Note 18 - Supplemental Guarantor Information

12 Months Ended

Dec. 31, 2015

Supplemental Guarantor Information [Abstract]

Supplemental Guarantor Information [Text Block]

18. Supplemental Guarantor Information

Certain of our 100% owned direct and indirect subsidiaries guarantee our outstanding senior notes payable (please see Note 8.b. "Senior Notes Payable"). Presented below are the consolidated financial statements for our guarantor subsidiaries and non-guarantor subsidiaries.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

	Year Ended December 31, 2015
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
Homebuilding:
Revenues	$	1,234,750		$	1,500,676		$	787,707		$	(26,722	)	$	3,496,411
Cost of sales		(989,834	)		(1,194,605	)		(562,223	)		26,722			(2,719,940	)
Gross margin		244,916			306,071			225,484			—			776,471
Selling, general and administrative expenses		(145,458	)		(185,779	)		(59,473	)		—			(390,710	)
Income (loss) from unconsolidated joint ventures		540			269			1,157			—			1,966
Equity income of subsidiaries		201,261			—			—			(201,261	)		—
Interest income (expense), net		12,388			(9,374	)		(3,014	)		—			—
Other income (expense)		(57,629	)		(2,678	)		(1,870	)		—			(62,177	)
Homebuilding pretax income		256,018			108,509			162,284			(201,261	)		325,550
Financial Services:
Financial services pretax income		—			—			16,939			—			16,939
Income before taxes		256,018			108,509			179,223			(201,261	)		342,489
Provision for income taxes		(42,509	)		(49,512	)		(36,959	)		—			(128,980	)
Net income	$	213,509		$	58,997		$	142,264		$	(201,261	)	$	213,509

	Year Ended December 31, 2014
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(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

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

	Year Ended December 31, 2013
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(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 BALANCE SHEET

	December 31, 2015
	CalAtlantic Group, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	6,387	$	112,852	$	31,837	$	—		$	151,076
Restricted cash		—		—		35,990		—			35,990
Intercompany receivables		2,380,899		—		152,505		2,533,404			—
Inventories:
Owned		2,524,927		2,304,305		1,240,727		—			6,069,959
Not owned		32,393		38,925		11,928		—			83,246
Investments in unconsolidated joint ventures		5,353		4,330		123,080		—			132,763
Investments in subsidiaries		1,644,453		—		—		(1,644,453	)		—
Deferred income taxes, net		405,945		—		—		(9,751	)		396,194
Goodwill		933,360		—		—		—			933,360
Other assets		67,578		48,027		3,163		—			118,768
Total Homebuilding Assets		8,001,295		2,508,439		1,599,230		(4,187,608	)		7,921,356
Financial Services:
Cash and equivalents		—		—		35,518		—			35,518
Restricted cash		—		—		22,914		—			22,914
Mortgage loans held for sale, net		—		—		325,770		—			325,770
Mortgage loans held for investment, net		—		—		22,704		—			22,704
Other assets		—		—		18,886		(1,643	)		17,243
Total Financial Services Assets		—		—		425,792		(1,643	)		424,149
Total Assets	$	8,001,295	$	2,508,439	$	2,025,022	$	(4,189,251	)	$	8,345,505
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	91,873	$	82,906	$	16,902	$	—		$	191,681
Accrued liabilities and intercompany payables		415,803		1,538,096		903,761		(2,378,867	)		478,793
Secured project debt and other notes payable		170,167		—		4,061		(148,545	)		25,683
Senior notes payable		3,462,016		—		—		—			3,462,016
Total Homebuilding Liabilities		4,139,859		1,621,002		924,724		(2,527,412	)		4,158,173
Financial Services:
Accounts payable and other liabilities		—		—		39,860		(17,386	)		22,474
Mortgage credit facilities		—		—		303,422		—			303,422
Total Financial Services Liabilities		—		—		343,282		(17,386	)		325,896
Total Liabilities		4,139,859		1,621,002		1,268,006		(2,544,798	)		4,484,069
Equity:
Total Equity		3,861,436		887,437		757,016		(1,644,453	)		3,861,436
Total Liabilities and Equity	$	8,001,295	$	2,508,439	$	2,025,022	$	(4,189,251	)	$	8,345,505

