XML 77 R26.htm IDEA: XBRL DOCUMENT v3.19.3
Segment Information (Tables)
 12 Months Ended
Sep. 30, 2019
Segment Reporting [Abstract]  
Segment Revenues and Earnings
Total assets by segment at September 30, 2018 were as follows:
 
September 30, 2018
 
Real Estate
 
Other
 
Items Not Allocated
 
Consolidated
 
(In millions)
Cash and cash equivalents
$
—

 
$
—

 
$
318.8

 
$
318.8

Restricted cash
—

 
—

 
16.2

 
16.2

Real estate
498.0

 
—

 
—

 
498.0

Investment in unconsolidated ventures
11.7

 
—

 
—

 
11.7

Income taxes receivable
—

 
—

 
4.4

 
4.4

Property and equipment, net
—

 
1.5

 
0.2

 
1.7

Deferred tax asset, net
—

 
—

 
26.9

 
26.9

Other assets
12.4

 
0.4

 
2.6

 
15.4

 
$
522.1

 
$
1.9

 
$
369.1

 
$
893.1


Segment results for the nine months ended September 30, 2018 were as follows:
 
Nine Months Ended September 30, 2018
 
Real Estate
 
Other
 
Items Not Allocated
 
Consolidated
 
(In millions)
Revenues
$
78.3

 
$
—

 
$
—

 
$
78.3

Cost of sales
48.9

 
0.6

 
—

 
49.5

Selling, general and administrative expense
7.1

 
0.3

 
12.0

 
19.4

Equity in earnings of unconsolidated ventures
(4.8
)
 
—

 
—

 
(4.8
)
Gain on sale of assets
(18.6
)
 
(9.2
)
 
—

 
(27.8
)
Interest expense
—

 
—

 
3.7

 
3.7

Interest and other income
(1.8
)
 
—

 
(4.6
)
 
(6.4
)
Income from continuing operations before taxes
$
47.5

 
$
8.3

 
$
(11.1
)
 
$
44.7

Net income attributable to noncontrolling interests
1.2

 
—

 
—

 
1.2

Income from continuing operations before taxes attributable to Forestar Group Inc.
$
46.3

 
$
8.3

 
$
(11.1
)
 
$
43.5


Gain on sale of assets within the Company's real estate segment in the nine months ended September 30, 2018 consists primarily of a gain of $14.6 million related to the sale of its interest in a multifamily venture near Denver.

In the nine months ended September 30, 2018, the Company's other segment sold non-core water interests in Texas, Louisiana, Georgia and Alabama for $10.5 million, which generated a gain on sale of assets of $9.2 million.

Segment results for the fiscal year ended December 31, 2017 were as follows:
 
Year Ended December 31, 2017
 
Real Estate
 
Mineral Resources
 
Other
 
Items Not Allocated
 
Consolidated
 
(In millions)
Revenues
$
112.7

 
$
1.5

 
$
0.1

 
$
—

 
$
114.3

Cost of sales
67.8

 
38.3

 
6.5

 
—

 
112.6

Selling, general and administrative expense
15.9

 
1.4

 
0.4

 
57.6

 
75.3

Equity in earnings of unconsolidated ventures
(16.4
)
 
(1.4
)
 
—

 
—

 
(17.8
)
Gain on sale of assets
(1.9
)
 
(82.4
)
 
(0.4
)
 
(28.7
)
 
(113.4
)
Interest expense
—

 
—

 
—

 
8.5

 
8.5

Loss on extinguishment of debt
—

 
—

 
—

 
0.6

 
0.6

Interest and other income
(2.0
)
 
—

 
—

 
(1.6
)
 
(3.6
)
Income (loss) from continuing operations before taxes
$
49.3

 
$
45.6

 
$
(6.4
)
 
$
(36.4
)
 
$
52.1

Net income attributable to noncontrolling interests
2.0

 
—

 
—

 
—

 
2.0

Income (loss) from continuing operations before taxes attributable to Forestar Group Inc.
$
47.3

 
$
45.6

 
$
(6.4
)
 
$
(36.4
)
 
$
50.1


In fiscal 2017, the Company's mineral resources segment sold its remaining owned mineral assets for approximately $85.7 million, which generated gains of $82.4 million. These gains were partially offset by a $37.9 million impairment charge associated with the mineral resources reporting unit goodwill which is included in cost of sales in the consolidated statement of operations.



In fiscal 2017, cost of sales in the Company's other segment includes impairment charges of $5.8 million primarily related to the Company's central Texas water assets.

Items not allocated to segments consist of:
 
Nine Months Ended 
 September 30, 2018
 
Year Ended 
 December 31, 2017
 
(In millions)
Selling, general and administrative expense
$
11.5

 
$
50.4

Stock-based and long-term incentive compensation expense
0.5

 
7.2

Gain on sale of assets
—

 
(28.7
)
Interest expense
3.7

 
8.5

Loss on extinguishment of debt
—

 
0.6

Interest and other income
(4.6
)
 
(1.6
)
 
$
11.1

 
$
36.4