Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 04, 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-09071 | |
Entity Registrant Name | Bluegreen Vacations Holding Corporation | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 59-2022148 | |
Entity Address, Address Line One | 401 East Las Olas Boulevard | |
Entity Address, Address Line Two | Suite 800 | |
Entity Address, City or Town | Fort Lauderdale | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33301 | |
City Area Code | 954 | |
Local Phone Number | 940-4900 | |
Title of 12(b) Security | Class A Common Stock, $.01 par value (including associated Preferred Share Purchase Rights) | |
Trading Symbol | BVH | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2020 | |
Entity Central Index Key | 0000315858 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Class A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 15,624,091 | |
Class B Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 3,693,596 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 211,110 | $ 335,846 |
Restricted cash ($15,135 in 2020 and $22,534 in 2019 in variable interest entities ("VIEs")) | 35,672 | 49,896 |
Notes receivable | 559,918 | 589,198 |
Less: Allowance for loan losses | (149,805) | (140,630) |
Notes receivable, net ($271,539 in 2020 and $292,590 in 2019 in VIEs) | 410,113 | 448,568 |
Vacation ownership interest ("VOI") inventory | 350,345 | 346,937 |
Property and equipment, net | 93,046 | 99,670 |
Intangible assets, net | 61,452 | 61,515 |
Operating lease assets | 19,667 | 21,498 |
Other assets | 58,168 | 68,477 |
Discontinued operations total assets | 360,861 | |
Total assets | 1,239,573 | 1,793,268 |
Liabilities: | ||
Accounts payable | 17,794 | 16,662 |
Deferred income | 14,635 | 18,074 |
Escrow deposits | 15,967 | 22,711 |
Other liabilities | 78,278 | 99,320 |
Receivable-backed notes payable - recourse | 77,417 | 88,569 |
Receivable-backed notes payable - non-recourse (in VIEs) | 303,301 | 334,246 |
Note payable to related party | 75,000 | |
Notes payable and other borrowings | 160,671 | 146,160 |
Junior subordinated debentures | 137,937 | 137,254 |
Operating lease liabilities | 21,177 | 22,957 |
Deferred income taxes | 84,224 | 89,855 |
Discontinued operations total liabilities | 173,381 | |
Total liabilities | 986,401 | 1,149,189 |
Commitments and contingencies (See Note 12) | ||
Redeemable noncontrolling interest | 4,009 | |
Equity: | ||
Preferred stock of $0.01 par value; authorized 10,000,000 shares | ||
Additional paid-in capital | 177,104 | 153,507 |
Accumulated earnings | 394,551 | |
Accumulated other comprehensive income | 1,554 | |
Total shareholders' equity | 177,297 | 549,795 |
Noncontrolling interests | 75,875 | 90,275 |
Total equity | 253,172 | 640,070 |
Total liabilities and equity | 1,239,573 | 1,793,268 |
Class A Common Stock [Member] | ||
Equity: | ||
Common stock | 156 | 151 |
Total equity | 156 | 151 |
Class B Common Stock [Member] | ||
Equity: | ||
Common stock | 37 | 32 |
Total equity | $ 37 | $ 32 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Restricted cash | $ 35,672 | $ 49,896 |
Notes receivable, net | $ 410,113 | $ 448,568 |
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 | $ 15,135 | $ 22,534 |
Notes receivable, net | $ 271,539 | $ 292,590 |
Class A Common Stock [Member] | ||
Common Stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 15,624,091 | 15,106,067 |
Common stock, shares outstanding | 15,624,091 | 15,106,067 |
Class B Common Stock [Member] | ||
Common Stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 4,000,000 | 4,000,000 |
Common stock, shares issued | 3,693,596 | 3,191,571 |
Common stock, shares outstanding | 3,693,596 | 3,191,571 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Operations And Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues | ||||
Revenue from customers | $ 124,899 | $ 178,423 | $ 308,278 | $ 490,332 |
Interest income | 19,346 | 21,586 | 59,963 | 63,969 |
Other revenue | 28 | 70 | ||
Total revenues | 144,245 | 200,037 | 368,241 | 554,371 |
Costs and Expenses | ||||
Interest expense | 7,968 | 11,754 | 27,668 | 34,270 |
Selling, general and administrative expenses | 120,933 | 130,032 | 281,237 | 394,280 |
Total costs and expenses | 169,043 | 185,662 | 425,400 | 558,937 |
Other (expense) income | (339) | 2,204 | 186 | 4,364 |
(Loss) income before income taxes | (25,137) | 16,579 | (56,973) | (202) |
Provision for income taxes | (201) | (8,152) | (441) | (4,658) |
Net (loss) income from continuing operations | (25,338) | 8,427 | (57,414) | (4,860) |
Discontinued operations | ||||
(Loss) income from operations | (5,759) | 24,603 | (41,593) | 38,785 |
Benefit (provision) for income taxes | 8,623 | (6,530) | 9,067 | (10,411) |
Net income (loss) from discontinued operations | 2,864 | 18,073 | (32,526) | 28,374 |
Net (loss) income | (22,474) | 26,500 | (89,940) | 23,514 |
Less: Income attributable to noncontrolling interests - continuing operations | 3,357 | 4,210 | 4,314 | 11,441 |
Less: (Loss) attributable to noncontrolling interests - discontinued operations | (509) | (98) | (4,822) | (166) |
Net (loss) income attributable to shareholders | $ (25,322) | $ 22,388 | $ (89,432) | $ 12,239 |
Basic (loss) earnings per share from continuing operations | $ (1.53) | $ 0.23 | $ (3.35) | $ (0.88) |
Basic earnings (loss) per share from discontinued operations | 0.18 | 0.98 | (1.50) | 1.53 |
Basic (loss) earnings per share | (1.35) | 1.21 | (4.85) | 0.65 |
Diluted (loss) earnings per share from continuing operations | (1.53) | 0.22 | (3.35) | (0.88) |
Diluted earnings (loss) per share from discontinued operations | 0.18 | 0.97 | (1.50) | 1.53 |
Diluted (loss) earnings per share | $ (1.35) | $ 1.19 | $ (4.85) | $ 0.65 |
Basic weighted average number of common shares outstanding | 18,731 | 18,518 | 18,442 | 18,601 |
Diluted weighted average number of common and common equivalent shares outstanding | 18,731 | 18,812 | 18,442 | 18,601 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | $ 15 | $ (75) | $ 19 | $ 151 |
Unrealized gain on securities available for sale | 157 | 16 | (198) | 54 |
Other comprehensive income (loss), net | 172 | (59) | (179) | 205 |
Comprehensive (loss) income, net of tax | (22,302) | 26,441 | (90,119) | 23,719 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 2,848 | 4,112 | (508) | 11,275 |
Comprehensive loss attributable to shareholders | (25,150) | $ 22,329 | (89,611) | $ 12,444 |
Class A Common Stock [Member] | ||||
Discontinued operations | ||||
Cash dividends declared per common share | $ 0.0625 | $ 0.1875 | ||
Class B Common Stock [Member] | ||||
Discontinued operations | ||||
Cash dividends declared per common share | $ 0.0625 | $ 0.1875 | ||
Sales Of VOIs [Member] | ||||
Revenues | ||||
Revenue from customers | 59,265 | $ 66,318 | 113,447 | $ 186,351 |
Costs and Expenses | ||||
Total costs | 3,597 | 3,121 | 8,734 | 17,541 |
Fee-Based Sales Commissions [Member] | ||||
Revenues | ||||
Revenue from customers | 22,119 | 60,478 | 64,619 | 161,033 |
Other Fee-Based Services [Member] | ||||
Revenues | ||||
Revenue from customers | 27,831 | 33,744 | 83,558 | 94,015 |
Costs and Expenses | ||||
Total costs | 20,861 | 22,872 | 61,107 | 63,913 |
Cost Reimbursements [Member] | ||||
Revenues | ||||
Revenue from customers | 15,684 | 17,883 | 46,654 | 48,933 |
Costs and Expenses | ||||
Total costs | 15,684 | 17,883 | 46,654 | 48,933 |
Other [Member] | ||||
Revenues | ||||
Revenue from customers | $ 2,096 | $ 2,290 | $ 4,498 | $ 5,754 |
Condensed Consolidated Statem_4
Condensed 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]Class A Common Stock [Member] | Additional Paid-In Capital [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]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Earnings [Member] | Accumulated Other Comprehensive Income [Member]Class A Common Stock [Member] | Accumulated Other Comprehensive Income [Member]Class B Common Stock [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]Cumulative Effect, Period of Adoption, Adjustment [Member] | Total Shareholders' Equity [Member] | Non-controlling Interests [Member]Class A Common Stock [Member] | Non-controlling Interests [Member]Class B Common Stock [Member] | Non-controlling Interests [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Total |
Beginning balance at Dec. 31, 2018 | $ 162,429 | $ 385,789 | $ 1,215 | $ 549,620 | $ 87,988 | $ 157 | $ 30 | $ 637,608 | |||||||||||||||
Beginning balance, shares at Dec. 31, 2018 | 15,676,000 | 2,968,000 | |||||||||||||||||||||
Net (loss) income | 23,514 | ||||||||||||||||||||||
Net income (loss) excluding of loss attributable to redeemable noncontrolling interest | 12,239 | 12,239 | 11,433 | 23,672 | |||||||||||||||||||
Repurchase and retirement of common stock, value | (8,894) | (8,898) | $ (4) | (8,898) | |||||||||||||||||||
Repurchase and retirement of common stock, shares | (360,000) | ||||||||||||||||||||||
Other comprehensive income (loss) | 205 | 205 | 205 | ||||||||||||||||||||
Distributions to noncontrolling interests | (3,664) | (3,664) | |||||||||||||||||||||
Common stock cash dividends declared | $ (2,933) | $ (726) | $ (2,933) | $ (726) | $ (2,933) | $ (726) | |||||||||||||||||
Share-based compensation | 9,379 | 9,379 | 9,379 | ||||||||||||||||||||
Ending balance (Accounting Standards Update 2016-02 [Member]) at Sep. 30, 2019 | $ (2,202) | $ (2,202) | $ (2,202) | ||||||||||||||||||||
Ending balance at Sep. 30, 2019 | $ 153 | $ 30 | 162,914 | 392,167 | 1,420 | 556,684 | 95,757 | $ 153 | $ 30 | 652,441 | |||||||||||||
Ending balance, shares at Sep. 30, 2019 | 15,316,000 | 2,968,000 | 15,316,000 | 2,968,000 | |||||||||||||||||||
Beginning balance at Jun. 30, 2019 | $ 156 | $ 30 | 166,757 | 370,983 | 1,479 | 539,405 | 92,948 | 632,353 | |||||||||||||||
Beginning balance, shares at Jun. 30, 2019 | 15,596,000 | 2,968,000 | |||||||||||||||||||||
Net (loss) income | 26,500 | ||||||||||||||||||||||
Repurchase and retirement of common stock, value | $ (3) | (7,012) | (7,015) | (7,015) | |||||||||||||||||||
Repurchase and retirement of common stock, shares | (280,000) | ||||||||||||||||||||||
Other comprehensive income (loss) | (59) | (59) | (59) | ||||||||||||||||||||
Distributions to noncontrolling interests | (1,221) | (1,221) | |||||||||||||||||||||
Common stock cash dividends declared | $ (962) | $ (242) | $ (962) | $ (242) | $ (962) | $ (242) | |||||||||||||||||
Share-based compensation | 3,169 | 3,169 | 3,169 | ||||||||||||||||||||
Ending balance (Accounting Standards Update 2016-02 [Member]) at Sep. 30, 2019 | $ (2,202) | $ (2,202) | $ (2,202) | ||||||||||||||||||||
Ending balance at Sep. 30, 2019 | $ 153 | $ 30 | 162,914 | 392,167 | 1,420 | 556,684 | 95,757 | $ 153 | $ 30 | 652,441 | |||||||||||||
Ending balance, shares at Sep. 30, 2019 | 15,316,000 | 2,968,000 | 15,316,000 | 2,968,000 | |||||||||||||||||||
Beginning balance at Dec. 31, 2019 | 153,507 | 394,551 | 1,554 | 549,795 | 90,275 | $ 151 | $ 32 | 640,070 | |||||||||||||||
Beginning balance, shares at Dec. 31, 2019 | 15,106,000 | 3,192,000 | |||||||||||||||||||||
Net (loss) income | (89,940) | ||||||||||||||||||||||
Net income (loss) excluding of loss attributable to redeemable noncontrolling interest | (89,432) | (89,432) | 3,565 | (85,867) | |||||||||||||||||||
Other comprehensive income (loss) | (179) | (179) | (179) | ||||||||||||||||||||
Distributions to noncontrolling interests | (7,194) | (7,194) | |||||||||||||||||||||
Bluegreen purchase and retirement of its common stock | (1,167) | (1,167) | (10,574) | $ (11,741) | |||||||||||||||||||
Bluegreen purchase and retirement of its common stock, shares | 1,878,400 | ||||||||||||||||||||||
Accretion of redeemable noncontrolling interest | (1,247) | (1,247) | $ (1,247) | ||||||||||||||||||||
Reversal of accretion of redeemable noncontrolling interest | 3,150 | 3,150 | 3,150 | ||||||||||||||||||||
Conversion of Common Stock from Class B to Class A, shares | 27,000 | (27,000) | |||||||||||||||||||||
Spin-off of BBX Capital, Inc. | (643) | (307,022) | (1,375) | (309,040) | (197) | (309,237) | |||||||||||||||||
Accelerated vesting of restricted stock awards | 18,740 | 18,750 | $ 5 | $ 5 | 18,750 | ||||||||||||||||||
Accelerated vesting of restricted stock awards, shares | 491,000 | 529,000 | |||||||||||||||||||||
Share-based compensation | 6,667 | 6,667 | 6,667 | ||||||||||||||||||||
Ending balance at Sep. 30, 2020 | $ 156 | $ 37 | 177,104 | 177,297 | 75,875 | $ 156 | $ 37 | 253,172 | |||||||||||||||
Ending balance, shares at Sep. 30, 2020 | 15,624,000 | 3,694,000 | 15,624,000 | 3,694,000 | |||||||||||||||||||
Beginning balance at Jun. 30, 2020 | $ 151 | $ 32 | 158,015 | 329,194 | 1,203 | 488,595 | 79,011 | 567,606 | |||||||||||||||
Beginning balance, shares at Jun. 30, 2020 | 15,133,000 | 3,165,000 | |||||||||||||||||||||
Net (loss) income | (22,474) | ||||||||||||||||||||||
Other comprehensive income (loss) | 172 | 172 | 172 | ||||||||||||||||||||
Distributions to noncontrolling interests | (6,271) | (6,271) | |||||||||||||||||||||
Reversal of accretion of redeemable noncontrolling interest | 3,150 | 3,150 | 3,150 | ||||||||||||||||||||
Spin-off of BBX Capital, Inc. | (643) | (307,022) | (1,375) | (309,040) | (197) | (309,237) | |||||||||||||||||
Accelerated vesting of restricted stock awards | $ 5 | $ 5 | 18,740 | 18,750 | 18,750 | ||||||||||||||||||
Accelerated vesting of restricted stock awards, shares | 491,000 | 529,000 | |||||||||||||||||||||
Share-based compensation | 992 | 992 | 992 | ||||||||||||||||||||
Ending balance at Sep. 30, 2020 | $ 156 | $ 37 | $ 177,104 | $ 177,297 | $ 75,875 | $ 156 | $ 37 | $ 253,172 | |||||||||||||||
Ending balance, shares at Sep. 30, 2020 | 15,624,000 | 3,694,000 | 15,624,000 | 3,694,000 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement Of Changes In Equity (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Condensed Consolidated Statement Of Changes In Equity [Abstract] | ||
(Loss) earnings attributable to redeemable noncontrolling interest | $ 4,073 | $ 158 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating activities: | ||
Net (loss) income | $ (89,940) | $ 23,514 |
Adjustment to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Recoveries from loan losses, net | (5,844) | (4,206) |
Provision for notes receivable allowances | 44,083 | 39,462 |
Depreciation, amortization and accretion, net | 19,829 | 21,150 |
Share-based compensation expense | 25,417 | 9,379 |
Net losses (gains) on sales of real estate and property and equipment | 507 | (11,395) |
Equity earnings of unconsolidated real estate joint ventures | (49) | (37,276) |
Return on investment in unconsolidated real estate joint ventures | 3,933 | 38,020 |
Loss on the deconsolidation of IT'SUGAR, LLC | 3,326 | |
(Decrease) increase in deferred income tax | (12,016) | 5,210 |
Impairment losses | 31,588 | 6,786 |
Interest accretion on redeemable 5% cumulative preferred stock | 633 | |
Increase in notes receivable | (5,628) | (46,001) |
Increase in VOI inventory | (3,408) | (12,672) |
Decrease (increase) in trade inventory | 279 | (5,016) |
Increase in real estate inventory | 925 | (2,865) |
Net change in operating lease asset and operating lease liability | (914) | 1,134 |
Decrease (increase) in other assets | 7,111 | (3,852) |
Decrease (increase) in other liabilities | (16,038) | 38,389 |
Net cash (used in) provided by operating activities | 3,161 | 60,394 |
Investing activities: | ||
Return of investment in unconsolidated real estate joint ventures | 4,631 | 30,331 |
Investments in unconsolidated real estate joint ventures | (14,009) | (20,076) |
Proceeds from repayment of loans receivable | 6,127 | 4,766 |
Proceeds from sales of real estate | 2,151 | 20,374 |
Proceeds from the sale of property and equipment | 167 | 15,011 |
Additions to real estate | (70) | (438) |
Purchases of property and equipment | (9,970) | (26,286) |
Decrease in cash from other investing activities | (1,210) | (73) |
Net cash (used in) provided by investing activities | (12,183) | 23,609 |
Financing activities: | ||
Repayments of notes payable and other borrowings | (177,710) | (171,061) |
Proceeds from notes payable and other borrowings | 144,699 | 99,921 |
Payments for debt issuance costs | (1,134) | (351) |
Payments of interest of redeemable 5% cumulative preferred stock | (375) | |
Purchase and retirement of Class A common stock | (8,898) | |
Cash transferred in spin-off of BBX Capital, Inc. | (96,842) | |
Purchase and retirement of subsidiary common stock | (11,741) | |
Dividends paid on common stock | (1,144) | (3,257) |
Distributions to noncontrolling interests | (7,194) | (3,664) |
Net cash used in financing activities | (151,066) | (87,685) |
Decrease in cash, cash equivalents and restricted cash | (160,088) | (3,682) |
Cash, cash equivalents and restricted cash at beginning of period | 406,870 | 421,097 |
Cash, cash equivalents and restricted cash at end of period | 246,782 | 417,415 |
Supplemental cash flow information: | ||
Interest paid on borrowings, net of amounts capitalized | 22,912 | 30,252 |
Income taxes paid | 778 | 10,873 |
Supplementary disclosure of non-cash investing and financing activities: | ||
Construction funds receivable transferred to real estate | 15,890 | |
Operating lease assets recognized upon adoption of ASC 842 | 113,183 | |
Operating lease liabilities recognized upon adoption of ASC 842 | 123,240 | |
Operating lease assets obtained in exchange for new operating lease liabilities | 7,882 | 27,715 |
Increase in other assets upon issuance of Community Development District Bonds | 827 | 8,110 |
Assumption of Community Development District Bonds by builders | 3,837 | 1,035 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Total cash, cash equivalents, and restricted cash | $ 246,782 | $ 417,415 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements Of Cash Flows (Parenthetical) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Condensed Consolidated Statements Of Cash Flows [Abstract] | ||
Redeemable Cumulative Preferred Stock, dividend rate | 5.00% | 5.00% |
Organization And Basis Of Finan
Organization And Basis Of Financial Statement Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Organization And Basis Of Financial Statement Presentation [Abstract] | |
Organization And Basis Of Financial Statement Presentation | 1. Organization and Basis of Financial Statement Presentation Organization Bluegreen Vacations Holding Corporation (formerly 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 holding company. Bluegreen Vacations Holding Corporation as a standalone entity without its subsidiaries is referred to as “BVH.” Spin-Off On September 30, 2020, BVH completed the spin-off of its wholly-owned subsidiary, BBX Capital, Inc. (“BBX Capital”). The spinoff separated BVH’s businesses, activities, and investments into two separate, publicly-traded companies: (i) the Company, which will continue to hold its investment in Bluegreen Vacations Corporation (“Bluegreen”), and (ii) BBX Capital, which will hold all of the Company’s other previous businesses and investments, including BBX Capital Real Estate LLC (“BBX Capital Real Estate” or “BBXRE”), BBX Sweet Holdings, LLC (“BBX Sweet Holdings”), and Renin Holdings, LLC (“Renin”). BBX Capital and its subsidiaries are presented as discontinued operations in the Company’s financial statements. The spin-off was effected through a distribution of shares of BBX Capital’s common stock to BVH’s shareholders on September 30, 2020. The BVH shareholders received one share of BBX Capital’s Class A Common Stock for each share of BVH’s Class A Common Stock and one share of BBX Capital’s Class B Common Stock for each share of BVH’s Class B Common Stock held on September 22, 2020, the record date. As a result, BVH ceased to have any ownership interest in BBX Capital following the Spin-Off. In connection with the spin-off, BVH changed its name from BBX Capital Corporation to Bluegreen Vacations Holding Corporation, and BBX Capital was converted to a Florida corporation and changed its name from BBX Capital Florida LLC to BBX Capital, Inc. In addition, in connection with the spin-off BVH issued a $ 75.0 million note payable to BBX Capital that accrues interest at a rate of 6 % per annum and requires payments of interest on a quarterly basis. Under the terms of the note, BVH has the option in its discretion to defer interest payments under the note, with interest on the entire outstanding balance thereafter to accrue at a cumulative, compounded rate of 8 % per annum until such time as BVH is current on all accrued payments under the note, including deferred interest.. All outstanding amounts under the note will become due and payable in five years or earlier upon certain other events. Other Organizational Matters In June 2020, BVH adopted a shareholder rights plan in light of the ongoing novel coronavirus disease (“COVID-19”) pandemic, the significant market volatility and uncertainties associated with the pandemic, and the impact on the Company and the market price of BVH’s Class A Common Stock and Class B Common Stock. The shareholder rights plan is similar to plans recently adopted by other public companies in light of the current environment and generally provides a deterrent to any person or group from acquiring 5 % or more of BVH’s Class A Common Stock, Class B Common Stock or total common stock without the prior approval of BVH’s Board of Directors. In July 2020, BVH effected a one-for- five reverse split of its Class A Common Stock and Class B Common Stock. In connection with the reverse stock split, the number of authorized shares of the BVH’s Class A Common Stock was reduced from 150,000,000 shares to 30,000,000 shares, and the number of authorized shares of BVH’s Class B Common Stock was reduced from 20,000,000 shares to 4,000,000 shares. Further, the shares authorized for issuance under BVH’s Amended and Restated 2014 Incentive Plan, as amended (the “Plan”), and the underlying outstanding restricted stock awards previously granted under the Plan were ratably reduced in connection with the reverse stock split. The share and per share amounts included in this report, including the accompanying unaudited condensed consolidated financial statements, have been retroactively adjusted to reflect the one-for-five reverse stock split as if it had occurred as of the earliest period presented. BVH has two classes of common stock. Holders of the Class A common stock are entitled to one vote per share, which in the aggregate represents 22 % of the combined voting power of the Class A common stock and the Class B common stock. Class B common stock represents the remaining 78 % of the combined vote. The percentage of total common equity represented by Class A and Class B common stock was 81 % and 19 %, respectively, at September 30, 2020. Class B common stock is convertible into Class A common stock on a share for share basis at any time at the option of the holder. Basis of Financial Statement Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these financial statements do not include all of the information and disclosures required by GAAP for complete financial statements. Financial statements prepared in conformity with GAAP require the Company to make estimates based on assumptions about current and, for some estimates, future economic and market conditions which affect reported amounts and related disclosures in the Company’s financial statements. Due to the unprecedented impact and current and potential future impact of the ongoing COVID-19 pandemic, which is discussed in more detail throughout this report, actual conditions could differ from the Company’s expectations and estimates, which could materially affect the Company’s results of operations and financial condition. The severity, magnitude, and duration, as well as the economic consequences, of the COVID-19 pandemic, are uncertain, rapidly changing, and difficult to predict. As a result, the Company’s accounting estimates and assumptions may change over time in response to COVID-19. Such changes could result in, among other adjustments, future impairments of intangibles, and long-lived assets, inventory reserves, and incremental changes in the Company’s allowance for loan losses. In management’s opinion, the accompanying unaudited condensed consolidated financial statements contain all adjustments, which include normal recurring adjustments, that are necessary for a fair statement of the condensed consolidated financial condition of the Company at September 30, 2020; the condensed consolidated results of operations and comprehensive income of the Company for the three and nine months ended September 30, 2020 and 2019; the condensed consolidated changes in equity of the Company for the three and nine months ended September 30, 2020 and 2019; and the condensed consolidated cash flows of the Company for the nine months ended September 30, 2020 and 2019. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 or any other future period. These unaudited condensed consolidated financial statements and related notes are presented as permitted by Form 10-Q and should be read in conjunction with the Company’s audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Annual Report”) filed with the SEC on March 13, 2020. The condensed consolidated financial statements include the accounts of BVH’s wholly-owned subsidiaries, other entities in which BVH or its wholly-owned subsidiaries hold controlling financial interests, and any VIEs in which BVH 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. Certain amounts for prior periods have been reclassified to conform to the presentation for the current period. The reclassifications did not have a material impact on the Company’s condensed consolidated statements of operations and comprehensive income or condensed consolidated statements of cash flows. Business The Company is a Florida-based holding company whose principle asset is its 93 % ownership interest in Bluegreen. Bluegreen is a leading vacation ownership company that markets and sells vacation ownership interests (“VOIs”) and manages resorts in popular leisure and urban destinations. Bluegreen’s resorts are primarily located in high-volume, “drive-to” vacation locations, including Orlando, Las Vegas, Myrtle Beach, Charleston and New Orleans, among others. The resorts in which Bluegreen markets, sells, and 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 for 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 qualified VOI purchasers, which has historically generated significant interest income. During the nine months ended September 30, 2020, Bluegreen repurchased and retired 1,878,400 shares of its common stock for $ 11.7 million. Impact of the COVID-19 Pandemic The COVID-19 pandemic resulted in, an unprecedented disruption in the U.S. economy and the travel, hospitality and vacation ownership industries due to, among other things, resort closures, travel restrictions and restrictions on business operations, including government guidance and restrictions with respect to travel, public accommodations, social gatherings and related matters. On March 23, 2020, Bluegreen temporarily closed all of its VOI sales centers; its retail marketing operations at Bass Pro Shops and Cabela’s stores and outlet malls; and its Choice Hotels call transfer program. In connection with these actions Bluegreen also canceled existing owner reservations through May 15, 2020 and new prospect guest tours through June 30, 2020. Further, some of Bluegreen’s Club and Club Associate Resorts were closed in accordance with government mandates and advisories. Beginning in mid-May 2020, Bluegreen started the process of recommencing its sales and marketing operations and its closed resorts began to welcome guests as government mandates were lifted. By September 30, 2020, Bluegreen recommenced marketing operations at 87 Bass Pro Shops and Cabela’s stores and commenced marketing operations at 5 new Cabela’s stores, Bluegreen reactivated its Choice Hotels call transfer program, all of its resorts were open, and all but one of its VOI sales centers were open. Resort occupancy for the third quarter of 2020 was approximately 70 %. Additionally, in October 2020, Bluegreen recommenced marketing activities at one additional Bass Bro Shop and commenced marketing operations at 4 new Cabela’s stores for a total of 97 Bass Pro Shops and Cabela’s stores. However, there is no assurance that Bluegreen’s marketing operations at Bass Pro or Cabela’s stores or its VOI sales centers will remain open, including in the event of an increase in COVID-19 cases. As a result of the effect of the pandemic, Bluegreen implemented several cost mitigating activities beginning in March 2020, including reductions in workforce of over 1,600 positions and the placement of another approximate 3,200 of it associates on temporary furlough or reduced work hours. As of September 30, 2020, approximately 3,200 associates had returned to work on a full-time basis for a total of approximately 4,400 full-time associates compared to approximately 6,060 full-time associates as of September 30, 2019. As a result of the effect of the COVID-19 pandemic, during the three and nine months ended September 30, 2020, Bluegreen incurred $ 0.4 million and $ 5.1 million in severance, respectively, and $ 1.5 million and $ 13.1 million, respectively, of payroll and payroll benefit expense relating to employees on temporary furlough or reduced work hours. These payments and expenses are included in selling, general and administrative expenses in the Company’s condensed consolidated statement of operations comprehensive income for the three and nine months ended September 30, 2020. The Coronavirus Aid, Relief, and Economic Securities Act (“CARES Act”) was signed into law on March 27, 2020 in response to the COVID-19 pandemic. As of September 30, 2020, we evaluated the income tax provisions of the CARES Act and determined they would have no significant effect on either our September 30, 2020 income tax rate or the computation of our estimated effective tax rate for the year ended December 31, 2020. However, we have taken advantage of the deferral of the employer portion of the tax withholding amounts and the employee retention tax credits provided for in the CARES Act. During the nine months ended September 30, 2020, we recorded a tax withholding deferral of $ 5.1 million, which is included in other liabilities in our unaudited condensed consolidated statement of financial condition as of September 30, 2020, and employee retention tax credits of $ 6.9 million, which are included in selling, general and administrative expenses in our unaudited condensed consolidated statements of operations and comprehensive income for the nine months ended September 30, 2020. As a precautionary measure to provide additional liquidity if needed, in March 2020, Bluegreen drew down $ 60 million under its lines-of-credit and pledged or sold receivables under certain of its receivable backed facilities to increase its cash position. As of September 30, 2020, Bluegreen repaid the $ 60.0 million borrowed under its lines-of-credit. While Bluegreen paid a special cash dividend or $ 1.19 per share during August 2020, there is no assurance that Bluegreen will recommence paying regular dividends or pay any other special dividends in the future. During the second quarter of 2020, Bluegreen suspended its regular quarterly cash dividends on its common stock. Bluegreen has historically financed a majority of its sales of VOIs, and accordingly, is subject to the risk of defaults by its customers. GAAP requires Bluegreen to reduce its sales of VOIs by its estimate of uncollectible VOI notes receivable. The COVID-19 pandemic has had a material adverse impact on unemployment in the United States and economic conditions in general and the impact may continue for some time. While Bluegreen believes that it is still too early to know the full impact of COVID- 19 on its default or delinquency rates, Bluegreen believes that the COVID-19 pandemic will have a significant impact on its VOI notes receivable. Accordingly, during March 2020, Bluegreen recorded an allowance for loan losses of $ 12.0 million, which includes its estimate of customer defaults as a result of the COVID–19 pandemic, based on Bluegreen’s historical experience, forbearance requests received from their customers, and other factors, including but not limited to, the seasoning of the notes receivable and FICO scores of the customers. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326)” (“ASU 2016-13”), which introduces an approach of estimating credit losses on certain types of financial instruments based on expected losses. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan losses. Further, the standard requires that public entities 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 became effective for us on January 1, 2020. We adopted this standard on January 1, 2020 using a modified retrospective method. The adoption did not have a material impact on our consolidated financial statem ents or related disclosures and no cumulative adjustment was recorded primarily due to the fact our VOI notes receivable are recorded net of an allowance that is calculated in accordance with ASC 606, Revenue from Contracts with Customers . We also elected the practical expedient to not measure an allowance for credit losses for accrued interest receivables, as our 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 not resumed until such loans are less than 90 days past due. In August 2018, the FASB issued ASU 2018-15, “Intangibles – Goodwill and Other – Internal–Use Software (Subtopic 350-40)” (“ASU 2018-15”), which requires a customer in a cloud computing arrangement that is a service contract (“CCA”) to follow internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. ASU 2018-15 also requires companies to present implementation costs related to a CCA in the same financial statement line items as the CCA service fees. We adopted this standard on January 1, 2020 and are applying the transition guidance as of the date of adoption prospectively, under the current period adjustment method. Upon adoption of the standard, we reclassified $ 1.9 million of capitalized implementation costs related to a CCA that was in the implementation phase as of January 1, 2020 from property and equipment to prepaid expenses. Future Adoption of Recently Issued Accounting Pronouncements The FASB has issued the following accounting pronouncement and guidance relevant to our operations which had not yet been adopted as of September 30, 2020: In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effect of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides relief for companies preparing for discontinuation of LIBOR in response to the Financial Conduct Authority (the regulatory authority over LIBOR) plan for a phase out of regulatory oversight of LIBOR interest rate indices after 2021 to allow for an orderly transition to an alternate reference rate. The Alternative Reference Rates Committee (“ARRC”) has proposed that the Secured Overnight Financing Rate (“SOFR”) is the rate that represents best practice as the alternative to LIBOR for promissory notes or other contracts that are currently indexed to LIBOR. The ARRC has proposed a market transition plan to SOFR from LIBOR and organizations are currently working on transition plans as it relates to derivatives and cash markets indexed to LIBOR. Although our VOIs notes receivable from our borrowers are not indexed to LIBOR, we currently have $ 177.1 million of LIBOR indexed junior subordinated debentures, $ 88.2 million of LIBOR indexed receivable-backed notes payable and lines of credit and $ 162.0 million of LIBOR indexed lines of credit and notes payable (which are not receivable-backed) that mature after 2021. Companies can apply ASU 2020-04 immediately. However, the guidance will only be available for a limited time, generally through December 31, 2022. We are evaluating the potential impact that the eventual replacement of the LIBOR benchmark interest rate could have on our results of operations, liquidity and consolidated financial statements. |
Consolidated Variable Interest
Consolidated Variable Interest Entities | 9 Months Ended |
Sep. 30, 2020 | |
Consolidated Variable Interest Entities [Abstract] | |
Consolidated Variable Interest Entities | 2 . 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 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. While there is no assurance that compliance will be maintained in the future, as of September 30, 2020, Bluegreen was in compliance with all material terms under its securitization transactions, and no trigger events had occurred. In accordance with applicable accounting guidance for the consolidation of VIEs, Bluegreen analyzes its variable interests, which may consist of loans, servicing rights, guarantees, and equity investments, to determine if an entity in which Bluegreen has a variable interest is a VIE. The analysis includes a review of both quantitative and qualitative factors. Bluegreen bases its quantitative analysis on the forecasted cash flows of the entity and 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 qualitative analysis to determine if Bluegreen must consolidate a VIE as the primary beneficiary. In accordance with applicable accounting guidance, Bluegreen has determined these securitization entities to be VIEs of which Bluegreen is the 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 for the nine months ended September 30, 2020 and 2019 were $ 11.1 million and $ 8.4 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 regarding the assets and liabilities of Bluegreen’s consolidated VIEs included in the Company’s condensed consolidated statements of financial condition (in thousands): September 30, December 31, 2020 2019 Restricted cash $ 15,135 22,534 Securitized notes receivable, net 271,539 292,590 Receivable backed notes payable - non-recourse 303,301 334,246 The restricted cash and the securitized notes receivable balances set forth in the table above are restricted to satisfy obligations of the VIEs. |
Notes Receivable
Notes Receivable | 9 Months Ended |
Sep. 30, 2020 | |
Notes Receivable [Abstract] | |
Notes Receivable | 3 . Notes Receivable The table below sets forth information relating to Bluegreen’s notes receivable and related allowance for loan losses (dollars in thousands): September 30, December 31, 2020 2019 Notes receivable secured by VOIs: VOI notes receivable - non-securitized $ 197,845 203,872 VOI notes receivable - securitized 362,073 385,326 Gross VOI notes receivable 559,918 589,198 Allowance for loan losses - non-securitized ( 59,271 ) ( 47,894 ) Allowance for loan losses - securitized ( 90,534 ) ( 92,736 ) Allowance for loan losses ( 149,805 ) ( 140,630 ) VOI notes receivable, net $ 410,113 448,568 Allowance as a % of gross VOI notes receivable 27 % 24 % The weighted-average interest rate charged on Bluegreen’s notes receivable secured by VOIs was 14.9 % as of September 30, 2020 and December 31, 2019. 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. Credit Quality of Notes Receivable and the Allowance for Loan 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 loan 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. While Bluegreen does not believe the full impact of COVID-19 is reflected in its default or delinquency rates, Bluegreen believes that COVID-19 pandemic has had and is expected to continue to have a significant impact on its VOI notes receivable. Accordingly, in March 2020, Bluegreen recorded an additional allowance for loan losses of $ 12.0 million, which includes its estimate of customer defaults as a result of the COVID-19 pandemic based on Bluegreen’s historical experience, forbearance requests received from its customers, and other factors, including, but not limited to, the seasoning of the notes receivable and FICO scores of the customers. The activity in Bluegreen’s allowance for loan losses on VOI notes receivable was as follows (in thousands): For the Nine Months Ended September 30, 2020 2019 Balance, beginning of period $ 140,630 134,133 Provision for loan losses 44,083 39,483 Write-offs of uncollectible receivables ( 34,908 ) ( 38,340 ) Balance, end of period $ 149,805 135,276 The table below sets forth information relating to Bluegreen’s VOI notes receivable by year of origination, including the FICO score of the borrower at the time of origination and delinquency status, as of September 30, 2020 (in thousands): Year of Origination 2020 (3) 2019 2018 2017 2016 2015 and Prior Total By FICO score: 701+ $ 49,843 $ 92,561 $ 61,442 $ 39,863 $ 29,802 $ 39,607 $ 313,118 601-700 30,057 47,499 36,549 26,616 24,508 38,616 203,845 <601 (1) 2,492 4,815 3,266 2,239 2,429 4,445 19,686 Other (2) 225 3,009 4,848 4,484 3,551 7,152 23,269 Total $ 82,617 $ 147,884 $ 106,105 $ 73,202 $ 60,290 $ 89,820 $ 559,918 Defaults $ 610 $ 8,251 $ 9,484 $ 6,559 $ 4,901 $ 5,103 $ 34,908 Allowance for loan loss $ 22,945 $ 43,188 $ 29,545 $ 18,070 $ 17,126 $ 18,931 $ 149,805 Delinquency status: Current $ 81,169 $ 141,008 $ 99,478 $ 68,010 $ 56,417 $ 81,387 $ 527,469 31-60 days 612 1,521 1,243 736 558 936 5,606 61-90 days 315 1,510 764 946 408 568 4,511 Over 91 days (2) 521 3,845 4,620 3,510 2,907 6,929 22,332 Total $ 82,617 $ 147,884 $ 106,105 $ 73,202 $ 60,290 $ 89,820 $ 559,918 (1) Includes VOI notes receivable attributable to borrowers without a FICO score (primarily foreign borrowers). (2) Includes $ 15.2 million related to VOI notes receivable that, as of September 30, 2020, 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 loan losses. (3) VOI originations for the nine months ended September 30, 2020. The table below sets forth information regarding the percentage of gross notes receivable outstanding by FICO score of the borrower at the time of origination: September 30, December 31, FICO Score 2020 2019 700+ 59.00 % 59.00 % 600-699 37.00 37.00 <601 (1) 4.00 4.00 Total 100.00 % 100.00 % (1) Includes VOI notes receivable attributable to borrowers without a FICO score (primarily foreign borrowers). Bluegreen’s notes receivable are carried at amortized cost less an allowance for loan losses. Generally, interest income is suspended, and previously accrued but unpaid interest income is reversed on delinquent notes receivable when principal or interest payments are more than 90 days contractually past due and not resumed until such loans are less than 90 days past due. As of September 30, 2020 and December 31, 2019, $ 22.3 million and $ 19.3 million, respectively, of Bluegreen’s VOI notes receivable were more than 90 days past due, and accordingly, consistent with Bluegreen’s policy, were not accruing interest income. After approximately 127 days, Bluegreen’s VOI notes receivable are generally written off against the allowance for loan loss. Accrued interest was $ 3.8 million and $ 5.3 million as of September 30, 2020 and December 31, 2019, respectively, and is included within other assets in the Company’s condensed consolidated statements of financial condition herein. The table below sets forth information regarding the delinquency status of Bluegreen’s VOI notes receivable (in thousands): September 30, December 31, 2020 2019 Current $ 527,469 557,849 31-60 days 5,606 6,794 61-90 days 4,511 5,288 > 91 days (1) 22,332 19,267 Total $ 559,918 589,198 (1) Includes $ 15.2 million and $ 10.6 million of VOI notes receivable as of September 30, 2020 and December 31, 2019, respectively, that, as of such dates, 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 included in the allowance for loan losses. |
VOI Inventory
VOI Inventory | 9 Months Ended |
Sep. 30, 2020 | |
VOI Inventory [Abstract] | |
VOI Inventory | 4. VOI Inventory Bluegreen’s VOI inventory consisted of the following (in thousands): September 30, December 31, 2020 2019 Completed VOI units $ 271,985 269,847 Construction-in-progress — 3,946 Real estate held for future VOI development 78,360 73,144 Total VOI inventory $ 350,345 346,937 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt [Abstract] | |
Debt | 5. Debt Notes Payable and Other Borrowings Bluegreen has outstanding borrowings with various financial institutions and other lenders. Financial data related to Bluegreen’s lines of credit and notes payable (other than receivable-backed notes payable, which are discussed below) as of September 30, 2020 and December 31, 2019, was as follows (dollars in thousands): September 30, 2020 December 31, 2019 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Bluegreen: NBA Éilan Loan $ 16,973 3.50 % $ 28,235 $ 18,820 4.95 % $ 31,259 Fifth Third Syndicated Line of Credit 50,000 2.39 % 74,028 30,000 3.85 % 49,062 Fifth Third Syndicated Term Loan 95,000 2.56 % 140,654 98,750 3.71 % 161,497 Unamortized debt issuance costs ( 1,302 ) ( 1,410 ) Total notes payable and other borrowings $ 160,671 $ 146,160 Except as described below, there were no new debt issuances or significant changes related to the above listed notes payable and other borrowings during the nine months ended September 30, 2020. Fifth Third Syndicated Line of Credit and Fifth Third Syndicated Term Loan. During March 2020, in an effort to assure adequate liquidity for a sustained period given the effect and uncertainties associated with of the COVID-19 pandemic, Bluegreen drew down $ 60.0 million under its line of credit. Bluegreen repaid the $ 60 million borrowed as of September 30, 2020. Further, in October 2020, Bluegreen repaid an additional $ 20.0 million on its line-of-credit. to modify the definition of certain customary covenants. As of September 30, 2020, outstanding borrowings under the facility totaled $ 145.0 million, including $ 95.0 million under the Fifth Third Syndicated Term Loan with an interest rate of 2.56 %, and $ 50.0 million under the Fifth Third Syndicated Line of Credit with an interest rate of 2.39 %. Iberia Revolving Line of Credit. BVH previously had a $ 50.0 million revolving line of credit with IberiaBank. Effective September 30, 2020, the loan agreement was terminated at the request of BVH in connection with the completion of the spin-off of BBX Capital. In connection with termination, IberiaBank released the security interest over all collateral granted to the lenders under the facility. No amounts were outstanding under the loan agreement at September 30, 2020. Receivable-Backed Notes Payable The table below sets forth information regarding Bluegreen’s receivable-backed notes payable facilities (dollars in thousands): September 30, 2020 December 31, 2019 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 (1) $ 19,715 3.40 % $ 26,263 $ 25,860 4.75 % $ 31,681 NBA Receivables Facility (2) 33,389 3.35 % 42,792 32,405 4.55 % 39,787 Pacific Western Facility (1) 24,313 3.03 % 31,241 30,304 4.68 % 37,809 Total $ 77,417 $ 100,296 $ 88,569 $ 109,277 Receivable-backed notes payable - non-recourse: KeyBank/DZ Purchase Facility 60,981 2.50 % 77,140 31,708 3.99 % 39,448 Quorum Purchase Facility 34,240 4.75 - 5.50 % 39,876 44,525 4.75 - 5.50 % 49,981 2012 Term Securitization 5,025 2.94 % 6,162 8,638 2.94 % 9,878 2013 Term Securitization 13,286 3.20 % 15,139 18,219 3.20 % 19,995 2015 Term Securitization 24,302 3.02 % 26,998 31,188 3.02 % 33,765 2016 Term Securitization 37,952 3.35 % 43,794 48,529 3.35 % 54,067 2017 Term Securitization 54,507 3.12 % 62,877 65,333 3.12 % 74,219 2018 Term Securitization 77,148 4.02 % 90,088 91,231 4.02 % 103,974 Unamortized debt issuance costs ( 4,140 ) — — ( 5,125 ) — — Total $ 303,301 $ 362,074 $ 334,246 $ 385,327 Total receivable-backed debt $ 380,718 $ 462,370 $ 422,815 $ 494,604 (1) Recourse on these facilities is in each case limited to $ 10 million, subject to certain exceptions. (2) Pursuant to the September 25, 2020 amendment described below, recourse to Bluegreen/Big Cedar Vacations under this amended facility was reduced to $ 23.8 million and will be reduced by $ 1.3 million per month starting October 31, 2020 until it reaches a floor of $ 10.0 million. 