XML 25 R15.htm IDEA: XBRL DOCUMENT v3.20.2
Supplemental Guarantor Information
9 Months Ended
Sep. 30, 2020
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 unconsolidated entities are presented using the equity method of accounting.
 CONDENSED CONSOLIDATING BALANCE SHEET
September 30, 2020
($000’s omitted)
 
Unconsolidated
 
Eliminating
Entries
 
Consolidated
PulteGroup,
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
ASSETS
 
 
 
 
 
 
 
 
 
Cash and equivalents
$


$
2,001,550


$
65,726


$


$
2,067,276

Restricted cash


39,218


7,714




46,932

Total cash, cash equivalents, and
restricted cash


2,040,768


73,440




2,114,208

House and land inventory


7,458,068


157,403




7,615,471

Land held for sale


26,867






26,867

Residential mortgage loans available-
for-sale




400,067




400,067

Investments in unconsolidated entities


40,921


801




41,722

Other assets
34,990


639,993


242,405




917,388

Intangible assets


114,192


54,274




168,466

Deferred tax assets, net
93,577




(12,744
)



80,833

Investments in subsidiaries and
intercompany accounts, net
8,910,969


1,101,141


10,341,970


(20,354,080
)



$
9,039,536


$
11,421,950


$
11,257,616


$
(20,354,080
)

$
11,365,022

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable, customer deposits,
accrued and other liabilities
$
71,684


$
1,757,966


$
251,572


$


$
2,081,222

Income tax liabilities
15,769








15,769

Financial Services debt




249,046




249,046

Notes payable
2,712,068


66,902






2,778,970

Total liabilities
2,799,521


1,824,868


500,618




5,125,007

Total shareholders’ equity
6,240,015


9,597,082


10,756,998


(20,354,080
)

6,240,015


$
9,039,536


$
11,421,950


$
11,257,616


$
(20,354,080
)

$
11,365,022


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
For the three months ended September 30, 2020
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$

 
$
2,761,898

 
$
62,023

 
$

 
$
2,823,921

Land sale and other revenues

 
6,723

 
17,442

 

 
24,165

 

 
2,768,621

 
79,465

 

 
2,848,086

Financial Services

 

 
106,871

 

 
106,871

 

 
2,768,621

 
186,336

 

 
2,954,957

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues

 
(2,086,122
)
 
(45,619
)
 

 
(2,131,741
)
Land sale and other cost of revenues

 
(3,959
)
 
(16,543
)
 

 
(20,502
)
 

 
(2,090,081
)
 
(62,162
)
 

 
(2,152,243
)
Financial Services expenses

 
(180
)
 
(42,627
)
 

 
(42,807
)
Selling, general, and administrative
expenses

 
(262,348
)
 
(8,909
)
 

 
(271,257
)
Goodwill impairment

 

 

 

 

Other income (expense), net
(84
)
 
(13,265
)
 
8,866

 

 
(4,483
)
Intercompany interest
(1,173
)
 

 
1,173

 

 

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(1,257
)
 
402,747

 
82,677

 

 
484,167

Income tax (expense) benefit
314

 
(48,113
)
 
(19,970
)
 

 
(67,769
)
Income (loss) before equity in income
(loss) of subsidiaries
(943
)
 
354,634

 
62,707

 

 
416,398

Equity in income (loss) of subsidiaries
417,341

 
61,743

 
344,854

 
(823,938
)
 

Net income (loss)
416,398

 
416,377

 
407,561

 
(823,938
)
 
416,398

Other comprehensive income
25

 

 

 

 
25

Comprehensive income (loss)
$
416,423

 
$
416,377

 
$
407,561

 
$
(823,938
)
 
$
416,423


CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the three months ended September 30, 2019
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$

 
$
2,588,933

 
$
48,069

 
$

 
$
2,637,002

Land sale and other revenues

 
8,526

 
22

 

 
8,548

 

 
2,597,459

 
48,091

 

 
2,645,550

Financial Services

 

 
64,815

 

 
64,815

 

 
2,597,459

 
112,906

 

 
2,710,365

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues

 
(1,992,043
)
 
(36,579
)
 

 
(2,028,622
)
Land sale and other cost of revenues

 
(7,350
)
 

 

 
(7,350
)
 

 
(1,999,393
)
 
(36,579
)
 

