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Segment Reporting
 9 Months Ended
Sep. 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):
 
September 30,
2012
 
December 31,
2011
Total Assets:
 
 
 
Water Resource and Water Storage Operations
$
210,115

 
$
207,385

Real Estate Operations
158,273

 
131,788

Agribusiness Operations
165,919

 
122,664

Corporate
129,028

 
149,180

Discontinued Operations
38,659

 
77,048

 
$
701,994

 
$
688,065



Segment Assets:

During the nine months ended September 30, 2012, total assets of the corporate segment decreased $20.2 million primarily due to funding real estate development activities, and the purchase of canola seed inventory in the agribusiness segment offset by cash and marketable securities received as dividends from the insurance in run off segment in conjunction with the sale of those companies. Total assets in the real estate segment increased $26.5 million primarily due to acquisitions and development of real estate at UCP. Assets in the agribusiness segment increased $43.3 million primarily due to additional construction costs on the canola oil plant, purchases of canola seed inventory, and an increase in receivables from the sale of canola oil and meal.

Consolidated Assets and Liabilities:

On a consolidated basis, during the nine months ended September 30, 2012, property and equipment increased $20.7 million and canola seed inventory increased $5.9 million primarily from the activity in the agribusiness segment. Debt increased $46.5 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
 
Nine Months Ended
 
September 30,
 
September 30,
 
2012
 
2011
 
2012
 
2011
Revenues:
 
 
 
 
 
 
 
Water Resource and Water Storage Operations
$
1,089

 
$
384

 
$
2,900

 
$
1,073

Real Estate Operations
23,585

 
14,585

 
28,998

 
22,928

Agribusiness Operations
42,084

 
1

 
51,768

 
8

Corporate
608

 
1,673

 
1,935

 
6,548

Total revenues
$
67,366

 
$
16,643

 
$
85,601

 
$
30,557

 
 
 
 
 
 
 
 
Income (loss) before income taxes:
 
 
 
 
 
 
 
Water Resource and Water Storage Operations
$
(1,559
)
 
$
(17,470
)
 
$
(4,537
)
 
$
(20,532
)
Real Estate Operations
2,237

 
2,244

 
(1,519
)
 
265

Agribusiness Operations
(6,105
)
 
(695
)
 
(9,159
)
 
(1,668
)
Corporate
(3,307
)
 
(2,369
)
 
(11,056
)
 
(4,006
)
Loss before income taxes
$
(8,734
)
 
$
(18,290
)
 
$
(26,271
)
 
$
(25,941
)