Supplemental Guarantor Information (Tables)

9 Months Ended

Sep. 30, 2014

Supplemental Guarantor Information [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEET

SEPTEMBER 30, 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	$	862	$	1,169,490		$	51,465	$	—		$	1,221,817
Restricted cash	10,298		2,301			12,404		—			25,003
House and land inventory	—		4,430,930			871		—			4,431,801
Land held for sale	—		92,128			1,034		—			93,162
Land, not owned, under option agreements	—		16,817			—		—			16,817
Residential mortgage loans available- for-sale	—		—			236,372		—			236,372
Investments in unconsolidated entities	74		36,091			4,130		—			40,295
Other assets	35,240		403,047			62,457		—			500,744
Intangible assets	—		126,340			—		—			126,340
Deferred tax assets, net	1,909,922		17			12,355		—			1,922,294
Investments in subsidiaries and intercompany accounts, net	4,848,387		673,726			6,178,709		(11,700,822		)	—
	$	6,804,783	$	6,950,887		$	6,559,797	$	(11,700,822	)	$	8,614,645
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	$	81,104	$	1,576,396		$	161,874	$	—		$	1,819,374
Income tax liabilities	196,216		(2		)	—		—			196,214
Financial Services debt	—		—			71,594		—			71,594
Senior notes	1,817,054		—			—		—			1,817,054
Total liabilities	2,094,374		1,576,394			233,468		—			3,904,236
Total shareholders’ equity	4,710,409		5,374,493			6,326,329		(11,700,822		)	4,710,409
	$	6,804,783	$	6,950,887		$	6,559,797	$	(11,700,822	)	$	8,614,645

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 September 30, 2014

($000’s omitted)



	Unconsolidated												Consolidated PulteGroup, Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—		$	1,551,226		$	—		$	—		$	1,551,226
Land sale revenues	—			10,047			—			—			10,047
	—			1,561,273			—			—			1,561,273
Financial Services	—			154			33,298			—			33,452
	—			1,561,427			33,298			—			1,594,725
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			1,195,369			—			—			1,195,369
Land sale cost of revenues	—			3,539			—			—			3,539
	—			1,198,908			—			—			1,198,908
Financial Services expenses	195			(102		)	22,530			—			22,623
Selling, general and administrative expenses	—			146,642			494			—			147,136
Other expense (income), net	(16		)	2,194			228			—			2,406
Interest income	(93		)	(1,080		)	(32		)	—			(1,205		)
Interest expense	210			—			—			—			210
Equity in (earnings) loss of unconsolidated entities	(2		)	(205		)	(74		)	—			(281		)
Intercompany interest	4,190			(1,666		)	(2,524		)	—			—
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(4,484		)	216,736			12,676			—			224,928
Income tax expense (benefit)	(1,764		)	81,157			4,990			—			84,383
Income (loss) before equity in income (loss) of subsidiaries	(2,720		)	135,579			7,686			—			140,545
Equity in income (loss) of subsidiaries	143,265			7,518			100,513			(251,296		)	—
Net income (loss)	140,545			143,097			108,199			(251,296		)	140,545
Other comprehensive income	21			—			—			—			21
Comprehensive income (loss)	$	140,566		$	143,097		$	108,199		$	(251,296	)	$	140,566

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the three months ended September 30, 2013

($000’s omitted)



	Unconsolidated												Consolidated PulteGroup, Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—		$	1,491,959		$	—		$	—		$	1,491,959
Land sale revenues	—			55,783			—			—			55,783
	—			1,547,742			—			—			1,547,742
Financial Services	—			649			33,687			—			34,336
	—			1,548,391			33,687			—			1,582,078
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			1,180,137			—			—			1,180,137
Land sale cost of revenues	—			49,933			—			—			49,933
	—			1,230,070			—			—			1,230,070
Financial Services expenses	209			145			22,890			—			23,244
Selling, general and administrative expenses	—			138,629			8			—			138,637
Other expense (income), net	3,844			10,860			2,351			—			17,055
Interest income	(91		)	(928		)	(17		)	—			(1,036		)
Interest expense	171			—			—			—			171
Equity in (earnings) loss of unconsolidated entities	2			(570		)	(217		)	—			(785		)
Intercompany interest	(158,633		)	162,739			(4,106		)	—			—

