Supplemental Guarantor Information

12 Months Ended

Dec. 31, 2013

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 each of the Company's wholly-owned Homebuilding subsidiaries and certain other wholly-owned subsidiaries (collectively, the “Guarantors”). Such guaranties are full and unconditional. 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. Separate financial statements of the Guarantors are not provided as the consolidating financial information contained herein provides a more meaningful disclosure to allow investors to determine the nature of the assets held by, and the operations of, the combined groups.    

CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2013

($000’s omitted)

	Unconsolidated							Eliminating Entries			Consolidated PulteGroup, Inc.
	PulteGroup, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries
ASSETS
Cash and equivalents	$	262,364	$	1,188,999		$	128,966	$	—		$	1,580,329
Restricted cash	58,699		2,635			11,381		—			72,715
House and land inventory	—		3,977,851			710		—			3,978,561
Land held for sale	—		60,701			1,034		—			61,735
Land, not owned, under option        agreements	—		24,024			—		—			24,024
Residential mortgage loans available-        for-sale	—		—			287,933		—			287,933
Investments in unconsolidated entities	68		41,319			3,936		—			45,323
Other assets	50,251		359,228			51,142		—			460,621
Intangible assets	—		136,148			—		—			136,148
Deferred tax assets, net	2,074,137		17			12,600		—			2,086,754
Investments in subsidiaries and        intercompany accounts, net	4,532,950		(16,513		)	5,939,784		(10,456,221		)	—
	$	6,978,469	$	5,774,409		$	6,437,486	$	(10,456,221	)	$	8,734,143
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable, customer deposits,        accrued and other liabilities	$	65,334	$	1,413,752		$	236,258	$	—		$	1,715,344
Income tax liabilities	206,015		—			—		—			206,015
Financial Services debt	—		—			105,664		—			105,664
Senior notes	2,058,168		—			—		—			2,058,168
Total liabilities	2,329,517		1,413,752			341,922		—			4,085,191
Total shareholders’ equity	4,648,952		4,360,657			6,095,564		(10,456,221		)	4,648,952
	$	6,978,469	$	5,774,409		$	6,437,486	$	(10,456,221	)	$	8,734,143

CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2012

($000’s omitted)

	Unconsolidated						Eliminating Entries			Consolidated PulteGroup, Inc.
	PulteGroup, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries
ASSETS
Cash and equivalents	$	146,168	$	1,063,943	$	194,649	$	—		$	1,404,760
Restricted cash	54,546		3,365		14,039		—			71,950
House and land inventory	—		4,210,201		3,845		—			4,214,046
Land held for sale	—		91,104		—		—			91,104
Land, not owned, under option        agreements	—		31,066		—		—			31,066
Residential mortgage loans available-        for-sale	—		—		318,931		—			318,931
Investments in unconsolidated entities	1,528		40,973		3,128		—			45,629
Other assets	28,951		324,109		54,615		—			407,675
Intangible assets	—		149,248		—		—			149,248
Investments in subsidiaries and        intercompany accounts, net	4,723,466		7,198,710		6,296,915		(18,219,091		)	—
	$	4,954,659	$	13,112,719	$	6,886,122	$	(18,219,091	)	$	6,734,409
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable, customer deposits,        accrued and other liabilities	$	56,565	$	1,343,653	$	297,302	$	—		$	1,697,520
Income tax liabilities	198,865		—		—		—			198,865
Financial Services debt	—		—		138,795		—			138,795
Senior notes	2,509,613		—		—		—			2,509,613
Total liabilities	2,765,043		1,343,653		436,097		—			4,544,793
Total shareholders’ equity	2,189,616		11,769,066		6,450,025		(18,219,091		)	2,189,616
	$	4,954,659	$	13,112,719	$	6,886,122	$	(18,219,091	)	$	6,734,409

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the year ended December 31, 2013

($000’s omitted)

	Unconsolidated												Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—		$	5,424,309		$	—		$	—		$	5,424,309
Land sale revenues	—			114,335			—			—			114,335
	—			5,538,644			—			—			5,538,644
Financial Services	—			2,353			138,598			—			140,951
	—			5,540,997			138,598			—			5,679,595
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			4,310,528			—			—			4,310,528
Land sale cost of revenues	—			104,426			—			—			104,426
	—			4,414,954			—			—			4,414,954
Financial Services expenses	832			970			90,577			—			92,379
Selling, general, and administrative        expenses	—			573,904			(5,404		)	—			568,500
Other expense, net	26,870			49,681			4,202			—			80,753
Interest income	(349		)	(3,954		)	(92		)	—			(4,395		)
Interest expense	712			—			—			—			712
Intercompany interest	17,518			(8,260		)	(9,258		)	—			—
Equity in (earnings) loss of        unconsolidated entities	1,461			(1,783		)	(808		)	—			(1,130		)
Income (loss) before income taxes and        equity in income (loss) of        subsidiaries	(47,044		)	515,485			59,381			—			527,822
Income tax expense (benefit)	(2,113,827		)	(799		)	22,332			—			(2,092,294		)
Income (loss) before equity in income        (loss) of subsidiaries	2,066,783			516,284			37,049			—			2,620,116
Equity in income (loss) of subsidiaries	553,333			35,086			485,400			(1,073,819		)	—
Net income (loss)	2,620,116			551,370			522,449			(1,073,819		)	2,620,116
Other comprehensive income (loss)	197			—			—			—			197
Comprehensive income (loss)	$	2,620,313		$	551,370		$	522,449		$	(1,073,819	)	$	2,620,313

