XML 25 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Supplemental Guarantor Information
 6 Months Ended
Jun. 30, 2018
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, 2018
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
—


$
318,811


$
48,280


$
—


$
367,091

Restricted cash
—


33,634


1,190


—


34,824

Total cash, cash equivalents, and
restricted cash
—


352,445


49,470


—


401,915

House and land inventory
—


7,402,692


96,973


—


7,499,665

Land held for sale
—


77,941


—


—


77,941

Residential mortgage loans available-
for-sale
—


—


369,634


—


369,634

Investments in unconsolidated entities
—


61,182


536


—


61,718

Other assets
17,108


576,371


165,751


—


759,230

Intangible assets
—


134,092


—


—


134,092

Deferred tax assets, net
519,188


—


(7,807
)

—


511,381

Investments in subsidiaries and
intercompany accounts, net
7,084,815


288,223


7,967,379


(15,340,417
)

—


$
7,621,111


$
8,892,946


$
8,641,936


$
(15,340,417
)

$
9,815,576

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
accrued and other liabilities
$
85,067


$
1,661,695


$
249,885


$
—


$
1,996,647

Income tax liabilities
22,484


—


—


—


22,484

Financial Services debt
—


—


264,043


—


264,043

Notes payable
2,986,848


17,962


880


—


3,005,690

Total liabilities
3,094,399


1,679,657


514,808


—


5,288,864

Total shareholders’ equity
4,526,712


7,213,289


8,127,128


(15,340,417
)

4,526,712


$
7,621,111


$
8,892,946


$
8,641,936


$
(15,340,417
)

$
9,815,576


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
For the three months ended June 30, 2018
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
2,421,643

 
$
28,411

 
$
—

 
$
2,450,054

Land sale and other revenues
—

 
66,418

 
486

 
—

 
66,904

 
—

 
2,488,061

 
28,897

 
—

 
2,516,958

Financial Services
—

 
—

 
52,764

 
—

 
52,764

 
—

 
2,488,061

 
81,661

 
—

 
2,569,722

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(1,840,487
)
 
(21,646
)
 
—

 
(1,862,133
)
Land sale cost of revenues
—

 
(37,884
)
 
(299
)
 
—

 
(38,183
)
 
—

 
(1,878,371
)
 
(21,945
)
 
—

 
(1,900,316
)
Financial Services expenses
—

 
(133
)
 
(32,091
)
 
—

 
(32,224
)
Selling, general, and administrative
expenses
—

 
(221,590
)
 
(4,466
)
 
—

 
(226,056
)
Other expense, net
(196
)
 
(13,436
)
 
11,676

 
—

 
(1,956
)
Intercompany interest
(2,085
)
 
—

 
2,085

 
—

 
—

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(2,281
)
 
374,531

 
36,920

 
—

 
409,170

Income tax (expense) benefit
547

 
(75,977
)
 
(9,651
)
 
—

 
(85,081
)
Income (loss) before equity in income
(loss) of subsidiaries
(1,734
)
 
298,554

 
27,269

 
—

 
324,089

Equity in income (loss) of subsidiaries
325,823

 
24,504

 
258,352

 
(608,679
)
 
—

Net income (loss)
324,089

 
323,058

 
285,621

 
(608,679
)
 
324,089

Other comprehensive income
30

 
—

 
—

 
—

 
30

Comprehensive income (loss)
$
324,119

 
$
323,058

 
$
285,621

 
$
(608,679
)
 
$
324,119


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 and other revenues
—

 
7,399

 
1,545

 
—

 
8,944

 
—

 
1,952,711

 
21,874

 
—

 
1,974,585

Financial Services
—

 
—

 
47,275

 
—

 
47,275

 
—

 
1,952,711

 
69,149

 
—

 
2,021,860

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
)
 
(23,877
)
 
6,918

 
—

 
(17,088
)
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 six months ended June 30, 2018
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
4,316,500

