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Supplemental Guarantor Information
 6 Months Ended
Jun. 30, 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
JUNE 30, 2019
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
—


$
581,854


$
49,455


$
—


$
631,309

Restricted cash
—


26,295


1,670


—


27,965

Total cash, cash equivalents, and
restricted cash
—


608,149


51,125


—


659,274

House and land inventory
—


7,698,117


104,375


—


7,802,492

Land held for sale
—


37,724


494


—


38,218

Residential mortgage loans available-
for-sale
—


—


343,732


—


343,732

Investments in unconsolidated entities
—


57,731


515


—


58,246

Other assets
15,784


634,504


186,991


—


837,279

Intangible assets
—


132,192


—


—


132,192

Deferred tax assets, net
231,776


—


(7,672
)

—


224,104

Investments in subsidiaries and
intercompany accounts, net
7,647,090


692,620


8,843,660


(17,183,370
)

—


$
7,894,650


$
9,861,037


$
9,523,220


$
(17,183,370
)

$
10,095,537

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
accrued and other liabilities
$
85,543


$
1,670,498


$
267,265


$
—


$
2,023,306

Income tax liabilities
27,913


—


—


—


27,913

Financial Services debt
—


—


234,186


—


234,186

Notes payable
2,711,387


28,938


—


—


2,740,325

Total liabilities
2,824,843


1,699,436


501,451


—


5,025,730

Total shareholders’ equity
5,069,807


8,161,601


9,021,769


(17,183,370
)

5,069,807


$
7,894,650


$
9,861,037


$
9,523,220


$
(17,183,370
)

$
10,095,537


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 June 30, 2019
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
2,359,210

 
$
44,349

 
$
—

 
$
2,403,559

Land sale and other revenues
—

 
29,459

 
10

 
—

 
29,469

 
—

 
2,388,669

 
44,359

 
—

 
2,433,028

Financial Services
—

 
—

 
55,957

 
—

 
55,957

 
—

 
2,388,669

 
100,316

 
—

 
2,488,985

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(1,814,701
)
 
(33,454
)
 
—

 
(1,848,155
)
Land sale cost of revenues
—

 
(26,214
)
 
—

 
—

 
(26,214
)
 
—

 
(1,840,915
)
 
(33,454
)
 
—

 
(1,874,369
)
Financial Services expenses
—

 
(125
)
 
(30,776
)
 
—

 
(30,901
)
Selling, general, and administrative
expenses
—

 
(245,272
)
 
(14,168
)
 
—

 
(259,440
)
Other income (expense), net
(4,966
)
 
(9,276
)
 
10,743

 
—

 
(3,499
)
Intercompany interest
(2,254
)
 
—

 
2,254

 
—

 
—

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(7,220
)
 
293,081

 
34,915

 
—

 
320,776

Income tax (expense) benefit
1,733

 
(72,598
)
 
(8,870
)
 
—

 
(79,735
)
Income (loss) before equity in income
(loss) of subsidiaries
(5,487
)
 
220,483

 
26,045

 
—

 
241,041

Equity in income (loss) of subsidiaries
246,528

 
24,504

 
162,404

 
(433,436
)
 
—

Net income (loss)
241,041

 
244,987

 
188,449

 
(433,436
)
 
241,041

Other comprehensive income
25

 
—

 
—

 
—

 
25

Comprehensive income (loss)
$
241,066

 
$
244,987

 
$
188,449

 
$
(433,436
)
 
$
241,066


CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the three months ended June 30, 2018
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
2,421,643

 
$
28,411

 
$
—

 
$
2,450,054

Land sale and other revenues
—

 
66,418

 
486

 
—

 
66,904

 
—

 
2,488,061

 
28,897

 
—

 
2,516,958

Financial Services
—

 
—

 
52,764

 
—

 
52,764

 
—

 
2,488,061

 
81,661

 
—

 
2,569,722

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(1,840,487
)
 
(21,646
)
 
—

 
(1,862,133
)
Land sale cost of revenues
—

 
(37,884
)
 
(299
)
 
—

 
(38,183
)
 
—

 
(1,878,371
)
 
(21,945
)
 
