Vidler Water Resources (VWTR) 10-Q 8 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 05, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	PICO HOLDINGS INC /NEW
Entity Central Index Key	830,122
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		23,046,737
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - Unaudited - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 45,087	$ 56,462
Investments ($23,812 and $22,590 measured at fair value at June 30, 2016 and December 31, 2015, respectively)	27,294	26,072
Real estate and tangible water assets, net	437,382	424,235
Intangible assets, net	127,204	126,533
Other assets	18,848	19,990
Assets held-for-sale	6,525	8,793
Total assets	662,340	662,085
Liabilities and equity
Debt	162,685	155,966
Accounts payable and accrued expenses	32,438	34,458
Deferred compensation	26,543	25,493
Other liabilities	14,327	11,556
Liabilities held-for-sale	276	608
Total liabilities	236,269	228,081
Commitments and contingencies
Common stock, $0.001 par value; authorized 100,000 shares, 23,125 issued and 23,047 outstanding at June 30, 2016, and 23,116 issued and 23,038 outstanding at December 31, 2015	23	23
Additional paid-in capital	493,438	494,207
Accumulated deficit	(161,565)	(151,366)
Accumulated other comprehensive income	5,517	4,961
Treasury stock, at cost (common shares: 78 at June 30, 2016 and December 31, 2015)	(1,413)	(1,413)
Total PICO Holdings, Inc. shareholders’ equity	336,000	346,412
Noncontrolling interest in subsidiaries	90,071	87,592
Total equity	426,071	434,004
Total liabilities and equity	$ 662,340	$ 662,085

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets - Unaudited (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Liabilities and equity
Investments at fair value	$ 23,812	$ 22,590
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	23,125,000	23,116,000
Common stock, shares outstanding (in shares)	23,047,000	23,038,000
Treasury stock, common shares held (in shares)	78,000	78,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income or Loss - Unaudited - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues and other income:
Sale of real estate and water assets	$ 82,870	$ 55,063	$ 151,193	$ 98,673
Impairment loss on investment in unconsolidated affiliate		(20,696)		(20,696)
Other income, net	839	741	1,554	2,454
Total revenues and other income	83,709	35,108	152,747	80,431
Cost of sales and expenses:
Cost of real estate and water assets sold	66,614	45,608	123,180	81,940
General, administrative, and other	12,445	12,294	24,770	23,490
Sales and marketing	4,668	3,258	9,097	8,555
Impairment loss on intangible and long-lived assets	2,397	274	2,397	1,363
Depreciation and amortization	378	505	891	996
Total cost of sales and expenses	86,502	61,939	160,335	116,344
Loss from continuing operations before income taxes and equity in loss of unconsolidated affiliates	(2,793)	(26,831)	(7,588)	(35,913)
Benefit (provision) for federal and state income taxes	124	2,731	(34)	2,970
Equity in loss of unconsolidated affiliate		(998)		(1,481)
Loss from continuing operations	(2,669)	(25,098)	(7,622)	(34,424)
Loss from discontinued agribusiness operations, net of tax	(44)	(8,813)	(84)	(19,295)
Loss on sale of discontinued agribusiness operations, net of tax	(10)	(16,903)	(1,859)	(16,903)
Net loss from discontinued agribusiness operations, net of tax	(54)	(25,716)	(1,943)	(36,198)
Net loss	(2,723)	(50,814)	(9,565)	(70,622)
Net (income) loss attributable to noncontrolling interests	(675)	1,044	(634)	4,027
Net loss attributable to PICO Holdings, Inc.	(3,398)	(49,770)	(10,199)	(66,595)
Other comprehensive loss:
Net loss	(2,723)	(50,814)	(9,565)	(70,622)
Unrealized gain on securities, net of deferred income tax and reclassification adjustments	489	334	529	283
Foreign currency translation	18	(46)	27	(37)
Total other comprehensive income, net of tax	507	288	556	246
Comprehensive loss	(2,216)	(50,526)	(9,009)	(70,376)
Comprehensive (income) loss attributable to noncontrolling interests	(675)	1,044	(634)	4,027
Comprehensive loss attributable to PICO Holdings, Inc.	$ (2,891)	$ (49,482)	$ (9,643)	$ (66,349)
Net income (loss) per common share – basic and diluted ($ per share)
Loss from continuing operations	$ (0.15)	$ (1.08)	$ (0.36)	$ (1.40)
Loss from discontinued agribusiness operations		(1.09)	(0.08)	(1.50)
Net loss per common share – basic and diluted	$ (0.15)	$ (2.17)	$ (0.44)	$ (2.90)
Weighted average shares outstanding - basic and diluted (number of shares)	23,040	23,009	23,039	23,007

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Shareholders' Equity - Unaudited - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Treasury Stock	Noncontrolling Interest
Beginning balance (shares) at Dec. 31, 2014		23,083
Beginning balance at Dec. 31, 2014	$ 511,545	$ 23	$ 491,662	$ (69,508)	$ 4,717	$ (1,413)	$ 86,064
Beginning balance, treasury stock (shares) at Dec. 31, 2014						78
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	2,225		1,694				531
Exercise of restricted stock units (shares)		13
Withholding taxes paid on vested restricted stock units at UCP, Inc.	(21)		(12)				(9)
Net loss	(70,622)			(66,595)			(4,027)
Unrealized appreciation on investments, net of deferred income tax and reclassification adjustments	283				283
Foreign currency translation	(37)				(37)
Ending balance (shares) at Jun. 30, 2015		23,096
Ending balance at Jun. 30, 2015	$ 443,373	$ 23	493,344	(136,103)	4,963	$ (1,413)	82,559
Ending balance, treasury stock (shares) at Jun. 30, 2015						78
Beginning balance (shares) at Dec. 31, 2015	23,116	23,116
Beginning balance at Dec. 31, 2015	$ 434,004	$ 23	494,207	(151,366)	4,961	$ (1,413)	87,592
Beginning balance, treasury stock (shares) at Dec. 31, 2015	78					78
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 1,280		1,102				178
Exercise of restricted stock units (shares)		9
Exercise of restricted stock units	0
Withholding taxes paid on vested restricted stock units at UCP, Inc.	(45)		(25)				(20)
Changes in ownership of noncontrolling interest	0		(1,846)				1,846
Acquisition of interests held by noncontrolling owners	(159)						(159)
Net loss	(9,565)			(10,199)			634
Unrealized appreciation on investments, net of deferred income tax and reclassification adjustments	529				529
Foreign currency translation	$ 27				27
Ending balance (shares) at Jun. 30, 2016	23,125	23,125
Ending balance at Jun. 30, 2016	$ 426,071	$ 23	$ 493,438	$ (161,565)	$ 5,517	$ (1,413)	$ 90,071
Ending balance, treasury stock (shares) at Jun. 30, 2016	78					78

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Shareholders' Equity - Unaudited (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Statement of Stockholders' Equity [Abstract]
Deferred income tax on unrealized gain on securities	$ 285	$ 152
Reclassification adjustments netted against unrealized gain on securities	$ 133	$ 472

