Note 21 - Supplemental Guarantor Information

3 Months Ended

Mar. 31, 2014

Supplemental Guarantor Information [Abstract]

Supplemental Guarantor Information [Text Block]

21. Supplemental Guarantor Information

Certain of our 100% owned direct and indirect subsidiaries guarantee our outstanding senior notes payable. The guarantees are full and unconditional and joint and several. Presented below are the condensed consolidated financial statements for our guarantor subsidiaries and non-guarantor subsidiaries.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

	Three Months Ended March 31, 2014
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	168,340		$	205,084		$	86,775		$	-		$	460,199
Cost of sales		(121,510	)		(154,822	)		(64,917	)		-			(341,249	)
Gross margin		46,830			50,262			21,858			-			118,950
Selling, general and administrative expenses		(23,805	)		(27,848	)		(6,937	)		-			(58,590	)
Income (loss) from unconsolidated joint ventures		(117	)		33			(353	)		-			(437	)
Equity income of subsidiaries		24,496			-			-			(24,496	)		-
Interest income (expense), net		3,689			(2,806	)		(883	)		-			-
Other income (expense)		(142	)		(30	)		159			-			(13	)
Homebuilding pretax income		50,951			19,611			13,844			(24,496	)		59,910
Financial Services:
Financial services pretax income		-			-			1,705			-			1,705
Income before taxes		50,951			19,611			15,549			(24,496	)		61,615
Provision for income taxes		(12,792	)		(7,255	)		(3,409	)		-			(23,456	)
Net income	$	38,159		$	12,356		$	12,140		$	(24,496	)	$	38,159

	Three Months Ended March 31, 2013
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	175,235		$	151,389		$	31,097		$	-		$	357,721
Cost of sales		(137,086	)		(120,400	)		(25,709	)		-			(283,195	)
Gross margin		38,149			30,989			5,388			-			74,526
Selling, general and administrative expenses		(21,030	)		(22,046	)		(3,218	)		-			(46,294	)
Income (loss) from unconsolidated joint ventures		1,135			(72	)		71			-			1,134
Equity income of subsidiaries		5,280			-			-			(5,280	)		-
Interest income (expense), net		5,003			(3,602	)		(1,401	)		-			-
Other income (expense)		3,507			(16	)		79			-			3,570
Homebuilding pretax income		32,044			5,253			919			(5,280	)		32,936
Financial Services:
Financial services pretax income		-			-			2,457			-			2,457
Income before taxes		32,044			5,253			3,376			(5,280	)		35,393
Provision for income taxes		(10,220	)		(2,405	)		(944	)		-			(13,569	)
Net income	$	21,824		$	2,848		$	2,432		$	(5,280	)	$	21,824

CONDENSED CONSOLIDATING BALANCE SHEET

	March 31, 2014
	Standard Pacific Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	34,049	$	686	$	159,967	$	-		$	194,702
Restricted cash		-		-		26,698		-			26,698
Trade, intercompany and other receivables		1,420,893		11,288		48,636		(1,448,921	)		31,896
Inventories:
Owned		855,812		1,107,558		777,899		-			2,741,269
Not owned		14,507		31,397		37,697		-			83,601
Investments in unconsolidated joint ventures		403		224		49,093		-			49,720
Investments in subsidiaries		839,236		-		-		(839,236	)		-
Deferred income taxes, net		358,988		-		-		(4,510	)		354,478
Other assets		35,642		7,435		2,365		-			45,442
Total Homebuilding Assets		3,559,530		1,158,588		1,102,355		(2,292,667	)		3,527,806
Financial Services:
Cash and equivalents		-		-		10,410		-			10,410
Restricted cash		-		-		1,295		-			1,295
Mortgage loans held for sale, net		-		-		70,093		-			70,093
Mortgage loans held for investment, net		-		-		13,165		-			13,165
Other assets		-		-		8,265		(1,782	)		6,483
Total Financial Services Assets		-		-		103,228		(1,782	)		101,446
Total Assets	$	3,559,530	$	1,158,588	$	1,205,583	$	(2,294,449	)	$	3,629,252
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	12,044	$	17,457	$	7,646	$	-		$	37,147
Accrued liabilities and intercompany payables		165,301		800,765		626,130		(1,407,810	)		184,386
Secured project debt and other notes payable		35,119		-		6,015		(35,119	)		6,015
Senior notes payable		1,833,979		-		-		-			1,833,979
Total Homebuilding Liabilities		2,046,443		818,222		639,791		(1,442,929	)		2,061,527
Financial Services:
Accounts payable and other liabilities		-		-		14,425		(12,284	)		2,141
Mortgage credit facilities		-		-		52,497		-			52,497
Total Financial Services Liabilities		-		-		66,922		(12,284	)		54,638
Total Liabilities		2,046,443		818,222		706,713		(1,455,213	)		2,116,165
Equity:
Total Stockholders' Equity		1,513,087		340,366		498,870		(839,236	)		1,513,087
Total Liabilities and Equity	$	3,559,530	$	1,158,588	$	1,205,583	$	(2,294,449	)	$	3,629,252

