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Document and Entity Information (USD $)
In Billions, except Share data, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
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Dec. 31, 2010
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Feb. 18, 2011
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Jun. 30, 2010
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| Document and Entity Information (Abstract) | |||
| Entity Registrant Name | ST JOE CO | ||
| Entity Central Index Key | 0000745308 | ||
| Document Type | 10-K | ||
| Document Period End Date | Dec. 31, 2010 | ||
| Amendment Flag | false | ||
| Document Fiscal Year Focus | 2010 | ||
| Document Fiscal Period Focus | FY | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Well-known Seasoned Issuer | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Public Float | $ 2.1 | ||
| Entity Common Stock, Shares Outstanding | 92,568,657 |
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- Definition
If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements this will be the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should be limited to the same value as the supporting SEC submission type. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, NCSR, N-Q, and Other. No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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| X | ||||||||||
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- Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Details
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Also includes amount of deferred revenue as of balance sheet date. Deferred revenue represents collections of cash or other assets related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. No definition available.
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all domestic and foreign income tax obligations due. This amount is the total of current and noncurrent accrued income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value of all classes of common stock held by shareholders, which is net of related treasury stock. May be all or a portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
For entities that net deferred tax assets and tax liabilities, represents the unclassified net amount of deferred tax assets and liabilities as of the balance sheet date, which result from applying the applicable enacted tax rate to net temporary differences and carryforwards pertaining to assets or liabilities. A temporary difference is a difference between the tax basis of an asset or liability and its carrying amount in the financial statements prepared in accordance with generally accepted accounting principles that will reverse in ensuing periods. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The funded status is measured as the difference between the fair value of plan assets and the benefit obligation. Will normally be the same as the net Defined Benefit Plan, Amounts Recognized in Balance Sheet, Total. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date of income taxes previously overpaid to tax authorities (such as U.S. Federal, state and local tax authorities) representing refunds of overpayments or recoveries based on agreed-upon resolutions of disputes. Also called income tax refund receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. No definition available.
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- Details
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- Definition
Total of all Liabilities and Stockholders' Equity items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date. May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total debt and equity financial instruments including: (1) securities held-to-maturity, (2) trading securities, and (3) securities available-for-sale which are intended to be held for less than one year or the normal operating cycle, whichever is longer and that are pledged to one or more secured parties who have the right to buy, sell, or re-pledge the collateral. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
For an unclassified balance sheet, an amount representing an agreement for an unconditional promise by the maker to pay the Entity (holder) a definite sum of money at a future date, net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among myriad other features and characteristics. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount as of the balance sheet date of assets not otherwise specified in the taxonomy. Also serves as the sum of assets not individually reported in the financial statements, or not separately disclosed in notes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net book value of real estate property held for investment purposes. No definition available.
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| X | ||||||||||
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Value of common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Treasury stock is issued but is not outstanding. This stock has no voting rights and receives no dividends. Note that treasury stock may be recorded at its total cost or separately as par (or stated) value and additional paid in capital. Note: number of treasury shares concept is in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Balance Sheets (Parenthetical) (USD $)
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Dec. 31, 2010
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Dec. 31, 2009
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|---|---|---|
| EQUITY: | ||
| Common stock, no par value | $ 0 | $ 0 |
| Common stock, shares authorized | 180,000,000 | 180,000,000 |
| Common stock, shares issued | 122,923,913 | 122,557,167 |
| Treasury stock, shares | 30,318,478 | 30,275,716 |
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- Definition
Issuance value per share of no-par value common stock; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Costs incurred in operating vacation rental programs and other resort, golf, club and marina operations. No definition available.
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| X | ||||||||||
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- Definition
Impairment losses exclusive of discontinued operations. No definition available.
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| X | ||||||||||
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- Definition
Income loss from discontinued operation net of tax. No definition available.
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| X | ||||||||||
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- Definition
The amount of pension benefit cost recognized during the peroid for the annuitization of a defined benefit plan. Pension settlement charge represents the recognized net loss resulting from the settlement of pension benefit obligations. No definition available.
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- Definition
Revenue from vacation rental programs and other resort, golf, club and marina operations. No definition available.
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| X | ||||||||||
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- Definition
Reflects for the period the total of the carrying amount of the commercial, industrial and residential land and buildings sold plus certain overhead and other costs incurred to place the real estate in saleable condition, capitalized interest costs in the properties sold, and inventory impairment losses recognized. This element would most likely be used by an entity whose principal activities involve real estate or which has significant real estate operations. No definition available.
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- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Gain (loss) after tax expense (benefit), not previously recognized and resulting from the sale of a business component, which is recognized at the date of sale. A gain (loss) reflects the amount by which the consideration received exceeds (is exceeded by) the net carrying amount (reflecting previous provisions for loss on disposal, if any) of the disposal group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income or loss for the period per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The amount of net income or loss for the period per each share of common stock and dilutive common stock equivalents outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of income (loss) from continuing operations per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of income (loss) from continuing operations available to each share of common stock outstanding during the reporting period and each share that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items and the cumulative effect of accounting changes before deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The amount of income (loss) from disposition of discontinued operations, net of related tax effect, per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of income (loss) from discontinued operations, net of related tax effect, per each diluted share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This item represents investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities and on cash and cash equivalents, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums, respectively, net of related investment expenses. This item does not include realized or unrealized gains or losses on the sale or holding of investments in debt and equity securities required to be included in earnings for the period or for other than temporary losses related to investments in debt and equity securities which are included in realized losses in the period recognized, and does not include investment income from real or personal property, such as rental income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of net income (loss) attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate amount of income (expense) from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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| X | ||||||||||
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- Definition
The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Other costs incurred during the reporting period related to other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The sum of expenses not otherwise specified in the taxonomy for managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. No definition available.
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| X | ||||||||||
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- Definition
The net amount of other nonoperating income and expense, which does not qualify for separate disclosure on the income statement under materiality guidelines. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Other real estate revenue not otherwise specified in the taxonomy. No definition available.
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| X | ||||||||||
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount charged against earnings in the period for incurred and estimated costs, excluding asset retirement obligations, associated with exit from or disposal of business activities or restructurings pursuant to a program that is planned and controlled by management, and materially changes either the scope of a business undertaken by an entity, or the manner in which that business is conducted. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Revenue from the sale of commercial, industrial, or residential property during the period. This element is more likely than not relevant to an entity for which real estate operations are a principal activity. If real estate operations are not a principal activity, the reporting entity would likely use a gain or loss on sale of property, plant, or equipment type element. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Costs incurred in cultivating and manufacturing timber, mill lumber, wood, and wood products during the reporting period. No definition available.
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| X | ||||||||||
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- Definition
Revenue from sale of timber, mill lumber, wood, and other wood products. No definition available.
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| X | ||||||||||
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- Definition
This element represents the amount of recognized share-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tax benefit associated with any share-based compensation plan other than an employee stock ownership plan (ESOP). The tax benefit results from the deduction by the entity on its tax return for an award of stock that exceeds the cumulative compensation cost for common stock or preferred stock recognized for financial reporting. Includes any resulting tax benefit that exceeds the previously recognized deferred tax asset (excess tax benefits). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Excludes common shares repurchased by the entity and held as Treasury shares. Shares outstanding equals shares issued minus shares held in treasury. Does not include common shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Decrease in noncontrolling interest balance from payment of dividends or other distributions to noncontrolling interest holders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The adjustment out of other comprehensive income for prior service costs recognized as a component of net period benefit cost during the period, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cost of benefit improvement resulting from a plan amendment that occurred during the period, after tax. The cost has not been recognized in net periodic benefit cost pursuant to FAS 87 and 106. A plan amendment includes provisions that grant increased benefits based on services rendered in prior periods. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The adjustment out of other comprehensive income for actuarial gains (losses) recognized as a component of net periodic benefit cost during the period, after tax Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares related to Restricted Stock Award forfeited during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total number of shares issued during the period, including shares forfeited, as a result of Restricted Stock Awards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares that have been repurchased during the period and are being held in treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Cost of common and preferred stock that were repurchased during the period. Recorded using the cost method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Consolidated Statements of Cash Flow (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2008
|
|
| Cash flows from operating activities: | |||
| Net loss | $ (35,905) | $ (130,848) | $ (37,173) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||
| Depreciation and amortization | 13,657 | 16,112 | 17,362 |
| Stock-based compensation | 5,159 | 8,712 | 12,343 |
| Equity in loss of unconsolidated joint ventures | 4,308 | 122 | 330 |
| Deferred income tax (benefit) expense | (23,990) | (20,672) | 3,665 |
| Loss on early extinguishment of debt | 30,554 | ||
| Impairment losses | 4,799 | 113,039 | 60,545 |
| Pension charges | 4,138 | 46,042 | 4,177 |
| Cost of operating properties sold | 6,321 | 58,695 | 47,025 |
| Expenditures for operating properties | (14,782) | (15,841) | (32,379) |
| Changes in operating assets and liabilities: | |||
| Notes receivable | 7,513 | 6,625 | 5,280 |
| Other assets | (3,575) | 8,399 | 6,392 |
| Accounts payable and accrued liabilities | (15,968) | (9,566) | (29,296) |
| Income taxes payable/ (receivable) | 64,637 | (30,084) | (40,366) |
| Net cash provided by operating activities | 16,312 | 50,735 | 48,459 |
| Cash flows from investing activities: | |||
| Purchases of property, plant and equipment | (1,282) | (2,538) | (2,278) |
| Maturities and redemptions of investments, held to maturity | 619 | ||
| Proceeds from the disposition of assets | 120 | 2,221 | |
| Distributions from unconsolidated affiliates | 650 | 535 | |
| Investments in unconsolidated affiliates | 240 | ||
| Net cash (used in) provided by investing activities | (512) | 218 | (1,419) |
| Cash flows from financing activities: | |||
| Net borrowings from revolving credit agreements | 35,000 | ||
| Repayment of borrowings under revolving credit agreements | (167,000) | ||
| Repayments of other long-term debt | (370,000) | ||
| Make whole payment in connection with prepayment of senior notes | (29,690) | ||
| Distributions to minority interest partner | (19) | (1,578) | (2,697) |
| Proceeds from exercises of stock options | 5,083 | 718 | 1,653 |
| Issuance of common stock | 579,802 | ||
| Excess (reduction in) tax benefits from stock-based compensation | 463 | (801) | (56) |
| Taxes paid on behalf of employees related to stock-based compensation | (1,307) | (957) | (2,845) |
| Net cash provided by (used in) financing activities | 4,220 | (2,618) | 44,167 |
| Net increase in cash and cash equivalents | 20,020 | 48,335 | 91,207 |
| Cash and cash equivalents at beginning of year | 163,807 | 115,472 | 24,265 |
| Cash and cash equivalents at end of year | 183,827 | 163,807 | 115,472 |
| Cash paid during the year for: | |||
| Interest | 4,505 | 284 | 11,969 |
| Income taxes (received) paid, net | (65,061) | (34,160) | 8,833 |
| Capitalized interest | 245 | 44 | 1,582 |
| Non-cash financing and investment activities: | |||
| Issuance of restricted stock, net of forfeitures | 4,459 | (713) | 12,255 |
| Forgiveness of debt in connection with sale of marina/condominium project | (5,478) | ||
| Decrease in notes receivable related to take back of real estate inventory | (399) | ||
| Notes receivable written-off in connection with sales transactions | (13,347) | ||
| Decrease in note payable satisfied by deed of land and land improvements | (3,450) | ||
| Net increase in Community Development District Debt | (539) | (1,023) | 6,251 |
| (Decrease) in pledged treasury securities related to defeased debt | $ (1,824) | $ (1,805) | $ (1,761) |
| X | ||||||||||
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- Details
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| X | ||||||||||
|
- Definition
Decrease in note payable satisfied by deed of land and land improvements. No definition available.
