Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2015	Aug. 03, 2015
Document Documentand Entity Information [Abstract]
Entity Registrant Name	ST JOE CO
Trading Symbol	JOE
Entity Central Index Key	0000745308
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Common Stock, Shares Outstanding		92,056,126

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Investment in real estate, net	$ 316,853	$ 321,812
Cash and cash equivalents	337,972	34,515
Investments	375,517	636,878
Restricted investments	7,129	7,940
Notes receivable, net	3,125	24,270
Pledged treasury securities	25,360	25,670
Property and equipment, net of accumulated depreciation of $61.3 million and $60.3 million at June 30, 2015 and December 31, 2014, respectively	10,094	10,203
Other assets	33,951	31,990
Investments held by special purpose entities	209,459	209,857
Total assets	1,319,460	1,303,135
LIABILITIES:
Debt	68,277	63,804
Accounts payable	12,149	12,554
Accrued liabilities and deferred credits	44,813	34,911
Deferred tax liabilities	36,991	34,824
Senior Notes held by special purpose entity	177,392	177,341
Total liabilities	339,622	323,434
EQUITY:
Common stock, no par value; 180,000,000 shares authorized; 92,332,565 and 92,322,905 issued and 92,312,296 and 92,302,636 outstanding at June 30, 2015 and December 31, 2014, respectively	892,387	892,237
Retained earnings	78,621	80,582
Accumulated other comprehensive income (loss)	648	(1,325)
Treasury stock at cost, 20,269 held at June 30, 2015 and December 31, 2014	(285)	(285)
Total stockholders’ equity	971,371	971,209
Non-controlling interest	8,467	8,492
Total equity	979,838	979,701
Total liabilities and equity	1,319,460	1,303,135
Variable Interest Entities
ASSETS
Investment in real estate, net	45,452	43,709
Cash and cash equivalents	4,026	3,455
Other assets	10,086	8,781
Investments held by special purpose entities	209,459	209,857
Total assets	269,023	265,802
LIABILITIES:
Debt	36,125	31,618
Accounts payable	295	1,511
Accrued liabilities and deferred credits	4,305	4,142
Senior Notes held by special purpose entity	177,392	177,341
Total liabilities	$ 218,117	$ 214,612

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) In Millions, except Share data, unless otherwise specified	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Property and equipment, Accumulated depreciation	$ 61.3	$ 60.3
Common stock, shares authorized	180,000,000	180,000,000
Common stock, issued	92,332,565	92,322,905
Common stock, outstanding	92,312,296	92,302,636
Treasury stock, shares	20,269	20,269

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Real estate sales	$ 14,019	$ 48,895	$ 19,456	$ 626,655
Resorts and leisure revenues	19,318	16,482	27,121	23,479
Leasing revenues	2,167	1,687	4,212	2,877
Timber sales	2,342	1,100	4,148	9,239
Total revenues	37,846	68,164	54,937	662,250
Expenses:
Cost of real estate sales	6,588	20,422	9,723	82,524
Cost of resorts and leisure revenues	14,694	13,060	23,500	20,682
Cost of leasing revenues	628	433	1,262	850
Cost of timber sales	258	243	442	4,094
Other operating and corporate expenses	7,732	7,278	14,849	15,785
Administrative costs associated with special purpose entities	0	3,746	0	3,746
Depreciation, depletion and amortization	2,135	1,944	5,050	4,039
Total expenses	32,035	47,126	54,826	131,720
Operating income	5,811	21,038	111	530,530
Other (expense) income:
Investment income, net	5,438	3,951	10,651	4,224
Interest expense	(2,645)	(2,249)	(5,522)	(2,889)
Other, net	(7,013)	570	(6,436)	1,347
Total other (expense) income	(4,220)	2,272	(1,307)	2,682
Income (loss) before equity in loss from unconsolidated affiliates and income taxes	1,591	23,310	(1,196)	533,212
Equity in loss from unconsolidated affiliates	0	(11)	0	(21)
Income tax expense	(1,862)	(8,690)	(790)	(115,594)
Net (loss) income	(271)	14,609	(1,986)	417,597
Net loss attributable to non-controlling interest	47	0	25	7
Net (loss) income attributable to the Company	$ (224)	$ 14,609	$ (1,961)	$ 417,604
Basic and Diluted
Weighted average shares outstanding (in shares)	92,302,636	92,295,213	92,297,467	92,294,969
Net (loss) income per share attributable to the Company (in dollars per share)	$ 0.00	$ 0.16	$ (0.02)	$ 4.52

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net (loss) income:	$ (271)	$ 14,609	$ (1,986)	$ 417,597
Other comprehensive income:
Net unrealized gains related to available-for-sale securities	1,989	941	3,246	555
Income tax expense	(789)	(364)	(1,273)	(214)
Total	1,200	577	1,973	341
Defined benefit pension items:
Net loss arising during the period	0	(187)	0	(596)
Settlement included in net periodic cost	0	200	0	440
Amortization of loss included in net periodic cost	0	125	0	257
Income tax expense	0	(53)	0	(40)
Total	0	85	0	61
Total other comprehensive income, net of tax	1,200	662	1,973	402
Total comprehensive income (loss), net of tax	$ 929	$ 15,271	$ (13)	$ 417,999

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (USD $) In Thousands, except Share data, unless otherwise specified	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock	Non-controlling Interest
Balance at Dec. 31, 2014	$ 979,701	$ 892,237	$ 80,582	$ (1,325)	$ (285)	$ 8,492
Balance, shares at Dec. 31, 2014	92,302,636	92,302,636
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(1,986)		(1,961)			(25)
Other comprehensive income	1,973			1,973
Issuance of common stock for director’s fees, shares		9,660
Issuance of common stock for director’s fees	150	150
Balance at Jun. 30, 2015	$ 979,838	$ 892,387	$ 78,621	$ 648	$ (285)	$ 8,467
Balance, shares at Jun. 30, 2015	92,312,296	92,312,296

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net (loss) income	$ (1,986)	$ 417,597
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization	5,050	4,039
Stock based compensation	150	160
Loss on sale of investments	0	833
Equity in loss in from unconsolidated affiliates	0	21
Deferred income tax	894	51,022
Cost of real estate sold	8,902	71,623
Expenditures for and acquisition of real estate to be sold	(4,244)	(3,505)
Notes receivable financed by the Company for operating properties sold	0	(19,600)
Timber Note	0	(200,000)
Deferred revenue	(64)	(13,432)
Accretion income and other	(1,213)	(766)
Changes in operating assets and liabilities:
Payments received on notes receivables	21,209	1,519
Other assets	(1,079)	(5,078)
Accounts payable and accrued liabilities	10,569	7,576
Income taxes (receivable) payable	(143)	28,594
Net cash provided by operating activities	38,045	340,603
Cash flows from investing activities:
Expenditures for Pier Park North joint venture	(4,173)	(12,973)
Purchases of property and equipment	(1,550)	(1,509)
Purchases of investments	(184,520)	(549,535)
Maturities of investments	310,415	60,000
Sales of investments	140,107	8,239
Sales of restricted investments	877	0
Investment in assets held by special purpose entities	0	(6,921)
Contributions to unconsolidated affiliates	0	(148)
Net cash provided by (used in) investing activities	261,156	(502,847)
Cash flows from financing activities:
Borrowings on construction loan in Pier Park joint venture	4,507	15,971
Principal payments for long term debt	(251)	(478)
Issuance of Senior Notes by special purpose entity net of discount and issuance costs of $4.3 million for 2014	0	175,740
Net cash provided by financing activities	4,256	191,233
Net increase in cash and cash equivalents	303,457	28,989
Cash and cash equivalents at beginning of the period	34,515	21,894
Cash and cash equivalents at end of the period	337,972	50,883
Cash paid during the period for:
Interest expense	4,908	1,096
Income taxes	0	35,979
Non-cash financing and investing activities:
Increase (decrease) in Community Development District debt	529	(5,164)
Decrease in pledged treasury securities related to defeased debt	310	293
Expenditures for investing properties and property and equipment financed through accounts payable	1,133	825
Exchange of Timber Note for investments held by special purpose entity	0	200,000
Capital contributions to special purpose entity from non-controlling interest	$ 0	$ 3,492

Nature of Operations	6 Months Ended
Nature of Operations	Jun. 30, 2015
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations The St. Joe Company together with its consolidated subsidiaries (the “Company”) is a real estate development and operating company with real estate assets and operations currently concentrated primarily between Tallahassee and Destin, Florida. The Company conducts primarily all of its business in the following five reportable operating segments: 1) residential real estate, 2) commercial real estate, 3) resorts and leisure, 4) leasing operations and 5) forestry. In prior periods, the Company’s reportable operating segments were 1) residential real estate, 2) commercial real estate, 3) resorts, leisure and leasing operations and 4) forestry. The Company’s leasing operations segment currently meets the quantitative and qualitative factors as a reportable operating segment; therefore, the Company has changed its segment presentation to include leasing operations as a reportable operating segment. Leasing operations were historically included with the Company’s resorts, leisure and leasing operating segment. All prior year segment information has been reclassified to conform to the 2015 presentation. The change in reporting segments had no effect on the Company’s condensed consolidated financial position, results of operations or cash flows for the periods presented. See Note 16, Segment Information. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed 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. The equity method of accounting is used for investments in which the Company has significant influence, but not a controlling financial interest. All significant intercompany accounts and transactions have been eliminated in consolidation. The December 31, 2014 balance sheet amounts have been derived from the Company’s December 31, 2014 audited consolidated financial statements. The statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates. Recently Adopted Accounting Pronouncements Discontinued operations In April 2014, the Financial Accounting Standard Board (“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 that have a major effect on the organization’s operations and financial results should be presented as discontinued operations. In addition, this ASU mandates expanded disclosures about the discontinued operation and requires disclosures about certain disposals that do not qualify as discontinued operations. This guidance is applied prospectively and the Company adopted it as of January 1, 2015. The adoption of this guidance had no impact on the Company’s Condensed Consolidated Statements of Operations, Balance Sheets or Statements of Cash Flows. Recently Issued Accounting Pronouncements Revenue recognition In May 2014, the FASB issued an ASU that establishes the principles used to recognize revenue for all entities. The new guidance will be effective for annual and interim periods beginning after December 15, 2017. Early application will be permitted, but not before annual reporting periods beginning after December 15, 2016. 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. The Company has not adopted this ASU as of June 30, 2015. Consolidation In February 2015, the FASB issued an ASU that amends the existing consolidation guidance related to (i) limited partnerships and similar legal entities, (ii) the evaluation of variable interests for fees paid to decision makers or service providers, (iii) the effect of fee arrangements and related parties on the primary beneficiary determination, and (iv) certain investment funds. These changes are expected to limit the number of consolidation models and place more emphasis on risk of loss when determining a controlling financial interest. The new guidance will be effective for the Company as of January 1, 2016. Early adoption is permitted, including early adoption in an interim period. The Company is evaluating the impact the adoption of this guidance will have on the Company’s condensed consolidated financial statements. The Company has not adopted this ASU as of June 30, 2015. Debt issuance costs In April 2015, the FASB issued an ASU that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendment does not affect the recognition and measurement guidance for debt issuance costs. The new guidance should be applied on a retrospective basis and is effective for the Company as of January 1, 2016. Early adoption is permitted for financial statements that have not been previously issued. The Company does not expect that the adoption of this guidance will have a material impact on its financial position. The Company has not adopted this ASU as of June 30, 2015.

