Supplemental Guarantor Information | 9 Months Ended |
Sep. 30, 2013 |
Supplemental Guarantor Information | ' |
18. Supplemental Guarantor Information |
The obligations under the Secured Notes are not guaranteed by any SHLP joint venture where SHLP and Shea Homes Funding Corp., a wholly owned subsidiary (collectively “SHLP Corp.”), does not own 100% of the economic interest, including those that are consolidated, and the collateral securing the Secured Notes does not include a pledge of the capital stock of any subsidiary if such pledge would result in a requirement that SHLP Corp file separate financial statements with respect to such subsidiary pursuant to Rule 3-16 of Regulation S-X under the Securities Act. |
Pursuant to the Indenture governing the Secured Notes, a guarantor may be released from its guarantee obligations only under certain customary circumstances specified in the Indenture, namely (1) upon the sale or other disposition (including by way of consolidation or merger) of such guarantor, (2) upon sale of disposition of all or substantially all the assets of such guarantor, (3) upon the designation of such guarantor as an unrestricted subsidiary for covenant purposes in accordance with the terms of the Indenture, (4) upon a legal defeasance or covenant defeasance pursuant to the Indenture, or (5) upon the full satisfaction of our obligations under the Indenture. |
Presented herein are the condensed consolidated financial statements provided for in Rule 3-10(f) of Regulation S-K under the Securities Act for the guarantor subsidiaries and non-guarantor subsidiaries. |
|
Condensed Consolidating Balance Sheet |
September 30, 2013 |
|
| | | | | | | | | | | | | | | | | | | | |
| | SHLP | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Total | |
Corp. (a) | Subsidiaries | Subsidiaries |
| | (In thousands) | |
Assets | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 128,666 | | | $ | 5,214 | | | $ | 9,318 | | | $ | 0 | | | $ | 143,198 | |
Restricted cash | | | 1,067 | | | | 585 | | | | 544 | | | | 0 | | | | 2,196 | |
Accounts and other receivables, net | | | 113,524 | | | | 25,686 | | | | 29,424 | | | | (28,905 | ) | | | 139,729 | |
Receivables from related parties, net | | | 10,156 | | | | 22,105 | | | | 420 | | | | 0 | | | | 32,681 | |
Inventory | | | 725,100 | | | | 314,707 | | | | 2,627 | | | | (369 | ) | | | 1,042,065 | |
Investments in unconsolidated joint ventures | | | 21,055 | | | | 1,023 | | | | 21,337 | | | | 0 | | | | 43,415 | |
Investments in subsidiaries | | | 679,295 | | | | 66,336 | | | | 91,627 | | | | (837,258 | ) | | | 0 | |
Other assets, net | | | 23,629 | | | | 16,016 | | | | 34 | | | | 0 | | | | 39,679 | |
Intercompany receivables | | | 0 | | | | 401,817 | | | | 0 | | | | (401,817 | ) | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,702,492 | | | $ | 853,489 | | | $ | 155,331 | | | $ | (1,268,349 | ) | | $ | 1,442,963 | |
| | | | | | | | | | | | | | | | | | | | |
Liabilities and equity | | | | | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | |
Notes payable | | $ | 759,180 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 759,180 | |
Payables to related parties | | | 20 | | | | 0 | | | | 0 | | | | 4,848 | | | | 4,868 | |
Accounts payable | | | 31,145 | | | | 17,814 | | | | 366 | | | | 0 | | | | 49,325 | |
Other liabilities | | | 184,095 | | | | 39,858 | | | | 63,218 | | | | (29,275 | ) | | | 257,896 | |
