Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 9-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'PICO HOLDINGS INC /NEW | ' |
Entity Central Index Key | '0000830122 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 22,747,365 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $92,408 | $138,039 |
Investments ($50,000 and $50,060 measured at fair value at March 31, 2014, and December 31, 2013, respectively) | 77,696 | 78,657 |
Real estate and tangible water assets, net of $10,239 and $10,019 of accumulated depreciation at March 31, 2014, and December 31, 2013, respectively | 289,529 | 254,208 |
Property, plant and equipment, net of $18,988 and $16,631 of accumulated depreciation at March 31, 2014, and December 31, 2013, respectively | 123,439 | 123,444 |
Intangible water assets | 124,904 | 124,880 |
Other assets | 43,714 | 43,324 |
Total assets | 751,690 | 762,552 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ' | ' |
Debt | 135,536 | 136,767 |
Accounts payable, accrued expenses and other liabilities | 40,969 | 36,780 |
Deferred compensation | 24,559 | 24,160 |
Total liabilities | 201,064 | 197,707 |
Commitments and contingencies | ' | ' |
Common stock, $0.001 par value; authorized 100,000 shares, 25,821 issued and 22,747 outstanding at March 31, 2014, and December 31, 2013. | 26 | 26 |
Additional paid-in capital | 547,579 | 546,307 |
Retained deficit | -30,330 | -17,083 |
Accumulated other comprehensive income | 759 | 232 |
Treasury stock, at cost (common shares: 3,073 in 2014 and 2013) | -56,593 | -56,593 |
Total PICO Holdings, Inc. shareholders’ equity | 461,441 | 472,889 |
Noncontrolling interest in subsidiaries | 89,185 | 91,956 |
Total shareholders’ equity | 550,626 | 564,845 |
Total liabilities and shareholders’ equity | $751,690 | $762,552 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ' | ' |
Investments, fair value | $50,000 | $50,060 |
Real estate and tangible water assets, accumulated depreciation | 10,239 | 10,019 |
Property, plant and equipment, accumulated depreciation | $18,988 | $16,631 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 25,821,000 | 25,821,000 |
Common stock, shares outstanding (in shares) | 22,747,000 | 22,747,000 |
Treasury stock, common shares held (in shares) | 3,073,000 | 3,073,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME OR LOSS - UNAUDITED (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
REVENUES AND OTHER INCOME: | ' | ' |
Sale of real estate and water assets | $25,646 | $11,807 |
Sale of canola oil and meal | 34,859 | 39,556 |
Sale of software | ' | 3,650 |
Other income | 771 | 1,795 |
Total revenues and other income | 61,276 | 56,808 |
COST OF SALES: | ' | ' |
Cost of real estate and water assets sold | 21,055 | 8,052 |
Cost of canola oil and meal sold | 34,174 | 44,662 |
Cost of software sold | ' | 1,301 |
Total cost of sales | 55,229 | 54,015 |
EXPENSES: | ' | ' |
Operating and other costs | 16,854 | 18,117 |
Impairment loss on real estate and water assets | 2,865 | ' |
Interest | 1,477 | 1,698 |
Depreciation and amortization | 542 | 537 |
Total costs and expenses | 76,967 | 74,367 |
Loss from continuing operations before income taxes and equity in loss of unconsolidated affiliates | -15,691 | -17,559 |
Benefit for federal, foreign, and state income taxes | -265 | -784 |
Equity in loss of unconsolidated affiliate | -479 | ' |
Net loss | -15,905 | -16,775 |
Loss attributable to noncontrolling interests | 2,658 | 1,800 |
Net loss attributable to PICO Holdings, Inc. | -13,247 | -14,975 |
Other Comprehensive Loss: | ' | ' |
Net loss | -15,905 | -16,775 |
Unrealized gain on securities, net of deferred income tax and reclassification adjustments | 487 | 752 |
Foreign currency translation | 40 | 236 |
Total other comprehensive income, net of tax | 527 | 988 |
Comprehensive loss | -15,378 | -15,787 |
Comprehensive loss attributable to noncontrolling interests | 2,658 | 1,800 |
Comprehensive loss attributable to PICO Holdings, Inc. | ($12,720) | ($13,987) |
Net loss per common share – basic and diluted: | ' | ' |
Net loss per common share (usd per share) | ($0.58) | ($0.66) |
Weighted average shares outstanding | 22,747 | 22,734 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - UNAUDITED (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings (Deficit) | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interest |
In Thousands, unless otherwise specified | |||||||
Beginning balance at Dec. 31, 2012 | $478,496 | $26 | $526,591 | $5,215 | ($2,014) | ($56,593) | $5,271 |
Beginning balance, treasury stock, shares at Dec. 31, 2012 | ' | ' | ' | ' | ' | 3,073 | ' |
Beginning balance, shares at Dec. 31, 2012 | ' | 25,807 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense, value | 946 | ' | 946 | ' | ' | ' | ' |
Changes in ownership of noncontrolling interest | 248 | ' | ' | ' | ' | ' | 248 |
Net loss | -16,775 | ' | ' | -14,975 | ' | ' | -1,800 |
Unrealized appreciation on investments, net of reclassification adjustments | 752 | ' | ' | ' | 752 | ' | ' |
Foreign currency translation | 236 | ' | ' | ' | 236 | ' | ' |
Ending balance at Mar. 31, 2013 | 463,903 | 26 | 527,537 | -9,760 | -1,026 | -56,593 | 3,719 |
Ending balance, treasury stock, shares at Mar. 31, 2013 | ' | ' | ' | ' | ' | 3,073 | ' |
Ending balance, shares at Mar. 31, 2013 | ' | 25,807 | ' | ' | ' | ' | ' |
Beginning balance at Dec. 31, 2013 | 564,845 | 26 | 546,307 | -17,083 | 232 | -56,593 | 91,956 |
Beginning balance, treasury stock, shares at Dec. 31, 2013 | 3,073 | ' | ' | ' | ' | 3,073 | ' |
Beginning balance, shares at Dec. 31, 2013 | 25,821 | 25,821 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense, value | 1,972 | ' | 1,385 | ' | ' | ' | 587 |
Withholding taxes paid on vested restricted stock units at UCP, Inc. | -813 | ' | -113 | ' | ' | ' | -700 |
Net loss | -15,905 | ' | ' | -13,247 | ' | ' | -2,658 |
Unrealized appreciation on investments, net of reclassification adjustments | 487 | ' | ' | ' | 487 | ' | ' |
Foreign currency translation | 40 | ' | ' | ' | 40 | ' | ' |
Ending balance at Mar. 31, 2014 | $550,626 | $26 | $547,579 | ($30,330) | $759 | ($56,593) | $89,185 |
Ending balance, treasury stock, shares at Mar. 31, 2014 | 3,073 | ' | ' | ' | ' | 3,073 | ' |
Ending balance, shares at Mar. 31, 2014 | 25,821 | 25,821 | ' | ' | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - UNAUDITED (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Deferred income tax on unrealized gain on securities | $262 | $405 |
Reclassification adjustments netted against unrealized gain on securities | $20 | $141 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net cash used in operating activities | ($41,382) | ($46,865) |
INVESTING ACTIVITIES: | ' | ' |
Purchases of investments | -2,880 | -5,526 |
Proceeds from sale of investments | 4,326 | 6,810 |
Purchases of property and equipment | -2,374 | -432 |
Cash acquired in connection with purchase of Spigit, net of cash paid | ' | 174 |
Increase in restricted cash | 275 | 2,327 |
Decrease in margin deposits | -1,271 | -457 |
Other investing activities, net | 12 | ' |
Net cash provided by (used in) investing activities | -1,912 | 2,896 |
FINANCING ACTIVITIES: | ' | ' |
Repayment of debt | -19,554 | -3,832 |
Payment of withholding taxes on exercise of RSU | -814 | ' |
Proceeds from debt | 18,182 | 9,513 |
Net cash provided by (used in) financing activities | -2,186 | 5,681 |
Effect of exchange rate changes on cash | -151 | 541 |
Decrease in cash and cash equivalents | -45,631 | -37,747 |
Cash and cash equivalents beginning of the period | 138,039 | 100,115 |
Cash and cash equivalents end of the period | 92,408 | 62,368 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' |
Refunds of federal, foreign, and state income taxes | -2,108 | -33 |
Interest paid, net of amounts capitalized | 1,521 | 2,717 |
Non-cash investing and financing activities: | ' | ' |
Mortgage incurred to purchase real estate | ' | 4,691 |
Increase in assets from business combination | ' | 21,533 |
Increase in liabilities from business combination | ' | 20,377 |
Conversion of note receivable to common stock in Spigit | ' | 820 |
Accrued offering costs | ' | $923 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||
Basis of Presentation | ' | ||||||||
Basis of Presentation | |||||||||
The accompanying unaudited condensed consolidated financial statements of PICO Holdings, Inc. and subsidiaries (collectively, the “Company” or “PICO”) have been prepared in accordance with the interim reporting requirements of Form 10-Q, pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete consolidated financial statements. | |||||||||
In the opinion of management, all adjustments and reclassifications considered necessary for a fair and comparable presentation of the financial statements presented have been included and are of a normal recurring nature. Operating results presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | |||||||||
These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC. | |||||||||
The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses for each reporting period. The significant estimates made in the preparation of the Company’s condensed consolidated financial statements relate to the assessment of other-than-temporary impairments, the application of the equity method of accounting, goodwill and intangibles, real estate and water assets, deferred income taxes, stock-based compensation, fair value of derivatives, and contingent liabilities. While management believes that the carrying value of such assets and liabilities are appropriate as of March 31, 2014, and December 31, 2013, it is reasonably possible that actual results could differ from the estimates upon which the carrying values were based. | |||||||||
Real Estate and Tangible Water Assets: | |||||||||
Real estate and tangible water assets include the cost of certain tangible water assets, water storage credits and related storage facilities, real estate, including raw land and real estate being developed, and any real estate improvements. The Company capitalizes pre-acquisition costs, the purchase price of real estate, development costs and other allocated costs, including interest, during development and home construction. Pre-acquisition costs, including non-refundable land deposits, are expensed to cost of sales when the Company determines continuation of the related project is not probable. | |||||||||
Additional costs to develop or otherwise prepare real estate and water assets for their intended use are capitalized. These costs typically include direct home construction costs, legal fees, engineering, consulting, direct cost of well drilling or related construction and any interest cost capitalized on qualifying assets during the development period. The Company expenses all maintenance and repair costs on real estate and water assets. The types of costs capitalized are consistent across periods presented. Tangible water assets consist of various water interests currently in development or awaiting permitting. Water storage typically includes the cost of the real estate and direct construction costs to build the site. Amortization of real estate improvements is computed using the straight-line method over the estimated useful lives of the improvements ranging from five to 15 years. | |||||||||
All real estate and tangible water assets are classified as held and used until management commits to a plan to sell the asset, the asset can be sold in its present condition, the asset is being actively marketed for sale, and it is probable that the asset will be sold within the next 12 months. At March 31, 2014, and December 31, 2013, the Company had real estate of $23.1 million and $8.6 million, respectively, classified as held for sale. | |||||||||
The costs assigned to the various components of real estate and tangible water assets were as follows (in thousands): | |||||||||
March 31, 2014 | 31-Dec-13 | ||||||||