Investment in Real Estate

6 Months Ended

Jun. 30, 2015

Real Estate [Abstract]

Investment in Real Estate

Real estate by property type and segment includes the following:



	June 30, 2015		December 31, 2014
Development property:
Residential real estate	$	103,267	$	102,408
Commercial real estate	55,153		59,405
Leasing operations	2,464		3,680
Forestry	3,069		3,278
Corporate	2,111		2,019
Total development property	166,064		170,790

Operating property:
Residential real estate	$	8,084	$	8,084
Resorts and leisure	109,204		110,136
Leasing operations	75,796		72,045
Forestry	18,729		18,839
Other	50		50
Total operating property	211,863		209,154
Less: Accumulated depreciation	61,074		58,132
Total operating property, net	150,789		151,022
Investment in real estate, net	$	316,853	$	321,812

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 for these properties, which also include common development costs such as roads and sewers. Leasing development property primarily includes the land and construction under development for the consolidated joint venture at Pier Park North. This development property will be reclassified as operating property as the operations continue to commence at Pier Park North.

Operating property includes property that the Company uses for daily operations and activities. The resorts and leisure operating property includes the WaterColor Inn, golf courses and marinas. Leasing operating property includes property developed by the Company and used for retail and commercial rental purposes, including property in our consolidated joint venture at Pier Park North. 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.

The Company had capitalized indirect development costs, primarily related to the consolidated joint venture at Pier Park North, of less than $0.1 million and $0.2 million, during the three months ended June 30, 2015 and 2014, respectively, and $0.1 million and $0.5 million, during the six months ended June 30, 2015 and 2014, respectively.

Impairments of Long-lived Assets

6 Months Ended

Jun. 30, 2015

Asset Impairment Charges [Abstract]

Impairment of Long Lived Assets

The Company reviews its long-lived assets for impairment quarterly to determine whether events or changes in circumstances indicate that the carrying value 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. As part of the Company’s review for impairment of its long-lived assets, the Company reviews each long-lived asset’s carrying value, current period actual financial results as compared to prior period and forecast contained in the Company’s business plan and any other event or changes in circumstances to identify whether an indicator of potential impairment may exist. 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;


•	a material change in strategy that would affect the fair value of the Company’s properties;


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


•	an accumulation of costs in excess of the projected costs for a development property; and,


•	any other adverse change that may affect the fair value of the property.

The Company uses varying methods to determine if an 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.

There were no events or changes in circumstances that would indicate that the carrying value of the Company’s long-lived assets would not be recoverable, and, therefore, the Company did not record any impairment charges during the three and six months ended June 30, 2015 and 2014.

Investments

6 Months Ended

Jun. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Investments

Investments consist of available-for-sale securities and are recorded at fair value, which is based on observable market inputs. Unrealized gains and temporary losses on investments, net of tax, are recorded in Other comprehensive income (loss). 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. In addition, at June 30, 2015, the Company had investments in short term commercial paper that are classified as cash equivalents, since they had maturity dates of ninety days or less from the date of purchase.

At June 30, 2015 investments classified as available-for-sale securities were as follows:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities:
Commercial paper ⁽¹⁾	$	256,685	$	154	$	—	$	256,839
U.S. Treasury securities	259,538		84		—		259,622
Corporate debt securities	102,366		1,547		—		103,913
Preferred stock	11,858		124		—		11,982
	$	630,447	$	1,909	$	—	$	632,356



(1)	Recorded in Cash and cash equivalents on the Company’s Condensed Consolidated Balance Sheets.

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

Fairholme Capital Management, L.L.C. (“Fairholme Capital”), serves as an investment advisor to the Company. As of June 30, 2015, 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 its 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 June 30, 2015, the investment account included $39.6 million of money market funds and $256.8 million of commercial paper (all of which are classified within cash and cash equivalents on the Company’s Condensed Consolidated Balance Sheets), $259.6 million of U.S. Treasury securities, $103.9 million of corporate debt securities and $12.0 million of preferred stock investments (all of which are classified within investments on the Company’s Condensed Consolidated Balance Sheets).

During the three months ended June 30, 2015, realized losses from the sale of available-for-sale securities were less than $0.1 million, proceeds from the sale of available-for-sale securities were $11.8 million and proceeds from the maturity of available-for-sale securities were $185.0 million. During the six months ended June 30, 2015, realized losses from the sale of available-for-sale securities were less than $0.1 million, proceeds from the sale of available-for-sale securities were $140.1 million and proceeds from the maturity of available-for-sale securities were $310.0 million.

During the three months ended June 30, 2014, realized losses from the sale of available-for-sale securities were $0.4 million, proceeds from the sale of available-for-sale securities were $5.6 million and proceeds from the maturity of U.S. Treasury securities were $35.0 million. During the six months ended June 30, 2014, realized losses from the sale of available-for-sale securities were $0.8 million, proceeds from the sale of available-for-sale securities were $8.2 million and proceeds from the maturity of available-for-sale securities were $60.0 million.

As of June 30, 2015, there were no unrealized losses related to commercial paper, U.S. Treasury securities, corporate debt securities or preferred stock investments. As of December 31, 2014, certain of the Company’s U.S. Treasuries and preferred stock had immaterial unrealized losses. The Company previously reported in its Annual Report on Form 10-K that it had no continuous unrealized losses greater than twelve months as a result of recognizing a portion of the unrealized loss in earnings as of September 30, 2014. The Company has revised this disclosure in the following table that provides the corporate debt securities continuous unrealized loss position and its related fair values:

As of June 30, 2015

As of December 31, 2014

Less Than 12 Months

12 Months or Greater

Less Than 12 Months

12 Months or Greater

Fair Value

Unrealized Losses

Fair Value

Unrealized Losses

Fair Value

Unrealized Losses

Fair Value

Unrealized Losses

Corporate debt securities

—

85,845

1,294

14,260

188

The Company’s unrealized losses relate to investments in senior secured debt securities in one issuer that is a national retail chain that is non-investment grade. The Company purchased these investments between the second quarter of 2013 through the second quarter of 2014. The Company does not intend to sell the investment and it is not more likely than not that the Company will be required to sell the security prior to its anticipated recovery, which may be maturity; therefore, the Company does not believe that its investment in the corporate debt securities is other-than-temporarily impaired at June 30, 2015 and December 31, 2014.

The net carrying value and estimated fair value of investments classified as available-for-sale at June 30, 2015, 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.



	Amortized Cost		Fair Value
Due in one year or less	$	516,223	$	516,461
Due after one year through five years	102,366		103,913
	618,589		620,374
Preferred stock	11,858		11,982
	$	630,447	$	632,356

Real Estate Sales

6 Months Ended

Jun. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

Real Estate Sales

The Company’s Condensed Consolidated Financial Statements are not necessarily comparable from period to period due to the impact of the AgReserves Sale and the RiverTown Sale during 2014.

AgReserves Sale

Real estate sales for the six months ended June 30, 2014, includes the 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”). On March 5, 2014, the Company completed the 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. 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 “AgReserves 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 AgReserves SPE, in favor of the Company. The AgReserves SPE was created by AgReserves with financial instruments having 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 and 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 Condensed Consolidated Balance Sheets and (3) $3.7 million of costs related to the monetization that were expensed during the three and six months ended June 30, 2014 and are recorded in Administrative costs associated with special purpose entities on the Company’s Condensed Consolidated Statements of Operations.

The Company owns the equity interest in NFTF, but no equity interest in the AgReserves SPE. Both the AgReserves SPE and NFTF are distinct legal entities and the assets of the AgReserves SPE and NFTF are not available to satisfy the Company's liabilities or obligations and the liabilities of the AgReserves 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 AgReserves SPE or NFTF, the Company is not obligated to contribute any funds to either the AgReserves SPE or NFTF.

The Company has determined that it is the primary beneficiary of the AgReserves SPE and NFTF, and therefore, the AgReserves SPE’s and NFTF’s assets and liabilities are consolidated in the Company's financial statements as of June 30, 2015. The carrying amounts of the AgReserves SPE’s and NFTF’s assets and non-recourse liabilities were $213.9 million and $180.3 million, respectively, as of June 30, 2015. The consolidated assets of the AgReserves 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 $3.0 million on the time deposit, U.S. Treasuries of $9.1 million, cash of $0.3 million and deferred issuance costs of $1.4 million for the Senior Notes. The consolidated liabilities include Senior Notes issued by NFTF totaling $177.4 million net of the $2.6 million discount and $2.9 million of accrued interest expense on the Senior Notes.

The Company’s Condensed Consolidated Statements of Operations includes the following amounts related to the Buyer SPE and NFTF for (i) interest income on the time deposit and amortization of the discounts on the U.S. Treasuries and (ii) interest expense for the Senior Notes, amortization of the discount and issuance costs:



	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Investment income, net	$	2,003		$	2,018		$	4,005		$	2,018
Interest expense	$	(2,189	)	$	(2,071	)	$	(4,377	)	$	(2,071	)

The Company has classified the U.S. Treasury securities held by the AgReserves SPE and NFTF as held-to-maturity based on their intent and ability to hold these securities to maturity. Accordingly, the debt securities are recorded at amortized cost, which approximates fair value as of June 30, 2015. 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 $1.5 million after ten years.

RiverTown Sale

On April 2, 2014, the Company completed the 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, (3) the assumption of the Company’s Rivers Edge Community Development District assessments and (4) the obligation to purchase certain RiverTown community related impact fee credits from the Company as the RiverTown community is developed. The $19.6 million purchase money note was paid in full as of June 30, 2015.

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. The Company has not recorded a receivable for the estimated impact fees to be received and will record any revenues related to the receipt of the impact fees at the time of receipt. The Company received $0.1 million during the three and six months ended June 30, 2015 and the Company has received a total of approximately $0.2 million through June 30, 2015.

The Company recorded net earnings of $26.0 million before income taxes for the RiverTown Sale in the three and six months ended June 30, 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.

