Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 4-May-15 | |
Document Documentand Entity Information [Abstract] | ||
Entity Registrant Name | ST JOE CO | |
Trading Symbol | JOE | |
Entity Central Index Key | 745308 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Common Stock, Shares Outstanding | 92,302,636 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Investment in real estate, net | $321,122 | $321,812 |
Cash and cash equivalents | 289,708 | 34,515 |
Investments | 385,380 | 636,878 |
Restricted investments | 7,099 | 7,940 |
Notes receivable, net | 22,354 | 24,270 |
Pledged treasury securities | 25,512 | 25,670 |
Property and equipment, net of accumulated depreciation of $61.4 million and $60.3 million at March 31, 2015 and December 31, 2014, respectively | 10,505 | 10,203 |
Other assets | 34,400 | 31,990 |
Investments held by special purpose entities | 209,412 | 209,857 |
Total assets | 1,305,492 | 1,303,135 |
LIABILITIES: | ||
Debt | 66,487 | 63,804 |
Accounts payable | 14,826 | 12,554 |
Accrued liabilities and deferred credits | 32,588 | 34,911 |
Deferred tax liabilities | 35,467 | 34,824 |
Senior Notes held by special purpose entities | 177,366 | 177,341 |
Total liabilities | 326,734 | 323,434 |
EQUITY: | ||
Common stock, no par value; 180,000,000 shares authorized; 92,322,905 issued and 92,302,636 outstanding at March 31, 2015 and December 31, 2014 | 892,237 | 892,237 |
Retained earnings | 78,844 | 80,582 |
Accumulated other comprehensive loss | -552 | -1,325 |
Treasury stock at cost, 20,269 held at March 31, 2015 and December 31, 2014 | -285 | -285 |
Total stockholders' equity | 970,244 | 971,209 |
Non-controlling interest | 8,514 | 8,492 |
Total equity | 978,758 | 979,701 |
Total liabilities and equity | 1,305,492 | 1,303,135 |
Variable Interest Entities | ||
ASSETS | ||
Investment in real estate, net | 44,865 | 43,709 |
Cash and cash equivalents | 3,920 | 3,455 |
Other assets | 7,618 | 8,781 |
Investments held by special purpose entities | 209,412 | 209,857 |
Total assets | 265,815 | 265,802 |
LIABILITIES: | ||
Debt | 33,789 | 31,618 |
Accounts payable | 1,425 | 1,511 |
Accrued liabilities and deferred credits | 2,064 | 4,142 |
Senior Notes held by special purpose entities | 177,366 | 177,341 |
Total liabilities | $214,644 | $214,612 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Property and equipment, Accumulated depreciation | $61.40 | $60.30 |
Common stock, shares authorized | 180,000,000 | 180,000,000 |
Common stock, issued | 92,322,905 | 92,322,905 |
Common stock, outstanding | 92,302,636 | 92,302,636 |
Treasury stock, shares | 20,269 | 20,269 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Real estate sales | $5,437 | $577,761 |
Resorts and leisure revenues | 7,803 | 6,997 |
Leasing revenues | 2,045 | 1,189 |
Timber sales | 1,806 | 8,139 |
Total revenues | 17,091 | 594,086 |
Expenses: | ||
Cost of real estate sales | 3,137 | 62,103 |
Cost of resorts and leisure revenues | 8,806 | 7,620 |
Cost of leasing revenues | 634 | 417 |
Cost of timber sales | 184 | 3,851 |
Other operating and corporate expenses | 7,117 | 8,507 |
Depreciation, depletion and amortization | 2,915 | 2,095 |
Total expenses | 22,793 | 84,593 |
Operating (loss) income | -5,702 | 509,493 |
Other income (expense): | ||
Investment income, net | 5,212 | 274 |
Interest expense | -2,876 | -639 |
Other, net | 577 | 776 |
Total other income | 2,913 | 411 |
(Loss) income before equity in loss from unconsolidated affiliates and income taxes | -2,789 | 509,904 |
Equity in loss from unconsolidated affiliates | 0 | -10 |
Income tax benefit (expense) | 1,073 | -106,905 |
Net (loss) income | -1,716 | 402,989 |
Net (income) loss attributable to non-controlling interest | -22 | 6 |
Net (loss) income attributable to the Company | ($1,738) | $402,995 |
Basic and Diluted | ||
Weighted average shares outstanding (in shares) | 92,302,636 | 92,292,913 |
Net income per share attributable to the Company (in dollars per share) | ($0.02) | $4.37 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | ($1,716) | $402,989 |
Other comprehensive (loss) income: | ||
Net unrealized gains (losses) related to available-for-sale securities | 1,257 | -386 |
Income tax (expense) benefit | -484 | 149 |
Total | 773 | -237 |
Defined benefit pension items: | ||
Net loss arising during the period | 0 | -409 |
Settlement included in net periodic cost | 0 | 240 |
Amortization of loss included in net periodic cost | 0 | 132 |
Income tax benefit | 0 | 14 |
Total | 0 | -23 |
Total other comprehensive income (loss), net of tax | 773 | -260 |
Total comprehensive (loss) income, net of tax | ($943) | $402,729 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERSb EQUITY (USD $) | Total | Common Stock | Retained earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Non-controlling Interest |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2014 | $979,701 | $892,237 | $80,582 | ($1,325) | ($285) | $8,492 |
Balance, shares at Dec. 31, 2014 | 92,302,636 | 92,302,636 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income | -1,716 | -1,738 | 22 | |||
Other comprehensive income | 773 | 773 | ||||
Balance at Mar. 31, 2015 | $978,758 | $892,237 | $78,844 | ($552) | ($285) | $8,514 |
Balance, shares at Mar. 31, 2015 | 92,302,636 | 92,302,636 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | ($1,716) | $402,989 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation, depletion and amortization | 2,915 | 2,095 |
Loss on sale of investments | 0 | 401 |
Equity in loss in from unconsolidated affiliates | 0 | 10 |
Deferred income tax benefit | 159 | 22,532 |
Cost of real estate sold | 2,748 | 52,025 |
Expenditures for and acquisition of real estate to be sold | -2,213 | -1,870 |
Timber Note | 0 | -200,000 |
Deferred revenue | -64 | -13,370 |
Accretion income and other | -658 | -341 |
Changes in operating assets and liabilities: | ||
Payments received on notes receivable | 1,980 | 780 |
Other assets | -997 | -1,329 |
Accounts payable and accrued liabilities | 152 | 4,143 |
Income taxes (receivable) payable | -1,233 | 84,071 |
Net cash provided by operating activities | 1,073 | 352,136 |
Cash flows from investing activities: | ||
Expenditures for Pier Park North joint venture | -1,716 | -10,144 |
Purchases of property and equipment | -900 | -1,096 |
Purchases of investments | 0 | -163,116 |
Maturities of investments | 125,416 | 25,000 |
Sales of investments | 128,272 | 2,621 |
Sales of restricted investments | 877 | 0 |
Contributions to unconsolidated affiliates | 0 | -148 |
Net cash provided by (used in) investing activities | 251,949 | -146,883 |
Cash flows from financing activities: | ||
Borrowings on construction loan in Pier Park joint venture | 2,171 | 10,323 |
Principal payments for long term debt | 0 | -51 |
Net cash provided by financing activities | 2,171 | 10,272 |
Net increase in cash and cash equivalents | 255,193 | 215,525 |
Cash and cash equivalents at beginning of the period | 34,515 | 21,894 |
Cash and cash equivalents at end of the period | 289,708 | 237,419 |
Cash paid during the period for: | ||
Interest expense | 4,864 | 708 |
Income taxes | 0 | 474 |
Non-cash financing and investment activities: | ||
Increase in Community Development District debt | 671 | 467 |
Decrease in pledged treasury securities related to defeased debt | 158 | 149 |
Expenditures for investing properties and property and equipment financed through accounts payable | 4 | 1,929 |
Exchange of Timber Note for investments held by special purpose entity | 0 | 200,000 |
Capital contributions to special purpose entity from non-controlling interest | $0 | $3,492 |
Nature_of_Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations |
The St. Joe Company together with its consolidated subsidiaries (the “Company”) is a real estate development and operating company with real estate assets and operations currently concentrated primarily between Tallahassee and Destin, Florida. | |
The Company conducts primarily all of its business in the following five reportable operating segments: 1) residential real estate, 2) commercial real estate, 3) resorts and leisure, 4) leasing operations and 5) forestry. In prior periods the Company’s reportable operating segments were residential real estate, commercial real estate, resorts, leisure and leasing operations and forestry. The Company’s leasing operations segment currently meets the quantitative and qualitative factors as a reportable operating segment; therefore, the Company has changed its segment presentation to include leasing operations as a reportable operating segment. Leasing operations were historically included with the Company’s resorts, leisure and leasing operating segment. All prior year segment information has been reclassified to conform with the 2015 presentation. The change in reporting segments had no effect on the Company’s condensed consolidated financial position, results of operations or cash flows for the periods presented. See Note 16, Segment Information. | |
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, 2014 balance sheet amounts have been derived from the Company’s December 31, 2014 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, 2014. 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 Adopted Accounting Pronouncements | |
Discontinued operations | |
In April 2014, the Financial Accounting Standard Board (“FASB”) issued an accounting standards update (“ASU”) that changes the criteria for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations that have a major effect on the organization’s operations and financial results should be presented as discontinued operations. In addition, this ASU mandates expanded disclosures about the discontinued operation and requires disclosures about disposals that do not qualify as discontinued operations. This guidance is applied prospectively and the Company adopted it as of January 1, 2015. The adoption of this guidance had no impact on the Company’s Condensed Consolidated Statements of Operations, Balance Sheets or Statements of Cash Flows. | |
Recently Issued Accounting Pronouncements | |
Revenue recognition | |
In May 2014, the FASB issued an ASU that establishes the principles used to recognize revenue for all entities. The new guidance is effective for annual and interim periods beginning after December 15, 2016, with no early adoption permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial position, results of operations and cash flows. The Company has not adopted this ASU as of March 31, 2015. | |
Debt issuance costs | |
In April 2015, the FASB issued an amendment to the ASU that simplifies the presentation of debt issuance costs and requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendment does not affect the recognition and measurement guidance for debt issuance costs. The new guidance should be applied on a retrospective basis and is effective for the Company as of January 1, 2016. Early adoption is permitted for financial statements that have not been previously issued. The Company does not expect that the adoption of this guidance will have a material impact on its financial position. The Company has not adopted this ASU as of March 31, 2015. | |
Consolidation | |
In February 2015, the FASB issued an ASU that amends the existing consolidation guidance related to (i) limited partnerships and similar legal entities, (ii) the evaluation of variable interests for fees paid to decision makers or service providers, (iii) the effect of fee arrangements and related parties on the primary beneficiary determination, and (iv) certain investment funds. These changes are expected to limit the number of consolidation models and place more emphasis on risk of loss when determining a controlling financial interest. The new guidance will be effective for the Company as of January 1, 2017. Early adoption is permitted, including early adoption in an interim period. The Company is evaluating the impact the adoption of this guidance will have on the Company’s condensed consolidated financial statements. The Company has not adopted this ASU as of March 31, 2015. |
Investment_in_Real_Estate
Investment in Real Estate | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Real Estate [Abstract] | ||||||||
Investment in Real Estate | Investment in Real Estate | |||||||
Real estate by property type and segment includes the following: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Development property: | ||||||||
Residential real estate | $ | 102,987 | $ | 102,408 | ||||
Commercial real estate | 59,408 | 59,405 | ||||||
Leasing operations | 1,831 | 3,680 | ||||||
Forestry | 3,278 | 3,278 | ||||||
Corporate | 2,059 | 2,019 | ||||||
Total development property | 169,563 | 170,790 | ||||||
Operating property: | ||||||||
Residential real estate | $ | 8,084 | $ | 8,084 | ||||
Resorts and leisure | 108,630 | 110,136 | ||||||
Leasing operations | 75,436 | 72,045 | ||||||
Forestry | 18,922 | 18,839 | ||||||
Other | 48 | 50 | ||||||
Total operating property | 211,120 | 209,154 | ||||||
Less: Accumulated depreciation | 59,561 | 58,132 | ||||||
Total operating property, net | 151,559 | 151,022 | ||||||
Investment in real estate, net | $ | 321,122 | $ | 321,812 | ||||
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. Leasing development property primarily includes the land and construction under development for the consolidated joint venture at Pier Park North. As the remainder of the operations commence at Pier Park North, substantially all of the Pier Park North property included in development property as of March 31, 2015 will be reclassified as operating property. | ||||||||
Operating property includes property that the Company uses for daily operations and activities. The resorts and leisure operating property includes the WaterColor Inn, golf courses and marinas. Leasing operating property includes property developed by the Company and used for retail and commercial rental purposes, including property in our consolidated joint venture at Pier Park North. Operating 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. | ||||||||
The Company had capitalized indirect development costs, primarily related to the consolidated joint venture at Pier Park North, of less than $0.1 million and $0.3 million, during the three months ended March 31, 2015 and 2014, respectively. |
Impairments_of_Longlived_Asset
Impairments of Long-lived Assets | 3 Months Ended | |
Mar. 31, 2015 | ||
Asset Impairment Charges [Abstract] | ||
Impairment of Long Lived Assets | Impairment of Long Lived Assets | |
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Long-lived assets include the Company’s investments in operating and development property and property and equipment, net. 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; | |
• | continuing operating or cash flow losses for an operating property; and, | |