Real estate | $ | 243,819 | $ | 208,506 | |||||
Tangible water assets | 45,710 | 45,702 | |||||||
$ | 289,529 | $ | 254,208 | ||||||
Intangible Water Assets: | |||||||||
Intangible water assets includes the costs of indefinite-lived intangible assets and is comprised of water rights and the exclusive right to use two water transportation pipelines. The Company capitalizes development and entitlement costs and other allocated costs, including interest, during the development period of the assets and transfers the costs to intangible water assets when water rights are permitted. Water rights consist of various water interests acquired or developed independently or in conjunction with the acquisition of real estate. When the Company purchases intangible water assets that are attached to real estate, an allocation of the total purchase price, including any direct costs of the acquisition, is made at the date of acquisition based on the estimated relative fair values of the water rights and the real estate. Intangible assets with indefinite useful lives are not amortized but are tested for impairment at least annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset may be impaired, by comparing the fair value of the assets to their carrying amounts. | |||||||||
The fair value of the intangible assets is calculated using discounted cash flow models that incorporate a wide range of assumptions including current asset pricing, price escalation, discount rates, absorption rates, timing of sales, and costs. These models are sensitive to minor changes in any of the input variables. | |||||||||
Inventory: | |||||||||
The Company classifies its canola seed as raw material inventory and canola oil and meal as finished goods inventory, which are included in other assets in the consolidated balance sheets. At March 31, 2014 the Company had $5.3 million of raw materials and $7.1 million of finished goods. | |||||||||
Noncontrolling Interests: | |||||||||
The Company reports the share of the results of operations that are attributable to other owners of its consolidated subsidiaries that are less than wholly-owned as noncontrolling interest in the accompanying condensed consolidated financial statements. In the condensed consolidated statement of operations and comprehensive income or loss, the income or loss attributable to the noncontrolling interest is reported separately and the accumulated income or loss attributable to the noncontrolling interest, along with any changes in ownership of the subsidiary, is reported within shareholders’ equity. | |||||||||
At March 31, 2014, noncontrolling interest reported in the condensed consolidated financial statements includes the owners of 42.52% of UCP, Inc (“UCP”). The noncontrolling interest related to UCP increased from 42.25% during the quarter ended March 31, 2014, due to the issuance of UCP Class A common stock related to vesting of restricted stock units (“RSU”) awarded in 2013. The Company’s consolidated noncontrolling interest also includes the results of operations allocated to the owners of the 12% interest in PICO Northstar, LLC (“Northstar”). | |||||||||
Stock-Based Compensation: | |||||||||
Stock-based compensation expense is measured at the grant date based on the fair values of the awards and is recognized as expense over the period in which the share-based compensation vests (generally one to four years) using the straight-line method. | |||||||||
At March 31, 2014, PICO had one stock-based payment arrangement outstanding. UCP also issues stock-based compensation under its own long term incentive plan that provides for equity-based awards, which upon vesting results in newly issued shares of UCP Class A common stock. | |||||||||
The PICO Holdings, Inc. 2005 Long Term Incentive Plan (the “Plan”) provides for the grant or award of various equity incentives to PICO employees, non-employee directors, and consultants. A total of 2,654,000 shares of common stock are issuable under the Plan and it provides for the issuance of incentive stock options, non-statutory stock options, free-standing stock-settled stock appreciation rights (“SAR”), restricted stock awards (“RSA”), performance shares, performance units, RSU, deferred compensation awards, and other stock-based awards. The Plan allows for broker assisted cashless exercises and net-settlement of income taxes and employee withholding taxes. Upon exercise of a SAR and RSU, the employee will receive newly issued shares of PICO Holdings common stock with a fair value equal to the in-the-money value of the award, less applicable federal, state and local withholding and income taxes (however, the holder of an RSU can elect to pay withholding taxes in cash). | |||||||||
The Company recorded stock based compensation expense of $2 million and $946,000 during the three months ended March 31, 2014, and 2013, respectively. Of the $2 million in stock based compensation recorded in the first quarter of 2014, $1 million related to RSU for UCP common stock granted to the officers of UCP, of which $587,000 was allocated to noncontrolling interest. There was no stock based compensation expense related to UCP in the three months ended March 31, 2013. | |||||||||
Restricted Stock Units (RSU): | |||||||||
A summary of activity of the RSU is as follows: | |||||||||
RSU | Weighted-Average Grant Date | ||||||||
Fair Value Per Share | |||||||||
Outstanding at January 1, 2014 | 469,435 | $ | 30.43 | ||||||
Granted | |||||||||
Vested | |||||||||
Outstanding at March 31, 2014 | 469,435 | $ | 30.43 | ||||||
Unrecognized compensation cost (in thousands) | $ | 2,090 | |||||||
Stock-Settled Stock Appreciation Rights (SAR): | |||||||||
Upon exercise, a SAR entitles the recipient to receive a newly issued share of the Company’s common stock equal to the in-the-money value of the award, less applicable federal, state and local withholding and income taxes. SAR do not vote and are not entitled to receive dividends. Compensation expense for SAR was recognized ratably over the vesting period for each grant. | |||||||||
There were no unvested SAR, and therefore no compensation expense was recognized during the three months ended March 31, 2014, and 2013. In addition, there were no SAR granted or exercised during the three months ended March 31, 2014, or 2013. | |||||||||
A summary of SAR activity is as follows: | |||||||||
SAR | Weighted Average | Weighted Average | |||||||
Exercise Price | Contractual Term in Years | ||||||||
Outstanding at January 1, 2014 | 1,616,625 | $ | 36.45 | 2.5 years | |||||
Outstanding and exercisable at March 31, 2014 | 1,616,625 | $ | 36.45 | 2.2 years | |||||
At March 31, 2014, none of the outstanding SAR were in-the-money. | |||||||||
Accumulated Other Comprehensive Income: | |||||||||
The components of accumulated other comprehensive income are as follows (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Net unrealized appreciation on available-for-sale investments | $ | 7,353 | $ | 6,866 | |||||
Foreign currency translation | (6,594 | ) | (6,634 | ) | |||||
Accumulated other comprehensive income | $ | 759 | $ | 232 | |||||
The unrealized appreciation on available-for-sale investments is net of a deferred income tax liability of $3.9 million at March 31, 2014, and $3.7 million at December 31, 2013. The foreign currency translation is net of a deferred income tax asset of $3.4 million at March 31, 2014, and $3.4 million at December 31, 2013. | |||||||||
The following table reports amounts that were reclassified from accumulated other comprehensive income or loss and included in earnings (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Beginning balance - January 1 | $ | 232 | $ | (2,014 | ) | ||||
Unrealized gain on marketable securities, net of tax | 474 | 660 | |||||||
Amount reclassified and recognized in net loss, net of tax(1) | 13 | 92 | |||||||
Accumulated foreign currency translation, net of tax | 40 | 236 | |||||||
Net change in other comprehensive income, net of tax | 527 | 988 | |||||||
Accumulated other comprehensive income (loss) | $ | 759 | $ | (1,026 | ) | ||||
(1)Amounts reclassified from unrealized gain on marketable securities are included in other income in the condensed consolidated statement of operations and comprehensive income or loss. | |||||||||
Deferred Compensation: | |||||||||
At March 31, 2014, and December 31, 2013, the Company had $24.6 million and $24.2 million, respectively, recorded as deferred compensation payable to various members of management and certain non-employee members of the board of directors of the Company. | |||||||||
The deferred compensation liability increased by $399,000 during the three months ended March 31, 2014, primarily due to an increase in the fair value of the deferred compensation plan assets of $599,000, offset by payments to plan participants. Included in operating and other costs in the accompanying condensed consolidated statements of operations and comprehensive income or loss for the three months ended March 31, 2014, and 2013, is compensation expense of $599,000 and $618,000, respectively. | |||||||||
Revenue Recognition: | |||||||||
Sale of Real Estate and Water Assets | |||||||||
Revenue recognition on the sale of real estate and water assets conforms with accounting literature related to the sale of real estate, and is recognized in full when there is a legally binding sale contract, the profit is determinable (the collectability of the sales price is reasonably assured, or any amount that will not be collectible can be estimated), the earnings process is virtually complete (the Company is not obligated to perform significant activities after the sale to earn the profit, meaning the Company has transferred all risks and rewards to the buyer), and the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the property. If these conditions are not met, the Company records the cash received as deferred revenue until the conditions to recognize full profit are met. | |||||||||
Sale of Finished Homes | |||||||||
Revenue from sales of finished homes is included in the sale of real estate and water assets in the accompanying condensed consolidated statement of operations and comprehensive income or loss and is recognized when the sale closes and title passes to the new homeowner, the new homeowners initial and continuing investment is adequate to demonstrate a commitment to pay for the home, the new homeowners receivable is not subject to future subordination and the Company does not have a substantial continuing involvement with the new home. | |||||||||
Sale of Canola Oil and Meal | |||||||||
Sales of canola oil and meal are recognized when persuasive evidence of an arrangement exists, products are shipped, the price is fixed or determinable, the customer takes ownership and assumes risk of loss, and when collection is reasonably assured. Sales terms provide for passage of title at the time and point of shipping. Northstar has an agreement with Purina Animal Nutrition, LLC (“Purina”), which commits Purina to guarantee the sale of 100% of the canola oil and canola meal output from the Company’s canola seed crushing plant at market based prices for five years ending December 31, 2017, at which time the contract automatically renews for successive one year periods unless canceled by either party. | |||||||||
Cost of Canola Oil and Meal Sold: | |||||||||
