) | (3,295,020) |
Non-vested Restricted Stock, Ending Balance | 3,186,546 | |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 3.39 | |
Weighted Average Grant Date Fair Value, Granted | 8.70 | |
Weighted Average Grant Date Fair Value, Vested | 3.92 | |
Weighted Average Grant Date Fair Value, Ending Balance | $ 5.32 |
Stock Incentive Plans (Restrict
Stock Incentive Plans (Restricted Stock Awards, Grants in Period, Weighted Average Grant Date Fair Value) (Details) - $ / shares | Jan. 09, 2018 | Dec. 22, 2016 | Dec. 15, 2016 | Dec. 31, 2018 | |
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] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of restricted shares granted | 1,487,051 | ||||
Per Share Weighted Average Grant Date Fair Value | $ 8.70 | ||||
Restricted Stock [Member] | 12/15/2016 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of restricted shares granted | [1] | 5,090,354 | |||
Per Share Weighted Average Grant Date Fair Value | [1] | $ 2.74 | |||
Requisite Service Period | [1],[2] | 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 | [3] | 1,823,565 | |||
Per Share Weighted Average Grant Date Fair Value | [3] | $ 4.3 | |||
Requisite Service Period | [2],[3] | 4 years | |||
Restricted Stock [Member] | 1/9/2018 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of restricted shares granted | [3] | 1,487,051 | |||
Per Share Weighted Average Grant Date Fair Value | [3] | $ 8.70 | |||
Requisite Service Period | [2],[3] | 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] | Pursuant to the Merger Agreement, the Company assumed and adopted the BCC Equity Plans as of December 15, 2016 and 942,657 shares of BCC's restricted stock units were retired in exchange for the issuance of restricted stock units with respect to approximately 5.1 million shares of BBX Capital's Class A Common Stock. | ||||
[2] | The awards vest ratably in annual installments over the requisite service period | ||||
[3] | The awards are issuable in shares of BBX Capital's Class B Common Stock. |
Employee Benefit Plans And In_2
Employee Benefit Plans And Incentive Compensation Program (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Number of employee retirement plans sponsored | item | 4 | ||
Term of service to become eligible | 90 days | ||
Minimum age to participate in plan, in years | 21 years | ||
Employee salary contribution limit | $ 18,500 | ||
Employer contribution | 5,600,000 | $ 5,700,000 | $ 5,500,000 |
Employees Over 50 Years [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Employee salary contribution limit | $ 24,500 | ||
First 3% Of Employee Contributions [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Percentage employer matches of the employee's percentage contribution matched | 100.00% | 100.00% | 100.00% |
Percent of employee contribution | 3.00% | ||
Next 2% Of Employee Contributions [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Percentage employer matches of the employee's percentage contribution matched | 50.00% | ||
Percent of employee contribution | 2.00% | ||
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% |
Common Stock And Redeemable 5_2
Common Stock And Redeemable 5% Cumulative Preferred Stock (Narrative) (Details) - USD ($) | Apr. 19, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Apr. 30, 2018 | Sep. 30, 2017 | Apr. 30, 2017 | Apr. 30, 2016 | Dec. 31, 2013 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 13, 2017 | Sep. 21, 2009 |
Class of 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 | $ 35,000,000 | ||||||||||||
Number of shares repurchased | 1,000,000 | 1,000,000 | |||||||||||
Shares repurchased, value | $ 6,200,000 | $ 3,000,000 | |||||||||||
Purchase and retirement of BFC's Class A Common Stock | $ 17,006,000 | $ 27,624,000 | $ 7,320,000 | ||||||||||
Redeemable Cumulative Preferred Stock, shares outstanding | 10,000 | 15,000 | |||||||||||
Redeemable Cumulative Preferred Stock, dividend rate | 5.00% | 5.00% | |||||||||||
Redeemable Cumulative Preferred Stock, stated value per share | $ 1,000 | $ 1,000 | |||||||||||
Number of preferred shares, loan secured by shares | 5,000 | ||||||||||||
Annual payments required to redeem preferred shares | $ 5,000,000 | ||||||||||||
Holders Of The 5% Cumulative Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Debt instrument term (in years) | 5 years | ||||||||||||
Maximum [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Share repurchase program, value | $ 10,000,000 | ||||||||||||
Class A Common Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Common Stock, par value | $ 0.01 | $ 0.01 | |||||||||||
