Supplemental Guarantor Information (Tables)
|
6 Months Ended |
Jun. 30, 2013
|
Supplemental Guarantor Information [Abstract] |
|
Consolidating Balance Sheet |
CONDENSED CONSOLIDATING BALANCE SHEET JUNE 30, 2013 ($000’s omitted) | | | | | | | | | | | | | | | | | | | | | | Unconsolidated | | Eliminating Entries | | Consolidated PulteGroup, Inc. | | PulteGroup, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | ASSETS | | | | | | | | | | Cash and equivalents | $ | 191,387 |
| | $ | 935,954 |
| | $ | 85,327 |
| | $ | — |
| | $ | 1,212,668 |
| Restricted cash | 50,324 |
| | 4,737 |
| | 11,382 |
| | — |
| | 66,443 |
| House and land inventory | — |
| | 4,179,223 |
| | 3,846 |
| | — |
| | 4,183,069 |
| Land held for sale | — |
| | 89,765 |
| | — |
| | — |
| | 89,765 |
| Land, not owned, under option agreements | — |
| | 33,751 |
| | — |
| | — |
| | 33,751 |
| Residential mortgage loans available- for-sale | — |
| | — |
| | 237,595 |
| | — |
| | 237,595 |
| Investments in unconsolidated entities | 68 |
| | 40,571 |
| | 3,739 |
| | — |
| | 44,378 |
| Other assets | 21,860 |
| | 349,099 |
| | 70,945 |
| | — |
| | 441,904 |
| Intangible assets | — |
| | 142,698 |
| | — |
| | — |
| | 142,698 |
| Investments in subsidiaries and intercompany accounts, net | 4,393,741 |
| | 4,109,137 |
| | 4,938,979 |
| | (13,441,857 | ) | | — |
| | $ | 4,657,380 |
| | $ | 9,884,935 |
| | $ | 5,351,813 |
| | $ | (13,441,857 | ) | | $ | 6,452,271 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | Liabilities: | | | | | | | | | | Accounts payable, customer deposits, accrued and other liabilities | $ | 46,457 |
| | $ | 1,458,845 |
| | $ | 276,180 |
| | $ | — |
| | $ | 1,781,482 |
| Income tax liabilities | 200,646 |
| | — |
| | — |
| | — |
| | 200,646 |
| Financial Services debt | — |
| | — |
| | 59,866 |
| | — |
| | 59,866 |
| Senior notes | 2,082,062 |
| | — |
| | — |
| | — |
| | 2,082,062 |
| Total liabilities | 2,329,165 |
| | 1,458,845 |
| | 336,046 |
| | — |
| | 4,124,056 |
| Total shareholders’ equity | 2,328,215 |
| | 8,426,090 |
| | 5,015,767 |
| | (13,441,857 | ) | | 2,328,215 |
| | $ | 4,657,380 |
| | $ | 9,884,935 |
| | $ | 5,351,813 |
| | $ | (13,441,857 | ) | | $ | 6,452,271 |
|
CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2012 ($000’s omitted) | | | | | | | | | | | | | | | | | | | | | | Unconsolidated | | Eliminating Entries | | Consolidated PulteGroup, Inc. | | PulteGroup, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | ASSETS | | | | | | | | | | Cash and equivalents | $ | 146,168 |
| | $ | 1,063,943 |
| | $ | 194,649 |
| | $ | — |
| | $ | 1,404,760 |
| Restricted cash | 54,546 |
| | 3,365 |
| | 14,039 |
| | — |
| | 71,950 |
| House and land inventory | — |
| | 4,210,201 |
| | 3,845 |
| | — |
| | 4,214,046 |
| Land held for sale | — |
| | 91,104 |
| | — |
| | — |
| | 91,104 |
| Land, not owned, under option agreements | — |
| | 31,066 |
| | — |
| | — |
| | 31,066 |
| Residential mortgage loans available- for-sale | — |
| | — |
| | 318,931 |
| | — |
| | 318,931 |
| Investments in unconsolidated entities | 1,528 |
| | 40,973 |
| | 3,128 |
| | — |
| | 45,629 |
| Other assets | 28,951 |
| | 324,109 |
| | 54,615 |
| | — |
| | 407,675 |
| Intangible assets | — |
| | 149,248 |
| | — |
| | — |
| | 149,248 |
| Investments in subsidiaries and intercompany accounts, net | 4,723,466 |
| | 7,198,710 |
| | 6,296,915 |
| | (18,219,091 | ) | | — |
| | $ | 4,954,659 |
| | $ | 13,112,719 |
| | $ | 6,886,122 |
