Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 28, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | CalAtlantic Group, Inc. | |
Entity Central Index Key | 878,560 | |
Trading Symbol | caa | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 118,398,641 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Homebuilding: | ||||
Home sale revenues | $ 1,558,701 | $ 694,678 | $ 2,737,866 | $ 1,163,057 |
Land sale revenues | 19,661 | 4,954 | 26,179 | 6,853 |
Total revenues | 1,578,362 | 699,632 | 2,764,045 | 1,169,910 |
Cost of home sales | (1,217,793) | (523,933) | (2,149,921) | (878,750) |
Cost of land sales | (19,212) | (3,758) | (25,579) | (5,114) |
Total cost of sales | (1,237,005) | (527,691) | (2,175,500) | (883,864) |
Gross margin | 341,357 | 171,941 | 588,545 | 286,046 |
Selling, general and administrative expenses | (165,694) | (79,910) | (302,395) | (145,980) |
Income (loss) from unconsolidated joint ventures | 223 | (51) | 1,412 | (502) |
Other income (expense) | (4,415) | (5,276) | (7,823) | (5,572) |
Homebuilding pretax income | 171,471 | 86,704 | 279,739 | 133,992 |
Financial Services: | ||||
Revenues | 20,539 | 7,411 | 38,091 | 12,804 |
Expenses | (12,393) | (4,593) | (23,009) | (8,778) |
Financial services pretax income | 8,146 | 2,818 | 15,082 | 4,026 |
Income before taxes | 179,617 | 89,522 | 294,821 | 138,018 |
Provision for income taxes | (66,857) | (32,324) | (109,400) | (49,215) |
Net income | 112,760 | 57,198 | 185,421 | 88,803 |
Less: Net income allocated to preferred shareholder | (13,798) | (21,475) | ||
Less: Net income allocated to unvested restricted stock | (251) | (112) | (350) | (181) |
Net income available to common stockholders | $ 112,509 | $ 43,288 | $ 185,071 | $ 67,147 |
Income Per Common Share: | ||||
Basic (in dollars per share) | $ 0.95 | $ 0.79 | $ 1.55 | $ 1.22 |
Diluted (in dollars per share) | $ 0.83 | $ 0.72 | $ 1.36 | $ 1.12 |
Weighted Average Common Shares Outstanding: | ||||
Basic (in shares) | 118,419,937 | 55,099,690 | 119,617,438 | 54,914,435 |
Diluted (in shares) | 136,088,146 | 62,110,779 | 137,277,899 | 62,081,531 |
Weighted average additional common shares outstanding if preferred shares converted to common shares (in shares) | 17,562,557 | 17,562,557 | ||
Total weighted average diluted common shares outstanding if preferred shares converted to common shares (in shares) | 136,088,146 | 79,673,336 | 137,277,899 | 79,644,088 |
Cash Dividends Per Common Share (in dollars per share) | $ 0.04 | $ 0.08 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net income | $ 112,760 | $ 57,198 | $ 185,421 | $ 88,803 |
Other comprehensive income, net of tax: | ||||
Unrealized gain on marketable securities, available for sale | 39 | |||
Total comprehensive income | $ 112,760 | $ 57,198 | $ 185,460 | $ 88,803 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Homebuilding [Member] | ||
ASSETS | ||
Cash and equivalents | $ 256,007,000 | $ 151,076,000 |
Restricted cash | 30,833,000 | 35,990,000 |
Inventories: | ||
Owned | 6,421,737,000 | 6,069,959,000 |
Not owned | 81,603,000 | 83,246,000 |
Investments in unconsolidated joint ventures | 147,631,000 | 132,763,000 |
Deferred income taxes, net of valuation allowance of $1,441 and $1,156 at June 30, 2016 and December 31, 2015, respectively | 337,538,000 | 396,194,000 |
Goodwill | 969,048,000 | 933,360,000 |
Other assets | 117,484,000 | 118,768,000 |
Total assets | 8,361,881,000 | 7,921,356,000 |
Cash and equivalents | 256,007,000 | 151,076,000 |
Restricted cash | 30,833,000 | 35,990,000 |
LIABILITIES AND EQUITY | ||
Accounts payable | 215,761,000 | 191,681,000 |
Accrued liabilities | 477,950,000 | 478,793,000 |
Secured project debt and other notes payable | 41,139,000 | 25,683,000 |
Senior notes payable | 3,674,559,000 | 3,462,016,000 |
Total liabilities | 4,409,409,000 | 4,158,173,000 |
Financial Services [Member] | ||
ASSETS | ||
Cash and equivalents | 31,863,000 | 35,518,000 |
Restricted cash | 22,008,000 | 22,914,000 |
Inventories: | ||
Other assets | 19,854,000 | 17,243,000 |
Total assets | 288,096,000 | 424,149,000 |
Cash and equivalents | 31,863,000 | 35,518,000 |
Restricted cash | 22,008,000 | 22,914,000 |
Mortgage loans held for sale, net | 188,977,000 | 325,770,000 |
Mortgage loans held for investment, net | 25,394,000 | 22,704,000 |
LIABILITIES AND EQUITY | ||
Total liabilities | 200,613,000 | 325,896,000 |
Accounts payable and other liabilities | 26,099,000 | 22,474,000 |
Mortgage credit facilities | 174,514,000 | 303,422,000 |
Cash and equivalents | 287,870,000 | 186,594,000 |
Owned | 6,421,737,000 | 6,069,959,000 |
Not owned | 81,603,000 | 83,246,000 |
Investments in unconsolidated joint ventures | 147,631,000 | 132,763,000 |
Total assets | 8,649,977,000 | 8,345,505,000 |
Cash and equivalents | 287,870,000 | 186,594,000 |
Total liabilities | 4,610,022,000 | 4,484,069,000 |
Stockholders' Equity: | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued and outstanding at June 30, 2016 and December 31, 2015 | 0 | 0 |
Common stock, $0.01 par value; 600,000,000 shares authorized; 118,394,299 and 121,286,153 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively | 1,184,000 | 1,213,000 |
Additional paid-in capital | 3,326,943,000 | 3,324,328,000 |
Accumulated earnings | 711,784,000 | 535,890,000 |
Accumulated other comprehensive income, net of tax | 44,000 | 5,000 |
Total Equity | 4,039,955,000 | 3,861,436,000 |
Total Liabilities and Equity | $ 8,649,977,000 | $ 8,345,505,000 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Homebuilding [Member] | ||
Deferred income taxes, valuation allowance | $ 1,441 | $ 1,156 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 118,394,299 | 121,286,153 |
Common stock, shares outstanding (in shares) | 118,394,299 | 121,286,153 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows From Operating Activities: | ||
Net income | $ 185,421 | $ 88,803 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
(Income) loss from unconsolidated joint ventures | (1,412) | 502 |
Depreciation and amortization | 27,428 | 14,982 |
Amortization of stock-based compensation | 7,512 | 5,084 |
Excess tax benefits from share-based payment arrangements | (6,363) | |
Deferred income tax provision | 4,315 | 49,198 |
Other operating activities | 97 | 626 |
Changes in cash and equivalents due to: | ||
Mortgage loans held for sale | 136,903 | 65,182 |
Inventories - owned | (271,304) | (341,894) |
Inventories - not owned | (19,254) | (12,061) |
Other assets | (1,758) | 5,877 |
Accounts payable | 24,080 | 34,634 |
Accrued liabilities | (28,414) | (15,767) |
Net cash provided by (used in) operating activities | 63,614 | (111,197) |
Cash Flows From Investing Activities: | ||
Investments in unconsolidated homebuilding joint ventures | (22,592) | (20,778) |
Distributions of capital from unconsolidated homebuilding joint ventures | 8,115 | 8,760 |
Other investing activities | (4,166) | (12,022) |
Net cash provided by (used in) investing activities | (18,643) | (24,040) |
Cash Flows From Financing Activities: | ||
Change in restricted cash | 6,063 | (1,242) |
Borrowings from revolving credit facility | 693,700 | 158,900 |
Principal payments on revolving credit facility | (693,700) | (128,900) |
Principal payments on secured project debt and other notes payable | (10,169) | (497) |
Proceeds from the issuance of senior notes payable | 300,000 | |
Payment of debt issuance costs | (2,195) | |
Net proceeds from (payments on) mortgage credit facilities | (128,908) | 928 |
Repurchases of common stock | (99,829) | (22,073) |
Common stock dividend payments | (9,527) | |
Issuance of common stock under employee stock plans, net of tax withholdings | 1,069 | (2,322) |
Excess tax benefits from share-based payment arrangements | 6,363 | |
Other financing activities | (199) | |
Net cash provided by (used in) financing activities | 56,305 | 11,157 |
Net increase (decrease) in cash and equivalents | 101,276 | (124,080) |
Cash and equivalents at beginning of period | 186,594 | 212,393 |
Cash and equivalents at end of period | 287,870 | 88,313 |
Cash and Cash Equivalents, at Carrying Value | $ 186,594 | $ 212,393 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 1. Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of CalAtlantic Group, Inc. and its wholly owned subsidiaries and have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for Form 10-Q. Certain information normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") has also been omitted pursuant to applicable rules and regulations. In the opinion of management, the unaudited condensed consolidated financial statements included herein reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly our financial position as of June 30, 2016 and the results of operations and cash flows for the periods presented. Certain items in the prior period condensed consolidated financial statements have been reclassified to conform with the current period presentation, including per share related information. The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015. Unless the context otherwise requires, the terms "we," "us," "our" and "the Company" refer to CalAtlantic Group, Inc. and its subsidiaries. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year. |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Recent Accounting Pronouncements [Text Block] | 2. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period Compensation — Stock Compensation In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis annual periods and interim periods within those annual periods beginning after December 15, 2015. Our adoption of ASU 2015-02 on January 1, 2016 did not have a material effect on our financial statements and related disclosures. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments and interim periods within those annual periods beginning after December 15, 2015. Our adoption of ASU 2015-16 on January 1, 2016 did not have a material effect on our financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities Fair Value Measurements and interim periods within those annual periods beginning after December 15, 2017. We are currently evaluating the impact adoption will have on our financial statements. In March 2016, the FASB issued ASU 2016-02, Leases and interim periods within those annual periods beginning after December 15, 2018. We are currently evaluating the impact adoption will have on our financial statements. In March 2016, the FASB issued ASU 2016-07, Investments- Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting and interim periods within those annual periods beginning after December 15, 2016. Our adoption of ASU 2016-07 is not expected to have a material effect on our financial statements. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) our financial statements and related disclosures . In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation: Improvements to Employee Share-Based Payment Accounting and interim periods within those annual periods beginning after December 15, 2016, and early adoption is permitted. We are currently evaluating the impact adoption will have on our financial statements. |
Note 3 - Business Acquisition
Note 3 - Business Acquisition | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Business Acquisition On October 1, 2015, pursuant to the terms and conditions of the Amended and Restated Agreement and Plan of Merger, dated as of June 14, 2015 (the "Merger Agreement"), between Standard Pacific Corp. ("Standard Pacific") and The Ryland Group, Inc. ("Ryland"), Ryland merged with and into Standard Pacific (the "Merger"), with Standard Pacific continuing as the surviving corporation. At the same time Standard Pacific changed its name to CalAtlantic Group, Inc. Based on an evaluation of the provisions of ASC Topic 805, Business Combinations Cash and cash equivalents $ 268,517 Inventories 2,404,765 Investments in unconsolidated joint ventures 13,821 Deferred income taxes 122,515 Homebuilding other assets 77,124 Financial services assets, excluding cash 144,889 Goodwill 969,048 Total assets 4,000,679 Accounts payable and accrued liabilities (496,188 ) Secured project debt and other notes payables (22,213 ) Senior notes payable (1,291,541 ) Financial services liabilities (124,619 ) Additional paid-in capital (93,834 ) Total purchase price $ 1,972,284 During the 2016 first quarter the Company completed a valuation of the 1.625% convertible senior notes assumed in the merger with Ryland and determined that the value associated with the conversion feature was $93.8 million, which is included in additional paid-in capital in the accompanying condensed consolidated balance sheet as of June 30, 2016. In connection with the valuation of the conversion feature, the related deferred tax asset was reduced by approximately $35.9 million, with a corresponding increase in goodwill. The purchase price accounting reflected in the accompanying financial statements is preliminary and is based upon estimates and assumptions that are subject to change within the measurement period (up to one year from the acquisition date pursuant to ASC 805) that may impact the fair value of the assets and liabilities above (including inventories, deferred income taxes, other assets and accrued liabilities). The $969.0 million of goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed, and it is not deductible for income tax purposes. As of the end of the period covered by this quarterly report on Form 10-Q, the allocation of goodwill to our reporting units is considered preliminary, as it is based upon estimates and assumptions that are subject to change within the measurement period. The following presents summarized unaudited supplemental pro forma operating results as if Ryland had been included in the Company's Condensed Consolidated Statements of Operations as of January 1, 2015. Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 (Dollars in thousands) Home sale revenues $ 1,331,079 $ 2,301,027 Pretax income $ 156,066 $ 243,403 The supplemental pro forma operating results have been determined after adjusting the operating results of Ryland to reflect additional amortization that would have been recorded assuming the fair value adjustment to intangible assets had been applied beginning January 1, 2015. Certain other adjustments, including those related to conforming accounting policies and adjusting acquired inventory to fair value, have not been reflected in the supplemental pro forma operating results due to the impracticability of estimating such impacts. |
Note 4 - Segment Reporting
Note 4 - Segment Reporting | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 4. Segment Reporting We operate two principal businesses: homebuilding and financial services. Our homebuilding operations acquire and develop land and construct and sell single-family attached and detached homes. In accordance with the aggregation criteria defined in ASC Topic 280, Segment Reporting Our mortgage financing operation provides mortgage financing to many of our homebuyers in substantially all of the markets in which we operate, and sells substantially all of the loans it originates in the secondary mortgage market. Our title services operation provides various title services for our homebuyers in most of our operating divisions. Our mortgage financing and title services operations are included in our financial services reportable segment, which is separately reported in our condensed consolidated financial statements under "Financial Services." Corporate is a non-operating segment that develops and implements strategic initiatives and supports our operating segments by centralizing key administrative functions such as accounting, finance and treasury, information technology, insurance and risk management, litigation, marketing and human resources. Corporate also provides the necessary administrative functions to support us as a publicly traded company. All of the expenses incurred by Corporate are allocated to each of our operating divisions based on their respective percentage of revenues. Segment financial information relating to the Company’s homebuilding operations was as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (Dollars in thousands) Homebuilding revenues: North $ 241,274 $ n/a $ 427,829 $ n/a Southeast 386,836 198,122 664,318 344,571 Southwest 433,603 185,866 776,637 305,709 West 516,649 315,644 895,261 519,630 Total homebuilding revenues $ 1,578,362 $ 699,632 $ 2,764,045 $ 1,169,910 Homebuilding pretax income: North $ 17,980 $ n/a $ 27,550 $ n/a Southeast 31,772 15,137 52,822 25,530 Southwest 46,907 21,985 73,833 33,265 West 74,812 49,582 125,534 75,197 Total homebuilding pretax income $ 171,471 $ 86,704 $ 279,739 $ 133,992 Segment financial information relating to the Company’s homebuilding assets was as follows: June 30, December 31, 2016 2015 (Dollars in thousands) Homebuilding assets: North $ 1,122,873 $ 732,689 Southeast 2,136,333 1,766,241 Southwest 1,860,181 1,470,654 West 2,693,834 2,357,597 Corporate (1) 548,660 1,594,175 Total homebuilding assets $ 8,361,881 $ 7,921,356 (1) The assets in our Corporate Segment include cash and cash equivalents and our deferred tax asset, and at December 31, 2015 included goodwill recorded in connection with our merger with Ryland. During the 2016 second quarter, recorded goodwill was allocated to the Company’s reporting units (as of June 30, 2016, approximately $0.3 billion was included in each of the North, Southeast and Southwest segments, and approximately $0.1 billion was included in the West region). As of the end of the period covered by this quarterly report on Form 10-Q, the allocation of goodwill to our reporting units is considered preliminary, as it is based upon estimates and assumptions that are subject to change within the measurement period. |
Note 5 - Earnings Per Common Sh