Subsequent to the issuance of the Company’s condensed consolidated financial statements for the three months ended March 31, 2013, the Company discovered that $4.1 million of labor and certain overhead costs related to the purchasing and production of the inventory, including deprecation of plant and equipment and energy costs, which should have been presented within cost of canola oil and meal sold, were inappropriately presented as $2.1 million within operating and other costs, and $2 million as depreciation and amortization for the three months ended March 31, 2013. For the three months ended March 31, 2014, the expenses have been properly presented as costs of canola oil and meal sold in the condensed consolidated statements of operation and comprehensive income or loss for the current period, and the three months ended March 31, 2013 presentation has been corrected. These errors did not affect consolidated shareholders’ equity, net income or loss on the condensed consolidated statements of operations and comprehensive income or loss, or consolidated cash flows and are not considered to be material to the Company’s previously issued condensed consolidated financial statements. | |||||||||
Accounting for Income Taxes: | |||||||||
The Company's provision for income tax expense includes federal, foreign and state income taxes currently payable and those deferred because of temporary differences between the income tax and financial reporting bases of the assets and liabilities. The liability method of accounting for income taxes also requires the Company to reflect the effect of a tax rate change on accumulated deferred income taxes in income in the period in which the change is enacted. | |||||||||
In assessing the realization of deferred income taxes, management considers whether it is more likely than not that any deferred income tax assets will be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the period in which temporary differences become deductible. If it is more likely than not that some or all of the deferred income tax assets will not be realized, a valuation allowance is recorded. | |||||||||
The Company recognizes any uncertain income tax positions on income tax returns at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized unless it has a greater than 50% likelihood of being sustained. The Company recognizes any interest and penalties related to uncertain tax positions in income tax expense. | |||||||||
The Company reported an income tax benefit of $265,000 and $784,000 for the three months ended March 31, 2014, and 2013, respectively. The effective income tax rate for continuing operations was 2% and 4% for the three months ended March 31, 2014, and 2013, respectively. For the three months ended March 31, 2014, and 2013, the effective rate differs from the statutory rate of 35% primarily due to recording a full valuation allowance on the net deferred tax assets. | |||||||||
Recent Accounting Pronouncements | |||||||||
In April 2014, the Financial Accounting Standards Board (“FASB”) issued accounting guidance related to reporting of discontinued operations. The guidance changes the requirements for reporting a disposal of a component of an entity or a group of components and requires the disposed component or components to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The guidance also requires an entity to provide certain disclosures about a disposal of an individually significant component of such entity that does not qualify for discontinued operations presentation in the financial statements. This guidance is effective for fiscal years beginning after December 15, 2014, with early adoption permitted. The Company is currently evaluating the effect this guidance will have on the condensed consolidated financial statements. |
Net_Income_or_Loss_Per_Share
Net Income or Loss Per Share | 3 Months Ended |
Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ' |
Net Income or Loss Per Share | ' |
Net Income or Loss Per Share | |
Basic earnings or loss per share is computed by dividing net earnings by the weighted average number of shares outstanding during the period. Diluted earnings or loss per share is computed similarly to basic earnings or loss per share except the weighted average shares outstanding are increased to include additional shares from the assumed exercise of any common stock equivalents using the treasury method, if dilutive. The Company’s stock-settled SAR and RSU are considered common stock equivalents for this purpose. The number of additional shares related to these common stock equivalents is calculated using the treasury stock method. | |
For the three months ended March 31, 2014, and 2013, the Company’s stock-settled SAR and RSU were excluded from the diluted per share calculation because their effect on the loss per share from continuing operations was anti-dilutive. |
Investments
Investments | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||
Investments | ' | |||||||||||||||
Investments | ||||||||||||||||
The following tables report the cost and carrying value of available-for-sale investments at March 31, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
March 31, 2014 | Cost | Gross | Gross | Carrying | ||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | |||||||||||||||
Debt securities: corporate bonds | $ | 9,197 | $ | 239 | $ | (75 | ) | $ | 9,361 | |||||||
Marketable equity securities | 29,582 | 11,355 | (200 | ) | 40,737 | |||||||||||
Total | $ | 38,779 | $ | 11,594 | $ | (275 | ) | $ | 50,098 | |||||||
December 31, 2013 | Cost | Gross | Gross | Carrying | ||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | |||||||||||||||
Debt securities: corporate bonds | $ | 8,988 | $ | 213 | $ | (29 | ) | $ | 9,172 | |||||||
Marketable equity securities | 31,023 | 10,835 | (450 | ) | 41,408 | |||||||||||
Total | $ | 40,011 | $ | 11,048 | $ | (479 | ) | $ | 50,580 | |||||||
The following tables summarize the market value of those investments in an unrealized loss position for periods less than or greater than 12 months (in thousands): | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
Less than 12 months | Fair Value | Gross | Fair Value | Gross | ||||||||||||
Unrealized | Unrealized | |||||||||||||||
Loss | Loss | |||||||||||||||
Debt securities: corporate bonds | $ | 4,616 | $ | 75 | ||||||||||||
Marketable equity securities | 3,514 | 164 | $ | 4,453 | $ | 254 | ||||||||||
Total | $ | 8,130 | $ | 239 | $ | 4,453 | $ | 254 | ||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
Greater than 12 months | Fair Value | Gross | Fair Value | Gross | ||||||||||||
Unrealized | Unrealized | |||||||||||||||
Loss | Loss | |||||||||||||||
Debt securities: corporate bonds | $ | 5,744 | $ | 29 | ||||||||||||
Marketable equity securities | $ | 160 | $ | 36 | 2,368 | 196 | ||||||||||
Total | $ | 160 | $ | 36 | $ | 8,112 | $ | 225 | ||||||||
Marketable Equity Securities | ||||||||||||||||
The Company’s investment in marketable equity securities was $40.7 million at March 31, 2014, and principally consisted of common stock of publicly traded small-capitalization companies in the U.S. and select foreign markets. At March 31, 2014, the Company reviewed its equity securities in an unrealized loss position and concluded certain of such securities were not other-than-temporarily impaired as the declines were not of sufficient duration and severity, and publicly-available financial information, collectively, did not indicate impairment. The primary cause of the loss on those securities was normal market volatility. The securities that were deemed other-than-temporarily impaired were recorded as an impairment loss in the period. During the three months ended March 31, 2014, and 2013, there were no material impairment losses recorded. | ||||||||||||||||
Debt Securities | ||||||||||||||||
The Company owns corporate bonds in its fixed maturity portfolio, which are purchased based on the maturity and yield-to-maturity of the bond and an analysis of the fundamental characteristics of the issuer. At March 31, 2014, there were unrealized losses on certain bonds in the portfolio. The Company does not consider those bonds to be other-than-temporarily impaired because the Company expects to hold, and will not be required to sell, these particular bonds, and it expects to recover the entire amortized cost basis at maturity. There were no impairment losses recorded on debt securities during the three months ended March 31, 2014, and 2013. | ||||||||||||||||
Other Investments | ||||||||||||||||
The Company’s equity investment in Mindjet, Inc. (“Mindjet”) represents 28.8% of the voting interest of the company, which is comprised of 15.2% of the common shares and 13.6% of the preferred shares of Mindjet held by the Company. The Company accounts for the investment in common stock using the equity method of accounting which resulted in recording a loss of $479,000 in the condensed consolidated statement of operations and comprehensive income or loss within equity in loss of affiliate representing 15.2% of Mindjet’s net loss for the three months ended March 31, 2014. The investment in preferred stock is held at its initial carrying value in the accompanying condensed consolidated balance sheet. At March 31, 2014, the total carrying value of the investment is $25.4 million and is subject to impairment testing at each reporting period, or more frequently if facts and circumstances indicate the investment may be impaired. During the three months ended March 31, 2014, financial results indicated the investment might be impaired; however estimates of the value of the enterprise indicated that the investment balance would be recovered. Nonetheless, it is reasonably possible that given the volatile nature of software businesses that circumstances may change in the future which could require the Company to write down the investment to fair value. |
Disclosures_About_Fair_Value_o
Disclosures About Fair Value of Financial Instruments | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Disclosures About Fair Value of Financial Instruments | ' | |||||||||||||||
Disclosures About Fair Value of Financial Instruments: | ||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||
The following tables set forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis at March 31, 2014, and December 31, 2013, by level within the fair value hierarchy. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the asset or liability. During the three months ended March 31, 2014, $4.6 million was transferred from level 1 to level 2 due to low trading volumes. | ||||||||||||||||
At March 31, 2014 (in thousands): | ||||||||||||||||
Assets | Quoted Prices In | Significant Other | Significant | Balance at | ||||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | 31-Mar-14 | |||||||||||||
for Identical Assets | (Level 2) | (Level 3) | ||||||||||||||
(Level 1) | ||||||||||||||||
Available-for-sale equity securities (1) | $ | 22,699 | $ | 18,038 | $ | 40,737 | ||||||||||
Available-for-sale debt securities (1) | $ | 9,361 | $ | 9,361 | ||||||||||||
Readily marketable inventory (2) | $ | 5,158 | $ | 7,133 | $ | 12,291 | ||||||||||
Derivative instruments (3) | $ | 874 | $ | 1,426 | $ | 2,300 | ||||||||||
Liabilities | ||||||||||||||||
Derivative instruments (3) | $ | 1,008 | $ | 2,401 | $ | 3,409 | ||||||||||
At December 31, 2013 (in thousands): | ||||||||||||||||
Assets | Quoted Prices In | Significant Other | Significant | Balance at | ||||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | December 31, | |||||||||||||
for Identical Assets | (Level 2) | (Level 3) | 2013 | |||||||||||||
(Level 1) | ||||||||||||||||
Available-for-sale equity securities (1) | $ | 26,177 | $ | 15,231 | $ | 41,408 | ||||||||||
Available-for-sale debt securities (1) | $ | 9,172 | $ | 9,172 | ||||||||||||
Readily marketable inventory (2) | $ | 2,396 | $ | 5,292 | $ | 7,688 | ||||||||||
Derivative instruments (3) | $ | 346 | $ | 2,108 | $ | 2,454 | ||||||||||
Liabilities | ||||||||||||||||
Derivative instruments (3) | $ | 436 | $ | 936 | $ | 1,372 | ||||||||||
(1) Where there are quoted market prices that are readily available in an active market, securities are classified as Level 1 of the valuation hierarchy. Level 1 available-for-sale investments are valued using quoted market prices multiplied by the number of shares owned and debt securities are valued using a market quote in an active market. All Level 2 available-for-sale securities are one class because they all contain similar risks and are valued using market prices and include securities where the markets are not active, that is where there are few transactions, or the prices are not current or the prices vary considerably over time. Inputs include directly or indirectly observable inputs such as quoted prices. Level 3 available-for-sale securities would include securities where valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | ||||||||||||||||