• | an accumulation of costs in a development property to be held long-term above the amount originally expected. | |
The Company uses varying methods to determine if an impairment exists, such as (i) considering indicators of potential impairment, (ii) analyzing expected future cash flows and comparing the expected future undiscounted cash flows of the property to its carrying value or (iii) determining market resale values. | ||
There were no events or changes in circumstances that would indicate that the carrying value of the Company’s long-lived assets would not be recoverable, and, therefore, the Company did not record any impairment charges during the three months ended March 31, 2015 and 2014. |
Investments
Investments | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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. The amortized cost of debt securities are adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization is included in Investment income, net. In addition, at March 31, 2015, the Company had investments in short term commercial paper that are classified as cash equivalents, since they had maturity dates of ninety days or less from the date of purchase. | ||||||||||||||||
At March 31, 2015 investments classified as available-for-sale securities were as follows: | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Debt securities: | ||||||||||||||||
Commercial paper (1) | $ | 248,294 | $ | 60 | $ | — | $ | 248,354 | ||||||||
U.S. Treasury securities | 259,923 | 6 | — | 259,929 | ||||||||||||
Corporate debt securities | 101,973 | — | 780 | 101,193 | ||||||||||||
Preferred stock | 23,694 | 564 | — | 24,258 | ||||||||||||
633,884 | $ | 630 | $ | 780 | $ | 633,734 | ||||||||||
-1 | Recorded in Cash and cash equivalents on the Company’s Condensed Consolidated Balance Sheets. | |||||||||||||||
At December 31, 2014 investments classified as available-for-sale securities were as follows: | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Debt securities: | ||||||||||||||||
U.S. Treasury securities | $ | 509,783 | $ | 32 | $ | — | $ | 509,815 | ||||||||
Corporate debt securities | 101,587 | — | 1,482 | 100,105 | ||||||||||||
Preferred stock | 26,963 | — | 5 | 26,958 | ||||||||||||
$ | 638,333 | $ | 32 | $ | 1,487 | $ | 636,878 | |||||||||
Fairholme Capital Management, L.L.C. (“Fairholme Capital”), serves as an investment advisor to the Company. As of March 31, 2015, funds managed by Fairholme Capital beneficially owned approximately 27.1% of the Company’s common stock. Mr. Bruce Berkowitz is the Managing Member of Fairholme Capital and the Chairman of the Company’s Board of Directors. Fairholme Capital receives no compensation for its services as the Company’s investment advisor. | ||||||||||||||||
Pursuant to the terms of the Company's Investment Management Agreement as amended (the “Agreement”) with Fairholme Capital, Fairholme Capital 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. The investment guidelines are set forth in the Agreement and require that, as of the date of any investment: (i) at least 50% of the investment account be held in cash or cash equivalents, as defined in the Agreement, (ii) no more than 15% of the investment account may be invested in securities of any one issuer (excluding the U.S. Government) and (iii) any investment in any one issuer (excluding the U.S. Government) that exceeds 10%, but not 15%, requires the consent of at least two members of the Investment Committee. The investment account may not be invested in common stock securities. | ||||||||||||||||
As of March 31, 2015, the investment account included $23.4 million of money market funds and $248.4 million of commercial paper (all of which are classified within cash and cash equivalents on the Company’s Condensed Consolidated Balance Sheets), $259.9 million of U.S. Treasury securities, $101.2 million of corporate debt securities and $24.3 million of preferred stock investments (all of which are classified within investments on the Company’s Condensed Consolidated Balance Sheets). As of March 31, 2015, the Company’s corporate debt securities were invested in one issuer that is a national retail chain that is non-investment grade and the Company’s preferred stock investments were invested in one issuer that is a financial services firm that is non-investment grade. | ||||||||||||||||
During the three months ended March 31, 2015, there were no realized losses from the sale of available-for-sale securities, proceeds from the sale of available-for-sale securities were $128.3 million and proceeds from the maturity of available-for-sale securities were $125.0 million. During the three months ended March 31, 2014, realized losses from the sale of available-for-sale securities were $0.4 million, proceeds from the sale of available-for-sale securities were $2.6 million and proceeds from the maturity of U.S. Treasury securities were $25.0 million. | ||||||||||||||||
At March 31, 2015 and December 31, 2014, there were no unrealized losses related to commercial paper, U.S. Treasury securities or preferred stock investments. As of March 31, 2015, corporate debt securities that have been in a continuous unrealized loss position for more than twelve months had a fair value of $49.1 million and had $0.4 million of unrealized losses. As of March 31, 2015, corporate debt securities that have been in a continuous unrealized loss position for less than twelve months had a fair value of $52.1 million and had $0.4 million of unrealized losses. | ||||||||||||||||
As of December 31, 2014, corporate debt securities that have been in a continuous unrealized loss position for more than twelve months had a fair value of $14.3 million and had $0.2 million of unrealized losses. As of December 31, 2014, corporate debt securities that have been in a continuous unrealized loss position for less than twelve months had a fair value of $85.8 million and had $1.3 million of unrealized losses. | ||||||||||||||||
The Company evaluates investments classified as available-for-sale with unrealized losses to determine if they are other-than-temporary impaired. This evaluation is based on various factors, including the financial condition, business prospects, industry and creditworthiness of the issuer, severity and length of time the securities were in a loss position, the Company’s ability and intent to hold investments until unrealized losses are recovered or until maturity and amount of the unrealized loss. If a decline in fair value is considered other-than-temporary, the decline is then bifurcated into its credit and non-credit related components. The amount of the credit-related component is recognized in earnings, and the amount of the non-credit related component is recognized in other comprehensive loss, unless the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security prior to its anticipated recovery. | ||||||||||||||||
During the third quarter of 2014, the Company determined that unrealized losses related to its corporate debt securities were other-than-temporary and the Company recorded $1.3 million related to credit-related losses. The credit-losses were measured as the difference between the present value of the expected cash flows of the corporate debt securities discounted using the effective interest rate at the date of purchase and the amortized cost of the corporate debt securities. The non-credit component was recorded in Accumulated other comprehensive loss as of March 31, 2015 and December 31, 2014. | ||||||||||||||||
The net carrying value and estimated fair value of investments classified as available-for-sale at March 31, 2015, by contractual maturity are shown in the following table. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations. | ||||||||||||||||
Amortized Cost | Fair Value | |||||||||||||||
Due in one year or less | $ | 508,217 | $ | 508,283 | ||||||||||||
Due after one year through five years | 101,973 | 101,193 | ||||||||||||||
610,190 | 609,476 | |||||||||||||||
Preferred stock | 23,694 | 24,258 | ||||||||||||||
$ | 633,884 | $ | 633,734 | |||||||||||||
AgReserves_Sale
AgReserves Sale | 3 Months Ended |
Mar. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
AgReserves Sale | AgReserves Sale |
Real estate sales for the three months ended March 31, 2014, includes the sale to AgReserves, Inc. of approximately 380,000 acres of land located in Northwest Florida, along with certain other assets and inventory and rights under certain continuing leases and contracts (the “AgReserves Sale”). On March 5, 2014, the Company completed the AgReserves Sale for $562 million and recorded pre-tax income of $511.1 million for the AgReserves Sale, which includes $1.2 million of severance costs recorded in Other operating expenses. As a result of certain adjustments to the purchase price, consideration received for the AgReserves Sale was (1) $358.5 million in cash, (2) a $200 million fifteen year installment note (the “Timber Note”) issued by Panama City Timber Finance Company, LLC, a buyer-sponsored special purpose entity (the “AgReserves SPE”), and (3) an Irrevocable Standby Letter of Credit issued by JPMorgan Chase Bank, N.A. (the “Letter of Credit”) at the request of the AgReserves SPE, in favor of the Company. The AgReserves SPE was created by AgReserves with financial instruments with an aggregate principal balance of $203.5 million that secure the Letter of Credit. | |
In April 2014, the Company contributed the Timber Note and assigned its rights as a beneficiary under the Letter of Credit to Northwest Florida Timber Finance, LLC, a bankruptcy-remote, qualified special purpose entity wholly owned by the Company (“NFTF”). NFTF monetized the Timber Note by issuing $180 million aggregate principal amount of its 4.750% Senior Secured Notes due 2029 (the “Senior Notes”) at an issue price of 98.483% of the face value to third party investors. The Senior Notes are payable solely by the property of NFTF and the investors holding the Senior Notes of NFTF have no recourse against the Company for payment of the Senior Notes or the related interest expense. The Company received $165.0 million in cash, net of $15.0 million in costs, from the monetization and expects to receive the remaining $20.0 million in fifteen years upon maturity of the Timber Note and after payment of the Senior Notes and any other liabilities of NFTF. | |
The Company owns the equity interest in NFTF, but no equity interest in the AgReserves SPE. Both the AgReserves SPE and NFTF are distinct legal entities and the assets of the AgReserves SPE and NFTF are not available to satisfy the Company's liabilities or obligations and the liabilities of the AgReserves SPE and NFTF are not the Company's liabilities or obligations. In the event that proceeds from the financial instruments are insufficient to settle all of the liabilities of the AgReserves SPE or NFTF, the Company is not obligated to contribute any funds to either the AgReserves SPE or NFTF. | |
The Company has determined that it is the primary beneficiary of the AgReserves SPE and NFTF, and therefore, the AgReserves SPE's and NFTF's assets and liabilities are consolidated in the Company's financial statements as of March 31, 2015. The carrying amounts of the AgReserves SPE's and NFTF's assets and non-recourse liabilities were $211.9 million and $178.1 million, respectively, as of March 31, 2015. The consolidated assets of the AgReserves SPE and NFTF consist of a $200 million time deposit that subsequent to April 2, 2014 pays interest at 4.006% and matures in March 2029, accrued interest of $1.0 million on the time deposit, U.S. Treasuries of $9.3 million, cash of $0.3 million and deferred issuance costs of $1.4 million for the Senior Notes. The consolidated liabilities include the Senior Notes issued by NFTF of $177.4 million net of the $2.6 million discount and $0.7 million of accrued interest expense on the Senior Notes. | |
During the three months ended March 31, 2015, the Company’s Condensed Consolidated Statements of Operations includes the following related to the AgReserves SPE and NFTF: (i) $2.0 million of interest income on the time deposit and amortization of the discounts on the U.S. Treasuries and (ii) $2.2 million of interest expense for the Senior Notes, amortization of the discount and issuance costs. | |
The Company has classified the U.S. Treasury securities held by the AgReserves SPE and NFTF as held-to-maturity based on their intent and ability to hold these securities to maturity. Accordingly, the debt securities are recorded at amortized cost, which approximates fair value as of March 31, 2015. The U.S. Treasuries mature over the fifteen year period or $0.8 million within one year, $3.7 million after one year through five years, $3.1 million after five years through ten years and $1.7 million after ten years. |
Other_Income_Expense
Other Income (Expense) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Income and Expenses [Abstract] | |||||||||
Other Income (Expense) | Other Income (Expense) | ||||||||
Other income (expense) consists of the following: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Investment income, net | |||||||||
Net investment income from available-for-sale securities | |||||||||
Interest and dividend income | $ | 2,257 | $ | 524 | |||||
Accretion income | 621 | 112 | |||||||
Realized losses on the sale of investments | — | (401 | ) | ||||||
Total net investment income from available-for-sale securities | 2,878 | 235 | |||||||
Interest income from investments in special purpose entities (Note 5) | 2,003 | — | |||||||
Interest accrued on notes receivable | 331 | 39 | |||||||
Total investment income, net | 5,212 | 274 | |||||||
Interest expense | |||||||||
Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity (Note 5) | (2,188 | ) | — | ||||||
Interest expense | (688 | ) | (639 | ) | |||||
Total interest expense | (2,876 | ) | (639 | ) | |||||
Other, net | |||||||||
Accretion income from retained interest investments | 211 | 211 | |||||||
Hunting lease income | 210 | 380 | |||||||
Other income, net | 156 | 185 | |||||||
Other, net | 577 | 776 | |||||||
Total other income | $ | 2,913 | $ | 411 | |||||
Investment income, net | |||||||||
Interest and dividend income includes interest income accrued on the Company’s corporate debt securities and dividend income received from the Company’s preferred stock investments. Accretion income includes the amortization of the premium or discount related to the Company’s available-for-sale securities, which is amortized based on an effective interest rate method over the term of the available-for-sale security. Realized losses on the sale of investments include the loss recognized on the sale of an available-for-sale security prior to maturity. See Note 4, Investments. | |||||||||