|
| X | ||||||||||
|
- Definition
Decrease in notes receivable related to take back of real estate inventory. No definition available.
|
| X | ||||||||||
|
- Definition
(Decrease) in pledged treasury securities related to defeased debt. No definition available.
|
| X | ||||||||||
|
- Definition
Distribution to noncontrolling interest. No definition available.
|
| X | ||||||||||
|
- Definition
Issuance of restricted stock, net of forfeitures. No definition available.
|
| X | ||||||||||
|
- Definition
Net increase in Community Development District Debt. No definition available.
|
| X | ||||||||||
|
- Definition
Notes receivable written-off in connection with sales transactions. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of pension benefit cost recognized during the peroid for the annuitization of a defined benefit plan. Pension settlement charge represents the recognized net loss resulting from the settlement of pension benefit obligations. No definition available.
|
| X | ||||||||||
|
- Definition
Value of shares of stock surrendered by employees to pay payroll withholding tax on vested restricted stock or exercised stock options. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change between the beginning and ending balance of cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period for interest owed on money borrowed that is not charged as an expense but rather is capitalized based on the long term nature of the use of the borrowed funds. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Decrease for amounts of indebtedness forgiven by the holder of the debt instrument. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. No definition available.
|
| X | ||||||||||
|
- Definition
This item represents disclosure of the amount of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporation; these investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the aggregate amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in income taxes receivable, which represents the amount due from tax authorities for refunds of overpayments or recoveries of income taxes paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period of the amounts due from borrowers for outstanding secured or unsecured loans evidenced by a note. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in other operating assets not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period for interest owed on money borrowed; includes amount of interest capitalized Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow (outflow) from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash inflow (outflow) from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
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| X | ||||||||||
|
- Definition
The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Payments to develop real estate assets is the process of adding improvements on or to a parcel of land. Such improvements may include drainage, utilities, subdividing, access, buildings, and any combination of these elements; shall be classified as cash flow from investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow associated with the sale or maturity of securities for which the entity has both the ability and intent to hold the instrument until maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from the sale of property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from holders exercising their stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The carrying amount of real estate sold during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to pay off an obligation from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for borrowing not otherwise defined in the taxonomy (with maturities initially due after one year or beyond the operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for a debt where holder has highest claim on the entity's asset in case of bankruptcy or liquidation during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock options, amortization of restricted stock, and adjustment for officers compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Nature of Operations
|
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Dec. 31, 2010
|
|||||
| Nature of Operations [Abstract] | |||||
| Nature of Operations |
The St. Joe Company (the “Company”) is a real estate
development company primarily engaged in residential, commercial
and industrial development and rural land sales. The Company
also has significant interests in timber. Most of its real
estate operations, as well as its timber operations, are within
the State of Florida. Consequently, the Company’s
performance, particularly that of its real estate operations, is
significantly affected by the general health of the Florida
economy.
During 2009, the Company sold non-strategic assets including its
Victoria Park community, which consisted of homesites, homes,
undeveloped land, notes receivable and a golf course, St. Johns
Golf and Country Club golf course and its SevenShores
condominium and marina development project. The Company also
sold its remaining inventory and equipment assets related to its
cypress sawmill and mulch plant, Sunshine State Cypress, Inc.
during 2009, which assets and liabilities were classified as
held for sale at December 31, 2008. Certain operating
results associated with these entities have been classified as
discontinued operations for all periods presented through the
period in which they were sold. See Note 4, Discontinued
Operations.
The Company currently conducts primarily all of its business in
four reportable operating segments: residential real estate,
commercial real estate, rural land sales and forestry.
Real
Estate
The residential real estate segment typically plans and develops
mixed-use resort, primary and seasonal residential communities
of various sizes primarily on its existing land. The Company
owns large tracts of land in Northwest Florida, including large
tracts near Tallahassee and Panama City, and significant Gulf of
Mexico beach frontage and waterfront properties. The Company
devotes resources to the conceptual design, planning, permitting
and construction of certain key projects currently under
development, and the Company will maintain this process for
certain select communities going forward. The success of this
strategy is dependent on the Company’s intent and ability
to hold and sell these key projects, in most cases, over a
long-term horizon.
The commercial real estate segment plans, develops and entitles
our land holdings for a broad portfolio of retail, multi-family,
office, hotel, industrial uses and rental income. The Company
sells or leases and develops commercial land and provides
development opportunities for national and regional commercial
retailers and strategic partners in Northwest Florida. The
Company also offers for sale land for commercial and light
industrial uses within large and small-scale commerce parks, as
well as for multi-family residential rental projects.
The rural land sales segment markets and sells tracts of land of
varying sizes for rural recreational, conservation, residential
and timberland uses located primarily in Northwest Florida. The
rural land sales segment at times prepares land for sale for
these uses through harvesting, thinning and other silviculture
practices, and in some cases, limited development activity
including improved roads, ponds and fencing. We also sell
credits to developers from our wetland mitigation banks, and
sell easements for utility and road rights of way.
Forestry
The forestry segment focuses on the management and harvesting of
the Company’s extensive timber holdings, as well as on the
ongoing management of lands which may ultimately be used by
other divisions of the Company. The Company believes it is one
of the largest private owners of land in Florida, most of which
is currently managed as timberland. The principal products of
the Company’s forestry operations are pine pulpwood,
sawtimber, forest products and conservation land management
services.
Approximately one-half of the wood harvested by the Company is
sold under a long-term pulpwood supply agreement with
Smurfit-Stone Container Corporation (“Smurfit-Stone”).
The agreement, which expires on December 31, 2017, provides
for the sale of approximately 3.9 million tons of pulpwood
over the term of the contract, with specified yearly obligated
volumes. The supply agreement is assignable by St Joe in whole
or in part, to purchasers of its properties or any interest
therein. The supply agreement does not contain a lien,
encumbrance or use restriction on any of the Company’s
properties.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Describes the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings). Disclosures about the nature of operations need not be quantified; relative importance could be conveyed by use of terms such as "predominately", "about equally", or "major and other". This element is also referred to as "Business Description". Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Basis of Presentation and Significant Accounting Policies
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Dec. 31, 2010
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| Basis of Presentation and Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of Presentation and Significant Accounting Policies |
Principles
of Consolidation
The consolidated financial statements include the accounts of
the Company and all of its majority-owned and controlled
subsidiaries. The operations of dispositions and assets
classified as held for sale in which the Company has no
significant continuing involvement are included in discontinued
operations through the dates that they were sold. Investments in
joint ventures and limited partnerships in which the Company
does not have control are accounted for by the equity method.
All significant intercompany transactions and balances have been
eliminated in consolidation.
Correction
of Prior Period Errors
In the first quarter of 2010, the Company determined that
approximately $2.6 million ($1.6 million net of tax)
of stock-based compensation expense related to the acceleration
of the service period for retirement eligible employees should
have been recognized in periods prior to 2010. Accordingly, the
opening balance of common stock, retained earnings and deferred
income taxes at December 31, 2007 were adjusted by
$1.9 million, $1.1 million and $0.8 million,
respectively. The Consolidated Balance Sheet for
December 31, 2008 has been adjusted to reflect a
$0.8 million increase in common stock, a $0.5 million
reduction in retained earnings and a corresponding
$0.3 million increase in deferred taxes. This correction is
similarly reflected as an adjustment to Common Stock and
retained earnings as of December 31, 2009 in the
Consolidated Statement of Changes in Equity. The correction of
this error also affected the Consolidated Statements of
Operations for the years ended December 31, 2009 and 2008
and the Consolidated Statements of Cash Flows for the years
ended December 31, 2009 and 2008. These corrections were
not considered to be material to prior period financial
statements.
During 2010, the Company determined that an additional liability
for certain of its Community Development District
(“CDD”) debt that is probable and reasonably estimable
of repayment by the Company in the future should have been
recognized in periods prior to 2010. Accordingly, the
consolidated balance sheet for December 31, 2009 has been
adjusted to increase debt and investment in real estate by
$17.5 million. There was no impact on the consolidated
statement of operations, cash flows or equity. This correction
was not considered material to prior period financial statements.
Reclassifications
Certain prior period amounts have been reclassified to conform
to the current period’s presentation.
Use of
Estimates
The preparation of financial statements in conformity with
accounting principles generally accepted in the United States
requires management to make estimates and assumptions that
affect the reported amounts of assets, liabilities and
disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues
and expenses during the reporting period. On an ongoing basis,
the Company evaluates its estimates and assumptions including
investment in real estate, impairment assessments, prepaid
pension asset, accruals, valuation of standby guarantee
liability and deferred taxes. Actual results could differ from
those estimates. Real estate impairment analyses are
particularly dependent on the estimated holding and
selling period, which are based on management’s current
intent for the use and disposition of each property, which could
be subject to change in future periods.
Because of the recession and the adverse market conditions that
currently exist in Florida and national real estate markets and
financial and credit markets, it is possible that the estimates
and assumptions, most notably those involving the Company’s
investment in real estate, could change materially during the
time span associated with the continued weakened state of these
real estate markets and financial markets, respectively.
Revenue
Recognition
Revenues consist primarily of real estate sales, timber sales,
resort and club operations and other revenues.
Revenues from real estate sales, including sales of rural land,
residential homes (including detached single-family and attached
townhomes) and homesites, and commercial buildings, are
recognized upon closing of sales contracts and conveyance of
title. A portion of real estate inventory and estimates for
costs to complete are allocated to each housing unit based on
the relative sales value of each unit as compared to the sales
value of the total project.
Revenues for multi-family residences under construction are
recognized using the
percentage-of-completion
method of accounting when (1) construction is beyond a
preliminary stage, (2) the buyer has made sufficient
deposit and is committed to the extent of being unable to
require a refund except for nondelivery of the unit,
(3) sufficient units have already been sold to assure that
the entire property will not revert to rental property,
(4) the sales price is collectible, and (5) aggregate
sales proceeds and costs can be reasonably estimated. Revenue is
recognized in proportion to the percentage of total costs
incurred in relation to estimated total costs. Any amounts due
under sales contracts, to the extent recognized as revenue are
recorded as contracts receivable. The Company reviews the
collectability of contract receivables and, in the event of
cancellation or default, adjusts the
percentage-of-completion
calculation accordingly. There were no contract receivables at
December 31, 2010 and 2009, respectively. Revenue for
multi-family residences is recognized at closing using the full
accrual method of accounting if the criteria for using the
percentage-of-completion
method are not met before construction is substantially
completed.
Percentage-of-completion
accounting is also used for our homesite sales when required
development is not complete at the time of sale and for
commercial and other land sales if there are uncompleted
development costs yet to be incurred for the property sold.
