Note 22 - Supplemental Guarantor Information (Tables)

9 Months Ended

Sep. 30, 2016

Supplemental Condensed Consolidating Statements of Operations [Table Text Block]

	Three Months Ended September 30, 2016
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
Homebuilding:
Revenues	$	707,397		$	656,095		$	307,466		$	―		$	1,670,958
Cost of sales		(561,856	)		(520,810	)		(213,600	)		―			(1,296,266	)
Gross margin		145,541			135,285			93,866			―			374,692
Selling, general and administrative expenses		(75,217	)		(75,834	)		(19,764	)		―			(170,815	)
Income (loss) from unconsolidated joint ventures		(717	)		44			1,904			―			1,231
Equity income of subsidiaries		95,380			―			―			(95,380	)		―
Interest income (expense), net		1,075			(886	)		(189	)		―			―
Other income (expense)		(3,602	)		(762	)		195			―			(4,169	)
Homebuilding pretax income		162,460			57,847			76,012			(95,380	)		200,939
Financial Services:
Financial services pretax income		―			―			9,807			―			9,807
Income before taxes		162,460			57,847			85,819			(95,380	)		210,746
Provision for income taxes		(30,112	)		(23,111	)		(25,175	)		―			(78,398	)
Net income	$	132,348		$	34,736		$	60,644		$	(95,380	)	$	132,348

	Three Months Ended September 30, 2015
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
Homebuilding:
Revenues	$	172,420		$	296,420		$	183,350		$	―		$	652,190
Cost of sales		(132,775	)		(226,945	)		(132,714	)		―			(492,434	)
Gross margin		39,645			69,475			50,636			―			159,756
Selling, general and administrative expenses		(21,582	)		(37,660	)		(14,018	)		―			(73,260	)
Income (loss) from unconsolidated joint ventures		14			―			107			―			121
Equity income of subsidiaries		48,155			―			―			(48,155	)		―
Interest income (expense), net		3,109			(2,160	)		(949	)		―			―
Other income (expense)		(11,782	)		(212	)		824			―			(11,170	)
Homebuilding pretax income		57,559			29,443			36,600			(48,155	)		75,447
Financial Services:
Financial services pretax income		―			―			2,847			―			2,847
Income before taxes		57,559			29,443			39,447			(48,155	)		78,294
Provision for income taxes		(10,382	)		(13,931	)		(6,804	)		―			(31,117	)
Net income	$	47,177		$	15,512		$	32,643		$	(48,155	)	$	47,177

	Nine Months Ended September 30, 2016
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
Homebuilding:
Revenues	$	1,817,935		$	1,866,598		$	750,470		$	―		$	4,435,003
Cost of sales		(1,451,579	)		(1,486,644	)		(533,543	)		―			(3,471,766	)
Gross margin		366,356			379,954			216,927			―			963,237
Selling, general and administrative expenses		(201,503	)		(220,595	)		(51,112	)		―			(473,210	)
Income (loss) from unconsolidated joint ventures		29			444			2,170			―			2,643
Equity income of subsidiaries		229,414			―			―			(229,414	)		―
Interest income (expense), net		3,685			(2,785	)		(900	)		―			―
Other income (expense)		(10,885	)		(1,241	)		134			―			(11,992	)
Homebuilding pretax income		387,096			155,777			167,219			(229,414	)		480,678
Financial Services:
Financial services pretax income		―			―			24,889			―			24,889
Income before taxes		387,096			155,777			192,108			(229,414	)		505,567
Provision for income taxes		(69,327	)		(66,659	)		(51,812	)		―			(187,798	)
Net income	$	317,769		$	89,118		$	140,296		$	(229,414	)	$	317,769

