Supplemental Guarantor Information [Text Block] |
Supplemental Guarantor Information A 100% owned subsidiary of the Company, Toll Brothers Finance Corp. (the “Subsidiary Issuer”), has issued the following Senior Notes (amounts in thousand): | | | | | | | | | | Original Amount Issued | | Amount outstanding at April 30, 2012 | | | 6.875% Senior Notes due 2012 | 300,000 |
| | 59,067 |
| | 5.95% Senior Notes due 2013 | 250,000 |
| | 104,785 |
| | 4.95% Senior Notes due 2014 | 300,000 |
| | 267,960 |
| | 5.15% Senior Notes due 2015 | 300,000 |
| | 300,000 |
| | 8.91% Senior Notes due 2017 | 400,000 |
| | 400,000 |
| | 6.75% Senior Notes due 2019 | 250,000 |
| | 250,000 |
| | 5.875% Senior Notes due 2022 | 419,876 |
| | 419,876 |
|
The obligations of the Subsidiary Issuer to pay principal, premiums, if any, and interest is guaranteed jointly and severally on a senior basis by the Company and substantially all of the Company’s 100% owned home building subsidiaries (the “Guarantor Subsidiaries”). The guarantees are full and unconditional. The Company’s non-home building subsidiaries and several of its home building subsidiaries (the “Non-Guarantor Subsidiaries”) do not guarantee the debt. Separate financial statements and other disclosures concerning the Guarantor Subsidiaries are not presented because management has determined that such disclosures would not be material to investors. Prior to the above described senior debt issuances, the Subsidiary Issuer did not have any operations. Supplemental consolidating financial information of Toll Brothers, Inc., the Subsidiary Issuer, the Guarantor Subsidiaries, the Non-Guarantor Subsidiaries and the eliminations to arrive at Toll Brothers, Inc. on a consolidated basis is presented below ($ amounts in thousands). Condensed Consolidating Balance Sheet at April 30, 2012: | | | | | | | | | | | | | | | | | | | | Toll Brothers, Inc. | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non- Guarantor Subsidiaries | | Eliminations | | Consolidated | ASSETS | | | | | | | | | | | | Cash and cash equivalents | — |
| | — |
| | 638,518 |
| | 70,520 |
| | — |
| | 709,038 |
| Marketable securities |
| |
| | 158,420 |
| | 60,014 |
| |
| | 218,434 |
| Restricted cash | 28,234 |
| |
| | 17,951 |
| | 1,213 |
| |
| | 47,398 |
| Inventory |
| |
| | 3,516,493 |
| | 251,384 |
| |
| | 3,767,877 |
| Property, construction and office equipment, net |
| |
| | 97,575 |
| | 3,149 |
| |
| | 100,724 |
| Receivables, prepaid expenses and other assets | 146 |
| | 10,354 |
| | 111,970 |
| | 24,968 |
| | (3,581 | ) | | 143,857 |
| Mortgage loans held for sale |
| |
| |
| | 50,527 |
| |
| | 50,527 |
| Customer deposits held in escrow |
| |
| | 29,273 |
| | 1,795 |
| |
| | 31,068 |
| Investments in and advances to unconsolidated entities |
| |
| | 80,384 |
| | 119,908 |
| |
| | 200,292 |
| Investments in non-performing loan portfolios and foreclosed real estate |
| |
| |
|
| | 95,870 |
| |
| | 95,870 |
| Investments in and advances to consolidated entities | 2,698,419 |
| | 1,809,042 |
| | (1,180,603 | ) | | (287,821 | ) | | (3,039,037 | ) | | — |
| | 2,726,799 |