Resort and club revenues include service and rental fees
associated with the WaterColor Inn, WaterColor, WaterSound Beach
and WindMark Beach vacation rental programs and other resort,
golf club and marina operations. These revenues are generally
recognized as services are provided. Golf membership revenues
are deferred and recognized ratably over the membership period.
Other revenues consist of rental revenues and brokerage fees.
Rental revenues are recognized as earned, using the
straight-line method over the life of the lease. Certain leases
provide for tenant occupancy during periods for which no rent is
due or where minimum rent payments change during the lease term.
Accordingly, a receivable is recorded representing the
difference between the straight-line rent and the rent that is
contractually due from the tenant. Tenant reimbursements are
included in rental revenues. Brokerage fees are recorded as the
services are provided.
Revenues from sales of forestry products are recognized
generally on delivery of the product to the customer.
Taxes collected from customers and remitted to governmental
authorities (e.g., sales tax) are excluded from revenues and
costs and expenses.
Comprehensive
Income (Loss)
The Company’s comprehensive income (loss) differs from net
income (loss) due to changes in the funded status of certain
Company benefit plans. See Note 16, Employee Benefits
Plans. The Company has elected to disclose comprehensive income
(loss) in its Consolidated Statements of Changes in Equity.
Cash
and Cash Equivalents
Cash and cash equivalents include cash on hand, bank demand
accounts and money market instruments having original maturities
at acquisition date of 90 days or less.
Accounts
and Notes Receivable
Substantially all of the Company’s trade accounts
receivable and notes receivable are due from customers located
within the United States. The Company evaluates the carrying
value of trade accounts receivable and notes receivable at each
reporting date. Notes receivable balances are adjusted to net
realizable value based upon a review of entity specific facts or
when terms are modified. The Company maintains an allowance for
doubtful accounts for estimated losses resulting from the
inability of its customers to make required payments. The
allowance for doubtful accounts is based on a review of
specifically identified accounts in addition to an overall aging
analysis. Judgments are made with respect to the collectability
of accounts based on historical experience and current economic
trends. Actual losses could differ from those estimates.
Fair
Value of Financial Instruments
The carrying amounts of the Company’s financial
instruments, including cash and cash equivalents, accounts
receivable, notes receivable, accounts payable and accrued
expenses, approximate their fair values due to the short-term
nature of these assets and liabilities. In addition, the Company
utilized a discounted cash flow method to record its investment
in retained beneficial interests at fair value. See Note 3,
Fair Value Measurements.
Investment
in Real Estate
Costs associated with a specific real estate project are
capitalized during the development period. The Company
capitalizes costs directly associated with development and
construction of identified real estate projects. Indirect costs
that clearly relate to a specific project under development,
such as internal costs of a regional project field office, are
also capitalized. Interest is capitalized (up to total interest
expense) based on the amount of underlying expenditures and real
estate taxes on real estate projects under development. If the
Company determines not to complete a project, any previously
capitalized costs are expensed in the period such determination
is made.
Real estate inventory costs include land and common development
costs (such as roads, sewers and amenities), multi-family
construction costs, capitalized property taxes, capitalized
interest and certain indirect costs. Construction costs for
single-family homes are determined based upon actual costs
incurred. A portion of real estate inventory costs and estimates
for costs to complete are allocated to each unit based on the
relative sales value of each unit as compared to the estimated
sales value of the total project. These estimates are
reevaluated at least annually and more frequently if warranted
by market conditions or other factors, with any adjustments
being allocated prospectively to the remaining units available
for sale.
Investment in real estate is carried at cost, net of
depreciation and timber depletion. Depreciation is computed on
straight-line method over the useful lives of the assets ranging
from 15 to 40 years. Depletion of timber is determined by
the units of production method, whereby capitalized timber costs
are accumulated and expensed as units are sold.
Property,
Plant and Equipment
Property, plant and equipment are stated at cost, net of
accumulated depreciation or amortization. Major improvements are
capitalized while maintenance and repairs are expensed in the
period the cost is incurred. Depreciation is computed using the
straight-line method over the useful lives of various assets,
generally three to 10 years.
Long-Lived
Assets and Discontinued Operations
The Company reviews its long-lived assets for impairment
whenever events or changes in circumstances indicate that the
carrying amount of an asset may not be recoverable. Long-lived
assets include the Company’s investments in operating,
development and investment property. Some of the events or
changes in circumstances that are considered by the Company as
indicators of potential impairment include:
Homes and homesites substantially completed and ready for sale
are measured at the lower of carrying value or fair value less
costs to sell. Homes and homesites ready for sale include
properties that are actively marketed with an intent to sell
such properties in the near term. Management identifies
properties as being ready for sale when the intent is to sell
such assets in the near term and under current market
conditions. Other properties that management does not intend to
sell in the near term under current market conditions are
evaluated for impairment based on management’s best
estimate of the long-term use and eventual disposition of such
property.
For projects under development, an estimate of future cash flows
on an undiscounted basis is performed using estimated future
expenditures necessary to develop and maintain the existing
project and using management’s best estimates about future
sales prices and holding periods. The projection of undiscounted
cash flows requires that management develop various assumptions
including:
For operating properties, an estimate of undiscounted cash flows
requires management to make similar assumptions about the use
and eventual disposition of such properties. Some of the
significant assumptions that are used to develop the
undiscounted cash flows include:
The results of impairment analyses for development and operating
properties are particularly dependent on the estimated holding
and selling period for each asset group, which can be up to
35 years for certain properties with long
range development plans. The estimated holding period is based
on management’s current intent for the use and disposition
of each property, which could be subject to change in future
periods if the strategic direction of the Company as set by management and approval by the Board of Directors were to change. If the excess of undiscounted cash flows over the
carrying value of a property is small, there is a greater risk
of future impairment in the event of such changes and any resulting impairment charges could be material.
Excluding any properties that have been written down to fair value, at December 31, 2010 the
Company has one development property with a carrying value of approximately $23 million whose
current undiscounted cash flows is approximately 110% of its carrying value.
In the event that projected future undiscounted cash flows are
not adequate to recover the carrying value of a property,
impairment is indicated and the Company would be required under generally
accepted accounting principles to write down the asset to its
fair value. Fair value of a property may be
derived either from discounting projected cash flows at an
appropriate discount rate, through appraisals of the underlying
property, or a combination thereof.
The Company classifies assets as
held-for-sale
when management approves and commits to a formal plan of sale
and it is probable that a sale will be completed. The carrying
value of the assets
held-for-sale
are then recorded at the lower of their carrying value or fair
market value less costs to sell. The operations and gains on
sales reported in discontinued operations include operating
properties sold during the year and assets classified as
held-for-sale
for which operations and cash flows can be clearly distinguished
and for which the Company will not have continuing involvement
or significant cash flows after disposition. The operations from
these assets have been eliminated from ongoing operations. Prior
periods have been reclassified to reflect the operations of
these assets as discontinued operations. The operations and
gains on sales of operating assets for which the Company has
continuing involvement or significant cash flows are reported as
income from continuing operations.
Income
Taxes
The Company follows the asset and liability method of accounting
for deferred income taxes. The provision for income taxes
includes income taxes currently payable and those deferred as a
result of temporary differences between the financial statement
and tax bases of assets and liabilities. Deferred tax assets and
liabilities are measured using enacted tax rates expected to
apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect
on deferred tax assets and liabilities of a change in tax rates
is recognized in income or loss in the period that includes the
enactment date. A valuation allowance is provided to reduce
deferred tax assets to the amount of future tax benefit when it
is more likely than not that some portion of the deferred tax
assets will not be realized. Projected future taxable income and
ongoing tax planning strategies are considered and evaluated
when assessing the need for
a valuation allowance. Any increase or decrease in a valuation
allowance could have a material adverse impact or beneficial
impact on the Company’s income tax provision and net income
or loss in the period the determination is made. The Company
recognizes interest
and/or
penalties related to income tax matters in income tax expense.
Concentration
of Risks and Uncertainties
The Company’s real estate investments are concentrated in
the State of Florida in a number of specific development
projects. Uncertainty of the duration of the prolonged real
estate and economic slump could have an adverse impact on our
real estate values.
Financial instruments that potentially subject the Company to a
concentration of credit risk consist of cash, cash equivalents,
notes receivable and retained interests. The Company deposits
and invests excess cash with major financial institutions in the
United States. Balances may exceed the amount of insurance
provided on such deposits.
The majority of notes receivable are from homebuilders and other
entities associated with the real estate industry. As with many
entities in the real estate industry, revenues have contracted
for these companies, and they may be increasingly dependent on
their lenders’ continued willingness to provide funding to
maintain ongoing liquidity. The Company evaluates the need for
an allowance for doubtful notes receivable at each reporting
date.
There are not any other entity specific facts which currently
cause the Company to believe that the remaining notes receivable
will be realized at amounts below their carrying values;
however, due to the collapse of real estate markets and
tightened credit conditions, the collectability of these
receivables represents a risk to the Company and changes in the
likelihood of collectability could adversely impact the
accompanying financial statements.
In the event of a failure and liquidation of the financial
institution involved in our land installment sales, the Company
could be required to write-off the remaining retained interest
recorded on its balance sheet in connection with the installment
sale monetization transactions, which would have an adverse
effect on the Company’s results of operations and balance
sheet.
On October 21, 2009, we entered into a strategic alliance
agreement with Southwest Airlines to facilitate the commencement
of low-fare air service to the new Northwest Florida Beaches
International Airport. Service at the new airport consists of
two daily non-stop flights from Northwest Florida to each of
four destinations for a total of eight daily non-stop flights.
The Company has agreed to reimburse Southwest Airlines if it
incurs losses on its service at the new airport during the first
three years of service by making specified break-even payments.
There was no reimbursement required for the period ended
December 31, 2010. These cash payments and reimbursements
could have a significant effect on our cash flows and results of
operations depending on the results of Southwest Airlines’
operation of the air service. The agreement also provides that
Southwest Airlines’ profits from the air service during the
term of the agreement will be shared with the Company up to the
maximum amount of our break-even payments.
The term of the agreement extends for a period of three years
ending May 23, 2013. Although the agreement does not
provide for maximum payments, the agreement may be terminated by
us if the payments to Southwest Airlines exceed $14 million
in the first year of air service and $12 million in the
second year of air service. Southwest Airlines may terminate the
agreement if its actual annual revenues attributable to the air
service at the new airport are less than certain minimum annual
amounts established in the agreement. As of December 31,
2010 actual revenues have exceeded these minimum amounts. In
order to mitigate potential losses that may arise from changes
in Southwest Airlines’ jet fuel costs, we have entered into
a short term
premium neutral collar arrangement expiring in May 2011 with
respect to the underlying cost of jet fuel for a portion of
Southwest Airlines’ estimated fuel volumes. The notional
quantity hedged is 200,000 gallons per month, with the call
price at $2.55 per gallon and the put price at $1.93 per gallon.
Smurfit-Stone’s Panama City mill is the largest consumer of
pine pulpwood logs within the immediate area in which most of
the Company’s timberlands are located. In July of 2010,
Smurfit-Stone emerged from approximately 18 months of
bankruptcy protection, and during the first quarter of 2011,
RockTenn announced its acquisition of Smurfit-Stone. Deliveries
made by St. Joe during Smurfit-Stone’s bankruptcy
proceedings were uninterrupted and payments were made on time.