Other (Expense) Income

6 Months Ended

Jun. 30, 2015

Other Income and Expenses [Abstract]

Other (Expense) Income

Other (expense) income consists of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Investment income, net
Net investment income from available-for-sale securities
Interest and dividend income	$	2,130		$	1,603		$	4,389		$	2,126
Accretion income	640			409			1,262			521
Realized losses on the sale of investments	—			(432		)	—			(833		)
Total net investment income from available-for-sale securities	2,770			1,580			5,651			1,814
Interest income from investments in special purpose entities (Note 5)	2,003			2,018			4,005			2,018
Interest accrued on notes receivable	665			353			995			392
Total investment income, net	5,438			3,951			10,651			4,224
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity (Note 5)	(2,189		)	(2,071		)	(4,377		)	(2,071		)
Interest expense	(456		)	(178		)	(1,145		)	(818		)
Total interest expense	(2,645		)	(2,249		)	(5,522		)	(2,889		)
Other, net
Costs for the ongoing SEC investigation	(7,430		)	—			(7,430		)	—
Accretion income from retained interest investments	227			219			438			430
Hunting lease income	169			196			378			576
Other income, net	21			155			178			341
Other, net	(7,013		)	570			(6,436		)	1,347

Total other (expense) income	$	(4,220	)	$	2,272		$	(1,307	)	$	2,682

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 on the sale of investments include the loss recognized on the sale of an available-for-sale security prior to maturity. See Note 4, 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

During the three and six months ended June 30, 2015, the Company expensed a total of $7.4 million related to the ongoing SEC investigation. The Company established a reserve of $3.5 million related to the potential for settlement of the ongoing SEC investigation that was expensed in Other, net in the Condensed Consolidated Financial Statements during the three and six months ended June 30, 2015. In addition, during the three months ended June 30, 2015, the Company received correspondence from an insurance carrier related to coverage of certain expenses incurred in the SEC investigation and, as a result of this correspondence, the Company recorded $3.9 million in legal costs during the three and six months ended June 30, 2015. See Note 17, Commitments and Contingencies.

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% - 11.6%. Hunting lease income is recognized as income over the term of the lease.

Financial Instruments and Fair Value Measurements

6 Months Ended

Jun. 30, 2015

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 June 30, 2015 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	39,637	$	—	$	—	$	39,637
Commercial paper	256,839		—		—		256,839
Debt securities:
U.S. Treasury securities	259,622		—		—		259,622
Corporate debt securities	—		103,913		—		103,913
Preferred stock	—		11,982		—		11,982
Restricted investments:
Guaranteed income fund	—		7,129		—		7,129
	$	556,098	$	123,024	$	—	$	679,122

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
Cash equivalents:
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
Restricted investments:
Guaranteed income fund	—		7,940		—		7,940
	$	529,786	$	135,003	$	—	$	664,789

Money market funds, U.S. Treasury securities and commercial paper are measured based on quoted market prices in an active market and categorized within level 1 of the fair value hierarchy. Money market funds and commercial paper with a maturity date of ninety days or less from the date of purchase are classified as cash equivalents in the Company’s Condensed 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 for the corporate debt security or the preferred stock that the Company owns. Corporate debt securities and preferred stock are not traded on a nationally recognized exchange but rather are traded in the U.S. over the counter market where there is less trading activity. For these reasons, the Company has determined that the corporate debt securities and preferred stock are categorized as level 2 financial instruments since their fair values were determined from market inputs in an inactive market.

Restricted investments include certain of the surplus assets that were transferred from the Company’s Pension Plan to a suspense account in the Company’s 401(k) Plan in December 2014. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s condensed consolidated financial statements until they are allocated to participants. As of June 30, 2015 and December 31, 2014, the assets held in the suspense account were invested in the Prudential Guaranteed Income Fund, which is a stable value fund designed to provide safety of principal, liquidity, and a rate of return. The Prudential Guaranteed Income Fund is valued based upon the contributions made to the fund, plus earnings at guaranteed crediting rates, less withdrawals and fees and are categorized as level 2 financial instruments. The Company’s Retirement Plan Investment Committee will be responsible for investing decisions and allocation decisions of the suspense account. Refer to Note 14, Employee Benefit Plans.

Fair Value of 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 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:



	June 30, 2015					December 31, 2014
	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Assets
Pledged treasury securities	$	25,360	$	25,494	1	$	25,670	$	26,501	1
Retained interest investments	$	10,078	$	13,116	3	$	9,932	$	13,026	3
Investments held by special purpose entities (Note 5)	$	209,459	$	209,308	3	$	209,857	$	209,679	3
Liabilities
Senior Notes held by special purpose entity (Note 5)	$	177,392	$	177,982	3	$	177,341	$	177,940	3

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 11, Debt) remain on the Company’s Condensed Consolidated Balance Sheets at June 30, 2015 and December 31, 2014. The government backed securities are recorded as Pledged treasury securities on the Company’s Condensed 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 “2008 SPEs”) used in the installment sale monetization of certain sales of timberlands in 2007 and 2008. The 2008 SPEs’ assets are not available to satisfy the Company’s liabilities or obligations and the liabilities of the 2008 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 2008 SPEs, the Company is not obligated to contribute any funds to the 2008 SPEs. The Company has determined that it is not the primary beneficiary of the 2008 SPEs, since the Company is not the primary decision maker with respect to activities that could significantly impact the economic performance of the 2008 SPEs, nor does the Company perform any service activity related to the 2008 SPEs. Therefore, the 2008 SPEs’ assets and liabilities are not consolidated in the Company’s financial statements as of June 30, 2015.

At the time of monetization the initial retained interest recorded was an estimate based on the present value of future excess cash flows expected to be received over the life of the retained interest, using management’s best estimate of underlying assumptions, including credit risk and discount rates. The Company’s continuing involvement with the 2008 SPEs is the receipt of the net interest payments and the remaining principal of approximately $15.2 million to be received at the end of the installment notes’ fifteen year maturity period, in 2022 through 2024.

The Company has a beneficial or retained interest investment related to the 2008 SPEs of $10.1 million and $9.9 million as of June 30, 2015 and December 31, 2014, respectively, recorded in Other assets on the Company’s Condensed Consolidated Balance Sheets. 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 2008 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% to 11.6%. The Company continues to update its 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 three and six months ended June 30, 2015 and 2014.

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 Condensed Consolidated Balance Sheets.

Real Estate Joint Ventures

6 Months Ended

Jun. 30, 2015

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 VIEs 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 Real Estate Joint Ventures

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 has contributed $9.5 million, or 66%, and the Company’s partner contributed $4.9 million, or 34%, as of June 30, 2015. 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 could be disbursed, which were met in 2013. As of June 30, 2015 and December 31, 2014, $36.1 million and $31.6 million, respectively, were outstanding on the construction loan. Pursuant to the construction loan agreement 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 June 30, 2015, 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, subject to the ability of the Company’s partner to increase its percentage ownership interest to 40%.

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. 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 June 30, 2015, the carrying amounts of the real estate VIEs’ assets that are consolidated were $55.1 million and non-recourse liabilities $37.8 million, including debt of $36.1 million, which the Company has a principal repayment guarantee limited to 33% of the outstanding balance. Each VIEs’ assets can only be used to settle obligations of that VIE. Those assets are owned by, and those liabilities are obligations of, that VIE, and not the Company, except for the above described guarantees and covenants.

Unconsolidated Real Estate VIE

As of June 30, 2015, the Company is a partner in ALP Liquidating Trust (“ALP”) that is accounted for using the equity method. The Company has evaluated the VIE consolidation requirements with respect to this joint venture 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. The Company is not required to contribute additional funds to ALP.

Summarized financial information for ALP is as follows:



	June 30, 2015		December 31, 2014
BALANCE SHEETS:
Cash and cash equivalents	$	14,790	$	15,461
Other assets	58		57
Total assets	$	14,848	$	15,518

Accounts payable and other liabilities	$	1,128	$	605
Equity⁽¹⁾	13,720		14,913
Total liabilities and equity	$	14,848	$	15,518

(1) 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.

For the three months ended June 30, 2015 and 2014, ALP reported a net loss of $0.8 million and $0.7 million, respectively. For the six months ended June 30, 2015 and 2014, ALP reported a net loss of $1.2 million and $1.0 million, respectively.

Debt

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Debt

Debt consists of the following:



	June 30, 2015		December 31, 2014
In-substance defeased debt, interest payable at 5.62%, secured and paid by pledged treasury securities, due October 1, 2015	$	25,360	$	25,670
Community Development District debt, secured by certain real estate and standby note purchase agreements, due through May 2039, interest payable at 2.25% to 7.0%	6,793		6,516
Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.28% and 2.26% at June 30, 2015 and December 31, 2014, respectively	36,124		31,618
Total debt	$	68,277	$	63,804

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 Condensed Consolidated Balance Sheets at June 30, 2015 and December 31, 2014 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 $6.8 million and $6.5 million related to CDD assessments as of June 30, 2015 and December 31, 2014, respectively. The Company’s total outstanding CDD assessments were $22.2 million and $22.7 million at June 30, 2015 and December 31, 2014, 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. As of June 30, 2015 and December 31, 2014, $36.1 million and $31.6 million, respectively were outstanding on the construction loan. See Note 8, Real Estate Joint Ventures.

The aggregate maturities of debt subsequent to June 30, 2015 are:



	June 30, 2015

2015	25,473
2016	36,242
2017	121
2018	126
2019	130
Thereafter	6,185
	$	68,277

Accrued Liabilities and Deferred Credits

6 Months Ended

Jun. 30, 2015

Payables and Accruals [Abstract]

Accrued Liabilities and Deferred Credits

Accrued liabilities and deferred credits consist of the following:



	June 30, 2015		December 31, 2014
Accrued compensation	$	3,068	$	2,673
Deferred revenue	15,299		15,309
Membership deposits	8,001		8,426
Accruals for ongoing SEC investigation	7,430		—
Other accrued liabilities	8,165		5,651
Accrued interest expense for Senior Notes held by special purpose entity (Note 5)	2,850		2,852
Total accrued liabilities and deferred credits	$	44,813	$	34,911

Deferred revenue at June 30, 2015 and December 31, 2014 includes $12.5 million 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.

During the three and six months ended June 30, 2015, the Company established a reserve of $3.5 million related to the potential for settlement of the ongoing SEC investigation. In addition, during the three months ended June 30, 2015, the Company received correspondence from an insurance carrier related to coverage of certain expenses incurred in the SEC investigation and, as a result of this correspondence, the Company recorded an accrual of $3.9 million for legal costs. The Company expensed these accruals totaling $7.4 million for the ongoing SEC investigation in Other, net on the Company’s Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2015. See Note 17, Commitments and Contingencies.

Income Taxes

6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes

Income tax expense differed from the amount computed by applying the federal statutory rate of 35% to pre-tax loss or income as a result of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Tax expense (benefit) at the statutory federal rate	$	563		$	8,154		$	(419	)	$	186,619
State income tax expense (benefit) (net of federal benefit)	56			816			(42		)	18,662
Decrease in valuation allowance	(144		)	(864		)	(158		)	(90,164		)
Costs for the ongoing SEC investigation	1,348			—			1,348			—
Other	39			584			61			477
Income tax expense	$	1,862		$	8,690		$	790		$	115,594

As of June 30, 2015, the Company had no federal net operating loss carryforwards and had $323.9 million of state net operating loss carryforwards, which are available to offset future taxable income through 2031.

