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Document and Entity Information
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6 Months Ended | |
|---|---|---|
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Jun. 30, 2012
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Jul. 27, 2012
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| Document Information [Line Items] | ||
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Jun. 30, 2012 | |
| Document Fiscal Year Focus | 2012 | |
| Document Fiscal Period Focus | Q2 | |
| Trading Symbol | JOE | |
| Entity Registrant Name | ST JOE CO | |
| Entity Central Index Key | 0000745308 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Filer Category | Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 92,292,071 |
| X | ||||||||||
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- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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| X | ||||||||||
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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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- Details
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| X | ||||||||||
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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 containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use 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, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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| X | ||||||||||
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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 or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. 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, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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| X | ||||||||||
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- Definition
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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| X | ||||||||||
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- Definition
Trading symbol of an instrument as listed on an exchange. No definition available.
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Also includes amount of deferred revenue as of balance sheet date. Deferred revenue represents collections of cash or other assets related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. No definition available.
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period 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, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, 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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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Value of all classes of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares exclude common shares repurchased by the entity and held as treasury shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount after allocation of valuation allowances of noncurrent deferred tax asset attributable to deductible temporary differences and carryforwards. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The funded status is measured as the difference between the fair value of plan assets and the benefit obligation. Will normally be the same as the net Defined Benefit Plan, Amounts Recognized in Balance Sheet, Total. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| 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. 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
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total debt and equity financial instruments including: (1) securities held-to-maturity, (2) trading securities, and (3) securities available-for-sale which are intended to be held for less than one year or the normal operating cycle, whichever is longer and that are pledged to one or more secured parties who have the right to buy, sell, or re-pledge the collateral. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net amount of the investment in a contractual right to receive money on demand or on fixed or determinable dates that is recognized as an asset in the creditor's statement of financial position. Examples include, but are not limited to, credit card receivables, notes receivable and receivables relating to lessor's rights to payments from leases other than operating leases that have been recorded as assets. Excludes trade accounts receivable with contractual maturity of one year or less and arose from the sale of goods or services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. 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 allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
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Jun. 30, 2012
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Dec. 31, 2011
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|---|---|---|
| Common stock, par value | ||
| Common stock, shares authorized | 180,000,000 | 180,000,000 |
| Common stock, shares outstanding | 92,292,071 | 92,267,256 |
| Treasury stock, shares | 16,195 | 0 |
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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
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
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Jun. 30, 2012
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Jun. 30, 2011
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Jun. 30, 2012
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Jun. 30, 2011
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|
| Revenues: | ||||
| Real estate sales | $ 4,983 | $ 3,482 | $ 18,928 | $ 8,694 |
| Resort and club revenues | 14,755 | 12,974 | 21,098 | 18,086 |
| Timber sales | 9,731 | 8,166 | 19,226 | 70,790 |
| Other revenues | 888 | 662 | 1,621 | 1,150 |
| Total revenues | 30,357 | 25,284 | 60,873 | 98,720 |
| Expenses: | ||||
| Cost of real estate sales | 2,860 | 2,765 | 10,525 | 4,545 |
| Cost of resort and club revenues | 11,508 | 10,996 | 18,372 | 17,570 |
| Cost of timber sales | 6,184 | 5,956 | 12,520 | 12,196 |
| Cost of other revenues | 550 | 537 | 1,247 | 1,030 |
| Other operating expenses | 4,253 | 6,259 | 7,994 | 13,269 |
| Corporate expense, net | 4,894 | 8,278 | 9,325 | 26,525 |
| Depreciation and amortization | 2,457 | 3,446 | 4,785 | 9,950 |
| Impairment losses | 1,697 | 2,479 | ||
| Restructuring charges | 18 | 5,926 | 73 | 10,402 |
| Total expenses | 32,724 | 45,860 | 64,841 | 97,966 |
| Operating (loss) income | (2,367) | (20,576) | (3,968) | 754 |
| Other income (expense): | ||||
| Investment income, net | 332 | 165 | 808 | 372 |
| Interest expense | (657) | (985) | (1,488) | (1,982) |
| Other, net | 2,852 | 1,123 | 4,588 | 2,250 |
| Total other income | 2,527 | 303 | 3,908 | 640 |
| Income (loss) from operations before equity in (loss) of unconsolidated affiliates and income taxes | 160 | (20,273) | (60) | 1,394 |
| Equity in loss of unconsolidated affiliates | (9) | (16) | (20) | (40) |
| Income tax (benefit) expense | (22) | (6,946) | 625 | 607 |
| Net income (loss) | 173 | (13,343) | (705) | 747 |
| Less: Net (loss) attributable to noncontrolling interest | (3) | (7) | (9) | (16) |
| Net income (loss) attributable to the Company | $ 176 | $ (13,336) | $ (696) | $ 763 |
| Basic | ||||
| Weighted average shares outstanding | 92,293,017 | 92,207,304 | 92,279,035 | 92,401,380 |
| Net income (loss) attributable to the Company | $ (0.14) | $ (0.01) | $ 0.01 | |
| Diluted | ||||
| Weighted average shares outstanding | 92,293,017 | 92,207,304 | 92,279,035 | 92,408,384 |
| Net (loss) income attributable to the Company | $ (0.14) | $ (0.01) | $ 0.01 | |
| 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
Income Loss From Unconsolidated Affiliates. No definition available.
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| X | ||||||||||
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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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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 (loss) for the period per each share of common stock or unit 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 (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. 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
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. 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 or benefit and the deferred income tax expense or 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 profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate amount of income or 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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 associated with exit from or disposal of business activities or restructurings pursuant to a duly authorized plan, excluding asset retirement obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Revenue from the sale of commercial, industrial, or residential property during the period. This element is more likely than not relevant to an entity for which real estate operations are a principal activity. If real estate operations are not a principal activity, the reporting entity would likely use a gain (loss) on sale of property, plant, or equipment type element. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Costs incurred in cultivating and manufacturing timber, mill lumber, wood, and wood products during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Revenue from sale of timber, mill lumber, wood, and other wood products. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
| Net income (loss): | $ 173 | $ (13,343) | $ (705) | $ 747 |
| Other comprehensive income, net of tax: | ||||
| Amortization of pension and postretirement benefit costs, net | (220) | 4,523 | 218 | 4,692 |
| Total comprehensive (loss) income | $ (47) | $ (8,820) | $ (487) | $ 5,439 |
| X | ||||||||||
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- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net of tax amount of the income statement impact of the reclassification adjustment for prior service costs recognized as a component of net period benefit cost. 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
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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CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)
In Thousands, except Share data, unless otherwise specified |
Total
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Common Stock
|
Accumulated Deficit
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Accumulated Other Comprehensive loss
|
Treasury Stock
|
Non-controlling Interest
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|---|---|---|---|---|---|---|
| Beginning Balance at Dec. 31, 2011 | $ 543,892 | $ 890,314 | $ (336,873) | $ (9,880) | $ 331 | |
| Beginning Balance (in shares) at Dec. 31, 2011 | 92,267,256 | |||||
| Comprehensive income: | ||||||
| Net (loss) | (705) | (696) | (9) | |||
| Amortization of pension and postretirement benefit costs, net | 218 | 218 | ||||
| Total comprehensive (loss) income | (487) | |||||
| Issuances of common stock (in shares) | 36,023 | 65,858 | ||||
| Issuances of common stock | 1,076 | 1,076 | ||||
| Forfeitures of restricted stock (in shares) | (31,514) | |||||
| Forfeitures of restricted stock | (108) | (108) | ||||
| Excess (reduction in) tax benefit on options exercised and vested restricted stock | 503 | 503 | ||||
| Amortization of stock-based compensation | 33 | 33 | ||||
| Treasury shares received in lieu of taxes to be remitted on share award (Shares) | (9,529) | |||||
| Treasury shares received in lieu of taxes to be remitted on share award | (152) | (152) | ||||
| Ending Balance at Jun. 30, 2012 | $ 544,757 | $ 891,926 | $ (337,569) | $ (9,662) | $ (260) | $ 322 |
| Ending Balance (in shares) at Jun. 30, 2012 | 92,292,071 |
| X | ||||||||||
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- Definition
Shares Paid For Tax Withholding For Share Based Compensation, Value No definition available.
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| X | ||||||||||
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- Definition
This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation". Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tax benefit associated with any equity-based compensation plan other than an employee stock ownership plan (ESOP). The tax benefit results from the deduction by the entity on its tax return for an award of stock that exceeds the cumulative compensation cost for common stock or preferred stock recognized for financial reporting. Includes any resulting tax benefit that exceeds the previously recognized deferred tax asset (excess tax benefits). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Net of tax amount of the income statement impact of the reclassification adjustment for prior service costs recognized as a component of net period benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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
Number of shares issued and outstanding as of the balance sheet date. No definition available.
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| X | ||||||||||
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- Definition
For net-share settlement of share-based awards when the employer settles employees' income tax withholding obligations, this element represents the number of shares the employees use to repay the employer. No definition available.
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| X | ||||||||||
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- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of shares related to Restricted Stock Award forfeited during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Value of stock related to Restricted Stock Awards forfeited during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
| Cash flows from operating activities | ||
| Net (loss) income | $ (705) | $ 747 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities | ||
| Depreciation and amortization | 4,785 | 9,950 |
| Stock-based compensation | 1,002 | 8,383 |
| Loss on disposal of plant, property and equipment | 272 | |
| Equity in loss of unconsolidated joint ventures | 21 | 40 |
| Deferred income tax expense | 121 | 2,658 |
| Impairment losses | 2,479 | |
| Cost of operating properties sold | 9,835 | 4,287 |
| Expenditures for operating properties | (13,764) | (9,906) |
| Pension charges | 771 | 1,713 |
| Changes in operating assets and liabilities: | ||
| Notes receivable | 456 | 1,174 |
| Other assets | (860) | (767) |
| Accounts payable and accrued liabilities | 5,847 | 8,448 |
| Income taxes payable | (2,484) | |
| Net cash provided by operating activities | 7,781 | 26,722 |
| Cash flows from investing activities: | ||
| Purchases of property, plant and equipment | (201) | (1,556) |
| Proceeds from disposition of property, plant and equipment | 8 | |
| Contribution of capital to unconsolidated affiliates | (4,434) | |
| Net cash used in investing activities | (193) | (5,990) |
| Cash flows from financing activities: | ||
| Proceeds from exercises of stock options | 100 | |
| Repayments of other long-term debt | (431) | (166) |
| Distributions to minority interest partner | (9) | |
| Excess tax benefits from stock-based compensation | 503 | 53 |
| Taxes paid on behalf of employees related to stock-based compensation | (152) | (4,708) |
| Net cash used in financing activities | (80) | (4,730) |
| Net increase in cash and cash equivalents | 7,508 | 16,002 |
| Cash and cash equivalents at beginning of period | 162,391 | 183,827 |
| Cash and cash equivalents at end of period | $ 169,899 | $ 199,829 |
| X | ||||||||||
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- Definition
Pension settlement. No definition available.
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| X | ||||||||||
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- 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.
