Document and Entity Information (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Feb. 23, 2015	Jun. 30, 2014
Document Documentand Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Trading Symbol	JOE
Entity Registrant Name	ST JOE CO
Entity Central Index Key	0000745308
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Common Stock, Shares Outstanding		92,322,905
Entity Public Float			$ 821.3

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Dec. 31, 2013
ASSETS
Investment in real estate, net	$ 321,812,000	$ 385,009,000
Cash and cash equivalents	34,515,000	21,894,000
Investments	636,878,000	146,972,000
Notes receivable, net	24,270,000	7,332,000
Pledged treasury securities	25,670,000	26,260,000
Restricted investments	7,940,000	0
Prepaid pension asset	0	35,117,000
Property and equipment, net of accumulated depreciation of $60.3 million and $62.2 million at December 31, 2014 and 2013, respectively	10,203,000	11,410,000
Deferred tax asset	0	12,866,000
Other assets	31,990,000	22,612,000
Investments held by special purpose entities	209,857,000	0
Total assets	1,303,135,000	669,472,000
LIABILITIES:
Debt	63,804,000	44,217,000
Accounts payable	12,554,000	12,083,000
Accrued liabilities and deferred credits	34,911,000	49,647,000
Deferred tax liabilities	34,824,000	0
Senior Notes held by special purpose entity	177,341,000	0
Total liabilities	323,434,000	105,947,000
EQUITY:
Common stock, no par value; 180,000,000 shares authorized; 92,322,905 and 92,313,182 issued at December 31, 2014 and 2013, respectively; 92,302,636 and 92,292,913 outstanding at December 31, 2014 and 2013, respectively	892,237,000	892,027,000
Retained earnings (deficit)	80,582,000	(325,871,000)
Accumulated other comprehensive loss	(1,325,000)	(7,517,000)
Treasury stock at cost, 20,269 shares held at December 31, 2014 and 2013	(285,000)	(285,000)
Total stockholders' equity	971,209,000	558,354,000
Noncontrolling interest	8,492,000	5,171,000
Total equity	979,701,000	563,525,000
Total liabilities and equity	1,303,135,000	669,472,000
Variable Interest Entities
ASSETS
Investment in real estate, net	43,709,000	28,412,000
Cash and cash equivalents	3,455,000	2,225,000
Other assets	8,781,000	321,000
Investments held by special purpose entities	209,857,000	0
Total assets	265,802,000	30,958,000
LIABILITIES:
Debt	31,618,000	6,445,000
Accounts payable	1,511,000	5,766,000
Accrued liabilities and deferred credits	4,142,000	1,925,000
Senior Notes held by special purpose entity	177,341,000	0
Total liabilities	$ 214,612,000	$ 14,136,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Property and equipment, Accumulated depreciation	$ 60,284	$ 62,206
Common stock, shares authorized (shares)	180,000,000	180,000,000
Common stock, issued (shares)	92,322,905	92,313,182
Common stock, outstanding (shares)	92,302,636	92,292,913
Treasury stock, shares (shares)	20,269	20,269

CONSOLIDATED STATEMENTS OF INCOME (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues:
Real estate sales	$ 634,916	$ 45,039	$ 56,012
Resort, leisure and leasing revenues	55,451	50,767	44,407
Timber sales	11,506	35,450	38,977
Total revenues	701,873	131,256	139,396
Expenses:
Cost of real estate sales	86,571	24,277	28,193
Cost of resort, leisure and leasing revenues	45,714	41,109	39,083
Cost of timber sales	4,513	21,527	24,000
Other operating expenses	13,459	12,323	15,321
Corporate expense	12,669	15,532	15,005
Pension charges	13,529	1,500	2,999
Administrative costs associated with special purpose entities	3,746	0	0
Depreciation, depletion and amortization	8,422	9,131	10,110
Impairment losses	0	5,080	2,551
Total expenses	188,623	130,479	137,262
Operating income	513,250	777	2,134
Other income (expense):
Investment income, net	12,691	1,498	707
Interest expense	(8,608)	(2,040)	(2,820)
Other, net	4,488	4,210	6,402
Total other income	8,571	3,668	4,289
Income before equity in (loss) income from unconsolidated affiliates and income taxes	521,821	4,445	6,423
Equity in (loss) income from unconsolidated affiliates	(32)	112	(46)
Income tax (expense) benefit	(115,507)	409	(387)
Net income	406,282	4,966	5,990
Net loss attributable to non-controlling interest	171	24	22
Net income attributable to the Company	$ 406,453	$ 4,990	$ 6,012
Basic and Diluted
Weighted average shares outstanding (in shares)	92,297,467	92,285,888	92,258,110
Net income per share attributable to the Company (in dollars per share)	$ 4.40	$ 0.05	$ 0.07

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
Net income	$ 406,282	$ 4,966	$ 5,990
Available-for-sale investment items:
Net unrealized losses on available-for-sale investments	(1,455)	(2,032)	0
Reclassification of other-than-temporary impairment losses included in earnings	1,295	0	0
Reclassification of realized losses (gains) included in earnings	833	(93)	0
Total before income taxes	673	(2,125)	0
Income tax benefit	127	0	0
Total	800	(2,125)	0
Defined benefit pension items:
Net (loss) gain arising during the period	(2,180)	2,191	(2,485)
Amortization and settlement included in net periodic cost	7,107	743	1,162
Amortization of loss included in net periodic cost	465	326	48
Amortization and curtailment of prior service cost included in net periodic cost	0	0	2,503
Total before income taxes	5,392	3,260	1,228
Income tax expense	0	0	0
Total	5,392	3,260	1,228
Total other comprehensive income, net of tax	6,192	1,135	1,228
Total comprehensive income	$ 412,474	$ 6,101	$ 7,218

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) In Thousands, except Share data, unless otherwise specified	Total	Common Stock	Accumulated Deficit	Accumulated Other Comprehensive Loss	Treasury Stock	Non-controlling Interest
Beginning Balance at Dec. 31, 2011	$ 543,892	$ 890,314	$ (336,873)	$ (9,880)	$ 0	$ 331
Beginning Balance (in shares) at Dec. 31, 2011		92,267,256
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	5,990		6,012			(22)
Other comprehensive income	1,228			1,228
Issuance of restricted stock (in shares)		59,891
Issuance of restricted stock	976	976
Forfeitures of restricted stock (in shares)		(32,210)
Forfeitures of restricted stock	(108)				(108)
Amortization of stock based compensation	31	31
Excess tax benefit on options exercised and vested restricted stock	477	477
Treasury shares received in lieu of taxes to be remitted on share award (in shares)		(9,529)
Treasury shares received in lieu of taxes to be remitted on share award	(152)				(152)
Ending Balance at Dec. 31, 2012	552,334	891,798	(330,861)	(8,652)	(260)	309
Ending Balance (in shares) at Dec. 31, 2012		92,285,408
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	4,966		4,990			(24)
Other comprehensive income	1,135			1,135
Capital contributions from non-controlling interest	4,886					4,886
Issuance of common stock for director fees (in shares)		11,898
Issuance of common stock for director fees	244	244
Amortization of stock based compensation	3	3
Excess tax benefit on options exercised and vested restricted stock	(18)	(18)
Treasury shares received in lieu of taxes to be remitted on share award (in shares)		(4,393)
Treasury shares received in lieu of taxes to be remitted on share award	(25)				(25)
Ending Balance at Dec. 31, 2013	563,525	892,027	(325,871)	(7,517)	(285)	5,171
Ending Balance (in shares) at Dec. 31, 2013		92,292,913
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	406,282		406,453			(171)
Other comprehensive income	6,192			6,192
Capital contributions from non-controlling interest	3,492					3,492
Issuance of common stock for director fees (in shares)		9,723
Issuance of common stock for director fees	210	210
Ending Balance at Dec. 31, 2014	$ 979,701	$ 892,237	$ 80,582	$ (1,325)	$ (285)	$ 8,492
Ending Balance (in shares) at Dec. 31, 2014		92,302,636

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net income	$ 406,282	$ 4,966	$ 5,990
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization	8,422	9,131	10,110
Stock based compensation	210	247	898
Pension charges	8,749	1,500	2,063
Loss (gain) on sale of investments	833	(93)	0
Other-than-temporary impairment loss	1,295	0	0
Equity in loss (income) in from unconsolidated joint ventures	32	(112)	46
Deferred income tax expense (benefit)	46,127	(909)	(242)
Impairment losses	0	5,080	2,551
(Loss) gain on disposal of real estate and property and equipment	(202)	(528)	758
Cost of operating properties sold	76,060	22,022	27,248
Expenditures for and acquisition of operating properties	(7,368)	(19,165)	(22,920)
Notes financed by the Company for operating properties	(19,600)	(5,248)	0
Timber Note	(200,000)	0	0
Deferred revenue	(13,562)	0	0
Accretion income and other	(2,129)	(966)	564
Changes in operating assets and liabilities:
Pension Plan assets reverted to the Company	23,820	0	0
Payments received on notes receivable	3,242	1,562	594
Other assets	(5,010)	(1,596)	1,083
Accounts payable and accrued liabilities	4,946	(96)	(5,535)
Income taxes payable	(1,112)	538	(167)
Net cash provided by operating activities	331,035	16,333	23,041
Cash flows from investing activities:
Expenditures for Pier Park North joint venture	(22,592)	(19,301)	0
Purchases of property and equipment	(2,483)	(3,594)	(475)
Purchases of investments	(723,099)	(256,730)	0
Maturities of investments	150,319	100,000	0
Sales of investments	83,239	7,725	0
Sales of unconsolidated affiliates	3,000	0	0
Investments in assets held by special purpose entities (Note 5)	(6,921)	0	0
Other	(148)	514	656
Net cash (used in) provided by investing activities	(518,685)	(171,386)	181
Cash flows from financing activities:
Borrowings on construction loan in Pier Park joint venture	25,173	6,445	0
Contribution to Pier Park North joint venture from non-controlling interest	0	4,886	0
Repayments of long term debt	(627)	(321)	(19,958)
Proceeds from issuance of Senior Notes by special purpose entity	177,269	0	0
Debt issuance costs for Senior Notes issued by special purpose entity	(1,544)	0	0
Other	0	(43)	325
Net cash provided by (used in) financing activities	200,271	10,967	(19,633)
Net increase (decrease) in cash and cash equivalents	12,621	(144,086)	3,589
Cash and cash equivalents at beginning of the period	21,894	165,980	162,391
Cash and cash equivalents at end of the period	34,515	21,894	165,980
Cash (received) paid during the period for:
Interest	1,733	2,413	3,072
Income taxes	70,491	(22)	319
Non-cash financing and investment activities:
Net (decrease) increase in Community Development District Debt and Investment in real estate, net	(4,369)	2,589	(956)
(Decrease) increase in pledged treasury securities related to defeased debt	(590)	(558)	3,519
Expenditures for operating properties and property and equipment financed through accounts payable	4,866	4,497	1,917
Exchange of Timber Note for Investments in Special Purpose Entity	200,000	0	0
Capital contributions to special purpose entity from non-controlling interest	3,492	0	0
Pension Plan assets transferred to the Company’s 401(k) Plan and invested in restricted investments	7,940	0	0
Settlement of note receivable	0	312	0
Non-monetary receipt of real estate from an unconsolidated affiliate	$ 0	$ 398	$ 0

Nature of Operations	12 Months Ended
Nature of Operations	Dec. 31, 2014
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations The St. Joe Company together with its consolidated subsidiaries (the “Company”) is a Florida real estate development and operating company with real estate assets and operations concentrated primarily between Tallahassee and Destin, Florida. On March 5, 2014, the Company completed its sale to AgReserves, Inc. of approximately 380,000 acres of land located in Northwest Florida, along with certain other assets and inventory and rights under certain continuing leases and contracts (the “AgReserves Sale”). The acreage in the AgReserves Sale included a significant portion of the Company’s land previously designated for forestry operations as well as other land (i) that was not utilized in the Company’s residential or commercial real estate segments or its resorts, leisure and leasing segment or (ii) that was not part of Company’s development plans. See Note 5, Real Estate Sales, for further information on the AgReserves Sale. The Company conducts primarily all of its business in the following four reportable operating segments: 1) residential real estate, 2) commercial real estate, 3) resorts, leisure and leasing operations and 4) forestry.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The consolidated financial statements include the accounts of the Company and all of its majority-owned and controlled subsidiaries and variable interest entities where the Company is the primary beneficiary. Investments in joint ventures and limited partnerships in which the Company has significant influence, but not a controlling interest are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period’s presentation.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions including investment in real estate, impairment assessments, investments, other-than-temporarily impairment assessments, retained interest investments, accruals and deferred income taxes. Actual results could differ from those estimates.

Revenue Recognition

Revenues consist primarily of real estate sales, resorts, leisure and leasing operations, and timber sales. Taxes collected from customers and remitted to governmental authorities (e.g. sales tax) are excluded from revenues and costs and expenses.

Real estate sales

Revenues from real estate sales, including sales of homesites, commercial properties and rural or timberland, are recognized when a sale is closed and title transfers to the buyer, the buyer’s initial investment is adequate, any receivables are probable of collection, the usual risks and rewards of ownership have been transferred to the buyer, and the Company does not have significant continuing involvement with the real estate sold.

The buyer’s minimum initial investment requirement is typically the receipt of cash for approximately twenty to twenty-five percent of the sales value depending on the type and use of the property purchased. If the minimum initial investment requirement is not met revenues may be deferred depending on the circumstances. In addition, revenue is not recognized until title transfers and any consideration received is deferred until title is transferred.

Percentage-of-completion accounting, where revenue is recognized in proportion to the percentage of total costs incurred in relation to estimated total costs, is used for our homesite sales when required development is not complete at the time of sale and for commercial and other land sales if there are uncompleted development costs yet to be incurred for the property sold.

As part of the purchase price consideration for a homesite from sales to homebuilders, the Company may receive a percentage of the sale price of the completed home if the home price or gross profit of the home exceeds a negotiated threshold. These lot residuals are recognized in revenue when consideration is received by the Company in periods subsequent to the initial recognition of revenue for the sale of the homesite. All costs related to the sale of the homesite, including any anticipated lot residual are recognized in the period of the initial sale of the homesite.

Resorts, leisure and leasing revenues

Resorts, leisure and leasing revenues include service and rental fees associated with the WaterColor Inn and the Company’s vacation rental programs in WaterColor Inn, WaterColor, WaterSound Beach and surrounding communities and other resort, golf club, marina and retail/commercial leasing operations. These revenues are generally recognized as services are provided. Vacation rental revenues include the entire rental fee collected from the customer, including the homeowner’s portion. A percentage of the fee is remitted to the homeowner and presented in cost of resorts, leisure and leasing operations. The Company is the principal in its vacation rental business and has determined that it is the primary obligor to the guest, as it has sole discretion in establishing prices and provides the majority of the services to the guest. Club membership revenues are recognized when billed to the member and the non-refundable initiation fee is deferred and recognized ratably over the estimated membership period.

Operating revenues also consist of long term rental revenues from retail/commercial leasing operations, which are recognized as earned, using the straight-line method over the life of the lease. Certain leases provide for tenant occupancy during periods for which no rent is due or where minimum rent payments change during the lease term. Accordingly, a receivable or liability is recorded representing the difference between the straight-line rent and the rent that is contractually due from the tenant. Minimum future base rents on non-cancelable leases for the next five years are $5.6 million in 2015, $5.8 million in 2016, $5.7 million in 2017, $5.6 million in 2018, and $5.4 million in 2019.

Forestry product sales

Revenues from sales of forestry products are recognized generally on delivery of the product to the customer. Subsequent to the AgReserves Sale, the sale of the Company’s forestry products are primarily delivered under pay-as-cut sales contracts, which risk of loss and title to the trees transfer to the buyer when cut by the buyer. Under a pay-as-cut sales contract, the buyer or some other third party is responsible for all logging and hauling costs, if any.

Comprehensive Income

The Company’s comprehensive income includes amounts due to the changes in the funded status of the Company’s pension plan and unrealized gains and temporary losses on available-for-sale securities. Changes in the funded status of the Company’s pension plan were initially recognized in Other comprehensive income and are typically amortized into net income over a period of time or recognized at the time of a specific event, such as a curtailment of benefit plan obligations or the Pension Plan termination during 2014. See Note 18, Employee Benefit Plans.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, bank demand accounts and money market instruments having original maturities at acquisition date of ninety days or less. In addition, cash equivalents include certificates of deposit that are readily convertible to cash.

Investments

The Company evaluates investments classified as available-for-sale with unrealized losses to determine if they are other-than-temporary impaired. This evaluation is based on various factors, including the financial condition, business prospects, industry and creditworthiness of the issuer, severity and length of time the securities were in a loss position, the Company’s ability and intent to hold investments until unrealized losses are recovered or until maturity and amount of the unrealized loss. If a decline in fair value is considered other-than-temporary, the decline is then bifurcated into its credit and non-credit related components. The amount of the credit-related component is recognized in earnings, and the amount of the non-credit related component is recognized in other comprehensive loss, unless the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security prior to its anticipated recovery. During 2014, the Company determined that certain unrealized losses were other than temporarily impaired and recorded an other-than-temporary impairment of $1.3 million related to credit-related losses in Investment income, net on the Company’s Consolidated Statements of Income. The non-credit component of $1.5 million was recorded in Accumulated other comprehensive loss as of December 31, 2014. As of December 31, 2013, the unrealized losses related to the Company’s corporate debt securities of $2.2 million were determined to be temporary.

Notes Receivable

The Company’s notes receivable are due from customers or homebuilders located within the United States. The Company evaluates the carrying value of notes receivable at each reporting date. Notes receivable balances are adjusted to net realizable value based upon a review of entity specific facts or when terms are modified. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowance for doubtful accounts is based on a review of specifically identified accounts in addition to an overall aging analysis. Judgments are made with respect to the collectability of accounts based on historical experience and current economic trends. Actual losses could differ from those estimates.

Investment in Real Estate

The Company capitalizes costs directly associated with development and construction of identified real estate projects. The Company also capitalizes those indirect costs that relate to the projects under development or construction. These indirect costs include construction and development administration, legal fees, capitalized interest, and project administration to the extent that such costs are related to a specific project. Interest is capitalized (up to total interest expense) based on the amount of underlying expenditures and real estate taxes on real estate projects under development.

Real estate development costs also include land and common development costs (such as roads, sewers and amenities), capitalized property taxes, capitalized interest and certain indirect costs. A portion of real estate inventory costs and estimates for costs to complete are allocated to each unit based on the relative sales value of each unit as compared to the estimated sales value of the total project. These estimates are reevaluated at least annually and more frequently if warranted by market conditions, changes in the project’s scope or other factors, with any adjustments being allocated prospectively to the remaining units available for sale.

The capitalization period relating to direct and indirect project costs is the period in which activities necessary to ready a property for its intended use are in progress. The period begins when such activities commence, typically when the Company begins the entitlement processes for land already owned, and ends when the asset is substantially complete and ready for its intended use. Determination of when construction of a project is substantially complete and ready for its intended use requires judgment. The Company determines when the capitalization period begins and ends through communication with project and other managers responsible for the tracking and oversight of individual projects. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. If the Company determines not to complete a project, any previously capitalized costs are expensed in the period in which the determination is made and recovery is not deemed reasonable. The Company has capitalized indirect development costs of $0.6 million, $0.7 million and less than $0.1 million during 2014, 2013 and 2012, respectively. These capitalized indirect development costs are primarily related to the consolidated joint venture at Pier Park North.

Investment in real estate is carried at cost, net of depreciation and timber depletion, unless circumstances indicate that the carrying value of the assets may not be recoverable. If the Company determines that an impairment exists due to the inability to recover an asset’s carrying value, an impairment charge is recorded to the extent that the carrying value exceeds estimated fair value. If such assets were held for sale, the provision for loss would be recorded to the extent that the carrying value exceeds estimated fair value less costs to sell.

Depreciation is computed on straight-line method over the useful lives of the assets ranging from five to forty years.

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 and development property and property and equipment, net. Some of the events or changes in circumstances that are considered by the Company as indicators of potential impairment include:


•	a prolonged decrease in the fair value or demand for the Company’s properties;


•	a change in the expected use or development plans for the Company’s properties;


•	continuing operating or cash flow losses for an operating property; and,


•	an accumulation of costs in a development property to be held long-term above the amount originally expected.

The Company uses varying methods to determine if impairment exists, such as (i) considering indicators of potential impairment, (ii) analyzing expected future cash flows and comparing the expected future undiscounted cash flows of the property to its carrying value or (iii) determining market resale values.

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:


•	the projected pace of sales of homesites based on estimated market conditions and the Company’s development plans;


•	estimated pricing and projected price appreciation over time;


•	the amount and trajectory of price appreciation over the estimate selling period;


•	the length of the estimated development and selling periods, which can differ depending on the size of the development and the number of phases to be developed;


•	the amount of remaining development costs, including the extent of infrastructure or amenities included in such development costs;


•	holding costs to be incurred over the selling period;


•	for bulk land sales of undeveloped and developed parcels future pricing is based upon estimated developed lot pricing less estimated development costs and estimated developer profit;


•	for commercial development property, future pricing is based on sales of comparable property in similar markets; and


•	whether liquidity is available to fund continued development.