| | 1,819,396 |
| | 3,469,981 |
| | 391,527 |
| | (3,042,618 | ) | | 5,365,085 |
| LIABILITIES AND EQUITY | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | Loans payable |
| |
| | 72,875 |
| | 31,005 |
| |
| | 103,880 |
| Senior notes |
| | 1,791,942 |
| |
| |
| |
| | 1,791,942 |
| Mortgage company warehouse loan |
| |
| |
| | 45,397 |
| |
| | 45,397 |
| Customer deposits |
| |
| | 124,415 |
| | 4,506 |
| |
| | 128,921 |
| Accounts payable |
| |
| | 106,509 |
| | 238 |
| |
| | 106,747 |
| Accrued expenses | 63 |
| | 27,454 |
| | 310,077 |
| | 123,305 |
| | (3,625 | ) | | 457,274 |
| Income taxes payable | 101,107 |
| |
| |
| | (2,000 | ) | |
| | 99,107 |
| Total liabilities | 101,170 |
| | 1,819,396 |
| | 613,876 |
| | 202,451 |
| | (3,625 | ) | | 2,733,268 |
| Equity: | | | | | | | | | | | | Stockholders’ equity: | | | | | | | | | | | | Common stock | 1,687 |
| |
| | 3,054 |
| | 2,003 |
| | (5,057 | ) | | 1,687 |
| Additional paid-in capital | 399,382 |
| |
| | 1,366 |
| | 2,734 |
| | (4,100 | ) | | 399,382 |
| Retained earnings | 2,248,337 |
| |
| | 2,855,029 |
| | 178,189 |
| | (3,033,218 | ) | | 2,248,337 |
| Treasury stock, at cost | (20,395 | ) | |
| |
| |
| |
| | (20,395 | ) | Accumulated other comprehensive loss | (3,382 | ) | |
| | (3,344 | ) | | (38 | ) | | 3,382 |
| | (3,382 | ) | Total stockholders’ equity | 2,625,629 |
| | — |
| | 2,856,105 |
| | 182,888 |
| | (3,038,993 | ) | | 2,625,629 |
| Noncontrolling interest |
| |
| |
| | 6,188 |
| |
| | 6,188 |
| Total equity | 2,625,629 |
| | — |
| | 2,856,105 |
| | 189,076 |
| | (3,038,993 | ) | | 2,631,817 |
| | 2,726,799 |
| | 1,819,396 |
| | 3,469,981 |
| | 391,527 |
| | (3,042,618 | ) | | 5,365,085 |
|
Condensed Consolidating Balance Sheet at October 31, 2011: | | | | | | | | | | | | | | | | | | | | Toll Brothers, Inc. | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non- Guarantor Subsidiaries | | Eliminations | | Consolidated | ASSETS | | | | | | | | | | | | Cash and cash equivalents |
| |
| | 775,300 |
| | 131,040 |
| |
| | 906,340 |
| Marketable securities |
| |
| | 233,572 |
| |
| |
| | 233,572 |
| Restricted cash |
| |
| | 19,084 |
| | 676 |
| |
| | 19,760 |
| Inventory |
| |
| | 2,911,211 |
| | 505,512 |
| |
| | 3,416,723 |
| Property, construction and office equipment, net |
| |
| | 77,001 |
| | 22,711 |
| |
| | 99,712 |
| Receivables, prepaid expenses and other assets |
|
| | 6,768 |
| | 74,980 |
| | 26,067 |
| | (2,239 | ) | | 105,576 |
| Mortgage loans held for sale |
| |
| |
| | 63,175 |
| |
| | 63,175 |
| Customer deposits held in escrow |
| |
| | 10,682 |
| | 4,177 |
| |
| | 14,859 |
| Investments in and advances to unconsolidated entities |
| |
| | 86,481 |
| | 39,874 |
| |
| | 126,355 |
| Investments in non-performing loan portfolios and foreclosed real estate |
|
| |
| |
| | 69,174 |
| |
| | 69,174 |
| Investments in and advances to consolidated entities | 2,694,419 |
| | 1,508,550 |
| | (727,258 | ) | | (477,322 | ) | | (2,998,389 | ) | | — |
| | 2,694,419 |
| | 1,515,318 |
| | 3,461,053 |
| | 385,084 |
| | (3,000,628 | ) | | 5,055,246 |