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| X | ||||||||||
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- Details
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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
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of excess tax benefit (tax deficiency) that arises when compensation cost from non-qualified share-based compensation recognized on the entity's tax return exceeds (is less than) compensation cost from equity-based compensation recognized in financial statements. Excess tax benefit (tax deficiency) increases (decreases) net cash provided by financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss). 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. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) 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
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net cash inflow or outflow from financing activity for the period. 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
The net cash inflow or outflow from investing activity. 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
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. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. 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
Cash outflow to owners or shareholders, excluding ordinary dividends. Includes special dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Cash outflow in the form of ordinary dividends to noncontrolling interests, generally out of earnings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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; and are generally classified as cash flow from investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- Definition
The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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
The carrying amount of real estate sold during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow attributable to repayments of borrowings not otherwise defined in the taxonomy (with maturities initially due after one year or beyond the operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, 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
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Description of Business and Basis of Presentation
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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| Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation Description of Business The St. Joe Company (the “Company”) is a Florida-based real estate developer and manager. The Company owns approximately 571,000 acres of land concentrated primarily in Northwest Florida and has significant residential and commercial land-use entitlements in hand or in process. The majority of land not under development or part of the various commercial resort and club properties is used for the growing and selling of timber or is available for sale. Basis of Presentation The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) 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, 2011 balance sheet amounts have been derived from the Company’s December 31, 2011 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 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011. The Company adheres to the same accounting policies in preparation of its interim financial statements. As permitted under GAAP, 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. Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets include the Company’s investments in operating, development and investment property. Some of the events or changes in circumstances that are considered by the Company as indicators of potential impairment include:
Homesites substantially completed and ready for sale are measured at the lower of carrying value or fair value less costs to sell. Management identifies homesites as being substantially completed and ready for sale when the properties are being actively marketed with an intent is to sell such properties in the near term and under current market conditions. Other homesites for which management does not intend to sell in the near term under current market conditions are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of such property.
For projects under development, an estimate of undiscounted future cash flows is performed using estimated future expenditures necessary to develop and maintain the existing project and using management’s best estimates about future sales prices and holding periods. The projection of undiscounted cash flows requires that management develop various assumptions including:
For operating properties, an estimate of undiscounted cash flows also requires management to make assumptions about the use and disposition of such properties. These assumptions include:
Other properties that management does not intend to sell in the near term under current market conditions and has the ability to hold are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of the property. The results of impairment analyses for development and operating properties are particularly dependent on the estimated holding and selling period for each asset group. Based on the Company’s recently adopted risk-adjusted investment return criteria, these future holding periods have been reduced to a maximum period of 13 years. The Company classifies the assets and liabilities of a long-lived asset as held-for-sale when management approves and commits to a formal plan of sale and it is probable that a sale will be completed. The carrying value of the assets held-for-sale are then recorded at the lower of their carrying value or fair market value less costs to sell. The operations and gains on sales of operating assets for which the Company has continuing involvement or significant cash flows are reported as income from continuing operations. Timber Deed Timber deed sales are agreements in which the buyer agrees to purchase and harvest specified timber (i.e. mature pulpwood and/or sawlogs) on a tract of land over the term of the contract. Unlike a pay-as-cut sales contract, risk of loss and title to the trees transfer to the buyer when the contract is signed. The buyer pays the full purchase price when the contract is signed and the Company does not have any additional performance obligations under the timber deed contract. Revenue from a timber deed sale is recognized when the contract is signed because the earnings process is complete. Under a timber deed, the buyer or some other third party is responsible for all logging and hauling costs, if any, and the timing of such activity.
On March 31, 2011, the Company entered into a $55.9 million agreement with an investment fund for the sale of a timber deed which gives the investment fund the right to harvest timber on specific tracts of land (encompassing 40,975 acres) over a maximum term of 20 years. Pursuant to the agreement, the Company entered into timber deeds conveying ownership of the trees but retaining ownership of the underlying land. Furthermore, as part of the agreement, the Company also entered into a Thinnings Supply Agreement, pursuant to which we agreed, to the extent that the buyer decided to conduct “First Thinnings”, to purchase 85% of such First Thinnings at fair market value. During the three and six months ended June 30, 2012, the Company purchased approximately $0.1 million and $0.3 million, respectively, of First Thinnings. During the three and six months ended June 30, 2011, the Company purchased approximately $0.6 million of First Thinnings, and recognized $54.5 million in revenue related to the timber deed with $1.4 million recorded as an imputed land lease to be recognized over the life of the timber deed. Recently Adopted Accounting Pronouncements In June 2011, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update which requires the presentation of components of other comprehensive income with the components of net income in either (1) a continuous statement of comprehensive income that contains two sections, net income and other comprehensive income, or (2) two separate but consecutive statements. This accounting standard update eliminates the option to present components of other comprehensive income as part of the statement of stockholders’ equity, and is effective for interim and annual periods beginning after December 15, 2011. The adoption of this accounting standard update did not have an impact on the Company’s consolidated financial position, results of operations, or cash flows, as it only requires a change in the format of the current presentation of comprehensive income. In May 2011, the FASB issued an accounting standard update that amends the accounting standard on fair value measurements. The accounting standard update provides for a consistent definition and measurement of fair value, as well as similar disclosure requirements between GAAP and International Financial Reporting Standards. The accounting standard update changes certain fair value measurement principles, clarifies the application of existing fair value measurement, and expands the fair value measurement disclosure requirements, particularly for Level 3 fair value measurements. The amendments in this accounting standard update are to be applied prospectively and are effective for interim and annual periods beginning after December 15, 2011. The adoption of this accounting standard update did not have a material effect on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In December 2011, the FASB issued guidance to enhance disclosures about offsetting assets and liabilities. Entities are required to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The guidance is effective for interim and annual periods beginning on or after January 1, 2013. The Company does not expect the adoption of this guidance to impact its financial condition or results of operations. |
| X | ||||||||||
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- Definition
The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). No definition available.
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Stock-Based Compensation and Earnings Per Share
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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| Stock-Based Compensation and Earnings Per Share | 2. Stock-Based Compensation and Earnings Per Share On May 12, 2009, the Company adopted The St. Joe Company 2009 Equity Incentive Plan whereby options, stock appreciation rights, restricted stock, restricted stock units and performance awards may be granted to directors and employees. The 2009 Equity Incentive Plan provides for the issuance of a maximum of 2.0 million shares of the Company’s common stock. As of June 30, 2012, 1.5 million shares remained available for issuance under the 2009 Equity Incentive Plan. Stock-Based Compensation The changes to the composition of the Company’s board of directors, which occurred during the first quarter of 2011, constituted a “change in control event” under the terms of certain of the Company’s incentive plans. As a result, during March 2011, the Company accelerated the vesting of approximately 300,000 restricted stock units resulting in $6.2 million in accelerated stock compensation expense. Stock-based compensation cost is measured at the grant date based on the fair value of the award and is typically recognized as an 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. Upon exercise of stock options pursuant to the Company’s employee stock purchase plan, the Company will issue new common stock. The 15% discount at which employees purchased the Company’s common stock through payroll deductions was recognized as compensation expense. The Company discontinued the employee stock purchase plan as of July 1, 2011.
Service-Based Grants A summary of the service-based restricted stock unit activity during the six months ended June 30, 2012 is presented below:
As of June 30, 2012, there was less than $0.1 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to restricted stock unit and stock option compensation arrangements which will be recognized over a weighted average period of four years. Market Condition Grants From time to time the Company has granted to select executives and other key employees restricted stock units 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 used 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 awards is affected by the stock price as well as by assumptions regarding a number of other variables. These variables included 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 market condition restricted stock unit activity during the six months ended June 30, 2012 is presented below:
Total stock-based compensation recognized in the consolidated statements of operations was as follows:
Included in directors fee expense for the three months ended June 30, 2012 is approximately $0.5 million in compensation related to the issuance of 29,835 immediately vested common shares issued to five members of the Board of Directors of the Company in May 2012. Included in compensation expense for the six months ended June 30, 2012 is approximately $0.6 million in compensation related to the issuance of 36,023 immediately vested common shares issued to the Chief Executive Officer of the Company in lieu of a cash bonus in January 2012. Earnings (Loss) Per Share Basic earnings (loss) per share are calculated by dividing net income (loss) by the average number of shares of common stock outstanding for the period. Diluted earnings per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding for the period, including all potentially dilutive shares issuable under outstanding stock options and service-based restricted stock units. Stock options and restricted stock units are not considered in any diluted earnings per share calculations when the Company has a loss from continuing operations. Restricted stock units are treated as contingently issuable shares and are issued and outstanding only upon the satisfaction of the market conditions. The following table presents a reconciliation of average shares outstanding:
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| X | ||||||||||
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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, 2012
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| Fair value measurements | 3. Fair value measurements The Company follows the provisions of Accounting Standards Codification (“ASC”) 820, Fair Value Measurement (“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 is 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. Financial Instruments Assets and liabilities measured at fair value on a recurring basis are as follows: Fair value as of June 30, 2012:
Fair value as of December 31, 2011:
The Company has recorded a retained interest with respect to the monetization of certain installment notes, which is recorded in other assets. The retained interest is an estimate based on the present value of cash flows to be received over the life of the installment notes. The Company’s continuing involvement with the entities is in the form of receipts of net interest payments, which are recorded as interest income and approximated $0.2 million and $0.3 million during the six months ended June 30, 2012 and 2011, respectively. The Company will receive the payment of the remaining principal on the installment notes during 2022, 2023 and 2024. 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. 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 make any changes in previously projected cash flows during the six months ended June 30, 2012 or 2011. The following is a reconciliation of the Company’s retained interest:
In the event of a failure and liquidation of the counterparties involved in the installment sales, the Company could be required to write-off the remaining retained interest recorded on its consolidated balance sheets in connection with the installment sale monetization transactions, which would have an adverse effect on the Company’s results of operations and financial position.
Guarantees On October 21, 2009, the Company entered into a strategic alliance agreement with Southwest Airlines to facilitate the commencement of low-fare air service in May 2010 to the Northwest Florida Beaches International Airport (see Note 15 “Commitments and Contingencies”). The Company agreed to reimburse Southwest Airlines in the form of a guarantee if it incurred losses on its service at the airport during the first three years of service by making specified break-even payments. At inception, the Company measured the associated standby guarantee liability at fair value based upon a discounted cash flow analysis based on management’s best estimates of future cash flows to be paid by the Company pursuant to the strategic alliance agreement. These cash flows were estimated using numerous estimates including future fuel costs, passenger load factors, air fares, and seasonality. Effective July 1, 2012, the Company and Southwest Airlines mutually agreed to terminate this agreement. In conjunction with the termination of this agreement, the Company recorded $0.8 million of other income at June 30, 2012 as a result of eliminating a reserve liability recorded at the inception of the agreement. As of June 30, 2012, no payments were due to Southwest Airlines at the effective date of termination. Long Lived Assets 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. The Company did not record any impairment charges in the three or six months ended June 30, 2012. During the three months ended June 30, 2011, management made the decision to dispose of four homes to avoid the ongoing maintenance and other holding costs. One of these homes included a 53 acre parcel which the Company had initially developed as a rural retreat community. As a result, long-lived assets sold or held for sale with a carrying amount of $4.6 million were written down to their fair value of $2.9 million, resulting in a loss of $1.7 million, which was included in impairment losses for the three months ended June 30, 2011. In addition, the Company impaired $0.8 million of predevelopment costs related to the construction of the Company’s previously proposed new headquarters in Northwest Florida in the six months ended June 30, 2011. |
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- Definition
The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial 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 entity 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 risks 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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Investment in Real Estate
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| Investment in Real Estate | 4. Investment in Real Estate Real estate by property type and 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 or available for sale. Investment property primarily includes the Company’s land held for future use. |
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The entire disclosure for certain 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Notes Receivable
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| Notes Receivable | 5. Notes Receivable Notes receivable consists of the following:
The Company evaluates the carrying value of the notes receivable and the need for an allowance for doubtful notes receivable at each reporting date. Notes receivable balances are adjusted to net realizable value based upon a review of entity specific facts or when terms are modified. |
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The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Property, Plant and Equipment
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| Property, Plant and Equipment | 6. Property, Plant and Equipment
Property, plant and equipment consists of the following:
Depreciation expense on property, plant and equipment was $2.4 million and $4.7 million for the three months and six months ended June 30, 2012, respectively, and $3.0 million and $9.3 million for the three and six months ended June 30, 2011, respectively. |
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- Definition
The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Other Assets
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| Other Assets | 7. Other Assets Other assets consist of the following:
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- Definition
The entire disclosure for other assets. This disclosure includes other current assets and other noncurrent assets. No definition available.
