Supplemental Guarantor Information (Tables)
|
3 Months Ended |
Mar. 31, 2016 |
|---|
| Supplemental Guarantor Information [Abstract] |
|
| Consolidating Balance Sheet |
CONDENSED CONSOLIDATING BALANCE SHEET MARCH 31, 2016 ($000’s omitted) | | | | | | | | | | | | | | | | | | | | | | Unconsolidated | | Eliminating
Entries | | Consolidated
PulteGroup,
Inc. | | PulteGroup,
Inc. | | Guarantor
Subsidiaries | | Non-Guarantor
Subsidiaries | | ASSETS | | | | | | | | | | Cash and equivalents | $ | — |
| | $ | 937,248 |
| | $ | 58,448 |
| | $ | — |
| | $ | 995,696 |
| Restricted cash | — |
| | 20,937 |
| | 1,482 |
| | — |
| | 22,419 |
| House and land inventory | — |
| | 6,160,236 |
| | 42,243 |
| | — |
| | 6,202,479 |
| Land held for sale | — |
| | 84,507 |
| | 510 |
| | — |
| | 85,017 |
| Residential mortgage loans available- for-sale | — |
| | — |
| | 290,578 |
| | — |
| | 290,578 |
| Investments in unconsolidated entities | 97 |
| | 48,234 |
| | 4,759 |
| | — |
| | 53,090 |
| Other assets | 23,002 |
| | 522,693 |
| | 140,468 |
| | — |
| | 686,163 |
| Intangible assets | — |
| | 163,185 |
| | — |
| | — |
| | 163,185 |
| Deferred tax assets, net | 1,342,225 |
| | — |
| | 2,628 |
| | — |
| | 1,344,853 |
| Investments in subsidiaries and intercompany accounts, net | 6,597,500 |
| | (754,237 | ) | | 6,491,667 |
| | (12,334,930 | ) | | — |
| | $ | 7,962,824 |
| | $ | 7,182,803 |
| | $ | 7,032,783 |
| | $ | (12,334,930 | ) | | $ | 9,843,480 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | Liabilities: | | | | | | | | | | Accounts payable, customer deposits, accrued and other liabilities | $ | 88,474 |
| | $ | 1,569,237 |
| | $ | 192,805 |
| | $ | — |
| | $ | 1,850,516 |
| Income tax liabilities | 33,460 |
| | — |
| | — |
| | — |
| | 33,460 |
| Financial Services debt | — |
| | — |
| | 118,614 |
| | — |
| | 118,614 |
| Term loan | 498,817 |
| | — |
|
| — |
|
| — |
| | 498,817 |
| Senior notes | 2,568,546 |
| | — |
| | — |
| | — |
| | 2,568,546 |
| Total liabilities | 3,189,297 |
| | 1,569,237 |
| | 311,419 |
| | — |
| | 5,069,953 |
| Total shareholders’ equity | 4,773,527 |
| | 5,613,566 |
| | 6,721,364 |
| | (12,334,930 | ) | | 4,773,527 |
| | $ | 7,962,824 |
| | $ | 7,182,803 |
| | $ | 7,032,783 |
| | $ | (12,334,930 | ) | | $ | 9,843,480 |
|
CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2015 ($000’s omitted) | | | | | | | | | | | | | | | | | | | | | | Unconsolidated | | Eliminating
Entries | | Consolidated
PulteGroup,
Inc. | | PulteGroup,
Inc. | | Guarantor
Subsidiaries | | Non-Guarantor
Subsidiaries | | ASSETS | | | | | | | | | | Cash and equivalents | $ | — |
| | $ | 638,602 |
| | $ | 115,559 |
| | $ | — |
| | $ | 754,161 |
| Restricted cash | — |
| | 20,274 |
| | 1,000 |
| | — |
| | 21,274 |
| House and land inventory | — |
| | 5,450,058 |
| | — |
| | — |
| | 5,450,058 |
| Land held for sale | — |
| | 80,458 |
| | 1,034 |
| | — |
| | 81,492 |
| Residential mortgage loans available- for-sale | — |
| | — |
| | 442,715 |
| | — |
| | 442,715 |
| Investments in unconsolidated entities | 93 |
| | 36,499 |