Intercompany payables | | | 356,766 | | | | 0 | | | | 49,898 | | | | (406,664 | ) | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 1,331,206 | | | | 57,672 | | | | 113,482 | | | | (431,091 | ) | | | 1,071,269 | |
Equity: | | | | | | | | | | | | | | | | | | | | |
SHLP equity: | | | | | | | | | | | | | | | | | | | | |
Owners’ equity | | | 366,517 | | | | 791,048 | | | | 41,441 | | | | (832,489 | ) | | | 366,517 | |
Accumulated other comprehensive income | | | 4,769 | | | | 4,769 | | | | 0 | | | | (4,769 | ) | | | 4,769 | |
| | | | | | | | | | | | | | | | | | | | |
Total SHLP equity | | | 371,286 | | | | 795,817 | | | | 41,441 | | | | (837,258 | ) | | | 371,286 | |
Non-controlling interests | | | 0 | | | | 0 | | | | 408 | | | | 0 | | | | 408 | |
| | | | | | | | | | | | | | | | | | | | |
Total equity | | | 371,286 | | | | 795,817 | | | | 41,849 | | | | (837,258 | ) | | | 371,694 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and equity | | $ | 1,702,492 | | | $ | 853,489 | | | $ | 155,331 | | | $ | (1,268,349 | ) | | $ | 1,442,963 | |
| | | | | | | | | | | | | | | | | | | | |
|
(a) | Includes Shea Homes Funding Corp., whose financial position at September 30, 2013 was not material. | | | | | | | | | | | | | | | | | | | |
|
Condensed Consolidating Balance Sheet |
December 31, 2012 |
|
| | | | | | | | | | | | | | | | | | | | |
| | SHLP | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Total | |
Corp. (a) | Subsidiaries | Subsidiaries |
| | (In thousands) | |
Assets | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 216,914 | | | $ | 48,895 | | | $ | 13,947 | | | $ | 0 | | | $ | 279,756 | |
Restricted cash | | | 11,999 | | | | 875 | | | | 157 | | | | 0 | | | | 13,031 | |
Accounts and other receivables, net | | | 117,560 | | | | 23,537 | | | | 35,250 | | | | (35,058 | ) | | | 141,289 | |
Receivables from related parties, net | | | 8,271 | | | | 25,668 | | | | 89 | | | | 0 | | | | 34,028 | |
Inventory | | | 572,010 | | | | 264,459 | | | | 1,918 | | | | (734 | ) | | | 837,653 | |
Investments in unconsolidated joint ventures | | | 13,948 | | | | 984 | | | | 13,721 | | | | 0 | | | | 28,653 | |
Investments in subsidiaries | | | 672,388 | | | | 64,971 | | | | 93,883 | | | | (831,242 | ) | | | 0 | |
Other assets, net | | | 17,712 | | | | 21,388 | | | | 27 | | | | 0 | | | | 39,127 | |
Intercompany receivables | | | 0 | | | | 376,420 | | | | 0 | | | | (376,420 | ) | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,630,802 | | | $ | 827,197 | | | $ | 158,992 | | | $ | (1,243,454 | ) | | $ | 1,373,537 | |
| | | | | | | | | | | | | | | | | | | | |
Liabilities and equity | | | | | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | |
Notes payable | | $ | 758,209 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 758,209 | |
Payables to related parties | | | 26 | | | | 0 | | | | 0 | | | | 99 | | | | 125 | |
Accounts payable | | | 34,384 | | | | 27,879 | | | | 475 | | | | 0 | | | | 62,738 | |
Other liabilities | | | 162,894 | | | | 36,700 | | | | 69,416 | | | | (35,792 | ) | | | 233,218 | |
Intercompany payables | | | 356,451 | | | | 0 | | | | 20,068 | | | | (376,519 | ) | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 1,311,964 | | | | 64,579 | | | | 89,959 | | | | (412,212 | ) | | | 1,054,290 | |
Equity: | | | | | | | | | | | | | | | | | | | | |
SHLP equity: | | | | | | | | | | | | | | | | | | | | |
Owners’ equity | | | 314,321 | | | | 758,101 | | | | 68,624 | | | | (826,725 | ) | | | 314,321 | |
Accumulated other comprehensive income | | | 4,517 | | | | 4,517 | | | | 0 | | | | (4,517 | ) | | | 4,517 | |