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Restructuring
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| Restructuring | 8. Restructuring On February 25, 2011, the Company entered into a Separation Agreement with Wm. Britton Greene in connection with his resignation as President, Chief Executive Officer and director of the Company. On April 11, 2011, the Company entered into separation agreements with four additional members of senior management. Additionally, certain other employees were terminated pursuant to the Company’s 2011 restructuring program. In connection with these terminations, the Company expensed nominal amounts during the three and six months ended June 30, 2012, and expensed $5.9 million and $10.1 million, respectively, during the three and six months ended June 30, 2011. The charges associated with the Company’s 2011 restructuring program by segment are as follows:
During 2010, the Company relocated its corporate headquarters from Jacksonville, Florida to WaterSound, Florida. The Company also consolidated other existing offices from Tallahassee, Port St. Joe and Walton County into the WaterSound location. In connection with these initiatives, the Company expensed $0.1 million and $0.1 million, respectively, during the three and six months ended June 30, 2012, and expensed less than $0.1 million during the during the three months ended June 30, 2011, and $0.3 million during the six months ended June 30, 2011. The charges associated with the Company’s 2010 restructuring and relocation program by segment are as follows:
Termination benefits are comprised of severance-related payments for all employees terminated in connection with the restructuring. At June 30, 2012, the accrued liability associated with the relocation and restructuring programs consisted of the following:
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- Definition
The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| Accrued Liabilities and Deferred Credits | 9. Accrued Liabilities and Deferred Credits Accrued liabilities and deferred credits consist of the following:
Deferred revenue at June 30, 2012 and December 31, 2011 includes $23.5 million related to a 2006 sale of approximately 3,900 acres of rural land to the Florida Department of Transportation. Revenue is recognized when title to a specific parcel is legally transferred. As of June 30, 2012, 1,595 acres remained to be transferred. |
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- Definition
Accrued Liabilities And Deferred Credits. No definition available.
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Debt
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| Debt | 10. Debt Debt at June 30, 2012 and December 31, 2011 consists of the following:
The aggregate maturities of debt subsequent to June 30, 2012 are as follows (a):
Community Development District (“CDD”) bonds financed the construction of infrastructure improvements at several of the Company’s projects. The principal and interest payments on the bonds are paid by assessments on, or from sales proceeds of, the properties benefited by the improvements financed by the bonds. The Company has recorded a liability for CDD debt that is associated with platted property, which is the point at which the assessments become fixed or determinable. Additionally, the Company has recorded a liability for the balance of the CDD debt that is associated with unplatted property if it is probable and reasonably estimable that the Company will ultimately be responsible for repaying either as the property is sold by the Company or when assessed to the Company by the CDD. Accordingly, the Company has recorded debt of $29.4 million and $30.2 million related to CDD debt as of June 30, 2012 and December 31, 2011, respectively. Total outstanding CDD debt was $56.0 million at June 30, 2012 and $56.8 million at December 31, 2011. In connection with the sale of the Company’s office building portfolio in 2007, the Company has approximately $22.3 million of defeased debt. The Company purchased treasury securities sufficient to satisfy the scheduled interest and principal payments contractually due under the mortgage debt agreement. These securities were placed into a collateral account for the sole purpose of funding the principal and interest payments as they become due. The indebtedness remains on the Company’s Consolidated Balance Sheets at June 30, 2012 and December 31, 2011 since the transaction was not considered to be an extinguishment of debt. |
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- Definition
The entire disclosure for 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, own-share lending arrangements 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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| Employee Benefit Plans | 11. Employee Benefit Plans A summary of the net periodic benefit (credit) follows:
The Company remeasures its plan assets and benefit obligation at each December 31. No events occurred during the three and six months ended June 30, 2012 which would require the Company to remeasure its plan assets or benefit obligation. |
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- Definition
The entire disclosure for pension and other postretirement benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes
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Jun. 30, 2012
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| Income Taxes | 12. Income Taxes The Company had $1.7 million of total unrecognized tax benefits as of June 30, 2012 and December 31, 2011.The Company recognizes interest and/or penalties related to income tax matters in income tax expense. The Company has not accrued interest expense with respect to this unrecognized tax benefit at June 30, 2012 and December 31, 2011. At June 30, 2012, the Company had a federal net operating loss carryforward of $93.6 million and a state net operating loss carryforward of $614.2 million. At December 31, 2011, the Company had a federal net operating loss carryforward of $92.0 million and a state net operating loss carryforward of $612.6 million. These net operating losses are available to offset future taxable income through 2031. In general, a valuation allowance is recorded if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in future years in the appropriate tax jurisdictions to obtain a benefit from the reversal of deductible temporary differences and from loss carryforwards. Based on the timing of reversal of future taxable amounts and the Company’s recent history of losses and future expectations of reporting taxable losses, management does not believe it met the requirements to realize the benefits of certain of its deferred tax assets and has increased the valuation allowance by $0.7 million. The valuation allowance balance was $96.1 million at June 30, 2012 and $95.5 million at December 31, 2011.
In 2011, the Company recorded a valuation allowance to offset the deferred tax component recognized in Accumulated other comprehensive loss. In the six months ended June 30, 2012, this valuation allowance was decreased by $0.1 million from $3.8 million at December 31, 2011 to $3.7 million as June 30, 2012. |
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- Definition
The entire disclosure for income taxes. Disclosures may 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Gain on Claims from Oil Spill
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Jun. 30, 2012
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| Gain on Claims from Oil Spill | 13. Gain on Claims from Oil Spill The Company has filed lawsuits and claims seeking the recovery of damages against parties that it believes are responsible for the 2010 Deepwater Horizon oil spill, which the U.S. Coast Guard termed the “largest oil spill in U.S. history” causing “significant environmental damage to the Gulf of Mexico.” The Company received payments of $0.6 million in April 2012 and $1.1 million in May 2012 from the Gulf Coast Claims Facility, and recorded these payments as gains in its consolidated statements of operations. Included in the line item “Other, net” in the consolidated statements of operations for the three and six months ended June 30, 2012 are gains of $1.1 million and $1.7 million, respectively. |
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- Definition
The entire disclosure for any additional information related to the determination or classification of material events or transactions (that would not reasonably be expected to recur in the foreseeable future) that possesses a high degree of abnormality and are incidentally related to, the ordinary and typical activities of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Segment Information
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| Segment Information | 14. Segment Information The Company’s reportable operating segments are residential real estate, commercial real estate, rural land sales and forestry. The residential real estate segment primarily develops and sells homesites to builders or end users. This segment also includes the Company’s resort and club operations, the purpose of which is to enhance and promote the desirability of the Company’s residential real estate. The commercial real estate segment sells and leases developed and undeveloped lands. The rural land sales segment primarily sells parcels of land included in the Company’s timberland holdings. The forestry segment produces and sells pine woodfiber, sawtimber and other forest products. The Company uses income (loss) from continuing operations before equity in loss income of unconsolidated affiliates, income taxes and noncontrolling interest for purposes of making decisions about allocating resources to each segment and assessing each segment’s performance, which the Company believes represents current performance measures. The accounting policies of the segments are the same as those described above in the summary of significant accounting policies herein and in the Company’s Form 10-K. Total revenues represent sales to unaffiliated customers, as reported in the Company’s consolidated statements of operations. All significant 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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- Definition
The entire disclosure for 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 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Commitments and Contingencies
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| Commitments and Contingencies | 15. Commitments and Contingencies The Company has obligations under various noncancelable long-term operating leases for office space and equipment. Some of these leases contain escalation clauses for operating costs, property taxes and insurance. In addition, the Company has various obligations under other office space and equipment leases of less than one year. Total rent expense was $0.2 million and $0.3 million for the three and six months ended June 30, 2012, respectively, and $0.6 million and $1.3 million for the three and six months ended June 30, 2011, respectively. The future minimum rental commitments under noncancelable long-term operating leases due over the next five years, including buildings leased through a sale-leaseback transaction are as follows:
In accordance with GAAP, the Company establishes an accrued liability for litigation and regulatory matters when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. When a loss contingency is not both probable and estimable, the Company does not establish an accrued liability. As a litigation or regulatory matter develops, the Company, in conjunction with any outside counsel handling the matter, evaluates on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. If, at the time of evaluation, the loss contingency related to a litigation or regulatory matter is not both probable and estimable, the matter will continue to be monitored for further developments that would make such loss contingency both probable and estimable. Once the loss contingency related to litigation or regulatory matter is deemed to be both probable and estimable, the Company will establish an accrued liability with respect to such loss contingency and record a corresponding amount of litigation-related expense. The Company continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. Regardless of whether an accrued liability has been established for a loss contingency, the Company estimates and discloses a range of possible loss for matters in which a loss is probable or reasonably possible in future periods. In such cases, the Company reviews and evaluates its material litigation and regulatory matters on an ongoing basis, in conjunction with any outside counsel handling the matter, in light of potentially relevant factual and legal developments. In cases in which the Company possesses sufficient appropriate information to develop an estimate of loss or range of possible loss, that estimate is aggregated and disclosed below. There may be other disclosed matters for which a loss is probable or reasonably possible but such an estimate may not be possible. For those matters where an estimate is possible, management currently estimates the aggregate range of possible loss below in excess of the accrued liability (if any) related to those matters. This estimated range of possible loss is based upon currently available information and is subject to significant judgment and a variety of assumptions, and known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. Those matters for which an estimate is not possible are not included within this estimated range. Therefore, this estimated range of possible loss represents what the Company believes to be an estimate of possible loss only for certain matters meeting these criteria. It does not represent the Company’s maximum loss exposure. Information is provided below regarding the nature of all of these contingencies and, where specified, the amount of the claim associated with these loss contingencies. Based on current knowledge, management does not believe that loss contingencies arising from pending matters, including the matters described herein, will have a material adverse effect on the consolidated financial position or liquidity of the Company. However, in light of the inherent uncertainties involved in these matters, some of which are beyond the Company’s control, and the very large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. 