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 and six months ended June 30, 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 June 30, 2019 (in thousands): Revenues: Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Sales of VOIs $ 68,302 - - - - - 68,302 Fee-based sales commissions 55,343 - - - - - 55,343 Other fee-based services 30,703 - - - - - 30,703 Cost reimbursements 17,358 - - - - - 17,358 Trade sales - - 15,339 21,454 8,274 (6) 45,061 Sales of real estate inventory - 424 - - - - 424 Interest income 21,875 263 - - 46 (666) 21,518 Net gains on sales of real estate assets - 9,664 - - - - 9,664 Other revenue 1,993 449 152 16 497 (147) 2,960 Total revenues 195,574 10,800 15,491 21,470 8,817 (819) 251,333 Costs and expenses: Cost of VOIs sold 10,572 - - - - - 10,572 Cost of other fee-based services 19,924 - - - - - 19,924 Cost reimbursements 17,358 - - - - - 17,358 Cost of trade sales - - 12,889 12,320 5,625 (6) 30,828 Cost of real estate inventory sold - - - - - - - Interest expense 10,061 - 116 35 21 1,428 11,661 Recoveries from loan losses, net - (1,424) - - - - (1,424) Impairment losses - - - - 2,138 - 2,138 Selling, general and administrative expenses 147,668 1,879 2,442 8,972 5,120 11,887 177,968 Total costs and expenses 205,583 455 15,447 21,327 12,904 13,309 269,025 Equity in net earnings of unconsolidated real estate joint ventures - 8,759 - - - - 8,759 Foreign exchange loss - - (29) - - - (29) (Loss) income before income taxes $ (10,009) 19,104 15 143 (4,087) (14,128) (8,962) Total assets $ 1,351,213 153,503 31,626 153,712 43,518 68,189 1,801,761 Expenditures for property and equipment $ 7,009 - 90 1,261 179 12 8,551 Depreciation and amortization $ 3,504 - 296 1,072 590 105 5,567 Debt accretion and amortization $ 1,066 25 9 56 - 93 1,249 Cash and cash equivalents $ 180,166 14,551 - 2,905 8,289 126,960 332,871 Real Estate equity method investments $ - 65,254 - - - - 65,254 Goodwill $ - - - 35,167 2,081 - 37,248 Receivable-backed notes payable $ 438,136 - - - - - 438,136 Notes payable and other borrowings $ 136,796 31,983 6,757 1,457 1,671 (148) 178,516 Junior subordinated debentures $ 71,691 - - - - 65,138 136,829 The table below sets forth the Company’s segment information as of and for the three months ended June 30, 2018 (in thousands): Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 68,573 - - - - - 68,573 Fee-based sales commissions 60,086 - - - - - 60,086 Other fee-based services 30,391 - - - - - 30,391 Cost reimbursements 14,059 - - - - - 14,059 Trade sales - - 16,890 19,623 7,400 (5) 43,908 Sales of real estate inventory - 3,250 - - - - 3,250 Interest income 21,118 301 - - 64 (819) 20,664 Net gains on sales of real estate assets - 733 - - - - 733 Other revenue 710 710 - 17 311 (186) 1,562 Total revenues 194,937 4,994 16,890 19,640 7,775 (1,010) 243,226 Costs and expenses: Cost of VOIs sold 6,789 - - - - - 6,789 Cost of other fee-based services 16,634 - - - - - 16,634 Cost reimbursements 14,059 - - - - - 14,059 Cost of trade sales - - 13,998 11,224 5,954 (5) 31,171 Cost of real estate inventory sold - 2,381 - - - - 2,381 Interest expense 8,495 - 174 - 99 1,635 10,403 Recoveries from loan losses, net - (1,999) - - - - (1,999) Impairment losses - 122 - - - - 122 Selling, general and administrative expenses 109,580 2,377 2,639 8,520 6,593 12,338 142,047 Total costs and expenses 155,557 2,881 16,811 19,744 12,646 13,968 221,607 Equity in net losses of unconsolidated real estate joint ventures - (488) - - - - (488) Foreign exchange loss - - (37) - - - (37) Income (loss) before income taxes $ 39,380 1,625 42 (104) (4,871) (14,978) 21,094 Total assets $ 1,325,317 137,555 30,841 68,992 34,646 67,042 1,664,393 Expenditures for property and equipment $ 9,643 144 241 1,138 745 87 11,998 Depreciation and amortization $ 2,989 101 296 1,080 409 