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the year ended December 31, 2012

($000’s omitted)

	Unconsolidated												Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—		$	4,552,412		$	—		$	—		$	4,552,412
Land sale revenues	—			106,698			—			—			106,698
	—			4,659,110			—			—			4,659,110
Financial Services	—			2,082			158,806			—			160,888
	—			4,661,192			158,806			—			4,819,998
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			3,833,451			—			—			3,833,451
Land sale cost of revenues	—			94,880			—			—			94,880
	—			3,928,331			—			—			3,928,331
Financial Services expenses	379			567			134,565			—			135,511
Selling, general, and administrative        expenses	—			515,283			(826		)	—			514,457
Other expense, net	32,027			33,506			765			—			66,298
Interest income	(229		)	(4,597		)	(87		)	—			(4,913		)
Interest expense	819			—			—			—			819
Intercompany interest	587,281			(573,852		)	(13,429		)	—			—
Equity in (earnings) loss of        unconsolidated entities	(1		)	(3,555		)	(503		)	—			(4,059		)
Income (loss) before income taxes and        equity in income (loss) of        subsidiaries	(620,276		)	765,509			38,321			—			183,554
Income tax expense (benefit)	426			(22,299		)	(718		)	—			(22,591		)
Income (loss) before equity in income        (loss) of subsidiaries	(620,702		)	787,808			39,039			—			206,145
Equity in income (loss) of subsidiaries	826,847			34,596			476,806			(1,338,249		)	—
Net income (loss)	206,145			822,404			515,845			(1,338,249		)	206,145
Other comprehensive income (loss)	314			—			—			—			314
Comprehensive income (loss)	$	206,459		$	822,404		$	515,845		$	(1,338,249	)	$	206,459

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the year ended December 31, 2011

($000’s omitted)

	Unconsolidated									Eliminating Entries		Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries
Revenues:
Homebuilding
Home sale revenues	$	—		$	3,950,743		$	—		$	—	$	3,950,743
Land sale revenues	—			82,853			—			—		82,853
	—			4,033,596			—			—		4,033,596
Financial Services	—			1,367			101,727			—		103,094
	—			4,034,963			101,727			—		4,136,690
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			3,444,398			—			—		3,444,398
Land sale cost of revenues	—			59,279			—			—		59,279
	—			3,503,677			—			—		3,503,677
Financial Services expenses	343			448			136,875			—		137,666
Selling, general, and administrative        expenses	33,144			488,746			(2,307		)	—		519,583
Other expense (income), net	5,581			288,298			(777		)	—		293,102
Interest income	(253		)	(4,443		)	(359		)	—		(5,055		)
Interest expense	1,313			—			—			—		1,313
Intercompany interest	39,060			(27,572		)	(11,488		)	—		—
Equity in (earnings) loss of        unconsolidated entities	(5		)	(3,196		)	(95		)	—		(3,296		)
Income (loss) before income taxes and        equity in income (loss) of        subsidiaries	(79,183		)	(210,995		)	(20,122		)	—		(310,300		)
Income tax expense (benefit)	(2,623		)	(99,635		)	2,346			—		(99,912		)
Income (loss) before equity in income        (loss) of subsidiaries	(76,560		)	(111,360		)	(22,468		)	—		(210,388		)
Equity in income (loss) of subsidiaries	(133,828		)	(25,427		)	(88,998		)	248,253		—
Net income (loss)	(210,388		)	(136,787		)	(111,466		)	248,253		(210,388		)
Other comprehensive income (loss)	213			—			—			—		213
Comprehensive income (loss)	$	(210,175	)	$	(136,787	)	$	(111,466	)	$	248,253	$	(210,175	)

CONSOLIDATING STATEMENT OF CASH FLOWS

For the year ended December 31, 2013

($000’s omitted)