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities:
Cash used in operating activities - continuing operations	$ (16,901)	$ (34,571)
Cash used in operating activities - discontinued agribusiness operations	(484)	(7,572)
Net cash used in operating activities	(17,385)	(42,143)
Investing activities:
Purchases of investments	(758)	(1,259)
Proceeds from sale of investments	405	6,605
Purchases of property, plant and equipment	(130)	(1,597)
Increase in restricted cash	(650)
Other investing activities, net	661	(1)
Cash provided by (used in) investing activities - continuing operations	(472)	3,748
Cash used in investing activities - discontinued agribusiness operations	(3)	(1,329)
Net cash provided by (used in) investing activities	(475)	2,419
Financing activities:
Decrease in cash and cash equivalents	(11,862)	(18,338)
Repayment of debt	(61,505)	(49,361)
Proceeds from debt	67,837	71,218
Payment of withholding taxes on exercise of restricted stock units	(45)	(21)
Debt issuance costs	(129)	(450)
Purchases of stock of consolidated subsidiary	(160)
Cash provided by financing activities	5,998	21,386
Cash and cash equivalents, beginning of the period	57,400	62,978
Cash and cash equivalents, end of the period	45,538	44,640
Less cash and cash equivalents of discontinued agribusiness operations at the end of the period	451	300
Cash and cash equivalents of continuing operations, end of the period	45,087	44,340
Supplemental cash flow information:
Payments (refunds) of federal and state income taxes	187	(74)
Interest paid, net of amounts capitalized (primarily in discontinued agribusiness operations)		2,441
Unpaid liability incurred for development costs	395
Issuance of common stock for vested restricted stock units	$ 208	$ 398

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies 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, 2016 . 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, 2015 filed with the SEC. Use of Estimates in Preparation of Financial Statements: 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, and contingent liabilities. It is reasonably possible that actual results could differ from the estimates upon which the carrying values were based. Noncontrolling Interest Re-allocation The Company allocates UCP, Inc (“UCP”) Class A common stock issued in connection with the vesting of UCP restricted stock units (RSUs) and stock-based compensation expense between additional paid-in-capital and noncontrolling interest within its condensed consolidated statements of equity. The equity allocations for the UCP, LLC operating partnership are based on the economic and voting interest percentages of the Company and its noncontrolling interest UCP. Issuances of UCP Class A common stock for UCP RSUs affect the economic and voting interest percentages, which accordingly are adjusted at the end of each issuance period. The economic and voting interest percentages prevailing during the period are used to determine the current period equity allocations for the operating partnership. Recently Issued Accounting Pronouncements: In May 2016, the Financial Accounting Standards Board (“FASB”) issued guidance on revenue from contracts with customers. The amendments in this update do not change the core principle of the existing guidance issued in May 2014, but clarify contract performance obligations and licensing implementation guidance. The amendments address narrow-scope improvements to the guidance on collectability, noncash consideration, and completed contracts at transition. Additionally, the amendments in this update provide a practical expedient for contract modifications at transition and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers. The guidance is effective for the interim and annual periods beginning on or after December 15, 2017. The guidance permits the use of either a retrospective or cumulative effect transition method. The Company is currently evaluating the effect this guidance will have on the consolidated financial statements. In June 2016, the FASB issued guidance on accounting for credit losses of financial assets that have a contractual right to receive cash and commitments to extend credit. The amendments in this update replace the current incurred loss impairment methodology, which requires impairment losses to be taken when a loss is probable, with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Additionally the amendments require impairment losses and recoveries on financial assets to be recorded through an allowance for credit losses. For public business entities, the guidance will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for years beginning after December 15, 2018. The guidance requires a cumulative effect transition method. The Company is currently evaluating the effect this guidance will have on the consolidated financial statements. In April 2015, the FASB issued guidance on simplifying the presentation of debt issuance costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. For public business entities, the guidance was effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Entities are to apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. The Company adopted the guidance effective January 1, 2016. Prior to adoption, the Company included debt issuance costs in other assets on its condensed consolidated balance sheets. Beginning with the Form 10-Q for the three months ended March 31, 2016, the Company changed its presentation of debt issuance costs for all periods presented and the Company reclassified $1.5 million of debt issuance costs at December 31, 2015 as a direct deduction from the carrying amounts of its debt liabilities both on the condensed consolidated balance sheets and in the notes to the condensed consolidated financial statements.

Real Estate and Tangible Water

Real Estate and Tangible Water Assets	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Real Estate and Tangible Water Assets	Real Estate and Tangible Water Assets The costs assigned to the various components of real estate and tangible water assets were as follows (in thousands): June 30, 2016 December 31, 2015 Real estate and improvements held and used, net of accumulated depreciation of $11,990 and $11,778 at June 30, 2016 and December 31, 2015, respectively $ 9,482 $ 9,694 Residential real estate and home construction inventories 375,432 362,056 Other real estate inventories completed or under development 9,964 9,971 Tangible water assets 42,504 42,514 Total real estate and tangible water assets $ 437,382 $ 424,235 Impairment Losses for the Six Months Ended June 30, 2016 : During the six months ended June 30, 2016 , the Company recorded an impairment loss of $2.4 million on real estate located in Bakersfield, California, reducing the carrying value to $5.6 million . The Company entered into a contract to sell the remaining lots in the real estate for less than its carrying value at a future date and as a result, the real estate was written down to its fair value, less selling costs. The loss was reported in the condensed consolidated statements of operations and comprehensive income or loss within impairment loss on intangible and long-lived assets and was included in the results of operations of the real estate operations segment. Impairment Losses for the Year Ended December 31, 2015 : During the year ended December 31, 2015 , the Company recorded an impairment loss of $923,000 on real estate located in Kern County, California, reducing the carrying value to $6 million . The loss was reported in the consolidated statements of operations and comprehensive income or loss within impairment loss on intangible and long-lived assets and was included in the results of operations of the real estate operations segment. During the year ended December 31, 2015 , the Company accepted an offer for $3.4 million for real estate owned near Fresno, California. As a result, an impairment loss of $274,000 was recorded that reduced the carrying value of the real estate to the offer price. The loss was reported in the condensed consolidated statements of operations and comprehensive income or loss within impairment loss on intangible and long-lived assets and was included in the results of operations of the real estate operations segment.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill The Company owns the following intangible assets, which primarily represent indefinite-lived intangible water assets within its water resource and water storage operations segment (in thousands): June 30, 2016 December 31, 2015 Pipeline rights and water credits at Fish Springs Ranch $ 83,897 $ 83,897 Pipeline rights and water rights at Carson-Lyon 25,581 24,831 Other, net of accumulated amortization 17,726 17,805 Total intangible assets $ 127,204 $ 126,533 Impairment Losses for the Six Months Ended June 30, 2016 : There were no impairment losses recognized on intangible assets during the six months ended June 30, 2016 . Impairment Losses for the Year Ended December 31, 2015 : As a result of the Company’s annual review of indefinite-lived intangible assets, using a discounted cash flow model, the Company recorded an impairment loss of $269,000 , reducing the carrying value to $3 million , which is included in the table above within other, net of accumulated amortization. The loss was recorded in the consolidated statements of operations and comprehensive income or loss within impairment loss on intangible and long-lived assets and was reported in the water resource and water storage operations segment results. Goodwill: The Company had a goodwill balance of $4.2 million at June 30, 2016 and December 31, 2015 . There were no acquisitions, disposals, or impairments of goodwill during the six months ended June 30, 2016 or the year ended December 31, 2015 .