Voting power percentage | 22.00% | ||||||||||||
Common Stock, Shares, Outstanding | 78,379,530 | 85,689,163 | |||||||||||
Percent of total common equity | 84.00% | ||||||||||||
Purchase and retirement, shares | 6,486,486 | ||||||||||||
Share repurchased and retired, price per share | $ 9.25 | ||||||||||||
Purchase and retirement of BFC's Class A Common Stock | $ 60,100,000 | ||||||||||||
Shares purchased in tender offer percent of total, number of class A | 7.60% | ||||||||||||
Class B Common Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Common Stock, par value | $ 0.01 | $ 0.01 | |||||||||||
Voting power percentage | 78.00% | ||||||||||||
Common Stock, Shares, Outstanding | 14,840,634 | 13,963,200 | |||||||||||
Percent of total common equity | 16.00% | ||||||||||||
Shares Purchased In Tender Offer Percent Of Total Issued And Outstanding Equity | 6.30% | ||||||||||||
Redeemable 5% Cumulative Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Redeemable Cumulative Preferred Stock, shares outstanding | 10,000 | ||||||||||||
Redeemable Cumulative Preferred Stock, dividend rate | 5.00% | ||||||||||||
Redeemable Cumulative Preferred Stock, stated value per share | $ 1,000 | ||||||||||||
Loan issued to holders | $ 5,000,000 | ||||||||||||
Shares redeemed | 5,000 | ||||||||||||
Aggregate annual redemption price, per share | 1,000 | ||||||||||||
Temporary Equity, Liquidation Preference Per Share | $ 1,000 | ||||||||||||
Interest expense | $ 900,000 | $ 1,200,000 | 1,200,000 | ||||||||||
Dividends, Preferred Stock, Cash | $ 562,500 | 750,000 | 750,000 | ||||||||||
Restricted Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Vested shares | 3,295,020 | 3,295,020 | |||||||||||
Compensation cost | $ 12,900,000 | 12,300,000 | 6,400,000 | ||||||||||
Tax withholding for share-based compensation | $ 9,400,000 | ||||||||||||
Restricted awards, vested fair value | $ 24,000,000 | $ 45,200,000 | $ 10,300,000 | ||||||||||
Restricted Stock [Member] | Class A Common Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares withheld to meet minimum statutory tax withholding requirements | 789,729 | ||||||||||||
Restricted Stock [Member] | Class B Common Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares withheld to meet minimum statutory tax withholding requirements | 505,148 | ||||||||||||
Decrease In Class B Common Stock, Scenario One [Member] | Class A Common Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Voting power percentage | 40.00% | ||||||||||||
Decrease In Class B Common Stock, Scenario One [Member] | Class B Common Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Voting power percentage | 60.00% | ||||||||||||
Common Stock, Shares, Outstanding | 1,800,000 | ||||||||||||
Decrease In Class B Common Stock, Scenario Two [Member] | Class A Common Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Voting power percentage | 53.00% | ||||||||||||
Decrease In Class B Common Stock, Scenario Two [Member] | Class B Common Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Voting power percentage | 47.00% | ||||||||||||
Common Stock, Shares, Outstanding | 1,400,000 | ||||||||||||
Decrease In Class B Common Stock, Scenario Three [Member] | Class B Common Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Common Stock, Shares, Outstanding | 500,000 | ||||||||||||
June 2017 Share Repurchase Program [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Purchase and retirement, shares | 1,521,593 | ||||||||||||
Purchase and retirement of BFC's Class A Common Stock | $ 10,000,000 |
Noncontrolling Interests And _3
Noncontrolling Interests And Redeemable Noncontrolling Interest (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | [1] |
Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interest | $ 2,579 | $ 2,765 | |
IT'SUGAR, LLC [Member] | |||
Noncontrolling Interest [Line Items] | |||
Percent of noncontrolling equity interest | 9.60% | ||
[1] | See Note 2 for a summary of adjustments. |
Noncontrolling Interests And _4
Noncontrolling Interests And Redeemable Noncontrolling Interest (Summary Of Noncontrolling Interests) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | ||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interests | $ 87,988 | $ 82,054 | [1] | |
Bluegreen [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interests | [2] | 41,478 | 39,271 | |
Bluegreen/Big Cedar Vacation [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interests | [3] | 45,611 | 43,021 | |