| | $ | (18,219,091 | ) | | $ | 6,734,409 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | Liabilities: | | | | | | | | | | Accounts payable, customer deposits, accrued and other liabilities | $ | 56,565 |
| | $ | 1,343,653 |
| | $ | 297,302 |
| | $ | — |
| | $ | 1,697,520 |
| Income tax liabilities | 198,865 |
| | — |
| | — |
| | — |
| | 198,865 |
| Financial Services debt | — |
| | — |
| | 138,795 |
| | — |
| | 138,795 |
| Senior notes | 2,509,613 |
| | — |
| | — |
| | — |
| | 2,509,613 |
| Total liabilities | 2,765,043 |
| | 1,343,653 |
| | 436,097 |
| | — |
| | 4,544,793 |
| Total shareholders’ equity | 2,189,616 |
| | 11,769,066 |
| | 6,450,025 |
| | (18,219,091 | ) | | 2,189,616 |
| | $ | 4,954,659 |
| | $ | 13,112,719 |
| | $ | 6,886,122 |
| | $ | (18,219,091 | ) | | $ | 6,734,409 |
|
|
Consolidating Statement of Operations and Comprehensive Income (Loss) |
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the three months ended June 30, 2013 ($000’s omitted) | | | | | | | | | | | | | | | | | | | | | | Unconsolidated | | | | Consolidated PulteGroup, Inc. | | PulteGroup, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminating Entries | | Revenues: | | | | | | | | | | Homebuilding | | | | | | | | | | Home sale revenues | $ | — |
| | $ | 1,219,675 |
| | $ | — |
| | $ | — |
| | $ | 1,219,675 |
| Land sale revenues | — |
| | 20,385 |
| | — |
| | — |
| | 20,385 |
| | — |
| | 1,240,060 |
| | — |
| | — |
| | 1,240,060 |
| Financial Services | — |
| | 492 |
| | 38,870 |
| | — |
| | 39,362 |
| | — |
| | 1,240,552 |
| | 38,870 |
| | — |
| | 1,279,422 |
| Homebuilding Cost of Revenues: | | | | | | | | | | Home sale cost of revenues | — |
| | 990,818 |
| | — |
| | — |
| | 990,818 |
| Land sale cost of revenues | — |
| | 20,710 |
| | — |
| | — |
| | 20,710 |
| | — |
| | 1,011,528 |
| | — |
| | — |
| | 1,011,528 |
| Financial Services expenses | 208 |
| | 80 |
| | 22,747 |
| | — |
| | 23,035 |
| Selling, general and administrative expenses | — |
| | 149,975 |
| | 556 |
| | — |
| | 150,531 |
| Other expense (income), net | 23,057 |
| | 33,118 |
| | 1,164 |
| | — |
| | 57,339 |
| Interest income | (88 | ) | | (1,003 | ) | | (21 | ) | | — |
| | (1,112 | ) | Interest expense | 166 |
| | — |
| | — |
| | — |
| | 166 |
| Intercompany interest | 415 |
| | 1 |
| | (416 | ) | | — |
| | — |
| Equity in (earnings) loss of unconsolidated entities | — |
| | (319 | ) | | (76 | ) | | — |
| | (395 | ) | Income (loss) before income taxes and equity in income (loss) of subsidiaries | (23,758 | ) | | 47,172 |
| | 14,916 |
| | — |
| | 38,330 |
| Income tax expense (benefit) | (24 | ) | | (3,572 | ) | | 5,509 |
| | — |
| | 1,913 |
| Income (loss) before equity in income (loss) of subsidiaries | (23,734 | ) | | 50,744 |
| | 9,407 |
| | — |
| | 36,417 |
| Equity in income (loss) of subsidiaries | 60,151 |
| | 10,555 |
| | 26,502 |
| | (97,208 | ) | | — |
| Net income (loss) | 36,417 |
| | 61,299 |
| | 35,909 |
| | (97,208 | ) | | 36,417 |
| Other comprehensive income | 148 |
| | — |
| | — |
| | — |
| | 148 |
| Comprehensive income | $ | 36,565 |
| | $ | 61,299 |
| | $ | 35,909 |
| | $ | (97,208 | ) | | $ | 36,565 |
|
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the three months ended June 30, 2012 ($000’s omitted) | | | | | | | | | | | | | | | | | | | | | | Unconsolidated | | | | Consolidated PulteGroup, Inc. | | PulteGroup, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminating Entries | | Revenues: | | | | | | | | | | Homebuilding | | | | | | | | | | Home sale revenues | $ | — |
| | $ | 1,024,405 |
| | $ | — |
