Quarterly report pursuant to Section 13 or 15(d)

Noncontrolling Interests And Redeemable Noncontrolling Interest

v3.19.1
Noncontrolling Interests And Redeemable Noncontrolling Interest
3 Months Ended
Mar. 31, 2019
Noncontrolling Interests And Redeemable Noncontrolling Interest [Abstract]  
Noncontrolling Interests And Redeemable Noncontrolling Interest



14.    Noncontrolling Interests and Redeemable Noncontrolling Interest



Noncontrolling interests in the Company’s consolidated subsidiaries consisted of the following (in thousands):





 

 

 

 



 

 

 

 



 

March 31,

 

December 31,



 

2019

 

2018

Bluegreen (1)

$

41,721 

 

41,478 

Bluegreen / Big Cedar Vacations (2) 

 

47,327 

 

45,611 

Joint ventures and other

 

1,079 

 

899 

Total noncontrolling interests

$

90,127 

 

87,988 





The redeemable noncontrolling interest included in the Company’s condensed consolidated statement of financial condition is comprised of a redeemable noncontrolling interest associated with IT’SUGAR. The Company owns 90.4% of IT’SUGAR’s Class B Units, while the remaining 9.6% of such units are held by a noncontrolling interest and may be redeemed for cash at the holder’s option upon a contingent event outside of the Company’s control.



Income (loss) attributable to noncontrolling interests, including redeemable noncontrolling interests, consisted of the following (in thousands):





 

 

 

 



 

 

 

 



 

For the Three Months Ended



 

March 31,



 

2019

 

2018

Bluegreen (1)

$

1,463 

 

2,098 

Bluegreen / Big Cedar Vacations (2)

 

1,716 

 

2,607 

Joint ventures and other

 

(40)

 

(145)

Net income attributable to noncontrolling interests

$

3,139 

 

4,560 



(1)

As a result of Bluegreen’s IPO during the fourth quarter of 2017 and subsequent share repurchases in 2018, the Company owns 90.3% of Bluegreen. Bluegreen was a wholly-owned subsidiary of the Company prior to the Bluegreen IPO.

(2)

Bluegreen has a joint venture arrangement pursuant to which it owns 51% of Bluegreen/Big Cedar Vacations.