Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 08, 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) | 110,334,484 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Homebuilding: | ||||
Home sale revenues | $ 1,515,167 | $ 1,665,030 | $ 4,473,480 | $ 4,402,896 |
Land sale revenues | 676 | 5,928 | 1,176 | 32,107 |
Total revenues | 1,515,843 | 1,670,958 | 4,474,656 | 4,435,003 |
Cost of home sales | (1,212,468) | (1,290,628) | (3,572,572) | (3,440,549) |
Cost of land sales | (240) | (5,638) | (247) | (31,217) |
Total cost of sales | (1,212,708) | (1,296,266) | (3,572,819) | (3,471,766) |
Gross margin | 303,135 | 374,692 | 901,837 | 963,237 |
Selling, general and administrative expenses | (168,429) | (170,815) | (498,702) | (473,210) |
Income (loss) from unconsolidated joint ventures | 5,426 | 1,231 | 9,760 | 2,643 |
Other income (expense) | (1,238) | (4,169) | (4,082) | (11,992) |
Homebuilding pretax income | 138,894 | 200,939 | 408,813 | 480,678 |
Financial Services: | ||||
Revenues | 20,161 | 21,433 | 60,394 | 59,524 |
Expenses | (12,883) | (11,626) | (36,919) | (34,635) |
Financial services pretax income | 7,278 | 9,807 | 23,475 | 24,889 |
Income before taxes | 146,172 | 210,746 | 432,288 | 505,567 |
Provision for income taxes | (52,820) | (78,398) | (157,322) | (187,798) |
Net income | 93,352 | 132,348 | 274,966 | 317,769 |
Less: Net income allocated to unvested restricted stock | (400) | (294) | (1,104) | (635) |
Net income available to common stockholders | $ 92,952 | $ 132,054 | $ 273,862 | $ 317,134 |
Income Per Common Share: | ||||
Basic (in dollars per share) | $ 0.84 | $ 1.12 | $ 2.43 | $ 2.66 |
Diluted (in dollars per share) | $ 0.75 | $ 0.97 | $ 2.14 | $ 2.34 |
Weighted Average Common Shares Outstanding: | ||||
Basic (in shares) | 110,205,460 | 118,338,891 | 112,778,362 | 119,188,145 |
Diluted (in shares) | 124,449,912 | 136,077,415 | 129,521,479 | 136,888,927 |
Cash Dividends Declared Per Common Share (in dollars per share) | $ 0.04 | $ 0.04 | $ 0.12 | $ 0.12 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net income | $ 93,352 | $ 132,348 | $ 274,966 | $ 317,769 |
Other comprehensive income, net of tax: | ||||
Unrealized gain on marketable securities, available for sale | 39 | |||
Total comprehensive income | $ 93,352 | $ 132,348 | $ 274,966 | $ 317,808 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and equivalents | $ 129,667 | $ 208,127 |
Inventories: | ||
Total assets | 9,079,034 | 8,709,044 |
Cash and equivalents | 129,667 | 208,127 |
Total assets | 9,079,034 | 8,709,044 |
LIABILITIES AND EQUITY | ||
Total liabilities | 4,735,931 | 4,501,458 |
Total liabilities | 4,735,931 | 4,501,458 |
Stockholders' Equity: | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued and outstanding at September 30, 2017 and December 31, 2016 | ||
Common stock, $0.01 par value; 600,000,000 shares authorized; 110,217,216 and 114,429,297 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 1,102 | 1,144 |
Additional paid-in capital | 3,064,963 | 3,204,835 |
Accumulated earnings | 1,263,318 | 1,001,779 |
Accumulated other comprehensive income (loss), net of tax | (172) | (172) |
Total Stockholders' Equity | 4,329,211 | 4,207,586 |
Noncontrolling Interest | 13,892 | |
Total Equity | 4,343,103 | 4,207,586 |
Total Liabilities and Equity | 9,079,034 | 8,709,044 |
Homebuilding [Member] | ||
ASSETS | ||
Cash and equivalents | 83,310 | 191,086 |
Restricted cash | 29,620 | 28,321 |
Inventories: | ||
Owned | 6,946,766 | 6,438,792 |
Not owned | 91,944 | 66,267 |
Investments in unconsolidated joint ventures | 130,692 | 127,127 |
Deferred income taxes, net of valuation allowance of $1,925 and $2,456 at September 30, 2017 and December 31, 2016, respectively | 307,251 | 330,378 |
Goodwill | 985,185 | 970,185 |
Other assets | 235,135 | 204,489 |
Total assets | 8,809,903 | 8,356,645 |
Cash and equivalents | 83,310 | 191,086 |
Restricted cash | 29,620 | 28,321 |
Total assets | 8,809,903 | 8,356,645 |
LIABILITIES AND EQUITY | ||
Accounts payable | 177,752 | 211,780 |
Accrued liabilities | 562,424 | 599,905 |
Revolving credit facility | 295,600 | |
Secured project debt and other notes payable | 43,150 | 27,579 |
Senior notes payable | 3,483,388 | 3,392,208 |
Total liabilities | 4,562,314 | 4,231,472 |
Total liabilities | 4,562,314 | 4,231,472 |
Financial Services [Member] | ||
ASSETS | ||
Cash and equivalents | 46,357 | 17,041 |
Restricted cash | 21,205 | 21,710 |
Inventories: | ||
Other assets | 15,991 | 26,666 |
Total assets | 269,131 | 352,399 |
Cash and equivalents | 46,357 | 17,041 |
Restricted cash | 21,205 | 21,710 |
Mortgage loans held for sale, net | 160,068 | 262,058 |
Mortgage loans held for investment, net | 25,510 | 24,924 |
Total assets | 269,131 | 352,399 |
LIABILITIES AND EQUITY | ||
Total liabilities | 173,617 | 269,986 |
Accounts payable and other liabilities | 20,831 | 22,559 |
Mortgage credit facility | 152,786 | 247,427 |
Total liabilities | $ 173,617 | $ 269,986 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 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) | 110,217,216 | 114,429,297 |
Common stock, shares outstanding (in shares) | 110,217,216 | 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 ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash Flows From Operating Activities: | ||
Net income | $ 274,966,000 | $ 317,769,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
(Income) loss from unconsolidated joint ventures | (9,760,000) | (2,643,000) |
Depreciation and amortization | 41,818,000 | 43,193,000 |
Amortization of stock-based compensation | 14,282,000 | 11,216,000 |
Deferred income tax provision | 22,972,000 | 8,118,000 |
Other operating activities | 7,062,000 | 100,000 |
Changes in cash and equivalents due to: | ||
Mortgage loans held for sale | 101,968,000 | 154,622,000 |
Inventories - owned | (450,620,000) | (366,095,000) |
Inventories - not owned | (56,722,000) | (29,192,000) |
Other assets | (12,206,000) | 7,665,000 |
Accounts payable | (34,028,000) | 13,122,000 |
Accrued liabilities | (23,207,000) | 9,787,000 |
Net cash provided by (used in) operating activities | (123,475,000) | 167,662,000 |
Cash Flows From Investing Activities: | ||
Investments in unconsolidated homebuilding joint ventures | (33,212,000) | (27,000,000) |
Distributions of capital from unconsolidated homebuilding joint ventures | 12,770,000 | 23,727,000 |
Net cash paid for acquisitions | (44,477,000) | |
Other investing activities | (11,113,000) | (5,389,000) |
Net cash provided by (used in) investing activities | (76,032,000) | (8,662,000) |
Cash Flows From Financing Activities: | ||
Change in restricted cash | (794,000) | 7,309,000 |
Borrowings from revolving credit facility | 685,550,000 | 1,008,000,000 |
Principal payments on revolving credit facility | (389,950,000) | (862,000,000) |
Principal payments on secured project debt and other notes payable | (909,000) | (10,389,000) |
Principal payment on senior notes payable | (483,000,000) | (280,000,000) |
Proceeds from the issuance of senior notes payable | 579,125,000 | 300,000,000 |
Payment of debt issuance costs | (5,019,000) | (2,657,000) |
Net proceeds from (payments on) mortgage credit facility | (94,641,000) | (141,524,000) |
Repurchases of common stock | (150,014,000) | (137,464,000) |
Common stock dividend payments | (13,427,000) | (14,264,000) |
Issuance of common stock under employee stock plans, net of tax withholdings | (5,807,000) | 1,868,000 |
Other financing activities | (67,000) | (199,000) |
Net cash provided by (used in) financing activities | 121,047,000 | (131,320,000) |
Net increase (decrease) in cash and equivalents | (78,460,000) | 27,680,000 |
Cash and equivalents at beginning of period | 208,127,000 | 186,594,000 |
Cash and equivalents at end of period | 129,667,000 | 214,274,000 |
Cash and equivalents at end of period | 208,127,000 | 186,594,000 |
Homebuilding [Member] | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
(Income) loss from unconsolidated joint ventures | (9,760,000) | $ (2,643,000) |
Cash Flows From Financing Activities: | ||
Cash and equivalents at beginning of period | 191,086,000 | |
Cash and equivalents at end of period | 83,310,000 | |
Cash and equivalents at end of period | 83,310,000 | |
Financial Services [Member] | ||
Cash Flows From Financing Activities: | ||
Cash and equivalents at beginning of period | 17,041,000 | |
Cash and equivalents at end of period | 46,357,000 | |
Cash and equivalents at end of period | $ 46,357,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 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 September 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 -K for the year ended December 31, 2016. not |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 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 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 | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (Dollars in thousands) Homebuilding revenues: North $ 282,591 $ 283,060 $ 848,438 $ 710,889 Southeast 427,244 400,720 1,207,616 1,065,038 Southwest 356,952 389,160 1,099,803 1,165,797 West 449,056 598,018 1,318,799 1,493,279 Total homebuilding revenues $ 1,515,843 $ 1,670,958 $ 4,474,656 $ 4,435,003 Homebuilding pretax income (1): North $ 25,895 $ 25,627 $ 74,492 $ 53,177 Southeast 30,094 31,303 85,695 84,125 Southwest 31,648 39,312 100,757 113,145 West 51,257 104,697 147,869 230,231 Total homebuilding pretax income $ 138,894 $ 200,939 $ 408,813 $ 480,678 Homebuilding income (loss) from unconsolidated joint ventures: North $ 78 $ 113 $ 525 $ 486 Southeast ― ― ― 437 Southwest 252 44 515 869 West 5,096 1,074 8,720 851 Total homebuilding income (loss) from unconsolidated joint ventures $ 5,426 $ 1,231 $ 9,760 $ 2,643 ( 1 Homebuilding pretax income includes depreciation and amortization expense of $ 2.0 $4.5 $2.3 $5.3 September 30, 2017 $1.7 $4.2 $2.8 $7.1 September 30, 2016. $5.6 $12.2 $7.8 $16.1 nine September 30, 2017 $4.5 $11.2 $8.6 $18.9 nine September 30, 2016. Segment financial information relating to the Company ’s homebuilding assets was as follows: September 30, December 31, 2017 2016 (Dollars in thousands) Homebuilding assets: North $ 1,347,835 $ 1,181,544 Southeast 2,375,363 2,253,289 Southwest 1,895,329 1,842,869 West 2,706,155 2,500,163 Corporate 485,221 578,780 Total homebuilding assets $ 8,809,903 $ 8,356,645 Homebuilding investments in unconsolidated joint ventures: North $ 5,829 $ 5,691 Southeast 162 334 Southwest 4,855 6,085 West 119,846 115,017 Total homebuilding investments in unconsolidated joint ventures $ 130,692 $ 127,127 |
Note 4 - Earnings Per Common Sh
Note 4 - Earnings Per Common Share | 9 Months Ended |
Sep. 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 is classified as a participating security 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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (Dollars in thousands, except per share amounts) Numerator: Net income $ 93,352 $ 132,348 $ 274,966 $ 317,769 Less: Net income allocated to unvested restricted stock (400 ) (294 ) (1,104 ) (635 ) Net income available to common stockholders for basic earnings per common share 92,952 132,054 273,862 317,134 Effect of dilutive securities: Interest on 1.625% convertible senior notes due 2018 94 91 1,123 1,088 Interest on 0.25% convertible senior notes due 2019 85 82 1,016 984 Interest on 1.25% convertible senior notes due 2032 48 62 752 744 Net income available to common stock for diluted earnings per share $ 93,179 $ 132,289 $ 276,753 $ 319,950 Denominator: Weighted average basic common shares outstanding 110,205,460 118,338,891 112,778,362 119,188,145 Effect of dilutive securities: Share-based awards 875,214 643,602 881,500 605,860 1.625% convertible senior notes due 2018 7,174,013 7,165,845 7,174,013 7,165,845 0.25% convertible senior notes due 2019 3,642,200 3,638,080 3,642,200 3,638,080 1.25% convertible senior notes due 2032 2,553,025 6,290,997 5,045,404 6,290,997 Weighted average diluted shares outstanding 124,449,912 136,077,415 129,521,479 136,888,927 Income per common share: Basic $ 0.84 $ 1.12 $ 2.43 $ 2.66 Diluted $ 0.75 $ 0.97 $ 2.14 $ 2.34 |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 9 Months Ended |
Sep. 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 $5.1 $3.7 three September 30, 2017 2016, nine September 30, 2017 2016, $14.3 $11.2 September 30, 2017, $31.3 2.2 |
Note 6 - Cash and Equivalents a
Note 6 - Cash and Equivalents and Restricted Cash | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [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 September 30, 2017, $80.8 five At September 30, 2017, $29.6 September 30, 2017 $17.7 $3.0 $0.5 third |
Note 7 - Marketable Securities,
Note 7 - Marketable Securities, Available-for-sale | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [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" September 30, 2017, $172,000 $173,000 nine September 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 September 30, 2017, The following table displays the fair values of marketable securities, available-for-sale, by type of security: September 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: September 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 | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 8 . Inventories a. Inventories Owned Inventories owned consisted of the following at: September 30, 2017 North Southeast Southwest West Total (Dollars in thousands) Land and land under development (1) $ 136,182 $ 993,953 $ 420,686 $ 1,335,910 $ 2,886,731 Homes completed and under construction 790,486 928,157 966,286 939,488 3,624,417 Model homes 57,518 112,197 102,969 162,934 435,618 Total inventories owned $ 984,186 $ 2,034,307 $ 1,489,941 $ 2,438,332 $ 6,946,766 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 nine September 30, 2017, $732.4 10,694 27% 34% 18% 21% December 31, 2016, $960.8 13,566 25% 25% 24% 26% In accordance with ASC Topic 360, Property, Plant, and Equipment 360" may September 30, 2017 2016, 901 879, nine September 30, 2017 2016, not During the 2017 second 19 $44.5 805, Business Combinations $25.7 $3.9 not $15.0 $0.1 September 30, 2017, not b. Inventories Not Inventories not September 30, 2017 December 31, 2016 810, Consolidation 810" not may not may 810, |
Note 9 - Capitalization of Inte
Note 9 - Capitalization of Interest | 9 Months Ended |
Sep. 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, nine September 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 and nine September 30, 2017 2016: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (Dollars in thousands) Total interest incurred (1) $ 52,972 $ 56,872 $ 156,845 $ 175,207 Less: Interest capitalized to inventories owned (1) (52,158 ) (55,761 ) (154,371 ) (172,170 ) Less: Interest capitalized to investments in unconsolidated joint ventures (814 ) (1,111 ) (2,474 ) (3,037 ) Interest expense $ — $ — $ — $ — Interest previously capitalized to inventories owned, included in cost of home sales $ 48,912 $ 44,636 $ 140,687 $ 115,367 Interest previously capitalized to inventories owned, included in cost of land sales $ — $ 115 $ — $ 1,596 Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures $ 5 $ 613 $ 13 $ 613 Interest capitalized in ending inventories owned (2) $ 379,884 $ 362,807 $ 379,884 $ 362,807 Interest capitalized as a percentage of inventories owned 5.5 % 5.6 % 5.5 % 5.6 % Interest capitalized in ending investments in unconsolidated joint ventures (2) $ 5,324 $ 3,224 $ 5,324 $ 3,224 Interest capitalized as a percentage of investments in unconsolidated joint ventures 4.1 % 2.3 % 4.1 % 2.3 % ( 1 Total interest incurred and interest capitalized to in ventories owned during the nine September 30, 2016 $9 1.625% 2016 first ( 2 During the three and nine September 30, 2017, $0 $0.5 |
Note 10 - Investments in Uncons
Note 10 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 1 0. 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 nine September 30, 2017 2016, no nine September 30, 2017, $1.0 three nine September 30, 2016, one Our investments in unconsolidated joint ventures may 810 September 30, 2017, two 2017 810, 810 not not not 810, two 1 2 two $13.9 September 30, 2017. |
Note 11 - Warranty Costs
Note 11 - Warranty Costs | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 1 1. 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: Nine Months Ended September 30, 2017 2016 (Dollars in thousands) Warranty accrual, beginning of the period $ 43,932 $ 40,691 Warranty costs accrued during the period 16,097 16,903 Warranty costs paid during the period (18,303 ) (15,088 ) Warranty accrual, end of the period $ 41,726 $ 42,506 |
Note 12 - Revolving Credit Faci
Note 12 - Revolving Credit Facility and Letter of Credit Facilities | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Line of Credit Facility [Text Block] | 1 2. Revolving Credit Facility and Letter of Credit Facilities As of September 30, 2017, $750 $350 October 2019. may $1.2 1.24% September 30, 2017) 1.75%, 4.25% September 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. revolving facility covenants as of September 30, 2017. On September 30, 2017, $295.6 $119.2 $335.2 As of September 30, 2017, $350 four $48.0 $22.4 October 2018 August 2020. September 30, 2017, $22.8 may |
Note 13 - Secured Project Debt
Note 13 - Secured Project Debt and Other Notes Payable | 9 Months Ended |
Sep. 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 September 30, 2017, $43.2 |
Note 14 - Senior Notes Payable
Note 14 - Senior Notes Payable | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 14 . Senior Notes Payable Senior notes payable consisted of the following at: September 30, December 31, 2017 2016 (Dollars in thousands) 8.4% Senior Notes due May 2017 ― $ 235,175 8.375% Senior Notes due May 2018 574,784 574,501 1.625% Convertible Senior Notes due May 2018 222,757 220,236 0.25% Convertible Senior notes due June 2019 258,035 253,777 6.625% Senior Notes due May 2020 315,430 319,909 8.375% Senior Notes due January 2021 396,087 395,246 6.25% Senior Notes due December 2021 297,980 297,623 5.375% Senior Notes due October 2022 249,331 249,230 5.875% Senior Notes due November 2024 426,558 296,982 5.25% Senior Notes due June 2026 395,323 297,483 5.00% Senior Notes due June 2027 347,103 ― 1.25% Convertible Senior Notes due August 2032 ― 252,046 $ 3,483,388 $ 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% 31.8 845 $1,000 $31.36 may not 1.625% The Company's 0.25% 2019 0.25% 0.25% June 1, 2019, may 0.25% 13.6 157 $1,000 $73.44 may not 0.25% June 6, 2017. may 0.25% 20 not 30 5 30 130 100 0.25% 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 September 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 21 In April 2017, $225 $125 ’s existing 5.875% 2024 $100 5.25% 2026, $230 8.4% May 2017. During June 2017, $350 5.00% 2027, A portion of the net proceeds of this issuance were used to repurchase and repay the aggregate principal balance of our 1.25% August 2032. During August 2017, , at a redemption price equal to 100% $253 1.25% August 1, 2032. |
Note 15 - Mortgage Credit Facil
Note 15 - Mortgage Credit Facility | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Warehouse Agreement Borrowings [Text Block] | 1 5. Mortgage Credit Facility At September 30, 2017, $152.8 $300 June 2018. $3.0 September 30, 2017, not September 30, 2017, |
Note 16 - Disclosures About Fai
Note 16 - Disclosures About Fair Value | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 1 6. 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 F inancial instruments measured at fair value on a recurring basis: Fair Value at Fair Value Hierarchy September 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 $ 163,352 $ 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 F inancial instruments for which we have not 825: September 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 2 $ 25,510 $ 25,510 $ 24,924 $ 24,924 Homebuilding liabilities: Senior and convertible senior notes payable, net 2 $ 3,483,388 $ 3,753,098 $ 3,392,208 $ 3,617,838 Mortgage Loans Held for Investment – Fair value of these loans is based on the estimated market value of the underlying collateral based on market data and other factors for similar type properties as further adjusted to reflect the estimated net realizable value of carrying the loans through disposition. Senior and Convertible 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 | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 7. 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 September 30, 2017, $80.3 $31.3 $995.1 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 September 30, 2017, 28 14 14 As of September 30, 2017, no . At September 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 September 30, 2017, $1,002.2 $506.1 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 $291.6 September 30, 2017 4.0%. September 30, 2017, $163.4 $33.3 September 30, 2017, $258.3 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 nine September 30, 2017 2016, $0.3 $0.1 September 30, 2017 December 31, 2016, $3.8 $3.6 nine September 30, 2017 2016, $0.1 $0.3 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 September 30, 2017 December 31, 2016 $233.8 $233.5 In July 2017, Company of an issue with a specific type of fire rated I-joist product manufactured after December 1, 2016. 370 not |
Note 18 - Income Taxes
Note 18 - Income Taxes | 9 Months Ended |
Sep. 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 third $52.8 $146.2 September 30, 2017, $309.2 $1.9 $96.0 382 $15.6 $16.1 382 October 1, 2015 $5.0 not 382. $192.1 no September 30, 2017 December 31, 2016, $14.0 $12.1 September 30, 2017, December 31, 2012 2016. |
Note 19 - Subsequent Event
Note 19 - Subsequent Event | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 19 . Su bsequent Event On October 29, 2017, and Lennar Corporation (“Lennar”) entered into an Agreement and Plan of Merger (the “Merger”). At the effective time of the Merger, each share of common stock of the Company issued and outstanding will be converted into and become the right to receive either (i) subject to adjustment, 0.885 $48.26 $1.16 8 October 30, 2017, |
Note 20 - Supplemental Disclosu
Note 20 - Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 20 . Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows The following are supplemental disclosures to the condensed consolidated statements of cash flows: Nine Months Ended September 30, 2017 2016 (Dollars in thousands) Supplemental Disclosures of Cash Flow Information: Cash paid during the period for: Income taxes $ 177,332 $ 150,822 Supplemental Disclosures of Noncash Activities: Increase in secured project debt for assets acquired $ 16,480 $ 25,625 |
Note 21 - Supplemental Guaranto
