XML 46 R35.htm IDEA: XBRL DOCUMENT
v3.2.0.727

Supplemental Guarantor Information (Tables) | 9 Months Ended
--- | ---
Jun. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Unaudited Consolidating Balance Sheet Information | Beazer Homes USA, Inc. Unaudited Consolidating Balance Sheet Information June 30, 2015 (In thousands)
| Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 112,142 |  |  | $ | 17,881 |  |  | $ | 970 |  |  | $ | (2,241 | ) |  | $ | 128,752 |
Restricted cash | 36,221 |  |  | 1,590 |  |  | — |  |  | — |  |  | 37,811 |
Accounts receivable (net of allowance of $1,292) | — |  |  | 44,878 |  |  | 4 |  |  | — |  |  | 44,882 |
Income tax receivable | 262 |  |  | — |  |  | — |  |  | — |  |  | 262 |
Owned inventory | — |  |  | 1,822,090 |  |  | — |  |  | — |  |  | 1,822,090 |
Investments in unconsolidated entities and marketable securities | 773 |  |  | 10,634 |  |  | — |  |  | — |  |  | 11,407 |
Deferred tax assets, net | 46 |  |  | — |  |  | — |  |  | — |  |  | 46 |
Property and equipment, net | — |  |  | 22,683 |  |  | — |  |  | — |  |  | 22,683 |
Investments in subsidiaries | 275,514 |  |  | — |  |  | — |  |  | (275,514 | ) |  | — |
Intercompany | 1,385,184 |  |  | — |  |  | 2,381 |  |  | (1,387,565 | ) |  | — |
Other assets | 13,643 |  |  | 8,506 |  |  | 90 |  |  | — |  |  | 22,239 |
Total assets | $ | 1,823,785 |  |  | $ | 1,928,262 |  |  | $ | 3,445 |  |  | $ | (1,665,320 | ) |  | $ | 2,090,172 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Trade accounts payable | $ | — |  |  | $ | 127,063 |  |  | $ | — |  |  | $ | — |  |  | $ | 127,063 |
Other liabilities | 20,758 |  |  | 114,924 |  |  | 610 |  |  | — |  |  | 136,292 |
Intercompany | — |  |  | 1,389,806 |  |  | — |  |  | (1,389,806 | ) |  | — |
Total debt (net of discounts of $3,829) | 1,530,417 |  |  | 23,790 |  |  | — |  |  | — |  |  | 1,554,207 |
Total liabilities | 1,551,175 |  |  | 1,655,583 |  |  | 610 |  |  | (1,389,806 | ) |  | 1,817,562 |
Stockholders’ equity | 272,610 |  |  | 272,679 |  |  | 2,835 |  |  | (275,514 | ) |  | 272,610 |
Total liabilities and stockholders’ equity | $ | 1,823,785 |  |  | $ | 1,928,262 |  |  | $ | 3,445 |  |  | $ | (1,665,320 | ) |  | $ | 2,090,172 |
Beazer Homes USA, Inc. Unaudited Consolidating Balance Sheet Information September 30, 2014 (In thousands)
| Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 301,980 |  |  | $ | 22,034 |  |  | $ | 1,614 |  |  | $ | (1,474 | ) |  | $ | 324,154 |
Restricted cash | 61,945 |  |  | 996 |  |  | — |  |  | — |  |  | 62,941 |
Accounts receivable (net of allowance of $1,245) | — |  |  | 34,428 |  |  | 1 |  |  | — |  |  | 34,429 |
Income tax receivable | 46 |  |  | — |  |  | — |  |  | — |  |  | 46 |
Owned inventory | — |  |  | 1,557,496 |  |  | — |  |  | — |  |  | 1,557,496 |
Consolidated inventory not owned | — |  |  | 3,857 |  |  | — |  |  | — |  |  | 3,857 |
Investments in marketable securities and unconsolidated entities | 773 |  |  | 37,568 |  |  | — |  |  | — |  |  | 38,341 |
Deferred tax assets, net | 2,823 |  |  | — |  |  | — |  |  | — |  |  | 2,823 |
Property and equipment, net | — |  |  | 18,673 |  |  | — |  |  | — |  |  | 18,673 |
Investments in subsidiaries | 253,540 |  |  | — |  |  | — |  |  | (253,540 | ) |  | — |