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:


•	for investments in inns and rental condominium units, average occupancy and room rates, revenues from food and beverage and other amenity operations, operating expenses and capital expenditures, and eventual disposition of such properties as private residence vacation units or condominiums, based on current prices for similar units appreciated to the expected sale date;


•	for investments in commercial or retail property, future occupancy and rental rates and the amount of proceeds to be realized upon eventual disposition of such property at a terminal capitalization rate; and,


•	for investments in golf courses, memberships, future rounds and greens fees, operating expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties at a multiple of terminal year cash flows.

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 intent 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.

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.

If a property is considered impaired, the impairment charge is determined by the amount the property’s carrying value exceeds its fair value. We use varying methods to determine fair value, such as (i) analyzing expected future cash flows, (ii) determining resale values by market (iii) applying a capitalization rate to net operating income using prevailing rates in a given market or (iv) applying a multiplier to revenue using prevailing rates in a given market. The fair value of a property may be derived either from discounting projected cash flows at an appropriate discount rate, through appraisals of the underlying property, or a combination thereof.

The Company classifies 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 value less estimated costs to sell.

Timber Inventory

The Company estimates its standing timber inventory on an annual basis utilizing a process referred to as a “timber cruise.” Specifically, the Company conducts field observations of the number of trees, tree height and tree diameter on a sample area equal to approximately 20% of our timber holdings each year. To estimate volume in areas that were not subject to field observations in the current year, the Company either uses prior timber cruise data and growth models to estimate the current inventory, or applies current timber cruise data from a portion of its timberlands to areas of similar species, age class and land productivity profile. The key assumptions in this process are annual growth models and volume formulas used to translate height and diameter information to volume measurements. The Company’s timber inventory estimates are updated to account for harvesting activities, timberland acquisitions and divestitures, biological growth, new timber cruise data and natural disturbances (e.g. fire, disease, or weather events), among other factors. Depletion of timber is determined by the units of production method, whereby capitalized timber costs are accumulated and expensed as units are sold.

Property and Equipment, net

Property and equipment is stated at cost, net of accumulated depreciation. Major improvements are capitalized while maintenance and repairs are expensed in the period the cost is incurred. Depreciation is computed using the straight-line method over the useful lives of various assets, generally three to thirty years.

Income Taxes

The Company follows the asset and liability method of accounting for deferred income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than fifty percent likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in Other income.

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. The Company records a valuation allowance based on the timing of reversal of existing taxable temporary differences and the Company’s history of losses and future expectations of reporting taxable losses, if management does not believe it met the requirements to realize the benefits of certain of its deferred tax assets.

Concentration of Risks and Uncertainties

The Company’s real estate investments are concentrated in Northwest Florida in a number of specific development projects. Uncertain economic conditions could have an adverse impact on the Company’s real estate values and could cause the Company to sell assets at depressed values in order to pay ongoing expenses.

Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, investments, notes receivable, investments held by special purpose entities, investments in retained interests and pledged securities held as collateral for payment of the in-substance defeased debt. The Company deposits and invests cash with a major financial institution in the United States, which balances exceed the amount of F.D.I.C. insurance provided on such deposits. As of December 31, 2014, the Company had $509.8 million invested in U.S. Treasury securities, $100.1 million invested in one issuer of corporate debt securities that is non-investment grade. In addition, a portion of the Company’s preferred stock investments of $23.7 million was issued by a financial services firm that is non-investment grade.

Earnings Per Share

Basic earnings per share is calculated by dividing net income by the average number of common shares outstanding for the period. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period, including all potentially dilutive shares issuable under outstanding stock options. Stock options are not considered in any diluted earnings per share calculation when the Company has a loss from operations. Non-vested restricted stock is included in outstanding shares at the time of grant. For the three years ended December 31, 2014 basic average shares outstanding were the same as diluted shares outstanding.

Recently Adopted Accounting Pronouncements

Income Taxes

In July 2013, the Financial Accounting Standard Board (the “FASB”) determined that an unrecognized tax benefit should be presented as a reduction of a deferred tax asset for a net operating loss carryforward or other tax credit carryforward when settlement in this manner is available under applicable tax law. The Company adopted this guidance effective January 1, 2014, which reduced the Company’s Deferred tax asset and Accrued liabilities and deferred credits by $1.7 million. The adoption of this guidance had no impact on the Company’s Consolidated Statements of Income, Consolidated Statements of Comprehensive Income or Statements of Cash Flows.

Recently Issued Accounting Pronouncements

Discontinued Operations

In April 2014, FASB issued an accounting standards update (“ASU”) that changes the criteria for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations and have a major effect on the organization's operations and financial results should be presented as discontinued operations. In addition, this ASU expands disclosures about the discontinued operation and requires disclosures about disposals that do not qualify as discontinued operations. This guidance is to be applied prospectively and is effective for the Company beginning January 1, 2015. Early adoption is permitted, but only for disposals or classification as held for sale that have not already been reported in previously issued financial statements. The Company will adopt this ASU as of January 1, 2015.

Revenue Recognition

In May 2014, the FASB issued an ASU that establishes the principles used to recognize revenue for all entities. The new guidance is effective for annual and interim periods beginning after December 15, 2016, with no early adoption permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial position, results of operations and cash flows.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

Investment in Real Estate

12 Months Ended

Dec. 31, 2014

Real Estate [Abstract]

Investment in Real Estate

Real estate by property type and segment includes the following:



	December 31, 2014		December 31, 2013
Development property:
Residential real estate	102,411		130,616
Commercial real estate	59,405		58,659
Resorts, leisure and leasing operations ⁽¹⁾	3,207		28,737
Forestry	3,278		8,976
Corporate	2,491		2,366
Total development property	170,792		229,354

Operating property:
Residential real estate	$	1,544	$	2,071
Resorts, leisure and leasing operations ⁽²⁾	188,721		146,624
Forestry	18,839		58,170
Other	48		45
Total operating property	209,152		206,910
Less: Accumulated depreciation	58,132		53,496
Net operating property	151,020		153,414

Investment in unconsolidated affiliates	—		2,241
Investment in real estate, net	$	321,812	$	385,009



(1	)	Includes $3.1 million and $28.4 million for the Pier Park North joint venture as of December 31, 2014 and 2013, respectively.
(2	)	Includes $41.6 million for the Pier Park North joint venture as of December 31, 2014.

Development property consists of land the Company is developing or intends to develop for sale or future operations. Residential real estate includes mixed-use resort, primary and seasonal residential communities and includes costs directly associated with the land, development and construction of these communities, including common development costs such as roads, sewers, and amenities and indirect costs such as development overhead, capitalized interest, marketing and project administration. Commercial real estate includes land for commercial and industrial uses, including land holdings near the Northwest Florida Beaches International Airport, and includes costs directly associated with the land and development costs, which also include common development costs such as roads and sewers. Resorts, leisure and leasing development property primarily includes the land and construction under development for the consolidated joint venture at Pier Park North. As the remainder of the operations commence at Pier Park North, substantially all of the Pier Park North property included in development property as of December 31, 2014 will be reclassified as operating property.

Operating property includes the following components:



	December 31, 2014		December 31, 2013		Estimated Useful Life (in years)
Land and land improvements	$	72,284	$	74,070	5 - 20
Buildings and building improvements	127,577		99,417		20 - 40
Timber	9,291		33,423		N/A
	209,152		206,910
Less: Accumulated depreciation	58,132		53,496
Total operating property, net	151,020		153,414

Operating property includes property that the Company uses for daily operations and activities. The resorts, leisure and leasing operating property includes the WaterColor Inn, golf courses and marinas. Also included in resorts, leisure and leasing operating property is property developed by the Company and used for retail and commercial rental purposes, including property in our consolidated joint venture at Pier Park North. The increase in resorts, leisure and leasing operating property, and corresponding decrease in resorts, leisure and leasing development property as compared to December 31, 2013, is primarily attributable to the completion of development of a portion of the property owned by the Company’s Pier Park North joint venture. Operating property may be sold in the future as part of the Company’s principal real estate business. Forestry operating property includes the Company’s timberlands.

Investment in unconsolidated affiliates reflects the Company’s investment in the East San Marco L.L.C. (“ESM”) real estate joint venture. The Company sold all its ownership interest in ESM to its joint venture partner in 2014 in exchange for a $3.0 million promissory note that was due and paid before December 31, 2014. See Note 9, Real Estate Joint Ventures.

Depreciation expense related to real estate investments was $5.7 million, $5.3 million, and $5.9 million in 2014, 2013 and 2012, respectively. Depletion expense related to our timber operations was $0.5 million, $1.2 million, and $1.6 million in 2014, 2013 and 2012, respectively.

- Definition

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.

+ References+ Details

Impairments of Long-lived Assets	12 Months Ended
Impairments of Long-lived Assets	Dec. 31, 2014
Asset Impairment Charges [Abstract]
Impairments of Long-lived Assets	Impairments of Long-lived Assets In 2013, the Company recorded impairment charges of $5.1 million, primarily for a golf course, which incurred negative operating cash flows in 2013 and the future estimated undiscounted cash flows were less than the carrying value of its assets. In addition, during 2013, the Company wrote down a residential property to its current fair value less estimated selling costs. In December 2012, the Company entered into agreement with the Northwest Florida Beaches International Airport, which the Company agreed to cease operating its covered airport parking for a period of seven years and in turn the Airport released the Company from a twenty-eight year remaining land lease on a different land parcel with approximately $4.2 million of total future payments. As a result of ceasing operations at the covered airport parking the future estimated undiscounted cash flows did not cover the current carrying value of the covered airport parking; thus the Company wrote the covered airport parking facility down to its current fair value based on a current property appraisal and recorded an impairment charge of $2.6 million in 2012.

Real Estate Sales	12 Months Ended
Real Estate Sales	Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]
Real Estate Sales	Real Estate Sales AgReserves Sale On March 5, 2014, the Company completed its previously announced AgReserves Sale for $562 million and recorded pre-tax income of $511.1 million for the AgReserves Sale, which includes $1.2 million of severance costs recorded in Other operating expenses during 2014. As a result of certain adjustments to the purchase price, consideration received for the AgReserves Sale was (1) $358.5 million in cash, (2) a $200 million fifteen year installment note (the “Timber Note”) issued by Panama City Timber Finance Company, LLC, a buyer-sponsored special purpose entity (the “Buyer SPE”, and (3) an Irrevocable Standby Letter of Credit issued by JPMorgan Chase Bank, N.A. (the “Letter of Credit”) at the request of the Buyer SPE, in favor of the Company. The Buyer SPE was created by AgReserves with financial instruments with an aggregate principal balance of $203.5 million that secure the Letter of Credit. In April 2014, the Company contributed the Timber Note and assigned its rights as a beneficiary under the Letter of Credit to Northwest Florida Timber Finance, LLC, a bankruptcy-remote, qualified special purpose entity wholly owned by the Company (“NFTF”). NFTF monetized the Timber Note by issuing $180 million aggregate principal amount of its 4.750% Senior Secured Notes due 2029 (the “Senior Notes”) at an issue price of 98.483% of the face value to third party investors. The Senior Notes are payable solely by the property of NFTF, which consists solely of (i) the Timber Note, (ii) the Letter of Credit, (iii) any cash, securities and other property in certain NFTF accounts, (iv) the rights of NFTF under the contribution agreement with the Company (which was solely to contribute the Timber Note and the Letter of Credit) and (v) any proceeds relating to the property listed in (i) through (iv) above. The investors holding the Senior Notes of NFTF have no recourse against the Company for payment of the Senior Notes or the related interest expense. The Company received $165.0 million in cash, net of $15.0 million in costs, from the monetization and expects to receive the remaining $20.0 million in fifteen years upon maturity of the Timber Note and after payment of the Senior Notes and any other liabilities of NFTF. The $15.0 million of costs from the monetization include (1) a total of $4.3 million for the discount and issuance costs for the Senior Notes, which will be amortized over the term of the Senior Notes, (2) $7.0 million for U.S. Treasury securities and cash that the Company contributed to NFTF to be used for interest and operating expenses over the fifteen year period and which are recorded in Investments held by special purpose entities on the Company’s Consolidated Balance Sheets and (3) $3.7 million of costs related to the monetization that were expensed during 2014 and are recorded in Administrative costs associated with special purpose entities on the Company’s Consolidated Statements of Income. The Company owns the equity interest in NFTF, but no equity interest in the Buyer SPE. Both the Buyer SPE and NFTF are distinct legal entities and the assets of the Buyer SPE and NFTF are not available to satisfy the Company's liabilities or obligations and the liabilities of the Buyer SPE and NFTF are not the Company's liabilities or obligations. In the event that proceeds from the financial instruments are insufficient to settle all of the liabilities of the Buyer SPE or NFTF, the Company is not obligated to contribute any funds to either the Buyer SPE or NFTF. The Company has determined that it is the primary beneficiary of the Buyer SPE and NFTF, and therefore, the Buyer SPE’s and NFTF’s assets and liabilities are consolidated in the Company’s financial statements as of December 31, 2014. The carrying amounts of the Buyer SPE’s and NFTF’s assets and non-recourse liabilities were $214.2 million and $180.2 million, respectively, as of December 31, 2014. The consolidated assets of the Buyer SPE and NFTF consist of a $200 million time deposit that subsequent to April 2, 2014 pays interest at 4.006% and matures in March 2029, accrued interest of $2.9 million on the time deposit, U.S. Treasuries of $9.4 million, cash of $0.4 million and deferred issuance costs of $1.5 million for the Senior Notes. The consolidated liabilities include the Senior Notes issued by NFTF of $177.3 million net of the $2.7 million discount and $2.9 million accrued interest expense on the Senior Notes. The Company’s Consolidated Statements of Income for the year ended December 31, 2014 includes $6.1 million of interest income on the time deposit and amortization of the discounts on the U.S. Treasuries and $6.6 million of interest expense for the Senior Notes, amortization of the discount and issuance costs related to the Buyer SPE and NFTF. The Company has classified the U.S. Treasury securities held by the Buyer SPE and NFTF as held-to-maturity based on their intent and ability to hold these securities to maturity. Accordingly, the debt securities, which mature at various dates over the fifteen year period, are recorded at amortized cost, which approximates fair value as of December 31, 2014. The U.S. Treasuries mature over the fifteen year period or $0.8 million within one year, $3.7 million after one year through five years, $3.1 million after five years through ten years and $1.8 million after ten years. RiverTown Sale On April 2, 2014, the Company completed its sale to an affiliate of Mattamy (Jacksonville) Partnership d/b/a Mattamy Homes (“Mattamy”), of approximately 4,057 acres of real property, which constitutes the RiverTown community in St. Johns County, Florida, along with all of the Company’s related development or developer rights, founder’s rights and certain tangible and intangible personal property in exchange for (1) $24.0 million in cash, (2) $19.6 million in the form of a purchase money note (the “RiverTown Note”), (3) the assumption of the Company’s Rivers Edge Community Development District (“Rivers Edge CDD”) assessments and (4) the obligation to purchase certain RiverTown community related impact fee credits from the Company as the RiverTown community is developed (the “RiverTown Sale”). The RiverTown Note bears interest at 5.25% per annum, matures on June 30, 2015 and is payable as follows: (i) accrued interest was paid on September 30, 2014, (ii) accrued interest plus $1.0 million of principal is due on March 30, 2015 and (iii) all accrued interest and remaining principal is due on June 30, 2015. The RiverTown Note is secured by a mortgage imposing a first priority security lien on the real property included the RiverTown Sale. Based on Mattamy’s current development plans and St. Johns County’s current costs for impact fees, the Company estimates that it may receive $20 million to $26 million for the impact fees over the five-year period following the closing (most of which, the Company expects to receive at the end of that five-year period). However, the actual additional consideration received for the impact fees, will be based on Mattamy’s actual development of the RiverTown community, the timing of Mattamy’s development of the RiverTown community and the impact fee rates at the time of such development (as determined by St. Johns County’s then current impact fee rate schedule), which are all factors beyond the Company's control. The Company cannot provide any assurance as to the amount or timing of any payments it may receive for the impact fees. During 2014, the Company received $0.1 million for these impact fees. The Company recorded net earnings of $26.0 million before income taxes for the RiverTown Sale in the second quarter of 2014. Mattamy also assumed the Company’s total outstanding Rivers Edge CDD assessments, which were $11.0 million, of which $5.4 million was recorded on the Company’s Consolidated Balance Sheets as of March 31, 2014.

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

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+ Details

Investments

12 Months Ended

Dec. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Investments

Investments consist of available-for-sale securities and are recorded at fair value, which is based on quoted market prices. Unrealized gains and temporary losses on investments, net of tax, are recorded in Other comprehensive income. Realized gains and losses are determined using the specific identification method. The amortized cost of debt securities are adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization is included in Investment income, net.

At December 31, 2014 investments classified as available-for-sale securities were as follows:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities:
U.S. Treasury securities	$	509,783	$	32	$	—	$	509,815
Corporate debt securities	101,587		—		1,482		100,105
Preferred stock	26,963		—		5		26,958
	$	638,333	$	32	$	1,487	$	636,878

At December 31, 2013 investments classified as available-for-sale securities were as follows:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities:
U.S. Treasury securities	$	124,861	$	88	$	—	$	124,949
Corporate debt securities	24,236		—		2,213		22,023
	$	149,097	$	88	$	2,213	$	146,972

Fairholme Capital Management, L.L.C. (“Fairholme Capital”), serves as an investment advisor to the Company. As of December 31, 2014, funds managed by Fairholme Capital beneficially owned approximately 27.1% of the Company’s common stock. Mr. Bruce Berkowitz is the Managing Member of Fairholme Capital and the Chairman of the Company’s Board of Directors. Fairholme Capital receives no compensation for their services as the Company’s investment advisor.

Pursuant to the terms of the Company's Investment Management Agreement as amended (the “Agreement”) with Fairholme Capital, Fairholme Capital agreed to supervise and direct the investments of an investment account established by the Company in accordance with the investment guidelines and restrictions approved by the Investment Committee of the Company’s Board of Directors. The investment guidelines are set forth in the Agreement and require that, as of the date of any investment: (i) at least 50% of the investment account be held in cash or cash equivalents, as defined in the Agreement, (ii) no more than 15% of the investment account may be invested in securities of any one issuer (excluding the U.S. Government) and (iii) any investment in any one issuer (excluding the U.S. Government) that exceeds 10% but not 15%, requires the consent of at least two members of the Investment Committee. The investment account may not be invested in common stock securities.

As of December 31, 2014, the investment account included $20.0 million of money market funds (all of which are classified within cash and cash equivalents on the Company’s Consolidated Balance Sheets), $509.8 million of U.S. Treasury securities (all of which are classified within investments on the Company’s Consolidated Balance Sheets), and $100.1 million of corporate debt securities and $27.0 million of preferred stock. As of December 31, 2014, the Company’s corporate debt securities were invested in one issuer who is a national retail chain that is non-investment grade. In addition, a portion of the Company’s preferred stock investments of $23.7 million was issued by a financial services firm that is non-investment grade.

During 2014, realized losses from the sale of available-for-sale securities were $0.8 million and proceeds from the sale of available-for-sale securities were $83.2 million and proceeds from the maturity of available-for-sale securities were $150.0 million (which were primarily reinvested in U.S. treasury securities). During 2013, realized gains from the sale of available-for-sale securities were $0.1 million, proceeds from the sale of available-for-sale securities were $7.7 million and proceeds from the maturity of U.S. Treasury securities were $100.0 million.

As of December 31, 2014, certain of the Company’s U.S. Treasuries and preferred stock had unrealized losses. At December 31, 2013, there were no U.S. treasury securities with unrealized losses. As of December 31, 2014, corporate debt securities that have been in an unrealized loss position for less than twelve months had a fair value of $100.1 million and had $1.5 million of unrealized losses. As of December 31, 2013, corporate debt securities that had been in a continuous unrealized loss position for less than twelve months had a with a fair value of $22.0 million and had $2.2 million of unrealized losses.

During 2014, the Company determined that unrealized losses related to its corporate debt securities were other-than-temporary and the Company recorded $1.3 million related to credit-related losses in Investment income, net on the Company’s Consolidated Statements of Income. The credit-losses were measured as the difference between the present value of the expected cash flows of the corporate debt securities discounted using the effective interest rate at the date of purchase and the amortized cost of the corporate debt securities. The non-credit component of was recorded in Accumulated other comprehensive loss as of December 31, 2014. At December 31, 2013, the unrealized losses related to the corporate debt securities of $2.2 million were deemed temporary and included in Accumulated other comprehensive loss as of December 31, 2013.

The net carrying value and estimated fair value of investments classified as available-for-sale at December 31, 2014, by contractual maturity are shown in the following table. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations.