Under the terms of the supply agreement, Smurfit-Stone and its
successor RockTenn would be liable for any monetary damages as a
result of the closure of the mill due to economic reasons for a
period of one year. Nevertheless, if the Smurfit-Stone mill in
Panama City were to permanently cease operations, the price for
the Company’s pulpwood may decline, and the cost of
delivering logs to alternative customers could increase.
Stock-Based
Compensation
Stock-based compensation cost is measured at the grant date
based on the fair value of the award and is typically recognized
as expense on a straight-line basis over the vesting period.
Additionally, the 15% discount at which employees may purchase
the Company’s common stock through payroll deductions is
being recognized as compensation expense. Upon exercise of stock
options or vesting of restricted stock, the Company will issue
new common stock.
Stock
Options and Non-vested Restricted Stock
The Company offers a stock incentive plan whereby awards may be
granted to certain employees and non-employee directors of the
Company in various forms including restricted shares of Company
common stock and options to purchase Company common stock.
Awards are discretionary and are determined by the Compensation
Committee of the Board of Directors. Awards vest based upon
service conditions. Option and share awards provide for
accelerated vesting if there is a change in control (as defined
in the award agreements). Non-vested restricted shares generally
vest over requisite service periods of three or four years and
are considered to be outstanding shares, beginning on the date
of each grant. Stock option awards are granted with an exercise
price equal to market price of the Company’s stock on the
date of grant. The options vest over requisite service periods
and are exercisable in equal installments on the third, fourth
or fifth anniversaries, as applicable, of the date of grant and
generally expire 10 years after the date of grant. The
Company has allocated 2 million shares for future issuance
under its 2009 Equity Incentive Plan.
The Company uses the Black-Scholes option pricing model to
determine the fair value of stock options. The determination of
the fair value of stock-based payment awards on the date of
grant using an option-pricing model is affected by the stock
price as well as assumptions regarding a number of other
variables. These variables include expected stock price
volatility over the term of the awards, actual and projected
employee stock option exercise behaviors (term of option),
risk-free interest rate and expected dividends.
The Company estimates the expected term of options granted by
incorporating the contractual term of the options and analyzing
employees’ actual and expected exercise behaviors. The
Company estimates the volatility of its common stock by using
historical volatility in market price over a period consistent
with the expected term, and other factors. The Company bases the
risk-free interest rate that it uses in the option valuation
model on U.S. Treasuries with remaining terms similar to
the expected term on the options. The Company uses an estimated
dividend yield in the option valuation model when dividends are
anticipated.
Stock-based compensation cost is measured at the grant date
based on the fair value of the award and is typically recognized
as expense on a straight-line basis over the requisite service
period, which is the vesting
period. Total stock-based compensation recognized on the
Consolidated Statements of Operations for the three years ended
December 31, 2010 as corporate expense is as follows:
(a) Includes an adjustment made in 2010 for actual
forfeitures resulting in a credit of approximately
$0.6 million.
(b) Includes a reduction of $1.5 million and an
addition of $1.5 million related to accrued cash liability
awards at December 31, 2010 and 2009, respectively.
No stock options were granted in 2010, 2009 or 2008. Presented
below are the per share weighted-average fair value of stock
options granted during 2007 using the Black Scholes
option-pricing model, along with the assumptions used.
The following table sets forth the summary of option activity
outstanding under the stock option program for 2010:
The total intrinsic value of options exercised during 2010, 2009
and 2008 was $1.0 million, $0.3 million and
$0.6 million, respectively. The intrinsic value is
calculated as the difference between the market value as of the
exercise date and the exercise price of the shares. The closing
price as of December 31, 2010 was $21.85 per share as
reported by the New York Stock Exchange. Shares of Company stock
issued upon the exercise of stock options in 2010, 2009 and 2008
were 178,886, 32,157 and 56,082 shares, respectively.
Cash received for strike prices from options exercised under
stock-based payment arrangements for 2010, 2009 and 2008 was
$5.1 million, $0.7 million and $1.6 million,
respectively. The actual tax benefit realized for the tax
deductions from options exercised under stock-based arrangements
totaled $0.4 million, $0.8 million and
$0.2 million, respectively, for 2010, 2009 and 2008.
The following table sets forth the summary of restricted stock
activity outstanding under the restricted stock program for 2010:
The weighted average grant date fair value of restricted shares
granted during 2010, 2009 and 2008 was $27.86, $22.41 and
$38.43, respectively.
As of December 31, 2010, there was $1.7 million of
unrecognized compensation cost, adjusted for estimated
forfeitures, related to non-vested restricted stock and stock
option compensation arrangements which will be recognized over a
weighted average period of three years. The total fair values of
restricted stock and stock options which vested during the years
ended December 31, 2010, 2009 and 2008 were
$4.8 million, $5.6 million and $10.4 million,
respectively.
Market
Condition Grants
In February 2010, 2009 and 2008, the Company granted to its
executives and other key employees non-vested restricted stock
whose vesting is based upon the achievement of certain market
conditions defined as the Company’s total shareholder
return as compared to the total shareholder returns of certain
peer groups during a three year performance period.
The Company currently uses a Monte Carlo simulation pricing
model to determine the fair value of its market condition
awards. The determination of the fair value of market
condition-based awards is affected by the stock price as well as
assumptions regarding a number of other variables. These
variables include expected stock price volatility over the
requisite performance term of the awards, the relative
performance of the Company’s stock price and shareholder
returns compared to those companies in its peer groups and a
risk-free interest rate assumption. Compensation cost is
recognized regardless of the achievement of the market
condition, provided the requisite service period is met.
A summary of the activity during 2010 is presented below:
As of December 31, 2010, there was $2.9 million of
unrecognized compensation cost, adjusted for estimated
forfeitures, related to market condition non-vested restricted
shares which will be recognized over a weighted average period
of two years. At December 31, 2010, the balance of the cash
liability awards payable to terminated employees who had been
granted market condition restricted shares was zero. On
February 7, 2011, the measurement date, the cash liability
amount was $0.8 million.
Earnings
(Loss) Per Share
Basic earnings (loss) per share is calculated by dividing net
income (loss) by the average number of common shares outstanding
for the period. Diluted earnings (loss) per share is calculated
by dividing net income (loss) by the weighted average number of
common shares outstanding for the period, including all
potentially dilutive shares issuable under outstanding stock
options and service-based non-vested restricted stock. Stock
options and non-vested restricted stock are not considered in
any diluted earnings per share calculation when the Company has
a loss from continuing operations. Non-vested restricted shares
subject to vesting based on the achievement of market conditions
are treated as contingently issuable shares and are considered
outstanding only upon the satisfaction of the market conditions.
The following table presents a reconciliation of average shares
outstanding:
Approximately 0.1 million, 0.2 million and
0.4 million shares were excluded from the computation of
diluted (loss) per share during the years ended
December 31, 2010, 2009 and 2008, respectively, as the
effect would have been anti-dilutive.
Through December 31, 2010, the Board of Directors had
authorized a total of $950.0 million for the repurchase
from time to time of outstanding common stock from shareholders
(the “Stock Repurchase Program”). A total of
approximately $846.2 million had been expended in the Stock
Repurchase Program from its inception through December 31,
2010. There is no expiration date on the Stock Repurchase
Program.
From the inception of the Stock Repurchase Program to
December 31, 2010, the Company repurchased from
shareholders 27,945,611 shares and executives surrendered a
total of 2,472,017 shares as payment for strike prices and
taxes due on exercised stock options and on vested restricted
stock, for a total of 30,417,628 acquired shares. The Company
did not repurchase shares from shareholders during 2010, 2009
and 2008. During 2010, 2009 and 2008, executives surrendered
42,762, 40,281 and 77,077 shares, respectively, as payment
for strike prices and taxes due on exercised stock options and
vested restricted stock.
In addition, the Company’s $125.0 million revolving
credit facility requires that the Company not pay dividends or
repurchase stock in amounts in excess of any cumulative net
income that the Company has earned since January 1, 2007.
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Fair Value Measurements
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| Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements |
The Company follows the provisions of ASC 820 for its
financial and non-financial assets and liabilities.
ASC 820, among other things, defines fair value,
establishes a consistent framework for measuring fair value and
expands disclosure for each major asset and liability category
measured at fair value on either a recurring or nonrecurring
basis. ASC 820 clarifies that fair value is an exit price,
representing the amount that would be received to sell an asset
or paid to transfer a liability in an orderly transaction
between market participants. As such, fair value is a
market-based measurement that should be determined based on
assumptions that market participants would use in pricing an
asset or liability. As a basis for considering such assumptions,
ASC 820 establishes a three-tier fair value hierarchy,
which prioritizes the inputs used in measuring fair value as
follows:
Level 1. Observable inputs such as quoted prices
in active markets;
Level 2. Inputs, other than the quoted prices in
active markets, that are observable either directly or
indirectly; and
Level 3. Unobservable inputs in which there is
little or no market data, such as internally-developed valuation
models which require the reporting entity to develop its own
assumptions.
Assets measured at fair value on a recurring basis are as
follows:
The Company has recorded a retained interest with respect to the
monetization of certain installment notes, which is recorded in
other assets. The retained interest is an estimate based on the
present value of cash flows to be received over the life of the
installment notes. The Company’s continuing involvement
with the entities is in the form of receipts of net interest
payments, which are recorded as interest income and approximated
$0.4 and $0.3 million in 2010 and 2009, respectively. In
addition, the Company will receive the payment of the remaining
principal on the installment notes at the end of their
15-year
maturity period. The Company recorded losses, which were
included in other income (expense), of $8.2 million during
2008, related to the monetization of $108.4 million in
notes receivable through entities.
The fair value adjustment is determined based on the original
carrying value of the notes, allocated between the assets
monetized and the retained interest based on their relative fair
value at the date of monetization. The Company’s retained
interests consist principally of net excess cash flows (the
difference between the interest received on the notes receivable
and the interest paid on the debt issued to third parties and
the collection of notes receivable principal net of the
repayment of debt) and a cash reserve account. Fair values of
the retained interests are estimated based on the present value
of future excess cash flows to be received over the life of the
notes, using management’s best estimate of underlying
assumptions, including credit risk and discount rates.
The debt securities are payable solely out of the assets of the
entities (which consist of the installment notes and the
irrevocable letters of credit). The debt investors in the
entities have no recourse to the Company for payment of the debt
securities. The entities financial position and results of
operations are not consolidated in the Company’s financial
statements. In addition, the Company has evaluated the recently
issued accounting requirements of Topic 810 and has determined
that it will not be required to consolidate the financial
position and results of the entities as the Company is not the
primary decision maker with respect to activities that could
significantly impact the economic performance of the entities,
nor does the Company perform any service activity related to the
entities.
In accordance with ASC 325, Investments —
Other, Subtopic 40 — Beneficial Interests in
Securitized Financial Assets, the Company recognizes
interest income over the life of the retained interest using the
effective yield method with discount rates ranging from 2%-7%.
This income adjustment is being recorded as
an offset to loss on monetization of notes over the life of the
installment notes. In addition, fair value may be adjusted at
each reporting date when, based on management’s assessment
of current information and events, there is a favorable or
adverse change in estimated cash flows from cash flows
previously projected. The Company did not record any impairment
adjustments as a result of changes in previously projected cash
flows during 2010, 2009 or 2008.
