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Note 22 - Supplemental Guarantor Information (Tables)
 6 Months Ended
Jun. 30, 2016
Notes Tables  
Supplemental Condensed Consolidating Statements of Operations [Table Text Block]
 
 
Three Months Ended June 30, 2016
 
 
 
CalAtlantic
Group, Inc.
 
 
Guarantor
Subsidiaries
 
 
Non-
Guarantor
Subsidiaries
 
 
Consolidating
Adjustments
 
 
Consolidated
CalAtlantic
Group, Inc.
 
 
 
(Dollars in thousands)
 
Homebuilding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
   $ 648,800     $ 676,049     $ 253,513     $ ―     $ 1,578,362  
Cost of sales
     (516,882
)
     (535,832
)
     (184,291
)
     ―       (1,237,005
)
Gross margin
     131,918       140,217       69,222       ―       341,357  
Selling, general and administrative expenses
     (71,235
)
     (76,915
)
     (17,544
)
     ―       (165,694
)
Income (loss) from unconsolidated joint ventures
     57       256       (90
)
     ―       223  
Equity income of subsidiaries
     79,867       ―       ―       (79,867
)
     ―  
Interest income (expense), net
     1,273       (934
)
     (339
)
     ―       ―  
Other income (expense)
     (3,668
)
     (668
)
     (79
)
     ―       (4,415
)
Homebuilding pretax income
     138,212       61,956       51,170       (79,867
)
     171,471  
Financial Services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial services pretax income
     ―       ―       8,146       ―       8,146  
Income before taxes
     138,212       61,956       59,316       (79,867
)
     179,617  
Provision for income taxes
     (25,452
)
     (26,074
)
     (15,331
)
     ―       (66,857
)
Net income
   $ 112,760     $ 35,882     $ 43,985     $ (79,867
)
   $ 112,760  
 
 
Three Months Ended June 30, 2015
 
 
 
CalAtlantic
Group, Inc.
 
 
Guarantor
Subsidiaries
 
 
Non-
Guarantor
Subsidiaries
 
 
Consolidating
Adjustments
 
 
Consolidated
CalAtlantic
Group, Inc.
 
 
 
(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  
 
 
Six Months Ended June 30, 2016
 
 
 
CalAtlantic
Group, Inc.
 
 
Guarantor
Subsidiaries
 
 
Non-
Guarantor
Subsidiaries
 
 
Consolidating
Adjustments
 
 
Consolidated
CalAtlantic
Group, Inc.
 
 
 
(Dollars in thousands)
 
Homebuilding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
   $ 1,110,538     $ 1,210,503     $ 443,004     $ ―     $ 2,764,045  
Cost of sales
     (889,723
)
     (965,834
)
     (319,943
)
     ―       (2,175,500
)
Gross margin
     220,815       244,669       123,061       ―       588,545  
Selling, general and administrative expenses
     (126,286
)
     (144,761
)
     (31,348
)
     ―       (302,395
)
Income (loss) from unconsolidated joint ventures
     746       400       266       ―       1,412  
Equity income of subsidiaries
     134,034       ―       ―       (134,034
)
     ―  
Interest income (expense), net
     2,610       (1,899
)
     (711
)
     ―       ―  
Other income (expense)
     (7,283
)
     (479
)
     (61
)
     ―       (7,823
)
Homebuilding pretax income
     224,636       97,930       91,207       (134,034
)
     279,739  
Financial Services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial services pretax income
     ―       ―       15,082       ―       15,082  
Income before taxes
     224,636       97,930       106,289       (134,034
)
     294,821  
Provision for income taxes
     (39,215
)
     (43,548
)
     (26,637
)
     ―       (109,400
)
Net income
   $ 185,421     $ 54,382     $ 79,652     $ (134,034
)
   $ 185,421  
 
 
Six Months Ended June 30, 2015
 
 
 
CalAtlantic
Group, Inc.
 
 
Guarantor
Subsidiaries
 
 
Non-
Guarantor
Subsidiaries
 
 
Consolidating
Adjustments
 
 
Consolidated
CalAtlantic
Group, Inc.
 