 
(2,035,972
)
Financial Services expenses

 
(133
)
 
(32,381
)
 

 
(32,514
)
Selling, general, and administrative
expenses

 
(252,414
)
 
(18,211
)
 

 
(270,625
)
Other income (expense), net
(126
)
 
(15,697
)
 
10,715

 

 
(5,108
)
Intercompany interest
(2,255
)
 

 
2,255

 

 

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(2,381
)
 
329,822

 
38,705

 

 
366,146

Income tax (expense) benefit
688

 
(83,937
)
 
(9,793
)
 

 
(93,042
)
Income (loss) before equity in income
(loss) of subsidiaries
(1,693
)
 
245,885

 
28,912

 

 
273,104

Equity in income (loss) of subsidiaries
274,797

 
34,672

 
371,107

 
(680,576
)
 

Net income (loss)
273,104

 
280,557

 
400,019

 
(680,576
)
 
273,104

Other comprehensive income
25

 

 

 

 
25

Comprehensive income (loss)
$
273,129

 
$
280,557

 
$
400,019

 
$
(680,576
)
 
$
273,129







CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the nine months ended September 30, 2020
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$

 
$
7,407,014

 
$
110,439

 
$

 
$
7,517,453

Land sale and other revenues

 
17,722

 
52,320

 

 
70,042

 

 
7,424,736

 
162,759

 

 
7,587,495

Financial Services

 

 
256,223

 

 
256,223

 

 
7,424,736

 
418,982

 

 
7,843,718

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues

 
(5,622,495
)
 
(84,319
)
 

 
(5,706,814
)
Land sale and other cost of revenues

 
(9,345
)
 
(46,213
)
 

 
(55,558
)
 

 
(5,631,840
)
 
(130,532
)
 

 
(5,762,372
)
Financial Services expenses

 
(535
)
 
(111,600
)
 

 
(112,135
)
Selling, general, and administrative
expenses

 
(713,360
)
 
(18,425
)
 

 
(731,785
)
Goodwill impairment

 

 
(20,190
)
 

 
(20,190
)
Other income (expense), net
(3,628
)
 
(30,323
)
 
21,659

 

 
(12,292
)
Intercompany interest
(4,247
)
 

 
4,247

 

 

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(7,875
)
 
1,048,678

 
164,141

 

 
1,204,944

Income tax (expense) benefit
1,969

 
(198,316
)
 
(39,869
)
 

 
(236,216
)
Income (loss) before equity in income
(loss) of subsidiaries
(5,906
)
 
850,362

 
124,272

 

 
968,728

Equity in income (loss) of subsidiaries
974,634

 
130,079

 
829,470

 
(1,934,183
)
 

Net income (loss)
968,728

 
980,441

 
953,742

 
(1,934,183
)
 
968,728

Other comprehensive income
75

 

 

 

 
75

Comprehensive income (loss)
$
968,803

 
$
980,441

 
$
953,742

 
$
(1,934,183
)
 
$
968,803


















CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
For the nine months ended September 30, 2019
($000’s omitted)
 
Unconsolidated
 
 
 
Consolidated
PulteGroup, 
Inc.
 
PulteGroup,
Inc.
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Revenues:
 
 
 
 
 
 
 
 
 
Homebuilding
 
 
 
 
 
 
 
 
 
Home sale revenues
$

 
$
6,855,951

 
$
134,466

 
$

 
$
6,990,417

Land sale and other revenues

 
40,311

 
682

 

 
40,993

 

 
6,896,262

 
135,148

 

 
7,031,410

Financial Services

 

 
164,634

 

 
164,634

 

 
6,896,262

 
299,782

 

 
7,196,044

Homebuilding Cost of Revenues:
 
 
 
 
 
 
 
 
 
Home sale cost of revenues

 
(5,267,638
)
 
(101,930
)
 

 
(5,369,568
)
Land sale and other cost of revenues

 
(34,509
)
 
(1,106
)
 

 
(35,615
)
 

 
(5,302,147
)
 
(103,036
)
 

 
(5,405,183
)
Financial Services expenses

 
(390
)
 
(94,474
)
 

 
(94,864
)
Selling, general, and administrative
expenses

 
(731,801
)
 
(50,990
)
 

 
(782,791
)
Other income (expense), net
(5,213
)
 
(29,961
)
 