	Cost		Fair Value
Due in one year or less	$	509,783	$	509,815
Due after one year through five years	101,587		100,105
	611,370		609,920
Preferred stock	26,963		26,958
	$	638,333	$	636,878

- Definition

The entire disclosure for investments in certain debt and equity securities.

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+ Details

Other Income (Expense)

12 Months Ended

Dec. 31, 2014

Other Income and Expenses [Abstract]

Other Income (Expense)

Other income (expense) consists of the following during the three years ended December 31, 2014:



	2014			2013			2012
Investment income, net
Net investment income from available-for-sale securities (Note 6)
Interest and dividend income	$	6,258		$	1,171		$	—
Accretion income	1,455			—			—
Realized (losses) gains on the sale of investments	(833		)	93			—
Other-than-temporary impairment losses	(1,295		)	—			—
Total net investment income from available-for-sale securities	5,585			1,264			—
Interest income from investments in special purpose entities (Note 5)	6,116			—			—
Interest accrued on notes receivable (Note 10)	990			234			707
Total investment income, net	12,691			1,498			707
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity (Note 5)	(6,584		)	—			—
Interest expense (Note 13)	(2,024		)	(2,040		)	(2,820		)
Total interest expense	(8,608		)	(2,040		)	(2,820		)
Other, net
Accretion income from retained interest investments (Note 9)	889			793			(570		)
Hunting lease income	938			1,850			2,193
Litigation and insurance proceeds received	1,814			560			1,671
Southwest guarantee	—			—			832
Other income, net	847			1,007			2,276
Other, net	4,488			4,210			6,402
Total other income	$	8,571		$	3,668		$	4,289

Investment income, net

Interest and dividend income includes interest income accrued on the Company’s corporate debt securities and dividend income received from the Company’s preferred stock investments. Accretion income includes the amortization of the premium or discount related to the Company’s available-for-sale securities, which is amortized based on an effective interest rate method over the term of the available for sale security. Realized (losses) gains on the sale of investments includes the gain or loss recognized on the sale of an available for sale security prior to maturity. Other-than-temporary impairment losses include the credit-related losses on the Company’s corporate debt securities. See Note 6, Investments.

Interest income from investments in special purpose entities primarily includes interest accrued on the Timber Note, which is used to pay the interest expense for the Senior Notes issued by special purpose entity. See Note 5, Real Estate Sales.

Interest expense

Interest expense includes interest expense related to the Company’s Community Development District debt and the construction loan in the Pier Park North joint venture. Borrowing costs, including the discount and issuance costs for the Senior Notes issued by the Senior Notes issued by special purpose entity, are amortized based on the effective interest method at an effective rate of 4.9%.

Other, net

The Company records the accretion of investment income from its retained interest investment over the life of the retained interest using the effective yield method with rates ranging from 3.7% - 11.8%. Hunting lease income is recognized as income over the term of the lease. Litigation and insurance proceeds include the cash receipt of $1.8 million as a settlement for a real estate easement litigation during 2014, the cash receipt of $0.6 million for insurance proceeds during 2013 and the cash receipt of $1.7 million for the DeepWater Horizon claim during 2012.

In addition, during 2014, the Company sold all its ownership interest in ESM to its joint venture partner in exchange for a $3.0 million promissory note that was due and paid before December 31, 2014. The Company recorded a net gain of $0.6 million in Other, net. See Note 9, Real Estate Joint Ventures.

Financial Instruments and Fair Value Measurements

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value:

Level 1. Quoted prices in active markets for identical assets or liabilities;

Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3. Unobservable inputs in which there is little or no market data, such as internally-developed valuation models which require the reporting entity to develop its own assumptions.

The financial instruments measured at fair value on a recurring basis at December 31, 2014 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Money market funds	$	19,971	$	—	$	—	$	19,971
Debt securities:
U.S. Treasury securities	509,815		—		—		509,815
Corporate debt securities	—		100,105		—		100,105
Preferred stock	—		26,958		—		26,958
	$	529,786	$	127,063	$	—	$	656,849

The financial instruments measured at fair value on a recurring basis at December 31, 2013 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Money market funds	$	1,761	$	—	$	—	$	1,761
Debt securities:
U.S. treasury securities	124,949		—		—		124,949
Corporate debt securities	—		22,023		—		22,023
	$	126,710	$	22,023	$	—	$	148,733

Money market funds and short term U.S. Treasury securities are measured based on quoted market prices in an active market and categorized within level 1 of the fair value hierarchy. U.S. Treasury securities with a maturity date of 90 days or less from the date of purchase are classified as cash equivalents in the Company’s Consolidated Balance Sheets.

Corporate debt securities and preferred stock are measured primarily using pricing data from external pricing services that use prices observed for recently executed market transactions in an inactive market. Corporate debt securities and preferred stock are categorized as level 2 financial instruments since their fair values were determined from quoted prices in an inactive market or for similar instruments in an active market.

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. Homes are measured at lower of carrying value or fair value. The fair value of these homes is determined based upon final sales prices of inventory sold during the period (level 2 inputs) or estimates of selling prices based on current market data (level 3 inputs). Operating properties are evaluated for impairment based on management’s best estimate of undiscounted cash flows and eventual disposition of such properties (level 3 inputs).

The Company uses varying methods to determine fair value, such as (i) analyzing expected future cash flows, (ii) determining resale values by market, (iii) applying a capitalization rate to net operating income using prevailing rates in a given market or (iv) applying a multiple to revenue using prevailing rates in a given market. The fair value of a property may be derived either from discounting projected cash flows at an appropriate discount rate, through appraisals of the underlying property, or a combination thereof.

The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and impairments during the year. There were no non-financial assets measured at fair value on a nonrecurring basis at December 31, 2014. The Company’s non-financial assets measured at fair value on a nonrecurring basis and level 3 inputs are as follows at December 31, 2013.



Financial Statement Line	Level 3 Fair Value		Total Impairment Charge		Unobservable Input(s)	Range of Inputs Used
December 31, 2013
Investment in real estate, net	$	2,420	$	4,911	Revenue growth rates	5% - 16%
					Discount rate	14%
					Cap rate	11.8%
Investment in real estate, net	$	722	$	169	Estimated selling price based on market data	$0.7 million - $0.9 million

One of the Company’s golf courses incurred negative operating cash flows in 2013 and the future estimated undiscounted cash flows were less than the carrying value of its operating assets; therefore, the Company recorded an impairment charge of $4.9 million. The fair value of the property was determined by discounting projected cash flows. In addition, during 2013, the Company wrote down a residential property to its current fair value less estimated selling costs.

Fair Value of Financial Instruments

The Company uses the following methods and assumptions in estimating fair value for financial instruments:


•	The fair value of the Company’s pledged treasury securities is based on quoted market prices in an active market.


•	The fair value of the Company’s retained interest investments is based on the present value of the expected future cash flows at the effective yield.


•	The fair value of the Investments held by special purpose entities - time deposit is based on the present value of future cash flows at the current market rate. See Note 5, Real Estate Sales.


•	The fair value of the Investments held by special purpose entities - U.S. Treasury securities are measured based on quoted market prices in an active market. See Note 5, Real Estate Sales.


•	The fair value of the Senior Notes held by special purpose entity is based on the present value of future cash flows at the current market rate. See Note 5, Real Estate Sales.

The carrying amount and fair value of the Company’s financial instruments were as follows:



	December 31, 2014					December 31, 2013
	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Assets
Pledged treasury securities	$	25,670	$	26,501	1	$	26,260	$	28,465	1
Retained interest investments	$	9,932	$	13,026	3	$	9,639	$	12,827	3
Investments held by special purpose entities (Note 5)	$	209,857	$	209,679	3	$	—	$	—	n/a
Liabilities
Senior Notes held by special purpose entity (Note 5)	$	177,341	$	177,940	3	$	—	$	—	n/a

Pledged Treasury Securities

In connection with a sale of the Company’s office portfolio in 2007, the Company completed an in-substance defeasance of approximately $29.3 million of mortgage debt that was collateralized by one of the commercial buildings. The Company assigned the mortgage debt and deposited sufficient funds with a trustee solely to satisfy the principal and remaining interest obligations on the mortgage debt when due. The interest yield on the pledged securities and the interest expense on the debt are closely related. The transaction did not qualify as an extinguishment of debt, since the Company is responsible if there would be a shortfall in the funds deposited into the trust, which are invested in government backed securities. The trust is not in the Company’s control and the trustee cannot sell the securities prior to maturity.

As such, the government backed securities and the related debt (see Note 13, Debt) remain on the Company’s Consolidated Balance Sheets at December 31, 2014 and December 31, 2013. The government backed securities are recorded as Pledged treasury securities on the Company’s Consolidated Balance Sheets and are classified as held-to-maturity because the Company has both the intent and the ability since it is a contractual obligation of the assuming entity to hold the securities to maturity. Accordingly, the Company has recorded the pledged treasury securities at cost, adjusted for the amortization of the discount.

Retained Interest Investments

The Company has a beneficial interest in certain bankruptcy remote qualified special purpose entities (the “SPEs”) used in the installment sale monetization of certain sales of timberlands in 2007 and 2008. The SPEs’ assets are not available to satisfy the Company’s liabilities or obligations and the liabilities of the SPEs are not the Company’s liabilities or obligations. In the event that proceeds from the financial instruments are insufficient to settle all of the liabilities of the SPEs, the Company is not obligated to contribute any funds to the SPEs. The Company has determined that it is not the primary beneficiary of the SPEs, since the Company is not the primary decision maker with respect to activities that could significantly impact the economic performance of the SPEs’, nor does the Company perform any service activity related to the SPEs’. Therefore,the SPEs’ assets and liabilities are not consolidated in the Company’s financial statements as of December 31, 2014.

The Company has a beneficial or retained interest investment related to these SPEs of $9.9 million and $9.6 million as of December 31, 2014 and 2013, respectively, recorded in Other assets on the Company’s Consolidated Balance. The Company has classified its retained interest investment as held-to-maturity because the Company has both the intent and the ability to hold its interest in the SPEs to maturity. Accordingly, the Company has recorded the retained interest investment at cost, adjusted for the accretion of investment income over the life of the retained interest using the effective yield method with rates ranging from 3.7% - 11.8%. The Company continues to update the expectation of cash flows to be collected over the term of the retained interest. Changes to the previously projected cash flows are accounted for prospectively, unless based on management’s assessment of current information and events, it is determined that there is an other-than-temporary impairment. The Company has not recorded an other-than-temporary impairment related to its retained interest investments during the years ended December 31, 2014 and 2013.

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 in 2007 and 2008.

- 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.

+ References+ Details

Real Estate Joint Ventures

12 Months Ended

Dec. 31, 2014

Real Estate Joint Ventures [Abstract]

Real Estate Joint Ventures

The Company enters into real estate joint ventures, from time to time, for the purpose of developing real estate in which the Company may or may not have a controlling financial interest. GAAP requires consolidation of variable interest entities (“VIE”) in which an enterprise has a controlling financial interest and is the primary beneficiary. A controlling financial interest will have both of the following characteristics: (a) the power to direct the VIE activities that most significantly impact economic performance and (b) the obligation to absorb the VIE losses and right to receive benefits that are significant to the VIE. The Company examines specific criteria and uses judgment when determining whether the Company is the primary beneficiary and must consolidate a VIE. The Company continues to assess whether it is the primary beneficiary on an ongoing basis.

Consolidated VIEs

During 2012, the Company entered into a joint venture agreement with a partner to develop a retail lifestyle center at Pier Park North. The Company and its partner have contributed total cash of approximately $14.4 million to the joint venture, of which the Company contributed $9.5 million, or 66%, and the Company’s partner contributed $4.9 million, or 34%, as of December 31, 2014. Additionally, during 2013 the Company contributed land with an agreed upon value of $6.0 million to the joint venture. During 2013, the Company received a cash distribution of $2.3 million as the result of a sale of a portion of the property in the joint venture.

In February 2013, the joint venture entered into a $41.0 million construction loan agreement that matures in February 2016 with the possibility of an option for a two year extension. The construction loan required capital contributions from the partners as specified in the construction loan agreement before amounts under the construction loan can be disbursed, which were met in 2013. As of December 31, 2014, $31.6 million was outstanding on the construction loan. Pursuant to the construction loan the Company has provided the following: (i) a completion guarantee until substantial completion; (ii) a principal repayment guarantee limited to 33% of the outstanding balance of the loan; (iii) a guarantee covering, among other things, operating deficits and accrued and unpaid interest; and (iv) customary non-recourse covenants covering items like misrepresentations, misappropriation of funds and fraud. In addition, pursuant to the construction loan the Company has agreed to maintain minimum liquidity of $25 million, which is defined as unencumbered and unrestricted cash, cash equivalents or U.S. Treasury Securities and net worth of $350 million, which is defined as total assets less the Company’s direct liabilities.

As of December 31, 2014, the Company’s capital account represents over 73% of the total equity in the joint venture. In addition, the Company and its partner have provided the above guarantee on the VIE’s construction loan. In accordance with the joint venture agreement, the first $6.0 million of cash distributions and profits will be made to the Company and subsequent cash distributions and profits and losses will be allocated 66% and 34% to the Company and its partner, respectively. The Company’s partner is responsible for the day-to-day activities; however, the Company has significant involvement in the design of the related development plan and approves all major decisions including the project development and annual budgets. The Company has evaluated the VIE consolidation requirements with respect to this transaction and has determined that the Company is the primary beneficiary as the Company has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses and the right to receive benefits that are significant to the VIE; therefore, the results of the VIE have been consolidated within the financial results of the Company.

In addition, the Company is the primary beneficiary of another real estate joint venture, Artisan Park, L.L.C, that is consolidated within the financial results of the Company. The Company is entitled to 74% of the profits or losses of this VIE and is responsible for the day-to-day activities of the joint venture. The Company has determined that the Company is the primary beneficiary as it has both the power to direct the activities that most significantly impact the joint venture’s economic performance and the obligation to absorb losses and the right to receive benefits that could potentially be significant to the VIE; therefore, the results of the VIE have been consolidated within the financial results of the Company. If it is determined by the joint venture’s executive committee that an additional capital contribution is needed, the partners shall be afforded the right, but shall not have the obligation, to make a capital contribution based on the partner’s respective percentage interest.

As of December 31, 2014 and 2013, the carrying amounts of the VIEs’ assets that are consolidated were $51.6 million and $31.0 million and non-recourse liabilities $34.4 million and $14.1 million, including debt, which the Company has a principal repayment guarantee limited to 33% of the outstanding balance. The VIEs’ assets can only be used to settle obligations of that VIE. Those assets are owned by, and those liabilities are obligations of, the VIEs, and not the Company, except for the debt principal repayment guarantee.

Unconsolidated VIEs

During 2014, the Company was a partner in the following two real estate joint ventures that are accounted for using the equity method: ESM and ALP Liquidating Trust (“ALP”). These joint ventures were entered into to develop and sell certain mixed use residential and commercial projects. The Company has evaluated the VIE consolidation requirements with respect to these joint ventures and has determined that the Company is not the primary beneficiary, since the Company does not have the power to direct the activities that most significantly impact the economic performance of the VIE or the control is shared equally with the other partner. The Company’s maximum exposure to losses in these unconsolidated VIEs is generally limited to its investment in the joint venture. If it is reasonably determined that an additional capital contribution is needed, the partners shall be afforded the right, but shall not have the obligation, to make a capital contribution based on the partner’s respective percentage interest.

The Company’s investments in unconsolidated joint ventures are recorded in real estate investments as $2.2 million at December 31, 2013. The Company had no investments in unconsolidated joint ventures as of December 31, 2014, due to the sale of its fifty percent ownership in ESM to its joint venture partner in exchange for a $3.0 million promissory note due and paid by December 31, 2014.

Summarized financial information for the unconsolidated investments on a combined basis is as follows:



	December 31, 2014		December 31, 2013
BALANCE SHEETS:
Investment in real estate	$	—	$	12,124
Cash and cash equivalents	15,461		16,897
Other assets	57		72
Total assets	$	15,518	$	29,093

Accounts payable and other liabilities	$	605	$	159
Equity⁽¹⁾	14,913		28,934
Total liabilities and equity	$	15,518	$	29,093

(1) The majority of the equity in unconsolidated investments relates to ALP. In 2008, the Company wrote-off its investment in ALP as a result of ALP reserving its assets to satisfy potential claims and obligations in accordance with its publicly reported liquidation basis of accounting. Subsequently, ALP changed its method of accounting to a going concern basis and reinstated its equity and stated it would report certain expenses as they are incurred. The Company has not recorded any additional equity income as a result of the ALP’s change in accounting.



	2014		2013		2012
STATEMENTS OF OPERATIONS:
Total expenses, net	$	1,952	$	1,014	$	1,042
Net loss	$	1,952	$	1,014	$	1,042

Notes Receivable, net

12 Months Ended

Dec. 31, 2014

Receivables [Abstract]

Notes Receivable, net

Notes receivable, net consists of the following:



	December 31, 2014		December 31, 2013
Interest bearing homebuilder note for the RiverTown Sale, secured by the real estate sold — 5.25% interest rate, annual principal payment of $1.0 million due March 2015 and with all accrued interest and remaining principal and interest payment due June 2015	$	19,600	$	—
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, annual principal payments of $0.3 million, any remaining payments outstanding are due February and August 2015, net of deferred profit of $0.1 million and $0.7 million at December 31, 2014 and 2013, respectively	2,011		4,062
Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0%	2,147		2,623
Various mortgage notes, secured by certain real estate bearing interest at various rates	512		647
Total notes receivable, net	$	24,270	$	7,332

The Company evaluates the carrying value of the notes receivable and the need for an allowance for doubtful notes receivable at each reporting date.

- Definition

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.

+ References+ Details

Property and Equipment, net

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consists of the following:



	December 31, 2014		December 31, 2013		Estimated Useful Life (in years)
Railroad and equipment	$	33,627	$	33,627	15-30
Machinery and equipment	16,498		18,714		3-10
Office equipment	18,844		19,154		3-10
Autos and trucks	866		1,600		3-10
	69,835		73,095
Less: Accumulated depreciation	60,284		62,206
	9,551		10,889
Construction in progress	652		521
Total property and equipment, net	$	10,203	$	11,410

Depreciation expense on property and equipment was $2.2 million in 2014, $2.5 million in 2013 and $2.4 million in 2012.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details

Debt

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Debt

Debt consists of the following:



	December 31, 2014		December 31, 2013
In-substance defeased debt, interest payable monthly at 5.62% at December 31, 2014 and 2013, secured and paid by pledged treasury securities, due October 1, 2015	$	25,670	$	26,260
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 — May 2039, bearing interest at 2.55% to 7.0% at December 31, 2014 and 2013	6,516		11,512
Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.26% and 2.27% at December 31, 2014 and 2013, respectively	31,618		6,445
Total debt	$	63,804	$	44,217

In connection with the sale of the Company’s office building portfolio in 2007, the Company completed an in-substance defeasance of debt of approximately $29.3 million of mortgage debt, which has a final balloon payment in 2015. The Company assigned the mortgage debt and deposited sufficient funds with a trustee solely to satisfy the principal and remaining interest obligations on the mortgage debt when due. The indebtedness remains on the Company’s Consolidated Balance Sheets at December 31, 2014 and 2013 since the transaction was not considered to be an extinguishment of debt because the Company is liable if, for any reason, the government securities are insufficient to repay the debt.

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 assessments that are 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 assessment that is associated with unplatted property if it is probable and reasonably estimable that the Company will ultimately be responsible for repaying. The Company has recorded debt of $6.5 million and $11.5 million related to CDD assessments as of December 31, 2014 and 2013, respectively. The Company’s total outstanding CDD assessments were $22.7 million and $34.1 million at December 31, 2014 and 2013, respectively. The Company pays interest on the total outstanding CDD assessments.

In February 2013, the Company’s Pier Park North joint venture entered into a construction loan agreement for $41.0 million that matures in February 2016 with the possibility of an option for a two year extension. The construction loan required capital contributions from the partners as specified in the construction loan agreement before amounts under the construction loan can be disbursed, which were met in 2013. As of December 31, 2014, $31.6 million was outstanding on the construction loan. Pursuant to the construction loan the Company has provided the following: (i) a completion guarantee until substantial completion; (ii) a principal repayment guarantee limited to 33% of the outstanding balance of the loan; (iii) a guarantee covering, among other things, operating deficits and accrued and unpaid interest; and (iv) customary non-recourse covenants covering items like misrepresentations, misappropriation of funds and fraud. In addition, pursuant to the construction loan the Company has agreed to maintain minimum liquidity of $25 million, which is defined as unencumbered and unrestricted cash, cash equivalents or U.S. Treasury securities and net worth of $350 million, which is defined as total assets less the Company’s direct liabilities.

The aggregate maturities of debt subsequent to December 31, 2014 are^(a):



	December 31, 2014
2015	$	25,783
2016	31,735
2017	121
2018	126
2019	130
Thereafter	5,909
	$	63,804



(a)	Includes debt defeased in connection with the sale of the Company’s office portfolio in the amount of $25.7 million.