| LIABILITIES AND EQUITY | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | Loans payable |
| |
| | 61,994 |
| | 44,562 |
| |
| | 106,556 |
| Senior notes |
| | 1,490,972 |
| |
| |
| |
| | 1,490,972 |
| Mortgage company warehouse loan |
| |
| |
| | 57,409 |
| |
| | 57,409 |
| Customer deposits |
| |
| | 71,388 |
| | 12,436 |
| |
| | 83,824 |
| Accounts payable |
| |
| | 96,645 |
| | 172 |
| |
| | 96,817 |
| Accrued expenses |
| | 24,346 |
| | 320,021 |
| | 178,965 |
| | (2,281 | ) | | 521,051 |
| Income taxes payable | 108,066 |
| |
| |
| | (2,000 | ) | |
| | 106,066 |
| Total liabilities | 108,066 |
| | 1,515,318 |
| | 550,048 |
| | 291,544 |
| | (2,281 | ) | | 2,462,695 |
| Equity: | | | | | | | | | | | | Stockholders’ equity: | | | | | | | | | | | | Common stock | 1,687 |
| |
| | 3,054 |
| | 2,003 |
| | (5,057 | ) | | 1,687 |
| Additional paid-in capital | 400,382 |
| |
| | 1,366 |
| | 2,734 |
| | (4,100 | ) | | 400,382 |
| Retained earnings | 2,234,251 |
| |
| | 2,909,487 |
| | 82,605 |
| | (2,992,092 | ) | | 2,234,251 |
| Treasury stock, at cost | (47,065 | ) | |
| |
| |
| |
| | (47,065 | ) | Accumulated other comprehensive loss | (2,902 | ) | |
| | (2,902 | ) | |
| | 2,902 |
| | (2,902 | ) | Total stockholders’ equity | 2,586,353 |
| | — |
| | 2,911,005 |
| | 87,342 |
| | (2,998,347 | ) | | 2,586,353 |
| Noncontrolling interest |
| |
| |
| | 6,198 |
| |
| | 6,198 |
| Total equity | 2,586,353 |
| | — |
| | 2,911,005 |
| | 93,540 |
| | (2,998,347 | ) | | 2,592,551 |
| | 2,694,419 |
| | 1,515,318 |
| | 3,461,053 |
| | 385,084 |
| | (3,000,628 | ) | | 5,055,246 |
|
Condensed Consolidating Statement of Operations for the six months ended April 30, 2012 ($ in thousands): | | | | | | | | | | | | | | | | | | | | Toll Brothers, Inc. | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non- Guarantor Subsidiaries | | Eliminations | | Consolidated | Revenues |
| |
| | 711,351 |
| | 25,622 |
| | (41,337 | ) | | 695,636 |
| Cost of revenues |
| |
| | 581,320 |
| | 1,285 |
| | (4,176 | ) | | 578,429 |
| Selling, general and administrative | 27 |
| | 1,782 |
| | 148,768 |
| | 19,634 |
| | (32,318 | ) | | 137,893 |
| Interest expense |
| | 56,109 |
| |
|
| |
| | (56,109 | ) | | — |
| | 27 |
| | 57,891 |
| | 730,088 |
| | 20,919 |
| | (92,603 | ) | | 716,322 |
| Loss from operations | (27 | ) | | (57,891 | ) | | (18,737 | ) | | 4,703 |
| | 51,266 |
| | (20,686 | ) | Other | | | | | | | | | | | | (Loss) income from unconsolidated entities |
| |
| | 9,186 |
| | 4,490 |
| |
| | 13,676 |
| Other income - net | 20 |
| | 57,891 |
| | 18,799 |
| | 2,026 |
| | (62,485 | ) | | 16,251 |
| Loss from subsidiaries | 9,248 |
| |
| |
| |
| | (9,248 | ) | | — |
| Loss before income tax benefit | 9,241 |
| | — |
| | 9,248 |
| | 11,219 |
| | (20,467 | ) | | 9,241 |
| Income tax benefit | (4,845 | ) | |
| | (4,849 | ) | | (5,883 | ) | | 10,732 |
| | (4,845 | ) | Net income | 14,086 |
| | — |
| | 14,097 |
| | 17,102 |
| | (31,199 | ) | | 14,086 |
|
Condensed Consolidating Statement of Operations for the three months ended April 30, 2012 ($ in thousands): | | | | | | | | | | | | | | | | | | | | Toll Brothers, Inc. | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non- Guarantor Subsidiaries | | Eliminations | | Consolidated | Revenues |