| | | | | | | | | | | | | | | | | | | | |
Total SHLP equity | | | 318,838 | | | | 762,618 | | | | 68,624 | | | | (831,242 | ) | | | 318,838 | |
Non-controlling interests | | | 0 | | | | 0 | | | | 409 | | | | 0 | | | | 409 | |
| | | | | | | | | | | | | | | | | | | | |
Total equity | | | 318,838 | | | | 762,618 | | | | 69,033 | | | | (831,242 | ) | | | 319,247 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and equity | | $ | 1,630,802 | | | $ | 827,197 | | | $ | 158,992 | | | $ | (1,243,454 | ) | | $ | 1,373,537 | |
| | | | | | | | | | | | | | | | | | | | |
|
(a) | Includes Shea Homes Funding Corp., whose financial position at December 31, 2012 was not material. | | | | | | | | | | | | | | | | | | | |
|
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) |
Three Months Ended September 30, 2013 |
|
| | | | | | | | | | | | | | | | | | | | |
| | SHLP | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Total | |
Corp. (a) | Subsidiaries | Subsidiaries |
| | (In thousands) | |
Revenues | | $ | 131,052 | | | $ | 102,989 | | | $ | 4,268 | | | $ | 0 | | | $ | 238,309 | |
Cost of sales | | | (106,661 | ) | | | (75,615 | ) | | | (313 | ) | | | 128 | | | | (182,461 | ) |
| | | | | | | | | | | | | | | | | | | | |
Gross margin | | | 24,391 | | | | 27,374 | | | | 3,955 | | | | 128 | | | | 55,848 | |
Selling expenses | | | (7,787 | ) | | | (5,081 | ) | | | (1,423 | ) | | | 0 | | | | (14,291 | ) |
General and administrative expenses | | | (8,427 | ) | | | (5,056 | ) | | | (614 | ) | | | 0 | | | | (14,097 | ) |
Equity in income (loss) from unconsolidated joint ventures, net | | | (579 | ) | | | 10 | | | | (47 | ) | | | 0 | | | | (616 | ) |
Equity in income (loss) from subsidiaries | | | 20,256 | | | | 908 | | | | (822 | ) | | | (20,342 | ) | | | 0 | |
Gain (loss) on reinsurance transaction | | | 0 | | | | 0 | | | | 1,758 | | | | 0 | | | | 1,758 | |
Interest expense | | | (130 | ) | | | (15 | ) | | | 0 | | | | 0 | | | | (145 | ) |
Other income (expense), net | | | (1,900 | ) | | | 797 | | | | (119 | ) | | | (128 | ) | | | (1,350 | ) |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes | | | 25,824 | | | | 18,937 | | | | 2,688 | | | | (20,342 | ) | | | 27,107 | |
Income tax benefit (expense) | | | 0 | | | | (1,282 | ) | | | 1 | | | | 0 | | | | (1,281 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | | 25,824 | | | | 17,655 | | | | 2,689 | | | | (20,342 | ) | | | 25,826 | |
Less: Net loss (income) attributable to non-controlling interests | | | 0 | | | | 0 | | | | (2 | ) | | | 0 | | | | (2 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to SHLP | | $ | 25,824 | | | $ | 17,655 | | | $ | 2,687 | | | $ | (20,342 | ) | | $ | 25,824 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | 25,839 | | | $ | 17,670 | | | $ | 2,689 | | | $ | (20,357 | ) | | $ | 25,841 | |
| | | | | | | | | | | | | | | | | | | | |
|
(a) | Includes Shea Homes Funding Corp.; no significant activity occurred in 2013. | | | | | | | | | | | | | | | | | | | |
|
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) |
Three Months Ended September 30, 2012 |
|
| | | | | | | | | | | | | | | | | | | | |
| | SHLP | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Total | |
Corp. (a) | Subsidiaries | Subsidiaries |
| | (In thousands) | |
Revenues | | $ | 101,564 | | | $ | 42,386 | | | $ | 2,471 | | | $ | 0 | | | $ | 146,421 | |
Cost of sales | | | (78,924 | ) | | | (36,130 | ) | | | (298 | ) | | | 127 | | | | (115,225 | ) |
