Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Document Information [Line Items] | ' |
Document Type | '10-K |
Amendment Flag | 'false |
Document Period End Date | 31-Dec-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Entity Registrant Name | 'SHEA HOMES LIMITED PARTNERSHIP |
Entity Central Index Key | '0001531744 |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'No |
Entity Current Reporting Status | 'No |
Entity Voluntary Filers | 'Yes |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 0 |
Entity Public Float | $0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $206,205 | $279,756 | $268,366 | $166,874 |
Restricted cash | 1,189 | 13,031 | ' | ' |
Accounts and other receivables, net | 147,499 | 141,289 | ' | ' |
Receivables from related parties, net | 32,350 | 34,028 | ' | ' |
Inventory | 1,013,272 | 837,653 | ' | ' |
Investments in unconsolidated joint ventures | 47,748 | 28,653 | ' | ' |
Other assets, net | 57,070 | 39,127 | ' | ' |
Total assets | 1,505,333 | 1,373,537 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Notes payable | 751,708 | 758,209 | ' | ' |
Payables to related parties | 21 | 125 | ' | ' |
Accounts payable | 62,346 | 62,738 | ' | ' |
Other liabilities | 245,801 | 233,218 | ' | ' |
Total liabilities | 1,059,876 | 1,054,290 | ' | ' |
SHLP equity: | ' | ' | ' | ' |
Owners' equity | 440,268 | 314,321 | ' | ' |
Accumulated other comprehensive income | 4,788 | 4,517 | ' | ' |
Total SHLP equity | 445,056 | 318,838 | ' | ' |
Non-controlling interests | 401 | 409 | ' | ' |
Total equity | 445,457 | 319,247 | 328,003 | 432,313 |
Total liabilities and equity | $1,505,333 | $1,373,537 | ' | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues | $930,610 | [1] | $680,147 | [1] | $587,770 | |
Cost of sales | -709,412 | -538,434 | -515,578 | |||
Gross margin | 221,198 | [1] | 141,713 | [1] | 72,192 | |
Selling expenses | -54,338 | -45,788 | -45,251 | |||
General and administrative expenses | -50,080 | -43,747 | -37,374 | |||
Equity in income (loss) from unconsolidated joint ventures | -1,104 | 378 | -5,134 | |||
Loss on debt extinguishment | 0 | 0 | -88,384 | |||
Gain (loss) on reinsurance transaction | 2,011 | -12,013 | 3,072 | |||
Interest expense | -5,071 | [2] | -19,862 | [2] | -16,806 | [2] |
Other income (expense), net | -778 | 9,119 | 7,374 | |||
Income (loss) before income taxes | 111,838 | 29,800 | -110,311 | |||
Income tax benefit (expense) | 14,101 | -616 | 3,069 | |||
Net income (loss) | 125,939 | [1] | 29,184 | [1] | -107,242 | |
Less: Net (income) loss attributable to non-controlling interests | 8 | -146 | -7,143 | |||
Net income (loss) attributable to SHLP | $125,947 | [1] | $29,038 | [1] | ($114,385) | |
[1] | Some amounts do not add across due to rounding differences in quarterly amounts | |||||
[2] | For the eight months ended August 31, 2013 and for the years ended December 31, 2012 and 2011, assets qualifying for interest capitalization were less than debt; therefore, non-qualifying interest was expensed. For the period from September 2013 to December 2013, qualifying assets exceeded debt; therefore, no interest was expensed. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Net income (loss) | $125,939 | [1] | $29,184 | [1] | ($107,242) |
Other comprehensive income (loss), before tax | ' | ' | ' | ||
Unrealized investment holding gains (losses) during the year | 552 | 1,569 | 1,927 | ||
Less: Reclassification adjustments for investment (gains) losses included in net income (loss) | -39 | -3,976 | -344 | ||
Comprehensive income (loss), before tax | 126,452 | 26,777 | -105,659 | ||
Income tax benefit (expense) | -242 | 532 | -554 | ||
Comprehensive income (loss), net of tax | 126,210 | 27,309 | -106,213 | ||
Less: Comprehensive (income) loss attributable to non-controlling interests | 8 | -146 | -7,143 | ||
Comprehensive income (loss) attributable to SHLP | $126,218 | $27,163 | ($113,356) | ||
[1] | Some amounts do not add across due to rounding differences in quarterly amounts |
Consolidated_Statements_of_Cha
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, 2010 | $432,313 | $406,863 | $5,363 | $412,226 | $20,087 | $71,830 | $194,240 | $121,892 | $18,901 | |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income (loss) | -107,242 | -114,385 | 0 | -114,385 | 7,143 | -73,438 | -20,685 | -937 | -19,325 | |
Change in unrealized gains on investments, net | 1,029 | 0 | 1,029 | 1,029 | 0 | 0 | 0 | 0 | 0 | |
Comprehensive income (loss), net of tax | -106,213 | ' | ' | -113,356 | 7,143 | ' | ' | ' | ' | |
Contributions from owners and non-controlling interests | [1] | 6,041 | 2,033 | 0 | 2,033 | 4,008 | 1,609 | 0 | 0 | 424 |
Distributions to non-controlling interests | -4,138 | 0 | 0 | 0 | -4,138 | 0 | 0 | 0 | 0 | |
Ending 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) | 29,184 | 29,038 | 0 | 29,038 | 146 | 0 | 0 | 29,038 | 0 | |
Change in unrealized gains on investments, net | -1,875 | 0 | -1,875 | -1,875 | 0 | 0 | 0 | 0 | 0 | |
Comprehensive income (loss), net of tax | 27,309 | ' | ' | 27,163 | 146 | ' | ' | ' | ' | |
Contributions from owners and non-controlling interests | [1] | 4,098 | 2,352 | 0 | 2,352 | 1,746 | 1,862 | 0 | 0 | 490 |
Distributions to non-controlling interests | -344 | 0 | 0 | 0 | -344 | 0 | 0 | 0 | 0 | |
Redemption of Company's interest in consolidated joint venture (see Note 12) | -39,819 | -11,580 | 0 | -11,580 | -28,239 | 0 | 0 | -11,580 | 0 | |
Ending 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) | 125,939 | 125,947 | 0 | 125,947 | -8 | 34,133 | 43,379 | 39,453 | 8,982 | |
Change in unrealized gains on investments, net | 271 | 0 | 271 | 271 | 0 | 0 | 0 | 0 | 0 | |
Comprehensive income (loss), net of tax | 126,210 | ' | ' | 126,218 | -8 | ' | ' | ' | ' | |
Ending Balance at Dec. 31, 2013 | $445,457 | $440,268 | $4,788 | $445,056 | $401 | $35,996 | $216,934 | $177,866 | $9,472 | |
[1] | For the year ended December 31, 2012 and 2011, the Company sold property to related parties under common control and, in accordance with GAAP, $2.4 million and $2.0 million, respectively, of consideration received in excess of net book value was recorded as an equity contribution from its owners. |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Parenthetical) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | ||
Equity contribution from its owners | $4,098 | [1] | $6,041 | [1] |
Related Parties | ' | ' | ||
Equity contribution from its owners | $2,400 | $2,000 | ||
[1] | For the year ended December 31, 2012 and 2011, the Company sold property to related parties under common control and, in accordance with GAAP, $2.4 million and $2.0 million, respectively, of consideration received in excess of net book value was recorded as an equity contribution from its owners. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Operating activities | ' | ' | ' | ||
Net income (loss) | $125,939 | [1] | $29,184 | [1] | ($107,242) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' | ||
Equity in (income) loss from joint ventures | 1,104 | -378 | 2,050 | ||
Loss on debt extinguishment | 0 | 0 | 88,384 | ||
(Gain) loss on reinsurance transaction | -2,011 | 12,013 | -3,072 | ||
Gain on sale of investment in unconsolidated joint venture | 0 | 0 | -5,230 | ||
Net gain on sale of available-for-sale investments | -15 | -8,806 | -565 | ||
Reversal of deferred tax asset valuation allowance | -15,630 | 0 | 0 | ||
Depreciation and amortization expense | 10,608 | 8,638 | 11,296 | ||
Impairment of inventory | 0 | 0 | 30,600 | ||
Impairment of investments in unconsolidated joint ventures | 0 | 0 | 2,375 | ||
Net interest capitalized on investments in unconsolidated joint ventures | -2,278 | -849 | -667 | ||
Distributions of earnings from joint ventures | 7,100 | 1,400 | 650 | ||
Changes in operating assets and liabilities: | ' | ' | ' | ||
Restricted cash | 11,842 | 687 | -1,271 | ||
Receivables and other assets | -11,192 | -17,670 | -6,913 | ||
Inventory | -185,596 | -68,733 | 31,521 | ||
Payables and other liabilities | 14,231 | 38,323 | -3,038 | ||
Net cash provided by (used in) operating activities | -45,898 | -6,191 | 38,878 | ||
Investing activities | ' | ' | ' | ||
Purchase of available-for-sale investments | 0 | 0 | -20,205 | ||
Proceeds from sale of available-for-sale investments | 3,165 | 26,547 | 1,724 | ||
Proceeds from sale of investments in unconsolidated joint venture | 0 | 0 | 14,000 | ||
Net decrease in promissory notes from related parties | 3,335 | 1,987 | 107,680 | ||
Investments in unconsolidated joint ventures | -25,376 | -11,967 | -17,281 | ||
Distributions of capital from unconsolidated joint ventures | 4,072 | 321 | 8,012 | ||
Purchase of property and equipment | -1,979 | -464 | -1,846 | ||
Proceeds from sale of property and equipment | 10 | 0 | 12,893 | ||
Net cash provided by (used in) investing activities | -16,773 | 16,424 | 104,977 | ||
Financing activities | ' | ' | ' | ||
Repayments on revolving lines of credit | 0 | 0 | -80,448 | ||
Issuance of new secured notes | 0 | 0 | 750,000 | ||
Principal payments to financial institutions and others | -10,880 | -2,429 | -721,953 | ||
Accrued interest on notes payable | 0 | 0 | 1,839 | ||
Amortization of notes payable discount | 0 | 0 | 5,527 | ||
Contributions from non-controlling interests | 0 | 1,746 | 4,008 | ||
Distributions to non-controlling interests | 0 | -344 | -3,369 | ||
Contributions from owners | 0 | 2,352 | 2,033 | ||
Other financing activities | 0 | -168 | 0 | ||
Net cash provided by (used in) financing activities | -10,880 | 1,157 | -42,363 | ||
Net increase (decrease) in cash and cash equivalents | -73,551 | 11,390 | 101,492 | ||
Cash and cash equivalents at beginning of year | 279,756 | 268,366 | 166,874 | ||
Cash and cash equivalents at end of year | $206,205 | $279,756 | $268,366 | ||
[1] | Some amounts do not add across due to rounding differences in quarterly amounts |
Organization
Organization | 12 Months Ended |
Dec. 31, 2013 | |
Organization | ' |
1. Organization | |
Shea Homes Limited Partnership, a California limited partnership (“SHLP”), 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”), under the common control of Shea family members (collectively, the “Partners”). J.F. Shea, GP is 96% owned by JFSCI. | |
Nature of Operations | |
Our principal business purpose is homebuilding, which includes acquiring and developing land and constructing and selling 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, Virginia 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). |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies | ' |
2. Summary of Significant Accounting Policies | |
Basis of Presentation | |
The accompanying consolidated financial statements include the accounts of 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. | |
Unless the context otherwise requires, the terms “we”, “us”, “our” and “the Company” refer to SHLP, its subsidiaries and its consolidated joint ventures. | |
Use of Estimates | |
Preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires the Company to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Estimates relate primarily to valuation of certain real estate and reserves for self-insured risks. Actual results could differ significantly from those estimates. | |
Reclassifications | |
Certain reclassifications were made in the 2012 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. | |
Cash and Cash Equivalents | |
All highly liquid investments (original maturities of 90 days or less) are considered to be cash equivalents. | |
Concentration of Credit Risk | |
Financial instruments representing concentrations of credit risk are primarily cash, cash equivalents, investments and insurance receivables. | |
Cash in banks exceeded the federally insured limits; cash equivalents comprised primarily of money market securities and securities backed by the U.S. government; and insurance receivables were with highly rated insurers and/or collateralized. We have incurred no losses on deposits of cash and cash equivalents and believe our depository institutions are financially sound and present minimal credit risk. | |
Inventory | |
We capitalize preacquisition, land, development and other allocated costs, including interest, during development and home construction. Applicable costs incurred after development or construction is substantially complete are charged to selling, general and administrative, and other expenses as appropriate. Preacquisition costs, including non-refundable land deposits, are expensed to other income (expense), net when we determine continuation of the respective project is not probable. | |
Land, development and other indirect costs are typically allocated to inventory using a methodology that approximates the relative-sales-value method. Home construction costs are recorded using the specific identification method. Cost of sales for homes closed includes the specific construction costs of each home and all applicable land acquisition, land development and related costs (both incurred and estimated to be incurred) based upon the total number of homes expected to close in each community. Changes to estimated total development costs subsequent to initial home closings in a community are generally allocated on a relative-sales-value method to remaining homes in the community. | |
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 is 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 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 could impact sales pace, sales 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 have 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. We generally use discount rates ranging from 10% to 25%, subject to perceived risks associated with the community’s cash flow streams relative to its inventory. | |
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 twelve 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 each of these factors, periodic changes to such factors based on updated relevant information could result in actual costs to differ significantly from estimated costs. | |
In accordance with our underlying completed operations insurance policies, completed operations claims costs are 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 is closed. | |
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 assets 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. The assessment of a valuation allowance includes giving appropriate consideration to all positive and negative evidence related to the realization of the deferred tax asset. This assessment considers, among other things, the nature, frequency and severity of current and cumulative losses over recent years, forecasts of future profitability, the duration of statutory carryforward periods, our experience with operating loss and tax credit carryforwards before they expire, and tax planning alternatives. 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 our consolidated financial position or results of operations. | |
We follow certain accounting guidance with respect to how uncertain tax positions should be accounted for and disclosed in the consolidated financial statements. The guidance requires the assessment of tax positions taken or expected to be taken in the tax returns and to determine whether the tax positions are “more-likely-than-not” of being sustained upon examination by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not criteria would be recorded as a tax benefit or expense in the current year. We are required to assess open tax years, as defined by the statute of limitations, for all major jurisdictions, including federal and certain states. Open tax years are those that are open for examination by taxing authorities. We have examinations in progress but believe there are no uncertain tax positions that do not meet the more-likely-than-not level of authority (see Note 13). | |
Advertising Costs | |
We expense advertising costs as incurred. For the years ended December 31, 2013, 2012 and 2011, we incurred and expensed advertising costs of $7.4 million, $6.6 million and $6.2 million, respectively. | |
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 | 12 Months Ended |
Dec. 31, 2013 | |
Restricted Cash | ' |
3. Restricted Cash | |
At December 31, 2013, restricted cash included customer deposits temporarily restricted in accordance with regulatory requirements and cash used in lieu of bonds. In addition, at December 31, 2012, $10.0 million of restricted cash included cash used as collateral for potential obligations paid by the Company’s bank. In January 2013, this $10.0 million of restricted cash was released to the Company. At December 31, 2013 and December 31, 2012, restricted cash was $1.2 million and $13.0 million, respectively. |
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures | ' | ||||||||||||||||
4. Fair Value Disclosures | |||||||||||||||||
At December 31, 2013 and 2012, as required by ASC 825, the following presents net book values and estimated fair values of notes payable: | |||||||||||||||||
December 31, 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 | $ | 830,625 | $ | 750,000 | $ | 828,750 | |||||||||
Secured promissory notes | $ | 1,708 | $ | 1,708 | $ | 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 year. | |||||||||||||||||
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 | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts and Other Receivables, Net | ' | ||||||||
5. Accounts and Other Receivables, Net | |||||||||
At December 31, 2013 and 2012, accounts and other receivables, net were as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Insurance receivables | $ | 138,610 | $ | 131,519 | |||||
Escrow receivables | 586 | 576 | |||||||
Notes receivables | 3,155 | 3,662 | |||||||
Development receivables | 3,093 | 3,325 | |||||||
Other receivables | 4,031 | 4,147 | |||||||
Reserve | (1,976 | ) | (1,940 | ) | |||||
Total accounts and other receivables, net | $ | 147,499 | $ | 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 December 31, 2013 and 2012, insurance receivables from affiliate insurance carriers were $44.0 million and $30.2 million, respectively. | |||||||||
We reserve for uncollectible receivables that are specifically identified. |
Inventory
Inventory | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Inventory | ' | ||||||||||||
6. Inventory | |||||||||||||
At December 31, 2013 and 2012, inventory was as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Model homes | $ | 87,728 | $ | 69,210 | |||||||||
Completed homes for sale | 20,285 | 14,015 | |||||||||||
Homes under construction | 257,662 | 189,929 | |||||||||||
Lots available for construction | 342,622 | 249,463 | |||||||||||
Land under development | 122,257 | 175,922 | |||||||||||
Land held for future development | 70,618 | 60,466 | |||||||||||
Land held for sale, including water system connection rights | 79,102 | 71,381 | |||||||||||
Land deposits and preacquisition costs | 32,998 | 7,267 | |||||||||||
Total inventory | $ | 1,013,272 | $ | 837,653 | |||||||||
Model homes, completed homes for sale and homes under construction include all costs associated with home construction, including land, development, indirects, permits and vertical construction. Lots available for construction include costs incurred prior to home construction such as land, development, indirects and permits. Land under development includes costs incurred during site development such as land, development, indirects and permits. Land under development transfers to lots available for construction once site development is complete and is ready for vertical construction. Land is classified as held for future development if no significant development has occurred. Land held for sale, including water system connection rights, represents residential and commercial land designated for sale, as well as water system connection rights held that will be transferred to homebuyers upon closing of their home, transferred upon sale of land to the respective buyer, sold or leased. | |||||||||||||
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 or fair value less costs to sell (see Note 2). | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, inventory impairment charges were as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Inventory impairment charge | $ | 0 | $ | 0 | $ | 30,600 | |||||||
Remaining carrying value of inventory impaired at end of year | $ | 0 | $ | 0 | $ | 27,427 | |||||||
Projects impaired | 0 | 0 | 10 | ||||||||||
Projects evaluated for impairment (a) | 126 | 132 | 131 | ||||||||||
(a) | Large land parcels not subdivided into communities are counted as one project. Once parcels are subdivided, the project count will increase accordingly. | ||||||||||||
Write-off of Deposits and Preacquisition Costs | |||||||||||||
Land deposits and preacquisition costs for potential acquisitions and land option contracts are included in inventory. When a potential acquisition or land option contract is abandoned, related deposits and preacquisition costs are written off to other income (expense), net. For the years ended December 31, 2013, 2012 and 2011, write-offs of deposits and preacquisition costs were $1.4 million, $2.0 million and $0.2 million, respectively. | |||||||||||||
Interest Capitalization | |||||||||||||
Interest is capitalized to 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 as related units close. Interest capitalized to 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 years ended December 31, 2013, 2012 and 2011, interest incurred, capitalized and expensed was as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Interest incurred | $ | 67,048 | $ | 66,857 | $ | 69,961 | |||||||
Interest expensed (a) | $ | 5,071 | $ | 19,862 | $ | 16,806 | |||||||
Interest capitalized as a cost of inventory during the year | $ | 59,699 | $ | 46,146 | $ | 51,840 | |||||||
Interest previously capitalized as a cost of inventory, included in cost of sales | $ | (60,448 | ) | $ | (54,733 | ) | $ | (45,944 | ) | ||||
Interest previously capitalized as a cost of inventory, transferred to property and equipment and from investments in joint ventures, net | $ | 0 | $ | 0 | $ | (411 | ) | ||||||
Interest capitalized in ending inventory (b) | $ | 102,100 | $ | 102,849 | $ | 111,436 | |||||||
Interest capitalized as a cost of investments in joint ventures during the year | $ | 2,278 | $ | 849 | $ | 1,315 | |||||||
Interest previously capitalized as a cost of investments in joint ventures, included in equity in income (loss) from joint ventures | $ | (1,189 | ) | $ | (849 | ) | $ | (1,619 | ) | ||||
Interest previously capitalized as a cost of investments in joint ventures, transferred to inventory | $ | 0 | $ | 0 | $ | (642 | ) | ||||||
Interest capitalized in ending investments in joint ventures | $ | 1,089 | $ | 0 | $ | 0 | |||||||
(a) | For the eight months ended August 31, 2013 and for the years ended December 31, 2012 and 2011, assets qualifying for interest capitalization were less than debt; therefore, non-qualifying interest was expensed. For the period from September 2013 to December 2013, qualifying assets exceeded debt; therefore, no 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. | ||||||||||||
Model Homes Costs | |||||||||||||
Certain costs of model homes are capitalized and subsequently amortized as selling expense when the related units in the respective communities close. For the years ended December 31, 2013, 2012 and 2011, amortized model homes costs were $10.3 million, $8.2 million and $9.9 million, respectively. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Joint Ventures | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Investments in Unconsolidated Joint Ventures | ' | ||||||||||||
7. Investments in Unconsolidated 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 the respective joint ventures. Deficit Distributions are offset by future earnings of, or future contributions to, the joint ventures. At December 31, 2013 and 2012, Deficit Distributions were $0.4 million and $0.7 million, respectively. | |||||||||||||
For the year ended December 31, 2011, impairment charges on investments in joint ventures were $2.4 million and included in equity in income (loss) from joint ventures. | |||||||||||||
At December 31, 2013 and 2012, and for the years ended December 31, 2013, 2012 and 2011, condensed financial information for our unconsolidated joint ventures was as follows: | |||||||||||||
Condensed Balance Sheet Information | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Assets | |||||||||||||
Real estate inventory | $ | 267,460 | $ | 121,446 | |||||||||
Other assets | 130,840 | 52,143 | |||||||||||
Total assets | $ | 398,300 | $ | 173,589 | |||||||||
Liabilities and equity | |||||||||||||
Notes payable | $ | 78,589 | $ | 76,957 | |||||||||
Other liabilities | 99,395 | 16,435 | |||||||||||
Total liabilities | 177,984 | 93,392 | |||||||||||
Equity: | |||||||||||||
The Company (a) | 47,397 | 27,937 | |||||||||||
Others | 172,919 | 52,260 | |||||||||||
Total equity | 220,316 | 80,197 | |||||||||||
Total liabilities and equity | $ | 398,300 | $ | 173,589 | |||||||||
Condensed Income Statement Information | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Revenues | $ | 90,743 | $ | 46,586 | $ | 41,530 | |||||||
Expenses | (85,594 | ) | (48,079 | ) | (58,189 | ) | |||||||
Net income (loss) | 5,149 | (1,493 | ) | (16,659 | ) | ||||||||
The Company’s share of net income (loss) | $ | (1,104 | ) | $ | 378 | $ | (5,134 | ) | |||||
(a) | At December 31, 2013 and 2012, includes Deficit Distributions of $0.4 million and $0.7 million, respectively. | ||||||||||||
At December 31, 2013 and 2012, total unconsolidated joint ventures’ notes payable consisted of the following: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Bank and seller notes payable: | |||||||||||||
Guaranteed (subject to remargin obligations) | $ | 52,515 | $ | 45,610 | |||||||||
Non-Guaranteed | 10,073 | 22,894 | |||||||||||
Total bank and seller notes payable (a) | 62,588 | 68,504 | |||||||||||
Partner notes payable (b): | |||||||||||||
Unsecured | 16,001 | 8,453 | |||||||||||
Total unconsolidated joint venture notes payable | $ | 78,589 | $ | 76,957 | |||||||||