Interest income from investments in special purpose entities primarily includes interest accrued on the Timber Note, which is used to pay the interest expense for the Senior Notes issued by special purpose entity. See Note 5, AgReserves Sale. | |||||||||
Interest expense | |||||||||
Interest expense includes interest expense related to the Company’s Community Development District debt and the construction loan in the Pier Park North joint venture. Borrowing costs, including the discount and issuance costs for the Senior Notes issued by the Senior Notes issued by special purpose entity, are amortized based on the effective interest method at an effective rate of 4.9%. | |||||||||
Other, net | |||||||||
The Company records the accretion of investment income from its retained interest investment over the life of the retained interest using the effective yield method with rates ranging from 3.7% - 11.6%. Hunting lease income is recognized as income over the term of the lease. |
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
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 March 31, 2015 were as follows: | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||||
Cash equivalents: | ||||||||||||||||||||
Money market funds | $ | 23,406 | $ | — | $ | — | $ | 23,406 | ||||||||||||
Commercial paper | 248,354 | — | — | 248,354 | ||||||||||||||||
Debt securities: | ||||||||||||||||||||
U.S. Treasury securities | 259,929 | — | — | 259,929 | ||||||||||||||||
Corporate debt securities | — | 101,193 | — | 101,193 | ||||||||||||||||
Preferred stock | — | 24,258 | — | 24,258 | ||||||||||||||||
Restricted investments: | ||||||||||||||||||||
Guaranteed income fund | — | 7,099 | — | 7,099 | ||||||||||||||||
$ | 531,689 | $ | 132,550 | $ | — | $ | 664,239 | |||||||||||||
The financial instruments measured at fair value on a recurring basis at December 31, 2014 were as follows: | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||||
Cash equivalents: | ||||||||||||||||||||
Money market funds | $ | 19,971 | $ | — | $ | — | $ | 19,971 | ||||||||||||
Debt securities: | ||||||||||||||||||||
U.S. Treasury securities | 509,815 | — | — | 509,815 | ||||||||||||||||
Corporate debt securities | — | 100,105 | — | 100,105 | ||||||||||||||||
Preferred stock | — | 26,958 | — | 26,958 | ||||||||||||||||
Restricted investments: | ||||||||||||||||||||
Guaranteed income fund | — | 7,940 | — | 7,940 | ||||||||||||||||
$ | 529,786 | $ | 135,003 | $ | — | $ | 664,789 | |||||||||||||
Money market funds, U.S. Treasury securities and commercial paper are measured based on quoted market prices in an active market and categorized within level 1 of the fair value hierarchy. Money market funds and commercial paper with a maturity date of ninety days or less from the date of purchase are classified as cash equivalents in the Company’s Condensed Consolidated Balance Sheets. | ||||||||||||||||||||
Corporate debt securities and preferred stock are measured primarily using pricing data from external pricing services that use prices observed for recently executed market transactions in an inactive market. Corporate debt securities and preferred stock 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. | ||||||||||||||||||||
Restricted investments include certain of the surplus assets that were transferred from the Company’s Pension Plan to a suspense account in the Company’s 401(k) Plan in December 2014. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s condensed consolidated financial statements until they are allocated to participants. As of March 31, 2015 and December 31, 2014, the assets held in the suspense account were invested in the Prudential Guaranteed Income Fund, which is a stable value fund designed to provide safety of principal, liquidity, and a rate of return. The Prudential Guaranteed Income Fund is valued based upon the contributions made to the fund, plus earnings at guaranteed crediting rates, less withdrawals and fees and are categorized as level 2 financial instruments. The Company’s Retirement Plan Investment Committee will be responsible for investing decisions and allocation decisions of the suspense account. Refer to Note 14, Employee Benefit Plans. | ||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||
• | The fair value of the Company’s pledged treasury securities is based on quoted market prices in an active market. | |||||||||||||||||||
• | The fair value of the Company’s retained interest investments is based on the present value of the expected future cash flows at the effective yield. | |||||||||||||||||||
• | The fair value of the Investments held by special purpose entities - time deposit is based on the present value of future cash flows at the current market rate. See Note 5, AgReserves Sale. | |||||||||||||||||||
• | The fair value of the Investments held by special purpose entities - U.S. Treasury securities are measured based on quoted market prices in an active market. See Note 5, AgReserves Sale. | |||||||||||||||||||
• | The fair value of the Senior Notes held by special purpose entity is based on the present value of future cash flows at the current market rate. See Note 5, AgReserves Sale. | |||||||||||||||||||
The carrying amount and fair value of the Company’s financial instruments were as follows: | ||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||
Carrying | Fair value | Level | Carrying | Fair value | Level | |||||||||||||||
value | value | |||||||||||||||||||
Assets | ||||||||||||||||||||
Pledged treasury securities | $ | 25,512 | $ | 26,002 | 1 | $ | 25,670 | $ | 26,501 | 1 | ||||||||||
Retained interest investments | $ | 9,974 | $ | 13,055 | 3 | $ | 9,932 | $ | 13,026 | 3 | ||||||||||
Investments held by special purpose entities (Note 5) | $ | 209,412 | 209,473 | 3 | $ | 209,857 | $ | 209,679 | 3 | |||||||||||
Liabilities | ||||||||||||||||||||
Senior Notes held by special purpose entity (Note 5) | $ | 177,366 | 177,966 | 3 | $ | 177,341 | $ | 177,940 | 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 11, Debt) remain on the Company’s Condensed Consolidated Balance Sheets at March 31, 2015 and December 31, 2014. 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 | ||||||||||||||||||||
The Company has a beneficial interest in certain bankruptcy remote qualified special purpose entities (the “2008 SPEs”) used in the installment sale monetization of certain sales of timberlands in 2007 and 2008. The 2008 SPEs’ assets are not available to satisfy the Company’s liabilities or obligations and the liabilities of the 2008 SPEs are not the Company’s liabilities or obligations. In the event that proceeds from the financial instruments are insufficient to settle all of the liabilities of the 2008 SPEs, the Company is not obligated to contribute any funds to the 2008 SPEs. The Company has determined that it is not the primary beneficiary of the 2008 SPEs, since the Company is not the primary decision maker with respect to activities that could significantly impact the economic performance of the 2008 SPEs, nor does the Company perform any service activity related to the 2008 SPEs. Therefore, the 2008 SPEs’ assets and liabilities are not consolidated in the Company’s financial statements as of March 31, 2015. | ||||||||||||||||||||
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 2008 SPEs is the receipt of the net interest payments and the remaining principal of approximately $15.2 million to be received at the end of the installment notes’ fifteen year maturity period, in 2022 through 2024. | ||||||||||||||||||||
The Company has a beneficial or retained interest investment related to the 2008 SPEs of $10.0 million and $9.9 million as of March 31, 2015 and December 31, 2014, 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 2008 SPEs 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% to 11.6%. The Company continues to update its 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 months ended March 31, 2015 and 2014. | ||||||||||||||||||||
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. |
Real_Estate_Joint_Ventures
Real Estate Joint Ventures | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Real Estate Joint Ventures [Abstract] | ||||||||
Real Estate Joint Ventures | Real Estate Joint Ventures | |||||||
The Company enters into real estate joint ventures, from time to time, for the purpose of developing real estate in which the Company may or may not have a controlling financial interest. GAAP requires consolidation of VIEs 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 Real Estate Joint Ventures | ||||||||
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 have contributed total cash of approximately $14.4 million to the joint venture, of which the Company has contributed $9.5 million, or 66%, and the Company’s partner contributed $4.9 million, or 34%, as of March 31, 2015. Additionally, during 2013 the Company contributed land with an agreed upon value of $6.0 million to the joint venture. During 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 $41.0 million construction loan agreement that matures in February 2016 with the possibility of an option for a two year extension. The construction loan required capital contributions from the partners as specified in the construction loan agreement before amounts under the construction loan could be disbursed, which were met in 2013. As of March 31, 2015 and December 31, 2014, $33.8 million and $31.6 million, respectively, were outstanding on the construction loan. Pursuant to the construction loan agreement the Company has provided the following: (i) a completion guarantee until substantial completion; (ii) a principal repayment guarantee limited to 33% of the outstanding balance of the loan; (iii) a guarantee covering, among other things, operating deficits and accrued and unpaid interest; and (iv) customary non-recourse covenants covering items like misrepresentations, misappropriation of funds and fraud. In addition, pursuant to the construction loan the Company has agreed to maintain minimum liquidity of $25 million, which is defined as unencumbered and unrestricted cash, cash equivalents or U.S. Treasury securities and net worth of $350 million, which is defined as total assets less the Company’s direct liabilities. | ||||||||
As of March 31, 2015, the Company’s capital account represents over 73% 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, subject to the ability of the Company’s partner to increase its percentage ownership interest to 40%. | ||||||||
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. 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 March 31, 2015, the carrying amounts of the real estate VIEs’ assets that are consolidated were $53.9 million and non-recourse liabilities $36.6 million, including debt of $33.8 million, which the Company has a principal repayment guarantee limited to 33% of the outstanding balance. Each VIEs’ assets can only be used to settle obligations of that VIE. Those assets are owned by, and those liabilities are obligations of, that VIE, and not the Company, except for the above described guarantees and covenants. | ||||||||
Unconsolidated Real Estate VIE | ||||||||
As of March 31, 2015, the Company is a partner in ALP Liquidating Trust (“ALP”) that is accounted for using the equity method. The Company has evaluated the VIE consolidation requirements with respect to this joint venture 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. The Company is not required to contribute additional funds to ALP. | ||||||||
Summarized financial information for ALP is as follows: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
BALANCE SHEETS: | ||||||||
Cash and cash equivalents | $ | 14,987 | $ | 15,461 | ||||
Other assets | 58 | 57 | ||||||
Total assets | $ | 15,045 | $ | 15,518 | ||||
Accounts payable and other liabilities | $ | 483 | $ | 605 | ||||
Equity(1) | 14,562 | 14,913 | ||||||
Total liabilities and equity | $ | 15,045 | $ | 15,518 | ||||
(1) In 2008, the Company wrote-off its investment in ALP as a result of ALP reserving its assets to satisfy potential claims and obligations in accordance with its publicly reported liquidation basis of accounting. Subsequently, ALP 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 ALP’s change in accounting. | ||||||||
For the three months ended March 31, 2015 and 2014, ALP reported a net loss of $0.6 million and $0.4 million, respectively. |
Notes_Receivable_net
Notes Receivable, net | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Notes Receivable, net | Notes Receivable, net | |||||||
Notes receivable, net consists of the following: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Interest bearing homebuilder note for the RiverTown Sale, secured by the real estate sold — 5.25% interest rate, all accrued interest and remaining principal and interest payment due June 2015 | $ | 18,600 | $ | 19,600 | ||||
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% | 2,147 | 2,147 | ||||||
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, any remaining payments outstanding are due August 2015 | 1,102 | 2,011 | ||||||
Various mortgage notes, secured by certain real estate bearing interest at various rates | 505 | 512 | ||||||
Total notes receivable, net | $ | 22,354 | $ | 24,270 | ||||
On April 2, 2014, the Company completed its sale to an affiliate of Mattamy (Jacksonville) Partnership d/b/a Mattamy Homes (“Mattamy”), of approximately 4,057 acres of real property, which constitutes the RiverTown community in St. Johns County, Florida, along with all of the Company’s related development or developer rights, founder’s rights and certain tangible and intangible personal property in exchange for (1) $24.0 million in cash, (2) $19.6 million in the form of a purchase money note, (3) the assumption of the Company’s Rivers Edge Community Development District assessments and (4) the obligation to purchase certain RiverTown community related impact fee credits from the Company as the RiverTown community is developed. | ||||||||
Based on Mattamy’s current development plans and St. Johns County’s current costs for impact fees, the Company estimates that it may receive $20 million to $26 million for the impact fees over the five-year period following the closing (most of which, the Company expects to receive at the end of that five-year period). However, the actual additional consideration received for the impact fees, will be based on Mattamy’s actual development of the RiverTown community, the timing of Mattamy’s development of the RiverTown community and the impact fee rates at the time of such development (as determined by St. Johns County’s then current impact fee rate schedule), which are all factors beyond the Company’s control. The Company cannot provide any assurance as to the amount or timing of any payments it may receive for the impact fees. The Company has not recorded a receivable for the estimated impact fees to be received and will record any revenues related to the receipt of the impact fees at the time of receipt. The Company did not receive any impact fees during the three months ended March 31, 2015 and has received approximately $0.1 million as of March 31, 2015. | ||||||||