 
$
45,152

 
$
—

 
$
4,361,652

Land sale and other revenues
—

 
77,977

 
1,484

 
—

 
79,461

 
—

 
4,394,477

 
46,636

 
—

 
4,441,113

Financial Services
—

 
—

 
98,702

 
—

 
98,702

 
—

 
4,394,477

 
145,338

 
—

 
4,539,815

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(3,286,043
)
 
(36,030
)
 
—

 
(3,322,073
)
Land sale cost of revenues
—

 
(48,714
)
 
(1,017
)
 
—

 
(49,731
)
 
—

 
(3,334,757
)
 
(37,047
)
 
—

 
(3,371,804
)
Financial Services expenses
—

 
(275
)
 
(64,161
)
 
—

 
(64,436
)
Selling, general, and administrative
expenses
—

 
(453,535
)
 
(13,415
)
 
—

 
(466,950
)
Other expense, net
(336
)
 
(21,037
)
 
18,110

 
—

 
(3,263
)
Intercompany interest
(3,553
)
 
—

 
3,553

 
—

 
—

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(3,889
)
 
584,873

 
52,378

 
—

 
633,362

Income tax (expense) benefit
934

 
(125,508
)
 
(13,947
)
 
—

 
(138,521
)
Income (loss) before equity in income
(loss) of subsidiaries
(2,955
)
 
459,365

 
38,431

 
—

 
494,841

Equity in income (loss) of subsidiaries
497,796

 
37,068

 
369,023

 
(903,887
)
 
—

Net income (loss)
494,841

 
496,433

 
407,454

 
(903,887
)
 
494,841

Other comprehensive income
50

 
—

 
—

 
—

 
50

Comprehensive income (loss)
$
494,891

 
$
496,433

 
$
407,454

 
$
(903,887
)
 
$
494,891

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 and other revenues
—

 
9,311

 
2,321

 
—

 
11,632

 
—

 
3,531,269

 
31,426

 
—

 
3,562,695

Financial Services
—

 
—

 
89,042

 
—

 
89,042

 
—

 
3,531,269

 
120,468

 
—

 
3,651,737

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
)
 
(36,763
)
 
14,865

 
—

 
(22,157
)
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 CASH FLOWS
For the six months ended June 30, 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
$
259,028

 
$
63,775

 
$
224,779

 
$
—

 
$
547,582

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(28,908
)
 
(4,151
)
 
—

 
(33,059
)
Investments in unconsolidated entities
—

 
(1,000
)
 
—

 
—

 
(1,000
)
Other investing activities, net
—

 
5,759

 
1,156

 
—

 
6,915

Net cash provided by (used in)
investing activities
—

 
(24,149
)
 
(2,995
)
 
—

 
(27,144
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowings (repayments)
—

 
—

 
(173,761
)
 
—

 
(173,761
)
Repayments of debt
—

 
(81,758
)
 
(674
)
 
—

 
(82,432
)
Borrowings under revolving credit facility
1,566,000

 
—

 
—

 
—

 
1,566,000

Repayments under revolving credit facility
(1,566,000
)
 
—

 
—

 
—

 
(1,566,000
)
Debt issuance costs
(8,090
)
 
—

 
—

 
—

 
(8,090
)
Stock option exercises
4,467

 
—

 
—

 
—

 
4,467

Share repurchases
(112,491
)
 
—

 
—

 
—

 
(112,491
)
Dividends paid
(52,384
)
 
—

 
—

 
—

 
(52,384
)
Intercompany activities, net
(90,530
)
 
236,776

 
(146,246
)
 
—

 
—

Net cash provided by (used in)
financing activities
(259,028
)
 
155,018

 
(320,681
)
 
—

 
(424,691
)
Net increase (decrease)
—

 
194,644

 
(98,897
)
 
—

 
95,747

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
$
—

 
$
352,445

 
$
49,470

 
$
—

 
$
401,915



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
)
Investments in unconsolidated entities
—

 
(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
)
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