Vidler Water Resources (VWTR) 10-Q 8 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 25, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Current Fiscal Year End Date	--12-31
Entity Registrant Name	PICO HOLDINGS INC /NEW
Entity Central Index Key	0000830122
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		19,892,949

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - Unaudited - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 11,547	$ 12,550
Real estate and tangible water assets, net	42,428	44,298
Intangible assets	122,816	121,917
Right of use assets, net	256
Other assets	761	1,446
Total assets	177,808	180,211
Liabilities and equity
Lease liabilities	256
Other liabilities	1,705	3,448
Accounts payable and accrued expenses	295	139
Total liabilities	2,256	3,587
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, 19,968 issued and 19,961 outstanding at September 30, 2019, and 20,848 issued and 20,726 outstanding at December 31, 2018	20	21
Additional paid-in capital	344,193	353,250
Accumulated deficit	(168,591)	(175,536)
Treasury stock, at cost (common shares: 7 at September 30, 2019 and 121 at December 31, 2018)	(70)	(1,111)
Total shareholders’ equity	175,552	176,624
Total liabilities and shareholders’ equity	$ 177,808	$ 180,211

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets - Unaudited (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
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)	19,968,000	20,848,000
Shares outstanding (in shares)	19,961,000	20,726,000
Treasury stock
Common shares held (in shares)	7,000	121,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income or Loss - Unaudited - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues and other income:
Sale of real estate and water assets	$ 4,051	$ 230	$ 18,463	$ 10,957
Impairment loss on investment in unconsolidated affiliate	0	(1,312)	0	(1,312)
Other income, net	204	388	575	617
Total revenues and other income	4,255	(694)	19,038	10,262
Cost of sales and expenses:
Cost of real estate and water assets sold	706	98	4,993	4,458
General, administrative, and other	2,067	3,859	6,789	8,947
Depreciation and amortization	103	18	311	57
Total cost of sales and expenses	2,876	3,975	12,093	13,462
Income (loss) before income taxes	1,379	(4,669)	6,945	(3,200)
Provision for federal and state income taxes	0	0	0	(72)
Income (loss) from continuing operations	1,379	(4,669)	6,945	(3,272)
Income on sale and impairment loss on classification of assets as held-for-sale, net of tax	0	0	0	43
Net income (loss)	1,379	(4,669)	6,945	(3,229)
Other comprehensive income (loss):
Net income (loss)	1,379	(4,669)	6,945	(3,229)
Other comprehensive income (loss), net of tax:
Unrealized loss on securities, net of deferred income tax and reclassification adjustments	0	0	0	(544)
Total other comprehensive loss, net of tax	0	0	0	(544)
Comprehensive income (loss)	$ 1,379	$ (4,669)	$ 6,945	$ (3,773)
Net income (loss) per common share – basic and diluted (in dollars per share)	$ 0.07	$ (0.21)	$ 0.34	$ (0.15)
Weighted average shares outstanding (in shares)	20,036	21,754	20,251	22,400

