Supplemental Guarantor Information (Tables)
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3 Months Ended |
Dec. 31, 2015 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
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Unaudited Consolidating Balance Sheet Information |
Beazer Homes USA, Inc. Unaudited Consolidating Balance Sheet Information December 31, 2015 (In thousands) | | | | | | | | | | | | | | | | | | | | | | Beazer Homes USA, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Consolidated Beazer Homes USA, Inc. | ASSETS | | | | | | | | | | Cash and cash equivalents | $ | 152,824 |
| | $ | (547 | ) | | $ | 988 |
| | $ | (8,384 | ) | | $ | 144,881 |
| Restricted cash | 37,708 |
| | 1,643 |
| | — |
| | — |
| | 39,351 |
| Accounts receivable (net of allowance of $921) | — |
| | 50,555 |
| | — |
| | — |
| | 50,555 |
| Income tax receivable | 269 |
| | — |
| | — |
| | — |
| | 269 |
| Owned inventory | — |
| | 1,729,937 |
| | — |
| | — |
| | 1,729,937 |
| Investments in unconsolidated entities and marketable securities | 773 |
| | 10,948 |
| | — |
| | — |
| | 11,721 |
| Deferred tax assets, net | 325,058 |
| | — |
| | — |
| | — |
| | 325,058 |
| Property and equipment, net | — |
| | 20,236 |
| | — |
| | — |
| | 20,236 |
| Investments in subsidiaries | 662,183 |
| | — |
| | — |
| | (662,183 | ) | | — |
| Intercompany | 950,547 |
| | — |
| | 2,384 |
| | (952,931 | ) | | — |
| Other assets | 11,874 |
| | 4,814 |
| | — |
| | — |
| | 16,688 |
| Total assets | $ | 2,141,236 |
| | $ | 1,817,586 |
| | $ | 3,372 |
| | $ | (1,623,498 | ) | | $ | 2,338,696 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | Trade accounts payable | $ | — |
| | $ | 81,395 |
| | $ | — |
| | $ | — |
| | $ | 81,395 |
| Other liabilities | 20,632 |
| | 101,138 |
| | 498 |
| | — |
| | 122,268 |
| Intercompany | 2,384 |
| | 958,931 |
| | — |
| | (961,315 | ) | | — |
| Total debt (net of discounts of $3,449) | 1,485,243 |
| | 16,813 |
| | — |
| | — |
| | 1,502,056 |
| Total liabilities | 1,508,259 |
| | 1,158,277 |
| | 498 |
| | (961,315 | ) | | 1,705,719 |
| Stockholders’ equity | 632,977 |
| | 659,309 |
| | 2,874 |
| | (662,183 | ) | | 632,977 |
| Total liabilities and stockholders’ equity | $ | 2,141,236 |
| | $ | 1,817,586 |
| | $ | 3,372 |
| | $ | (1,623,498 | ) | | $ | 2,338,696 |
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Beazer Homes USA, Inc. Unaudited Consolidating Balance Sheet Information September 30, 2015 (In thousands)
| | | | | | | | | | | | | | | | | | | | | | Beazer Homes USA, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Consolidated Beazer Homes USA, Inc. | ASSETS | | | | | | | | | | Cash and cash equivalents | $ | 232,226 |
| | $ | 21,543 |
| | $ | 1,006 |
| | $ | (3,192 | ) | | $ | 251,583 |
| Restricted cash | 37,177 |
| | 1,724 |
| | — |
| | — |
| | 38,901 |
| Accounts receivable (net of allowance of $1,052) | — |
| | 52,378 |
| | 1 |
| | — |
| | 52,379 |
| Income tax receivable | 419 |
| | — |
| | — |
| | — |
| | 419 |
| Owned inventory | — |
| | 1,697,590 |
| | — |
| | — |
| | 1,697,590 |
| Consolidated inventory not owned | — |