Note 5 - Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5. Earnings Per Common Share We compute earnings per share in accordance with ASC Topic 260, Earnings per Share Basic earnings per common share is computed by dividing income or loss available to common stockholders by the weighted average number of shares of basic common stock outstanding. Our Series B junior participating convertible preferred stock ("Series B Preferred Stock"), which was convertible into shares of our common stock at the holder’s option, and our unvested restricted stock, are classified as participating securities in accordance with ASC 260. Net income allocated to the holders of our Series B Preferred Stock and unvested restricted stock is calculated based on the shareholders’ proportionate share of weighted average shares of common stock outstanding on an if-converted basis. For purposes of determining diluted earnings per common share, basic earnings per common share is further adjusted to include the effect of potential dilutive common shares outstanding, including stock options, stock appreciation rights, performance share awards and unvested restricted stock using the more dilutive of either the two-class method or the treasury stock method, and Series B Preferred Stock and convertible debt using the if-converted method. Under the two-class method of calculating diluted earnings per share, net income is reallocated to common stock, the Series B Preferred stock and all dilutive securities based on the contractual participating rights of the security to share in the current earnings as if all of the earnings for the period had been distributed. In the computation of diluted earnings per share, the two-class method and if-converted method for the Series B Preferred Stock resulted in the same earnings per share amounts as the holder of the Series B Preferred Stock had the same economic rights as the holders of the common stock. In connection with the closing of the Merger with Ryland on October 1, 2015, the Company effected a reverse stock split such that each five shares of common stock of Standard Pacific common stock issued and outstanding immediately prior to the closing of the Merger were combined and converted into one issued and outstanding share of common stock of the Company. As required in accordance with GAAP, all share and earnings per share information noted below have been retroactively adjusted to reflect the reverse stock split. The following table sets forth the components used in the computation of basic and diluted income per share. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (Dollars in thousands, except per share amounts) Numerator: Net income $ 112,760 $ 57,198 $ 185,421 $ 88,803 Less: Net income allocated to preferred shareholder ― (13,798 ) ― (21,475 ) Less: Net income allocated to unvested restricted stock (251 ) (112 ) (350 ) (181 ) Net income available to common stockholders for basic earnings per common share 112,509 43,288 185,071 67,147 Effect of dilutive securities: Net income allocated to preferred shareholder ― 13,798 ― 21,475 Interest on 1.625% convertible senior notes due 2018 91 ― 453 ― Interest on 0.25% convertible senior notes due 2019 82 ― 410 ― Interest on 1.25% convertible senior notes due 2032 62 41 310 204 Net income available to common and preferred stock for diluted earnings per share $ 112,744 $ 57,127 $ 186,244 $ 88,826 Denominator: Weighted average basic common shares outstanding 118,419,937 55,099,690 119,617,438 54,914,435 Weighted average additional common shares outstanding if preferred shares converted to common shares (if dilutive) ― 17,562,557 ― 17,562,557 Total weighted average common shares outstanding if preferred shares converted to common shares 118,419,937 72,662,247 119,617,438 72,476,992 Effect of dilutive securities: Share-based awards 583,264 748,519 575,516 904,526 1.625% convertible senior notes due 2018 7,163,865 ― 7,163,865 ― 0.25% convertible senior notes due 2019 3,637,091 ― 3,637,091 ― 1.25% convertible senior notes due 2032 6,283,989 6,262,570 6,283,989 6,262,570 Weighted average diluted shares outstanding 136,088,146 79,673,336 137,277,899 79,644,088 Income per common share: Basic $ 0.95 $ 0.79 $ 1.55 $ 1.22 Diluted $ 0.83 $ 0.72 $ 1.36 $ 1.12 |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6. Stock-Based Compensation We account for share-based awards in accordance with ASC 718 which requires that the cost resulting from all share-based payment transactions be recognized in the financial statements. ASC 718 requires all entities to apply a fair value-based measurement method in accounting for share-based payment transactions with employees except for equity instruments held by employee share ownership plans. Total compensation expense recognized related to stock-based compensation was $3.7 million and $2.4 million for the three months ended June 30, 2016 and 2015, respectively. For the six months ended June 30, 2016 and 2015, we recognized stock-based compensation expense of $7.5 million and $5.1 million, respectively. As of June 30, 2016, total unrecognized stock-based compensation expense was $27.3 million, with a weighted average period over which the remaining unrecognized compensation expense is expected to be recorded of approximately 2.2 years. |
Note 7 - Cash and Equivalents a
Note 7 - Cash and Equivalents and Restricted Cash | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Restricted Cash and Cash Equivalents [Text Block] | 7. Cash and Equivalents and Restricted Cash Cash and equivalents include cash on hand, demand deposits and all highly liquid short-term investments, including interest-bearing securities purchased with a maturity of three months or less from the date of purchase. At June 30, 2016, cash and equivalents included $133.6 million of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit. At June 30, 2016, homebuilding restricted cash represented $30.8 million of cash held in cash collateral accounts primarily related to certain letters of credit that have been issued. Financial services restricted cash as of June 30, 2016 consisted of $17.7 million held in cash collateral accounts primarily related to certain letters of credit that have been issued, $3.5 million related to our financial services subsidiary mortgage credit facilities and $0.8 million related to funds held in trust for third parties. |
Note 8 - Marketable Securities,
Note 8 - Marketable Securities, Available-for-sale | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | 8. Marketable Securities, Available-for-sale The Company’s investment portfolio includes mainly municipal debt securities and metropolitan district bond securities, which are included in homebuilding other assets in the accompanying condensed consolidated balance sheets. As defined in ASC Topic 320, Investments—Debt and Equity Securities The Company periodically reviews its available-for-sale securities for other-than-temporary declines in fair values that are below their cost bases, as well as whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. At June 30, 2016, the Company believes that the cost bases for its available-for-sale securities were recoverable in all material respects. The primary objectives of the Company’s investment portfolio are safety of principal and liquidity. Investments are made with the purpose of achieving the highest rate of return consistent with these two objectives. The Company’s investment policy limits investments to debt securities rated investment grade or better, as well as to bank and money market instruments and to issues by the U.S. government, U.S. government agencies and municipal or other institutions primarily with investment-grade credit ratings. Our policy places restrictions on maturities, as well as on concentration by type and issuer. The following table displays the fair values of marketable securities, available-for-sale, by type of security: June 30, 2016 December 31, 2015 Amortized Cost Gross Unrealized Gains Estimated Fair Value Amortized Cost Gross Unrealized Gains Estimated Fair Value (Dollars in thousands) Type of security: Municipal bond and metropolitan district securities $ 18,438 $ 44 $ 18,482 $ 19,439 $ 5 $ 19,444 The following table displays the fair values of marketable securities, available-for-sale, by contractual maturity: June 30, 2016 (Dollars in thousands) Contractual maturity: Maturing in one year or less ― Maturing after three years 18,482 Total marketable securities, available-for-sale $ 18,482 |
Note 9 - Inventories
Note 9 - Inventories | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 9. Inventories a. Inventories Owned Inventories owned consisted of the following at: June 30, 2016 North Southeast Southwest West Total (Dollars in thousands) Land and land under development $ 431,593 $ 1,148,920 $ 646,487 $ 1,213,809 $ 3,440,809 Homes completed and under construction 316,444 551,177 663,894 936,496 2,468,011 Model homes 73,860 133,947 111,944 193,166 512,917 Total inventories owned $ 821,897 $ 1,834,044 $ 1,422,325 $ 2,343,471 $ 6,421,737 December 31, 2015 North Southeast Southwest West Total (Dollars in thousands) Land and land under development $ 370,584 $ 1,169,350 $ 687,792 $ 1,318,563 $ 3,546,289 Homes completed and under construction 266,967 464,668 599,183 708,779 2,039,597 Model homes 66,100 119,283 113,549 185,141 484,073 Total inventories owned $ 703,651 $ 1,753,301 $ 1,400,524 $ 2,212,483 $ 6,069,959 In accordance with ASC Topic 360, Property, Plant, and Equipment b. Inventories Not Owned Inventories not owned consisted of the following at: June 30, 2016 December 31, 2015 (Dollars in thousands) Land purchase and lot option deposits $ 81,050 $ 82,693 Other lot option contracts, net of deposits 553 553 Total inventories not owned $ 81,603 $ 83,246 Under ASC Topic 810, Consolidation Other lot option contracts as of June 30, 2016 and December 31, 2015 represented purchase price allocated to lot option contracts assumed in connection with a business acquisition during the 2013 third quarter. |
Note 10 - Capitalization of Int
Note 10 - Capitalization of Interest | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Home Building Interest [Text Block] | 10. Capitalization of Interest We follow the practice of capitalizing interest to inventories owned during the period of development and to investments in unconsolidated homebuilding and land development joint ventures in accordance with ASC Topic 835, Interest The following is a summary of homebuilding interest capitalized to inventories owned and investments in unconsolidated joint ventures, amortized to cost of sales and income (loss) from unconsolidated joint ventures and expensed as interest expense, for the three and six months ended June 30, 2016 and 2015: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (Dollars in thousands) (Dollars in thousands) Total interest incurred (1) $ 55,610 $ 41,857 $ 118,335 $ 83,660 Less: Interest capitalized to inventories owned (1) (54,564 ) (41,508 ) (116,409 ) (82,909 ) Less: Interest capitalized to investments in unconsolidated joint ventures (1,046 ) (349 ) (1,926 ) (751 ) Interest expense $ ― $ ― $ ― $ ― Interest previously capitalized to inventories owned, included in cost of home sales $ 40,528 $ 35,051 $ 70,731 $ 57,446 Interest previously capitalized to inventories owned, included in cost of land sales $ 1,302 $ 1,512 $ 1,481 $ 1,755 Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures ― ― ― ― Interest capitalized in ending inventories owned (2) $ 350,210 $ 299,315 $ 350,210 $ 299,315 Interest capitalized as a percentage of inventories owned 5.5 % 8.3 % 5.5 % 8.3 % Interest capitalized in ending investments in unconsolidated joint ventures (2) $ 4,313 $ 1,416 $ 4,313 $ 1,416 Interest capitalized as a percentage of investments in unconsolidated joint ventures 2.9 % 2.3 % 2.9 % 2.3 % (1) Total interest incurred and interest capitalized to inventories owned during the six months ended June 30, 2016 includes a $9 million increase related to the valuation of the 1.625% convertible senior notes that was completed during the 2016 first quarter. Please see Note 3 for further discussion. (2) During the three and six months ended June 30, 2016, in connection with lot purchases from our joint ventures, $0.6 million of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned. |
Note 11 - Investments in Uncons
Note 11 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 11. Investments in Unconsolidated Land Development and Homebuilding Joint Ventures The table set forth below summarizes the condensed combined statements of operations for our unconsolidated land development and homebuilding joint ventures that we account for under the equity method: Six Months Ended June 30, 2016 2015 (Dollars in thousands) (Unaudited) Revenues $ 20,204 $ 18,350 Cost of sales and expenses (12,825 ) (21,556 ) Income (loss) of unconsolidated joint ventures $ 7,379 $ (3,206 ) Income (loss) from unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations $ 1,412 $ (502 ) Income (loss) from unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations represents our share of the income (loss) of our unconsolidated land development and homebuilding joint ventures, which is allocated based on the provisions of the underlying joint venture operating agreements less any additional impairments recorded against our investments in joint ventures which we do not deem recoverable. In addition, we defer recognition of our share of income that relates to lots purchased by us from land development joint ventures until we ultimately sell the homes to be constructed to third parties, at which time we account for these earnings as a reduction of the cost basis of the lots purchased from these joint ventures. For the six months ended June 30, 2016, income (loss) from unconsolidated joint ventures included $0.8 million of income from our Southwest region joint ventures and $0.4 million of income from our Southeast region joint ventures. For the six months ended June 30, 2015, income (loss) from unconsolidated joint ventures was primarily attributable to our share of income (loss) related to our West region joint ventures. During each of the six months ended June 30, 2016 and 2015, all of our investments in unconsolidated joint ventures were reviewed for impairment. Based on the impairment review, no joint venture projects were determined to be impaired for the six months ended June 30, 2016 or 2015. The table set forth below summarizes the condensed combined balance sheets for our unconsolidated land development and homebuilding joint ventures that we accounted for under the equity method: June 30, 2016 December 31, 2015 (Dollars in thousands) (Unaudited) Assets: Cash $ 23,221 $ 34,893 Inventories 584,892 510,502 Other assets 14,272 14,540 Total assets $ 622,385 $ 559,935 Liabilities and Equity: Accounts payable and accrued liabilities $ 26,590 $ 26,571 Non-recourse debt 30,223 33,704 CalAtlantic equity 156,277 130,750 Other members' equity 409,295 368,910 Total liabilities and equity $ 622,385 $ 559,935 Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets $ 147,631 $ 132,763 In some cases our net investment in these unconsolidated joint ventures is not equal to our proportionate share of total equity reflected in the table above primarily because of differences between asset impairments that we recorded in prior periods against our joint venture investments and the impairments recorded by the applicable joint venture. As of June 30, 2016 and December 31, 2015, substantially all of our investments in unconsolidated joint ventures were in California. Our investments in unconsolidated joint ventures also included approximately $4.3 million and $2.9 million of homebuilding interest capitalized to investments in unconsolidated joint ventures as of June 30, 2016 and December 31, 2015, respectively, which capitalized interest is not included in the condensed combined balance sheets above. Our investments in these unconsolidated joint ventures may represent a variable interest in a VIE depending on, among other things, the economic interests of the members of the entity and the contractual terms of the arrangement. We analyze all of our unconsolidated joint ventures under the provisions of ASC 810 to determine whether these entities are deemed to be VIEs, and if so, whether we are the primary beneficiary. As of June 30, 2016, all of our homebuilding and land development joint ventures with unrelated parties were determined under the provisions of ASC 810 to be unconsolidated joint ventures either because they were not deemed to be VIEs and we did not have a controlling interest, or, if they were a VIE, we were not deemed to be the primary beneficiary. |
Note 12 - Warranty Costs
Note 12 - Warranty Costs | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 12. Warranty Costs Estimated future direct warranty costs are accrued and charged to cost of sales in the period when the related homebuilding revenues are recognized. Amounts accrued are based upon historical experience. Indirect warranty overhead salaries and related costs are charged to cost of sales in the period incurred. We assess the adequacy of our warranty accrual on a quarterly basis and adjust the amounts recorded if necessary. Our warranty accrual is included in accrued liabilities in the accompanying condensed consolidated balance sheets. Changes in our warranty accrual are detailed in the table set forth below: Six Months Ended June 30, 2016 2015 (Dollars in thousands) Warranty accrual, beginning of the period $ 40,691 $ 13,584 Warranty costs accrued during the period 10,823 4,359 Warranty costs paid during the period (9,941 ) (4,397 ) Warranty accrual, end of the period $ 41,573 $ 13,546 |
Note 13 - Revolving Credit Faci
