Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document Information [Line Items] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Entity Registrant Name | 'SHEA HOMES LIMITED PARTNERSHIP |
Entity Central Index Key | '0001531744 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 0 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $143,198 | $279,756 | $205,640 | $268,366 |
Restricted cash | 2,196 | 13,031 | ' | ' |
Accounts and other receivables, net | 139,729 | 141,289 | ' | ' |
Receivables from related parties, net | 32,681 | 34,028 | ' | ' |
Inventory | 1,042,065 | 837,653 | ' | ' |
Investments in unconsolidated joint ventures | 43,415 | 28,653 | ' | ' |
Other assets, net | 39,679 | 39,127 | ' | ' |
Total assets | 1,442,963 | 1,373,537 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Notes payable | 759,180 | 758,209 | ' | ' |
Payables to related parties | 4,868 | 125 | ' | ' |
Accounts payable | 49,325 | 62,738 | ' | ' |
Other liabilities | 257,896 | 233,218 | ' | ' |
Total liabilities | 1,071,269 | 1,054,290 | ' | ' |
SHLP equity: | ' | ' | ' | ' |
Owners' equity | 366,517 | 314,321 | ' | ' |
Accumulated other comprehensive income | 4,769 | 4,517 | ' | ' |
Total SHLP equity | 371,286 | 318,838 | ' | ' |
Non-controlling interests | 408 | 409 | ' | ' |
Total equity | 371,694 | 319,247 | 283,240 | 328,003 |
Total liabilities and equity | $1,442,963 | $1,373,537 | ' | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Revenues | $238,309 | $146,421 | $590,579 | $384,492 | ||||
Cost of sales | -182,461 | -115,225 | -454,769 | -308,238 | ||||
Gross margin | 55,848 | 31,196 | 135,810 | 76,254 | ||||
Selling expenses | -14,291 | -10,296 | -37,293 | -29,847 | ||||
General and administrative expenses | -14,097 | -16,001 | -40,132 | -35,825 | ||||
Equity in income (loss) from unconsolidated joint ventures, net | -616 | -50 | -770 | 334 | ||||
Gain (loss) on reinsurance transaction | 1,758 | 199 | 1,599 | -7,168 | ||||
Interest expense | -145 | [1] | -4,581 | [1] | -4,975 | [1] | -16,778 | [1] |
Other income (expense), net | -1,350 | 8,640 | -343 | 9,915 | ||||
Income (loss) before income taxes | 27,107 | 9,107 | 53,896 | -3,115 | ||||
Income tax expense | -1,281 | -807 | -1,701 | -903 | ||||
Net income (loss) | 25,826 | 8,300 | 52,195 | -4,018 | ||||
Less: Net loss (income) attributable to non-controlling interests | -2 | 30 | 1 | -164 | ||||
Net income (loss) attributable to SHLP | $25,824 | $8,330 | $52,196 | ($4,182) | ||||
[1] | For the two and eight months ended August 31, 2013, assets qualifying for interest capitalization were less than debt; therefore, non-qualifying interest was expensed. For September 2013, qualifying assets exceeded debt; therefore, no interest was expensed. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income (loss) | $25,826 | $8,300 | $52,195 | ($4,018) |
Other comprehensive income (loss), before tax | ' | ' | ' | ' |
Unrealized investment holding gains (losses) during the year | 95 | -1,150 | 520 | 803 |
Less: Reclassification adjustments for investment (gains) losses included in other income (expense) | -2 | -3,955 | -39 | -3,955 |
Comprehensive income (loss), before tax | 25,919 | 3,195 | 52,676 | -7,170 |
Income tax (expense) benefit relating to other comprehensive income / (loss) | -78 | 1,975 | -229 | 824 |
Comprehensive income (loss), net of tax | 25,841 | 5,170 | 52,447 | -6,346 |
Less: Comprehensive (income) loss attributable to non-controlling interests | -2 | 30 | 1 | -164 |
Comprehensive income (loss) attributable to SHLP | $25,839 | $5,200 | $52,448 | ($6,510) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Changes in Equity (USD $) | Total | Members Equity | Accumulated Other Comprehensive Income (Loss) | Parent | Noncontrolling Interest | Limited Partner | Limited Partner | Limited Partner | General Partner |
In Thousands, unless otherwise specified | Common Stock | Series B Preferred Stock | Series D Preferred Stock | Common Stock | |||||
Beginning Balance at Dec. 31, 2011 | $328,003 | $294,511 | $6,392 | $300,903 | $27,100 | $1 | $173,555 | $120,955 | $0 |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -4,018 | -4,182 | 0 | -4,182 | 164 | 0 | -4,182 | 0 | 0 |
Change in unrealized gains on investments, net | -2,328 | 0 | -2,328 | -2,328 | 0 | 0 | 0 | 0 | 0 |
Comprehensive income (loss), net of tax | -6,346 | ' | ' | -6,510 | 164 | ' | ' | ' | ' |
Redemption of Company's interest in consolidated joint venture (see Note 12) | -39,819 | -11,580 | 0 | -11,580 | -28,239 | 0 | -11,580 | 0 | 0 |
Contributions from non-controlling interests | 1,746 | 0 | 0 | 0 | 1,746 | 0 | 0 | 0 | 0 |
Distributions to non-controlling interests | -344 | 0 | 0 | 0 | -344 | 0 | 0 | 0 | 0 |
Ending Balance at Sep. 30, 2012 | 283,240 | 278,749 | 4,064 | 282,813 | 427 | 1 | 157,793 | 120,955 | 0 |
Beginning Balance at Dec. 31, 2012 | 319,247 | 314,321 | 4,517 | 318,838 | 409 | 1,863 | 173,555 | 138,413 | 490 |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 52,195 | 52,196 | 0 | 52,196 | -1 | 0 | 14,013 | 38,183 | 0 |
Change in unrealized gains on investments, net | 252 | 0 | 252 | 252 | 0 | 0 | 0 | 0 | 0 |
Comprehensive income (loss), net of tax | 52,447 | ' | ' | 52,448 | -1 | ' | ' | ' | ' |
Ending Balance at Sep. 30, 2013 | $371,694 | $366,517 | $4,769 | $371,286 | $408 | $1,863 | $187,568 | $176,596 | $490 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities | ' | ' |
Net income (loss) | $52,195 | ($4,018) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Equity in (income) loss from joint ventures | 770 | -334 |
(Gain) loss on reinsurance transaction | -1,599 | 7,168 |
Net gain on sale of available-for-sale investments | -15 | -8,802 |
Depreciation and amortization expense | 7,312 | 5,255 |
Net interest capitalized on investments in joint ventures | -1,473 | -604 |
Distributions of earnings from joint ventures | 6,000 | 1,400 |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash | 10,835 | -15 |
Receivables and other assets | -3,577 | -7,783 |
Inventory | -212,623 | -114,860 |
Payables and other liabilities | 17,726 | 35,756 |
Net cash provided by (used in) operating activities | -124,449 | -86,837 |
Investing activities | ' | ' |
Proceeds from sale of available-for-sale investments | 3,163 | 23,954 |
Net collections (advances) on promissory notes from related parties | 3,037 | 1,931 |
Investments in unconsolidated joint ventures | -20,138 | -1,711 |
Distributions of equity from unconsolidated joint ventures | 3,822 | 244 |
Net cash provided by (used in) investing activities | -10,116 | 24,418 |
Financing activities | ' | ' |
Principal payments to financial institutions and others | -1,993 | -1,541 |
Contributions from non-controlling interests | 0 | 1,746 |
Distributions to non-controlling interests | 0 | -344 |
Other financing activities | 0 | -168 |
Net cash provided by (used in) financing activities | -1,993 | -307 |
Net (decrease) increase in cash and cash equivalents | -136,558 | -62,726 |
Cash and cash equivalents at beginning of period | 279,756 | 268,366 |
Cash and cash equivalents at end of period | $143,198 | $205,640 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation | ' |
1. Basis of Presentation | |
The accompanying unaudited, condensed consolidated financial statements include the accounts of Shea Homes Limited Partnership (“SHLP”) and its wholly-owned subsidiaries, including Shea Homes, Inc. (“SHI”) and its wholly-owned subsidiaries. The Company consolidates all joint ventures in which it has a controlling interest or other ventures in which it is the primary beneficiary of a variable interest entity (“VIE”). Material intercompany accounts and transactions are eliminated. The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these consolidated financial statements do not include all information and notes required by GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and accompanying notes for the year ended December 31, 2012. Adjustments, consisting of normal, recurring accruals, loss reserves and deferred tax asset valuation allowance adjustments, considered necessary for a fair presentation, are included. | |
Unless the context otherwise requires, the terms “we”, “us”, “our” and “the Company” refer to SHLP, its subsidiaries and its consolidated joint ventures. | |
Organization | |
SHLP, a California limited partnership, was formed January 4, 1989, pursuant to an agreement of partnership (the “Agreement”), as most recently amended August 6, 2013, by and between J.F. Shea, GP, a Delaware general partnership, as general partner, and the Company’s limited partners who are comprised of entities and trusts, including J.F. Shea Co., Inc. (“JFSCI”), that are under the common control of Shea family members (collectively, the “Partners”). J.F. Shea, GP is 96% owned by JFSCI (see Note 14). | |
Nature of Operations | |
Our principal business purpose is homebuilding, which includes acquiring and developing land and constructing and selling new residential homes thereon. To a lesser degree, we develop lots and sell them to other homebuilders. Our principal markets are California, Arizona, Colorado, Washington, Nevada, Florida and Houston, Texas. | |
We own a captive insurance company, Partners Insurance Company, Inc. (“PIC”), which provided warranty, general liability, workers’ compensation and completed operations insurance for related companies and third-party subcontractors. Effective for the policy years commencing in 2007, PIC ceased issuing policies for these coverages (see Note 11). | |
Seasonality | |
Historically, the homebuilding industry experiences seasonal fluctuations. We typically experience the highest home sales order activity in spring and summer, although this activity is also highly dependent on the number of active selling communities, timing of community openings and other market factors. Since it typically takes three to eight months to construct a home, we close more homes in the second half of the year as spring and summer home sales orders convert to home closings. Because of this seasonality, home starts, construction costs and related cash outflows are historically highest from April to October, and the majority of cash receipts from home closings occur during the second half of the year. Therefore, operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of results expected for the year ending December 31, 2013. | |
Use of Estimates | |
Preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ significantly from those estimates. | |
Reclassifications | |
Certain reclassifications were made in the 2012 condensed consolidated financial statements to conform to classifications in 2013. At December 31, 2012, investments of $12.1 million and property and equipment of $2.2 million were reclassified to other assets in the consolidated balance sheet. Additionally, for the nine months ended September 30, 2012, a $7.2 million loss on reinsurance was reclassified from other income (expense), net to gain (loss) on reinsurance transaction in the consolidated statements of operations and comprehensive income (loss), with corresponding changes made to operating cash flows in the consolidated statements of cash flows. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Summary of Significant Accounting Policies | ' |
2. Summary of Significant Accounting Policies | |
Inventory | |
Inventory is stated at cost, unless the carrying amount is determined not to be recoverable, in which case inventory is adjusted to fair value or fair value less cost to sell. Quarterly, we review our real estate assets at each community for indicators of impairment. Real estate assets include projects actively selling, under development, held for future development or held for sale. Indicators of impairment include, but are not limited to, significant decreases in local housing market values and prices of comparable homes, significant decreases in gross margins and sales absorption rates, costs in excess of budget, and actual or projected cash flow losses. | |
If there are indications of impairment, we analyze the budgets and cash flows of our real estate assets and compare the estimated remaining undiscounted future cash flows of the community to the asset’s carrying value. If the undiscounted cash flows exceed the asset’s carrying value, no impairment adjustment is required. If the undiscounted cash flows are less than the asset’s carrying value, the asset is deemed impaired and adjusted to fair value. For land held for sale, if the fair value less costs to sell exceed the asset’s carrying value, no impairment adjustment in required. These impairment evaluations require use of estimates and assumptions regarding future conditions, including timing and amounts of development costs and sales prices of real estate assets, to determine if estimated future undiscounted cash flows will be sufficient to recover the asset’s carrying value. | |
When estimating undiscounted cash flows of a community, various assumptions are made, including: (i) the number of homes available and the expected prices and incentives offered by us or builders in other communities, and future price adjustments based on market and economic trends; (ii) expected sales pace and cancellation rates based on local housing market conditions, competition and historical trends; (iii) costs expended to date and expected to be incurred, including, but not limited to, land and land development, home construction, interest, indirect construction and overhead, and selling and marketing costs; (iv) alternative product offerings that may be offered that could have an impact on sales pace, price and/or building costs; and (v) alternative uses for the property. | |
Many assumptions are interdependent and a change in one may require a corresponding change to other assumptions. For example, increasing or decreasing sales rates has a direct impact on the estimated price of a home, the level of time sensitive costs (such as indirect construction, overhead and interest), and selling and marketing costs (such as model maintenance and advertising). Depending on the underlying objective of the community, assumptions could have a significant impact on the projected cash flows. For example, if our objective is to preserve operating margins, our cash flows will be different than if the objective is to increase sales. These objectives may vary significantly by community over time. | |
If assets are considered impaired, the impairment charge is the amount the asset’s carrying value exceeds its fair value. Fair value is determined based on estimated future cash flows discounted for inherent risks associated with real estate assets or other valuation techniques. These discounted cash flows are impacted by expected risk based on estimated land development, construction and delivery timelines; market risk of price erosion; uncertainty of development or construction cost increases; and other risks specific to the asset or market conditions where the asset is located when the assessment is made. These factors are specific to each community and may vary among communities. The discount rate used in determining each asset’s fair value depends on the community’s projected life and development stage. | |
Completed Operations Claim Costs | |
We maintain, and require our subcontractors to maintain, general liability insurance which includes coverage for completed operations losses and damages. Most subcontractors carry this insurance through our “rolling wrap-up” insurance program, where our risks and risks of participating subcontractors are insured through a common set of master policies. | |
Completed operations claims reserves primarily represent claims for property damage to completed homes and projects outside of our one-to-two year warranty period. Specific terms and conditions of completed operations warranties vary depending on the market in which homes are closed and can range up to 12 years from the closing of a home. | |
We record expenses and liabilities for estimated costs of potential completed operations claims based upon aggregated loss experience, which includes an estimate of completed operations claims incurred but not reported and is actuarially estimated using individual case-basis valuations and statistical analysis. These estimates make up our entire reserve and are subject to a high degree of variability due to uncertainties such as trends in completed operations claims related to our markets and products built, changes in claims reporting and settlement patterns, third party recoveries, insurance industry practices, insurance regulations and legal precedent. Because state regulations vary, completed operations claims are reported and resolved over an extended period, sometimes exceeding 12 years. As a result, actual costs may differ significantly from estimates. | |
The actuarial analyses that determine these incurred but not reported claims consider various factors, including frequency and severity of losses, which are based on our historical claims experience supplemented by industry data. The actuarial analyses of these claims and reserves also consider historical third party recovery rates and claims management expenses. Due to inherent uncertainties related to these factors, periodic changes to such factors based on updated relevant information could result in actual costs differing significantly from estimates. | |
In accordance with our underlying completed operations insurance policies, these completed operations claims costs are usually recoverable from our subcontractors or insurance carriers. Completed operations claims through July 31, 2009 are insured or reinsured with third-party insurance carriers and completed operations claims commencing August 1, 2009 are insured with third-party and affiliate insurance carriers. | |
Revenues | |
In accordance with Accounting Standards Codification (“ASC”) 360, revenues from housing and other real estate sales are recognized when the respective units close. Housing and other real estate sales close when all conditions of escrow are met, including delivery of the home or other real estate asset, title passage, appropriate consideration is received or collection of associated receivables, if any, is reasonably assured and when we have no other continuing involvement in the asset. Sales incentives are a reduction of revenues when the respective unit closes. | |
Income Taxes | |
SHLP is treated as a partnership for income tax purposes. As a limited partnership, SHLP is subject to certain minimal state taxes and fees; however, taxes on income realized by SHLP are generally the obligation of the Partners and their owners. | |
SHI and PIC are C corporations. Federal and state income taxes are provided for these entities in accordance with ASC 740. The provision for, or benefit from, income taxes is calculated using the asset and liability method, whereby deferred tax assets and liabilities are recorded based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect the year in which differences are expected to reverse. | |
Deferred tax assets are evaluated to determine whether a valuation allowance should be established based on our determination of whether it is more likely than not some or all of the deferred tax asset will not be realized. The ultimate realization of deferred tax assets depends primarily on generation of future taxable income during periods in which those temporary differences become deductible. Judgment is required in determining future tax consequences of events that have been recognized in the consolidated financial statements and/or tax returns. Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on the consolidated financial position or results of operations. | |
New Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”), which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, ASU 2013-02 requires an entity to present, either on the face of the income statement or in the notes to financial statements, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income in financial statements. For public entities, the amendments in ASU 2013-02 are effective prospectively for reporting periods beginning after December 15, 2012. The Company adopted ASU 2013-02 effective January 1, 2013, which concerned disclosure requirements only and did not impact our consolidated financial statements. |
