Re: | Toll Brothers, Inc. |
Form 10-K | |
Filed December 28, 2012 | |
File No. 1-9186 |
1. | Please provide a written statement from the company acknowledging that: |
• | the company is responsible for the adequacy and accuracy of the disclosure in the filing; |
• | staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and |
• | the company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. |
2. | We have read your response to comment 2 in our letter dated March 25, 2013. We understand and agree it is important to provide the user with information that is useful and relevant to the current trends of your business. However, given that "current trends", especially within the homebuilding industry, likely encompass several periods and even several years, it is not clear to us that the expanded disclosure requested related to material impairments recognized only in fiscal 2011 was no longer meaningful for the fiscal 2012 report. As your next Form 10-K continues to cover the impacted period, please ensure that, therein and in other future filings as applicable, your disclosure related to material items is, in the aggregate, useful, relevant and fully responsive to prior concerns previously communicated to you. |
3. | We have read your response to comment 3 in our letter dated March 25, 2013. We have the following comments related to your response and/or revised Rule 3-10 presentation: |
For the year ended October 31, 2012 | ||||||||||||||||
Toll Brothers, Inc. | Subsidiary Issuer | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | |||||||||||||
Investments in and advances to consolidated entities, beginning of year | $ | 2,694,419 | $ | 1,508,550 | $ | (727,258 | ) | $ | (477,322 | ) | ||||||
Income from consolidated entities | 112,981 | 26,835 | ||||||||||||||
Intercompany advances | 15,652 | 584,260 | (472,831 | ) | (155,174 | ) | ||||||||||
Investments in and advances to consolidated entities, end of year | $ | 2,823,052 | $ | 2,092,810 | $ | (1,173,254 | ) | $ | (632,496 | ) |
For the year ended October 31, 2011 | ||||||||||||||||
Toll Brothers, Inc. | Subsidiary Issuer | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | |||||||||||||
Investments in and advances to consolidated entities, beginning of year | $ | 2,578,195 | $ | 1,562,109 | $ | (871,125 | ) | $ | (315,074 | ) | ||||||
Loss from consolidated entities | (29,229 | ) | (5,374 | ) | ||||||||||||
Intercompany advances | 145,453 | (53,559 | ) | 149,241 | (162,248 | ) | ||||||||||
Investments in and advances to consolidated entities, end of year | $ | 2,694,419 | $ | 1,508,550 | $ | (727,258 | ) | $ | (477,322 | ) |
For the year ended October 31, 2012 | For the year ended October 31, 2011 | |||||||||||||||||||||||
Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Total | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Total | |||||||||||||||||||
Investments in and advances to unconsolidated entities, beginning of year | $ | 86,481 | $ | 39,874 | $ | 126,355 | $ | 116,247 | $ | 82,195 | $ | 198,442 | ||||||||||||
Recovery (Impairment of investments in unconsolidated entities | 2,311 | 2,311 | (15,170 | ) | (25,700 | ) | (40,870 | ) | ||||||||||||||||
Income from unconsolidated entities | 13,724 | 7,557 | 21,281 | 21,299 | 18,377 | 39,676 | ||||||||||||||||||
Distribution of earnings from unconsolidated entities | (5,258 | ) | (5,258 | ) | (12,747 | ) | 666 | (12,081 | ) | |||||||||||||||
Investments in unconsolidated entities | 3,637 | 213,523 | 217,160 | 70 | 62 | 132 | ||||||||||||||||||
Return of investments in unconsolidated entities | (32,659 | ) | (5,709 | ) | (38,368 | ) | (23,859 | ) | (19,450 | ) | (43,309 | ) | ||||||||||||
Non-cash items: | ||||||||||||||||||||||||
Transfer of inventory to investment in unconsolidated entities | 5,792 | 5,792 | — | |||||||||||||||||||||
