Vidler Water Resources (VWTR) 10-Q 9 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 20, 2018
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Current Fiscal Year End Date	--12-31
Entity Registrant Name	PICO HOLDINGS INC /NEW
Entity Central Index Key	830,122
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		21,907,253

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 30,606	$ 37,128
Investments ($1,754 and $1,902 measured at fair value at June 30, 2018 and December 31, 2017, respectively)	3,066	3,214
Real estate and tangible water assets, net	44,311	44,675
Intangible assets	122,790	126,785
Other assets	2,322	2,600
Total assets	203,095	214,402
Liabilities and equity
Deferred compensation	4,196	4,112
Other liabilities	2,555	2,431
Accounts payable and accrued expenses	370	696
Total liabilities	7,121	7,239
Commitments and contingencies
Preferred stock, $0.001 par value; authorized 10,000 shares, none issued
Common stock, $0.001 par value; authorized 100,000 shares, 22,022 issued and 22,020 outstanding at June 30, 2018, and 23,153 issued and 23,152 outstanding at December 31, 2017	22	23
Additional paid-in capital	366,744	379,388
Accumulated deficit	(170,767)	(172,767)
Accumulated other comprehensive income		544
Treasury stock, at cost (common shares: 1 at June 30, 2018 and December 31, 2017)	(25)	(25)
Total shareholders’ equity	195,974	207,163
Total liabilities and shareholders’ equity	$ 203,095	$ 214,402

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets
Investments measured at fair value	$ 1,754	$ 1,902
Preferred stock
Par value (in dollars per share)	$ 0.001	$ 0.001
Shares authorized (in shares)	10,000,000	10,000,000
Shares issued (in shares)	0	0
Common stock
Par value (in dollars per share)	$ 0.001	$ 0.001
Shares authorized (in shares)	100,000,000	100,000,000
Shares issued (in shares)	22,022,000	23,153,000
Shares outstanding (in shares)	22,020,000	23,152,000
Treasury stock
Common shares held (in shares)	1,000	1,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income or Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues and other income:
Sale of real estate and water assets	$ 10,480	$ 43	$ 10,727	$ 25,140
Other income, net	132	8,591	229	9,687
Total revenues and other income	10,612	8,634	10,956	34,827
Cost of sales and expenses:
Cost of real estate and water assets sold	4,141	17	4,360	12,549
General, administrative, and other	2,122	2,832	5,088	6,922
Depreciation and amortization	18	36	39	134
Total cost of sales and expenses	6,281	2,885	9,487	19,605
Income from continuing operations before income taxes	4,331	5,749	1,469	15,222
Provision for federal and state income taxes	(72)	(2,946)	(72)	(3,126)
Income from continuing operations	4,259	2,803	1,397	12,096
Income from discontinued operations, net of tax		4,434		8,322
Income (loss) on sale and impairment loss on classification of assets as held-for-sale, net of tax	43	(4,257)	43	(11,403)
Net income (loss) from discontinued operations, net of tax	43	177	43	(3,081)
Net income	4,302	2,980	1,440	9,015
Net income attributable to noncontrolling interests		(1,405)		(2,796)
Net income attributable to PICO Holdings, Inc.	4,302	1,575	1,440	6,219
Other comprehensive loss:
Net income	4,302	2,980	$ 1,440	$ 9,015
Other comprehensive income (loss), net of tax:
Unrealized loss on securities, net of deferred income tax and reclassification adjustments		(5,309)
Foreign currency translation		9
Total other comprehensive loss, net of tax	0	(5,300)
Comprehensive income (loss)	4,302	(2,320)
Comprehensive income attributable to noncontrolling interests		(1,405)
Comprehensive income (loss) attributable to PICO Holdings, Inc.	$ 4,302	$ (3,725)
Net income per common share – basic and diluted:
Income (loss) from continuing operations (in dollars per share)	$ 0.19	$ 0.12	$ 0.06	$ 0.52
Income (loss) from discontinued operations (in dollars per share)		(0.05)		(0.25)
Net income (loss) per common share – basic and diluted (in dollars per share)	$ 0.19	$ 0.07	$ 0.06	$ 0.27
Weighted average shares outstanding (in shares)	22,358	23,126	22,729	23,099