In general, a valuation allowance is recorded if, based on the 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. During the six months ended June 30, 2014, the Company reversed $90.2 million of the valuation allowance that was recorded as of December 31, 2013. As of June 30, 2015, management believes it has 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 $6.0 million for these deferred tax assets.

Employee Benefit Plans

6 Months Ended

Jun. 30, 2015

Compensation and Retirement Disclosure [Abstract]

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 for up to 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.

A summary of the net periodic pension cost related to the Pension Plan for the three and six months ended June 30, 2014 are as follows:



	Three Months Ended June 30, 2014		Six Months Ended June 30, 2014
Interest cost	$	162	$	347
Expected loss on assets	138		275
Settlement charges	200		440
Amortization of loss	125		257
Net periodic pension cost	$	625	$	1,319

As of June 30, 2014, the assumptions used to develop net periodic pension cost and benefit obligations were the discount rate of 3.7% and expected long-term rate on plan assets of 0%.

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 described above, 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 has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s condensed consolidated financial statements until they are allocated to participants. At June 30, 2015 and December 31, 2014, the fair value of these assets were recorded in Restricted investments on the Company’s Condensed Consolidated Balance Sheets and were $7.1 million and $7.9 million, respectively.

The Company expenses the fair value of the assets at the time the assets are allocated to participants, which is expected to be up to the next seven years. During the six months ended June 30, 2015, the Company recorded an expense of $0.9 million for the fair value of the assets that were allocated to participants during that period. In addition, any gains and losses on these assets will be reflected in the Company’s condensed consolidated financial statements, which were less than a $0.1 million gain for the three and six months ended June 30, 2015. Refer to Note 7, Financial Instruments and Fair Value Measurements.

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2015

Stockholders' Equity Note [Abstract]

Accumulated Other Comprehensive Income (Loss)

Following is a summary of the changes in the accumulated balances for each component of accumulated other comprehensive income (loss), which is presented net of tax, for the three and six months ended June 30, 2015 and 2014:



	Defined Benefit Pension Items		Unrealized Gains and (Losses) on Available-for-Sale Securities			Total
Accumulated other comprehensive loss at March 31, 2015	$	—	$	(552	)	$	(552	)
Other comprehensive income before reclassifications	—		1,200			1,200
Amounts reclassified from accumulated other comprehensive loss	—		—			—
Other comprehensive income	—		1,200			1,200
Accumulated other comprehensive income at June 30, 2015	$	—	$	648		$	648



	Defined Benefit Pension Items		Unrealized Gains and (Losses) on Available-for-Sale Securities			Total
Accumulated other comprehensive loss at December 31, 2014	$	—	$	(1,325	)	$	(1,325	)
Other comprehensive income before reclassifications	—		1,973			1,973
Amounts reclassified from accumulated other comprehensive loss	—		—			—
Other comprehensive income	—		1,973			1,973
Accumulated other comprehensive income at June 30, 2015	$	—	$	648		$	648



	Defined Benefit Pension Items			Unrealized Gains and (Losses) on Available-for-Sale Securities			Total
Accumulated other comprehensive loss at March 31, 2014	$	(5,415	)	$	(2,362	)	$	(7,777	)
Other comprehensive loss before reclassifications	(115		)	311			196
Amounts reclassified from accumulated other comprehensive loss	200			266			466
Other comprehensive income	85			577			662
Accumulated other comprehensive loss at June 30, 2014	$	(5,330	)	$	(1,785	)	$	(7,115	)



	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 loss before reclassifications	(367		)	(173		)	(540		)
Amounts reclassified from accumulated other comprehensive loss	429			513			942
Other comprehensive income	62			340			402
Accumulated other comprehensive loss at June 30, 2014	$	(5,330	)	$	(1,785	)	$	(7,115	)



	Amount Reclassified from Accumulated Other Comprehensive Loss					Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended June 30,					Six Months Ended June 30,
Details about Accumulated Other Comprehensive Loss Components	2015		2014			2015		2014			Affected Line in the Condensed Consolidated Statements of Operations
Defined benefit pension items
Amortization of loss	$	—	$	125		$	—	$	257		Net periodic pension costs, Note 14, Employee Benefit Plans
Settlement cost	—		200			—		440			Net periodic pension costs, Note 14, Employee Benefit Plans
Total before tax	—		325			—		697
Income tax benefit	—		(125		)	—		(268		)
Net of tax	—		200			—		429

Items related to available-for-sale securities
Realized loss on sale	—		432			—		833			Investment income, net, Note 4, Investments
Income tax benefit	—		(166		)	—		(320		)
Net of tax	—		266			—		513

Total reclassifications for the period, net of tax	$	—	$	466		$	—	$	942

Segment Information

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Segment Information

The Company conducts primarily all of its business in the following five reportable operating segments: 1) residential real estate, 2) commercial real estate, 3) resorts and leisure, 4) leasing and 5) forestry. In prior periods the Company’s reportable operating segments were 1) residential real estate, 2) commercial real estate, 3) resorts, leisure and leasing operations and 4) forestry. The Company’s leasing operations segment currently meets the quantitative and qualitative factors as a reportable operating segment; therefore, the Company has changed its segment presentation to include leasing operations as a reportable operating segment. Leasing operations were historically included with the Company’s resorts, leisure and leasing operating segment. All prior year segment information has been reclassified to conform to the 2015 presentation. The change in reporting segments had no effect on the Company’s condensed 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 homes and homesites. The commercial real estate segment sells undeveloped or developed land and commercial operating property. The resort and leisure segment generates revenues and costs from the WaterColor Inn and Resort, vacation rental programs, management of The Pearl Hotel, four golf courses, marina operations and other related resort activities. The leasing segment generates revenues and costs from retail and commercial leasing operations, including the Company’s consolidated joint venture at Pier Park North. 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 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 set forth in Note 2 to the Company’s consolidated financial statements contained in Item 15 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Total revenues represent sales to unaffiliated customers, as reported in the Company’s Condensed Consolidated Statements of Operations. All intercompany transactions have been eliminated. The caption entitled “Other” consists of non-allocated corporate general and administrative expenses, net of investment income.

Information by business segment is as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Operating Revenues
Residential real estate	$	4,037		$	47,751		$	9,474		$	53,468
Commercial real estate	4,660			980			4,660			3,265
Resorts and leisure	19,318			16,482			27,121			23,479
Leasing operations	2,167			1,687			4,212			2,877
Forestry	7,664			1,144			9,470			579,017
Other	—			120			—			144
Consolidated operating revenues	$	37,846		$	68,164		$	54,937		$	662,250

Income (loss) before equity in loss from unconsolidated affiliates and income taxes:
Residential real estate	$	(378	)	$	25,891		$	6		$	26,134
Commercial real estate	(8		)	164			(612		)	813
Resorts and leisure	3,466			2,257			535			503
Leasing operations	283			661			483			1,037
Forestry	6,770			1,012			8,408			515,110
Other	(8,542		)	(6,675		)	(10,016		)	(10,385		)
Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes	$	1,591		$	23,310		$	(1,196	)	$	533,212



	June 30, 2015		December 31, 2014
Total Assets:
Residential real estate	$	114,049	$	135,317
Commercial real estate	58,836		62,931
Resorts and leisure	78,071		79,021
Leasing operations	77,514		74,800
Forestry	22,264		20,521
Other	968,726		930,545
Total assets	$	1,319,460	$	1,303,135

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company establishes an accrued liability when it believes 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 what it believes to be the minimum amount in the range, unless it believes 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 believes it is reasonably possible that a loss will be incurred or when it believes 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, including litigation related to its prior homebuilding activities and those described herein. The Company cannot assure 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. 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. Accrued aggregate liabilities related to the matters described above and other litigation matters were $1.4 million, excluding the $3.5 million related to the ongoing SEC investigation discussed below, at June 30, 2015 and December 31, 2014. Significant judgment is required in both the determination of probability and the determination as to whether the amount of an exposure is reasonably estimable. Due to uncertainties related to these matters, accruals are based only on the information available at the time. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company's results of operations in a given period. On January 4, 2011 the Company received notice from the Staff (the “Staff”) of 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. 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. On February 20, 2015, the Company submitted to the Staff a Wells submission to explain its views concerning such matters. The Company is in discussions with the SEC staff concerning a proposed settlement of its investigation and any proposed settlement would be subject to approval by the Commissioners of the SEC. Even if the Company was able to agree to terms of a proposed settlement, there can be no assurance that the Commissioners would approve such settlement. Based on these discussions, the Company established a reserve of $3.5 million related to the potential for settlement of the ongoing SEC investigation during the three and six months ended June 30, 2015. In addition, during the three months ended June 30, 2015, the Company received correspondence from an insurance carrier related to coverage of certain expenses incurred in the SEC investigation and, as a result of this correspondence, the Company recorded an accrual of $3.9 million for legal costs. The Company expensed these accruals totaling $7.4 million for the ongoing SEC investigation in Other, net on the Company’s Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2015. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage, including our timber assets. At June 30, 2015 and December 31, 2014, 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. At June 30, 2015, the Company has a total of $4.4 million in contractual obligations, which $2.7 million are for the remainder of 2015, $0.2 million are for 2016 and $1.5 million are for 2017 and thereafter. 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 8, 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.

Concentration of Risks and Uncertainties	6 Months Ended
Concentration of Risks and Uncertainties	Jun. 30, 2015
Risks and Uncertainties [Abstract]
Concentration of Risks and Uncertainties	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. In addition, as of June 30, 2015, the Company had $259.6 million invested in U.S. Treasury securities, $103.9 million invested in one issuer of corporate debt securities that is non-investment grade and $12.0 million was invested in one issuer of preferred stock that is a financial services firm that is non-investment grade. In addition, as of June 30, 2015, the Company had investments in short term commercial paper from eight issuers of $256.8 million.

Nature of Operations (Policies)

6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Description of Business

The St. Joe Company together with its consolidated subsidiaries (the “Company”) is a real estate development and operating company with real estate assets and operations currently concentrated primarily between Tallahassee and Destin, Florida.

The Company conducts primarily all of its business in the following five reportable operating segments: 1) residential real estate, 2) commercial real estate, 3) resorts and leisure, 4) leasing operations and 5) forestry. In prior periods, the Company’s reportable operating segments were 1) residential real estate, 2) commercial real estate, 3) resorts, leisure and leasing operations and 4) forestry. The Company’s leasing operations segment currently meets the quantitative and qualitative factors as a reportable operating segment; therefore, the Company has changed its segment presentation to include leasing operations as a reportable operating segment. Leasing operations were historically included with the Company’s resorts, leisure and leasing operating segment. All prior year segment information has been reclassified to conform to the 2015 presentation. The change in reporting segments had no effect on the Company’s condensed consolidated financial position, results of operations or cash flows for the periods presented. See Note 16, Segment Information.

Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements are not included herein. The unaudited interim condensed 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. The equity method of accounting is used for investments in which the Company has significant influence, but not a controlling financial interest. All significant intercompany accounts and transactions have been eliminated in consolidation. The December 31, 2014 balance sheet amounts have been derived from the Company’s December 31, 2014 audited consolidated financial statements.

The statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for fair presentation of the information contained herein. The interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The Company adheres to the same accounting policies in preparation of its unaudited interim condensed consolidated financial statements. As required under GAAP, interim accounting for certain expenses, including income taxes, are based on full year assumptions. For interim financial reporting purposes, income taxes are recorded based upon estimated annual income tax rates.

Recently Issued and Adopted Accounting Pronouncement

Recently Adopted Accounting Pronouncements

Discontinued operations

In April 2014, the Financial Accounting Standard Board (“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 that have a major effect on the organization’s operations and financial results should be presented as discontinued operations. In addition, this ASU mandates expanded disclosures about the discontinued operation and requires disclosures about certain disposals that do not qualify as discontinued operations. This guidance is applied prospectively and the Company adopted it as of January 1, 2015. The adoption of this guidance had no impact on the Company’s Condensed Consolidated Statements of Operations, Balance Sheets or Statements of Cash Flows.

Recently Issued Accounting Pronouncements

Revenue recognition

In May 2014, the FASB issued an ASU that establishes the principles used to recognize revenue for all entities. The new guidance will be effective for annual and interim periods beginning after December 15, 2017. Early application will be permitted, but not before annual reporting periods beginning after December 15, 2016. 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. The Company has not adopted this ASU as of June 30, 2015.

Consolidation

In February 2015, the FASB issued an ASU that amends the existing consolidation guidance related to (i) limited partnerships and similar legal entities, (ii) the evaluation of variable interests for fees paid to decision makers or service providers, (iii) the effect of fee arrangements and related parties on the primary beneficiary determination, and (iv) certain investment funds. These changes are expected to limit the number of consolidation models and place more emphasis on risk of loss when determining a controlling financial interest. The new guidance will be effective for the Company as of January 1, 2016. Early adoption is permitted, including early adoption in an interim period. The Company is evaluating the impact the adoption of this guidance will have on the Company’s condensed consolidated financial statements. The Company has not adopted this ASU as of June 30, 2015.

Debt issuance costs

In April 2015, the FASB issued an ASU that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendment does not affect the recognition and measurement guidance for debt issuance costs. The new guidance should be applied on a retrospective basis and is effective for the Company as of January 1, 2016. Early adoption is permitted for financial statements that have not been previously issued. The Company does not expect that the adoption of this guidance will have a material impact on its financial position. The Company has not adopted this ASU as of June 30, 2015.

Impairment or Disposal of 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;


•	a material change in strategy that would affect the fair value of the Company’s properties;


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


•	an accumulation of costs in excess of the projected costs for a development property; and,


•	any other adverse change that may affect the fair value of the property.

Investments

Investments (Tables)

6 Months Ended

Jun. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

At June 30, 2015 investments classified as available-for-sale securities were as follows:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities:
Commercial paper ⁽¹⁾	$	256,685	$	154	$	—	$	256,839
U.S. Treasury securities	259,538		84		—		259,622
Corporate debt securities	102,366		1,547		—		103,913
Preferred stock	11,858		124		—		11,982
	$	630,447	$	1,909	$	—	$	632,356



(1)	Recorded in Cash and cash equivalents on the Company’s Condensed Consolidated Balance Sheets.

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

Continuous Unrealized Loss Position

The Company has revised this disclosure in the following table that provides the corporate debt securities continuous unrealized loss position and its related fair values:

As of June 30, 2015

As of December 31, 2014

Less Than 12 Months

12 Months or Greater

Less Than 12 Months

12 Months or Greater

Fair Value

Unrealized Losses

Fair Value

Unrealized Losses

Fair Value

Unrealized Losses

Fair Value

Unrealized Losses

Corporate debt securities

—

85,845

1,294

14,260

188

Contractual Maturities of Investments



	Amortized Cost		Fair Value
Due in one year or less	$	516,223	$	516,461
Due after one year through five years	102,366		103,913
	618,589		620,374
Preferred stock	11,858		11,982
	$	630,447	$	632,356

Other (Expense) Income (Tables)

6 Months Ended

Jun. 30, 2015

Other Income and Expenses [Abstract]

Schedule of other (expense) income

Other (expense) income consists of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Investment income, net
Net investment income from available-for-sale securities
Interest and dividend income	$	2,130		$	1,603		$	4,389		$	2,126
Accretion income	640			409			1,262			521
Realized losses on the sale of investments	—			(432		)	—			(833		)
Total net investment income from available-for-sale securities	2,770			1,580			5,651			1,814
Interest income from investments in special purpose entities (Note 5)	2,003			2,018			4,005			2,018
Interest accrued on notes receivable	665			353			995			392
Total investment income, net	5,438			3,951			10,651			4,224
Interest expense
Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity (Note 5)	(2,189		)	(2,071		)	(4,377		)	(2,071		)
Interest expense	(456		)	(178		)	(1,145		)	(818		)
Total interest expense	(2,645		)	(2,249		)	(5,522		)	(2,889		)
Other, net
Costs for the ongoing SEC investigation	(7,430		)	—			(7,430		)	—
Accretion income from retained interest investments	227			219			438			430
Hunting lease income	169			196			378			576
Other income, net	21			155			178			341
Other, net	(7,013		)	570			(6,436		)	1,347

Total other (expense) income	$	(4,220	)	$	2,272		$	(1,307	)	$	2,682

Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

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 June 30, 2015 were as follows:



	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	39,637	$	—	$	—	$	39,637
Commercial paper	256,839		—		—		256,839
Debt securities:
U.S. Treasury securities	259,622		—		—		259,622
Corporate debt securities	—		103,913		—		103,913
Preferred stock	—		11,982		—		11,982
Restricted investments:
Guaranteed income fund	—		7,129		—		7,129
	$	556,098	$	123,024	$	—	$	679,122

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
Cash equivalents:
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
Restricted investments:
Guaranteed income fund	—		7,940		—		7,940
	$	529,786	$	135,003	$	—	$	664,789

Carrying Amount and Fair Value of Financial Instruments

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



	June 30, 2015					December 31, 2014
	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Assets
Pledged treasury securities	$	25,360	$	25,494	1	$	25,670	$	26,501	1
Retained interest investments	$	10,078	$	13,116	3	$	9,932	$	13,026	3
Investments held by special purpose entities (Note 5)	$	209,459	$	209,308	3	$	209,857	$	209,679	3
Liabilities
Senior Notes held by special purpose entity (Note 5)	$	177,392	$	177,982	3	$	177,341	$	177,940	3

Debt (Tables)

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Debt

Debt consists of the following:



	June 30, 2015		December 31, 2014
In-substance defeased debt, interest payable at 5.62%, secured and paid by pledged treasury securities, due October 1, 2015	$	25,360	$	25,670
Community Development District debt, secured by certain real estate and standby note purchase agreements, due through May 2039, interest payable at 2.25% to 7.0%	6,793		6,516
Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.28% and 2.26% at June 30, 2015 and December 31, 2014, respectively	36,124		31,618
Total debt	$	68,277	$	63,804

Maturities of Debt

The aggregate maturities of debt subsequent to June 30, 2015 are:



	June 30, 2015

2015	25,473
2016	36,242
2017	121
2018	126
2019	130
Thereafter	6,185
	$	68,277

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2015

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 March 31, 2015	$	—	$	(552	)	$	(552	)
Other comprehensive income before reclassifications	—		1,200			1,200
Amounts reclassified from accumulated other comprehensive loss	—		—			—
Other comprehensive income	—		1,200			1,200
Accumulated other comprehensive income at June 30, 2015	$	—	$	648		$	648



	Defined Benefit Pension Items		Unrealized Gains and (Losses) on Available-for-Sale Securities			Total
Accumulated other comprehensive loss at December 31, 2014	$	—	$	(1,325	)	$	(1,325	)
Other comprehensive income before reclassifications	—		1,973			1,973
Amounts reclassified from accumulated other comprehensive loss	—		—			—
Other comprehensive income	—		1,973			1,973
Accumulated other comprehensive income at June 30, 2015	$	—	$	648		$	648



	Defined Benefit Pension Items			Unrealized Gains and (Losses) on Available-for-Sale Securities			Total
Accumulated other comprehensive loss at March 31, 2014	$	(5,415	)	$	(2,362	)	$	(7,777	)
Other comprehensive loss before reclassifications	(115		)	311			196
Amounts reclassified from accumulated other comprehensive loss	200			266			466
Other comprehensive income	85			577			662
Accumulated other comprehensive loss at June 30, 2014	$	(5,330	)	$	(1,785	)	$	(7,115	)



	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 loss before reclassifications	(367		)	(173		)	(540		)
Amounts reclassified from accumulated other comprehensive loss	429			513			942
Other comprehensive income	62			340			402
Accumulated other comprehensive loss at June 30, 2014	$	(5,330	)	$	(1,785	)	$	(7,115	)



	Amount Reclassified from Accumulated Other Comprehensive Loss					Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended June 30,					Six Months Ended June 30,
Details about Accumulated Other Comprehensive Loss Components	2015		2014			2015		2014			Affected Line in the Condensed Consolidated Statements of Operations
Defined benefit pension items
Amortization of loss	$	—	$	125		$	—	$	257		Net periodic pension costs, Note 14, Employee Benefit Plans
Settlement cost	—		200			—		440			Net periodic pension costs, Note 14, Employee Benefit Plans
Total before tax	—		325			—		697
Income tax benefit	—		(125		)	—		(268		)
Net of tax	—		200			—		429

Items related to available-for-sale securities
Realized loss on sale	—		432			—		833			Investment income, net, Note 4, Investments
Income tax benefit	—		(166		)	—		(320		)
Net of tax	—		266			—		513

Total reclassifications for the period, net of tax	$	—	$	466		$	—	$	942

Reclassification out of Accumulated Other Comprehensive Income



	Amount Reclassified from Accumulated Other Comprehensive Loss					Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended June 30,					Six Months Ended June 30,
Details about Accumulated Other Comprehensive Loss Components	2015		2014			2015		2014			Affected Line in the Condensed Consolidated Statements of Operations
Defined benefit pension items
Amortization of loss	$	—	$	125		$	—	$	257		Net periodic pension costs, Note 14, Employee Benefit Plans
Settlement cost	—		200			—		440			Net periodic pension costs, Note 14, Employee Benefit Plans
Total before tax	—		325			—		697
Income tax benefit	—		(125		)	—		(268		)
Net of tax	—		200			—		429

Items related to available-for-sale securities
Realized loss on sale	—		432			—		833			Investment income, net, Note 4, Investments
Income tax benefit	—		(166		)	—		(320		)
Net of tax	—		266			—		513

