Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 26, 2021 | Jun. 30, 2020 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | 4960 Conference Way North | ||
Entity Address, Address Line Two | Suite 100 | ||
Entity Address, City or Town | Boca Raton | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33341 | ||
City Area Code | 954 | ||
Local Phone Number | 940-4900 | ||
Title of 12(b) Security | Common Stock, $0.01 par value(including associated Preferred Share Purchase Rights) | ||
Trading Symbol | BVH | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 153.9 | ||
Entity Central Index Key | 0000315858 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Documents Incorporated By Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for its 2021 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended, are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Class A Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 15,624,123 | ||
Class B Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 3,693,596 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 221,118 | $ 335,846 |
Restricted cash ($20,469 and $22,534 in VIEs at December 31, 2020 and December 31, 2019, respectively) | 35,986 | 49,896 |
Notes receivable | 551,393 | 589,198 |
Less: Allowance for loan loss | (142,044) | (140,630) |
Notes receivable, net ($292,021 and $292,590 in VIEs at December 31, 2020 and December 31, 2019, respectively) | 409,349 | 448,568 |
Vacation ownership interest ("VOI") inventory | 347,122 | 346,937 |
Property and equipment, net | 90,049 | 99,670 |
Intangible assets, net | 61,431 | 61,515 |
Operating lease assets | 34,415 | 21,498 |
Other assets | 50,649 | 68,477 |
Discontinued operations total assets | 360,861 | |
Total assets | 1,250,119 | 1,793,268 |
Liabilities | ||
Accounts payable | 10,559 | 16,662 |
Deferred income | 15,745 | 18,074 |
Escrow deposits | 13,435 | 22,711 |
Other liabilities | 80,536 | 99,320 |
Receivable-backed notes payable - recourse | 38,500 | 78,569 |
Receivable-backed notes payable - non-recourse (in VIEs) | 355,833 | 344,246 |
Note payable to BBX Capital, Inc. | 75,000 | |
Notes payable and other borrowings | 138,386 | 146,160 |
Junior subordinated debentures | 138,177 | 137,254 |
Operating lease liabilities | 35,904 | 22,957 |
Deferred income taxes | 85,314 | 89,855 |
Discontinued operations total liabilities | 173,381 | |
Total liabilities | 987,389 | 1,149,189 |
Commitments and Contingencies (see Note 12) | ||
Redeemable noncontrolling interest | 4,009 | |
Shareholders' Equity | ||
Additional paid-in capital | 177,104 | 153,507 |
Accumulated earnings | 10,586 | 394,551 |
Accumulated other comprehensive income | 1,554 | |
Total Bluegreen Vacations Holding shareholders' equity | 187,883 | 549,795 |
Non-controlling interest | 74,847 | 90,275 |
Total shareholders' equity | 262,730 | 640,070 |
Total liabilities and shareholders' equity | 1,250,119 | 1,793,268 |
Class A Common Stock [Member] | ||
Shareholders' Equity | ||
Common stock | 156 | 151 |
Class B Common Stock [Member] | ||
Shareholders' Equity | ||
Common stock | $ 37 | $ 32 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted cash | $ 35,986 | $ 49,896 |
Notes receivable, net | $ 409,349 | $ 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 | $ 20,469 | $ 22,534 |
Notes receivable, net | $ 292,021 | $ 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 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Total revenues | $ 440,090 | $ 652,340 | $ 651,205 |
Interest income | 79,381 | 85,431 | 83,081 |
Other revenue | 67 | 16 | |
Total revenues | 519,471 | 737,838 | 734,302 |
Costs and expenses: | |||
Interest expense | 36,795 | 45,365 | 41,277 |
Selling, general and administrative expenses | 370,935 | 514,528 | 464,338 |
Total costs and expenses | 565,066 | 729,067 | 661,930 |
Other (expense) income | (1,179) | (592) | 1,414 |
(Loss) income before income taxes | (46,774) | 8,179 | 73,786 |
Benefit (provision) for income taxes | 2,368 | (7,525) | (26,393) |
Net (loss) income from continuing operations | (44,406) | 654 | 47,393 |
Discontinued operations | |||
(Loss) income from operations | (41,593) | 40,582 | 13,646 |
Benefit (provision) for income taxes | 8,834 | (9,133) | (5,246) |
Net (loss) income from discontinued operations | (32,759) | 31,449 | 8,400 |
Net (loss) income | (77,165) | 32,103 | 55,793 |
Less: Income attributable to noncontrolling interests - continuing operations | 8,186 | 14,636 | 20,956 |
Less: (Loss) attributable to noncontrolling interests - discontinued operations | (4,822) | (224) | (265) |
Net (loss) income attributable to shareholders | (80,529) | 17,691 | 35,102 |
Comprehensive income attributable to Bluegreen Vacations Corporation shareholders | $ (80,708) | $ 18,030 | $ 34,861 |
Basic (loss) earnings per share from continuing operations | $ (2.82) | $ (0.75) | $ 1.39 |
Basic (loss) earnings per share from discontinued operations | (1.50) | 1.71 | 0.45 |
Basic (loss) earnings per share | (4.32) | 0.96 | 1.84 |
Diluted (loss) earnings per share from continuing operations | (2.82) | (0.75) | 1.35 |
Diluted (loss) earnings per share from discontinued operations | (1.50) | 1.71 | 0.44 |
Diluted (loss) earnings per share | $ (4.32) | $ 0.96 | $ 1.79 |
Basic weighted average number of common shares outstanding | 18,661 | 18,526 | 19,060 |
Diluted weighted average number of common and common equivalent shares outstanding | 18,661 | 18,526 | 19,572 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | $ 19 | $ 287 | $ (194) |
Unrealized (loss) gain on securities available for sale | (198) | 52 | (47) |
Other comprehensive (loss) income, net | (179) | 339 | (241) |
Comprehensive (loss) income, net of tax | (77,344) | 32,442 | 55,552 |
Less: Comprehensive income attributable to noncontrolling interests | 3,364 | 14,412 | 20,691 |
Comprehensive (loss) income attributable to shareholders | (80,708) | 18,030 | 34,861 |
Sales of VOIs [Member] | |||
Revenues: | |||
Total revenues | 173,997 | 255,375 | 254,225 |
Interest income | 77,500 | 80,000 | 79,400 |
Costs and expenses: | |||
Total costs and expenses | 13,597 | 21,845 | 23,813 |
Fee-Based Sales Commission Revenue [Member] | |||
Revenues: | |||
Total revenues | 89,965 | 207,832 | 216,422 |
Costs and expenses: | |||
Total costs and expenses | 79,434 | 83,440 | 69,968 |
Other Fee-Based Services Revenue [Member] | |||
Revenues: | |||
Total revenues | 111,823 | 125,244 | 118,024 |
Costs and expenses: | |||
Total costs and expenses | 79,434 | 83,440 | 69,968 |
Cost Reimbursements [Member] | |||
Revenues: | |||
Total revenues | 64,305 | 63,889 | 62,534 |
Costs and expenses: | |||
Total costs and expenses | $ 64,305 | $ 63,889 | $ 62,534 |
Class A Common Stock [Member] | |||
Discontinued operations | |||
Cash dividends declared per share | $ 0.25 | $ 0.20 | |
Class B Common Stock [Member] | |||
Discontinued operations | |||
Cash dividends declared per share | $ 0.25 | $ 0.20 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholder's Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member]Class A Common Stock [Member] | Common Stock [Member]Class B Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Earnings [Member]Class A Common Stock [Member] | Accumulated Earnings [Member]Class B Common Stock [Member] | Accumulated Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Earnings [Member] | Accumulated Other Comprehensive Income [Member]Cumulative Effect, Period of Adoption, Adjustment [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] | Class B Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Total |
Beginning balance at Dec. 31, 2017 | $ 171 | $ 28 | $ 229,129 | $ 354,432 | $ 1,708 | $ 585,468 | $ 82,054 | $ 667,522 | ||||||||||
Beginning balance, shares at Dec. 31, 2017 | 17,138 | 2,793 | ||||||||||||||||
Net (loss) income | 55,793 | |||||||||||||||||
Net income (loss) excluding of loss attributable to redeemable noncontrolling interest | 35,102 | 35,102 | 21,061 | 56,163 | ||||||||||||||
Stock repurchase, value | $ 4 | $ 1 | 17,001 | 17,006 | 17,006 | |||||||||||||
Stock repurchase, shares | 398 | 101 | ||||||||||||||||
Other comprehensive income (loss) | (241) | (241) | (241) | |||||||||||||||
Distributions to noncontrolling interests | (14,284) | (14,284) | ||||||||||||||||
Bluegreen purchase and retirement of its common stock | (2,124) | (2,124) | (1,876) | (4,000) | ||||||||||||||
Increase in noncontrolling interest from loan foreclosure | 704 | 704 | ||||||||||||||||
Purchase of noncontrolling interest | (587) | (587) | 329 | (258) | ||||||||||||||
Common stock cash dividends declared | $ (3,281) | $ (716) | $ (3,281) | $ (716) | $ (3,281) | $ (716) | ||||||||||||
Purchase and retirement of Common Stock from tender offer, value | $ (13) | (60,128) | (60,141) | (60,141) | ||||||||||||||
Purchase and retirement of Common Stock from tender offer, shares | (1,297) | |||||||||||||||||
Purchase and retirement of common stock, value | $ (4) | $ (1) | (17,001) | (17,006) | (17,006) | |||||||||||||
Purchase and retirement of common stock, shares | (398) | (101) | ||||||||||||||||
Conversion of Common Stock from Class B to Class A, shares | 8 | (8) | ||||||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, value | $ 3 | $ 3 | (6) | |||||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, shares | 220 | 284 | ||||||||||||||||
Issuance of Common Stock from exercise of options, value | 245 | 245 | 245 | |||||||||||||||
Issuance of Common Stock from exercise of options, shares | 5 | |||||||||||||||||
Share-based compensation | 12,901 | 12,901 | 12,901 | |||||||||||||||
Ending balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2018 | $ 252 | $ (252) | ||||||||||||||||
Ending balance at Dec. 31, 2018 | $ 157 | $ 30 | 162,429 | 385,789 | 1,215 | 549,620 | 87,988 | 637,608 | ||||||||||
Ending balance, shares at Dec. 31, 2018 | 15,676 | 2,968 | ||||||||||||||||
Net (loss) income | 32,103 | |||||||||||||||||
Net income (loss) excluding of loss attributable to redeemable noncontrolling interest | 17,691 | 17,691 | 14,738 | 32,429 | ||||||||||||||
Stock repurchase, value | $ 7 | $ 2 | 20,030 | 20,039 | 20,039 | |||||||||||||
Stock repurchase, shares | 690 | 150 | ||||||||||||||||
Other comprehensive income (loss) | 339 | 339 | 339 | |||||||||||||||
Distributions to noncontrolling interests | (11,948) | (11,948) | ||||||||||||||||
Bluegreen purchase and retirement of its common stock | (332) | (332) | (503) | (835) | ||||||||||||||
Accretion of redeemable noncontrolling interest | (1,902) | (1,902) | (1,902) | |||||||||||||||
Common stock cash dividends declared | $ (3,878) | $ (947) | $ (3,878) | $ (947) | $ (3,878) | $ (947) | ||||||||||||
Purchase and retirement of common stock, value | $ (7) | $ (2) | (20,030) | (20,039) | (20,039) | |||||||||||||
Purchase and retirement of common stock, shares | (690) | (150) | ||||||||||||||||
Conversion of Common Stock from Class B to Class A, shares | 7 | (7) | ||||||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, value | $ 1 | $ 4 | (5) | |||||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, shares | 113 | |||||||||||||||||
Issuance of Common Stock from exercise of options, value | 381 | |||||||||||||||||
Share-based compensation | 11,445 | 11,445 | 11,445 | |||||||||||||||
Ending balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2019 | $ (2,202) | $ (2,202) | $ (2,202) | |||||||||||||||
Ending balance at Dec. 31, 2019 | $ 151 | $ 32 | 153,507 | 394,551 | 1,554 | 549,795 | 90,275 | 640,070 | ||||||||||
Ending balance, shares at Dec. 31, 2019 | 15,106 | 3,192 | ||||||||||||||||
Net (loss) income | (77,165) | |||||||||||||||||
Net income (loss) excluding of loss attributable to redeemable noncontrolling interest | (80,529) | (80,529) | 7,437 | (73,092) | ||||||||||||||
Other comprehensive income (loss) | (179) | (179) | (179) | |||||||||||||||
Distributions to noncontrolling interests | (12,094) | (12,094) | ||||||||||||||||
Bluegreen purchase and retirement of its common stock | (1,167) | (1,167) | (10,574) | (11,741) | ||||||||||||||
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 | (27) | ||||||||||||||||
Spin-off of BBX Capital, Inc. | (643) | (305,339) | $ (1,375) | (307,357) | (197) | (307,554) | ||||||||||||
Accelerated vesting of restricted stock awards | $ 5 | $ 5 | 18,740 | 18,750 | 18,750 | |||||||||||||
Accelerated vesting of restricted stock awards, shares | 491 | 529 | ||||||||||||||||
Share-based compensation | 6,667 | 6,667 | 6,667 | |||||||||||||||
Ending balance at Dec. 31, 2020 | $ 156 | $ 37 | $ 177,104 | $ 10,586 | $ 187,883 | $ 74,847 | $ 262,730 | |||||||||||
Ending balance, shares at Dec. 31, 2020 | 15,624 | 3,694 |
Consolidated Statements Of Sh_2
Consolidated Statements Of Shareholder's Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statement Of Shareholder's Equity [Abstract] | |||
Loss attributable to redeemable noncontrolling interest | $ 4,073 | $ 326 | $ 370 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities: | |||
Net (loss) income | $ (77,165) | $ 32,103 | $ 55,793 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Recoveries from loan losses, net | (5,844) | (5,428) | (8,653) |
Provision for notes receivable allowances | 56,941 | 55,677 | 51,236 |
Depreciation, amortization and accretion, net | 24,771 | 27,720 | 25,739 |
Share-based compensation expense | 25,417 | 11,445 | 12,901 |
Net losses (gains) on sales of real estate and property and equipment | 1,428 | (9,396) | (4,563) |
Equity earnings of unconsolidated real estate joint ventures | (49) | (37,898) | (14,194) |
Return on investment in unconsolidated real estate joint ventures | 3,933 | 39,043 | 17,679 |
Loss on the deconsolidation of IT'SUGAR, LLC | 3,326 | ||
(Decrease) increase in deferred income tax liability | (9,243) | 2,072 | 27,444 |
Impairment losses | 31,588 | 6,938 | 4,718 |
Interest accretion on redeemable 5% cumulative preferred stock | 1,028 | 1,061 | |
(Increase) in notes receivable | (17,722) | (65,672) | (63,545) |
Increase in VOI inventory | (185) | (12,788) | (32,022) |
Decrease (increase) in trade inventory | 279 | (2,733) | 3,882 |
Decrease (increase) in real estate inventory | 925 | (7,445) | 12,001 |
Net change in operating lease asset and operating lease liability | (935) | 1,444 | |
Decrease (increase) in other assets | 14,051 | 19,315 | (1,607) |
(Decrease) increase in other liabilities | (22,437) | 22,817 | (1,231) |
Net cash provided by operating activities | 29,079 | 78,242 | 86,639 |
Investing activities: | |||
Return of investment in unconsolidated real estate joint ventures | 4,631 | 31,442 | 12,080 |
Investments in unconsolidated real estate joint ventures | (14,009) | (25,179) | (29,070) |
Proceeds from repayment of loans receivable | 6,127 | 6,171 | 19,394 |
Proceeds from sales of real estate | 2,151 | 23,512 | 17,431 |
Proceeds from sale of property and equipment | 190 | 16,642 | 569 |
Additions to real estate | (70) | (600) | (1,221) |
Purchases of property and equipment | (11,779) | (35,588) | (45,550) |
Decrease in cash from other investing activities | (1,210) | (81) | (4,696) |
Net cash (used in) provided by investing activities | (13,969) | 16,319 | (31,063) |
Financing activities: | |||
Repayments of notes payable and other borrowings | (317,952) | (258,198) | (279,737) |
Proceeds from notes payable and other borrowings | 278,091 | 200,781 | 336,951 |
Payments for debt issuance costs | (3,194) | (3,428) | (1,121) |
Payments of interest of redeemable 5% cumulative preferred stock | (500) | (563) | |
Payments to redeem redeemable 5% cumulative preferred stock | (10,000) | ||
Purchase and retirement of Class A common stock | (20,039) | (77,147) | |
Purchase of noncontrolling interest | (258) | ||
Cash transferred in spin-off of BBX Capital, Inc. | (96,842) | ||
Proceeds from the exercise of stock options | 245 | ||
Purchase and retirement of subsidiary common stock | (11,741) | (835) | (4,000) |
Dividends paid on common stock | (1,144) | (4,621) | (3,812) |
Distributions to non-controlling interest | (12,094) | (11,948) | (14,284) |
Net cash used in financing activities | (164,876) | (108,788) | (43,726) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (149,766) | (14,227) | 11,850 |
Cash, cash equivalents and restricted cash at beginning of period | 406,870 | 421,097 | 409,247 |
Cash, cash equivalents and restricted cash at end of period | 257,104 | 406,870 | 421,097 |
Supplemental cash flow information: | |||
Interest paid on borrowings, net of amounts capitalized | 33,083 | 40,306 | 37,424 |
Income taxes refunded | 8,018 | ||
Income taxes paid | 913 | 11,381 | 3,801 |
Supplementary disclosure of non-cash investing and financing activities: | |||
Construction funds receivable transferred to real estate | 18,318 | 14,548 | |
Acquisition of VOI inventory, property and equipment for notes payable | 24,258 | ||
Loans receivable transferred to real estate | 333 | 1,673 | |
Reduction in note receivable for holder of redeemable 5% cumulative preferred stock | (5,000) | ||
Reduction in redeemable 5% cumulative preferred stock | 4,862 | ||
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 | 24,402 | 27,715 | |
Increase in other assets upon issuance of Community Development District Bonds | 827 | 8,110 | 15,996 |
Assumption of Community Development District Bonds by builders | 3,837 | 1,035 | 5,572 |
Reconciliation of cash, cash equivalents and restricted cash: | |||
Total cash, cash equivalents, and restricted cash | $ 257,104 | $ 421,097 | $ 421,097 |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements Of Cash Flows [Abstract] | |||
Redeemable Cumulative Preferred Stock, dividend rate | 5.00% | 5.00% | 5.00% |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization [Abstract] | |
Organization | 1. Organization Our Business 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”. The Company whose primary asset is its approximately 93 % ownership interest in Bluegreen Vacations Corporation (“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 generates significant interest income. The Company’s operations and activities have been materially adversely impacted by the COVID-19 pandemic as discussed further below under Note 2 and elsewhere herein. Spin-Off On September 30, 2020, BVH completed the spin-off of its wholly-owned subsidiary at the time, BBX Capital, Inc. (“BBX Capital”). The spin-off separated BVH’s businesses, activities, and investments into two separate, publicly-traded companies: (i) BVH, which continues to hold its investment in Bluegreen, and (ii) BBX Capital, which holds all of BVH’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. 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. Stock Split 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 Company’s Class A Common Stock was reduced from 150,000,000 shares to 30,000,000 shares, and the number of authorized shares of the Company’s Class B Common Stock was reduced from 20,000,000 shares to 4,000,000 shares. The share and per share amounts included in this report, including the accompanying 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. 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. |
Basis Of Presentation And Recen
Basis Of Presentation And Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2020 | |
Basis Of Presentation And Recently Issued Accounting Pronouncements [Abstract] | |
Basis Of Presentation And Recently Issued Accounting Pronouncements | 2. Basis of Presentation and Recently Issued Accounting Pronouncements Principles of Consolidation and Basis of Presentation Our consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of all of BVH’s wholly-owned subsidiaries, other entities in which BVH or its wholly-owned subsidiaries hold controlling financial interests, and any variable interest entities (“VIEs) in which BVH or one of its consolidated subsidiaries deemed the primary beneficiary of the VIE. All significant inter-company accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions about current and, for some estimates, future economic and market conditions which affect reported amounts and related disclosures in our financial statements. Although our current estimates contemplate current and expected future conditions, as applicable, actual conditions could differ from our expectations, which could materially affect our results of operations and financial position. In particular, a number of estimates have been and will continue to be affected by the ongoing COVID-19 pandemic. 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 the impact of COVID-19. Such changes could result in, among other adjustments, future impairments of intangibles and long-lived assets, incremental credit losses on VOI notes receivable, a decrease in the carrying amount of the Company’s tax assets, or an increase in other obligations as of the time of a relevant measurement event. On an ongoing basis, management evaluates its estimates, including those that relate to the estimated future sales value of inventory; the recognition of revenue; the allowance for loan losses; the recovery of the carrying value of real estate inventories; the fair value of assets measured at, or compared to, fair value on a non-recurring basis such as intangible assets and other long-lived assets; the estimate of contingent liabilities related to litigation and other claims and assessments; and deferred income taxes. Management bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions and conditions. Certain amounts for prior periods have been reclassified to conform to the presentation in the current period. The reclassifications had no impact on our statements of operations and comprehensive income or statements of cash flows. Initial Impact and Response The COVID-19 pandemic has 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. The Company’s operations have been and continue to be adversely impacted by the pandemic. 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 canceled existing owner reservations through May 15, 2020 and new prospect guest tours through June 30, 2020. Further, some of Bluegreen’s Club Resorts and Club Associate Resorts were closed in accordance with government mandates and advisories. Beginning in mid-May 2020, Bluegreen recommenced its sales and marketing operations and its closed resorts began to welcome guests as government mandates were lifted. By December 31, 2020, Bluegreen was operating marketing kiosks in a total of 98 Bass Pro and Cabela’ s stores, Bluegreen had reactivated its Choice Hotels call transfer program, all of its resorts were open, and all but two of its VOI sales centers were open. 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. Additionally, reflecting the temporary cessation of marketing activities in the beginning months of COVID-19 pandemic in general, Bluegreen’s pipeline of vacation packages was 121,900 at December 31, 2020 compared to 169,300 at December 31, 2019. However, utilization of the packages has been significantly lower as purchasers have not traveled at the same pace as was traveled pre-pandemic. For more detailed information please see “Results of Operations” included in Part II – Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations. As a result of the effect of the pandemic, Bluegreen implemented steps to mitigate its costs beginning in March 2020, including reductions of over 1,700 positions and the placement of another approximate 3,200 of Bluegreen’s associates on temporary furlough or reduced work hours. As of December 31, 2020, approximately 3,200 associates had returned to work on a full-time basis for a total of approximately 4,600 full-time associates compared to approximately 5,900 full-time associates as of December 31, 2019. As a result of the effect of the COVID-19 pandemic, during the year ended December 31, 2020, Bluegreen incurred $ 5.0 million in severance and $ 14.3 million 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 consolidated statements of operations and comprehensive income for the year ended December 31, 2020. While Bluegreen paid a special cash dividend of $ 1.19 per share during August 2020, it suspended the payment of regular quarterly cash dividends during the second quarter of 2020 and there is no assurance that Bluegreen will recommence paying regular dividends or pay additional special dividends in the future. As a precautionary measure to provide additional liquidity if needed, in March 2020, Bluegreen drew down $ 60.0 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 December 31, 2020, Bluegreen repaid the $ 60.0 million borrowed under Bluegreen’s lines-of-credit. Also, in June 2020, Bluegreen amended its Liberty Bank Facility to extend the advance period and maturity date, reduced the outstanding borrowings from $ 50.0 million to $ 40.0 million, decreased the advance rate from 85 % for qualified conforming receivables to 80 % effective September 2020 and, commencing July 1, 2020, changed the interest rate from the Prime Rate with a floor of 4.00 % to the Prime Rate minus 0.10 % with a floor of 3.40 %. In September 2020, Bluegreen amended its NBA Receivables Facility to extend the advance period and maturity date, decreased the advance rate from 85 % for qualified receivables to 80 %, and changed the interest rate from 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 %). 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”) at an overall blended interest rate of approximately 2.60 %. The gross advance rate for this transaction was 88.0 % and the Notes mature in February 2036. Proceeds from the 2020-A Term Securitization were used to paydown approximately $ 82.1 million owed on existing receivable-backed facilities, (thus creating additional availability on those facilities), to capitalize a reserve fund, to pay fees and expenses associated with the transaction, and for general corporate purposes. In December 2020, Bluegreen amended its Quorum Purchase Facility to extend the advance period from December 2020 to December 2022 and extend the maturity date from December 2032 to December 2034. Bluegreen continues to actively pursue additional credit facility capacity and capital market transactions. For more detailed information please see “Liquidity and Capital Resources” included in Part II – Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations. Bluegreen has historically provided financing to customers for a majority of its sales of VOIs, and accordingly, our results are subject to the risk of defaults by its customers. GAAP requires sales of VOIs are reduced by Bluegreen’s 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. Bluegreen believes that the COVID-19 pandemic will continue to have an impact on the collectability of Bluegreen’s VOI notes receivable. Accordingly, the estimate of defaults for the 2021 year was increased by approximately $ 6.0 million, based on historical experience, forbearance requests received from customers, and other factors, including but not limited to, the seasoning of the notes receivable and FICO scores of the customers. The impact of the COVID-19 pandemic on Bluegreen’s default or delinquency rates as it is rapidly changing and highly uncertain. 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 December 31, 2020, the Company evaluated the income tax provisions of the CARES Act and determined they had no significant effect on the computation of the Company’s estimated effective tax rate for the year ended December 31, 2020. However, the Company has 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 year ended December 31, 2020, the Company recorded a tax withholding deferral of $ 8.7 million and employee retention tax credits of $ 7.1 million, which is included in selling, general and administrative expenses in its consolidated statements of operations and comprehensive income for the year ended December 31, 2020. Continued Impact of COVID-19 on our Business Bluegreen continues to experience lower travel rates especially to high traffic destinations such as Orlando and Las Vegas. The occupancy rates at resorts with sales centers during the fourth quarter of 2020 was approximately 71 % as compared to 80 % during the fourth quarter of 2019. This trend of reduced travel was also reflected in utilization of vacation packages especially for those vacation packages sold prior to the COVID-19 pandemic . Significant Accounting Policies Cash and Cash Equivalents Cash in excess of the Company’s immediate operating requirements are generally invested in short-term time deposits and money market instruments, typically with original maturities at the date of purchase of three months or less. Cash and cash equivalents are maintained at various financial institutions. These financial institutions are located throughout the United States and in Aruba. However, a significant portion of the Company’s unrestricted cash is maintained with a single bank and, accordingly, the Company is subject to credit risk. Periodic evaluations of the relative credit standing of financial institutions maintaining the Company’s deposits are performed to evaluate and, if necessary, take actions in an attempt to mitigate credit risk. Restricted Cash Restricted cash consists primarily of customer deposits held in escrow accounts and cash collected on pledged/secured notes receivable not yet remitted to lenders. Revenue Recognition Sales of VOIs. Revenue is recognized for sales of VOIs after control of the VOI is deemed transferred to the customer, which is when the legal rescission period has expired on a binding executed VOI sales agreement and the collectability of the note receivable from the buyer, if any, is reasonably assured. Transfer of control of the VOI to the buyer is deemed to occur when the legal rescission period expires as the risk and rewards associated with VOI ownership are transferred to the buyer at that time. The Company records Bluegreen’s customer deposits from contracts within the legal rescission period in restricted cash and escrow deposits in its consolidated balance sheets as such amounts are refundable until the legal rescission period has expired. In cases where construction and development of Bluegreen’s developed resorts has not been completed, Bluegreen defers all of the revenue and associated expenses for the sales of VOIs until construction is complete and the resort may be occupied. Bluegreen generally offers qualified purchasers financing for up to 90 % of the purchase price of VOIs. The typical financing provides for a term of ten years and a fixed interest rate, is fully amortizing in equal installments and may be prepaid without penalty. For sales of VOIs for which Bluegreen provides financing, Bluegreen reduces the transaction price for expected loan losses, which it considers to be variable consideration. Bluegreen’s estimates of the variable consideration are based on the results of its static pool analysis, which relies on historical payment data for similar VOI notes receivable. Policies regarding the estimation of variable consideration on notes receivable are discussed in further detail under “Notes Receivable” below. VOI Sales where no financing was provided do not have any significant payment terms. Fee-based sales commission revenue. Bluegreen enters into fee-based sales arrangements with third-party developers to sell VOIs through its sales and marketing platform for which Bluegreen earn a commission. Commission revenue is recognized to the extent that , it is probable that a significant reversal of such revenue will not occur and the related consumer rescission period has expired. C ommission revenue is recognized over time as the third-party developer receives and consumes the benefits of the services. Other fee-based services revenue and cost reimbursements. Revenue in connection with Bluegreen’s other fee-based services (which are described below) is recognized as follows: Resort and club management revenue is recognized as services are rendered. These services provided to the resort HOAs are comprised of day-to-day services to operate the resort, including management services and certain accounting and administrative functions. Management services provided to the Vacation Club include managing the reservation system and providing owner, billing and collection services. Bluegreen’s management contracts are typically structured as cost-plus with an initial term of three years and automatic one year renewals. Bluegreen believes these services to be a series of distinct goods and services to be accounted for as a single performance obligation over time and recognize revenue as the customer receives the benefits of its services. Bluegreen allocates variable consideration to the distinct good or service within the series, such that revenue from management fees and cost reimbursements is recognized in each period as the uncertainty with respect to such variable consideration is resolved. Cost reimbursements are received for performing day to day management services, based on agreements with the HOAs. These costs primarily consist of payroll and payroll related costs for management of the HOAs and other services provided where Bluegreen is the employer. Cost reimbursements are based upon actual expenses and are billed to the HOA on a monthly basis. Bluegreen recognizes cost reimbursements when they incur the related reimbursable costs as the HOA receives and consumes the benefits of the management services. Resort title fee revenue is recognized when escrow amounts are released and title documents are completed. Rental revenue is recognized on a daily basis which is consistent with the period for which the customer benefits from such service. Mortgage servicing revenue is recognized as services are rendered. Fees received in advance are generally included in deferred income in the Company’s consolidated balance sheets until such time as the related service is rendered and revenue is recognized as stated above. Under timeshare accounting rules, rental operations, including accommodations provided through the use of Bluegreen’s sampler program, are accounted for as incidental operations whereby incremental carrying costs in excess of incremental revenue are expensed as incurred. Revenue from the sampler program is deferred and typically recognized within a year from sale as guests complete stays at the resorts. During each of the years presented, Bluegreen’s aggregate rental revenue and sampler revenue was less than the aggregate carrying cost of its VOI inventory. Accordingly, Bluegreen recorded such revenue as a reduction to the carrying cost of VOI inventory, which is included in cost of other fee-based services in the Company’s consolidated statements of operations and comprehensive income for each year. Interest Income. Bluegreen provides financing for a significant portion of sales of its owned VOIs. Bluegreen recognizes interest income from financing VOI sales on the accrual method as earned based on the outstanding principal balance, interest rate and terms stated in each individual financing agreement. See “Notes Receivable” below for further discussion of the policies applicable to VOI notes receivable. Notes Receivable Bluegreen’s notes receivable are carried at amortized cost less an allowance for loan losses. 