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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Segment operating results and reconciliations to the Company’s consolidated balances are as follows (in thousands):

			Revenues												Profit (Loss)												Revenues												Profit (Loss)
			Three Months Ended June 30,																								Six Months Ended June 30,
			2022						2021						2022						2021						2022						2021						2022						2021
Valencia			$	2,568					$	516					$	(2,944)					$	(6,129)					$	3,727					$	1,108					$	(7,771)					$	(11,028)
San Francisco			122						141						(814)						(796)						302						290						(1,483)						(702)
Great Park			27,922						344,410						1,878						70,806						50,346						357,710						(193)						59,885
Commercial			2,222						2,251						234						276						4,263						4,451						449						855
Total reportable segments			32,834						347,318						(1,646)						64,157						58,638						363,559						(8,998)						49,010
Reconciling items:
Removal of results of unconsolidated entities—
Great Park Venture (1)			(25,320)						(336,866)						(1,476)						(69,110)						(44,300)						(337,826)						1,355						(56,626)
Gateway Commercial Venture (1)			(2,121)						(2,148)						(133)						(173)						(4,059)						(4,249)						(245)						(653)
Add equity in (losses) earnings from unconsolidated entities—
Great Park Venture			—						—						207						11,868						—						—						(1,094)						7,952
Gateway Commercial Venture			—						—						100						130						—						—						184						490
Corporate and unallocated (2)			—						—						(8,024)						(11,799)						—						—						(38,943)						(26,145)
Total consolidated balances			$	5,393					$	8,304					$	(10,972)					$	(4,927)					$	10,279					$	21,484					$	(47,741)					$	(25,972)

(1) Represents the removal of the Great Park Venture and Gateway Commercial Venture operating results, which are included in the Great Park segment and Commercial segment operating results at 100% of each venture’s historical basis, respectively, but are not included in the Company’s consolidated results and balances as the Company accounts for its investment in each venture using the equity method of accounting.

(2) Corporate and unallocated activity is primarily comprised of corporate general and administrative expenses and restructuring expenses.

Segment assets and reconciliations to the Company’s consolidated balances are as follows (in thousands):

			June 30, 2022						December 31, 2021
Valencia			$	948,296					$	878,399
San Francisco			1,293,586						1,275,510
Great Park			993,854						988,444
Commercial			103,949						104,400
Total reportable segments			3,339,685						3,246,753
Reconciling items:
Removal of unconsolidated balances of Great Park Venture (1)			(868,062)						(859,789)
Removal of unconsolidated balances of Gateway Commercial Venture (1)			(103,949)						(104,366)
Other eliminations (2)			(1,105)						(2,500)
Add investment balance in Great Park Venture			320,180						321,274
Add investment balance in Gateway Commercial Venture			49,631						49,447
Corporate and unallocated (3)			153,229						292,091
Total consolidated balances			$	2,889,609					$	2,942,910

(1) Represents the removal of the Great Park Venture and Gateway Commercial Venture balances, which are included in the Great Park segment and Commercial segment balances at 100% of each venture’s historical basis, respectively, but are not included in the Company’s consolidated balances as the Company accounts for its investment in each venture using the equity method of accounting.

(2) Represents intersegment balances that eliminate in consolidation.

(3) Corporate and unallocated assets consist of cash and cash equivalents, receivables, right-of-use assets and prepaid expenses.

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

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- References

No definition available.

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