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Note 16 - Supplemental Guarantor Information
12 Months Ended
Dec. 31, 2014
Supplemental Guarantor Information [Abstract]  
Supplemental Guarantor Information [Text Block]

16. Supplemental Guarantor Information


Certain of our 100% owned direct and indirect subsidiaries guarantee our outstanding senior notes payable (please see Note 6.b. "Senior Notes Payable"). Presented below are the condensed consolidated financial statements for our guarantor subsidiaries and non-guarantor subsidiaries.


CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS


   

Year Ended December 31, 2014

 
   

Standard
Pacific Corp.

   

Guarantor Subsidiaries

   

Non-
Guarantor Subsidiaries

   

Consolidating Adjustments

   

Consolidated
Standard
Pacific Corp.

 
   

(Dollars in thousands)

 

Homebuilding:

                                       

Revenues

  $ 813,423     $ 1,025,404     $ 572,351     $     $ 2,411,178  

Cost of sales

    (599,911 )     (779,578 )     (413,306 )           (1,792,795 )

Gross margin

    213,512       245,826       159,045             618,383  

Selling, general and administrative expenses

    (101,020 )     (131,068 )     (43,773 )           (275,861 )

Income (loss) from unconsolidated joint ventures

    (71 )     88       (685 )           (668 )

Equity income of subsidiaries

    155,943                   (155,943 )      

Interest income (expense), net

    13,718       (11,497 )     (2,221 )            

Other income (expense)

    (3,954 )     (469 )     2,690             (1,733 )

Homebuilding pretax income

    278,128       102,880       115,056       (155,943 )     340,121  

Financial Services:

                                       

Financial services pretax income

                9,843             9,843  

Income before taxes

    278,128       102,880       124,899       (155,943 )     349,964  

Provision for income taxes

    (62,263 )     (40,469 )     (31,367 )           (134,099 )

Net income

  $ 215,865     $ 62,411     $ 93,532     $ (155,943 )   $ 215,865  

   

Year Ended December 31, 2013

 
   

Standard
Pacific Corp.

   

Guarantor Subsidiaries

   

Non-
Guarantor Subsidiaries

   

Consolidating Adjustments

   

Consolidated
Standard
Pacific Corp.

 
   

(Dollars in thousands)

 

Homebuilding:

                                       

Revenues

  $ 819,044     $ 826,245     $ 269,320     $     $ 1,914,609  

Cost of sales

    (609,858 )     (632,733 )     (202,822 )           (1,445,413 )

Gross margin

    209,186       193,512       66,498             469,196  

Selling, general and administrative expenses

    (94,819 )     (111,746 )     (24,126 )           (230,691 )

Income (loss) from unconsolidated joint ventures

    1,369       (137 )     (283 )           949  

Equity income of subsidiaries

    81,140                   (81,140 )      

Interest income (expense), net

    16,419       (11,651 )     (4,768 )            

Other income (expense)

    7,515       (321 )     (379 )           6,815  

Homebuilding pretax income

    220,810       69,657       36,942       (81,140 )     246,269  

Financial Services:

                                       

Financial services pretax income

                11,429             11,429  

Income before income taxes

    220,810       69,657       48,371       (81,140 )     257,698  

Provision for income taxes

    (32,095 )     (23,676 )     (13,212 )           (68,983 )

Net income

  $ 188,715     $ 45,981     $ 35,159     $ (81,140 )   $ 188,715  

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS


   

Year Ended December 31, 2012

 
   

Standard
Pacific Corp.

   

Guarantor Subsidiaries

   

Non-
Guarantor Subsidiaries

   

Consolidating Adjustments

   

Consolidated
Standard
Pacific Corp.

 
   

(Dollars in thousands)

 

Homebuilding:

                                       

Revenues

  $ 518,040     $ 580,419     $ 138,499     $     $ 1,236,958  

Cost of sales

    (408,569 )     (463,566 )     (121,149 )           (993,284 )

Gross margin

    109,471       116,853       17,350             243,674  

Selling, general and administrative expenses

    (78,335 )     (81,490 )     (12,382 )           (172,207 )

Loss from unconsolidated joint ventures

    (166 )     (659 )     (1,265 )           (2,090 )

Equity income of subsidiaries

    13,314                   (13,314 )      

Interest income (expense), net

    17,319       (17,052 )     (6,663 )           (6,396 )

Other income (expense)

    4,695       194       (225 )           4,664  

Homebuilding pretax income (loss)

    66,298       17,846       (3,185 )     (13,314 )     67,645  

Financial Services:

                                       

Financial services pretax income

                10,542             10,542  

Income before taxes

    66,298       17,846       7,357       (13,314 )     78,187  

Benefit (provision) for income taxes

    465,123       (6,668 )     (5,221 )           453,234  

Net income

  $ 531,421     $ 11,178     $ 2,136     $ (13,314 )   $ 531,421  

CONDENSED CONSOLIDATING BALANCE SHEET


   

December 31, 2014

 
   

Standard
Pacific Corp.

