Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'JOE | ' |
Entity Registrant Name | 'ST JOE CO | ' |
Entity Central Index Key | '0000745308 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 92,292,913 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Investment in real estate | $382,779,000 | $370,647,000 |
Cash and cash equivalents | 22,831,000 | 165,980,000 |
Investments | 146,051,000 | 0 |
Notes receivable, net | 7,898,000 | 3,975,000 |
Pledged treasury securities | 26,404,000 | 26,818,000 |
Prepaid pension asset | 35,324,000 | 33,356,000 |
Property and equipment, net of accumulated depreciation of $38.2 million and $37.6 million at September 30, 2013 and December 31, 2012, respectively | 11,655,000 | 12,149,000 |
Deferred tax asset | 12,046,000 | 11,957,000 |
Other assets | 22,084,000 | 20,639,000 |
Total assets | 667,072,000 | 645,521,000 |
LIABILITIES: | ' | ' |
Debt | 37,832,000 | 36,062,000 |
Accounts payable | 14,761,000 | 14,773,000 |
Accrued liabilities and deferred credits | 53,151,000 | 42,352,000 |
Total liabilities | 105,744,000 | 93,187,000 |
EQUITY: | ' | ' |
Common stock, no par value; 180,000,000 shares authorized; 92,314,092 and 92,302,299 issued at September 30, 2013 and December 31, 2012, respectively; 92,293,823 and 92,285,408 outstanding at September 30, 2013 and December 31, 2012, respectively | 892,027,000 | 891,798,000 |
Accumulated deficit | -326,431,000 | -330,861,000 |
Accumulated other comprehensive loss | -7,375,000 | -8,652,000 |
Treasury stock at cost, 20,269 and 16,891 shares held at September 30, 2013 and December 31, 2012, respectively | -285,000 | -260,000 |
Total stockholders' equity | 557,936,000 | 552,025,000 |
Noncontrolling interest | 3,392,000 | 309,000 |
Total equity | 561,328,000 | 552,334,000 |
Total liabilities and equity | 667,072,000 | 645,521,000 |
Variable Interest Entities | ' | ' |
ASSETS | ' | ' |
Investment in real estate | 16,191,000 | 0 |
Cash and cash equivalents | 2,203,000 | 2,107,000 |
Other assets | 344,000 | 166,000 |
Total assets | 18,738,000 | 2,273,000 |
LIABILITIES: | ' | ' |
Accounts payable and accrued liabilities | 7,344,000 | 1,073,000 |
Total liabilities | $7,344,000 | $1,073,000 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $38.20 | $37.60 |
Common stock, par value | ' | ' |
Common stock, shares authorized | 180,000,000 | 180,000,000 |
Common stock, issued | 92,314,092 | 92,302,299 |
Common stock, outstanding | 92,293,823 | 92,285,408 |
Treasury stock, shares | 20,269 | 16,891 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Real estate sales | $12,823 | $32,206 | $27,859 | $51,338 |
Resort, leisure and leasing revenues | 16,309 | 14,143 | 42,384 | 36,658 |
Timber sales | 7,695 | 9,558 | 27,145 | 28,784 |
Total revenues | 36,827 | 55,907 | 97,388 | 116,780 |
Expenses: | ' | ' | ' | ' |
Cost of real estate sales | 6,979 | 14,457 | 15,721 | 25,099 |
Cost of resort, leisure and leasing revenues | 12,515 | 11,544 | 33,460 | 31,048 |
Cost of timber sales | 4,821 | 5,496 | 16,661 | 18,016 |
Other operating expenses | 2,572 | 3,443 | 8,710 | 11,438 |
Corporate expense | 4,245 | 3,207 | 13,123 | 12,604 |
Depreciation, depletion and amortization | 2,312 | 2,400 | 6,972 | 7,185 |
Total expenses | 33,444 | 40,547 | 94,647 | 105,390 |
Operating income | 3,383 | 15,360 | 2,741 | 11,390 |
Other income: | ' | ' | ' | ' |
Investment income, net | 595 | 375 | 1,008 | 1,182 |
Interest expense | -524 | -916 | -1,392 | -2,404 |
Other, net | 906 | 891 | 2,250 | 5,482 |
Total other income | 977 | 350 | 1,866 | 4,260 |
Income before equity in loss from unconsolidated affiliates and income taxes | 4,360 | 15,710 | 4,607 | 15,650 |
Equity in loss from unconsolidated affiliates | -12 | -20 | -39 | -40 |
Income tax expense | -158 | -357 | -158 | -982 |
Net income | 4,190 | 15,333 | 4,410 | 14,628 |
Net loss attributable to non-controlling interest | 8 | 7 | 20 | 16 |
Net income attributable to the Company | $4,198 | $15,340 | $4,430 | $14,644 |
Basic and Diluted | ' | ' | ' | ' |
Weighted average shares outstanding (in shares) | 92,284,532 | 92,292,053 | 92,285,161 | 92,275,790 |
Net income per share attributable to the Company (in dollars per share) | $0.05 | $0.17 | $0.05 | $0.16 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $4,190 | $15,333 | $4,410 | $14,628 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Net unrealized losses on available-for-sale investments | -786 | 0 | -1,677 | 0 |
Defined benefit pension items: | ' | ' | ' | ' |
Net gain (loss) arising during the period | 87 | -338 | 2,100 | -338 |
Settlement cost included in net periodic cost | 212 | 147 | 606 | 147 |
Amortization of loss included in net periodic cost | 50 | 5 | 248 | 5 |
Amortization of prior service cost included in net periodic cost | 0 | 110 | 0 | 328 |
Total other comprehensive income (loss), net of tax | -437 | -76 | 1,277 | 142 |
Total comprehensive income | $3,753 | $15,257 | $5,687 | $14,770 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Accumulated Deficit | Accumulated Other Comprehensive Loss | Treasury Stock | Non-controlling Interest |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2012 | $552,334 | $891,798 | ($330,861) | ($8,652) | ($260) | $309 |
Beginning Balance (in shares) at Dec. 31, 2012 | ' | 92,285,408 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income (loss) | 4,410 | ' | 4,430 | ' | ' | -20 |
Other comprehensive income | 1,277 | ' | ' | 1,277 | ' | ' |
Capital contributions from non-controlling interest | 3,103 | ' | ' | ' | ' | 3,103 |
Issuance of common stock for director fees (in shares) | ' | 11,898 | ' | ' | ' | ' |
Issuance of common stock for director fees | 244 | 244 | ' | ' | ' | ' |
Amortization of stock based compensation | 3 | 3 | ' | ' | ' | ' |
Reduction in excise tax benefits on stock options | -18 | -18 | ' | ' | ' | ' |
Treasury shares received in lieu of taxes to be remitted on vesting of restricted stock awards (in shares) | ' | -3,483 | ' | ' | ' | ' |
Treasury shares received in lieu of taxes to be remitted on vesting of restricted stock awards | -25 | ' | ' | ' | -25 | ' |
Ending Balance at Sep. 30, 2013 | $561,328 | $892,027 | ($326,431) | ($7,375) | ($285) | $3,392 |
Ending Balance (in shares) at Sep. 30, 2013 | ' | 92,293,823 | ' | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $4,410 | $14,628 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 6,972 | 7,185 |
Stock based compensation | 247 | 996 |
Gain on sales of investments | -93 | 0 |
Loss on disposal of plant and equipment | -89 | -17 |
Equity in loss from unconsolidated joint ventures | 39 | 40 |
Pension charges | 982 | 874 |
Cost of operating properties sold | 14,552 | 24,492 |
Expenditures for operating properties | -14,932 | -16,556 |
Issuance of notes receivable, net | -4,845 | -59 |
Accretion income and other, net | -568 | 278 |
Changes in operating assets and liabilities: | ' | ' |
Payments received on notes receivable | 592 | 620 |
Other assets | -1,240 | -725 |
Accounts payable and accrued liabilities | 7,680 | -2,038 |
Net cash provided by operating activities | 13,707 | 29,718 |
Cash flows from investing activities: | ' | ' |
Purchases of investments | -180,361 | 0 |
Proceeds from sales and maturities of investments | 32,725 | 0 |
Expenditures for Pier Park North joint venture | -8,848 | 0 |
Purchases of property and equipment | -3,147 | -266 |
Net cash used in investing activities | -159,631 | -266 |
Cash flows from financing activities: | ' | ' |
Contribution to Pier Park North joint venture from non-controlling interest | 3,103 | 0 |
Repayments of long term debt | -285 | -19,781 |
(Reduction in) excess excise tax benefits on stock options | -18 | 488 |
Taxes paid on behalf of employees related to stock based compensation | -25 | -152 |
Net cash provided by (used in) financing activities | 2,775 | -19,445 |
Net (decrease) increase in cash and cash equivalents | -143,149 | 10,007 |
Cash and cash equivalents at beginning of the period | 165,980 | 162,391 |
Cash and cash equivalents at end of the period | 22,831 | 172,398 |
Cash paid during the period for: | ' | ' |
Interest | 1,773 | 3,396 |
Income taxes | 20 | 219 |
Non-cash financing and investment activities: | ' | ' |
Net increase (decrease) in Community Development District Debt | 2,469 | -1,689 |
Decrease in pledged treasury securities related to defeased debt | -414 | -1,609 |
Expenditures of operating properties and property and equipment financed | 3,466 | 2,546 |
Settlement of note receivable | $312 | $0 |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Description of Business and Basis of Presentation | ' |
Description of Business and Basis of Presentation | |
Description of Business | |
The St. Joe Company and its consolidated subsidiaries unless the context indicates otherwise (the “Company”) is a Florida-based real estate developer and manager. The Company owns approximately 567,000 acres of land concentrated primarily in Northwest Florida and has significant residential and commercial land-use entitlements in hand or in process. The majority of land not under development or part of the Company's various residential, commercial, resort, leisure and leasing operations is designated for forestry operations (of which the Company currently has the ability to consistently harvest approximately 315,000 acres). | |
The Company conducts primarily all of its business in five reportable operating segments: 1) residential real estate, 2) commercial real estate, 3) rural land, 4) resorts, leisure and leasing operations and 5) forestry. | |
Basis of Presentation | |
The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company is the primary beneficiary. The equity method of accounting is used for investments in which the Company has significant influence, but not a controlling financial interest. All significant intercompany accounts and transactions have been eliminated in consolidation. The December 31, 2012 balance sheet amounts have been derived from the Company’s December 31, 2012 audited consolidated financial statements. | |
The statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates. | |
Recently Issued and Adopted Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update (“ASU”) that requires enhanced disclosures around the amounts reclassified out of accumulated other comprehensive income. The amendments do not change the requirements for reporting net income or other comprehensive income. The ASU requires an entity to present information about significant reclassifications out of accumulated other comprehensive income and their corresponding effects on the respective line items in net income. The ASU became effective for the Company on January 1, 2013. The Company adopted the ASU’s disclosure provisions in Note 10, Accumulated Other Comprehensive Loss. | |
In July 2013, FASB determined that an unrecognized tax benefit should be presented as a reduction of a deferred tax asset for a net operating loss (“NOL”) carryforward or other tax credit carryforward when settlement in this manner is available under applicable tax law. This guidance is effective for the Company’s interim and annual periods beginning January 1, 2014. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. |
Investment_in_Real_Estate
Investment in Real Estate | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Real Estate [Abstract] | ' | |||||||
Investment in Real Estate | ' | |||||||
Investment in Real Estate | ||||||||
Real estate by property type and segment includes the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Operating property: | ||||||||
Residential real estate | $ | 2,793 | $ | 2,792 | ||||
Resorts, leisure and leasing operations | 154,361 | 152,906 | ||||||
Forestry | 56,218 | 54,984 | ||||||
Rural land | 139 | 139 | ||||||
Other | 45 | 179 | ||||||
Total operating property | 213,556 | 211,000 | ||||||
Development property: | ||||||||
Residential real estate | 133,026 | 133,835 | ||||||
Commercial real estate | 58,014 | 59,851 | ||||||
Resorts, leisure and leasing operations | 16,178 | 351 | ||||||
Rural land | 5,767 | 5,768 | ||||||
Corporate | 2,314 | 2,268 | ||||||
Total development property | 215,299 | 202,073 | ||||||
Investment property: | ||||||||
Commercial real estate | 700 | 700 | ||||||
Resorts, leisure and leasing operations | 255 | 255 | ||||||
Forestry | 953 | 953 | ||||||
Other | 3,208 | 3,216 | ||||||
Total investment property | 5,116 | 5,124 | ||||||
Investment in unconsolidated affiliates(1) | 2,183 | 2,222 | ||||||
Total real estate investments | 436,154 | 420,419 | ||||||
Less: Accumulated depreciation | 53,375 | 49,772 | ||||||
Investment in real estate, net | $ | 382,779 | $ | 370,647 | ||||
(1) Recorded in the Company’s resorts, leisure and leasing operation's segment. | ||||||||
Operating property includes property that the Company uses for daily operations and activities. The resorts, leisure and leasing operating property include the WaterColor Inn, golf courses and marinas. Also included in resorts, leisure and leasing operating property is property developed by the Company and used for residential and commercial rental purposes. This property may be sold in the future as part of the Company's principal real estate business. Forestry operating property includes the Company’s timberlands. | ||||||||
Development property consists of land the Company is developing or intends to develop for sale or future operations. Residential real estate includes mixed-use resort, primary and seasonal residential communities and includes costs directly associated with the land, development and construction of these communities, including common development costs such as roads, sewers, and amenities and indirect costs such as development overhead, capitalized interest, marketing and project administration. Commercial real estate includes land for commercial and industrial uses, including land holdings near the Northwest Florida Beaches International Airport, and includes costs directly associated with the land and development costs, which also include common development costs such as roads and sewers. Rural land includes land with minimal development costs. Resorts, leisure and leasing development property primarily includes the land and construction under development for the consolidated joint venture at Pier Park North. | ||||||||