| | 4,675 |
| | — |
| | 41,267 |
| Other assets | 38,991 |
| | 531,120 |
| | 90,724 |
| | — |
| | 660,835 |
| Intangible assets | — |
| | 110,215 |
| | — |
| | — |
| | 110,215 |
| Deferred tax assets, net | 1,392,251 |
| | 11 |
| | 2,617 |
| | — |
| | 1,394,879 |
| Investments in subsidiaries and intercompany accounts, net | 5,529,606 |
| | 465,644 |
| | 6,293,018 |
| | (12,288,268 | ) | | — |
| | $ | 6,960,941 |
| | $ | 7,332,881 |
| | $ | 6,951,342 |
| | $ | (12,288,268 | ) | | $ | 8,956,896 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | Liabilities: | | | | | | | | | | Accounts payable, customer deposits, accrued and other liabilities | $ | 70,061 |
| | $ | 1,558,885 |
| | $ | 169,193 |
| | $ | — |
| | $ | 1,798,139 |
| Income tax liabilities | 57,050 |
| | — |
| | — |
| | — |
| | 57,050 |
| Financial Services debt | — |
| | — |
| | 267,877 |
| | — |
| | 267,877 |
| Term loan | 498,423 |
| | — |
| | — |
| | — |
| | 498,423 |
| Senior notes | 1,576,082 |
| | — |
| | — |
| | — |
| | 1,576,082 |
| Total liabilities | 2,201,616 |
| | 1,558,885 |
| | 437,070 |
| | — |
| | 4,197,571 |
| Total shareholders’ equity | 4,759,325 |
| | 5,773,996 |
| | 6,514,272 |
| | (12,288,268 | ) | | 4,759,325 |
| | $ | 6,960,941 |
| | $ | 7,332,881 |
| | $ | 6,951,342 |
| | $ | (12,288,268 | ) | | $ | 8,956,896 |
|
|
| Consolidating Statement of Operations and Comprehensive Income (Loss) |
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the three months ended March 31, 2016 ($000’s omitted) | | | | | | | | | | | | | | | | | | | | | | Unconsolidated | | | | Consolidated
PulteGroup,
Inc. | | PulteGroup,
Inc. | | Guarantor
Subsidiaries | | Non-Guarantor
Subsidiaries | | Eliminating
Entries | | Revenues: | | | | | | | | | | Homebuilding | | | | | | | | | | Home sale revenues | $ | — |
| | $ | 1,393,259 |
| | $ | 984 |
| | $ | — |
| | $ | 1,394,243 |
| Land sale revenues | — |
| | 2,010 |
| | 477 |
| | — |
| | 2,487 |
| | — |
| | 1,395,269 |
| | 1,461 |
| | — |
| | 1,396,730 |
| Financial Services | — |
| | — |
| | 35,848 |
| | — |
| | 35,848 |
| | — |
| | 1,395,269 |
| | 37,309 |
| | — |
| | 1,432,578 |
| Homebuilding Cost of Revenues: | | | | | | | | | | Home sale cost of revenues | — |
| | 1,087,165 |
| | 2,164 |
| | — |
| | 1,089,329 |
| Land sale cost of revenues | — |
| | 1,643 |
| | 385 |
| | — |
| | 2,028 |
| | — |
| | 1,088,808 |
| | 2,549 |
| | — |
| | 1,091,357 |
| Financial Services expenses | — |
| | 123 |
| | 25,996 |
| | — |
| | 26,119 |
| Selling, general, and administrative expenses | — |
| | 187,581 |
| | 3,434 |
| | — |
| | 191,015 |
| Other expense (income), net | 170 |
| | 9,676 |
| | (3,972 | ) | | — |
| | 5,874 |
| Intercompany interest | 510 |
| | 2,184 |
| | (2,694 | ) | | — |
| | — |
| Income (loss) before income taxes and equity in income (loss) of subsidiaries | (680 | ) | | 106,897 |
| | 11,996 |
| | — |
| | 118,213 |
| Income tax expense (benefit) | (263 | ) | | 30,568 |
| | 4,608 |
| | — |
| | 34,913 |
| Income (loss) before equity in income (loss) of subsidiaries | (417 | ) | | 76,329 |
| | 7,388 |