Other unconsolidated joint venture notes payable(c) | $ | 55,441 | $ | 57,839 | |||||||||
(a) | All bank and seller notes were secured by real property. | ||||||||||||
(b) | No guarantees were provided on partner notes payables. In January 2014, a $3.2 million partner note from one joint venture was paid off. | ||||||||||||
(c) | Through indirect effective ownership in two joint ventures of 12.3% and 0.0003%, respectively, that had bank notes payable secured by real property in which we have not provided any guaranty. | ||||||||||||
At December 31, 2013 and 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. | |||||||||||||
For a joint venture, RRWS, LLC (“RRWS”), 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 at December 31, 2013 and 2012 were $47.7 million and $45.6 million, respectively. Consequently, our maximum remargin obligation at December 31, 2013 and 2012 was $23.8 million and $22.8 million, respectively. We also have an indemnification agreement 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 second joint venture, Polo Estates Ventures, LLC (“Polo”), in 2013 we issued a joint and several remargin guarantee on loan obligations, which in total at December 31, 2013 were $4.8 million. At December 31, 2013, the total maximum borrowings permitted on these loans were $21.6 million. We also have reimbursement rights where we could potentially recover a portion of any remargin payments made by the Company. However, we cannot provide assurance we could collect such reimbursements. | |||||||||||||
No liabilities were recorded for these guarantees at December 31, 2013 and 2012 as the fair value of the secured real estate assets exceeded the threshold at which a remargin payment would be required. | |||||||||||||
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. The aggregate amount of restricted payments made under this broader restricted payment basket cannot exceed 50% of our cumulative Consolidated Net Income (as defined in the Indenture) generated from and including October 1, 2013 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 from and including October 1, 2013, 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 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 December 31, 2013, we made aggregate capital contributions of $15.1 million to this joint venture. |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2013 | |
Variable Interest Entities | ' |
8. Variable Interest Entities | |
ASC 810 requires a VIE to be consolidated in the 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 with which we were involved at December 31, 2013 and 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 December 31, 2013 and 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 December 31, 2013 and 2012, we had a variable interest in an unconsolidated joint venture determined to be a VIE. The joint venture, RRWS, was formed in December 2012 and is owned 50% by the Company and 50% by a third-party real estate developer (the “RRWS 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. Each loan is cross collateralized and cross defaulted with the other loan. The Company and RRWS Partner each executed limited completion, interest and carry guarantees and environmental indemnities on a joint and several basis. In addition, the Company and RRWS Partner executed loan-to-value maintenance agreements for each loan on a joint and several basis. The Company 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. Obligations of the Company and RRWS Partner under the re-margin arrangements are limited during the first two years of the loans. In addition to re-margin arrangements, the RRWS Partner, and several of its principals, executed repayment guarantees with no limit on their liability. At December 31, 2013 and 2012, outstanding bank notes payable were $47.7 million and $45.6 million, respectively, of which the Company has a maximum remargin obligation of $23.8 million and $22.8 million, respectively. The Company also has an indemnification agreement, under which the Company could potentially recover a portion of any remargin payments made by the Company. However, the Company cannot provide assurance it could collect under this indemnity agreement. | |
At December 31, 2013 and 2012, we had a variable interest in a second unconsolidated joint venture determined to be a VIE. The joint venture, Polo, was formed in November 2012 and is owned 50% by the Company and 50% by a third-party investor (“Polo Partner”). Polo entered into acquisition, development and construction loans in July 2013 with two-year terms and options to extend for one year, subject to certain conditions. Each loan is cross collateralized and cross defaulted with the other loans. The Company and Polo Partner each issued loan-to-value maintenance arrangements for each loan on a joint and several basis. At December 31, 2013, outstanding bank notes payable were $4.8 million and total maximum borrowings permitted on these loans were $21.6 million. The Company also has reimbursement rights where the Company could potentially recover a portion of any remargin payments made by the Company. However, the Company cannot provide assurance it could collect such reimbursements. | |
In accordance with ASC 810, we determined we were not the primary beneficiaries of RRWS and Polo because we did not have the power to direct activities that most significantly impact the economic performance of RRWS and Polo, such as determining or limiting the scope or purpose of the respective entity, selling or transferring property owned or controlled by the respective entity, and arranging financing for the respective 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 December 31, 2013 and 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 December 31, 2013, we had $1.5 million of refundable and non-refundable cash deposits associated with land option contracts with unconsolidated VIEs, having a $72.7 million remaining purchase price. We also had $19.5 million of refundable and non-refundable cash deposits associated with land option contracts that were not with VIEs, having a $349.6 million remaining purchase price. | |
Our loss exposure on land option contracts consists of non-refundable deposits, which were $6.9 million and $5.0 million at December 31, 2013 and 2012, respectively, and capitalized preacquisition costs of $12.0 million and $2.0 million, respectively, which were included in inventory in the consolidated balance sheets. |
Other_Assets_Net
Other Assets, Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Assets, Net | ' | ||||||||
9. Other Assets, Net | |||||||||
At December 31, 2013 and 2012, other assets were as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Income tax receivable | $ | 2,199 | $ | 3,497 | |||||
Deferred tax asset (see Note 13) | 16,337 | 0 | |||||||
Investments | 9,439 | 12,078 | |||||||
Property and equipment, net | 4,103 | 2,237 | |||||||
Capitalized loan origination fees | 11,089 | 10,140 | |||||||
Prepaid bank fees | 152 | 403 | |||||||
Deposits in lieu of bonds and letters of credit | 10,294 | 7,110 | |||||||
Prepaid insurance | 2,460 | 2,148 | |||||||
Other | 997 | 1,515 | |||||||
Total other assets, net | $ | 57,070 | $ | 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 years ended December 31, 2013 and 2012, there were $0.1 million and $8.8 million of realized gains on available-for-sale securities. | |||||||||
Capitalized Loan Origination Fees | |||||||||
In accordance with ASC 470, these amounts are loan origination fees, which are amortized as interest over the term of the related debt and, in 2013, include $2.5 million paid to obtain senior secured note holder consent for a secured revolving credit facility executed in February 2014 (see Note 21). | |||||||||
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. |
Notes_Payable
Notes Payable | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Notes Payable | ' | ||||||||
10. Notes Payable | |||||||||
At December 31, 2013 and 2012, notes payable were as follows: | |||||||||
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 | 1,708 | 8,209 | |||||||
Total notes payable | $ | 751,708 | $ | 758,209 | |||||
On May 10, 2011, our Secured Notes were issued in the aggregate principal amount of $750.0 million and the outstanding obligations of the Company’s secured revolving lines of credit and notes payable (the “Secured Facilities”) were paid off and terminated. Principal and interest paid in 2011under the Secured Facilities was $779.6 million and $2.5 million, respectively. Concurrent with the payoff of the Secured Facilities, an $88.4 million loss on debt extinguishment was recognized, which included a $65.0 million write-off of the discount related to the Secured Facilities, which increased the principal to its face value of $779.6 million, and a $23.4 million write-off of prepaid professional and loan fees incurred in connection with the Secured Facilities. All payable-in-kind interest, $5.0 million of principal and certain fees were waived, all of which were netted against the $88.4 million charge. In addition, of the $19.1 million of then outstanding letters of credit, $4.0 million were returned and $15.1 million were paid by the Company, of which $14.5 million was reimbursed by JFSCI for its share of the letters of credit paid by the Company. | |||||||||
The Secured Notes 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 December 31, 2013 and 2012, accrued interest was $8.1 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 into unrelated businesses, and enter into certain transactions with our affiliates. At December 31, 2013 and 2012, we were in compliance with these covenants. |
Other_Liabilities
Other Liabilities | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Liabilities | ' | ||||||||||||
11. Other Liabilities | |||||||||||||
At December 31, 2013 and 2012, other liabilities were as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Completed operations reserves | $ | 138,610 | $ | 131,519 | |||||||||
Warranty reserves | 20,648 | 17,749 | |||||||||||
Deferred revenue/gain | 30,036 | 30,902 | |||||||||||
Provisions for closed homes/communities | 10,591 | 8,135 | |||||||||||
Deposits (primarily homebuyer) | 14,281 | 15,684 | |||||||||||
Legal reserves | 4,576 | 4,916 | |||||||||||
Accrued interest | 8,086 | 8,086 | |||||||||||
Accrued compensation and benefits | 9,389 | 4,697 | |||||||||||
Distributions payable | 2,531 | 2,892 | |||||||||||
Deficit Distributions (see Note 7) | 351 | 716 | |||||||||||
Other | 6,702 | 7,922 | |||||||||||
Total other liabilities | $ | 245,801 | $ | 233,218 | |||||||||
Completed Operations Reserves | |||||||||||||
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 up 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 through a combination of third-party and affiliate insurance carriers. | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, changes in completed operations reserves were as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Insured completed operations | |||||||||||||
Balance, beginning of the year | $ | 131,519 | $ | 109,390 | $ | 102,860 | |||||||
Reserves provided | 19,002 | 40,087 | 1,160 | ||||||||||
Insurance purchased (see below) | 0 | 0 | 16,520 | ||||||||||
Claims paid | (11,911 | ) | (17,958 | ) | (11,150 | ) | |||||||
Balance, end of the year | 138,610 | 131,519 | 109,390 | ||||||||||
Self-insured completed operations | |||||||||||||
Balance, beginning of the year | 0 | 0 | 15,613 | ||||||||||
Reserves provided | 0 | 0 | 907 | ||||||||||
Insurance purchased | 0 | 0 | (16,520 | ) | |||||||||
Balance, end of the year | 0 | 0 | 0 | ||||||||||
Total completed operations reserves | $ | 138,610 | $ | 131,519 | $ | 109,390 | |||||||
Reserves provided 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 corresponding insurance receivables under applicable policies when recovery is probable. At December 31, 2013 and 2012, insurance receivables were $138.6 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 a charge to cost of sales when home revenue is recognized. We also include in our warranty reserve 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 years ended December 31, 2013, 2012 and 2011, changes in warranty liability were as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Balance, beginning of the year | $ | 17,749 | $ | 17,358 | $ | 16,238 | |||||||
Provision for warranties | 11,188 | 8,958 | 9,636 | ||||||||||
Warranty costs paid | (8,289 | ) | (8,567 | ) | (8,516 | ) | |||||||
Balance, end of the year | $ | 20,648 | $ | 17,749 | $ | 17,358 | |||||||
Deferred Revenue/Gain | |||||||||||||
Deferred revenue/gain represents deferred revenues or profit on transactions where an insufficient down payment was received or a future performance, passage of time or event is required. At December 31, 2013 and 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 generated but was deferred and to be recognized as income when related claims are paid. In addition, the deferred gain may 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 December 31, 2013 and 2012, the unamortized deferred gain was $18.9 million and $20.3 million, respectively. For the years ended December 31, 2013, 2012 and 2011, we recognized $1.4 million, $(4.7) million and $1.0 million, respectively, of this deferral as income (expense), which was included in gain (loss) on reinsurance transaction, and includes both the impact of income recognized from claims paid as well as income or expense from increases or decreases to the deferred gain from changes in actuarial estimates. | |||||||||||||
Second, PIC entered into reinsurance agreements with 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 generated but was deferred and to be recognized as income when the related claims are paid. In addition, the deferred gain may 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 December 31, 2013 and 2012, the unamortized deferred gain was $7.8 million and $8.4 million, respectively. For the years ended December 31, 2013, 2012, and 2011, we recognized $0.6 million, $(7.3) million and $2.1 million, respectively, of this deferral as income (expense), which was included in gain (loss) on reinsurance transaction, and includes both the impact of income recognized from claims paid as well as income or expense from increases or decreases to the deferred gain from changes in actuarial estimates. | |||||||||||||
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, since no other assets of Vistancia, LLC economically benefit the former non-controlling member of Vistancia, LLC, the Company recorded the remaining $3.3 million distribution payable to this member, which is paid $0.1 million quarterly. At December 31, 2013 and 2012, the distribution payable was $2.5 million and $2.9 million, respectively. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions | ' | ||||||||
12. Related Party Transactions | |||||||||
Related Party Receivables and Payables | |||||||||
At December 31, 2013 and 2012, receivables from related parties, net were as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Note receivables from JFSCI | $ | 21,588 | $ | 24,498 | |||||
Note receivables from unconsolidated joint ventures | 1,037 | 268 | |||||||
Note receivables from related parties | 18,822 | 19,940 | |||||||
Reserves for note receivables from related parties | (12,842 | ) | (12,766 | ) | |||||
Receivables from related parties | 3,745 | 2,088 | |||||||
Total receivables from related parties, net | $ | 32,350 | $ | 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. During 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 December 31, 2013 and 2012, the note receivable from JFSCI, including accrued interest, was $21.6 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 December 31, 2013 and 2012, notes receivable from unconsolidated joint ventures, including accrued interest, were $1.0 million and $0.3 million, respectively. These notes receivable bear interest ranging from 8% to 12% and mature in 2020. Further, the note bearing 8% interest can earn 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 these notes, 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 these notes. | |||||||||
At December 31, 2013 and 2012, notes receivable from other related parties, including accrued interest, were $6.0 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 December 31, 2013 and 2012, these notes bore interest ranging from Prime less 0.75% (2.5%) to Prime plus 1% (4.25%). Quarterly, we evaluate collectability of these notes which includes consideration of prior payment history, operating performance and future payment requirements under the applicable notes. 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. 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 December 31, 2013 and 2012, these receivables were $3.7 million and $2.1 million, respectively, and these payables were $0.1 million and $0.1 million, respectively. | |||||||||
Real Property and Joint Venture Transactions | |||||||||
Redemption or Purchase of Interest in Joint Venture | |||||||||
In March 2012, the Company’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, the Company used third-party real estate appraisals. The estimated fair value of the assets received by the Company was $30.8 million. However, as the non-controlling member is a related party under common control, the assets and liabilities received by the Company were recorded at net book value and the difference in the Company’s investment in SCLLC and the net book value of the assets and liabilities received was recorded as a reduction to the Company’s equity. | |||||||||
As consideration for the redemption, SCLLC distributed assets and liabilities to the Company having a net book value of $24.0 million, including $2.2 million of 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, effective March 31, 2012, SCLLC is no longer included in these consolidated financial statements. 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 the Company’s equity and $28.2 million was attributable to non-controlling interests. | |||||||||
In December 2011, Vistancia, LLC, a consolidated joint venture, sold its remaining interest in an unconsolidated joint venture to the joint venture partner for $14.0 million, of which $3.0 million was distributed to non-controlling interests (the “Vistancia Sale”). We realized a $5.2 million gain, of which $5.9 million was included in other income (expense), net and $0.7 million of interest expense previously capitalized to our investment was written off to equity in income (loss) from joint ventures. In addition, as no other assets of Vistancia, LLC economically benefit the non-controlling member, the Company recorded the remaining $3.3 million distribution payable to this member, which is included in other liabilities in the consolidated balance sheets with a corresponding charge to other income (expense), net in the consolidated statements of operations. In May 2012, for a nominal amount, SHLP purchased the non-controlling member’s entire 16.7% interest in Vistancia, LLC; however, the distribution payable remained, which is paid $0.1 million quarterly. At December 31, 2013 and 2012, the distribution payable was $2.5 million and $2.9 million, respectively (see Note 11). | |||||||||
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 December 31, 2013 and 2012, the Company exceeded the minimum tangible net worth requirement. | |||||||||
Other Real Property and Joint Venture Transactions | |||||||||
In October 2012, the Company sold land in Colorado to a related party for $4.6 million. As the related party is under common control, the $2.4 million of net sales proceeds received in excess of the net book value of the land sold was recorded as an equity contribution. | |||||||||
In November 2011, through our consolidated joint venture SCLLC, we sold land in Colorado to a related party for $0.8 million. As the related party is under common control, the $0.5 million of consideration received in excess of net book value was recorded as an equity contribution. | |||||||||
In September 2011, we sold fixed assets in Colorado, comprised of three buildings and related improvements and land, to a related party. Consideration received was $14.4 million cash and a $6.5 million note receivable at 4.2% interest, payable in equal monthly installments and maturing August 2016. As the related party is under common control, the $1.5 million of consideration received in excess of net book value was recorded as an equity contribution. | |||||||||
In April 2011, through our consolidated joint venture SCLLC, we entered into transactions with the joint venture partner of two unconsolidated joint ventures in Colorado, in which we have a 50% ownership interest in each, SB Meridian Villages, LLC (“SBMV”) and TCD Bradbury LLC (“TCDB”). First, we assigned our membership interest in SBMV to our joint venture partner for $4.5 million, resulting in a $0.5 million gain. Second, we contributed $11.5 million in cash to TCDB and received $15.4 million of land with a $0.6 million secured promissory note payable, and the joint venture partner received $12.2 million of land and $6.5 million of cash. TCDB then paid off a bank note payable that was secured by the land distributed to the TCDB partners. | |||||||||
At December 31, 2013 and 2012, we were the managing member for ten unconsolidated joint ventures and received management fees from these joint ventures as reimbursement for direct and overhead costs incurred on behalf of the joint ventures and other associated costs. Fees from these unconsolidated joint ventures representing reimbursement of our costs are recorded as a reduction of general and administrative expense. Fees from these unconsolidated joint ventures representing amounts in excess of our costs are recorded as revenues. For the years ended December 31, 2013, 2012 and 2011, $8.0 million, $4.3 million and $3.6 million of management fees, respectively, were offset against general and administrative expenses, and $0.5 million, $0.2 million and $1.7 million of management fees, respectively, were included in revenues. | |||||||||
Other Related Party Transactions | |||||||||
JFSCI provides corporate services to us, including services for management, legal, tax, information technology, risk management, facilities, accounting, treasury and human resources. For the years ended December 31, 2013, 2012 and 2011, general and administrative expenses included $20.3 million, $18.1 million and $16.4 million, respectively, for corporate services provided by JFSCI. | |||||||||
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 years ended December 31, 2013, 2012 and 2011, amounts paid to affiliates for this retention insurance coverage were $14.1 million, $13.1 million and $12.9 million, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes | ' | ||||||||||||
13. Income Taxes | |||||||||||||
Income Tax Benefit (Expense) | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, major components of the income tax benefit (expense) were as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 0 | $ | 0 | $ | 3,000 | |||||||
State | (1,766 | ) | (78 | ) | 140 | ||||||||
Total current | (1,766 | ) | (78 | ) | 3,140 | ||||||||
Deferred: | |||||||||||||
Federal | 13,385 | (532 | ) | 603 | |||||||||
State | 2,482 | (6 | ) | (674 | ) | ||||||||
Total deferred | 15,867 | (538 | ) | (71 | ) | ||||||||
Total income tax benefit (expense) | $ | 14,101 | $ | (616 | ) | $ | 3,069 | ||||||
Reconciliation of Expected Income Tax Benefit (Expense) | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the effective tax rate differed from the 35% federal statutory rate due to the following: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Income (loss) before income taxes | $ | 111,838 | $ | 29,800 | $ | (110,311 | ) | ||||||
Income tax benefit (expense) computed at statutory rate | $ | (39,143 | ) | $ | (10,430 | ) | $ | 38,609 | |||||
Increase (decrease) resulting from: | |||||||||||||
Non-taxable entities income (loss) (a) | 25,275 | 7,134 | (36,195 | ) | |||||||||
State taxes, net of federal income tax benefit | (1,901 | ) | (1,045 | ) | 613 | ||||||||
Small insurance company election (831b) | 198 | (2,583 | ) | (24 | ) | ||||||||
Write-off of deferred tax assets | 0 | 0 | (9,500 | ) | |||||||||
Change in valuation allowance for deferred tax assets | 32,223 | 5,461 | 10,648 | ||||||||||
Other, net | (2,551 | ) | 847 | (1,082 | ) | ||||||||
Total income tax benefit (expense) | $ | 14,101 | $ | (616 | ) | $ | 3,069 | ||||||
Effective tax rate | (12.6 | )% | 2.1 | % | 2.8 | % | |||||||
(a) | Non-taxable entities represent income or loss related to non-controlling interests and consolidated limited partnerships and limited liability companies in which the taxable income or loss is reflected on the respective partners’ tax return. | ||||||||||||
Deferred Income Taxes | |||||||||||||
At December 31, 2013 and 2012, the tax effects of temporary differences that give rise to significant portions of deferred taxes were as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Housing and land inventory basis differences | $ | 8,746 | $ | 12,389 | |||||||||
Available loss carryforwards | 7,696 | 19,322 | |||||||||||
Impairment of inventory and investments | 782 | 2,366 | |||||||||||
Other | 1,166 | 2,797 | |||||||||||
Total deferred tax assets | 18,390 | 36,874 | |||||||||||
Deferred tax liabilities | |||||||||||||
Income recognition | (1,544 | ) | (4,142 | ) | |||||||||
Total deferred tax liabilities | (1,544 | ) | (4,142 | ) | |||||||||
Subtotal | 16,846 | 32,732 | |||||||||||
Valuation allowance | (509 | ) | (32,732 | ) | |||||||||
Net deferred tax assets | $ | 16,337 | $ | 0 | |||||||||
Due to a change in ownership of Foundation Administration Services Corp. in 2001, NOL carryforwards utilized in a given year to offset future taxable income are subject to an annual limitation of approximately $4.6 million pursuant to Section 382 of the Internal Revenue Code. As a result of this annual limitation, available NOL carryforwards have been reduced by the amount expected to expire. At December 31, 2013, SHI had NOL carryforwards of approximately $18.8 million, net, that expire by 2018 and are subject to annual limitations of $4.6 million. | |||||||||||||
