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Supplemental Guarantor Information (Tables)
 3 Months Ended
Mar. 31, 2018
Supplemental Guarantor Information [Abstract]  
Consolidating Balance Sheet
CONDENSED CONSOLIDATING BALANCE SHEET
MARCH 31, 2018
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
—


$
103,470


$
47,351


$
—


$
150,821

Restricted cash
—


32,126


1,840


—


33,966

Total cash, cash equivalents, and
restricted cash
—


135,596


49,191


—


184,787

House and land inventory
—


7,365,173


99,855


—


7,465,028

Land held for sale
—


69,522


—


—


69,522

Residential mortgage loans available-
for-sale
—


—


385,453


—


385,453

Investments in unconsolidated entities
—


64,270


540


—


64,810

Other assets
8,101


598,044


178,210


—


784,355

Intangible assets
—


137,542


—


—


137,542

Deferred tax assets, net
622,328


—


(7,430
)

—


614,898

Investments in subsidiaries and
intercompany accounts, net
6,815,152


243,456


7,645,565


(14,704,173
)

—


$
7,445,581


$
8,613,603


$
8,351,384


$
(14,704,173
)

$
9,706,395

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
accrued and other liabilities
$
68,362


$
1,648,861


$
264,178


$
—


$
1,981,401

Income tax liabilities
115,667


—


—


—


115,667

Financial Services debt
—


—


246,952


—


246,952

Notes payable
2,986,895


99,160


1,663


—


3,087,718

Total liabilities
3,170,924


1,748,021


512,793


—


5,431,738

Total shareholders’ equity
4,274,657


6,865,582


7,838,591


(14,704,173
)

4,274,657


$
7,445,581


$
8,613,603


$
8,351,384


$
(14,704,173
)

$
9,706,395


CONDENSED CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2017
($000’s omitted)

 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
—


$
125,462


$
147,221


$
—


$
272,683

Restricted cash
—


32,339


1,146


—


33,485

Total cash, cash equivalents, and
restricted cash
—


157,801


148,367


—


306,168

House and land inventory
—


7,053,087


94,043


—


7,147,130

Land held for sale
—


68,384


—


—


68,384

Residential mortgage loans available-
for-sale
—


—


570,600


—


570,600

Investments in unconsolidated entities
—


62,415


542


—


62,957

Other assets
9,417


592,045


143,661


—


745,123

Intangible assets
—


140,992


—


—


140,992

Deferred tax assets, net
646,227


—


(932
)

—


645,295

Investments in subsidiaries and
intercompany accounts, net
6,661,638


284,983


7,300,127


(14,246,748
)

—


$
7,317,282


$
8,359,707


$
8,256,408


$
(14,246,748
)

$
9,686,649

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
accrued and other liabilities
$
89,388


$
1,636,913


$
274,626


$
—


$
2,000,927

Income tax liabilities
86,925


—


—


—


86,925

Financial Services debt
—


—


437,804


—


437,804

Notes payable
2,986,943


16,911


3,113


—


3,006,967

Total liabilities
3,163,256


1,653,824


715,543


—


5,532,623

Total shareholders’ equity
4,154,026


6,705,883


7,540,865


(14,246,748
)

4,154,026


$
7,317,282


$
8,359,707


$
8,256,408


$
(14,246,748
)

$
9,686,649
Consolidating Statement of Operations and Comprehensive Income (Loss)
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the three months ended March 31, 2018
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
1,885,431

 
$
26,167

 
$
—

 
$
1,911,598

Land sale and other revenues
—

 
11,558

 
999

 
—

 
12,557

 
—

 
1,896,989

 
27,166

 
—

 
1,924,155

Financial Services
—

 
—

 
45,938

 
—

 
45,938

 
—

 
1,896,989

 
73,104

 
—

 
1,970,093

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(1,438,347
)
 
(21,593
)
 
—

 
(1,459,940
)
Land sale cost of revenues
—

 
(10,830
)
 
(718
)
 
—

 
(11,548
)
 
—

 
(1,449,177
)
 
(22,311
)
 
—

 
(1,471,488
)
Financial Services expenses
—

 
(142
)
 
(32,071
)
 
—

 
(32,213
)
Selling, general, and administrative
expenses
—

 
(231,418
)
 
(9,475
)
 
—

 
(240,893
)
Other expense, net
(142
)
 
(7,601
)
 
6,435

 
—

 
(1,308
)
Intercompany interest
(1,468
)
 
—

 
1,468

 
—

 
—

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(1,610
)
 
208,651

 
17,150

 
—

 
224,191

Income tax (expense) benefit
387

 
(49,531
)
 
(4,296
)
 
—

 
(53,440
)
Income (loss) before equity in income
(loss) of subsidiaries
(1,223
)
 
159,120

 
12,854

 
—

 
170,751

Equity in income (loss) of subsidiaries
171,974

 
12,564

 
110,671

 
(295,209
)
 
—

Net income (loss)
170,751

 
171,684

 
123,525

 
(295,209
)
 
170,751

Other comprehensive income
21

 
—

 
—

 
—

 
21

Comprehensive income (loss)
$
170,772

 
$
171,684

 
$
123,525

 
$
(295,209
)
 