- 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.

+ References+ Details

Accrued Liabilities and Deferred Credits

12 Months Ended

Dec. 31, 2014

Payables and Accruals [Abstract]

Accrued Liabilities and Deferred Credits

Accrued liabilities and deferred credits consist of the following:



	December 31, 2014		December 31, 2013
Accrued compensation	$	2,673	$	3,705
Deferred revenue	15,309		28,551
Environmental and insurance liabilities	475		1,071
Membership deposits	8,426		8,545
Other accrued liabilities	5,176		7,775
Accrued interest expense for Senior Notes held by special purpose entity (Note 5)	2,852		—
Total accrued liabilities and deferred credits	$	34,911	$	49,647

Deferred revenue at December 31, 2014 and 2013 includes $12.5 million and $23.5 million, respectively, related to a 2006 agreement pursuant to which the Company agreed to sell approximately 3,900 acres of rural land to the Florida Department of Transportation (the “FDOT”). Revenue is recognized when title to a specific parcel is legally transferred. As part of the AgReserves Sale, the Company transferred approximately 800 acres that are subject to the 2006 agreement to AgReserves who has agreed to transfer title to the FDOT. As a result, the Company recognized $11.0 million of revenue during 2014.

As part of the AgReserves Sale, the Company recognized in Timber sales $1.1 million of deferred revenue related to an imputed land lease that was to be recognized over the life of the timber deeds sold in March 2011. The Company sold substantially all the land included in the imputed lease as part of the AgReserves Sale and recognized the remaining deferred revenue during 2014. For further information on the AgReserves Sale, see Note 5, Real Estate Sales.

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

Income tax (expense) benefit for the years ended December 31, 2014, 2013, and 2012 consist of the following:



	2014		2013			2012
Current:
Federal	$	69,245	$	349		$	34
State	135		169			118
Total	69,380		518			152
Deferred:
Federal	35,314		(366		)	196
State	10,813		(561		)	39
Total	46,127		(927		)	235
Income tax expense (benefit)	$	115,507	$	(409	)	$	387

Total income tax expense (benefit) for the years ended December 31, 2014, 2013, and 2012 was allocated in the consolidated financial statements as follows:



	2014		2013			2012
Income tax expense (benefit)	$	115,507	$	(409	)	$	387
Income tax recorded in Accumulated other comprehensive income
Income tax benefit	127		—			—
Total income tax expense (benefit)	$	115,380	$	(409	)	$	387

Income tax expense (benefit) attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 35% to pre-tax income as a result of the following:



	2014			2013			2012
Tax at the statutory federal rate	$	182,700		$	1,603		$	2,240
State income taxes (net of federal benefit)	18,270			160			224
Decrease in valuation allowance	(86,882		)	(2,218		)	(2,870		)
Other	1,419			46			793
Total income tax expense (benefit)	$	115,507		$	(409	)	$	387

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of December 31, 2014 and 2013 are presented below:



	2014			2013
Deferred tax assets:
Federal net operating carryforwards	$	—		$	26,884
State net operating loss carryforwards	11,336			20,759
Impairment losses	116,451			151,050
Prepaid income from land sales	5,507			10,210
Other	1,398			4,697
Total gross deferred tax assets	134,692			213,600
Valuation allowance	(6,176		)	(93,058		)
Total net deferred tax assets	128,516			120,542
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	2,484			1,726
Deferred gain on land sales and involuntary conversions	31,574			31,385
Installment sale	126,225			58,969
Pension Plan assets transferred to the 401(k) Plan	3,057			—
Prepaid pension asset	—			15,596
Total gross deferred tax liabilities	163,340			107,676
Net deferred tax (liability) asset	$	(34,824	)	$	12,866

At December 31, 2013, the Company had federal net operating loss carryforwards of $76.8 million, which the Company utilized in 2014 and had no federal net operating loss carryforwards at December 31, 2014. At December 31, 2014 and 2013, the Company had state net operating loss carryforwards of $323.9 million and $593.1 million, respectively. The state net operating losses are available to offset future taxable income through 2031.

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. As of December 31, 2013, based on the timing of reversal of future taxable amounts and the Company’s history of losses, management did not believe it met the requirements to realize the benefits of certain of its deferred tax assets; therefore, the Company had maintained a valuation allowance of $93.1 million.

As a result of the deferred tax liability from the AgReserves Sale, the reversals of the deferred tax assets for the federal and state net operating loss carryforwards and the reversals of deferred tax assets for impairment losses, primarily from the RiverTown Sale, the Company had a net deferred tax liability of $34.8 million as of December 31, 2014, as compared to a net deferred tax asset of $12.9 million as of December 31, 2013. During 2014, the Company decreased the valuation allowance by $86.9 million to $6.2 million at December 31, 2014 from $93.1 million at December 31, 2013.

As of December 31, 2014 and 2013, management believed it had not met the requirements to realize the benefits for a portion of its deferred tax assets for state net operating loss carryforwards; therefore, the Company has maintained a valuation allowance of $6.2 million and $8.4 million, respectively, related to state net operating losses and charitable contribution carryforwards.

At December 31, 2013, other deferred tax assets includes a valuation allowance to offset the deferred tax component recognized in Accumulated other comprehensive loss of $2.1 million. This valuation allowance was reversed during 2014 and there was no valuation allowance in Accumulated other comprehensive loss as of December 31, 2014.

The Company had approximately $1.7 million of total unrecognized tax benefits as of December 31, 2014 and 2013, respectively. Of this total, there are no amounts of unrecognized tax benefits that, if recognized, would affect the effective income tax rate. There were no decreases or increases related to prior year or current year tax positions. In addition, as a result of the adoption of the guidance that was effective for the Company on January 1, 2014 related to the presentation of an unrecognized tax benefit, when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists, the Company reclassified $1.7 million of its unrecognized tax benefit from Accrued liabilities and deferred credits to deferred tax liabilities as of December 31, 2014.

There were no penalties required to be accrued at December 31, 2014 and 2013. The Company recognizes interest and/or penalties related to income tax matters in income tax (expense) benefit.

The IRS completed the examination of the Company’s tax returns for 2011, 2009, 2008 and 2007 without adjustment.

- 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.

+ References+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

Stock Based Compensation

The Company previously offered a stock incentive plan whereby awards were granted to certain employees and non-employee directors of the Company in various forms including restricted shares of Company common stock and options to purchase Company common stock. Awards were discretionary and were determined by the Compensation Committee of the Board of Directors. Stock based compensation cost is measured at the grant date based on the fair value of the award and is typically recognized as expense on a straight-line basis over the requisite service period, which is the vesting period. Upon exercise of stock options or vesting of restricted stock, the Company will issue new common stock.

As of December 31, 2014, all stock options were vested and there were no stock options were granted or exercised in 2014, 2013 or 2012. As of December 31, 2014, 1.5 million shares remained available for issuance under the 2009 Equity Incentive Plan.

Total stock-based compensation recorded in Corporate expense, net, on the Consolidated Statements of Income for the three years ended December 31, 2014 is as follows:



	2014			2013			2012
Stock compensation expense before tax benefit	$	210		$	247		$	998
Income tax benefit	(81		)	(95		)	(384		)
	$	129		$	152		$	614

The following table sets forth the summary of option activity outstanding under the stock option program for 2014:



	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value ($000)
Balance at December 31, 2013	99,775	$	54.15	2.9	—
Forfeited or expired	—	—		—	—
Balance at December 31, 2014	99,775	$	54.15	1.9	—
Vested or expected to vest at December 31, 2013	99,775	$	54.15	1.9	—
Exercisable at December 31, 2013	99,775	$	54.15	1.9	—

The Company had no nonvested restricted stock units outstanding as of December 31, 2014 or activity during 2014 under the restricted stock unit program during 2014. The weighted average grant date fair value of restricted stock units during 2014, 2013 and 2012 were $21.59, $20.49 and $16.30, respectively. In 2014, less than 0.1 million of vested restricted stock awards were granted to certain of the Company’s directors as fees for services rendered. The total fair values of restricted stock units and stock options which vested during 2014, 2013 and 2012 were zero, $0.5 million and $1.5 million, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References+ Details

Employee Benefit Plan

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plan

Employee Benefit Plans

The Company previously sponsored a cash balance defined benefit pension plan that covered substantially all of its salaried employees (the “Pension Plan”). In November 2012, the Board of Directors approved the termination of the Pension Plan. The Pension Plan was frozen in March 2013 pending regulatory approvals, which were received in August 2014. As of December 31, 2014, the Pension Plan assets have been distributed to Pension Plan participants and $7.9 million was distributed to the Company’s 401(k) Plan to pay additional future benefits to current and future 401(k) plan participants over the next seven years. Subsequent to these distributions, the remaining Pension Plan assets of $23.8 million were reverted to the Company in December 2014.

During 2014, the Company recorded a total of $13.5 million in Pension charges on the Company’s Consolidated Statements of Income, which included $8.7 million for net periodic pension costs, including settlements related to the termination of the Pension Plan and $4.8 million of excise tax. In addition, the Company expects to record additional expenses of approximately $7.9 million as the assets in the Company’s 401(k) Plan are allocated to participants over the next seven years. See Deferred Compensation Plan section below for further information related to the Company’s 401(k) Plan.

During 2012, the Company recognized a curtailment change of $2.1 million in the Company’s Consolidated Statements of Income as a result of the termination. During 2013 and 2012, the Company incurred settlement losses of $0.7 million and $1.2 million, respectively, related to cash distributions made to certain participants.

Obligations and Funded Status

Change in projected benefit obligation and plan assets:



	2014			2013
Projected benefit obligation, beginning of year	$	23,531		$	26,741
Service cost	—			225
Interest cost	625			653
Actuarial loss (gain)	2,245			(888		)
Benefits paid	(95		)	(101		)
Settlements	(26,306		)	(3,099		)
Projected benefit obligation, end of year	$	—		$	23,531

Fair value of assets, beginning of year	$	58,648		$	60,097
Actual return on assets	14			2,378
Benefits and expenses paid	(595		)	(728		)
Settlements	(26,306		)	(3,099		)
Assets contributed to 401(k) Plan	(7,940		)	—
Assets reverted to the Company	(23,821		)	—
Fair value of assets, end of year	$	—		$	58,648

Funded status at end of year	$	—		$	35,117

Ratio of plan assets to projected benefit obligation	—		%	249		%

As a result of the Pension Plan termination, the Company had no prepaid pension asset or accumulated benefit obligation at December 31, 2014. At December 31, 2013, the Company has recorded a prepaid pension asset of $35.1 million and the accumulated benefit obligation of the Pension Plan was $23.5 million.

A summary of the net periodic pension cost and other amounts recognized in other comprehensive income (loss) are as follows:



	2014			2013			2012
Service cost	$	—		$	225		$	889
Interest cost	625			653			712
Expected return on assets	550			(443		)	(2,315		)
Amortization of prior service costs	—			—			440
Amortization of loss	465			326			48
Settlement charges	7,107			739			1,162
Curtailment charge	—			—			2,063
Net periodic pension cost	$	8,747		$	1,500		$	2,999

Other changes in plan assets and obligations recognized in Other comprehensive income:
Prior service cost	—			—			(2,503		)
(Gain) loss	(5,392		)	(3,260		)	1,275
Total other comprehensive income	(5,392		)	(3,260		)	(1,228		)
Total net periodic pension cost and other comprehensive income (loss)	$	3,355		$	(1,760	)	$	1,771

As of December 31, 2014 there were no actuarial loss amounts not yet reflected in net periodic pension cost and included in Accumulated other comprehensive loss as they were recognized in net periodic cost during 2014 due to the final settlement of the Pension Plan in 2014. As of December 31, 2013, actuarial loss amounts not yet reflected in net periodic pension cost and included in accumulated other comprehensive loss were $5.4 million. Pension charges on the Statements of Income includes $4.8 million of excise tax.

Assumptions

Assumptions used to develop end of period benefit obligations:



	2014	2013
Discount rate	N/A	4.37%
Rate of compensation increase	N/A	N/A

Assumptions used to develop net periodic pension cost:



	2014	2013	2012
Discount rate	3.75%	4.37%	3.50%
Expected long-term rate on plan assets	—%	—%	4.75%
Rate of compensation increase	N/A	N/A	N/A

To develop the expected long-term rate of return on assets assumption, the Company considered the current level of expected returns on risk free investments (primarily government bonds), the historical level of the risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected long-term rate of return on assets assumption for the portfolio. This resulted in the selection of the 4.75% assumption in 2012. Early in 2014, the Pension Plan transferred the majority of its investments held in plan assets to U.S. Treasury securities to maintain the Pension Plan asset balance, which resulted in the selection of a minimal expected long-term rate on plan assets as the U.S. Treasury securities in 2014 and 2013.

Plan Assets

During 2014, the Pension Plan transferred the majority of its investments held in plan assets to U.S. Treasury securities to maintain the Pension Plan asset balance. There were no Plan assets at December 31, 2014. At December 31, 2013, U.S. Treasury securities are fair valued based on quoted market prices in an active market. The following tables sets forth by level within the fair value hierarchy for Plan assets at December 31, 2013.

Assets at Fair Value as of December 31, 2013



Asset Category:	Level 1		Level 2		Level 3		Total
Cash	$	115	$	—	$	—	$	115
Money market funds	697		—		—		697
U.S. Treasuries	57,836		—		—		57,836
Total	$	58,648	$	—	$	—	$	58,648

The following table sets forth a summary of changes in the fair value of the Pension Plan’s level 3 assets for the year ended December 31, 2013. There were no level 3 assets in the Pension Plan during 2014.



	2013
Balance, beginning of year	$	927
Sales	(1,648		)
Realized gain on sale	721
Unrealized gains relating to instruments still held at the reporting date	—
Balance, end of year	$	—

Deferred Compensation Plan

The Company maintains a 401(k) retirement plan covering substantially all officers and employees, which permits participants to defer up to the maximum allowable amount determined by the IRS of their eligible compensation. As part of the Pension Plan termination, the Company directed the Pension Plan to transfer $7.9 million of the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) Plan. The Company expects to use the $7.9 million, including any income earned on the assets held in the suspense account, for Company contributions under the Company’s 401(k) Plan over the next seven years.

The Company retains the risks and rewards of ownership of the assets held in the suspense account since they have not been allocated to participants as of December 31, 2014; therefore, the $7.9 million of unallocated assets held in the suspense account are recorded on the Company’s Consolidated Balance Sheets as Restricted investments as of December 31, 2014. The Company will record expense for the fair value of the assets at the time the assets are allocated to participants.

As of December 31, 2014, the assets held in the suspense account were invested in the Guaranteed Income Fund. The Guaranteed Income Fund is valued based upon the contributions made to the fund, plus earnings at guaranteed crediting rates, less withdrawals and fees, and is categorized as a level 2 financial instrument. The Company’s Retirement Plan Investment Committee will be responsible for investing decisions and allocation decisions of the suspense account. Refer to Note 8, Financial Instruments and Fair Value Measurements for further information on the three-tier fair value hierarchy.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References+ Details

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

Accumulated Other Comprehensive Loss

Following is a summary of the changes in the accumulated balances for each component of accumulated other comprehensive loss, which is presented net of tax, for the year ended December 31, 2014 and 2013:



	Defined Benefit Pension Items			Unrealized Gains and (Losses) on Available-for-Sale Securities			Total
Accumulated other comprehensive loss at December 31, 2013	$	(5,392	)	$	(2,125	)	$	(7,517	)
Other comprehensive income before reclassifications	(2,180		)	(509		)	(2,689		)
Amounts reclassified from accumulated other comprehensive loss	7,572			1,309			8,881
Net current year other comprehensive income (loss)	5,392			800			6,192
Accumulated other comprehensive loss at December 31, 2014	$	—		$	(1,325	)	$	(1,325	)



	Defined Benefit Pension Items			Unrealized Gains and (Losses) on Available-for-Sale Securities			Total
Accumulated other comprehensive loss at December 31, 2012	$	(8,652	)	$	—		$	(8,652	)
Other comprehensive income before reclassifications	2,191			(2,032		)	159
Amounts reclassified from accumulated other comprehensive loss	1,069			(93		)	976
Net current year other comprehensive income (loss)	3,260			(2,125		)	1,135
Accumulated other comprehensive loss at December 31, 2013	$	(5,392	)	$	(2,125	)	$	(7,517	)



	Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components	2014			2013			Affected Line in the Consolidated Statements of Income
Defined Benefit Pension Items
Amortization of loss	$	465		$	326		Net periodic pension costs, Note 18, Employee Benefit Plans
Settlement cost	7,107			743			Net periodic pension costs, Note 18, Employee Benefit Plans
Total before tax	7,572			1,069
Income tax benefit	—			—
Net of tax	7,572			1,069

Items related to available-for-sale securities
Other-than-temporary impairment losses	1,295			—			Investment income, net, Note 6, Investments
Realized loss (gain) on sale	833			(93		)	Investment income, net, Note 6, Investments
Total before tax	2,128			(93		)
Income tax expense	(819		)	—
Net of tax	1,309			(93		)

Total reclassifications for the period	$	8,881		$	976		Net of tax

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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-Number 210

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+ Details

Segment Information

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segment Information

The Company currently conducts primarily all of its business in the following four reportable operating segments: 1) residential real estate, 2) commercial real estate, 3) resorts, leisure and leasing operations and 4) forestry. During the first quarter of 2014, the Company’s rural land segment no longer met the qualitative or quantitative factors as a reportable operating segment. The Company has revised its segment presentation to include the remaining rural land segment primarily within the Company’s forestry segment. All prior period segment information has been updated to conform with the 2014 presentation. The change in reportable segments had no effect on the Company’s consolidated financial position, results of operations or cash flows for the periods presented.

The residential real estate segment generates revenues from the development and sale of homesites. The commercial real estate segment sells undeveloped or developed land and commercial operating property. The resorts, leisure and leasing operations segment generates revenue and rental fees associated with its vacation rental program and other resort, golf club, marina and retail/commercial leasing operations. The forestry segment produces and sells woodfiber, sawtimber and other forest products and may sell the Company’s timber or rural land holdings.

The Company’s reportable segments are strategic business units that offer different products and services. They are each managed separately and decisions about allocations of resources are determined by management based on these strategic business units.

The Company uses income from operations before equity in (loss) income from unconsolidated affiliates, income taxes and non-controlling 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 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 Income. All intercompany transactions have been eliminated.