Valuation Allowance | |||||||||||||
In accordance with ASC 740, deferred tax assets are evaluated to determine if valuation allowances are required. ASC 740 requires companies to assess valuation allowances based on evidence using a “more-likely-than-not” standard. A valuation allowance reflects the estimated amount of deferred tax assets that may not be realized due to inherent uncertainty of future income from homebuilding operations of SHI and potential expiration of net operating loss (the “NOL”) carryforwards. The deferred tax asset amount considered realizable may change in the future, depending on profitability. | |||||||||||||
Because of the continued annual pretax losses for SHI through the year ended December 31, 2009, the Company determined it was more-likely-than-not that at December 31, 2009, the net deferred tax assets of $51.9 million would not be realized. Accordingly, for the year ended December 31, 2009, the deferred tax asset valuation allowance increased $32.7 million to fully reserve the net deferred tax asset. At December 2011 and 2010, our assessment of deferred tax assets was consistent with 2009 and the net deferred tax asset of $38.2 million and $48.8 million, respectively, remained fully reserved. For the year ended December 31, 2012, SHI generated pretax income for the first time since 2007, a result of the beginning of a housing industry recovery. However, since we only returned to profitability in 2012 and the housing recovery being in its early stages, the $32.7 million net deferred tax assets at December 31, 2012 remained fully reserved. | |||||||||||||
At December 31, 2013, the Company determined it was more-likely-than-not most of the net deferred tax assets would be realized, which, during the fourth quarter, resulted in a $15.6 million reversal of the valuation allowance on its deferred tax assets. The Company evaluated positive and negative evidence, such as financial performance, as the case may be, to determine its ability to realize its deferred tax assets. In its evaluation, the Company gave more weight to objective evidence, such as sales backlog, compared to subjective evidence, such as tax planning strategies. Also, significant weight was given to evidence directly related to the Company’s recent financial performance, such as customer traffic at its communities and cancellation rates, compared to indirect evidence, such as mortgage interest rates, or less recent evidence. | |||||||||||||
At December 31, 2013, in evaluating the valuation allowance, the Company gave more weight to its improving financial results in 2013, especially growth in pre-tax income, gross margins and backlog sales value. The Company also estimated that if its pre-tax income continued, the NOLs would be realized before they expire in 2018. Additionally, the Company considered the subjective, direct positive evidence of improving market fundamentals and its plan to open new communities. | |||||||||||||
Prior to December 31, 2013, the Company gave substantial weight to its losses incurred during the housing downturn in addition to other negative, indirect evidence, such as weakness in the economy, consumer confidence and housing market and a more restrictive mortgage lending environment. | |||||||||||||
At December 31, 2013, the valuation allowance relates to capital losses that expire in 2016 and 2017, and the impairment of debt securities that mature in 2021 and 2022. It is unknown if these deferred tax assets will be realized. | |||||||||||||
Uncertain Tax Positions | |||||||||||||
In 2009, we filed a petition with the United States Tax Court (the “Tax Court”) regarding our position on the completed contract method (“CCM”) of accounting for homebuilding operations. 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 IRS to exchange briefs, which were filed. On February 12, 2014, the Tax Court ruled in favor of the Company (the “Tax Court Decision”). Pursuant to the ruling, the Company is permitted to continue to report income and loss from the sale of homes in its planned developments using CCM. As a result, no additional tax, interest or penalties are currently due and owing by the Company or the Partners. The Tax Court Decision is subject to appeal by the IRS to the U.S. Court of Appeals for the Ninth Circuit. The IRS must elect whether to appeal within 90 days after the Tax Court enters a decision document, which has not occurred. | |||||||||||||
If the Tax Court Decision is appealed, we believe our position would prevail and, accordingly, have not recorded a liability for related taxes or interest for SHI. Furthermore, as a limited partnership, income taxes, interest or penalties imposed on SHLP are the Partners’ responsibility and are not reflected in the tax provision in these consolidated financial statements. However, if the Tax Court Decision is overturned, SHI could be obligated to pay the IRS and applicable state taxing authorities up to $65 million and, under the Tax Distribution Agreement, SHLP could be obligated to make a distribution to the Partners up to $108 million to fund their related payments to the IRS and the applicable state taxing authorities. However, the Indenture provides 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 SHLP Partners. | |||||||||||||
In 2014, the Company anticipates filing Form 3115 with the IRS to change its tax accounting method of how it records certain expenses on its tax returns. As the Company believes it is more-likely-than-not the change will be approved by the IRS, the Company will reflect this tax accounting method in preparing its 2014 tax provision and, accordingly, this change may increase its effective tax rate. | |||||||||||||
Owners_Equity
Owners' Equity | 12 Months Ended |
Dec. 31, 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 December 31, 2013 and 2012, accumulated undistributed preferred returns for Series B holders were $22.7 million and $20.8 million, respectively. At December 31, 2013 and 2012, accumulated undistributed preferred returns for Series D holders were $56.6 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. |
Retirement_Savings_and_Deferre
Retirement Savings and Deferred Compensation Plans | 12 Months Ended |
Dec. 31, 2013 | |
Retirement Savings and Deferred Compensation Plans | ' |
15. Retirement Savings and Deferred Compensation Plans | |
401(k) Retirement Savings Plan | |
JFSCI, on our behalf, maintains a 401(k) Retirement Savings Plan that includes a profit sharing component covering all eligible employees. The plan includes employer participation in accordance with provisions of Section 401(k) of the Internal Revenue Code. The plan allows participants to make pre-tax contributions. On a discretionary basis, we may match employee contributions up to a percentage of the employee’s salary as determined by the Company. The profit sharing portion of the plan is discretionary and non-contributory, allowing us to make additional contributions based on a percentage of the employee’s salary as determined by the Company. All amounts contributed to the plan are deposited into a trust fund administered by independent trustees. For the years ended December 31, 2013 and 2012, matching 401(k) contributions were $0.5 million and $0.5 million, respectively, which represented 50 cents on each dollar, up to the first 6% of the employee’s base salary, subject to a cap, for a maximum of 3%, less forfeitures; there were no matching 401(k) contributions for the year ended December 31, 2011. For the year ended December 31, 2013, profit sharing contributions were $0.9 million, which represented 3% of the employee’s base salary, subject to a cap. For the years ended December 31, 2012 and 2011, there were no profit sharing contributions. | |
Deferred Compensation Plan | |
JFSCI, on our behalf, maintains a non-qualified Deferred Compensation Plan. The plan allows participants to defer up to 80% of base salary, 80% of commissions and 100% of bonus in a deferred account. Deferred amounts may be invested in a variety of investment funds. On behalf of each participant, on a discretionary basis, we may contribute to a separate account comprised of investment funds that correspond to such participant’s deferred account. The plan is designed to comply with Section 409A of the Internal Revenue Code. Deferred amounts may be distributed to each participant upon a separation from service, death, disability, on a scheduled withdrawal date, or with committee approval in the event of unforeseen circumstances. For the years ended December 31, 2013, 2012 and 2011, we made no contributions under the plan. | |
Shea Homes Appreciation Rights Plan | |
On August 8, 2012, the Company adopted, effective January 1, 2012, the Shea Homes Appreciation Rights Plan (the “SHAR Plan”), an equity appreciation plan designed to provide employees and non-employee service providers a financial incentive to contribute to the Company’s long-term success. The SHAR Plan provides for the issuance of units representing the right to receive payment, generally at the time such units vest, based on the increase in book value, as defined, of SHLP’s equity between the time of the units Effective Date and when the units vest. The board of directors of J.F. Shea Construction Management, Inc., our ultimate general partner, administers the SHAR Plan and has the authority to make all determinations thereunder including participants, valuations, amount and timing of grants, vesting criteria, amount and timing of payments (including interim payments), modifications and termination. | |
On August 8, 2012, the directors approved the SHAR Plan 2012 Grant (the “2012 Grant”), effective January 1, 2012 (the “2012 Effective Date”). Pursuant to the 2012 Grant, 1,021,947 units were issued at a stipulated base value of $10.00 per unit. The units issued pursuant to the 2012 Grant vest four years after the 2012 Effective Date. Subject to participant service eligibility requirements, appreciation in the value of the units during this period is payable to participants when such units vest. However, as a further incentive to participants, the directors concurrently approved annual interim payments of the 2012 Grant only, payable to participants in March 2013, 2014 and 2015. Upon vesting, for each eligible participant, interim payments will be offset against the full appreciation of these units and the resultant net amount payable to participant, if any, will be paid upon vesting, which occurs in March 2016. | |
On August 6, 2013, the directors approved the SHAR Plan 2013 Grant (the “2013 Grant”), effective January 1, 2013 (the “2013 Effective Date”). Pursuant to the 2013 Grant, 463,388 units were issued at a stipulated base value of $10.60 per unit. The units issued pursuant to the 2013 Grant vest four years after the 2013 Effective Date. Subject to participant service eligibility requirements, appreciation in the value of the units during this period is payable to participants when such units vest, which occurs in March 2017. | |
At December 31, 2013 and 2012, the Company accrued $4.2 million and $1.1 million, respectively, for this plan. |
Contingencies_and_Commitments
Contingencies and Commitments | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Contingencies and Commitments | ' | ||||||||
16. Contingencies and Commitments | |||||||||
At December 31, 2013 and 2012, certain unrecorded contingent liabilities and commitments were as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Tax Court CCM case (capped at $70.0 million, see Note 13) | $ | 70,000 | $ | 70,000 | |||||
Remargin obligations for unconsolidated joint venture loans (see Note 7) | 28,684 | 22,805 | |||||||
Outstanding letters of credit | 0 | 4,216 | |||||||
Costs to complete on surety bonds for Company projects | 77,276 | 85,490 | |||||||
Costs to complete on surety bonds for joint venture projects | 22,845 | 30,804 | |||||||
Costs to complete on surety bonds for related party projects | 1,614 | 2,311 | |||||||
Water system connection rights purchase obligation | 30,506 | 33,615 | |||||||
Lease payment obligations to third parties | 4,539 | 3,806 | |||||||
Lease payment obligations to related parties | 6,487 | 4,352 | |||||||
Total unrecorded contingent liabilities and commitments | $ | 241,951 | $ | 257,399 | |||||
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 December 31, 2013 and 2012, we had reserves of $4.6 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. Other than the matter discussed in Note 13, at December 31, 2013, the range of reasonably possible losses in excess of amounts accrued was not material. | |||||||||
Letters of Credit, Surety Bonds and Project Obligations | |||||||||
On May 10, 2011, we entered into a $75.0 million letter of credit facility. At December 31, 2013, there were no letters of credit outstanding. At December 31, 2012, outstanding letters of credit issued under the letter of credit facility were $4.2 million. This facility was terminated in February 2014 upon execution of the Company’s new $125.0 million revolving credit facility (see Note 21), under which up to $62.5 million of letters of credit may be issued. | |||||||||
We provide surety bonds that guarantee completion of certain infrastructure serving our homebuilding projects. At December 31, 2013, there were $77.3 million of costs to complete in connection with $169.7 million of surety bonds issued. At December 31, 2012, there were $85.5 million of costs to complete in connection with $186.0 million of surety bonds issued. | |||||||||
We also provide indemnification for bonds issued by certain unconsolidated joint ventures and other related party projects in which we have no ownership interest. At December 31, 2013, there were $22.8 million of costs to complete in connection with $63.7 million of surety bonds issued for unconsolidated joint venture projects, and $1.6 million of costs to complete in connection with $4.9 million of surety bonds issued for related party projects. At December 31, 2012, there were $30.8 million of costs to complete in connection with $71.6 million of surety bonds issued for unconsolidated joint venture projects, and $2.3 million of costs to complete in connection with $6.1 million of surety bonds 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 landowners and/or homeowners following the closing of new homes in the project. Occasionally, we enter into credit support arrangements requiring us to pay interest and principal on these bonds if 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 new homes. At December 31, 2013 and 2012, in connection with credit support arrangements, there was $8.6 million and $4.9 million, respectively, reimbursable to us from certain agencies in Colorado and, accordingly, recorded these in inventory as a recoverable project cost. | |||||||||
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 December 31, 2013 and 2012, in connection with certain funding arrangements, there was $13.1 million and $16.3 million, respectively, reimbursable to us from certain agencies, including $11.9 million and $11.9 million, respectively, from a metro-district in Colorado and, accordingly, recorded these in inventory as a recoverable project cost. | |||||||||
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 December 31, 2013 and 2012, the Company exceeded the minimum tangible net worth requirement. | |||||||||
At a consolidated homebuilding project in Colorado, we have contractual obligations to purchase and receive water system connection rights which, at December 31, 2013 and 2012, had an estimated market value in excess of their contractual purchase price of $30.5 million and $33.6 million, respectively. 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. | |||||||||
Lease Payment Obligations | |||||||||
We lease certain property and equipment under non-cancelable operating leases. Office leases are for terms of up to ten years and generally provide renewal options for terms up to an additional five years. In the normal course of business, we expect expired leases will be renewed or replaced. Equipment leases are typically for terms of three to four years. At December 31, 2013, future minimum rental payments under operating leases (excluding related party operating leases for office space – see below) having initial or remaining non-cancelable lease terms in excess of one year were as follows: | |||||||||
Payments Due By Year | December 31, | ||||||||
(In thousands) | |||||||||
2014 | $ | 1,030 | |||||||
2015 | 771 | ||||||||
2016 | 740 | ||||||||
2017 | 735 | ||||||||
2018 and thereafter | 1,263 | ||||||||
Total | $ | 4,539 | |||||||
For the years ended December 31, 2013, 2012 and 2011, rental expense for non-related party operating leases was $1.7 million, $1.4 million and $1.7 million, respectively. | |||||||||
We also lease office space from related parties under non-cancelable operating leases. The leases are for terms of up to ten years and generally provide renewal options for terms up to an additional five years. At December 31, 2013, future minimal rental payments under related party operating leases having initial or remaining non-cancelable lease terms in excess of one year were as follows: | |||||||||
Payments Due By Year | December 31, | ||||||||
(In thousands) | |||||||||
2014 | $ | 1,631 | |||||||
2015 | 1,267 | ||||||||
2016 | 667 | ||||||||
2017 | 366 | ||||||||
2018 and thereafter | 2,556 | ||||||||
Total | $ | 6,487 | |||||||
For the years ended December 31, 2013, 2012 and 2011, related party rental expense was $0.4 million, $0.6 million and $0.7 million, respectively. |
Supplemental_Disclosure_to_Con
Supplemental Disclosure to Consolidated Statements of Cash Flows | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Disclosure to Consolidated Statements of Cash Flows | ' | ||||||||||||
17. Supplemental Disclosure to Consolidated Statements of Cash Flows | |||||||||||||
Supplemental disclosures to the consolidated statements of cash flows were as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Supplemental disclosure of cash flow information | |||||||||||||
Income taxes paid (refunded) | $ | 1,181 | $ | (3,891 | ) | $ | (4,417 | ) | |||||
Interest paid, net of amounts capitalized | $ | 4,946 | $ | 19,225 | $ | 16,065 | |||||||
Supplemental disclosure of noncash activities | |||||||||||||
Unrealized gain (loss) on available-for-sale investments, net | $ | 271 | $ | (1,875 | ) | $ | 1,029 | ||||||
Reclassification of Deficit Distributions to (from) unconsolidated joint ventures from (to) other liabilities | $ | (365 | ) | $ | 212 | $ | (49 | ) | |||||
Purchase of land in exchange for note payable | $ | 4,379 | $ | 8,982 | $ | 1,457 | |||||||
Contribution of inventory to unconsolidated joint venture | $ | 4,082 | $ | 0 | $ | 0 | |||||||
Elimination of consolidated joint venture inventory, receivables from related parties and other assets | $ | 0 | $ | (41,600 | ) | $ | 0 | ||||||
Elimination of consolidated joint venture note payable and other liabilities | $ | 0 | $ | (1,949 | ) | $ | 0 | ||||||
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 | ) | $ | 0 | ||||||
Contribution of net assets for payment on notes receivables from related parties | $ | 0 | $ | 0 | $ | 41,524 | |||||||
Distribution of land from unconsolidated joint venture | $ | 0 | $ | 0 | $ | 15,422 | |||||||
Distribution of note payable from unconsolidated joint venture | $ | 0 | $ | 0 | $ | 599 | |||||||
Distribution of land to non-controlling interests | $ | 0 | $ | 0 | $ | (769 | ) | ||||||
Transfer of land from inventory to property and equipment | $ | 0 | $ | 0 | $ | 1,838 | |||||||
Sale of property and equipment in exchange for note receivable from related party | $ | 0 | $ | 0 | $ | 6,500 | |||||||
Sale of property and equipment in exchange for relief of prepaid assets and assumptions of payables, net | $ | 0 | $ | 0 | $ | 591 |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Information | ' | ||||||||||||
18. 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 lifestyle 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 follow: | |||||||||||||
• | 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 Texas: and | ||||||||||||
• | East, comprised of communities in Florida and Virginia. | ||||||||||||
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: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Total assets: | |||||||||||||
Southern California | $ | 316,339 | $ | 213,481 | |||||||||
San Diego | 160,593 | 148,272 | |||||||||||
Northern California | 286,513 | 256,728 | |||||||||||
Mountain West | 316,459 | 297,276 | |||||||||||
South West | 155,416 | 105,470 | |||||||||||
East | 5,096 | 6,943 | |||||||||||
Total homebuilding assets | 1,240,416 | 1,028,170 | |||||||||||
Corporate | 264,917 | 345,367 | |||||||||||
Total assets | $ | 1,505,333 | $ | 1,373,537 | |||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Inventory: | |||||||||||||
Southern California | $ | 239,986 | $ | 161,700 | |||||||||
San Diego | 142,395 | 129,895 | |||||||||||
Northern California | 249,111 | 226,307 | |||||||||||
Mountain West | 247,294 | 227,130 | |||||||||||
South West | 132,484 | 89,756 | |||||||||||
East | 2,002 | 2,865 | |||||||||||
Total inventory | $ | 1,013,272 | $ | 837,653 | |||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
Southern California | $ | 207,650 | $ | 133,990 | $ | 167,417 | |||||||
San Diego | 125,494 | 85,971 | 86,856 | ||||||||||
Northern California | 242,356 | 166,106 | 108,788 | ||||||||||
Mountain West | 186,899 | 147,784 | 102,870 | ||||||||||
South West | 160,744 | 138,161 | 114,409 | ||||||||||
East | 6,554 | 7,150 | 6,045 | ||||||||||
Total homebuilding revenues | 929,697 | 679,162 | 586,385 | ||||||||||
Corporate | 913 | 985 | 1,385 | ||||||||||
Total revenues | $ | 930,610 | $ | 680,147 | $ | 587,770 | |||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Income (loss) before income taxes: | |||||||||||||
Southern California | $ | 44,236 | $ | 12,843 | $ | 4,067 | |||||||
San Diego | 7,717 | 2,493 | (5,998 | ) | |||||||||
Northern California | 40,648 | 19,292 | (14,296 | ) | |||||||||
Mountain West | 9,463 | 156 | (4,037 | ) | |||||||||
South West | 8,356 | (2,173 | ) | (1,168 | ) | ||||||||
East | (349 | ) | (202 | ) | 401 | ||||||||
Total homebuilding income (loss) before income taxes | 110,071 | 32,409 | (21,031 | ) | |||||||||
Corporate | 1,767 | (2,609 | ) | (89,280 | ) | ||||||||
Total income (loss) before income taxes | $ | 111,838 | $ | 29,800 | $ | (110,311 | ) | ||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Impairments: | |||||||||||||
Southern California | $ | 0 | $ | 0 | $ | 7,189 | |||||||
San Diego | 0 | 0 | 9,684 | ||||||||||
Northern California | 0 | 0 | 13,875 | ||||||||||
Mountain West | 0 | 0 | 0 | ||||||||||
South West | 0 | 0 | 2,227 | ||||||||||
East | 0 | 0 | 0 | ||||||||||
Total impairments | $ | 0 | $ | 0 | $ | 32,975 | |||||||
Results_of_Quarterly_Operation
Results of Quarterly Operations | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Results of Quarterly Operations | ' | ||||||||||||||||||||
19. Results of Quarterly Operations (Unaudited) | |||||||||||||||||||||
First | Second | Third | Fourth | Total (1) | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
2013:00:00 | |||||||||||||||||||||
Revenues | $ | 134,960 | $ | 217,310 | $ | 238,309 | $ | 340,031 | $ | 930,610 | |||||||||||
Gross margin | $ | 31,536 | $ | 48,426 | $ | 55,848 | $ | 85,388 | $ | 221,198 | |||||||||||
Net income (loss) | $ | 6,837 | $ | 19,532 | $ | 25,826 | $ | 73,744 | $ | 125,939 | |||||||||||
Net income (loss) attributable to SHLP | $ | 6,838 | $ | 19,534 | $ | 25,824 | $ | 73,751 | $ | 125,947 | |||||||||||
2012:00:00 | |||||||||||||||||||||
Revenues | $ | 105,603 | $ | 132,468 | $ | 146,421 | $ | 295,655 | $ | 680,147 | |||||||||||
Gross margin | $ | 20,568 | $ | 24,490 | $ | 31,196 | $ | 65,459 | $ | 141,713 | |||||||||||
Net income (loss) | $ | (198 | ) | $ | (12,120 | ) | $ | 8,300 | $ | 33,202 | $ | 29,184 | |||||||||
Net income (loss) attributable to SHLP | $ | (411 | ) | $ | (12,101 | ) | $ | 8,330 | $ | 33,220 | $ | 29,038 | |||||||||
-1 | Some amounts do not add across due to rounding differences in quarterly amounts |
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Supplemental Guarantor Information | ' | ||||||||||||||||||||
20. Supplemental Guarantor Information | |||||||||||||||||||||
The obligations under the Secured Notes are not guaranteed by any SHLP joint venture where 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 the sale or 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 thereto, 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-X under the Securities Act for the guarantor subsidiaries and non-guarantor subsidiaries. | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
SHLP | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||
Corp (a) | Subsidiaries | Subsidiaries | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 153,794 | $ | 43,803 | $ | 8,608 | $ | 0 | $ | 206,205 | |||||||||||
Restricted cash | 695 | 354 | 140 | 0 | 1,189 | ||||||||||||||||
Accounts and other receivables, net | 120,299 | 26,754 | 28,696 | (28,250 | ) | 147,499 | |||||||||||||||
Receivables from related parties, net | 9,251 | 22,027 | 796 | 276 | 32,350 | ||||||||||||||||
Inventory | 749,832 | 263,213 | 3,361 | (3,134 | ) | 1,013,272 | |||||||||||||||
Investments in unconsolidated joint ventures | 22,068 | 1,091 | 24,589 | 0 | 47,748 | ||||||||||||||||
Investments in subsidiaries | 748,326 | 69,755 | 90,484 | (908,565 | ) | 0 | |||||||||||||||
Other assets, net | 24,030 | 32,957 | 83 | 0 | 57,070 | ||||||||||||||||
Intercompany | 0 | 465,706 | 0 | (465,706 | ) | 0 | |||||||||||||||
Total assets | $ | 1,828,295 | $ | 925,660 | $ | 156,757 | $ | (1,405,379 | ) | $ | 1,505,333 | ||||||||||
Liabilities and equity | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||
Notes payable | $ | 751,708 | $ | 0 | $ | 0 | $ | 0 | $ | 751,708 | |||||||||||
Payables to related parties | 20 | 0 | 1 | 0 | 21 | ||||||||||||||||
Accounts payable | 36,594 | 25,334 | 418 | 0 | 62,346 | ||||||||||||||||