   

Guarantor
Subsidiaries

   

Non-Guarantor
Subsidiaries

   

Consolidating
Adjustments

   

Consolidated
Standard
Pacific Corp.

 
   

(Dollars in thousands)

 

ASSETS

                                       

Homebuilding:

                                       

Cash and equivalents

  $ 133,304     $ 1,061     $ 46,063     $     $ 180,428  

Restricted cash

                38,222             38,222  

Trade, intercompany and other receivables

    1,645,356       4,379       191,268       (1,821,998 )     19,005  

Inventories:

                                       

Owned

    1,059,197       1,234,233       961,774             3,255,204  

Not owned

    17,360       28,520       39,273             85,153  

Investments in unconsolidated joint ventures

    (1,653 )     497       51,267             50,111  

Investments in subsidiaries

    957,933                   (957,933 )      

Deferred income taxes, net

    283,890                   (7,488 )     276,402  

Other assets

    34,094       6,855       1,643             42,592  

Total Homebuilding Assets

    4,129,481       1,275,545       1,329,510       (2,787,419 )     3,947,117  

Financial Services:

                                       

Cash and equivalents

                31,965             31,965  

Restricted cash

                1,295             1,295  

Mortgage loans held for sale, net

                174,420             174,420  

Mortgage loans held for investment, net

                14,380             14,380  

Other assets

                6,980       (1,737 )     5,243  

Total Financial Services Assets

                229,040       (1,737 )     227,303  
                                         

Total Assets

  $ 4,129,481     $ 1,275,545     $ 1,558,550     $ (2,789,156 )   $ 4,174,420  
                                         

LIABILITIES AND EQUITY

                                       

Homebuilding:

                                       

Accounts payable

  $ 13,856     $ 16,202     $ 15,027     $     $ 45,085  

Accrued liabilities and intercompany payables

    206,731       868,922       783,324       (1,635,194 )     223,783  

Secured project debt and other notes payable

    100,813             4,689       (100,813 )     4,689  

Senior notes payable

    2,131,393                         2,131,393  

Total Homebuilding Liabilities

    2,452,793       885,124       803,040       (1,736,007 )     2,404,950  

Financial Services:

                                       

Accounts payable and other liabilities

                18,585       (15,216 )     3,369  

Mortgage credit facilities

                169,413       (80,000 )     89,413  

Total Financial Services Liabilities

                187,998       (95,216 )     92,782  
                                         

Total Liabilities

    2,452,793       885,124       991,038       (1,831,223 )     2,497,732  
                                         

Equity:

                                       

Total Stockholders' Equity

    1,676,688       390,421       567,512       (957,933 )     1,676,688  

Total Liabilities and Equity

  $ 4,129,481     $ 1,275,545     $ 1,558,550     $ (2,789,156 )   $ 4,174,420  

CONDENSED CONSOLIDATING BALANCE SHEET


   

December 31, 2013

 
   

Standard
Pacific Corp.

   

Guarantor
Subsidiaries

   

Non-Guarantor
Subsidiaries

   

Consolidating
Adjustments

   

Consolidated
Standard
Pacific Corp.

