XML 35 R20.htm IDEA: XBRL DOCUMENT v3.3.1.900
Supplemental Guarantor Information
 12 Months Ended
Dec. 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 certain of our wholly-owned Homebuilding subsidiaries and certain other wholly-owned subsidiaries (collectively, the “Guarantors”). Such guaranties are full and unconditional. Our subsidiaries comprising the Financial Services segment along with certain other subsidiaries (collectively, the "Non-Guarantor Subsidiaries") do not guarantee the senior notes. In accordance with Rule 3-10 of Regulation S-X, 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.

CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2015
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
—

 
$
638,602

 
$
115,559

 
$
—

 
$
754,161

Restricted cash
—

 
20,274

 
1,000

 
—

 
21,274

House and land inventory
—

 
5,450,058

 
—

 
—

 
5,450,058

Land held for sale
—

 
80,458

 
1,034

 
—

 
81,492

Residential mortgage loans available-
       for-sale
—

 
—

 
442,715

 
—

 
442,715

Investments in unconsolidated entities
93

 
36,499

 
4,675

 
—

 
41,267

Other assets
49,255

 
531,120

 
90,724

 


 
671,099

Intangible assets
—

 
110,215

 
—

 
—

 
110,215

Deferred tax assets, net
1,392,251

 
11

 
2,617

 
—

 
1,394,879

Investments in subsidiaries and
       intercompany accounts, net
5,529,606

 
465,644

 
6,293,018

 
(12,288,268
)
 
—

 
$
6,971,205

 
$
7,332,881

 
$
6,951,342

 
$
(12,288,268
)
 
$
8,967,160

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
       accrued and other liabilities
$
70,061

 
$
1,558,885

 
$
169,193

 
$
—

 
$
1,798,139

Income tax liabilities
57,050

 
—

 
—

 
—

 
57,050

Financial Services debt
—

 
—

 
267,877

 
—

 
267,877

Term loan
500,000

 
—

 
—

 
—

 
500,000

Senior notes
1,584,769

 
—

 
—

 
—

 
1,584,769

Total liabilities
2,211,880

 
1,558,885

 
437,070

 
—

 
4,207,835

Total shareholders’ equity
4,759,325

 
5,773,996

 
6,514,272

 
(12,288,268
)
 
4,759,325

 
$
6,971,205

 
$
7,332,881

 
$
6,951,342

 
$
(12,288,268
)
 
$
8,967,160

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

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

 
451,331

 
57,673

 
—

 
543,218

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 (LOSS)
For the year ended December 31, 2015
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
5,792,675

 
$
—

 
$
—

 
$
5,792,675

Land sale revenues
—

 
48,536

 
—

 
—

 
48,536

 
—

 
5,841,211

 
—

 
—

 
5,841,211

Financial Services
—

 
1

 
140,752

 
—

 
140,753

 
—

 
5,841,212

 
140,752

 
—

 
5,981,964

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
4,440,893

 
—

 
—

 
4,440,893

Land sale cost of revenues
—

 
35,858

 
—

 
—

 
35,858

 
—

 
4,476,751

 
—

 
—

 
4,476,751

Financial Services expenses
313

 
(276
)
 
82,010

 
—

 
82,047

Selling, general, and administrative
       expenses
3

 
585,870

 
3,907

 
—

 
589,780

Other expense, net
760

 
17,424

 
(821
)
 
—

 
17,363

Intercompany interest
2,110

 
7,922

 
(10,032
)
 
—

 
—

Income (loss) before income taxes and
       equity in income (loss) of
       subsidiaries
(3,186
)
 
753,521

 
65,688

 
—

 
816,023

Income tax expense (benefit)
(1,210
)
 
297,485

 
25,658

 
—

 
321,933

Income (loss) before equity in income
       (loss) of subsidiaries
(1,976
)
 
456,036

 
40,030

 
—

 
494,090

Equity in income (loss) of subsidiaries
496,066

 
40,484

 
411,699

 
(948,249
)
 
—

Net income (loss)
494,090

 
496,520

 
451,729

 
(948,249
)
 
494,090

Other comprehensive income (loss)
81

 
—

 
—

 
—

 
81

Comprehensive income (loss)
$
494,171

 
$
496,520

 
$
451,729

 
$
(948,249
)
 
$
494,171


CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the year ended December 31, 2014
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
5,662,171

