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Reporting Segments and Related Information | 12 Months Ended
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Dec. 31, 2017
Segment Reporting [Abstract] |
Reporting Segments and Related Information | REPORTING SEGMENTS AND RELATED INFORMATION We currently operate in five reporting segments: commercial/industrial real estate development, resort/residential real estate development, mineral resources, farming, and ranch operations. Information pertaining to operating results of the Company's reporting segments are as follows:
($ in thousands) |  | December 31, 2017 |  | December 31, 2016 |  | December 31, 2015
Revenues |  |  |  |  |  |
Real estate—commercial/industrial (1) |  | $ | 9,403 |  |  | $ | 9,438 |  |  | $ | 8,272 |
Mineral resources |  | 5,983 |  |  | 14,153 |  |  | 15,116 |
Farming (2) |  | 16,434 |  |  | 18,648 |  |  | 23,836 |
Ranch operations (1) |  | 3,837 |  |  | 3,338 |  |  | 3,923 |
Segment revenues |  | 35,657 |  |  | 45,577 |  |  | 51,147 |
Equity in unconsolidated joint ventures, net |  | 4,227 |  |  | 7,098 |  |  | 6,324 |
Gain on sale of real estate |  | — |  |  | 1,044 |  |  | — |
Investment income |  | 462 |  |  | 457 |  |  | 528 |
Other income |  | 153 |  |  | 158 |  |  | 381 |
Total revenues and other income |  | 40,499 |  |  | 54,334 |  |  | 58,380 |
Segment Profits (Losses) |  |  |  |  |  |
Real estate—commercial/industrial (1) |  | 2,874 |  |  | 2,338 |  |  | 1,578 |
Real estate—resort/residential (2) |  | (1,955 | ) |  | (1,630 | ) |  | (2,349 | )
Mineral resources |  | 3,019 |  |  | 6,357 |  |  | 7,720 |
Farming |  | 233 |  |  | (25 | ) |  | 4,852 |
Ranch operations (1) |  | (1,574 | ) |  | (2,396 | ) |  | (2,189 | )
Segment profits (2) |  | 2,597 |  |  | 4,644 |  |  | 9,612 |
Equity in unconsolidated joint ventures, net |  | 4,227 |  |  | 7,098 |  |  | 6,324 |
Gain on sale of real estate |  | — |  |  | 1,044 |  |  | — |
Investment income |  | 462 |  |  | 457 |  |  | 528 |
Other income |  | 153 |  |  | 158 |  |  | 381 |
Corporate expenses |  | (10,141 | ) |  | (12,550 | ) |  | (12,808 | )
Income from operations before income taxes |  | $ | (2,702 | ) |  | $ | 851 |  |  | $ | 4,037 |
(1) During the fourth quarter of 2015, the Company reclassified revenues and expenses previously classified as commercial/industrial into a new segment called Ranch Operations. Ranch operations is comprised of grazing leases, game management and other ancillary services supporting the ranch.
(2) Segment profits are revenues less operating expenses, excluding investment income and expense, corporate expenses, equity in earnings of unconsolidated joint ventures, and income taxes.
The revenue components of the commercial/industrial real estate segment for the years ended December 31 are as follows:
($ in thousands) | 2017 |  | 2016 |  | 2015
Pastoria Energy Facility Lease | $ | 3,854 |  |  | $ | 3,612 |  |  | $ | 3,694 |
TRCC Leasing | 1,748 |  |  | 1,647 |  |  | 1,421 |
TRCC management fees and reimbursements | 1,083 |  |  | 955 |  |  | 786 |
Commercial leases | 652 |  |  | 917 |  |  | 851 |
Communication leases | 808 |  |  | 806 |  |  | 784 |
Landscaping and other | 783 |  |  | 791 |  |  | 736 |
Land Sale 1 | 475 |  |  | 710 |  |  | — |
Total commercial revenues | $ | 9,403 |  |  | $ | 9,438 |  |  | $ | 8,272 |
Equity in earnings of unconsolidated joint ventures | 4,227 |  |  | 7,098 |  |  | 6,324 |
Commercial revenues & equity in earnings of unconsolidated joint ventures | $ | 13,630 |  |  | $ | 16,536 |  |  | $ | 14,596 |
(1) Revenue from land sale relates to a purchase and sale agreement entered into with a third party in 2016. Due to a performance obligation, the Company recognized a portion of the sale in 2016, with the remainder being recognized in 2017.