| | | | | | | | | | | | | | | | | | | | |
Gross margin | | | 22,640 | | | | 6,256 | | | | 2,173 | | | | 127 | | | | 31,196 | |
Selling expenses | | | (5,654 | ) | | | (3,002 | ) | | | (1,640 | ) | | | 0 | | | | (10,296 | ) |
General and administrative expenses | | | (10,431 | ) | | | (4,598 | ) | | | (972 | ) | | | 0 | | | | (16,001 | ) |
Equity in income (loss) from unconsolidated joint ventures, net | | | (148 | ) | | | (9 | ) | | | 107 | | | | 0 | | | | (50 | ) |
Equity in income (loss) from subsidiaries | | | 6,911 | | | | (1,056 | ) | | | (1,299 | ) | | | (4,556 | ) | | | 0 | |
Gain (loss) on reinsurance transaction | | | 0 | | | | 0 | | | | 199 | | | | 0 | | | | 199 | |
Interest expense | | | (3,637 | ) | | | (944 | ) | | | 0 | | | | 0 | | | | (4,581 | ) |
Other (expense) income, net | | | (1,350 | ) | | | 9,632 | | | | 485 | | | | (127 | ) | | | 8,640 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes | | | 8,331 | | | | 6,279 | | | | (947 | ) | | | (4,556 | ) | | | 9,107 | |
Income tax expense | | | (1 | ) | | | (808 | ) | | | 2 | | | | 0 | | | | (807 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | | 8,330 | | | | 5,471 | | | | (945 | ) | | | (4,556 | ) | | | 8,300 | |
Less: Net loss (income) attributable to non-controlling interests | | | 0 | | | | 0 | | | | 30 | | | | 0 | | | | 30 | |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to SHLP | | $ | 8,330 | | | $ | 5,471 | | | $ | (915 | ) | | $ | (4,556 | ) | | $ | 8,330 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | 5,200 | | | $ | 2,341 | | | $ | (945 | ) | | $ | (1,426 | ) | | $ | 5,170 | |
| | | | | | | | | | | | | | | | | | | | |
|
(a) | Includes Shea Homes Funding Corp.; no significant activity occurred in 2012. | | | | | | | | | | | | | | | | | | | |
|
Condensed Consolidating Statement of Operations and Comprehensive income (Loss) |
Nine Months Ended September 30, 2013 |
|
| | | | | | | | | | | | | | | | | | | | |
| | SHLP | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Total | |
Corp. (a) | Subsidiaries | Subsidiaries |
| | (In thousands) | |
Revenues | | $ | 332,157 | | | $ | 242,345 | | | $ | 16,077 | | | $ | 0 | | | $ | 590,579 | |
Cost of sales | | | (271,041 | ) | | | (183,072 | ) | | | (1,022 | ) | | | 366 | | | | (454,769 | ) |
| | | | | | | | | | | | | | | | | | | | |
Gross margin | | | 61,116 | | | | 59,273 | | | | 15,055 | | | | 366 | | | | 135,810 | |
Selling expenses | | | (20,519 | ) | | | (12,305 | ) | | | (4,469 | ) | | | 0 | | | | (37,293 | ) |
General and administrative expenses | | | (24,747 | ) | | | (13,285 | ) | | | (2,100 | ) | | | 0 | | | | (40,132 | ) |
Equity in income (loss) from unconsolidated joint ventures, net | | | (1,219 | ) | | | (12 | ) | | | 461 | | | | 0 | | | | (770 | ) |
Equity in income (loss) from subsidiaries | | | 44,761 | | | | (286 | ) | | | (2,154 | ) | | | (42,321 | ) | | | 0 | |
Gain (loss) on reinsurance transaction | | | 0 | | | | 0 | | | | 1,599 | | | | 0 | | | | 1,599 | |
Interest expense | | | (3,562 | ) | | | (1,413 | ) | | | 0 | | | | 0 | | | | (4,975 | ) |
Other income (expense), net | | | (3,631 | ) | | | 2,765 | | | | 889 | | | | (366 | ) | | | (343 | ) |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes | | | 52,199 | | | | 34,737 | | | | 9,281 | | | | (42,321 | ) | | | 53,896 | |
Income tax benefit (expense) | | | (3 | ) | | | (1,687 | ) | | | (11 | ) | | | 0 | | | | (1,701 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | | 52,196 | | | | 33,050 | | | | 9,270 | | | | (42,321 | ) | | | 52,195 | |