(2) Readily marketable inventory comprises commodity inventories that are reported at fair value based on commodity exchange quotations. Canola seed inventories are valued based on the quoted market price multiplied by the quantity of inventory and are classified as Level 1. Canola oil and meal inventories are classified as Level 2 because the inputs are directly observable, such as the quoted market price of the corresponding soybean commodity. | ||||||||||||||||
(3) Included in this caption are three types of agricultural commodity derivative contracts: swaps, exchange traded futures, and forward commodity purchase and sale contracts. The exchange traded futures contracts are valued based on quoted prices in active markets multiplied by the number of contracts and are classified as Level 1. The swaps are classified as Level 2 because the inputs are directly observable, such as the quoted market prices for relevant commodity futures contracts. The swaps are valued based on the difference of the arithmetic average of the quoted market price of the relevant underlying multiplied by the notional quantities, and the arithmetic average of the prices specified in the instrument multiplied by the notional quantities. | ||||||||||||||||
Forward commodity purchase and sale contracts classified as derivatives are valued using quantitative models that require the use of multiple inputs including quoted market prices and various other assumptions including time value. These contracts are categorized as Level 2 and are valued based on the difference between the quoted market price and the price in the contract multiplied by the undelivered notional quantity deliverable under the contract. | ||||||||||||||||
Non-Recurring Fair Value Measurements | ||||||||||||||||
Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset. | ||||||||||||||||
The following tables set forth the Company’s non-financial assets that were measured at fair value on a non-recurring basis for the three months ended March 31, 2014, and for the year ended December 31, 2013, by level within the fair value hierarchy. | ||||||||||||||||
Three Months Ended March 31, 2014 (in thousands): | ||||||||||||||||
Asset Description | Quoted Prices In Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Loss Recorded During the Three Months Ended March 31, 2014 | ||||||||||||
Real estate (1) | $ | 1,357 | $ | (2,865 | ) | |||||||||||
(1) The Company had a non-recurring fair value measurement of real estate assets with a carrying value of $4.2 million that was written down to its estimated fair value of $1.4 million resulting in an impairment charge of $2.9 million, which was included in earnings for the three months ended March 31, 2014. The impairment was recorded based on the estimated sales price the Company expects to receive upon the sale of this real estate. The impairment loss relates to a property which is not part of UCP’s results of operations nor is it included in UCP’s inventory of lots. | ||||||||||||||||
Year Ended December 31, 2013 (in thousands): | ||||||||||||||||
Asset Description | Quoted Prices In Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs | Significant Unobservable Inputs (Level 3) | Total Gain | ||||||||||||
(Level 2) | (Loss) Recorded During the Year Ended December 31, 2013 | |||||||||||||||
Intangible asset (exclusive right to use infrastructure and associated water credits) (1) | $ | 83,897 | $ | (993 | ) | |||||||||||
Real estate (2) | $ | 3,674 | $ | (417 | ) | |||||||||||
Investment in unconsolidated affiliate (3) | $ | 28,679 | $ | 21,181 | ||||||||||||
(1) The Company had a non-recurring fair value measurement for an intangible asset with a carrying amount of $84.9 million that was written down to its estimated fair value of $83.9 million resulting in an impairment charge of $993,000, which was included in earnings for December 31, 2013. The implied fair value was calculated using a discounted cash flow model that incorporated a wide range of assumptions including current asset pricing, price escalation, discount rates, absorption rates, timing of sales, and costs. Given the decline in market prices for similar assets, increases in interest rates, and extended timing of expected absorptions, the Company adjusted its assumptions and judgments in the model from original projections. | ||||||||||||||||
(2) The Company had a non-recurring fair value measurement of real estate assets with a carrying value of $4.1 million that was written down to its estimated fair value of $3.7 million resulting in an impairment charge of $417,000, which was included in earnings for December 31, 2013. The impairment was recorded based on the estimated sales price the Company expects to receive upon the sale of this real estate. The impairment loss relates to a property which is not part of UCP’s results of operations nor is it included in UCP’s inventory of lots. | ||||||||||||||||
(3) The Company had a non-recurring fair value measurement as a result of the merger transaction between Spigit, Inc. (“Spigit”) and Mindjet. The transaction resulted in the deconsolidation of Spigit, and the recording of the Company’s common and preferred stock investment in Mindjet at fair value, on the date of the transaction. The transaction resulted in a gain of approximately $21.2 million before income taxes. The fair value of the investment in Mindjet was based on analysis of the financial and operational aspects of the company, including consideration of a discounted cash flow analysis which incorporated a contemporary forecast of the merged Mindjet/Spigit entity going forward. Also considered was a guideline public company analysis which compared business enterprise value-to-revenue ratios for comparable public companies to current revenue metrics for the company. Determination of the business enterprise value based on the foregoing was then considered in an analysis of the distribution of equity value to the various classes of equity held by PICO in order to reflect differences in value due to differing liquidation, dividend and voting rights. The fair value approach relied primarily on Level 3 unobservable inputs, whereby expected future cash flows were discounted using a rate that includes assumptions regarding an entity’s average cost of debt and equity, incorporated expected future cash flows based on internal business plans, and applied certain assumptions about risk and uncertainties. The estimates were based upon assumptions believed to be reasonable, but which by nature are uncertain and unpredictable. | ||||||||||||||||
Estimated Fair Value of Financial Instruments Not Carried at Fair Value | ||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The level within the fair value hierarchy in which the fair value measurements are classified include measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3). | ||||||||||||||||
As of March 31, 2014 and December 31, 2013, the fair values of cash and cash equivalents, accounts payable and receivable approximated their carrying values because of the short-term nature of these assets or liabilities. The estimated fair value of the Company’s investments in unconsolidated affiliates approximated their carrying values. The estimated fair value of the Company's debt is based on cash flow models discounted at the then-current interest rates and an estimate of the then-current spread above those rates at which the Company could borrow, which are level 3 inputs in the fair value hierarchy. The estimated fair value of certain of the Company’s other investments, which included an investment in preferred stock of a private company, cannot be reasonably estimated. | ||||||||||||||||
The following table presents the carrying value and fair value of the Company’s financial instruments which are not carried at fair value at March 31, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||
Financial assets: | ||||||||||||||||
Investments in unconsolidated affiliates held at cost | $ | 19,380 | $ | 19,380 | $ | 19,380 | $ | 19,380 | ||||||||
Financial liabilities: | ||||||||||||||||
Debt | $ | 135,536 | $ | 144,968 | $ | 136,767 | $ | 145,924 | ||||||||
Derivatives Notional Amounts | ||||||||||||||||
The following tables summarize the notional amount of open derivative positions at March 31, 2014 and December 31, 2013: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Exchange Traded | Non-Exchange Traded | |||||||||||||||
(Short)(1) | Long(1) | (Short)(1) | Long(1) | Unit of Measure | ||||||||||||
Futures | ||||||||||||||||
Agricultural Commodities | (54,855 | ) | 31,708 | Tons | ||||||||||||
Natural Gas | 400,000 | MMBtus(2) | ||||||||||||||
Forwards | (117,801 | ) | 72,900 | Tons | ||||||||||||
Swaps | 15,000 | Tons | ||||||||||||||
31-Dec-13 | ||||||||||||||||
Exchange Traded | Non-Exchange Traded | |||||||||||||||
(Short)(1) | Long(1) | (Short)(1) | Long(1) | Unit of Measure | ||||||||||||
Futures | ||||||||||||||||
Agricultural Commodities | (23,038 | ) | 34,380 | Tons | ||||||||||||
Natural Gas | 460,000 | MMBtus(2) | ||||||||||||||
Forwards | (132,428 | ) | 30,367 | Tons | ||||||||||||
Swaps | 75,000 | Tons | ||||||||||||||
(1) Exchange and non-exchange traded futures, forwards, and swaps are presented on a gross (short) and long position basis. | ||||||||||||||||
(2) Million Metric British Thermal Units. | ||||||||||||||||
The gross derivative asset or liability is included within its respective other assets or liabilities account balance in the accompanying condensed consolidated balance sheets. | ||||||||||||||||
The table below summarizes the effect of derivative instruments on the condensed consolidated statements of operations and comprehensive income or loss (in thousands): | ||||||||||||||||
Gain (Loss) Recognized in Income on Derivatives | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
Location | 2014 | 2013 | ||||||||||||||
Futures | Cost of canola oil and meal sold | $ | (1,054 | ) | $ | (2,171 | ) | |||||||||
Forwards | Cost of canola oil and meal sold | 1,474 | (814 | ) | ||||||||||||
Swaps | Cost of canola oil and meal sold | 3,675 | 367 | |||||||||||||
$ | 4,095 | $ | (2,618 | ) | ||||||||||||
Intangible_Water_Assets
Intangible Water Assets | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Intangible Water Assets | ' | |||||||
Intangible Water Assets | ||||||||
The Company owns the following indefinite-lived intangible water assets within its water resource and water storage operations segment (in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Pipeline rights and water credits at Fish Springs Ranch | $ | 83,897 | $ | 83,897 | ||||
Pipeline rights and water rights at Carson-Lyon | 24,804 | 24,804 | ||||||
Other | 16,203 | 16,179 | ||||||
$ | 124,904 | $ | 124,880 | |||||
Debt
Debt | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
As of March 31, 2014, the Company was in compliance with all debt covenants under the Company’s credit facility. During the three months ended March 31, 2014, the Company negotiated new values for the debt service coverage ratio covenant such that there is no set debt service coverage ratio at March 31, 2014, and a ratio of 1.40 and 1.50 at June 30, 2014, and September 30, 2014, respectively. Beyond September 2014, the debt service coverage ratio reverts back to the initial value of 1.75. Consequently, if the Company’s canola business continues to report losses, it is possible the Company could breach one or more of the debt covenants which would require obtaining a waiver from the lenders, or it could require the Company to invest additional capital into the business. As of March 31, 2014, the Company had approximately $27.3 million of unused lines of credit within the real estate operations and $22.3 million in agribusiness operations. | ||||||||