Information by business segment is as follows:



	2014			2013			2012
OPERATING REVENUES:
Residential real estate ^(a)	$	61,384		$	33,698		$	22,115
Commercial real estate	3,265			10,881			10,400
Resorts, leisure and leasing operations	55,451			50,767			44,407
Forestry ^(b)	581,442			35,450			38,977
Other	331			460			23,497
Consolidated operating revenues	$	701,873		$	131,256		$	139,396

DEPRECIATION, DEPLETION AND AMORTIZATION:
Residential real estate	$	574		$	776		$	1,802
Resorts, leisure and leasing operations	6,916			6,424			5,714
Forestry	729			1,775			2,105
Other reportable segments	203			156			489
Consolidated depreciation, depletion and amortization	$	8,422		$	9,131		$	10,110

INVESTMENT INCOME, NET
Residential real estate and other	$	994		$	113		$	68
Corporate ^(c)	11,697			1,385			639
Consolidated investment income, net	$	12,691		$	1,498		$	707

INTEREST EXPENSE
Residential real estate	$	(1,316	)	$	(1,999	)	$	(2,802	)
Commercial and other	(696		)	(41		)	(18		)
Corporate ^(d)	(6,596		)	—			—
Consolidated interest expense	$	(8,608	)	$	(2,040	)	$	(2,820	)

INCOME (LOSS) BEFORE EQUITY IN (INCOME) LOSS FROM UNCONSOLDIATED AFFILIATES AND INCOME TAXES:
Residential real estate^(a)(e)	$	25,440		$	4,558		$	(6,772	)
Commercial real estate	(163		)	3,298			(271		)
Resorts, leisure and leasing operations ^(f)	1,886			(1,928		)	(1,414		)
Forestry ^(b)	517,087			13,406			13,475
Corporate ^(c)(d)(g)	(22,429		)	(14,889		)	1,405
Consolidated income (loss) before equity in (loss) income from unconsolidated affiliates and income taxes	$	521,821		$	4,445		$	6,423



	2014		2013		2012
CAPITAL EXPENDITURES:
Residential real estate	$	4,981	$	12,284	$	7,679
Commercial real estate	854		2,388		3,829
Resorts, leisure and leasing operations	24,798		23,486		9,023
Forestry	1,537		3,678		2,701
Other	271		224		163
Total capital expenditures	$	32,441	$	42,060	$	23,395



	December 31, 2014		December 31, 2013
TOTAL ASSETS:
Residential real estate	$	129,663	$	141,097
Commercial real estate	62,931		62,924
Resorts, leisure and leasing operations	158,226		142,940
Forestry	20,521		60,889
Other	931,794		261,622
Total assets	$	1,303,135	$	669,472



(a)	Includes revenues of $43.6 million from the RiverTown Sale in 2014.
(b)	Includes revenues of $570.9 million from the AgReserves Sale in 2014.
(c)	Includes interest income of $6.1 million from investments in special purpose entities in 2014.
(d)	Includes interest expense of $6.6 million from Senior Note issued by an special purpose entity in 2014.
(e)	Includes impairment losses of $0.2 million in 2013.
(f)	Includes impairment losses of $4.9 million and $2.6 million in 2013 and 2012, respectively.
(g)	Includes pension charges of $13.5 million, $1.5 million and $3.0 million in 2014, 2013 and 2012, respectively.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

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+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company establishes an accrued liability when it is both probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company will evaluate the range of reasonably estimated losses and record an accrued liability based on the minimum amount in the range, unless an amount within the range is a better estimate than any other amount. In such cases, there may be an exposure to loss in excess of the amounts accrued. The Company evaluates quarterly whether further developments could affect the amount of the accrued liability previously established or would make a loss contingency both probable and reasonably estimable. The Company also provides disclosure when it is reasonably possible that a loss will be incurred or when it is reasonably possible that the amount of a loss will exceed the recorded liability. The Company reviews loss contingencies at least quarterly to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. 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. The Company is subject to a variety of litigation, claims, other disputes and governmental proceedings that arise from time to time in the ordinary course of its business. The Company cannot assure you that it will be successful in defending these matters. Based on current knowledge, the Company does not believe that loss contingencies arising from pending litigation, claims other disputes and governmental proceedings, including those 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, 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. On January 4, 2011 the Company received notice from the Staff (the “Staff”) of the Securities and Exchange Commission (the “SEC”) of the initiation of 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 designates officers of the SEC to take the testimony of the Company and third parties with respect to any or all of these matters. On January 20, 2015, the Company received a written “Wells Notice” from the Staff indicating the Staff’s preliminary determination to recommend that the SEC file an action against the Company for violations of certain federal securities laws. The Staff has informed the Company that the Wells Notice relates to historical accounting and disclosure practices and real estate asset valuations principally as reflected in the Company’s financial results for 2010, 2009 and prior periods. A Wells Notice is neither a formal allegation of wrongdoing nor a finding that any violations of law have occurred. Rather, it provides the Company with an opportunity to respond to issues raised by the Staff and offer its perspective prior to any SEC decision to institute proceedings. If the Staff makes a recommendation to the SEC, the recommendations may involve a civil injunctive action, public administrative proceeding, and/or cease-and-desist proceeding, and may seek remedies that include an injunction and/or cease and desist order, disgorgement, pre-judgment interest, and civil money penalties. The Company is fully cooperating with the investigation. However, it is unable to predict the outcome of the investigation, any potential enforcement actions or any other impact on the Company that may arise as a result of such investigation. The Company has not established a liability for this matter, because it 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 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 or range of loss 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 certain adjacent properties. Management is unable to quantify future rehabilitation costs above present accruals at this time or provide a reasonably estimated range of loss. Other litigation, claims, other disputes and governmental proceedings, including environmental matters, are pending against the Company. Aggregate environmental-related accruals were $0.5 million and $1.1 million at December 31, 2014 and 2013, 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 outcome could have a material impact on the results of operations or cash flows of the Company. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage, including our timber assets. At December 31, 2014 and 2013, the Company was required to provide surety bonds that guarantee completion of certain infrastructure in certain development projects and mitigation banks of $8.3 million and $14.1 million, respectively. At December 31, 2014, the Company has a total of $5.0 million in purchase obligations, which $4.3 million are for 2015, $0.3 million are for 2016 and $0.4 million are for 2017. The construction loan entered into by the Pier Park North joint venture requires the Company to provide certain guarantees and covenants as described in Note 9, Real Estate Joint Ventures. As part of the AgReserves Sale and certain sales of timberlands in 2007 and 2008, the Company generated significant tax gains. The installment notes structure allowed the Company to defer the resulting tax liability of $61.8 million until 2022 - 2024 and $69.3 million until 2029, respectively, the maturity dates for the Installment Notes. The Company has a deferred tax liability related to the gains in connection with these sales.

- Definition

The entire disclosure for commitments and contingencies.

+ References+ Details

Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (unaudited)



	Quarters Ended
	December 31			September 30			June 30		March 31
2014
Operating revenues	$	15,676		$	23,947		$	68,164	$	594,086
Operating income (loss)	$	(15,946	)	$	(1,335	)	$	21,038	$	509,493
Net income (loss) attributable to the Company	$	(11,101	)	$	(50	)	$	14,609	$	402,995
Basic and diluted income (loss) per share attributable to the Company	$	(0.13	)	$	—		$	0.16	$	4.37
2013
Operating revenues	$	33,868		$	36,827		$	33,788	$	26,773
Operating income (loss)	$	(1,964	)	$	3,383		$	1,583	$	(2,225	)
Net income (loss) attributable to the Company	$	562		$	4,198		$	2,704	$	(2,474	)
Basic and diluted income (loss) per share attributable to the Company	$	—		$	0.05		$	0.03	$	(0.03	)

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References+ Details

Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2014

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION

THE ST. JOE COMPANY

SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2014

(in thousands)



			Initial Cost to Company							Gross Amount at December 31, 2014
Description	Encumbrances		Land & Improvements		Buildings & Improvements		Costs Capitalized Subsequent to Acquisition or Construction ⁽¹⁾			Land & Land Improvements		Buildings and Improvements		Total		Accumulated Depreciation		Date of Construction or Acquisition	Depreciation Life (In Years)
Residential development	$	2,459	$	43,153	$	—	$	59,258		$	102,411	$	—	$	102,411	$	—	n/a	n/a
Commercial development	4,057		45,701		—		13,704			59,405		—		59,405		—		n/a	n/a
Resorts and leisure
WaterColor Inn	—		1,202		14,000		5,124			1,558		18,768		20,326		6,831		2002	10 - 40
Clubs and golf courses	—		38,447		24,053		(4,268		)	34,653		23,579		58,232		22,961		2001 - 2007	10 - 25
Marinas	—		6,252		9,619		10			6,218		9,663		15,881		3,544		2006 - 2007	10 - 25
Other	—		—		34,469		(18,771		)	—		15,698		15,698		6,203		2008 - 2009	10 - 30
Commercial leasing
Pier Park North	—		2,641		—		42,085			16,801		27,925		44,726		1,017		2014	15 - 40
Towncenters	—		777		30,904		(12,205		)	784		18,692		19,476		12,127		2001 - 2008	10 - 25
VentureCrossings	—		1,566		7,899		—			1,566		7,899		9,465		985		2012	10 - 25
Other	—		7,999		8,862		(7,145		)	7,051		2,665		9,716		2,508		through 2011	10 - 25
Timberlands	—		6,582		1,872		10,385			16,553		2,286		18,839		1,956		n/a	n/a
Unimproved land	—		—		—		5,769			5,769		—		5,769		—		n/a	n/a
Total	$	6,516	$	154,320	$	131,678	$	93,946		$	252,769	$	127,175	$	379,944	$	58,132



(1)	Includes cumulative impairments.

Notes:



(A)	The aggregate cost of real estate owned at December 31, 2014 for federal income tax purposes is approximately $544 million.
(B)	Reconciliation of real estate owned (in thousands of dollars):



	2014			2013			2012
Balance at beginning of the year	$	436,264		$	418,197		$	429,431
Amounts capitalized	26,047			44,795			21,058
Impairments	—			(5,080		)	(2,551		)
Cost of real estate sold	(76,060		)	(22,022		)	(27,248		)
Amounts retired or adjusted	(6,307		)	374			(2,493		)
Balance at the end of the year	$	379,944		$	436,264		$	418,197



(C)	Reconciliation of accumulated depreciation (in thousands of dollars):



	2014			2013			2012
Balance at beginning of the year	$	53,496		$	49,772		$	44,489
Depreciation expense	6,170			6,547			7,494
Amounts retired or adjusted	(1,534		)	(2,823		)	(2,211		)
Balance at the end of the year	$	58,132		$	53,496		$	49,772

Schedule IV (Consolidated) - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2014

Mortgage Loans on Real Estate [Abstract]

SCHEDULE IV (CONSOLIDATED) - MORTGAGE LOANS ON REAL ESTATE

THE ST. JOE COMPANY

SCHEDULE IV (CONSOLIDATED) - MORTAGE LOANS ON REAL ESTATE

DECEMBER 31, 2014

(in thousands)



Description	Interest Rate	Final Maturity Date	Periodic Payment Terms	Prior Liens	Carrying Amount of Mortgages		Principal Amount of Loans Subject to Delinquent Principal or Interest
Seller financing	5.25%	June 2015	(a)	—	$	19,600	—
Seller financing	4%	August 2015	P&I ^(b)	—	1,945		—
Seller financing	4% for the first twelve months; 6% for the second twelve months	February 2015	(c)	—	66		—
Various other seller financing	5%	October 2016 and December 2016	P&I ^(d)	—	512		—
Total ^(e)					$	22,123



(a)	Annual principal payment of $1.0 million due March 2015. On the maturity date, all outstanding principal, all accrued interest and any other customary charges shall be due and payable in full.
(b)	Principal and interest is paid quarterly over a ten year amortization schedule. On the maturity date, all outstanding principal, all accrued interest and any other customary charges shall be due and payable in full.
(c)	Payments are made in varying amounts over the life to maturity. On the maturity date, all outstanding principal, all accrued interest and any other customary charges shall be due and payable in full.
(d)	Principal and interest is paid monthly.
(e)	The aggregate cost for federal income tax purposes approximates the amount of unpaid principal.

The summarized changes in the carrying amount of mortgage loans are as follows:



	2014		2013		2012
Balance at beginning of the year	$	5,354	$	1,158	$	1,752
Additions during the year - new mortgage loans	19,600		5,854		—
Deductions during the year:
Collections of principal	2,832		1,363		594
Foreclosures	—		295		—
Balance at the end of the year	$	22,122	$	5,354	$	1,158

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Use of Estimates

Revenue Recognition

Real estate sales

Investment in Real Estate

Depreciation is computed on straight-line method over the useful lives of the assets ranging from five to forty years.

Real estate sales

Resort, leisure and leasing revenues

Resorts, leisure and leasing revenues

Forestry product sales and Timber deed sales

Forestry product sales

Comprehensive Income

Cash and Cash Equivalents

Investments

Notes Receivable

Long-Lived Assets


•	a prolonged decrease in the fair value or demand for the Company’s properties;


•	a change in the expected use or development plans for the Company’s properties;


•	continuing operating or cash flow losses for an operating property; and,


•	an accumulation of costs in a development property to be held long-term above the amount originally expected.


•	the projected pace of sales of homesites based on estimated market conditions and the Company’s development plans;


•	estimated pricing and projected price appreciation over time;


•	the amount and trajectory of price appreciation over the estimate selling period;


•	the length of the estimated development and selling periods, which can differ depending on the size of the development and the number of phases to be developed;


•	the amount of remaining development costs, including the extent of infrastructure or amenities included in such development costs;


•	holding costs to be incurred over the selling period;


•	for bulk land sales of undeveloped and developed parcels future pricing is based upon estimated developed lot pricing less estimated development costs and estimated developer profit;


•	for commercial development property, future pricing is based on sales of comparable property in similar markets; and


•	whether liquidity is available to fund continued development.

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:


•	for investments in inns and rental condominium units, average occupancy and room rates, revenues from food and beverage and other amenity operations, operating expenses and capital expenditures, and eventual disposition of such properties as private residence vacation units or condominiums, based on current prices for similar units appreciated to the expected sale date;


•	for investments in commercial or retail property, future occupancy and rental rates and the amount of proceeds to be realized upon eventual disposition of such property at a terminal capitalization rate; and,


•	for investments in golf courses, memberships, future rounds and greens fees, operating expenses and capital expenditures, and the amount of proceeds to be realized upon eventual disposition of such properties at a multiple of terminal year cash flows.

Other properties that management does not intend to sell in the near term under current market conditions and has the

Real Estate Held for Development and Sale

Timber Inventory

Property and Equipment, net

Income Taxes

Concentration of Risks and Uncertainties

Earnings Per Share

Recently Adopted Accounting Pronouncements

Income Taxes

Recently Issued Accounting Pronouncements

Discontinued Operations

Revenue Recognition

Investments

Investment in Real Estate (Tables)

12 Months Ended

Dec. 31, 2014

Real Estate [Abstract]

Real Estate by Property Type and Segment

Real estate by property type and segment includes the following:



	December 31, 2014		December 31, 2013
Development property:
Residential real estate	102,411		130,616
Commercial real estate	59,405		58,659
Resorts, leisure and leasing operations ⁽¹⁾	3,207		28,737
Forestry	3,278		8,976
Corporate	2,491		2,366
Total development property	170,792		229,354

Operating property:
Residential real estate	$	1,544	$	2,071
Resorts, leisure and leasing operations ⁽²⁾	188,721		146,624
Forestry	18,839		58,170
Other	48		45
Total operating property	209,152		206,910
Less: Accumulated depreciation	58,132		53,496
Net operating property	151,020		153,414

Investment in unconsolidated affiliates	—		2,241
Investment in real estate, net	$	321,812	$	385,009



(1	)	Includes $3.1 million and $28.4 million for the Pier Park North joint venture as of December 31, 2014 and 2013, respectively.
(2	)	Includes $41.6 million for the Pier Park North joint venture as of December 31, 2014.

Property, Plant and Equipment

Operating property includes the following components:



	December 31, 2014		December 31, 2013		Estimated Useful Life (in years)
Land and land improvements	$	72,284	$	74,070	5 - 20
Buildings and building improvements	127,577		99,417		20 - 40
Timber	9,291		33,423		N/A
	209,152		206,910
Less: Accumulated depreciation	58,132		53,496
Total operating property, net	151,020		153,414

Property and equipment, net consists of the following:



	December 31, 2014		December 31, 2013		Estimated Useful Life (in years)
Railroad and equipment	$	33,627	$	33,627	15-30
Machinery and equipment	16,498		18,714		3-10
Office equipment	18,844		19,154		3-10
Autos and trucks	866		1,600		3-10
	69,835		73,095
Less: Accumulated depreciation	60,284		62,206
	9,551		10,889
Construction in progress	652		521
Total property and equipment, net	$	10,203	$	11,410

Investments (Tables)

12 Months Ended

Dec. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

At December 31, 2014 investments classified as available-for-sale securities were as follows:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities:
U.S. Treasury securities	$	509,783	$	32	$	—	$	509,815
Corporate debt securities	101,587		—		1,482		100,105
Preferred stock	26,963		—		5		26,958
	$	638,333	$	32	$	1,487	$	636,878

At December 31, 2013 investments classified as available-for-sale securities were as follows:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities:
U.S. Treasury securities	$	124,861	$	88	$	—	$	124,949
Corporate debt securities	24,236		—		2,213		22,023
	$	149,097	$	88	$	2,213	$	146,972

Contractual Maturities of Investments



	Cost		Fair Value
Due in one year or less	$	509,783	$	509,815
Due after one year through five years	101,587		100,105
	611,370		609,920
Preferred stock	26,963		26,958
	$	638,333	$	636,878

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References+ Details

Other Income (Expense) (Tables)

12 Months Ended

Dec. 31, 2014

Other Income and Expenses [Abstract]

Other Income (Expense)

Other income (expense) consists of the following during the three years ended December 31, 2014:



	2014			2013			2012
Investment income, net
Net investment income from available-for-sale securities (Note 6)
Interest and dividend income	$	6,258		$	1,171		$	—
Accretion income	1,455			—			—
Realized (losses) gains on the sale of investments	(833		)	93			—
Other-than-temporary impairment losses	(1,295		)	—			—
Total net investment income from available-for-sale securities	5,585			1,264			—
Interest income from investments in special purpose entities (Note 5)	6,116			—			—
Interest accrued on notes receivable (Note 10)	990			234			707
Total investment income, net	12,691			1,498			707
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity (Note 5)	(6,584		)	—			—
Interest expense (Note 13)	(2,024		)	(2,040		)	(2,820		)
Total interest expense	(8,608		)	(2,040		)	(2,820		)
Other, net
Accretion income from retained interest investments (Note 9)	889			793			(570		)
Hunting lease income	938			1,850			2,193
Litigation and insurance proceeds received	1,814			560			1,671
Southwest guarantee	—			—			832
Other income, net	847			1,007			2,276
Other, net	4,488			4,210			6,402
Total other income	$	8,571		$	3,668		$	4,289

Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

The financial instruments measured at fair value on a recurring basis at December 31, 2014 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Money market funds	$	19,971	$	—	$	—	$	19,971
Debt securities:
U.S. Treasury securities	509,815		—		—		509,815
Corporate debt securities	—		100,105		—		100,105
Preferred stock	—		26,958		—		26,958
	$	529,786	$	127,063	$	—	$	656,849

The financial instruments measured at fair value on a recurring basis at December 31, 2013 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Money market funds	$	1,761	$	—	$	—	$	1,761
Debt securities:
U.S. treasury securities	124,949		—		—		124,949
Corporate debt securities	—		22,023		—		22,023
	$	126,710	$	22,023	$	—	$	148,733

Non Financial Assets Measured at Fair Value on Nonrecurring Basis

The Company’s non-financial assets measured at fair value on a nonrecurring basis and level 3 inputs are as follows at December 31, 2013.



Financial Statement Line	Level 3 Fair Value		Total Impairment Charge		Unobservable Input(s)	Range of Inputs Used
December 31, 2013
Investment in real estate, net	$	2,420	$	4,911	Revenue growth rates	5% - 16%
					Discount rate	14%
					Cap rate	11.8%
Investment in real estate, net	$	722	$	169	Estimated selling price based on market data	$0.7 million - $0.9 million

Carrying Amount and Fair Value of Financial Instruments

The carrying amount and fair value of the Company’s financial instruments were as follows:



	December 31, 2014					December 31, 2013
	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Assets
Pledged treasury securities	$	25,670	$	26,501	1	$	26,260	$	28,465	1
Retained interest investments	$	9,932	$	13,026	3	$	9,639	$	12,827	3
Investments held by special purpose entities (Note 5)	$	209,857	$	209,679	3	$	—	$	—	n/a
Liabilities
Senior Notes held by special purpose entity (Note 5)	$	177,341	$	177,940	3	$	—	$	—	n/a

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References+ Details

Real Estate Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2014

Real Estate Joint Ventures [Abstract]

Summarized Balance Sheets for Unconsolidated Investments

Summarized financial information for the unconsolidated investments on a combined basis is as follows:



	December 31, 2014		December 31, 2013
BALANCE SHEETS:
Investment in real estate	$	—	$	12,124
Cash and cash equivalents	15,461		16,897
Other assets	57		72
Total assets	$	15,518	$	29,093

Accounts payable and other liabilities	$	605	$	159
Equity⁽¹⁾	14,913		28,934
Total liabilities and equity	$	15,518	$	29,093

Summarized Statements of Operations for Unconsolidated Investments



	2014		2013		2012
STATEMENTS OF OPERATIONS:
Total expenses, net	$	1,952	$	1,014	$	1,042
Net loss	$	1,952	$	1,014	$	1,042

Notes Receivable, net (Tables)

12 Months Ended

Dec. 31, 2014

Receivables [Abstract]

Notes Receivable, Net

Notes receivable, net consists of the following:



	December 31, 2014		December 31, 2013
Interest bearing homebuilder note for the RiverTown Sale, secured by the real estate sold — 5.25% interest rate, annual principal payment of $1.0 million due March 2015 and with all accrued interest and remaining principal and interest payment due June 2015	$	19,600	$	—
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, annual principal payments of $0.3 million, any remaining payments outstanding are due February and August 2015, net of deferred profit of $0.1 million and $0.7 million at December 31, 2014 and 2013, respectively	2,011		4,062
Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0%	2,147		2,623
Various mortgage notes, secured by certain real estate bearing interest at various rates	512		647
Total notes receivable, net	$	24,270	$	7,332

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Operating property includes the following components:



	December 31, 2014		December 31, 2013		Estimated Useful Life (in years)
Land and land improvements	$	72,284	$	74,070	5 - 20
Buildings and building improvements	127,577		99,417		20 - 40
Timber	9,291		33,423		N/A
	209,152		206,910
Less: Accumulated depreciation	58,132		53,496
Total operating property, net	151,020		153,414

Property and equipment, net consists of the following:



	December 31, 2014		December 31, 2013		Estimated Useful Life (in years)
Railroad and equipment	$	33,627	$	33,627	15-30
Machinery and equipment	16,498		18,714		3-10
Office equipment	18,844		19,154		3-10
Autos and trucks	866		1,600		3-10
	69,835		73,095
Less: Accumulated depreciation	60,284		62,206
	9,551		10,889
Construction in progress	652		521
Total property and equipment, net	$	10,203	$	11,410

Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Debt

Debt consists of the following:



