Supplemental Guarantor Information | 9 Months Ended |
Sep. 30, 2013 |
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 each of the Company's wholly-owned Homebuilding subsidiaries and certain other wholly-owned subsidiaries (collectively, the “Guarantors”). Such guaranties are full and unconditional. 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. Separate financial statements of the Guarantors are not provided as the consolidating financial information contained herein provides a more meaningful disclosure to allow investors to determine the nature of the assets held by, and the operations of, the combined groups. |
CONDENSED CONSOLIDATING BALANCE SHEET |
SEPTEMBER 30, 2013 |
($000’s omitted) |
|
| | | | | | | | | | | | | | | | | | | |
| Unconsolidated | | Eliminating | | Consolidated |
Entries | PulteGroup, |
| PulteGroup, | | Guarantor | | Non-Guarantor | | | Inc. |
Inc. | Subsidiaries | Subsidiaries | | |
ASSETS | | | | | | | | | |
Cash and equivalents | $ | 187,299 | | | $ | 1,080,993 | | | $ | 81,702 | | | $ | — | | | $ | 1,349,994 | |
|
Restricted cash | 53,672 | | | 4,455 | | | 11,294 | | | — | | | 69,421 | |
|
House and land inventory | — | | | 4,150,254 | | | 710 | | | — | | | 4,150,964 | |
|
Land held for sale | — | | | 64,066 | | | 1,034 | | | — | | | 65,100 | |
|
Land, not owned, under option | — | | | 27,612 | | | — | | | — | | | 27,612 | |
agreements |
Residential mortgage loans available- | — | | | — | | | 296,922 | | | — | | | 296,922 | |
for-sale |
Investments in unconsolidated entities | 66 | | | 40,983 | | | 3,957 | | | — | | | 45,006 | |
|
Other assets | 40,125 | | | 353,549 | | | 46,850 | | | — | | | 440,524 | |
|
Intangible assets | — | | | 139,423 | | | — | | | — | | | 139,423 | |
|
Deferred tax assets, net | 2,087,306 | | | 20 | | | 21,430 | | | — | | | 2,108,756 | |
|
Investments in subsidiaries and | 4,461,536 | | | 644,702 | | | 5,035,100 | | | (10,141,338 | ) | | — | |
intercompany accounts, net |
| $ | 6,830,004 | | | $ | 6,506,057 | | | $ | 5,498,999 | | | $ | (10,141,338 | ) | | $ | 8,693,722 | |
|
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | |
Liabilities: | | | | | | | | | |
Accounts payable, customer deposits, | $ | 84,792 | | | $ | 1,470,586 | | | $ | 278,034 | | | $ | — | | | $ | 1,833,412 | |
accrued and other liabilities |
Income tax liabilities | 196,870 | | | — | | | — | | | — | | | 196,870 | |
|
Financial Services debt | — | | | — | | | 115,098 | | | — | | | 115,098 | |
|
Senior notes | 2,056,657 | | | — | | | — | | | — | | | 2,056,657 | |
|
Total liabilities | 2,338,319 | | | 1,470,586 | | | 393,132 | | | — | | | 4,202,037 | |
|
Total shareholders’ equity | 4,491,685 | | | 5,035,471 | | | 5,105,867 | | | (10,141,338 | ) | | 4,491,685 | |
|
| $ | 6,830,004 | | | $ | 6,506,057 | | | $ | 5,498,999 | | | $ | (10,141,338 | ) | | $ | 8,693,722 | |
|
|
CONDENSED CONSOLIDATING BALANCE SHEET |
DECEMBER 31, 2012 |
($000’s omitted) |
|
| | | | | | | | | | | | | | | | | | | |
| Unconsolidated | | Eliminating | | Consolidated |
Entries | PulteGroup, |
| PulteGroup, | | Guarantor | | Non-Guarantor | | | Inc. |
Inc. | Subsidiaries | Subsidiaries | | |
ASSETS | | | | | | | | | |