 
 
(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  
Supplemental Condensed Consolidating Balance Sheets [Table Text Block]
 
 
June 30, 2016
 
 
 
CalAtlantic
Group, Inc.
 
 
Guarantor
Subsidiaries
 
 
Non-Guarantor
Subsidiaries
 
 
Consolidating
Adjustments
 
 
Consolidated
CalAtlantic
Group, Inc.
 
 
 
(Dollars in thousands)
 
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and equivalents
   $ 128,263     $ 58,593     $ 69,151     $ ―     $ 256,007  
Restricted cash
     ―       ―       30,833       ―       30,833  
Intercompany receivables
     2,036,340       ―       105,400       (2,141,740
)
     ―  
Inventories:
                                        
Owned
     2,818,803       2,259,414       1,343,520       ―       6,421,737  
Not owned
     41,761       35,584       4,258       ―       81,603  
Investments in unconsolidated joint ventures
     5,023       4,744       137,864       ―       147,631  
Investments in subsidiaries
     1,770,187       ―       ―       (1,770,187
)
     ―  
Deferred income taxes, net
     352,193       ―       ―       (14,655
)
     337,538  
Goodwill and other intangibles, net
     969,048       ―       ―       ―       969,048  
Other assets
     69,771       45,104       2,609       ―       117,484  
Total Homebuilding Assets
     8,191,389       2,403,439       1,693,635       (3,926,582
)
     8,361,881  
Financial Services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and equivalents
     ―       ―       31,863       ―       31,863  
Restricted cash
     ―       ―       22,008       ―       22,008  
Mortgage loans held for sale, net
     ―       ―       188,977       ―       188,977  
Mortgage loans held for investment, net
     ―       ―       25,394       ―       25,394  
Other assets
     ―       ―       21,497       (1,643
)
     19,854  
Total Financial Services Assets
     ―       ―       289,739       (1,643
)
     288,096  
Total Assets
   $ 8,191,389     $ 2,403,439     $ 1,983,374     $ (3,928,225
)
   $ 8,649,977  
                                         
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
   $ 93,378     $ 84,565     $ 37,818     $ ―     $ 215,761  
Accrued liabilities and intercompany payables
     240,824       1,377,055       912,709       (2,052,638
)
     477,950  
Secured project debt and other notes payable
     142,673       ―       3,866       (105,400
)
     41,139  
Senior notes payable
     3,674,559       ―       ―       ―       3,674,559  
Total Homebuilding Liabilities
     4,151,434       1,461,620       954,393       (2,158,038
)
     4,409,409  
Financial Services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and other liabilities
     ―       ―       26,099       ―       26,099  
Mortgage credit facilities
     ―       ―       174,514       ―       174,514  
Total Financial Services Liabilities
     ―       ―       200,613       ―       200,613  
Total Liabilities
     4,151,434       1,461,620       1,155,006       (2,158,038
)
     4,610,022  
                                         
Equity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Equity
     4,039,955       941,819       828,368       (1,770,187
)
     4,039,955  
Total Liabilities and Equity
   $ 8,191,389     $ 2,403,439     $ 1,983,374     $ (3,928,225
)
   $ 8,649,977  
 
  
December 31, 2015
 
 
  
CalAtlantic
Group, Inc.
    
Guarantor
Subsidiaries
    
Non-Guarantor
Subsidiaries
    
Consolidating
Adjustments
    
Consolidated
CalAtlantic
Group, Inc.
  
 
  
(Dollars in thousands)
 
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and equivalents
 
$
6,387
 
 
$
112,852
 
 
$
31,837
 
 
$
―
 
 
$
151,076
 
Restricted cash
 
 
―
 
 
 
―
 
 
 
35,990
 
 
 
―
 
 
 
35,990
 
Intercompany receivables
 
 
2,380,899
 
 
 
―
 
 
 
152,505
 
 
 
(2,533,404
)
 
 
―
 
Inventories:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Owned
 
 
2,524,927
 
 
 
2,304,305
 
 
 
1,240,727
 
 
 
―
 
 
 
6,069,959
 
Not owned
 
 
32,393
 
 
 
38,925
 
 
 