Total reclassifications for the period, net of tax	$	—	$	466		$	—	$	942

Segment Information (Tables)

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Information by Business Segment

Information by business segment is as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Operating Revenues
Residential real estate	$	4,037		$	47,751		$	9,474		$	53,468
Commercial real estate	4,660			980			4,660			3,265
Resorts and leisure	19,318			16,482			27,121			23,479
Leasing operations	2,167			1,687			4,212			2,877
Forestry	7,664			1,144			9,470			579,017
Other	—			120			—			144
Consolidated operating revenues	$	37,846		$	68,164		$	54,937		$	662,250

Income (loss) before equity in loss from unconsolidated affiliates and income taxes:
Residential real estate	$	(378	)	$	25,891		$	6		$	26,134
Commercial real estate	(8		)	164			(612		)	813
Resorts and leisure	3,466			2,257			535			503
Leasing operations	283			661			483			1,037
Forestry	6,770			1,012			8,408			515,110
Other	(8,542		)	(6,675		)	(10,016		)	(10,385		)
Consolidated income (loss) before equity in loss from unconsolidated affiliates and income taxes	$	1,591		$	23,310		$	(1,196	)	$	533,212



	June 30, 2015		December 31, 2014
Total Assets:
Residential real estate	$	114,049	$	135,317
Commercial real estate	58,836		62,931
Resorts and leisure	78,071		79,021
Leasing operations	77,514		74,800
Forestry	22,264		20,521
Other	968,726		930,545
Total assets	$	1,319,460	$	1,303,135

Investment in Real Estate - Real Estate by Property Type and Segment (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Real Estate Properties [Line Items]
Development property:	$ 166,064,000		$ 166,064,000		$ 170,790,000
Operating property:	211,863,000		211,863,000		209,154,000
Less: Accumulated depreciation	61,074,000		61,074,000		58,132,000
Total operating property, net	150,789,000		150,789,000		151,022,000
Investment in real estate, net	316,853,000		316,853,000		321,812,000
Capitalized indirect costs incurred (less than for the three months ended June 30, 2015)	100,000	200,000	100,000	500,000
Residential real estate
Real Estate Properties [Line Items]
Development property:	103,267,000		103,267,000		102,408,000
Operating property:	8,084,000		8,084,000		8,084,000
Commercial real estate
Real Estate Properties [Line Items]
Development property:	55,153,000		55,153,000		59,405,000
Resorts and leisure
Real Estate Properties [Line Items]
Operating property:	109,204,000		109,204,000		110,136,000
Leasing operations
Real Estate Properties [Line Items]
Development property:	2,464,000		2,464,000		3,680,000
Operating property:	75,796,000		75,796,000		72,045,000
Forestry
Real Estate Properties [Line Items]
Development property:	3,069,000		3,069,000		3,278,000
Operating property:	18,729,000		18,729,000		18,839,000
Other
Real Estate Properties [Line Items]
Operating property:	50,000		50,000		50,000
Corporate
Real Estate Properties [Line Items]
Development property:	$ 2,111,000		$ 2,111,000		$ 2,019,000

Investments - Schedule of Investments (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 630,447	$ 638,333
Gross Unrealized Gains	1,909	32
Gross Unrealized Losses	0	1,487
Fair Value	632,356	636,878
Commercial paper
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	256,685
Gross Unrealized Gains	154
Gross Unrealized Losses	0
Fair Value	256,839
U.S. Treasury securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	259,538	509,783
Gross Unrealized Gains	84	32
Gross Unrealized Losses	0	0
Fair Value	259,622	509,815
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	102,366	101,587
Gross Unrealized Gains	1,547	0
Gross Unrealized Losses	0	1,482
Fair Value	103,913	100,105
Preferred stock
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	11,858	26,963
Gross Unrealized Gains	124	0
Gross Unrealized Losses	0	5
Fair Value	$ 11,982	$ 26,958

Investments - Additional Information (Details) (USD $)	3 Months Ended		6 Months Ended
Investments - Additional Information (Details) (USD $)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Money market funds	$ 39,600,000		$ 39,600,000
Fair Value	632,356,000		632,356,000		636,878,000
Debt securities	620,374,000		620,374,000
Realized losses from the sale of available-for-sale securities (less than in 2015)	100,000	400,000	100,000	800,000
Sales of investments	11,800,000	5,600,000	140,107,000	8,239,000
Maturities of investments	185,000,000	35,000,000	310,000,000	60,000,000
Commercial paper
Schedule of Available-for-sale Securities [Line Items]
Fair Value	256,839,000		256,839,000
US Government Agencies Debt Securities
Schedule of Available-for-sale Securities [Line Items]
US Government Securities, at Carrying Value	259,600,000		259,600,000
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value	103,913,000		103,913,000		100,105,000
Debt securities	103,900,000		103,900,000
Other Debt Obligations
Schedule of Available-for-sale Securities [Line Items]
Other Marketable Securities, Noncurrent	$ 12,000,000		$ 12,000,000
Required percent of investment account held in cash or cash equivalents \| Minimum
Schedule of Available-for-sale Securities [Line Items]
Investments, target portfolio allocations			50.00%
Other aggregated investments \| Minimum \| Securities of any one issuer (excluding the U.S. Government)
Schedule of Available-for-sale Securities [Line Items]
Investments, portfolio allocations requiring additional consent			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%
Investments, portfolio allocations requiring additional consent			15.00%
Investor \| Fairholme Capital Management, L.L.C.
Schedule of Available-for-sale Securities [Line Items]
Common stock ownership percentage	27.10%		27.10%

Investments - Continuous Unrealized Loss Position (Details) (Corporate debt securities, USD $) In Thousands, unless otherwise specified	Jun. 30, 2015	Dec. 31, 2014
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	$ 0	$ 85,845
Less Than 12 Months, Unrealized Losses	0	1,294
12 Months or Greater, Fair Value	0	14,260
12 Months or Greater, Unrealized Losses	$ 0	$ 188

Investments - Contractual Maturities of Investments (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2015	Dec. 31, 2014
Amortized Cost
Due in one year or less	$ 516,223
Due after one year through five years	102,366
Amortized Cost	618,589
Preferred stock	11,858
Amortized Cost	630,447	638,333
Fair Value
Due in one year or less	516,461
Due after one year through five years	103,913
Fair Value	620,374
Preferred stock	11,982
Fair Value	$ 632,356	$ 636,878

Real Estate Sales (Details) (USD $)	1 Months Ended	3 Months Ended			6 Months Ended		15 Months Ended									1 Months Ended	6 Months Ended				0 Months Ended	1 Months Ended	0 Months Ended	3 Months Ended	6 Months Ended
Real Estate Sales (Details) (USD $)	Apr. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2014 acre	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Dec. 31, 2014	Mar. 05, 2014	Dec. 31, 2008	Apr. 02, 2014 Rivers Edge Community Development District Assessments Community Development District Debt	Mar. 31, 2014 Rivers Edge Community Development District Assessments Community Development District Debt	Jun. 30, 2015 Carrying Value Level 3	Dec. 31, 2014 Carrying Value Level 3	Apr. 30, 2014 Northwest Florida Timber Finance, LLC Notes Receivable	Apr. 30, 2014 Special Purpose Entities	Jun. 30, 2015 Special Purpose Entities	Dec. 31, 2014 Special Purpose Entities	Apr. 02, 2014 Special Purpose Entities Notes Receivable	Jun. 30, 2015 Buyer Special Purpose Entity	Mar. 05, 2014 AgReserves Sale	Apr. 30, 2014 AgReserves Sale	Apr. 02, 2014 RiverTown Sale	Jun. 30, 2014 RiverTown Sale	Jun. 30, 2014 RiverTown Sale	Apr. 02, 2014 RiverTown Sale acre	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]
Timberland Acreage Sales (in acres)				380,000
Proposed land sale, purchase price																					$ 562,000,000					$ 24,000,000
Sale of real estate																					511,100,000
Other operating and corporate expenses		7,732,000	7,278,000		14,849,000	15,785,000															1,200,000
Proceeds from sale of real estate																					358,500,000
Disposal group consideration, notes receivable																					200,000,000					19,600,000
Timber Notes Receivable Maturity Period																					15 years	15 years
Investments held by special purpose entities		209,459,000			209,459,000		209,459,000	209,857,000	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
Retained interest promissory note receivable		20,000,000			20,000,000		20,000,000			15,200,000
Discount and issuance costs					0	4,300,000										4,300,000
Investments Contributed to Special Purpose Entity by the Company																	7,000,000
Administrative costs associated with special purpose entities		0	3,746,000		0	3,746,000
Assets held by special purpose entities																	213,900,000
Liabilities held by special purpose entities																	180,300,000
Time deposits																				200,000,000
Accrued investment income receivable																				3,000,000
U.S. treasury securities																	9,100,000
Cash																	300,000
Debt issuance cost																	1,400,000
Senior Notes Held By Special Purpose Entity		177,392,000			177,392,000		177,392,000	177,341,000					177,392,000	177,341,000
Unamortized discount (premium), net																	2,600,000
Deposit liabilities, accrued interest																	2,850,000	2,852,000
Interest income from investments in special purpose entities		2,003,000	2,018,000		4,005,000	2,018,000
Interest expense in special purpose entity		(2,189,000)	(2,071,000)		(4,377,000)	(2,071,000)
Held-To-Maturity Security, Term																	15 years
U.S. Treasury securities maturing within one year																	800,000
U.S. Treasury securities maturing after one year through five years																	3,700,000
U.S. Treasury securities maturing after five years through ten years																	3,100,000
U.S. Treasury securities maturing after ten years																	1,500,000
Area of Land (in acres)																										4,057
Disposal Group, Including Discontinued Operation, Expected Impact Fee Receivable																											20,000,000	26,000,000
Disposal Group, Including Discontinued Operation, Expected Impact Fee Receivable, Period For Recognition																							5 years
Impact Fees Received		100,000			100,000		200,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal																								26,000,000	26,000,000
Debt		68,277,000			68,277,000		68,277,000	63,804,000			11,000,000
Community Development District Debt		$ 22,200,000			$ 22,200,000		$ 22,200,000	$ 22,700,000				$ 5,400,000

