XML 53 R23.htm IDEA: XBRL DOCUMENT v3.19.3
Supplemental Guarantor Information (Tables)
 9 Months Ended
Sep. 30, 2019
Supplemental Guarantor Information [Abstract]  
Consolidating Balance Sheet CONDENSED CONSOLIDATING BALANCE SHEET
SEPTEMBER 30, 2019
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
—


$
688,125


$
48,861


$
—


$
736,986

Restricted cash
—


29,685


1,973


—


31,658

Total cash, cash equivalents, and
restricted cash
—


717,810


50,834


—


768,644

House and land inventory
—


7,718,786


111,273


—


7,830,059

Land held for sale
—


34,001


494


—


34,495

Residential mortgage loans available-
for-sale
—


—


383,893


—


383,893

Investments in unconsolidated entities
—


61,639


543


—


62,182

Other assets
12,918


662,912


189,016


—


864,846

Intangible assets
—


128,592


—





128,592

Deferred tax assets, net
199,875


—


(8,073
)

—


191,802

Investments in subsidiaries and
intercompany accounts, net
7,790,167


861,532


9,154,242


(17,805,941
)

—


$
8,002,960


$
10,185,272


$
9,882,222


$
(17,805,941
)

$
10,264,513

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
accrued and other liabilities
$
71,221


$
1,718,707


$
260,828


$
—


$
2,050,756

Income tax liabilities
38,624


—


—


—


38,624

Financial Services debt
—


—


249,360


—


249,360

Notes payable
2,711,523


32,658


—


—


2,744,181

Total liabilities
2,821,368


1,751,365


510,188


—


5,082,921

Total shareholders’ equity
5,181,592


8,433,907


9,372,034


(17,805,941
)

5,181,592


$
8,002,960


$
10,185,272


$
9,882,222


$
(17,805,941
)

$
10,264,513


CONDENSED CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2018
($000’s omitted)

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


$
906,961


$
203,127


$
—


$
1,110,088

Restricted cash
—


22,406


1,206


—


23,612

Total cash, cash equivalents, and
restricted cash
—


929,367


204,333


—


1,133,700

House and land inventory
—


7,157,665


95,688


—


7,253,353

Land held for sale
—


36,849


—


—


36,849

Residential mortgage loans available-
for-sale
—


—


461,354


—


461,354

Investments in unconsolidated entities
—


54,045


545


—


54,590

Other assets
66,154


579,452


184,753


—


830,359

Intangible assets
—


127,192


—


—


127,192

Deferred tax assets, net
282,874


—


(7,295
)

—


275,579

Investments in subsidiaries and
intercompany accounts, net
7,557,245


500,138


8,231,342


(16,288,725
)

—


$
7,906,273


$
9,384,708


$
9,170,720


$
(16,288,725
)

$
10,172,976

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
accrued and other liabilities
$
90,158


$
1,598,265


$
278,713


$
—


$
1,967,136

Income tax liabilities
11,580


—


—


—


11,580

Financial Services debt
—


—


348,412


—


348,412

Notes payable
2,986,753


40,776


537


—


3,028,066

Total liabilities
3,088,491


1,639,041


627,662


—


5,355,194

Total shareholders’ equity
4,817,782


7,745,667


8,543,058


(16,288,725
)

4,817,782


$
7,906,273


$
9,384,708


$
9,170,720


$
(16,288,725
)

$
10,172,976
Consolidating Statement of Operations and Comprehensive Income (Loss)
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the three months ended September 30, 2019
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
2,588,933

 
$
48,069

 
$
—

 
$
2,637,002

Land sale and other revenues
—

 
8,526

 
22

 
—

 
8,548

 
—

 
2,597,459

 
48,091

 
—

 
2,645,550

Financial Services
—

 
—

 
64,815

 
—

 
64,815

 
—

 
2,597,459

 
112,906

 
—

 
2,710,365

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(1,992,043
)
 
(36,579
)
 
—

 
(2,028,622
)
Land sale cost of revenues
—

 
(7,350
)
 
—

 
—

 
(7,350
)
 
—

 
(1,999,393
)
 
(36,579
)
 
—

 
(2,035,972
)
Financial Services expenses
—

 
(133
)
 
(32,381
)
 
—

 
(32,514
)
Selling, general, and administrative
expenses
—

 
(252,414
)
 
(18,211
)
 
—

 
(270,625
)
Other income (expense), net
(126
)
 
(15,697
)
 
10,715

 
—

 
(5,108
)
Intercompany interest
(2,255
)
 
—

 
2,255

 
—

 
—

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(2,381
)
 
329,822

 
38,705

 
—

 
366,146

Income tax (expense) benefit
688

 
(83,937
)
 
(9,793
)
 
—

 
(93,042
)
Income (loss) before equity in income
(loss) of subsidiaries
(1,693
)
 