Income (loss) before income taxes and equity in income (loss) of subsidiaries	154,498			7,446			12,778			—			174,722
Income tax expense (benefit)	(2,108,148		)	(1,692		)	2,678			—			(2,107,162		)
Income (loss) before equity in income (loss) of subsidiaries	2,262,646			9,138			10,100			—			2,281,884
Equity in income (loss) of subsidiaries	19,238			11,316			94,212			(124,766		)	—
Net income (loss)	2,281,884			20,454			104,312			(124,766		)	2,281,884
Other comprehensive income	77			—			—			—			77
Comprehensive income (loss)	$	2,281,961		$	20,454		$	104,312		$	(124,766	)	$	2,281,961

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the nine months ended September 30, 2014

($000’s omitted)



	Unconsolidated												Consolidated PulteGroup, Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—		$	3,885,703		$	—		$	—		$	3,885,703
Land sale revenues	—			24,558			—			—			24,558
	—			3,910,261			—			—			3,910,261
Financial Services	—			888			88,656			—			89,544
	—			3,911,149			88,656			—			3,999,805
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			2,976,665			—			—			2,976,665
Land sale cost of revenues	—			15,382			—			—			15,382
	—			2,992,047			—			—			2,992,047
Financial Services expenses	591			56			47,411			—			48,058
Selling, general and administrative expenses	—			520,513			1,278			—			521,791
Other expense, net	8,538			16,290			733			—			25,561
Interest income	(332		)	(3,046		)	(53		)	—			(3,431		)
Interest expense	625			—			—			—			625
Equity in (earnings) loss of unconsolidated entities	(7		)	(7,295		)	(181		)	—			(7,483		)
Intercompany interest	5,010			2,281			(7,291		)	—			—
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(14,425		)	390,303			46,759			—			422,637
Income tax expense (benefit)	(5,640		)	152,750			18,283			—			165,393
Income (loss) before equity in income (loss) of subsidiaries	(8,785		)	237,553			28,476			—			257,244
Equity in income (loss) of subsidiaries	266,029			28,670			209,648			(504,347		)	—
Net income (loss)	257,244			266,223			238,124			(504,347		)	257,244
Other comprehensive income	82			—			—			—			82
Comprehensive income	$	257,326		$	266,223		$	238,124		$	(504,347	)	$	257,326

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the nine months ended September 30, 2013

($000’s omitted)



	Unconsolidated												Consolidated PulteGroup, Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—		$	3,811,386		$	—		$	—		$	3,811,386
Land sale revenues	—			102,299			—			—			102,299
	—			3,913,685			—			—			3,913,685
Financial Services	—			1,759			108,812			—			110,571
	—			3,915,444			108,812			—			4,024,256
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			3,072,425			—			—			3,072,425
Land sale cost of revenues	—			92,661			—			—			92,661
	—			3,165,086			—			—			3,165,086
Financial Services expenses	625			369			67,873			—			68,867
Selling, general and administrative expenses	—			417,495			1,299			—			418,794
Other expense (income), net	26,887			48,379			3,900			—			79,166
Interest income	(257		)	(2,985		)	(79		)	—			(3,321		)
Interest expense	544			—			—			—			544
Equity in (earnings) loss of unconsolidated entities	1,462			(916		)	(828		)	—			(282		)
Intercompany interest	16,647			(9,658		)	(6,989		)	—			—
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(45,908		)	297,674			43,636			—			295,402
Income tax expense (benefit)	(2,108,019		)	(9,658		)	13,016			—			(2,104,661		)
Income (loss) before equity in income (loss) of subsidiaries	2,062,111			307,332			30,620			—			2,400,063
Equity in income (loss) of subsidiaries	337,952			33,292			295,673			(666,917		)	—
Net income (loss)	2,400,063			340,624			326,293			(666,917		)	2,400,063
Other comprehensive income	273			—			—			—			273
Comprehensive income (loss)	$	2,400,336		$	340,624		$	326,293		$	(666,917	)	$	2,400,336

