Segment Reporting

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment Reporting

17. Segment Reporting

Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the chief operating decision maker (“CODM”) in assessing performance and deciding how to allocate resources. Reportable segments consist of one or more operating segments with similar economic characteristics, products and services, production processes, type of customer, distribution system or regulatory environment.

The information provided for segment reporting is obtained from internal reports utilized by the Company’s CODM, and the presentation and allocation of assets and results of operations may not reflect the actual economic costs of the segments as standalone businesses. If a different basis of allocation were utilized, the relative contributions of the segments might differ, but the relative trends in the segments’ operating results would, in management’s view, likely not be materially impacted.

The Company’s reportable segments are its principal investments: Bluegreen, BBX Capital Real Estate, BBX Sweet Holdings, and Renin. See Note 1 for a description of the Company’s reportable segments.

In the segment information for the three and six months ended June 30, 2020 and 2019, amounts set forth in the column entitled “Other” include the Company’s investments in various operating businesses, including a controlling financial interest in a restaurant acquired in connection with a loan receivable default. Also, amounts set forth in the column entitled “Other” for the three and six months ended June 30, 2019 include the Company’s operations as a franchisee of MOD Pizza restaurant locations in Florida, which the Company exited in September 2019.

The amounts set forth in the column entitled “Reconciling Items and Eliminations” include corporate general and administrative expenses, interest expense associated with Woodbridge’s junior subordinated debentures and BBX Capital’s $50.0 million revolving line of credit, and elimination entries. In addition, this column includes information related to BBX Capital’s financial position, including cash and cash equivalents held directly by BBX Capital and New BBX Capital of $113.8 million.

The Company evaluates segment performance based on segment income or loss before income taxes.

The table below sets forth the Company’s segment information as of and for the three months ended June 30, 2020 (in thousands):

Revenues:	Bluegreen		BBX Capital Real Estate		BBX Sweet Holdings		Renin		Other		Reconciling Items and Eliminations		Segment Total
Sales of VOIs	$	9,054		—		—		—		—		—		9,054
Fee-based sales commissions		1,135		—		—		—		—		—		1,135
Other fee-based services		26,413		—		—		—		—		—		26,413
Cost reimbursements		11,850		—		—		—		—		—		11,850
Trade sales		—		—		5,248		17,175		628		(8)		23,043
Sales of real estate inventory		—		2,839		—		—		—		—		2,839
Interest income		20,108		81		13		—		—		(703)		19,499
Net gains on sales of real estate assets		—		13		—		—		—		—		13
Other revenue		—		327		85		—		224		(163)		473
Total revenues		68,560		3,260		5,346		17,175		852		(874)		94,319
Costs and expenses:
Cost of VOIs sold		1,038		—		—		—		—		—		1,038
Cost of other fee-based services		18,535		—		—		—		—		—		18,535
Cost reimbursements		11,850		—		—		—		—		—		11,850
Cost of trade sales		—		—		9,045		13,852		(504)		(8)		22,385
Cost of real estate inventory sold		—		1,474		—		—		—		—		1,474
Interest expense		8,540		—		55		71		2		834		9,502
Recoveries from loan losses, net		—		(1,525)		—		—		—		—		(1,525)
Impairment losses		—		2,710		595		—		—		—		3,305
Selling, general and administrative expenses		40,880		1,125		5,740		2,035		792		8,755		59,327
Total costs and expenses		80,843		3,784		15,435		15,958		290		9,581		125,891
Equity in net earnings of unconsolidated real estate joint ventures		—		145		—		—		—		—		145
Other income		273		—		75		—		—		61		409
Foreign exchange loss		—		—		—		(6)		—		—		(6)
(Loss) income before income taxes	$	(12,010)		(379)		(10,014)		1,211		562		(10,394)		(31,024)
Total assets	$	1,294,370		161,933		133,182		35,917		6,286		39,649		1,671,337
Expenditures for property and equipment	$	1,576		-		-		214		14		6		1,810
Depreciation and amortization	$	3,890		-		1,352		314		26		105		5,687
Debt accretion and amortization	$	852		58		107		2		-		54		1,073
Cash and cash equivalents	$	209,427		17,933		3,744		1,871		774		114,296		348,045
Equity method investments	$	—		63,775		—		—		—		—		63,775
Goodwill	$	—		—		14,864		—		—		—		14,864
Receivable-backed notes payable	$	399,805		—		—		—		—		—		399,805
Notes payable and other borrowings	$	181,908		32,074		7,688		7,974		129		(6,345)		223,428
Junior subordinated debentures	$	72,494		—		—		—		—		65,209		137,703