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity - Unaudited - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2017		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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	124		124
Purchases of treasury stock (in shares)						442,000
Purchases of treasury stock	(4,985)					$ (4,985)
Retirement of treasury stock (in shares)		(336,000)				(336,000)
Retirement of treasury stock	0		(3,776)			$ 3,776
Net income (loss)	(2,863)			(2,863)
Reclassification of unrealized gain on investments to accumulated deficit	17			561	(544)
Ending balance (in shares) at Mar. 31, 2018		22,818,000
Ending balance at Mar. 31, 2018	199,456	$ 23	375,736	(175,069)	0	$ (1,234)
Ending balance, treasury stock (in shares) at Mar. 31, 2018						107,000
Beginning balance (in shares) at Dec. 31, 2017		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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(3,229)
Ending balance (in shares) at Sep. 30, 2018		21,685,000
Ending balance at Sep. 30, 2018	184,502	$ 22	362,651	(175,436)	0	$ (2,735)
Ending balance, treasury stock (in shares) at Sep. 30, 2018						223,000
Beginning balance (in shares) at Mar. 31, 2018		22,818,000
Beginning balance at Mar. 31, 2018	199,456	$ 23	375,736	(175,069)	0	$ (1,234)
Beginning balance, treasury stock (in shares) at Mar. 31, 2018						107,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	176		176
Exercise of restricted stock units (in shares)		23,000
Exercise of restricted stock units	0
Purchases of treasury stock (in shares)						713,000
Purchases of treasury stock	(7,960)					$ (7,960)
Retirement of treasury stock (in shares)		(819,000)				(819,000)
Retirement of treasury stock	0	$ (1)	(9,168)			$ 9,169
Net income (loss)	4,302			4,302
Ending balance (in shares) at Jun. 30, 2018		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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	80		80
Purchases of treasury stock (in shares)						561,000
Purchases of treasury stock	(6,908)					$ (6,908)
Retirement of treasury stock (in shares)		(337,000)				(337,000)
Retirement of treasury stock	(1)	$ 0	(4,173)			$ 4,172
Distribution of treasury stock to deferred compensation plan participant (in shares)						(2,000)
Distribution of treasury stock to deferred compensation plan participant	26					$ 26
Net income (loss)	(4,669)			(4,669)
Ending balance (in shares) at Sep. 30, 2018		21,685,000
Ending balance at Sep. 30, 2018	$ 184,502	$ 22	362,651	(175,436)	$ 0	$ (2,735)
Ending balance, treasury stock (in shares) at Sep. 30, 2018						223,000
Beginning balance (in shares) at Dec. 31, 2018	20,848,000	20,848,000
Beginning balance at Dec. 31, 2018	$ 176,624	$ 21	353,250	(175,536)		$ (1,111)
Beginning balance, treasury stock (in shares) at Dec. 31, 2018	121,000					121,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 22		22
Purchases of treasury stock (in shares)						420,000
Purchases of treasury stock	(4,340)					$ (4,340)
Retirement of treasury stock (in shares)		(529,000)				(529,000)
Retirement of treasury stock	0	$ (1)	(5,328)			$ 5,329
Net income (loss)	6,684			6,684
Ending balance (in shares) at Mar. 31, 2019		20,319,000
Ending balance at Mar. 31, 2019	$ 178,990	$ 20	347,944	(168,852)		$ (122)
Ending balance, treasury stock (in shares) at Mar. 31, 2019						12,000
Beginning balance (in shares) at Dec. 31, 2018	20,848,000	20,848,000
Beginning balance at Dec. 31, 2018	$ 176,624	$ 21	353,250	(175,536)		$ (1,111)
Beginning balance, treasury stock (in shares) at Dec. 31, 2018	121,000					121,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 6,945
Ending balance (in shares) at Sep. 30, 2019	19,968,000	19,968,000
Ending balance at Sep. 30, 2019	$ 175,552	$ 20	344,193	(168,591)		$ (70)
Ending balance, treasury stock (in shares) at Sep. 30, 2019	7,000					7,000
Beginning balance (in shares) at Mar. 31, 2019		20,319,000
Beginning balance at Mar. 31, 2019	$ 178,990	$ 20	347,944	(168,852)		$ (122)
Beginning balance, treasury stock (in shares) at Mar. 31, 2019						12,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	22		22
Exercise of restricted stock units	(5)		(5)
Purchases of treasury stock (in shares)						245,000
Purchases of treasury stock	(2,704)					$ (2,704)
Retirement of treasury stock (in shares)		(252,000)				(252,000)
Retirement of treasury stock	0		(2,771)			$ 2,771
Net income (loss)	(1,118)			(1,118)
Ending balance (in shares) at Jun. 30, 2019		20,067,000
Ending balance at Jun. 30, 2019	175,185	$ 20	345,190	(169,970)		$ (55)
Ending balance, treasury stock (in shares) at Jun. 30, 2019						5,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	22		22
Purchases of treasury stock (in shares)						101,000
Purchases of treasury stock	(1,034)					$ (1,034)
Retirement of treasury stock (in shares)		(99,000)				(99,000)
Retirement of treasury stock	0		(1,019)			$ 1,019
Net income (loss)	$ 1,379			1,379
Ending balance (in shares) at Sep. 30, 2019	19,968,000	19,968,000
Ending balance at Sep. 30, 2019	$ 175,552	$ 20	$ 344,193	$ (168,591)		$ (70)
Ending balance, treasury stock (in shares) at Sep. 30, 2019	7,000					7,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities:
Net cash provided by operating activities	$ 7,092	$ 3,805
Cash used in operating activities - discontinued operations	0	(313)
Net cash provided by operating activities	7,092	3,492
Investing activities:
Proceeds from sale of investments	0	0
Proceeds from maturity of investments	0	80
Purchases of property, plant and equipment	(12)	(18)
Net cash provided by (used in) investing activities	(12)	62
Financing activities:
Payment of withholding taxes on exercise of restricted stock units	(5)	0
Purchases of treasury stock	(8,078)	(19,853)
Net cash used in financing activities	(8,083)	(19,853)
Decrease in cash and cash equivalents	(1,003)	(16,299)
Cash and cash equivalents, beginning of the period	12,550	37,128
Cash and cash equivalents, end of the period	$ 11,547	$ 20,829