	Unconsolidated											Consolidated PulteGroup, Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Net cash provided by (used in)    operating activities	$	(41	)	$	865,267		$	15,910		$	—	$	881,136
Cash flows from investing activities:
Distributions from unconsolidated      entities	—			1,001			—			—		1,001
Investments in unconsolidated entities	—			(1,677		)	—			—		(1,677		)
Net change in loans held for investment	—			—			(12,265		)	—		(12,265		)
Change in restricted cash related to      letters of credit	(4,152		)	—			—			—		(4,152		)
Proceeds from the sale of property and      equipment	—			15			—			—		15
Capital expenditures	—			(26,472		)	(2,427		)	—		(28,899		)
Net cash provided by (used in) investing    activities	(4,152		)	(27,133		)	(14,692		)	—		(45,977		)
Cash flows from financing activities:
Financial Services borrowings      (repayments)	—			—			(33,131		)			(33,131		)
Other borrowings (repayments)	(485,048		)	5,221								(479,827		)
Stock option exercises	19,411			—			—			—		19,411
Stock repurchases	(127,661		)	—			—			—		(127,661		)
Dividends paid	(38,382		)	—			—			—		(38,382		)
Intercompany activities, net	752,069			(718,299		)	(33,770		)	—		—
Net cash provided by (used in)    financing activities	120,389			(713,078		)	(66,901		)	—		(659,590		)
Net increase (decrease) in cash and    equivalents	116,196			125,056			(65,683		)	—		175,569
Cash and equivalents at beginning of year	146,168			1,063,943			194,649			—		1,404,760
Cash and equivalents at end of year	$	262,364		$	1,188,999		$	128,966		$	—	$	1,580,329

CONSOLIDATING STATEMENT OF CASH FLOWS

For the year ended December 31, 2012

($000’s omitted)

	Unconsolidated											Consolidated PulteGroup, Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Net cash provided by (used in)    operating activities	$	(582,762	)	$	1,332,342		$	10,560		$	—	$	760,140
Cash flows from investing activities:
Distributions from unconsolidated      entities	—			3,029			—			—		3,029
Investments in unconsolidated entities	—			(16,456		)	—			—		(16,456		)
Net change in loans held for investment	—			—			836			—		836
Change in restricted cash related to      letters of credit	28,653			—			—			—		28,653
Proceeds from the sale of property and      equipment	—			7,586			—			—		7,586
Capital expenditures	—			(10,831		)	(3,111		)	—		(13,942		)
Net cash provided by (used in) investing    activities	28,653			(16,672		)	(2,275		)	—		9,706
Cash flows from financing activities:
Financial Services borrowings      (repayments)	—			—			138,795			—		138,795
Other borrowings (repayments)	(620,700		)	1,900			—			—		(618,800		)
Stock option exercises	32,809			—			—			—		32,809
Stock repurchases	(961		)	—			—			—		(961		)
Intercompany activities, net	1,169,842			(1,129,188		)	(40,654		)	—		—
Net cash provided by (used in)    financing activities	580,990			(1,127,288		)	98,141			—		(448,157		)
Net increase (decrease) in cash and    equivalents	26,881			188,382			106,426			—		321,689
Cash and equivalents at beginning of year	119,287			875,561			88,223			—		1,083,071
Cash and equivalents at end of year	$	146,168		$	1,063,943		$	194,649		$	—	$	1,404,760

CONSOLIDATING STATEMENT OF CASH FLOWS

For the year ended December 31, 2011

($000’s omitted)

	Unconsolidated											Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Net cash provided by (used in)    operating activities	$	(86,000	)	$	520,024		$	(416,745	)	$	—	$	17,279
Cash flows from investing activities:
Distributions from unconsolidated      entities	—			4,531			—			—		4,531
Investments in unconsolidated entities	—			(4,603		)	—			—		(4,603		)
Net change in loans held for      investment	—			—			325			—		325
Change in restricted cash related to      letters of credit	(83,199		)	—			—			—		(83,199		)
Proceeds from the sale of property and      equipment	—			10,555			—			—		10,555
Capital expenditures	—			(18,331		)	(2,907		)	—		(21,238		)
Net cash provided by (used in)    investing activities	(83,199		)	(7,848		)	(2,582		)	—		(93,629		)
Cash flows from financing activities:
Other borrowings (repayments)	(320,973		)	(160		)	—			—		(321,133		)
Stock repurchases	(2,836		)	—			—			—		(2,836		)
Intercompany activities, net	602,295			(743,078		)	140,783			—		—
Net cash provided by (used in)    financing activities	278,486			(743,238		)	140,783			—		(323,969		)
Net increase (decrease) in cash and    equivalents	109,287			(231,062		)	(278,544		)	—		(400,319		)
Cash and equivalents at beginning of    year	10,000			1,106,623			366,767			—		1,483,390
Cash and equivalents at end of year	$	119,287		$	875,561		$	88,223		$	—	$	1,083,071