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 nine months ended September 30, 2019 and 2018, amounts set forth in the column entitled “Other” include the Company’s investments in various operating businesses, including its remaining operating businesses in the confectionery industry, a controlling financial interest in a restaurant acquired in connection with a loan receivable default, and its pizza restaurant operations as a franchisee of MOD Pizza. As described in Note 1, the Company exited its pizza restaurant operations as a franchisee of MOD Pizza in September 2019. The amounts set forth in the column entitled “Reconciling Items and Eliminations” include corporate 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 September 30, 2019 (in thousands): Revenues: Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Sales of VOIs $ 66,318 - - - - - 66,318 Fee-based sales commissions 60,478 - - - - - 60,478 Other fee-based services 33,744 - - - - - 33,744 Cost reimbursements 21,111 - - - - - 21,111 Trade sales - - 16,442 24,678 6,541 (1) 47,660 Sales of real estate inventory - 370 - - - - 370 Interest income 22,081 166 - - 45 (495) 21,797 Net gains on sales of real estate assets - 399 - - - - 399 Other revenue 2,146 197 - 15 1,053 (174) 3,237 Total revenues 205,878 1,132 16,442 24,693 7,639 (670) 255,114 Costs and expenses: Cost of VOIs sold 3,121 - - - - - 3,121 Cost of other fee-based services 23,746 - - - - - 23,746 Cost reimbursements 21,111 - - - - - 21,111 Cost of trade sales - - 12,983 13,902 4,976 (1) 31,860 Cost of real estate inventory sold - - - - - - - Interest expense 10,388 - 131 24 29 1,298 11,870 Recoveries from loan losses, net - (1,821) - - - - (1,821) Impairment losses - 37 - - 3,993 - 4,030 Selling, general and administrative expenses 117,159 2,336 2,849 9,567 4,900 11,738 148,549 Total costs and expenses 175,525 552 15,963 23,493 13,898 13,035 242,466 Equity in net earnings of unconsolidated real estate joint ventures - 28,534 - - - - 28,534 Foreign exchange gain (loss) - - - - - - - Income (loss) before income taxes $ 30,353 29,114 479 1,200 (6,259) (13,705) 41,182 Total assets $ 1,360,829 147,712 32,103 150,841 32,135 93,818 1,817,438 Expenditures for property and equipment $ 3,986 1 79 3,752 224 - 8,042 Depreciation and amortization $ 3,585 - 303 1,181 714 101 5,884 Debt accretion and amortization $ 1,430 22 6 56 1 60 1,575 Cash and cash equivalents $ 183,207 21,781 - 2,412 7,745 153,673 368,818 Real e state equity method investments $ - 53,739 - - - - 53,739 Goodwill $ - - - 35,167 2,081 - 37,248 Receivable-backed notes payable $ 436,760 - - - - - 436,760 Notes payable and other borrowings $ 119,045 32,009 8,394 406 1,861 (295) 161,420 Junior subordinated debentures $ 71,883 - - - - 65,155 137,038 The table below sets forth the Company’s segment information as of and for the three months ended September 30, 2018 (in thousands): Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 70,698 - - - - - 70,698 Fee-based sales commissions 61,641 - - - - - 61,641 Other fee-based services 31,057 - - - - - 31,057 Cost reimbursements 16,900 - - - - - 16,900 Trade sales - - 15,330 22,663 5,815 (5) 43,803 Sales of real estate inventory - 7,478 - - - - 7,478 Interest income 21,531 229 - - 10 (613) 21,157 Other revenue 378 572 - 99 840 (220) 1,669 Total revenues 202,205 8,279 15,330 22,762 6,665 (838) 254,403 Costs and expenses: Cost of VOIs sold 11,237 - - - - - 11,237 Cost of other fee-based services 19,937 - - - - - 19,937 Cost reimbursements 16,900 - - - - - 16,900 Cost of trade sales - - 12,306 12,236 4,420 (5) 28,957 Cost of real estate inventory sold - 4,655 - - - - 4,655 Interest expense 9,208 - 157 - 53 1,712 11,130 Recoveries from loan losses, net - (443) - - - - (443) Impairment losses - 193 - - - - 193 Selling, general and administrative expenses 112,407 2,307 2,250 8,962 4,868 12,765 143,559 Total costs and expenses 169,689 6,712 14,713 21,198 9,341 14,472 236,125 Equity in net earnings of unconsolidated real estate joint ventures - 373 - - - - 373 Foreign exchange gain - - 76 - - - 76 Income (loss) before income taxes $ 32,516 