Joint Ventures And Other [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interests | $ 899 | $ (238) | ||
[1] | See Note 2 for a summary of adjustments. | |||
[2] | As a result of Bluegreen's IPO during the fourth quarter of 2017 and subsequent share repurchases in 2018, the Company owns 90.3% of Bluegreen. Bluegreen was a wholly-owned subsidiary of the Company prior to the Bluegreen IPO. | |||
[3] | Bluegreen has a joint venture arrangement pursuant to which, it owns 51% of Bluegreen/Big Cedar Vacations. |
Noncontrolling Interests And _5
Noncontrolling Interests And Redeemable Noncontrolling Interest (Summary Of Income (Loss) Attributable To Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Noncontrolling Interest [Line Items] | ||||
Net income attributable to noncontrolling interests | $ 20,691 | $ 18,378 | $ 13,166 | |
Bluegreen [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Consolidated method ownership percentage | 90.30% | |||
Bluegreen [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Net income attributable to noncontrolling interests | [1] | $ 8,566 | 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] | $ 12,390 | 12,760 | 10,126 |
BCC [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Net income attributable to noncontrolling interests | 3,060 | |||
Joint Ventures And Other [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Net income attributable to noncontrolling interests | $ (265) | $ (21) | $ (20) | |
[1] | As a result of Bluegreen's IPO during the fourth quarter of 2017 and subsequent share repurchases in 2018, the Company owns 90.3% of Bluegreen. Bluegreen was a wholly-owned subsidiary of the Company prior to the Bluegreen IPO. | |||
[2] | Bluegreen has a joint venture arrangement pursuant to which, it owns 51% of Bluegreen/Big Cedar Vacations. |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Anti-dilutive shares | 0 | 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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Earnings Per Common Share [Abstract] | |||||||||||||
Net income | $ 15,667 | $ 11,985 | $ 12,439 | $ 15,702 | $ 54,535 | $ 11,524 | $ 16,167 | $ 20,077 | $ 55,793 | $ 102,303 | [1] | $ 42,596 | [1] |
Less: Net income attributable to noncontrolling interests | 4,367 | 5,806 | 5,958 | 4,560 | 8,890 | 3,398 | 3,453 | 2,637 | 20,691 | 18,378 | [1] | 13,166 | |
Net income attributable to shareholders | $ 11,300 | $ 6,179 | $ 6,481 | $ 11,142 | $ 45,645 | $ 8,126 | $ 12,714 | $ 17,440 | $ 35,102 | $ 83,925 | [1] | $ 29,430 | |
Basic weighted average number of common shares outstanding | 94,042 | 93,193 | 94,390 | 99,652 | 99,744 | 98,073 | 98,240 | 98,921 | 95,298 | 98,745 | [1] | 86,902 | |
Basic earnings per common shares | $ 0.12 | $ 0.07 | $ 0.07 | $ 0.11 | $ 0.46 | $ 0.08 | $ 0.13 | $ 0.18 | $ 0.37 | $ 0.85 | [1] | $ 0.34 | |
Effect of dilutive restricted stock awards | 2,562 | 5,171 | 590 | ||||||||||
Diluted weighted average number of common shares outstanding | 95,041 | 96,576 | 97,779 | 102,628 | 102,440 | 106,021 | 106,173 | 105,866 | 97,860 | 103,916 | [1] | ||
Diluted earnings per common share | $ 0.12 | $ 0.06 | $ 0.07 | $ 0.11 | $ 0.45 | $ 0.08 | $ 0.12 | $ 0.16 | $ 0.36 | $ 0.81 | [1] | $ 0.34 | |
[1] | See Note 2 for a summary of adjustments. |
Fair Value Measurement (Financi
Fair Value Measurement (Financial Disclosures About Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Other assets | $ 124,217 | $ 122,753 | [1] | $ 130,923 | |
Carrying Amount [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash and cash equivalents | 366,305 | 362,526 | |||
Restricted cash | 54,792 | 46,721 | |||
Loans receivable | [2] | 6,195 | 19,454 | ||
Notes receivable, net | 439,167 | 426,858 | |||
Receivable-backed notes payable | 458,931 | 421,118 | |||
Notes payable and other borrowings | 200,887 | 144,114 | |||
Junior subordinated debentures | 136,425 | 135,414 | |||
Redeemable 5% cumulative preferred stock | 9,472 | 13,974 | |||
Carrying Amount [Member] | Preferred Shareholders [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Notes receivable, net | [3] | 5,000 | |||
Fair Value [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash and cash equivalents | 366,305 | 362,526 | |||
Restricted cash | 54,792 | 46,721 | |||
Loans receivable | [2] | 7,388 | 21,125 | ||
Notes receivable, net | 537,000 | 525,000 | |||
Receivable-backed notes payable | 462,400 | 425,900 | |||
Notes payable and other borrowings | 203,547 | 149,438 | |||
Junior subordinated debentures | 132,400 | 132,000 | |||
Redeemable 5% cumulative preferred stock | 9,538 | 13,977 | |||
