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Document and Entity Information (USD $)
In Billions, except Share data, unless otherwise specified |
6 Months Ended | ||
|---|---|---|---|
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Jun. 30, 2010
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Jul. 28, 2010
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Jun. 30, 2009
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|
| Document and Entity Information (Abstract) | |||
| Entity Registrant Name | ST JOE CO | ||
| Entity Central Index Key | 0000745308 | ||
| Document Type | 10-Q | ||
| Document Period End Date | Jun. 30, 2010 | ||
| Amendment Flag | false | ||
| Document Fiscal Year Focus | 2010 | ||
| Document Fiscal Period Focus | Q2 | ||
| 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 | $ 2.4 | ||
| Entity Common Stock, Shares Outstanding | 92,701,304 |
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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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- 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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- 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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- 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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- 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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- 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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- 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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- 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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- 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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- 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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- 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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Jun. 30, 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 | 123,013,808 | 122,557,167 |
| Treasury stock, shares | 30,297,961 | 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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| X | ||||||||||
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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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- 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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Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
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Jun. 30, 2010
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Jun. 30, 2009
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Jun. 30, 2010
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Jun. 30, 2009
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|
| Revenues: | ||||
| Real estate sales | $ 2,836 | $ 20,243 | $ 4,670 | $ 28,737 |
| Resort and club revenues | 10,797 | 10,542 | 15,389 | 15,111 |
| Timber sales | 7,804 | 7,167 | 14,219 | 13,339 |
| Other revenues | 598 | 1,153 | 1,057 | 2,039 |
| Total revenues | 22,035 | 39,105 | 35,335 | 59,226 |
| Expenses: | ||||
| Cost of real estate sales | 1,140 | 11,607 | 1,731 | 15,716 |
| Cost of resort and club revenues | 9,631 | 9,859 | 16,134 | 16,404 |
| Cost of timber sales | 5,091 | 5,187 | 9,521 | 9,626 |
| Cost of other revenues | 621 | 624 | 1,082 | 1,148 |
| Other operating expenses | 7,565 | 12,180 | 15,538 | 23,340 |
| Corporate expense, net | 8,109 | 5,786 | 13,466 | 14,136 |
| Depreciation and amortization | 3,457 | 4,032 | 6,939 | 7,816 |
| Pension settlement charge | 44,678 | 44,678 | ||
| Impairment losses | 502 | 19,962 | 555 | 21,498 |
| Restructuring charges | 1,158 | 12 | 2,698 | 11 |
| Total expenses | 37,274 | 113,927 | 67,664 | 154,373 |
| Operating loss | (15,239) | (74,822) | (32,329) | (95,147) |
| Other income (expense): | ||||
| Investment income, net | 452 | 632 | 835 | 1,398 |
| Interest expense | (1,136) | (139) | (2,230) | (267) |
| Other, net | 1,204 | 410 | 1,369 | 922 |
| Total other income (expense) | 520 | 903 | (26) | 2,053 |
| Loss from continuing operations before equity in (loss) of unconsolidated affiliates and income taxes | (14,719) | (73,919) | (32,355) | (93,094) |
| Equity in (loss) of unconsolidated affiliates | (51) | (45) | (429) | (15) |
| Income tax (benefit) | (6,140) | (28,515) | (12,729) | (35,698) |
| Loss from continuing operations | (8,630) | (45,449) | (20,055) | (57,411) |
| Loss from discontinued operations, net of tax | (49) | (222) | ||
| Net loss | (8,630) | (45,498) | (20,055) | (57,633) |
| Less: Net loss attributable to noncontrolling interest | (8) | (655) | (20) | (757) |
| Net loss attributable to the Company | $ (8,622) | $ (44,843) | $ (20,035) | $ (56,876) |
| Basic | ||||
| Loss from continuing operations attributable to the Company | $ (0.09) | $ (0.49) | $ (0.22) | $ (0.62) |
| Loss from discontinued operations attributable to the Company | ||||
| Net loss attributable to the Company | $ (0.09) | $ (0.49) | $ (0.22) | $ (0.62) |
| Diluted | ||||
| Loss from continuing operations attributable to the Company | $ (0.09) | $ (0.49) | $ (0.22) | $ (0.62) |
| Loss from discontinued operations attributable to the Company | ||||
| Net loss attributable to the Company | $ (0.09) | $ (0.49) | $ (0.22) | $ (0.62) |
| X | ||||||||||
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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
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
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
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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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| X | ||||||||||
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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
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
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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| 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 | ||||||||||
|
- 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
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- Definition
Costs incurred in cultivating and manufacturing timber, mill lumber, wood, and wood products during the reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
Revenue from sale of timber, mill lumber, wood, and other wood products. No definition available.
