XML 25 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Supplemental Guarantor Information
9 Months Ended
Sep. 30, 2018
Supplemental Guarantor Information [Abstract]  
Supplemental Guarantor information Supplemental Guarantor information

All of our senior notes are guaranteed jointly and severally on a senior basis by certain of our wholly-owned Homebuilding subsidiaries and certain other wholly-owned subsidiaries (collectively, the “Guarantors”). Such guaranties are full and unconditional. Our subsidiaries comprising the Financial Services segment along with certain other subsidiaries (collectively, the "Non-Guarantor Subsidiaries") do not guarantee the senior notes. In accordance with Rule 3-10 of Regulation S-X, supplemental consolidating financial information of the Company, including such information for the Guarantors, is presented below. Investments in subsidiaries are presented using the equity method of accounting.


 CONDENSED CONSOLIDATING BALANCE SHEET
SEPTEMBER 30, 2018
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$


$
674,271


$
54,360


$


$
728,631

Restricted cash


28,996


1,385




30,381

Total cash, cash equivalents, and
restricted cash


703,267


55,745




759,012

House and land inventory


7,392,748


96,706




7,489,454

Land held for sale


65,905






65,905

Residential mortgage loans available-
for-sale




349,784




349,784

Investments in unconsolidated entities


53,732


546




54,278

Other assets
24,202


601,877


171,897




797,976

Intangible assets



130,642






130,642

Deferred tax assets, net
415,836




(7,807
)



408,029

Investments in subsidiaries and
intercompany accounts, net
7,354,045


314,402


8,185,180


(15,853,627
)



$
7,794,083


$
9,262,573


$
8,852,051


$
(15,853,627
)

$
10,055,080

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
accrued and other liabilities
$
68,081


$
1,746,660


$
244,986


$


$
2,059,727

Income tax liabilities
10,324








10,324

Financial Services debt




250,733




250,733

Notes payable
2,986,800


17,962


656




3,005,418

Total liabilities
3,065,205


1,764,622


496,375




5,326,202

Total shareholders’ equity
4,728,878


7,497,951


8,355,676


(15,853,627
)

4,728,878


$
7,794,083


$
9,262,573


$
8,852,051


$
(15,853,627
)

$
10,055,080


CONDENSED CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2017
($000’s omitted)

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


$
125,462


$
147,221


$


$
272,683

Restricted cash


32,339


1,146




33,485

Total cash, cash equivalents, and
restricted cash


157,801


148,367




306,168

House and land inventory


7,053,087


94,043




7,147,130

Land held for sale


68,384






68,384

Residential mortgage loans available-
for-sale




570,600




570,600

Investments in unconsolidated entities


62,415


542




62,957

Other assets
9,417


592,045


143,661




745,123

Intangible assets


140,992






140,992

Deferred tax assets, net
646,227




(932
)



645,295

Investments in subsidiaries and
intercompany accounts, net
6,661,638


284,983


7,300,127


(14,246,748
)



$
7,317,282


$
8,359,707


$
8,256,408


$
(14,246,748
)

$
9,686,649

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
accrued and other liabilities
$
89,388


$
1,636,913


$
274,626


$


$
2,000,927

Income tax liabilities
86,925








86,925

Financial Services debt




437,804




437,804

Notes payable
2,986,943


16,911


3,113




3,006,967

Total liabilities
3,163,256


1,653,824


715,543




5,532,623

Total shareholders’ equity
4,154,026


6,705,883


7,540,865


(14,246,748
)

4,154,026


$
7,317,282


$
8,359,707


$
8,256,408


$
(14,246,748
)

$
9,686,649



CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the three months ended September 30, 2018
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$

 
$
2,535,930

 
$
36,306

 
$

 
$
2,572,236

Land sale and other revenues

 
25,266

 
244

 

 
25,510

 

 
2,561,196

 
36,550

 

 
2,597,746

Financial Services

 

 
51,620

 

 
51,620

 

 
2,561,196

 
88,170

 

 
2,649,366

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues

 
(1,928,365
)
 
(25,795
)
 

 
(1,954,160
)
Land sale cost of revenues

 
(22,060
)
 


 

 
(22,060
)
 

 
(1,950,425
)
 
(25,795
)
 

 
(1,976,220
)
Financial Services expenses

 
(130
)
 
(32,083
)
 

 
(32,213
)
Selling, general, and administrative
expenses

 
(245,776
)
 
(6,981
)
 

 
(252,757
)
Other income (expense), net
(120
)
 
(12,398
)
 
9,030

 

 
(3,488
)
Intercompany interest
(2,158
)
 


 
2,158

 

 