Note 13 - Revolving Credit Facility and Letter of Credit Facilities | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Line of Credit Facility [Text Block] | 13. Revolving Credit Facility and Letter of Credit Facilities As of June 30, 2016, we were party to a $750 million unsecured revolving credit facility (the "Revolving Facility"), $350 million of which is available for letters of credit, which matures in October 2019. The Revolving Facility has an accordion feature under which the Company may increase the total commitment up to a maximum aggregate amount of $1.2 billion, subject to certain conditions, including the availability of additional bank commitments. Interest rates, as defined in the credit agreement, approximate (i) LIBOR (approximately 0.46% at June 30, 2016) plus 1.75%, or (ii) Prime (3.50% at June 30, 2016) plus 0.75%. In addition to customary representations and warranties, the facility contains financial and other covenants, including a minimum tangible net worth requirement of $1.65 billion (which amount is subject to increase over time based on subsequent earnings and proceeds from equity offerings), a net homebuilding leverage covenant that prohibits the leverage ratio (as defined therein) from exceeding 2.00 to 1.00 and a land covenant that limits land not under development to an amount not to exceed tangible net worth. The Company is also required to maintain either (a) a minimum liquidity level (unrestricted cash in excess of interest incurred for the previous four quarters) or (b) a minimum interest coverage ratio (EBITDA to interest expense, as defined therein) of at least 1.25 to 1.00. We were in compliance with all of the Revolving Facility covenants as of June 30, 2016. The Revolving Facility also limits, among other things, the Company’s investments in joint ventures and the amount of the Company’s common stock that the Company can repurchase. On June 30, 2016, we had no borrowings outstanding under the facility and had outstanding letters of credit issued under the facility totaling $113.4 million, leaving $636.6 million available under the facility to be drawn. As of June 30, 2016, in addition to our $350 million letter of credit sublimit under our Revolving Facility, we were party to four committed letter of credit facilities totaling $48 million, of which $27.3 million was outstanding. These facilities require cash collateralization and have maturity dates ranging from October 2016 to October 2017. As of June 30, 2016, these facilities were secured by cash collateral deposits of $27.8 million. Upon maturity, we may renew or enter into new letter of credit facilities with the same or other financial institutions. |
Note 14 - Secured Project Debt
Note 14 - Secured Project Debt and Other Notes Payable | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 14. Secured Project Debt and Other Notes Payable Our secured project debt and other notes payable consist of seller non-recourse financing and community development district and similar assessment district bond financings used to finance land acquisition, development and infrastructure costs for which we are responsible. At June 30, 2016, we had approximately $41.1 million outstanding in secured project debt and other notes payable. |
Note 15 - Senior Notes Payable
Note 15 - Senior Notes Payable | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 15. Senior Notes Payable Senior notes payable consisted of the following at: June 30, December 31, 2016 2015 (Dollars in thousands) 10.75% Senior Notes due September 2016 $ 278,724 $ 275,845 8.4% Senior Notes due May 2017 242,075 248,975 8.375% Senior Notes due May 2018 574,289 574,058 1.625% Convertible Senior Notes due May 2018 218,555 301,754 0.25% Convertible Senior notes due June 2019 250,937 248,098 6.625% Senior Notes due May 2020 322,895 325,882 8.375% Senior Notes due January 2021 394,695 394,152 6.25% Senior Notes due December 2021 297,385 297,148 5.375% Senior Notes due October 2022 249,164 249,096 5.875% Senior Notes due November 2024 296,790 296,598 5.25% Senior Notes due June 2026 297,822 ― 1.25% Convertible Senior Notes due August 2032 251,228 250,410 $ 3,674,559 $ 3,462,016 The carrying amount of our senior notes listed above are net of debt issuance costs and any discounts and premiums that are amortized to interest costs over the respective terms of the notes. The Company's 1.625% Convertible Senior Notes due 2018 (the "1.625% Convertible Notes") are senior unsecured obligations of the Company and are guaranteed by the guarantors of our other senior notes on a senior unsecured basis. The 1.625% Convertible Notes bear interest at a rate of 1.625% per year and will mature on May 15, 2018, unless earlier converted or repurchased. The holders may convert their 1.625% Convertible Notes at any time into shares of the Company's common stock at a conversion rate of 31.8394 shares of common stock per $1,000 of their principal amount (which is equal to a conversion price of approximately $31.41 per share), subject to adjustment. The Company may not redeem the 1.625% Convertible Notes prior to the stated maturity date. The Company's 0.25% Convertible Senior Notes due 2019 (the "0.25% Convertible Notes") are senior unsecured obligations of the Company and are guaranteed by the guarantors of our other senior notes on a senior unsecured basis. The 0.25% Convertible Notes bear interest at a rate of 0.25% per year and will mature on June 1, 2019, unless earlier converted, redeemed or repurchased. The holders may convert their 0.25% Convertible Notes at any time into shares of the Company's common stock at a conversion rate of 13.5966 shares of common stock per $1,000 of their principal amount (which is equal to a conversion price of approximately $73.55 per share), subject to adjustment. The Company may not redeem the 0.25% Convertible Notes prior to June 6, 2017. On or after that date, the Company may redeem for cash any or all of the 0.25% Convertible Notes, at its option, if the closing sale price of its common stock for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending within 5 trading days immediately preceding the date on which it provides notice of redemption, including the last trading day of such 30 day trading period, exceeds 130 percent of the applicable conversion price on each applicable trading day. The redemption price will equal 100 percent of the principal amount of the 0.25% Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The Company's 1.25% Convertible Senior Notes due 2032 (the "1.25% Convertible Notes") are senior unsecured obligations of the Company and are guaranteed by the guarantors of our other senior notes on a senior unsecured basis. The 1.25% Convertible Notes bear interest at a rate of 1.25% per year and will mature on August 1, 2032, unless earlier converted, redeemed or repurchased. The holders may convert their 1.25% Convertible Notes at any time into shares of the Company's common stock at a conversion rate of 24.8379 shares of common stock per $1,000 of their principal amount (which is equal to a conversion price of approximately $40.26 per share), subject to adjustment. The Company may not redeem the 1.25% Convertible Notes prior to August 5, 2017. On or after August 5, 2017 and prior to the maturity date, the Company may redeem for cash all or part of the 1.25% Convertible Notes at a redemption price equal to 100% of the principal amount of the 1.25% Convertible Notes being redeemed. On each of August 1, 2017, August 1, 2022 and August 1, 2027, holders of the 1.25% Convertible Notes may require the Company to purchase all or any portion of their 1.25% Convertible Notes for cash at a price equal to 100% of the principal amount of the 1.25% Convertible Notes to be repurchased. Our senior notes payable are all senior obligations and rank equally with our other existing senior indebtedness and, with the exception of our Convertible Notes, are redeemable at our option, in whole or in part, pursuant to a "make whole" formula. These notes contain various restrictive covenants. Our 10.75% Senior Notes due September 2016 (the "2016 Notes") contain our most restrictive covenants, including a limitation on additional indebtedness and a limitation on restricted payments. Outside of the specified categories of indebtedness that are carved out of the additional indebtedness limitation (including a carve-out for up to $1.1 billion in credit facility indebtedness), the Company must satisfy at least one of two conditions (either a maximum leverage condition or a minimum interest coverage condition) to incur additional indebtedness. The Company must also satisfy at least one of these two conditions to make restricted payments. Restricted payments include dividends, stock repurchases and investments in and advances to our joint ventures and other unrestricted subsidiaries. Our ability to make restricted payments is also subject to a basket limitation (as defined in the indenture). As of June 30, 2016, we were able to incur additional indebtedness and make restricted payments because we satisfied both conditions. Many of our 100% owned direct and indirect subsidiaries (collectively, the "Guarantor Subsidiaries") guaranty our outstanding senior notes. The guarantees are full and unconditional, and joint and several. The indentures entered into prior to our merger with Ryland provide that a Guarantor Subsidiary will be released and relieved of any obligations under the applicable note guarantee in the event (i) of a sale or other disposition (whether by merger, stock purchase, asset sale or otherwise) of a Guarantor Subsidiary to an entity which is not CalAtlantic Group, Inc. or a Guarantor Subsidiary; (ii) the requirements for legal defeasance or covenant defeasance have been satisfied; (iii) a Guarantor Subsidiary ceases to be a restricted subsidiary as the result of the Company owning less than 80% of such Guarantor Subsidiary; (iv) a Guarantor Subsidiary ceases to guarantee all other public notes of the Company; or (v) a Guarantor Subsidiary is designated as an Unrestricted Subsidiary under the indentures for covenant purposes. The indentures entered into concurrently with the closing of our merger with Ryland provide that a Guarantor Subsidiary will be released and relieved of any obligations under the applicable note guarantee in the event that (in the case of the non-convertible senior notes) such Guarantor Subsidiary ceases to be a restricted subsidiary in the homebuilding segment or (in the case of the convertible senior notes) such Guarantor Subsidiary ceases to guaranty any publicly traded debt securities. Please see Note 22 for supplemental financial statement information about our guarantor subsidiaries group and non-guarantor subsidiaries group. During the 2016 second quarter, the Company issued $300 million in aggregate principal amount of 5.25% Senior Notes due 2026, which are senior unsecured obligations of the Company and are guaranteed by the guarantors of our other senior notes on a senior unsecured basis. We intend to use a portion of the net proceeds of this issuance to repay or repurchase our 2016 Notes. |
Note 16 - Preferred Stock
Note 16 - Preferred Stock | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 16. Preferred Stock Prior to our merger with Ryland, MP CA Homes, LLC ("MatlinPatterson") held all of the outstanding shares of Company Series B Preferred Stock and 126.4 million shares of Company common stock, which, together, represented approximately 59% of the total number of shares of Company common stock issued and outstanding on an if-converted basis. Immediately following the merger, MatlinPatterson converted all of their shares of preferred stock into 17.6 million shares of Company common stock. As of June 30, 2016, MatlinPatterson held 42.8 million shares (approximately 36%) of the Company’s outstanding common stock and no shares of preferred stock. |
Note 17 - Mortgage Credit Facil
Note 17 - Mortgage Credit Facilities | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Warehouse Agreement Borrowings [Text Block] | 17. Mortgage Credit Facilities At June 30, 2016, we had $174.5 million outstanding under our mortgage financing subsidiary’s mortgage credit facilities. These mortgage credit facilities consisted of a $300 million uncommitted repurchase facility with one lender, maturing in January 2017, and a $75 million repurchase facility with another lender, which matured in July 2016. These facilities require our mortgage financing subsidiary to maintain cash collateral accounts, which totaled $3.5 million as of June 30, 2016, and also contain financial covenants which require CalAtlantic Mortgage to, among other things, maintain a minimum level of tangible net worth, not to exceed a debt to tangible net worth ratio, maintain a minimum liquidity amount based on a measure of total assets (inclusive of the cash collateral requirement), and satisfy pretax income (loss) requirements. As of June 30, 2016, CalAtlantic Mortgage was in compliance with the financial and other covenants contained in these facilities. As of the date of this filing, CalAtlantic Mortgage is currently negotiating a renewal of the $75 million repurchase facility. |
Note 18 - Disclosures about Fai
Note 18 - Disclosures about Fair Value | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 18. Disclosures about Fair Value ASC Topic 820, Fair Value Measurements and Disclosures • Level 1 – quoted prices for identical • Level 2 – quoted prices for similar • Level 3 – valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable The following table presents the Company’s financial instruments measured at fair value on a recurring basis: Fair Value at Description Fair Value Hierarchy June 30, 2016 December 31, 2015 (Dollars in thousands) Marketable securities, available-for-sale Municipal debt securities Level 2 $ 9,771 $ 9,734 Metropolitan district bond securities Level 3 $ 8,711 $ 9,710 Mortgage loans held for sale Level 2 $ 191,694 $ 328,835 Marketable Securities, Available-for-sale Marketable securities that are available-for-sale are comprised mainly of municipal debt securities and metropolitan district bond securities. The Company’s municipal debt securities are valued based on quoted market prices of similar instruments and the metropolitan district bond securities are based on a discounted future cash flow model, which uses Level 3 inputs. The primary unobservable inputs used in our discounted cash flow model are (1) the forecasted number of homes to be closed, as they drive increases to the taxpaying base for the metro district, (2) the forecasted assessed value of those closed homes and (3) the discount rate. Mortgage loans held for sale Mortgage loans held for sale The following table presents the carrying values and estimated fair values of our other financial instruments for which we have not elected the fair value option in accordance with ASC 825: June 30, 2016 December 31, 2015 Description Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) Financial services assets: Mortgage loans held for investment, net Level 2 $ 25,394 $ 25,394 $ 22,704 $ 22,704 Homebuilding liabilities: Senior and convertible senior notes payable, net Level 2 $ 3,674,559 $ 3,928,531 $ 3,462,016 $ 3,675,276 Mortgage Loans Held for Investment – Senior Notes Payable – The fair value of our cash and equivalents, restricted cash, accounts payable and other liabilities, secured project debt and other notes payable, and mortgage credit facilities approximate their carrying amounts due to the short-term nature of these assets and liabilities. |
Note 19 - Commitments and Conti
Note 19 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 19. Commitments and Contingencies a. Land Purchase and Option Agreements We are subject to obligations associated with entering into contracts for the purchase of land and improved homesites. These purchase contracts typically require us to provide a cash deposit or deliver a letter of credit in favor of the seller, and our purchase of properties under these contracts is generally contingent upon satisfaction of certain requirements by the sellers, including obtaining applicable property and development entitlements. We also utilize option contracts with land sellers as a method of acquiring land in staged takedowns, to help us manage the financial and market risk associated with land holdings, and to reduce the near-term use of funds from our corporate financing sources. Option contracts generally require a non-refundable deposit for the right to acquire lots over a specified period of time at predetermined prices. We generally have the right at our discretion to terminate our obligations under both purchase contracts and option contracts by forfeiting our cash deposit or by repaying amounts drawn under our letter of credit with no further financial responsibility to the land seller, although in certain instances, the land seller has the right to compel us to purchase a specified number of lots at predetermined prices. In some instances, we may also expend funds for due diligence, development and construction activities with respect to our land purchase and option contracts prior to purchase, which we would have to write off should we not purchase the land. At June 30, 2016, we had non-refundable cash deposits outstanding of approximately $69.8 million and capitalized pre-acquisition and other development and construction costs of approximately $10.3 million relating to land purchase and option contracts having a total remaining purchase price of approximately $732.4 million. Our utilization of option contracts is dependent on, among other things, the availability of land sellers willing to enter into option takedown arrangements, the availability of capital to financial intermediaries, general housing market conditions, and geographic preferences. Options may be more difficult to procure from land sellers in strong housing markets and are more prevalent in certain geographic regions. b. Land Development and Homebuilding Joint Ventures Our joint ventures have historically obtained secured acquisition, development and construction financing designed to reduce the use of funds from corporate financing sources. As of June 30, 2016, we held membership interests in 27 homebuilding and land development joint ventures, of which 13 were active and 14 were inactive or winding down. As of such date, only two joint