	December 31, 2014		December 31, 2013
In-substance defeased debt, interest payable monthly at 5.62% at December 31, 2014 and 2013, secured and paid by pledged treasury securities, due October 1, 2015	$	25,670	$	26,260
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 — May 2039, bearing interest at 2.55% to 7.0% at December 31, 2014 and 2013	6,516		11,512
Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.26% and 2.27% at December 31, 2014 and 2013, respectively	31,618		6,445
Total debt	$	63,804	$	44,217

Maturities of Debt

The aggregate maturities of debt subsequent to December 31, 2014 are^(a):



	December 31, 2014
2015	$	25,783
2016	31,735
2017	121
2018	126
2019	130
Thereafter	5,909
	$	63,804



(a)	Includes debt defeased in connection with the sale of the Company’s office portfolio in the amount of $25.7 million.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Summary of the provision for income tax expense (benefit)

Income tax (expense) benefit for the years ended December 31, 2014, 2013, and 2012 consist of the following:



	2014		2013			2012
Current:
Federal	$	69,245	$	349		$	34
State	135		169			118
Total	69,380		518			152
Deferred:
Federal	35,314		(366		)	196
State	10,813		(561		)	39
Total	46,127		(927		)	235
Income tax expense (benefit)	$	115,507	$	(409	)	$	387

Summary of total income tax expense (benefit) allocated in the consolidated financial statements

Total income tax expense (benefit) for the years ended December 31, 2014, 2013, and 2012 was allocated in the consolidated financial statements as follows:



	2014		2013			2012
Income tax expense (benefit)	$	115,507	$	(409	)	$	387
Income tax recorded in Accumulated other comprehensive income
Income tax benefit	127		—			—
Total income tax expense (benefit)	$	115,380	$	(409	)	$	387

Schedule of effective income tax rate reconciliation



	2014			2013			2012
Tax at the statutory federal rate	$	182,700		$	1,603		$	2,240
State income taxes (net of federal benefit)	18,270			160			224
Decrease in valuation allowance	(86,882		)	(2,218		)	(2,870		)
Other	1,419			46			793
Total income tax expense (benefit)	$	115,507		$	(409	)	$	387

Schedule of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of December 31, 2014 and 2013 are presented below:



	2014			2013
Deferred tax assets:
Federal net operating carryforwards	$	—		$	26,884
State net operating loss carryforwards	11,336			20,759
Impairment losses	116,451			151,050
Prepaid income from land sales	5,507			10,210
Other	1,398			4,697
Total gross deferred tax assets	134,692			213,600
Valuation allowance	(6,176		)	(93,058		)
Total net deferred tax assets	128,516			120,542
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	2,484			1,726
Deferred gain on land sales and involuntary conversions	31,574			31,385
Installment sale	126,225			58,969
Pension Plan assets transferred to the 401(k) Plan	3,057			—
Prepaid pension asset	—			15,596
Total gross deferred tax liabilities	163,340			107,676
Net deferred tax (liability) asset	$	(34,824	)	$	12,866

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation Recognized as Expense

Total stock-based compensation recorded in Corporate expense, net, on the Consolidated Statements of Income for the three years ended December 31, 2014 is as follows:



	2014			2013			2012
Stock compensation expense before tax benefit	$	210		$	247		$	998
Income tax benefit	(81		)	(95		)	(384		)
	$	129		$	152		$	614

Summary of Option Activity Outstanding

The following table sets forth the summary of option activity outstanding under the stock option program for 2014:



	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value ($000)
Balance at December 31, 2013	99,775	$	54.15	2.9	—
Forfeited or expired	—	—		—	—
Balance at December 31, 2014	99,775	$	54.15	1.9	—
Vested or expected to vest at December 31, 2013	99,775	$	54.15	1.9	—
Exercisable at December 31, 2013	99,775	$	54.15	1.9	—

Employee Benefit Plan (Tables)

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Change in Projected Benefit Obligation and Plan Assets

Change in projected benefit obligation and plan assets:



	2014			2013
Projected benefit obligation, beginning of year	$	23,531		$	26,741
Service cost	—			225
Interest cost	625			653
Actuarial loss (gain)	2,245			(888		)
Benefits paid	(95		)	(101		)
Settlements	(26,306		)	(3,099		)
Projected benefit obligation, end of year	$	—		$	23,531

Fair value of assets, beginning of year	$	58,648		$	60,097
Actual return on assets	14			2,378
Benefits and expenses paid	(595		)	(728		)
Settlements	(26,306		)	(3,099		)
Assets contributed to 401(k) Plan	(7,940		)	—
Assets reverted to the Company	(23,821		)	—
Fair value of assets, end of year	$	—		$	58,648

Funded status at end of year	$	—		$	35,117

Ratio of plan assets to projected benefit obligation	—		%	249		%

Summary of Components of Net Periodic Pension Cost (Benefit)

A summary of the net periodic pension cost and other amounts recognized in other comprehensive income (loss) are as follows:



	2014			2013			2012
Service cost	$	—		$	225		$	889
Interest cost	625			653			712
Expected return on assets	550			(443		)	(2,315		)
Amortization of prior service costs	—			—			440
Amortization of loss	465			326			48
Settlement charges	7,107			739			1,162
Curtailment charge	—			—			2,063
Net periodic pension cost	$	8,747		$	1,500		$	2,999

Other changes in plan assets and obligations recognized in Other comprehensive income:
Prior service cost	—			—			(2,503		)
(Gain) loss	(5,392		)	(3,260		)	1,275
Total other comprehensive income	(5,392		)	(3,260		)	(1,228		)
Total net periodic pension cost and other comprehensive income (loss)	$	3,355		$	(1,760	)	$	1,771

Schedule of Assumptions Used

Assumptions used to develop end of period benefit obligations:



	2014	2013
Discount rate	N/A	4.37%
Rate of compensation increase	N/A	N/A

Assumptions used to develop net periodic pension cost:



	2014	2013	2012
Discount rate	3.75%	4.37%	3.50%
Expected long-term rate on plan assets	—%	—%	4.75%
Rate of compensation increase	N/A	N/A	N/A

Plan Assets at Fair Value

The following tables sets forth by level within the fair value hierarchy for Plan assets at December 31, 2013.

Assets at Fair Value as of December 31, 2013



Asset Category:	Level 1		Level 2		Level 3		Total
Cash	$	115	$	—	$	—	$	115
Money market funds	697		—		—		697
U.S. Treasuries	57,836		—		—		57,836
Total	$	58,648	$	—	$	—	$	58,648

Changes in the Fair Value of the Plan’s Level 3 Assets



	2013
Balance, beginning of year	$	927
Sales	(1,648		)
Realized gain on sale	721
Unrealized gains relating to instruments still held at the reporting date	—
Balance, end of year	$	—

- 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.

+ References+ Details

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

Summary of Changes in Accumulated Other Comprehensive Loss for Pension Plan Items



	Defined Benefit Pension Items			Unrealized Gains and (Losses) on Available-for-Sale Securities			Total
Accumulated other comprehensive loss at December 31, 2013	$	(5,392	)	$	(2,125	)	$	(7,517	)
Other comprehensive income before reclassifications	(2,180		)	(509		)	(2,689		)
Amounts reclassified from accumulated other comprehensive loss	7,572			1,309			8,881
Net current year other comprehensive income (loss)	5,392			800			6,192
Accumulated other comprehensive loss at December 31, 2014	$	—		$	(1,325	)	$	(1,325	)



	Defined Benefit Pension Items			Unrealized Gains and (Losses) on Available-for-Sale Securities			Total
Accumulated other comprehensive loss at December 31, 2012	$	(8,652	)	$	—		$	(8,652	)
Other comprehensive income before reclassifications	2,191			(2,032		)	159
Amounts reclassified from accumulated other comprehensive loss	1,069			(93		)	976
Net current year other comprehensive income (loss)	3,260			(2,125		)	1,135
Accumulated other comprehensive loss at December 31, 2013	$	(5,392	)	$	(2,125	)	$	(7,517	)

Reclassification out of Accumulated Other Comprehensive Income



	Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components	2014			2013			Affected Line in the Consolidated Statements of Income
Defined Benefit Pension Items
Amortization of loss	$	465		$	326		Net periodic pension costs, Note 18, Employee Benefit Plans
Settlement cost	7,107			743			Net periodic pension costs, Note 18, Employee Benefit Plans
Total before tax	7,572			1,069
Income tax benefit	—			—
Net of tax	7,572			1,069

Items related to available-for-sale securities
Other-than-temporary impairment losses	1,295			—			Investment income, net, Note 6, Investments
Realized loss (gain) on sale	833			(93		)	Investment income, net, Note 6, Investments
Total before tax	2,128			(93		)
Income tax expense	(819		)	—
Net of tax	1,309			(93		)

Total reclassifications for the period	$	8,881		$	976		Net of tax

(Tables)

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Information by Business Segment

Information by business segment is as follows:



	2014			2013			2012
OPERATING REVENUES:
Residential real estate ^(a)	$	61,384		$	33,698		$	22,115
Commercial real estate	3,265			10,881			10,400
Resorts, leisure and leasing operations	55,451			50,767			44,407
Forestry ^(b)	581,442			35,450			38,977
Other	331			460			23,497
Consolidated operating revenues	$	701,873		$	131,256		$	139,396

DEPRECIATION, DEPLETION AND AMORTIZATION:
Residential real estate	$	574		$	776		$	1,802
Resorts, leisure and leasing operations	6,916			6,424			5,714
Forestry	729			1,775			2,105
Other reportable segments	203			156			489
Consolidated depreciation, depletion and amortization	$	8,422		$	9,131		$	10,110

INVESTMENT INCOME, NET
Residential real estate and other	$	994		$	113		$	68
Corporate ^(c)	11,697			1,385			639
Consolidated investment income, net	$	12,691		$	1,498		$	707

INTEREST EXPENSE
Residential real estate	$	(1,316	)	$	(1,999	)	$	(2,802	)
Commercial and other	(696		)	(41		)	(18		)
Corporate ^(d)	(6,596		)	—			—
Consolidated interest expense	$	(8,608	)	$	(2,040	)	$	(2,820	)

INCOME (LOSS) BEFORE EQUITY IN (INCOME) LOSS FROM UNCONSOLDIATED AFFILIATES AND INCOME TAXES:
Residential real estate^(a)(e)	$	25,440		$	4,558		$	(6,772	)
Commercial real estate	(163		)	3,298			(271		)
Resorts, leisure and leasing operations ^(f)	1,886			(1,928		)	(1,414		)
Forestry ^(b)	517,087			13,406			13,475
Corporate ^(c)(d)(g)	(22,429		)	(14,889		)	1,405
Consolidated income (loss) before equity in (loss) income from unconsolidated affiliates and income taxes	$	521,821		$	4,445		$	6,423



	2014		2013		2012
CAPITAL EXPENDITURES:
Residential real estate	$	4,981	$	12,284	$	7,679
Commercial real estate	854		2,388		3,829
Resorts, leisure and leasing operations	24,798		23,486		9,023
Forestry	1,537		3,678		2,701
Other	271		224		163
Total capital expenditures	$	32,441	$	42,060	$	23,395



	December 31, 2014		December 31, 2013
TOTAL ASSETS:
Residential real estate	$	129,663	$	141,097
Commercial real estate	62,931		62,924
Resorts, leisure and leasing operations	158,226		142,940
Forestry	20,521		60,889
Other	931,794		261,622
Total assets	$	1,303,135	$	669,472



(a)	Includes revenues of $43.6 million from the RiverTown Sale in 2014.
(b)	Includes revenues of $570.9 million from the AgReserves Sale in 2014.
(c)	Includes interest income of $6.1 million from investments in special purpose entities in 2014.
(d)	Includes interest expense of $6.6 million from Senior Note issued by an special purpose entity in 2014.
(e)	Includes impairment losses of $0.2 million in 2013.
(f)	Includes impairment losses of $4.9 million and $2.6 million in 2013 and 2012, respectively.
(g)	Includes pension charges of $13.5 million, $1.5 million and $3.0 million in 2014, 2013 and 2012, respectively.

- 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.

+ References+ Details

Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data



	Quarters Ended
	December 31			September 30			June 30		March 31
2014
Operating revenues	$	15,676		$	23,947		$	68,164	$	594,086
Operating income (loss)	$	(15,946	)	$	(1,335	)	$	21,038	$	509,493
Net income (loss) attributable to the Company	$	(11,101	)	$	(50	)	$	14,609	$	402,995
Basic and diluted income (loss) per share attributable to the Company	$	(0.13	)	$	—		$	0.16	$	4.37
2013
Operating revenues	$	33,868		$	36,827		$	33,788	$	26,773
Operating income (loss)	$	(1,964	)	$	3,383		$	1,583	$	(2,225	)
Net income (loss) attributable to the Company	$	562		$	4,198		$	2,704	$	(2,474	)
Basic and diluted income (loss) per share attributable to the Company	$	—		$	0.05		$	0.03	$	(0.03	)

Significant Accounting Policies - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Minimum future rent on non cancelable lease due in 2015	$ 5,600,000
Minimum future rent on non cancelable lease due in 2016	5,800,000
Minimum future rent on non cancelable lease due in 2017	5,700,000
Minimum future rent on non cancelable lease due in 2018	5,600,000
Minimum future rent on non cancelable lease due in 2019	5,400,000
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment	1,295,000	0	0
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities	1,500,000	2,200,000
Capitalized indirect costs incurred (less than for 2012)	600,000	700,000	100,000
Timber holdings valuation sample	20.00%
Fair Value	609,920,000
Adjustments for New Accounting Pronouncement
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Reduction to Liability for Uncertain Tax Positions, Noncurrent	1,700,000
Securities of any one issuer (excluding the U.S. Government)
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Available For Sale Securities, Preferred Stock, One Issuer	23,700,000
U.S. treasury securities
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Fair Value	509,800,000
Corporate debt securities
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Fair Value	$ 100,100,000	$ 22,000,000
Minimum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Estimated useful life (in years)	3 years
Minimum \| Real Estate
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Estimated useful life (in years)	5 years
Maximum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Estimated useful life (in years)	30 years
Maximum \| Real Estate
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Estimated useful life (in years)	40 years

Investment in Real Estate - Real Estate by Property Type and Segment (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate Properties [Line Items]
Development property	$ 170,792,000	$ 229,354,000
Operating property	209,152,000	206,910,000
Less: Accumulated depreciation	58,132,000	53,496,000
Net operating property	151,020,000	153,414,000
Investment in unconsolidated affiliates	0	2,241,000
Investment in real estate, net	321,812,000	385,009,000
Land and land improvements	72,284,000	74,070,000
Buildings and building improvements	127,577,000	99,417,000
Timber	9,291,000	33,423,000
Promissory Note Received for Sale of Equity Interest in Joint Venture	3,000,000
Depreciation expense related to real estate investments	5,700,000	5,300,000	5,900,000
Depletion expense	500,000	1,200,000	1,600,000
Minimum
Real Estate Properties [Line Items]
Estimated Useful Life (in years)	3 years
Minimum \| Land and land improvements
Real Estate Properties [Line Items]
Estimated Useful Life (in years)	5 years
Minimum \| Buildings and building improvements
Real Estate Properties [Line Items]
Estimated Useful Life (in years)	20 years
Maximum
Real Estate Properties [Line Items]
Estimated Useful Life (in years)	30 years
Maximum \| Land and land improvements
Real Estate Properties [Line Items]
Estimated Useful Life (in years)	20 years
Maximum \| Buildings and building improvements
Real Estate Properties [Line Items]
Estimated Useful Life (in years)	40 years
Residential real estate
Real Estate Properties [Line Items]
Development property	102,411,000	130,616,000
Operating property	1,544,000	2,071,000
Commercial real estate
Real Estate Properties [Line Items]
Development property	59,405,000	58,659,000
Resorts, leisure and leasing operations
Real Estate Properties [Line Items]
Development property	3,207,000	28,737,000
Operating property	188,721,000	146,624,000
Forestry
Real Estate Properties [Line Items]
Development property	3,278,000	8,976,000
Operating property	18,839,000	58,170,000
Corporate
Real Estate Properties [Line Items]
Development property	2,491,000	2,366,000
Other
Real Estate Properties [Line Items]
Operating property	48,000	45,000
Pier Park North
Real Estate Properties [Line Items]
Development property	3,100,000	28,400,000
Operating property	$ 41,600,000

Impairments of Long-lived Assets - Additional Information (Detail) (USD $)	1 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Asset Impairment Charges [Abstract]
Impairment charges		$ 0	$ 5,080,000	$ 2,551,000
Ceased covered airport parking lease term	7 years
Remaining lease period of released land lease	28 years
Future land lease payment ceased	$ 4,200,000

Real Estate Sales (Details) (USD $)	1 Months Ended	12 Months Ended											1 Months Ended	12 Months Ended				0 Months Ended	1 Months Ended	12 Months Ended	0 Months Ended	3 Months Ended
Real Estate Sales (Details) (USD $)	Apr. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Mar. 05, 2014	Dec. 31, 2014 Community Development District Debt	Dec. 31, 2013 Community Development District Debt	Apr. 02, 2014 Rivers Edge CDD Assessments Community Development District Debt	Mar. 31, 2014 Rivers Edge CDD Assessments Community Development District Debt	Dec. 31, 2014 Interest bearing homebuilder note for the RiverTown Sale, secured by the real estate sold — 5.25% interest rate, annual principal payment of $1.0 million due March 2015 and with all accrued interest and remaining principal and interest payment due June 2015	Apr. 02, 2014 Interest bearing homebuilder note for the RiverTown Sale, secured by the real estate sold — 5.25% interest rate, annual principal payment of $1.0 million due March 2015 and with all accrued interest and remaining principal and interest payment due June 2015	Apr. 30, 2014 Subsidiaries Notes Receivable	Apr. 30, 2014 Special Purpose Entities	Dec. 31, 2014 Special Purpose Entities	Dec. 31, 2013 Special Purpose Entities	Apr. 02, 2014 Special Purpose Entities Notes Receivable	Dec. 31, 2014 Buyer Special Purpose Entity	Mar. 05, 2014 AgReserves Sale acre	Apr. 30, 2014 AgReserves Sale	Dec. 31, 2014 AgReserves Sale	Apr. 02, 2014 RiverTown Sale acre	Jun. 30, 2014 RiverTown Sale	Apr. 02, 2014 RiverTown Sale Minimum	Apr. 02, 2014 RiverTown Sale Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration																		$ 562,000,000			$ 24,000,000
Sales of Real Estate, Gain (Loss) On Sale, Net of Associated Operating Costs																		511,100,000
Other operating expenses		13,459,000	12,323,000	15,321,000																1,200,000
Proceeds from Sale of Real Estate																		358,500,000
Disposal Group, Including Discontinued Operation, Consideration, Notes Receivable																		200,000,000			19,600,000
Maturity of notes receivables																		15 years	15 years
Investments held by special purpose entities		209,857,000	0		203,500,000
Debt Instrument, Face Amount	180,000,000
Debt interest rate	4.75%															4.006%
Issue Price Of Senior Secured Notes												98.483%
Proceeds from (Repayments of) Accounts Receivable Securitization	165,000,000
Cost of Monetization	15,000,000
Promissory Note, Expected Net Interest Payment And Principal Amount		20,000,000
Debt Financing Costs And Discounts													4,300,000
Investments Contributed to Special Purpose Entity by the Company														7,000,000
Administrative costs associated with special purpose entities		3,746,000	0	0
Percent Ownership in Special Purpose Entity		0.00%
Assets Held by Special Purpose Entities														214,200,000
Liabilities Held by Special Purpose Entities														180,200,000
Time Deposits																	200,000,000
Accrued Investment Income Receivable																	2,900,000
US Government Securities, at Carrying Value														9,400,000
Cash														400,000
Debt Issuance Cost														1,500,000
Senior Notes held by special purpose entity		177,341,000	0											177,300,000
Debt Instrument, Unamortized Discount (Premium), Net														2,700,000
Deposit Liabilities, Accrued Interest														2,852,000	0
Interest income from investments in special purpose entities		6,116,000	0	0
Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity		6,584,000	0	0
Held-To-Maturity Security, Term														15 years
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount														800,000
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value														3,700,000
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount														3,100,000
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount														1,800,000
Proposed land sale, area of land (in acres)																		380,000			4,057
Notes receivable, effective interest rate										5.25%	5.25%
Debt Instrument, Expected Periodic Payment, Principal, Next Fiscal Year											1,000,000.0
Proposed land sale, expected impact fee credit																							20,000,000	26,000,000
Proposed land sale, expected impact fee credit, period for recognition																					5 years
Impact Fees Received		100,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal																						26,000,000
Long term debt		63,804,000	44,217,000			6,516,000	11,512,000	11,000,000
Total community development district debt		$ 22,700,000	$ 34,100,000						$ 5,400,000

Investments - Schedule of Investments (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 638,333	$ 149,097
Gross Unrealized Gains	32	88
Gross Unrealized Losses	1,487	2,213
Fair Value	636,878	146,972
U.S. treasury securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	509,783	124,861
Gross Unrealized Gains	32	88
Gross Unrealized Losses	0	0
Fair Value	509,815	124,949
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	101,587	24,236
Gross Unrealized Gains	0	0
Gross Unrealized Losses	1,482	2,213
Fair Value	100,105	22,023
Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	26,963
Gross Unrealized Gains	0
Gross Unrealized Losses	5
Fair Value	$ 26,958