Other liabilities | 171,470 | 41,370 | 61,211 | (28,250 | ) | 245,801 | |||||||||||||||
Intercompany | 423,447 | 0 | 45,117 | (468,564 | ) | 0 | |||||||||||||||
Total liabilities | 1,383,239 | 66,704 | 106,747 | (496,814 | ) | 1,059,876 | |||||||||||||||
Equity: | |||||||||||||||||||||
SHLP equity: | |||||||||||||||||||||
Owners’ equity | 440,268 | 854,168 | 49,609 | (903,777 | ) | 440,268 | |||||||||||||||
Accumulated other comprehensive income | 4,788 | 4,788 | 0 | (4,788 | ) | 4,788 | |||||||||||||||
Total SHLP equity | 445,056 | 858,956 | 49,609 | (908,565 | ) | 445,056 | |||||||||||||||
Non-controlling interests | 0 | 0 | 401 | 0 | 401 | ||||||||||||||||
Total equity | 445,056 | 858,956 | 50,010 | (908,565 | ) | 445,457 | |||||||||||||||
Total liabilities and equity | $ | 1,828,295 | $ | 925,660 | $ | 156,757 | $ | (1,405,379 | ) | $ | 1,505,333 | ||||||||||
(a) | Includes Shea Homes Funding Corp., whose financial position at December 31, 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 | 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 | 356,451 | (376,420 | ) | 20,068 | (99 | ) | 0 | ||||||||||||||
Total liabilities | 1,311,964 | (311,841 | ) | 89,959 | (35,792 | ) | 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 | $ | 450,777 | $ | 158,992 | $ | (867,034 | ) | $ | 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) | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
SHLP | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||
Corp (a) | Subsidiaries | Subsidiaries | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Revenues | $ | 505,510 | $ | 404,393 | $ | 20,707 | $ | 0 | $ | 930,610 | |||||||||||
Cost of sales | (406,563 | ) | (302,081 | ) | (1,502 | ) | 734 | (709,412 | ) | ||||||||||||
Gross margin | 98,947 | 102,312 | 19,205 | 734 | 221,198 | ||||||||||||||||
Selling expenses | (28,925 | ) | (18,847 | ) | (6,566 | ) | 0 | (54,338 | ) | ||||||||||||
General and administrative expenses | (34,936 | ) | (12,294 | ) | (2,850 | ) | 0 | (50,080 | ) | ||||||||||||
Equity in income (loss) from unconsolidated joint ventures | (2,020 | ) | (65 | ) | 981 | 0 | (1,104 | ) | |||||||||||||
Equity in income (loss) from subsidiaries | 100,821 | (1,443 | ) | (3,342 | ) | (96,036 | ) | 0 | |||||||||||||
Gain (loss) on reinsurance | 0 | 0 | 2,011 | 0 | 2,011 | ||||||||||||||||
Interest expense | (3,658 | ) | (1,413 | ) | 0 | 0 | (5,071 | ) | |||||||||||||
Other income (expense), net | (4,280 | ) | 3,428 | 808 | (734 | ) | (778 | ) | |||||||||||||
Income (loss) before income taxes | 125,949 | 71,678 | 10,247 | (96,036 | ) | 111,838 | |||||||||||||||
Income tax benefit (expense) | (2 | ) | 14,112 | (9 | ) | 0 | 14,101 | ||||||||||||||
Net income (loss) | 125,947 | 85,790 | 10,238 | (96,036 | ) | 125,939 | |||||||||||||||
Less: Net loss (income) attributable to non-controlling interests | 0 | 0 | 8 | 0 | 8 | ||||||||||||||||
Net income (loss) attributable to SHLP | $ | 125,947 | $ | 85,790 | $ | 10,246 | $ | (96,036 | ) | $ | 125,947 | ||||||||||
Comprehensive income (loss) | $ | 126,218 | $ | 86,061 | $ | 10,238 | $ | (96,307 | ) | $ | 126,210 | ||||||||||
(a) | Includes Shea Homes Funding Corp., whose results of operations for the year ended December 31, 2013 was not material. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
SHLP | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||
Corp (a) | Subsidiaries | Subsidiaries | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Revenues | $ | 470,756 | $ | 200,329 | $ | 9,062 | $ | 0 | $ | 680,147 | |||||||||||
Cost of sales | (372,576 | ) | (164,992 | ) | (1,343 | ) | 477 | (538,434 | ) | ||||||||||||
Gross margin | 98,180 | 35,337 | 7,719 | 477 | 141,713 | ||||||||||||||||
Selling expenses | (26,836 | ) | (13,531 | ) | (5,421 | ) | 0 | (45,788 | ) | ||||||||||||
General and administrative expenses | (30,560 | ) | (10,500 | ) | (2,687 | ) | 0 | (43,747 | ) | ||||||||||||
Equity in income (loss) from unconsolidated joint ventures | (338 | ) | (43 | ) | 759 | 0 | 378 | ||||||||||||||
Equity in income (loss) from subsidiaries | 11,334 | (20,211 | ) | (4,556 | ) | 13,433 | 0 | ||||||||||||||
Gain (loss) on reinsurance | 0 | 0 | (12,013 | ) | 0 | (12,013 | ) | ||||||||||||||
Interest expense | (17,326 | ) | (2,532 | ) | (4 | ) | 0 | (19,862 | ) | ||||||||||||
Other income (expense), net | (5,411 | ) | 12,905 | 2,102 | (477 | ) | 9,119 | ||||||||||||||
Income (loss) before income taxes | 29,043 | 1,425 | (14,101 | ) | 13,433 | 29,800 | |||||||||||||||
Income tax benefit (expense) | (5 | ) | (601 | ) | (10 | ) | 0 | (616 | ) | ||||||||||||
Net income (loss) | 29,038 | 824 | (14,111 | ) | 13,433 | 29,184 | |||||||||||||||
Less: Net loss (income) attributable to non-controlling interests | 0 | 0 | (146 | ) | 0 | (146 | ) | ||||||||||||||
Net income (loss) attributable to SHLP | $ | 29,038 | $ | 824 | $ | (14,257 | ) | $ | 13,433 | $ | 29,038 | ||||||||||
Comprehensive income (loss) | $ | 27,163 | $ | (1,051 | ) | $ | (14,111 | ) | $ | 15,308 | $ | 27,309 | |||||||||
(b) | Includes Shea Homes Funding Corp., whose results of operations for the year ended December 31, 2012 was not material. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
SHLP | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||
Corp (a) | Subsidiaries | Subsidiaries | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Revenues | $ | 449,926 | $ | 128,808 | $ | 9,036 | $ | 0 | $ | 587,770 | |||||||||||
Cost of sales | (398,193 | ) | (113,553 | ) | (4,261 | ) | 429 | (515,578 | ) | ||||||||||||
Gross margin | 51,733 | 15,255 | 4,775 | 429 | 72,192 | ||||||||||||||||
Selling expenses | (28,522 | ) | (11,686 | ) | (5,043 | ) | 0 | (45,251 | ) | ||||||||||||
General and administrative expenses | (26,351 | ) | (8,938 | ) | (2,085 | ) | 0 | (37,374 | ) | ||||||||||||
Equity in income (loss) from unconsolidated joint ventures | (1,371 | ) | (388 | ) | (3,375 | ) | 0 | (5,134 | ) | ||||||||||||
Equity in income (loss) from subsidiaries | (3,852 | ) | 6,813 | 7,393 | (10,354 | ) | 0 | ||||||||||||||
Loss on debt extinguishment | (88,384 | ) | 0 | 0 | 0 | (88,384 | ) | ||||||||||||||
Gain (loss) on reinsurance | 0 | 0 | 3,072 | 0 | 3,072 | ||||||||||||||||
Interest expense | (15,832 | ) | (974 | ) | 0 | 0 | (16,806 | ) | |||||||||||||
Other income (expense), net | (1,803 | ) | 2,188 | 7,418 | (429 | ) | 7,374 | ||||||||||||||
Income (loss) before income taxes | (114,382 | ) | 2,270 | 12,155 | (10,354 | ) | (110,311 | ) | |||||||||||||
Income tax benefit (expense) | (3 | ) | 3,088 | (16 | ) | 0 | 3,069 | ||||||||||||||
Net income (loss) | (114,385 | ) | 5,358 | 12,139 | (10,354 | ) | (107,242 | ) | |||||||||||||
Less: Net loss (income) attributable to non-controlling interests | 0 | 0 | (7,143 | ) | 0 | (7,143 | ) | ||||||||||||||
Net income (loss) attributable to SHLP | $ | (114,385 | ) | $ | 5,358 | $ | 4,996 | $ | (10,354 | ) | $ | (114,385 | ) | ||||||||
Comprehensive income (loss) | $ | (113,356 | ) | $ | 6,387 | $ | 12,139 | $ | (11,383 | ) | $ | (106,213 | ) | ||||||||
(a) | Includes Shea Homes Funding Corp. since inception on April 26, 2011, whose results were not material. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
SHLP | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||
Corp (a) | Subsidiaries | Subsidiaries | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Operating activities | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (134,342 | ) | $ | 74,734 | $ | 10,951 | $ | 2,759 | $ | (45,898 | ) | |||||||||
Investing activities | |||||||||||||||||||||
Proceeds from sale of available-for-sale investments | 0 | 3,165 | 0 | 0 | 3,165 | ||||||||||||||||
Investments in unconsolidated joint ventures | (9,713 | ) | (277 | ) | (15,386 | ) | 0 | (25,376 | ) | ||||||||||||
Distributions from unconsolidated joint ventures | 0 | 0 | 4,072 | 0 | 4,072 | ||||||||||||||||
Other investing activities | (335 | ) | 2,522 | (821 | ) | 0 | 1,366 | ||||||||||||||
Net cash provided by (used in) investing activities | (10,048 | ) | 5,410 | (12,135 | ) | 0 | (16,773 | ) | |||||||||||||
Financing activities | |||||||||||||||||||||
Principal payments to financial institutions and others | (10,880 | ) | 0 | 0 | 0 | (10,880 | ) | ||||||||||||||
Intercompany | 92,150 | (85,236 | ) | (4,155 | ) | (2,759 | ) | 0 | |||||||||||||
Net cash provided by (used in) financing activities | 81,270 | (85,236 | ) | (4,155 | ) | (2,759 | ) | (10,880 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (63,120 | ) | (5,092 | ) | (5,339 | ) | 0 | (73,551 | ) | ||||||||||||
Cash and cash equivalents at beginning of year | 216,914 | 48,895 | 13,947 | 0 | 279,756 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 153,794 | $ | 43,803 | $ | 8,608 | $ | 0 | $ | 206,205 | |||||||||||
(a) | Includes Shea Homes Funding Corp., whose cash flows for the year ended December 31, 2013 were not material. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
SHLP | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||
Corp (a) | Subsidiaries | Subsidiaries | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Operating activities | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 33,609 | $ | (63,637 | ) | $ | 25,506 | $ | (1,669 | ) | $ | (6,191 | ) | ||||||||
Investing activities | |||||||||||||||||||||
Proceeds from sale of available-for-sale investments | 0 | 26,547 | 0 | 0 | 26,547 | ||||||||||||||||
Net decrease (increase) in promissory notes from related parties | 1,142 | 988 | (143 | ) | 0 | 1,987 | |||||||||||||||
Investments in unconsolidated joint ventures | (10,898 | ) | (229 | ) | (840 | ) | 0 | (11,967 | ) | ||||||||||||
Other investing activities | (89 | ) | (54 | ) | 0 | 0 | (143 | ) | |||||||||||||
Net cash provided by (used in) investing activities | (9,845 | ) | 27,252 | (983 | ) | 0 | 16,424 | ||||||||||||||
Financing activities | |||||||||||||||||||||
Principal payments to financial institutions and others | (2,230 | ) | 0 | (199 | ) | 0 | (2,429 | ) | |||||||||||||
Intercompany | 35,517 | (10,820 | ) | (26,366 | ) | 1,669 | 0 | ||||||||||||||
Other financing activities | 2,352 | 0 | 1,234 | 0 | 3,586 | ||||||||||||||||
Net cash provided by (used in) financing activities | 35,639 | (10,820 | ) | (25,331 | ) | 1,669 | 1,157 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 59,403 | (47,205 | ) | (808 | ) | 0 | 11,390 | ||||||||||||||
Cash and cash equivalents at beginning of year | 157,511 | 96,100 | 14,755 | 0 | 268,366 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 216,914 | $ | 48,895 | $ | 13,947 | $ | 0 | $ | 279,756 | |||||||||||
(a) | Includes Shea Homes Funding Corp., whose cash flows for the year ended December 31, 2012 were not material. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
SHLP | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||
Corp (a) | Subsidiaries | Subsidiaries | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Operating activities | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 56,254 | $ | (12,550 | ) | $ | 2,499 | $ | (7,325 | ) | $ | 38,878 | |||||||||
Investing activities | |||||||||||||||||||||
Purchase of available-for-sale investments | 0 | (20,205 | ) | 0 | 0 | (20,205 | ) | ||||||||||||||
Proceeds from sale of investments in joint venture | 0 | 0 | 14,000 | 0 | 14,000 | ||||||||||||||||
Net decrease (increase) in promissory notes from related parties | (1,793 | ) | (25,122 | ) | (892 | ) | 135,487 | 107,680 | |||||||||||||
Investments in unconsolidated joint ventures | (800 | ) | (117 | ) | (16,364 | ) | 0 | (17,281 | ) | ||||||||||||
Distributions from unconsolidated joint ventures | 0 | 2,487 | 5,525 | 0 | 8,012 | ||||||||||||||||
Proceeds from sale of property and equipment | 12,892 | 0 | 1 | 0 | 12,893 | ||||||||||||||||
Other investing activities | (1,761 | ) | 1,639 | 0 | 0 | (122 | ) | ||||||||||||||
Net cash provided by (used in) investing activities | 8,538 | (41,318 | ) | 2,270 | 135,487 | 104,977 | |||||||||||||||
Financing activities | |||||||||||||||||||||
Repayments on revolving lines of credit | (80,448 | ) | 0 | 0 | 0 | (80,448 | ) | ||||||||||||||
Borrowings from financial institutions | 750,000 | 0 | 0 | 0 | 750,000 | ||||||||||||||||
Principal payments to financial institutions and others | (721,953 | ) | 0 | 0 | 0 | (721,953 | ) | ||||||||||||||
Intercompany | 36,210 | 95,575 | (3,623 | ) | (128,162 | ) | 0 | ||||||||||||||
Other financing activities | 9,399 | 0 | 639 | 0 | 10,038 | ||||||||||||||||
Net cash provided by (used in) financing activities | (6,792 | ) | 95,575 | (2,984 | ) | (128,162 | ) | (42,363 | ) | ||||||||||||
Net increase in cash and cash equivalents | 58,000 | 41,707 | 1,785 | 0 | 101,492 | ||||||||||||||||
Cash and cash equivalents at beginning of year | 99,511 | 54,393 | 12,970 | 0 | 166,874 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 157,511 | $ | 96,100 | $ | 14,755 | $ | 0 | $ | 268,366 | |||||||||||
(a) | Includes Shea Homes Funding Corp. since inception on April 26, 2011, whose cash flows were not material. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events | ' |
21. Subsequent Events | |
In connection with the November 2013 receipt of consent from our bondholders to amend the Indenture to allow the Company to replace its $75.0 million letter of credit facility with a $125.0 million secured revolving credit facility, JFSCI made an $8.4 million payment, including accrued interest, in January 2014 on its note with SHI. As a result of applying this payment to future installments, JFSCI is not required to make its next installment payment until November 2016. | |
In January 2014, the Company entered into a purchase and sale agreement and acquired undeveloped land in Northern California from a related party under common control. Consideration for the purchase includes an upfront cash payment of $4.4 million cash, the assumption of a $5.7 million liability, both of which represent the net book value of the selling party, plus future revenue participation payments (the “RAPA”). The RAPA is calculated at 11% of gross revenues from home closings and payable quarterly. The RAPA liability, based on a third-party real estate appraisal, is estimated to be $19.6 million. As the transaction is with a related party under common control, the Company will record the real estate asset at the net book value of the related party, the estimated RAPA liability of $19.6 million and a charge to equity of $25.3 million. | |
In February 2014, the Company replaced its $75.0 million letter of credit facility with a $125.0 million secured revolving credit facility (the “Revolver”), which bears interest at LIBOR plus 2.75% and matures March 1, 2016. Borrowing availability is determined by a borrowing base formula and the Company is subject to financial covenants, including minimum net worth and leverage and interest coverage ratios. If the Company does not maintain compliance with these financial covenants, the Revolver converts to an 18-month amortizing term loan. | |
In February 2014, the Company entered into a purchase and sale agreement to sell land in Southern California for $1.0 million. As the transaction is with a related party under common control, the $0.9 million of net sales proceeds received in excess of the net book value of the land sold will be recorded as an equity contribution. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying consolidated financial statements include the accounts of 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. | |
Unless the context otherwise requires, the terms “we”, “us”, “our” and “the Company” refer to SHLP, its subsidiaries and its consolidated joint ventures. | |
Use of Estimates | ' |
Use of Estimates | |
Preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires the Company to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Estimates relate primarily to valuation of certain real estate and reserves for self-insured risks. Actual results could differ significantly from those estimates. | |
Reclassifications | ' |
Reclassifications | |
Certain reclassifications were made in the 2012 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. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
All highly liquid investments (original maturities of 90 days or less) are considered to be cash equivalents. | |
Concentration of Credit Risk | ' |
Concentration of Credit Risk | |
Financial instruments representing concentrations of credit risk are primarily cash, cash equivalents, investments and insurance receivables. | |
Cash in banks exceeded the federally insured limits; cash equivalents comprised primarily of money market securities and securities backed by the U.S. government; and insurance receivables were with highly rated insurers and/or collateralized. We have incurred no losses on deposits of cash and cash equivalents and believe our depository institutions are financially sound and present minimal credit risk. | |
Inventory | ' |
Inventory | |
We capitalize preacquisition, land, development and other allocated costs, including interest, during development and home construction. Applicable costs incurred after development or construction is substantially complete are charged to selling, general and administrative, and other expenses as appropriate. Preacquisition costs, including non-refundable land deposits, are expensed to other income (expense), net when we determine continuation of the respective project is not probable. | |
Land, development and other indirect costs are typically allocated to inventory using a methodology that approximates the relative-sales-value method. Home construction costs are recorded using the specific identification method. Cost of sales for homes closed includes the specific construction costs of each home and all applicable land acquisition, land development and related costs (both incurred and estimated to be incurred) based upon the total number of homes expected to close in each community. Changes to estimated total development costs subsequent to initial home closings in a community are generally allocated on a relative-sales-value method to remaining homes in the community. | |
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 is 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 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 could impact sales pace, sales 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 have 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. We generally use discount rates ranging from 10% to 25%, subject to perceived risks associated with the community’s cash flow streams relative to its inventory. | |
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 twelve 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 each of these factors, periodic changes to such factors based on updated relevant information could result in actual costs to differ significantly from estimated costs. | |
In accordance with our underlying completed operations insurance policies, completed operations claims costs are 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 is closed. | |
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 assets 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. The assessment of a valuation allowance includes giving appropriate consideration to all positive and negative evidence related to the realization of the deferred tax asset. This assessment considers, among other things, the nature, frequency and severity of current and cumulative losses over recent years, forecasts of future profitability, the duration of statutory carryforward periods, our experience with operating loss and tax credit carryforwards before they expire, and tax planning alternatives. 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 our consolidated financial position or results of operations. | |
We follow certain accounting guidance with respect to how uncertain tax positions should be accounted for and disclosed in the consolidated financial statements. The guidance requires the assessment of tax positions taken or expected to be taken in the tax returns and to determine whether the tax positions are “more-likely-than-not” of being sustained upon examination by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not criteria would be recorded as a tax benefit or expense in the current year. We are required to assess open tax years, as defined by the statute of limitations, for all major jurisdictions, including federal and certain states. Open tax years are those that are open for examination by taxing authorities. We have examinations in progress but believe there are no uncertain tax positions that do not meet the more-likely-than-not level of authority (see Note 13). | |
Advertising Costs | ' |
Advertising Costs | |
We expense advertising costs as incurred. For the years ended December 31, 2013, 2012 and 2011, we incurred and expensed advertising costs of $7.4 million, $6.6 million and $6.2 million, respectively. | |
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) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Net Book Values and Estimated Fair Values of Notes Payable | ' | ||||||||||||||||
At December 31, 2013 and 2012, as required by ASC 825, the following presents net book values and estimated fair values of notes payable: | |||||||||||||||||
December 31, 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 | $ | 830,625 | $ | 750,000 | $ | 828,750 | |||||||||
Secured promissory notes | $ | 1,708 | $ | 1,708 | $ | 8,209 | $ | 8,209 |
Accounts_and_Other_Receivables1
Accounts and Other Receivables, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts and Other Receivables | ' | ||||||||
At December 31, 2013 and 2012, accounts and other receivables, net were as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Insurance receivables | $ | 138,610 | $ | 131,519 | |||||
Escrow receivables | 586 | 576 | |||||||
Notes receivables | 3,155 | 3,662 | |||||||
Development receivables | 3,093 | 3,325 | |||||||
Other receivables | 4,031 | 4,147 | |||||||
Reserve | (1,976 | ) | (1,940 | ) | |||||
Total accounts and other receivables, net | $ | 147,499 | $ | 141,289 | |||||
Inventory_Tables
Inventory (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary of Inventory | ' | ||||||||||||
At December 31, 2013 and 2012, inventory was as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Model homes | $ | 87,728 | $ | 69,210 | |||||||||
Completed homes for sale | 20,285 | 14,015 | |||||||||||
Homes under construction | 257,662 | 189,929 | |||||||||||
Lots available for construction | 342,622 | 249,463 | |||||||||||
Land under development | 122,257 | 175,922 | |||||||||||
Land held for future development | 70,618 | 60,466 | |||||||||||
Land held for sale, including water system connection rights | 79,102 | 71,381 | |||||||||||
Land deposits and preacquisition costs | 32,998 | 7,267 | |||||||||||
Total inventory | $ | 1,013,272 | $ | 837,653 | |||||||||
Inventory Impairment | ' | ||||||||||||
For the years ended December 31, 2013, 2012 and 2011, inventory impairment charges were as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Inventory impairment charge | $ | 0 | $ | 0 | $ | 30,600 | |||||||
Remaining carrying value of inventory impaired at end of year | $ | 0 | $ | 0 | $ | 27,427 | |||||||
Projects impaired | 0 | 0 | 10 | ||||||||||
Projects evaluated for impairment (a) | 126 | 132 | 131 | ||||||||||
(a) | Large land parcels not subdivided into communities are counted as one project. Once parcels are subdivided, the project count will increase accordingly. | ||||||||||||
Interest Incurred, Capitalized and Expensed | ' | ||||||||||||
For the years ended December 31, 2013, 2012 and 2011, interest incurred, capitalized and expensed was as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Interest incurred | $ | 67,048 | $ | 66,857 | $ | 69,961 | |||||||
Interest expensed (a) | $ | 5,071 | $ | 19,862 | $ | 16,806 | |||||||
Interest capitalized as a cost of inventory during the year | $ | 59,699 | $ | 46,146 | $ | 51,840 | |||||||
Interest previously capitalized as a cost of inventory, included in cost of sales | $ | (60,448 | ) | $ | (54,733 | ) | $ | (45,944 | ) | ||||
Interest previously capitalized as a cost of inventory, transferred to property and equipment and from investments in joint ventures, net | $ | 0 | $ | 0 | $ | (411 | ) | ||||||
Interest capitalized in ending inventory (b) | $ | 102,100 | $ | 102,849 | $ | 111,436 | |||||||
Interest capitalized as a cost of investments in joint ventures during the year | $ | 2,278 | $ | 849 | $ | 1,315 | |||||||
Interest previously capitalized as a cost of investments in joint ventures, included in equity in income (loss) from joint ventures | $ | (1,189 | ) | $ | (849 | ) | $ | (1,619 | ) | ||||
Interest previously capitalized as a cost of investments in joint ventures, transferred to inventory | $ | 0 | $ | 0 | $ | (642 | ) | ||||||
Interest capitalized in ending investments in joint ventures | $ | 1,089 | $ | 0 | $ | 0 | |||||||
(a) | For the eight months ended August 31, 2013 and for the years ended December 31, 2012 and 2011, assets qualifying for interest capitalization were less than debt; therefore, non-qualifying interest was expensed. For the period from September 2013 to December 2013, qualifying assets exceeded debt; therefore, no 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_Unconsolidated_1
Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information of Investments in Unconsolidated Joint Venture | ' | ||||||||||||
At December 31, 2013 and 2012, and for the years ended December 31, 2013, 2012 and 2011, condensed financial information for our unconsolidated joint ventures was as follows: | |||||||||||||
Condensed Balance Sheet Information | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Assets | |||||||||||||
Real estate inventory | $ | 267,460 | $ | 121,446 | |||||||||
Other assets | 130,840 | 52,143 | |||||||||||
Total assets | $ | 398,300 | $ | 173,589 | |||||||||
Liabilities and equity | |||||||||||||
Notes payable | $ | 78,589 | $ | 76,957 | |||||||||
Other liabilities | 99,395 | 16,435 | |||||||||||
Total liabilities | 177,984 | 93,392 | |||||||||||
Equity: | |||||||||||||
The Company (a) | 47,397 | 27,937 | |||||||||||
Others | 172,919 | 52,260 | |||||||||||
Total equity | 220,316 | 80,197 | |||||||||||