Intercompany | 1,195,349 |  |  | — |  |  | 2,405 |  |  | (1,197,754 | ) |  | — |
Other assets | 17,226 |  |  | 6,144 |  |  | 90 |  |  | — |  |  | 23,460 |
Total assets | $ | 1,833,682 |  |  | $ | 1,681,196 |  |  | $ | 4,110 |  |  | $ | (1,452,768 | ) |  | $ | 2,066,220 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Trade accounts payable | $ | — |  |  | $ | 106,237 |  |  | $ | — |  |  | $ | — |  |  | $ | 106,237 |
Other liabilities | 38,871 |  |  | 102,833 |  |  | 812 |  |  | — |  |  | 142,516 |
Intercompany | 2,405 |  |  | 1,196,823 |  |  | — |  |  | (1,199,228 | ) |  | — |
Obligations related to land not owned under option agreements | — |  |  | 2,916 |  |  | — |  |  | — |  |  | 2,916 |
Total debt (net of discounts of $4,399) | 1,513,288 |  |  | 22,145 |  |  | — |  |  | — |  |  | 1,535,433 |
Total liabilities | 1,554,564 |  |  | 1,430,954 |  |  | 812 |  |  | (1,199,228 | ) |  | 1,787,102 |
Stockholders’ equity | 279,118 |  |  | 250,242 |  |  | 3,298 |  |  | (253,540 | ) |  | 279,118 |
Total liabilities and stockholders’ equity | $ | 1,833,682 |  |  | $ | 1,681,196 |  |  | $ | 4,110 |  |  | $ | (1,452,768 | ) |  | $ | 2,066,220 |
Unaudited Consolidating Income Statement | Beazer Homes USA, Inc. Unaudited Consolidating Statements of Income and Unaudited Comprehensive Income (In thousands)
| Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
Three Months Ended June 30, 2015 |  |  |  |  |  |  |  |  |
Total revenue | $ | — |  |  | $ | 429,438 |  |  | $ | 33 |  |  | $ | (33 | ) |  | $ | 429,438 |
Home construction and land sales expenses | 13,548 |  |  | 339,566 |  |  | — |  |  | (33 | ) |  | 353,081 |
Inventory impairments and option contract abandonments | — |  |  | 249 |  |  | — |  |  | — |  |  | 249 |
Gross (loss) profit | (13,548 | ) |  | 89,623 |  |  | 33 |  |  | — |  |  | 76,108 |
Commissions | — |  |  | 17,246 |  |  | — |  |  | — |  |  | 17,246 |
General and administrative expenses | — |  |  | 37,641 |  |  | 28 |  |  | — |  |  | 37,669 |
Depreciation and amortization | — |  |  | 3,497 |  |  | — |  |  | — |  |  | 3,497 |
Operating (loss) income | (13,548 | ) |  | 31,239 |  |  | 5 |  |  | — |  |  | 17,696 |
Equity in income of unconsolidated entities | — |  |  | 153 |  |  | — |  |  | — |  |  | 153 |
Other (expense) income, net | (5,955 | ) |  | 193 |  |  | (1 | ) |  | — |  |  | (5,763 | )
(Loss) income before income taxes | (19,503 | ) |  | 31,585 |  |  | 4 |  |  | — |  |  | 12,086 |
(Benefit from) provision for income taxes | (7,204 | ) |  | 7,067 |  |  | 2 |  |  | — |  |  | (135 | )
Equity in income of subsidiaries | 24,520 |  |  | — |  |  | — |  |  | (24,520 | ) |  | — |
Income (loss) from continuing operations | 12,221 |  |  | 24,518 |  |  | 2 |  |  | (24,520 | ) |  | 12,221 |
Loss from discontinued operations | — |  |  | (43 | ) |  | (3 | ) |  | — |  |  | (46 | )
Equity in loss of subsidiaries from discontinued operations | (46 | ) |  | — |  |  | — |  |  | 46 |  |  | — |
Net income (loss) and comprehensive income (loss) | $ | 12,175 |  |  | $ | 24,475 |  |  | $ | (1 | ) |  | $ | (24,474 | ) |  | $ | 12,175 |
| Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
Three Months Ended June 30, 2014 |  |  |  |  |  |  |  |  |
Total revenue | $ | — |  |  | $ | 354,671 |  |  | $ | 100 |  |  | $ | (100 | ) |  | $ | 354,671 |
