2015 Q2 Form 10-Q Financial Statement

#000079526615000046 Filed on July 02, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $623.0M $565.0M
YoY Change 10.26% 7.74%
Cost Of Revenue $524.4M $456.6M
YoY Change 14.85% 3.07%
Gross Profit $97.63M $107.6M
YoY Change -9.26% 33.21%
Gross Profit Margin 15.67% 19.04%
Selling, General & Admin $78.53M $71.54M
YoY Change 9.77% 2.06%
% of Gross Profit 80.44% 66.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $800.0K $500.0K
YoY Change 60.0% 25.0%
% of Gross Profit 0.82% 0.46%
Operating Expenses $78.53M $71.54M
YoY Change 9.77% 2.06%
Operating Profit $17.86M $34.29M
YoY Change -47.91% 294.57%
Interest Expense $8.118M $8.558M
YoY Change -5.14% -41.01%
% of Operating Profit 45.45% 24.96%
Other Income/Expense, Net
YoY Change
Pretax Income $12.67M $26.92M
YoY Change -52.93% -745.2%
Income Tax $3.100M $300.0K
% Of Pretax Income 24.46% 1.11%
Net Earnings $9.573M $26.62M
YoY Change -64.04% -995.53%
Net Earnings / Revenue 1.54% 4.71%
Basic Earnings Per Share $0.10 $0.30
Diluted Earnings Per Share $0.10 $0.27
COMMON SHARES
Basic Shares Outstanding 92.00M shares 89.53M shares
Diluted Shares Outstanding 101.5M shares 99.51M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $439.9M $484.5M
YoY Change -9.21% -10.04%
Cash & Equivalents $442.1M $487.3M
Short-Term Investments
Other Short-Term Assets $35.30M $36.00M
YoY Change -1.94% 554.55%
Inventory $3.394B $3.006B
Prepaid Expenses
Receivables $151.6M $99.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.021B $3.626B
YoY Change 10.87% 37.38%
LONG-TERM ASSETS
Property, Plant & Equipment $11.78M $10.45M
YoY Change 12.68% 35.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $89.40M $76.90M
YoY Change 16.25% -41.7%
Other Assets $846.7M $44.20M
YoY Change 1815.61% -32.31%
Total Long-Term Assets $1.019B $201.6M
YoY Change 405.17% -26.01%
TOTAL ASSETS
Total Short-Term Assets $4.021B $3.626B
Total Long-Term Assets $1.019B $201.6M
Total Assets $5.039B $3.828B
YoY Change 31.64% 31.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $164.6M $154.2M
YoY Change 6.74% 30.9%
Accrued Expenses $406.0M $364.8M
YoY Change 11.29% 613.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $426.5M $519.0M
YoY Change -17.82% 207.28%
LONG-TERM LIABILITIES
Long-Term Debt $2.820B $2.574B
YoY Change 9.54% 32.46%
Other Long-Term Liabilities $12.70M $23.60M
YoY Change -46.19% -92.78%
Total Long-Term Liabilities $2.832B $2.598B
YoY Change 9.03% 14.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $426.5M $519.0M
Total Long-Term Liabilities $2.832B $2.598B
Total Liabilities $3.423B $3.118B
YoY Change 9.77% 27.74%
SHAREHOLDERS EQUITY
Retained Earnings $1.404B $514.7M
YoY Change 172.79% 19.51%
Common Stock $791.7M $772.4M
YoY Change 2.5% -14.24%
Preferred Stock
YoY Change
Treasury Stock (at cost) $446.8M $446.0M
YoY Change 0.18% -37.89%
Treasury Stock Shares
Shareholders Equity $1.616B $709.7M
YoY Change
Total Liabilities & Shareholders Equity $5.039B $3.828B
YoY Change 31.64% 31.45%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $9.573M $26.62M
YoY Change -64.04% -995.53%
Depreciation, Depletion And Amortization $800.0K $500.0K
YoY Change 60.0% 25.0%
Cash From Operating Activities -$87.00M -$333.4M
YoY Change -73.91% 489.05%
INVESTING ACTIVITIES
Capital Expenditures -$1.000M -$1.400M
YoY Change -28.57% 250.0%
Acquisitions
YoY Change
Other Investing Activities -$10.80M -$7.600M
YoY Change 42.11% 40.74%
Cash From Investing Activities -$11.80M -$9.000M
YoY Change 31.11% 57.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.100M 523.3M
YoY Change -101.36% -2467.87%
NET CHANGE
Cash From Operating Activities -87.00M -333.4M
Cash From Investing Activities -11.80M -9.000M
Cash From Financing Activities -7.100M 523.3M
Net Change In Cash -105.9M 180.9M
YoY Change -158.54% -314.34%
FREE CASH FLOW
Cash From Operating Activities -$87.00M -$333.4M
Capital Expenditures -$1.000M -$1.400M
Free Cash Flow -$86.00M -$332.0M
YoY Change -74.1% 490.75%

Facts In Submission

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0.10
CY2015Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.245
us-gaap Effective Income Tax Rate Continuing Operations
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CY2015Q2 us-gaap Equity Method Investment Summarized Financial Information Assets
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0 USD
us-gaap Equity Method Investment Summarized Financial Information Cost Of Sales
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3523000 USD
CY2015Q2 us-gaap Equity Method Investment Summarized Financial Information Cost Of Sales
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10249000 USD
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13992000 USD
CY2014Q4 us-gaap Equity Method Investment Summarized Financial Information Equity Or Capital
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171408000 USD
CY2015Q2 us-gaap Equity Method Investment Summarized Financial Information Equity Or Capital
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163651000 USD
CY2014Q4 us-gaap Equity Method Investment Summarized Financial Information Liabilities And Equity
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182232000 USD
CY2015Q2 us-gaap Equity Method Investment Summarized Financial Information Liabilities And Equity
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181071000 USD
CY2014Q2 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
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us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
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557000 USD
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us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
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EquityMethodInvestmentSummarizedFinancialInformationRevenue
0 USD
us-gaap Equity Method Investment Summarized Financial Information Revenue
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6118000 USD
CY2015Q2 us-gaap Equity Method Investment Summarized Financial Information Revenue
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3210000 USD
us-gaap Equity Method Investment Summarized Financial Information Revenue
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6420000 USD
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us-gaap Financial Services Costs
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1704000 USD
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2517000 USD
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1985000 USD
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2611000 USD
us-gaap Financial Services Revenue
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5031000 USD
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2165000 USD
us-gaap Financial Services Revenue
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us-gaap Home Building Revenue
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1010663000 USD
CY2015Q2 us-gaap Home Building Revenue
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620804000 USD
us-gaap Home Building Revenue
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CY2014Q2 us-gaap Impairment Of Real Estate
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0 USD
us-gaap Impairment Of Real Estate
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0 USD
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37600000 USD
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0 USD
us-gaap Impairment Of Real Estate
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0 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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26924000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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37687000 USD
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12673000 USD
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0 USD
CY2015Q2 us-gaap Income Loss From Subsidiaries Net Of Tax
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0 USD
us-gaap Income Loss From Subsidiaries Net Of Tax
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0 USD
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-1700000 USD
us-gaap Income Tax Credits And Adjustments
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300000 USD
us-gaap Income Tax Expense Benefit
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500000 USD
CY2015Q2 us-gaap Income Tax Expense Benefit
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3100000 USD
us-gaap Income Tax Expense Benefit
