Note 21 - Supplemental Guarantor Information

9 Months Ended

Sep. 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 September 30, 2014
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	197,617		$	246,839		$	160,393		―			$	604,849
Cost of sales		(145,278	)		(188,601	)		(111,910	)	―				(445,789	)
Gross margin		52,339			58,238			48,483		―				159,060
Selling, general and administrative expenses		(24,974	)		(32,465	)		(12,725	)	―				(70,164	)
Income from unconsolidated joint ventures		64			142			351		―				557
Equity income of subsidiaries		41,821		―			―				(41,821	)	―
Interest income (expense), net		3,204			(2,875	)		(329	)	―			―
Other income (expense)		(1,128	)		(45	)		1,104		―				(69	)
Homebuilding pretax income		71,326			22,995			36,884			(41,821	)		89,384
Financial Services:
Financial services pretax income	―			―				2,737		―				2,737
Income before taxes		71,326			22,995			39,621			(41,821	)		92,121
Provision for income taxes		(14,727	)		(10,169	)		(10,626	)	―				(35,522	)
Net income	$	56,599		$	12,826		$	28,995		$	(41,821	)	$	56,599

	Three Months Ended September 30, 2013
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	228,520		$	212,707		$	70,529		―			$	511,756
Cost of sales		(165,466	)		(162,589	)		(54,311	)	―				(382,366	)
Gross margin		63,054			50,118			16,218		―				129,390
Selling, general and administrative expenses		(25,799	)		(29,095	)		(7,045	)	―				(61,939	)
Income (loss) from unconsolidated joint ventures		165			(111	)		(86	)	―				(32	)
Equity income of subsidiaries		22,421		―			―				(22,421	)	―
Interest income (expense), net		3,827			(2,732	)		(1,095	)	―			―
Other income (expense)		(495	)		144			652		―				301
Homebuilding pretax income		63,173			18,324			8,644			(22,421	)		67,720
Financial Services:
Financial services pretax income	―			―				2,416		―				2,416
Income before taxes		63,173			18,324			11,060			(22,421	)		70,136
Provision for income taxes		(4,238	)		(5,913	)		(1,050	)	―				(11,201	)
Net income	$	58,935		$	12,411		$	10,010		$	(22,421	)	$	58,935

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

	Nine Months Ended September 30, 2014
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	576,620		$	702,868		$	378,046		―			$	1,657,534
Cost of sales		(422,399	)		(531,224	)		(267,961	)	―				(1,221,584	)
Gross margin		154,221			171,644			110,085		―				435,950
Selling, general and administrative expenses		(74,416	)		(92,599	)		(29,574	)	―				(196,589	)
Income (loss) from unconsolidated joint ventures		(49	)		170			(463	)	―				(342	)
Equity income of subsidiaries		107,894		―			―				(107,894	)	―
Interest income (expense), net		10,163			(8,529	)		(1,634	)	―			―
Other income (expense)		(2,180	)		(298	)		2,033		―				(445	)
Homebuilding pretax income		195,633			70,388			80,447			(107,894	)		238,574
Financial Services:
Financial services pretax income	―			―				7,008		―				7,008
Income before taxes		195,633			70,388			87,455			(107,894	)		245,582
Provision for income taxes		(44,412	)		(27,713	)		(22,236	)	―				(94,361	)
Net income	$	151,221		$	42,675		$	65,219		$	(107,894	)	$	151,221

	Nine Months Ended September 30, 2013
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	599,452		$	556,691		$	152,015		―			$	1,308,158
Cost of sales		(450,521	)		(429,729	)		(121,230	)	―				(1,001,480	)
Gross margin		148,931			126,962			30,785		―				306,678
Selling, general and administrative expenses		(69,750	)		(77,771	)		(15,310	)	―				(162,831	)
Income (loss) from unconsolidated joint ventures		1,660			(235	)		(176	)	―				1,249
Equity income of subsidiaries		43,692		―			―				(43,692	)	―
Interest income (expense), net		13,112			(9,423	)		(3,689	)	―			―
Other income (expense)		1,503			(13	)		1,134		―				2,624
Homebuilding pretax income		139,148			39,520			12,744			(43,692	)		147,720
Financial Services:
Financial services pretax income	―			―				8,953		―				8,953
Income before taxes		139,148			39,520			21,697			(43,692	)		156,673
Provision for income taxes		(15,253	)		(13,873	)		(3,652	)	―				(32,778	)
Net income	$	123,895		$	25,647		$	18,045		$	(43,692	)	$	123,895

