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Supplemental Guarantor Information | 9 Months Ended
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Sep. 30, 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 SEPTEMBER 30, 2012 ($000’s omitted)
| Unconsolidated |  | Eliminating Entries |  | Consolidated PulteGroup, Inc.
| PulteGroup, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
ASSETS |  |  |  |  |  |  |  |  |
Cash and equivalents | $ | 143,561 |  |  | $ | 1,337,123 |  |  | $ | 82,967 |  |  | $ | — |  |  | $ | 1,563,651 |
Restricted cash | 57,103 |  |  | 4,958 |  |  | 14,669 |  |  | — |  |  | 76,730 |
House and land inventory | — |  |  | 4,466,440 |  |  | 4,131 |  |  | — |  |  | 4,470,571 |
Land held for sale | — |  |  | 129,523 |  |  | — |  |  | — |  |  | 129,523 |
Land, not owned, under option agreements | — |  |  | 11,054 |  |  | — |  |  | — |  |  | 11,054 |
Residential mortgage loans available- for-sale | — |  |  | — |  |  | 263,378 |  |  | — |  |  | 263,378 |
Securities purchased under agreements to resell | 90 |  |  | — |  |  | (90 | ) |  | — |  |  | — |
Investments in unconsolidated entities | 1,529 |  |  | 26,119 |  |  | 3,146 |  |  | — |  |  | 30,794 |
Income taxes receivable | 28,282 |  |  | — |  |  | — |  |  | — |  |  | 28,282 |
Other assets | (5,196 | ) |  | 352,877 |  |  | 66,393 |  |  | — |  |  | 414,074 |
Intangible assets | — |  |  | 152,523 |  |  | — |  |  | — |  |  | 152,523 |
Investments in subsidiaries and intercompany accounts, net | 5,184,122 |  |  | 6,408,166 |  |  | 6,262,289 |  |  | (17,854,577 | ) |  | — |
| $ | 5,409,491 |  |  | $ | 12,888,783 |  |  | $ | 6,696,883 |  |  | $ | (17,854,577 | ) |  | $ | 7,140,580 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |
Accounts payable, customer deposits, accrued and other liabilities | $ | 85,328 |  |  | $ | 1,362,632 |  |  | $ | 265,457 |  |  | $ | — |  |  | $ | 1,713,417 |
Income tax liabilities | 202,280 |  |  | — |  |  | — |  |  | — |  |  | 202,280 |
Financial Services debt | — |  |  | — |  |  | 103,000 |  |  | — |  |  | 103,000 |
Senior notes | 2,999,837 |  |  | — |  |  | — |  |  | — |  |  | 2,999,837 |
Total liabilities | 3,287,445 |  |  | 1,362,632 |  |  | 368,457 |  |  | — |  |  | 5,018,534 |
Total shareholders’ equity | 2,122,046 |  |  | 11,526,151 |  |  | 6,328,426 |  |  | (17,854,577 | ) |  | 2,122,046 |
| $ | 5,409,491 |  |  | $ | 12,888,783 |  |  | $ | 6,696,883 |  |  | $ | (17,854,577 | ) |  | $ | 7,140,580 |
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 | 5,466 |  |  | 364,770 |  |  | 50,208 |  |  | — |  |  | 420,444 |
Intangible assets | — |  |  | 162,348 |  |  | — |  |  | — |  |  | 162,348 |
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 September 30, 2012 ($000’s omitted)
| Unconsolidated |  |  |  | Consolidated PulteGroup, Inc.