Note 21 - Supplemental Guarantor Information | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Supplemental Guarantor Information [Text Block] | 21 . S upplemental Guarantor Information Certain of our 100% otes payable (please see Note 14 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended September 30, 2017 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic (Dollars in thousands) Homebuilding: Revenues $ 647,336 $ 632,262 $ 236,245 $ — $ 1,515,843 Cost of sales (528,858 ) (505,367 ) (178,483 ) — (1,212,708 ) Gross margin 118,478 126,895 57,762 — 303,135 Selling, general and administrative expenses (68,237 ) (80,147 ) (20,045 ) — (168,429 ) Income (loss) from unconsolidated joint ventures 981 252 4,193 — 5,426 Equity income of subsidiaries 62,765 — — (62,765 ) — Interest income (expense), net 845 (519 ) (326 ) — — Other income (expense) (3,714 ) (287 ) 2,763 — (1,238 ) Homebuilding pretax income 111,118 46,194 44,347 (62,765 ) 138,894 Financial Services: Financial services pretax income — — 7,278 — 7,278 Income before taxes 111,118 46,194 51,625 (62,765 ) 146,172 Provision for income taxes (17,766 ) (22,788 ) (12,266 ) — (52,820 ) Net income $ 93,352 $ 23,406 $ 39,359 $ (62,765 ) $ 93,352 Three Months Ended September 30, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic (Dollars in thousands) Homebuilding: Revenues $ 707,397 $ 656,095 $ 307,466 $ — $ 1,670,958 Cost of sales (561,856 ) (520,810 ) (213,600 ) — (1,296,266 ) Gross margin 145,541 135,285 93,866 — 374,692 Selling, general and administrative expenses (75,217 ) (75,834 ) (19,764 ) — (170,815 ) Income (loss) from unconsolidated joint ventures (717 ) 44 1,904 — 1,231 Equity income of subsidiaries 95,380 — — (95,380 ) — Interest income (expense), net 1,075 (886 ) (189 ) — — Other income (expense) (3,602 ) (762 ) 195 — (4,169 ) Homebuilding pretax income 162,460 57,847 76,012 (95,380 ) 200,939 Financial Services: Financial services pretax income — — 9,807 — 9,807 Income before taxes 162,460 57,847 85,819 (95,380 ) 210,746 Provision for income taxes (30,112 ) (23,111 ) (25,175 ) — (78,398 ) Net income $ 132,348 $ 34,736 $ 60,644 $ (95,380 ) $ 132,348 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Nine Months Ended September 30, 2017 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic (Dollars in thousands) Homebuilding: Revenues $ 1,955,915 $ 1,835,567 $ 683,174 $ — $ 4,474,656 Cost of sales (1,592,317 ) (1,468,154 ) (512,348 ) — (3,572,819 ) Gross margin 363,598 367,413 170,826 — 901,837 Selling, general and administrative expenses (203,674 ) (237,232 ) (57,796 ) — (498,702 ) Income (loss) from unconsolidated joint ventures 2,006 550 7,204 — 9,760 Equity income of subsidiaries 178,762 — — (178,762 ) — Interest income (expense), net 2,439 (1,724 ) (715 ) — — Other income (expense) (9,612 ) (543 ) 6,073 — (4,082 ) Homebuilding pretax income 333,519 128,464 125,592 (178,762 ) 408,813 Financial Services: Financial services pretax income — — 23,475 — 23,475 Income before taxes 333,519 128,464 149,067 (178,762 ) 432,288 Provision for income taxes (58,553 ) (61,411 ) (37,358 ) — (157,322 ) Net income $ 274,966 $ 67,053 $ 111,709 $ (178,762 ) $ 274,966 Nine Months Ended September 30, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic (Dollars in thousands) Homebuilding: Revenues $ 1,817,935 $ 1,866,598 $ 750,470 $ — $ 4,435,003 Cost of sales (1,451,579 ) (1,486,644 ) (533,543 ) — (3,471,766 ) Gross margin 366,356 379,954 216,927 — 963,237 Selling, general and administrative expenses (201,503 ) (220,595 ) (51,112 ) — (473,210 ) Income (loss) from unconsolidated joint ventures 29 444 2,170 — 2,643 Equity income of subsidiaries 229,414 — — (229,414 ) — Interest income (expense), net 3,685 (2,785 ) (900 ) — — Other income (expense) (10,885 ) (1,241 ) 134 — (11,992 ) Homebuilding pretax income 387,096 155,777 167,219 (229,414 ) 480,678 Financial Services: Financial services pretax income — — 24,889 — 24,889 Income before taxes 387,096 155,777 192,108 (229,414 ) 505,567 Provision for income taxes (69,327 ) (66,659 ) (51,812 ) — (187,798 ) Net income $ 317,769 $ 89,118 $ 140,296 $ (229,414 ) $ 317,769 CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2017 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic (Dollars in thousands) ASSETS Homebuilding: Cash and equivalents $ 25,694 $ 31,465 $ 26,151 $ — $ 83,310 Restricted cash — — 29,620 — 29,620 Intercompany receivables 2,121,692 — 398,530 (2,520,222 ) — Inventories: Owned 3,208,403 2,279,408 1,458,955 — 6,946,766 Not owned 44,285 37,100 10,559 — 91,944 Investments in unconsolidated joint ventures 5,895 3,750 121,047 — 130,692 Investments in subsidiaries 2,131,970 — — (2,131,970 ) — Deferred income taxes, net 313,894 — — (6,643 ) 307,251 Goodwill 970,185 — 15,000 — 985,185 Other assets 172,296 43,380 19,459 — 235,135 Total Homebuilding Assets 8,994,314 2,395,103 2,079,321 (4,658,835 ) 8,809,903 Financial Services: Cash and equivalents — — 46,357 — 46,357 Restricted cash — — 21,205 — 21,205 Mortgage loans held for sale, net — — 160,068 — 160,068 Mortgage loans held for investment, net — — 25,510 — 25,510 Other assets — — 17,792 (1,801 ) 15,991 Total Financial Services Assets — — 270,932 (1,801 ) 269,131 Total Assets $ 8,994,314 $ 2,395,103 $ 2,350,253 $ (4,660,636 ) $ 9,079,034 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 95,533 $ 58,196 $ 24,023 $ — $ 177,752 Accrued liabilities and intercompany payables 365,920 1,260,516 1,066,124 (2,130,136 ) 562,424 Revolving credit facility 295,600 — — — 295,600 Secured project debt and other notes payable 424,662 — 17,018 (398,530 ) 43,150 Senior notes payable 3,483,388 — — — 3,483,388 Total Homebuilding Liabilities 4,665,103 1,318,712 1,107,165 (2,528,666 ) 4,562,314 Financial Services: Accounts payable and other liabilities — — 20,831 — 20,831 Mortgage credit facility — — 152,786 — 152,786 Total Financial Services Liabilities — — 173,617 — 173,617 Total Liabilities 4,665,103 1,318,712 1,280,782 (2,528,666 ) 4,735,931 Equity: Total Stockholders' Equity 4,329,211 1,076,391 1,055,579 (2,131,970 ) 4,329,211 Noncontrolling interest — — 13,892 — 13,892 Total Equity 4,329,211 1,076,391 1,069,471 (2,131,970 ) 4,343,103 Total Liabilities and Equity $ 8,994,314 $ 2,395,103 $ 2,350,253 $ (4,660,636 ) $ 9,079,034 CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic (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 Nine Months Ended September 30, 2017 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic (Dollars in thousands) Cash Flows From Operating Activities: Net cash provided by (used in) operating activities $ (287,435 ) $ 16,744 $ 147,216 $ — $ (123,475 ) Cash Flows From Investing Activities: Investments in unconsolidated homebuilding joint ventures (178 ) (79 ) (32,955 ) — (33,212 ) Distributions of capital from unconsolidated homebuilding joint ventures 500 1,867 10,403 — 12,770 Net cash paid for acquisitions — — (44,477 ) — (44,477 ) Loan to parent and subsidiaries — — (65,054 ) 65,054 — Other investing activities (2,098 ) (1,519 ) (7,496 ) — (11,113 ) Net cash provided by (used in) investing activities (1,776 ) 269 (139,579 ) 65,054 (76,032 ) Cash Flows From Financing Activities: Change in restricted cash — — (794 ) — (794 ) Borrowings from revolving credit facility 685,550 — — — 685,550 Principal payments on revolving credit facility (389,950 ) — — — (389,950 ) Principal payments on secured project debt and other notes payable — — (909 ) — (909 ) Principal payment on senior notes payable (483,000 ) — — — (483,000 ) Proceeds from the issuance of senior notes payable 579,125 — — — 579,125 Payment of debt issuance costs (5,019 ) — — — (5,019 ) Loan from subsidiary 65,054 — — (65,054 ) — Net proceeds from (payments on) mortgage credit facility — — (94,641 ) — (94,641 ) (Contributions to) distributions from Corporate and subsidiaries 1,210 — (1,210 ) — — Repurchases of common stock (150,014 ) — — — (150,014 ) Common stock dividend payments (13,427 ) — — — (13,427 ) Issuance of common stock under employee stock plans, net of tax withholdings (5,807 ) — — — (5,807 ) Other financing activities — — (67 ) — (67 ) Intercompany advances, net (74,078 ) (23,759 ) 97,837 — — Net cash provided by (used in) financing activities 209,644 (23,759 ) 216 (65,054 ) 121,047 Net increase (decrease) in cash and equivalents (79,567 ) (6,746 ) 7,853 — (78,460 ) Cash and equivalents at beginning of period 105,261 38,211 64,655 — 208,127 Cash and equivalents at end of period $ 25,694 $ 31,465 $ 72,508 $ — $ 129,667 Nine Months Ended September 30, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic (Dollars in thousands) Cash Flows From Operating Activities: Net cash provided by (used in) operating activities $ (49,169 ) $ 16,087 $ 200,744 $ — $ 167,662 Cash Flows From Investing Activities: Investments in unconsolidated homebuilding joint ventures (235 ) (192 ) (26,573 ) — (27,000 ) Distributions of capital from unconsolidated homebuilding joint ventures 1,107 333 22,287 — 23,727 Loan to parent and subsidiaries — — (88,800 ) 88,800 — Other investing activities (325 ) (1,958 ) (3,106 ) — (5,389 ) Net cash provided by (used in) investing activities 547 (1,817 ) (96,192 ) 88,800 (8,662 ) Cash Flows From Financing Activities: Change in restricted cash — — 7,309 — 7,309 Borrowings from revolving credit facility 1,008,000 — — — 1,008,000 Principal payments on revolving credit facility (862,000 ) — — — (862,000 ) Principal payments on secured project debt and other notes payable (9,985 ) — (404 ) — (10,389 ) Principal payments on senior notes payable (280,000 ) — — — (280,000 ) Proceeds from the issuance of senior notes payable 300,000 — — — 300,000 Payment of debt issue costs (2,657 ) — — — (2,657 ) Loan from subsidiary 88,800 — — (88,800 ) — Net proceeds from (payments on) mortgage credit facility — — (141,524 ) — (141,524 ) (Contributions to) distributions from Corporate and subsidiaries 18,350 — (18,350 ) — — Repurchases of common stock (137,464 ) — — — (137,464 ) Common stock dividend payments (14,264 ) — — — (14,264 ) Issuance of common stock under employee stock plans, net of tax withholdings 1,868 — — — 1,868 Other financing activities — (199 ) — — (199 ) Intercompany advances, net 49,757 (95,992 ) 46,235 — — Net cash provided by (used in) financing activities 160,405 (96,191 ) (106,734 ) (88,800 ) (131,320 ) Net increase (decrease) in cash and equivalents 111,783 (81,921 ) (2,182 ) — 27,680 Cash and equivalents at beginning of period 6,387 112,852 67,355 — 186,594 Cash and equivalents at end of period $ 118,170 $ 30,931 $ 65,173 $ — $ 214,274 |
Note 3 - Segment Reporting (Tab
Note 3 - Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (Dollars in thousands) Homebuilding revenues: North $ 282,591 $ 283,060 $ 848,438 $ 710,889 Southeast 427,244 400,720 1,207,616 1,065,038 Southwest 356,952 389,160 1,099,803 1,165,797 West 449,056 598,018 1,318,799 1,493,279 Total homebuilding revenues $ 1,515,843 $ 1,670,958 $ 4,474,656 $ 4,435,003 Homebuilding pretax income (1): North $ 25,895 $ 25,627 $ 74,492 $ 53,177 Southeast 30,094 31,303 85,695 84,125 Southwest 31,648 39,312 100,757 113,145 West 51,257 104,697 147,869 230,231 Total homebuilding pretax income $ 138,894 $ 200,939 $ 408,813 $ 480,678 Homebuilding income (loss) from unconsolidated joint ventures: North $ 78 $ 113 $ 525 $ 486 Southeast ― ― ― 437 Southwest 252 44 515 869 West 5,096 1,074 8,720 851 Total homebuilding income (loss) from unconsolidated joint ventures $ 5,426 $ 1,231 $ 9,760 $ 2,643 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | September 30, December 31, 2017 2016 (Dollars in thousands) Homebuilding assets: North $ 1,347,835 $ 1,181,544 Southeast 2,375,363 2,253,289 Southwest 1,895,329 1,842,869 West 2,706,155 2,500,163 Corporate 485,221 578,780 Total homebuilding assets $ 8,809,903 $ 8,356,645 Homebuilding investments in unconsolidated joint ventures: North $ 5,829 $ 5,691 Southeast 162 334 Southwest 4,855 6,085 West 119,846 115,017 Total homebuilding investments in unconsolidated joint ventures $ 130,692 $ 127,127 |
Note 4 - Earnings Per Common 29
Note 4 - Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (Dollars in thousands, except per share amounts) Numerator: Net income $ 93,352 $ 132,348 $ 274,966 $ 317,769 Less: Net income allocated to unvested restricted stock (400 ) (294 ) (1,104 ) (635 ) Net income available to common stockholders for basic earnings per common share 92,952 132,054 273,862 317,134 Effect of dilutive securities: Interest on 1.625% convertible senior notes due 2018 94 91 1,123 1,088 Interest on 0.25% convertible senior notes due 2019 85 82 1,016 984 Interest on 1.25% convertible senior notes due 2032 48 62 752 744 Net income available to common stock for diluted earnings per share $ 93,179 $ 132,289 $ 276,753 $ 319,950 Denominator: Weighted average basic common shares outstanding 110,205,460 118,338,891 112,778,362 119,188,145 Effect of dilutive securities: Share-based awards 875,214 643,602 881,500 605,860 1.625% convertible senior notes due 2018 7,174,013 7,165,845 7,174,013 7,165,845 0.25% convertible senior notes due 2019 3,642,200 3,638,080 3,642,200 3,638,080 1.25% convertible senior notes due 2032 2,553,025 6,290,997 5,045,404 6,290,997 Weighted average diluted shares outstanding 124,449,912 136,077,415 129,521,479 136,888,927 Income per common share: Basic $ 0.84 $ 1.12 $ 2.43 $ 2.66 Diluted $ 0.75 $ 0.97 $ 2.14 $ 2.34 |
