Supplemental Guarantor Information (Tables)

9 Months Ended

Sep. 30, 2020

Supplemental Guarantor Information [Abstract]

Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEET

September 30, 2020

($000’s omitted)

	Unconsolidated							Eliminating Entries			Consolidated PulteGroup, Inc.
	PulteGroup, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries
ASSETS
Cash and equivalents	$	—	$	2,001,550	$	65,726		$	—		$	2,067,276
Restricted cash	—		39,218		7,714			—			46,932
Total cash, cash equivalents, and restricted cash	—		2,040,768		73,440			—			2,114,208
House and land inventory	—		7,458,068		157,403			—			7,615,471
Land held for sale	—		26,867		—			—			26,867
Residential mortgage loans available- for-sale	—		—		400,067			—			400,067
Investments in unconsolidated entities	—		40,921		801			—			41,722
Other assets	34,990		639,993		242,405			—			917,388
Intangible assets	—		114,192		54,274			—			168,466
Deferred tax assets, net	93,577		—		(12,744		)	—			80,833
Investments in subsidiaries and intercompany accounts, net	8,910,969		1,101,141		10,341,970			(20,354,080		)	—
	$	9,039,536	$	11,421,950	$	11,257,616		$	(20,354,080	)	$	11,365,022
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	$	71,684	$	1,757,966	$	251,572		$	—		$	2,081,222
Income tax liabilities	15,769		—		—			—			15,769
Financial Services debt	—		—		249,046			—			249,046
Notes payable	2,712,068		66,902		—			—			2,778,970
Total liabilities	2,799,521		1,824,868		500,618			—			5,125,007
Total shareholders’ equity	6,240,015		9,597,082		10,756,998			(20,354,080		)	6,240,015
	$	9,039,536	$	11,421,950	$	11,257,616		$	(20,354,080	)	$	11,365,022

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 September 30, 2020

($000’s omitted)

	Unconsolidated												Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—		$	2,761,898		$	62,023		$	—		$	2,823,921
Land sale and other revenues	—			6,723			17,442			—			24,165
	—			2,768,621			79,465			—			2,848,086
Financial Services	—			—			106,871			—			106,871
	—			2,768,621			186,336			—			2,954,957
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			(2,086,122		)	(45,619		)	—			(2,131,741		)
Land sale and other cost of revenues	—			(3,959		)	(16,543		)	—			(20,502		)
	—			(2,090,081		)	(62,162		)	—			(2,152,243		)
Financial Services expenses	—			(180		)	(42,627		)	—			(42,807		)
Selling, general, and administrative expenses	—			(262,348		)	(8,909		)	—			(271,257		)
Goodwill impairment	—			—			—			—			—
Other income (expense), net	(84		)	(13,265		)	8,866			—			(4,483		)
Intercompany interest	(1,173		)	—			1,173			—			—
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(1,257		)	402,747			82,677			—			484,167
Income tax (expense) benefit	314			(48,113		)	(19,970		)	—			(67,769		)
Income (loss) before equity in income (loss) of subsidiaries	(943		)	354,634			62,707			—			416,398
Equity in income (loss) of subsidiaries	417,341			61,743			344,854			(823,938		)	—
Net income (loss)	416,398			416,377			407,561			(823,938		)	416,398
Other comprehensive income	25			—			—			—			25
Comprehensive income (loss)	$	416,423		$	416,377		$	407,561		$	(823,938	)	$	416,423

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the three months ended September 30, 2019

($000’s omitted)

	Unconsolidated												Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—		$	2,588,933		$	48,069		$	—		$	2,637,002
Land sale and other revenues	—			8,526			22			—			8,548
	—			2,597,459			48,091			—			2,645,550
Financial Services	—			—			64,815			—			64,815
	—			2,597,459			112,906			—			2,710,365
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			(1,992,043		)	(36,579		)	—			(2,028,622		)
Land sale and other cost of revenues	—			(7,350		)	—			—			(7,350		)
	—			(1,999,393		)	(36,579		)	—			(2,035,972		)
Financial Services expenses	—			(133		)	(32,381		)	—			(32,514		)
Selling, general, and administrative expenses	—			(252,414		)	(18,211		)	—			(270,625		)
Other income (expense), net	(126		)	(15,697		)	10,715			—			(5,108		)
Intercompany interest	(2,255		)	—			2,255			—			—
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(2,381		)	329,822			38,705			—			366,146
Income tax (expense) benefit	688			(83,937		)	(9,793		)	—			(93,042		)
Income (loss) before equity in income (loss) of subsidiaries	(1,693		)	245,885			28,912			—			273,104
Equity in income (loss) of subsidiaries	274,797			34,672			371,107			(680,576		)	—
Net income (loss)	273,104			280,557			400,019			(680,576		)	273,104
Other comprehensive income	25			—			—			—			25
Comprehensive income (loss)	$	273,129		$	280,557		$	400,019		$	(680,576	)	$	273,129

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the nine months ended September 30, 2020

($000’s omitted)

