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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