Note 21 - Supplemental Guarantor Information

6 Months Ended

Jun. 30, 2015

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, 2015
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	191,188		$	324,365		$	184,079			-		$	699,632
Cost of sales		(144,796	)		(248,896	)		(133,999	)		-			(527,691	)
Gross margin		46,392			75,469			50,080			-			171,941
Selling, general and administrative expenses		(24,393	)		(40,524	)		(14,993	)		-			(79,910	)
Income (loss) from unconsolidated joint ventures		(4	)		-			(47	)		-			(51	)
Equity income of subsidiaries		50,169			-			-			(50,169	)		-
Interest income (expense), net		3,175			(2,465	)		(710	)		-			-
Other income (expense		(6,440	)		(75	)		1,239			-			(5,276	)
Homebuilding pretax income		68,899			32,405			35,569			(50,169	)		86,704
Financial Services:
Financial services pretax income		-			-			2,818			-			2,818
Income before taxes		68,899			32,405			38,387			(50,169	)		89,522
Provision for income taxes		(11,701	)		(13,247	)		(7,376	)		-			(32,324	)
Net income	$	57,198		$	19,158		$	31,011		$	(50,169	)	$	57,198

	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

	Six Months Ended June 30, 2015
	Standard Pacific Corp.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
Homebuilding:
Revenues	$	328,080		$	544,093		$	297,737			-		$	1,169,910
Cost of sales		(248,154	)		(419,853	)		(215,857	)		-			(883,864	)
Gross margin		79,926			124,240			81,880			-			286,046
Selling, general and administrative expenses		(47,539	)		(73,274	)		(25,167	)		-			(145,980	)
Income (loss) from unconsolidated joint ventures		22			-			(524	)		-			(502	)
Equity income of subsidiaries		73,536			-			-			(73,536	)		-
Interest income (expense), net		6,398			(5,209	)		(1,189	)		-			-
Other income (expense		(7,441	)		(223	)		2,092			-			(5,572	)
Homebuilding pretax income		104,902			45,534			57,092			(73,536	)		133,992
Financial Services:
Financial services pretax income		-			-			4,026			-			4,026
Income before taxes		104,902			45,534			61,118			(73,536	)		138,018
Provision for income taxes		(16,099	)		(20,571	)		(12,545	)		-			(49,215	)
Net income	$	88,803		$	24,963		$	48,573		$	(73,536	)	$	88,803

	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

	June 30, 2015
	Standard Pacific Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	28,782		$	20,626		$	27,680		-		$	77,088
Restricted cash		-			-			39,714		-			39,714
Intercompany receivables		1,795,110			-			181,691		(1,976,801	)		-
Inventories:
Owned		1,156,145			1,294,269			1,174,084		-			3,624,498
Not owned		16,691			20,478			8,602		-			45,771
Investments in unconsolidated joint ventures		(1,632	)		(69	)		62,536		-			60,835
Investments in subsidiaries		1,023,496			-			-		(1,023,496	)	-
Deferred income taxes, net		274,642			-			-		(8,551	)		266,091
Other assets		39,550			10,649			4,225	-				54,424
Total Homebuilding Assets		4,332,784			1,345,953			1,498,532		(3,008,848	)		4,168,421
Financial Services:
Cash and equivalents		-			-			11,225		-			11,225
Restricted cash		-			-			1,045		-			1,045
Mortgage loans held for sale, net		-			-			109,239		-			109,239
Mortgage loans held for investment, net		-			-			23,366		-			23,366
Other assets		-			-			8,246		(1,650	)		6,596
Total Financial Services Assets		-			-			153,121		(1,650	)		151,471
Total Assets	$	4,332,784		$	1,345,953		$	1,651,653	$	(3,010,498	)	$	4,319,892
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	24,049		$	25,141		$	30,529		-		$	79,719
Accrued liabilities and intercompany payables		213,627			917,572			887,502		(1,793,079	)		225,622
Revolving credit facility		30,000			-			-		-			30,000
Secured project debt, other notes payable and intercompany loans		179,454			-			4,203		(177,730	)		5,927
Senior notes payable		2,133,111			-			-		-			2,133,111
Total Homebuilding Liabilities		2,580,241			942,713			922,234		(1,970,809	)		2,474,379
Financial Services:
Accounts payable and other liabilities		-			-			18,822		(16,193	)		2,629
Mortgage credit facilities		-			-			90,341		-			90,341
Total Financial Services Liabilities		-			-			109,163		(16,193	)		92,970
Total Liabilities		2,580,241			942,713			1,031,397		(1,987,002	)		2,567,349
Equity:
Total Stockholders' Equity		1,752,543			403,240			620,256		(1,023,496	)		1,752,543
Total Liabilities and Equity	$	4,332,784		$	1,345,953		$	1,651,653	$	(3,010,498	)	$	4,319,892