Fair Value [Member] | Preferred Shareholders [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Notes receivable, net | [3] | 5,000 | |||
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 | 366,305 | 362,526 | |||
Restricted cash | 54,792 | 46,721 | |||
Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loans receivable | [2] | 7,388 | 21,125 | ||
Notes receivable, net | 537,000 | 525,000 | |||
Receivable-backed notes payable | 462,400 | 425,900 | |||
Notes payable and other borrowings | 203,547 | 149,438 | |||
Junior subordinated debentures | 132,400 | 132,000 | |||
Redeemable 5% cumulative preferred stock | $ 9,538 | 13,977 | |||
Significant Unobservable Inputs (Level 3) [Member] | Preferred Shareholders [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Notes receivable, net | [3] | $ 5,000 | |||
[1] | See Note 2 for a summary of adjustments. | ||||
[2] | Included in other assets in the Company's consolidated statements of financial condition as of December 31, 2018 and 2017. | ||||
[3] | Included in other assets in the Company's consolidated statements of financial condition as of December 31, 2017. |
Certain Relationships And Rel_3
Certain Relationships And Related Party Transactions (Narrative) (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 31, 2017 | Dec. 15, 2016 | Dec. 14, 2016 | Apr. 30, 2015 | |
Bluegreen [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Payment of administrative fees from subsidiary | $ 1,600,000 | ||||||
Dividend received | $ 40,400,000 | ||||||
Bluegreen [Member] | Woodbridge [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Consolidated method ownership percentage | 90.30% | ||||||
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 | |||||
Dividend received | 40,000,000 | 70,000,000 | |||||
Allocated consolidated income tax liability and benefits, amount received | $ 23,100,000 | 39,300,000 | 26,200,000 | ||||
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 | 4,800,000 | 6,400,000 | 8,000,000 | ||||
Abdo Companies Inc. [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Management services expenses | 306,000 | 306,000 | $ 306,000 | ||||
Son Of Executive Vice President Chief Operating Officer [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, purchases from related party | $ 900,000 | $ 600,000 |
Certain Relationships And Rel_4
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 | 12 Months Ended | ||||
Dec. 31, 2018USD ($)statesegmentitem | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 16, 2017storestate | ||
Segment Reporting Information [Line Items] | |||||
Minimum number of operating segments with similar characteristics to be considered as a reportable segment | segment | 1 | ||||
Revenues | $ 852,462 | $ 777,949 | $ 724,546 | ||
Property and equipment, net | $ 139,628 | $ 111,929 | [1] | $ 95,408 | |
Number of states of retail locations | state | 25 | ||||
IT'SUGAR, LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of retail locations | store | 100 | ||||
Number of states of retail locations | state | 25 | ||||
Reportable Segments [Member] | Renin [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of major customers | item | 2 | ||||
Reportable Segments [Member] | Renin [Member] | Customer Concentration Risk [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 31,500 | ||||
Reportable Segments [Member] | Outside United States [Member] | Renin [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 23,200 | ||||
Property and equipment, net | $ 2,950 | ||||
[1] | See Note 2 for a summary of adjustments. |
Segment Reporting (Segment Info
Segment Reporting (Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue from customers | $ 852,462 | $ 777,949 | $ 724,546 | |||||||||||||
Interest income | 85,501 | 83,708 | [1] | 85,747 | ||||||||||||
Net gains on sales of real estate assets | 4,563 | 1,451 | 3,213 | |||||||||||||
Other revenue | 5,067 | 6,462 | [1] | 8,647 | ||||||||||||
Total revenues | $ 231,922 | $ 254,403 | $ 243,226 | $ 218,042 | $ 225,574 | $ 240,896 | $ 217,666 | $ 185,434 | 947,593 | 869,570 | [1] | 822,153 | ||||
Interest expense | 41,938 | 35,205 | [1] | 36,037 | ||||||||||||
Recoveries from loan losses, net | (8,603) | (7,495) | [1] | (20,508) | ||||||||||||
Impairment losses | 4,668 | 7,431 | [1] | 4,656 | [1] | |||||||||||
Net gains on cancellation of junior subordinated debentures | [1] | (6,929) | ||||||||||||||
Reimbursement of litigation costs and penalty | (600) | (13,169) | [1] | |||||||||||||