 
   

(Dollars in thousands)

 

ASSETS

                                       

Homebuilding:

                                       

Cash and equivalents

  $ 175,289     $ 494     $ 179,706     $     $ 355,489  

Restricted cash

                21,460             21,460  

Trade, intercompany and other receivables

    1,278,567       3,565       8,167       (1,275,868 )     14,431  

Inventories:

                                       

Owned

    804,099       1,012,841       719,162             2,536,102  

Not owned

    9,737       41,734       46,870             98,341  

Investments in unconsolidated joint ventures

    586       422       65,046             66,054  

Investments in subsidiaries

    810,340                   (810,340 )      

Deferred income taxes, net

    379,313                   (3,913 )     375,400  

Other assets

    38,024       5,478       2,475             45,977  

Total Homebuilding Assets

    3,495,955       1,064,534       1,042,886       (2,090,121 )     3,513,254  

Financial Services:

                                       

Cash and equivalents

                7,802             7,802  

Restricted cash

                1,295             1,295  

Mortgage loans held for sale, net

                122,031             122,031  

Mortgage loans held for investment, net

                12,220             12,220  

Other assets

                7,490       (1,987 )     5,503  

Total Financial Services Assets

                150,838       (1,987 )     148,851  
                                         

Total Assets

  $ 3,495,955     $ 1,064,534     $ 1,193,724     $ (2,092,108 )   $ 3,662,105  
                                         

LIABILITIES AND EQUITY

                                       

Homebuilding:

                                       

Accounts payable

  $ 11,685     $ 13,442     $ 10,644     $     $ 35,771  

Accrued liabilities and intercompany payables

    182,066       723,082       578,995       (1,269,877 )     214,266  

Secured project debt and other notes payable

                6,351             6,351  

Senior notes payable

    1,833,244                         1,833,244  

Total Homebuilding Liabilities

    2,026,995       736,524       595,990       (1,269,877 )     2,089,632  

Financial Services:

                                       

Accounts payable and other liabilities

                14,537       (11,891 )     2,646  

Mortgage credit facilities

                100,867             100,867  

Total Financial Services Liabilities

                115,404       (11,891 )     103,513  
                                         

Total Liabilities

    2,026,995       736,524       711,394       (1,281,768 )     2,193,145  
                                         

Equity:

                                       

Total Stockholders' Equity

    1,468,960       328,010       482,330       (810,340 )     1,468,960  

Total Liabilities and Equity

  $ 3,495,955     $ 1,064,534     $ 1,193,724     $ (2,092,108 )   $ 3,662,105  

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS


   

Year Ended December 31, 2014

 
   

Standard
Pacific Corp.

   

Guarantor
Subsidiaries

   

Non-Guarantor
Subsidiaries

   

Consolidating
Adjustments

   

Consolidated
Standard
Pacific Corp.

 
   

(Dollars in thousands)

 

Cash Flows From Operating Activities:

                                       

Net cash provided by (used in) operating activities

  $ (56,158 )   $ (118,941 )   $ (187,298 )   $     $ (362,397 )
                                         

Cash Flows From Investing Activities:

                                       

Investments in unconsolidated homebuilding joint ventures

                (10,506 )           (10,506 )

Distributions of capital from unconsolidated homebuilding joint ventures

    227       228       17,555             18,010  

Net cash paid for acquisitions

          (36,047     2,277             (33,770 )

Loan to parent and subsidiaries

                (180,000 )     180,000        

Other investing activities

    (1,571 )     (1,351 )     (1,832 )           (4,754 )

Net cash provided by (used in) investing activities

    (1,344 )     (37,170 )     (172,506 )     180,000       (31,020 )
                                         

Cash Flows From Financing Activities:

                                       

Change in restricted cash

                (16,762 )           (16,762 )

Principal payments on secured project debt and other notes payable

                (1,458 )           (1,458 )

Loan from subsidiary

    100,000                   (100,000 )      

Principal payment on senior notes payable

    (4,971 )                       (4,971 )

Proceeds from the issuance of senior notes payable

    300,000                         300,000  

Payment of debt issuance costs

    (6,230 )                       (6,230 )

Net proceeds from (payments on) mortgage credit facilities

                68,546       (80,000 )     (11,454 )

(Contributions to) distributions from Corporate and subsidiaries

    8,350             (8,350 )            

Repurchases of common stock

    (36,781 )                       (36,781 )

Proceeds from the exercise of stock options

    6,771                         6,771  

Excess tax benefits from share-based payment arrangements

    13,404                         13,404  

Intercompany advances, net

    (365,026 )     156,678       208,348              

Net cash provided by (used in) financing activities

    15,517       156,678       250,324       (180,000 )     242,519  
                                         

Net increase (decrease) in cash and equivalents

    (41,985 )     567       (109,480 )           (150,898 )

Cash and equivalents at beginning of year

    175,289       494       187,508             363,291  

Cash and equivalents at end of year

  $ 133,304     $ 1,061     $ 78,028     $     $ 212,393  

   

Year Ended December 31, 2013

 
   

Standard
Pacific Corp.