Restricted_Cash
Restricted Cash | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Cash | ' |
3. Restricted Cash | |
At December 31, 2012, restricted cash included cash used as collateral for potential obligations paid by the Company’s bank, customer deposits temporarily restricted in accordance with regulatory requirements, and cash used in lieu of bonds. In January 2013, $10.0 million of restricted cash used as collateral for potential obligations paid by the Company’s bank was released to the Company. At September 30, 2013 and December 31, 2012, restricted cash was $2.2 million and $13.0 million, respectively. |
Fair_Value_Disclosures
Fair Value Disclosures | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures | ' | ||||||||||||||||
4. Fair Value Disclosures | |||||||||||||||||
At September 30, 2013 and December 31, 2012, as required by ASC 825, the following presents net book values and estimated fair values of notes payable. | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Net Book | Estimated | Net Book | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
(In thousands) | |||||||||||||||||
$750,000 8.625% senior secured notes due May 2019 | $ | 750,000 | $ | 817,500 | $ | 750,000 | $ | 828,750 | |||||||||
Secured promissory notes | $ | 9,180 | $ | 9,180 | $ | 8,209 | $ | 8,209 | |||||||||
The $750.0 million 8.625% senior secured notes due May 2019 (the “Secured Notes”) are level 2 financial instruments in which fair value was based on quoted market prices in an inactive market at the end of the period. | |||||||||||||||||
Other financial instruments consist primarily of cash and cash equivalents, restricted cash, accounts and other receivables, accounts payable and other liabilities and secured promissory notes. Book values of these financial instruments approximate fair value due to their relatively short-term nature. In addition, included in other assets are available-for-sale marketable securities, which are recorded at fair value. |
Accounts_and_Other_Receivables
Accounts and Other Receivables, net | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accounts and Other Receivables, net | ' | ||||||||
5. Accounts and Other Receivables, net | |||||||||
At September 30, 2013 and December 31, 2012, accounts and other receivables, net were as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Insurance receivables | $ | 127,018 | $ | 131,519 | |||||
Escrow receivables | 2,776 | 576 | |||||||
Notes receivables | 3,192 | 3,662 | |||||||
Development receivables | 3,095 | 3,325 | |||||||
Other receivables | 5,603 | 4,147 | |||||||
Reserve | (1,955 | ) | (1,940 | ) | |||||
Total accounts and other receivables, net | $ | 139,729 | $ | 141,289 | |||||
Insurance receivables are from insurance carriers for reimbursable claims pertaining to resultant damage from construction defects on closed homes (see Note 11). Closed homes for policy years August 1, 2001 to July 31, 2009 are insured or reinsured with third-party insurance carriers, and closed homes for policy years commencing August 1, 2009 are insured with third-party and affiliate insurance carriers. At September 30, 2013 and December 31, 2012, insurance receivables from affiliate insurance carriers were $36.5 million and $30.2 million, respectively. | |||||||||
We reserve for uncollectible receivables that are specifically identified. |
Inventory
Inventory | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Inventory | ' | ||||||||||||||||
6. Inventory | |||||||||||||||||
At September 30, 2013 and December 31, 2012, inventory was as follows: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Model homes | $ | 81,813 | $ | 69,210 | |||||||||||||
Completed homes for sale | 36,698 | 14,015 | |||||||||||||||
Homes under construction | 274,244 | 189,929 | |||||||||||||||
Lots available for construction | 335,061 | 249,463 | |||||||||||||||
Land under development | 140,231 | 175,922 | |||||||||||||||
Land held for future development | 74,879 | 60,466 | |||||||||||||||
Land held for sale, including water system connection rights | 84,789 | 71,381 | |||||||||||||||
Land deposits and preacquisition costs | 14,350 | 7,267 | |||||||||||||||
Total inventory | $ | 1,042,065 | $ | 837,653 | |||||||||||||
Impairment | |||||||||||||||||
Inventory, including the captions above, are stated at cost, unless the carrying amount is determined to be unrecoverable, in which case inventories are adjusted to fair value (see Note 2). | |||||||||||||||||
For the nine months ended September 30, 2013 and 2012, there were no inventory impairment charges. | |||||||||||||||||
Interest Capitalization | |||||||||||||||||
Interest is capitalized on inventory and investments in unconsolidated joint ventures during development and other qualifying activities. Interest capitalized as a cost of inventory is included in cost of sales when related units close. Interest capitalized as part of investments in unconsolidated joint ventures is included in equity in income (loss) from unconsolidated joint ventures when related units in the joint ventures close. | |||||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, interest incurred, capitalized and expensed was as follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Interest incurred | $ | 16,780 | $ | 16,768 | $ | 50,322 | $ | 50,088 | |||||||||
Interest expensed (a) | $ | 145 | $ | 4,581 | $ | 4,975 | $ | 16,778 | |||||||||
Interest capitalized as a cost of inventory during the period | $ | 15,925 | $ | 11,961 | $ | 43,874 | $ | 32,706 | |||||||||
Interest previously capitalized as a cost of inventory, included in cost of sales | $ | (15,110 | ) | $ | (12,457 | ) | $ | (40,014 | ) | $ | (30,315 | ) | |||||
Interest capitalized in ending inventory (b) | $ | 106,709 | $ | 113,827 | $ | 106,709 | $ | 113,827 | |||||||||
Interest capitalized as a cost of investments in unconsolidated joint ventures during the period | $ | 710 | $ | 226 | $ | 1,473 | $ | 604 | |||||||||
Interest previously capitalized as a cost of investments in unconsolidated joint ventures, included in equity in income (loss) from unconsolidated joint ventures | $ | (244 | ) | $ | (226 | ) | $ | (829 | ) | $ | (604 | ) | |||||
Interest capitalized in ending investments in unconsolidated joint ventures | $ | 644 | $ | 0 | $ | 644 | $ | 0 | |||||||||
(a) | For the two and eight months ended August 31, 2013, assets qualifying for interest capitalization were less than debt; therefore, non-qualifying interest was expensed. For September 2013, qualifying assets exceeded debt; therefore, no interest was expensed. | ||||||||||||||||
For the three and nine months ended September 30, 2012, assets qualifying for interest capitalization were less than debt; therefore, non-qualifying interest was expensed. | |||||||||||||||||
(b) | Inventory impairment charges were recorded against total inventory of the respective community. Capitalized interest reflects the gross amount of capitalized interest as impairment charges recognized were generally not allocated to specific components of inventory. |
Investments_in_Joint_Ventures
Investments in Joint Ventures | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Investments in Joint Ventures | ' | ||||||||
7. Investments in Joint Ventures | |||||||||
Unconsolidated joint ventures, which we do not control but have significant influence through ownership interests generally up to 50%, are accounted for using the equity method of accounting. These joint ventures are generally involved in real property development. Earnings and losses are allocated in accordance with terms of joint venture agreements. | |||||||||
Losses and distributions from joint ventures in excess of the carrying amount of our investment (“Deficit Distributions”) are included in other liabilities. We record Deficit Distributions since we are liable for this deficit to respective joint ventures. Deficit Distributions are offset by future earnings of, or future contributions to, joint ventures. At September 30, 2013 and December 31, 2012, Deficit Distributions were $0.4 million and $0.7 million, respectively. | |||||||||
For the three and nine months ended September 30, 2013 and 2012, there were no impairment charges on investments in unconsolidated joint ventures. | |||||||||
At September 30, 2013 and December 31, 2012, total unconsolidated joint ventures’ notes payable were as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Bank and seller notes payable: | |||||||||
Guaranteed (subject to remargin obligations) | $ | 51,867 | $ | 45,610 | |||||
Non-guaranteed | 10,385 | 22,894 | |||||||
Total bank and seller notes payable (a) | 62,252 | 68,504 | |||||||
Partner notes payable: | |||||||||
Unsecured (b) | 9,866 | 5,296 | |||||||
Total unconsolidated joint venture notes payable | $ | 72,118 | $ | 73,800 | |||||
Other unconsolidated joint venture notes payable (c) | $ | 49,861 | $ | 57,839 | |||||
(a) | All bank seller notes were secured by real property. | ||||||||
(b) | No guarantees were provided on partner notes payable. | ||||||||
(c) | We have an indirect effective ownership in two joint ventures of 12.3% and .0003%, respectively, that had bank notes payable secured by real property, which we have not guaranteed. | ||||||||
At September 30, 2013 and December 31, 2012, remargin obligations and guarantees provided on debt of our unconsolidated joint ventures were on a joint and/or several basis and include, but are not limited to, project completion, interest and carry, and loan-to-value maintenance guarantees. At September 30, 2013 and December 31, 2012, we had an indemnification agreement from our joint venture partner for 90% of one secured loan balance, which had no outstanding borrowings on either date. However, we cannot provide assurance we could collect under this indemnity agreement. For a second joint venture, we have a remargin obligation that is limited to the lesser of 50% of the outstanding balances or $35.0 million in total for the joint venture loans, which outstanding loan balances were $51.0 million and $45.6 million at September 30, 2013 and December 31, 2012, respectively. Consequently, our maximum remargin obligation was $25.5 million and $22.8 million at September 30, 2013 and December 31, 2012, respectively. We also have an indemnification agreement from our joint venture partner where we could potentially recover a portion of any remargin payments made by the Company. However, we cannot provide assurance we could collect under this indemnity agreement. For a third joint venture, we have a joint and several remargin obligation which, in total, was $0.9 million and zero at September 30, 2013 and December 31, 2012, respectively. At September 30, 2013, the total maximum borrowings permitted on these loans were $21.6 million. We also have an indemnification agreement from our joint venture partner where we could potentially recover a portion of the related payments made by the Company. However, we cannot provide assurance we could collect under this indemnity agreement. No liabilities were recorded for these guarantees at September 30, 2013 and December 31, 2012, as the fair value of the secured real estate assets exceeded the outstanding notes payable. | |||||||||
Our ability to make joint venture and other restricted payments and investments is governed by the Indenture governing the Secured Notes (the “Indenture”). We are permitted to make otherwise restricted payments under (i) a $70.0 million revolving basket available solely for joint venture investments and (ii) a broader restricted payment basket available as long as our Consolidated Fixed Charge Coverage Ratio (as defined in the Indenture), is at least 2.0 to 1.0. At September 30, 2013, the aggregate amount of the restricted payments made under this broader restricted payment basket could not exceed 50% of our cumulative Consolidated Net Income (as defined in the Indenture), generated subsequent to the issuance of the Secured Notes plus the aggregate net cash proceeds of, and the fair market value of, any property or other asset received by the Company as a capital contribution or upon the issuance of indebtedness or certain securities by the Company since the issuance of the Secured Notes, plus, to the extent not included in Consolidated Net Income, certain amounts received in connection with dispositions, distributions or repayments of restricted investments, plus the value of any unrestricted subsidiary which is redesignated as a restricted subsidiary under the Indenture. We have a number of joint ventures which have used, and are expected to use, capacity under these restricted payment baskets. During the second quarter of 2013, we entered into a joint venture in Southern California and committed to contribute up to $45.0 million of capital. At September 30, 2013 we made aggregate capital contributions of $11.6 million to this joint venture. We project that our peak investment of $45.0 million in this joint venture will occur in the fourth quarter of 2014 and, shortly thereafter, will be returned to the Company. In addition, we expect to make investments in this joint venture in 2015 at amounts well below the $45.0 million commitment, and we expect such additional investments in this joint venture will be returned to us by the end of 2015. We anticipate making additional investments in our other joint ventures which are not expected to be material in amount. | |||||||||
Variable_Interest_Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2013 | |
Variable Interest Entities | ' |
8. Variable Interest Entities | |
ASC 810 requires a VIE to be consolidated in financial statements of a company if it is the primary beneficiary of the VIE. Accordingly, the primary beneficiary has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance, and the obligation to absorb its losses or the right to receive its benefits. All VIEs at September 30, 2013 and December 31, 2012 were evaluated to determine the primary beneficiary. | |
Joint Ventures | |
We enter into joint ventures for homebuilding and land development activities. Investments in these joint ventures may create a variable interest in a VIE, depending on contractual terms of the venture. We analyze our joint ventures in accordance with ASC 810 to determine whether they are VIEs and, if so, whether we are the primary beneficiary. At September 30, 2013 and December 31, 2012, these joint ventures were not consolidated in our consolidated financial statements since they were not VIEs, or if they were VIEs, we were not the primary beneficiary. | |
At September 30, 2013 and December 31, 2012, we had a variable interest in an unconsolidated joint venture determined to be a VIE. The joint venture, RRWS, LLC (“RRWS”), was formed in December 2012 and is owned 50% by the Company and 50% by a third-party real estate developer (the “Partner”). Several acquisition, development and construction loans were entered into by RRWS, each with two-year terms and options to extend for one year, subject to certain conditions. The Company and Partner each executed limited completion, interest and carry guarantees and environmental indemnities on a joint and several basis. The Company also has a maximum aggregate liability under the re-margin arrangements of the lesser of 50% of the outstanding balances or $35.0 million in total. The obligations of the Company and Partner under the re-margin arrangements are limited during the first two years of the loans. In addition to re-margin arrangements, the Partner, and several of its principals, executed repayment guarantees with no limit on their liability. At September 30, 2013 and December 31, 2012, outstanding bank notes payable were $51.0 million and $45.6 million, respectively, of which the Company has a maximum remargin obligation of $25.5 million and $22.8 million, respectively. The Company also has an indemnification agreement from the Partner, under which the Company could potentially recover a portion of any remargin payments made to the bank. However, the Company cannot provide assurance it could collect under this indemnity agreement. | |
In accordance with ASC 810, we determined we were not the primary beneficiary of RRWS because we did not have the power to direct activities that most significantly impact the economic performance of RRWS, such as determining or limiting the scope or purpose of the entity, selling or transferring property owned or controlled by the entity, and arranging financing for the entity. | |
Land Option Contracts | |
We enter into land option contracts to procure land for home construction. Use of land option and similar contracts allows us to reduce market risks associated with direct land ownership and development, reduces capital and financial commitments, including interest and other carrying costs, and minimizes land inventory. Under these contracts, we pay a specified deposit for the right to purchase land, usually at a predetermined price. Under the requirements of ASC 810, certain contracts may create a variable interest with the land seller. | |
In accordance with ASC 810, we analyzed our land option and similar contracts to determine if respective land sellers are VIEs and, if so, if we are the primary beneficiary. Although we do not have legal title to the optioned land, ASC 810 requires us to consolidate a VIE if we are the primary beneficiary. At September 30, 2013 and December 31, 2012, we determined we were not the primary beneficiary of such VIEs because we did not have the power to direct activities of the VIE that most significantly impact the VIE’s economic performance, such as selling, transferring or developing land owned by the VIE. | |
At September 30, 2013, we had $1.1 million of refundable and non-refundable cash deposits associated with land option contracts with unconsolidated VIEs, having a $19.9 million remaining purchase price. We also had $7.0 million of refundable and non-refundable cash deposits associated with land option contracts that were not with VIEs, having a $344.6 million remaining purchase price. | |
Our loss exposure on land option contracts consists of non-refundable deposits, which were $7.2 million and $5.0 million at September 30, 2013 and December 31, 2012, respectively, and capitalized preacquisition costs of $6.3 million and $2.0 million, respectively, which were included in inventory in the consolidated balance sheets. |
Other_Assets_Net
Other Assets, Net | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Other Assets, Net | ' | ||||||||
9. Other Assets, Net | |||||||||
At September 30, 2013 and December 31, 2012, other assets were as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Income tax receivable | $ | 1,633 | $ | 3,497 | |||||
Investments | 9,408 | 12,078 | |||||||
Property and equipment, net | 3,653 | 2,237 | |||||||
Prepaid professional fees | 3,045 | 3,451 | |||||||
Prepaid loan fees | 5,902 | 6,688 | |||||||
Prepaid bank fees | 266 | 403 | |||||||
Deposits in lieu of bonds and letters of credit | 11,085 | 7,110 | |||||||
Prepaid insurance | 3,968 | 2,148 | |||||||
Other | 719 | 1,515 | |||||||
Total other assets, net | $ | 39,679 | $ | 39,127 | |||||
Investments | |||||||||
Investments consist of available-for-sale securities, primarily private debt obligations, and are measured at fair value, which is based on quoted market prices or cash flow models. Accordingly, unrealized gains and temporary losses on investments, net of tax, are reported as accumulated other comprehensive income (loss). Realized gains and losses are determined using the specific identification method. | |||||||||
For the three and nine months ended September 30, 2013 there were no realized gains on available-for-sale securities. For each of the three and nine months ended September 30, 2012, there was $8.8M realized gains on available-for-sale securities. | |||||||||
Prepaid Professional and Loan Fees | |||||||||
In accordance with ASC 470, these amounts are debt issuance costs and are amortized as interest over the term of the related debt. | |||||||||
Deposits in Lieu of Bonds and Letters of Credit | |||||||||