The following is a reconciliation of the Company’s retained
interest in various entities:
On October 21, 2009, the Company entered into a strategic
alliance agreement with Southwest Airlines to facilitate the
commencement of low-fare air service in May 2010 to the new
Northwest Florida Beaches International Airport. The Company has
agreed to reimburse Southwest Airlines if it incurs losses on
its service at the new airport during the first three years of
service by making specified break-even payments. There was no
reimbursement required for the period ended December 31,
2010. The agreement also provides that Southwest Airlines’
profits from the air service during the term of the agreement
will be shared with the Company up to the maximum amount of our
break-even payments.
The term of the agreement extends for a period of three years
ending May 23, 2013. Although the agreement does not
provide for maximum payments, the agreement may be terminated by
the Company if the payments to Southwest Airlines exceed
$14.0 million in the first year of air service and
$12.0 million in the second year of air service. Southwest
Airlines may terminate the agreement if its actual annual
revenues attributable to the air service at the new airport are
less than certain minimum annual amounts established in the
agreement.
At inception, the Company measured the associated standby
guarantee liability at fair value based upon a discounted cash
flow analysis based on management’s best estimates of
future cash flows to be paid by the Company pursuant to the
strategic alliance agreement. These cash flows were estimated
using numerous assumptions including future fuel costs,
passenger load factors, air fares, and seasonality.
Subsequently, the guarantee is measured at the greater of the
fair value of the guarantee liability at inception or the
payment amount that is probable and reasonably estimable of
occurring, if any.
The Company carries a standby guarantee liability of
$0.8 million at December 31, 2010 and
December 31, 2009 related to this strategic alliance
agreement.
The Company reviews its long-lived assets for impairment
whenever events or changes in circumstances indicate that the
carrying amount of an asset may not be recoverable. Homes and
homesites substantially completed and ready for sale, and which
management intends to sell in the near term under current market
conditions, are measured at lower of carrying value or fair
value less costs to sell. The fair value of these properties is
determined based upon final sales prices of inventory sold
during the period (level 2 inputs) or estimates of selling
prices based on current market data (level 3 inputs). Other
properties for which management does not intend to sell in the
near term under current market conditions, including development
and operating properties, are evaluated for impairment based on
management’s best estimate of the long-term use and
eventual disposition of the property. If determined to be
impaired, the fair value of these properties is determined based
on the net present value of discounted cash flows using
estimated future expenditures necessary to maintain and complete
the existing project and management’s best estimates about
future sales prices, sales volumes, sales velocity and holding
periods (level 3 inputs). The estimated length of expected
development periods, related economic cycles and inherent
uncertainty with respect to these projects such as
the impact of changes in development plans and the
Company’s intent and ability to hold the projects through
the development period, could result in changes to these
estimates. For operating properties, an estimate of undiscounted
cash flows requires management to make similar assumptions about
the use and eventual disposition of such properties.
The Company’s assets measured at fair value on a
nonrecurring basis are those assets for which the Company has
recorded valuation adjustments and impairments during the year.
The assets measured at fair value on a nonrecurring basis were
as follows:
As a result of the Company’s impairment analyses in 2010,
investment in real estate with a carrying amount of
$13.2 million was written down to fair value of
$8.9 million resulting in an impairment charge of
$4.3 million and in 2009 investment in real estate with a
carrying amount of $151.3 million was written down to fair
value of $57.7 million, resulting in a charge of
$93.6 million.
The continued decline in demand and market prices for real
estate caused us to reevaluate our carrying amounts for
investments in real estate. During 2010, we recorded
approximately $4.3 million in impairment charges on homes and
homesites and a $3.8 million impairment on our investment in
East San Marco L.L.C., a joint venture located in
Jacksonville, Florida.
Given the downturn in its real estate markets, the Company
implemented a tax strategy for 2009 to benefit from the sale of
certain non-strategic assets at a loss. Under federal tax rules,
losses from asset sales realized in 2009 can be carried back and
applied to taxable income from 2007, resulting in a federal
income tax refund for 2009. As part of this strategy, the
Company conducted a nationally marketed sale process for the
disposition of the remaining assets of its non-strategic
Victoria Park community in Deland, Florida, including homes,
homesites, undeveloped land, notes receivable and a golf course.
Based on the likelihood of the closing of the sale, management
concluded on December 15, 2009 that an impairment charge
for $67.8 million was necessary. The Company completed the
sale on December 17, 2009 for $11.0 million.
The Company completed the sale of its SevenShores condominium
and marina development project for $7.0 million and the
forgiveness of notes payable in the amount of $5.5 million
earlier in 2009. The Company recorded an impairment charge for
SevenShores of $6.7 million as a result of lower market
pricing. The Company also sold St. Johns Golf and Country Club
for $3.0 million in December 2009 which resulted in an
impairment charge of $3.5 million. In addition, the Company
wrote-off $7.2 million of capitalized costs related to
abandoned development plans in certain of its communities.
As a result of the Company’s property impairment analyses
for 2008, it recorded impairment charges related to investment
in real estate of $40.3 million consisting of
$12.0 million related to completed homes in several
communities and $28.3 million related to the Company’s
SevenShores condominium and marina development project. In
addition, the Company recorded an impairment charge of
$19.0 million during 2008 related to the remaining goodwill
associated with the 1997 acquisition of certain assets of the
Arvida Company.
The SevenShores condominium project was written down in the
fourth quarter of 2008 to approximate the fair market value of
land entitled for 278 condominium units. This write-down was
necessary because in the fourth quarter of 2008 the Company
elected not to exercise its option to acquire additional land
under its option agreement. Certain costs had previously been
incurred with the expectation that the project would include
686 units.
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This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Dec. 31, 2010
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| Discontinued Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations |
In December 2009, the Company sold Victoria Hills Golf Club as
part of the bulk sale of Victoria Park. In addition, the Company
sold its St. Johns Golf and Country Club. The Company has
classified the operating results associated with these golf
courses as discontinued operations as these operations had
identifiable cash flows and operating results. Included in the
2009 discontinued operations are $6.9 million and
$3.5 million (pre-tax) impairment charges to approximate
fair value, less costs to sell, related to the sales of the
Victoria Hills Golf Club and St. Johns Golf and Country Club,
respectively.
On February 27, 2009, the Company sold its remaining
inventory and equipment assets related to its Sunshine State
Cypress mill and mulch plant for a sale price of
$1.6 million. The sale agreement also included a long-term
lease of a building facility. The Company received proceeds of
$1.3 million and a note receivable of $0.3 million in
connection with the sale. Assets and liabilities previously
classified as “held for sale” which were not
subsequently sold were reclassified as held for use in the
consolidated balance sheets at December 31, 2009 and 2010.
In addition, the operating results associated with assets not
sold have been recorded in continuing operations since the first
quarter of 2009. These reclassifications did not have a material
impact on the Company’s financial position or operating
results.
On April 30, 2007, the Company entered into a Purchase and
Sale Agreement for the sale of the Company’s office
building portfolio, consisting of 17 buildings. During 2007, the
Company recorded a deferred gain of $3.3 million on a
sale-leaseback arrangement with three of the properties. The
amortization of gain associated with these three properties has
been included in continuing operations due to the Company’s
continuing involvement as a lessee.
There were no discontinued operations in 2010. Discontinued
operations presented on the Consolidated Statements of
Operations for the years ended December 31, 2009 and 2008
consisted of the following:
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- Definition
Disclosure includes the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain or loss recognized in the income statement and the income statement caption that includes that gain or loss, amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Investment in Real Estate
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2010
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| Investment in Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment in Real Estate |
Investment in real estate as of December 31, 2010 and 2009
consisted of the following:
Included in operating property are Company-owned amenities
related to residential real estate, the Company’s
timberlands and land and buildings developed by the Company and
used for commercial rental purposes. Development property
consists of residential real estate land and inventory currently
under development to be sold. Investment property includes the
Company’s land held for future use. See Note 3, Fair
Value Measurements for further discussion regarding impairment
charges the Company recorded in its residential real estate
segment during 2010 and 2009.
Depreciation expense from continuing operations reported on real
estate was $9.5 million in 2010, $9.9 million in 2009
and $9.1 million in 2008.
|
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| X | ||||||||||
|
- Definition
This element represents certain disclosures of real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. This element may be used as a single block of text to encapsulate the entire real estate disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
|
|
Investment in Unconsolidated Affiliates
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2010
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| Investment in Unconsolidated Affiliates [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment in Unconsolidated Affiliates |
Investments in unconsolidated affiliates, included in real
estate investments, are recorded using the equity method of
accounting and, as of December 31, 2010 and 2009 consisted
of the following:
Summarized financial information for the unconsolidated
investments on a combined basis is as follows:
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| X | ||||||||||
|
- Definition
This item represents disclosure of information related to equity method investments in common stock. The information which should be considered for disclosure includes: (a) the name of each investee or group of investments for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
|
Notes Receivable
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2010
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| Notes Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Receivable |
Notes receivable at December 31, 2010 and 2009 consisted of
the following:
The Company evaluates the carrying value of the notes receivable
and the need for an allowance for doubtful notes receivable at
each reporting date. Notes receivable balances are adjusted to
net realizable value based upon a review of entity specific
facts or when terms are modified. During 2009, the Company
settled its notes receivable with Saussy Burbank for less than
book value and recorded a charge of $9.0 million. As part
of the settlement, the Company agreed to take back previously
collateralized inventory consisting of lots and homes which were
valued at current estimated sales prices, less costs to sell.
Subsequently, all the lots and homes were sold which resulted in
an additional impairment charge of $1.1 million. The
Company also recorded a charge of $7.4 million related to
the write-off of the outstanding Advantis note receivable
balance during 2009 as the amount was determined to be
uncollectible. In addition, the Company received a deed in lieu
of foreclosure related to a $4.0 million builder note
receivable during 2009 and renegotiated terms related to certain
other builder notes receivable during 2010, 2009 and 2008. These
events resulted in additional impairment charges of
$0.5 million, $1.9 million and $1.0 million in
2010, 2009 and 2008, respectively.
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| X | ||||||||||
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- Details
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| X | ||||||||||
|
- Definition
Includes disclosure of claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Pledged Treasury Securities
|
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Dec. 31, 2010
|
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| Pledged Treasury Securities [Abstract] | |||||
| Pledged Treasury Securities |
On August 7, 2007, the Company sold an office building.
Approximately $29.3 million of mortgage debt was defeased
in connection with the sale. The defeasance transaction resulted
in the establishment of a defeasance trust and the deposit of
proceeds of $31.1 million which is being used to pay down
the related mortgage debt (see Note 13, Debt). The proceeds
were invested in government backed securities which were pledged
to provide principal and interest payments for the mortgage debt
previously collateralized by the commercial building. The
investments and the related debt have been included in the
Company’s Consolidated Balance Sheets at December 31,
2010 and 2009. The Company has classified the defeasance trust
investment as
held-to-maturity
because the Company has both the intent and the ability to hold
the securities to maturity. Accordingly, the Company has
recorded the investment at approximate market value of
$25.3 million at December 31, 2010.
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Pledged Treasury Securities. No definition available.
