XML 33 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Supplemental Guarantor Information
 12 Months Ended
Dec. 31, 2018
Supplemental Guarantor Information [Abstract]  
Supplemental Guarantor information pplemental 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.


CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2018
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
—

 
$
906,961

 
$
203,127

 
$
—

 
$
1,110,088

Restricted cash
—

 
22,406

 
1,206

 
—

 
23,612

Total cash, cash equivalents, and
       restricted cash
—

 
929,367

 
204,333

 
—

 
1,133,700

House and land inventory
—

 
7,157,665

 
95,688

 
—

 
7,253,353

Land held for sale
—

 
36,849

 
—

 
—

 
36,849

Residential mortgage loans available-
       for-sale
—

 
—

 
461,354

 
—

 
461,354

Investments in unconsolidated entities
—

 
54,045

 
545

 
—

 
54,590

Other assets
66,154

 
579,452

 
184,753

 
—

 
830,359

Intangible assets
—

 
127,192

 
—

 
—

 
127,192

Deferred tax assets, net
282,874

 
—

 
(7,295
)
 
—

 
275,579

Investments in subsidiaries and
       intercompany accounts, net
7,557,245

 
500,138

 
8,231,342

 
(16,288,725
)
 
—

 
$
7,906,273

 
$
9,384,708

 
$
9,170,720

 
$
(16,288,725
)
 
$
10,172,976

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
       accrued and other liabilities
$
90,158

 
$
1,598,265

 
$
278,713

 
$
—

 
$
1,967,136

Income tax liabilities
11,580

 
—

 
—

 
—

 
11,580

Financial Services debt
—

 
—

 
348,412

 
—

 
348,412

Notes payable

2,986,753

 
40,776

 
537

 
—

 
3,028,066

Total liabilities
3,088,491

 
1,639,041

 
627,662

 
—

 
5,355,194

Total shareholders’ equity
4,817,782

 
7,745,667

 
8,543,058

 
(16,288,725
)
 
4,817,782

 
$
7,906,273

 
$
9,384,708

 
$
9,170,720

 
$
(16,288,725
)
 
$
10,172,976

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)
For the year ended December 31, 2018
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
9,694,703

 
$
123,742

 
$
—

 
$
9,818,445

Land sale and other revenues
—

 
162,012

 
2,492

 
—

 
164,504

 
—

 
9,856,715

 
126,234

 
—

 
9,982,949

Financial Services
—

 
—

 
205,382

 
—

 
205,382

 
—

 
9,856,715

 
331,616

 
—

 
10,188,331

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(7,449,343
)
 
(91,594
)
 
—

 
(7,540,937
)
Land sale cost of revenues
—

 
(125,016
)
 
(1,544
)
 
—

 
(126,560
)
 
—

 
(7,574,359
)
 
(93,138
)
 
—

 
(7,667,497
)
Financial Services expenses
—

 
(563
)
 
(146,859
)
 
—

 
(147,422
)
Selling, general, and administrative
       expenses
—

 
(974,858
)
 
(37,165
)
 
—

 
(1,012,023
)
Other expense, net
(580
)
 
(53,765
)
 
40,496

 
—

 
(13,849
)
Intercompany interest
(7,835
)
 
—

 
7,835

 
—

 
—

Income (loss) before income taxes and
       equity in income (loss) of
       subsidiaries
(8,415
)
 
1,253,170

 
102,785

 
—

 
1,347,540

Income tax (expense) benefit
2,104

 
(304,218
)
 
(23,403
)
 
—

 
(325,517
)
Income (loss) before equity in income
       (loss) of subsidiaries
(6,311
)
 
948,952

 
79,382

 
—

 
1,022,023

Equity in income (loss) of subsidiaries
1,028,334

 
73,097

 
782,948

 
(1,884,379
)
 
—

Net income (loss)
1,022,023

 
1,022,049

 
862,330

 
(1,884,379
)
 
1,022,023

Other comprehensive income (loss)
100

 
—

 
—

 
—

 
100

Comprehensive income (loss)
$
1,022,123

 
$
1,022,049

 
$
862,330

 
$
(1,884,379
)
 
$
1,022,123


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

 
$
8,229,392

 
$
94,592

 
$
—

 
$
8,323,984

Land sale and other revenues
—

 
57,711

 
3,831

 
—

 
61,542

 
—

 
8,287,103

 
98,423

 
—

 
8,385,526

Financial Services
—

 
—

 
192,160

 
—

 
192,160

 
—

 
8,287,103

 
290,583

 
—

 
8,577,686

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(6,385,167
)
 