CONDENSED CONSOLIDATING BALANCE SHEET

	September 30, 2014
	Standard Pacific Corp.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	737		$	850	$	28,267	$	(14,559	)	$	15,295
Restricted cash	―			―			37,027	―				37,027
Trade, intercompany and other receivables		1,628,363			8,719		186,615		(1,792,787	)		30,910
Inventories:
Owned		980,374			1,233,479		931,516	―				3,145,369
Not owned		15,658			32,272		38,861	―				86,791
Investments in unconsolidated joint ventures		(1,631	)		361		49,192	―				47,922
Investments in subsidiaries		914,584		―		―			(914,584	)	―
Deferred income taxes, net		292,027		―		―			(6,487	)		285,540
Other assets		34,252			7,299		3,426	―				44,977
Total Homebuilding Assets		3,864,364			1,282,980		1,274,904		(2,728,417	)		3,693,831
Financial Services:
Cash and equivalents	―			―			10,373	―				10,373
Restricted cash	―			―			1,295	―				1,295
Mortgage loans held for sale, net	―			―			68,746	―				68,746
Mortgage loans held for investment, net	―			―			11,730	―				11,730
Other assets	―			―			28,991		(21,896	)		7,095
Total Financial Services Assets	―			―			121,135		(21,896	)		99,239
Total Assets	$	3,864,364		$	1,282,980	$	1,396,039	$	(2,750,313	)	$	3,793,070
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	16,286		$	24,173	$	10,838	―			$	51,297
Accrued liabilities and intercompany payables		191,163			888,122		755,064		(1,629,671	)		204,678
Secured project debt and other notes payable		191,685		―			4,748		(191,685	)		4,748
Senior notes payable		1,830,566		―		―		―				1,830,566
Total Homebuilding Liabilities		2,229,700			912,295		770,650		(1,821,356	)		2,091,289
Financial Services:
Accounts payable and other liabilities	―			―			16,792		(14,373	)		2,419
Mortgage credit facilities	―			―			64,698	―				64,698
Total Financial Services Liabilities	―			―			81,490		(14,373	)		67,117
Total Liabilities		2,229,700			912,295		852,140		(1,835,729	)		2,158,406
Equity:
Total Stockholders' Equity		1,634,664			370,685		543,899		(914,584	)		1,634,664
Total Liabilities and Equity	$	3,864,364		$	1,282,980	$	1,396,039	$	(2,750,313	)	$	3,793,070

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

	Nine Months Ended September 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	$	14,398		$	(174,601	)	$	(83,784	)	$	(14,559	)	$	(258,546	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		144			2			(8,094	)	―				(7,948	)
Distributions of capital from unconsolidated homebuilding joint ventures		227			229			17,554		―				18,010
Net cash paid for acquisitions		(35,685	)	―				2,277		―				(33,408	)
Loan to parent	―			―				(190,000	)		190,000		―
Other investing activities		(1,367	)		(1,108	)		491		―				(1,984	)
Net cash provided by (used in) investing activities		(36,681	)		(877	)		(177,772	)		190,000			(25,330	)
Cash Flows From Financing Activities:
Change in restricted cash	―			―				(15,567	)	―				(15,567	)
Principal payments on secured project debt and other notes payable	―			―				(1,399	)	―				(1,399	)
Principal payments on senior notes payable		(4,971	)	―			―			―				(4,971	)
Payment of debt issuance costs		(2,387	)										(2,387		)
Loan from subsidiary		190,000		―			―				(190,000	)	―
Net proceeds from (payments on) mortgage credit facilities	―			―				(36,169	)	―				(36,169	)
(Contributions to) distributions from Corporate and subsidiaries		3,650		―				(3,650	)	―			―
Proceeds from the exercise of stock options		5,786		―			―			―				5,786
Excess tax benefits from share-based payment arrangements		960		―			―			―				960
Intercompany advances, net		(345,307	)		175,834			169,473		―			―
Net cash provided by (used in) financing activities		(152,269	)		175,834			112,688			(190,000	)		(53,747	)
Net increase (decrease) in cash and equivalents		(174,552	)		356			(148,868	)		(14,559	)		(337,623	)
Cash and equivalents at beginning of period		175,289			494			187,508		―				363,291
Cash and equivalents at end of period	$	737		$	850		$	38,640		$	(14,559	)	$	25,668

	Nine Months Ended September 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	$	247,524		$	(180,993	)	$	(192,927	)	―	$	(126,396	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(393	)		(49	)		(12,500	)	―		(12,942	)
Distributions of capital from unconsolidated homebuilding joint ventures	―				100			2,219		―		2,319
Net cash paid for acquisitions		(113,793	)	―			―			―		(113,793	)
Other investing activities		(931	)		(2,824	)		(979	)	―		(4,734	)
Net cash provided by (used in) investing activities		(115,117	)		(2,773	)		(11,260	)	―		(129,150	)
Cash Flows From Financing Activities:
Change in restricted cash	―			―				1		―		1
Principal payments on secured project debt and other notes payable		(6,804	)	―				(485	)	―		(7,289	)
Proceeds from the issuance of senior notes payable		300,000		―			―			―		300,000
Payment of debt issuance costs		(4,045	)	―			―			―		(4,045	)
Net proceeds from (payments on) mortgage credit facilities	―			―				(27,979	)	―		(27,979	)
(Contributions to) distributions from Corporate and subsidiaries		(6,891	)	―				6,891		―	―
Payment of common stock issuance costs		(350	)	―			―			―		(350	)
Proceeds from the exercise of stock options		11,781		―			―			―		11,781
Intercompany advances, net		(378,550	)		184,017			194,533		―	―
Net cash provided by (used in) financing activities		(84,859	)		184,017			172,961		―		272,119
Net increase (decrease) in cash and equivalents		47,548			251			(31,226	)	―		16,573
Cash and equivalents at beginning of period		154,722			114			191,719		―		346,555
Cash and equivalents at end of period	$	202,270		$	365		$	160,493		―	$	363,128