XML 45 R34.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Supplemental Guarantor Information (Tables) | 9 Months Ended
--- | ---
Jun. 30, 2016
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, 2016 (In thousands)
| Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 129,927 |  |  | $ | 1,702 |  |  | $ | 873 |  |  | $ | (5,293 | ) |  | $ | 127,209 |
Restricted cash | 17,101 |  |  | 1,745 |  |  | — |  |  | — |  |  | 18,846 |
Accounts receivable (net of allowance of $866) | — |  |  | 65,903 |  |  | 2 |  |  | — |  |  | 65,905 |
Income tax receivable | 221 |  |  | — |  |  | — |  |  | — |  |  | 221 |
Owned inventory | — |  |  | 1,731,850 |  |  | — |  |  | — |  |  | 1,731,850 |
Investments in unconsolidated entities | 773 |  |  | 8,588 |  |  | — |  |  | — |  |  | 9,361 |
Deferred tax assets, net | 324,763 |  |  | — |  |  | — |  |  | — |  |  | 324,763 |
Property and equipment, net | — |  |  | 21,008 |  |  | — |  |  | — |  |  | 21,008 |
Investments in subsidiaries | 692,387 |  |  | — |  |  | — |  |  | (692,387 | ) |  | — |
Intercompany | 901,414 |  |  | — |  |  | 2,373 |  |  | (903,787 | ) |  | — |
Other assets | 11,583 |  |  | 7,866 |  |  | 15 |  |  | — |  |  | 19,464 |
Total assets | $ | 2,078,169 |  |  | $ | 1,838,662 |  |  | $ | 3,263 |  |  | $ | (1,601,467 | ) |  | $ | 2,318,627 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Trade accounts payable | $ | — |  |  | $ | 109,449 |  |  | $ | — |  |  | $ | — |  |  | $ | 109,449 |
Other liabilities | 20,068 |  |  | 117,857 |  |  | 394 |  |  | — |  |  | 138,319 |
Intercompany | 2,373 |  |  | 906,707 |  |  | — |  |  | (909,080 | ) |  | — |
Total debt (net of discounts of $4,819) | 1,414,352 |  |  | 15,131 |  |  | — |  |  | — |  |  | 1,429,483 |
Total liabilities | 1,436,793 |  |  | 1,149,144 |  |  | 394 |  |  | (909,080 | ) |  | 1,677,251 |
Stockholders’ equity | 641,376 |  |  | 689,518 |  |  | 2,869 |  |  | (692,387 | ) |  | 641,376 |
Total liabilities and stockholders’ equity | $ | 2,078,169 |  |  | $ | 1,838,662 |  |  | $ | 3,263 |  |  | $ | (1,601,467 | ) |  | $ | 2,318,627 |
Beazer Homes USA, Inc. Unaudited Consolidating Balance Sheet Information September 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 | $ | 232,226 |  |  | $ | 21,543 |  |  | $ | 1,006 |  |  | $ | (3,192 | ) |  | $ | 251,583 |
Restricted cash | 37,177 |  |  | 1,724 |  |  | — |  |  | — |  |  | 38,901 |
Accounts receivable (net of allowance of $1,052) | — |  |  | 52,378 |  |  | 1 |  |  | — |  |  | 52,379 |
Income tax receivable | 419 |  |  | — |  |  | — |  |  | — |  |  | 419 |
Owned inventory | — |  |  | 1,697,590 |  |  | — |  |  | — |  |  | 1,697,590 |
Investments in unconsolidated entities | 773 |  |  | 12,961 |  |  | — |  |  | — |  |  | 13,734 |
Deferred tax assets, net | 325,373 |  |  | — |  |  | — |  |  | — |  |  | 325,373 |
Property and equipment, net | — |  |  | 22,230 |  |  | — |  |  | — |  |  | 22,230 |
Investments in subsidiaries | 649,701 |  |  | — |  |  | — |  |  | (649,701 | ) |  | — |
Intercompany | 913,733 |  |  | — |  |  | 2,384 |  |  | (916,117 | ) |  | — |