(75,985
)
 
—

 
(6,461,152
)
Land sale cost of revenues
—

 
(131,363
)
 
(3,086
)
 
—

 
(134,449
)
 
—

 
(6,516,530
)
 
(79,071
)
 
—

 
(6,595,601
)
Financial Services expenses
—

 
(527
)
 
(118,762
)
 
—

 
(119,289
)
Selling, general, and administrative
       expenses
—

 
(785,266
)
 
(106,315
)
 
—

 
(891,581
)
Other expense, net
(482
)
 
(63,050
)
 
31,145

 
—

 
(32,387
)
Intercompany interest
(2,485
)
 
—

 
2,485

 
—

 
—

Income (loss) before income taxes and
       equity in income (loss) of
       subsidiaries
(2,967
)
 
921,730

 
20,065

 
—

 
938,828

Income tax (expense) benefit
1,127

 
(483,435
)
 
(9,299
)
 
—

 
(491,607
)
Income (loss) before equity in income
       (loss) of subsidiaries
(1,840
)
 
438,295

 
10,766

 
—

 
447,221

Equity in income (loss) of subsidiaries
449,061

 
58,559

 
226,864

 
(734,484
)
 
—

Net income (loss)
447,221

 
496,854

 
237,630

 
(734,484
)
 
447,221

Other comprehensive income (loss)
81

 
—

 
—

 
—

 
81

Comprehensive income (loss)
$
447,302

 
$
496,854

 
$
237,630

 
$
(734,484
)
 
$
447,302

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

 
$
7,427,757

 
$
23,558

 
$
—

 
$
7,451,315

Land sale and other revenues
—

 
41,642

 
2,447

 
—

 
44,089

 
—

 
7,469,399

 
26,005

 
—

 
7,495,404

Financial Services
—

 
—

 
181,126

 
—

 
181,126

 
—

 
7,469,399

 
207,131

 
—

 
7,676,530

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(5,566,653
)
 
(21,321
)
 
—

 
(5,587,974
)
Land sale cost of revenues
—

 
(30,156
)
 
(1,959
)
 
—

 
(32,115
)
 
—

 
(5,596,809
)
 
(23,280
)
 
—

 
(5,620,089
)
Financial Services expenses
—

 
(533
)
 
(108,040
)
 
—

 
(108,573
)
Selling, general, and administrative
       expenses
—

 
(907,748
)
 
(49,402
)
 
—

 
(957,150
)
Other expense, net
(1,321
)
 
(77,389
)
 
21,842

 
—

 
(56,868
)
Intercompany interest
(1,980
)
 
—

 
1,980

 
—

 
—

Income (loss) before income taxes and
       equity in income (loss) of
       subsidiaries
(3,301
)
 
886,920

 
50,231

 
—

 
933,850

Income tax (expense) benefit
1,254

 
(312,486
)
 
(19,915
)
 
—

 
(331,147
)
Income (loss) before equity in income
       (loss) of subsidiaries
(2,047
)
 
574,434

 
30,316

 
—

 
602,703

Equity in income (loss) of subsidiaries
604,750

 
58,078

 
457,716

 
(1,120,544
)
 
—

Net income (loss)
602,703

 
632,512

 
488,032

 
(1,120,544
)
 
602,703

Other comprehensive income (loss)
83

 
—

 
—

 
—

 
83

Comprehensive income (loss)
$
602,786

 
$
632,512

 
$
488,032

 
$
(1,120,544
)
 
$
602,786


CONSOLIDATING STATEMENT OF CASH FLOWS
For the year ended December 31, 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
$
494,518

 
$
791,350

 
$
163,876

 
$
—

 
$
1,449,744

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(51,147
)
 
(7,892
)
 
—

 
(59,039
)
Investment in unconsolidated subsidiaries
—

 
(1,000
)
 
—

 
—

 
(1,000
)
Other investing activities, net
—

 
11,300

 
6,797

 
—

 
18,097

Net cash provided by (used in) investing
   activities
—

 
(40,847
)
 
(1,095
)
 
—

 
(41,942
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from debt, net of issuance costs
(8,164
)
 
—

 
—

 
—

 
(8,164
)
Repayments of debt
—

 
(81,758
)
 
(1,017
)
 
—

 
(82,775
)
Borrowings under revolving credit facility
1,566,000

 
—

 
—

 
—

 
1,566,000

Repayments under revolving credit facility
(1,566,000
)
 