Cash and equivalents | $ | 146,168 | | | $ | 1,063,943 | | | $ | 194,649 | | | $ | — | | | $ | 1,404,760 | |
|
Restricted cash | 54,546 | | | 3,365 | | | 14,039 | | | — | | | 71,950 | |
|
House and land inventory | — | | | 4,210,201 | | | 3,845 | | | — | | | 4,214,046 | |
|
Land held for sale | — | | | 91,104 | | | — | | | — | | | 91,104 | |
|
Land, not owned, under option | — | | | 31,066 | | | — | | | — | | | 31,066 | |
agreements |
Residential mortgage loans available- | — | | | — | | | 318,931 | | | — | | | 318,931 | |
for-sale |
Investments in unconsolidated entities | 1,528 | | | 40,973 | | | 3,128 | | | — | | | 45,629 | |
|
Other assets | 28,951 | | | 324,109 | | | 54,615 | | | — | | | 407,675 | |
|
Intangible assets | — | | | 149,248 | | | — | | | — | | | 149,248 | |
|
Investments in subsidiaries and | 4,723,466 | | | 7,198,710 | | | 6,296,915 | | | (18,219,091 | ) | | — | |
intercompany accounts, net |
| $ | 4,954,659 | | | $ | 13,112,719 | | | $ | 6,886,122 | | | $ | (18,219,091 | ) | | $ | 6,734,409 | |
|
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | |
Liabilities: | | | | | | | | | |
Accounts payable, customer deposits, | $ | 56,565 | | | $ | 1,343,653 | | | $ | 297,302 | | | $ | — | | | $ | 1,697,520 | |
accrued and other liabilities |
Income tax liabilities | 198,865 | | | — | | | — | | | — | | | 198,865 | |
|
Financial Services debt | — | | | — | | | 138,795 | | | — | | | 138,795 | |
|
Senior notes | 2,509,613 | | | — | | | — | | | — | | | 2,509,613 | |
|
Total liabilities | 2,765,043 | | | 1,343,653 | | | 436,097 | | | — | | | 4,544,793 | |
|
Total shareholders’ equity | 2,189,616 | | | 11,769,066 | | | 6,450,025 | | | (18,219,091 | ) | | 2,189,616 | |
|
| $ | 4,954,659 | | | $ | 13,112,719 | | | $ | 6,886,122 | | | $ | (18,219,091 | ) | | $ | 6,734,409 | |
|
|
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
For the three months ended September 30, 2013 |
($000’s omitted) |
|
| | | | | | | | | | | | | | | | | | | |
| Unconsolidated | | | | Consolidated |
PulteGroup, |
| PulteGroup, | | Guarantor | | Non-Guarantor | | Eliminating | | Inc. |
Inc. | Subsidiaries | Subsidiaries | Entries | |
Revenues: | | | | | | | | | |
Homebuilding | | | | | | | | | |
Home sale revenues | $ | — | | | $ | 1,491,959 | | | $ | — | | | $ | — | | | $ | 1,491,959 | |
|
Land sale revenues | — | | | 55,783 | | | — | | | — | | | 55,783 | |
|
| — | | | 1,547,742 | | | — | | | — | | | 1,547,742 | |
|
Financial Services | — | | | 649 | | | 33,687 | | | — | | | 34,336 | |
|
| — | | | 1,548,391 | | | 33,687 | | | — | | | 1,582,078 | |
|
Homebuilding Cost of Revenues: | | | | | | | | | |
Home sale cost of revenues | — | | | 1,180,137 | | | — | | | — | | | 1,180,137 | |
|
Land sale cost of revenues | — | | | 49,933 | | | — | | | — | | | 49,933 | |
|
| — | | | 1,230,070 | | | — | | | — | | | 1,230,070 | |
|
Financial Services expenses | 209 | | | 145 | | | 22,890 | | | — | | | 23,244 | |
|
Selling, general and administrative | — | | | 138,629 | | | 8 | | | — | | | 138,637 | |
expenses |
Other expense (income), net | 3,844 | | | 10,860 | | | 2,351 | | | — | | | 17,055 | |
|
Interest income | (91 | ) | | (928 | ) | | (17 | ) | | — | | | (1,036 | ) |
|
Interest expense | 171 | | | — | | | — | | | — | | | 171 | |
|
Equity in (earnings) loss of | 2 | | | (570 | ) | | (217 | ) | | — | | | (785 | ) |
unconsolidated entities |
Intercompany interest | (158,633 | ) | | 162,739 | | | (4,106 | ) | | — | | | — | |
|
Income (loss) before income taxes and | 154,498 | | | 7,446 | | | 12,778 | | | — | | | 174,722 | |
equity in income (loss) of |
subsidiaries |
Income tax expense (benefit) | (2,108,148 | ) | | (1,692 | ) | | 2,678 | | | — | | | (2,107,162 | ) |
|
Income (loss) before equity in income | 2,262,646 | | | 9,138 | | | 10,100 | | | — | | | 2,281,884 | |
(loss) of subsidiaries |
Equity in income (loss) of subsidiaries | 19,238 | | | 11,316 | | | 94,212 | | | (124,766 | ) | | — | |
|
Net income (loss) | 2,281,884 | | | 20,454 | | | 104,312 | | | (124,766 | ) | | 2,281,884 | |
|
Other comprehensive income | 77 | | | — | | | — | | | — | | | 77 | |
|
Comprehensive income | $ | 2,281,961 | | | $ | 20,454 | | | $ | 104,312 | | | $ | (124,766 | ) | | $ | 2,281,961 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
For the three months ended September 30, 2012 |
($000’s omitted) |
|
| | | | | | | | | | | | | | | | | | | |
| Unconsolidated | | | | Consolidated |
PulteGroup, |
| PulteGroup, | | Guarantor | | Non-Guarantor | | Eliminating | | Inc. |
Inc. | Subsidiaries | Subsidiaries | Entries | |
Revenues: | | | | | | | | | |
Homebuilding | | | | | | | | | |
Home sale revenues | $ | — | | | $ | 1,232,704 | | | $ | — | | | $ | — | | | $ | 1,232,704 | |
|
Land sale revenues | — | | | 22,623 | | | — | | | — | | | 22,623 | |
|
| — | | | 1,255,327 | | | — | | | — | | | 1,255,327 | |
|
Financial Services | — | | | 537 | | | 46,727 | | | — | | | 47,264 | |
|
| — | | | 1,255,864 | | | 46,727 | | | — | | | 1,302,591 | |
|
Homebuilding Cost of Revenues: | | | | | | | | | |
Home sale cost of revenues | — | | | 1,023,704 | | | — | | | — | | | 1,023,704 | |
|
Land sale cost of revenues | — | | | 21,061 | | | — | | | — | | | 21,061 | |
|
| — | | | 1,044,765 | | | — | | | — | | | 1,044,765 | |
|
Financial Services expenses | (5 | ) | | 123 | | | 20,460 | | | — | | | 20,578 | |
|
Selling, general and administrative | — | | | 124,410 | | | 781 | | | — | | | 125,191 | |
expenses |
Other expense (income), net | (10 | ) | | 7,315 | | | 148 | | | — | | | 7,453 | |
|
Interest income | (55 | ) | | (1,141 | ) | | (23 | ) | | — | | | (1,219 | ) |
|
Interest expense | 201 | | | — | | | — | | | — | | | 201 | |
|
Equity in (earnings) loss of | — | | | (150 | ) | | (134 | ) | | — | | | (284 | ) |
unconsolidated entities |
Intercompany interest | 159,014 | | | (155,576 | ) | | (3,438 | ) | | — | | | — | |
|
Income (loss) before income taxes and | (159,145 | ) | | 236,118 | | | 28,933 | | | — | | | 105,906 | |
equity in income (loss) of |
subsidiaries |
Income tax expense (benefit) | (9,738 | ) | | (10,648 | ) | | 9,659 | | | — | | | (10,727 | ) |
|
Income (loss) before equity in income | (149,407 | ) | | 246,766 | | | 19,274 | | | — | | | 116,633 | |
(loss) of subsidiaries |
Equity in income (loss) of subsidiaries | 266,040 | | | 19,387 | | | 183,738 | | | (469,165 | ) | | — | |
|
Net income (loss) | 116,633 | | | 266,153 | | | 203,012 | | | (469,165 | ) | | 116,633 | |
|
Other comprehensive income | 58 | | | — | | | — | | | — | | | 58 | |
|
Comprehensive income (loss) | $ | 116,691 | | | $ | 266,153 | | | $ | 203,012 | | | $ | (469,165 | ) | | $ | 116,691 | |
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
For the nine months ended September 30, 2013 |
($000’s omitted) |
|
| | | | | | | | | | | | | | | | | | | |
| Unconsolidated | | | | Consolidated |
PulteGroup, |
| PulteGroup, | | Guarantor | | Non-Guarantor | | Eliminating | | Inc. |
Inc. | Subsidiaries | Subsidiaries | Entries | |
Revenues: | | | | | | | | | |
Homebuilding | | | | | | | | | |
Home sale revenues | $ | — | | | $ | 3,811,386 | | | $ | — | | | $ | — | | | $ | 3,811,386 | |
|
Land sale revenues | — | | | 102,299 | | | — | | | — | | | 102,299 | |
|
| — | | | 3,913,685 | | | — | | | — | | | 3,913,685 | |
|
Financial Services | — | | | 1,759 | | | 108,812 | | | — | | | 110,571 | |
|
| — | | | 3,915,444 | | | 108,812 | | | — | | | 4,024,256 | |
|
Homebuilding Cost of Revenues: | | | | | | | | | |
Home sale cost of revenues | — | | | 3,072,425 | | | — | | | — | | | 3,072,425 | |
|
Land sale cost of revenues | — | | | 92,661 | | | — | | | — | | | 92,661 | |
|
| — | | | 3,165,086 | | | — | | | — | | | 3,165,086 | |
|
Financial Services expenses | 625 | | | 369 | | | 67,873 | | | — | | | 68,867 | |
|
Selling, general and administrative | — | | | 417,495 | | | 1,299 | | | — | | | 418,794 | |
expenses |
Other expense (income), net | 26,887 | | | 48,379 | | | 3,900 | | | — | | | 79,166 | |
|
Interest income | (257 | ) | | (2,985 | ) | | (79 | ) | | — | | | (3,321 | ) |
|
Interest expense | 544 | | | — | | | — | | | — | | | 544 | |
|
Equity in (earnings) loss of | 1,462 | | | (916 | ) | | (828 | ) | | — | | | (282 | ) |
unconsolidated entities |
Intercompany interest | 16,647 | | | (9,658 | ) | | (6,989 | ) | | — | | | — | |
|
Income (loss) before income taxes and | (45,908 | ) | | 297,674 | | | 43,636 | | | — | | | 295,402 | |
equity in income (loss) of |
subsidiaries |
Income tax expense (benefit) | (2,108,019 | ) | | (9,658 | ) | | 13,016 | | | — | | | (2,104,661 | ) |
|
Income (loss) before equity in income | 2,062,111 | | | 307,332 | | | 30,620 | | | — | | | 2,400,063 | |
(loss) of subsidiaries |
Equity in income (loss) of subsidiaries | 337,952 | | | 33,292 | | | 295,673 | | | (666,917 | ) | | — | |
|
Net income (loss) | 2,400,063 | | | 340,624 | | | 326,293 | | | (666,917 | ) | | 2,400,063 | |
|
Other comprehensive income | 273 | | | — | | | — | | | — | | | 273 | |
|
Comprehensive income | $ | 2,400,336 | | | $ | 340,624 | | | $ | 326,293 | | | $ | (666,917 | ) | | $ | 2,400,336 | |
|
|
|
|
|
|
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
For the nine months ended September 30, 2012 |
($000’s omitted) |
|
| | | | | | | | | | | | | | | | | | | |
| Unconsolidated | | | | Consolidated |
PulteGroup, |
| PulteGroup, | | Guarantor | | Non-Guarantor | | Eliminating | | Inc. |
Inc. | Subsidiaries | Subsidiaries | Entries | |
Revenues: | | | | | | | | | |
Homebuilding | | | | | | | | | |
Home sale revenues | $ | — | | | $ | 3,070,895 | | | $ | — | | | $ | — | | | $ | 3,070,895 | |
|
Land sale revenues | — | | | 69,770 | | | — | | | — | | | 69,770 | |
|
| — | | | 3,140,665 | | | — | | | — | | | 3,140,665 | |
|
Financial Services | — | | | 1,367 | | | 111,000 | | | | | | 112,367 | |
|
| — | | | 3,142,032 | | | 111,000 | | | — | | | 3,253,032 | |
|
Homebuilding Cost of Revenues: | | | | | | | | | |
Home sale cost of revenues | — | | | 2,605,249 | | | — | | | | | | 2,605,249 | |
|
Land sale cost of revenues | — | | | 62,069 | | | — | | | | | | 62,069 | |
|
| — | | | 2,667,318 | | | — | | | — | | | 2,667,318 | |
|
Financial Services expenses | 165 | | | 396 | | | 62,353 | | | | | | 62,914 | |
|
Selling, general and administrative | — | | | 370,076 | | | 2,615 | | | | | | 372,691 | |
expenses |
Other expense (income), net | (30 | ) | | 21,774 | | | 2,826 | | | | | | 24,570 | |
|
Interest income | (178 | ) | | (3,335 | ) | | (69 | ) | | | | | (3,582 | ) |
|
Interest expense | 616 | | | — | | | — | | | | | | 616 | |
|
Equity in (earnings) loss of | (2 | ) | | (3,312 | ) | | (522 | ) | | | | | (3,836 | ) |
unconsolidated entities |
Intercompany interest | 421,479 | | | (411,405 | ) | | (10,074 | ) | | | | | — | |
|
Income (loss) before income taxes and | (422,050 | ) | | 500,520 | | | 53,871 | | | — | | | 132,341 | |
equity in income (loss) of |
subsidiaries |
Income tax expense (benefit) | 9,518 | | | (14,842 | ) | | (9,738 | ) | | | | | (15,062 | ) |
|
Income (loss) before equity in income | (431,568 | ) | | 515,362 | | | 63,609 | | | — | | | 147,403 | |
(loss) of subsidiaries |
Equity in income (loss) of subsidiaries | 578,971 | | | 64,123 | | | 329,332 | | | (972,426 | ) | | — | |
|
Net income (loss) | 147,403 | | | 579,485 | | | 392,941 | | | (972,426 | ) | | 147,403 | |
|
Other comprehensive income | 173 | | | — | | | — | | | — | | | 173 | |
|
Comprehensive income | $ | 147,576 | | | $ | 579,485 | | | $ | 392,941 | | | $ | (972,426 | ) | | $ | 147,576 | |
|
|
CONSOLIDATING STATEMENT OF CASH FLOWS |
For the nine months ended September 30, 2013 |
($000’s omitted) |
|
| | | | | | | | | | | | | | | | | | | |
| Unconsolidated | | | | Consolidated |
| PulteGroup, | | Guarantor | | Non-Guarantor | | Eliminating | | PulteGroup, Inc. |
Inc. | Subsidiaries | Subsidiaries | Entries | |
Net cash provided by (used in) | $ | 15,822 | | | $ | 511,801 | | | $ | 27,327 | | | $ | — | | | $ | 554,950 | |
operating activities |
Cash flows from investing activities: | | | | | | | | | |
Distributions from unconsolidated | — | | | 200 | | | — | | | — | | | 200 | |
entities |
Investments in unconsolidated entities | — | | | (1,057 | ) | | — | | | — | | | (1,057 | ) |
|
Net change in loans held for investment | — | | | — | | | 236 | | | — | | | 236 | |
|
Change in restricted cash related to | 875 | | | — | | | — | | | — | | | 875 | |
letters of credit |
Proceeds from the sale of property and | — | | | 9 | | | — | | | — | | | 9 | |
equipment |
Capital expenditures | — | | | (16,679 | ) | | (1,675 | ) | | — | | | (18,354 | ) |
|
Net cash provided by (used in) | 875 | | | (17,527 | ) | | (1,439 | ) | | — | | | (18,091 | ) |
investing activities |
Cash flows from financing activities: | | | | | | | | | |
Financial Services borrowings (repayments) | — | | | — | | | (23,697 | ) | | — | | | (23,697 | ) |
|
Other borrowings (repayments) | (485,048 | ) | | 7,828 | | | — | | | — | | | (477,220 | ) |
|
Stock option exercises | 18,549 | | | — | | | — | | | — | | | 18,549 | |
|
Stock repurchases | (89,940 | ) | | — | | | — | | | — | | | (89,940 | ) |
|
Dividends paid | (19,317 | ) | | — | | | — | | | — | | | (19,317 | ) |
|
Intercompany activities, net | 600,190 | | | (485,052 | ) | | (115,138 | ) | | — | | | — | |
|
Net cash provided by (used in) | 24,434 | | | (477,224 | ) | | (138,835 | ) | | — | | | (591,625 | ) |
financing activities |
Net increase (decrease) in cash and | 41,131 | | | 17,050 | | | (112,947 | ) | | — | | | (54,766 | ) |
equivalents |
Cash and equivalents at beginning of | 146,168 | | | 1,063,943 | | | 194,649 | | | — | | | 1,404,760 | |
period |
Cash and equivalents at end of period | $ | 187,299 | | | $ | 1,080,993 | | | $ | 81,702 | | | $ | — | | | $ | 1,349,994 | |
|
|
|
CONSOLIDATING STATEMENT OF CASH FLOWS |
For the nine months ended September 30, 2012 |
($000’s omitted) |
|
| | | | | | | | | | | | | | | | | | | |
| Unconsolidated | | | | Consolidated |
| PulteGroup, | | Guarantor | | Non-Guarantor | | Eliminating | | PulteGroup, Inc. |
Inc. | Subsidiaries | Subsidiaries | Entries | |
Net cash provided by (used in) | $ | (397,371 | ) | | $ | 765,922 | | | $ | 52,681 | | | $ | — | | | $ | 421,232 | |
operating activities |
Cash flows from investing activities: | | | | | | | | | |
Distributions from unconsolidated | — | | | 2,696 | | | — | | | — | | | 2,696 | |
entities |
Investments in unconsolidated entities | — | | | (1,266 | ) | | — | | | — | | | (1,266 | ) |
|
Net change in loans held for investment | — | | | — | | | 736 | | | — | | | 736 | |
|
Change in restricted cash related to | 26,096 | | | — | | | — | | | — | | | 26,096 | |
letters of credit |
Proceeds from the sale of property and | — | | | 4,705 | | | — | | | — | | | 4,705 | |
equipment |
Capital expenditures | — | | | (8,398 | ) | | (2,199 | ) | | — | | | (10,597 | ) |
|
Net cash provided by (used in) investing | 26,096 | | | (2,263 | ) | | (1,463 | ) | | — | | | 22,370 | |
activities |
Cash flows from financing activities: | | | | | | | | | |
Financial Services borrowings (repayments) | — | | | — | | | 103,000 | | | — | | | 103,000 | |
|
Other borrowings (repayments) | (96,393 | ) | | 3,900 | | | — | | | — | | | (92,493 | ) |
|
Stock option exercises | 27,432 | | | — | | | — | | | — | | | 27,432 | |
|
Stock repurchases | (961 | ) | | — | | | — | | | — | | | (961 | ) |
|
Intercompany activities, net | 465,471 | | | (305,997 | ) | | (159,474 | ) | | — | | | — | |
|
Net cash provided by (used in) | 395,549 | | | (302,097 | ) | | (56,474 | ) | | — | | | 36,978 | |
financing activities |
Net increase (decrease) in cash and | 24,274 | | | 461,562 | | | (5,256 | ) | | — | | | 480,580 | |
equivalents |
Cash and equivalents at beginning of | 119,287 | | | 875,561 | | | 88,223 | | | — | | | 1,083,071 | |
period |
Cash and equivalents at end of period | $ | 143,561 | | | $ | 1,337,123 | | | $ | 82,967 | | | $ | — | | | $ | 1,563,651 | |
|
|