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 the revolving credit period. On June 25, 2020, Bluegreen amended the Liberty Bank Facility to extend the revolving credit period from June 2020 to June 2021, and the maturity from March 2023 to June 2024. In addition, the amendment decreased the advance rate with respect to Qualified Timeshare Loans from 85 % to 80 % of the unpaid principal balance of the Qualified Timeshare Loans. The advance rate with respect to Nonconforming Qualified Timeshare Loans remained 60 % of the unpaid principal balance of Non-Conforming Qualified Timeshare Loans. The amendment also reduced the maximum permitted outstanding borrowings from $ 50.0 million to $ 40.0 million, subject to the terms of the facility, and commencing on July 1, 2020, decreased the interest rate to the Wall Street Journal (“WSJ”) Prime Rate minus 0.10 % with a floor of 3.40 % from the Prime Rate with a floor of 4.00 %. In addition, recourse to Bluegreen under the amended facility was reduced to $ 10.0 million, with certain exceptions set forth in the facility. Subject to the terms of the facility, principal and interest due under the Liberty Bank Facility are paid as cash is collected on the pledged receivables, with the remaining balance being due at maturity. See “2020 Term Securitization” below for information regarding repayments under this facility during October 2020. NBA Receivables Facility. Bluegreen/Big Cedar Vacations has a revolving VOI hypothecation facility (the “NBA Receivables Facility”) with National Bank of Arizona (“NBA”) which was amended and restated on September 25, 2020. The Amended and Restated NBA Receivables Facility extended the revolving advance period from September 2020 to September 2023 and the maturity date from March 2025 to March 2028. In addition, the interest rate on all new advances made under the facility will be one month LIBOR plus 2.25 % (with an interest rate floor of 3.00 %). Further, if new advances of at least $ 25.0 million are made by June 30, 2021, the interest rate on borrowings under the facility at September 25, 2020, to the extent then remaining outstanding, will be reduced from the current rate of one month LIBOR plus 2.75 % (with an interest rate floor of 3.50 %) to one month LIBOR plus 2.25 % (with an interest rate floor of 3.00 %). The Amended and Restated NBA Receivables Facility provides for advances at a rate of 80 % on eligible receivables pledged under the facility (decreased from the prior rate of 85 %), subject to eligible collateral and specified terms and conditions, during the revolving credit period. The maximum borrowings allowed under the facility remains at $ 70.0 million. In addition, recourse to Bluegreen/Big Cedar under the amended facility was reduced to $ 23.8 million as of September 25, 2020 and will be reduced by $ 1.3 million per month starting October 31, 2020 until it reaches a floor of $ 10 million. 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. Quorum Purchase Facility. Bluegreen/Big Cedar Vacations has a VOI notes receivable purchase facility (the “Quorum Purchase Facility”) with Quorum Federal Credit Union (“Quorum”), pursuant to which Quorum has 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 March 17, 2020, the Quorum Purchase Facility was amended to extend the advance period to December 2020 from June 2020. The interest rate on each advance is set at the time of funding based on rates mutually agreed upon by the parties. The maturity of the Quorum Purchase Facility is December 2032. 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. 2012 Term Securitization. In October 2020, Bluegreen repaid in full the notes payable issued in connection with the 2012 Term Securitization. Accordingly, the related unamortized debt issuance costs of $ 0.1 million were written off during the fourth quarter of 2020. Except as described above, there were no new debt issuances or significant changes related to the above listed facilities during the nine months ended September 30, 2020. See Note 13 to our Consolidated Financial Statements included in our 2019 Annual Report on Form 10-K for additional information regarding the receivable-backed notes payable facilities. 2020 Term Securitization. In October 2020, Bluegreen completed the 2020-A Term Securitization, a private offering and sale of approximately $ 131.0 million of investment-grade, VOI receivable backed notes (the “Notes”), including approximately $ 48.6 million of Class A Notes, approximately $ 47.9 million of Class B Notes and approximately $ 34.5 million of Class C Notes with interest rates of 1.55 %, 2.49 %, and 4.22 %, respectively, which blends to an overall interest rate of approximately 2.60 %. The gross advance rate for this transaction was 88.0 %. The Notes mature in February 2036. KeyBanc Capital Markets Inc. (“KeyCM”) and Barclays Capital Inc. acted as co-lead managers and were the initial purchasers of the Notes. KeyCM also acted as structuring agent for the transaction. The amount of the VOI receivables sold or to be sold to BXG Receivables Note Trust 2020-A (the “Trust”) in the transaction is approximately $ 148.9 million, approximately $ 138.9 million of which was sold to the Trust at closing and approximately $ 10.0 million of which (the “Prefunded Receivables”) is expected to be sold to the Trust by February 5, 2021. The gross proceeds of such sales to the Trust are anticipated to be approximately $ 131.0 million. A portion of the proceeds received to date were used to: repay KeyBank National Association (“KeyBank”) and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main (“DZ Bank”) approximately $ 61.1 million, representing all amounts outstanding (including accrued interest) under Bluegreen’s existing purchase facility with KeyBank and DZ Bank (the "KeyBank/DZ Purchase Facility"); repay Liberty Bank approximately $ 6.4 million the Liberty Bank Facility; repay Pacific Western Bank approximately $ 14.6 million under Bluegreen’s existing facility with Pacific Western Bank (the “Pacific Western Bank Facility”); capitalize a reserve fund; and pay fees and expenses associated with the transaction. Prior to the closing of the 2020-A Term Securitization, Bluegreen, as servicer, funded approximately $ 5.0 million in connection with the servicer redemption of the notes related to the BXG Receivables Note Trust 2012-A, and certain of the VOI notes in such trust were sold to the Trust in connection with the 2020-A Term Securitization. The remainder of the gross proceeds from the 2020-A Term Securitization are expected to be used by Bluegreen for general corporate purposes. As a result of the facility repayments described above, (i) there currently are no amounts outstanding under the KeyBank/DZ Purchase Facility, which allows for maximum outstanding receivable-backed borrowings of $ 80.0 million on a revolving basis through December 31, 2022, (ii) there is currently approximately $ 13.3 million outstanding under the Liberty Bank Facility, which permits maximum outstanding receivable-backed borrowings of $ 40.0 million on a revolving basis through June 30, 2021, and (iii) there is currently approximately $ 9.7 million outstanding under the Pacific Western Bank Facility, which permits maximum outstanding receivable-backed borrowings of $ 40.0 million on a revolving basis through September 20, 2021. Thus, additional availability of approximately $ 82.1 million in the aggregate was created under the KeyBank/DZ Purchase Facility, Liberty Bank Facility and Pacific Western Facility as a result of the repayments. With respect to each of the KeyBank/DZ Purchase Facility, the Liberty Bank Facility and the Pacific Western Bank Facility, the maximum outstanding receivable-backed borrowings permitted as set forth above is subject to eligible collateral and the other terms and conditions of the facility. Subject to performance of the collateral, we will receive any excess cash flows generated by the receivables transferred under the 2020-A Term Securitization (excess meaning after payments of customary fees, interest, and principal under the 2020-A Term Securitization) on a pro-rata basis as borrowers make payments on their VOI loans. While ownership of the VOI receivables included in the 2020-A Term Securitization is transferred and sold for legal purposes, the transfer of these receivables is accounted for as a secured borrowing for financial accounting purposes. Accordingly, no gain or loss was recognized as a result of this transaction. Junior Subordinated Debentures The table below sets forth information regarding the Company’s junior subordinated debentures (dollars in thousands): September 30, 2020 December 31, 2019 Effective Effective Carrying Interest Carrying Interest Amounts Rates (1) Amounts Rates (1) Woodbridge - Levitt Capital Trusts I - IV $ 66,302 4.11 - 4.16 % $ 66,302 5.74 - 5.95 % Bluegreen Statutory Trusts I - VI 110,827 5.07 - 5.21 % 110,827 6.74 - 6.86 % Unamortized debt issuance costs ( 1,075 ) ( 1,129 ) Unamortized purchase discount ( 38,117 ) ( 38,746 ) Total junior subordinated debentures $ 137,937 $ 137,254 (1) The Company’s junior subordinated debentures bear interest at 3-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 3.80 % to 4.90 %. All of the junior subordinated debentures were eligible for redemption by Woodbridge and Bluegreen, as applicable, as of September 30, 2020 and December 31, 2019. See Note 13 to the Company’s consolidated financial statements included in the 2019 Annual Report for additional information regarding the Company’s junior subordinated debentures. Debt Compliance and Amounts Available under Credit Facilities As of September 30, 2020, BVH and its subsidiaries were in compliance with all material financial covenants under their debt instruments. As of September 30, 2020, Bluegreen had availability of approximately $ 182.4 million under its receivable-backed purchase and credit facilities and corporate credit line, subject to eligible collateral and the terms of the facilities, as applicable. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 6. Revenue Recognition The table below sets forth the Company’s revenue disaggregated by category (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Sales of VOIs $ 59,265 66,318 $ 113,447 186,351 Fee-based sales commissions 22,119 60,478 64,619 161,033 Resort and club management revenue 24,454 27,165 73,707 78,169 Cost reimbursements 15,684 17,883 46,654 48,933 Resort title fees 1,281 4,289 5,353 10,092 Other customer revenue 2,096 2,290 4,498 5,754 Revenue from customers 124,899 178,423 308,278 490,332 Interest income 19,346 21,586 59,963 63,969 Other revenue — 28 — 70 Total revenues $ 144,245 200,037 $ 368,241 554,371 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | 7. Income Taxes BVH and its subsidiaries file a consolidated U.S. federal income tax return and income tax returns in various state and foreign jurisdictions. Effective income tax rates for interim periods are based upon the Company’s current estimated annual rate, which varies based upon the Company’s estimate of taxable earnings or loss and the mix of taxable earnings or loss in the various states in which the Company operates. The Company’s effective tax rate was applied to income or loss before income taxes reduced by net income attributable to noncontrolling interests in joint ventures taxed as partnerships. In addition, the Company recognizes taxes related to unusual or infrequent items or resulting from a change in judgment regarding a position taken in a prior period as discrete items in the interim period in which the event occurs. The Company’s effective income tax rate for the three and nine months ended September 30, 2020 from continuing operations was ( 0.7 )%. The effective income tax rate was different than the expected federal income tax rate of 21 % due to the impact of the Company’s nondeductible executive compensation. In connection with the spin-off of BBX Capital, the Company accelerated the vesting of outstanding restricted stock awards and paid incentive bonuses which amounted to $ 32.6 million of nondeductible compensation. The Company’s effective income tax rate for the three and nine months ended September 30, 2019 from continuing operations was 27 %. The effective tax rate was different than the expected federal income tax rate of 21 % due to the impact of nondeductible executive compensation and state income taxes. The effective tax rate for the three and nine months ended September 30, 2019 excludes the tax benefit associated with the $ 39.1 million Bass Pro litigation settlement, which the Company accounted for as a discrete item at the statutory income tax rate of 26 %. The Company’s effective income tax rate for the three and nine months ended September 30, 2020 from discontinued operations reflects a change in the Company’s forecasted operating results for the annual period, which resulted in the additional tax benefits recognized during the three months ended September 30, 2020. The Company’s effective income tax rate for the three and nine months ended September 30, 2019 from discontinued operations was different than the expected federal income tax rate of 21 % due to the impact of state income taxes. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 8 . Commitments and Contingencies Litigation Matters In the ordinary course of business, BVH 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 other individuals and entities, and we also receive individual consumer complaints as well as complaints received 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. We may also become subject to litigation related to the COVID-19 pandemic, including with respect to any actions we take as a result thereof. 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. 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 range of loss. Frequently in these matters, the claims are broad, and the plaintiffs have not quantified or factually supported their claim. The Coronavirus Aid, Relief, and Economic Securities Act (“CARES Act”) was signed into law on March 27, 2020 in response to the COVID-19 pandemic. As of September 30, 2020, we evaluated the income tax provisions of the CARES Act and determined they would have no significant effect on either our September 30, 2020 income tax rate or the computation of our estimated effective tax rate for the year ended December 31, 2020. However, we have taken advantage of the deferral of the employer portion of the tax withholding amounts and the employee retention tax credits provided for in the CARES Act. During the nine months ended September 30, 2020, we recorded a tax withholding deferral of $ 5.1 million and employee retention tax credits of $ 6.9 million, which is included in selling, general and administrative expenses in our unaudited consolidated statements of operations and comprehensive income for the nine months ended September 30, 2020. The following is a description of certain litigation matters: 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 asserted 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. 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. Subsequently, on October 15, 2019, the Court entered an order granting summary judgment in favor of Bluegreen and dismissed all claims. Bluegreen has moved for reimbursement of its attorneys’ fees. Plaintiffs have appealed the summary judgment order. On February 28, 2018, Oscar Hernandez and Estella Michael filed purported class action litigation in San Bernardino Superior Court against Bluegreen Vacations Unlimited, Inc. (“BVU”). The central claims in the complaint, as amended during June 2018, include alleged failures to pay overtime and wages at termination and to provide meal and rest periods, as well as claims relating to non-compliant wage statements and unreimbursed business expenses; and a claim under the Private Attorney’s General Act. Plaintiffs seek to represent a class of approximately 660 hourly, non-exempt employees who worked in the state of California since March 1, 2014. In April 2019, the parties mediated and agreed to settle the matter for an immaterial amount. The parties have executed the settlement documents. The court issued preliminary approval of the settlement agreement on September 8, 2020. The final approval hearing is set for January 2021. 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 Bluegreen 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 has moved to dismiss the case, and on November 27, 2019, the Court issued a ruling granting the motion in part. Bluegreen has answered the remaining claims. Bluegreen believes the lawsuit is without merit and intends to vigorously defend the action. On January 7, 2019, Shehan Wijesinha filed a purported class action lawsuit alleging violations of the Telephone Consumer Protection Act (the “TCPA”). 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. Plaintiff seeks 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. Plaintiff seeks monetary damages, attorneys’ fees, and injunctive relief. Bluegreen believes the lawsuit is without merit and intends to vigorously defend the action. On July 15, 2019, the court entered an order staying this case pending a ruling from the Federal Communications Commission (“FCC”) clarifying the definition of an automatic telephone dialing system under the TCPA and the decision of the Eleventh Circuit in a separate action brought against a VOI company by a plaintiff alleging violations of the TCPA. On January 7, 2020, the Eleventh Circuit issued a ruling consistent with BVU’s position, and on June 26, 2020, the FCC also issued a favorable ruling. The case currently remains stayed. 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. Bluegreen agreed to indemnify Bass Pro with respect to the claims brought against Bluegreen in this proceeding and filed a motion to dismiss. On April 6, 2020, the court granted Bluegreen’s motion to dismiss, and on April 29, 2020, the court entered final judgment in Bluegreen’s favor. On July 18, 2019, Eddie Boyd, et al. filed an action alleging that BVU and co-defendants violated the Missouri Merchandise Practices Act for allegedly making false statements and misrepresentations with respect to the sale of VOIs. Plaintiffs further have filed a purported class action allegation that BVU’s charging of an administrative processing fee constitutes the unauthorized practice of law and have also asserted that Bluegreen and their outside counsel engaged in abuse of process by filing a lawsuit against plaintiffs’ counsel (The Montgomery Law Firm). Plaintiffs seek monetary damages, attorneys’ fees, and injunctive relief. On August 31, 2020, the Judge certified a class regarding the unauthorized practice of law claim and dismissed the claims regarding abuse of process. Bluegreen believes the lawsuit is without merit. On July 7, 2020, Robert Barban and approximately 172 other plaintiffs filed an action against Bluegreen subsidiaries, Bluegreen Resorts Management, Inc. (“BRM”) and Vacation Trust, Inc. (“VTI”), seeking a financial review. Plaintiffs further allege that the allocation system in place does not allow them to freely and easily use, occupy, and enjoy the accommodations and facilities. Finally, they allege that BRM has unreasonably escalated operating costs and that VTI failed to protect the plaintiffs from these costs. Bluegreen intends to vigorously defend the action and intend to move to dismiss the complaint on a number of grounds including the parties’ agreements to arbitrate these issues. On July 14, 2020, Kenneth Johansen, individually and on behalf of all others similarly situated, filed a purported class action against BVU for alleged violations of the Telephone Consumer Protection Act (“TCPA”). Specifically, the named plaintiff alleges that he received at least nine telemarketing calls from BVU while he was on the National Do Not Call Registry. He seeks to certify a class of similarly situated plaintiffs. Bluegreen intends to vigorously defend the action. Bluegreen filed a motion to dismiss, and plaintiff in response filed an amended complaint on September 18, 2020. Bluegreen filed a motion to dismiss the amended complaint on October 2, 2020, which is fully briefed and pending before the Court. Discovery has begun and is ongoing. On August 30, 2020, over 100 VOI owners at The Manhattan Club (“TMC”) sued BVU and certain unaffiliated entities (the “Non-Bluegreen Defendants”). The complaint includes claims arising out of alleged misrepresentations made during the sale of VOIs at TMC and certain post-sale operational practices, including allegedly charging owners excessive annual maintenance fees and implementing reservation policies that the restrict the ability of VOI owners to use their points to access the resort while allowing the general public to make reservations. The plaintiffs assert in the complaint that Bluegreen acquired operational control of TMC from the Non-Bluegreen Defendants in 2018 and assumed joint liability for any prior wrongdoing by them. Bluegreen believes this assertion to be erroneous and that the claims against BVU are without merit. Commencing in 2015, it came to Bluegreen’s attention that its collection efforts with respect to its VOI notes receivable were being impacted by a then emerging, industry-wide trend involving the receipt of “cease and desist” letters from exit firms and 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 9.7 % in 2020. Bluegreen also estimated that approximately 13.7 % of the total delinquencies on its VOI notes receivable as of June 30, 2020 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 as described below, against the exit firms. On December 21, 2018, Bluegreen filed a lawsuit against timeshare exit firm Totten Franqui and certain of its affiliates (“TPEs”). In the complaint, Bluegreen alleged that the TPEs, through various forms of deceptive advertising, as well as inappropriate direct contact with VOI owners, made false statements about Bluegreen and provided misleading information to the VOI owners. The TPEs have encouraged nonpayment by consumers and exacted fees for doing so. Bluegreen believes the consumers are paying fees to the TPEs in exchange for illusory services and has asserted claims against the TPEs under the Lanham Act, as well as tortious interference with contractual relations, civil conspiracy to commit tortious interference, and other claims. During the course of the litigation, the TPEs and Totten Franqui filed for bankruptcy, which resulted in the litigation being stayed. Bluegreen has reached favorable settlements with the TPE principals and are awaiting formal court approval of a settlement with the bankruptcy trustee. The settlement with the principals includes findings of fact against the defendants regarding their business practices and a permanent injunction prohibiting the principals of the TPE from working again in the timeshare exit space. On November 13, 2019, Bluegreen filed a lawsuit against timeshare exit firm The Montgomery Law Firm and certain of its affiliates (also included in “TPEs”). In the complaint, Bluegreen alleged, as discussed above, that the TPEs, through various forms of deceptive advertising, as well as inappropriate direct contact with VOI owners, made false statements about Bluegreen, provided misleading information to the VOI owners, and encouraged nonpayment by consumers. Bluegreen believes the consumers are paying fees to the TPEs in exchange for illusory services. Bluegreen has asserted claims against the TPEs under the Lanham Act, as well as tortious interference with contractual relations, civil conspiracy to commit tortious interference, and other claims. Defendants have moved to dismiss the complaint which is pending. The following is a description of certain commitments, contingencies, and guarantees: Bluegreen, indirectly through BVU, its wholly-owned subsidiary, 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 certain Bass Pro and Cabela’s retail locations and through other means. Pursuant to a settlement agreement Bluegreen entered into with Bass Pro and its affiliates during June 2019, Bluegreen paid Bass Pro $ 20.0 million during June 2019 and agreed to, among other things, make five annual payments to Bass Pro of $ 4.0 million in January of each year commencing in 2020. In June 2019, Bluegreen accrued for the net present value of the settlement, plus attorney’s fees and costs, totaling approximately $ 39.1 million. The first $4.0 million annual payment was made during January 2020. As of September 30, 2020, $ 14.5 million was accrued for the remaining payments required by the settlement agreement, which are included in other liabilities in the Company’s condensed consolidated statement of financial condition as of September 30, 2020. During the nine months ended September 30, 2020 and 2019, VOI sales to prospects and leads generated by the agreement with Bass Pro accounted for approximately 11 % and 13 %, respectively, of Bluegreen’s VOI sales volume. In March 2020, as a result of the COVID-19 pandemic, Bluegreen temporarily closed its retail marketing operations at Bass Pro Shops and Cabela’s stores. Subject to the terms and conditions of the settlement agreement, Bluegreen will generally be required to pay the fixed annual fee with respect to at least 59 Bass Pro retail stores and a minimum number of Cabela’s retail stores that increases over time to a total of at least 60 Cabela’s retail stores by the end of 2021. In January 2020, Bluegreen paid $ 5.2 million for this fixed fee, of which $ 1.3 million was prepaid and is included in the Company’s unaudited condensed consolidated statement of financial condition as of September 30, 2020. Bluegreen had marketing operations at 26 Cabela’s stores at September 30, 2020 and is required to begin marketing operations in at least 14 more stores by December 31, 2020. Notwithstanding the foregoing, the minimum number of Bass Pro and Cabela’s retail stores for purposes of the fixed annual fee may be reduced under certain circumstances set forth in the agreement, including as a result of a reduction of traffic in the stores in excess of 25 % year-over-year. Beginning in mid-May 2020, Bluegreen resumed its retail marketing operations at certain Bass Pro Shops and Cabela’s stores. By September 30, 2020, Bluegreen recommenced marketing operations at 87 Bass Pro Shops and Cabela’s stores and commenced marketing operations at 5 new Cabela’s stores. Additionally, in October 2020, Bluegreen recommenced marketing operations in 1 additional Bass Pro Shop and commenced marketing operations at 4 new Cabela’s stores for a total of 97 Bass Pro Shops and Cabela’s stores. In lieu of paying maintenance fees for unsold VOI inventory, Bluegreen may enter into subsidy agreements with certain HOAs. During the nine months ended September 30, 2020 and 2019, Bluegreen paid $ 7.7 million and $ 10.5 million, respectively, in subsidy payments in connection with these arrangements. As of September 30, 2020, Bluegreen accrued $ 10.1 million for such subsidies, which is included in other liabilities in the Company’s condensed consolidated statement of financial condition. As of December 31, 2019, Bluegreen had no accrued liabilities for such subsidies. In December 2019, Bluegreen’s then-serving President and Chief Executive Officer resigned. In connection with his resignation, Bluegreen agreed to make payments totaling $ 3.5 million over a period of 18 months, $ 1.8 million of which remained payable as of September 30 , 2020. Additionally, during 2019, Bluegreen entered into certain agreements with other executives related to their separation from Bluegreen or change in position. Pursuant to the terms of these agreements, Bluegreen agreed to make payments totaling $ 2.5 million through September 30, 2020. All payments have been made under these agreements as of September 30 , 2020. |