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. As of December 31, 2020 and December 31, 2019, $ 24.0 million and $ 25.5 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. To the extent Bluegreen determines that it is probable that a significant reversal of cumulative revenue recognized may occur, Bluegreen records an estimate of variable consideration as a reduction to the transaction price of the sales of VOIs until the uncertainty associated with the variable consideration is resolved. Bluegreen’s estimates of the variable consideration are based on the results of its static pool analysis, which relies on historical payment data for similar VOI notes receivable and tracks uncollectibles for each period’s sales over the entire life of the notes. Bluegreen also considers whether historical economic conditions are comparable to then current economic conditions, as well as variations in underwriting standards. Bluegreen reviews its estimate of variable consideration on at least a quarterly basis. Loan origination costs are deferred and recognized over the life of the related notes receivable. See above for further discussion of the impact of the COVID-19 pandemic on Bluegreen’s allowance for loan losses. VOI Inventory Bluegreen’s VOI inventory consists of completed VOIs, VOIs under construction and land held for future VOI development. Completed VOI inventory is carried at the lower of (i) cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest, real estate taxes and other costs incurred during construction, or (ii) estimated fair market value, less costs to sell. VOI inventory and cost of sales are accounted for under timeshare accounting rules, which require the use of a specific method of the relative sales value method for relieving VOI inventory and recording cost of sales. Under the relative sales value method required by timeshare accounting rules, cost of sales is calculated as a percentage of net sales using a cost-of-sales percentage - the ratio of total estimated development costs to total estimated VOI revenue, including the estimated incremental revenue from the resale of VOI inventory repossessed, generally as a result of the default of the related receivable. Also, pursuant to timeshare accounting rules, Bluegreen does not relieve inventory for VOI cost of sales related to anticipated loan losses. Accordingly, no adjustment is made when inventory is reacquired upon default of the related receivable. Property and Equipment Property and equipment is recorded at acquisition cost. The Company records depreciation and amortization in a manner that recognizes the cost of its depreciable assets over their estimated useful lives using the straight-line method. Leasehold improvements are amortized over the shorter of the terms of the underlying leases or the estimated useful lives of the improvements. The Company capitalizes the costs of software developed for internal use in accordance with the guidance for accounting for costs of computer software developed or obtained for internal use. Capitalization of software developed for internal use commences during the development phase of the project and ends when the asset is ready for its intended use. Software developed or obtained for internal use is generally amortized on a straight-line basis over 3 to 5 years and included within property and equipment on the Company’s consolidated balance sheet. Capitalized costs of software for internal use for the years ended December 31, 2020 and 2019 were $ 3.5 million and $ 9.6 million, respectively. Costs of internal development time and the costs of software under cloud computing arrangements that are service contracts are capitalized and included in prepaids on the Company’s consolidated balance sheet. Costs of these service contracts are amortized over the life of the contract and included in selling, general and administrative expenses in the Company’s consolidated statement of operations. Unamortized capital costs of software service contracts was $ 1.8 million as of December 31, 2020. Intangible Assets Intangible assets consist primarily of indefinite-lived management contracts recognized upon the consolidation of Bluegreen in November 2009. Bluegreen’s management contracts are reviewed for impairment on at least an annual basis, or more frequently if events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Bluegreen did not record any impairment charges during the years ended December 31, 2020, 2019 or 2018. Impairment of Long-Lived Assets The Company evaluates the recoverability of the carrying amounts of its long-lived assets under the guidelines of ASC 360 , Property, Plant and Equipment (“ASC 360”), which provides guidance relating to the accounting for the impairment or disposal of long-lived assets. The Company reviews the carrying amounts of the Company’s long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Company assesses impairment by comparing the undiscounted cash flows of the assets to their carrying amounts. If estimated cash flows are insufficient to recover the investment, an impairment loss is recognized to write-down the carrying value of the asset to the estimated fair value less any costs of disposition. No impairment charges were recorded during any of the years presented. Deferred Financing Costs Deferred financing costs are comprised of costs incurred in connection with obtaining financing from third-party lenders and are presented in the consolidated balance sheets as other assets or as a direct deduction from the carrying value of the associated debt liability. These costs are capitalized and amortized to interest expense over the terms of the related financing arrangements. As of December 31, 2020, and 2019, unamortized deferred financing costs totaled $ 13.7 million and $ 13.4 million, respectively. Interest expense from the amortization of deferred financing costs for the years ended December 31, 2020, 2019, and 2018 was $ 3.5 million, $ 4.8 million and $ 4.2 million, respectively. Advertising Expense The Company expense advertising costs, which are primarily marketing costs, as incurred. Advertising expense was $ 97.0 million, $ 146.0 million, and $ 138.9 million for the years ended December 31, 2020, 2019 and 2018, respectively, and is included in selling, general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income. Bluegreen has entered into marketing arrangements with various third parties. For the years ended December 31, 2020 2019, and 2018, sales of VOIs to prospects and leads generated by Bluegreen’s marketing agreement with Bass Pro accounted for approximately 12 % , 13 % and 14 %, respectively, of Bluegreen’s total VOI sales volume. There can be no guarantee that Bluegreen will be able to maintain this agreement in accordance with its terms or extend or renew this agreement on similar terms, or at all, nor is there any assurance that Bluegreen’s business relationship with Bass Pro under the revised terms of Bluegreen’s marketing agreement entered into in June 2019 will be as profitable as under the prior terms, or at all. See Note 12: Commitments and Contingencies for a description of the revised terms of Bluegreen’s marketing agreement with Bass Pro. Income Taxes BVH and our subsidiaries in which the Company owns 80 % or more of the voting power and value of the subsidiary’s stock file a consolidated U.S. Federal and Florida income tax return. Other than Florida, our subsidiaries and us file separate or unitary state income tax returns for each jurisdiction. Subsidiaries in which the Company owns less than 80 % of the outstanding equity are not included in our consolidated U.S. Federal or Florida state income tax return. The provision for income taxes is based on income before taxes reported for financial statement purposes after adjustment for transactions that do not have tax consequences. Deferred tax assets and liabilities are recognized according to the estimated future tax consequences attributable to differences between the carrying value of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates as of the date of the statement of financial condition. The effect of a change in tax rates on deferred tax assets and liabilities is reflected in the period that includes the statutory enactment date. A deferred tax asset valuation allowance is recorded when it has been determined that it is more likely than not that deferred tax assets will not be realized. If a valuation allowance is recorded, a subsequent change in circumstances that causes a change in judgment about the realization of the related deferred tax amount could result in the reversal of the deferred tax valuation allowance. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50 % likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. Noncontrolling Interests Noncontrolling interests reflect third parties’ ownership interests in entities that are consolidated in the Company’s financial statements but are less than 100% owned by the Company. Noncontrolling interests are recognized as equity in the Company’s consolidated balance sheet and presented separately from the equity attributable to BVH’s shareholders, while noncontrolling interests that are redeemable for cash at the holder’s option or upon a contingent event outside of the Company’s control are classified as redeemable noncontrolling interests and presented in the mezzanine section between total liabilities and equity in the consolidated balance sheet. The Company measures redeemable noncontrolling interests on an ongoing basis by accreting changes in the estimated redemption value of such interests from the date of issuance to the earliest redemption date and adjust the carrying amount of such interests to the calculated value in the event that it is in excess of the carrying amount of such interests at such time. Upon the deconsolidation of an entity with redeemable noncontrolling interest, the accretion to the estimated redemption value recognized in prior periods is reversed into accumulated earnings prior to the deconsolidation. The amounts of consolidated net income and comprehensive income attributable to BVH’s shareholders and noncontrolling interests are separately presented in the Company’s consolidated statements of operations and comprehensive income. Accounting for Loss Contingencies Loss contingencies, including those arising from legal actions, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing the earnings available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed in the same manner as basic earnings per share but also reflects potential dilution that could occur if options to acquire BVH’s common shares were exercised or if restricted stock awards issued by BVH were vested. Common stock options and restricted stock awards, if dilutive, are considered in the weighted average number of dilutive common shares outstanding based on the treasury stock method. As a result of the vesting of all share based compensation awards in August 2020 in contemplation of the spin-off, there were no potentially diluted securities outstanding subsequent to such date. Stock-Based Compensation Compensation cost for unvested restricted stock awards is based on the fair value of the award on the measurement date, which is generally the grant date, and is recognized on a straight-line basis over the requisite service period of the award, which is generally four years for unvested restricted stock awards. The fair value of unvested restricted stock awards is generally determined based on the market price of the Company’s common stock on the grant date. In contemplation of the spin-off, in August 2020 the Company’s Compensation Committee approved the acceleration of vesting of all of the Company’s restricted stock awards as further discussed in Note 14. Recently Adopted Accounting Standards 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). The Company adopted this standard on January 1, 2020 using a modified retrospective method. The adoption did not have a material impact on the Company’s consolidated financial statem ents or related di |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue From Contracts With Cutomers | 3. Revenue From Contracts with Customers The table below sets forth the Company’s disaggregated revenue by category from contracts with customers (in thousands). For the Years Ended December 31, 2020 2019 2018 Sales of VOIs (1) $ 173,997 $ 255,375 $ 254,225 Fee-based sales commission revenue (1) 89,965 207,832 216,422 Resort and club management revenue (2) 98,233 103,470 99,535 Cost reimbursements (2) 64,305 63,889 62,534 Title fees and other (1) 7,568 14,246 12,205 Other revenue (2) 6,022 7,528 6,284 Revenue from customers 440,090 652,340 651,205 Interest income (3) 79,381 85,431 83,081 Other income, net — 67 16 Total revenue $ 519,471 $ 737,838 $ 734,302 (1) Included in the Company’s Sales of VOIs and financing segment described in Note 17. (2) Included in the Company’s resort operations and club management segment described in Note 17. (3) Interest income of $ 77.5 million, $ 80.0 million, and $ 79.4 million is included in the Company’s 2020, 2019, and 2018 sales of VOIs and financing segment described in Note 17. |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Notes Receivable [Abstract] | |
Notes Receivable | 4 . Notes Receivable The table below provides information relating to Bluegreen’s notes receivable and its allowance for loan losses (dollars in thousands): As of December 31, 2020 2019 Notes receivable secured by VOIs: VOI notes receivable - non-securitized $ 156,078 $ 203,872 VOI notes receivable - securitized 395,315 385,326 551,393 589,198 Allowance for loan losses - non-securitized ( 38,750 ) ( 47,894 ) Allowance for loan losses - securitized ( 103,294 ) ( 92,736 ) Allowance for loan losses ( 142,044 ) ( 140,630 ) VOI notes receivable, net $ 409,349 $ 448,568 Allowance as a % of VOI notes receivable 26 % 24 % The weighted-average interest rate charged on Bluegreen’s notes receivable secured by VOIs was 15.0 % and 14.9 % at December 31, 2020 and 2019 , respectively. All of Bluegreen’s VOI loans bear interest at fixed rates. Bluegreen’s VOI notes receivable are generally secured by property located in Florida, Missouri, Nevada, South Carolina, Tennessee, and Wisconsin. Future principal payments due on Bluegreen’s notes receivable as of December 31, 2020 are as follows (in thousands): 2021 $ 62,985 2022 62,858 2023 66,429 2024 68,655 2025 69,333 Thereafter 221,133 Total $ 551,393 Allowance for Loan Losses The activity in Bluegreen’s allowance for loan losses was as follows (in thousands): For the Year Ended December 31, 2020 2019 Balance, beginning of year $ 140,630 $ 134,133 Provision for loan losses 56,941 55,701 Less: defaults ( 55,527 ) ( 49,204 ) Balance, end of year $ 142,044 $ 140,630 Bluegreen monitors the credit quality of its receivables on an ongoing basis. Bluegreen holds large amounts of homogeneous VOI notes receivable and assess uncollectibility based on pools of receivables as it 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. 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. Bluegreen believes that the COVID-19 pandemic will continue to have an impact on its VOI notes receivable. Accordingly, the estimate of defaults for the 2021 year was increased by $ 6.0 million, based on historical experience, forbearance requests received from customers, and other factors, including, but not limited to, the seasoning of the notes receivable and FICO scores of the customers. Bluegreen continues to evaluate the impact of the COVID-19 pandemic on its default or delinquency rates as it is rapidly changing and highly uncertain. Bluegreen’s estimates may not prove to be correct and its allowance for loan losses may need to be further increased in future periods. Additional information about Bluegreen’s VOI notes receivable by year of origination is as follows as of December 31, 2020 (in thousands): Year of Origination 2020 2019 2018 2017 2016 2015 and Prior Total By FICO Score: 701+ $ 70,874 $ 85,294 $ 56,490 $ 37,371 $ 27,638 $ 35,693 $ 313,360 601-700 42,660 45,533 34,896 25,259 23,300 35,976 207,624 <601 (1) 3,172 3,630 2,288 1,554 1,544 2,757 14,945 Other (2) 29 567 3,805 3,476 2,336 5,251 15,464 Total $ 116,735 $ 135,024 $ 97,479 $ 67,660 $ 54,818 $ 79,677 $ 551,393 Defaults $ 1,678 $ 13,678 14,297 $ 9,331 $ 7,299 $ 9,244 $ 55,527 Allowance for loan loss $ 33,441 $ 37,845 $ 27,552 $ 16,794 $ 12,097 $ 14,315 $ 142,044 Delinquency status: Current $ 113,954 $ 129,817 $ 89,744 $ 61,279 $ 50,671 $ 71,646 $ 517,111 31-60 days 1,040 1,531 1,093 925 547 642 5,778 61-90 days 807 1,137 931 777 365 524 4,541 Over 91 days (2) 934 2,539 5,711 4,679 3,235 6,865 23,963 Total $ 116,735 $ 135,024 $ 97,479 $ 67,660 $ 54,818 $ 79,677 $ 551,393 (1) Includes VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers). (2) Includes $ 11.4 million related to VOI notes receivable that, as of December 31, 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. Additional information about Bluegreen’s VOI notes receivable by year of origination is as follows as of December 31, 2019 (in thousands): Year of Origination 2019 2018 2017 2016 2015 2014 and Prior Total 701+ $ 115,753 $ 77,992 $ 50,443 $ 37,807 $ 23,670 $ 29,069 $ 334,734 601-700 57,447 46,157 33,540 30,656 22,724 27,854 218,378 <601 (1) 5,315 4,153 2,719 3,132 2,279 3,632 21,230 Other (2) 269 2,762 2,806 2,423 2,772 3,824 14,856 Total by FICO score $ 178,784 $ 131,064 $ 89,508 $ 74,018 $ 51,445 $ 64,379 $ 589,198 Defaults $ 1,487 $ 13,858 11,820 $ 9,348 $ 6,911 $ 5,780 $ 49,204 Allowance for loan loss $ 44,961 $ 34,477 $ 20,908 $ 16,370 $ 13,695 $ 10,219 $ 140,630 Delinquency status: Current $ 174,530 $ 122,283 $ 82,464 $ 68,007 $ 46,395 $ 58,021 $ 551,700 31-60 days 1,790 1,672 1,337 763 551 630 6,743 61-90 days 875 1,362 960 1,050 472 494 5,213 Over 91 days (2) 1,589 5,747 4,747 4,198 4,027 5,234 25,542 Total $ 178,784 $ 131,064 $ 89,508 $ 74,018 $ 51,445 $ 64,379 $ 589,198 (1) Includes VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers). (2) Includes $ 10.6 million related to VOI notes receivable that, as of December 31, 2019, 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. The percentage of gross notes receivable outstanding by FICO score at origination for both December 31, 2020 and 2019 were as follows: As of December 31, FICO Score No Score (1) 1 % <600 3 600-699 37 700+ 59 Total 100 % (2) VOI notes receivable without a FICO score are primarily related to foreign borrowers. Bluegreen’s notes receivable are carried at amortized cost less allowance for loan losses. 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. As of December 31, 2020 and 2019, $ 24.0 million and $ 25.5 million, respectively, of Bluegreen’s VOI notes receivable were more than 90 days past due, and accordingly, consistent with its 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 $ 3.9 million and $ 5.3 million as of December 31, 2020 and 2019, respectively, and is included within other assets in the Company’s consolidated balance sheets herein. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2020 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 5 . Variable Interest Entities Bluegreen sells VOI notes receivable through special purpose finance entities. These transactions are generally structured as non-recourse to Bluegreen and are designed to provide liquidity for Bluegreen and to transfer the economic risks and benefits of the notes receivable to third parties. In a securitization, various classes of debt securities are issued by the special purpose finance entities that are generally collateralized by a single tranche of transferred assets, which consist of VOI notes receivable. Bluegreen services the securitized notes receivable for a fee pursuant to servicing agreements negotiated with third parties based on market conditions at the time of the securitization. In these securitizations, Bluegreen generally retains a portion of the securities and continue 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 us; however, to the extent the portfolio of receivables fails to satisfy specified performance criteria (as may occur due to, among other things, an increase in default rates or credit loss severity) or other trigger events occur, the funds received from obligors are required to be distributed on an accelerated basis to investors. Depending on the circumstances and the transaction, the application of the accelerated payment formula may be permanent or temporary until the trigger event is cured. As of December 31, 2020, Bluegreen was in compliance with all material terms under Bluegreen’s 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 it bases its qualitative analysis on the structure of the entity, including its decision-making ability and authority with respect to the entity, and relevant financial agreements. Bluegreen also uses its qualitative analysis to determine if it 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 it is the primary beneficiary and, therefore, Bluegreen consolidates the entities into its financial statements. Under the terms of certain of Bluegreen’s VOI notes receivable sales, Bluegreen has the right to repurchase or substitute a limited amount of defaulted notes for new notes receivable at the outstanding principal balance plus accrued interest. Voluntary repurchases and substitutions by Bluegreen of defaulted notes receivable during 2020, 2019 and 2018 were $ 14.5 million, $ 11.5 million and $ 13.7 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 assets and liabilities of Bluegreen’s consolidated VIEs are as follows (in thousands): As of December 31, 2020 2019 Restricted cash $ 20,469 $ 22,534 Securitized notes receivable, net $ 292,021 $ 292,590 Receivable backed notes payable - non-recourse $ 355,833 $ 344,246 The restricted cash and the securitized notes receivable balances disclosed in the table above are restricted to satisfy obligations of the VIEs. |
VOI Inventory
VOI Inventory | 12 Months Ended |
Dec. 31, 2020 | |
VOI Inventory [Abstract] | |
VOI Inventory | 6. VOI Inventory Bluegreen’s VOI inventory consists of the following (in thousands): As of December 31, 2020 2019 Completed VOI units $ 268,686 $ 269,847 Construction-in-progress — 3,946 Real estate held for future development 78,436 73,144 $ 347,122 $ 346,937 The interest expense reflected in the Company’s consolidated statements of operations and comprehensive income is net of capitalized interest. Interest capitalized to VOI inventory was $ 0.1 million, $ 0.5 million and $ 1.3 million at December 31, 2020, 2019, and 2018, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 7. Leases BVH and Bluegreen are the lessees under various operating leases for certain sales offices, call centers, office space, equipment and vehicles. Some leases include one or more options to renew, at the Company’s discretion, for renewal terms of one year or more. Certain of the Company’s lease agreements include rental payments based on a percentage of sales generated at the location, and others include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain residual value guarantees or restrictive covenants which the Company believes to be material. The Company recognizes operating lease assets and operating lease liabilities associated with lease agreements with an initial term of 12 months or greater, while lease agreements with an initial term of 12 months or less are not recorded in the Company’s consolidated balance sheets. The Company generally does not include lease payments associated with renewal options, including those that are exercisable at its discretion, in the measurement of its operating lease assets and liabilities as it is not reasonably certain that such options will be exercised. The table below sets forth information regarding the Company’s lease agreements with an initial term of greater than 12 months (dollars in thousands): As of December 31, 2020 2019 Operating Lease Asset $ 34,415 $ 21,498 Operating Lease Liability 35,904 22,957 Weighted Average Lease Term (in years) (1) 3.4 3.7 Weighted Average Discount Rate (2) 4.77 % 5.30 % (1) The Company’s weighted average lease term excludes two real estate leases that expire in December 2034 and May 2056. (2) As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future lease payments. To estimate incremental borrowing rates, the Company considers various factors, including the rates applicable to the Company’s recently issued debt and credit facilities and prevailing financial market conditions. The Company used the incremental borrowing rate as of January 1, 2019 for operating leases that commenced prior to that date. The Company generally recognizes lease costs associated with its operating leases on a straight-line basis over the lease term, while variable lease payments that do not depend on an index or rate are recognized as variable lease costs in the period in which the obligation for those payments is incurred. The table below sets forth information regarding the Company’s lease costs which are included as selling, general and administrative expenses in the Company’s consolidated statement of operations and comprehensive income for the year ended December 31, 2020 (in thousands): For the years ended December 31, 2020 2019 Fixed rental costs $ 7,516 $ 8,147 Short-term lease cost 1,831 5,144 Variable lease cost 2,448 3,079 Total operating lease costs $ 11,795 $ 16,370 The table below sets forth information regarding the maturity of the Company’s operating lease liabilities (in thousands): As of December 31, Operating Lease Liabilities 2021 $ 4,025 2022 6,703 2023 5,858 2024 3,618 2025 2,152 After 2025 25,435 Total lease payments $ 47,791 Less: Interest 11,887 Present value of operating lease liabilities $ 35,904 The above operating lease payments exclude $ 0.9 million of required minimum lease payments for lease agreements executed but not yet commenced, as the Company has not received possession of the leased property as of December 31, 2020. Included in the Company’s statement of cash flows under operating activities for the years ended December 31, 2020 and 2019 was $ 6.6 million and $ 7.6 million, respectively, of cash paid for amounts included in the measurement of lease liabilities. During the year ended December 31, 2020 and 2019, the Company obtained $ 19.4 million and $ 1.6 million, respectively, of right-of-use assets in exchange for new operating lease liabilities. The increase in the right-of-use assets and operating lease liabilities in 2020 as compared to 2019 was primarily due to 2 leases executed in December 2020. |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property And Equipment [Abstract] | |
Property And Equipment | 8. Property and Equipment The Company’s property and equipment consists of the following (dollars in thousands): As of December 31, Useful Lives 2020 2019 Land, buildings and building improvements 3 - 31 years 72,041 71,575 Computer hardware and software 1 - 5 years 67,639 70,377 Furniture, fixtures and equipment 3 - 14 years 21,218 24,430 Leasehold improvements 3 - 14 years 9,326 11,215 Transportation and equipment 5 years 680 837 170,904 178,434 Accumulated depreciation and amortization ( 80,855 ) ( 78,764 ) Total $ 90,049 $ 99,670 Depreciation and amortization expense related to the Company’s property and equipment was $ 15.5 million , $ 14.0 million and $ 12.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. I n December 2019, Bluegreen conveyed the ski and golf operations and related property at one of its resorts to the HOA, which resulted in a loss on the disposal of approximately $ 5.6 million. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets [Abstract] | |
Intangible Assets | 9. Intangible Assets Intangible assets and related amortization expense were as follows (in thousands): As of December 31, Class 2020 2019 Intangible assets: Management agreements $ 61,708 $ 61,708 Accumulated amortization ( 277 ) ( 193 ) Total intangible assets $ 61,431 $ 61,515 Year Future Amortization Expense 2021 $ 83 2022 56 $ 139 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt [Abstract] | |
