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Segment Reporting
 6 Months Ended
Jun. 30, 2012
Segment Reporting [Abstract]  
Segment Reporting
Segment Reporting

PICO is a diversified holding company engaged in four operating and reportable segments: Water Resource and Water Storage Operations, Real Estate Operations, Agribusiness Operations, 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. 

Management analyzes segments using the following information:

Segment assets (in thousands):
 
June 30,
2012
 
December 31,
2011
Total Assets:
 
 
 
Water Resource and Water Storage Operations
$
209,813

 
$
207,385

Real Estate Operations
150,444

 
131,788

Agribusiness Operations
163,451

 
122,664

Corporate
103,706

 
149,180

Discontinued Operations
69,318

 
77,048

 
$
696,732

 
$
688,065



Segment Assets:

During the six months ended June 30, 2012, total assets of the corporate segment decreased $45.5 million primarily due to funding real estate development activities, and the purchase of canola seed inventory in the agribusiness operations. Total assets in the real estate operations increased $18.7 million primarily due to acquisitions and development of real estate at UCP. Assets in the agribusiness segment increased $40.8 million primarily due to additional construction costs on the canola oil plant, purchases of canola seed inventory, and receivables on sales of canola oil and meal.

Consolidated Assets and Liabilities:

On a consolidated basis, during the six months ended June 30, 2012, property and equipment increased $20 million and canola seed inventory increased $7.1 million primarily from the activity in the agribusiness segment. Debt increased $29.4 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
 
Six Months Ended
 
June 30,
 
June 30,
 
2012
 
2011
 
2012
 
2011
Revenues:
 
 
 
 
 
 
 
Water Resource and Water Storage Operations
$
355

 
$
336

 
$
1,811

 
$
688

Real Estate Operations
1,589

 
7,172

 
5,413

 
8,343

Agribusiness Operations
9,658

 
6

 
9,684

 
8

Corporate
948

 
2,377

 
1,327

 
4,876

Total revenues
$
12,550

 
$
9,891

 
$
18,235

 
$
13,915

 
 
 
 
 
 
 
 
Income (loss) before income taxes:
 
 
 
 
 
 
 
Water Resource and Water Storage Operations
$
(1,817
)
 
$
(1,482
)
 
$
(2,979
)
 
$
(3,062
)
Real Estate Operations
(2,411
)
 
(239
)
 
(3,756
)
 
(1,980
)
Agribusiness Operations
(2,528
)
 
(587
)
 
(3,054
)
 
(973
)
Corporate
(3,848
)
 
457

 
(7,748
)
 
(1,636
)
Loss before income taxes
$
(10,604
)
 
$
(1,851
)
 
$
(17,537
)
 
$
(7,651
)