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Segment Reporting (Tables)

9 Months Ended

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

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- References

No definition available.

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