Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 27, 2017 | |
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) | 110,204,545 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Homebuilding: | ||||
Home sale revenues | $ 1,620,614 | $ 1,558,701 | $ 2,958,313 | $ 2,737,866 |
Land sale revenues | 500 | 19,661 | 500 | 26,179 |
Total revenues | 1,621,114 | 1,578,362 | 2,958,813 | 2,764,045 |
Cost of home sales | (1,297,249) | (1,217,793) | (2,360,104) | (2,149,921) |
Cost of land sales | (7) | (19,212) | (7) | (25,579) |
Total cost of sales | (1,297,256) | (1,237,005) | (2,360,111) | (2,175,500) |
Gross margin | 323,858 | 341,357 | 598,702 | 588,545 |
Selling, general and administrative expenses | (173,997) | (165,694) | (330,273) | (302,395) |
Income (loss) from unconsolidated joint ventures | 446 | 223 | 4,334 | 1,412 |
Other income (expense) | (2,675) | (4,415) | (2,844) | (7,823) |
Homebuilding pretax income | 147,632 | 171,471 | 269,919 | 279,739 |
Financial Services: | ||||
Revenues | 20,277 | 20,539 | 40,233 | 38,091 |
Expenses | (11,661) | (12,393) | (24,036) | (23,009) |
Financial services pretax income | 8,616 | 8,146 | 16,197 | 15,082 |
Income before taxes | 156,248 | 179,617 | 286,116 | 294,821 |
Provision for income taxes | (57,254) | (66,857) | (104,502) | (109,400) |
Net income | 98,994 | 112,760 | 181,614 | 185,421 |
Less: Net income allocated to unvested restricted stock | (408) | (251) | (705) | (350) |
Net income available to common stockholders | $ 98,586 | $ 112,509 | $ 180,909 | $ 185,071 |
Income Per Common Share: | ||||
Basic (in dollars per share) | $ 0.87 | $ 0.95 | $ 1.59 | $ 1.55 |
Diluted (in dollars per share) | $ 0.75 | $ 0.83 | $ 1.38 | $ 1.36 |
Weighted Average Common Shares Outstanding: | ||||
Basic (in shares) | 113,689,435 | 118,419,937 | 114,086,136 | 119,617,438 |
Diluted (in shares) | 131,636,412 | 136,088,146 | 132,079,976 | 137,277,899 |
Cash Dividends Declared Per Common Share (in dollars per share) | $ 0.04 | $ 0.04 | $ 0.08 | $ 0.08 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net income | $ 98,994 | $ 112,760 | $ 181,614 | $ 185,421 |
Other comprehensive income, net of tax: | ||||
Unrealized gain on marketable securities, available for sale | 39 | |||
Total comprehensive income | $ 98,994 | $ 112,760 | $ 181,614 | $ 185,460 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Inventories: | ||
Owned | $ 6,654,990 | $ 6,438,792 |
Total assets | 8,866,796 | 8,709,044 |
Cash and equivalents | 215,694 | 208,127 |
LIABILITIES AND EQUITY | ||
Total liabilities | 4,620,426 | 4,501,458 |
Stockholders' Equity: | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued and outstanding at June 30, 2017 and December 31, 2016 | ||
Common stock, $0.01 par value; 600,000,000 shares authorized; 110,204,353 and 114,429,297 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively | 1,102 | 1,144 |
Additional paid-in capital | 3,060,402 | 3,204,835 |
Accumulated earnings | 1,174,374 | 1,001,779 |
Accumulated other comprehensive income (loss), net of tax | (172) | (172) |
Total Stockholders' Equity | 4,235,706 | 4,207,586 |
Noncontrolling Interest | 10,664 | |
Total Equity | 4,246,370 | 4,207,586 |
Total Liabilities and Equity | 8,866,796 | 8,709,044 |
Homebuilding [Member] | ||
Inventories: | ||
Owned | 6,654,990 | 6,438,792 |
Not owned | 86,618 | 66,267 |
Investments in unconsolidated joint ventures | 125,768 | 127,127 |
Deferred income taxes, net of valuation allowance of $1,925 and $2,456 at June 30, 2017 and December 31, 2016, respectively | 312,471 | 330,378 |
Goodwill | 985,185 | 970,185 |
Other assets | 233,785 | 204,489 |
Total assets | 8,599,017 | 8,356,645 |
Cash and equivalents | 167,833 | 191,086 |
Restricted cash | 32,367 | 28,321 |
LIABILITIES AND EQUITY | ||
Accounts payable | 146,383 | 211,780 |
Accrued liabilities | 542,568 | 599,905 |
Revolving credit facility | ||
Secured project debt and other notes payable | 27,041 | 27,579 |
Senior notes payable | 3,735,232 | 3,392,208 |
Total liabilities | 4,451,224 | 4,231,472 |
Financial Services [Member] | ||
Mortgage loans held for investment, net | 25,613 | 24,924 |
Inventories: | ||
Other assets | 17,750 | 26,666 |
Total assets | 267,779 | 352,399 |
Cash and equivalents | 47,861 | 17,041 |
Restricted cash | 21,375 | 21,710 |
Mortgage loans held for sale, net | 155,180 | 262,058 |
Accounts payable and other liabilities | 19,374 | 22,559 |
Mortgage credit facility | 149,828 | 247,427 |
LIABILITIES AND EQUITY | ||
Total liabilities | $ 169,202 | $ 269,986 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
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) | 110,204,353 | 114,429,297 |
Common stock, shares outstanding (in shares) | 110,204,353 | 114,429,297 |
Homebuilding [Member] | ||
Deferred income taxes, valuation allowance | $ 1,925 | $ 2,456 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows From Operating Activities: | ||
Net income | $ 181,614,000 | $ 185,421,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
(Income) loss from unconsolidated joint ventures | (4,334,000) | (1,412,000) |
Depreciation and amortization | 27,672,000 | 27,428,000 |
Amortization of stock-based compensation | 9,216,000 | 7,512,000 |
Deferred income tax provision | 14,866,000 | 4,315,000 |
Other operating activities | 3,104,000 | 97,000 |
Changes in cash and equivalents due to: | ||
Mortgage loans held for sale | 106,893,000 | 136,903,000 |
Inventories - owned | (178,314,000) | (271,304,000) |
Inventories - not owned | (34,472,000) | (19,254,000) |
Other assets | (13,043,000) | (1,758,000) |
Accounts payable | (65,397,000) | 24,080,000 |
Accrued liabilities | (47,213,000) | (28,414,000) |
Net cash provided by (used in) operating activities | 592,000 | 63,614,000 |
Cash Flows From Investing Activities: | ||
Investments in unconsolidated homebuilding joint ventures | (25,002,000) | (22,592,000) |
Distributions of capital from unconsolidated homebuilding joint ventures | 8,045,000 | 8,115,000 |
Net cash paid for acquisitions | (44,477,000) | |
Other investing activities | (9,793,000) | (4,166,000) |
Net cash provided by (used in) investing activities | (71,227,000) | (18,643,000) |
Cash Flows From Financing Activities: | ||
Change in restricted cash | (3,711,000) | 6,063,000 |
Borrowings from revolving credit facility | 264,450,000 | 693,700,000 |
Principal payments on revolving credit facility | (264,450,000) | (693,700,000) |
Principal payments on secured project debt and other notes payable | (615,000) | (10,169,000) |
Principal payment on senior notes payable | (230,000,000) | |
Proceeds from the issuance of senior notes payable | 579,125,000 | 300,000,000 |
Payment of debt issuance costs | (4,595,000) | (2,195,000) |
Net proceeds from (payments on) mortgage credit facility | (97,599,000) | (128,908,000) |
Repurchases of common stock | (150,014,000) | (99,829,000) |
Common stock dividend payments | (9,019,000) | (9,527,000) |
Issuance of common stock under employee stock plans, net of tax withholdings | (5,303,000) | 1,069,000 |
Other financing activities | (67,000) | (199,000) |
Net cash provided by (used in) financing activities | 78,202,000 | 56,305,000 |
Net increase (decrease) in cash and equivalents | 7,567,000 | 101,276,000 |
Cash and equivalents at beginning of period | 208,127,000 | 186,594,000 |
Cash and equivalents at end of period | 215,694,000 | 287,870,000 |
Cash and Cash Equivalents, at Carrying Value | $ 208,127,000 | $ 186,594,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 1. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for Form 10 June 30, 2017 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 December 31, 2016. not |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Recent Accounting Pronouncements [Text Block] | 2. Recent Accounting Pronouncements In May 2014, No. 2014 09, Revenue from Contracts with Customers 2014 09" 2014 09, August 2015, No. 2015 14, Revenue from Contracts with Customers (Topic 606 2014 09 one 2014 09 December 15, 2017, not not 2014 09 2014 09 may In January 2016, No. 2016 01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01" not not not not 820, Fair Value Measurements may 2016 01 December 15, 2017. In March 2016, No. 2016 02, Leases 2016 02" 2016 02 12 2016 02 December 15, 2018. In March 2016, No. 2016 07, Investments- Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting 2016 07" 2016 07 January 1, 2017 not In March 2016, No. 2016 09, Compensation — Stock Compensation: Improvements to Employee Share-Based Payment Accounting 2016 09" 2016 09 January 1, 2017, 2016 09 not 2016 09 not In August 2016, No. 2016 15, Statement of Cash Flows (Topic 230 2016 15" 2016 15 December 15, 2017, not 2016 15 In November 2016, No. 2016 18, Statement of Cash Flows (Topic 230 2016 18" 2016 18 December 15, 2017, no In January 2017, No. 2017 01, Business Combinations: Clarifying the Definition of a Business 2017 01" 2017 01 December 15, 2017, not 2017 01 may In January 2017, No. 2017 04, Intangibles - Goodwill and Other (Topic 350 2017 04" not 2017 04 December 15, 2019, 2017 04 January 1, 2017. 2017 04 not |
Note 3 - Segment Reporting
Note 3 - Segment Reporting | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 3. Segment Reporting We operate two Our homebuilding operations acquire and develop land and construct and sell single-family attached and detached homes. In accordance with ASC Topic 280, Segment Reporting 280" four four Our mortgage financing operation, CalAtlantic Mortgage, 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, escrow and insurance subsidiaries provide title, escrow and insurance services to homebuyers in many of our markets. Our mortgage financing, title, escrow and insurance 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 four Segment financial information relating to the Company’s homebuilding operations was as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (Dollars in thousands) Homebuilding revenues: North $ 331,071 $ 241,274 $ 565,847 $ 427,829 Southeast 429,269 386,836 780,372 664,318 Southwest 406,636 433,603 742,851 776,637 West 454,138 516,649 869,743 895,261 Total homebuilding revenues $ 1,621,114 $ 1,578,362 $ 2,958,813 $ 2,764,045 Homebuilding pretax income (1): North $ 29,732 $ 17,980 $ 48,597 $ 27,550 Southeast 31,885 31,772 55,601 52,822 Southwest 38,932 46,907 69,109 73,833 West 47,083 74,812 96,612 125,534 Total homebuilding pretax income $ 147,632 $ 171,471 $ 269,919 $ 279,739 Homebuilding income (loss) from unconsolidated joint ventures: North $ 155 $ 67 $ 447 $ 374 Southeast ― (19 ) ― 437 Southwest 154 257 263 824 West 137 (82 ) 3,624 (223 ) Total homebuilding income (loss) from unconsolidated joint ventures $ 446 $ 223 $ 4,334 $ 1,412 ( 1 Homebuilding pretax income includes depreciation and amortization expense of $2.2 $4.2 $3.0 $5.5 June 30, 2017 $1.5 $4.2 $3.2 $6.5 June 30, 2016. $3.6 $7.7 $5.5 $10.8 six June 30, 2017 $2.7 $7.0 $5.9 $11.8 six June 30, 2016. Segment financial information relating to the Company’s homebuilding assets was as follows: June 30, December 31, 2017 2016 (Dollars in thousands) Homebuilding assets: North $ 1,279,502 $ 1,181,544 Southeast 2,342,138 2,253,289 Southwest 1,839,474 1,842,869 West 2,537,127 2,500,163 Corporate 600,776 578,780 Total homebuilding assets $ 8,599,017 $ 8,356,645 Homebuilding investments in unconsolidated joint ventures: North $ 5,726 $ 5,691 Southeast 162 334 Southwest 5,393 6,085 West 114,487 115,017 Total homebuilding investments in unconsolidated joint ventures $ 125,768 $ 127,127 |
Note 4 - Earnings Per Common Sh