Debt | 10. Debt Contractual minimum principal payments required on the Company’s debt, net of unamortized discount, by type, for each of the five years subsequent to December 31, 2020 and thereafter are shown below (in thousands): Notes payable and other borrowings Note payable to BBX Capital, Inc. Recourse receivable- backed notes payable Non-recourse receivable- backed notes payable Junior subordinated debentures Total 2021 $ 12,200 $ — $ — $ — $ — $ 12,200 2022 14,625 — — — — 14,625 2023 10,328 — — — — 10,328 2024 102,500 — 25,718 — — 128,218 2025 — 75,000 8,125 — — 83,125 Thereafter — — 18,958 347,526 177,129 543,613 Unamortized debt issuance costs ( 1,267 ) — — ( 5,994 ) ( 1,057 ) ( 8,318 ) Adjustment (1) — — ( 14,301 ) 14,301 — — Purchase accounting adjustment — — — — ( 37,895 ) ( 37,895 ) Total $ 138,386 $ 75,000 $ 38,500 $ 355,833 $ 138,177 $ 745,896 (1) Represents the non-recourse balances of the Liberty Bank Facility, NBA Receivables Facility, and the Pacific Western Facility as described below. The minimum contractual payments set forth in the table above may differ from actual payments due to the timing of principal payments required upon (1) the sale of real estate assets that serve as collateral on certain debt (release payments) and (2) cash collections of pledged or transferred notes receivable. Lines-of-Credit and Notes Payable 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) as of December 31, 2020 and 2019 was as follows (dollars in thousands): As of December 31, 2020 2019 Balance Interest Rate Carrying Amount of Pledged Assets Balance Interest Rate Carrying Amount of Pledged Assets NBA Éilan Loan $ 15,903 4.75 % $ 28,491 $ 18,820 4.95 % $ 31,259 Fifth Third Syndicated LOC 30,000 2.25 % 50,822 30,000 3.85 % 49,062 Fifth Third Syndicated Term 93,750 2.25 % 158,817 98,750 3.71 % 161,497 Unamortized debt issuance costs ( 1,267 ) — ( 1,410 ) — — Total $ 138,386 $ 238,130 $ 146,160 $ 241,818 NBA Éilan Loan. In April 2018, Bluegreen purchased the Éilan Hotel & Spa in San Antonio, Texas for $ 34.3 million. In connection with the acquisition, Bluegreen entered into a non-revolving acquisition loan (the “NBA Éilan Loan”) with NBA, which provided for advances of up to $ 27.5 million, $ 24.3 million of which was used to fund the acquisition of the resort and $ 2.1 million of which was used to fund certain improvement costs. Principal payments are effected through release payments from sales of VOIs at the Éilan Hotel & Spa that serve as collateral for the NBA Éilan Loan, subject to a minimum amortization schedule, with the remaining balance due at maturity in April 2023. Borrowings under the NBA Éilan Loan bear interest at an annual rate equal to one-month LIBOR plus 3.25 %, subject to a floor of 4.75 %. As of December 31, 2020, there was $ 15.9 million outstanding on the NBA Éilan Loan. Fifth Third Syndicated Line-of-Credit and Fifth Third Syndicated Term Loan. In December 2016, Bluegreen entered into a $ 100.0 million syndicated credit facility with Fifth Third Bank, as administrative agent and lead arranger, and certain other bank participants as lenders. In October 2019, Bluegreen amended and increased the facility to $ 225.0 million. The amended facility includes a $ 100.0 million term loan (the “Fifth Third Syndicated Term Loan”) with quarterly amortization requirements and a $ 125.0 million revolving line of credit (the “Fifth Third Syndicated Line-of-Credit”). Borrowings under the amended facility generally bear interest at LIBOR plus 2.00 % - 2.50 % (with a LIBOR floor of 0.25 %), depending on Bluegreen’s leverage ratio, are collateralized by certain of Bluegreen’s VOI inventory, sales center buildings, management fees, short-term receivables and cash flows from residual interests relating to certain term securitizations, and will mature in October 2024. During March 2020, in an effort to assure adequate liquidity for a sustained period given the effect and uncertainties associated with the COVID-19 pandemic, Bluegreen drew down $ 60.0 million under its line-of credit which Bluegreen has repaid as of December 31, 2020. As of December 31, 2020, outstanding borrowings under the facility totaled $ 123.8 million, including $ 93.8 million under the Fifth Third Syndicated Term Loan with an interest rate of 2.25 %, and $ 30.0 million under the Fifth Third Syndicated Line of Credit with an interest rate of 2.25 %. 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 the termination, IberiaBank released the security interest over all collateral granted to lenders of the facility. Receivable-Backed Notes Payable Financial data related to Bluegreen’s receivable-backed notes payable facilities was as follows (dollars in thousands): As of December 31, 2020 2019 Debt Balance Interest Rate Principal Balance of Pledged/ Secured Receivables Debt Balance Interest Rate Principal Balance of Pledged/ Secured Receivables Receivable-backed notes payable - recourse: Liberty Bank Facility (1) $ 10,000 3.40 % $ 13,970 $ 25,860 4.75 % $ 31,681 NBA Receivables Facility (2) 19,877 3.32 % 26,220 32,405 4.55 % 39,787 Pacific Western Facility (3) 8,623 3.15 % 13,131 20,304 4.68 % 25,332 Total 38,500 53,321 78,569 96,800 Receivable-backed notes payable - non-recourse: Liberty Bank Facility (1) $ 2,316 3.40 % $ 3,235 $ — — $ — NBA Receivables Facility (2) 11,985 3.32 % 15,809 — — — Pacific Western Facility (3) — — — 10,000 4.68 % 12,477 KeyBank/DZ Purchase Facility — — — 31,708 3.99 % 39,448 Quorum Purchase Facility 29,788 4.75 - 5.10 % 34,651 44,525 4.75 - 5.50 % 49,981 2012 Term Securitization — 0.00 % — 8,638 2.94 % 9,878 2013 Term Securitization 11,922 3.20 % 13,483 18,219 3.20 % 19,995 2015 Term Securitization 22,560 3.02 % 24,475 31,188 3.02 % 33,765 2016 Term Securitization 35,700 3.35 % 40,221 48,529 3.35 % 54,067 2017 Term Securitization 51,470 3.12 % 58,907 65,333 3.12 % 74,219 2018 Term Securitization 72,486 4.02 % 84,454 91,231 4.02 % 103,974 2020 Term Securitization 123,600 2.60 % 139,052 — — — Unamortized debt issuance costs ( 5,994 ) — — ( 5,125 ) — — Total 355,833 414,287 344,246 397,804 Total receivable-backed debt $ 394,333 $ 467,608 $ 422,815 $ 494,604 (1) Pursuant to the February 11, 2020 amendment described below, recourse on the Liberty Bank Facility is limited to $ 10.0 million, subject to certain exceptions. (2) Pursuant to the September 25, 2020 amendment described below, recourse to Bluegreen/Big Cedar Vacations was reduced to $ 19.9 million as of December 31, 2020 and will be reduced by $ 1.3 million per month until it reaches a floor of $ 10.0 million. (3) Recourse on the Pacific Western Facility is limited to $ 10.0 million, subject to certain exceptions. 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 is 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 effective July 1, 2020, decreased the interest rate to the 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, subject to 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 by maturity. 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 currently effective 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 $ 19.9 million as of December 31, 2020 and will be reduced by $ 1.3 million per month until it reaches a floor of $ 10.0 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. Pacific Western Facility. Bluegreen has a revolving VOI notes receivable hypothecation facility (the “Pacific Western Facility”) with Pacific Western Bank, which provides for advances on eligible VOI notes receivable pledged under the facility, subject to specified terms and conditions, during a revolving credit period. Maximum outstanding borrowings under the Pacific Western Facility are $ 40.0 million, subject to eligible collateral and customary terms and conditions. The revolving advance period expires in September 2021 and the Pacific Western Facility matures in September 2024 (in each case, subject to an additional 12 -month extension at the option of Pacific Western Bank). Eligible “A” VOI notes receivable that meet certain eligibility and FICO score requirements, which Bluegreen believes are typically consistent with loans originated under its current credit underwriting standards, are subject to an 85 % advance rate. The Pacific Western Facility also allows for certain eligible “B” VOI notes receivable (which have less stringent FICO score requirements) to be funded at a 53 % advance rate. Borrowings outstanding under the Pacific Western Facility accrue interest at an annual rate equal to 30-day LIBOR plus 3.00 %; provided, however, that a portion of the borrowings, to the extent such borrowings are in excess of established debt minimums, will accrue interest at 30-day LIBOR plus 2.75 %. Subject to the terms of the facility, principal repayments and interest on borrowings under the Pacific Western Facility are paid as cash is collected on the pledged VOI notes receivable, subject to future required decreases in the advance rates after the end of the revolving advance period, with the remaining outstanding balance being due by maturity. The facility has limited recourse not to exceed $ 10.0 million. KeyBank/DZ Purchase Facility. Bluegreen has a VOI notes receivable purchase facility (the “KeyBank/DZ Purchase Facility”) with DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt AM Main (“DZ”), and KeyBank National Association (“KeyBank”) which permits maximum outstanding financings of up to $ 80.0 million and provides for an advance rate of 80 % with respect to VOI receivables securing amounts financed . The KeyBank/DZ Purchase Facility’s advance period will expire in December 2022 and will mature and all outstanding amounts will become due 24 months after the revolving advance period has expired, or earlier under certain circumstances set forth in the facility. Interest on amounts outstanding under the facility is tied to an applicable index rate of the LIBOR rate, in the case of amounts funded by KeyBank, and a cost of funds rate or commercial paper rates, in the case of amounts funded by or through DZ. The interest rate under the facility is the applicable index rate plus 2.25 % (with an interest rate floor of 0.25 %) until the expiration of the revolving advance period and thereafter will equal the applicable index rate plus 3.25 % ( with an interest rate floor of 0.25 %) . Subject to the terms of the facility, Bluegreen will receive the excess cash flows generated by the VOI notes receivable sold (excess meaning after payments of customary fees, interest and principal under the facility) until the expiration of the VOI notes receivable advance period, at which point all of the excess cash flow will be paid to the note holders until the outstanding balance is reduced to zero. While ownership of the VOI notes receivable included in the facility is transferred and sold for legal purposes, the transfer of these VOI notes receivable is accounted for as a secured borrowing for financial reporting purposes. The facility is nonrecourse. Quorum Purchase Facility. Bluegreen/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 December 18, 2020, the Quorum Purchase Facility was amended to extend the advance period to December 2022 from December 2020 and the maturity date to December 2034 from December 2032. The interest rate on each advance is set at the time of funding based on rates mutually agreed upon by the parties. Of the amounts outstanding under the Quorum Purchase Facility at December 31, 2020, $ 2.2 million accrues interest at a rate per annum of 4.75 %, $ 15.3 million accrues interest at a fixed rate of 4.95 %, and $ 12.3 million accrues interest at a fixed rate of 5.10 %. The Quorum Purchase Facility provides for an 85 % advance rate on eligible receivables sold under the facility, however Quorum can modify this advance rate on future purchases subject to the terms and conditions of the Quorum Purchase Facility . Eligibility requirements for VOI notes receivable sold include, among others, that the obligors under the VOI notes receivable sold be members of Quorum at the time of the note sale. Subject to performance of the collateral, Bluegreen or Bluegreen/Big Cedar Vacations, as applicable, will receive any excess cash flows generated by the VOI notes receivable transferred to Quorum under the facility (excess meaning after payment of customary fees, interest and principal under the facility) on a pro-rata basis as borrowers make payments on their VOI notes receivable. While ownership of the VOI notes receivable included in the Quorum Purchase Facility is transferred and sold for legal purposes, the transfer of these VOI notes receivable is accounted for as a secured borrowing for financial reporting purposes. The facility is nonrecourse. 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 in 2020. 2020 Term Securitization. In October 2020, Bluegreen completed the 2020-A Term Securitization, a private offering and sale of $ 131.0 million of investment-grade, VOI receivable backed notes (the “Notes”), including $ 48.6 million of Class A Notes, $ 47.9 million of Class B Notes and $ 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 to BXG Receivables Note Trust 2020-A (the “Trust”) in the transaction was $ 148.9 million, $ 138.9 million of which was sold to the Trust at closing and the remaining $ 10.0 million of which (the “Prefunded Receivables”) was sold to the Trust by December 31, 2020. The gross proceeds of such sales to the Trust were $ 131.0 million. A portion of the proceeds received at closing were used to: repay KeyBank National Association (“KeyBank”) and DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main (“DZ Bank”) $ 61.1 million, representing all amounts outstanding (including accrued interest) the KeyBank/DZ Purchase Facility; repay Liberty Bank $ 6.4 million under the Liberty Bank Facility; repay Pacific Western Bank $ 14.6 million under the Pacific Western Bank Facility; capitalize a reserve fund; and pay fees and expenses associated with the transaction. The remainder of the gross proceeds from the 2020-A Term Securitization were used for general corporate purposes. 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. Other Non-Recourse Receivable-Backed Notes Payable . In addition to the above described facilities, Bluegreen has a number of other nonrecourse receivable-backed notes payable facilities, as set forth in the table above. During 2020 and 2019, Bluegreen repaid $ 67.8 million and $ 62.6 million, respectively, under these additional receivable-backed notes payable facilities. Junior Subordinated Debentures Woodbridge and Bluegreen have each formed statutory business trusts (collectively, the "Trusts"), each of which issued trust preferred securities as part of a larger pooled trust securities offering which was not registered under the Securities Act of 1933 and invested the proceeds thereof in its junior subordinated debentures. The Trusts are variable interest entities in which Woodbridge and Bluegreen are not the primary beneficiaries. Accordingly, the Company and its subsidiaries do not consolidate the operations of the Trusts; instead, the beneficial interests in the Trusts are accounted for under the equity method of accounting. The maximum exposure to loss as a result of Bluegreen and Woodbridge’s involvement with the Trusts is limited to the carrying amount of the equity method investment. Included in other assets as of December 31, 2020 and 2019 was $ 2.1 million of equity in the Trusts. Interest on the junior subordinated debentures and distributions on the trust preferred securities are payable quarterly in arrears at the same interest rate. The table below sets forth information regarding the Company’s junior subordinated debentures (dollars in thousands): December 31, 2020 December 31, 2019 Effective Effective Carrying Interest Carrying Interest Maturity Amounts Rates (1) Amounts Rates (1) Years (2) Woodbridge - Levitt Capital Trusts I - IV $ 66,302 4.01 - 4.04 % $ 66,302 5.74 - 5.95 % 2035 - 2036 Bluegreen Statutory Trusts I - VI 110,827 5.01 - 5.12 % 110,827 6.74 - 6.86 % 2035 - 2037 Unamortized debt issuance costs ( 1,057 ) ( 1,129 ) Unamortized purchase discount ( 37,895 ) ( 38,746 ) Total junior subordinated debentures $ 138,177 $ 137,254 (1) The Company’s junior subordinated debentures bear interest at three-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 3.80 % to 4.90 %. (2) All of the junior subordinated debentures were eligible for redemption by Woodbridge and Bluegreen, as applicable, as of December 31, 2020 and 2019. As of December 31, 2020, BVH and its subsidiaries were in compliance with all financial debt covenants under its debt instruments. Bluegreen had availability of approximately $ 292.4 million under its receivable-backed purchase and credit facilities, inventory lines of credit and corporate credit line, subject to eligible collateral and the terms of the facilities, as applicable, as of December 31, 2020. Note payable to BBX Capital, Inc. In connection with its 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 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. Included in other liabilities as accrued interest payable in BVH’s consolidated statement of financial condition was $ 1.1 million of accrued interest payable in connection with this note payable. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | 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 December 31, 2020 As of December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Cash and cash equivalents $ 221,118 $ 221,118 $ 335,846 $ 335,846 Restricted cash 35,986 35,986 49,896 49,896 Notes receivable, net 409,349 549,819 448,568 587,000 Note payable to BBX Capital, Inc. 75,000 78,218 — — Lines-of-credit, notes payable, and receivable-backed notes payable 532,719 547,400 568,975 589,300 Junior subordinated debentures 138,177 133,500 137,254 146,000 Cash and cash equivalents. The amounts reported in the consolidated balance sheets for cash and cash equivalents approximate fair value. Restricted cash. The amounts reported in the consolidated balance sheets for restricted cash approximate fair value. Notes receivable, net. The fair value of Bluegreen’s 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 was determined using Level 3 inputs by discounting the net cash outflows estimated to be used to repay the debt. Lines-of-credit, notes payable, and receivable-backed notes payable. The amounts reported in the Company’s consolidated balance sheets 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 the Company’s fixed-rate, receivable-backed notes payable was determined using Level 3 inputs by discounting the net cash outflows estimated to be used to repay the debt. These obligations are to be satisfied using the proceeds from the consumer loans that secure the obligations. Junior subordinated debentures. The fair value of the Company’s 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. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 12. 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 it also receives 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. The Company may also become subject to litigation related to the COVID-19 pandemic, including with respect to any actions the Company takes 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. BVH Litigation There were no material pending legal proceedings against BVH or its subsidiaries other than proceedings against Bluegreen as of December 31, 2020. Bluegreen Litigation The following is a description of certain material pending legal proceedings involving Bluegreen: On September 22, 2017, Stephen Potje, Tamela Potje, Sharon Davis, Beafus Davis, Matthew Baldwin, Tammy Baldwin, Arnor Lee, Angela Lee, Gretchen Brown, Paul Brown, Jeremy Estrada, Emily Estrada, Michael Oliver, Carrie Oliver, Russell Walters, Elaine Walters, and Mike Ericson, individually and on behalf of all other similarly situated , filed a purported class action lawsuit against Bluegreen which asserts claims for alleged violations of the Florida Deceptive and Unfair Trade Practices Act and the Florida False Advertising Law. In the complaint, the plaintiffs alleged the making of false representations in connection with Bluegreen’s sales of VOIs. 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 Bluegreen’s favor and dismissed all claims. Bluegreen has moved for reimbursement of its attorneys’ fees. Plaintiffs have appealed the summary judgement order. On February 28, 2018, Oscar Hernandez and Estella Michael filed a purported class action lawsuit in San Bernardino Superior Court against BVU. Plaintiffs sought to represent a class of approximately 660 hourly, non-exempt employees who worked in the state of California since March 1, 2014. 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, claims relating to non-compliant wage statements and unreimbursed business expenses, and a claim under the Private Attorney’s General Act. In April 2019, the parties mediated and agreed to settle the matter for an immaterial amount. Final approval of the settlement was granted by the court on January 21, 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 Bluegreen Vacations Unlimited, Inc. (“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 utilized 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 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 intend 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”), specifically that BVU called plaintiff’s cell phone for telemarketing purposes using an automated dialing system, and that plaintiff did not give BVU his express written consent to do so. Plaintiffs seek certification of a class comprised of other persons in the United States who received similar calls from or on behalf of BVU without the person’s consent. Plaintiff seeks monetary damages, attorneys’ fees and injunctive relief. Bluegreen believes the lawsuit is without merit and intend 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 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 its 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 court certified a class regarding the unauthorized practice of law claim and dismissed the claims regarding abuse of process. On January 11, 2021, the Court issued an order that the class members are not entitled to rescission of their contracts because they have failed to plead fraud in the inducement. Bluegreen believes the lawsuit is without merit and intend to move to decertify the class. On July 7, 2020, Robert Barban and approximately 172 other plaintiffs filed an action against Bluegreen’s subsidiaries, Bluegreen Resorts Management, Inc. (“BRM”) and Vacation Trust, Inc. (“VTI”), seeking a financial review. Plaintiffs allege that the allocation system in place does not allow them to freely and easily use, occupy, and enjoy the accommodations and facilities. They also allege that BRM has unreasonably escalated operating costs and that VTI failed to protect the plaintiffs from these costs. While Bluegreen believes the case is without merit, Bluegreen is in discussion with plaintiffs’ counsel to voluntarily move this case to individual arbitration claims in Broward County, Florida. If the discussions are not successful, Bluegreen intends to file a motion to dismiss. 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 TCPA. Specifically, the named plaintiff alleges that he received numerous telemarketing calls from BVU while he was on the National Do Not Call Registry. Bluegreen filed a motion to dismiss, and plaintiff in response filed an amended complaint on September 18, 2020. On February 18, 2021 plaintiff filed a motion for class certification seeking to certify a class of thousands of individuals proposed class members. Bluegreen intends to oppose the class certification and vigorously defend the action. 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. Accordingly, Bluegreen has moved to dismiss the claims against BVU. 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 their attorneys purporting to represent certain VOI owners. Following receipt of these letters, Bluegreen is unable to contact the owners unless allowed by law. Bluegreen believes these exit firms have encouraged such owners to become delinquent and ultimately default on their obligations and that such actions and Bluegreen’s inability to contact the owners are a primary contributor to the increase in its annual default rates. Bluegreen’s average annual default rates have increased from 6.9 % in 2015 to 9.8 % in 2020. Bluegreen also estimates that approximately 9.2 % of the total delinquencies on its VOI notes receivable as of December 31, 2020 related to VOI notes receivable are subject to this issue. Bluegreen has, in a number of cases pursued, and Bluegreen 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. 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. 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 the court has approved the settlement with the bankruptcy trustee, which allowed 100 % of Bluegreen’s claims against the TPEs and Totten Franqui (which are in excess of $ 1.0 million). Bluegreen agreed to subordinate its claims to the claims of its timeshare owners. 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 Totten Franqui 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. In the complaint, Bluegreen alleged that through various forms of deceptive advertising, as well as inappropriate direct contact with VOI owners, such firm and its affiliates made false statements about Bluegreen and provided misleading information to the VOI owners and encouraged nonpayment by consumers. Bluegreen believes the consumers are paying fees to the firm and its affiliates in exchange for illusory services. Bluegreen has asserted claims under the Lanham Act, as well as tortious interference with contractual relations, civil conspiracy to commit tortious interference and other claims. Defendants’ motion to dismiss was denied. Discovery is ongoing. On November 13, 2020, Bluegreen filed a lawsuit against timeshare exit firm, Carlsbad Law Group, LLP, and certain of its associated law firms and affiliates. On December 30, 2020, Bluegreen filed a lawsuit against timeshare exit firm, The Molfetta Law Firm, and certain of its associated law firms and affiliates. In both of these actions, Bluegreen makes substantially the same claims against the timeshare exit firms and its associated law firms and affiliates as those made in Bluegreen’s action against The Montgomery Law Firm described above. Other 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 us with the right to market and sell vacation packages at kiosks in each of Bass Pro’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 and agreed to, among other things, make five annual payments to Bass Pro of $ 4.0 million each 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 December 31, 2020, $ 14.7 million was accrued for the remaining payments required by the settlement agreement (including the second annual payment of $ 4.0 million on January 2021), which are included in accrued liabilities and other in the consolidated balance sheets as of December 31, 2020. During the year ended December 31, 2020 and 2019, VOI sales to prospects and leads generated by the agreement with Bass Pro accounted for approximately 12 % and 13 %, respectively, of Bluegreen’s VOI sales volume. 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. During 2020, Bluegreen paid $ 5.7 million for this fixed fee, which is included in selling, general and administrative expenses within its consolidated statements of operations and comprehensive income. 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. 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. Beginning in mid-May 2020, Bluegreen started the process of recommencing its sales and marketing operations and by December 31, 2020, Bluegreen recommenced operating marketing kiosks at 88 Bass Pro Shops and Cabela’s stores and commenced operating marketing kiosks at 10 new Cabela’s stores, for a total of 98 Bass Pro Shops and Cabela’s stores. 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, $ 1.2 million of which remained payable as of December 31, 2020. In lieu of paying maintenance fees for unsold VOI inventory, Bluegreen may enter into subsidy agreements with certain HOAs. During the years ended December 31, 2020, 2019 and 2018, Bluegreen made subsidy payments related to such subsidies of $ 24.0 million, $ 24.9 million, and $ 12.6 million, respectively, which are included within cost of other fee-based services in the Company’s consolidated statements of operations and comprehensive income. As of December 31, 2020 and December 31, 2019, Bluegreen had no accrued liabilities for such subsidies. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | 13. Income Taxes The Company’s (benefit) provision for income taxes from continuing operations consists of the following (in thousands): Year Ended December 31, 2020 2019 2018 Federal: Current $ 2,775 $ 3,934 $ ( 3,082 ) Deferred ( 3,048 ) 752 21,839 $ ( 273 ) $ 4,686 $ 18,757 State and Other: Current $ 567 $ 1,175 $ 3,335 Deferred ( 2,662 ) 1,664 4,301 ( 2,095 ) 2,839 7,636 Total $ ( 2,368 ) $ 7,525 $ 26,393 The difference between the Company’s (benefit) provision for income taxes from continuing operations and the results of applying the federal statutory tax rate to income before (benefit) provision for income taxes relates to (in thousands): For the Year Ended December 31, 2020 2019 2018 Income tax (benefit) provision at expected federal income tax rate (1) $ ( 9,823 ) $ 1,718 $ 15,494 Increase (decrease) resulting from: (Benefit) provision for state taxes, net of federal effect ( 1,655 ) 2,244 6,125 Taxes related to noncontrolling interests in subsidiaries not consolidated for income tax purposes ( 1,552 ) ( 2,367 ) ( 2,602 ) Non-deductible executive compensation 10,205 5,572 8,421 Other - net 457 358 ( 1,045 ) (Benefit) provision for income taxes $ ( 2,368 ) $ 7,525 $ 26,393 (1) Expected tax is computed based upon income before taxes from continuing operations. The Company’s deferred income taxes from continuing and discontinuing operations consist of the following components (in thousands): As of December 31, 2020 2019 Deferred tax assets: Allowance for loan losses, tax certificate losses and $ write-downs for financial statement purposes 30,155 30,644 Federal and State NOL and tax credit carryforward 89,039 95,970 Real estate valuation 5,472 6,575 Expenses recognized for books and deferred for tax 7,063 7,827 Other 2,961 6,261 Total gross deferred tax assets 134,690 147,277 Valuation allowance ( 80,218 ) ( 86,435 ) Total deferred tax assets 54,472 60,842 Deferred tax liabilities: Installment sales treatment of notes 100,479 107,551 Intangible assets 14,197 14,760 Junior subordinated debentures 8,886 9,124 Deferral of VOI sales and costs under timeshare accounting 9,857 10,511 Property and equipment 5,465 4,985 Other 902 1,469 Total gross deferred tax liabilities 139,786 148,400 Net deferred tax liability $ 85,314 87,558 Valuation Allowance on Deferred Tax Assets The Company evaluates its deferred tax assets to determine if valuation allowances are required. In the evaluation, management considers net operating loss (“NOL”) carryback availability, expectations of sufficient future taxable income, trends in earnings, existence of taxable income in recent years, the future reversal of temporary differences, and available tax planning strategies that could be implemented, if required. Valuation allowances are established based on the consideration of all available evidence using a more likely than not standard. As of December 31, 2020, the Company has established a valuation allowance of $ 80.2 million relating to the deferred tax asset of $ 89.0 million for federal and state NOL and tax credit carryforwards, as the Company’s ability to utilize a portion of these carryforwards to reduce future tax liability income is subject to significant limitations. The spin-off of BBX Capital and subsidiaries reduced the Company’s federal and state NOL carryforward and valuation allowance by approximately $ 6.5 million. The table below sets forth information regarding the federal and state NOL and tax credit carryforwards and the applicable valuation allowance as of December 31, 2020 (in thousands): Federal and State NOL and Credit Carryforward Gross Deferred Tax Asset Valuation Allowance Net Deferred Tax Asset Year Expires Non-Florida State NOLs $ 226,858 $ 10,299 $ 3,156 $ 7,143 2021-2040 Federal NOL SRLY Limitation 210,330 44,170 44,170 — 2026-2034 Florida NOL SRLY Limitation 702,433 30,521 30,521 — 2026-2034 Other Federal tax credits-SRLY Limitation 2,371 2,371 2,371 — 2025-2031 Federal NOL Section 382 Limitation 7,097 1,490 — 1,490 2023-2029 Florida NOL Section 382 Limitation 4,614 188 — 188 2024-2029 Total $ 89,039 $ 80,218 $ 8,821 The Company evaluated all positive and negative evidence available as of the reporting date, including tax planning strategies, the ability to file a consolidated return with its subsidiaries, the expected future reversal of existing taxable temporary differences, and expected future taxable income (primarily from Bluegreen) exclusive of reversing temporary differences and carry forwards. Based on this evaluation, the Company has determined that it is more likely than not that it will be able to realize $ 8.8 million of the deferred tax asset that is attributed to the Company’s federal and state NOL and credit carryforwards. As of December 31, 2020, Bluegreen had non-Florida state NOL carryforwards of $ 226.9 million which expire from 2021 through 2040. These NOLs can only be utilized against Bluegreen’s (or a subsidiary of Bluegreen) income allocable to the state in which the NOL was generated. A valuation allowance is maintained for those state NOLs where the NOL is not more likely than not realizable. As of December 31, 2020, the Company had federal and Florida NOL carryforwards and federal tax credit carryforwards that can only be utilized if the separate entity that generated them has separate company taxable income (the “SRLY Limitation”). These carryforwards cannot be utilized against most of the Company’s subsidiaries’ taxable income, including Bluegreen. As such, a full valuation allowance has been established for these carryforwards. In addition, as a result of the Company’s merger with Woodbridge in September 2009, the Company experienced a “change of ownership” as that term is defined in the Internal Revenue Code. This change of ownership resulted in a significant limitation of the amount of the Company’s pre-merger NOLs that can be utilized by the Company annually (the “Section 382 limitation”). The federal and Florida annual limit is approximately $ 788,000 and $ 513,000 , respectively. As a result, the amounts in the table represent the NOLs that more likely than not can be utilized before expiration. Impact of the Tax Reform Act On December 22, 2017, the Tax Reform Act was signed into law. In addition to changes or limitations to certain tax deductions, including limitations on the deductibility of interest payable to related and unrelated lenders and further limiting deductible executive compensation, the Tax Reform Act permanently lowered the federal corporate tax rate to 21 % from the previous maximum rate of 35 %, effective for tax years commencing January 1, 2018. During the year ended December 31, 2018, the Company completed its analysis of the tax effects of the Tax Reform Act and reduced the provisional tax benefit recognized for the year ended December 31, 2017 by $2.8 million as a result of its analysis of the impact of the Tax Reform Act on the deductibility of certain compensation to covered employees. The $ 2.8 million adjustment recognized during the year ended December 31, 2018 is included in nondeductible executive compensation in the above table that reconciles the Company’s expected income tax provision to its actual income tax provision. The Tax Reform Act also repealed the alternative minimum tax effective in 2018 and allows credits associated with the alternative minimum tax to be applied to fully offset regular income taxes. Any credits that are not used to reduce regular income taxes are 50% refundable for the years 2019 through 2020 and 100% refundable in 2021. The Company had alternative minimum tax credit carryforwards of $ 11.2 million as of December 31, 2018 that were fully utilized during the year ended December 31, 2019. Other 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 December 31, 2020, the Company evaluated the income tax provisions of the CARES Act and determined it had no significant effect on the computation of the Company’s estimated effective tax rate for the year ended December 31, 2020. However, the Company has 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 year ended December 31, 2020, the Company recorded a tax withholding deferral of $ 8.7 million and employee retention tax credits of $ 7.1 million, which is included in selling, general and administrative expenses in the consolidated statements of operations and comprehensive income for the year ended December 31, 2020. The Company evaluates its tax positions based upon guidelines of ASC 740, which clarifies the accounting for uncertainty in tax positions. Based on an evaluation of uncertain tax provisions, the Company is required to measure tax benefits based on the largest amount of benefit that is greater than 50% likely of being realized upon settlement. There were no unrecognized tax benefits at December 31, 2020, 2019, or 2018 and as of December 31, 2020, the Company did no t recognize any interest or penalties related to ASC 740-10. The Company is no longer subject to federal or Florida income tax examinations by tax authorities for tax years before 2017. Several of the Company’s subsidiaries are no longer subject to income tax examinations in certain state, local, and non-U.S. jurisdictions for tax years before 2016. Certain of the Company’s state income tax filings are under routine examination. While there is no assurance as to the results of these audits, the Company does not currently anticipate any material adjustments in connection with these examinations. |
