Note 21 - Supplemental Guarantor Information (Tables)

9 Months Ended

Sep. 30, 2017

Notes Tables

Condensed Income Statement [Table Text Block]

	Three Months Ended September 30, 2017
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
Homebuilding:
Revenues	$	647,336		$	632,262		$	236,245		$	—		$	1,515,843
Cost of sales		(528,858	)		(505,367	)		(178,483	)		—			(1,212,708	)
Gross margin		118,478			126,895			57,762			—			303,135
Selling, general and administrative expenses		(68,237	)		(80,147	)		(20,045	)		—			(168,429	)
Income (loss) from unconsolidated joint ventures		981			252			4,193			—			5,426
Equity income of subsidiaries		62,765			—			—			(62,765	)		—
Interest income (expense), net		845			(519	)		(326	)		—			—
Other income (expense)		(3,714	)		(287	)		2,763			—			(1,238	)
Homebuilding pretax income		111,118			46,194			44,347			(62,765	)		138,894
Financial Services:
Financial services pretax income		—			—			7,278			—			7,278
Income before taxes		111,118			46,194			51,625			(62,765	)		146,172
Provision for income taxes		(17,766	)		(22,788	)		(12,266	)		—			(52,820	)
Net income	$	93,352		$	23,406		$	39,359		$	(62,765	)	$	93,352

	Three Months Ended September 30, 2016
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
Homebuilding:
Revenues	$	707,397		$	656,095		$	307,466		$	—		$	1,670,958
Cost of sales		(561,856	)		(520,810	)		(213,600	)		—			(1,296,266	)
Gross margin		145,541			135,285			93,866			—			374,692
Selling, general and administrative expenses		(75,217	)		(75,834	)		(19,764	)		—			(170,815	)
Income (loss) from unconsolidated joint ventures		(717	)		44			1,904			—			1,231
Equity income of subsidiaries		95,380			—			—			(95,380	)		—
Interest income (expense), net		1,075			(886	)		(189	)		—			—
Other income (expense)		(3,602	)		(762	)		195			—			(4,169	)
Homebuilding pretax income		162,460			57,847			76,012			(95,380	)		200,939
Financial Services:
Financial services pretax income		—			—			9,807			—			9,807
Income before taxes		162,460			57,847			85,819			(95,380	)		210,746
Provision for income taxes		(30,112	)		(23,111	)		(25,175	)		—			(78,398	)
Net income	$	132,348		$	34,736		$	60,644		$	(95,380	)	$	132,348

	Nine Months Ended September 30, 2017
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
Homebuilding:
Revenues	$	1,955,915		$	1,835,567		$	683,174		$	—		$	4,474,656
Cost of sales		(1,592,317	)		(1,468,154	)		(512,348	)		—			(3,572,819	)
Gross margin		363,598			367,413			170,826			—			901,837
Selling, general and administrative expenses		(203,674	)		(237,232	)		(57,796	)		—			(498,702	)
Income (loss) from unconsolidated joint ventures		2,006			550			7,204			—			9,760
Equity income of subsidiaries		178,762			—			—			(178,762	)		—
Interest income (expense), net		2,439			(1,724	)		(715	)		—			—
Other income (expense)		(9,612	)		(543	)		6,073			—			(4,082	)
Homebuilding pretax income		333,519			128,464			125,592			(178,762	)		408,813
Financial Services:
Financial services pretax income		—			—			23,475			—			23,475
Income before taxes		333,519			128,464			149,067			(178,762	)		432,288
Provision for income taxes		(58,553	)		(61,411	)		(37,358	)		—			(157,322	)
Net income	$	274,966		$	67,053		$	111,709		$	(178,762	)	$	274,966