Note 7 - Marketable Securitie30
Note 7 - Marketable Securities, Available-for-sale (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | September 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 |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 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) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Inventories Owned [Table Text Block] | September 30, 2017 North Southeast Southwest West Total (Dollars in thousands) Land and land under development (1) $ 136,182 $ 993,953 $ 420,686 $ 1,335,910 $ 2,886,731 Homes completed and under construction 790,486 928,157 966,286 939,488 3,624,417 Model homes 57,518 112,197 102,969 162,934 435,618 Total inventories owned $ 984,186 $ 2,034,307 $ 1,489,941 $ 2,438,332 $ 6,946,766 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 In32
Note 9 - Capitalization of Interest (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Capitalized Interest [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (Dollars in thousands) Total interest incurred (1) $ 52,972 $ 56,872 $ 156,845 $ 175,207 Less: Interest capitalized to inventories owned (1) (52,158 ) (55,761 ) (154,371 ) (172,170 ) Less: Interest capitalized to investments in unconsolidated joint ventures (814 ) (1,111 ) (2,474 ) (3,037 ) Interest expense $ — $ — $ — $ — Interest previously capitalized to inventories owned, included in cost of home sales $ 48,912 $ 44,636 $ 140,687 $ 115,367 Interest previously capitalized to inventories owned, included in cost of land sales $ — $ 115 $ — $ 1,596 Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures $ 5 $ 613 $ 13 $ 613 Interest capitalized in ending inventories owned (2) $ 379,884 $ 362,807 $ 379,884 $ 362,807 Interest capitalized as a percentage of inventories owned 5.5 % 5.6 % 5.5 % 5.6 % Interest capitalized in ending investments in unconsolidated joint ventures (2) $ 5,324 $ 3,224 $ 5,324 $ 3,224 Interest capitalized as a percentage of investments in unconsolidated joint ventures 4.1 % 2.3 % 4.1 % 2.3 % |
Note 11 - Warranty Costs (Table
Note 11 - Warranty Costs (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Nine Months Ended September 30, 2017 2016 (Dollars in thousands) Warranty accrual, beginning of the period $ 43,932 $ 40,691 Warranty costs accrued during the period 16,097 16,903 Warranty costs paid during the period (18,303 ) (15,088 ) Warranty accrual, end of the period $ 41,726 $ 42,506 |
Note 14 - Senior Notes Payable
Note 14 - Senior Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, December 31, 2017 2016 (Dollars in thousands) 8.4% Senior Notes due May 2017 ― $ 235,175 8.375% Senior Notes due May 2018 574,784 574,501 1.625% Convertible Senior Notes due May 2018 222,757 220,236 0.25% Convertible Senior notes due June 2019 258,035 253,777 6.625% Senior Notes due May 2020 315,430 319,909 8.375% Senior Notes due January 2021 396,087 395,246 6.25% Senior Notes due December 2021 297,980 297,623 5.375% Senior Notes due October 2022 249,331 249,230 5.875% Senior Notes due November 2024 426,558 296,982 5.25% Senior Notes due June 2026 395,323 297,483 5.00% Senior Notes due June 2027 347,103 ― 1.25% Convertible Senior Notes due August 2032 ― 252,046 $ 3,483,388 $ 3,392,208 |
Note 16 - Disclosures About F35
Note 16 - Disclosures About Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value at Fair Value Hierarchy September 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 $ 163,352 $ 265,542 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | September 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 2 $ 25,510 $ 25,510 $ 24,924 $ 24,924 Homebuilding liabilities: Senior and convertible senior notes payable, net 2 $ 3,483,388 $ 3,753,098 $ 3,392,208 $ 3,617,838 |
Note 20 - Supplemental Disclo36
Note 20 - Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Nine Months Ended September 30, 2017 2016 (Dollars in thousands) Supplemental Disclosures of Cash Flow Information: Cash paid during the period for: Income taxes $ 177,332 $ 150,822 Supplemental Disclosures of Noncash Activities: Increase in secured project debt for assets acquired $ 16,480 $ 25,625 |
Note 21 - Supplemental Guaran37
Note 21 - Supplemental Guarantor Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Condensed Income Statement [Table Text Block] | Three Months Ended September 30, 2017 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic (Dollars in thousands) Homebuilding: Revenues $ 647,336 $ 632,262 $ 236,245 $ — $ 1,515,843 Cost of sales (528,858 ) (505,367 ) (178,483 ) — (1,212,708 ) Gross margin 118,478 126,895 57,762 — 303,135 Selling, general and administrative expenses (68,237 ) (80,147 ) (20,045 ) — (168,429 ) Income (loss) from unconsolidated joint ventures 981 252 4,193 — 5,426 Equity income of subsidiaries 62,765 — — (62,765 ) — Interest income (expense), net 845 (519 ) (326 ) — — Other income (expense) (3,714 ) (287 ) 2,763 — (1,238 ) Homebuilding pretax income 111,118 46,194 44,347 (62,765 ) 138,894 Financial Services: Financial services pretax income — — 7,278 — 7,278 Income before taxes 111,118 46,194 51,625 (62,765 ) 146,172 Provision for income taxes (17,766 ) (22,788 ) (12,266 ) — (52,820 ) Net income $ 93,352 $ 23,406 $ 39,359 $ (62,765 ) $ 93,352 Three Months Ended September 30, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic (Dollars in thousands) Homebuilding: Revenues $ 707,397 $ 656,095 $ 307,466 $ — $ 1,670,958 Cost of sales (561,856 ) (520,810 ) (213,600 ) — (1,296,266 ) Gross margin 145,541 135,285 93,866 — 374,692 Selling, general and administrative expenses (75,217 ) (75,834 ) (19,764 ) — (170,815 ) Income (loss) from unconsolidated joint ventures (717 ) 44 1,904 — 1,231 Equity income of subsidiaries 95,380 — — (95,380 ) — Interest income (expense), net 1,075 (886 ) (189 ) — — Other income (expense) (3,602 ) (762 ) 195 — (4,169 ) Homebuilding pretax income 162,460 57,847 76,012 (95,380 ) 200,939 Financial Services: Financial services pretax income — — 9,807 — 9,807 Income before taxes 162,460 57,847 85,819 (95,380 ) 210,746 Provision for income taxes (30,112 ) (23,111 ) (25,175 ) — (78,398 ) Net income $ 132,348 $ 34,736 $ 60,644 $ (95,380 ) $ 132,348 Nine Months Ended September 30, 2017 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic (Dollars in thousands) Homebuilding: Revenues $ 1,955,915 $ 1,835,567 $ 683,174 $ — $ 4,474,656 Cost of sales (1,592,317 ) (1,468,154 ) (512,348 ) — (3,572,819 ) Gross margin 363,598 367,413 170,826 — 901,837 Selling, general and administrative expenses (203,674 ) (237,232 ) (57,796 ) — (498,702 ) Income (loss) from unconsolidated joint ventures 2,006 550 7,204 — 9,760 Equity income of subsidiaries 178,762 — — (178,762 ) — Interest income (expense), net 2,439 (1,724 ) (715 ) — — Other income (expense) (9,612 ) (543 ) 6,073 — (4,082 ) Homebuilding pretax income 333,519 128,464 125,592 (178,762 ) 408,813 Financial Services: Financial services pretax income — — 23,475 — 23,475 Income before taxes 333,519 128,464 149,067 (178,762 ) 432,288 Provision for income taxes (58,553 ) (61,411 ) (37,358 ) — (157,322 ) Net income $ 274,966 $ 67,053 $ 111,709 $ (178,762 ) $ 274,966 Nine Months Ended September 30, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic (Dollars in thousands) Homebuilding: Revenues $ 1,817,935 $ 1,866,598 $ 750,470 $ — $ 4,435,003 Cost of sales (1,451,579 ) (1,486,644 ) (533,543 ) — (3,471,766 ) Gross margin 366,356 379,954 216,927 — 963,237 Selling, general and administrative expenses (201,503 ) (220,595 ) (51,112 ) — (473,210 ) Income (loss) from unconsolidated joint ventures 29 444 2,170 — 2,643 Equity income of subsidiaries 229,414 — — (229,414 ) — Interest income (expense), net 3,685 (2,785 ) (900 ) — — Other income (expense) (10,885 ) (1,241 ) 134 — (11,992 ) Homebuilding pretax income 387,096 155,777 167,219 (229,414 ) 480,678 Financial Services: Financial services pretax income — — 24,889 — 24,889 Income before taxes 387,096 155,777 192,108 (229,414 ) 505,567 Provision for income taxes (69,327 ) (66,659 ) (51,812 ) — (187,798 ) Net income $ 317,769 $ 89,118 $ 140,296 $ (229,414 ) $ 317,769 |
Condensed Balance Sheet [Table Text Block] | September 30, 2017 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic (Dollars in thousands) ASSETS Homebuilding: Cash and equivalents $ 25,694 $ 31,465 $ 26,151 $ — $ 83,310 Restricted cash — — 29,620 — 29,620 Intercompany receivables 2,121,692 — 398,530 (2,520,222 ) — Inventories: Owned 3,208,403 2,279,408 1,458,955 — 6,946,766 Not owned 44,285 37,100 10,559 — 91,944 Investments in unconsolidated joint ventures 5,895 3,750 121,047 — 130,692 Investments in subsidiaries 2,131,970 — — (2,131,970 ) — Deferred income taxes, net 313,894 — — (6,643 ) 307,251 Goodwill 970,185 — 15,000 — 985,185 Other assets 172,296 43,380 19,459 — 235,135 Total Homebuilding Assets 8,994,314 2,395,103 2,079,321 (4,658,835 ) 8,809,903 Financial Services: Cash and equivalents — — 46,357 — 46,357 Restricted cash — — 21,205 — 21,205 Mortgage loans held for sale, net — — 160,068 — 160,068 Mortgage loans held for investment, net — — 25,510 — 25,510 Other assets — — 17,792 (1,801 ) 15,991 Total Financial Services Assets — — 270,932 (1,801 ) 269,131 Total Assets $ 8,994,314 $ 2,395,103 $ 2,350,253 $ (4,660,636 ) $ 9,079,034 LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 95,533 $ 58,196 $ 24,023 $ — $ 177,752 Accrued liabilities and intercompany payables 365,920 1,260,516 1,066,124 (2,130,136 ) 562,424 Revolving credit facility 295,600 — — — 295,600 Secured project debt and other notes payable 424,662 — 17,018 (398,530 ) 43,150 Senior notes payable 3,483,388 — — — 3,483,388 Total Homebuilding Liabilities 4,665,103 1,318,712 1,107,165 (2,528,666 ) 4,562,314 Financial Services: Accounts payable and other liabilities — — 20,831 — 20,831 Mortgage credit facility — — 152,786 — 152,786 Total Financial Services Liabilities — — 173,617 — 173,617 Total Liabilities 4,665,103 1,318,712 1,280,782 (2,528,666 ) 4,735,931 Equity: Total Stockholders' Equity 4,329,211 1,076,391 1,055,579 (2,131,970 ) 4,329,211 Noncontrolling interest — — 13,892 — 13,892 Total Equity 4,329,211 1,076,391 1,069,471 (2,131,970 ) 4,343,103 Total Liabilities and Equity $ 8,994,314 $ 2,395,103 $ 2,350,253 $ (4,660,636 ) $ 9,079,034 December 31, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic (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 Cash Flow Statement [Table Text Block] | Nine Months Ended September 30, 2017 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic (Dollars in thousands) Cash Flows From Operating Activities: Net cash provided by (used in) operating activities $ (287,435 ) $ 16,744 $ 147,216 $ — $ (123,475 ) Cash Flows From Investing Activities: Investments in unconsolidated homebuilding joint ventures (178 ) (79 ) (32,955 ) — (33,212 ) Distributions of capital from unconsolidated homebuilding joint ventures 500 1,867 10,403 — 12,770 Net cash paid for acquisitions — — (44,477 ) — (44,477 ) Loan to parent and subsidiaries — — (65,054 ) 65,054 — Other investing activities (2,098 ) (1,519 ) (7,496 ) — (11,113 ) Net cash provided by (used in) investing activities (1,776 ) 269 (139,579 ) 65,054 (76,032 ) Cash Flows From Financing Activities: Change in restricted cash — — (794 ) — (794 ) Borrowings from revolving credit facility 685,550 — — — 685,550 Principal payments on revolving credit facility (389,950 ) — — — (389,950 ) Principal payments on secured project debt and other notes payable — — (909 ) — (909 ) Principal payment on senior notes payable (483,000 ) — — — (483,000 ) Proceeds from the issuance of senior notes payable 579,125 — — — 579,125 Payment of debt issuance costs (5,019 ) — — — (5,019 ) Loan from subsidiary 65,054 — — (65,054 ) — Net proceeds from (payments on) mortgage credit facility — — (94,641 ) — (94,641 ) (Contributions to) distributions from Corporate and subsidiaries 1,210 — (1,210 ) — — Repurchases of common stock (150,014 ) — — — (150,014 ) Common stock dividend payments (13,427 ) — — — (13,427 ) Issuance of common stock under employee stock plans, net of tax withholdings (5,807 ) — — — (5,807 ) Other financing activities — — (67 ) — (67 ) Intercompany advances, net (74,078 ) (23,759 ) 97,837 — — Net cash provided by (used in) financing activities 209,644 (23,759 ) 216 (65,054 ) 121,047 Net increase (decrease) in cash and equivalents (79,567 ) (6,746 ) 7,853 — (78,460 ) Cash and equivalents at beginning of period 105,261 38,211 64,655 — 208,127 Cash and equivalents at end of period $ 25,694 $ 31,465 $ 72,508 $ — $ 129,667 Nine Months Ended September 30, 2016 CalAtlantic Group, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated CalAtlantic (Dollars in thousands) Cash Flows From Operating Activities: Net cash provided by (used in) operating activities $ (49,169 ) $ 16,087 $ 200,744 $ — $ 167,662 Cash Flows From Investing Activities: Investments in unconsolidated homebuilding joint ventures (235 ) (192 ) (26,573 ) — (27,000 ) Distributions of capital from unconsolidated homebuilding joint ventures 1,107 333 22,287 — 23,727 Loan to parent and subsidiaries — — (88,800 ) 88,800 — Other investing activities (325 ) (1,958 ) (3,106 ) — (5,389 ) Net cash provided by (used in) investing activities 547 (1,817 ) (96,192 ) 88,800 (8,662 ) Cash Flows From Financing Activities: Change in restricted cash — — 7,309 — 7,309 Borrowings from revolving credit facility 1,008,000 — — — 1,008,000 Principal payments on revolving credit facility (862,000 ) — — — (862,000 ) Principal payments on secured project debt and other notes payable (9,985 ) — (404 ) — (10,389 ) Principal payments on senior notes payable (280,000 ) — — — (280,000 ) Proceeds from the issuance of senior notes payable 300,000 — — — 300,000 Payment of debt issue costs (2,657 ) — — — (2,657 ) Loan from subsidiary 88,800 — — (88,800 ) — Net proceeds from (payments on) mortgage credit facility — — (141,524 ) — (141,524 ) (Contributions to) distributions from Corporate and subsidiaries 18,350 — (18,350 ) — — Repurchases of common stock (137,464 ) — — — (137,464 ) Common stock dividend payments (14,264 ) — — — (14,264 ) Issuance of common stock under employee stock plans, net of tax withholdings 1,868 — — — 1,868 Other financing activities — (199 ) — — (199 ) Intercompany advances, net 49,757 (95,992 ) 46,235 — — Net cash provided by (used in) financing activities 160,405 (96,191 ) (106,734 ) (88,800 ) (131,320 ) Net increase (decrease) in cash and equivalents 111,783 (81,921 ) (2,182 ) — 27,680 Cash and equivalents at beginning of period 6,387 112,852 67,355 — 186,594 Cash and equivalents at end of period $ 118,170 $ 30,931 $ 65,173 $ — $ 214,274 |
Note 3 - Segment Reporting (Det
Note 3 - Segment Reporting (Details Textual) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Number of Operating Segments | 2 | |||
Number of Reportable Segments | 4 | |||
Homebuilding [Member] | North [Member] | ||||
Depreciation, Depletion and Amortization, Nonproduction | $ 2 | $ 1.7 | $ 5.6 | $ 4.5 |
Homebuilding [Member] | Southeast [Member] | ||||
Depreciation, Depletion and Amortization, Nonproduction | 4.5 | 4.2 | 12.2 | 11.2 |
Homebuilding [Member] | Southwest [Member] | ||||
Depreciation, Depletion and Amortization, Nonproduction | 2.3 | 2.8 | 7.8 | 8.6 |
Homebuilding [Member] | West [Member] | ||||
Depreciation, Depletion and Amortization, Nonproduction | $ 5.3 | $ 7.1 | $ 16.1 | $ 18.9 |
Note 3 - Segment Reporting - Se
Note 3 - Segment Reporting - Segment Financial Information Relating to Homebuilding Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Homebuilding revenues | $ 1,515,843 | $ 1,670,958 | $ 4,474,656 | $ 4,435,003 | |
Homebuilding pretax income | 138,894 | 200,939 | 408,813 | 480,678 | |
Homebuilding income (loss) from unconsolidated joint ventures | 5,426 | 1,231 | 9,760 | 2,643 | |
Homebuilding [Member] | |||||
Homebuilding revenues | 1,515,843 | 1,670,958 | 4,474,656 | 4,435,003 | |
Homebuilding pretax income | [1] | 138,894 | 200,939 | 408,813 | 480,678 |
Homebuilding income (loss) from unconsolidated joint ventures | 5,426 | 1,231 | 9,760 | 2,643 | |
Homebuilding [Member] | North [Member] | |||||
Homebuilding revenues | 282,591 | 283,060 | 848,438 | 710,889 | |
Homebuilding pretax income | [1] | 25,895 | 25,627 | 74,492 | 53,177 |
Homebuilding income (loss) from unconsolidated joint ventures | 78 | 113 | 525 | 486 | |
Homebuilding [Member] | Southeast [Member] | |||||
Homebuilding revenues | 427,244 | 400,720 | 1,207,616 | 1,065,038 | |
Homebuilding pretax income | [1] | 30,094 | 31,303 | 85,695 | 84,125 |
Homebuilding income (loss) from unconsolidated joint ventures | 437 | ||||
Homebuilding [Member] | Southwest [Member] | |||||
Homebuilding revenues | 356,952 | 389,160 | 1,099,803 | 1,165,797 | |
Homebuilding pretax income | [1] | 31,648 | 39,312 | 100,757 | 113,145 |
Homebuilding income (loss) from unconsolidated joint ventures | 252 | 44 | 515 | 869 | |
Homebuilding [Member] | West [Member] | |||||
Homebuilding revenues | 449,056 | 598,018 | 1,318,799 | 1,493,279 | |
Homebuilding pretax income | [1] | 51,257 | 104,697 | 147,869 | 230,231 |
Homebuilding income (loss) from unconsolidated joint ventures | $ 5,096 | $ 1,074 | $ 8,720 | $ 851 | |
[1] | Homebuilding pretax income includes depreciation and amortization expense of $2.0 million, $4.5 million, $2.3 million and $5.3 million, respectively, in the North, Southeast, Southwest and West for the quarter ended September 30, 2017 and $1.7 million, $4.2 million, $2.8 million and $7.1 million, respectively, in the North, Southeast, Southwest and West for the quarter ended September 30, 2016. Homebuilding pretax income includes depreciation and amortization expense of $5.6 million, $12.2 million, $7.8 million and $16.1 million, respectively, in the North, Southeast, Southwest and West for the nine months ended September 30, 2017 and $4.5 million, $11.2 million, $8.6 million and $18.9 million, respectively, in the North, Southeast, Southwest and West for the nine months ended September 30, 2016. |
Note 3 - Segment Reporting - 40
Note 3 - Segment Reporting - Segment Financial Information Relating to Homebuilding Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | $ 9,079,034 | $ 8,709,044 |
Homebuilding [Member] | ||
Assets | 8,809,903 | 8,356,645 |
Homebuilding investments in unconsolidated joint ventures | 130,692 | 127,127 |
Homebuilding [Member] | Corporate, Non-Segment [Member] | ||
Assets | 485,221 | 578,780 |
Homebuilding [Member] | North [Member] | ||
Assets | 1,347,835 | 1,181,544 |
Homebuilding investments in unconsolidated joint ventures | 5,829 | 5,691 |
Homebuilding [Member] | Southeast [Member] | ||
Assets | 2,375,363 | 2,253,289 |
Homebuilding investments in unconsolidated joint ventures | 162 | 334 |
Homebuilding [Member] | Southwest [Member] | ||
Assets | 1,895,329 | 1,842,869 |
Homebuilding investments in unconsolidated joint ventures | 4,855 | 6,085 |
Homebuilding [Member] | West [Member] | ||
Assets | 2,706,155 | 2,500,163 |
Homebuilding investments in unconsolidated joint ventures | $ 119,846 | $ 115,017 |
Note 4 - Earnings Per Common 41
Note 4 - Earnings Per Common Share - Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net income | $ 93,352 | $ 132,348 | $ 274,966 | $ 317,769 |
Less: Net income allocated to unvested restricted stock | (400) | (294) | (1,104) | (635) |
Net income available to common stockholders for basic earnings per common share | 92,952 | 132,054 | 273,862 | 317,134 |
Effect of dilutive securities: | ||||
Net income available to common stock for diluted earnings per share | $ 93,179 | $ 132,289 | $ 276,753 | $ 319,950 |
Weighted average basic common shares outstanding (in shares) | 110,205,460 | 118,338,891 | 112,778,362 | 119,188,145 |
Share-based awards (in shares) | 875,214 | 643,602 | 881,500 | 605,860 |
Weighted average diluted shares outstanding (in shares) | 124,449,912 | 136,077,415 | 129,521,479 | 136,888,927 |
Income Per Common Share: | ||||
Basic (in dollars per share) | $ 0.84 | $ 1.12 | $ 2.43 | $ 2.66 |
Diluted (in dollars per share) | $ 0.75 | $ 0.97 | $ 2.14 | $ 2.34 |
1.625% Convertible Senior Notes due May 2018 [Member] | ||||
Effect of dilutive securities: | ||||
Interest on convertible senior notes | $ 94 | $ 91 | $ 1,123 | $ 1,088 |
Interest on convertible senior notes (in shares) | 7,174,013 | 7,165,845 | 7,174,013 | 7,165,845 |
0.25% Convertible Senior Notes Due June 2019 [Member] | ||||
Effect of dilutive securities: | ||||
Interest on convertible senior notes | $ 85 | $ 82 | $ 1,016 | $ 984 |
Interest on convertible senior notes (in shares) | 3,642,200 | 3,638,080 | 3,642,200 | 3,638,080 |
1.25% Convertible Senior Notes Due August 2032 [Member] | ||||
Effect of dilutive securities: | ||||
Interest on convertible senior notes | $ 48 | $ 62 | $ 752 | $ 744 |
Interest on convertible senior notes (in shares) | 2,553,025 | 6,290,997 | 5,045,404 | 6,290,997 |
Note 4 - Earnings Per Common 42
Note 4 - Earnings Per Common Share - Basic and Diluted Earnings Per Common Share (Details) (Parentheticals) | Sep. 30, 2017 | Aug. 31, 2017 | Sep. 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% | 1.25% |
Note 5 - Stock-based Compensa43
Note 5 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Allocated Share-based Compensation Expense | $ 5.1 | $ 3.7 | $ 14.3 | $ 11.2 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 31.3 | $ 31.3 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 73 days |
Note 6 - Cash and Equivalents44
Note 6 - Cash and Equivalents and Restricted Cash (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Cash and Cash Equivalents, at Carrying Value | $ 129,667 | $ 208,127 | $ 214,274 | $ 186,594 |
Homebuilding [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 83,310 | 191,086 | ||
Restricted Cash and Cash Equivalents | 29,620 | 28,321 | ||
Financial Services [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 46,357 | 17,041 | ||
Restricted Cash and Cash Equivalents | 21,205 | $ 21,710 | ||
Cash From Home Closings in Escrow [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 80,800 | |||
Held in Cash Collateral Accounts [Member] | Homebuilding [Member] | ||||
Restricted Cash and Cash Equivalents | 29,600 | |||
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 | $ 500 |
Note 7 - Marketable Securitie45
Note 7 - Marketable Securities, Available-for-sale (Details Textual) | 9 Months Ended |
Sep. 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 Securitie46
Note 7 - Marketable Securities, Available-for-sale - Fair Values by Type of Security (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Gross unrealized losses | $ (172,000) | |
Estimated fair value | 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) |
Estimated fair value | $ 24,529,000 | $ 18,098,000 |
Note 7 - Marketable Securitie47
Note 7 - Marketable Securities, Available-for-sale - Contractual Maturity (Details) $ in Thousands | Sep. 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 | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Inventory, Real Estate, Land and Land Development Costs, Land Purchased During Period | $ 732,400 | $ 960,800 | ||
Inventory, Real Estate, Number of Homesites Purchased During the Period | 10,694 | 13,566 | ||
Number of Active and Future Projects Owned | 901 | 879 | ||
Impairment of Real Estate | $ 0 | $ 0 | ||
Homebuilding Operations from Seattle-based Developer [Member] | ||||
Business Combination, Number of Current and Future Communities Acquired | 19 | |||
Business Combination, Consideration Transferred | $ 44,500 | |||
Goodwill | 15,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 100 | |||
Homebuilding Operations from Seattle-based Developer [Member] | Inventory Owned [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 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 | |||
Homebuilding [Member] | ||||
Goodwill | $ 985,185 | $ 970,185 | ||
Homebuilding [Member] | North [Member] | ||||
Inventory, Real Estate, Land Purchased During Period, Percentage of Homesites Included in a Certain Category | 27.00% | 25.00% | ||