| |
| | 383,659 |
| | 13,236 |
| | (23,214 | ) | | 373,681 |
| Cost of revenues |
| |
| | 308,436 |
| | 611 |
| | (2,226 | ) | | 306,821 |
| Selling, general and administrative | 14 |
| | 1,304 |
| | 75,481 |
| | 10,115 |
| | (18,658 | ) | | 68,256 |
| Interest expense |
| | 30,823 |
| |
| |
| | (30,823 | ) | | — |
| | 14 |
| | 32,127 |
| | 383,917 |
| | 10,726 |
| | (51,707 | ) | | 375,077 |
| Loss from operations | (14 | ) | | (32,127 | ) | | (258 | ) | | 2,510 |
| | 28,493 |
| | (1,396 | ) | Other | | | | | | | | | | | | Income from unconsolidated entities |
| |
| | 3,957 |
| | 3,032 |
| |
| | 6,989 |
| Other income - net | 13 |
| | 32,127 |
| | 11,949 |
| | 1,793 |
| | (35,826 | ) | | 10,056 |
| Income from subsidiaries | 15,650 |
| |
| |
| |
| | (15,650 | ) | | — |
| Income before income tax benefit | 15,649 |
| | — |
| | 15,648 |
| | 7,335 |
| | (22,983 | ) | | 15,649 |
| Income tax benefit | (1,223 | ) | |
| | (1,231 | ) | | (8,078 | ) | | 9,309 |
| | (1,223 | ) | Net income | 16,872 |
| | — |
| | 16,879 |
| | 15,413 |
| | (32,292 | ) | | 16,872 |
|
Condensed Consolidating Statement of Operations for the six months ended April 30, 2011 ($ in thousands): | | | | | | | | | | | | | | | | | | | | Toll Brothers, Inc. | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non- Guarantor Subsidiaries | | Eliminations | | Consolidated | Revenues |
| |
| | 637,407 |
| | 47,422 |
| | (31,038 | ) | | 653,791 |
| Cost of revenues |
| |
| | 536,628 |
| | 27,505 |
| | (5,814 | ) | | 558,319 |
| Selling, general and administrative | 53 |
| | 670 |
| | 132,972 |
| | 18,693 |
| | (24,087 | ) | | 128,301 |
| Interest expense |
| | 52,483 |
| | 1,504 |
| |
| | (52,483 | ) | | 1,504 |
| | 53 |
| | 53,153 |
| | 671,104 |
| | 46,198 |
| | (82,384 | ) | | 688,124 |
| Loss from operations | (53 | ) | | (53,153 | ) | | (33,697 | ) | | 1,224 |
| | 51,346 |
| | (34,333 | ) | Other | | | | | | | | | | | | Income from unconsolidated entities |
| |
| | 3,705 |
| | (26,050 | ) | |
| | (22,345 | ) | Other income - net |
| | 53,153 |
| | (18,486 | ) | | (1,450 | ) | | (25,070 | ) | | 8,147 |
| Loss from subsidiaries | (48,478 | ) | |
| |
| |
| | 48,478 |
| | — |
| Loss before income tax benefit | (48,531 | ) | | — |
| | (48,478 | ) | | (26,276 | ) | | 74,754 |
| | (48,531 | ) | Income tax benefit | (31,175 | ) | |
| | (31,784 | ) | | (16,866 | ) | | 48,650 |
| | (31,175 | ) | Net (loss) income | (17,356 | ) | | — |
| | (16,694 | ) | | (9,410 | ) | | 26,104 |
| | (17,356 | ) |
Condensed Consolidating Statement of Operations for the three months ended April 30, 2011 ($ in thousands): | | | | | | | | | | | | | | | | | | | | Toll Brothers, Inc. | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non- Guarantor Subsidiaries | | Eliminations | | Consolidated | Revenues |
| |
| | 312,352 |
| | 22,272 |
| | (14,949 | ) | | 319,675 |
| Cost of revenues |
| |
| | 265,713 |
| | 13,198 |
| | (2,557 | ) | | 276,354 |
| Selling, general and administrative | 25 |
| | 329 |
| | 68,960 |