ventures had project specific debt outstanding, which totaled $30.2 million. This joint venture bank debt is non-recourse to us and is scheduled to mature in June 2017. At June 30, 2016, we had no joint venture surety bonds outstanding. c. Surety Bonds We obtain surety bonds in the normal course of business to ensure completion of the infrastructure of our projects. At June 30, 2016, we had approximately $840.6 million in surety bonds outstanding, with respect to which we had an estimated $392.1 million remaining in cost to complete. d. Mortgage Loans and Commitments We commit to making mortgage loans to our homebuyers through our mortgage financing subsidiary, CalAtlantic Mortgage. CalAtlantic Mortgage sells substantially all of the loans it originates in the secondary mortgage market and finances these loans under its mortgage credit facilities for a short period of time (typically for 30 to 45 days), as investors complete their administrative review of applicable loan documents. Mortgage loans in process for which interest rates were committed to borrowers totaled approximately $278.9 million at June 30, 2016 and carried a weighted average interest rate of approximately 4.1%. Interest rate risks related to these obligations are mitigated by CalAtlantic Mortgage through the preselling of loans to investors or through its interest rate hedging program. As of June 30, 2016, CalAtlantic Mortgage had approximately $185.5 million in closed mortgage loans held for sale and $23.4 million of mortgage loans that we were committed to sell to investors subject to our funding of the loans and the investors’ completion of their administrative review of the applicable loan documents. In addition, as of June 30, 2016, CalAtlantic Mortgage had approximately $255.5 million of mortgage loans in process that were or are expected to be originated on a non-presold basis, substantially all of which were hedged by forward sale commitments of mortgage-backed securities prior to entering into loan sale transactions with third party investors. Substantially all of the loans originated by CalAtlantic Mortgage are sold with servicing rights released on a non-recourse basis. These sales are generally subject to CalAtlantic Mortgage’s obligation to repay its gain on sale if the loan is prepaid by the borrower within a certain time period following such sale, or to repurchase the loan if, among other things, the purchaser’s underwriting guidelines are not met, or there is fraud in connection with the loan. During the six months ended June 30, 2016 and 2015, CalAtlantic Mortgage recorded loan loss expense related to indemnification and repurchase allowances of $0.1 million and $0.1 million, respectively. As of June 30, 2016, CalAtlantic Mortgage had indemnity and repurchase allowances related to loans sold of approximately $3.7 million. In addition, during the second quarter of 2016 and 2015, CalAtlantic Mortgage made make-whole payments of $0.1 million and $0.1 million, respectively. e. Insurance and Litigation Accruals Insurance and litigation accruals are established with respect to estimated future claims cost. We maintain general liability insurance designed to protect us against a portion of our risk of loss from construction-related claims. We also generally require our subcontractors and design professionals to indemnify us for liabilities arising from their work, subject to various limitations. However, such indemnity is significantly limited with respect to certain subcontractors that are added to our general liability insurance policy. We record allowances to cover our estimated costs of self-insured retentions and deductible amounts under these policies and estimated costs for claims that may not be covered by applicable insurance or indemnities. Our total insurance and litigation accruals as of June 30, 2016 and December 31, 2015 were $125.4 million and $125.3 million, respectively, which are included in accrued liabilities in the accompanying condensed consolidated balance sheets. Estimation of these accruals include consideration of our claims history, including current claims, estimates of claims incurred but not yet reported, and potential for recovery of costs from insurance and other sources. We utilize the services of an independent third party actuary to assist us with evaluating the level of our insurance and litigation accruals. Because of the high degree of judgment required in determining these estimated accrual amounts, actual future claim costs could differ materially from our currently estimated amounts. |
Note 20 - Income Taxes
Note 20 - Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 20. Income Taxes We account for income taxes in accordance with ASC Topic 740, Income Taxes Each quarter we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable under ASC 740. We are required to establish a valuation allowance for any portion of the asset we conclude is more likely than not to be unrealizable. Our assessment considers, among other things, the nature, frequency and severity of our prior and cumulative losses, forecasts of our future taxable income, the duration of statutory carryforward periods, our utilization experience with operating loss and tax credit carryforwards, and tax planning alternatives. Our 2016 second quarter provision for income taxes of $66.9 million primarily related to our $179.6 million of pretax income. As of June 30, 2016, we had a $338.9 million deferred tax asset which was partially offset by a valuation allowance of $1.4 million related to state net operating loss carryforwards that are limited by shorter carryforward periods. As of such date, $138.6 million of our deferred tax asset related to net operating loss carryforwards ($106.3 million of federal and state net operating loss carryforwards that were subject to the Internal Revenue Code Section 382 (“Section 382”) gross annual limitation of $15.6 million for both federal and state purposes, and $32.3 million of state net operating loss carryforwards that were not subject to such limitation). The remaining deferred tax asset balance of $200.3 million represented deductible timing differences, primarily related to inventory impairments and financial accruals, which have no expiration date. As of June 30, 2016 and December 31, 2015, our liability for unrecognized tax benefits was $11.7 million and $10.6 million, respectively, which is included in accrued liabilities in the accompanying condensed consolidated balance sheets. In addition, as of June 30, 2016, we remained subject to examination by various tax jurisdictions for the tax years ended December 31, 2011 through 2015. |
Note 21 - Supplemental Disclosu
Note 21 - Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 21. Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows The following are supplemental disclosures to the condensed consolidated statements of cash flows: Six Months Ended June 30, 2016 2015 (Dollars in thousands) Supplemental Disclosures of Cash Flow Information: Cash paid during the period for: Income taxes $ 84,335 $ 21,990 |
Note 22 - Supplemental Guaranto
Note 22 - Supplemental Guarantor Information | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Supplemental Guarantor Information [Text Block] | 22. S upplemental Guarantor Information Certain of our 100% owned direct and indirect subsidiaries guarantee our outstanding senior notes payable (please see Note 15 "Senior Notes Payable"). Presented below are the condensed consolidated financial statements for our guarantor subsidiaries and non-guarantor subsidiaries. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Homebuilding: Revenues $ 648,800 $ 676,049 $ 253,513 $ ― $ 1,578,362 Cost of sales (516,882 ) (535,832 ) (184,291 ) ― (1,237,005 ) Gross margin 131,918 140,217 69,222 ― 341,357 Selling, general and administrative expenses (71,235 ) (76,915 ) (17,544 ) ― (165,694 ) Income (loss) from unconsolidated joint ventures 57 256 (90 ) ― 223 Equity income of subsidiaries 79,867 ― ― (79,867 ) ― Interest income (expense), net 1,273 (934 ) (339 ) ― ― Other income (expense) (3,668 ) (668 ) (79 ) ― (4,415 ) Homebuilding pretax income 138,212 61,956 51,170 (79,867 ) 171,471 Financial Services: Financial services pretax income ― ― 8,146 ― 8,146 Income before taxes 138,212 61,956 59,316 (79,867 ) 179,617 Provision for income taxes (25,452 ) (26,074 ) (15,331 ) ― (66,857 ) Net income $ 112,760 $ 35,882 $ 43,985 $ (79,867 ) $ 112,760 Three Months Ended June 30, 2015 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Homebuilding: Revenues $ 191,188 $ 324,365 $ 184,079 $ ― $ 699,632 Cost of sales (144,796 ) (248,896 ) (133,999 ) ― (527,691 ) Gross margin 46,392 75,469 50,080 ― 171,941 Selling, general and administrative expenses (24,393 ) (40,524 ) (14,993 ) ― (79,910 ) Income (loss) from unconsolidated joint ventures (4 ) ― (47 ) ― (51 ) Equity income of subsidiaries 50,169 ― ― (50,169 ) ― Interest income (expense), net 3,175 (2,465 ) (710 ) ― ― Other income (expense) (6,440 ) (75 ) 1,239 ― (5,276 ) Homebuilding pretax income 68,899 32,405 35,569 (50,169 ) 86,704 Financial Services: Financial services pretax income ― ― 2,818 ― 2,818 Income before taxes 68,899 32,405 38,387 (50,169 ) 89,522 Provision for income taxes (11,701 ) (13,247 ) (7,376 ) ― (32,324 ) Net income $ 57,198 $ 19,158 $ 31,011 $ (50,169 ) $ 57,198 22. S upplemental Guarantor Information (continued) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Homebuilding: Revenues $ 1,110,538 $ 1,210,503 $ 443,004 $ ― $ 2,764,045 Cost of sales (889,723 ) (965,834 ) (319,943 ) ― (2,175,500 ) Gross margin 220,815 244,669 123,061 ― 588,545 Selling, general and administrative expenses (126,286 ) (144,761 ) (31,348 ) ― (302,395 ) Income (loss) from unconsolidated joint ventures 746 400 266 ― 1,412 Equity income of subsidiaries 134,034 ― ― (134,034 ) ― Interest income (expense), net 2,610 (1,899 ) (711 ) ― ― Other income (expense) (7,283 ) (479 ) (61 ) ― (7,823 ) Homebuilding pretax income 224,636 97,930 91,207 (134,034 ) 279,739 Financial Services: Financial services pretax income ― ― 15,082 ― 15,082 Income before taxes 224,636 97,930 106,289 (134,034 ) 294,821 Provision for income taxes (39,215 ) (43,548 ) (26,637 ) ― (109,400 ) Net income $ 185,421 $ 54,382 $ 79,652 $ (134,034 ) $ 185,421 Six Months Ended June 30, 2015 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Homebuilding: Revenues $ 328,080 $ 544,093 $ 297,737 $ ― $ 1,169,910 Cost of sales (248,154 ) (419,853 ) (215,857 ) ― (883,864 ) Gross margin 79,926 124,240 81,880 ― 286,046 Selling, general and administrative expenses (47,539 ) (73,274 ) (25,167 ) ― (145,980 ) Income (loss) from unconsolidated joint ventures 22 ― (524 ) ― (502 ) Equity income of subsidiaries 73,536 ― ― (73,536 ) ― Interest income (expense), net 6,398 (5,209 ) (1,189 ) ― ― Other income (expense (7,441 ) (223 ) 2,092 ― (5,572 ) Homebuilding pretax income 104,902 45,534 57,092 (73,536 ) 133,992 Financial Services: Financial services pretax income ― ― 4,026 ― 4,026 Income before taxes 104,902 45,534 61,118 (73,536 ) 138,018 Provision for income taxes (16,099 ) (20,571 ) (12,545 ) ― (49,215 ) Net income $ 88,803 $ 24,963 $ 48,573 $ (73,536 ) $ 88,803 22. S upplemental Guarantor Information (continued) CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) ASSETS Homebuilding: Cash and equivalents $ 128,263 $ 58,593 $ 69,151 $ ― $ 256,007 Restricted cash ― ― 30,833 ― 30,833 Intercompany receivables 2,036,340 ― 105,400 (2,141,740 ) ― Inventories: Owned 2,818,803 2,259,414 1,343,520 ― 6,421,737 Not owned 41,761 35,584 4,258 ― 81,603 Investments in unconsolidated joint ventures 5,023 4,744 137,864 ― 147,631 Investments in subsidiaries 1,770,187 ― ― (1,770,187 ) ― Deferred income taxes, net 352,193 ― ― (14,655 ) 337,538 Goodwill and other intangibles, net 969,048 ― ― ― 969,048 Other assets 69,771 45,104 2,609 ― 117,484 Total Homebuilding Assets 8,191,389 2,403,439 1,693,635 (3,926,582 ) 8,361,881 Financial Services: Cash and equivalents ― ― 31,863 ― 31,863 Restricted cash ― ― 22,008 ― 22,008 Mortgage loans held for sale, net ― ― 188,977 ― 188,977 Mortgage loans held for investment, net ― ― 25,394 ― 25,394 Other assets ― ― 21,497 (1,643 ) 19,854 Total Financial Services Assets ― ― 289,739 (1,643 ) 288,096 Total Assets $ 8,191,389 $ 2,403,439 $ 1,983,374 $ (3,928,225 ) $ 8,649,977 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 93,378 $ 84,565 $ 37,818 $ ― $ 215,761 Accrued liabilities and intercompany payables 240,824 1,377,055 912,709 (2,052,638 ) 477,950 Secured project debt and other notes payable 142,673 ― 3,866 (105,400 ) 41,139 Senior notes payable 3,674,559 ― ― ― 3,674,559 Total Homebuilding Liabilities 4,151,434 1,461,620 954,393 (2,158,038 ) 4,409,409 Financial Services: Accounts payable and other liabilities ― ― 26,099 ― 26,099 Mortgage credit facilities ― ― 174,514 ― 174,514 Total Financial Services Liabilities ― ― 200,613 ― 200,613 Total Liabilities 4,151,434 1,461,620 1,155,006 (2,158,038 ) 4,610,022 Equity: Total Equity 4,039,955 941,819 828,368 (1,770,187 ) 4,039,955 Total Liabilities and Equity $ 8,191,389 $ 2,403,439 $ 1,983,374 $ (3,928,225 ) $ 8,649,977 22. S upplemental Guarantor Information (continued) CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) ASSETS Homebuilding: Cash and equivalents $ 6,387 $ 112,852 $ 31,837 $ ― $ 151,076 Restricted cash ― ― 35,990 ― 35,990 Intercompany receivables 2,380,899 ― 152,505 (2,533,404 ) ― Inventories: Owned 2,524,927 2,304,305 1,240,727 ― 6,069,959 Not owned 32,393 38,925 11,928 ― 83,246 Investments in unconsolidated joint ventures 5,353 4,330 123,080 ― 132,763 Investments in subsidiaries 1,644,453 ― ― (1,644,453 ) ― Deferred income taxes, net 405,945 ― ― (9,751 ) 396,194 Goodwill 933,360 ― ― ― 933,360 Other assets 67,578 48,027 3,163 ― 118,768 Total Homebuilding Assets 8,001,295 2,508,439 1,599,230 (4,187,608 ) 7,921,356 Financial Services: Cash and equivalents ― ― 35,518 ― 35,518 Restricted cash ― ― 22,914 ― 22,914 Mortgage loans held for sale, net ― ― 325,770 ― 325,770 Mortgage loans held for investment, net ― ― 22,704 ― 22,704 Other assets ― ― 18,886 (1,643 ) 17,243 Total Financial Services Assets ― ― 425,792 (1,643 ) 424,149 Total Assets $ 8,001,295 $ 2,508,439 $ 2,025,022 $ (4,189,251 ) $ 8,345,505 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 91,873 $ 82,906 $ 16,902 $ ― $ 191,681 Accrued liabilities and intercompany payables 415,803 1,538,096 903,761 (2,378,867 ) 478,793 Secured project debt and other notes payable 170,167 ― 4,061 (148,545 ) 25,683 Senior notes payable 3,462,016 ― ― ― 3,462,016 Total Homebuilding Liabilities 4,139,859 1,621,002 924,724 (2,527,412 ) 4,158,173 Financial Services: Accounts payable and other liabilities ― ― 39,860 (17,386 ) 22,474 Mortgage credit facilities ― ― 303,422 ― 303,422 Total Financial Services Liabilities ― ― 343,282 (17,386 ) 325,896 Total Liabilities 4,139,859 1,621,002 1,268,006 (2,544,798 ) 4,484,069 Equity: Total Equity 3,861,436 887,437 757,016 (1,644,453 ) 3,861,436 Total Liabilities and Equity $ 8,001,295 $ 2,508,439 $ 2,025,022 $ (4,189,251 ) $ 8,345,505 22. S upplemental Guarantor Information (continued) CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Cash Flows From Operating Activities: Net cash provided by (used in) operating activities $ (148,603 ) $ 77,589 $ 134,628 $ ― $ 63,614 Cash Flows From Investing Activities: Investments in unconsolidated homebuilding joint ventures (178 ) (78 ) (22,336 ) ― (22,592 ) Distributions of capital from unconsolidated homebuilding joint ventures 1,107 110 6,898 ― 8,115 Loan to parent and subsidiaries ― ― 41,000 (41,000 ) ― Other investing activities 279 (976 ) (3,469 ) ― (4,166 ) Net cash provided by (used in) investing activities 1,208 (944 ) 22,093 (41,000 ) (18,643 ) Cash Flows From Financing Activities: Change in restricted cash ― ― 6,063 ― 6,063 Borrowings from revolving credit facility 693,700 ― ― ― 693,700 Principal payments on revolving credit facility (693,700 ) ― ― ― (693,700 ) Principal payments on secured project debt and other notes payable (9,974 ) ― (195 ) ― (10,169 ) Proceeds from the issuance of senior notes payable 300,000 ― ― ― 300,000 Payment of debt issue costs (2,195 ) ― ― ― (2,195 ) Loan from subsidiary (41,000 ) ― ― 41,000 ― Net proceeds from (payments on) mortgage credit facilities ― ― (128,908 ) ― (128,908 ) (Contributions to) distributions from Corporate and subsidiaries 8,300 ― (8,300 ) ― ― Repurchases of common stock (99,829 ) ― ― ― (99,829 ) Common stock dividend payments (9,527 ) ― ― ― (9,527 ) Issuance of common stock under employee stock plans, net of tax withholdings 1,069 ― ― ― 1,069 Other financing activities ― (199 ) ― ― (199 ) Intercompany advances, net 122,427 (130,705 ) 8,278 ― ― Net cash provided by (used in) financing activities 269,271 (130,904 ) (123,062 ) 41,000 56,305 Net increase (decrease) in cash and equivalents 121,876 (54,259 ) 33,659 ― 101,276 Cash and equivalents at beginning of period 6,387 112,852 67,355 ― 186,594 Cash and equivalents at end of period $ 128,263 $ 58,593 $ 101,014 $ ― $ 287,870 Six Months Ended June 30, 2015 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Cash Flows From Operating Activities: Net cash provided by (used in) operating activities $ (39,876 ) $ (21,756 ) $ (49,565 ) $ ― $ (111,197 ) Cash Flows From Investing Activities: Investments in unconsolidated homebuilding joint ventures ― ― (20,778 ) ― (20,778 ) Distributions of capital from unconsolidated homebuilding joint ventures ― ― 8,760 ― 8,760 Loan to parent and subsidiaries ― ― 5,000 (5,000 ) ― Other investing activities (1,670 ) (1,278 ) (9,074 ) ― (12,022 ) Net cash provided by (used in) investing activities (1,670 ) (1,278 ) (16,092 ) (5,000 ) (24,040 ) Cash Flows From Financing Activities: Change in restricted cash ― ― (1,242 ) ― (1,242 ) Borrowings from revolving credit facility 158,900 ― ― ― 158,900 Principal payments on revolving credit facility (128,900 ) ― ― ― (128,900 ) Principal payments on secured project debt and other notes payable ― ― (497 ) ― (497 ) Loan from subsidiary 75,000 ― ― (75,000 ) ― Net proceeds from (payments on) mortgage credit facilities ― ― (79,072 ) 80,000 928 (Contributions to) distributions from Corporate and subsidiaries 7,973 (12,144 ) 4,171 ― ― Repurchases of common stock (22,073 ) ― ― ― (22,073 ) Issuance of common stock under employee stock plans, net of tax withholdings (2,322 ) ― ― ― (2,322 ) Excess tax benefits from share-based payment arrangements 6,363 ― ― ― 6,363 Intercompany advances, net (157,917 ) 54,743 103,174 ― ― Net cash provided by (used in) financing activities (62,976 ) 42,599 26,534 5,000 11,157 Net increase (decrease) in cash and equivalents (104,522 ) 19,565 (39,123 ) ― (124,080 ) Cash and equivalents at beginning of period 133,304 1,061 78,028 ― 212,393 Cash and equivalents at end of period $ 28,782 $ 20,626 $ 38,905 $ ― $ 88,313 |
