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Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2023
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 September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Valencia | $ | 61,256 |  |  | $ | 3,082 |  |  | $ | 19,614 |  |  | $ | (543) |  |  | $ | 62,972 |  |  | $ | 6,809 |  |  | $ | 12,637 |  |  | $ | (8,314) |
San Francisco | 165 |  |  | 226 |  |  | (862) |  |  | (672) |  |  | 489 |  |  | 528 |  |  | (2,777) |  |  | (2,155) |
Great Park | 7,668 |  |  | 47,195 |  |  | 640 |  |  | (13,791) |  |  | 401,663 |  |  | 97,541 |  |  | 184,291 |  |  | (13,984) |
Commercial | 2,264 |  |  | 2,297 |  |  | (358) |  |  | (8) |  |  | 6,650 |  |  | 6,560 |  |  | (1,036) |  |  | 441 |
Total reportable segments | 71,353 |  |  | 52,800 |  |  | 19,034 |  |  | (15,014) |  |  | 471,774 |  |  | 111,438 |  |  | 193,115 |  |  | (24,012) |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Removal of results of unconsolidated entities— |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Great Park Venture (1) | (3,276) |  |  | (35,195) |  |  | 1,381 |  |  | 18,303 |  |  | (372,472) |  |  | (79,495) |  |  | (169,519) |  |  | 19,658 |
Gateway Commercial Venture (1) | (2,154) |  |  | (2,189) |  |  | 468 |  |  | 116 |  |  | (6,329) |  |  | (6,248) |  |  | 1,357 |  |  | (129) |
Add equity in earnings (losses) from unconsolidated entities— |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Great Park Venture | — |  |  | — |  |  | (412) |  |  | (4,540) |  |  | — |  |  | — |  |  | 53,072 |  |  | (5,634) |
Gateway Commercial Venture | — |  |  | — |  |  | (351) |  |  | (87) |  |  | — |  |  | — |  |  | (1,018) |  |  | 97 |
Corporate and unallocated (2) | — |  |  | — |  |  | (5,962) |  |  | (8,309) |  |  | — |  |  | — |  |  | (22,028) |  |  | (47,252) |
Total consolidated balances | $ | 65,923 |  |  | $ | 15,416 |  |  | $ | 14,158 |  |  | $ | (9,531) |  |  | $ | 92,973 |  |  | $ | 25,695 |  |  | $ | 54,979 |  |  | $ | (57,272) |
(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):
| September 30, 2023 |  | December 31, 2022
Valencia | $ | 944,331 |  |  | $ | 972,028 |
San Francisco | 1,350,291 |  |  | 1,314,308 |
Great Park | 855,185 |  |  | 916,909 |
Commercial | 89,122 |  |  | 91,629 |
Total reportable segments | 3,238,929 |  |  | 3,294,874 |
Reconciling items: |  |  |
Removal of unconsolidated balances of Great Park Venture (1) | (751,130) |  |  | (799,174) |
Removal of unconsolidated balances of Gateway Commercial Venture (1) | (89,122) |  |  | (91,629) |
Other eliminations (2) | (240) |  |  | (174) |
Add investment balance in Great Park Venture | 260,333 |  |  | 289,026 |
Add investment balance in Gateway Commercial Venture | 39,677 |  |  | 40,695 |
Corporate and unallocated (3) | 236,100 |  |  | 152,166 |
Total consolidated balances | $ | 2,934,547 |  |  | $ | 2,885,784 |
(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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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