Investments

Investments	6 Months Ended
	Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The cost and carrying value of available-for-sale investments were as follows (in thousands): June 30, 2016 Cost Gross Unrealized Gains Gross Unrealized Losses Carrying Value Debt securities: corporate bonds $ 4,416 $ 77 $ (54 ) $ 4,439 Marketable equity securities 10,788 8,691 (106 ) 19,373 Total available-for-sale investments $ 15,204 $ 8,768 $ (160 ) $ 23,812 December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Carrying Value Debt securities: corporate bonds $ 4,458 $ 46 $ (51 ) $ 4,453 Marketable equity securities 10,339 7,879 (81 ) 18,137 Total available-for-sale investments $ 14,797 $ 7,925 $ (132 ) $ 22,590 The amortized cost and carrying value of investments in debt securities, by contractual maturity, are shown below. Actual maturity dates may differ from contractual maturity dates because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (in thousands): June 30, 2016 December 31, 2015 Amortized Cost Carrying Value Amortized Cost Carrying Value Due in one year or less $ 18 $ 18 $ 38 $ 37 Due after one year through five years 4,398 4,421 2,603 2,566 Due after five years 1,817 1,850 Total $ 4,416 $ 4,439 $ 4,458 $ 4,453 Debt Securities The Company owns corporate bonds and other debt securities, 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 June 30, 2016 , and December 31, 2015 , 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 and six months ended June 30, 2016 and 2015 . Marketable Equity Securities The Company’s investment in marketable equity securities at June 30, 2016 principally consisted of common stock of publicly traded small-capitalization companies in the U.S. and select foreign markets. At June 30, 2016 , 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. No material impairment losses were recorded during the three and six months ended June 30, 2016 and 2015 . Other Investments The Company owned the following investments at June 30, 2016 and December 31, 2015 that were not classified as available-for-sale (in thousands): Carrying Value Voting Interest Investment in Synthonics $ 2,170 18.3 % Investment in Mindjet 1,312 19.3 % Total $ 3,482 Investment in Synthonics: Synthonics, Inc. (“Synthonics”) is a private company co-founded by a member of the Company’s board of directors. The Company’s investment consists of preferred shares as discussed in Note 9 “Related-Party Transactions.” Investment in Mindjet: During the third quarter of 2015 , the Company determined it no longer had significant influence over the operating and financial policies of Mindjet, Inc. (“Mindjet”) and therefore discontinued the equity method of accounting. The remaining carrying value of the investment, including a convertible note receivable and associated interest, at June 30, 2016 and December 31, 2015 was $2.3 million and $2.2 million , respectively. The note and interest receivable is expected to be converted into additional preferred stock during 2016 . As a result of previously using the equity method of accounting for the investment in common stock, the Company recorded a loss within equity in loss of unconsolidated affiliate in the condensed consolidated statement of operations and comprehensive income or loss of $998,000 and $1.5 million for the three and six months ended June 30, 2015 , respectively. The Company’s share of the losses reported by Mindjet during 2015 were allocated to the carrying value of the common stock investment until it reached zero , and then to the preferred stock and convertible debt. During the three and six months ended June 30, 2015 , the Company recorded a $20.7 million impairment loss on the investment in Mindjet common and preferred shares as the estimated fair value was less than the carrying value due to significantly increased, and continuing operating losses and resulting liquidity issues, actual financial results significantly less than projections, and decreased market conditions that had adversely affected the value of Mindjet. Such loss was recorded in impairment on investments in the condensed consolidated statement of operations and comprehensive income or loss. The fair value of the investment in Mindjet was based on an analysis of the financial and operational aspects of the company, including consideration of 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 debt and equity issued by Mindjet in order to reflect differences in value due to differing liquidation preferences, dividend and voting rights. The fair value approach relied primarily on Level 3 unobservable inputs, whereby expected future cash flows were determined using revenue multiples that included assumptions regarding an entity’s assumptions about risk and uncertainties. The estimates were based upon assumptions believed to be reasonable, but which by their nature are uncertain and unpredictable. It is reasonably possible that the Company’s ownership percentage in Mindjet will continue to decline as other shareholders fund the ongoing operations with additional equity capital and upon conversion of outstanding notes. The Company does not anticipate investing any additional capital into Mindjet. The carrying value of the Company’s investment in Mindjet is subject to impairment testing at each reporting period, or more frequently if facts and circumstances indicate the investment may be impaired. It is reasonably possible that circumstances may continue to deteriorate which could require the Company to record additional impairment losses on the remaining investment balances.

Disclosures About Fair Value

Disclosures About Fair Value	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Disclosures About Fair Value	Disclosures About 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 under current market conditions 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). 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 or liability. The Company’s policy is to recognize transfers between levels at the end of the reporting period. The following tables set forth the Company’s assets and liabilities that were measured at fair value, on a recurring basis, by level within the fair value hierarchy. There were no significant transfers between Level 1 and Level 2 during the six months ended June 30, 2016 or during the year ended December 31, 2015 . At June 30, 2016 (in thousands): Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at June 30, 2016 Assets Available-for-sale equity securities (1) $ 11,317 $ 8,056 $ 19,373 Available-for-sale debt securities (1) 4,439 4,439 Total $ 15,756 $ 8,056 $ 23,812 Liabilities Contingent consideration (2) $ 2,715 $ 2,715 At December 31, 2015 (in thousands): Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at December 31, 2015 Assets Available-for-sale equity securities (1) $ 10,685 $ 7,452 $ 18,137 Available-for-sale debt securities (1) 4,453 4,453 Total $ 15,138 $ 7,452 $ 22,590 Liabilities Contingent consideration (2) $ 2,707 $ 2,707 (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) Included in this caption is the contingent consideration arrangement that the Company entered into as part of the acquisition of Citizens Homes, Inc. (“Citizens”). The contingent consideration arrangement requires the Company to pay up to a maximum of $6 million of additional consideration based upon achievement of various pre-tax net income performance milestones of the new business (“performance milestones”) over a five year period commencing on April 1, 2014. Payout calculations are made based on calendar year performance, except for the sixth payout calculation, which will be calculated based on the achievement of performance milestones from January 1, 2019 through March 25, 2019. Payouts are to be made on an annual basis. The potential undiscounted amount of all future payments that the Company could be required to make under the contingent consideration arrangement is between zero and $6 million . The estimated fair value of the contingent consideration was estimated based on applying the income approach and a weighted probability of achievement of the performance milestones. The estimated fair value of the contingent consideration was calculated by using a Monte Carlo simulation model. The fair value of the contingent consideration was then estimated as the arithmetic average of all simulation paths. The model was based on forecast adjusted net income over the contingent consideration period. The measurement is based on significant inputs that are not observable in the market, which are defined as Level 3 inputs. Key assumptions include: (1) forecasted adjusted net income over the contingent consideration period, (2) risk-adjusted discount rate reflecting the risk inherent in the forecasted adjusted net income, (3) risk-free interest rates, (4) volatility of adjusted net income, and (5) credit spreads. The risk adjusted discount rate for adjusted net income was 12.7% plus the applicable risk-free rate resulting in a combined discount rate ranging from 12.7% to 13.2% over the contingent consideration period. The volatility rate of 18.6% and a credit spread of 11.0% were applied to forecast adjusted net income over the contingent consideration period. 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, by level within the fair value hierarchy. Six months ended June 30, 2016 (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 Real estate and development costs (1) $ 5,645 $ 2,397 (1) The Company had non-recurring fair value measurements of real estate assets discussed in Note 2 “Real Estate and Tangible Water Assets.” Year Ended December 31, 2015 (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 Intangible water assets (1) $ 3,023 $ 269 Oil and gas wells (2) $ 2,542 $ 1,816 Real estate and development costs (3) $ 3,400 $ 274 Real estate and development costs (3) $ 5,960 $ 923 Investments in unconsolidated affiliates (4) $ 2,163 $ 20,696 (1) The Company had a non-recurring fair value measurement for intangible assets that resulted in an impairment loss discussed in Note 3 “Intangible Assets and Goodwill.” (2) The Company recorded an impairment loss to write down the value of capitalized development costs related to its oil and gas wells. The estimated fair value of the wells was determined using a discounted cash flow model. The loss was reported in the condensed consolidated statements of operations and comprehensive income or loss within impairment loss on intangible and long-lived assets and was included in the results of operations of the corporate segment. (3) The Company had non-recurring fair value measurements of real estate assets discussed in Note 2 “Real Estate and Tangible Water Assets.” (4) The Company had a non-recurring fair value measurement of an investment in an unconsolidated affiliate’s equity securities held at cost discussed in Note 4 “Investments.” Estimated Fair Value of Financial Instruments Not Carried at Fair Value As of June 30, 2016 and December 31, 2015 , the fair values of cash and cash equivalents, accounts payable, and accounts 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 was 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 investments in preferred stock of private companies, cannot be reasonably estimated on a recurring basis. The following table presents the carrying value and estimated fair value of the Company’s financial instruments which are not carried at fair value (in thousands): June 30, 2016 December 31, 2015 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets: Investments in unconsolidated affiliates’ equity securities $ 3,482 $ 3,482 $ 3,482 $ 3,482 Financial liabilities: Debt $ 162,685 $ 168,366 $ 155,966 $ 166,769