Note 3 - Business Acquisition (
Note 3 - Business Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash and cash equivalents $ 268,517 Inventories 2,404,765 Investments in unconsolidated joint ventures 13,821 Deferred income taxes 122,515 Homebuilding other assets 77,124 Financial services assets, excluding cash 144,889 Goodwill 969,048 Total assets 4,000,679 Accounts payable and accrued liabilities (496,188 ) Secured project debt and other notes payables (22,213 ) Senior notes payable (1,291,541 ) Financial services liabilities (124,619 ) Additional paid-in capital (93,834 ) Total purchase price $ 1,972,284 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 (Dollars in thousands) Home sale revenues $ 1,331,079 $ 2,301,027 Pretax income $ 156,066 $ 243,403 |
Note 4 - Segment Reporting (Tab
Note 4 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (Dollars in thousands) Homebuilding revenues: North $ 241,274 $ n/a $ 427,829 $ n/a Southeast 386,836 198,122 664,318 344,571 Southwest 433,603 185,866 776,637 305,709 West 516,649 315,644 895,261 519,630 Total homebuilding revenues $ 1,578,362 $ 699,632 $ 2,764,045 $ 1,169,910 Homebuilding pretax income: North $ 17,980 $ n/a $ 27,550 $ n/a Southeast 31,772 15,137 52,822 25,530 Southwest 46,907 21,985 73,833 33,265 West 74,812 49,582 125,534 75,197 Total homebuilding pretax income $ 171,471 $ 86,704 $ 279,739 $ 133,992 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, December 31, 2016 2015 (Dollars in thousands) Homebuilding assets: North $ 1,122,873 $ 732,689 Southeast 2,136,333 1,766,241 Southwest 1,860,181 1,470,654 West 2,693,834 2,357,597 Corporate (1) 548,660 1,594,175 Total homebuilding assets $ 8,361,881 $ 7,921,356 |
Note 5 - Earnings Per Common 31
Note 5 - Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (Dollars in thousands, except per share amounts) Numerator: Net income $ 112,760 $ 57,198 $ 185,421 $ 88,803 Less: Net income allocated to preferred shareholder ― (13,798 ) ― (21,475 ) Less: Net income allocated to unvested restricted stock (251 ) (112 ) (350 ) (181 ) Net income available to common stockholders for basic earnings per common share 112,509 43,288 185,071 67,147 Effect of dilutive securities: Net income allocated to preferred shareholder ― 13,798 ― 21,475 Interest on 1.625% convertible senior notes due 2018 91 ― 453 ― Interest on 0.25% convertible senior notes due 2019 82 ― 410 ― Interest on 1.25% convertible senior notes due 2032 62 41 310 204 Net income available to common and preferred stock for diluted earnings per share $ 112,744 $ 57,127 $ 186,244 $ 88,826 Denominator: Weighted average basic common shares outstanding 118,419,937 55,099,690 119,617,438 54,914,435 Weighted average additional common shares outstanding if preferred shares converted to common shares (if dilutive) ― 17,562,557 ― 17,562,557 Total weighted average common shares outstanding if preferred shares converted to common shares 118,419,937 72,662,247 119,617,438 72,476,992 Effect of dilutive securities: Share-based awards 583,264 748,519 575,516 904,526 1.625% convertible senior notes due 2018 7,163,865 ― 7,163,865 ― 0.25% convertible senior notes due 2019 3,637,091 ― 3,637,091 ― 1.25% convertible senior notes due 2032 6,283,989 6,262,570 6,283,989 6,262,570 Weighted average diluted shares outstanding 136,088,146 79,673,336 137,277,899 79,644,088 Income per common share: Basic $ 0.95 $ 0.79 $ 1.55 $ 1.22 Diluted $ 0.83 $ 0.72 $ 1.36 $ 1.12 |
Note 8 - Marketable Securitie32
Note 8 - Marketable Securities, Available-for-sale (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | June 30, 2016 December 31, 2015 Amortized Cost Gross Unrealized Gains Estimated Fair Value Amortized Cost Gross Unrealized Gains Estimated Fair Value (Dollars in thousands) Type of security: Municipal bond and metropolitan district securities $ 18,438 $ 44 $ 18,482 $ 19,439 $ 5 $ 19,444 |
Available-for-sale Securities [Table Text Block] | June 30, 2016 (Dollars in thousands) Contractual maturity: Maturing in one year or less ― Maturing after three years 18,482 Total marketable securities, available-for-sale $ 18,482 |
Note 9 - Inventories (Tables)
Note 9 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Inventories Owned [Table Text Block] | June 30, 2016 North Southeast Southwest West Total (Dollars in thousands) Land and land under development $ 431,593 $ 1,148,920 $ 646,487 $ 1,213,809 $ 3,440,809 Homes completed and under construction 316,444 551,177 663,894 936,496 2,468,011 Model homes 73,860 133,947 111,944 193,166 512,917 Total inventories owned $ 821,897 $ 1,834,044 $ 1,422,325 $ 2,343,471 $ 6,421,737 December 31, 2015 North Southeast Southwest West Total (Dollars in thousands) Land and land under development $ 370,584 $ 1,169,350 $ 687,792 $ 1,318,563 $ 3,546,289 Homes completed and under construction 266,967 464,668 599,183 708,779 2,039,597 Model homes 66,100 119,283 113,549 185,141 484,073 Total inventories owned $ 703,651 $ 1,753,301 $ 1,400,524 $ 2,212,483 $ 6,069,959 |
Inventory Real Estate Not Owned [Table Text Block] | June 30, 2016 December 31, 2015 (Dollars in thousands) Land purchase and lot option deposits $ 81,050 $ 82,693 Other lot option contracts, net of deposits 553 553 Total inventories not owned $ 81,603 $ 83,246 |
Note 10 - Capitalization of I34
Note 10 - Capitalization of Interest (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Capitalized Interest [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (Dollars in thousands) (Dollars in thousands) Total interest incurred (1) $ 55,610 $ 41,857 $ 118,335 $ 83,660 Less: Interest capitalized to inventories owned (1) (54,564 ) (41,508 ) (116,409 ) (82,909 ) Less: Interest capitalized to investments in unconsolidated joint ventures (1,046 ) (349 ) (1,926 ) (751 ) Interest expense $ ― $ ― $ ― $ ― Interest previously capitalized to inventories owned, included in cost of home sales $ 40,528 $ 35,051 $ 70,731 $ 57,446 Interest previously capitalized to inventories owned, included in cost of land sales $ 1,302 $ 1,512 $ 1,481 $ 1,755 Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures ― ― ― ― Interest capitalized in ending inventories owned (2) $ 350,210 $ 299,315 $ 350,210 $ 299,315 Interest capitalized as a percentage of inventories owned 5.5 % 8.3 % 5.5 % 8.3 % Interest capitalized in ending investments in unconsolidated joint ventures (2) $ 4,313 $ 1,416 $ 4,313 $ 1,416 Interest capitalized as a percentage of investments in unconsolidated joint ventures 2.9 % 2.3 % 2.9 % 2.3 % |
Note 11 - Investments in Unco35
Note 11 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Combined Statements of Operations for Unconsolidated Land Development and Homebuilding Joint Ventures [Table Text Block] | Six Months Ended June 30, 2016 2015 (Dollars in thousands) (Unaudited) Revenues $ 20,204 $ 18,350 Cost of sales and expenses (12,825 ) (21,556 ) Income (loss) of unconsolidated joint ventures $ 7,379 $ (3,206 ) Income (loss) from unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations $ 1,412 $ (502 ) |
Combined Balance Sheets for Unconsolidated Land Development and Homebuilding Joint Ventures [Table Text Block] | June 30, 2016 December 31, 2015 (Dollars in thousands) (Unaudited) Assets: Cash $ 23,221 $ 34,893 Inventories 584,892 510,502 Other assets 14,272 14,540 Total assets $ 622,385 $ 559,935 Liabilities and Equity: Accounts payable and accrued liabilities $ 26,590 $ 26,571 Non-recourse debt 30,223 33,704 CalAtlantic equity 156,277 130,750 Other members' equity 409,295 368,910 Total liabilities and equity $ 622,385 $ 559,935 Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets $ 147,631 $ 132,763 |
Note 12 - Warranty Costs (Table
Note 12 - Warranty Costs (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Six Months Ended June 30, 2016 2015 (Dollars in thousands) Warranty accrual, beginning of the period $ 40,691 $ 13,584 Warranty costs accrued during the period 10,823 4,359 Warranty costs paid during the period (9,941 ) (4,397 ) Warranty accrual, end of the period $ 41,573 $ 13,546 |
Note 15 - Senior Notes Payable
Note 15 - Senior Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 30, December 31, 2016 2015 (Dollars in thousands) 10.75% Senior Notes due September 2016 $ 278,724 $ 275,845 8.4% Senior Notes due May 2017 242,075 248,975 8.375% Senior Notes due May 2018 574,289 574,058 1.625% Convertible Senior Notes due May 2018 218,555 301,754 0.25% Convertible Senior notes due June 2019 250,937 248,098 6.625% Senior Notes due May 2020 322,895 325,882 8.375% Senior Notes due January 2021 394,695 394,152 6.25% Senior Notes due December 2021 297,385 297,148 5.375% Senior Notes due October 2022 249,164 249,096 5.875% Senior Notes due November 2024 296,790 296,598 5.25% Senior Notes due June 2026 297,822 ― 1.25% Convertible Senior Notes due August 2032 251,228 250,410 $ 3,674,559 $ 3,462,016 |
Note 18 - Disclosures about F38
Note 18 - Disclosures about Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value at Description Fair Value Hierarchy June 30, 2016 December 31, 2015 (Dollars in thousands) Marketable securities, available-for-sale Municipal debt securities Level 2 $ 9,771 $ 9,734 Metropolitan district bond securities Level 3 $ 8,711 $ 9,710 Mortgage loans held for sale Level 2 $ 191,694 $ 328,835 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | June 30, 2016 December 31, 2015 Description Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) Financial services assets: Mortgage loans held for investment, net Level 2 $ 25,394 $ 25,394 $ 22,704 $ 22,704 Homebuilding liabilities: Senior and convertible senior notes payable, net Level 2 $ 3,674,559 $ 3,928,531 $ 3,462,016 $ 3,675,276 |
Note 21 - Supplemental Disclo39
Note 21 - Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Six Months Ended June 30, 2016 2015 (Dollars in thousands) Supplemental Disclosures of Cash Flow Information: Cash paid during the period for: Income taxes $ 84,335 $ 21,990 |
Note 22 - Supplemental Guaran40
Note 22 - Supplemental Guarantor Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Supplemental Condensed Consolidating Statements of Operations [Table Text Block] | Three Months Ended June 30, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Homebuilding: Revenues $ 648,800 $ 676,049 $ 253,513 $ ― $ 1,578,362 Cost of sales (516,882 ) (535,832 ) (184,291 ) ― (1,237,005 ) Gross margin 131,918 140,217 69,222 ― 341,357 Selling, general and administrative expenses (71,235 ) (76,915 ) (17,544 ) ― (165,694 ) Income (loss) from unconsolidated joint ventures 57 256 (90 ) ― 223 Equity income of subsidiaries 79,867 ― ― (79,867 ) ― Interest income (expense), net 1,273 (934 ) (339 ) ― ― Other income (expense) (3,668 ) (668 ) (79 ) ― (4,415 ) Homebuilding pretax income 138,212 61,956 51,170 (79,867 ) 171,471 Financial Services: Financial services pretax income ― ― 8,146 ― 8,146 Income before taxes 138,212 61,956 59,316 (79,867 ) 179,617 Provision for income taxes (25,452 ) (26,074 ) (15,331 ) ― (66,857 ) Net income $ 112,760 $ 35,882 $ 43,985 $ (79,867 ) $ 112,760 Three Months Ended June 30, 2015 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Homebuilding: Revenues $ 191,188 $ 324,365 $ 184,079 $ ― $ 699,632 Cost of sales (144,796 ) (248,896 ) (133,999 ) ― (527,691 ) Gross margin 46,392 75,469 50,080 ― 171,941 Selling, general and administrative expenses (24,393 ) (40,524 ) (14,993 ) ― (79,910 ) Income (loss) from unconsolidated joint ventures (4 ) ― (47 ) ― (51 ) Equity income of subsidiaries 50,169 ― ― (50,169 ) ― Interest income (expense), net 3,175 (2,465 ) (710 ) ― ― Other income (expense) (6,440 ) (75 ) 1,239 ― (5,276 ) Homebuilding pretax income 68,899 32,405 35,569 (50,169 ) 86,704 Financial Services: Financial services pretax income ― ― 2,818 ― 2,818 Income before taxes 68,899 32,405 38,387 (50,169 ) 89,522 Provision for income taxes (11,701 ) (13,247 ) (7,376 ) ― (32,324 ) Net income $ 57,198 $ 19,158 $ 31,011 $ (50,169 ) $ 57,198 Six Months Ended June 30, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Homebuilding: Revenues $ 1,110,538 $ 1,210,503 $ 443,004 $ ― $ 2,764,045 Cost of sales (889,723 ) (965,834 ) (319,943 ) ― (2,175,500 ) Gross margin 220,815 244,669 123,061 ― 588,545 Selling, general and administrative expenses (126,286 ) (144,761 ) (31,348 ) ― (302,395 ) Income (loss) from unconsolidated joint ventures 746 400 266 ― 1,412 Equity income of subsidiaries 134,034 ― ― (134,034 ) ― Interest income (expense), net 2,610 (1,899 ) (711 ) ― ― Other income (expense) (7,283 ) (479 ) (61 ) ― (7,823 ) Homebuilding pretax income 224,636 97,930 91,207 (134,034 ) 279,739 Financial Services: Financial services pretax income ― ― 15,082 ― 15,082 Income before taxes 224,636 97,930 106,289 (134,034 ) 294,821 Provision for income taxes (39,215 ) (43,548 ) (26,637 ) ― (109,400 ) Net income $ 185,421 $ 54,382 $ 79,652 $ (134,034 ) $ 185,421 Six Months Ended June 30, 2015 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Homebuilding: Revenues $ 328,080 $ 544,093 $ 297,737 $ ― $ 1,169,910 Cost of sales (248,154 ) (419,853 ) (215,857 ) ― (883,864 ) Gross margin 79,926 124,240 81,880 ― 286,046 Selling, general and administrative expenses (47,539 ) (73,274 ) (25,167 ) ― (145,980 ) Income (loss) from unconsolidated joint ventures 22 ― (524 ) ― (502 ) Equity income of subsidiaries 73,536 ― ― (73,536 ) ― Interest income (expense), net 6,398 (5,209 ) (1,189 ) ― ― Other income (expense (7,441 ) (223 ) 2,092 ― (5,572 ) Homebuilding pretax income 104,902 45,534 57,092 (73,536 ) 133,992 Financial Services: Financial services pretax income ― ― 4,026 ― 4,026 Income before taxes 104,902 45,534 61,118 (73,536 ) 138,018 Provision for income taxes (16,099 ) (20,571 ) (12,545 ) ― (49,215 ) Net income $ 88,803 $ 24,963 $ 48,573 $ (73,536 ) $ 88,803 |
Supplemental Condensed Consolidating Balance Sheets [Table Text Block] | June 30, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) ASSETS Homebuilding: Cash and equivalents $ 128,263 $ 58,593 $ 69,151 $ ― $ 256,007 Restricted cash ― ― 30,833 ― 30,833 Intercompany receivables 2,036,340 ― 105,400 (2,141,740 ) ― Inventories: Owned 2,818,803 2,259,414 1,343,520 ― 6,421,737 Not owned 41,761 35,584 4,258 ― 81,603 Investments in unconsolidated joint ventures 5,023 4,744 137,864 ― 147,631 Investments in subsidiaries 1,770,187 ― ― (1,770,187 ) ― Deferred income taxes, net 352,193 ― ― (14,655 ) 337,538 Goodwill and other intangibles, net 969,048 ― ― ― 969,048 Other assets 69,771 45,104 2,609 ― 117,484 Total Homebuilding Assets 8,191,389 2,403,439 1,693,635 (3,926,582 ) 8,361,881 Financial Services: Cash and equivalents ― ― 31,863 ― 31,863 Restricted cash ― ― 22,008 ― 22,008 Mortgage loans held for sale, net ― ― 188,977 ― 188,977 Mortgage loans held for investment, net ― ― 25,394 ― 25,394 Other assets ― ― 21,497 (1,643 ) 19,854 Total Financial Services Assets ― ― 289,739 (1,643 ) 288,096 Total Assets $ 8,191,389 $ 2,403,439 $ 1,983,374 $ (3,928,225 ) $ 8,649,977 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 93,378 $ 84,565 $ 37,818 $ ― $ 215,761 Accrued liabilities and intercompany payables 240,824 1,377,055 912,709 (2,052,638 ) 477,950 Secured project debt and other notes payable 142,673 ― 3,866 (105,400 ) 41,139 Senior notes payable 3,674,559 ― ― ― 3,674,559 Total Homebuilding Liabilities 4,151,434 1,461,620 954,393 (2,158,038 ) 4,409,409 Financial Services: Accounts payable and other liabilities ― ― 26,099 ― 26,099 Mortgage credit facilities ― ― 174,514 ― 174,514 Total Financial Services Liabilities ― ― 200,613 ― 200,613 Total Liabilities 4,151,434 1,461,620 1,155,006 (2,158,038 ) 4,610,022 Equity: Total Equity 4,039,955 941,819 828,368 (1,770,187 ) 4,039,955 Total Liabilities and Equity $ 8,191,389 $ 2,403,439 $ 1,983,374 $ (3,928,225 ) $ 8,649,977 December 31, 2015 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) ASSETS Homebuilding: Cash and equivalents $ 6,387 $ 112,852 $ 31,837 $ ― $ 151,076 Restricted cash ― ― 35,990 ― 35,990 Intercompany receivables 2,380,899 ― 152,505 (2,533,404 ) ― Inventories: Owned 2,524,927 2,304,305 1,240,727 ― 6,069,959 Not owned 32,393 38,925 11,928 ― 83,246 Investments in unconsolidated joint ventures 5,353 4,330 123,080 ― 132,763 Investments in subsidiaries 1,644,453 ― ― (1,644,453 ) ― Deferred income taxes, net 405,945 ― ― (9,751 ) 396,194 Goodwill 933,360 ― ― ― 933,360 Other assets 67,578 48,027 3,163 ― 118,768 Total Homebuilding Assets 8,001,295 2,508,439 1,599,230 (4,187,608 ) 7,921,356 Financial Services: Cash and equivalents ― ― 35,518 ― 35,518 Restricted cash ― ― 22,914 ― 22,914 Mortgage loans held for sale, net ― ― 325,770 ― 325,770 Mortgage loans held for investment, net ― ― 22,704 ― 22,704 Other assets ― ― 18,886 (1,643 ) 17,243 Total Financial Services Assets ― ― 425,792 (1,643 ) 424,149 Total Assets $ 8,001,295 $ 2,508,439 $ 2,025,022 $ (4,189,251 ) $ 8,345,505 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 91,873 $ 82,906 $ 16,902 $ ― $ 191,681 Accrued liabilities and intercompany payables 415,803 1,538,096 903,761 (2,378,867 ) 478,793 Secured project debt and other notes payable 170,167 ― 4,061 (148,545 ) 25,683 Senior notes payable 3,462,016 ― ― ― 3,462,016 Total Homebuilding Liabilities 4,139,859 1,621,002 924,724 (2,527,412 ) 4,158,173 Financial Services: Accounts payable and other liabilities ― ― 39,860 (17,386 ) 22,474 Mortgage credit facilities ― ― 303,422 ― 303,422 Total Financial Services Liabilities ― ― 343,282 (17,386 ) 325,896 Total Liabilities 4,139,859 1,621,002 1,268,006 (2,544,798 ) 4,484,069 Equity: Total Equity 3,861,436 887,437 757,016 (1,644,453 ) 3,861,436 Total Liabilities and Equity $ 8,001,295 $ 2,508,439 $ 2,025,022 $ (4,189,251 ) $ 8,345,505 |
