Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |||||
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Mar. 31, 2015
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Mar. 31, 2014
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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 | |||||
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X | ||||||||||
- Definition
Distributions Of Capital From Unconsolidated Entities No definition available.
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Increase Decrease In Income Taxes Payable And Related Tax Indemnification Receivable From Seller No definition available.
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- Definition
Increase Decrease In Loans Payable Issued To Sellers In Connection With Land Purchase Contracts No definition available.
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- Definition
Payment Of Contingent Consideration No definition available.
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X | ||||||||||
- Definition
Proceeds From Revolving Credit Facility No definition available.
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- Definition
Repayments Of Revolving Credit Facility No definition available.
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- Details
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- Definition
Amount of increase (decrease) in the value of a contingent consideration liability, including, but not limited to, differences arising upon settlement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
For the entity and the disposal group, cash includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. No definition available.
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- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of increase (decrease) from the effect of exchange rate changes on cash and cash equivalent balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This item represents disclosure of the amount of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporation; these investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The consolidated profit or loss for the period including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the period in the amount of customer money held in customer accounts, including security deposits, collateral for a current or future transactions, initial payment of the cost of acquisition or for the right to enter into a contract or agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in monies given as security or collateral for items acquired or borrowed on a temporary basis. Deposits may also be paid as initial payment of the cost of acquisition or for the right to enter into a contract or agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Details
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- Definition
The cash outflow for loan and debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the investment in or advances to an entity in which the reporting entity shares control of the entity with another party or group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash outflow to a noncontrolling interest. Includes, but not limited to, reduction of noncontrolling interest ownership. Excludes dividends paid to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from bank borrowing during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow provided by derivative instruments during the period, which are classified as investing activities, excluding those designated as hedging instruments. No definition available.
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- Definition
The cash inflow from a borrowing with the highest claim on the assets of the entity in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate cash proceeds received from a combination of transactions in which noncurrent assets are sold, which may include the sale of a business, an investment in an affiliate (including an equity method investee), property, plant and equipment and intangible assets. Excludes sales of trading, available-for-sale, and held-to-maturity securities. No definition available.
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- Definition
The cash outflow to settle a bank borrowing during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The noncash expense that accounts for the value of stock or unit options distributed to employees as compensation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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