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Supplemental Guarantor Information
6 Months Ended
Apr. 30, 2013
Supplemental Guarantor Information [Abstract]  
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 thousands):
 
 
Original Amount Issued
 
Amount outstanding at April 30, 2013
 
 
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

 
4.375% Senior Notes due 2023
$
300,000

 
$
300,000

 
0.5% Exchangeable Senior Notes due 2032
$
287,500

 
$
287,500


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. The Subsidiary Issuer generates no operating revenues and does not have any independent operations other the the financing of other subsidiaries of the Company by lending the proceeds from the above described debt issuances.
As of April 30, 2013, certain Non-Guarantor Subsidiaries became Guarantor Subsidiaries. This change in status has been retrospectively reflected in the accompanying condensed consolidating financial statements.
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.
The condensed consolidating financial statements have been revised in order to (i) reflect the transfer of the balance sheet, statements of operations and cash flows of certain non-guarantor subsidiaries to guarantor subsidiaries as a result of such entities becoming guarantor subsidiaries as of April 30, 2013 and the reclassification of guarantor and non-guarantor intercompany advances and equity balances with corresponding offsets in the elimination column and (ii) revise the presentation of cash flows from operating activities, financing activities and investing activities in the condensed consolidating statements of cash flows for the six-month period ended April 30, 2012 to reflect intercompany activity, which had previously been included in cash flow from operating activities, as cash flow from investing activities and cash flow from financing activities.
This revised presentation has no impact or effect on Toll Brothers, Inc.'s condensed consolidated financial statements for any period presented, including the Condensed Consolidated Balance Sheets, Statements of Operations, Statements of Comprehensive Income, or Statements of Cash Flows.
Summary financial information related to the transfer of certain Non-Guarantor Subsidiaries to Guarantor Subsidiaries and the reclassification of guarantor and non-guarantor intercompany advances and equity balances, resulting in a decrease in Non-Guarantor Subsidiaries amounts, is presented below (amounts in thousands).
 
April 30,
2013
 
October 31,
2012
Inventory
$
214,313

 
$
168,218

Investments in and advances to unconsolidated entities
$
103,871

 
$
110,014

Total assets
$
327,574

 
$
282,638

Loans payable
$
14,576

 
$
30,424

Intercompany advances
$
303,879

 
$
253,550

Total liabilities
$
333,865

 
$
291,990

Equity
$
(6,291
)
 
$
(9,352
)
 
Six months ended April 30,
 
Three months ended April 30,
 
2013
 
2012
 
2013
 
2012
Revenue
$
24,316

 
$

 
$
13,872

 
$

Operating income
$
2,930

 
$
(673
)
 
$
1,937

 
$
(428
)
Income before income taxes
$
5,030

 
$
958

 
$
4,027

 
$
1,187


Following is a reconciliation of the amounts previously reported to the reclassified amounts as stated in the following components of the revised condensed consolidating statements of cash flows for the six-month period ended April 30, 2012. 
 
As Previously Reported
 
Reclassification of intercompany activity
 
Change in status from Non-Guarantor to Guarantor
 
As Reclassified
Cash flow (used in) provided by operating activities:
 
 
 
 
 
 
 
Net cash (used in) provided by operating activities:
 
 
 
 
 
 
 
Toll Brothers, Inc.
$
(16,905
)
 
$
(9,460
)
 
$

 
$
(26,365
)
Subsidiary Issuer
$
(296,227
)
 
$
300,492

 
$

 
$
4,265

Guarantor Subsidiaries
$
(61,438
)
 
$
(268,885
)
 
$
95,972

 
$
(234,351
)
Non-Guarantor Subsidiaries
$
101,711

 
$
(8,953
)
 
$
(94,191
)
 
$
(1,433
)
Elimination
$

 
$
(13,194
)
 
$

 
$
(13,194
)
 
 
 
 
 
 
 
 
Cash flow (used in) provided by investing activities:
 
 
 
 
 
 
 
Intercompany advances
 
 
 
 
 
 
 
Toll Brothers, Inc.
$

 
$
9,460

 
$

 
$
9,460

Subsidiary Issuer
$

 
$
(300,492
)
 
$

 
$
(300,492
)
Guarantor Subsidiaries
$

 
$

 
$

 
$

Non-Guarantor Subsidiaries
$

 
$

 
$

 
$

Elimination
$

 
$
291,032

 
$

 
$
291,032

 
 
 
 
 
 
 
 
Net cash (used in) provided by investing activities
 
 
 
 
 