	Nine Months Ended September 30, 2016
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
Homebuilding:
Revenues	$	1,817,935		$	1,866,598		$	750,470		$	—		$	4,435,003
Cost of sales		(1,451,579	)		(1,486,644	)		(533,543	)		—			(3,471,766	)
Gross margin		366,356			379,954			216,927			—			963,237
Selling, general and administrative expenses		(201,503	)		(220,595	)		(51,112	)		—			(473,210	)
Income (loss) from unconsolidated joint ventures		29			444			2,170			—			2,643
Equity income of subsidiaries		229,414			—			—			(229,414	)		—
Interest income (expense), net		3,685			(2,785	)		(900	)		—			—
Other income (expense)		(10,885	)		(1,241	)		134			—			(11,992	)
Homebuilding pretax income		387,096			155,777			167,219			(229,414	)		480,678
Financial Services:
Financial services pretax income		—			—			24,889			—			24,889
Income before taxes		387,096			155,777			192,108			(229,414	)		505,567
Provision for income taxes		(69,327	)		(66,659	)		(51,812	)		—			(187,798	)
Net income	$	317,769		$	89,118		$	140,296		$	(229,414	)	$	317,769

Condensed Balance Sheet [Table Text Block]

	September 30, 2017
	CalAtlantic Group, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	25,694	$	31,465	$	26,151	$	—		$	83,310
Restricted cash		—		—		29,620		—			29,620
Intercompany receivables		2,121,692		—		398,530		(2,520,222	)		—
Inventories:
Owned		3,208,403		2,279,408		1,458,955		—			6,946,766
Not owned		44,285		37,100		10,559		—			91,944
Investments in unconsolidated joint ventures		5,895		3,750		121,047		—			130,692
Investments in subsidiaries		2,131,970		—		—		(2,131,970	)		—
Deferred income taxes, net		313,894		—		—		(6,643	)		307,251
Goodwill		970,185		—		15,000		—			985,185
Other assets		172,296		43,380		19,459		—			235,135
Total Homebuilding Assets		8,994,314		2,395,103		2,079,321		(4,658,835	)		8,809,903
Financial Services:
Cash and equivalents		—		—		46,357		—			46,357
Restricted cash		—		—		21,205		—			21,205
Mortgage loans held for sale, net		—		—		160,068		—			160,068
Mortgage loans held for investment, net		—		—		25,510		—			25,510
Other assets		—		—		17,792		(1,801	)		15,991
Total Financial Services Assets		—		—		270,932		(1,801	)		269,131
Total Assets	$	8,994,314	$	2,395,103	$	2,350,253	$	(4,660,636	)	$	9,079,034
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	95,533	$	58,196	$	24,023	$	—		$	177,752
Accrued liabilities and intercompany payables		365,920		1,260,516		1,066,124		(2,130,136	)		562,424
Revolving credit facility		295,600		—		—		—			295,600
Secured project debt and other notes payable		424,662		—		17,018		(398,530	)		43,150
Senior notes payable		3,483,388		—		—		—			3,483,388
Total Homebuilding Liabilities		4,665,103		1,318,712		1,107,165		(2,528,666	)		4,562,314
Financial Services:
Accounts payable and other liabilities		—		—		20,831		—			20,831
Mortgage credit facility		—		—		152,786		—			152,786
Total Financial Services Liabilities		—		—		173,617		—			173,617
Total Liabilities		4,665,103		1,318,712		1,280,782		(2,528,666	)		4,735,931
Equity:
Total Stockholders' Equity		4,329,211		1,076,391		1,055,579		(2,131,970	)		4,329,211
Noncontrolling interest		—		—		13,892		—			13,892
Total Equity		4,329,211		1,076,391		1,069,471		(2,131,970	)		4,343,103
Total Liabilities and Equity	$	8,994,314	$	2,395,103	$	2,350,253	$	(4,660,636	)	$	9,079,034

	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

Condensed Cash Flow Statement [Table Text Block]