Other assets | 12,519 |  |  | 6,471 |  |  | 4 |  |  | — |  |  | 18,994 |
Total assets | $ | 2,171,921 |  |  | $ | 1,814,897 |  |  | $ | 3,395 |  |  | $ | (1,569,010 | ) |  | $ | 2,421,203 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Trade accounts payable | $ | — |  |  | $ | 113,539 |  |  | $ | — |  |  | $ | — |  |  | $ | 113,539 |
Other liabilities | 31,703 |  |  | 116,718 |  |  | 545 |  |  | — |  |  | 148,966 |
Intercompany | 2,384 |  |  | 916,925 |  |  | — |  |  | (919,309 | ) |  | — |
Total debt (net of discounts of $3,639) | 1,507,411 |  |  | 20,864 |  |  | — |  |  | — |  |  | 1,528,275 |
Total liabilities | 1,541,498 |  |  | 1,168,046 |  |  | 545 |  |  | (919,309 | ) |  | 1,790,780 |
Stockholders’ equity | 630,423 |  |  | 646,851 |  |  | 2,850 |  |  | (649,701 | ) |  | 630,423 |
Total liabilities and stockholders’ equity | $ | 2,171,921 |  |  | $ | 1,814,897 |  |  | $ | 3,395 |  |  | $ | (1,569,010 | ) |  | $ | 2,421,203 |
Unaudited Consolidating Income Statement | Beazer Homes USA, Inc. Unaudited Consolidating Statements of Income (Loss) and Unaudited Comprehensive Income (Loss) (In thousands)
| Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
Three Months Ended June 30, 2016 |  |  |  |  |  |  |  |  |
Total revenue | $ | — |  |  | $ | 459,937 |  |  | $ | 28 |  |  | $ | (28 | ) |  | $ | 459,937 |
Home construction and land sales expenses | 20,080 |  |  | 350,315 |  |  | — |  |  | (28 | ) |  | 370,367 |
Inventory impairments and abandonments | 626 |  |  | 11,291 |  |  | — |  |  | — |  |  | 11,917 |
Gross (loss) profit | (20,706 | ) |  | 98,331 |  |  | 28 |  |  | — |  |  | 77,653 |
Commissions | — |  |  | 17,500 |  |  | — |  |  | — |  |  | 17,500 |
General and administrative expenses | — |  |  | 40,435 |  |  | 22 |  |  | — |  |  | 40,457 |
Depreciation and amortization | — |  |  | 3,387 |  |  | — |  |  | — |  |  | 3,387 |
Operating (loss) income | (20,706 | ) |  | 37,009 |  |  | 6 |  |  | — |  |  | 16,309 |
Equity in income of unconsolidated entities | — |  |  | 62 |  |  | — |  |  | — |  |  | 62 |
Gain on extinguishment of debt | 429 |  |  | — |  |  | — |  |  | — |  |  | 429 |
Other (expense) income, net | (5,406 | ) |  | 63 |  |  | (1 | ) |  | — |  |  | (5,344 | )
(Loss) income before income taxes | (25,683 | ) |  | 37,134 |  |  | 5 |  |  | — |  |  | 11,456 |
(Benefit from) provision for income taxes | (12,533 | ) |  | 17,880 |  |  | 2 |  |  | — |  |  | 5,349 |
Equity in income of subsidiaries | 19,257 |  |  | — |  |  | — |  |  | (19,257 | ) |  | — |
Income from continuing operations | 6,107 |  |  | 19,254 |  |  | 3 |  |  | (19,257 | ) |  | 6,107 |
Loss from discontinued operations | — |  |  | (322 | ) |  | (3 | ) |  | — |  |  | (325 | )
Equity in income (loss) of subsidiaries from discontinued operations | (325 | ) |  | — |  |  | — |  |  | 325 |  |  | — |
Net income and comprehensive income | $ | 5,782 |  |  | $ | 18,932 |  |  | $ | — |  |  | $ | (18,932 | ) |  | $ | 5,782 |
| 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 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 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.
