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Supplemental Guarantor Information

9 Months Ended

Sep. 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

SEPTEMBER 30, 2016

($000’s omitted)

	Unconsolidated												Eliminating Entries				Consolidated PulteGroup, Inc.
	PulteGroup, Inc.				Guarantor Subsidiaries				Non-Guarantor Subsidiaries
ASSETS
Cash and equivalents	$	—			$	373,539			$	60,666			$	—			$	434,205
Restricted cash	—				25,984				1,000				—				26,984
House and land inventory	—				6,895,174				55,068				—				6,950,242
Land held for sale	—				56,958				510				—				57,468
Residential mortgage loans available- for-sale	—				—				349,012				—				349,012
Investments in unconsolidated entities	103				46,679				4,986				—				51,768
Other assets	12,871				509,904				124,931				—				647,706
Intangible assets	—				158,242				—				—				158,242
Deferred tax assets, net	1,194,646				—				1,259				—				1,195,905
Investments in subsidiaries and intercompany accounts, net	6,689,355				(565,940		)		6,521,080				(12,644,495		)		—
	$	7,896,975			$	7,500,540			$	7,118,512			$	(12,644,495	)		$	9,871,532
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	$	81,315			$	1,648,402			$	167,361			$	—			$	1,897,078
Income tax liabilities	33,562				—				—				—				33,562
Financial Services debt	—				—				158,794				—				158,794
Term loan	—				—				—				—				—
Senior notes	3,110,066				—				—				—				3,110,066
Total liabilities	3,224,943				1,648,402				326,155				—				5,199,500
Total shareholders’ equity	4,672,032				5,852,138				6,792,357				(12,644,495		)		4,672,032
	$	7,896,975			$	7,500,540			$	7,118,512			$	(12,644,495	)		$	9,871,532

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 September 30, 2016

($000’s omitted)

	Unconsolidated																Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.				Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—			$	1,871,284			$	10,434			$	—			$	1,881,718
Land sale revenues	—				13,167				—				—				13,167
	—				1,884,451				10,434				—				1,894,885
Financial Services	—				—				48,020				—				48,020
	—				1,884,451				58,454				—				1,942,905
Homebuilding Cost of Revenues:
Home sale cost of revenues	—				1,474,377				11,234				—				1,485,611
Land sale cost of revenues	—				11,428				—				—				11,428
	—				1,485,805				11,234				—				1,497,039
Financial Services expenses	—				145				26,761				—				26,906
Selling, general, and administrative expenses	—				176,998				6,010				—				183,008
Other expense (income), net	823				26,166				(3,372		)		—				23,617
Intercompany interest	487				2,072				(2,559		)		—				—
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(1,310		)		193,265				20,380				—				212,335
Income tax expense (benefit)	(498		)		76,552				7,811				—				83,865
Income (loss) before equity in income (loss) of subsidiaries	(812		)		116,713				12,569				—				128,470
Equity in income (loss) of subsidiaries	129,282				21,948				75,884				(227,114		)		—
Net income (loss)	128,470				138,661				88,453				(227,114		)		128,470
Other comprehensive income	20				—				—				—				20
Comprehensive income (loss)	$	128,490			$	138,661			$	88,453			$	(227,114	)		$	128,490

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the three months ended September 30, 2015

($000’s omitted)

	Unconsolidated																Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.				Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—			$	1,464,131			$	—			$	—			$	1,464,131
Land sale revenues	—				3,649				—				—				3,649
	—				1,467,780				—				—				1,467,780
Financial Services	—				—				38,967				—				38,967
	—				1,467,780				38,967				—				1,506,747
Homebuilding Cost of Revenues:
Home sale cost of revenues	—				1,118,874				—				—				1,118,874
Land sale cost of revenues	—				3,301				—				—				3,301
	—				1,122,175				—				—				1,122,175
Financial Services expenses	13				(13		)		24,602				—				24,602
Selling, general, and administrative expenses	—				158,975				386				—				159,361
Other expense (income), net	202				21,267				(136		)		—				21,333
Intercompany interest	594				2,039				(2,633		)		—				—
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(809		)		163,337				16,748				—				179,276
Income tax expense (benefit)	(307		)		65,347				6,467				—				71,507
Income (loss) before equity in income (loss) of subsidiaries	(502		)		97,990				10,281				—				107,769
Equity in income (loss) of subsidiaries	108,271				9,913				82,484				(200,668		)		—
Net income (loss)	107,769				107,903				92,765				(200,668		)		107,769
Other comprehensive income	21				—				—				—				21
Comprehensive income (loss)	$	107,790			$	107,903			$	92,765			$	(200,668	)		$	107,790

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the nine months ended September 30, 2016

($000’s omitted)

