XML 25 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
Supplemental Guarantor Information
 6 Months Ended
Jun. 30, 2017
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, 2017
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
—

 
$
159,575

 
$
48,628

 
$
—

 
$
208,203

Restricted cash
—

 
30,464

 
1,188

 
—

 
31,652

Total cash, cash equivalents, and
restricted cash
—

 
190,039

 
49,816

 
—

 
239,855

House and land inventory
—

 
7,001,129

 
89,035

 
—

 
7,090,164

Land held for sale
—

 
104,562

 
90

 
—

 
104,652

Residential mortgage loans available-
for-sale
—

 
—

 
364,939

 
—

 
364,939

Investments in unconsolidated entities
116

 
53,969

 
5,532

 
—

 
59,617

Other assets
11,184

 
658,093

 
149,695

 
—

 
818,972

Intangible assets
—

 
147,892

 
—

 
—

 
147,892

Deferred tax assets, net
988,724

 
—

 
(1,937
)
 
—

 
986,787

Investments in subsidiaries and
intercompany accounts, net
6,659,483

 
(13,652
)
 
7,059,065

 
(13,704,896
)
 
—

 
$
7,659,507

 
$
8,142,032

 
$
7,716,235

 
$
(13,704,896
)
 
$
9,812,878

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
accrued and other liabilities
$
105,511

 
$
1,816,028

 
$
183,640

 
$
—

 
$
2,105,179

Financial Services debt
—

 
—

 
153,703

 
—

 
153,703

Senior notes
3,109,994

 
—

 
—

 
—

 
3,109,994

Total liabilities
3,215,505

 
1,816,028

 
337,343

 
—

 
5,368,876

Total shareholders’ equity
4,444,002

 
6,326,004

 
7,378,892

 
(13,704,896
)
 
4,444,002

 
$
7,659,507

 
$
8,142,032

 
$
7,716,235

 
$
(13,704,896
)
 
$
9,812,878


CONDENSED CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2016
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
—

 
$
588,353

 
$
110,529

 
$
—

 
$
698,882

Restricted cash
—

 
22,832

 
1,534

 
—

 
24,366

Total cash, cash equivalents, and
restricted cash
—

 
611,185

 
112,063

 
—

 
723,248

House and land inventory
—

 
6,707,392

 
63,263

 
—

 
6,770,655

Land held for sale
—

 
31,218

 
510

 
—

 
31,728

Residential mortgage loans available-
for-sale
—

 
—

 
539,496

 
—

 
539,496

Investments in unconsolidated entities
105

 
46,248

 
5,094

 
—

 
51,447

Other assets
12,364

 
716,923

 
128,139

 
—

 
857,426

Intangible assets
—

 
154,792

 
—

 
—

 
154,792

Deferred tax assets, net
1,051,351

 
—

 
(1,943
)
 
—

 
1,049,408

Investments in subsidiaries and
intercompany accounts, net
6,835,075

 
(376,748
)
 
6,845,781

 
(13,304,108
)
 
—

 
$
7,898,895

 
$
7,891,010

 
$
7,692,403

 
$
(13,304,108
)
 
$
10,178,200

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
accrued and other liabilities
$
129,516

 
$
1,755,756

 
$
191,928

 
$
—

 
$
2,077,200

Financial Services debt
—

 
—

 
331,621

 
—

 
331,621

Senior notes
3,110,016

 
—

 
—

 
—

 
3,110,016

Total liabilities
3,239,532

 
1,755,756

 
523,549

 
—

 
5,518,837

Total shareholders’ equity
4,659,363

 
6,135,254

 
7,168,854

 
(13,304,108
)
 
4,659,363

 
$
7,898,895

 
$
7,891,010

 
$
7,692,403

 
$
(13,304,108
)
 
$
10,178,200



CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the three months ended June 30, 2017
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
1,945,312

 
$
20,329

 
$
—

 
$
1,965,641

Land sale revenues
—

 
6,396

 
1,534

 
—

 
7,930

 
—

 
1,951,708

 
21,863

 
—

 
1,973,571

Financial Services
—

 
—

 
47,275

 
—

 
47,275

 
—

 
1,951,708

 
69,138

 
—

 
2,020,846

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(1,533,402
)
 
(16,535
)
 
—

 
(1,549,937
)
Land sale cost of revenues
—

 
(86,408
)
 
(1,191
)
 
—

 
(87,599
)
 
—

 
(1,619,810
)
 
(17,726
)
 
—

 
(1,637,536
)
Financial Services expenses
—

 
(124
)
 
(28,354
)
 
—

 
(28,478
)
Selling, general, and administrative
expenses
—

 
(210,110
)
 
(6,101
)
 
—

 
(216,211
)
Other expense, net
(129
)
 
(22,874
)
 
6,929

 
—

 
(16,074
)
Intercompany interest
(544
)
 
—

 
544

 
—

 
—

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(673
)
 
98,790

 
24,430

 
—

 
122,547

Income tax (expense) benefit
256

 
(12,733
)
 
(9,321
)
 
—

 
(21,798
)
Income (loss) before equity in income
(loss) of subsidiaries
(417
)
 
86,057

 
15,109

 
—

 
100,749

Equity in income (loss) of subsidiaries
101,166

 
11,013

 
45,621

 
(157,800
)
 
—

Net income (loss)
100,749

 
97,070

 
60,730

 
(157,800
)
 
100,749

Other comprehensive income
20

 
—

 
—

 
—

 
20

Comprehensive income (loss)
$
100,769

 
$
97,070

 
$
60,730

 
$
(157,800
)
 
$
100,769


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
—

 
(1,305,063
)
 
(5,506
)
 
—

 
(1,310,569
)
Land sale cost of revenues
—

 
(3,505
)
 