—

 
(1,900,316
)
Financial Services expenses
—

 
(133
)
 
(32,091
)
 
—

 
(32,224
)
Selling, general, and administrative
expenses
—

 
(221,590
)
 
(4,466
)
 
—

 
(226,056
)
Other income (expense), net
(196
)
 
(13,436
)
 
11,676

 
—

 
(1,956
)
Intercompany interest
(2,085
)
 
—

 
2,085

 
—

 
—

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(2,281
)
 
374,531

 
36,920

 
—

 
409,170

Income tax (expense) benefit
547

 
(75,977
)
 
(9,651
)
 
—

 
(85,081
)
Income (loss) before equity in income
(loss) of subsidiaries
(1,734
)
 
298,554

 
27,269

 
—

 
324,089

Equity in income (loss) of subsidiaries
325,823

 
24,504

 
258,352

 
(608,679
)
 
—

Net income (loss)
324,089

 
323,058

 
285,621

 
(608,679
)
 
324,089

Other comprehensive income
30

 
—

 
—

 
—

 
30

Comprehensive income (loss)
$
324,119

 
$
323,058

 
$
285,621

 
$
(608,679
)
 
$
324,119









CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the six months ended June 30, 2019
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
4,267,018

 
$
86,397

 
$
—

 
$
4,353,415

Land sale revenues
—

 
31,785

 
660

 
—

 
32,445

 
—

 
4,298,803

 
87,057

 
—

 
4,385,860

Financial Services
—

 
—

 
99,819

 
—

 
99,819

 
—

 
4,298,803

 
186,876

 
—

 
4,485,679

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(3,275,596
)
 
(65,350
)
 
—

 
(3,340,946
)
Land sale cost of revenues
—

 
(27,159
)
 
(1,106
)
 
—

 
(28,265
)
 
—

 
(3,302,755
)
 
(66,456
)
 
—

 
(3,369,211
)
Financial Services expenses
—

 
(257
)
 
(62,093
)
 
—

 
(62,350
)
Selling, general, and administrative
expenses
—

 
(479,388
)
 
(32,778
)
 
—

 
(512,166
)
Other expense, net
(5,087
)
 
(14,264
)
 
14,878

 
—

 
(4,473
)
Intercompany interest
(4,251
)
 
—

 
4,251

 
—

 
—

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(9,338
)
 
502,139

 
44,678

 
—

 
537,479

Income tax (expense) benefit
2,241

 
(120,248
)
 
(11,674
)
 
—

 
(129,681
)
Income (loss) before equity in income
(loss) of subsidiaries
(7,097
)
 
381,891

 
33,004

 
—

 
407,798

Equity in income (loss) of subsidiaries
414,895

 
42,808

 
276,100

 
(733,803
)
 
—

Net income (loss)
407,798

 
424,699

 
309,104

 
(733,803
)
 
407,798

Other comprehensive income
50

 
—

 
—

 
—

 
50

Comprehensive income (loss)
$
407,848

 
$
424,699

 
$
309,104

 
$
(733,803
)
 
$
407,848

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the six months ended June 30, 2018
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
4,316,500

 
$
45,152

 
$
—

 
$
4,361,652

Land sale revenues
—

 
77,977

 
1,484

 
—

 
79,461

 
—

 
4,394,477

 
46,636

 
—

 
4,441,113

Financial Services
—

 
—

 
98,702

 
—

 
98,702

 
—

 
4,394,477

 
145,338

 
—

 
4,539,815

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(3,286,043
)
 
(36,030
)
 
—

 
(3,322,073
)
Land sale cost of revenues
—

 
(48,714
)
 
(1,017
)
 
—

 
(49,731
)
 
—

 
(3,334,757
)
 
(37,047
)
 
—

 
(3,371,804
)
Financial Services expenses
—

 
(275
)
 
(64,161
)
 
—

 
(64,436
)
Selling, general, and administrative
expenses
—

 
(453,535
)
 
(13,415
)
 
—

 
(466,950
)
Other expense, net
(336
)
 
(21,037
)
 
18,110

 
—

 
(3,263
)
Intercompany interest
(3,553
)
 
—

 
3,553

 
—

 
—

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(3,889
)
 