The capitalization period relating to direct and indirect development project costs is the period in which activities necessary to ready a property for its intended use are in progress. The period begins when such activities commence, typically when the Company begins the entitlement processes for land already owned, and ends when the asset is substantially complete and ready for its intended use. Determination of when construction of a project is substantially complete and ready for its intended use requires judgment. The Company determines when the capitalization period begins and ends through communication with project and other managers responsible for the tracking and oversight of individual projects. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. If we determine not to complete a project, any previously capitalized costs are expensed in the period in which the determination is made and recovery is not deemed reasonable. During the three and nine months ended September 30, 2013, the Company has capitalized indirect development costs of $0.1 million and $0.4 million, respectively, which are primarily related to the consolidated joint venture at Pier Park North. The Company capitalized less than $0.1 million of indirect development costs during the three and nine months ended September 30, 2012. | ||||||||
Investment property includes the Company’s land held for future use that has not been allocated to a specific project. | ||||||||
Investment in unconsolidated affiliates reflects the Company’s investment in the East San Marco joint venture. See Note 5, Real Estate Joint Ventures. | ||||||||
Impairment of Long Lived Assets | ||||||||
The Company reviews its long lived assets for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long lived assets include the Company’s investments in operating, development and investment property. Some of the events or changes in circumstances that are considered by the Company as indicators of potential impairment include: | ||||||||
• | a prolonged decrease in the fair value or demand for the Company’s properties; | |||||||
• | a change in the expected use or development plans for the Company’s properties; | |||||||
• | operating or cash flow losses for an operating property; and, | |||||||
• | an accumulation of costs in a development property that significantly exceeds its historical basis in property held long-term. | |||||||
There were no events or changes in circumstances that would indicate that the carrying value of the Company’s assets would not be recoverable, and, therefore, the Company did not record any impairment charges during the three and nine months ended September 30, 2013 and 2012. |
Investments
Investments | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||
Investments | ' | |||||||||||||||
Investments | ||||||||||||||||
Investments consist of available-for-sale securities and are recorded at fair value, which is based on quoted market prices. Unrealized gains and temporary losses on investments, net of tax, are recorded in Other comprehensive income (loss). Realized gains and losses are determined using the specific identification method. | ||||||||||||||||
At September 30, 2013 investments classified as available-for-sale securities were as follows: | ||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Debt Securities: | ||||||||||||||||
U.S. treasury securities | $ | 124,919 | $ | 54 | $ | — | $ | 124,973 | ||||||||
Corporate debt securities | 22,809 | — | 1,731 | 21,078 | ||||||||||||
$ | 147,728 | $ | 54 | $ | 1,731 | $ | 146,051 | |||||||||
In April 2013, the Company engaged Fairholme Capital Management, L.L.C. (“Fairholme”), to serve as an | ||||||||||||||||
investment adviser to the Company. As of September 30, 2013, Fairholme owns approximately 27% of the Company's common stock. Mr. Bruce Berkowitz is the Managing Member of Fairholme and the Chairman of the Company's Board of Directors. Fairholme will receive no compensation for their services as the Company's investment advisor. | ||||||||||||||||
Pursuant to the terms of the Investment Management Agreement (the “Agreement”) with Fairholme, Fairholme agreed to supervise and direct the investments of an investment account established by the Company in accordance with the investment guidelines and restrictions approved by the Investment Committee of the Company's Board of Directors, which were set forth in the Agreement. The investment guidelines require that, as of the date of any investment, (i) at least 50% of the investment account be held in cash, investment grade cash equivalents or U.S. treasury securities, (ii) no more than 50% of the investment account be held in corporate debt securities, which may be investment grade or non-investment grade, and (iii) no more than 10% of the investment account be invested in securities of any one issuer (excluding the U.S. Government). The investment account may not be invested in equity securities. As of September 30, 2013, the investment account included $2.4 million of money market funds, $125.0 million of U.S. treasury securities and $21.1 million of corporate debt securities, which were non-investment grade. Money market funds are recorded in Cash and cash equivalents and U.S. treasury securities and corporate debt securities are recorded in Investments on the Company's Condensed Consolidated Balance Sheets. | ||||||||||||||||
At September 30, 2013, there were no U.S. treasury securities with unrealized losses. At September 30, 2013, corporate debt securities with a fair value of $21.1 million had $1.7 million of unrealized losses, net of tax, which were included in Accumulated other comprehensive loss for the nine months ended September 30, 2013. | ||||||||||||||||
During the three and nine months ended September 30, 2013, realized gains from the sale of available-for-sale securities were $0.1 million and proceeds from the sale or maturity of available-for-sale securities were $32.7 million (which were reinvested in U.S. treasury securities). | ||||||||||||||||
The Company evaluates investments with unrealized losses to determine if they experienced an other-than-temporary impairment. This evaluation is based on various factors, including length of time securities were in a loss position, ability and intent to hold investments until unrealized losses are recovered or maturity, investee's industry and amount of the unrealized loss. Based on these factors, at September 30, 2013, the unrealized losses related to the corporate debt securities of $1.7 million were not deemed an other-than-temporary impairment. | ||||||||||||||||
At September 30, 2013, the contractual maturities of investments classified as available-for-sale were as follows: | ||||||||||||||||
Cost | Fair Value | |||||||||||||||
Due in one year or less | $ | 124,919 | $ | 124,973 | ||||||||||||
Due after one year through five years | 9,090 | 7,883 | ||||||||||||||
Due after five years through ten years | 13,719 | 13,195 | ||||||||||||||
$ | 147,728 | $ | 146,051 | |||||||||||||
Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations. |
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurements | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Financial Instruments and Fair Value Measurements | ' | |||||||||||||||||||
Financial Instruments and Fair Value Measurements | ||||||||||||||||||||
Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: | ||||||||||||||||||||
Level 1. Quoted prices in active markets for identical assets or liabilities; | ||||||||||||||||||||
Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | ||||||||||||||||||||
Level 3. Unobservable inputs in which there is little or no market data, such as internally-developed valuation models which require the reporting entity to develop its own assumptions. | ||||||||||||||||||||
The financial instruments measured at fair value on a recurring basis at September 30, 2013 were as follows: | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||||
Money market funds | $ | 2,444 | $ | — | $ | — | $ | 2,444 | ||||||||||||
Debt securities: | ||||||||||||||||||||
U.S. treasury securities | 124,973 | — | — | 124,973 | ||||||||||||||||
Corporate debt securities | — | 21,078 | — | 21,078 | ||||||||||||||||
$ | 127,417 | $ | 21,078 | $ | — | $ | 148,495 | |||||||||||||
Money market funds and U.S. Treasury securities are measured based on quoted market prices in an active market and categorized within Level 1 of the fair value hierarchy. | ||||||||||||||||||||
Corporate debt securities are measured primarily using pricing data from external pricing services that use prices observed for recently executed market transactions. Corporate debt securities are categorized as level 2 financial instruments since their fair values were determined from quoted prices in an inactive market or for similar instruments in an active market. | ||||||||||||||||||||
The Company did not have any financial instruments measured at fair value on a recurring basis at December 31, 2012. | ||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||
The Company uses the following methods and assumptions in estimating fair value for financial instruments: | ||||||||||||||||||||
• | The fair values of cash and cash equivalents, accounts payable and accrued liabilities, approximate their carrying values at September 30, 2013 and December 31, 2012, due to the short-term nature of these assets and liabilities. These financial instruments would be categorized as level 1. The Company’s notes receivable and debt is at rates that approximate current market rates for these instruments. These financial instruments would be categorized as level 2. | |||||||||||||||||||
• | The fair value of the Company’s pledged treasury securities are based on quoted market rates. | |||||||||||||||||||
• | The fair value of the Company’s retained interest investment is the present value of the expected future cash flows at the effective yield. | |||||||||||||||||||
The carrying amount and fair value of the Company’s financial instruments were as follows (the table below excludes financial instruments with carrying values that approximate their fair values): | ||||||||||||||||||||
30-Sep-13 | December 31, 2012 | |||||||||||||||||||
Carrying value | Fair value | Level | Carrying value | Fair value | Level | |||||||||||||||
Assets | ||||||||||||||||||||
Pledged treasury securities | $ | 26,404 | $ | 28,965 | 1 | $ | 26,818 | $ | 30,432 | 1 | ||||||||||
Retained interest investment | $ | 9,567 | $ | 12,711 | 3 | $ | 9,481 | $ | 12,392 | 3 | ||||||||||
Pledged Treasury Securities | ||||||||||||||||||||
In connection with a sale of the Company's office portfolio in 2007, the Company completed an in-substance defeasance of approximately $29.3 million of mortgage debt that was collateralized by one of the commercial buildings. The Company assigned the mortgage debt and deposited sufficient funds with a trustee solely to satisfy the principal and remaining interest obligations on the mortgage debt when due. The interest yield on the pledged securities and the interest expense on the debt are closely related. The transaction did not qualify as an extinguishment of debt, since the Company is responsible if there would be a shortfall in the funds deposited into the trust, which are invested in government backed securities. The trust is not in the Company’s control and the trustee cannot sell the securities prior to maturity. | ||||||||||||||||||||
As such, the government backed securities and the related debt (see Note 8, Debt) remain on the Company’s Condensed Consolidated Balance Sheets at September 30, 2013 and December 31, 2012. The government backed securities are recorded as Pledged treasury securities on the Company’s Condensed Consolidated Balance Sheets and are classified as held-to-maturity because the Company has both the intent and the ability since it is a contractual obligation of the assuming entity to hold the securities to maturity. Accordingly, the Company has recorded the pledged treasury securities at cost, adjusted for the amortization of the discount. | ||||||||||||||||||||
Retained Interest Investments | ||||||||||||||||||||
During 2008 and 2007, the Company sold 132,055 acres of timberland in exchange for fifteen year installment notes receivable in the aggregate amount of $183.3 million. The installment notes are fully backed by irrevocable letters of credit. The Company contributed the installment notes to bankruptcy remote qualified special purpose entities (the “Entities”). | ||||||||||||||||||||
During 2008 and 2007, the Entities monetized $183.3 million of installment notes by issuing debt securities to third party investors equal to approximately 90% of the value of the installment notes. The Company received approximately $163.0 million in net proceeds during 2008 and 2007. The debt securities are payable solely out of the assets of the Entities and proceeds from the letters of credit. The investors in the Entities have no recourse against the Company for payment of the debt securities or related interest expense. The Entities’ financial position and results of operations are not consolidated in the Company’s financial statements, since the Company is not the primary decision maker with respect to activities that could significantly impact the economic performance of the Entities, nor does the Company perform any service activity related to the Entities. | ||||||||||||||||||||
