Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2013 | Oct. 18, 2013 | |
Entity Information [Line Items] | ||
Entity Registrant Name | PULTEGROUP INC/MI/ | |
Entity Central Index Key | 822416 | |
Current Fiscal Year End Date | -21 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 383,057,410 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and equivalents | $1,349,994 | $1,404,760 | ||
Restricted cash | 69,421 | 71,950 | ||
House and land inventory | 4,150,964 | 4,214,046 | ||
Land held for sale | 65,100 | 91,104 | ||
Land, not owned, under option agreements | 27,612 | 31,066 | ||
Residential mortgage loans available-for-sale | 296,922 | 318,931 | ||
Investments in unconsolidated entities | 45,006 | 45,629 | ||
Other assets | 440,524 | 407,675 | ||
Intangible assets | 139,423 | 149,248 | ||
Deferred tax assets, net | 2,108,756 | 0 | ||
Total assets | 8,693,722 | 6,734,409 | ||
Liabilities: | ||||
Accounts payable, including book overdrafts of $37,495 and $42,053 in 2013 and 2012, respectively | 214,098 | 178,274 | ||
Customer deposits | 173,665 | 101,183 | ||
Accrued and other liabilities | 1,445,649 | 1,418,063 | ||
Income tax liabilities | 196,870 | 198,865 | ||
Financial Services debt | 115,098 | 138,795 | ||
Senior notes | 2,056,657 | [1] | 2,509,613 | [1] |
Total liabilities | 4,202,037 | 4,544,793 | ||
Shareholders' Equity | 4,491,685 | 2,189,616 | ||
Total liabilities and shareholders' equity | 8,693,722 | 6,734,409 | ||
Book Overdrafts | $37,495 | $42,053 | ||
[1] | The recorded carrying value reflects the impact of various discounts and premiums that are amortized to interest cost over the respective terms of the senior notes. |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Homebuilding | ||||
Home sale revenues | $1,491,959 | $1,232,704 | $3,811,386 | $3,070,895 |
Land sale revenues | 55,783 | 22,623 | 102,299 | 69,770 |
Total homebuilding revenues | 1,547,742 | 1,255,327 | 3,913,685 | 3,140,665 |
Financial Services | 34,336 | 47,264 | 110,571 | 112,367 |
Total revenues | 1,582,078 | 1,302,591 | 4,024,256 | 3,253,032 |
Homebuilding Cost of Revenues: | ||||
Home sale cost of revenues | 1,180,137 | 1,023,704 | 3,072,425 | 2,605,249 |
Land sale cost of revenues | 49,933 | 21,061 | 92,661 | 62,069 |
Total cost of revenues | 1,230,070 | 1,044,765 | 3,165,086 | 2,667,318 |
Financial Services expenses | 23,244 | 20,578 | 68,867 | 62,914 |
Selling, general and administrative expenses | 138,637 | 125,191 | 418,794 | 372,691 |
Other expense (income), net | 17,055 | 7,453 | 79,166 | 24,570 |
Interest income | -1,036 | -1,219 | -3,321 | -3,582 |
Interest expense | 171 | 201 | 544 | 616 |
Equity in (earnings) loss of unconsolidated entities | -785 | -284 | -282 | -3,836 |
Income before income taxes | 174,722 | 105,906 | 295,402 | 132,341 |
Income tax expense (benefit) | -2,107,162 | -10,727 | -2,104,661 | -15,062 |
Net income | $2,281,884 | $116,633 | $2,400,063 | $147,403 |
Per share: | ||||
Basic earnings | $5.92 | $0.31 | $6.20 | $0.39 |
Diluted earnings | $5.87 | $0.30 | $6.14 | $0.38 |
Cash dividends declared | $0.10 | $0 | $0.10 | $0 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $2,281,884 | $116,633 | $2,400,063 | $147,403 |
Other Comprehensive Income, Net of Tax | ||||
Change in fair value of derivatives | 77 | 58 | 273 | 173 |
Other comprehensive income | 77 | 58 | 273 | 173 |
Comprehensive income | $2,281,961 | $116,691 | $2,400,336 | $147,576 |
Consolidated_Statements_Of_Sha
Consolidated Statements Of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings (Accumulated Deficit) [Member] |
In Thousands | |||||
Shareholders' Equity beginning of period at Dec. 31, 2011 | $1,938,615 | $3,826 | $2,986,240 | ($1,306) | ($1,050,145) |
Shareholders' Equity, shares beginning of period at Dec. 31, 2011 | 382,608 | ||||
Stock option exercises | 27,432 | 24 | 27,408 | 0 | 0 |
Stock option exercises, shares | 2,403 | ||||
Stock awards, net of cancellations | 13 | -13 | |||
Stock awards, net of cancellations, shares | 1,316 | ||||
Stock repurchases | -961 | -1 | -813 | -147 | |
Stock repurchases, shares | -104 | ||||
Stock-based compensation | 9,384 | 0 | 9,384 | 0 | 0 |
Share-based compensation, shares | |||||
Net income | 147,403 | 147,403 | |||
Other comprehensive income | 173 | 173 | |||
Shareholders' Equity end of period at Sep. 30, 2012 | 2,122,046 | 3,862 | 3,022,206 | -1,133 | -902,889 |
Shareholders' Equity, shares end of period at Sep. 30, 2012 | 386,223 | ||||
Shareholders' Equity beginning of period at Dec. 31, 2012 | 2,189,616 | 3,866 | 3,030,889 | -992 | -844,147 |
Shareholders' Equity, shares beginning of period at Dec. 31, 2012 | 386,608 | ||||
Stock option exercises | 18,549 | 14 | 18,535 | 0 | 0 |
Stock option exercises, shares | 1,359 | ||||
Stock awards, net of cancellations | 7 | -7 | |||
Stock awards, net of cancellations, shares | 700 | ||||
Cash dividends declared | -38,462 | -38,462 | |||
Stock repurchases | -89,940 | -56 | -3,063 | -86,821 | |
Stock repurchases, shares | -5,609 | ||||
Stock-based compensation | 11,586 | 0 | 11,586 | 0 | 0 |
Share-based compensation, shares | |||||
Net income | 2,400,063 | 2,400,063 | |||
Other comprehensive income | 273 | 273 | |||
Shareholders' Equity end of period at Sep. 30, 2013 | $4,491,685 | $3,831 | $3,057,940 | ($719) | $1,430,633 |
Shareholders' Equity, shares end of period at Sep. 30, 2013 | 383,058 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ||
Net income | $2,400,063 | $147,403 |
Adjustments to reconcile net income to net cash flows provided by (used in) operating activities: | ||
Deferred income taxes | -2,108,756 | 0 |
Write-down of land inventory and deposits and pre-acquisition costs | 6,371 | 12,623 |
Depreciation and amortization | 23,134 | 22,278 |
Stock-based compensation expense | 21,570 | 14,368 |
Equity in (earnings) loss of unconsolidated entities | -282 | -3,836 |
Distributions of earnings from unconsolidated entities | 1,693 | 7,223 |
Loss on debt retirements | 26,930 | 0 |
Other non-cash, net | 5,943 | 5,254 |
Increase (decrease) in cash due to: | ||
Restricted cash | 1,654 | -966 |
Inventories | 89,040 | 160,973 |
Residential mortgage loans available-for-sale | 21,967 | -5,275 |
Other assets | -29,989 | -1,612 |
Accounts payable, accrued and other liabilities | 97,607 | 63,832 |
Income tax liabilities | -1,995 | -1,033 |
Net cash provided by (used in) operating activities | 554,950 | 421,232 |
Cash flows from investing activities: | ||
Distributions from unconsolidated entities | 200 | 2,696 |
Investments in unconsolidated entities | -1,057 | -1,266 |
Net change in loans held for investment | 236 | 736 |
Change in restricted cash related to letters of credit | 875 | 26,096 |
Proceeds from the sale of property and equipment | 9 | 4,705 |
Capital expenditures | -18,354 | -10,597 |
Net cash provided by (used in) investing activities | -18,091 | 22,370 |
Cash flows from financing activities: | ||
Financial Services borrowings (repayments) | -23,697 | 103,000 |
Other borrowings (repayments) | -477,220 | -92,493 |
Stock option exercises | 18,549 | 27,432 |
Stock repurchases | -89,940 | -961 |
Dividends paid | -19,317 | 0 |
Net cash provided by (used in) financing activities | -591,625 | 36,978 |
Net increase (decrease) in cash and equivalents | -54,766 | 480,580 |
Cash and equivalents at beginning of period | 1,404,760 | 1,083,071 |
Cash and equivalents at end of period | 1,349,994 | 1,563,651 |
Supplemental Cash Flow Information: | ||
Interest paid (capitalized), net | -18,304 | -28,072 |
Income taxes paid (refunded), net | ($792) | ($12,901) |
Basis_Of_Presentation_And_Sign
Basis Of Presentation And Significant Accounting Policies | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||
Basis of Presentation and Significant Accounting Policies | Summary of significant accounting policies | |||||||||||||||||||||||
Basis of presentation | ||||||||||||||||||||||||
PulteGroup, Inc. is one of the largest homebuilders in the United States. Our common stock trades on the New York Stock Exchange under the ticker symbol “PHM”. Unless the context otherwise requires, the terms "PulteGroup", the "Company", "we", "us", and "our" used herein refer to PulteGroup, Inc. and its subsidiaries. While our subsidiaries engage primarily in the homebuilding business, we also have mortgage banking operations, conducted principally through Pulte Mortgage LLC (“Pulte Mortgage”), and title operations. | ||||||||||||||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2012. | ||||||||||||||||||||||||
