Note 20 - Supplemental Guarantor Information (Tables)

6 Months Ended

Jun. 30, 2017

Notes Tables

Supplemental Condensed Consolidating Statements of Operations [Table Text Block]

	Three Months Ended June 30, 2017
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
Homebuilding:
Revenues	$	731,311		$	662,781		$	227,022		$	―		$	1,621,114
Cost of sales		(592,162	)		(531,235	)		(173,859	)		―			(1,297,256	)
Gross margin		139,149			131,546			53,163			―			323,858
Selling, general and administrative expenses		(70,729	)		(83,694	)		(19,574	)		―			(173,997	)
Income (loss) from unconsolidated joint ventures		351			165			(70	)		―			446
Equity income of subsidiaries		58,400			―			―			(58,400	)		―
Interest income (expense), net		720			(525	)		(195	)		―			―
Other income (expense)		(3,911	)		(228	)		1,464			―			(2,675	)
Homebuilding pretax income		123,980			47,264			34,788			(58,400	)		147,632
Financial Services:
Financial services pretax income		―			―			8,616			―			8,616
Income before taxes		123,980			47,264			43,404			(58,400	)		156,248
Provision for income taxes		(24,986	)		(21,900	)		(10,368	)		―			(57,254	)
Net income	$	98,994		$	25,364		$	33,036		$	(58,400	)	$	98,994

	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

	Six Months Ended June 30, 2017
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
Homebuilding:
Revenues	$	1,308,579		$	1,203,305		$	446,929		$	―		$	2,958,813
Cost of sales		(1,063,459	)		(962,787	)		(333,865	)		―			(2,360,111	)
Gross margin		245,120			240,518			113,064			―			598,702
Selling, general and administrative expenses		(135,437	)		(157,085	)		(37,751	)		―			(330,273	)
Income (loss) from unconsolidated joint ventures		1,025			298			3,011			―			4,334
Equity income of subsidiaries		115,997			―			―			(115,997	)		―
Interest income (expense), net		1,594			(1,205	)		(389	)		―			―
Other income (expense)		(5,898	)		(256	)		3,310			―			(2,844	)
Homebuilding pretax income		222,401			82,270			81,245			(115,997	)		269,919
Financial Services:
Financial services pretax income		―			―			16,197			―			16,197
Income before taxes		222,401			82,270			97,442			(115,997	)		286,116
Provision for income taxes		(40,787	)		(38,623	)		(25,092	)		―			(104,502	)
Net income	$	181,614		$	43,647		$	72,350		$	(115,997	)	$	181,614

	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

Supplemental Condensed Consolidating Balance Sheets [Table Text Block]

	June 30, 2017
	CalAtlantic Group, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	41,081	$	31,168	$	95,584	$	―		$	167,833
Restricted cash		―		―		32,367		―			32,367
Intercompany receivables		2,118,245		―		320,924		(2,439,169	)		―
Inventories:
Owned		2,970,751		2,278,861		1,405,378		―			6,654,990
Not owned		42,190		32,927		11,501		―			86,618
Investments in unconsolidated joint ventures		4,889		4,228		116,651		―			125,768
Investments in subsidiaries		2,069,205		―		―		(2,069,205	)		―
Deferred income taxes, net		319,114		―		―		(6,643	)		312,471
Goodwill		970,185		―		15,000		―			985,185
Other assets		171,854		41,231		20,700		―			233,785
Total Homebuilding Assets		8,707,514		2,388,415		2,018,105		(4,515,017	)		8,599,017
Financial Services:
Cash and equivalents		―		―		47,861		―			47,861
Restricted cash		―		―		21,375		―			21,375
Mortgage loans held for sale, net		―		―		155,180		―			155,180
Mortgage loans held for investment, net		―		―		25,613		―			25,613
Other assets		―		―		19,551		(1,801	)		17,750
Total Financial Services Assets		―		―		269,580		(1,801	)		267,779
Total Assets	$	8,707,514	$	2,388,415	$	2,287,685	$	(4,516,818	)	$	8,866,796
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	67,733	$	58,565	$	20,085	$	―		$	146,383
Accrued liabilities and intercompany payables		323,820		1,276,865		1,068,572		(2,126,689	)		542,568
Secured project debt and other notes payable		345,023		―		2,942		(320,924	)		27,041
Senior notes payable		3,735,232		―		―		―			3,735,232
Total Homebuilding Liabilities		4,471,808		1,335,430		1,091,599		(2,447,613	)		4,451,224
Financial Services:
Accounts payable and other liabilities		―		―		19,374		―			19,374
Mortgage credit facility		―		―		149,828		―			149,828
Total Financial Services Liabilities		―		―		169,202		―			169,202
Total Liabilities		4,471,808		1,335,430		1,260,801		(2,447,613	)		4,620,426
Equity:
Total Stockholders' Equity		4,235,706		1,052,985		1,016,220		(2,069,205	)		4,235,706
Noncontrolling interest		―		―		10,664		―			10,664
Total Equity		4,235,706		1,052,985		1,026,884		(2,069,205	)		4,246,370
Total Liabilities and Equity	$	8,707,514	$	2,388,415	$	2,287,685	$	(4, 516,818	)	$	8,866,796