CONDENSED CONSOLIDATING BALANCE SHEET

	December 31, 2014
	CalAtlantic Group, Inc.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	133,304		$	1,061	$	46,063	$	—		$	180,428
Restricted cash		—			—		38,222		—			38,222
Intercompany receivables		1,637,226			—		184,772		(1,821,998	)		—
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		19,443			11,234		8,139		—			38,816
Total Homebuilding Assets		4,106,700			1,275,545		1,329,510		(2,787,419	)		3,924,336
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	$	4,106,700		$	1,275,545	$	1,558,550	$	(2,789,156	)	$	4,151,639
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		2,108,612			—		—		—			2,108,612
Total Homebuilding Liabilities		2,430,012			885,124		803,040		(1,736,007	)		2,382,169
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		2,430,012			885,124		991,038		(1,831,223	)		2,474,951
Equity:
Total Equity		1,676,688			390,421		567,512		(957,933	)		1,676,688
Total Liabilities and Equity	$	4,106,700		$	1,275,545	$	1,558,550	$	(2,789,156	)	$	4,151,639

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Year Ended December 31, 2015
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$	(17,201	)	$	(107,470	)	$	(146,690	)	$	—		$	(271,361	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		—			—			(91,453	)		—			(91,453	)
Distributions of capital from unconsolidated homebuilding joint ventures		641			75			18,866			—			19,582
Cash acquired in connection with merger		20,345			238,034			10,138			—			268,517
Loan to parent and subsidiaries		—			—			34,000			(34,000	)		—
Other investing activities		9			(4,310	)		(7,671	)		—			(11,972	)
Net cash provided by (used in) investing activities		20,995			233,799			(36,120	)		(34,000	)		184,674
Cash Flows From Financing Activities:
Change in restricted cash		—			—			652			—			652
Borrowing from revolving credit facility		852,700			—			—			—			852,700
Principal payments on revolving credit facility		(852,700	)		—			—			—			(852,700	)
Principal payments on secured project debt and other notes payable		(1,893	)		—			(639	)		—			(2,532	)
Loan from subsidiary		46,000			—			—			(46,000	)		—
Principal payment on senior notes payable		(29,789	)		—			—			—			(29,789	)
Payment of debt issuance costs		(1,016	)		—			—			—			(1,016	)
Net proceeds from (payments on) mortgage credit facilities		—			—			30,469			80,000			110,469
(Contributions to) distributions from Corporate and subsidiaries		13,873			(31,719	)		17,846			—			—
Repurchases of common stock		(22,073	)		—			—			—			(22,073	)
Common stock dividend payments		(4,851	)		—			—			—			(4,851	)
Issuance of common stock under employee stock plans, net of withholdings		1,000			—			—			—			1,000
Excess tax benefits from share-based payment arrangements		9,250			—			—			—			9,250
Other financing activities		—			(95	)		(127	)		—			(222	)
Intercompany advances, net		(141,212	)		17,276			123,936			—			—
Net cash provided by (used in) financing activities		(130,711	)		(14,538	)		172,137			34,000			60,888
Net increase (decrease) in cash and equivalents		(126,917	)		111,791			(10,673	)		—			(25,799	)
Cash and equivalents at beginning of year		133,304			1,061			78,028			—			212,393
Cash and equivalents at end of year	$	6,387		$	112,852		$	67,355		$	—		$	186,594

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Year Ended December 31, 2014
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(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	)
Issuance of common stock under employee stock plans, net of withholdings		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
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments		Consolidated CalAtlantic Group, Inc.
	(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	)
Issuance of common stock under employee stock plans, net of withholdings		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