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Supplemental Guarantor Information (Tables)
 6 Months Ended
Jun. 30, 2018
Supplemental Guarantor Information [Abstract]  
Consolidating Balance Sheet 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 (Loss) 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 Cash Flows 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