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|
Property, Plant and Equipment
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2010
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment |
Property, plant and equipment, at depreciated cost, as of
December 31, 2010 and 2009 consisted of the following:
Depreciation expense from continuing operations on property,
plant and equipment was $3.4 million in 2010,
$4.5 million in 2009 and $5.6 million in 2008. During
2010 and 2009, the Company sold
and/or
disposed of certain assets in connection with its sales of
non-strategic assets. The cost and accumulated depreciation
associated with these assets for 2010 was $3.1 million and
$3.0 million, respectively, and $10.5 million and
$8.5 million for 2009, respectively.
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Disclosure of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, building and production equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Intangible Assets
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2010
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| Intangible Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets |
Intangible assets are included in Other assets at
December 31, 2010 and 2009 and consisted of the following:
The aggregate amortization of intangible assets included in
continuing operations for 2010, 2009, and 2008 was
$0.2 million, $0.3 million and $0.5 million,
respectively. In addition, the Company recorded an impairment
charge of $0.7 million in 2009 related to its management
contract intangible as a result of the sale of its Victoria Park
assets, which was part of the residential real estate segment.
The estimated aggregate amortization from intangible assets for
each of the next five years is as follows:
|
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- Details
|
| X | ||||||||||
|
- Definition
This block of text may be used to disclose all or part of the information related to intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Restructuring
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Dec. 31, 2010
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| Restructuring [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring |
On March 17, 2010, the Company announced that it was
relocating its corporate headquarters from Jacksonville, Florida
to its VentureCrossings Enterprise Centre to be developed
adjacent to the Northwest Florida Beaches International Airport
in Bay County, Florida. The Company will also consolidate
existing offices from Tallahassee, Port St. Joe and South Walton
County in the new location. The relocation to our temporary
headquarters facility in Walton County is expected to be
completed during 2011.
The Company has incurred and expects to incur additional charges
to earnings in connection with the relocation related primarily
to termination and relocation benefits for employees, as well as
certain ancillary facility-related costs. Such charges have been
and are expected to be cash expenditures. Based on employee
responses to the announced relocation, the Company estimates
that total relocation costs should be approximately
$4.8 million (pre-tax) of which $2.5 million was
recorded for the year ended December 31, 2010. The
relocation costs include relocation bonuses, temporary lodging
expenses, resettlement expenses, tax payments, shipping and
storage of household goods, and closing costs for housing
transactions. These estimates are based on significant
assumptions, such as home values and actual results could differ
materially from these estimates. In addition, the Company
estimates total cash termination benefits of approximately
$2.2 million (pre-tax) which was accrued in 2010. Also,
during 2010, pursuant to a relocation agreement approved by the
Company’s Board of Directors, the Company purchased the
home of an executive for $1.9 million. Subsequently, an
impairment charge of $0.2 million was taken on the home to
record it at current fair value less costs to sell.
During 2009, the Company implemented additional restructuring
plans designed to further align employee headcount with the
Company’s projected workload. The 2009 restructuring
expense included severance benefits related to the departure of
three senior executives. The Company incurred an additional
$0.6 million related to the 2009 restructuring during the
year ended December 31, 2010.
The charges associated with the relocation and restructuring
programs by segment are as follows:
Termination benefits are comprised of severance-related payments
for all employees terminated in connection with the
restructuring.
At December 31, 2010, the accrued liability associated with
the relocation and restructuring programs consisted of the
following:
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- Definition
Description of restructuring activities including exit and disposal activities, which should include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. This description does not include restructuring costs in connection with a business combination or discontinued operations and long-lived assets (disposal groups) sold or classified as held for sale. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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Accrued Liabilities and Deferred Credits
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Dec. 31, 2010
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| Accrued Liabilities and Deferred Credits |
Accrued liabilities and deferred credits as of December 31,
2010 and 2009 consist of the following:
Deferred revenue at December 31, 2010 and 2009 includes
$23.5 million and $44.2 million, respectively, related
to a 2006 sale of approximately 3,900 acres of rural land
to the Florida Department of Transportation (“FDOT”).
Revenue is recognized when title to a specific parcel is legally
transferred. In 2010, 2148 acres were conveyed to the FDOT.
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- Definition
Accrued Liabilities and Deferred Credits TextBlock No definition available.
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Debt
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Dec. 31, 2010
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| Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt |
Debt at December 31, 2010 and 2009 consisted of the
following:
Deferred loan costs reported as Other assets in the Consolidated
Balance Sheets at December 31, 2010 and 2009 were
$0.6 million and $1.1 million, respectively.
The aggregate maturities of debt subsequent to December 31,
2010 are as follows (a)(b):
(a) Includes debt defeased in connection with the sale of
the Company’s office building portfolio in the amount of
$25.3 million.
(b) Community Development District debt maturities are
presented in the year of contractual maturity; however, earlier
payments may be required when the properties benefited by the
CDD are sold.
On September 19, 2008, the Company entered into a
$100.0 million revolving credit facility with Branch
Banking and Trust Company. On October 15, 2009, the
Company amended the credit facility to extend the term to
September 19, 2012, and lower its required minimum tangible
net worth amount to $800.0 million. In addition, the
amendment modified pricing terms to reflect market pricing. The
interest on borrowings under the credit facility will be based
on either LIBOR rates or certain base rates established by the
credit facility. The applicable interest rate for LIBOR rate
loans will now be based on the higher of (a) an adjusted
LIBOR rate plus the applicable interest margin (ranging from
2.00% to 2.75%), determined based on the ratio of the
Company’s total indebtedness to total asset value, or
(b) 4.00%. The applicable interest rate for base rate loans
will now be based on the higher of (a) the prime rate or
(b) the federal funds rate plus 0.5%, plus the applicable
interest margin (ranging from 1.00% to 1.75%). The amendment
also replaces the existing facility fee based on the amount of
lender commitments with an unused commitment fee payable
quarterly at an annual rate of 0.50%.
On December 23, 2009, the Company entered into an amendment
in order to increase the size of the credit facility by
$25.0 million to $125.0 million. Deutsche Bank
provided the additional $25.0 million commitment. The
Company did not borrow against the credit facility in 2009 or
2010.
The credit facility contains covenants relating to leverage,
unencumbered asset value, net worth, liquidity and additional
debt. The credit facility does not contain a fixed charge
coverage covenant. The credit facility also contains various
restrictive covenants pertaining to acquisitions, investments,
capital expenditures, dividends, share repurchases, asset
dispositions and liens.
The following includes a summary of the Company’s more
significant financial covenants:
The Company was in compliance with its debt covenants at
December 31, 2010.
The Credit Agreement contains customary events of default. If
any event of default occurs, lenders holding two-thirds of the
commitments may terminate the Company’s right to borrow and
accelerate amounts due under the Credit Agreement. In the event
of bankruptcy, all amounts outstanding would automatically
become due and payable and the commitments would automatically
terminate.
Community Development District (“CDD”) bonds financed
the construction of infrastructure improvements at several of
the Company’s projects. The principal and interest payments
on the bonds are paid by assessments on, or from sales proceeds
of, the properties benefited by the improvements financed by the
bonds. The Company has recorded a liability for CDD debt that is
associated with platted property, which is the point at which
the assessments become fixed or determinable. Additionally, the
Company has recorded a liability for the balance of the CDD debt
that is associated with unplatted property if it is probable and
reasonably estimable that the Company will ultimately be
responsible for repaying either as the property is sold by the
Company or when assessed to the Company by the CDD. Accordingly,
we have recorded debt of $29.4 million and $29.9 million related
to CDD debt as of December 31, 2010 and December 31, 2009,
respectively. Total outstanding CDD debt was $57.7 million
at December 31, 2010 and $58.5 at December 31, 2009.
In connection with the sale of the Company’s office
building portfolio in 2007, the Company retained approximately
$29.3 million of defeased debt. The Company purchased
treasury securities sufficient to satisfy the scheduled interest
and principal payments contractually due under the mortgage debt
agreement. These securities were placed into a collateral
account for the sole purpose of funding the principal and
interest payments as they become due. The indebtedness remains
on the Company’s Consolidated Balance Sheets at
December 31, 2010 and 2009 since the transaction was not
considered to be an extinguishment of debt.
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- Definition
Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Common Stock Offering
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Dec. 31, 2010
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| Common Stock Offering [Abstract] | |||||
| Common Stock Offering |
On March 3, 2008, the Company sold 17,145,000 shares
of its common stock at a price of $35.00 per share. The Company
received net proceeds of $580 million in connection with
the sale, which were primarily used to pay down the
Company’s debt.
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- Definition
Disclosures related to accounts comprising shareholders' equity, including other comprehensive income. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables; effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes
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Dec. 31, 2010
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| Income Taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes |
The provision for income taxes (benefit) for the years ended
December 31, 2010, 2009 and 2008 consists of the following:
Total income tax (benefit) for the years ended December 31,
2010, 2009 and 2008 was allocated in the consolidated financial
statements as follows:
Tax (benefit) recorded in the Consolidated Statements of
Operations:
Income tax (benefit) attributable to income from continuing
operations differed from the amount computed by applying the
statutory federal income tax rate of 35% to pre-tax income as a
result of the following:
The tax effects of temporary differences that give rise to
significant portions of deferred tax assets and deferred tax
liabilities as of December 31, 2010 and 2009 are presented
below:
At December 31, 2010, the Company had federal net operating
loss carryforwards of approximately $62.1 million which are
available to offset future federal taxable income through 2030.
In addition, the Company had state net operating loss
carryforwards of approximately $538.4 million, as of
December 31, 2010, which are available to offset future
state taxable income through 2030. The valuation allowance at
December 31, 2010 and 2009 was related to state net
operating and charitable loss carryforwards that in the judgment
of management are not likely to be realized.
Realization of the Company’s remaining deferred tax assets
is dependent upon the Company generating sufficient taxable
income in future years in the appropriate tax jurisdictions to
obtain a benefit from the reversal of deductible temporary
differences and from loss carryforwards. Based on the timing of
reversal of future taxable amounts and the Company’s
history and future expectations of reporting taxable income,
management believes that it is more likely than not that the
Company will realize the benefits of these deductible
differences, net of the existing valuation allowance, at
December 31, 2010. There can be no certainty however, that
these tax benefits will ultimately be realized.
The Company and its subsidiaries file income tax returns in the
U.S. federal jurisdiction and various states. A
reconciliation of the beginning and ending amount of
unrecognized tax benefits is as follows:
The Company had approximately $1.4 million of total
unrecognized tax benefits as of December 31, 2010 and 2009,
respectively. Of this total, there are no amounts of
unrecognized tax benefits that, if recognized, would affect the
effective income tax rate. There were no penalties required to
be accrued at December 31, 2010 or 2009. The Company
recognizes interest
and/or
penalties related to income tax matters in income tax expense.
The Company’s tax (benefit) expense included
$(0.2) million and $0.4 million of interest (benefit)
expense (net of tax benefit) in 2010 and 2009, respectively. In
addition, the Company had accrued interest of $0.2 million
and $0.3 million (net of tax benefit) at December 31,
2010 and 2009, respectively.
The IRS completed the examination of the Company’s tax
returns for 2008 without adjustment. Tax year 2009 is currently
under examination with the IRS and tax year 2007 remains subject
to examination. The Company does not currently anticipate that
the total amount of unrecognized tax benefits will significantly
increase or decrease within the next twelve months for any
additional items.