Total liabilities and equity | $ | 398,300 | $ | 173,589 | |||||||||
(a) | At December 31, 2013 and 2012, includes Deficit Distributions of $0.4 million and $0.7 million, respectively. | ||||||||||||
Condensed Financial Information of Investments in Unconsolidated Joint Venture | ' | ||||||||||||
Condensed Income Statement Information | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Revenues | $ | 90,743 | $ | 46,586 | $ | 41,530 | |||||||
Expenses | (85,594 | ) | (48,079 | ) | (58,189 | ) | |||||||
Net income (loss) | 5,149 | (1,493 | ) | (16,659 | ) | ||||||||
The Company’s share of net income (loss) | $ | (1,104 | ) | $ | 378 | $ | (5,134 | ) | |||||
Equity Method Investments Summarized Notes Payable Information | ' | ||||||||||||
At December 31, 2013 and 2012, total unconsolidated joint ventures’ notes payable consisted of the following: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Bank and seller notes payable: | |||||||||||||
Guaranteed (subject to remargin obligations) | $ | 52,515 | $ | 45,610 | |||||||||
Non-Guaranteed | 10,073 | 22,894 | |||||||||||
Total bank and seller notes payable (a) | 62,588 | 68,504 | |||||||||||
Partner notes payable (b): | |||||||||||||
Unsecured | 16,001 | 8,453 | |||||||||||
Total unconsolidated joint venture notes payable | $ | 78,589 | $ | 76,957 | |||||||||
Other unconsolidated joint venture notes payable(c) | $ | 55,441 | $ | 57,839 | |||||||||
(a) | All bank and seller notes were secured by real property. | ||||||||||||
(b) | No guarantees were provided on partner notes payables. In January 2014, a $3.2 million partner note from one joint venture was paid off. | ||||||||||||
(c) | Through indirect effective ownership in two joint ventures of 12.3% and 0.0003%, respectively, that had bank notes payable secured by real property in which we have not provided any guaranty. |
Other_Assets_Net_Tables
Other Assets, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Assets | ' | ||||||||
At December 31, 2013 and 2012, other assets were as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Income tax receivable | $ | 2,199 | $ | 3,497 | |||||
Deferred tax asset (see Note 13) | 16,337 | 0 | |||||||
Investments | 9,439 | 12,078 | |||||||
Property and equipment, net | 4,103 | 2,237 | |||||||
Capitalized loan origination fees | 11,089 | 10,140 | |||||||
Prepaid bank fees | 152 | 403 | |||||||
Deposits in lieu of bonds and letters of credit | 10,294 | 7,110 | |||||||
Prepaid insurance | 2,460 | 2,148 | |||||||
Other | 997 | 1,515 | |||||||
Total other assets, net | $ | 57,070 | $ | 39,127 | |||||
Notes_Payable_Tables
Notes Payable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Summary of Notes Payable | ' | ||||||||
At December 31, 2013 and 2012, notes payable were as follows: | |||||||||
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 | 1,708 | 8,209 | |||||||
Total notes payable | $ | 751,708 | $ | 758,209 | |||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary of Other Liabilities | ' | ||||||||||||
At December 31, 2013 and 2012, other liabilities were as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Completed operations reserves | $ | 138,610 | $ | 131,519 | |||||||||
Warranty reserves | 20,648 | 17,749 | |||||||||||
Deferred revenue/gain | 30,036 | 30,902 | |||||||||||
Provisions for closed homes/communities | 10,591 | 8,135 | |||||||||||
Deposits (primarily homebuyer) | 14,281 | 15,684 | |||||||||||
Legal reserves | 4,576 | 4,916 | |||||||||||
Accrued interest | 8,086 | 8,086 | |||||||||||
Accrued compensation and benefits | 9,389 | 4,697 | |||||||||||
Distributions payable | 2,531 | 2,892 | |||||||||||
Deficit Distributions (see Note 7) | 351 | 716 | |||||||||||
Other | 6,702 | 7,922 | |||||||||||
Total other liabilities | $ | 245,801 | $ | 233,218 | |||||||||
Changes in Completed Operations Reserves | ' | ||||||||||||
For the years ended December 31, 2013, 2012 and 2011, changes in completed operations reserves were as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Insured completed operations | |||||||||||||
Balance, beginning of the year | $ | 131,519 | $ | 109,390 | $ | 102,860 | |||||||
Reserves provided | 19,002 | 40,087 | 1,160 | ||||||||||
Insurance purchased (see below) | 0 | 0 | 16,520 | ||||||||||
Claims paid | (11,911 | ) | (17,958 | ) | (11,150 | ) | |||||||
Balance, end of the year | 138,610 | 131,519 | 109,390 | ||||||||||
Self-insured completed operations | |||||||||||||
Balance, beginning of the year | 0 | 0 | 15,613 | ||||||||||
Reserves provided | 0 | 0 | 907 | ||||||||||
Insurance purchased | 0 | 0 | (16,520 | ) | |||||||||
Balance, end of the year | 0 | 0 | 0 | ||||||||||
Total completed operations reserves | $ | 138,610 | $ | 131,519 | $ | 109,390 | |||||||
Changes in Warranty Liabilities | ' | ||||||||||||
For the years ended December 31, 2013, 2012 and 2011, changes in warranty liability were as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Balance, beginning of the year | $ | 17,749 | $ | 17,358 | $ | 16,238 | |||||||
Provision for warranties | 11,188 | 8,958 | 9,636 | ||||||||||
Warranty costs paid | (8,289 | ) | (8,567 | ) | (8,516 | ) | |||||||
Balance, end of the year | $ | 20,648 | $ | 17,749 | $ | 17,358 | |||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables from Related Parties | ' | ||||||||
At December 31, 2013 and 2012, receivables from related parties, net were as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Note receivables from JFSCI | $ | 21,588 | $ | 24,498 | |||||
Note receivables from unconsolidated joint ventures | 1,037 | 268 | |||||||
Note receivables from related parties | 18,822 | 19,940 | |||||||
Reserves for note receivables from related parties | (12,842 | ) | (12,766 | ) | |||||
Receivables from related parties | 3,745 | 2,088 | |||||||
Total receivables from related parties, net | $ | 32,350 | $ | 34,028 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Components of Income Tax Benefit (Expense) | ' | ||||||||||||
For the years ended December 31, 2013, 2012 and 2011, major components of the income tax benefit (expense) were as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 0 | $ | 0 | $ | 3,000 | |||||||
State | (1,766 | ) | (78 | ) | 140 | ||||||||
Total current | (1,766 | ) | (78 | ) | 3,140 | ||||||||
Deferred: | |||||||||||||
Federal | 13,385 | (532 | ) | 603 | |||||||||
State | 2,482 | (6 | ) | (674 | ) | ||||||||
Total deferred | 15,867 | (538 | ) | (71 | ) | ||||||||
Total income tax benefit (expense) | $ | 14,101 | $ | (616 | ) | $ | 3,069 | ||||||
Effective Tax Rate Differed from 35% Federal Statutory Rate | ' | ||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the effective tax rate differed from the 35% federal statutory rate due to the following: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Income (loss) before income taxes | $ | 111,838 | $ | 29,800 | $ | (110,311 | ) | ||||||
Income tax benefit (expense) computed at statutory rate | $ | (39,143 | ) | $ | (10,430 | ) | $ | 38,609 | |||||
Increase (decrease) resulting from: | |||||||||||||
Non-taxable entities income (loss) (a) | 25,275 | 7,134 | (36,195 | ) | |||||||||
State taxes, net of federal income tax benefit | (1,901 | ) | (1,045 | ) | 613 | ||||||||
Small insurance company election (831b) | 198 | (2,583 | ) | (24 | ) | ||||||||
Write-off of deferred tax assets | 0 | 0 | (9,500 | ) | |||||||||
Change in valuation allowance for deferred tax assets | 32,223 | 5,461 | 10,648 | ||||||||||
Other, net | (2,551 | ) | 847 | (1,082 | ) | ||||||||
Total income tax benefit (expense) | $ | 14,101 | $ | (616 | ) | $ | 3,069 | ||||||
Effective tax rate | (12.6 | )% | 2.1 | % | 2.8 | % | |||||||
(a) | Non-taxable entities represent income or loss related to non-controlling interests and consolidated limited partnerships and limited liability companies in which the taxable income or loss is reflected on the respective partners’ tax return. | ||||||||||||
Tax Effect of Temporary Differences Rise to Significant Portion of Deferred Taxes | ' | ||||||||||||
At December 31, 2013 and 2012, the tax effects of temporary differences that give rise to significant portions of deferred taxes were as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Housing and land inventory basis differences | $ | 8,746 | $ | 12,389 | |||||||||
Available loss carryforwards | 7,696 | 19,322 | |||||||||||
Impairment of inventory and investments | 782 | 2,366 | |||||||||||
Other | 1,166 | 2,797 | |||||||||||
Total deferred tax assets | 18,390 | 36,874 | |||||||||||
Deferred tax liabilities | |||||||||||||
Income recognition | (1,544 | ) | (4,142 | ) | |||||||||
Total deferred tax liabilities | (1,544 | ) | (4,142 | ) | |||||||||
Subtotal | 16,846 | 32,732 | |||||||||||
Valuation allowance | (509 | ) | (32,732 | ) | |||||||||
Net deferred tax assets | $ | 16,337 | $ | 0 | |||||||||
Contingencies_and_Commitments_
Contingencies and Commitments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Contingent Liabilities and Commitments | ' | ||||||||
At December 31, 2013 and 2012, certain unrecorded contingent liabilities and commitments were as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Tax Court CCM case (capped at $70.0 million, see Note 13) | $ | 70,000 | $ | 70,000 | |||||
Remargin obligations for unconsolidated joint venture loans (see Note 7) | 28,684 | 22,805 | |||||||
Outstanding letters of credit | 0 | 4,216 | |||||||
Costs to complete on surety bonds for Company projects | 77,276 | 85,490 | |||||||
Costs to complete on surety bonds for joint venture projects | 22,845 | 30,804 | |||||||
Costs to complete on surety bonds for related party projects | 1,614 | 2,311 | |||||||
Water system connection rights purchase obligation | 30,506 | 33,615 | |||||||
Lease payment obligations to third parties | 4,539 | 3,806 | |||||||
Lease payment obligations to related parties | 6,487 | 4,352 | |||||||
Total unrecorded contingent liabilities and commitments | $ | 241,951 | $ | 257,399 | |||||
Future Minimum Rental Payments Under Operating Leases | ' | ||||||||
At December 31, 2013, future minimal rental payments under related party operating leases having initial or remaining non-cancelable lease terms in excess of one year were as follows: | |||||||||
Payments Due By Year | December 31, | ||||||||
(In thousands) | |||||||||
2014 | $ | 1,631 | |||||||
2015 | 1,267 | ||||||||
2016 | 667 | ||||||||
2017 | 366 | ||||||||
2018 and thereafter | 2,556 | ||||||||
Total | $ | 6,487 | |||||||
Related Party Operating Lease | ' | ||||||||
Future Minimum Rental Payments Under Operating Leases | ' | ||||||||
At December 31, 2013, future minimum rental payments under operating leases (excluding related party operating leases for office space – see below) having initial or remaining non-cancelable lease terms in excess of one year were as follows: | |||||||||
Payments Due By Year | December 31, | ||||||||
(In thousands) | |||||||||
2014 | $ | 1,030 | |||||||
2015 | 771 | ||||||||
2016 | 740 | ||||||||
2017 | 735 | ||||||||
2018 and thereafter | 1,263 | ||||||||
Total | $ | 4,539 | |||||||
Supplemental_Disclosure_to_Con1
Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Consolidated Statement of Cash Flow Supplemental Disclosure | ' | ||||||||||||
Supplemental disclosures to the consolidated statements of cash flows were as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Supplemental disclosure of cash flow information | |||||||||||||
Income taxes paid (refunded) | $ | 1,181 | $ | (3,891 | ) | $ | (4,417 | ) | |||||
Interest paid, net of amounts capitalized | $ | 4,946 | $ | 19,225 | $ | 16,065 | |||||||
Supplemental disclosure of noncash activities | |||||||||||||
Unrealized gain (loss) on available-for-sale investments, net | $ | 271 | $ | (1,875 | ) | $ | 1,029 | ||||||
Reclassification of Deficit Distributions to (from) unconsolidated joint ventures from (to) other liabilities | $ | (365 | ) | $ | 212 | $ | (49 | ) | |||||
Purchase of land in exchange for note payable | $ | 4,379 | $ | 8,982 | $ | 1,457 | |||||||
Contribution of inventory to unconsolidated joint venture | $ | 4,082 | $ | 0 | $ | 0 | |||||||
Elimination of consolidated joint venture inventory, receivables from related parties and other assets | $ | 0 | $ | (41,600 | ) | $ | 0 | ||||||
Elimination of consolidated joint venture note payable and other liabilities | $ | 0 | $ | (1,949 | ) | $ | 0 | ||||||
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 | ) | $ | 0 | ||||||
Contribution of net assets for payment on notes receivables from related parties | $ | 0 | $ | 0 | $ | 41,524 | |||||||
Distribution of land from unconsolidated joint venture | $ | 0 | $ | 0 | $ | 15,422 | |||||||
Distribution of note payable from unconsolidated joint venture | $ | 0 | $ | 0 | $ | 599 | |||||||
Distribution of land to non-controlling interests | $ | 0 | $ | 0 | $ | (769 | ) | ||||||
Transfer of land from inventory to property and equipment | $ | 0 | $ | 0 | $ | 1,838 | |||||||
Sale of property and equipment in exchange for note receivable from related party | $ | 0 | $ | 0 | $ | 6,500 | |||||||
Sale of property and equipment in exchange for relief of prepaid assets and assumptions of payables, net | $ | 0 | $ | 0 | $ | 591 |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Financial Information Related to Reportable Segments | ' | ||||||||||||
Financial information relating to reportable segments was as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Total assets: | |||||||||||||
Southern California | $ | 316,339 | $ | 213,481 | |||||||||
San Diego | 160,593 | 148,272 | |||||||||||
Northern California | 286,513 | 256,728 | |||||||||||
Mountain West | 316,459 | 297,276 | |||||||||||
South West | 155,416 | 105,470 | |||||||||||
East | 5,096 | 6,943 | |||||||||||
Total homebuilding assets | 1,240,416 | 1,028,170 | |||||||||||
Corporate | 264,917 | 345,367 | |||||||||||
Total assets | $ | 1,505,333 | $ | 1,373,537 | |||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Inventory: | |||||||||||||
Southern California | $ | 239,986 | $ | 161,700 | |||||||||
San Diego | 142,395 | 129,895 | |||||||||||
Northern California | 249,111 | 226,307 | |||||||||||
Mountain West | 247,294 | 227,130 | |||||||||||
South West | 132,484 | 89,756 | |||||||||||
East | 2,002 | 2,865 | |||||||||||
Total inventory | $ | 1,013,272 | $ | 837,653 | |||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
Southern California | $ | 207,650 | $ | 133,990 | $ | 167,417 | |||||||
San Diego | 125,494 | 85,971 | 86,856 | ||||||||||
Northern California | 242,356 | 166,106 | 108,788 | ||||||||||
Mountain West | 186,899 | 147,784 | 102,870 | ||||||||||
South West | 160,744 | 138,161 | 114,409 | ||||||||||
East | 6,554 | 7,150 | 6,045 | ||||||||||
Total homebuilding revenues | 929,697 | 679,162 | 586,385 | ||||||||||
Corporate | 913 | 985 | 1,385 | ||||||||||
Total revenues | $ | 930,610 | $ | 680,147 | $ | 587,770 | |||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Income (loss) before income taxes: | |||||||||||||
Southern California | $ | 44,236 | $ | 12,843 | $ | 4,067 | |||||||
San Diego | 7,717 | 2,493 | (5,998 | ) | |||||||||
Northern California | 40,648 | 19,292 | (14,296 | ) | |||||||||
Mountain West | 9,463 | 156 | (4,037 | ) | |||||||||
South West | 8,356 | (2,173 | ) | (1,168 | ) | ||||||||
East | (349 | ) | (202 | ) | 401 | ||||||||
Total homebuilding income (loss) before income taxes | 110,071 | 32,409 | (21,031 | ) | |||||||||
Corporate | 1,767 | (2,609 | ) | (89,280 | ) | ||||||||
Total income (loss) before income taxes | $ | 111,838 | $ | 29,800 | $ | (110,311 | ) | ||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Impairments: | |||||||||||||
Southern California | $ | 0 | $ | 0 | $ | 7,189 | |||||||
San Diego | 0 | 0 | 9,684 | ||||||||||
Northern California | 0 | 0 | 13,875 | ||||||||||
Mountain West | 0 | 0 | 0 | ||||||||||
South West | 0 | 0 | 2,227 | ||||||||||
East | 0 | 0 | 0 | ||||||||||
Total impairments | $ | 0 | $ | 0 | $ | 32,975 | |||||||
Results_of_Quarterly_Operation1
Results of Quarterly Operations (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Results of Quraterly Operations | ' | ||||||||||||||||||||
First | Second | Third | Fourth | Total (1) | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
2013:00:00 | |||||||||||||||||||||
Revenues | $ | 134,960 | $ | 217,310 | $ | 238,309 | $ | 340,031 | $ | 930,610 | |||||||||||
Gross margin | $ | 31,536 | $ | 48,426 | $ | 55,848 | $ | 85,388 | $ | 221,198 | |||||||||||
Net income (loss) | $ | 6,837 | $ | 19,532 | $ | 25,826 | $ | 73,744 | $ | 125,939 | |||||||||||
Net income (loss) attributable to SHLP | $ | 6,838 | $ | 19,534 | $ | 25,824 | $ | 73,751 | $ | 125,947 | |||||||||||
2012:00:00 | |||||||||||||||||||||
Revenues | $ | 105,603 | $ | 132,468 | $ | 146,421 | $ | 295,655 | $ | 680,147 | |||||||||||
Gross margin | $ | 20,568 | $ | 24,490 | $ | 31,196 | $ | 65,459 | $ | 141,713 | |||||||||||
Net income (loss) | $ | (198 | ) | $ | (12,120 | ) | $ | 8,300 | $ | 33,202 | $ | 29,184 | |||||||||
Net income (loss) attributable to SHLP | $ | (411 | ) | $ | (12,101 | ) | $ | 8,330 | $ | 33,220 | $ | 29,038 | |||||||||
-1 | Some amounts do not add across due to rounding differences in quarterly amounts |
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
SHLP | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||
Corp (a) | Subsidiaries | Subsidiaries | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 153,794 | $ | 43,803 | $ | 8,608 | $ | 0 | $ | 206,205 | |||||||||||
Restricted cash | 695 | 354 | 140 | 0 | 1,189 | ||||||||||||||||
Accounts and other receivables, net | 120,299 | 26,754 | 28,696 | (28,250 | ) | 147,499 | |||||||||||||||
Receivables from related parties, net | 9,251 | 22,027 | 796 | 276 | 32,350 | ||||||||||||||||
Inventory | 749,832 | 263,213 | 3,361 | (3,134 | ) | 1,013,272 | |||||||||||||||
Investments in unconsolidated joint ventures | 22,068 | 1,091 | 24,589 | 0 | 47,748 | ||||||||||||||||
Investments in subsidiaries | 748,326 | 69,755 | 90,484 | (908,565 | ) | 0 | |||||||||||||||
Other assets, net | 24,030 | 32,957 | 83 | 0 | 57,070 | ||||||||||||||||
Intercompany | 0 | 465,706 | 0 | (465,706 | ) | 0 | |||||||||||||||
Total assets | $ | 1,828,295 | $ | 925,660 | $ | 156,757 | $ | (1,405,379 | ) | $ | 1,505,333 | ||||||||||
Liabilities and equity | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||
Notes payable | $ | 751,708 | $ | 0 | $ | 0 | $ | 0 | $ | 751,708 | |||||||||||
Payables to related parties | 20 | 0 | 1 | 0 | 21 | ||||||||||||||||
Accounts payable | 36,594 | 25,334 | 418 | 0 | 62,346 | ||||||||||||||||
Other liabilities | 171,470 | 41,370 | 61,211 | (28,250 | ) | 245,801 | |||||||||||||||
Intercompany | 423,447 | 0 | 45,117 | (468,564 | ) | 0 | |||||||||||||||
Total liabilities | 1,383,239 | 66,704 | 106,747 | (496,814 | ) | 1,059,876 | |||||||||||||||
Equity: | |||||||||||||||||||||
SHLP equity: | |||||||||||||||||||||
Owners’ equity | 440,268 | 854,168 | 49,609 | (903,777 | ) | 440,268 | |||||||||||||||
Accumulated other comprehensive income | 4,788 | 4,788 | 0 | (4,788 | ) | 4,788 | |||||||||||||||
Total SHLP equity | 445,056 | 858,956 | 49,609 | (908,565 | ) | 445,056 | |||||||||||||||
Non-controlling interests | 0 | 0 | 401 | 0 | 401 | ||||||||||||||||
Total equity | 445,056 | 858,956 | 50,010 | (908,565 | ) | 445,457 | |||||||||||||||
Total liabilities and equity | $ | 1,828,295 | $ | 925,660 | $ | 156,757 | $ | (1,405,379 | ) | $ | 1,505,333 | ||||||||||
(a) | Includes Shea Homes Funding Corp., whose financial position at December 31, 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 | 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 | 356,451 | (376,420 | ) | 20,068 | (99 | ) | 0 | ||||||||||||||
Total liabilities | 1,311,964 | (311,841 | ) | 89,959 | (35,792 | ) | 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 | $ | 450,777 | $ | 158,992 | $ | (867,034 | ) | $ | 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) | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
SHLP | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||
Corp (a) | Subsidiaries | Subsidiaries | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Revenues | $ | 505,510 | $ | 404,393 | $ | 20,707 | $ | 0 | $ | 930,610 | |||||||||||
Cost of sales | (406,563 | ) | (302,081 | ) | (1,502 | ) | 734 | (709,412 | ) | ||||||||||||
Gross margin | 98,947 | 102,312 | 19,205 | 734 | 221,198 | ||||||||||||||||
Selling expenses | (28,925 | ) | (18,847 | ) | (6,566 | ) | 0 | (54,338 | ) | ||||||||||||
General and administrative expenses | (34,936 | ) | (12,294 | ) | (2,850 | ) | 0 | (50,080 | ) | ||||||||||||
Equity in income (loss) from unconsolidated joint ventures | (2,020 | ) | (65 | ) | 981 | 0 | (1,104 | ) | |||||||||||||
Equity in income (loss) from subsidiaries | 100,821 | (1,443 | ) | (3,342 | ) | (96,036 | ) | 0 | |||||||||||||
Gain (loss) on reinsurance | 0 | 0 | 2,011 | 0 | 2,011 | ||||||||||||||||
Interest expense | (3,658 | ) | (1,413 | ) | 0 | 0 | (5,071 | ) | |||||||||||||
Other income (expense), net | (4,280 | ) | 3,428 | 808 | (734 | ) | (778 | ) | |||||||||||||
Income (loss) before income taxes | 125,949 | 71,678 | 10,247 | (96,036 | ) | 111,838 | |||||||||||||||
Income tax benefit (expense) | (2 | ) | 14,112 | (9 | ) | 0 | 14,101 | ||||||||||||||
Net income (loss) | 125,947 | 85,790 | 10,238 | (96,036 | ) | 125,939 | |||||||||||||||
Less: Net loss (income) attributable to non-controlling interests | 0 | 0 | 8 | 0 | 8 | ||||||||||||||||
Net income (loss) attributable to SHLP | $ | 125,947 | $ | 85,790 | $ | 10,246 | $ | (96,036 | ) | $ | 125,947 | ||||||||||
Comprehensive income (loss) | $ | 126,218 | $ | 86,061 | $ | 10,238 | $ | (96,307 | ) | $ | 126,210 | ||||||||||
(a) | Includes Shea Homes Funding Corp., whose results of operations for the year ended December 31, 2013 was not material. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
SHLP | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||
Corp (a) | Subsidiaries | Subsidiaries | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Revenues | $ | 470,756 | $ | 200,329 | $ | 9,062 | $ | 0 | $ | 680,147 | |||||||||||
Cost of sales | (372,576 | ) | (164,992 | ) | (1,343 | ) | 477 | (538,434 | ) | ||||||||||||
Gross margin | 98,180 | 35,337 | 7,719 | 477 | 141,713 | ||||||||||||||||
Selling expenses | (26,836 | ) | (13,531 | ) | (5,421 | ) | 0 | (45,788 | ) | ||||||||||||
General and administrative expenses | (30,560 | ) | (10,500 | ) | (2,687 | ) | 0 | (43,747 | ) | ||||||||||||
Equity in income (loss) from unconsolidated joint ventures | (338 | ) | (43 | ) | 759 | 0 | 378 | ||||||||||||||
Equity in income (loss) from subsidiaries | 11,334 | (20,211 | ) | (4,556 | ) | 13,433 | 0 | ||||||||||||||
Gain (loss) on reinsurance | 0 | 0 | (12,013 | ) | 0 | (12,013 | ) | ||||||||||||||
Interest expense | (17,326 | ) | (2,532 | ) | (4 | ) | 0 | (19,862 | ) | ||||||||||||
Other income (expense), net | (5,411 | ) | 12,905 | 2,102 | (477 | ) | 9,119 | ||||||||||||||
Income (loss) before income taxes | 29,043 | 1,425 | (14,101 | ) | 13,433 | 29,800 | |||||||||||||||
Income tax benefit (expense) | (5 | ) | (601 | ) | (10 | ) | 0 | (616 | ) | ||||||||||||
Net income (loss) | 29,038 | 824 | (14,111 | ) | 13,433 | 29,184 | |||||||||||||||
Less: Net loss (income) attributable to non-controlling interests | 0 | 0 | (146 | ) | 0 | (146 | ) | ||||||||||||||
Net income (loss) attributable to SHLP | $ | 29,038 | $ | 824 | $ | (14,257 | ) | $ | 13,433 | $ | 29,038 | ||||||||||
Comprehensive income (loss) | $ | 27,163 | $ | (1,051 | ) | $ | (14,111 | ) | $ | 15,308 | $ | 27,309 | |||||||||
(b) | Includes Shea Homes Funding Corp., whose results of operations for the year ended December 31, 2012 was not material. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
SHLP | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||
Corp (a) | Subsidiaries | Subsidiaries | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Revenues | $ | 449,926 | $ | 128,808 | $ | 9,036 | $ | 0 | $ | 587,770 | |||||||||||
Cost of sales | (398,193 | ) | (113,553 | ) | (4,261 | ) | 429 | (515,578 | ) | ||||||||||||
Gross margin | 51,733 | 15,255 | 4,775 | 429 | 72,192 | ||||||||||||||||
Selling expenses | (28,522 | ) | (11,686 | ) | (5,043 | ) | 0 | (45,251 | ) | ||||||||||||
General and administrative expenses | (26,351 | ) | (8,938 | ) | (2,085 | ) | 0 | (37,374 | ) | ||||||||||||
Equity in income (loss) from unconsolidated joint ventures | (1,371 | ) | (388 | ) | (3,375 | ) | 0 | (5,134 | ) | ||||||||||||
Equity in income (loss) from subsidiaries | (3,852 | ) | 6,813 | 7,393 | (10,354 | ) | 0 | ||||||||||||||
Loss on debt extinguishment | (88,384 | ) | 0 | 0 | 0 | (88,384 | ) | ||||||||||||||
Gain (loss) on reinsurance | 0 | 0 | 3,072 | 0 | 3,072 | ||||||||||||||||
Interest expense | (15,832 | ) | (974 | ) | 0 | 0 | (16,806 | ) | |||||||||||||
Other income (expense), net | (1,803 | ) | 2,188 | 7,418 | (429 | ) | 7,374 | ||||||||||||||
Income (loss) before income taxes | (114,382 | ) | 2,270 | 12,155 | (10,354 | ) | (110,311 | ) | |||||||||||||
Income tax benefit (expense) | (3 | ) | 3,088 | (16 | ) | 0 | 3,069 | ||||||||||||||
Net income (loss) | (114,385 | ) | 5,358 | 12,139 | (10,354 | ) | (107,242 | ) | |||||||||||||
Less: Net loss (income) attributable to non-controlling interests | 0 | 0 | (7,143 | ) | 0 | (7,143 | ) | ||||||||||||||
Net income (loss) attributable to SHLP | $ | (114,385 | ) | $ | 5,358 | $ | 4,996 | $ | (10,354 | ) | $ | (114,385 | ) | ||||||||
Comprehensive income (loss) | $ | (113,356 | ) | $ | 6,387 | $ | 12,139 | $ | (11,383 | ) | $ | (106,213 | ) | ||||||||
(a) | Includes Shea Homes Funding Corp. since inception on April 26, 2011, whose results were not material. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
SHLP | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||
Corp (a) | Subsidiaries | Subsidiaries | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Operating activities | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (134,342 | ) | $ | 74,734 | $ | 10,951 | $ | 2,759 | $ | (45,898 | ) | |||||||||
Investing activities | |||||||||||||||||||||
Proceeds from sale of available-for-sale investments | 0 | 3,165 | 0 | 0 | 3,165 | ||||||||||||||||
Investments in unconsolidated joint ventures | (9,713 | ) | (277 | ) | (15,386 | ) | 0 | (25,376 | ) | ||||||||||||