Commercial lease revenue consists of land and building leases to tenants at our commercial retail and industrial developments, base and percentage rents from our PEF power plant lease, communication tower rents, and payments from easement leases. On November 2016, we sold building and land, that was part of our commercial segment, located in Rancho Santa Fe California for $4,700,000, recognizing a gain of $1,044,000, which is not included within the December 31, 2016 results above. The resort/residential real estate development segment is actively involved in the land entitlement and development process internally and through joint venture entities. The segment produced losses of $1,955,000, $1,630,000, and $2,349,000 during the years ended December 31, 2017, 2016, and 2015, respectively. The mineral resources segment receives oil and mineral royalties from the exploration and development companies that extract or mine the natural resources from our land and receives revenue from water sales. The following table summarizes these activities for each of the years ended December 31:
($ in thousands) |  | 2017 |  | 2016 |  | 2015
Oil and gas |  | $ | 1,659 |  |  | $ | 1,549 |  |  | $ | 2,661 |
Rock aggregate |  | 1,072 |  |  | 1,164 |  |  | 870 |
Cement |  | 1,614 |  |  | 1,299 |  |  | 1,263 |
Exploration leases |  | 102 |  |  | 176 |  |  | 157 |
Water sales |  | 1,254 |  |  | 9,601 |  |  | 10,165 |
Reimbursable |  | 282 |  |  | 364 |  |  | — |
Total mineral resources revenues |  | $ | 5,983 |  |  | $ | 14,153 |  |  | $ | 15,116 |
The farming segment produces revenues from the sale of wine grapes, almonds, pistachios and hay. The revenue components of the farming segment were as follows for each of the year ended December 31:
($ in thousands) |  | 2017 |  | 2016 |  | 2015
Almonds |  | $ | 6,327 |  |  | $ | 7,373 |  |  | $ | 12,238 |
Pistachios |  | 4,523 |  |  | 6,199 |  |  | 6,425 |
Wine grapes |  | 4,131 |  |  | 3,744 |  |  | 4,338 |
Hay |  | 456 |  |  | 520 |  |  | 749 |
Total crop proceeds |  | 15,437 |  |  | 17,836 |  |  | 23,750 |
Other farming revenues |  | 997 |  |  | 812 |  |  | 86 |
Total farming revenues |  | $ | 16,434 |  |  | $ | 18,648 |  |  | $ | 23,836 |
Ranch operations consists of game management revenues and ancillary land uses such as grazing leases and filming. Within game management we operate our High Desert Hunt Club, a premier upland bird hunting club. The High Desert Hunt Club offers over 6,400 acres and 35 hunting fields, each field providing different terrain and challenges. The hunting season runs from mid-October through March. We sell individual hunting packages as well as memberships. Ranch operations also includes Hunt at Tejon, which offers a wide variety of guided big game hunts including trophy Rocky Mountain elk, deer, turkey and wild pig. We offer guided hunts and memberships for both the Spring and Fall hunting seasons.
($ in thousands) |  | 2017 |  | 2016 |  | 2015
Game management |  | $ | 1,291 |  |  | $ | 1,296 |  |  | $ | 1,658 |
Grazing |  | 1,677 |  |  | 1,187 |  |  | 1,484 |
High Desert Hunt Club |  | 351 |  |  | 334 |  |  | 351 |
Filming and other |  | 518 |  |  | 521 |  |  | 430 |
Total ranch operations revenues |  | $ | 3,837 |  |  | $ | 3,338 |  |  | $ | 3,923 |
Information pertaining to assets of the Company’s reporting segments is as follows for each of the years ended December 31:
($ in thousands) |  | Identifiable Assets |  | Depreciation and Amortization |  | Capital Expenditures
2017 |  |  |  |  |  |
Real estate - commercial/industrial |  | $ | 63,065 |  |  | $ | 615 |  |  | $ | 4,638 |
Real estate - resort/residential |  | 258,697 |  |  | 63 |  |  | 14,230 |
Mineral resources |  | 48,305 |  |  | 1,363 |  |  | 356 |
Farming |  | 36,317 |  |  | 996 |  |  | 2,129 |
Ranch operations |  | 3,625 |  |  | 601 |  |  | 220 |
Corporate |  | 108,190 |  |  | 913 |  |  | 136 |
Total |  | $ | 518,199 |  |  | $ | 4,551 |  |  | $ | 21,709 |
2016 |  |  |  |  |  |
Real estate - commercial/industrial |  | $ | 65,290 |  |  | $ | 585 |  |  | $ | 5,196 |
Real estate - resort/residential |  | 243,963 |  |  | 77 |  |  | 16,013 |
Mineral resources |  | 45,066 |  |  | 1,357 |  |  | 2,161 |
Farming |  | 36,895 |  |  | 1,150 |  |  | 2,006 |
Ranch operations |  | 3,893 |  |  | 607 |  |  | 523 |
Corporate |  | 44,594 |  |  | 773 |  |  | 481 |
Total |  | $ | 439,701 |  |  | $ | 4,549 |  |  | $ | 26,380 |
2015 |  |  |  |  |  |
Real estate - commercial/industrial |  | $ | 67,550 |  |  | $ | 552 |  |  | $ | 7,023 |
Real estate - resort/residential |  | 228,064 |  |  | 71 |  |  | 16,404 |
Mineral resources |  | 46,025 |  |  | 1,501 |  |  | 1,199 |
Farming |  | 32,542 |  |  | 929 |  |  | 2,583 |
Ranch operations |  | 4,313 |  |  | 377 |  |  | 299 |
Corporate |  | 53,425 |  |  | 1,660 |  |  | 540 |
Total |  | $ | 431,919 |  |  | $ | 5,090 |  |  | $ | 28,048 |
Segment profits (losses) are total revenues less operating expenses, excluding interest income, corporate expenses, equity in earnings of unconsolidated joint ventures, and interest expense. Identifiable assets by segment include both assets directly identified with those operations and an allocable share of jointly used assets. Corporate assets consist primarily of cash and cash equivalents, marketable securities, deferred income taxes, and land and buildings. Land is valued at cost for acquisitions since 1936. Land acquired in 1936, upon organization of the Company, is stated on the basis carried by the Company’s predecessor.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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