 
$
—

 
$
—

 
$
5,662,171

Land sale revenues
—

 
34,554

 
—

 
—

 
34,554

 
—

 
5,696,725

 
—

 
—

 
5,696,725

Financial Services
—

 
889

 
124,749

 
—

 
125,638

 
—

 
5,697,614

 
124,749

 
—

 
5,822,363

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
4,343,249

 
—

 
—

 
4,343,249

Land sale cost of revenues
—

 
23,748

 
—

 
—

 
23,748

 
—

 
4,366,997

 
—

 
—

 
4,366,997

Financial Services expenses
784

 
(130
)
 
70,403

 
—

 
71,057

Selling, general, and administrative
       expenses
—

 
661,308

 
6,507

 
—

 
667,815

Other expense, net
9,026

 
16,847

 
863

 
—

 
26,736

Intercompany interest
9,800

 
(90
)
 
(9,710
)
 
—

 
—

Income (loss) before income taxes and
       equity in income (loss) of
       subsidiaries
(19,610
)
 
652,682

 
56,686

 
—

 
689,758

Income tax expense (benefit)
(7,473
)
 
201,332

 
21,561

 
—

 
215,420

Income (loss) before equity in income
       (loss) of subsidiaries
(12,137
)
 
451,350

 
35,125

 
—

 
474,338

Equity in income (loss) of subsidiaries
486,475

 
38,534

 
403,505

 
(928,514
)
 
—

Net income (loss)
474,338

 
489,884

 
438,630

 
(928,514
)
 
474,338

Other comprehensive income (loss)
105

 
—

 
—

 
—

 
105

Comprehensive income (loss)
$
474,443

 
$
489,884

 
$
438,630

 
$
(928,514
)
 
$
474,443

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the year ended December 31, 2013
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
5,424,309

 
$
—

 
$
—

 
$
5,424,309

Land sale revenues
—

 
114,335

 
—

 
—

 
114,335

 
—

 
5,538,644

 
—

 
—

 
5,538,644

Financial Services
—

 
2,353

 
138,598

 
—

 
140,951

 
—

 
5,540,997

 
138,598

 
—

 
5,679,595

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
4,310,528

 
—

 
—

 
4,310,528

Land sale cost of revenues
—

 
104,426

 
—

 
—

 
104,426

 
—

 
4,414,954

 
—

 
—

 
4,414,954

Financial Services expenses
832

 
970

 
90,440

 
—

 
92,242

Selling, general, and administrative
       expenses
—

 
573,904

 
(5,404
)
 
—

 
568,500

Other expense (income), net
28,694

 
43,944

 
3,439

 
—

 
76,077

Intercompany interest
17,518

 
(8,260
)
 
(9,258
)
 
—

 
—

Income (loss) before income taxes and
       equity in income (loss) of
       subsidiaries
(47,044
)
 
515,485

 
59,381

 
—

 
527,822

Income tax expense (benefit)
(2,113,827
)
 
(799
)
 
22,332

 
—

 
(2,092,294
)
Income (loss) before equity in income
       (loss) of subsidiaries
2,066,783

 
516,284

 
37,049

 
—

 
2,620,116

Equity in income (loss) of subsidiaries
553,333

 
35,086

 
485,400

 
(1,073,819
)
 
—

Net income (loss)
2,620,116

 
551,370

 
522,449

 
(1,073,819
)
 
2,620,116

Other comprehensive income (loss)
197

 
—

 
—

 
—

 
197

Comprehensive income (loss)
$
2,620,313

 
$
551,370

 
$
522,449

 
$
(1,073,819
)
 
$
2,620,313


CONSOLIDATING STATEMENT OF CASH FLOWS
For the year ended December 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
$
184,033

 
$
(449,701
)
 
$
(82,461
)
 
$
—

 
$
(348,129
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Net change in loans held for investment
—

 
—

 
8,664

 
—

 
8,664

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

 
—

 
—

 
—

 
3,710

Capital expenditures
—

 
(41,857
)
 
(3,583
)
 
—

 
(45,440
)
Other investing activities, net
—

 
1,937

 
275

 
—

 
2,212

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

 
(39,920
)
 
5,356

 
—

 
(30,854
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowings
     (repayments)
—

 
—

 
127,636

 
—

 
127,636

Proceeds from debt issuance
500,000

 
—

 
—

 
 
 
500,000

Repayments of debt
(237,995
)
 
(1,198
)
 
—

 
—

 
(239,193
)
Borrowings under revolving credit facility
125,000

 
—

 
—

 
—

 
125,000

Repayments under revolving credit facility
(125,000
)
 
