Supplemental Guarantor Information (Tables)

3 Months Ended

Mar. 31, 2014

Supplemental Guarantor Information [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEET

MARCH 31, 2014

($000’s omitted)



	Unconsolidated							Eliminating Entries			Consolidated PulteGroup, Inc.
	PulteGroup, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminating Entries			Consolidated PulteGroup, Inc.
ASSETS
Cash and equivalents	$	261,885	$	950,771		$	55,506	$	—		$	1,268,162
Restricted cash	60,690		2,729			12,177		—			75,596
House and land inventory	—		4,033,584			710		—			4,034,294
Land held for sale	—		71,497			1,034		—			72,531
Land, not owned, under option agreements	—		22,200			—		—			22,200
Residential mortgage loans available- for-sale	—		—			209,921		—			209,921
Investments in unconsolidated entities	70		36,019			4,031		—			40,120
Other assets	34,034		374,644			52,368		—			461,046
Intangible assets	—		132,873			—		—			132,873
Deferred tax assets, net	2,022,051		17			12,600		—			2,034,668
Investments in subsidiaries and intercompany accounts, net	4,385,910		197,260			6,080,952		(10,664,122		)	—
	$	6,764,640	$	5,821,594		$	6,429,299	$	(10,664,122	)	$	8,351,411
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	$	80,725	$	1,344,683		$	206,253	$	—		$	1,631,661
Income tax liabilities	205,811		(1		)	—		—			205,810
Financial Services debt	—		—			35,836		—			35,836
Senior notes	1,814,041		—			—		—			1,814,041
Total liabilities	2,100,577		1,344,682			242,089		—			3,687,348
Total shareholders’ equity	4,664,063		4,476,912			6,187,210		(10,664,122		)	4,664,063
	$	6,764,640	$	5,821,594		$	6,429,299	$	(10,664,122	)	$	8,351,411

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2013

($000’s omitted)



	Unconsolidated							Eliminating Entries			Consolidated PulteGroup, Inc.
	PulteGroup, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminating Entries			Consolidated PulteGroup, Inc.
ASSETS
Cash and equivalents	$	262,364	$	1,188,999		$	128,966	$	—		$	1,580,329
Restricted cash	58,699		2,635			11,381		—			72,715
House and land inventory	—		3,977,851			710		—			3,978,561
Land held for sale	—		60,701			1,034		—			61,735
Land, not owned, under option agreements	—		24,024			—		—			24,024
Residential mortgage loans available- for-sale	—		—			287,933		—			287,933
Investments in unconsolidated entities	68		41,319			3,936		—			45,323
Other assets	50,251		359,228			51,142		—			460,621
Intangible assets	—		136,148			—		—			136,148
Deferred tax assets, net	2,074,137		17			12,600		—			2,086,754
Investments in subsidiaries and intercompany accounts, net	4,532,950		(16,513		)	5,939,784		(10,456,221		)	—
	$	6,978,469	$	5,774,409		$	6,437,486	$	(10,456,221	)	$	8,734,143
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	$	65,334	$	1,413,752		$	236,258	$	—		$	1,715,344
Income tax liabilities	206,015		—			—		—			206,015
Financial Services debt	—		—			105,664		—			105,664
Senior notes	2,058,168		—			—		—			2,058,168
Total liabilities	2,329,517		1,413,752			341,922		—			4,085,191
Total shareholders’ equity	4,648,952		4,360,657			6,095,564		(10,456,221		)	4,648,952
	$	6,978,469	$	5,774,409		$	6,437,486	$	(10,456,221	)	$	8,734,143

Consolidating Statement of Operations and Comprehensive Income (Loss)

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the three months ended March 31, 2014

($000’s omitted)



	Unconsolidated												Consolidated PulteGroup, Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—		$	1,088,015		$	—		$	—		$	1,088,015
Land sale revenues	—			5,984			—			—			5,984
	—			1,093,999			—			—			1,093,999
Financial Services	—			379			24,516			—			24,895
	—			1,094,378			24,516			—			1,118,894
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			828,603			—			—			828,603
Land sale cost of revenues	—			5,011			—			—			5,011
	—			833,614			—			—			833,614
Financial Services expenses	201			77			3,044			—			3,322
Selling, general and administrative expenses	—			144,724			163			—			144,887
Other expense, net	8,568			4,981			282			—			13,831
Interest income	(121		)	(971		)	(19		)	—			(1,111		)
Interest expense	213			—			—			—			213
Equity in (earnings) loss of unconsolidated entities	(2		)	(5,802		)	(87		)	—			(5,891		)
Intercompany interest	253			1,944			(2,197		)	—			—
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(9,112		)	115,811			23,330			—			130,029
Income tax expense (benefit)	(82		)	52,727			2,565			—			55,210
Income (loss) before equity in income (loss) of subsidiaries	(9,030		)	63,084			20,765			—			74,819
Equity in income (loss) of subsidiaries	83,849			20,887			60,216			(164,952		)	—
Net income (loss)	74,819			83,971			80,981			(164,952		)	74,819
Other comprehensive income	40			—			—			—			40
Comprehensive income	$	74,859		$	83,971		$	80,981		$	(164,952	)	$	74,859