| PulteGroup, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminating Entries |
Revenues: |  |  |  |  |  |  |  |  |
Homebuilding |  |  |  |  |  |  |  |  |
Home sale revenues | $ | — |  |  | $ | 1,232,704 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,232,704 |
Land sale revenues | — |  |  | 22,623 |  |  | — |  |  | — |  |  | 22,623 |
| — |  |  | 1,255,327 |  |  | — |  |  | — |  |  | 1,255,327 |
Financial Services | — |  |  | 537 |  |  | 46,727 |  |  | — |  |  | 47,264 |
| — |  |  | 1,255,864 |  |  | 46,727 |  |  | — |  |  | 1,302,591 |
Homebuilding Cost of Revenues: |  |  |  |  |  |  |  |  |
Home sale cost of revenues | — |  |  | 1,023,704 |  |  | — |  |  | — |  |  | 1,023,704 |
Land sale cost of revenues | — |  |  | 21,061 |  |  | — |  |  | — |  |  | 21,061 |
| — |  |  | 1,044,765 |  |  | — |  |  | — |  |  | 1,044,765 |
Financial Services expenses | (5 | ) |  | 123 |  |  | 20,460 |  |  | — |  |  | 20,578 |
Selling, general and administrative expenses | — |  |  | 124,410 |  |  | 781 |  |  | — |  |  | 125,191 |
Other expense (income), net | (10 | ) |  | 7,315 |  |  | 148 |  |  | — |  |  | 7,453 |
Interest income | (55 | ) |  | (1,141 | ) |  | (23 | ) |  | — |  |  | (1,219 | )
Interest expense | 201 |  |  | — |  |  | — |  |  | — |  |  | 201 |
Intercompany interest | 159,014 |  |  | (155,576 | ) |  | (3,438 | ) |  | — |  |  | — |
Equity in (earnings) loss of unconsolidated entities | — |  |  | (150 | ) |  | (134 | ) |  | — |  |  | (284 | )
Income (loss) before income taxes and equity in income (loss) of subsidiaries | (159,145 | ) |  | 236,118 |  |  | 28,933 |  |  | — |  |  | 105,906 |
Income tax expense (benefit) | (9,738 | ) |  | (10,648 | ) |  | 9,659 |  |  | — |  |  | (10,727 | )
Income (loss) before equity in income (loss) of subsidiaries | (149,407 | ) |  | 246,766 |  |  | 19,274 |  |  | — |  |  | 116,633 |
Equity in income (loss) of subsidiaries | 266,040 |  |  | 19,387 |  |  | 183,738 |  |  | (469,165 | ) |  | — |
Net income (loss) | 116,633 |  |  | 266,153 |  |  | 203,012 |  |  | (469,165 | ) |  | 116,633 |
Other comprehensive income (loss) | 58 |  |  | — |  |  | — |  |  | — |  |  | 58 |
Comprehensive income (loss) | $ | 116,691 |  |  | $ | 266,153 |  |  | $ | 203,012 |  |  | $ | (469,165 | ) |  | $ | 116,691 |
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the three months ended September 30, 2011 ($000’s omitted)
| Unconsolidated |  |  |  | Consolidated PulteGroup, Inc.
| PulteGroup, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminating Entries |
Revenues: |  |  |  |  |  |  |  |  |
Homebuilding |  |  |  |  |  |  |  |  |
Home sale revenues | $ | — |  |  | $ | 1,101,368 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,101,368 |
Land sale revenues | — |  |  | 12,659 |  |  | — |  |  | — |  |  | 12,659 |
| — |  |  | 1,114,027 |  |  | — |  |  | — |  |  | 1,114,027 |
Financial Services | — |  |  | 328 |  |  | 27,576 |  |  | — |  |  | 27,904 |
| — |  |  | 1,114,355 |  |  | 27,576 |  |  | — |  |  | 1,141,931 |
Homebuilding Cost of Revenues: |  |  |  |  |  |  |  |  |
Home sale cost of revenues | — |  |  | 947,817 |  |  | — |  |  | — |  |  | 947,817 |
Land sale cost of revenues | — |  |  | (2,935 | ) |  | — |  |  | — |  |  | (2,935 | )
| — |  |  | 944,882 |  |  | — |  |  | — |  |  | 944,882 |
Financial Services expenses | 90 |  |  | 58 |  |  | 19,158 |  |  | — |  |  | 19,306 |
Selling, general and administrative expenses | 6,720 |  |  | 114,573 |  |  | 260 |  |  | — |  |  | 121,553 |
Other expense (income), net | — |  |  | 259,958 |  |  | (771 | ) |  | — |  |  | 259,187 |
Interest income | (79 | ) |  | (974 | ) |  | (69 | ) |  | — |  |  | (1,122 | )