   

Guarantor
Subsidiaries

   

Non-Guarantor
Subsidiaries

   

Consolidating
Adjustments

   

Consolidated
Standard
Pacific Corp.

 
   

(Dollars in thousands)

 

Cash Flows From Operating Activities:

                                       

Net cash provided by (used in) operating activities

  $ 163,640     $ (172,687 )   $ (145,169 )   $     $ (154,216 )
                                         

Cash Flows From Investing Activities:

                                       

Investments in unconsolidated homebuilding joint ventures

    (534 )     (50 )     (23,744 )           (24,328 )

Distributions of capital from unconsolidated homebuilding joint ventures

          244       4,519             4,763  

Net cash paid for acquisitions

          (27,113 )     (89,149 )           (116,262 )

Other investing activities

    (1,946 )     (3,768 )     (2,316 )           (8,030 )

Net cash provided by (used in) investing activities

    (2,480 )     (30,687 )     (110,690 )           (143,857 )
                                         

Cash Flows From Financing Activities:

                                       

Change in restricted cash

                6,565             6,565  

Principal payments on secured project debt and other notes payable

    (6,804 )           (1,530 )           (8,334 )

Proceeds from the issuance of senior notes payable

    300,000                         300,000  

Payment of debt issuance costs

    (5,316 )                       (5,316 )

Net proceeds from (payments on) mortgage credit facilities

                8,708             8,708  

(Contributions to) distributions from Corporate and subsidiaries

    (11,691 )           11,691              

Payment of issuance costs in connection with preferred shareholder equity transactions

    (350 )                       (350 )

Proceeds from the exercise of stock options

    13,536                         13,536  

Intercompany advances, net

    (429,968 )     203,754       226,214              

Net cash provided by (used in) financing activities

    (140,593 )     203,754       251,648             314,809  
                                         

Net increase (decrease) in cash and equivalents

    20,567       380       (4,211 )           16,736  

Cash and equivalents at beginning of year

    154,722       114       191,719             346,555  

Cash and equivalents at end of year

  $ 175,289     $ 494     $ 187,508     $     $ 363,291  

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS


   

Year Ended December 31, 2012

 
   

Standard
Pacific Corp.

   

Guarantor
Subsidiaries

   

Non-Guarantor
Subsidiaries

   

Consolidating
Adjustments

   

Consolidated
Standard
Pacific Corp.

 
   

(Dollars in thousands)

 

Cash Flows From Operating Activities:

                                       

Net cash provided by (used in) operating activities

  $ 97,150     $ (132,732 )   $ (221,934 )   $ (25,600 )   $ (283,116 )
                                         

Cash Flows From Investing Activities:

                                       

Investments in unconsolidated homebuilding joint ventures

    (2,630 )     (180 )     (80,248 )     25,600       (57,458 )

Distributions of capital from unconsolidated homebuilding joint ventures

    1,392       1,500       11,638             14,530  

Net cash paid for acquisitions

                (60,752 )           (60,752 )

Other investing activities

    (1,429 )     (588 )     492             (1,525 )

Net cash provided by (used in) investing activities

    (2,667 )     732       (128,870 )     25,600       (105,205 )
                                         

Cash Flows From Financing Activities:

                                       

Change in restricted cash

                3,347             3,347  

Principal payments on secured project debt and other notes payable

                (866 )           (866 )

Principal payments on senior subordinated notes payable

    (49,603 )                       (49,603 )

Proceeds from the issuance of senior notes payable

    253,000                         253,000  

Payment of debt issuance costs

    (11,761 )                       (11,761 )

Net proceeds from (payments on) mortgage credit facilities

                45,351             45,351  

Net proceeds from the issuance of common stock

    71,847                         71,847  

(Contributions to) distributions from Corporate and subsidiaries

    62,605             (62,605 )            

Proceeds from the exercise of stock options

    13,039                         13,039  

Intercompany advances, net

    (345,645 )     131,938       213,707              

Net cash provided by (used in) financing activities

    (6,518 )     131,938       198,934             324,354  
                                         

Net increase (decrease) in cash and equivalents

    87,965       (62 )     (151,870 )           (63,967 )

Cash and equivalents at beginning of year

    66,757       176       343,589             410,522  

Cash and equivalents at end of year

  $ 154,722     $ 114     $ 191,719     $     $ 346,555