Consolidating Statement Of Cash Flows

CONSOLIDATING STATEMENT OF CASH FLOWS

For the nine months ended September 30, 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	$	265,107		$	(73,268	)	$	9,996		$	—	$	201,835
Cash flows from investing activities:
Distributions from unconsolidated entities	—			7,627			(3		)	—		7,624
Investments in unconsolidated entities	—			—			(9		)	—		(9		)
Net change in loans held for investment	—			—			(6,338		)	—		(6,338		)
Change in restricted cash related to letters of credit	48,401			—			—			—		48,401
Proceeds from the sale of property and equipment	—			83			—			—		83
Capital expenditures	—			(39,025		)	(2,863		)			(41,888		)
Cash used for business acquisitions	—			(77,469		)	—			—		(77,469		)
Net cash provided by (used in) investing activities	48,401			(108,784		)	(9,213		)	—		(69,596		)
Cash flows from financing activities:
Financial Services borrowings (repayments)	—			—			(34,070		)	—		(34,070		)
Other borrowings (repayments)	(249,765		)	(866		)	—			—		(250,631		)
Stock option exercises	6,034			—			—			—		6,034
Stock repurchases	(155,140		)	—			—			—		(155,140		)
Dividends paid	(56,944		)	—			—			—		(56,944		)
Intercompany activities, net	(119,195		)	163,409			(44,214		)	—		—
Net cash provided by (used in) financing activities	(575,010		)	162,543			(78,284		)	—		(490,751		)
Net increase (decrease) in cash and equivalents	(261,502		)	(19,509		)	(77,501		)	—		(358,512		)
Cash and equivalents at beginning of period	262,364			1,188,999			128,966			—		1,580,329
Cash and equivalents at end of period	$	862		$	1,169,490		$	51,465		$	—	$	1,221,817

CONSOLIDATING STATEMENT OF CASH FLOWS

For the nine months ended September 30, 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	$	15,822		$	511,801		$	27,327		$	—	$	554,950
Cash flows from investing activities:
Distributions from unconsolidated entities	—			200			—			—		200
Investments in unconsolidated entities	—			(1,057		)	—			—		(1,057		)
Net change in loans held for investment	—			—			236			—		236
Change in restricted cash related to letters of credit	875			—			—			—		875
Proceeds from the sale of property and equipment	—			9			—			—		9
Capital expenditures	—			(16,679		)	(1,675		)	—		(18,354		)
Net cash provided by (used in) investing activities	875			(17,527		)	(1,439		)	—		(18,091		)
Cash flows from financing activities:
Financial Services borrowings (repayments)	—			—			(23,697		)	—		(23,697		)
Other borrowings (repayments)	(485,048		)	7,828			—			—		(477,220		)
Stock option exercises	18,549			—			—			—		18,549
Stock repurchases	(89,940		)	—			—			—		(89,940		)
Dividends paid	(19,317		)	—			—			—		(19,317		)
Intercompany activities, net	600,190			(485,052		)	(115,138		)	—		—
Net cash provided by (used in) financing activities	24,434			(477,224		)	(138,835		)	—		(591,625		)
Net increase (decrease) in cash and equivalents	41,131			17,050			(112,947		)	—		(54,766		)
Cash and equivalents at beginning of period	146,168			1,063,943			194,649			—		1,404,760
Cash and equivalents at end of period	$	187,299		$	1,080,993		$	81,702		$	—	$	1,349,994