Common And Preferred Stock
Common And Preferred Stock | 12 Months Ended |
Dec. 31, 2020 | |
Common And Preferred Stock [Abstract] | |
Common And Preferred Stock | 14. Common and Preferred Stock Common Stock The Company’s Articles of Incorporation authorize the Company to issue both Class A Common Stock, par value $ 0.01 per share, and Class B Common Stock, par value $ 0.01 per share. Under Florida law and the Company’s Articles of Incorporation, holders of Class A Common Stock and Class B Common Stock vote together as a single class on most matters presented to a vote of the Company’s shareholders. On such matters, holders of Class A Common Stock are entitled to one vote for each share held, with all holders of Class A Common Stock possessing in the aggregate 22 % of the total voting power, while holders of Class B Common Stock possess the remaining 78 % of the total voting power. If the number of shares of Class B Common Stock outstanding decreases to 360,000 shares, the Class A Common Stock’s aggregate voting power will increase to 40 %, and the Class B Common Stock will have the remaining 60 %. If the number of shares of Class B Common Stock outstanding decreases to 280,000 shares, the Class A Common Stock’s aggregate voting power will increase to 53 %, and the Class B Common Stock will have the remaining 47 %. These relative voting percentages will remain fixed unless the number of shares of Class B Common Stock outstanding decreases to 100,000 shares or less, at which time the fixed voting percentages will be eliminated, and holders of Class A Common Stock and holders of Class B Common Stock would then each be entitled to one vote per share held. Each share of Class B Common Stock is convertible into one share of Class A Common Stock at any time at the option of the holder. The percentage of total common equity represented by the Company’s Class A and Class B common stock was 81 % and 19 %, respectively, at December 31, 2020. Share Repurchase Program In June 2017, the Company’s board of directors approved a share repurchase program which authorizes the repurchase of up to 1,000,000 shares of the Company’s Class A Common Stock and Class B Common Stock at an aggregate cost of up to $ 35.0 million. During the years ended December 31, 2019 and 2018, the Company repurchased 645,778 and 240,000 shares, respectively, of its Class A Common Stock for approximately $ 15.4 million and $ 7.6 million, respectively. There were no share repurchases during the year ended December 31, 2020 subject to the dollar cap on repurchases. As of December 31, 2020, subject to the dollar cap on repurchases, 49,903 shares of the Company’s Class A or Class B Common Stock remained available to be repurchased under the Company’s share repurchase program. Cash Tender Offer In April 2018, the Company completed a cash tender offer pursuant to which the Company purchased and retired 1,297,297 shares of its Class A Common Stock at a purchase price of $ 46.25 per share for an aggregate purchase price of approximately $ 60.1 million, inclusive of acquisition costs. As of April 19, 2018, the shares purchased in the tender offer represented approximately 7.6 % of the total number of outstanding shares of the Company’s Class A Common Stock and 6.3 % of the Company total issued and outstanding equity (which includes the issued and outstanding shares of the Company’s Class B Common Stock). Restricted Stock and Stock Option Plans The Company’s Amended and Restated 2014 Incentive Plan, as amended (the “2014 Plan”), allows for the issuance of restricted stock awards of the Company Class A Common Stock and Class B Common Stock, the grant of options to purchase shares of the Company’s Class A Common Stock and Class B Common Stock, and the grant of performance-based cash awards. The 2014 Plan permits the issuance of awards for up to 660,000 shares of the Company’s Class A Common Stock and up to 2,140,000 shares of the Company’s Class B Common Stock. Awards for up to 75,054 shares of Class A Common Stock remained available for grant under the 2014 Plan as of December 31, 2020. Vesting terms of awards granted under the 2014 Plan is established by the Compensation Committee of BVH’s board of directors in connection with each grant of restricted stock awards or stock options. The maximum term of incentive and non-qualifying stock options issuable under the 2014 Plan is ten years. In contemplation of the spin-off of BBX Capital, 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 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 or stock options outstanding as of December 31, 2020, and while future grants are at the discretion of BVH’s compensation committee, it is not currently contemplated that BVH will grant equity-based compensation in the near future. The Company also previously maintained a 2005 Restricted Stock and Option Plan and 2014 Stock Incentive Plan. The 2005 Restricted Stock and Option Plan was terminated during 2018 when the last option previously granted under the plan was exercised, and the 2014 Stock Incentive Plan was terminated during 2019 when the final stock-based award previously granted under the plan vested. Restricted Stock Activity The table below sets forth information regarding the Company’s unvested restricted stock award activity for the year ended December 31, 2020: Weighted Unvested Average Restricted Grant Date Stock Fair Value Unvested balance outstanding, beginning of period 528,484 $ 32.65 Granted 488,503 20.95 Vested ( 1,016,987 ) 27.04 Forfeited - - Unvested balance outstanding, end of period - $ - Available for grant at December 31, 2020 75,054 The table below sets forth information regarding the restricted stock awards granted during the years ended December 31, 2020, 2019 and 2018: Per Share Weighted Average Number of Grant Date Requisite Vesting Plan Name Grant Date Awards Granted Fair Value Service Period (2) Date (1) BBX Capital Corporation 2014 Incentive Plan 1/9/2018 297,410 43.50 4 years Annually each October BBX Capital Corporation 2014 Incentive Plan 1/8/2019 384,795 30.60 4 years Annually each October BBX Capital Corporation 2014 Incentive Plan 1/21/2020 488,503 20.95 4 years Annually each October (1) Vesting of outstanding awards granted during the years ended December 31, 2020, 2019 and 2018 was accelerated in contemplation of the spin-off. (2) Prior to acceleration in connection with the September 30, 2020 spin-off, the awards vest ratably in annual installments over the requisite service period. In October 2019, award recipients surrendered a total of 44,570 shares of Class A Common Stock and 149,671 shares of Class B Common Stock to the Company to satisfy the $ 4.5 million tax withholding obligation associated with the vesting of 493,623 restricted shares. The Company retired the surrendered shares. The fair value of the Company’s restricted stock awards that vested during the years ended December 31, 2020, 2019, and 2018, was $ 16.7 million, $ 11.5 million, and $ 24.0 million, respectively, based on the fair value of its common stock on the applicable vesting dates. The Company recognized restricted stock compensation expense included in selling general and administrative expenses in the Company’s statements of operations and comprehensive income related to its restricted stock awards of approximately $ 25.4 million, $ 11.4 million, and $ 12.9 million during the years ended December 31, 2020, 2019, and 2018, respectively. There were no tax benefits recognized on restricted stock compensation expense for these awards. Stock Option Activity There were no options granted to employees or non-employee directors during each of the years in the three-year period ended December 31, 2020. During the year ended December 31, 2018, the Company received net proceeds of approximately $245,000, upon the exercise of stock options, and the total intrinsic value of exercised options during 2018 was $6,000. There were no stock options issued or outstanding during the year ended December 31, 2020. Redeemable 5% Cumulative Preferred Stock The Company’s shares of mandatorily redeemable 5% Cumulative Preferred Stock were redeemable at the Company’s option at a redemption price of $ 1,000 per share and were classified as a liability in the Company’s consolidated balance sheets while such shares were outstanding due to the mandatory redemption feature. In December 2013, the Company made a $ 5.0 million loan to the holders of the 5% Cumulative Preferred Stock and in March 2018, the Company redeemed 5,000 shares of the 5% Cumulative Preferred Stock in exchange for the cancellation of the $ 5.0 million loan to the holders of the 5% Cumulative Preferred Stock. In December 2019, the Company redeemed the remaining 10,000 shares of the 5% Cumulative Preferred Stock at their stated value of $ 10.0 million. For the years ended December 31, 2019 and 2018, the Company recorded interest expense related to the 5% Cumulative Preferred Stock of $ 1.0 million and $ 1.1 million, respectively, in the Company consolidated statements of operations and comprehensive income. |
Employee Benefit Plans And Ince
Employee Benefit Plans And Incentive Compensation Programs | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefit Plans And Incentive Compensation Programs [Abstract] | |
Employee Benefit Plans And Incentive Compensation Programs | 15. Employee Benefit Plans and Incentive Compensation Programs The Company’s Employee Retirement Plans are Internal Revenue Code Section 401(k) Retirement Savings Plans. Generally, all U.S.-based employees at least 21 years of age with at least three months of employment are eligible to participate in the Company’s 401(k) plans. The Company’s 401(k) plan provides for an annual employer matching contribution equal to 100 % of each participant’s contributions not exceeding 3 % of each participant’s compensation, plus 50 % of the participant’s contributions in excess of 3 % but not in excess of 5 % of the participant’s compensation. Further, Bluegreen may make additional discretionary matching contributions to its plan not to exceed 4 % of each participant’s compensation. For the years ended December 31, 2020, 2019 and 2018, the Company recorded expense for contributions to the 401(k) plans totaling $ 5.7 million, $ 5.9 million and $ 5.3 million, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. Related Party Transactions BVH may be deemed to be controlled by Alan B. Levan, Chairman, Chief Executive Officer and President of BVH and Bluegreen, John E. Abdo, Vice Chairman of BVH and Bluegreen, Jarett S. Levan, a director of BVH and Bluegreen and former President of BVH, and Seth M. Wise, a director of Bluegreen and former director and Executive Vice President of BVH. 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. In addition, Raymond S. Lopez, BVH’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. Further, following the spin-off, Mr. Jarett Levan became the Chief Executive Officer and President and a director of BBX Capital, Mr. Alan Levan became the Chairman of the Board of BBX Capital, Mr. John E. Abdo became Vice Chairman of BBX Capital and Seth M. Wise became Vice President and director of BBX Capital. BVH indirectly through Woodbridge, a wholly-owned subsidiary of BVH, owns approximately 93 % of Bluegreen’s outstanding common stock. Bluegreen paid or reimbursed BVH $ 1.5 million, $ 1.7 million and $ 1.6 million during 2020, 2019, and 2018, respectively, for management advisory, risk management, administrative and other services. BVH paid or reimbursed Bluegreen $ 0.2 million, $ 0.2 million and $ 0.4 million for other shared services during 2020, 2019, and 2018, respectively. As of December 31, 2019, $ 0.1 million was due to Bluegreen from BVH for these services. No amounts were due to Bluegreen from BVH for these services as of December 31, 2020. 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. Amounts outstanding bore interest at a rate of 6 % per annum until April 17, 2020, at which time the interest rate was decreased to 4 % per annum. Interest only payments were required on a quarterly basis, with all outstanding months becoming due and payable at maturity. In March 2020, the Loan Agreement and Promissory Note was amended to extend the maturity date from April 17, 2020 to April 17, 2021. During the years ended December 31, 2020, 2019 and 2018, BVH recognized $ 2.5 million, $ 4.8 million, and $ 4.8 million, respectively, of interest expense on the loan from Bluegreen. The loan balance and related interest expense were eliminated in consolidation in the Company’s consolidated financial statements. During August 2020, Bluegreen paid a special cash dividend of $ 1.19 per share on its common stock. BVH utilized its proceeds from the special cash dividend to repay the loan in full. During 2015, BVH, Woodbridge, Bluegreen, BBX Capital, 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 Agreement, the parties calculate their respective income tax liabilities and attributes as if each of them were a separate filer. If any tax attributes are used by another party to the Agreement to offset its tax liability, the party providing the benefit will receive an amount for the tax benefits realized. During the years ended December 31, 2020, 2019, and 2018, Bluegreen paid BVH $ 0 , $ 13.0 million, and $ 23.1 million, respectively, and in 2020 BVH provided a $ 8.0 million refund to Bluegreen, pursuant to this agreement. These amounts are eliminated in consolidation in the Company’s consolidated financial statements. The Agreement was terminated with respect to the subsidiaries of BVH other than Woodbridge and Bluegreen in connection with BVH’s spin-off of BBX Capital on September 30, 2020. In connection with its spin-off, BVH issued a $ 75.0 million note payable to BBX Capital. See Note 10 for a description of the of terms of BVH’s note payable to BBX Capital. In connection with the spin-off, BVH also entered into a Transition Services Agreement, Tax Matters Agreement and Employee Matters Agreement with BBX Capital. The Transition Services Agreement generally sets out the respective rights, responsibilities and obligations of BVH 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, BVH or BBX Capital may terminate the Transition Services Agreement with respect to any or all services provided thereunder at any time upon thirty 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. During the year ended December 31, 2020, BBX Capital reimbursed BVH $ 0.3 million under this agreement. The Tax Matters Agreement generally sets out the respective rights, responsibilities, and obligations of BVH 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, BVH 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 BVH 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, Inc. will bear liability for any transfer taxes incurred in the spin-off. Each of BVH 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 BVH 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. During the year ended December 31, 2020, BVH paid BBX Capital $ 0.1 million under this agreement. During each of the years ended December 31, 2020, 2019 and 2018, BVH paid Abdo Companies, Inc. approximately $ 230,000 , $ 306,000 , and $ 306,000 , 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. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | 17. Segment Reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the chief operating decision maker (“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: Bluegreen, BBX Capital Real Estate, BBX Sweet Holdings, and Renin. However, as a result of the spin-off of BBX Capital, BVH is a Bluegreen holding company and 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 Bluegreen 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, Bluegreen’s rental services activities, and management of construction activities for certain of Bluegreen’s fee-based developer clients. 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 year ended December 31, 2020. The information provided for segment reporting is obtained from internal reports utilized by management. The presentation and allocation of results of operations may not reflect the actual economic costs of the segments as standalone businesses. Due to the nature of the Company’s 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 impacted. The table below sets forth the Company’s segment information for the year ended December 31, 2020 (in thousands): Sales of VOIs and financing Resort operations and club management Bluegreen Corporate and other BVH Corporate Elimination Total Revenue: Sales of VOIs $ 173,997 $ — $ — $ — $ — $ 173,997 Fee-based sales commission revenue 89,965 — — — — 89,965 Other fee-based services revenue 7,568 104,255 — — — 111,823 Cost reimbursements — 64,305 — — — 64,305 Mortgage servicing revenue 5,873 — — — ( 5,873 ) — Interest income 77,538 — 3,484 883 ( 2,524 ) 79,381 Other income, net — — — — — — Total revenue 354,941 168,560 3,484 883 ( 8,397 ) 519,471 Costs and expenses: Cost of VOIs sold 13,597 — — — — 13,597 Net carrying cost of VOI inventory 34,626 — — — ( 34,626 ) — Cost of other fee-based services 3,823 40,985 — — 34,626 79,434 Cost reimbursements — 64,305 — — — 64,305 Selling, general and administrative expenses 244,755 — 68,165 59,310 ( 1,295 ) 370,935 Mortgage servicing expense 4,578 — — — ( 4,578 ) — Interest expense 16,950 — 15,030 7,339 ( 2,524 ) 36,795 Total costs and expenses 318,329 105,290 83,195 66,649 ( 8,397 ) 565,066 Other expense, net 942 30 370 ( 163 ) — 1,179 Income (loss) before non-controlling interest and provision for income taxes $ 35,670 $ 63,240 $ ( 80,081 ) $ ( 65,603 ) $ — $ ( 46,774 ) Add: Depreciation and amortization 5,852 796 Add: Severance 4,445 1,369 Add: Loss on assets held for sale 942 30 Segment Adjusted EBITDA (1) $ 46,909 $ 65,435 (1) See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA, including the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. The table below sets forth the Company’s segment information for the year ended December 31, 2019 (in thousands): Sales of VOIs and financing Resort operations and club management Bluegreen Corporate and other BVH Corporate Elimination Total Revenue: Sales of VOIs $ 255,375 $ — $ — $ — $ — $ 255,375 Fee-based sales commission revenue 207,832 — — — — 207,832 Other fee-based services revenue 14,246 110,998 — — — 125,244 Cost reimbursements — 63,889 — — — 63,889 Mortgage servicing revenue 6,223 — — — ( 6,223 ) — Interest income 80,010 — 7,892 2,329 ( 4,800 ) 85,431 Other income, net 3,068 — 1,909 67 ( 4,977 ) 67 Total revenue 566,754 174,887 9,801 2,396 ( 16,000 ) 737,838 Costs and expenses: Cost of VOIs sold 21,845 — — — — 21,845 Net carrying cost of VOI inventory 23,816 — — — ( 23,816 ) — Cost of other fee-based services 6,972 52,652 — — 23,816 83,440 Cost reimbursements — 63,889 — — — 63,889 Selling, general and administrative expenses 391,474 — 81,829 42,172 ( 947 ) 514,528 Mortgage servicing expense 5,276 — — — ( 5,276 ) — Interest expense 20,503 — 19,035 10,627 ( 4,800 ) 45,365 Total costs and expenses 469,886 116,541 100,864 52,799 — ( 11,023 ) 729,067 Other expense, net — 5,887 — ( 318 ) ( 4,977 ) 592 Income (loss) before non-controlling interest and provision for income taxes $ 96,868 $ 52,459 $ ( 91,063 ) $ ( 50,085 ) $ — $ 8,179 Add: Depreciation and amortization 6,118 1,294 Add: Severance 1,416 238 Add: Bass Pro Settlement 39,121 — Add: Loss on assets held for sale 58 5,887 Segment Adjusted EBITDA (1) $ 143,581 $ 59,878 (1) See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA, including the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. The table below sets forth the Company’s segment information for the year ended December 31, 2018 (in thousands): Sales of VOIs and financing Resort operations and club management Bluegreen Corporate and other BVH Corporate Elimination Total Revenue: Sales of VOIs $ 254,225 $ — $ — $ — $ — $ 254,225 Fee-based sales commission revenue 216,422 — — — — 216,422 Other fee-based services revenue 12,205 105,819 — — — 118,024 Cost reimbursements — 62,534 — — — 62,534 Mortgage servicing revenue 5,951 — — — ( 5,951 ) — Interest income 79,377 — 6,537 1,967 ( 4,800 ) 83,081 Other income, net — — — 16 — 16 Total revenue 568,180 168,353 6,537 1,983 ( 10,751 ) 734,302 Costs and expenses: Cost of VOIs sold 23,813 — — — — 23,813 Net carrying cost of VOI inventory 11,358 — — — ( 11,358 ) — Cost of other fee-based services 4,591 54,019 — — 11,358 69,968 Cost reimbursements — 62,534 — — — 62,534 Selling, general and administrative expenses 338,462 — 79,687 45,935 254 464,338 Mortgage servicing expense 6,205 — — — ( 6,205 ) — Interest expense 19,514 — 15,195 11,368 ( 4,800 ) 41,277 Total costs and expenses 403,943 116,553 94,882 57,303 ( 10,751 ) 661,930 Other income, net — — 1,201 213 — 1,414 Income (loss) before non-controlling interest and provision for income taxes $ 164,237 $ 51,800 $ ( 87,144 ) ( 55,107 ) $ — $ 73,786 Add: Depreciation and amortization 6,335 1,719 Add: Severance 96 42 Segment Adjusted EBITDA (1) $ 170,668 $ 53,561 (1) See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA, including the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
(Loss) Earnings Per Share [Abstract] | |
(Loss) Earnings Per Share | 18. (Loss) Earnings Per Share The following table presents the calculation of the Company’s basic and diluted EPS: For The Years Ended December 31, (in thousands, except per share data) 2020 2019 2018 Basic earnings per common share Numerator: Net (loss) income from continuing operations $ ( 44,406 ) $ 654 $ 47,393 Less: income attributable to noncontrolling interests - continuing operations 8,186 14,636 20,956 Net income from continuing operations available to shareholders $ ( 52,592 ) $ ( 13,982 ) $ 26,437 Discontinued operations Net (loss) income from discontinued operations ( 32,759 ) 31,449 8,400 Less: loss attributable to noncontrolling interests - discontinued operations ( 4,822 ) ( 224 ) ( 265 ) Net income from discontinued operations available to shareholders ( 27,937 ) 31,673 8,665 Net (loss) income $ ( 80,529 ) $ 17,691 $ 35,102 Denominator: Basic - weighted average number of common share outstanding 18,661 18,526 19,060 Basic - weighted average number of common share outstanding 18,661 18,526 19,060 Dilutive effect of restricted stock awards — — 512 Diluted weighted average number of common shares outstanding 18,661 18,526 19,572 Basic (loss) earnings per share: Continuing operations $ ( 2.82 ) $ ( 0.75 ) $ 1.39 Discontinued operations ( 1.50 ) 1.71 0.45 Basic (loss) earnings per share $ ( 4.32 ) $ 0.96 $ 1.84 Diluted (loss) earnings per share: Continuing operations $ ( 2.82 ) $ ( 0.75 ) $ 1.35 Discontinued operations ( 1.50 ) 1.71 0.44 Diluted (loss) earnings per share $ ( 4.32 ) $ 0.96 $ 1.79 |
Selected Quarterly Financial In
Selected Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Selected Quarterly Financial Information (Unaudited) [Abstract] | |
Selected Quarterly Financial Information (Unaudited) | 19. Selected Quarterly Financial Information (unaudited) The following table sets forth the historical unaudited quarterly financial data for the periods indicated. The information for each of these periods has been prepared on the same basis as the audited consolidated financial statements and, in the Company’s opinion, reflects all adjustments necessary to present fairly the Company’s financial results. Operating results for previous periods do not necessarily indicate results that may be achieved in any future period. 2020 First Second Third Fourth (in thousands, except per share data) Quarter Quarter Quarter Quarter Year Total revenue $ 156,103 $ 67,893 $ 144,245 $ 151,230 $ 519,471 Total operating expenses 165,313 91,044 169,043 139,666 565,066 (Loss) income from continuing operations before non-controlling interest and provision for income taxes ( 9,016 ) ( 22,820 ) ( 25,137 ) 10,199 ( 46,774 ) (Loss) income from continuing operations ( 7,563 ) ( 24,513 ) ( 25,338 ) 13,008 ( 44,406 ) Discontinued operations ( 23,252 ) ( 12,138 ) 2,864 ( 233 ) ( 32,759 ) Net (loss) income ( 30,815 ) ( 36,651 ) ( 22,474 ) 12,775 ( 77,165 ) Basic and diluted (loss) earnings per share from continuing operations $ ( 0.47 ) $ ( 1.34 ) $ ( 1.53 ) $ 0.46 ( 2.82 ) Basic and diluted (loss) earnings per share from discontinued operations $ ( 1.08 ) $ ( 0.62 ) $ 0.18 $ ( 0.01 ) ( 1.50 ) Basic and diluted (loss) earnings per share $ ( 1.55 ) $ ( 1.96 ) $ ( 1.35 ) $ 0.45 ( 4.32 ) Basic Shares 18,298 18,298 18,731 19,318 18,661 Diluted Shares 18,298 18,298 18,731 19,318 18,661 2019 First Second Third Fourth (in thousands, except per share data) Quarter Quarter Quarter Quarter Year Total revenue $ 164,748 $ 189,589 $ 200,037 $ 183,464 $ 737,838 Total operating expenses 157,376 215,835 185,662 170,194 729,067 Income (loss) from continuing operations before non-controlling interest and provision for income taxes 7,508 ( 24,136 ) 16,579 8,228 8,179 Income (loss) from continuing operations 5,181 ( 18,538 ) 8,427 5,584 654 Discontinued operations ( 543 ) 10,913 18,073 3,006 31,449 Net income (loss) 4,638 ( 7,625 ) 26,500 8,590 32,103 Basic earnings (loss) per share from continuing operations $ 0.11 $ ( 1.21 ) $ 0.23 $ 0.13 ( 0.75 ) Diluted earnings (loss) per share from continuing operations $ 0.11 $ ( 1.21 ) $ 0.22 $ 0.13 ( 0.75 ) Basic (loss) earnings per share from discontinued operations $ ( 0.03 ) $ 0.59 $ 0.98 $ 0.17 1.71 Diluted (loss) earnings per share from discontinued operations $ ( 0.03 ) $ 0.59 $ 0.97 $ 0.17 1.71 Basic earnings per share $ 0.08 $ ( 0.62 ) $ 1.21 $ 0.30 0.96 Diluted earnings per share $ 0.08 $ ( 0.62 ) $ 1.19 $ 0.30 0.96 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | 20. Discontinued Operations As previously described in Note 1, on September 30, 2020, BVH completed the spin-off its formerly wholly owned subsidiary, BBX Capital. BVH continues to hold its investment in Bluegreen, and BBX Capital became a separate public company as a result of the spin-off and holds all of the other businesses and investments previously owned by BVH, including BBX Capital Real Estate, BBX Sweet Holdings, and Renin. BVH no longer holds any interest in BBX Capital. BBX Capital 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): December 31, 2020 2019 Assets 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 — 29,836 Discontinued operations total assets $ — $ 360,861 Liabilities Accounts payable $ — $ 9,294 Other liabilities — 21,043 Notes payable and other borrowings — 42,571 Operating lease liabilities — 100,473 Discontinued operations total liabilities — 173,381 The major components of loss from discontinued operations are as follows (in thousands): For the Year Ended December 31, 2020 2019 2018 Revenues: Trade sales $ 99,628 $ 186,337 $ 179,486 Sales of real estate inventory 14,248 5,049 21,771 Interest income 586 894 2,420 Net gains on sales of real estate assets 130 13,616 4,578 Other revenue 2,398 3,136 3,356 Total revenues 116,990 209,032 211,611 Costs and Expenses: Cost of trade sales 80,154 127,720 125,640 Cost of real estate inventory sold 9,473 2,643 14,116 Interest expense — 417 798 Recoveries from loan losses, net ( 5,844 ) ( 5,428 ) ( 8,653 ) Impairment losses 31,588 6,937 4,718 Selling, general and administrative expenses 40,342 74,658 75,887 Total costs and expenses 155,713 206,947 212,506 Equity in net earnings (losses) of unconsolidated real estate joint ventures 50 37,898 14,193 Foreign exchanges gain (loss) 214 ( 75 ) 68 Loss on the deconsolidation of IT'SUGAR, LLC ( 3,326 ) — — Other income 192 674 280 (Loss) income from discontinued operations before income taxes $ ( 41,593 ) $ 40,582 $ 13,646 The major components of the statement of cash flows from discontinued operations are as follows (in thousands): For the Year Ended December 31, 2020 2019 2018 Operating activities: Net (loss) income $ ( 32,759 ) $ 31,449 $ 8,400 Adjustment to reconcile net (loss) income to net cash (used in) provided by operating activities: Recoveries from loan losses, net ( 5,844 ) ( 5,428 ) ( 8,653 ) Depreciation, amortization and accretion, net 5,468 8,008 8,322 Net gains on sales of real estate and property and equipment ( 130 ) ( 13,305 ) ( 4,563 ) Equity earnings of unconsolidated real estate joint ventures ( 49 ) ( 37,898 ) ( 14,194 ) Return on investment in unconsolidated real estate joint ventures 3,933 39,043 17,679 Loss from the deconsolidation of IT'SUGAR, LLC 3,326 — — (Increase) decrease in deferred income tax asset ( 8,834 ) ( 9,133 ) ( 5,246 ) Impairment losses 31,588 6,938 4,718 Increase in trade inventory ( 279 ) ( 2,733 ) 3,882 (Increase) decrease in trade receivables ( 2,336 ) 5,190 ( 2,323 ) Decrease (increase) in real estate inventory 925 ( 7,445 ) 12,001 Net change in operating lease assets and liabilities ( 964 ) — — (Increase) decrease in other assets ( 1,388 ) 6,817 2,197 (Decrease) increase in other liabilities 6,512 3,826 ( 436 ) Net cash (used in) provided by operating activities $ ( 831 ) $ 25,329 $ 21,784 Investing activities: Return of investment in unconsolidated real estate joint ventures 4,631 31,442 12,080 Investments in unconsolidated real estate joint ventures ( 14,009 ) ( 25,179 ) ( 29,187 ) Proceeds from repayment of loans receivable 5,960 6,339 19,394 Proceeds from sales of real estate 2,151 23,512 17,431 Proceeds from sales of property and equipment — 11,762 569 Additions to real estate ( 70 ) ( 600 ) ( 1,221 ) Purchases of property and equipment ( 4,032 ) ( 11,091 ) ( 12,796 ) Decrease in cash from other investing activities ( 1,065 ) ( 222 ) ( 4,696 ) Net cash (used in) provided by investing activities $ ( 6,434 ) $ 35,963 $ 1,574 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 21. Subsequent Events Subsequent events have been evaluated through the date the financial statements were available to be issued. As of such date, other than described herein, there were no subsequent events identified that required recognition or disclosure. |
Basis Of Presentation And Rec_2
Basis Of Presentation And Recently Issued Accounting Pronouncements (Policy) | 12 Months Ended |
Dec. 31, 2020 | |
Basis Of Presentation And Recently Issued Accounting Pronouncements [Abstract] | |