Supplemental Condensed Consolidating Statements of Cash Flows [Table Text Block] | Six Months Ended June 30, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Cash Flows From Operating Activities: Net cash provided by (used in) operating activities $ (148,603 ) $ 77,589 $ 134,628 $ ― $ 63,614 Cash Flows From Investing Activities: Investments in unconsolidated homebuilding joint ventures (178 ) (78 ) (22,336 ) ― (22,592 ) Distributions of capital from unconsolidated homebuilding joint ventures 1,107 110 6,898 ― 8,115 Loan to parent and subsidiaries ― ― 41,000 (41,000 ) ― Other investing activities 279 (976 ) (3,469 ) ― (4,166 ) Net cash provided by (used in) investing activities 1,208 (944 ) 22,093 (41,000 ) (18,643 ) Cash Flows From Financing Activities: Change in restricted cash ― ― 6,063 ― 6,063 Borrowings from revolving credit facility 693,700 ― ― ― 693,700 Principal payments on revolving credit facility (693,700 ) ― ― ― (693,700 ) Principal payments on secured project debt and other notes payable (9,974 ) ― (195 ) ― (10,169 ) Proceeds from the issuance of senior notes payable 300,000 ― ― ― 300,000 Payment of debt issue costs (2,195 ) ― ― ― (2,195 ) Loan from subsidiary (41,000 ) ― ― 41,000 ― Net proceeds from (payments on) mortgage credit facilities ― ― (128,908 ) ― (128,908 ) (Contributions to) distributions from Corporate and subsidiaries 8,300 ― (8,300 ) ― ― Repurchases of common stock (99,829 ) ― ― ― (99,829 ) Common stock dividend payments (9,527 ) ― ― ― (9,527 ) Issuance of common stock under employee stock plans, net of tax withholdings 1,069 ― ― ― 1,069 Other financing activities ― (199 ) ― ― (199 ) Intercompany advances, net 122,427 (130,705 ) 8,278 ― ― Net cash provided by (used in) financing activities 269,271 (130,904 ) (123,062 ) 41,000 56,305 Net increase (decrease) in cash and equivalents 121,876 (54,259 ) 33,659 ― 101,276 Cash and equivalents at beginning of period 6,387 112,852 67,355 ― 186,594 Cash and equivalents at end of period $ 128,263 $ 58,593 $ 101,014 $ ― $ 287,870 Six Months Ended June 30, 2015 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Cash Flows From Operating Activities: Net cash provided by (used in) operating activities $ (39,876 ) $ (21,756 ) $ (49,565 ) $ ― $ (111,197 ) Cash Flows From Investing Activities: Investments in unconsolidated homebuilding joint ventures ― ― (20,778 ) ― (20,778 ) Distributions of capital from unconsolidated homebuilding joint ventures ― ― 8,760 ― 8,760 Loan to parent and subsidiaries ― ― 5,000 (5,000 ) ― Other investing activities (1,670 ) (1,278 ) (9,074 ) ― (12,022 ) Net cash provided by (used in) investing activities (1,670 ) (1,278 ) (16,092 ) (5,000 ) (24,040 ) Cash Flows From Financing Activities: Change in restricted cash ― ― (1,242 ) ― (1,242 ) Borrowings from revolving credit facility 158,900 ― ― ― 158,900 Principal payments on revolving credit facility (128,900 ) ― ― ― (128,900 ) Principal payments on secured project debt and other notes payable ― ― (497 ) ― (497 ) Loan from subsidiary 75,000 ― ― (75,000 ) ― Net proceeds from (payments on) mortgage credit facilities ― ― (79,072 ) 80,000 928 (Contributions to) distributions from Corporate and subsidiaries 7,973 (12,144 ) 4,171 ― ― Repurchases of common stock (22,073 ) ― ― ― (22,073 ) Issuance of common stock under employee stock plans, net of tax withholdings (2,322 ) ― ― ― (2,322 ) Excess tax benefits from share-based payment arrangements 6,363 ― ― ― 6,363 Intercompany advances, net (157,917 ) 54,743 103,174 ― ― Net cash provided by (used in) financing activities (62,976 ) 42,599 26,534 5,000 11,157 Net increase (decrease) in cash and equivalents (104,522 ) 19,565 (39,123 ) ― (124,080 ) Cash and equivalents at beginning of period 133,304 1,061 78,028 ― 212,393 Cash and equivalents at end of period $ 28,782 $ 20,626 $ 38,905 $ ― $ 88,313 |
Note 3 - Business Acquisition41
Note 3 - Business Acquisition (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Jun. 30, 2016 | Oct. 01, 2015 | Jun. 30, 2015 | |
The Ryland Group, Inc. [Member] | 1.625% Convertible Senior Notes due May 2018 [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Conversion Feature | $ 93,800 | |||
Goodwill, Subsequent Recognition of Deferred Tax Asset | $ (35,900) | |||
The Ryland Group, Inc. [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 1,972,284 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Conversion Feature | 93,834 | |||
Goodwill | $ 969,048 | |||
1.625% Convertible Senior Notes due May 2018 [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.625% |
Note 3 - Purchase Price Allocat
Note 3 - Purchase Price Allocation (Details) - The Ryland Group, Inc. [Member] $ in Thousands | Oct. 01, 2015USD ($) |
Cash and cash equivalents | $ 268,517 |
Inventories | 2,404,765 |
Investments in unconsolidated joint ventures | 13,821 |
Deferred income taxes | 122,515 |
Homebuilding other assets | 77,124 |
Financial services assets, excluding cash | 144,889 |
Goodwill | 969,048 |
Total assets | 4,000,679 |
Accounts payable and accrued liabilities | (496,188) |
Secured project debt and other notes payables | (22,213) |
Senior notes payable | (1,291,541) |
Financial services liabilities | (124,619) |
Additional paid-in capital | (93,834) |
Total purchase price | $ 1,972,284 |
Note 3 - Summary of Unaudited S
Note 3 - Summary of Unaudited Supplemental Pro Forma Operating Results (Details) - The Ryland Group, Inc. [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2015 | Jun. 30, 2015 | |
Home sale revenues | $ 1,331,079 | $ 2,301,027 |
Pretax income | $ 156,066 | $ 243,403 |
Note 4 - Segment Reporting (Det
Note 4 - Segment Reporting (Details Textual) $ in Billions | 6 Months Ended |
Jun. 30, 2016USD ($) | |
North, Southeast and Southwest [Member] | |
Goodwill | $ 0.3 |
West [Member] | |
Goodwill | $ 0.1 |
Number of Operating Segments | 2 |
Number of Reportable Segments | 4 |
Note 4 - Segment Financial Info
Note 4 - Segment Financial Information Relating to Homebuilding Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Homebuilding [Member] | North [Member] | ||||
Homebuilding revenues | $ 241,274 | $ 427,829 | ||
Homebuilding pretax income | 17,980 | 27,550 | ||
Homebuilding [Member] | Southeast [Member] | ||||
Homebuilding revenues | 386,836 | $ 198,122 | 664,318 | $ 344,571 |
Homebuilding pretax income | 31,772 | 15,137 | 52,822 | 25,530 |
Homebuilding [Member] | Southwest [Member] | ||||
Homebuilding revenues | 433,603 | 185,866 | 776,637 | 305,709 |
Homebuilding pretax income | 46,907 | 21,985 | 73,833 | 33,265 |
Homebuilding [Member] | West [Member] | ||||
Homebuilding revenues | 516,649 | 315,644 | 895,261 | 519,630 |
Homebuilding pretax income | 74,812 | 49,582 | 125,534 | 75,197 |
Homebuilding [Member] | ||||
Homebuilding revenues | 1,578,362 | 699,632 | 2,764,045 | 1,169,910 |
Homebuilding pretax income | 171,471 | 86,704 | 279,739 | 133,992 |
Homebuilding revenues | 1,578,362 | 699,632 | 2,764,045 | 1,169,910 |
Homebuilding pretax income | $ 171,471 | $ 86,704 | $ 279,739 | $ 133,992 |
Note 4 - Segment Financial In46
Note 4 - Segment Financial Information Relating to Homebuilding Assets and Investments in Unconsolidated Joint Ventures (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 | |
Homebuilding [Member] | North [Member] | |||
Total assets | $ 1,122,873,000 | $ 732,689,000 | |
Homebuilding [Member] | Southeast [Member] | |||
Total assets | 2,136,333,000 | 1,766,241,000 | |
Homebuilding [Member] | Southwest [Member] | |||
Total assets | 1,860,181,000 | 1,470,654,000 | |
Homebuilding [Member] | West [Member] | |||
Total assets | 2,693,834,000 | 2,357,597,000 | |
Homebuilding [Member] | Corporate, Non-Segment [Member] | |||
Total assets | [1] | 548,660,000 | 1,594,175,000 |
Homebuilding [Member] | |||
Total assets | 8,361,881,000 | 7,921,356,000 | |
Total assets | $ 8,649,977,000 | $ 8,345,505,000 | |
[1] | The assets in our Corporate Segment include cash and cash equivalents and our deferred tax asset, and at December 31, 2015 included goodwill recorded in connection with our merger with Ryland. During the 2016 second quarter, recorded goodwill was allocated to the Company's reporting units (as of June 30, 2016, approximately $0.3 billion was included in each of the North, Southeast and Southwest segments, and approximately $0.1 billion was included in the West region). As of the end of the period covered by this quarterly report on Form 10-Q, the allocation of goodwill to our reporting units is considered preliminary, as it is based upon estimates and assumptions that are subject to change within the measurement period. |
Note 5 - Earnings Per Common 47
Note 5 - Earnings Per Common Share (Details Textual) | Oct. 01, 2015 |
Reverse Stock Split [Member] | The Ryland Group, Inc. [Member] | |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 5 |
Note 5 - Components Used in Com
Note 5 - Components Used in Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
1.625% Convertible Senior Notes due May 2018 [Member] | ||||
Effect of dilutive securities: | ||||
Interest on convertible senior notes | $ 91 | $ 453 | ||
Interest on convertible senior notes (in shares) | 7,163,865 | 7,163,865 | ||
0.25% Convertible Senior Notes Due June 2019 [Member] | ||||
Effect of dilutive securities: | ||||
Interest on convertible senior notes | $ 82 | $ 410 | ||
Interest on convertible senior notes (in shares) | 3,637,091 | 3,637,091 | ||
1.25% Convertible Senior Notes Due August 2032 [Member] | ||||
Effect of dilutive securities: | ||||
Interest on convertible senior notes | $ 62 | $ 41 | $ 310 | $ 204 |
Interest on convertible senior notes (in shares) | 6,283,989 | 6,262,570 | 6,283,989 | 6,262,570 |
Net income | $ 112,760 | $ 57,198 | $ 185,421 | $ 88,803 |
Less: Net income allocated to preferred shareholder | (13,798) | (21,475) | ||
Less: Net income allocated to unvested restricted stock | (251) | (112) | (350) | (181) |
Net income available to common stockholders for basic earnings per common share | 112,509 | 43,288 | 185,071 | 67,147 |
Net income allocated to preferred shareholder | 13,798 | 21,475 | ||
Net income available to common and preferred stock for diluted earnings per share | $ 112,744 | $ 57,127 | $ 186,244 | $ 88,826 |
Basic (in shares) | 118,419,937 | 55,099,690 | 119,617,438 | 54,914,435 |
Weighted average additional common shares outstanding if preferred shares converted to common shares (if dilutive) (in shares) | 17,562,557 | 17,562,557 | ||
Total weighted average common shares outstanding if preferred shares converted to common shares (in shares) | 118,419,937 | 72,662,247 | 119,617,438 | 72,476,992 |
Share-based awards (in shares) | 583,264 | 748,519 | 575,516 | 904,526 |
Weighted average diluted shares outstanding (in shares) | 136,088,146 | 79,673,336 | 137,277,899 | 79,644,088 |
Income Per Common Share: | ||||
Basic (in dollars per share) | $ 0.95 | $ 0.79 | $ 1.55 | $ 1.22 |
Diluted (in dollars per share) | $ 0.83 | $ 0.72 | $ 1.36 | $ 1.12 |
Note 5 - Components Used in C49
Note 5 - Components Used in Computation of Basic and Diluted Earnings Per Common Share (Details) (Parentheticals) | Jun. 30, 2016 | Jun. 30, 2015 |
1.625% Convertible Senior Notes due May 2018 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.625% | |
0.25% Convertible Senior Notes Due June 2019 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.25% | |
1.25% Convertible Senior Notes Due August 2032 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | 1.25% |
Note 6 - Stock-based Compensa50
Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Allocated Share-based Compensation Expense | $ 3.7 | $ 2.4 | $ 7.5 | $ 5.1 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 27.3 | $ 27.3 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 73 days |
Note 7 - Cash and Equivalents51
Note 7 - Cash and Equivalents and Restricted Cash (Details Textual) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Cash From Home Closings in Escrow [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 133,600,000 | |||
Held in Cash Collateral Accounts [Member] | Homebuilding [Member] | ||||
Restricted Cash and Cash Equivalents | 30,800,000 | |||
Held in Cash Collateral Accounts [Member] | Financial Services [Member] | ||||
Restricted Cash and Cash Equivalents | 17,700,000 | |||
Financial Service Subsidiary Mortgage Credit Facilities [Member] | Financial Services [Member] | ||||
Restricted Cash and Cash Equivalents | 3,500,000 | |||
Funds Held in Trust for Third Parties [Member] | Financial Services [Member] | ||||
Restricted Cash and Cash Equivalents | 800,000 | |||
Homebuilding [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 256,007,000 | $ 151,076,000 | ||
Restricted Cash and Cash Equivalents | 30,833,000 | 35,990,000 | ||
Financial Services [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 31,863,000 | 35,518,000 | ||
Restricted Cash and Cash Equivalents | 22,008,000 | 22,914,000 | ||
Cash and Cash Equivalents, at Carrying Value | $ 287,870,000 | $ 186,594,000 | $ 88,313,000 | $ 212,393,000 |
Note 8 - Marketable Securitie52
Note 8 - Marketable Securities, Available-for-sale (Details Textual) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016USD ($) | Jun. 30, 2016USD ($) | |
Available-for-sale Securities [Member] | ||
Marketable Securities, Unrealized Gain (Loss) | $ 174,000 | $ 348,000 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | $ 392,000 | $ 392,000 |
Note 8 - Fair Values of Marketa
Note 8 - Fair Values of Marketable Securities by Type of Security (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Municipal Bond and Metropolitan District Securities [Member] | ||
Amortized cost | $ 18,438,000 | $ 19,439,000 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 44,000 | 5,000 |
Municipal debt securities | 18,482,000 | $ 19,444,000 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 392,000 | |
Municipal debt securities | $ 18,482,000 |
Note 8 - Fair Values of Marke54
Note 8 - Fair Values of Marketable Securities by Contractual Maturity (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Maturing in one year or less | |
Maturing after three years | 18,482 |
Total marketable securities, available-for-sale | $ 18,482 |
Note 9 - Inventories (Details T
Note 9 - Inventories (Details Textual) | 6 Months Ended | |
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Number of Active and Future Projects Owned | 876 | 381 |
Impairment of Real Estate | $ 0 | $ 0 |
Note 9 - Inventories Owned (Det
Note 9 - Inventories Owned (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Homebuilding: North [Member] | ||
Land and land under development | $ 431,593 | $ 370,584 |
Homes completed and under construction | 316,444 | 266,967 |
Model homes | 73,860 | 66,100 |
Total inventories owned | 821,897 | 703,651 |
Homebuilding Southeast [Member] | ||
Land and land under development | 1,148,920 | 1,169,350 |
Homes completed and under construction | 551,177 | 464,668 |
Model homes | 133,947 | 119,283 |
Total inventories owned | 1,834,044 | 1,753,301 |
Homebuilding Southwest [Member] | ||
Land and land under development | 646,487 | 687,792 |
Homes completed and under construction | 663,894 | 599,183 |
Model homes | 111,944 | 113,549 |
Total inventories owned | 1,422,325 | 1,400,524 |
Homebuilding: West [Member] | ||
Land and land under development | 1,213,809 | 1,318,563 |
Homes completed and under construction | 936,496 | 708,779 |
Model homes | 193,166 | 185,141 |
Total inventories owned | 2,343,471 | 2,212,483 |
Land and land under development | 3,440,809 | 3,546,289 |
Homes completed and under construction | 2,468,011 | 2,039,597 |
Model homes | 512,917 | 484,073 |
Total inventories owned | $ 6,421,737 | $ 6,069,959 |
Note 9 - Inventories Not Owned
Note 9 - Inventories Not Owned (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Land purchase and lot option deposits | $ 81,050 | $ 82,693 |
Other lot option contracts, net of deposits | 553 | 553 |
Total inventories not owned | $ 81,603 | $ 83,246 |
Note 10 - Capitalization of I58
Note 10 - Capitalization of Interest (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
1.625% Convertible Senior Notes due May 2018 [Member] | |||
Debt Instrument, Increase (Decrease) In Interest Incurred, Net of Interest Capitalized, Valuation of Business Combination | $ 9 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.625% | 1.625% | |
Capitalized Interest Transferred from Investments in Unconsolidated Joint Ventures to Inventories Owned | $ 0.6 | $ 0.6 |
Note 10 - Homebuilding Capitali
Note 10 - Homebuilding Capitalized Interest (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | ||||||
Total interest incurred (1) | [1] | $ 55,610,000 | $ 41,857,000 | $ 118,335,000 | $ 83,660,000 | |||||
Less: Interest capitalized to inventories owned (1) | [1] | (54,564,000) | (41,508,000) | (116,409,000) | (82,909,000) | |||||
Less: Interest capitalized to investments in unconsolidated joint ventures | (1,046,000) | (349,000) | (1,926,000) | (751,000) | ||||||
Interest previously capitalized to inventories owned, included in cost of home sales | 40,528,000 | 35,051,000 | 70,731,000 | 57,446,000 | ||||||
Interest previously capitalized to inventories owned, included in cost of land sales | 1,302,000 | 1,512,000 | 1,481,000 | 1,755,000 | ||||||
Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures | 0 | 0 | 0 | 0 | ||||||
Interest capitalized in ending inventories owned (2) | [2] | $ 350,210,000 | $ 299,315,000 | $ 350,210,000 | $ 299,315,000 | |||||
Interest capitalized as a percentage of inventories owned | 5.50% | 8.30% | 5.50% | 8.30% | ||||||
Interest Capitalized in Ending Investments in Unconsolidated Joint Ventures | $ 4,313,000 | [2] | $ 1,416,000 | [2] | $ 4,313,000 | [2] | $ 1,416,000 | [2] | $ 2,900,000 | |
