XML 54 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Supplemental Guarantor Information
 3 Months Ended
Mar. 31, 2012
Supplemental Guarantor Information [Abstract]  
Supplemental Guarantor Information
Supplemental Guarantor information
All of our senior notes are guaranteed jointly and severally on a senior basis by each of the Company's wholly-owned Homebuilding subsidiaries and certain other wholly-owned subsidiaries (collectively, the “Guarantors”). Such guaranties are full and unconditional. Supplemental consolidating financial information of the Company, including such information for the Guarantors, is presented below. Investments in subsidiaries are presented using the equity method of accounting. Separate financial statements of the Guarantors are not provided as the consolidating financial information contained herein provides a more meaningful disclosure to allow investors to determine the nature of the assets held by, and the operations of, the combined groups.    

 CONDENSED CONSOLIDATING BALANCE SHEET
MARCH 31, 2012
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
129,287

 
$
998,732

 
$
83,716

 
$
—

 
$
1,211,735

Restricted cash
71,261

 
3,755

 
14,853

 
—

 
89,869

House and land inventory
—

 
4,580,285

 
4,131

 
—

 
4,584,416

Land held for sale
—

 
136,232

 
—

 
—

 
136,232

Land, not owned, under option
       agreements
—

 
26,121

 
—

 
—

 
26,121

Residential mortgage loans available-
       for-sale
—

 
—

 
184,164

 
—

 
184,164

Securities purchased under agreements
       to resell
54,513

 
—

 
(54,513
)
 
—

 
—

Investments in unconsolidated entities
1,529

 
29,914

 
2,703

 
—

 
34,146

Income taxes receivable
29,673

 
—

 
—

 
—

 
29,673

Other assets
20,010

 
350,709

 
33,295

 
—

 
404,014

Intangible assets
—

 
159,073

 
—

 
—

 
159,073

Deferred income tax assets
(15,517
)
 
23

 
15,494

 
—

 
—

Investments in subsidiaries and
       intercompany accounts, net
5,029,795

 
6,756,981

 
6,069,822

 
(17,856,598
)
 
—

 
$
5,320,551

 
$
13,041,825

 
$
6,353,665

 
$
(17,856,598
)
 
$
6,859,443

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
       accrued and other liabilities
$
85,627

 
$
1,273,759

 
$
265,133

 
$
—

 
$
1,624,519

Income tax liabilities
215,150

 
—

 
—

 
—

 
215,150

Senior notes
3,090,946

 
—

 
—

 
—

 
3,090,946

Total liabilities
3,391,723

 
1,273,759

 
265,133

 
—

 
4,930,615

Total shareholders’ equity
1,928,828

 
11,768,066

 
6,088,532

 
(17,856,598
)
 
1,928,828

 
$
5,320,551

 
$
13,041,825

 
$
6,353,665

 
$
(17,856,598
)
 
$
6,859,443


CONDENSED CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2011
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
119,287

 
$
875,561

 
$
88,223

 
$
—

 
$
1,083,071

Restricted cash
83,199

 
3,255

 
15,406

 
—

 
101,860

House and land inventory
—

 
4,632,337

 
4,131

 
—

 
4,636,468

Land held for sale
—

 
135,307

 
—

 
—

 
135,307

Land, not owned, under option
       agreements
—

 
24,905

 
—

 
—

 
24,905

Residential mortgage loans available-
       for-sale
—

 
—

 
258,075

 
—

 
258,075

Securities purchased under agreements
       to resell
127,327

 
—

 
(127,327
)
 
—

 
—

Investments in unconsolidated entities
1,527

 
31,836

 
2,625

 
—

 
35,988

Income taxes receivable
27,154

 
—

 
—

 
—

 
27,154

Other assets
20,983

 
364,747

 
34,714

 
—

 
420,444

Intangible assets
—

 
162,348

 
—

 
—

 
162,348

Deferred income tax assets
(15,517
)
 
23

 
15,494

 
—

 
—

Investments in subsidiaries and
       intercompany accounts, net
4,937,002

 
6,533,838

 
6,366,758

 
(17,837,598
)
 
—

 
$
5,300,962

 
$
12,764,157

 
$
6,658,099

 
$
(17,837,598
)
 