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 properties are subject to various Consent Agreements and Brownfield Site Rehabilitation Agreements with the Florida Department of Environmental Protection. The paper mill site has been rehabilitated by Smurfit-Stone 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 and litigation involving environmental matters are pending against the Company. Aggregate environmental-related accruals were $1.6 million and $1.5 million at June 30, 2012 and December 31, 2011, respectively. Although the final resolution of the environmental litigation matters or governmental proceedings is not expected to have a material effect on the Company’s consolidated financial condition, it is possible that any final judgment could have a material impact on the results of operations or cash flows of the Company for the particular reporting period in which the adjustment is recorded. On November 3, 2010 and December 7, 2010, two securities class action complaints were filed against the Company and certain of its current and former officers and directors in the Northern District of Florida. These cases have been consolidated in the U.S. District Court for the Northern District of Florida and are captioned as Meyer v. The St. Joe Company et al. (No. 5:11-cv-00027). A consolidated class action complaint was filed in the case on February 24, 2011. The complaint was filed on behalf of persons who purchased the Company’s securities between February 19, 2008 and October 12, 2010 and alleged that the Company and certain of its current and former officers and directors, among others, violated the Securities Act of 1933, as amended (the “Securities Act”) and the Securities Exchange Act of 1934, as amended (the “Exchange Act”) by making false and/or misleading statements and/or by failing to disclose that, as the Florida real estate market was in decline, the Company failed to take adequate and required impairments and accounting write-downs on many of the Company’s Florida-based properties and as a result, the Company’s financial statements materially overvalued the Company’s property developments. The plaintiff also alleged that the Company’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles, and that the Company lacked adequate internal and financial controls, and as a result of the foregoing, the Company’s financial statements were materially false and misleading. The complaint sought an unspecified amount in damages. On April 5, 2011, at the request of the plaintiff, the court dismissed the claims under the Securities Act and dismissed the current and former director defendants from the case. The Company filed a motion to dismiss the case on April 6, 2011. On January 12, 2012, the Court granted the motion to dismiss with prejudice and entered judgment in favor of the Company and the individual defendants. On February 9, 2012, plaintiff filed a motion to alter or amend the judgment, which the Court denied on February 14, 2012. On March 15, 2012, plaintiff filed a notice of appeal to the United States Court of Appeals for the Eleventh Circuit and that appeal is currently pending. On March 29, 2011 and July 21, 2011, two separate derivative lawsuits were filed by shareholders on behalf of St. Joe against certain of its officers and directors in the United States District Court for the Northern District of Florida (Nakata v. Greene et. al., No. 5:11-cv-00090 and Packer v. Greene, et al., No. 3:11-cv-00344). The complaints allege breaches of fiduciary duties, waste of corporate assets and unjust enrichment arising from substantially similar allegations as those described above in the Meyer case. The complaint seeks an unspecified amount in damages. On June 6, 2011, the court granted the parties’ motion to stay the Nakata action pending the outcome of the Meyer action. On September 12, 2011, a third derivative lawsuit was filed in the Northern District of Florida (Shurkin v. Berkowitz, et al., No. 5:11-cv-304) making similar claims as those in the Nakata and Packer actions, and seeking an unspecified amount in damages. St. Joe and the individual defendants have not been served with the Shurkin complaint. On September 16, 2011, plaintiffs in Nakata and Packer filed a joint motion to consolidate all derivative actions and appoint lead counsel. On October 3, 2011, plaintiff in Shurkin filed a cross motion seeking separate lead counsel for Shurkin and coordination of Shurkin with the other derivative cases. On October 6, 2011, the Company filed a response in which it stated that all derivative cases should be consolidated. On October 14, 2011, Nakata and Packer plaintiffs filed an amended joint motion seeking consolidation of those two cases only. On October 21, 2011, the court issued an order consolidating the Nakata and Packer lawsuits. On June 4, 2012, the court granted the parties motion to stay the Shurkin action pending the outcome of the Meyer action. Further action in the Nakata and Packer action, and the Shurkin action, are awaiting resolution of the Meyer action discussed above. The Company believes that it has meritorious defenses to the above claims and intends to defend the actions vigorously. The Company believes that the probability of loss related to this litigation and an estimate of the amount of loss, if any, are not determinable at this time. The Company cannot evaluate the likelihood of an unfavorable outcome related to this litigation to be either “probable” or “remote”, nor can they predict the amount or range of possible loss from an unfavorable outcome to give an estimated range. On January 4, 2011 the SEC notified the Company it was conducting an inquiry into the Company’s policies and practices concerning impairment of investment in real estate assets. On June 24, 2011, the Company received notice from the SEC that it has issued a related order of private investigation. The order of private investigation covers a variety of matters for the period beginning January 1, 2007 including (a) the antifraud provisions of the Federal securities laws as applicable to the Company and its past and present officers, directors, employees, partners, subsidiaries, and/or affiliates, and/or other persons or entities, (b) compliance by past and present reporting persons or entities who were or are directly or indirectly the beneficial owner of more than 5% of the Company’s common stock (which includes Fairholme Funds, Inc., Fairholme Capital Management L.L.C. and the Company’s current Chairman Bruce R. Berkowitz) with their reporting obligations under Section 13(d) of the Exchange Act, (c) internal controls, (d) books and records, (e) communications with auditors and (f) financial reports. The order designates officers of the SEC to take the testimony of the Company and third parties with respect to any or all of these matters. The Company is cooperating with the SEC on historical matters as well as communicating and providing relevant information regarding the Company’s recent change in investment strategy and impairments. The Company believes that the probability of loss related to this matter and an estimate of the amount of loss, if any, are not determinable at this time. The Company cannot evaluate the likelihood of an unfavorable outcome related to this matter to be either “probable” or “remote”, nor can they predict the amount or range of possible loss from an unfavorable outcome to give an estimated range. On October 21, 2009, the Company entered into a strategic alliance agreement with Southwest Airlines to facilitate the commencement of low-fare air service in May 2010 to the Northwest Florida Beaches International Airport. The Company agreed to reimburse Southwest Airlines in the form of a guarantee if it incurred losses on its service at the airport during the first three years of service by making specified break-even payments. Effective July 1, 2012, the Company and Southwest Airlines mutually agreed to terminate this agreement. In conjunction with the termination of this agreement, the Company recorded $0.8 million of other income at June 30, 2012 as a result of eliminating a reserve liability recorded at the inception of the agreement. As of June 30, 2012, no payments were due to Southwest Airlines at the effective date of termination. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage. At June 30, 2012 and December 31, 2011, the Company was party to surety bonds related to certain development projects of $14.2 million and $15.7 million, respectively, and standby letters of credit in the amount of $0.9 million and $0.8 million at June 30, 2012 and December 31, 2011, respectively, which may potentially result in liability to the Company if certain obligations of the Company are not met. |
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- Definition
The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Concentration of Risks and Uncertainties
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| Concentration of Risks and Uncertainties | 16. Concentration of Risks and Uncertainties The Company’s real estate investments are concentrated in the State of Florida in a number of specific development projects. The duration of the current economic slump has had an adverse impact on the Company’s real estate values and operations, and a continued duration could cause the Company to sell assets at depressed values. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, notes receivable and retained interests. The Company deposits and invests excess cash with one or more 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.
Smurfit-Stone’s Panama City mill is the largest consumer of pine wood fiber within the immediate area in which most of the Company’s timberlands are located. In July of 2010, Smurfit-Stone emerged from approximately 18 months of bankruptcy protection, and during the first quarter of 2011, RockTenn announced its acquisition of Smurfit-Stone. Deliveries made by the Company during Smurfit-Stone’s bankruptcy proceedings were uninterrupted and payments were made on time. Under the terms of the Wood Fiber Supply Agreement entered into in November 2010, Smurfit-Stone and its successor RockTenn would be liable for any monetary damages as a result of the closure of the mill due to economic reasons for a period of one year. Nevertheless, if the RockTenn mill in Panama City were to permanently cease operations, the price for pulpwood may decline, and the cost of delivering logs to alternative customers would increase. |
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- Definition
The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Description of Business and Basis of Presentation (Policies)
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| Basis of Presentation | Basis of Presentation The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) 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, 2011 balance sheet amounts have been derived from the Company’s December 31, 2011 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 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011. The Company adheres to the same accounting policies in preparation of its interim financial statements. As permitted under GAAP, 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. |
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| Long-Lived Assets | Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets include the Company’s investments in operating, development and investment property. Some of the events or changes in circumstances that are considered by the Company as indicators of potential impairment include:
Homesites substantially completed and ready for sale are measured at the lower of carrying value or fair value less costs to sell. Management identifies homesites as being substantially completed and ready for sale when the properties are being actively marketed with an intent is to sell such properties in the near term and under current market conditions. Other homesites for which management does not intend to sell in the near term under current market conditions are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of such property.
For projects under development, an estimate of undiscounted future cash flows is performed using estimated future expenditures necessary to develop and maintain the existing project and using management’s best estimates about future sales prices and holding periods. The projection of undiscounted cash flows requires that management develop various assumptions including:
For operating properties, an estimate of undiscounted cash flows also requires management to make assumptions about the use and disposition of such properties. These assumptions include:
Other properties that management does not intend to sell in the near term under current market conditions and has the ability to hold are evaluated for impairment based on management’s best estimate of the long-term use and eventual disposition of the property. The results of impairment analyses for development and operating properties are particularly dependent on the estimated holding and selling period for each asset group. Based on the Company’s recently adopted risk-adjusted investment return criteria, these future holding periods have been reduced to a maximum period of 13 years. The Company classifies the assets and liabilities of a long-lived asset as held-for-sale when management approves and commits to a formal plan of sale and it is probable that a sale will be completed. The carrying value of the assets held-for-sale are then recorded at the lower of their carrying value or fair market value less costs to sell. The operations and gains on sales of operating assets for which the Company has continuing involvement or significant cash flows are reported as income from continuing operations. |
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| Timber Deed | Timber Deed Timber deed sales are agreements in which the buyer agrees to purchase and harvest specified timber (i.e. mature pulpwood and/or sawlogs) on a tract of land over the term of the contract. Unlike a pay-as-cut sales contract, risk of loss and title to the trees transfer to the buyer when the contract is signed. The buyer pays the full purchase price when the contract is signed and the Company does not have any additional performance obligations under the timber deed contract. Revenue from a timber deed sale is recognized when the contract is signed because the earnings process is complete. Under a timber deed, the buyer or some other third party is responsible for all logging and hauling costs, if any, and the timing of such activity.
On March 31, 2011, the Company entered into a $55.9 million agreement with an investment fund for the sale of a timber deed which gives the investment fund the right to harvest timber on specific tracts of land (encompassing 40,975 acres) over a maximum term of 20 years. Pursuant to the agreement, the Company entered into timber deeds conveying ownership of the trees but retaining ownership of the underlying land. Furthermore, as part of the agreement, the Company also entered into a Thinnings Supply Agreement, pursuant to which we agreed, to the extent that the buyer decided to conduct “First Thinnings”, to purchase 85% of such First Thinnings at fair market value. During the three and six months ended June 30, 2012, the Company purchased approximately $0.1 million and $0.3 million, respectively, of First Thinnings. During the three and six months ended June 30, 2011, the Company purchased approximately $0.6 million of First Thinnings, and recognized $54.5 million in revenue related to the timber deed with $1.4 million recorded as an imputed land lease to be recognized over the life of the timber deed. |
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| Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2011, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update which requires the presentation of components of other comprehensive income with the components of net income in either (1) a continuous statement of comprehensive income that contains two sections, net income and other comprehensive income, or (2) two separate but consecutive statements. This accounting standard update eliminates the option to present components of other comprehensive income as part of the statement of stockholders’ equity, and is effective for interim and annual periods beginning after December 15, 2011. The adoption of this accounting standard update did not have an impact on the Company’s consolidated financial position, results of operations, or cash flows, as it only requires a change in the format of the current presentation of comprehensive income. In May 2011, the FASB issued an accounting standard update that amends the accounting standard on fair value measurements. The accounting standard update provides for a consistent definition and measurement of fair value, as well as similar disclosure requirements between GAAP and International Financial Reporting Standards. The accounting standard update changes certain fair value measurement principles, clarifies the application of existing fair value measurement, and expands the fair value measurement disclosure requirements, particularly for Level 3 fair value measurements. The amendments in this accounting standard update are to be applied prospectively and are effective for interim and annual periods beginning after December 15, 2011. The adoption of this accounting standard update did not have a material effect on the Company’s consolidated financial statements. |
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| Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In December 2011, the FASB issued guidance to enhance disclosures about offsetting assets and liabilities. Entities are required to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The guidance is effective for interim and annual periods beginning on or after January 1, 2013. The Company does not expect the adoption of this guidance to impact its financial condition or results of operations. |
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- Definition
Recently Issued Accounting Pronouncements. No definition available.
