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Supplemental Guarantor Information

6 Months Ended

Jun. 30, 2016

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.

CONDENSED CONSOLIDATING BALANCE SHEET

JUNE 30, 2016

($000’s omitted)

	Unconsolidated												Eliminating Entries				Consolidated PulteGroup, Inc.
	PulteGroup, Inc.				Guarantor Subsidiaries				Non-Guarantor Subsidiaries
ASSETS
Cash and equivalents	$	—			$	166,389			$	62,798			$	—			$	229,187
Restricted cash	—				25,001				1,483				—				26,484
House and land inventory	—				6,583,222				46,242				—				6,629,464
Land held for sale	—				85,271				510				—				85,781
Residential mortgage loans available- for-sale	—				—				364,004				—				364,004
Investments in unconsolidated entities	99				47,569				4,832				—				52,500
Other assets	22,145				533,458				125,565				—				681,168
Intangible assets	—				161,372				—				—				161,372
Deferred tax assets, net	1,274,468				—				2,628				—				1,277,096
Investments in subsidiaries and intercompany accounts, net	6,237,109				(264,227		)		6,614,233				(12,587,115		)		—
	$	7,533,821			$	7,338,055			$	7,222,295			$	(12,587,115	)		$	9,507,056
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	$	78,691			$	1,609,312			$	174,366			$	—			$	1,862,369
Income tax liabilities	33,980				—				—				—				33,980
Financial Services debt	—				—				189,557				—				189,557
Term loan	499,212				—				—				—				499,212
Senior notes	2,103,821				—				—				—				2,103,821
Total liabilities	2,715,704				1,609,312				363,923				—				4,688,939
Total shareholders’ equity	4,818,117				5,728,743				6,858,372				(12,587,115		)		4,818,117
	$	7,533,821			$	7,338,055			$	7,222,295			$	(12,587,115	)		$	9,507,056

CONDENSED 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	38,991				531,120				90,724				—				660,835
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		)		—
	$	6,960,941			$	7,332,881			$	6,951,342			$	(12,288,268	)		$	8,956,896
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	498,423				—				—				—				498,423
Senior notes	1,576,082				—				—				—				1,576,082
Total liabilities	2,201,616				1,558,885				437,070				—				4,197,571
Total shareholders’ equity	4,759,325				5,773,996				6,514,272				(12,288,268		)		4,759,325
	$	6,960,941			$	7,332,881			$	6,951,342			$	(12,288,268	)		$	8,956,896

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the three months ended June 30, 2016

($000’s omitted)

	Unconsolidated																Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.				Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—			$	1,746,484			$	5,398			$	—			$	1,751,882
Land sale revenues	—				3,893				1,057				—				4,950
	—				1,750,377				6,455				—				1,756,832
Financial Services	—				—				43,082				—				43,082
	—				1,750,377				49,537				—				1,799,914
Homebuilding Cost of Revenues:
Home sale cost of revenues	—				1,369,003				5,506				—				1,374,509
Land sale cost of revenues	—				3,505				898				—				4,403
	—				1,372,508				6,404				—				1,378,912
Financial Services expenses	—				137				26,043				—				26,180
Selling, general, and administrative expenses	—				184,515				7,818				—				192,333
Other expense (income), net	170				20,759				(8,020		)		—				12,909
Intercompany interest	490				2,035				(2,525		)		—				—
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(660		)		170,423				19,817				—				189,580
Income tax expense (benefit)	(246		)		64,415				7,651				—				71,820
Income (loss) before equity in income (loss) of subsidiaries	(414		)		106,008				12,166				—				117,760
Equity in income (loss) of subsidiaries	118,174				2,869				73,975				(195,018		)		—
Net income (loss)	117,760				108,877				86,141				(195,018		)		117,760
Other comprehensive income	20				—				—				—				20
Comprehensive income (loss)	$	117,780			$	108,877			$	86,141			$	(195,018	)		$	117,780

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the three months ended June 30, 2015