| | $ | — |
| | $ | 1,024,405 |
| Land sale revenues | — |
| | 8,749 |
| | — |
| | — |
| | 8,749 |
| | — |
| | 1,033,154 |
| | — |
| | — |
| | 1,033,154 |
| Financial Services | — |
| | 457 |
| | 35,794 |
| | — |
| | 36,251 |
| | — |
| | 1,033,611 |
| | 35,794 |
| | — |
| | 1,069,405 |
| Homebuilding Cost of Revenues: | | | | | | | | | | Home sale cost of revenues | — |
| | 869,379 |
| | — |
| | — |
| | 869,379 |
| Land sale cost of revenues | — |
| | 7,611 |
| | — |
| | — |
| | 7,611 |
| | — |
| | 876,990 |
| | — |
| | — |
| | 876,990 |
| Financial Services expenses | 104 |
| | 160 |
| | 20,063 |
| | — |
| | 20,327 |
| Selling, general and administrative expenses | — |
| | 123,259 |
| | 927 |
| | — |
| | 124,186 |
| Other expense (income), net | — |
| | 8,167 |
| | 2,331 |
| | — |
| | 10,498 |
| Interest income | (61 | ) | | (1,081 | ) | | (22 | ) | | — |
| | (1,164 | ) | Interest expense | 198 |
| | — |
| | — |
| | — |
| | 198 |
| Intercompany interest | 153,332 |
| | (149,938 | ) | | (3,394 | ) | | — |
| | — |
| Equity in (earnings) loss of unconsolidated entities | — |
| | (1,246 | ) | | (310 | ) | | — |
| | (1,556 | ) | Income (loss) before income taxes and equity in income (loss) of subsidiaries | (153,573 | ) | | 177,300 |
| | 16,199 |
| | — |
| | 39,926 |
| Income tax expense (benefit) | (9,935 | ) | | 1,550 |
| | 5,875 |
| | — |
| | (2,510 | ) | Income (loss) before equity in income (loss) of subsidiaries | (143,638 | ) | | 175,750 |
| | 10,324 |
| | — |
| | 42,436 |
| Equity in income (loss) of subsidiaries | 186,074 |
| | 10,254 |
| | 95,463 |
| | (291,791 | ) | | — |
| Net income (loss) | 42,436 |
| | 186,004 |
| | 105,787 |
| | (291,791 | ) | | 42,436 |
| Other comprehensive income | 58 |
| | — |
| | — |
| | — |
| | 58 |
| Comprehensive income (loss) | $ | 42,494 |
| | $ | 186,004 |
| | $ | 105,787 |
| | $ | (291,791 | ) | | $ | 42,494 |
|
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the six months ended June 30, 2013 ($000’s omitted) | | | | | | | | | | | | | | | | | | | | | | Unconsolidated | | | | Consolidated PulteGroup, Inc. | | PulteGroup, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminating Entries | | Revenues: | | | | | | | | | | Homebuilding | | | | | | | | | | Home sale revenues | $ | — |
| | $ | 2,319,427 |
| | $ | — |
| | $ | — |
| | $ | 2,319,427 |
| Land sale revenues | — |
| | 46,516 |
| | — |
| | — |
| | 46,516 |
| | — |
| | 2,365,943 |
| | — |
| | — |
| | 2,365,943 |
| Financial Services | — |
| | 1,111 |
| | 75,124 |
| | — |
| | 76,235 |
| | — |
| | 2,367,054 |
| | 75,124 |
| | — |
| | 2,442,178 |
| Homebuilding Cost of Revenues: | | | | | | | | | | Home sale cost of revenues | — |
| | 1,892,288 |
| | — |
| | — |
| | 1,892,288 |
| Land sale cost of revenues | — |
| | 42,728 |
| | — |
| | — |
| | 42,728 |
| | — |
| | 1,935,016 |
| | — |
| | — |
| | 1,935,016 |
| Financial Services expenses | 416 |
| | 224 |
| | 44,983 |
| | — |
| | 45,623 |
| Selling, general and administrative expenses | — |
| | 278,866 |
| | 1,291 |
| | — |
| | 280,157 |
| Other expense (income), net | 23,041 |
| | 37,521 |
| | 1,549 |
| | — |
| | 62,111 |
| Interest income | (165 | ) | | (2,058 | ) | | (62 | ) | | — |
| | (2,285 | ) | Interest expense | 373 |
| | — |
| | — |
| | — |
| | 373 |
| Intercompany interest | 175,280 |
| | (172,398 | ) | | (2,882 | ) | | — |
| | — |
| Equity in (earnings) loss of unconsolidated entities | 1,460 |
| | (346 | ) | | (611 | ) | | — |
| | 503 |
| Income (loss) before income taxes and equity in income (loss) of subsidiaries | (200,405 | ) | | 290,229 |
