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Supplemental Guarantor Information
 3 Months Ended
Mar. 31, 2017
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 certain of our wholly-owned Homebuilding subsidiaries and certain other wholly-owned subsidiaries (collectively, the “Guarantors”). Such guaranties are full and unconditional. Our subsidiaries comprising the Financial Services segment along with certain other subsidiaries (collectively, the "Non-Guarantor Subsidiaries") do not guarantee the senior notes. In accordance with Rule 3-10 of Regulation S-X, 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.


 CONDENSED CONSOLIDATING BALANCE SHEET
MARCH 31, 2017
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
—

 
$
327,047

 
$
70,711

 
$
—

 
$
397,758

Restricted cash
—

 
25,055

 
1,050

 
—

 
26,105

Total cash, cash equivalents, and
restricted cash
—

 
352,102

 
71,761

 
—

 
423,863

House and land inventory
—

 
6,955,235

 
73,100

 
—

 
7,028,335

Land held for sale
—

 
48,053

 
510

 
—

 
48,563

Residential mortgage loans available-
for-sale
—

 
—

 
345,379

 
—

 
345,379

Investments in unconsolidated entities
112

 
59,803

 
5,378

 
—

 
65,293

Other assets
11,509

 
697,869

 
120,247

 
—

 
829,625

Intangible assets
—

 
151,342

 
—

 
—

 
151,342

Deferred tax assets, net
1,030,351

 
—

 
(1,937
)
 
—

 
1,028,414

Investments in subsidiaries and
intercompany accounts, net
6,849,655

 
(331,013
)
 
6,991,618

 
(13,510,260
)
 
—

 
$
7,891,627

 
$
7,933,391

 
$
7,606,056

 
$
(13,510,260
)
 
$
9,920,814

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
accrued and other liabilities
$
79,537

 
$
1,703,179

 
$
185,627

 
$
—

 
$
1,968,343

Income tax liabilities
41,941

 
—

 
—

 
—

 
41,941

Financial Services debt
—

 
—

 
140,381

 
—

 
140,381

Senior notes
3,110,004

 
—

 
—

 
—

 
3,110,004

Total liabilities
3,231,482

 
1,703,179

 
326,008

 
—

 
5,260,669

Total shareholders’ equity
4,660,145

 
6,230,212

 
7,280,048

 
(13,510,260
)
 
4,660,145

 
$
7,891,627

 
$
7,933,391

 
$
7,606,056

 
$
(13,510,260
)
 
$
9,920,814


CONDENSED CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2016
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
—

 
$
588,353

 
$
110,529

 
$
—

 
$
698,882

Restricted cash
—

 
22,832

 
1,534

 
—

 
24,366

Total cash, cash equivalents, and
restricted cash
—

 
611,185

 
112,063

 
—

 
723,248

House and land inventory
—

 
6,707,392

 
63,263

 
—

 
6,770,655

Land held for sale
—

 
31,218

 
510

 
—

 
31,728

Residential mortgage loans available-
for-sale
—

 
—

 
539,496

 
—

 
539,496

Investments in unconsolidated entities
105

 
46,248

 
5,094

 
—

 
51,447

Other assets
12,364

 
716,923

 
128,139

 
—

 
857,426

Intangible assets
—

 
154,792

 
—

 
—

 
154,792

Deferred tax assets, net
1,051,351

 
—

 
(1,943
)
 
—

 
1,049,408

Investments in subsidiaries and
intercompany accounts, net
6,835,075

 
(376,748
)
 
6,845,781

 
(13,304,108
)
 
—

 
$
7,898,895

 
$
7,891,010

 
$
7,692,403

 
$
(13,304,108
)
 
$
10,178,200

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
accrued and other liabilities
$
94,656