Home construction and land sales expenses | 9,430 |  |  | 274,527 |  |  | — |  |  | (100 | ) |  | 283,857 |
Inventory impairments and option contract abandonments | — |  |  | 2,010 |  |  | — |  |  | — |  |  | 2,010 |
Gross (loss) profit | (9,430 | ) |  | 78,134 |  |  | 100 |  |  | — |  |  | 68,804 |
Commissions | — |  |  | 14,322 |  |  | — |  |  | — |  |  | 14,322 |
General and administrative expenses | — |  |  | 35,967 |  |  | 27 |  |  | — |  |  | 35,994 |
Depreciation and amortization | — |  |  | 3,400 |  |  | — |  |  | — |  |  | 3,400 |
Operating (loss) income | (9,430 | ) |  | 24,445 |  |  | 73 |  |  | — |  |  | 15,088 |
Equity in loss of unconsolidated entities | — |  |  | (81 | ) |  | — |  |  | — |  |  | (81 | )
Loss on extinguishment of debt | (19,764 | ) |  | — |  |  | — |  |  | — |  |  | (19,764 | )
Other (expense) income, net | (10,421 | ) |  | 216 |  |  | — |  |  | — |  |  | (10,205 | )
(Loss) income before income taxes | (39,615 | ) |  | 24,580 |  |  | 73 |  |  | — |  |  | (14,962 | )
(Benefit from) provision for income taxes | (4,730 | ) |  | 2,935 |  |  | 26 |  |  | — |  |  | (1,769 | )
Equity in income of subsidiaries | 21,692 |  |  | — |  |  | — |  |  | (21,692 | ) |  | — |
(Loss) income from continuing operations | (13,193 | ) |  | 21,645 |  |  | 47 |  |  | (21,692 | ) |  | (13,193 | )
Income (loss) from discontinued operations | — |  |  | 842 |  |  | (4 | ) |  | — |  |  | 838 |
Equity in income of subsidiaries from discontinued operations | 838 |  |  | — |  |  | — |  |  | (838 | ) |  | — |
Net (loss) income and comprehensive (loss) income | $ | (12,355 | ) |  | $ | 22,487 |  |  | $ | 43 |  |  | $ | (22,530 | ) |  | $ | (12,355 | )
Beazer Homes USA, Inc. Unaudited Consolidating Statements of Income and Unaudited Comprehensive Income (In thousands)
| Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
Nine Months Ended June 30, 2015 |  |  |  |  |  |  |  |  |
Total revenue | $ | — |  |  | $ | 994,561 |  |  | $ | 165 |  |  | $ | (165 | ) |  | $ | 994,561 |
Home construction and land sales expenses | 31,524 |  |  | 797,714 |  |  | — |  |  | (165 | ) |  | 829,073 |
Inventory impairments and option contract abandonments | — |  |  | 249 |  |  | — |  |  | — |  |  | 249 |
Gross (loss) profit | (31,524 | ) |  | 196,598 |  |  | 165 |  |  | — |  |  | 165,239 |
Commissions | — |  |  | 40,141 |  |  | — |  |  | — |  |  | 40,141 |
General and administrative expenses | — |  |  | 101,749 |  |  | 88 |  |  | — |  |  | 101,837 |
Depreciation and amortization | — |  |  | 8,619 |  |  | — |  |  | — |  |  | 8,619 |
Operating (loss) income | (31,524 | ) |  | 46,089 |  |  | 77 |  |  | — |  |  | 14,642 |
Equity in income of unconsolidated entities | — |  |  | 377 |  |  | — |  |  | — |  |  | 377 |
Other (expense) income, net | (23,396 | ) |  | (270 | ) |  | (4 | ) |  | — |  |  | (23,670 | )
(Loss) income before income taxes | (54,920 | ) |  | 46,196 |  |  | 73 |  |  | — |  |  | (8,651 | )
(Benefit from) provision for income taxes | (20,286 | ) |  | 19,533 |  |  | 27 |  |  | — |  |  | (726 | )
Equity in income of subsidiaries | 26,709 |  |  | — |  |  | — |  |  | (26,709 | ) |  | — |
(Loss) income from continuing operations | (7,925 | ) |  | 26,663 |  |  | 46 |  |  | (26,709 | ) |  | (7,925 | )
Loss from discontinued operations | — |  |  | (4,226 | ) |  | (10 | ) |  | — |  |  | (4,236 | )