|
|
Consolidated Statement of Changes in Equity (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified |
Total
|
Common Stock
|
Retained Earnings
|
Accumulated Other Comprehensive Income (Loss)
|
Treasury Stock
|
Noncontrolling Interest
|
||||
|---|---|---|---|---|---|---|---|---|---|---|
| Beginning Balance at Dec. 31, 2009 | $ 896,320 | $ 924,267 | [1] | $ 914,362 | [1] | $ (12,558) | $ (930,124) | $ 373 | ||
| Beginning Balance, shares at Dec. 31, 2009 | 92,281,451 | |||||||||
| Comprehensive (loss): | ||||||||||
| Net (loss) | (20,055) | (20,035) | (20) | |||||||
| Amortization of pension and postretirement benefit costs, net | (649) | (649) | ||||||||
| Total comprehensive (loss) | (20,704) | |||||||||
| Distributions | (9) | (9) | ||||||||
| Issuances of restricted stock, shares | 333,670 | |||||||||
| Forfeitures of restricted stock, shares | (55,915) | |||||||||
| Issuance of common stock | 5,083 | 5,083 | ||||||||
| Issuance of common stock, shares | 178,886 | |||||||||
| Excess (reduction in) tax benefit on options exercised and vested restricted stock | 59 | 59 | ||||||||
| Amortization of stock-based compensation | 3,845 | 3,845 | ||||||||
| Purchases of treasury shares | (795) | (795) | ||||||||
| Purchases of treasury shares, shares | (22,245) | |||||||||
| Ending Balance at Jun. 30, 2010 | $ 883,799 | $ 933,254 | $ 894,327 | $ (13,207) | $ (930,919) | $ 344 | ||||
| Ending Balance, shares at Jun. 30, 2010 | 92,715,847 | |||||||||
|
||||||||||
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- 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 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
|
| 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
Contribution of capital to unconsolidated affiliates. 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 | ||||||||||
|
- 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
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 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 period in the amount of cash payments due to taxing authorities for taxes that are based on the reporting entity's earnings. 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 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
|
| X | ||||||||||
|
- Details
|
| 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
|
| 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
|
| 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 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
|
|
Description of Business and Basis of Presentation
|
6 Months Ended | ||||
|---|---|---|---|---|---|
|
Jun. 30, 2010
|
|||||
| Description of Business and Basis of Presentation [Abstract] | |||||
| Description of Business and Basis of Presentation |
Description
of Business
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.
Basis
of Presentation
The accompanying unaudited interim financial statements have
been prepared pursuant to the rules and regulations of the
Securities and Exchange Commission for reporting on
Form 10-Q.
Accordingly, certain information and footnotes required by
U.S. generally accepted accounting principles for complete
financial statements are not included herein. The consolidated
interim financial statements include the accounts of the Company
and all of its majority-owned and controlled subsidiaries. All
significant intercompany accounts and transactions have been
eliminated in consolidation. The December 31, 2009 balance
sheet amounts have been derived from the Company’s
December 31, 2009 audited financial statements.
The statements reflect all normal recurring adjustments that, in
the opinion of management, are necessary for fair presentation
of the information contained herein. The consolidated interim
statements should be read in conjunction with the financial
statements and notes thereto included in the Company’s
Annual Report on
Form 10-K
for the year ended December 31, 2009. The Company adheres
to the same accounting policies in preparation of its interim
financial statements. As permitted under generally accepted
accounting principles, interim accounting for certain expenses,
including income taxes, are based on full year assumptions. For
interim financial reporting purposes, income taxes are recorded
based upon estimated annual income tax rates.
