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Supplemental Guarantor Information (Tables)
9 Months Ended
Sep. 30, 2015
Supplemental Guarantor Information [Abstract]  
Consolidating Balance Sheet

 CONDENSED CONSOLIDATING BALANCE SHEET
SEPTEMBER 30, 2015
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$

 
$
688,224

 
$
45,929

 
$

 
$
734,153

Restricted cash

 
24,942

 
1,000

 

 
25,942

House and land inventory

 
5,240,932

 

 

 
5,240,932

Land held for sale

 
84,096

 
1,034

 

 
85,130

Land, not owned, under option
       agreements

 
102,548

 

 

 
102,548

Residential mortgage loans available-
       for-sale

 

 
270,658

 

 
270,658

Investments in unconsolidated entities
88

 
36,955

 
4,466

 

 
41,509

Other assets
26,073

 
516,775

 
95,114

 

 
637,962

Intangible assets

 
113,440

 

 

 
113,440

Deferred tax assets, net
1,541,759

 
13

 
7,532

 

 
1,549,304

Investments in subsidiaries and
       intercompany accounts, net
5,222,327

 
286,642

 
6,100,670

 
(11,609,639
)
 

 
$
6,790,247

 
$
7,094,567

 
$
6,526,403

 
$
(11,609,639
)
 
$
8,801,578

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
       accrued and other liabilities
$
83,632

 
$
1,715,283

 
$
188,540

 
$

 
$
1,987,455

Income tax liabilities
50,906

 

 

 

 
50,906

Financial Services debt

 

 
107,508

 

 
107,508

Term loan
500,000

 





 
500,000

Senior notes
1,584,104

 

 

 

 
1,584,104

Total liabilities
2,218,642

 
1,715,283

 
296,048

 

 
4,229,973

Total shareholders’ equity
4,571,605

 
5,379,284

 
6,230,355

 
(11,609,639
)
 
4,571,605

 
$
6,790,247

 
$
7,094,567

 
$
6,526,403

 
$
(11,609,639
)
 
$
8,801,578


CONDENSED CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2014
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
7,454

 
$
1,157,307

 
$
128,101

 
$

 
$
1,292,862

Restricted cash
3,710

 
1,513

 
11,135

 

 
16,358

House and land inventory

 
4,391,445

 
655

 

 
4,392,100

Land held for sale

 
100,156

 
1,034

 

 
101,190

Land, not owned, under option
       agreements

 
30,186

 

 

 
30,186

Residential mortgage loans available-
       for-sale

 

 
339,531

 

 
339,531

Securities purchased under agreements to resell
22,000

 

 
(22,000
)
 

 

Investments in unconsolidated entities
74

 
36,126

 
4,168

 

 
40,368

Other assets
34,214

 
421,145

 
57,673

 

 
513,032

Intangible assets

 
123,115

 

 

 
123,115

Deferred tax assets, net
1,712,853

 
15

 
7,800

 

 
1,720,668

Investments in subsidiaries and
       intercompany accounts, net
4,963,831

 
967,032

 
6,359,441

 
(12,290,304
)
 

 
$
6,744,136

 
$
7,228,040

 
$
6,887,538

 
$
(12,290,304
)
 
$
8,569,410

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
       accrued and other liabilities
$
71,874

 
$
1,514,954

 
$
170,104

 
$

 
$
1,756,932

Income tax liabilities
48,747

 
(25
)
 

 

 
48,722

Financial Services debt

 

 
140,241

 

 
140,241

Senior notes
1,818,561

 

 

 

 
1,818,561

Total liabilities
1,939,182

 
1,514,929

 
310,345

 

 
3,764,456

Total shareholders’ equity
4,804,954

 
5,713,111

 
6,577,193

 
(12,290,304
)
 
4,804,954

 
$
6,744,136

 
$
7,228,040

 
$
6,887,538

 
$
(12,290,304
)
 
$
8,569,410

Consolidating Statement of Operations and Comprehensive Income (Loss)
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the three months ended September 30, 2015
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$

 
$
1,464,131

 
$

 
$

 
$
1,464,131

Land sale revenues

 
3,649

 

 

 
3,649

 

 
1,467,780

 

 

 
1,467,780

Financial Services

 

 
38,967

 

 
38,967

 

 
1,467,780

 
38,967

 

 
1,506,747

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues

 
1,118,874

 

 

 
1,118,874

Land sale cost of revenues

 
3,301

 

 

 
3,301

 

 
1,122,175

 

 

 
1,122,175

Financial Services expenses
13

 
(13
)
 
24,602

 

 
24,602

Selling, general and administrative
       expenses

 
158,975

 
386

 

 
159,361

Other expense (income), net

 
23,796

 
30

 

 
23,826

Interest income

 
(504
)
 

 

 
(504
)
Interest expense
203

 

 

 

 
203

Equity in earnings of unconsolidated
       entities
(1
)
 
(2,025
)
 
(166
)
 

 
(2,192
)
Intercompany interest
594

 
2,039

 
(2,633
)
 