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
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 generally accepted accounting principles 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, 2019 . 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, 2018 filed with the SEC. Smaller Reporting Company The Company qualifies as a smaller reporting company (“SRC”) under the SEC’s definition and therefore certain disclosures that are no longer required have been removed in accordance with the SEC’s disclosure requirements for SRCs. 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, tangible water assets and real estate, and deferred income taxes. It is reasonably possible that actual results could differ from the estimates upon which the carrying values were based. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued guidance which establishes a right-of-use model that requires a lessee to record a right-of-use (“ROU”) asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either "finance" or "operating," with classification affecting the pattern of expense recognition in the income statement. This update requires a modified retrospective transition as of the beginning of the earliest comparative period presented in the financial statements. This update is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this lease standard effective January 1, 2019, applying an optional transition method that will allow the Company to continue to apply the current guidance of ASC 840 in the comparative periods in the year of adoption. The Company has elected the “package of practical expedients,” which permits the Company not to reassess prior conclusions about lease identification, lease classification and initial direct costs. The Company has also made an accounting policy election to not recognize ROU assets or lease liabilities for leases with terms of 12 months or less. The adoption of this guidance has resulted in the recording of additional ROU assets and lease liabilities for operating leases of $522,000 as of January 1, 2019. The adoption of this guidance did not have an impact on net income.

Tangible Water Assets and Real

Tangible Water Assets and Real Estate, Net	9 Months Ended
	Sep. 30, 2019
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): September 30, 2019 December 31, 2018 Real estate and improvements held and used, net of accumulated depreciation of $12,003 at each of September 30, 2019 and December 31, 2018 $ 9,469 $ 9,469 Other real estate inventories 3,359 5,207 Tangible water assets 29,600 29,622 Total real estate and tangible water assets $ 42,428 $ 44,298

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets The Company owned the following intangible assets, which primarily represent indefinite-lived intangible water assets (in thousands): September 30, 2019 December 31, 2018 Pipeline rights and water credits at Fish Springs Ranch $ 82,107 $ 83,108 Pipeline rights and water rights at Carson-Lyon 25,644 21,542 Other 15,065 17,267 Total intangible assets $ 122,816 $ 121,917

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Leases The Company has operating leases for two offices (Carson City, Nevada and La Jolla, California) which include monthly rental payments. Leases consisted of the following (in thousands): Leases September 30, 2019 Assets Operating lease ROU assets, net (1) $ 256 Liabilities Operating lease liabilities $ 256 Weighted Average Remaining Lease Term 0.7 years (1) Operating lease ROU assets are recorded net of accumulated amortization of $266,000 as of September 30, 2019 . Supplemental cash flow information related to leases is as follows (in thousands): Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 266

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
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 $88,000 for the three months ended September 30, 2019 and 2018 respectively, and $266,000 and $280,000 for the nine months ended September 30, 2019 and 2018, respectively. Future minimum payments under all operating leases are as follows (in thousands): Year ended December 31, 2019 $ 90 2020 166 Total $ 256 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	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income There was no accumulated other comprehensive income for the three and nine months ended September 30, 2019 . The following table reports amounts that were reclassified from accumulated other comprehensive income or loss and included in earnings (in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Beginning balance $ — $ 544 Unrealized loss reclassified and recognized in net loss, net of tax (1) — 16 Unrealized gain reclassified to accumulated deficit, net of tax — (560 ) Foreign exchange reclassified and recognized in net loss, net of tax (1) — — Net change in other comprehensive income, net of tax — (544 ) Accumulated other comprehensive income $ — $ — (1) Amounts reclassified from this category are included in other income, net in the condensed consolidated statement of operations and comprehensive income or loss.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
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, tangible water assets and real estate, and deferred income taxes. 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 February 2016, the Financial Accounting Standards Board (“FASB”) issued guidance which establishes a right-of-use model that requires a lessee to record a right-of-use (“ROU”) asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either "finance" or "operating," with classification affecting the pattern of expense recognition in the income statement. This update requires a modified retrospective transition as of the beginning of the earliest comparative period presented in the financial statements. This update is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this lease standard effective January 1, 2019, applying an optional transition method that will allow the Company to continue to apply the current guidance of ASC 840 in the comparative periods in the year of adoption. The Company has elected the “package of practical expedients,” which permits the Company not to reassess prior conclusions about lease identification, lease classification and initial direct costs. The Company has also made an accounting policy election to not recognize ROU assets or lease liabilities for leases with terms of 12 months or less. The adoption of this guidance has resulted in the recording of additional ROU assets and lease liabilities for operating leases of $522,000 as of January 1, 2019. The adoption of this guidance did not have an impact on net income.