Investments - Contractual Maturities of Investments (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Cost
Due in one year or less	$ 509,783
Due after one year through five years	101,587
Cost	611,370
Preferred stock	26,963
Amortized Cost	638,333	149,097
Fair Value
Due in one year or less	509,815
Due after one year through five years	100,105
Fair Value	609,920
Preferred stock	26,958
Available-for-sale Securities	$ 636,878	$ 146,972

Investments - Additional Information (Details) (USD $)	12 Months Ended
Investments - Additional Information (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule of Available-for-sale Securities [Line Items]
Debt securities	$ 609,920,000
Preferred stock	26,958,000
Gain (loss) on sale of investments	(833,000)	93,000	0
Sales of investments	83,239,000	7,725,000	0
Maturities of investments	150,000,000	100,000,000
Gross unrealized losses	1,487,000	2,213,000
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, No Previous Impairment	1,295,000	0	0
U.S. treasury securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities	509,800,000
Number of securities with net unrealized losses		0
Gross unrealized losses	0	0
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities	100,100,000	22,000,000
Gross unrealized losses	1,482,000	2,213,000
Recurring basis \| Money market funds
Schedule of Available-for-sale Securities [Line Items]
Money market funds	19,971,000	1,761,000
Securities of any one issuer (excluding the U.S. Government)
Schedule of Available-for-sale Securities [Line Items]
Available For Sale Securities, Preferred Stock, One Issuer	$ 23,700,000
Cash, investment grade cash equivalents or U.S. treasury securities \| Minimum
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations	50.00%
Corporate debt securities \| Maximum
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations	15.00%
Other aggregated investments \| Minimum \| Securities of any one issuer (excluding the U.S. Government)
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations	10.00%
Other aggregated investments \| Maximum \| Securities of any one issuer (excluding the U.S. Government)
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations	15.00%
Investor \| Fairholme Capital Management, L.L.C.
Schedule of Available-for-sale Securities [Line Items]
Common stock ownership percentage	27.10%

Other Income (Expense) (Details) (USD $)	12 Months Ended
Other Income (Expense) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Other Income (Expense) [Line Items]
Interest and dividend income	$ 6,258,000	$ 1,171,000	$ 0
Accretion income	1,455,000	0	0
Realized (losses) gains on the sale of investments	(833,000)	93,000	0
Other-than-temporary impairment losses	(1,295,000)	0	0
Total net investment income from available-for-sale securities	5,585,000	1,264,000	0
Interest income from investments in special purpose entities	6,116,000	0	0
Interest accrued on notes receivable	990,000	234,000	707,000
Total investment income, net	12,691,000	1,498,000	707,000
Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity	(6,584,000)	0	0
Interest expense	(2,024,000)	(2,040,000)	(2,820,000)
Total interest expense	(8,608,000)	(2,040,000)	(2,820,000)
Accretion income from retained interest investments	889,000	793,000	(570,000)
Hunting lease income	938,000	1,850,000	2,193,000
Litigation and insurance proceeds received	1,814,000	560,000	1,671,000
Southwest guarantee	0	0	832,000
Other income, net	847,000	1,007,000	2,276,000
Other, net	4,488,000	4,210,000	6,402,000
Total other income	8,571,000	3,668,000	4,289,000
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum	4.90%
Litigation Settlement, Amount	1,800,000		1,700,000
Insurance Proceeds Received		600,000
Promissory Note Received for Sale of Equity Interest in Joint Venture	3,000,000
Gain (Loss) on Disposition of Stock in Subsidiary or Equity Method Investee	$ 600,000
Minimum
Other Income (Expense) [Line Items]
Retained interest, effective interest rate	3.70%
Maximum
Other Income (Expense) [Line Items]
Retained interest, effective interest rate	11.80%

Financial Instruments and Fair Value Measurements - Fair Value Hierarchy (Details) (Recurring basis, USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 656,849	$ 148,733
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	529,786	126,710
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	127,063	22,023
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	19,971	1,761
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	19,971	1,761
Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	509,815	124,949
U.S. treasury securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	509,815	124,949
U.S. treasury securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
U.S. treasury securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	100,105	22,023
Corporate debt securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Corporate debt securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	100,105	22,023
Corporate debt securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	26,958
Preferred stock \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0
Preferred stock \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	26,958
Preferred stock \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 0

Financial Instruments and Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Total Impairment Charge	$ 0	$ 5,080,000	$ 2,551,000
Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Total Impairment Charge		4,911,000
Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Total Impairment Charge		169,000
Fair Value, Measurements, Nonrecurring \| Level 3 \| Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investment in real estate, net		2,420,000
Fair Value, Measurements, Nonrecurring \| Level 3 \| Market Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Investment in real estate, net		722,000
Fair Value, Measurements, Nonrecurring \| Level 3 \| Real Estate Investment \| Income Approach Valuation Technique
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value inputs, discount rate		14.00%
Fair value inputs, cap rate		11.80%
Fair Value, Measurements, Nonrecurring \| Level 3 \| Real Estate Investment \| Income Approach Valuation Technique \| Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value inputs, estimated revenue growth		5.00%
Fair Value, Measurements, Nonrecurring \| Level 3 \| Real Estate Investment \| Income Approach Valuation Technique \| Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value inputs, estimated revenue growth		16.00%
Fair Value, Measurements, Nonrecurring \| Level 3 \| Real Estate Investment \| Market Approach Valuation Technique \| Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value inputs, estimated selling price		700,000
Fair Value, Measurements, Nonrecurring \| Level 3 \| Real Estate Investment \| Market Approach Valuation Technique \| Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value inputs, estimated selling price		$ 900,000

Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value of Financial Instruments (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes held by special purpose entity	$ 177,341	$ 0
Carrying Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Pledged treasury securities	25,670	26,260
Carrying Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Retained interest investment	9,932	9,639
Investments held by special purpose entities	209,857
Senior Notes held by special purpose entity	177,341
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Pledged treasury securities	26,501	28,465
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Retained interest investment	13,026	12,827
Investments held by special purpose entities	209,679
Senior Notes held by special purpose entity	$ 177,940

Financial Instruments and Fair Value Measurements - Additional information (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended				12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2007 Defeased Debt	Dec. 31, 2013 Golf Course Property	Dec. 31, 2014 Minimum	Dec. 31, 2014 Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Impairment Charge	$ 0	$ 5,080	$ 2,551		$ 4,900
Long term debt	63,804	44,217		29,300
Retained interest investments	$ 9,932	$ 9,639
Retained interest, effective interest rate						3.70%	11.80%

- 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.

+ References+ Details

Real Estate Joint Ventures - Additional Information (Details) (USD $)							1 Months Ended			12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014 Pier Park North Joint Venture Construction Loan Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.26% and 2.27% at December 31, 2014 and 2013, respectively	Dec. 31, 2013 Pier Park North Joint Venture Construction Loan Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.26% and 2.27% at December 31, 2014 and 2013, respectively	Feb. 28, 2013 Consolidated Variable Interest Entities	Dec. 31, 2014 Consolidated Variable Interest Entities	Dec. 31, 2013 Consolidated Variable Interest Entities	Dec. 31, 2014 Unconsolidated Variable Interest Entities Entity	Dec. 31, 2014 Pier Park North Consolidated Variable Interest Entities	Dec. 31, 2013 Pier Park North Consolidated Variable Interest Entities	Feb. 28, 2013 Pier Park North Consolidated Variable Interest Entities	Dec. 31, 2014 Pier Park North Consolidated Variable Interest Entities Pier Park North Joint Venture Construction Loan Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.26% and 2.27% at December 31, 2014 and 2013, respectively	Dec. 31, 2014 Artisan Park, L.L.C Consolidated Variable Interest Entities	Dec. 31, 2014 ESM Unconsolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Estimated contribution for joint venture by company and its partner											$ 14,400,000
Contribution for joint venture											9,500,000
Percentage of cash contribution for joint venture by parent											66.00%				74.00%
Noncontrolling interest contribution for joint venture											4,900,000
Percentage of additional cash contribution for joint venture											34.00%
Land contributed to joint venture agreed upon value												6,000,000
Proceeds from sale of property												2,300,000
Construction loan													41,000,000
Construction loan date							2016-02
Long term debt	63,804,000	44,217,000			31,618,000	6,445,000								31,600,000
Principal repayment guarantee											33.00%
Unrestricted cash and cash equivalents	34,515,000	21,894,000	165,980,000	162,391,000							25,000,000
Net worth											350,000,000
Percentage of total equity paid by parent											73.00%
Initial profits to be redistributed to repay contribution											6,000,000.0
Assets	1,303,135,000	669,472,000						51,600,000	31,000,000
Liabilities	323,434,000	105,947,000						34,400,000	14,100,000
Number of variable interest Entity, not primary beneficiary										2
Investment in unconsolidated affiliates	0	2,241,000
Investment, ownership percentage																50.00%
Sale of investment, expected net sales proceeds																$ 3,000,000

Real Estate Joint Ventures - Summarized Financial Information for Unconsolidated Investments (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Investment In Unconsolidated Affiliates [Line Items]
Investment in real estate, net	$ 321,812,000	$ 385,009,000
Cash and cash equivalents	34,515,000	21,894,000	165,980,000	162,391,000
Other assets	31,990,000	22,612,000
Total assets	1,303,135,000	669,472,000
Equity	971,209,000	558,354,000
Total liabilities and equity	1,303,135,000	669,472,000
Other Affiliates
Investment In Unconsolidated Affiliates [Line Items]
Investment in real estate, net	0	12,124,000
Cash and cash equivalents	15,461,000	16,897,000
Other assets	57,000	72,000
Total assets	15,518,000	29,093,000
Accounts payable and other liabilities	605,000	159,000
Equity	14,913,000	28,934,000
Total liabilities and equity	$ 15,518,000	$ 29,093,000

- 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.

+ References+ Details

- 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.

+ References+ Details

- 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.

+ References+ Details

Real Estate Joint Ventures - Summarized Statements of Operations for Unconsolidated Investments (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investments in and Advances to Affiliates [Line Items]
Total expenses, net	$ 188,623	$ 130,479	$ 137,262
Net loss	406,282	4,966	5,990
Statements Of Operations
Investments in and Advances to Affiliates [Line Items]
Total expenses, net	1,952	1,014	1,042
Net loss	$ 1,952	$ 1,014	$ 1,042

Notes Receivable, net (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 24,270	$ 7,332
Interest bearing homebuilder note for the RiverTown Sale, secured by the real estate sold — 5.25% interest rate, annual principal payment of $1.0 million due March 2015 and with all accrued interest and remaining principal and interest payment due June 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	19,600	0
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, annual principal payments of $0.3 million, any remaining payments outstanding are due February and August 2015, net of deferred profit of $0.1 million and $0.7 million at December 31, 2014 and 2013, respectively
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	2,011	4,062
Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	2,147	2,623
Various mortgage notes, secured by certain real estate bearing interest at various rates
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 512	$ 647

Notes Receivable, net (Descriptors) (Details) (USD $)							12 Months Ended
Notes Receivable, net (Descriptors) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014 Interest bearing homebuilder note for the RiverTown Sale, secured by the real estate sold — 5.25% interest rate, annual principal payment of $1.0 million due March 2015 and with all accrued interest and remaining principal and interest payment due June 2015	Apr. 02, 2014 Interest bearing homebuilder note for the RiverTown Sale, secured by the real estate sold — 5.25% interest rate, annual principal payment of $1.0 million due March 2015 and with all accrued interest and remaining principal and interest payment due June 2015	Dec. 31, 2014 Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, annual principal payments of $0.3 million, any remaining payments outstanding are due February and August 2015, net of deferred profit of $0.1 million and $0.7 million at December 31, 2014 and 2013, respectively	Dec. 31, 2013 Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, annual principal payments of $0.3 million, any remaining payments outstanding are due February and August 2015, net of deferred profit of $0.1 million and $0.7 million at December 31, 2014 and 2013, respectively	Dec. 31, 2014 Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0%	Dec. 31, 2013 Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0%	Dec. 31, 2014 Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0% Minimum	Dec. 31, 2013 Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0% Minimum	Dec. 31, 2014 Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0% Maximum	Dec. 31, 2013 Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0% Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, effective interest rate			5.25%	5.25%	4.00%	4.00%			5.73%	5.73%	8.00%	8.00%
Notes receivable, annual principal payments			$ 1,000,000.0		$ 300,000.0	$ 300,000.0
Deferred profit	15,309,000	28,551,000			100,000	700,000
Unamortized discount							$ 0	$ 0
Note receivable, maturity date							2024-12	2024-12

Property and Equipment, net (Detail) (USD $)	12 Months Ended
Property and Equipment, net (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 69,835,000	$ 73,095,000
Less: Accumulated depreciation	60,284,000	62,206,000
Property, plant and equipment, excluding construction in progress, net	9,551,000	10,889,000
Construction in progress	652,000	521,000
Total	10,203,000	11,410,000
Depreciation expense	2,200,000	2,500,000	2,400,000
Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	30 years
Railroad and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	33,627,000	33,627,000
Railroad and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	15 years
Railroad and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	30 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	16,498,000	18,714,000
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	10 years
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	18,844,000	19,154,000
Office equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Office equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	10 years
Autos and trucks
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 866,000	$ 1,600,000
Autos and trucks \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Autos and trucks \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	10 years

Other Assets (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Other Assets Disclosure [Abstract]
Retained interest investments	$ 9,932	$ 9,639
Accounts receivable, net	4,385	3,832
Prepaid expenses	4,783	4,233
Straight line rent	2,869	1,181
Accrued interest receivable for Senior Notes held by special purpose entity	2,938	0
Other assets	7,083	3,727
Total other assets	$ 31,990	$ 22,612

- Definition

The cumulative difference between the rental payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense over the term of the leased property, by the lessor or lessee, respectively. Such receivable is reduced by allowances attributable to, for instance, credit risk associated with a lessee.

+ References+ Details

Debt (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2007
Debt Instrument [Line Items]
Long term debt	$ 63,804	$ 44,217
In-substance defeased debt, interest payable monthly at 5.62% at December 31, 2014 and 2013, secured and paid by pledged treasury securities, due October 1, 2015
Debt Instrument [Line Items]
Long term debt	25,670	26,260	29,300
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 — May 2039, bearing interest at 2.55% to 7.0% at December 31, 2014 and 2013
Debt Instrument [Line Items]
Long term debt	6,516	11,512
Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.26% and 2.27% at December 31, 2014 and 2013, respectively \| Pier Park North Joint Venture Construction Loan
Debt Instrument [Line Items]
Long term debt	$ 31,618	$ 6,445

- Definition

+ References+ Details

Debt (Descriptors) (Details)		12 Months Ended
Debt (Descriptors) (Details)	Apr. 30, 2014	Dec. 31, 2014 In-substance defeased debt, interest payable monthly at 5.62% at December 31, 2014 and 2013, secured and paid by pledged treasury securities, due October 1, 2015	Dec. 31, 2013 In-substance defeased debt, interest payable monthly at 5.62% at December 31, 2014 and 2013, secured and paid by pledged treasury securities, due October 1, 2015	Dec. 31, 2014 Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 — May 2039, bearing interest at 2.55% to 7.0% at December 31, 2014 and 2013	Dec. 31, 2013 Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 — May 2039, bearing interest at 2.55% to 7.0% at December 31, 2014 and 2013	Dec. 31, 2014 Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.26% and 2.27% at December 31, 2014 and 2013, respectively Pier Park North Joint Venture Construction Loan	Dec. 31, 2013 Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.26% and 2.27% at December 31, 2014 and 2013, respectively Pier Park North Joint Venture Construction Loan
Debt Instrument [Line Items]
Debt interest rate	4.75%	5.62%	5.62%			2.26%	2.27%
Debt instrument, maturity date		Oct. 01, 2015	Oct. 01, 2015
Debt instrument, minimum interest				2.55%	2.55%
Debt instrument, maximum interest				7.00%	7.00%
Debt instrument, maturity start date				May 01, 2016
Debt instrument, maturity end date				May 01, 2039
Debt instrument, basis spread						2.10%

Debt - Additional Information (Details) (USD $)					12 Months Ended
Debt - Additional Information (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2007 In-substance defeased debt, interest payable monthly at 5.62% at December 31, 2014 and 2013, secured and paid by pledged treasury securities, due October 1, 2015	Dec. 31, 2014 In-substance defeased debt, interest payable monthly at 5.62% at December 31, 2014 and 2013, secured and paid by pledged treasury securities, due October 1, 2015	Dec. 31, 2013 In-substance defeased debt, interest payable monthly at 5.62% at December 31, 2014 and 2013, secured and paid by pledged treasury securities, due October 1, 2015	Dec. 31, 2014 Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 — May 2039, bearing interest at 2.55% to 7.0% at December 31, 2014 and 2013	Dec. 31, 2013 Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 2016 — May 2039, bearing interest at 2.55% to 7.0% at December 31, 2014 and 2013	Dec. 31, 2014 Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.26% and 2.27% at December 31, 2014 and 2013, respectively Pier Park North Joint Venture Construction Loan	Dec. 31, 2013 Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.26% and 2.27% at December 31, 2014 and 2013, respectively Pier Park North Joint Venture Construction Loan	Dec. 31, 2014 Consolidated Variable Interest Entities Pier Park North	Feb. 28, 2013 Consolidated Variable Interest Entities Pier Park North	Dec. 31, 2014 Consolidated Variable Interest Entities Pier Park North Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.26% and 2.27% at December 31, 2014 and 2013, respectively Pier Park North Joint Venture Construction Loan
Debt Instrument [Line Items]
Long term debt	$ 63,804,000	$ 44,217,000			$ 29,300,000	$ 25,670,000	$ 26,260,000	$ 6,516,000	$ 11,512,000	$ 31,618,000	$ 6,445,000			$ 31,600,000
Long term debt, year of balloon payment					2015
Total community development district debt	22,700,000	34,100,000
Construction loan													41,000,000
Principal repayment guarantee												33.00%
Cash and cash equivalents	34,515,000	21,894,000	165,980,000	162,391,000								25,000,000
Net worth												$ 350,000,000

- Definition

+ References+ Details

- Definition

+ References+ Details

Debt - Maturities of Debt (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2007
Debt Disclosure [Abstract]
2015	$ 25,783
2016	31,735
2017	121
2018	126
2019	130
Thereafter	5,909
Debt Instrument [Line Items]
Long-term Debt	63,804	44,217
Defeased Debt
Debt Instrument [Line Items]
Long-term Debt	$ 25,670	$ 26,260	$ 29,300

- Definition

+ References+ Details

Accrued Liabilities and Deferred Credits (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Accrued Liabilities And Deferred Credits [Line Items]
Accrued compensation	$ 2,673	$ 3,705
Deferred revenue	15,309	28,551
Environmental and insurance liabilities	475	1,071
Customer Advances and Deposits	8,426	8,545
Other accrued liabilities	5,176	7,775
Total accrued liabilities and deferred credits	34,911	49,647
Special Purpose Entities
Accrued Liabilities And Deferred Credits [Line Items]
Deposit Liabilities, Accrued Interest	$ 2,852	$ 0

Accrued Liabilities and Deferred Credits - Additional Information (Details) (USD $)	0 Months Ended			12 Months Ended			0 Months Ended	12 Months Ended
	Mar. 05, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2006 Florida Department of Transportation acre	Dec. 31, 2014 Florida Department of Transportation	Dec. 31, 2013 Florida Department of Transportation	Mar. 05, 2014 AgReserves Sale acre	Dec. 31, 2014 AgReserves Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred revenue		$ 15,309,000	$ 28,551,000		$ 12,500,000	$ 23,500,000
Acres of land sold				3,900			800
Deferred revenue, revenue recognized	$ 1,100,000							$ 11,000,000

Income Taxes - Provision for Income Tax (Benefit) Expense (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current:
Federal	$ 69,245	$ 349	$ 34
State	135	169	118
Total	69,380	518	152
Deferred:
Federal	35,314	(366)	196
State	10,813	(561)	39
Total	46,127	(927)	235
Income tax expense (benefit)	$ 115,507	$ (409)	$ 387

- Definition

Amount of current federal tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of current state and local tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of deferred federal income tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of deferred state and local tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

Income Taxes - Allocation of Tax Expense (Benefit) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 115,507	$ (409)	$ 387
Income tax benefit	127	0	0
Total income tax expense (benefit)	$ 115,380	$ (409)	$ 387

Income Taxes - Additional Information (Details) (USD $)	12 Months Ended
Income Taxes - Additional Information (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	35.00%	35.00%	35.00%
Operating loss carry forwards, federal	$ 0	$ 76,800,000
Operating loss carry forwards, state	323,900,000	593,100,000
Operating loss carry forwards, expiration year	2031
Deferred tax assets, valuation allowance	6,176,000	93,058,000
Deferred Tax Assets, Net	(34,824,000)	12,866,000
Valuation allowance, decrease	86,900,000
Operating loss carryforwards, valuation allowance		8,400,000
Valuation Allowance recorded in accumulated comprehensive income	0	2,100,000
Unrecognized tax benefits	$ 1,700,000	$ 1,700,000

