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Supplemental Guarantor Information (Tables)
 3 Months Ended
Mar. 31, 2017
Supplemental Guarantor Information [Abstract]  
Consolidating Balance Sheet
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 (Loss)
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
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