Nine Months Ended June 30, 2016 |  |  |  |  |  |  |  |  |
Total revenue | $ | — |  |  | $ | 1,189,993 |  |  | $ | 128 |  |  | $ | (128 | ) |  | $ | 1,189,993 |
Home construction and land sales expenses | 49,520 |  |  | 930,702 |  |  | — |  |  | (128 | ) |  | 980,094 |
Inventory impairments and abandonments | 710 |  |  | 14,388 |  |  | — |  |  | — |  |  | 15,098 |
Gross (loss) profit | (50,230 | ) |  | 244,903 |  |  | 128 |  |  | — |  |  | 194,801 |
Commissions | — |  |  | 45,856 |  |  | — |  |  | — |  |  | 45,856 |
General and administrative expenses | — |  |  | 110,944 |  |  | 80 |  |  | — |  |  | 111,024 |
Depreciation and amortization | — |  |  | 9,434 |  |  | — |  |  | — |  |  | 9,434 |
Operating (loss) income | (50,230 | ) |  | 78,669 |  |  | 48 |  |  | — |  |  | 28,487 |
Equity in income of unconsolidated entities | — |  |  | 71 |  |  | — |  |  | — |  |  | 71 |
Loss on extinguishment of debt | (2,030 | ) |  | — |  |  | — |  |  | — |  |  | (2,030 | )
Other (expense) income, net | (19,471 | ) |  | 1,006 |  |  | (2 | ) |  | — |  |  | (18,467 | )
(Loss) income before income taxes | (71,731 | ) |  | 79,746 |  |  | 46 |  |  | — |  |  | 8,061 |
(Benefit from) provision for income taxes | (34,592 | ) |  | 36,642 |  |  | 17 |  |  | — |  |  | 2,067 |
Equity in income of subsidiaries | 43,133 |  |  | — |  |  | — |  |  | (43,133 | ) |  | — |
Income from continuing operations | 5,994 |  |  | 43,104 |  |  | 29 |  |  | (43,133 | ) |  | 5,994 |
Loss from discontinued operations | — |  |  | (437 | ) |  | (10 | ) |  | — |  |  | (447 | )
Equity in loss of subsidiaries from discontinued operations | (447 | ) |  | — |  |  | — |  |  | 447 |  |  | — |
Net income and comprehensive income | $ | 5,547 |  |  | $ | 42,667 |  |  | $ | 19 |  |  | $ | (42,686 | ) |  | $ | 5,547 |
| 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 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 and discontinued operations | (4,236 | ) |  | — |  |  | — |  |  | 4,236 |  |  | — |
Net income (loss) | $ | (12,161 | ) |  | $ | 22,437 |  |  | $ | 36 |  |  | $ | (22,473 | ) |  | $ | (12,161 | )
Change in unrealized loss related to available-for-sale securities | 1,276 |  |  | — |  |  | — |  |  | — |  |  | 1,276 |
Comprehensive income (loss) | $ | (10,885 | ) |  | $ | 22,437 |  |  | $ | 36 |  |  | $ | (22,473 | ) |  | $ | (10,885 | )
Unaudited Consolidating Statements of Cash Flow | Beazer Homes USA, Inc. Unaudited Condensed Consolidating Statements of Cash Flows (In thousands)
| Beazer Homes USA, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Beazer Homes USA, Inc.
Nine Months Ended June 30, 2016 |  |  |  |  |  |  |  |  |
Net cash used in operating activities | $ | (50,272 | ) |  | $ | 19,547 |  |  | $ | (144 | ) |  | $ | — |  |  | $ | (30,869 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (9,718 | ) |  | — |  |  | — |  |  | (9,718 | )
Proceeds from sale of fixed assets | — |  |  | 2,549 |  |  | — |  |  | — |  |  | 2,549 |
Investments in unconsolidated entities | — |  |  | (3,138 | ) |  | — |  |  | — |  |  | (3,138 | )
Proceeds from sale of unconsolidated entities | — |  |  | 1,142 |  |  | — |  |  | — |  |  | 1,142 |
Increases in restricted cash | (2,292 | ) |  | (2,387 | ) |  | — |  |  | — |  |  | (4,679 | )
Decreases in restricted cash | 22,368 |  |  | 2,366 |  |  | — |  |  | — |  |  | 24,734 |
Advances to/from subsidiaries | 26,409 |  |  | — |  |  | — |  |  | (26,409 | ) |  | — |
Net cash provided by (used in) investing activities | 46,485 |  |  | (9,186 | ) |  | — |  |  | (26,409 | ) |  | 10,890 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Repayment of debt | (233,429 | ) |  | (5,883 | ) |  | — |  |  | — |  |  | (239,312 | )
Proceeds from issuance of new debt | 137,900 |  |  | — |  |  | — |  |  | — |  |  | 137,900 |
Repayment of borrowings from credit facility | (50,000 | ) |  | — |  |  | — |  |  | — |  |  | (50,000 | )
Borrowings from credit facility | 50,000 |  |  | — |  |  | — |  |  | — |  |  | 50,000 |
Debt issuance costs | (2,545 | ) |  | — |  |  | — |  |  | — |  |  | (2,545 | )
Advances to/from subsidiaries | — |  |  | (24,319 | ) |  | 11 |  |  | 24,308 |  |  | — |
Other financing activities | (438 | ) |  | — |  |  | — |  |  | — |  |  | (438 | )
Net cash (used in) provided by financing activities | (98,512 | ) |  | (30,202 | ) |  | 11 |  |  | 24,308 |  |  | (104,395 | )
Decrease in cash and cash equivalents | (102,299 | ) |  | (19,841 | ) |  | (133 | ) |  | (2,101 | ) |  | (124,374 | )
Cash and cash equivalents at beginning of period | 232,226 |  |  | 21,543 |  |  | 1,006 |  |  | (3,192 | ) |  | 251,583 |
Cash and cash equivalents at end of period | $ | 129,927 |  |  | $ | 1,702 |  |  | $ | 873 |  |  | $ | (5,293 | ) |  | $ | 127,209 |
| 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 |

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