| | 10,189 |
| | (12,453 | ) | | 67,050 |
| Interest expense |
| | 26,638 |
| | 392 |
| |
| | (26,638 | ) | | 392 |
| | 25 |
| | 26,967 |
| | 335,065 |
| | 23,387 |
| | (41,648 | ) | | 343,796 |
| Loss from operations | (25 | ) | | (26,967 | ) | | (22,713 | ) | | (1,115 | ) | | 26,699 |
| | (24,121 | ) | Other | | | | | | | | | | | | Income from unconsolidated entities |
| |
| | (2,816 | ) | | (8,527 | ) | |
| | (11,343 | ) | Other income - net |
| | 26,967 |
| | (5,930 | ) | | 88 |
| | (17,145 | ) | | 3,980 |
| Income from subsidiaries | (31,459 | ) | |
| |
| |
| | 31,459 |
| | — |
| Income (loss) before income tax benefit | (31,484 | ) | | — |
| | (31,459 | ) | | (9,554 | ) | | 41,013 |
| | (31,484 | ) | Income tax benefit | (10,711 | ) | |
| | (9,425 | ) | | 3,194 |
| | 6,231 |
| | (10,711 | ) | Net income | (20,773 | ) | | — |
| | (22,034 | ) | | (12,748 | ) | | 34,782 |
| | (20,773 | ) |
Condensed Consolidating Statement of Cash Flows for the six months ended April 30, 2012 ($ in thousands): | | | | | | | | | | | | | | | | | | | | Toll Brothers, Inc. | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non- Guarantor Subsidiaries | | Eliminations | | Consolidated | Cash flow from operating activities: | | | | | | | | | | | | Net income | 14,086 |
| | — |
| | 14,097 |
| | 17,102 |
| | (31,199 | ) | | 14,086 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | | | | | | | | | | |
| Depreciation and amortization | 8 |
| | 1,739 |
| | 8,883 |
| | 68 |
| |
| | 10,698 |
| Stock-based compensation | 8,831 |
| |
| |
| |
| |
| | 8,831 |
| Recovery of investments in unconsolidated entities |
| |
| |
|
| | (1,621 | ) | |
| | (1,621 | ) | Income from unconsolidated entities |
| |
| | (11,687 | ) | | (368 | ) | |
| | (12,055 | ) | Distributions of earnings from unconsolidated entities |
| |
| | 1,550 |
| |
|
| |
| | 1,550 |
| Income from non-performing loan portfolios and foreclosed real estate |
|
| |
| |
| | (10,004 | ) | |
| | (10,004 | ) | Deferred tax benefit | (3,318 | ) | |
| |
| |
| |
| | (3,318 | ) | Deferred tax valuation allowance | 3,318 |
| |
| |
|
| |
| |
| | 3,318 |
| Inventory impairments and write-offs |
| |
| | 10,128 |
| |
| |
| | 10,128 |
| Change in fair value of mortgage loans receivable and derivative instruments |
| |
| |
| | 284 |
| |
| | 284 |
| Gain on marketable securities |
| |
|
| | (39 | ) | |
| |
| | (39 | ) | Changes in operating assets and liabilities | | | | | | | | | | | | Increase in inventory |
| |
| | (106,801 | ) | | (95,665 | ) | |
| | (202,466 | ) | Origination of mortgage loans |
| |
| |
| | (253,866 | ) | |
| | (253,866 | ) | Sale of mortgage loans |
| |
| |
| | 266,713 |
| |
| | 266,713 |
| Decrease (increase) in restricted cash | (28,234 | ) | |
| | 1,133 |
| | (537 | ) | |
| | (27,638 | ) | Decrease (increase) in receivables, prepaid expenses and other assets | (4,727 | ) | | (301,074 | ) | | (4,979 | ) | | 247,131 |
| | 32,099 |
| | (31,550 | ) | Increase in customer deposits |
| |
| | 34,386 |
| | (5,548 | ) | |
| | 28,838 |
| (Decrease) increase in accounts payable and accrued expenses | 90 |
| | 3,108 |
