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Supplemental Guarantor Information (Tables)
 9 Months Ended
Sep. 30, 2017
Supplemental Guarantor Information [Abstract]  
Consolidating Balance Sheet
CONDENSED CONSOLIDATING BALANCE SHEET
SEPTEMBER 30, 2017
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
—

 
$
104,487

 
$
53,750

 
$
—

 
$
158,237

Restricted cash
—

 
37,685

 
1,175

 
—

 
38,860

Total cash, cash equivalents, and
restricted cash
—

 
142,172

 
54,925

 
—

 
197,097

House and land inventory
—

 
7,270,051

 
100,101

 
—

 
7,370,152

Land held for sale
—

 
96,149

 
—

 
—

 
96,149

Residential mortgage loans available-
for-sale
—

 
—

 
364,734

 
—

 
364,734

Investments in unconsolidated entities
119

 
55,720

 
5,658

 
—

 
61,497

Other assets
10,793

 
633,108

 
153,538

 
—

 
797,439

Intangible assets
—

 
144,442

 
—

 
—

 
144,442

Deferred tax assets, net
940,922

 
—

 
(1,163
)
 
—

 
939,759

Investments in subsidiaries and
intercompany accounts, net
6,713,036

 
130,933

 
7,249,758

 
(14,093,727
)
 
—

 
$
7,664,870

 
$
8,472,575

 
$
7,927,551

 
$
(14,093,727
)
 
$
9,971,269

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
accrued and other liabilities
$
126,801

 
$
1,873,135

 
$
187,440

 
$
—

 
$
2,187,376

Financial Services debt
—

 
—

 
245,824

 
—

 
245,824

Revolving credit facility
83,000

 
—

 
—

 
—

 
83,000

Senior notes
3,109,984

 
—

 
—

 
—

 
3,109,984

Total liabilities
3,319,785

 
1,873,135

 
433,264

 
—

 
5,626,184

Total shareholders’ equity
4,345,085

 
6,599,440

 
7,494,287

 
(14,093,727
)
 
4,345,085

 
$
7,664,870

 
$
8,472,575

 
$
7,927,551

 
$
(14,093,727
)
 
$
9,971,269


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

 
$
2,032,391

 
$
23,500

 
$
—

 
$
2,055,891

Land sale revenues
—

 
26,907

 
269

 
—

 
27,176

 
—

 
2,059,298

 
23,769

 
—

 
2,083,067

Financial Services
—

 
—

 
46,952

 
—

 
46,952

 
—

 
2,059,298

 
70,721

 
—

 
2,130,019

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(1,545,712
)
 
(18,893
)
 
—

 
(1,564,605
)
Land sale cost of revenues
—

 
(24,896
)
 
(227
)
 
—

 
(25,123
)
 
—

 
(1,570,608
)
 
(19,120
)
 
—

 
(1,589,728
)
Financial Services expenses
—

 
(121
)
 
(29,183
)
 
—

 
(29,304
)
Selling, general, and administrative
expenses
—

 
(225,845
)
 
(11,650
)
 
—

 
(237,495
)
Other expense, net
(96
)
 
(11,623
)
 
6,476

 
—

 
(5,243
)
Intercompany interest
(756
)
 
—

 
756

 
—

 
—

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(852
)
 
251,101

 
18,000

 
—

 
268,249

Income tax (expense) benefit
945

 
(84,666
)
 
(6,989
)
 
—

 
(90,710
)
Income (loss) before equity in income
(loss) of subsidiaries
93

 
166,435

 
11,011

 
—

 
177,539

Equity in income (loss) of subsidiaries
177,446

 
18,040

 
114,564

 
(310,050
)
 
—

Net income (loss)
177,539

 
184,475

 
125,575

 
(310,050
)
 
177,539

Other comprehensive income
20

 
—

 
—

 
—

 
20

Comprehensive income (loss)
$
177,559

 
$
184,475

 
$
125,575

 
$
(310,050
)
 
$
177,559


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
—

 
(1,406,471
)
 
(11,234
)
 
—

 
(1,417,705
)
Land sale cost of revenues
—

 
(11,428
)
 
—

 
—

 
(11,428
)
 
—

 
(1,417,899
)
 
(11,234
)
 
—

 
(1,429,133
)
Financial Services expenses
—

 
(145
)
 
(26,761
)
 
—

 
(26,906
)
Selling, general, and administrative
expenses
—

 
(244,904
)
 
(6,010
)
 
—

 
(250,914
)
Other expense, 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 nine months ended September 30, 2017
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
5,554,349

 
$
52,604

 
$
—

 
$
5,606,953

Land sale revenues
—

 
34,171

 
2,575

 
—

 
36,746

 
—

 
5,588,520

 
55,179

 
—

 
5,643,699

Financial Services
—

 
—

 
135,995

 
—

 
135,995

 
—

 
5,588,520

 
191,174

 
—

 
5,779,694

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(4,288,754
)
 