Certain prior period amounts have been reclassified to conform
to the current period’s presentation.
Correction
of Prior Period Error
In the first quarter of 2010, the Company determined that
approximately $2.6 million ($1.6 million net of tax)
of stock 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
consolidated balance sheet for December 31, 2009 has been
adjusted to reduce deferred income taxes, net, by
$1.0 million and increase common stock by $2.6 million
to reflect the correction of this error, with a corresponding
$1.6 million reduction recorded to retained earnings. 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 impacted the consolidated statements of
operations for the three months and six months ended
June 30, 2009 and cash flows for the six months ended
June 30, 2009. These corrections were not considered
material to prior period financial statements.
New
Accounting Standards
In January 2010, the FASB issued ASU
No. 2010-06,
Fair Value Measurements and Disclosures (Topic 820):
Improving Disclosures about Fair Value Measurements (“ASU
2010-06”).
ASU 2010-06
requires some new disclosures and clarifies some existing
disclosure requirements about fair value measurement as set
forth in Codification Subtopic
820-10. ASU
2010-06
amends Codification Subtopic
820-10 to
now require (1) a reporting entity to disclose separately
the amounts of significant transfers in and out of Level 1
and Level 2 fair value measurements and describe the
reasons for the transfers; (2) in the reconciliation for
fair value measurements using significant unobservable inputs, a
reporting entity should present separately information about
purchases, sales, issuances, and settlements; and (3) a
reporting entity should provide disclosures about the valuation
techniques and
inputs used to measure fair value for both recurring and
nonrecurring fair value measurements. ASU
2010-06 is
effective for interim and annual reporting periods beginning
after December 15, 2009, except for the disclosures about
purchases, sales, issuances, and settlements in the roll forward
of activity in Level 3 fair value measurements. Those
disclosures are effective for fiscal years beginning after
December 15, 2010, and for interim periods within those
fiscal years. The adoption of ASU
No. 2010-06
did not have a material impact on the Company’s financial
position or results of operations.
In December 2009, the FASB issued ASU
2009-16,
Transfers and Servicing (Topic 860) —
Accounting for Transfers of Financial Assets (“ASU
2009-16”)
and ASU
2009-17,
Consolidations (Topic 810) — Improvements to
Financial Reporting by Enterprises Involved with Variable
Interest Entities (“ASU
2009-17”).
ASU 2009-16
formally codifies SFAS 166, Accounting for Transfers of
Financial Assets, while ASU
2009-17
codifies SFAS 167, Amendments to FASB Interpretation
No. 46(R). ASU
2009-16
represents a revision to the provisions of former SFAS 140,
Accounting for Transfers and Servicing of Financial Assets
and Extinguishments of Liabilities, and will require more
information about transfers of financial assets, including
securitization transactions, and where entities have continuing
exposure to the risks related to transferred financial assets.
It eliminates the concept of a “qualifying special-purpose
entity” (“QSPE”), changes the requirements for
derecognizing financial assets and requires additional
disclosures. ASU
2009-17
represents a revision to former FASB Interpretation No. 46
(Revised December 2003), Consolidation of Variable Interest
Entities, and changes how a reporting entity determines when
an entity that is insufficiently capitalized or is not
controlled through voting (or similar rights) should be
consolidated. The determination of whether a reporting entity is
required to consolidate another entity is based on, among other
things, the other entity’s purpose and design and the
reporting entity’s ability to direct the activities of the
other entity that most significantly impact the other
entity’s economic performance. The updates require a number
of new disclosures. ASU
2009-16
enhances information reported to users of financial statements
by providing greater transparency about transfers of financial
assets and an entity’s continuing involvement in
transferred financial assets. ASU
2009-17
requires a reporting entity to provide additional disclosures
about its involvement with variable interest entities and any
significant changes in risk exposure due to that involvement. A
reporting entity will be required to disclose how its
involvement with a variable interest entity affects the
reporting entity’s financial statements. The updates to the
Codification are effective at the start of a reporting
entity’s first fiscal year beginning after
November 15, 2009, or January 1, 2010, for a calendar
year-end entity. ASU
2009-16 and
ASU 2009-17
were adopted by the Company as required on January 1, 2010.
