Segment Reporting | 17 . Segment Reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the chief operating decision maker in assessing performance and deciding how to allocate resources. Reportable segments consist of one or more operating segments with similar economic characteristics, products and services, production processes, type of customer, distribution system or regulatory environment. The information provided for segment reporting is obtained from internal reports utilized by management of the Company , and t he 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 materially impacted. The Company’s reportable segments are its principal investments : Bluegreen , BBX Capital Real Estate , Renin , and IT’SUGAR. See Note 1 for a description of these segments. In the segment information for the three months ended March 31, 2019 and 2018, amounts set forth in the column entitled “Other” include the Company’s 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 corporate selling, general, and administrative expenses, interest expense associated with Woodbridge’s junior subordinated debentures and BBX Capital’s $50.0 million revolving line of credit , and elimination entries. The Company evaluates segment performance based on segment income before income taxes . The table below sets forth the Company’s segment information as of and for the three months ended March 31, 201 9 (in thousands): Revenues: Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Sales of VOIs $ 51,731 - - - - - 51,731 Fee-based sales commissions 45,212 - - - - - 45,212 Other fee-based services 29,568 - - - - - 29,568 Cost reimbursements 20,236 - - - - - 20,236 Trade sales - - 19,343 17,215 9,435 (9) 45,984 Sales of real estate inventory - 4,236 - - - - 4,236 Interest income 22,008 202 - - 39 (834) 21,415 Net gains on sales of real estate assets - 1,332 - - - - 1,332 Other revenue 89 846 - 210 470 (272) 1,343 Total revenues 168,844 6,616 19,343 17,425 9,944 (1,115) 221,057 Costs and expenses: Cost of VOIs sold 3,848 - - - - - 3,848 Cost of other fee-based services 22,868 - - - - - 22,868 Cost reimbursements 20,236 - - - - - 20,236 Cost of trade sales - - 15,117 11,220 5,962 (9) 32,290 Cost of real estate inventory sold - 2,643 - - - - 2,643 Interest expense 9,506 - 140 22 22 1,458 11,148 Recoveries from loan losses, net - (961) - - - - (961) Impairment losses - - - - 618 - 618 Selling, general and administrative expenses 90,214 2,494 3,035 8,106 6,041 12,103 121,993 Total costs and expenses 146,672 4,176 18,292 19,348 12,643 13,552 214,683 Equity in net losses of unconsolidated real estate joint ventures - (17) - - - - (17) Foreign exchange gain - - 5 - - - 5 Income (loss) before income taxes 22,172 2,423 1,056 (1,923) (2,699) (14,667) 6,362 Total assets $ 1,347,093 175,195 34,856 140,565 46,088 16,879 1,760,676 Expenditures for property and equipment $ 7,507 3 115 1,220 822 26 9,693 Depreciation and amortization $ 3,365 93 298 1,060 585 112 5,513 Debt accretion and amortization $ 1,121 86 8 56 1 90 1,362 Cash and cash equivalents $ 189,875 18,846 - 3,943 8,295 75,358 296,317 Equity method investments $ - 67,382 - - - - 67,382 Goodwill $ - - - 35,167 2,081 - 37,248 Receivable-backed notes payable $ 437,927 - - - - - 437,927 Notes payable and other borrowings $ 125,436 31,959 8,059 2,106 1,481 - 169,041 Junior subordinated debentures $ 71,504 - - - - 65,119 136,623 The table below sets forth the Company’s segment information as of and for the three months ended March 3 1 , 201 8 (in thousands): Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 56,141 - - - - - 56,141 Fee-based sales commissions 45,854 - - - - - 45,854 Other fee-based services 28,024 - - - - - 28,024 Cost reimbursements 16,200 - - - - - 16,200 Trade sales - - 14,985 16,681 6,736 (2) 38,400 Sales of real estate inventory - 6,409 - - - - 6,409 Interest income 21,122 1,534 - 1 31 (771) 21,917 Net gains on sales of real estate assets - 4,069 1 - - - 4,070 Other revenue 181 739 - 18 304 (193) 1,049 Total revenues 167,522 12,751 14,986 16,700 7,071 (966) 218,064 Costs and expenses: Cost of VOIs sold 1,812 - - - - - 1,812 Cost of other fee-based services 17,411 - - - - - 17,411 Cost reimbursements 16,200 - - - - - 16,200 Cost of trade sales - - 12,150 10,559 5,209 (2) 27,916 Cost of real estate inventory sold - 4,247 - - - - 4,247 Interest expense 7,767 - 158 - 89 1,177 9,191 Recoveries from loan losses, net - (4,813) - - - - (4,813) Impairment losses - 45 - - 187 - 232 Selling, general and administrative expenses 93,549 2,485 2,760 8,075 5,081 12,948 124,898 Total costs and expenses 136,739 1,964 15,068 18,634 10,566 14,123 197,094 Equity in net earnings of unconsolidated real estate joint ventures - 1,280 - - - - 1,280 Foreign exchange loss - - 52 - - - 52 Income (loss) before income taxes $ 30,783 12,067 (30) (1,934) (3,495) (15,089) 22,302 Total assets $ 1,217,976 138,345 35,330 70,238 33,724 86,601 1,582,214 Expenditures for property and equipment 5,462 23 107 1,089 1,392 2 8,075 Depreciation and amortization 2,927 101 285 1,094 375 142 4,924 Debt accretion and amortization 1,019 - 4 45 25 - 1,093 Cash and cash equivalents 167,845 6,421 - 4,903 8,954 161,822 349,945 Equity method investments - 48,841 - - _- - 48,841 Goodwill - - - 35,167 4,315 - 39,482 Receivable-backed notes payable 413,334 - - - - - 413,334 Notes payable and other borrowings 83,764 20,858 13,689 - 7,013 - 125,324 Junior subordinated debentures 70,677 - - - - 65,048 135,725 |