 
$
1,755,756

 
$
191,928

 
$
—

 
$
2,042,340

Income tax liabilities
34,860

 
—

 
—

 
—

 
34,860

Financial Services debt
—

 
—

 
331,621

 
—

 
331,621

Senior notes
3,110,016

 
—

 
—

 
—

 
3,110,016

Total liabilities
3,239,532

 
1,755,756

 
523,549

 
—

 
5,518,837

Total shareholders’ equity
4,659,363

 
6,135,254

 
7,168,854

 
(13,304,108
)
 
4,659,363

 
$
7,898,895

 
$
7,891,010

 
$
7,692,403

 
$
(13,304,108
)
 
$
10,178,200



CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the three months ended March 31, 2017
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
1,576,645

 
$
8,776

 
$
—

 
$
1,585,421

Land sale revenues
—

 
867

 
773

 
—

 
1,640

 
—

 
1,577,512

 
9,549

 
—

 
1,587,061

Financial Services
—

 
—

 
41,767

 
—

 
41,767

 
—

 
1,577,512

 
51,316

 
—

 
1,628,828

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(1,209,640
)
 
(8,038
)
 
—

 
(1,217,678
)
Land sale cost of revenues
—

 
(2,595
)
 
(633
)
 
—

 
(3,228
)
 
—

 
(1,212,235
)
 
(8,671
)
 
—

 
(1,220,906
)
Financial Services expenses
—

 
(139
)
 
(28,228
)
 
—

 
(28,367
)
Selling, general, and administrative
expenses
—

 
(217,975
)
 
(18,293
)
 
—

 
(236,268
)
Other expense, net
(130
)
 
(11,843
)
 
7,951

 
—

 
(4,022
)
Intercompany interest
(335
)
 
—

 
335

 
—

 
—

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(465
)
 
135,320

 
4,410

 
—

 
139,265

Income tax (expense) benefit
177

 
(45,925
)
 
(1,999
)
 
—

 
(47,747
)
Income (loss) before equity in income
(loss) of subsidiaries
(288
)
 
89,395

 
2,411

 
—

 
91,518

Equity in income (loss) of subsidiaries
91,806

 
7,253

 
37,309

 
(136,368
)
 
—

Net income (loss)
91,518

 
96,648

 
39,720

 
(136,368
)
 
91,518

Other comprehensive income
21

 
—

 
—

 
—

 
21

Comprehensive income (loss)
$
91,539

 
$
96,648

 
$
39,720

 
$
(136,368
)
 
$
91,539


CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the three months ended March 31, 2016
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
1,393,259

 
$
984

 
$
—

 
$
1,394,243

Land sale revenues
—

 
2,010

 
477

 
—

 
2,487

 
—

 
1,395,269

 
1,461

 
—

 
1,396,730

Financial Services
—

 
—

 
35,848

 
—

 
35,848

 
—

 
1,395,269

 
37,309

 
—

 
1,432,578

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(1,035,864
)
 
(2,164
)
 
—

 
(1,038,028
)
Land sale cost of revenues
—

 
(1,643
)
 
(385
)
 
—

 
(2,028
)
 
—

 
(1,037,507
)
 
(2,549
)
 
—

 
(1,040,056
)
Financial Services expenses
—

 
(123
)
 
(25,996
)
 
—

 
(26,119
)
Selling, general, and administrative
expenses
—

 
(238,882
)
 
(3,434
)
 
—

 
(242,316
)
Other expense, net
(170
)
 
(9,676
)
 
3,972

 
—

 
(5,874
)
Intercompany interest
(510
)
 
(2,184
)
 
2,694

 
—

 
—

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(680
)
 
106,897

 
11,996

 
—

 
118,213

Income tax (expense) benefit
263

 
(30,568
)
 
(4,608
)
 
—

 
(34,913
)
Income (loss) before equity in income
(loss) of subsidiaries
(417
)
 
76,329

 
7,388

 
—

 
83,300

Equity in income (loss) of subsidiaries
83,717

 
7,010

 
111,918

 
(202,645
)
 
—

Net income (loss)
83,300

 
83,339

 
119,306

 
(202,645
)
 