Cash And Cash Equivalents | Cash and Cash Equivalents Cash in excess of the Company’s immediate operating requirements are generally invested in short-term time deposits and money market instruments, typically with original maturities at the date of purchase of three months or less. Cash and cash equivalents are maintained at various financial institutions. These financial institutions are located throughout the United States and in Aruba. However, a significant portion of the Company’s unrestricted cash is maintained with a single bank and, accordingly, the Company is subject to credit risk. Periodic evaluations of the relative credit standing of financial institutions maintaining the Company’s deposits are performed to evaluate and, if necessary, take actions in an attempt to mitigate credit risk. |
Restricted Cash | Restricted Cash Restricted cash consists primarily of customer deposits held in escrow accounts and cash collected on pledged/secured notes receivable not yet remitted to lenders. |
Revenue Recognition | Revenue Recognition Sales of VOIs. Revenue is recognized for sales of VOIs after control of the VOI is deemed transferred to the customer, which is when the legal rescission period has expired on a binding executed VOI sales agreement and the collectability of the note receivable from the buyer, if any, is reasonably assured. Transfer of control of the VOI to the buyer is deemed to occur when the legal rescission period expires as the risk and rewards associated with VOI ownership are transferred to the buyer at that time. The Company records Bluegreen’s customer deposits from contracts within the legal rescission period in restricted cash and escrow deposits in its consolidated balance sheets as such amounts are refundable until the legal rescission period has expired. In cases where construction and development of Bluegreen’s developed resorts has not been completed, Bluegreen defers all of the revenue and associated expenses for the sales of VOIs until construction is complete and the resort may be occupied. Bluegreen generally offers qualified purchasers financing for up to 90 % of the purchase price of VOIs. The typical financing provides for a term of ten years and a fixed interest rate, is fully amortizing in equal installments and may be prepaid without penalty. For sales of VOIs for which Bluegreen provides financing, Bluegreen reduces the transaction price for expected loan losses, which it considers to be variable consideration. Bluegreen’s estimates of the variable consideration are based on the results of its static pool analysis, which relies on historical payment data for similar VOI notes receivable. Policies regarding the estimation of variable consideration on notes receivable are discussed in further detail under “Notes Receivable” below. VOI Sales where no financing was provided do not have any significant payment terms. Fee-based sales commission revenue. Bluegreen enters into fee-based sales arrangements with third-party developers to sell VOIs through its sales and marketing platform for which Bluegreen earn a commission. Commission revenue is recognized to the extent that , it is probable that a significant reversal of such revenue will not occur and the related consumer rescission period has expired. C ommission revenue is recognized over time as the third-party developer receives and consumes the benefits of the services. Other fee-based services revenue and cost reimbursements. Revenue in connection with Bluegreen’s other fee-based services (which are described below) is recognized as follows: Resort and club management revenue is recognized as services are rendered. These services provided to the resort HOAs are comprised of day-to-day services to operate the resort, including management services and certain accounting and administrative functions. Management services provided to the Vacation Club include managing the reservation system and providing owner, billing and collection services. Bluegreen’s management contracts are typically structured as cost-plus with an initial term of three years and automatic one year renewals. Bluegreen believes these services to be a series of distinct goods and services to be accounted for as a single performance obligation over time and recognize revenue as the customer receives the benefits of its services. Bluegreen allocates variable consideration to the distinct good or service within the series, such that revenue from management fees and cost reimbursements is recognized in each period as the uncertainty with respect to such variable consideration is resolved. Cost reimbursements are received for performing day to day management services, based on agreements with the HOAs. These costs primarily consist of payroll and payroll related costs for management of the HOAs and other services provided where Bluegreen is the employer. Cost reimbursements are based upon actual expenses and are billed to the HOA on a monthly basis. Bluegreen recognizes cost reimbursements when they incur the related reimbursable costs as the HOA receives and consumes the benefits of the management services. Resort title fee revenue is recognized when escrow amounts are released and title documents are completed. Rental revenue is recognized on a daily basis which is consistent with the period for which the customer benefits from such service. Mortgage servicing revenue is recognized as services are rendered. Fees received in advance are generally included in deferred income in the Company’s consolidated balance sheets until such time as the related service is rendered and revenue is recognized as stated above. Under timeshare accounting rules, rental operations, including accommodations provided through the use of Bluegreen’s sampler program, are accounted for as incidental operations whereby incremental carrying costs in excess of incremental revenue are expensed as incurred. Revenue from the sampler program is deferred and typically recognized within a year from sale as guests complete stays at the resorts. During each of the years presented, Bluegreen’s aggregate rental revenue and sampler revenue was less than the aggregate carrying cost of its VOI inventory. Accordingly, Bluegreen recorded such revenue as a reduction to the carrying cost of VOI inventory, which is included in cost of other fee-based services in the Company’s consolidated statements of operations and comprehensive income for each year. Interest Income. Bluegreen provides financing for a significant portion of sales of its owned VOIs. Bluegreen recognizes interest income from financing VOI sales on the accrual method as earned based on the outstanding principal balance, interest rate and terms stated in each individual financing agreement. See “Notes Receivable” below for further discussion of the policies applicable to VOI notes receivable. |
Notes Receivable | Notes Receivable Bluegreen’s notes receivable are carried at amortized cost less an allowance for loan losses. 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. As of December 31, 2020 and December 31, 2019, $ 24.0 million and $ 25.5 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. To the extent Bluegreen determines that it is probable that a significant reversal of cumulative revenue recognized may occur, Bluegreen records an estimate of variable consideration as a reduction to the transaction price of the sales of VOIs until the uncertainty associated with the variable consideration is resolved. Bluegreen’s estimates of the variable consideration are based on the results of its static pool analysis, which relies on historical payment data for similar VOI notes receivable and tracks uncollectibles for each period’s sales over the entire life of the notes. Bluegreen also considers whether historical economic conditions are comparable to then current economic conditions, as well as variations in underwriting standards. Bluegreen reviews its estimate of variable consideration on at least a quarterly basis. Loan origination costs are deferred and recognized over the life of the related notes receivable. See above for further discussion of the impact of the COVID-19 pandemic on Bluegreen’s allowance for loan losses. |
VOI Inventory | VOI Inventory Bluegreen’s VOI inventory consists of completed VOIs, VOIs under construction and land held for future VOI development. Completed VOI inventory is carried at the lower of (i) cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest, real estate taxes and other costs incurred during construction, or (ii) estimated fair market value, less costs to sell. VOI inventory and cost of sales are accounted for under timeshare accounting rules, which require the use of a specific method of the relative sales value method for relieving VOI inventory and recording cost of sales. Under the relative sales value method required by timeshare accounting rules, cost of sales is calculated as a percentage of net sales using a cost-of-sales percentage - the ratio of total estimated development costs to total estimated VOI revenue, including the estimated incremental revenue from the resale of VOI inventory repossessed, generally as a result of the default of the related receivable. Also, pursuant to timeshare accounting rules, Bluegreen does not relieve inventory for VOI cost of sales related to anticipated loan losses. Accordingly, no adjustment is made when inventory is reacquired upon default of the related receivable. |
Property and Equipment | Property and Equipment Property and equipment is recorded at acquisition cost. The Company records depreciation and amortization in a manner that recognizes the cost of its depreciable assets over their estimated useful lives using the straight-line method. Leasehold improvements are amortized over the shorter of the terms of the underlying leases or the estimated useful lives of the improvements. The Company capitalizes the costs of software developed for internal use in accordance with the guidance for accounting for costs of computer software developed or obtained for internal use. Capitalization of software developed for internal use commences during the development phase of the project and ends when the asset is ready for its intended use. Software developed or obtained for internal use is generally amortized on a straight-line basis over 3 to 5 years and included within property and equipment on the Company’s consolidated balance sheet. Capitalized costs of software for internal use for the years ended December 31, 2020 and 2019 were $ 3.5 million and $ 9.6 million, respectively. Costs of internal development time and the costs of software under cloud computing arrangements that are service contracts are capitalized and included in prepaids on the Company’s consolidated balance sheet. Costs of these service contracts are amortized over the life of the contract and included in selling, general and administrative expenses in the Company’s consolidated statement of operations. Unamortized capital costs of software service contracts was $ 1.8 million as of December 31, 2020. |
Intangible Assets | Intangible Assets Intangible assets consist primarily of indefinite-lived management contracts recognized upon the consolidation of Bluegreen in November 2009. Bluegreen’s management contracts are reviewed for impairment on at least an annual basis, or more frequently if events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Bluegreen did not record any impairment charges during the years ended December 31, 2020, 2019 or 2018. |
Impairment Of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates the recoverability of the carrying amounts of its long-lived assets under the guidelines of ASC 360 , Property, Plant and Equipment (“ASC 360”), which provides guidance relating to the accounting for the impairment or disposal of long-lived assets. The Company reviews the carrying amounts of the Company’s long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Company assesses impairment by comparing the undiscounted cash flows of the assets to their carrying amounts. If estimated cash flows are insufficient to recover the investment, an impairment loss is recognized to write-down the carrying value of the asset to the estimated fair value less any costs of disposition. No impairment charges were recorded during any of the years presented. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs are comprised of costs incurred in connection with obtaining financing from third-party lenders and are presented in the consolidated balance sheets as other assets or as a direct deduction from the carrying value of the associated debt liability. These costs are capitalized and amortized to interest expense over the terms of the related financing arrangements. As of December 31, 2020, and 2019, unamortized deferred financing costs totaled $ 13.7 million and $ 13.4 million, respectively. Interest expense from the amortization of deferred financing costs for the years ended December 31, 2020, 2019, and 2018 was $ 3.5 million, $ 4.8 million and $ 4.2 million, respectively. |
Advertising Expense | Advertising Expense The Company expense advertising costs, which are primarily marketing costs, as incurred. Advertising expense was $ 97.0 million, $ 146.0 million, and $ 138.9 million for the years ended December 31, 2020, 2019 and 2018, respectively, and is included in selling, general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income. Bluegreen has entered into marketing arrangements with various third parties. For the years ended December 31, 2020 2019, and 2018, sales of VOIs to prospects and leads generated by Bluegreen’s marketing agreement with Bass Pro accounted for approximately 12 % , 13 % and 14 %, respectively, of Bluegreen’s total VOI sales volume. There can be no guarantee that Bluegreen will be able to maintain this agreement in accordance with its terms or extend or renew this agreement on similar terms, or at all, nor is there any assurance that Bluegreen’s business relationship with Bass Pro under the revised terms of Bluegreen’s marketing agreement entered into in June 2019 will be as profitable as under the prior terms, or at all. See Note 12: Commitments and Contingencies for a description of the revised terms of Bluegreen’s marketing agreement with Bass Pro. |
Income Taxes | Income Taxes BVH and our subsidiaries in which the Company owns 80 % or more of the voting power and value of the subsidiary’s stock file a consolidated U.S. Federal and Florida income tax return. Other than Florida, our subsidiaries and us file separate or unitary state income tax returns for each jurisdiction. Subsidiaries in which the Company owns less than 80 % of the outstanding equity are not included in our consolidated U.S. Federal or Florida state income tax return. The provision for income taxes is based on income before taxes reported for financial statement purposes after adjustment for transactions that do not have tax consequences. Deferred tax assets and liabilities are recognized according to the estimated future tax consequences attributable to differences between the carrying value of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates as of the date of the statement of financial condition. The effect of a change in tax rates on deferred tax assets and liabilities is reflected in the period that includes the statutory enactment date. A deferred tax asset valuation allowance is recorded when it has been determined that it is more likely than not that deferred tax assets will not be realized. If a valuation allowance is recorded, a subsequent change in circumstances that causes a change in judgment about the realization of the related deferred tax amount could result in the reversal of the deferred tax valuation allowance. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50 % likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests reflect third parties’ ownership interests in entities that are consolidated in the Company’s financial statements but are less than 100% owned by the Company. Noncontrolling interests are recognized as equity in the Company’s consolidated balance sheet and presented separately from the equity attributable to BVH’s shareholders, while noncontrolling interests that are redeemable for cash at the holder’s option or upon a contingent event outside of the Company’s control are classified as redeemable noncontrolling interests and presented in the mezzanine section between total liabilities and equity in the consolidated balance sheet. The Company measures redeemable noncontrolling interests on an ongoing basis by accreting changes in the estimated redemption value of such interests from the date of issuance to the earliest redemption date and adjust the carrying amount of such interests to the calculated value in the event that it is in excess of the carrying amount of such interests at such time. Upon the deconsolidation of an entity with redeemable noncontrolling interest, the accretion to the estimated redemption value recognized in prior periods is reversed into accumulated earnings prior to the deconsolidation. The amounts of consolidated net income and comprehensive income attributable to BVH’s shareholders and noncontrolling interests are separately presented in the Company’s consolidated statements of operations and comprehensive income. |
Accounting For Loss Contingencies | Accounting for Loss Contingencies Loss contingencies, including those arising from legal actions, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. |
Earnings Per Share | Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing the earnings available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed in the same manner as basic earnings per share but also reflects potential dilution that could occur if options to acquire BVH’s common shares were exercised or if restricted stock awards issued by BVH were vested. Common stock options and restricted stock awards, if dilutive, are considered in the weighted average number of dilutive common shares outstanding based on the treasury stock method. As a result of the vesting of all share based compensation awards in August 2020 in contemplation of the spin-off, there were no potentially diluted securities outstanding subsequent to such date. |
Stock-Based Compensation | Stock-Based Compensation Compensation cost for unvested restricted stock awards is based on the fair value of the award on the measurement date, which is generally the grant date, and is recognized on a straight-line basis over the requisite service period of the award, which is generally four years for unvested restricted stock awards. The fair value of unvested restricted stock awards is generally determined based on the market price of the Company’s common stock on the grant date. In contemplation of the spin-off, in August 2020 the Company’s Compensation Committee approved the acceleration of vesting of all of the Company’s restricted stock awards as further discussed in Note 14. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards 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). The Company adopted this standard on January 1, 2020 using a modified retrospective method. The adoption did not have a material impact on the Company’s consolidated financial statem ents or related disclosures and no cumulative adjustment was recorded primarily due to the fact Bluegreen’s VOI notes receivable are recorded net of an allowance that is calculated in accordance with ASC 606, Revenue from Contracts with Customers . The Company also elected the practical expedient to not measure an allowance for credit losses for accrued interest receivables, as its 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. The Company adopted this standard on January 1, 2020 and is applying the transition guidance as of the date of adoption prospectively, under the current period adjustment method. Upon adoption of the standard, the Company 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. |
Accounting Standards Not Yet Adopted | Accounting Standards Not Yet Adopted The FASB has issued the following accounting pronouncement and guidance relevant to the Company’s operations which had not yet been adopted as of December 31, 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 Bluegreen’s VOIs notes receivable from its borrowers are not indexed to LIBOR, as of December 31, 2020 the Company had $ 177.1 million of LIBOR indexed junior subordinated debentures, $ 40.5 million of LIBOR indexed receivable-backed notes payable and lines of credit and $ 127.5 million of LIBOR indexed l ines of credit and notes payable (which are not receivable-backed) maturing in 2021 and after. Companies can apply ASU 2020-04 immediately. However, the guidance will only be available for a limited time, generally through December 31, 2022. The Company has not yet adopted this standard and is evaluating the potential impact that the eventual replacement of the LIBOR benchmark interest rate could have on its results of operations, liquidity and consolidated financial statements. |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue Disaggregation | For the Years Ended December 31, 2020 2019 2018 Sales of VOIs (1) $ 173,997 $ 255,375 $ 254,225 Fee-based sales commission revenue (1) 89,965 207,832 216,422 Resort and club management revenue (2) 98,233 103,470 99,535 Cost reimbursements (2) 64,305 63,889 62,534 Title fees and other (1) 7,568 14,246 12,205 Other revenue (2) 6,022 7,528 6,284 Revenue from customers 440,090 652,340 651,205 Interest income (3) 79,381 85,431 83,081 Other income, net — 67 16 Total revenue $ 519,471 $ 737,838 $ 734,302 (1) Included in the Company’s Sales of VOIs and financing segment described in Note 17. (2) Included in the Company’s resort operations and club management segment described in Note 17. (3) Interest income of $ 77.5 million, $ 80.0 million, and $ 79.4 million is included in the Company’s 2020, 2019, and 2018 sales of VOIs and financing segment described in Note 17. |
Notes Receivable (Tables)
Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Receivable [Abstract] | |
Information Relating To Bluegreen's Notes Receivable | As of December 31, 2020 2019 Notes receivable secured by VOIs: VOI notes receivable - non-securitized $ 156,078 $ 203,872 VOI notes receivable - securitized 395,315 385,326 551,393 589,198 Allowance for loan losses - non-securitized ( 38,750 ) ( 47,894 ) Allowance for loan losses - securitized ( 103,294 ) ( 92,736 ) Allowance for loan losses ( 142,044 ) ( 140,630 ) VOI notes receivable, net $ 409,349 $ 448,568 Allowance as a % of VOI notes receivable 26 % 24 % |
Future Conctractual Principal Payments Of Notes Receivables | 2021 $ 62,985 2022 62,858 2023 66,429 2024 68,655 2025 69,333 Thereafter 221,133 Total $ 551,393 |
Activity In The Allowance For Loan Losses | For the Year Ended December 31, 2020 2019 Balance, beginning of year $ 140,630 $ 134,133 Provision for loan losses 56,941 55,701 Less: defaults ( 55,527 ) ( 49,204 ) Balance, end of year $ 142,044 $ 140,630 |
Financing Receivable Credit Quality Indicators And Past Due By Year Of Origination | Additional information about Bluegreen’s VOI notes receivable by year of origination is as follows as of December 31, 2020 (in thousands): Year of Origination 2020 2019 2018 2017 2016 2015 and Prior Total By FICO Score: 701+ $ 70,874 $ 85,294 $ 56,490 $ 37,371 $ 27,638 $ 35,693 $ 313,360 601-700 42,660 45,533 34,896 25,259 23,300 35,976 207,624 <601 (1) 3,172 3,630 2,288 1,554 1,544 2,757 14,945 Other (2) 29 567 3,805 3,476 2,336 5,251 15,464 Total $ 116,735 $ 135,024 $ 97,479 $ 67,660 $ 54,818 $ 79,677 $ 551,393 Defaults $ 1,678 $ 13,678 14,297 $ 9,331 $ 7,299 $ 9,244 $ 55,527 Allowance for loan loss $ 33,441 $ 37,845 $ 27,552 $ 16,794 $ 12,097 $ 14,315 $ 142,044 Delinquency status: Current $ 113,954 $ 129,817 $ 89,744 $ 61,279 $ 50,671 $ 71,646 $ 517,111 31-60 days 1,040 1,531 1,093 925 547 642 5,778 61-90 days 807 1,137 931 777 365 524 4,541 Over 91 days (2) 934 2,539 5,711 4,679 3,235 6,865 23,963 Total $ 116,735 $ 135,024 $ 97,479 $ 67,660 $ 54,818 $ 79,677 $ 551,393 (1) Includes VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers). (2) Includes $ 11.4 million related to VOI notes receivable that, as of December 31, 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. Additional information about Bluegreen’s VOI notes receivable by year of origination is as follows as of December 31, 2019 (in thousands): Year of Origination 2019 2018 2017 2016 2015 2014 and Prior Total 701+ $ 115,753 $ 77,992 $ 50,443 $ 37,807 $ 23,670 $ 29,069 $ 334,734 601-700 57,447 46,157 33,540 30,656 22,724 27,854 218,378 <601 (1) 5,315 4,153 2,719 3,132 2,279 3,632 21,230 Other (2) 269 2,762 2,806 2,423 2,772 3,824 14,856 Total by FICO score $ 178,784 $ 131,064 $ 89,508 $ 74,018 $ 51,445 $ 64,379 $ 589,198 Defaults $ 1,487 $ 13,858 11,820 $ 9,348 $ 6,911 $ 5,780 $ 49,204 Allowance for loan loss $ 44,961 $ 34,477 $ 20,908 $ 16,370 $ 13,695 $ 10,219 $ 140,630 Delinquency status: Current $ 174,530 $ 122,283 $ 82,464 $ 68,007 $ 46,395 $ 58,021 $ 551,700 31-60 days 1,790 1,672 1,337 763 551 630 6,743 61-90 days 875 1,362 960 1,050 472 494 5,213 Over 91 days (2) 1,589 5,747 4,747 4,198 4,027 5,234 25,542 Total $ 178,784 $ 131,064 $ 89,508 $ 74,018 $ 51,445 $ 64,379 $ 589,198 (1) Includes VOI notes receivable attributable to borrowers without a FICO score (who are primarily foreign borrowers). (2) Includes $ 10.6 million related to VOI notes receivable that, as of December 31, 2019, 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. |
Percentage Of Gross Notes Receivable Outstanding By FICO Score At Origination | As of December 31, FICO Score No Score (1) 1 % <600 3 600-699 37 700+ 59 Total 100 % (2) VOI notes receivable without a FICO score are primarily related to foreign borrowers. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Variable Interest Entities [Abstract] | |
Information Related To The Assets And Liabilities Of The VIEs | As of December 31, 2020 2019 Restricted cash $ 20,469 $ 22,534 Securitized notes receivable, net $ 292,021 $ 292,590 Receivable backed notes payable - non-recourse $ 355,833 $ 344,246 |
VOI Inventory (Tables)
VOI Inventory (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
VOI Inventory [Abstract] | |
Summary Of Inventory | As of December 31, 2020 2019 Completed VOI units $ 268,686 $ 269,847 Construction-in-progress — 3,946 Real estate held for future development 78,436 73,144 $ 347,122 $ 346,937 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule Of Lease Information | As of December 31, 2020 2019 Operating Lease Asset $ 34,415 $ 21,498 Operating Lease Liability 35,904 22,957 Weighted Average Lease Term (in years) (1) 3.4 3.7 Weighted Average Discount Rate (2) 4.77 % 5.30 % (1) The Company’s weighted average lease term excludes two real estate leases that expire in December 2034 and May 2056. (2) As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future lease payments. To estimate incremental borrowing rates, the Company considers various factors, including the rates applicable to the Company’s recently issued debt and credit facilities and prevailing financial market conditions. The Company used the incremental borrowing rate as of January 1, 2019 for operating leases that commenced prior to that date. |
Schedule Of Lease Costs | For the years ended December 31, 2020 2019 Fixed rental costs $ 7,516 $ 8,147 Short-term lease cost 1,831 5,144 Variable lease cost 2,448 3,079 Total operating lease costs $ 11,795 $ 16,370 |
Schedule Of Maturity Of Operating Lease Liabilities | As of December 31, Operating Lease Liabilities 2021 $ 4,025 2022 6,703 2023 5,858 2024 3,618 2025 2,152 After 2025 25,435 Total lease payments $ 47,791 Less: Interest 11,887 Present value of operating lease liabilities $ 35,904 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property And Equipment [Abstract] | |
Summary Of Property And Equipment | As of December 31, Useful Lives 2020 2019 Land, buildings and building improvements 3 - 31 years 72,041 71,575 Computer hardware and software 1 - 5 years 67,639 70,377 Furniture, fixtures and equipment 3 - 14 years 21,218 24,430 Leasehold improvements 3 - 14 years 9,326 11,215 Transportation and equipment 5 years 680 837 170,904 178,434 Accumulated depreciation and amortization ( 80,855 ) ( 78,764 ) Total $ 90,049 $ 99,670 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets [Abstract] | |
Intangible Assets And Amortization Expense | As of December 31, Class 2020 2019 Intangible assets: Management agreements $ 61,708 $ 61,708 Accumulated amortization ( 277 ) ( 193 ) Total intangible assets $ 61,431 $ 61,515 |
Future Amortization Expense | Year Future Amortization Expense 2021 $ 83 2022 56 $ 139 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt [Abstract] | |
Contractual Minimum Principle Payments Of Debt Outstanding | Notes payable and other borrowings Note payable to BBX Capital, Inc. Recourse receivable- backed notes payable Non-recourse receivable- backed notes payable Junior subordinated debentures Total 2021 $ 12,200 $ — $ — $ — $ — $ 12,200 2022 14,625 — — — — 14,625 2023 10,328 — — — — 10,328 2024 102,500 — 25,718 — — 128,218 2025 — 75,000 8,125 — — 83,125 Thereafter — — 18,958 347,526 177,129 543,613 Unamortized debt issuance costs ( 1,267 ) — — ( 5,994 ) ( 1,057 ) ( 8,318 ) Adjustment (1) — — ( 14,301 ) 14,301 — — Purchase accounting adjustment — — — — ( 37,895 ) ( 37,895 ) Total $ 138,386 $ 75,000 $ 38,500 $ 355,833 $ 138,177 $ 745,896 (1) Represents the non-recourse balances of the Liberty Bank Facility, NBA Receivables Facility, and the Pacific Western Facility as described below. |
Lines-Of-Credit And Notes Payable | As of December 31, 2020 2019 Balance Interest Rate Carrying Amount of Pledged Assets Balance Interest Rate Carrying Amount of Pledged Assets NBA Éilan Loan $ 15,903 4.75 % $ 28,491 $ 18,820 4.95 % $ 31,259 Fifth Third Syndicated LOC 30,000 2.25 % 50,822 30,000 3.85 % 49,062 Fifth Third Syndicated Term 93,750 2.25 % 158,817 98,750 3.71 % 161,497 Unamortized debt issuance costs ( 1,267 ) — ( 1,410 ) — — Total $ 138,386 $ 238,130 $ 146,160 $ 241,818 |
Receivable-Backed Notes Payable | As of December 31, 2020 2019 Debt Balance Interest Rate Principal Balance of Pledged/ Secured Receivables Debt Balance Interest Rate Principal Balance of Pledged/ Secured Receivables Receivable-backed notes payable - recourse: Liberty Bank Facility (1) $ 10,000 3.40 % $ 13,970 $ 25,860 4.75 % $ 31,681 NBA Receivables Facility (2) 19,877 3.32 % 26,220 32,405 4.55 % 39,787 Pacific Western Facility (3) 8,623 3.15 % 13,131 20,304 4.68 % 25,332 Total 38,500 53,321 78,569 96,800 Receivable-backed notes payable - non-recourse: Liberty Bank Facility (1) $ 2,316 3.40 % $ 3,235 $ — — $ — NBA Receivables Facility (2) 11,985 3.32 % 15,809 — — — Pacific Western Facility (3) — — — 10,000 4.68 % 12,477 KeyBank/DZ Purchase Facility — — — 31,708 3.99 % 39,448 Quorum Purchase Facility 29,788 4.75 - 5.10 % 34,651 44,525 4.75 - 5.50 % 49,981 2012 Term Securitization — 0.00 % — 8,638 2.94 % 9,878 2013 Term Securitization 11,922 3.20 % 13,483 18,219 3.20 % 19,995 2015 Term Securitization 22,560 3.02 % 24,475 31,188 3.02 % 33,765 2016 Term Securitization 35,700 3.35 % 40,221 48,529 3.35 % 54,067 2017 Term Securitization 51,470 3.12 % 58,907 65,333 3.12 % 74,219 2018 Term Securitization 72,486 4.02 % 84,454 91,231 4.02 % 103,974 2020 Term Securitization 123,600 2.60 % 139,052 — — — Unamortized debt issuance costs ( 5,994 ) — — ( 5,125 ) — — Total 355,833 414,287 344,246 397,804 Total receivable-backed debt $ 394,333 $ 467,608 $ 422,815 $ 494,604 (1) Pursuant to the February 11, 2020 amendment described below, recourse on the Liberty Bank Facility is limited to $ 10.0 million, subject to certain exceptions. (2) Pursuant to the September 25, 2020 amendment described below, recourse to Bluegreen/Big Cedar Vacations was reduced to $ 19.9 million as of December 31, 2020 and will be reduced by $ 1.3 million per month until it reaches a floor of $ 10.0 million. (3) Recourse on the Pacific Western Facility is limited to $ 10.0 million, subject to certain exceptions. |
Junior Subordinated Debentures Outstanding | December 31, 2020 December 31, 2019 Effective Effective Carrying Interest Carrying Interest Maturity Amounts Rates (1) Amounts Rates (1) Years (2) Woodbridge - Levitt Capital Trusts I - IV $ 66,302 4.01 - 4.04 % $ 66,302 5.74 - 5.95 % 2035 - 2036 Bluegreen Statutory Trusts I - VI 110,827 5.01 - 5.12 % 110,827 6.74 - 6.86 % 2035 - 2037 Unamortized debt issuance costs ( 1,057 ) ( 1,129 ) Unamortized purchase discount ( 37,895 ) ( 38,746 ) Total junior subordinated debentures $ 138,177 $ 137,254 (1) The Company’s junior subordinated debentures bear interest at three-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 3.80 % to 4.90 %. (2) All of the junior subordinated debentures were eligible for redemption by Woodbridge and Bluegreen, as applicable, as of December 31, 2020 and 2019. |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Of Financial Instruments [Abstract] | |