Distributions from unconsolidated joint ventures | 0 | 0 | 4,072 | 0 | 4,072 | ||||||||||||||||
Other investing activities | (335 | ) | 2,522 | (821 | ) | 0 | 1,366 | ||||||||||||||
Net cash provided by (used in) investing activities | (10,048 | ) | 5,410 | (12,135 | ) | 0 | (16,773 | ) | |||||||||||||
Financing activities | |||||||||||||||||||||
Principal payments to financial institutions and others | (10,880 | ) | 0 | 0 | 0 | (10,880 | ) | ||||||||||||||
Intercompany | 92,150 | (85,236 | ) | (4,155 | ) | (2,759 | ) | 0 | |||||||||||||
Net cash provided by (used in) financing activities | 81,270 | (85,236 | ) | (4,155 | ) | (2,759 | ) | (10,880 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (63,120 | ) | (5,092 | ) | (5,339 | ) | 0 | (73,551 | ) | ||||||||||||
Cash and cash equivalents at beginning of year | 216,914 | 48,895 | 13,947 | 0 | 279,756 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 153,794 | $ | 43,803 | $ | 8,608 | $ | 0 | $ | 206,205 | |||||||||||
(a) | Includes Shea Homes Funding Corp., whose cash flows for the year ended December 31, 2013 were not material. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
SHLP | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||
Corp (a) | Subsidiaries | Subsidiaries | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Operating activities | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 33,609 | $ | (63,637 | ) | $ | 25,506 | $ | (1,669 | ) | $ | (6,191 | ) | ||||||||
Investing activities | |||||||||||||||||||||
Proceeds from sale of available-for-sale investments | 0 | 26,547 | 0 | 0 | 26,547 | ||||||||||||||||
Net decrease (increase) in promissory notes from related parties | 1,142 | 988 | (143 | ) | 0 | 1,987 | |||||||||||||||
Investments in unconsolidated joint ventures | (10,898 | ) | (229 | ) | (840 | ) | 0 | (11,967 | ) | ||||||||||||
Other investing activities | (89 | ) | (54 | ) | 0 | 0 | (143 | ) | |||||||||||||
Net cash provided by (used in) investing activities | (9,845 | ) | 27,252 | (983 | ) | 0 | 16,424 | ||||||||||||||
Financing activities | |||||||||||||||||||||
Principal payments to financial institutions and others | (2,230 | ) | 0 | (199 | ) | 0 | (2,429 | ) | |||||||||||||
Intercompany | 35,517 | (10,820 | ) | (26,366 | ) | 1,669 | 0 | ||||||||||||||
Other financing activities | 2,352 | 0 | 1,234 | 0 | 3,586 | ||||||||||||||||
Net cash provided by (used in) financing activities | 35,639 | (10,820 | ) | (25,331 | ) | 1,669 | 1,157 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 59,403 | (47,205 | ) | (808 | ) | 0 | 11,390 | ||||||||||||||
Cash and cash equivalents at beginning of year | 157,511 | 96,100 | 14,755 | 0 | 268,366 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 216,914 | $ | 48,895 | $ | 13,947 | $ | 0 | $ | 279,756 | |||||||||||
(a) | Includes Shea Homes Funding Corp., whose cash flows for the year ended December 31, 2012 were not material. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
SHLP | Guarantor | Non-Guarantor | Eliminations | Total | |||||||||||||||||
Corp (a) | Subsidiaries | Subsidiaries | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Operating activities | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 56,254 | $ | (12,550 | ) | $ | 2,499 | $ | (7,325 | ) | $ | 38,878 | |||||||||
Investing activities | |||||||||||||||||||||
Purchase of available-for-sale investments | 0 | (20,205 | ) | 0 | 0 | (20,205 | ) | ||||||||||||||
Proceeds from sale of investments in joint venture | 0 | 0 | 14,000 | 0 | 14,000 | ||||||||||||||||
Net decrease (increase) in promissory notes from related parties | (1,793 | ) | (25,122 | ) | (892 | ) | 135,487 | 107,680 | |||||||||||||
Investments in unconsolidated joint ventures | (800 | ) | (117 | ) | (16,364 | ) | 0 | (17,281 | ) | ||||||||||||
Distributions from unconsolidated joint ventures | 0 | 2,487 | 5,525 | 0 | 8,012 | ||||||||||||||||
Proceeds from sale of property and equipment | 12,892 | 0 | 1 | 0 | 12,893 | ||||||||||||||||
Other investing activities | (1,761 | ) | 1,639 | 0 | 0 | (122 | ) | ||||||||||||||
Net cash provided by (used in) investing activities | 8,538 | (41,318 | ) | 2,270 | 135,487 | 104,977 | |||||||||||||||
Financing activities | |||||||||||||||||||||
Repayments on revolving lines of credit | (80,448 | ) | 0 | 0 | 0 | (80,448 | ) | ||||||||||||||
Borrowings from financial institutions | 750,000 | 0 | 0 | 0 | 750,000 | ||||||||||||||||
Principal payments to financial institutions and others | (721,953 | ) | 0 | 0 | 0 | (721,953 | ) | ||||||||||||||
Intercompany | 36,210 | 95,575 | (3,623 | ) | (128,162 | ) | 0 | ||||||||||||||
Other financing activities | 9,399 | 0 | 639 | 0 | 10,038 | ||||||||||||||||
Net cash provided by (used in) financing activities | (6,792 | ) | 95,575 | (2,984 | ) | (128,162 | ) | (42,363 | ) | ||||||||||||
Net increase in cash and cash equivalents | 58,000 | 41,707 | 1,785 | 0 | 101,492 | ||||||||||||||||
Cash and cash equivalents at beginning of year | 99,511 | 54,393 | 12,970 | 0 | 166,874 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 157,511 | $ | 96,100 | $ | 14,755 | $ | 0 | $ | 268,366 | |||||||||||
(a) | Includes Shea Homes Funding Corp. since inception on April 26, 2011, whose cash flows were not material. |
Organization_Additional_Inform
Organization - Additional Information (Detail) (JFSCI) | Dec. 31, 2013 |
JFSCI | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Ownership Interest | 96.00% |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Advertising costs incurred | $7.40 | $6.60 | $6.20 |
Reclassification From Investments To Other Assets | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Reclassification adjustment | ' | 12.1 | ' |
Reclassification From Property And Equipment To Other Assets | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Reclassification adjustment | ' | $2.20 | ' |
Maximum | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Maturity of cash and cash equivalents | '90 days | ' | ' |
Operations claims standard warranty period | '2 years | ' | ' |
Completed operations extended warranty period | '12 years | ' | ' |
Maximum | Fair Value Adjustment to Inventory | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Assets fair value discount rates | 25.00% | ' | ' |
Minimum | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Operations claims standard warranty period | '1 year | ' | ' |
Minimum | Fair Value Adjustment to Inventory | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Assets fair value discount rates | 10.00% | ' | ' |
Restricted_Cash_Additional_Inf
Restricted Cash - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' |
Restricted cash used as collateral released | $10 | $10 | ' |
Restricted cash | ' | $13 | $1.20 |
Net_Book_Values_and_Estimated_
Net Book Values and Estimated Fair Values of Notes Payable (Detail) (USD $) | Dec. 31, 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 | 830,625 | 828,750 |
Secured Promissory Notes | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Net Book Value | 1,708 | 8,209 |
Estimated Fair Value | $1,708 | $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 $) | Dec. 31, 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 $) | Dec. 31, 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 $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts and Other Receivables [Line Items] | ' | ' |
Insurance receivables | $138,610 | $131,519 |
Escrow receivables | 586 | 576 |
Notes receivables | 3,155 | 3,662 |
Development receivables | 3,093 | 3,325 |
Other receivables | 4,031 | 4,147 |
Reserve | -1,976 | -1,940 |
Total accounts and other receivables, net | $147,499 | $141,289 |
Accounts_and_Other_Receivables3
Accounts and Other Receivables, Net (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts and Other Receivables [Line Items] | ' | ' |
Insurance receivable | $138,610 | $131,519 |
Affiliate insurance carriers | ' | ' |
Accounts and Other Receivables [Line Items] | ' | ' |
Insurance receivable | $44,000 | $30,200 |
Inventory_Detail
Inventory (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Homes under construction | $257,662 | $189,929 |
Lots available for construction | 342,622 | 249,463 |
Land under development | 122,257 | 175,922 |
Land held for future development | 70,618 | 60,466 |
Land held for sale, including water system connection rights | 79,102 | 71,381 |
Land deposits and preacquisition costs | 32,998 | 7,267 |
Total inventory | 1,013,272 | 837,653 |
Model Homes | ' | ' |
Inventory [Line Items] | ' | ' |
Inventory finished homes | 87,728 | 69,210 |
Completed Homes for Sale | ' | ' |
Inventory [Line Items] | ' | ' |
Inventory finished homes | $20,285 | $14,015 |
Inventory_Impairment_Detail
Inventory Impairment (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Project | Project | Project | ||||
Inventory Disclosure [Line Items] | ' | ' | ' | |||
Inventory impairment charge | $0 | $0 | $30,600 | |||
Remaining carrying value of inventory impaired at end of year | $0 | $0 | $27,427 | |||
Projects impaired | 0 | 0 | 10 | |||
Projects evaluated for impairment | 126 | [1] | 132 | [1] | 131 | [1] |
[1] | Large land parcels not subdivided into communities are counted as one project. Once parcels are subdivided, the project count will increase accordingly. |
Inventory_Additional_Informati
Inventory - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Inventory Disclosure [Line Items] | ' | ' | ' |
Write-offs of deposits and pre acquisition costs | $1.40 | $2 | $0.20 |
Interest_Incurred_Capitalized_
Interest Incurred, Capitalized and Expensed (Detail) (USD $) | 4 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Capitalized Interest [Line Items] | ' | ' | ' | ' | ||||
Interest incurred | ' | $67,048,000 | $66,857,000 | $69,961,000 | ||||
Interest expensed | 0 | 5,071,000 | [1] | 19,862,000 | [1] | 16,806,000 | [1] | |
Model Homes | ' | ' | ' | ' | ||||
Capitalized Interest [Line Items] | ' | ' | ' | ' | ||||
Amortized costs | 10,300,000 | 10,300,000 | 8,200,000 | 9,900,000 | ||||
Inventory | ' | ' | ' | ' | ||||
Capitalized Interest [Line Items] | ' | ' | ' | ' | ||||
Interest capitalized as a cost of inventory during the year | ' | 59,699,000 | 46,146,000 | 51,840,000 | ||||
Interest previously capitalized as a cost of inventory, included in cost of sales | ' | -60,448,000 | -54,733,000 | -45,944,000 | ||||
Interest previously capitalized as a cost of inventory, transferred to property and equipment and from investments in joint ventures, net | ' | 0 | 0 | -411,000 | ||||
Interest capitalized in ending inventory | 102,100,000 | [2] | 102,100,000 | [2] | 102,849,000 | [2] | 111,436,000 | [2] |
Investments In Joint Ventures | ' | ' | ' | ' | ||||
Capitalized Interest [Line Items] | ' | ' | ' | ' | ||||
Interest capitalized as a cost of investments in joint ventures during the year | ' | 2,278,000 | 849,000 | 1,315,000 | ||||
Interest previously capitalized as a cost of investments in joint ventures, included in equity in income (loss) from joint ventures | ' | -1,189,000 | -849,000 | -1,619,000 | ||||
Interest previously capitalized as a cost of investments in joint ventures, transferred to inventory | ' | 0 | 0 | -642,000 | ||||
Interest capitalized in ending investments in joint ventures | ' | $1,089,000 | $0 | $0 | ||||
[1] | For the eight months ended August 31, 2013 and for the years ended December 31, 2012 and 2011, assets qualifying for interest capitalization were less than debt; therefore, non-qualifying interest was expensed. For the period from September 2013 to December 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 $) | 4 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Capitalized Interest [Line Items] | ' | ' | ' | ' | |||
Interest expensed | $0 | $5,071 | [1] | $19,862 | [1] | $16,806 | [1] |
[1] | For the eight months ended August 31, 2013 and for the years ended December 31, 2012 and 2011, assets qualifying for interest capitalization were less than debt; therefore, non-qualifying interest was expensed. For the period from September 2013 to December 2013, qualifying assets exceeded debt; therefore, no interest was expensed. |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Joint Ventures - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Jun. 30, 2013 |
RRWS,LLC | RRWS,LLC | Polo Estates Ventures, LLC | Guarantee provided | Guarantee provided | Guarantee provided | Unconsolidated Joint Ventures | Unconsolidated Joint Ventures | Unconsolidated Joint Ventures | Impairment on investments in joint ventures | Fourth Unconsolidated Joint Venture | Fourth Unconsolidated Joint Venture | |||
RRWS,LLC | RRWS,LLC | Polo Estates Ventures, LLC | Maximum | Minimum | ||||||||||
Investment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Deficit Distributions | $351,000 | $716,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairments charges on investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' |
Indemnification agreement from joint ventures, percentage | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable outstanding | ' | ' | 47,700,000 | 45,600,000 | 4,800,000 | 47,700,000 | 45,600,000 | ' | ' | ' | ' | ' | ' | ' |
Maximum remargin obligation | 70,000,000 | ' | ' | ' | ' | 23,800,000 | 22,800,000 | 4,800,000 | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | 21,600,000 | ' | ' | 21,600,000 | ' | ' | ' | ' | ' | ' |
Guaranty Liabilities | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | $47,748,000 | $28,653,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,100,000 | ' |
Condensed_Financial_Informatio
Condensed Financial Information of Investments in Unconsolidated Joint Venture (Detail) (Unconsolidated Joint Ventures, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Unconsolidated Joint Ventures | ' | ' | ||
Assets | ' | ' | ||
Real estate inventory | $267,460 | $121,446 | ||
Other assets | 130,840 | 52,143 | ||
Total assets | 398,300 | 173,589 | ||
Liabilities and equity | ' | ' | ||
Notes payable | 78,589 | 76,957 | ||
Other liabilities | 99,395 | 16,435 | ||
Total liabilities | 177,984 | 93,392 | ||
Equity: | ' | ' | ||
The Company | 47,397 | [1] | 27,937 | [1] |
Others | 172,919 | 52,260 | ||
Total equity | 220,316 | 80,197 | ||
Total liabilities and equity | $398,300 | $173,589 | ||
[1] | At December 31, 2013 and 2012, includes Deficit Distributions of $0.4 million and $0.7 million, respectively. |
Condensed_Income_Statement_of_
Condensed Income Statement of Joint Ventures (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
The Company's share of net income (loss) | ($1,104) | $378 | ($5,134) |
Unconsolidated Joint Ventures | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Revenues | 90,743 | 46,586 | 41,530 |
Expenses | -85,594 | -48,079 | -58,189 |
Net income (loss) | 5,149 | -1,493 | -16,659 |
The Company's share of net income (loss) | ($1,104) | $378 | ($5,134) |
Condensed_Financial_Informatio1
Condensed Financial Information of Investments in Unconsolidated Joint Venture (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ' | ' |
Deficit Distributions | $351 | $716 |
Total_Unconsolidated_Joint_Ven
Total Unconsolidated Joint Ventures' Note Payable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Notes payable | $751,708 | $758,209 | ||
Unconsolidated Joint Ventures | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Joint venture debt | 78,589 | 76,957 | ||
Unconsolidated Joint Ventures | Bank and Seller Financing Notes Payable | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Notes payable | 62,588 | [1] | 68,504 | [1] |
Unconsolidated Joint Ventures | Bank and Seller Financing Notes Payable | Guarantee provided | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Notes payable | 52,515 | 45,610 | ||
Unconsolidated Joint Ventures | Bank and Seller Financing Notes Payable | Non Guaranteed Obligations | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Notes payable | 10,073 | 22,894 | ||
Unconsolidated Joint Ventures | Partner Notes Payable | Unsecured Debt | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Notes payable | 16,001 | [2] | 8,453 | [2] |
Non-Direct Unconsolidated Joint Ventures | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Joint venture debt | $55,441 | [3] | $57,839 | [3] |
[1] | All bank and seller notes were secured by real property. | |||
[2] | No guarantees were provided on partner notes payables. In January 2014, a $3.2 million partner note from one joint venture was paid off. | |||
[3] | Through indirect effective ownership in two joint ventures of 12.3% and 0.0003%, respectively, that had bank notes payable secured by real property in which we have not provided any guaranty. |
Total_Unconsolidated_Joint_Ven1
Total Unconsolidated Joint Ventures' Note Payable (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Joint Venture One | Joint Venture One | Joint Venture Two | ||
Indirect | Subsequent Event | Indirect | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Notes payable | $751,708 | $758,209 | ' | $3,200 | ' |
Ownership Interest | ' | ' | 12.30% | ' | 0.00% |
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
RRWS,LLC | ' | ' |
Variable Interest Entities and Non Variable Interest Entities [Line Items] | ' | ' |
Notes payable outstanding | $47.70 | $45.60 |
Maximum liability (cap) | 35 | ' |
Maximum aggregate liability | 'The Company 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. Obligations of the Company and RRWS Partner under the re-margin arrangements are limited during the first two years of the loans. | ' |
Maximum remargin obligation | 23.8 | 22.8 |
Polo Estates Ventures, LLC | ' | ' |
Variable Interest Entities and Non Variable Interest Entities [Line Items] | ' | ' |
Notes payable outstanding | 4.8 | ' |
Maximum borrowing capacity under loan agreement | 21.6 | ' |
Affiliated Entity | RRWS,LLC | ' | ' |
Variable Interest Entities and Non Variable Interest Entities [Line Items] | ' | ' |
VIEs ownership interest | 50.00% | ' |
Affiliated Entity | Polo Estates Ventures, 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% | ' |
Third Party | Polo Estates Ventures, LLC | ' | ' |
Variable Interest Entities and Non Variable Interest Entities [Line Items] | ' | ' |
VIEs ownership interest | 50.00% | ' |
Land Option Contracts | ' | ' |
Variable Interest Entities and Non Variable Interest Entities [Line Items] | ' | ' |
Refundable and non-refundable cash deposits | 19.5 | ' |
Remaining purchase price of cash deposits | 349.6 | ' |
Land Option Contracts | Loss Exposure | ' | ' |
Variable Interest Entities and Non Variable Interest Entities [Line Items] | ' | ' |
Non-refundable deposits | 6.9 | 5 |
Capitalized preacquisition costs | 12 | 2 |
Unconsolidated Variable Interest Entities | Land Option Contracts | ' | ' |
Variable Interest Entities and Non Variable Interest Entities [Line Items] | ' | ' |
Refundable and non-refundable cash deposits | 1.5 | ' |
Remaining purchase price of cash deposits | $72.70 | ' |
Other_Assets_Detail
Other Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Assets [Line Items] | ' | ' |
Income tax receivable | $2,199 | $3,497 |
Deferred tax asset (see Note 13) | 16,337 | 0 |
Investments | 9,439 | 12,078 |
Property and equipment, net | 4,103 | 2,237 |
Capitalized loan origination fees | 11,089 | 10,140 |
Prepaid bank fees | 152 | 403 |
Deposits in lieu of bonds and letters of credit | 10,294 | 7,110 |
Prepaid insurance | 2,460 | 2,148 |
Other | 997 | 1,515 |
Total other assets, net | $57,070 | $39,127 |
Other_Assets_Net_Additional_In
Other Assets, Net - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Other Assets [Line Items] | ' | ' |
Available for sale securities realized gains | $0.10 | $8.80 |
Revolving Credit Facility | ' | ' |
Other Assets [Line Items] | ' | ' |
Capitalized Loan Origination Fees | $2.50 | ' |
Notes_Payable_Detail
Notes Payable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Notes payable | $751,708 | $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 | $1,708 | $8,209 |
Notes_Payable_Parenthetical_De
Notes Payable (Parenthetical) (Detail) (USD $) | Dec. 31, 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 $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | 10-May-11 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 10-May-11 | |
8.625% senior secured notes due May 2019 | 8.625% senior secured notes due May 2019 | 8.625% senior secured notes due May 2019 | 8.625% senior secured notes due May 2019 | 8.625% senior secured notes due May 2019 | 8.625% senior secured notes due May 2019 | 8.625% senior secured notes due May 2019 | Secured Debt | ||||
Semi Annual Payment, First Payment | Semi Annual Payment, Second Payment | Redeem On Or After May 15, 2015 | Redeem On Or After May 15, 2016 | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of debt issued | ' | ' | ' | $750,000,000 | $750,000,000 | $750,000,000 | ' | ' | ' | ' | ' |
Principal payment on debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 779,600,000 |
Interest payment on debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 |
Gain (loss) on extinguishment of debt | 0 | 0 | -88,384,000 | ' | ' | ' | ' | ' | ' | ' | -88,400,000 |
Write-off of debt discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,000,000 |
Write-off of prepaid professional and loan fees (assets) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,400,000 |
Principal and certain fees waived | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 |
Letter of credit facility outstanding | 0 | 4,216,000 | ' | ' | ' | ' | ' | ' | ' | ' | 19,100,000 |
Letter of credit cancelled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 |
Payments on letters of credit | 0 | 0 | 80,448,000 | ' | ' | ' | ' | ' | ' | ' | 15,100,000 |
Letter of credit reimbursed by JFSCI | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,500,000 |
Interest payment date | ' | ' | ' | ' | ' | ' | 'May 15 | 'November 15 | ' | ' | ' |
Maturity date | ' | ' | ' | 15-May-19 | ' | ' | ' | ' | ' | ' | ' |
Note redemption price | ' | ' | ' | ' | ' | ' | ' | ' | $104.31 | $102.16 | ' |
Accrued interest | $8,086,000 | $8,086,000 | ' | $8,100,000 | $8,100,000 | ' | ' | ' | ' | ' | ' |
Other_Liabilities_Detail
Other Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Other Liabilities [Line Items] | ' | ' | ' | ' |
Completed operations reserves | $138,610 | $131,519 | $109,390 | ' |
Warranty reserves | 20,648 | 17,749 | 17,358 | 16,238 |
Deferred revenue/gain | 30,036 | 30,902 | ' | ' |
Provisions for closed homes/communities | 10,591 | 8,135 | ' | ' |
Deposits (primarily homebuyer) | 14,281 | 15,684 | ' | ' |
Legal reserves | 4,576 | 4,916 | ' | ' |
Accrued interest | 8,086 | 8,086 | ' | ' |
Accrued compensation and benefits | 9,389 | 4,697 | ' | ' |
Distributions payable | 2,531 | 2,892 | ' | ' |
Deficit Distributions (see Note 7) | 351 | 716 | ' | ' |
Other | 6,702 | 7,922 | ' | ' |
Total other liabilities | $245,801 | $233,218 | ' | ' |
Other_Liabilities_Additional_I
Other Liabilities - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | |
Other Liabilities [Line Items] | ' | ' | ' | ' |
Insurance receivables | $138,610,000 | $131,519,000 | ' | ' |
Percentage of uncovered losses related to completed operations | 12.50% | ' | ' | ' |
Gain (loss) on reinsurance | 2,011,000 | -12,013,000 | 3,072,000 | ' |
Distribution payable to non-controlling interest | 2,531,000 | 2,892,000 | ' | ' |
Distribution to non-controlling interest | ' | 344,000 | 4,138,000 | ' |
Vistancia, LLC | ' | ' | ' | ' |
Other Liabilities [Line Items] | ' | ' | ' | ' |
Distribution payable to non-controlling interest | 2,500,000 | 2,900,000 | 3,300,000 | ' |
Distribution to non-controlling interest | ' | ' | 100,000 | ' |
JFSCI | ' | ' | ' | ' |
Other Liabilities [Line Items] | ' | ' | ' | ' |
Deferred revenue on completed operation claims | 18,900,000 | 20,300,000 | ' | 19,200,000 |
Gain (loss) on reinsurance | 1,400,000 | -4,700,000 | 1,000,000 | ' |
PIC | ' | ' | ' | ' |
Other Liabilities [Line Items] | ' | ' | ' | ' |
Deferred revenue on completed operation claims | 7,800,000 | 8,400,000 | ' | 15,600,000 |
Gain (loss) on reinsurance | $600,000 | ($7,300,000) | $2,100,000 | ' |
Minimum | ' | ' | ' | ' |
Other Liabilities [Line Items] | ' | ' | ' | ' |
Operations claims standard warranty period | '1 year | ' | ' | ' |
Maximum | ' | ' | ' | ' |
Other Liabilities [Line Items] | ' | ' | ' | ' |
Operations claims standard warranty period | '2 years | ' | ' | ' |
Completed operations extended warranty period | '12 years | ' | ' | ' |
Changes_in_Completed_Operation
Changes in Completed Operations Reserves (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Completed Operations [Line Items] | ' | ' | ' |
Balance, end of the year | $138,610 | $131,519 | $109,390 |
Insured Operations | ' | ' | ' |
Completed Operations [Line Items] | ' | ' | ' |
Balance, beginning of the year | 131,519 | 109,390 | 102,860 |
Reserves provided | 19,002 | 40,087 | 1,160 |
Insurance purchased | 0 | 0 | 16,520 |
Claims paid | -11,911 | -17,958 | -11,150 |
Balance, end of the year | 138,610 | 131,519 | 109,390 |
Self Insured Operations | ' | ' | ' |
Completed Operations [Line Items] | ' | ' | ' |
Balance, beginning of the year | 0 | 0 | 15,613 |
Reserves provided | 0 | 0 | 907 |
Insurance purchased | 0 | 0 | -16,520 |
Balance, end of the year | $0 | $0 | $0 |
Changes_in_Warranty_Liabilitie
Changes in Warranty Liabilities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Warranty Liability [Line Items] | ' | ' | ' |
Balance, beginning of the year | $17,749 | $17,358 | $16,238 |
Provision for warranties | 11,188 | 8,958 | 9,636 |
Warranty costs paid | -8,289 | -8,567 | -8,516 |
Balance, end of the year | $20,648 | $17,749 | $17,358 |
Related_Party_Transactions_Det
Related Party Transactions (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Related Party Transaction [Line Items] | ' | ' |
Note receivables from JFSCI | $21,588 | $24,498 |
Note receivables from unconsolidated joint ventures | 1,037 | 268 |
Note receivables from related parties | 18,822 | 19,940 |
Reserves for note receivables from related parties | -12,842 | -12,766 |
Receivables from related parties | 3,745 | 2,088 |