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5800000 USD
us-gaap Increase Decrease In Accounts And Notes Receivable
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us-gaap Increase Decrease In Accounts And Notes Receivable
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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2474000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Deferred Income Taxes
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0 USD
us-gaap Increase Decrease In Deferred Income Taxes
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us-gaap Increase Decrease In Inventories
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579173000 USD
us-gaap Increase Decrease In Inventories
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116664000 USD
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4917000 USD
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2626000 USD
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us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2015Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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1147000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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1094000 shares
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us-gaap Insurance Commissions And Fees
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2532000 USD
CY2015Q2 us-gaap Insurance Commissions And Fees
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1290000 USD
us-gaap Insurance Commissions And Fees
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2724000 USD
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us-gaap Interest And Other Income
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1000 USD
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13456000 USD
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667000 USD
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667000 USD
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1710149000 USD
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us-gaap Investment Income Interest
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283000 USD
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152000 USD
us-gaap Investment Income Interest
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255000 USD
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79441000 USD
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77935000 USD
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0 USD
CY2015Q2 us-gaap Investments In And Advances To Affiliates Amount Of Equity
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0 USD
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26700000 USD
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27000000 USD
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200000000 USD
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1400000000 USD
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213500000 USD
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630000000 USD
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300000000 USD
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265000000 USD
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16900000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Income Loss
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us-gaap Net Income Loss Available To Common Stockholders Basic
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37087000 USD
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9541000 USD
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17311000 USD
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38428000 USD
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18648000 USD
us-gaap Noncash Or Part Noncash Acquisition Inventory Acquired1
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29277000 USD
us-gaap Noncash Or Part Noncash Acquisition Inventory Acquired1
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0 USD
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10210000 USD
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5 segment
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34292000 USD
us-gaap Operating Income Loss
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52011000 USD
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us-gaap Operating Income Loss
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12704000 USD
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6000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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12000 USD
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8000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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16000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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0 USD
us-gaap Payments For Proceeds From Other Investing Activities
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0 USD
us-gaap Payments For Proceeds From Productive Assets
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3012000 USD
us-gaap Payments For Proceeds From Productive Assets
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1590000 USD
us-gaap Payments For Repurchase Of Common Stock
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46000 USD
us-gaap Payments For Repurchase Of Common Stock
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300000 USD
us-gaap Payments Of Debt Issuance Costs
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5448000 USD
us-gaap Payments Of Debt Issuance Costs
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3337000 USD
us-gaap Payments Of Dividends Common Stock
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4388000 USD
us-gaap Payments Of Dividends Common Stock
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4599000 USD
us-gaap Payments To Acquire Interest In Joint Venture
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16242000 USD
us-gaap Payments To Acquire Interest In Joint Venture
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13244000 USD
CY2015Q2 us-gaap Pledged Assets Not Separately Reported Real Estate
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125400000 USD
CY2014Q4 us-gaap Prepaid Expense Current And Noncurrent
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5431000 USD
CY2015Q2 us-gaap Prepaid Expense Current And Noncurrent
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8048000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
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400000000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
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250000000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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64000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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25000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
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137045000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
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0 USD
us-gaap Proceeds From Payments For Other Financing Activities
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0 USD
us-gaap Proceeds From Payments For Other Financing Activities
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0 USD
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22000 USD
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10110000 USD
us-gaap Proceeds From Sale Of Equity Method Investments
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0 USD
CY2014Q2 us-gaap Product Warranty Accrual Preexisting Increase Decrease
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4609000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
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4609000 USD
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3411000 USD
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284040000 USD
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11831000 USD
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11775000 USD
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216681000 USD
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241583000 USD
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299678000 USD
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20217000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
