UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
Amendment No. 1
(Mark One)
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2012
OR
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number 333-177328
SHEA HOMES LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
California | 95-4240219 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
655 Brea Canyon Road, Walnut, CA | 91789 | |
(Address of principal executive offices) | (Zip Code) |
(909) 594-9500
(Registrants telephone number, including area code)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ¨ No x.
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one).
Large accelerated filer | ¨ | Accelerated filer | ¨ | |||
Non-accelerated filer | x (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x.
EXPLANATORY NOTE
Shea Homes Limited Partnership is filing this Amendment No. 1 on Form 10-Q/A to our Quarterly Report on Form 10-Q for the three months ended March 31, 2012, filed with the Securities and Exchange Commission on May 11, 2012, solely for the purpose of including Exhibit 101.
Except as specifically indicated herein, no other information included in our Quarterly Report on Form 10-Q is amended by this Amendment No. 1 on Form 10-Q/A.
PART II. OTHER INFORMATION
ITEM 6. | EXHIBITS |
Exhibit No.
101 | The following materials from Shea Homes Limited Partnerships Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, formatted in eXtensible Business Reporting Language (XBRL): (i) Condensed Consolidated Balance Sheets, (ii) Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), (iii) Unaudited Condensed Consolidated Statements of Changes in Equity, (iv) Unaudited Condensed Consolidated Statements of Cash Flows, and (v) Notes to Unaudited Condensed Consolidated Financial Statements. Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed furnished and not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
SHEA HOMES LIMITED PARTNERSHIP (Registrant) | ||||||
Dated: June 8, 2012 | By: | /s/ BRUCE J. VARKER | ||||
Bruce J. Varker | ||||||
Chief Financial Officer (Principal Financial Officer) |
Restricted Cash - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Homebuilding Operations
|
||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 13.5 | $ 13.3 |
PIC
|
||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 0.4 | $ 0.4 |
Investments in Joint Ventures - Additional Information (Detail) (USD $)
|
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
Dec. 31, 2011
|
|
Investment [Line Items] | |||
Deficit Distributions | $ 903,000 | $ 928,000 | |
Impairment on investments | 0 | 0 | |
Notes payable | 751,374,000 | 752,056,000 | |
Indemnification agreement from joint ventures, percentage | 90.00% | 90.00% | |
Guarantees not provided
|
|||
Investment [Line Items] | |||
Notes payable secured by real property | 31,000,000 | 44,200,000 | |
Notes payable | 7,300,000 | 48,300,000 | |
Unconsolidated Joint Ventures | Total Notes Payable
|
|||
Investment [Line Items] | |||
Notes payable | 47,500,000 | 103,700,000 | |
Unconsolidated Joint Ventures | Bank and Seller Financing Notes Payable | Total Notes Payable
|
|||
Investment [Line Items] | |||
Notes payable secured by real property | 40,200,000 | 55,400,000 | |
Unconsolidated Joint Ventures | Guarantee provided
|
|||
Investment [Line Items] | |||
Notes payable outstanding | 9,200,000 | 11,200,000 | |
Unconsolidated Joint Ventures | Maximum
|
|||
Investment [Line Items] | |||
Ownership interest | 50.00% | ||
Joint Ventures
|
|||
Investment [Line Items] | |||
Deficit Distributions | 903,000 | 928,000 | |
Joint Ventures | Indirect
|
|||
Investment [Line Items] | |||
Ownership interest | 12.30% | 12.30% | |
Notes payable secured by real property | 7,200,000 | 7,200,000 | |
Joint Ventures | Bank and Seller Financing Notes Payable
|
|||
Investment [Line Items] | |||
Notes payable secured by real property | 15,400,000 | ||
SCLLC | Unconsolidated Joint Ventures | Bank and Seller Financing Notes Payable
|
|||
Investment [Line Items] | |||
Notes payable secured by real property | 14,000,000 | ||
Notes payable | $ 40,900,000 |
Fair Value Disclosures - Additional Information (Detail) (Senior Secured Notes, USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net Book Value | $ 750,000 | $ 750,000 |
Fair Value, Inputs, Level 2
