Note 21 - Supplemental Guarantor Information

6 Months Ended

Jun. 30, 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 (please see Note 13 ‘‘Senior Notes Payable’’). Presented below are the condensed consolidated financial statements for our guarantor subsidiaries and non-guarantor subsidiaries.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

	Three Months Ended June 30, 2014
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	210,663		$	250,945		$	130,878		―			$	592,486
Cost of sales		(155,611	)		(187,801	)		(91,134	)	―				(434,546	)
Gross margin		55,052			63,144			39,744		―				157,940
Selling, general and administrative expenses		(25,637	)		(32,286	)		(9,912	)	―				(67,835	)
Income (loss) from unconsolidated joint ventures		4			(5	)		(461	)	―				(462	)
Equity income of subsidiaries		41,577		―			―				(41,577	)	―
Interest income (expense), net		3,270			(2,848	)		(422	)	―			―
Other income (expense)		(910	)		(223	)		770		―				(363	)
Homebuilding pretax income		73,356			27,782			29,719			(41,577	)		89,280
Financial Services:
Financial services pretax income	―			―				2,566		―				2,566
Income before taxes		73,356			27,782			32,285			(41,577	)		91,846
Provision for income taxes		(16,893	)		(10,289	)		(8,201	)	―				(35,383	)
Net income	$	56,463		$	17,493		$	24,084		$	(41,577	)	$	56,463

	Three Months Ended June 30, 2013
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	195,697		$	192,595		$	50,389		―			$	438,681
Cost of sales		(147,969	)		(146,740	)		(41,210	)	―				(335,919	)
Gross margin		47,728			45,855			9,179		―				102,762
Selling, general and administrative expenses		(22,921	)		(26,630	)		(5,047	)	―				(54,598	)
Income (loss) from unconsolidated joint ventures		360			(52	)		(161	)	―				147
Equity income of subsidiaries		15,991		―			―				(15,991	)	―
Interest income (expense), net		4,282			(3,089	)		(1,193	)	―			―
Other income (expense)		(1,509	)		(141	)		403		―				(1,247	)
Homebuilding pretax income		43,931			15,943			3,181			(15,991	)		47,064
Financial Services:
Financial services pretax income	―			―				4,080		―				4,080
Income before taxes		43,931			15,943			7,261			(15,991	)		51,144
Provision for income taxes		(795	)		(5,555	)		(1,658	)	―				(8,008	)
Net income	$	43,136		$	10,388		$	5,603		$	(15,991	)	$	43,136

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

	Six Months Ended June 30, 2014
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	379,003		$	456,029		$	217,653		―			$	1,052,685
Cost of sales		(277,121	)		(342,623	)		(156,051	)	―				(775,795	)
Gross margin		101,882			113,406			61,602		―				276,890
Selling, general and administrative expenses		(49,442	)		(60,134	)		(16,849	)	―				(126,425	)
Income (loss) from unconsolidated joint ventures		(113	)		28			(814	)	―				(899	)
Equity income of subsidiaries		66,073		―			―				(66,073	)	―
Interest income (expense), net		6,959			(5,654	)		(1,305	)	―			―
Other income (expense)		(1,052	)		(253	)		929		―				(376	)
Homebuilding pretax income		124,307			47,393			43,563			(66,073	)		149,190
Financial Services:
Financial services pretax income	―			―				4,271		―				4,271
Income before taxes		124,307			47,393			47,834			(66,073	)		153,461
Provision for income taxes		(29,685	)		(17,544	)		(11,610	)	―				(58,839	)
Net income	$	94,622		$	29,849		$	36,224		$	(66,073	)	$	94,622

	Six Months Ended June 30, 2013
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	370,932		$	343,984		$	81,486		―			$	796,402
Cost of sales		(285,055	)		(267,140	)		(66,919	)	―				(619,114	)
Gross margin		85,877			76,844			14,567		―				177,288
Selling, general and administrative expenses		(43,951	)		(48,676	)		(8,265	)	―				(100,892	)
Income (loss) from unconsolidated joint ventures		1,495			(124	)		(90	)	―				1,281
Equity income of subsidiaries		21,271		―			―				(21,271	)	―
Interest income (expense), net		9,285			(6,691	)		(2,594	)	―			―
Other income (expense)		1,998			(157	)		482		―				2,323
Homebuilding pretax income		75,975			21,196			4,100			(21,271	)		80,000
Financial Services:
Financial services pretax income	―			―				6,537		―				6,537
Income before taxes		75,975			21,196			10,637			(21,271	)		86,537
Provision for income taxes		(11,015	)		(7,960	)		(2,602	)	―				(21,577	)
Net income	$	64,960		$	13,236		$	8,035		$	(21,271	)	$	64,960