The following details the Company’s consolidated debt (in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Agribusiness term loan: | ||||||||
4.75% payments through 2017 | $ | 82,042 | $ | 83,533 | ||||
Agribusiness working capital debt: | ||||||||
6% payments through 2017 | 4,750 | 4,750 | ||||||
Other agribusiness debt: | ||||||||
4.99% payments through 2014 | 151 | 159 | ||||||
Swiss debt: | ||||||||
3.7% payments through 2014 | 14,139 | 14,012 | ||||||
3.8% payments through 2014 | 3,363 | |||||||
Mortgage debt: | ||||||||
3.9% to 4.75% payments through 2015 | 23,629 | 17,307 | ||||||
5% to 5.5% payments due from 2014 - 2016 | 8,676 | 11,491 | ||||||
6% to 6.5% payments through 2036 | 545 | 548 | ||||||
10% payments through 2014 | 1,604 | 1,604 | ||||||
$ | 135,536 | $ | 136,767 | |||||
Segment_Reporting
Segment Reporting | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Reporting | ' | |||||||
Segment Reporting | ||||||||
PICO is a diversified holding company engaged in the following operating and reportable segments: Water Resource and Water Storage Operations, Real Estate Operations, Agribusiness Operations, and Corporate. The Enterprise Software segment, which started and ended during 2013, will continue to be presented in historical periods as a segment. | ||||||||
The accounting policies of the reportable segments are the same as those described in the Company’s 2013 Annual Report on Form 10-K filed with the SEC, and in Note 1 Basis of Presentation. | ||||||||
Management analyzes segments using the following information: | ||||||||
Segment assets (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Total Assets: | ||||||||
Water resource and water storage operations | $ | 193,118 | $ | 193,105 | ||||
Real estate operations | 276,670 | 276,954 | ||||||
Agribusiness operations | 157,942 | 155,005 | ||||||
Corporate | 123,960 | 137,488 | ||||||
$ | 751,690 | $ | 762,552 | |||||
Segment revenues and loss before taxes (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Revenue: | ||||||||
Water resource and water storage operations | $ | 136 | $ | 184 | ||||
Real estate operations | 25,766 | 11,939 | ||||||
Agribusiness operations | 34,867 | 39,565 | ||||||
Enterprise software | 3,650 | |||||||
Corporate | 507 | 1,470 | ||||||
Total revenue | $ | 61,276 | $ | 56,808 | ||||
Loss before income taxes: | ||||||||
Water resource and water storage operations | $ | (1,985 | ) | $ | (2,141 | ) | ||
Real estate operations | (6,277 | ) | (711 | ) | ||||
Agribusiness operations | (4,192 | ) | (9,715 | ) | ||||
Enterprise software | (1,150 | ) | ||||||
Corporate | (3,237 | ) | (3,842 | ) | ||||
Total loss before income taxes | $ | (15,691 | ) | $ | (17,559 | ) |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Neither PICO nor its subsidiaries are parties to any potentially material pending legal proceedings other than the following: | |
Fish Springs Ranch, LLC: | |
In September 2007, the Company reached a $7.3 million financial settlement with the Pyramid Lake Paiute Tribe of Indians relating to the exportation of water from the properties owned by Fish Springs Ranch, LLC. The settlement is pending ratification by the United States Congress, but we cannot be certain as to when the United States Congress will act on this matter. The Company has paid $3.7 million to the Tribe and accrued $3.6 million for the balance owed. No material developments occurred relating to this dispute or the settlement agreement during the first three months of 2014. | |
The Company is subject to various other litigation matters that arise in the ordinary course of its business. Because litigation is inherently unpredictable and unfavorable resolutions could occur, assessing contingencies is highly subjective and requires judgments about future events. When evaluating contingencies, we may be unable to provide a meaningful estimate due to a number of factors, including the procedural status of the matter in question, the presence of complex or novel legal theories, and/or the ongoing discovery and development of information important to the matters. In addition, damage amounts claimed in litigation against us may be unsupported, exaggerated or unrelated to possible outcomes, and as such are not meaningful indicators of our potential liability. We regularly review contingencies to determine the adequacy of our accruals and related disclosures. The amount of ultimate loss may differ from these estimates, and it is possible that cash flows or results of operations could be materially affected in any particular period by the unfavorable resolution of one or more of these contingencies. | |
Whether any losses finally determined in any claim, action, investigation or proceeding could reasonably have a material effect on our business, financial condition, results of operations or cash flows will depend on a number of variables, including: the timing and amount of such losses; the structure and type of any remedies; the significance of the impact any such losses, damages or remedies may have on our condensed consolidated financial statements; and the unique facts and circumstances of the particular matter that may give rise to additional factors. |
Basis_of_Presentation_Tables
Basis of Presentation (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||
Components of Real Estate and Water Assets | ' | ||||||||
The costs assigned to the various components of real estate and tangible water assets were as follows (in thousands): | |||||||||
March 31, 2014 | 31-Dec-13 | ||||||||
Real estate | $ | 243,819 | $ | 208,506 | |||||
Tangible water assets | 45,710 | 45,702 | |||||||
$ | 289,529 | $ | 254,208 | ||||||
Summary of RSU and RSA Activity | ' | ||||||||
A summary of activity of the RSU is as follows: | |||||||||
RSU | Weighted-Average Grant Date | ||||||||
Fair Value Per Share | |||||||||
Outstanding at January 1, 2014 | 469,435 | $ | 30.43 | ||||||
Granted | |||||||||
Vested | |||||||||
Outstanding at March 31, 2014 | 469,435 | $ | 30.43 | ||||||
Unrecognized compensation cost (in thousands) | $ | 2,090 | |||||||
Summary of SAR Activity | ' | ||||||||
A summary of SAR activity is as follows: | |||||||||
SAR | Weighted Average | Weighted Average | |||||||
Exercise Price | Contractual Term in Years | ||||||||
Outstanding at January 1, 2014 | 1,616,625 | $ | 36.45 | 2.5 years | |||||
Outstanding and exercisable at March 31, 2014 | 1,616,625 | $ | 36.45 | 2.2 years | |||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||
The following table reports amounts that were reclassified from accumulated other comprehensive income or loss and included in earnings (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Beginning balance - January 1 | $ | 232 | $ | (2,014 | ) | ||||
Unrealized gain on marketable securities, net of tax | 474 | 660 | |||||||
Amount reclassified and recognized in net loss, net of tax(1) | 13 | 92 | |||||||
Accumulated foreign currency translation, net of tax | 40 | 236 | |||||||
Net change in other comprehensive income, net of tax | 527 | 988 | |||||||
Accumulated other comprehensive income (loss) | $ | 759 | $ | (1,026 | ) | ||||
(1)Amounts reclassified from unrealized gain on marketable securities are included in other income in the condensed consolidated statement of operations and comprehensive income or loss. | |||||||||
The components of accumulated other comprehensive income are as follows (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Net unrealized appreciation on available-for-sale investments | $ | 7,353 | $ | 6,866 | |||||
Foreign currency translation | (6,594 | ) | (6,634 | ) | |||||
Accumulated other comprehensive income | $ | 759 | $ | 232 | |||||
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||
Available-for-sale Securities | ' | |||||||||||||||
The following tables report the cost and carrying value of available-for-sale investments at March 31, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
March 31, 2014 | Cost | Gross | Gross | Carrying | ||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | |||||||||||||||
Debt securities: corporate bonds | $ | 9,197 | $ | 239 | $ | (75 | ) | $ | 9,361 | |||||||
Marketable equity securities | 29,582 | 11,355 | (200 | ) | 40,737 | |||||||||||
Total | $ | 38,779 | $ | 11,594 | $ | (275 | ) | $ | 50,098 | |||||||
December 31, 2013 | Cost | Gross | Gross | Carrying | ||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | |||||||||||||||
Debt securities: corporate bonds | $ | 8,988 | $ | 213 | $ | (29 | ) | $ | 9,172 | |||||||
Marketable equity securities | 31,023 | 10,835 | (450 | ) | 41,408 | |||||||||||
Total | $ | 40,011 | $ | 11,048 | $ | (479 | ) | $ | 50,580 | |||||||
Schedule of Unrealized Loss on Investments | ' | |||||||||||||||
The following tables summarize the market value of those investments in an unrealized loss position for periods less than or greater than 12 months (in thousands): | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
Less than 12 months | Fair Value | Gross | Fair Value | Gross | ||||||||||||
Unrealized | Unrealized | |||||||||||||||
Loss | Loss | |||||||||||||||
Debt securities: corporate bonds | $ | 4,616 | $ | 75 | ||||||||||||
Marketable equity securities | 3,514 | 164 | $ | 4,453 | $ | 254 | ||||||||||
Total | $ | 8,130 | $ | 239 | $ | 4,453 | $ | 254 | ||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
Greater than 12 months | Fair Value | Gross | Fair Value | Gross | ||||||||||||
Unrealized | Unrealized | |||||||||||||||
Loss | Loss | |||||||||||||||
Debt securities: corporate bonds | $ | 5,744 | $ | 29 | ||||||||||||
Marketable equity securities | $ | 160 | $ | 36 | 2,368 | 196 | ||||||||||
Total | $ | 160 | $ | 36 | $ | 8,112 | $ | 225 | ||||||||
Disclosures_About_Fair_Value_o1
Disclosures About Fair Value of Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||
At March 31, 2014 (in thousands): | ||||||||||||||||
Assets | Quoted Prices In | Significant Other | Significant | Balance at | ||||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | 31-Mar-14 | |||||||||||||
for Identical Assets | (Level 2) | (Level 3) | ||||||||||||||
(Level 1) | ||||||||||||||||
Available-for-sale equity securities (1) | $ | 22,699 | $ | 18,038 | $ | 40,737 | ||||||||||
Available-for-sale debt securities (1) | $ | 9,361 | $ | 9,361 | ||||||||||||
Readily marketable inventory (2) | $ | 5,158 | $ | 7,133 | $ | 12,291 | ||||||||||
Derivative instruments (3) | $ | 874 | $ | 1,426 | $ | 2,300 | ||||||||||
Liabilities | ||||||||||||||||
Derivative instruments (3) | $ | 1,008 | $ | 2,401 | $ | 3,409 | ||||||||||
At December 31, 2013 (in thousands): | ||||||||||||||||
Assets | Quoted Prices In | Significant Other | Significant | Balance at | ||||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | December 31, | |||||||||||||
for Identical Assets | (Level 2) | (Level 3) | 2013 | |||||||||||||
(Level 1) | ||||||||||||||||
Available-for-sale equity securities (1) | $ | 26,177 | $ | 15,231 | $ | 41,408 | ||||||||||
Available-for-sale debt securities (1) | $ | 9,172 | $ | 9,172 | ||||||||||||
Readily marketable inventory (2) | $ | 2,396 | $ | 5,292 | $ | 7,688 | ||||||||||
Derivative instruments (3) | $ | 346 | $ | 2,108 | $ | 2,454 | ||||||||||
Liabilities | ||||||||||||||||
Derivative instruments (3) | $ | 436 | $ | 936 | $ | 1,372 | ||||||||||