Selling, general and administrative expenses | 537,941 | 533,478 | [1] | 515,481 | ||||||||||||
Total costs and expenses | 219,619 | 236,125 | 221,607 | 197,072 | 214,994 | 223,246 | 195,057 | 156,020 | 874,423 | 789,317 | [1] | 755,564 | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 13,029 | 373 | (488) | 1,280 | 4,113 | 2,105 | 3,087 | 3,236 | 14,194 | 12,541 | [1] | 12,178 | [1] | |||
Foreign exchange gain (loss) | (23) | 76 | (37) | 52 | 119 | (105) | (398) | 191 | 68 | (193) | [1] | 219 | ||||
Income (loss) before income taxes | 25,309 | $ 18,727 | $ 21,094 | $ 22,302 | 14,812 | $ 19,650 | $ 25,298 | $ 32,841 | 87,432 | 92,601 | [1] | 78,986 | ||||
Total assets | 1,705,020 | 1,605,681 | [1] | 1,705,020 | 1,605,681 | [1] | 1,437,290 | |||||||||
Expenditures for property and equipment | 45,550 | 22,045 | [1] | 12,939 | [1] | |||||||||||
Depreciation and amortization | 20,994 | 16,049 | 12,749 | |||||||||||||
Debt accretion and amortization | 4,745 | 4,682 | 4,921 | |||||||||||||
Cash and cash equivalents | 366,305 | 362,526 | [1] | 366,305 | 362,526 | [1] | 299,861 | [1] | ||||||||
Equity method investments | 64,738 | 51,234 | [1] | 64,738 | 51,234 | [1] | 49,392 | |||||||||
Goodwill | 37,248 | 39,482 | [1] | 37,248 | 39,482 | [1] | 6,731 | $ 7,601 | ||||||||
Receivable-backed notes payable | 458,931 | 421,118 | 458,931 | 421,118 | 414,989 | |||||||||||
Notes payable and other borrowings | 200,887 | 144,114 | [1] | 200,887 | 144,114 | [1] | 133,790 | |||||||||
Junior subordinated debentures | 136,425 | 135,414 | [1] | 136,425 | 135,414 | [1] | 152,367 | |||||||||
Reportable Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Interest income | (7,384) | |||||||||||||||
Other revenue | (174) | |||||||||||||||
Total revenues | (7,558) | |||||||||||||||
Interest expense | 4,462 | |||||||||||||||
Selling, general and administrative expenses | 54,992 | |||||||||||||||
Total costs and expenses | 59,454 | |||||||||||||||
Income (loss) before income taxes | (67,012) | |||||||||||||||
Total assets | 51,993 | |||||||||||||||
Cash and cash equivalents | 123,037 | |||||||||||||||
Junior subordinated debentures | 83,323 | |||||||||||||||
Eliminations [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Interest income | (2,838) | (5,469) | ||||||||||||||
Other revenue | (835) | (599) | ||||||||||||||
Total revenues | (3,694) | (6,068) | ||||||||||||||
Interest expense | 6,276 | 4,384 | ||||||||||||||
Net gains on cancellation of junior subordinated debentures | (6,929) | |||||||||||||||
Reimbursement of litigation costs and penalty | (600) | (13,169) | ||||||||||||||
Selling, general and administrative expenses | 45,623 | 52,853 | ||||||||||||||
Total costs and expenses | 51,278 | 37,139 | ||||||||||||||
Income (loss) before income taxes | (54,972) | (43,207) | ||||||||||||||
Total assets | 57,285 | 66,936 | 57,285 | 66,936 | ||||||||||||
Cash and cash equivalents | 117,785 | 138,431 | 117,785 | 138,431 | ||||||||||||
Notes payable and other borrowings | 30,000 | 30,000 | ||||||||||||||
Junior subordinated debentures | 65,102 | 65,030 | 65,102 | 65,030 | ||||||||||||
Bluegreen [Member] | Reportable Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Interest income | 85,914 | 86,876 | 89,511 | |||||||||||||
Other revenue | 1,201 | 312 | 1,724 | |||||||||||||
Total revenues | 738,320 | 723,052 | 719,942 | |||||||||||||
Interest expense | 34,709 | 29,977 | 30,853 | |||||||||||||
Selling, general and administrative expenses | 415,403 | 421,199 | 419,930 | |||||||||||||
Total costs and expenses | 609,427 | 586,054 | 590,318 | |||||||||||||
Income (loss) before income taxes | 128,893 | 136,998 | 129,624 | |||||||||||||
Total assets | 1,346,467 | 1,231,481 | 1,346,467 | 1,231,481 | 1,123,950 | |||||||||||
Expenditures for property and equipment | 32,539 | 14,115 | 9,605 | |||||||||||||
Depreciation and amortization | 12,392 | 9,632 | 9,536 | |||||||||||||
Debt accretion and amortization | 4,212 | 4,478 | 4,736 | |||||||||||||
Cash and cash equivalents | 219,408 | 197,337 | 219,408 | 197,337 | 144,120 | |||||||||||
Receivable-backed notes payable | 458,931 | 421,118 | 458,931 | 421,118 | 414,989 | |||||||||||
Notes payable and other borrowings | 133,391 | 100,194 | 133,391 | 100,194 | 98,382 | |||||||||||
Junior subordinated debentures | 71,323 | 70,384 | 71,323 | 70,384 | 69,044 | |||||||||||
BBX Capital Real Estate [Member] | Reportable Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Interest income | 2,277 | 2,225 | 3,606 | |||||||||||||
Net gains on sales of real estate assets | 4,563 | 1,451 | 3,213 | |||||||||||||