Total receivables from related parties, net | $32,350 | $34,028 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 4 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Oct. 31, 2012 | Nov. 30, 2011 | Apr. 30, 2011 | Sep. 30, 2011 | Apr. 30, 2011 | Apr. 30, 2011 | Apr. 30, 2011 | Apr. 30, 2011 | Apr. 30, 2011 | Sep. 30, 2011 | Apr. 30, 2011 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-12 | Dec. 31, 2013 | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Noncontrolling Interest | Noncontrolling Interest | 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 | Non Interest Bearing | Non Interest Bearing | Real Property and Joint Venture Transactions | Real Property and Joint Venture Transactions | Real Property and Joint Venture Transactions | Real Property and Joint Venture Transactions | Real Property and Joint Venture Transactions | Real Property and Joint Venture Transactions | Real Property and Joint Venture Transactions | Real Property and Joint Venture Transactions | Real Property and Joint Venture Transactions | Real Property and Joint Venture Transactions | Real Property and Joint Venture Transactions | Real Property and Joint Venture Transactions | Real Property and Joint Venture Transactions | Real Property and Joint Venture Transactions | Real Property and Joint Venture Transactions | Real Property and Joint Venture Transactions | Affiliated Entity | Affiliated Entity | Affiliated Entity | SHLP | SHLP | SHLP | SHLP | JFSCI | JFSCI | JFSCI | JFSCI | JFSCI | JFSCI | JFSCI | Unconsolidated Joint Ventures | Unconsolidated Joint Ventures | Unconsolidated Joint Ventures | Unconsolidated Joint Ventures | Unconsolidated Joint Ventures | SCLLC | Partner Notes Payable | Partner Notes Payable | Partner Notes Payable | ||||||||
Minimum | Minimum | Maximum | Maximum | Other | Other | Redemption or Purchase of Interest in Joint Venture | 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 | 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 | 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 | Real Property and Joint Venture Transactions | 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 | 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 | 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 | ||||||||||||||||||
Other Income Expense Net | Noncontrolling Interest | SB Meridian Villages | TCD Bradbury LLC | Secured Promissory Notes | Land | Land | Cash | Cash | Notes Receivable | Redemption or Purchase of Interest in Joint Venture | Redemption or Purchase of Interest in Joint Venture | Redemption or Purchase of Interest in Joint Venture | Redemption or Purchase of Interest in Joint Venture | Minimum | Maximum | 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 | |||||||||||||||||||||||||||||||||||||||
Joint Venture Partner | Joint Venture Partner | Entity | Entity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Convertible notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $38,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Bearing interest from notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 2.50% | 4.25% | 4.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 12.00% | ' | ' | ' | ' | |||
Receivable maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-May-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Prepayment on notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Notes receivable | 18,822,000 | 18,822,000 | 19,940,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | 7,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,600,000 | 24,500,000 | ' | ' | ' | ' | 1,000,000 | 300,000 | ' | ' | ' | ' | ' | ' | |||
Notes receivable, maturity year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2020 | ' | ' | ' | ' | ' | ' | ' | |||
Internal rate of returns | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.50% | ' | ' | ' | ' | ' | ' | ' | |||
Reserves for notes receivable from other related parties | 12,842,000 | 12,842,000 | 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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accrued interest monthly based on Prime plus | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Receivables from related parties | 3,745,000 | 3,745,000 | 2,088,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Payables to related parties | 21,000 | 21,000 | 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 | 3,155,000 | 3,155,000 | 3,662,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other liabilities | 245,801,000 | 245,801,000 | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash received from joint venture partner | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gain from sale of interest in joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | 5,900,000 | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest expense | 0 | 5,071,000 | [1] | 19,862,000 | [1] | 16,806,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution payable to non-controlling interest | 2,531,000 | 2,531,000 | 2,892,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Distribution to non-controlling interest | ' | ' | 344,000 | 4,138,000 | 344,000 | 4,138,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Bond obligations guarantee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sale of land to related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,600,000 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales proceeds recorded as an equity contribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | 500,000 | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Proceed from property, plant & equipment | ' | 10,000 | 0 | 12,893,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,400,000 | ' | 6,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Note receivable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Frequency of payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Monthly | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Note receivable maturity year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2016-08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Percentage of ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 10 | ' | |||
Membership interest in SBMV to joint venture partner | 47,748,000 | 47,748,000 | 28,653,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash contribution to TCDB | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other non cash consideration received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,400,000 | 12,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Notes payable | 751,708,000 | 751,708,000 | 758,209,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
General and administrative expenses | ' | 50,080,000 | 43,747,000 | 37,374,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,300,000 | 18,100,000 | 16,400,000 | ' | ' | ' | ' | ' | ' | 8,000,000 | 4,300,000 | 3,600,000 | |||
Management fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 200,000 | 1,700,000 | |||
Amounts paid to affiliates for insurance coverage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14,100,000 | $13,100,000 | $12,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | For the eight months ended August 31, 2013 and for the years ended December 31, 2012 and 2011, assets qualifying for interest capitalization were less than debt; therefore, non-qualifying interest was expensed. For the period from September 2013 to December 2013, qualifying assets exceeded debt; therefore, no interest was expensed. |
Components_of_Income_Tax_Benef
Components of Income Tax Benefit (Expense) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $0 | $0 | $3,000 |
State | -1,766 | -78 | 140 |
Total current | -1,766 | -78 | 3,140 |
Deferred: | ' | ' | ' |
Federal | 13,385 | -532 | 603 |
State | 2,482 | -6 | -674 |
Total deferred | 15,867 | -538 | -71 |
Total income tax benefit (expense) | $14,101 | ($616) | $3,069 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2009 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2001 | Dec. 31, 2009 | Dec. 31, 2009 | |
SHI | SHI | SHI | SHI | SHI | SHI | SHI | SHLP | ||||
Maximum | Maximum | ||||||||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal statutory rate | 35.00% | 35.00% | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Net operating loss carryforward | $7,696,000 | $19,322,000 | ' | $18,800,000 | ' | ' | ' | ' | ' | ' | ' |
Net operating loss carryforward expiration year | ' | ' | ' | '2018 | ' | ' | ' | ' | ' | ' | ' |
Net operating loss carryforward annual limitation | ' | ' | ' | 4,600,000 | ' | ' | ' | ' | 4,600,000 | ' | ' |
Deferred tax asset, net | 16,337,000 | 0 | ' | ' | 51,900,000 | 32,700,000 | 38,200,000 | 48,800,000 | ' | ' | ' |
Deferred tax asset change in valuation allowance charged to income statement | 15,630,000 | 0 | 0 | 15,600,000 | 32,700,000 | ' | ' | ' | ' | ' | ' |
Amount company could be obligated to pay | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,000,000 | 108,000,000 |
Initial Maximum CCM Payment | $70,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective_Tax_Rate_Differed_fr
Effective Tax Rate Differed from 35% Federal Statutory Rate (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Reconciliation of Statutory Federal Tax Rate [Line Items] | ' | ' | ' | |||
Income (loss) before income taxes | $111,838 | $29,800 | ($110,311) | |||
Income tax benefit (expense) computed at statutory rate | -39,143 | -10,430 | 38,609 | |||
Non-taxable entities income (loss) | 25,275 | [1] | 7,134 | [1] | -36,195 | [1] |
State taxes, net of federal income tax benefit | -1,901 | -1,045 | 613 | |||
Small insurance company election (831b) | 198 | -2,583 | -24 | |||
Write-off of deferred tax assets | 0 | 0 | -9,500 | |||
Change in valuation allowance for deferred tax assets | 32,223 | 5,461 | 10,648 | |||
Other, net | -2,551 | 847 | -1,082 | |||
Total income tax benefit (expense) | $14,101 | ($616) | $3,069 | |||
Effective tax rate | -12.60% | 2.10% | 2.80% | |||
[1] | Non-taxable entities represent income or loss related to non-controlling interests and consolidated limited partnerships and limited liability companies in which the taxable income or loss is reflected on the respective partners' tax return. |
Tax_Effects_of_Temporary_Diffe
Tax Effects of Temporary Differences Rise to Significant Portion of Deferred Taxes (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Housing and land inventory basis differences | $8,746 | $12,389 |
Available loss carryforwards | 7,696 | 19,322 |
Impairment of inventory and investments | 782 | 2,366 |
Other | 1,166 | 2,797 |
Total deferred tax assets | 18,390 | 36,874 |
Deferred tax liabilities | ' | ' |
Income recognition | -1,544 | -4,142 |
Total deferred tax liabilities | -1,544 | -4,142 |
Subtotal | 16,846 | 32,732 |
Valuation allowance | -509 | -32,732 |
Net deferred tax assets | $16,337 | $0 |
Owners_Equity_Additional_Infor
Owners' Equity - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 06, 2013 | Aug. 06, 2013 | Aug. 06, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 06, 2013 | Aug. 06, 2013 | Aug. 06, 2013 | Dec. 31, 2013 | Dec. 31, 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 | $22.70 | $20.80 | ' | ' | ' | $56.60 | $52.80 | ' | ' | ' | ' | ' |
Recovered_Sheet1
Retirement Savings And Deferred Compensation Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Percentage of deferred based salary | 80.00% | ' | ' |
Percentage of sales commission | 80.00% | ' | ' |
Percentage of deferred bonus | 100.00% | ' | ' |
Deferred Compensation Arrangement Employer Contribution | $0 | $0 | $0 |
Accrued Expenses | 4,200,000 | 1,100,000 | ' |
2012 Grant | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Grant provides for issuance | 1,021,947 | ' | ' |
Deferred restricted common unit price per unit | $10 | ' | ' |
Grant vesting period | '4 years | ' | ' |
Grant vesting date | '2016-03 | ' | ' |
2013 Grant | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Grant provides for issuance | 463,388 | ' | ' |
Deferred restricted common unit price per unit | $10.60 | ' | ' |
Grant vesting period | '4 years | ' | ' |
Grant vesting date | '2017-03 | ' | ' |
401 (K) | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Defined contribution plan employer matching contribution | 500,000 | 500,000 | 0 |
Contributions to profit sharing retirement plan | $900,000 | $0 | $0 |
Percentage of employer profit sharing contribution based on employee salary | 3.00% | ' | ' |
Description of matching 401(k) contributions | '50 cents on each dollar | ' | ' |
401 (K) | Maximum | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Percentage of employer contribution based on employee salary | 6.00% | ' | ' |
Percentage of additional contribution based on employee salary | 3.00% | ' | ' |
Contingent_Liabilities_And_Com
Contingent Liabilities And Commitments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitment And Contingencies [Line Items] | ' | ' |
Outstanding letters of credit | $0 | $4,216 |
Water system connection rights purchase obligation | 30,506 | 33,615 |
Total unrecorded contingent liabilities and commitments | 241,951 | 257,399 |
Partner Notes Payable | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Guarantee obligations | 28,684 | 22,805 |
Unconsolidated Joint Ventures | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Exposure of surety bonds in connection with development of projects | 22,800 | 30,800 |
Related Parties | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Lease payment obligations | 6,487 | 4,352 |
Third Parties | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Lease payment obligations | 4,539 | 3,806 |
Tax Court Member | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Guarantee obligations | 70,000 | 70,000 |
Surety Bonds | Company | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Exposure of surety bonds in connection with development of projects | 77,276 | 85,490 |
Surety Bonds | Unconsolidated Joint Ventures | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Exposure of surety bonds in connection with development of projects | 22,845 | 30,804 |
Surety Bonds | Related Parties | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Exposure of surety bonds in connection with development of projects | $1,614 | $2,311 |
Contingent_Liabilities_And_Com1
Contingent Liabilities And Commitments (Parenthetical) (Detail) (USD $) | Dec. 31, 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 $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 10-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Colorado | Colorado | Credit Support Agreement | Credit Support Agreement | Funding Arrangements | Funding Arrangements | Funding Arrangements | Funding Arrangements | Related Parties | Related Parties | Related Party Operating Lease | Related Party Operating Lease | Related Party Operating Lease | Office Leases | Unconsolidated Joint Ventures | Unconsolidated Joint Ventures | Office Leases | Subsequent Event | Maximum | Maximum | Maximum | Minimum | Homebuilding Operations | Homebuilding Operations | |||||
Colorado | Colorado | Colorado | Colorado | Related Party Operating Lease | Office Leases | Office Leases | Equipment | Equipment | ||||||||||||||||||||
Related Party Operating Lease | ||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Legal reserves | $4,600,000 | $4,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit, borrowing capacity | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit, outstanding amount | 0 | 4,216,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' |
Letters of credit, Outstanding capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,500,000 | ' | ' | ' | ' | ' | ' |
Letters of credit, termination period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2014-02 | ' | ' | ' | ' | ' | ' |
Exposure of surety bonds in connection with development of projects | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | 2,300,000 | ' | ' | ' | ' | 22,800,000 | 30,800,000 | ' | ' | ' | ' | ' | ' | 77,300,000 | 85,500,000 |
Bonds issued for development of projects | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,900,000 | 6,100,000 | ' | ' | ' | ' | 63,700,000 | 71,600,000 | ' | ' | ' | ' | ' | ' | 169,700,000 | 186,000,000 |
Reimbursements | ' | ' | ' | ' | ' | ' | 8,600,000 | 4,900,000 | 13,100,000 | 16,300,000 | 11,900,000 | 11,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of water system rights, contractual purchase price | 30,506,000 | 33,615,000 | ' | ' | 30,500,000 | 33,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '10 years | '4 years | '3 years | ' | ' |
Office leases, renewal option term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' |
Rental expense | $1,700,000 | $1,400,000 | $1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000 | $600,000 | $700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future_Minimum_Rental_Payments
Future Minimum Rental Payments Under Operating Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future Minimum Payments Under Non-Cancelable Operating Leases With Initial Terms Of One-Year Or More [Line Items] | ' |
2014 | $1,030 |
2015 | 771 |
2016 | 740 |
2017 | 735 |
2018 and thereafter | 1,263 |
Total | 4,539 |
Related Party Operating Lease | ' |
Future Minimum Payments Under Non-Cancelable Operating Leases With Initial Terms Of One-Year Or More [Line Items] | ' |
2014 | 1,631 |
2015 | 1,267 |
2016 | 667 |
2017 | 366 |
2018 and thereafter | 2,556 |
Total | $6,487 |
Supplemental_Disclosures_to_Co
Supplemental Disclosures to Consolidated Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental disclosure of cash flow information | ' | ' | ' |
Income taxes paid (refunded) | $1,181 | ($3,891) | ($4,417) |
Interest paid, net of amounts capitalized | 4,946 | 19,225 | 16,065 |
Supplemental disclosure of noncash activities | ' | ' | ' |
Unrealized gain (loss) on available-for-sale investments, net | 271 | -1,875 | 1,029 |
Reclassification of Deficit Distributions to (from) unconsolidated joint ventures from (to) other liabilities | -365 | 212 | -49 |
Purchase of land in exchange for note payable | 4,379 | 8,982 | 1,457 |
Contribution of inventory to unconsolidated joint venture | 4,082 | 0 | 0 |
Elimination of consolidated joint venture inventory, receivables from related parties and other assets | 0 | -41,600 | 0 |
Elimination of consolidated joint venture note payable and other liabilities | 0 | -1,949 | 0 |
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 | 0 |
Contribution of net assets for payment on notes receivables from related parties | 0 | 0 | 41,524 |
Distribution of land from unconsolidated joint venture | 0 | 0 | 15,422 |
Distribution of note payable from unconsolidated joint venture | 0 | 0 | 599 |
Distribution of land to non-controlling interests | 0 | 0 | -769 |
Transfer of land from inventory to property and equipment | 0 | 0 | 1,838 |
Sale of property and equipment in exchange for note receivable from related party | 0 | 0 | 6,500 |
Sale of property and equipment in exchange for relief of prepaid assets and assumptions of payables, net | $0 | $0 | $591 |
Financial_Information_for_Repo
Financial Information for Reportable Segments - Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Disclosure [Line Items] | ' | ' |
Assets | $1,505,333 | $1,373,537 |
Corporate | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Assets | 264,917 | 345,367 |
Homebuilding | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Assets | 1,240,416 | 1,028,170 |
Homebuilding | Southern California | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Assets | 316,339 | 213,481 |
Homebuilding | San Diego | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Assets | 160,593 | 148,272 |
Homebuilding | Northern California | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Assets | 286,513 | 256,728 |
Homebuilding | Mountain West | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Assets | 316,459 | 297,276 |
Homebuilding | South West | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Assets | 155,416 | 105,470 |
Homebuilding | East | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Assets | $5,096 | $6,943 |
Financial_Information_for_Repo1
Financial Information for Reportable Segments - Inventory (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Disclosure [Line Items] | ' | ' |
Inventory | $1,013,272 | $837,653 |
Homebuilding | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Inventory | 1,013,272 | 837,653 |
Homebuilding | Southern California | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Inventory | 239,986 | 161,700 |
Homebuilding | San Diego | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Inventory | 142,395 | 129,895 |
Homebuilding | Northern California | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Inventory | 249,111 | 226,307 |
Homebuilding | Mountain West | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Inventory | 247,294 | 227,130 |
Homebuilding | South West | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Inventory | 132,484 | 89,756 |
Homebuilding | East | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' |
Inventory | $2,002 | $2,865 |
Financial_Information_for_Repo2
Financial Information for Reportable Segments - Revenues (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | $340,031 | $238,309 | $217,310 | $134,960 | $295,655 | $146,421 | $132,468 | $105,603 | $930,610 | [1] | $680,147 | [1] | $587,770 |
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 913 | 985 | 1,385 | ||
Homebuilding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 929,697 | 679,162 | 586,385 | ||
Homebuilding | Southern California | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 207,650 | 133,990 | 167,417 | ||
Homebuilding | San Diego | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 125,494 | 85,971 | 86,856 | ||
Homebuilding | Northern California | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 242,356 | 166,106 | 108,788 | ||
Homebuilding | Mountain West | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 186,899 | 147,784 | 102,870 | ||
Homebuilding | South West | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 160,744 | 138,161 | 114,409 | ||
Homebuilding | East | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $6,554 | $7,150 | $6,045 | ||
[1] | Some amounts do not add across due to rounding differences in quarterly amounts |
Financial_Information_Relating
Financial Information Relating to Reportable Segments - Income (Loss) Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Income (loss) before income taxes | $111,838 | $29,800 | ($110,311) |
Corporate | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Income (loss) before income taxes | 1,767 | -2,609 | -89,280 |
Homebuilding | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Income (loss) before income taxes | 110,071 | 32,409 | -21,031 |
Homebuilding | Southern California | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Income (loss) before income taxes | 44,236 | 12,843 | 4,067 |
Homebuilding | San Diego | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Income (loss) before income taxes | 7,717 | 2,493 | -5,998 |
Homebuilding | Northern California | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Income (loss) before income taxes | 40,648 | 19,292 | -14,296 |
Homebuilding | Mountain West | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Income (loss) before income taxes | 9,463 | 156 | -4,037 |
Homebuilding | South West | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Income (loss) before income taxes | 8,356 | -2,173 | -1,168 |
Homebuilding | East | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Income (loss) before income taxes | ($349) | ($202) | $401 |
Financial_Information_Relating1
Financial Information Relating to Segments - Impairment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Impairments | $0 | $0 | $32,975 |
Homebuilding | Southern California | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Impairments | 0 | 0 | 7,189 |
Homebuilding | San Diego | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Impairments | 0 | 0 | 9,684 |
Homebuilding | Northern California | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Impairments | 0 | 0 | 13,875 |
Homebuilding | Mountain West | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Impairments | 0 | 0 | 0 |
Homebuilding | South West | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Impairments | 0 | 0 | 2,227 |
Homebuilding | East | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' |
Impairments | $0 | $0 | $0 |
Recovered_Sheet2
Results Of Quarterly Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Quarterly Results Of Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | $340,031 | $238,309 | $217,310 | $134,960 | $295,655 | $146,421 | $132,468 | $105,603 | $930,610 | [1] | $680,147 | [1] | $587,770 |
Gross margin | 85,388 | 55,848 | 48,426 | 31,536 | 65,459 | 31,196 | 24,490 | 20,568 | 221,198 | [1] | 141,713 | [1] | 72,192 |
Net income (loss) | 73,744 | 25,826 | 19,532 | 6,837 | 33,202 | 8,300 | -12,120 | -198 | 125,939 | [1] | 29,184 | [1] | -107,242 |
Net income (loss) attributable to SHLP | $73,751 | $25,824 | $19,534 | $6,838 | $33,220 | $8,330 | ($12,101) | ($411) | $125,947 | [1] | $29,038 | [1] | ($114,385) |
[1] | Some amounts do not add across due to rounding differences in quarterly amounts |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheet (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||||
In Thousands, unless otherwise specified | ||||||||
Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | $206,205 | $279,756 | $268,366 | $166,874 | ||||
Restricted cash | 1,189 | 13,031 | ' | ' | ||||
Accounts and other receivables, net | 147,499 | 141,289 | ' | ' | ||||
Receivables from related parties, net | 32,350 | 34,028 | ' | ' | ||||
Inventory | 1,013,272 | 837,653 | ' | ' | ||||
Investments in unconsolidated joint ventures | 47,748 | 28,653 | ' | ' | ||||
Other assets, net | 57,070 | 39,127 | ' | ' | ||||
Total assets | 1,505,333 | 1,373,537 | ' | ' | ||||
Liabilities: | ' | ' | ' | ' | ||||
Notes payable | 751,708 | 758,209 | ' | ' | ||||
Payables to related parties | 21 | 125 | ' | ' | ||||
Accounts payable | 62,346 | 62,738 | ' | ' | ||||
Other liabilities | 245,801 | 233,218 | ' | ' | ||||