Tangible Water Assets and Rea_2

Tangible Water Assets and Real Estate, Net (Tables)	9 Months Ended
	Sep. 30, 2019
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): September 30, 2019 December 31, 2018 Real estate and improvements held and used, net of accumulated depreciation of $12,003 at each of September 30, 2019 and December 31, 2018 $ 9,469 $ 9,469 Other real estate inventories 3,359 5,207 Tangible water assets 29,600 29,622 Total real estate and tangible water assets $ 42,428 $ 44,298

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	The Company owned the following intangible assets, which primarily represent indefinite-lived intangible water assets (in thousands): September 30, 2019 December 31, 2018 Pipeline rights and water credits at Fish Springs Ranch $ 82,107 $ 83,108 Pipeline rights and water rights at Carson-Lyon 25,644 21,542 Other 15,065 17,267 Total intangible assets $ 122,816 $ 121,917

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases Recorded on the Balance Sheet	Leases consisted of the following (in thousands): Leases September 30, 2019 Assets Operating lease ROU assets, net (1) $ 256 Liabilities Operating lease liabilities $ 256 Weighted Average Remaining Lease Term 0.7 years (1) Operating lease ROU assets are recorded net of accumulated amortization of $266,000 as of September 30, 2019 .
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases is as follows (in thousands): Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 266

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2019
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, 2019 $ 90 2020 166 Total $ 256

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 Nine Months Ended September 30, 2018 Beginning balance $ — $ 544 Unrealized loss reclassified and recognized in net loss, net of tax (1) — 16 Unrealized gain reclassified to accumulated deficit, net of tax — (560 ) Foreign exchange reclassified and recognized in net loss, net of tax (1) — — Net change in other comprehensive income, net of tax — (544 ) Accumulated other comprehensive income $ — $ — (1) Amounts reclassified from this category are included in other income, net in the condensed consolidated statement of operations and comprehensive income or loss.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
ROU assets	$ 256
Lease liabilities	$ 256
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
ROU assets		$ 522
Lease liabilities		$ 522

Tangible Water Assets and Rea_3

Tangible Water Assets and Real Estate, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Real Estate [Abstract]
Real estate and improvements held and used, net of accumulated depreciation of $12,003 at each of September 30, 2019 and December 31, 2018	$ 9,469	$ 9,469
Other real estate inventories	3,359	5,207
Tangible water assets	29,600	29,622
Total real estate and tangible water assets	42,428	44,298
Accumulated depreciation on real estate and improvements held and used	$ 12,003	$ 12,003

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	$ 122,816	$ 121,917
Pipeline rights and water credits at Fish Springs Ranch
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	82,107	83,108
Pipeline rights and water rights at Carson-Lyon
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	25,644	21,542
Other
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	$ 15,065	$ 17,267

Leases - Leases Recorded on the

Leases - Leases Recorded on the Balance Sheet (Details) $ in Thousands	Sep. 30, 2019USD ($)
Assets
Operating lease ROU assets, net	$ 256
Liabilities
Operating lease liabilities	$ 256
Weighted Average Remaining Lease Term	8 months 12 days
Accumulated amortization related to operating lease ROU assets	$ 266

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 266

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 89	$ 88	$ 266	$ 280

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Payments Under Operating Leases (Details) $ in Thousands	Sep. 30, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019	$ 90
2020	166
Total	$ 256

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Narrative (Details)	Sep. 30, 2019USD ($)
Equity [Abstract]
Accumulated other comprehensive income	$ 0

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Components of and Reclassifications from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 195,974	$ 207,163
Net change in other comprehensive income, net of tax	0	(544)
Ending balance	184,502	184,502
Accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	0	544
Ending balance	0	0
Unrealized loss reclassified and recognized in net loss, 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	0	16
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	0	(560)
Foreign exchange reclassified and recognized in net loss, 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	$ 0	$ 0