$
6,885,620

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
       accrued and other liabilities
$
70,690

 
$
1,310,972

 
$
273,686

 
$
—

 
$
1,655,348

Income tax liabilities
203,313

 
—

 
—

 
—

 
203,313

Senior notes
3,088,344

 
—

 
—

 
—

 
3,088,344

Total liabilities
3,362,347

 
1,310,972

 
273,686

 
—

 
4,947,005

Total shareholders’ equity
1,938,615

 
11,453,185

 
6,384,413

 
(17,837,598
)
 
1,938,615

 
$
5,300,962

 
$
12,764,157

 
$
6,658,099

 
$
(17,837,598
)
 
$
6,885,620


CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the three months ended March 31, 2012
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
813,786

 
$
—

 
$
—

 
$
813,786

Land sale revenues
—

 
38,398

 
—

 
—

 
38,398

 
—

 
852,184

 
—

 
—

 
852,184

Financial Services
—

 
373

 
28,479

 
—

 
28,852

 
—

 
852,557

 
28,479

 
—

 
881,036

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
712,166

 
—

 
—

 
712,166

Land sale cost of revenues
—

 
33,397

 
—

 
—

 
33,397

 
—

 
745,563

 
—

 
—

 
745,563

Financial Services expenses
65

 
114

 
21,830

 
—

 
22,009

Selling, general and administrative
       expenses
—

 
122,407

 
907

 
—

 
123,314

Other expense (income), net
(19
)
 
6,291

 
347

 
—

 
6,619

Interest income
(62
)
 
(1,113
)
 
(24
)
 
—

 
(1,199
)
Interest expense
217

 
—

 
—

 
—

 
217

Intercompany interest
109,133

 
(105,892
)
 
(3,241
)
 
—

 
—

Equity in (earnings) loss of
       unconsolidated entities
(2
)
 
(1,916
)
 
(78
)
 
—

 
(1,996
)
Income (loss) before income taxes and
       equity in income (loss) of
       subsidiaries
(109,332
)
 
87,103

 
8,738

 
—

 
(13,491
)
Income tax expense (benefit)
29,191

 
(5,744
)
 
(25,272
)
 
—

 
(1,825
)
Income (loss) before equity in income
       (loss) of subsidiaries
(138,523
)
 
92,847

 
34,010

 
—

 
(11,666
)
Equity in income (loss) of subsidiaries
126,857

 
34,483

 
50,131

 
(211,471
)
 
—

Net income (loss)
(11,666
)
 
127,330

 
84,141

 
(211,471
)
 
(11,666
)
Other comprehensive income (loss)
57

 
—

 
—

 
—

 
57

Comprehensive income (loss)
$
(11,609
)
 
$
127,330

 
$
84,141

 
$
(211,471
)
 
$
(11,609
)

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the three months ended March 31, 2011
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
782,471

 
$
—

 
$
—

 
$
782,471

Land sale revenues
—

 
1,296

 
—

 
—

 
1,296

 
—

 
783,767

 
—

 
—

 
783,767

Financial Services
—

 
283

 
21,152

 
—

 
21,435

 
—

 
784,050

 
21,152

 
—

 
805,202

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
685,030

 
—

 
—

 
685,030

Land sale cost of revenues
—

 
930

 
—

 
—

 
930

 
—

 
685,960

 
—

 
—

 
685,960

Financial Services expenses
145

 
146

 
20,182

 
—

 
20,473

Selling, general and administrative
       expenses
10,993

 
129,293

 
2,160

 
—

 
142,446

Other expense (income), net
41

 
4,743

 
(874
)
 
—

 
3,910

Interest income
—

 
(1,327
)
 
(110
)
 
—

 
(1,437
)
Interest expense
351

 
—

 
—

 
—

 
351

Intercompany interest
10,712

 
(8,644
)
 
(2,068
)
 
—

 
—

Equity in (earnings) loss of
       unconsolidated entities
—

 
(1,049
)
 
(60
)
 
—

 
(1,109
)
Income (loss) before income taxes and
       equity in income (loss) of
       subsidiaries
(22,242
)
 
(25,072
)
 