CONDENSED CONSOLIDATING BALANCE SHEET

	December 31, 2013
	Standard Pacific Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	175,289	$	494	$	179,706	$	-		$	355,489
Restricted cash		-		-		21,460		-			21,460
Trade, intercompany and other receivables		1,278,567		3,565		8,167		(1,275,868	)		14,431
Inventories:
Owned		804,099		1,012,841		719,162		-			2,536,102
Not owned		9,737		41,734		46,870		-			98,341
Investments in unconsolidated joint ventures		586		422		65,046		-			66,054
Investments in subsidiaries		810,340		-		-		(810,340	)		-
Deferred income taxes, net		379,313		-		-		(3,913	)		375,400
Other assets		38,024		5,478		2,475		-			45,977
Total Homebuilding Assets		3,495,955		1,064,534		1,042,886		(2,090,121	)		3,513,254
Financial Services:
Cash and equivalents		-		-		7,802		-			7,802
Restricted cash		-		-		1,295		-			1,295
Mortgage loans held for sale, net		-		-		122,031		-			122,031
Mortgage loans held for investment, net		-		-		12,220		-			12,220
Other assets		-		-		7,490		(1,987	)		5,503
Total Financial Services Assets		-		-		150,838		(1,987	)		148,851
Total Assets	$	3,495,955	$	1,064,534	$	1,193,724	$	(2,092,108	)	$	3,662,105
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	11,685	$	13,442	$	10,644	$	-		$	35,771
Accrued liabilities and intercompany payables		182,066		723,082		578,995		(1,269,877	)		214,266
Secured project debt and other notes payable		-		-		6,351		-			6,351
Senior notes payable		1,833,244		-		-		-			1,833,244
Total Homebuilding Liabilities		2,026,995		736,524		595,990		(1,269,877	)		2,089,632
Financial Services:
Accounts payable and other liabilities		-		-		14,537		(11,891	)		2,646
Mortgage credit facilities		-		-		100,867		-			100,867
Total Financial Services Liabilities		-		-		115,404		(11,891	)		103,513
Total Liabilities		2,026,995		736,524		711,394		(1,281,768	)		2,193,145
Equity:
Total Stockholders' Equity		1,468,960		328,010		482,330		(810,340	)		1,468,960
Total Liabilities and Equity	$	3,495,955	$	1,064,534	$	1,193,724	$	(2,092,108	)	$	3,662,105

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Three Months Ended March 31, 2014
	Standard Pacific Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$	(36,848	)	$	(88,166	)	$	7,451		$	-		$	(117,563	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		146			-			(2,933	)		-			(2,787	)
Distributions of capital from unconsolidated homebuilding joint ventures		-			229			14,579			-			14,808
Loan to parent		-			-			(35,000	)		35,000			-
Other investing activities		(284	)		(387	)		(1,064	)		-			(1,735	)
Net cash provided by (used in) investing activities		(138	)		(158	)		(24,418	)		35,000			10,286
Cash Flows From Financing Activities:
Change in restricted cash		-			-			(5,238	)		-			(5,238	)
Principal payments on secured project debt and other notes payable		-			-			(890	)		-			(890	)
Loan from subsidiary		35,000			-			-			(35,000	)		-
Net proceeds from (payments on) mortgage credit facilities		-			-			(48,370	)		-			(48,370	)
(Contributions to) distributions from Corporate and subsidiaries		(4,400	)		-			4,400			-			-
Proceeds from the exercise of stock options		3,596			-			-			-			3,596
Intercompany advances, net		(138,450	)		88,516			49,934			-			-
Net cash provided by (used in) financing activities		(104,254	)		88,516			(164	)		(35,000	)		(50,902	)
Net increase (decrease) in cash and equivalents		(141,240	)		192			(17,131	)		-			(158,179	)
Cash and equivalents at beginning of period		175,289			494			187,508			-			363,291
Cash and equivalents at end of period	$	34,049		$	686		$	170,377		$	-		$	205,112

	Three Months Ended March 31, 2013
	Standard Pacific Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments		Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$	24,751		$	(44,388	)	$	(38,824	)	$	-	$	(58,461	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(232	)		(26	)		(2,294	)		-		(2,552	)
Distributions of capital from unconsolidated homebuilding joint ventures		-			-			1,320			-		1,320
Other investing activities		(343	)		(192	)		166			-		(369	)
Net cash provided by (used in) investing activities		(575	)		(218	)		(808	)		-		(1,601	)
Cash Flows From Financing Activities:
Change in restricted cash		-			-			(662	)		-		(662	)
Principal payments on secured project debt and other notes payable		(6,804	)		-			(289	)		-		(7,093	)
Net proceeds from (payments on) mortgage credit facilities		-			-			1,117			-		1,117
Proceeds from the exercise of stock options		6,458			-			-			-		6,458
Intercompany advances, net		(60,509	)		44,641			15,868			-		-
Net cash provided by (used in) financing activities		(60,855	)		44,641			16,034			-		(180	)
Net increase (decrease) in cash and equivalents		(36,679	)		35			(23,598	)		-		(60,242	)
Cash and equivalents at beginning of period		154,722			114			191,719			-		346,555
Cash and equivalents at end of period	$	118,043		$	149		$	168,121		$	-	$	286,313