138 5,013 Debt accretion and amortization $ 663 2 4 45 (6) 131 839 Cash and cash equivalents $ 205,745 18,824 - 3,593 9,573 142,712 380,447 Real Estate equity method investments $ - 41,801 - - - - 41,801 Goodwill $ - - - 35,167 4,315 - 39,482 Receivable-backed notes payable $ 427,094 - - - - - 427,094 Notes payable and other borrowings $ 149,651 19,453 12,705 - 7,806 30,000 219,615 Junior subordinated debentures $ 70,908 - - - - 65,066 135,974 The table below sets forth the Company’s segment information as of and for the six months ended June 30, 2019 (in thousands): Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 120,033 - - - - - 120,033 Fee-based sales commissions 100,555 - - - - - 100,555 Other fee-based services 60,271 - - - - - 60,271 Cost reimbursements 37,594 - - - - - 37,594 Trade sales - - 34,682 38,669 17,709 (15) 91,045 Sales of real estate inventory - 4,660 - - - - 4,660 Interest income 43,883 465 - - 85 (1,500) 42,933 Net gains on sales of real estate assets - 10,996 - - - - 10,996 Other revenue 2,082 1,295 152 226 967 (419) 4,303 Total revenues 364,418 17,416 34,834 38,895 18,761 (1,934) 472,390 Costs and expenses: Cost of VOIs sold 14,420 - - - - - 14,420 Cost of other fee-based services 42,792 - - - - - 42,792 Cost reimbursements 37,594 - - - - - 37,594 Cost of trade sales - - 28,006 23,540 11,587 (15) 63,118 Cost of real estate inventory sold - 2,643 - - - - 2,643 Interest expense 19,567 - 256 57 43 2,886 22,809 Recoveries from loan losses, net - (2,385) - - - - (2,385) Impairment losses - - - - 2,756 - 2,756 Selling, general and administrative expenses 237,882 4,373 5,477 17,078 11,161 23,990 299,961 Total costs and expenses 352,255 4,631 33,739 40,675 25,547 26,861 483,708 Equity in net earnings of unconsolidated real estate joint ventures - 8,742 - - - - 8,742 Foreign exchange loss - - (24) - - - (24) Income (loss) before income taxes $ 12,163 21,527 1,071 (1,780) (6,786) (28,795) (2,600) Expenditures for property and equipment $ 14,516 3 205 2,481 1,021 18 18,244 Depreciation and amortization $ 6,870 93 594 2,132 1,175 217 11,081 Debt accretion and amortization $ 2,186 111 17 112 1 183 2,610 The table below sets forth the Company’s segment information as of and for the six months ended June 30, 2018 (in thousands): Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 124,714 - - - - - 124,714 Fee-based sales commissions 105,940 - - - - - 105,940 Other fee-based services 58,415 - - - - - 58,415 Cost reimbursements 30,260 - - - - - 30,260 Trade sales - - 31,875 36,304 14,139 (7) 82,311 Sales of real estate inventory - 9,659 - - - - 9,659 Interest income 42,240 1,834 - 1 95 (1,589) 42,581 Net gains on sales of real estate assets - 4,802 - - - - 4,802 Other revenue 891 1,449 - 35 615 (379) 2,611 Total revenues 362,460 17,744 31,875 36,340 14,849 (1,975) 461,293 Costs and expenses: Cost of VOIs sold 8,601 - - - - - 8,601 Cost of other fee-based services 34,045 - - - - - 34,045 Cost reimbursements 30,260 - - - - - 30,260 Cost of trade sales - - 26,148 21,784 11,166 (7) 59,091 Cost of real estate inventory sold - 6,628 - - - - 6,628 Interest expense 16,262 - 340 - 188 2,812 19,602 Recoveries from loan losses, net - (6,814) - - - - (6,814) Impairment losses - 169 - - 187 - 356 Selling, general and administrative expenses 203,129 4,868 5,390 16,597 11,670 25,281 266,935 Total costs and expenses 292,297 4,851 31,878 38,381 23,211 28,086 418,704 Equity in net earnings of unconsolidated real estate joint ventures - 792 - - - - 792 Foreign exchange gains - - 15 - - - 15 Income (loss) before income taxes $ 70,163 13,685 12 (2,041) (8,362) (30,061) 43,396 Expenditures for property and equipment $ 15,105 167 348 2,227 2,137 89 20,073 Depreciation and amortization $ 5,917 192 577 2,174 794 280 9,934 Debt accretion and amortization $ 1,680 2 8 90 16 131 1,927 |