The Company evaluates the carrying value of the notes receivable and the need for an allowance for doubtful notes receivable at each reporting date. |
Other_Assets
Other Assets | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Other Assets | Other Assets | |||||||
Other assets consist of the following: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Retained interest investments | $ | 9,974 | $ | 9,932 | ||||
Accounts receivable, net | 3,786 | 4,385 | ||||||
Prepaid expenses | 5,276 | 4,783 | ||||||
Straight line rent | 3,202 | 2,869 | ||||||
Income tax receivable | 2,011 | 778 | ||||||
Other assets | 8,816 | 6,305 | ||||||
Accrued interest receivable for Senior Notes held by special purpose entity (Note 5) | 1,335 | 2,938 | ||||||
Total other assets | $ | 34,400 | $ | 31,990 | ||||
Debt
Debt | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | Debt | |||||||
Debt consists of the following: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
In-substance defeased debt, interest payable at 5.62%, secured and paid by pledged treasury securities, due October 1, 2015 | $ | 25,512 | $ | 25,670 | ||||
Community Development District debt, secured by certain real estate and standby note purchase agreements, due through May 2039, interest payable at 2.25% to 7.0% | 7,186 | 6,516 | ||||||
Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.27% and 2.26% at March 31, 2015 and December 31, 2014, respectively | 33,789 | 31,618 | ||||||
Total debt | $ | 66,487 | $ | 63,804 | ||||
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 March 31, 2015 and December 31, 2014 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. | ||||||||
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. The Company has recorded debt of $7.2 million and $6.5 million related to CDD assessments as of March 31, 2015 and December 31, 2014, respectively. The Company’s total outstanding CDD assessments were $22.6 million and $22.7 million at March 31, 2015 and December 31, 2014, respectively. The Company pays interest on the total outstanding CDD assessments. | ||||||||
In February 2013, the Company’s Pier Park North joint venture entered into a construction loan agreement for $41.0 million that matures in February 2016 with the possibility of an option for a two year extension. As of March 31, 2015 and December 31, 2014, $33.8 million and $31.6 million, respectively were outstanding on the construction loan. See Note 8, Real Estate Joint Ventures. | ||||||||
The aggregate maturities of debt subsequent to March 31, 2015 are: | ||||||||
March 31, | ||||||||
2015 | ||||||||
2015 | 25,625 | |||||||
2016 | 33,906 | |||||||
2017 | 121 | |||||||
2018 | 126 | |||||||
2019 | 130 | |||||||
Thereafter | 6,579 | |||||||
$ | 66,487 | |||||||
Accrued_Liabilities_and_Deferr
Accrued Liabilities and Deferred Credits | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accrued Liabilities and Deferred Credits | Accrued Liabilities and Deferred Credits | |||||||
Accrued liabilities and deferred credits consist of the following: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Accrued compensation | $ | 1,933 | $ | 2,673 | ||||
Deferred revenue | 15,112 | 15,309 | ||||||
Membership deposits | 8,542 | 8,426 | ||||||
Other accrued liabilities | 6,289 | 5,651 | ||||||
Accrued interest expense for Senior Notes held by special purpose entity (Note 5) | 712 | 2,852 | ||||||
Total accrued liabilities and deferred credits | $ | 32,588 | $ | 34,911 | ||||
Deferred revenue at March 31, 2015 and December 31, 2014 includes $12.5 million related to a 2006 agreement pursuant to which the Company agreed to sell approximately 3,900 acres of rural land to the Florida Department of Transportation (the “FDOT”). Revenue is recognized when title to a specific parcel is legally transferred. |
Income_Taxes
Income Taxes | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Income Tax Disclosure [Abstract] | ||||||
Income Taxes | Income Taxes | |||||
Income tax expense (benefit) differed from the amount computed by applying the federal statutory rate of 35% to pre-tax loss or income as a result of the following: | ||||||
Three Months Ended | ||||||
March 31, | ||||||
2015 | 2014 | |||||
Tax at the statutory federal rate | (35.0 | )% | 35 | % | ||
State income taxes (net of federal benefit) | (3.5 | ) | 3.5 | |||
Decrease in valuation allowance | (0.5 | ) | (17.5 | ) | ||
Other | 0.5 | — | ||||
Effective tax rate | (38.5 | )% | 21 | % | ||
As of March 31, 2015, the Company had no federal net operating loss carryforwards and had $323.9 million of state net operating loss carryforwards, which are available to offset future taxable income through 2031. | ||||||
In general, a valuation allowance is recorded if, based on the 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. As of December 31, 2013, based on the timing of reversal of future taxable amounts and the Company’s history of losses, management did not believe it met the requirements to realize the benefits of certain of its deferred tax assets; therefore, the Company had maintained a valuation allowance of $93.1 million. During the three months ended March 31, 2014, the Company reversed $89.3 million of the valuation allowance that was recorded as of December 31, 2013. As of March 31, 2015, management believes it has not met the requirements to realize the benefits for a portion of its deferred tax assets for state net operating loss carryforwards; therefore, the Company has maintained a valuation allowance of $6.2 million for these deferred tax assets. |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Compensation and Retirement Disclosure [Abstract] | |||||
Employee Benefit Plans | Employee Benefit Plans | ||||
The Company previously sponsored a cash balance defined benefit pension plan that covered substantially all of its salaried employees (the “Pension Plan”). In November 2012, the Board of Directors approved the termination of the Pension Plan. The Pension Plan was frozen in March 2013 pending regulatory approvals, which were received in August 2014. As of December 31, 2014, the Pension Plan assets have been distributed to Pension Plan participants and $7.9 million was distributed to the Company’s 401(k) Plan to pay additional future benefits to current and future 401(k) plan participants for up to the next seven years. Subsequent to these distributions, the remaining Pension Plan assets of $23.8 million were reverted to the Company in December 2014. | |||||
A summary of the net periodic pension cost related to the Pension Plan for the three months ended March 31, 2014 are as follows: | |||||
Three Months Ended March 31, 2014 | |||||
Interest cost | $ | 185 | |||
Expected loss on assets | 137 | ||||
Settlement charges | 240 | ||||
Amortization of loss | 132 | ||||
Net periodic pension cost | $ | 694 | |||
As of March 31, 2014, the assumptions used to develop net periodic pension cost and benefit obligations were the discount rate of 3.9% and expected long-term rate on plan assets of 0%. | |||||
Deferred Compensation Plan | |||||
The Company maintains a 401(k) retirement plan covering substantially all officers and employees, which permits participants to defer up to the maximum allowable amount determined by the IRS of their eligible compensation. | |||||
As part of the Pension Plan termination described above, the Company directed the Pension Plan to transfer $7.9 million of the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) Plan. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s condensed consolidated financial statements until they are allocated to participants. At March 31, 2015 and December 31, 2014, the fair value of these assets were recorded in Restricted investments on the Company’s Condensed Consolidated Balance Sheets and were $7.1 million and $7.9 million, respectively. | |||||
The Company expenses the fair value of the assets at the time the assets are allocated to participants, which is expected to be up to the next seven years. During the three months ended March 31, 2015, the Company recorded an expense of $0.9 million for the fair value of the assets that were allocated to participants during that period. In addition, any gains and losses on these assets will be reflected in the Company’s condensed consolidated financial statements, which were less than a $0.1 million gain for the three months ended March 31, 2015. Refer to Note 7, Financial Instruments and Fair Value Measurements. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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, which is presented net of tax, for the three months ended March 31, 2015 and 2014: | ||||||||||||
Defined Benefit Pension Items | Unrealized Gains and (Losses) on Available-for-Sale Securities | Total | ||||||||||
Accumulated other comprehensive loss at December 31, 2014 | $ | — | $ | (1,325 | ) | $ | (1,325 | ) | ||||
Other comprehensive income before reclassifications | — | 773 | 773 | |||||||||
Accumulated other comprehensive loss at March 31, 2015 | $ | — | $ | (552 | ) | $ | (552 | ) | ||||
Defined Benefit Pension Items | Unrealized Gains and (Losses) on Available-for-Sale Securities | Total | ||||||||||
Accumulated other comprehensive loss at December 31, 2013 | $ | (5,392 | ) | $ | (2,125 | ) | $ | (7,517 | ) | |||
Other comprehensive loss before reclassifications | (252 | ) | (484 | ) | (736 | ) | ||||||
Amounts reclassified from accumulated other comprehensive loss | 229 | 247 | 476 | |||||||||
Other comprehensive loss | (23 | ) | (237 | ) | (260 | ) | ||||||
Accumulated other comprehensive loss at March 31, 2014 | $ | (5,415 | ) | $ | (2,362 | ) | $ | (7,777 | ) | |||
Amount Reclassified from Accumulated Other Comprehensive Loss | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
Details about Accumulated Other Comprehensive Loss Components | 2015 | 2014 | Affected Line in the Condensed Consolidated Statements of Operations | |||||||||
Defined benefit pension items | ||||||||||||
Amortization of loss | $ | — | $ | 132 | Net periodic pension costs, Note 14, Employee Benefit Plans | |||||||
Settlement cost | — | 240 | Net periodic pension costs, Note 14, Employee Benefit Plans | |||||||||
Total before tax | — | 372 | ||||||||||
Income tax benefit | — | 143 | ||||||||||
Net of tax | — | 229 | ||||||||||
Items related to available-for-sale securities | ||||||||||||
Realized loss on sale | — | 401 | Investment income, net, Note 4, Investments | |||||||||
Income tax benefit | — | 154 | ||||||||||
Net of tax | — | 247 | ||||||||||
Total reclassifications for the period, net of tax | $ | — | $ | 476 | ||||||||
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment Information | Segment Information | |||||||
The Company conducts primarily all of its business in the following five reportable operating segments: 1) residential real estate, 2) commercial real estate, 3) resorts and leisure, 4) leasing and 5) forestry. In prior periods the Company’s reportable operating segments were residential real estate, commercial real estate, resorts, leisure and leasing operations and forestry. The Company’s leasing operations segment currently meets the quantitative and qualitative factors as a reportable operating segment; therefore, the Company has changed its segment presentation to include leasing operations as a reportable operating segment. Leasing operations were historically included with the Company’s resorts, leisure and leasing operating segment. All prior year segment information has been reclassified to conform with the 2015 presentation. The change in reporting segments had no effect on the Company’s condensed consolidated financial position, results of operations or cash flows for the periods presented. | ||||||||
The residential real estate segment generates revenues from the development and sale of homes and homesites. The commercial real estate segment sells undeveloped or developed land and commercial operating property. The resort and leisure segment generates revenues and costs from the WaterColor Inn and Resort, vacation rental programs, management of The Pearl Hotel, four golf courses, marina operations and other related resort activities. The leasing segment generates revenues and costs from retail and commercial leasing operations, including the Company’s consolidated joint venture at Pier Park North. The forestry segment produces and sells woodfiber, sawtimber and other forest products and may sell the Company’s timber or rural land holdings. | ||||||||
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 set forth in Note 2 to the Company’s consolidated financial statements contained in Item 15 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. 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 | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Operating Revenues | ||||||||
Residential real estate | $ | 5,411 | $ | 5,718 | ||||
Commercial real estate | — | 2,285 | ||||||
Resorts and leisure | 7,803 | 6,997 | ||||||
Leasing operations | 2,045 | 1,189 | ||||||
Forestry | 1,806 | 577,873 | ||||||
Other | 26 | 24 | ||||||
Consolidated operating revenues | $ | 17,091 | $ | 594,086 | ||||
(Loss) income before equity in loss from unconsolidated affiliates and income taxes: | ||||||||
Residential real estate | $ | 382 | $ | 243 | ||||
Commercial real estate | (604 | ) | 800 | |||||
Resorts and leisure | (2,931 | ) | (1,754 | ) | ||||
Leasing operations | 201 | 224 | ||||||
Forestry | 1,637 | 514,099 | ||||||
Other | (1,474 | ) | (3,708 | ) | ||||
Consolidated (loss) income before equity in loss from unconsolidated affiliates and income taxes | $ | (2,789 | ) | $ | 509,904 | |||
March 31, | December 31, 2014 | |||||||
2015 | ||||||||
Total Assets: | ||||||||
Residential real estate | $ | 133,013 | $ | 135,317 | ||||
Commercial real estate | 63,056 | 62,931 | ||||||
Resorts and leisure | 77,176 | 79,021 | ||||||
Leasing operations | 76,599 | 74,800 | ||||||
Forestry | 17,272 | 20,521 | ||||||
Other | 938,376 | 930,545 | ||||||
Total assets | $ | 1,305,492 | $ | 1,303,135 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
The Company establishes an accrued liability when it believes 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 records an accrued liability based on what it believes to be the minimum amount in the range, unless it believes 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 believes it is reasonably possible that a loss will be incurred or when it believes 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, including litigation related to its prior homebuilding activities and those described herein. The Company cannot assure 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. | |