Homebuilding [Member] | Southeast [Member] | ||||
Inventory, Real Estate, Land Purchased During Period, Percentage of Homesites Included in a Certain Category | 34.00% | 25.00% | ||
Homebuilding [Member] | Southwest [Member] | ||||
Inventory, Real Estate, Land Purchased During Period, Percentage of Homesites Included in a Certain Category | 18.00% | 24.00% | ||
Homebuilding [Member] | West [Member] | ||||
Inventory, Real Estate, Land Purchased During Period, Percentage of Homesites Included in a Certain Category | 21.00% | 26.00% |
Note 8 - Inventories - Inventor
Note 8 - Inventories - Inventories Owned (Details) - Homebuilding [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Land and land under development | [1] | $ 2,886,731 | $ 3,627,740 |
Homes completed and under construction | 3,624,417 | 2,304,109 | |
Model homes | 435,618 | 506,943 | |
Total inventories owned | 6,946,766 | 6,438,792 | |
North [Member] | |||
Land and land under development | [1] | 136,182 | 445,245 |
Homes completed and under construction | 790,486 | 327,421 | |
Model homes | 57,518 | 79,306 | |
Total inventories owned | 984,186 | 851,972 | |
Southeast [Member] | |||
Land and land under development | [1] | 993,953 | 1,177,646 |
Homes completed and under construction | 928,157 | 585,938 | |
Model homes | 112,197 | 132,968 | |
Total inventories owned | 2,034,307 | 1,896,552 | |
Southwest [Member] | |||
Land and land under development | [1] | 420,686 | 594,585 |
Homes completed and under construction | 966,286 | 710,509 | |
Model homes | 102,969 | 116,575 | |
Total inventories owned | 1,489,941 | 1,421,669 | |
West [Member] | |||
Land and land under development | [1] | 1,335,910 | 1,410,264 |
Homes completed and under construction | 939,488 | 680,241 | |
Model homes | 162,934 | 178,094 | |
Total inventories owned | $ 2,438,332 | $ 2,268,599 | |
[1] | During the nine months ended September 30, 2017, we purchased $304.7 million of land (10,694 homesites), of which 27% (based on homesites) were located in the North, 34% in the Southeast, 18% in the Southwest, and 21% in the West. During the year ended December 31, 2016, we purchased $960.8 million of land (13,566 homesites), of which 25% (based on homesites) were located in the North, 25% in the Southeast, 24% in the Southwest, and 26% in the West. |
Note 9 - Capitalization of In50
Note 9 - Capitalization of Interest (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2017 | Sep. 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 In51
Note 9 - Capitalization of Interest - Homebuilding Capitalized Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Total interest incurred | [1] | $ 52,972 | $ 56,872 | $ 156,845 | $ 175,207 |
Less: Interest capitalized to inventories owned | [1] | (52,158) | (55,761) | (154,371) | (172,170) |
Less: Interest capitalized to investments in unconsolidated joint ventures | (814) | (1,111) | (2,474) | (3,037) | |
Interest expense | |||||
Interest previously capitalized to inventories owned, included in cost of home sales | 48,912 | 44,636 | 140,687 | 115,367 | |
Interest previously capitalized to inventories owned, included in cost of land sales | 115 | 1,596 | |||
Interest previously capitalized to investments in unconsolidated joint ventures, included in income (loss) from unconsolidated joint ventures | 5 | 613 | 13 | 613 | |
Interest capitalized in ending inventories owned | [2] | $ 379,884 | $ 362,807 | $ 379,884 | $ 362,807 |
Interest capitalized as a percentage of inventories owned | 5.50% | 5.60% | 5.50% | 5.60% | |
Interest capitalized in ending investments in unconsolidated joint ventures | [2] | $ 5,324 | $ 3,224 | $ 5,324 | $ 3,224 |
Interest capitalized as a percentage of investments in unconsolidated joint ventures | 4.10% | 2.30% | 4.10% | 2.30% | |
[1] | Total interest incurred and interest capitalized to inventories owned during the nine months ended September 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 nine months ended September 30, 2017, in connection with lot purchases from our joint ventures, $0 and $0.5 million, respectively, of capitalized interest was transferred from investments in unconsolidated joint ventures to inventories owned. |
Note 10 - Investments in Unco52
Note 10 - Investments in Unconsolidated Land Development and Homebuilding Joint Ventures (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Asset Impairment Charges | $ 0 | $ 1,000 | $ 0 | $ 1,000 | |
Stockholders' Equity Attributable to Noncontrolling Interest | $ 13,892 | $ 13,892 |
Note 11 - Warranty Costs - Warr
Note 11 - Warranty Costs - Warranty Accrual (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Warranty accrual | $ 43,932 | $ 40,691 |
Warranty costs accrued during the period | 16,097 | 16,903 |
Warranty costs paid during the period | (18,303) | (15,088) |
Warranty accrual | $ 41,726 | $ 42,506 |
Note 12 - Revolving Credit Fa54
Note 12 - Revolving Credit Facility and Letter of Credit Facilities (Details Textual) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Cash Collateral Deposits | $ 22.8 |
London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 1.24% |
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 |
Line of Credit Facility, Maximum Borrowing Capacity | 1,200 |
Line of Credit Facility Covenant, Minimum Tangible Net Worth Requirement | $ 1,650 |
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 | $ 295.6 |
Letters of Credit Outstanding, Amount | 119.2 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 335.2 |
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 |
Letter of Credit [Member] | Four Committed Letter of Credit [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 48 |
Letters of Credit Outstanding, Amount | $ 22.4 |
Note 13 - Secured Project Deb55
Note 13 - Secured Project Debt and Other Notes Payable (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Homebuilding [Member] | ||
Secured Debt | $ 43,150 | $ 27,579 |
Note 14 - Senior Notes Payabl56
Note 14 - Senior Notes Payable (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | |||||
Aug. 31, 2017 | May 31, 2017 | Apr. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | Mar. 31, 2016 | |
Proceeds from Issuance of Senior Long-term Debt | $ 225,000,000 | $ 579,125,000 | $ 300,000,000 | ||||
Repayments of Senior Debt | $ 483,000,000 | $ 280,000,000 | |||||
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 | 31.8845 | ||||||
Debt Instrument, Convertible Principal Amount used in Conversion Rate Calculation | $ 1,000 | ||||||
Debt Instrument, Convertible, Conversion Price | $ 31.36 | ||||||
0.25% Convertible Senior Notes Due June 2019 [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.25% | 0.25% | |||||
Debt Instrument, Convertible, Conversion Ratio | 13.6157 | ||||||
Debt Instrument, Convertible Principal Amount used in Conversion Rate Calculation | $ 1,000 | ||||||
Debt Instrument, Convertible, Conversion Price | $ 73.44 | ||||||
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% | ||||||
5.875% Senior Notes Due November 2024 [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | ||||||
Proceeds from Issuance of Senior Long-term Debt | $ 125,000,000 | ||||||
5.25% Senior Notes due June 2026 [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ||||||
Proceeds from Issuance of Senior Long-term Debt | $ 100,000,000 | ||||||
8.4% Senior Notes Due May 2017 [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.40% | ||||||
Repayments of Senior Debt | $ 230,000,000 | ||||||
5.00% Senior Notes Due 2027 [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||||
Debt Instrument, Face Amount | $ 350,000,000 | ||||||
1.25% Convertible Senior Notes Due August 2032 [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | 1.25% | 1.25% | ||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||
Repayments of Senior Debt | $ 253,000,000 |
Note 14 - Senior Notes Payabl57
Note 14 - Senior Notes Payable - Senior Notes Payable (Details) - Homebuilding [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Senior notes payable | $ 3,483,388 | $ 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 | 574,784 | 574,501 |
1.625% Convertible Senior Notes due May 2018 [Member] | ||
Senior notes payable | 222,757 | 220,236 |
0.25% Convertible Senior Notes Due June 2019 [Member] | ||
Senior notes payable | 258,035 | 253,777 |
6.625% Senior Notes due May 2020 [Member] | ||
Senior notes payable | 315,430 | 319,909 |
8.375% Senior Notes Due January 2021 [Member] | ||
Senior notes payable | 396,087 | 395,246 |
6.25% Senior Notes Due December 15, 2021 [Member] | ||
Senior notes payable | 297,980 | 297,623 |
5.375% Senior Notes Due October 2022 [Member] | ||
Senior notes payable | 249,331 | 249,230 |
5.875% Senior Notes Due November 2024 [Member] | ||
Senior notes payable | 426,558 | 296,982 |
5.25% Senior Notes due June 2026 [Member] | ||
Senior notes payable | 395,323 | 297,483 |
5.00% Senior Notes Due 2027 [Member] | ||
Senior notes payable | 347,103 | |
1.25% Convertible Senior Notes Due August 2032 [Member] | ||
Senior notes payable | $ 252,046 |
Note 14 - Senior Notes Payabl58
Note 14 - Senior Notes Payable - Senior Notes Payable (Details) (Parentheticals) | Sep. 30, 2017 | Aug. 31, 2017 | Jun. 30, 2017 | Apr. 30, 2017 | Dec. 31, 2016 | Sep. 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% | 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 Fac59
Note 15 - Mortgage Credit Facility (Details Textual) - Financial Services [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Warehouse Agreement Borrowings | $ 152,786 | $ 247,427 |
Standard Pacific [Member] | ||
Cash Collateral for Borrowed Securities | 3,000 | |
Maturing January 2017 [Member] | Repurchase Facility [Member] | First Lender [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000 |
Note 16 - Disclosures About F60
Note 16 - Disclosures About Fair Value - Financial Instruments Measured On a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 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 | 163,352 | $ 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 F61
Note 16 - Disclosures About Fair Value - Financial Instruments With Fair Value Option Not Elected (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financial Services [Member] | Reported Value Measurement [Member] | ||
Mortgage loans held for investment, net | $ 25,510 | $ 24,924 |
Financial Services [Member] | Estimate of Fair Value Measurement [Member] | ||
Mortgage loans held for investment, net | 25,510 | 24,924 |
Homebuilding [Member] | Reported Value Measurement [Member] | ||
Senior and convertible senior notes payable, net | 3,483,388 | 3,392,208 |
Homebuilding [Member] | Estimate of Fair Value Measurement [Member] | ||
Senior and convertible senior notes payable, net | $ 3,753,098 | $ 3,617,838 |
Note 17 - Commitments and Con62
Note 17 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Nonrefundable Cash Deposits | $ 80,300 | ||
Capitalized Preacquisition and Other Development and Construction Costs | 31,300 | ||
Remaining Purchase Price of Land Purchase and Option Contracts | $ 995,100 | ||
Number of Joint Ventures the Company Holds Membership Interest In | 28 | ||
Number of Active Joint Ventures | 14 | ||
Number of Inactive Joint Ventures | 14 | ||
Number of Joint Ventures Having Project Specific Non-recourse Debt to the Company | 0 | ||
Outstanding Joint Venture Surety Bonds | $ 0 | ||
Outstanding Surety Bonds | 1,002,200 | ||
Surety Bonds Cost to Complete | 506,100 | ||
Mortgage Loans in Process | $ 291,600 | ||
Mortgage Loans in Process, Interest Rate | 4.00% | ||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Mortgage | $ 163,400 | ||
Mortgage Loans Committed to Sell to Investors | 33,300 | ||
Gain (Loss) on Mortgage Loan Related to Indemnification and Repurchase Allowance | 300 | $ 100 | |
Mortgage Loan Repurchase Reserve | 3,800 | $ 3,600 | |
Mortgage Loan Repurchase Payments | 100 | $ 300 | |
Insurance and Litigation Accruals | 233,800 | $ 233,500 | |
Mortgage Loans in Process [Member] | |||
Mortgage Loans Expected to be Originated on a Non-presold Basis | $ 258,300 |