Note 4 - Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4. Earnings Per Common Share We compute earnings per share in accordance with ASC Topic 260, Earnings per Share 260" two two two two 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 unvested restricted stock are classified as participating securities in accordance with ASC 260. 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 two Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (Dollars in thousands, except per share amounts) Numerator: Net income $ 98,994 $ 112,760 $ 181,614 $ 185,421 Less: Net income allocated to unvested restricted stock (408 ) (251 ) (705 ) (350 ) Net income available to common stockholders for basic earnings per common share 98,586 112,509 180,909 185,071 Effect of dilutive securities: Interest on 1.625% convertible senior notes due 2018 94 91 468 453 Interest on 0.25% convertible senior notes due 2019 85 82 423 410 Interest on 1.25% convertible senior notes due 2032 64 62 320 310 Net income available to common stock for diluted earnings per share $ 98,829 $ 112,744 $ 182,120 $ 186,244 Denominator: Weighted average basic common shares outstanding 113,689,435 118,419,937 114,086,136 119,617,438 Effect of dilutive securities: Share-based awards 821,628 583,264 868,491 575,516 1.625% convertible senior notes due 2018 7,171,943 7,163,865 7,171,943 7,163,865 0.25% convertible senior notes due 2019 3,641,157 3,637,091 3,641,157 3,637,091 1.25% convertible senior notes due 2032 6,312,249 6,283,989 6,312,249 6,283,989 Weighted average diluted shares outstanding 131,636,412 136,088,146 132,079,976 137,277,899 Income per common share: Basic $ 0.87 $ 0.95 $ 1.59 $ 1.55 Diluted $ 0.75 $ 0.83 $ 1.38 $ 1.36 |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5. Stock-Based Compensation We account for share-based awards in accordance with ASC Topic 718, Compensation – Stock Compensation 718" 718 Total compensation expense recognized related to stock-based compensation was $4.9 $3.7 three June 30, 2017 2016, six June 30, 2017 2016, $9.2 $7.5 June 30, 2017, $36.6 2.1years. |
Note 6 - Cash and Equivalents a
Note 6 - Cash and Equivalents and Restricted Cash | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Restricted Cash and Cash Equivalents [Text Block] | 6. 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 June 30, 2017, $80.6 five At June 30, 2017, $32.4 June 30, 2017 $17.7 $3.0 $0.7 third |
Note 7 - Marketable Securities,
Note 7 - Marketable Securities, Available-for-sale | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | 7. 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 320" June 30, 2017, $172,000 $173,000 six June 30, 2017, 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 June 30, 2017, The following table displays the fair values of marketable securities, available-for-sale, by type of security: June 30, 2017 December 31, 2016 Amortized Cost Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Losses Estimated Fair Value (Dollars in thousands) Type of security: Municipal bond and metropolitan district securities $ 24,994 $ (465 ) $ 24,529 $ 18,563 $ (465 ) $ 18,098 The following table displays the fair values of marketable securities, available-for-sale, by contractual maturity: June 30, 2017 (Dollars in thousands) Contractual maturity: Maturing in one year or less $ ― Maturing after three years 24,529 Total marketable securities, available-for-sale $ 24,529 |
Note 8 - Inventories
Note 8 - Inventories | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 8. Inventories a. Inventories Owned Inventories owned consisted of the following at: June 30, 2017 North Southeast Southwest West Total (Dollars in thousands) Land and land under development (1) $ 356,324 $ 1,079,342 $ 434,607 $ 1,286,105 $ 3,156,378 Homes completed and under construction 514,386 789,607 890,181 847,383 3,041,557 Model homes 59,446 130,048 113,436 154,125 457,055 Total inventories owned $ 930,156 $ 1,998,997 $ 1,438,224 $ 2,287,613 $ 6,654,990 December 31, 2016 North Southeast Southwest West Total (Dollars in thousands) Land and land under development (1) $ 445,245 $ 1,177,646 $ 594,585 $ 1,410,264 $ 3,627,740 Homes completed and under construction 327,421 585,938 710,509 680,241 2,304,109 Model homes 79,306 132,968 116,575 178,094 506,943 Total inventories owned $ 851,972 $ 1,896,552 $ 1,421,669 $ 2,268,599 $ 6,438,792 ( 1 During the six June 30, 2017, $427.7 6,651 33% 30% 17% 20% December 31, 2016, $960.8 13,566 25% 25% 24% 26% In accordance with ASC Topic 360, Property, Plant, and Equipment 360" may June 30, 2017 2016, 870 876, three June 30, 2017 2016, not During the three June 30, 2017, 19 $44.5 805, Business Combinations $25.7 $3.9 not $15.0 $0.1 June 30, 2017, not b. Inventories Not Inventories not June 30, 2017 December 31, 2016 810, Consolidation 810" not may not may 810, |
Note 9 - Capitalization of Inte
Note 9 - Capitalization of Interest | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Home Building Interest [Text Block] | 9. 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 835" third 835, six June 30, 2017 2016, six June 30, 2017 2016 835. 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 six June 30, 2017 2016: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (Dollars in thousands) Total interest incurred (1) $ 52,168 $ 55,610 $ 103,873 $ 118,335 Less: Interest capitalized to inventories owned (1) (51,338 ) (54,564 ) (102,213 ) (116,409 ) Less: Interest capitalized to investments in unconsolidated joint ventures (830 ) (1,046 ) (1,660 ) (1,926 ) Interest expense $ ― $ ― $ ― $ ― Interest previously capitalized to inventories owned, included in cost of home sales $ 52,347 $ 40,528 $ 91,775 $ 70,731 Interest previously capitalized to inventories owned, included in cost of land sales $ ― $ 1,302 $ ― $ 1,481 Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures $ 8 $ ― $ 8 $ ― Interest capitalized in ending inventories owned (2) $ 376,638 $ 350,210 $ 376,638 $ 350,210 Interest capitalized as a percentage of inventories owned 5.7 % 5.5 % 5.7 % 5.5 % Interest capitalized in ending investments in unconsolidated joint ventures (2) $ 4,515 $ 4,313 $ 4,515 $ 4,313 Interest capitalized as a percentage of investments in unconsolidated joint ventures 3.6 % 2.9 % 3.6 % 2.9 % ( 1 Total interest incurred and interest capitalized to inventories owned during the six June 30, 2016 $9 1.625% 2016 first ( 2 During the three six June 30, 2017, $0 $0.5 |
Note 10 - Investments in Uncons
Note 10 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 10. Investments in Unconsolidated Land Development and Homebuilding Joint Ventures 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, if any, recorded against our investments in joint ventures which we do not third During each of the six June 30, 2017 2016, no six June 30, 2017 2016. Our investments in unconsolidated joint ventures may 810 June 30, 2017, one 2017 first 810, 810 not not not 2017 first 810, $10.7 June 30, 2017. |
Note 11 - Warranty Costs
Note 11 - Warranty Costs | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 11. 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, 2017 2016 (Dollars in thousands) Warranty accrual, beginning of the period $ 43,932 $ 40,691 Warranty costs accrued during the period 10,699 10,823 Warranty costs paid during the period (11,986 ) (9,941 ) Warranty accrual, end of the period $ 42,645 $ 41,573 |
Note 12 - Revolving Credit Faci
Note 12 - Revolving Credit Facility and Letter of Credit Facilities | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Line of Credit Facility [Text Block] | 12. Revolving Credit Facility and Letter of Credit Facilities As of June 30, 2017, $750 $350 October 2019. may $1.2 1.23% June 30, 2017) 1.75%, 4.25% June 30, 2017) 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 2.00 1.00 not not four 1.25 1.00. June 30, 2017. June 30, 2017, no $94.7 $655.3 As of June 30, 2017, $350 four $48.0 $25.9 October 2017 August 2020. June 30, 2017, $26.4 may |
Note 13 - Secured Project Debt
Note 13 - Secured Project Debt and Other Notes Payable | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 13. 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, 2017, $27.0 |
Note 14 - Senior Notes Payable
Note 14 - Senior Notes Payable | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 14. Senior Notes Payable Senior notes payable consisted of the following at: June 30, December 31, 2017 2016 (Dollars in thousands) 8.4% Senior Notes due May 2017 $ ― $ 235,175 8.375% Senior Notes due May 2018 574,695 574,501 1.625% Convertible Senior Notes due May 2018 221,916 220,236 0.25% Convertible Senior notes due June 2019 256,616 253,777 6.625% Senior Notes due May 2020 316,923 319,909 8.375% Senior Notes due January 2021 395,804 395,246 6.25% Senior Notes due December 2021 297,861 297,623 5.375% Senior Notes due October 2022 249,297 249,230 5.875% Senior Notes due November 2024 426,633 296,982 5.25% Senior Notes due June 2026 395,204 297,483 5.00% Senior Notes due June 2027 347,419 ― 1.25% Convertible Senior Notes due August 2032 252,864 252,046 $ 3,735,232 $ 3,392,208 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% 2018 1.625% 1.625% May 15, 2018, may 1.625% 31.8753 $1,000 $31.37 may not 1.625% The Company's 0.25% 2019 0.25% 0.25% June 1, 2019, may 0.25% 13.6118 $1,000 $73.47 may not 0.25% June 6, 2017. may 0.25% 20 not 30 5 30 130 100 0.25% The Company's 1.25% 2032 1.25% 1.25% August 1, 2032, may 1.25% 24.9496 $1,000 $40.08 may not 1.25% August 5, 2017. August 5, 2017 may 1.25% 100% 1.25% August 1, 2017, August 1, 2022 August 1, 2027, 1.25% may 1.25% 100% 1.25% 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, including, but not June 30, 2017, Many of our 100% in compliance with the indenture, and such Guarantor Subsidiary ceases to guaranty any other debt of the Company. Please see Note 20 In April 2017, $225 $125 5.875% 2024 $100 5.25% 2026, $230 8.4% May 2017. During June 2017, $350 5.00% 2027, 1.25% August 2032 August 7, 2017. |
Note 15 - Mortgage Credit Facil
Note 15 - Mortgage Credit Facility | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Warehouse Agreement Borrowings [Text Block] | 15. Mortgage Credit Facility At June 30, 2017, $149.8 $300 one June 2018. $3.0 June 30, 2017, not June 30, 2017, |
Note 16 - Disclosures About Fai
Note 16 - Disclosures About Fair Value | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 16. Disclosures about Fair Value ASC Topic 820, Fair Value Measurements and Disclosures 820" 820 820 three • Level 1 identical • Level 2 similar not • Level 3 one unobservable Financial instruments measured at fair value on a recurring basis: Fair Value at Description Fair Value Hierarchy June 30, 2017 December 31, 2016 (Dollars in thousands) Marketable securities, available-for-sale Municipal debt securities Level 2 $ 9,387 $ 9,387 Metropolitan district bond securities Level 3 $ 15,142 $ 8,711 Mortgage loans held for sale Level 2 $ 158,804 $ 265,542 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, which uses Level 2 3 1 2 3 Mortgage loans held for sale Mortgage loans held for sale first third Financial instruments for which we have not 825: June 30, 2017 December 31, 2016 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 $ 25,613 $ 25,613 $ 24,924 $ 24,924 Homebuilding liabilities: Senior and convertible senior notes payable, net Level 2 $ 3,735,232 $ 4,014,703 $ 3,392,208 $ 3,617,838 Mortgage Loans Held for Investment – Senior Notes Payable – The fair value of our cash and equivalents, restricted cash, accounts payable and accrued liabilities, secured project debt and other notes payable, revolving credit facility, and mortgage credit facility approximate their carrying amounts due to the short-term nature and/or variable interest rate attribute of these assets and liabilities. |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 17. 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 a letter of credit provided by us with no In some instances, we may not June 30, 2017, $76.9 $31.9 $1,058.3 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 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, 2017, 27 13 14 two $30.2 September 2017. June 30, 2017, no c. Surety Bonds We obtain surety bonds in the normal course of business to ensure completion of the infrastructure of our communities. At June 30, 2017, $947.5 $500.3 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 facility for a short period of time (typically for 30 45 $338.6 June 30, 2017 3.6%. June 30, 2017, $154.8 $23.4 June 30, 2017, $315.2 third 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 six June 30, 2017 2016, $0.1 $0.1 June 30, 2017 December 31, 2016, $3.7 six June 30, 2017 2016, $0 $0.1 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 the estimated costs of our self-insurance liability based on an analysis performed by an independent third June 30, 2017 December 31, 2016 $232.8 $233.5 |
Note 18 - Income Taxes