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Treasury Stock	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2016		23,125,000
Beginning balance at Dec. 31, 2016	$ 427,569	$ 23	$ 495,468	$ (173,231)	$ 6,661	$ (927)	$ 99,575
Beginning balance, treasury stock (in shares) at Dec. 31, 2016						55,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1,565		1,334				231
Exercise of restricted stock units (in shares)		62,000
Exercise of restricted stock units	0
Withholding taxes paid on vested restricted stock units	(832)		(711)				(121)
Changes in ownership of noncontrolling interest	0		(465)				465
Acquisition of interests held by noncontrolling owners	0
Distribution of treasury stock to deferred compensation plan participants (in shares)						(54,000)
Distribution of treasury stock to deferred compensation plan participants	796		(106)			$ 902
Distribution to noncontrolling interest	(26)						(26)
Purchases of treasury stock (in shares)						47,000
Purchases of treasury stock	(690)					$ (690)
Retirement of treasury stock (in shares)		(47,000)				(47,000)
Retirement of treasury stock	0		(690)			$ 690
Net income (loss)	9,015			6,219			2,796
Unrealized loss on investments, net of deferred income tax of $3,176 and reclassification adjustments of $9,179	(5,899)				(5,899)
Foreign currency translation	25				25
Ending balance (in shares) at Jun. 30, 2017		23,140,000
Ending balance at Jun. 30, 2017	431,523	$ 23	494,830	(167,012)	787	$ (25)	102,920
Ending balance, treasury stock (in shares) at Jun. 30, 2017						1,000
Beginning balance at Mar. 31, 2017					6,087
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,980
Ending balance (in shares) at Jun. 30, 2017		23,140,000
Ending balance at Jun. 30, 2017	431,523	$ 23	494,830	(167,012)	787	$ (25)	$ 102,920
Ending balance, treasury stock (in shares) at Jun. 30, 2017						1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification of unrealized gain on investments to accumulated deficit	$ 16			560	(544)
Beginning balance (in shares) at Dec. 31, 2017	23,153,000	23,154,000
Beginning balance at Dec. 31, 2017	$ 207,163	$ 23	379,388	(172,767)	544	$ (25)
Beginning balance, treasury stock (in shares) at Dec. 31, 2017	1,000					1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 300		300
Exercise of restricted stock units (in shares)		23,000
Exercise of restricted stock units	0
Purchases of treasury stock (in shares)						1,155,000
Purchases of treasury stock	(12,945)					$ (12,945)
Retirement of treasury stock (in shares)		(1,155,000)				(1,155,000)
Retirement of treasury stock	0	$ (1)	(12,944)			$ 12,945
Net income (loss)	$ 1,440			1,440
Ending balance (in shares) at Jun. 30, 2018	22,022,000	22,022,000
Ending balance at Jun. 30, 2018	$ 195,974	$ 22	366,744	(170,767)	0	$ (25)
Ending balance, treasury stock (in shares) at Jun. 30, 2018	1,000					1,000
Beginning balance at Mar. 31, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 4,302
Ending balance (in shares) at Jun. 30, 2018	22,022,000	22,022,000
Ending balance at Jun. 30, 2018	$ 195,974	$ 22	$ 366,744	$ (170,767)	$ 0	$ (25)
Ending balance, treasury stock (in shares) at Jun. 30, 2018	1,000					1,000

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Equity (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Statement of Stockholders' Equity [Abstract]
Deferred income tax on unrealized losses on investments	$ 3,176
Reclassification adjustments netted against unrealized gain on securities	$ 9,179

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating activities:
Cash provided by operating activities - continuing operations	$ 6,571	$ 3,084
Cash used in operating activities - discontinued operations	(313)	(5,396)
Net cash provided by (used in) operating activities	6,258	(2,312)
Investing activities:
Purchases of investments		(552)
Proceeds from sale of investments	103	7,330
Proceeds from maturity of investments	80
Purchases of property, plant and equipment	(18)	(5)
Proceeds from sale of property, plant and equipment		378
Cash provided by investing activities - continuing operations	165	7,151
Cash provided by investing activities - discontinued operations	0	5,890
Net cash provided by investing activities	165	13,041
Financing activities:
Payment of withholding taxes on exercise of restricted stock units		(556)
Purchases of treasury stock	(12,945)	(690)
Cash used in financing activities - continuing operations	(12,945)	(1,246)
Cash used in financing activities - discontinued operations		(3,232)
Net cash used in financing activities	(12,945)	(4,478)
Increase (decrease) in cash and cash equivalents	(6,522)	6,251
Cash and cash equivalents, beginning of the period	37,128	60,980
Cash and cash equivalents, end of the period	30,606	67,231
Less cash and cash equivalents of discontinued operations at the end of the period	0	30,510
Cash and cash equivalents of continuing operations, end of the period	30,606	36,721
Non-cash investing and financing activities:
Issuance of common stock for vested restricted stock units	$ 263	$ 2,571

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
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, 2018 . 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, 2017 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 impairment losses, intangible assets, real estate and water assets, deferred income taxes, and stock-based compensation. It is reasonably possible that actual results could differ from the estimates upon which the carrying values were based. Recent Accounting Pronouncements: In January 2016, the Financial Accounting Standards Board (“FASB”) issued guidance which makes several changes, including the elimination of the available-for-sale classification of equity investments, and requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in earnings. Effective January 1, 2018, the Company adopted the new guidance and recorded a cumulative effect adjustment to decrease opening retained deficit at January 1, 2018 by $560,000 as required for equity investments recorded at fair value, formerly available-for-sale-securities. In May of 2014, the FASB issued guidance regarding revenue from contracts with customers, which provides a consistent revenue accounting model across industries. The Company has reviewed this update and other guidance that was subsequently issued to further clarify the implementation guidance. Under this guidance, revenue is recognized as the transfer of goods and services to customers takes place and in amounts that reflect the payment or payments that are expected to be received from the customers for those goods and services and requires new disclosures about revenue. The Company adopted the guidance effective January 1, 2018 which did not have a material impact on the consolidated financial statements.

Tangible Water Assets and Real

Tangible Water Assets and Real Estate, Net	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Tangible Water Assets and Real Estate, Net	Tangible Water Assets and Real Estate, Net The costs assigned to the various components of tangible water assets and real estate, net, were as follows (in thousands): June 30, 2018 December 31, 2017 Real estate and improvements held and used, net of accumulated depreciation of $12,003 each of June 30, 2018 and December 31, 2017. $ 9,469 $ 9,469 Other real estate inventories 5,207 5,551 Tangible water assets 29,635 29,655 Total real estate and tangible water assets $ 44,311 $ 44,675

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets The Company owns the following intangible assets, which primarily represent indefinite-lived intangible water assets (in thousands): June 30, 2018 December 31, 2017 Pipeline rights and water credits at Fish Springs Ranch $ 83,893 $ 83,897 Pipeline rights and water rights at Carson-Lyon 21,618 25,569 Other 17,279 17,319 Total intangible assets $ 122,790 $ 126,785 In June 2018, the Company sold 500 acre - feet of water rights in Lyon County, Nevada to a residential real estate developer for $10 million , or $20,000 per acre foot.

Investments

Investments	6 Months Ended
	Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The value of marketable investments were as follows (in thousands): June 30, 2018 Fair Value Debt securities: corporate bonds 497 Marketable equity securities 1,257 Total $ 1,754 December 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Carrying Value Debt securities: corporate bonds $ 700 $ 6 $ (22 ) $ 684 Marketable equity securities 513 710 (5 ) 1,218 Total $ 1,213 $ 716 $ (27 ) $ 1,902 Debt Securities The Company owns certain corporate bonds which were 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, 2018 and December 31, 2017 , there were no material unrealized losses on such securities. There were no impairment losses recorded on debt securities during the three or six months ended June 30, 2018 or 2017 . Marketable Equity Securities At June 30, 2018 , the Company reviewed its equity securities in an unrealized loss position and concluded that the securities in a loss position 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 losses on those securities was normal market volatility. No material impairment losses were recorded during the three or six months ended June 30, 2018 and 2017 .

Disclosures About Fair Value

Disclosures About Fair Value	6 Months Ended
	Jun. 30, 2018
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 three or six months ended June 30, 2018 or during the year ended December 31, 2017 . At June 30, 2018 (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, 2018 Assets Available-for-sale equity securities (1) $ 975 $ 282 $ 1,257 Available-for-sale debt securities (1) 497 497 Total $ 1,472 $ 282 $ 1,754 At December 31, 2017 (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, 2017 Assets Available-for-sale equity securities (1) $ 975 $ 244 $ 1,219 Available-for-sale debt securities (1) 683 683 Total $ 1,658 $ 244 $ 1,902 (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. 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. There were no non-financial assets that were measured at fair-value, on a non-recurring basis for the six months ended June 30, 2018 or for the year ended December 31, 2017 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
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 2020. Rent expense for office space was $89,000 and $103,000 for the three months ended June 30, 2018 and 2017 , respectively, and $192,000 and $205,000 for the six months ended June 30, 2018 and 2017 . Future minimum payments under all operating leases are as follows (in thousands): Year ended December 31, 2018 $ 175 2019 356 2020 166 2021 — 2022 — Thereafter — Total $ 697 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, 2018
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The components of accumulated other comprehensive income are as follows (in thousands): December 31, 2017 Net unrealized gain on available-for-sale investments $ 544 Foreign currency translation — Accumulated other comprehensive income $ 544 The unrealized gain on available-for-sale investments is net of a deferred income tax liability of $145,000 at December 31, 2017 . 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, 2018 2017 2018 2017 Beginning balance $ 6,087 $ 544 $ 6,661 Unrealized (gain) or loss reclassified and recognized in net loss, net of tax (1) (5,485 ) 16 (5,966 ) Unrealized gain reclassified to accumulated deficit, net of tax (560 ) Foreign exchange reclassified and recognized in net loss, net of tax (1) (2 ) 2 Total amount reclassified and recognized in net income or loss, net of tax — (5,487 ) (544 ) (5,964 ) Unrealized gain on marketable securities, net of tax 175 67 Accumulated currency, net of tax 12 23 Net change in other comprehensive income, net of tax — (5,300 ) (544 ) (5,874 ) Accumulated other comprehensive income $ — $ 787 $ — $ 787 (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, 2018
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions Deferred Compensation In July 2017, the Company’s board of directors elected to terminate the Company’s deferred compensation plans. Consequently, while participant compensation remained deferred at June 30, 2018 , the plans are no longer active. In accordance with applicable regulations, distribution of the remaining assets and settlement of the deferred compensation obligation was made to the participants in July 2018. The total value of the deferred compensation obligation for all participants was $4.2 million at June 30, 2018 and $4.1 million at December 31, 2017 . In June 2018, the Company completed the sale of the legal entities used in the oil and gas business to its former service agent. There was no material gain or loss on the transaction.

Discontinued Operations and Ass

Discontinued Operations and Assets and Liabilities Held-for-Sale	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations and Assets and Liabilities Held-for-Sale	Discontinued Operations and Assets and Liabilities Held-for-Sale Real Estate: On April 10, 2017 , our then majority owned subsidiary, UCP, Inc. (“UCP”), entered into a merger agreement with Century Communities, Inc. (“Century”) whereby each outstanding share of UCP common stock was converted into $5.32 in cash and 0.2309 of a newly issued share of Century common stock representing 9% of Century’s common stock outstanding. The transaction closed on August 4, 2017 and as a result the Company deconsolidated UCP as of the closing date and recorded a loss of $8.7 million . In October 2017, the Company sold its entire position of Century common stock for $59.2 million and recorded a loss of $842,000 during the year ended December 31, 2017. During the six months ended June 30, 2017 , the Company recorded a $11.4 million loss on the sale of UCP based on the Company’s carrying value of UCP at June 30, 2017 and the value of the Century common stock as of the announcement date of the sale. Agribusiness: In February 2017, the Company received the final $6 million that had been held in escrow for general indemnification claims related to the sale of its discontinued agribusiness operations. The Company guaranteed up to $8 million for any indemnification claims in excess of the $6 million general indemnification escrow pursuant to the terms of the sale. This guaranty will remain in force until July 31, 2020 . 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 in excess of the estimate will result in additional loss on the sale. The following table presents the details of the Company’s results from discontinued 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, 2018 2017 2018 2017 Revenue and other income from discontinued real estate operations: Sales of real estate $ 113,252 $ 207,751 Other 38 486 Total revenue and other income 113,290 208,237 Cost of sales and expenses from discontinued real estate operations: Cost of real estate sold 91,440 168,568 General, administrative, and other 10,158 18,373 Sales and marketing 6,219 11,368 Impairment loss on long-lived assets 102 Total cost of sales and expenses 107,817 198,411 Income before income taxes 5,473 9,826 Provision for federal and state income taxes (969 ) (1,491 ) Net income from discontinued real estate operations 4,504 8,335 Net loss from discontinued agribusiness operations, net of tax (70 ) (13 ) Net income from discontinued operations, net of tax 4,434 8,322 Income (loss) on sale of discontinued real estate operations, net of tax 43 (4,257 ) 43 (11,405 ) Income on sale of discontinued agribusiness operations, net of tax 2 Net income (loss) from discontinued operations, net of tax 43 177 43 (3,081 ) Net income from discontinued operations attributable to noncontrolling interests (1,405 ) (2,796 ) Net income (loss) from discontinued operations attributable to PICO Holdings, Inc. $ 43 $ (1,228 ) $ 43 $ (5,877 )

Basis of Presentation and Sum17

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates in Preparation of Financial Statements	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 impairment losses, intangible assets, real estate and water assets, deferred income taxes, and stock-based compensation. It is reasonably possible that actual results could differ from the estimates upon which the carrying values were based.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In January 2016, the Financial Accounting Standards Board (“FASB”) issued guidance which makes several changes, including the elimination of the available-for-sale classification of equity investments, and requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in earnings. Effective January 1, 2018, the Company adopted the new guidance and recorded a cumulative effect adjustment to decrease opening retained deficit at January 1, 2018 by $560,000 as required for equity investments recorded at fair value, formerly available-for-sale-securities. In May of 2014, the FASB issued guidance regarding revenue from contracts with customers, which provides a consistent revenue accounting model across industries. The Company has reviewed this update and other guidance that was subsequently issued to further clarify the implementation guidance. Under this guidance, revenue is recognized as the transfer of goods and services to customers takes place and in amounts that reflect the payment or payments that are expected to be received from the customers for those goods and services and requires new disclosures about revenue. The Company adopted the guidance effective January 1, 2018 which did not have a material impact on the consolidated financial statements.

Tangible Water Assets and Rea18

Tangible Water Assets and Real Estate, Net (Tables)	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Costs Assigned to Various Components of Tangible Water Assets and Real Estate, Net	The costs assigned to the various components of tangible water assets and real estate, net, were as follows (in thousands): June 30, 2018 December 31, 2017 Real estate and improvements held and used, net of accumulated depreciation of $12,003 each of June 30, 2018 and December 31, 2017. $ 9,469 $ 9,469 Other real estate inventories 5,207 5,551 Tangible water assets 29,635 29,655 Total real estate and tangible water assets $ 44,311 $ 44,675

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	The Company owns the following intangible assets, which primarily represent indefinite-lived intangible water assets (in thousands): June 30, 2018 December 31, 2017 Pipeline rights and water credits at Fish Springs Ranch $ 83,893 $ 83,897 Pipeline rights and water rights at Carson-Lyon 21,618 25,569 Other 17,279 17,319 Total intangible assets $ 122,790 $ 126,785

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Value of Marketable Investments	The value of marketable investments were as follows (in thousands): June 30, 2018 Fair Value Debt securities: corporate bonds 497 Marketable equity securities 1,257 Total $ 1,754
Cost and Carrying Value of Marketable Investments Before Adoption of ASU 2016-01	December 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Carrying Value Debt securities: corporate bonds $ 700 $ 6 $ (22 ) $ 684 Marketable equity securities 513 710 (5 ) 1,218 Total $ 1,213 $ 716 $ (27 ) $ 1,902

Disclosures About Fair Value (T

Disclosures About Fair Value (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on a 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 three or six months ended June 30, 2018 or during the year ended December 31, 2017 . At June 30, 2018 (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, 2018 Assets Available-for-sale equity securities (1) $ 975 $ 282 $ 1,257 Available-for-sale debt securities (1) 497 497 Total $ 1,472 $ 282 $ 1,754 At December 31, 2017 (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, 2017 Assets Available-for-sale equity securities (1) $ 975 $ 244 $ 1,219 Available-for-sale debt securities (1) 683 683 Total $ 1,658 $ 244 $ 1,902 (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.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2018
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, 2018 $ 175 2019 356 2020 166 2021 — 2022 — Thereafter — Total $ 697

Accumulated Other Comprehensi23

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Components of and Reclassifications from Accumulated Other Comprehensive Income	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, 2018 2017 2018 2017 Beginning balance $ 6,087 $ 544 $ 6,661 Unrealized (gain) or loss reclassified and recognized in net loss, net of tax (1) (5,485 ) 16 (5,966 ) Unrealized gain reclassified to accumulated deficit, net of tax (560 ) Foreign exchange reclassified and recognized in net loss, net of tax (1) (2 ) 2 Total amount reclassified and recognized in net income or loss, net of tax — (5,487 ) (544 ) (5,964 ) Unrealized gain on marketable securities, net of tax 175 67 Accumulated currency, net of tax 12 23 Net change in other comprehensive income, net of tax — (5,300 ) (544 ) (5,874 ) Accumulated other comprehensive income $ — $ 787 $ — $ 787 (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): December 31, 2017 Net unrealized gain on available-for-sale investments $ 544 Foreign currency translation — Accumulated other comprehensive income $ 544

Discontinued Operations and A24

Discontinued Operations and Assets and Liabilities Held-for-Sale (Tables)	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Results from Discontinued Operations	The following table presents the details of the Company’s results from discontinued 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, 2018 2017 2018 2017 Revenue and other income from discontinued real estate operations: Sales of real estate $ 113,252 $ 207,751 Other 38 486 Total revenue and other income 113,290 208,237 Cost of sales and expenses from discontinued real estate operations: Cost of real estate sold 91,440 168,568 General, administrative, and other 10,158 18,373 Sales and marketing 6,219 11,368 Impairment loss on long-lived assets 102 Total cost of sales and expenses 107,817 198,411 Income before income taxes 5,473 9,826 Provision for federal and state income taxes (969 ) (1,491 ) Net income from discontinued real estate operations 4,504 8,335 Net loss from discontinued agribusiness operations, net of tax (70 ) (13 ) Net income from discontinued operations, net of tax 4,434 8,322 Income (loss) on sale of discontinued real estate operations, net of tax 43 (4,257 ) 43 (11,405 ) Income on sale of discontinued agribusiness operations, net of tax 2 Net income (loss) from discontinued operations, net of tax 43 177 43 (3,081 ) Net income from discontinued operations attributable to noncontrolling interests (1,405 ) (2,796 ) Net income (loss) from discontinued operations attributable to PICO Holdings, Inc. $ 43 $ (1,228 ) $ 43 $ (5,877 )

Basis of Presentation and Sum25

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment		$ 16
Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment		$ 560
Accumulated Deficit | ASU 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment	$ 560

Tangible Water Assets and Rea26

Tangible Water Assets and Real Estate, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Real Estate [Abstract]
Real estate and improvements held and used, net of accumulated depreciation of $12,003 each of June 30, 2018 and December 31, 2017.	$ 9,469	$ 9,469
Other real estate inventories	5,207	5,551
Tangible water assets	29,635	29,655
Total real estate and tangible water assets	44,311	44,675
Accumulated depreciation on real estate and improvements held and used	$ 12,003	$ 12,003

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	$ 122,790	$ 126,785
Pipeline rights and water credits at Fish Springs Ranch
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	83,893	83,897
Pipeline rights and water rights at Carson-Lyon
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	21,618	25,569
Other
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	$ 17,279	$ 17,319

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) $ in Thousands	1 Months Ended
	Jun. 30, 2018USD ($)acre_foot
Finite-Lived Intangible Assets [Line Items]
Number of acre-feet of water rights sold | acre_foot	500
Proceeds from sale of water rights	$ 10,000
Proceeds from sale of water rights per acre foot (in dollars per acre foot)	$ 20

Investments - Value of Marketab

Investments - Value of Marketable Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Debt securities: corporate bonds	$ 497	$ 684
Marketable equity securities	1,257
Total	$ 1,754	$ 1,902

Investments - Cost and Carrying

Investments - Cost and Carrying Value of Marketable Investments Before Adoption of ASU 2016-01 (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt securities: corporate bonds
Cost		$ 700
Gross Unrealized Gains		6
Gross Unrealized Losses		(22)
Carrying Value	$ 497	684
Marketable equity securities
Cost		513
Gross Unrealized Gains		710
Gross Unrealized Losses		(5)
Carrying Value		1,218
Total
Cost		1,213
Gross Unrealized Gains		716
Gross Unrealized Losses		(27)
Carrying Value		$ 1,902

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Impairment losses recorded on debt securities	$ 0	$ 0	$ 0	$ 0
Impairment losses recorded on equity securities	$ 0	$ 0	$ 0	$ 0

Disclosures About Fair Value -

Disclosures About Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets
Available-for-sale equity securities	$ 1,257
Available-for-sale equity securities		$ 1,218
Debt securities: corporate bonds	497	684
Carrying Value		1,902
Fair Value Measurements on a Recurring Basis
Assets
Available-for-sale equity securities	1,257
Available-for-sale equity securities		1,219
Debt securities: corporate bonds	497	683
Carrying Value	1,754	1,902
Fair Value Measurements on a Recurring Basis | Quoted Prices In Active Markets for Identical Assets (Level 1)
Assets
Available-for-sale equity securities	975
Available-for-sale equity securities		975
Debt securities: corporate bonds	497	683
Carrying Value	1,472	1,658
Fair Value Measurements on a Recurring Basis | Significant Other Observable Inputs (Level 2)
Assets
Available-for-sale equity securities	282
Available-for-sale equity securities		244
Debt securities: corporate bonds
Carrying Value	282	244
Fair Value Measurements on a Recurring Basis | Significant Unobservable Inputs (Level 3)
Assets
Available-for-sale equity securities
Available-for-sale equity securities
Debt securities: corporate bonds
Carrying Value

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 89	$ 103	$ 192	$ 205

Commitments and Contingencies34

Commitments and Contingencies - Future Minimum Payments Under Operating Leases (Details) $ in Thousands	Jun. 30, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,018	$ 175
2,019	356
2,020	166
2,021	0
2,022	0
Thereafter	0
Total	$ 697

Accumulated Other Comprehensi35

Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income	$ 195,974		$ 207,163	$ 431,523		$ 427,569
Net unrealized gain on available-for-sale investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income			544
Foreign currency translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income			0
Accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income	$ 0		$ 544	$ 787	$ 6,087	$ 6,661

Accumulated Other Comprehensi36

Accumulated Other Comprehensive Income - Narrative (Details) $ in Thousands	Dec. 31, 2017USD ($)
Equity [Abstract]
Deferred income tax liability	$ 145

Accumulated Other Comprehensi37

Accumulated Other Comprehensive Income - Reclassifications from Accumulated Other Comprehensive Income and Included in Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			$ 207,163	$ 427,569
Amount reclassified and recognized in net income or loss, net of tax	$ 0	$ (5,487)	(544)	(5,964)
Net change in other comprehensive income, net of tax	0	(5,300)	(544)	(5,874)
Ending balance	195,974	431,523	195,974	431,523
Accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		6,087	544	6,661
Ending balance	0	787	0	787
Unrealized (gain) loss reclassified and recognized in net loss, net of tax
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			544
Amount reclassified and recognized in net income or loss, net of tax		(5,485)	16	(5,966)
Unrealized gain reclassified and recognized in net loss, net of tax		175		67
Unrealized gain reclassified to accumulated deficit, net of tax
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Amount reclassified and recognized in net income or loss, net of tax			560
Foreign currency translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			0
Amount reclassified and recognized in net income or loss, net of tax		(2)		2
Unrealized gain reclassified and recognized in net loss, net of tax		$ 12		$ 23

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Related Party Transactions [Abstract]
Deferred compensation obligation	$ 4,196	$ 4,112

Discontinued Operations and A39

Discontinued Operations and Assets and Liabilities Held-for-Sale - Real Estate (Details) $ / shares in Units, $ in Thousands	Aug. 04, 2017USD ($)	Oct. 31, 2017USD ($)	Jun. 30, 2017USD ($)	Apr. 10, 2017$ / shares
UCP | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on sale of UCP			$ 11,400
UCP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash conversion rate per share of stock (in dollars per share) | $ / shares				$ 5.32
Merger stock exchange ratio				0.2309
Loss from deconsolidation	$ 8,700
Proceeds from sale of Century stock		$ 59,200
Loss on sale of Century stock		$ 842
Merger of UCP and Century Communities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	9.00%

Discontinued Operations and A40

Discontinued Operations and Assets and Liabilities Held-for-Sale - Agribusiness (Details) - Indemnification Agreement $ in Millions	Feb. 28, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Escrow deposit	$ 6
Agribusiness | Disposed of by Sale | Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Indemnification claims guaranteed in excess of escrow	$ 8

Discontinued Operations and A41

Discontinued Operations and Assets and Liabilities Held-for-Sale - Results from Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Cost of sales and expenses from discontinued real estate operations:
Net income from discontinued operations, net of tax		$ 4,434		$ 8,322
Income (loss) on sale of discontinued operation	43	(4,257)	43	(11,403)
Net income (loss) from discontinued operations, net of tax	43	177	43	(3,081)
Net income from discontinued operations attributable to noncontrolling interests		(1,405)		(2,796)
Net income (loss) from discontinued operations attributable to PICO Holdings, Inc.	43	(1,228)	43	(5,877)
Real Estate Operations
Revenue and other income from discontinued real estate operations:
Sales of real estate		113,252		207,751
Other		38		486
Total revenue and other income		113,290		208,237
Cost of sales and expenses from discontinued real estate operations:
Cost of real estate sold		91,440		168,568
General, administrative, and other		10,158		18,373
Sales and marketing		6,219		11,368
Impairment loss on long-lived assets				102
Total cost of sales and expenses		107,817		198,411
Income before income taxes		5,473		9,826
Provision for federal and state income taxes		(969)		(1,491)
Net income from discontinued operations, net of tax		4,504		8,335
Income (loss) on sale of discontinued operation	43	(4,257)	43	(11,405)
Agribusiness Operations
Cost of sales and expenses from discontinued real estate operations:
Net income from discontinued operations, net of tax		(70)		(13)
Income (loss) on sale of discontinued operation				$ 2