Other (Expense) Income (Details) (USD $)	3 Months Ended		6 Months Ended
Other (Expense) Income (Details) (USD $)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other Income and Expenses [Abstract]
Interest and dividend income	$ 2,130,000	$ 1,603,000	$ 4,389,000	$ 2,126,000
Accretion income	640,000	409,000	1,262,000	521,000
Realized (losses) gains on the sale of investments	0	(432,000)	0	(833,000)
Total net investment income from available-for-sale securities	2,770,000	1,580,000	5,651,000	1,814,000
Interest income from investments in special purpose entities	2,003,000	2,018,000	4,005,000	2,018,000
Interest accrued on notes receivable	665,000	353,000	995,000	392,000
Total investment income, net	5,438,000	3,951,000	10,651,000	4,224,000
Interest expense and amortization of discount and issuance costs for Senior Notes issued by special purpose entity	(2,189,000)	(2,071,000)	(4,377,000)	(2,071,000)
Interest expense	(456,000)	(178,000)	(1,145,000)	(818,000)
Total interest expense	(2,645,000)	(2,249,000)	(5,522,000)	(2,889,000)
Costs for the ongoing SEC investigation	(7,430,000)	0	(7,430,000)	0
Liability For Potential Settlement Of Ongoing SEC Investigation	3,500,000		3,500,000
Accretion income from retained interest investments	227,000	219,000	438,000	430,000
Hunting lease income	169,000	196,000	378,000	576,000
Other income, net	21,000	155,000	178,000	341,000
Other, net	(7,013,000)	570,000	(6,436,000)	1,347,000
Total other (expense) income	(4,220,000)	2,272,000	(1,307,000)	2,682,000
Other Income (Expense) [Line Items]
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum			4.90%
Legal Fees	$ 3,900,000		$ 3,900,000
Minimum
Other Income (Expense) [Line Items]
Discount Rate On Retained Interest			3.70%
Maximum
Other Income (Expense) [Line Items]
Discount Rate On Retained Interest			11.60%

Financial Instruments and Fair Value Measurements - Fair Value Hierarchy (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments:	$ 7,129	$ 7,940
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	679,122	664,789
Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	556,098	529,786
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	123,024	135,003
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0	0
Fair Value, Measurements, Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	39,637	19,971
Fair Value, Measurements, Recurring \| Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	39,637	19,971
Fair Value, Measurements, Recurring \| Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0	0
Fair Value, Measurements, Recurring \| Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0	0
Fair Value, Measurements, Recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	256,839
Fair Value, Measurements, Recurring \| Commercial paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	256,839
Fair Value, Measurements, Recurring \| Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0
Fair Value, Measurements, Recurring \| Commercial paper \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0
Fair Value, Measurements, Recurring \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities:	259,622	509,815
Fair Value, Measurements, Recurring \| U.S. Treasury securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities:	259,622	509,815
Fair Value, Measurements, Recurring \| U.S. Treasury securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities:	0	0
Fair Value, Measurements, Recurring \| U.S. Treasury securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities:	0	0
Fair Value, Measurements, Recurring \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities:	103,913	100,105
Fair Value, Measurements, Recurring \| Corporate debt securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities:	0	0
Fair Value, Measurements, Recurring \| Corporate debt securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities:	103,913	100,105
Fair Value, Measurements, Recurring \| Corporate debt securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities:	0	0
Fair Value, Measurements, Recurring \| Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities:	11,982	26,958
Fair Value, Measurements, Recurring \| Preferred stock \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities:	0	0
Fair Value, Measurements, Recurring \| Preferred stock \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities:	11,982	26,958
Fair Value, Measurements, Recurring \| Preferred stock \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities:	0	0
Fair Value, Measurements, Recurring \| Guaranteed income fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments:	7,129	7,940
Fair Value, Measurements, Recurring \| Guaranteed income fund \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments:	0	0
Fair Value, Measurements, Recurring \| Guaranteed income fund \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments:	7,129	7,940
Fair Value, Measurements, Recurring \| Guaranteed income fund \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments:	$ 0	$ 0

Financial Instruments and Fair Value Measurements - Additional information (Details) (USD $)	12 Months Ended			3 Months Ended		6 Months Ended				6 Months Ended	12 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2008	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2015 Retained Interest	Jun. 30, 2014 Retained Interest	Jun. 30, 2015 Retained Interest	Jun. 30, 2014 Retained Interest	Jun. 30, 2015 Carrying Value Level 3	Dec. 31, 2014 Carrying Value Level 3	Jun. 30, 2015 Minimum	Dec. 31, 2008 Minimum	Jun. 30, 2015 Maximum	Dec. 31, 2008 Maximum	Dec. 31, 2007 Defeased Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt		$ 68,277,000	$ 63,804,000											$ 29,300,000
Retained interest promissory note receivable	15,200,000	20,000,000
Notes, maturity period	15 years
Note maturity year											2022		2024
Retained Interest, Fair Value Disclosure								10,078,000	9,932,000
Retained interest, effective interest rate										3.70%		11.60%
Other than Temporary Impairment Losses, Investments				$ 0	$ 0	$ 0	$ 0

Financial Instruments and Fair Value Measurements - Carrying Amount and Fair Value of Financial Instruments (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes held by special purpose entity	$ 177,392	$ 177,341
Carrying Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Pledged treasury securities	25,360	25,670
Carrying Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Retained interest investments	10,078	9,932
Investments held by special purpose entities	209,459	209,857
Senior Notes held by special purpose entity	177,392	177,341
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Pledged treasury securities	25,494	26,501
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Retained interest investments	13,116	13,026
Investments held by special purpose entities	209,308	209,679
Senior Notes held by special purpose entity	$ 177,982	$ 177,940

Real Estate Joint Ventures - Additional Information (Details) (USD $)	3 Months Ended		6 Months Ended			3 Months Ended		6 Months Ended						1 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Jun. 30, 2015 Statements Of Operations	Jun. 30, 2014 Statements Of Operations	Jun. 30, 2015 Statements Of Operations	Jun. 30, 2014 Statements Of Operations	Jun. 30, 2015 Pier Park North Joint Venture Construction Loan Construction Loans	Dec. 31, 2014 Pier Park North Joint Venture Construction Loan Construction Loans	Jun. 30, 2015 Variable Interest Entities	Dec. 31, 2014 Variable Interest Entities	Feb. 28, 2013 Pier Park North Consolidated Variable Interest Entities	Jun. 30, 2015 Pier Park North Consolidated Variable Interest Entities	Dec. 31, 2013 Pier Park North Consolidated Variable Interest Entities	Jun. 30, 2015 Pier Park North Consolidated Variable Interest Entities Maximum	Jun. 30, 2015 Pier Park North Consolidated Variable Interest Entities Pier Park North Joint Venture Construction Loan Construction Loans	Dec. 31, 2014 Pier Park North Consolidated Variable Interest Entities Pier Park North Joint Venture Construction Loan Construction Loans	Jun. 30, 2015 Artisan Park, L.L.C Consolidated 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%		40.00%
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, term of optional renewal extension														2 years
Debt	68,277,000		68,277,000		63,804,000					36,124,000	31,618,000	36,125,000	31,618,000					36,100,000	31,600,000
Principal repayment guarantee														33.00%	33.00%
Debt instrument, covenant compliance, minimum liquidity amount														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
Assets												55,100,000
Liabilities												37,800,000
Operating Expenses	$ 32,035,000	$ 47,126,000	$ 54,826,000	$ 131,720,000		$ 800,000	$ 700,000	$ 1,200,000	$ 1,000,000

Real Estate Joint Ventures - Summarized Financial Information for Unconsolidated Investments (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Investment In Unconsolidated Affiliates [Line Items]
Cash and cash equivalents	$ 337,972	$ 34,515	$ 50,883	$ 21,894
Other assets	33,951	31,990
Total assets	1,319,460	1,303,135
Equity	971,371	971,209
Total liabilities and equity	1,319,460	1,303,135
Other Affiliates
Investment In Unconsolidated Affiliates [Line Items]
Cash and cash equivalents	14,790	15,461
Other assets	58	57
Total assets	14,848	15,518
Accounts payable and other liabilities	1,128	605
Equity	13,720	14,913
Total liabilities and equity	$ 14,848	$ 15,518

Notes Receivable, net (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable, net	$ 3,125	$ 24,270
Interest bearing homebuilder note for the RiverTown Sale, secured by the real estate sold — 5.25% interest rate, all accrued interest and remaining principal and interest payment due and paid in June 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable, net	0	19,600
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]
Total notes receivable, net	2,147	2,147
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, any remaining payments outstanding are due August 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable, net	481	2,011
Various mortgage notes, secured by certain real estate bearing interest at various rates
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable, net	$ 497	$ 512

Notes Receivable, net (Descriptors) (Details) (USD $)	Jun. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable, net	$ 3,125,000	$ 24,270,000
Interest bearing homebuilder note for the RiverTown Sale, secured by the real estate sold — 5.25% interest rate, all accrued interest and remaining principal and interest payment due and paid in June 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, effective interest rate	5.25%	5.25%
Total notes receivable, net	0	19,600,000
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]
Unamortized discount	100,000	100,000
Total notes receivable, net	2,147,000	2,147,000
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
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, effective interest rate	5.73%	5.73%
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	8.00%	8.00%
Interest bearing homebuilder notes, secured by the real estate sold — 4.0% interest rate, any remaining payments outstanding are due August 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, effective interest rate	4.00%	4.00%
Total notes receivable, net	$ 481,000	$ 2,011,000

Other Assets (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Retained interest investments	$ 10,078	$ 9,932
Accounts receivable, net	4,404	4,385
Prepaid expenses	5,993	4,783
Straight line rent	3,487	2,869
Income tax receivable	921	778
Other assets	6,060	6,305
Accrued interest receivable for Senior Notes held by special purpose entity	3,008	2,938
Total other assets	$ 33,951	$ 31,990

Debt (Descriptors) (Details)				6 Months Ended	12 Months Ended	6 Months Ended
Debt (Descriptors) (Details)	Apr. 30, 2014	Jun. 30, 2015 In-substance defeased debt, interest payable at 5.62%, secured and paid by pledged treasury securities, due October 1, 2015	Dec. 31, 2014 In-substance defeased debt, interest payable at 5.62%, secured and paid by pledged treasury securities, due October 1, 2015	Jun. 30, 2015 Community Development District debt, secured by certain real estate and standby note purchase agreements, due through May 2039, interest payable at 2.25% to 7.0%	Dec. 31, 2013 Community Development District debt, secured by certain real estate and standby note purchase agreements, due through May 2039, interest payable at 2.25% to 7.0%	Jun. 30, 2015 Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.28% and 2.26% at June 30, 2015 and December 31, 2014, respectively Pier Park North Joint Venture Construction Loan	Dec. 31, 2014 Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.28% and 2.26% at June 30, 2015 and December 31, 2014, respectively Pier Park North Joint Venture Construction Loan
Debt Instrument [Line Items]
Debt interest rate	4.75%	5.62%	5.62%
Debt instrument, minimum interest				2.25%	2.25%
Debt instrument, maximum interest				7.00%	7.00%
Debt Instrument, Basis Spread on Variable Rate						2.10%
Debt instrument, effective interest rate						2.28%	2.26%