Note 18 - Income Taxes (Details
Note 18 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Income Tax Expense (Benefit) | $ 52,820 | $ 78,398 | $ 157,322 | $ 187,798 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 146,172 | $ 210,746 | 432,288 | $ 505,567 | |
Deferred Tax Assets, Operating Loss Carryforwards | 96,000 | 96,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 15,600 | 15,600 | |||
Deferred Tax Assets, Other | 192,100 | 192,100 | |||
Unrecognized Tax Benefits | 14,000 | $ 14,000 | $ 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 | 309,200 | $ 309,200 | |||
Deferred Tax Assets, Valuation Allowance | 1,900 | 1,900 | |||
Subject to 382 Limitations [Member] | |||||
Deferred Tax Assets, Operating Loss Carryforwards | 16,100 | 16,100 | |||
Not Limited by Section 382 [Member] | |||||
Deferred Tax Assets, Operating Loss Carryforwards | $ 5,000 | $ 5,000 |
Note 19 - Subsequent Event (Det
Note 19 - Subsequent Event (Details Textual) - Lenmar Corporation [Member] $ / shares in Units, $ in Millions | Oct. 29, 2017USD ($)$ / shares |
Business Acquisition, Share Price | $ / shares | $ 48.26 |
Business Combination, Threshold Amount Allowed to be Paid For Cash Conversion of Common Stock Before it is Subject to Proration | $ | $ 1,160 |
Common Class A [Member] | |
Business Combination Conversion Ratio | 0.885 |
Note 20 - Supplemental Disclo65
Note 20 - Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows - Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Supplemental Disclosures of Cash Flow Information: | ||
Income taxes | $ 177,332 | $ 150,822 |
Increase in secured project debt for assets acquired | $ 16,480 | $ 25,625 |
Note 21 - Supplemental Guaran66
Note 21 - Supplemental Guarantor Information - Condensed Consolidating Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | $ 1,515,843 | $ 1,670,958 | $ 4,474,656 | $ 4,435,003 |
Cost of sales | (1,212,708) | (1,296,266) | (3,572,819) | (3,471,766) |
Gross margin | 303,135 | 374,692 | 901,837 | 963,237 |
Selling, general and administrative expenses | (168,429) | (170,815) | (498,702) | (473,210) |
Income (loss) from unconsolidated joint ventures | 5,426 | 1,231 | 9,760 | 2,643 |
Equity income of subsidiaries | ||||
Interest income (expense), net | ||||
Other income (expense) | (1,238) | (4,169) | (4,082) | (11,992) |
Homebuilding pretax income | 138,894 | 200,939 | 408,813 | 480,678 |
Financial services pretax income | 7,278 | 9,807 | 23,475 | 24,889 |
Income before taxes | 146,172 | 210,746 | 432,288 | 505,567 |
Provision for income taxes | (52,820) | (78,398) | (157,322) | (187,798) |
Net income | 93,352 | 132,348 | 274,966 | 317,769 |
Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Revenues | 647,336 | 707,397 | 1,955,915 | 1,817,935 |
Cost of sales | (528,858) | (561,856) | (1,592,317) | (1,451,579) |
Gross margin | 118,478 | 145,541 | 363,598 | 366,356 |
Selling, general and administrative expenses | (68,237) | (75,217) | (203,674) | (201,503) |
Income (loss) from unconsolidated joint ventures | 981 | (717) | 2,006 | 29 |
Equity income of subsidiaries | 62,765 | 95,380 | 178,762 | 229,414 |
Interest income (expense), net | 845 | 1,075 | 2,439 | 3,685 |
Other income (expense) | (3,714) | (3,602) | (9,612) | (10,885) |
Homebuilding pretax income | 111,118 | 162,460 | 333,519 | 387,096 |
Financial services pretax income | ||||
Income before taxes | 111,118 | 162,460 | 333,519 | 387,096 |
Provision for income taxes | (17,766) | (30,112) | (58,553) | (69,327) |
Net income | 93,352 | 132,348 | 274,966 | 317,769 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Revenues | 632,262 | 656,095 | 1,835,567 | 1,866,598 |
Cost of sales | (505,367) | (520,810) | (1,468,154) | (1,486,644) |
Gross margin | 126,895 | 135,285 | 367,413 | 379,954 |
Selling, general and administrative expenses | (80,147) | (75,834) | (237,232) | (220,595) |
Income (loss) from unconsolidated joint ventures | 252 | 44 | 550 | 444 |
Equity income of subsidiaries | ||||
Interest income (expense), net | (519) | (886) | (1,724) | (2,785) |
Other income (expense) | (287) | (762) | (543) | (1,241) |
Homebuilding pretax income | 46,194 | 57,847 | 128,464 | 155,777 |
Financial services pretax income | ||||
Income before taxes | 46,194 | 57,847 | 128,464 | 155,777 |
Provision for income taxes | (22,788) | (23,111) | (61,411) | (66,659) |
Net income | 23,406 | 34,736 | 67,053 | 89,118 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Revenues | 236,245 | 307,466 | 683,174 | 750,470 |
Cost of sales | (178,483) | (213,600) | (512,348) | (533,543) |
Gross margin | 57,762 | 93,866 | 170,826 | 216,927 |
Selling, general and administrative expenses | (20,045) | (19,764) | (57,796) | (51,112) |
Income (loss) from unconsolidated joint ventures | 4,193 | 1,904 | 7,204 | 2,170 |
Equity income of subsidiaries | ||||
Interest income (expense), net | (326) | (189) | (715) | (900) |
Other income (expense) | 2,763 | 195 | 6,073 | 134 |
Homebuilding pretax income | 44,347 | 76,012 | 125,592 | 167,219 |
Financial services pretax income | 7,278 | 9,807 | 23,475 | 24,889 |
Income before taxes | 51,625 | 85,819 | 149,067 | 192,108 |
Provision for income taxes | (12,266) | (25,175) | (37,358) | (51,812) |
Net income | 39,359 | 60,644 | 111,709 | 140,296 |
Consolidation, Eliminations [Member] | ||||
Revenues | ||||
Cost of sales | ||||
Gross margin | ||||
Selling, general and administrative expenses | ||||
Income (loss) from unconsolidated joint ventures | ||||
Equity income of subsidiaries | (62,765) | (95,380) | (178,762) | (229,414) |
Interest income (expense), net | ||||
Other income (expense) | ||||
Homebuilding pretax income | (62,765) | (95,380) | (178,762) | (229,414) |
Financial services pretax income | ||||
Income before taxes | (62,765) | (95,380) | (178,762) | (229,414) |
Provision for income taxes | ||||
Net income | $ (62,765) | $ (95,380) | $ (178,762) | $ (229,414) |
Note 21 - Supplemental Guaran67
Note 21 - Supplemental Guarantor Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||||
Cash and equivalents | $ 129,667 | $ 208,127 | $ 214,274 | $ 186,594 |
Inventories: | ||||
Total assets | 9,079,034 | 8,709,044 | ||
Cash and equivalents | 129,667 | 208,127 | 214,274 | 186,594 |
LIABILITIES AND EQUITY | ||||
Total liabilities | 4,735,931 | 4,501,458 | ||
Stockholders' Equity: | ||||
Total Stockholders' Equity | 4,329,211 | 4,207,586 | ||
Noncontrolling Interest | 13,892 | |||
Total Equity | 4,343,103 | 4,207,586 | ||
Total Liabilities and Equity | 9,079,034 | 8,709,044 | ||
Reportable Legal Entities [Member] | Parent Company [Member] | ||||
ASSETS | ||||
Cash and equivalents | 25,694 | 105,261 | 118,170 | 6,387 |
Inventories: | ||||
Total assets | 8,994,314 | 8,438,528 | ||
Cash and equivalents | 25,694 | 105,261 | 118,170 | 6,387 |
LIABILITIES AND EQUITY | ||||
Total liabilities | 4,665,103 | 4,230,942 | ||
Stockholders' Equity: | ||||
Total Stockholders' Equity | 4,329,211 | |||
Noncontrolling Interest | ||||
Total Equity | 4,329,211 | 4,207,586 | ||
Total Liabilities and Equity | 8,994,314 | 8,438,528 | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and equivalents | 31,465 | 38,211 | 30,931 | 112,852 |
Inventories: | ||||
Total assets | 2,395,103 | 2,390,295 | ||
Cash and equivalents | 31,465 | 38,211 | 30,931 | 112,852 |
LIABILITIES AND EQUITY | ||||
Total liabilities | 1,318,712 | 1,380,957 | ||
Stockholders' Equity: | ||||
Total Stockholders' Equity | 1,076,391 | |||
Noncontrolling Interest | ||||
Total Equity | 1,076,391 | 1,009,338 | ||
Total Liabilities and Equity | 2,395,103 | 2,390,295 | ||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and equivalents | 72,508 | 64,655 | 65,173 | 67,355 |
Inventories: | ||||
Total assets | 2,350,253 | 2,223,782 | ||
Cash and equivalents | 72,508 | 64,655 | 65,173 | 67,355 |
LIABILITIES AND EQUITY | ||||
Total liabilities | 1,280,782 | 1,278,702 | ||
Stockholders' Equity: | ||||
Total Stockholders' Equity | 1,055,579 | |||
Noncontrolling Interest | 13,892 | |||
Total Equity | 1,069,471 | 945,080 | ||
Total Liabilities and Equity | 2,350,253 | 2,223,782 | ||
Consolidation, Eliminations [Member] | ||||
ASSETS | ||||
Cash and equivalents | ||||
Inventories: | ||||
Total assets | (4,660,636) | (4,343,561) | ||
Cash and equivalents | ||||
LIABILITIES AND EQUITY | ||||
Total liabilities | (2,528,666) | (2,389,143) | ||
Stockholders' Equity: | ||||
Total Stockholders' Equity | (2,131,970) | |||
Noncontrolling Interest | ||||
Total Equity | (2,131,970) | (1,954,418) | ||
Total Liabilities and Equity | (4,660,636) | (4,343,561) | ||
Homebuilding [Member] | ||||
ASSETS | ||||
Cash and equivalents | 83,310 | 191,086 | ||
Restricted cash | 29,620 | 28,321 | ||
Intercompany receivables | ||||
Inventories: | ||||
Owned | 6,946,766 | 6,438,792 | ||
Not owned | 91,944 | 66,267 | ||
Investments in unconsolidated joint ventures | 130,692 | 127,127 | ||
Investments in subsidiaries | ||||
Deferred income taxes, net of valuation allowance of $1,925 and $2,456 at September 30, 2017 and December 31, 2016, respectively | 307,251 | 330,378 | ||
Goodwill | 985,185 | 970,185 | ||
Other assets | 235,135 | 204,489 | ||
Total assets | 8,809,903 | 8,356,645 | ||
Cash and equivalents | 83,310 | 191,086 | ||
Restricted cash | 29,620 | 28,321 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 177,752 | 211,780 | ||
Accrued liabilities | 562,424 | 599,905 | ||
Revolving credit facility | 295,600 | |||
Secured project debt and other notes payable | 43,150 | 27,579 | ||
Senior notes payable | 3,483,388 | 3,392,208 | ||
Total liabilities | 4,562,314 | 4,231,472 | ||
Homebuilding [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | ||||
ASSETS | ||||
Cash and equivalents | 25,694 | 105,261 | ||
Restricted cash | ||||
Intercompany receivables | 2,121,692 | 2,045,773 | ||
Inventories: | ||||
Owned | 3,208,403 | 2,825,234 | ||
Not owned | 44,285 | 30,953 | ||
Investments in unconsolidated joint ventures | 5,895 | 4,469 | ||
Investments in subsidiaries | 2,131,970 | 1,954,418 | ||
Deferred income taxes, net of valuation allowance of $1,925 and $2,456 at September 30, 2017 and December 31, 2016, respectively | 313,894 | 337,021 | ||
Goodwill | 970,185 | 970,185 | ||
Other assets | 172,296 | 165,214 | ||
Total assets | 8,994,314 | 8,438,528 | ||
Cash and equivalents | 25,694 | 105,261 | ||
Restricted cash | ||||
LIABILITIES AND EQUITY | ||||
Accounts payable | 95,533 | 92,611 | ||
Accrued liabilities | 365,920 | 387,098 | ||
Revolving credit facility | 295,600 | |||
Secured project debt and other notes payable | 424,662 | 359,025 | ||
Senior notes payable | 3,483,388 | 3,392,208 | ||
Total liabilities | 4,665,103 | 4,230,942 | ||
Homebuilding [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and equivalents | 31,465 | 38,211 | ||
Restricted cash | ||||
Intercompany receivables | ||||
Inventories: | ||||
Owned | 2,279,408 | 2,277,840 | ||
Not owned | 37,100 | 32,596 | ||
Investments in unconsolidated joint ventures | 3,750 | 4,923 | ||
Investments in subsidiaries | ||||
Deferred income taxes, net of valuation allowance of $1,925 and $2,456 at September 30, 2017 and December 31, 2016, respectively | ||||
Goodwill | ||||
Other assets | 43,380 | 36,725 | ||
Total assets | 2,395,103 | 2,390,295 | ||
Cash and equivalents | 31,465 | 38,211 | ||
Restricted cash | ||||
LIABILITIES AND EQUITY | ||||
Accounts payable | 58,196 | 78,729 | ||
Accrued liabilities | 1,260,516 | 1,302,228 | ||
Revolving credit facility | ||||
Secured project debt and other notes payable | ||||
Senior notes payable | ||||
Total liabilities | 1,318,712 | 1,380,957 | ||
Homebuilding [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and equivalents | 26,151 | 47,614 | ||
Restricted cash | 29,620 | 28,321 | ||
Intercompany receivables | 398,530 | 334,926 | ||
Inventories: | ||||
Owned | 1,458,955 | 1,335,718 | ||
Not owned | 10,559 | 2,718 | ||
Investments in unconsolidated joint ventures | 121,047 | 117,735 | ||
Investments in subsidiaries | ||||
Deferred income taxes, net of valuation allowance of $1,925 and $2,456 at September 30, 2017 and December 31, 2016, respectively | ||||