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- Definition
Description containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Employee Benefits Plans
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Dec. 31, 2010
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| Employee Benefits Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefits Plans |
Pension
Plan
The Company sponsors a cash balance defined benefit pension plan
that covers substantially all of its salaried employees (the
“Pension Plan”). Amounts credited to employee accounts
in the Pension Plan are based on the employees’ years of
service and compensation. The Company complies with the minimum
funding requirements of ERISA.
Obligations
and Funded Status
Change in projected benefit obligation:
Change in plan assets:
The Company recognized a prepaid pension asset of
$41.0 million and $42.3 million at December 31,
2010 and 2009, respectively. The accumulated benefit obligation
of the Pension Plan was $28.8 million and
$30.2 million at December 31, 2010 and 2009,
respectively.
Amounts not yet reflected in net periodic pension cost and
included in accumulated other comprehensive loss at December 31
are as follows:
A summary of the net periodic pension cost (credit) and other
amounts recognized in other comprehensive loss (income) are as
follows:
The estimated actuarial loss and prior service cost that will be
amortized from accumulated other comprehensive income into net
periodic pension cost (credit) over the next fiscal year is zero
and $0.6 million, respectively.
The Company incurred settlement losses and curtailment charges
totaling $4.1 million in 2010 related to its reduced
employment levels in connection with its restructurings.
On June 18, 2009, the Company, as plan sponsor of the
Pension Plan, signed a commitment for the Pension Plan to
purchase a group annuity contract from Massachusetts Mutual Life
Insurance Company for the benefit of the retired participants
and certain other former employee participants in the Pension
Plan. Current employees and former employees with cash balances
in the Pension Plan are not affected by the transaction. The
purchase price of the group annuity contract was approximately
$101.0 million, which was funded from the assets of the
Pension Plan on June 25, 2009. The transaction resulted in
the transfer and settlement of pension benefit obligations of
approximately $93.0 million. In addition, the Company
recorded a non-cash pre-tax settlement charge to earnings during
the second quarter of 2009 of $44.7 million. The Company
also recorded a pre-tax credit in the amount of
$44.7 million in Accumulated Other Comprehensive Income on
its Consolidated Balance Sheets offsetting the non-cash charge
to earnings. As a result of this transaction, the Company was
able to significantly increase the funded ratio thereby reducing
the potential for future funding requirements.
The Company recorded a settlement and curtailment charge during
2008 in connection with its restructuring. The Company
remeasured the Pension Plan’s projected benefit obligation
and asset values at December 31, 2008, which resulted in a
$67.3 million reduction in the funded status of the Pension
Plan. The change in funded status was primarily a result of a
decrease in the market value of plan assets.
Assumptions
Assumptions used to develop end of period benefit obligations:
Assumptions used to develop net periodic pension cost (credit):
To develop the expected long-term rate of return on assets
assumption, the Company considered the current level of expected
returns on risk free investments (primarily government bonds),
the historical level of the risk premium associated with the
other asset classes in which the portfolio is invested and the
expectations for future returns of each asset class. The
expected return for each asset class was then weighted based on
the target asset allocation to develop the expected long-term
rate of return on assets assumption for the portfolio. This
resulted in the selection of the 6.0%, 8.0% and 8.0% assumption
in 2010, 2009 and 2008, respectively.
Pension
Plan Assets
The Company’s investment policy is to ensure, over the
long-term life of the Pension Plan, an adequate pool of assets
to support the benefit obligations to participants, retirees and
beneficiaries. In meeting this objective, the Pension Plan seeks
the opportunity to achieve an adequate return to fund the
obligations in a manner consistent with the fiduciary standards
of ERISA and with a prudent level of diversification.
Specifically, these objectives include the desire to:
The Company’s overall investment strategy is to achieve a
range of
65-95% fixed
income investments and 5% -35% equity type investments.
Following is a description of the valuation methodologies used
for assets measured at fair value at December 31, 2010.
Common/collective trusts: Valued based on
information reported by the investment advisor using the
financial statements of the collective trusts at year end.
Mutual funds and money market funds: Valued at
the net asset value (NAV) of shares held by the Pension Plan at
year end.
Other: The other investment consists of a
royalty investment for which there is no quoted market price.
Fair value of the royalty investment is estimated based on the
present value of future cash flows, using management’s best
estimate of key assumptions, including discount rates.
The preceding methods described may produce a fair value
calculation that may not be indicative of net realizable value
or reflective of future fair values. Furthermore, although the
Company believes its valuation
methods are appropriate and consistent with other market
participants, the use of different methodologies or assumptions
to determine the fair value of certain financial instruments
could result in a different fair value measurement at the
reporting date.
The following table sets forth by level, within the fair value
hierarchy, the Pension Plan’s assets at fair value:
Assets at
Fair Value as of December 31, 2010
Assets at
Fair Value as of December 31, 2009
The following table sets forth a summary of changes in the fair
value of the Pension Plan’s level 3 assets for the
year ended December 31, 2010.
The Company does not anticipate making any contributions to the
Pension Plan during 2011. Expected benefit payments for the next
ten years are as follows:
Postretirement
Benefits
In 2010, 2009 and 2008, the Company’s Board of Directors
approved a partial subsidy to fund certain postretirement
medical benefits of currently retired participants and their
beneficiaries, in connection with the previous disposition of
several subsidiaries. No such benefits are to be provided to
active employees. The Board reviews the subsidy annually and may
further modify or eliminate such subsidy at their discretion. A
liability of $11.3 million and $11.4 million has been
included in accrued liabilities to reflect the Company’s
obligation to fund postretirement benefits at December 31,
2010 and 2009, respectively. The liability at December 31,
2010 and 2009 represents an unfunded obligation.
At December 31, 2009, the accrued liability included an
assumption that the retiree prescription drug plan component of
the postretirement medical plan was actuarially equivalent to
the Standard Medicare Part D benefit, and therefore was
eligible for a federal retiree drug subsidy. This assumption had
been removed from the calculation of the liability at
December 31, 2008. The decrease in the liability resulting
from the change in federal subsidy assumption was approximately
$2.2 million. This change in assumption was reflected as a
component of Other Comprehensive Income in the Consolidated
Statement of Equity.
Expected benefit payments and subsidy receipts for the next ten
years are as follows:
Deferred
Compensation Plans and ESPP
The Company maintains a 401(k) retirement plan covering
substantially all officers and employees, which permits
participants to defer up to the maximum allowable amount
determined by the IRS of their eligible compensation. This
deferred compensation, together with Company matching
contributions, which generally equal 100% of the first 1% of
eligible compensation and 50% on the next 5% of eligible
compensation, up to 3.5% of eligible compensation, is fully
vested and funded as of December 31, 2010. The Company
contributions to the plan were approximately $0.4 million,
$0.6 million and $0.8 million in 2010, 2009 and 2008,
respectively.
The Company has a Supplemental Executive Retirement Plan
(“SERP”) and a Deferred Capital Accumulation Plan
(“DCAP”). The SERP is a non-qualified retirement plan
to provide supplemental retirement
benefits to certain selected management and highly compensated
employees. The DCAP is a non-qualified defined contribution plan
to permit certain selected management and highly compensated
employees to defer receipt of current compensation. The Company
has recorded expense in 2010, 2009 and 2008 related to the SERP
of $0.5 million, $0.4 million and $0.7 million,
respectively, and related to the DCAP of $0.1 million,
$0.2 million and $0.2 million, respectively.
Beginning in November 1999, the Company also implemented an
employee stock purchase plan (“ESPP”), whereby all
employees may purchase the Company’s common stock through
payroll deductions at a 15% discount from the fair market value,
with an annual limit of $25,000 in purchases per employee. The
Company records the 15% discount amount as compensation expense.
The Company recognized less than $0.1 million of expense in
each 2010, 2009 and 2008, respectively. As of December 31,
2010, 283,656 shares of the Company’s common stock had
been sold to employees under the ESPP. The Company can purchase
shares on the open market to fund its employer obligation.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Description containing the entire pension and other postretirement benefits disclosure as a single block of text. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Segment Information
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Dec. 31, 2010
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| Segment Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information |
The Company conducts primarily all of its business in four
reportable operating segments: residential real estate,
commercial real estate, rural land sales and forestry. The
residential real estate segment generates revenues from club and
resort operations and the development and sale of homesites, and
to a lesser extent, home sales due to the Company’s exit
from homebuilding. The commercial real estate segment sells or
leases developed and undeveloped land. The rural land sales
segment sells parcels of land included in the Company’s
holdings of timberlands. The forestry segment produces and sells
pine pulpwood, sawtimber and other forest products.
The Company uses income from continuing operations before equity
in income of unconsolidated affiliates, income taxes and
noncontrolling interest for purposes of making decisions about
allocating resources to each segment and assessing each
segment’s performance, which the Company believes
represents current performance measures.
The accounting policies of the segments are the same as those
described above in Note 2, Basis of Presentation and
Significant Accounting Policies. Total revenues represent sales
to unaffiliated customers, as reported in the Company’s
Consolidated Statements of Operations. All intercompany
transactions have been eliminated. The caption entitled
“Other” consists of non-allocated corporate general
and administrative expenses, net of investment income.
The Company’s reportable segments are strategic business
units that offer different products and services. They are each
managed separately and decisions about allocations of resources
are determined by management based on these strategic business
units.
Information by business segment is as follows:
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
This element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Commitments and Contingencies
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Dec. 31, 2010
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| Commitments and Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||
| Commitments and Contingencies |
The Company has obligations under various noncancelable
long-term operating leases for office space and equipment. Some
of these leases contain escalation clauses for operating costs,
property taxes and insurance. In addition, the Company has
various obligations under other office space and equipment
leases of less than one year.
Total rent expense was $2.0 million, $2.3 million and
$2.7 million for the years ended December 31, 2010,
2009, and 2008, respectively.
During 2007, the Company entered into a sale-leaseback
transaction involving three office buildings included in the
sale of the office building portfolio. The Company’s
continuing involvement with these properties is in the form of
annual rent payments of approximately $1.9 million per year
through 2011.
The future minimum rental commitments under noncancelable
long-term operating leases due over the next five years,
including buildings leased through a sale-leaseback transaction
are as follows:
The Company has retained certain self-insurance risks with
respect to losses for third party liability, workers’
compensation and property damage.
At December 31, 2010 and 2009, the Company was party to
surety bonds of $27.9 million and $28.1 million,
respectively, and standby letters of credit in the amounts of
$0.8 million and $2.5 million, respectively, which may
potentially result in liability to the Company if certain
obligations of the Company are not met.
The Company and its affiliates are involved in litigation on a
number of matters and are subject to various claims which arise
in the normal course of business, including claims resulting
from construction defects and contract disputes. When
appropriate, the Company establishes estimated accruals for
litigation matters which meet the requirements of
ASC 450 — Contingencies. The Company has
recorded a $9.0 million accrued liability in connection
with a contract dispute involving the 1997 purchase of land for
its former Victoria Park community. The Company has appealed an
adverse trial court decision in this matter to a Florida court
of appeals.
The Company is subject to costs arising out of environmental
laws and regulations, which include obligations to remove or
limit the effects on the environment of the disposal or release
of certain wastes or substances at various sites, including
sites which have been previously sold. It is the Company’s
policy to accrue and charge against earnings environmental
cleanup costs when it is probable that a liability has been
incurred and an amount can be reasonably estimated. As
assessments and cleanups proceed, these accruals are reviewed
and adjusted, if necessary, as additional information becomes
available.
The Company’s former paper mill site in Gulf County and
certain adjacent property are subject to various Consent
Agreements and Brownfield Site Rehabilitation Agreements with
the Florida Department of Environmental Protection. The paper
mill site has been rehabilitated by Smurfit-Stone in accordance
with these
agreements. The Company is in the process of assessing and
rehabilitating certain adjacent properties. Management is unable
to quantify the rehabilitation costs at this time.
Other proceedings and litigation involving environmental matters
are pending against the Company. Aggregate environmental-related
accruals were $1.6 million and $1.7 million for the
years ended December 31, 2010 and 2009, respectively.
Although in the opinion of management none of our environmental
litigation matters or governmental proceedings is expected to
have a material adverse effect on the Company’s
consolidated financial position, results of operations or
liquidity, it is possible that the actual amounts of liabilities
resulting from such matters could be material.
On November 3, 2010 and December 7, 2010, two
securities class action complaints were filed against the
Company and certain of its officers and directors in the
Northern District of Florida. These cases have been consolidated
in the U.S. District Court for the Northern District of
Florida and are captioned as Meyer v. The St. Joe. Company
et al.
(No. 5:11-cv-00027).
A consolidated class action complaint was filed in the case on
February 24, 2011.
The complaint was filed on behalf of persons who purchased the
Company’s securities between February 19, 2008 and
October 12, 2010 and allege that the Company and certain of
its officers and directors, among others, violated the
Securities Act of 1933 and Securities Exchange Act of 1934 by
making false
and/or
misleading statements
and/or by
failing to disclose that, as the Florida real estate market was
in decline, the Company was failing to take adequate and
required impairments and accounting write-downs on many of the
Company’s Florida-based properties and as a result, the
Company’s financial statements materially overvalued the
Company’s property developments. The plaintiffs also allege
that the Company’s financial statements were not prepared
in accordance with Generally Accepted Accounting Principles, and
that the Company lacked adequate internal and financial
controls, and as a result of the foregoing, the Company’s
financial statements were materially false and misleading. The
complaint seeks an unspecified amount in damages.
The Company believes that it has meritorious defenses to the
plaintiffs’ claims and intends to defend the action
vigorously.
Additionally, the Company has received four demand letters
asking the Board of Directors to initiate derivative litigation.
To our knowledge, no derivative lawsuits have yet been filed.
The SEC has notified the Company that it is conducting an
informal inquiry into the Company’s policies and practices
concerning impairment of investment in real estate assets. The
Company intends to cooperate fully with the SEC in connection
with the informal inquiry. The notification from the SEC does
not indicate any allegations of wrongdoing, and an inquiry is
not an indication of any violations of federal securities laws.
On October 21, 2009, the Company entered into a strategic
alliance agreement with Southwest Airlines to facilitate the
commencement of low-fare air service in May 2010 to the new
Northwest Florida Beaches International Airport. The Company has
agreed to reimburse Southwest Airlines if it incurs losses on
its service at the new airport during the first three years of
service. The agreement also provides that Southwest
Airlines’ profits from the air service during the term of
the agreement will be shared with the Company up to the maximum
amount of its break-even payments. The term of the agreement
extends for a period of three years after the commencement of
Southwest Airlines’ air service at the new airport.
Although the agreement does not provide for maximum payments,
the agreement may be terminated by the Company if the payments
to Southwest Airlines exceed $14.0 million in the first
year of air service and $12.0 million in the second year of
air service. Southwest Airlines may terminate the agreement if
its actual annual revenues attributable to the air service at
the new airport are less than certain minimum annual amounts
established in the agreement. The Company carried a standby
guarantee liability of $0.8 million at December 31,
2010 and December 31, 2009 related to this strategic
alliance agreement.
In November, 2010, the Company entered into a new supply
agreement with Smurfit-Stone that requires the Company to
deliver and sell a total of 3.9 million tons of pine
pulpwood through December 2017. Pricing under the agreement
approximates market, using a formula based on published regional
prices for pine pulpwood. The agreement is assignable by the
Company, in whole or in part, to purchasers of its properties,
or any interest therein, and does not contain a lien,
encumbrance, or use restriction on any of St. Joe’s
properties.
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- Details
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| X | ||||||||||
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- Definition
Includes disclosure of commitments and contingencies. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Quarterly Financial Data (Unaudited)
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Dec. 31, 2010
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| Quarterly Financial Data (Unaudited) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarterly Financial Data (Unaudited) |
Operating revenues and income/(loss) reported in the table above
for 2009 differ from the quarterly results previously reported
on
Form 10-Q
as a result of our discontinued operations and prior period
correction. See Note 1, Nature of Operations. Refer to our
Management’s Discussion and Analysis of Financial Condition
and Results of Operations for further discussion of these
charges and results.
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- Definition
This element can be used to disclose the entire quarterly financial data disclosure in the annual financial statements as a single block of text. The disclosure includes a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Alternatively, the details of this disclosure can be reported using the elements in this group, or by using other taxonomy elements and applying the appropriate quarterly date and period contexts when creating an instance document. For example, the element for "Interest and Dividend Income, Operating" may be used by financial institutions from the Statement of Income, applying the appropriate quarterly date and period context when creating an instance document. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Subsequent Events
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12 Months Ended | ||||
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Dec. 31, 2010
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| Subsequent Events [Abstract] | |||||
| Subsequent Events |
On February 15, 2011, the Board of Directors of the Company
adopted a Common Stock Purchase Rights Plan (the “Rights
Plan”). The Rights Plan was designed to include certain
provisions that are important to shareholders. For example, the
Rights Plan will not apply to any fully-financed tender offer
that is made to all
shareholders and that meets certain other criteria. The Rights
granted to shareholders under the Rights Plan will expire unless
the Rights Plan is approved by the Company’s shareholders
on or before December 31, 2011.
The Rights are designed to assure that all of the Company’s
shareholders receive fair and equal treatment in the event of
any proposed takeover of the Company and to guard against
partial tender offers, open market accumulations and other
abusive or coercive tactics to gain control of the Company
without paying all shareholders a control premium. The Rights
will cause substantial dilution to a person or group that
becomes an Acquiring Person (as defined in the Rights Plan) on
terms not approved by the Company’s Board of Directors. The
Rights should not interfere with any merger or other business
combination approved by the Board of Directors at any time prior
to the first date that a person or group has become an Acquiring
Person.
In connection with the Rights Plan, the Board of Directors of
the Company declared a dividend of one common stock purchase
right (individually, a “Right” and collectively, the
“Rights”) for each share of the Company’s common
stock outstanding at the close of business on February 28,
2011. Each Right will entitle the registered holder thereof,
after the Rights become exercisable and until February 15,
2014 (or the earlier redemption, exchange or termination of the
Rights), to purchase from the Company one-half of one share of
common stock, at a price of $50.00, subject to certain
anti-dilution adjustments.
On February 25, 2011, the Company entered into a Separation
Agreement (the “Separation Agreement”) with Wm.
Britton Greene in connection with his resignation as President
and Chief Executive Officer of the Company and as a director of
the Company. Subject to Mr. Greene’s execution and
non-revocation of the two general releases of claims as
described below, the Company agreed to provide the following
payments and benefits to Mr. Greene:
(i) a cash lump sum of $2,920,000 six months after the
effective date of his resignation as President and Chief
Executive Officer of the Company (the “Termination
Date”);
(ii) a pro rata annual bonus of $118,000, as a cash lump
sum at the same time the Company pays other executive bonuses
for calendar year 2011, but no later than March 15, 2012;
(iii) $1,053,225, which the parties agree represents
additional benefits payable under the Company’s
Supplemental Executive Retirement Plan had he continued to be
employed with the Company during the 36 months following
the Termination Date, payable six months after the Termination
Date;
(iv) (A) the COBRA premium for medical and dental
insurance for him and his family under COBRA for the lesser of
18 months after the Termination Date or the date on which
he becomes ineligible for COBRA continuation coverage (the
“COBRA Coverage Period”), provided that he will
reimburse the Company each month in the amount that an employee
participating in the medical and dental insurance plan would be
required to contribute (the “Employee Contribution”),
and (B) if Mr. Greene has not become eligible for
coverage under the healthcare insurance plan of another
employer, a lump sum payment at the end of the COBRA Coverage
Period equal to six times the monthly premium to provide
substantially the same benefits minus six months of the Employee
Contribution;
(v) the premiums for basic life and disability insurance
policies for a period of 24 months after the Termination
Date;
(vi) up to $20,000 as reimbursement for outplacement
services during the
18-month
period following the Termination Date;
(vii) up to $75,000 as reimbursement to defray the cost of
relocation expenses actually incurred if Mr. Greene
relocates from his present residence in WaterColor, Florida to a
location more than 50 miles from WaterColor, Florida within
24 months following the Termination Date;
(viii) as of February 25, 2011, all of
Mr. Greene’s outstanding restricted stock awards under
the 2009 Equity Incentive Plan (excluding his February 7,
2011 performance-vesting restricted stock award),
constituting 106,068 of Mr. Greene’s unvested shares,
became fully vested and non-forfeitable, provided that, with his
February 7, 2011 performance-vesting restricted stock
award, 50% of the initial grant of 45,226 restricted shares (or
22,613 restricted shares) became fully vested and
non-forfeitable;
(ix) with respect to any restricted stock that does not
become fully vested and exercisable on or before the Termination
Date, Mr. Greene is entitled to vesting, payment and
exercisability in accordance with the terms of the governing
equity plan and award agreement;
(x) establish a “rabbi trust” with an independent
financial institution as trustee and fully fund the payments
described in clauses (i), (ii), (iii) and (vii);
(xi) up to $150,000 for any and all legal fees and
disbursements incurred by Mr. Greene in connection with
negotiating, entering into, or implementing, the arrangements
set forth in the Separation Agreement; and
(xii) a
gross-up
payment for any excise taxes imposed by Section 4999 of the
Code.
Under the Separation Agreement, Mr. Greene is entitled to
continue to receive his annual salary until the Termination
Date. Mr. Greene agreed to execute a general release of claims
against the Company as of February 25, 2011 and a second
release on the Termination Date, and to refrain from competing
with the business of St. Joe for a period of one year following
his resignation. The Separation Agreement also provides for
indemnification and D&O insurance coverage for a period of
six years after the Termination Date.
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- Details
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| X | ||||||||||
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- Definition
Describes disclosed significant events or transactions that occurred after the balance sheet date, but before the issuance of the financial statements. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Schedule III (Consolidated) - Real Estate and Accumulated Depreciation
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Dec. 31, 2010
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| Real Estate and Accumulated Depreciation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| REAL ESTATE AND ACCUMULATED DEPRECIATION |
REAL ESTATE AND ACCUMULATED DEPRECIATION
THE ST.
JOE COMPANY
SCHEDULE III (CONSOLIDATED) — REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2010 (in thousands)
Notes:
(A) The aggregate cost of real estate owned at
December 31, 2010 for federal income tax purposes is
approximately $709.0 million.
(B) Reconciliation of real estate owned (in thousands of
dollars):
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- Details
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- Definition
This element may be used to capture the complete schedule of all real estate that is held for investment. The schedule should describe the property and list the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule should also list the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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