| | — |
| | — |
| | — |
| | — |
| Investments in marketable securities and unconsolidated entities | 773 |
| | 12,961 |
| | — |
| | — |
| | 13,734 |
| Deferred tax assets, net | 325,373 |
| | — |
| | — |
| | — |
| | 325,373 |
| Property and equipment, net | — |
| | 22,230 |
| | — |
| | — |
| | 22,230 |
| Investments in subsidiaries | 649,701 |
| | — |
| | — |
| | (649,701 | ) | | — |
| Intercompany | 913,733 |
| | — |
| | 2,384 |
| | (916,117 | ) | | — |
| Other assets | 12,519 |
| | 6,471 |
| | 4 |
| | — |
| | 18,994 |
| Total assets | $ | 2,171,921 |
| | $ | 1,814,897 |
| | $ | 3,395 |
| | $ | (1,569,010 | ) | | $ | 2,421,203 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | Trade accounts payable | $ | — |
| | $ | 113,539 |
| | $ | — |
| | $ | — |
| | $ | 113,539 |
| Other liabilities | 31,703 |
| | 116,718 |
| | 545 |
| | — |
| | 148,966 |
| Intercompany | 2,384 |
| | 916,925 |
| | — |
| | (919,309 | ) | | — |
| Obligations related to land not owned under option agreements | — |
| | — |
| | — |
| | — |
| | — |
| Total debt (net of discounts of $3,639) | 1,507,411 |
| | 20,864 |
| | — |
| | — |
| | 1,528,275 |
| Total liabilities | 1,541,498 |
| | 1,168,046 |
| | 545 |
| | (919,309 | ) | | 1,790,780 |
| Stockholders’ equity | 630,423 |
| | 646,851 |
| | 2,850 |
| | (649,701 | ) | | 630,423 |
| Total liabilities and stockholders’ equity | $ | 2,171,921 |
| | $ | 1,814,897 |
| | $ | 3,395 |
| | $ | (1,569,010 | ) | | $ | 2,421,203 |
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Unaudited Consolidating Income Statement |
Beazer Homes USA, Inc. Unaudited Consolidating Statements of Income and Unaudited Comprehensive Income (In thousands) | | | | | | | | | | | | | | | | | | | | | | Beazer Homes USA, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Consolidated Beazer Homes USA, Inc. | Three Months Ended December 31, 2015 | | | | | | | | | | Total revenue | $ | — |
| | $ | 344,449 |
| | $ | 73 |
| | $ | (73 | ) | | $ | 344,449 |
| Home construction and land sales expenses | 13,367 |
| | 272,217 |
| | — |
| | (73 | ) | | 285,511 |
| Inventory impairments and abandonments | — |
| | 1,356 |
| | — |
| | — |
| | 1,356 |
| Gross (loss) profit | (13,367 | ) | | 70,876 |
| | 73 |
| | — |
| | 57,582 |
| Commissions | — |
| | 13,774 |
| | — |
| | — |
| | 13,774 |
| General and administrative expenses | — |
| | 31,642 |
| | 27 |
| |
|
| | 31,669 |
| Depreciation and amortization | — |
| | 2,991 |
| | — |
| | — |
| | 2,991 |
| Operating (loss) income | (13,367 | ) | | 22,469 |
| | 46 |
| | — |
| | 9,148 |
| Equity in income of unconsolidated entities | — |
| | 60 |
| | — |
| | — |
| | 60 |
| Loss on extinguishment of debt | (828 | ) | | — |
| | — |
| | — |
| | (828 | ) | Other (expense) income, net | (7,432 | ) | | 868 |
| | (1 | ) | | — |
| | (6,565 | ) | (Loss) income before income taxes | (21,627 | ) | | 23,397 |
| | 45 |
| | — |
| | 1,815 |
| (Benefit from) provision for income taxes | (10,143 | ) | | 10,742 |
| | 17 |
| | — |
| | 616 |
| Equity in income of subsidiaries | 12,683 |
| | — |
| | — |
| | (12,683 | ) | | — |