Debt - Additional Information (Details) (USD $)			1 Months Ended
Debt - Additional Information (Details) (USD $)	Jun. 30, 2015	Dec. 31, 2014	Feb. 28, 2013 Consolidated Variable Interest Entities Pier Park North	Jun. 30, 2015 In-substance defeased debt, interest payable at 5.62%, secured and paid by pledged treasury securities, due October 1, 2015	Dec. 31, 2014 In-substance defeased debt, interest payable at 5.62%, secured and paid by pledged treasury securities, due October 1, 2015	Dec. 31, 2007 In-substance defeased debt, interest payable at 5.62%, secured and paid by pledged treasury securities, due October 1, 2015	Jun. 30, 2015 Community Development District debt, secured by certain real estate and standby note purchase agreements, due through May 2039, interest payable at 2.25% to 7.0%	Dec. 31, 2014 Community Development District debt, secured by certain real estate and standby note purchase agreements, due through May 2039, interest payable at 2.25% to 7.0%	Jun. 30, 2015 Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.28% and 2.26% at June 30, 2015 and December 31, 2014, respectively Pier Park North Joint Venture Construction Loan	Dec. 31, 2014 Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.28% and 2.26% at June 30, 2015 and December 31, 2014, respectively Pier Park North Joint Venture Construction Loan	Jun. 30, 2015 Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.28% and 2.26% at June 30, 2015 and December 31, 2014, respectively Pier Park North Joint Venture Construction Loan Consolidated Variable Interest Entities Pier Park North	Dec. 31, 2014 Construction loan in the Pier Park North joint venture, due February 2016, bearing interest at LIBOR plus 210 basis points, or 2.28% and 2.26% at June 30, 2015 and December 31, 2014, respectively Pier Park North Joint Venture Construction Loan Consolidated Variable Interest Entities Pier Park North
Debt Instrument [Line Items]
Total debt	$ 68,277,000	$ 63,804,000		$ 25,360,000	$ 25,670,000	$ 29,300,000	$ 6,793,000	$ 6,516,000	$ 36,124,000	$ 31,618,000	$ 36,100,000	$ 31,600,000
Total community development district debt	22,200,000	22,700,000
Construction loan			$ 41,000,000
Construction loan, term of optional renewal extension			2 years

Debt - Maturities of Debt (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2015	$ 25,473
2016	36,242
2017	121
2018	126
2019	130
Thereafter	6,185
Long-term Debt	$ 68,277	$ 63,804

Accrued Liabilities and Deferred Credits (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2015	Dec. 31, 2014
Accrued Liabilities And Deferred Credits [Line Items]
Accrued compensation	$ 3,068	$ 2,673
Deferred revenue	15,299	15,309
Membership deposits	8,001	8,426
Accruals for ongoing SEC investigation	7,430	0
Other accrued liabilities	8,165	5,651
Total accrued liabilities and deferred credits	44,813	34,911
Special Purpose Entities
Accrued Liabilities And Deferred Credits [Line Items]
Accrued interest expense for Senior Notes held by special purpose entity	$ 2,850	$ 2,852

Accrued Liabilities and Deferred Credits - Additional Information (Details) (USD $)	3 Months Ended		6 Months Ended			12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2006 Florida Department of Transportation acre	Jun. 30, 2015 Florida Department of Transportation	Dec. 31, 2014 Florida Department of Transportation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred revenue	$ 15,299,000		$ 15,299,000		$ 15,309,000		$ 12,500,000	$ 12,500,000
Acres of land sold						3,900
Liability For Potential Settlement Of Ongoing SEC Investigation	3,500,000		3,500,000
Accrued Professional Fees	3,900,000		3,900,000
Other Expense, Nonoperating, Cost Of Ongoing SEC Investigation	$ 7,430,000	$ 0	$ 7,430,000	$ 0

Income Taxes - Additional Information (Details) (USD $)	6 Months Ended
Income Taxes - Additional Information (Details) (USD $)	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%
Operating Loss Carryforwards [Line Items]
Deferred tax assets, valuation allowance	$ 6,000,000		$ 93,100,000
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount		(90,200,000)
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	0
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 323,900,000

Income Taxes - Income Tax Expense (Benefit) Reconciliation (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Tax expense (benefit) at the statutory federal rate	$ 563	$ 8,154	$ (419)	$ 186,619
State income tax expense (benefit) (net of federal benefit)	56	816	(42)	18,662
Decrease in valuation allowance	(144)	(864)	(158)	(90,164)
Costs for the ongoing SEC investigation	1,348	0	1,348	0
Other	39	584	61	477
Income tax expense	$ 1,862	$ 8,690	$ 790	$ 115,594

Employee Benefit Plans - Summary of Components of Net Periodic Pension Cost (Benefit) (Details) (USD $)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Assets Contributed to 401(k) Plan						$ 7,900,000
Pension Plan Assets Reverted to the Company	23,800,000
Interest cost			162,000		347,000
Expected loss on assets			138,000		275,000
Settlement charges			200,000		440,000
Amortization of loss			125,000		257,000
Net periodic pension cost			625,000		1,319,000
Discount rate					3.70%
Expected long term rate on plan assets					0.00%
Restricted investments:	7,940,000	7,129,000		7,129,000		7,940,000
Compensation Expense for Assets Allocated to Participants				(900,000)
Unrealized Gain (Loss) on Investments (less than)		$ 100,000		$ 100,000

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Loss for Pension Plan Items (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive loss, beginning balance	$ (552)	$ (7,777)	$ (1,325)	$ (7,517)
Other comprehensive income before reclassifications	1,200	196	1,973	(540)
Amounts reclassified from accumulated other comprehensive loss	0	466	0	942
Total other comprehensive income, net of tax	1,200	662	1,973	402
Accumulated other comprehensive loss, beginning balance	648	(7,115)	648	(7,115)
Realized loss on sale	5,438	3,951	10,651	4,224
Income (loss) before equity in loss from unconsolidated affiliates and income taxes	1,591	23,310	(1,196)	533,212
Income tax benefit	(1,862)	(8,690)	(790)	(115,594)
Net (loss) income	(271)	14,609	(1,986)	417,597
Amount Reclassified from Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Net (loss) income	0	466	0	942
Defined Benefit Pension Items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive loss, beginning balance	0	(5,415)	0	(5,392)
Other comprehensive income before reclassifications	0	(115)	0	(367)
Amounts reclassified from accumulated other comprehensive loss	0	200	0	429
Total other comprehensive income, net of tax	0	85	0	62
Accumulated other comprehensive loss, beginning balance	0	(5,330)	0	(5,330)
Defined Benefit Pension Items \| Amount Reclassified from Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Amortization of loss	0	125	0	257
Settlement cost	0	200	0	440
Income (loss) before equity in loss from unconsolidated affiliates and income taxes	0	325	0	697
Income tax benefit	0	(125)	0	(268)
Net (loss) income	0	200	0	429
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	(552)	(2,362)	(1,325)	(2,125)
Other comprehensive income before reclassifications	1,200	311	1,973	(173)
Amounts reclassified from accumulated other comprehensive loss	0	266	0	513
Total other comprehensive income, net of tax	1,200	577	1,973	340
Accumulated other comprehensive loss, beginning balance	648	(1,785)	648	(1,785)
Unrealized Gains and (Losses) on Available-for-Sale Securities \| Amount Reclassified from Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Realized loss on sale	0	432	0	833
Income tax benefit	0	(166)	0	(320)
Net (loss) income	$ 0	$ 266	$ 0	$ 513

Segment Information - Information by Business Segment (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015 Segment	Jun. 30, 2014	Dec. 31, 2014
Segment Reporting [Abstract]
Number of reportable operating segments			5
Segment Reporting Information [Line Items]
Operating Revenues	$ 37,846	$ 68,164	$ 54,937	$ 662,250
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:	1,591	23,310	(1,196)	533,212
Total assets	1,319,460		1,319,460		1,303,135
Residential real estate
Segment Reporting Information [Line Items]
Operating Revenues	4,037	47,751	9,474	53,468
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:	(378)	25,891	6	26,134
Total assets	114,049		114,049		135,317
Commercial real estate
Segment Reporting Information [Line Items]
Operating Revenues	4,660	980	4,660	3,265
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:	(8)	164	(612)	813
Total assets	58,836		58,836		62,931
Resorts and leisure
Segment Reporting Information [Line Items]
Operating Revenues	19,318	16,482	27,121	23,479
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:	3,466	2,257	535	503
Total assets	78,071		78,071		79,021
Leasing operations
Segment Reporting Information [Line Items]
Operating Revenues	2,167	1,687	4,212	2,877
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:	283	661	483	1,037
Total assets	77,514		77,514		74,800
Forestry
Segment Reporting Information [Line Items]
Operating Revenues	7,664	1,144	9,470	579,017
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:	6,770	1,012	8,408	515,110
Total assets	22,264		22,264		20,521
Other
Segment Reporting Information [Line Items]
Operating Revenues	0	120	0	144
Income (loss) before equity in loss from unconsolidated affiliates and income taxes:	(8,542)	(6,675)	(10,016)	(10,385)
Total assets	$ 968,726		$ 968,726		$ 930,545

Commitments and Contingencies - Additional Information (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Environmental liabilities	$ 1,400,000		$ 1,400,000		$ 1,400,000
Liability For Potential Settlement Of Ongoing SEC Investigation	3,500,000		3,500,000
Accrued Professional Fees	3,900,000		3,900,000
Other Expense, Nonoperating, Cost Of Ongoing SEC Investigation	7,430,000	0	7,430,000	0
Guarantor Obligations [Line Items]
Purchase obligations, total	4,400,000		4,400,000
Purchase obligations, 2015	2,700,000		2,700,000
Purchase obligations, 2016	200,000		200,000
Purchase obligations, 2017	1,500,000		1,500,000
Tax Year 2022 To 2024
Guarantor Obligations [Line Items]
Deferred Tax Liabilities, Gross	61,800,000		61,800,000
Tax Year 2029
Guarantor Obligations [Line Items]
Deferred Tax Liabilities, Gross	69,300,000		69,300,000
Surety bonds \| Certain development projects
Guarantor Obligations [Line Items]
Commitment obligations	$ 8,300,000		$ 8,300,000		$ 8,300,000

Concentration of Risks and Uncertainties (Details) (USD $)	Jun. 30, 2015
Concentration Risk [Line Items]
Corporate debt securities	$ 620,374,000
US Government Agencies Debt Securities
Concentration Risk [Line Items]
US Government Securities, at Carrying Value	259,600,000
Corporate debt securities
Concentration Risk [Line Items]
Corporate debt securities	103,900,000
Other Debt Obligations
Concentration Risk [Line Items]
Other Marketable Securities, Noncurrent	12,000,000
Commercial paper
Concentration Risk [Line Items]
Commercial Paper, at Carrying Value	$ 256,800,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement of Cash Flows [Abstract]
Discount and issuance costs	$ 0	$ 4.3

Nature of Operations (Details)	6 Months Ended
Nature of Operations (Details)	Jun. 30, 2015 Segment
Accounting Policies [Abstract]
Number of reportable operating segments	5