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Supplemental Guarantor Information
 3 Months Ended
Mar. 31, 2015
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, 2015
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
—

 
$
996,744

 
$
57,183

 
$
—

 
$
1,053,927

Restricted cash
—

 
1,943

 
12,391

 
—

 
14,334

House and land inventory
—

 
4,632,395

 
655

 
—

 
4,633,050

Land held for sale
—

 
89,495

 
1,034

 
—

 
90,529

Land, not owned, under option
       agreements
—

 
62,261

 
—

 
—

 
62,261

Residential mortgage loans available-
       for-sale
—

 
—

 
226,292

 
—

 
226,292

Investments in unconsolidated entities
80

 
37,027

 
4,367

 
—

 
41,474

Other assets
32,943

 
432,732

 
45,990

 
—

 
511,665

Intangible assets
—

 
119,890

 
—

 
—

 
119,890

Deferred tax assets, net
1,672,050

 
13

 
7,800

 
—

 
1,679,863

Investments in subsidiaries and
       intercompany accounts, net
4,993,300

 
895,718

 
6,483,171

 
(12,372,189
)
 
—

 
$
6,698,373

 
$
7,268,218

 
$
6,838,883

 
$
(12,372,189
)
 
$
8,433,285

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
       accrued and other liabilities
$
88,966

 
$
1,509,773

 
$
157,576

 
$
—

 
$
1,756,315

Income tax liabilities
47,346

 
—

 
—

 
—

 
47,346

Financial Services debt
—

 
—

 
67,563

 
—

 
67,563

Senior notes
1,820,067

 
—

 
—

 
—

 
1,820,067

Total liabilities
1,956,379

 
1,509,773

 
225,139

 
—

 
3,691,291

Total shareholders’ equity
4,741,994

 
5,758,445

 
6,613,744

 
(12,372,189
)
 
4,741,994

 
$
6,698,373

 
$
7,268,218

 
$
6,838,883

 
$
(12,372,189
)
 
$
8,433,285


CONDENSED CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2014
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
7,454

 
$
1,157,307

 
$
128,101

 
$
—

 
$
1,292,862

Restricted cash
3,710

 
1,513

 
11,135

 
—

 
16,358

House and land inventory
—

 
4,391,445

 
655

 
—

 
4,392,100

Land held for sale
—

 
100,156

 
1,034

 
—

 
101,190

Land, not owned, under option
       agreements
—

 
30,186

 
—

 
—

 
30,186

Residential mortgage loans available-
       for-sale
—

 
—

 
339,531

 
—

 
339,531

Securities purchased under agreements to resell
22,000

 
—

 
(22,000
)
 
—

 
—

Investments in unconsolidated entities
74

 
36,126

 
4,168

 
—

 
40,368

Other assets
34,214

 
421,145

 
57,673

 
—

 
513,032

Intangible assets
—

 
123,115

 
—

 
—

 
123,115

Deferred tax assets, net
1,712,853

 
15

 
7,800

 
—

 
1,720,668

Investments in subsidiaries and
       intercompany accounts, net
4,963,831

 
967,032

 
6,359,441

 
(12,290,304
)
 
—

 
$
6,744,136

 
$
7,228,040

 
$
6,887,538

 
$
(12,290,304
)
 
$
8,569,410

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
       accrued and other liabilities
$
71,874

 
$
1,514,954

 
$
170,104

 
$
—

 
$
1,756,932

Income tax liabilities
48,747

 
(25
)
 
—

 
—

 
48,722

Financial Services debt
—

 
—

 
140,241

 
—

 
140,241

Senior notes
1,818,561

 
—

 
—

 
—

 
1,818,561

Total liabilities
1,939,182

 
1,514,929

 
310,345

 
—

 
3,764,456

Total shareholders’ equity
4,804,954

 
5,713,111

 
6,577,193

 
(12,290,304
)
 
4,804,954

 
$
6,744,136

 
$
7,228,040

 
$
6,887,538

 
$
(12,290,304
)
 
$
8,569,410





CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the three months ended March 31, 2015
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
1,088,158