Use of estimates | ||||||||||||||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||||||||||||||||||||
Subsequent events | ||||||||||||||||||||||||
We evaluated subsequent events up until the time the financial statements were filed with the Securities and Exchange Commission ("SEC"). | ||||||||||||||||||||||||
Cash and equivalents | ||||||||||||||||||||||||
Cash and equivalents include institutional money market investments and time deposits with a maturity of three months or less when acquired. Cash and equivalents at September 30, 2013 and December 31, 2012 also included $13.6 million and $8.1 million, respectively, of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit. | ||||||||||||||||||||||||
Restricted cash | ||||||||||||||||||||||||
We maintain certain cash balances that are restricted as to their use. Restricted cash consists primarily of deposits maintained with financial institutions under cash-collateralized letter of credit agreements (see Note 9). The remaining balances relate to certain other accounts with restrictions, including customer deposits on home sales that are temporarily restricted by regulatory requirements until title transfers to the homebuyer. | ||||||||||||||||||||||||
Other expense (income), net | ||||||||||||||||||||||||
Other expense (income), net consists of the following ($000’s omitted): | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Write-off of deposits and pre-acquisition costs | $ | 811 | $ | 893 | $ | 1,402 | $ | 1,798 | ||||||||||||||||
Loss on debt retirements (Note 9) | 3,858 | — | 26,930 | — | ||||||||||||||||||||
Lease exit and related costs (a) | 378 | 152 | 1,146 | 6,312 | ||||||||||||||||||||
Amortization of intangible assets | 3,275 | 3,275 | 9,825 | 9,825 | ||||||||||||||||||||
Miscellaneous expense (income), net (b) | 8,733 | 3,133 | 39,863 | 6,635 | ||||||||||||||||||||
$ | 17,055 | $ | 7,453 | $ | 79,166 | $ | 24,570 | |||||||||||||||||
(a) | Excludes $2.5 million of lease exit costs classified within Financial Services expense during the nine months ended September 30, 2012. There were no such costs during the three and nine months ended September 30, 2013 or the three months ended September 30, 2012. | |||||||||||||||||||||||
(b) | Includes charges of $8.0 million and $38.0 million during the three and nine months ended September 30, 2013, respectively, resulting from a contractual dispute related to a previously completed luxury community (see Note 10). | |||||||||||||||||||||||
Notes receivable | ||||||||||||||||||||||||
In certain instances, we may accept consideration for land sales or other transactions in the form of a note receivable. Such receivables are reported net of allowance for credit losses within other assets. The following represents our notes receivable and related allowance for credit losses ($000’s omitted): | ||||||||||||||||||||||||
September 30, | 31-Dec-12 | |||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Notes receivable, gross | $ | 59,683 | $ | 57,841 | ||||||||||||||||||||
Allowance for credit losses | (27,048 | ) | (26,865 | ) | ||||||||||||||||||||
Notes receivable, net | $ | 32,635 | $ | 30,976 | ||||||||||||||||||||
We also record receivables from various parties in the normal course of business, including amounts due from municipalities, insurance carriers, and vendors. Such receivables are generally reported within other assets. See Residential mortgage loans available-for-sale in Note 1 for a discussion of receivables related to our mortgage operations. | ||||||||||||||||||||||||
Earnings per share | ||||||||||||||||||||||||
Basic earnings per share is computed by dividing income (loss) available to common shareholders (the “Numerator”) by the weighted-average number of common shares, adjusted for unvested shares of restricted stock (the “Denominator”) for the period. Computing diluted earnings per share is similar to computing basic earnings per share, except that the Denominator is increased to include the dilutive effects of stock options, non-vested restricted stock, and other potentially dilutive instruments. Any stock options that have an exercise price greater than the average market price are considered to be anti-dilutive and are excluded from the diluted earnings per share calculation. Our earnings per share excludes 10.3 million and 10.5 million stock options and other potentially dilutive instruments for the three and nine months ended September 30, 2013, respectively, and 12.0 million and 18.8 million stock options and other potentially dilutive instruments for the three and nine months ended September 30, 2012, respectively. | ||||||||||||||||||||||||