(1) Where there are quoted market prices that are readily available in an active market, securities are classified as Level 1 of the valuation hierarchy. Level 1 available-for-sale investments are valued using quoted market prices multiplied by the number of shares owned and debt securities are valued using a market quote in an active market. All Level 2 available-for-sale securities are one class because they all contain similar risks and are valued using market prices and include securities where the markets are not active, that is where there are few transactions, or the prices are not current or the prices vary considerably over time. Inputs include directly or indirectly observable inputs such as quoted prices. Level 3 available-for-sale securities would include securities where valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | ||||||||||||||||
(2) Readily marketable inventory comprises commodity inventories that are reported at fair value based on commodity exchange quotations. Canola seed inventories are valued based on the quoted market price multiplied by the quantity of inventory and are classified as Level 1. Canola oil and meal inventories are classified as Level 2 because the inputs are directly observable, such as the quoted market price of the corresponding soybean commodity. | ||||||||||||||||
(3) Included in this caption are three types of agricultural commodity derivative contracts: swaps, exchange traded futures, and forward commodity purchase and sale contracts. The exchange traded futures contracts are valued based on quoted prices in active markets multiplied by the number of contracts and are classified as Level 1. The swaps are classified as Level 2 because the inputs are directly observable, such as the quoted market prices for relevant commodity futures contracts. The swaps are valued based on the difference of the arithmetic average of the quoted market price of the relevant underlying multiplied by the notional quantities, and the arithmetic average of the prices specified in the instrument multiplied by the notional quantities. | ||||||||||||||||
Fair Value Measurements on a Non-Recurring Basis | ' | |||||||||||||||
Three Months Ended March 31, 2014 (in thousands): | ||||||||||||||||
Asset Description | Quoted Prices In Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Loss Recorded During the Three Months Ended March 31, 2014 | ||||||||||||
Real estate (1) | $ | 1,357 | $ | (2,865 | ) | |||||||||||
(1) The Company had a non-recurring fair value measurement of real estate assets with a carrying value of $4.2 million that was written down to its estimated fair value of $1.4 million resulting in an impairment charge of $2.9 million, which was included in earnings for the three months ended March 31, 2014. The impairment was recorded based on the estimated sales price the Company expects to receive upon the sale of this real estate. The impairment loss relates to a property which is not part of UCP’s results of operations nor is it included in UCP’s inventory of lots. | ||||||||||||||||
Year Ended December 31, 2013 (in thousands): | ||||||||||||||||
Asset Description | Quoted Prices In Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs | Significant Unobservable Inputs (Level 3) | Total Gain | ||||||||||||
(Level 2) | (Loss) Recorded During the Year Ended December 31, 2013 | |||||||||||||||
Intangible asset (exclusive right to use infrastructure and associated water credits) (1) | $ | 83,897 | $ | (993 | ) | |||||||||||
Real estate (2) | $ | 3,674 | $ | (417 | ) | |||||||||||
Investment in unconsolidated affiliate (3) | $ | 28,679 | $ | 21,181 | ||||||||||||
(1) The Company had a non-recurring fair value measurement for an intangible asset with a carrying amount of $84.9 million that was written down to its estimated fair value of $83.9 million resulting in an impairment charge of $993,000, which was included in earnings for December 31, 2013. The implied fair value was calculated using a discounted cash flow model that incorporated a wide range of assumptions including current asset pricing, price escalation, discount rates, absorption rates, timing of sales, and costs. Given the decline in market prices for similar assets, increases in interest rates, and extended timing of expected absorptions, the Company adjusted its assumptions and judgments in the model from original projections. | ||||||||||||||||
(2) The Company had a non-recurring fair value measurement of real estate assets with a carrying value of $4.1 million that was written down to its estimated fair value of $3.7 million resulting in an impairment charge of $417,000, which was included in earnings for December 31, 2013. The impairment was recorded based on the estimated sales price the Company expects to receive upon the sale of this real estate. The impairment loss relates to a property which is not part of UCP’s results of operations nor is it included in UCP’s inventory of lots. | ||||||||||||||||
(3) The Company had a non-recurring fair value measurement as a result of the merger transaction between Spigit, Inc. (“Spigit”) and Mindjet. The transaction resulted in the deconsolidation of Spigit, and the recording of the Company’s common and preferred stock investment in Mindjet at fair value, on the date of the transaction. The transaction resulted in a gain of approximately $21.2 million before income taxes. The fair value of the investment in Mindjet was based on analysis of the financial and operational aspects of the company, including consideration of a discounted cash flow analysis which incorporated a contemporary forecast of the merged Mindjet/Spigit entity going forward. Also considered was a guideline public company analysis which compared business enterprise value-to-revenue ratios for comparable public companies to current revenue metrics for the company. Determination of the business enterprise value based on the foregoing was then considered in an analysis of the distribution of equity value to the various classes of equity held by PICO in order to reflect differences in value due to differing liquidation, dividend and voting rights. The fair value approach relied primarily on Level 3 unobservable inputs, whereby expected future cash flows were discounted using a rate that includes assumptions regarding an entity’s average cost of debt and equity, incorporated expected future cash flows based on internal business plans, and applied certain assumptions about risk and uncertainties. The estimates were based upon assumptions believed to be reasonable, but which by nature are uncertain and unpredictable. | ||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||
The following table presents the carrying value and fair value of the Company’s financial instruments which are not carried at fair value at March 31, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||
Financial assets: | ||||||||||||||||
Investments in unconsolidated affiliates held at cost | $ | 19,380 | $ | 19,380 | $ | 19,380 | $ | 19,380 | ||||||||
Financial liabilities: | ||||||||||||||||
Debt | $ | 135,536 | $ | 144,968 | $ | 136,767 | $ | 145,924 | ||||||||
Notional Amounts of Open Derivative Positions | ' | |||||||||||||||
The following tables summarize the notional amount of open derivative positions at March 31, 2014 and December 31, 2013: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Exchange Traded | Non-Exchange Traded | |||||||||||||||
(Short)(1) | Long(1) | (Short)(1) | Long(1) | Unit of Measure | ||||||||||||
Futures | ||||||||||||||||
Agricultural Commodities | (54,855 | ) | 31,708 | Tons | ||||||||||||
Natural Gas | 400,000 | MMBtus(2) | ||||||||||||||
Forwards | (117,801 | ) | 72,900 | Tons | ||||||||||||
Swaps | 15,000 | Tons | ||||||||||||||
31-Dec-13 | ||||||||||||||||
Exchange Traded | Non-Exchange Traded | |||||||||||||||
(Short)(1) | Long(1) | (Short)(1) | Long(1) | Unit of Measure | ||||||||||||
Futures | ||||||||||||||||
Agricultural Commodities | (23,038 | ) | 34,380 | Tons | ||||||||||||
Natural Gas | 460,000 | MMBtus(2) | ||||||||||||||
Forwards | (132,428 | ) | 30,367 | Tons | ||||||||||||
Swaps | 75,000 | Tons | ||||||||||||||
(1) Exchange and non-exchange traded futures, forwards, and swaps are presented on a gross (short) and long position basis. | ||||||||||||||||
(2) Million Metric British Thermal Units. | ||||||||||||||||
Effect of Derivative Instruments on the Consolidated Statements of Operations and Comprehensive Income or Loss | ' | |||||||||||||||
The table below summarizes the effect of derivative instruments on the condensed consolidated statements of operations and comprehensive income or loss (in thousands): | ||||||||||||||||
Gain (Loss) Recognized in Income on Derivatives | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
Location | 2014 | 2013 | ||||||||||||||
Futures | Cost of canola oil and meal sold | $ | (1,054 | ) | $ | (2,171 | ) | |||||||||
Forwards | Cost of canola oil and meal sold | 1,474 | (814 | ) | ||||||||||||
Swaps | Cost of canola oil and meal sold | 3,675 | 367 | |||||||||||||
$ | 4,095 | $ | (2,618 | ) | ||||||||||||
Intangible_Water_Assets_Tables
Intangible Water Assets (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Schedule of Indefinite-Lived Intangible Assets | ' | |||||||
The Company owns the following indefinite-lived intangible water assets within its water resource and water storage operations segment (in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Pipeline rights and water credits at Fish Springs Ranch | $ | 83,897 | $ | 83,897 | ||||
Pipeline rights and water rights at Carson-Lyon | 24,804 | 24,804 | ||||||
Other | 16,203 | 16,179 | ||||||
$ | 124,904 | $ | 124,880 | |||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Company's Consolidated Debt | ' | |||||||
The following details the Company’s consolidated debt (in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Agribusiness term loan: | ||||||||
4.75% payments through 2017 | $ | 82,042 | $ | 83,533 | ||||
Agribusiness working capital debt: | ||||||||
6% payments through 2017 | 4,750 | 4,750 | ||||||
Other agribusiness debt: | ||||||||
4.99% payments through 2014 | 151 | 159 | ||||||
Swiss debt: | ||||||||
3.7% payments through 2014 | 14,139 | 14,012 | ||||||
3.8% payments through 2014 | 3,363 | |||||||
Mortgage debt: | ||||||||
3.9% to 4.75% payments through 2015 | 23,629 | 17,307 | ||||||
5% to 5.5% payments due from 2014 - 2016 | 8,676 | 11,491 | ||||||
6% to 6.5% payments through 2036 | 545 | 548 | ||||||
10% payments through 2014 | 1,604 | 1,604 | ||||||
$ | 135,536 | $ | 136,767 | |||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Reconciliation of Assets from Segment to Consolidated | ' | |||||||
Management analyzes segments using the following information: | ||||||||
Segment assets (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Total Assets: | ||||||||
Water resource and water storage operations | $ | 193,118 | $ | 193,105 | ||||
Real estate operations | 276,670 | 276,954 | ||||||
Agribusiness operations | 157,942 | 155,005 | ||||||
Corporate | 123,960 | 137,488 | ||||||
$ | 751,690 | $ | 762,552 | |||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | ' | |||||||
Segment revenues and loss before taxes (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Revenue: | ||||||||
Water resource and water storage operations | $ | 136 | $ | 184 | ||||
Real estate operations | 25,766 | 11,939 | ||||||
Agribusiness operations | 34,867 | 39,565 | ||||||
Enterprise software | 3,650 | |||||||
Corporate | 507 | 1,470 | ||||||
Total revenue | $ | 61,276 | $ | 56,808 | ||||
Loss before income taxes: | ||||||||
Water resource and water storage operations | $ | (1,985 | ) | $ | (2,141 | ) | ||
Real estate operations | (6,277 | ) | (711 | ) | ||||
Agribusiness operations | (4,192 | ) | (9,715 | ) | ||||
Enterprise software | (1,150 | ) | ||||||
Corporate | (3,237 | ) | (3,842 | ) | ||||
Total loss before income taxes | $ | (15,691 | ) | $ | (17,559 | ) |
Basis_of_Presentation_Details_
Basis of Presentation (Details) Real Estate and Water Assets, Impairment Losses (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
Real Estate Improvements | Real Estate Improvements | |||
Minimum | Maximum | |||
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Estimated useful lives | ' | ' | '5 years | '15 years |
Real estate held-for-sale | $23,100,000 | $8,600,000 | ' | ' |