1,940 693 1,564 (2,676) (15,310) 18,727 Total assets $ 1,336,992 136,290 28,798 71,450 37,577 66,660 1,677,767 Expenditures for property and equipment $ 9,242 131 99 1,942 1,704 125 13,243 Depreciation and amortization $ 3,169 91 292 1,153 644 108 5,457 Debt accretion and amortization $ 1,086 - 4 (90) 143 91 1,234 Cash and cash equivalents $ 195,439 21,625 - 4,483 10,068 137,897 369,512 Real estate equity method investments $ - 42,550 - - - - 42,550 Goodwill $ - - - 35,167 4,315 - 39,482 Receivable-backed notes payable $ 433,450 - - - - - 433,450 Notes payable and other borrowings $ 137,834 16,285 9,422 620 3,090 29,926 197,177 Junior subordinated debentures $ 71,147 - - - - 65,084 136,231 The table below sets forth the Company’s segment information as of and for the nine months ended September 30, 2019 (in thousands): Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 186,351 - - - - - 186,351 Fee-based sales commissions 161,033 - - - - - 161,033 Other fee-based services 94,015 - - - - - 94,015 Cost reimbursements 58,705 - - - - - 58,705 Trade sales - - 51,124 63,347 24,250 (16) 138,705 Sales of real estate inventory - 5,030 - - - - 5,030 Interest income 65,964 631 - - 130 (1,995) 64,730 Net gains on sales of real estate assets - 11,395 - - - - 11,395 Other revenue 4,228 1,492 152 241 2,020 (593) 7,540 Total revenues 570,296 18,548 51,276 63,588 26,400 (2,604) 727,504 Costs and expenses: Cost of VOIs sold 17,541 - - - - - 17,541 Cost of other fee-based services 66,538 - - - - - 66,538 Cost reimbursements 58,705 - - - - - 58,705 Cost of trade sales - - 40,989 37,442 16,563 (16) 94,978 Cost of real estate inventory sold - 2,643 - - - - 2,643 Interest expense 29,955 - 387 81 72 4,184 34,679 Recoveries from loan losses, net - (4,206) - - - - (4,206) Impairment losses - 37 - - 6,749 - 6,786 Selling, general and administrative expenses 355,041 6,709 8,326 26,645 16,061 35,728 448,510 Total costs and expenses 527,780 5,183 49,702 64,168 39,445 39,896 726,174 Equity in net earnings of unconsolidated real estate joint ventures - 37,276 - - - - 37,276 Foreign exchange loss - - (24) - - - (24) Income (loss) before income taxes $ 42,516 50,641 1,550 (580) (13,045) (42,500) 38,582 Expenditures for property and equipment $ 18,502 4 284 6,233 1,245 18 26,286 Depreciation and amortization $ 10,453 93 897 3,313 1,889 320 16,965 Debt accretion and amortization $ 3,616 133 23 168 2 243 4,185 The table below sets forth the Company’s segment information as of and for the nine months ended September 30, 2018 (in thousands): Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 195,412 - - - - - 195,412 Fee-based sales commissions 167,581 - - - - - 167,581 Other fee-based services 89,472 - - - - - 89,472 Cost reimbursements 47,157 - - - - - 47,157 Trade sales - - 47,205 58,967 19,954 (12) 126,114 Sales of real estate inventory - 17,138 - - - - 17,138 Interest income 63,771 2,064 - 1 105 (2,203) 63,738 Net gains on sales of real estate assets - 4,802 - - - - 4,802 Other revenue 1,269 2,020 - 134 1,455 (600) 4,278 Total revenues 564,662 26,024 47,205 59,102 21,514 (2,815) 715,692 Costs and expenses: Cost of VOIs sold 19,838 - - - - - 19,838 Cost of other fee-based services 53,983 - - - - - 53,983 Cost reimbursements 47,157 - - - - - 47,157 Cost of trade sales - - 38,454 34,020 15,583 (12) 88,045 Cost of real estate inventory sold - 11,283 - - - - 11,283 Interest expense 25,470 - 497 - 241 4,661 30,869 Recoveries from loan losses, net - (7,258) - - - - (7,258) Impairment losses - 362 - - 187 - 549 Selling, general and administrative expenses 315,535 7,175 7,641 25,559 16,541 37,908 410,359 Total costs and expenses 461,983 11,562 46,592 59,579 32,552 42,557 654,825 Equity in net earnings of unconsolidated real estate joint ventures - 1,165 - - - - 1,165 Foreign exchange gain - - 91 - - - 91 Income (loss) before income taxes $ 102,679 15,627 704 (477) (11,038) (45,372) 62,123 Expenditures for property and equipment $ 24,347 298 447 4,169 3,841 214 33,316 Depreciation and amortization $ 9,087 283 869 3,327 1,445 387 15,398 Debt accretion and amortization $ 2,765 2 12 - 159 221 3,159 |