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt The following table details the Company’s outstanding debt (in thousands): June 30, 2016 December 31, 2015 No stated interest, payments through 2017 $ 1,935 3% to 4.75% payments through 2018 $ 71,995 67,336 5% to 5.5% payments through 2017 11,198 7,636 8% payments through 2018 3,979 3,975 Senior Notes: 8.5% payments through 2017 73,909 73,480 10% payments through 2017 1,604 1,604 Total debt $ 162,685 $ 155,966 At June 30, 2016 , and December 31, 2015 , the Company’s real estate debt had a weighted average interest rate of 6.4% . As of June 30, 2016 , and December 31, 2015 , the Company had approximately $241.2 million and $232.6 million , respectively, available in loan commitments to draw upon, of which approximately $77.3 million and $75.1 million , respectively, was available. Debt Provisions, Restrictions, and Covenants on Real Estate Debt: Certain debt agreements of UCP, Inc. (“UCP”) contain various significant financial covenants, each of which UCP was in compliance with at June 30, 2016 and December 31, 2015 . The $75 million of senior notes issued in 2014 by UCP limit UCP’s ability to, among other things, incur or guarantee additional unsecured and secured indebtedness (provided that UCP may incur indebtedness so long as UCP’s ratio of indebtedness to its consolidated tangible assets (on a pro forma basis) would be equal to or less than 45% and provided that the aggregate amount of secured debt may not exceed the greater of $75 million or 30% of UCP’s consolidated tangible assets); pay dividends and make certain investments and other restricted payments (including purchasing UCP stock); acquire unimproved real property in excess of $75 million per fiscal year or in excess of $150 million over the term of the notes, except to the extent funded with subordinated obligations or the proceeds of equity issuances; create or incur certain liens; transfer or sell certain assets; and merge or consolidate with other companies or transfer or sell all or substantially all of UCP’s consolidated assets. Other: The Company incurred and capitalized $3.2 million and $6.1 million of interest during the three and six months ended June 30, 2016 , respectively, and $2.8 million and $5.4 million of interest during the three and six months ended June 30, 2015 , respectively, related to construction and real estate development costs. Due to debt covenants and other restrictions, the total restricted net assets of the Company’s consolidated subsidiaries were $127.8 million at June 30, 2016 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company leases some of its offices under non-cancelable operating leases that expire at various dates through 2021 . Rent expense for office space was $507,000 and $1 million for the three and six months ended June 30, 2016 , respectively, and was $577,000 and $1.2 million for the three and six months ended June 30, 2015 , respectively. Future minimum payments under all operating leases are as follows (in thousands): Year ended December 31, 2016 $ 794 2017 1,230 2018 936 2019 413 2020 213 Thereafter 18 Total $ 3,604 Neither PICO nor its subsidiaries are parties to any potentially material pending legal proceedings. The Company is subject to various 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, the Company 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 the Company may be unsupported, exaggerated or unrelated to possible outcomes, and as such, are not meaningful indicators of the potential liability. The Company regularly reviews contingencies to determine the adequacy of accruals and related disclosures. The amount of ultimate loss may differ from these estimates, and it is possible that the financial statements 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 the Company’s 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 the Company’s condensed consolidated financial statements; and the unique facts and circumstances of the particular matter that may give rise to additional factors.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2016
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The components of accumulated other comprehensive income are as follows (in thousands): June 30, 2016 December 31, 2015 Net unrealized gain on available-for-sale investments $ 5,595 $ 5,065 Foreign currency translation (78 ) (104 ) Accumulated other comprehensive income $ 5,517 $ 4,961 The unrealized gain on available-for-sale investments is net of a deferred income tax liability of $3 million at June 30, 2016 and $2.8 million at December 31, 2015 . The following table reports amounts that were reclassified from accumulated other comprehensive income or loss and included in earnings (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Beginning balance $ 5,010 $ 4,675 $ 4,961 $ 4,717 Unrealized gain (loss) reclassified and recognized in net loss, net of tax (1) (83 ) 7 (86 ) (307 ) Foreign exchange reclassified and recognized in net loss, net of tax (1) 79 341 Total reclassified and recognized in net loss, net of tax (83 ) 86 (86 ) 34 Unrealized gain on marketable securities, net of tax 573 327 616 590 Accumulated currency, net of tax 17 (125 ) 26 (378 ) Net change in other comprehensive income, net of tax 507 288 556 246 Accumulated other comprehensive income $ 5,517 $ 4,963 $ 5,517 $ 4,963 (1) Amounts reclassified from this category are included in other income, net in the condensed consolidated statement of operations and comprehensive income or loss.

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions Deferred Compensation The Company has agreements with its CEO, and certain other officers and non-employee directors, to defer compensation into Rabbi Trust accounts held in the name of the Company. The total value of the deferred compensation obligation for all participants at June 30, 2016 and December 31, 2015 , was $26.5 million and $25.5 million , respectively, and is included in the accompanying consolidated balance sheets. These totals include a fair value of $738,000 and $805,000 of the Company’s common stock, for each of the respective periods, with the balance in various publicly traded equities and bonds. Deferred compensation expense included in general, administrative, and other costs in the accompanying condensed consolidated statements of operations and comprehensive income or loss for the three months ended June 30, 2016 and 2015 was $ 860,000 and $417,000 , respectively and for the six months ended June 30, 2016 and 2015 was $1.1 million and $996,000 , respectively. Investment in Synthonics The Company has an investment in preferred stock of Synthonics, a company co-founded by Mr. Slepicka, a non-employee director of the Company, who is currently the Chairman, Chief Executive Officer and acting Chief Financial Officer of Synthonics. As of June 30, 2016 , the Company had invested $2.2 million for 18.3% of the voting interest in Synthonics. Mr. Slepicka resigned as a member of the Board of Directors effective July 27, 2016 .

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2016
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, Corporate, and Discontinued Agribusiness Operations. The accounting policies of the reportable segments are the same as those described in the Company’s 2015 Annual Report on Form 10-K filed with the SEC. Management analyzes segments using the following information: Segment assets (in thousands): June 30, 2016 December 31, 2015 Assets: Water resource and water storage operations $ 185,409 $ 185,037 Real estate operations 427,137 421,411 Corporate 43,269 46,844 Discontinued agribusiness operations 6,525 8,793 Total assets $ 662,340 $ 662,085 Segment revenues and loss before taxes (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenue and other income: Water resource and water storage operations $ 99 $ 513 $ 259 $ 723 Real estate operations 82,893 54,786 151,166 98,466 Corporate 717 (20,191 ) 1,322 (18,758 ) Total revenue and other income $ 83,709 $ 35,108 $ 152,747 $ 80,431 Income (loss) before income taxes: Water resource and water storage operations $ (1,540 ) $ (1,249 ) $ (3,233 ) $ (2,741 ) Real estate operations 1,912 (1,721 ) 1,837 (5,500 ) Corporate (3,165 ) (23,861 ) (6,192 ) (27,672 ) Loss from continuing operations before income taxes and equity in loss of unconsolidated affiliates $ (2,793 ) $ (26,831 ) $ (7,588 ) $ (35,913 )