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. Accrued aggregate liabilities related to the matters described above and other litigation matters were $1.4 million at March 31, 2015 and December 31, 2014. Significant judgment is required in both the determination of probability and the determination as to whether the amount of an exposure is reasonably estimable. Due to uncertainties related to these matters, accruals are based only on the information available at the time. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company's results of operations in a given period. | |
On January 4, 2011 the Company received notice from the Staff (the “Staff”) of the Securities and Exchange Commission (the “SEC”) of the initiation of 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 has issued a related order of private investigation. On January 20, 2015, the Company received a written “Wells Notice” from the Staff indicating the Staff’s preliminary determination to recommend that the SEC file an action against the Company for violations of certain federal securities laws. The Staff has informed the Company that the Wells Notice relates to historical accounting and disclosure practices and real estate asset valuations principally as reflected in the Company’s financial results for 2010, 2009 and prior periods. A Wells Notice is neither a formal allegation of wrongdoing nor a finding that any violations of law have occurred. Rather, it provides the Company with an opportunity to respond to issues raised by the Staff and offer its perspective prior to any SEC decision to institute proceedings. If the Staff makes a recommendation to the SEC, the recommendations may involve a civil injunctive action, public administrative proceeding, and/or cease-and-desist proceeding, and may seek remedies that include an injunction and/or cease and desist order, disgorgement, pre-judgment interest, and civil money penalties. On February 20, 2015, the Company submitted to the Staff a Wells submission to explain its views concerning such matters. The Company is unable to predict the outcome of the matter, any potential enforcement actions the Staff may recommend or that the SEC may file or any impact on the Company that may arise as a result of such actions. The Company has not established a liability for this matter because it believes that the outcome is not determinable at this time. | |
The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage, including our timber assets. | |
At March 31, 2015 and December 31, 2014, the Company was required to provide surety bonds that guarantee completion of certain infrastructure in certain development projects and mitigation banks of $9.1 million and $8.3 million, respectively. | |
At March 31, 2015, the Company has a total of $4.7 million in contractual obligations, which $3.6 million are for the remainder of 2015, $0.3 million are for 2016 and $0.8 million are for 2017 and thereafter. | |
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 8, Real Estate Joint Ventures. | |
As part of the AgReserves Sale and certain sales of timberlands in 2007 and 2008, the Company generated significant tax gains. The installment notes structure allowed the Company to defer the resulting tax liability of $61.8 million until 2022 - 2024 and $69.3 million until 2029, respectively, the maturity dates for the installment notes. The Company has a deferred tax liability related to the gains in connection with these sales. |
Concentration_of_Risks_and_Unc
Concentration of Risks and Uncertainties | 3 Months Ended |
Mar. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risks and Uncertainties | Concentration of Risks and Uncertainties |
The Company’s real estate investments are concentrated in 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 held by special purpose entities, 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. In addition, as of March 31, 2015, the Company had $259.9 million invested in U.S. Treasury securities, $101.2 million invested in one issuer of corporate debt securities that is non-investment grade and $24.3 million was invested in one issuer of preferred stock that is a financial services firm that is non-investment grade. In addition, as of March 31, 2015, the Company had investments in short term commercial paper from six issuers of $248.4 million. |
Nature_of_Operations_Policies
Nature of Operations (Policies) | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Description of Business | The St. Joe Company together with its consolidated subsidiaries (the “Company”) is a real estate development and operating company with real estate assets and operations currently concentrated primarily between Tallahassee and Destin, Florida. | |
The Company conducts primarily all of its business in the following five reportable operating segments: 1) residential real estate, 2) commercial real estate, 3) resorts and leisure, 4) leasing operations and 5) forestry. In prior periods the Company’s reportable operating segments were residential real estate, commercial real estate, resorts, leisure and leasing operations and forestry. The Company’s leasing operations segment currently meets the quantitative and qualitative factors as a reportable operating segment; therefore, the Company has changed its segment presentation to include leasing operations as a reportable operating segment. Leasing operations were historically included with the Company’s resorts, leisure and leasing operating segment. All prior year segment information has been reclassified to conform with the 2015 presentation. The change in reporting segments had no effect on the Company’s condensed consolidated financial position, results of operations or cash flows for the periods presented. See Note 16, Segment Information. | ||
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, 2014 balance sheet amounts have been derived from the Company’s December 31, 2014 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, 2014. 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 Pronouncement | Recently Adopted Accounting Pronouncements | |
Discontinued operations | ||
In April 2014, the Financial Accounting Standard Board (“FASB”) issued an accounting standards update (“ASU”) that changes the criteria for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations that have a major effect on the organization’s operations and financial results should be presented as discontinued operations. In addition, this ASU mandates expanded disclosures about the discontinued operation and requires disclosures about disposals that do not qualify as discontinued operations. This guidance is applied prospectively and the Company adopted it as of January 1, 2015. The adoption of this guidance had no impact on the Company’s Condensed Consolidated Statements of Operations, Balance Sheets or Statements of Cash Flows. | ||
Recently Issued Accounting Pronouncements | ||
Revenue recognition | ||
In May 2014, the FASB issued an ASU that establishes the principles used to recognize revenue for all entities. The new guidance is effective for annual and interim periods beginning after December 15, 2016, with no early adoption permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial position, results of operations and cash flows. The Company has not adopted this ASU as of March 31, 2015. | ||
Debt issuance costs | ||
In April 2015, the FASB issued an amendment to the ASU that simplifies the presentation of debt issuance costs and requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendment does not affect the recognition and measurement guidance for debt issuance costs. The new guidance should be applied on a retrospective basis and is effective for the Company as of January 1, 2016. Early adoption is permitted for financial statements that have not been previously issued. The Company does not expect that the adoption of this guidance will have a material impact on its financial position. The Company has not adopted this ASU as of March 31, 2015. | ||
Consolidation | ||
In February 2015, the FASB issued an ASU that amends the existing consolidation guidance related to (i) limited partnerships and similar legal entities, (ii) the evaluation of variable interests for fees paid to decision makers or service providers, (iii) the effect of fee arrangements and related parties on the primary beneficiary determination, and (iv) certain investment funds. These changes are expected to limit the number of consolidation models and place more emphasis on risk of loss when determining a controlling financial interest. The new guidance will be effective for the Company as of January 1, 2017. Early adoption is permitted, including early adoption in an interim period. The Company is evaluating the impact the adoption of this guidance will have on the Company’s condensed consolidated financial statements. The Company has not adopted this ASU as of March 31, 2015. | ||
Impairment or Disposal of Long-Lived Assets | The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Long-lived assets include the Company’s investments in operating and development property and property and equipment, net. 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; | |
• | continuing operating or cash flow losses for an operating property; and, | |
• | an accumulation of costs in a development property to be held long-term above the amount originally expected. | |
The Company uses varying methods to determine if an impairment exists, such as (i) considering indicators of potential impairment, (ii) analyzing expected future cash flows and comparing the expected future undiscounted cash flows of the property to its carrying value or (iii) determining market resale values. | ||
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. The amortized cost of debt securities are adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization is included in Investment income, net. In addition, at March 31, 2015, the Company had investments in short term commercial paper that are classified as cash equivalents, since they had maturity dates of ninety days or less from the date of purchase. | |
The Company evaluates investments classified as available-for-sale with unrealized losses to determine if they are other-than-temporary impaired. This evaluation is based on various factors, including the financial condition, business prospects, industry and creditworthiness of the issuer, severity and length of time the securities were in a loss position, the Company’s ability and intent to hold investments until unrealized losses are recovered or until maturity and amount of the unrealized loss. If a decline in fair value is considered other-than-temporary, the decline is then bifurcated into its credit and non-credit related components. The amount of the credit-related component is recognized in earnings, and the amount of the non-credit related component is recognized in other comprehensive loss, unless the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security prior to its anticipated recovery. |
Investment_in_Real_Estate_Tabl
Investment in Real Estate (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Real Estate [Abstract] | ||||||||
Real Estate by Property Type and Segment | Real estate by property type and segment includes the following: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Development property: | ||||||||
Residential real estate | $ | 102,987 | $ | 102,408 | ||||
Commercial real estate | 59,408 | 59,405 | ||||||
Leasing operations | 1,831 | 3,680 | ||||||
Forestry | 3,278 | 3,278 | ||||||
Corporate | 2,059 | 2,019 | ||||||
Total development property | 169,563 | 170,790 | ||||||
Operating property: | ||||||||
Residential real estate | $ | 8,084 | $ | 8,084 | ||||
Resorts and leisure | 108,630 | 110,136 | ||||||
Leasing operations | 75,436 | 72,045 | ||||||
Forestry | 18,922 | 18,839 | ||||||
Other | 48 | 50 | ||||||
Total operating property | 211,120 | 209,154 | ||||||
Less: Accumulated depreciation | 59,561 | 58,132 | ||||||
Total operating property, net | 151,559 | 151,022 | ||||||
Investment in real estate, net | $ | 321,122 | $ | 321,812 | ||||
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||
Schedule of Investments | At March 31, 2015 investments classified as available-for-sale securities were as follows: | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Debt securities: | ||||||||||||||||
Commercial paper (1) | $ | 248,294 | $ | 60 | $ | — | $ | 248,354 | ||||||||
U.S. Treasury securities | 259,923 | 6 | — | 259,929 | ||||||||||||
Corporate debt securities | 101,973 | — | 780 | 101,193 | ||||||||||||
Preferred stock | 23,694 | 564 | — | 24,258 | ||||||||||||
633,884 | $ | 630 | $ | 780 | $ | 633,734 | ||||||||||
-1 | Recorded in Cash and cash equivalents on the Company’s Condensed Consolidated Balance Sheets. | |||||||||||||||
At December 31, 2014 investments classified as available-for-sale securities were as follows: | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Debt securities: | ||||||||||||||||
U.S. Treasury securities | $ | 509,783 | $ | 32 | $ | — | $ | 509,815 | ||||||||
Corporate debt securities | 101,587 | — | 1,482 | 100,105 | ||||||||||||
Preferred stock | 26,963 | — | 5 | 26,958 | ||||||||||||
$ | 638,333 | $ | 32 | $ | 1,487 | $ | 636,878 | |||||||||
Contractual Maturities of Investments | The net carrying value and estimated fair value of investments classified as available-for-sale at March 31, 2015, by contractual maturity are shown in the following table. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations. | |||||||||||||||
Amortized Cost | Fair Value | |||||||||||||||
Due in one year or less | $ | 508,217 | $ | 508,283 | ||||||||||||
Due after one year through five years | 101,973 | 101,193 | ||||||||||||||
610,190 | 609,476 | |||||||||||||||
Preferred stock | 23,694 | 24,258 | ||||||||||||||
$ | 633,884 | $ | 633,734 | |||||||||||||
Other_Income_Expense_Tables
Other Income (Expense) (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Income and Expenses [Abstract] | |||||||||
Schedule of other income (expense) | Other income (expense) consists of the following: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Investment income, net | |||||||||
Net investment income from available-for-sale securities | |||||||||
Interest and dividend income | $ | 2,257 | $ | 524 | |||||
Accretion income | 621 | 112 | |||||||
Realized losses on the sale of investments | — | (401 | ) | ||||||
Total net investment income from available-for-sale securities | 2,878 | 235 | |||||||
Interest income from investments in special purpose entities (Note 5) | 2,003 | — | |||||||
Interest accrued on notes receivable | 331 | 39 | |||||||
Total investment income, net | 5,212 | 274 | |||||||
Interest expense | |||||||||
Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity (Note 5) | (2,188 | ) | — | ||||||
Interest expense | (688 | ) | (639 | ) | |||||
Total interest expense | (2,876 | ) | (639 | ) | |||||
Other, net | |||||||||
Accretion income from retained interest investments | 211 | 211 | |||||||
Hunting lease income | 210 | 380 | |||||||
Other income, net | 156 | 185 | |||||||
Other, net | 577 | 776 | |||||||
Total other income | $ | 2,913 | $ | 411 | |||||
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
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 March 31, 2015 were as follows: | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||||
Cash equivalents: | ||||||||||||||||||||
Money market funds | $ | 23,406 | $ | — | $ | — | $ | 23,406 | ||||||||||||
Commercial paper | 248,354 | — | — | 248,354 | ||||||||||||||||
Debt securities: | ||||||||||||||||||||
U.S. Treasury securities | 259,929 | — | — | 259,929 | ||||||||||||||||
Corporate debt securities | — | 101,193 | — | 101,193 | ||||||||||||||||
Preferred stock | — | 24,258 | — | 24,258 | ||||||||||||||||
Restricted investments: | ||||||||||||||||||||
Guaranteed income fund | — | 7,099 | — | 7,099 | ||||||||||||||||
$ | 531,689 | $ | 132,550 | $ | — | $ | 664,239 | |||||||||||||
The financial instruments measured at fair value on a recurring basis at December 31, 2014 were as follows: | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||||
Cash equivalents: | ||||||||||||||||||||
Money market funds | $ | 19,971 | $ | — | $ | — | $ | 19,971 | ||||||||||||
Debt securities: | ||||||||||||||||||||
U.S. Treasury securities | 509,815 | — | — | 509,815 | ||||||||||||||||
Corporate debt securities | — | 100,105 | — | 100,105 | ||||||||||||||||
Preferred stock | — | 26,958 | — | 26,958 | ||||||||||||||||
Restricted investments: | ||||||||||||||||||||
Guaranteed income fund | — | 7,940 | — | 7,940 | ||||||||||||||||
$ | 529,786 | $ | 135,003 | $ | — | $ | 664,789 | |||||||||||||
Carrying Amount and Fair Value of Financial Instruments | The carrying amount and fair value of the Company’s financial instruments were as follows: | |||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||
Carrying | Fair value | Level | Carrying | Fair value | Level | |||||||||||||||
value | value | |||||||||||||||||||
Assets | ||||||||||||||||||||
Pledged treasury securities | $ | 25,512 | $ | 26,002 | 1 | $ | 25,670 | $ | 26,501 | 1 | ||||||||||
Retained interest investments | $ | 9,974 | $ | 13,055 | 3 | $ | 9,932 | $ | 13,026 | 3 | ||||||||||
Investments held by special purpose entities (Note 5) | $ | 209,412 | 209,473 | 3 | $ | 209,857 | $ | 209,679 | 3 | |||||||||||
Liabilities | ||||||||||||||||||||
Senior Notes held by special purpose entity (Note 5) | $ | 177,366 | 177,966 | 3 | $ | 177,341 | $ | 177,940 | 3 | |||||||||||
Real_Estate_Joint_Ventures_Tab
Real Estate Joint Ventures (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Real Estate Joint Ventures [Abstract] | ||||||||
Summarized Balance Sheets for Unconsolidated Investments | Summarized financial information for ALP is as follows: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
BALANCE SHEETS: | ||||||||
Cash and cash equivalents | $ | 14,987 | $ | 15,461 | ||||
Other assets | 58 | 57 | ||||||
Total assets | $ | 15,045 | $ | 15,518 | ||||
Accounts payable and other liabilities | $ | 483 | $ | 605 | ||||
Equity(1) | 14,562 | 14,913 | ||||||
Total liabilities and equity | $ | 15,045 | $ | 15,518 | ||||
(1) In 2008, the Company wrote-off its investment in ALP as a result of ALP reserving its assets to satisfy potential claims and obligations in accordance with its publicly reported liquidation basis of accounting. Subsequently, ALP 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 ALP’s change in accounting. |
Notes_Receivable_net_Tables
Notes Receivable, net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Notes Receivable, Net | Notes receivable, net consists of the following: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Interest bearing homebuilder note for the RiverTown Sale, secured by the real estate sold — 5.25% interest rate, all accrued interest and remaining principal and interest payment due June 2015 | $ | 18,600 | $ | 19,600 | ||||
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% | 2,147 | 2,147 | ||||||
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, any remaining payments outstanding are due August 2015 | 1,102 | 2,011 | ||||||
Various mortgage notes, secured by certain real estate bearing interest at various rates | 505 | 512 | ||||||
Total notes receivable, net | $ | 22,354 | $ | 24,270 | ||||
Other_Assets_Tables
Other Assets (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Schedule of Other Assets | Other assets consist of the following: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Retained interest investments | $ | 9,974 | $ | 9,932 | ||||
Accounts receivable, net | 3,786 | 4,385 | ||||||
Prepaid expenses | 5,276 | 4,783 | ||||||
Straight line rent | 3,202 | 2,869 | ||||||
Income tax receivable | 2,011 | 778 | ||||||
Other assets | 8,816 | 6,305 | ||||||
Accrued interest receivable for Senior Notes held by special purpose entity (Note 5) | 1,335 | 2,938 | ||||||
Total other assets | $ | 34,400 | $ | 31,990 | ||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | Debt consists of the following: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
In-substance defeased debt, interest payable at 5.62%, secured and paid by pledged treasury securities, due October 1, 2015 | $ | 25,512 | $ | 25,670 | ||||
Community Development District debt, secured by certain real estate and standby note purchase agreements, due through May 2039, interest payable at 2.25% to 7.0% | 7,186 | 6,516 | ||||||
Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.27% and 2.26% at March 31, 2015 and December 31, 2014, respectively | 33,789 | 31,618 | ||||||
Total debt | $ | 66,487 | $ | 63,804 | ||||
Maturities of Debt | The aggregate maturities of debt subsequent to March 31, 2015 are: | |||||||
March 31, | ||||||||
2015 | ||||||||
2015 | 25,625 | |||||||
2016 | 33,906 | |||||||
2017 | 121 | |||||||
2018 | 126 | |||||||
2019 | 130 | |||||||
Thereafter | 6,579 | |||||||
$ | 66,487 | |||||||
Accrued_Liabilities_and_Deferr1
Accrued Liabilities and Deferred Credits (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accrued Liabilities and Deferred Credits | Accrued liabilities and deferred credits consist of the following: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Accrued compensation | $ | 1,933 | $ | 2,673 | ||||
Deferred revenue | 15,112 | 15,309 | ||||||
Membership deposits | 8,542 | 8,426 | ||||||
Other accrued liabilities | 6,289 | 5,651 | ||||||
Accrued interest expense for Senior Notes held by special purpose entity (Note 5) | 712 | 2,852 | ||||||
Total accrued liabilities and deferred credits | $ | 32,588 | $ | 34,911 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Income Tax Disclosure [Abstract] | ||||||
Schedule of effective income tax rate reconciliation | Income tax expense (benefit) differed from the amount computed by applying the federal statutory rate of 35% to pre-tax loss or income as a result of the following: | |||||
Three Months Ended | ||||||
March 31, | ||||||
2015 | 2014 | |||||
Tax at the statutory federal rate | (35.0 | )% | 35 | % | ||
State income taxes (net of federal benefit) | (3.5 | ) | 3.5 | |||
Decrease in valuation allowance | (0.5 | ) | (17.5 | ) | ||
Other | 0.5 | — | ||||
Effective tax rate | (38.5 | )% | 21 | % |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Compensation and Retirement Disclosure [Abstract] | |||||
Summary of Components of Net Periodic Pension Cost (Benefit) | A summary of the net periodic pension cost related to the Pension Plan for the three months ended March 31, 2014 are as follows: | ||||
Three Months Ended March 31, 2014 | |||||
Interest cost | $ | 185 | |||
Expected loss on assets | 137 | ||||
Settlement charges | 240 | ||||
Amortization of loss | 132 | ||||
Net periodic pension cost | $ | 694 | |||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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, which is presented net of tax, for the three months ended March 31, 2015 and 2014: | |||||||||||
Defined Benefit Pension Items | Unrealized Gains and (Losses) on Available-for-Sale Securities | Total | ||||||||||
Accumulated other comprehensive loss at December 31, 2014 | $ | — | $ | (1,325 | ) | $ | (1,325 | ) | ||||
Other comprehensive income before reclassifications | — | 773 | 773 | |||||||||
Accumulated other comprehensive loss at March 31, 2015 | $ | — | $ | (552 | ) | $ | (552 | ) | ||||
Defined Benefit Pension Items | Unrealized Gains and (Losses) on Available-for-Sale Securities | Total | ||||||||||
Accumulated other comprehensive loss at December 31, 2013 | $ | (5,392 | ) | $ | (2,125 | ) | $ | (7,517 | ) | |||
Other comprehensive loss before reclassifications | (252 | ) | (484 | ) | (736 | ) | ||||||
Amounts reclassified from accumulated other comprehensive loss | 229 | 247 | 476 | |||||||||
Other comprehensive loss | (23 | ) | (237 | ) | (260 | ) | ||||||
Accumulated other comprehensive loss at March 31, 2014 | $ | (5,415 | ) | $ | (2,362 | ) | $ | (7,777 | ) | |||
Amount Reclassified from Accumulated Other Comprehensive Loss | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
Details about Accumulated Other Comprehensive Loss Components | 2015 | 2014 | Affected Line in the Condensed Consolidated Statements of Operations | |||||||||
Defined benefit pension items | ||||||||||||
Amortization of loss | $ | — | $ | 132 | Net periodic pension costs, Note 14, Employee Benefit Plans | |||||||
Settlement cost | — | 240 | Net periodic pension costs, Note 14, Employee Benefit Plans | |||||||||
Total before tax | — | 372 | ||||||||||
Income tax benefit | — | 143 | ||||||||||
Net of tax | — | 229 | ||||||||||
Items related to available-for-sale securities | ||||||||||||
Realized loss on sale | — | 401 | Investment income, net, Note 4, Investments | |||||||||
Income tax benefit | — | 154 | ||||||||||
Net of tax | — | 247 | ||||||||||
Total reclassifications for the period, net of tax | $ | — | $ | 476 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Loss | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
Details about Accumulated Other Comprehensive Loss Components | 2015 | 2014 | Affected Line in the Condensed Consolidated Statements of Operations | |||||||||
Defined benefit pension items | ||||||||||||
Amortization of loss | $ | — | $ | 132 | Net periodic pension costs, Note 14, Employee Benefit Plans | |||||||
Settlement cost | — | 240 | Net periodic pension costs, Note 14, Employee Benefit Plans | |||||||||
Total before tax | — | 372 | ||||||||||
Income tax benefit | — | 143 | ||||||||||
Net of tax | — | 229 | ||||||||||
Items related to available-for-sale securities | ||||||||||||
Realized loss on sale | — | 401 | Investment income, net, Note 4, Investments | |||||||||
Income tax benefit | — | 154 | ||||||||||
Net of tax | — | 247 | ||||||||||
Total reclassifications for the period, net of tax | $ | — | $ | 476 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Information by Business Segment | Information by business segment is as follows: | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Operating Revenues | ||||||||
Residential real estate | $ | 5,411 | $ | 5,718 | ||||
Commercial real estate | — | 2,285 | ||||||
Resorts and leisure | 7,803 | 6,997 | ||||||
Leasing operations | 2,045 | 1,189 | ||||||
Forestry | 1,806 | 577,873 | ||||||
Other | 26 | 24 | ||||||
Consolidated operating revenues | $ | 17,091 | $ | 594,086 | ||||
(Loss) income before equity in loss from unconsolidated affiliates and income taxes: | ||||||||
Residential real estate | $ | 382 | $ | 243 | ||||
Commercial real estate | (604 | ) | 800 | |||||
Resorts and leisure | (2,931 | ) | (1,754 | ) | ||||
Leasing operations | 201 | 224 | ||||||
Forestry | 1,637 | 514,099 | ||||||
Other | (1,474 | ) | (3,708 | ) | ||||
Consolidated (loss) income before equity in loss from unconsolidated affiliates and income taxes | $ | (2,789 | ) | $ | 509,904 | |||
March 31, | December 31, 2014 | |||||||
2015 | ||||||||
Total Assets: | ||||||||
Residential real estate | $ | 133,013 | $ | 135,317 | ||||
Commercial real estate | 63,056 | 62,931 | ||||||
Resorts and leisure | 77,176 | 79,021 | ||||||
Leasing operations | 76,599 | 74,800 | ||||||
Forestry | 17,272 | 20,521 | ||||||
Other | 938,376 | 930,545 | ||||||
Total assets | $ | 1,305,492 | $ | 1,303,135 | ||||
Nature_of_Operations_Nature_of
Nature of Operations Nature of Operations (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
Accounting Policies [Abstract] | |
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 | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Real Estate Properties [Line Items] | |||
Development property | $169,563,000 | $170,790,000 | |
Operating property | 211,120,000 | 209,154,000 | |
Less: Accumulated depreciation | 59,561,000 | 58,132,000 | |
Total operating property, net | 151,559,000 | 151,022,000 | |
Investment in real estate, net | 321,122,000 | 321,812,000 | |
Capitalized indirect costs incurred (less than in 2015) | 100,000 | 300,000 | |
Residential real estate | |||
Real Estate Properties [Line Items] | |||
Development property | 102,987,000 | 102,408,000 | |
Operating property | 8,084,000 | 8,084,000 | |
Commercial real estate | |||
Real Estate Properties [Line Items] | |||
Development property | 59,408,000 | 59,405,000 | |
Resorts and leisure | |||
Real Estate Properties [Line Items] | |||
Operating property | 108,630,000 | 110,136,000 | |
Leasing operations | |||
Real Estate Properties [Line Items] | |||
Development property | 1,831,000 | 3,680,000 | |
Operating property | 75,436,000 | 72,045,000 | |
Forestry | |||
Real Estate Properties [Line Items] | |||
Development property | 3,278,000 | 3,278,000 | |
Operating property | 18,922,000 | 18,839,000 | |
Other | |||
Real Estate Properties [Line Items] | |||
Operating property | 48,000 | 50,000 | |
Corporate | |||
Real Estate Properties [Line Items] | |||
Development property | $2,059,000 | $2,019,000 |
Impairment_of_Longlived_Assets
Impairment of Long-lived Assets - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Asset Impairment Charges [Abstract] | ||
Impairments of Long Lived assets | $0 | $0 |
Investments_Schedule_of_Invest
Investments - Schedule of Investments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $633,884,000 | $638,333,000 |
Gross Unrealized Gains | 630,000 | 32,000 |
Gross Unrealized Losses | 780,000 | 1,487,000 |
Fair Value | 633,734,000 | 636,878,000 |
Commercial paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 248,294,000 | |
Gross Unrealized Gains | 60,000 | |
Gross Unrealized Losses | 0 | |
Fair Value | 248,354,000 | |
U.S. Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 259,923,000 | 509,783,000 |