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net Book Value | $ 750,000 |
Financial Information for Reportable Segments - Assets (Detail) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Segment Reporting Disclosure [Line Items] | ||
Assets | $ 1,292,700 | $ 1,328,116 |
Corporate
|
||
Segment Reporting Disclosure [Line Items] | ||
Assets | 353,515 | 342,961 |
Homebuilding
|
||
Segment Reporting Disclosure [Line Items] | ||
Assets | 939,185 | 985,155 |
Homebuilding | Southern California
|
||
Segment Reporting Disclosure [Line Items] | ||
Assets | 184,294 | 176,999 |
Homebuilding | San Diego
|
||
Segment Reporting Disclosure [Line Items] | ||
Assets | 121,314 | 127,438 |
Homebuilding | Northern California
|
||
Segment Reporting Disclosure [Line Items] | ||
Assets | 216,664 | 219,734 |
Homebuilding | Mountain West
|
||
Segment Reporting Disclosure [Line Items] | ||
Assets | 301,987 | 351,050 |
Homebuilding | South West
|
||
Segment Reporting Disclosure [Line Items] | ||
Assets | 109,408 | 105,621 |
Homebuilding | Other Areas
|
||
Segment Reporting Disclosure [Line Items] | ||
Assets | $ 5,518 | $ 4,313 |
Variable Interest Entities (Detail) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
Land Option Contracts
|
Mar. 31, 2012
Loss Exposure
Land Option Contracts
|
Dec. 31, 2011
Loss Exposure
Land Option Contracts
|
Mar. 31, 2012
Affiliated Entity
|
Mar. 31, 2012
Third Party
|
Mar. 31, 2012
Baker Ranch
|
Dec. 31, 2011
Baker Ranch
|
Mar. 31, 2012
Unconsolidated Variable Interest Entities
Land Option Contracts
|
|
Variable Interest Entity [Line Items] | ||||||||
VIEs ownership interest | 50.00% | 50.00% | ||||||
Notes payable outstanding | $ 25.4 | $ 25.4 | ||||||
Refundable and non-refundable cash deposits | 8.1 | 14.0 | 14.2 | 6.0 | ||||
Remaining purchase price of cash deposits | $ 121.6 | $ 83.5 |
Summary of Changes in Fair Value of Level 3 Financial Instruments (Detail) (Fair Value, Inputs, Level 3, Private Debt Obligations, USD $)
In Thousands, unless otherwise specified |
3 Months Ended |
---|---|
Mar. 31, 2012
|
|
Fair Value, Inputs, Level 3 | Private Debt Obligations
|
|
Fair Value Measurements [Line Items] | |
Fair value at December 31, 2011 | $ 10,504 |
Unrealized gains, included in other comprehensive income (loss) | 2,077 |
Fair value at March 31, 2012 | $ 12,581 |
Related Party Transactions (Tables)
|
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
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Receivables from Related Parties | At March 31, 2012 and December 31, 2011, receivables from related parties, net were as follows:
|
Notes Payable (Detail) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Debt Instrument [Line Items] | ||
Notes payable | $ 751,374 | $ 752,056 |
Senior Secured Notes 8.625 Percent Due May 2019
|
||
Debt Instrument [Line Items] | ||
Notes payable | 750,000 | 750,000 |
Promissory Notes Maturing 2014
|
||
Debt Instrument [Line Items] | ||
Notes payable | $ 1,374 | $ 2,056 |
Financial Information for Reportable Segments - Inventory (Detail) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Segment Reporting Disclosure [Line Items] | ||
Inventory | $ 770,734 | $ 783,810 |
Corporate
|
||
Segment Reporting Disclosure [Line Items] | ||
Inventory | 0 | 0 |
Homebuilding
|
||
Segment Reporting Disclosure [Line Items] | ||
Inventory | 770,734 | 783,810 |
Homebuilding | Southern California
|
||
Segment Reporting Disclosure [Line Items] | ||
Inventory | 145,072 | 142,877 |
Homebuilding | San Diego
|
||
Segment Reporting Disclosure [Line Items] | ||
Inventory | 103,558 | 105,595 |
Homebuilding | Northern California
|
||
Segment Reporting Disclosure [Line Items] | ||
Inventory | 201,035 | 204,901 |
Homebuilding | Mountain West
|
||
Segment Reporting Disclosure [Line Items] | ||
Inventory | 243,075 | 256,685 |
Homebuilding | South West
|
||
Segment Reporting Disclosure [Line Items] | ||
Inventory | 74,477 | 71,289 |
Homebuilding | Other Areas
|
||
Segment Reporting Disclosure [Line Items] | ||
Inventory | $ 3,517 | $ 2,463 |
Summary of Significant Accounting Policies (Policies)
|
3 Months Ended |
---|---|
Mar. 31, 2012
|
|