‎

The table below sets forth the Company’s segment information as of and for the three months ended June 30, 2019 (in thousands):

		Bluegreen	BBX Capital Real Estate	BBX Sweet Holdings	Renin	Other	Reconciling Items and Eliminations	Segment Total
Revenues:
Sales of VOIs	$	68,302	—	—	—	—	—	68,302
Fee-based sales commissions		55,343	—	—	—	—	—	55,343
Other fee-based services		30,703	—	—	—	—	—	30,703
Cost reimbursements		14,007	—	—	—	—	—	14,007
Trade sales		—	—	25,857	15,339	3,871	(6)	45,061
Sales of real estate inventory		—	424	—	—	—	—	424
Interest income		21,875	263	14	—	32	(666)	21,518
Net gains on sales of real estate assets		—	9,664	—	—	—	—	9,664
Other revenue		—	441	82	—	412	(264)	671
Total revenues		190,230	10,792	25,953	15,339	4,315	(936)	245,693
Costs and expenses:
Cost of VOIs sold		10,572	—	—	—	—	—	10,572
Cost of other fee-based services		19,049	—	—	—	—	—	19,049
Cost reimbursements		14,007	—	—	—	—	—	14,007
Cost of trade sales		—	—	16,237	12,889	1,708	(6)	30,828
Cost of real estate inventory sold		—	—	—	—	—	—	—
Interest expense		10,061	—	54	116	1	1,429	11,661
Recoveries from loan losses, net		—	(1,424)	—	—	—	—	(1,424)
Impairment losses		—	—	—	—	2,138	—	2,138
Selling, general and administrative expenses		148,543	1,879	10,563	2,442	3,532	11,884	178,843
Total costs and expenses		202,232	455	26,854	15,447	7,379	13,307	265,674
Equity in net earnings of unconsolidated real estate joint ventures		—	8,759	—	—	—	—	8,759
Other income		1,993	8	17	152	2	117	2,289
Foreign exchange loss		—	—	—	(29)	—	—	(29)
(Loss) income before income taxes	$	(10,009)	19,104	(884)	15	(3,062)	(14,126)	(8,962)
Total assets	$	1,351,213	153,503	168,091	31,626	29,139	68,189	1,801,761
Expenditures for property and equipment	$	7,009	—	1,320	90	120	12	8,551
Depreciation and amortization	$	3,504	—	1,374	296	288	105	5,567
Debt accretion and amortization	$	1,066	25	56	9	—	93	1,249
Cash and cash equivalents	$	180,166	14,551	4,406	—	6,788	126,960	332,871
Equity method investments	$	—	65,254	—	—	—	—	65,254
Goodwill	$	—	—	35,521	—	1,727	—	37,248
Receivable-backed notes payable	$	438,136	—	—	—	—	—	438,136
Notes payable and other borrowings	$	136,796	31,983	2,928	6,757	200	(148)	178,516
Junior subordinated debentures	$	71,691	—	—	—	—	65,138	136,829

‎

The table below sets forth the Company’s segment information as of and for the six months ended June 30, 2020 (in thousands):