(898
)
 
—

 
(4,403
)
 
—

 
(1,308,568
)
 
(6,404
)
 
—

 
(1,314,972
)
Financial Services expenses
—

 
(137
)
 
(26,043
)
 
—

 
(26,180
)
Selling, general, and administrative
expenses
—

 
(248,455
)
 
(7,818
)
 
—

 
(256,273
)
Other expense, 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 six months ended June 30, 2017
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
3,521,958

 
$
29,105

 
$
—

 
$
3,551,063

Land sale revenues
—

 
7,263

 
2,307

 
—

 
9,570

 
—

 
3,529,221

 
31,412

 
—

 
3,560,633

Financial Services
—

 
—

 
89,042

 
—

 
89,042

 
—

 
3,529,221

 
120,454

 
—

 
3,649,675

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(2,743,042
)
 
(24,573
)
 
—

 
(2,767,615
)
Land sale cost of revenues
—

 
(89,004
)
 
(1,823
)
 
—

 
(90,827
)
 
—

 
(2,832,046
)
 
(26,396
)
 
—

 
(2,858,442
)
Financial Services expenses
—

 
(263
)
 
(56,583
)
 
—

 
(56,846
)
Selling, general, and administrative
expenses
—

 
(428,085
)
 
(24,394
)
 
—

 
(452,479
)
Other expense, net
(259
)
 
(34,715
)
 
14,879

 
—

 
(20,095
)
Intercompany interest
(878
)
 
—

 
878

 
—

 
—

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(1,137
)
 
234,112

 
28,838

 
—

 
261,813

Income tax (expense) benefit
432

 
(58,658
)
 
(11,319
)
 
—

 
(69,545
)
Income (loss) before equity in income
(loss) of subsidiaries
(705
)
 
175,454

 
17,519

 
—

 
192,268

Equity in income (loss) of subsidiaries
192,973

 
18,266

 
82,930

 
(294,169
)
 
—

Net income (loss)
192,268

 
193,720

 
100,449

 
(294,169
)
 
192,268

Other comprehensive income
41

 
—

 
—

 
—

 
41

Comprehensive income (loss)
$
192,309

 
$
193,720

 
$
100,449

 
$
(294,169
)
 
$
192,309




















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
—

 
(2,340,927
)
 
(7,670
)
 
—

 
(2,348,597
)
Land sale cost of revenues
—

 
(5,148
)
 
(1,282
)
 
—

 
(6,430
)
 
—

 
(2,346,075
)
 
(8,952
)
 
—

 
(2,355,027
)
Financial Services expenses
—

 
(260
)
 
(52,038
)
 
—

 
(52,298
)
Selling, general, and administrative
expenses
—

 
(487,338
)
 
(11,251
)
 
—

 
(498,589
)
Other expense, 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 CASH FLOWS
For the six months ended June 30, 2017
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Net cash provided by (used in)
operating activities
$
58,415

 
$
(29,931
)
 
$
147,842

 
$
—

 
$
176,326

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(14,346
)
 
(2,546
)
 
—

 
(16,892
)
Investment in unconsolidated subsidiaries
—

 
(17,832
)
 
—

 
—

 
(17,832
)
Other investing activities, net
—

 
2,874

 
269

 
—

 
3,143

Net cash provided by (used in)
investing activities
—

 
(29,304
)
 
(2,277
)
 
—

 
(31,581
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowings (repayments)
—

 
—

 
(177,918
)
 
—

 
(177,918
)
Proceeds from debt issuance
—

 
—

 
—

 
—

 
—

Repayments of debt
—

 
(1,382
)
 
(771
)
 
—

 
(2,153
)
Borrowings under revolving credit facility
110,000

 
—

 
—

 
—

 
110,000

Repayments under revolving credit facility
(110,000
)
 
—

 
—

 
—

 
(110,000
)
Stock option exercises
15,966

 
—

 
—

 
—

 
15,966

Share repurchases
(405,819
)
 
—

 
—

 
—

 
(405,819
)
Dividends paid
(58,214
)
 
—

 
—

 
—

 
(58,214
)
Intercompany activities, net
389,652

 
(360,529
)
 
(29,123
)
 
—

 
—

Net cash provided by (used in)
financing activities
(58,415
)
 
(361,911
)
 
(207,812
)
 
—

 
(628,138
)
Net increase (decrease)
—

 
(421,146
)
 
(62,247
)
 
—

 
(483,393
)
Cash, cash equivalents, and restricted cash
at beginning of year
—

 
611,185

 
112,063

 
—

 
723,248

Cash, cash equivalents, and restricted cash
at end of year
$
—

 
$
190,039

 
$
49,816

 
$
—

 
$
239,855



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

 
$
(543,853
)
 
$
80,519

 
$
—

 
$
(320,106
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(19,736
)
 
(1,308
)
 
—

 
(21,044
)
Cash used for business acquisition
—

 
(430,025
)
 
—

 
—

 
(430,025
)
Investment in unconsolidated subsidiaries
(6
)
 
(13,763
)
 
—

 
—

 
(13,769
)
Other investing activities, net
—

 
3,417

 
2,056

 
—

 
5,473

Net cash provided by (used in) investing
activities
(6
)
 
(460,107
)
 
748

 
—

 
(459,365
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowings (repayments)
—

 
—

 
(78,320
)
 
—

 
(78,320
)
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
)
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)
—

 
(467,486
)
 
(52,278
)
 
—

 
(519,764
)
Cash, cash equivalents, and restricted cash
at beginning of year
—

 
658,876

 
116,559

 
—

 
775,435

Cash, cash equivalents, and restricted cash
at end of year
$
—

 
$
191,390

 
$
64,281

 
$
—

 
$
255,671