Equity in loss of subsidiaries from discontinued operations | (4,236 | ) |  | — |  |  | — |  |  | 4,236 |  |  | — |
Net (loss) income | $ | (12,161 | ) |  | $ | 22,437 |  |  | $ | 36 |  |  | $ | (22,473 | ) |  | $ | (12,161 | )
Change in unrealized loss related to available-for-sale securities | 1,276 |  |  | — |  |  | — |  |  | — |  |  | 1,276 |
Comprehensive (loss) income | $ | (10,885 | ) |  | $ | 22,437 |  |  | $ | 36 |  |  | $ | (22,473 | ) |  | $ | (10,885 | )
| Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
Nine Months Ended June 30, 2014 |  |  |  |  |  |  |  |  |
Total revenue | $ | — |  |  | $ | 917,862 |  |  | $ | 279 |  |  | $ | (279 | ) |  | $ | 917,862 |
Home construction and land sales expenses | 23,944 |  |  | 715,630 |  |  | — |  |  | (279 | ) |  | 739,295 |
Inventory impairments and option contract abandonments | — |  |  | 2,921 |  |  | — |  |  | — |  |  | 2,921 |
Gross (loss) profit | (23,944 | ) |  | 199,311 |  |  | 279 |  |  | — |  |  | 175,646 |
Commissions | — |  |  | 37,239 |  |  | — |  |  | — |  |  | 37,239 |
General and administrative expenses | — |  |  | 96,944 |  |  | 88 |  |  | — |  |  | 97,032 |
Depreciation and amortization | — |  |  | 9,138 |  |  | — |  |  | — |  |  | 9,138 |
Operating (loss) income | (23,944 | ) |  | 55,990 |  |  | 191 |  |  | — |  |  | 32,237 |
Equity in income of unconsolidated entities | — |  |  | 221 |  |  | — |  |  | — |  |  | 221 |
Loss on extinguishment of debt | (19,917 | ) |  | — |  |  | — |  |  | — |  |  | (19,917 | )
Other (expense) income, net | (41,112 | ) |  | 1,427 |  |  | (4 | ) |  | — |  |  | (39,689 | )
(Loss) income before income taxes | (84,973 | ) |  | 57,638 |  |  | 187 |  |  | — |  |  | (27,148 | )
(Benefit from) provision for income taxes | (4,928 | ) |  | 3,079 |  |  | 66 |  |  | — |  |  | (1,783 | )
Equity in income of subsidiaries | 54,680 |  |  | — |  |  | — |  |  | (54,680 | ) |  | — |
(Loss) income from continuing operations | (25,365 | ) |  | 54,559 |  |  | 121 |  |  | (54,680 | ) |  | (25,365 | )
Loss from discontinued operations | — |  |  | (88 | ) |  | (11 | ) |  | — |  |  | (99 | )
Equity in loss of subsidiaries and discontinued operations | (99 | ) |  | — |  |  | — |  |  | 99 |  |  | — |
Net (loss) income and comprehensive (loss) income | $ | (25,464 | ) |  | $ | 54,471 |  |  | $ | 110 |  |  | $ | (54,581 | ) |  | $ | (25,464 | )
Unaudited Consolidating Statements of Cash Flow | Beazer Homes USA, Inc. Unaudited Condensed Consolidating Statements of Cash Flow (In thousands)
| Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
Nine Months Ended June 30, 2015 |  |  |  |  |  |  |  |  |
Net cash used in operating activities | $ | (55,814 | ) |  | $ | (182,157 | ) |  | $ | (169 | ) |  | $ | — |  |  | $ | (238,140 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (11,756 | ) |  | — |  |  | — |  |  | (11,756 | )
Investments in unconsolidated entities | — |  |  | (2,651 | ) |  | — |  |  | — |  |  | (2,651 | )
Proceeds from sale of marketable securities and unconsolidated entities | — |  |  | 24,245 |  |  | — |  |  | — |  |  | 24,245 |
Increases in restricted cash | (2,025 | ) |  | (1,781 | ) |  | — |  |  | — |  |  | (3,806 | )
Decreases in restricted cash | 27,750 |  |  | 1,186 |  |  | — |  |  | — |  |  | 28,936 |