	Unconsolidated																Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.				Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—			$	5,011,027			$	16,816			$	—			$	5,027,843
Land sale revenues	—				19,069				1,535				—				20,604
	—				5,030,096				18,351				—				5,048,447
Financial Services	—				—				126,950				—				126,950
	—				5,030,096				145,301				—				5,175,397
Homebuilding Cost of Revenues:
Home sale cost of revenues	—				3,930,546				18,903				—				3,949,449
Land sale cost of revenues	—				16,577				1,282				—				17,859
	—				3,947,123				20,185				—				3,967,308
Financial Services expenses	—				405				78,799				—				79,204
Selling, general, and administrative expenses	—				549,094				17,261				—				566,355
Other expense (income), net	1,164				56,599				(15,361		)		—				42,402
Intercompany interest	1,487				6,290				(7,777		)		—				—
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(2,651		)		470,585				52,194				—				520,128
Income tax expense (benefit)	(1,008		)		171,535				20,071				—				190,598
Income (loss) before equity in income (loss) of subsidiaries	(1,643		)		299,050				32,123				—				329,530
Equity in income (loss) of subsidiaries	331,173				31,827				261,777				(624,777		)		—
Net income (loss)	329,530				330,877				293,900				(624,777		)		329,530
Other comprehensive income	61				—				—				—				61
Comprehensive income (loss)	$	329,591			$	330,877			$	293,900			$	(624,777	)		$	329,591

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the nine months ended September 30, 2015

($000’s omitted)

	Unconsolidated																Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.				Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—			$	3,795,366			$	—			$	—			$	3,795,366
Land sale revenues	—				27,651				—				—				27,651
	—				3,823,017				—				—				3,823,017
Financial Services	—				—				97,319				—				97,319
	—				3,823,017				97,319				—				3,920,336
Homebuilding Cost of Revenues:
Home sale cost of revenues	—				2,913,299				—				—				2,913,299
Land sale cost of revenues	—				21,992				—				—				21,992
	—				2,935,291				—				—				2,935,291
Financial Services expenses	300				(274		)		67,883				—				67,909
Selling, general, and administrative expenses	—				449,261				1,532				—				450,793
Other expense (income), net	572				23,702				(636		)		—				23,638
Intercompany interest	1,537				5,886				(7,423		)		—				—
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(2,409		)		409,151				35,963				—				442,705
Income tax expense (benefit)	(917		)		163,713				13,847				—				176,643
Income (loss) before equity in income (loss) of subsidiaries	(1,492		)		245,438				22,116				—				266,062
Equity in income (loss) of subsidiaries	267,554				21,586				227,143				(516,283		)		—
Net income (loss)	266,062				267,024				249,259				(516,283		)		266,062
Other comprehensive income	63				—				—				—				63
Comprehensive income (loss)	$	266,125			$	267,024			$	249,259			$	(516,283	)		$	266,125

CONSOLIDATING STATEMENT OF CASH FLOWS

For the nine months ended September 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	$	159,366			$	(567,875	)		$	96,293			$	—			$	(312,216	)
Cash flows from investing activities:
Capital expenditures	—				(28,243		)		(2,308		)		—				(30,551		)
Cash used for business acquisitions	—				(430,458		)		—				—				(430,458		)
Other investing activities, net	—				(10,136		)		1,560				—				(8,576		)
Net cash provided by (used in) investing activities	—				(468,837		)		(748		)		—				(469,585		)
Cash flows from financing activities:
Proceeds from debt issuance	1,991,961				4,000				—				—				1,995,961
Repayments of debt	(965,245		)		(20,394		)		(95		)		—				(985,734		)
Borrowings under revolving credit facility	619,000				—				—				—				619,000
Repayments under revolving credit facility	(619,000		)		—				—				—				(619,000		)
Financial Services borrowings (repayments)	—				—				(109,083		)		—				(109,083		)
Stock option exercises	5,845				—				—				—				5,845
Share repurchases	(350,846		)		—				—				—				(350,846		)
Dividends paid	(94,298		)		—				—				—				(94,298		)
Intercompany activities, net	(746,783		)		788,043				(41,260		)		—				—
Net cash provided by (used in) financing activities	(159,366		)		771,649				(150,438		)		—				461,845
Net increase (decrease) in cash and equivalents	—				(265,063		)		(54,893		)		—				(319,956		)
Cash and equivalents at beginning of period	—				638,602				115,559				—				754,161
Cash and equivalents at end of period	$	—			$	373,539			$	60,666			$	—			$	434,205

CONSOLIDATING STATEMENT OF CASH FLOWS

For the nine months ended September 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	$	164,558			$	(468,838	)		$	59,381			$	—			$	(244,899	)
Cash flows from investing activities:
Capital expenditures	—				(31,197		)		(2,852		)		—				(34,049		)
Other investing activities, net	3,710				785				9,174				—				13,669
Net cash provided by (used in) investing activities	3,710				(30,412		)		6,322				—				(20,380		)
Cash flows from financing activities:
Proceeds from debt issuance	498,087				—				—				—				498,087
Repayments of debt	(237,994		)		(526		)		—				—				(238,520		)
Financial Services borrowings (repayments)	—				—				(32,733		)		—				(32,733		)
Stock option exercises	10,371				—				—				—				10,371
Share repurchases	(442,738		)		—				—				—				(442,738		)
Dividends paid	(87,897		)		—				—				—				(87,897		)
Intercompany activities, net	84,449				30,693				(115,142		)		—				—
Net cash provided by (used in) financing activities	(175,722		)		30,167				(147,875		)		—				(293,430		)
Net increase (decrease) in cash and equivalents	(7,454		)		(469,083		)		(82,172		)		—				(558,709		)
Cash and equivalents at beginning of period	7,454				1,157,307				128,101				—				1,292,862
Cash and equivalents at end of period	$	—			$	688,224			$	45,929			$	—			$	734,153

X

- Definition

Supplemental Guarantor Information

+ References

No definition available.

+ Details

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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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