Real estate | 243,819,000 | 208,506,000 | ' | ' |
Tangible water assets | 45,710,000 | 45,702,000 | ' | ' |
Real estate and water assets, net | $289,529,000 | $254,208,000 | ' | ' |
Basis_of_Presentation_Details_1
Basis of Presentation (Details) Noncontrolling Interests | Mar. 31, 2014 | Dec. 31, 2013 |
UCP | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Subsidiary ownership interest held by related party | 42.52% | 42.25% |
Northstar Agri Industries | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Subsidiary ownership interest held by related party | 12.00% | ' |
Basis_of_Presentation_Details_2
Basis of Presentation (Details) Share Based Compensation (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2014 |
plan | RSUs | RSUs | SARs | SARs | SARs | Long Term Incentive Plan [Member] | Noncontrolling Interest | ||||
UCP | Long Term Incentive Plan [Member] | ||||||||||
RSUs | RSUs | ||||||||||
Share-based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stock-based compensation plans in effect | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of issuable common shares (in shares) | 2,654,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | $2,000 | $946 | ' | $0 | ' | $1,000 | $587 |
Summary of RSU Activity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of period (in shares) | ' | ' | ' | ' | 469,435 | ' | ' | ' | 0 | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Vested (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, end of period (in shares) | ' | ' | ' | ' | 469,435 | ' | ' | ' | 0 | ' | ' |
Unrecognized compensation cost | ' | ' | ' | ' | 2,090 | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, outstanding (in dollars per share) | ' | ' | ' | ' | $30.43 | ' | $36.45 | ' | ' | ' | ' |
Weighted average exercise price, outstanding and exercisable (in dollars per share) | ' | ' | ' | ' | $30.43 | ' | $36.45 | ' | ' | ' | ' |
Summary of SAR Activity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of period (in shares) | ' | ' | ' | ' | ' | ' | 1,616,625 | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Exercised in period (in shares) | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Outstanding and exercisable, end of period (in shares) | ' | ' | ' | ' | ' | ' | 1,616,625 | ' | ' | ' | ' |
Number of outstanding awards in-the-money (in shares) | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Summary of SAR Activity, Other Data: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, outstanding (in dollars per share) | ' | ' | ' | ' | $30.43 | ' | $36.45 | ' | ' | ' | ' |
Weighted average exercise price, outstanding and exercisable (in dollars per share) | ' | ' | ' | ' | $30.43 | ' | $36.45 | ' | ' | ' | ' |
Outstanding, weighted average contractual term | '2 years 2 months | ' | '2 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding and exercisable, weighted average contractual term | '2 years 2 months | ' | '2 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Compensation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation payable | 24,559 | ' | ' | 24,160 | ' | ' | ' | ' | ' | ' | ' |
Increase in deferred compensation liability | 399 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in fair value of plan assets | 599 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation expense | $599 | $618 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis_of_Presentation_Details_3
Basis of Presentation (Details) Accumulated Other Comprehensive Income (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Net unrealized appreciation on available-for-sale investments | $7,353,000 | ' | $6,866,000 |
Foreign currency translation | -6,594,000 | ' | -6,634,000 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' |
Beginning balance | 232,000 | -2,014,000 | ' |
Other comprehensive income (loss) | 527,000 | 988,000 | ' |
Ending balance | 759,000 | -1,026,000 | ' |
Accumulated Net Unrealized Investment Gain (Loss) | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' |
Other comprehensive income (loss) before reclassification | 474,000 | 660,000 | ' |
Amount reclassified and recognized in net loss, net of tax | 13,000 | 92,000 | ' |
Deferred Tax Liabilities, Other Comprehensive Income | 3,900,000 | ' | 3,700,000 |
Accumulated Translation Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' |
Other comprehensive income (loss) | 40,000 | 236,000 | ' |
Deferred Tax Assets, Other Comprehensive Loss | $3,400,000 | ' | $3,400,000 |
Basis_of_Presentation_Details_4
Basis of Presentation (Details) Other Balance Sheet and Income Statement Items (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Other Balance Sheet and Income Statement Items [Line Items] | ' | ' |
Inventory, Raw Materials and Supplies, Gross | $5,300,000 | ' |
Cost of canola oil and meal sold | 34,174,000 | 44,662,000 |
Provision for Income Taxes: | ' | ' |
Income tax provision (benefit) | 265,000 | 784,000 |
Effective income tax rate | 2.00% | 4.00% |
Statutory income tax rate | 35.00% | ' |
Inventory, Finished Goods, Net of Reserves | 7,100,000 | ' |
Maximum | ' | ' |
Provision for Income Taxes: | ' | ' |
Likelihood uncertain tax percentage will be sustained | 50.00% | ' |
Operating Expense [Member] | ' | ' |
Other Balance Sheet and Income Statement Items [Line Items] | ' | ' |
Quantifying Misstatement in Current Year Financial Statements, Amount | ' | 2,100,000 |
Reduced Depreciation [Member] | ' | ' |
Other Balance Sheet and Income Statement Items [Line Items] | ' | ' |
Quantifying Misstatement in Current Year Financial Statements, Amount | ' | 2,000,000 |
Scenario, Previously Reported [Member] | Reclassification of Labor and Overhead to Canola Oil and Meal Sold [Member] | ' | ' |
Other Balance Sheet and Income Statement Items [Line Items] | ' | ' |
Cost of canola oil and meal sold | ' | $4,100,000 |
Investments_Details
Investments (Details) (USD $) | 3 Months Ended | 3 Months Ended | |||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | |
Mindjet [Member] | Corporate Bonds | Corporate Bonds | Marketable Equity Securities | Marketable Equity Securities | Marketable Equity Securities | ||||
Schedule of Available-for-sale Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed maturities, cost | ' | ' | ' | ' | $9,197,000 | $8,988,000 | ' | ' | ' |
Marketable equity securities, cost | ' | ' | ' | ' | ' | ' | ' | 29,582,000 | 31,023,000 |
Gross Unrealized Gains | 11,594,000 | ' | 11,048,000 | ' | 239,000 | 213,000 | ' | 11,355,000 | 10,835,000 |
Gross Unrealized Losses | 275,000 | ' | 479,000 | ' | 75,000 | 29,000 | ' | 200,000 | 450,000 |
Total, cost | 38,779,000 | ' | 40,011,000 | ' | ' | ' | ' | ' | ' |
Fixed maturities, carrying value | ' | ' | ' | ' | 9,361,000 | 9,172,000 | ' | ' | ' |
Marketable equity securities, carrying value | ' | ' | ' | ' | ' | ' | ' | 40,737,000 | 41,408,000 |
Total available-for-sale investments, carrying value | 50,098,000 | ' | 50,580,000 | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less than 12 months, fair value | 8,130,000 | ' | 4,453,000 | ' | 4,616,000 | ' | ' | 3,514,000 | 4,453,000 |
Less than 12 months, Gross Unrealized Loss | 239,000 | ' | 254,000 | ' | 75,000 | ' | ' | 164,000 | 254,000 |
Greater than 12 months, fair value | 160,000 | ' | 8,112,000 | ' | ' | 5,744,000 | ' | 160,000 | 2,368,000 |
Greater than 12 months, Gross Unrealized Loss | 36,000 | ' | 225,000 | ' | ' | 29,000 | ' | 36,000 | 196,000 |
Impairment losses, available-for-sale securities | ' | ' | ' | ' | ' | ' | 917,000 | ' | ' |
Other Investments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Voting Interest Percentage | ' | ' | ' | 28.80% | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | 15.20% | ' | ' | ' | ' | ' |
Cost Method, Ownership Percentage | ' | ' | ' | 13.60% | ' | ' | ' | ' | ' |
Equity in loss of unconsolidated affiliate | -479,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Other Investments | ' | ' | ' | $25,400,000 | ' | ' | ' | ' | ' |
Disclosures_About_Fair_Value_o2
Disclosures About Fair Value of Financial Instruments (Details) Narrative (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Fair Value Disclosures [Abstract] | ' |
Amount transferred | $4.60 |
Disclosures_About_Fair_Value_o3
Disclosures About Fair Value of Financial Instruments (Details) Fair Value of Assets and Liabilities on a Recurring Basis (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ||
Available-for-sale securities | $50,098 | $50,580 | ||
Fair Value, Measurements, Recurring | ' | ' | ||
Assets | ' | ' | ||
Available-for-sale securities | 40,737 | [1] | 41,408 | [1] |
Available-for-sale debt maturities | 9,361 | [1] | 9,172 | [1] |
Readily marketable inventory | 12,291 | [2] | 7,688 | [2] |
Derivative instruments | 2,300 | [3] | 2,454 | [3] |
Liabilities | ' | ' | ||
Derivative instruments | 3,409 | [3] | 1,372 | [3] |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | ' | ' | ||
Assets | ' | ' | ||
Available-for-sale securities | 22,699 | [1] | 26,177 | [1] |
Available-for-sale debt maturities | 9,361 | [1] | 9,172 | [1] |
Readily marketable inventory | 5,158 | [2] | 2,396 | [2] |
Derivative instruments | 874 | [3] | 346 | [3] |
Liabilities | ' | ' | ||
Derivative instruments | 1,008 | [3] | 436 | [3] |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Assets | ' | ' | ||
Available-for-sale securities | 18,038 | [1] | 15,231 | [1] |
Readily marketable inventory | 7,133 | [2] | 5,292 | [2] |
Derivative instruments | 1,426 | [3] | 2,108 | [3] |
Liabilities | ' | ' | ||
Derivative instruments | $2,401 | [3] | $936 | [3] |
[1] | Where there are quoted market prices that are readily available in an active market, securities are classified as Level 1 of the valuation hierarchy. Level 1 available-for-sale investments are valued using quoted market prices multiplied by the number of shares owned and debt securities are valued using a market quote in an active market. All Level 2 available-for-sale securities are one class because they all contain similar risks and are valued using market prices and include securities where the markets are not active, that is where there are few transactions, or the prices are not current or the prices vary considerably over time. Inputs include directly or indirectly observable inputs such as quoted prices. Level 3 available-for-sale securities would include securities where valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | |||
[2] | Readily marketable inventory comprises commodity inventories that are reported at fair value based on commodity exchange quotations. Canola seed inventories are valued based on the quoted market price multiplied by the quantity of inventory and are classified as Level 1. Canola oil and meal inventories are classified as Level 2 because the inputs are directly observable, such as the quoted market price of the corresponding soybean commodity. | |||
[3] | Included in this caption are three types of agricultural commodity derivative contracts: swaps, exchange traded futures, and forward commodity purchase and sale contracts. The exchange traded futures contracts are valued based on quoted prices in active markets multiplied by the number of contracts and are classified as Level 1. The swaps are classified as Level 2 because the inputs are directly observable, such as the quoted market prices for relevant commodity futures contracts. The swaps are valued based on the difference of the arithmetic average of the quoted market price of the relevant underlying multiplied by the notional quantities, and the arithmetic average of the prices specified in the instrument multiplied by the notional quantities. |
Disclosures_About_Fair_Value_o4
Disclosures About Fair Value of Financial Instruments (Details) Fair Value Measurements on a Non-Recurring Basis (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ||
Loss on Intangible assets | ' | ($993,000) | [1] | |
Impairment of real estate | -2,865,000 | [2] | -417,000 | [3] |