1,922

 
—

 
(45,392
)
Income tax expense (benefit)
(707
)
 
(5,801
)
 
642

 
—

 
(5,866
)
Income (loss) before equity in income
       (loss) of subsidiaries
(21,535
)
 
(19,271
)
 
1,280

 
—

 
(39,526
)
Equity in income (loss) of subsidiaries
(17,991
)
 
1,560

 
(67,311
)
 
83,742

 
—

Net income (loss)
(39,526
)
 
(17,711
)
 
(66,031
)
 
83,742

 
(39,526
)
Other comprehensive income (loss)
(42
)
 
—

 
—

 
—

 
(42
)
Comprehensive income (loss)
$
(39,568
)
 
$
(17,711
)
 
$
(66,031
)
 
$
83,742

 
$
(39,568
)

CONSOLIDATING STATEMENT OF CASH FLOWS
For the three months ended March 31, 2012
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Net cash provided by (used in)
   operating activities
$
(106,147
)
 
$
115,341

 
$
105,496

 
$
—

 
$
114,690

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Investments in unconsolidated entities
—

 
(49
)
 
—

 
—

 
(49
)
Net change in loans held for investment
—

 
—

 
293

 
—

 
293

Change in restricted cash related to
     letters of credit
11,938

 
—

 
—

 
—

 
11,938

Proceeds from the sale of fixed assets
—

 
4,475

 
—

 
—

 
4,475

Capital expenditures
—

 
(3,249
)
 
(509
)
 
—

 
(3,758
)
Net cash provided by (used in) investing
   activities
11,938

 
1,177

 
(216
)
 
—

 
12,899

Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net borrowings (repayments) of other
     borrowings
—

 
1,920

 
—

 
—

 
1,920

Intercompany activities, net
105,054

 
4,733

 
(109,787
)
 
—

 
—

Stock repurchases
(845
)
 
—

 
—

 
—

 
(845
)
Net cash provided by (used in)
   financing activities
104,209

 
6,653

 
(109,787
)
 
—

 
1,075

Net increase (decrease) in cash and
   equivalents
10,000

 
123,171

 
(4,507
)
 
—

 
128,664

Cash and equivalents at beginning of
   period
119,287

 
875,561

 
88,223

 
—

 
1,083,071

Cash and equivalents at end of period
$
129,287

 
$
998,732

 
$
83,716

 
$
—

 
$
1,211,735


CONSOLIDATING STATEMENT OF CASH FLOWS
For the three months ended March 31, 2011
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Net cash provided by (used in)
    operating activities
$
4,542

 
$
(73,387
)
 
$
19,204

 
$
—

 
$
(49,641
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Distributions from unconsolidated
     entities
—

 
1,021

 
—

 
—

 
1,021

Investments in unconsolidated entities
—

 
(1,968
)
 
—

 
—

 
(1,968
)
Net change in loans held for investment
—

 
—

 
255

 
—

 
255

Change in restricted cash related to
    letters of credit
(109,667
)
 
—

 
—

 
—

 
(109,667
)
Proceeds from the sale of fixed assets
—

 
2,441

 
—

 
—

 
2,441

Capital expenditures
—

 
(5,097
)
 
(1,031
)
 
—

 
(6,128
)
Net cash provided by (used in) investing
    activities
(109,667
)
 
(3,603
)
 
(776
)
 
—

 
(114,046
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net borrowings (repayments) of other
     borrowings
(13,902
)
 
590

 
—

 
—

 
(13,312
)
Intercompany activities, net
202,578

 
(154,222
)
 
(48,356
)
 
—

 
—

Stock repurchases
(969
)
 
—

 
—

 
—

 
(969
)
Net cash provided by (used in)
   financing activities
187,707

 
(153,632
)
 
(48,356
)
 
—

 
(14,281
)
Net increase (decrease) in cash and
    equivalents
82,582

 
(230,622
)
 
(29,928
)
 
—

 
(177,968
)
Cash and equivalents at beginning of
    period
10,000

 
1,106,623

 
366,767

 
—

 
1,483,390

Cash and equivalents at end of period
$
92,582

 
$
876,001

 
$
336,839

 
$
—

 
$
1,305,422