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Supplemental Guarantor Information
 3 Months Ended
Mar. 31, 2019
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, 2019
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
—


$
1,009,042


$
46,415


$
—


$
1,055,457

Restricted cash
—


24,117


1,379


—


25,496

Total cash, cash equivalents, and
restricted cash
—


1,033,159


47,794


—


1,080,953

House and land inventory
—


7,423,308


83,235


—


7,506,543

Land held for sale
—


38,525


906


—


39,431

Residential mortgage loans available-
for-sale
—


—


326,995


—


326,995

Investments in unconsolidated entities
—


55,509


216


—


55,725

Other assets
15,985


642,824


164,257


—


823,066

Intangible assets
—


123,742


—


—


123,742

Deferred tax assets, net
258,311


—


(7,430
)

—


250,881

Investments in subsidiaries and
intercompany accounts, net
7,736,546


328,963


8,686,446


(16,751,955
)

—


$
8,010,842


$
9,646,030


$
9,302,419


$
(16,751,955
)

$
10,207,336

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
accrued and other liabilities
$
72,590


$
1,688,847


$
247,800


$
—


$
2,009,237

Income tax liabilities
18,108


—


—


—


18,108

Financial Services debt
—


—


222,139


—


222,139

Notes payable
2,986,705


37,708


—


—


3,024,413

Total liabilities
3,077,403


1,726,555


469,939


—


5,273,897

Total shareholders’ equity
4,933,439


7,919,475


8,832,480


(16,751,955
)

4,933,439


$
8,010,842


$
9,646,030


$
9,302,419


$
(16,751,955
)

$
10,207,336


CONDENSED 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 STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the three months ended March 31, 2019
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
1,907,808

 
$
42,048

 
$
—

 
$
1,949,856

Land sale and other revenues
—

 
2,325

 
650

 
—

 
2,975

 
—

 
1,910,133

 
42,698

 
—

 
1,952,831

Financial Services
—

 
—

 
43,862

 
—

 
43,862

 
—

 
1,910,133

 
86,560

 
—

 
1,996,693

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(1,460,895
)
 
(31,896
)
 
—

 
(1,492,791
)
Land sale cost of revenues
—

 
(944
)
 
(1,106
)
 
—

 
(2,050
)
 
—

 
(1,461,839
)
 
(33,002
)
 
—

 
(1,494,841
)
Financial Services expenses
—

 
(132
)
 
(31,317
)
 
—

 
(31,449
)
Selling, general, and administrative
expenses
—

 
(234,118
)
 
(18,609
)
 
—

 
(252,727
)
Other income (expense), net
(122
)
 
(4,986
)
 
4,135

 
—

 
(973
)
Intercompany interest
(1,996
)
 
—

 
1,996

 
—

 
—

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(2,118
)
 
209,058

 
9,763

 
—

 
216,703

Income tax (expense) benefit
508

 
(47,650
)
 
(2,804
)
 


 
(49,946
)
Income (loss) before equity in income
(loss) of subsidiaries
(1,610
)
 
161,408

 
6,959

 
—

 
166,757

Equity in income (loss) of subsidiaries
168,367

 
18,304

 
113,696

 
(300,367
)
 
—

Net income (loss)
166,757

 
179,712

 
120,655

 
(300,367
)
 
166,757

Other comprehensive income
25

 
—

 
—

 
—

 
25

Comprehensive income (loss)
$
166,782

 
$
179,712

 
$
120,655

 
$
(300,367
)
 
$
166,782


CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the three months ended March 31, 2018
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
1,885,431

 
$
26,167

 
$
—

 
$
1,911,598

Land sale and other revenues
—

 
11,558

 
999

 
—

 
12,557

 
—

 
1,896,989

 
27,166

 
—

 
1,924,155

Financial Services
—

 
—

 
45,938

 
—

 
45,938

 
—

 
1,896,989

 
73,104

 
—

 
1,970,093

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(1,438,347
)
 
(21,593
)
 
—

 
(1,459,940
)
Land sale cost of revenues
—

 
(10,830
)
 
(718
)
 
—

 
(11,548
)
 
—

 
(1,449,177
)
 
(22,311
)
 
—

 
(1,471,488
)
Financial Services expenses
—

 
(142
)
 
(32,071
)
 
—

 
(32,213
)
Selling, general, and administrative
expenses
—

 
(231,418
)
 
(9,475
)
 