The adoption of ASU
2009-16 and
ASU 2009-17
did not have a material impact on the Company’s financial
position or results of operations. Although the Company holds a
retained interest in bankruptcy remote QSPEs established in
accordance with ASU
2009-16, the
financial position and results of such QSPEs are not
consolidated in the Company’s financial statements. The
Company evaluated the accounting requirements of ASU
2009-17 and
determined that it would not be required to consolidate the
financial position and results of the QSPEs as the Company is
not the primary decision maker with respect to activities that
could significantly impact the economic performance of the
QSPEs, nor does the Company perform any service activity related
to the QSPEs.
|
| X | ||||||||||
|
- Definition
Description of Business and Basis of Presentation. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Stock-Based Compensation and Earnings Per Share
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2010
|
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| Stock-Based Compensation and Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation and Earnings Per Share |
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 requisite service
period, which is the vesting period. Stock-based compensation
cost may be recognized over a shorter requisite service period
if an employee meets retirement eligibility requirements.
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.
Service-Based
Grants
A summary of service-based non-vested restricted share activity
as of June 30, 2010 and changes during the six month period
are presented below:
As of June 30, 2010, there was $2.7 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 four years.
Market
Condition Grants
The Company grants to select executives and other key employees
non-vested restricted stock whose vesting is based upon the
achievement of certain market conditions which are defined as
the Company’s total shareholder return as compared to
the total shareholder return 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 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 the six months ended
June 30, 2010 is presented below:
As of June 30, 2010, there was $5.1 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 three years. At June 30, 2010, the Company has accrued
$0.4 million related to cash liability awards that may
be payable to terminated employees who had been granted market
condition restricted shares.
Total stock-based compensation recognized in the consolidated
statements of operations was as follows:
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 calculations 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 and 0.2 million shares were
excluded from the computation of diluted earnings (loss) per
share during the three months ended June 30, 2010 and 2009,
respectively, and 0.1 million and 0.2 million during
the six months ended June 30, 2010 and 2009, respectively,
as the effect would have been anti- dilutive.
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- Definition
Stock-Based Compensation and Earnings Per Share. No definition available.
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Fair value measurements
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Jun. 30, 2010
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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, which require the reporting entity to develop its
own assumptions.
Assets and liabilities measured at fair value on a recurring
basis are as follows:
Fair value as of June 30, 2010
Fair value as of December 31, 2009
During 2008 and 2007, the Company sold 79,031 acres and
53,024 acres, respectively, of timberland in exchange for
15-year
installment notes receivable in the aggregate amount of
$108.4 million and $74.9 million, respectively. The
installment notes are fully backed by irrevocable letters of
credit issued by Wells Fargo Bank, N.A. The Company contributed
the installment notes to bankruptcy remote QSPEs.
During 2008 and 2007, the QSPEs monetized $108.4 million
and $74.9 million, respectively, of installment notes by
issuing debt securities to third party investors equal to
approximately 90% of the value of the installment notes.
Approximately $96.1 million and $66.9 million in net
proceeds were distributed to the Company during 2008 and 2007,
respectively. The debt securities are payable solely out of the
assets of the QSPEs and proceeds from the letters of credit. The
investors in the QSPEs have no recourse against the Company for
payment of the debt securities or related interest expense.
The QSPE’s financial position and results are not
consolidated in the Company’s financial statements as the
Company is not the primary decision maker with respect to the
activities that could significantly impact the economic
performance of the QSPEs, nor does the Company perform any
service activity related to the QSPEs.
The Company has recorded a retained interest with respect to the
monetization of certain installment notes through the use of
QSPEs, 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 QSPEs is in the
form of receipts of net interest payments, which are recorded as
interest income and approximated $0.3 million and
$0.1 million during the six months ended June 30, 2010
and 2009, respectively. In addition, the Company will receive
the payment of the remaining principal on the installment notes
during 2022 and 2023.