We are required to make cash deposits in lieu of bonds with various agencies for some of our homebuilding projects. These deposits may be returned as the collateral requirements decrease or they are replaced with new bonds. | |||||||||
In June 2010, due to maturity of an unsecured bank line of credit, certain letters of credit were presented for payment by the holders and the proceeds therefrom were recorded as deposits in lieu of letters of credit. These deposits may be returned as collateral requirements decrease or they are replaced with new letters of credit. |
Notes_Payable
Notes Payable | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Notes Payable | ' | ||||||||
10. Notes Payable | |||||||||
At September 30, 2013 and December 31, 2012, notes payable were as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
$750.0 million 8.625% senior secured notes, due May 2019 | $ | 750,000 | $ | 750,000 | |||||
Promissory notes, interest ranging from 1% to 6%, maturing through 2014, secured by deeds of trust on inventory | 9,180 | 8,209 | |||||||
Total notes payable | $ | 759,180 | $ | 758,209 | |||||
On May 10, 2011, our Secured Notes were issued at $750.0 million, bear interest at 8.625% paid semi-annually on May 15 and November 15, and do not require principal payments until maturity on May 15, 2019. The Secured Notes are redeemable, in whole or in part, at the Company’s option beginning on May 15, 2015 at a price of 104.313 per bond, reducing to 102.156 on May 15, 2016 and are redeemable at par beginning on May 15, 2017. At September 30, 2013 and December 31, 2012, accrued interest was $24.3 million and $8.1 million, respectively. | |||||||||
The Indenture governing the Secured Notes contains covenants that limit, among other things, our ability to incur additional indebtedness (including the issuance of certain preferred stock), pay dividends and distributions on our equity interests, repurchase our equity interests, retire unsecured or subordinated notes more than one year prior to their maturity, make investments in subsidiaries and joint ventures that are not restricted subsidiaries that guarantee the Secured Notes, sell certain assets, incur liens, merge with or into other companies, expand unto unrelated businesses, and enter in certain transaction with our affiliates. At September 30, 2013 and December 31, 2012, we were in compliance with these covenants. |
Other_Liabilities
Other Liabilities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Other Liabilities | ' | ||||||||||||||||
11. Other Liabilities | |||||||||||||||||
At September 30, 2013 and December 31, 2012, other liabilities were as follows: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Completed operations | $ | 127,018 | $ | 131,519 | |||||||||||||
Warranty reserves | 19,061 | 17,749 | |||||||||||||||
Deferred revenue/gain | 30,117 | 30,902 | |||||||||||||||
Provisions for closed homes/communities | 9,990 | 8,135 | |||||||||||||||
Deposits (primarily homebuyer) | 18,567 | 15,684 | |||||||||||||||
Legal reserves | 4,361 | 4,916 | |||||||||||||||
Accrued interest | 24,258 | 8,086 | |||||||||||||||
Accrued compensation and benefits | 14,302 | 4,697 | |||||||||||||||
Distributions payable | 2,621 | 2,892 | |||||||||||||||
Deficit Distributions (see Note 7) | 377 | 716 | |||||||||||||||
Other | 7,224 | 7,922 | |||||||||||||||
Total other liabilities | $ | 257,896 | $ | 233,218 | |||||||||||||
Completed Operations | |||||||||||||||||
Reserves for completed operations primarily represent claims for property damage to completed homes and projects outside of our one-to-two year warranty period. Specific terms and conditions of completed operations claims vary depending on the market in which homes close and can range to 12 years from the close of a home. Expenses and liabilities are recorded for potential completed operations claims based upon aggregated loss experience, which includes an estimate of completed operations claims incurred but not reported, and is actuarially estimated using individual case-based valuations and statistical analysis. For policy years from August 1, 2001 through the present, completed operations claims are insured or reinsured through a combination of third-party and affiliate insurance carriers. | |||||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, changes in completed operations reserves were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Insured completed operations | |||||||||||||||||
Balance, beginning of the period | $ | 131,248 | $ | 117,129 | $ | 131,519 | $ | 109,390 | |||||||||
Reserves provided (relieved) | 1,718 | 1,965 | 4,786 | 20,873 | |||||||||||||
Claims paid | (5,948 | ) | (1,232 | ) | (9,287 | ) | (12,401 | ) | |||||||||
Balance, end of the period | $ | 127,018 | $ | 117,862 | $ | 127,018 | $ | 117,862 | |||||||||
Reserves provided (relieved) for completed operations are generally fully offset by changes in insurance receivables (see Note 5), however, premiums paid for completed operations insurance policies are included in cost of sales. For actual completed operations claims and estimates of completed operations claims incurred but not reported, we estimate and record insurance receivables under applicable policies when recovery is probable. At September 30, 2013 and December 31, 2012, insurance receivables were $127.0 million and $131.5 million, respectively. | |||||||||||||||||
Expenses, liabilities and receivables related to these claims are subject to a high degree of variability due to uncertainties such as trends in completed operations claims related to our markets and products built, claim settlement patterns and insurance industry practices. Although considerable variability is inherent in such estimates, we believe reserves for completed operations claims are adequate. | |||||||||||||||||
Warranty Reserve | |||||||||||||||||
We offer a limited one or two year warranty for our homes. Specific terms and conditions of these warranties vary depending on the market in which homes close. We estimate warranty costs to be incurred and record a liability and an expense to cost of sales when home revenue is recognized. We also include in our warranty reserve the uncovered losses related to completed operations coverage, which approximates 12.5% of the total property damage estimate. Factors affecting warranty liability include number of homes closed, historical and anticipated warranty claims, and cost per claim history and trends. We periodically assess adequacy of our warranty liabilities and adjust amounts as necessary. | |||||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, changes in warranty liability were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Balance, beginning of the period | $ | 18,521 | $ | 16,346 | $ | 17,749 | $ | 17,358 | |||||||||
Provision for warranties | 2,804 | 1,326 | 7,190 | 4,469 | |||||||||||||
Warranty costs paid | (2,264 | ) | (2,498 | ) | (5,878 | ) | (6,653 | ) | |||||||||
Balance, end of the period | $ | 19,061 | $ | 15,174 | $ | 19,061 | $ | 15,174 | |||||||||
Deferred Revenue/Gain | |||||||||||||||||
Deferred revenue/gain represents deferred profit on transactions in which an insufficient down payment was received or a future performance, passage of time or event is required. At September 30, 2013 and December 31, 2012, deferred revenue/gain primarily represents the PIC Transaction described below. | |||||||||||||||||
Completed operations claims were insured through PIC for policy years August 1, 2001 to July 31, 2007. In December 2009, PIC entered into a series of novation and reinsurance transactions (the “PIC Transaction”). | |||||||||||||||||
First, PIC entered into a novation agreement with JFSCI to novate its deductible reimbursement obligations related to its workers’ compensation and general liability risks at September 30, 2009 for policy years August 1, 2001 to July 31, 2007, and its completed operations risks from August 1, 2005 to July 31, 2007. Concurrently, JFSCI entered into insurance arrangements with unrelated third party insurance carriers to insure these policies. As a result of this novation, a $19.2 million gain was originally deferred and will be recognized as income when related claims are paid. In addition, the deferred gain may be adjusted either up or down as changes to the underlying insurance reserves occur based on actuarial estimates. An increase to the deferred gain will result in a current period charge while a decrease in the deferred gain will result in current period income. At September 30, 2013 and December 31, 2012, the unamortized deferred gain was $19.5 million and $20.3 million, respectively. For the three and nine months ended September 30, 2013, we recognized $0.2 million and $0.8 million, respectively, of this deferral as income, which was included in other income (expense), net and represented the impact of a decrease in the deferred gain due to actuarial estimates and income recognition on claims paid. For the three and nine months ended September 30, 2012, we recognized $(0.1) million and $(1.7) million, respectively, of this deferral as expense, which was included in other income (expense), net and represented the impact of an increase in the deferred gain due to actuarial estimates, partially offset by income recognition on claims paid. | |||||||||||||||||
Second, PIC entered into reinsurance agreements with various unrelated reinsurers that reinsured 100% of the completed operations risks from August 1, 2001 to July 31, 2005. As a result of the reinsurance, a $15.6 million gain was originally deferred and will be recognized as income when the related claims are paid. In addition, the deferred gain can be increased or decreased based on changes in actuarial estimates. Any changes to the deferred gain will be recognized as a current period gain or charge. At September 30, 2013 and December 31, 2012, the unamortized deferred gain was $7.6 million and $8.4 million, respectively. For the three and nine months ended September 30, 2013, we recognized $1.5 million and $0.8 million, respectively, of this deferral as income, which was included in other income (expense), net. For the three and nine months ended September 30, 2012, we recognized $0.3 million and $(5.5) million, respectively, of this deferral as income (expense), which was included in other income (expense), net. The expense for the nine months ended September 30, 2012 represented the impact of an increase in the deferred gain due to actuarial estimates, partially offset by income recognition on claims paid. | |||||||||||||||||
As a result of the PIC Transaction, if the estimated ultimate loss to be paid under these policies exceeds the policy limits under the novation and reinsurance transactions, the shortfall is expected to be funded by JFSCI for the policies novated to JFSCI and by PIC for the policies they reinsured. | |||||||||||||||||
Distributions Payable | |||||||||||||||||
In December 2011, our consolidated joint venture, Vistancia, LLC, sold its remaining interest in an unconsolidated joint venture (the “Vistancia Sale”). As a result of the Vistancia Sale, no other assets of Vistancia, LLC economically benefit the former non-controlling member of Vistancia, LLC and the Company recorded the remaining $3.3 million distribution payable to this member, which is paid $0.1 million quarterly. At September 30, 2013 and December 31, 2012, the remaining distribution payable was $2.6 million and $2.9 million, respectively. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Related Party Transactions | ' | ||||||||
12. Related Party Transactions | |||||||||
Related Party Receivables and Payables | |||||||||
At September 30, 2013 and December 31, 2012, receivables from related parties, net were as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Note receivable from JFSCI | $ | 21,373 | $ | 24,498 | |||||
Note receivable from unconsolidated joint venture | 675 | 268 | |||||||
Notes receivable from related parties | 19,678 | 19,940 | |||||||
Reserves for note receivables from related parties | (12,823 | ) | (12,766 | ) | |||||
Receivables from related parties | 3,778 | 2,088 | |||||||
Total receivables from related parties, net | $ | 32,681 | $ | 34,028 | |||||
In May 2011, concurrent with issuance of the Secured Notes, the previous unsecured receivable from JFSCI was partially paid down and the balance converted to a $38.9 million unsecured term note receivable, bearing 4% interest, payable in equal quarterly installments and maturing May 15, 2019. In 2013 and 2012, JFSCI elected to make prepayments, including accrued interest, of $3.8 million and $1.9 million, respectively, and applied these prepayments to future installments such that JFSCI would not be required to make a payment until February 2015. At September 30, 2013 and December 31, 2012, the note receivable from JFSCI, including accrued interest, was $21.4 million and $24.5 million, respectively. Quarterly, we evaluate collectability of the note receivable from JFSCI, which includes consideration of JFSCI’s payment history, operating performance and future payment requirements under the note. Based on these criteria, and as JFSCI applied prepayments under the note to defer future installments until February 2015, we do not anticipate collection risks on the note receivable from JFSCI. | |||||||||
At September 30, 2013 and December 31, 2012, the note receivable from unconsolidated joint venture, including accrued interest, was $0.7 million and $0.3 million, respectively. The note receivable bears interest at 8% and matures in 2020. Further, this note earns additional interest to achieve a 17.5% internal rate of return, subject to available cash flows of the joint venture, and can be repaid prior to 2020. Quarterly, we evaluate collectability of this note, which includes consideration of prior payment history, operating performance and future payment requirements under the applicable note. Based on these criteria, we do not anticipate collection risks on this note. | |||||||||
At September 30, 2013 and December 31, 2012, notes receivable from other related parties, including accrued interest, were $6.9 million and $7.2 million, respectively, net of related reserves of $12.8 million and $12.8 million, respectively. These notes are unsecured and mature from August 2016 through April 2021. At September 30, 2013 and December 31, 2012, these notes bore interest ranging from Prime less .75% (2.5%) to 4.69%. Quarterly, we evaluate collectability of these notes which includes consideration of prior payment history, operating performance and future payment requirements under the applicable notes. At December 31, 2009, based on these criteria, two notes receivable were deemed uncollectible and fully reserved. We do not anticipate collection risks on the other notes. | |||||||||
The Company, entities under common control and certain unconsolidated joint ventures also engage in transactions on behalf of the other, such as payment of invoices and payroll. The amounts resulting from these transactions are recorded in receivables from related parties or payables to related parties, are non-interest bearing, due on demand and generally paid monthly. At September 30, 2013 and December 31, 2012, these receivables were $3.8 million and $2.1 million, respectively, and these payables were $0.1 million and $0.1 million, respectively. | |||||||||
Real Property and Joint Venture Transactions | |||||||||
In May 2012, for a nominal amount, SHLP purchased the non-controlling member’s entire 16.7% interest in Vistancia, LLC, a consolidated joint venture. However, the distribution payable remained (see Note 11). | |||||||||
In March 2012, SHLP’s entire 58% interest in Shea Colorado, LLC (“SCLLC”), a consolidated joint venture with Shea Properties II, LLC, a related party and the non-controlling member, was redeemed by SCLLC. In valuing its 58% interest in SCLLC, and to ensure receipt of net assets of equal value to its ownership interest, SHLP used third-party real estate appraisals. The estimated fair value of the assets received by SHLP was $30.8 million. However, as the non-controlling member is a related party under common control, the assets and liabilities received by SHLP were recorded at net book value and the difference in SHLP’s investment in SCLLC and the net book value of the assets and liabilities received was recorded as a reduction to SHLP’s equity. | |||||||||
As consideration for the redemption, SCLLC distributed assets and liabilities to SHLP having a net book value of $24.0 million, including $2.2 million cash, a $3.0 million secured note receivable, $20.0 million of inventory and $1.2 million of other liabilities. As a result of this redemption, SCLLC is no longer included in these consolidated financial statements effective March 31, 2012. This transaction resulted in a net reduction of $41.8 million in assets and $2.0 million in liabilities, and a $39.8 million reduction in total equity, of which $11.6 million was attributable to SHLP and $28.2 million was attributable to non-controlling interests. | |||||||||
At September 30, 2013 and 2012, we were the managing member for ten and seven, respectively, unconsolidated joint ventures and received a management fee from these joint ventures as reimbursement for direct and overhead costs incurred on behalf of the joint ventures and other associated costs. Fees from joint ventures representing reimbursement of our costs are recorded as a reduction to general and administrative expense. Fees from joint ventures representing amounts in excess of our costs are recorded as revenues. For the three and nine months ended September 30, 2013, $2.0 million and $5.6 million of management fees, respectively, were offset against general and administrative expenses, and $0.1 million and $0.2 million of management fees, respectively, were included in revenues. For the three and nine months ended September 30, 2012, $0.8 million and $2.6 million of management fees, respectively, were offset against general and administrative expenses, and $0.1 million and $0.3 million of management fees, respectively, were included in revenues. | |||||||||
Other Related Party Transactions | |||||||||
JFSCI provides corporate services to us, including management, legal, tax, information technology, risk management, facilities, accounting, treasury and human resources. For the three and nine months ended September 30, 2013, general and administrative expenses included $6.9 million and $17.9 million, respectively, for corporate services provided by JFSCI. For the three and nine months ended September 30, 2012, general and administrative expenses included $6.0 million and $14.4 million, respectively, for corporate services provided by JFSCI. | |||||||||
We lease office space from related parties under non-cancelable operating leases. Leases are for five to ten year terms and generally provide for five year renewal options. For the three and nine months ended September 30, 2013, related-party rental expense was $0.2 million and $0.3 million, respectively. For the three and nine months ended September 30, 2012, related-party rental expense was $0.2 million and $0.5 million, respectively. | |||||||||
We obtain workers compensation insurance, commercial general liability insurance and insurance for completed operations losses and damages with respect to our homebuilding operations from affiliate and unrelated third party insurance providers. These policies are purchased by affiliate entities and we pay premiums to these affiliates for the coverage provided by these third party and affiliate insurance providers. Policies covering these risks are written at various coverage levels but include a large self-insured retention or deductible. We have retention liability insurance from affiliated entities to insure these large retentions or deductibles. For the three and nine months ended September 30, 2013, amounts paid to affiliates for this retention insurance coverage were $5.1 million and $12.9 million, respectively. For the three and nine months ended September 30, 2012, amounts paid to affiliates for this retention insurance coverage were $3.9 million and $9.7 million, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes | ' |