| | — |
| | 83,300 |
| Equity in income (loss) of subsidiaries | 83,717 |
| | 7,010 |
| | 111,918 |
| | (202,645 | ) | | — |
| Net income (loss) | 83,300 |
| | 83,339 |
| | 119,306 |
| | (202,645 | ) | | 83,300 |
| Other comprehensive income | 21 |
| | — |
| | — |
| | — |
| | 21 |
| Comprehensive income (loss) | $ | 83,321 |
| | $ | 83,339 |
| | $ | 119,306 |
| | $ | (202,645 | ) | | $ | 83,321 |
|
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the three months ended March 31, 2015 ($000’s omitted) | | | | | | | | | | | | | | | | | | | | | | Unconsolidated | | | | Consolidated
PulteGroup,
Inc. | | PulteGroup,
Inc. | | Guarantor
Subsidiaries | | Non-Guarantor
Subsidiaries | | Eliminating
Entries | | Revenues: | | | | | | | | | | Homebuilding | | | | | | | | | | Home sale revenues | $ | — |
| | $ | 1,088,158 |
| | $ | — |
| | $ | — |
| | $ | 1,088,158 |
| Land sale revenues | — |
| | 17,542 |
| | — |
| | — |
| | 17,542 |
| | — |
| | 1,105,700 |
| | — |
| | — |
| | 1,105,700 |
| Financial Services | — |
| | — |
| | 27,598 |
| | — |
| | 27,598 |
| | — |
| | 1,105,700 |
| | 27,598 |
| | — |
| | 1,133,298 |
| Homebuilding Cost of Revenues: | | | | | | | | | | Home sale cost of revenues | — |
| | 841,145 |
| | — |
| | — |
| | 841,145 |
| Land sale cost of revenues | — |
| | 13,378 |
| | — |
| | — |
| | 13,378 |
| | — |
| | 854,523 |
| | — |
| | — |
| | 854,523 |
| Financial Services expenses | 187 |
| | (168 | ) | | 22,522 |
| | — |
| | 22,541 |
| Selling, general, and administrative expenses | — |
| | 160,828 |
| | 484 |
| | — |
| | 161,312 |
| Other expense (income), net | 174 |
| | (708 | ) | | (349 | ) | | — |
| | (883 | ) | Intercompany interest | 7,723 |
| | (5,422 | ) | | (2,301 | ) | | — |
| | — |
| Income (loss) before income taxes and equity in income (loss) of subsidiaries | (8,084 | ) | | 96,647 |
| | 7,242 |
| | — |
| | 95,805 |
| Income tax expense (benefit) | (3,072 | ) | | 41,097 |
| | 2,809 |
| | — |
| | 40,834 |
| Income (loss) before equity in income (loss) of subsidiaries | (5,012 | ) | | 55,550 |
| | 4,433 |
| | — |
| | 54,971 |
| Equity in income (loss) of subsidiaries | 59,983 |
| | 4,337 |
| | 52,063 |
| | (116,383 | ) | | — |
| Net income (loss) | 54,971 |
| | 59,887 |
| | 56,496 |
| | (116,383 | ) | | 54,971 |
| Other comprehensive income | 21 |
| | — |
| | — |
| | — |
| | 21 |
| Comprehensive income (loss) | $ | 54,992 |
| | $ | 59,887 |
| | $ | 56,496 |
| | $ | (116,383 | ) | | $ | 54,992 |
|
|
| Consolidating Statement Of Cash Flows |
CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended March 31, 2016 ($000’s omitted) | | | | | | | | | | | | | | | | | | | | | | Unconsolidated | | | | Consolidated
PulteGroup, Inc. | | PulteGroup,
Inc. | | Guarantor
Subsidiaries | | Non-Guarantor
Subsidiaries | | Eliminating
Entries | | Net cash provided by (used in) operating activities | $ | 41,058 |
| | $ | (255,994 | ) | | $ | 150,874 |
| | $ | — |
| | $ | (64,062 | ) | Cash flows from investing activities: | | | | | | | | | | Capital expenditures | — |
| | (8,918 | ) | | (542 | ) | | — |