Gross Unrealized Gains | 6,000 | 32,000 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 259,929,000 | 509,815,000 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 101,973,000 | 101,587,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 780,000 | 1,482,000 |
Fair Value | 101,193,000 | 100,105,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 49,100,000 | 14,300,000 |
Preferred stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 23,694,000 | 26,963,000 |
Gross Unrealized Gains | 564,000 | 0 |
Gross Unrealized Losses | 0 | 5,000 |
Fair Value | $24,258,000 | $26,958,000 |
Investments_Additional_Informa
Investments - Additional Information (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Money market funds | $23,400,000 | |||
Fair Value | 633,734,000 | 636,878,000 | ||
Debt securities | 609,476,000 | |||
Realized losses from the sale of available-for-sale securities | 0 | |||
Sales of investments | 128,272,000 | 2,621,000 | ||
Maturities of investments | 125,000,000 | 25,000,000 | ||
Realized gains from the sale of available-for-sale securities | 400,000 | |||
Unrealized losses | 780,000 | 1,487,000 | ||
Other-than-temporary impairment losses | 1,300,000 | |||
Commercial paper | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Fair Value | 248,354,000 | |||
Unrealized losses | 0 | |||
US Government Agencies Debt Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
US Government Securities, at Carrying Value | 259,900,000 | |||
Corporate debt securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Fair Value | 101,193,000 | 100,105,000 | ||
Debt securities | 101,200,000 | |||
Unrealized losses | 780,000 | 1,482,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 49,100,000 | 14,300,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 400,000 | 200,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 52,100,000 | 85,800,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 400,000 | 1,300,000 | ||
Other Debt Obligations | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Other Marketable Securities, Noncurrent | 24,300,000 | |||
U.S. Treasury securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Fair Value | 259,929,000 | 509,815,000 | ||
Unrealized losses | $0 | $0 | ||
Minimum | Required percent of investment account held in cash or cash equivalents | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investments, target portfolio allocations | 50.00% | |||
Minimum | Other aggregated investments | Securities of any one issuer (excluding the U.S. Government) | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investments, portfolio allocations requiring additional consent | 10.00% | |||
Maximum | Other aggregated investments | Securities of any one issuer (excluding the U.S. Government) | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investments, target portfolio allocations | 15.00% | |||
Investments, portfolio allocations requiring additional consent | 15.00% | |||
Investor | Fairholme Capital Management, L.L.C. | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Common stock ownership percentage | 27.10% |
Investments_Contractual_Maturi
Investments - Contractual Maturities of Investments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Amortized Cost | ||
Due in one year or less | $508,217 | |
Due after one year through five years | 101,973 | |
Amortized Cost | 610,190 | |
Preferred stock | 23,694 | |
Amortized Cost | 633,884 | 638,333 |
Fair Value | ||
Due in one year or less | 508,283 | |
Due after one year through five years | 101,193 | |
Fair Value | 609,476 | |
Preferred stock | 24,258 | |
Fair Value | $633,734 | $636,878 |
AgReserves_Sale_Details
AgReserves Sale (Details) (USD $) | 1 Months Ended | 3 Months Ended | 0 Months Ended | ||||
Apr. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 05, 2014 | Dec. 31, 2014 | Dec. 31, 2008 | Apr. 02, 2014 | |
acre | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Timberland Acreage Sales | 380,000 | ||||||
Other operating and corporate expenses | $7,117,000 | $8,507,000 | |||||
Investments held by special purpose entities | 209,412,000 | 203,500,000 | 209,857,000 | ||||
Debt instrument, face amount | 180,000,000 | ||||||
Debt interest rate | 4.75% | ||||||
Proceeds from (repayments of) accounts receivable securitization | 165,000,000 | ||||||
Cost of monetization | 15,000,000 | ||||||
Retained interest promissory note receivable | 20,000,000 | 15,200,000 | |||||
Senior Notes Held By Special Purpose Entity | 177,366,000 | 177,341,000 | |||||
Interest income from investments in special purpose entities | 2,003,000 | 0 | |||||
Interest expense in special purpose entity | 2,188,000 | 0 | |||||
Carrying Value | Level 3 | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Senior Notes Held By Special Purpose Entity | 177,366,000 | 177,341,000 | |||||
Northwest Florida Timber Finance, LLC | Notes Receivable | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Issue price of senior secured notes | 98.48% | ||||||
Special Purpose Entities | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Assets held by special purpose entities | 211,900,000 | ||||||
Liabilities held by special purpose entities | 178,100,000 | ||||||
U.S. treasury securities | 9,300,000 | ||||||
Cash | 300,000 | ||||||
Debt issuance cost | 1,400,000 | ||||||
Unamortized discount (premium), net | 2,600,000 | ||||||
Deposit liabilities, accrued interest | 712,000 | 2,852,000 | |||||
Held-To-Maturity Security, Term | 15 years | ||||||
U.S. Treasury securities maturing within one year | 800,000 | ||||||
U.S. Treasury securities maturing after one year through five years | 3,700,000 | ||||||
U.S. Treasury securities maturing after five years through ten years | 3,100,000 | ||||||
U.S. Treasury securities maturing after ten years | 1,700,000 | ||||||
Special Purpose Entities | Notes Receivable | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Debt interest rate | 4.01% | ||||||
Buyer Special Purpose Entity | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Time deposits | 200,000,000 | ||||||
Accrued investment income receivable | 1,000,000 | ||||||
AgReserves Sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proposed land sale, purchase price | 562,000,000 | ||||||
Sale of real estate | 511,100,000 | ||||||
Other operating and corporate expenses | 1,200,000 | ||||||
Proceeds from sale of real estate | 358,500,000 | ||||||
Disposal group consideration, notes receivable | $200,000,000 | ||||||
Timber Notes Receivable Maturity Period | 15 years |
Other_Income_Expense_Details
Other Income (Expense) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other Income and Expenses [Abstract] | ||
Interest and dividend income | $2,257 | $524 |
Accretion income | 621 | 112 |
Realized (losses) gains on the sale of investments | 0 | -401 |
Total net investment income from available-for-sale securities | 2,878 | 235 |
Interest income from investments in special purpose entities | 2,003 | 0 |
Interest accrued on notes receivable | 331 | 39 |
Total investment income, net | 5,212 | 274 |
Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity | -2,188 | 0 |
Interest expense | -688 | -639 |
Total interest expense | -2,876 | -639 |
Accretion income from retained interest investments | 211 | 211 |
Hunting lease income | 210 | 380 |
Other income, net | 156 | 185 |
Other, net | 577 | 776 |
Total other income | $2,913 | $411 |
Other Income (Expense) [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 4.90% | |
Minimum | ||
Other Income (Expense) [Line Items] | ||
Discount Rate On Retained Interest | 3.70% | |
Maximum | ||
Other Income (Expense) [Line Items] | ||
Discount Rate On Retained Interest | 11.60% |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value Measurements - Fair Value Hierarchy (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted Investments | $7,099 | $7,940 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 664,239 | 664,789 |
Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 531,689 | 529,786 |
Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 132,550 | 135,003 |
Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value | 23,406 | 19,971 |
Fair Value, Measurements, Recurring [Member] | Money market funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value | 23,406 | 19,971 |
Fair Value, Measurements, Recurring [Member] | Money market funds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Money market funds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value | 248,354 | |
Fair Value, Measurements, Recurring [Member] | Commercial paper | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value | 248,354 | |
Fair Value, Measurements, Recurring [Member] | Commercial paper | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value | 0 | |
Fair Value, Measurements, Recurring [Member] | Commercial paper | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value | 0 | |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 259,929 | 509,815 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 259,929 | 509,815 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 101,193 | 100,105 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 101,193 | 100,105 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Preferred stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 24,258 | 26,958 |
Fair Value, Measurements, Recurring [Member] | Preferred stock | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Preferred stock | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 24,258 | 26,958 |
Fair Value, Measurements, Recurring [Member] | Preferred stock | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted Investments | 7,099 | 7,940 |
Fair Value, Measurements, Recurring [Member] | Investments [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted Investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Investments [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted Investments | 7,099 | 7,940 |
Fair Value, Measurements, Recurring [Member] | Investments [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted Investments | $0 | $0 |
Financial_Instruments_and_Fair3
Financial Instruments and Fair Value Measurements - Additional information (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2008 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2007 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long term debt | 66,487,000 | $63,804,000 | ||
Retained interest promissory note receivable | 15,200,000 | 20,000,000 | ||
Notes, maturity period | 15 years | |||
Carrying Value | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Retained Interest, Fair Value Disclosure | 9,974,000 | 9,932,000 | ||
Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Note maturity year | 2022 | |||
Retained interest, effective interest rate | 3.70% | |||
Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Note maturity year | 2024 | |||
Retained interest, effective interest rate | 11.60% | |||
Defeased Debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long term debt | $29,300,000 |
Financial_Instruments_and_Fair4
Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes held by special purpose entities | $177,366 | $177,341 |
Carrying Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Pledged treasury securities | 25,512 | 25,670 |
Carrying Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Retained interest investments | 9,974 | 9,932 |
Investments held by special purpose entities | 209,412 | 209,857 |
Senior Notes held by special purpose entities | 177,366 | 177,341 |
Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Pledged treasury securities | 26,002 | 26,501 |
Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Retained interest investments | 13,055 | 13,026 |
Investments held by special purpose entities | 209,473 | 209,679 |
Senior Notes held by special purpose entities | $177,966 | $177,940 |
Real_Estate_Joint_Ventures_Add
Real Estate Joint Ventures - Additional Information (Details) (USD $) | 3 Months Ended | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | |||||
Debt | $66,487,000 | $63,804,000 | |||
Operating Expenses | 22,793,000 | 84,593,000 | |||
Statements Of Operations | |||||
Variable Interest Entity [Line Items] | |||||
Operating Expenses | 600,000 | 400,000 | |||
Pier Park North Joint Venture Construction Loan | Construction Loans | |||||
Variable Interest Entity [Line Items] | |||||
Debt | 33,789,000 | 31,618,000 | |||
Consolidated Variable Interest Entities | |||||
Variable Interest Entity [Line Items] | |||||
Construction loan date | 2016-02 | ||||
Variable Interest Entities | |||||
Variable Interest Entity [Line Items] | |||||
Debt | 33,789,000 | 31,618,000 | |||
Assets | 53,900,000 | ||||
Liabilities | 36,600,000 | ||||
Pier Park North | Consolidated Variable Interest Entities | |||||
Variable Interest Entity [Line Items] | |||||
Estimated contribution for joint venture by company and its partner | 14,400,000 | ||||
Contribution for joint venture | 9,500,000 | ||||
Percentage of cash contribution for joint venture by parent | 66.00% | ||||
Noncontrolling interest contribution for joint venture | 4,900,000 | ||||
Percentage of additional cash contribution for joint venture | 34.00% | ||||
Land contributed to joint venture agreed upon value | 6,000,000 | ||||
Proceeds from sale of property | 2,300,000 | ||||
Construction loan | 41,000,000 | ||||
Construction loan, term of optional renewal extension | 2 years | ||||
Principal repayment guarantee | 33.00% | 33.00% | |||
Debt instrument, covenant compliance, minimum liquidity amount | 25,000,000 | ||||
Net worth | 350,000,000 | ||||
Percentage of total equity paid by parent | 73.00% | ||||
Initial profits to be redistributed to repay contribution | 6,000,000 | ||||
Pier Park North | Consolidated Variable Interest Entities | Maximum | |||||
Variable Interest Entity [Line Items] | |||||
Percentage of additional cash contribution for joint venture | 40.00% | ||||
Pier Park North | Consolidated Variable Interest Entities | Pier Park North Joint Venture Construction Loan | Construction Loans | |||||
Variable Interest Entity [Line Items] | |||||
Debt | $33,800,000 | $31,600,000 | |||
Artisan Park, L.L.C | Consolidated Variable Interest Entities | |||||
Variable Interest Entity [Line Items] | |||||
Percentage of cash contribution for joint venture by parent | 74.00% |
Real_Estate_Joint_Ventures_Sum
Real Estate Joint Ventures - Summarized Financial Information for Unconsolidated Investments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Investment In Unconsolidated Affiliates [Line Items] | ||||
Cash and cash equivalents | $289,708 | $34,515 | $237,419 | $21,894 |
Other assets | 34,400 | 31,990 | ||
Total assets | 1,305,492 | 1,303,135 | ||
Equity | 970,244 | 971,209 | ||
Total liabilities and equity | 1,305,492 | 1,303,135 | ||
Other Affiliates | ||||