(43,467
)
 
—

 
(4,332,221
)
Land sale cost of revenues
—

 
(113,899
)
 
(2,051
)
 
—

 
(115,950
)
 
—

 
(4,402,653
)
 
(45,518
)
 
—

 
(4,448,171
)
Financial Services expenses
—

 
(384
)
 
(85,766
)
 
—

 
(86,150
)
Selling, general, and administrative
expenses
—

 
(653,930
)
 
(36,044
)
 
—

 
(689,974
)
Other expense, net
(354
)
 
(46,339
)
 
21,356

 
—

 
(25,337
)
Intercompany interest
(1,634
)
 
—

 
1,634

 
—

 
—

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(1,988
)
 
485,214

 
46,836

 
—

 
530,062

Income tax (expense) benefit
1,377

 
(143,324
)
 
(18,308
)
 
—

 
(160,255
)
Income (loss) before equity in income
(loss) of subsidiaries
(611
)
 
341,890

 
28,528

 
—

 
369,807

Equity in income (loss) of subsidiaries
370,418

 
36,307

 
197,494

 
(604,219
)
 
—

Net income (loss)
369,807

 
378,197

 
226,022

 
(604,219
)
 
369,807

Other comprehensive income
61

 
—

 
—

 
—

 
61

Comprehensive income (loss)
$
369,868

 
$
378,197

 
$
226,022

 
$
(604,219
)
 
$
369,868




















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
—

 
(3,750,011
)
 
(16,291
)
 
—

 
(3,766,302
)
Land sale cost of revenues
—

 
(16,577
)
 
(1,282
)
 
—

 
(17,859
)
 
—

 
(3,766,588
)
 
(17,573
)
 
—

 
(3,784,161
)
Financial Services expenses
—

 
(405
)
 
(78,799
)
 
—

 
(79,204
)
Selling, general, and administrative
expenses
—

 
(729,629
)
 
(19,873
)
 
—

 
(749,502
)
Other expense, 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 Cash Flows
CONSOLIDATING STATEMENT OF CASH FLOWS
For the nine months ended September 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
$
58,575

 
$
43,042

 
$
150,862

 
$
—

 
$
252,479

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(19,693
)
 
(3,855
)
 
—

 
(23,548
)
Investment in unconsolidated subsidiaries
—

 
(22,007
)
 
—

 
—

 
(22,007
)
Other investing activities, net
—

 
5,728

 
60

 
—

 
5,788

Net cash provided by (used in)
investing activities
—

 
(35,972
)
 
(3,795
)
 
—

 
(39,767
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowings (repayments)
—

 
—

 
(85,797
)
 
—

 
(85,797
)
Proceeds from debt issuance
—

 
—

 
—

 
—

 
—

Repayments of debt
—

 
(6,031
)
 
(970
)
 
—

 
(7,001
)
Borrowings under revolving credit facility
971,000

 
—

 
—

 
—

 
971,000

Repayments under revolving credit facility
(888,000
)
 
—

 
—

 
—

 
(888,000
)
Stock option exercises
22,765

 
—

 
—

 
—

 
22,765

Share repurchases
(665,812
)
 
—

 
—

 
—

 
(665,812
)
Dividends paid
(86,018
)
 
—

 
—

 
—

 
(86,018
)
Intercompany activities, net
587,490

 
(470,052
)
 
(117,438
)
 
—

 
—

Net cash provided by (used in)
financing activities
(58,575
)
 
(476,083
)
 
(204,205
)
 
—

 
(738,863
)
Net increase (decrease)
—

 
(469,013
)
 
(57,138
)
 
—

 
(526,151
)
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
$
—

 
$
142,172

 
$
54,925

 
$
—

 
$
197,097



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

 
$
(562,165
)
 
$
96,293

 
$
—

 
$
(306,506
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(28,243
)
 
(2,308
)
 
—

 
(30,551
)
Cash used for business acquisition
—

 
(430,458
)
 
—

 
—

 
(430,458
)
Investment in unconsolidated subsidiaries
—

 
(14,049
)
 
—

 
—

 
(14,049
)
Other investing activities, net
—

 
3,913

 
1,560

 
—

 
5,473

Net cash provided by (used in) investing
activities
—

 
(468,837
)
 
(748
)
 
—

 
(469,585
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowings (repayments)
—

 
—

 
(109,083
)
 
—

 
(109,083
)
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
)
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)
—

 
(259,353
)
 
(54,893
)
 
—

 
(314,246
)
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
$
—

 
$
399,523

 
$
61,666

 
$
—

 
$
461,189