	December 31, 2016
	CalAtlantic Group, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	105,261	$	38,211	$	47,614	$	―		$	191,086
Restricted cash		―		―		28,321		―			28,321
Intercompany receivables		2,045,773		―		334,926		(2,380,699	)		―
Inventories:
Owned		2,825,234		2,277,840		1,335,718		―			6,438,792
Not owned		30,953		32,596		2,718		―			66,267
Investments in unconsolidated joint ventures		4,469		4,923		117,735		―			127,127
Investments in subsidiaries		1,954,418		―		―		(1,954,418	)		―
Deferred income taxes, net		337,021		―		―		(6,643	)		330,378
Goodwill		970,185		―		―		―			970,185
Other assets		165,214		36,725		2,550		―			204,489
Total Homebuilding Assets		8,438,528		2,390,295		1,869,582		(4,341,760	)		8,356,645
Financial Services:
Cash and equivalents		―		―		17,041		―			17,041
Restricted cash		―		―		21,710		―			21,710
Mortgage loans held for sale, net		―		―		262,058		―			262,058
Mortgage loans held for investment, net		―		―		24,924		―			24,924
Other assets		―		―		28,467		(1,801	)		26,666
Total Financial Services Assets		―		―		354,200		(1,801	)		352,399
Total Assets	$	8,438,528	$	2,390,295	$	2,223,782	$	(4,343,561	)	$	8,709,044
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	92,611	$	78,729	$	40,440	$	―		$	211,780
Accrued liabilities and intercompany payables		387,098		1,302,228		964,796		(2,054,217	)		599,905
Secured project debt and other notes payable		359,025		―		3,480		(334,926	)		27,579
Senior notes payable		3,392,208		―		―		―			3,392,208
Total Homebuilding Liabilities		4,230,942		1,380,957		1,008,716		(2,389,143	)		4,231,472
Financial Services:
Accounts payable and other liabilities		―		―		22,559		―			22,559
Mortgage credit facility		―		―		247,427		―			247,427
Total Financial Services Liabilities		―		―		269,986		―			269,986
Total Liabilities		4,230,942		1,380,957		1,278,702		(2,389,143	)		4,501,458
Equity:
Total Equity		4,207,586		1,009,338		945,080		(1,954,418	)		4,207,586
Total Liabilities and Equity	$	8,438,528	$	2,390,295	$	2,223,782	$	(4,343,561	)	$	8,709,044

Supplemental Condensed Consolidating Statements of Cash Flows [Table Text Block]

	Six Months Ended June 30, 2017
	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	$	(161,020	)	$	10,352		$	151,260		$	―		$	592
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(137	)		(59	)		(24,806	)		―			(25,002	)
Distributions of capital from unconsolidated homebuilding joint ventures		500			1,117			6,428			―			8,045
Net cash paid for acquisitions		―			―			(44,477	)		―			(44,477	)
Loan to parent and subsidiaries		―			―			12,596			(12,596	)		―
Other investing activities		(1,283	)		(979	)		(7,531	)		―			(9,793	)
Net cash provided by (used in) investing activities		(920	)		79			(57,790	)		(12,596	)		(71,227	)
Cash Flows From Financing Activities:
Change in restricted cash		―			―			(3,711	)		―			(3,711	)
Borrowings from revolving credit facility		264,450			―			―			―			264,450
Principal payments on revolving credit facility		(264,450	)		―			―			―			(264,450	)
Principal payments on secured project debt and other notes payable		―			―			(615	)		―			(615	)
Principal payment on senior notes payable		(230,000	)		―			―			―			(230,000	)
Proceeds from the issuance of senior notes payable		579,125			―			―			―			579,125
Payment of debt issuance costs		(4,595	)		―			―			―			(4,595	)
Loan from subsidiary		(12,596	)		―			―			12,596			―
Net proceeds from (payments on) mortgage credit facility		―			―			(97,599	)		―			(97,599	)
(Contributions to) distributions from Corporate and subsidiaries		1,210			―			(1,210	)		―			―
Repurchases of common stock		(150,014	)		―			―			―			(150,014	)
Common stock dividend payments		(9,019	)		―			―			―			(9,019	)
Issuance of common stock under employee stock plans, net of tax withholdings		(5,303	)		―			―			―			(5,303	)
Other financing activities		―			―			(67	)		―			(67	)
Intercompany advances, net		(71,048	)		(17,474	)		88,522			―			―
Net cash provided by (used in) financing activities		97,760			(17,474	)		(14,680	)		12,596			78,202
Net increase (decrease) in cash and equivalents		(64,180	)		(7,043	)		78,790			―			7,567
Cash and equivalents at beginning of period		105,261			38,211			64,655			―			208,127
Cash and equivalents at end of period	$	41,081		$	31,168		$	143,445		$	―		$	215,694

	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 facility		―			―			(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