Note 20 - Supplemental Guarantor Information

3 Months Ended

Mar. 31, 2015

Supplemental Guarantor Information [Abstract]

Supplemental Guarantor Information [Text Block]

20. Supplemental Guarantor Information

Certain of our 100% owned direct and indirect subsidiaries guarantee our outstanding senior notes payable (please see Note 13 "Senior Notes Payable"). Presented below are the condensed consolidated financial statements for our guarantor subsidiaries and non-guarantor subsidiaries.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

	Three Months Ended March 31, 2015
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	136,892		$	219,728		$	113,658		$	-		$	470,278
Cost of sales		(103,358	)		(170,957	)		(81,858	)		-			(356,173	)
Gross margin		33,534			48,771			31,800			-			114,105
Selling, general and administrative expenses		(23,146	)		(32,750	)		(10,174	)		-			(66,070	)
Income (loss) from unconsolidated joint ventures		26			-			(477	)		-			(451	)
Equity income of subsidiaries		23,367			-			-			(23,367	)		-
Interest income (expense), net		3,223			(2,744	)		(479	)		-			-
Other income (expense)		(1,001	)		(148	)		853			-			(296	)
Homebuilding pretax income		36,003			13,129			21,523			(23,367	)		47,288
Financial Services:
Financial services pretax income		-			-			1,208			-			1,208
Income before taxes		36,003			13,129			22,731			(23,367	)		48,496
Provision for income taxes		(4,398	)		(7,324	)		(5,169	)		-			(16,891	)
Net income	$	31,605		$	5,805		$	17,562		$	(23,367	)	$	31,605

	Three Months Ended March 31, 2014
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	168,340		$	205,084		$	86,775		$	-		$	460,199
Cost of sales		(121,510	)		(154,822	)		(64,917	)		-			(341,249	)
Gross margin		46,830			50,262			21,858			-			118,950
Selling, general and administrative expenses		(23,805	)		(27,848	)		(6,937	)		-			(58,590	)
Income (loss) from unconsolidated joint ventures		(117	)		33			(353	)		-			(437	)
Equity income of subsidiaries		24,496			-			-			(24,496	)		-
Interest income (expense), net		3,689			(2,806	)		(883	)		-			-
Other income (expense)		(142	)		(30	)		159			-			(13	)
Homebuilding pretax income		50,951			19,611			13,844			(24,496	)		59,910
Financial Services:
Financial services pretax income		-			-			1,705			-			1,705
Income before taxes		50,951			19,611			15,549			(24,496	)		61,615
Provision for income taxes		(12,792	)		(7,255	)		(3,409	)		-			(23,456	)
Net income	$	38,159		$	12,356		$	12,140		$	(24,496	)	$	38,159

CONDENSED CONSOLIDATING BALANCE SHEET

	March 31, 2015
	Standard Pacific Corp.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	47,277		$	783	$	32,866	$	-		$	80,926
Restricted cash		-			-		39,241		-			39,241
Trade, intercompany and other receivables		1,773,943			10,318		185,082		(1,943,373	)		25,970
Inventories:
Owned		1,094,011			1,302,428		1,084,338		-			3,480,777
Not owned		19,678			22,031		9,147		-			50,856
Investments in unconsolidated joint ventures		(1,628	)		523		52,467		-			51,362
Investments in subsidiaries		971,327			-		-		(971,327	)		-
Deferred income taxes, net		281,516			-		-		(7,838	)		273,678
Other assets		31,582			6,910		1,380		-			39,872
Total Homebuilding Assets		4,217,706			1,342,993		1,404,521		(2,922,538	)		4,042,682
Financial Services:
Cash and equivalents		-			-		22,672		-			22,672
Restricted cash		-			-		1,295		-			1,295
Mortgage loans held for sale, net		-			-		98,692		-			98,692
Mortgage loans held for investment, net		-			-		18,518		-			18,518
Other assets		-			-		9,896		(1,606	)		8,290
Total Financial Services Assets		-			-		151,073		(1,606	)		149,467
Total Assets	$	4,217,706		$	1,342,993	$	1,555,594	$	(2,924,144	)	$	4,192,149
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	17,669		$	22,451	$	18,444	$	-		$	58,564
Accrued liabilities and intercompany payables		192,831			924,316		848,459		(1,765,760	)		199,846
Revolving credit facility		15,000			-		-		-			15,000
Secured project debt, other notes payable and intercompany loans		171,622			-		4,378		(171,622	)		4,378
Senior notes payable		2,132,229			-		-		-			2,132,229
Total Homebuilding Liabilities		2,529,351			946,767		871,281		(1,937,382	)		2,410,017
Financial Services:
Accounts payable and other liabilities		-			-		17,675		(15,435	)		2,240
Mortgage credit facilities		-			-		91,537		-			91,537
Total Financial Services Liabilities		-			-		109,212		(15,435	)		93,777
Total Liabilities		2,529,351			946,767		980,493		(1,952,817	)		2,503,794
Equity:
Total Stockholders' Equity		1,688,355			396,226		575,101		(971,327	)		1,688,355
Total Liabilities and Equity	$	4,217,706		$	1,342,993	$	1,555,594	$	(2,924,144	)	$	4,192,149