25,593

 

 
(9,581
)
Intercompany interest
(6,506
)
 

 
6,506

 

 

Income (loss) before income taxes and
equity in income (loss) of
subsidiaries
(11,719
)
 
831,963

 
83,381

 

 
903,625

Income tax (expense) benefit
2,930

 
(204,186
)
 
(21,467
)
 

 
(222,723
)
Income (loss) before equity in income
(loss) of subsidiaries
(8,789
)
 
627,777

 
61,914

 

 
680,902

Equity in income (loss) of subsidiaries
689,691

 
77,480

 
647,207

 
(1,414,378
)
 

Net income (loss)
680,902

 
705,257

 
709,121

 
(1,414,378
)
 
680,902

Other comprehensive income
75

 

 

 

 
75

Comprehensive income (loss)
$
680,977

 
$
705,257

 
$
709,121

 
$
(1,414,378
)
 
$
680,977

 


















CONSOLIDATING STATEMENT OF CASH FLOWS
For the nine months ended September 30, 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
$
70,895

 
$
1,007,020

 
$
190,710

 
$

 
$
1,268,625

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(40,773
)
 
(6,152
)
 

 
(46,925
)
Investments in unconsolidated entities

 

 
(663
)
 

 
(663
)
Distributions of capital from unconsolidated entities

 
19,630

 
309

 

 
19,939

Other investing activities, net

 
152

 
1,569

 

 
1,721

Business acquisition

 

 
(83,251
)
 

 
(83,251
)
Net cash provided by (used in)
investing activities

 
(20,991
)
 
(88,188
)
 

 
(109,179
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowing (repayments), net

 

 
(77,527
)
 

 
(77,527
)
Repayments of debt

 
(10,993
)
 

 

 
(10,993
)
Borrowings under revolving credit facility
700,000

 

 

 

 
700,000

Repayments under revolving credit facility
(700,000
)
 

 

 

 
(700,000
)
Stock option exercises
111

 

 

 

 
111

Share repurchases
(95,676
)
 

 

 

 
(95,676
)
Cash paid for shares withheld for taxes
(14,853
)
 

 

 

 
(14,853
)
Dividends paid
(97,756
)
 

 

 

 
(97,756
)
Intercompany activities, net
137,279

 
7,661

 
(144,940
)
 

 

Net cash provided by (used in)
financing activities
(70,895
)
 
(3,332
)
 
(222,467
)
 

 
(296,694
)
Net increase (decrease) in cash, cash equivalents, and restricted cash

 
982,697

 
(119,945
)
 

 
862,752

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
$

 
$
2,040,768

 
$
73,440

 
$

 
$
2,114,208


CONSOLIDATING STATEMENT OF CASH FLOWS
For the nine months ended September 30, 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
$
162,105

 
$
304,142

 
$
116,533

 
$

 
$
582,780

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(36,098
)
 
(7,064
)
 

 
(43,162
)
Investments in unconsolidated entities

 
(7,807
)
 
(708
)
 

 
(8,515
)
Distributions of capital from unconsolidated entities

 
214

 

 

 
214

Other investing activities, net

 
3,072

 
1,723

 

 
4,795

Business acquisition

 
(163,724
)
 

 

 
(163,724
)
Net cash provided by (used in)
investing activities

 
(204,343
)
 
(6,049
)
 

 
(210,392
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Financial Services borrowings (repayments), net

 

 
(99,052
)
 

 
(99,052
)
Repayments of debt
(280,175
)
 
(16,699
)
 
(537
)
 

 
(297,411
)
Stock option exercises
6,368

 

 

 

 
6,368

Share repurchases
(244,388
)
 

 

 

 
(244,388
)
Cash paid for shares withheld for taxes
(10,726
)
 

 

 

 
(10,726
)
Dividends paid
(92,235
)
 
44,499

 
(44,499
)
 

 
(92,235
)
Intercompany activities, net
459,051

 
(339,156
)
 
(119,895
)
 

 

Net cash provided by (used in)
financing activities
(162,105
)
 
(311,356
)
 
(263,983
)
 

 
(737,444
)
Net increase (decrease) in cash, cash equivalents, and restricted cash

 
(211,557
)
 
(153,499
)
 

 
(365,056
)
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
$

 
$
717,810

 
$
50,834

 
$

 
$
768,644