In accordance with ASC 260 "Earnings Per Share" ("ASC 260"), the two-class method determines earnings per share for each class of common stock and participating securities according to an earnings allocation formula that adjusts the Numerator for dividends or dividend equivalents and participation rights in undistributed earnings. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share pursuant to the two-class method. The Company's outstanding restricted stock awards and deferred shares are considered participating securities. The following table presents the earnings per share of common stock ($000's omitted, except per share data): | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Net income | $ | 2,281,884 | $ | 116,633 | $ | 2,400,063 | $ | 147,403 | ||||||||||||||||
Less: earnings distributed to participating securities | (273 | ) | — | (273 | ) | — | ||||||||||||||||||
Less: undistributed earnings allocated to participating securities | (15,884 | ) | — | (17,526 | ) | — | ||||||||||||||||||
Numerator for basic earnings per share | $ | 2,265,727 | $ | 116,633 | $ | 2,382,264 | $ | 147,403 | ||||||||||||||||
Add back: undistributed earnings allocated to participating securities | 15,884 | — | 17,526 | — | ||||||||||||||||||||
Less: undistributed earnings reallocated to participating securities | (15,753 | ) | — | (17,358 | ) | — | ||||||||||||||||||
Numerator for diluted earnings per share | $ | 2,265,858 | $ | 116,633 | $ | 2,382,432 | $ | 147,403 | ||||||||||||||||
Denominator: | ||||||||||||||||||||||||
Basic shares outstanding | 382,883 | 381,355 | 384,159 | 380,839 | ||||||||||||||||||||
Effect of dilutive securities | 3,220 | 3,215 | 3,745 | 2,036 | ||||||||||||||||||||
Diluted shares outstanding | 386,103 | 384,570 | 387,904 | 382,875 | ||||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||
Basic | $ | 5.92 | $ | 0.31 | $ | 6.2 | $ | 0.39 | ||||||||||||||||
Diluted | $ | 5.87 | $ | 0.3 | $ | 6.14 | $ | 0.38 | ||||||||||||||||
Land option agreements | ||||||||||||||||||||||||
In the ordinary course of business, we enter into land option agreements in order to procure land for the construction of homes in the future. Pursuant to these land option agreements, we generally provide a deposit to the seller as consideration for the right to purchase land at different times in the future, usually at predetermined prices. Such contracts enable us to defer acquiring portions of properties owned by third parties or unconsolidated entities until we have determined whether and when to exercise our option, which reduces our financial risks associated with long-term land holdings. Option deposits and pre-acquisition costs (such as environmental testing, surveys, engineering, and entitlement costs) are capitalized if the costs are directly identifiable with the land under option, the costs would be capitalized if we owned the land, and acquisition of the property is probable. Such costs are reflected in other assets and are reclassified to inventory upon taking title to the land. We write off deposits and pre-acquisition costs when it becomes probable that we will not go forward with the project or recover the capitalized costs. Such decisions take into consideration changes in local market conditions, the timing of required land purchases, the availability and best use of necessary incremental capital, and other factors. We record any such write-offs of deposits and pre-acquisition costs within other expense (income), net. See Note 3. | ||||||||||||||||||||||||