At the time of monetization the initial retained interest recorded was an estimate based on the present value of future excess cash flows expected to be received over the life of the retained interest, using management’s best estimate of underlying assumptions, including credit risk and discount rates. The Company’s continuing involvement with the Entities is the receipt of the net interest payments and the remaining principal at the end of the installment notes' fifteen year maturity period, in 2022 through 2024. | ||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the Company had a retained interest investment balance of $9.6 million and $9.5 million, respectively, recorded in Other assets on the Company’s Condensed Consolidated Balance Sheets. The Company has classified its retained interest investment as held-to-maturity because the Company has both the intent and the ability to hold its interest in the Entities to maturity. Accordingly, the Company has recorded the retained interest investment at cost, adjusted for the accretion of investment income over the life of the retained interest using the effective yield method with rates ranging from 3.7% - 12.4%. The Company continues to update the expectation of cash flows to be collected over the term of the retained interest. Changes to the previously projected cash flows are accounted for prospectively, unless based on management’s assessment of current information and events, it is determined that there is an other-than-temporary impairment. The Company has not recorded an other-than-temporary impairment related to its retained interest investments during the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||||||
In the event of a failure and liquidation of the counterparties involved in the installment sales, the Company could be required to write-off the remaining retained interest recorded on its condensed consolidated balance sheets in connection with the installment sale monetization transactions. |
Real_Estate_Joint_Ventures
Real Estate Joint Ventures | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Real Estate Joint Ventures [Abstract] | ' | |||||||||||||||
Variable Interest Entities | ' | |||||||||||||||
Real Estate Joint Ventures | ||||||||||||||||
The Company enters into real estate joint ventures for the purpose of developing real estate in which the Company may or may not have a controlling financial interest. GAAP requires consolidation of variable interest entities (“VIE”) in which an enterprise has a controlling financial interest and is the primary beneficiary. A controlling financial interest will have both of the following characteristics: (a) the power to direct the VIE activities that most significantly impact economic performance and (b) the obligation to absorb the VIE losses and right to receive benefits that are significant to the VIE. The Company examines specific criteria and uses judgment when determining whether the Company is the primary beneficiary and must consolidate a VIE. The Company continues to assess whether it is the primary beneficiary on an ongoing basis. | ||||||||||||||||
Consolidated VIEs | ||||||||||||||||
During 2012, the Company entered into a joint venture agreement with a partner to develop a retail lifestyle center at Pier Park North. The Company and its partner will contribute total cash of approximately $15.0 million to the joint venture, of which the Company will contribute approximately $9.9 million, or 66%, of the cash contributions. As of September 30, 2013, the Company has contributed approximately $6.0 million of this cash commitment. Additionally, the Company has contributed land with an agreed upon value of $6.0 million to the joint venture as of September 30, 2013. The Company’s partner has contributed cash of $3.1 million to the joint venture as of September 30, 2013. During the second quarter of 2013, the Company received a cash distribution of $2.3 million as the result of a sale of a portion of the property in the joint venture. | ||||||||||||||||
In February 2013, the joint venture entered into a construction loan agreement for $40.5 million that matures in February 2016 with the possibility of an option for a two year extension. The construction loan requires capital contributions from the partners as specified in the construction loan agreement before amounts under the construction loan can be disbursed. As of September 30, 2013, no amounts were outstanding on the construction loan. The construction loan requires the Company to provide the following: (i) completion guarantee until substantial completion; (ii) principal repayment guarantee limited to 33% of the outstanding balance of the loan; (iii) guarantee covering, among other things, operating deficits and accrued and unpaid interest; and (iv) customary non-recourse covenants covering items like misrepresentation, misappropriation of funds and fraud. In addition, the construction loan includes covenants that the Company maintains minimum liquidity, which is defined as unencumbered and unrestricted cash or cash equivalents of $25 million and net worth of $350 million, which is defined as total assets less the Company’s direct liabilities. | ||||||||||||||||
As of September 30, 2013, the Company's capital account represents over 76% of the total equity in the joint venture. In addition, the Company and its partner have provided the above guarantee on the VIE’s construction loan. In accordance with the joint venture agreement, the first $6.0 million of cash distributions and profits will be made to the Company and subsequent cash distributions and profits and losses will be allocated 66% and 34% to the Company and its partner, respectively. The Company’s partner is responsible for the day-to-day activities; however, the Company has significant involvement in the design of the related development plan and approves all major decisions including the project development and annual budgets. The Company has evaluated the VIE consolidation requirements with respect to this transaction and has determined that the Company is the primary beneficiary as the Company has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses and the right to receive benefits that are significant to the VIE; therefore, the results of the VIE have been consolidated within the financial results of the Company. | ||||||||||||||||
In addition, the Company is the primary beneficiary of another real estate joint venture, Artisan Park, L.L.C, that is consolidated within the financial results of the Company. The Company is entitled to 74% of the profits or losses of this VIE and is responsible for the day-to-day activities of the joint venture. The Company has determined that the Company is the primary beneficiary as it has both the power to direct the activities that most significantly impact the joint venture's economic performance and the obligation to absorb losses and the right to receive benefits that could potentially be significant to the VIE; therefore, the results of the VIE have been consolidated within the financial results of the Company. If it is determined by the joint venture’s executive committee that an additional capital contribution is needed, the partners shall be afforded the right, but shall not have the obligation, to make a capital contribution based on the partner’s respective percentage interest. | ||||||||||||||||
As of September 30, 2013, the carrying amounts of the VIEs’ assets and non-recourse liabilities that are consolidated were $18.7 million and $7.3 million, respectively. The VIEs’ assets can only be used to settle obligations of that VIE. Those assets are owned by, and those liabilities are obligations of, the VIEs, and not the Company. | ||||||||||||||||
Unconsolidated VIEs | ||||||||||||||||
The Company is a partner in the following three real estate joint ventures that are accounted for using the equity method: East San Marco L.L.C., Rivercrest L.L.C., and ALP Liquidating Trust. These joint ventures were entered into to develop and sell certain mixed use residential and commercial projects, of which East San Marco L.L.C. and Rivercrest L.L.C. still have real estate investments remaining in the joint venture. The Company has evaluated the VIE consolidation requirements with respect to these joint ventures and has determined that the Company is not the primary beneficiary, since the Company does not have the power to direct the activities that most significantly impact the economic performance of the VIE or the control is shared equally with the other partner. The Company’s maximum exposure to losses in these unconsolidated VIEs is generally limited to its investment in the joint venture. If it is reasonably determined that an additional capital contribution is needed, the partners shall be afforded the right, but shall not have the obligation, to make a capital contribution based on the partner’s respective percentage interest. The Company’s investments in unconsolidated joint ventures are recorded in real estate investments and were $2.2 million at September 30, 2013 and December 31, 2012. | ||||||||||||||||
Summarized financial information for the unconsolidated investments on a combined basis is as follows: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
BALANCE SHEETS: | ||||||||||||||||
Investment in real estate | $ | 12,407 | $ | 12,381 | ||||||||||||
Cash and cash equivalents | 17,491 | 18,523 | ||||||||||||||
Other assets | 145 | 130 | ||||||||||||||
Total assets | $ | 30,043 | $ | 31,034 | ||||||||||||
Accounts payable and other liabilities | $ | 1,080 | $ | 761 | ||||||||||||
Equity(1) | 28,963 | 30,273 | ||||||||||||||
Total liabilities and equity | $ | 30,043 | $ | 31,034 | ||||||||||||
(1) The majority of the equity in unconsolidated investments relates to ALP Liquidating Trust (the "Trust"). In 2008, the Company wrote-off its investment in the Trust as a result of the Trust reserving its assets to satisfy potential claims and obligations in accordance with its publicly reported liquidation basis of accounting. Subsequently, the Trust changed its method of accounting to a going concern basis and reinstated its equity and stated it would report certain expenses as they are incurred. The Company has not recorded any additional equity income as a result of the Trust’s change in accounting. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
STATEMENTS OF OPERATIONS: | ||||||||||||||||
Total expenses | $ | 388 | $ | 372 | $ | 1,170 | $ | 846 | ||||||||
Net loss | $ | 388 | $ | 372 | $ | 1,170 | $ | 846 | ||||||||
Notes_Receivable_net
Notes Receivable, net | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Notes Receivable, net | ' | |||||||
Notes Receivable, net | ||||||||
Notes receivable, net consists of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0% | $ | 2,582 | $ | 2,758 | ||||
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, annual principal payments of $0.3 million, balloon payment due February and August 2015, net of deferred profit of $1.0 million at September 30, 2013 | 4,497 | — | ||||||
Various mortgage notes, secured by certain real estate bearing interest at various rates | 819 | 1,217 | ||||||
Total notes receivable, net | $ | 7,898 | $ | 3,975 | ||||
The Company evaluates the carrying value of the notes receivable and the need for an allowance for doubtful notes receivable at each reporting date. As of September 30, 2013, the Company has promissory notes receivable, net of $4.5 million from one homebuilder that is secured by the real estate sold. |
Accrued_Liabilities_and_Deferr
Accrued Liabilities and Deferred Credits | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Liabilities and Deferred Credits | ' | |||||||
Accrued Liabilities and Deferred Credits | ||||||||
Accrued liabilities and deferred credits consist of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Accrued compensation | $ | 3,558 | $ | 3,529 | ||||
Deferred revenue | 29,768 | 27,962 | ||||||
Environmental and insurance liabilities | 1,515 | 1,621 | ||||||
Accrued property taxes | 4,294 | — | ||||||
Other accrued liabilities | 14,016 | 9,240 | ||||||
Total accrued liabilities and deferred credits | $ | 53,151 | $ | 42,352 | ||||
Deferred revenue at September 30, 2013 and December 31, 2012 includes $23.5 million related to a 2006 sale of approximately 3,900 acres of rural land to the Florida Department of Transportation. Revenue is recognized when title to a specific parcel is legally transferred. As of September 30, 2013, 1,595 acres remained to be transferred. |
Debt
Debt | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
Debt consists of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
In-substance defeased debt, interest payable monthly at 5.62% at September 30, 2013 and December 31, 2012, secured and paid by pledged treasury securities, due October 1, 2015 | $ | 26,404 | $ | 26,818 | ||||
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 1, 2016 — May 1, 2039, bearing interest at 6.70% to 7.15% at September 30, 2013 and December 31, 2012 | 11,428 | 9,244 | ||||||
Total debt | $ | 37,832 | $ | 36,062 | ||||
Community Development District (“CDD”) bonds financed the construction of infrastructure improvements at several of the Company’s projects. The principal and interest payments on the bonds are paid by assessments on, or from sales proceeds of, the properties benefited by the improvements financed by the bonds. The Company has recorded a liability for CDD assessments that are associated with platted property, which is the point at which the assessments become fixed or determinable. Additionally, the Company has recorded a liability for the balance of the CDD assessment that is associated with unplatted property if it is probable and reasonably estimable that the Company will ultimately be responsible for repaying when the property is sold by the Company. The Company has recorded debt of $11.4 million and $9.2 million related to CDD assessments as of September 30, 2013 and December 31, 2012, respectively. Total outstanding CDD assessments were $33.7 million and $34.8 million at September 30, 2013 and December 31, 2012, respectively. | ||||||||