13. Income Taxes | |
For the nine months ended September 30, 2013, income tax benefit (expense) was $(1.7) million. At September 30, 2013, the net deferred tax asset was $28.4 million, which primarily related to available loss carryforwards, inventory and investment impairments, and housing inventory and land basis differences. The $28.4 million deferred tax asset valuation allowance fully reserves the net deferred tax asset due to inherent uncertainty of future income as the housing recovery is in its early stages. We will continue to monitor industry and economic conditions, and our ability to generate taxable income based on our business plan and available tax planning strategies, which would allow us to utilize the tax benefits of the net deferred tax assets and thereby allow us to reverse all, or a portion of, our valuation allowance. | |
In 2009, we filed a petition with the United States Tax Court (the “Tax Court”) regarding our position on the completed contract method of accounting for homebuilding activities by SHLP, SHI and subsidiaries. During 2010 and 2011, we engaged in formal and informal discovery with the IRS and the Tax Court heard trial testimony in July 2012 and ordered the Company and the IRS to exchange briefs, all of which have been filed. We expect the Tax Court to render its decision sometime during 2013 or 2014. We expect our position will prevail, and have accordingly, not recorded a liability for related taxes or interest for SHI and its subsidiaries. Furthermore, as a limited partnership, any income taxes, interest or penalties which may be imposed on SHLP are the responsibility of the Partners and are not reflected in the tax provision in these consolidated financial statements. However, if the Tax Court rules in favor of the IRS, which is reasonably possible, SHI could be obligated to pay the IRS and applicable state taxing authorities up to $64 million and, under the Tax Distribution Agreement, SHLP could be obligated to make a distribution to the Partners up to $107 million to fund their related payments to the IRS and the applicable state taxing authorities. However, the Indenture provides that the amount we may pay on behalf of SHI and distribute to the partners of SHLP for this matter may not exceed $70.0 million. Any potential shortfall would be absorbed by the Partners of SHLP (see Note 15). |
Owners_Equity
Owners' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Owners' Equity | ' |
14. Owners’ Equity | |
Owners’ equity consists of partners’ preferred and common capital. Common capital is comprised of limited partners with a collective 78.38% ownership and a general partner with a 20.62% ownership. Preferred capital is comprised of limited partners with either series B (“Series B”) or series D (“Series D”) classification. Series B holders have no ownership interest but earn a preferred return at Prime less 2.05% per annum through December 31, 2012 (1.2% at December 31, 2012) on unreturned preferred capital balances and Series D holders have a 1% ownership interest and earn a preferred return at 7% per annum through December 31, 2012 on unreturned preferred capital balances. In August 2013, the Agreement was amended and the rates on the Series B and Series D were changed, effective January 1, 2013. Series B earns a rate of 1.2% from January 1, 2013 to December 31, 2016, 2.25% from January 1, 2017 to December 31, 2020, and Prime less 2.05% from January 1, 2021 and thereafter on unreturned capital balances. Series D earns a rate of 2.0% from January 1, 2013 to December 31, 2016, 12.75% from January 1, 2017 to December 31, 2020, and 7.0% from January 1, 2021 and thereafter on unreturned capital balances. At September 30, 2013 and December 31, 2012, accumulated undistributed preferred returns for Series B holders were $22.2 million and $20.8 million, respectively. At September 30, 2013 and December 31, 2012, accumulated undistributed preferred returns for Series D holders were $55.6 million and $52.8 million, respectively. | |
Net income is allocated to Partners in a priority order that considers previously allocated net losses and preferred return considerations and, thereafter, in proportion to their respective ownership interests. Net loss is allocated in a priority order to Partners generally in proportion to their ownership interests and adjusted capital account balances, and, thereafter, to the general partner. | |
The general partner, in its sole discretion, may make additional capital contributions or accept additional capital contributions from the limited partners. Cash distributions are made to Partners in proportion to their unpaid preferred returns, unreturned capital and, thereafter, in proportion to their ownership interests. Distributions to Partners are made at the discretion of the general partner, including payment of personal income taxes related to the Company. In addition, distributions to Partners from other entities under control of Shea family members, such as JFSCI, can be used for payment of personal incomes taxes related to the Company and other uses. |
Contingencies_and_Commitments
Contingencies and Commitments | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Contingencies and Commitments | ' | ||||||||
15. Contingencies and Commitments | |||||||||
At September 30, 2013 and December 31, 2012, certain unrecorded contingent liabilities and commitments were as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Tax Court CCM case (capped at $70.0 million) | $ | 70,000 | $ | 70,000 | |||||
Remargin obligations for unconsolidated joint ventures (see Note 7) | 26,373 | 22,805 | |||||||
Outstanding letters of credit | 457 | 4,216 | |||||||
Costs to complete on surety bonds for Company projects | 96,403 | 85,490 | |||||||
Costs to complete on surety bonds for joint venture projects | 27,040 | 30,804 | |||||||
Costs to complete on surety bonds for related party projects | 2,286 | 2,311 | |||||||
Water system connection rights purchase obligation | 33,615 | 33,615 | |||||||
Total unrecorded contingent liabilities and commitments | $ | 255,296 | $ | 249,241 | |||||
Legal Claims | |||||||||
Lawsuits, claims and proceedings have been and will likely be instituted or asserted against us in the normal course of business, including actions brought on behalf of various classes of claimants. We are also subject to local, state and federal laws and regulations related to land development activities, house construction standards, sales practices, employment practices and environmental protection. As a result, we are subject to periodic examinations or inquiry by agencies administering these laws and regulations. | |||||||||
We record a reserve for potential legal claims and regulatory matters when they are probable of occurring and a potential loss is reasonably estimable, and are based on specific facts and circumstances, and we revise these estimates when necessary. At September 30, 2013 and December 31, 2012, we had reserves of $4.4 million and $4.9 million, respectively, net of expected recoveries, relating to these claims and matters, and while their outcome cannot be predicted with certainty, we believe we have appropriately reserved for them. However, if the liability arising from their resolution exceeds their recorded reserves, we could incur additional charges that could be significant. | |||||||||
Due to the inherent difficulty of predicting outcomes of legal claims and related contingencies, we generally cannot predict their ultimate resolution, related timing or eventual loss. If our evaluations indicate loss contingencies that could be material are not probable, but are reasonably possible, we will disclose their nature with an estimate of possible range of losses or a statement that such loss is not reasonably estimable. At September 30, 2013, the range of reasonably possible losses in excess of amounts recorded was not material. | |||||||||
As described in Note 13, in 2009, we filed a petition with the Tax Court regarding our position on the completed contract method of accounting (“CCM”) for homebuilding activities. The Tax Court heard trial testimony in July 2012 and ordered the Company and the IRS to exchange briefs, all of which have been filed. We expect our position will prevail, and accordingly, no liability for related taxes or interest has been recorded. However, if the Tax Court rules in favor of the IRS, which is reasonably possible, SHI could be obligated to pay the IRS and applicable state taxing authorities up to $64 million and SHLP could be obligated to make a distribution to the Partners up to $107 million to fund their related payments to the IRS and the applicable state taxing authorities. | |||||||||
Notwithstanding, the Indenture governing the Secured Notes restricts SHLP’s ability to make distributions to its partners pursuant to the Tax Distributions Agreement in excess of an amount specified by the Indenture (such maximum amount of collective distributions referred to as the “Maximum CCM Payment”), unless SHLP receives a cash equity contribution from JFSCI for such excess. The initial Maximum CCM Payment is $70.0 million, which will be reduced by payments made by SHI in connection with any resolution of our dispute with the IRS regarding our use of CCM and payments made by SHLP on certain guarantee obligations described in the Indenture. SHLP and SHI expect to pay any CCM-related tax liability from existing cash, cash from operations and, to the extent SHLP is required by the Tax Distribution Agreement to pay amounts in excess of the Maximum CCM Payment, from cash equity contributions by JFSCI. | |||||||||
Letters of Credit, Surety Bonds and Project Obligations | |||||||||
On May 10, 2011, we entered into a $75.0 million letter of credit facility. At September 30, 2013 and December 31, 2012, outstanding letters of credit against the letter of credit facility were $0.5 million and $4.2 million, respectively (see Note 19). | |||||||||
We provide surety bonds that guarantee completion of certain infrastructure serving our homebuilding projects. At September 30, 2013, there were $96.4 million of costs to complete in connection with the $178.5 million of surety bonds that were issued. At December 31, 2012, there were $85.5 million of costs to complete in connection with the $186.0 million of surety bonds that were issued. | |||||||||
We also provided indemnification for bonds issued by certain unconsolidated joint ventures and other related party projects in which we have no ownership interest. At September 30, 2013, there were $27.0 million of costs to complete in connection with $63.9 million of surety bonds that were issued for unconsolidated joint venture projects, and $2.3 million of costs to complete in connection with $5.9 million of surety bonds that were issued for related party projects. At December 31, 2012, $30.8 million of costs to complete in connection with $71.6 million of surety bonds were issued for unconsolidated joint venture projects, and $2.3 million of costs to complete in connection with $6.1 million of surety bonds that were issued for related party projects. | |||||||||
Certain of our homebuilding projects utilize community facility district, metro-district and other local government bond financing programs to fund acquisition or construction of infrastructure improvements. Interest and principal on these bonds are typically paid from taxes and assessments levied on homeowners following the sale of new homes within the project. Occasionally, we enter into credit support arrangements requiring us to pay interest and principal on these bonds if the taxes and assessments levied on homeowners are insufficient to cover such obligations. Furthermore, reimbursement of these payments to us is dependent on the district or local government’s ability to generate sufficient tax and assessment revenues from the sale of new homes. At September 30, 2013 and December 31, 2012, in connection with a credit support arrangement, there was $6.6 million and $4.9 million, respectively, reimbursable to us from a metro-district in Colorado. | |||||||||
We also pay certain fees and costs associated with the construction of infrastructure improvements in homebuilding projects that utilize these district bond financing programs. These fees and costs are typically reimbursable to us from, and therefore dependent on, bond proceeds or taxes and assessments levied on homeowners. At September 30, 2013 and December 31, 2012, in connection with certain funding arrangements, there was $12.7 million and $16.3 million, respectively, reimbursable to us from certain agencies, including $11.4 million and $11.9 million, respectively, from a metro-district in Colorado. | |||||||||
Until bond proceeds or tax and assessment revenues are sufficient to cover our obligations and/or reimburse us, our responsibility to make interest and principal payments on these bonds or pay fees and costs associated with the construction of infrastructure improvements could be prolonged and significant. | |||||||||
As a condition of the Vistancia Sale, and the purchase of the non-controlling member’s remaining interest in Vistancia, LLC, the Company effectively remains a 10% guarantor on certain community facility district bond obligations to which the Company must meet a minimum calculated tangible net worth; otherwise, the Company is required to fund collateral to the bond issuer. At September 30, 2013 and December 31, 2012, the Company exceeded the minimum tangible net worth requirement. | |||||||||
In one consolidated homebuilding project, we have contractual obligations to purchase and receive water system connection rights which, at September 30, 2013 and December 31, 2012, had an estimated market value in excess of their contractual purchase price of $33.6 million. These water system connection rights are held and then transferred to homebuyers upon closing of their home or transferred upon sale of land to the respective buyer. These water system connection rights can also be sold or leased but generally only within the local jurisdiction. |
Supplemental_Disclosure_to_Con
Supplemental Disclosure to Consolidated Statements of Cash Flows | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Supplemental Disclosure to Consolidated Statements of Cash Flows | ' | ||||||||
16. Supplemental Disclosure to Consolidated Statements of Cash Flows | |||||||||
Supplemental disclosures to the consolidated statements of cash flows were as follows: | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Supplemental disclosure of cash flow information | |||||||||
Income taxes paid (refunded) | $ | 66 | $ | (2,391 | ) | ||||
Interest paid, net of amounts capitalized | $ | 3,235 | $ | 11,853 | |||||
Supplemental disclosure of non-cash activities | |||||||||
Unrealized gain (loss) on available-for-sale investments, net | $ | 252 | $ | (2,328 | ) | ||||
Reclassification of Deficit Distributions to (from) unconsolidated joint ventures from (to) other liabilities | $ | (339 | ) | $ | 125 | ||||
Purchase of land in exchange for note payable | $ | 2,964 | $ | 8,567 | |||||
Elimination of consolidated joint venture inventory, receivables from related parties and other assets | $ | 0 | $ | (41,600 | ) | ||||
Elimination of consolidated joint venture note payable and other liabilities | $ | 0 | $ | (1,949 | ) | ||||
Redemption of Company’s interest in consolidated joint venture and elimination of non-controlling interest, less cash retained by non-controlling interest | $ | 0 | $ | (39,651 | ) | ||||
Contribution to unconsolidated joint venture from inventory | $ | 4,082 | $ | 0 |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Information | ' | ||||||||||||||||
17. Segment Information | |||||||||||||||||
Our homebuilding business, which is responsible for most of our operating results, constructs and sells single-family attached and detached homes designed to appeal to first-time, move-up and active adult homebuyers. Our homebuilding business also provides management services to joint ventures and other related and unrelated parties. We manage each homebuilding community as an operating segment and have aggregated these communities into reportable segments based on geography as follows: | |||||||||||||||||
• | Southern California, comprised of communities in Los Angeles, Ventura and Orange Counties, and the Inland Empire; | ||||||||||||||||
• | San Diego, comprised of communities in San Diego County, California; | ||||||||||||||||
• | Northern California, comprised of communities in northern and central California, and the central coast of California; | ||||||||||||||||
• | Mountain West, comprised of communities in Colorado and Washington; | ||||||||||||||||
• | South West, comprised of communities in Arizona, Nevada and Houston; | ||||||||||||||||
• | Other, comprised of communities in Florida. | ||||||||||||||||
In accordance with ASC 280, in determining the most appropriate aggregation of our homebuilding communities, we also considered similar economic and other characteristics, including product types, average selling prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply. | |||||||||||||||||
Our Corporate segment primarily provides management services to our operating segments, and includes results of our captive insurance provider, which primarily administers claims reinsured by third party carriers and the deductibles and retentions under those third party policies. Results of our insurance brokerage services business are also included in our Corporate segment. | |||||||||||||||||
The reportable segments follow the same accounting policies as our consolidated financial statements described in Note 2. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented. | |||||||||||||||||
Financial information relating to reportable segments was as follows: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Total assets: | |||||||||||||||||
Southern California | $ | 299,499 | $ | 213,481 | |||||||||||||
San Diego | 162,237 | 148,272 | |||||||||||||||
Northern California | 295,467 | 256,728 | |||||||||||||||
Mountain West | 336,144 | 297,276 | |||||||||||||||
South West | 157,121 | 105,470 | |||||||||||||||
Other | 6,514 | 6,943 | |||||||||||||||
Total homebuilding assets | 1,256,982 | 1,028,170 | |||||||||||||||
Corporate | 185,981 | 345,367 | |||||||||||||||
Total assets | $ | 1,442,963 | $ | 1,373,537 | |||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Inventory: | |||||||||||||||||
Southern California | $ | 232,530 | $ | 161,700 | |||||||||||||
San Diego | 144,759 | 129,895 | |||||||||||||||
Northern California | 257,577 | 226,307 | |||||||||||||||
Mountain West | 269,378 | 227,130 | |||||||||||||||
South West | 136,103 | 89,756 | |||||||||||||||
Other | 1,718 | 2,865 | |||||||||||||||
Total inventory | $ | 1,042,065 | $ | 837,653 | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Revenues: | |||||||||||||||||
Southern California | $ | 39,846 | $ | 31,692 | $ | 136,135 | $ | 88,176 | |||||||||
San Diego | 40,535 | 10,960 | 81,522 | 35,247 | |||||||||||||
Northern California | 70,989 | 32,504 | 152,120 | 88,900 | |||||||||||||
Mountain West | 46,961 | 34,858 | 109,151 | 86,664 | |||||||||||||
South West | 37,471 | 34,439 | 105,157 | 80,654 | |||||||||||||
Other | 2,277 | 1,721 | 5,807 | 4,113 | |||||||||||||
Total homebuilding revenues | 238,079 | 146,174 | 589,892 | 383,754 | |||||||||||||
Corporate | 230 | 247 | 687 | 738 | |||||||||||||
Total revenues | $ | 238,309 | $ | 146,421 | $ | 590,579 | $ | 384,492 | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Income (loss) before income taxes: | |||||||||||||||||
Southern California | $ | 8,961 | $ | (53 | ) | $ | 29,101 | $ | 5,223 | ||||||||
San Diego | 2,836 | (1,966 | ) | 2,415 | (3,466 | ) | |||||||||||
Northern California | 11,109 | 2,781 | 18,649 | 4,210 | |||||||||||||
Mountain West | 1,316 | (203 | ) | 632 | (5,355 | ) | |||||||||||
South West | 1,230 | (2,268 | ) | 2,691 | (5,417 | ) | |||||||||||
Other | (134 | ) | (63 | ) | (289 | ) | (288 | ) | |||||||||
Total homebuilding income (loss) before income taxes | 25,318 | (1,772 | ) | 53,199 | (5,093 | ) | |||||||||||