| | (8,109 | ) | | (61,978 | ) | | (900 | ) | | (67,789 | ) | Decrease in income taxes payable | (6,959 | ) | |
| |
| |
| |
| | (6,959 | ) | Net cash (used in) provided by operating activities | (16,905 | ) | | (296,227 | ) | | (61,438 | ) | | 101,711 |
| | — |
| | (272,859 | ) | Cash flow from investing activities: | | | | | | | | | | | | Purchase of property and equipment |
| |
| | (3,826 | ) | | (921 | ) | |
| | (4,747 | ) | Purchase of marketable securities |
| |
| | (117,781 | ) | | (60,052 | ) | |
| | (177,833 | ) | Sale and redemption of marketable securities |
| |
| | 189,716 |
| |
| |
| | 189,716 |
| Investments in and advances to unconsolidated entities |
| |
| | (1,142 | ) | | (73,866 | ) | |
| | (75,008 | ) | Return of investments from unconsolidated entities |
| |
| | 19,509 |
| | 1,059 |
| |
| | 20,568 |
| Investment in non-performing loan portfolios and foreclosed real estate |
| |
| |
|
| | (27,490 | ) | |
| | (27,490 | ) | Return of investments in non-performing loan portfolios and foreclosed real estate |
| |
| |
|
| | 11,582 |
| |
| | 11,582 |
| Acquisition of a business |
| |
| | (144,746 | ) | |
|
| |
| | (144,746 | ) | Net cash used in investing activities | — |
| | — |
| | (58,270 | ) | | (149,688 | ) | | — |
| | (207,958 | ) | Cash flow from financing activities: | | | | | | | | | | | | Net Proceeds from issuance of senior notes |
| | 296,227 |
| |
| |
|
| |
| | 296,227 |
| Proceeds from loans payable |
| |
| |
| | 400,092 |
| |
| | 400,092 |
| Principal payments of loans payable |
| |
| | (17,074 | ) | | (412,635 | ) | |
| | (429,709 | ) | Proceeds from stock-based benefit plans | 17,189 |
| |
| |
| |
| |
| | 17,189 |
| Purchase of treasury stock | (284 | ) | |
| |
| |
| |
| | (284 | ) | Net cash (used in) provided by financing activities | 16,905 |
| | 296,227 |
| | (17,074 | ) | | (12,543 | ) | | — |
| | 283,515 |
| Net (decrease) increase in cash and cash equivalents | — |
| | — |
| | (136,782 | ) | | (60,520 | ) | | — |
| | (197,302 | ) | Cash and cash equivalents, beginning of period |
| |
| | 775,300 |
| | 131,040 |
| |
| | 906,340 |
| Cash and cash equivalents, end of period | — |
| | — |
| | 638,518 |
| | 70,520 |
| | — |
| | 709,038 |
|
Condensed Consolidating Statement of Cash Flows for the six months ended April 30, 2011 ($ in thousands): | | | | | | | | | | | | | | | | | | | | Toll Brothers, Inc. | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non- Guarantor Subsidiaries | | Eliminations | | Consolidated | Cash flow from operating activities: | | | | | | | | | | | | Net loss | (17,356 | ) | | — |
| | (16,694 | ) | | (9,410 | ) | | 26,104 |
| | (17,356 | ) | Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | | | | | | | | | | | | Depreciation and amortization | 28 |
| | 1,614 |
| | 8,202 |
| | 493 |
| |
| | 10,337 |
| Stock-based compensation | 7,717 |
| |
| |
| |
| |
| | 7,717 |
| Impairments of investments in unconsolidated entities |
| |
| | 10,000 |
| | 29,600 |
| |
| | 39,600 |
| Income from unconsolidated entities |
| |
| | (12,027 | ) | | (5,228 | ) | |
| | (17,255 | ) | Distributions of earnings from unconsolidated entities |
| |