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 the first six months of 2010 or 2009.
The following is a reconciliation of the Company’s retained
interest in QSPEs:
In the event of a failure and liquidation of the financial
institution involved in our 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, the Company 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. 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 during the second quarter of 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 break-even payments to Southwest Airlines
exceed $14 million in the first year of air service or
$12 million in the second year. 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 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 are based on numerous estimates
including future fuel costs, passenger load factors, air fares,
and seasonality. The fair value of the liability could fluctuate
up or down significantly as a result of changes in assumptions
related to these estimates and could have a material impact on
the Company’s operating results.
The Company carried a standby guarantee liability of
$0.8 million at June 30, 2010 and December 31,
2009 related to this strategic alliance agreement. The Company
reevaluates this estimate quarterly.
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 are
measured at lower of carrying value or fair value less costs to
sell. The fair value of homes and homesites is determined based
upon final sales prices of inventory sold during the period
(level 2 inputs). For inventory held for sale, estimates of
selling prices based on current market data are utilized
(level 3 inputs). For projects under development, an
estimate of future cash flows on an undiscounted basis is
performed using estimated future expenditures necessary to
maintain and complete the existing project and using
management’s best estimates about future sales prices and
holding periods (level 3 inputs). The Company’s assets
measured at fair value on a nonrecurring basis are those assets
for which the Company has recorded valuation adjustments and
write-offs during the current period. For the six months ending
June 30, 2010, the valuation adjustments and write-offs
were
$0.1 million. The assets measured at fair value on a
nonrecurring basis during the six months ended June 30,
2009 were as follows:
Long-lived assets sold or held for sale with a carrying amount
of $41.5 million were written down to their fair value of
$29.2 million, resulting in a loss of $12.4 million,
which was included in impairment losses for the six months
ending June 30, 2009.
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- Details
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| X | ||||||||||
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- Definition
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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Derivative Financial Instruments
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6 Months Ended | ||||
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Jun. 30, 2010
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| Derivative Financial Instruments [Abstract] | |||||
| Derivative Financial Instruments |
The Company accounts for derivative financial instruments in
accordance with ASC 815 — Derivatives and
Hedging (“ASC 815”). ASC 815 requires that an
entity recognize all derivatives, as defined, as either assets
or liabilities at fair value. The Company uses derivative
instruments to manage its exposure to cash flow risks inherent
in its standby guarantee agreement with Southwest Airlines and
does not hold or issue derivative instruments for speculative or
trading purposes.
As discussed in Note 3, the Company’s agreement with
Southwest Airlines includes variable cost components which could
have a significant impact on the Company’s cash flows.
Airline operators are inherently dependent upon fuel to operate,
and therefore, are impacted by changes in jet fuel prices.
During the second quarter of 2010, the Company entered into a
short-term financial derivative instrument to mitigate any
potential adverse impact which may result from an increase in
jet fuel costs. Specifically, the Company entered into a collar
transaction in which the Company purchased a call option and
sold a put option against the underlying cost of jet fuel for a
portion of Southwest Airlines’ estimated fuel volumes. This
derivative instrument is not designated as a hedge and changes
in the fair value of this derivative instrument are recognized
in other, net as gain (loss) on derivative contracts on a
monthly basis. There was no initial net cost of the derivative
contracts, and there was no gain or (loss) recognized during the
three months ended June 30, 2010.
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- Details
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| X | ||||||||||
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- Definition
This element can be used to disclose the entity's entire derivative instruments and hedging activities disclosure as a single block of text. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising there from, and the amounts of and methodologies and assumptions used in determining the amounts of such items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Discontinued Operations
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Jun. 30, 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 and 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, and the Company has no continuing involvement
in their operations.
On February 27, 2009, the Company sold its remaining
inventory and equipment assets related to its Sunshine State
Cypress mill and mulch plant.
Discontinued operations presented on the consolidated statements
of operations for the three and six months ended June 30,
2009 included the following:
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| X | ||||||||||
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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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Jun. 30, 2010
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| Investment in Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment in Real Estate |
Real estate by segment includes 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 primarily
includes the Company’s land held for future use.
