XML 71 R7.htm IDEA: XBRL DOCUMENT v2.4.1.9
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 96,844us-gaap_IncomeLossIncludingPortionAttributableToNoncontrollingInterest $ 41,296us-gaap_IncomeLossIncludingPortionAttributableToNoncontrollingInterest
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in income of unconsolidated entities (303)us-gaap_IncomeLossFromEquityMethodInvestments (2,629)us-gaap_IncomeLossFromEquityMethodInvestments
Stock compensation expense 1,558us-gaap_StockOptionPlanExpense 1,345us-gaap_StockOptionPlanExpense
Distributions of earnings from unconsolidated entities 507us-gaap_EquityMethodInvestmentDividendsOrDistributions 13,977us-gaap_EquityMethodInvestmentDividendsOrDistributions
Depreciation and amortization 861us-gaap_DepreciationDepletionAndAmortization (387)us-gaap_DepreciationDepletionAndAmortization
Net income from discontinued operations (56,662)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax (4,296)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax
Gain on foreign currency forward (29,983)us-gaap_GainLossOnDerivativeInstrumentsNetPretax  
Contingent consideration 1,676us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1  
Deferred income taxes 6,798us-gaap_DeferredIncomeTaxExpenseBenefit (5,726)us-gaap_DeferredIncomeTaxExpenseBenefit
Changes in operating assets and liabilities:    
Real estate inventory and land deposits (246,993)us-gaap_IncreaseDecreaseInDepositsOutstanding (242,296)us-gaap_IncreaseDecreaseInDepositsOutstanding
Receivables, prepaid expenses and other assets 67,888us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (26,146)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Customer deposits 14,495us-gaap_IncreaseDecreaseInCustomerDeposits 16,490us-gaap_IncreaseDecreaseInCustomerDeposits
Accounts payable, accrued expenses and other liabilities (15,592)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities (15,981)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Income taxes payable (10,912)us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable (26,389)us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable
Net cash used in operating activities (170,178)us-gaap_NetCashProvidedByUsedInOperatingActivities (246,446)us-gaap_NetCashProvidedByUsedInOperatingActivities
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (317)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment 693us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Distribution from unconsolidated entities   1,130tmhc_DistributionsOfCapitalFromUnconsolidatedEntities
Decrease in restricted cash 655us-gaap_IncreaseDecreaseInRestrictedCash 6,244us-gaap_IncreaseDecreaseInRestrictedCash
Investments of capital into unconsolidated entities (2,726)us-gaap_PaymentsToAcquireInterestInJointVenture (10,412)us-gaap_PaymentsToAcquireInterestInJointVenture
Proceeds from sale of discontinued operations 268,853us-gaap_ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets  
Gain on foreign currency forward 29,983us-gaap_ProceedsFromDerivativeInstrumentInvestingActivities  
Net cash provided by (used in) investing activities 296,448us-gaap_NetCashProvidedByUsedInInvestingActivities (2,345)us-gaap_NetCashProvidedByUsedInInvestingActivities
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings on line of credit related to mortgage borrowings 158,638us-gaap_ProceedsFromLinesOfCredit 89,178us-gaap_ProceedsFromLinesOfCredit
Repayment on line of credit related to mortgage borrowings (264,143)us-gaap_RepaymentsOfLinesOfCredit (112,151)us-gaap_RepaymentsOfLinesOfCredit
Proceeds from loans payable and other borrowings   1,859us-gaap_ProceedsFromBankDebt
Repayments of loans payable and other borrowings (20,167)us-gaap_RepaymentsOfBankDebt (35,288)us-gaap_RepaymentsOfBankDebt
Borrowings on revolving credit facility   53,000tmhc_ProceedsFromRevolvingCreditFacility
Payments on revolving credit facility (40,000)tmhc_RepaymentsOfRevolvingCreditFacility (53,000)tmhc_RepaymentsOfRevolvingCreditFacility
Proceeds from the issuance of senior notes   350,000us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt
Deferred financing costs   5,806us-gaap_PaymentsOfFinancingCosts
Payment of contingent consideration (3,050)tmhc_PaymentOfContingentConsideration  
Distributions to non-controlling interests - joint ventures (272)us-gaap_PaymentsToMinorityShareholders (87)us-gaap_PaymentsToMinorityShareholders
Net cash (used in) provided by financing activities (168,994)us-gaap_NetCashProvidedByUsedInFinancingActivities 299,317us-gaap_NetCashProvidedByUsedInFinancingActivities
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (19,944)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents (6,707)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (62,668)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 43,819us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
CASH AND CASH EQUIVALENTS - Beginning of period 462,205us-gaap_CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations [1] 389,181us-gaap_CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations [1]
CASH AND CASH EQUIVALENTS - End of period 399,537us-gaap_CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations 433,000us-gaap_CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations
SUPPLEMENTAL CASH FLOW INFORMATION:    
Income taxes paid, net (40,067)us-gaap_IncomeTaxesPaidNet (45,318)us-gaap_IncomeTaxesPaidNet
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Increase in loans payable issued to sellers in connection with land purchase contracts (21,400)tmhc_IncreaseDecreaseInLoansPayableIssuedToSellersInConnectionWithLandPurchaseContracts (25,019)tmhc_IncreaseDecreaseInLoansPayableIssuedToSellersInConnectionWithLandPurchaseContracts
Decrease in income taxes payable   $ 51tmhc_IncreaseDecreaseInIncomeTaxesPayableAndRelatedTaxIndemnificationReceivableFromSeller
[1] Cash and cash equivalents shown here include the cash related to Monarch. At December 31, 2014, cash held at Monarch was $227,988