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, other notes payable and intercompany loans		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 STATEMENTS OF CASH FLOWS

	Three Months Ended March 31, 2015
	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	$	(26,142	)	$	(61,490	)	$	(6,439	)	$	-		$	(94,071	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		-			-			(7,639	)		-			(7,639	)
Distributions of capital from unconsolidated joint ventures		-			-			5,732			-			5,732
Loan to parent and subsidiaries		-			-			10,000			(10,000	)		-
Other investing activities		(1,080	)		(697	)		(4,200	)		-			(5,977	)
Net cash provided by (used in) investing activities		(1,080	)		(697	)		3,893			(10,000	)		(7,884	)
Cash Flows From Financing Activities:
Change in restricted cash		-			-			(1,019	)		-			(1,019	)
Borrowings from revolving credit facility		27,700			-			-			-			27,700
Principal payments on revolving credit facility		(12,700	)		-			-			-			(12,700	)
Principal payments on secured project debt and other notes payable		-			-			(311	)		-			(311	)
Loan from subsidiary		70,000			-			-			(70,000	)		-
Net proceeds from (payments on) mortgage credit facilities		-			-			(77,876	)		80,000			2,124
(Contributions to) distributions from Corporate and subsidiaries		9,973			-			(9,973	)		-			-
Repurchase of common stock		(22,073	)		-			-			-			(22,073	)
Issuance of common stock under employee stock plans		(3,930	)		-			-			-			(3,930	)
Excess tax benefits from share-based payment arrangements		3,369			-			-			-			3,369
Intercompany advances, net		(131,144	)		61,909			69,235			-			-
Net cash provided by (used in) financing activities		(58,805	)		61,909			(19,944	)		10,000			(6,840	)
Net increase (decrease) in cash and equivalents		(86,027	)		(278	)		(22,490	)		-			(108,795	)
Cash and equivalents at beginning of period		133,304			1,061			78,028			-			212,393
Cash and equivalents at end of period	$	47,277		$	783		$	55,538		$	-		$	103,598

	Three Months Ended March 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	$	(36,848	)	$	(88,166	)	$	7,451		$	-		$	(117,563	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		146			-			(2,933	)		-			(2,787	)
Distributions of capital from unconsolidated joint ventures		-			229			14,579			-			14,808
Loan to parent		-			-			(35,000	)		35,000			-
Other investing activities		(284	)		(387	)		(1,064	)		-			(1,735	)
Net cash provided by (used in) investing activities		(138	)		(158	)		(24,418	)		35,000			10,286
Cash Flows From Financing Activities:
Change in restricted cash		-			-			(5,238	)		-			(5,238	)
Principal payments on secured project debt and other notes payable		-			-			(890	)		-			(890	)
Loan from subsidiary		35,000			-			-			(35,000	)		-
Net proceeds from (payments on) mortgage credit facilities		-			-			(48,370	)		-			(48,370	)
(Contributions to) distributions from Corporate and subsidiaries		(4,400	)		-			4,400			-			-
Issuance of common stock under employee stock plans		3,596			-			-			-			3,596
Intercompany advances, net		(138,450	)		88,516			49,934			-			-
Net cash provided by (used in) financing activities		(104,254	)		88,516			(164	)		(35,000	)		(50,902	)
Net increase (decrease) in cash and equivalents		(141,240	)		192			(17,131	)		-			(158,179	)
Cash and equivalents at beginning of period		175,289			494			187,508			-			363,291
Cash and equivalents at end of period	$	34,049		$	686		$	170,377		$	-		$	205,112