Inventory | Inventory Inventory is stated at cost, unless the carrying amount is determined not to be recoverable, in which case inventory is written down to fair value. Quarterly, we review our real estate assets at each community for indicators of impairment. Real estate assets include projects actively selling and projects under development or held for future development. Indicators of impairment include, but not limited to, significant decreases in local housing market values and selling prices of comparable homes, significant decreases in gross margins and sales absorption rates, costs in excess of budget, and actual or projected cash flow losses. Semi-annually, or if there are indications of impairment, we perform a detailed budget and cash flow review of our real estate assets to determine whether the estimated remaining undiscounted future cash flows of the community are more or less than the asset’s carrying value. If the undiscounted cash flows are more than the asset’s carrying value, no impairment adjustment is required. However, if the undiscounted cash flows are less than the asset’s carrying value, the asset is deemed impaired and is written down to fair value. These impairment evaluations require us to make estimates and assumptions regarding future conditions, including timing and amounts of development costs and sales prices of real estate assets, to determine if expected future undiscounted cash flows will be sufficient to recover the asset’s carrying value. When estimating undiscounted cash flows of a community, we make various assumptions, including: (i) expected sales prices and sales incentives to be offered, including the number of homes available, pricing and incentives being offered by us or other builders in other communities, and future sales price adjustments based on market and economic trends; (ii) expected sales pace and cancellation rates based on local housing market conditions, competition and historical trends; (iii) costs expended to date and expected to be incurred, including, but not limited to, land and land development costs, home construction costs, interest costs, indirect construction and overhead costs, and selling and marketing costs; (iv) alternative product offerings that may be offered that could have an impact on sales pace, sales price and/or building costs; and (v) alternative uses for the property. Many assumptions are interdependent and a change in one may require a corresponding change to other assumptions. For example, increasing or decreasing sales absorption rates has a direct impact on the estimated per unit sales price of a home, the level of time sensitive costs (such as indirect construction, overhead and carrying costs), and selling and marketing costs (such as model maintenance costs and advertising costs). Depending on the underlying objective of the community, assumptions could have a significant impact on the projected cash flow analysis. For example, if our objective is to preserve operating margins, our cash flow analysis will be different than if the objective is to increase sales. These objectives may vary significantly from community to community and over time. If assets are considered impaired, impairment is determined by the amount the asset’s carrying value exceeds its fair value. Fair value is determined based on estimated future cash flows discounted for inherent risks associated with real estate assets or other valuation techniques. These discounted cash flows are impacted by expected risk based on estimated land development, construction and delivery timelines; market risk of price erosion; uncertainty of development or construction cost increases; and other risks specific to the asset or market conditions where the asset is located when assessment is made. These factors are specific to each community and may vary among communities. The discount rate used in determining each asset’s fair value depends on the community’s projected life and development stage. We generally use discount rates ranging from 10% to 25%, subject to perceived risks associated with the community’s cash flow streams relative to its inventory. |
Completed Operations Claim Costs | Completed Operations Claim Costs We maintain, and require our subcontractors to maintain, general liability insurance which includes coverage for completed operations losses and damages. Most of our subcontractors carry this insurance through our “rolling wrap-up” insurance program, where our risks, and risks of participating subcontractors working on our projects, are insured through master policies.