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| X | ||||||||||
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- 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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- Details
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Notes Receivable
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2010
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| Notes Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Receivable |
Notes receivable consisted of the following:
The Company evaluates 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 the second quarter of 2010, the Company recorded a
$0.5 million write-down resulting from a renegotiated
builder note receivable. During the second quarter of 2009, the
Company determined the Advantis note receivable was
uncollectible and accordingly recorded a charge of
$7.4 million related to the write-off of the outstanding
balance. In addition, the Company received a deed in lieu of
foreclosure related to a $4.0 million builder note
receivable during the second quarter of 2009 and renegotiated
terms related to certain other builder notes receivable during
the second quarter of 2009. These events resulted in impairment
charges of $0.4 million and $1.7 million during the
three and six month periods ended June 30, 2009,
respectively.
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- 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
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Restructuring
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2010
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| Restructuring [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring |
The Company announced on March 17, 2010 that it is
relocating its corporate headquarters from Jacksonville, Florida
to its VentureCrossings Enterprise Centre to be developed
adjacent to the new Northwest Florida Beaches International
Airport in Bay County, Florida. The Company will also be
consolidating existing offices from Tallahassee, Port St. Joe
and South Walton County into the new location. The relocation is
expected to be completed during 2011.
The Company expects to incur 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 are expected to be cash
expenditures. Based on employee responses to the announced
relocation, the Company estimates that total relocation costs
should be approximately $5 million (pre-tax) of which
$0.6 million was recorded in the second quarter of 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) of which $1.6 million was
recorded in the first six months of 2010.
The charges associated with the Company’s 2010
restructuring and reorganization program by segment are as
follows:
The company also incurred an additional $0.5 million
related to prior restructurings during the second quarter of
2010. At June 30, 2010, the remaining accrued liability
associated with restructurings and reorganization 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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Debt
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2010
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| Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt |
Debt consists of the following:
The aggregate scheduled maturities of debt subsequent to
June 30, 2010 are as follows (a):
The Company has a $125 million revolving Credit Agreement
(the “Credit Agreement”) with Branch Banking and
Trust Company. The Credit Agreement contains covenants
relating to leverage, unencumbered asset value, net worth,
liquidity and additional debt. The Credit Agreement does not
contain a fixed charge coverage covenant. The Credit Agreement
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
June 30, 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.
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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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Employee Benefit Plans
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2010
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| Employee Benefit Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plans |
The Company sponsors a cash balance defined benefit pension plan
that covers substantially all of its salaried employees. A
summary of the net periodic benefit expense follows:
On June 18, 2009, the Company, as plan sponsor of The St.
Joe Company Pension Plan (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 million, which was
funded from the assets of the Pension Plan on June 25, 2009
and included a premium to assume these obligations. The
transaction resulted in the transfer and settlement of pension
benefit obligations of approximately $93 million, which
represented the obligation prior to the annuity purchase for the
affected retirees and vested terminated employees. In addition,
the Company recorded a non-cash settlement pre-tax 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 Sheet
offsetting the non-cash charge to earnings.
The Company remeasures its plan assets and benefit obligation at
each December 31. As a result of settlements and
curtailments which occurred during the six months ended
June 30, 2010, the Company was required to remeasure its
plan assets and benefit obligation as of June 30, 2010.
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- Details
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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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Income Taxes
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6 Months Ended | ||||
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Jun. 30, 2010
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| Income Taxes [Abstract] | |||||
| Income Taxes |
The Company had approximately $1.4 million of total
unrecognized tax benefits as of June 30, 2010 and
December 31, 2009, none of which, if recognized, would
materially affect its effective income tax rate. The Company
recognizes interest
and/or
penalties related to income tax matters in income tax expense.
The Company had accrued interest of $0.2 million and
$0.3 million (net of tax benefit) at June 30, 2010 and
December 31, 2009, respectively, related to uncertain tax
positions. There were no significant changes to unrecognized tax
benefits including interest and penalties during the second
quarter of 2010, and the Company does not expect any significant
changes to its unrecognized tax benefits during the next twelve
months.