11,928
 
 
 
―
 
 
 
83,246
 
Investments in unconsolidated joint ventures
 
 
5,353
 
 
 
4,330
 
 
 
123,080
 
 
 
―
 
 
 
132,763
 
Investments in subsidiaries
 
 
1,644,453
 
 
 
―
 
 
 
―
 
 
 
(1,644,453
)
 
 
―
 
Deferred income taxes, net
 
 
405,945
 
 
 
―
 
 
 
―
 
 
 
(9,751
)
 
 
396,194
 
Goodwill
 
 
933,360
 
 
 
―
 
 
 
―
 
 
 
―
 
 
 
933,360
 
Other assets
 
 
67,578
 
 
 
48,027
 
 
 
3,163
 
 
 
―
 
 
 
118,768
 
Total Homebuilding Assets
 
 
8,001,295
 
 
 
2,508,439
 
 
 
1,599,230
 
 
 
(4,187,608
)
 
 
7,921,356
 
Financial Services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and equivalents
 
 
―
 
 
 
―
 
 
 
35,518
 
 
 
―
 
 
 
35,518
 
Restricted cash
 
 
―
 
 
 
―
 
 
 
22,914
 
 
 
―
 
 
 
22,914
 
Mortgage loans held for sale, net
 
 
―
 
 
 
―
 
 
 
325,770
 
 
 
―
 
 
 
325,770
 
Mortgage loans held for investment, net
 
 
―
 
 
 
―
 
 
 
22,704
 
 
 
―
 
 
 
22,704
 
Other assets
 
 
―
 
 
 
―
 
 
 
18,886
 
 
 
(1,643
)
 
 
17,243
 
Total Financial Services Assets
 
 
―
 
 
 
―
 
 
 
425,792
 
 
 
(1,643
)
 
 
424,149
 
Total Assets
 
$
8,001,295
 
 
$
2,508,439
 
 
$
2,025,022
 
 
$
(4,189,251
)
 
$
8,345,505
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Homebuilding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
91,873
 
 
$
82,906
 
 
$
16,902
 
 
$
―
 
 
$
191,681
 
Accrued liabilities and intercompany payables
 
 
415,803
 
 
 
1,538,096
 
 
 
903,761
 
 
 
(2,378,867
)
 
 
478,793
 
Secured project debt and other notes payable
 
 
170,167
 
 
 
―
 
 
 
4,061
 
 
 
(148,545
)
 
 
25,683
 
Senior notes payable
 
 
3,462,016
 
 
 
―
 
 
 
―
 
 
 
―
 
 
 
3,462,016
 
Total Homebuilding Liabilities
 
 
4,139,859
 
 
 
1,621,002
 
 
 
924,724
 
 
 
(2,527,412
)
 
 
4,158,173
 
Financial Services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and other liabilities
 
 
―
 
 
 
―
 
 
 
39,860
 
 
 
(17,386
)
 
 
22,474
 
Mortgage credit facilities
 
 
―
 
 
 
―
 
 
 
303,422
 
 
 
―
 
 
 
303,422
 
Total Financial Services Liabilities
 
 
―
 
 
 
―
 
 
 
343,282
 
 
 
(17,386
)
 
 
325,896
 
Total Liabilities
 
 
4,139,859
 
 
 
1,621,002
 
 
 
1,268,006
 
 
 
(2,544,798
)
 
 
4,484,069
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Equity
 
 
3,861,436
 
 
 
887,437
 
 
 
757,016
 
 
 
(1,644,453
)
 
 
3,861,436
 
Total Liabilities and Equity
 
$
8,001,295
 
 
$
2,508,439
 
 
$
2,025,022
 
 
$
(4,189,251
)
 
$
8,345,505
 
Supplemental Condensed Consolidating Statements of Cash Flows [Table Text Block]
 
 
Six Months Ended June 30, 2016
 
 
 
CalAtlantic
Group, Inc.
 
 
Guarantor
Subsidiaries
 
 
Non-Guarantor
Subsidiaries
 
 
Consolidating
Adjustments
 
 
Consolidated
CalAtlantic
Group, Inc.
 
