Segment Reporting

3 Months Ended

Mar. 31, 2012

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

PICO is a diversified holding company engaged in five operating and reportable segments: Water Resource and Water Storage Operations, Real Estate Operations, Agribusiness Operations, Insurance Operations in Run Off, and Corporate.

The accounting policies of the reportable segments are the same as those described in the Company’s 2011 Annual Report on Form 10-K filed with the SEC.  During 2011, the insurance in run off segment paid a dividend to the corporate segment, consisting of cash, a publicly traded equity security, and a subsidiary holding various investments in publicly traded equity securities, changing the composition of both segments. As a result, all prior period segment results, including total assets, revenues, and income or loss before taxes for the insurance in run off segment and corporate segment have been restated to reflect the change in the segment composition as of the beginning of the earliest period presented in this report.

Management analyzes segments using the following information:

Segment assets (in thousands):

	March 31, 2012		December 31, 2011
Total Assets:
Water Resource and Water Storage Operations	$	206,577	$	207,385
Real Estate Operations	140,894		131,788
Agribusiness Operations	143,664		122,664
Insurance Operations in Run Off	89,460		88,048
Corporate	116,369		134,266
	$	696,964	$	684,151

Segment Assets:

During the three months ended March 31, 2012, total assets of the corporate segment decreased $17.9 million primarily due to the funding of real estate development activities and funding of the purchase of canola seed inventory in the agribusiness operations. Total assets in the real estate operations increased $9.1 million primarily due to acquisitions and development of real estate at UCP. Assets in the agribusiness segment increased $21 million primarily due to additional construction costs on the canola oil plant and purchases of canola seed inventory.

Consolidated Assets and Liabilities:

On a consolidated basis, during the three months ended March 31, 2012, property and equipment increased $14 million and canola seed inventory increased $6.8 million primarily from the activity in the agribusiness segment. Debt increased $16.6 million during the period primarily due to the increased borrowing by Northstar that has funded construction of the plant.

Segment revenues and income or loss before taxes (in thousands): 

	Three Months Ended
	March 31,
	2012			2011
Revenues:
Water Resource and Water Storage Operations	$	1,455		$	353
Real Estate Operations	3,824			1,171
Agribusiness Operations	27			2
Insurance Operations in Run Off	330			3,653
Corporate	379			2,499
Total revenues	6,015			7,678
Income (loss) before income taxes:
Water Resource and Water Storage Operations	(1,161		)	(1,580		)
Real Estate Operations	(1,345		)	(1,740		)
Agribusiness Operations	(526		)	(385		)
Insurance Operations in Run Off	141			3,138
Corporate	(3,900		)	(2,095		)
Loss before income taxes	$	(6,791	)	$	(2,662	)