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37702000 USD
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25443000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
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47736000 USD
CY2014Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
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43158000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
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82438000 USD
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49199000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
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94202000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2015Q2 us-gaap Restricted Cash And Cash Equivalents
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450000 USD
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900000 USD
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0 USD
us-gaap Revenue Other Financial Services
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0 USD
CY2014Q2 us-gaap Revenues
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us-gaap Revenues
Revenues
1015694000 USD
CY2015Q2 us-gaap Revenues
Revenues
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us-gaap Revenues
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1203090000 USD
CY2013Q4 us-gaap Self Insurance Reserve
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CY2014Q1 us-gaap Self Insurance Reserve
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CY2014Q2 us-gaap Self Insurance Reserve
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CY2014Q4 us-gaap Self Insurance Reserve
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80136000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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132818000 USD
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78532000 USD
us-gaap Selling General And Administrative Expense
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149604000 USD
us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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7428000 USD
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10103406 shares
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21.32
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63675 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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0 shares
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19400000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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11735042 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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11669367 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
20.45
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
20.48
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
12.50
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
15.53
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
19200000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y11M0D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y7M0D
CY2013Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
48704000 USD
CY2014Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
43419000 USD
CY2014Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
40937000 USD
CY2014Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
45196000 USD
CY2015Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
45357000 USD
CY2015Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
46472000 USD
CY2014Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
11451000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
20162000 USD
CY2015Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
7047000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
14642000 USD
CY2014Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
4360000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
7786000 USD
CY2015Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
4751000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
8884000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2000 shares
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
25000 USD
CY2015Q2 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
4000000 shares
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
1595910000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
1615836000 USD
CY2014Q4 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
13684000 USD
CY2015Q2 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
9021000 USD
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
446476000 USD
CY2015Q2 us-gaap Treasury Stock Value
TreasuryStockValue
446776000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
300000 USD
CY2014Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
66000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
88000 USD
CY2015Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
24000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
45000 USD
CY2014Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
66000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
88000 USD
CY2015Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
24000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
45000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
100000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
100000 USD
CY2014Q4 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
825200000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
101470000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
89529000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
86668000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
91995000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
91974000 shares
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update No. 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606)&#8221; (&#8220;ASU 2014-09&#8221;). The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for public entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. Early adoption is not permitted. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2015, the FASB issued Accounting Standards Update No. 2015-01, &#8220;Income Statement &#8212; Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items&#8221;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASU 2015-01&#8221;). ASU 2015-01 eliminates the concept of extraordinary items from GAAP but retains the presentation and disclosure guidance for items that are unusual in nature or occur infrequently and expands the guidance to include items that are both unusual in nature and infrequently occurring. ASU 2015-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. A reporting entity may apply ASU 2015-01 prospectively. A reporting entity may also apply ASU 2015-01 retrospectively to all periods presented in the financial statements. We believe the adoption of ASU 2015-01 will not have a material effect on our consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2015, the FASB issued Accounting Standards Update No. 2015-02, &#8220;Consolidation (Topic 810): Amendments to the Consolidation Analysis&#8221;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASU 2015-02&#8221;). ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. We believe the adoption of ASU 2015-02 will not have a material effect on our consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the FASB issued Accounting Standards Update No. 2015-03, &#8220;Interest &#8212; Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs&#8221;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASU 2015-03&#8221;). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. For public entities, ASU 2015-03 is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. ASU 2015-03 is to be applied on a retrospective basis and represents a change in accounting principle. We believe the adoption of ASU 2015-03 will not have a material effect on our consolidated financial statements.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;"></font><font style="font-family:inherit;font-size:10pt;">Certain amounts in our consolidated financial statements for prior years have been reclassified to conform to the current period presentation.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;"></font><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make informed estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</font></div></div>

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