Segment Reporting

12 Months Ended

Dec. 31, 2012

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING:

PICO Holdings, Inc. is a diversified holding company. The goal of the Company is to build and operate businesses where significant value can be created from the development of unique assets, and to acquire businesses which have been identified as undervalued and where its participation can aid in the recognition of the business’s fair value. The Company accounts for its segments consistent with the significant accounting policies described in Note 1.

Currently, the major businesses that constitute operating and reportable segments are developing water resources and water storage operations through Vidler; developing real estate through UCP; operating a canola oil processing plant through Northstar, and the acquisition and financing of businesses.

Segment performance is measured by revenues and segment profit before income tax.  In addition, assets identifiable with segments are disclosed as well as capital expenditures, and depreciation and amortization.  The Company has operations and investments both in the U.S. and abroad.  Information by geographic region is based upon the location of the subsidiary.  Consequently, international revenues in the segment information by significant geographic region are revenues earned by the foreign subsidiary.

Water Resources and Water Storage Operations

Vidler is engaged in the following water resources and water storage activities:

• The development of water for end-users in the southwestern United States, namely water utilities, municipalities, developers, or industrial users.  Typically, the source of water is from identifying and developing a new water supply, or a change in the use of an existing water supply from agricultural to municipal and industrial; and

• Operating water storage facilities for the purchase and recharge of water for resale in future periods, and distribution infrastructure to more efficiently use existing and new supplies of water.

Real Estate Operations

PICO is engaged in real estate development and home building operations primarily in California and Washington.  Until the final sale in fourth quarter of 2011, the segment results included sales of real estate from Nevada Land and Resource Company, which sold real estate in Nevada. The final acres of real estate owned were sold for $31 million. The ongoing revenues in this segment will be primarily from sales in UCP, although the Company does have other real estate holdings that could be sold from time to time.

Agribusiness Operations

This segment is comprised of the operations of Northstar. Northstar’s operates a canola seed processing plant near Hallock, Minnesota.  The plant has a crushing capacity of 1,000 tons per day.  Production and sales of canola oil and meal started during 2012. During 2011 and 2010, the segment reported a loss from expenses and no significant revenues as the plant was under construction.

Corporate

This segment consists of cash and fixed-income securities, a 27% equity interest in Spigit, deferred compensation assets and liabilities held in trust for the benefit of several officers and non-employee directors of the Company, and other parent company assets and liabilities.

Segment information by major operating segment follows (in thousands):

	Water Resources and Water Storage Operations			Real Estate Operations			Agribusiness Operations			Corporate			Discontinued Operations		Consolidated
2012
Total revenues	$	3,096		$	59,066		$	85,305		$	2,614				$	150,081
Depreciation and amortization	$	1,325		$	147		$	3,471		$	211				$	5,154
Income (loss) from continuing operations before income taxes and equity in loss of unconsolidated affiliate	$	(6,279	)	$	2,487		$	(12,654	)	$	(13,132	)			$	(29,578	)
Total assets	$	210,189		$	145,978		$	165,961		$	145,046				$	667,174
Capital expenditure	$	547		$	505		$	31,579		$	287				$	32,918
2011
Total revenues	$	1,349		$	57,085		$	9		$	6,396				$	64,839
Depreciation and amortization	$	1,182		$	36		$	10		$	217				$	1,445
Income (loss) from continuing operations before income taxes and equity in loss of unconsolidated affiliate	$	(22,231	)	$	3,550		$	(5,424	)	$	(10,552	)			$	(34,657	)
Equity in loss of unconsolidated affiliate										$	(5,293	)			$	(5,293	)
Total assets	$	207,385		$	131,788		$	122,664		$	149,180		$	77,048	$	688,065
Capital expenditure	$	230		$	99		$	91,031		$	508				$	91,868
2010
Total revenues	$	3,066		$	5,284					$	13,196				$	21,546
Depreciation and amortization	$	1,168		$	59					$	124				$	1,351
Loss from continuing operations before income taxes and equity in loss of unconsolidated affiliate	$	(18,240	)	$	(3,340	)				$	(7,075	)			$	(28,655	)
Equity in loss of unconsolidated affiliate										$	(3,717	)			$	(3,717	)
Total assets	$	226,496		$	146,897		$	78,448		$	136,781		$	103,880	$	692,502
Capital expenditure	$	399		$	113		$	5,838		$	522				$	6,872

The company does not have segment results for significant geographic regions other than the United States.