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Supplemental Guarantor Information (Tables)
 9 Months Ended
Sep. 30, 2014
Supplemental Guarantor Information  
CONSOLIDATING STATEMENTS OF EARNINGS

 

 

 

 

THREE MONTHS ENDED SEPTEMBER 30, 2014 

 

 

 

 

 

 

 

 

 

 

NON-

 

 

 

 

 

 

 

 

 

GUARANTOR

 

GUARANTOR

 

CONSOLIDATING

 

CONSOLIDATED

 

(in thousands)

 

TRG, INC.

 

SUBSIDIARIES

 

SUBSIDIARIES

 

ELIMINATIONS

 

TOTAL

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

 $

363,306

 

$

320,271

 

$

11,954

 

$

(15,339

)

$

680,192

 

EXPENSES

 

319,887

 

290,377

 

7,386

 

(15,339

)

602,311

 

OTHER INCOME

 

653

 

344

 

64

 

-

 

1,061

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before taxes

 

44,072

 

30,238

 

4,632

 

-

 

78,942

 

Tax expense

 

16,980

 

11,650

 

1,784

 

-

 

30,414

 

Equity in net earnings of subsidiaries

 

21,436

 

-

 

-

 

(21,436

)

-

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

 $

48,528

 

$

18,588

 

$

2,848

 

$

(21,436

)

$

48,528

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NINE MONTHS ENDED SEPTEMBER 30, 2014 

 

 

 

 

REVENUES

 

 $

911,447

 

$

841,379

 

$

31,297

 

$

(36,859

)

$

1,747,264

 

EXPENSES

 

817,494

 

770,294

 

30,074

 

(36,859

)

1,581,003

 

OTHER INCOME

 

2,138

 

827

 

89

 

-

 

3,054

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before taxes

 

96,091

 

71,912

 

1,312

 

-

 

169,315

 

Tax expense

 

37,013

 

27,700

 

505

 

-

 

65,218

 

Equity in net earnings of subsidiaries

 

45,019

 

-

 

-

 

(45,019

)

-

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

 $

104,097

 

$

44,212

 

$

807

 

$

(45,019

)

$

104,097

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THREE MONTHS ENDED SEPTEMBER 30, 2013 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

 $

323,969

 

$

249,258

 

$

13,514

 

$

(10,318

)

$

576,423

 

EXPENSES

 

297,739

 

228,148

 

7,497

 

(10,318

)

523,066

 

OTHER INCOME

 

434

 

195

 

-

 

-

 

629

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before taxes

 

26,664

 

21,305

 

6,017

 

-

 

53,986

 

Tax (benefit) expense

 

(1,047

)

1,433

 

42

 

-

 

428

 

Equity in net earnings of subsidiaries

 

25,847

 

-

 

-

 

(25,847

)

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

53,558

 

19,872

 

5,975

 

(25,847

)

53,558

 

Income (loss) from discontinued operations, net of taxes

 

91

 

(21

)

-

 

21

 

91

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

 $

53,649

 

$

19,851

 

$

5,975

 

$

(25,826

)

$

53,649

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NINE MONTHS ENDED SEPTEMBER 30, 2013 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

 $

795,603

 

$

638,081

 

$

39,697

 

$

(29,283

)

$

1,444,098

 

EXPENSES

 

741,527

 

592,183

 

21,733

 

(29,283

)

1,326,160

 

OTHER INCOME

 

2,116

 

414

 

-

 

-

 

2,530

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before taxes

 

56,192

 

46,312

 

17,964

 

-

 

120,468

 

Tax (benefit) expense

 

(102,234

)

(84,262

)

171

 

-

 

(186,325

)

Equity in net earnings of subsidiaries

 

148,367

 

-

 

-

 

(148,367

)

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

306,793

 

130,574

 

17,793

 

(148,367

)

306,793

 

Income from discontinued operations, net of taxes

 

167

 

20

 

-

 

(20

)

167

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

 $

306,960

 

$

130,594

 

$

17,793

 

$

(148,387

)

$

306,960

 

 

 

 

 

 

 

 

 

 

 

 

 
CONSOLIDATING STATEMENTS OF OTHER COMPREHENSIVE INCOME

 

 

 

 

THREE MONTHS ENDED SEPTEMBER 30, 2014 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-

 

 

 

 

 

 

 

 

 

GUARANTOR

 

GUARANTOR

 

CONSOLIDATING

 

CONSOLIDATED

 

(in thousands)

 

TRG, INC.

 

SUBSIDIARIES

 

SUBSIDIARIES

 

ELIMINATIONS

 

TOTAL

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 $

48,528

 

$

18,588

 

$

2,848

 

$

(21,436

)

$

48,528

 

Other comprehensive loss, net of tax:

 

 

 

 

 

 

 

 

 

 

 

Amortization of actuarial loss on defined benefit pension plan, net

 

4

 

-

 

-

 

-

 

4

 

Unrealized loss on marketable securities, available-for-sale, net

 

(224

)

-

 

-

 

-

 

(224

)

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss, net of tax

 

(220

)

-

 

-

 

-

 

(220

)

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

 $

48,308

 

$

18,588

 

$

2,848

 

$

(21,436

)

$

48,308

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NINE MONTHS ENDED SEPTEMBER 30, 2014 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 $

104,097

 

$

44,212

 

$

807

 

$

(45,019

)

$

104,097

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

Amortization of actuarial loss on defined benefit pension plan, net

 

13

 

-

 

-

 

-

 

13

 

Unrealized gain on marketable securities, available-for-sale, net

 

200

 

-

 

-

 

-

 

200

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income, net of tax

 

213

 

-

 

-

 

-

 

213

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

 $

104,310

 

$

44,212

 

$

807

 

$

(45,019

)

$

104,310

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THREE MONTHS ENDED SEPTEMBER 30, 2013 

Net income

 

 $

53,649

 

$

19,851

 

$

5,975

 

$

(25,826

)

$

53,649

 

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on marketable securities, available-for-sale, net

 

686

 

-

 

-

 

-

 

686

 

Other comprehensive income, net of tax

 

686

 

-

 

-

 

-

 

686

 

Comprehensive income

 

 $

54,335

 

$

19,851

 

$

5,975

 

$

(25,826

)

$

54,335

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NINE MONTHS ENDED SEPTEMBER 30, 2013 

Net income

 

 $

306,960

 

$

130,594

 

$

17,793

 

$

(148,387

)

$

306,960

 

Other comprehensive loss, net of tax:

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on marketable securities, available-for-sale, net

 

(289

)

-

 

-

 

-

 

(289

)

Other comprehensive loss, net of tax

 

(289

)

-

 

-

 

-

 

(289

)

Comprehensive income

 

 $

306,671

 

$

130,594

 

$

17,793

 

$

(148,387

)

$

306,671

 

 

 

 

 

 

 

 

 

 

 

 

 
CONSOLIDATING BALANCE SHEETS

 

 

 

 

 

SEPTEMBER 30, 2014

 

 

 

 

 

 

 

 

NON-

 

 

 

 

 

 

 

 

 

 

GUARANTOR

 

GUARANTOR

 

CONSOLIDATING

 

CONSOLIDATED

 

(in thousands)

 

 

TRG, INC.

 

SUBSIDIARIES

 

SUBSIDIARIES

 

ELIMINATIONS

 

TOTAL

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

$

17,289

 

$

151,182

 

$

9,227

 

$

-

 

$

177,698

 

Marketable securities and restricted cash

 

 

298,536

 

-

 

24,798

 

-

 

323,334

 

Consolidated inventory owned

 

 

1,248,991

 

760,078

 

-

 

-

 

2,009,069

 

Consolidated inventory not owned

 

 

16,727

 

-

 

14,598

 

-

 

31,325

 

Total housing inventories

 

 

1,265,718

 

760,078

 

14,598

 

-

 

2,040,394

 

Investment in subsidiaries

 

 

407,410

 

-

 

-

 

(407,410

)

-

 

Intercompany receivables

 

 

473,273

 

-

 

-

 

(473,273

)

-

 

Other assets

 

 

237,195

 

59,103

 

98,930

 

-

 

395,228

 

TOTAL ASSETS

 

 

2,699,421

 

970,363

 

147,553

 

(880,683

)

2,936,654

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and other
accrued liabilities

 

 

293,553

 

122,712

 

20,695

 

-

 

436,960

 

Financial services credit facilities

 

 

-

 

-

 

79,228

 

-

 

79,228

 

Debt

 

 

1,402,880

 

-

 

-

 

-

 

1,402,880

 

Intercompany payables

 

 

-

 

467,377

 

5,896

 

(473,273

)

-

 

TOTAL LIABILITIES

 

 

1,696,433

 

590,089

 

105,819

 

(473,273

)

1,919,068

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

1,002,988

 

380,274

 

27,136

 

(407,410

)

1,002,988

 

NONCONTROLLING INTEREST

 

 

-

 

-

 

14,598

 

-

 

14,598

 

TOTAL LIABILITIES AND EQUITY

 

 

$

2,699,421

 

$

970,363

 

$

147,553

 

$

(880,683

)

$

2,936,654

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DECEMBER 31, 2013

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

$

25,521

 

$

193,356

 

$

9,109

 

$

-

 

$

227,986

 

Marketable securities and restricted cash

 

 

377,267

 

-

 

25,922

 

-

 

403,189

 

Consolidated inventory owned

 

 

955,943

 

660,664

 

-

 

-

 

1,616,607

 

Consolidated inventory not owned

 

 

17,297

 

-

 

15,879

 

-

 

33,176

 

Total housing inventories

 

 

973,240

 

660,664

 

15,879

 

-

 

1,649,783

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in subsidiaries

 

 

369,580

 

-

 

-

 

(369,580

)

-

 

Intercompany receivables

 

 

517,057

 

-

 

-

 

(517,057

)

-

 

Other assets

 

 

290,153

 

54,052

 

155,149

 

-

 

499,354

 

Assets of discontinued operations

 

 

-

 

30

 

-

 

-

 

30

 

TOTAL ASSETS

 

 

2,552,818

 

908,102

 

206,059

 

(886,637

)

2,780,342

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and other
accrued liabilities

 

 

247,328

 

106,420

 

31,773

 

-

 

385,521

 

Financial services credit facility

 

 

-

 

-

 

73,084

 

-

 

73,084

 

Debt

 

 

1,397,308

 

-

 

-

 

-

 

1,397,308

 

Intercompany payables

 

 

-

 

465,252

 

51,805

 

(517,057

)

-

 

Liabilities of discontinued operations

 

 

136

 

368

 

-

 

-

 

504

 

TOTAL LIABILITIES

 

 

1,644,772

 

572,040

 

156,662

 

(517,057

)

1,856,417

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

908,046

 

336,062

 

33,518

 

(369,580

)

908,046

 

NONCONTROLLING INTEREST

 

 

-

 

-

 

15,879

 

-

 

15,879

 

TOTAL LIABILITIES AND EQUITY

 

 

$

2,552,818

 

$

908,102

 

$

206,059

 

$

(886,637

)

$

2,780,342

 
CONSOLIDATING STATEMENTS OF CASH FLOWS

 

 

 

 

 

NINE MONTHS ENDED SEPTEMBER 30, 2014

 

 

 

 

 

 

GUARANTOR

 

NON-GUARANTOR

 

CONSOLIDATING

 

CONSOLIDATED

 

(in thousands)

 

 

TRG, INC.

 

SUBSIDIARIES

 

SUBSIDIARIES

 

ELIMINATIONS

 

TOTAL

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

$

104,097

 

$

44,212

 

$

807

 

$

(45,019

)

$

104,097

 

Adjustments to reconcile net income from continuing operations to net cash (used for) provided by operating activities

 

 

23,073

 

7,101

 

296

 

-

 

30,470

 

Changes in assets and liabilities

 

 

(245,509

)

(89,951

)

37,701

 

45,019

 

(252,740

)

Other operating activities, net

 

 

(883

)

-

 

-

 

-

 

(883

)

Net cash (used for) provided by operating activities from continuing operations

 

 

(119,222

)

(38,638

)

38,804

 

-

 

(119,056

)

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

Return of investment in unconsolidated joint ventures, net

 

 

772

 

-

 

-

 

-

 

772

 

Additions to property, plant and equipment

 

 

(10,337

)

(5,608

)

(45

)

-

 

(15,990

)

Purchases of marketable securities, available-for-sale

 

 

(366,526

)

-

 

(1,325

)

-

 

(367,851

)

Proceeds from sales and maturities of marketable securities, available-for-sale

 

 

468,057

 

-

 

2,500

 

-

 

470,557

 

Net cash provided by (used for) investing activities from continuing operations

 

 

91,966

 

(5,608

)

1,130

 

-

 

87,488

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

Increase in debt

 

 

5,061

 

-

 

-

 

-

 

5,061

 

Borrowings against revolving credit facilities, net

 

 

-

 

-

 

6,144

 

-

 

6,144

 

Common stock dividends, repurchases and stock-based compensation

 

 

(10,659

)

-

 

-

 

-

 

(10,659

)

Increase in restricted cash

 

 

(19,161

)

-

 

(51

)

-

 

(19,212

)

Intercompany balances

 

 

43,783

 

2,126

 

(45,909

)

-

 

-

 

Other financing activities

 

 

-

 

(54

)

-

 

-

 

(54

)

Net cash provided by (used for) financing activities from continuing operations

 

 

19,024

 

2,072

 

(39,816

)

-

 

(18,720

)

Net (decrease) increase in cash and cash equivalents from continuing operations

 

 

(8,232

)

(42,174

)

118

 

-

 

(50,288

)

Cash flows from operating activities—discontinued operations

 

 

-

 

(27

)

-

 

-

 

(27

)

Cash and cash equivalents at beginning of year

 

 

25,521

 

193,383

 

9,109

 

-

 

228,013

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

 

 

$

17,289

 

$

151,182

 

$

9,227

 

$

-

 

$

177,698

 

 

 

 

 

NINE MONTHS ENDED SEPTEMBER 30, 2013

 

 

 

 

 

 

GUARANTOR

 

NON-GUARANTOR

 

CONSOLIDATING

 

CONSOLIDATED

 

(in thousands)

 

 

TRG, INC.

 

SUBSIDIARIES

 

SUBSIDIARIES

 

ELIMINATIONS

 

TOTAL

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

$

306,793

 

$

130,574

 

$

17,793

 

$

(148,367

)

$

306,793

 

Adjustments to reconcile net income from continuing operations to net cash (used for) provided by operating activities

 

 

(210,059

)

5,729

 

184

 

-

 

(204,146

)

Changes in assets and liabilities

 

 

(271,647

)

(218,114

)

11,203

 

148,367

 

(330,191

)

Other operating activities, net

 

 

(728

)

-

 

-

 

-

 

(728

)

Net cash (used for) provided by operating activities from continuing operations

 

 

(175,641

)

(81,811

)

29,180

 

-

 

(228,272

)

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

Return of investment in (contributions to) unconsolidated joint ventures, net

 

 

78

 

(3,517

)

-

 

-

 

(3,439

)

Additions to property, plant and equipment

 

 

(6,558

)

(7,341

)

(576

)

-

 

(14,475

)

Purchases of marketable securities, available-for-sale

 

 

(612,930

)

-

 

(2,825

)

-

 

(615,755

)

Proceeds from sales and maturities of marketable securities, available-for-sale

 

 

629,773

 

-

 

4,499

 

-

 

634,272

 

Cash paid for business acquisitions

 

 

(19,880

)

(31,007

)

-

 

-

 

(50,887

)

Net cash (used for) provided by investing activities from continuing operations

 

 

(9,517

)

(41,865

)

1,098

 

-

 

(50,284

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

Increase in debt

 

 

262,951

 

-

 

-

 

-

 

262,951

 

Common stock dividends and stock-based compensation

 

 

23,247

 

-

 

-

 

-

 

23,247

 

Increase in restricted cash

 

 

(16,455

)

-

 

(4,700

)

-

 

(21,155

)

Intercompany balances

 

 

(94,339

)

117,952

 

(23,613

)

-

 

-

 

Other financing activities

 

 

-

 

(43

)

-

 

-

 

(43

)

Net cash provided by (used for) financing activities from continuing operations

 

 

175,404

 

117,909

 

(28,313

)

-

 

265,000

 

Net (decrease) increase in cash and cash equivalents from continuing operations

 

 

(9,754

)

(5,767

)

1,965

 

-

 

(13,556

)

Cash flows from operating activities—discontinued operations

 

 

-

 

(24

)

-

 

-

 

(24

)

Cash flows from investing activities—discontinued operations

 

 

-

 

24

 

-

 

-

 

24

 

Cash and cash equivalents at beginning of year

 

 

32,130

 

117,865

 

8,119

 

-

 

158,114

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

 

 

$

22,376

 

$

112,098

 

$

10,084

 

$

-

 

$

144,558