Interest expense | 322 |  |  | — |  |  | — |  |  | — |  |  | 322 |
Intercompany interest | 10,648 |  |  | (7,215 | ) |  | (3,433 | ) |  | — |  |  | — |
Equity in (earnings) loss of unconsolidated entities | (3 | ) |  | (791 | ) |  | 1,097 |  |  | — |  |  | 303 |
Income (loss) before income taxes and equity in income (loss) of subsidiaries | (17,698 | ) |  | (196,136 | ) |  | 11,334 |  |  | — |  |  | (202,500 | )
Income tax expense (benefit) | (2,546 | ) |  | (73,127 | ) |  | 2,471 |  |  | — |  |  | (73,202 | )
Income (loss) before equity in income (loss) of subsidiaries | (15,152 | ) |  | (123,009 | ) |  | 8,863 |  |  | — |  |  | (129,298 | )
Equity in income (loss) of subsidiaries | (114,146 | ) |  | 9,781 |  |  | (12,880 | ) |  | 117,245 |  |  | — |
Net income (loss) | (129,298 | ) |  | (113,228 | ) |  | (4,017 | ) |  | 117,245 |  |  | (129,298 | )
Other comprehensive income (loss) | 64 |  |  | — |  |  | — |  |  | — |  |  | 64 |
Comprehensive income (loss) | $ | (129,234 | ) |  | $ | (113,228 | ) |  | $ | (4,017 | ) |  | $ | 117,245 |  |  | $ | (129,234 | )
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the nine months ended September 30, 2012 ($000’s omitted)
| Unconsolidated |  |  |  | Consolidated PulteGroup, Inc.
| PulteGroup, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminating Entries |
Revenues: |  |  |  |  |  |  |  |  |
Homebuilding |  |  |  |  |  |  |  |  |
Home sale revenues | $ | — |  |  | $ | 3,070,895 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,070,895 |
Land sale revenues | — |  |  | 69,770 |  |  | — |  |  | — |  |  | 69,770 |
| — |  |  | 3,140,665 |  |  | — |  |  | — |  |  | 3,140,665 |
Financial Services | — |  |  | 1,367 |  |  | 111,000 |  |  | — |  |  | 112,367 |
| — |  |  | 3,142,032 |  |  | 111,000 |  |  | — |  |  | 3,253,032 |
Homebuilding Cost of Revenues: |  |  |  |  |  |  |  |  |
Home sale cost of revenues | — |  |  | 2,605,249 |  |  | — |  |  | — |  |  | 2,605,249 |
Land sale cost of revenues | — |  |  | 62,069 |  |  | — |  |  | — |  |  | 62,069 |
| — |  |  | 2,667,318 |  |  | — |  |  | — |  |  | 2,667,318 |
Financial Services expenses | 165 |  |  | 396 |  |  | 62,353 |  |  | — |  |  | 62,914 |
Selling, general and administrative expenses | — |  |  | 370,076 |  |  | 2,615 |  |  | — |  |  | 372,691 |
Other expense (income), net | (30 | ) |  | 21,774 |  |  | 2,826 |  |  | — |  |  | 24,570 |
Interest income | (178 | ) |  | (3,335 | ) |  | (69 | ) |  | — |  |  | (3,582 | )
Interest expense | 616 |  |  | — |  |  | — |  |  | — |  |  | 616 |
Intercompany interest | 421,479 |  |  | (411,405 | ) |  | (10,074 | ) |  | — |  |  | — |
Equity in (earnings) loss of unconsolidated entities | (2 | ) |  | (3,312 | ) |  | (522 | ) |  | — |  |  | (3,836 | )
Income (loss) before income taxes and equity in income (loss) of subsidiaries | (422,050 | ) |  | 500,520 |  |  | 53,871 |  |  | — |  |  | 132,341 |
Income tax expense (benefit) | 9,518 |  |  | (14,842 | ) |  | (9,738 | ) |  | — |  |  | (15,062 | )
Income (loss) before equity in income (loss) of subsidiaries | (431,568 | ) |  | 515,362 |  |  | 63,609 |  |  | — |  |  | 147,403 |
Equity in income (loss) of subsidiaries | 578,971 |  |  | 64,123 |  |  | 329,332 |  |  | (972,426 | ) |  | — |
Net income (loss) | 147,403 |  |  | 579,485 |  |  | 392,941 |  |  | (972,426 | ) |  | 147,403 |
Other comprehensive income (loss) | 173 |  |  | — |  |  | — |  |  | — |  |  | 173 |
Comprehensive income (loss) | $ | 147,576 |  |  | $ | 579,485 |  |  | $ | 392,941 |  |  | $ | (972,426 | ) |  | $ | 147,576 |
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the nine months ended September 30, 2011 ($000’s omitted)
| Unconsolidated |  |  |  | Consolidated PulteGroup, Inc.