Note 18 - Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 18. Income Taxes We account for income taxes in accordance with ASC Topic 740, Income Taxes 740" 740 Each quarter we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not 740. not Our 2017 second $57.3 $156.2 June 30, 2017, $314.4 $1.9 $96.1 382 $15.6 $15.3 382 October 1, 2015 $4.8 not 382. $198.2 no June 30, 2017 December 31, 2016, $13.3 $12.1 June 30, 2017, December 31, 2012 2016. |
Note 19 - Supplemental Disclosu
Note 19 - Supplemental Disclosures to Consolidated Statements of Cash Flows | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 19. 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, 2017 2016 (Dollars in thousands) Supplemental Disclosures of Cash Flow Information: Cash paid during the period for: Income taxes $ 116,638 $ 84,335 |
Note 20 - Supplemental Guaranto
Note 20 - Supplemental Guarantor Information | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Supplemental Guarantor Information [Text Block] | 20. S upplemental Guarantor Information Certain of our 100% 14 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2017 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Homebuilding: Revenues $ 731,311 $ 662,781 $ 227,022 $ ― $ 1,621,114 Cost of sales (592,162 ) (531,235 ) (173,859 ) ― (1,297,256 ) Gross margin 139,149 131,546 53,163 ― 323,858 Selling, general and administrative expenses (70,729 ) (83,694 ) (19,574 ) ― (173,997 ) Income (loss) from unconsolidated joint ventures 351 165 (70 ) ― 446 Equity income of subsidiaries 58,400 ― ― (58,400 ) ― Interest income (expense), net 720 (525 ) (195 ) ― ― Other income (expense) (3,911 ) (228 ) 1,464 ― (2,675 ) Homebuilding pretax income 123,980 47,264 34,788 (58,400 ) 147,632 Financial Services: Financial services pretax income ― ― 8,616 ― 8,616 Income before taxes 123,980 47,264 43,404 (58,400 ) 156,248 Provision for income taxes (24,986 ) (21,900 ) (10,368 ) ― (57,254 ) Net income $ 98,994 $ 25,364 $ 33,036 $ (58,400 ) $ 98,994 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 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2017 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Homebuilding: Revenues $ 1,308,579 $ 1,203,305 $ 446,929 $ ― $ 2,958,813 Cost of sales (1,063,459 ) (962,787 ) (333,865 ) ― (2,360,111 ) Gross margin 245,120 240,518 113,064 ― 598,702 Selling, general and administrative expenses (135,437 ) (157,085 ) (37,751 ) ― (330,273 ) Income (loss) from unconsolidated joint ventures 1,025 298 3,011 ― 4,334 Equity income of subsidiaries 115,997 ― ― (115,997 ) ― Interest income (expense), net 1,594 (1,205 ) (389 ) ― ― Other income (expense) (5,898 ) (256 ) 3,310 ― (2,844 ) Homebuilding pretax income 222,401 82,270 81,245 (115,997 ) 269,919 Financial Services: Financial services pretax income ― ― 16,197 ― 16,197 Income before taxes 222,401 82,270 97,442 (115,997 ) 286,116 Provision for income taxes (40,787 ) (38,623 ) (25,092 ) ― (104,502 ) Net income $ 181,614 $ 43,647 $ 72,350 $ (115,997 ) $ 181,614 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 CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2017 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) ASSETS Homebuilding: Cash and equivalents $ 41,081 $ 31,168 $ 95,584 $ ― $ 167,833 Restricted cash ― ― 32,367 ― 32,367 Intercompany receivables 2,118,245 ― 320,924 (2,439,169 ) ― Inventories: Owned 2,970,751 2,278,861 1,405,378 ― 6,654,990 Not owned 42,190 32,927 11,501 ― 86,618 Investments in unconsolidated joint ventures 4,889 4,228 116,651 ― 125,768 Investments in subsidiaries 2,069,205 ― ― (2,069,205 ) ― Deferred income taxes, net 319,114 ― ― (6,643 ) 312,471 Goodwill 970,185 ― 15,000 ― 985,185 Other assets 171,854 41,231 20,700 ― 233,785 Total Homebuilding Assets 8,707,514 2,388,415 2,018,105 (4,515,017 ) 8,599,017 Financial Services: Cash and equivalents ― ― 47,861 ― 47,861 Restricted cash ― ― 21,375 ― 21,375 Mortgage loans held for sale, net ― ― 155,180 ― 155,180 Mortgage loans held for investment, net ― ― 25,613 ― 25,613 Other assets ― ― 19,551 (1,801 ) 17,750 Total Financial Services Assets ― ― 269,580 (1,801 ) 267,779 Total Assets $ 8,707,514 $ 2,388,415 $ 2,287,685 $ (4,516,818 ) $ 8,866,796 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 67,733 $ 58,565 $ 20,085 $ ― $ 146,383 Accrued liabilities and intercompany payables 323,820 1,276,865 1,068,572 (2,126,689 ) 542,568 Secured project debt and other notes payable 345,023 ― 2,942 (320,924 ) 27,041 Senior notes payable 3,735,232 ― ― ― 3,735,232 Total Homebuilding Liabilities 4,471,808 1,335,430 1,091,599 (2,447,613 ) 4,451,224 Financial Services: Accounts payable and other liabilities ― ― 19,374 ― 19,374 Mortgage credit facility ― ― 149,828 ― 149,828 Total Financial Services Liabilities ― ― 169,202 ― 169,202 Total Liabilities 4,471,808 1,335,430 1,260,801 (2,447,613 ) 4,620,426 Equity: Total Stockholders' Equity 4,235,706 1,052,985 1,016,220 (2,069,205 ) 4,235,706 Noncontrolling interest ― ― 10,664 ― 10,664 Total Equity 4,235,706 1,052,985 1,026,884 (2,069,205 ) 4,246,370 Total Liabilities and Equity $ 8,707,514 $ 2,388,415 $ 2,287,685 $ (4, 516,818 ) $ 8,866,796 CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) ASSETS Homebuilding: Cash and equivalents $ 105,261 $ 38,211 $ 47,614 $ ― $ 191,086 Restricted cash ― ― 28,321 ― 28,321 Intercompany receivables 2,045,773 ― 334,926 (2,380,699 ) ― Inventories: Owned 2,825,234 2,277,840 1,335,718 ― 6,438,792 Not owned 30,953 32,596 2,718 ― 66,267 Investments in unconsolidated joint ventures 4,469 4,923 117,735 ― 127,127 Investments in subsidiaries 1,954,418 ― ― (1,954,418 ) ― Deferred income taxes, net 337,021 ― ― (6,643 ) 330,378 Goodwill 970,185 ― ― ― 970,185 Other assets 165,214 36,725 2,550 ― 204,489 Total Homebuilding Assets 8,438,528 2,390,295 1,869,582 (4,341,760 ) 8,356,645 Financial Services: Cash and equivalents ― ― 17,041 ― 17,041 Restricted cash ― ― 21,710 ― 21,710 Mortgage loans held for sale, net ― ― 262,058 ― 262,058 Mortgage loans held for investment, net ― ― 24,924 ― 24,924 Other assets ― ― 28,467 (1,801 ) 26,666 Total Financial Services Assets ― ― 354,200 (1,801 ) 352,399 Total Assets $ 8,438,528 $ 2,390,295 $ 2,223,782 $ (4,343,561 ) $ 8,709,044 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 92,611 $ 78,729 $ 40,440 $ ― $ 211,780 Accrued liabilities and intercompany payables 387,098 1,302,228 964,796 (2,054,217 ) 599,905 Secured project debt and other notes payable 359,025 ― 3,480 (334,926 ) 27,579 Senior notes payable 3,392,208 ― ― ― 3,392,208 Total Homebuilding Liabilities 4,230,942 1,380,957 1,008,716 (2,389,143 ) 4,231,472 Financial Services: Accounts payable and other liabilities ― ― 22,559 ― 22,559 Mortgage credit facility ― ― 247,427 ― 247,427 Total Financial Services Liabilities ― ― 269,986 ― 269,986 Total Liabilities 4,230,942 1,380,957 1,278,702 (2,389,143 ) 4,501,458 Equity: Total Equity 4,207,586 1,009,338 945,080 (1,954,418 ) 4,207,586 Total Liabilities and Equity $ 8,438,528 $ 2,390,295 $ 2,223,782 $ (4,343,561 ) $ 8,709,044 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2017 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 $ (161,020 ) $ 10,352 $ 151,260 $ ― $ 592 Cash Flows From Investing Activities: Investments in unconsolidated homebuilding joint ventures (137 ) (59 ) (24,806 ) ― (25,002 ) Distributions of capital from unconsolidated homebuilding joint ventures 500 1,117 6,428 ― 8,045 Net cash paid for acquisitions ― ― (44,477 ) ― (44,477 ) Loan to parent and subsidiaries ― ― 12,596 (12,596 ) ― Other investing activities (1,283 ) (979 ) (7,531 ) ― (9,793 ) Net cash provided by (used in) investing activities (920 ) 79 (57,790 ) (12,596 ) (71,227 ) Cash Flows From Financing Activities: Change in restricted cash ― ― (3,711 ) ― (3,711 ) Borrowings from revolving credit facility 264,450 ― ― ― 264,450 Principal payments on revolving credit facility (264,450 ) ― ― ― (264,450 ) Principal payments on secured project debt and other notes payable ― ― (615 ) ― (615 ) Principal payment on senior notes payable (230,000 ) ― ― ― (230,000 ) Proceeds from the issuance of senior notes payable 579,125 ― ― ― 579,125 Payment of debt issuance costs (4,595 ) ― ― ― (4,595 ) Loan from subsidiary (12,596 ) ― ― 12,596 ― Net proceeds from (payments on) mortgage credit facility ― ― (97,599 ) ― (97,599 ) (Contributions to) distributions from Corporate and subsidiaries 1,210 ― (1,210 ) ― ― Repurchases of common stock (150,014 ) ― ― ― (150,014 ) Common stock dividend payments (9,019 ) ― ― ― (9,019 ) Issuance of common stock under employee stock plans, net of tax withholdings (5,303 ) ― ― ― (5,303 ) Other financing activities ― ― (67 ) ― (67 ) Intercompany advances, net (71,048 ) (17,474 ) 88,522 ― ― Net cash provided by (used in) financing activities 97,760 (17,474 ) (14,680 ) 12,596 78,202 Net increase (decrease) in cash and equivalents (64,180 ) (7,043 ) 78,790 ― 7,567 Cash and equivalents at beginning of period 105,261 38,211 64,655 ― 208,127 Cash and equivalents at end of period $ 41,081 $ 31,168 $ 143,445 $ ― $ 215,694 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 facility ― ― (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 |
Note 3 - Segment Reporting (Tab
Note 3 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (Dollars in thousands) Homebuilding revenues: North $ 331,071 $ 241,274 $ 565,847 $ 427,829 Southeast 429,269 386,836 780,372 664,318 Southwest 406,636 433,603 742,851 776,637 West 454,138 516,649 869,743 895,261 Total homebuilding revenues $ 1,621,114 $ 1,578,362 $ 2,958,813 $ 2,764,045 Homebuilding pretax income (1): North $ 29,732 $ 17,980 $ 48,597 $ 27,550 Southeast 31,885 31,772 55,601 52,822 Southwest 38,932 46,907 69,109 73,833 West 47,083 74,812 96,612 125,534 Total homebuilding pretax income $ 147,632 $ 171,471 $ 269,919 $ 279,739 Homebuilding income (loss) from unconsolidated joint ventures: North $ 155 $ 67 $ 447 $ 374 Southeast ― (19 ) ― 437 Southwest 154 257 263 824 West 137 (82 ) 3,624 (223 ) Total homebuilding income (loss) from unconsolidated joint ventures $ 446 $ 223 $ 4,334 $ 1,412 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, December 31, 2017 2016 (Dollars in thousands) Homebuilding assets: North $ 1,279,502 $ 1,181,544 Southeast 2,342,138 2,253,289 Southwest 1,839,474 1,842,869 West 2,537,127 2,500,163 Corporate 600,776 578,780 Total homebuilding assets $ 8,599,017 $ 8,356,645 Homebuilding investments in unconsolidated joint ventures: North $ 5,726 $ 5,691 Southeast 162 334 Southwest 5,393 6,085 West 114,487 115,017 Total homebuilding investments in unconsolidated joint ventures $ 125,768 $ 127,127 |
Note 4 - Earnings Per Common 28
Note 4 - Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (Dollars in thousands, except per share amounts) Numerator: Net income $ 98,994 $ 112,760 $ 181,614 $ 185,421 Less: Net income allocated to unvested restricted stock (408 ) (251 ) (705 ) (350 ) Net income available to common stockholders for basic earnings per common share 98,586 112,509 180,909 185,071 Effect of dilutive securities: Interest on 1.625% convertible senior notes due 2018 94 91 468 453 Interest on 0.25% convertible senior notes due 2019 85 82 423 410 Interest on 1.25% convertible senior notes due 2032 64 62 320 310 Net income available to common stock for diluted earnings per share $ 98,829 $ 112,744 $ 182,120 $ 186,244 Denominator: Weighted average basic common shares outstanding 113,689,435 118,419,937 114,086,136 119,617,438 Effect of dilutive securities: Share-based awards 821,628 583,264 868,491 575,516 1.625% convertible senior notes due 2018 7,171,943 7,163,865 7,171,943 7,163,865 0.25% convertible senior notes due 2019 3,641,157 3,637,091 3,641,157 3,637,091 1.25% convertible senior notes due 2032 6,312,249 6,283,989 6,312,249 6,283,989 Weighted average diluted shares outstanding 131,636,412 136,088,146 132,079,976 137,277,899 Income per common share: Basic $ 0.87 $ 0.95 $ 1.59 $ 1.55 Diluted $ 0.75 $ 0.83 $ 1.38 $ 1.36 |
Note 7 - Marketable Securitie29
Note 7 - Marketable Securities, Available-for-sale (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | June 30, 2017 December 31, 2016 Amortized Cost Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Losses Estimated Fair Value (Dollars in thousands) Type of security: Municipal bond and metropolitan district securities $ 24,994 $ (465 ) $ 24,529 $ 18,563 $ (465 ) $ 18,098 |
Available-for-sale Securities [Table Text Block] | June 30, 2017 (Dollars in thousands) Contractual maturity: Maturing in one year or less $ ― Maturing after three years 24,529 Total marketable securities, available-for-sale $ 24,529 |
Note 8 - Inventories (Tables)
Note 8 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Inventories Owned [Table Text Block] | June 30, 2017 North Southeast Southwest West Total (Dollars in thousands) Land and land under development (1) $ 356,324 $ 1,079,342 $ 434,607 $ 1,286,105 $ 3,156,378 Homes completed and under construction 514,386 789,607 890,181 847,383 3,041,557 Model homes 59,446 130,048 113,436 154,125 457,055 Total inventories owned $ 930,156 $ 1,998,997 $ 1,438,224 $ 2,287,613 $ 6,654,990 December 31, 2016 North Southeast Southwest West Total (Dollars in thousands) Land and land under development (1) $ 445,245 $ 1,177,646 $ 594,585 $ 1,410,264 $ 3,627,740 Homes completed and under construction 327,421 585,938 710,509 680,241 2,304,109 Model homes 79,306 132,968 116,575 178,094 506,943 Total inventories owned $ 851,972 $ 1,896,552 $ 1,421,669 $ 2,268,599 $ 6,438,792 |
Note 9 - Capitalization of In31
Note 9 - Capitalization of Interest (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Capitalized Interest [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (Dollars in thousands) Total interest incurred (1) $ 52,168 $ 55,610 $ 103,873 $ 118,335 Less: Interest capitalized to inventories owned (1) (51,338 ) (54,564 ) (102,213 ) (116,409 ) Less: Interest capitalized to investments in unconsolidated joint ventures (830 ) (1,046 ) (1,660 ) (1,926 ) Interest expense $ ― $ ― $ ― $ ― Interest previously capitalized to inventories owned, included in cost of home sales $ 52,347 $ 40,528 $ 91,775 $ 70,731 Interest previously capitalized to inventories owned, included in cost of land sales $ ― $ 1,302 $ ― $ 1,481 Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures $ 8 $ ― $ 8 $ ― Interest capitalized in ending inventories owned (2) $ 376,638 $ 350,210 $ 376,638 $ 350,210 Interest capitalized as a percentage of inventories owned 5.7 % 5.5 % 5.7 % 5.5 % Interest capitalized in ending investments in unconsolidated joint ventures (2) $ 4,515 $ 4,313 $ 4,515 $ 4,313 Interest capitalized as a percentage of investments in unconsolidated joint ventures 3.6 % 2.9 % 3.6 % 2.9 % |
Note 11 - Warranty Costs (Table
Note 11 - Warranty Costs (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Six Months Ended June 30, 2017 2016 (Dollars in thousands) Warranty accrual, beginning of the period $ 43,932 $ 40,691 Warranty costs accrued during the period 10,699 10,823 Warranty costs paid during the period (11,986 ) (9,941 ) Warranty accrual, end of the period $ 42,645 $ 41,573 |
Note 14 - Senior Notes Payable
Note 14 - Senior Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 30, December 31, 2017 2016 (Dollars in thousands) 8.4% Senior Notes due May 2017 $ ― $ 235,175 8.375% Senior Notes due May 2018 574,695 574,501 1.625% Convertible Senior Notes due May 2018 221,916 220,236 0.25% Convertible Senior notes due June 2019 256,616 253,777 6.625% Senior Notes due May 2020 316,923 319,909 8.375% Senior Notes due January 2021 395,804 395,246 6.25% Senior Notes due December 2021 297,861 297,623 5.375% Senior Notes due October 2022 249,297 249,230 5.875% Senior Notes due November 2024 426,633 296,982 5.25% Senior Notes due June 2026 395,204 297,483 5.00% Senior Notes due June 2027 347,419 ― 1.25% Convertible Senior Notes due August 2032 252,864 252,046 $ 3,735,232 $ 3,392,208 |
Note 16 - Disclosures About F34
Note 16 - Disclosures About Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value at Description Fair Value Hierarchy June 30, 2017 December 31, 2016 (Dollars in thousands) Marketable securities, available-for-sale Municipal debt securities Level 2 $ 9,387 $ 9,387 Metropolitan district bond securities Level 3 $ 15,142 $ 8,711 Mortgage loans held for sale Level 2 $ 158,804 $ 265,542 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | June 30, 2017 December 31, 2016 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 $ 25,613 $ 25,613 $ 24,924 $ 24,924 Homebuilding liabilities: Senior and convertible senior notes payable, net Level 2 $ 3,735,232 $ 4,014,703 $ 3,392,208 $ 3,617,838 |
Note 19 - Supplemental Disclo35
Note 19 - Supplemental Disclosures to Consolidated Statements of Cash Flows (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Six Months Ended June 30, 2017 2016 (Dollars in thousands) Supplemental Disclosures of Cash Flow Information: Cash paid during the period for: Income taxes $ 116,638 $ 84,335 |
Note 20 - Supplemental Guaran36
Note 20 - Supplemental Guarantor Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Supplemental Condensed Consolidating Statements of Operations [Table Text Block] | Three Months Ended June 30, 2017 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Homebuilding: Revenues $ 731,311 $ 662,781 $ 227,022 $ ― $ 1,621,114 Cost of sales (592,162 ) (531,235 ) (173,859 ) ― (1,297,256 ) Gross margin 139,149 131,546 53,163 ― 323,858 Selling, general and administrative expenses (70,729 ) (83,694 ) (19,574 ) ― (173,997 ) Income (loss) from unconsolidated joint ventures 351 165 (70 ) ― 446 Equity income of subsidiaries 58,400 ― ― (58,400 ) ― Interest income (expense), net 720 (525 ) (195 ) ― ― Other income (expense) (3,911 ) (228 ) 1,464 ― (2,675 ) Homebuilding pretax income 123,980 47,264 34,788 (58,400 ) 147,632 Financial Services: Financial services pretax income ― ― 8,616 ― 8,616 Income before taxes 123,980 47,264 43,404 (58,400 ) 156,248 Provision for income taxes (24,986 ) (21,900 ) (10,368 ) ― (57,254 ) Net income $ 98,994 $ 25,364 $ 33,036 $ (58,400 ) $ 98,994 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 Six Months Ended June 30, 2017 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) Homebuilding: Revenues $ 1,308,579 $ 1,203,305 $ 446,929 $ ― $ 2,958,813 Cost of sales (1,063,459 ) (962,787 ) (333,865 ) ― (2,360,111 ) Gross margin 245,120 240,518 113,064 ― 598,702 Selling, general and administrative expenses (135,437 ) (157,085 ) (37,751 ) ― (330,273 ) Income (loss) from unconsolidated joint ventures 1,025 298 3,011 ― 4,334 Equity income of subsidiaries 115,997 ― ― (115,997 ) ― Interest income (expense), net 1,594 (1,205 ) (389 ) ― ― Other income (expense) (5,898 ) (256 ) 3,310 ― (2,844 ) Homebuilding pretax income 222,401 82,270 81,245 (115,997 ) 269,919 Financial Services: Financial services pretax income ― ― 16,197 ― 16,197 Income before taxes 222,401 82,270 97,442 (115,997 ) 286,116 Provision for income taxes (40,787 ) (38,623 ) (25,092 ) ― (104,502 ) Net income $ 181,614 $ 43,647 $ 72,350 $ (115,997 ) $ 181,614 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 |
Supplemental Condensed Consolidating Balance Sheets [Table Text Block] | June 30, 2017 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) ASSETS Homebuilding: Cash and equivalents $ 41,081 $ 31,168 $ 95,584 $ ― $ 167,833 Restricted cash ― ― 32,367 ― 32,367 Intercompany receivables 2,118,245 ― 320,924 (2,439,169 ) ― Inventories: Owned 2,970,751 2,278,861 1,405,378 ― 6,654,990 Not owned 42,190 32,927 11,501 ― 86,618 Investments in unconsolidated joint ventures 4,889 4,228 116,651 ― 125,768 Investments in subsidiaries 2,069,205 ― ― (2,069,205 ) ― Deferred income taxes, net 319,114 ― ― (6,643 ) 312,471 Goodwill 970,185 ― 15,000 ― 985,185 Other assets 171,854 41,231 20,700 ― 233,785 Total Homebuilding Assets 8,707,514 2,388,415 2,018,105 (4,515,017 ) 8,599,017 Financial Services: Cash and equivalents ― ― 47,861 ― 47,861 Restricted cash ― ― 21,375 ― 21,375 Mortgage loans held for sale, net ― ― 155,180 ― 155,180 Mortgage loans held for investment, net ― ― 25,613 ― 25,613 Other assets ― ― 19,551 (1,801 ) 17,750 Total Financial Services Assets ― ― 269,580 (1,801 ) 267,779 Total Assets $ 8,707,514 $ 2,388,415 $ 2,287,685 $ (4,516,818 ) $ 8,866,796 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 67,733 $ 58,565 $ 20,085 $ ― $ 146,383 Accrued liabilities and intercompany payables 323,820 1,276,865 1,068,572 (2,126,689 ) 542,568 Secured project debt and other notes payable 345,023 ― 2,942 (320,924 ) 27,041 Senior notes payable 3,735,232 ― ― ― 3,735,232 Total Homebuilding Liabilities 4,471,808 1,335,430 1,091,599 (2,447,613 ) 4,451,224 Financial Services: Accounts payable and other liabilities ― ― 19,374 ― 19,374 Mortgage credit facility ― ― 149,828 ― 149,828 Total Financial Services Liabilities ― ― 169,202 ― 169,202 Total Liabilities 4,471,808 1,335,430 1,260,801 (2,447,613 ) 4,620,426 Equity: Total Stockholders' Equity 4,235,706 1,052,985 1,016,220 (2,069,205 ) 4,235,706 Noncontrolling interest ― ― 10,664 ― 10,664 Total Equity 4,235,706 1,052,985 1,026,884 (2,069,205 ) 4,246,370 Total Liabilities and Equity $ 8,707,514 $ 2,388,415 $ 2,287,685 $ (4, 516,818 ) $ 8,866,796 December 31, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic Group, Inc. (Dollars in thousands) ASSETS Homebuilding: Cash and equivalents $ 105,261 $ 38,211 $ 47,614 $ ― $ 191,086 Restricted cash ― ― 28,321 ― 28,321 Intercompany receivables 2,045,773 ― 334,926 (2,380,699 ) ― Inventories: Owned 2,825,234 2,277,840 1,335,718 ― 6,438,792 Not owned 30,953 32,596 2,718 ― 66,267 Investments in unconsolidated joint ventures 4,469 4,923 117,735 ― 127,127 Investments in subsidiaries 1,954,418 ― ― (1,954,418 ) ― Deferred income taxes, net 337,021 ― ― (6,643 ) 330,378 Goodwill 970,185 ― ― ― 970,185 Other assets 165,214 36,725 2,550 ― 204,489 Total Homebuilding Assets 8,438,528 2,390,295 1,869,582 (4,341,760 ) 8,356,645 Financial Services: Cash and equivalents ― ― 17,041 ― 17,041 Restricted cash ― ― 21,710 ― 21,710 Mortgage loans held for sale, net ― ― 262,058 ― 262,058 Mortgage loans held for investment, net ― ― 24,924 ― 24,924 Other assets ― ― 28,467 (1,801 ) 26,666 Total Financial Services Assets ― ― 354,200 (1,801 ) 352,399 Total Assets $ 8,438,528 $ 2,390,295 $ 2,223,782 $ (4,343,561 ) $ 8,709,044 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 92,611 $ 78,729 $ 40,440 $ ― $ 211,780 Accrued liabilities and intercompany payables 387,098 1,302,228 964,796 (2,054,217 ) 599,905 Secured project debt and other notes payable 359,025 ― 3,480 (334,926 ) 27,579 Senior notes payable 3,392,208 ― ― ― 3,392,208 Total Homebuilding Liabilities 4,230,942 1,380,957 1,008,716 (2,389,143 ) 4,231,472 Financial Services: Accounts payable and other liabilities ― ― 22,559 ― 22,559 Mortgage credit facility ― ― 247,427 ― 247,427 Total Financial Services Liabilities ― ― 269,986 ― 269,986 Total Liabilities 4,230,942 1,380,957 1,278,702 (2,389,143 ) 4,501,458 Equity: Total Equity 4,207,586 1,009,338 945,080 (1,954,418 ) 4,207,586 Total Liabilities and Equity $ 8,438,528 $ 2,390,295 $ 2,223,782 $ (4,343,561 ) $ 8,709,044 |
Supplemental Condensed Consolidating Statements of Cash Flows [Table Text Block] | Six Months Ended June 30, 2017 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 $ (161,020 ) $ 10,352 $ 151,260 $ ― $ 592 Cash Flows From Investing Activities: Investments in unconsolidated homebuilding joint ventures (137 ) (59 ) (24,806 ) ― (25,002 ) Distributions of capital from unconsolidated homebuilding joint ventures 500 1,117 6,428 ― 8,045 Net cash paid for acquisitions ― ― (44,477 ) ― (44,477 ) Loan to parent and subsidiaries ― ― 12,596 (12,596 ) ― Other investing activities (1,283 ) (979 ) (7,531 ) ― (9,793 ) Net cash provided by (used in) investing activities (920 ) 79 (57,790 ) (12,596 ) (71,227 ) Cash Flows From Financing Activities: Change in restricted cash ― ― (3,711 ) ― (3,711 ) Borrowings from revolving credit facility 264,450 ― ― ― 264,450 Principal payments on revolving credit facility (264,450 ) ― ― ― (264,450 ) Principal payments on secured project debt and other notes payable ― ― (615 ) ― (615 ) Principal payment on senior notes payable (230,000 ) ― ― ― (230,000 ) Proceeds from the issuance of senior notes payable 579,125 ― ― ― 579,125 Payment of debt issuance costs (4,595 ) ― ― ― (4,595 ) Loan from subsidiary (12,596 ) ― ― 12,596 ― Net proceeds from (payments on) mortgage credit facility ― ― (97,599 ) ― (97,599 ) (Contributions to) distributions from Corporate and subsidiaries 1,210 ― (1,210 ) ― ― Repurchases of common stock (150,014 ) ― ― ― (150,014 ) Common stock dividend payments (9,019 ) ― ― ― (9,019 ) Issuance of common stock under employee stock plans, net of tax withholdings (5,303 ) ― ― ― (5,303 ) Other financing activities ― ― (67 ) ― (67 ) Intercompany advances, net (71,048 ) (17,474 ) 88,522 ― ― Net cash provided by (used in) financing activities 97,760 (17,474 ) (14,680 ) 12,596 78,202 Net increase (decrease) in cash and equivalents (64,180 ) (7,043 ) 78,790 ― 7,567 Cash and equivalents at beginning of period 105,261 38,211 64,655 ― 208,127 Cash and equivalents at end of period $ 41,081 $ 31,168 $ 143,445 $ ― $ 215,694 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 facility ― ― (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 |
Note 3 - Segment Reporting (Det
Note 3 - Segment Reporting (Details Textual) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | |
Number of Operating Segments | 2 | |||
Number of Reportable Segments | 4 | |||
Homebuilding [Member] | North [Member] | ||||
Depreciation, Depletion and Amortization, Nonproduction | $ 2.2 | $ 1.5 | $ 3.6 | $ 2.7 |
Homebuilding [Member] | Southeast [Member] | ||||
Depreciation, Depletion and Amortization, Nonproduction | 4.2 | 4.2 | 7.7 | 7 |
Homebuilding [Member] | Southwest [Member] | ||||
Depreciation, Depletion and Amortization, Nonproduction | 3 | 3.2 | 5.5 | 5.9 |
Homebuilding [Member] | West [Member] | ||||
Depreciation, Depletion and Amortization, Nonproduction | $ 5.5 | $ 6.5 | $ 10.8 | $ 11.8 |
Note 3 - Segment Reporting - Se
Note 3 - Segment Reporting - Segment Financial Information Relating to Homebuilding Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Homebuilding revenues | $ 1,621,114 | $ 1,578,362 | $ 2,958,813 | $ 2,764,045 | |
Homebuilding pretax income | 147,632 | 171,471 | 269,919 | 279,739 | |
Homebuilding income (loss) from unconsolidated joint ventures | 446 | 223 | 4,334 | 1,412 | |
Homebuilding [Member] | |||||
Homebuilding revenues | 1,621,114 | 1,578,362 | 2,958,813 | 2,764,045 | |
Homebuilding pretax income | [1] | 147,632 | 171,471 | 269,919 | 279,739 |
Homebuilding income (loss) from unconsolidated joint ventures | 446 | 223 | 4,334 | 1,412 | |
Homebuilding [Member] | North [Member] | |||||
Homebuilding revenues | 331,071 | 241,274 | 565,847 | 427,829 | |
Homebuilding pretax income | [1] | 29,732 | 17,980 | 48,597 | 27,550 |
Homebuilding income (loss) from unconsolidated joint ventures | 155 | 67 | 447 | 374 | |
Homebuilding [Member] | Southeast [Member] | |||||
Homebuilding revenues | 429,269 | 386,836 | 780,372 | 664,318 | |
Homebuilding pretax income | [1] | 31,885 | 31,772 | 55,601 | 52,822 |
Homebuilding income (loss) from unconsolidated joint ventures | (19) | 437 | |||
Homebuilding [Member] | Southwest [Member] | |||||
Homebuilding revenues | 406,636 | 433,603 | 742,851 | 776,637 | |
Homebuilding pretax income | [1] | 38,932 | 46,907 | 69,109 | 73,833 |
Homebuilding income (loss) from unconsolidated joint ventures | 154 | 257 | 263 | 824 | |
Homebuilding [Member] | West [Member] | |||||
Homebuilding revenues | 454,138 | 516,649 | 869,743 | 895,261 | |
Homebuilding pretax income | [1] | 47,083 | 74,812 | 96,612 | 125,534 |
Homebuilding income (loss) from unconsolidated joint ventures | $ 137 | $ (82) | $ 3,624 | $ (223) | |
[1] | Homebuilding pretax income includes depreciation and amortization expense of $2.2 million, $4.2 million, $3.0 million and $5.5 million, respectively, in the North, Southeast, Southwest and West for the quarter ended June 30, 2017 and $1.5 million, $4.2 million, $3.2 million and $6.5 million, respectively, in the North, Southeast, Southwest and West for the quarter ended June 30, 2016. Homebuilding pretax income includes depreciation and amortization expense of $3.6 million, $7.7 million, $5.5 million and $10.8 million, respectively, in the North, Southeast, Southwest and West for the six months ended June 30, 2017 and $2.7 million, $7.0 million, $5.9 million and $11.8 million, respectively, in the North, Southeast, Southwest and West for the six months ended June 30, 2016. |
Note 3 - Segment Reporting - 39
Note 3 - Segment Reporting - Segment Financial Information Relating to Homebuilding Assets and Investments in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | $ 8,866,796 | $ 8,709,044 |
Homebuilding [Member] | ||
Assets | 8,599,017 | 8,356,645 |
Homebuilding investments in unconsolidated joint ventures | 125,768 | 127,127 |
Homebuilding [Member] | Corporate, Non-Segment [Member] | ||
Assets | 600,776 | 578,780 |
Homebuilding [Member] | North [Member] | ||
Assets | 1,279,502 | 1,181,544 |
Homebuilding investments in unconsolidated joint ventures | 5,726 | 5,691 |
Homebuilding [Member] | Southeast [Member] | ||
Assets | 2,342,138 | 2,253,289 |
Homebuilding investments in unconsolidated joint ventures | 162 | 334 |
Homebuilding [Member] | Southwest [Member] | ||
Assets | 1,839,474 | 1,842,869 |
Homebuilding investments in unconsolidated joint ventures | 5,393 | 6,085 |
Homebuilding [Member] | West [Member] | ||
Assets | 2,537,127 | 2,500,163 |
Homebuilding investments in unconsolidated joint ventures | $ 114,487 | $ 115,017 |
Note 4 - Earnings Per Common 40
Note 4 - Earnings Per Common Share - 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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net income | $ 98,994 | $ 112,760 | $ 181,614 | $ 185,421 |
Less: Net income allocated to unvested restricted stock | (408) | (251) | (705) | (350) |
Net income available to common stockholders for basic earnings per common share | 98,586 | 112,509 | 180,909 | 185,071 |
Net income available to common stock for diluted earnings per share | $ 98,829 | $ 112,744 | $ 182,120 | $ 186,244 |
Basic (in shares) | 113,689,435 | 118,419,937 | 114,086,136 | 119,617,438 |
Effect of dilutive securities: | ||||
Share-based awards (in shares) | 821,628 | 583,264 | 868,491 | 575,516 |
Weighted average diluted shares outstanding (in shares) | 131,636,412 | 136,088,146 | 132,079,976 | 137,277,899 |
Income Per Common Share: | ||||
Basic (in dollars per share) | $ 0.87 | $ 0.95 | $ 1.59 | $ 1.55 |
Diluted (in dollars per share) | $ 0.75 | $ 0.83 | $ 1.38 | $ 1.36 |
1.625% Convertible Senior Notes due May 2018 [Member] | ||||
Interest on convertible senior notes | $ 94 | $ 91 | $ 468 | $ 453 |
Effect of dilutive securities: | ||||
Interest on convertible senior notes (in shares) | 7,171,943 | 7,163,865 | 7,171,943 | 7,163,865 |
0.25% Convertible Senior Notes Due June 2019 [Member] | ||||
Interest on convertible senior notes | $ 85 | $ 82 | $ 423 | $ 410 |
Effect of dilutive securities: | ||||
Interest on convertible senior notes (in shares) | 3,641,157 | 3,637,091 | 3,641,157 | 3,637,091 |
1.25% Convertible Senior Notes Due August 2032 [Member] | ||||
Interest on convertible senior notes | $ 64 | $ 62 | $ 320 | $ 310 |
Effect of dilutive securities: | ||||
Interest on convertible senior notes (in shares) | 6,312,249 | 6,283,989 | 6,312,249 | 6,283,989 |
Note 4 - Earnings Per Common 41
Note 4 - Earnings Per Common Share - Components Used in Computation of Basic and Diluted Earnings Per Common Share (Details) (Parentheticals) | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2016 |
1.625% Convertible Senior Notes due May 2018 [Member] | |||
Interest rate | 1.625% | 1.625% | 1.625% |
0.25% Convertible Senior Notes Due June 2019 [Member] | |||
Interest rate | 0.25% | 0.25% | |
1.25% Convertible Senior Notes Due August 2032 [Member] | |||
Interest rate | 1.25% | 1.25% |
Note 5 - Stock-based Compensa42
Note 5 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Allocated Share-based Compensation Expense | $ 4.9 | $ 3.7 | $ 9.2 | $ 7.5 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 36.6 | $ 36.6 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 36 days |
Note 6 - Cash and Equivalents43
Note 6 - Cash and Equivalents and Restricted Cash (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Cash and Cash Equivalents, at Carrying Value | $ 215,694 | $ 208,127 | $ 287,870 | $ 186,594 |
Homebuilding [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 167,833 | 191,086 | ||
Restricted Cash and Cash Equivalents | 32,367 | 28,321 | ||
Financial Services [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 47,861 | 17,041 | ||
Restricted Cash and Cash Equivalents | 21,375 | $ 21,710 | ||
Cash From Home Closings in Escrow [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 80,600 | |||
Held in Cash Collateral Accounts [Member] | Homebuilding [Member] | ||||
Restricted Cash and Cash Equivalents | 32,400 | |||
Held in Cash Collateral Accounts [Member] | Financial Services [Member] | ||||
Restricted Cash and Cash Equivalents | 17,700 | |||
Financial Service Subsidiary Mortgage Credit Facilities [Member] | Financial Services [Member] | ||||
Restricted Cash and Cash Equivalents | 3,000 | |||
Funds Held in Trust for Third Parties [Member] | Financial Services [Member] | ||||
Restricted Cash and Cash Equivalents | $ 700 |
Note 7 - Marketable Securitie44
Note 7 - Marketable Securities, Available-for-sale (Details Textual) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 172,000 |
Available-for-sale Securities [Member] | |
Realized Investment Gains (Losses) | $ 173,000 |
Note 7 - Marketable Securitie45
Note 7 - Marketable Securities, Available-for-sale - Fair Values of Marketable Securities by Type of Security (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Gross unrealized losses | $ (172,000) | |
Marketable securities, available-for-sale | 24,529,000 | |
Municipal Bond and Metropolitan District Securities [Member] | ||
Amortized cost | 24,994,000 | $ 18,563,000 |
Gross unrealized losses | (465,000) | (465,000) |
Marketable securities, available-for-sale | $ 24,529,000 | $ 18,098,000 |
Note 7 - Marketable Securitie46
Note 7 - Marketable Securities, Available-for-sale - Fair Values of Marketable Securities by Contractual Maturity (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Maturing in one year or less | $ 0 |
Maturing after three years | 24,529 |
Total marketable securities, available-for-sale | $ 24,529 |
Note 8 - Inventories (Details T
Note 8 - Inventories (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016 | Dec. 31, 2016USD ($) | |
Inventory, Real Estate, Land and Land Development Costs, Land Purchased During Period | $ 427,700 | $ 960,800 | |||
Inventory, Real Estate, Number of Homesites Purchased During the Period | 6,651 | 13,566 | |||
Number of Active and Future Projects Owned | 870 | 876 | |||
Impairment of Real Estate | $ 0 | $ 0 | |||
Homebuilding Operations from Seattle-based Developer [Member] | |||||
Goodwill | 15,000 | $ 15,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | $ 100 | 100 | |||
Business Combination, Number of Current and Future Communities Acquired | 19 | ||||
Business Combination, Consideration Transferred | $ 44,500 | ||||
Homebuilding Operations from Seattle-based Developer [Member] | Inventory Owned [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 25,700 | 25,700 | |||
Homebuilding Operations from Seattle-based Developer [Member] | Inventory Not Owned [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $ 3,900 | $ 3,900 | |||
Homebuilding: North [Member] | |||||
Inventory, Real Estate, Land Purchased During Period, Percentage of Homesites Included in a Certain Category | 33.00% | 25.00% | |||
Homebuilding Southeast [Member] | |||||
Inventory, Real Estate, Land Purchased During Period, Percentage of Homesites Included in a Certain Category | 30.00% | 25.00% | |||
Homebuilding Southwest [Member] | |||||
Inventory, Real Estate, Land Purchased During Period, Percentage of Homesites Included in a Certain Category | 17.00% | 24.00% | |||
Homebuilding: West [Member] | |||||
Inventory, Real Estate, Land Purchased During Period, Percentage of Homesites Included in a Certain Category | 20.00% | 26.00% |
Note 8 - Inventories - Inventor
Note 8 - Inventories - Inventories Owned (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Model homes | $ 457,055 | $ 506,943 | |
Total inventories owned | 6,654,990 | 6,438,792 | |
Land and land under development | [1] | 3,156,378 | 3,627,740 |
Homes completed and under construction | 3,041,557 | 2,304,109 | |
Homebuilding: North [Member] | |||
Model homes | 59,446 | 79,306 | |
Total inventories owned | 930,156 | 851,972 | |
Land and land under development | [1] | 356,324 | 445,245 |
Homes completed and under construction | 514,386 | 327,421 | |
Homebuilding Southeast [Member] | |||
Model homes | 130,048 | 132,968 | |
Total inventories owned | 1,998,997 | 1,896,552 | |
Land and land under development | [1] | 1,079,342 | 1,177,646 |
Homes completed and under construction | 789,607 | 585,938 | |
Homebuilding Southwest [Member] | |||
Model homes | 113,436 | 116,575 | |
Total inventories owned | 1,438,224 | 1,421,669 | |
Land and land under development | [1] | 434,607 | 594,585 |
Homes completed and under construction | 890,181 | 710,509 | |
Homebuilding: West [Member] | |||
Model homes | 154,125 | 178,094 | |
Total inventories owned | 2,287,613 | 2,268,599 | |
Land and land under development | [1] | 1,286,105 | 1,410,264 |
Homes completed and under construction | $ 847,383 | $ 680,241 | |
[1] | During the six months ended June 30, 2017, we purchased $427.7 million of land (6,651 homesites), of which 33% (based on homesites) were located in the North, 30% in the Southeast, 17% in the Southwest, and 20% in the West. During the year ended December 31, 2016, we purchased $960.8 million of land (13,566 homesites), of which 25% (based on homesites) were located in the North, 25% in the Southeast, 24% in the Southwest, and 26% in the West. |
Note 9 - Capitalization of In49
Note 9 - Capitalization of Interest (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | |
Capitalized Interest Transferred from Investments in Unconsolidated Joint Ventures to Inventories Owned | $ 0 | $ 500,000 | ||
1.625% Convertible Senior Notes due May 2018 [Member] | ||||
Debt Instrument, Increase (Decrease) In Interest Incurred, Net of Interest Capitalized, Valuation of Business Combination | $ 9,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.625% | 1.625% | 1.625% | 1.625% |
Note 9 - Capitalization of In50
Note 9 - Capitalization of Interest - Homebuilding Capitalized Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Total interest incurred | [1] | $ 52,168 | $ 55,610 | $ 103,873 | $ 118,335 |
Less: Interest capitalized to inventories owned | [1] | (51,338) | (54,564) | (102,213) | (116,409) |
Less: Interest capitalized to investments in unconsolidated joint ventures | (830) | (1,046) | (1,660) | (1,926) | |
Interest expense | |||||
Interest previously capitalized to inventories owned, included in cost of home sales | 52,347 | 40,528 | 91,775 | 70,731 | |
Interest previously capitalized to inventories owned, included in cost of land sales | 1,302 | 1,481 | |||
Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures | 8 | 8 | |||
Interest capitalized in ending inventories owned | [2] | $ 376,638 | $ 350,210 | $ 376,638 | $ 350,210 |
Interest capitalized as a percentage of inventories owned | 5.70% | 5.50% | 5.70% | 5.50% | |
Interest capitalized in ending investments in unconsolidated joint ventures | [2] | $ 4,515 | $ 4,313 | $ 4,515 | $ 4,313 |
Interest capitalized as a percentage of investments in unconsolidated joint ventures | 3.60% | 2.90% | 3.60% | 2.90% | |
[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. | ||||
[2] | During the three and six months ended June 30, 2017, in connection with lot purchases from our joint ventures, $0 and $0.5 million, respectively, of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned. |
Note 10 - Investments in Unco51
Note 10 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Asset Impairment Charges | $ 0 | $ 0 | |
Stockholders' Equity Attributable to Noncontrolling Interest | $ 10,664 |
Note 11 - Warranty Costs - Warr
Note 11 - Warranty Costs - Warranty Costs Accrual (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Warranty accrual | $ 43,932 | $ 40,691 |
Warranty costs accrued during the period | 10,699 | 10,823 |
Warranty costs paid during the period | (11,986) | (9,941) |
Warranty accrual | $ 42,645 | $ 41,573 |
Note 12 - Revolving Credit Fa53
Note 12 - Revolving Credit Facility and Letter of Credit Facilities (Details Textual) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Cash Collateral Deposits | $ 26,400,000 |
Four Committed Letter of Credit [Member] | |
Letters of Credit Outstanding, Amount | $ 25,900,000 |
London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 1.23% |
Prime Rate [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 4.25% |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 0.75% |
Unsecured Revolving Credit Facility [Member] | |
Line of Credit Facility, Current Borrowing Capacity | $ 750,000,000 |
Line of Credit Facility Covenant, Minimum Tangible Net Worth Requirement | $ 1.65 |
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 | 94,700,000 |
Line of Credit Facility, Remaining Borrowing Capacity | 655,300,000 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,200,000,000 |
Unsecured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.75% |
Letter of Credit [Member] | |
Line of Credit Facility, Current Borrowing Capacity | $ 350,000,000 |
Letter of Credit [Member] | Four Committed Letter of Credit [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 48,000,000 |
Note 13 - Secured Project Deb54
Note 13 - Secured Project Debt and Other Notes Payable (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Homebuilding [Member] | ||
Secured Debt | $ 27,041 | $ 27,579 |
Note 14 - Senior Notes Payabl55
Note 14 - Senior Notes Payable (Details Textual) - USD ($) | 1 Months Ended | 6 Months Ended | |||
May 31, 2017 | Apr. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | |
Proceeds from Issuance of Senior Long-term Debt | $ 225,000,000 | $ 579,125,000 | $ 300,000,000 | ||
Repayments of Senior Debt | $ 230,000,000 | ||||
1.625% Convertible Senior Notes due May 2018 [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.625% | 1.625% | 1.625% | ||
Debt Instrument, Convertible, Conversion Ratio | 31.8753 | ||||
Debt Instrument, Convertible Principal Amount used in Conversion Rate Calculation | $ 1,000 | ||||
Debt Instrument, Convertible, Conversion Price | $ 31.37 | ||||
0.25% Convertible Senior Notes Due June 2019 [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 0.25% | 0.25% | |||
Debt Instrument, Convertible, Conversion Ratio | 13.6118 | ||||
Debt Instrument, Convertible Principal Amount used in Conversion Rate Calculation | $ 1,000 | ||||
Debt Instrument, Convertible, Conversion Price | $ 73.47 | ||||
Debt Instrument, Convertible, Threshold Trading Days | 20 | ||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | ||||
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% | |||
Debt Instrument, Convertible, Conversion Ratio | 24.9496 | ||||
Debt Instrument, Convertible Principal Amount used in Conversion Rate Calculation | $ 1,000 | ||||
Debt Instrument, Convertible, Conversion Price | $ 40.08 | ||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||
5.875% Senior Notes Due November 2024 [Member] | |||||
Proceeds from Issuance of Senior Long-term Debt | $ 125,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | ||||
5.25% Senior Notes due June 2026 [Member] | |||||
Proceeds from Issuance of Senior Long-term Debt | $ 100,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ||||
8.4% Senior Notes Due May 2017 [Member] | |||||
Repayments of Senior Debt | $ 230,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.40% | ||||
5.00% Senior Notes Due 2027 [Member] | |||||
Debt Instrument, Face Amount | $ 350,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% |
Note 14 - Senior Notes Payabl56
Note 14 - Senior Notes Payable - Senior Notes Payable (Details) - Homebuilding [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Senior notes payable | $ 3,735,232 | $ 3,392,208 |
8.4% Senior Notes Due May 2017 [Member] | ||
Senior notes payable | 235,175 | |
8.375% Senior Notes Due May 2018 [Member] | ||
Senior notes payable | 574,695 | 574,501 |
1.625% Convertible Senior Notes due May 2018 [Member] | ||
Senior notes payable | 221,916 | 220,236 |
0.25% Convertible Senior Notes Due June 2019 [Member] | ||
Senior notes payable | 256,616 | 253,777 |
6.625% Senior Notes due May 2020 [Member] | ||
Senior notes payable | 316,923 | 319,909 |
8.375% Senior Notes Due January 2021 [Member] | ||
Senior notes payable | 395,804 | 395,246 |
6.25% Senior Notes Due December 15, 2021 [Member] | ||
Senior notes payable | 297,861 | 297,623 |
5.375% Senior Notes Due October 2022 [Member] | ||
Senior notes payable | 249,297 | 249,230 |
5.875% Senior Notes Due November 2024 [Member] | ||
Senior notes payable | 426,633 | 296,982 |
5.25% Senior Notes due June 2026 [Member] | ||
Senior notes payable | 395,204 | 297,483 |
5.00% Senior Notes Due 2027 [Member] | ||
Senior notes payable | 347,419 | |
1.25% Convertible Senior Notes Due August 2032 [Member] | ||
Senior notes payable | $ 252,864 | $ 252,046 |
Note 14 - Senior Notes Payabl57
Note 14 - Senior Notes Payable - Senior Notes Payable (Details) (Parentheticals) | Jun. 30, 2017 | Apr. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 |
8.4% Senior Notes Due May 2017 [Member] | |||||
Interest rate | 8.40% | ||||
1.625% Convertible Senior Notes due May 2018 [Member] | |||||
Interest rate | 1.625% | 1.625% | 1.625% | ||
0.25% Convertible Senior Notes Due June 2019 [Member] | |||||
Interest rate | 0.25% | 0.25% | |||
5.875% Senior Notes Due November 2024 [Member] | |||||
Interest rate | 5.875% | ||||
5.25% Senior Notes due June 2026 [Member] | |||||
Interest rate | 5.25% | ||||
5.00% Senior Notes Due 2027 [Member] | |||||
Interest rate | 5.00% | ||||
1.25% Convertible Senior Notes Due August 2032 [Member] | |||||
Interest rate | 1.25% | 1.25% | |||
Homebuilding [Member] | 8.4% Senior Notes Due May 2017 [Member] | |||||
Interest rate | 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% | 5.25% | |||
Homebuilding [Member] | 5.00% Senior Notes Due 2027 [Member] | |||||
Interest rate | 5.00% | ||||
Homebuilding [Member] | 1.25% Convertible Senior Notes Due August 2032 [Member] | |||||
Interest rate | 1.25% | 1.25% |
Note 15 - Mortgage Credit Fac58
Note 15 - Mortgage Credit Facility (Details Textual) - Financial Services [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Warehouse Agreement Borrowings | $ 149,828 | $ 247,427 |
Standard Pacific [Member] | ||
Cash Collateral for Borrowed Securities | 3,000 | |
Repurchase Facility [Member] | First Lender [Member] | Maturing January 2017 [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000 |
Note 16 - Disclosures About F59
Note 16 - Disclosures About Fair Value - Fair Value of Mortgage Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Marketable securities, available-for-sale | ||
Marketable securities, available-for-sale | $ 24,529 | |
Fair Value, Inputs, Level 2 [Member] | ||
Marketable securities, available-for-sale | ||
Mortgage loans held for sale | 158,804 | $ 265,542 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Marketable securities, available-for-sale | ||
Marketable securities, available-for-sale | 9,387 | 9,387 |
Fair Value, Inputs, Level 3 [Member] | Metropolitan District Bond Securities [Member] | ||
Marketable securities, available-for-sale | ||
Marketable securities, available-for-sale | $ 15,142 | $ 8,711 |
Note 16 - Disclosures About F60
Note 16 - Disclosures About Fair Value - Carrying Values and Estimated Fair Value of Other Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financial Services [Member] | ||
Mortgage loans held for investment, net | $ 25,613 | $ 24,924 |
Homebuilding [Member] | ||
Fair value of mortgage loans held for investment, net | 3,735,232 | 3,392,208 |
Fair Value, Inputs, Level 2 [Member] | Financial Services [Member] | ||
Mortgage loans held for investment, net | 25,613 | 24,924 |
Fair value of mortgage loans held for investment, net | 25,613 | 24,924 |
Fair Value, Inputs, Level 2 [Member] | Homebuilding [Member] | ||
Senior and convertible senior notes payable, net | 3,735,232 | 3,392,208 |
Senior and convertible senior notes payable, net | $ 4,014,703 | $ 3,617,838 |
Note 17 - Commitments and Con61
Note 17 - Commitments and Contingencies (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Nonrefundable Cash Deposits | $ 76,900,000 | ||
Capitalized Preacquisition and Other Development and Construction Costs | 31,900,000 | ||
Remaining Purchase Price of Land Purchase and Option Contracts | $ 1,058,300,000 | ||
Number of Joint Ventures the Company Holds Membership Interest In | 27 | ||
Number of Active Joint Ventures | 13 | ||
Number of Inactive Joint Ventures | 14 | ||
Number of Joint Ventures Having Project Specific Non-recourse Debt to the Company | 2 | ||
Equity Method Investment, Summarized Financial Information, Non-recourse Debt | $ 30,200,000 | ||
Outstanding Joint Venture Surety Bonds | 0 | ||
Outstanding Surety Bonds | 947,500,000 | ||
Surety Bonds Cost to Complete | 500,300,000 | ||
Mortgage Loans in Process | $ 338,600,000 | ||
Mortgage Loans in Process, Interest Rate | 3.60% | ||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | $ 154,800,000 | ||
Mortgage Loans Committed to Sell to Investors | 23,400,000 | ||
Gain (Loss) on Mortgage Loan Related to Indemnification and Repurchase Allowance | 100,000 | $ 100,000 | |
Mortgage Loan Repurchase Payments | 0 | $ 100,000 | |
Insurance and Litigation Accruals | 232,800,000 | $ 233,500,000 | |
Mortgage Loan Repurchase Reserve | 3,700,000 | $ 3,700,000 | |
Mortgage Loans in Process [Member] | |||
Mortgage Loans Expected to be Originated on a Non-presold Basis | $ 315,200,000 |
Note 18 - Income Taxes (Details
Note 18 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $ 15,600 | $ 15,600 | |||
Income Tax Expense (Benefit) | 57,254 | $ 66,857 | 104,502 | $ 109,400 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 156,248 | $ 179,617 | 286,116 | $ 294,821 | |
Deferred Tax Assets, Operating Loss Carryforwards | 96,100 | 96,100 | |||
Deferred Tax Assets, Other | 198,200 | 198,200 | |||
Unrecognized Tax Benefits | 13,300 | $ 13,300 | $ 12,100 | ||
Latest Tax Year [Member] | |||||
Open Tax Year | 2,016 | ||||
Earliest Tax Year [Member] | |||||
Open Tax Year | 2,012 | ||||
State and Local Net Operating Loss Carryforwards Limited to Shorter Carryforward Periods [Member] | |||||
Deferred Tax Assets, Gross | 314,400 | $ 314,400 | |||
Deferred Tax Assets, Valuation Allowance | 1,900 | 1,900 | |||
Subject to 382 Limitations [Member] | |||||
Deferred Tax Assets, Operating Loss Carryforwards | 15,300 | 15,300 | |||
Not Limited by Section 382 [Member] | |||||
Deferred Tax Assets, Operating Loss Carryforwards | $ 4,800 | $ 4,800 |
Note 19 - Supplemental Disclo63
Note 19 - Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows - Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Supplemental Disclosures of Cash Flow Information: | ||
Income taxes | $ 116,638 | $ 84,335 |
Note 20 - Supplemental Guaran64
Note 20 - Supplemental Guarantor Information - Condensed Consolidating Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 156,248 | $ 179,617 | $ 286,116 | $ 294,821 |
Provision for income taxes | (57,254) | (66,857) | (104,502) | (109,400) |
Net income | 98,994 | 112,760 | 181,614 | 185,421 |
Homebuilding revenues | 1,621,114 | 1,578,362 | 2,958,813 | 2,764,045 |
Cost of sales | (1,297,256) | (1,237,005) | (2,360,111) | (2,175,500) |
Gross margin | 323,858 | 341,357 | 598,702 | 588,545 |
Selling, general and administrative expenses | (173,997) | (165,694) | (330,273) | (302,395) |
Homebuilding income (loss) from unconsolidated joint ventures | 446 | 223 | 4,334 | 1,412 |
Equity income of subsidiaries | ||||
Interest income (expense), net | ||||
Other income (expense) | (2,675) | (4,415) | (2,844) | (7,823) |
Homebuilding pretax income | 147,632 | 171,471 | 269,919 | 279,739 |
Financial services pretax income | 8,616 | 8,146 | 16,197 | 15,082 |
Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 123,980 | 138,212 | 222,401 | 224,636 |
Provision for income taxes | (24,986) | (25,452) | (40,787) | (39,215) |
Net income | 98,994 | 112,760 | 181,614 | 185,421 |
Homebuilding revenues | 731,311 | 648,800 | 1,308,579 | 1,110,538 |
Cost of sales | (592,162) | (516,882) | (1,063,459) | (889,723) |
Gross margin | 139,149 | 131,918 | 245,120 | 220,815 |
Selling, general and administrative expenses | (70,729) | (71,235) | (135,437) | (126,286) |
Homebuilding income (loss) from unconsolidated joint ventures | 351 | 57 | 1,025 | 746 |
Equity income of subsidiaries | 58,400 | 79,867 | 115,997 | 134,034 |
Interest income (expense), net | 720 | 1,273 | 1,594 | 2,610 |
Other income (expense) | (3,911) | (3,668) | (5,898) | (7,283) |
Homebuilding pretax income | 123,980 | 138,212 | 222,401 | 224,636 |
Financial services pretax income | ||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 47,264 | 61,956 | 82,270 | 97,930 |
Provision for income taxes | (21,900) | (26,074) | (38,623) | (43,548) |
Net income | 25,364 | 35,882 | 43,647 | 54,382 |
Homebuilding revenues | 662,781 | 676,049 | 1,203,305 | 1,210,503 |
Cost of sales | (531,235) | (535,832) | (962,787) | (965,834) |
Gross margin | 131,546 | 140,217 | 240,518 | 244,669 |
Selling, general and administrative expenses | (83,694) | (76,915) | (157,085) | (144,761) |
Homebuilding income (loss) from unconsolidated joint ventures | 165 | 256 | 298 | 400 |
Equity income of subsidiaries | ||||
Interest income (expense), net | (525) | (934) | (1,205) | (1,899) |
Other income (expense) | (228) | (668) | (256) | (479) |
Homebuilding pretax income | 47,264 | 61,956 | 82,270 | 97,930 |
Financial services pretax income | ||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 43,404 | 59,316 | 97,442 | 106,289 |
Provision for income taxes | (10,368) | (15,331) | (25,092) | (26,637) |
Net income | 33,036 | 43,985 | 72,350 | 79,652 |
Homebuilding revenues | 227,022 | 253,513 | 446,929 | 443,004 |
Cost of sales | (173,859) | (184,291) | (333,865) | (319,943) |
Gross margin | 53,163 | 69,222 | 113,064 | 123,061 |
Selling, general and administrative expenses | (19,574) | (17,544) | (37,751) | (31,348) |
Homebuilding income (loss) from unconsolidated joint ventures | (70) | (90) | 3,011 | 266 |
Equity income of subsidiaries | ||||
Interest income (expense), net | (195) | (339) | (389) | (711) |
Other income (expense) | 1,464 | (79) | 3,310 | (61) |
Homebuilding pretax income | 34,788 | 51,170 | 81,245 | 91,207 |
Financial services pretax income | 8,616 | 8,146 | 16,197 | 15,082 |
Consolidation, Eliminations [Member] | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (58,400) | (79,867) | (115,997) | (134,034) |
Provision for income taxes | ||||
Net income | (58,400) | (79,867) | (115,997) | (134,034) |
Homebuilding revenues | ||||
Cost of sales | ||||
Gross margin | ||||
Selling, general and administrative expenses | ||||
Homebuilding income (loss) from unconsolidated joint ventures | ||||
Equity income of subsidiaries | (58,400) | (79,867) | (115,997) | (134,034) |
Interest income (expense), net | ||||
Other income (expense) | ||||
Homebuilding pretax income | (58,400) | (79,867) | (115,997) | (134,034) |
Financial services pretax income |
Note 20 - Supplemental Guaran65
Note 20 - Supplemental Guarantor Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Owned | $ 6,654,990 | $ 6,438,792 | ||
Assets | 8,866,796 | 8,709,044 | ||
Total liabilities | 4,620,426 | 4,501,458 | ||
Total Stockholders' Equity | 4,235,706 | 4,207,586 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 10,664 | |||
Total Equity | 4,246,370 | 4,207,586 | ||
Total Liabilities and Equity | 8,866,796 | 8,709,044 | ||
Cash and Cash Equivalents, at Carrying Value | 215,694 | 208,127 | $ 287,870 | $ 186,594 |
Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Assets | 8,707,514 | 8,438,528 | ||
Total liabilities | 4,471,808 | 4,230,942 | ||
Total Stockholders' Equity | 4,235,706 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | ||||
Total Equity | 4,235,706 | 4,207,586 | ||
Total Liabilities and Equity | 8,707,514 | 8,438,528 | ||
Cash and Cash Equivalents, at Carrying Value | 41,081 | 105,261 | 128,263 | 6,387 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Assets | 2,388,415 | 2,390,295 | ||
Total liabilities | 1,335,430 | 1,380,957 | ||
Total Stockholders' Equity | 1,052,985 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | ||||
Total Equity | 1,052,985 | 1,009,338 | ||
Total Liabilities and Equity | 2,388,415 | 2,390,295 | ||
Cash and Cash Equivalents, at Carrying Value | 31,168 | 38,211 | 58,593 | 112,852 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Assets | 2,287,685 | 2,223,782 | ||
Total liabilities | 1,260,801 | 1,278,702 | ||
Total Stockholders' Equity | 1,016,220 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 10,664 | |||
Total Equity | 1,026,884 | 945,080 | ||
Total Liabilities and Equity | 2,287,685 | 2,223,782 | ||
Cash and Cash Equivalents, at Carrying Value | 143,445 | 64,655 | 101,014 | 67,355 |
Consolidation, Eliminations [Member] | ||||
Assets | (4,516,818) | (4,343,561) | ||
Total liabilities | (2,447,613) | (2,389,143) | ||
Total Stockholders' Equity | (2,069,205) | |||
Stockholders' Equity Attributable to Noncontrolling Interest | ||||
Total Equity | (2,069,205) | (1,954,418) | ||
Total Liabilities and Equity | (4,516,818) | (4,343,561) | ||
Cash and Cash Equivalents, at Carrying Value | ||||
Homebuilding [Member] | ||||
Intercompany receivables | ||||
Owned | 6,654,990 | 6,438,792 | ||
Not owned | 86,618 | 66,267 | ||
Homebuilding investments in unconsolidated joint ventures | 125,768 | 127,127 | ||
Investments in subsidiaries | ||||
Deferred income taxes, net | 312,471 | 330,378 | ||
Goodwill | 985,185 | 970,185 | ||
Other assets | 233,785 | 204,489 | ||
Assets | 8,599,017 | 8,356,645 | ||
Accounts payable | 146,383 | 211,780 | ||
Accrued liabilities and intercompany payables | 542,568 | 599,905 | ||
Secured Debt | 27,041 | 27,579 | ||
Senior notes payable | 3,735,232 | 3,392,208 | ||
Total liabilities | 4,451,224 | 4,231,472 | ||
Cash and Cash Equivalents, at Carrying Value | 167,833 | 191,086 | ||
Restricted Cash and Cash Equivalents | 32,367 | 28,321 | ||
Homebuilding [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Intercompany receivables | 2,118,245 | 2,045,773 | ||
Owned | 2,970,751 | 2,825,234 | ||
Not owned | 42,190 | 30,953 | ||
Homebuilding investments in unconsolidated joint ventures | 4,889 | 4,469 | ||
Investments in subsidiaries | 2,069,205 | 1,954,418 | ||
Deferred income taxes, net | 319,114 | 337,021 | ||
Goodwill | 970,185 | 970,185 | ||
Other assets | 171,854 | 165,214 | ||
Assets | 8,707,514 | 8,438,528 | ||
Accounts payable | 67,733 | 92,611 | ||
Accrued liabilities and intercompany payables | 323,820 | 387,098 | ||
Secured Debt | 345,023 | 359,025 | ||
Senior notes payable | 3,735,232 | 3,392,208 | ||
Total liabilities | 4,471,808 | 4,230,942 | ||
Cash and Cash Equivalents, at Carrying Value | 41,081 | 105,261 | ||
Restricted Cash and Cash Equivalents | ||||
Homebuilding [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Intercompany receivables | ||||
Owned | 2,278,861 | 2,277,840 | ||
Not owned | 32,927 | 32,596 | ||
Homebuilding investments in unconsolidated joint ventures | 4,228 | 4,923 | ||
Investments in subsidiaries | ||||
Deferred income taxes, net | ||||
Goodwill | ||||
Other assets | 41,231 | 36,725 | ||
Assets | 2,388,415 | 2,390,295 | ||
Accounts payable | 58,565 | 78,729 | ||
Accrued liabilities and intercompany payables | 1,276,865 | 1,302,228 | ||
Secured Debt | ||||
Senior notes payable | ||||
Total liabilities | 1,335,430 | 1,380,957 | ||
Cash and Cash Equivalents, at Carrying Value | 31,168 | 38,211 | ||
Restricted Cash and Cash Equivalents | ||||
Homebuilding [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Intercompany receivables | 320,924 | 334,926 | ||
Owned | 1,405,378 | 1,335,718 | ||
Not owned | 11,501 | 2,718 | ||
Homebuilding investments in unconsolidated joint ventures | 116,651 | 117,735 | ||
Investments in subsidiaries | ||||
Deferred income taxes, net | ||||
Goodwill | 15,000 | |||
Other assets | 20,700 | 2,550 | ||
Assets | 2,018,105 | 1,869,582 | ||
Accounts payable | 20,085 | 40,440 | ||
Accrued liabilities and intercompany payables | 1,068,572 | 964,796 | ||
Secured Debt | 2,942 | 3,480 | ||
Senior notes payable | ||||
Total liabilities | 1,091,599 | 1,008,716 | ||
Cash and Cash Equivalents, at Carrying Value | 95,584 | 47,614 | ||
Restricted Cash and Cash Equivalents | 32,367 | 28,321 | ||
Homebuilding [Member] | Consolidation, Eliminations [Member] | ||||
Intercompany receivables | (2,439,169) | (2,380,699) | ||
Owned | ||||
Not owned | ||||
Homebuilding investments in unconsolidated joint ventures | ||||
Investments in subsidiaries | (2,069,205) | (1,954,418) | ||
Deferred income taxes, net | (6,643) | (6,643) | ||
Goodwill | ||||
Other assets | ||||
Assets | (4,515,017) | (4,341,760) | ||
Accounts payable | ||||
Accrued liabilities and intercompany payables | (2,126,689) | (2,054,217) | ||
Secured Debt | (320,924) | (334,926) | ||
Senior notes payable | ||||
Total liabilities | (2,447,613) | (2,389,143) | ||
Cash and Cash Equivalents, at Carrying Value | ||||