| Income (loss) from continuing operations | 1,199 |
| | 12,655 |
| | 28 |
| | (12,683 | ) | | 1,199 |
| Loss from discontinued operations | — |
| | (197 | ) | | (3 | ) | | — |
| | (200 | ) | Equity in loss of subsidiaries from discontinued operations | (200 | ) | | — |
| | — |
| | 200 |
| | — |
| Net income (loss) and comprehensive income (loss) | $ | 999 |
| | $ | 12,458 |
| | $ | 25 |
| | $ | (12,483 | ) | | $ | 999 |
| | Beazer Homes USA, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Consolidated Beazer Homes USA, Inc. | Three Months Ended December 31, 2014 | | | | | | | | | | Total revenue | $ | — |
| | $ | 265,764 |
| | $ | 98 |
| | $ | (98 | ) | | $ | 265,764 |
| Home construction and land sales expenses | 8,194 |
| | 222,450 |
| | — |
| | (98 | ) | | 230,546 |
| Gross (loss) profit | (8,194 | ) | | 43,314 |
| | 98 |
| | — |
| | 35,218 |
| Commissions | — |
| | 10,926 |
| | — |
| | — |
| | 10,926 |
| General and administrative expenses | — |
| | 31,414 |
| | 27 |
| | — |
| | 31,441 |
| Depreciation and amortization | — |
| | 2,341 |
| | — |
| | — |
| | 2,341 |
| Operating (loss) income | (8,194 | ) | | (1,367 | ) | | 71 |
| | — |
| | (9,490 | ) | Equity in loss of unconsolidated entities | — |
| | 142 |
| | — |
| | — |
| | 142 |
| Other (expense) income, net | (9,747 | ) | | 314 |
| | (1 | ) | | — |
| | (9,434 | ) | (Loss) income before income taxes | (17,941 | ) | | (911 | ) | | 70 |
| | — |
| | (18,782 | ) | (Benefit from) provision for income taxes | (6,627 | ) | | 5,906 |
| | 25 |
| | — |
| | (696 | ) | Equity in income of subsidiaries | (6,772 | ) | | — |
| | — |
| | 6,772 |
| | — |
| (Loss) income from continuing operations | (18,086 | ) | | (6,817 | ) | | 45 |
| | 6,772 |
| | (18,086 | ) | Loss from discontinued operations | — |
| | (4,251 | ) | | (3 | ) | | — |
| | (4,254 | ) | Equity in income of subsidiaries from discontinued operations | (4,254 | ) | | — |
| | — |
| | 4,254 |
| | — |
| Net (loss) income | $ | (22,340 | ) | | $ | (11,068 | ) | | $ | 42 |
| | $ | 11,026 |
| | $ | (22,340 | ) | Change in unrealized loss related to available-for-sale securities | 206 |
| | — |
| | — |
| | — |
| | 206 |
| Comprehensive (loss) income | $ | (22,134 | ) | | $ | (11,068 | ) | | $ | 42 |
| | $ | 11,026 |
| | $ | (22,134 | ) |
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Unaudited Consolidating Statements of Cash Flow |
Beazer Homes USA, Inc. Unaudited Condensed Consolidating Statements of Cash Flow (In thousands) | | | | | | | | | | | | | | | | | | | | | | Beazer Homes USA, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Consolidated Beazer Homes USA, Inc. | Three Months Ended December 31, 2015 | | | | | | | | | | Net cash used in operating activities | $ | (22,794 | ) | | $ | (55,038 | ) | | $ | (17 | ) | | $ | — |
| | $ | (77,849 | ) | Cash flows from investing activities: | | | | | | | | | | Capital expenditures | — |
| | (2,663 | ) | | — |
| | — |
| | (2,663 | ) | Proceeds from sale of fixed assets | — |
| | 2,437 |
| | — |
| | — |
| | 2,437 |
| Investments in unconsolidated entities | — |
| | (1,779 | ) | | — |
| | — |