| | 30,856 |
| | — |
| | 120,680 |
| Income tax expense (benefit) | 129 |
| | (7,966 | ) | | 10,338 |
| | — |
| | 2,501 |
| Income (loss) before equity in income (loss) of subsidiaries | (200,534 | ) | | 298,195 |
| | 20,518 |
| | — |
| | 118,179 |
| Equity in income (loss) of subsidiaries | 318,713 |
| | 21,976 |
| | 201,461 |
| | (542,150 | ) | | — |
| Net income (loss) | 118,179 |
| | 320,171 |
| | 221,979 |
| | (542,150 | ) | | 118,179 |
| Other comprehensive income | 196 |
| | — |
| | — |
| | — |
| | 196 |
| Comprehensive income | $ | 118,375 |
| | $ | 320,171 |
| | $ | 221,979 |
| | $ | (542,150 | ) | | $ | 118,375 |
|
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the six months ended June 30, 2012 ($000’s omitted) | | | | | | | | | | | | | | | | | | | | | | Unconsolidated | | | | Consolidated PulteGroup, Inc. | | PulteGroup, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminating Entries | | Revenues: | | | | | | | | | | Homebuilding | | | | | | | | | | Home sale revenues | $ | — |
| | $ | 1,838,191 |
| | $ | — |
| | $ | — |
| | $ | 1,838,191 |
| Land sale revenues | — |
| | 47,147 |
| | — |
| | — |
| | 47,147 |
| | — |
| | 1,885,338 |
| | — |
| | — |
| | 1,885,338 |
| Financial Services | — |
| | 830 |
| | 64,273 |
| | — |
| | 65,103 |
| | — |
| | 1,886,168 |
| | 64,273 |
| | — |
| | 1,950,441 |
| Homebuilding Cost of Revenues: | | | | | | | | | | Home sale cost of revenues | — |
| | 1,581,545 |
| | — |
| | — |
| | 1,581,545 |
| Land sale cost of revenues | — |
| | 41,008 |
| | — |
| | — |
| | 41,008 |
| | — |
| | 1,622,553 |
| | — |
| | — |
| | 1,622,553 |
| Financial Services expenses | 170 |
| | 273 |
| | 41,893 |
| | — |
| | 42,336 |
| Selling, general and administrative expenses | — |
| | 245,666 |
| | 1,834 |
| | — |
| | 247,500 |
| Other expense (income), net | (20 | ) | | 14,459 |
| | 2,678 |
| | — |
| | 17,117 |
| Interest income | (123 | ) | | (2,194 | ) | | (46 | ) | | — |
| | (2,363 | ) | Interest expense | 415 |
| | — |
| | — |
| | — |
| | 415 |
| Intercompany interest | 262,466 |
| | (255,830 | ) | | (6,636 | ) | | — |
| | — |
| Equity in (earnings) loss of unconsolidated entities | (2 | ) | | (3,162 | ) | | (388 | ) | | — |
| | (3,552 | ) | Income (loss) before income taxes and equity in income (loss) of subsidiaries | (262,906 | ) | | 264,403 |
| | 24,938 |
| | — |
| | 26,435 |
| Income tax expense (benefit) | 19,256 |
| | (4,194 | ) | | (19,397 | ) | | — |
| | (4,335 | ) | Income (loss) before equity in income (loss) of subsidiaries | (282,162 | ) | | 268,597 |
| | 44,335 |
| | — |
| | 30,770 |
| Equity in income (loss) of subsidiaries | 312,932 |
| | 44,736 |
| | 145,594 |
| | (503,262 | ) | | — |
| Net income (loss) | 30,770 |
| | 313,333 |
| | 189,929 |
| | (503,262 | ) | | 30,770 |
| Other comprehensive income | 115 |
| | — |
| | — |
| | — |
| | 115 |
| Comprehensive income | $ | 30,885 |
| | $ | 313,333 |
| | $ | 189,929 |
| | $ | (503,262 | ) | | $ | 30,885 |
|
|
Consolidating Statement Of Cash Flows |
CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended June 30, 2013 ($000’s omitted) | | | | | | | | | | | | | | | | | | | | | | Unconsolidated | | | | Consolidated PulteGroup, Inc. | | PulteGroup, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminating Entries | | Net cash provided by (used in) operating activities | $ | (167,506 | ) | | $ | 429,101 |
| | $ | 73,470 |
| | $ | — |
| | $ | 335,065 |
| Cash flows from investing activities: | | | | | | | | | | Distributions from unconsolidated entities | — |
