XML 62 R23.htm IDEA: XBRL DOCUMENT v3.20.1
Supplemental Guarantor Information (Tables)
3 Months Ended
Mar. 31, 2020
Supplemental Guarantor Information [Abstract]  
Consolidating Balance Sheet CONDENSED CONSOLIDATING BALANCE SHEET
MARCH 31, 2020
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$


$
1,752,047


$
64,731


$


$
1,816,778

Restricted cash


29,351


5,124




34,475

Total cash, cash equivalents, and
restricted cash


1,781,398


69,855




1,851,253

House and land inventory


7,723,741


133,923




7,857,664

Land held for sale


31,636






31,636

Residential mortgage loans available-
for-sale




363,854




363,854

Investments in unconsolidated entities


53,304


1,191




54,495

Other assets
9,519


692,313


233,700




935,532

Intangible assets


121,392


57,161




178,553

Deferred tax assets, net
162,661




(12,274
)



150,387

Investments in subsidiaries and
intercompany accounts, net
8,914,412


260,346


9,707,683


(18,882,441
)



$
9,086,592


$
10,664,130


$
10,555,093


$
(18,882,441
)

$
11,423,374

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
accrued and other liabilities
$
71,859


$
1,749,600


$
273,046


$


$
2,094,505

Income tax liabilities
72,546








72,546

Financial Services debt




270,000




270,000

Revolving credit facility
700,000








700,000

Notes payable
2,711,796


44,136






2,755,932

Total liabilities
3,556,201


1,793,736


543,046




5,892,983

Total shareholders’ equity
5,530,391


8,870,394


10,012,047


(18,882,441
)

5,530,391


$
9,086,592


$
10,664,130


$
10,555,093


$
(18,882,441
)

$
11,423,374


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 March 31, 2020
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$

 
$
2,197,564

 
$
23,939

 
$

 
$
2,221,503

Land sale and other revenues

 
2,450

 
16,477

 

 
18,927

 

 
2,200,014

 
40,416

 

 
2,240,430

Financial Services

 

 
54,550

 

 
54,550

 

 
2,200,014

 
94,966

 

 
2,294,980

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues

 
(1,675,347
)
 
(19,518
)
 

 
(1,694,865
)
Land sale cost of revenues

 
(854
)
 
(14,160
)
 

 
(15,014
)
 

 
(1,676,201
)
 
(33,678
)
 

 
(1,709,879
)
Financial Services expenses

 
(143
)
 
(34,806
)
 

 
(34,949
)
Selling, general, and administrative
expenses

 
(255,635
)
 
(8,034
)
 

 
(263,669
)
Goodwill impairment

 

 
(20,190
)
 

 
(20,190
)
Other income (expense), net
(692
)
 
(6,617
)
 
4,785

 

 
(2,524
)
Intercompany interest
(1,606
)
 

 
1,606

 

 

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(2,298
)
 
261,418

 
4,649

 

 
263,769

Income tax (expense) benefit
574

 
(59,459
)
 
(1,173
)
 

 
(60,058
)
Income (loss) before equity in income
(loss) of subsidiaries
(1,724
)
 
201,959

 
3,476

 

 
203,711

Equity in income (loss) of subsidiaries
205,435

 
18,197

 
195,720

 
(419,352
)
 

Net income (loss)
203,711

 
220,156

 
199,196

 
(419,352
)
 
203,711

Other comprehensive income
25

 

 

 

 
25

Comprehensive income (loss)
$
203,736

 
$
220,156

 
$
199,196

 
$
(419,352
)
 
$
203,736


CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the three months ended March 31, 2019
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$

 
$
1,907,808

 
$
42,048

 
$

 
$
1,949,856

Land sale and other revenues

 
2,325

 
650

 

 
2,975

 

 
1,910,133

 
42,698

 

 
1,952,831

Financial Services

 

 
43,862

 

 
43,862

 

 
1,910,133

 
86,560

 

 
1,996,693

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues

 
(1,460,895
)
 
(31,896
)
 

 
(1,492,791
)
Land sale cost of revenues

 
(944
)
 
(1,106
)
 

 
(2,050
)
 