 
 
(Dollars in thousands)
 
Cash Flows From Operating Activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
 
$
(148,603
)
 
$
77,589
 
 
$
134,628
 
 
$
―
 
 
$
63,614
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash Flows From Investing Activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments in unconsolidated homebuilding joint ventures
 
 
(178
)
 
 
(78
)
 
 
(22,336
)
 
 
―
 
 
 
(22,592
)
Distributions of capital from unconsolidated homebuilding joint ventures
 
 
1,107
 
 
 
110
 
 
 
6,898
 
 
 
―
 
 
 
8,115
 
Loan to parent and subsidiaries
 
 
―
 
 
 
―
 
 
 
41,000
 
 
 
(41,000
)
 
 
―
 
Other investing activities
 
 
279
 
 
 
(976
)
 
 
(3,469
)
 
 
―
 
 
 
(4,166
)
Net cash provided by (used in) investing activities
 
 
1,208
 
 
 
(944
)
 
 
22,093
 
 
 
(41,000
)
 
 
(18,643
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash Flows From Financing Activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change in restricted cash
 
 
―
 
 
 
―
 
 
 
6,063
 
 
 
―
 
 
 
6,063
 
Borrowings from revolving credit facility
 
 
693,700
 
 
 
―
 
 
 
―
 
 
 
―
 
 
 
693,700
 
Principal payments on revolving credit facility
 
 
(693,700
)
 
 
―
 
 
 
―
 
 
 
―
 
 
 
(693,700
)
Principal payments on secured project debt and other notes payable
 
 
(9,974
)
 
 
―
 
 
 
(195
)
 
 
―
 
 
 
(10,169
)
Proceeds from the issuance of senior notes payable
 
 
300,000
 
 
 
―
 
 
 
―
 
 
 
―
 
 
 
300,000
 
Payment of debt issue costs
 
 
(2,195
)
 
 
―
 
 
 
―
 
 
 
―
 
 
 
(2,195
)
Loan from subsidiary
 
 
(41,000
)
 
 
―
 
 
 
―
 
 
 
41,000
 
 
 
―
 
Net proceeds from (payments on) mortgage credit facilities
 
 
―
 
 
 
―
 
 
 
(128,908
)
 
 
―
 
 
 
(128,908
)
(Contributions to) distributions from Corporate and subsidiaries
 
 
8,300
 
 
 
―
 
 
 
(8,300
)
 
 
―
 
 
 
―
 
Repurchases of common stock
 
 
(99,829
)
 
 
―
 
 
 
―
 
 
 
―
 
 
 
(99,829
)
Common stock dividend payments
 
 
(9,527
)
 
 
―
 
 
 
―
 
 
 
―
 
 
 
(9,527
)
Issuance of common stock under employee stock plans, net of tax withholdings
 
 
1,069
 
 
 
―
 
 
 
―
 
 
 
―
 
 
 
1,069
 
Other financing activities
 
 
―
 
 
 
(199
)
 
 
―
 
 
 
―
 
 
 
(199
)
Intercompany advances, net
 
 
122,427
 
 
 
(130,705
)
 
 
8,278
 
 
 
―
 
 
 
―
 
Net cash provided by (used in) financing activities
 
 
269,271
 
 
 
(130,904
)
 
 
(123,062
)
 
 
41,000
 
 
 
56,305
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and equivalents
 
 
121,876
 
 
 
(54,259
)
 
 
33,659
 
 
 
―
 
 
 
101,276
 
Cash and equivalents at beginning of period
 
 
6,387
 
 
 
112,852
 
 
 
67,355
 
 
 
―
 
 
 
186,594
 
Cash and equivalents at end of period
 
$
128,263
 
 
$
58,593
 
 
$
101,014
 
 
$
―
 
 
$
287,870
 
 
 
Six Months Ended June 30, 2015
 
 
 
CalAtlantic
Group, Inc.
 
 
Guarantor
Subsidiaries
 
 
Non-Guarantor
Subsidiaries
 
 
Consolidating
Adjustments
 
 
Consolidated
CalAtlantic
Group, Inc.
 
 
 
(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       ―       ―  
Repurchases 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