Carrying Amounts Of Financial Instruments | As of December 31, 2020 As of December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Cash and cash equivalents $ 221,118 $ 221,118 $ 335,846 $ 335,846 Restricted cash 35,986 35,986 49,896 49,896 Notes receivable, net 409,349 549,819 448,568 587,000 Note payable to BBX Capital, Inc. 75,000 78,218 — — Lines-of-credit, notes payable, and receivable-backed notes payable 532,719 547,400 568,975 589,300 Junior subordinated debentures 138,177 133,500 137,254 146,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Provision For Income Taxes | Year Ended December 31, 2020 2019 2018 Federal: Current $ 2,775 $ 3,934 $ ( 3,082 ) Deferred ( 3,048 ) 752 21,839 $ ( 273 ) $ 4,686 $ 18,757 State and Other: Current $ 567 $ 1,175 $ 3,335 Deferred ( 2,662 ) 1,664 4,301 ( 2,095 ) 2,839 7,636 Total $ ( 2,368 ) $ 7,525 $ 26,393 |
Reasons For The Difference Between Provision For Income Taxes | For the Year Ended December 31, 2020 2019 2018 Income tax (benefit) provision at expected federal income tax rate (1) $ ( 9,823 ) $ 1,718 $ 15,494 Increase (decrease) resulting from: (Benefit) provision for state taxes, net of federal effect ( 1,655 ) 2,244 6,125 Taxes related to noncontrolling interests in subsidiaries not consolidated for income tax purposes ( 1,552 ) ( 2,367 ) ( 2,602 ) Non-deductible executive compensation 10,205 5,572 8,421 Other - net 457 358 ( 1,045 ) (Benefit) provision for income taxes $ ( 2,368 ) $ 7,525 $ 26,393 (1) Expected tax is computed based upon income before taxes from continuing operations. |
Schedule Of Deferred Tax Assets And Liabilities | As of December 31, 2020 2019 Deferred tax assets: Allowance for loan losses, tax certificate losses and $ write-downs for financial statement purposes 30,155 30,644 Federal and State NOL and tax credit carryforward 89,039 95,970 Real estate valuation 5,472 6,575 Expenses recognized for books and deferred for tax 7,063 7,827 Other 2,961 6,261 Total gross deferred tax assets 134,690 147,277 Valuation allowance ( 80,218 ) ( 86,435 ) Total deferred tax assets 54,472 60,842 Deferred tax liabilities: Installment sales treatment of notes 100,479 107,551 Intangible assets 14,197 14,760 Junior subordinated debentures 8,886 9,124 Deferral of VOI sales and costs under timeshare accounting 9,857 10,511 Property and equipment 5,465 4,985 Other 902 1,469 Total gross deferred tax liabilities 139,786 148,400 Net deferred tax liability $ 85,314 87,558 |
Summary Of NOL, Credit Carryforwards, Valuation Allowance | Federal and State NOL and Credit Carryforward Gross Deferred Tax Asset Valuation Allowance Net Deferred Tax Asset Year Expires Non-Florida State NOLs $ 226,858 $ 10,299 $ 3,156 $ 7,143 2021-2040 Federal NOL SRLY Limitation 210,330 44,170 44,170 — 2026-2034 Florida NOL SRLY Limitation 702,433 30,521 30,521 — 2026-2034 Other Federal tax credits-SRLY Limitation 2,371 2,371 2,371 — 2025-2031 Federal NOL Section 382 Limitation 7,097 1,490 — 1,490 2023-2029 Florida NOL Section 382 Limitation 4,614 188 — 188 2024-2029 Total $ 89,039 $ 80,218 $ 8,821 |
Common And Preferred Stock (Tab
Common And Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Common And Preferred Stock [Abstract] | |
Summary Of Non-Vested Restricted Stock And Restricted Stock Units | Weighted Unvested Average Restricted Grant Date Stock Fair Value Unvested balance outstanding, beginning of period 528,484 $ 32.65 Granted 488,503 20.95 Vested ( 1,016,987 ) 27.04 Forfeited - - Unvested balance outstanding, end of period - $ - Available for grant at December 31, 2020 75,054 |
Restricted Stock Awards, Grants In Period, Weighted Average Grant Date Fair Value | Per Share Weighted Average Number of Grant Date Requisite Vesting Plan Name Grant Date Awards Granted Fair Value Service Period (2) Date (1) BBX Capital Corporation 2014 Incentive Plan 1/9/2018 297,410 43.50 4 years Annually each October BBX Capital Corporation 2014 Incentive Plan 1/8/2019 384,795 30.60 4 years Annually each October BBX Capital Corporation 2014 Incentive Plan 1/21/2020 488,503 20.95 4 years Annually each October (1) Vesting of outstanding awards granted during the years ended December 31, 2020, 2019 and 2018 was accelerated in contemplation of the spin-off. (2) Prior to acceleration in connection with the September 30, 2020 spin-off, the awards vest ratably in annual installments over the requisite service period. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | The table below sets forth the Company’s segment information for the year ended December 31, 2020 (in thousands): Sales of VOIs and financing Resort operations and club management Bluegreen Corporate and other BVH Corporate Elimination Total Revenue: Sales of VOIs $ 173,997 $ — $ — $ — $ — $ 173,997 Fee-based sales commission revenue 89,965 — — — — 89,965 Other fee-based services revenue 7,568 104,255 — — — 111,823 Cost reimbursements — 64,305 — — — 64,305 Mortgage servicing revenue 5,873 — — — ( 5,873 ) — Interest income 77,538 — 3,484 883 ( 2,524 ) 79,381 Other income, net — — — — — — Total revenue 354,941 168,560 3,484 883 ( 8,397 ) 519,471 Costs and expenses: Cost of VOIs sold 13,597 — — — — 13,597 Net carrying cost of VOI inventory 34,626 — — — ( 34,626 ) — Cost of other fee-based services 3,823 40,985 — — 34,626 79,434 Cost reimbursements — 64,305 — — — 64,305 Selling, general and administrative expenses 244,755 — 68,165 59,310 ( 1,295 ) 370,935 Mortgage servicing expense 4,578 — — — ( 4,578 ) — Interest expense 16,950 — 15,030 7,339 ( 2,524 ) 36,795 Total costs and expenses 318,329 105,290 83,195 66,649 ( 8,397 ) 565,066 Other expense, net 942 30 370 ( 163 ) — 1,179 Income (loss) before non-controlling interest and provision for income taxes $ 35,670 $ 63,240 $ ( 80,081 ) $ ( 65,603 ) $ — $ ( 46,774 ) Add: Depreciation and amortization 5,852 796 Add: Severance 4,445 1,369 Add: Loss on assets held for sale 942 30 Segment Adjusted EBITDA (1) $ 46,909 $ 65,435 (1) See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA, including the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. The table below sets forth the Company’s segment information for the year ended December 31, 2019 (in thousands): Sales of VOIs and financing Resort operations and club management Bluegreen Corporate and other BVH Corporate Elimination Total Revenue: Sales of VOIs $ 255,375 $ — $ — $ — $ — $ 255,375 Fee-based sales commission revenue 207,832 — — — — 207,832 Other fee-based services revenue 14,246 110,998 — — — 125,244 Cost reimbursements — 63,889 — — — 63,889 Mortgage servicing revenue 6,223 — — — ( 6,223 ) — Interest income 80,010 — 7,892 2,329 ( 4,800 ) 85,431 Other income, net 3,068 — 1,909 67 ( 4,977 ) 67 Total revenue 566,754 174,887 9,801 2,396 ( 16,000 ) 737,838 Costs and expenses: Cost of VOIs sold 21,845 — — — — 21,845 Net carrying cost of VOI inventory 23,816 — — — ( 23,816 ) — Cost of other fee-based services 6,972 52,652 — — 23,816 83,440 Cost reimbursements — 63,889 — — — 63,889 Selling, general and administrative expenses 391,474 — 81,829 42,172 ( 947 ) 514,528 Mortgage servicing expense 5,276 — — — ( 5,276 ) — Interest expense 20,503 — 19,035 10,627 ( 4,800 ) 45,365 Total costs and expenses 469,886 116,541 100,864 52,799 — ( 11,023 ) 729,067 Other expense, net — 5,887 — ( 318 ) ( 4,977 ) 592 Income (loss) before non-controlling interest and provision for income taxes $ 96,868 $ 52,459 $ ( 91,063 ) $ ( 50,085 ) $ — $ 8,179 Add: Depreciation and amortization 6,118 1,294 Add: Severance 1,416 238 Add: Bass Pro Settlement 39,121 — Add: Loss on assets held for sale 58 5,887 Segment Adjusted EBITDA (1) $ 143,581 $ 59,878 (1) See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA, including the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. The table below sets forth the Company’s segment information for the year ended December 31, 2018 (in thousands): Sales of VOIs and financing Resort operations and club management Bluegreen Corporate and other BVH Corporate Elimination Total Revenue: Sales of VOIs $ 254,225 $ — $ — $ — $ — $ 254,225 Fee-based sales commission revenue 216,422 — — — — 216,422 Other fee-based services revenue 12,205 105,819 — — — 118,024 Cost reimbursements — 62,534 — — — 62,534 Mortgage servicing revenue 5,951 — — — ( 5,951 ) — Interest income 79,377 — 6,537 1,967 ( 4,800 ) 83,081 Other income, net — — — 16 — 16 Total revenue 568,180 168,353 6,537 1,983 ( 10,751 ) 734,302 Costs and expenses: Cost of VOIs sold 23,813 — — — — 23,813 Net carrying cost of VOI inventory 11,358 — — — ( 11,358 ) — Cost of other fee-based services 4,591 54,019 — — 11,358 69,968 Cost reimbursements — 62,534 — — — 62,534 Selling, general and administrative expenses 338,462 — 79,687 45,935 254 464,338 Mortgage servicing expense 6,205 — — — ( 6,205 ) — Interest expense 19,514 — 15,195 11,368 ( 4,800 ) 41,277 Total costs and expenses 403,943 116,553 94,882 57,303 ( 10,751 ) 661,930 Other income, net — — 1,201 213 — 1,414 Income (loss) before non-controlling interest and provision for income taxes $ 164,237 $ 51,800 $ ( 87,144 ) ( 55,107 ) $ — $ 73,786 Add: Depreciation and amortization 6,335 1,719 Add: Severance 96 42 Segment Adjusted EBITDA (1) $ 170,668 $ 53,561 (1) See Management’s Discussion and Analysis of Financial Condition and Results of Operations for information regarding Adjusted EBITDA, including the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income. |
(Loss) Earnings Per Share (Tabl
(Loss) Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
(Loss) Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share | For The Years Ended December 31, (in thousands, except per share data) 2020 2019 2018 Basic earnings per common share Numerator: Net (loss) income from continuing operations $ ( 44,406 ) $ 654 $ 47,393 Less: income attributable to noncontrolling interests - continuing operations 8,186 14,636 20,956 Net income from continuing operations available to shareholders $ ( 52,592 ) $ ( 13,982 ) $ 26,437 Discontinued operations Net (loss) income from discontinued operations ( 32,759 ) 31,449 8,400 Less: loss attributable to noncontrolling interests - discontinued operations ( 4,822 ) ( 224 ) ( 265 ) Net income from discontinued operations available to shareholders ( 27,937 ) 31,673 8,665 Net (loss) income $ ( 80,529 ) $ 17,691 $ 35,102 Denominator: Basic - weighted average number of common share outstanding 18,661 18,526 19,060 Basic - weighted average number of common share outstanding 18,661 18,526 19,060 Dilutive effect of restricted stock awards — — 512 Diluted weighted average number of common shares outstanding 18,661 18,526 19,572 Basic (loss) earnings per share: Continuing operations $ ( 2.82 ) $ ( 0.75 ) $ 1.39 Discontinued operations ( 1.50 ) 1.71 0.45 Basic (loss) earnings per share $ ( 4.32 ) $ 0.96 $ 1.84 Diluted (loss) earnings per share: Continuing operations $ ( 2.82 ) $ ( 0.75 ) $ 1.35 Discontinued operations ( 1.50 ) 1.71 0.44 Diluted (loss) earnings per share $ ( 4.32 ) $ 0.96 $ 1.79 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations [Abstract] | |
Summary Of Assets And Liabilities Of Discontinued Operations | December 31, 2020 2019 Assets 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 — 29,836 Discontinued operations total assets $ — $ 360,861 Liabilities Accounts payable $ — $ 9,294 Other liabilities — 21,043 Notes payable and other borrowings — 42,571 Operating lease liabilities — 100,473 Discontinued operations total liabilities — 173,381 |
Summary Of Income (Loss) Of Discontinued Operations | For the Year Ended December 31, 2020 2019 2018 Revenues: Trade sales $ 99,628 $ 186,337 $ 179,486 Sales of real estate inventory 14,248 5,049 21,771 Interest income 586 894 2,420 Net gains on sales of real estate assets 130 13,616 4,578 Other revenue 2,398 3,136 3,356 Total revenues 116,990 209,032 211,611 Costs and Expenses: Cost of trade sales 80,154 127,720 125,640 Cost of real estate inventory sold 9,473 2,643 14,116 Interest expense — 417 798 Recoveries from loan losses, net ( 5,844 ) ( 5,428 ) ( 8,653 ) Impairment losses 31,588 6,937 4,718 Selling, general and administrative expenses 40,342 74,658 75,887 Total costs and expenses 155,713 206,947 212,506 Equity in net earnings (losses) of unconsolidated real estate joint ventures 50 37,898 14,193 Foreign exchanges gain (loss) 214 ( 75 ) 68 Loss on the deconsolidation of IT'SUGAR, LLC ( 3,326 ) — — Other income 192 674 280 (Loss) income from discontinued operations before income taxes $ ( 41,593 ) $ 40,582 $ 13,646 |
Summary Of Cash Flows Of Discontinued Operations | For the Year Ended December 31, 2020 2019 2018 Operating activities: Net (loss) income $ ( 32,759 ) $ 31,449 $ 8,400 Adjustment to reconcile net (loss) income to net cash (used in) provided by operating activities: Recoveries from loan losses, net ( 5,844 ) ( 5,428 ) ( 8,653 ) Depreciation, amortization and accretion, net 5,468 8,008 8,322 Net gains on sales of real estate and property and equipment ( 130 ) ( 13,305 ) ( 4,563 ) Equity earnings of unconsolidated real estate joint ventures ( 49 ) ( 37,898 ) ( 14,194 ) Return on investment in unconsolidated real estate joint ventures 3,933 39,043 17,679 Loss from the deconsolidation of IT'SUGAR, LLC 3,326 — — (Increase) decrease in deferred income tax asset ( 8,834 ) ( 9,133 ) ( 5,246 ) Impairment losses 31,588 6,938 4,718 Increase in trade inventory ( 279 ) ( 2,733 ) 3,882 (Increase) decrease in trade receivables ( 2,336 ) 5,190 ( 2,323 ) Decrease (increase) in real estate inventory 925 ( 7,445 ) 12,001 Net change in operating lease assets and liabilities ( 964 ) — — (Increase) decrease in other assets ( 1,388 ) 6,817 2,197 (Decrease) increase in other liabilities 6,512 3,826 ( 436 ) Net cash (used in) provided by operating activities $ ( 831 ) $ 25,329 $ 21,784 Investing activities: Return of investment in unconsolidated real estate joint ventures 4,631 31,442 12,080 Investments in unconsolidated real estate joint ventures ( 14,009 ) ( 25,179 ) ( 29,187 ) Proceeds from repayment of loans receivable 5,960 6,339 19,394 Proceeds from sales of real estate 2,151 23,512 17,431 Proceeds from sales of property and equipment — 11,762 569 Additions to real estate ( 70 ) ( 600 ) ( 1,221 ) Purchases of property and equipment ( 4,032 ) ( 11,091 ) ( 12,796 ) Decrease in cash from other investing activities ( 1,065 ) ( 222 ) ( 4,696 ) Net cash (used in) provided by investing activities $ ( 6,434 ) $ 35,963 $ 1,574 |
Organization (Narrative) (Detai
Organization (Narrative) (Details) | Sep. 30, 2020 | Sep. 25, 2020 | Aug. 31, 2020 | Jul. 01, 2020 | Jul. 31, 2020 | Dec. 31, 2020USD ($)shares | Oct. 31, 2020USD ($) | Jun. 30, 2020USD ($)shares | Jun. 25, 2020USD ($) | Jun. 24, 2020 | Mar. 31, 2020USD ($) | Dec. 31, 2019shares | Dec. 31, 2016USD ($) |
Segment Reporting Information [Line Items] | |||||||||||||
CARES Act, tax withholding deferral | $ 8,700,000 | ||||||||||||
CARES Act, employee retention tax credits | $ 7,100,000 | ||||||||||||
Shareholder rights plan, maximum percentage allowed to acquire | 5.00% | ||||||||||||
Bluegreen [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Ownership percentage | 93.00% | ||||||||||||
Spin-off [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Debt instrument, face amount | $ 75,000,000 | ||||||||||||
Interest rate | 6.00% | ||||||||||||
Deferred interest rate | 8.00% | ||||||||||||
Debt instrument term | 5 years | ||||||||||||
Fifth Third Syndicated Line-of-Credit And Fifth Third Syndicated Term Loan [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Line of credit, outstanding | $ 123,800,000 | $ 60,000,000 | |||||||||||
Maximum borrowing capacity | $ 100,000,000 | ||||||||||||
Liberty Bank Facility [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 40,000,000 | $ 50,000,000 | |||||||||||
Percent of future advances of unpaid principal balance of qualified timeshare loans to agents | 80.00% | 85.00% | |||||||||||
NBA Receivables Facility [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Maximum borrowing capacity | 70,000,000 | ||||||||||||
Percent of future advances of unpaid principal balance of qualified timeshare loans to agents | 80.00% | 85.00% | |||||||||||
2020 Term Securitization [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Interest rate | 2.60% | ||||||||||||
Receivable backed debt | $ 131,000,000 | ||||||||||||
Gross advance rate | 88.00% | ||||||||||||
KeyBank/DZ Purchase Facility [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 80,000,000 | ||||||||||||
Debt instrument term | 24 months | ||||||||||||
Gross advance rate | 80.00% | ||||||||||||
Fifth Third Syndicated LOC [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Line of credit, outstanding | $ 30,000,000 | ||||||||||||
Effective rate | 2.25% | ||||||||||||
Interest rate | 2.25% | 3.85% | |||||||||||
Fifth Third Syndicated Term Loan [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Interest rate | 2.25% | 3.71% | |||||||||||
Prime Rate [Member] | Liberty Bank Facility [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Effective rate | 3.40% | 4.00% | |||||||||||
Basis spread on rate | 0.10% | ||||||||||||
One-month LIBOR [Member] | NBA Receivables Facility [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Interest rate | 3.00% | 3.00% | 3.50% | ||||||||||
Basis spread on rate | 2.25% | 2.25% | 2.75% | ||||||||||
Common Class A And Class B [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Stock split ratio | 5 | ||||||||||||
Class A Common Stock [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Common stock, shares authorized | shares | 30,000,000 | 150,000,000 | 30,000,000 | ||||||||||
Class B Common Stock [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Common stock, shares authorized | shares | 4,000,000 | 20,000,000 | 4,000,000 |
Basis Of Presentation And Rec_3
Basis Of Presentation And Recently Issued Accounting Pronouncements (Narrative) (Details) | Sep. 30, 2020 | Sep. 25, 2020 | Aug. 31, 2020 | Jul. 01, 2020 | Jan. 01, 2020USD ($) | Oct. 31, 2020USD ($) | Sep. 30, 2020 | Aug. 31, 2020$ / shares | Jul. 31, 2020 | Mar. 31, 2020USD ($)item | Apr. 30, 2018USD ($)shares | Dec. 31, 2020USD ($)shares | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($)shares | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($)shares | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)itemshares | Dec. 31, 2019USD ($)itemshares | Dec. 31, 2018USD ($) | Jun. 25, 2020USD ($) | Jun. 24, 2020 | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Other assets | $ 50,649,000 | $ 68,477,000 | $ 50,649,000 | $ 68,477,000 | |||||||||||||||||||||
Purchase and retirement of common stock, value | (20,039,000) | $ (17,006,000) | |||||||||||||||||||||||
Consolidated method ownership percentage | 80.00% | 80.00% | |||||||||||||||||||||||
Minimum measurement of tax benefits recognized, percent | 50.00% | ||||||||||||||||||||||||
Revenues | $ 151,230,000 | $ 144,245,000 | $ 67,893,000 | $ 156,103,000 | 183,464,000 | $ 200,037,000 | $ 189,589,000 | $ 164,748,000 | $ 519,471,000 | 737,838,000 | 734,302,000 | ||||||||||||||
Property and equipment, net | 90,049,000 | 99,670,000 | 90,049,000 | 99,670,000 | |||||||||||||||||||||
Junior subordinated debentures | 138,177,000 | 137,254,000 | $ 138,177,000 | 137,254,000 | |||||||||||||||||||||
Management Contracts, Initial Term | 3 years | ||||||||||||||||||||||||
Management Contracts, Renewal Term | 1 year | ||||||||||||||||||||||||
Inventory Write-down | $ 0 | 0 | |||||||||||||||||||||||
Period VOI Notes Receivable Are Written Off Against Allowance For Loan Loss | 127 days | ||||||||||||||||||||||||
Capitalized Computer Software, Net | $ 3,500,000 | 9,600,000 | $ 3,500,000 | 9,600,000 | |||||||||||||||||||||
Unamortized capital costs | $ 1,800,000 | ||||||||||||||||||||||||
Shareholder rights plan, maximum percentage allowed to acquire | 5.00% | 5.00% | |||||||||||||||||||||||
Estimate of defaults for following year | $ 6,000,000 | $ 6,000,000 | |||||||||||||||||||||||
Capitalized implementation costs reclassified to prepaid expenses | $ 1,900,000 | ||||||||||||||||||||||||
CARES Act, Tax Withholding Deferral | 8,700,000 | 8,700,000 | |||||||||||||||||||||||
CARES Act, Employee Retention Tax Credits | 7,100,000 | 7,100,000 | |||||||||||||||||||||||
Cash and cash equivalents | 221,118,000 | 335,846,000 | 221,118,000 | 335,846,000 | 337,189,000 | ||||||||||||||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 13,700,000 | 13,400,000 | 13,700,000 | 13,400,000 | |||||||||||||||||||||
Amortization of Deferred Charges | 3,500,000 | 4,800,000 | 4,200,000 | ||||||||||||||||||||||
Marketing and Advertising Expense | $ 97,000,000 | $ 146,000,000 | $ 138,900,000 | ||||||||||||||||||||||
Minimum Percent Of VOI Sales Generated By One Marketing Arrangement | 12.00% | 13.00% | 14.00% | ||||||||||||||||||||||
90 Days Or More [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Financing Receivable, Recorded Investment, Past Due | $ 24,000,000 | $ 25,500,000 | $ 24,000,000 | $ 25,500,000 | |||||||||||||||||||||
Bluegreen [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
VOI purchase financing term | 10 years | ||||||||||||||||||||||||
Minimum Percentage Of Sales Price For Revenue On VOI Sales To Be Recognized | 90.00% | ||||||||||||||||||||||||
VOI sales centers closed | item | 2 | ||||||||||||||||||||||||
Vacation package pipeline | item | 121,900 | 169,300 | |||||||||||||||||||||||
Number of reductions in workforce | item | 1,700 | ||||||||||||||||||||||||
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 | 4,600 | 5,900 | |||||||||||||||||||||||
Severance costs | $ 5,000,000 | ||||||||||||||||||||||||
Payroll and payroll benefit expense | 14,300,000 | ||||||||||||||||||||||||
Cash dividends paid per share | $ / shares | $ 1.19 | ||||||||||||||||||||||||
Repayments of lines of credit | $ 60,000,000 | ||||||||||||||||||||||||
Percent of future advances of unpaid principal balance of qualified timeshare loans to agents | 80.00% | 80.00% | 80.00% | 85.00% | |||||||||||||||||||||
Occupancy rate | 71.00% | 80.00% | |||||||||||||||||||||||
Common Class A And Class B [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Stock split ratio | 5 | ||||||||||||||||||||||||
Class A Common Stock [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Purchase and retirement of common stock, shares | shares | 1,297,297 | ||||||||||||||||||||||||
Purchase and retirement of common stock, value | $ 60,100,000 | ||||||||||||||||||||||||
Common stock, shares authorized | shares | 30,000,000 | 150,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | ||||||||||||||||||||
Class B Common Stock [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Common stock, shares authorized | shares | 4,000,000 | 20,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | ||||||||||||||||||||
Spin-off [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Debt instrument, face amount | $ 75,000,000 | $ 75,000,000 | |||||||||||||||||||||||
Interest rate | 6.00% | 6.00% | |||||||||||||||||||||||
Deferred interest rate | 8.00% | 8.00% | |||||||||||||||||||||||
Debt instrument term | 5 years | ||||||||||||||||||||||||
Fifth Third Syndicated Line-of-Credit And Fifth Third Syndicated Term Loan [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 100,000,000 | ||||||||||||||||||||||||
Line of credit, outstanding | $ 60,000,000 | $ 123,800,000 | 60,000,000 | $ 123,800,000 | |||||||||||||||||||||
Fifth Third Syndicated Line-of-Credit And Fifth Third Syndicated Term Loan [Member] | Bluegreen [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Line of credit, outstanding | $ 60,000,000 | $ 60,000,000 | |||||||||||||||||||||||
Liberty Bank Facility [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 40,000,000 | $ 50,000,000 | |||||||||||||||||||||||
Percent of future advances of unpaid principal balance of qualified timeshare loans to agents | 80.00% | 85.00% | |||||||||||||||||||||||
Liberty Bank Facility [Member] | Bluegreen [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 40,000,000 | $ 50,000,000 | |||||||||||||||||||||||
NBA Receivables Facility [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Maximum borrowing capacity | 70,000,000 | 70,000,000 | |||||||||||||||||||||||
Percent of future advances of unpaid principal balance of qualified timeshare loans to agents | 80.00% | 85.00% | 80.00% | 85.00% | 80.00% | ||||||||||||||||||||
NBA Receivables Facility [Member] | Bluegreen [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Percent of future advances of unpaid principal balance of qualified timeshare loans to agents | 80.00% | 85.00% | 80.00% | 85.00% | 80.00% | ||||||||||||||||||||
2020 Term Securitization [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Receivable backed debt | $ 131,000,000 | ||||||||||||||||||||||||
Gross advance rate | 88.00% | ||||||||||||||||||||||||
Interest rate | 2.60% | ||||||||||||||||||||||||
2020 Term Securitization [Member] | Bluegreen [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Receivable backed debt | $ 131,000,000 | ||||||||||||||||||||||||
Gross advance rate | 88.00% | ||||||||||||||||||||||||
Interest rate | 2.60% | ||||||||||||||||||||||||
Repayments of lines of credit | $ 82,100,000 | ||||||||||||||||||||||||
Accounting Standards Update 2020-04 [Member] | LIBOR Indexed Junior Subordinated Debentures [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Junior subordinated debentures | 177,100,000 | 177,100,000 | |||||||||||||||||||||||
Accounting Standards Update 2020-04 [Member] | LIBOR Indexed Receivable-backed Notes Payable And Lines Of Credit [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Lines Of Credit And Notes Payable, Gross | 40,500,000 | 40,500,000 | |||||||||||||||||||||||
Accounting Standards Update 2020-04 [Member] | LIBOR Line Of Credit And Notes Payable [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Notes And Loans Payable | $ 127,500,000 | $ 127,500,000 | |||||||||||||||||||||||
Bass Pro And Cabela [Member] | Bluegreen [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Number of stores open | item | 98 | ||||||||||||||||||||||||
Software Development [Member] | Minimum [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||||||||||||||||||
Software Development [Member] | Maximum [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Property, Plant and Equipment, Useful Life | 5 years | ||||||||||||||||||||||||
Prime Rate [Member] | Liberty Bank Facility [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Basis spread on rate | 0.10% | ||||||||||||||||||||||||
Effective rate | 3.40% | 4.00% | |||||||||||||||||||||||
Prime Rate [Member] | Liberty Bank Facility [Member] | Bluegreen [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Basis spread on rate | 0.10% | ||||||||||||||||||||||||
Effective rate | 3.40% | 4.00% | |||||||||||||||||||||||
One-month LIBOR [Member] | NBA Receivables Facility [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Interest rate | 3.00% | 3.00% | 3.50% | 3.00% | 3.50% | 3.00% | |||||||||||||||||||
Basis spread on rate | 2.25% | 2.25% | 2.75% | ||||||||||||||||||||||
One-month LIBOR [Member] | NBA Receivables Facility [Member] | Bluegreen [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Basis spread on rate | 2.25% | 2.75% | |||||||||||||||||||||||
Effective rate | 3.00% | 3.50% | 3.00% | 3.50% | 3.00% |
Revenue From Contracts With C_3
Revenue From Contracts With Customers (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
Revenue from Contracts with Customers [Abstract] | |
Number of reportable segments | 2 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers (Revenue Disaggregation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | $ 440,090 | $ 652,340 | $ 651,205 | ||||||||
Interest income | 79,381 | 85,431 | 83,081 | ||||||||
Other income, net | 67 | 16 | |||||||||
Total revenues | $ 151,230 | $ 144,245 | $ 67,893 | $ 156,103 | $ 183,464 | $ 200,037 | $ 189,589 | $ 164,748 | 519,471 | 737,838 | 734,302 |
Sales of VOIs [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 173,997 | 255,375 | 254,225 | ||||||||
Interest income | 77,500 | 80,000 | 79,400 | ||||||||
Fee-Based Sales Commission Revenue [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 89,965 | 207,832 | 216,422 | ||||||||
Resort And Club Management Revenue [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 98,233 | 103,470 | 99,535 | ||||||||
Cost Reimbursements [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 64,305 | 63,889 | 62,534 | ||||||||
Title Fees And Other [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 7,568 | 14,246 | 12,205 | ||||||||
Other Revenue [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | $ 6,022 | $ 7,528 | $ 6,284 |
Notes Receivable (Narrative) (D
Notes Receivable (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted-average interest rate | 15.00% | 14.90% |
Estimate of defaults for following year | $ 6,000 | |
Notes receivable more than 90 days past due | 24,000 | $ 25,500 |
Notes receivable | 551,393 | 589,198 |
Accrued interest | 3,900 | 5,300 |
Over 91 Days [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable | $ 23,963 | $ 25,542 |
Notes Receivable (Information R
Notes Receivable (Information Relating To Bluegreen's Notes Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross notes receivable | $ 551,393 | $ 589,198 |
Less: Allowance for loan loss | (142,044) | (140,630) |
Notes receivable, net ($292,021 and $292,590 in VIEs at December 31, 2020 and December 31, 2019, respectively) | $ 409,349 | $ 448,568 |
Allowance as a % of gross notes receivable | 26.00% | 24.00% |
VOI Notes Receivable - Non-Securitized [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross notes receivable | $ 156,078 | $ 203,872 |
Less: Allowance for loan loss | (38,750) | (47,894) |
VOI Notes Receivable - Securitized [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross notes receivable | 395,315 | 385,326 |
Less: Allowance for loan loss | $ (103,294) | $ (92,736) |
Notes Receivable (Future Contra
Notes Receivable (Future Contractual Principal Payments Of Notes Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Notes Receivable [Abstract] | ||
2021 | $ 62,985 | |
2022 | 62,858 | |
2023 | 66,429 | |
2024 | 68,655 | |
2025 | 69,333 | |
Thereafter | 221,133 | |
Total | $ 551,393 | $ 589,198 |
Notes Receivable (Activity In T
Notes Receivable (Activity In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance, beginning of period | $ 140,630 | ||
Provision for loan losses | (5,844) | $ (5,428) | $ (8,653) |
Balance, end of period | 142,044 | 140,630 | |
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 | 56,941 | 55,701 | |
Less: defaults | (55,527) | (49,204) | |
Balance, end of period | $ 142,044 | $ 140,630 | $ 134,133 |
Notes Receivable (Financing Rec
Notes Receivable (Financing Receivable Credit Quality Indicators And Past Due By Year Of Origination) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 551,393 | $ 589,198 |
VOI note receivable balance had not yet been charged off | 11,400 | 10,600 |
Defaults [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 1,678 | 1,487 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 13,678 | 13,858 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 14,297 | 11,820 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 9,331 | 9,348 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 7,299 | 6,911 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 9,244 | 5,780 |
Total | 55,527 | 49,204 |
Allowance For Loan Loss [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 33,441 | 44,961 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 37,845 | 34,477 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 27,552 | 20,908 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 16,794 | 16,370 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 12,097 | 13,695 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 14,315 | 10,219 |
Total | 142,044 | 140,630 |
Current [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 113,954 | 174,530 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 129,817 | 122,283 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 89,744 | 82,464 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 61,279 | 68,007 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 50,671 | 46,395 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 71,646 | 58,021 |
Total | 517,111 | 551,700 |
31-60 Days [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 1,040 | 1,790 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,531 | 1,672 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,093 | 1,337 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 925 | 763 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 547 | 551 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 642 | 630 |
Total | 5,778 | 6,743 |
61-90 Days [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 807 | 875 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,137 | 1,362 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 931 | 960 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 777 | 1,050 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 365 | 472 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 524 | 494 |
Total | 4,541 | 5,213 |