($000’s omitted)

	Unconsolidated																Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.				Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—			$	1,243,077			$	—			$	—			$	1,243,077
Land sale revenues	—				6,460				—				—				6,460
	—				1,249,537				—				—				1,249,537
Financial Services	—				—				30,754				—				30,754
	—				1,249,537				30,754				—				1,280,291
Homebuilding Cost of Revenues:
Home sale cost of revenues	—				953,280				—				—				953,280
Land sale cost of revenues	—				5,312				—				—				5,312
	—				958,592				—				—				958,592
Financial Services expenses	101				(92		)		20,758				—				20,767
Selling, general, and administrative expenses	—				129,457				662				—				130,119
Other expense (income), net	198				3,139				(151		)		—				3,186
Intercompany interest	(6,781		)		9,269				(2,488		)		—				—
Income (loss) before income taxes and equity in income (loss) of subsidiaries	6,482				149,172				11,973				—				167,627
Income tax expense (benefit)	2,462				57,270				4,571				—				64,303
Income (loss) before equity in income (loss) of subsidiaries	4,020				91,902				7,402				—				103,324
Equity in income (loss) of subsidiaries	99,304				7,332				92,596				(199,232		)		—
Net income (loss)	103,324				99,234				99,998				(199,232		)		103,324
Other comprehensive income	21				—				—				—				21
Comprehensive income (loss)	$	103,345			$	99,234			$	99,998			$	(199,232	)		$	103,345

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the six months ended June 30, 2016

($000’s omitted)

	Unconsolidated																Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.				Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—			$	3,139,743			$	6,382			$	—			$	3,146,125
Land sale revenues	—				5,903				1,534				—				7,437
	—				3,145,646				7,916				—				3,153,562
Financial Services	—				—				78,930				—				78,930
	—				3,145,646				86,846				—				3,232,492
Homebuilding Cost of Revenues:
Home sale cost of revenues	—				2,456,168				7,670				—				2,463,838
Land sale cost of revenues	—				5,148				1,282				—				6,430
	—				2,461,316				8,952				—				2,470,268
Financial Services expenses	—				260				52,038				—				52,298
Selling, general, and administrative expenses	—				372,097				11,251				—				383,348
Other expense (income), net	340				30,434				(11,989		)		—				18,785
Intercompany interest	1,000				4,219				(5,219		)		—				—
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(1,340		)		277,320				31,813				—				307,793
Income tax expense (benefit)	(509		)		94,983				12,259				—				106,733
Income (loss) before equity in income (loss) of subsidiaries	(831		)		182,337				19,554				—				201,060
Equity in income (loss) of subsidiaries	201,891				9,879				185,893				(397,663		)		—
Net income (loss)	201,060				192,216				205,447				(397,663		)		201,060
Other comprehensive income	41				—				—				—				41
Comprehensive income (loss)	$	201,101			$	192,216			$	205,447			$	(397,663	)		$	201,101

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the six months ended June 30, 2015

($000’s omitted)

	Unconsolidated																Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.				Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—			$	2,331,235			$	—			$	—			$	2,331,235
Land sale revenues	—				24,002				—				—				24,002
	—				2,355,237				—				—				2,355,237
Financial Services	—				—				58,352				—				58,352
	—				2,355,237				58,352				—				2,413,589
Homebuilding Cost of Revenues:
Home sale cost of revenues	—				1,794,425				—				—				1,794,425
Land sale cost of revenues	—				18,691				—				—				18,691
	—				1,813,116				—				—				1,813,116
Financial Services expenses	288				(261		)		43,281				—				43,308
Selling, general, and administrative expenses	—				290,285				1,146				—				291,431
Other expense (income), net	373				2,431				(501		)		—				2,303
Intercompany interest	943				3,847				(4,790		)		—				—
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(1,604		)		245,819				19,216				—				263,431
Income tax expense (benefit)	(609		)		98,365				7,380				—				105,136
Income (loss) before equity in income (loss) of subsidiaries	(995		)		147,454				11,836				—				158,295
Equity in income (loss) of subsidiaries	159,290				11,669				144,659				(315,618		)		—
Net income (loss)	158,295				159,123				156,495				(315,618		)		158,295
Other comprehensive income	42				—				—				—				42
Comprehensive income (loss)	$	158,337			$	159,123			$	156,495			$	(315,618	)		$	158,337

CONSOLIDATING STATEMENT OF CASH FLOWS

For the six months ended June 30, 2016

($000’s omitted)

	Unconsolidated																Consolidated PulteGroup, Inc.
	PulteGroup, Inc.				Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminating Entries
Net cash provided by (used in) operating activities	$	143,228			$	(548,580	)		$	80,036			$	—			$	(325,316	)
Cash flows from investing activities:
Capital expenditures	—				(19,736		)		(1,308		)		—				(21,044		)
Cash used for business acquisitions	—				(430,025		)		—				—				(430,025		)
Other investing activities, net	(6		)		(10,346		)		2,056				—				(8,296		)
Net cash provided by (used in) investing activities	(6		)		(460,107		)		748				—				(459,365		)
Cash flows from financing activities:
Proceeds from debt issuance	986,084				—				—				—				986,084
Repayments of debt	(465,245		)		(19,729		)		—				—				(484,974		)
Borrowings under revolving credit facility	358,000				—				—				—				358,000
Repayments under revolving credit facility	(358,000		)		—				—				—				(358,000		)
Financial Services borrowings (repayments)	—				—				(78,320		)		—				(78,320		)
Stock option exercises	742				—				—				—				742
Share repurchases	(100,806		)		—				—				—				(100,806		)
Dividends paid	(63,019		)		—				—				—				(63,019		)
Intercompany activities, net	(500,978		)		556,203				(55,225		)		—				—
Net cash provided by (used in) financing activities	(143,222		)		536,474				(133,545		)		—				259,707
Net increase (decrease) in cash and equivalents	—				(472,213		)		(52,761		)		—				(524,974		)
Cash and equivalents at beginning of period	—				638,602				115,559				—				754,161
Cash and equivalents at end of period	$	—			$	166,389			$	62,798			$	—			$	229,187

CONSOLIDATING STATEMENT OF CASH FLOWS

For the six months ended June 30, 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	$	65,947			$	(325,154	)		$	68,104			$	—			$	(191,103	)
Cash flows from investing activities:
Capital expenditures	—				(20,871		)		(2,244		)		—				(23,115		)
Other investing activities, net	3,710				1,031				9,909				—				14,650
Net cash provided by (used in) investing activities	3,710				(19,840		)		7,665				—				(8,465		)
Cash flows from financing activities:
Repayments of debt	(237,994		)		—				—				—				(237,994		)
Financial Services borrowings (repayments)	—				—				(20,970		)		—				(20,970		)
Stock option exercises	7,222				—				—				—				7,222
Share repurchases	(322,066		)		—				—				—				(322,066		)
Dividends paid	(59,125		)		—				—				—				(59,125		)
Intercompany activities, net	534,852				(408,588		)		(126,264		)		—				—
Net cash provided by (used in) financing activities	(77,111		)		(408,588		)		(147,234		)		—				(632,933		)
Net increase (decrease) in cash and equivalents	(7,454		)		(753,582		)		(71,465		)		—				(832,501		)
Cash and equivalents at beginning of period	7,454				1,157,307				128,101				—				1,292,862
Cash and equivalents at end of period	$	—			$	403,725			$	56,636			$	—			$	460,361

X

- Definition

Supplemental Guarantor Information

+ References

No definition available.

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X

- 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 FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.7-05(c)(Schedule II))
-URI http://asc.fasb.org/extlink&oid=6879921&loc=d3e569147-122900

Reference 2: 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=68079674&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(c)(Schedule I))
-URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674

Reference 5: 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=26873400&loc=d3e24072-122690

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