Investment In Unconsolidated Affiliates [Line Items] | ||||
Cash and cash equivalents | 14,987 | 15,461 | ||
Other assets | 58 | 57 | ||
Total assets | 15,045 | 15,518 | ||
Accounts payable and other liabilities | 483 | 605 | ||
Equity | 14,562 | 14,913 | ||
Total liabilities and equity | $15,045 | $15,518 |
Notes_Receivable_net_Details
Notes Receivable, net (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Apr. 02, 2014 | |
acre | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable | $22,354,000 | $22,354,000 | $24,270,000 | |
Impact Fees Received | 0 | 100,000 | ||
RiverTown Sale | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Area of Land (in acres) | 4,057 | |||
Disposal Group, Including Discontinued Operation, Consideration | 24,000,000 | |||
Disposal Group, Including Discontinued Operation, Consideration, Notes Receivable | 19,600,000 | |||
Minimum | RiverTown Sale | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Expected Impact Fee Receivable | 20,000,000 | |||
Maximum | RiverTown Sale | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Expected Impact Fee Receivable | 26,000,000 | |||
Interest bearing homebuilder note for the RiverTown Sale, secured by the real estate sold b 5.25% interest rate, all accrued interest and remaining principal and interest payment due June 2015 | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable | 18,600,000 | 18,600,000 | 19,600,000 | |
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] | ||||
Notes receivable | 2,147,000 | 2,147,000 | 2,147,000 | |
Interest bearing homebuilder notes, secured by the real estate sold b 4.0% interest rate, any remaining payments outstanding are due August 2015 | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable | 1,102,000 | 1,102,000 | 2,011,000 | |
Various mortgage notes, secured by certain real estate bearing interest at various rates | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable | $505,000 | $505,000 | $512,000 |
Notes_Receivable_net_Descripto
Notes Receivable, net (Descriptors) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Interest bearing homebuilder note for the RiverTown Sale, secured by the real estate sold b 5.25% interest rate, all accrued interest and remaining principal and interest payment due June 2015 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable, effective interest rate | 5.25% | 5.25% |
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] | ||
Note receivable, maturity date | 2024-12 | 2024-12 |
Unamortized discount | $0.10 | $0.10 |
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, any remaining payments outstanding are due August 2015 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable, effective interest rate | 4.00% | 4.00% |
Other_Assets_Details
Other Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Retained interest investments | $9,974 | $9,932 |
Accounts receivable, net | 3,786 | 4,385 |
Prepaid expenses | 5,276 | 4,783 |
Straight line rent | 3,202 | 2,869 |
Income tax receivable | 2,011 | 778 |
Other assets | 8,816 | 6,305 |
Accrued interest receivable for Senior Notes held by special purpose entity | 1,335 | 2,938 |
Total other assets | $34,400 | $31,990 |
Debt_Details
Debt (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2007 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Long term debt | $66,487 | $63,804 | |
In-substance defeased debt, interest payable at 5.62%, secured and paid by pledged treasury securities, due October 1, 2015 | |||
Debt Instrument [Line Items] | |||
Long term debt | 25,512 | 25,670 | 29,300 |
Community Development District debt, secured by certain real estate and standby note purchase agreements, due through May 2039, interest payable at 2.25% to 7.0% | Community Development District debt, secured by certain real estate and standby note purchase agreements, due through May 2039, interest payable at 2.25% to 7.0% | |||
Debt Instrument [Line Items] | |||
Long term debt | 7,186 | 6,516 | |
Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.27% and 2.26% at March 31, 2015 and December 31, 2014, respectively | Pier Park North Joint Venture Construction Loan | |||
Debt Instrument [Line Items] | |||
Long term debt | $33,789 | $31,618 |
Debt_Descriptors_Details
Debt (Descriptors) (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2013 | Apr. 30, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Debt interest rate | 4.75% | |||
In-substance defeased debt, interest payable at 5.62%, secured and paid by pledged treasury securities, due October 1, 2015 | ||||
Debt Instrument [Line Items] | ||||
Debt interest rate | 5.62% | 5.62% | ||
Community Development District debt, secured by certain real estate and standby note purchase agreements, due through May 2039, interest payable at 2.25% to 7.0% | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, minimum interest | 2.25% | 2.25% | ||
Debt instrument, maximum interest | 7.00% | 7.00% | ||
Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.27% and 2.26% at March 31, 2015 and December 31, 2014, respectively | Pier Park North Joint Venture Construction Loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.10% | |||
Debt instrument, effective interest rate | 2.27% | 2.26% |
Debt_Additional_Information_De
Debt - Additional Information (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2013 | Dec. 31, 2007 | Mar. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Long term debt | $66,487,000 | $63,804,000 | ||
Total community development district debt | 22,600,000 | 22,700,000 | ||
Consolidated Variable Interest Entities | Pier Park North | ||||
Debt Instrument [Line Items] | ||||
Construction loan | 41,000,000 | |||
Construction loan, term of optional renewal extension | 2 years | |||
In-substance defeased debt, interest payable at 5.62%, secured and paid by pledged treasury securities, due October 1, 2015 | ||||
Debt Instrument [Line Items] | ||||
Long term debt | 29,300,000 | 25,512,000 | 25,670,000 | |
Long term debt, year of balloon payment | 2015 | |||
Community Development District debt, secured by certain real estate and standby note purchase agreements, due through May 2039, interest payable at 2.25% to 7.0% | Community Development District debt, secured by certain real estate and standby note purchase agreements, due through May 2039, interest payable at 2.25% to 7.0% | ||||
Debt Instrument [Line Items] | ||||
Long term debt | 7,186,000 | 6,516,000 | ||
Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.27% and 2.26% at March 31, 2015 and December 31, 2014, respectively | Pier Park North Joint Venture Construction Loan | ||||
Debt Instrument [Line Items] | ||||
Long term debt | 33,789,000 | 31,618,000 | ||
Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.27% and 2.26% at March 31, 2015 and December 31, 2014, respectively | Pier Park North Joint Venture Construction Loan | Consolidated Variable Interest Entities | Pier Park North | ||||
Debt Instrument [Line Items] | ||||
Long term debt | $33,800,000 | $31,600,000 |
Debt_Maturities_of_Debt_Detail
Debt - Maturities of Debt (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $25,625 | |
2016 | 33,906 | |
2017 | 121 | |
2018 | 126 | |
2019 | 130 | |
Thereafter | 6,579 | |
Long-term Debt | $66,487 | $63,804 |
Accrued_Liabilities_and_Deferr2
Accrued Liabilities and Deferred Credits (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities And Deferred Credits [Line Items] | ||
Accrued compensation | $1,933 | $2,673 |
Deferred revenue | 15,112 | 15,309 |
Membership deposits | 8,542 | 8,426 |
Other accrued liabilities | 6,289 | 5,651 |
Total accrued liabilities and deferred credits | 32,588 | 34,911 |
Special Purpose Entities | ||
Accrued Liabilities And Deferred Credits [Line Items] | ||
Accrued interest expense for Senior Notes held by special purpose entity | $712 | $2,852 |
Accrued_Liabilities_and_Deferr3
Accrued Liabilities and Deferred Credits - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2006 | Mar. 31, 2015 | Dec. 31, 2014 |
acre | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Deferred revenue | $15,112 | $15,309 | |
Florida Department of Transportation | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Deferred revenue | $12,500 | $12,500 | |
Acres of land sold | 3,900 |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense (Benefit) Reconciliation (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Statutory federal income tax rate | -35.00% | 35.00% |
State income taxes (net of federal benefit) | -3.50% | 3.50% |
Decrease in valuation allowance | -0.50% | -17.50% |
Other | 0.50% | 0.00% |
Effective tax rate | -38.50% | 21.00% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets, valuation allowance | $6,200,000 | $93,100,000 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | -89,300,000 | ||
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 0 | ||
State | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $323,900,000 |
Employee_Benefit_Plans_Summary
Employee Benefit Plans - Summary of Components of Net Periodic Pension Cost (Benefit) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Assets Contributed to 401(k) Plan | $7,900,000 | ||
Pension Plan Assets Reverted to the Company | 23,800,000 | ||
Interest cost | 185,000 | ||
Expected loss on assets | 137,000 | ||
Settlement charges | 240,000 | ||
Amortization of loss | 132,000 | ||
Net periodic pension cost | 694,000 | ||
Discount rate | 3.90% | ||
Expected long term rate on plan assets | 0.00% | ||
Restricted Investments | 7,099,000 | 7,940,000 | |
Compensation Expense for Assets Allocated to Participants | 900,000 | ||
Unrealized Gain (Loss) on Investments (less than) | $100,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Loss for Pension Plan Items (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive loss, beginning balance | ($1,325) | ($7,517) |
Other comprehensive income before reclassifications | 773 | -736 |
Amounts reclassified from accumulated other comprehensive loss | 476 | |
Total other comprehensive income (loss), net of tax | 773 | -260 |
Accumulated other comprehensive loss, beginning balance | -552 | -7,777 |
Realized loss on sale | 5,212 | 274 |
(Loss) income before equity in loss from unconsolidated affiliates and income taxes | -2,789 | 509,904 |
Income tax benefit | 1,073 | -106,905 |
Net (loss) income | -1,716 | 402,989 |
Reclassification out of Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Net (loss) income | 0 | 476 |
Defined benefit pension items | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive loss, beginning balance | 0 | -5,392 |
Other comprehensive income before reclassifications | 0 | -252 |
Amounts reclassified from accumulated other comprehensive loss | 229 | |
Total other comprehensive income (loss), net of tax | -23 | |
Accumulated other comprehensive loss, beginning balance | 0 | -5,415 |
Defined benefit pension items | Reclassification out of Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Amortization of loss | 0 | 132 |
Settlement cost | 0 | 240 |
(Loss) income before equity in loss from unconsolidated affiliates and income taxes | 0 | 372 |
Income tax benefit | 0 | 143 |
Net (loss) income | 0 | 229 |
Items related to available-for-sale securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive loss, beginning balance | -1,325 | -2,125 |
Other comprehensive income before reclassifications | 773 | -484 |
Amounts reclassified from accumulated other comprehensive loss | 247 | |
Total other comprehensive income (loss), net of tax | -237 | |
Accumulated other comprehensive loss, beginning balance | -552 | -2,362 |
Items related to available-for-sale securities | Reclassification out of Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Realized loss on sale | 0 | 401 |
Income tax benefit | 0 | 154 |
Net (loss) income | $0 | $247 |
Segment_Information_Informatio
Segment Information - Information by Business Segment (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment | |||
Segment Reporting Information [Line Items] | |||
Number of reportable operating segments | 5 | ||
Operating revenues | $17,091 | $594,086 | |
(Loss) income before equity in loss from unconsolidated affiliates and income taxes: | -2,789 | 509,904 | |
Total assets | 1,305,492 | 1,303,135 | |
Residential real estate | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 5,411 | 5,718 | |
(Loss) income before equity in loss from unconsolidated affiliates and income taxes: | 382 | 243 | |
Total assets | 133,013 | 135,317 | |
Commercial real estate | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 0 | 2,285 | |
(Loss) income before equity in loss from unconsolidated affiliates and income taxes: | -604 | 800 | |
Total assets | 63,056 | 62,931 | |
Resorts and leisure | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 7,803 | 6,997 | |
(Loss) income before equity in loss from unconsolidated affiliates and income taxes: | -2,931 | -1,754 | |
Total assets | 77,176 | 79,021 | |
Leasing operations | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 2,045 | 1,189 | |
(Loss) income before equity in loss from unconsolidated affiliates and income taxes: | 201 | 224 | |
Total assets | 76,599 | 74,800 | |
Forestry | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,806 | 577,873 | |
(Loss) income before equity in loss from unconsolidated affiliates and income taxes: | 1,637 | 514,099 | |
Total assets | 17,272 | 20,521 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 26 | 24 | |
(Loss) income before equity in loss from unconsolidated affiliates and income taxes: | -1,474 | -3,708 | |
Total assets | $938,376 | $930,545 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Environmental liabilities | $1.40 | $1.40 |
Guarantor Obligations [Line Items] | ||
Purchase obligations, total | 4.7 | |
Purchase obligations, 2015 | 3.6 | |
Purchase obligations, 2016 | 0.3 | |
Purchase obligations, 2017 | 0.8 | |
Tax Year 2022 To 2024 | ||
Guarantor Obligations [Line Items] | ||
Deferred Tax Liabilities, Gross | 61.8 | |
Tax Year 2029 | ||
Guarantor Obligations [Line Items] | ||
Deferred Tax Liabilities, Gross | 69.3 | |
Surety bonds | Certain development projects | ||
Guarantor Obligations [Line Items] | ||
Commitment obligations | $9.10 | $8.30 |
Concentration_of_Risks_and_Unc1
Concentration of Risks and Uncertainties (Details) (USD $) | Mar. 31, 2015 |
Concentration Risk [Line Items] | |
Corporate debt securities | $609,476,000 |
US Government Agencies Debt Securities | |
Concentration Risk [Line Items] | |
US Government Securities, at Carrying Value | 259,900,000 |
Corporate Debt Securities | |
Concentration Risk [Line Items] | |
Corporate debt securities | 101,200,000 |
Other Debt Obligations | |
Concentration Risk [Line Items] | |
Other Marketable Securities, Noncurrent | 24,300,000 |
Commercial paper | |
Concentration Risk [Line Items] | |
Commercial Paper, at Carrying Value | $248,400,000 |