Discontinued Agribusiness Opera

Discontinued Agribusiness Operations	6 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Agribusiness Operations	Discontinued Agribusiness Operations During the third quarter of 2015, the Company sold substantially all of the assets used in its agribusiness segment to CHS Inc. (“CHS”) for a net selling price of $105.3 million . After repayment of $80.9 million of outstanding debt and $5.9 million in selling and other related costs of the sale, the Company received net proceeds of $18.4 million on the date of close. The Company was required to deposit $10.2 million of such net proceeds in escrow accounts, $6 million of which secures general indemnification obligations through January 2017, and $4.2 million of which was associated with specified operational matters related to air quality and waste water permit issues (“operational escrow”). The Company resolved the air quality issue and received $2.4 million of the operational escrow amount in October 2015. However, in February 2016, the Company was notified that the relevant regulatory authorities had not approved the waste water permit at the levels required under the sale agreement. Consequently, the remaining $1.8 million of the operational escrow amount was released to CHS in full satisfaction of the matter, resulting in the Company recording the amount as additional loss on the sale of discontinued operations for the six months ended June 30, 2016 . Remaining amounts in escrow are reported as accounts receivable in the table below. The Company also guaranteed up to $8 million for any indemnification claims in excess of the $6 million general indemnification escrow pursuant to the terms of a guaranty agreement with CHS, which was executed at the closing. This guaranty will remain in force for five years from the date of sale. The guaranty has been recorded at estimated fair value that reflects the Company’s expectation that no significant amounts will be paid out under the guaranty. However, any amounts paid by the Company to CHS in excess of the estimate will result in additional loss on the sale. Any assets in excess of the resolution of the outstanding matters, and after payment of remaining liabilities, are available to the Company for any corporate purposes. The Company’s agribusiness segment has been classified as discontinued agribusiness operations in the accompanying condensed consolidated financial statements as of the earliest period presented. Consequently, prior periods presented have been recast from amounts previously reported to reflect the agribusiness segment as discontinued agribusiness operations. The following table presents the details of the Company’s results from discontinued agribusiness operations included in the condensed consolidated statement of operations and comprehensive income or loss (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenue and other income: Sales of canola oil and meal $ 33,234 $ 72,667 Other 39 (68 ) Total revenue and other income 33,273 72,599 Cost of goods sold: Cost of canola oil and meal sold 32,601 71,025 Depreciation 2,392 4,342 Other direct costs of production 2,264 4,784 Total cost of goods sold 37,257 80,151 Depreciation 49 95 Impairment loss on intangible and long-lived assets 1,875 Interest 1,392 2,830 Plant costs and overhead $ 44 3,388 $ 84 6,943 Segment total expenses 44 42,086 84 91,894 Loss from discontinued agribusiness operations, net of tax (44 ) (8,813 ) (84 ) (19,295 ) Loss on sale of discontinued agribusiness operations, net of tax (10 ) (16,903 ) (1,859 ) (16,903 ) Net loss from discontinued agribusiness operations, net of tax (54 ) (25,716 ) (1,943 ) (36,198 ) Net loss from discontinued agribusiness operations attributable to noncontrolling interests 684 1,746 Net loss from discontinued agribusiness operations attributable to PICO Holdings, Inc. $ (54 ) $ (25,032 ) $ (1,943 ) $ (34,452 ) The following table presents the details of the Company’s discontinued agribusiness assets and liabilities classified as held-for-sale in the condensed consolidated balance sheets (in thousands): June 30, 2016 December 31, 2015 Assets Cash and cash equivalents $ 451 $ 938 Accounts receivable 5,990 7,800 Other assets 84 55 Total assets held-for-sale $ 6,525 $ 8,793 Liabilities Accounts payable and accrued expenses 276 608 Total liabilities held-for-sale $ 276 $ 608

Real Estate and Tangible Wate19

Real Estate and Tangible Water Assets (Tables)	6 Months Ended
	Jun. 30, 2016
Real Estate [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): June 30, 2016 December 31, 2015 Real estate and improvements held and used, net of accumulated depreciation of $11,990 and $11,778 at June 30, 2016 and December 31, 2015, respectively $ 9,482 $ 9,694 Residential real estate and home construction inventories 375,432 362,056 Other real estate inventories completed or under development 9,964 9,971 Tangible water assets 42,504 42,514 Total real estate and tangible water assets $ 437,382 $ 424,235

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Indefinite-Lived Intangible Assets	The Company owns the following intangible assets, which primarily represent indefinite-lived intangible water assets within its water resource and water storage operations segment (in thousands): June 30, 2016 December 31, 2015 Pipeline rights and water credits at Fish Springs Ranch $ 83,897 $ 83,897 Pipeline rights and water rights at Carson-Lyon 25,581 24,831 Other, net of accumulated amortization 17,726 17,805 Total intangible assets $ 127,204 $ 126,533

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities	The cost and carrying value of available-for-sale investments were as follows (in thousands): June 30, 2016 Cost Gross Unrealized Gains Gross Unrealized Losses Carrying Value Debt securities: corporate bonds $ 4,416 $ 77 $ (54 ) $ 4,439 Marketable equity securities 10,788 8,691 (106 ) 19,373 Total available-for-sale investments $ 15,204 $ 8,768 $ (160 ) $ 23,812 December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Carrying Value Debt securities: corporate bonds $ 4,458 $ 46 $ (51 ) $ 4,453 Marketable equity securities 10,339 7,879 (81 ) 18,137 Total available-for-sale investments $ 14,797 $ 7,925 $ (132 ) $ 22,590
Investments Classified by Contractual Maturity Date	The amortized cost and carrying value of investments in debt securities, by contractual maturity, are shown below. Actual maturity dates may differ from contractual maturity dates because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (in thousands): June 30, 2016 December 31, 2015 Amortized Cost Carrying Value Amortized Cost Carrying Value Due in one year or less $ 18 $ 18 $ 38 $ 37 Due after one year through five years 4,398 4,421 2,603 2,566 Due after five years 1,817 1,850 Total $ 4,416 $ 4,439 $ 4,458 $ 4,453
Fair Value, by Balance Sheet Grouping	The Company owned the following investments at June 30, 2016 and December 31, 2015 that were not classified as available-for-sale (in thousands): Carrying Value Voting Interest Investment in Synthonics $ 2,170 18.3 % Investment in Mindjet 1,312 19.3 % Total $ 3,482