584,873

 
52,378

 
—

 
633,362

Income tax (expense) benefit
934

 
(125,508
)
 
(13,947
)
 
—

 
(138,521
)
Income (loss) before equity in income
(loss) of subsidiaries
(2,955
)
 
459,365

 
38,431

 
—

 
494,841

Equity in income (loss) of subsidiaries
497,796

 
37,068

 
369,023

 
(903,887
)
 
—

Net income (loss)
494,841

 
496,433

 
407,454

 
(903,887
)
 
494,841

Other comprehensive income
50

 
—

 
—

 
—

 
50

Comprehensive income (loss)
$
494,891

 
$
496,433

 
$
407,454

 
$
(903,887
)
 
$
494,891











CONSOLIDATING STATEMENT OF CASH FLOWS
For the six months ended June 30, 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
$
130,814

 
$
34,461

 
$
140,435

 
$
—

 
$
305,710

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(24,707
)
 
(4,868
)
 
—

 
(29,575
)
Investments in unconsolidated entities
—

 
(4,183
)
 
(481
)
 
—

 
(4,664
)
Other investing activities, net
—

 
3,241

 
1,351

 
—

 
4,592

Business acquisition
—

 
(163,724
)
 
—

 
—

 
(163,724
)
Net cash provided by (used in)
investing activities
—

 
(189,373
)
 
(3,998
)
 
—

 
(193,371
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowing (repayments), net
—

 
—

 
(114,226
)
 
—

 
(114,226
)
Repayments of debt
(280,175
)
 
(16,591
)
 
(537
)
 
—

 
(297,303
)
Borrowings under revolving credit facility
—

 
—

 
—

 
—

 
—

Repayments under revolving credit facility
—

 
—

 
—

 
—

 
—

Debt issuance costs
—

 
—

 
—

 
—

 
—

Stock option exercises
5,208

 
—

 
—

 
—

 
5,208

Share repurchases
(118,824
)
 
—

 
—

 
—

 
(118,824
)
Dividends paid
(61,620
)
 
—

 
—

 
—

 
(61,620
)
Intercompany activities, net
324,597

 
(149,715
)
 
(174,882
)
 
—

 
—

Net cash provided by (used in)
financing activities
(130,814
)
 
(166,306
)
 
(289,645
)
 
—

 
(586,765
)
Net increase (decrease) in cash, cash equivalents, and restricted cash
—

 
(321,218
)
 
(153,208
)
 
—

 
(474,426
)
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
$
—

 
$
608,149

 
$
51,125

 
$
—

 
$
659,274



CONSOLIDATING STATEMENT OF CASH FLOWS
For the six months ended June 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
$
259,028

 
$
63,775

 
$
224,779

 
$
—

 
$
547,582

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(28,908
)
 
(4,151
)
 
—

 
(33,059
)
Investments in unconsolidated entities
—

 
(1,000
)
 
—

 
—

 
(1,000
)
Other investing activities, net
—

 
5,759

 
1,156

 
—

 
6,915

Net cash provided by (used in)
investing activities
—

 
(24,149
)
 
(2,995
)
 
—

 
(27,144
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowings (repayments), net
—

 
—

 
(173,761
)
 
—

 
(173,761
)
Proceeds from debt issuance
—

 
—

 
—

 
—

 
—

Repayments of debt
—

 
(81,758
)
 
(674
)
 
—

 
(82,432
)
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
(8,090
)
 
—

 
—

 
—

 
(8,090
)
Stock option exercises
4,467

 
—

 
—

 
—

 
4,467

Share repurchases
(112,491
)
 
—

 
—

 
—

 
(112,491
)
Dividends paid
(52,384
)
 
—

 
—

 
—

 
(52,384
)
Intercompany activities, net
(90,530
)
 
236,776

 
(146,246
)
 
—

 
—

Net cash provided by (used in)
financing activities
(259,028
)
 
155,018

 
(320,681
)
 
—

 
(424,691
)
Net increase (decrease) in cash, cash equivalents, and restricted cash
—

 
194,644

 
(98,897
)
 
—

 
95,747

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
$
—

 
$
352,445

 
$
49,470

 
$
—

 
$
401,915