—

 
(240,893
)
Other income (expense), net
(142
)
 
(7,601
)
 
6,435

 
—

 
(1,308
)
Intercompany interest
(1,468
)
 
—

 
1,468

 
—

 
—

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(1,610
)
 
208,651

 
17,150

 
—

 
224,191

Income tax (expense) benefit
387

 
(49,531
)
 
(4,296
)
 
—

 
(53,440
)
Income before equity in income
of subsidiaries
(1,223
)
 
159,120

 
12,854

 
—

 
170,751

Equity in income (loss) of subsidiaries
171,974

 
12,564

 
110,671

 
(295,209
)
 
—

Net income (loss)
170,751

 
171,684

 
123,525

 
(295,209
)
 
170,751

Other comprehensive income
21

 
—

 
—

 
—

 
21

Comprehensive income (loss)
$
170,772

 
$
171,684

 
$
123,525

 
$
(295,209
)
 
$
170,772


















CONSOLIDATING STATEMENT OF CASH FLOWS
For the three months ended March 31, 2019
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Net cash provided by (used in)
operating activities
$
27,743

 
$
(14,838
)
 
$
146,004

 
$
—

 
$
158,909

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(13,216
)
 
(2,854
)
 
—

 
(16,070
)
Investments in unconsolidated entities
—

 
(1,183
)
 
(106
)
 
—

 
(1,289
)
Other investing activities, net
—

 
190

 
101

 
—

 
291

Net cash provided by (used in)
investing activities
—

 
(14,209
)
 
(2,859
)
 
—

 
(17,068
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowing (repayments), net
—

 
—

 
(126,273
)
 
—

 
(126,273
)
Repayments of debt
—

 
(3,068
)
 
(537
)
 
—

 
(3,605
)
Borrowings under revolving credit facility
—

 
—

 
—

 
—

 
—

Repayments under revolving credit facility
—

 
—

 
—

 
—

 
—

Debt issuance costs

 

 

 

 
—

Stock option exercises
1,445

 
—

 
—

 
—

 
1,445

Share repurchases
(35,353
)
 
—

 
—

 


 
(35,353
)
Dividends paid
(30,802
)
 
—

 
—

 
—

 
(30,802
)
Intercompany activities, net
36,967

 
135,907

 
(172,874
)
 


 
—

Net cash provided by (used in)
financing activities
(27,743
)
 
132,839

 
(299,684
)
 
—

 
(194,588
)
Net increase (decrease) in cash, cash equivalents, and restricted cash
—

 
103,792

 
(156,539
)
 
—

 
(52,747
)
Cash, cash equivalents, and restricted cash
at beginning of year
—

 
929,367

 
204,333

 
—

 
1,133,700

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

 
$
1,033,159

 
$
47,794

 
$
—

 
$
1,080,953



CONSOLIDATING STATEMENT OF CASH FLOWS
For the three months ended March 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
$
310,937

 
$
(340,357
)
 
$
198,433

 
$
—

 
$
169,013

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(13,537
)
 
(1,891
)
 
—

 
(15,428
)
Investments in unconsolidated entities
—

 
(1,000
)
 
—

 
—

 
(1,000
)
Other investing activities, net
—

 
—

 
452

 
—

 
452

Net cash provided by (used in)
investing activities
—

 
(14,537
)
 
(1,439
)
 
—

 
(15,976
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowings (repayments), net
—

 
—

 
(190,852
)
 
—

 
(190,852
)
Repayments of debt
—

 
—

 
(451
)
 
—

 
(451
)
Borrowings under revolving credit facility
768,000

 
—

 
—

 
—

 
768,000

Repayments under revolving credit facility
(768,000
)
 
—

 
—

 
—

 
(768,000
)
Stock option exercises
2,723

 
—

 
—

 
—

 
2,723

Share repurchases
(59,491
)
 
—

 
—

 
—

 
(59,491
)
Dividends paid
(26,347
)
 
—

 
—

 
—

 
(26,347
)
Intercompany activities, net
(227,822
)
 
332,689

 
(104,867
)
 
—

 
—

Net cash provided by (used in)
financing activities
(310,937
)
 
332,689

 
(296,170
)
 
—

 
(274,418
)
Net increase (decrease) in cash, cash equivalents, and restricted cash
—

 
(22,205
)
 
(99,176
)
 
—

 
(121,381
)
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
$
—

 
$
135,596

 
$
49,191

 
$
—

 
$
184,787