$
170,772


CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the three months ended March 31, 2017
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
1,576,645

 
$
8,776

 
$
—

 
$
1,585,421

Land sale and other revenues
—

 
1,912

 
778

 
—

 
2,690

 
—

 
1,578,557

 
9,554

 
—

 
1,588,111

Financial Services
—

 
—

 
41,767

 
—

 
41,767

 
—

 
1,578,557

 
51,321

 
—

 
1,629,878

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(1,209,640
)
 
(8,038
)
 
—

 
(1,217,678
)
Land sale cost of revenues
—

 
(2,595
)
 
(633
)
 
—

 
(3,228
)
 
—

 
(1,212,235
)
 
(8,671
)
 
—

 
(1,220,906
)
Financial Services expenses
—

 
(139
)
 
(28,228
)
 
—

 
(28,367
)
Selling, general, and administrative
expenses
—

 
(217,975
)
 
(18,293
)
 
—

 
(236,268
)
Other expense, net
(130
)
 
(12,888
)
 
7,946

 
—

 
(5,072
)
Intercompany interest
(335
)
 
—

 
335

 
—

 
—

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(465
)
 
135,320

 
4,410

 
—

 
139,265

Income tax (expense) benefit
177

 
(45,925
)
 
(1,999
)
 
—

 
(47,747
)
Income (loss) before equity in income
(loss) of subsidiaries
(288
)
 
89,395

 
2,411

 
—

 
91,518

Equity in income (loss) of subsidiaries
91,806

 
7,253

 
37,309

 
(136,368
)
 
—

Net income (loss)
91,518

 
96,648

 
39,720

 
(136,368
)
 
91,518

Other comprehensive income
21

 
—

 
—

 
—

 
21

Comprehensive income (loss)
$
91,539

 
$
96,648

 
$
39,720

 
$
(136,368
)
 
$
91,539
Consolidating Statement Of Cash Flows
CONSOLIDATING STATEMENT OF CASH FLOWS
For the three months ended March 31, 2018
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Net cash provided by (used in)
operating activities
$
310,937

 
$
(340,357
)
 
$
198,433

 
$
—

 
$
169,013

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(13,537
)
 
(1,891
)
 
—

 
(15,428
)
Investments in unconsolidated entities
—

 
(1,000
)
 
—

 
—

 
(1,000
)
Other investing activities, net
—

 
—

 
452

 
—

 
452

Net cash provided by (used in)
investing activities
—

 
(14,537
)
 
(1,439
)
 
—

 
(15,976
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowings (repayments)
—

 
—

 
(190,852
)
 
—

 
(190,852
)
Repayments of debt
—

 
—

 
(451
)
 
—

 
(451
)
Borrowings under revolving credit facility
768,000

 
—

 
—

 
—

 
768,000

Repayments under revolving credit facility
(768,000
)
 
—

 
—

 
—

 
(768,000
)
Stock option exercises
2,723

 
—

 
—

 
—

 
2,723

Share repurchases
(59,491
)
 
—

 
—

 
—

 
(59,491
)
Dividends paid
(26,347
)
 
—

 
—

 
—

 
(26,347
)
Intercompany activities, net
(227,822
)
 
332,689

 
(104,867
)
 
—

 
—

Net cash provided by (used in)
financing activities
(310,937
)
 
332,689

 
(296,170
)
 
—

 
(274,418
)
Net increase (decrease)
—

 
(22,205
)
 
(99,176
)
 
—

 
(121,381
)
Cash, cash equivalents, and restricted cash
at beginning of year
—

 
157,801

 
148,367

 
—

 
306,168

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

 
$
135,596

 
$
49,191

 
$
—

 
$
184,787



CONSOLIDATING STATEMENT OF CASH FLOWS
For the three months ended March 31, 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
$
(141,566
)
 
$
(8,041
)
 
$
189,410

 
$
—

 
$
39,803

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(8,442
)
 
(1,554
)
 
—

 
(9,996
)
Investments in unconsolidated entities
—

 
(14,802
)
 
—

 
—

 
(14,802
)
Other investing activities, net
—

 
2

 
1,421

 
—

 
1,423

Net cash provided by (used in)
investing activities
—

 
(23,242
)
 
(133
)
 
—

 
(23,375
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowings (repayments)
—

 
—

 
(191,240
)
 
—

 
(191,240
)
Repayments of debt
—

 
(741
)
 
(326
)
 
—

 
(1,067
)
Stock option exercises
11,118

 
—

 
—

 
—

 
11,118

Share repurchases
(105,522
)
 
—

 
—

 
—

 
(105,522
)
Dividends paid
(29,102
)
 
—

 
—

 
—

 
(29,102
)
Intercompany activities, net
265,072

 
(227,059
)
 
(38,013
)
 
—

 
—

Net cash provided by (used in)
financing activities
141,566

 
(227,800
)
 
(229,579
)
 
—

 
(315,813
)
Net increase (decrease)
—

 
(259,083
)
 
(40,302
)
 
—

 
(299,385
)
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
$
—

 
$
352,102

 
$
71,761

 
$
—

 
$
423,863