 
(1,461,839
)
 
(33,002
)
 

 
(1,494,841
)
Financial Services expenses

 
(132
)
 
(31,317
)
 

 
(31,449
)
Selling, general, and administrative
expenses

 
(234,118
)
 
(18,609
)
 

 
(252,727
)
Other income (expense), net
(122
)
 
(4,986
)
 
4,135

 

 
(973
)
Intercompany interest
(1,996
)
 

 
1,996

 

 

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(2,118
)
 
209,058

 
9,763

 

 
216,703

Income tax (expense) benefit
508

 
(47,650
)
 
(2,804
)
 


 
(49,946
)
Income (loss) before equity in income
(loss) of subsidiaries
(1,610
)
 
161,408

 
6,959

 

 
166,757

Equity in income (loss) of subsidiaries
168,367

 
18,304

 
113,696

 
(300,367
)
 

Net income (loss)
166,757

 
179,712

 
120,655

 
(300,367
)
 
166,757

Other comprehensive income
25

 

 

 

 
25

Comprehensive income (loss)
$
166,782

 
$
179,712

 
$
120,655

 
$
(300,367
)
 
$
166,782





















Consolidating Statement Of Cash Flows
CONSOLIDATING STATEMENT OF CASH FLOWS
For the three months ended March 31, 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
$
85,119

 
$
(14,577
)
 
$
134,073

 
$

 
$
204,615

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(18,108
)
 
(2,031
)
 

 
(20,139
)
Investments in unconsolidated entities

 
6,500

 
(663
)
 

 
5,837

Other investing activities, net

 
48

 
1,658

 

 
1,706

Business acquisition

 

 
(83,200
)
 

 
(83,200
)
Net cash provided by (used in)
investing activities

 
(11,560
)
 
(84,236
)
 

 
(95,796
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowing (repayments), net

 

 
(56,573
)
 

 
(56,573
)
Repayments of debt

 
(9,245
)
 

 

 
(9,245
)
Borrowings under revolving credit facility
700,000

 

 

 

 
700,000

Stock option exercises
50

 

 

 

 
50

Share repurchases
(95,676
)
 

 

 

 
(95,676
)
Cash paid for shares withheld for taxes
(14,838
)
 

 

 

 
(14,838
)
Dividends paid
(32,740
)
 

 

 

 
(32,740
)
Intercompany activities, net
(641,915
)
 
758,709

 
(116,794
)
 

 

Net cash provided by (used in)
financing activities
(85,119
)
 
749,464

 
(173,367
)
 

 
490,978

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

 
723,327

 
(123,530
)
 

 
599,797

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
$

 
$
1,781,398

 
$
69,855

 
$

 
$
1,851,253



CONSOLIDATING STATEMENT OF CASH FLOWS
For the three months ended March 31, 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
$
27,739

 
$
(14,834
)
 
$
146,000

 
$

 
$
158,905

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(13,216
)
 
(2,854
)
 

 
(16,070
)
Investments in unconsolidated entities

 
(1,183
)
 
(106
)
 

 
(1,289
)
Other investing activities, net

 
190

 
101

 

 
291

Net cash provided by (used in)
investing activities

 
(14,209
)
 
(2,859
)
 

 
(17,068
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowings (repayments), net

 

 
(126,273
)
 

 
(126,273
)
Repayments of debt

 
(3,068
)
 
(537
)
 

 
(3,605
)
Stock option exercises
1,445

 

 

 

 
1,445

Share repurchases
(24,999
)
 

 

 


 
(24,999
)
Cash paid for shares withheld for taxes
(10,350
)
 

 

 

 
(10,350
)
Dividends paid
(30,802
)
 

 

 

 
(30,802
)
Intercompany activities, net
36,967

 
135,907

 
(172,874
)
 


 

Net cash provided by (used in)
financing activities
(27,739
)
 
132,839

 
(299,684
)
 

 
(194,584
)
Net increase (decrease) in cash, cash equivalents, and restricted cash

 
103,796

 
(156,543
)
 

 
(52,747
)
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
$

 
$
1,033,163

 
$
47,790

 
$

 
$
1,080,953