83,300

Other comprehensive income
21

 
—

 
—

 
—

 
21

Comprehensive income (loss)
$
83,321

 
$
83,339

 
$
119,306

 
$
(202,645
)
 
$
83,321





















CONSOLIDATING STATEMENT OF CASH FLOWS
For the three months ended March 31, 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
$
(141,566
)
 
$
(8,041
)
 
$
189,410

 
$
—

 
$
39,803

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(8,442
)
 
(1,554
)
 
—

 
(9,996
)
Investment in unconsolidated subsidiaries
—

 
(14,802
)
 
—

 
—

 
(14,802
)
Other investing activities, net
—

 
2

 
1,421

 
—

 
1,423

Net cash provided by (used in)
investing activities
—

 
(23,242
)
 
(133
)
 
—

 
(23,375
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowings (repayments)
—

 
—

 
(191,240
)
 
—

 
(191,240
)
Proceeds from debt issuance
—

 
—

 
—

 
—

 
—

Repayments of debt
—

 
(741
)
 
(326
)
 
—

 
(1,067
)
Borrowings under revolving credit facility
—

 
—

 
—

 
—

 
—

Repayments under revolving credit facility
—

 
—

 
—

 
—

 
—

Stock option exercises
11,118

 
—

 
—

 
—

 
11,118

Share repurchases
(105,522
)
 
—

 
—

 
—

 
(105,522
)
Dividends paid
(29,102
)
 
—

 
—

 
—

 
(29,102
)
Intercompany activities, net
265,072

 
(227,059
)
 
(38,013
)
 
—

 
—

Net cash provided by (used in)
financing activities
141,566

 
(227,800
)
 
(229,579
)
 
—

 
(315,813
)
Net increase (decrease)
—

 
(259,083
)
 
(40,302
)
 
—

 
(299,385
)
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
$
—

 
$
352,102

 
$
71,761

 
$
—

 
$
423,863



CONSOLIDATING STATEMENT OF CASH FLOWS
For the three months ended March 31, 2016
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Net cash provided by (used in)
operating activities
$
41,058

 
$
(254,849
)
 
$
150,874

 
$
—

 
$
(62,917
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(8,918
)
 
(542
)
 
—

 
(9,460
)
Cash used for business acquisition
—

 
(430,011
)
 
—

 
—

 
(430,011
)
Investment in unconsolidated subsidiaries
(3
)
 
(13,531
)
 
—

 
—

 
(13,534
)
Other investing activities, net
—

 
800

 
453

 
—

 
1,253

Net cash provided by (used in) investing
activities
(3
)
 
(451,660
)
 
(89
)
 
—

 
(451,752
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowings (repayments)
—

 
—

 
(149,263
)
 
—

 
(149,263
)
Proceeds from debt issuance
991,575

 
—

 
—

 
—

 
991,575

Repayments of debt
—

 
(702
)
 
—

 
—

 
(702
)
Borrowings under revolving credit facility
220,000

 
—

 
—

 
—

 
220,000

Repayments under revolving credit facility
(220,000
)
 
—

 
—

 
—

 
(220,000
)
Stock option exercises
52

 
—

 
—

 
—

 
52

Share repurchases
(52,745
)
 
—

 
—

 
—

 
(52,745
)
Dividends paid
(31,568
)
 
—

 
—

 
—

 
(31,568
)
Intercompany activities, net
(948,369
)
 
1,007,002

 
(58,633
)
 
—

 
—

Net cash provided by (used in)
financing activities
(41,055
)
 
1,006,300

 
(207,896
)
 
—

 
757,349

Net increase (decrease)
—

 
299,791

 
(57,111
)
 
—

 
242,680

Cash, cash equivalents, and restricted cash
at beginning of year
—

 
658,876

 
116,559

 
—

 
775,435

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

 
$
958,667

 
$
59,448

 
$
—

 
$
1,018,115