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- Definition
Special contracts and Revenue. No definition available.
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- Definition
The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity. No definition available.
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- Definition
Disclosure of accounting policy for the impairment and disposal of long-lived assets including goodwill and other intangible assets. No definition available.
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- Definition
Disclosure of the adoption of new accounting pronouncements that may impact the entity's financial reporting. No definition available.
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Stock-Based Compensation and Earnings Per Share (Tables)
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Jun. 30, 2012
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| Total Stock-Based Compensation Recognized in Consolidated Statements of Operations | Total stock-based compensation recognized in the consolidated statements of operations was as follows:
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| Reconciliation of Average Shares Outstanding | The following table presents a reconciliation of average shares outstanding:
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Service-Based Restricted Stock Units
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| Summary of Restricted Stock Unit Activity | A summary of the service-based restricted stock unit activity during the six months ended June 30, 2012 is presented below:
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Market Condition Restricted Stock Units
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| Summary of Restricted Stock Unit Activity | A summary of the market condition restricted stock unit activity during the six months ended June 30, 2012 is presented below:
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- Definition
Tabular disclosure of the changes in outstanding nonvested restricted stock units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tabular disclosure of share-based compensation plans that may be presented in a single table for outstanding, vested and expected to vest, and exercisable awards. The information that may be disclosed in this table may include, but is not limited to, number of shares, weighted average exercise price, weighted average remaining contractual life, and aggregate intrinsic value. No definition available.
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- Definition
Tabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Fair value measurements (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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| Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are as follows: Fair value as of June 30, 2012:
Fair value as of December 31, 2011:
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| Reconciliation of Retained Interest | The following is a reconciliation of the Company’s retained interest:
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- Definition
Retained Interests in Securitizations. No definition available.
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- Definition
Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Investment in Real Estate (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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| Real Estate by Property Type and Segment | Real estate by property type and segment includes the following:
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- Definition
Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. No definition available.
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Notes Receivable (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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| Notes Receivable | Notes receivable consists of the following:
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- Definition
Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Property, Plant and Equipment (Tables)
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Jun. 30, 2012
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| Property, Plant and Equipment | Property, plant and equipment consists of the following:
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- Definition
Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Other Assets (Tables)
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Jun. 30, 2012
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| Other Assets | Other assets consist of the following:
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- Definition
Tabular disclosure of the carrying amounts of other assets. This disclosure includes other current assets and other noncurrent assets. No definition available.
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Restructuring (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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| Charges Associated With Relocation and Restructuring Programs by Segment | The charges associated with the Company’s
2011 restructuring program by segment are as follows:
During 2010, the Company relocated its corporate headquarters from Jacksonville, Florida to WaterSound, Florida. The Company also consolidated other existing offices from Tallahassee, Port St. Joe and Walton County into the WaterSound location. In connection with these initiatives, the Company expensed $0.1 million and $0.1 million, respectively, during the three and six months ended June 30, 2012, and expensed less than $0.1 million during the during the three months ended June 30, 2011, and $0.3 million during the six months ended June 30, 2011. The charges associated with the Company’s 2010 restructuring and relocation program by segment are as follows:
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| Accrued Liability Associated with Relocation and Restructuring Programs | At June 30, 2012, the accrued liability associated with the relocation and restructuring programs consisted of the following:
|
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| X | ||||||||||
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- Definition
Tabular disclosure of the components of accrued liabilities. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of restructuring and related costs by type of restructuring including the description of the restructuring costs, such as the expected cost; the costs incurred during the period; the cumulative costs incurred as of the balance sheet date; the income statement caption within which the restructuring charges recognized for the period are included; and changes to an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Accrued Liabilities and Deferred Credits (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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| Accrued Liabilities and Deferred Credits | Accrued liabilities and deferred credits consist of the following:
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| X | ||||||||||
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- Definition
Accrued Liabilities And Deferred Credits. No definition available.
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Debt (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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| Debt | Debt at June 30, 2012 and December 31, 2011 consists of the following:
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| Maturities of Debt | The aggregate maturities of debt subsequent to June 30, 2012 are as follows (a):
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| X | ||||||||||
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- Definition
Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Employee Benefit Plans (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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| Summary of Net Periodic Benefit (Credit) | A summary of the net periodic benefit (credit) follows:
|
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| X | ||||||||||
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- Definition
Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Segment Information (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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| Information by Business Segment | Information by business segment is as follows:
|
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| X | ||||||||||
|
- Definition
Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Commitments and Contingencies (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2012
|
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| Future Minimum Rental Commitments under Noncancelable Long-Term Operating Leases | The future minimum rental commitments under noncancelable long-term operating leases due over the next five years, including buildings leased through a sale-leaseback transaction are as follows:
|
| X | ||||||||||
|
- Definition
Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Description of Business and Basis of Presentation - Additional Information (Detail) (USD $)
|
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Jun. 30, 2012
acre
|
Jun. 30, 2011
|
|
| Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
| Land owned (in acres) | 571,000 | ||||
| Minimum projected price appreciation over time | 0.00% | ||||
| Maximum projected price appreciation over time | 10.00% | ||||
| Estimated developer profit based on development costs | 20.00% | ||||
| Future holding period of operating properties (in years) | 13 years | ||||
| Timber deed sale agreement, value | $ 55,900,000 | ||||
| Percentage of buyer First Thinnings at fair market value | 85.00% | ||||
| Timber deed revenue | 9,731,000 | 8,166,000 | 19,226,000 | 70,790,000 | |
| Purchase price of First Thinnings | 100,000 | 600,000 | 300,000 | 600,000 | |
|
Timber Deed
|
|||||
| Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
| Timber deed land owned | 40,975 | ||||
| Timber deed revenue | 54,500,000 | 54,500,000 | |||
| Imputed land lease revenue | $ 1,400,000 | $ 1,400,000 | |||
|
Minimum
|
|||||
| Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
| Length of estimated development and selling periods | 4 | ||||
|
Maximum
|
|||||
| Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
| Length of estimated development and selling periods | 13 | ||||
|
Maximum | Timber Deed
|
|||||
| Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
| Timber deed sale agreement, term (in years) | 20 | ||||
| X | ||||||||||
|
- Definition
Estimated developer profit based On development costs. No definition available.
|
| X | ||||||||||
|
- Definition
Future holding period of operating properties (in years). No definition available.
|
| X | ||||||||||
|
- Definition
Imputed land lease revenue No definition available.
|
| X | ||||||||||
|
- Definition
Land owned No definition available.
|
| X | ||||||||||
|
- Definition
Length of the estimated development and selling periods. No definition available.
|
| X | ||||||||||
|
- Definition
Maximum projected price appreciation over time. No definition available.
|
| X | ||||||||||
|
- Definition
Projected price appreciation over time. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Purchase Agreement Fair Market Value Percentage No definition available.
|
| X | ||||||||||
|
- Definition
Purchase Agreement First Thinnings Purchase Price No definition available.
|
| X | ||||||||||
|
- Definition
Timber Deed Land Owned No definition available.
|
| X | ||||||||||
|
- Definition
Timber deed sale agreement, term No definition available.
|
| X | ||||||||||
|
- Definition
Timber deed sale agreement, value No definition available.
|
| X | ||||||||||
|
- Definition
Revenue from sale of timber, mill lumber, wood, and other wood products. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Stock-Based Compensation and Earnings Per Share - Additional Information (Detail) (USD $)
|
1 Months Ended | 3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|---|
|
Mar. 31, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
| Compensating Balances [Line Items] | ||||||
| Accelerated vesting of restricted shares | 300,000 | |||||
| Accelerated stock compensation expense | $ 6,200,000 | |||||
| Common stock purchased by employees through payroll deductions, discount | 15.00% | |||||
| Stock-based compensation expenses | 510,000 | (87,000) | 1,002,000 | 8,383,000 | ||
| Issuances of common stock to Chief Executive office in lieu of cash bonus, shares | 29,835 | 36,023 | ||||
|
2009 Equity Incentive Plan
|
||||||
| Compensating Balances [Line Items] | ||||||
| Number of share authorized | 2,000,000 | 2,000,000 | ||||
| Shares available for future issuance | 1,500,000 | 1,500,000 | ||||
|
Service-Based Restricted Stock Units
|
||||||
| Compensating Balances [Line Items] | ||||||
| Unrecognized compensation cost related to non-vested restricted stock | 100,000 | 100,000 | ||||
| Stock option compensation recognition period (in years) | 4 years | |||||
|
Market Condition Restricted Stock Units
|
||||||
| Compensating Balances [Line Items] | ||||||
| Performance period (in years) | 3 years | |||||
| Stock-based compensation expenses | $ 500,000 | $ 600,000 | ||||
| X | ||||||||||
|
- Definition
Accelerated amortization expense. No definition available.
|
| X | ||||||||||
|
- Definition
Accelerated vesting of restricted shares. No definition available.
|
| X | ||||||||||
|
- Definition
Performance Period No definition available.
|
| X | ||||||||||
|
- Definition
Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
As of the balance sheet date, the aggregate unrecognized cost of equity-based awards made to employees under equity-based compensation awards that have yet to vest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The discount rate from market value on offering date that participants pay for shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The difference between the maximum number of shares (or other type of equity) authorized for issuance under the plan (including the effects of amendments and adjustments), and the sum of: 1) the number of shares (or other type of equity) already issued upon exercise of options or other equity-based awards under the plan; and 2) shares (or other type of equity) reserved for issuance on granting of outstanding awards, net of cancellations and forfeitures, if applicable. 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
|
|
Summary of Restricted Stock Unit Activity (Detail) (USD $)
|
6 Months Ended |
|---|---|
|
Jun. 30, 2012
|
|
|
Service-Based Restricted Stock Units
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Number of Units, Beginning Balance | 37,815 |
| Number of Units, Granted | |
| Number of Units, Vested | (24,076) |
| Number of Units, Forfeited | (1,656) |
| Number of Units, Ending Balance | 12,083 |
| Weighted Average Grant Date Fair Value, Beginning Balance | $ 26.99 |
| Weighted Average Grant Date Fair Value, Granted | |
| Weighted Average Grant Date Fair Value, Vested | $ 23.13 |
| Weighted Average Grant Date Fair Value, Forfeited | $ 21.52 |
| Weighted Average Grant Date Fair Value, Ending Balance | $ 21.52 |
|
Market Condition Non-Vested Restricted Stocks
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Number of Units, Beginning Balance | 23,192 |
| Number of Units, Granted | |
| Number of Units, Forfeited | (23,192) |
| Weighted Average Grant Date Fair Value, Beginning Balance | $ 15.69 |
| Weighted Average Grant Date Fair Value, Granted | |
| Weighted Average Grant Date Fair Value, Forfeited | $ 15.69 |
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Total Stock-Based Compensation Recognized in Consolidated Statements of Operations (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
| Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
| Stock-based compensation expense | $ 510 | $ (87) | $ 1,002 | $ 8,383 |
| X | ||||||||||
|
- Definition
Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Reconciliation of Average Shares Outstanding (Detail)
|
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
| Basic average shares outstanding | 92,293,017 | 92,207,304 | 92,279,035 | 92,401,380 |
| Net effect of stock options assumed to be exercised | 7,004 | |||
| Net effect of restricted stock units assumed to be vested | ||||
| Diluted average shares outstanding | 92,293,017 | 92,207,304 | 92,279,035 | 92,408,384 |
| X | ||||||||||
|
- Definition
Net Effect Of Non-Vested Restricted Stock Assumed To Be Vested No definition available.