| | (1,779 | ) | Proceeds from sale of marketable securities and unconsolidated entities | — |
| | 1,142 |
| | — |
| | — |
| | 1,142 |
| Increases in restricted cash | — |
| | (1,119 | ) | | — |
| | — |
| | (1,119 | ) | Decreases in restricted cash | — |
| | 669 |
| | — |
| | — |
| | 669 |
| Advances to/from subsidiaries | (33,119 | ) | | — |
| | — |
| | 33,119 |
| | — |
| Net cash (used in) provided by investing activities | (33,119 | ) | | (1,313 | ) | | — |
| | 33,119 |
| | (1,313 | ) | Cash flows from financing activities: | | | | | | | | | | Repayment of debt | (22,875 | ) | | (4,051 | ) | | — |
| | — |
| | (26,926 | ) | Debt issuance costs | (413 | ) | | — |
| | — |
| | — |
| | (413 | ) | Advances to/from subsidiaries | — |
| | 38,312 |
| | (1 | ) | | (38,311 | ) | | — |
| Other financing activities | (201 | ) | | — |
| | — |
| | — |
| | (201 | ) | Net cash (used in) provided by financing activities | (23,489 | ) | | 34,261 |
| | (1 | ) | | (38,311 | ) | | (27,540 | ) | Decrease in cash and cash equivalents | (79,402 | ) | | (22,090 | ) | | (18 | ) | | (5,192 | ) | | (106,702 | ) | Cash and cash equivalents at beginning of period | 232,226 |
| | 21,543 |
| | 1,006 |
| | (3,192 | ) | | 251,583 |
| Cash and cash equivalents at end of period | $ | 152,824 |
| | $ | (547 | ) | | $ | 988 |
| | $ | (8,384 | ) | | $ | 144,881 |
| | Beazer Homes USA, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Consolidated Beazer Homes USA, Inc. | Three Months Ended December 31, 2014 | | | | | | | | | | Net cash used in operating activities | $ | (30,841 | ) | | $ | (141,603 | ) | | $ | (88 | ) | | $ | — |
| | $ | (172,532 | ) | Cash flows from investing activities: | | | | | | | | | | Capital expenditures | — |
| | (2,934 | ) | | — |
| | — |
| | (2,934 | ) | Investments in unconsolidated entities | — |
| | (1,144 | ) | | — |
| | — |
| | (1,144 | ) | Increases in restricted cash | (959 | ) | | (486 | ) | | — |
| | — |
| | (1,445 | ) | Decreases in restricted cash | — |
| | 294 |
| | — |
| | — |
| | 294 |
| Advances to/from subsidiaries | (114,977 | ) | | — |
| | — |
| | 114,977 |
| | — |
| Net cash (used in) provided by investing activities | (115,936 | ) | | (4,270 | ) | | — |
| | 114,977 |
| | (5,229 | ) | Cash flows from financing activities: | | | | | | | | | | Repayment of debt | (7,038 | ) | | (350 | ) | | — |
| | — |
| | (7,388 | ) | Debt issuance costs | (126 | ) | | — |
| | — |
| | — |
| | (126 | ) | Advances to/from subsidiaries | — |
| | 124,171 |
| | 4 |
| | (124,175 | ) | | — |
| Other financing activities | (199 | ) | | — |
| | — |
| | — |
| | (199 | ) | Net cash (used in) provided by financing activities | (7,363 | ) | | 123,821 |
| | 4 |
| | (124,175 | ) | | (7,713 | ) | Decrease in cash and cash equivalents | (154,140 | ) | | (22,052 | ) | | (84 | ) | | (9,198 | ) | | (185,474 | ) | Cash and cash equivalents at beginning of period | 301,980 |
| | 22,034 |
| | 1,614 |
| | (1,474 | ) | | 324,154 |
| Cash and cash equivalents at end of period | $ | 147,840 |
| | $ | (18 | ) | | $ | 1,530 |
| | $ | (10,672 | ) | | $ | 138,680 |
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