Other revenue | 2,653 | 5,145 | 5,656 | |||||||||||||
Total revenues | 31,264 | 8,821 | 12,475 | |||||||||||||
Recoveries from loan losses, net | (8,603) | (7,495) | (20,508) | |||||||||||||
Impairment losses | 521 | 1,646 | 2,304 | |||||||||||||
Selling, general and administrative expenses | 9,210 | 11,127 | 11,864 | |||||||||||||
Total costs and expenses | 15,244 | 5,278 | (6,340) | |||||||||||||
Equity in net earnings of unconsolidated real estate joint ventures | 14,194 | 12,541 | 12,178 | |||||||||||||
Income (loss) before income taxes | 30,214 | 16,084 | 30,993 | |||||||||||||
Total assets | 165,109 | 166,548 | 165,109 | 166,548 | 186,132 | |||||||||||
Expenditures for property and equipment | 318 | 308 | 266 | |||||||||||||
Depreciation and amortization | 374 | 581 | 603 | |||||||||||||
Debt accretion and amortization | 3 | |||||||||||||||
Cash and cash equivalents | 16,103 | 8,636 | 16,103 | 8,636 | 13,628 | |||||||||||
Equity method investments | 64,738 | 51,234 | 64,738 | 51,234 | 49,392 | |||||||||||
Notes payable and other borrowings | 27,333 | 24,215 | 27,333 | 24,215 | 20,743 | |||||||||||
Renin [Member] | Reportable Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 68,417 | 68,935 | 65,068 | |||||||||||||
Interest expense | 638 | 509 | 313 | |||||||||||||
Selling, general and administrative expenses | 9,903 | 11,112 | 12,545 | |||||||||||||
Total costs and expenses | 66,024 | 66,562 | 64,430 | |||||||||||||
Foreign exchange gain (loss) | 68 | (193) | 219 | |||||||||||||
Income (loss) before income taxes | 2,461 | 2,180 | 857 | |||||||||||||
Total assets | 32,354 | 36,189 | 32,354 | 36,189 | 28,913 | |||||||||||
Expenditures for property and equipment | 796 | 2,786 | 1,718 | |||||||||||||
Depreciation and amortization | 1,159 | 1,000 | 661 | |||||||||||||
Debt accretion and amortization | 17 | 83 | ||||||||||||||
Cash and cash equivalents | 863 | 863 | (288) | |||||||||||||
Notes payable and other borrowings | 8,117 | 12,890 | 8,117 | 12,890 | 9,692 | |||||||||||
IT'SUGAR, LLC [Member] | Reportable Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Interest income | 1 | 2 | ||||||||||||||
Other revenue | 159 | 64 | ||||||||||||||
Total revenues | 79,778 | 46,831 | ||||||||||||||
Interest expense | 40 | |||||||||||||||
Selling, general and administrative expenses | 35,404 | 18,489 | ||||||||||||||
Total costs and expenses | 82,162 | 44,233 | ||||||||||||||
Income (loss) before income taxes | (2,384) | 2,598 | ||||||||||||||
Total assets | 70,693 | 71,702 | 70,693 | 71,702 | ||||||||||||
Expenditures for property and equipment | 6,022 | 1,221 | ||||||||||||||
Depreciation and amortization | 4,556 | 2,324 | ||||||||||||||
Debt accretion and amortization | 184 | |||||||||||||||
Cash and cash equivalents | 3,883 | 6,877 | 3,883 | 6,877 | ||||||||||||
Goodwill | 35,167 | 35,167 | 35,167 | 35,167 | ||||||||||||
Notes payable and other borrowings | 556 | 556 | ||||||||||||||
Other [Member] | Reportable Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Interest income | 147 | 74 | 14 | |||||||||||||
Other revenue | 1,889 | 1,540 | 1,441 | |||||||||||||
Total revenues | 33,508 | 27,999 | 32,226 | |||||||||||||
Interest expense | 275 | 335 | 409 | |||||||||||||
Impairment losses | 4,147 | 5,785 | 2,352 | |||||||||||||
Selling, general and administrative expenses | 22,398 | 18,698 | 16,150 | |||||||||||||
Total costs and expenses | 50,288 | 50,051 | 47,702 | |||||||||||||
Income (loss) before income taxes | (16,780) | (22,052) | (15,476) | |||||||||||||
Total assets | 33,112 | 32,825 | 33,112 | 32,825 | 46,302 | |||||||||||
Expenditures for property and equipment | 5,875 | 3,615 | 1,350 | |||||||||||||
Depreciation and amortization | 2,513 | 2,512 | 1,949 | |||||||||||||
Debt accretion and amortization | 329 | 204 | 102 | |||||||||||||
Cash and cash equivalents | 9,126 | 10,382 | 9,126 | 10,382 | 19,364 | |||||||||||
Goodwill | 2,081 | 4,315 | 2,081 | 4,315 | 6,731 | |||||||||||
Notes payable and other borrowings | $ 1,490 | $ 6,815 | 1,490 | 6,815 | 4,973 | |||||||||||
Sales Of VOIs [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue from customers | 254,225 | 242,017 | [1] | 273,873 | ||||||||||||
Total costs | 23,813 | 17,679 | [1] | 28,829 | ||||||||||||
Sales Of VOIs [Member] | Bluegreen [Member] | Reportable Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue from customers | 254,225 | 242,017 | 273,873 | |||||||||||||
Total costs | 23,813 | 17,679 | 28,829 | |||||||||||||