Interest capitalized as a percentage of investments in unconsolidated joint ventures | 2.90% | 2.30% | 2.90% | 2.30% | ||||||
[1] | Total interest incurred and interest capitalized to inventories owned during the six months ended June 30, 2016 includes a $9 million increase related to the valuation of the 1.625% convertible senior notes that was completed during the 2016 first quarter. Please see Note 3 for further discussion. | |||||||||
[2] | During the three and six months ended June 30, 2016, in connection with lot purchases from our joint ventures, $0.6 million of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned. |
Note 11 - Investments in Unco60
Note 11 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Details Textual) - USD ($) | 6 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |||
Southwest [Member] | |||||
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $ 800,000 | ||||
Southeast [Member] | |||||
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 400,000 | ||||
Asset Impairment Charges | 0 | $ 0 | |||
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 7,379,000 | (3,206,000) | |||
Interest Capitalized in Ending Investments in Unconsolidated Joint Ventures | $ 4,313,000 | [1] | $ 1,416,000 | [1] | $ 2,900,000 |
[1] | During the three and six months ended June 30, 2016, in connection with lot purchases from our joint ventures, $0.6 million of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned. |
Note 11 - Combined Statements o
Note 11 - Combined Statements of Operations for Unconsolidated Land Development and Homebuilding Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues | $ 20,204 | $ 18,350 | ||
Cost of sales and expenses | (12,825) | (21,556) | ||
Income (loss) of unconsolidated joint ventures | 7,379 | (3,206) | ||
Income (loss) from unconsolidated joint ventures | $ 223 | $ (51) | $ 1,412 | $ (502) |
Note 11 - Combined Balance Shee
Note 11 - Combined Balance Sheets for Unconsolidated Land Development and Homebuilding Joint Ventures (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash | $ 23,221 | $ 34,893 |
Inventories | 584,892 | 510,502 |
Other assets | 14,272 | 14,540 |
Total assets | 622,385 | 559,935 |
Liabilities and Equity: | ||
Accounts payable and accrued liabilities | 26,590 | 26,571 |
Equity Method Investment, Summarized Financial Information, Non-recourse Debt | 30,223 | 33,704 |
CalAtlantic equity | 156,277 | 130,750 |
Other members' equity | 409,295 | 368,910 |
Total liabilities and equity | 622,385 | 559,935 |
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets | $ 147,631 | $ 132,763 |
Note 12 - Warranty Costs Accrua
Note 12 - Warranty Costs Accrual (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Warranty accrual | $ 40,691 | $ 13,584 |
Warranty costs accrued during the period | 10,823 | 4,359 |
Warranty costs paid during the period | (9,941) | (4,397) |
Warranty accrual | $ 41,573 | $ 13,546 |
Note 13 - Revolving Credit Fa64
Note 13 - Revolving Credit Facility and Letter of Credit Facilities (Details Textual) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Unsecured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.75% |
Unsecured Revolving Credit Facility [Member] | |
Line of Credit Facility, Current Borrowing Capacity | $ 750,000,000 |
Line of Credit Facility, Maximum Borrowing Capacity | 1,200,000,000 |
Line of Credit Facility Covenant, Minimum Tangible Net Worth Requirement | $ 1,650,000,000 |
Line of Credit Facility Covenant, Maximum Leverage Ratio | 2 |
Line of Credit Facility Covenant, Minimum Interest Coverage Ratio | 1.25 |
Long-term Line of Credit | $ 0 |
Letters of Credit Outstanding, Amount | 113,400,000 |
Line of Credit Facility, Remaining Borrowing Capacity | 636,600,000 |
Letter of Credit [Member] | Four Committed Letter of Credit [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 48,000,000 |
Letter of Credit [Member] | |
Line of Credit Facility, Current Borrowing Capacity | $ 350,000,000 |
London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 0.46% |
Prime Rate [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 3.50% |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 0.75% |
Four Committed Letter of Credit [Member] | |
Letters of Credit Outstanding, Amount | $ 27,300,000 |
Cash Collateral Deposits | $ 27,800,000 |
Note 14 - Secured Project Deb65
Note 14 - Secured Project Debt and Other Notes Payable (Details Textual) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Homebuilding [Member] | ||
Secured Debt | $ 41,139,000 | $ 25,683,000 |
Note 15 - Senior Notes Payabl66
Note 15 - Senior Notes Payable (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
1.625% Convertible Senior Notes due May 2018 [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.625% | 1.625% | |
Debt Instrument, Convertible, Conversion Ratio | 31.8394 | ||
Debt Instrument, Convertible Principal Amount used in Conversion Rate Calculation | $ 1,000 | $ 1,000 | |
Debt Instrument, Convertible, Conversion Price | $ 31.41 | $ 31.41 | |
0.25% Convertible Senior Notes Due June 2019 [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.25% | 0.25% | |
Debt Instrument, Convertible, Conversion Ratio | 13.5966 | ||
Debt Instrument, Convertible Principal Amount used in Conversion Rate Calculation | $ 1,000 | $ 1,000 | |
Debt Instrument, Convertible, Conversion Price | $ 73.55 | $ 73.55 | |
Debt Instrument, Convertible, Threshold Trading Days | 20 | ||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 days | ||
Debt Instrument, Convertible, Condition of Redemption, Stock Price Threshold, Trading Period, Number of Trading Days, Number of Trading Days Immediately Preceding the Date On Which Notice of Redemption is Provided | 5 | ||
Debt Instrument, Convertible, Condition of Redemption, Stock Price Threshold | 130.00% | ||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||
1.25% Convertible Senior Notes Due August 2032 [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | 1.25% | 1.25% |
Debt Instrument, Convertible, Conversion Ratio | 24.8379 | ||
Debt Instrument, Convertible Principal Amount used in Conversion Rate Calculation | $ 1,000 | $ 1,000 | |
Debt Instrument, Convertible, Conversion Price | $ 40.26 | $ 40.26 | |
Debt Instrument, Redemption Price, Percentage | 100.00% | ||
2016 Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 10.75% | 10.75% | |
5.25% Senior Notes due June 2026 [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | 5.25% | |
Proceeds from Issuance of Senior Long-term Debt | $ 300,000,000 | ||
Maximum Carve-out in Credit Facility Indebtedness | $ 1,100,000,000 | $ 1,100,000,000 | |
Proceeds from Issuance of Senior Long-term Debt | $ 300,000,000 |
Note 15 - Senior Notes Payabl67
Note 15 - Senior Notes Payable (Details) - Homebuilding [Member] - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
2016 Notes [Member] | ||
Senior notes | $ 278,724,000 | $ 275,845,000 |
8.4% Senior Notes Due May 2017 [Member] | ||
Senior notes | 242,075,000 | 248,975,000 |
8.375% Senior Notes Due May 2018 [Member] | ||
Senior notes | 574,289,000 | 574,058,000 |
1.625% Convertible Senior Notes due May 2018 [Member] | ||
Senior notes | 218,555,000 | 301,754,000 |
0.25% Convertible Senior Notes Due June 2019 [Member] | ||
Senior notes | 250,937,000 | 248,098,000 |
6.625% Senior Notes due May 2020 [Member] | ||
Senior notes | 322,895,000 | 325,882,000 |
8.375% Senior Notes Due January 2021 [Member] | ||
Senior notes | 394,695,000 | 394,152,000 |
6.25% Senior Notes Due December 15, 2021 [Member] | ||
Senior notes | 297,385,000 | 297,148,000 |
5.375% Senior Notes Due October 2022 [Member] | ||
Senior notes | 249,164,000 | 249,096,000 |
5/875% Senior Notes Due November 2024 [Member] | ||
Senior notes | 296,790,000 | 296,598,000 |
5.25% Senior Notes due June 2026 [Member] | ||
Senior notes | 297,822,000 | |
1.25% Convertible Senior Notes Due August 2032 [Member] | ||
Senior notes | 251,228,000 | 250,410,000 |
Senior notes | $ 3,674,559,000 | $ 3,462,016,000 |
Note 15 - Senior Notes Payabl68
Note 15 - Senior Notes Payable (Details) (Parentheticals) | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Homebuilding [Member] | 2016 Notes [Member] | |||
Interest rate | 10.75% | 10.75% | |
Homebuilding [Member] | 8.4% Senior Notes Due May 2017 [Member] | |||
Interest rate | 8.40% | 8.40% | |
Homebuilding [Member] | 8.375% Senior Notes Due May 2018 [Member] | |||
Interest rate | 8.375% | 8.375% | |
Homebuilding [Member] | 1.625% Convertible Senior Notes due May 2018 [Member] | |||
Interest rate | 1.625% | 1.625% | |
Homebuilding [Member] | 0.25% Convertible Senior Notes Due June 2019 [Member] | |||
Interest rate | 0.25% | 0.25% | |
Homebuilding [Member] | 6.625% Senior Notes due May 2020 [Member] | |||
Interest rate | 6.625% | 6.625% | |
Homebuilding [Member] | 8.375% Senior Notes Due January 2021 [Member] | |||
Interest rate | 8.375% | 8.375% | |
Homebuilding [Member] | 6.25% Senior Notes Due December 15, 2021 [Member] | |||
Interest rate | 6.25% | 6.25% | |
Homebuilding [Member] | 5.375% Senior Notes Due October 2022 [Member] | |||
Interest rate | 5.375% | 5.375% | |
Homebuilding [Member] | 5/875% Senior Notes Due November 2024 [Member] | |||
Interest rate | 5.875% | 5.875% | |
Homebuilding [Member] | 5.25% Senior Notes due June 2026 [Member] | |||
Interest rate | 5.25% | ||
Homebuilding [Member] | 1.25% Convertible Senior Notes Due August 2032 [Member] | |||
Interest rate | 1.25% | 1.25% | |
2016 Notes [Member] | |||
Interest rate | 10.75% | ||
1.625% Convertible Senior Notes due May 2018 [Member] | |||
Interest rate | 1.625% | ||
0.25% Convertible Senior Notes Due June 2019 [Member] | |||
Interest rate | 0.25% | ||
5.25% Senior Notes due June 2026 [Member] | |||
Interest rate | 5.25% | ||
1.25% Convertible Senior Notes Due August 2032 [Member] | |||
Interest rate | 1.25% | 1.25% |
Note 16 - Preferred Stock (Deta
Note 16 - Preferred Stock (Details Textual) - shares | Jun. 30, 2016 | Dec. 31, 2015 | Oct. 01, 2015 | Sep. 30, 2015 |
Owned by Matlin Patterson [Member] | Series B Preferred Stock [Member] | ||||
Preferred Stock, Shares Outstanding | 0 | |||
Owned by Matlin Patterson [Member] | ||||
Common Stock, Shares, Outstanding | 42,800,000 | 126,400,000 | ||
Outstanding Common Stock Ownership Percentage | 36.00% | 59.00% | ||
Convertible Preferred Stock, Shares Issued upon Conversion | 17,600,000 | |||
Preferred Stock, Shares Outstanding | 0 | 0 | ||
Common Stock, Shares, Outstanding | 118,394,299 | 121,286,153 |
Note 17 - Mortgage Credit Fac70
Note 17 - Mortgage Credit Facilities (Details Textual) - Financial Services [Member] - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Repurchase Facility [Member] | First Lender [Member] | Maturing January 2017 [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000,000 | |
Repurchase Facility [Member] | Second Lender [Member] | Matured in July 2016 [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000,000 | |
Standard Pacific [Member] | ||
Cash Collateral for Borrowed Securities | 3,500,000 | |
Warehouse Agreement Borrowings | $ 174,514,000 | $ 303,422,000 |
Note 18 - Fair Value of Mortgag
Note 18 - Fair Value of Mortgage Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Marketable securities, available-for-sale | ||
Municipal debt securities | $ 9,771 | $ 9,734 |
Fair Value, Inputs, Level 2 [Member] | ||
Marketable securities, available-for-sale | ||
Mortgage loans held for sale | 191,694 | 328,835 |
Fair Value, Inputs, Level 3 [Member] | Metropolitan District Bond Securities [Member] | ||
Marketable securities, available-for-sale | ||
Municipal debt securities | 8,711 | $ 9,710 |
Municipal debt securities | $ 18,482 |
Note 18 - Carrying Values and E
Note 18 - Carrying Values and Estimated Fair Value of Other Financial Instruments (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 2 [Member] | Financial Services [Member] | ||
Mortgage loans held for investment, net | $ 25,394,000 | $ 22,704,000 |
Senior notes payable | 25,394,000 | 22,704,000 |
Fair Value, Inputs, Level 2 [Member] | Homebuilding [Member] | ||
Senior and convertible senior notes payable, net | 3,674,559,000 | 3,462,016,000 |
Senior and convertible senior notes payable, net | 3,928,531,000 | 3,675,276,000 |
Financial Services [Member] | ||
Mortgage loans held for investment, net | 25,394,000 | 22,704,000 |
Homebuilding [Member] | ||
Senior notes payable | $ 3,674,559,000 | $ 3,462,016,000 |
Note 19 - Commitments and Con73
Note 19 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Mortgage Loans in Process [Member] | |||||
Mortgage Loans Expected to be Originated on a Non-presold Basis | $ 255,500,000 | $ 255,500,000 | |||
Nonrefundable Cash Deposits | 69,800,000 | 69,800,000 | |||
Capitalized Preacquisition and Other Development and Construction Costs | 10,300,000 | 10,300,000 | |||
Remaining Purchase Price of Land Purchase and Option Contracts | $ 732,400,000 | $ 732,400,000 | |||
Number of Joint Ventures the Company Holds Membership Interest In | 27 | 27 | |||
Number of Active Joint Ventures | 13 | 13 | |||
Number of Inactive Joint Ventures | 14 | 14 | |||
Number of Joint Ventures Having Project Specific Non-recourse Debt to the Company | 2 | 2 | |||
Equity Method Investment, Summarized Financial Information, Non-recourse Debt | $ 30,223,000 | $ 30,223,000 | $ 33,704,000 | ||
Outstanding Surety Bonds | 840,600,000 | 840,600,000 | |||
Surety Bonds Cost to Complete | 392,100,000 | 392,100,000 | |||
Mortgage Loans in Process | $ 278,900,000 | $ 278,900,000 | |||
Mortgage Loans in Process, Interest Rate | 4.10% | 4.10% | |||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | $ 185,500,000 | $ 185,500,000 | |||
Mortgage Loans Committed to Sell to Investors | 23,400,000 | 23,400,000 | |||
Mortgage Loan Repurchase Reserve | 3,700,000 | 3,700,000 | |||
Mortgage Loan Repurchase Payments | 100,000 | $ 100,000 | |||
Insurance and Litigation Accruals | 125,400,000 | 125,400,000 | $ 125,300,000 | ||
Outstanding Joint Venture Surety Bonds | $ 0 | 0 | |||
Mortgage Loan Loss Expense Provision | $ 100,000 | $ 100,000 |
Note 20 - Income Taxes (Details
Note 20 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
State and Local Net Operating Loss Carryforwards Limited to Shorter Carryforward Periods [Member] | |||||
Deferred Tax Assets, Gross | $ 338,900 | $ 338,900 | |||
Deferred Tax Assets, Valuation Allowance | 1,400 | $ 1,400 | |||
Earliest Tax Year [Member] | |||||
Open Tax Year | 2,011 | ||||
Latest Tax Year [Member] | |||||
Open Tax Year | 2,015 | ||||
Income Tax Expense (Benefit) | 66,857 | $ 32,324 | $ 109,400 | $ 49,215 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 179,617 | $ 89,522 | 294,821 | $ 138,018 | |
Deferred Tax Assets, Operating Loss Carryforwards | 138,600 | 138,600 | |||
Deferred Tax Assets Operating Loss Carry forwards Federal And State Subject To Gross Annual Limitation | 106,300 | 106,300 | |||
Gross Annual Deduction Limitation on Net Operating Loss Carryforwards | 15,600 | 15,600 | |||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 32,300 | 32,300 | |||
Deferred Tax Assets, Other | 200,300 | 200,300 | |||
Unrecognized Tax Benefits | $ 11,700 | $ 11,700 | $ 10,600 |
Note 21 - Supplemental Disclo75
Note 21 - Supplemental Disclosures of Cash Flows Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash paid during the period for: | ||
Income taxes | $ 84,335 | $ 21,990 |
Note 22 - Condensed Consolidati
Note 22 - Condensed Consolidating Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Parent Company [Member] | ||||
Homebuilding revenues | $ 648,800 | $ 191,188 | $ 1,110,538 | $ 328,080 |
Cost of sales | (516,882) | (144,796) | (889,723) | (248,154) |
Gross margin | 131,918 | 46,392 | 220,815 | 79,926 |
Selling, general and administrative expenses | (71,235) | (24,393) | (126,286) | (47,539) |
Income (loss) from unconsolidated joint ventures | 57 | (4) | 746 | 22 |
Equity income of subsidiaries | 79,867 | 50,169 | 134,034 | 73,536 |
Interest income (expense), net | 1,273 | 3,175 | 2,610 | 6,398 |
Other income (expense) | (3,668) | (6,440) | (7,283) | (7,441) |
Homebuilding pretax income | 138,212 | 68,899 | 224,636 | 104,902 |
Financial services pretax income | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 138,212 | 68,899 | 224,636 | 104,902 |
Provision for income taxes | (25,452) | (11,701) | (39,215) | (16,099) |
Net income | 112,760 | 57,198 | 185,421 | 88,803 |
Guarantor Subsidiaries [Member] | ||||
Homebuilding revenues | 676,049 | 324,365 | 1,210,503 | 544,093 |
Cost of sales | (535,832) | (248,896) | (965,834) | (419,853) |
Gross margin | 140,217 | 75,469 | 244,669 | 124,240 |
Selling, general and administrative expenses | (76,915) | (40,524) | (144,761) | (73,274) |
Income (loss) from unconsolidated joint ventures | 256 | 400 | ||
Interest income (expense), net | (934) | (2,465) | (1,899) | (5,209) |
Other income (expense) | (668) | (75) | (479) | (223) |
Homebuilding pretax income | 61,956 | 32,405 | 97,930 | 45,534 |
Financial services pretax income | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 61,956 | 32,405 | 97,930 | 45,534 |
Provision for income taxes | (26,074) | (13,247) | (43,548) | (20,571) |
Net income | 35,882 | 19,158 | 54,382 | 24,963 |
Non-Guarantor Subsidiaries [Member] | ||||
Homebuilding revenues | 253,513 | 184,079 | 443,004 | 297,737 |
Cost of sales | (184,291) | (133,999) | (319,943) | (215,857) |
Gross margin | 69,222 | 50,080 | 123,061 | 81,880 |
Selling, general and administrative expenses | (17,544) | (14,993) | (31,348) | (25,167) |
Income (loss) from unconsolidated joint ventures | (90) | (47) | 266 | (524) |
Interest income (expense), net | (339) | (710) | (711) | (1,189) |
Other income (expense) | (79) | 1,239 | (61) | 2,092 |
Homebuilding pretax income | 51,170 | 35,569 | 91,207 | 57,092 |
Financial services pretax income | 8,146 | 2,818 | 15,082 | 4,026 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 59,316 | 38,387 | 106,289 | 61,118 |
Provision for income taxes | (15,331) | (7,376) | (26,637) | (12,545) |