|
| X | ||||||||||
|
- Definition
Net Effect Of Stock Options Assumed To Be Exercised No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Investments in money market and short term treasury instruments | $ 152,109 | $ 148,985 |
| Retained interest in entities | 10,928 | 10,707 |
| Total, net | 163,037 | 159,692 |
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Investments in money market and short term treasury instruments | 152,109 | 148,985 |
| Total, net | 152,109 | 148,985 |
|
Significant Unobservable Inputs (Level 3)
|
||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Retained interest in entities | 10,928 | 10,707 |
| Total, net | $ 10,928 | $ 10,707 |
| X | ||||||||||
|
- Definition
This element represents the aggregate of the assets reported on the balance sheet at period end measured at fair value by the entity. This element is intended to be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents investment securities as of the balance sheet date which may include marketable securities, derivative financial instruments, and investments accounted for under the equity method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents the interests continued to be held by a transferor (retained or residual interest) after transferring financial assets to a third party. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Fair Value Measurements - Additional Information (Detail) (USD $)
|
3 Months Ended | 6 Months Ended | |
|---|---|---|---|
|
Jun. 30, 2011
Property
acre
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
| Interest income | $ 200,000 | $ 300,000 | |
| Standby guarantee liability | 800,000 | ||
| Carrying amount of long-lived assets written down to fair value | 4,600,000 | 4,600,000 | |
| Long-lived assets, fair value | 2,900,000 | 2,900,000 | |
| Impairment charges | 1,697,000 | 2,479,000 | |
| Impaired predevelopment costs | $ 800,000 | ||
| Number of homes to be disposed of | 4 | ||
| Number of homes to be disposed of, parcel of land in acres | 53 | ||
| X | ||||||||||
|
- Definition
Impairment Of Predevelopment Costs No definition available.
|
| X | ||||||||||
|
- Definition
Number of Parcels of Land to be Developed No definition available.
|
| X | ||||||||||
|
- Definition
Number of Properties Disposed No definition available.
|
| 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
Long-lived assets that are held for sale apart from normal operations and anticipated to be sold in less than one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Long-lived assets that are held for sale apart from normal operations and anticipated to be sold in less than one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents the amount of contractual guarantees to which the Company is obligated as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Reconciliation of Retained Interest (Detail) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended |
|---|---|
|
Jun. 30, 2012
|
|
| Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | |
| Beginning Balance | $ 10,707 |
| Additions | |
| Accretion of interest income | 221 |
| Ending Balance | $ 10,928 |
| X | ||||||||||
|
- Definition
Includes all other interest income, net of discount accretion and premium amortization, and dividend income. It may include dividend income from equity securities that do not have readily determinable fair values that are reportable in Other Assets, and interest income on interest-only strips receivable (not in the form of a security) that are included in Other Assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for the purchase of a retained interest in a receivable securitized via a structured process whereby interests in loans and other receivables are packaged, underwritten, and sold in the form of asset-backed securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents the interests continued to be held by a transferor (retained or residual interest) after transferring financial assets to a third party. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Real Estate by Property Type and Segment (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
|---|---|---|
| Real Estate Properties [Line Items] | ||
| Operating property | $ 200,578 | $ 199,890 |
| Development property | 226,258 | 224,418 |
| Investment property | 5,124 | 5,124 |
| Residential real estate | 2,238 | 2,259 |
| Total real estate investments | 434,198 | 431,691 |
| Less: accumulated depreciation | (46,665) | (44,489) |
| Investments in real estate | 387,533 | 387,202 |
|
Residential real estate
|
||
| Real Estate Properties [Line Items] | ||
| Operating property | 136,626 | 136,563 |
| Development property | 157,893 | 157,245 |
|
Commercial real estate
|
||
| Real Estate Properties [Line Items] | ||
| Operating property | 5,372 | 4,691 |
| Development property | 60,406 | 57,600 |
| Investment property | 700 | 700 |
|
Rural land sales
|
||
| Real Estate Properties [Line Items] | ||
| Operating property | 139 | 139 |
| Development property | 7,959 | 9,573 |
|
Forestry
|
||
| Real Estate Properties [Line Items] | ||
| Operating property | 58,031 | 58,087 |
| Investment property | 953 | 953 |
|
Other
|
||
| Real Estate Properties [Line Items] | ||
| Operating property | 410 | 410 |
| Investment property | $ 3,471 | $ 3,471 |
| X | ||||||||||
|
- Definition
Income-Producing Depreciable Operating Property No definition available.
|
| X | ||||||||||
|
- Definition
Investment in unconsolidated real estate affiliates. No definition available.
|
| X | ||||||||||
|
- Definition
The current amount of expenditures for a real estate project that has not yet been completed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cumulative amount of depreciation for real estate property held for investment purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of real estate investment property which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of real estate owned for income production and capital accretion potential, not otherwise specified in the existing taxonomy. Such real estate excludes that which is occupied or used in the business, for entertainment purposes, or held in inventory for specific purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Notes Receivable (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
|---|---|---|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Notes receivable | $ 4,107 | $ 4,563 |
|
Various builders notes
|
||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Notes receivable | 295 | 712 |
|
Pier Park Community Development District notes
|
||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Notes receivable | 2,773 | 2,768 |
|
Various Mortgages
|
||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Notes receivable | $ 1,039 | $ 1,083 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Net amount of the investment in a contractual right to receive money on demand or on fixed or determinable dates that is recognized as an asset in the creditor's statement of financial position. Examples include, but are not limited to, credit card receivables, notes receivable and receivables relating to lessor's rights to payments from leases other than operating leases that have been recorded as assets. Excludes trade accounts receivable with contractual maturity of one year or less and arose from the sale of goods or services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Notes Receivable (Parenthetical) (Detail) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 12 Months Ended |
|---|---|---|
|
Jun. 30, 2012
|
Dec. 31, 2011
|
|
|
Various builders notes
|
||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Notes receivable, effective interest rate | 5.00% | 5.00% |
|
Various builders notes | Minimum
|
||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Notes receivable maturity date | 2012-10 | 2012-10 |
|
Various builders notes | Maximum
|
||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Notes receivable maturity date | 2013-01 | 2013-01 |
|
Pier Park Community Development District notes
|
||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Unamortized discount | $ 0.1 | $ 0.1 |
| Notes receivable, effective interest rate, minimum | 5.73% | 5.73% |
| Notes receivable, effective interest rate, maximum | 8.00% | 8.00% |
| Notes receivable maturity date | 2024-12 | 2024-12 |
| X | ||||||||||
|
- Definition
Notes and other Financings Receivable Maturity Date Month and Year. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
When presenting a range of interest rates, the highest effective rate for funds borrowed under the debt agreement as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
When presenting a range of interest rates, the lowest effective rate for funds borrowed under the debt agreement as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of debt discount that was originally recognized at the issuance of the instrument that has yet to be amortized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Property, Plant and Equipment (Detail) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2012
|
Dec. 31, 2011
|
|
| Property, Plant, and Equipment Disclosure [Line Items] | ||
| Property, plant and equipment, gross | $ 49,882 | $ 50,914 |
| Less: Accumulated depreciation | (36,685) | (36,514) |
| Property, plant and equipment, excluding construction in progress, net | 13,197 | 14,400 |
| Construction in progress | 385 | 546 |
| Total | 13,582 | 14,946 |
|
Transportation property and equipment
|
||
| Property, Plant, and Equipment Disclosure [Line Items] | ||
| Estimated Useful Life (in years) | 3 years | |
| Property, plant and equipment, gross | 10,140 | 10,140 |
|
Machinery and Equipment
|
||
| Property, Plant, and Equipment Disclosure [Line Items] | ||
| Property, plant and equipment, gross | 18,662 | 18,978 |
|
Machinery and Equipment | Minimum
|
||
| Property, Plant, and Equipment Disclosure [Line Items] | ||
| Estimated Useful Life (in years) | 3 years | |
|
Machinery and Equipment | Maximum
|
||
| Property, Plant, and Equipment Disclosure [Line Items] | ||
| Estimated Useful Life (in years) | 10 years | |
|
Office equipment
|
||
| Property, Plant, and Equipment Disclosure [Line Items] | ||
| Property, plant and equipment, gross | 19,349 | 19,845 |
|
Office equipment | Minimum
|
||
| Property, Plant, and Equipment Disclosure [Line Items] | ||
| Estimated Useful Life (in years) | 5 years | |
|
Office equipment | Maximum
|
||
| Property, Plant, and Equipment Disclosure [Line Items] | ||
| Estimated Useful Life (in years) | 10 years | |
|
Autos and trucks
|
||
| Property, Plant, and Equipment Disclosure [Line Items] | ||
| Property, plant and equipment, gross | $ 1,731 | $ 1,951 |
|
Autos and trucks | Minimum
|
||
| Property, Plant, and Equipment Disclosure [Line Items] | ||
| Estimated Useful Life (in years) | 5 years | |
|
Autos and trucks | Maximum
|
||
| Property, Plant, and Equipment Disclosure [Line Items] | ||
| Estimated Useful Life (in years) | 10 years |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Property, plant and equipment, excluding construction in progress, net. No definition available.
|
| X | ||||||||||
|
- Definition
The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross amount, at the balance sheet date, of long-lived assets under construction that include construction costs to date on capital projects that have not been completed and assets being constructed that are not ready to be placed into service. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross amount of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. No definition available.
|
|
Property, Plant and Equipment - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
| Property, Plant and Equipment [Line Items] | ||||
| Depreciation expense | $ 2.4 | $ 3.0 | $ 4.7 | $ 9.3 |
| X | ||||||||||
|
- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Other Assets (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
|---|---|---|
| Other Assets [Line Items] | ||
| Other assets | $ 22,816 | $ 22,050 |
|
Cash in escrow
|
||
| Other Assets [Line Items] | ||
| Other assets | 1,204 | 748 |
|
Accounts receivable
|
||
| Other Assets [Line Items] | ||
| Other assets | 3,795 | 5,061 |
|
Income tax receivable
|
||
| Other Assets [Line Items] | ||
| Other assets | 222 | 69 |
|
Prepaid expenses
|
||
| Other Assets [Line Items] | ||
| Other assets | 4,016 | 3,106 |
|
Inventory
|
||
| Other Assets [Line Items] | ||
| Other assets | 1,089 | 877 |
|
Retained interest in entities
|
||
| Other Assets [Line Items] | ||
| Other assets | 10,928 | 10,707 |
|
Intangible assets
|
||
| Other Assets [Line Items] | ||
| Other assets | 218 | 310 |
|
Other assets
|
||
| Other Assets [Line Items] | ||
| Other assets | $ 1,344 | $ 1,172 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Restructuring - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |
|---|---|---|---|---|---|---|---|
|
Jun. 30, 2012
2010 Restructuring And Relocation Program
|
Jun. 30, 2012
2010 Restructuring And Relocation Program
|
Jun. 30, 2011
2010 Restructuring And Relocation Program
Maximum
|
Jun. 30, 2011
2010 Restructuring And Relocation Program
Maximum
|
Jun. 30, 2011
2011 Restructuring Program
|
Jun. 30, 2011
2011 Restructuring Program
|
Apr. 11, 2011
2011 Restructuring Program
Person
|
|
| Restructuring Cost and Reserve [Line Items] | |||||||
| Number of senior management members entered into separation agreements | 4 | ||||||
| Restructuring costs incurred | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.3 | $ 5.9 | $ 10.1 |
| X | ||||||||||
|
- Definition
Number Of Senior Management Entered Into Separation Agreements. No definition available.