—

 
—

 
—

 
(1,566,000
)
Financial Services borrowings
     (repayments), net
—

 
—

 
(89,393
)
 
—

 
(89,393
)
Stock option exercises
6,555

 
—

 
—

 
—

 
6,555

Share repurchases
(302,473
)
 
—

 
—

 
—

 
(302,473
)
Dividends paid
(104,020
)
 
—

 
—

 
—

 
(104,020
)
Intercompany activities, net
(86,416
)
 
102,821

 
(16,405
)
 
—

 
—

Net cash provided by (used in)
   financing activities
(494,518
)
 
21,063

 
(106,815
)
 
—

 
(580,270
)
Net increase (decrease)
—

 
771,566

 
55,966

 
—

 
827,532

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
$
—

 
$
929,367

 
$
204,333

 
$
—

 
$
1,133,700


CONSOLIDATING STATEMENT OF CASH FLOWS
For the year ended December 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
$
309,757

 
$
328,163

 
$
25,157

 
$
—

 
$
663,077

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(25,432
)
 
(6,619
)
 
—

 
(32,051
)
Investment in unconsolidated subsidiaries
—

 
(23,037
)
 
—

 
—

 
(23,037
)
Other investing activities, net
—

 
5,778

 
(932
)
 
—

 
4,846

Net cash provided by (used in) investing
   activities
—

 
(42,691
)
 
(7,551
)
 
—

 
(50,242
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from debt, net of issuance costs
—

 
—

 
—

 
—

 
—

Repayments of debt
(123,000
)
 
(10,301
)
 
(1,446
)
 
—

 
(134,747
)
Borrowings under revolving credit facility
2,720,000

 
—

 
—

 
—

 
2,720,000

Repayments under revolving credit facility
(2,720,000
)
 
—

 
—

 
—

 
(2,720,000
)
Financial Services borrowings
     (repayments), net
—

 
—

 
106,183

 
—

 
106,183

Stock option exercises
27,720

 
—

 
—

 
—

 
27,720

Share repurchases
(916,323
)
 
—

 
—

 
—

 
(916,323
)
Dividends paid
(112,748
)
 
—

 
—

 
—

 
(112,748
)
Intercompany activities, net
814,594

 
(728,555
)
 
(86,039
)
 
—

 
—

Net cash provided by (used in)
   financing activities
(309,757
)
 
(738,856
)
 
18,698

 
—

 
(1,029,915
)
Net increase (decrease)
—

 
(453,384
)
 
36,304

 
—

 
(417,080
)
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
$
—

 
$
157,801

 
$
148,367

 
$
—

 
$
306,168

CONSOLIDATING STATEMENT OF CASH FLOWS
For the year ended December 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
$
256,722

 
$
(102,054
)
 
$
(86,398
)
 
$
—

 
$
68,270

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(36,297
)
 
(2,998
)
 
—

 
(39,295
)
Investment in unconsolidated subsidiaries
—

 
(14,539
)
 
—

 
—

 
(14,539
)
Cash used for business acquisitions
—

 
(430,458
)
 
—

 
—

 
(430,458
)
Other investing activities, net
—

 
11,189

 
1,911

 
—

 
13,100

Net cash provided by (used in)
   investing activities
—

 
(470,105
)
 
(1,087
)
 
—

 
(471,192
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowings (repayments)
—

 
—

 
63,744

 
—

 
63,744

Proceeds from debt, net of issuance costs
1,991,937

 
4,000

 
—

 
—

 
1,995,937

Repayments of debt
(965,245
)
 
(21,235
)
 
(439
)
 
—

 
(986,919
)
Borrowings under revolving credit facility
619,000

 
—

 
—

 
—

 
619,000

Repayments under revolving credit facility
(619,000
)
 
—

 
—

 
—

 
(619,000
)
Stock option exercises
5,845

 
—

 
—

 
—

 
5,845

Share repurchases
(603,206
)
 
—

 
—

 
—

 
(603,206
)
Dividends paid
(124,666
)
 
—

 
—

 
—

 
(124,666
)
Intercompany activities, net
(561,387
)
 
541,703

 
19,684

 
—

 
—

Net cash provided by (used in)
   financing activities
(256,722
)
 
524,468

 
82,989

 
—

 
350,735

Net increase (decrease)
—

 
(47,691
)
 
(4,496
)
 
—

 
(52,187
)
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
$
—

 
$
611,185

 
$
112,063

 
$
—

 
$
723,248