Supplemental Guarantor Information (Tables)

9 Months Ended

Sep. 30, 2018

Supplemental Guarantor Information [Abstract]

Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEET

SEPTEMBER 30, 2018

($000’s omitted)

	Unconsolidated							Eliminating Entries			Consolidated PulteGroup, Inc.
	PulteGroup, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries
ASSETS
Cash and equivalents	$	—	$	674,271	$	54,360		$	—		$	728,631
Restricted cash	—		28,996		1,385			—			30,381
Total cash, cash equivalents, and restricted cash	—		703,267		55,745			—			759,012
House and land inventory	—		7,392,748		96,706			—			7,489,454
Land held for sale	—		65,905		—			—			65,905
Residential mortgage loans available- for-sale	—		—		349,784			—			349,784
Investments in unconsolidated entities	—		53,732		546			—			54,278
Other assets	24,202		601,877		171,897			—			797,976
Intangible assets			130,642		—			—			130,642
Deferred tax assets, net	415,836		—		(7,807		)	—			408,029
Investments in subsidiaries and intercompany accounts, net	7,354,045		314,402		8,185,180			(15,853,627		)	—
	$	7,794,083	$	9,262,573	$	8,852,051		$	(15,853,627	)	$	10,055,080
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	$	68,081	$	1,746,660	$	244,986		$	—		$	2,059,727
Income tax liabilities	10,324		—		—			—			10,324
Financial Services debt	—		—		250,733			—			250,733
Notes payable	2,986,800		17,962		656			—			3,005,418
Total liabilities	3,065,205		1,764,622		496,375			—			5,326,202
Total shareholders’ equity	4,728,878		7,497,951		8,355,676			(15,853,627		)	4,728,878
	$	7,794,083	$	9,262,573	$	8,852,051		$	(15,853,627	)	$	10,055,080

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2017

($000’s omitted)

	Unconsolidated							Eliminating Entries			Consolidated PulteGroup, Inc.
	PulteGroup, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries
ASSETS
Cash and equivalents	$	—	$	125,462	$	147,221		$	—		$	272,683
Restricted cash	—		32,339		1,146			—			33,485
Total cash, cash equivalents, and restricted cash	—		157,801		148,367			—			306,168
House and land inventory	—		7,053,087		94,043			—			7,147,130
Land held for sale	—		68,384		—			—			68,384
Residential mortgage loans available- for-sale	—		—		570,600			—			570,600
Investments in unconsolidated entities	—		62,415		542			—			62,957
Other assets	9,417		592,045		143,661			—			745,123
Intangible assets	—		140,992		—			—			140,992
Deferred tax assets, net	646,227		—		(932		)	—			645,295
Investments in subsidiaries and intercompany accounts, net	6,661,638		284,983		7,300,127			(14,246,748		)	—
	$	7,317,282	$	8,359,707	$	8,256,408		$	(14,246,748	)	$	9,686,649
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	$	89,388	$	1,636,913	$	274,626		$	—		$	2,000,927
Income tax liabilities	86,925		—		—			—			86,925
Financial Services debt	—		—		437,804			—			437,804
Notes payable	2,986,943		16,911		3,113			—			3,006,967
Total liabilities	3,163,256		1,653,824		715,543			—			5,532,623
Total shareholders’ equity	4,154,026		6,705,883		7,540,865			(14,246,748		)	4,154,026
	$	7,317,282	$	8,359,707	$	8,256,408		$	(14,246,748	)	$	9,686,649

Consolidating Statement of Operations and Comprehensive Income (Loss)

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the three months ended September 30, 2018

($000’s omitted)

	Unconsolidated												Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—		$	2,535,930		$	36,306		$	—		$	2,572,236
Land sale and other revenues	—			25,266			244			—			25,510
	—			2,561,196			36,550			—			2,597,746
Financial Services	—			—			51,620			—			51,620
	—			2,561,196			88,170			—			2,649,366
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			(1,928,365		)	(25,795		)	—			(1,954,160		)
Land sale cost of revenues	—			(22,060		)				—			(22,060		)
	—			(1,950,425		)	(25,795		)	—			(1,976,220		)
Financial Services expenses	—			(130		)	(32,083		)	—			(32,213		)
Selling, general, and administrative expenses	—			(245,776		)	(6,981		)	—			(252,757		)
Other income (expense), net	(120		)	(12,398		)	9,030			—			(3,488		)
Intercompany interest	(2,158		)				2,158			—			—
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(2,278		)	352,467			34,499			—			384,688
Income tax (expense) benefit	609			(88,368		)	(7,394		)	—			(95,153		)
Income (loss) before equity in income (loss) of subsidiaries	(1,669		)	264,099			27,105			—			289,535
Equity in income (loss) of subsidiaries	291,204			25,094			190,161			(506,459		)	—
Net income (loss)	289,535			289,193			217,266			(506,459		)	289,535
Other comprehensive income	25			—			—			—			25
Comprehensive income (loss)	$	289,560		$	289,193		$	217,266		$	(506,459	)	$	289,560