Investment in unconsolidated affilitate Total Gain (Loss) | ' | 21,181,000 | [4] | |
Intangible asset carrying amount | ' | 84,900,000 | ||
Real estate carrying value | 4,200,000 | 4,100,000 | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | ' | ' | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ||
Intangible asset (exclusive right to use infrastructure and associated water credits) | ' | 83,897,000 | [1] | |
Real estate | 1,357,000 | [2] | 3,674,000 | [3] |
Equity Method and Cost Method Investments | ' | $28,679,000 | [4] | |
[1] | The Company had a non-recurring fair value measurement for an intangible asset with a carrying amount of $84.9 million that was written down to its estimated fair value of $83.9 million resulting in an impairment charge of $993,000, which was included in earnings for December 31, 2013. The implied fair value was calculated using a discounted cash flow model that incorporated a wide range of assumptions including current asset pricing, price escalation, discount rates, absorption rates, timing of sales, and costs. Given the decline in market prices for similar assets, increases in interest rates, and extended timing of expected absorptions, the Company adjusted its assumptions and judgments in the model from original projections. | |||
[2] | The Company had a non-recurring fair value measurement of real estate assets with a carrying value of $4.2 million that was written down to its estimated fair value of $1.4 million resulting in an impairment charge of $2.9 million, which was included in earnings for the three months ended March 31, 2014. The impairment was recorded based on the estimated sales price the Company expects to receive upon the sale of this real estate. The impairment loss relates to a property which is not part of UCP’s results of operations nor is it included in UCP’s inventory of lots. | |||
[3] | The Company had a non-recurring fair value measurement of real estate assets with a carrying value of $4.1 million that was written down to its estimated fair value of $3.7 million resulting in an impairment charge of $417,000, which was included in earnings for December 31, 2013. The impairment was recorded based on the estimated sales price the Company expects to receive upon the sale of this real estate. The impairment loss relates to a property which is not part of UCP’s results of operations nor is it included in UCP’s inventory of lots. | |||
[4] | The Company had a non-recurring fair value measurement as a result of the merger transaction between Spigit, Inc. (“Spigitâ€) and Mindjet. The transaction resulted in the deconsolidation of Spigit, and the recording of the Company’s common and preferred stock investment in Mindjet at fair value, on the date of the transaction. The transaction resulted in a gain of approximately $21.2 million before income taxes. The fair value of the investment in Mindjet was based on analysis of the financial and operational aspects of the company, including consideration of a discounted cash flow analysis which incorporated a contemporary forecast of the merged Mindjet/Spigit entity going forward. Also considered was a guideline public company analysis which compared business enterprise value-to-revenue ratios for comparable public companies to current revenue metrics for the company. Determination of the business enterprise value based on the foregoing was then considered in an analysis of the distribution of equity value to the various classes of equity held by PICO in order to reflect differences in value due to differing liquidation, dividend and voting rights. The fair value approach relied primarily on Level 3 unobservable inputs, whereby expected future cash flows were discounted using a rate that includes assumptions regarding an entity’s average cost of debt and equity, incorporated expected future cash flows based on internal business plans, and applied certain assumptions about risk and uncertainties. The estimates were based upon assumptions believed to be reasonable, but which by nature are uncertain and unpredictable. |
Disclosures_About_Fair_Value_o5
Disclosures About Fair Value of Financial Instruments (Details) Carrying Values and Estimated Fair Values (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Amount | ' | ' |
Financial assets: | ' | ' |
Investments in unconsolidated affiliates held at cost | $19,380 | $19,380 |
Financial liabilities: | ' | ' |
Debt | 135,536 | 136,767 |
Estimated Fair Value | ' | ' |
Financial assets: | ' | ' |
Investments in unconsolidated affiliates held at cost | 19,380 | 19,380 |
Financial liabilities: | ' | ' |
Debt | $144,968 | $145,924 |
Disclosures_About_Fair_Value_o6
Disclosures About Fair Value of Financial Instruments (Details) Notional Amounts of Derivatives | Mar. 31, 2014 | Dec. 31, 2013 | ||
T | T | |||
Exchange Traded | Agricultural Commodities Futures | Short | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional amount of nonmonetary derivative | -54,855 | [1] | -23,038 | [1] |
Exchange Traded | Agricultural Commodities Futures | Long | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional amount of nonmonetary derivative | 31,708 | [1] | 34,380 | [1] |
Exchange Traded | Natural Gas Futures | Long | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional amount of nonmonetary derivative | 400,000 | [1],[2] | 460,000 | [1],[2] |
Non-Exchange Traded | Forwards | Short | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional amount of nonmonetary derivative | -117,801 | [1] | -132,428 | [1] |
Non-Exchange Traded | Forwards | Long | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional amount of nonmonetary derivative | 72,900 | [1] | 30,367 | [1] |
Non-Exchange Traded | Swaps | Long | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional amount of nonmonetary derivative | 15,000 | [1] | 75,000 | [1] |
[1] | Exchange and non-exchange traded futures, forwards, and swaps are presented on a gross (short) and long position basis. | |||
[2] | Million Metric British Thermal Units. |
Disclosures_About_Fair_Value_o7
Disclosures About Fair Value of Financial Instruments (Details) Gain (Loss) Recognized in Income on Derivative (Cost of Sales, Canola Oil and Meal, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (loss) on derivatives | $4,095 | ($2,618) |
Futures | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (loss) on derivatives | -1,054 | -2,171 |
Forwards | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (loss) on derivatives | 1,474 | -814 |
Swaps | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (loss) on derivatives | $3,675 | $367 |
Intangible_Water_Assets_Detail
Intangible Water Assets (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Intangible water assets | $124,904 | $124,880 |
Fish Springs Ranch | Pipeline and Water Rights | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Intangible water assets | 83,897 | 83,897 |
Carson-Lyon | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Intangible water assets | 24,804 | 24,804 |
Other Properties | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Intangible water assets | $16,203 | $16,179 |
Debt_Details
Debt (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Debt | $135,536,000 | $136,767,000 |
Agribusiness term loan | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | ' |
Line of credit, amount outstanding | 82,042,000 | 83,533,000 |
Agribusiness working capital debt | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ' |
Line of credit, amount outstanding | 4,750,000 | 4,750,000 |
Other agribusiness debt | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.99% | ' |
Line of credit, amount outstanding | 151,000 | 159,000 |
Swiss debt | 3.7% Loan Due in 2014 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | ' |
Line of credit, amount outstanding | 14,139,000 | 14,012,000 |
Swiss debt | 3.8% Loan Due in 2014 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | ' |
Line of credit, amount outstanding | ' | 3,363,000 |
Mortgage debt | 3.9% to 4.75% Loan Due Through 2014 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Mortgages | 23,629,000 | 17,307,000 |
Mortgage debt | 5% to 5.5% Loan Due from 2014 to 2016 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Mortgages | 8,676,000 | 11,491,000 |
Mortgage debt | 6% to 6.5% Loan Due Through 2036 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Mortgages | 545,000 | 548,000 |
Mortgage debt | 10% Loan Due Through 2013 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ' |
Mortgages | 1,604,000 | 1,604,000 |
Real Estate Operations | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unused borrowing capacity | 27,300,000 | ' |
Agribusiness Operations | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unused borrowing capacity | $22,300,000 | ' |
Minimum | Mortgage debt | 3.9% to 4.75% Loan Due Through 2014 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | ' |
Minimum | Mortgage debt | 5% to 5.5% Loan Due from 2014 to 2016 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ' |
Minimum | Mortgage debt | 6% to 6.5% Loan Due Through 2036 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ' |
Maximum | Mortgage debt | 3.9% to 4.75% Loan Due Through 2014 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | ' |
Maximum | Mortgage debt | 5% to 5.5% Loan Due from 2014 to 2016 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | ' |
Maximum | Mortgage debt | 6% to 6.5% Loan Due Through 2036 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | ' |
June 30, 2014 | Line of Credit | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Covenant Terms, Debt Service Coverage Ratio, Maximum | 1.4 | ' |
September 30, 2014 | Line of Credit | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Covenant Terms, Debt Service Coverage Ratio, Maximum | 1.5 | ' |
Beyond September 30, 2014 | Line of Credit | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Covenant Terms, Debt Service Coverage Ratio, Maximum | 1.75 | ' |
Segment_Reporting_Details_Asse
Segment Reporting (Details) Assets and Liabilities (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item | ' | ' |
Assets | $751,690 | $762,552 |
Water Resource and Water Storage Operations | ' | ' |
Segment Reporting, Asset Reconciling Item | ' | ' |
Assets | 193,118 | 193,105 |
Real Estate Operations | ' | ' |
Segment Reporting, Asset Reconciling Item | ' | ' |
Assets | 276,670 | 276,954 |
Agribusiness Operations | ' | ' |
Segment Reporting, Asset Reconciling Item | ' | ' |
Assets | 157,942 | 155,005 |
Corporate | ' | ' |
Segment Reporting, Asset Reconciling Item | ' | ' |
Assets | $123,960 | $137,488 |
Segment_Reporting_Details_Reve
Segment Reporting (Details) Revenue (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting, Revenue Reconciling Item | ' | ' |
Revenues | $61,276 | $56,808 |
Total loss before income taxes | -15,691 | -17,559 |
Water Resource and Water Storage Operations | ' | ' |
Segment Reporting, Revenue Reconciling Item | ' | ' |
Revenues | 136 | 184 |
Total loss before income taxes | -1,985 | -2,141 |
Real Estate Operations | ' | ' |
Segment Reporting, Revenue Reconciling Item | ' | ' |
Revenues | 25,766 | 11,939 |
Total loss before income taxes | -6,277 | -711 |
Agribusiness Operations | ' | ' |
Segment Reporting, Revenue Reconciling Item | ' | ' |
Revenues | 34,867 | 39,565 |
Total loss before income taxes | -4,192 | -9,715 |
Enterprise Software | ' | ' |
Segment Reporting, Revenue Reconciling Item | ' | ' |
Revenues | ' | 3,650 |
Total loss before income taxes | ' | -1,150 |
Corporate | ' | ' |
Segment Reporting, Revenue Reconciling Item | ' | ' |
Revenues | 507 | 1,470 |
Total loss before income taxes | ($3,237) | ($3,842) |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 1 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2007 | Mar. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Litigation settlement, gross | $7.30 | ' |
Payments for litigation settlements | 3.7 | ' |
Accrual for remaining litigation settlement | ' | $3.60 |