In connection with the sale of the Company’s office building portfolio in 2007, the Company completed an in-substance defeasance of debt of approximately $29.3 million of mortgage debt, which has a final balloon payment in 2015. The Company assigned the mortgage debt and deposited sufficient funds with a trustee solely to satisfy the principal and remaining interest obligations on the mortgage debt when due. The indebtedness remains on the Company’s Condensed Consolidated Balance Sheets at September 30, 2013 and December 31, 2012 since the transaction was not considered to be an extinguishment of debt because the Company is liable if, for any reason, the government securities are insufficient to repay the debt. |
Employee_Benefit_Plan
Employee Benefit Plan | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Employee Benefit Plan | ' | |||||||||||||||
Employee Benefit Plan | ||||||||||||||||
The Company sponsors a cash balance defined benefit pension plan that covers substantially all of its salaried employees (the “Pension Plan”). In November 2012, the Board of Directors approved the termination of the Company’s Pension Plan. In March 2013, the Pension Plan was frozen until the final regulatory approvals are received and the Pension Plan’s assets will be distributed and used to pay excise taxes with any remaining assets to revert back to the Company. Upon settlement, the Company expects to recognize further estimated losses that will significantly affect the Company’s Condensed Consolidated Statement of Operations once the final regulatory approvals are received and the Pension Plan assets are distributed, which we expect to occur in 2014 or 2015. However, we can not provide any assurance as to the timing of these matters. | ||||||||||||||||
A summary of the components of net periodic pension cost is as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | — | $ | 230 | $ | 224 | $ | 655 | ||||||||
Interest cost | 172 | 164 | 484 | 554 | ||||||||||||
Expected return on assets | 138 | (553 | ) | (580 | ) | (1,778 | ) | |||||||||
Amortization of prior service costs | — | 110 | — | 328 | ||||||||||||
Amortization of loss | 50 | 5 | 248 | 5 | ||||||||||||
Settlement charges | 212 | 147 | 606 | 1,110 | ||||||||||||
Net periodic pension cost | $ | 572 | $ | 103 | $ | 982 | $ | 874 | ||||||||
During the three and nine months ended September 30, 2013 and 2012, settlements of future obligations occurred that required the Pension Plan assets and projected benefit obligation to be remeasured. During the three and nine months ended September 30, 2013, the Company recorded a net gain of $0.1 million and $2.1 million, respectively, from the remeasurement, which was recorded in Other comprehensive income (loss), net of tax. During the three and nine months ended September 30, 2012, the Company recorded a net loss of $0.3 million from remeasurement, which was recorded in Other comprehensive income (loss), net of tax. | ||||||||||||||||
The following table includes the assumptions used to develop net periodic pension cost and benefit obligations: | ||||||||||||||||
September 30, | December 31, | September 30 | December 31, | |||||||||||||
2013 | 2012 | 2012 | 2011 | |||||||||||||
Discount rate | 4.15% | 3.27% | 3.19% | 4.19% | ||||||||||||
Expected long term rate on plan assets | —% | 4.75% | 4.75% | 5.00% | ||||||||||||
Rate of compensation increase | N/A | N/A | 3.75% | 3.75% | ||||||||||||
During the nine months ended September 30, 2013, the Pension Plan transferred the majority of its investments held in plan assets to U.S treasury securities and the expected long term rate on plan assets was reduced accordingly. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
Following is a summary of the changes in the accumulated balances for each component of accumulated other comprehensive loss: | ||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||
Defined Benefit Pension Items | Unrealized Gains and Losses on Available-for-Sale Securities | Total | ||||||||||
Accumulated other comprehensive loss at June 30, 2013 | $ | (6,047 | ) | $ | (891 | ) | $ | (6,938 | ) | |||
Other comprehensive income before reclassifications | 87 | (879 | ) | (792 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 262 | 93 | 355 | |||||||||
Net current period other comprehensive income (loss) | 349 | (786 | ) | (437 | ) | |||||||
Accumulated other comprehensive loss at September 30, 2013 | $ | (5,698 | ) | $ | (1,677 | ) | $ | (7,375 | ) | |||
Nine Months Ended September 30, 2013 | ||||||||||||
Defined Benefit Pension Items | Unrealized Gains and Losses on Available-for-Sale Securities | Total | ||||||||||
Accumulated other comprehensive loss at December 31, 2012 | $ | (8,652 | ) | $ | — | $ | (8,652 | ) | ||||
Other comprehensive income before reclassifications | 2,100 | (1,770 | ) | 330 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 854 | 93 | 947 | |||||||||
Net current period other comprehensive income (loss) | 2,954 | (1,677 | ) | 1,277 | ||||||||
Accumulated other comprehensive loss at September 30, 2013 | $ | (5,698 | ) | $ | (1,677 | ) | $ | (7,375 | ) | |||
Amount Reclassified from Accumulated Other Comprehensive Loss | ||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | Affected Line in the Condensed Consolidated Statements of Operations | |||||||||
Defined Benefit Pension Items | ||||||||||||
Amortization of loss | $ | 50 | $ | 248 | Net periodic pension costs, Note 9. Employee Benefit Plan | |||||||
Settlement cost | 212 | 606 | Net periodic pension costs, Note 9. Employee Benefit Plan | |||||||||
262 | 854 | Net of tax | ||||||||||
Net unrealized loss for sale of available-for-sale securities | 93 | 93 | Investment income, net | |||||||||
Total reclassifications for the period | $ | 355 | $ | 947 | Net of tax | |||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
At September 30, 2013, the Company had a federal net operating loss carryforward of $85.2 million and a state net operating loss carryforward of $601.4 million. At December 31, 2012, the Company had a federal net operating loss carryforward of $83.5 million and a state net operating loss carryforward of $596.8 million. These net operating losses are available to offset future taxable income through 2031. | |
In general, a valuation allowance is recorded if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in future years in the appropriate tax jurisdictions to obtain a benefit from the reversal of deductible temporary differences and from loss carryforwards. Based on the timing of reversal of future taxable amounts and the Company’s recent history of losses and potential future expectations of reporting taxable losses, management does not believe it met the requirements to realize the benefits of certain of its deferred tax assets, therefore the Company has maintained a valuation allowance. During the nine month period ended September 30, 2013, the valuation allowance has decreased by $1.5 million. The valuation allowance was $91.1 million at September 30, 2013 and $92.6 million at December 31, 2012. | |
The valuation allowance to offset the deferred tax component recognized in Accumulated other comprehensive loss was $2.8 million and $3.3 million at September 30, 2013 and December 31, 2012, respectively. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
The Company currently conducts primarily all of its business in five reportable operating segments: 1) residential real estate, 2) commercial real estate, 3) rural land, 4) resorts, leisure and leasing operations and 5) forestry. The residential real estate segment generates revenues from the development and sale of homesites. The commercial real estate segment sells undeveloped or developed land. The rural land segment sells parcels of land included in the Company’s holdings of timberlands. The resorts, leisure and leasing operations segment generates revenue and rental fees associated with the WaterColor Inn, WaterColor and WaterSound Beach vacation rental programs and other resort, golf club, marina and retail/commercial leasing operations. In addition, this segment occasionally generates revenues from the sale of operating assets. The forestry segment produces and sells woodfiber, sawtimber and other forest products. | ||||||||||||||||
The Company’s reportable segments are strategic business units that offer different products and services. They are each managed separately and decisions about allocations of resources are determined by management based on these strategic business units. | ||||||||||||||||
The Company uses income from operations before equity in loss from unconsolidated affiliates, income taxes and non-controlling interest for purposes of making decisions about allocating resources to each segment and assessing each segment’s performance, which the Company believes represents current performance measures. | ||||||||||||||||
The accounting policies of the segments are the same as those described herein and in the Company’s Form 10-K. Total revenues represent sales to unaffiliated customers, as reported in the Company’s Condensed Consolidated Statements of Operations. All intercompany transactions have been eliminated. The caption entitled “Other” consists of non-allocated corporate general and administrative expenses, net of investment income. | ||||||||||||||||
Information by business segment is as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
OPERATING REVENUES: | ||||||||||||||||
Residential real estate | $ | 10,704 | $ | 9,705 | $ | 23,996 | $ | 17,695 | ||||||||
Commercial real estate | — | 3,612 | 341 | 10,265 | ||||||||||||
Rural land | 18 | 18,889 | 31 | 23,377 | ||||||||||||
Resorts, leisure and leasing operations (1) | 18,392 | 14,143 | 45,524 | 36,659 | ||||||||||||
Forestry | 7,695 | 9,558 | 27,145 | 28,784 | ||||||||||||
Other | 18 | — | 351 | — | ||||||||||||
Consolidated operating revenues | $ | 36,827 | $ | 55,907 | $ | 97,388 | $ | 116,780 | ||||||||
Income (loss) before equity in loss from unconsolidated affiliates and income taxes: | ||||||||||||||||
Residential real estate | $ | 2,432 | $ | (630 | ) | $ | 2,596 | $ | (4,955 | ) | ||||||
Commercial real estate | (394 | ) | (518 | ) | (1,794 | ) | 614 | |||||||||
Rural land | (2 | ) | 14,663 | (19 | ) | 16,848 | ||||||||||
Resorts, leisure and leasing operations | 3,074 | 1,255 | 5,697 | 2,139 | ||||||||||||
Forestry | 2,757 | 3,709 | 10,096 | 9,607 | ||||||||||||
Other | (3,507 | ) | (2,769 | ) | (11,969 | ) | (8,603 | ) | ||||||||
Consolidated income before equity in loss from unconsolidated affiliates and income taxes | $ | 4,360 | $ | 15,710 | $ | 4,607 | $ | 15,650 | ||||||||
(1) Includes $2.1 million and $3.1 million of real estate sales for the three and nine months ended September 30, 2013. | ||||||||||||||||
September 30, | December 31, 2012 | |||||||||||||||
2013 | ||||||||||||||||
TOTAL ASSETS: | ||||||||||||||||
Residential real estate | $ | 144,157 | $ | 141,526 | ||||||||||||
Commercial real estate | 62,779 | 64,961 | ||||||||||||||
Rural land | 6,156 | 6,219 | ||||||||||||||
Resorts, leisure and leasing operations | 139,534 | 125,596 | ||||||||||||||
Forestry | 52,904 | 53,839 | ||||||||||||||
Other | 261,542 | 253,380 | ||||||||||||||
Total assets | $ | 667,072 | $ | 645,521 | ||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
The Company establishes an accrued liability when it is both probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company will evaluate the range of reasonably estimated losses and record an accrued liability based on the minimum amount in the range, unless an amount within the range is a better estimate than any other amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. The Company evaluates quarterly whether further developments could affect the amount of the accrued liability previously established or would make a loss contingency both probable and reasonably estimable. | |
The Company also provides disclosure when it is reasonably possible that a loss will be incurred or when it is reasonably possible that the amount of a loss will exceed the recorded liability. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. This estimated range of possible loss is based upon currently available information and is subject to significant judgment and a variety of assumptions, and known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. | |
The Company is subject to a variety of litigation, claims, other disputes and governmental proceedings that arise from time to time in the ordinary course of its business. The Company can not assure you that it will be successful in defending these matters. Based on current knowledge, the Company does not believe that loss contingencies arising from pending litigation, claims other disputes and governmental proceedings, including those described herein, will have a material adverse effect on the consolidated financial position or liquidity of the Company. However, in light of the inherent uncertainties involved in these matters, an adverse outcome in one or more of these matters could be material to the Company's results of operations or cash flows for any particular reporting period. | |