Reclassification of deferred income from investment in unconsolidated entities to accrued liabilities | 2,943 | 2,943 | — | |||||||||||||||||||||
Unrealized loss on derivative held by equity investee | (875 | ) | (875 | ) | — | |||||||||||||||||||
Reduction in investment in unconsolidated entities due to reduction of letters of credit or accrued liabilities | (448 | ) | (448 | ) | (13,423 | ) | (13,423 | ) | ||||||||||||||||
Other non-cash transactions | (159 | ) | (117 | ) | (276 | ) | 641 | (2,853 | ) | (2,212 | ) | |||||||||||||
Investments in and advances to unconsolidated entities, end of year | $ | 70,145 | $ | 260,472 | $ | 330,617 | $ | 86,481 | $ | 39,874 | $ | 126,355 |
Toll Brothers, Inc. | Subsidiary Issuer | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | — | — | 711,375 | 67,449 | — | 778,824 | |||||||||||
Marketable securities | 378,858 | 60,210 | 439,068 | ||||||||||||||
Restricted cash | 28,268 | 17,561 | 1,447 | 47,276 | |||||||||||||
Inventory | 3,527,677 | 233,510 | 3,761,187 | ||||||||||||||
Property, construction and office equipment, net | 106,963 | 3,008 | 109,971 | ||||||||||||||
Receivables, prepaid expenses and other assets | 134 | 15,130 | 77,175 | 68,300 | (16,181 | ) | 144,558 | ||||||||||
Mortgage loans held for sale | 86,386 | 86,386 | |||||||||||||||
Customer deposits held in escrow | 27,312 | 2,267 | 29,579 | ||||||||||||||
Investments in and advances to unconsolidated entities | 70,145 | 260,472 | 330,617 | ||||||||||||||
Investments in distressed loans | 37,169 | 37,169 | |||||||||||||||
Investments in foreclosed real estate | 58,353 | 58,353 | |||||||||||||||
Investments in and advances to consolidated entities | 2,823,052 | 2,092,810 | 4,740 | (4,920,602 | ) | — | |||||||||||
Deferred tax assets, net of valuation allowances | 358,056 | 358,056 | |||||||||||||||
3,209,510 | 2,107,940 | 4,921,806 | 878,571 | (4,936,783 | ) | 6,181,044 | |||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Liabilities: | |||||||||||||||||
Loans payable | 69,393 | 30,424 | 99,817 | ||||||||||||||
Senior notes | 2,032,335 | 48,128 | 2,080,463 | ||||||||||||||
Mortgage company warehouse loan | 72,664 | 72,664 | |||||||||||||||
Customer deposits | 136,225 | 6,752 | 142,977 | ||||||||||||||
Accounts payable | 99,889 | 22 | 99,911 | ||||||||||||||
Accrued expenses | 27,476 | 341,233 | 119,244 | (11,603 | ) | 476,350 | |||||||||||
Advances from consolidated entities | 1,177,994 | 632,496 | (1,810,490 | ) | — | ||||||||||||
Income taxes payable | 82,991 | (2,000 | ) | 80,991 | |||||||||||||
Total liabilities | 82,991 | 2,059,811 | 1,824,734 | 859,602 | (1,773,965 | ) | 3,053,173 | ||||||||||
Equity: | |||||||||||||||||
Stockholders’ equity: | |||||||||||||||||
Common stock | 1,687 | 48 | 3,006 | (3,054 | ) | 1,687 | |||||||||||
Additional paid-in capital | 404,418 | 49,400 | 1,734 | (51,134 | ) | 404,418 | |||||||||||
Retained earnings | 2,721,397 | (1,271 | ) | 3,101,833 | 8,068 | (3,108,630 | ) | 2,721,397 | |||||||||
Treasury stock, at cost | (983 | ) | (983 | ) | |||||||||||||
Accumulated other comprehensive loss | (4,809 | ) | (10 | ) | (4,819 | ) | |||||||||||
Total stockholders’ equity | 3,126,519 | 48,129 | 3,097,072 | 12,798 | (3,162,818 | ) | 3,121,700 | ||||||||||
Noncontrolling interest | 6,171 | 6,171 | |||||||||||||||
Total equity | 3,126,519 | 48,129 | 3,097,072 | 18,969 | (3,162,818 | ) | 3,127,871 | ||||||||||
3,209,510 | 2,107,940 | 4,921,806 | 878,571 | (4,936,783 | ) | 6,181,044 |
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 distressed loans | 63,235 | 63,235 | |||||||||||||||
Investments in foreclosed real estate | 5,939 | 5,939 | |||||||||||||||
Investments in and advances to consolidated entities | 2,694,419 | 1,508,550 | 4,737 | (4,207,706 | ) | — | |||||||||||
2,694,419 | 1,515,318 | 4,193,048 | 862,406 | (4,209,945 | ) | 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 | |||||||||||
Advances from consolidated entities | 731,995 | 477,322 | (1,209,317 | ) | — | ||||||||||||
Income taxes payable | 108,066 | (2,000 | ) | 106,066 | |||||||||||||
Total liabilities | 108,066 | 1,515,318 | 1,282,043 | 768,866 | (1,211,598 | ) | 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 | 4,193,048 | 862,406 | (4,209,945 | ) | 5,055,246 |
Toll Brothers, Inc. | Subsidiary Issuer | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||
Revenues | 1,880,908 | 79,850 | (77,977 | ) | 1,882,781 | ||||||||||||
Cost of revenues | 1,523,074 | 22,736 | (13,715 | ) | 1,532,095 | ||||||||||||
Selling, general and administrative | 95 | 2,965 | 307,292 | 41,055 | (64,150 | ) | 287,257 | ||||||||||
95 | 2,965 | 1,830,366 | 63,791 | (77,865 | ) | 1,819,352 | |||||||||||
Income (loss) from operations | (95 | ) | (2,965 | ) | 50,542 | 16,059 | (112 | ) | 63,429 | ||||||||
Other: | |||||||||||||||||
Income from unconsolidated entities | 16,035 | 7,557 | 23,592 | ||||||||||||||
Other income - net | 56 | 19,569 | 3,795 | 2,501 | 25,921 | ||||||||||||
Intercompany interest income | 116,835 | (116,835 | ) | — | |||||||||||||
Interest expense | (115,141 | ) | (576 | ) | 115,717 | — | |||||||||||
Income from consolidated subsidiaries | 112,981 | 26,835 | (139,816 | ) | — | ||||||||||||
Income before income tax benefit (provision) | 112,942 | (1,271 | ) | 112,981 | 26,835 | (138,545 | ) | 112,942 | |||||||||
Income tax (benefit) provision | (374,204 | ) | 25,805 | 6,129 | (31,934 | ) | (374,204 | ) | |||||||||
Net income | 487,146 | (1,271 | ) | 87,176 | 20,706 | (106,611 | ) | 487,146 |
Toll Brothers, Inc. | Subsidiary Issuer | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||
Revenues | 1,445,148 | 105,364 | (74,631 | ) | 1,475,881 | ||||||||||||
Cost of revenues | 1,217,512 | 57,617 | (14,359 | ) | 1,260,770 | ||||||||||||
Selling, general and administrative | 137 | 1,345 | 270,605 | 42,131 | (52,863 | ) | 261,355 | ||||||||||
137 | 1,345 | 1,488,117 | 99,748 | (67,222 | ) | 1,522,125 | |||||||||||
Income (loss) from operations | (137 | ) | (1,345 | ) | (42,969 | ) | 5,616 | (7,409 | ) | (46,244 | ) | ||||||
Other: | |||||||||||||||||
Income from unconsolidated entities | 6,129 | (7,323 | ) | (1,194 | ) | ||||||||||||
Other income - net | 14,489 | (3,667 | ) | 12,581 | 23,403 | ||||||||||||
Intercompany interest income | 108,776 | (108,776 | ) | — | |||||||||||||
Interest expense | (103,604 | ) | (1,504 | ) | 103,604 | (1,504 | ) | ||||||||||
Expenses related to early retirement of debt | (3,827 | ) | (3,827 | ) | |||||||||||||
Income from consolidated subsidiaries | (29,229 | ) | (5,374 | ) | 34,603 | — | |||||||||||
Income before income tax benefit (provision) | (29,366 | ) | — | (29,229 | ) | (5,374 | ) | 34,603 | (29,366 | ) | |||||||
Income tax (benefit) provision | (69,161 | ) | (68,837 | ) | (12,656 | ) | 81,493 | (69,161 | ) | ||||||||
Net income | 39,795 | — | 39,608 | 7,282 | (46,890 | ) | 39,795 |
Toll Brothers, Inc. | Subsidiary Issuer | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||
Cash flow (used in) provided by operating activities: | |||||||||||||||||
Net income (loss) | 487,146 | (1,271 | ) | 87,176 | 20,706 | (106,611 | ) | 487,146 | |||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 22 | 5,036 | 18,459 | 340 | (1,271 | ) | 22,586 | ||||||||||
Stock-based compensation | 15,575 | 15,575 | |||||||||||||||
Recovery of investment in unconsolidated entities | (2,311 | ) | (2,311 | ) | |||||||||||||
Excess tax benefits from stock-based compensation | (5,776 | ) | (5,776 | ) | |||||||||||||
Income from unconsolidated entities | (13,724 | ) | (7,557 | ) | (21,281 | ) | |||||||||||
Distributions of earnings from unconsolidated entities | 5,258 | 5,258 | |||||||||||||||
Income from consolidated subsidiaries | (112,981 | ) | (26,835 | ) | 139,816 | — | |||||||||||
Income from non-performing loan portfolios and foreclosed real estate | (12,444 | ) | (12,444 | ) | |||||||||||||
Deferred tax benefit | 41,810 | 41,810 | |||||||||||||||
Deferred tax valuation allowances | (394,718 | ) | (394,718 | ) | |||||||||||||
Inventory impairments and write-offs | 14,739 | 14,739 | |||||||||||||||
Change in fair value of mortgage loans receivable and derivative instruments | (670 | ) | (670 | ) | |||||||||||||
Gain on sale of marketable securities | (40 | ) | (40 | ) | |||||||||||||
Changes in operating assets and liabilities | |||||||||||||||||
Increase in inventory | (111,788 | ) | (84,160 | ) | (195,948 | ) | |||||||||||
Origination of mortgage loans | (651,618 | ) | (651,618 | ) | |||||||||||||
Sale of mortgage loans | 629,397 | 629,397 | |||||||||||||||
Decrease (increase) in restricted cash | (28,268 | ) | 1,523 | (771 | ) | (27,516 | ) | ||||||||||
(Increase) decrease in receivables, prepaid expenses and other assets | 1,483 | (1,331 | ) | (255,019 | ) | 219,833 | 1,112 | (33,922 | ) | ||||||||
Increase (decrease) in customer deposits | 48,157 | (3,774 | ) | 44,383 | |||||||||||||
(Decrease) increase in accounts payable and accrued expenses | (2,584 | ) | 3,130 | 5,363 | (59,493 | ) | (4,953 | ) | (58,537 | ) | |||||||
Decrease in current income taxes payable | (25,075 | ) | (25,075 | ) | |||||||||||||
Net cash (used in) provided by operating activities | (23,366 | ) | 5,564 | (229,042 | ) | 49,789 | 28,093 | (168,962 | ) | ||||||||
Cash flow used in investing activities: | |||||||||||||||||
Purchase of property and equipment — net | (13,706 | ) | (789 | ) | (14,495 | ) | |||||||||||
Purchase of marketable securities | (519,737 | ) | (60,221 | ) | (579,958 | ) | |||||||||||
Sale and redemption of marketable securities | 368,253 | 368,253 | |||||||||||||||
Investment in and advances to unconsolidated entities | (3,637 | ) | (213,523 | ) | (217,160 | ) | |||||||||||
Return of investments in unconsolidated entities | 32,659 | 5,709 | 38,368 | ||||||||||||||
Investment in non-performing loan portfolios and foreclosed real estate | (30,090 | ) | (30,090 | ) | |||||||||||||
Return of investments in non-performing loan portfolios and foreclosed real estate | 16,707 | 16,707 | |||||||||||||||
Acquisition of a business | (144,746 | ) | (144,746 | ) | |||||||||||||
Intercompany advances | (15,652 | ) | (584,260 | ) | 599,912 | — | |||||||||||
Net cash used in investing activities | (15,652 | ) | (584,260 | ) | (280,914 | ) | (282,207 | ) | 599,912 | (563,121 | ) | ||||||
Cash flow provide by (used in) financing activities: | |||||||||||||||||
Net proceeds from issuance of senior notes | 578,696 | 578,696 | |||||||||||||||
Proceeds from loans payable | 1,002,934 | 1,002,934 | |||||||||||||||
Principal payments of loans payable | (26,800 | ) | (989,281 | ) | (1,016,081 | ) | |||||||||||
Proceeds from stock-based benefit plans | 33,747 | 33,747 | |||||||||||||||
Excess tax benefits from stock-based compensation | 5,776 | 5,776 | |||||||||||||||
Purchase of treasury stock | (505 | ) | (505 | ) | |||||||||||||
Intercompany advances | 472,831 | 155,174 | (628,005 | ) | — | ||||||||||||
Net cash provided by (used in) financing activities | 39,018 | 578,696 | 446,031 | 168,827 | (628,005 | ) | 604,567 | ||||||||||
Net decrease in cash and cash equivalents | — | — | (63,925 | ) | (63,591 | ) | — | (127,516 | ) | ||||||||
Cash and cash equivalents, beginning of year | — | — | 775,300 | 131,040 | — | 906,340 | |||||||||||
Cash and cash equivalents, end of year | — | — | 711,375 | 67,449 | — | 778,824 |
Toll Brothers, Inc. | Subsidiary Issuer | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||
Cash flow (used in) provided by operating activities: | |||||||||||||||||
Net income (loss) | 39,795 | — | 39,608 | 7,282 | (46,890 | ) | 39,795 | ||||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 3,210 | 19,343 | 589 | 23,142 | |||||||||||||
Stock-based compensation | 12,494 | 12,494 | |||||||||||||||