Common Stock And Cash Incentive
Common Stock And Cash Incentive Bonuses | 9 Months Ended |
Sep. 30, 2020 | |
Common Stock And Cash Incentive Bonuses [Abstract] | |
Common Stock And Cash Incentive Bonuses | 9 . Common Stock and Cash Incentive Bonuses Stock Incentive Plans On January 21, 2020, the compensation committee of BVH’s Board of Directors granted awards of 488,503 restricted shares of BBX Capital’s Class A Common Stock to its executive officers under the BBX Capital Corporation 2014 Incentive Plan. The aggregate grant date fair value of the awards was $ 10.2 million, and the shares were scheduled to vest ratably in annual installments of approximately 122,125 shares over four periods beginning on October 1, 2020. In contemplation of the spin-off, the BVH’s Compensation Committee approved the acceleration of vesting of 488,503 and 528,484 of unvested restricted Class A and Class B Common Stock awards, respectively, that were previously granted by BVH, all of which were held by BVH’s executive officers. In connection with such vesting acceleration in August 2020, BVH recognized compensation expense during the three and nine months ended September 30, 2020 of approximately $ 19.8 million (which represented the unrecognized compensation expenses associated with the restricted stock awards as of June 30, 2020). The fair value of the restricted stock awards that vested were $ 16.7 million based on the fair value of BVH’s common stock on the vesting date. There were no restricted stock awards outstanding as of September 30, 2020. Cash Incentive Bonuses BVH’s Compensation Committee approved the payment, prior to the consummation of the spin-off, of a total of approximately $ 19.5 million in cash to BVH’s executives for 2020 services and the payout of cash to settle the BVH’s long-term incentive program for 2020 (which, in previous years, was generally paid primarily in stock awards). Earnings per Share During the three and nine months ended September 30, 2020, the weighted average shares of unvested restricted stock awards outstanding were not included in the computation of diluted earnings per share as the shares were antidilutive due to the Company’s recognition of a loss for such periods. During the three and nine months ended September 30, 2019, 3,039,265 shares of unvested restricted stock awards were not included in the computation of diluted earnings per share as the shares were antidilutive due to the Company’s recognition of a loss for such periods. |
Noncontrolling Interests And Re
Noncontrolling Interests And Redeemable Noncontrolling Interest | 9 Months Ended |
Sep. 30, 2020 | |
Noncontrolling Interests And Redeemable Noncontrolling Interest [Abstract] | |
Noncontrolling Interests And Redeemable Noncontrolling Interest | 10 . Noncontrolling Interests and Redeemable Noncontrolling Interest Noncontrolling interests in the Company’s consolidated subsidiaries consisted of the following (in thousands): September 30, December 31, 2020 2019 Bluegreen (1) $ 22,320 39,740 Bluegreen / Big Cedar Vacations (2) 53,555 49,534 Other (3) — 1,001 Total noncontrolling interests $ 75,875 90,275 During the nine months ended September 30, 2020, Bluegreen repurchased and retired 1,878,400 shares of its common stock for $ 11.7 million. Income attributable to noncontrolling interests from continuing operations, including redeemable noncontrolling interests, consisted of the following (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Bluegreen (1) $ 713 1,962 293 2,346 Bluegreen / Big Cedar Vacations (2) 2,644 2,248 4,021 9,095 Net income (loss) attributable to noncontrolling interests - continuing operations $ 3,357 4,210 4,314 11,441 (1) As a result of Bluegreen’s IPO during the fourth quarter of 2017 and subsequent share repurchases in 2018 and 2020, the Company owned approximately 93 % of Bluegreen as of September 30, 2020. Bluegreen was a wholly-owned subsidiary of the Company immediately prior to the Bluegreen IPO. (2) Bluegreen has a joint venture arrangement pursuant to which it owns 51 % of Bluegreen/Big Cedar Vacations. (3) Reflects the spin-off of BBX Capital on September 30, 2020. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 11. Fair Value of Financial Instruments ASC 820 Fair Value Measurements and Disclosures (Topic 820) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The inputs used to measure fair value are classified into the following hierarchy: 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 The carrying amounts of financial instruments included in the consolidated financial statements and their estimated fair values are as follows (in thousands): As of September 30, 2020 As of December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Cash and cash equivalents $ 211,110 211,110 335,846 335,846 Restricted cash 35,672 35,672 49,896 49,896 Notes receivable, net 410,113 542,309 448,568 587,000 Note payable to BBX Capital, Inc. 75,000 75,000 — — Lines-of-credit, notes payable, and receivable-backed notes payable 541,389 543,500 568,975 589,300 Junior subordinated debentures 137,937 108,200 137,254 146,000 Cash and cash equivalents. The amounts reported in the Company’s condensed statements of financial condition for cash and cash equivalents approximate fair value. Restricted cash. The amounts reported in the unaudited consolidated balance sheets for restricted cash approximate fair value. Notes receivable, net. The fair value of our notes receivable is estimated using Level 3 inputs and is based on estimated future cash flows considering contractual payments and estimates of prepayments and defaults, discounted at a market rate. Note Payable to BBX Capital, Inc. The fair value of the note payable to BBX Capital, Inc. approximates fair value as the note was issued on September 30, 2020. Lines-of-credit, notes payable, and receivable-backed notes payable. The amounts reported in the Company’s condensed statements of financial condition for lines of credit, notes payable, and receivable-backed notes payable approximate fair value for indebtedness that provides for variable interest rates. The fair value of 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. Junior subordinated debentures. The fair value of our 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 | 9 Months Ended |
Sep. 30, 2020 | |
Certain Relationships And Related Party Transactions [Abstract] | |
Certain Relationships And Related Party Transactions | 12. Certain Relationships and Related Party Transactions The Company may be deemed to be controlled by Alan B. Levan, the Company’s Chairman, Chief Executive Officer and President, John E. Abdo, the Company’s Vice Chairman, Jarett S. Levan, a director of the Company and its former President and Seth M. Wise, former Executive Vice President. Together, they may be deemed to beneficially own shares of BVH’s Class A Common Stock and Class B Common Stock representing approximately 79 % of BVH’s total voting power. Mr. Alan B. Levan and Mr. Abdo also serve as Chairman and Vice Chairman, respectively, of Bluegreen’s Board of Directors, and effective January 1, 2020, Mr. Alan B. Levan also became Bluegreen’s President and Chief Executive Officer. During 2019, Bluegreen accrued $2.0 million of compensation for Mr. Alan Levan for the performance of certain services provided to Bluegreen in a non-executive capacity, all of which was paid during March 2020. John E. Abdo is Bluegreen’s Vice Chairman, has been in an executive capacity at Bluegreen since October 1, 2020 and previously had been in a non-executive capacity. Further, Mr. Jarett Levan and Mr. Wise are members of Bluegreen’s Board. In addition, Raymond S. Lopez, the Company’s Executive Vice President and Chief Financial Officer, also serves as Bluegreen’s Chief Financial Officer and Chief Operating Officer. Mr. Alan Levan, Mr. Abdo and Mr. Lopez receive a significant portion of their compensation from Bluegreen and also receive compensation from BVH for their respective services to BVH. Further, following the spin-off, Mr. Jarett Levan became the Chief Executive Officer and President and a director of BBX Capital, Inc., Mr. Alan Levan became the Chairman of the Board of BBX Capital, Inc. Mr. John E. Abdo became Vice Chairman of BBX Capital, Inc. and Seth M. Wise became Vice President and director of BBX Capital, Inc. Woodbridge, a wholly-owned subsidiary of BVH, owns approximately 93 % of Bluegreen’s outstanding common stock as of September 30, 2020. Bluegreen paid or reimbursed the Company for management advisory, risk management, administrative and other services in the amounts of $ 0.7 million and $ 1.3 million during the three and nine months ended September 30, 2020, and $ 0.4 million and $ 1.3 million during the three and nine months ended September 30, 2019, respectively. In April 2015, pursuant to a Loan Agreement and Promissory Note, a wholly-owned subsidiary of Bluegreen provided an $ 80.0 million loan to BVH. During July 2020, Bluegreen declared a special cash dividend of $ 1.19 per share on its common stock, which was payable on August 21, 2020 to shareholders of record as of the close of business on August 6, 2020. T he Company used its proceeds of the special cash dividend of approximately $ 80.0 million to repay the outstanding $ 80.0 million that BVH owed to Bluegreen. During the three months ended September 30, 2020 and 2019, BVH recognized $ 0.5 million and $ 1.2 million, respectively, of interest expense on the loan from Bluegreen. During the nine months ended September 30, 2020 and 2019, BVH recognized $ 2.5 million and $ 3.6 million, respectively, of interest expense on the loan. The loan balance and related interest expense were eliminated in consolidation in the Company’s condensed consolidated financial statements. Excluding the special dividend described above, the Company received $ 0 and $ 8.7 million of dividends from Bluegreen during the three and nine months ended September 30, 2020, and $ 11.4 million and $ 34.3 million of dividends from Bluegreen during the three and nine months ended September 30, 2019. In April 2020, Bluegreen suspended the payment of its regular quarterly dividend for the foreseeable future due to the effects of the COVID-19 pandemic and economic uncertainty. In May 2015, BVH, Woodbridge, Bluegreen, Renin, 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. Pursuant to the Consolidated Tax 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 Consolidated Tax Agreement to offset its tax liability, the party providing the benefit will receive an amount for the tax benefits realized . Under this agreement, Bluegreen did not make or receive any payments to BVH or its affiliated entities during the three months ended September 30, 2019. Bluegreen paid BVH or its affiliated entities $ 13.0 million during the nine months ended September 30, 2019. Bluegreen did no t make or receive any payments under the agreement during the three or nine months ended September 30, 2020. The Consolidated Tax Agreement was terminated with respect to BVH’s subsidiaries other than Woodbridge and Bluegreen in connection with BVH’s spin-off of BBX Capital on September 30, 2020. In connection with the spin-off, BVH issued a $ 75.0 million note payable to BBX Capital, Inc. that accrues interest at a rate of 6 % per annum and requires payments of interest on a quarterly basis. Under the terms of the note, BVH has the option in its discretion to defer interest payments under the note, with interest on the outstanding balance thereafter to accrue at a compounded rate of 8 % per annum until such time as BVH is current on all accrued payments under the note, including deferred interest. All outstanding amounts will become due and payable in five years or earlier upon certain other events. In connection with the spin-off the Company entered in the Transition Services Agreement, Tax Matters Agreement, and Employee Matters Agreement with BBX Capital, Inc. The Transition Services Agreement generally sets out the respective rights, responsibilities and obligations of Parent and BBX Capital with respect to the support services to be provided to one another after the spin-off, as may be necessary to ensure an orderly transition. The Transition Services Agreement establishes a baseline charge for certain categories or components of services to be provided, which will be at cost unless the parties mutually agree to a different charge. The Transition Services Agreement was effective on September 30, 2020 and will continue for a minimum term of one year, provided that after that year, Parent or BBX Capital may terminate the Transition Services Agreement with respect to any or all services provided thereunder at any time upon thirty (30) days prior written notice to the other party. Either party may renew or extend the term of the Transition Services Agreement with respect to the provision of any service which has not been previously terminated. The Tax Matters Agreement generally sets out the respective rights, responsibilities, and obligations of Parent and BBX Capital with respect to taxes (including taxes arising in the ordinary course of business and taxes incurred as a result of the spin-off), tax attributes, tax returns, tax contests, and certain other related tax matters. The Tax Matters Agreement allocates responsibility for the preparation and filing of certain tax returns (and the payment of taxes reflected thereon). Under the Tax Matters Agreement, Parent will generally be liable for its own taxes and taxes of all of its subsidiaries (other than the taxes of BBX Capital and its subsidiaries, for which BBX Capital shall be liable) for all tax periods (or portion thereof) ending on September 30, 2020, the effective date of the spin-off. BBX Capital will be responsible for its taxes, including for taxes of its subsidiaries, as well as for taxes of Parent arising as a result of the spin-off (including any taxes resulting from an election under Section 336(e) of the Internal Revenue Code of 1986, as amended (the “Code”) in connection with the spin-off). BBX Capital will bear liability for any transfer taxes incurred in the spin-off. Each of Parent and BBX Capital will indemnify each other against any taxes to the extent paid by one party but allocated to the other party under the Tax Matters Agreement, or arising from any breach of its covenants thereunder, and related out-of-pocket costs and expenses. The Employee Matters Agreement sets out the respective rights, responsibilities, and obligations of Parent and BBX Capital with respect to the transfer of certain employees of the businesses of BBX Capital and related matters, including benefit plans, terms of employment, retirement plans and other employment-related matters. Under the Employee Matters Agreement, BBX Capital or its subsidiaries will generally assume or retain responsibility as employer of employees whose duties primarily relate to their respective businesses as well as all obligations and liabilities with respect thereto. As further described in Note 1, in connection with the spin-off, the Company issued a $75.0 million note payable to BBX Capital, Inc. that accrues interest at a rate of 6% per annum and requires payments of interest on a quarterly basis. During each of the three and nine months ended September 30, 2020 and 2019, the Company paid Abdo Companies, Inc. approximately $ 77,000 and $ 230,000 , respectively, 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 | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | 13. 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. Prior to BVH’s spin-off of BBX Capital on September 30, 2020, BVH’s reportable segments were its then principal holdings: Bluegreen, BBX Capital Real Estate, BBX Sweet Holdings, and Renin. However, as a result of the spin-off of BBX Capital, BVH is a holding company whose operations primarily reflect its 93 % ownership interest in Bluegreen. As a result, BVH’s CODM, who is also Bluegreen’s CODM, has determined that he will manage BVH’s operations in a manner consistent with how he manages Bluegreen’s operations. As a result, the Company’s results of operations are reported through two reportable segments: (i) Sales of VOIs and financing; and (ii) Resort operations and club management. The sales of VOIs and financing segment includes Bluegreen’s marketing and sales activities related to the VOIs that it owns, Bluegreen’s VOIs they acquire under just-in-time and secondary market inventory arrangements, Bluegreen’s sales of VOIs through fee-for-service arrangements with third-party developers, Bluegreen’s consumer financing activities in connection with sales of VOIs that Bluegreen owns, and Bluegreen’s title services operations through a wholly-owned subsidiary. The Resort operations and club management segment includes Bluegreen’s provision of management services activities for Bluegreen’s Vacation Club and for a majority of the HOAs of the resorts within Bluegreen’s Vacation Club. In connection with those services, Bluegreen also provides club reservation services, services to owners and billing and collections services to the Bluegreen Vacation Club and certain HOAs. Additionally, this segment includes revenue from Bluegreen’s Traveler Plus program, food and beverage and other retail operations, its rental services activities, and management of construction activities for certain of their fee-based developer clients. The information provided for segment reporting is obtained from internal reports utilized by the Company’s CODM, and the presentation and allocation results of operations may not reflect the actual economic costs of the segments as standalone businesses. Due to the nature of our business, assets are not allocated to a particular segment, and therefore management does not evaluate the balance sheet by segment. 