 
$
—

 
$
—

 
$
1,088,158

Land sale revenues
—

 
17,542

 
—

 
—

 
17,542

 
—

 
1,105,700

 
—

 
—

 
1,105,700

Financial Services
—

 
—

 
27,598

 
—

 
27,598

 
—

 
1,105,700

 
27,598

 
—

 
1,133,298

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
841,145

 
—

 
—

 
841,145

Land sale cost of revenues
—

 
13,378

 
—

 
—

 
13,378

 
—

 
854,523

 
—

 
—

 
854,523

Financial Services expenses
187

 
(168
)
 
22,522

 
—

 
22,541

Selling, general and administrative
       expenses
—

 
160,828

 
484

 
—

 
161,312

Other expense (income), net
(5
)
 
1,297

 
(156
)
 
—

 
1,136

Interest income
(3
)
 
(1,102
)
 
6

 
—

 
(1,099
)
Interest expense
187

 
—

 
—

 
—

 
187

Equity in earnings of unconsolidated
       entities
(5
)
 
(903
)
 
(199
)
 
—

 
(1,107
)
Intercompany interest
7,723

 
(5,422
)
 
(2,301
)
 
—

 
—

Income (loss) before income taxes and
       equity in income (loss) of
       subsidiaries
(8,084
)
 
96,647

 
7,242

 
—

 
95,805

Income tax expense (benefit)
(3,072
)
 
41,097

 
2,809

 
—

 
40,834

Income (loss) before equity in income
       (loss) of subsidiaries
(5,012
)
 
55,550

 
4,433

 
—

 
54,971

Equity in income (loss) of subsidiaries
59,983

 
4,337

 
52,063

 
(116,383
)
 
—

Net income (loss)
54,971

 
59,887

 
56,496

 
(116,383
)
 
54,971

Other comprehensive income
21

 
—

 
—

 
—

 
21

Comprehensive income (loss)
$
54,992

 
$
59,887

 
$
56,496

 
$
(116,383
)
 
$
54,992


CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
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 (income), net
8,568

 
4,981

 
282

 
—

 
13,831

Interest income
(121
)
 
(971
)
 
(19
)
 
—

 
(1,111
)
Interest expense
213

 
—

 
—

 
—

 
213

Equity in earnings 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 (loss)
$
74,859

 
$
83,971

 
$
80,981

 
$
(164,952
)
 
$
74,859











CONSOLIDATING STATEMENT OF CASH FLOWS
For the three months ended March 31, 2015
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Net cash provided by (used in)
   operating activities
$
87,624

 
$
(203,566
)
 
$
90,545

 
$
—

 
$
(25,397
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Net change in loans held for investment
—

 
—

 
917

 
—

 
917

Change in restricted cash related to
     letters of credit
3,710

 
—

 
—

 
—

 
3,710

Proceeds from the sale of property and
     equipment
—

 
5

 
—

 
—

 
5

Capital expenditures
—

 
(13,489
)
 
(1,028
)
 


 
(14,517
)
Net cash provided by (used in)
   investing activities
3,710

 
(13,484
)
 
(111
)
 
—

 
(9,885
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowings (repayments)
—

 
—

 
(72,678
)
 
—

 
(72,678
)
Other borrowings (repayments)
—

 
—

 
—

 
—

 
—

Stock option exercises
6,596

 
—

 
—

 
—

 
6,596

Stock repurchases
(107,955
)
 
—

 
—

 
—

 
(107,955
)
Dividends paid
(29,616
)
 
—

 
—

 
—

 
(29,616
)
Intercompany activities, net
32,187

 
56,487

 
(88,674
)
 
—

 
—

Net cash provided by (used in)
   financing activities
(98,788
)
 
56,487

 
(161,352
)
 
—

 
(203,653
)
Net increase (decrease) in cash and
   equivalents
(7,454
)
 
(160,563
)
 
(70,918
)
 
—

 
(238,935
)
Cash and equivalents at beginning of
   period
7,454

 
1,157,307

 
128,101

 
—

 
1,292,862

Cash and equivalents at end of period
$
—

 
$
996,744

 
$
57,183

 
$
—

 
$
1,053,927




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
 
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