CONDENSED CONSOLIDATING BALANCE SHEET

	June 30, 2014
	Standard Pacific Corp.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	26,249		$	792	$	102,695	―			$	129,736
Restricted cash	―			―			31,385	―				31,385
Trade, intercompany and other receivables		1,520,698			8,141		99,348		(1,602,741	)		25,446
Inventories:
Owned		877,471			1,169,260		856,109	―				2,902,840
Not owned		16,600			34,038		39,268	―				89,906
Investments in unconsolidated joint ventures		(1,588	)		219		51,647	―				50,278
Investments in subsidiaries		871,813		―		―			(871,813	)	―
Deferred income taxes, net		339,630		―		―			(5,535	)		334,095
Other assets		35,145			7,724		3,484					46,353
Total Homebuilding Assets		3,686,018			1,220,174		1,183,936		(2,480,089	)		3,610,039
Financial Services:
Cash and equivalents	―			―			17,803	―				17,803
Restricted cash	―			―			1,295	―				1,295
Mortgage loans held for sale, net	―			―			79,343	―				79,343
Mortgage loans held for investment, net	―			―			12,233	―				12,233
Other assets	―			―			9,281		(1,830	)		7,451
Total Financial Services Assets	―			―			119,955		(1,830	)		118,125
Total Assets	$	3,686,018		$	1,220,174	$	1,303,891	$	(2,481,919	)	$	3,728,164
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	15,631		$	11,569	$	14,720	―			$	41,920
Accrued liabilities and intercompany payables		182,384			850,746		687,842		(1,511,113	)		209,859
Secured project debt and other notes payable		85,637		―			5,054		(85,637	)		5,054
Senior notes payable		1,829,783		―		―		―				1,829,783
Total Homebuilding Liabilities		2,113,435			862,315		707,616		(1,596,750	)		2,086,616
Financial Services:
Accounts payable and other liabilities	―			―			15,742		(13,356	)		2,386
Mortgage credit facilities	―			―			66,579	―				66,579
Total Financial Services Liabilities	―			―			82,321		(13,356	)		68,965
Total Liabilities		2,113,435			862,315		789,937		(1,610,106	)		2,155,581
Equity:
Total Stockholders' Equity		1,572,583			357,859		513,954		(871,813	)		1,572,583
Total Liabilities and Equity	$	3,686,018		$	1,220,174	$	1,303,891	$	(2,481,919	)	$	3,728,164

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

	Six Months Ended June 30, 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	$	40,140		$	(136,481	)	$	(47,171	)	―			$	(143,512	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		144			2			(5,823	)	―				(5,677	)
Distributions of capital from unconsolidated homebuilding joint ventures		120			229			14,459		―				14,808
Net cash paid for acqusitions		(35,685	)	―				2,277		―				(33,408	)
Loan to parent	―			―				(85,000	)		85,000		―
Other investing activities		(618	)		(855	)		(14	)	―				(1,487	)
Net cash provided by (used in) investing activities		(36,039	)		(624	)		(74,101	)		85,000			(25,764	)
Cash Flows From Financing Activities:
Change in restricted cash	―			―				(9,925	)	―				(9,925	)
Principal payments on secured project debt and other notes payable	―			―				(1,061	)	―				(1,061	)
Principal payments on senior notes payable		(4,971	)	―			―			―				(4,971	)
Loan from subsidiary		85,000		―			―				(85,000	)	―
Net proceeds from (payments on) mortgage credit facilities	―			―				(34,288	)	―				(34,288	)
(Contributions to) distributions from Corporate and subsidiaries		4,600		―				(4,600	)	―			―
Proceeds from the exercise of stock options		3,769		―			―			―				3,769
Intercompany advances, net		(241,539	)		137,403			104,136		―			―
Net cash provided by (used in) financing activities		(153,141	)		137,403			54,262			(85,000	)		(46,476	)
Net increase (decrease) in cash and equivalents		(149,040	)		298			(67,010	)	―				(215,752	)
Cash and equivalents at beginning of period		175,289			494			187,508		―				363,291
Cash and equivalents at end of period	$	26,249		$	792		$	120,498		―			$	147,539

	Six Months Ended June 30, 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	$	144,336		$	(126,976	)	$	(166,564	)	―			$	(149,204	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(305	)		(43	)		(10,404	)	―				(10,752	)
Distributions of capital from unconsolidated homebuilding joint ventures	―			―				1,569		―				1,569
Net cash paid for acquisitions		(113,793	)	―			―			―				(113,793	)
Loan to parent	―			―				(135,000	)		135,000		―
Other investing activities		(669	)		(1,511	)		(1,698	)	―				(3,878	)
Net cash provided by (used in) investing activities		(114,767	)		(1,554	)		(145,533	)		135,000			(126,854	)
Cash Flows From Financing Activities:
Change in restricted cash	―			―				2,063		―				2,063
Principal payments on secured project debt and other notes payable		(6,804	)	―				(413	)	―				(7,217	)
Loan from subsidiary		135,000		―			―				(135,000	)	―
Net proceeds from (payments on) mortgage credit facilities	―			―				4,805		―				4,805
(Contributions to) distributions from Corporate and subsidiaries		(3,891	)	―				3,891					―
Payment of issuance costs in connection with preferred shareholder equity transactions		(347	)	―			―			―				(347	)
Proceeds from the exercise of stock options		10,835		―			―			―				10,835
Intercompany advances, net		(275,573	)		128,647			146,926		―			―
Net cash provided by (used in) financing activities		(140,780	)		128,647			157,272			(135,000	)		10,139
Net increase (decrease) in cash and equivalents		(111,211	)		117			(154,825	)	―				(265,919	)
Cash and equivalents at beginning of period		154,722			114			191,719		―				346,555
Cash and equivalents at end of period	$	43,511		$	231		$	36,894		―			$	80,636