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 amount set forth in the column “Bluegreen Corporate and Other” and in the column entitled “BVH Corporate” are general and administrative expenses that consist primarily of costs associated with administering the various support functions at its corporate headquarters, including executive compensation, legal, accounting, human resources, investor relations, and executive offices including corporate overhead for discontinued operations. Included in BVH Corporate selling and general administrative expenses are spin-off related costs associated with the acceleration of the vesting of unvested restricted stock awards and payments to settle BVH’s long-term incentive program for 2020 which in the aggregate resulted in $ 31.3 million of compensation expense for the three and nine months ended September 30, 2020. The Company evaluates segment performance based on Adjusted EBITDA. See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA, including how we define Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. The table below sets forth the Company’s segment information for the three months ended September 30, 2020 (in thousands): Revenue: Sales of VOIs and financing Resort operations and club management Bluegreen Corporate and other BVH Corporate Elimination Total Sales of VOIs $ 59,265 $ — $ — — $ — $ 59,265 Fee-based sales commission revenue 22,119 — — — — 22,119 Other fee-based services revenue 1,281 26,550 — — — 27,831 Cost reimbursements — 15,684 — — — 15,684 Mortgage servicing revenue 1,403 — — — ( 1,403 ) — Interest income 19,049 — 623 127 ( 453 ) 19,346 Other revenue — — — — — — Total revenue 103,117 42,234 623 127 ( 1,856 ) 144,245 Costs and expenses: Cost of VOIs sold 3,597 — — — — 3,597 Net carrying cost of VOI inventory 8,580 — — — ( 8,580 ) — Cost of other fee-based services 800 11,481 — — 8,580 20,861 Cost reimbursements — 15,684 — — — 15,684 Selling, general and administrative expenses 59,502 — 20,254 41,583 ( 406 ) 120,933 Mortgage servicing expense 997 — — — ( 997 ) — Interest expense 3,910 — 3,409 1,102 ( 453 ) 7,968 Total costs and expenses 77,386 27,165 23,663 42,685 ( 1,856 ) 169,043 Other (expense) income — — ( 365 ) 26 — ( 339 ) Income (loss) before non-controlling interest and (benefit) provision for income taxes $ 25,731 $ 15,069 $ ( 23,405 ) ( 42,532 ) $ — $ ( 25,137 ) Add: Depreciation and amortization 1,405 208 Add: Severance 208 114 Segment Adjusted EBITDA $ 27,344 $ 15,391 The table below sets forth the Company’s segment information as of and for the three months ended September 30, 2019 (in thousands): Revenue: Sales of VOIs and financing Resort operations and club management Bluegreen Corporate and other BVH Corporate Elimination Total Sales of VOIs $ 66,318 $ — $ — $ — $ — $ 66,318 Fee-based sales commission revenue 60,478 — — — — 60,478 Other fee-based services revenue 4,289 29,455 — — — 33,744 Cost reimbursements — 17,883 — — — 17,883 Mortgage servicing revenue 1,588 — — — ( 1,588 ) — Interest income 20,043 — 2,038 705 ( 1,200 ) 21,586 Other income, net — — — ( 45 ) 73 28 Total revenue 152,716 47,338 2,038 660 ( 2,715 ) 200,037 Costs and expenses: Cost of VOIs sold 3,121 — — — — 3,121 Net carrying cost of VOI inventory 5,878 — — — ( 5,878 ) — Cost of other fee-based services 2,442 14,552 — — 5,878 22,872 Cost reimbursements — 17,883 — — — 17,883 Selling, general and administrative expenses 95,672 — 22,388 11,926 46 130,032 Mortgage servicing expense 1,561 — — — ( 1,561 ) — Interest expense 5,062 — 5,326 2,566 ( 1,200 ) 11,754 Total costs and expenses 113,736 32,435 27,714 14,492 ( 2,715 ) 185,662 Other income 537 — 1,609 58 — 2,204 Income (loss) before non-controlling interest and (benefit) provision for income taxes $ 39,517 $ 14,903 $ ( 24,067 ) $ ( 13,774 ) $ — $ 16,579 Add: Depreciation and amortization 1,507 321 Add: Bass Pro Settlement 594 238 Segment Adjusted EBITDA $ 41,618 $ 15,462 The table below sets forth the Company’s segment information as of and for the nine months ended September 30, 2020 (in thousands): Revenue: Sales of VOIs and financing Resort operations and club management Bluegreen Corporate and other BVH Corporate Elimination Total Sales of VOIs $ 113,447 $ — $ — $ — $ — $ 113,447 Fee-based sales commission revenue 64,619 — — — — 64,619 Other fee-based services revenue 5,353 78,205 — — — 83,558 Cost reimbursements — 46,654 — — — 46,654 Mortgage servicing revenue 4,508 — — — ( 4,508 ) — Interest income 58,258 — 3,388 841 ( 2,524 ) 59,963 Other revenue — — — — — — Total revenue 246,185 124,859 3,388 841 ( 7,032 ) 368,241 Costs and expenses: Cost of VOIs sold 8,734 — — — — 8,734 Net carrying cost of VOI inventory 27,407 — — — ( 27,407 ) — Cost of other fee-based services 2,989 30,711 — — 27,407 61,107 Cost reimbursements — 46,654 — — — 46,654 Selling, general and administrative expenses 174,969 — 48,603 58,810 ( 1,145 ) 281,237 Mortgage servicing expense 3,363 — — — ( 3,363 ) — Interest expense 12,745 — 11,932 5,515 ( 2,524 ) 27,668 Total costs and expenses 230,207 77,365 60,535 64,325 ( 7,032 ) 425,400 Other income, net — — 41 145 — 186 Income (loss) before non-controlling interest and (benefit) provision for income taxes $ 15,978 $ 47,494 $ ( 57,106 ) $ ( 63,339 ) $ — $ ( 56,973 ) Add: Depreciation and amortization 4,447 588 Add: Severance 3,977 1,347 Segment Adjusted EBITDA $ 24,402 $ 49,429 The table below sets forth the Company’s segment information as of and for the nine months ended September 30, 2019 (in thousands): Revenue: Sales of VOIs and financing Resort operations and club management Bluegreen Corporate and other BVH Corporate Elimination Total Sales of VOIs $ 186,351 $ — $ — — $ — $ 186,351 Fee-based sales commission revenue 161,033 — — — — 161,033 Other fee-based services revenue 10,092 83,923 — — — 94,015 Cost reimbursements — 48,933 — — — 48,933 Mortgage servicing revenue 4,621 — — — ( 4,621 ) — Interest income 59,985 — 5,979 1,605 ( 3,600 ) 63,969 Other income, net — — — ( 127 ) 197 70 Total revenue 422,082 132,856 5,979 1,478 ( 8,024 ) 554,371 Costs and expenses: Cost of VOIs sold 17,541 — — — — 17,541 Net carrying cost of VOI inventory 18,853 — — — ( 18,853 ) — Cost of other fee-based services 4,832 40,228 — — 18,853 63,913 Cost reimbursements — 48,933 — — — 48,933 Selling, general and administrative expenses 299,028 — 59,145 36,417 ( 310 ) 394,280 Mortgage servicing expense 4,114 — — — ( 4,114 ) — Interest expense 15,391 — 14,564 7,915 ( 3,600 ) 34,270 Total costs and expenses 359,759 89,161 73,709 44,332 ( 8,024 ) 558,937 Other income 537 — 3,691 136 — 4,364 Income (loss) before non-controlling interest and provision (benefit) for income taxes $ 62,860 $ 43,695 $ ( 64,039 ) $ ( 42,718 ) $ — $ ( 202 ) Add: Depreciation and amortization 4,577 1,050 Add: Severance 594 238 Add: Bass Pro Settlement 39,121 — Segment Adjusted EBITDA (1) $ 107,152 44,983 (1) See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA, including how we define Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income . |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | 14. Discontinued Operations As described in Note 1, on September 30, 2020, BVH (formerly BBX Capital Corporation) completed the spin off its subsidiary, BBX Capital, Inc. (formerly known as BBX Capital Florida LLC), and changed its name to Bluegreen Vacations Holding Corporation in order to separate its business, activities, and investments into two separate, publicly-traded companies. BVH continues to hold its investment in Bluegreen, and BBX Capital, Inc. holds all of the other businesses and investments previously owned by BVH, including BBX Capital Real Estate, BBX Sweet Holdings, and Renin. BBX Capital, Inc. and its subsidiaries’ operations are presented as discontinued operations in the Company’s financial statements. The carrying amount of major classes of assets and liabilities included as part of discontinued operations is as follows (in thousands): September 30, December 31, 2020 2019 Cash and cash equivalents $ — 20,758 Restricted cash — 370 Trade inventory — 22,843 Real estate — 65,818 Investments in and advances to unconsolidated real estate joint ventures — 57,330 Property and equipment, net — 29,836 Goodwill — 37,248 Intangible assets, net — 6,671 Operating lease assets — 87,854 Deferred income taxes — 2,297 Other assets — 29,656 Discontinued operations total assets $ — 360,681 Liabilities: Accounts payable $ — 9,294 Other liabilities — 21,043 Notes payable and other borrowings — 42,571 Operating lease liability — 100,473 Discontinued operations total liabilities $ — 173,381 The major components of loss from discontinued operations are as follows (in thousands): For the Three Months For the Nine Months Ended September 30, Ended September 30, 2020 2019 2020 2019 Revenues: Trade sales $ 35,692 47,660 $ 99,628 138,705 Sales of real estate inventory 4,970 371 14,248 5,030 Interest income 366 212 586 762 Net gains on sales of real estate assets 164 399 130 11,395 Other revenue 933 1,137 2,398 3,033 Total revenues 42,125 49,779 116,990 158,925 Costs and Expenses: Cost of trade sales 27,981 31,860 80,154 94,978 Cost of real estate inventory sold 3,367 — 9,473 2,643 Interest expense — 118 — 409 Recoveries from loan losses, net ( 807 ) ( 1,821 ) ( 5,844 ) ( 4,206 ) Impairment losses — 4,030 31,588 6,786 Selling, general and administrative expenses 13,394 19,590 40,342 57,492 Total costs and expenses 43,935 53,777 155,713 158,102 Equity in net (losses) earnings of unconsolidated real estate joint ventures ( 646 ) 28,534 50 37,276 Foreign exchanges (loss) gain ( 59 ) ( 1 ) 214 ( 24 ) Loss on the deconsolidation of IT'SUGAR, LLC ( 3,326 ) — ( 3,326 ) — Other income 82 68 192 710 (Loss) income from discontinued operations before income taxes $ ( 5,759 ) 24,603 $ ( 41,593 ) 38,785 The following are the major components of the statement of cash flows from discontinued operations (in thousands): For the Nine Months Ended September 30, 2020 2019 Operating activities: Net (loss) income $ ( 32,526 ) 28,374 Adjustment to reconcile net (loss) income to net cash (used in) provided by operating activities: Recoveries from loan losses, net ( 5,844 ) ( 4,206 ) Depreciation, amortization and accretion, net 5,468 6,519 Net gains on sales of real estate and property and equipment ( 130 ) ( 11,105 ) Equity earnings of unconsolidated real estate joint ventures ( 49 ) ( 37,276 ) Return on investment in unconsolidated real estate joint ventures 3,933 38,020 Loss from the deconsolidation of IT'SUGAR, LLC 3,326 - (Increase) decrease in deferred income tax asset ( 9,066 ) 6,277 Impairment losses 31,588 6,786 Increase in trade inventory ( 279 ) ( 5,016 ) (Increase) decrease in trade receivables ( 2,336 ) 5,042 Decrease (increase) in real estate inventory 925 ( 2,865 ) Net change in operating lease assets and liabilities ( 964 ) 683 (Increase) decrease in other assets ( 1,388 ) 3,744 (Decrease) increase in other liabilities 6,512 ( 483 ) Net cash (used in) provided by operating activities $ ( 830 ) 34,494 Investing activities: Return of investment in unconsolidated real estate joint ventures 4,631 30,331 Investments in unconsolidated real estate joint ventures ( 14,009 ) ( 20,076 ) Proceeds from repayment of loans receivable 5,960 4,935 Proceeds from sales of real estate 2,151 32,136 Proceeds from sales of property and equipment — — Additions to real estate ( 70 ) ( 438 ) Purchases of property and equipment ( 4,032 ) ( 7,765 ) Decrease in cash from other investing activities ( 1,065 ) ( 73 ) Net cash (used in) provided by investing activities $ ( 6,434 ) 39,050 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events Subsequent events have been evaluated through the date the financial statements were available to be issued. As of such date, there were no subsequent events identified that required recognition or disclosure other than as disclosed in the footnotes herein. |
Organization And Basis Of Fin_2
Organization And Basis Of Financial Statement Presentation (Policy) | 9 Months Ended |
Sep. 30, 2020 | |
Organization And Basis Of Financial Statement Presentation [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these financial statements do not include all of the information and disclosures required by GAAP for complete financial statements. Financial statements prepared in conformity with GAAP require the Company to make estimates based on assumptions about current and, for some estimates, future economic and market conditions which affect reported amounts and related disclosures in the Company’s financial statements. Due to the unprecedented impact and current and potential future impact of the ongoing COVID-19 pandemic, which is discussed in more detail throughout this report, actual conditions could differ from the Company’s expectations and estimates, which could materially affect the Company’s results of operations and financial condition. The severity, magnitude, and duration, as well as the economic consequences, of the COVID-19 pandemic, are uncertain, rapidly changing, and difficult to predict. As a result, the Company’s accounting estimates and assumptions may change over time in response to COVID-19. Such changes could result in, among other adjustments, future impairments of intangibles, and long-lived assets, inventory reserves, and incremental changes in the Company’s allowance for loan losses. In management’s opinion, the accompanying unaudited condensed consolidated financial statements contain all adjustments, which include normal recurring adjustments, that are necessary for a fair statement of the condensed consolidated financial condition of the Company at September 30, 2020; the condensed consolidated results of operations and comprehensive income of the Company for the three and nine months ended September 30, 2020 and 2019; the condensed consolidated changes in equity of the Company for the three and nine months ended September 30, 2020 and 2019; and the condensed consolidated cash flows of the Company for the nine months ended September 30, 2020 and 2019. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 or any other future period. These unaudited condensed consolidated financial statements and related notes are presented as permitted by Form 10-Q and should be read in conjunction with the Company’s audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Annual Report”) filed with the SEC on March 13, 2020. The condensed consolidated financial statements include the accounts of BVH’s wholly-owned subsidiaries, other entities in which BVH or its wholly-owned subsidiaries hold controlling financial interests, and any VIEs in which BVH 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. Certain amounts for prior periods have been reclassified to conform to the presentation for the current period. The reclassifications did not have a material impact on the Company’s condensed consolidated statements of operations and comprehensive income or condensed consolidated statements of cash flows. |
Business | Business The Company is a Florida-based holding company whose principle asset is its 93 % ownership interest in Bluegreen. Bluegreen is a leading vacation ownership company that markets and sells vacation ownership interests (“VOIs”) and manages resorts in popular leisure and urban destinations. Bluegreen’s resorts are primarily located in high-volume, “drive-to” vacation locations, including Orlando, Las Vegas, Myrtle Beach, Charleston and New Orleans, among others. The resorts in which Bluegreen markets, sells, and 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 for 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 qualified VOI purchasers, which has historically generated significant interest income. During the nine months ended September 30, 2020, Bluegreen repurchased and retired 1,878,400 shares of its common stock for $ 11.7 million. |
Impact of the COVID-19 Pandemic | Impact of the COVID-19 Pandemic The COVID-19 pandemic resulted in, an unprecedented disruption in the U.S. economy and the travel, hospitality and vacation ownership industries due to, among other things, resort closures, travel restrictions and restrictions on business operations, including government guidance and restrictions with respect to travel, public accommodations, social gatherings and related matters. On March 23, 2020, Bluegreen temporarily closed all of its VOI sales centers; its retail marketing operations at Bass Pro Shops and Cabela’s stores and outlet malls; and its Choice Hotels call transfer program. In connection with these actions Bluegreen also canceled existing owner reservations through May 15, 2020 and new prospect guest tours through June 30, 2020. Further, some of Bluegreen’s Club and Club Associate Resorts were closed in accordance with government mandates and advisories. Beginning in mid-May 2020, Bluegreen started the process of recommencing its sales and marketing operations and its closed resorts began to welcome guests as government mandates were lifted. By September 30, 2020, Bluegreen recommenced marketing operations at 87 Bass Pro Shops and Cabela’s stores and commenced marketing operations at 5 new Cabela’s stores, Bluegreen reactivated its Choice Hotels call transfer program, all of its resorts were open, and all but one of its VOI sales centers were open. Resort occupancy for the third quarter of 2020 was approximately 70 %. Additionally, in October 2020, Bluegreen recommenced marketing activities at one additional Bass Bro Shop and commenced marketing operations at 4 new Cabela’s stores for a total of 97 Bass Pro Shops and Cabela’s stores. However, there is no assurance that Bluegreen’s marketing operations at Bass Pro or Cabela’s stores or its VOI sales centers will remain open, including in the event of an increase in COVID-19 cases. As a result of the effect of the pandemic, Bluegreen implemented several cost mitigating activities beginning in March 2020, including reductions in workforce of over 1,600 positions and the placement of another approximate 3,200 of it associates on temporary furlough or reduced work hours. As of September 30, 2020, approximately 3,200 associates had returned to work on a full-time basis for a total of approximately 4,400 full-time associates compared to approximately 6,060 full-time associates as of September 30, 2019. As a result of the effect of the COVID-19 pandemic, during the three and nine months ended September 30, 2020, Bluegreen incurred $ 0.4 million and $ 5.1 million in severance, respectively, and $ 1.5 million and $ 13.1 million, respectively, of payroll and payroll benefit expense relating to employees on temporary furlough or reduced work hours. These payments and expenses are included in selling, general and administrative expenses in the Company’s condensed consolidated statement of operations comprehensive income for the three and nine months ended September 30, 2020. The Coronavirus Aid, Relief, and Economic Securities Act (“CARES Act”) was signed into law on March 27, 2020 in response to the COVID-19 pandemic. As of September 30, 2020, we evaluated the income tax provisions of the CARES Act and determined they would have no significant effect on either our September 30, 2020 income tax rate or the computation of our estimated effective tax rate for the year ended December 31, 2020. However, we have taken advantage of the deferral of the employer portion of the tax withholding amounts and the employee retention tax credits provided for in the CARES Act. During the nine months ended September 30, 2020, we recorded a tax withholding deferral of $ 5.1 million, which is included in other liabilities in our unaudited condensed consolidated statement of financial condition as of September 30, 2020, and employee retention tax credits of $ 6.9 million, which are included in selling, general and administrative expenses in our unaudited condensed consolidated statements of operations and comprehensive income for the nine months ended September 30, 2020. As a precautionary measure to provide additional liquidity if needed, in March 2020, Bluegreen drew down $ 60 million under its lines-of-credit and pledged or sold receivables under certain of its receivable backed facilities to increase its cash position. As of September 30, 2020, Bluegreen repaid the $ 60.0 million borrowed under its lines-of-credit. While Bluegreen paid a special cash dividend or $ 1.19 per share during August 2020, there is no assurance that Bluegreen will recommence paying regular dividends or pay any other special dividends in the future. During the second quarter of 2020, Bluegreen suspended its regular quarterly cash dividends on its common stock. Bluegreen has historically financed a majority of its sales of VOIs, and accordingly, is subject to the risk of defaults by its customers. GAAP requires Bluegreen to reduce its sales of VOIs by its estimate of uncollectible VOI notes receivable. The COVID-19 pandemic has had a material adverse impact on unemployment in the United States and economic conditions in general and the impact may continue for some time. While Bluegreen believes that it is still too early to know the full impact of COVID- 19 on its default or delinquency rates, Bluegreen believes that the COVID-19 pandemic will have a significant impact on its VOI notes receivable. Accordingly, during March 2020, Bluegreen recorded an allowance for loan losses of $ 12.0 million, which includes its estimate of customer defaults as a result of the COVID–19 pandemic, based on Bluegreen’s historical experience, forbearance requests received from their customers, and other factors, including but not limited to, the seasoning of the notes receivable and FICO scores of the customers. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326)” (“ASU 2016-13”), which introduces an approach of estimating credit losses on certain types of financial instruments based on expected losses. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan losses. Further, the standard requires that public entities 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 became effective for us on January 1, 2020. We adopted this standard on January 1, 2020 using a modified retrospective method. The adoption did not have a material impact on our consolidated financial statem ents or related disclosures and no cumulative adjustment was recorded primarily due to the fact our VOI notes receivable are recorded net of an allowance that is calculated in accordance with ASC 606, Revenue from Contracts with Customers . We also elected the practical expedient to not measure an allowance for credit losses for accrued interest receivables, as our 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 not resumed until such loans are less than 90 days past due. In August 2018, the FASB issued ASU 2018-15, “Intangibles – Goodwill and Other – Internal–Use Software (Subtopic 350-40)” (“ASU 2018-15”), which requires a customer in a cloud computing arrangement that is a service contract (“CCA”) to follow internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. ASU 2018-15 also requires companies to present implementation costs related to a CCA in the same financial statement line items as the CCA service fees. We adopted this standard on January 1, 2020 and are applying the transition guidance as of the date of adoption prospectively, under the current period adjustment method. Upon adoption of the standard, we reclassified $ 1.9 million of capitalized implementation costs related to a CCA that was in the implementation phase as of January 1, 2020 from property and equipment to prepaid expenses. |
Future Adoption of Recently Issued Accounting Pronouncements | Future Adoption of Recently Issued Accounting Pronouncements The FASB has issued the following accounting pronouncement and guidance relevant to our operations which had not yet been adopted as of September 30, 2020: In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effect of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides relief for companies preparing for discontinuation of LIBOR in response to the Financial Conduct Authority (the regulatory authority over LIBOR) plan for a phase out of regulatory oversight of LIBOR interest rate indices after 2021 to allow for an orderly transition to an alternate reference rate. The Alternative Reference Rates Committee (“ARRC”) has proposed that the Secured Overnight Financing Rate (“SOFR”) is the rate that represents best practice as the alternative to LIBOR for promissory notes or other contracts that are currently indexed to LIBOR. The ARRC has proposed a market transition plan to SOFR from LIBOR and organizations are currently working on transition plans as it relates to derivatives and cash markets indexed to LIBOR. Although our VOIs notes receivable from our borrowers are not indexed to LIBOR, we currently have $ 177.1 million of LIBOR indexed junior subordinated debentures, $ 88.2 million of LIBOR indexed receivable-backed notes payable and lines of credit and $ 162.0 million of LIBOR indexed lines of credit and notes payable (which are not receivable-backed) that mature after 2021. Companies can apply ASU 2020-04 immediately. However, the guidance will only be available for a limited time, generally through December 31, 2022. We are evaluating the potential impact that the eventual replacement of the LIBOR benchmark interest rate could have on our results of operations, liquidity and consolidated financial statements. |
Consolidated Variable Interes_2
Consolidated Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Consolidated Variable Interest Entities [Abstract] | |
Information Related To The Assets And Liabilities Of The VIEs | September 30, December 31, 2020 2019 Restricted cash $ 15,135 22,534 Securitized notes receivable, net 271,539 292,590 Receivable backed notes payable - non-recourse 303,301 334,246 |
Notes Receivable (Tables)
Notes Receivable (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Receivable [Abstract] | |
Information Relating To Bluegreen's Notes Receivable | September 30, December 31, 2020 2019 Notes receivable secured by VOIs: VOI notes receivable - non-securitized $ 197,845 203,872 VOI notes receivable - securitized 362,073 385,326 Gross VOI notes receivable 559,918 589,198 Allowance for loan losses - non-securitized ( 59,271 ) ( 47,894 ) Allowance for loan losses - securitized ( 90,534 ) ( 92,736 ) Allowance for loan losses ( 149,805 ) ( 140,630 ) VOI notes receivable, net $ 410,113 448,568 Allowance as a % of gross VOI notes receivable 27 % 24 % |
Activity In The Allowance For Loan Losses | For the Nine Months Ended September 30, 2020 2019 Balance, beginning of period $ 140,630 134,133 Provision for loan losses 44,083 39,483 Write-offs of uncollectible receivables ( 34,908 ) ( 38,340 ) Balance, end of period $ 149,805 135,276 |