|
| X | ||||||||||
|
- Definition
Discloses the amount charged against the accrued restructuring reserves, or earnings if not previously accrued, during the period for the specified type of restructuring cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Charges Associated With Relocation And Restructuring Programs By Segment (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
| Restructuring Cost and Reserve [Line Items] | ||||
| One-time termination and relocation benefits to employees | $ 18 | $ 5,926 | $ 73 | $ 10,402 |
|
2011 Restructuring Program
|
||||
| Restructuring Cost and Reserve [Line Items] | ||||
| One-time termination and relocation benefits to employees | 5,873 | 2 | 10,080 | |
| Cumulative restructuring charges | 10,933 | |||
| Remaining one-time termination benefits to employees - to be incurred during 2012 | ||||
|
2010 Restructuring And Relocation Program
|
||||
| Restructuring Cost and Reserve [Line Items] | ||||
| One-time termination and relocation benefits to employees | 18 | 53 | 71 | 322 |
| Cumulative restructuring charges | 5,938 | |||
| Remaining one-time termination benefits to employees - to be incurred during 2012 | ||||
|
Residential real estate | 2011 Restructuring Program
|
||||
| Restructuring Cost and Reserve [Line Items] | ||||
| One-time termination and relocation benefits to employees | 164 | 1 | 164 | |
| Cumulative restructuring charges | 624 | |||
| Remaining one-time termination benefits to employees - to be incurred during 2012 | ||||
|
Residential real estate | 2010 Restructuring And Relocation Program
|
||||
| Restructuring Cost and Reserve [Line Items] | ||||
| One-time termination and relocation benefits to employees | (22) | 9 | 52 | |
| Cumulative restructuring charges | 1,034 | |||
| Remaining one-time termination benefits to employees - to be incurred during 2012 | ||||
|
Commercial real estate | 2011 Restructuring Program
|
||||
| Restructuring Cost and Reserve [Line Items] | ||||
| One-time termination and relocation benefits to employees | 1,657 | 1,657 | ||
| Cumulative restructuring charges | 1,659 | |||
| Remaining one-time termination benefits to employees - to be incurred during 2012 | ||||
|
Commercial real estate | 2010 Restructuring And Relocation Program
|
||||
| Restructuring Cost and Reserve [Line Items] | ||||
| One-time termination and relocation benefits to employees | (3) | |||
| Cumulative restructuring charges | 43 | |||
| Remaining one-time termination benefits to employees - to be incurred during 2012 | ||||
|
Rural land sales | 2011 Restructuring Program
|
||||
| Restructuring Cost and Reserve [Line Items] | ||||
| One-time termination and relocation benefits to employees | 199 | 1 | 199 | |
| Cumulative restructuring charges | 209 | |||
| Remaining one-time termination benefits to employees - to be incurred during 2012 | ||||
|
Rural land sales | 2010 Restructuring And Relocation Program
|
||||
| Restructuring Cost and Reserve [Line Items] | ||||
| One-time termination and relocation benefits to employees | (12) | |||
| Cumulative restructuring charges | 769 | |||
| Remaining one-time termination benefits to employees - to be incurred during 2012 | ||||
|
Forestry | 2011 Restructuring Program
|
||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Cumulative restructuring charges | 77 | |||
| Remaining one-time termination benefits to employees - to be incurred during 2012 | ||||
|
Forestry | 2010 Restructuring And Relocation Program
|
||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Cumulative restructuring charges | 193 | |||
| Remaining one-time termination benefits to employees - to be incurred during 2012 | ||||
|
Other | 2011 Restructuring Program
|
||||
| Restructuring Cost and Reserve [Line Items] | ||||
| One-time termination and relocation benefits to employees | 3,853 | 8,060 | ||
| Cumulative restructuring charges | 8,364 | |||
| Remaining one-time termination benefits to employees - to be incurred during 2012 | ||||
|
Other | 2010 Restructuring And Relocation Program
|
||||
| Restructuring Cost and Reserve [Line Items] | ||||
| One-time termination and relocation benefits to employees | 40 | 44 | 71 | 285 |
| Cumulative restructuring charges | 3,899 | |||
| Remaining one-time termination benefits to employees - to be incurred during 2012 | ||||
| X | ||||||||||
|
- Definition
Amount of costs incurred to date for the specified type of restructuring cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount expected to be charged against earnings in the current and future periods for the specified restructuring cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount charged against earnings in the period for incurred and estimated costs associated with exit from or disposal of business activities or restructurings pursuant to a duly authorized plan, excluding asset retirement obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Accrued Liability Associated with Relocation and Restructuring Programs (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
| Restructuring Cost and Reserve [Line Items] | ||||
| Balance at beginning of period | $ 790 | |||
| Costs Accrued | 18 | 5,926 | 73 | 10,402 |
| Payments | 636 | |||
| Balance at end of period | 227 | 227 | ||
| Due within 12 months | 227 | 227 | ||
|
One Time Termination Benefits To Employees Two Thousand Ten Restructuring Program
|
||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Balance at beginning of period | 8 | |||
| Costs Accrued | 71 | |||
| Payments | 76 | |||
| Balance at end of period | 3 | 3 | ||
| Due within 12 months | 3 | 3 | ||
|
One-Time Termination Benefits To Employees - 2011 Restructuring Program
|
||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Balance at beginning of period | 782 | |||
| Costs Accrued | 2 | |||
| Payments | 560 | |||
| Balance at end of period | 224 | 224 | ||
| Due within 12 months | $ 224 | $ 224 | ||
| X | ||||||||||
|
- Definition
Amount charged against earnings in the period for incurred and estimated costs associated with exit from or disposal of business activities or restructurings pursuant to a duly authorized plan, excluding asset retirement obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying amount (including both current and noncurrent portions of the accrual) as of the balance sheet date pertaining to a specified type of cost associated with exit from or disposal of business activities or restructuring pursuant to a duly authorized plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date of known and estimated obligations associated with exit from or disposal of business activities or restructurings pursuant to a duly authorized plan, which are expected to be paid in the next twelve months or in the normal operating cycle if longer. Costs of such activities include those for one-time termination benefits, termination of an operating lease or other contract, consolidating or closing facilities, relocating employees, and costs associated with an ongoing benefit arrangement, but excludes costs associated with the retirement of a long-lived asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of cash paid in the period to fully or partially settle a specified, previously accrued type of restructuring cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Accrued Liabilities and Deferred Credits (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
|---|---|---|
| Accounts Payable and Accrued Liabilities [Line Items] | ||
| Accrued compensation | $ 2,540 | $ 1,687 |
| Restructuring liability | 227 | 790 |
| Environmental and insurance liabilities | 1,856 | 1,887 |
| Deferred revenue | 30,346 | 29,859 |
| Retiree medical and other benefit reserves | 89 | 100 |
| Legal | 1,572 | 2,972 |
| Other accrued liabilities | 13,774 | 10,196 |
| Total accrued liabilities and deferred credits | $ 50,404 | $ 47,491 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Environmental And Insurance Liabilities. No definition available.
|
| X | ||||||||||
|
- Definition
Legal Expenses. No definition available.
|
| X | ||||||||||
|
- Definition
Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of the carrying values as of the balance sheet date of liabilities incurred and payable to vendors for goods and services received, and other costs not separately disclosed in the balance sheet 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. No definition available.
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of obligations, excluding pension and other postretirement benefits, incurred through that date and payable for perquisites provided to employees pertaining to services received from them. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- 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. Examples include taxes, interest, rent and utilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount (including both current and noncurrent portions of the accrual) as of the balance sheet date pertaining to a specified type of cost associated with exit from or disposal of business activities or restructuring pursuant to a duly authorized plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Accrued Liabilities and Deferred Credits - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 12 Months Ended | |
|---|---|---|---|
|
Jun. 30, 2012
acre
|
Dec. 31, 2006
acre
|
Dec. 31, 2011
|
|
| Accounts Payable and Accrued Liabilities [Line Items] | |||
| Deferred revenue | $ 30,346 | $ 29,859 | |
|
Florida Department Of Transportation
|
|||
| Accounts Payable and Accrued Liabilities [Line Items] | |||
| Deferred revenue | $ 23,500 | $ 23,500 | |
| Acres of land sold | 3,900 | ||
| Acres of land remaining to be transferred | 1,595 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Number Of Acres Remains To Be Transferred. No definition available.
|
| X | ||||||||||
|
- Definition
Number Of Acres Sold No definition available.
|
| X | ||||||||||
|
- Definition
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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Debt (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
|||
|---|---|---|---|---|---|
| Debt Instrument [Line Items] | |||||
| Total debt | $ 51,703 | [1] | $ 53,458 | ||
|
Debt
|
|||||
| Debt Instrument [Line Items] | |||||
| Non-recourse defeased debt | 22,274 | 23,299 | |||
| Community Development District debt | $ 29,429 | $ 30,159 | |||
|
|||||
| X | ||||||||||
|
- Definition
Community debt obligation until property transferred to end user. No definition available.
|
| X | ||||||||||
|
- Definition
Non recourse defeased debt. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Debt (Parenthetical) (Detail) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 12 Months Ended |
|---|---|---|
|
Jun. 30, 2012
|
Dec. 31, 2011
|
|
|
Non-Recourse Defeased Debt
|
||
| Debt Instrument [Line Items] | ||
| Non-recourse defeased debt, interest rate | 5.60% | 5.60% |
| Unamortized premium | $ 1.7 | |
| Maturity date | Oct. 01, 2015 | Oct. 01, 2015 |
|
Community Development District Debt
|
||
| Debt Instrument [Line Items] | ||
| Community Development District debt, minimum interest | 6.70% | |
| Community Development District debt, maximum interest | 7.15% | |
| Maturity start date | May 01, 2016 | |
| Maturity end date | May 01, 2039 |
| X | ||||||||||
|
- Definition
Interest rate stated in the contractual debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
When presenting a range of interest rates, the highest stated (contractual) rate for funds borrowed under the debt agreement as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
When presenting a range of interest rates, the lowest stated (contractual) rate for funds borrowed under the debt agreement as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Latest date the outstanding debt instruments are required to be repaid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Earliest date the outstanding debt instruments are required to be repaid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of debt premium that was originally recognized at the issuance of the instrument that has yet to be amortized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Maturities of Debt (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
|||
|---|---|---|---|---|---|
| Extinguishment of Debt [Line Items] | |||||
| 2012 | $ 993 | ||||
| 2013 | 1,654 | ||||
| 2014 | 1,580 | ||||
| 2015 | 18,266 | ||||
| 2016 | 84 | ||||
| Thereafter | 29,126 | ||||
| Total debt | $ 51,703 | [1] | $ 53,458 | ||
|
|||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing after the fifth fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the next fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the fifth fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the fourth fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the third fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the second fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Maturities of Debt (Parenthetical) (Detail) (Debt, USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
|---|---|---|
|
Debt
|
||
| Extinguishment of Debt [Line Items] | ||
| Debt defeased in connection with sale of office portfolio | $ 22,274 | $ 23,299 |
| X | ||||||||||
|
- Definition
Non recourse defeased debt. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Debt - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 12 Months Ended |
|---|---|---|
|
Jun. 30, 2012
|
Dec. 31, 2011
|
|
| Debt Disclosure [Line Items] | ||
| Total community development district debt | $ 29.4 | $ 30.2 |
| Defeased debt | 22.3 | |
|
Total Outstanding Cdd Debt
|
||
| Debt Disclosure [Line Items] | ||
| Total community development district debt | $ 56.0 | $ 56.8 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Defeased Debt No definition available.
