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 |
|
|