On January 4, 2011 the SEC notified the Company it was conducting an inquiry into the Company’s policies and practices concerning impairment of investment in real estate assets. On June 24, 2011, the Company received notice from the SEC that it had issued a related order of private investigation. The order of private investigation covers a variety of matters for the period beginning January 1, 2007 including (a) the antifraud provisions of the Federal securities laws as applicable to the Company and its past and present officers, directors, employees, partners, subsidiaries, and/or affiliates, and/or other persons or entities, (b) compliance by past and present reporting persons or entities who were or are directly or indirectly the beneficial owner of more than 5% of the Company’s common stock (which includes Fairholme Funds, Inc., Fairholme Capital Management L.L.C. and the Company’s current Chairman Bruce R. Berkowitz) with their reporting obligations under Section 13(d) of the Exchange Act, (c) internal controls, (d) books and records, (e) communications with auditors and (f) financial reports. The order designates officers of the SEC to take the testimony of the Company and third parties with respect to any or all of these matters. The Company is currently cooperating with the SEC on historical matters as well as from time to time communicating and providing relevant information, including most recently in 2013, regarding the Company’s change in investment strategy and impairments. The Company has not established a liability for this matter, because it believes that the probability of loss related to this matter and an estimate of the amount of loss, if any, are not determinable at this time. In addition, the Company cannot evaluate the likelihood of an unfavorable outcome nor can it predict the amount or range of possible loss from an unfavorable outcome to provide an estimated range of loss. | |
The Company is subject to costs arising out of environmental laws and regulations, which include obligations to remove or limit the effects on the environment of the disposal or release of certain wastes or substances at various sites, including sites which have been previously sold. It is the Company’s policy to accrue and charge against earnings environmental cleanup costs when it is probable that a liability has been incurred or range of loss can be reasonably estimated. As assessments and cleanups proceed, these accruals are reviewed and adjusted, if necessary, as additional information becomes available. | |
The Company’s former paper mill site in Gulf County and certain adjacent properties are subject to various Consent Agreements and Brownfield Site Rehabilitation Agreements with the Florida Department of Environmental Protection. The paper mill site has been rehabilitated by Smurfit-Stone Container Corporation in accordance with these agreements. The Company is in the process of assessing certain adjacent properties. Management is unable to quantify future rehabilitation costs above present accruals at this time or provide a reasonably estimated range of loss. | |
Other litigation, claims, other disputes and governmental proceedings, including environmental matters, are pending against the Company. Aggregate environmental-related accruals were $1.5 million and $1.6 million at September 30, 2013 and December 31, 2012, respectively. Although the final resolution of the environmental litigation matters or governmental proceedings is not expected to have a material effect on the Company’s consolidated financial condition, it is possible that any final outcome could have a material impact on the results of operations or cash flows of the Company. | |
The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage. | |
At September 30, 2013 and December 31, 2012, the Company was party to surety bonds of $14.8 million and $10.3 million, respectively, related to certain development projects and standby letters of credit in the amount of $0.8 million and $1.1 million at September 30, 2013 and December 31, 2012, respectively, which may potentially result in liability to the Company if certain obligations of the Company are not met. | |
The Company's supply agreement with RockTenn that requires the Company to deliver and sell a total of 3.9 million tons of pine pulpwood through December 2017. Pricing under the agreement approximates market, using a formula based on published regional prices for pine pulpwood. The agreement is assignable by the Company, in whole or in part, to purchasers of its properties, or any interest therein, and does not contain a lien, encumbrance, or use restriction on any of the Company's properties. | |
The construction loan entered into by the Pier Park North joint venture requires the Company to provide certain guarantees and covenants as described in Note 5, Real Estate Joint Ventures. |
Concentration_of_Risks_and_Unc
Concentration of Risks and Uncertainties | 9 Months Ended |
Sep. 30, 2013 | |
Risks and Uncertainties [Abstract] | ' |
Concentration of Risks and Uncertainties | ' |
Concentration of Risks and Uncertainties | |
The Company’s real estate investments are concentrated in the State of Florida, particularly Northwest Florida in a number of specific development projects. Uncertain economic conditions could have an adverse impact on the Company’s real estate values and could cause the Company to sell assets at depressed values in order to pay ongoing expenses. | |
Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, notes receivable, investments in retained interests and pledged securities held as collateral for payment of the in-substance defeased debt. The Company deposits and invests cash with a major financial institution in the United States, which balances exceed the amount of F.D.I.C. insurance provided on such deposits. | |
RockTenn’s Panama City, Florida mill is the largest consumer of pine pulpwood logs within the immediate area in which most of the Company’s timberlands are located. Under the terms of a supply agreement, RockTenn would be liable for any monetary damages as a result of the closure of the mill due to economic reasons for a period of one year from the date of the closure. Nevertheless, if the RockTenn mill in Panama City were to permanently cease operations, the price for the Company’s pulpwood may decline, and the cost of delivering logs to alternative customers could increase. |
Proposed_Land_Sale
Proposed Land Sale | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Proposed Land Sale | ' |
Proposed Land Sale | |
On November 6, 2013, the Company and AgReserves Inc. (the “Purchaser”) entered into a purchase and sale agreement (the “Sale Agreement”) for the sale of approximately 382,834 acres of land located in Northwest Florida owned by the Company (the “Subject Lands”), along with certain other assets and inventory and rights under certain continuing leases and contracts to Purchaser for $565 million subject to adjustment as set forth in the Sale Agreement (the "Proposed Sale"). The Subject Lands include substantially all of the Company’s land designated for forestry operations as well as other land (i) that is not utilized in the Company’s residential or commercial real estate segments or its resorts, leisure and leasing segment or (ii) that is not part of Company's development plans. The acreage to be included in the Subject Lands is subject to limited adjustments based on title and environmental diligence and casualty events between signing and closing. | |
In connection with the execution of the Sale Agreement, the Purchaser will deliver a deposit of $37.5 million. The balance of the purchase price is payable at closing in cash and/or in installment notes that will be fully secured by irrevocable letters of credit as determined by the Company, in the Company’s sole discretion, at least 20 days prior to the closing. As of October 31, 2013, the carrying amount of the Subject Lands, other assets and liabilities to be included in the Proposed Sale was approximately $54 million, of which the majority is included in Investment in real estate, net on the Company's Condensed Consolidated Balance Sheets. Following the consummation of the Proposed Sale, the Company expects to continue to be the owner of approximately 184,000 acres of land concentrated primarily in Northwest Florida which includes land used or intended to be used in its real estate development operations. | |
The closing of the Proposed Sale is subject to a number of conditions, including among others: (i) approval of the Proposed Sale by the Company’s shareholders, (ii) the expiration or termination of all waiting periods under regulatory law applicable to the Proposed Sale, and (iii) the purchase price not being reduced by more than $40 million as a result of any reduced acreage. | |
The Sale Agreement contains certain termination rights, including if the Proposed Sale is not completed on or before January 31, 2014 (which date may be extended by the Company or Purchaser until May 1, 2014) or if the approval of the Company’s shareholders is not obtained. Upon termination of the Sale Agreement under certain circumstances, the Company may be required to pay the Purchaser certain fees and expenses, including: (i) a termination fee of approximately $21 million if: (a) in certain cases, the Company's shareholders’ do not approve the Proposed Sale, (b) the Company enters into a definitive transaction agreement providing for the consummation of the transaction contemplated by a Superior Proposal (as defined in the Sale Agreement), or (c) the Company’s Board makes a Recommendation Change (as defined in the Sale Agreement) or fails to recommend that the Company’s shareholders approve the Proposed Sale; or (ii) the Purchaser’s transaction costs and expenses which in some cases are limited to $1.5 million. Except in certain limited cases as set forth in the Sale Agreement, the Company is required to return the deposit to Purchaser if the Sale Agreement is terminated. | |
If the closing occurs, and subject to the terms, conditions and limitations set forth in the Sale Agreement, the Company has agreed to indemnify, defend and hold the Purchaser and its affiliates, representatives and agents harmless from certain losses, including those as a result or arising out of breaches of the Company’s representations, warranties, covenants or other agreements and, subject to certain exceptions, third-party personal injury or tort claims regarding the Company’s use, ownership and/or operation of the Subject Lands (or any party thereof) prior to the closing of the Proposed Sale and claims arising from assumed contracts relating to any act or omission prior to such closing date. |
Description_of_Business_and_Ba1
Description of Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Description of Business | ' |
Description of Business | |
The St. Joe Company and its consolidated subsidiaries unless the context indicates otherwise (the “Company”) is a Florida-based real estate developer and manager. The Company owns approximately 567,000 acres of land concentrated primarily in Northwest Florida and has significant residential and commercial land-use entitlements in hand or in process. The majority of land not under development or part of the Company's various residential, commercial, resort, leisure and leasing operations is designated for forestry operations (of which the Company currently has the ability to consistently harvest approximately 315,000 acres). | |
The Company conducts primarily all of its business in five reportable operating segments: 1) residential real estate, 2) commercial real estate, 3) rural land, 4) resorts, leisure and leasing operations and 5) forestry. | |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company is the primary beneficiary. The equity method of accounting is used for investments in which the Company has significant influence, but not a controlling financial interest. All significant intercompany accounts and transactions have been eliminated in consolidation. The December 31, 2012 balance sheet amounts have been derived from the Company’s December 31, 2012 audited consolidated financial statements. | |
The statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates. | |
Recently Issued and Adopted Accounting Pronouncements | ' |
Recently Issued and Adopted Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update (“ASU”) that requires enhanced disclosures around the amounts reclassified out of accumulated other comprehensive income. The amendments do not change the requirements for reporting net income or other comprehensive income. The ASU requires an entity to present information about significant reclassifications out of accumulated other comprehensive income and their corresponding effects on the respective line items in net income. The ASU became effective for the Company on January 1, 2013. The Company adopted the ASU’s disclosure provisions in Note 10, Accumulated Other Comprehensive Loss. | |
In July 2013, FASB determined that an unrecognized tax benefit should be presented as a reduction of a deferred tax asset for a net operating loss (“NOL”) carryforward or other tax credit carryforward when settlement in this manner is available under applicable tax law. This guidance is effective for the Company’s interim and annual periods beginning January 1, 2014. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. | |
Real estate, indirect costs | ' |
The capitalization period relating to direct and indirect development project costs is the period in which activities necessary to ready a property for its intended use are in progress. The period begins when such activities commence, typically when the Company begins the entitlement processes for land already owned, and ends when the asset is substantially complete and ready for its intended use. Determination of when construction of a project is substantially complete and ready for its intended use requires judgment. The Company determines when the capitalization period begins and ends through communication with project and other managers responsible for the tracking and oversight of individual projects. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. If we determine not to complete a project, any previously capitalized costs are expensed in the period in which the determination is made and recovery is not deemed reasonable. | |
Investments | ' |