245,885

 
28,912

 
—

 
273,104

Equity in income (loss) of subsidiaries
274,797

 
34,672

 
371,107

 
(680,576
)
 
—

Net income (loss)
273,104

 
280,557

 
400,019

 
(680,576
)
 
273,104

Other comprehensive income
25

 
—

 
—

 
—

 
25

Comprehensive income (loss)
$
273,129

 
$
280,557

 
$
400,019

 
$
(680,576
)
 
$
273,129


CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the three months ended September 30, 2018
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
2,535,930

 
$
36,306

 
$
—

 
$
2,572,236

Land sale and other revenues
—

 
25,266

 
244

 
—

 
25,510

 
—

 
2,561,196

 
36,550

 
—

 
2,597,746

Financial Services
—

 
—

 
51,620

 
—

 
51,620

 
—

 
2,561,196

 
88,170

 
—

 
2,649,366

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(1,928,365
)
 
(25,795
)
 
—

 
(1,954,160
)
Land sale cost of revenues
—

 
(22,060
)
 


 
—

 
(22,060
)
 
—

 
(1,950,425
)
 
(25,795
)
 
—

 
(1,976,220
)
Financial Services expenses
—

 
(130
)
 
(32,083
)
 
—

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

 
(245,776
)
 
(6,981
)
 
—

 
(252,757
)
Other income (expense), net
(120
)
 
(12,398
)
 
9,030

 
—

 
(3,488
)
Intercompany interest
(2,158
)
 


 
2,158

 
—

 
—

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(2,278
)
 
352,467

 
34,499

 
—

 
384,688

Income tax (expense) benefit
609

 
(88,368
)
 
(7,394
)
 
—

 
(95,153
)
Income (loss) before equity in income
(loss) of subsidiaries
(1,669
)
 
264,099

 
27,105

 
—

 
289,535

Equity in income (loss) of subsidiaries
291,204

 
25,094

 
190,161

 
(506,459
)
 
—

Net income (loss)
289,535

 
289,193

 
217,266

 
(506,459
)
 
289,535

Other comprehensive income
25

 
—

 
—

 
—

 
25

Comprehensive income (loss)
$
289,560

 
$
289,193

 
$
217,266

 
$
(506,459
)
 
$
289,560









CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the nine months ended September 30, 2019
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
6,855,951

 
$
134,466

 
$
—

 
$
6,990,417

Land sale revenues
—

 
40,311

 
682

 
—

 
40,993

 
—

 
6,896,262

 
135,148

 
—

 
7,031,410

Financial Services
—

 
—

 
164,634

 
—

 
164,634

 
—

 
6,896,262

 
299,782

 
—

 
7,196,044

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(5,267,638
)
 
(101,930
)
 
—

 
(5,369,568
)
Land sale cost of revenues
—

 
(34,509
)
 
(1,106
)
 


 
(35,615
)
 
—

 
(5,302,147
)
 
(103,036
)
 
—

 
(5,405,183
)
Financial Services expenses
—

 
(390
)
 
(94,474
)
 
—

 
(94,864
)
Selling, general, and administrative
expenses
—

 
(731,801
)
 
(50,990
)
 
—

 
(782,791
)
Other expense, net
(5,213
)
 
(29,961
)
 
25,593

 
—

 
(9,581
)
Intercompany interest
(6,506
)
 
—

 
6,506

 
—

 
—

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(11,719
)
 
831,963

 
83,381

 
—

 
903,625

Income tax (expense) benefit
2,930

 
(204,186
)
 
(21,467
)
 
—

 
(222,723
)
Income (loss) before equity in income
(loss) of subsidiaries
(8,789
)
 
627,777

 
61,914

 
—

 
680,902

Equity in income (loss) of subsidiaries
689,691

 
77,480

 
647,207

 
(1,414,378
)
 
—

Net income (loss)
680,902

 
705,257

 
709,121

 
(1,414,378
)
 
680,902

Other comprehensive income
75

 
—

 
—

 
—

 
75

Comprehensive income (loss)
$
680,977

 
$
705,257

 
$
709,121

 
$
(1,414,378
)
 
$
680,977

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the nine months ended September 30, 2018
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
6,852,430

 
$
81,458

 
$
—

 
$
6,933,888

Land sale revenues
—

 
103,243

 
1,728

 
—

 
104,971

 
—

 
6,955,673

 
83,186

 
—

 
7,038,859

Financial Services
—

 
—

 
150,322

 
—

 
150,322

 
—

 
6,955,673

 
233,508

 
—

 
7,189,181

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(5,214,408
)
 
(61,824
)
 
—

 
(5,276,232
)
Land sale cost of revenues
—

 
(70,774
)
 
(1,017
)
 
—

 
(71,791
)
 
—

 
(5,285,182
)
 
(62,841
)
 
—

 
(5,348,023
)
Financial Services expenses
—

 
(405
)
 
(96,245
)
 
—

 
(96,650
)
Selling, general, and administrative
expenses
—

 
(699,311
)
 