Net income | 43,985 | 31,011 | 79,652 | 48,573 |
Consolidation, Eliminations [Member] | ||||
Equity income of subsidiaries | (79,867) | (50,169) | (134,034) | (73,536) |
Interest income (expense), net | ||||
Homebuilding pretax income | (79,867) | (50,169) | (134,034) | (73,536) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (79,867) | (50,169) | (134,034) | (73,536) |
Net income | (79,867) | (50,169) | (134,034) | (73,536) |
Homebuilding revenues | 1,578,362 | 699,632 | 2,764,045 | 1,169,910 |
Cost of sales | (1,237,005) | (527,691) | (2,175,500) | (883,864) |
Gross margin | 341,357 | 171,941 | 588,545 | 286,046 |
Selling, general and administrative expenses | (165,694) | (79,910) | (302,395) | (145,980) |
Income (loss) from unconsolidated joint ventures | 223 | (51) | 1,412 | (502) |
Equity income of subsidiaries | ||||
Interest income (expense), net | ||||
Other income (expense) | (4,415) | (5,276) | (7,823) | (5,572) |
Homebuilding pretax income | 171,471 | 86,704 | 279,739 | 133,992 |
Financial services pretax income | 8,146 | 2,818 | 15,082 | 4,026 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 179,617 | 89,522 | 294,821 | 138,018 |
Provision for income taxes | (66,857) | (32,324) | (109,400) | (49,215) |
Net income | $ 112,760 | $ 57,198 | $ 185,421 | $ 88,803 |
Note 22 - Condensed Consolida77
Note 22 - Condensed Consolidating Balance Sheet (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Homebuilding [Member] | Parent Company [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 128,263,000 | $ 6,387,000 | ||
Restricted Cash and Cash Equivalents | ||||
Intercompany receivables | 2,036,340,000 | 2,380,899,000 | ||
Owned | 2,818,803,000 | 2,524,927,000 | ||
Not owned | 41,761,000 | 32,393,000 | ||
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets | 5,023,000 | 5,353,000 | ||
Investments in subsidiaries | 1,770,187,000 | 1,644,453,000 | ||
Deferred income taxes, net | 352,193,000 | 405,945,000 | ||
Goodwill | 969,048,000 | 933,360,000 | ||
Other assets | 69,771,000 | 67,578,000 | ||
Total assets | 8,191,389,000 | 8,001,295,000 | ||
Accounts payable | 93,378,000 | 91,873,000 | ||
Accrued liabilities and intercompany payables | 240,824,000 | 415,803,000 | ||
Secured Debt | 142,673,000 | 170,167,000 | ||
Senior notes payable | 3,674,559,000 | 3,462,016,000 | ||
Total liabilities | 4,151,434,000 | 4,139,859,000 | ||
Goodwill | 969,048,000 | 933,360,000 | ||
Total assets | 8,191,389,000 | 8,001,295,000 | ||
Homebuilding [Member] | Guarantor Subsidiaries [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 58,593,000 | 112,852,000 | ||
Restricted Cash and Cash Equivalents | ||||
Intercompany receivables | ||||
Owned | 2,259,414,000 | 2,304,305,000 | ||
Not owned | 35,584,000 | 38,925,000 | ||
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets | 4,744,000 | 4,330,000 | ||
Investments in subsidiaries | ||||
Deferred income taxes, net | ||||
Goodwill | ||||
Other assets | 45,104,000 | 48,027,000 | ||
Total assets | 2,403,439,000 | 2,508,439,000 | ||
Accounts payable | 84,565,000 | 82,906,000 | ||
Accrued liabilities and intercompany payables | 1,377,055,000 | 1,538,096,000 | ||
Secured Debt | ||||
Senior notes payable | ||||
Total liabilities | 1,461,620,000 | 1,621,002,000 | ||
Goodwill | ||||
Total assets | 2,403,439,000 | 2,508,439,000 | ||
Homebuilding [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 69,151,000 | 31,837,000 | ||
Restricted Cash and Cash Equivalents | 30,833,000 | 35,990,000 | ||
Intercompany receivables | 105,400,000 | 152,505,000 | ||
Owned | 1,343,520,000 | 1,240,727,000 | ||
Not owned | 4,258,000 | 11,928,000 | ||
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets | 137,864,000 | 123,080,000 | ||
Investments in subsidiaries | ||||
Deferred income taxes, net | ||||
Goodwill | ||||
Other assets | 2,609,000 | 3,163,000 | ||
Total assets | 1,693,635,000 | 1,599,230,000 | ||
Accounts payable | 37,818,000 | 16,902,000 | ||
Accrued liabilities and intercompany payables | 912,709,000 | 903,761,000 | ||
Secured Debt | 3,866,000 | 4,061,000 | ||
Senior notes payable | ||||
Total liabilities | 954,393,000 | 924,724,000 | ||
Goodwill | ||||
Total assets | 1,693,635,000 | 1,599,230,000 | ||
Homebuilding [Member] | Consolidation, Eliminations [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | ||||
Restricted Cash and Cash Equivalents | ||||
Intercompany receivables | (2,141,740,000) | (2,533,404,000) | ||
Owned | ||||
Not owned | ||||
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets | ||||
Investments in subsidiaries | (1,770,187,000) | (1,644,453,000) | ||
Deferred income taxes, net | (14,655,000) | (9,751,000) | ||
Goodwill | ||||
Other assets | ||||
Total assets | (3,926,582,000) | (4,187,608,000) | ||
Accounts payable | ||||
Accrued liabilities and intercompany payables | (2,052,638,000) | (2,378,867,000) | ||
Secured Debt | (105,400,000) | (148,545,000) | ||
Senior notes payable | ||||
Total liabilities | (2,158,038,000) | (2,527,412,000) | ||
Goodwill | ||||
Total assets | (3,926,582,000) | (4,187,608,000) | ||
Homebuilding [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 256,007,000 | 151,076,000 | ||
Restricted Cash and Cash Equivalents | 30,833,000 | 35,990,000 | ||
Intercompany receivables | ||||
Owned | 6,421,737,000 | 6,069,959,000 | ||
Not owned | 81,603,000 | 83,246,000 | ||
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets | 147,631,000 | 132,763,000 | ||
Investments in subsidiaries | ||||
Deferred income taxes, net | 337,538,000 | 396,194,000 | ||
Goodwill | 969,048,000 | 933,360,000 | ||
Other assets | 117,484,000 | 118,768,000 | ||
Total assets | 8,361,881,000 | 7,921,356,000 | ||
Accounts payable | 215,761,000 | 191,681,000 | ||
Accrued liabilities and intercompany payables | 477,950,000 | 478,793,000 | ||
Secured Debt | 41,139,000 | 25,683,000 | ||
Senior notes payable | 3,674,559,000 | 3,462,016,000 | ||
Total liabilities | 4,409,409,000 | 4,158,173,000 | ||
Goodwill | 969,048,000 | 933,360,000 | ||
Total assets | 8,361,881,000 | 7,921,356,000 | ||
Financial Services [Member] | Parent Company [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | ||||
Restricted Cash and Cash Equivalents | ||||
Other assets | ||||
Total assets | ||||
Mortgage loans held for sale, net | ||||
Mortgage loans held for investment, net | ||||
Total liabilities | ||||
Accounts payable and other liabilities | ||||
Warehouse Agreement Borrowings | ||||
Total assets | ||||
Financial Services [Member] | Guarantor Subsidiaries [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | ||||
Restricted Cash and Cash Equivalents | ||||
Other assets | ||||
Total assets | ||||
Mortgage loans held for sale, net | ||||
Mortgage loans held for investment, net | ||||
Total liabilities | ||||
Accounts payable and other liabilities | ||||
Warehouse Agreement Borrowings | ||||
Total assets | ||||
Financial Services [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 31,863,000 | 35,518,000 | ||
Restricted Cash and Cash Equivalents | 22,008,000 | 22,914,000 | ||
Other assets | 21,497,000 | 18,886,000 | ||
Total assets | 289,739,000 | 425,792,000 | ||
Mortgage loans held for sale, net | 188,977,000 | 325,770,000 | ||
Mortgage loans held for investment, net | 25,394,000 | 22,704,000 | ||
Total liabilities | 200,613,000 | 343,282,000 | ||
Accounts payable and other liabilities | 26,099,000 | 39,860,000 | ||
Warehouse Agreement Borrowings | 174,514,000 | 303,422,000 | ||
Total assets | 289,739,000 | 425,792,000 | ||
Financial Services [Member] | Consolidation, Eliminations [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | ||||
Restricted Cash and Cash Equivalents | ||||
Other assets | (1,643,000) | (1,643,000) | ||
Total assets | (1,643,000) | (1,643,000) | ||
Mortgage loans held for sale, net | ||||
Mortgage loans held for investment, net | ||||
Total liabilities | (17,386,000) | |||
Accounts payable and other liabilities | (17,386,000) | |||
Warehouse Agreement Borrowings | ||||
Total assets | (1,643,000) | (1,643,000) | ||
Financial Services [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 31,863,000 | 35,518,000 | ||
Restricted Cash and Cash Equivalents | 22,008,000 | 22,914,000 | ||
Other assets | 19,854,000 | 17,243,000 | ||
Total assets | 288,096,000 | 424,149,000 | ||
Mortgage loans held for sale, net | 188,977,000 | 325,770,000 | ||
Mortgage loans held for investment, net | 25,394,000 | 22,704,000 | ||
Total liabilities | 200,613,000 | 325,896,000 | ||
Accounts payable and other liabilities | 26,099,000 | 22,474,000 | ||
Warehouse Agreement Borrowings | 174,514,000 | 303,422,000 | ||
Total assets | 288,096,000 | 424,149,000 | ||
Parent Company [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 128,263,000 | 6,387,000 | $ 28,782,000 | $ 133,304,000 |
Total assets | 8,191,389,000 | 8,001,295,000 | ||
Total liabilities | 4,151,434,000 | 4,139,859,000 | ||
Total Equity | 4,039,955,000 | 3,861,436,000 | ||
Total Liabilities and Equity | 8,191,389,000 | 8,001,295,000 | ||
Total assets | 8,191,389,000 | 8,001,295,000 | ||
Guarantor Subsidiaries [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 58,593,000 | 112,852,000 | 20,626,000 | 1,061,000 |
Total assets | 2,403,439,000 | 2,508,439,000 | ||
Total liabilities | 1,461,620,000 | 1,621,002,000 | ||
Total Equity | 941,819,000 | 887,437,000 | ||
Total Liabilities and Equity | 2,403,439,000 | 2,508,439,000 | ||
Total assets | 2,403,439,000 | 2,508,439,000 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 101,014,000 | 67,355,000 | 38,905,000 | 78,028,000 |
Total assets | 1,983,374,000 | 2,025,022,000 | ||
Total liabilities | 1,155,006,000 | 1,268,006,000 | ||
Total Equity | 828,368,000 | 757,016,000 | ||
Total Liabilities and Equity | 1,983,374,000 | 2,025,022,000 | ||
Total assets | 1,983,374,000 | 2,025,022,000 | ||
Consolidation, Eliminations [Member] | ||||
Total assets | (3,928,225,000) | (4,189,251,000) | ||
Total liabilities | (2,158,038,000) | (2,544,798,000) | ||
Total Equity | (1,770,187,000) | (1,644,453,000) | ||
Total Liabilities and Equity | (3,928,225,000) | (4,189,251,000) | ||
Total assets | (3,928,225,000) | (4,189,251,000) | ||
Cash and Cash Equivalents, at Carrying Value | 287,870,000 | 186,594,000 | $ 88,313,000 | $ 212,393,000 |
Owned | 6,421,737,000 | 6,069,959,000 | ||
Not owned | 81,603,000 | 83,246,000 | ||
Investments in unconsolidated joint ventures reflected in the accompanying condensed consolidated balance sheets | 147,631,000 | 132,763,000 | ||
Total assets | 8,649,977,000 | 8,345,505,000 | ||
Total liabilities | 4,610,022,000 | 4,484,069,000 | ||
Total Equity | 4,039,955,000 | 3,861,436,000 | ||
Total Liabilities and Equity | 8,649,977,000 | 8,345,505,000 | ||
Total assets | $ 8,649,977,000 | $ 8,345,505,000 |
Note 22 - Condensed Consolida78
Note 22 - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Parent Company [Member] | ||
Net cash provided by (used in) operating activities | $ (148,603) | $ (39,876) |
Investments in unconsolidated homebuilding joint ventures | (178) | |
Distributions of capital from unconsolidated homebuilding joint ventures | 1,107 | |
Loan to parent and subsidiaries | ||
Other investing activities | 279 | (1,670) |
Net cash provided by (used in) investing activities | 1,208 | (1,670) |
Change in restricted cash | ||
Borrowings from revolving credit facility | 693,700 | 158,900 |
Principal payments on revolving credit facility | (693,700) | (128,900) |
Principal payments on secured project debt and other notes payable | (9,974) | |
Proceeds from Issuance of Senior Long-term Debt | 300,000 | |
Payment of debt issue costs | (2,195) | |
Loan from subsidiary | (41,000) | 75,000 |
Net proceeds from (payments on) mortgage credit facilities | ||
(Contributions to) distributions from Corporate and subsidiaries | 8,300 | 7,973 |
Repurchases of common stock | (99,829) | (22,073) |
Common stock dividend payments | (9,527) | |
Issuance of common stock under employee stock plans, net of tax withholdings | 1,069 | (2,322) |
Other financing activities | ||
Intercompany advances, net | 122,427 | (157,917) |
Net cash provided by (used in) financing activities | 269,271 | (62,976) |
Net increase (decrease) in cash and equivalents | 121,876 | (104,522) |
Cash and equivalents at beginning of period | 6,387 | 133,304 |
Cash and equivalents at end of period | 128,263 | 28,782 |
Excess tax benefits from share-based payment arrangements | 6,363 | |
Guarantor Subsidiaries [Member] | ||
Net cash provided by (used in) operating activities | 77,589 | (21,756) |
Investments in unconsolidated homebuilding joint ventures | (78) | |
Distributions of capital from unconsolidated homebuilding joint ventures | 110 | |
Loan to parent and subsidiaries | ||
Other investing activities | (976) | (1,278) |
Net cash provided by (used in) investing activities | (944) | (1,278) |
Change in restricted cash | ||
Borrowings from revolving credit facility | ||
Principal payments on revolving credit facility | ||
Principal payments on secured project debt and other notes payable | ||
Proceeds from Issuance of Senior Long-term Debt | ||
Payment of debt issue costs | ||
Loan from subsidiary | ||
Net proceeds from (payments on) mortgage credit facilities | ||
(Contributions to) distributions from Corporate and subsidiaries | (12,144) | |
Repurchases of common stock | ||
Common stock dividend payments | ||
Issuance of common stock under employee stock plans, net of tax withholdings | ||
Other financing activities | (199) | |
Intercompany advances, net | (130,705) | 54,743 |
Net cash provided by (used in) financing activities | (130,904) | 42,599 |
Net increase (decrease) in cash and equivalents | (54,259) | 19,565 |
Cash and equivalents at beginning of period | 112,852 | 1,061 |
Cash and equivalents at end of period | 58,593 | 20,626 |
Excess tax benefits from share-based payment arrangements | ||
Non-Guarantor Subsidiaries [Member] | ||
Net cash provided by (used in) operating activities | 134,628 | (49,565) |
Investments in unconsolidated homebuilding joint ventures | (22,336) | (20,778) |
Distributions of capital from unconsolidated homebuilding joint ventures | 6,898 | 8,760 |
Loan to parent and subsidiaries | 41,000 | 5,000 |
Other investing activities | (3,469) | (9,074) |
Net cash provided by (used in) investing activities | 22,093 | (16,092) |
Change in restricted cash | 6,063 | (1,242) |
Borrowings from revolving credit facility | ||
Principal payments on revolving credit facility | ||
Principal payments on secured project debt and other notes payable | (195) | (497) |
Proceeds from Issuance of Senior Long-term Debt | ||
Payment of debt issue costs | ||
Loan from subsidiary | ||
Net proceeds from (payments on) mortgage credit facilities | (128,908) | (79,072) |
(Contributions to) distributions from Corporate and subsidiaries | (8,300) | 4,171 |
Repurchases of common stock | ||
Common stock dividend payments | ||
Issuance of common stock under employee stock plans, net of tax withholdings | ||
Other financing activities | ||
Intercompany advances, net | 8,278 | 103,174 |
Net cash provided by (used in) financing activities | (123,062) | 26,534 |
Net increase (decrease) in cash and equivalents | 33,659 | (39,123) |
Cash and equivalents at beginning of period | 67,355 | 78,028 |
Cash and equivalents at end of period | 101,014 | 38,905 |
Excess tax benefits from share-based payment arrangements | ||
Consolidation, Eliminations [Member] | ||
Loan to parent and subsidiaries | (41,000) | (5,000) |
Net cash provided by (used in) investing activities | (41,000) | (5,000) |
Loan from subsidiary | 41,000 | (75,000) |
Net proceeds from (payments on) mortgage credit facilities | 80,000 | |
Net cash provided by (used in) financing activities | 41,000 | 5,000 |
Net cash provided by (used in) operating activities | 63,614 | (111,197) |
Investments in unconsolidated homebuilding joint ventures | (22,592) | (20,778) |
Distributions of capital from unconsolidated homebuilding joint ventures | 8,115 | 8,760 |
Loan to parent and subsidiaries | ||
Other investing activities | (4,166) | (12,022) |
Net cash provided by (used in) investing activities | (18,643) | (24,040) |
Change in restricted cash | 6,063 | (1,242) |
Borrowings from revolving credit facility | 693,700 | 158,900 |
Principal payments on revolving credit facility | (693,700) | (128,900) |
Principal payments on secured project debt and other notes payable | (10,169) | (497) |
Proceeds from Issuance of Senior Long-term Debt | 300,000 | |
Payment of debt issue costs | (2,195) | |
Loan from subsidiary | ||
Net proceeds from (payments on) mortgage credit facilities | (128,908) | 928 |
(Contributions to) distributions from Corporate and subsidiaries | ||
Repurchases of common stock | (99,829) | (22,073) |
Common stock dividend payments | (9,527) | |
Issuance of common stock under employee stock plans, net of tax withholdings | 1,069 | (2,322) |
Other financing activities | (199) | |
Intercompany advances, net | ||
Net cash provided by (used in) financing activities | 56,305 | 11,157 |
Net increase (decrease) in cash and equivalents | 101,276 | (124,080) |
Cash and equivalents at beginning of period | 186,594 | 212,393 |
Cash and equivalents at end of period | 287,870 | 88,313 |
Excess tax benefits from share-based payment arrangements | $ 6,363 |
Uncategorized Items - caa-20160
Label | Element | Value |
Cash and equivalents and restricted cash at end of period | caa_CashAndEquivalentsAndRestrictedCashAtEndOfPeriod | $ 340,711,000 |
Cash and equivalents and restricted cash at end of period | caa_CashAndEquivalentsAndRestrictedCashAtEndOfPeriod | 129,072,000 |
Homebuilding restricted cash at end of period | caa_HomebuildingRestrictedCashAtEndOfPeriod | 30,833,000 |
Homebuilding restricted cash at end of period | caa_HomebuildingRestrictedCashAtEndOfPeriod | 39,714,000 |
Financial services restricted cash at end of period | caa_FinancialServicesRestrictedCashAtEndOfPeriod | 22,008,000 |
Financial services restricted cash at end of period | caa_FinancialServicesRestrictedCashAtEndOfPeriod | $ 1,045,000 |