Investments consist of available-for-sale securities and are recorded at fair value, which is based on quoted market prices. Unrealized gains and temporary losses on investments, net of tax, are recorded in Other comprehensive income (loss). Realized gains and losses are determined using the specific identification method. | |
evaluates investments with unrealized losses to determine if they experienced an other-than-temporary impairment. This evaluation is based on various factors, including length of time securities were in a loss position, ability and intent to hold investments until unrealized losses are recovered or maturity, investee's industry and amount of the unrealized loss. | |
Variable interest entities | ' |
The Company enters into real estate joint ventures for the purpose of developing real estate in which the Company may or may not have a controlling financial interest. GAAP requires consolidation of variable interest entities (“VIE”) in which an enterprise has a controlling financial interest and is the primary beneficiary. A controlling financial interest will have both of the following characteristics: (a) the power to direct the VIE activities that most significantly impact economic performance and (b) the obligation to absorb the VIE losses and right to receive benefits that are significant to the VIE. The Company examines specific criteria and uses judgment when determining whether the Company is the primary beneficiary and must consolidate a VIE. The Company continues to assess whether it is the primary beneficiary on an ongoing basis. |
Investment_in_Real_Estate_Tabl
Investment in Real Estate (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Real Estate [Abstract] | ' | |||||||
Real Estate by Property Type and Segment | ' | |||||||
Real estate by property type and segment includes the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Operating property: | ||||||||
Residential real estate | $ | 2,793 | $ | 2,792 | ||||
Resorts, leisure and leasing operations | 154,361 | 152,906 | ||||||
Forestry | 56,218 | 54,984 | ||||||
Rural land | 139 | 139 | ||||||
Other | 45 | 179 | ||||||
Total operating property | 213,556 | 211,000 | ||||||
Development property: | ||||||||
Residential real estate | 133,026 | 133,835 | ||||||
Commercial real estate | 58,014 | 59,851 | ||||||
Resorts, leisure and leasing operations | 16,178 | 351 | ||||||
Rural land | 5,767 | 5,768 | ||||||
Corporate | 2,314 | 2,268 | ||||||
Total development property | 215,299 | 202,073 | ||||||
Investment property: | ||||||||
Commercial real estate | 700 | 700 | ||||||
Resorts, leisure and leasing operations | 255 | 255 | ||||||
Forestry | 953 | 953 | ||||||
Other | 3,208 | 3,216 | ||||||
Total investment property | 5,116 | 5,124 | ||||||
Investment in unconsolidated affiliates(1) | 2,183 | 2,222 | ||||||
Total real estate investments | 436,154 | 420,419 | ||||||
Less: Accumulated depreciation | 53,375 | 49,772 | ||||||
Investment in real estate, net | $ | 382,779 | $ | 370,647 | ||||
(1) Recorded in the Company’s resorts, leisure and leasing operation's segment. |
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||
Schedule of Investments | ' | |||||||||||||||
At September 30, 2013 investments classified as available-for-sale securities were as follows: | ||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Debt Securities: | ||||||||||||||||
U.S. treasury securities | $ | 124,919 | $ | 54 | $ | — | $ | 124,973 | ||||||||
Corporate debt securities | 22,809 | — | 1,731 | 21,078 | ||||||||||||
$ | 147,728 | $ | 54 | $ | 1,731 | $ | 146,051 | |||||||||
Contractual Maturities of Investments | ' | |||||||||||||||
At September 30, 2013, the contractual maturities of investments classified as available-for-sale were as follows: | ||||||||||||||||
Cost | Fair Value | |||||||||||||||
Due in one year or less | $ | 124,919 | $ | 124,973 | ||||||||||||
Due after one year through five years | 9,090 | 7,883 | ||||||||||||||
Due after five years through ten years | 13,719 | 13,195 | ||||||||||||||
$ | 147,728 | $ | 146,051 | |||||||||||||
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||||||
The financial instruments measured at fair value on a recurring basis at September 30, 2013 were as follows: | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||||
Money market funds | $ | 2,444 | $ | — | $ | — | $ | 2,444 | ||||||||||||
Debt securities: | ||||||||||||||||||||
U.S. treasury securities | 124,973 | — | — | 124,973 | ||||||||||||||||
Corporate debt securities | — | 21,078 | — | 21,078 | ||||||||||||||||
$ | 127,417 | $ | 21,078 | $ | — | $ | 148,495 | |||||||||||||
Carrying Amount and Fair Value of Financial Instruments | ' | |||||||||||||||||||
The carrying amount and fair value of the Company’s financial instruments were as follows (the table below excludes financial instruments with carrying values that approximate their fair values): | ||||||||||||||||||||
30-Sep-13 | December 31, 2012 | |||||||||||||||||||
Carrying value | Fair value | Level | Carrying value | Fair value | Level | |||||||||||||||
Assets | ||||||||||||||||||||
Pledged treasury securities | $ | 26,404 | $ | 28,965 | 1 | $ | 26,818 | $ | 30,432 | 1 | ||||||||||
Retained interest investment | $ | 9,567 | $ | 12,711 | 3 | $ | 9,481 | $ | 12,392 | 3 | ||||||||||
Real_Estate_Joint_Ventures_Tab
Real Estate Joint Ventures (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Real Estate Joint Ventures [Abstract] | ' | |||||||||||||||
Summarized Balance Sheets for Unconsolidated Investments | ' | |||||||||||||||
Summarized financial information for the unconsolidated investments on a combined basis is as follows: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
BALANCE SHEETS: | ||||||||||||||||
Investment in real estate | $ | 12,407 | $ | 12,381 | ||||||||||||
Cash and cash equivalents | 17,491 | 18,523 | ||||||||||||||
Other assets | 145 | 130 | ||||||||||||||
Total assets | $ | 30,043 | $ | 31,034 | ||||||||||||
Accounts payable and other liabilities | $ | 1,080 | $ | 761 | ||||||||||||
Equity(1) | 28,963 | 30,273 | ||||||||||||||
Total liabilities and equity | $ | 30,043 | $ | 31,034 | ||||||||||||
(1) The majority of the equity in unconsolidated investments relates to ALP Liquidating Trust (the "Trust"). In 2008, the Company wrote-off its investment in the Trust as a result of the Trust reserving its assets to satisfy potential claims and obligations in accordance with its publicly reported liquidation basis of accounting. Subsequently, the Trust changed its method of accounting to a going concern basis and reinstated its equity and stated it would report certain expenses as they are incurred. The Company has not recorded any additional equity income as a result of the Trust’s change in accounting. | ||||||||||||||||
Summarized Statements of Operations for Unconsolidated Investments | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
STATEMENTS OF OPERATIONS: | ||||||||||||||||
Total expenses | $ | 388 | $ | 372 | $ | 1,170 | $ | 846 | ||||||||
Net loss | $ | 388 | $ | 372 | $ | 1,170 | $ | 846 | ||||||||
Notes_Receivable_net_Tables
Notes Receivable, net (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Notes Receivable, Net | ' | |||||||
Notes receivable, net consists of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0% | $ | 2,582 | $ | 2,758 | ||||
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, annual principal payments of $0.3 million, balloon payment due February and August 2015, net of deferred profit of $1.0 million at September 30, 2013 | 4,497 | — | ||||||
Various mortgage notes, secured by certain real estate bearing interest at various rates | 819 | 1,217 | ||||||
Total notes receivable, net | $ | 7,898 | $ | 3,975 | ||||
Accrued_Liabilities_and_Deferr1
Accrued Liabilities and Deferred Credits (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Liabilities and Deferred Credits | ' | |||||||
Accrued liabilities and deferred credits consist of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Accrued compensation | $ | 3,558 | $ | 3,529 | ||||
Deferred revenue | 29,768 | 27,962 | ||||||
Environmental and insurance liabilities | 1,515 | 1,621 | ||||||
Accrued property taxes | 4,294 | — | ||||||
Other accrued liabilities | 14,016 | 9,240 | ||||||
Total accrued liabilities and deferred credits | $ | 53,151 | $ | 42,352 | ||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt consists of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
In-substance defeased debt, interest payable monthly at 5.62% at September 30, 2013 and December 31, 2012, secured and paid by pledged treasury securities, due October 1, 2015 | $ | 26,404 | $ | 26,818 | ||||
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 1, 2016 — May 1, 2039, bearing interest at 6.70% to 7.15% at September 30, 2013 and December 31, 2012 | 11,428 | 9,244 | ||||||
Total debt | $ | 37,832 | $ | 36,062 | ||||
Employee_Benefit_Plan_Tables
Employee Benefit Plan (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Summary of Components of Net Periodic Pension Cost (Benefit) | ' | |||||||||||||||
A summary of the components of net periodic pension cost is as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | — | $ | 230 | $ | 224 | $ | 655 | ||||||||
Interest cost | 172 | 164 | 484 | 554 | ||||||||||||
Expected return on assets | 138 | (553 | ) | (580 | ) | (1,778 | ) | |||||||||
Amortization of prior service costs | — | 110 | — | 328 | ||||||||||||
Amortization of loss | 50 | 5 | 248 | 5 | ||||||||||||
Settlement charges | 212 | 147 | 606 | 1,110 | ||||||||||||
Net periodic pension cost | $ | 572 | $ | 103 | $ | 982 | $ | 874 | ||||||||
Schedule of Assumptions Used | ' | |||||||||||||||
The following table includes the assumptions used to develop net periodic pension cost and benefit obligations: | ||||||||||||||||
September 30, | December 31, | September 30 | December 31, | |||||||||||||
2013 | 2012 | 2012 | 2011 | |||||||||||||
Discount rate | 4.15% | 3.27% | 3.19% | 4.19% | ||||||||||||
Expected long term rate on plan assets | —% | 4.75% | 4.75% | 5.00% | ||||||||||||
Rate of compensation increase | N/A | N/A | 3.75% | 3.75% |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Summary of Changes in Accumulated Other Comprehensive Loss for Pension Plan Items | ' | |||||||||||
Following is a summary of the changes in the accumulated balances for each component of accumulated other comprehensive loss: | ||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||
Defined Benefit Pension Items | Unrealized Gains and Losses on Available-for-Sale Securities | Total | ||||||||||
Accumulated other comprehensive loss at June 30, 2013 | $ | (6,047 | ) | $ | (891 | ) | $ | (6,938 | ) | |||
Other comprehensive income before reclassifications | 87 | (879 | ) | (792 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 262 | 93 | 355 | |||||||||
Net current period other comprehensive income (loss) | 349 | (786 | ) | (437 | ) | |||||||
Accumulated other comprehensive loss at September 30, 2013 | $ | (5,698 | ) | $ | (1,677 | ) | $ | (7,375 | ) | |||
Nine Months Ended September 30, 2013 | ||||||||||||
Defined Benefit Pension Items | Unrealized Gains and Losses on Available-for-Sale Securities | Total | ||||||||||
Accumulated other comprehensive loss at December 31, 2012 | $ | (8,652 | ) | $ | — | $ | (8,652 | ) | ||||
Other comprehensive income before reclassifications | 2,100 | (1,770 | ) | 330 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 854 | 93 | 947 | |||||||||
Net current period other comprehensive income (loss) | 2,954 | (1,677 | ) | 1,277 | ||||||||
Accumulated other comprehensive loss at September 30, 2013 | $ | (5,698 | ) | $ | (1,677 | ) | $ | (7,375 | ) | |||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||
Amount Reclassified from Accumulated Other Comprehensive Loss | ||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | Affected Line in the Condensed Consolidated Statements of Operations | |||||||||
Defined Benefit Pension Items | ||||||||||||
Amortization of loss | $ | 50 | $ | 248 | Net periodic pension costs, Note 9. Employee Benefit Plan | |||||||
Settlement cost | 212 | 606 | Net periodic pension costs, Note 9. Employee Benefit Plan | |||||||||
262 | 854 | Net of tax | ||||||||||
Net unrealized loss for sale of available-for-sale securities | 93 | 93 | Investment income, net | |||||||||
Total reclassifications for the period | $ | 355 | $ | 947 | Net of tax | |||||||
Tables
(Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Information by Business Segment | ' | |||||||||||||||
Information by business segment is as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
OPERATING REVENUES: | ||||||||||||||||
Residential real estate | $ | 10,704 | $ | 9,705 | $ | 23,996 | $ | 17,695 | ||||||||
Commercial real estate | — | 3,612 | 341 | 10,265 | ||||||||||||
Rural land | 18 | 18,889 | 31 | 23,377 | ||||||||||||
Resorts, leisure and leasing operations (1) | 18,392 | 14,143 | 45,524 | 36,659 | ||||||||||||
Forestry | 7,695 | 9,558 | 27,145 | 28,784 | ||||||||||||
Other | 18 | — | 351 | — | ||||||||||||
Consolidated operating revenues | $ | 36,827 | $ | 55,907 | $ | 97,388 | $ | 116,780 | ||||||||
Income (loss) before equity in loss from unconsolidated affiliates and income taxes: | ||||||||||||||||
Residential real estate | $ | 2,432 | $ | (630 | ) | $ | 2,596 | $ | (4,955 | ) | ||||||
Commercial real estate | (394 | ) | (518 | ) | (1,794 | ) | 614 | |||||||||
Rural land | (2 | ) | 14,663 | (19 | ) | 16,848 | ||||||||||
Resorts, leisure and leasing operations | 3,074 | 1,255 | 5,697 | 2,139 | ||||||||||||
Forestry | 2,757 | 3,709 | 10,096 | 9,607 | ||||||||||||
Other | (3,507 | ) | (2,769 | ) | (11,969 | ) | (8,603 | ) | ||||||||
Consolidated income before equity in loss from unconsolidated affiliates and income taxes | $ | 4,360 | $ | 15,710 | $ | 4,607 | $ | 15,650 | ||||||||
(1) Includes $2.1 million and $3.1 million of real estate sales for the three and nine months ended September 30, 2013. | ||||||||||||||||