—

 
—

 
—

 
(125,000
)
Stock option exercises
10,535

 
—

 
—

 
—

 
10,535

Share repurchases
(442,738
)
 
—

 
—

 
—

 
(442,738
)
Dividends paid
(115,958
)
 
—

 
—

 
—

 
(115,958
)
Intercompany activities, net
90,959

 
(27,886
)
 
(63,073
)
 
—

 
—

Net cash provided by (used in)
   financing activities
(195,197
)
 
(29,084
)
 
64,563

 
—

 
(159,718
)
Net increase (decrease) in cash and
   equivalents
(7,454
)
 
(518,705
)
 
(12,542
)
 
—

 
(538,701
)
Cash and equivalents at beginning of year
7,454

 
1,157,307

 
128,101

 
—

 
1,292,862

Cash and equivalents at end of year
$
—

 
$
638,602

 
$
115,559

 
$
—

 
$
754,161


CONSOLIDATING STATEMENT OF CASH FLOWS
For the year ended December 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
$
206,485

 
$
175,415

 
$
(72,651
)
 
$
—

 
$
309,249

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Net change in loans held for investment
—

 
—

 
335

 
—

 
335

Change in restricted cash related to
     letters of credit
54,989

 
—

 
—

 
—

 
54,989

Capital expenditures
—

 
(44,956
)
 
(3,834
)
 
—

 
(48,790
)
Cash used for business acquisitions
—

 
(82,419
)
 
—

 
—

 
(82,419
)
Other investing activities, net
—

 
8,274

 
(13
)
 
—

 
8,261

Net cash provided by (used in) investing
   activities
54,989

 
(119,101
)
 
(3,512
)
 
—

 
(67,624
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowings
     (repayments)
—

 
—

 
34,577

 
—

 
34,577

Repayments of debt
(249,765
)
 
(866
)
 
—

 
—

 
(250,631
)
Stock option exercises
15,627

 
—

 
—

 
—

 
15,627

Share repurchases
(253,019
)
 
—

 
—

 
—

 
(253,019
)
Dividends paid
(75,646
)
 
—

 
—

 
—

 
(75,646
)
Intercompany activities, net
46,419

 
(87,140
)
 
40,721

 
—

 
—

Net cash provided by (used in)
   financing activities
(516,384
)
 
(88,006
)
 
75,298

 
—

 
(529,092
)
Net increase (decrease) in cash and
   equivalents
(254,910
)
 
(31,692
)
 
(865
)
 
—

 
(287,467
)
Cash and equivalents at beginning of year
262,364

 
1,188,999

 
128,966

 
—

 
1,580,329

Cash and equivalents at end of year
$
7,454

 
$
1,157,307

 
$
128,101

 
$
—

 
$
1,292,862

CONSOLIDATING STATEMENT OF CASH FLOWS
For the year ended December 31, 2013
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Net cash provided by (used in)
   operating activities
$
(41
)
 
$
865,267

 
$
15,910

 
$
—

 
$
881,136

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Net change in loans held for
     investment
—

 
—

 
(12,265
)
 
—

 
(12,265
)
Change in restricted cash related to
     letters of credit
(4,152
)
 
—

 
—

 
—

 
(4,152
)
Capital expenditures
—

 
(26,472
)
 
(2,427
)
 
—

 
(28,899
)
Other investing activities, net
—

 
(661
)
 
—

 
—

 
(661
)
Net cash provided by (used in)
   investing activities
(4,152
)
 
(27,133
)
 
(14,692
)
 
—

 
(45,977
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowings (repayments)
—

 
—

 
(33,131
)
 
—

 
(33,131
)
Repayments of debt
(485,048
)
 
5,221

 


 
—

 
(479,827
)
Stock option exercises
19,411

 
—

 
—

 
—

 
19,411

Share repurchases
(127,661
)
 
—

 
—

 
—

 
(127,661
)
Dividends paid
(38,382
)
 
—

 
—

 
—

 
(38,382
)
Intercompany activities, net
752,069

 
(718,299
)
 
(33,770
)
 
—

 
—

Net cash provided by (used in)
   financing activities
120,389

 
(713,078
)
 
(66,901
)
 
—

 
(659,590
)
Net increase (decrease) in cash and
   equivalents
116,196

 
125,056

 
(65,683
)
 
—

 
175,569

Cash and equivalents at beginning of
   year
146,168

 
1,063,943

 
194,649

 
—

 
1,404,760

Cash and equivalents at end of year
$
262,364

 
$
1,188,999

 
$
128,966

 
$
—

 
$
1,580,329