Corporate | 1,789 | 10,879 | 697 | 1,978 | |||||||||||||
Total income (loss) before income taxes | $ | 27,107 | $ | 9,107 | $ | 53,896 | $ | (3,115 | ) | ||||||||
Supplemental_Guarantor_Informa
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 | |||||||||||
(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 | |||||||||||
(b) | Includes Shea Homes Funding Corp.; no significant activity occurred in 2012. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Event | ' |
19. Subsequent Event | |
On October 31, 2013, we completed a solicitation of consents (the “Consent Solicitation”) and obtained the consent of holders of a majority of the outstanding aggregate principal amount of the Secured Notes to amend (the “Amendment”) the Indenture to allow us to replace our $75.0 million letter of credit facility with one or more revolving credit facilities totaling $125.0 million (the “New Credit Facilities”). The Amendment also reset the Indenture’s restricted payment basket by replacing April 1, 2011 with October 1, 2013 as the date from which the amount of our consolidated Net Income, as defined in the Indenture, is measured when determining the amount of permitted Restricted Payments, as defined in the Indenture, that can be made under the Indenture. In addition, the Consent Solicitation permits the Company to amend and / or amend and restate the Indenture’s related security documents and the intercreditor agreement to facilitate the Company’s entry into the New Credit Facilities. On November 4, 2013 we executed a supplemental indenture to amend the Indenture to reflect the Amendment. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Inventory | ' |
Inventory | |
Inventory is stated at cost, unless the carrying amount is determined not to be recoverable, in which case inventory is adjusted to fair value or fair value less cost to sell. Quarterly, we review our real estate assets at each community for indicators of impairment. Real estate assets include projects actively selling, under development, held for future development or held for sale. Indicators of impairment include, but are not limited to, significant decreases in local housing market values and prices of comparable homes, significant decreases in gross margins and sales absorption rates, costs in excess of budget, and actual or projected cash flow losses. | |
If there are indications of impairment, we analyze the budgets and cash flows of our real estate assets and compare the estimated remaining undiscounted future cash flows of the community to the asset’s carrying value. If the undiscounted cash flows exceed the asset’s carrying value, no impairment adjustment is required. If the undiscounted cash flows are less than the asset’s carrying value, the asset is deemed impaired and adjusted to fair value. For land held for sale, if the fair value less costs to sell exceed the asset’s carrying value, no impairment adjustment in required. These impairment evaluations require use of estimates and assumptions regarding future conditions, including timing and amounts of development costs and sales prices of real estate assets, to determine if estimated future undiscounted cash flows will be sufficient to recover the asset’s carrying value. | |
When estimating undiscounted cash flows of a community, various assumptions are made, including: (i) the number of homes available and the expected prices and incentives offered by us or builders in other communities, and future price adjustments based on market and economic trends; (ii) expected sales pace and cancellation rates based on local housing market conditions, competition and historical trends; (iii) costs expended to date and expected to be incurred, including, but not limited to, land and land development, home construction, interest, indirect construction and overhead, and selling and marketing costs; (iv) alternative product offerings that may be offered that could have an impact on sales pace, price and/or building costs; and (v) alternative uses for the property. | |
Many assumptions are interdependent and a change in one may require a corresponding change to other assumptions. For example, increasing or decreasing sales rates has a direct impact on the estimated price of a home, the level of time sensitive costs (such as indirect construction, overhead and interest), and selling and marketing costs (such as model maintenance and advertising). Depending on the underlying objective of the community, assumptions could have a significant impact on the projected cash flows. For example, if our objective is to preserve operating margins, our cash flows will be different than if the objective is to increase sales. These objectives may vary significantly by community over time. | |
If assets are considered impaired, the impairment charge is the amount the asset’s carrying value exceeds its fair value. Fair value is determined based on estimated future cash flows discounted for inherent risks associated with real estate assets or other valuation techniques. These discounted cash flows are impacted by expected risk based on estimated land development, construction and delivery timelines; market risk of price erosion; uncertainty of development or construction cost increases; and other risks specific to the asset or market conditions where the asset is located when the assessment is made. These factors are specific to each community and may vary among communities. The discount rate used in determining each asset’s fair value depends on the community’s projected life and development stage. | |
Completed Operations Claim Costs | ' |
Completed Operations Claim Costs | |
We maintain, and require our subcontractors to maintain, general liability insurance which includes coverage for completed operations losses and damages. Most subcontractors carry this insurance through our “rolling wrap-up” insurance program, where our risks and risks of participating subcontractors are insured through a common set of master policies. | |
Completed operations claims reserves primarily represent claims for property damage to completed homes and projects outside of our one-to-two year warranty period. Specific terms and conditions of completed operations warranties vary depending on the market in which homes are closed and can range up to 12 years from the closing of a home. | |
We record expenses and liabilities for estimated costs of potential completed operations claims based upon aggregated loss experience, which includes an estimate of completed operations claims incurred but not reported and is actuarially estimated using individual case-basis valuations and statistical analysis. These estimates make up our entire reserve and are subject to a high degree of variability due to uncertainties such as trends in completed operations claims related to our markets and products built, changes in claims reporting and settlement patterns, third party recoveries, insurance industry practices, insurance regulations and legal precedent. Because state regulations vary, completed operations claims are reported and resolved over an extended period, sometimes exceeding 12 years. As a result, actual costs may differ significantly from estimates. | |
The actuarial analyses that determine these incurred but not reported claims consider various factors, including frequency and severity of losses, which are based on our historical claims experience supplemented by industry data. The actuarial analyses of these claims and reserves also consider historical third party recovery rates and claims management expenses. Due to inherent uncertainties related to these factors, periodic changes to such factors based on updated relevant information could result in actual costs differing significantly from estimates. | |
In accordance with our underlying completed operations insurance policies, these completed operations claims costs are usually recoverable from our subcontractors or insurance carriers. Completed operations claims through July 31, 2009 are insured or reinsured with third-party insurance carriers and completed operations claims commencing August 1, 2009 are insured with third-party and affiliate insurance carriers. | |
Revenues | ' |
Revenues | |
In accordance with Accounting Standards Codification (“ASC”) 360, revenues from housing and other real estate sales are recognized when the respective units close. Housing and other real estate sales close when all conditions of escrow are met, including delivery of the home or other real estate asset, title passage, appropriate consideration is received or collection of associated receivables, if any, is reasonably assured and when we have no other continuing involvement in the asset. Sales incentives are a reduction of revenues when the respective unit closes. | |
Income Taxes | ' |
Income Taxes | |
SHLP is treated as a partnership for income tax purposes. As a limited partnership, SHLP is subject to certain minimal state taxes and fees; however, taxes on income realized by SHLP are generally the obligation of the Partners and their owners. | |
SHI and PIC are C corporations. Federal and state income taxes are provided for these entities in accordance with ASC 740. The provision for, or benefit from, income taxes is calculated using the asset and liability method, whereby deferred tax assets and liabilities are recorded based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect the year in which differences are expected to reverse. | |
Deferred tax assets are evaluated to determine whether a valuation allowance should be established based on our determination of whether it is more likely than not some or all of the deferred tax asset will not be realized. The ultimate realization of deferred tax assets depends primarily on generation of future taxable income during periods in which those temporary differences become deductible. Judgment is required in determining future tax consequences of events that have been recognized in the consolidated financial statements and/or tax returns. Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on the consolidated financial position or results of operations. | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”), which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, ASU 2013-02 requires an entity to present, either on the face of the income statement or in the notes to financial statements, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income in financial statements. For public entities, the amendments in ASU 2013-02 are effective prospectively for reporting periods beginning after December 15, 2012. The Company adopted ASU 2013-02 effective January 1, 2013, which concerned disclosure requirements only and did not impact our consolidated financial statements. |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Net Book Values and Estimated Fair Values of Notes Payable | ' | ||||||||||||||||
At September 30, 2013 and December 31, 2012, as required by ASC 825, the following presents net book values and estimated fair values of notes payable. | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Net Book | Estimated | Net Book | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
(In thousands) | |||||||||||||||||
$750,000 8.625% senior secured notes due May 2019 | $ | 750,000 | $ | 817,500 | $ | 750,000 | $ | 828,750 | |||||||||
Secured promissory notes | $ | 9,180 | $ | 9,180 | $ | 8,209 | $ | 8,209 |
Accounts_and_Other_Receivables1
Accounts and Other Receivables, net (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accounts and Other Receivables | ' | ||||||||
At September 30, 2013 and December 31, 2012, accounts and other receivables, net were as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Insurance receivables | $ | 127,018 | $ | 131,519 | |||||
Escrow receivables | 2,776 | 576 | |||||||
Notes receivables | 3,192 | 3,662 | |||||||
Development receivables | 3,095 | 3,325 | |||||||
Other receivables | 5,603 | 4,147 | |||||||
Reserve | (1,955 | ) | (1,940 | ) | |||||
Total accounts and other receivables, net | $ | 139,729 | $ | 141,289 | |||||
Inventory_Tables
Inventory (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Summary of Inventory | ' | ||||||||||||||||
At September 30, 2013 and December 31, 2012, inventory was as follows: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Model homes | $ | 81,813 | $ | 69,210 | |||||||||||||
Completed homes for sale | 36,698 | 14,015 | |||||||||||||||
Homes under construction | 274,244 | 189,929 | |||||||||||||||
Lots available for construction | 335,061 | 249,463 | |||||||||||||||
Land under development | 140,231 | 175,922 | |||||||||||||||
Land held for future development | 74,879 | 60,466 | |||||||||||||||
Land held for sale, including water system connection rights | 84,789 | 71,381 | |||||||||||||||
Land deposits and preacquisition costs | 14,350 | 7,267 | |||||||||||||||
Total inventory | $ | 1,042,065 | $ | 837,653 | |||||||||||||
Interest Incurred, Capitalized and Expensed | ' | ||||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, interest incurred, capitalized and expensed was as follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Interest incurred | $ | 16,780 | $ | 16,768 | $ | 50,322 | $ | 50,088 | |||||||||
Interest expensed (a) | $ | 145 | $ | 4,581 | $ | 4,975 | $ | 16,778 | |||||||||
Interest capitalized as a cost of inventory during the period | $ | 15,925 | $ | 11,961 | $ | 43,874 | $ | 32,706 | |||||||||
Interest previously capitalized as a cost of inventory, included in cost of sales | $ | (15,110 | ) | $ | (12,457 | ) | $ | (40,014 | ) | $ | (30,315 | ) | |||||
Interest capitalized in ending inventory (b) | $ | 106,709 | $ | 113,827 | $ | 106,709 | $ | 113,827 | |||||||||
Interest capitalized as a cost of investments in unconsolidated joint ventures during the period | $ | 710 | $ | 226 | $ | 1,473 | $ | 604 | |||||||||
Interest previously capitalized as a cost of investments in unconsolidated joint ventures, included in equity in income (loss) from unconsolidated joint ventures | $ | (244 | ) | $ | (226 | ) | $ | (829 | ) | $ | (604 | ) | |||||
Interest capitalized in ending investments in unconsolidated joint ventures | $ | 644 | $ | 0 | $ | 644 | $ | 0 | |||||||||
(a) | For the two and eight months ended August 31, 2013, assets qualifying for interest capitalization were less than debt; therefore, non-qualifying interest was expensed. For September 2013, qualifying assets exceeded debt; therefore, no interest was expensed. | ||||||||||||||||
For the three and nine months ended September 30, 2012, assets qualifying for interest capitalization were less than debt; therefore, non-qualifying interest was expensed. | |||||||||||||||||
(b) | Inventory impairment charges were recorded against total inventory of the respective community. Capitalized interest reflects the gross amount of capitalized interest as impairment charges recognized were generally not allocated to specific components of inventory. |
Investments_in_Joint_Ventures_
Investments in Joint Ventures (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Equity Method Investments Summarized Notes Payable Information | ' | ||||||||
At September 30, 2013 and December 31, 2012, total unconsolidated joint ventures’ notes payable were as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Bank and seller notes payable: | |||||||||
Guaranteed (subject to remargin obligations) | $ | 51,867 | $ | 45,610 | |||||
Non-guaranteed | 10,385 | 22,894 | |||||||
Total bank and seller notes payable (a) | 62,252 | 68,504 | |||||||
Partner notes payable: | |||||||||
Unsecured (b) | 9,866 | 5,296 | |||||||
Total unconsolidated joint venture notes payable | $ | 72,118 | $ | 73,800 | |||||
Other unconsolidated joint venture notes payable (c) | $ | 49,861 | $ | 57,839 | |||||
(a) | All bank seller notes were secured by real property. | ||||||||
(b) | No guarantees were provided on partner notes payable. | ||||||||
(c) | We have an indirect effective ownership in two joint ventures of 12.3% and .0003%, respectively, that had bank notes payable secured by real property, which we have not guaranteed. |
Other_Assets_Net_Tables
Other Assets, Net (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Other Assets | ' | ||||||||
At September 30, 2013 and December 31, 2012, other assets were as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Income tax receivable | $ | 1,633 | $ | 3,497 | |||||
Investments | 9,408 | 12,078 | |||||||
Property and equipment, net | 3,653 | 2,237 | |||||||
Prepaid professional fees | 3,045 | 3,451 | |||||||
Prepaid loan fees | 5,902 | 6,688 | |||||||
Prepaid bank fees | 266 | 403 | |||||||
Deposits in lieu of bonds and letters of credit | 11,085 | 7,110 | |||||||
Prepaid insurance | 3,968 | 2,148 | |||||||
Other | 719 | 1,515 | |||||||
Total other assets, net | $ | 39,679 | $ | 39,127 | |||||
Notes_Payable_Tables
Notes Payable (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Summary of Notes Payable | ' | ||||||||
At September 30, 2013 and December 31, 2012, notes payable were as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
$750.0 million 8.625% senior secured notes, due May 2019 | $ | 750,000 | $ | 750,000 | |||||
Promissory notes, interest ranging from 1% to 6%, maturing through 2014, secured by deeds of trust on inventory | 9,180 | 8,209 | |||||||
Total notes payable | $ | 759,180 | $ | 758,209 | |||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Summary of Other Liabilities | ' | ||||||||||||||||
At September 30, 2013 and December 31, 2012, other liabilities were as follows: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Completed operations | $ | 127,018 | $ | 131,519 | |||||||||||||
Warranty reserves | 19,061 | 17,749 | |||||||||||||||
Deferred revenue/gain | 30,117 | 30,902 | |||||||||||||||
Provisions for closed homes/communities | 9,990 | 8,135 | |||||||||||||||
Deposits (primarily homebuyer) | 18,567 | 15,684 | |||||||||||||||
Legal reserves | 4,361 | 4,916 | |||||||||||||||
Accrued interest | 24,258 | 8,086 | |||||||||||||||
Accrued compensation and benefits | 14,302 | 4,697 | |||||||||||||||
Distributions payable | 2,621 | 2,892 | |||||||||||||||
Deficit Distributions (see Note 7) | 377 | 716 | |||||||||||||||
Other | 7,224 | 7,922 | |||||||||||||||
Total other liabilities | $ | 257,896 | $ | 233,218 | |||||||||||||
Changes in Completed Operations Reserves | ' | ||||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, changes in completed operations reserves were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Insured completed operations | |||||||||||||||||
Balance, beginning of the period | $ | 131,248 | $ | 117,129 | $ | 131,519 | $ | 109,390 | |||||||||
Reserves provided (relieved) | 1,718 | 1,965 | 4,786 | 20,873 | |||||||||||||
Claims paid | (5,948 | ) | (1,232 | ) | (9,287 | ) | (12,401 | ) | |||||||||
Balance, end of the period | $ | 127,018 | $ | 117,862 | $ | 127,018 | $ | 117,862 | |||||||||
Changes in Warranty Liabilities | ' | ||||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, changes in warranty liability were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Balance, beginning of the period | $ | 18,521 | $ | 16,346 | $ | 17,749 | $ | 17,358 | |||||||||
Provision for warranties | 2,804 | 1,326 | 7,190 | 4,469 | |||||||||||||
Warranty costs paid | (2,264 | ) | (2,498 | ) | (5,878 | ) | (6,653 | ) | |||||||||
Balance, end of the period | $ | 19,061 | $ | 15,174 | $ | 19,061 | $ | 15,174 | |||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Receivables from Related Parties | ' | ||||||||
At September 30, 2013 and December 31, 2012, receivables from related parties, net were as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Note receivable from JFSCI | $ | 21,373 | $ | 24,498 | |||||
Note receivable from unconsolidated joint venture | 675 | 268 | |||||||
Notes receivable from related parties | 19,678 | 19,940 | |||||||
Reserves for note receivables from related parties | (12,823 | ) | (12,766 | ) | |||||
Receivables from related parties | 3,778 | 2,088 | |||||||
Total receivables from related parties, net | $ | 32,681 | $ | 34,028 | |||||
Contingencies_and_Commitments_
Contingencies and Commitments (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Contingent Liabilities And Commitments | ' | ||||||||