| PulteGroup, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminating Entries |
Revenues: |  |  |  |  |  |  |  |  |
Homebuilding |  |  |  |  |  |  |  |  |
Home sale revenues | $ | — |  |  | $ | 2,783,602 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,783,602 |
Land sale revenues | — |  |  | 19,023 |  |  | — |  |  | — |  |  | 19,023 |
| — |  |  | 2,802,625 |  |  | — |  |  | — |  |  | 2,802,625 |
Financial Services | — |  |  | 897 |  |  | 70,823 |  |  | — |  |  | 71,720 |
| — |  |  | 2,803,522 |  |  | 70,823 |  |  | — |  |  | 2,874,345 |
Homebuilding Cost of Revenues: |  |  |  |  |  |  |  |  |
Home sale cost of revenues | — |  |  | 2,422,525 |  |  | — |  |  | — |  |  | 2,422,525 |
Land sale cost of revenues | — |  |  | 1,782 |  |  | — |  |  | — |  |  | 1,782 |
| — |  |  | 2,424,307 |  |  | — |  |  | — |  |  | 2,424,307 |
Financial Services expenses | 418 |  |  | 259 |  |  | 78,155 |  |  | — |  |  | 78,832 |
Selling, general and administrative expenses | 27,536 |  |  | 370,862 |  |  | 3,981 |  |  | — |  |  | 402,379 |
Other expense (income), net | 3,537 |  |  | 273,450 |  |  | (2,222 | ) |  | — |  |  | 274,765 |
Interest income | (167 | ) |  | (3,277 | ) |  | (260 | ) |  | — |  |  | (3,704 | )
Interest expense | 990 |  |  | — |  |  | — |  |  | — |  |  | 990 |
Intercompany interest | 32,051 |  |  | (23,947 | ) |  | (8,104 | ) |  | — |  |  | — |
Equity in (earnings) loss of unconsolidated entities | (4 | ) |  | (3,014 | ) |  | 1,019 |  |  | — |  |  | (1,999 | )
Income (loss) before income taxes and equity in income (loss) of subsidiaries | (64,361 | ) |  | (235,118 | ) |  | (1,746 | ) |  | — |  |  | (301,225 | )
Income tax expense (benefit) | (2,188 | ) |  | (76,810 | ) |  | 1,982 |  |  | — |  |  | (77,016 | )
Income (loss) before equity in income (loss) of subsidiaries | (62,173 | ) |  | (158,308 | ) |  | (3,728 | ) |  | — |  |  | (224,209 | )
Equity in income (loss) of subsidiaries | (162,036 | ) |  | (1,663 | ) |  | (134,112 | ) |  | 297,811 |  |  | — |
Net income (loss) | (224,209 | ) |  | (159,971 | ) |  | (137,840 | ) |  | 297,811 |  |  | (224,209 | )
Other comprehensive income (loss) | 86 |  |  | — |  |  | — |  |  | — |  |  | 86 |
Comprehensive income (loss) | $ | (224,123 | ) |  | $ | (159,971 | ) |  | $ | (137,840 | ) |  | $ | 297,811 |  |  | $ | (224,123 | )
CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30, 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 | $ | (397,371 | ) |  | $ | 765,922 |  |  | $ | 52,681 |  |  | $ | — |  |  | $ | 421,232 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Distributions from unconsolidated entities | — |  |  | 2,696 |  |  | — |  |  | — |  |  | 2,696 |
Investments in unconsolidated entities | — |  |  | (1,266 | ) |  | — |  |  | — |  |  | (1,266 | )
Net change in loans held for investment | — |  |  | — |  |  | 736 |  |  | — |  |  | 736 |
Change in restricted cash related to letters of credit | 26,096 |  |  | — |  |  | — |  |  | — |  |  | 26,096 |
Proceeds from the sale of fixed assets | — |  |  | 4,705 |  |  | — |  |  | — |  |  | 4,705 |