Goodwill | 15,000 | |||
Other assets | 19,459 | 2,550 | ||
Total assets | 2,079,321 | 1,869,582 | ||
Cash and equivalents | 26,151 | 47,614 | ||
Restricted cash | 29,620 | 28,321 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 24,023 | 40,440 | ||
Accrued liabilities | 1,066,124 | 964,796 | ||
Revolving credit facility | ||||
Secured project debt and other notes payable | 17,018 | 3,480 | ||
Senior notes payable | ||||
Total liabilities | 1,107,165 | 1,008,716 | ||
Homebuilding [Member] | Consolidation, Eliminations [Member] | ||||
ASSETS | ||||
Cash and equivalents | ||||
Restricted cash | ||||
Intercompany receivables | (2,520,222) | (2,380,699) | ||
Inventories: | ||||
Owned | ||||
Not owned | ||||
Investments in unconsolidated joint ventures | ||||
Investments in subsidiaries | (2,131,970) | (1,954,418) | ||
Deferred income taxes, net of valuation allowance of $1,925 and $2,456 at September 30, 2017 and December 31, 2016, respectively | (6,643) | (6,643) | ||
Goodwill | ||||
Other assets | ||||
Total assets | (4,658,835) | (4,341,760) | ||
Cash and equivalents | ||||
Restricted cash | ||||
LIABILITIES AND EQUITY | ||||
Accounts payable | ||||
Accrued liabilities | (2,130,136) | (2,054,217) | ||
Revolving credit facility | ||||
Secured project debt and other notes payable | (398,530) | (334,926) | ||
Senior notes payable | ||||
Total liabilities | (2,528,666) | (2,389,143) | ||
Financial Services [Member] | ||||
ASSETS | ||||
Cash and equivalents | 46,357 | 17,041 | ||
Restricted cash | 21,205 | 21,710 | ||
Inventories: | ||||
Other assets | 15,991 | 26,666 | ||
Total assets | 269,131 | 352,399 | ||
Cash and equivalents | 46,357 | 17,041 | ||
Restricted cash | 21,205 | 21,710 | ||
Mortgage loans held for sale, net | 160,068 | 262,058 | ||
Mortgage loans held for investment, net | 25,510 | 24,924 | ||
LIABILITIES AND EQUITY | ||||
Total liabilities | 173,617 | 269,986 | ||
Accounts payable and other liabilities | 20,831 | 22,559 | ||
Mortgage credit facility | 152,786 | 247,427 | ||
Financial Services [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | ||||
ASSETS | ||||
Cash and equivalents | ||||
Restricted cash | ||||
Inventories: | ||||
Other assets | ||||
Total assets | ||||
Cash and equivalents | ||||
Restricted cash | ||||
Mortgage loans held for sale, net | ||||
Mortgage loans held for investment, net | ||||
LIABILITIES AND EQUITY | ||||
Total liabilities | ||||
Accounts payable and other liabilities | ||||
Mortgage credit facility | ||||
Financial Services [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and equivalents | ||||
Restricted cash | ||||
Inventories: | ||||
Other assets | ||||
Total assets | ||||
Cash and equivalents | ||||
Restricted cash | ||||
Mortgage loans held for sale, net | ||||
Mortgage loans held for investment, net | ||||
LIABILITIES AND EQUITY | ||||
Total liabilities | ||||
Accounts payable and other liabilities | ||||
Mortgage credit facility | ||||
Financial Services [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and equivalents | 46,357 | 17,041 | ||
Restricted cash | 21,205 | 21,710 | ||
Inventories: | ||||
Other assets | 17,792 | 28,467 | ||
Total assets | 270,932 | 354,200 | ||
Cash and equivalents | 46,357 | 17,041 | ||
Restricted cash | 21,205 | 21,710 | ||
Mortgage loans held for sale, net | 160,068 | 262,058 | ||
Mortgage loans held for investment, net | 25,510 | 24,924 | ||
LIABILITIES AND EQUITY | ||||
Total liabilities | 173,617 | 269,986 | ||
Accounts payable and other liabilities | 20,831 | 22,559 | ||
Mortgage credit facility | 152,786 | 247,427 | ||
Financial Services [Member] | Consolidation, Eliminations [Member] | ||||
ASSETS | ||||
Cash and equivalents | ||||
Restricted cash | ||||
Inventories: | ||||
Other assets | (1,801) | (1,801) | ||
Total assets | (1,801) | (1,801) | ||
Cash and equivalents | ||||
Restricted cash | ||||
Mortgage loans held for sale, net | ||||
Mortgage loans held for investment, net | ||||
LIABILITIES AND EQUITY | ||||
Total liabilities | ||||
Accounts payable and other liabilities | ||||
Mortgage credit facility |
Note 21 - Supplemental Guaran68
Note 21 - Supplemental Guarantor Information - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |
Apr. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net cash provided by (used in) operating activities | $ (123,475,000) | $ 167,662,000 | |
Investments in unconsolidated homebuilding joint ventures | (33,212,000) | (27,000,000) | |
Distributions of capital from unconsolidated homebuilding joint ventures | 12,770,000 | 23,727,000 | |
Net cash paid for acquisitions | (44,477,000) | ||
Loan to parent and subsidiaries | |||
Other investing activities | (11,113,000) | (5,389,000) | |
Net cash provided by (used in) investing activities | (76,032,000) | (8,662,000) | |
Change in restricted cash | (794,000) | 7,309,000 | |
Borrowings from revolving credit facility | 685,550,000 | 1,008,000,000 | |
Principal payments on revolving credit facility | (389,950,000) | (862,000,000) | |
Principal payments on secured project debt and other notes payable | (909,000) | (10,389,000) | |
Principal payment on senior notes payable | (483,000,000) | (280,000,000) | |
Proceeds from the issuance of senior notes payable | $ 225,000,000 | 579,125,000 | 300,000,000 |
Payment of debt issuance costs | (5,019,000) | (2,657,000) | |
Loan from subsidiary | |||
Net proceeds from (payments on) mortgage credit facility | (94,641,000) | (141,524,000) | |
(Contributions to) distributions from Corporate and subsidiaries | |||
Repurchases of common stock | (150,014,000) | (137,464,000) | |
Common stock dividend payments | (13,427,000) | (14,264,000) | |
Issuance of common stock under employee stock plans, net of tax withholdings | (5,807,000) | 1,868,000 | |
Other financing activities | (67,000) | (199,000) | |
Intercompany advances, net | |||
Net cash provided by (used in) financing activities | 121,047,000 | (131,320,000) | |
Net increase (decrease) in cash and equivalents | (78,460,000) | 27,680,000 | |
Cash and equivalents at beginning of period | 208,127,000 | 186,594,000 | |
Cash and equivalents at end of period | 129,667,000 | 214,274,000 | |
Reportable Legal Entities [Member] | Parent Company [Member] | |||
Net cash provided by (used in) operating activities | (287,435,000) | (49,169,000) | |
Investments in unconsolidated homebuilding joint ventures | (178,000) | (235,000) | |
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 | (2,098,000) | (325,000) | |
Net cash provided by (used in) investing activities | (1,776,000) | 547,000 | |
Change in restricted cash | |||
Borrowings from revolving credit facility | 685,550,000 | 1,008,000,000 | |
Principal payments on revolving credit facility | (389,950,000) | (862,000,000) | |
Principal payments on secured project debt and other notes payable | (9,985,000) | ||
Principal payment on senior notes payable | (483,000,000) | (280,000,000) | |
Proceeds from the issuance of senior notes payable | 579,125,000 | 300,000,000 | |
Payment of debt issuance costs | (5,019,000) | (2,657,000) | |
Loan from subsidiary | 65,054,000 | 88,800,000 | |
Net proceeds from (payments on) mortgage credit facility | |||
(Contributions to) distributions from Corporate and subsidiaries | 1,210,000 | 18,350,000 | |
Repurchases of common stock | (150,014,000) | (137,464,000) | |
Common stock dividend payments | (13,427,000) | (14,264,000) | |
Issuance of common stock under employee stock plans, net of tax withholdings | (5,807,000) | 1,868,000 | |
Other financing activities | |||
Intercompany advances, net | (74,078,000) | 49,757,000 | |
Net cash provided by (used in) financing activities | 209,644,000 | 160,405,000 | |
Net increase (decrease) in cash and equivalents | (79,567,000) | 111,783,000 | |
Cash and equivalents at beginning of period | 105,261,000 | 6,387,000 | |
Cash and equivalents at end of period | 25,694,000 | 118,170,000 | |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||
Net cash provided by (used in) operating activities | 16,744,000 | 16,087,000 | |
Investments in unconsolidated homebuilding joint ventures | (79,000) | (192,000) | |
Distributions of capital from unconsolidated homebuilding joint ventures | 1,867,000 | 333,000 | |
Net cash paid for acquisitions | |||
Loan to parent and subsidiaries | |||
Other investing activities | (1,519,000) | (1,958,000) | |
Net cash provided by (used in) investing activities | 269,000 | (1,817,000) | |
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 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 | (23,759,000) | (95,992,000) | |
Net cash provided by (used in) financing activities | (23,759,000) | (96,191,000) | |
Net increase (decrease) in cash and equivalents | (6,746,000) | (81,921,000) | |
Cash and equivalents at beginning of period | 38,211,000 | 112,852,000 | |
Cash and equivalents at end of period | 31,465,000 | 30,931,000 | |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||
Net cash provided by (used in) operating activities | 147,216,000 | 200,744,000 | |
Investments in unconsolidated homebuilding joint ventures | (32,955,000) | (26,573,000) | |
Distributions of capital from unconsolidated homebuilding joint ventures | 10,403,000 | 22,287,000 | |
Net cash paid for acquisitions | (44,477,000) | ||
Loan to parent and subsidiaries | (65,054,000) | (88,800,000) | |
Other investing activities | (7,496,000) | (3,106,000) | |
Net cash provided by (used in) investing activities | (139,579,000) | (96,192,000) | |
Change in restricted cash | (794,000) | 7,309,000 | |
Borrowings from revolving credit facility | |||
Principal payments on revolving credit facility | |||
Principal payments on secured project debt and other notes payable | (909,000) | (404,000) | |
Principal payment on senior notes payable | |||
Proceeds from the issuance of senior notes payable | |||
Payment of debt issuance costs | |||
Loan from subsidiary | |||
Net proceeds from (payments on) mortgage credit facility | (94,641,000) | (141,524,000) | |
(Contributions to) distributions from Corporate and subsidiaries | (1,210,000) | (18,350,000) | |
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 | 97,837,000 | 46,235,000 | |
Net cash provided by (used in) financing activities | 216,000 | (106,734,000) | |
Net increase (decrease) in cash and equivalents | 7,853,000 | (2,182,000) | |
Cash and equivalents at beginning of period | 64,655,000 | 67,355,000 | |
Cash and equivalents at end of period | 72,508,000 | 65,173,000 | |
Consolidation, Eliminations [Member] | |||
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 | 65,054,000 | 88,800,000 | |
Other investing activities | |||
Net cash provided by (used in) investing activities | 65,054,000 | 88,800,000 | |
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 the issuance of senior notes payable | |||
Payment of debt issuance costs | |||
Loan from subsidiary | (65,054,000) | (88,800,000) | |
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 | (65,054,000) | (88,800,000) | |
Net increase (decrease) in cash and equivalents | |||
Cash and equivalents at beginning of period | |||
Cash and equivalents at end of period |
Uncategorized Items - caa-20170
Label | Element | Value |
Cash and equivalents and restricted cash at end of period | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 180,492,000 |
Cash and equivalents and restricted cash at end of period | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | 265,869,000 |
Financial Services [Member] | ||
Cash and equivalents and restricted cash at end of period | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | 21,205,000 |
Cash and equivalents and restricted cash at end of period | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | 21,799,000 |
Homebuilding [Member] | ||
Cash and equivalents and restricted cash at end of period | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | 29,620,000 |
Cash and equivalents and restricted cash at end of period | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 29,796,000 |