At September 30, 2013 and December 31, 2012, certain unrecorded contingent liabilities and commitments were as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Tax Court CCM case (capped at $70.0 million) | $ | 70,000 | $ | 70,000 | |||||
Remargin obligations for unconsolidated joint ventures (see Note 7) | 26,373 | 22,805 | |||||||
Outstanding letters of credit | 457 | 4,216 | |||||||
Costs to complete on surety bonds for Company projects | 96,403 | 85,490 | |||||||
Costs to complete on surety bonds for joint venture projects | 27,040 | 30,804 | |||||||
Costs to complete on surety bonds for related party projects | 2,286 | 2,311 | |||||||
Water system connection rights purchase obligation | 33,615 | 33,615 | |||||||
Total unrecorded contingent liabilities and commitments | $ | 255,296 | $ | 249,241 | |||||
Supplemental_Disclosure_to_Con1
Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Consolidated Statement of Cash Flow Supplemental Disclosure | ' | ||||||||
Supplemental disclosures to the consolidated statements of cash flows were as follows: | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Supplemental disclosure of cash flow information | |||||||||
Income taxes paid (refunded) | $ | 66 | $ | (2,391 | ) | ||||
Interest paid, net of amounts capitalized | $ | 3,235 | $ | 11,853 | |||||
Supplemental disclosure of non-cash activities | |||||||||
Unrealized gain (loss) on available-for-sale investments, net | $ | 252 | $ | (2,328 | ) | ||||
Reclassification of Deficit Distributions to (from) unconsolidated joint ventures from (to) other liabilities | $ | (339 | ) | $ | 125 | ||||
Purchase of land in exchange for note payable | $ | 2,964 | $ | 8,567 | |||||
Elimination of consolidated joint venture inventory, receivables from related parties and other assets | $ | 0 | $ | (41,600 | ) | ||||
Elimination of consolidated joint venture note payable and other liabilities | $ | 0 | $ | (1,949 | ) | ||||
Redemption of Company’s interest in consolidated joint venture and elimination of non-controlling interest, less cash retained by non-controlling interest | $ | 0 | $ | (39,651 | ) | ||||
Contribution to unconsolidated joint venture from inventory | $ | 4,082 | $ | 0 |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Financial Information Related to Reportable Segments | ' | ||||||||||||||||
Financial information relating to reportable segments was as follows: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Total assets: | |||||||||||||||||
Southern California | $ | 299,499 | $ | 213,481 | |||||||||||||
San Diego | 162,237 | 148,272 | |||||||||||||||
Northern California | 295,467 | 256,728 | |||||||||||||||
Mountain West | 336,144 | 297,276 | |||||||||||||||
South West | 157,121 | 105,470 | |||||||||||||||
Other | 6,514 | 6,943 | |||||||||||||||
Total homebuilding assets | 1,256,982 | 1,028,170 | |||||||||||||||
Corporate | 185,981 | 345,367 | |||||||||||||||
Total assets | $ | 1,442,963 | $ | 1,373,537 | |||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Inventory: | |||||||||||||||||
Southern California | $ | 232,530 | $ | 161,700 | |||||||||||||
San Diego | 144,759 | 129,895 | |||||||||||||||
Northern California | 257,577 | 226,307 | |||||||||||||||
Mountain West | 269,378 | 227,130 | |||||||||||||||
South West | 136,103 | 89,756 | |||||||||||||||
Other | 1,718 | 2,865 | |||||||||||||||
Total inventory | $ | 1,042,065 | $ | 837,653 | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Revenues: | |||||||||||||||||
Southern California | $ | 39,846 | $ | 31,692 | $ | 136,135 | $ | 88,176 | |||||||||
San Diego | 40,535 | 10,960 | 81,522 | 35,247 | |||||||||||||
Northern California | 70,989 | 32,504 | 152,120 | 88,900 | |||||||||||||
Mountain West | 46,961 | 34,858 | 109,151 | 86,664 | |||||||||||||
South West | 37,471 | 34,439 | 105,157 | 80,654 | |||||||||||||
Other | 2,277 | 1,721 | 5,807 | 4,113 | |||||||||||||
Total homebuilding revenues | 238,079 | 146,174 | 589,892 | 383,754 | |||||||||||||
Corporate | 230 | 247 | 687 | 738 | |||||||||||||
Total revenues | $ | 238,309 | $ | 146,421 | $ | 590,579 | $ | 384,492 | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Income (loss) before income taxes: | |||||||||||||||||
Southern California | $ | 8,961 | $ | (53 | ) | $ | 29,101 | $ | 5,223 | ||||||||
San Diego | 2,836 | (1,966 | ) | 2,415 | (3,466 | ) | |||||||||||
Northern California | 11,109 | 2,781 | 18,649 | 4,210 | |||||||||||||
Mountain West | 1,316 | (203 | ) | 632 | (5,355 | ) | |||||||||||
South West | 1,230 | (2,268 | ) | 2,691 | (5,417 | ) | |||||||||||
Other | (134 | ) | (63 | ) | (289 | ) | (288 | ) | |||||||||
Total homebuilding income (loss) before income taxes | 25,318 | (1,772 | ) | 53,199 | (5,093 | ) | |||||||||||
Corporate | 1,789 | 10,879 | 697 | 1,978 | |||||||||||||
Total income (loss) before income taxes | $ | 27,107 | $ | 9,107 | $ | 53,896 | $ | (3,115 | ) | ||||||||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||
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) | ' | ||||||||||||||||||||
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 | ' | ||||||||||||||||||||
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 | |||||||||||
(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 | |||||||||||
(b) | Includes Shea Homes Funding Corp.; no significant activity occurred in 2012. |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | 12 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 |
Reclassification From Investments To Other Assets | Reclassification From Property And Equipment To Other Assets | Reclassification From Other Income Expense To Gain Loss On Reinsurance Transactions | JFSCI | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Ownership Interest | ' | ' | ' | 96.00% |
Reclassification adjustment | $12.10 | $2.20 | $7.20 | ' |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Minimum | ' |
Significant Accounting Policies [Line Items] | ' |
Operations claims standard warranty period | '1 year |
Maximum | ' |
Significant Accounting Policies [Line Items] | ' |
Operations claims standard warranty period | '2 years |
Completed operations extended warranty period | '12 years |
Restricted_Cash_Additional_Inf
Restricted Cash - Additional Information (Detail) (USD $) | 1 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' |
Restricted cash used as collateral released | $10 | ' | ' |
Restricted cash | ' | $2.20 | $13 |
Net_Book_Values_and_Estimated_
Net Book Values and Estimated Fair Values of Notes Payable (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
8.625% senior secured notes due May 2019 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Net Book Value | $750,000 | $750,000 |
Estimated Fair Value | 817,500 | 828,750 |
Secured Promissory Notes | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Net Book Value | 9,180 | 8,209 |
Estimated Fair Value | $9,180 | $8,209 |
Net_Book_Values_and_Estimated_1
Net Book Values and Estimated Fair Values of Notes Payable (Parenthetical) (Detail) (8.625% senior secured notes due May 2019, USD $) | Sep. 30, 2013 | Dec. 31, 2012 | 10-May-11 |
In Thousands, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Principal amount | $750,000 | $750,000 | $750,000 |
Interest rate | 8.63% | 8.63% | ' |
Maturity period | '2019-05 | '2019-05 | ' |
Fair Value, Inputs, Level 2 | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Principal amount | $750,000 | $750,000 | ' |
Interest rate | 8.63% | 8.63% | ' |
Maturity period | '2019-05 | '2019-05 | ' |
Fair_Value_Disclosures_Additio
Fair Value Disclosures - Additional Information (Detail) (8.625% senior secured notes due May 2019, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Net Book Value | $750,000 | $750,000 |
Interest rate | 8.63% | 8.63% |
Maturity period | '2019-05 | '2019-05 |
Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Net Book Value | $750,000 | ' |
Interest rate | 8.63% | 8.63% |
Maturity period | '2019-05 | '2019-05 |
Accounts_and_Other_Receivables2
Accounts and Other Receivables (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts and Other Receivables [Line Items] | ' | ' |
Insurance receivables | $127,018 | $131,519 |
Escrow receivables | 2,776 | 576 |
Notes receivables | 3,192 | 3,662 |
Development receivables | 3,095 | 3,325 |
Other receivables | 5,603 | 4,147 |
Reserve | -1,955 | -1,940 |
Total accounts and other receivables, net | $139,729 | $141,289 |
Accounts_and_Other_Receivables3
Accounts and Other Receivables, Net (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts and Other Receivables [Line Items] | ' | ' |
Insurance receivable | $127,018 | $131,519 |
Affiliate insurance carriers | ' | ' |
Accounts and Other Receivables [Line Items] | ' | ' |
Insurance receivable | $36,500 | $30,200 |
Inventory_Detail
Inventory (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Homes under construction | $274,244 | $189,929 |
Lots available for construction | 335,061 | 249,463 |
Land under development | 140,231 | 175,922 |
Land held for future development | 74,879 | 60,466 |
Land held for sale, including water system connection rights | 84,789 | 71,381 |
Land deposits and preacquisition costs | 14,350 | 7,267 |
Total inventory | 1,042,065 | 837,653 |
Model Homes | ' | ' |
Inventory [Line Items] | ' | ' |
Inventory finished homes | 81,813 | 69,210 |
Completed Homes for Sale | ' | ' |
Inventory [Line Items] | ' | ' |
Inventory finished homes | $36,698 | $14,015 |
Inventory_Additional_Informati
Inventory - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Inventory [Line Items] | ' | ' |
Inventory impairment charges | $0 | $0 |
Interest_Incurred_Capitalized_
Interest Incurred, Capitalized and Expensed (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Capitalized Interest [Line Items] | ' | ' | ' | ' | ' | |||||
Interest incurred | ' | $16,780 | $16,768 | $50,322 | $50,088 | |||||
Interest expensed | 0 | 145 | [1] | 4,581 | [1] | 4,975 | [1] | 16,778 | [1] | |
Inventory | ' | ' | ' | ' | ' | |||||
Capitalized Interest [Line Items] | ' | ' | ' | ' | ' | |||||
Interest capitalized as a cost of inventory during the period | ' | 15,925 | 11,961 | 43,874 | 32,706 | |||||
Interest previously capitalized as a cost of inventory, included in cost of sales | ' | -15,110 | -12,457 | -40,014 | -30,315 | |||||
Interest capitalized in ending inventory | 106,709 | [2] | 106,709 | [2] | 113,827 | [2] | 106,709 | [2] | 113,827 | [2] |
Investments In Joint Ventures | ' | ' | ' | ' | ' | |||||
Capitalized Interest [Line Items] | ' | ' | ' | ' | ' | |||||
Interest capitalized as a cost of investments in unconsolidated joint ventures during the period | ' | 710 | 226 | 1,473 | 604 | |||||
Interest previously capitalized as a cost of investments in unconsolidated joint ventures, included in equity in income (loss) from unconsolidated joint ventures | ' | -244 | -226 | -829 | -604 | |||||
Interest capitalized in ending investments in unconsolidated joint ventures | ' | $644 | $0 | $644 | $0 | |||||
[1] | For the two and eight months ended August 31, 2013, assets qualifying for interest capitalization were less than debt; therefore, non-qualifying interest was expensed. For September 2013, qualifying assets exceeded debt; therefore, no interest was expensed. | |||||||||
[2] | Inventory impairment charges were recorded against total inventory of the respective community. Capitalized interest reflects the gross amount of capitalized interest as impairment charges recognized were generally not allocated to specific components of inventory. |
Interest_Incurred_Capitalized_1
Interest Incurred, Capitalized and Expensed (Parenthetical) (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Capitalized Interest [Line Items] | ' | ' | ' | ' | ' | ||||
Interest expensed | $0 | $145 | [1] | $4,581 | [1] | $4,975 | [1] | $16,778 | [1] |
[1] | For the two and eight months ended August 31, 2013, assets qualifying for interest capitalization were less than debt; therefore, non-qualifying interest was expensed. For September 2013, qualifying assets exceeded debt; therefore, no interest was expensed. |
Investments_in_Joint_Ventures_1
Investments in Joint Ventures - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Unconsolidated Joint Ventures | Unconsolidated Joint Ventures | Unconsolidated Joint Ventures | Unconsolidated Joint Ventures | Unconsolidated Joint Ventures | Impairment on investments in joint ventures | Impairment on investments in joint ventures | Impairment on investments in joint ventures | Impairment on investments in joint ventures | Second Unconsolidated Joint Venture | Second Unconsolidated Joint Venture | Second Unconsolidated Joint Venture | Second Unconsolidated Joint Venture | Second Unconsolidated Joint Venture | Second Unconsolidated Joint Venture | Third Unconsolidated Joint Venture | Third Unconsolidated Joint Venture | |||
Guarantee provided | Guarantee provided | Maximum | Minimum | Scenario, Forecast | Maximum | Guarantee provided | Guarantee provided | Guarantee provided | Guarantee provided | ||||||||||
Scenario, Forecast | |||||||||||||||||||
Investment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership Interest | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deficit Distributions | $377,000 | $716,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairments charges on investments | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Indemnification agreement from joint ventures, percentage | ' | ' | ' | 90.00% | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' |
Notes payable outstanding | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,000,000 | 45,600,000 | ' | ' |
Maximum remargin obligation | 70,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,500,000 | 22,800,000 | 900,000 | 0 |
Maximum liability (cap) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,600,000 | ' |
Revolving basket available for joint venture investment | ' | ' | 70,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | 200.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of cumulative consolidated net income | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Committed capital contribution in joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | ' | ' | ' | ' | ' | ' |
Aggregate capital contributions | 43,415,000 | 28,653,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,600,000 | ' | ' | ' | ' | ' | ' | ' |
Expected capital contribution commitment in joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $45,000,000 | $45,000,000 | ' | ' | ' | ' |
Total_Unconsolidated_Joint_Ven
Total Unconsolidated Joint Ventures' Note Payable (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Notes payable | $759,180 | $758,209 | ||
Unconsolidated Joint Ventures | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Joint venture debt | 72,118 | 73,800 | ||
Unconsolidated Joint Ventures | Bank and Seller Financing Notes Payable | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Notes payable | 62,252 | [1] | 68,504 | [1] |
Unconsolidated Joint Ventures | Bank and Seller Financing Notes Payable | Guarantee provided | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Notes payable | 51,867 | 45,610 | ||
Unconsolidated Joint Ventures | Bank and Seller Financing Notes Payable | Non Guaranteed Obligations | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Notes payable | 10,385 | 22,894 | ||
Unconsolidated Joint Ventures | Partner Notes Payable | Unsecured Debt | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Notes payable | 9,866 | [2] | 5,296 | [2] |
Other Joint Ventures | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Joint venture debt | $49,861 | [3] | $57,839 | [3] |
[1] | All bank seller notes were secured by real property. | |||
[2] | No guarantees were provided on partner notes payable. | |||
[3] | We have an indirect effective ownership in two joint ventures of 12.3% and .0003%, respectively, that had bank notes payable secured by real property, which we have not guaranteed. |
Total_Unconsolidated_Joint_Ven1
Total Unconsolidated Joint Ventures' Note Payable (Parenthetical) (Detail) (Indirect) | Sep. 30, 2013 |
Joint Venture One | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Ownership Interest | 12.30% |
Joint Venture Two | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Ownership Interest | 0.00% |
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
RRWS,LLC | ' | ' |
Variable Interest Entities and Non Variable Interest Entities [Line Items] | ' | ' |
Notes payable outstanding | $51 | $45.60 |
Maximum liability (cap) | 35 | ' |
Maximum aggregate liability | 'The Company also has a maximum aggregate liability under the re-margin arrangements of the lesser of 50% of the outstanding balances or $35.0 million in total. The obligations of the Company and Partner under the re-margin arrangements are limited during the first two years of the loans. | ' |
Maximum remargin obligation | 25.5 | 22.8 |
Land Option Contracts | ' | ' |
Variable Interest Entities and Non Variable Interest Entities [Line Items] | ' | ' |
Refundable and non-refundable cash deposits | 7 | ' |
Remaining purchase price of cash deposits | 344.6 | ' |
Land Option Contracts | Loss Exposure | ' | ' |
Variable Interest Entities and Non Variable Interest Entities [Line Items] | ' | ' |
Non-refundable deposits | 7.2 | 5 |
Capitalized preacquisition costs | 6.3 | 2 |
Affiliated Entity | RRWS,LLC | ' | ' |
Variable Interest Entities and Non Variable Interest Entities [Line Items] | ' | ' |
VIEs ownership interest | 50.00% | ' |
Third Party | RRWS,LLC | ' | ' |
Variable Interest Entities and Non Variable Interest Entities [Line Items] | ' | ' |
VIEs ownership interest | 50.00% | ' |
Unconsolidated Variable Interest Entities | Land Option Contracts | ' | ' |
Variable Interest Entities and Non Variable Interest Entities [Line Items] | ' | ' |
Refundable and non-refundable cash deposits | 1.1 | ' |
Remaining purchase price of cash deposits | $19.90 | ' |
Other_Assets_Detail
Other Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Assets [Line Items] | ' | ' |
Income tax receivable | $1,633 | $3,497 |
Investments | 9,408 | 12,078 |
Property and equipment, net | 3,653 | 2,237 |
Prepaid professional fees | 3,045 | 3,451 |
Prepaid loan fees | 5,902 | 6,688 |
Prepaid bank fees | 266 | 403 |
Deposits in lieu of bonds and letters of credit | 11,085 | 7,110 |
Prepaid insurance | 3,968 | 2,148 |
Other | 719 | 1,515 |
Total other assets, net | $39,679 | $39,127 |
Other_Assets_Net_Additional_In
Other Assets, Net - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Assets [Line Items] | ' | ' | ' | ' |
Available for sale securities realized gains | $0 | $8.80 | $0 | $8.80 |
Notes_Payable_Detail
Notes Payable (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Notes payable | $759,180 | $758,209 |
8.625% senior secured notes due May 2019 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable | 750,000 | 750,000 |
Promissory Notes Maturing 2014 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable | $9,180 | $8,209 |
Notes_Payable_Parenthetical_De
Notes Payable (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | 10-May-11 |
In Thousands, unless otherwise specified | |||
8.625% senior secured notes due May 2019 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Principal amount | $750,000 | $750,000 | $750,000 |
Interest rate | 8.63% | 8.63% | ' |
Maturity period | '2019-05 | '2019-05 | ' |
Promissory Notes Maturing 2014 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Maturity year | '2014 | '2014 | ' |
Promissory Notes Maturing 2014 | Minimum | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest rate | 1.00% | 1.00% | ' |
Promissory Notes Maturing 2014 | Maximum | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest rate | 6.00% | 6.00% | ' |
Notes_Payable_Additional_Infor
Notes Payable - Additional Information (Detail) (USD $) | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | 10-May-11 |
Debt Instrument [Line Items] | ' | ' | ' |
Accrued interest | $24,258 | $8,086 | ' |
8.625% senior secured notes due May 2019 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Maturity date | 15-May-19 | ' | ' |
Accrued interest | 24,300 | 8,100 | ' |
Principal amount of debt issued | $750,000 | $750,000 | $750,000 |
8.625% senior secured notes due May 2019 | Semi Annual Payment, First Payment | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest payment date | 'May 15 | ' | ' |
8.625% senior secured notes due May 2019 | Semi Annual Payment, Second Payment | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest payment date | 'November 15 | ' | ' |
8.625% senior secured notes due May 2019 | Redeem On Or After May 15, 2015 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Note redemption price | $104.31 | ' | ' |
8.625% senior secured notes due May 2019 | Redeem On Or After May 15, 2016 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Note redemption price | $102.16 | ' | ' |
Other_Liabilities_Detail
Other Liabilities (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Other Liabilities [Line Items] | ' | ' | ' | ' | ' | ' |
Completed operations | $127,018 | ' | $131,519 | ' | ' | ' |
Warranty reserves | 19,061 | 18,521 | 17,749 | 15,174 | 16,346 | 17,358 |
Deferred revenue/gain | 30,117 | ' | 30,902 | ' | ' | ' |
Provisions for closed homes/communities | 9,990 | ' | 8,135 | ' | ' | ' |
Deposits (primarily homebuyer) | 18,567 | ' | 15,684 | ' | ' | ' |
Legal reserves | 4,361 | ' | 4,916 | ' | ' | ' |
Accrued interest | 24,258 | ' | 8,086 | ' | ' | ' |
Accrued compensation and benefits | 14,302 | ' | 4,697 | ' | ' | ' |
Distributions payable | 2,621 | ' | 2,892 | ' | ' | ' |
Deficit Distributions (see Note 7) | 377 | ' | 716 | ' | ' | ' |
Other | 7,224 | ' | 7,922 | ' | ' | ' |
Total other liabilities | $257,896 | ' | $233,218 | ' | ' | ' |
Other_Liabilities_Additional_I
Other Liabilities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2009 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2009 | |
Vistancia, LLC | Vistancia, LLC | Vistancia, LLC | Minimum | Maximum | JFSCI | JFSCI | JFSCI | JFSCI | JFSCI | JFSCI | PIC | PIC | PIC | PIC | PIC | PIC | ||||||
Other Liabilities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operations claims standard warranty period | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Completed operations extended warranty period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Insurance receivables | $127,018,000 | ' | $127,018,000 | ' | $131,519,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of uncovered losses related to completed operations | 12.50% | ' | 12.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred revenue on completed operation claims | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,500,000 | ' | 19,500,000 | ' | 20,300,000 | 19,200,000 | 7,600,000 | ' | 7,600,000 | ' | 8,400,000 | 15,600,000 |
Gain (loss) on reinsurance | 1,758,000 | 199,000 | 1,599,000 | -7,168,000 | ' | ' | ' | ' | ' | ' | 200,000 | -100,000 | 800,000 | -1,700,000 | ' | ' | 1,500,000 | 300,000 | 800,000 | -5,500,000 | ' | ' |
Distribution payable to non-controlling interest | 2,621,000 | ' | 2,621,000 | ' | 2,892,000 | 3,300,000 | 2,600,000 | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution to non-controlling interest | ' | ' | ' | $344,000 | ' | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes_in_Completed_Operation
Changes in Completed Operations Reserves (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | Insured Operations | Insured Operations | Insured Operations | Insured Operations | ||
Completed Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Balance, beginning of the period | $127,018 | $131,519 | $131,248 | $117,129 | $131,519 | $109,390 |
Reserves provided (relieved) | ' | ' | 1,718 | 1,965 | 4,786 | 20,873 |
Claims paid | ' | ' | -5,948 | -1,232 | -9,287 | -12,401 |
Balance, end of the period | $127,018 | $131,519 | $127,018 | $117,862 | $127,018 | $117,862 |
Changes_in_Warranty_Liabilitie
Changes in Warranty Liabilities (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Warranty Liability [Line Items] | ' | ' | ' | ' |
Balance, beginning of the period | $18,521 | $16,346 | $17,749 | $17,358 |
Provision for warranties | 2,804 | 1,326 | 7,190 | 4,469 |
Warranty costs paid | -2,264 | -2,498 | -5,878 | -6,653 |
Balance, end of the period | $19,061 | $15,174 | $19,061 | $15,174 |
Related_Party_Transactions_Det
Related Party Transactions (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Related Party Transaction [Line Items] | ' | ' |
Note receivable from JFSCI | $21,373 | $24,498 |
Note receivable from unconsolidated joint venture | 675 | 268 |
Notes receivable from related parties | 19,678 | 19,940 |
Reserves for note receivables from related parties | -12,823 | -12,766 |
Receivables from related parties | 3,778 | 2,088 |
Total receivables from related parties, net | $32,681 | $34,028 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | 31-May-12 | Mar. 31, 2012 | Sep. 30, 2013 | 31-May-11 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Minimum | Maximum | Related Party Receivables and Payables | Related Party Receivables and Payables | Related Party Receivables and Payables | Related Party Receivables and Payables | Related Party Receivables and Payables | Related Party Receivables and Payables | Related Party Receivables and Payables | Related Party Receivables and Payables | Real Property and Joint Venture Transactions | Non Interest Bearing | Non Interest Bearing | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | SHLP | SHLP | SCLLC | JFSCI | JFSCI | JFSCI | JFSCI | JFSCI | JFSCI | JFSCI | JFSCI | JFSCI | Unconsolidated Joint Ventures | Unconsolidated Joint Ventures | Unconsolidated Joint Ventures | Partner Notes Payable | Partner Notes Payable | Partner Notes Payable | Partner Notes Payable | ||||||
Minimum | Minimum | Maximum | Maximum | Other | Other | Redemption or Purchase of Interest in Joint Venture | Real Property and Joint Venture Transactions | Real Property and Joint Venture Transactions | Real Property and Joint Venture Transactions | Related Party Receivables and Payables | Related Party Receivables and Payables | Related Party Receivables and Payables | Related Party Receivables and Payables | General and Administrative Related Party Transactions | General and Administrative Related Party Transactions | General and Administrative Related Party Transactions | General and Administrative Related Party Transactions | Maximum | Related Party Receivables and Payables | Related Party Receivables and Payables | Real Property and Joint Venture Transactions | Real Property and Joint Venture Transactions | Real Property and Joint Venture Transactions | Real Property and Joint Venture Transactions | |||||||||||||||||
Redemption or Purchase of Interest in Joint Venture | Redemption or Purchase of Interest in Joint Venture | Redemption or Purchase of Interest in Joint Venture | Other Real Property and Joint Venture Transactions | Other Real Property and Joint Venture Transactions | Other Real Property and Joint Venture Transactions | Other Real Property and Joint Venture Transactions | |||||||||||||||||||||||||||||||||||
Entity | Entity | ||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $38,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bearing interest from notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 2.50% | 4.69% | 4.69% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' |
Receivable maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-May-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment on notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes receivable | 19,678,000 | ' | 19,678,000 | ' | 19,940,000 | ' | ' | ' | ' | ' | ' | ' | ' | 6,900,000 | 7,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,400,000 | ' | 24,500,000 | ' | ' | ' | ' | ' | 700,000 | 300,000 | ' | ' | ' | ' |
Notes receivable, maturity year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2020 | ' | ' | ' | ' | ' |
Internal rate of returns | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.50% | ' | ' | ' | ' | ' |
Reserves for notes receivable from other related parties | 12,823,000 | ' | 12,823,000 | ' | 12,766,000 | ' | ' | ' | ' | ' | ' | ' | ' | 12,800,000 | 12,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes receivable, maturity periods | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'August 2016 through April 2021 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest monthly based on Prime less | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables from related parties | 3,778,000 | ' | 3,778,000 | ' | 2,088,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payables to related parties | 4,868,000 | ' | 4,868,000 | ' | 125,000 | ' | ' | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58.00% | 16.70% | ' | 96.00% | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' |
Estimated fair value assets received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributed assets and liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash from distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured notes receivable | 3,192,000 | ' | 3,192,000 | ' | 3,662,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other liabilities | 257,896,000 | ' | 257,896,000 | ' | 233,218,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,800,000 | ' | ' | ' | ' | ' | ' | 11,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in equity of non-controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 7 |
General and administrative expenses | 14,097,000 | 16,001,000 | 40,132,000 | 35,825,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,900,000 | 6,000,000 | 17,900,000 | 14,400,000 | ' | ' | ' | 2,000,000 | 800,000 | 5,600,000 | 2,600,000 |
Management fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 | 200,000 | 300,000 |
Leases | ' | ' | ' | ' | ' | '5 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease renewal option term | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related party rental expense | 200,000 | 200,000 | 300,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts paid to affiliates for insurance coverage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,100,000 | $3,900,000 | $12,900,000 | $9,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2009 | Dec. 31, 2009 | |
SHI | SHI | SHLP | |||||
Maximum | Maximum | ||||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Income tax expense | ($1,281,000) | ($807,000) | ($1,701,000) | ($903,000) | ($1,700,000) | ' | ' |
Deferred tax asset | ' | ' | ' | ' | 28,400,000 | ' | ' |
Deferred tax asset valuation allowance | ' | ' | ' | ' | 28,400,000 | ' | ' |
Amount company could be obligated to pay | ' | ' | ' | ' | ' | 64,000,000 | 107,000,000 |
Initial Maximum CCM Payment | $70,000,000 | ' | $70,000,000 | ' | ' | ' | ' |
Owners_Equity_Additional_Infor
Owners' Equity - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 06, 2013 | Aug. 06, 2013 | Aug. 06, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 06, 2013 | Aug. 06, 2013 | Aug. 06, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Series B | Series B | Series B | Series B | Series B | Series D | Series D | Series D | Series D | Series D | Limited Partner | General Partner |
January 1, 2013 to December 31, 2016 | January 1, 2017 to December 31, 2020 | January 1, 2021 and thereafter | January 1, 2013 to December 31, 2016 | January 1, 2017 to December 31, 2020 | January 1, 2021 and thereafter | |||||||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership Interest | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | 78.38% | 20.62% |
Interest rate determination | ' | 2.05% | ' | ' | 2.05% | ' | ' | ' | ' | ' | ' | ' |
Preferred return percentage earned on unreturned preferred capital | ' | 1.20% | 1.20% | 2.25% | ' | ' | 7.00% | 2.00% | 12.75% | 7.00% | ' | ' |
Accumulated undistributed preferred returns | $22.20 | $20.80 | ' | ' | ' | $55.60 | $52.80 | ' | ' | ' | ' | ' |
Contingent_Liabilities_And_Com
Contingent Liabilities And Commitments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitment And Contingencies [Line Items] | ' | ' |
Outstanding letters of credit | $457 | $4,216 |
Water system connection rights purchase obligation | 33,615 | 33,615 |
Total unrecorded contingent liabilities and commitments | 255,296 | 249,241 |
Partner Notes Payable | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Guarantee obligations | 26,373 | 22,805 |
Unconsolidated Joint Ventures | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Exposure of surety bonds in connection with development of projects | 27,000 | 30,800 |
Tax Court Member | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Guarantee obligations | 70,000 | 70,000 |
Surety Bonds | Related Parties | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Exposure of surety bonds in connection with development of projects | 2,286 | 2,311 |
Surety Bonds | Company | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Exposure of surety bonds in connection with development of projects | 96,403 | 85,490 |
Surety Bonds | Unconsolidated Joint Ventures | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Exposure of surety bonds in connection with development of projects | $27,040 | $30,804 |
Contingent_Liabilities_And_Com1
Contingent Liabilities And Commitments (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitment And Contingencies [Line Items] | ' | ' |
Guarantee obligations maximum exposure | $70,000 | ' |
Tax Court Member | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Guarantee obligations maximum exposure | $70,000 | $70,000 |
Contingencies_and_Commitments_1
Contingencies and Commitments - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | 10-May-11 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Credit Support Agreement | Credit Support Agreement | Funding Arrangements | Funding Arrangements | Funding Arrangements | Funding Arrangements | Related Parties | Related Parties | Unconsolidated Joint Ventures | Unconsolidated Joint Ventures | Homebuilding Operations | Homebuilding Operations | SHI | SHLP | ||||
Colorado | Colorado | Colorado | Colorado | Maximum | Maximum | ||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Legal reserves | $4,400,000 | $4,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount company could be obligated to pay | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,000,000 | 107,000,000 |
Initial Maximum CCM Payment | 70,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit, borrowing capacity | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit, outstanding amount | 457,000 | 4,216,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exposure of surety bonds in connection with development of projects | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | 2,300,000 | 27,000,000 | 30,800,000 | 96,400,000 | 85,500,000 | ' | ' |
Bonds issued for development of projects | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,900,000 | 6,100,000 | 63,900,000 | 71,600,000 | 178,500,000 | 186,000,000 | ' | ' |
Reimbursements | ' | ' | ' | 6,600,000 | 4,900,000 | 12,700,000 | 16,300,000 | 11,400,000 | 11,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of water system rights, contractual purchase price | $33,615,000 | $33,615,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental_Disclosures_to_Co
Supplemental Disclosures to Consolidated Statements of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental disclosure of cash flow information | ' | ' |
Income taxes paid (refunded) | $66 | ($2,391) |
Interest paid, net of amounts capitalized | 3,235 | 11,853 |
Supplemental disclosure of non-cash activities | ' | ' |
Unrealized gain (loss) on available-for-sale investments, net | 252 | -2,328 |
Reclassification of Deficit Distributions to (from) unconsolidated joint ventures from (to) other liabilities | -339 | 125 |
Purchase of land in exchange for note payable | 2,964 | 8,567 |
Elimination of consolidated joint venture inventory, receivables from related parties and other assets | 0 | -41,600 |
Elimination of consolidated joint venture note payable and other liabilities | 0 | -1,949 |
Redemption of Company's interest in consolidated joint venture and elimination of non-controlling interest, less cash retained by non-controlling interest | 0 | -39,651 |
Contribution to unconsolidated joint venture from inventory | $4,082 | $0 |
Financial_Information_for_Repo
Financial Information for Reportable Segments - Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Disclosure [Line Items] | ' | ' |
Assets | $1,442,963 | $1,373,537 |
Corporate | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Assets | 185,981 | 345,367 |
Homebuilding | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Assets | 1,256,982 | 1,028,170 |
Homebuilding | Southern California | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Assets | 299,499 | 213,481 |
Homebuilding | San Diego | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Assets | 162,237 | 148,272 |
Homebuilding | Northern California | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Assets | 295,467 | 256,728 |
Homebuilding | Mountain West | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Assets | 336,144 | 297,276 |
Homebuilding | South West | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Assets | 157,121 | 105,470 |
Homebuilding | Other Areas | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Assets | $6,514 | $6,943 |
Financial_Information_for_Repo1
Financial Information for Reportable Segments - Inventory (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Disclosure [Line Items] | ' | ' |
Inventory | $1,042,065 | $837,653 |
Homebuilding | Southern California | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Inventory | 232,530 | 161,700 |
Homebuilding | San Diego | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Inventory | 144,759 | 129,895 |
Homebuilding | Northern California | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Inventory | 257,577 | 226,307 |
Homebuilding | Mountain West | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Inventory | 269,378 | 227,130 |
Homebuilding | South West | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Inventory | 136,103 | 89,756 |
Homebuilding | Other Areas | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Inventory | $1,718 | $2,865 |
Financial_Information_for_Repo2
Financial Information for Reportable Segments - Revenues (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Revenues | $238,309 | $146,421 | $590,579 | $384,492 |
Corporate | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Revenues | 230 | 247 | 687 | 738 |
Homebuilding | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Revenues | 238,079 | 146,174 | 589,892 | 383,754 |
Homebuilding | Southern California | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Revenues | 39,846 | 31,692 | 136,135 | 88,176 |
Homebuilding | San Diego | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Revenues | 40,535 | 10,960 | 81,522 | 35,247 |
Homebuilding | Northern California | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Revenues | 70,989 | 32,504 | 152,120 | 88,900 |
Homebuilding | Mountain West | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Revenues | 46,961 | 34,858 | 109,151 | 86,664 |
Homebuilding | South West | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Revenues | 37,471 | 34,439 | 105,157 | 80,654 |
Homebuilding | Other Areas | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Revenues | $2,277 | $1,721 | $5,807 | $4,113 |
Financial_Information_Relating
Financial Information Relating to Reportable Segments - Income (Loss) Before Income Taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Income (loss) before income taxes | $27,107 | $9,107 | $53,896 | ($3,115) |
Corporate | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Income (loss) before income taxes | 1,789 | 10,879 | 697 | 1,978 |
Homebuilding | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Income (loss) before income taxes | 25,318 | -1,772 | 53,199 | -5,093 |
Homebuilding | Southern California | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Income (loss) before income taxes | 8,961 | -53 | 29,101 | 5,223 |
Homebuilding | San Diego | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Income (loss) before income taxes | 2,836 | -1,966 | 2,415 | -3,466 |