| | 6,789 |
| |
| |
| | 6,789 |
| Income from non-performing loan portfolios and foreclosed real estate |
| |
| |
|
| | (473 | ) | |
| | (473 | ) | Deferred tax benefit | (6,515 | ) | |
| |
|
| |
|
| |
| | (6,515 | ) | Deferred tax valuation allowance | 6,515 |
| |
| |
|
| |
|
| |
| | 6,515 |
| Inventory impairments |
| |
| | 18,048 |
| |
|
| |
| | 18,048 |
| Change in fair value of mortgage loans receivable and derivative instruments |
| |
| |
| | 818 |
| |
| | 818 |
| Changes in operating assets and liabilities | | | | | | | | | | | | Increase in inventory |
| |
| | (35,860 | ) | | (118,580 | ) | |
| | (154,440 | ) | Origination of mortgage loans |
| |
| |
| | (301,778 | ) | |
| | (301,778 | ) | Sale of mortgage loans |
| |
| |
| | 365,328 |
| |
| | 365,328 |
| Decrease in restricted cash |
|
| |
|
| | 28,781 |
| |
|
| |
|
| | 28,781 |
| Decrease (increase) in receivables, prepaid expenses and other assets | (116,822 | ) | | (1,614 | ) | | 5,654 |
| | 145,274 |
| | (25,320 | ) | | 7,172 |
| Decrease in customer deposits |
| |
| | 9,467 |
| | 8,087 |
| |
| | 17,554 |
| Decrease in accounts payable and accrued expenses | (1,203 | ) | |
|
| | (26,473 | ) | | (8,086 | ) | | (784 | ) | | (36,546 | ) | Decrease in income tax refund recoverable | 141,590 |
| |
| |
| |
| |
| | 141,590 |
| Decrease in current income taxes payable | (18,241 | ) | |
| |
| |
| |
| | (18,241 | ) | Net cash provided by (used in) operating activities | (4,287 | ) | | — |
| | (4,113 | ) | | 106,045 |
| | — |
| | 97,645 |
| Cash flow used in investing activities: | | | | | | | | | | | | Purchase of property and equipment — net |
| |
| | (1,929 | ) | | (3,183 | ) | |
| | (5,112 | ) | Purchase of marketable securities |
| |
| | (329,105 | ) | |
| |
| | (329,105 | ) | Sale and redemption of marketable securities |
| |
| | 227,080 |
| |
|
| |
| | 227,080 |
| Return of investments in unconsolidated entities |
| |
| | 8,051 |
| | 7,700 |
| |
| | 15,751 |
| Investment in non-performing loan portfolios and foreclosed real estate |
| |
| |
|
| | (42,141 | ) | |
| | (42,141 | ) | Net cash used in investing activities | — |
| | — |
| | (95,903 | ) | | (37,624 | ) | | — |
| | (133,527 | ) | Cash flow used in financing activities: | | | | | | | | | | | | Proceeds from loans payable |
| |
| |
| | 438,713 |
| |
| | 438,713 |
| Principal payments of loans payable |
| |
| | (7,709 | ) | | (491,251 | ) | |
| | (498,960 | ) | Proceeds from stock-based benefit plans | 4,676 |
| |
| |
| |
| |
| | 4,676 |
| Receipts related to noncontrolling interest |
|
| |
| |
| | 2,678 |
| |
| | 2,678 |
| Purchase of treasury stock | (389 | ) | |
| |
| |
| |
| | (389 | ) | Net cash (used in) provided by financing activities | 4,287 |
| | — |
| | (7,709 | ) | | (49,860 | ) | | — |
| | (53,282 | ) | Net (decrease) increase in cash and cash equivalents | — |
| | — |
| | (107,725 | ) | | 18,561 |
| | — |
| | (89,164 | ) | Cash and cash equivalents, beginning of period | — |
| |
| | 930,387 |
| | 108,673 |
| |
| | 1,039,060 |
| Cash and cash equivalents, end of period | — |
| | — |
| | 822,662 |
| | 127,234 |
| | — |
| | 949,896 |
|
|