Financing Receivable Credit Quality Indicators And Past Due By Year Of Origination | Year of Origination 2020 (3) 2019 2018 2017 2016 2015 and Prior Total By FICO score: 701+ $ 49,843 $ 92,561 $ 61,442 $ 39,863 $ 29,802 $ 39,607 $ 313,118 601-700 30,057 47,499 36,549 26,616 24,508 38,616 203,845 <601 (1) 2,492 4,815 3,266 2,239 2,429 4,445 19,686 Other (2) 225 3,009 4,848 4,484 3,551 7,152 23,269 Total $ 82,617 $ 147,884 $ 106,105 $ 73,202 $ 60,290 $ 89,820 $ 559,918 Defaults $ 610 $ 8,251 $ 9,484 $ 6,559 $ 4,901 $ 5,103 $ 34,908 Allowance for loan loss $ 22,945 $ 43,188 $ 29,545 $ 18,070 $ 17,126 $ 18,931 $ 149,805 Delinquency status: Current $ 81,169 $ 141,008 $ 99,478 $ 68,010 $ 56,417 $ 81,387 $ 527,469 31-60 days 612 1,521 1,243 736 558 936 5,606 61-90 days 315 1,510 764 946 408 568 4,511 Over 91 days (2) 521 3,845 4,620 3,510 2,907 6,929 22,332 Total $ 82,617 $ 147,884 $ 106,105 $ 73,202 $ 60,290 $ 89,820 $ 559,918 (1) Includes VOI notes receivable attributable to borrowers without a FICO score (primarily foreign borrowers). (2) Includes $ 15.2 million related to VOI notes receivable that, as of September 30, 2020, 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 loan losses. (3) VOI originations for the nine months ended September 30, 2020. |
Percentage Of Gross Notes Receivable Outstanding, By FICO Score At Origination | September 30, December 31, FICO Score 2020 2019 700+ 59.00 % 59.00 % 600-699 37.00 37.00 <601 (1) 4.00 4.00 Total 100.00 % 100.00 % (1) Includes VOI notes receivable attributable to borrowers without a FICO score (primarily foreign borrowers). |
Delinquency Status Of Bluegreen's VOI Notes Receivable | September 30, December 31, 2020 2019 Current $ 527,469 557,849 31-60 days 5,606 6,794 61-90 days 4,511 5,288 > 91 days (1) 22,332 19,267 Total $ 559,918 589,198 (1) Includes $ 15.2 million and $ 10.6 million of VOI notes receivable as of September 30, 2020 and December 31, 2019, respectively, that, as of such dates, 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 included in the allowance for loan losses. |
VOI Inventory (Tables)
VOI Inventory (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
VOI Inventory [Abstract] | |
Summary Of Inventory | September 30, December 31, 2020 2019 Completed VOI units $ 271,985 269,847 Construction-in-progress — 3,946 Real estate held for future VOI development 78,360 73,144 Total VOI inventory $ 350,345 346,937 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt [Abstract] | |
Notes Payable And Other Borrowings | September 30, 2020 December 31, 2019 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Bluegreen: NBA Éilan Loan $ 16,973 3.50 % $ 28,235 $ 18,820 4.95 % $ 31,259 Fifth Third Syndicated Line of Credit 50,000 2.39 % 74,028 30,000 3.85 % 49,062 Fifth Third Syndicated Term Loan 95,000 2.56 % 140,654 98,750 3.71 % 161,497 Unamortized debt issuance costs ( 1,302 ) ( 1,410 ) Total notes payable and other borrowings $ 160,671 $ 146,160 |
Receivable-Backed Notes Payable | September 30, 2020 December 31, 2019 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 (1) $ 19,715 3.40 % $ 26,263 $ 25,860 4.75 % $ 31,681 NBA Receivables Facility (2) 33,389 3.35 % 42,792 32,405 4.55 % 39,787 Pacific Western Facility (1) 24,313 3.03 % 31,241 30,304 4.68 % 37,809 Total $ 77,417 $ 100,296 $ 88,569 $ 109,277 Receivable-backed notes payable - non-recourse: KeyBank/DZ Purchase Facility 60,981 2.50 % 77,140 31,708 3.99 % 39,448 Quorum Purchase Facility 34,240 4.75 - 5.50 % 39,876 44,525 4.75 - 5.50 % 49,981 2012 Term Securitization 5,025 2.94 % 6,162 8,638 2.94 % 9,878 2013 Term Securitization 13,286 3.20 % 15,139 18,219 3.20 % 19,995 2015 Term Securitization 24,302 3.02 % 26,998 31,188 3.02 % 33,765 2016 Term Securitization 37,952 3.35 % 43,794 48,529 3.35 % 54,067 2017 Term Securitization 54,507 3.12 % 62,877 65,333 3.12 % 74,219 2018 Term Securitization 77,148 4.02 % 90,088 91,231 4.02 % 103,974 Unamortized debt issuance costs ( 4,140 ) — — ( 5,125 ) — — Total $ 303,301 $ 362,074 $ 334,246 $ 385,327 Total receivable-backed debt $ 380,718 $ 462,370 $ 422,815 $ 494,604 (1) Recourse on these facilities is in each case limited to $ 10 million, subject to certain exceptions. (2) Pursuant to the September 25, 2020 amendment described below, recourse to Bluegreen/Big Cedar Vacations under this amended facility was reduced to $ 23.8 million and will be reduced by $ 1.3 million per month starting October 31, 2020 until it reaches a floor of $ 10.0 million. |
Junior Subordinated Debentures Outstanding | September 30, 2020 December 31, 2019 Effective Effective Carrying Interest Carrying Interest Amounts Rates (1) Amounts Rates (1) Woodbridge - Levitt Capital Trusts I - IV $ 66,302 4.11 - 4.16 % $ 66,302 5.74 - 5.95 % Bluegreen Statutory Trusts I - VI 110,827 5.07 - 5.21 % 110,827 6.74 - 6.86 % Unamortized debt issuance costs ( 1,075 ) ( 1,129 ) Unamortized purchase discount ( 38,117 ) ( 38,746 ) Total junior subordinated debentures $ 137,937 $ 137,254 (1) The Company’s junior subordinated debentures bear interest at 3-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 3.80 % to 4.90 %. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue Recognition [Abstract] | |
Disaggregated Revenue | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Sales of VOIs $ 59,265 66,318 $ 113,447 186,351 Fee-based sales commissions 22,119 60,478 64,619 161,033 Resort and club management revenue 24,454 27,165 73,707 78,169 Cost reimbursements 15,684 17,883 46,654 48,933 Resort title fees 1,281 4,289 5,353 10,092 Other customer revenue 2,096 2,290 4,498 5,754 Revenue from customers 124,899 178,423 308,278 490,332 Interest income 19,346 21,586 59,963 63,969 Other revenue — 28 — 70 Total revenues $ 144,245 200,037 $ 368,241 554,371 |
Noncontrolling Interests And _2
Noncontrolling Interests And Redeemable Noncontrolling Interest (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Noncontrolling Interests And Redeemable Noncontrolling Interest [Abstract] | |
Summary Of Noncontrolling Interests | September 30, December 31, 2020 2019 Bluegreen (1) $ 22,320 39,740 Bluegreen / Big Cedar Vacations (2) 53,555 49,534 Other (3) — 1,001 Total noncontrolling interests $ 75,875 90,275 |
Summary Of Income (Loss) Attributable To Noncontrolling Interests | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Bluegreen (1) $ 713 1,962 293 2,346 Bluegreen / Big Cedar Vacations (2) 2,644 2,248 4,021 9,095 Net income (loss) attributable to noncontrolling interests - continuing operations $ 3,357 4,210 4,314 11,441 (1) As a result of Bluegreen’s IPO during the fourth quarter of 2017 and subsequent share repurchases in 2018 and 2020, the Company owned approximately 93 % of Bluegreen as of September 30, 2020. Bluegreen was a wholly-owned subsidiary of the Company immediately prior to the Bluegreen IPO. (2) Bluegreen has a joint venture arrangement pursuant to which it owns 51 % of Bluegreen/Big Cedar Vacations. (3) Reflects the spin-off of BBX Capital on September 30, 2020. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Measurement [Abstract] | |
Financial Disclosures About Fair Value Of Financial Instruments | The carrying amounts of financial instruments included in the consolidated financial statements and their estimated fair values are as follows (in thousands): As of September 30, 2020 As of December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Cash and cash equivalents $ 211,110 211,110 335,846 335,846 Restricted cash 35,672 35,672 49,896 49,896 Notes receivable, net 410,113 542,309 448,568 587,000 Note payable to BBX Capital, Inc. 75,000 75,000 — — Lines-of-credit, notes payable, and receivable-backed notes payable 541,389 543,500 568,975 589,300 Junior subordinated debentures 137,937 108,200 137,254 146,000 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | The table below sets forth the Company’s segment information for the three months ended September 30, 2020 (in thousands): Revenue: Sales of VOIs and financing Resort operations and club management Bluegreen Corporate and other BVH Corporate Elimination Total Sales of VOIs $ 59,265 $ — $ — — $ — $ 59,265 Fee-based sales commission revenue 22,119 — — — — 22,119 Other fee-based services revenue 1,281 26,550 — — — 27,831 Cost reimbursements — 15,684 — — — 15,684 Mortgage servicing revenue 1,403 — — — ( 1,403 ) — Interest income 19,049 — 623 127 ( 453 ) 19,346 Other revenue — — — — — — Total revenue 103,117 42,234 623 127 ( 1,856 ) 144,245 Costs and expenses: Cost of VOIs sold 3,597 — — — — 3,597 Net carrying cost of VOI inventory 8,580 — — — ( 8,580 ) — Cost of other fee-based services 800 11,481 — — 8,580 20,861 Cost reimbursements — 15,684 — — — 15,684 Selling, general and administrative expenses 59,502 — 20,254 41,583 ( 406 ) 120,933 Mortgage servicing expense 997 — — — ( 997 ) — Interest expense 3,910 — 3,409 1,102 ( 453 ) 7,968 Total costs and expenses 77,386 27,165 23,663 42,685 ( 1,856 ) 169,043 Other (expense) income — — ( 365 ) 26 — ( 339 ) Income (loss) before non-controlling interest and (benefit) provision for income taxes $ 25,731 $ 15,069 $ ( 23,405 ) ( 42,532 ) $ — $ ( 25,137 ) Add: Depreciation and amortization 1,405 208 Add: Severance 208 114 Segment Adjusted EBITDA $ 27,344 $ 15,391 The table below sets forth the Company’s segment information as of and for the three months ended September 30, 2019 (in thousands): Revenue: Sales of VOIs and financing Resort operations and club management Bluegreen Corporate and other BVH Corporate Elimination Total Sales of VOIs $ 66,318 $ — $ — $ — $ — $ 66,318 Fee-based sales commission revenue 60,478 — — — — 60,478 Other fee-based services revenue 4,289 29,455 — — — 33,744 Cost reimbursements — 17,883 — — — 17,883 Mortgage servicing revenue 1,588 — — — ( 1,588 ) — Interest income 20,043 — 2,038 705 ( 1,200 ) 21,586 Other income, net — — — ( 45 ) 73 28 Total revenue 152,716 47,338 2,038 660 ( 2,715 ) 200,037 Costs and expenses: Cost of VOIs sold 3,121 — — — — 3,121 Net carrying cost of VOI inventory 5,878 — — — ( 5,878 ) — Cost of other fee-based services 2,442 14,552 — — 5,878 22,872 Cost reimbursements — 17,883 — — — 17,883 Selling, general and administrative expenses 95,672 — 22,388 11,926 46 130,032 Mortgage servicing expense 1,561 — — — ( 1,561 ) — Interest expense 5,062 — 5,326 2,566 ( 1,200 ) 11,754 Total costs and expenses 113,736 32,435 27,714 14,492 ( 2,715 ) 185,662 Other income 537 — 1,609 58 — 2,204 Income (loss) before non-controlling interest and (benefit) provision for income taxes $ 39,517 $ 14,903 $ ( 24,067 ) $ ( 13,774 ) $ — $ 16,579 Add: Depreciation and amortization 1,507 321 Add: Bass Pro Settlement 594 238 Segment Adjusted EBITDA $ 41,618 $ 15,462 The table below sets forth the Company’s segment information as of and for the nine months ended September 30, 2020 (in thousands): Revenue: Sales of VOIs and financing Resort operations and club management Bluegreen Corporate and other BVH Corporate Elimination Total Sales of VOIs $ 113,447 $ — $ — $ — $ — $ 113,447 Fee-based sales commission revenue 64,619 — — — — 64,619 Other fee-based services revenue 5,353 78,205 — — — 83,558 Cost reimbursements — 46,654 — — — 46,654 Mortgage servicing revenue 4,508 — — — ( 4,508 ) — Interest income 58,258 — 3,388 841 ( 2,524 ) 59,963 Other revenue — — — — — — Total revenue 246,185 124,859 3,388 841 ( 7,032 ) 368,241 Costs and expenses: Cost of VOIs sold 8,734 — — — — 8,734 Net carrying cost of VOI inventory 27,407 — — — ( 27,407 ) — Cost of other fee-based services 2,989 30,711 — — 27,407 61,107 Cost reimbursements — 46,654 — — — 46,654 Selling, general and administrative expenses 174,969 — 48,603 58,810 ( 1,145 ) 281,237 Mortgage servicing expense 3,363 — — — ( 3,363 ) — Interest expense 12,745 — 11,932 5,515 ( 2,524 ) 27,668 Total costs and expenses 230,207 77,365 60,535 64,325 ( 7,032 ) 425,400 Other income, net — — 41 145 — 186 Income (loss) before non-controlling interest and (benefit) provision for income taxes $ 15,978 $ 47,494 $ ( 57,106 ) $ ( 63,339 ) $ — $ ( 56,973 ) Add: Depreciation and amortization 4,447 588 Add: Severance 3,977 1,347 Segment Adjusted EBITDA $ 24,402 $ 49,429 The table below sets forth the Company’s segment information as of and for the nine months ended September 30, 2019 (in thousands): Revenue: Sales of VOIs and financing Resort operations and club management Bluegreen Corporate and other BVH Corporate Elimination Total Sales of VOIs $ 186,351 $ — $ — — $ — $ 186,351 Fee-based sales commission revenue 161,033 — — — — 161,033 Other fee-based services revenue 10,092 83,923 — — — 94,015 Cost reimbursements — 48,933 — — — 48,933 Mortgage servicing revenue 4,621 — — — ( 4,621 ) — Interest income 59,985 — 5,979 1,605 ( 3,600 ) 63,969 Other income, net — — — ( 127 ) 197 70 Total revenue 422,082 132,856 5,979 1,478 ( 8,024 ) 554,371 Costs and expenses: Cost of VOIs sold 17,541 — — — — 17,541 Net carrying cost of VOI inventory 18,853 — — — ( 18,853 ) — Cost of other fee-based services 4,832 40,228 — — 18,853 63,913 Cost reimbursements — 48,933 — — — 48,933 Selling, general and administrative expenses 299,028 — 59,145 36,417 ( 310 ) 394,280 Mortgage servicing expense 4,114 — — — ( 4,114 ) — Interest expense 15,391 — 14,564 7,915 ( 3,600 ) 34,270 Total costs and expenses 359,759 89,161 73,709 44,332 ( 8,024 ) 558,937 Other income 537 — 3,691 136 — 4,364 Income (loss) before non-controlling interest and provision (benefit) for income taxes $ 62,860 $ 43,695 $ ( 64,039 ) $ ( 42,718 ) $ — $ ( 202 ) Add: Depreciation and amortization 4,577 1,050 Add: Severance 594 238 Add: Bass Pro Settlement 39,121 — Segment Adjusted EBITDA (1) $ 107,152 44,983 (1) See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA, including how we define Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations [Abstract] | |
Summary Of Assets And Liabilities Of Discontinued Operations | September 30, December 31, 2020 2019 Cash and cash equivalents $ — 20,758 Restricted cash — 370 Trade inventory — 22,843 Real estate — 65,818 Investments in and advances to unconsolidated real estate joint ventures — 57,330 Property and equipment, net — 29,836 Goodwill — 37,248 Intangible assets, net — 6,671 Operating lease assets — 87,854 Deferred income taxes — 2,297 Other assets — 29,656 Discontinued operations total assets $ — 360,681 Liabilities: Accounts payable $ — 9,294 Other liabilities — 21,043 Notes payable and other borrowings — 42,571 Operating lease liability — 100,473 Discontinued operations total liabilities $ — 173,381 |
Summary Of Income (Loss) Of Discontinued Operations | For the Three Months For the Nine Months Ended September 30, Ended September 30, 2020 2019 2020 2019 Revenues: Trade sales $ 35,692 47,660 $ 99,628 138,705 Sales of real estate inventory 4,970 371 14,248 5,030 Interest income 366 212 586 762 Net gains on sales of real estate assets 164 399 130 11,395 Other revenue 933 1,137 2,398 3,033 Total revenues 42,125 49,779 116,990 158,925 Costs and Expenses: Cost of trade sales 27,981 31,860 80,154 94,978 Cost of real estate inventory sold 3,367 — 9,473 2,643 Interest expense — 118 — 409 Recoveries from loan losses, net ( 807 ) ( 1,821 ) ( 5,844 ) ( 4,206 ) Impairment losses — 4,030 31,588 6,786 Selling, general and administrative expenses 13,394 19,590 40,342 57,492 Total costs and expenses 43,935 53,777 155,713 158,102 Equity in net (losses) earnings of unconsolidated real estate joint ventures ( 646 ) 28,534 50 37,276 Foreign exchanges (loss) gain ( 59 ) ( 1 ) 214 ( 24 ) Loss on the deconsolidation of IT'SUGAR, LLC ( 3,326 ) — ( 3,326 ) — Other income 82 68 192 710 (Loss) income from discontinued operations before income taxes $ ( 5,759 ) 24,603 $ ( 41,593 ) 38,785 |
Summary Of Cash Flows Of Discontinued Operations | For the Nine Months Ended September 30, 2020 2019 Operating activities: Net (loss) income $ ( 32,526 ) 28,374 Adjustment to reconcile net (loss) income to net cash (used in) provided by operating activities: Recoveries from loan losses, net ( 5,844 ) ( 4,206 ) Depreciation, amortization and accretion, net 5,468 6,519 Net gains on sales of real estate and property and equipment ( 130 ) ( 11,105 ) Equity earnings of unconsolidated real estate joint ventures ( 49 ) ( 37,276 ) Return on investment in unconsolidated real estate joint ventures 3,933 38,020 Loss from the deconsolidation of IT'SUGAR, LLC 3,326 - (Increase) decrease in deferred income tax asset ( 9,066 ) 6,277 Impairment losses 31,588 6,786 Increase in trade inventory ( 279 ) ( 5,016 ) (Increase) decrease in trade receivables ( 2,336 ) 5,042 Decrease (increase) in real estate inventory 925 ( 2,865 ) Net change in operating lease assets and liabilities ( 964 ) 683 (Increase) decrease in other assets ( 1,388 ) 3,744 (Decrease) increase in other liabilities 6,512 ( 483 ) Net cash (used in) provided by operating activities $ ( 830 ) 34,494 Investing activities: Return of investment in unconsolidated real estate joint ventures 4,631 30,331 Investments in unconsolidated real estate joint ventures ( 14,009 ) ( 20,076 ) Proceeds from repayment of loans receivable 5,960 4,935 Proceeds from sales of real estate 2,151 32,136 Proceeds from sales of property and equipment — — Additions to real estate ( 70 ) ( 438 ) Purchases of property and equipment ( 4,032 ) ( 7,765 ) Decrease in cash from other investing activities ( 1,065 ) ( 73 ) Net cash (used in) provided by investing activities $ ( 6,434 ) 39,050 |
Organization And Basis Of Fin_3
Organization And Basis Of Financial Statement Presentation (Narrative) (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||
Oct. 31, 2020USD ($)item | Aug. 31, 2020$ / shares | Jul. 31, 2020 | Mar. 31, 2020USD ($)itemshares | Sep. 30, 2020USD ($)shares | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)itemshares | Jun. 30, 2020 | Sep. 30, 2020USD ($)shares | Sep. 30, 2019USD ($)itemshares | Jan. 31, 2020USD ($) | Dec. 31, 2019USD ($)shares | |
Business Acquisition [Line Items] | ||||||||||||
Other assets | $ 58,168 | $ 58,168 | $ 58,168 | $ 68,477 | ||||||||
Purchase and retirement, value | $ 7,015 | $ 8,898 | ||||||||||
Revenues | 144,245 | 200,037 | 368,241 | 554,371 | ||||||||
Property and equipment, net | $ 93,046 | $ 93,046 | $ 93,046 | 99,670 | ||||||||
Shareholder rights plan, maximum percentage allowed to acquire | 5.00% | 5.00% | 5.00% | |||||||||
Resort occupancy percentage | 70.00% | |||||||||||
CARES Act, tax withholding deferral | $ 5,100 | $ 5,100 | $ 5,100 | |||||||||
CARES Act, employee retention tax credits | 6,900 | |||||||||||
Cash and cash equivalents | $ 211,110 | $ 336,880 | $ 211,110 | $ 211,110 | $ 336,880 | $ 335,846 | ||||||
LIBOR indexed receivable-backed notes payable and lines of credit | $ 177,100 | |||||||||||
LIBOR indexed lines of credit and notes payable | 88,200 | |||||||||||
LIBOR indexed junior subordinated debentures | $ 162,000 | |||||||||||
Prepaid expenses | $ 1,300 | |||||||||||
Bluegreen [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Consolidated method ownership percentage | 93.00% | 93.00% | 93.00% | |||||||||
Bluegreen [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Purchase and retirement, shares | shares | 1,878,400 | |||||||||||
Purchase and retirement, value | $ 11,700 | |||||||||||
Number of reductions in workforce | item | 1,600 | |||||||||||
Number of associates on temporary furlough or reduced work hours | item | 3,200 | |||||||||||
Number of additional associates returned to work | item | 3,200 | |||||||||||
Number of full-time associates | item | 4,400 | 6,060 | ||||||||||
Severance expense | $ 400 | 5,100 | ||||||||||
Payroll and payroll benefit expense | $ 1,500 | $ 13,100 | ||||||||||
Special dividend | $ / shares | $ 1.19 | |||||||||||
Line of credit, outstanding | $ 60,000 | |||||||||||
Line of credit, repaid | $ 60,000 | |||||||||||
Allowance for loan losses | $ 12,000 | |||||||||||
Common Class A And Class B [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Reverse split | 5 | |||||||||||
Class A Common Stock [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Spin-off share ratio | 1 | 1 | 1 | |||||||||
Purchase and retirement, shares | shares | 360,000 | |||||||||||
Purchase and retirement, value | $ 4 | |||||||||||
Percent of voting power | 22.00% | 22.00% | 22.00% | |||||||||
Percentage of total common equity | 81.00% | 81.00% | 81.00% | |||||||||
Common stock, shares authorized | shares | 150,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | |||||||
Class B Common Stock [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Spin-off share ratio | 1 | 1 | 1 | |||||||||
Percent of voting power | 78.00% | 78.00% | 78.00% | |||||||||
Percentage of total common equity | 19.00% | 19.00% | 19.00% | |||||||||
Common stock, shares authorized | shares | 20,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | |||||||
Spin-off [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Debt face amount | $ 75,000 | $ 75,000 | $ 75,000 | |||||||||
Interest rate | 6.00% | 6.00% | 6.00% | |||||||||
Deferred interest rate | 8.00% | 8.00% | 8.00% | |||||||||
Debt instrument term (in years) | 5 years | |||||||||||
Liberty Bank Facility [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Interest rate | 3.40% | 3.40% | 3.40% | 4.75% | ||||||||
Line of credit, outstanding | $ 13,300 | $ 13,300 | $ 13,300 | |||||||||
NBA Receivables Facility [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Interest rate | 3.35% | 3.35% | 3.35% | 4.55% | ||||||||
Accounting Standards Update 2018-15 [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Implementation costs | $ (1,900) | |||||||||||
Prepaid expenses | $ 1,900 | |||||||||||
Bass Pro And Cabela [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of stores open | item | 87 | |||||||||||
Cabela [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of stores open | item | 5 | |||||||||||
Subsequent Event [Member] | Bluegreen [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Line of credit, repaid | $ 20,000 | |||||||||||
Subsequent Event [Member] | 2020-A Term Securitization [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Effective Interest Rate | 2.60% | |||||||||||
Subsequent Event [Member] | Bass Pro [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of retail locations reopened | item | 1 | |||||||||||
Subsequent Event [Member] | Bass Pro And Cabela [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of retail locations reopened | item | 97 | |||||||||||
Subsequent Event [Member] | Cabela [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of retail locations reopened | item | 4 | |||||||||||
One-month LIBOR [Member] | NBA Receivables Facility [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Basis spread on rate | 2.75% | 2.25% | ||||||||||
Effective Interest Rate | 3.00% | 3.00% | 3.50% | 3.00% | ||||||||
One-month LIBOR [Member] | Subsequent Event [Member] | NBA Receivables Facility [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Basis spread on rate | 2.25% | |||||||||||
Effective Interest Rate | 3.00% |
Consolidated Variable Interes_3
Consolidated Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Bluegreens Vacation Ownership Interests [Member] | ||
Variable Interest Entity [Line Items] | ||
Voluntary repurchases and substitutions | $ 11.1 | $ 8.4 |
Consolidated Variable Interes_4
Consolidated Variable Interest Entities (Information Related To The Assets And Liabilities Of The VIEs) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Variable Interest Entity [Line Items] | |||
Restricted cash | $ 35,672 | $ 49,896 | $ 48,597 |
Securitized notes receivable, net | 410,113 | 448,568 | |
Receivable backed notes payable - non-recourse | 303,301 | 334,246 | |
Bluegreens Vacation Ownership Interests [Member] | |||
Variable Interest Entity [Line Items] | |||
Restricted cash | 15,135 | 22,534 | |
Securitized notes receivable, net | 271,539 | 292,590 | |
Receivable backed notes payable - non-recourse | $ 303,301 | $ 334,246 |
Notes Receivable (Narrative) (D
Notes Receivable (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest | $ 3,800 | $ 5,300 |
Notes Receivable [Member] | Bluegreen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted-average interest rate | 14.90% | 14.90% |
Bluegreens Vacation Ownership Interests [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Additional allowance for loan losses | $ 12,000 | |
> 90 days | $ 22,332 | $ 19,267 |
Period which receivable is considered past due, in days | 127 days |
Notes Receivable (Information R
Notes Receivable (Information Relating To Bluegreen's Notes Receivable) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross VOI notes receivable | $ 559,918 | $ 589,198 |
Notes receivable, net ($271,539 in 2020 and $292,590 in 2019 in VIEs) | 410,113 | 448,568 |
Notes Receivable Secured By VOIs [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross VOI notes receivable | 559,918 | 589,198 |
Allowance for loan losses | (149,805) | (140,630) |
Notes receivable, net ($271,539 in 2020 and $292,590 in 2019 in VIEs) | $ 410,113 | $ 448,568 |
Allowance as a % of gross notes receivable | 27.00% | 24.00% |
Notes Receivable Secured By VOIs [Member] | VOI Notes Receivable - Non-Securitized [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross VOI notes receivable | $ 197,845 | $ 203,872 |
Allowance for loan losses | (59,271) | (47,894) |
Notes Receivable Secured By VOIs [Member] | VOI Notes Receivable - Securitized [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross VOI notes receivable | 362,073 | 385,326 |
Allowance for loan losses | $ (90,534) | $ (92,736) |
Notes Receivable (Activity In T
Notes Receivable (Activity In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance, beginning of period | $ 140,630 | |
Provision for loan losses | (5,844) | $ (4,206) |
Balance, end of period | 149,805 | |
Bluegreens Vacation Ownership Interests [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance, beginning of period | 140,630 | 134,133 |
Provision for loan losses | 44,083 | 39,483 |
Write-offs of uncollectible receivables | (34,908) | (38,340) |
Balance, end of period | $ 149,805 | $ 135,276 |
Notes Receivable (Financing Rec
Notes Receivable (Financing Receivable Credit Quality Indicators And Past Due By Year Of Origination) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
2020 | $ 82,617 | |
2019 | 147,884 | |
2018 | 106,105 | |
2017 | 73,202 | |
2016 | 60,290 | |
2015 and Prior | 89,820 | |
Total | 559,918 | $ 589,198 |
Defaults [Member] | ||
2020 | 610 | |
2019 | 8,251 | |
2018 | 9,484 | |
2017 | 6,559 | |
2016 | 4,901 | |
2015 and Prior | 5,103 | |
Total | 34,908 | |
Allowance For Loan Loss [Member] | ||
2020 | 22,945 | |
2019 | 43,188 | |
2018 | 29,545 | |
2017 | 18,070 | |
2016 | 17,126 | |
2015 and Prior | 18,931 | |
Total | 149,805 | |
Current [Member] | ||
2020 | 81,169 | |
2019 | 141,008 | |
2018 | 99,478 | |
2017 | 68,010 | |
2016 | 56,417 | |
2015 and Prior | 81,387 | |
Total | 527,469 | |
31-60 Days [Member] | ||
2020 | 612 | |
2019 | 1,521 | |
2018 | 1,243 | |
2017 | 736 | |
2016 | 558 | |
2015 and Prior | 936 | |
Total | 5,606 | |
61-90 Days [Member] | ||
2020 | 315 | |
2019 | 1,510 | |
2018 | 764 | |
2017 | 946 | |
2016 | 408 | |
2015 and Prior | 568 | |
Total | 4,511 | |
Over 91 Days [Member] | ||
2020 | 521 | |
2019 | 3,845 | |
2018 | 4,620 | |
2017 | 3,510 | |
2016 | 2,907 | |
2015 and Prior | 6,929 | |
Total | 22,332 | |
701+ [Member] | ||
2020 | 49,843 | |
2019 | 92,561 | |
2018 | 61,442 | |
2017 | 39,863 | |
2016 | 29,802 | |
2015 and Prior | 39,607 | |
Total | 313,118 | |
601-700 [Member] | ||
2020 | 30,057 | |
2019 | 47,499 | |
2018 | 36,549 | |
2017 | 26,616 | |
2016 | 24,508 | |
2015 and Prior | 38,616 | |
Total | 203,845 | |
Less Than 601 [Member] | ||
2020 | 2,492 | |
2019 | 4,815 | |
2018 | 3,266 | |
2017 | 2,239 | |
2016 | 2,429 | |
2015 and Prior | 4,445 | |
Total | 19,686 | |
Other [Member] | ||
2020 | 225 | |
2019 | 3,009 | |
2018 | 4,848 | |
2017 | 4,484 | |
2016 | 3,551 | |
2015 and Prior | 7,152 | |
Total | 23,269 | |
Bluegreens Vacation Ownership Interests [Member] | ||
VOI note receivable balance had not yet been charged off | $ 15,200 | $ 10,600 |
Notes Receivable (Percentage Of
Notes Receivable (Percentage Of Gross Notes Receivable Outstanding, By FICO Score At Origination) (Details) | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage of gross notes receivable outstanding | 100.00% | 100.00% |
701+ [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage of gross notes receivable outstanding | 59.00% | 59.00% |
600-699 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage of gross notes receivable outstanding | 37.00% | 37.00% |
Less Than 601 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage of gross notes receivable outstanding | 4.00% | 4.00% |
Notes Receivable (Delinquency S
Notes Receivable (Delinquency Status Of Bluegreen's VOI Notes Receivable) (Details) - Bluegreens Vacation Ownership Interests [Member] - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 527,469 | $ 557,849 |
31-60 days | 5,606 | 6,794 |
61-90 days | 4,511 | 5,288 |
> 90 days | 22,332 | 19,267 |
Total | 559,918 | 589,198 |
VOI note receivable balance had not yet been charged off | $ 15,200 | $ 10,600 |
VOI Inventory (Summary Of Inven
VOI Inventory (Summary Of Inventory) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
VOI Inventory [Abstract] | ||
Completed VOI units | $ 271,985 | $ 269,847 |
Construction-in-progress | 3,946 | |
Real estate held for future VOI development | 78,360 | 73,144 |
Total VOI inventory | $ 350,345 | $ 346,937 |
Debt (Notes Payable And Other B
Debt (Notes Payable And Other Borrowings, Narrative) (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 9 Months Ended | |||
Oct. 31, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||||||
Notes And Loans Payable | $ 160,671,000 | $ 160,671,000 | $ 146,160,000 | |||
Line of Credit Facility, Current Borrowing Capacity | 182,400,000 | 182,400,000 | ||||
Debt issuance during period | 0 | |||||
Unamortized debt issuance costs | 1,075,000 | 1,075,000 | 1,129,000 | |||
Other Assets | 58,168,000 | 58,168,000 | $ 68,477,000 | |||
Fifth Third Syndicated Line of Credit and Fifth Third Syndicated Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit, repaid | 60,000,000 | |||||
NBA Receivables Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 70,000,000 | $ 70,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.35% | 3.35% | 4.55% | |||
Iberia Line Of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 50,000,000 | $ 50,000,000 | ||||
Line of credit, outstanding | 0 | 0 | ||||
Bluegreen [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes And Loans Payable | 160,671,000 | 160,671,000 | $ 146,160,000 | |||
Payments for legal settlements | $ 20,000,000 | |||||
Line of credit, outstanding | $ 60,000,000 | |||||
Line of credit, repaid | 60,000,000 | |||||
Periodic payment, principal | $ 4,000,000 | |||||
Unamortized debt issuance costs | 1,302,000 | 1,302,000 | 1,410,000 | |||
Bluegreen [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit, repaid | $ 20,000,000 | |||||
Bluegreen [Member] | Fifth Third Syndicated Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes And Loans Payable | 95,000,000 | 95,000,000 | 98,750,000 | |||
Carrying Amount of Pledged Assets | $ 140,654,000 | $ 140,654,000 | $ 161,497,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.56% | 2.56% | 3.71% | |||
Debt face amount | $ 95,000,000 | $ 95,000,000 | ||||
Bluegreen [Member] | Fifth Third Syndicated LOC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes And Loans Payable | 50,000,000 | 50,000,000 | $ 30,000,000 | |||
Carrying Amount of Pledged Assets | $ 74,028,000 | $ 74,028,000 | $ 49,062,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.39% | 2.39% | 3.85% | |||
Line of credit, outstanding | $ 50,000,000 | $ 50,000,000 | ||||
Effective Interest Rate | 2.39% | 2.39% | ||||
Bluegreen [Member] | Fifth Third Syndicated Line of Credit and Fifth Third Syndicated Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit, outstanding | $ 145,000,000 | $ 145,000,000 | ||||
Bluegreen [Member] | NBA Eilan Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes And Loans Payable | 16,973,000 | 16,973,000 | $ 18,820,000 | |||
Carrying Amount of Pledged Assets | $ 28,235,000 | $ 28,235,000 | $ 31,259,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% | 4.95% |
Debt (Receivable-Backed Notes P
Debt (Receivable-Backed Notes Payable, Narrative) (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 9 Months Ended | |||
Oct. 31, 2020 | Jun. 30, 2020 | Sep. 30, 2020 | Feb. 05, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||||||
Current borrowing capacity | $ 182,400,000 | |||||
Receivable backed notes payable - non-recourse | 303,301,000 | $ 334,246,000 | ||||
Debt issuance during period | 0 | |||||
Deferred Finance Costs, Net | 1,075,000 | 1,129,000 | ||||
Bluegreen [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit, outstanding | $ 60,000,000 | |||||
Deferred Finance Costs, Net | $ 1,302,000 | $ 1,410,000 | ||||
WSJ Prime Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on rate | 0.10% | |||||
WSJ Prime Rate [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Effective yield rate | 4.00% | |||||
WSJ Prime Rate [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Effective yield rate | 3.40% | |||||
Liberty Bank Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 40,000,000 | |||||
Repayments of Debt | 6,400,000 | |||||
Line of credit, outstanding | $ 13,300,000 | |||||
Interest rate | 3.40% | 4.75% | ||||
Future advance rate percent | 60.00% | |||||
Liberty Bank Facility [Member] | Bluegreen [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 10,000,000 | |||||
Liberty Bank Facility [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 50,000,000 | |||||
Future advance rate percent | 85.00% | |||||
Liberty Bank Facility [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 40,000,000 | |||||
Future advance rate percent | 80.00% | |||||
Pacific Western Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 40,000,000 | |||||
Repayments of Debt | 14,600,000 | |||||
Line of credit, outstanding | $ 9,700,000 | |||||
Interest rate | 3.03% | 4.68% | ||||
KeyBank/DZ Purchase Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 80,000,000 | |||||
Receivable backed notes payable - non-recourse | 60,981,000 | $ 31,708,000 | ||||
Repayments of Debt | 61,100,000 | |||||
Debt issuance during period | $ 82,100,000 | |||||
Interest rate | 2.50% | 3.99% | ||||
Quorum Purchase Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | $ 34,240,000 | $ 44,525,000 | ||||
Future advance rate percent | 85.00% | |||||
Quorum Purchase Facility [Member] | Bluegreen [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 50,000,000 | |||||
Quorum Purchase Facility [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 5.50% | 5.50% | ||||
Quorum Purchase Facility [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.75% | 4.75% | ||||
2016 Term Securitization [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | $ 37,952,000 | $ 48,529,000 | ||||
Interest rate | 3.35% | 3.35% | ||||
2017 Term Securitization [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | $ 54,507,000 | $ 65,333,000 | ||||
Interest rate | 3.12% | 3.12% | ||||
2018 Term Securitization [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed notes payable - non-recourse | $ 77,148,000 | $ 91,231,000 | ||||
Interest rate | 4.02% | 4.02% | ||||
NBA Receivables Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 70,000,000 | |||||
Gross advance rate | 85.00% | 80.00% | ||||
Receivable backed debt | $ 23,800,000 | |||||
Interest rate | 3.35% | 4.55% | ||||
NBA Receivables Facility [Member] | One-month LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on rate | 2.75% | 2.25% | ||||
Effective yield rate | 3.50% | 3.00% | ||||
2020-A Term Securitization [Member] | Bluegreen [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed debt | $ 5,000,000 | |||||
BXG Receivables Note Trust 2020-A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed debt | $ 148,900,000 | |||||
Proceeds from Issuance of Debt | 131,000,000 | |||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Deferred Finance Costs, Net | $ 0 | |||||
Scenario, Forecast [Member] | BXG Receivables Note Trust 2020-A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed debt | $ 10,000,000 | |||||
Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Write off of unamortized deferred debt issuance cost | $ 100,000 | |||||
Subsequent Event [Member] | NBA Receivables Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed debt | 25,000,000 | |||||
Per month reduction | 1,300,000 | |||||
Subsequent Event [Member] | NBA Receivables Facility [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed debt | $ 10,000,000 | |||||
Subsequent Event [Member] | NBA Receivables Facility [Member] | One-month LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on rate | 2.25% | |||||
Effective yield rate | 3.00% | |||||
Subsequent Event [Member] | 2020-A Term Securitization [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed debt | $ 131,000,000 | |||||
Effective yield rate | 2.60% | |||||
Subsequent Event [Member] | 2020-A Term Securitization [Member] | Bluegreen [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Gross advance rate | 88.00% | |||||
Subsequent Event [Member] | BXG Receivables Note Trust 2020-A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed debt | $ 138,900,000 | |||||
Subsequent Event [Member] | Class A [Member] | 2020-A Term Securitization [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed debt | $ 48,600,000 | |||||
Effective yield rate | 1.55% | |||||
Subsequent Event [Member] | Class B [Member] | 2020-A Term Securitization [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed debt | $ 47,900,000 | |||||
Effective yield rate | 2.49% | |||||
Subsequent Event [Member] | Class C [Member] | 2020-A Term Securitization [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Receivable backed debt | $ 34,500,000 | |||||
Effective yield rate | 4.22% |
Debt (Junior Subordinated Deben
Debt (Junior Subordinated Debentures, Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Other assets | $ 58,168 | $ 68,477 |
Debt (Notes Payable And Other_2
Debt (Notes Payable And Other Borrowings) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 160,671 | $ 146,160 |
Unamortized debt issuance costs | (1,075) | (1,129) |
Iberia Line Of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 50,000 | |
Bluegreen [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | 160,671 | 146,160 |
Unamortized debt issuance costs | (1,302) | (1,410) |
Bluegreen [Member] | NBA Eilan Loan [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 16,973 | $ 18,820 |
Interest Rate | 3.50% | 4.95% |
Carrying Amount of Pledged Assets | $ 28,235 | $ 31,259 |
Bluegreen [Member] | Fifth Third Syndicated LOC [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 50,000 | $ 30,000 |
Interest Rate | 2.39% | 3.85% |
Carrying Amount of Pledged Assets | $ 74,028 | $ 49,062 |
Bluegreen [Member] | Fifth Third Syndicated Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable and other borrowings | $ 95,000 | $ 98,750 |
Interest Rate | 2.56% | 3.71% |
Carrying Amount of Pledged Assets | $ 140,654 | $ 161,497 |
Debt (Receivable-Backed Notes_2
Debt (Receivable-Backed Notes Payable) (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 77,417 | $ 88,569 | |
Unamortized debt issuance costs | (1,075) | (1,129) | |
Receivable backed notes payable - non-recourse | 303,301 | 334,246 | |
Total receivable-backed debt | 380,718 | 422,815 | |
Principal Balance of Pledged/Secured Receivables | 462,370 | 494,604 | |
Recourse on all facilities | 10,000 | ||
Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | 100,296 | 109,277 | |
Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized debt issuance costs | (4,140) | (5,125) | |
Principal Balance of Pledged/Secured Receivables | 362,074 | 385,327 | |
Liberty Bank Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 19,715 | $ 25,860 | |
Interest Rate | 3.40% | 4.75% | |
Liberty Bank Facility [Member] | Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 26,263 | $ 31,681 | |
NBA Receivables Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 33,389 | $ 32,405 | |
Interest Rate | 3.35% | 4.55% | |
NBA Receivables Facility [Member] | Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 42,792 | $ 39,787 | |
Pacific Western Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 24,313 | $ 30,304 | |
Interest Rate | 3.03% | 4.68% | |
Pacific Western Facility [Member] | Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 31,241 | $ 37,809 | |
KeyBank/DZ Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 60,981 | $ 31,708 | |
Interest Rate | 2.50% | 3.99% | |
Principal Balance of Pledged/Secured Receivables | $ 77,140 | $ 39,448 | |
Quorum Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | 34,240 | 44,525 | |
Quorum Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | 39,876 | 49,981 | |
2012 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 5,025 | $ 8,638 | |
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 | $ 6,162 | $ 9,878 | |
2013 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 13,286 | $ 18,219 | |
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 | $ 15,139 | $ 19,995 | |
2015 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 24,302 | $ 31,188 | |
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 | $ 26,998 | $ 33,765 | |
2016 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 37,952 | $ 48,529 | |
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 | $ 43,794 | $ 54,067 | |
2017 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 54,507 | $ 65,333 | |
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 | $ 62,877 | $ 74,219 | |
2018 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 77,148 | $ 91,231 | |
Interest Rate | 4.02% | 4.02% | |
Principal Balance of Pledged/Secured Receivables | $ 90,088 | $ 103,974 | |
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% | 5.50% | |
Subsequent Event [Member] | NBA Receivables Facility [Member] | |||
Debt Instrument [Line Items] | |||
Per month reduction | $ 1,300 | ||
Subsequent Event [Member] | NBA Receivables Facility [Member] | Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | 23,800 | ||
Per month reduction | 1,300 | ||
Subsequent Event [Member] | Minimum [Member] | NBA Receivables Facility [Member] | Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 10,000 |
Debt (Junior Subordinated Deb_2
Debt (Junior Subordinated Debentures Outstanding) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Carrying Amounts | $ 137,937 | $ 137,254 |
Unamortized debt issuance costs | (1,075) | (1,129) |
Unamortized purchase discount | (38,117) | (38,746) |
Woodbridge [Member] | Levitt Capital Trust I-IV [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amounts | 66,302 | 66,302 |
Bluegreen [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | (1,302) | (1,410) |
Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amounts | $ 110,827 | $ 110,827 |
Minimum [Member] | Woodbridge [Member] | Levitt Capital Trust I-IV [Member] | ||
Debt Instrument [Line Items] | ||
Effective Interest Rate | 4.11% | 5.74% |
Minimum [Member] | Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | ||
Debt Instrument [Line Items] | ||
Effective Interest Rate | 5.07% | 6.74% |
Maximum [Member] | Woodbridge [Member] | Levitt Capital Trust I-IV [Member] | ||
Debt Instrument [Line Items] | ||
Effective Interest Rate | 4.16% | 5.95% |
Maximum [Member] | Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | ||
Debt Instrument [Line Items] | ||
Effective Interest Rate | 5.21% | 6.86% |
LIBOR [Member] | Minimum [Member] | Junior Subordinated Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on rate | 3.80% | 3.80% |
LIBOR [Member] | Maximum [Member] | Junior Subordinated Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on rate | 4.90% | 4.90% |
Debt (Schedule Of Amounts Avail
Debt (Schedule Of Amounts Available Under Credit Facilities) (Details) $ in Millions | Sep. 30, 2020USD ($) |
Debt [Abstract] | |
Total credit availability | $ 182.4 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregated Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from customers | $ 124,899 | $ 178,423 | $ 308,278 | $ 490,332 |
Interest income | 19,346 | 21,586 | 59,963 | 63,969 |
Other revenue | 28 | 70 | ||
Total revenues | 144,245 | 200,037 | 368,241 | 554,371 |
Sales Of VOIs [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from customers | 59,265 | 66,318 | 113,447 | 186,351 |
Fee-Based Sales Commissions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from customers | 22,119 | 60,478 | 64,619 | 161,033 |
Resort And Club Management Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from customers | 24,454 | 27,165 | 73,707 | 78,169 |
Cost Reimbursements [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from customers | 15,684 | 17,883 | 46,654 | 48,933 |
Resort Title Fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from customers | 1,281 | 4,289 | 5,353 | 10,092 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from customers | $ 2,096 | $ 2,290 | $ 4,498 | $ 5,754 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Loss Carryforwards [Line Items] | |||||
Effective tax rate | (0.70%) | 27.00% | (0.70%) | 27.00% | |
Federal income tax rate | 21.00% | 21.00% | 21.00% | ||
Nondeductible compensation | $ 32.6 | ||||
Bluegreen [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Payments for legal settlements | $ 20 | ||||
Bass Pro [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Federal income tax rate | 26.00% | 26.00% | |||
Unrecognized tax benefits | $ 39.1 | $ 39.1 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) | Jul. 07, 2020plaintiff | Jan. 07, 2019plaintiff | Feb. 28, 2018plaintiff | Jan. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($)item | Sep. 30, 2020USD ($)itemstore | Sep. 30, 2019USD ($) | Dec. 31, 2015 | Dec. 31, 2020item | Oct. 31, 2020item |
Commitments And Contingencies [Line Items] | |||||||||||
Annual fee for each store assessed | $ 5,200,000 | ||||||||||
Prepaid fees | $ 1,300,000 | ||||||||||
Number of opt-in plaintiffs | plaintiff | 660 | ||||||||||
Average annual default rates | 9.70% | 6.90% | |||||||||
Percent of total delinquencies subject to letters | 13.70% | ||||||||||
Payments to subsidies | $ 7,700,000 | $ 10,500,000 | |||||||||
Other liabilities | $ 99,320,000 | 78,278,000 | |||||||||
CARES Act, tax withholding deferral | 5,100,000 | ||||||||||
CARES Act, employee retention tax credits | 6,900,000 | ||||||||||
Notes And Loans Payable | 146,160,000 | 160,671,000 | |||||||||
Current borrowing capacity | 182,400,000 | ||||||||||
Operating lease liabilities | 22,957,000 | 21,177,000 | |||||||||
Subsidies To Certain HOAs [Member] | |||||||||||
Commitments And Contingencies [Line Items] | |||||||||||
Other liabilities | 0 | 10,100,000 | |||||||||
Bluegreen [Member] | |||||||||||
Commitments And Contingencies [Line Items] | |||||||||||
Payments for legal settlements | $ 20,000,000 | ||||||||||
Notes And Loans Payable | 146,160,000 | $ 160,671,000 | |||||||||
Number of periodic payments | item | 5 | ||||||||||
Periodic payment, principal | $ 4,000,000 | ||||||||||
Executive Officer [Member] | Bluegreen [Member] | |||||||||||
Commitments And Contingencies [Line Items] | |||||||||||
Amount of future payment | 2,500,000 | ||||||||||
Former Chief Executive Officer [Member] | Bluegreen [Member] | |||||||||||
Commitments And Contingencies [Line Items] | |||||||||||
Amount of future payment | 1,800,000 | ||||||||||
Period of future payments of former executive | 18 months | ||||||||||
Payment to former CEO | $ 3,500,000 | ||||||||||
Bass Pro [Member] | |||||||||||
Commitments And Contingencies [Line Items] | |||||||||||
Number of stores vacation packages are sold | store | 87 | ||||||||||
Number of stores annual fee is required | item | 59 | ||||||||||
Bass Pro [Member] | Bluegreen [Member] | |||||||||||
Commitments And Contingencies [Line Items] | |||||||||||
Percent of volume sales from agreement | 11.00% | 13.00% | |||||||||
Litigation settlement | $ 39,100,000 | $ 14,500,000 | |||||||||
Bass Pro [Member] | Subsequent Event [Member] | |||||||||||
Commitments And Contingencies [Line Items] | |||||||||||
Number of stores vacation packages are sold | item | 1 | ||||||||||
Cabela [Member] | |||||||||||
Commitments And Contingencies [Line Items] | |||||||||||
Number of stores vacation packages are sold | item | 5 | ||||||||||
Number of stores annual fee is required | item | 60 | ||||||||||
Cabela [Member] | Scenario, Forecast [Member] | |||||||||||
Commitments And Contingencies [Line Items] | |||||||||||
Number of stores vacation packages are sold | item | 14 | ||||||||||