Homebuilding | Northern California | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Income (loss) before income taxes | 11,109 | 2,781 | 18,649 | 4,210 |
Homebuilding | Mountain West | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Income (loss) before income taxes | 1,316 | -203 | 632 | -5,355 |
Homebuilding | South West | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Income (loss) before income taxes | 1,230 | -2,268 | 2,691 | -5,417 |
Homebuilding | Other Areas | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Income (loss) before income taxes | ($134) | ($63) | ($289) | ($288) |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheet (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | ||||
In Thousands, unless otherwise specified | ||||||||
Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | $143,198 | $279,756 | $205,640 | $268,366 | ||||
Restricted cash | 2,196 | 13,031 | ' | ' | ||||
Accounts and other receivables, net | 139,729 | 141,289 | ' | ' | ||||
Receivables from related parties, net | 32,681 | 34,028 | ' | ' | ||||
Inventory | 1,042,065 | 837,653 | ' | ' | ||||
Investments in unconsolidated joint ventures | 43,415 | 28,653 | ' | ' | ||||
Investments in subsidiaries | 0 | 0 | ' | ' | ||||
Other assets, net | 39,679 | 39,127 | ' | ' | ||||
Intercompany receivables | 0 | 0 | ' | ' | ||||
Total assets | 1,442,963 | 1,373,537 | ' | ' | ||||
Liabilities: | ' | ' | ' | ' | ||||
Notes payable | 759,180 | 758,209 | ' | ' | ||||
Payables to related parties | 4,868 | 125 | ' | ' | ||||
Accounts payable | 49,325 | 62,738 | ' | ' | ||||
Other liabilities | 257,896 | 233,218 | ' | ' | ||||
Intercompany payables | 0 | 0 | ' | ' | ||||
Total liabilities | 1,071,269 | 1,054,290 | ' | ' | ||||
SHLP equity: | ' | ' | ' | ' | ||||
Owners' equity | 366,517 | 314,321 | ' | ' | ||||
Accumulated other comprehensive income | 4,769 | 4,517 | ' | ' | ||||
Total SHLP equity | 371,286 | 318,838 | ' | ' | ||||
Non-controlling interests | 408 | 409 | ' | ' | ||||
Total equity | 371,694 | 319,247 | 283,240 | 328,003 | ||||
Total liabilities and equity | 1,442,963 | 1,373,537 | ' | ' | ||||
SHLP Corp | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | 128,666 | [1],[2] | 216,914 | [1],[3] | 147,549 | [4] | 157,511 | [4] |
Restricted cash | 1,067 | [2] | 11,999 | [3] | ' | ' | ||
Accounts and other receivables, net | 113,524 | [2] | 117,560 | [3] | ' | ' | ||
Receivables from related parties, net | 10,156 | [2] | 8,271 | [3] | ' | ' | ||
Inventory | 725,100 | [2] | 572,010 | [3] | ' | ' | ||
Investments in unconsolidated joint ventures | 21,055 | [2] | 13,948 | [3] | ' | ' | ||
Investments in subsidiaries | 679,295 | [2] | 672,388 | [3] | ' | ' | ||
Other assets, net | 23,629 | [2] | 17,712 | [3] | ' | ' | ||
Intercompany receivables | 0 | [2] | 0 | [3] | ' | ' | ||
Total assets | 1,702,492 | [2] | 1,630,802 | [3] | ' | ' | ||
Liabilities: | ' | ' | ' | ' | ||||
Notes payable | 759,180 | [2] | 758,209 | [3] | ' | ' | ||
Payables to related parties | 20 | [2] | 26 | [3] | ' | ' | ||
Accounts payable | 31,145 | [2] | 34,384 | [3] | ' | ' | ||
Other liabilities | 184,095 | [2] | 162,894 | [3] | ' | ' | ||
Intercompany payables | 356,766 | [2] | 356,451 | [3] | ' | ' | ||
Total liabilities | 1,331,206 | [2] | 1,311,964 | [3] | ' | ' | ||
SHLP equity: | ' | ' | ' | ' | ||||
Owners' equity | 366,517 | [2] | 314,321 | [3] | ' | ' | ||
Accumulated other comprehensive income | 4,769 | [2] | 4,517 | [3] | ' | ' | ||
Total SHLP equity | 371,286 | [2] | 318,838 | [3] | ' | ' | ||
Non-controlling interests | 0 | [2] | 0 | [3] | ' | ' | ||
Total equity | 371,286 | [2] | 318,838 | [3] | ' | ' | ||
Total liabilities and equity | 1,702,492 | [2] | 1,630,802 | [3] | ' | ' | ||
Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | 5,214 | 48,895 | 44,628 | 96,100 | ||||
Restricted cash | 585 | 875 | ' | ' | ||||
Accounts and other receivables, net | 25,686 | 23,537 | ' | ' | ||||
Receivables from related parties, net | 22,105 | 25,668 | ' | ' | ||||
Inventory | 314,707 | 264,459 | ' | ' | ||||
Investments in unconsolidated joint ventures | 1,023 | 984 | ' | ' | ||||
Investments in subsidiaries | 66,336 | 64,971 | ' | ' | ||||
Other assets, net | 16,016 | 21,388 | ' | ' | ||||
Intercompany receivables | 401,817 | 376,420 | ' | ' | ||||
Total assets | 853,489 | 827,197 | ' | ' | ||||
Liabilities: | ' | ' | ' | ' | ||||
Notes payable | 0 | 0 | ' | ' | ||||
Payables to related parties | 0 | 0 | ' | ' | ||||
Accounts payable | 17,814 | 27,879 | ' | ' | ||||
Other liabilities | 39,858 | 36,700 | ' | ' | ||||
Intercompany payables | 0 | 0 | ' | ' | ||||
Total liabilities | 57,672 | 64,579 | ' | ' | ||||
SHLP equity: | ' | ' | ' | ' | ||||
Owners' equity | 791,048 | 758,101 | ' | ' | ||||
Accumulated other comprehensive income | 4,769 | 4,517 | ' | ' | ||||
Total SHLP equity | 795,817 | 762,618 | ' | ' | ||||
Non-controlling interests | 0 | 0 | ' | ' | ||||
Total equity | 795,817 | 762,618 | ' | ' | ||||
Total liabilities and equity | 853,489 | 827,197 | ' | ' | ||||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | 9,318 | 13,947 | 13,463 | 14,755 | ||||
Restricted cash | 544 | 157 | ' | ' | ||||
Accounts and other receivables, net | 29,424 | 35,250 | ' | ' | ||||
Receivables from related parties, net | 420 | 89 | ' | ' | ||||
Inventory | 2,627 | 1,918 | ' | ' | ||||
Investments in unconsolidated joint ventures | 21,337 | 13,721 | ' | ' | ||||
Investments in subsidiaries | 91,627 | 93,883 | ' | ' | ||||
Other assets, net | 34 | 27 | ' | ' | ||||
Intercompany receivables | 0 | 0 | ' | ' | ||||
Total assets | 155,331 | 158,992 | ' | ' | ||||
Liabilities: | ' | ' | ' | ' | ||||
Notes payable | 0 | 0 | ' | ' | ||||
Payables to related parties | 0 | 0 | ' | ' | ||||
Accounts payable | 366 | 475 | ' | ' | ||||
Other liabilities | 63,218 | 69,416 | ' | ' | ||||
Intercompany payables | 49,898 | 20,068 | ' | ' | ||||
Total liabilities | 113,482 | 89,959 | ' | ' | ||||
SHLP equity: | ' | ' | ' | ' | ||||
Owners' equity | 41,441 | 68,624 | ' | ' | ||||
Accumulated other comprehensive income | 0 | 0 | ' | ' | ||||
Total SHLP equity | 41,441 | 68,624 | ' | ' | ||||
Non-controlling interests | 408 | 409 | ' | ' | ||||
Total equity | 41,849 | 69,033 | ' | ' | ||||
Total liabilities and equity | 155,331 | 158,992 | ' | ' | ||||
Consolidation, Eliminations | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||||
Restricted cash | 0 | 0 | ' | ' | ||||
Accounts and other receivables, net | -28,905 | -35,058 | ' | ' | ||||
Receivables from related parties, net | 0 | 0 | ' | ' | ||||
Inventory | -369 | -734 | ' | ' | ||||
Investments in unconsolidated joint ventures | 0 | 0 | ' | ' | ||||
Investments in subsidiaries | -837,258 | -831,242 | ' | ' | ||||
Other assets, net | 0 | 0 | ' | ' | ||||
Intercompany receivables | -401,817 | -376,420 | ' | ' | ||||
Total assets | -1,268,349 | -1,243,454 | ' | ' | ||||
Liabilities: | ' | ' | ' | ' | ||||
Notes payable | 0 | 0 | ' | ' | ||||
Payables to related parties | 4,848 | 99 | ' | ' | ||||
Accounts payable | 0 | 0 | ' | ' | ||||
Other liabilities | -29,275 | -35,792 | ' | ' | ||||
Intercompany payables | -406,664 | -376,519 | ' | ' | ||||
Total liabilities | -431,091 | -412,212 | ' | ' | ||||
SHLP equity: | ' | ' | ' | ' | ||||
Owners' equity | -832,489 | -826,725 | ' | ' | ||||
Accumulated other comprehensive income | -4,769 | -4,517 | ' | ' | ||||
Total SHLP equity | -837,258 | -831,242 | ' | ' | ||||
Non-controlling interests | 0 | 0 | ' | ' | ||||
Total equity | -837,258 | -831,242 | ' | ' | ||||
Total liabilities and equity | ($1,268,349) | ($1,243,454) | ' | ' | ||||
[1] | Includes Shea Homes Funding Corp.; no significant activity occurred in 2013. | |||||||
[2] | Includes Shea Homes Funding Corp., whose financial position at September 30, 2013 was not material. | |||||||
[3] | Includes Shea Homes Funding Corp., whose financial position at December 31, 2012 was not material. | |||||||
[4] | Includes Shea Homes Funding Corp.; no significant activity occurred in 2012. |
Condensed_Consolidating_Statem
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues | ' | $238,309 | $146,421 | $590,579 | $384,492 | ||||
Cost of sales | ' | -182,461 | -115,225 | -454,769 | -308,238 | ||||
Gross margin | ' | 55,848 | 31,196 | 135,810 | 76,254 | ||||
Selling expenses | ' | -14,291 | -10,296 | -37,293 | -29,847 | ||||
General and administrative expenses | ' | -14,097 | -16,001 | -40,132 | -35,825 | ||||
Equity in income (loss) from unconsolidated joint ventures, net | ' | -616 | -50 | -770 | 334 | ||||
Equity in income (loss) from subsidiaries | ' | 0 | 0 | 0 | 0 | ||||
Gain (loss) on reinsurance transaction | ' | 1,758 | 199 | 1,599 | -7,168 | ||||
Interest expense | 0 | -145 | [1] | -4,581 | [1] | -4,975 | [1] | -16,778 | [1] |
Other income (expense), net | ' | -1,350 | 8,640 | -343 | 9,915 | ||||
Income (loss) before income taxes | ' | 27,107 | 9,107 | 53,896 | -3,115 | ||||
Income tax benefit (expense) | ' | -1,281 | -807 | -1,701 | -903 | ||||
Net income (loss) | ' | 25,826 | 8,300 | 52,195 | -4,018 | ||||
Less: Net loss (income) attributable to non-controlling interests | ' | -2 | 30 | 1 | -164 | ||||
Net income (loss) attributable to SHLP | ' | 25,824 | 8,330 | 52,196 | -4,182 | ||||
Comprehensive income (loss) | ' | 25,841 | 5,170 | 52,447 | -6,346 | ||||
SHLP Corp | ' | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues | ' | 131,052 | [2] | 101,564 | [3] | 332,157 | [2] | 265,816 | [3] |
Cost of sales | ' | -106,661 | [2] | -78,924 | [3] | -271,041 | [2] | -213,448 | [3] |
Gross margin | ' | 24,391 | [2] | 22,640 | [3] | 61,116 | [2] | 52,368 | [3] |
Selling expenses | ' | -7,787 | [2] | -5,654 | [3] | -20,519 | [2] | -17,267 | [3] |
General and administrative expenses | ' | -8,427 | [2] | -10,431 | [3] | -24,747 | [2] | -24,030 | [3] |
Equity in income (loss) from unconsolidated joint ventures, net | ' | -579 | [2] | -148 | [3] | -1,219 | [2] | -9 | [3] |
Equity in income (loss) from subsidiaries | ' | 20,256 | [2] | 6,911 | [3] | 44,761 | [2] | 4,121 | [3] |
Gain (loss) on reinsurance transaction | ' | 0 | [2] | 0 | [3] | 0 | [2] | 0 | [3] |
Interest expense | ' | -130 | [2] | -3,637 | [3] | -3,562 | [2] | -15,106 | [3] |
Other income (expense), net | ' | -1,900 | [2] | -1,350 | [3] | -3,631 | [2] | -4,253 | [3] |
Income (loss) before income taxes | ' | 25,824 | [2] | 8,331 | [3] | 52,199 | [2] | -4,176 | [3] |
Income tax benefit (expense) | ' | 0 | [2] | -1 | [3] | -3 | [2] | -6 | [3] |
Net income (loss) | ' | 25,824 | [2] | 8,330 | [3] | 52,196 | [2] | -4,182 | [3] |
Less: Net loss (income) attributable to non-controlling interests | ' | 0 | [2] | 0 | [3] | 0 | [2] | 0 | [3] |
Net income (loss) attributable to SHLP | ' | 25,824 | [2] | 8,330 | [3] | 52,196 | [2] | -4,182 | [3] |
Comprehensive income (loss) | ' | 25,839 | [2] | 5,200 | [3] | 52,448 | [2] | -6,510 | [3] |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues | ' | 102,989 | 42,386 | 242,345 | 113,413 | ||||
Cost of sales | ' | -75,615 | -36,130 | -183,072 | -94,333 | ||||
Gross margin | ' | 27,374 | 6,256 | 59,273 | 19,080 | ||||
Selling expenses | ' | -5,081 | -3,002 | -12,305 | -8,833 | ||||
General and administrative expenses | ' | -5,056 | -4,598 | -13,285 | -9,628 | ||||
Equity in income (loss) from unconsolidated joint ventures, net | ' | 10 | -9 | -12 | -40 | ||||
Equity in income (loss) from subsidiaries | ' | 908 | -1,056 | -286 | -11,443 | ||||
Gain (loss) on reinsurance transaction | ' | 0 | 0 | 0 | 0 | ||||
Interest expense | ' | -15 | -944 | -1,413 | -1,668 | ||||
Other income (expense), net | ' | 797 | 9,632 | 2,765 | 12,845 | ||||
Income (loss) before income taxes | ' | 18,937 | 6,279 | 34,737 | 313 | ||||
Income tax benefit (expense) | ' | -1,282 | -808 | -1,687 | -894 | ||||
Net income (loss) | ' | 17,655 | 5,471 | 33,050 | -581 | ||||
Less: Net loss (income) attributable to non-controlling interests | ' | 0 | 0 | 0 | 0 | ||||
Net income (loss) attributable to SHLP | ' | 17,655 | 5,471 | 33,050 | -581 | ||||
Comprehensive income (loss) | ' | 17,670 | 2,341 | 33,302 | -2,909 | ||||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues | ' | 4,268 | 2,471 | 16,077 | 5,263 | ||||
Cost of sales | ' | -313 | -298 | -1,022 | -743 | ||||
Gross margin | ' | 3,955 | 2,173 | 15,055 | 4,520 | ||||
Selling expenses | ' | -1,423 | -1,640 | -4,469 | -3,747 | ||||
General and administrative expenses | ' | -614 | -972 | -2,100 | -2,167 | ||||
Equity in income (loss) from unconsolidated joint ventures, net | ' | -47 | 107 | 461 | 383 | ||||
Equity in income (loss) from subsidiaries | ' | -822 | -1,299 | -2,154 | -3,742 | ||||
Gain (loss) on reinsurance transaction | ' | 1,758 | 199 | 1,599 | -7,168 | ||||
Interest expense | ' | 0 | 0 | 0 | -4 | ||||
Other income (expense), net | ' | -119 | 485 | 889 | 1,609 | ||||
Income (loss) before income taxes | ' | 2,688 | -947 | 9,281 | -10,316 | ||||
Income tax benefit (expense) | ' | 1 | 2 | -11 | -3 | ||||
Net income (loss) | ' | 2,689 | -945 | 9,270 | -10,319 | ||||
Less: Net loss (income) attributable to non-controlling interests | ' | -2 | 30 | 1 | -164 | ||||
Net income (loss) attributable to SHLP | ' | 2,687 | -915 | 9,271 | -10,483 | ||||
Comprehensive income (loss) | ' | 2,689 | -945 | 9,270 | -10,319 | ||||
Consolidation, Eliminations | ' | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ||||
Revenues | ' | 0 | 0 | 0 | 0 | ||||
Cost of sales | ' | 128 | 127 | 366 | 286 | ||||
Gross margin | ' | 128 | 127 | 366 | 286 | ||||
Selling expenses | ' | 0 | 0 | 0 | 0 | ||||
General and administrative expenses | ' | 0 | 0 | 0 | 0 | ||||
Equity in income (loss) from unconsolidated joint ventures, net | ' | 0 | 0 | 0 | 0 | ||||
Equity in income (loss) from subsidiaries | ' | -20,342 | -4,556 | -42,321 | 11,064 | ||||
Gain (loss) on reinsurance transaction | ' | 0 | 0 | 0 | 0 | ||||
Interest expense | ' | 0 | 0 | 0 | 0 | ||||
Other income (expense), net | ' | -128 | -127 | -366 | -286 | ||||
Income (loss) before income taxes | ' | -20,342 | -4,556 | -42,321 | 11,064 | ||||
Income tax benefit (expense) | ' | 0 | 0 | 0 | 0 | ||||
Net income (loss) | ' | -20,342 | -4,556 | -42,321 | 11,064 | ||||
Less: Net loss (income) attributable to non-controlling interests | ' | 0 | 0 | 0 | 0 | ||||
Net income (loss) attributable to SHLP | ' | -20,342 | -4,556 | -42,321 | 11,064 | ||||
Comprehensive income (loss) | ' | ($20,357) | ($1,426) | ($42,573) | $13,392 | ||||
[1] | For the two and eight months ended August 31, 2013, assets qualifying for interest capitalization were less than debt; therefore, non-qualifying interest was expensed. For September 2013, qualifying assets exceeded debt; therefore, no interest was expensed. | ||||||||
[2] | Includes Shea Homes Funding Corp.; no significant activity occurred in 2013. | ||||||||
[3] | Includes Shea Homes Funding Corp.; no significant activity occurred in 2012. |
Condensed_Consolidating_Statem1
Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | ||
Operating activities | ' | ' | ||
Net cash (used in) provided by operating activities | ($124,449) | ($86,837) | ||
Investing activities | ' | ' | ||
Investments in unconsolidated joint ventures | -20,138 | -1,711 | ||
Proceeds from sale of available-for-sale investments | 3,163 | 23,954 | ||
Other investing activities | 10,022 | 464 | ||
Net cash provided by (used in) investing activities | -10,116 | 24,418 | ||
Financing activities | ' | ' | ||
Intercompany | 0 | 0 | ||
Principal payments to financial institutions and others | -1,993 | -1,541 | ||
Other financing activities | ' | -307 | ||
Net cash provided by (used in) financing activities | -1,993 | -307 | ||
Net (decrease) increase in cash and cash equivalents | -136,558 | -62,726 | ||
Cash and cash equivalents at beginning of period | 279,756 | 268,366 | ||
Cash and cash equivalents at end of period | 143,198 | 205,640 | ||
SHLP Corp | ' | ' | ||
Operating activities | ' | ' | ||
Net cash (used in) provided by operating activities | -116,651 | [1] | -19,591 | [2] |
Investing activities | ' | ' | ||
Investments in unconsolidated joint ventures | -8,342 | [1] | ' | |
Proceeds from sale of available-for-sale investments | ' | 0 | [2] | |
Other investing activities | 317 | [1] | 94 | [2] |
Net cash provided by (used in) investing activities | -8,025 | [1] | 94 | [2] |
Financing activities | ' | ' | ||
Intercompany | 38,421 | [1] | 10,877 | [2] |
Principal payments to financial institutions and others | -1,993 | [1] | ' | |
Other financing activities | ' | -1,342 | [2] | |
Net cash provided by (used in) financing activities | 36,428 | [1] | 9,535 | [2] |
Net (decrease) increase in cash and cash equivalents | -88,248 | [1] | -9,962 | [2] |
Cash and cash equivalents at beginning of period | 216,914 | [1],[3] | 157,511 | [2] |
Cash and cash equivalents at end of period | 128,666 | [1],[4] | 147,549 | [2] |
Guarantor Subsidiaries | ' | ' | ||
Operating activities | ' | ' | ||
Net cash (used in) provided by operating activities | -22,609 | -92,559 | ||
Investing activities | ' | ' | ||
Investments in unconsolidated joint ventures | -194 | ' | ||
Proceeds from sale of available-for-sale investments | ' | 23,954 | ||
Other investing activities | 6,273 | 1,334 | ||
Net cash provided by (used in) investing activities | 6,079 | 25,288 | ||
Financing activities | ' | ' | ||
Intercompany | -27,151 | 15,799 | ||
Principal payments to financial institutions and others | 0 | ' | ||
Other financing activities | ' | 0 | ||
Net cash provided by (used in) financing activities | -27,151 | 15,799 | ||
Net (decrease) increase in cash and cash equivalents | -43,681 | -51,472 | ||
Cash and cash equivalents at beginning of period | 48,895 | 96,100 | ||
Cash and cash equivalents at end of period | 5,214 | 44,628 | ||
Non-Guarantor Subsidiaries | ' | ' | ||
Operating activities | ' | ' | ||
Net cash (used in) provided by operating activities | 10,063 | 23,602 | ||
Investing activities | ' | ' | ||
Investments in unconsolidated joint ventures | -11,602 | ' | ||
Proceeds from sale of available-for-sale investments | ' | 0 | ||
Other investing activities | 3,432 | -964 | ||
Net cash provided by (used in) investing activities | -8,170 | -964 | ||
Financing activities | ' | ' | ||
Intercompany | -6,522 | -24,965 | ||
Principal payments to financial institutions and others | 0 | ' | ||
Other financing activities | ' | 1,035 | ||
Net cash provided by (used in) financing activities | -6,522 | -23,930 | ||
Net (decrease) increase in cash and cash equivalents | -4,629 | -1,292 | ||
Cash and cash equivalents at beginning of period | 13,947 | 14,755 | ||
Cash and cash equivalents at end of period | 9,318 | 13,463 | ||
Consolidation, Eliminations | ' | ' | ||
Operating activities | ' | ' | ||
Net cash (used in) provided by operating activities | 4,748 | 1,711 | ||
Investing activities | ' | ' | ||
Investments in unconsolidated joint ventures | 0 | ' | ||
Proceeds from sale of available-for-sale investments | ' | 0 | ||
Other investing activities | 0 | 0 | ||
Net cash provided by (used in) investing activities | 0 | 0 | ||
Financing activities | ' | ' | ||
Intercompany | -4,748 | -1,711 | ||
Principal payments to financial institutions and others | 0 | ' | ||
Other financing activities | ' | 0 | ||
Net cash provided by (used in) financing activities | -4,748 | -1,711 | ||
Net (decrease) increase in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents at beginning of period | 0 | 0 | ||
Cash and cash equivalents at end of period | $0 | $0 | ||
[1] | Includes Shea Homes Funding Corp.; no significant activity occurred in 2013. | |||
[2] | Includes Shea Homes Funding Corp.; no significant activity occurred in 2012. | |||
[3] | Includes Shea Homes Funding Corp., whose financial position at December 31, 2012 was not material. | |||
[4] | Includes Shea Homes Funding Corp., whose financial position at September 30, 2013 was not material. |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 10-May-11 | Oct. 31, 2013 | Oct. 31, 2013 |
In Millions, unless otherwise specified | Amended Credit Facility | New Credit Facilities | |
Subsequent Event | Revolving Credit Facility | ||
Subsequent Event | |||
Subsequent Event [Line Items] | ' | ' | ' |
Letters of credit, borrowing capacity | $75 | $75 | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | $125 |