Fee-Based Sales Commissions [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue from customers | 216,422 | 229,389 | [1] | 201,829 | ||||||||||||
Total costs | 72,968 | |||||||||||||||
Fee-Based Sales Commissions [Member] | Bluegreen [Member] | Reportable Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue from customers | 216,422 | 229,389 | 201,829 | |||||||||||||
Total costs | 72,968 | |||||||||||||||
Other Fee-Based Services [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue from customers | 118,024 | 111,819 | [1] | 103,448 | ||||||||||||
Total costs | 72,968 | 64,560 | [1] | 61,149 | ||||||||||||
Other Fee-Based Services [Member] | Bluegreen [Member] | Reportable Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue from customers | 118,024 | 111,819 | 103,448 | |||||||||||||
Total costs | 64,560 | 61,149 | ||||||||||||||
Cost Reimbursements [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue from customers | 62,534 | 52,639 | [1] | 49,557 | ||||||||||||
Total costs | 62,534 | 52,639 | [1] | 49,557 | ||||||||||||
Cost Reimbursements [Member] | Bluegreen [Member] | Reportable Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue from customers | 62,534 | 52,639 | 49,557 | |||||||||||||
Total costs | 62,534 | 52,639 | 49,557 | |||||||||||||
Trade Sales [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue from customers | 179,486 | 142,085 | [1] | 95,839 | ||||||||||||
Total costs | 125,648 | 105,918 | [1] | 80,363 | ||||||||||||
Trade Sales [Member] | Eliminations [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue from customers | (21) | |||||||||||||||
Total costs | (21) | |||||||||||||||
Trade Sales [Member] | Renin [Member] | Reportable Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue from customers | 68,417 | 68,935 | 65,068 | |||||||||||||
Total costs | 55,483 | 54,941 | 51,572 | |||||||||||||
Trade Sales [Member] | IT'SUGAR, LLC [Member] | Reportable Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue from customers | 79,618 | 46,765 | ||||||||||||||
Total costs | 46,718 | 25,744 | ||||||||||||||
Trade Sales [Member] | Other [Member] | Reportable Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue from customers | 31,472 | 26,385 | 30,771 | |||||||||||||
Total costs | 23,468 | 25,233 | 28,791 | |||||||||||||
Sales Of Real Estate Inventory [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue from customers | 21,771 | |||||||||||||||
Total costs | 14,116 | |||||||||||||||
Sales Of Real Estate Inventory [Member] | BBX Capital Real Estate [Member] | Reportable Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenue from customers | 21,771 | |||||||||||||||
Total costs | 14,116 | |||||||||||||||
Net Gains (Losses) On Sales Of Real Estate Assets [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 4,563 | $ 1,451 | [1] | $ 3,213 | ||||||||||||
Total costs | $ 14,116 | |||||||||||||||
[1] | See Note 2 for a summary of adjustments. |
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Selected Quarterly Results [Abstract] | ||||||||||||||
Revenues | $ 231,922 | $ 254,403 | $ 243,226 | $ 218,042 | $ 225,574 | $ 240,896 | $ 217,666 | $ 185,434 | $ 947,593 | $ 869,570 | [1] | $ 822,153 | ||
Costs and expenses | 219,619 | 236,125 | 221,607 | 197,072 | 214,994 | 223,246 | 195,057 | 156,020 | 874,423 | 789,317 | [1] | 755,564 | ||
Gross profit | 12,303 | 18,278 | 21,619 | 20,970 | 10,580 | 17,650 | 22,609 | 29,414 | 73,170 | 80,253 | ||||
Equity in net earnings of unconsolidated real estate joint ventures | 13,029 | 373 | (488) | 1,280 | 4,113 | 2,105 | 3,087 | 3,236 | 14,194 | 12,541 | [1] | 12,178 | [1] | |
Foreign exchange gain (loss) | (23) | 76 | (37) | 52 | 119 | (105) | (398) | 191 | 68 | (193) | [1] | 219 | ||
Income (loss) before income taxes | 25,309 | 18,727 | 21,094 | 22,302 | 14,812 | 19,650 | 25,298 | 32,841 | 87,432 | 92,601 | [1] | 78,986 | ||
(Provision) benefit for income taxes | (9,642) | (6,742) | (8,655) | (6,600) | 39,723 | (8,126) | (9,131) | (12,764) | (31,639) | [2] | 9,702 | [1],[2] | (36,390) | [2] |
Net income | 15,667 | 11,985 | 12,439 | 15,702 | 54,535 | 11,524 | 16,167 | 20,077 | 55,793 | 102,303 | [1] | 42,596 | [1] | |
Less: Net income attributable to noncontrolling interests | 4,367 | 5,806 | 5,958 | 4,560 | 8,890 | 3,398 | 3,453 | 2,637 | 20,691 | 18,378 | [1] | 13,166 | ||
Net income attributable to shareholders | $ 11,300 | $ 6,179 | $ 6,481 | $ 11,142 | $ 45,645 | $ 8,126 | $ 12,714 | $ 17,440 | $ 35,102 | $ 83,925 | [1] | $ 29,430 | ||
Basic earnings per share | $ 0.12 | $ 0.07 | $ 0.07 | $ 0.11 | $ 0.46 | $ 0.08 | $ 0.13 | $ 0.18 | $ 0.37 | $ 0.85 | [1] | $ 0.34 | ||
