Supplemental Guarantor Information (Tables)

6 Months Ended

Jun. 30, 2014

CONDENSED CONSOLIDATING BALANCE SHEET

JUNE 30, 2014

($000’s omitted)



	Unconsolidated							Eliminating Entries			Consolidated PulteGroup, Inc.
	PulteGroup, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminating Entries			Consolidated PulteGroup, Inc.
ASSETS
Cash and equivalents	$	229,437	$	883,148		$	58,349	$	—		$	1,170,934
Restricted cash	86,865		2,650			12,092		—			101,607
House and land inventory	—		4,196,250			871		—			4,197,121
Land held for sale	—		79,294			1,034		—			80,328
Land, not owned, under option agreements	—		27,294			—		—			27,294
Residential mortgage loans available- for-sale	—		—			221,607		—			221,607
Investments in unconsolidated entities	71		36,008			4,052		—			40,131
Other assets	33,546		394,187			69,257		—			496,990
Intangible assets	—		129,598			—		—			129,598
Deferred tax assets, net	1,989,109		17			12,600		—			2,001,726
Investments in subsidiaries and intercompany accounts, net	4,367,644		321,859			5,602,526		(10,292,029		)	—
	$	6,706,672	$	6,070,305		$	5,982,388	$	(10,292,029	)	$	8,467,336
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	$	59,933	$	1,523,482		$	178,677	$	—		$	1,762,092
Income tax liabilities	193,147		(1		)	—		—			193,146
Financial Services debt	—		—			58,506		—			58,506
Senior notes	1,815,548		—			—		—			1,815,548
Total liabilities	2,068,628		1,523,481			237,183		—			3,829,292
Total shareholders’ equity	4,638,044		4,546,824			5,745,205		(10,292,029		)	4,638,044
	$	6,706,672	$	6,070,305		$	5,982,388	$	(10,292,029	)	$	8,467,336

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2013

($000’s omitted)



	Unconsolidated							Eliminating Entries			Consolidated PulteGroup, Inc.
	PulteGroup, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminating Entries			Consolidated PulteGroup, Inc.
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 STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the six months ended June 30, 2014

($000’s omitted)



	Unconsolidated												Consolidated PulteGroup, Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—		$	2,334,477		$	—		$	—		$	2,334,477
Land sale revenues	—			14,511			—			—			14,511
	—			2,348,988			—			—			2,348,988
Financial Services	—			735			55,358			—			56,093
	—			2,349,723			55,358			—			2,405,081
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			1,781,295			—			—			1,781,295
Land sale cost of revenues	—			11,843			—			—			11,843
	—			1,793,138			—			—			1,793,138
Financial Services expenses	397			158			24,881			—			25,436
Selling, general and administrative expenses	—			373,871			784			—			374,655
Other expense, net	8,552			14,098			505			—			23,155
Interest income	(239		)	(1,965		)	(22		)	—			(2,226		)
Interest expense	416			—			—			—			416
Equity in (earnings) loss of unconsolidated entities	(4		)	(7,090		)	(108		)	—			(7,202		)
Intercompany interest	819			3,948			(4,767		)	—			—
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(9,941		)	173,565			34,085			—			197,709
Income tax expense (benefit)	(3,877		)	71,594			13,293			—			81,010
Income (loss) before equity in income (loss) of subsidiaries	(6,064		)	101,971			20,792			—			116,699
Equity in income (loss) of subsidiaries	122,763			21,151			109,135			(253,049		)	—
Net income (loss)	116,699			123,122			129,927			(253,049		)	116,699
Other comprehensive income	61			—			—			—			61
Comprehensive income	$	116,760		$	123,122		$	129,927		$	(253,049	)	$	116,760

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the six months ended June 30, 2013

($000’s omitted)



	Unconsolidated												Consolidated PulteGroup, Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—		$	2,319,427		$	—		$	—		$	2,319,427
Land sale revenues	—			46,516			—			—			46,516
	—			2,365,943			—			—			2,365,943
Financial Services	—			1,111			75,124			—			76,235
	—			2,367,054			75,124			—			2,442,178
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			1,892,288			—			—			1,892,288
Land sale cost of revenues	—			42,728			—			—			42,728
	—			1,935,016			—			—			1,935,016
Financial Services expenses	416			224			44,983			—			45,623
Selling, general and administrative expenses	—			278,866			1,291			—			280,157
Other expense (income), net	23,041			37,521			1,549			—			62,111
Interest income	(165		)	(2,058		)	(62		)	—			(2,285		)
Interest expense	373			—			—			—			373
Equity in (earnings) loss of unconsolidated entities	1,460			(346		)	(611		)	—			503
Intercompany interest	175,280			(172,398		)	(2,882		)	—			—
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(200,405		)	290,229			30,856			—			120,680
Income tax expense (benefit)	129			(7,966		)	10,338			—			2,501
Income (loss) before equity in income (loss) of subsidiaries	(200,534		)	298,195			20,518			—			118,179
Equity in income (loss) of subsidiaries	318,713			21,976			201,461			(542,150		)	—
Net income (loss)	118,179			320,171			221,979			(542,150		)	118,179
Other comprehensive income	196			—			—			—			196
Comprehensive income (loss)	$	118,375		$	320,171		$	221,979		$	(542,150	)	$	118,375

CONSOLIDATING STATEMENT OF CASH FLOWS

For the six months ended June 30, 2014

($000’s omitted)



	Unconsolidated											Consolidated PulteGroup, Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries		Consolidated PulteGroup, Inc.
Net cash provided by (used in) operating activities	$	59,307		$	(19,311	)	$	34,286		$	—	$	74,282
Cash flows from investing activities:
Distributions from unconsolidated entities	—			7,577			—			—		7,577
Investments in unconsolidated entities	—			—			(9		)	—		(9		)
Net change in loans held for investment	—			—			(6,791		)	—		(6,791		)
Change in restricted cash related to letters of credit	(28,166		)	—			—			—		(28,166		)
Proceeds from the sale of property and equipment	—			98			—			—		98
Capital expenditures	—			(30,908		)	(2,113		)			(33,021		)
Net cash provided by (used in) investing activities	(28,166		)	(23,233		)	(8,913		)	—		(60,312		)
Cash flows from financing activities:
Financial Services borrowings (repayments)	—			—			(47,158		)	—		(47,158		)
Other borrowings (repayments)	(249,765		)	9,632			—			—		(240,133		)
Stock option exercises	5,789			—			—			—		5,789
Stock repurchases	(103,711		)	—			—			—		(103,711		)
Dividends paid	(38,152		)	—			—			—		(38,152		)
Intercompany activities, net	321,771			(272,939		)	(48,832		)			—
Net cash provided by (used in) financing activities	(64,068		)	(263,307		)	(95,990		)	—		(423,365		)
Net increase (decrease) in cash and equivalents	(32,927		)	(305,851		)	(70,617		)	—		(409,395		)
Cash and equivalents at beginning of period	262,364			1,188,999			128,966			—		1,580,329
Cash and equivalents at end of period	$	229,437		$	883,148		$	58,349		$	—	$	1,170,934