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(2,278
)
 
352,467

 
34,499

 

 
384,688

Income tax (expense) benefit
609

 
(88,368
)
 
(7,394
)
 

 
(95,153
)
Income (loss) before equity in income
(loss) of subsidiaries
(1,669
)
 
264,099

 
27,105

 

 
289,535

Equity in income (loss) of subsidiaries
291,204

 
25,094

 
190,161

 
(506,459
)
 

Net income (loss)
289,535

 
289,193

 
217,266

 
(506,459
)
 
289,535

Other comprehensive income
25

 

 

 

 
25

Comprehensive income (loss)
$
289,560

 
$
289,193

 
$
217,266

 
$
(506,459
)
 
$
289,560


CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the three months ended September 30, 2017
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$

 
$
2,032,391

 
$
23,500

 
$

 
$
2,055,891

Land sale and other revenues

 
27,954

 
261

 

 
28,215

 

 
2,060,345

 
23,761

 

 
2,084,106

Financial Services

 

 
46,952

 

 
46,952

 

 
2,060,345

 
70,713

 

 
2,131,058

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues

 
(1,545,712
)
 
(18,893
)
 

 
(1,564,605
)
Land sale cost of revenues

 
(24,896
)
 
(227
)
 

 
(25,123
)
 

 
(1,570,608
)
 
(19,120
)
 

 
(1,589,728
)
Financial Services expenses

 
(121
)
 
(29,183
)
 

 
(29,304
)
Selling, general, and administrative
expenses

 
(225,845
)
 
(11,650
)
 

 
(237,495
)
Other income (expense), net
(96
)
 
(12,670
)
 
6,484

 

 
(6,282
)
Intercompany interest
(756
)
 

 
756

 

 

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(852
)
 
251,101

 
18,000

 

 
268,249

Income tax (expense) benefit
945

 
(84,666
)
 
(6,989
)
 

 
(90,710
)
Income before equity in income
of subsidiaries
93

 
166,435

 
11,011

 

 
177,539

Equity in income (loss) of subsidiaries
177,446

 
18,040

 
114,564

 
(310,050
)
 

Net income (loss)
177,539

 
184,475

 
125,575

 
(310,050
)
 
177,539

Other comprehensive income
20

 

 

 

 
20

Comprehensive income (loss)
$
177,559

 
$
184,475

 
$
125,575

 
$
(310,050
)
 
$
177,559
















CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the nine months ended September 30, 2018
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$

 
$
6,852,430

 
$
81,458

 
$

 
$
6,933,888

Land sale and other revenues

 
103,243

 
1,728

 

 
104,971

 

 
6,955,673

 
83,186

 

 
7,038,859

Financial Services

 

 
150,322

 

 
150,322

 

 
6,955,673

 
233,508

 

 
7,189,181

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues

 
(5,214,408
)
 
(61,824
)
 

 
(5,276,232
)
Land sale cost of revenues

 
(70,774
)
 
(1,017
)
 

 
(71,791
)
 

 
(5,285,182
)
 
(62,841
)
 

 
(5,348,023
)
Financial Services expenses

 
(405
)
 
(96,245
)
 

 
(96,650
)
Selling, general, and administrative
expenses

 
(699,311
)
 
(20,395
)
 

 
(719,706
)
Other income (expense), net
(458
)
 
(33,436
)
 
27,141

 

 
(6,753
)
Intercompany interest
(5,710
)
 

 
5,710

 

 

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(6,168
)
 
937,339

 
86,878

 

 
1,018,049

Income tax (expense) benefit
1,543

 
(213,876
)
 
(21,341
)
 

 
(233,674
)
Income (loss) before equity in income
(loss) of subsidiaries
(4,625
)
 
723,463

 
65,537

 

 
784,375

Equity in income (loss) of subsidiaries
789,000

 
62,162

 
559,184

 
(1,410,346
)
 

Net income (loss)
784,375

 
785,625

 
624,721

 
(1,410,346
)
 
784,375

Other comprehensive income
75

 

 

 

 
75

Comprehensive income (loss)
$
784,450

 
$
785,625

 
$
624,721

 
$
(1,410,346
)
 
$
784,450

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the nine months ended September 30, 2017
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$

 
$
5,554,349

 
$
52,604

 
$

 
$
5,606,953

Land sale and other revenues

 
37,268

 
2,580

 

 
39,848

 

 
5,591,617

 
55,184

 

 
5,646,801

Financial Services

 

 
135,995

 

 
135,995

 

 
5,591,617

 
191,179

 

 
5,782,796

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues

 
(4,288,754
)
 
(43,467
)
 