	Nine Months Ended September 30, 2015
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
Homebuilding:
Revenues	$	500,500		$	840,513		$	481,087		$	―		$	1,822,100
Cost of sales		(380,929	)		(646,798	)		(348,571	)		―			(1,376,298	)
Gross margin		119,571			193,715			132,516			―			445,802
Selling, general and administrative expenses		(69,121	)		(110,934	)		(39,185	)		―			(219,240	)
Income (loss) from unconsolidated joint ventures		36			―			(417	)		―			(381	)
Equity income of subsidiaries		121,691			―			―			(121,691	)		―
Interest income (expense), net		9,507			(7,369	)		(2,138	)		―			―
Other income (expense)		(19,223	)		(435	)		2,916			―			(16,742	)
Homebuilding pretax income		162,461			74,977			93,692			(121,691	)		209,439
Financial Services:
Financial services pretax income		―			―			6,873			―			6,873
Income before taxes		162,461			74,977			100,565			(121,691	)		216,312
Provision for income taxes		(26,481	)		(34,502	)		(19,349	)		―			(80,332	)
Net income	$	135,980		$	40,475		$	81,216		$	(121,691	)	$	135,980

Supplemental Condensed Consolidating Balance Sheets [Table Text Block]

	September 30, 2016
	CalAtlantic Group, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	118,170	$	30,931	$	34,932	$	―		$	184,033
Restricted cash		―		―		29,796		―			29,796
Intercompany receivables		2,110,248		―		235,105		(2,345,353	)		―
Inventories:
Owned		2,850,899		2,350,260		1,331,888		―			6,533,047
Not owned		38,300		32,841		4,343		―			75,484
Investments in unconsolidated joint ventures		4,358		4,696		130,319		―			139,373
Investments in subsidiaries		1,855,517		―		―		(1,855,517	)		―
Deferred income taxes, net		342,413		―		―		(18,458	)		323,955
Goodwill and other intangibles, net		970,185		―		―		―			970,185
Other assets		62,148		44,449		2,751		―			109,348
Total Homebuilding Assets		8,352,238		2,463,177		1,769,134		(4,219,328	)		8,365,221
Financial Services:
Cash and equivalents		―		―		30,241		―			30,241
Restricted cash		―		―		21,799		―			21,799
Mortgage loans held for sale, net		―		―		171,262		―			171,262
Mortgage loans held for investment, net		―		―		24,450		―			24,450
Other assets		―		―		21,131		(1,643	)		19,488
Total Financial Services Assets		―		―		268,883		(1,643	)		267,240
Total Assets	$	8,352,238	$	2,463,177	$	2,038,017	$	(4,220,971	)	$	8,632,461

LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	99,023	$	78,204	$	27,576	$	―		$	204,803
Accrued liabilities and intercompany payables		306,603		1,408,418		949,122		(2,130,349	)		533,794
Revolving credit facility		146,000		―		―		―			146,000
Secured project debt and other notes payable		272,378		―		3,657		(235,105	)		40,930
Senior notes payable		3,393,799		―		―		―			3,393,799
Total Homebuilding Liabilities		4,217,803		1,486,622		980,355		(2,365,454	)		4,319,326
Financial Services:
Accounts payable and other liabilities		―		―		16,802		―			16,802
Mortgage credit facilities		―		―		161,898		―			161,898
Total Financial Services Liabilities		―		―		178,700		―			178,700
Total Liabilities		4,217,803		1,486,622		1,159,055		(2,365,454	)		4,498,026

Equity:
Total Equity		4,134,435		976,555		878,962		(1,855,517	)		4,134,435
Total Liabilities and Equity	$	8,352,238	$	2,463,177	$	2,038,017	$	(4,220,971	)	$	8,632,461

	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

Supplemental Condensed Consolidating Statements of Cash Flows [Table Text Block]

	Nine Months Ended September 30, 2016
	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	$	(49,169	)	$	16,087		$	200,744		$	―		$	167,662

Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(235	)		(192	)		(26,573	)		―			(27,000	)
Distributions of capital from unconsolidated homebuilding joint ventures		1,107			333			22,287			―			23,727
Loan to parent and subsidiaries		―			―			(88,800	)		88,800			―
Other investing activities		(325	)		(1,958	)		(3,106	)		―			(5,389	)
Net cash provided by (used in) investing activities		547			(1,817	)		(96,192	)		88,800			(8,662	)

Cash Flows From Financing Activities:
Change in restricted cash		―			―			7,309			―			7,309
Borrowings from revolving credit facility		1,008,000			―			―			―			1,008,000
Principal payments on revolving credit facility		(862,000	)		―			―			―			(862,000	)
Principal payments on secured project debt and other notes payable		(9,985	)		―			(404	)		―			(10,389	)
Principal payments on senior notes payable		(280,000	)		―			―			―			(280,000	)
Proceeds from the issuance of senior notes payable		300,000			―			―			―			300,000
Payment of debt issue costs		(2,657	)		―			―			―			(2,657	)
Loan from subsidiary		88,800			―			―			(88,800	)		―
Net proceeds from (payments on) mortgage credit facilities		―			―			(141,524	)		―			(141,524	)
(Contributions to) distributions from Corporate and subsidiaries		18,350			―			(18,350	)		―			―
Repurchases of common stock		(137,464	)		―			―			―			(137,464	)
Common stock dividend payments		(14,264	)		―			―			―			(14,264	)
Issuance of common stock under employee stock plans, net of tax withholdings		1,868			―			―			―			1,868
Other financing activities		―			(199	)		―			―			(199	)
Intercompany advances, net		49,757			(95,992	)		46,235			―			―
Net cash provided by (used in) financing activities		160,405			(96,191	)		(106,734	)		(88,800	)		(131,320	)

Net increase (decrease) in cash and equivalents		111,783			(81,921	)		(2,182	)		―			27,680
Cash and equivalents at beginning of period		6,387			112,852			67,355			―			186,594
Cash and equivalents at end of period	$	118,170		$	30,931		$	65,173		$	―		$	214,274

	Nine Months Ended September 30, 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	$	(116,827	)	$	(14,645	)	$	(84,358	)	$	―		$	(215,830	)

Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		―			―			(83,288	)		―			(83,288	)
Distributions of capital from unconsolidated homebuilding joint ventures		―			―			10,289			―			10,289
Loan to parent and subsidiaries		―			―			80,000			(80,000	)		―
Other investing activities		(2,308	)		(1,605	)		(7,803	)		―			(11,716	)
Net cash provided by (used in) investing activities		(2,308	)		(1,605	)		(802	)		(80,000	)		(84,715	)

Cash Flows From Financing Activities:
Change in restricted cash		―			―			1,047			―			1,047
Borrowings from revolving credit facility		491,400			―			―			―			491,400
Principal payments on revolving credit facility		(222,700	)		―			―			―			(222,700	)
Principal payments on secured project debt and other notes payable		―			―			(569	)		―			(569	)
Principal payments on senior notes payable		(29,789	)											(29,789	)
Net proceeds from (payments on) mortgage credit facilities		―			―			(90,554	)		80,000			(10,554	)
(Contributions to) distributions from Corporate and subsidiaries		14,373			(31,719	)		17,346			―			―
Repurchases of common stock		(22,073	)		―			―			―			(22,073	)
Issuance of common stock under employee stock plans, net of tax withholdings		(461	)		―			―			―			(461	)
Excess tax benefits from share-based payment arrangements		8,573			―			―			―			8,573
Intercompany advances, net		(192,076	)		56,711			135,365			―			―
Net cash provided by (used in) financing activities		47,247			24,992			62,635			80,000			214,874

Net increase (decrease) in cash and equivalents		(71,888	)		8,742			(22,525	)		―			(85,671	)
Cash and equivalents at beginning of period		133,304			1,061			78,028			―			212,393
Cash and equivalents at end of period	$	61,416		$	9,803		$	55,503		$	―		$	126,722