Restricted Cash and Cash Equivalents | ||||
Financial Services [Member] | ||||
Mortgage loans held for sale, net | 155,180 | 262,058 | ||
Mortgage loans held for investment, net | 25,613 | 24,924 | ||
Other assets | 17,750 | 26,666 | ||
Assets | 267,779 | 352,399 | ||
Accounts payable and other liabilities | 19,374 | 22,559 | ||
Warehouse Agreement Borrowings | 149,828 | 247,427 | ||
Total liabilities | 169,202 | 269,986 | ||
Cash and Cash Equivalents, at Carrying Value | 47,861 | 17,041 | ||
Restricted Cash and Cash Equivalents | 21,375 | 21,710 | ||
Financial Services [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Mortgage loans held for sale, net | ||||
Mortgage loans held for investment, net | ||||
Other assets | ||||
Assets | ||||
Accounts payable and other liabilities | ||||
Warehouse Agreement Borrowings | ||||
Total liabilities | ||||
Cash and Cash Equivalents, at Carrying Value | ||||
Restricted Cash and Cash Equivalents | ||||
Financial Services [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Mortgage loans held for sale, net | ||||
Mortgage loans held for investment, net | ||||
Other assets | ||||
Assets | ||||
Accounts payable and other liabilities | ||||
Warehouse Agreement Borrowings | ||||
Total liabilities | ||||
Cash and Cash Equivalents, at Carrying Value | ||||
Restricted Cash and Cash Equivalents | ||||
Financial Services [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Mortgage loans held for sale, net | 155,180 | 262,058 | ||
Mortgage loans held for investment, net | 25,613 | 24,924 | ||
Other assets | 19,551 | 28,467 | ||
Assets | 269,580 | 354,200 | ||
Accounts payable and other liabilities | 19,374 | 22,559 | ||
Warehouse Agreement Borrowings | 149,828 | 247,427 | ||
Total liabilities | 169,202 | 269,986 | ||
Cash and Cash Equivalents, at Carrying Value | 47,861 | 17,041 | ||
Restricted Cash and Cash Equivalents | 21,375 | 21,710 | ||
Financial Services [Member] | Consolidation, Eliminations [Member] | ||||
Mortgage loans held for sale, net | ||||
Mortgage loans held for investment, net | ||||
Other assets | (1,801) | (1,801) | ||
Assets | (1,801) | (1,801) | ||
Accounts payable and other liabilities | ||||
Warehouse Agreement Borrowings | ||||
Total liabilities | ||||
Cash and Cash Equivalents, at Carrying Value | ||||
Restricted Cash and Cash Equivalents |
Note 20 - Supplemental Guaran66
Note 20 - Supplemental Guarantor Information - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) | 1 Months Ended | 6 Months Ended | |
Apr. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | |
Proceeds from the issuance of senior notes payable | $ 225,000,000 | $ 579,125,000 | $ 300,000,000 |
Payment of debt issuance costs | (4,595,000) | (2,195,000) | |
Loan from subsidiary | |||
Net proceeds from (payments on) mortgage credit facility | (97,599,000) | (128,908,000) | |
(Contributions to) distributions from Corporate and subsidiaries | |||
Repurchases of common stock | (150,014,000) | (99,829,000) | |
Common stock dividend payments | (9,019,000) | (9,527,000) | |
Issuance of common stock under employee stock plans, net of tax withholdings | (5,303,000) | 1,069,000 | |
Other financing activities | (67,000) | (199,000) | |
Intercompany advances, net | |||
Net cash provided by (used in) financing activities | 78,202,000 | 56,305,000 | |
Net increase (decrease) in cash and equivalents | 7,567,000 | 101,276,000 | |
Cash and equivalents at beginning of period | 208,127,000 | 186,594,000 | |
Net cash provided by (used in) operating activities | 592,000 | 63,614,000 | |
Net cash provided by (used in) operating activities | 592,000 | 63,614,000 | |
Investments in unconsolidated homebuilding joint ventures | (25,002,000) | (22,592,000) | |
Distributions of capital from unconsolidated homebuilding joint ventures | 8,045,000 | 8,115,000 | |
Net cash paid for acquisitions | (44,477,000) | ||
Loan to parent and subsidiaries | |||
Other investing activities | (9,793,000) | (4,166,000) | |
Net cash provided by (used in) investing activities | (71,227,000) | (18,643,000) | |
Change in restricted cash | (3,711,000) | 6,063,000 | |
Borrowings from revolving credit facility | 264,450,000 | 693,700,000 | |
Principal payments on revolving credit facility | (264,450,000) | (693,700,000) | |
Principal payments on secured project debt and other notes payable | (615,000) | (10,169,000) | |
Principal payment on senior notes payable | (230,000,000) | ||
Proceeds from Issuance of Senior Long-term Debt | $ 225,000,000 | 579,125,000 | 300,000,000 |
Payment of debt issuance costs | (4,595,000) | (2,195,000) | |
Cash and equivalents at end of period | 215,694,000 | 287,870,000 | |
Reportable Legal Entities [Member] | Parent Company [Member] | |||
Proceeds from the issuance of senior notes payable | 579,125,000 | 300,000,000 | |
Payment of debt issuance costs | (4,595,000) | (2,195,000) | |
Loan from subsidiary | (12,596,000) | (41,000,000) | |
Net proceeds from (payments on) mortgage credit facility | |||
(Contributions to) distributions from Corporate and subsidiaries | 1,210,000 | 8,300,000 | |
Repurchases of common stock | (150,014,000) | (99,829,000) | |
Common stock dividend payments | (9,019,000) | (9,527,000) | |
Issuance of common stock under employee stock plans, net of tax withholdings | (5,303,000) | 1,069,000 | |
Other financing activities | |||
Intercompany advances, net | (71,048,000) | 122,427,000 | |
Net cash provided by (used in) financing activities | 97,760,000 | 269,271,000 | |
Net increase (decrease) in cash and equivalents | (64,180,000) | 121,876,000 | |
Cash and equivalents at beginning of period | 105,261,000 | 6,387,000 | |
Net cash provided by (used in) operating activities | (161,020,000) | (148,603,000) | |
Net cash provided by (used in) operating activities | (161,020,000) | (148,603,000) | |
Investments in unconsolidated homebuilding joint ventures | (137,000) | (178,000) | |
Distributions of capital from unconsolidated homebuilding joint ventures | 500,000 | 1,107,000 | |
Net cash paid for acquisitions | |||
Loan to parent and subsidiaries | |||
Other investing activities | (1,283,000) | 279,000 | |
Net cash provided by (used in) investing activities | (920,000) | 1,208,000 | |
Change in restricted cash | |||
Borrowings from revolving credit facility | 264,450,000 | 693,700,000 | |
Principal payments on revolving credit facility | (264,450,000) | (693,700,000) | |
Principal payments on secured project debt and other notes payable | (9,974,000) | ||
Principal payment on senior notes payable | (230,000,000) | ||
Proceeds from Issuance of Senior Long-term Debt | 579,125,000 | 300,000,000 | |
Payment of debt issuance costs | (4,595,000) | (2,195,000) | |
Cash and equivalents at end of period | 41,081,000 | 128,263,000 | |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||
Proceeds from the issuance of senior notes payable | |||
Payment of debt issuance costs | |||
Loan from subsidiary | |||
Net proceeds from (payments on) mortgage credit facility | |||
(Contributions to) distributions from Corporate and subsidiaries | |||
Repurchases of common stock | |||
Common stock dividend payments | |||
Issuance of common stock under employee stock plans, net of tax withholdings | |||
Other financing activities | (199,000) | ||
Intercompany advances, net | (17,474,000) | (130,705,000) | |
Net cash provided by (used in) financing activities | (17,474,000) | (130,904,000) | |
Net increase (decrease) in cash and equivalents | (7,043,000) | (54,259,000) | |
Cash and equivalents at beginning of period | 38,211,000 | 112,852,000 | |
Net cash provided by (used in) operating activities | 10,352,000 | 77,589,000 | |
Net cash provided by (used in) operating activities | 10,352,000 | 77,589,000 | |
Investments in unconsolidated homebuilding joint ventures | (59,000) | (78,000) | |
Distributions of capital from unconsolidated homebuilding joint ventures | 1,117,000 | 110,000 | |
Net cash paid for acquisitions | |||
Loan to parent and subsidiaries | |||
Other investing activities | (979,000) | (976,000) | |
Net cash provided by (used in) investing activities | 79,000 | (944,000) | |
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 | |||
Principal payment on senior notes payable | |||
Proceeds from Issuance of Senior Long-term Debt | |||
Payment of debt issuance costs | |||
Cash and equivalents at end of period | 31,168,000 | 58,593,000 | |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||
Proceeds from the issuance of senior notes payable | |||
Payment of debt issuance costs | |||
Loan from subsidiary | |||
Net proceeds from (payments on) mortgage credit facility | (97,599,000) | (128,908,000) | |
(Contributions to) distributions from Corporate and subsidiaries | (1,210,000) | (8,300,000) | |
Repurchases of common stock | |||
Common stock dividend payments | |||
Issuance of common stock under employee stock plans, net of tax withholdings | |||
Other financing activities | (67,000) | ||
Intercompany advances, net | 88,522,000 | 8,278,000 | |
Net cash provided by (used in) financing activities | (14,680,000) | (123,062,000) | |
Net increase (decrease) in cash and equivalents | 78,790,000 | 33,659,000 | |
Cash and equivalents at beginning of period | 64,655,000 | 67,355,000 | |
Net cash provided by (used in) operating activities | 151,260,000 | 134,628,000 | |
Net cash provided by (used in) operating activities | 151,260,000 | 134,628,000 | |
Investments in unconsolidated homebuilding joint ventures | (24,806,000) | (22,336,000) | |
Distributions of capital from unconsolidated homebuilding joint ventures | 6,428,000 | 6,898,000 | |
Net cash paid for acquisitions | (44,477,000) | ||
Loan to parent and subsidiaries | 12,596,000 | 41,000,000 | |
Other investing activities | (7,531,000) | (3,469,000) | |
Net cash provided by (used in) investing activities | (57,790,000) | 22,093,000 | |
Change in restricted cash | (3,711,000) | 6,063,000 | |
Borrowings from revolving credit facility | |||
Principal payments on revolving credit facility | |||
Principal payments on secured project debt and other notes payable | (615,000) | (195,000) | |
Principal payment on senior notes payable | |||
Proceeds from Issuance of Senior Long-term Debt | |||
Payment of debt issuance costs | |||
Cash and equivalents at end of period | 143,445,000 | 101,014,000 | |
Consolidation, Eliminations [Member] | |||
Proceeds from the issuance of senior notes payable | |||
Payment of debt issuance costs | |||
Loan from subsidiary | 12,596,000 | 41,000,000 | |
Net proceeds from (payments on) mortgage credit facility | |||
(Contributions to) distributions from Corporate and subsidiaries | |||
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 | |||
Net cash provided by (used in) financing activities | 12,596,000 | 41,000,000 | |
Net increase (decrease) in cash and equivalents | |||
Cash and equivalents at beginning of period | |||
Net cash provided by (used in) operating activities | |||
Net cash provided by (used in) operating activities | |||
Investments in unconsolidated homebuilding joint ventures | |||
Distributions of capital from unconsolidated homebuilding joint ventures | |||
Net cash paid for acquisitions | |||
Loan to parent and subsidiaries | (12,596,000) | (41,000,000) | |
Other investing activities | |||
Net cash provided by (used in) investing activities | (12,596,000) | (41,000,000) | |
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 | |||
Principal payment on senior notes payable | |||
Proceeds from Issuance of Senior Long-term Debt | |||
Payment of debt issuance costs | |||
Cash and equivalents at end of period |
Uncategorized Items - caa-20170
Label | Element | Value |
caa_CashAndEquivalentsAndRestrictedCashAtEndOfPeriod | caa_CashAndEquivalentsAndRestrictedCashAtEndOfPeriod | $ 269,436,000 |
caa_CashAndEquivalentsAndRestrictedCashAtEndOfPeriod | caa_CashAndEquivalentsAndRestrictedCashAtEndOfPeriod | 340,711,000 |
Financial services restricted cash at end of period | caa_FinancialServicesRestrictedCashAtEndOfPeriod | 21,375,000 |
Financial services restricted cash at end of period | caa_FinancialServicesRestrictedCashAtEndOfPeriod | 22,008,000 |
Homebuilding restricted cash at end of period | caa_HomebuildingRestrictedCashAtEndOfPeriod | 32,367,000 |
Homebuilding restricted cash at end of period | caa_HomebuildingRestrictedCashAtEndOfPeriod | $ 30,833,000 |