Disclosures About Fair Value (T

Disclosures About Fair Value (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables set forth the Company’s assets and liabilities that were measured at fair value, on a recurring basis, by level within the fair value hierarchy. There were no significant transfers between Level 1 and Level 2 during the six months ended June 30, 2016 or during the year ended December 31, 2015 . At June 30, 2016 (in thousands): Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at June 30, 2016 Assets Available-for-sale equity securities (1) $ 11,317 $ 8,056 $ 19,373 Available-for-sale debt securities (1) 4,439 4,439 Total $ 15,756 $ 8,056 $ 23,812 Liabilities Contingent consideration (2) $ 2,715 $ 2,715 At December 31, 2015 (in thousands): Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at December 31, 2015 Assets Available-for-sale equity securities (1) $ 10,685 $ 7,452 $ 18,137 Available-for-sale debt securities (1) 4,453 4,453 Total $ 15,138 $ 7,452 $ 22,590 Liabilities Contingent consideration (2) $ 2,707 $ 2,707 (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) Included in this caption is the contingent consideration arrangement that the Company entered into as part of the acquisition of Citizens Homes, Inc. (“Citizens”). The contingent consideration arrangement requires the Company to pay up to a maximum of $6 million of additional consideration based upon achievement of various pre-tax net income performance milestones of the new business (“performance milestones”) over a five year period commencing on April 1, 2014. Payout calculations are made based on calendar year performance, except for the sixth payout calculation, which will be calculated based on the achievement of performance milestones from January 1, 2019 through March 25, 2019. Payouts are to be made on an annual basis. The potential undiscounted amount of all future payments that the Company could be required to make under the contingent consideration arrangement is between zero and $6 million . The estimated fair value of the contingent consideration was estimated based on applying the income approach and a weighted probability of achievement of the performance milestones. The estimated fair value of the contingent consideration was calculated by using a Monte Carlo simulation model. The fair value of the contingent consideration was then estimated as the arithmetic average of all simulation paths. The model was based on forecast adjusted net income over the contingent consideration period. The measurement is based on significant inputs that are not observable in the market, which are defined as Level 3 inputs. Key assumptions include: (1) forecasted adjusted net income over the contingent consideration period, (2) risk-adjusted discount rate reflecting the risk inherent in the forecasted adjusted net income, (3) risk-free interest rates, (4) volatility of adjusted net income, and (5) credit spreads. The risk adjusted discount rate for adjusted net income was 12.7% plus the applicable risk-free rate resulting in a combined discount rate ranging from 12.7% to 13.2% over the contingent consideration period. The volatility rate of 18.6% and a credit spread of 11.0% were applied to forecast adjusted net income over the contingent consideration period.
Fair Value Measurements on a Non-Recurring Basis	The following tables set forth the Company’s non-financial assets that were measured at fair value, on a non-recurring basis, by level within the fair value hierarchy. Six months ended June 30, 2016 (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 Real estate and development costs (1) $ 5,645 $ 2,397 (1) The Company had non-recurring fair value measurements of real estate assets discussed in Note 2 “Real Estate and Tangible Water Assets.” Year Ended December 31, 2015 (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 Intangible water assets (1) $ 3,023 $ 269 Oil and gas wells (2) $ 2,542 $ 1,816 Real estate and development costs (3) $ 3,400 $ 274 Real estate and development costs (3) $ 5,960 $ 923 Investments in unconsolidated affiliates (4) $ 2,163 $ 20,696 (1) The Company had a non-recurring fair value measurement for intangible assets that resulted in an impairment loss discussed in Note 3 “Intangible Assets and Goodwill.” (2) The Company recorded an impairment loss to write down the value of capitalized development costs related to its oil and gas wells. The estimated fair value of the wells was determined using a discounted cash flow model. The loss was reported in the condensed consolidated statements of operations and comprehensive income or loss within impairment loss on intangible and long-lived assets and was included in the results of operations of the corporate segment. (3) The Company had non-recurring fair value measurements of real estate assets discussed in Note 2 “Real Estate and Tangible Water Assets.” (4) The Company had a non-recurring fair value measurement of an investment in an unconsolidated affiliate’s equity securities held at cost discussed in Note 4 “Investments.”
Fair Value of Financial Instruments	The following table presents the carrying value and estimated fair value of the Company’s financial instruments which are not carried at fair value (in thousands): June 30, 2016 December 31, 2015 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets: Investments in unconsolidated affiliates’ equity securities $ 3,482 $ 3,482 $ 3,482 $ 3,482 Financial liabilities: Debt $ 162,685 $ 168,366 $ 155,966 $ 166,769

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of Company's Consolidated Debt	The following table details the Company’s outstanding debt (in thousands): June 30, 2016 December 31, 2015 No stated interest, payments through 2017 $ 1,935 3% to 4.75% payments through 2018 $ 71,995 67,336 5% to 5.5% payments through 2017 11,198 7,636 8% payments through 2018 3,979 3,975 Senior Notes: 8.5% payments through 2017 73,909 73,480 10% payments through 2017 1,604 1,604 Total debt $ 162,685 $ 155,966

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum payments under all operating leases are as follows (in thousands): Year ended December 31, 2016 $ 794 2017 1,230 2018 936 2019 413 2020 213 Thereafter 18 Total $ 3,604

Accumulated Other Comprehensi25

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2016
Accumulated Other Comprehensive Income [Abstract]
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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Beginning balance $ 5,010 $ 4,675 $ 4,961 $ 4,717 Unrealized gain (loss) reclassified and recognized in net loss, net of tax (1) (83 ) 7 (86 ) (307 ) Foreign exchange reclassified and recognized in net loss, net of tax (1) 79 341 Total reclassified and recognized in net loss, net of tax (83 ) 86 (86 ) 34 Unrealized gain on marketable securities, net of tax 573 327 616 590 Accumulated currency, net of tax 17 (125 ) 26 (378 ) Net change in other comprehensive income, net of tax 507 288 556 246 Accumulated other comprehensive income $ 5,517 $ 4,963 $ 5,517 $ 4,963 (1) Amounts reclassified from this category are included in other income, net in the condensed consolidated statement of operations and comprehensive income or loss. The components of accumulated other comprehensive income are as follows (in thousands): June 30, 2016 December 31, 2015 Net unrealized gain on available-for-sale investments $ 5,595 $ 5,065 Foreign currency translation (78 ) (104 ) Accumulated other comprehensive income $ 5,517 $ 4,961

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Reconciliation of Assets from Segment to Consolidated	Segment assets (in thousands): June 30, 2016 December 31, 2015 Assets: Water resource and water storage operations $ 185,409 $ 185,037 Real estate operations 427,137 421,411 Corporate 43,269 46,844 Discontinued agribusiness operations 6,525 8,793 Total assets $ 662,340 $ 662,085
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	Segment revenues and loss before taxes (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenue and other income: Water resource and water storage operations $ 99 $ 513 $ 259 $ 723 Real estate operations 82,893 54,786 151,166 98,466 Corporate 717 (20,191 ) 1,322 (18,758 ) Total revenue and other income $ 83,709 $ 35,108 $ 152,747 $ 80,431 Income (loss) before income taxes: Water resource and water storage operations $ (1,540 ) $ (1,249 ) $ (3,233 ) $ (2,741 ) Real estate operations 1,912 (1,721 ) 1,837 (5,500 ) Corporate (3,165 ) (23,861 ) (6,192 ) (27,672 ) Loss from continuing operations before income taxes and equity in loss of unconsolidated affiliates $ (2,793 ) $ (26,831 ) $ (7,588 ) $ (35,913 )

Discontinued Agribusiness Ope27

Discontinued Agribusiness Operations (Tables)	6 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures	The following table presents the details of the Company’s results from discontinued agribusiness operations included in the condensed consolidated statement of operations and comprehensive income or loss (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenue and other income: Sales of canola oil and meal $ 33,234 $ 72,667 Other 39 (68 ) Total revenue and other income 33,273 72,599 Cost of goods sold: Cost of canola oil and meal sold 32,601 71,025 Depreciation 2,392 4,342 Other direct costs of production 2,264 4,784 Total cost of goods sold 37,257 80,151 Depreciation 49 95 Impairment loss on intangible and long-lived assets 1,875 Interest 1,392 2,830 Plant costs and overhead $ 44 3,388 $ 84 6,943 Segment total expenses 44 42,086 84 91,894 Loss from discontinued agribusiness operations, net of tax (44 ) (8,813 ) (84 ) (19,295 ) Loss on sale of discontinued agribusiness operations, net of tax (10 ) (16,903 ) (1,859 ) (16,903 ) Net loss from discontinued agribusiness operations, net of tax (54 ) (25,716 ) (1,943 ) (36,198 ) Net loss from discontinued agribusiness operations attributable to noncontrolling interests 684 1,746 Net loss from discontinued agribusiness operations attributable to PICO Holdings, Inc. $ (54 ) $ (25,032 ) $ (1,943 ) $ (34,452 ) The following table presents the details of the Company’s discontinued agribusiness assets and liabilities classified as held-for-sale in the condensed consolidated balance sheets (in thousands): June 30, 2016 December 31, 2015 Assets Cash and cash equivalents $ 451 $ 938 Accounts receivable 5,990 7,800 Other assets 84 55 Total assets held-for-sale $ 6,525 $ 8,793 Liabilities Accounts payable and accrued expenses 276 608 Total liabilities held-for-sale $ 276 $ 608