 
 
Toll Brothers, Inc.
$

 
$
9,460

 
$

 
$
9,460

Subsidiary Issuer
$

 
$
(300,492
)
 
$

 
$
(300,492
)
Guarantor Subsidiaries
$
(58,270
)
 
$

 
$
(1,602
)
 
$
(59,872
)
Non-Guarantor Subsidiaries
$
(149,688
)
 
$

 
$
(179
)
 
$
(149,867
)
Elimination
$

 
$
291,032

 
$

 
$
291,032

 
 
 
 
 
 
 
 
Cash flow provided by (used in) financing activities:
 
 
 
 
 
 
 
Intercompany advances
 
 
 
 
 
 
 
Toll Brothers, Inc.
$

 
$

 
$

 
$

Subsidiary Issuer
$

 
$

 
$

 
$

Guarantor Subsidiaries
$

 
$
268,885

 
$
(95,552
)
 
$
173,333

Non-Guarantor Subsidiaries
$

 
$
8,953

 
$
95,552

 
$
104,505

Elimination
$

 
$
(277,838
)
 
$

 
$
(277,838
)
 
 
 
 
 
 
 
 
Net cash provided by (used in) financing activities
 
 
 
 
 
 
 
Toll Brothers, Inc.
$
16,905

 
$

 
$

 
$
16,905

Subsidiary Issuer
$
296,227

 
$

 
$

 
$
296,227

Guarantor Subsidiaries
$
(17,074
)
 
$
268,885

 
$
(96,083
)
 
$
155,728

Non-Guarantor Subsidiaries
$
(12,543
)
 
$
8,953

 
$
96,083

 
$
92,493

Elimination
$

 
$
(277,838
)
 
$

 
$
(277,838
)

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, 2013:
 
Toll
Brothers,
Inc.
 
Subsidiary
Issuer
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents

 

 
608,939

 
94,162

 

 
703,101

Marketable securities

 

 
192,562

 
40,337

 

 
232,899

Restricted cash
15,134

 

 
17,198

 
1,469

 

 
33,801

Inventory

 

 
4,304,896

 
62,321

 

 
4,367,217

Property, construction and office equipment, net

 

 
110,624

 
14,665

 

 
125,289

Receivables, prepaid expenses and other assets
76

 
16,363

 
87,111

 
82,416

 
(20,221
)
 
165,745

Mortgage loans held for sale

 

 

 
66,538

 

 
66,538

Customer deposits held in escrow

 

 
45,304

 


 

 
45,304

Investments in and advances to unconsolidated entities

 

 
183,475

 
174,057

 

 
357,532

Investments in distressed loans

 

 


 
48,707

 

 
48,707

Investments in foreclosed real estate

 

 


 
71,458

 

 
71,458

Investments in and advances to consolidated entities
2,894,431

 
2,334,391

 
4,740

 


 
(5,233,562
)
 

Deferred tax assets, net of valuation allowances
341,014

 


 


 


 


 
341,014

 
3,250,655

 
2,350,754

 
5,554,849

 
656,130

 
(5,253,783
)
 
6,558,605

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Loans payable

 

 
96,572

 


 

 
96,572

Senior notes

 
2,278,941

 

 

 
43,456

 
2,322,397

Mortgage company warehouse loan

 

 

 
58,526

 

 
58,526

Customer deposits

 

 
205,821

 


 

 
205,821

Accounts payable

 

 
149,383

 
218

 

 
149,601

Accrued expenses

 
26,527

 
327,662

 
135,412

 
(20,368
)
 
469,233

Advances from consolidated entities

 


 
1,573,146

 
427,742

 
(2,000,888
)
 

Income taxes payable
84,157

 

 

 


 

 
84,157

Total liabilities
84,157

 
2,305,468

 
2,352,584

 
621,898

 
(1,977,800
)
 
3,386,307

Equity:
 
 
 
 
 
 
 
 
 
 
 
Stockholders’ equity:
 
 
 
 
 
 
 
 
 
 
 
Common stock
1,693

 

 
48

 
3,006

 
(3,054
)
 
1,693

Additional paid-in capital
418,844

 
49,400

 


 
1,734

 
(51,134
)
 
418,844

Retained earnings
2,750,503

 
(4,114
)
 
3,202,547

 
23,362

 
(3,221,795
)
 
2,750,503

Treasury stock, at cost
(78
)
 

 

 

 

 
(78
)
Accumulated other comprehensive loss
(4,464
)
 

 
(330
)
 
(67
)
 


 
(4,861
)
Total stockholders’ equity
3,166,498

 
45,286

 
3,202,265

 
28,035

 
(3,275,983
)
 
3,166,101

Noncontrolling interest

 

 

 
6,197

 

 
6,197

Total equity
3,166,498

 
45,286

 
3,202,265

 
34,232

 
(3,275,983
)
 
3,172,298

 
3,250,655

 
2,350,754

 
5,554,849

 
656,130

 
(5,253,783
)
 
6,558,605



Revised Condensed Consolidating Balance Sheet at October 31, 2012:
 
Toll
Brothers,
Inc.
 