September 30, | December 31, 2012 | |||||||||||||||
2013 | ||||||||||||||||
TOTAL ASSETS: | ||||||||||||||||
Residential real estate | $ | 144,157 | $ | 141,526 | ||||||||||||
Commercial real estate | 62,779 | 64,961 | ||||||||||||||
Rural land | 6,156 | 6,219 | ||||||||||||||
Resorts, leisure and leasing operations | 139,534 | 125,596 | ||||||||||||||
Forestry | 52,904 | 53,839 | ||||||||||||||
Other | 261,542 | 253,380 | ||||||||||||||
Total assets | $ | 667,072 | $ | 645,521 | ||||||||||||
Description_of_Business_and_Ba2
Description of Business and Basis of Presentation - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
acre | |
Accounting Policies [Abstract] | ' |
Land owned (in acres) | 567,000 |
Area of harvestable land (in acres) | 315,000 |
Number of reportable operating segments | 5 |
Investment_in_Real_Estate_Real
Investment in Real Estate - Real Estate by Property Type and Segment (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | |||
Operating property | $213,556,000 | ' | $213,556,000 | ' | $211,000,000 | |||
Development property | 215,299,000 | ' | 215,299,000 | ' | 202,073,000 | |||
Investment property | 5,116,000 | ' | 5,116,000 | ' | 5,124,000 | |||
Investment in unconsolidated affiliates | 2,183,000 | [1] | ' | 2,183,000 | [1] | ' | 2,222,000 | [1] |
Total real estate investments | 436,154,000 | ' | 436,154,000 | ' | 420,419,000 | |||
Less: Accumulated depreciation | 53,375,000 | ' | 53,375,000 | ' | 49,772,000 | |||
Investment in real estate | 382,779,000 | ' | 382,779,000 | ' | 370,647,000 | |||
Capitalized indirect costs incurred | 100,000 | ' | 400,000 | ' | ' | |||
Asset impairment charges | 0 | 0 | 0 | 0 | ' | |||
Maximum | ' | ' | ' | ' | ' | |||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | |||
Capitalized indirect costs incurred | ' | 100,000 | ' | 100,000 | ' | |||
Residential Real Estate | ' | ' | ' | ' | ' | |||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | |||
Operating property | 2,793,000 | ' | 2,793,000 | ' | 2,792,000 | |||
Development property | 133,026,000 | ' | 133,026,000 | ' | 133,835,000 | |||
Commercial Real Estate | ' | ' | ' | ' | ' | |||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | |||
Development property | 58,014,000 | ' | 58,014,000 | ' | 59,851,000 | |||
Investment property | 700,000 | ' | 700,000 | ' | 700,000 | |||
Resorts, leisure and leasing operations | ' | ' | ' | ' | ' | |||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | |||
Operating property | 154,361,000 | ' | 154,361,000 | ' | 152,906,000 | |||
Development property | 16,178,000 | ' | 16,178,000 | ' | 351,000 | |||
Investment property | 255,000 | ' | 255,000 | ' | 255,000 | |||
Forestry | ' | ' | ' | ' | ' | |||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | |||
Operating property | 56,218,000 | ' | 56,218,000 | ' | 54,984,000 | |||
Investment property | 953,000 | ' | 953,000 | ' | 953,000 | |||
Rural land | ' | ' | ' | ' | ' | |||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | |||
Operating property | 139,000 | ' | 139,000 | ' | 139,000 | |||
Development property | 5,767,000 | ' | 5,767,000 | ' | 5,768,000 | |||
Corporate | ' | ' | ' | ' | ' | |||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | |||
Development property | 2,314,000 | ' | 2,314,000 | ' | 2,268,000 | |||
Other | ' | ' | ' | ' | ' | |||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | |||
Operating property | 45,000 | ' | 45,000 | ' | 179,000 | |||
Investment property | $3,208,000 | ' | $3,208,000 | ' | $3,216,000 | |||
[1] | Recorded in the Companybs resorts, leisure and leasing operations' segment. |
Investments_Schedule_of_Invest
Investments - Schedule of Investments (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Cost | $147,728 |
Gross Unrealized Gains | 54 |
Gross Unrealized Losses | 1,731 |
Fair Value | 146,051 |
U.S. treasury securities | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Cost | 124,919 |
Gross Unrealized Gains | 54 |
Gross Unrealized Losses | 0 |
Fair Value | 124,973 |
Corporate debt securities | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Cost | 22,809 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 1,731 |
Fair Value | $21,078 |
Investments_Contractual_Maturi
Investments - Contractual Maturities of Investments (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Cost | ' |
Due in one year or less | $124,919 |
Due after one year through five years | 9,090 |
Due after five years through ten years | 13,719 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 147,728 |
Fair Value | ' |
Due in one year or less | 124,973 |
Due after one year through five years | 7,883 |
Due after five years through ten years | 13,195 |
Fair Value | $146,051 |
Investments_Additional_Informa
Investments - Additional Information (Details) (USD $) | 9 Months Ended | 9 Months Ended | 3 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
U.S. treasury securities | Corporate debt securities | Money market funds | Cash, investment grade cash equivalents or U.S. treasury securities | Corporate debt securities | Other aggregated investments | Investor | |||
security | Minimum | Maximum | Securities of any one issuer (excluding the U.S. Government) | Fairholme Capital Management, L.L.C. | |||||
Maximum | |||||||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | 27.00% |
Investments, target portfolio allocations | ' | ' | ' | ' | ' | 50.00% | 50.00% | 10.00% | ' |
Money market funds | ' | ' | ' | ' | $2,400 | ' | ' | ' | ' |
Number of securities with net unrealized losses | ' | ' | 0 | ' | ' | ' | ' | ' | ' |
Debt securities | 146,051 | ' | 124,973 | 21,078 | ' | ' | ' | ' | ' |
Gross unrealized losses | 1,731 | ' | 0 | 1,731 | ' | ' | ' | ' | ' |
Gain on sales and maturities of investments | 93 | 0 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sales and maturities of investments | $32,725 | $0 | ' | ' | ' | ' | ' | ' | ' |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value Measurements - Fair Value Hierarchy (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Recurring basis | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total | $148,495 |
Recurring basis | Level 1 | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total | 127,417 |
Recurring basis | Level 2 | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total | 21,078 |
Recurring basis | Level 3 | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Total | 0 |
Money market funds | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Money market funds | 2,400 |
Money market funds | Recurring basis | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Money market funds | 2,444 |
Money market funds | Recurring basis | Level 1 | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Money market funds | 2,444 |
Money market funds | Recurring basis | Level 2 | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Money market funds | 0 |
Money market funds | Recurring basis | Level 3 | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Money market funds | 0 |
U.S. Treasury securities | Recurring basis | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Debt Securities | 124,973 |
U.S. Treasury securities | Recurring basis | Level 1 | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Debt Securities | 124,973 |
U.S. Treasury securities | Recurring basis | Level 2 | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Debt Securities | 0 |
U.S. Treasury securities | Recurring basis | Level 3 | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Debt Securities | 0 |
Corporate debt securities | Recurring basis | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Debt Securities | 21,078 |
Corporate debt securities | Recurring basis | Level 1 | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Debt Securities | 0 |
Corporate debt securities | Recurring basis | Level 2 | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Debt Securities | 21,078 |
Corporate debt securities | Recurring basis | Level 3 | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Debt Securities | $0 |
Financial_Instruments_and_Fair3
Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements [Line Items] | ' | ' |
Pledged treasury securities, Carrying value | $26,404 | $26,818 |
Retained interest investment, Carrying value | 9,600 | 9,500 |
Level 1 | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Pledged treasury securities, Carrying value | 26,404 | 26,818 |
Pledged treasury securities, Fair value | 28,965 | 30,432 |
Level 3 | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Retained interest investment, Carrying value | 9,567 | 9,481 |
Retained interest investment, Fair value | $12,711 | $12,392 |
Financial_Instruments_and_Fair4
Financial Instruments and Fair Value Measurements - Additional information (Details) (USD $) | 9 Months Ended | 12 Months Ended | 24 Months Ended | 9 Months Ended | |||||
Sep. 30, 2013 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2007 | Sep. 30, 2013 | Sep. 30, 2013 | |
acre | Defeased Debt | Defeased Debt | Defeased Debt | Minimum | Maximum | ||||
Financial Instruments And Fair Value Measurements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt | $37,832,000 | ' | ' | $36,062,000 | $26,404,000 | $26,818,000 | $29,300,000 | ' | ' |
Area of timber land sold | ' | 132,055 | ' | ' | ' | ' | ' | ' | ' |
Maturity of notes receivables | ' | '15 years | ' | ' | ' | ' | ' | ' | ' |
Aggregate amount of notes receivables | ' | 183,300,000 | 183,300,000 | ' | ' | ' | ' | ' | ' |
Monetized notes receivables | ' | 183,300,000 | 183,300,000 | ' | ' | ' | ' | ' | ' |
Monetized note receivable, percentage | ' | 90.00% | 90.00% | ' | ' | ' | ' | ' | ' |
Proceeds from monetized note | ' | ' | 163,000,000 | ' | ' | ' | ' | ' | ' |
Notes, maturity period | '15 years | ' | ' | ' | ' | ' | ' | ' | ' |
Note maturity year | ' | ' | ' | ' | ' | ' | ' | '2022 | '2024 |
Retained interest | $9,600,000 | ' | ' | $9,500,000 | ' | ' | ' | ' | ' |
Retained interest, effective interest rate | ' | ' | ' | ' | ' | ' | ' | 3.70% | 12.40% |
Real_Estate_Joint_Ventures_Add
Real Estate Joint Ventures - Additional Information (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Sep. 30, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | ||
Consolidated Variable Interest Entities | Consolidated Variable Interest Entities | Consolidated Variable Interest Entities | Consolidated Variable Interest Entities | Consolidated Variable Interest Entities | Consolidated Variable Interest Entities | Variable Interest Entities | Variable Interest Entities | Unconsolidated Variable Interest Entities | |||||||
Pier Park North | Scenario one | Scenario two | Entity | ||||||||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Estimated contribution for joint venture by company and its partner | ' | ' | ' | ' | $15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Estimated contribution for joint venture | ' | ' | ' | ' | 9,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Contribution for joint venture | ' | ' | ' | ' | ' | 6,000,000 | ' | 3,100,000 | ' | ' | ' | ' | ' | ||
Land contributed to joint venture agreed upon value | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds from sale of property | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ||
Construction loan | ' | ' | ' | ' | ' | ' | 40,500,000 | ' | ' | ' | ' | ' | ' | ||
Construction loan date | ' | ' | ' | ' | ' | ' | '2016-02 | ' | ' | ' | ' | ' | ' | ||
Principal repayment guarantee | ' | ' | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' | ' | ||
Unrestricted cash and cash equivalents | 22,831,000 | 165,980,000 | 172,398,000 | 162,391,000 | ' | 25,000,000 | ' | ' | ' | ' | 2,203,000 | 2,107,000 | ' | ||
Net worth | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of total equity paid by parent | ' | ' | ' | ' | ' | 76.00% | ' | ' | ' | ' | ' | ' | ' | ||
Initial profits to be redistributed to repay contribution | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of additional cash contribution for joint venture | ' | ' | ' | ' | ' | ' | ' | 34.00% | ' | ' | ' | ' | ' | ||
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | ' | 66.00% | ' | ' | 66.00% | 74.00% | ' | ' | ' | ||
Assets | 667,072,000 | 645,521,000 | ' | ' | ' | ' | ' | ' | ' | ' | 18,738,000 | 2,273,000 | ' | ||
Liabilities | 105,744,000 | 93,187,000 | ' | ' | ' | ' | ' | ' | ' | ' | 7,344,000 | 1,073,000 | ' | ||
Number of variable interest Entity, not primary beneficiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ||
Investment in unconsolidated affiliates | $2,183,000 | [1] | $2,222,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | Recorded in the Companybs resorts, leisure and leasing operations' segment. |
Summarized_Financial_Informati
- Summarized Financial Information for Unconsolidated Investments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | ||
Investment In Unconsolidated Affiliates [Line Items] | ' | ' | ' | ' | ||
Investment in real estate | $382,779,000 | $370,647,000 | ' | ' | ||
Cash and cash equivalents | 22,831,000 | 165,980,000 | 172,398,000 | 162,391,000 | ||
Other assets | 22,084,000 | 20,639,000 | ' | ' | ||
Total assets | 667,072,000 | 645,521,000 | ' | ' | ||
Total liabilities and equity | 667,072,000 | 645,521,000 | ' | ' | ||
Other Affiliates | ' | ' | ' | ' | ||
Investment In Unconsolidated Affiliates [Line Items] | ' | ' | ' | ' | ||
Investment in real estate | 12,407,000 | 12,381,000 | ' | ' | ||
Cash and cash equivalents | 17,491,000 | 18,523,000 | ' | ' | ||
Other assets | 145,000 | 130,000 | ' | ' | ||
Total assets | 30,043,000 | 31,034,000 | ' | ' | ||
Accounts payable and other liabilities | 1,080,000 | 761,000 | ' | ' | ||
Equity | 28,963,000 | [1] | 30,273,000 | [1] | ' | ' |
Total liabilities and equity | $30,043,000 | $31,034,000 | ' | ' | ||