Advances to/from subsidiaries | (169,563 | ) |  | — |  |  | 25 |  |  | 169,538 |  |  | — |
Net cash (used in) provided by investing activities | (143,838 | ) |  | 9,243 |  |  | 25 |  |  | 169,538 |  |  | 34,968 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Repayment of debt | (10,390 | ) |  | (1,544 | ) |  | — |  |  | — |  |  | (11,934 | )
Borrowings from credit facility | 50,000 |  |  | — |  |  | — |  |  | — |  |  | 50,000 |
Repayment of borrowings from credit facility | (30,000 | ) |  | — |  |  | — |  |  | — |  |  | (30,000 | )
Debt issuance costs | (126 | ) |  | — |  |  | — |  |  | — |  |  | (126 | )
Dividends paid | 500 |  |  | — |  |  | (500 | ) |  | — |  |  | — |
Advances to/from subsidiaries | — |  |  | 170,305 |  |  | — |  |  | (170,305 | ) |  | — |
Other financing activities | (170 | ) |  | — |  |  | — |  |  | — |  |  | (170 | )
Net cash provided by (used in) financing activities | 9,814 |  |  | 168,761 |  |  | (500 | ) |  | (170,305 | ) |  | 7,770 |
Decrease in cash and cash equivalents | (189,838 | ) |  | (4,153 | ) |  | (644 | ) |  | (767 | ) |  | (195,402 | )
Cash and cash equivalents at beginning of period | 301,980 |  |  | 22,034 |  |  | 1,614 |  |  | (1,474 | ) |  | 324,154 |
Cash and cash equivalents at end of period | $ | 112,142 |  |  | $ | 17,881 |  |  | $ | 970 |  |  | $ | (2,241 | ) |  | $ | 128,752 |
| Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
Nine Months Ended June 30, 2014 |  |  |  |  |  |  |  |  |
Net cash (used in) provided by operating activities | $ | (90,773 | ) |  | $ | (198,873 | ) |  | $ | 53 |  |  | $ | — |  |  | $ | (289,593 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (8,984 | ) |  | — |  |  | — |  |  | (8,984 | )
Investments in unconsolidated entities | — |  |  | (4,567 | ) |  | — |  |  | — |  |  | (4,567 | )
Return of capital from unconsolidated entities | — |  |  | 187 |  |  | — |  |  | — |  |  | 187 |
Increases in restricted cash | (8,915 | ) |  | (1,166 | ) |  | — |  |  | — |  |  | (10,081 | )
Decreases in restricted cash | 39 |  |  | 1,057 |  |  | — |  |  | — |  |  | 1,096 |
Net cash used in investing activities | (8,876 | ) |  | (13,473 | ) |  | — |  |  | — |  |  | (22,349 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Repayment of debt | (303,448 | ) |  | (1,637 | ) |  | — |  |  | — |  |  | (305,085 | )
Proceeds from issuance of new debt | 325,000 |  |  | — |  |  | — |  |  | — |  |  | 325,000 |
Debt issuance costs | (5,504 | ) |  | — |  |  | — |  |  | — |  |  | (5,504 | )
Advances to/from subsidiaries | (214,598 | ) |  | 216,882 |  |  | (50 | ) |  | (2,234 | ) |  | — |
Other financing activities | (446 | ) |  | — |  |  | — |  |  | — |  |  | (446 | )
Net cash (used in) provided by financing activities | (198,996 | ) |  | 215,245 |  |  | (50 | ) |  | (2,234 | ) |  | 13,965 |
Decrease in cash and cash equivalents | (298,645 | ) |  | 2,899 |  |  | 3 |  |  | (2,234 | ) |  | (297,977 | )
Cash and cash equivalents at beginning of period | 499,341 |  |  | 6,324 |  |  | 1,637 |  |  | (2,843 | ) |  | 504,459 |
Cash and cash equivalents at end of period | $ | 200,696 |  |  | $ | 9,223 |  |  | $ | 1,640 |  |  | $ | (5,077 | ) |  | $ | 206,482 |

X
- References No definition available. + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration