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Supplemental Guarantor Information (Tables)
 6 Months Ended
Jun. 30, 2020
Supplemental Guarantor Information [Abstract]  
Consolidating Balance Sheet CONDENSED CONSOLIDATING BALANCE SHEET
June 30, 2020
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
—


$
1,591,082


$
67,448


$
—


$
1,658,530

Restricted cash
—


32,470


6,796


—


39,266

Total cash, cash equivalents, and
restricted cash
—


1,623,552


74,244


—


1,697,796

House and land inventory
—


7,443,855


140,884


—


7,584,739

Land held for sale
—


29,409


—


—


29,409

Residential mortgage loans available-
for-sale
—


—


394,288


—


394,288

Investments in unconsolidated entities
—


46,548


1,159


—


47,707

Other assets
4,801


661,239


244,231


—


910,271

Intangible assets
—


117,792


55,715


—


173,507

Deferred tax assets, net
133,228


—


(12,460
)

—


120,768

Investments in subsidiaries and
intercompany accounts, net
8,657,717


910,129


9,969,347


(19,537,193
)

—


$
8,795,746


$
10,832,524


$
10,867,408


$
(19,537,193
)

$
10,958,485

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
accrued and other liabilities
$
85,417


$
1,588,835


$
258,859


$
—


$
1,933,111

Income tax liabilities
146,729


—


—


—


146,729

Financial Services debt
—


—


256,359


—


256,359

Notes payable
2,711,932


58,686


—


—


2,770,618

Total liabilities
2,944,078


1,647,521


515,218


—


5,106,817

Total shareholders’ equity
5,851,668


9,185,003


10,352,190


(19,537,193
)

5,851,668


$
8,795,746


$
10,832,524


$
10,867,408


$
(19,537,193
)

$
10,958,485


CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2019
($000’s omitted)

 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
—


$
1,026,743


$
191,170


$
—


$
1,217,913

Restricted cash
—


31,328


2,215


—


33,543

Total cash, cash equivalents, and
restricted cash
—


1,058,071


193,385


—


1,251,456

House and land inventory
—


7,554,662


125,952


—


7,680,614

Land held for sale
—


24,009


—


—


24,009

Residential mortgage loans available-
for-sale
—


—


508,967


—


508,967

Investments in unconsolidated entities
—


59,266


500


—


59,766

Other assets
8,172


688,996


198,518





895,686

Intangible assets
—


124,992


—


—


124,992

Deferred tax assets, net
182,461


—


(12,354
)

—


170,107

Investments in subsidiaries and
intercompany accounts, net
8,103,191


1,081,472


9,279,403


(18,464,066
)

—


$
8,293,824


$
10,591,468


$
10,294,371


$
(18,464,066
)

$
10,715,597

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
accrued and other liabilities
$
87,892


$
1,781,893


$
259,926


$
—


$
2,129,711

Income tax liabilities
36,093


—


—


—


36,093

Financial Services debt
—


—


326,573


—


326,573

Notes payable
2,711,659


53,381


—


—


2,765,040

Total liabilities
2,835,644


1,835,274


586,499


—


5,257,417

Total shareholders’ equity
5,458,180


8,756,194


9,707,872


(18,464,066
)

5,458,180


$
8,293,824


$
10,591,468


$
10,294,371


$
(18,464,066
)

$
10,715,597
Consolidating Statement of Operations and Comprehensive Income (Loss)
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the three months ended June 30, 2020
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
2,447,552

 
$
24,477

 
$
—

 
$
2,472,029

Land sale and other revenues
—

 
8,548

 
18,402

 
—

 
26,950

 
—

 
2,456,100

 
42,879

 
—

 
2,498,979

Financial Services
—

 
—

 
94,802

 
—

 
94,802

 
—

 
2,456,100

 
137,681

 
—

 
2,593,781

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(1,861,026
)
 
(19,183
)
 
—

 
(1,880,209
)
Land sale and other cost of revenues
—

 
(4,533
)
 
(15,508
)
 
—

 
(20,041
)
 
—

 
(1,865,559
)
 
(34,691
)
 
—

 
(1,900,250
)
Financial Services expenses
—

 
(212
)
 
(34,166
)
 
—

 
(34,378
)
Selling, general, and administrative
expenses
—

 
(195,375
)
 
(1,483
)
 
—

 
(196,858
)
Goodwill impairment
—

 
—

 
—

 
—

 
—

Other income (expense), net
(2,851
)
 
(10,443
)
 
8,008

 
—

 
(5,286
)
Intercompany interest
(1,468
)
 
—

 
1,468

 
—

 
—

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(4,319
)
 
384,511

 
76,817

 
—

 
457,009

Income tax (expense) benefit
1,080

 
(90,743
)
 
(18,726
)
 
—

 
(108,389
)
Income (loss) before equity in income
(loss) of subsidiaries
(3,239
)
 
293,768

 
58,091

 
—

 
348,620

Equity in income (loss) of subsidiaries
351,859

 
24,505

 
288,995

 
(665,359
)
 
—

Net income (loss)
348,620

 
318,273

 
347,086

 
(665,359
)
 
348,620

Other comprehensive income
25

 
—

 
—

 
—

 
25

Comprehensive income (loss)
$
348,645

 
$
318,273

 
$
347,086

 
$
(665,359
)
 
$
348,645


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 and other 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 six months ended June 30, 2020
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$
—

 
$
4,645,116

 
$
48,416

 
$
—

 
$
4,693,532

Land sale and other revenues
—

 
10,998

 
34,879

 
—

 
45,877

 
—

 
4,656,114

 
83,295

 
—

 
4,739,409

Financial Services
—

 
—

 
149,352

 
—

 
149,352

 
—

 
4,656,114

 
232,647

 
—

 
4,888,761

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues
—

 
(3,536,373
)
 
(38,701
)
 
—

 
(3,575,074
)
Land sale and other cost of revenues
—

 
(5,386
)
 
(29,669
)
 
—

 
(35,055
)
 
—

 
(3,541,759
)
 
(68,370
)
 
—

 
(3,610,129
)
Financial Services expenses
—

 
(355
)
 
(68,972
)
 
—

 
(69,327
)
Selling, general, and administrative
expenses
—

 
(451,010
)
 
(9,517
)
 
—

 
(460,527
)
Goodwill impairment
—

 
—

 
(20,190
)
 
—

 
(20,190
)
Other income (expense), net
(3,544
)
 
(17,059
)
 
12,793

 
—

 
(7,810
)
Intercompany interest
(3,073
)
 
—

 
3,073

 
—

 
—

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(6,617
)
 
645,931

 
81,464

 
—

 
720,778

Income tax (expense) benefit
1,654

 
(150,203
)
 
(19,898
)
 
—

 
(168,447
)
Income (loss) before equity in income
(loss) of subsidiaries
(4,963
)
 
495,728

 
61,566

 
—

 
552,331

Equity in income (loss) of subsidiaries
557,294

 
42,702

 
484,616

 
(1,084,612
)
 
—

Net income (loss)
552,331

 
538,430

 
546,182

 
(1,084,612
)
 
552,331

Other comprehensive income
50

 
—

 
—

 
—

 
50

Comprehensive income (loss)
$
552,381

 
$
538,430

 
$
546,182

 
$
(1,084,612
)
 
$
552,381
Consolidating Statement Of Cash Flows
CONSOLIDATING STATEMENT OF CASH FLOWS
For the six months ended June 30, 2020
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Net cash provided by (used in)
operating activities
$
162,014

 
$
495,413

 
$
150,445

 
$
—

 
$
807,872

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(32,129
)
 
(4,617
)
 
—

 
(36,746
)
Investments in unconsolidated entities
—

 
13,619

 
(664
)
 
—

 
12,955

Other investing activities, net
—

 
87

 
1,510

 
—

 
1,597

Business acquisition
—

 
—

 
(83,256
)
 
—

 
(83,256
)
Net cash provided by (used in)
investing activities
—

 
(18,423
)
 
(87,027
)
 
—

 
(105,450
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowing (repayments), net
—

 
—

 
(70,214
)
 
—

 
(70,214
)
Repayments of debt
—

 
(10,106
)
 
—

 
—

 
(10,106
)
Borrowings under revolving credit facility
700,000

 
—

 
—

 
—

 
700,000

Repayments under revolving credit facility
(700,000
)
 
—

 
—

 
—

 
(700,000
)
Stock option exercises
99

 
—

 
—

 
—

 
99

Share repurchases
(95,676
)
 
—

 
—

 
—

 
(95,676
)
Cash paid for shares withheld for taxes
(14,853
)
 
—

 
—

 
—

 
(14,853
)
Dividends paid
(65,332
)
 
—

 
—

 
—

 
(65,332
)
Intercompany activities, net
13,748

 
98,597

 
(112,345
)
 
—

 
—

Net cash provided by (used in)
financing activities
(162,014
)
 
88,491

 
(182,559
)
 
—

 
(256,082
)
Net increase (decrease) in cash, cash equivalents, and restricted cash
—

 
565,481

 
(119,141
)
 
—

 
446,340

Cash, cash equivalents, and restricted cash
at beginning of year
—

 
1,058,071

 
193,385

 
—

 
1,251,456

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

 
$
1,623,552

 
$
74,244

 
$
—

 
$
1,697,796


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
$
130,811

 
$
34,461

 
$
140,435

 
$
—

 
$
305,707

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 borrowings (repayments), net
—

 
—

 
(114,226
)
 
—

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

 
(297,303
)
Stock option exercises
5,208

 
—

 
—

 
—

 
5,208

Share repurchases
(108,471
)
 
—

 
—

 
—

 
(108,471
)
Cash paid for shares withheld for taxes
(10,350
)
 
—

 
—

 
—

 
(10,350
)
Dividends paid
(61,620
)
 
—

 
—

 
—

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

 
(149,715
)
 
(174,882
)
 
—

 
—

Net cash provided by (used in)
financing activities
(130,811
)
 
(166,306
)
 
(289,645
)
 
—

 
(586,762
)
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