(20,395
)
 
—

 
(719,706
)
Other expense, net
(458
)
 
(33,436
)
 
27,141

 
—

 
(6,753
)
Intercompany interest
(5,710
)
 
—

 
5,710

 
—

 
—

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(6,168
)
 
937,339

 
86,878

 
—

 
1,018,049

Income tax (expense) benefit
1,543

 
(213,876
)
 
(21,341
)
 
—

 
(233,674
)
Income (loss) before equity in income
(loss) of subsidiaries
(4,625
)
 
723,463

 
65,537

 
—

 
784,375

Equity in income (loss) of subsidiaries
789,000

 
62,162

 
559,184

 
(1,410,346
)
 
—

Net income (loss)
784,375

 
785,625

 
624,721

 
(1,410,346
)
 
784,375

Other comprehensive income
75

 
—

 
—

 
—

 
75

Comprehensive income (loss)
$
784,450

 
$
785,625

 
$
624,721

 
$
(1,410,346
)
 
$
784,450
Consolidating Statement Of Cash Flows
CONSOLIDATING STATEMENT OF CASH FLOWS
For the nine months ended September 30, 2019
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Net cash provided by (used in)
operating activities
$
162,105

 
$
304,142

 
$
116,533

 
$
—

 
$
582,780

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(36,098
)
 
(7,064
)
 
—

 
(43,162
)
Investments in unconsolidated entities
—

 
(7,807
)
 
(708
)
 
—

 
(8,515
)
Other investing activities, net
—

 
3,286

 
1,723

 
—

 
5,009

Business acquisition
—

 
(163,724
)
 
—

 
—

 
(163,724
)
Net cash provided by (used in)
investing activities
—

 
(204,343
)
 
(6,049
)
 
—

 
(210,392
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowing (repayments), net
—

 
—

 
(99,052
)
 
—

 
(99,052
)
Repayments of debt
(280,175
)
 
(16,699
)
 
(537
)
 
—

 
(297,411
)
Borrowings under revolving credit facility
—

 
—

 
—

 
—

 
—

Repayments under revolving credit facility
—

 
—

 
—

 
—

 
—

Debt issuance costs
—

 
—

 
—

 
—

 
—

Stock option exercises
6,368

 
—

 
—

 
—

 
6,368

Share repurchases
(244,388
)
 
—

 
—

 
—

 
(244,388
)
Cash paid for shares withheld for taxes
(10,726
)
 
—

 
—

 
—

 
(10,726
)
Dividends paid
(92,235
)
 
44,499

 
(44,499
)
 
—

 
(92,235
)
Intercompany activities, net
459,051

 
(339,156
)
 
(119,895
)
 
—

 
—

Net cash provided by (used in)
financing activities
(162,105
)
 
(311,356
)
 
(263,983
)
 
—

 
(737,444
)
Net increase (decrease) in cash, cash equivalents, and restricted cash
—

 
(211,557
)
 
(153,499
)
 
—

 
(365,056
)
Cash, cash equivalents, and restricted cash
at beginning of year
—

 
929,367

 
204,333

 
—

 
1,133,700

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

 
$
717,810

 
$
50,834

 
$
—

 
$
768,644



CONSOLIDATING STATEMENT OF CASH FLOWS
For the nine months ended September 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
$
347,335

 
$
389,110

 
$
278,535

 
$
—

 
$
1,014,980

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(40,483
)
 
(6,046
)
 
—

 
(46,529
)
Investments in unconsolidated entities
—

 
(1,000
)
 
—

 
—

 
(1,000
)
Other investing activities, net
—

 
11,299

 
4,246

 
—

 
15,545

Business acquisition
—

 
—

 
—

 
—

 
—

Net cash provided by (used in)
investing activities
—

 
(30,184
)
 
(1,800
)
 
—

 
(31,984
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowings (repayments), net
—

 
—

 
(187,071
)
 
—

 
(187,071
)
Repayments of debt
—

 
(81,757
)
 
(898
)
 
—

 
(82,655
)
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
(8,165
)
 
—

 
—

 
—

 
(8,165
)
Stock option exercises
5,462

 
—

 
—

 
—

 
5,462

Share repurchases
(172,061
)
 
—

 
—

 
—

 
(172,060
)
Cash paid for shares withheld for taxes
(7,378
)
 
—

 
—

 
—

 
(7,379
)
Dividends paid
(78,284
)
 
—

 
—

 
—

 
(78,284
)
Intercompany activities, net
(86,909
)
 
268,297

 
(181,388
)
 
—

 
—

Net cash provided by (used in)
financing activities
(347,335
)
 
186,540

 
(369,357
)
 
—

 
(530,152
)
Net increase (decrease) in cash, cash equivalents, and restricted cash
—

 
545,466

 
(92,622
)
 
—

 
452,844

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
$
—

 
$
703,267

 
$
55,745

 
$
—

 
$
759,012