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the three months ended March 31, 2013

($000’s omitted)



	Unconsolidated												Consolidated PulteGroup, Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—		$	1,099,752		$	—		$	—		$	1,099,752
Land sale revenues	—			26,131			—			—			26,131
	—			1,125,883			—			—			1,125,883
Financial Services	—			619			36,254			—			36,873
	—			1,126,502			36,254			—			1,162,756
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			901,470			—			—			901,470
Land sale cost of revenues	—			22,018			—			—			22,018
	—			923,488			—			—			923,488
Financial Services expenses	208			143			22,237			—			22,588
Selling, general and administrative expenses	—			128,892			734			—			129,626
Other expense (income), net	(15		)	4,403			384			—			4,772
Interest income	(76		)	(1,055		)	(42		)	—			(1,173		)
Interest expense	207			—			—			—			207
Equity in (earnings) loss of unconsolidated entities	174,865			(172,399		)	(2,466		)	—			—
Intercompany interest	1,459			(26		)	(535		)	—			898
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(176,648		)	243,056			15,942			—			82,350
Income tax expense (benefit)	152			(4,393		)	4,829			—			588
Income (loss) before equity in income (loss) of subsidiaries	(176,800		)	247,449			11,113			—			81,762
Equity in income (loss) of subsidiaries	258,562			11,421			174,959			(444,942		)	—
Net income (loss)	81,762			258,870			186,072			(444,942		)	81,762
Other comprehensive income	48			—			—			—			48
Comprehensive income (loss)	$	81,810		$	258,870		$	186,072		$	(444,942	)	$	81,810

Consolidating Statement Of Cash Flows

CONSOLIDATING STATEMENT OF CASH FLOWS

For the three months ended March 31, 2014

($000’s omitted)



	Unconsolidated											Consolidated PulteGroup, Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries		Consolidated PulteGroup, Inc.
Net cash provided by (used in) operating activities	$	27,643		$	(14,676	)	$	78,429		$	—	$	91,396
Cash flows from investing activities:
Distributions from unconsolidated entities	—			6,385			—			—		6,385
Investments in unconsolidated entities	—			—			(9		)	—		(9		)
Net change in loans held for investment	—			—			(6,390		)	—		(6,390		)
Change in restricted cash related to letters of credit	(1,991		)	—			—			—		(1,991		)
Proceeds from the sale of property and equipment	—			23			—			—		23
Capital expenditures	—			(16,466		)	(1,399		)			(17,865		)
Net cash provided by (used in) investing activities	(1,991		)	(10,058		)	(7,798		)	—		(19,847		)
Cash flows from financing activities:
Financial Services borrowings (repayments)	—			—			(69,828		)	—		(69,828		)
Other borrowings (repayments)	(249,765		)	(248		)	—			—		(250,013		)
Stock option exercises	5,295			—			—			—		5,295
Stock repurchases	(50,105		)	—			—			—		(50,105		)
Dividends paid	(19,065		)	—			—			—		(19,065		)
Intercompany activities, net	287,509			(213,246		)	(74,263		)			—
Net cash provided by (used in) financing activities	(26,131		)	(213,494		)	(144,091		)	—		(383,716		)
Net increase (decrease) in cash and equivalents	(479		)	(238,228		)	(73,460		)	—		(312,167		)
Cash and equivalents at beginning of period	262,364			1,188,999			128,966			—		1,580,329
Cash and equivalents at end of period	$	261,885		$	950,771		$	55,506		$	—	$	1,268,162

CONSOLIDATING STATEMENT OF CASH FLOWS

For the three months ended March 31, 2013

($000’s omitted)



	Unconsolidated											Consolidated PulteGroup, Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries		Consolidated PulteGroup, Inc.
Net cash provided by (used in) operating activities	$	(146,577	)	$	331,557		$	85,640		$	—	$	270,620
Cash flows from investing activities:
Distributions from unconsolidated entities	—			200			—			—		200
Investments in unconsolidated entities	—			(593		)	—			—		(593		)
Net change in loans held for investment	—						10			—		10
Change in restricted cash related to letters of credit	4,513			—			—			—		4,513
Proceeds from the sale of property and equipment	—			59			—			—		59
Capital expenditures	—			(4,921		)	(457		)	—		(5,378		)
Net cash provided by (used in) investing activities	4,513			(5,255		)	(447		)	—		(1,189		)
Cash flows from financing activities:
Financial Services borrowings (repayments)	—			—			(82,164		)	—		(82,164		)
Other borrowings (repayments)	—			(213		)	—			—		(213		)
Stock option exercises	7,537			—			—			—		7,537
Stock repurchases	(6,427		)	—			—			—		(6,427		)
Intercompany activities, net	185,543			(73,913		)	(111,630		)	—		—
Net cash provided by (used in) financing activities	186,653			(74,126		)	(193,794		)	—		(81,267		)
Net increase (decrease) in cash and equivalents	44,589			252,176			(108,601		)	—		188,164
Cash and equivalents at beginning of period	146,168			1,063,943			194,649			—		1,404,760
Cash and equivalents at end of period	$	190,757		$	1,316,119		$	86,048		$	—	$	1,592,924