Over 91 Days [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 934 | 1,589 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,539 | 5,747 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 5,711 | 4,747 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 4,679 | 4,198 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 3,235 | 4,027 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 6,865 | 5,234 |
Total | 23,963 | 25,542 |
Total [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 116,735 | 178,784 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 135,024 | 131,064 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 97,479 | 89,508 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 67,660 | 74,018 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 54,818 | 51,445 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 79,677 | 64,379 |
Total | 551,393 | 589,198 |
701+ [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 70,874 | 115,753 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 85,294 | 77,992 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 56,490 | 50,443 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 37,371 | 37,807 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 27,638 | 23,670 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 35,693 | 29,069 |
Total | 313,360 | 334,734 |
601-700 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 42,660 | 57,447 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 45,533 | 46,157 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 34,896 | 33,540 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 25,259 | 30,656 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 23,300 | 22,724 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 35,976 | 27,854 |
Total | 207,624 | 218,378 |
Less Than 601 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 3,172 | 5,315 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,630 | 4,153 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,288 | 2,719 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,554 | 3,132 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,544 | 2,279 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,757 | 3,632 |
Total | 14,945 | 21,230 |
Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 29 | 269 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 567 | 2,762 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,805 | 2,806 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,476 | 2,423 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,336 | 2,772 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 5,251 | 3,824 |
Total | 15,464 | 14,856 |
Total by FICO Score [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 116,735 | 178,784 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 135,024 | 131,064 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 97,479 | 89,508 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 67,660 | 74,018 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 54,818 | 51,445 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 79,677 | 64,379 |
Total | $ 551,393 | $ 589,198 |
Notes Receivable (Percentage Of
Notes Receivable (Percentage Of Gross Notes Receivable Outstanding By FICO Score At Origination) (Details) | 12 Months Ended | |
Dec. 31, 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percentage of gross notes receivable outstanding | 100.00% | |
FICO Score, Greater than 700 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percentage of gross notes receivable outstanding | 59.00% | |
FICO Score, 600 to 699 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percentage of gross notes receivable outstanding | 37.00% | |
FICO Score, Less than 600 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percentage of gross notes receivable outstanding | 3.00% | |
FICO Score, No Score [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Percentage of gross notes receivable outstanding | 1.00% | [1] |
[1] | VOI notes receivable without a FICO score are primarily related to foreign borrowers. |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Variable Interest Entities [Abstract] | |||
Voluntary repurchases and substitutions | $ 14.5 | $ 11.5 | $ 13.7 |
Variable Interest Entities (Inf
Variable Interest Entities (Information Related To The Assets And Liabilities Of The VIEs) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | |||
Restricted cash | $ 35,986 | $ 49,896 | $ 53,826 |
Securitized notes receivable, net | 409,349 | 448,568 | |
Receivable backed notes payable - non-recourse | 355,833 | 344,246 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Restricted cash | 20,469 | 22,534 | |
Securitized notes receivable, net | 292,021 | 292,590 | |
Receivable backed notes payable - non-recourse | $ 355,833 | $ 344,246 |
VOI Inventory (Narrative) (Deta
VOI Inventory (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
VOI Inventory [Abstract] | |||
Interest capitalized to VOI inventory | $ 0.1 | $ 0.5 | $ 1.3 |
VOI Inventory (Summary Of Inven
VOI Inventory (Summary Of Inventory) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
VOI Inventory [Abstract] | ||
Completed VOI units | $ 268,686 | $ 269,847 |
Construction-in-progress | 3,946 | |
Real estate held for future development | 78,436 | 73,144 |
Total | $ 347,122 | $ 346,937 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Lease renewal term | 1 year | |
Operating lease liability | $ 35,904 | $ 22,957 |
Operating lease asset | 34,415 | 21,498 |
Minimum operating lease payments of lessee that has not yet commenced | 900 | |
Cash paid for leases expenses | 6,600 | 7,600 |
Right-of-use assets in exchange for new operating lease liabilities | 24,402 | 27,715 |
Right-of-use assets in exchange for new operating lease liabilities, continuing operations | $ 19,400 | $ 1,600 |
Leases (Schedule Of Lease Infor
Leases (Schedule Of Lease Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating lease asset | $ 34,415 | $ 21,498 |
Operating lease liability | $ 35,904 | $ 22,957 |
Weighted Average Lease Term (in years) | 3 years 4 months 24 days | 3 years 8 months 12 days |
Weighted Average Discount Rate | 4.77% | 5.30% |
Leases (Schedule Of Lease Costs
Leases (Schedule Of Lease Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Fixed rental costs | $ 7,516 | $ 8,147 |
Short-term lease cost | 1,831 | 5,144 |
Variable lease cost | 2,448 | 3,079 |
Total operating lease costs | $ 11,795 | $ 16,370 |
Leases (Schedule Of Maturity Of
Leases (Schedule Of Maturity Of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 4,025 | |
2022 | 6,703 | |
2023 | 5,858 | |
2024 | 3,618 | |
2025 | 2,152 | |
After 2025 | 25,435 | |
Total lease payments | 47,791 | |
Less: Interest | 11,887 | |
Present value of operating lease liabilities | $ 35,904 | $ 22,957 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property And Equipment [Abstract] | |||
Depreciation and amortization expense | $ 15.5 | $ 14 | $ 12.3 |
Loss on disposal | $ 5.6 |
Property And Equipment (Summary
Property And Equipment (Summary Of Property and Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 170,904 | $ 178,434 |
Accumulated depreciation and amortization | (80,855) | (78,764) |
Total | 90,049 | 99,670 |
Land, Buildings And Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 72,041 | 71,575 |
Land, Buildings And Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 31 years | |
Land, Buildings And Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Computer Hardware And Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 67,639 | 70,377 |
Computer Hardware And Software [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Computer Hardware And Software [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 1 year | |
Furniture, Fixtures And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 21,218 | 24,430 |
Furniture, Fixtures And Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 14 years | |
Furniture, Fixtures And Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 9,326 | 11,215 |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 14 years | |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Transportation And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 680 | $ 837 |
Property, plant and equipment, useful life | 5 years |
Intangible Assets (Intangible A
Intangible Assets (Intangible Assets And Amortization Expense) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Intangible Assets [Abstract] | ||
Management agreements | $ 61,708 | $ 61,708 |
Accumulated amortization | (277) | (193) |
Total intangible assets | $ 61,431 | $ 61,515 |
Intangible Assets (Future Amort
Intangible Assets (Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Intangible Assets [Abstract] | |
2021 | $ 83 |
2022 | 56 |
Future Amortization Expense | $ 139 |
Debt (Lines-Of-Credit and Notes
Debt (Lines-Of-Credit and Notes Payable, Narrative) (Details) - USD ($) | Apr. 17, 2018 | Oct. 31, 2019 | Apr. 30, 2018 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2016 |
Fifth Third Syndicated Line-of-Credit And Fifth Third Syndicated Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 100,000,000 | |||||||
Line of credit, outstanding | $ 123,800,000 | $ 60,000,000 | ||||||
Fifth Third Syndicated Line-of-Credit And Fifth Third Syndicated Term Loan [Member] | Term Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 100,000,000 | |||||||
Fifth Third Syndicated Line-of-Credit And Fifth Third Syndicated Term Loan [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 225,000,000 | |||||||
Current borrowing capacity | $ 125,000,000 | |||||||
Fifth Third Syndicated Line-of-Credit And Fifth Third Syndicated Term Loan [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on rate | 2.00% | |||||||
Fifth Third Syndicated Line-of-Credit And Fifth Third Syndicated Term Loan [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on rate | 2.50% | |||||||
Fifth Third Syndicated Line-of-Credit And Fifth Third Syndicated Term Loan [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Effective rate | 0.25% | |||||||
NBA Eilan Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 27,500,000 | |||||||
Fund for improvement costs | 2,100,000 | |||||||
Line of credit, outstanding | 15,900,000 | |||||||
Proceeds from lines of credit | $ 24,300,000 | |||||||
Balance | $ 15,903,000 | $ 18,820,000 | ||||||
Interest rate | 4.75% | 4.95% | ||||||
NBA Eilan Loan [Member] | LIBOR [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on rate | 3.25% | |||||||
Effective rate | 4.75% | |||||||
Fifth Third Syndicated LOC [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Effective rate | 2.25% | |||||||
Line of credit, outstanding | $ 30,000,000 | |||||||
Balance | $ 30,000,000 | $ 30,000,000 | ||||||
Interest rate | 2.25% | 3.85% | ||||||
Fifth Third Syndicated Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Balance | $ 93,750,000 | $ 98,750,000 | ||||||
Interest rate | 2.25% | 3.71% | ||||||
Fifth Third Syndicated Term Loan [Member] | Term Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 93,800,000 | |||||||
Interest rate | 2.25% | |||||||
Iberia Revolving Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 50,000,000 | |||||||
The Eilan Hotel And Spa [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Purchase consideration | $ 34,300,000 |
Debt (Receivable-Backed Notes P
Debt (Receivable-Backed Notes Payable, Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 25, 2020 | Aug. 31, 2020 | Jul. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 31, 2020 | Jun. 30, 2020 | Jun. 25, 2020 | Jun. 24, 2020 | Feb. 11, 2020 |
Debt Instrument [Line Items] | |||||||||||
Receivable backed notes payable - non-recourse | $ 355,833 | $ 344,246 | |||||||||
Debt issuance cost | 8,318 | ||||||||||
Per month reduction in recourse | 1,300 | ||||||||||
Recourse limit | $ 19,900 | $ 10,000 | |||||||||
Weighted-average interest rate | 15.00% | 14.90% | |||||||||
Liberty Bank Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 40,000 | $ 50,000 | |||||||||
Percent of future advances of unpaid principal balance of qualified timeshare loans to agents | 80.00% | 85.00% | |||||||||
Percent of future advances of unpaid principal balance of non-conforming qualified timeshare loans to agents | 60.00% | ||||||||||
Repayments of debt | $ 6,400 | ||||||||||
Restructured facility | $ 10,000 | ||||||||||
Recourse limit | $ 10,000 | ||||||||||
Liberty Bank Facility [Member] | Prime Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on rate | 0.10% | ||||||||||
Effective yield rate | 3.40% | 4.00% | |||||||||
NBA Receivables Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 70,000 | ||||||||||
Percent of future advances of unpaid principal balance of qualified timeshare loans to agents | 80.00% | 85.00% | |||||||||
NBA Receivables Facility [Member] | Bluegreen/Big Cedar Vacations, LLC [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Receivable backed debt | 19,900 | ||||||||||
Per month reduction in recourse | 1,300 | ||||||||||
Recourse limit | 10,000 | ||||||||||
NBA Receivables Facility [Member] | One-month LIBOR [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on rate | 2.25% | 2.25% | 2.75% | ||||||||
Interest rate | 3.00% | 3.00% | 3.50% | ||||||||
Advance | $ 25,000 | ||||||||||
Pacific Western Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 40,000 | ||||||||||
Repayments of debt | $ 14,600 | ||||||||||
Possible additional debt extension period, in months | 12 months | ||||||||||
Recourse limit | $ 10,000 | ||||||||||
Pacific Western Facility [Member] | 30-Day LIBOR [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on rate | 3.00% | ||||||||||
Pacific Western Facility [Member] | 30-Day LIBOR [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on rate | 2.75% | ||||||||||
Pacific Western Facility, Eligible A Receivables [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross advance rate | 85.00% | ||||||||||
Pacific Western Facility, Eligible B Receivables [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gross advance rate | 53.00% | ||||||||||
KeyBank/DZ Purchase Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 80,000 | ||||||||||
Gross advance rate | 80.00% | ||||||||||
Repayments of debt | $ 61,100 | ||||||||||
Debt instrument term | 24 months | ||||||||||
KeyBank/DZ Purchase Facility [Member] | Index Rate Until Expiration [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on rate | 2.25% | ||||||||||
KeyBank/DZ Purchase Facility [Member] | Index Rate Until Expiration [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on rate | 0.25% | ||||||||||
KeyBank/DZ Purchase Facility [Member] | Index Rate Thereafter [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on rate | 3.25% | ||||||||||
KeyBank/DZ Purchase Facility [Member] | Index Rate Thereafter [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on rate | 0.25% | ||||||||||
Quorum Purchase Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 50,000 | ||||||||||
Gross advance rate | 85.00% | ||||||||||
Quorum Purchase Facility [Member] | Interest Rate at 4.75% [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Effective yield rate | 4.75% | ||||||||||
Receivable backed notes payable - non-recourse | $ 2,200 | ||||||||||
Quorum Purchase Facility [Member] | Interest Rate at 4.95% [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Effective yield rate | 4.95% | ||||||||||
Receivable backed notes payable - non-recourse | $ 15,300 | ||||||||||
Quorum Purchase Facility [Member] | Interest Rate at 5.10% [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Effective yield rate | 5.10% | ||||||||||
Receivable backed notes payable - non-recourse | $ 12,300 | ||||||||||
2012 Term Securitization [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt issuance costs written off | 100 | ||||||||||
2020 Term Securitization [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 2.60% | ||||||||||
Gross advance rate | 88.00% | ||||||||||
Receivable backed debt | $ 131,000 | ||||||||||
BXG Receivables Note Trust 2020-A [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Receivable backed debt | 148,900 | ||||||||||
Proceeds from issuance of debt | 131,000 | ||||||||||
BXG Receivables Note Trust 2020-A [Member] | Sold At Closing [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Receivable backed debt | 138,900 | ||||||||||
BXG Receivables Note Trust 2020-A [Member] | Sold By February 5, 2021 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Receivable backed debt | 10,000 | ||||||||||
Other Non-Recourse Receivable-Backed Notes Payable [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of debt | $ 67,800 | $ 62,600 | |||||||||
Class A [Member] | 2020 Term Securitization [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 1.55% | ||||||||||
Receivable backed debt | $ 48,600 | ||||||||||
Class B [Member] | 2020 Term Securitization [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 2.49% | ||||||||||
Receivable backed debt | $ 47,900 | ||||||||||
Class C [Member] | 2020 Term Securitization [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 4.22% | ||||||||||
Receivable backed debt | $ 34,500 |
Debt (Junior Subordinated Deben
Debt (Junior Subordinated Debentures, Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt [Abstract] | ||
Equity available in trusts | $ 2.1 | $ 2.1 |
Availablility of line of credits/credit facilities | $ 292.4 |
Debt (Note Payable To BBX, Narr
Debt (Note Payable To BBX, Narrative) (Details) - Spin-off [Member] | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 75,000,000 |
Interest rate | 6.00% |
Deferred interest rate | 8.00% |
Debt instrument term | 5 years |
Accrued interest | $ 1,100,000 |
Debt (Contractual Minimum Princ
Debt (Contractual Minimum Principle Payments Of Debt Outstanding) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
2021 | $ 12,200 | |
2022 | 14,625 | |
2023 | 10,328 | |
2024 | 128,218 | |
2025 | 83,125 | |
Thereafter | 543,613 | |
Unamortized debt issuance costs | (8,318) | |
Purchase accounting adjustment | (37,895) | |
Total | 138,386 | $ 146,160 |
Total Debt | 745,896 | |
Lines-Of-Credit And Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
2021 | 12,200 | |
2022 | 14,625 | |
2023 | 10,328 | |
2024 | 102,500 | |
Unamortized debt issuance costs | (1,267) | (1,410) |
Total | 138,386 | |
Note Payable To BBX Capital, Inc. [Member] | ||
Debt Instrument [Line Items] | ||
2025 | 75,000 | |
Total | 75,000 | |
Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
2024 | 25,718 | |
2025 | 8,125 | |
Thereafter | 18,958 | |
Adjustment | (14,301) | |
Total | 38,500 | |
Non-Recourse Receivable Backed Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Thereafter | 347,526 | |
Unamortized debt issuance costs | (5,994) | (5,125) |
Adjustment | 14,301 | |
Total | 355,833 | |
Junior Subordinated Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Thereafter | 177,129 | |
Unamortized debt issuance costs | (1,057) | $ (1,129) |
Purchase accounting adjustment | (37,895) | |
Total | $ 138,177 |
Debt (Lines-Of-Credit And Not_2
Debt (Lines-Of-Credit And Notes Payable) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ (8,318) | |
Total | 138,386 | $ 146,160 |
Carrying Amount of Pledged Assets | 238,130 | 241,818 |
Lines-Of-Credit And Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | (1,267) | (1,410) |
Total | 138,386 | |
NBA Eilan Loan [Member] | ||
Debt Instrument [Line Items] | ||
Balance | $ 15,903 | $ 18,820 |
Interest Rate | 4.75% | 4.95% |
Carrying Amount of Pledged Assets | $ 28,491 | $ 31,259 |
Fifth Third Syndicated LOC [Member] | ||
Debt Instrument [Line Items] | ||
Balance | $ 30,000 | $ 30,000 |
Interest Rate | 2.25% | 3.85% |
Carrying Amount of Pledged Assets | $ 50,822 | $ 49,062 |
Fifth Third Syndicated Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Balance | $ 93,750 | $ 98,750 |
Interest Rate | 2.25% | 3.71% |
Carrying Amount of Pledged Assets | $ 158,817 | $ 161,497 |
Debt (Receivable-Backed Notes_2
Debt (Receivable-Backed Notes Payable) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Oct. 31, 2020 | Sep. 25, 2020 | Feb. 11, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||||
Receivable-backed notes payable - recourse | $ 38,500 | $ 78,569 | |||
Unamortized debt issuance costs | (8,318) | ||||
Receivable backed notes payable - non-recourse | 355,833 | 344,246 | |||
Total receivable-backed debt | 394,333 | 422,815 | |||
Principal Balance of Pledged/Secured Receivables | 467,608 | 494,604 | |||
Recourse limit | 10,000 | $ 19,900 | |||
Per month reduction in recourse | 1,300 | ||||
Recourse Receivable Backed Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Receivable-backed notes payable - recourse | 38,500 | 78,569 | |||
Principal Balance of Pledged/Secured Receivables | 53,321 | 96,800 | |||
Non-Recourse Receivable Backed Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | (5,994) | (5,125) | |||
Receivable backed notes payable - non-recourse | 355,833 | 344,246 | |||
Principal Balance of Pledged/Secured Receivables | 414,287 | 397,804 | |||
Liberty Bank Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Recourse limit | $ 10,000 | ||||
Liberty Bank Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Receivable-backed notes payable - recourse | $ 10,000 | $ 25,860 | |||
Interest Rate | 3.40% | 4.75% | |||
Principal Balance of Pledged/Secured Receivables | $ 13,970 | $ 31,681 | |||
Liberty Bank Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Receivable backed notes payable - non-recourse | $ 2,316 | ||||
Interest Rate | 3.40% | ||||
Principal Balance of Pledged/Secured Receivables | $ 3,235 | ||||
NBA Receivables Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Receivable-backed notes payable - recourse | $ 19,877 | $ 32,405 | |||
Interest Rate | 3.32% | 4.55% | |||
Principal Balance of Pledged/Secured Receivables | $ 26,220 | $ 39,787 | |||
NBA Receivables Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Receivable backed notes payable - non-recourse | $ 11,985 | ||||
Interest Rate | 3.32% | ||||
Principal Balance of Pledged/Secured Receivables | $ 15,809 | ||||
Pacific Western Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Recourse limit | 10,000 | ||||
Pacific Western Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Receivable-backed notes payable - recourse | $ 8,623 | $ 20,304 | |||
Interest Rate | 3.15% | 4.68% | |||
Principal Balance of Pledged/Secured Receivables | $ 13,131 | $ 25,332 | |||
Pacific Western Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Receivable backed notes payable - non-recourse | $ 10,000 | ||||
Interest Rate | 4.68% | ||||
Principal Balance of Pledged/Secured Receivables | $ 12,477 | ||||
KeyBank/DZ Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Receivable backed notes payable - non-recourse | $ 31,708 | ||||
Interest Rate | 3.99% | ||||
Principal Balance of Pledged/Secured Receivables | $ 39,448 | ||||
Quorum Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Receivable backed notes payable - non-recourse | 29,788 | 44,525 | |||
Principal Balance of Pledged/Secured Receivables | $ 34,651 | 49,981 | |||
2012 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Receivable backed notes payable - non-recourse | $ 8,638 | ||||
Interest Rate | 0.00% | 2.94% | |||
Principal Balance of Pledged/Secured Receivables | $ 9,878 | ||||
2013 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Receivable backed notes payable - non-recourse | $ 11,922 | $ 18,219 | |||
Interest Rate | 3.20% | 3.20% | |||
Principal Balance of Pledged/Secured Receivables | $ 13,483 | $ 19,995 | |||
2015 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Receivable backed notes payable - non-recourse | $ 22,560 | $ 31,188 | |||
Interest Rate | 3.02% | 3.02% | |||
Principal Balance of Pledged/Secured Receivables | $ 24,475 | $ 33,765 | |||
2016 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Receivable backed notes payable - non-recourse | $ 35,700 | $ 48,529 | |||
Interest Rate | 3.35% | 3.35% | |||
Principal Balance of Pledged/Secured Receivables | $ 40,221 | $ 54,067 | |||
2017 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Receivable backed notes payable - non-recourse | $ 51,470 | $ 65,333 | |||
Interest Rate | 3.12% | 3.12% | |||
Principal Balance of Pledged/Secured Receivables | $ 58,907 | $ 74,219 | |||
2018 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Receivable backed notes payable - non-recourse | $ 72,486 | $ 91,231 | |||
Interest Rate | 4.02% | 4.02% | |||
Principal Balance of Pledged/Secured Receivables | $ 84,454 | $ 103,974 | |||
2020 Term Securitization [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 2.60% | ||||
2020 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Receivable backed notes payable - non-recourse | $ 123,600 | ||||
Interest Rate | 2.60% | ||||
Principal Balance of Pledged/Secured Receivables | $ 139,052 | ||||
Minimum [Member] | NBA Receivables Facility [Member] | Recourse Receivable Backed Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 4.55% | ||||
Minimum [Member] | Quorum Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 4.75% | 4.75% | |||
Maximum [Member] | Quorum Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5.10% | 5.50% |
Debt (Junior Subordinated Deb_2
Debt (Junior Subordinated Debentures Outstanding) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Carrying Value | $ 138,177 | $ 137,254 |
Unamortized debt issuance costs | (8,318) | |
Junior Subordinated Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 138,177 | 137,254 |
Unamortized debt issuance costs | (1,057) | (1,129) |
Unamortized purchase discount | (37,895) | (38,746) |
Woodbridge [Member] | Levitt Capital Trust I-IV [Member] | Junior Subordinated Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | 66,302 | 66,302 |
Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | Junior Subordinated Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 110,827 | $ 110,827 |
Minimum [Member] | Woodbridge [Member] | Levitt Capital Trust I-IV [Member] | Junior Subordinated Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Effective rate | 4.01% | 5.74% |
Minimum [Member] | Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | Junior Subordinated Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Effective rate | 5.01% | 6.74% |
Maximum [Member] | Woodbridge [Member] | Levitt Capital Trust I-IV [Member] | Junior Subordinated Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Effective rate | 4.04% | 5.95% |
Maximum [Member] | Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | Junior Subordinated Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Effective rate | 5.12% | 6.86% |
LIBOR [Member] | Minimum [Member] | Junior Subordinated Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on rate | 3.80% | |
LIBOR [Member] | Maximum [Member] | Junior Subordinated Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on rate | 4.90% |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 221,118 | $ 335,846 |
Restricted cash | 35,986 | 49,896 |
Notes receivable, net | 409,349 | 448,568 |
Note payable to BBX Capital, Inc. | 75,000 | |
Lines-of-credit, notes payable, and receivable-backed notes payable | 532,719 | 568,975 |
Junior subordinated debentures | 138,177 | 137,254 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 221,118 | 335,846 |
Restricted cash | 35,986 | 49,896 |
Notes receivable, net | 549,819 | 587,000 |
Note payable to BBX Capital, Inc. | 78,218 | |
Lines-of-credit, notes payable, and receivable-backed notes payable | 547,400 | 589,300 |
Junior subordinated debentures | $ 133,500 | $ 146,000 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Thousands | Jun. 28, 2018 | Feb. 28, 2018item | Jan. 31, 2021USD ($) | Jun. 30, 2019USD ($)item | Dec. 31, 2021item | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2015 | Aug. 30, 2020item | Jul. 07, 2020item |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||||||
Payments to subsidies | $ 24,000 | $ 24,900 | $ 12,600 | ||||||||
Inventory purchased | $ (279) | 2,733 | $ (3,882) | ||||||||
Average annual default rates | 9.80% | 6.90% | |||||||||
Percent of total delinquencies subject to letters | 9.20% | ||||||||||
Number of non-exempt employees represented | item | 660 | ||||||||||
Purchase period, from lawsuit | 6 years | ||||||||||
Number of VOI owners in litigation | item | 100 | ||||||||||
Former CEO [Member] | |||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||||||
Severance expense | $ 3,500 | ||||||||||
Period of future payment | 18 months | ||||||||||
President And CEO [Member] | |||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||||||
Amount of future payment | $ 1,200 | ||||||||||
Bass Pro [Member] | |||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||||||
Litigation settlement | $ 20,000 | ||||||||||
Settlement agreement, number of annual payments | item | 5 | ||||||||||
Settlement agreement, payment amount | $ 4,000 | ||||||||||
Number of stores requiring a fixed annual fee | item | 59 | ||||||||||
Accrued claims | $ 14,700 | ||||||||||
Bass Pro [Member] | Subsequent Event [Member] | |||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||||||
Settlement agreement, payment amount | $ 4,000 | ||||||||||
Cabela [Member] | |||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||||||
Number of stores vacation packages are sold | item | 10 | ||||||||||
Cabela [Member] | Forecast [Member] | |||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||||||
Number of stores requiring a fixed annual fee | item | 60 | ||||||||||
Bass Pro And Cabela [Member] | |||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||||||
Settlement agreement, fixed fee | $ 5,700 | ||||||||||
Reduction of traffic in stores percentage | 25.00% | ||||||||||
Number of stores vacation packages are sold | item | 88 | ||||||||||
Number of stores open | item | 98 | ||||||||||
Robert Barban [Member] | |||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||||||
Number of plaintiffs | item | 172 | ||||||||||
Totten Franqui [Member] | |||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||||||
Damages sought from lawsuit | $ 1,000 | ||||||||||
Claims percentage | 100.00% | ||||||||||
Notes Receivable Secured By VOIs [Member] | |||||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||||||||
VOI sales volume, percentage | 12.00% | 13.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | ||||
Corporate tax rate | 21.00% | 35.00% | ||
Reduced provisional tax benefit recognized | $ 2,800,000 | |||
Alternative minimum tax credit carryforwards | 11,200,000 | |||
Valuation allowance | $ 80,218,000 | $ 86,435,000 | ||
Federal and State NOL and tax credit carryforward | 89,039,000 | 95,970,000 | ||
Decrease in valuation allowance | 6,500,000 | |||
CARES Act, tax withholding deferral | 8,700,000 | |||
CARES Act, employee retention tax credits | 7,100,000 | |||
Unrecognized tax benefits | 0 | $ 0 | $ 0 | |
Unrealized deferred tax asset | 8,800,000 | |||
Recognized interest or penalties | 0 | |||
BVH [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | 80,218,000 | |||
Non-Florida State NOLs [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Federal and State NOL and Credit Carryforward | 226,900,000 | |||
Non-Florida State NOLs [Member] | BVH [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | 3,156,000 | |||
Federal and State NOL and Credit Carryforward | 226,858,000 | |||
Federal NOL SRLY Limitation [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Limit in NOL carryforward due to merger | 788,000 | |||
Federal NOL SRLY Limitation [Member] | BVH [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | 44,170,000 | |||
Federal and State NOL and Credit Carryforward | 210,330,000 | |||
Florida NOL SRLY Limitation [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Limit in NOL carryforward due to merger | 513,000 | |||
Florida NOL SRLY Limitation [Member] | BVH [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | 30,521,000 | |||
Federal and State NOL and Credit Carryforward | 702,433,000 | |||
Other Federal Tax Credits-SRLY Limitation [Member] | BVH [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | 2,371,000 | |||
Federal and State NOL and Credit Carryforward | 2,371,000 | |||
Federal NOL Section 382 Limitation [Member] | BVH [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Federal and State NOL and Credit Carryforward | 7,097,000 | |||
Florida NOL Section 382 Limitation [Member] | BVH [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Federal and State NOL and Credit Carryforward | $ 4,614,000 |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Federal: Current | $ 2,775 | $ 3,934 | $ (3,082) |
Federal: Deferred | (3,048) | 752 | 21,839 |
Federal | (273) | 4,686 | 18,757 |
State and Other: Current | 567 | 1,175 | 3,335 |
State and Other: Deferred | (2,662) | 1,664 | 4,301 |
State and Other | (2,095) | 2,839 | 7,636 |
Income Tax Expense (Benefit), Total | $ (2,368) | $ 7,525 | $ 26,393 |
Income Taxes (Reasons For The D
Income Taxes (Reasons For The Difference Between Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Income tax (benefit) provision at expected federal income tax rate | $ (9,823) | $ 1,718 | $ 15,494 |
(Benefit) provision for state taxes, net of federal effect | (1,655) | 2,244 | 6,125 |
Taxes related to noncontrolling interests in subsidiaries not consolidated for income tax purposes | (1,552) | (2,367) | (2,602) |
Non-deductible executive compensation | 10,205 | 5,572 | 8,421 |
Other - net | 457 | 358 | (1,045) |
Income Tax Expense (Benefit), Total | $ (2,368) | $ 7,525 | $ 26,393 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Taxes [Abstract] | |||
Allowance for loan losses, tax certificate losses and write downs for financial statement purposes | $ 30,155 | $ 30,644 | |
Federal and State NOL and tax credit carryforward | 89,039 | 95,970 | |
Real estate valuation | 5,472 | 6,575 | |
Expenses recognized for books and deferred for tax | 7,063 | 7,827 | |
Other | 2,961 | 6,261 | |
Total gross deferred tax assets | 134,690 | 147,277 | |
Valuation allowance | (80,218) | (86,435) | |
Total deferred tax assets | 54,472 | 60,842 | |
Installment sales treatment of notes | 100,479 | 107,551 | |
Intangible assets | 14,197 | 14,760 | |
Junior subordinate debentures | 8,886 | 9,124 | |
Deferral of VOI sales and costs under timeshare accounting | 9,857 | 10,511 | |
Property and equipment | 5,465 | 4,985 | |
Other | 902 | 1,469 | |
Total gross deferred tax liabilities | 139,786 | 148,400 | |
Net deferred tax liability | $ 85,314 | $ 87,558 | |
Reclassify alternative minimum tax credit to other assets | $ 11,200 |
Income Taxes (Summary Of NOL, C
Income Taxes (Summary Of NOL, Credit Carryforwards, Valuation Allowance) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Tax Credit Carryforward [Line Items] | ||
Gross Deferred Tax Asset | $ 134,690 | $ 147,277 |
Valuation allowance | 80,218 | 86,435 |
Total deferred tax assets | 54,472 | $ 60,842 |
Non-Florida State NOLs [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Federal and State NOL and Credit Carryforward | 226,900 | |
BVH [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Gross Deferred Tax Asset | 89,039 | |
Valuation allowance | 80,218 | |
Total deferred tax assets | 8,821 | |
BVH [Member] | Non-Florida State NOLs [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Federal and State NOL and Credit Carryforward | 226,858 | |
Gross Deferred Tax Asset | 10,299 | |
Valuation allowance | 3,156 | |
Total deferred tax assets | 7,143 | |
BVH [Member] | Federal NOL SRLY Limitation [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Federal and State NOL and Credit Carryforward | 210,330 | |
Gross Deferred Tax Asset | 44,170 | |
Valuation allowance | 44,170 | |
BVH [Member] | Florida NOL SRLY Limitation [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Federal and State NOL and Credit Carryforward | 702,433 | |
Gross Deferred Tax Asset | 30,521 | |
Valuation allowance | 30,521 | |
BVH [Member] | Other Federal Tax Credits-SRLY Limitation [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Federal and State NOL and Credit Carryforward | 2,371 | |
Gross Deferred Tax Asset | 2,371 | |
Valuation allowance | 2,371 | |
BVH [Member] | Federal NOL Section 382 Limitation [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Federal and State NOL and Credit Carryforward | 7,097 | |
Gross Deferred Tax Asset | 1,490 | |
Total deferred tax assets | 1,490 | |
BVH [Member] | Florida NOL Section 382 Limitation [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Federal and State NOL and Credit Carryforward | 4,614 | |
Gross Deferred Tax Asset | 188 | |
Total deferred tax assets | $ 188 |
Common Stock And Preferred Stoc
Common Stock And Preferred Stock (Common And Redeemable 5% Preferred Stock, Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2019 | Apr. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Dec. 31, 2013 | |
Class of Stock [Line Items] | ||||||||
Authorized share repurchase program | 1,000,000 | |||||||
Share repurchase program, value | $ 35,000 | |||||||
Purchase and retirement of shares, value | $ (20,039) | $ (17,006) | ||||||
Redeemable Cumulative Preferred Stock, stated value per share | $ 1,000 | |||||||
Redeemable Cumulative Preferred Stock, dividend rate | 5.00% | 5.00% | 5.00% | |||||
Loan issued to holders | $ 5,000 | |||||||
Cumulative Preferred Stock shares redeemed | 10,000 | 5,000 | ||||||
Cumulative Preferred Stock estimated fair value | $ 10,000 | |||||||
Interest expense | $ 1,000 | $ 1,100 | ||||||
Class A Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common Stock, par value | $ 0.01 | $ 0.01 | ||||||
Voting power percentage | 22.00% | |||||||
Common Stock, Shares, Outstanding | 15,624,091 | 15,106,067 | ||||||
Percent of total common equity | 81.00% | |||||||
Share repurchase program, value | $ 15,400 | $ 7,600 | ||||||
Number of shares repurchased | 0 | 645,778 | 240,000 | |||||
Purchase and retirement of common stock, shares | 1,297,297 | |||||||
Share repurchased and retired, price per share | $ 46.25 | |||||||
Purchase and retirement of shares, value | $ 60,100 | |||||||
Shares purchased in tender offer percent of total, number of class A | 7.60% | |||||||
Class B Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common Stock, par value | $ 0.01 | $ 0.01 | ||||||
Voting power percentage | 78.00% | |||||||
Common Stock, Shares, Outstanding | 3,693,596 | 3,191,571 | ||||||
Percent of total common equity | 19.00% | |||||||
Shares purchased in tender offer percent of total, number of class A | 6.30% | |||||||
Class A and B Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Authorized share repurchase program | 49,903 | |||||||
Restricted Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Vested shares | 493,623 | 1,016,987 | ||||||
Tax withholding for share-based compensation | $ 4,500 | |||||||
Restricted Stock [Member] | Class A Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares withheld to meet minimum statutory tax withholding requirements | 44,570 | |||||||
Restricted Stock [Member] | Class B Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares withheld to meet minimum statutory tax withholding requirements | 149,671 | |||||||
Decrease In Class B Common Stock, Scenario One [Member] | Class A Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Voting power percentage | 40.00% | |||||||
Decrease In Class B Common Stock, Scenario One [Member] | Class B Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Voting power percentage | 60.00% | |||||||
Common Stock, Shares, Outstanding | 360,000 | |||||||
Decrease In Class B Common Stock, Scenario Two [Member] | Class A Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Voting power percentage | 53.00% | |||||||
Decrease In Class B Common Stock, Scenario Two [Member] | Class B Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Voting power percentage | 47.00% | |||||||
Common Stock, Shares, Outstanding | 280,000 | |||||||
Decrease In Class B Common Stock, Scenario Three [Member] | Class B Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common Stock, Shares, Outstanding | 100,000 |
Common And Preferred Stock (Res
Common And Preferred Stock (Restricted Stock And Stock Option Activity, Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2019 | Apr. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized incremental compensation cost | $ 19,800,000 | ||||
Options granted | 0 | 0 | 0 | ||
Net proceeds upon the exercise of stock options | $ 245,000 | ||||
Class A Common Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Repurchased and Retired During Period, Shares | 1,297,297 | ||||
Class A Common Stock [Member] | Accelerated Due To Spin-off [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares vested | 488,503 | ||||
Class B Common Stock [Member] | Accelerated Due To Spin-off [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares vested | 528,484 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Approved for grants | 75,054 | ||||
Incremental compensation cost | $ 25,400,000 | $ 11,400,000 | 12,900,000 | ||
Recognized tax benefit associated with the compensation expense | $ 0 | ||||
Number of restricted shares granted | 488,503 | ||||
Vesting of RSAs | 493,623 | 1,016,987 | |||
Tax withholding for share-based compensation | $ 4,500,000 | ||||
Fair value of shares vested | $ 16,700,000 | $ 11,500,000 | $ 24,000,000 | ||
Restricted Stock [Member] | Class A Common Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares withheld to meet minimum statutory tax withholding requirements | 44,570 | ||||
Restricted Stock [Member] | Class B Common Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares withheld to meet minimum statutory tax withholding requirements | 149,671 | ||||
2014 Plan [Member] | Class A Common Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Approved for grants | 660,000 | ||||
Remaining approved grants outstanding | 75,054 | ||||
2014 Plan [Member] | Class B Common Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Approved for grants | 2,140,000 |
Common Stock And Preferred St_2
Common Stock And Preferred Stock (Summary Of Non-Vested Restricted Stock And Restricted Stock Units) (Details) - Restricted Stock [Member] - $ / shares | 1 Months Ended | 12 Months Ended |
Oct. 31, 2019 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested Restricted Stock, Beginning Balance | 528,484 | |
Non-vested Restricted Stock, Granted | 488,503 | |
Non-vested Restricted Stock, Vested | (493,623) | (1,016,987) |
Non-vested Restricted Stock, Forfeited | ||
Non-vested Restricted Stock, Ending Balance | ||
Weighted Average Grant Date Fair Value, Beginning Balance | $ 32.65 | |
Weighted Average Grant Date Fair Value, Granted | 20.95 | |
Weighted Average Grant Date Fair Value, Vested | 27.04 | |
Weighted Average Grant Date Fair Value, Forfeited | ||
Weighted Average Grant Date Fair Value, Ending Balance | ||
Approved for grants | 75,054 |
Common Stock And Preferred St_3
Common Stock And Preferred Stock (Restricted Stock Awards, Grants In Period, Weighted Average Grant Date Fair Value) (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of restricted shares granted | shares | 488,503 |
Per Share Weighted Average Grant Date Fair Value | $ / shares | $ 20.95 |
BBX Capital Corporation 2014 Incentive Plan [Member] | 1/9/2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of restricted shares granted | shares | 297,410 |
Per Share Weighted Average Grant Date Fair Value | $ / shares | $ 43.50 |
Requisite Service Period | 4 years |
BBX Capital Corporation 2014 Incentive Plan [Member] | 1/8/2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of restricted shares granted | shares | 384,795 |
Per Share Weighted Average Grant Date Fair Value | $ / shares | $ 30.60 |
Requisite Service Period | 4 years |
BBX Capital Corporation 2014 Incentive Plan [Member] | 1/21/2020 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of restricted shares granted | shares | 488,503 |
Per Share Weighted Average Grant Date Fair Value | $ / shares | $ 20.95 |
Requisite Service Period | 4 years |
Employee Benefit Plans And In_2
Employee Benefit Plans And Incentive Compensation Programs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Term of service to become eligible for retirement plan | 3 months | ||
Percentage of employer discretionary contribution | 4.00% | ||
Contribution expense recorded | $ 5.7 | $ 5.9 | $ 5.3 |
401(k), Participant’s Contributions Not Exceeding 3% [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage employer matches of the employee's percentage contribution matched | 100.00% | ||
401(k), Participant’s Contributions Not Exceeding 3% [Member] | Maximum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of employees' pay for which the employer contributes a matching contribution | 3.00% | ||
401(k), Participant’s Contributions In Excess 3% But Not In Excess Of 5% [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage employer matches of the employee's percentage contribution matched | 50.00% | ||
401(k), Participant’s Contributions In Excess 3% But Not In Excess Of 5% [Member] | Maximum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of employees' pay for which the employer contributes a matching contribution | 5.00% | ||
401(k), Participant’s Contributions In Excess 3% But Not In Excess Of 5% [Member] | Minimum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of employees' pay for which the employer contributes a matching contribution | 3.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 17, 2020 | Apr. 30, 2015 | |
Related Party Transaction [Line Items] | ||||||
Consolidated Method Investment Ownership Percentage | 80.00% | |||||
Due to related parties | $ 75,000,000 | |||||
Dividends paid | $ 1,144,000 | $ 4,621,000 | $ 3,812,000 | |||
Spin-off [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt instrument term | 5 years | |||||
Debt instrument, face amount | $ 75,000,000 | |||||
Interest rate | 6.00% | |||||
BVH [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related party | 100,000 | |||||
Amounts paid for other shared services between affiliates | $ 200,000 | 200,000 | 400,000 | |||
Abdo Companies Inc. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, purchases from related party | 230,000 | 306,000 | 306,000 | |||
Bluegreen [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Interest rate | 6.00% | |||||
Allocated consolidated income tax liability and benefits, amount received | 0 | 13,000,000 | 23,100,000 | |||
Allocated consolidated income tax liability and benefits, amount received | $ 8,000,000 | |||||
Transition Services Agreement, minimum term | 1 year | |||||
Transition Services Agreement, reimbursement | $ 300,000 | |||||
Cash dividends paid per share | $ 1.19 | |||||
Bluegreen [Member] | Other Notes Payable [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt instrument, face amount | $ 80,000,000 | |||||
Interest rate | 4.00% | |||||
Interest expense | $ 2,500,000 | 4,800,000 | 4,800,000 | |||
Bluegreen [Member] | BVH [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due to related parties | 0 | |||||
BVH [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Management services expenses | 1,500,000 | $ 1,700,000 | $ 1,600,000 | |||
BBX Capital, Inc. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, purchases from related party | $ 100,000 | |||||
President And CEO [Member] | Class A and B Common Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Percent of voting power | 79.00% | |||||
Bluegreen [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Consolidated Method Investment Ownership Percentage | 93.00% |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 440,090 | $ 652,340 | $ 651,205 | ||||||||
Interest income | 79,381 | 85,431 | 83,081 | ||||||||
Other income, net | 67 | 16 | |||||||||
Total revenues | $ 151,230 | $ 144,245 | $ 67,893 | $ 156,103 | $ 183,464 | $ 200,037 | $ 189,589 | $ 164,748 | 519,471 | 737,838 | 734,302 |
Selling, general and administrative expenses | 370,935 | 514,528 | 464,338 | ||||||||
Interest expense | 36,795 | 45,365 | 41,277 | ||||||||
Total costs and expenses | 139,666 | 169,043 | 91,044 | 165,313 | 170,194 | 185,662 | 215,835 | 157,376 | 565,066 | 729,067 | 661,930 |
Other expense, net | 1,179 | 592 | (1,414) | ||||||||
Other income, net | 1,414 | ||||||||||
(Loss) income before income taxes | $ 10,199 | $ (25,137) | $ (22,820) | $ (9,016) | $ 8,228 | $ 16,579 | $ (24,136) | $ 7,508 | $ (46,774) | 8,179 | 73,786 |
Number of reportable segments | segment | 2 | ||||||||||
Spin-off compensation expense | $ 31,300 | ||||||||||
Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | (2,524) | (4,800) | (4,800) | ||||||||
Other income, net | (4,977) | ||||||||||
Total revenues | (8,397) | (16,000) | (10,751) | ||||||||
Selling, general and administrative expenses | (1,295) | (947) | 254 | ||||||||
Interest expense | (2,524) | (4,800) | (4,800) | ||||||||
Total costs and expenses | (8,397) | (11,023) | (10,751) | ||||||||
Other expense, net | (4,977) | ||||||||||
Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 77,538 | 80,010 | 79,377 | ||||||||
Other income, net | 3,068 | ||||||||||
Total revenues | 354,941 | 566,754 | 568,180 | ||||||||
Selling, general and administrative expenses | 244,755 | 391,474 | 338,462 | ||||||||
Interest expense | 16,950 | 20,503 | 19,514 | ||||||||
Total costs and expenses | 318,329 | 469,886 | 403,943 | ||||||||
Other expense, net | 942 | ||||||||||
(Loss) income before income taxes | 35,670 | 96,868 | 164,237 | ||||||||
Add: Depreciation and amortization | 5,852 | 6,118 | 6,335 | ||||||||
Add: Severance | 4,445 | 1,416 | 96 | ||||||||
Add: Bass Pro Settlement | 39,121 | ||||||||||
Add: Loss on assets held for sale | 942 | 58 | |||||||||
Segment Adjusted EBITDA | 46,909 | 143,581 | 170,668 | ||||||||
Resort Operations And Club Management [Member] | Reportable Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 168,560 | 174,887 | 168,353 | ||||||||
Total costs and expenses | 105,290 | 116,541 | 116,553 | ||||||||
Other expense, net | 30 | 5,887 | |||||||||
(Loss) income before income taxes | 63,240 | 52,459 | 51,800 | ||||||||
Add: Depreciation and amortization | 796 | 1,294 | 1,719 | ||||||||
Add: Severance | 1,369 | 238 | 42 | ||||||||
Add: Loss on assets held for sale | 30 | 5,887 | |||||||||
Segment Adjusted EBITDA | 65,435 | 59,878 | 53,561 | ||||||||
Bluegreen [Member] | Corporate Expenses & Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 3,484 | 7,892 | 6,537 | ||||||||
Other income, net | 1,909 | ||||||||||
Total revenues | 3,484 | 9,801 | 6,537 | ||||||||
Selling, general and administrative expenses | 68,165 | 81,829 | 79,687 | ||||||||
Interest expense | 15,030 | 19,035 | 15,195 | ||||||||
Total costs and expenses | 83,195 | 100,864 | 94,882 | ||||||||
Other expense, net | 370 | ||||||||||
Other income, net | 1,201 | ||||||||||
(Loss) income before income taxes | (80,081) | (91,063) | (87,144) | ||||||||
BVH [Member] | Corporate Expenses & Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 883 | 2,329 | 1,967 | ||||||||
Other income, net | 67 | 16 | |||||||||
Total revenues | 883 | 2,396 | 1,983 | ||||||||
Selling, general and administrative expenses | 59,310 | 42,172 | 45,935 | ||||||||
Interest expense | 7,339 | 10,627 | 11,368 | ||||||||
Total costs and expenses | 66,649 | 52,799 | 57,303 | ||||||||
Other expense, net | (163) | (318) | |||||||||
Other income, net | 213 | ||||||||||
(Loss) income before income taxes | (65,603) | (50,085) | (55,107) | ||||||||
Sales of VOIs [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 173,997 | 255,375 | 254,225 | ||||||||
Interest income | 77,500 | 80,000 | 79,400 | ||||||||
Total costs and expenses | 13,597 | 21,845 | 23,813 | ||||||||
Sales of VOIs [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 173,997 | 255,375 | 254,225 | ||||||||
Total costs and expenses | 13,597 | 21,845 | 23,813 | ||||||||
Fee-Based Sales Commission Revenue [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 89,965 | 207,832 | 216,422 | ||||||||
Total costs and expenses | 79,434 | 83,440 | 69,968 | ||||||||
Fee-Based Sales Commission Revenue [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 89,965 | 207,832 | 216,422 | ||||||||
Other Fee-Based Services Revenue [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 111,823 | 125,244 | 118,024 | ||||||||
Total costs and expenses | 79,434 | 83,440 | 69,968 | ||||||||
Other Fee-Based Services Revenue [Member] | Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total costs and expenses | 34,626 | 23,816 | 11,358 | ||||||||
Other Fee-Based Services Revenue [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 7,568 | 14,246 | 12,205 | ||||||||
Total costs and expenses | 3,823 | 6,972 | 4,591 | ||||||||
Other Fee-Based Services Revenue [Member] | Resort Operations And Club Management [Member] | Reportable Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 104,255 | 110,998 | 105,819 | ||||||||
Total costs and expenses | 40,985 | 52,652 | 54,019 | ||||||||
Net Carrying Cost Of VOI Inventory [Member] | Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total costs and expenses | (34,626) | (23,816) | (11,358) | ||||||||
Net Carrying Cost Of VOI Inventory [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total costs and expenses | 34,626 | 23,816 | 11,358 | ||||||||
Cost Reimbursements [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 64,305 | 63,889 | 62,534 | ||||||||
Total costs and expenses | 64,305 | 63,889 | 62,534 | ||||||||
Cost Reimbursements [Member] | Resort Operations And Club Management [Member] | Reportable Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 64,305 | 63,889 | 62,534 | ||||||||
Total costs and expenses | 64,305 | 63,889 | 62,534 | ||||||||
Mortgage Servicing [Member] | Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | (5,873) | (6,223) | (5,951) | ||||||||
Total costs and expenses | (4,578) | (5,276) | (6,205) | ||||||||
Mortgage Servicing [Member] | Sales Of VOIs And Financing [Member] | Reportable Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 5,873 | 6,223 | 5,951 | ||||||||
Total costs and expenses | $ 4,578 | $ 5,276 | $ 6,205 |
(Loss) Earnings Per Share (Deta
(Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
(Loss) Earnings Per Share [Abstract] | |||||||||||
Net (loss) income from continuing operations | $ 13,008 | $ (25,338) | $ (24,513) | $ (7,563) | $ 5,584 | $ 8,427 | $ (18,538) | $ 5,181 | $ (44,406) | $ 654 | $ 47,393 |
Less: Income attributable to noncontrolling interests - continuing operations | 8,186 | 14,636 | 20,956 | ||||||||
Net income from continuing operations available to shareholders | (52,592) | (13,982) | 26,437 | ||||||||
Net (loss) income from discontinued operations | $ (233) | $ 2,864 | $ (12,138) | $ (23,252) | $ 3,006 | $ 18,073 | $ 10,913 | $ (543) | (32,759) | 31,449 | 8,400 |
Less: (Loss) attributable to noncontrolling interests - discontinued operations | (4,822) | (224) | (265) | ||||||||
Net income from discontinued operations available to shareholders | (27,937) | 31,673 | 8,665 | ||||||||
Net (loss) income attributable to shareholders | $ (80,529) | $ 17,691 | $ 35,102 | ||||||||
Basic weighted average number of common shares outstanding | 19,318 | 18,731 | 18,298 | 18,298 | 18,661 | 18,526 | 19,060 | ||||
Effect of dilutive restricted stock awards | 512 | ||||||||||
Weighted Average Number of Shares Outstanding, Diluted, Total | 19,318 | 18,731 | 18,298 | 18,298 | 18,661 | 18,526 | 19,572 | ||||
Basic (loss) earnings per share from continuing operations | $ 0.46 | $ (1.53) | $ (1.34) | $ (0.47) | $ 0.13 | $ 0.23 | $ (1.21) | $ 0.11 | $ (2.82) | $ (0.75) | $ 1.39 |
Basic (loss) earnings per share from discontinued operations | (0.01) | 0.18 | (0.62) | (1.08) | 0.17 | 0.98 | 0.59 | (0.03) | (1.50) | 1.71 | 0.45 |
Basic (loss) earnings per share | $ 0.45 | $ (1.35) | $ (1.96) | $ (1.55) | 0.30 | 1.21 | (0.62) | 0.08 | (4.32) | 0.96 | 1.84 |
Diluted (loss) earnings per share from continuing operations | 0.13 | 0.22 | (1.21) | 0.11 | (2.82) | (0.75) | 1.35 | ||||
Diluted (loss) earnings per share from discontinued operations | 0.17 | 0.97 | 0.59 | (0.03) | (1.50) | 1.71 | 0.44 | ||||
Diluted (loss) earnings per share | $ 0.30 | $ 1.19 | $ (0.62) | $ 0.08 | $ (4.32) | $ 0.96 | $ 1.79 |
Selected Quarterly Financial _2
Selected Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Selected Quarterly Financial Information (Unaudited) [Abstract] | |||||||||||
Total revenues | $ 151,230 | $ 144,245 | $ 67,893 | $ 156,103 | $ 183,464 | $ 200,037 | $ 189,589 | $ 164,748 | $ 519,471 | $ 737,838 | $ 734,302 |
Total operating expenses | 139,666 | 169,043 | 91,044 | 165,313 | 170,194 | 185,662 | 215,835 | 157,376 | 565,066 | 729,067 | 661,930 |
(Loss) income from continuing operations before non-controlling interest and provision for income taxes | 10,199 | (25,137) | (22,820) | (9,016) | 8,228 | 16,579 | (24,136) | 7,508 | (46,774) | 8,179 | 73,786 |
Net (loss) income from continuing operations | 13,008 | (25,338) | (24,513) | (7,563) | 5,584 | 8,427 | (18,538) | 5,181 | (44,406) | 654 | 47,393 |
Net (loss) income from discontinued operations | (233) | 2,864 | (12,138) | (23,252) | 3,006 | 18,073 | 10,913 | (543) | (32,759) | 31,449 | 8,400 |
Net (loss) income | $ 12,775 | $ (22,474) | $ (36,651) | $ (30,815) | $ 8,590 | $ 26,500 | $ (7,625) | $ 4,638 | $ (77,165) | $ 32,103 | $ 55,793 |
Basic (loss) earnings per share from continuing operations | $ 0.46 | $ (1.53) | $ (1.34) | $ (0.47) | $ 0.13 | $ 0.23 | $ (1.21) | $ 0.11 | $ (2.82) | $ (0.75) | $ 1.39 |
Diluted (loss) earnings per share from continuing operations | 0.13 | 0.22 | (1.21) | 0.11 | (2.82) | (0.75) | 1.35 | ||||
Basic (loss) earnings per share from discontinued operations | $ (0.01) | $ 0.18 | $ (0.62) | $ (1.08) | 0.17 | 0.98 | 0.59 | (0.03) | $ (1.50) | $ 1.71 | $ 0.45 |
Basic weighted average number of common shares outstanding | 19,318 | 18,731 | 18,298 | 18,298 | 18,661 | 18,526 | 19,060 | ||||
Diluted (loss) earnings per share from discontinued operations | 0.17 | 0.97 | 0.59 | (0.03) | $ (1.50) | $ 1.71 | $ 0.44 | ||||
Diluted weighted average number of common and common equivalent shares outstanding | 19,318 | 18,731 | 18,298 | 18,298 | 18,661 | 18,526 | 19,572 | ||||
Basic earnings per common shares | $ 0.45 | $ (1.35) | $ (1.96) | $ (1.55) | 0.30 | 1.21 | (0.62) | 0.08 | $ (4.32) | $ 0.96 | $ 1.84 |
Diluted earnings per common share | $ 0.30 | $ 1.19 | $ (0.62) | $ 0.08 | $ (4.32) | $ 0.96 | $ 1.79 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Discontinued Operations [Abstract] | |||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (233) | $ 2,864 | $ (12,138) | $ (23,252) | $ 3,006 | $ 18,073 | $ 10,913 | $ (543) | $ (32,759) | $ 31,449 | $ 8,400 |
Income Tax Expense (Benefit) | $ (2,368) | 7,525 | $ 26,393 | ||||||||
Number of reportable segments | segment | 2 | ||||||||||
Discontinued operations total assets | $ 360,861 | $ 360,861 |
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] | |
Disposal Group, Including Discontinued Operation, Assets, Total | $ 360,861 |
Disposal Group, Including Discontinued Operation, Liabilities, Total | 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 | 29,836 |
Disposal Group, Including Discontinued Operation, Assets, Total | 360,861 |
Accounts payable | 9,294 |
Other liabilities | 21,043 |
Notes payable and other borrowings | 42,571 |
Operating lease liability | 100,473 |
Disposal Group, Including Discontinued Operation, Liabilities, Total | $ 173,381 |
Discontinued Operations (Summ_2
Discontinued Operations (Summary Of Income (Loss) Of Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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) | ||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax, Total | (41,593) | $ 40,582 | $ 13,646 |
BBX Capital, Inc. [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | 116,990 | 209,032 | 211,611 |
Costs and expenses | 155,713 | 206,947 | 212,506 |
Equity in net (losses) earnings of unconsolidated real estate joint ventures | 50 | 37,898 | 14,193 |
Foreign exchanges (loss) gain | 214 | (75) | 68 |
Loss on the deconsolidation of IT'SUGAR, LLC | (3,326) | ||
Other income | 192 | 674 | 280 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax, Total | (41,593) | 40,582 | 13,646 |
BBX Capital, Inc. [Member] | Trade Sales [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | 99,628 | 186,337 | 179,486 |
Costs and expenses | 80,154 | 127,720 | 125,640 |
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 | 14,248 | 5,049 | 21,771 |
Costs and expenses | 9,473 | 2,643 | 14,116 |
BBX Capital, Inc. [Member] | Interest Income [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | 586 | 894 | 2,420 |
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 | 130 | 13,616 | 4,578 |
BBX Capital, Inc. [Member] | Other Revenue [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | 2,398 | 3,136 | 3,356 |
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 | 417 | 798 | |
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 | (5,844) | (5,428) | (8,653) |
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 | 31,588 | 6,937 | 4,718 |
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 | $ 40,342 | $ 74,658 | $ 75,887 |
Discontinued Operations (Summ_3
Discontinued Operations (Summary Of Cash Flows Of Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities: | |||||||||||
Net (loss) income | $ (233) | $ 2,864 | $ (12,138) | $ (23,252) | $ 3,006 | $ 18,073 | $ 10,913 | $ (543) | $ (32,759) | $ 31,449 | $ 8,400 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||
Recoveries from loan losses, net | (5,844) | (5,428) | (8,653) | ||||||||
Provision for notes receivable allowances | 56,941 | 55,677 | 51,236 | ||||||||
Depreciation, amortization and accretion, net | 24,771 | 27,720 | 25,739 | ||||||||
Share-based compensation expense | 25,417 | 11,445 | 12,901 | ||||||||
Net losses (gains) on sales of real estate and property and equipment | 1,428 | (9,396) | (4,563) | ||||||||
Equity earnings of unconsolidated real estate joint ventures | (49) | (37,898) | (14,194) | ||||||||
Return on investment in unconsolidated real estate joint ventures | 3,933 | 39,043 | 17,679 | ||||||||
Loss on the deconsolidation of IT'SUGAR, LLC | 3,326 | ||||||||||
(Decrease) increase in deferred income tax liability | (9,243) | 2,072 | 27,444 | ||||||||
Impairment losses | 31,588 | 6,938 | 4,718 | ||||||||
Interest accretion on redeemable 5% cumulative preferred stock | 1,028 | 1,061 | |||||||||
(Increase) in notes receivable | (17,722) | (65,672) | (63,545) | ||||||||
Increase in VOI inventory | (185) | (12,788) | (32,022) | ||||||||
Decrease (increase) in trade inventory | 279 | (2,733) | 3,882 | ||||||||
Decrease (increase) in real estate inventory | 925 | (7,445) | 12,001 | ||||||||
Net change in operating lease asset and operating lease liability | (935) | 1,444 | |||||||||
Decrease (increase) in other assets | 14,051 | 19,315 | (1,607) | ||||||||
(Decrease) increase in other liabilities | (22,437) | 22,817 | (1,231) | ||||||||
Investing activities: | |||||||||||
Return of investment in unconsolidated real estate joint ventures | 4,631 | 31,442 | 12,080 | ||||||||
Investments in unconsolidated real estate joint ventures | (14,009) | (25,179) | (29,070) | ||||||||
Proceeds from repayment of loans receivable | 6,127 | 6,171 | 19,394 | ||||||||
Proceeds from sales of real estate | 2,151 | 23,512 | 17,431 | ||||||||
Proceeds from sale of property and equipment | 190 | 16,642 | 569 | ||||||||
Additions to real estate | (70) | (600) | (1,221) | ||||||||
Purchases of property and equipment | (11,779) | (35,588) | (45,550) | ||||||||
Decrease in cash from other investing activities | (1,210) | (81) | (4,696) | ||||||||
BBX Capital, Inc. [Member] | |||||||||||
Operating activities: | |||||||||||
Net (loss) income | (32,759) | 31,449 | 8,400 | ||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||
Recoveries from loan losses, net | (5,844) | (5,428) | (8,653) | ||||||||
Depreciation, amortization and accretion, net | 5,468 | 8,008 | 8,322 | ||||||||
Net losses (gains) on sales of real estate and property and equipment | (130) | (13,305) | (4,563) | ||||||||
Equity earnings of unconsolidated real estate joint ventures | (49) | (37,898) | (14,194) | ||||||||
Return on investment in unconsolidated real estate joint ventures | 3,933 | 39,043 | 17,679 | ||||||||
Loss on the deconsolidation of IT'SUGAR, LLC | 3,326 | ||||||||||
(Decrease) increase in deferred income tax liability | (8,834) | (9,133) | (5,246) | ||||||||
Impairment losses | 31,588 | 6,938 | 4,718 | ||||||||
(Increase) in notes receivable | (2,336) | 5,190 | (2,323) | ||||||||
Decrease (increase) in trade inventory | (279) | (2,733) | 3,882 | ||||||||
Decrease (increase) in real estate inventory | 925 | (7,445) | 12,001 | ||||||||
Net change in operating lease asset and operating lease liability | (964) | ||||||||||
Decrease (increase) in other assets | (1,388) | 6,817 | 2,197 | ||||||||
(Decrease) increase in other liabilities | 6,512 | 3,826 | (436) | ||||||||
Net cash provided by (used in) operating activities | (831) | 25,329 | 21,784 | ||||||||
Investing activities: | |||||||||||
Return of investment in unconsolidated real estate joint ventures | 4,631 | 31,442 | 12,080 | ||||||||
Investments in unconsolidated real estate joint ventures | (14,009) | (25,179) | (29,187) | ||||||||
Proceeds from repayment of loans receivable | 5,960 | 6,339 | 19,394 | ||||||||
Proceeds from sales of real estate | 2,151 | 23,512 | 17,431 | ||||||||
Proceeds from sale of property and equipment | 11,762 | 569 | |||||||||
Additions to real estate | (70) | (600) | (1,221) | ||||||||
Purchases of property and equipment | (4,032) | (11,091) | (12,796) | ||||||||
Decrease in cash from other investing activities | (1,065) | (222) | (4,696) | ||||||||
Net cash (used in) provided by investing activities | $ (6,434) | $ 35,963 | $ 1,574 |
Uncategorized Items - bvh-20201
Label | Element | Value |
Disposal Group, Including Discontinued Operation, Cash | us-gaap_DisposalGroupIncludingDiscontinuedOperationCash | $ 21,128,000 |
Disposal Group, Including Discontinued Operation, Cash | us-gaap_DisposalGroupIncludingDiscontinuedOperationCash | $ 30,082,000 |