|
| X | ||||||||||
|
- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of a type of municipal bond typically used to fund a development project. Also called special assessment limited liability bond, special district bond, special purpose bond, special tax bond and community development obligation. Interest owed to lenders is paid by taxes levied on the community benefiting from the particular bond-funded project. For example, if a bond of this sort was issued to pay for sidewalks to be repaved in a certain community, an additional tax would be levied on homeowners in the area benefiting from this project. No definition available.
|
|
Summary of Net Periodic Benefit (Credit) (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Service cost | $ (615) | $ 999 | $ 425 | $ 3,013 |
| Interest cost | (491) | 307 | 390 | 651 |
| Expected return on assets | 1,382 | (787) | (1,225) | (1,628) |
| Prior service costs | (220) | 173 | 218 | 351 |
| Actuarial loss | ||||
| Curtailment charges | 1,713 | 1,713 | ||
| Settlement charges | 963 | 963 | ||
| Net periodic pension cost | $ 1,019 | $ 2,405 | $ 771 | $ 4,100 |
| X | ||||||||||
|
- Definition
Amount of gain (loss) from a decision to temporarily deviate from the substantive plan, or from a change in benefit obligation or plan asset value from changes in actuarial assumptions, for example, but not limited to, interest, mortality, employee turnover or salary scale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of the prior service cost or credit recognized in net periodic benefit cost relating to benefit changes attributable to plan participants' prior service pursuant to a plan amendment or a plan initiation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of decrease that is related to an event that significantly reduces the expected years of future service of present employees or eliminates for a significant number of employees the accrual of defined benefits for some or all of their future services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
An amount calculated as a basis for determining the extent of delayed recognition of the effects of changes in the fair value of assets. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total amount of net periodic benefit cost for defined benefit plans for the period. Periodic benefit costs include the following components: service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) due to settlements or curtailments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during the period. The portion of the expected postretirement benefit obligation attributed to employee service during the period. The service cost component is a portion of the benefit obligation and is unaffected by the funded status of the plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount that relates to an irrevocable action that relieves the employer (or the plan) of primary responsibility for a benefit obligation and eliminates significant risks related to the obligation and the assets used to effect the settlement. Examples of transactions that constitute a settlement include (a) making lump-sum cash payments to plan participants in exchange for their rights to receive specified benefits and (b) purchasing nonparticipating annuity contracts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Income Taxes - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2012
|
Dec. 31, 2011
|
|
| Deferred Tax Liability Not Recognized [Line Items] | ||
| Total unrecognized tax benefits | $ 1.7 | $ 1.7 |
| Accrued interest (net of tax benefit) related to uncertain tax positions | 0 | 0 |
| Deferred tax assets, valuation allowance adjustment | 0.7 | |
| Deferred tax assets, valuation allowance | 96.1 | 95.5 |
| Deferred tax assets, provision for valuation allowance | 3.7 | 3.8 |
| Deferred tax assets, decrease in valuation allowance | 0.1 | |
|
Internal Revenue Service (IRS)
|
||
| Deferred Tax Liability Not Recognized [Line Items] | ||
| Net operating loss carryforward | 93.6 | 92.0 |
|
State and Local Jurisdiction
|
||
| Deferred Tax Liability Not Recognized [Line Items] | ||
| Net operating loss carryforward | $ 614.2 | $ 612.6 |
| X | ||||||||||
|
- Definition
Deferred Tax Assets Valuation Allowance, Decrease No definition available.
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The sum of domestic, foreign and state and local operating loss carryforwards, before tax effects, available to reduce future taxable income under enacted tax laws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The gross amount of unrecognized tax benefits pertaining to uncertain tax positions taken in tax returns as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of the valuation allowance recorded as of the balance sheet date pertaining to the specified deferred tax asset for which an assessment was made that it is more likely than not that all or a portion of such deferred tax asset will not be realized through related deductions on future tax returns. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of the change in the period in the valuation allowance for a specified deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Gain on Claims from Oil Spill - Additional Information (Detail) (USD $)
|
1 Months Ended | 3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|---|
|
May 31, 2012
|
Apr. 30, 2012
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
| Unusual or Infrequent Item [Line Items] | ||||||
| Payment on extraordinary items | $ 1,100,000 | $ 600,000 | ||||
| Other, net | 2,852,000 | 1,123,000 | 4,588,000 | 2,250,000 | ||
|
Gulf Coast Claims Facility
|
||||||
| Unusual or Infrequent Item [Line Items] | ||||||
| Other, net | $ 1,100,000 | $ 1,700,000 | ||||
| X | ||||||||||
|
- Definition
Payment on extraordinary items. No definition available.
|
| X | ||||||||||
|
- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Information by Business Segment (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
|
| Segment Reporting Information [Line Items] | |||||
| Consolidated operating revenues | $ 30,357 | $ 25,284 | $ 60,873 | $ 98,720 | |
| Consolidated income (loss) from operations before equity in (loss) of unconsolidated affiliates and income taxes | 160 | (20,273) | (60) | 1,394 | |
| Total Assets | 666,378 | 666,378 | 661,291 | ||
|
Residential real estate
|
|||||
| Segment Reporting Information [Line Items] | |||||
| Consolidated operating revenues | 19,548 | 16,445 | 30,066 | 24,210 | |
| Consolidated income (loss) from operations before equity in (loss) of unconsolidated affiliates and income taxes | 178 | (6,308) | (3,620) | (15,154) | |
| Total Assets | 273,566 | 273,566 | 272,210 | ||
|
Commercial real estate
|
|||||
| Segment Reporting Information [Line Items] | |||||
| Consolidated operating revenues | 873 | 598 | 7,093 | 895 | |
| Consolidated income (loss) from operations before equity in (loss) of unconsolidated affiliates and income taxes | (585) | (2,906) | 1,309 | (4,772) | |
| Total Assets | 71,142 | 71,142 | 67,650 | ||
|
Rural land sales
|
|||||
| Segment Reporting Information [Line Items] | |||||
| Consolidated operating revenues | 205 | 75 | 4,488 | 2,825 | |
| Consolidated income (loss) from operations before equity in (loss) of unconsolidated affiliates and income taxes | 45 | (388) | 2,184 | 1,897 | |
| Total Assets | 8,397 | 8,397 | 10,048 | ||
|
Forestry
|
|||||
| Segment Reporting Information [Line Items] | |||||
| Consolidated operating revenues | 9,731 | 8,166 | 19,226 | 70,790 | |
| Consolidated income (loss) from operations before equity in (loss) of unconsolidated affiliates and income taxes | 3,139 | 1,753 | 5,900 | 54,497 | |
| Total Assets | 55,268 | 55,268 | 58,638 | ||
|
Other
|
|||||
| Segment Reporting Information [Line Items] | |||||
| Consolidated income (loss) from operations before equity in (loss) of unconsolidated affiliates and income taxes | (2,617) | (12,424) | (5,833) | (35,074) | |
| Total Assets | $ 258,005 | $ 258,005 | $ 252,745 | ||
| 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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| X | ||||||||||
|
- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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|
Commitments and Contingencies - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
|
| Commitments and Contingencies Disclosure [Line Items] | |||||
| Total rent expense | $ 0.2 | $ 0.6 | $ 0.3 | $ 1.3 | |
| Aggregate environmental-related accruals | 1.6 | 1.6 | 1.5 | ||
| Threshold of ownership percentage in Company for private investigation of compliance | 5.00% | ||||
| Income from contract termination | 0.8 | ||||
|
Surety bonds | Certain development projects
|
|||||
| Commitments and Contingencies Disclosure [Line Items] | |||||
| Commitment obligations | 14.2 | 14.2 | 15.7 | ||
|
Surety bonds | Standby letters of credit
|
|||||
| Commitments and Contingencies Disclosure [Line Items] | |||||
| Commitment obligations | $ 0.9 | $ 0.9 | $ 0.8 | ||
| X | ||||||||||
|
- Details
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| X | ||||||||||
|
- Definition
Threshold Of Ownership Percentage In Company For Private Investigation Of Compliance No definition available.
|
| X | ||||||||||
|
- Definition
Recorded amount of the accrual for a material component of an environmental loss contingency. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Gain (loss) related to the termination of a contract between the parties. The termination may be due to many causes including early termination of a lease by a lessee, a breach of contract by one party, or a failure to perform. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee or each group of similar guarantees before reduction for potential recoveries under recourse or collateralization provisions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Rental expense incurred for leased assets including furniture and equipment which has not been recognized in costs and expenses applicable to sales and revenues; for example, cost of goods sold or other operating costs and expenses. No definition available.
|
|
Future Minimum Rental Commitments under Non Cancelable Long-Term Operating Leases (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
|---|---|
| Operating Leased Assets [Line Items] | |
| 2012 | $ 231 |
| 2013 | 406 |
| 2014 | 294 |
| 2015 | 294 |
| 2016 | 153 |
| Thereafter | $ 3,521 |
| X | ||||||||||
|
- Definition
Amount of minimum lease payments maturing after the fifth fiscal year following the latest fiscal year for sale-leaseback transactions accounted for using the deposit method or as a financing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of minimum lease payments maturing in the fifth fiscal year following the latest fiscal year for sale-leaseback transactions accounted for using the deposit method or as a financing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of minimum lease payments maturing in the fourth fiscal year following the latest fiscal year for sale-leaseback transactions accounted for using the deposit method or as a financing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of minimum lease payments maturing in the next fiscal year following the latest fiscal year for sale-leaseback transactions accounted for using the deposit method or as a financing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of minimum lease payments maturing in the third fiscal year following the latest fiscal year for sale-leaseback transactions accounted for using the deposit method or as a financing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of minimum lease payments maturing in the second fiscal year following the latest fiscal year for sale-leaseback transactions accounted for using the deposit method or as a financing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
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|
Concentration of Risks and Uncertainties - Additional Information (Detail)
|
1 Months Ended | |
|---|---|---|
|
Jul. 31, 2010
Bankruptcy protection
|
Nov. 30, 2010
Mill closures due to economic reasons
|
|
| Concentration Risk [Line Items] | ||
| Period of risk concentration | 18 months | One year |
| X | ||||||||||
|
- Definition
Description of risks that arise due to the volume of business transacted with a particular customer. At a minimum, the description informs financial statement users of the general nature of the risk, but excludes "Information about Major Customers" that may be disclosed elsewhere (for instance, segment disclosures). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|