Subsidiary
Issuer
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents

 

 
712,024

 
66,800

 

 
778,824

Marketable securities

 

 
378,858

 
60,210

 

 
439,068

Restricted cash
28,268

 

 
17,561

 
1,447

 

 
47,276

Inventory

 

 
3,695,895

 
65,292

 

 
3,761,187

Property, construction and office equipment, net

 

 
106,963

 
3,008

 

 
109,971

Receivables, prepaid expenses and other assets
134

 
15,130

 
80,932

 
64,543

 
(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

 

 
180,159

 
150,458

 

 
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
2,816,607

 
2,092,810

 
4,740

 


 
(4,914,157
)
 

Deferred tax assets, net of valuation allowances
358,056

 


 


 


 


 
358,056

 
3,203,065

 
2,107,940

 
5,204,444

 
595,933

 
(4,930,338
)
 
6,181,044

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Loans payable

 

 
99,817

 


 

 
99,817

Senior notes

 
2,032,335

 

 

 
48,128

 
2,080,463

Mortgage company warehouse loan

 

 

 
72,664

 

 
72,664

Customer deposits

 

 
142,919

 
58

 

 
142,977

Accounts payable

 

 
99,889

 
22

 

 
99,911

Accrued expenses

 
27,476

 
344,555

 
115,922

 
(11,603
)
 
476,350

Advances from consolidated entities

 


 
1,342,213

 
378,946

 
(1,721,159
)
 

Income taxes payable
80,991

 

 

 


 

 
80,991

Total liabilities
80,991

 
2,059,811

 
2,029,393

 
567,612

 
(1,684,634
)
 
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
)
 
3,175,370

 
17,417

 
(3,191,516
)
 
2,721,397

Treasury stock, at cost
(983
)
 

 

 

 

 
(983
)
Accumulated other comprehensive loss
(4,445
)
 

 
(367
)
 
(7
)
 


 
(4,819
)
Total stockholders’ equity
3,122,074

 
48,129

 
3,175,051

 
22,150

 
(3,245,704
)
 
3,121,700

Noncontrolling interest

 

 

 
6,171

 

 
6,171

Total equity
3,122,074

 
48,129

 
3,175,051

 
28,321

 
(3,245,704
)
 
3,127,871

 
3,203,065

 
2,107,940

 
5,204,444

 
595,933

 
(4,930,338
)
 
6,181,044



Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the six months ended April 30, 2013 ($ in thousands):
 
Toll
Brothers,
Inc.
 
Subsidiary
Issuer
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Revenues

 

 
953,625

 
35,383

 
(48,403
)
 
940,605

Cost of revenues

 

 
772,981

 
9,935

 
(16,966
)
 
765,950

Selling, general and administrative
61

 
1,402

 
170,586

 
21,057

 
(35,509
)
 
157,597

 
61

 
1,402

 
943,567

 
30,992

 
(52,475
)
 
923,547

Income (loss) from operations
(61
)
 
(1,402
)
 
10,058

 
4,391

 
4,072

 
17,058

Other:
 
 
 
 
 
 
 
 
 
 
 
Income from unconsolidated entities

 

 
5,040

 
3,036

 

 
8,076

Other income - net
4,685

 


 
24,472

 
2,567

 
(7,564
)
 
24,160

Intercompany interest income

 
60,060

 


 


 
(60,060
)
 

Interest expense

 
(63,330
)
 


 
(222
)
 
63,552

 

Income from subsidiaries
44,670

 

 
5,100

 

 
(49,770
)
 

Income (loss) before income taxes
49,294

 
(4,672
)
 
44,670

 
9,772

 
(49,770
)
 
49,294

Income tax provision (benefit)
20,188

 
(1,830
)
 
17,493

 
3,827

 
(19,490
)
 
20,188

Net income (loss)
29,106

 
(2,842
)
 
27,177

 
5,945

 
(30,280
)
 
29,106

Other comprehensive (loss) income
(18
)
 


 
36

 
(60
)
 


 
(42
)
Total comprehensive income (loss)
29,088

 
(2,842
)
 
27,213

 
5,885

 
(30,280
)
 
29,064


Revised Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) 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

 
2,744

 
(5,635
)
 
578,429

Selling, general and administrative
27

 
1,782

 
149,441

 
18,961

 
(32,318
)
 
137,893

 
27

 
1,782

 
730,761

 
21,705

 
(37,953
)
 
716,322

Loss from operations
(27
)
 
(1,782
)
 
(19,410
)
 
3,917

 
(3,384
)
 
(20,686
)
Other:
 
 
 
 
 
 
 
 
 
 
 
Income from unconsolidated entities

 

 
10,803

 
2,873

 

 
13,676

Other income - net
20

 


 
7,594

 
3,471

 
5,166

 
16,251

Intercompany interest income

 
57,891

 


 


 
(57,891
)
 

Interest expense

 
(56,109
)
 


 


 
56,109

 

Income from subsidiaries
9,248

 

 
10,261

 

 
(19,509
)
 

Income before income taxes
9,241

 

 
9,248

 
10,261

 
(19,509
)
 
9,241

Income tax benefit
(4,845
)
 

 
(4,849
)
 
(5,380
)
 
10,229

 
(4,845
)
Net income
14,086

 

 
14,097

 
15,641

 
(29,738
)
 
14,086

Other comprehensive (loss) income
92

 


 
(534
)
 
(38
)
 


 
(480
)
Total comprehensive income
14,178

 

 
13,563

 
15,603

 
(29,738
)
 
13,606






Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three months ended April 30, 2013 ($ in thousands):
 
Toll
Brothers,
Inc.
 
Subsidiary
Issuer
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Revenues

 

 
523,403

 
20,337

 
(27,736
)
 
516,004

Cost of revenues

 

 
424,278

 
5,704

 
(9,969
)
 
420,013

Selling, general and administrative
45

 
715

 
86,079

 
10,916

 
(18,205
)
 
79,550

 
45

 
715

 
510,357

 
16,620

 
(28,174
)
 
499,563

Income (loss) from operations
(45
)
 
(715
)
 
13,046

 
3,717

 
438

 
16,441

Other:
 
 
 
 
 
 
 
 
 
 
 
Income from unconsolidated entities

 

 
3,890

 
1,103

 

 
4,993

Other income - net
2,299

 


 
18,477

 
833

 
(2,075
)
 
19,534

Intercompany interest income

 
30,333

 


 


 
(30,333
)
 

Interest expense

 
(31,908
)
 


 
(62
)
 
31,970

 

Income from subsidiaries
38,714

 

 
3,301

 

 
(42,015
)
 

Income (loss) before income taxes
40,968

 
(2,290
)

38,714

 
5,591

 
(42,015
)
 
40,968

Income tax provision (benefit)
16,294

 
(897
)
 
15,160

 
2,189

 
(16,452
)
 
16,294

Net income (loss)
24,674

 
(1,393
)

23,554


3,402


(25,563
)

24,674

Other comprehensive (loss) income
155

 


 
(189
)
 
(24
)
 


 
(58
)
Total comprehensive income (loss)
24,829

 
(1,393
)

23,365


3,378


(25,563
)

24,616


Revised Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) 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

 
824

 
(2,439
)
 
306,821

Selling, general and administrative
14

 
1,304

 
75,909

 
9,687

 
(18,658
)
 
68,256

 
14

 
1,304


384,345


10,511


(21,097
)
 
375,077

(Loss) income from operations
(14
)
 
(1,304
)

(686
)

2,725


(2,117
)
 
(1,396
)
Other:
 
 
 
 
 
 
 
 
 
 
 
Income from unconsolidated entities

 

 
5,574

 
1,415

 

 
6,989

Other income - net
13

 


 
4,614

 
2,678

 
2,751

 
10,056

Intercompany interest income

 
32,127

 


 


 
(32,127
)
 

Interest expense

 
(30,823
)
 


 


 
30,823

 

Income from subsidiaries
15,650

 

 
6,148

 

 
(21,798
)
 

Income before income taxes
15,649

 


15,650


6,818


(22,468
)
 
15,649

Income tax benefit
(1,223
)
 

 
(1,231
)
 
(7,326
)
 
8,557

 
(1,223
)
Net income
16,872

 


16,881


14,144


(31,025
)
 
16,872

Other comprehensive income (loss)
201

 


 
18

 
(38
)
 


 
181

Total comprehensive income
17,073

 


16,899


14,106


(31,025
)
 
17,053


Condensed Consolidating Statement of Cash Flows for the six months ended April 30, 2013 ($ in thousands):
 
Toll
Brothers,
Inc.
 
Subsidiary
Issuer
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net cash (used in) provided by operating activities
45,380

 
2,599

 
(484,680
)
 
3,688

 
(12,395
)
 
(445,408
)
Cash flow provided by (used in) investing activities:
 
 
 
 
 
 
 
 
 
 
 
Purchase of property and equipment - net

 

 
(8,588
)
 
(11,676
)
 

 
(20,264
)
Purchase of marketable securities

 

 
(25,938
)
 
(10,224
)
 

 
(36,162
)
Sale and redemption of marketable securities

 

 
209,484

 
30,000

 

 
239,484

Investments in and advances to unconsolidated entities

 

 
(21,637
)
 
(10,357
)
 

 
(31,994
)
Return of investments in unconsolidated entities

 

 
23,437

 
11,249

 

 
34,686

Investments in distressed loans and foreclosed real estate

 

 


 
(26,155
)
 

 
(26,155
)
Return of investments in distressed loans and foreclosed real estate

 

 

 
6,114

 

 
6,114

Intercompany advances
(53,632
)
 
(241,581
)
 

 


 
295,213

 

Net cash provided by (used in) investing activities
(53,632
)
 
(241,581
)
 
176,758

 
(11,049
)
 
295,213

 
165,709

Cash flow provided by (used in) financing activities:
 
 
 
 
 
 
 
 
 
 
 
Net proceeds from issuance of senior notes

 
298,050

 

 


 

 
298,050

Proceeds from loans payable

 

 

 
501,884

 

 
501,884

Principal payments of loans payable

 

 
(29,153
)
 
(516,022
)
 

 
(545,175
)
Redemption of senior notes


 
(59,068
)
 

 

 

 
(59,068
)
Proceeds from stock-based benefit plans
8,430

 

 

 

 

 
8,430

Receipts related to non-controlling interest


 

 

 
33

 

 
33

Purchase of treasury stock
(178
)
 

 

 

 

 
(178
)
Intercompany advances


 

 
233,990

 
48,828

 
(282,818
)
 

Net cash provided by financing activities
8,252

 
238,982

 
204,837

 
34,723

 
(282,818
)
 
203,976

Net (decrease) increase in cash and cash equivalents

 

 
(103,085
)
 
27,362

 

 
(75,723
)
Cash and cash equivalents, beginning of period

 

 
712,024

 
66,800

 

 
778,824

Cash and cash equivalents, end of period

 

 
608,939

 
94,162

 

 
703,101

Revised 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
Net cash (used in) provided by operating activities
(26,365
)
 
4,265

 
(234,351
)
 
(1,433
)
 
(13,194
)
 
(271,078
)
Cash flow (used in) provided by investing activities:
 
 
 
 
 
 
 
 
 
 
 
Purchase of property and equipment — net

 

 
(6,487
)
 
(41
)
 

 
(6,528
)
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 in unconsolidated entities

 

 
20,568

 

 

 
20,568

Investments in distressed loans and foreclosed real estate

 

 


 
(27,490
)
 

 
(27,490
)
Return of investments in distressed loans and foreclosed real estate

 

 


 
11,582

 

 
11,582

Acquisition of a business

 

 
(144,746
)
 

 

 
(144,746
)
Intercompany advances
9,460

 
(300,492
)
 

 

 
291,032

 

Net cash (used in) provided by investing activities
9,460

 
(300,492
)
 
(59,872
)
 
(149,867
)
 
291,032

 
(209,739
)
Cash flow provided by (used in) 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

 

 
(17,605
)
 
(412,104
)
 

 
(429,709
)
Proceeds from stock-based benefit plans
17,189

 

 

 

 

 
17,189

Purchase of treasury stock
(284
)
 

 

 

 

 
(284
)
Intercompany advances


 

 
173,333

 
104,505

 
(277,838
)
 

Net cash provided by financing activities
16,905

 
296,227

 
155,728

 
92,493

 
(277,838
)
 
283,515

Net decrease in cash and cash equivalents

 

 
(138,495
)
 
(58,807
)
 

 
(197,302
)
Cash and cash equivalents, beginning of period

 

 
777,013

 
129,327

 

 
906,340

Cash and cash equivalents, end of period

 

 
638,518

 
70,520

 

 
709,038