Basis of Presentation and Sum28

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions	Dec. 31, 2015USD ($)
Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance cost	$ 1.5

Real Estate and Tangible Wate29

Real Estate and Tangible Water Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Real Estate and Tangible Water Assets [Line Items]
Real estate and improvements	$ 9,482	$ 9,694
Residential real estate and home construction inventories	375,432	362,056
Other real estate inventories completed or under development	9,964	9,971
Water and Water Rights	42,504	42,514
Total real estate and tangible water assets	437,382	424,235
Accumulated depreciation	11,990	11,778
Loss on real estate	2,397	274
Real estate	$ 5,600
CALIFORNIA
Real Estate and Tangible Water Assets [Line Items]
Loss on real estate		274
Real estate		3,400
UCP
Real Estate and Tangible Water Assets [Line Items]
Loss on real estate		923
Real estate		$ 6,000

Intangible Assets and Goodwil30

Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Indefinite-lived Intangible Assets [Line Items]
Intangible assets, net	$ 127,204	$ 126,533
Intangibles impairment		269
Goodwill	4,200	4,200
Pipeline and Water Rights
Indefinite-lived Intangible Assets [Line Items]
Intangibles impairment	0	269
Fair value of intangibles		3,000
Fish Springs Ranch | Pipeline and Water Rights
Indefinite-lived Intangible Assets [Line Items]
Intangible assets, net	83,897	83,897
Carson-Lyon
Indefinite-lived Intangible Assets [Line Items]
Intangible assets, net	25,581	24,831
Other Properties
Indefinite-lived Intangible Assets [Line Items]
Intangible assets, net	$ 17,726	$ 17,805

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities
Debt securities, Cost	$ 4,416	$ 4,458
Debt securities, Carrying Value	4,439	4,453
Total, Cost	15,204	14,797
Total, Gross Unrealized Gains	8,768	7,925
Total, Gross Unrealized Losses	(160)	(132)
Total, Carrying Value	23,812	22,590
Available-for-sale Securities, Debt Maturities [Abstract]
Due in one year or less, Amortized Cost	18	38
Due after one year through five years, Amortized Cost	4,398	2,603
Due after five years, Amortized Cost		1,817
Due in one year or less, Carrying Value	18	37
Due after one year through five years, Carrying Value	4,421	2,566
Due after five years, Carrying Value		1,850
Corporate Bond Securities
Schedule of Available-for-sale Securities
Debt securities, Cost	4,416	4,458
Debt securities, Gross Unrealized Gains	77	46
Debt securities, Gross Unrealized Losses	(54)	(51)
Debt securities, Carrying Value	4,439	4,453
Equity Securities
Schedule of Available-for-sale Securities
Marketable equity securities, Cost	10,788	10,339
Marketable equity securities, Gross Unrealized Gains	8,691	7,879
Marketable equity securities, Gross Unrealized Losses	(106)	(81)
Marketable equity securities, carrying value	$ 19,373	$ 18,137

Investments - Schedule for Cost

Investments - Schedule for Cost and Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Other investments	$ 3,482		$ 3,482		$ 3,482
Equity in loss of unconsolidated affiliate		$ 998		$ 1,481
Impairment on preferred shares		20,696		20,696
Synthonics
Schedule of Equity Method Investments [Line Items]
Cost method investments	$ 2,170		$ 2,170		$ 2,170
Cost method, ownership percentage	18.30%		18.30%		18.30%
Mindjet
Schedule of Equity Method Investments [Line Items]
Other investments	$ 2,300		$ 2,300		$ 2,200
Impairment on preferred shares		20,700		20,700
Equity Securities | Mindjet
Schedule of Equity Method Investments [Line Items]
Cost method investments	$ 1,312		$ 1,312		$ 1,312
Equity method investments		$ 0		$ 0
Voting interest percentage	19.30%		19.30%		19.30%

Disclosures About Fair Value -

Disclosures About Fair Value - Fair Value of Assets and Liabilities on a Recurring Basis (Details) - USD ($)	Apr. 10, 2014	Jun. 30, 2015	Jun. 30, 2016	Dec. 31, 2015
Assets
Available-for-sale Securities			$ 23,812,000	$ 22,590,000
Citizens Homes, Inc.
Liabilities
Contingent consideration, maximum			6,000,000
Performance period for achievement of contingent consideration related milestones	5 years
Contingent consideration, minimum			0
Contingent Consideration Liability | Citizens Homes, Inc.
Liabilities
Discount rate (percentage)		12.70%
Volatility rate (percentage)		18.60%
Credit risk (percentage)		11.00%
Minimum | Contingent Consideration Liability | Citizens Homes, Inc.
Liabilities
Discount rate (percentage)		12.70%
Maximum | Contingent Consideration Liability | Citizens Homes, Inc.
Liabilities
Discount rate (percentage)		13.20%
Fair Value, Measurements, Recurring
Assets
Available-for-sale equity securities			19,373,000	18,137,000
Available-for-sale debt securities			4,439,000	4,453,000
Available-for-sale Securities			23,812,000	22,590,000
Liabilities
Contingent consideration			2,715,000	2,707,000
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1)
Assets
Available-for-sale equity securities			11,317,000	10,685,000
Available-for-sale debt securities			4,439,000	4,453,000
Available-for-sale Securities			15,756,000	15,138,000
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Available-for-sale equity securities			8,056,000	7,452,000
Available-for-sale debt securities
Available-for-sale Securities			8,056,000	7,452,000
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Liabilities
Contingent consideration			$ 2,715,000	$ 2,707,000

Disclosures About Fair Value 34

Disclosures About Fair Value - Fair Value Measurements on a Non-Recurring Basis (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Loss on intangible assets		$ 269
Loss on oil and gas wells		1,816
Loss on real estate	$ 2,397	274
Loss on real estate		923
Loss on investments in unconsolidated affiliates equity securities held at cost		20,696
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Intangible water assets		3,023
Oil and gas wells		2,542
Real estate and development costs	$ 5,645	3,400
Real estate and development costs		5,960
Investment in unconsolidated affiliates equity securities held at cost		$ 2,163

Disclosures About Fair Value 35

Disclosures About Fair Value - Carrying Values and Estimated Fair Values (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Carrying Amount
Financial assets:
Investments in unconsolidated affiliates’ equity securities	$ 3,482	$ 3,482
Financial liabilities:
Debt	162,685	155,966
Estimated Fair Value
Financial assets:
Investments in unconsolidated affiliates’ equity securities	3,482	3,482
Financial liabilities:
Debt	$ 168,366	$ 166,769

Debt (Details)