Less: Net loss (income) attributable to non-controlling interests | | | 0 | | | | 0 | | | | 1 | | | | 0 | | | | 1 | |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to SHLP | | $ | 52,196 | | | $ | 33,050 | | | $ | 9,271 | | | $ | (42,321 | ) | | $ | 52,196 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | 52,448 | | | $ | 33,302 | | | $ | 9,270 | | | $ | (42,573 | ) | | $ | 52,447 | |
| | | | | | | | | | | | | | | | | | | | |
|
(a) | Includes Shea Homes Funding Corp.; no significant activity occurred in 2013. | | | | | | | | | | | | | | | | | | | |
|
Condensed Consolidating Statement of Operations and Comprehensive Loss |
Nine Months Ended September 30, 2012 |
|
| | | | | | | | | | | | | | | | | | | | |
| | SHLP | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Total | |
Corp. (a) | Subsidiaries | Subsidiaries |
| | (In thousands) | |
Revenues | | $ | 265,816 | | | $ | 113,413 | | | $ | 5,263 | | | $ | 0 | | | $ | 384,492 | |
Cost of sales | | | (213,448 | ) | | | (94,333 | ) | | | (743 | ) | | | 286 | | | | (308,238 | ) |
| | | | | | | | | | | | | | | | | | | | |
Gross margin | | | 52,368 | | | | 19,080 | | | | 4,520 | | | | 286 | | | | 76,254 | |
Selling expenses | | | (17,267 | ) | | | (8,833 | ) | | | (3,747 | ) | | | 0 | | | | (29,847 | ) |
General and administrative expenses | | | (24,030 | ) | | | (9,628 | ) | | | (2,167 | ) | | | 0 | | | | (35,825 | ) |
Equity in income (loss) from unconsolidated joint ventures, net | | | (9 | ) | | | (40 | ) | | | 383 | | | | 0 | | | | 334 | |
Equity in income (loss) from subsidiaries | | | 4,121 | | | | (11,443 | ) | | | (3,742 | ) | | | 11,064 | | | | 0 | |
Gain (loss) on reinsurance transaction | | | 0 | | | | 0 | | | | (7,168 | ) | | | 0 | | | | (7,168 | ) |
Interest expense | | | (15,106 | ) | | | (1,668 | ) | | | (4 | ) | | | 0 | | | | (16,778 | ) |
Other income (expense), net | | | (4,253 | ) | | | 12,845 | | | | 1,609 | | | | (286 | ) | | | 9,915 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes | | | (4,176 | ) | | | 313 | | | | (10,316 | ) | | | 11,064 | | | | (3,115 | ) |
Income tax benefit (expense) | | | (6 | ) | | | (894 | ) | | | (3 | ) | | | 0 | | | | (903 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | | (4,182 | ) | | | (581 | ) | | | (10,319 | ) | | | 11,064 | | | | (4,018 | ) |
Less: Net loss (income) attributable to non-controlling interests | | | 0 | | | | 0 | | | | (164 | ) | | | 0 | | | | (164 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to SHLP | | $ | (4,182 | ) | | $ | (581 | ) | | $ | (10,483 | ) | | $ | 11,064 | | | $ | (4,182 | ) |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | (6,510 | ) | | $ | (2,909 | ) | | $ | (10,319 | ) | | $ | 13,392 | | | $ | (6,346 | ) |
| | | | | | | | | | | | | | | | | | | | |
|
(a) | Includes Shea Homes Funding Corp.; no significant activity occurred in 2012. | | | | | | | | | | | | | | | | | | | |
|
Condensed Consolidating Statement of Cash Flows |
Nine Months Ended September 30, 2013 |
|
| | | | | | | | | | | | | | | | | | | | |
| | SHLP | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Total | |
Corp. (a) | Subsidiaries | Subsidiaries |
| | (In thousands) | |
Operating activities | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities | | $ | (116,651 | ) | | $ | (22,609 | ) | | $ | 10,063 | | | $ | 4,748 | | | $ | (124,449 | ) |
| | | | | | | | | | | | | | | | | | | | |
Investing activities | | | | | | | | | | | | | | | | | | | | |