Diluted earnings per share | $ 0.12 | $ 0.06 | $ 0.07 | $ 0.11 | $ 0.45 | $ 0.08 | $ 0.12 | $ 0.16 | $ 0.36 | $ 0.81 | [1] | $ 0.34 | ||
Basic weighted average number of common shares outstanding | 94,042 | 93,193 | 94,390 | 99,652 | 99,744 | 98,073 | 98,240 | 98,921 | 95,298 | 98,745 | [1] | 86,902 | ||
Diluted weighted average number of common and common equivalent shares outstanding | 95,041 | 96,576 | 97,779 | 102,628 | 102,440 | 106,021 | 106,173 | 105,866 | 97,860 | 103,916 | [1] | |||
[1] | See Note 2 for a summary of adjustments. | |||||||||||||
[2] | Expected tax is computed based upon income before income taxes. |
Real Estate Investments And A_2
Real Estate Investments And Accumulated Depreciation (Real Estate Investments And Accumulated Depreciation By Property) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Total Cost | $ 8,800 | $ 8,481 | |
Accumulated Depreciation | 1,893 | $ 1,546 | |
Aggregate cost for federal income tax purposes | 5,800 | ||
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 | 900 | ||
Other | |||
Total Cost | [1] | 8,800 | |
Accumulated Depreciation | $ 1,893 | ||
Year of Construction | 2009 | ||
Foreclosure Month/Year | 2013-04 | ||
Depreciable Lives (Years) | 40 years | ||
[1] | The aggregate cost for federal income tax purposes is $5.8 million. |
Real Estate Investments And A_3
Real Estate Investments And Accumulated Depreciation (Change In Real Estate Investments) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Real Estate Investments And Accumulated Depreciation [Abstract] | |
Total Costs, Balance at December 31, 2017 | $ 8,481 |
Subsequent additions | 319 |
Total Costs, Balance at December 31, 2018 | 8,800 |
Accumulated Depreciation, Balance at December 31, 2017 | 1,546 |
Accumulated Depreciation, Depreciation | 347 |
Accumulated Depreciation, Balance at December 31, 2018 | $ 1,893 |
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, 2018USD ($)loan | Dec. 31, 2017USD ($) | |||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Prior Liens | $ 2,451 | |||
Mortgage Loans on Real Estate, Face Amount of Loans | 10,327 | |||
Mortgage Loans on Real Estate | 6,077 | [1] | $ 18,504 | |
Mortgage Loans on Real Estate, Principal Amount of Loans Subject to Delinquent Principal or Interest | 6,883 | |||
Aggregate cost for federal income tax purposes | $ 7,300 | |||
First-lien 1-4 Family [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Number of Loans | loan | [2] | 23 | ||
Mortgage Loans on Real Estate, Interest Rate | [2],[3] | 6.27% | ||
Mortgage Loans on Real Estate, Final Maturity Date | [2],[4] | Jun. 30, 2034 | ||
Mortgage Loans on Real Estate, Periodic Payment Terms | [2] | Monthly | ||
Mortgage Loans on Real Estate, Face Amount of Loans | [2] | $ 7,721 | ||
Mortgage Loans on Real Estate | [1],[2] | 4,393 | ||
Mortgage Loans on Real Estate, Principal Amount of Loans Subject to Delinquent Principal or Interest | [2] | $ 6,038 | ||
Second-lien -Consumer [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Number of Loans | loan | 13 | |||
Mortgage Loans on Real Estate, Interest Rate | [3] | 3.99% | ||
Mortgage Loans on Real Estate, Final Maturity Date | [4] | Aug. 14, 2019 | ||
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |||
Mortgage Loans on Real Estate, Prior Liens | $ 2,451 | |||
Mortgage Loans on Real Estate, Face Amount of Loans | 1,226 | |||
Mortgage Loans on Real Estate | [1] | 563 | ||
Mortgage Loans on Real Estate, Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 845 | |||
Small Business Real Estate [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Number of Loans | loan | 8 | |||
Mortgage Loans on Real Estate, Interest Rate | [3] | 6.69% | ||
Mortgage Loans on Real Estate, Final Maturity Date | [4] | Mar. 23, 2024 | ||
Mortgage Loans on Real Estate, Periodic Payment Terms | Monthly | |||
Mortgage Loans on Real Estate, Face Amount of Loans | $ 1,380 | |||
Mortgage Loans on Real Estate | [1] | $ 1,121 | ||
[1] | The aggregate cost for federal income tax purposes was $7.3 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 Estate_2
Mortgage Loans On Real Estate (Change In Mortgage Loans) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | ||
Mortgage Loans On Real Estate [Abstract] | ||
Balance at December 31, 2017 | $ 18,504 | |
Advances on existing mortgages | ||
Collections of principal | (10,754) | |
Foreclosures | (1,673) | |
Costs of mortgages sold | ||
Balance at December 31, 2018 | $ 6,077 | [1] |
[1] | The aggregate cost for federal income tax purposes was $7.3 million. |