Income Taxes - Income Tax Expense (Benefit) Reconciliation (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Tax at the statutory federal rate	$ 182,700	$ 1,603	$ 2,240
State income taxes (net of federal benefit)	18,270	160	224
Decrease in valuation allowance	(86,882)	(2,218)	(2,870)
Other	1,419	46	793
Total income tax expense (benefit)	$ 115,507	$ (409)	$ 387

Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets:
Federal net operating carryforwards	$ 0	$ 26,884
State net operating loss carryforwards	11,336	20,759
Impairment losses	116,451	151,050
Prepaid income from land sales	5,507	10,210
Other	1,398	4,697
Total gross deferred tax assets	134,692	213,600
Valuation allowance	(6,176)	(93,058)
Total net deferred tax assets	128,516	120,542
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	2,484	1,726
Deferred gain on land sales and involuntary conversions	31,574	31,385
Installment sale	126,225	58,969
Pension Plan assets transferred to the 401(k) Plan	3,057	0
Prepaid pension asset	0	15,596
Total gross deferred tax liabilities	163,340	107,676
Net deferred tax (liability) asset	$ (34,824)	$ 12,866

Stock Repurchase Program - Additional Information (Detail) (USD $)	36 Months Ended		12 Months Ended
	Dec. 31, 2014	Dec. 31, 2011	Dec. 31, 2014 Executives	Dec. 31, 2013 Executives	Dec. 31, 2012 Executives
Equity [Abstract]
Stock repurchase program, authorized amount		$ 950,000,000.0
Stock repurchase from inception	$ 846,200,000
Stock repurchased during period (in shares)	27,945,611
Strike prices and taxes due on exercised stock options and vested restricted stock (in shares)	2,651,238
Acquired shares from repurchase program	30,596,849
Equity, Class of Treasury Stock [Line Items]
Stock surrendered during period (in shares)			0	3,378	9,529

Stock-Based Compensation - Recorded in Corporate Expense, Net, on Consolidated Statements of Operations (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock compensation expense before tax benefit	$ 210	$ 247	$ 998
Income tax benefit	(81)	(95)	(384)
Stock compensation expense after tax benefit	$ 129	$ 152	$ 614

Stock-Based Compensation - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock option exercised	0	0	0
Shares available for future issuance	1,500,000
Number of Shares
Number of shares, beginning balance	99,775
Number of shares, forfeited or expired	0
Number of shares, ending balance	99,775.000	99,775
Weighted Average Exercise Price
Weighted average exercise price, beginning balance (in dollars per share)	$ 54.15
Weighted average exercise price, forfeited or expired (in dollars per share)	$ 0.00
Weighted average exercise price, ending balance (in dollars per share)	$ 54.15	$ 54.15
Additional Disclosures
Number of shares, vested or expected to vest	99,775
Number of shares, exercisable	99,775
Weighted average exercise price, vested or expected to vest (in dollars per share)	$ 54.15
Weighted average exercise price, exercisable (in dollars per share)	$ 54.15
Weighted average remaining contractual life (years)	1 year 10 months 24 days	2 years 10 months 24 days
Weighted average remaining contractual life (years), vested or expected to vest	1 year 10 months 24 days
Weighted average remaining contractual life (years), exercisable	1 year 10 months 24 days
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, granted (in dollars per share)	$ 21.59	$ 20.49	$ 16.30
Number of Units
Number of units, vested (less than)	100,000
Fair values of vested restricted stock and stock options	$ 0	$ 500,000	$ 1,500,000

Employee Benefit Plan - Additional Information (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Compensation and Retirement Disclosure [Abstract]
Assets Contributed to 401(k) Plan	$ 7,940,000	$ 0	$ 0
Pension Plan assets reverted to the Company	23,820,000	0	0
Settlement losses and curtailment charges	13,529,000	1,500,000	2,999,000
Defined Benefit Plan, Net Periodic Benefit Cost	8,747,000	1,500,000	2,999,000
Excise Tax on Pension Plan	4,800,000
Curtailment charge	0	0	2,063,000
Settlement charges	7,107,000	739,000	1,162,000
Prepaid pension asset	0	35,117,000
Accumulated benefit obligation of the pension plan	0	23,531,000	26,741,000
Net periodic pension cost included in accumulated other comprehensive loss	$ 0	$ 5,400,000

Employee Benefit Plan - Change in Projected Benefit Obligation and Pan Assets (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation, beginning of year	$ 23,531	$ 26,741
Service cost	0	225	889
Interest cost	625	653	712
Actuarial loss (gain)	2,245	(888)
Benefits paid	(95)	(101)
Settlements	(26,306)	(3,099)
Projected benefit obligation, end of year	0	23,531	26,741
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of assets, beginning of year	58,648	60,097
Actual return on assets	14	2,378
Benefits and expenses paid	(595)	(728)
Settlements	(26,306)	(3,099)
Assets contributed to 401(k) Plan	(7,940)	0	0
Assets reverted to the Company	(23,821)	0
Fair value of assets, end of year	0	58,648	60,097
Funded status at end of year	$ 0	$ 35,117
Ratio of plan assets to projected benefit obligation	0.00%	249.00%

Employee Benefit Plan - Summary of Components of Net Periodic Pension Cost (Benefit) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Compensation and Retirement Disclosure [Abstract]
Service cost	$ 0	$ 225	$ 889
Interest cost	625	653	712
Expected return on assets	550	(443)	(2,315)
Amortization of prior service costs	0	0	440
Amortization of loss	465	326	48
Settlement charges	7,107	739	1,162
Curtailment charge	0	0	2,063
Net periodic pension cost	8,747	1,500	2,999
Other changes in plan assets and obligations recognized in Other comprehensive income:
Prior service cost	0	0	(2,503)
(Gain) loss	(5,392)	(3,260)	1,275
Total before income taxes	(5,392)	(3,260)	(1,228)
Total net periodic pension cost and other comprehensive income (loss)	$ 3,355	$ (1,760)	$ 1,771

Employee Benefit Plan - Summary of Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Compensation and Retirement Disclosure [Abstract]
Discount rate used to develop end of period benefit obligations		4.37%
Discount rate used to develop net periodic pension cost	3.75%	4.37%	3.50%
Expected long-term rate on plan assets	0.00%	0.00%	4.75%

Employee Benefit Plan - Plan Assets at Fair Value (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0	$ 58,648,000	$ 60,097,000
Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		58,648,000
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0	927,000
Cash
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		115,000
Cash \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		115,000
Cash \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Cash \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Money market funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		697,000
Money market funds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		697,000
Money market funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Money market funds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
U.S. treasury securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		57,836,000
U.S. treasury securities \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		57,836,000
U.S. treasury securities \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
U.S. treasury securities \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		$ 0

Employee Benefit Plan - Change in Fair Value of Plan Assets (Details) (USD $)				12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013 Level 3	Dec. 31, 2014 Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of assets, beginning of year	$ 0	$ 58,648,000	$ 60,097,000	$ 927,000	$ 0
Sales				(1,648,000)
Realized gain on sale				721,000
Unrealized gains relating to instruments still held at the reporting date				0
Fair value of assets, end of year	$ 0	$ 58,648,000	$ 60,097,000	$ 0	$ 0

Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Loss for Pension Plan Items (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive loss beginning balance	$ (7,517)	$ (8,652)
Other comprehensive income before reclassifications	(2,689)	159
Amounts reclassified from accumulated other comprehensive loss	8,881	976
Total other comprehensive income, net of tax	6,192	1,135	1,228
Accumulated other comprehensive loss ending balance	(1,325)	(7,517)	(8,652)
Settlement cost	0	0	2,503
Investment income, net	12,691	1,498	707
Reclassification of realized losses (gains) included in earnings	833	(93)	0
Total before tax	521,821	4,445	6,423
Income tax (expense) benefit	(115,507)	409	(387)
Net income	406,282	4,966	5,990
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Net income	8,881	976
Defined Benefit Pension Items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive loss beginning balance	(5,392)	(8,652)
Other comprehensive income before reclassifications	(2,180)	2,191
Amounts reclassified from accumulated other comprehensive loss	7,572	1,069
Total other comprehensive income, net of tax	5,392	3,260
Accumulated other comprehensive loss ending balance	0	(5,392)
Defined Benefit Pension Items \| Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Amortization of loss	465	326
Settlement cost	7,107	743
Total before tax	7,572	1,069
Income tax (expense) benefit	0	0
Net income	7,572	1,069
Other-than-temporary impairment losses \| Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Investment income, net	1,295	0
Total before tax	2,128	(93)
Unrealized Gains and Losses on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive loss beginning balance	(2,125)	0
Other comprehensive income before reclassifications	(509)	(2,032)
Amounts reclassified from accumulated other comprehensive loss	1,309	(93)
Total other comprehensive income, net of tax	800	(2,125)
Accumulated other comprehensive loss ending balance	(1,325)	(2,125)
Unrealized Gains and Losses on Available-for-Sale Securities \| Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Reclassification of realized losses (gains) included in earnings	833	(93)
Income tax (expense) benefit	(819)	0
Net income	$ 1,309	$ (93)

Segment Information - Information by Business Segment (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014 Segment	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Number of reportable operating segments									4
Operating revenues	$ 15,676,000	$ 23,947,000	$ 68,164,000	$ 594,086,000	$ 33,868,000	$ 36,827,000	$ 33,788,000	$ 26,773,000	$ 701,873,000	$ 131,256,000	$ 139,396,000
Depreciation, depletion and amortization									8,422,000	9,131,000	10,110,000
Investment income, net									12,691,000	1,498,000	707,000
Interest expense									(8,608,000)	(2,040,000)	(2,820,000)
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:									521,821,000	4,445,000	6,423,000
Payments to Acquire Productive Assets									32,441,000	42,060,000	23,395,000
Assets	1,303,135,000				669,472,000				1,303,135,000	669,472,000
Revenues from RiverTown Sale									43,600,000
Revenues from AgReserves Sale									570,900,000
Interest Income, Other									990,000	234,000	707,000
Impairment losses									0	5,080,000	2,551,000
Pension charges									8,749,000	1,500,000	2,063,000
Residential real estate
Segment Reporting Information [Line Items]
Operating revenues									61,384,000	33,698,000	22,115,000
Depreciation, depletion and amortization									574,000	776,000	1,802,000
Interest expense									(1,316,000)	(1,999,000)	(2,802,000)
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:									25,440,000	4,558,000	(6,772,000)
Payments to Acquire Productive Assets									4,981,000	12,284,000	7,679,000
Assets	129,663,000				141,097,000				129,663,000	141,097,000
Impairment losses										200,000
Commercial real estate
Segment Reporting Information [Line Items]
Operating revenues									3,265,000	10,881,000	10,400,000
Interest expense									(696,000)	(41,000)	(18,000)
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:									(163,000)	3,298,000	(271,000)
Payments to Acquire Productive Assets									854,000	2,388,000	3,829,000
Assets	62,931,000				62,924,000				62,931,000	62,924,000
Resorts, leisure and leasing operations
Segment Reporting Information [Line Items]
Operating revenues									55,451,000	50,767,000	44,407,000
Depreciation, depletion and amortization									6,916,000	6,424,000	5,714,000
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:									1,886,000	(1,928,000)	(1,414,000)
Payments to Acquire Productive Assets									24,798,000	23,486,000	9,023,000
Assets	158,226,000				142,940,000				158,226,000	142,940,000
Impairment losses										4,900,000	2,600,000
Forestry
Segment Reporting Information [Line Items]
Operating revenues									581,442,000	35,450,000	38,977,000
Depreciation, depletion and amortization									729,000	1,775,000	2,105,000
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:									517,087,000	13,406,000	13,475,000
Payments to Acquire Productive Assets									1,537,000	3,678,000	2,701,000
Assets	20,521,000				60,889,000				20,521,000	60,889,000
Corporate
Segment Reporting Information [Line Items]
Investment income, net									11,697,000	1,385,000	639,000
Interest expense									(6,596,000)
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:									(22,429,000)	(14,889,000)	1,405,000
Interest Income, Other									6,100,000
Pension charges									13,500,000	1,500,000	3,000,000
Other
Segment Reporting Information [Line Items]
Operating revenues									331,000	460,000	23,497,000
Depreciation, depletion and amortization									203,000	156,000	489,000
Investment income, net									994,000	113,000	68,000
Payments to Acquire Productive Assets									271,000	224,000	163,000
Assets	$ 931,794,000				$ 261,622,000				$ 931,794,000	$ 261,622,000

Commitments and Contingencies - Additional Information (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]
Environmental liabilities	$ 475,000	$ 1,071,000
Purchase obligations, total	5,000,000
Purchase obligations, 2015	4,300,000
Purchase obligations, 2016	300,000
Purchase obligations, 2017	400,000
Tax Year 2022 To 2024
Guarantor Obligations [Line Items]
Deferred Tax Liabilities, Gross	61,800,000
Tax Year 2029
Guarantor Obligations [Line Items]
Deferred Tax Liabilities, Gross	69,300,000
Surety bonds \| Commercial development
Guarantor Obligations [Line Items]
Commitment obligations	$ 8,300,000	$ 14,100,000

Quarterly Financial Data (unaudited) (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]
Operating revenues	$ 15,676	$ 23,947	$ 68,164	$ 594,086	$ 33,868	$ 36,827	$ 33,788	$ 26,773	$ 701,873	$ 131,256	$ 139,396
Operating income (loss)	(15,946)	(1,335)	21,038	509,493	(1,964)	3,383	1,583	(2,225)	513,250	777	2,134
Net income (loss) attributable to the Company	$ (11,101)	$ (50)	$ 14,609	$ 402,995	$ 562	$ 4,198	$ 2,704	$ (2,474)	$ 406,453	$ 4,990	$ 6,012
Basic and diluted income (loss) per share attributable to the Company (in dollars per share)	$ (0.13)	$ 0.00	$ 0.16	$ 4.37	$ 0.00	$ 0.05	$ 0.03	$ (0.03)	$ 4.40	$ 0.05	$ 0.07

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References+ Details

Real Estate and Accumulated Depreciation (Detail) (USD $)								12 Months Ended			12 Months Ended			12 Months Ended			12 Months Ended			12 Months Ended			12 Months Ended			12 Months Ended			12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014 Residential development	Dec. 31, 2014 Commercial development	Dec. 31, 2014 WaterColor Inn	Dec. 31, 2014 WaterColor Inn Minimum	Dec. 31, 2014 WaterColor Inn Maximum	Dec. 31, 2014 Clubs and golf courses	Dec. 31, 2014 Clubs and golf courses Minimum	Dec. 31, 2014 Clubs and golf courses Maximum	Dec. 31, 2014 Marinas	Dec. 31, 2014 Marinas Minimum	Dec. 31, 2014 Marinas Maximum	Dec. 31, 2014 Other	Dec. 31, 2014 Other Minimum	Dec. 31, 2014 Other Maximum	Dec. 31, 2014 Pier Park North	Dec. 31, 2014 Pier Park North Minimum	Dec. 31, 2014 Pier Park North Maximum	Dec. 31, 2014 Towncenters	Dec. 31, 2014 Towncenters Minimum	Dec. 31, 2014 Towncenters Maximum	Dec. 31, 2014 VentureCrossings	Dec. 31, 2014 VentureCrossings Minimum	Dec. 31, 2014 VentureCrossings Maximum	Dec. 31, 2014 Other	Dec. 31, 2014 Other Minimum	Dec. 31, 2014 Other Maximum	Dec. 31, 2014 Timberlands	Dec. 31, 2014 Unimproved land
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,516,000				$ 2,459,000	$ 4,057,000	$ 0			$ 0			$ 0			$ 0			$ 0			$ 0			$ 0			$ 0			$ 0	$ 0
Initial Cost to Company, Land	154,320,000				43,153,000	45,701,000	1,202,000			38,447,000			6,252,000			0			2,641,000			777,000			1,566,000			7,999,000			6,582,000	0
Initial Cost to Company, Buildings & Improvements	131,678,000				0	0	14,000,000			24,053,000			9,619,000			34,469,000			0			30,904,000			7,899,000			8,862,000			1,872,000	0
Costs Capitalized Subsequent to Acquisition or Construction	93,946,000				59,258,000	13,704,000	5,124,000			(4,268,000)			10,000			(18,771,000)			42,085,000			(12,205,000)			0			(7,145,000)			10,385,000	5,769,000
Land & Land Improvements	252,769,000				102,411,000	59,405,000	1,558,000			34,653,000			6,218,000			0			16,801,000			784,000			1,566,000			7,051,000			16,553,000	5,769,000
Buildings and Improvements	127,175,000				0	0	18,768,000			23,579,000			9,663,000			15,698,000			27,925,000			18,692,000			7,899,000			2,665,000			2,286,000	0
Total	379,944,000	436,264,000	418,197,000	429,431,000	102,411,000	59,405,000	20,326,000			58,232,000			15,881,000			15,698,000			44,726,000			19,476,000			9,465,000			9,716,000			18,839,000	5,769,000
Accumulated Depreciation	58,132,000	53,496,000			0	0	6,831,000			22,961,000			3,544,000			6,203,000			1,017,000			12,127,000			985,000			2,508,000			1,956,000	0
Depreciation Life								10 years	40 years		10 years	25 years		10 years	25 years		10 years	30 years		15 years	40 years		10 years	25 years		10 years	25 years		10 years	25 years
SEC Schedule III, Real Estate, Federal Income Tax Basis	$ 544,000,000

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Owned (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at beginning of the year	$ 436,264	$ 418,197	$ 429,431
Amounts capitalized	26,047	44,795	21,058
Impairments	0	(5,080)	(2,551)
Cost of real estate sold	(76,060)	(22,022)	(27,248)
Amounts retired or adjusted	(6,307)	374	(2,493)
Balance at the end of the year	$ 379,944	$ 436,264	$ 418,197

Schedule III (Consolidated) - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of the year	$ 53,496	$ 49,772	$ 44,489
Depreciation expense	6,170	6,547	7,494
Amounts retired or adjusted	(1,534)	(2,823)	(2,211)
Balance at the end of the year	$ 58,132	$ 53,496	$ 49,772

Schedule IV (Consolidated) - Mortgage Loans on Real Estate (Details) (USD $)	12 Months Ended
	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Carrying Amount of Mortgages	$ 22,123,000
Seller financing \| Seller financing, maturing June 2015
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.25%
Prior Liens	0
Carrying Amount of Mortgages	19,600,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Notes receivable, annual principal payments	1,000,000.0
Seller financing \| Seller financing, maturing August 2015
Mortgage Loans on Real Estate [Line Items]
Interest Rate	4.00%
Prior Liens	0
Carrying Amount of Mortgages	1,945,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Seller financing \| Seller financing, maturing February 2015
Mortgage Loans on Real Estate [Line Items]
Interest Rate, Minimum	4.00%
Interest Rate, Maximum	6.00%
Prior Liens	0
Carrying Amount of Mortgages	66,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Various other seller financing \| Various other seller financing, maturing October 2016 through December 2016
Mortgage Loans on Real Estate [Line Items]
Interest Rate	5.00%
Prior Liens	0
Carrying Amount of Mortgages	512,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0

Schedule IV (Consolidated) - Mortgage Loans on Real Estate - Carrying Amount of Mortgage Loans (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of the year	$ 5,354	$ 1,158	$ 1,752
Additions during the year - new mortgage loans	19,600	5,854	0
Collections of principal	2,832	1,363	594
Foreclosures	0	295	0
Balance at the end of the year	$ 22,122	$ 5,354	$ 1,158

Stock Repurchase Program	12 Months Ended
Stock Repurchase Program	Dec. 31, 2014
Equity [Abstract]
Stock Repurchase Program	Stock Repurchase Program Through December 31, 2011, the Board of Directors had authorized a total of $950.0 million for the repurchase from time to time of outstanding common stock from shareholders (the “Stock Repurchase Program”). A total of approximately $846.2 million had been expended in the Stock Repurchase Program from its inception through December 31, 2014. There is no expiration date on the Stock Repurchase Program. The Company has repurchased from shareholders 27,945,611 shares and executives surrendered a total of 2,651,238 shares as payment for strike prices and taxes due on exercised stock options and on vested restricted stock units, for a total of 30,596,849 acquired shares from inception of the Stock Repurchase Program through December 31, 2014. During 2014, 2013 and 2012, executives surrendered zero, 3,378 and 9,529 shares, respectively, as payment for strike prices and taxes due on exercised stock options and vested restricted stock.

Nature of Operations - Additional Information (Details)	12 Months Ended
Nature of Operations - Additional Information (Details)	Dec. 31, 2014 Segment	Mar. 05, 2014 AgReserves Sale acre
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Land owned (in acres)		380,000
Number of reportable operating segments	4