 
(4,332,221
)
Land sale cost of revenues

 
(113,899
)
 
(2,051
)
 

 
(115,950
)
 

 
(4,402,653
)
 
(45,518
)
 

 
(4,448,171
)
Financial Services expenses

 
(384
)
 
(85,766
)
 

 
(86,150
)
Selling, general, and administrative
expenses

 
(653,930
)
 
(36,044
)
 

 
(689,974
)
Other income (expense), net
(354
)
 
(49,436
)
 
21,351

 

 
(28,439
)
Intercompany interest
(1,634
)
 

 
1,634

 

 

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(1,988
)
 
485,214

 
46,836

 

 
530,062

Income tax (expense) benefit
1,377

 
(143,324
)
 
(18,308
)
 

 
(160,255
)
Income (loss) before equity in income
(loss) of subsidiaries
(611
)
 
341,890

 
28,528

 

 
369,807

Equity in income (loss) of subsidiaries
370,418

 
36,307

 
197,494

 
(604,219
)
 

Net income (loss)
369,807

 
378,197

 
226,022

 
(604,219
)
 
369,807

Other comprehensive income
61

 

 

 

 
61

Comprehensive income (loss)
$
369,868

 
$
378,197

 
$
226,022

 
$
(604,219
)
 
$
369,868


CONSOLIDATING STATEMENT OF CASH FLOWS
For the nine months ended September 30, 2018
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Net cash provided by (used in)
operating activities
$
347,335

 
$
389,110

 
$
278,535

 
$

 
$
1,014,980

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(40,483
)
 
(6,046
)
 

 
(46,529
)
Investments in unconsolidated entities

 
(1,000
)
 

 

 
(1,000
)
Other investing activities, net


 
11,299

 
4,246

 

 
15,545

Net cash provided by (used in)
investing activities

 
(30,184
)
 
(1,800
)
 

 
(31,984
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowing (repayments), net


 

 
(187,071
)
 

 
(187,071
)
Repayments of debt

 
(81,757
)
 
(898
)
 

 
(82,655
)
Borrowings under revolving credit facility
1,566,000

 

 

 

 
1,566,000

Repayments under revolving credit facility
(1,566,000
)
 

 

 

 
(1,566,000
)
Debt issuance costs
(8,165
)
 

 

 

 
(8,165
)
Stock option exercises
5,462

 

 

 

 
5,462

Share repurchases
(179,439
)
 

 

 

 
(179,439
)
Dividends paid
(78,284
)
 

 

 

 
(78,284
)
Intercompany activities, net
(86,909
)
 
268,297

 
(181,388
)
 

 

Net cash provided by (used in)
financing activities
(347,335
)
 
186,540

 
(369,357
)
 

 
(530,152
)
Net increase (decrease) in cash, cash equivalents, and restricted cash

 
545,466

 
(92,622
)
 

 
452,844

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

 
157,801

 
148,367

 

 
306,168

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

 
$
703,267

 
$
55,745

 
$

 
$
759,012



CONSOLIDATING STATEMENT OF CASH FLOWS
For the nine months ended September 30, 2017
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Net cash provided by (used in)
operating activities
$
58,575

 
$
43,042

 
$
150,862

 
$

 
$
252,479

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(19,693
)
 
(3,855
)
 

 
(23,548
)
Investments in unconsolidated entities

 
(22,007
)
 

 

 
(22,007
)
Other investing activities, net

 
5,728

 
60

 

 
5,788

Net cash provided by (used in)
investing activities

 
(35,972
)
 
(3,795
)
 

 
(39,767
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowings (repayments), net

 

 
(85,797
)
 

 
(85,797
)
Repayments of debt

 
(6,031
)
 
(970
)
 

 
(7,001
)
Borrowings under revolving credit facility
971,000

 

 

 

 
971,000

Repayments under revolving credit facility
(888,000
)
 

 

 

 
(888,000
)
Stock option exercises
22,765

 

 

 

 
22,765

Share repurchases
(665,812
)
 

 

 

 
(665,812
)
Dividends paid
(86,018
)
 

 

 

 
(86,018
)
Intercompany activities, net
587,490

 
(470,052
)
 
(117,438
)
 

 

Net cash provided by (used in)
financing activities
(58,575
)
 
(476,083
)
 
(204,205
)
 

 
(738,863
)
Net increase decrease in cash, cash equivalents, and restricted cash

 
(469,013
)
 
(57,138
)
 

 
(526,151
)
Cash, cash equivalents, and restricted cash
at beginning of year

 
611,185

 
112,063

 

 
723,248

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

 
$
142,172

 
$
54,925

 
$

 
$
197,097