Investments in unconsolidated joint ventures | | | (8,342 | ) | | | (194 | ) | | | (11,602 | ) | | | 0 | | | | (20,138 | ) |
Other investing activities | | | 317 | | | | 6,273 | | | | 3,432 | | | | 0 | | | | 10,022 | |
| | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) investing activities | | | (8,025 | ) | | | 6,079 | | | | (8,170 | ) | | | 0 | | | | (10,116 | ) |
| | | | | | | | | | | | | | | | | | | | |
Financing activities | | | | | | | | | | | | | | | | | | | | |
Intercompany | | | 38,421 | | | | (27,151 | ) | | | (6,522 | ) | | | (4,748 | ) | | | 0 | |
Principal payments to financial institutions and others | | | (1,993 | ) | | | 0 | | | | 0 | | | | 0 | | | | (1,993 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | | | 36,428 | | | | (27,151 | ) | | | (6,522 | ) | | | (4,748 | ) | | | (1,993 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net (decrease) increase in cash and cash equivalents | | | (88,248 | ) | | | (43,681 | ) | | | (4,629 | ) | | | 0 | | | | (136,558 | ) |
Cash and cash equivalents at beginning of period | | | 216,914 | | | | 48,895 | | | | 13,947 | | | | 0 | | | | 279,756 | |
| | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | 128,666 | | | $ | 5,214 | | | $ | 9,318 | | | $ | 0 | | | $ | 143,198 | |
| | | | | | | | | | | | | | | | | | | | |
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(a) | Includes Shea Homes Funding Corp.; no significant activity occurred in 2013. | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Statement of Cash Flows |
Nine Months Ended September 30, 2012 |
|
| | | | | | | | | | | | | | | | | | | | |
| | SHLP | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Total | |
Corp. (b) | Subsidiaries | Subsidiaries |
| | (In thousands) | |
Operating activities | | | | | | | | | | | | | | | | | | | | |
Net cash (used in) provided by operating activities | | $ | (19,591 | ) | | $ | (92,559 | ) | | $ | 23,602 | | | $ | 1,711 | | | $ | (86,837 | ) |
| | | | | | | | | | | | | | | | | | | | |
Investing activities | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of available-for-sale investments | | | 0 | | | | 23,954 | | | | 0 | | | | 0 | | | | 23,954 | |
Other investing activities | | | 94 | | | | 1,334 | | | | (964 | ) | | | 0 | | | | 464 | |
| | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) investing activities | | | 94 | | | | 25,288 | | | | (964 | ) | | | 0 | | | | 24,418 | |
| | | | | | | | | | | | | | | | | | | | |
Financing activities | | | | | | | | | | | | | | | | | | | | |
Intercompany | | | 10,877 | | | | 15,799 | | | | (24,965 | ) | | | (1,711 | ) | | | 0 | |
Other financing activities | | | (1,342 | ) | | | 0 | | | | 1,035 | | | | 0 | | | | (307 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | | | 9,535 | | | | 15,799 | | | | (23,930 | ) | | | (1,711 | ) | | | (307 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net (decrease) increase in cash and cash equivalents | | | (9,962 | ) | | | (51,472 | ) | | | (1,292 | ) | | | 0 | | | | (62,726 | ) |
Cash and cash equivalents at beginning of period | | | 157,511 | | | | 96,100 | | | | 14,755 | | | | 0 | | | | 268,366 | |
| | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at end of period | | $ | 147,549 | | | $ | 44,628 | | | $ | 13,463 | | | $ | 0 | | | $ | 205,640 | |
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(b) | Includes Shea Homes Funding Corp.; no significant activity occurred in 2012. | | | | | | | | | | | | | | | | | | | |