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the three months ended September 30, 2017

($000’s omitted)

	Unconsolidated												Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—		$	2,032,391		$	23,500		$	—		$	2,055,891
Land sale and other revenues	—			27,954			261			—			28,215
	—			2,060,345			23,761			—			2,084,106
Financial Services	—			—			46,952			—			46,952
	—			2,060,345			70,713			—			2,131,058
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			(1,545,712		)	(18,893		)	—			(1,564,605		)
Land sale cost of revenues	—			(24,896		)	(227		)	—			(25,123		)
	—			(1,570,608		)	(19,120		)	—			(1,589,728		)
Financial Services expenses	—			(121		)	(29,183		)	—			(29,304		)
Selling, general, and administrative expenses	—			(225,845		)	(11,650		)	—			(237,495		)
Other income (expense), net	(96		)	(12,670		)	6,484			—			(6,282		)
Intercompany interest	(756		)	—			756			—			—
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(852		)	251,101			18,000			—			268,249
Income tax (expense) benefit	945			(84,666		)	(6,989		)	—			(90,710		)
Income before equity in income of subsidiaries	93			166,435			11,011			—			177,539
Equity in income (loss) of subsidiaries	177,446			18,040			114,564			(310,050		)	—
Net income (loss)	177,539			184,475			125,575			(310,050		)	177,539
Other comprehensive income	20			—			—			—			20
Comprehensive income (loss)	$	177,559		$	184,475		$	125,575		$	(310,050	)	$	177,559

Consolidating Statement Of Cash Flows

CONSOLIDATING STATEMENT OF CASH FLOWS

For the nine months ended September 30, 2018

($000’s omitted)

	Unconsolidated											Consolidated PulteGroup, Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Net cash provided by (used in) operating activities	$	347,335		$	389,110		$	278,535		$	—	$	1,014,980
Cash flows from investing activities:
Capital expenditures	—			(40,483		)	(6,046		)	—		(46,529		)
Investments in unconsolidated entities	—			(1,000		)	—			—		(1,000		)
Other investing activities, net				11,299			4,246			—		15,545
Net cash provided by (used in) investing activities	—			(30,184		)	(1,800		)	—		(31,984		)
Cash flows from financing activities:
Financial Services borrowing (repayments), net				—			(187,071		)	—		(187,071		)
Repayments of debt	—			(81,757		)	(898		)	—		(82,655		)
Borrowings under revolving credit facility	1,566,000			—			—			—		1,566,000
Repayments under revolving credit facility	(1,566,000		)	—			—			—		(1,566,000		)
Debt issuance costs	(8,165		)	—			—			—		(8,165		)
Stock option exercises	5,462			—			—			—		5,462
Share repurchases	(179,439		)	—			—			—		(179,439		)
Dividends paid	(78,284		)	—			—			—		(78,284		)
Intercompany activities, net	(86,909		)	268,297			(181,388		)	—		—
Net cash provided by (used in) financing activities	(347,335		)	186,540			(369,357		)	—		(530,152		)
Net increase (decrease) in cash, cash equivalents, and restricted cash	—			545,466			(92,622		)	—		452,844
Cash, cash equivalents, and restricted cash at beginning of year	—			157,801			148,367			—		306,168
Cash, cash equivalents, and restricted cash at end of year	$	—		$	703,267		$	55,745		$	—	$	759,012

CONSOLIDATING STATEMENT OF CASH FLOWS

For the nine months ended September 30, 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	$	58,575		$	43,042		$	150,862		$	—	$	252,479
Cash flows from investing activities:
Capital expenditures	—			(19,693		)	(3,855		)	—		(23,548		)
Investments in unconsolidated entities	—			(22,007		)	—			—		(22,007		)
Other investing activities, net	—			5,728			60			—		5,788
Net cash provided by (used in) investing activities	—			(35,972		)	(3,795		)	—		(39,767		)
Cash flows from financing activities:
Financial Services borrowings (repayments), net	—			—			(85,797		)	—		(85,797		)
Repayments of debt	—			(6,031		)	(970		)	—		(7,001		)
Borrowings under revolving credit facility	971,000			—			—			—		971,000
Repayments under revolving credit facility	(888,000		)	—			—			—		(888,000		)
Stock option exercises	22,765			—			—			—		22,765
Share repurchases	(665,812		)	—			—			—		(665,812		)
Dividends paid	(86,018		)	—			—			—		(86,018		)
Intercompany activities, net	587,490			(470,052		)	(117,438		)	—		—
Net cash provided by (used in) financing activities	(58,575		)	(476,083		)	(204,205		)	—		(738,863		)
Net increase decrease in cash, cash equivalents, and restricted cash	—			(469,013		)	(57,138		)	—		(526,151		)
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	$	—		$	142,172		$	54,925		$	—	$	197,097