Supplemental Guarantor Information

12 Months Ended

Dec. 31, 2014

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, 2014

($000’s omitted)

	Unconsolidated								Eliminating Entries			Consolidated PulteGroup, Inc.
	PulteGroup, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries
ASSETS
Cash and equivalents	$	7,454	$	1,157,307		$	128,101		$	—		$	1,292,862
Restricted cash	3,710		1,513			11,135			—			16,358
House and land inventory	—		4,391,445			655			—			4,392,100
Land held for sale	—		100,156			1,034			—			101,190
Land, not owned, under option        agreements	—		30,186			—			—			30,186
Residential mortgage loans available-        for-sale	—		—			339,531			—			339,531
Securities purchased under agreements to resell	22,000		—			(22,000		)	—			—
Investments in unconsolidated entities	74		36,126			4,168			—			40,368
Other assets	34,214		421,145			57,673			—			513,032
Intangible assets	—		123,115			—			—			123,115
Deferred tax assets, net	1,712,853		15			7,800			—			1,720,668
Investments in subsidiaries and        intercompany accounts, net	4,963,831		967,032			6,359,441			(12,290,304		)	—
	$	6,744,136	$	7,228,040		$	6,887,538		$	(12,290,304	)	$	8,569,410
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable, customer deposits,        accrued and other liabilities	$	71,874	$	1,514,954		$	170,104		$	—		$	1,756,932
Income tax liabilities	48,747		(25		)	—			—			48,722
Financial Services debt	—		—			140,241			—			140,241
Senior notes	1,818,561		—			—			—			1,818,561
Total liabilities	1,939,182		1,514,929			310,345			—			3,764,456
Total shareholders’ equity	4,804,954		5,713,111			6,577,193			(12,290,304		)	4,804,954
	$	6,744,136	$	7,228,040		$	6,887,538		$	(12,290,304	)	$	8,569,410

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 STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the year ended December 31, 2014

($000’s omitted)

	Unconsolidated												Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—		$	5,662,171		$	—		$	—		$	5,662,171
Land sale revenues	—			34,554			—			—			34,554
	—			5,696,725			—			—			5,696,725
Financial Services	—			889			124,749			—			125,638
	—			5,697,614			124,749			—			5,822,363
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			4,343,249			—			—			4,343,249
Land sale cost of revenues	—			23,748			—			—			23,748
	—			4,366,997			—			—			4,366,997
Financial Services expenses	784			(130		)	70,585			—			71,239
Selling, general, and administrative        expenses	—			661,308			6,507			—			667,815
Other expense, net	8,521			29,273			951			—			38,745
Interest income	(337		)	(4,244		)	(51		)	—			(4,632		)
Interest expense	849			—			—			—			849
Intercompany interest	9,800			(90		)	(9,710		)	—			—
Equity in (earnings) loss of        unconsolidated entities	(7		)	(8,182		)	(219		)	—			(8,408		)
Income (loss) before income taxes and        equity in income (loss) of        subsidiaries	(19,610		)	652,682			56,686			—			689,758
Income tax expense (benefit)	(7,473		)	201,332			21,561			—			215,420
Income (loss) before equity in income        (loss) of subsidiaries	(12,137		)	451,350			35,125			—			474,338
Equity in income (loss) of subsidiaries	486,475			38,534			403,505			(928,514		)	—
Net income (loss)	474,338			489,884			438,630			(928,514		)	474,338
Other comprehensive income (loss)	105			—			—			—			105
Comprehensive income (loss)	$	474,443		$	489,884		$	438,630		$	(928,514	)	$	474,443

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									Eliminating Entries			Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries
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 (income), 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 CASH FLOWS

For the year ended December 31, 2014

($000’s omitted)

	Unconsolidated											Consolidated PulteGroup, Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Net cash provided by (used in)    operating activities	$	206,485		$	175,415		$	(72,651	)	$	—	$	309,249
Cash flows from investing activities:
Distributions from unconsolidated      entities	—			8,161			(4		)	—		8,157
Investments in unconsolidated entities	—			—			(9		)	—		(9		)
Net change in loans held for investment	—			—			335			—		335
Change in restricted cash related to      letters of credit	54,989			—			—			—		54,989
Proceeds from the sale of property and      equipment	—			113			—			—		113
Capital expenditures	—			(44,956		)	(3,834		)	—		(48,790		)
Cash used for business acquisition	—			(82,419		)	—			—		(82,419		)
Net cash provided by (used in) investing    activities	54,989			(119,101		)	(3,512		)	—		(67,624		)
Cash flows from financing activities:
Financial Services borrowings      (repayments)	—			—			34,577			—		34,577
Other borrowings (repayments)	(249,765		)	(866		)	—			—		(250,631		)
Stock option exercises	15,627			—			—			—		15,627
Stock repurchases	(253,019		)	—			—			—		(253,019		)
Dividends paid	(75,646		)	—			—			—		(75,646		)
Intercompany activities, net	46,419			(87,140		)	40,721			—		—
Net cash provided by (used in)    financing activities	(516,384		)	(88,006		)	75,298			—		(529,092		)
Net increase (decrease) in cash and    equivalents	(254,910		)	(31,692		)	(865		)	—		(287,467		)
Cash and equivalents at beginning of year	262,364			1,188,999			128,966			—		1,580,329
Cash and equivalents at end of year	$	7,454		$	1,157,307		$	128,101		$	—	$	1,292,862

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