| | 200 |
| | — |
| | — |
| | 200 |
| Investments in unconsolidated entities | — |
| | (807 | ) | | — |
| | — |
| | (807 | ) | Net change in loans held for investment | — |
| | — |
| | 18 |
| | — |
| | 18 |
| Change in restricted cash related to letters of credit | 4,222 |
| | — |
| | — |
| | — |
| | 4,222 |
| Proceeds from the sale of property and equipment | — |
| | 9 |
| | — |
| | — |
| | 9 |
| Capital expenditures | — |
| | (10,029 | ) | | (988 | ) | | — |
| | (11,017 | ) | Net cash provided by (used in) investing activities | 4,222 |
| | (10,627 | ) | | (970 | ) | | — |
| | (7,375 | ) | Cash flows from financing activities: | | | | | | | | | | Financial Services borrowings (repayments) | — |
| | — |
| | (78,929 | ) | | — |
| | (78,929 | ) | Other borrowings (repayments) | (454,335 | ) | | 1,385 |
| | — |
| | — |
| | (452,950 | ) | Stock option exercises | 18,544 |
| | — |
| | — |
| | — |
| | 18,544 |
| Stock repurchases | (6,447 | ) | | — |
| | — |
| | — |
| | (6,447 | ) | Intercompany activities, net | 650,741 |
| | (547,848 | ) | | (102,893 | ) | | — |
| | — |
| Net cash provided by (used in) financing activities | 208,503 |
| | (546,463 | ) | | (181,822 | ) | | — |
| | (519,782 | ) | Net increase (decrease) in cash and equivalents | 45,219 |
| | (127,989 | ) | | (109,322 | ) | | — |
| | (192,092 | ) | Cash and equivalents at beginning of period | 146,168 |
| | 1,063,943 |
| | 194,649 |
| | — |
| | 1,404,760 |
| Cash and equivalents at end of period | $ | 191,387 |
| | $ | 935,954 |
| | $ | 85,327 |
| | $ | — |
| | $ | 1,212,668 |
|
CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended June 30, 2012 ($000’s omitted) | | | | | | | | | | | | | | | | | | | | | | Unconsolidated | | | | Consolidated PulteGroup, Inc. | | PulteGroup, Inc. | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminating Entries | | Net cash provided by (used in) operating activities | $ | (272,489 | ) | | $ | 420,574 |
| | $ | 63,455 |
| | $ | — |
| | $ | 211,540 |
| Cash flows from investing activities: | | | | | | | | | | Distributions from unconsolidated entities | — |
| | 2,696 |
| | — |
| | — |
| | 2,696 |
| Investments in unconsolidated entities | — |
| | (858 | ) | | — |
| | — |
| | (858 | ) | Net change in loans held for investment | — |
| | — |
| | 627 |
| | — |
| | 627 |
| Change in restricted cash related to letters of credit | 16,280 |
| | — |
| | — |
| | — |
| | 16,280 |
| Proceeds from the sale of property and equipment | — |
| | 4,627 |
| | — |
| | — |
| | 4,627 |
| Capital expenditures | — |
| | (5,451 | ) | | (1,546 | ) | | — |
| | (6,997 | ) | Net cash provided by (used in) investing activities | 16,280 |
| | 1,014 |
| | (919 | ) | | — |
| | 16,375 |
| Cash flows from financing activities: | | | | | | | | | | Other borrowings (repayments) | — |
| | 400 |
| | — |
| | — |
| | 400 |
| Stock repurchases | (908 | ) | | — |
| | — |
| | — |
| | (908 | ) | Intercompany activities, net | 271,521 |
| | (200,543 | ) | | (70,978 | ) | | — |
| | — |
| Net cash provided by (used in) financing activities | 270,613 |
| | (200,143 | ) | | (70,978 | ) | | — |
| | (508 | ) | Net increase (decrease) in cash and equivalents | 14,404 |
| | 221,445 |
| | (8,442 | ) | | — |
| | 227,407 |
| Cash and equivalents at beginning of period | 119,287 |
| | 875,561 |
| | 88,223 |
| | — |
| | 1,083,071 |
| Cash and equivalents at end of period | $ | 133,691 |
| | $ | 1,097,006 |
| | $ | 79,781 |
| | $ | — |
| | $ | 1,310,478 |
|
|