Cabela [Member] | Bluegreen [Member] | |||||||||||
Commitments And Contingencies [Line Items] | |||||||||||
Number of stores vacation packages are sold | item | 26 | ||||||||||
Cabela [Member] | Subsequent Event [Member] | |||||||||||
Commitments And Contingencies [Line Items] | |||||||||||
Number of stores vacation packages are sold | item | 4 | ||||||||||
Bass Pro And Cabela [Member] | |||||||||||
Commitments And Contingencies [Line Items] | |||||||||||
Percentage of reduction in traffic | 25.00% | ||||||||||
Bass Pro And Cabela [Member] | Subsequent Event [Member] | |||||||||||
Commitments And Contingencies [Line Items] | |||||||||||
Number of stores vacation packages are sold | item | 97 | ||||||||||
Robert Barban [Member] | |||||||||||
Commitments And Contingencies [Line Items] | |||||||||||
Number of opt-in plaintiffs | plaintiff | 172 | ||||||||||
Tennessee Time-share Act [Member] | |||||||||||
Commitments And Contingencies [Line Items] | |||||||||||
Number of timeshare purchasers | plaintiff | 34 |
Common Stock And Cash Incenti_2
Common Stock And Cash Incentive Bonuses (Details) $ in Millions | Jan. 21, 2020USD ($)itemshares | Sep. 30, 2019shares | Sep. 30, 2020USD ($)shares | Sep. 30, 2019shares |
Equity, Class of Treasury Stock [Line Items] | ||||
Spin-off cash incentive bonus | $ | $ 19.5 | |||
Restricted Stock [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Aggregate fair value on grant date | $ | 16.7 | |||
Compensation cost | $ | $ 19.8 | |||
Restricted Stock [Member] | Class A Common Stock [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Unvested restricted shares | 488,503 | |||
Restricted Stock [Member] | Class B Common Stock [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Unvested restricted shares | 528,484 | |||
Restricted Stock [Member] | Executive Officers [Member] | Class B Common Stock [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Number of shares granted | 488,503 | |||
Aggregate fair value on grant date | $ | $ 10.2 | |||
Number of shares vested | 122,125 | |||
Number of annual installments vested | item | 4 | |||
Restricted Stock [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Unvested restricted shares | 0 | |||
Anti-dilutive shares | 3,039,265 | 3,039,265 |
Noncontrolling Interests And _3
Noncontrolling Interests And Redeemable Noncontrolling Interest (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Noncontrolling Interests And Redeemable Noncontrolling Interest [Abstract] | ||
Redeemable noncontrolling interest | $ 4,009 | |
Bluegreen repurchase and retirement of its common stock | $ 11,741 | |
Bluegreen purchase and retirement of its common stock, shares | 1,878,400 |
Noncontrolling Interests And _4
Noncontrolling Interests And Redeemable Noncontrolling Interest (Summary Of Noncontrolling Interests) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 75,875 | $ 90,275 |
Bluegreen [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 22,320 | 39,740 |
Bluegreen/Big Cedar Vacation [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 53,555 | 49,534 |
Joint Ventures And Other [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 1,001 |
Noncontrolling Interests And _5
Noncontrolling Interests And Redeemable Noncontrolling Interest (Summary Of Income (Loss) Attributable To Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Noncontrolling Interest [Line Items] | ||||
Net (loss) income attributable to noncontrolling interests | $ 3,357 | $ 4,210 | $ 4,314 | $ 11,441 |
Noncontrolling interest - Discontinued Operations: | $ (509) | (98) | $ (4,822) | (166) |
Bluegreen [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Consolidated method ownership percentage | 93.00% | 93.00% | ||
Bluegreen [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Net (loss) income attributable to noncontrolling interests | $ 713 | 1,962 | $ 293 | 2,346 |
Bluegreen [Member] | Bluegreen/Big Cedar Vacation [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Consolidated method ownership percentage | 51.00% | 51.00% | ||
Bluegreen/Big Cedar Vacation [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Net (loss) income attributable to noncontrolling interests | $ 2,644 | $ 2,248 | $ 4,021 | $ 9,095 |
Fair Value Measurement (Financi
Fair Value Measurement (Financial Disclosures About Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | $ 58,168 | $ 68,477 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 211,110 | |
Restricted cash | 35,672 | |
Notes receivable, net | 410,113 | |
Note payable to BBX Capital, Inc. | 75,000 | |
Lines-of-credit, notes payable, and receivable-backed notes payable | 541,389 | |
Junior subordinated debentures | 137,937 | |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 211,110 | |
Restricted cash | 35,672 | |
Notes receivable, net | 542,309 | |
Note payable to BBX Capital, Inc. | 75,000 | |
Lines-of-credit, notes payable, and receivable-backed notes payable | 543,500 | |
Junior subordinated debentures | $ 108,200 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 335,846 | |
Restricted cash | 49,896 | |
Notes receivable, net | 448,568 | |
Lines-of-credit, notes payable, and receivable-backed notes payable | 568,975 | |
Junior subordinated debentures | 137,254 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 335,846 | |
Restricted cash | 49,896 | |
Notes receivable, net | 587,000 | |
Lines-of-credit, notes payable, and receivable-backed notes payable | 589,300 | |
Junior subordinated debentures | $ 146,000 |
Certain Relationships And Rel_2
Certain Relationships And Related Party Transactions (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Apr. 30, 2015 | |
Bluegreen [Member] | Woodbridge [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Consolidated method ownership percentage | 93.00% | 93.00% | ||||
Alan Levan And Mr Abdo [Member] | Class A and B Common Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Percent of voting power | 79.00% | 79.00% | ||||
Bluegreen [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Payment of administrative fees from subsidiary | $ 700,000 | $ 400,000 | $ 1,300,000 | $ 1,300,000 | ||
Dividend received | $ 80,000,000 | 0 | $ 11,400,000 | 8,700,000 | 34,300,000 | |
Cash dividend payable | $ 1.19 | |||||
Payment from related party | 0 | 0 | 13,000,000 | |||
Repayment of debt | $ 80,000,000 | |||||
Interest expense | 500,000 | 1,200,000 | ||||
Bluegreen [Member] | Other Notes Payable [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt face amount | $ 80,000,000 | |||||
Interest expense | 2,500,000 | 3,600,000 | ||||
BBX Capital Corporation [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt face amount | $ 75,000,000 | $ 75,000,000 | ||||
Interest rate | 6.00% | 6.00% | ||||
BBX Capital Corporation [Member] | Optional Deferment [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Interest rate | 8.00% | 8.00% | ||||
Debt Instrument Term | 5 years | |||||
Abdo Companies Inc. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Management services expenses | $ 77,000 | $ 230,000 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)segment | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||||
Minimum number of operating segments with similar characteristics to be considered as a reportable segment | segment | 1 | ||||
Number of reportable segments | segment | 2 | ||||
Revenues | $ 124,899 | $ 178,423 | $ 308,278 | $ 490,332 | |
Property and equipment, net | 93,046 | 93,046 | $ 99,670 | ||
Compensation expense | 31,300 | 31,300 | |||
Cash and cash equivalents | $ 211,110 | $ 336,880 | $ 211,110 | $ 336,880 | $ 335,846 |
BVH [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Ownership percentage | 93.00% | 93.00% |
Segment Reporting (Segment Info
Segment Reporting (Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Revenue from customers | $ 124,899 | $ 178,423 | $ 308,278 | $ 490,332 | |
Interest income | 19,346 | 21,586 | 59,963 | 63,969 | |
Other income, net | 28 | 70 | |||
Total revenues | 144,245 | 200,037 | 368,241 | 554,371 | |
Selling, general and administrative expenses | 120,933 | 130,032 | 281,237 | 394,280 | |
Interest expense | 7,968 | 11,754 | 27,668 | 34,270 | |
Impairment losses | 31,588 | 6,786 | |||
Total costs and expenses | 169,043 | 185,662 | 425,400 | 558,937 | |
Equity in net earnings of unconsolidated real estate joint ventures | 49 | 37,276 | |||
Other income (expense) | (339) | 2,204 | 186 | 4,364 | |
(Loss) income before income taxes | (25,137) | 16,579 | (56,973) | (202) | |
Total assets | 1,239,573 | 1,239,573 | $ 1,793,268 | ||
Expenditures for property and equipment | 9,970 | 26,286 | |||
Cash and cash equivalents | 211,110 | 336,880 | 211,110 | 336,880 | 335,846 |
Notes payable and other borrowings | 160,671 | 160,671 | 146,160 | ||
Junior subordinated debentures | 137,937 | 137,937 | $ 137,254 | ||
Corporate And Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 623 | 2,038 | 3,388 | 5,979 | |
Total revenues | 623 | 2,038 | 3,388 | 5,979 | |
Selling, general and administrative expenses | 20,254 | 22,388 | 48,603 | 59,145 | |
Interest expense | 3,409 | 5,326 | 11,932 | 14,564 | |
Total costs and expenses | 23,663 | 27,714 | 60,535 | 73,709 | |
Other income (expense) | (365) | 1,609 | 41 | 3,691 | |
(Loss) income before income taxes | (23,405) | (24,067) | (57,106) | (64,039) | |
Elimination [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | (453) | (1,200) | (2,524) | (3,600) | |
Other income, net | 73 | 197 | |||
Total revenues | (1,856) | (2,715) | (7,032) | (8,024) | |
Selling, general and administrative expenses | (406) | 46 | (1,145) | (310) | |
Interest expense | (453) | (1,200) | (2,524) | (3,600) | |
Total costs and expenses | (1,856) | (2,715) | (7,032) | (8,024) | |
Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 19,049 | 20,043 | 58,258 | 59,985 | |
Total revenues | 103,117 | 152,716 | 246,185 | 422,082 | |
Litigation settlement | 594 | 39,121 | |||
Selling, general and administrative expenses | 59,502 | 95,672 | 174,969 | 299,028 | |
Interest expense | 3,910 | 5,062 | 12,745 | 15,391 | |
Total costs and expenses | 77,386 | 113,736 | 230,207 | 359,759 | |
Other income (expense) | 537 | 537 | |||
(Loss) income before income taxes | 25,731 | 39,517 | 15,978 | 62,860 | |
Depreciation and amortization | 1,405 | 1,507 | 4,447 | 4,577 | |
Bass Pro Settlement | 594 | 39,121 | |||
Severance | 208 | 3,977 | 594 | ||
Segment Adjusted EBITDA | 27,344 | 41,618 | 24,402 | 107,152 | |
Resort Operations And Club Management [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 42,234 | 47,338 | 124,859 | 132,856 | |
Litigation settlement | 238 | ||||
Total costs and expenses | 27,165 | 32,435 | 77,365 | 89,161 | |
(Loss) income before income taxes | 15,069 | 14,903 | 47,494 | 43,695 | |
Depreciation and amortization | 208 | 321 | 588 | 1,050 | |
Bass Pro Settlement | 238 | ||||
Severance | 114 | 1,347 | 238 | ||
Segment Adjusted EBITDA | 15,391 | 15,462 | 49,429 | 44,983 | |
BVH [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 127 | 705 | 841 | 1,605 | |
Other income, net | (45) | (127) | |||
Total revenues | 127 | 660 | 841 | 1,478 | |
Selling, general and administrative expenses | 41,583 | 11,926 | 58,810 | 36,417 | |
Interest expense | 1,102 | 2,566 | 5,515 | 7,915 | |
Total costs and expenses | 42,685 | 14,492 | 64,325 | 44,332 | |
Other income (expense) | 26 | 58 | 145 | 136 | |
(Loss) income before income taxes | (42,532) | (13,774) | (63,339) | (42,718) | |
Sales Of VOIs [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from customers | 59,265 | 66,318 | 113,447 | 186,351 | |
Total costs | 3,597 | 3,121 | 8,734 | 17,541 | |
Sales Of VOIs [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from customers | 59,265 | 66,318 | 113,447 | 186,351 | |
Total costs | 3,597 | 3,121 | 8,734 | 17,541 | |
Fee-Based Sales Commissions [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from customers | 22,119 | 60,478 | 64,619 | 161,033 | |
Fee-Based Sales Commissions [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from customers | 22,119 | 60,478 | 64,619 | 161,033 | |
Carrying VOI Inventory [Member] | Elimination [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total costs | (8,580) | (5,878) | (27,407) | (18,853) | |
Carrying VOI Inventory [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total costs | 8,580 | 5,878 | 27,407 | 18,853 | |
Other Fee-Based Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from customers | 27,831 | 33,744 | 83,558 | 94,015 | |
Total costs | 20,861 | 22,872 | 61,107 | 63,913 | |
Other Fee-Based Services [Member] | Elimination [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total costs | 8,580 | 5,878 | 27,407 | 18,853 | |
Other Fee-Based Services [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from customers | 1,281 | 4,289 | 5,353 | 10,092 | |
Total costs | 800 | 2,442 | 2,989 | 4,832 | |
Other Fee-Based Services [Member] | Resort Operations And Club Management [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from customers | 26,550 | 29,455 | 78,205 | 83,923 | |
Total costs | 11,481 | 14,552 | 30,711 | 40,228 | |
Cost Reimbursements [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from customers | 15,684 | 17,883 | 46,654 | 48,933 | |
Total costs | 15,684 | 17,883 | 46,654 | 48,933 | |
Cost Reimbursements [Member] | Resort Operations And Club Management [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from customers | 15,684 | 17,883 | 46,654 | 48,933 | |
Total costs | 15,684 | 17,883 | 46,654 | 48,933 | |
Mortgage Servicing [Member] | Elimination [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from customers | (1,403) | (1,588) | (4,508) | (4,621) | |
Total costs | (997) | (1,561) | (3,363) | (4,114) | |
Mortgage Servicing [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from customers | 1,403 | 1,588 | 4,508 | 4,621 | |
Total costs | 997 | 1,561 | 3,363 | 4,114 | |
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from customers | $ 2,096 | $ 2,290 | $ 4,498 | $ 5,754 |
Discontinued Operations (Summar
Discontinued Operations (Summary Of Assets And Liabilities Of Discontinued Operations) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued operations total assets | $ 360,861 |
Discontinued operations total liabilities | 173,381 |
BBX Capital, Inc. [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Cash and cash equivalents | 20,758 |
Restricted cash | 370 |
Trade inventory | 22,843 |
Real estate | 65,818 |
Investments in and advances to unconsolidated real estate joint ventures | 57,330 |
Property and equipment, net | 29,836 |
Goodwill | 37,248 |
Intangible assets, net | 6,671 |
Operating lease assets | 87,854 |
Deferred income taxes | 2,297 |
Other assets | 29,656 |
Discontinued operations total assets | 360,681 |
Accounts payable | 9,294 |
Other liabilities | 21,043 |
Notes payable and other borrowings | 42,571 |
Operating lease liability | 100,473 |
Discontinued operations total liabilities | $ 173,381 |
Discontinued Operations (Summ_2
Discontinued Operations (Summary Of Income (Loss) Of Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss on the deconsolidation of IT'SUGAR, LLC | $ (3,326) | |||
Pre-tax (loss) income from discontinued operations | $ (5,759) | $ 24,603 | (41,593) | $ 38,785 |
BBX Capital, Inc. [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | 42,125 | 49,779 | 116,990 | 158,925 |
Costs and expenses | 43,935 | 53,777 | 155,713 | 158,102 |
Equity in net (losses) earnings of unconsolidated real estate joint ventures | (646) | 28,534 | 50 | 37,276 |
Foreign exchanges (loss) gain | (59) | (1) | 214 | (24) |
Loss on the deconsolidation of IT'SUGAR, LLC | (3,326) | (3,326) | ||
Other income | 82 | 68 | 192 | 710 |
Pre-tax (loss) income from discontinued operations | (5,759) | 24,603 | (41,593) | 38,785 |
BBX Capital, Inc. [Member] | Trade Sales [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | 35,692 | 47,660 | 99,628 | 138,705 |
Costs and expenses | 27,981 | 31,860 | 80,154 | 94,978 |
BBX Capital, Inc. [Member] | Sales Of Real Estate Inventory [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | 4,970 | 371 | 14,248 | 5,030 |
Costs and expenses | 3,367 | 9,473 | 2,643 | |
BBX Capital, Inc. [Member] | Interest Income [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | 366 | 212 | 586 | 762 |
BBX Capital, Inc. [Member] | Net Gains (Losses) On Sales Of Real Estate Assets [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | 164 | 399 | 130 | 11,395 |
BBX Capital, Inc. [Member] | Other Revenue [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | 933 | 1,137 | 2,398 | 3,033 |
BBX Capital, Inc. [Member] | Interest Expense [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Costs and expenses | 118 | 409 | ||
BBX Capital, Inc. [Member] | Recoveries From Loan Losses, Net [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Costs and expenses | (807) | (1,821) | (5,844) | (4,206) |
BBX Capital, Inc. [Member] | Impairment Losses [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Costs and expenses | 4,030 | 31,588 | 6,786 | |
BBX Capital, Inc. [Member] | Selling, General And Administrative Expenses [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Costs and expenses | $ 13,394 | $ 19,590 | $ 40,342 | $ 57,492 |
Discontinued Operations (Summ_3
Discontinued Operations (Summary Of Cash Flows Of Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating activities: | ||||
Net (loss) income | $ 2,864 | $ 18,073 | $ (32,526) | $ 28,374 |
Adjustment to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||
Recoveries from loan losses, net | (5,844) | (4,206) | ||
Provision for notes receivable allowances | 44,083 | 39,462 | ||
Depreciation, amortization and accretion, net | 19,829 | 21,150 | ||
Share-based compensation expense | 25,417 | 9,379 | ||
Net losses (gains) on sales of real estate and property and equipment | 507 | (11,395) | ||
Equity earnings of unconsolidated real estate joint ventures | (49) | (37,276) | ||
Return on investment in unconsolidated real estate joint ventures | 3,933 | 38,020 | ||
(Decrease) increase in deferred income tax | (12,016) | 5,210 | ||
Impairment losses | 31,588 | 6,786 | ||
Interest accretion on redeemable 5% cumulative preferred stock | 633 | |||
Increase in notes receivable | (5,628) | (46,001) | ||
Increase in VOI inventory | (3,408) | (12,672) | ||
Decrease (increase) in trade inventory | 279 | (5,016) | ||
Increase in real estate inventory | 925 | (2,865) | ||
Net change in operating lease asset and operating lease liability | (914) | 1,134 | ||
Decrease (increase) in other assets | 7,111 | (3,852) | ||
Decrease (increase) in other liabilities | (16,038) | 38,389 | ||
Net cash (used in) provided by operating activities | 3,161 | 60,394 | ||
Investing activities: | ||||
Return of investment in unconsolidated real estate joint ventures | 4,631 | 30,331 | ||
Investments in unconsolidated real estate joint ventures | (14,009) | (20,076) | ||
Proceeds from repayment of loans receivable | 6,127 | 4,766 | ||
Proceeds from sales of real estate | 2,151 | 20,374 | ||
Proceeds from the sale of property and equipment | 167 | 15,011 | ||
Additions to real estate | (70) | (438) | ||
Purchases of property and equipment | (9,970) | (26,286) | ||
Decrease in cash from other investing activities | (1,210) | (73) | ||
Net cash (used in) provided by investing activities | (12,183) | 23,609 | ||
BBX Capital, Inc. [Member] | ||||
Operating activities: | ||||
Net (loss) income | (32,526) | 28,374 | ||
Adjustment to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||
Recoveries from loan losses, net | (5,844) | (4,206) | ||
Depreciation, amortization and accretion, net | 5,468 | 6,519 | ||
Net losses (gains) on sales of real estate and property and equipment | (130) | (11,105) | ||
Equity earnings of unconsolidated real estate joint ventures | (49) | (37,276) | ||
Return on investment in unconsolidated real estate joint ventures | 3,933 | 38,020 | ||
(Decrease) increase in deferred income tax | (9,066) | 6,277 | ||
Impairment losses | 31,588 | 6,786 | ||
Increase in notes receivable | (2,336) | 5,042 | ||
Decrease (increase) in trade inventory | (279) | (5,016) | ||
Increase in real estate inventory | 925 | (2,865) | ||
Net change in operating lease asset and operating lease liability | (964) | 683 | ||
Decrease (increase) in other assets | (1,388) | 3,744 | ||
Decrease (increase) in other liabilities | 6,512 | (483) | ||
Net cash (used in) provided by operating activities | (830) | 34,494 | ||
Investing activities: | ||||
Return of investment in unconsolidated real estate joint ventures | 4,631 | 30,331 | ||
Investments in unconsolidated real estate joint ventures | (14,009) | (20,076) | ||
Proceeds from repayment of loans receivable | 5,960 | 4,935 | ||
Proceeds from sales of real estate | 2,151 | 32,136 | ||
Additions to real estate | (70) | (438) | ||
Purchases of property and equipment | (4,032) | (7,765) | ||
Decrease in cash from other investing activities | (1,065) | (73) | ||
Net cash (used in) provided by investing activities | $ (6,434) | $ 39,050 |
Uncategorized Items - bvh-20200
Label | Element | Value |
Net Income Excluding Earnings Attributable To Redeemable Noncontrolling Interest | bvh_NetIncomeExcludingEarningsAttributableToRedeemableNoncontrollingInterest | $ (21,990,000) |
Net Income Excluding Earnings Attributable To Redeemable Noncontrolling Interest | bvh_NetIncomeExcludingEarningsAttributableToRedeemableNoncontrollingInterest | 26,418,000 |
Disposal Group, Including Discontinued Operation, Cash | us-gaap_DisposalGroupIncludingDiscontinuedOperationCash | 31,938,000 |
Noncontrolling Interest [Member] | ||
Net Income Excluding Earnings Attributable To Redeemable Noncontrolling Interest | bvh_NetIncomeExcludingEarningsAttributableToRedeemableNoncontrollingInterest | 3,332,000 |
Net Income Excluding Earnings Attributable To Redeemable Noncontrolling Interest | bvh_NetIncomeExcludingEarningsAttributableToRedeemableNoncontrollingInterest | 4,030,000 |
Retained Earnings Unappropriated [Member] | ||
Net Income Excluding Earnings Attributable To Redeemable Noncontrolling Interest | bvh_NetIncomeExcludingEarningsAttributableToRedeemableNoncontrollingInterest | 22,388,000 |
Net Income Excluding Earnings Attributable To Redeemable Noncontrolling Interest | bvh_NetIncomeExcludingEarningsAttributableToRedeemableNoncontrollingInterest | (25,322,000) |
Accumulated Other Comprehensive Income [Member] | ||
Net Income Excluding Earnings Attributable To Redeemable Noncontrolling Interest | bvh_NetIncomeExcludingEarningsAttributableToRedeemableNoncontrollingInterest | |
Net Income Excluding Earnings Attributable To Redeemable Noncontrolling Interest | bvh_NetIncomeExcludingEarningsAttributableToRedeemableNoncontrollingInterest | |
Additional Paid In Capital [Member] | ||
Net Income Excluding Earnings Attributable To Redeemable Noncontrolling Interest | bvh_NetIncomeExcludingEarningsAttributableToRedeemableNoncontrollingInterest | |
Net Income Excluding Earnings Attributable To Redeemable Noncontrolling Interest | bvh_NetIncomeExcludingEarningsAttributableToRedeemableNoncontrollingInterest | |
Parent [Member] | ||
Net Income Excluding Earnings Attributable To Redeemable Noncontrolling Interest | bvh_NetIncomeExcludingEarningsAttributableToRedeemableNoncontrollingInterest | (25,322,000) |
Net Income Excluding Earnings Attributable To Redeemable Noncontrolling Interest | bvh_NetIncomeExcludingEarningsAttributableToRedeemableNoncontrollingInterest | 22,388,000 |
Common Class A [Member] | Common Stock [Member] | ||
Net Income Excluding Earnings Attributable To Redeemable Noncontrolling Interest | bvh_NetIncomeExcludingEarningsAttributableToRedeemableNoncontrollingInterest | |
Net Income Excluding Earnings Attributable To Redeemable Noncontrolling Interest | bvh_NetIncomeExcludingEarningsAttributableToRedeemableNoncontrollingInterest | |
Common Class B [Member] | Common Stock [Member] | ||
Net Income Excluding Earnings Attributable To Redeemable Noncontrolling Interest | bvh_NetIncomeExcludingEarningsAttributableToRedeemableNoncontrollingInterest | |
Net Income Excluding Earnings Attributable To Redeemable Noncontrolling Interest | bvh_NetIncomeExcludingEarningsAttributableToRedeemableNoncontrollingInterest |