Impairment of investment in unconsolidated entities | 15,170 | 25,700 | 40,870 | ||||||||||||||
Income from unconsolidated entities | (21,299 | ) | (18,377 | ) | (39,676 | ) | |||||||||||
Distributions of earnings from unconsolidated entities | 12,747 | (666 | ) | 12,081 | |||||||||||||
Loss from consolidated subsidiaries | 29,229 | 5,374 | (34,603 | ) | — | ||||||||||||
Income from non-performing loan portfolios and foreclosed real estate | (5,113 | ) | (5,113 | ) | |||||||||||||
Deferred tax benefit | (18,188 | ) | (18,188 | ) | |||||||||||||
Deferred tax valuation allowances | 18,188 | 18,188 | |||||||||||||||
Inventory impairments and write-offs | 51,837 | 51,837 | |||||||||||||||
Change in fair value of mortgage loans receivable and derivative instruments | 475 | 475 | |||||||||||||||
Expenses related to early retirement of debt | 3,827 | 3,827 | |||||||||||||||
Changes in operating assets and liabilities | |||||||||||||||||
Increase in inventory | (89,869 | ) | (125,869 | ) | (215,738 | ) | |||||||||||
Origination of mortgage loans | (630,294 | ) | (630,294 | ) | |||||||||||||
Sale of mortgage loans | 659,610 | 659,610 | |||||||||||||||
Decrease (increase) in restricted cash | 41,822 | (676 | ) | 41,146 | |||||||||||||
(Increase) decrease in receivables, prepaid expenses and other assets | (146 | ) | (124,022 | ) | 111,903 | 743 | (11,522 | ) | |||||||||
Increase (decrease) in customer deposits | 1,677 | 11,498 | 13,175 | ||||||||||||||
(Decrease) increase in accounts payable and accrued expenses | 2,287 | (1,759 | ) | 80,257 | (111,272 | ) | 1,863 | (28,624 | ) | ||||||||
Decrease in income tax refund recoverable | 141,590 | 141,590 | |||||||||||||||
Decrease in current income taxes payable | (56,225 | ) | (56,225 | ) | |||||||||||||
Net cash (used in) provided by operating activities | 169,024 | 5,278 | 32,645 | (75,210 | ) | (78,887 | ) | 52,850 | |||||||||
Cash flow used in investing activities: | |||||||||||||||||
Purchase of property and equipment — net | (6,658 | ) | (2,895 | ) | (9,553 | ) | |||||||||||
Purchase of marketable securities | (452,864 | ) | (452,864 | ) | |||||||||||||
Sale and redemption of marketable securities | 408,831 | 408,831 | |||||||||||||||
Investment in and advances to unconsolidated entities | (70 | ) | (62 | ) | (132 | ) | |||||||||||
Return of investments in unconsolidated entities | 23,859 | 19,450 | 43,309 | ||||||||||||||
Investment in non-performing loan portfolios and foreclosed real estate | (66,867 | ) | (66,867 | ) | |||||||||||||
Return of investments in non-performing loan portfolios and foreclosed real estate | 2,806 | 2,806 | |||||||||||||||
Intercompany advances | (145,453 | ) | 53,559 | 91,894 | — | ||||||||||||
Net cash used in investing activities | (145,453 | ) | 53,559 | (26,902 | ) | (47,568 | ) | 91,894 | (74,470 | ) | |||||||
Cash flow provide by (used in) financing activities: | |||||||||||||||||
Proceeds from loans payable | 921,251 | 921,251 | |||||||||||||||
Principal payments of loans payable | (11,589 | ) | (941,032 | ) | (952,621 | ) | |||||||||||
Redemption of senior notes | (58,837 | ) | (58,837 | ) | |||||||||||||
Proceeds from stock-based benefit plans | 25,531 | 25,531 | |||||||||||||||
Purchase of treasury stock | (49,102 | ) | (49,102 | ) | |||||||||||||
Change in noncontrolling interest | 2,678 | 2,678 | |||||||||||||||
Intercompany advances | (149,241 | ) | 162,248 | (13,007 | ) | — | |||||||||||
Net cash provided by (used in) financing activities | (23,571 | ) | (58,837 | ) | (160,830 | ) | 145,145 | (13,007 | ) | (111,100 | ) | ||||||
Net decrease in cash and cash equivalents | — | — | (155,087 | ) | 22,367 | — | (132,720 | ) | |||||||||
Cash and cash equivalents, beginning of year | — | — | 930,387 | 108,673 | — | 1,039,060 | |||||||||||
Cash and cash equivalents, end of year | — | — | 775,300 | 131,040 | — | 906,340 |