Capital expenditures | — |  |  | (8,398 | ) |  | (2,199 | ) |  | — |  |  | (10,597 | )
Net cash provided by (used in) investing activities | 26,096 |  |  | (2,263 | ) |  | (1,463 | ) |  | — |  |  | 22,370 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Financial Services borrowings (repayments) | — |  |  | — |  |  | 103,000 |  |  | — |  |  | 103,000 |
Other borrowings (repayments) | (96,393 | ) |  | 3,900 |  |  | — |  |  | — |  |  | (92,493 | )
Issuance of common stock | 27,432 |  |  | — |  |  | — |  |  | — |  |  | 27,432 |
Stock repurchases | (961 | ) |  | — |  |  | — |  |  | — |  |  | (961 | )
Intercompany activities, net | 465,471 |  |  | (305,997 | ) |  | (159,474 | ) |  | — |  |  | — |
Net cash provided by (used in) financing activities | 395,549 |  |  | (302,097 | ) |  | (56,474 | ) |  | — |  |  | 36,978 |
Net increase (decrease) in cash and equivalents | 24,274 |  |  | 461,562 |  |  | (5,256 | ) |  | — |  |  | 480,580 |
Cash and equivalents at beginning of period | 119,287 |  |  | 875,561 |  |  | 88,223 |  |  | — |  |  | 1,083,071 |
Cash and equivalents at end of period | $ | 143,561 |  |  | $ | 1,337,123 |  |  | $ | 82,967 |  |  | $ | — |  |  | $ | 1,563,651 |
CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30, 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 | $ | (22,639 | ) |  | $ | (141,572 | ) |  | $ | 4,245 |  |  | $ | — |  |  | $ | (159,966 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Distributions from unconsolidated entities | — |  |  | 4,388 |  |  | — |  |  | — |  |  | 4,388 |
Investments in unconsolidated entities | — |  |  | (3,749 | ) |  | — |  |  | — |  |  | (3,749 | )
Net change in loans held for investment | — |  |  | — |  |  | 449 |  |  | — |  |  | 449 |
Change in restricted cash related to letters of credit | (89,385 | ) |  | — |  |  | — |  |  | — |  |  | (89,385 | )
Proceeds from the sale of fixed assets | — |  |  | 9,449 |  |  | — |  |  | — |  |  | 9,449 |
Capital expenditures | — |  |  | (12,133 | ) |  | (3,029 | ) |  | — |  |  | (15,162 | )
Net cash provided by (used in) investing activities | (89,385 | ) |  | (2,045 | ) |  | (2,580 | ) |  | — |  |  | (94,010 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Borrowings (repayments) | (69,311 | ) |  | 960 |  |  | — |  |  | — |  |  | (68,351 | )
Stock repurchases | (2,021 | ) |  | — |  |  | — |  |  | — |  |  | (2,021 | )
Intercompany activities, net | 286,384 |  |  | (252,468 | ) |  | (33,916 | ) |  | — |  |  | — |
Net cash provided by (used in) financing activities | 215,052 |  |  | (251,508 | ) |  | (33,916 | ) |  | — |  |  | (70,372 | )
Net increase (decrease) in cash and equivalents | 103,028 |  |  | (395,125 | ) |  | (32,251 | ) |  | — |  |  | (324,348 | )
Cash and equivalents at beginning of period | 10,000 |  |  | 1,106,623 |  |  | 366,767 |  |  | — |  |  | 1,483,390 |
Cash and equivalents at end of period | $ | 113,028 |  |  | $ | 711,498 |  |  | $ | 334,516 |  |  | $ | — |  |  | $ | 1,159,042 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7656940&loc=d3e5283-111683 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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