	December 31, 2014
	Standard Pacific Corp.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Standard Pacific Corp.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	133,304		$	1,061	$	46,063	$	-		$	180,428
Restricted cash		-			-		38,222		-			38,222
Intercompany receivables		1,637,226			-		184,772		(1,821,998	)		-
Inventories:
Owned		1,059,197			1,234,233		961,774		-			3,255,204
Not owned		17,360			28,520		39,273		-			85,153
Investments in unconsolidated joint ventures		(1,653	)		497		51,267		-			50,111
Investments in subsidiaries		957,933			-		-		(957,933	)		-
Deferred income taxes, net		283,890			-		-		(7,488	)		276,402
Other assets		42,224			11,234		8,139	―				61,597
Total Homebuilding Assets		4,129,481			1,275,545		1,329,510		(2,787,419	)		3,947,117
Financial Services:
Cash and equivalents		-			-		31,965		-			31,965
Restricted cash		-			-		1,295		-			1,295
Mortgage loans held for sale, net		-			-		174,420		-			174,420
Mortgage loans held for investment, net		-			-		14,380		-			14,380
Other assets		-			-		6,980		(1,737	)		5,243
Total Financial Services Assets		-			-		229,040		(1,737	)		227,303
Total Assets	$	4,129,481		$	1,275,545	$	1,558,550	$	(2,789,156	)	$	4,174,420
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	13,856		$	16,202	$	15,027	$	-		$	45,085
Accrued liabilities and intercompany payables		206,731			868,922		783,324		(1,635,194	)		223,783
Secured project debt, other notes payable and intercompany loans		100,813			-		4,689		(100,813	)		4,689
Senior notes payable		2,131,393			-		-		-			2,131,393
Total Homebuilding Liabilities		2,452,793			885,124		803,040		(1,736,007	)		2,404,950
Financial Services:
Accounts payable and other liabilities		-			-		18,585		(15,216	)		3,369
Mortgage credit facilities		-			-		169,413		(80,000	)		89,413
Total Financial Services Liabilities		-			-		187,998		(95,216	)		92,782
Total Liabilities		2,452,793			885,124		991,038		(1,831,223	)		2,497,732
Equity:
Total Stockholders' Equity		1,676,688			390,421		567,512		(957,933	)		1,676,688
Total Liabilities and Equity	$	4,129,481		$	1,275,545	$	1,558,550	$	(2,789,156	)	$	4,174,420

	Six Months Ended June 30, 2015
	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	$	(39,876	)	$	(21,756	)	$	(49,565	)	$	-		$	(111,197	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		-			-			(20,778	)		-			(20,778	)
Distributions of capital from unconsolidated homebuilding joint ventures		-			-			8,760			-			8,760
Loan to parent and subsidiaries		-			-			5,000			(5,000	)		-
Other investing activities		(1,670	)		(1,278	)		(9,074	)		-			(12,022	)
Net cash provided by (used in) investing activities		(1,670	)		(1,278	)		(16,092	)		(5,000	)		(24,040	)
Cash Flows From Financing Activities:
Change in restricted cash		-			-			(1,242	)		-			(1,242	)
Borrowings from revolving credit facility		158,900			-			-			-			158,900
Principal payments on revolving credit facility		(128,900	)		-			-			-			(128,900	)
Principal payments on secured project debt and other notes payable		-			-			(497	)		-			(497	)
Loan from subsidiary		75,000			-		-				(75,000	)	-
Net proceeds from (payments on) mortgage credit facilities		-			-			(79,072	)		80,000			928
(Contributions to) distributions from Corporate and subsidiaries		7,973			(12,144	)		4,171			-			-
Repurchase of common stock		(22,073	)		-			-			-			(22,073	)
Issuance of common stock under employee stock plans, net of tax withholdings		(2,322	)		-			-			-			(2,322	)
Excess tax benefits from share-based payment arrangements		6,363			-			-			-			6,363
Intercompany advances, net		(157,917	)		54,743			103,174			-			-
Net cash provided by (used in) financing activities		(62,976	)		42,599			26,534			5,000			11,157
Net increase (decrease) in cash and equivalents		(104,522	)		19,565			(39,123	)		-			(124,080	)
Cash and equivalents at beginning of period		133,304			1,061			78,028			-			212,393
Cash and equivalents at end of period	$	28,782		$	20,626		$	38,905		$	-		$	88,313

	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 acquisitions		(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	)		-			-
Issuance of common stock under employee stock plans, net of tax withholdings		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