	Bluegreen		BBX Capital Real Estate	BBX Sweet Holdings		Renin		Other		Reconciling Items and Eliminations		Segment Total
Revenues:
Sales of VOIs	$	54,182	—		—		—		—		—		54,182
Fee-based sales commissions		42,500	—		—		—		—		—		42,500
Other fee-based services		55,727	—		—		—		—		—		55,727
Cost reimbursements		30,970	—		—		—		—		—		30,970
Trade sales		—	—		26,577		34,621		2,738		(16)		63,920
Sales of real estate inventory		—	9,278		—		—		—		—		9,278
Interest income		41,974	185		27		—		—		(1,371)		40,815
Net losses on sales of real estate assets		—	(34)		—		—		—		—		(34)
Other revenue		—	787		204		—		473		(417)		1,047
Total revenues		225,353	10,216		26,808		34,621		3,211		(1,804)		298,405
Costs and expenses:
Cost of VOIs sold		5,137	—		—		—		—		—		5,137
Cost of other fee-based services		40,246	—		—		—		—		—		40,246
Cost reimbursements		30,970	—		—		—		—		—		30,970
Cost of trade sales		—	—		23,815		28,127		231		(16)		52,157
Cost of real estate inventory sold		—	6,106		—		—		—		—		6,106
Interest expense		17,358	—		116		185		5		1,671		19,335
Recoveries from loan losses, net		—	(5,037)		—		—		—		—		(5,037)
Impairment losses		—	2,710		25,303		—		3,575		—		31,588
Selling, general and administrative expenses		143,077	3,461		16,640		4,653		2,535		16,814		187,180
Total costs and expenses		236,788	7,240		65,874		32,965		6,346		18,469		367,682
Equity in net earnings of unconsolidated real estate joint ventures		—	696		—		—		—		—		696
Other income (expense)		406	—		114		(3)		—		123		640
Foreign exchange gain		—	—		—		272		—		—		272
(Loss) income before income taxes	$	(11,029)	3,672		(38,952)		1,925		(3,135)		(20,150)		(67,669)
Expenditures for property and equipment	$	4,542	—		2,924		605		45		41		8,157
Depreciation and amortization	$	7,789	—		2,785		620		51		208		11,453
Debt accretion and amortization	$	1,746	153		162		9		—		109		2,179

‎

The table below sets forth the Company’s segment information as of and for the six months ended June 30, 2019 (in thousands):

	Bluegreen		BBX Capital Real Estate		BBX Sweet Holdings		Renin		Other		Reconciling Items and Eliminations		Segment Total
Revenues:
Sales of VOIs	$	120,033		—		—		—		—		—		120,033
Fee-based sales commissions		100,555		—		—		—		—		—		100,555
Other fee-based services		60,271		—		—		—		—		—		60,271
Cost reimbursements		31,051		—		—		—		—		—		31,051
Trade sales		—		—		47,988		34,682		8,390		(15)		91,045
Sales of real estate inventory		—		4,660		—		—		—		—		4,660
Interest income		43,883		465		29		—		56		(1,500)		42,933
Net gains on sales of real estate assets		—		10,996		—		—		—		—		10,996
Other revenue		—		1,125		96		—		863		(583)		1,501
Total revenues		355,793		17,246		48,113		34,682		9,309		(2,098)		463,045
Costs and expenses:
Cost of VOIs sold		14,420		—		—		—		—		—		14,420
Cost of other fee-based services		41,042		—		—		—		—		—		41,042
Cost reimbursements		31,051		—		—		—		—		—		31,051
Cost of trade sales		—		—		31,634		28,006		3,493		(15)		63,118
Cost of real estate inventory sold		—		2,643		—		—		—		—		2,643
Interest expense		19,567		—		98		256		2		2,886		22,809
Recoveries from loan losses, net		—		(2,385)		—		—		—		—		(2,385)
Impairment losses		—		—		—		—		2,756		—		2,756
Selling, general and administrative expenses		239,632		4,373		20,774		5,477		7,465		23,990		301,711
Total costs and expenses		345,712		4,631		52,506		33,739		13,716		26,861		477,165
Equity in net earnings of unconsolidated real estate joint ventures		—		8,742		—		—		—		—		8,742
Other income		2,082		170		227		152		7		164		2,802
Foreign exchange loss		—		—		—		(24)		—		—		(24)
Income (loss) before income taxes	$	12,163		21,527		(4,166)		1,071		(4,400)		(28,795)		(2,600)
Expenditures for property and equipment	$	14,516		3		2,586		205		916		18		18,244
Depreciation and amortization	$	6,870		93		2,733		594		574		217		11,081
Debt accretion and amortization	$	2,186		111		112		17		1		183		2,610