On March 23, 2010, the Patient Protection and Affordable
Care Act (the “PPACA”) was signed into law, and, on
March 30, 2010, the Health Care and Education
Reconciliation Act of 2010 (the “HCERA” and, together
with PPACA, the “Acts”), which makes various
amendments to certain aspects of the PPACA, was signed into law.
The Acts effectively change the tax treatment of federal
subsidies paid to sponsors of retiree health benefit plans that
provide prescription drug benefits that are at least actuarially
equivalent to the corresponding benefits provided under Medicare
Part D.
The Company recognized a noncash charge of approximately
$0.6 million during the quarter ended March 31, 2010
to reduce deferred tax assets to reflect the change in the tax
treatment of the federal subsidy.
The change in the tax treatment of the federal subsidy only
affects the application of tax law to the Company’s
prescription drug plans that are actuarially equivalent to
Medicare Part D and is not expected to result in an
increase in the pre-tax cost of providing such plans to its
retirees and employees.
The current income tax receivable was $67.8 million at
June 30, 2010, of which $67.7 million was received in
July, 2010.
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| X | ||||||||||
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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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Segment Information
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 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 develops and sells homesites and
now, to a lesser extent, homes, following the Company’s
exit from homebuilding. The commercial real estate segment sells
developed and undeveloped land. The rural land sales segment
primarily sells parcels of land included in the Company’s
timberland holdings. The forestry segment produces and sells
pine pulpwood, sawtimber and other forest products.
The Company uses income (loss) from continuing operations before
equity in income (loss) 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 the summary of significant accounting
policies herein and in our
Form 10-K.
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 corporate
general and administrative expenses, net of investment income.
Information by business segment is as follows:
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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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Contingencies
|
6 Months Ended | ||||
|---|---|---|---|---|---|
|
Jun. 30, 2010
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| Contingencies [Abstract] | |||||
| Contingencies |
The Company has retained certain self-insurance risks with
respect to losses for third party liability and property damage.
At June 30, 2010 and December 31, 2009, the Company
was party to surety bonds of $20.3 million and
$28.1 million, respectively, and standby letters of credit
in the amount of $2.5 million 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 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 assessed and rehabilitated by Smurfit-Stone
Container Corporation 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 involving environmental matters are pending
against the Company. Aggregate environmental-related accruals
were $1.6 million at June 30, 2010 and
$1.7 million at December 31, 2009, respectively.
Although in the opinion of management none of our 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 October 21, 2009, the Company 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. 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. See
Note 3 for further discussion of this standby guarantee.
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| X | ||||||||||
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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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|
Concentration of Risks and Uncertainties
|
6 Months Ended | ||||
|---|---|---|---|---|---|
|
Jun. 30, 2010
|
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| Concentration of Risks and Uncertainties [Abstract] | |||||
| Concentration of Risks and Uncertainties |
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.
Some of the Company’s 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 slump in real estate markets and tightened
credit conditions, the collectability of these receivables
represents a significant risk to the Company and changes in the
likelihood of collectability could adversely impact the
accompanying financial statements.
The Company’s real estate investments are concentrated in
the State of Florida. A prolonged slump in the Florida real
estate market and the economy could have an adverse impact on
the Company’s real estate values.
The Company believes the large oil spill in the Gulf of Mexico
from the Deepwater Horizon incident had and will continue to
have a negative impact on our properties, results of operations
and stock price and has created uncertainty about the future of
the Gulf Coast region. The Company has filed a lawsuit against
one of the parties responsible for the oil spill seeking the
recovery of damages. The Company intends to pursue legal options
against other responsible parties as well. The Company cannot be
certain, however, of the amount of any recovery or the ultimate
success of its claims.
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- Definition
Description of any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. The entity should inform financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. Disclosure of any financial instrument credit risk concentration also should indicate the maximum amount of loss that would be incurred upon complete failure of the counterparty to perform and the entity's collateral policies or other policies that limit the loss exposure. 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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