 

Income (loss) before income taxes and
       equity in income (loss) of
       subsidiaries
(809
)
 
163,337

 
16,748

 

 
179,276

Income tax expense (benefit)
(307
)
 
65,347

 
6,467

 

 
71,507

Income (loss) before equity in income
       (loss) of subsidiaries
(502
)
 
97,990

 
10,281

 

 
107,769

Equity in income (loss) of subsidiaries
108,271

 
9,913

 
82,484

 
(200,668
)
 

Net income (loss)
107,769

 
107,903

 
92,765

 
(200,668
)
 
107,769

Other comprehensive income
21

 

 

 

 
21

Comprehensive income (loss)
$
107,790

 
$
107,903

 
$
92,765

 
$
(200,668
)
 
$
107,790


CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the three months ended September 30, 2014
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$

 
$
1,551,226

 
$

 
$

 
$
1,551,226

Land sale revenues

 
10,047

 

 

 
10,047

 

 
1,561,273

 

 

 
1,561,273

Financial Services

 
154

 
33,298

 

 
33,452

 

 
1,561,427

 
33,298

 

 
1,594,725

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues

 
1,195,369

 

 

 
1,195,369

Land sale cost of revenues

 
3,539

 

 

 
3,539

 

 
1,198,908

 

 

 
1,198,908

Financial Services expenses
195

 
(102
)
 
22,530

 

 
22,623

Selling, general and administrative
       expenses

 
146,642

 
494

 

 
147,136

Other expense (income), net
(16
)
 
2,194

 
228

 

 
2,406

Interest income
(93
)
 
(1,080
)
 
(32
)
 

 
(1,205
)
Interest expense
210

 

 

 

 
210

Equity in earnings of unconsolidated
       entities
(2
)
 
(205
)
 
(74
)
 

 
(281
)
Intercompany interest
4,190

 
(1,666
)
 
(2,524
)
 

 

Income (loss) before income taxes and
       equity in income (loss) of
       subsidiaries
(4,484
)
 
216,736

 
12,676

 

 
224,928

Income tax expense (benefit)
(1,764
)
 
81,157

 
4,990

 

 
84,383

Income (loss) before equity in income
       (loss) of subsidiaries
(2,720
)
 
135,579

 
7,686

 

 
140,545

Equity in income (loss) of subsidiaries
143,265

 
7,518

 
100,513

 
(251,296
)
 

Net income (loss)
140,545

 
143,097

 
108,199

 
(251,296
)
 
140,545

Other comprehensive income
21

 

 

 

 
21

Comprehensive income (loss)
$
140,566

 
$
143,097

 
$
108,199

 
$
(251,296
)
 
$
140,566


CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the nine months ended September 30, 2015
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$

 
$
3,795,366

 
$

 
$

 
$
3,795,366

Land sale revenues

 
27,651

 

 

 
27,651

 

 
3,823,017

 

 

 
3,823,017

Financial Services

 

 
97,319

 

 
97,319

 

 
3,823,017

 
97,319

 

 
3,920,336

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues

 
2,913,299

 

 

 
2,913,299

Land sale cost of revenues

 
21,992

 

 

 
21,992

 

 
2,935,291

 

 

 
2,935,291

Financial Services expenses
300

 
(274
)
 
67,883

 

 
67,909

Selling, general and administrative
       expenses

 
449,261

 
1,532

 

 
450,793

Other expense, net
(9
)
 
30,040

 
(69
)
 

 
29,962

Interest income
(3
)
 
(2,461
)
 
6

 

 
(2,458
)
Interest expense
598

 

 

 

 
598

Equity in (earnings) loss of
       unconsolidated entities
(14
)
 
(3,877
)
 
(573
)
 

 
(4,464
)
Intercompany interest
1,537

 
5,886

 
(7,423
)
 

 

Income (loss) before income taxes and
       equity in income (loss) of
       subsidiaries
(2,409
)
 
409,151

 
35,963

 

 
442,705

Income tax expense (benefit)
(917
)
 
163,713

 
13,847

 

 
176,643

Income (loss) before equity in income
       (loss) of subsidiaries
(1,492
)
 
245,438

 
22,116

 

 
266,062

Equity in income (loss) of subsidiaries
267,554

 
21,586

 
227,143

 
(516,283
)
 

Net income (loss)
266,062

 
267,024

 
249,259

 
(516,283
)
 
266,062

Other comprehensive income
63

 

 

 

 
63

Comprehensive income
$
266,125

 
$
267,024

 
$
249,259

 
$
(516,283
)
 
$
266,125


CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the nine months ended September 30, 2014
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$

 
$
3,885,703

 
$

 
$

 
$
3,885,703

Land sale revenues

 
24,558

 

 

 
24,558

 

 
3,910,261

 

 

 
3,910,261

Financial Services

 
888

 
88,656

 

 
89,544

 

 
3,911,149

 
88,656

 

 
3,999,805

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues

 
2,976,665

 

 