	Nine Months Ended September 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	$	(287,435	)	$	16,744		$	147,216		$	—		$	(123,475	)
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(178	)		(79	)		(32,955	)		—			(33,212	)
Distributions of capital from unconsolidated homebuilding joint ventures		500			1,867			10,403			—			12,770
Net cash paid for acquisitions		—			—			(44,477	)		—			(44,477	)
Loan to parent and subsidiaries		—			—			(65,054	)		65,054			—
Other investing activities		(2,098	)		(1,519	)		(7,496	)		—			(11,113	)
Net cash provided by (used in) investing activities		(1,776	)		269			(139,579	)		65,054			(76,032	)
Cash Flows From Financing Activities:
Change in restricted cash		—			—			(794	)		—			(794	)
Borrowings from revolving credit facility		685,550			—			—			—			685,550
Principal payments on revolving credit facility		(389,950	)		—			—			—			(389,950	)
Principal payments on secured project debt and other notes payable		—			—			(909	)		—			(909	)
Principal payment on senior notes payable		(483,000	)		—			—			—			(483,000	)
Proceeds from the issuance of senior notes payable		579,125			—			—			—			579,125
Payment of debt issuance costs		(5,019	)		—			—			—			(5,019	)
Loan from subsidiary		65,054			—			—			(65,054	)		—
Net proceeds from (payments on) mortgage credit facility		—			—			(94,641	)		—			(94,641	)
(Contributions to) distributions from Corporate and subsidiaries		1,210			—			(1,210	)		—			—
Repurchases of common stock		(150,014	)		—			—			—			(150,014	)
Common stock dividend payments		(13,427	)		—			—			—			(13,427	)
Issuance of common stock under employee stock plans, net of tax withholdings		(5,807	)		—			—			—			(5,807	)
Other financing activities		—			—			(67	)		—			(67	)
Intercompany advances, net		(74,078	)		(23,759	)		97,837			—			—
Net cash provided by (used in) financing activities		209,644			(23,759	)		216			(65,054	)		121,047
Net increase (decrease) in cash and equivalents		(79,567	)		(6,746	)		7,853			—			(78,460	)
Cash and equivalents at beginning of period		105,261			38,211			64,655			—			208,127
Cash and equivalents at end of period	$	25,694		$	31,465		$	72,508		$	—		$	129,667

	Nine Months Ended September 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	$	(49,169	)	$	16,087		$	200,744		$	—		$	167,662
Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(235	)		(192	)		(26,573	)		—			(27,000	)
Distributions of capital from unconsolidated homebuilding joint ventures		1,107			333			22,287			—			23,727
Loan to parent and subsidiaries		—			—			(88,800	)		88,800			—
Other investing activities		(325	)		(1,958	)		(3,106	)		—			(5,389	)
Net cash provided by (used in) investing activities		547			(1,817	)		(96,192	)		88,800			(8,662	)
Cash Flows From Financing Activities:
Change in restricted cash		—			—			7,309			—			7,309
Borrowings from revolving credit facility		1,008,000			—			—			—			1,008,000
Principal payments on revolving credit facility		(862,000	)		—			—			—			(862,000	)
Principal payments on secured project debt and other notes payable		(9,985	)		—			(404	)		—			(10,389	)
Principal payments on senior notes payable		(280,000	)		—			—			—			(280,000	)
Proceeds from the issuance of senior notes payable		300,000			—			—			—			300,000
Payment of debt issue costs		(2,657	)		—			—			—			(2,657	)
Loan from subsidiary		88,800			—			—			(88,800	)		—
Net proceeds from (payments on) mortgage credit facility		—			—			(141,524	)		—			(141,524	)
(Contributions to) distributions from Corporate and subsidiaries		18,350			—			(18,350	)		—			—
Repurchases of common stock		(137,464	)		—			—			—			(137,464	)
Common stock dividend payments		(14,264	)		—			—			—			(14,264	)
Issuance of common stock under employee stock plans, net of tax withholdings		1,868			—			—			—			1,868
Other financing activities		—			(199	)		—			—			(199	)
Intercompany advances, net		49,757			(95,992	)		46,235			—			—
Net cash provided by (used in) financing activities		160,405			(96,191	)		(106,734	)		(88,800	)		(131,320	)
Net increase (decrease) in cash and equivalents		111,783			(81,921	)		(2,182	)		—			27,680
Cash and equivalents at beginning of period		6,387			112,852			67,355			—			186,594
Cash and equivalents at end of period	$	118,170		$	30,931		$	65,173		$	—		$	214,274