Total liabilities | 1,059,876 | 1,054,290 | ' | ' | ||||
SHLP equity: | ' | ' | ' | ' | ||||
Owners' equity | 440,268 | 314,321 | ' | ' | ||||
Accumulated other comprehensive income | 4,788 | 4,517 | ' | ' | ||||
Total SHLP equity | 445,056 | 318,838 | ' | ' | ||||
Non-controlling interests | 401 | 409 | ' | ' | ||||
Total equity | 445,457 | 319,247 | 328,003 | 432,313 | ||||
Total liabilities and equity | 1,505,333 | 1,373,537 | ' | ' | ||||
SHLP Corp | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | 153,794 | [1],[2] | 216,914 | [1],[3],[4] | 157,511 | [3],[5] | 99,511 | [5] |
Restricted cash | 695 | [2] | 11,999 | [4] | ' | ' | ||
Accounts and other receivables, net | 120,299 | [2] | 117,560 | [4] | ' | ' | ||
Receivables from related parties, net | 9,251 | [2] | 8,271 | [4] | ' | ' | ||
Inventory | 749,832 | [2] | 572,010 | [4] | ' | ' | ||
Investments in unconsolidated joint ventures | 22,068 | [2] | 13,948 | [4] | ' | ' | ||
Investments in subsidiaries | 748,326 | [2] | 672,388 | [4] | ' | ' | ||
Other assets, net | 24,030 | [2] | 17,712 | [4] | ' | ' | ||
Intercompany | 0 | [2] | 0 | [4] | ' | ' | ||
Total assets | 1,828,295 | [2] | 1,630,802 | [4] | ' | ' | ||
Liabilities: | ' | ' | ' | ' | ||||
Notes payable | 751,708 | [2] | 758,209 | [4] | ' | ' | ||
Payables to related parties | 20 | [2] | 26 | [4] | ' | ' | ||
Accounts payable | 36,594 | [2] | 34,384 | [4] | ' | ' | ||
Other liabilities | 171,470 | [2] | 162,894 | [4] | ' | ' | ||
Intercompany | 423,447 | [2] | 356,451 | [4] | ' | ' | ||
Total liabilities | 1,383,239 | [2] | 1,311,964 | [4] | ' | ' | ||
SHLP equity: | ' | ' | ' | ' | ||||
Owners' equity | 440,268 | [2] | 314,321 | [4] | ' | ' | ||
Accumulated other comprehensive income | 4,788 | [2] | 4,517 | [4] | ' | ' | ||
Total SHLP equity | 445,056 | [2] | 318,838 | [4] | ' | ' | ||
Non-controlling interests | 0 | [2] | 0 | [4] | ' | ' | ||
Total equity | 445,056 | [2] | 318,838 | [4] | ' | ' | ||
Total liabilities and equity | 1,828,295 | [2] | 1,630,802 | [4] | ' | ' | ||
Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | 43,803 | 48,895 | 96,100 | 54,393 | ||||
Restricted cash | 354 | 875 | ' | ' | ||||
Accounts and other receivables, net | 26,754 | 23,537 | ' | ' | ||||
Receivables from related parties, net | 22,027 | 25,668 | ' | ' | ||||
Inventory | 263,213 | 264,459 | ' | ' | ||||
Investments in unconsolidated joint ventures | 1,091 | 984 | ' | ' | ||||
Investments in subsidiaries | 69,755 | 64,971 | ' | ' | ||||
Other assets, net | 32,957 | 21,388 | ' | ' | ||||
Intercompany | 465,706 | 376,420 | ' | ' | ||||
Total assets | 925,660 | 827,197 | ' | ' | ||||
Liabilities: | ' | ' | ' | ' | ||||
Notes payable | 0 | 0 | ' | ' | ||||
Payables to related parties | 0 | 0 | ' | ' | ||||
Accounts payable | 25,334 | 27,879 | ' | ' | ||||
Other liabilities | 41,370 | 36,700 | ' | ' | ||||
Intercompany | 0 | -376,420 | ' | ' | ||||
Total liabilities | 66,704 | -311,841 | ' | ' | ||||
SHLP equity: | ' | ' | ' | ' | ||||
Owners' equity | 854,168 | 758,101 | ' | ' | ||||
Accumulated other comprehensive income | 4,788 | 4,517 | ' | ' | ||||
Total SHLP equity | 858,956 | 762,618 | ' | ' | ||||
Non-controlling interests | 0 | 0 | ' | ' | ||||
Total equity | 858,956 | 762,618 | ' | ' | ||||
Total liabilities and equity | 925,660 | 450,777 | ' | ' | ||||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | 8,608 | 13,947 | 14,755 | 12,970 | ||||
Restricted cash | 140 | 157 | ' | ' | ||||
Accounts and other receivables, net | 28,696 | 35,250 | ' | ' | ||||
Receivables from related parties, net | 796 | 89 | ' | ' | ||||
Inventory | 3,361 | 1,918 | ' | ' | ||||
Investments in unconsolidated joint ventures | 24,589 | 13,721 | ' | ' | ||||
Investments in subsidiaries | 90,484 | 93,883 | ' | ' | ||||
Other assets, net | 83 | 27 | ' | ' | ||||
Intercompany | 0 | 0 | ' | ' | ||||
Total assets | 156,757 | 158,992 | ' | ' | ||||
Liabilities: | ' | ' | ' | ' | ||||
Notes payable | 0 | 0 | ' | ' | ||||
Payables to related parties | 1 | 0 | ' | ' | ||||
Accounts payable | 418 | 475 | ' | ' | ||||
Other liabilities | 61,211 | 69,416 | ' | ' | ||||
Intercompany | 45,117 | 20,068 | ' | ' | ||||
Total liabilities | 106,747 | 89,959 | ' | ' | ||||
SHLP equity: | ' | ' | ' | ' | ||||
Owners' equity | 49,609 | 68,624 | ' | ' | ||||
Accumulated other comprehensive income | 0 | 0 | ' | ' | ||||
Total SHLP equity | 49,609 | 68,624 | ' | ' | ||||
Non-controlling interests | 401 | 409 | ' | ' | ||||
Total equity | 50,010 | 69,033 | ' | ' | ||||
Total liabilities and equity | 156,757 | 158,992 | ' | ' | ||||
Consolidation, Eliminations | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||||
Restricted cash | 0 | 0 | ' | ' | ||||
Accounts and other receivables, net | -28,250 | -35,058 | ' | ' | ||||
Receivables from related parties, net | 276 | 0 | ' | ' | ||||
Inventory | -3,134 | -734 | ' | ' | ||||
Investments in unconsolidated joint ventures | 0 | 0 | ' | ' | ||||
Investments in subsidiaries | -908,565 | -831,242 | ' | ' | ||||
Other assets, net | 0 | 0 | ' | ' | ||||
Intercompany | -465,706 | -376,420 | ' | ' | ||||
Total assets | -1,405,379 | -1,243,454 | ' | ' | ||||
Liabilities: | ' | ' | ' | ' | ||||
Notes payable | 0 | 0 | ' | ' | ||||
Payables to related parties | 0 | 99 | ' | ' | ||||
Accounts payable | 0 | 0 | ' | ' | ||||
Other liabilities | -28,250 | -35,792 | ' | ' | ||||
Intercompany | -468,564 | -99 | ' | ' | ||||
Total liabilities | -496,814 | -35,792 | ' | ' | ||||
SHLP equity: | ' | ' | ' | ' | ||||
Owners' equity | -903,777 | -826,725 | ' | ' | ||||
Accumulated other comprehensive income | -4,788 | -4,517 | ' | ' | ||||
Total SHLP equity | -908,565 | -831,242 | ' | ' | ||||
Non-controlling interests | 0 | 0 | ' | ' | ||||
Total equity | -908,565 | -831,242 | ' | ' | ||||
Total liabilities and equity | -1,405,379 | -867,034 | ' | ' | ||||
Total | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Cash and cash equivalents | 206,205 | 279,756 | ' | ' | ||||
Restricted cash | 1,189 | 13,031 | ' | ' | ||||
Accounts and other receivables, net | 147,499 | 141,289 | ' | ' | ||||
Receivables from related parties, net | 32,350 | 34,028 | ' | ' | ||||
Inventory | 1,013,272 | 837,653 | ' | ' | ||||
Investments in unconsolidated joint ventures | 47,748 | 28,653 | ' | ' | ||||
Investments in subsidiaries | 0 | 0 | ' | ' | ||||
Other assets, net | 57,070 | 39,127 | ' | ' | ||||
Intercompany | 0 | 0 | ' | ' | ||||
Total assets | 1,505,333 | 1,373,537 | ' | ' | ||||
Liabilities: | ' | ' | ' | ' | ||||
Notes payable | 751,708 | 758,209 | ' | ' | ||||
Payables to related parties | 21 | 125 | ' | ' | ||||
Accounts payable | 62,346 | 62,738 | ' | ' | ||||
Other liabilities | 245,801 | 233,218 | ' | ' | ||||
Intercompany | 0 | 0 | ' | ' | ||||
Total liabilities | 1,059,876 | 1,054,290 | ' | ' | ||||
SHLP equity: | ' | ' | ' | ' | ||||
Owners' equity | 440,268 | 314,321 | ' | ' | ||||
Accumulated other comprehensive income | 4,788 | 4,517 | ' | ' | ||||
Total SHLP equity | 445,056 | 318,838 | ' | ' | ||||
Non-controlling interests | 401 | 409 | ' | ' | ||||
Total equity | 445,457 | 319,247 | ' | ' | ||||
Total liabilities and equity | $1,505,333 | $1,373,537 | ' | ' | ||||
[1] | Includes Shea Homes Funding Corp., whose cash flows for the year ended December 31, 2013 were not material. | |||||||
[2] | Includes Shea Homes Funding Corp., whose financial position at December 31, 2013 was not material. | |||||||
[3] | Includes Shea Homes Funding Corp., whose cash flows for the year ended December 31, 2012 were not material. | |||||||
[4] | Includes Shea Homes Funding Corp., whose financial position at December 31, 2012 was not material. | |||||||
[5] | Includes Shea Homes Funding Corp. since inception on April 26, 2011, whose cash flows were not material. |
Condensed_Consolidating_Statem
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | $340,031 | $238,309 | $217,310 | $134,960 | $295,655 | $146,421 | $132,468 | $105,603 | ' | $930,610 | [1] | $680,147 | [1] | $587,770 | |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | -709,412 | -538,434 | -515,578 | |||
Gross margin | 85,388 | 55,848 | 48,426 | 31,536 | 65,459 | 31,196 | 24,490 | 20,568 | ' | 221,198 | [1] | 141,713 | [1] | 72,192 | |
Selling expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -54,338 | -45,788 | -45,251 | |||
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -50,080 | -43,747 | -37,374 | |||
Equity in income (loss) from unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,104 | 378 | -5,134 | |||
Equity in income (loss) from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -88,384 | |||
Gain (loss) on reinsurance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,011 | -12,013 | 3,072 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -5,071 | [2] | -19,862 | [2] | -16,806 | [2] |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | ' | -778 | 9,119 | 7,374 | |||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111,838 | 29,800 | -110,311 | |||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,101 | -616 | 3,069 | |||
Net income (loss) | 73,744 | 25,826 | 19,532 | 6,837 | 33,202 | 8,300 | -12,120 | -198 | ' | 125,939 | [1] | 29,184 | [1] | -107,242 | |
Less: Net loss (income) attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | -146 | -7,143 | |||
Net income (loss) attributable to SHLP | 73,751 | 25,824 | 19,534 | 6,838 | 33,220 | 8,330 | -12,101 | -411 | ' | 125,947 | [1] | 29,038 | [1] | -114,385 | |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 126,210 | 27,309 | -106,213 | |||
SHLP Corp | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 505,510 | [3] | 470,756 | [4] | 449,926 | [5] |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | -406,563 | [3] | -372,576 | [4] | -398,193 | [5] |
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98,947 | [3] | 98,180 | [4] | 51,733 | [5] |
Selling expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -28,925 | [3] | -26,836 | [4] | -28,522 | [5] |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -34,936 | [3] | -30,560 | [4] | -26,351 | [5] |
Equity in income (loss) from unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,020 | [3] | -338 | [4] | -1,371 | [5] |
Equity in income (loss) from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,821 | [3] | 11,334 | [4] | -3,852 | [5] |
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -88,384 | [5] | ||
Gain (loss) on reinsurance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 0 | [4] | 0 | [5] |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,658 | [3] | -17,326 | [4] | -15,832 | [5] |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,280 | [3] | -5,411 | [4] | -1,803 | [5] |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,949 | [3] | 29,043 | [4] | -114,382 | [5] |
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2 | [3] | -5 | [4] | -3 | [5] |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,947 | [3] | 29,038 | [4] | -114,385 | [5] |
Less: Net loss (income) attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 0 | [4] | 0 | [5] |
Net income (loss) attributable to SHLP | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,947 | [3] | 29,038 | [4] | -114,385 | [5] |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 126,218 | [3] | 27,163 | [4] | -113,356 | [5] |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 404,393 | 200,329 | 128,808 | |||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | -302,081 | -164,992 | -113,553 | |||
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,312 | 35,337 | 15,255 | |||
Selling expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18,847 | -13,531 | -11,686 | |||
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12,294 | -10,500 | -8,938 | |||
Equity in income (loss) from unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | -65 | -43 | -388 | |||
Equity in income (loss) from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,443 | -20,211 | 6,813 | |||
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||
Gain (loss) on reinsurance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,413 | -2,532 | -974 | |||
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,428 | 12,905 | 2,188 | |||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,678 | 1,425 | 2,270 | |||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,112 | -601 | 3,088 | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,790 | 824 | 5,358 | |||
Less: Net loss (income) attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net income (loss) attributable to SHLP | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,790 | 824 | 5,358 | |||
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86,061 | -1,051 | 6,387 | |||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,707 | 9,062 | 9,036 | |||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,502 | -1,343 | -4,261 | |||
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,205 | 7,719 | 4,775 | |||
Selling expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,566 | -5,421 | -5,043 | |||
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,850 | -2,687 | -2,085 | |||
Equity in income (loss) from unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 981 | 759 | -3,375 | |||
Equity in income (loss) from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,342 | -4,556 | 7,393 | |||
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||
Gain (loss) on reinsurance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,011 | -12,013 | 3,072 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -4 | 0 | |||
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 808 | 2,102 | 7,418 | |||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,247 | -14,101 | 12,155 | |||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9 | -10 | -16 | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,238 | -14,111 | 12,139 | |||
Less: Net loss (income) attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | -146 | -7,143 | |||
Net income (loss) attributable to SHLP | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,246 | -14,257 | 4,996 | |||
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,238 | -14,111 | 12,139 | |||
Consolidation, Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 734 | 477 | 429 | |||
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | 734 | 477 | 429 | |||
Selling expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Equity in income (loss) from unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Equity in income (loss) from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | -96,036 | 13,433 | -10,354 | |||
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||
Gain (loss) on reinsurance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | ' | -734 | -477 | -429 | |||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -96,036 | 13,433 | -10,354 | |||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -96,036 | 13,433 | -10,354 | |||
Less: Net loss (income) attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net income (loss) attributable to SHLP | ' | ' | ' | ' | ' | ' | ' | ' | ' | -96,036 | 13,433 | -10,354 | |||
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($96,307) | $15,308 | ($11,383) | |||
[1] | Some amounts do not add across due to rounding differences in quarterly amounts | ||||||||||||||
[2] | For the eight months ended August 31, 2013 and for the years ended December 31, 2012 and 2011, assets qualifying for interest capitalization were less than debt; therefore, non-qualifying interest was expensed. For the period from September 2013 to December 2013, qualifying assets exceeded debt; therefore, no interest was expensed. | ||||||||||||||
[3] | Includes Shea Homes Funding Corp., whose results of operations for the year ended December 31, 2013 was not material. | ||||||||||||||
[4] | Includes Shea Homes Funding Corp., whose results of operations for the year ended December 31, 2012 was not material. | ||||||||||||||
[5] | Includes Shea Homes Funding Corp. since inception on April 26, 2011, whose results were not material. |
Condensed_Consolidating_Statem1
Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Operating activities | ' | ' | ' | |||
Net cash provided by (used in) operating activities | ($45,898) | ($6,191) | $38,878 | |||
Investing activities | ' | ' | ' | |||
Purchase of available-for-sale investments | 0 | 0 | -20,205 | |||
Proceeds from sale of available-for-sale investments | 3,165 | 26,547 | 1,724 | |||
Proceeds from sale of investments in joint venture | 0 | 0 | 14,000 | |||
Net decrease (increase) in promissory notes from related parties | 3,335 | 1,987 | 107,680 | |||
Investments in unconsolidated joint ventures | -25,376 | -11,967 | -17,281 | |||
Distributions from unconsolidated joint ventures | 4,072 | 321 | 8,012 | |||
Proceeds from sale of property and equipment | 10 | 0 | 12,893 | |||
Other investing activities | 1,366 | -143 | -122 | |||
Net cash provided by (used in) investing activities | -16,773 | 16,424 | 104,977 | |||
Financing activities | ' | ' | ' | |||
Repayments on revolving lines of credit | 0 | 0 | -80,448 | |||
Borrowings from financial institutions | ' | ' | 750,000 | |||
Principal payments to financial institutions and others | -10,880 | -2,429 | -721,953 | |||
Intercompany | 0 | 0 | 0 | |||
Other financing activities | ' | 3,586 | 10,038 | |||
Net cash provided by (used in) financing activities | -10,880 | 1,157 | -42,363 | |||
Net increase (decrease) in cash and cash equivalents | -73,551 | 11,390 | 101,492 | |||
Cash and cash equivalents at beginning of year | 279,756 | 268,366 | 166,874 | |||
Cash and cash equivalents at end of year | 206,205 | 279,756 | 268,366 | |||
SHLP Corp | ' | ' | ' | |||
Operating activities | ' | ' | ' | |||
Net cash provided by (used in) operating activities | -134,342 | [1] | 33,609 | [2] | 56,254 | [3] |
Investing activities | ' | ' | ' | |||
Purchase of available-for-sale investments | ' | ' | 0 | [3] | ||
Proceeds from sale of available-for-sale investments | 0 | [1] | 0 | [2] | ' | |
Proceeds from sale of investments in joint venture | ' | ' | 0 | [3] | ||
Net decrease (increase) in promissory notes from related parties | ' | 1,142 | [2] | -1,793 | [3] | |
Investments in unconsolidated joint ventures | -9,713 | [1] | -10,898 | [2] | -800 | [3] |
Distributions from unconsolidated joint ventures | 0 | [1] | ' | 0 | [3] | |
Proceeds from sale of property and equipment | ' | ' | 12,892 | [3] | ||
Other investing activities | -335 | [1] | -89 | [2] | -1,761 | [3] |
Net cash provided by (used in) investing activities | -10,048 | [1] | -9,845 | [2] | 8,538 | [3] |
Financing activities | ' | ' | ' | |||
Repayments on revolving lines of credit | ' | ' | -80,448 | [3] | ||
Borrowings from financial institutions | ' | ' | 750,000 | [3] | ||
Principal payments to financial institutions and others | -10,880 | [1] | -2,230 | [2] | -721,953 | [3] |
Intercompany | 92,150 | [1] | 35,517 | [2] | 36,210 | [3] |
Other financing activities | ' | 2,352 | [2] | 9,399 | [3] | |
Net cash provided by (used in) financing activities | 81,270 | [1] | 35,639 | [2] | -6,792 | [3] |
Net increase (decrease) in cash and cash equivalents | -63,120 | [1] | 59,403 | [2] | 58,000 | [3] |
Cash and cash equivalents at beginning of year | 216,914 | [1],[2],[4] | 157,511 | [2],[3] | 99,511 | [3] |
Cash and cash equivalents at end of year | 153,794 | [1],[5] | 216,914 | [1],[2],[4] | 157,511 | [2],[3] |
Guarantor Subsidiaries | ' | ' | ' | |||
Operating activities | ' | ' | ' | |||
Net cash provided by (used in) operating activities | 74,734 | -63,637 | -12,550 | |||
Investing activities | ' | ' | ' | |||
Purchase of available-for-sale investments | ' | ' | -20,205 | |||
Proceeds from sale of available-for-sale investments | 3,165 | 26,547 | ' | |||
Proceeds from sale of investments in joint venture | ' | ' | 0 | |||
Net decrease (increase) in promissory notes from related parties | ' | 988 | -25,122 | |||
Investments in unconsolidated joint ventures | -277 | -229 | -117 | |||
Distributions from unconsolidated joint ventures | 0 | ' | 2,487 | |||
Proceeds from sale of property and equipment | ' | ' | 0 | |||
Other investing activities | 2,522 | -54 | 1,639 | |||
Net cash provided by (used in) investing activities | 5,410 | 27,252 | -41,318 | |||
Financing activities | ' | ' | ' | |||
Repayments on revolving lines of credit | ' | ' | 0 | |||
Borrowings from financial institutions | ' | ' | 0 | |||
Principal payments to financial institutions and others | 0 | 0 | 0 | |||
Intercompany | -85,236 | -10,820 | 95,575 | |||
Other financing activities | ' | 0 | 0 | |||
Net cash provided by (used in) financing activities | -85,236 | -10,820 | 95,575 | |||
Net increase (decrease) in cash and cash equivalents | -5,092 | -47,205 | 41,707 | |||
Cash and cash equivalents at beginning of year | 48,895 | 96,100 | 54,393 | |||
Cash and cash equivalents at end of year | 43,803 | 48,895 | 96,100 | |||
Non-Guarantor Subsidiaries | ' | ' | ' | |||
Operating activities | ' | ' | ' | |||
Net cash provided by (used in) operating activities | 10,951 | 25,506 | 2,499 | |||
Investing activities | ' | ' | ' | |||
Purchase of available-for-sale investments | ' | ' | 0 | |||
Proceeds from sale of available-for-sale investments | 0 | 0 | ' | |||
Proceeds from sale of investments in joint venture | ' | ' | 14,000 | |||
Net decrease (increase) in promissory notes from related parties | ' | -143 | -892 | |||
Investments in unconsolidated joint ventures | -15,386 | -840 | -16,364 | |||
Distributions from unconsolidated joint ventures | 4,072 | ' | 5,525 | |||
Proceeds from sale of property and equipment | ' | ' | 1 | |||
Other investing activities | -821 | 0 | 0 | |||
Net cash provided by (used in) investing activities | -12,135 | -983 | 2,270 | |||
Financing activities | ' | ' | ' | |||
Repayments on revolving lines of credit | ' | ' | 0 | |||
Borrowings from financial institutions | ' | ' | 0 | |||
Principal payments to financial institutions and others | 0 | -199 | 0 | |||
Intercompany | -4,155 | -26,366 | -3,623 | |||
Other financing activities | ' | 1,234 | 639 | |||
Net cash provided by (used in) financing activities | -4,155 | -25,331 | -2,984 | |||
Net increase (decrease) in cash and cash equivalents | -5,339 | -808 | 1,785 | |||
Cash and cash equivalents at beginning of year | 13,947 | 14,755 | 12,970 | |||
Cash and cash equivalents at end of year | 8,608 | 13,947 | 14,755 | |||
Consolidation, Eliminations | ' | ' | ' | |||
Operating activities | ' | ' | ' | |||
Net cash provided by (used in) operating activities | 2,759 | -1,669 | -7,325 | |||
Investing activities | ' | ' | ' | |||
Purchase of available-for-sale investments | ' | ' | 0 | |||
Proceeds from sale of available-for-sale investments | 0 | 0 | ' | |||
Proceeds from sale of investments in joint venture | ' | ' | 0 | |||
Net decrease (increase) in promissory notes from related parties | ' | 0 | 135,487 | |||
Investments in unconsolidated joint ventures | 0 | 0 | 0 | |||
Distributions from unconsolidated joint ventures | 0 | ' | 0 | |||
Proceeds from sale of property and equipment | ' | ' | 0 | |||
Other investing activities | 0 | 0 | 0 | |||
Net cash provided by (used in) investing activities | 0 | 0 | 135,487 | |||
Financing activities | ' | ' | ' | |||
Repayments on revolving lines of credit | ' | ' | 0 | |||
Borrowings from financial institutions | ' | ' | 0 | |||
Principal payments to financial institutions and others | 0 | 0 | 0 | |||
Intercompany | -2,759 | 1,669 | -128,162 | |||
Other financing activities | ' | 0 | 0 | |||
Net cash provided by (used in) financing activities | -2,759 | 1,669 | -128,162 | |||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | |||
Cash and cash equivalents at beginning of year | 0 | 0 | 0 | |||
Cash and cash equivalents at end of year | $0 | $0 | $0 | |||
[1] | Includes Shea Homes Funding Corp., whose cash flows for the year ended December 31, 2013 were not material. | |||||
[2] | Includes Shea Homes Funding Corp., whose cash flows for the year ended December 31, 2012 were not material. | |||||
[3] | Includes Shea Homes Funding Corp. since inception on April 26, 2011, whose cash flows were not material. | |||||
[4] | Includes Shea Homes Funding Corp., whose financial position at December 31, 2012 was not material. | |||||
[5] | Includes Shea Homes Funding Corp., whose financial position at December 31, 2013 was not material. |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | 10-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2014 | Jan. 31, 2014 | Feb. 28, 2014 | Jan. 31, 2014 | Feb. 28, 2014 | Jan. 31, 2014 |
JFSCI | JFSCI | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | ||||
Related Party Receivables and Payables | Related Party Receivables and Payables | JFSCI | Revolving Credit Facility | Northern California | Southern California | Amended Credit Facility | |||||
Related Party Receivables and Payables | |||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit, borrowing capacity | ' | ' | $75,000,000 | ' | ' | ' | ' | ' | ' | ' | $75,000,000 |
Prepayment on notes | ' | ' | ' | 3,800,000 | 1,900,000 | ' | 8,400,000 | ' | ' | ' | ' |
Inventory | 1,013,272,000 | 837,653,000 | ' | ' | ' | ' | ' | ' | 4,400,000 | ' | ' |
Liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | 5,700,000 | ' | ' |
Revenue participation payments, gross revenues from home closing percentage | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' |
Other liability | 245,801,000 | 233,218,000 | ' | ' | ' | ' | ' | ' | 19,600,000 | ' | ' |
Charges to equity | ' | ' | ' | ' | ' | ' | ' | ' | 25,300,000 | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | 125,000,000 | ' | 125,000,000 | ' | ' | ' |
Line of Credit Facility, Interest Rate Description | ' | ' | ' | ' | ' | ' | ' | 'The Revolver which bears interest at LIBOR plus 2.75% and matures March 1, 2016. | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | 1-Mar-16 | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | 2.75% | ' | ' | ' |
Amortizing period of term loan | ' | ' | ' | ' | ' | ' | ' | '18 months | ' | ' | ' |
Sale of land | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' |
Net sales proceeds recorded as an equity contribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | $900,000 | ' |