Debt (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Debt	$ 162,685,000		$ 162,685,000		$ 155,966,000
Interest costs capitalized	3,200,000	$ 2,800,000	6,100,000	$ 5,400,000
Restricted net assets	127,800,000		127,800,000
Real estate operations
Debt Instrument [Line Items]
Line of credit	241,200,000		241,200,000		232,600,000
Line of Credit | Real estate operations
Debt Instrument [Line Items]
Unused capacity	$ 77,300,000		$ 77,300,000		$ 75,100,000
Mortgage debt
Debt Instrument [Line Items]
Weighted average interest rate	6.40%		6.40%		6.40%
No stated interest, payments through 2017 | Mortgage debt
Debt Instrument [Line Items]
Stated interest rate (percent)	0.00%		0.00%
Mortgages					$ 1,935,000
3% to 4.75% payments through 2017 | Mortgage debt
Debt Instrument [Line Items]
Mortgages	$ 71,995,000		$ 71,995,000		67,336,000
3% to 4.75% payments through 2017 | Mortgage debt | Minimum
Debt Instrument [Line Items]
Stated interest rate (percent)	3.00%		3.00%
3% to 4.75% payments through 2017 | Mortgage debt | Maximum
Debt Instrument [Line Items]
Stated interest rate (percent)	4.75%		4.75%
5% to 5.5% payments through 2016 | Mortgage debt
Debt Instrument [Line Items]
Mortgages	$ 11,198,000		$ 11,198,000		7,636,000
5% to 5.5% payments through 2016 | Mortgage debt | Minimum
Debt Instrument [Line Items]
Stated interest rate (percent)	5.00%		5.00%
5% to 5.5% payments through 2016 | Mortgage debt | Maximum
Debt Instrument [Line Items]
Stated interest rate (percent)	5.50%		5.50%
8% payments through 2018 | Mortgage debt
Debt Instrument [Line Items]
Stated interest rate (percent)	8.00%		8.00%
Mortgages	$ 3,979,000		$ 3,979,000		3,975,000
8.5% Senior Notes Due in 2017 | Senior Notes
Debt Instrument [Line Items]
Debt issued						$ 75,000,000
8.5% Senior Notes Due in 2017 | Mortgage debt
Debt Instrument [Line Items]
Stated interest rate (percent)	8.50%		8.50%
Mortgages	$ 73,909,000		$ 73,909,000		73,480,000
8.5% Senior Notes Due in 2017 | UCP | Senior Notes
Debt Instrument [Line Items]
Maximum debt to tangible assets ratio allowed per covenant (percent)			45.00%
Maximum secured debt allowed per covenant			$ 75,000,000
Maximum secured debt to tangible assets ratio allowed per covenant (percent)			30.00%
Maximum annual acquisition of unimproved real property allowed per covenant			$ 75,000,000
Maximum acquisition of unimproved real property allowed per covenant over the term of debt agreement			$ 150,000,000
10% payments through 2017 | Mortgage debt
Debt Instrument [Line Items]
Stated interest rate (percent)	10.00%		10.00%
Mortgages	$ 1,604,000		$ 1,604,000		$ 1,604,000

Commitments and Contingencies -

Commitments and Contingencies - Lease Commitments (Details) $ in Thousands	Jun. 30, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,016	$ 794
2,017	1,230
2,018	936
2,019	413
2,020	213
Thereafter	18
Total	$ 3,604

Commitments and Contingencies38

Commitments and Contingencies - Rent Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Leases [Abstract]
Rent	$ 507	$ 577	$ 1,000	$ 1,000

Accumulated Other Comprehensi39

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income [Abstract]
Net unrealized appreciation on available-for-sale investments					$ 5,595	$ 5,065
Foreign currency translation					(78)	(104)
Accumulated other comprehensive income	$ 5,010	$ 4,675	$ 4,961	$ 4,717	5,517	4,961
Deferred income tax liability					$ 3,000	$ 2,800
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	5,010	4,675	4,961	4,717
Unrealized gain reclassified and recognized in net loss, net of tax	(83)	7	(86)	(307)
Foreign exchange reclassified and recognized in net loss, net of tax		79		341
Total reclassified and recognized in net loss, net of tax	(83)	86	(86)	34
Unrealized gain on marketable securities, net of tax	573	327	616	590
Accumulated currency, net of tax	17	(125)	26	(378)
Total other comprehensive income, net of tax	507	288	556	246
Accumulated other comprehensive income	$ 5,517	$ 4,963	$ 5,517	$ 4,963

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Deferred compensation	$ 26,543		$ 26,543		$ 25,493
Fair value of common stock	738		738		805
Deferred compensation expense	860	$ 417	1,100	$ 996
Synthonics
Related Party Transaction [Line Items]
Cost method investments	$ 2,170		$ 2,170		$ 2,170
Cost method, ownership percentage	18.30%		18.30%		18.30%

Segment Reporting - Assets and

Segment Reporting - Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Segment Reporting, Asset Reconciling Item
Assets	$ 662,340	$ 662,085
Water resource and water storage operations
Segment Reporting, Asset Reconciling Item
Assets	185,409	185,037
Real estate operations
Segment Reporting, Asset Reconciling Item
Assets	427,137	421,411
Corporate
Segment Reporting, Asset Reconciling Item
Assets	43,269	46,844
Discontinued agribusiness operations
Segment Reporting, Asset Reconciling Item
Assets	$ 6,525	$ 8,793

Segment Reporting - Revenue (De

Segment Reporting - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting, Revenue Reconciling Item
Revenues	$ 83,709	$ 35,108	$ 152,747	$ 80,431
Income (loss) from continuing operations before income taxes and equity in loss of unconsolidated affiliates	(2,793)	(26,831)	(7,588)	(35,913)
Water resource and water storage operations
Segment Reporting, Revenue Reconciling Item
Revenues	99	513	259	723
Income (loss) from continuing operations before income taxes and equity in loss of unconsolidated affiliates	(1,540)	(1,249)	(3,233)	(2,741)
Real estate operations
Segment Reporting, Revenue Reconciling Item
Revenues	82,893	54,786	151,166	98,466
Income (loss) from continuing operations before income taxes and equity in loss of unconsolidated affiliates	1,912	(1,721)	1,837	(5,500)
Corporate
Segment Reporting, Revenue Reconciling Item
Revenues	717	(20,191)	1,322	(18,758)
Income (loss) from continuing operations before income taxes and equity in loss of unconsolidated affiliates	$ (3,165)	$ (23,861)	$ (6,192)	$ (27,672)

Discontinued Agribusiness Ope43

Discontinued Agribusiness Operations - Tables (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Revenues and other income:
Sales of canola oil and meal		$ 33,234		$ 72,667
Other		39		(68)
Total revenue and other income		33,273		72,599
Cost of goods sold:
Cost of canola oil and meal sold		32,601		71,025
Depreciation		2,392		4,342
Other direct costs of production		2,264		4,784
Total cost of goods sold		37,257		80,151
Depreciation		49		95
Impairment loss on intangible and long-lived assets				1,875
Interest		1,392		2,830
Plant costs and overhead	44	3,388	84	6,943
Segment total expenses	44	42,086	84	91,894
Loss from discontinued agribusiness operations, net of tax	(44)	(8,813)	(84)	(19,295)
Loss on sale of discontinued agribusiness operations, net of tax	(10)	(16,903)	(1,859)	(16,903)
Net loss from discontinued agribusiness operations, net of tax	(54)	(25,716)	(1,943)	(36,198)
Net loss from discontinued agribusiness operations attributable to noncontrolling interests		684		1,746
Net loss from discontinued agribusiness operations attributable to PICO Holdings, Inc.	(54)	(25,032)	(1,943)	(34,452)
Assets
Cash and cash equivalents	451	$ 300	451	$ 300	$ 938
Accounts receivable	5,990		5,990		7,800
Other assets	84		84		55
Total assets held-for-sale	6,525		6,525		8,793
Liabilities
Accounts payable and accrued expenses	276		276		608
Total liabilities held-for-sale	$ 276		$ 276		$ 608

Discontinued Agribusiness Ope44

Discontinued Agribusiness Operations - Narrative (Details) $ in Millions	3 Months Ended
	Sep. 30, 2015USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross selling price	$ 105.3
Debt	80.9
Selling and other related costs	5.9
Net proceeds	18.4
Escrow deposit	10.2
Indemnification Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Escrow deposit	$ 6
Period of guarantee	5 years
Performance Guarantee
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Escrow deposit	$ 4.2
Performance Guarantee, Air Quality
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Escrow deposit	2.4
Performance Guarantee, Waste Water
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Escrow deposit	1.8
Maximum | Indemnification Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Indemnification claims guaranteed in excess of escrow	$ 8