| | (9,460 | ) | Cash used for business acquisitions | — |
| | (430,011 | ) | | — |
| | — |
| | (430,011 | ) | Other investing activities, net | (3 | ) | | (12,731 | ) | | 453 |
| | — |
| | (12,281 | ) | Net cash provided by (used in) investing activities | (3 | ) | | (451,660 | ) | | (89 | ) | | — |
| | (451,752 | ) | Cash flows from financing activities: | | | | | | | | | | Proceeds from debt issuance | 991,575 |
| | — |
| | — |
| | — |
| | 991,575 |
| Repayments of debt | — |
| | (702 | ) | | — |
| | — |
| | (702 | ) | Borrowings under revolving credit facility | 220,000 |
| | — |
| | — |
| | — |
| | 220,000 |
| Repayments under revolving credit facility | (220,000 | ) | | — |
| | — |
| | — |
| | (220,000 | ) | Financial Services borrowings (repayments) | — |
| | — |
| | (149,263 | ) | | — |
| | (149,263 | ) | Stock option exercises | 52 |
| | — |
| | — |
| | — |
| | 52 |
| Share repurchases | (52,745 | ) | | — |
| | — |
| | — |
| | (52,745 | ) | Dividends paid | (31,568 | ) | | — |
| | — |
| | — |
| | (31,568 | ) | Intercompany activities, net | (948,369 | ) | | 1,007,002 |
| | (58,633 | ) | | — |
| | — |
| Net cash provided by (used in) financing activities | (41,055 | ) | | 1,006,300 |
| | (207,896 | ) | | — |
| | 757,349 |
| Net increase (decrease) in cash and equivalents | — |
| | 298,646 |
| | (57,111 | ) | | — |
| | 241,535 |
| Cash and equivalents at beginning of period | — |
| | 638,602 |
| | 115,559 |
| | — |
| | 754,161 |
| Cash and equivalents at end of period | $ | — |
| | $ | 937,248 |
| | $ | 58,448 |
| | $ | — |
| | $ | 995,696 |
|
CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended March 31, 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 | $ | 87,624 |
| | $ | (203,566 | ) | | $ | 90,545 |
| | $ | — |
| | $ | (25,397 | ) | Cash flows from investing activities: | | | | | | | | | | Capital expenditures | — |
| | (13,489 | ) | | (1,028 | ) | | — |
| | (14,517 | ) | Other investing activities, net | 3,710 |
| | 5 |
| | 917 |
| | — |
| | 4,632 |
| Net cash provided by (used in) investing activities | 3,710 |
| | (13,484 | ) | | (111 | ) | | — |
| | (9,885 | ) | Cash flows from financing activities: | | | | | | | | | | Financial Services borrowings (repayments) | — |
| | — |
| | (72,678 | ) | | — |
| | (72,678 | ) | Stock option exercises | 6,596 |
| | — |
| | — |
| | — |
| | 6,596 |
| Share repurchases | (107,955 | ) | | — |
| | — |
| | — |
| | (107,955 | ) | Dividends paid | (29,616 | ) | | — |
| | — |
| | — |
| | (29,616 | ) | Intercompany activities, net | 32,187 |
| | 56,487 |
| | (88,674 | ) | | — |
| | — |
| Net cash provided by (used in) financing activities | (98,788 | ) | | 56,487 |
| | (161,352 | ) | | — |
| | (203,653 | ) | Net increase (decrease) in cash and equivalents | (7,454 | ) | | (160,563 | ) | | (70,918 | ) | | — |
| | (238,935 | ) | Cash and equivalents at beginning of period | 7,454 |
| | 1,157,307 |
| | 128,101 |
| | — |
| | 1,292,862 |
| Cash and equivalents at end of period | $ | — |
| | $ | 996,744 |
| | $ | 57,183 |
| | $ | — |
| | $ | 1,053,927 |
|
|