Segment Information

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Information

Segment Information

We manage our operations through three business segments: real estate, oil and gas and other natural resources. Real estate secures entitlements and develops infrastructure on our lands for single-family residential and mixed-use communities, and manages our undeveloped land, commercial and income producing properties, primarily a hotel and our multifamily properties. Oil and gas is an independent oil and gas exploration, development and production operation and manages our owned and leased mineral interests. Other natural resources manages our timber, recreational leases and water resource initiatives.

We evaluate performance based on segment earnings (loss) before unallocated items and income taxes. Segment earnings (loss) consist of operating income, equity in earnings (loss) of unconsolidated ventures, gain on sales of assets, interest income on loans secured by real estate and net (income) loss attributable to noncontrolling interests. Items not allocated to our business segments consist of general and administrative expense, share-based and long-term incentive compensation, gain on sale of strategic timberland, interest expense and other corporate non-operating income and expense. The accounting policies of the segments are the same as those described in Note 1 — Summary of Significant Accounting Policies. Our revenues are derived from our U.S. operations and all of our assets are located in the U.S. In 2015, 2014 and 2013, no single customer accounted for more than 10 percent of our total revenues, other than the customers associated with the sale of our multifamily projects Midtown Cedar Hill and Promesa in 2015 and 2013.

	Real Estate		Oil and Gas			Other Natural Resources			Items Not Allocated to Segments				Total
	(In thousands)
For the year or at year-end 2015
Revenues	$	202,830	$	52,939		$	6,652		$	—			$	262,421
Depreciation, depletion and amortization	7,605		28,774			540			8,166				45,085
Equity in earnings of unconsolidated ventures	15,582		275			151			—				16,008
Income (loss) before taxes	67,678		(184,396		)	(608		)	(63,086		)	(a)	(180,412		)
Total assets	691,406		144,436			19,106			125,565				980,513
Investment in unconsolidated ventures	82,453		—			—			—				82,453
Capital expenditures (b)	13,644		49,776			745			242				64,407
For the year or at year-end 2014
Revenues	$	213,112	$	84,300		$	9,362		$	—			$	306,774
Depreciation, depletion and amortization	3,741		29,442			497			8,035				41,715
Equity in earnings of unconsolidated ventures	8,068		586			31			—				8,685
Income (loss) before taxes	96,906		(22,686		)	5,499			(54,479		)	(a)	25,240
Total assets	654,774		342,703			22,531			238,191				1,258,199
Investment in unconsolidated ventures	65,005		—			—			—				65,005
Capital expenditures (b)	28,980		103,385			5,817			616				138,798
For the year or at year-end 2013
Revenues	$	248,011	$	72,313		$	10,721		$	—			$	331,045
Depreciation, depletion and amortization	3,117		19,552			651			6,660				29,980
Equity in earnings of unconsolidated ventures	8,089		592			56			—				8,737
Income (loss) before taxes	68,454		18,859			6,507			(57,291		)	(a)	36,529
Total assets	582,802		312,553			23,478			253,319				1,172,152
Investment in unconsolidated ventures	41,147		—			—			—				41,147
Capital expenditures (b)	7,265		97,696			2,720			216				107,897

 _____________________

^(a)  Items not allocated to segments consist of:

	For the Year
	2015			2014			2013
	(In thousands)
General and administrative expense	$	(24,802	)	$	(21,229	)	$	(20,597	)
Share-based and long-term incentive compensation expense	(4,474		)	(3,417		)	(16,809		)
Interest expense	(34,066		)	(30,286		)	(20,004		)
Other corporate non-operating income	256			453			119
	$	(63,086	)	$	(54,479	)	$	(57,291	)

^(b)  Consists of expenditures for oil and gas properties and equipment, commercial and income producing properties, property, plant and equipment and reforestation of timber.