	Unconsolidated												Consolidated PulteGroup,  Inc.
	PulteGroup, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries
Revenues:
Homebuilding
Home sale revenues	$	—		$	7,407,014		$	110,439		$	—		$	7,517,453
Land sale and other revenues	—			17,722			52,320			—			70,042
	—			7,424,736			162,759			—			7,587,495
Financial Services	—			—			256,223			—			256,223
	—			7,424,736			418,982			—			7,843,718
Homebuilding Cost of Revenues:
Home sale cost of revenues	—			(5,622,495		)	(84,319		)	—			(5,706,814		)
Land sale and other cost of revenues	—			(9,345		)	(46,213		)	—			(55,558		)
	—			(5,631,840		)	(130,532		)	—			(5,762,372		)
Financial Services expenses	—			(535		)	(111,600		)	—			(112,135		)
Selling, general, and administrative expenses	—			(713,360		)	(18,425		)	—			(731,785		)
Goodwill impairment	—			—			(20,190		)	—			(20,190		)
Other income (expense), net	(3,628		)	(30,323		)	21,659			—			(12,292		)
Intercompany interest	(4,247		)	—			4,247			—			—
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(7,875		)	1,048,678			164,141			—			1,204,944
Income tax (expense) benefit	1,969			(198,316		)	(39,869		)	—			(236,216		)
Income (loss) before equity in income (loss) of subsidiaries	(5,906		)	850,362			124,272			—			968,728
Equity in income (loss) of subsidiaries	974,634			130,079			829,470			(1,934,183		)	—
Net income (loss)	968,728			980,441			953,742			(1,934,183		)	968,728
Other comprehensive income	75			—			—			—			75
Comprehensive income (loss)	$	968,803		$	980,441		$	953,742		$	(1,934,183	)	$	968,803

Consolidating Statement Of Cash Flows

CONSOLIDATING STATEMENT OF CASH FLOWS

For the nine months ended September 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	$	70,895		$	1,007,020		$	190,710		$	—	$	1,268,625
Cash flows from investing activities:
Capital expenditures	—			(40,773		)	(6,152		)	—		(46,925		)
Investments in unconsolidated entities	—			—			(663		)	—		(663		)
Distributions of capital from unconsolidated entities	—			19,630			309			—		19,939
Other investing activities, net	—			152			1,569			—		1,721
Business acquisition	—			—			(83,251		)	—		(83,251		)
Net cash provided by (used in) investing activities	—			(20,991		)	(88,188		)	—		(109,179		)
Cash flows from financing activities:
Financial Services borrowing (repayments), net	—			—			(77,527		)	—		(77,527		)
Repayments of debt	—			(10,993		)	—			—		(10,993		)
Borrowings under revolving credit facility	700,000			—			—			—		700,000
Repayments under revolving credit facility	(700,000		)	—			—			—		(700,000		)
Stock option exercises	111			—			—			—		111
Share repurchases	(95,676		)	—			—			—		(95,676		)
Cash paid for shares withheld for taxes	(14,853		)	—			—			—		(14,853		)
Dividends paid	(97,756		)	—			—			—		(97,756		)
Intercompany activities, net	137,279			7,661			(144,940		)	—		—
Net cash provided by (used in) financing activities	(70,895		)	(3,332		)	(222,467		)	—		(296,694		)
Net increase (decrease) in cash, cash equivalents, and restricted cash	—			982,697			(119,945		)	—		862,752
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	$	—		$	2,040,768		$	73,440		$	—	$	2,114,208

CONSOLIDATING STATEMENT OF CASH FLOWS

For the nine months ended September 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	$	162,105		$	304,142		$	116,533		$	—	$	582,780
Cash flows from investing activities:
Capital expenditures	—			(36,098		)	(7,064		)	—		(43,162		)
Investments in unconsolidated entities	—			(7,807		)	(708		)	—		(8,515		)
Distributions of capital from unconsolidated entities	—			214			—			—		214
Other investing activities, net	—			3,072			1,723			—		4,795
Business acquisition	—			(163,724		)	—			—		(163,724		)
Net cash provided by (used in) investing activities	—			(204,343		)	(6,049		)	—		(210,392		)
Cash flows from financing activities:
Financial Services borrowings (repayments), net	—			—			(99,052		)	—		(99,052		)
Repayments of debt	(280,175		)	(16,699		)	(537		)	—		(297,411		)
Stock option exercises	6,368			—			—			—		6,368
Share repurchases	(244,388		)	—			—			—		(244,388		)
Cash paid for shares withheld for taxes	(10,726		)	—			—			—		(10,726		)
Dividends paid	(92,235		)	44,499			(44,499		)	—		(92,235		)
Intercompany activities, net	459,051			(339,156		)	(119,895		)	—		—
Net cash provided by (used in) financing activities	(162,105		)	(311,356		)	(263,983		)	—		(737,444		)
Net increase (decrease) in cash, cash equivalents, and restricted cash	—			(211,557		)	(153,499		)	—		(365,056		)
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	$	—		$	717,810		$	50,834		$	—	$	768,644