Completed operations claims reserves primarily represent claims for property damage to completed homes and projects outside of our one-to-two year warranty period. Specific terms and conditions of completed operations warranties vary depending on the market in which homes are closed and can range to 12 years. We record expenses and liabilities for estimated costs of potential completed operations claims based upon aggregated loss experience, which includes an estimate of completed operations claims incurred but not reported and is actuarially estimated using individual case-basis valuations and statistical analysis. These estimates make up our entire reserve and are subject to a high degree of variability due to uncertainties such as trends in completed operations claims related to our markets and products built, changes in claims reporting and settlement patterns, third party recoveries, insurance industry practices, insurance regulations and legal precedent. Because state regulations vary, completed operations claims are reported and resolved over an extended period, sometimes exceeding 12 years. As a result, actual costs may differ significantly from estimates. The actuarial analyses that determined these incurred but not reported claims consider various factors, including frequency and severity of losses, which are based on our historical claims experience supplemented by industry data. The actuarial analyses of these claims and reserves also consider historical third party recovery rates and claims management expenses. Due to the inherent uncertainty related to each of these factors, periodic changes to such factors based on updated relevant information could result in actual costs to differ significantly from estimated costs. In accordance with our underlying completed operations insurance policies, these completed operations claims costs are recoverable from our subcontractors or insurance carriers. Completed operations claims through July 31, 2009 are insured with third-party insurance carriers and completed operations claims commencing August 1, 2009 are insured with affiliate insurance carriers. |
Revenues | Revenues In accordance with Accounting Standards Codification (“ASC”) 360, revenues from housing and other real estate sales are recognized when the respective units are closed. Housing and other real estate sales are closed when all conditions of escrow are met, including delivery of the home or other real estate asset, title passage, appropriate consideration is received and collection of associated receivables, if any, is reasonably assured. Sales incentives are a reduction of revenues when the respective unit is closed. |
Income Taxes | Income Taxes SHLP is treated as a partnership for income tax purposes. As a limited partnership, SHLP is subject to certain minimal state taxes and fees; however, taxes on income or losses realized by SHLP are generally the obligation of the Partners and their owners. SHI and PIC are C corporations. Federal and state income taxes are provided for these entities in accordance with the provisions of ASC 740. The provision for, or benefit from, income taxes is calculated using the asset and liability method, under which deferred tax assets and liabilities are recorded based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect the year in which differences are expected to reverse. Deferred tax assets are evaluated to determine whether a valuation allowance should be established based on its determination of whether it is more likely than not some or all of the deferred tax asset will not be realized. The ultimate realization of deferred tax assets depends primarily on generation of future taxable income during periods in which those temporary differences become deductible. Judgment is required in determining future tax consequences of events that have been recognized in the consolidated financial statements and/or tax returns. Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on the consolidated financial position or results of operations. |
New Accounting Pronouncements | New Accounting Pronouncements In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, (“ASU 2011-04”). ASU 2011-04 amends ASC 820, Fair Value Measurements (“ASC 820”), providing a consistent definition and measurement of fair value, as well as similar disclosure requirements between U.S. GAAP and International Financial Reporting Standards. ASU 2011-04 changes certain fair value measurement principles, clarifies application of existing fair value measurement and expands the ASC 820 disclosure requirements, particularly for Level 3 fair value measurements. The Company adopted ASU 2011-04 effective January 1, 2012, which did not have a material impact on its consolidated financial position or results of operations. |
Inventory (Detail) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Inventory Disclosure [Line Items] | ||
Homes under construction | $ 122,581 | $ 97,952 |
Lots available for construction | 305,405 | 282,292 |
Land under development | 96,225 | 144,070 |
Land held for future development | 127,135 | 129,247 |
Land deposits and preacquisition costs | 16,065 | 18,207 |
Total inventory | 770,734 | 783,810 |
Model Homes
|
||
Inventory Disclosure [Line Items] | ||
Inventory finished homes | 75,005 | 82,339 |
Completed Homes for Sale
|
||
Inventory Disclosure [Line Items] | ||
Inventory finished homes | $ 28,318 | $ 29,703 |
Investments - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
Dec. 31, 2011
Debt Securities
|
|
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities realized gains | $ 0 | $ 0.1 | |
Unrealized gains (losses) on available-for-sale securities, before tax | 2.2 | (1.0) | |
Reclassification adjustment on available-for-sale securities, before tax | 0.1 | ||
Unrealized gains (losses) on available-for-sale securities, tax | (0.8) | (0.4) | |
Securities in unrealized loss position | 0 | ||
Securities in unrealized loss position for less than one year | 10.9 | ||
Securities at fair value with no continous losses | $ 21.5 |
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
|||||||||
Revenues | $ 105,603 | $ 74,059 | ||||||||
Cost of sales | (85,035) | (63,446) | ||||||||
Gross margin | 20,568 | 10,613 | ||||||||
Selling expenses | (9,352) | (8,218) | ||||||||
General and administrative expenses | (8,251) | (8,223) | ||||||||
Equity in income (loss) from joint ventures, net | 67 | (393) | ||||||||
Equity in income (loss) from subsidiaries | 0 | 0 | ||||||||
Interest expense | (6,288) | [1] | (3,951) | [1] | ||||||
Other income (expense), net | 2,306 | 1,631 | ||||||||
(Loss) income before income taxes | (950) | (8,541) | ||||||||
Income tax benefit (expense) | 752 | 341 | ||||||||
Net (loss) income | (198) | (8,200) | ||||||||
Less: Net income attributable to non-controlling interests | (213) | (89) | ||||||||
Net (loss) income attributable to SHLP | (411) | (8,289) | ||||||||
Comprehensive income (loss) | 1,245 | (7,520) | ||||||||
SHLP Corp
|
||||||||||
Revenues | 67,786 | [2] | 60,787 | [3] | ||||||
Cost of sales | (54,206) | [2] | (52,522) | [3] | ||||||
Gross margin | 13,580 | [2] | 8,265 | [3] | ||||||
Selling expenses | (5,379) | [2] | (5,339) | [3] | ||||||
General and administrative expenses | (5,604) | [2] | (6,195) | [3] | ||||||
Equity in income (loss) from joint ventures, net | 129 | [2] | (202) | [3] | ||||||
Equity in income (loss) from subsidiaries | 3,751 | [2] | (229) | [3] | ||||||
Interest expense | (5,958) | [2] | (3,739) | [3] | ||||||
Other income (expense), net | (926) | [2] | (847) | [3] | ||||||
(Loss) income before income taxes | (407) | [2] | (8,286) | [3] | ||||||
Income tax benefit (expense) | (4) | [2] | (3) | [3] | ||||||
Net (loss) income | (411) | [2] | (8,289) | [3] | ||||||
Less: Net income attributable to non-controlling interests | 0 | [2] | 0 | [3] | ||||||
Net (loss) income attributable to SHLP | (411) | [2] | (8,289) | [3] | ||||||
Comprehensive income (loss) | 1,032 | [2] | (7,609) | [3] | ||||||
Guarantor Subsidiaries
|
||||||||||
Revenues | 36,327 | 10,709 | ||||||||
Cost of sales | (30,707) | (9,251) | ||||||||
Gross margin | 5,620 | 1,458 | ||||||||
Selling expenses | (2,992) | (1,595) | ||||||||
General and administrative expenses | (2,051) | (1,487) | ||||||||
Equity in income (loss) from joint ventures, net | (24) | (7) | ||||||||
Equity in income (loss) from subsidiaries | (853) | (732) | ||||||||
Interest expense | (326) | (212) | ||||||||
Other income (expense), net | 1,845 | 1,678 | ||||||||
(Loss) income before income taxes | 1,219 | (897) | ||||||||
Income tax benefit (expense) | 752 | 354 | ||||||||
Net (loss) income | 1,971 | (543) | ||||||||
Less: Net income attributable to non-controlling interests | 0 | 0 | ||||||||
Net (loss) income attributable to SHLP | 1,971 | (543) | ||||||||
Comprehensive income (loss) | 3,414 | 137 | ||||||||
Non-Guarantor Subsidiaries
|
||||||||||
Revenues | 1,490 | 2,563 | ||||||||
Cost of sales | (186) | (1,721) | ||||||||
Gross margin | 1,304 | 842 | ||||||||
Selling expenses | (981) | (1,284) | ||||||||
General and administrative expenses | (596) | (541) | ||||||||
Equity in income (loss) from joint ventures, net | (38) | (184) | ||||||||
Equity in income (loss) from subsidiaries | (1,277) | (707) | ||||||||
Interest expense | (4) | 0 | ||||||||
Other income (expense), net | 1,451 | 848 | ||||||||
(Loss) income before income taxes | (141) | (1,026) | ||||||||
Income tax benefit (expense) | 4 | (10) | ||||||||
Net (loss) income | (137) | (1,036) | ||||||||
Less: Net income attributable to non-controlling interests | (213) | (89) | ||||||||
Net (loss) income attributable to SHLP | (350) | (1,125) | ||||||||
Comprehensive income (loss) | (137) | (1,036) | ||||||||
Consolidation, Eliminations
|
||||||||||
Revenues | 0 | 0 | ||||||||
Cost of sales | 64 | 48 | ||||||||
Gross margin | 64 | 48 | ||||||||
Selling expenses | 0 | 0 | ||||||||
General and administrative expenses | 0 | 0 | ||||||||
Equity in income (loss) from joint ventures, net | 0 | 0 | ||||||||
Equity in income (loss) from subsidiaries | (1,621) | 1,668 | ||||||||
Interest expense | 0 | 0 | ||||||||
Other income (expense), net | (64) | (48) | ||||||||
(Loss) income before income taxes | (1,621) | 1,668 | ||||||||
Income tax benefit (expense) | 0 | 0 | ||||||||
Net (loss) income | (1,621) | 1,668 | ||||||||
Less: Net income attributable to non-controlling interests | 0 | 0 | ||||||||
Net (loss) income attributable to SHLP | (1,621) | 1,668 | ||||||||
Comprehensive income (loss) | $ (3,064) | $ 988 | ||||||||
|
Basis of Presentation - Additional Information (Detail) (JFSCI)
|
Mar. 31, 2012
|
---|---|
JFSCI
|
|
Business Acquisition [Line Items] | |
Ownership interest | 96.00% |
Inventory - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
|
Inventory Disclosure [Line Items] | ||
Write-offs of deposits and preacquisition costs | $ 0.3 | $ 0 |
Equity - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Series B
|
||
Stockholders Equity Note [Line Items] | ||
Interest rate determination | 2.05% | 2.05% |
Preferred return percentage earned on unreturned preferred capital | 1.20% | 1.20% |
Accumulated undistributed preferred returns | $ 19.4 | $ 18.9 |
Series D
|
||
Stockholders Equity Note [Line Items] | ||
Ownership interest | 1.00% | |
Preferred return percentage earned on unreturned preferred capital | 7.00% | |
Accumulated undistributed preferred returns | $ 43.3 | $ 40.3 |
Limited Partner
|
||
Stockholders Equity Note [Line Items] | ||
Ownership interest | 78.38% | |
General Partner
|
||
Stockholders Equity Note [Line Items] | ||
Ownership interest | 20.62% |
Changes in Completed Operations (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
Dec. 31, 2011
|
Mar. 31, 2011
|
Mar. 31, 2012
Insured Operations
|
Mar. 31, 2011
Insured Operations
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Mar. 31, 2012
Self Insured Operations
|
Mar. 31, 2011
Self Insured Operations
|
|
Completed Operations [Line Items] | |||||||
Total completed operations | $ 103,980 | $ 109,390 | $ 116,939 | $ 103,980 | $ 116,939 | $ 0 | $ 0 |
Balance, beginning of the period | 103,980 | 109,390 | 116,939 | 109,390 | 102,860 | 0 | 15,613 |