 
2,976,665

Land sale cost of revenues

 
15,382

 

 

 
15,382

 

 
2,992,047

 

 

 
2,992,047

Financial Services expenses
591

 
56

 
47,411

 

 
48,058

Selling, general and administrative
       expenses

 
520,513

 
1,278

 

 
521,791

Other expense (income), net
8,538

 
16,290

 
733

 

 
25,561

Interest income
(332
)
 
(3,046
)
 
(53
)
 

 
(3,431
)
Interest expense
625

 

 

 

 
625

Equity in (earnings) loss of
unconsolidated entities
(7
)
 
(7,295
)
 
(181
)
 

 
(7,483
)
Intercompany interest
5,010

 
2,281

 
(7,291
)
 

 

Income (loss) before income taxes and
       equity in income (loss) of
       subsidiaries
(14,425
)
 
390,303

 
46,759

 

 
422,637

Income tax expense (benefit)
(5,640
)
 
152,750

 
18,283

 

 
165,393

Income (loss) before equity in income
       (loss) of subsidiaries
(8,785
)
 
237,553

 
28,476

 

 
257,244

Equity in income (loss) of subsidiaries
266,029

 
28,670

 
209,648

 
(504,347
)
 

Net income (loss)
257,244

 
266,223

 
238,124

 
(504,347
)
 
257,244

Other comprehensive income
82

 

 

 

 
82

Comprehensive income (loss)
$
257,326

 
$
266,223

 
$
238,124

 
$
(504,347
)
 
$
257,326



Consolidating Statement Of Cash Flows
CONSOLIDATING STATEMENT OF CASH FLOWS
For the nine months ended September 30, 2015
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Net cash provided by (used in)
   operating activities
$
162,645

 
$
(468,838
)
 
$
59,381

 
$

 
$
(246,812
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Change in restricted cash related to
     letters of credit
3,710

 

 

 

 
3,710

Capital expenditures

 
(31,197
)
 
(2,852
)
 

 
(34,049
)
Other investing activities, net

 
785

 
9,174

 

 
9,959

Net cash provided by (used in)
   investing activities
3,710

 
(30,412
)
 
6,322

 

 
(20,380
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowings (repayments)

 

 
(32,733
)
 

 
(32,733
)
Proceeds from debt issuance
500,000








500,000

Repayments of debt
(237,994
)

(526
)





(238,520
)
Borrowings under revolving credit facility
125,000

 

 

 

 
125,000

Repayments under revolving credit facility
(125,000
)
 

 

 

 
(125,000
)
Stock option exercises
10,371

 

 

 

 
10,371

Share repurchases
(442,738
)
 

 

 

 
(442,738
)
Dividends paid
(87,897
)
 

 

 

 
(87,897
)
Intercompany activities, net
84,449

 
30,693

 
(115,142
)
 

 

Net cash provided by (used in)
   financing activities
(173,809
)
 
30,167

 
(147,875
)
 

 
(291,517
)
Net increase (decrease) in cash and
   equivalents
(7,454
)
 
(469,083
)
 
(82,172
)
 

 
(558,709
)
Cash and equivalents at beginning of
   period
7,454

 
1,157,307

 
128,101

 

 
1,292,862

Cash and equivalents at end of period
$

 
$
688,224

 
$
45,929

 
$

 
$
734,153



CONSOLIDATING STATEMENT OF CASH FLOWS
For the nine months ended September 30, 2014
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Net cash provided by (used in)
    operating activities
$
265,107

 
$
(73,268
)
 
$
9,996

 
$

 
$
201,835

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Change in restricted cash related to
    letters of credit
48,401

 

 

 

 
48,401

Capital expenditures

 
(39,025
)
 
(2,863
)
 


 
(41,888
)
Cash used for business acquisition

 
(77,469
)
 

 

 
(77,469
)
Other investing activities, net

 
7,710

 
(6,350
)
 

 
1,360

Net cash provided by (used in) investing
    activities
48,401

 
(108,784
)
 
(9,213
)
 

 
(69,596
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowings (repayments)

 

 
(34,070
)
 

 
(34,070
)
Other borrowings (repayments)
(249,765
)
 
(866
)
 

 

 
(250,631
)
Stock option exercises
6,034

 

 

 

 
6,034

Share repurchases
(155,140
)
 

 

 

 
(155,140
)
Dividends paid
(56,944
)
 

 

 

 
(56,944
)
Intercompany activities, net
(119,195
)
 
163,409

 
(44,214
)
 

 

Net cash provided by (used in)
   financing activities
(575,010
)
 
162,543

 
(78,284
)
 

 
(490,751
)
Net increase (decrease) in cash and
    equivalents
(261,502
)
 
(19,509
)
 
(77,501
)
 

 
(358,512
)
Cash and equivalents at beginning of
    period
262,364

 
1,188,999

 
128,966

 

 
1,580,329

Cash and equivalents at end of period
$
862

 
$
1,169,490

 
$
51,465

 
$

 
$
1,221,817