[1] | The majority of the equity in unconsolidated investments relates to ALP Liquidating Trust (the "Trust"). In 2008, the Company wrote-off its investment in the Trust as a result of the Trust reserving its assets to satisfy potential claims and obligations in accordance with its publicly reported liquidation basis of accounting. Subsequently, the Trust changed its method of accounting to a going concern basis and reinstated its equity and stated it would report certain expenses as they are incurred. The Company has not recorded any additional equity income as a result of the Trustbs change in accounting. |
Summarized_Statements_of_Opera
- Summarized Statements of Operations for Unconsolidated Investments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' |
Total expenses | $33,444 | $40,547 | $94,647 | $105,390 |
Net loss | 4,190 | 15,333 | 4,410 | 14,628 |
Statements Of Operations | ' | ' | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' |
Total expenses | 388 | 372 | 1,170 | 846 |
Net loss | $388 | $372 | $1,170 | $846 |
Notes_Receivable_net_Details
Notes Receivable, net (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Notes receivable | $7,898 | $3,975 |
Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% b 8.0% | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Notes receivable | 2,582 | 2,758 |
Interest bearing homebuilder notes, secured by the real estate sold b 4.0% interest rate, annual principal payments of $0.3 million, balloon payment due February and August 2015, net of deferred profit of $1.0 million at September 30, 2013 | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Notes receivable | 4,497 | 0 |
Notes receivable, number of note holders | 1 | ' |
Various mortgage notes, secured by certain real estate bearing interest at various rates | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Notes receivable | $819 | $1,217 |
Notes_Receivable_net_Parenthet
Notes Receivable, net (Parenthetical) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Deferred profit | $29,768,000 | $27,962,000 |
Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% b 8.0% | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Unamortized discount | 0 | 0 |
Note receivable, maturity date | '2024-12 | '2024-12 |
Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% b 8.0% | Minimum | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Notes receivable, effective interest rate | 5.73% | 5.73% |
Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% b 8.0% | Maximum | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Notes receivable, effective interest rate | 8.00% | 8.00% |
Interest bearing homebuilder notes, secured by the real estate sold b 4.0% interest rate, annual principal payments of $0.3 million, balloon payment due February and August 2015, net of deferred profit of $1.0 million at September 30, 2013 | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Notes receivable, effective interest rate | 4.00% | ' |
Notes receivable, annual principal payments | 300,000 | ' |
Deferred profit | $1,200,000 | ' |
Accrued_Liabilities_and_Deferr2
Accrued Liabilities and Deferred Credits (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Accrued compensation | $3,558 | $3,529 |
Deferred revenue | 29,768 | 27,962 |
Environmental and insurance liabilities | 1,515 | 1,621 |
Accrued property taxes | 4,294 | 0 |
Other accrued liabilities | 14,016 | 9,240 |
Total accrued liabilities and deferred credits | $53,151 | $42,352 |
Accrued_Liabilities_and_Deferr3
Accrued Liabilities and Deferred Credits - Additional Information (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2006 | Dec. 31, 2012 |
acre | acre | ||
Accounts Payable and Accrued Liabilities [Line Items] | ' | ' | ' |
Deferred revenue | $29,768 | ' | $27,962 |
Florida Department of Transportation | ' | ' | ' |
Accounts Payable and Accrued Liabilities [Line Items] | ' | ' | ' |
Deferred revenue | $23,500 | ' | $23,500 |
Acres of land sold | ' | 3,900 | ' |
Acres of land remaining to be transferred | 1,595 | ' | ' |
Debt_Details
Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2007 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Long term debt | $37,832 | $36,062 | ' |
In-substance defeased debt, interest payable monthly at 5.62% at September 30, 2013 and December 31, 2012, secured and paid by pledged treasury securities, due October 1, 2015 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long term debt | 26,404 | 26,818 | 29,300 |
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 1, 2016 b May 1, 2039, bearing interest at 6.70% to 7.15% at September 30, 2013 and December 31, 2012 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long term debt | $11,428 | $9,244 | ' |
Debt_Parenthetical_Details
Debt (Parenthetical) (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
In-substance defeased debt, interest payable monthly at 5.62% at September 30, 2013 and December 31, 2012, secured and paid by pledged treasury securities, due October 1, 2015 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt interest rate | 5.62% | 5.62% |
Debt instrument, maturity date | 1-Oct-15 | 1-Oct-15 |
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 1, 2016 b May 1, 2039, bearing interest at 6.70% to 7.15% at September 30, 2013 and December 31, 2012 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, minimum interest | 6.70% | 6.70% |
Debt instrument, maximum interest | 7.15% | 7.15% |
Debt instrument, maturity start date | 1-May-16 | ' |
Debt instrument, maturity end date | 1-May-39 | ' |
Debt_Additional_Information_De
Debt - Additional Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2007 | Sep. 30, 2013 | Dec. 31, 2012 | |
Debt Disclosure [Line Items] | ' | ' | ' |
Long term debt | ' | $37,832,000 | $36,062,000 |
Community Development District Debt | ' | ' | ' |
Debt Disclosure [Line Items] | ' | ' | ' |
Long term debt | ' | 11,428,000 | 9,244,000 |
Defeased Debt | ' | ' | ' |
Debt Disclosure [Line Items] | ' | ' | ' |
Long term debt | 29,300,000 | 26,404,000 | 26,818,000 |
Long term debt, year of balloon payment | '2015 | ' | ' |
Total Outstanding Cdd Debt | ' | ' | ' |
Debt Disclosure [Line Items] | ' | ' | ' |
Total community development district debt | ' | $33,700,000 | $34,800,000 |
Employee_Benefit_Plan_Summary_
Employee Benefit Plan - Summary of Components of Net Periodic Pension Cost (Benefit) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Service cost (benefit) | $0 | $230,000 | $224,000 | $655,000 |
Interest cost (benefit) | 172,000 | 164,000 | 484,000 | 554,000 |
Expected return on assets | 138,000 | -553,000 | -580,000 | -1,778,000 |
Amortization of prior service costs (benefit) | 0 | 110,000 | 0 | 328,000 |
Amortization of loss | 50,000 | 5,000 | 248,000 | 5,000 |
Settlement charges | 212,000 | 147,000 | 606,000 | 1,110,000 |
Net periodic pension cost | 572,000 | 103,000 | 982,000 | 874,000 |
Defined Benefit Pension Items | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | $100,000 | $300,000 | $2,100,000 | $300,000 |
Employee_Benefit_Plan_Summary_1
Employee Benefit Plan - Summary of Assumptions Used (Details) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Discount rate | 4.15% | 3.19% | 3.27% | 4.19% |
Expected long term rate on plan assets | 0.00% | 4.75% | 4.75% | 5.00% |
Rate of compensation increase | ' | 3.75% | ' | 3.75% |
Summary_of_Changes_in_Accumula
- Summary of Changes in Accumulated Other Comprehensive Loss for Pension Plan Items (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Accumulated other comprehensive loss beginning balance | ($6,938) | ' | ($8,652) | ' |
Other comprehensive income before reclassifications | -792 | ' | 330 | ' |
Amounts reclassified from accumulated other comprehensive loss | 355 | ' | 947 | ' |
Total other comprehensive income (loss), net of tax | -437 | -76 | 1,277 | 142 |
Accumulated other comprehensive loss ending balance | -7,375 | ' | -7,375 | ' |
Investment income, net | 595 | 375 | 1,008 | 1,182 |
Net income | 4,190 | 15,333 | 4,410 | 14,628 |
Defined Benefit Pension Items | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Accumulated other comprehensive loss beginning balance | -6,047 | ' | -8,652 | ' |
Other comprehensive income before reclassifications | 87 | ' | 2,100 | ' |
Amounts reclassified from accumulated other comprehensive loss | 262 | ' | 854 | ' |
Total other comprehensive income (loss), net of tax | 349 | ' | 2,954 | ' |
Accumulated other comprehensive loss ending balance | -5,698 | ' | -5,698 | ' |
Defined Benefit Pension Items | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Amortization of loss | 50 | ' | 248 | ' |
Settlement cost | 212 | ' | 606 | ' |
Net income | 262 | ' | 854 | ' |
Unrealized Gains and Losses on Available-for-Sale Securities | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Accumulated other comprehensive loss beginning balance | -891 | ' | 0 | ' |
Other comprehensive income before reclassifications | -879 | ' | -1,770 | ' |
Amounts reclassified from accumulated other comprehensive loss | 93 | ' | 93 | ' |
Total other comprehensive income (loss), net of tax | -786 | ' | -1,677 | ' |
Accumulated other comprehensive loss ending balance | -1,677 | ' | -1,677 | ' |
Unrealized Gains and Losses on Available-for-Sale Securities | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Investment income, net | 93 | ' | 93 | ' |
Net income | $355 | ' | $947 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Operating loss carry forwards, federal | $85.20 | $83.50 |
Operating loss carry forwards, state | 601.4 | 596.8 |
Operating loss carry forwards, expiration year | '2031 | ' |
Deferred tax assets, valuation allowance adjustment | -1.5 | ' |
Deferred tax asset, valuation allowance | 91.1 | 92.6 |
Deferred tax asset, provision for valuation allowance | $2.80 | $3.30 |
Segment_Information_Informatio
Segment Information - Information by Business Segment (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenues | $36,827 | $55,907 | $97,388 | $116,780 | ' | ||||
Income (loss) before equity in loss from unconsolidated affiliates and income taxes: | 4,360 | 15,710 | 4,607 | 15,650 | ' | ||||
Assets | 667,072 | ' | 667,072 | ' | 645,521 | ||||
Real estate sales | 12,823 | 32,206 | 27,859 | 51,338 | ' | ||||
Residential Real Estate | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenues | 10,704 | 9,705 | 23,996 | 17,695 | ' | ||||
Income (loss) before equity in loss from unconsolidated affiliates and income taxes: | 2,432 | -630 | 2,596 | -4,955 | ' | ||||
Assets | 144,157 | ' | 144,157 | ' | 141,526 | ||||
Commercial Real Estate | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenues | 0 | 3,612 | 341 | 10,265 | ' | ||||
Income (loss) before equity in loss from unconsolidated affiliates and income taxes: | -394 | -518 | -1,794 | 614 | ' | ||||
Assets | 62,779 | ' | 62,779 | ' | 64,961 | ||||
Rural land | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenues | 18 | 18,889 | 31 | 23,377 | ' | ||||
Income (loss) before equity in loss from unconsolidated affiliates and income taxes: | -2 | 14,663 | -19 | 16,848 | ' | ||||
Assets | 6,156 | ' | 6,156 | ' | 6,219 | ||||
Resorts, leisure and leasing operations | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenues | 18,392 | [1] | 14,143 | [1] | 45,524 | [1] | 36,659 | [1] | ' |
Income (loss) before equity in loss from unconsolidated affiliates and income taxes: | 3,074 | 1,255 | 5,697 | 2,139 | ' | ||||
Assets | 139,534 | ' | 139,534 | ' | 125,596 | ||||
Real estate sales | 2,100 | ' | 3,100 | ' | ' | ||||
Forestry | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenues | 7,695 | 9,558 | 27,145 | 28,784 | ' | ||||
Income (loss) before equity in loss from unconsolidated affiliates and income taxes: | 2,757 | 3,709 | 10,096 | 9,607 | ' | ||||
Assets | 52,904 | ' | 52,904 | ' | 53,839 | ||||
Other | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenues | 18 | 0 | 351 | 0 | ' | ||||
Income (loss) before equity in loss from unconsolidated affiliates and income taxes: | -3,507 | -2,769 | -11,969 | -8,603 | ' | ||||
Assets | $261,542 | ' | $261,542 | ' | $253,380 | ||||
[1] | Includes $2.1 million and $3.1 million of real estate sales for the three and nine months ended September 30, 2013. |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
T | ||
Commitments and Contingencies Disclosure [Line Items] | ' | ' |
Threshold of ownership percentage in Company for private investigation of compliance | 5.00% | ' |
Environmental liabilities | $1,515,000 | $1,621,000 |
Supply commitment (in tons) | 3,900,000 | ' |
Surety bonds | Certain development projects | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' |
Commitment obligations | 14,800,000 | 10,300,000 |
Surety bonds | Standby letters of credit | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' |
Commitment obligations | $800,000 | $1,100,000 |
Concentration_of_Risks_and_Unc1
Concentration of Risks and Uncertainties - Additional Information (Details) (Mill closures due to economic reasons) | Sep. 30, 2013 |
Mill closures due to economic reasons | ' |
Concentration Risk [Line Items] | ' |
Period for monetary damages would be due from third party | '1 year |
Proposed_Land_Sale_Details
Proposed Land Sale (Details) (USD $) | Sep. 30, 2013 | Nov. 06, 2013 | Oct. 31, 2013 | Nov. 06, 2013 |
acre | Subsequent event | Subsequent event | Subsequent event | |
acre | Maximum | |||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Proposed land sale, area of land (in acres) | 567,000 | 382,834 | ' | ' |
Proposed land sale, purchase price | ' | $565,000,000 | ' | ' |
Proposed land sale, deposit amount | ' | 37,500,000 | ' | ' |
Proposed land sale, period to secure line of credit | ' | '20 days | ' | ' |
Proposed land sale, carrying amount of assets to be sold, net | ' | ' | 54,000,000 | ' |
Proposed land sale, area of land remaining aer sale (in acres) | ' | 184,000 | ' | ' |
Proposed land sale, purchase price reduction | ' | ' | ' | 40,000,000 |
Proposed land sale, termination fee | ' | 21,000,000 | ' | ' |
Proposed land sale, reimburseable costs and expenses upon termination | ' | ' | ' | $1,500,000 |