Reserves provided (relieved) | 1,391 | (1,344) | 0 | 907 | |||
Insurance purchased | 0 | 16,520 | 0 | (16,520) | |||
Claims paid | (6,801) | (1,097) | |||||
Balance, end of the period | $ 103,980 | $ 109,390 | $ 116,939 | $ 103,980 | $ 116,939 | $ 0 | $ 0 |
Net Book Values of Estimated Fair Values of Notes Payable (Detail) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2012
|
Dec. 31, 2011
|
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Senior Secured Notes
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net Book Value | $ 750,000 | $ 750,000 |
Estimated Fair Value | 772,500 | 697,500 |
Secured Promissory Notes
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net Book Value | 1,374 | 2,056 |
Estimated Fair Value | $ 1,374 | $ 2,056 |
Investments
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2012
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Investments | 4. Investments Investments consist of available-for-sale securities and are measured at fair value, which is based on quoted market prices or cash flow models. Accordingly, unrealized gains and temporary losses on investments, net of tax, are reported as accumulated other comprehensive income (loss). Realized gains and losses are determined using the specific identification method. At March 31, 2012 and December 31, 2011, investments were as follows:
For the three months ended March 31, 2012 and 2011, realized gains on available-for-sale securities were zero and $0.1 million, respectively, which were included in other income, net.
For the three months ended March 31, 2012, included in accumulated other comprehensive income (loss) were $2.2 million of unrealized gains and $(0.8) million of tax expense. For the three months ended March 31, 2011, included in accumulated other comprehensive income (loss) were $1.0 million of unrealized losses, reclassification adjustments for $0.1 million of realized gains and $(0.4) million of tax expense. At March 31, 2012, the contractual maturities of debt securities classified as available-for-sale were as follows:
Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without penalty. At March 31, 2012, there were no securities in an unrealized loss position. At December 31, 2011, there were debt securities with a $10.9 million fair value and nominal unrealized losses that were in a continuous unrealized loss position for less than one year, and debt securities with a $21.5 million fair value with no continuous losses. We evaluated investments with unrealized losses to determine if they experienced an other-than-temporary impairment. This evaluation was based on various factors, including length of time securities were in a loss position, ability and intent to hold investments until temporary losses were recovered or mature, investee’s industry and amount of the unrealized loss. Based on these factors, unrealized losses at December 31, 2011 were not deemed as an other-than-temporary impairment. |
Other Liabilities - Additional Information (Detail) (USD $)
|
3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
Dec. 31, 2011
|
Mar. 31, 2012
Remaining Amount
|
Dec. 31, 2011
Remaining Amount
|
Mar. 31, 2012
JFSCI
|
Mar. 31, 2011
JFSCI
|
Sep. 30, 2009
JFSCI
|
Mar. 31, 2012
JFSCI
Remaining Amount
|
Mar. 31, 2011
JFSCI
Remaining Amount
|
Mar. 31, 2012
PIC
|
Mar. 31, 2011
PIC
|
Mar. 31, 2012
PIC
Remaining Amount
|
Mar. 31, 2011
PIC
Remaining Amount
|
|
Other Liabilities [Line Items] | ||||||||||||||
Insurance receivables | $ 103,980,000 | $ 109,390,000 | ||||||||||||
Percentage of uncovered losses related to completed operations | 12.50% | |||||||||||||
Deferred revenue on completed operation claims | 19,200,000 | 15,000,000 | 15,600,000 | 15,600,000 | 900,000 | 1,100,000 | ||||||||
Deferral recognized as income | 600,000 | 100,000 | 200,000 | 100,000 | ||||||||||
Distribution payable to non-controlling interest | 3,164,000 | 3,344,000 | 3,200,000 | 3,300,000 | ||||||||||
Distribution to non-controlling interest | $ 344,000 | $ 90,000 | $ 100,000 |