If the entity holding the land under option is a variable interest entity (“VIE”), our deposit represents a variable interest in that entity. If we are determined to be the primary beneficiary of the VIE, we are required to consolidate the VIE. Certain of our land option agreements are with entities considered VIEs. In evaluating whether we are required to consolidate a VIE, we take into consideration that the VIE is generally protected from the first dollar of loss under our land option agreement due to our deposit. Likewise, the VIE's gains are generally capped based on the purchase price within the land option agreement. However, we generally have little control or influence over the operations of these VIEs due to our lack of an equity interest in them. Additionally, creditors of the VIE have no recourse against us, and we do not provide financial or other support to these VIEs other than as stipulated in the land option agreements. Our maximum exposure to loss related to these VIEs is generally limited to our deposits and pre-acquisition costs under the applicable land option agreements. Historically, cancellations of land option agreements have resulted in write-offs of the related deposits and pre-acquisition costs but have not exposed us to the overall risks or losses of the applicable VIEs. | ||||||||||||||||||||||||
Separately, certain land option agreements represent financing arrangements even though we generally have no obligation to pay these future amounts. As a result, we recorded $27.6 million and $31.1 million at September 30, 2013 and December 31, 2012, respectively, to land, not owned, under option agreements with a corresponding increase to accrued and other liabilities. Such amounts represent the remaining purchase price under the land option agreements, some of which are with VIEs, in the event we exercise the purchase rights under the agreements. | ||||||||||||||||||||||||
The following provides a summary of our interests in land option agreements as of September 30, 2013 and December 31, 2012 ($000’s omitted): | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Deposits and | Remaining Purchase | Land, Not | Deposits and | Remaining Purchase | Land, Not | |||||||||||||||||||
Pre-acquisition | Price | Owned, | Pre-acquisition | Price | Owned, | |||||||||||||||||||
Costs | Under | Costs | Under | |||||||||||||||||||||
Option | Option | |||||||||||||||||||||||
Agreements | Agreements | |||||||||||||||||||||||
Consolidated VIEs | $ | 6,705 | $ | 10,488 | $ | 12,107 | $ | 5,216 | $ | 8,590 | $ | 8,590 | ||||||||||||
Unconsolidated VIEs | 32,678 | 683,158 | — | 24,078 | 360,495 | — | ||||||||||||||||||
Other land option | 48,561 | 707,547 | 15,505 | 40,822 | 554,307 | 22,476 | ||||||||||||||||||
agreements | ||||||||||||||||||||||||
$ | 87,944 | $ | 1,401,193 | $ | 27,612 | $ | 70,116 | $ | 923,392 | $ | 31,066 | |||||||||||||
Residential mortgage loans available-for-sale | ||||||||||||||||||||||||
Substantially all of the loans originated by us are sold in the secondary mortgage market within a short period of time after origination, generally within 30 days. In accordance with ASC 825, “Financial Instruments” (“ASC 825”), we use the fair value option to record residential mortgage loans available-for-sale. Election of the fair value option for these loans allows a better offset of the changes in fair values of the loans and the derivative instruments used to economically hedge them without having to apply complex hedge accounting provisions. We do not designate any derivative instruments as hedges or apply the hedge accounting provisions of ASC 815, “Derivatives and Hedging.” | ||||||||||||||||||||||||
Expected gains and losses from the sale of residential mortgage loans and their related servicing rights are included in the measurement of written loan commitments that are accounted for at fair value through Financial Services revenues at the time of commitment. Subsequent changes in the fair value of these loans are reflected in Financial Services revenues as they occur. At September 30, 2013 and December 31, 2012, residential mortgage loans available-for-sale had an aggregate fair value of $296.9 million and $318.9 million, respectively, and an aggregate outstanding principal balance of $285.9 million and $305.3 million, respectively. The net gain (loss) resulting from changes in fair value of these loans totaled $4.4 million and $0.9 million for the three months ended September 30, 2013 and 2012, respectively, and $2.6 million and $0.6 million for the nine months ended September 30, 2013 and 2012. These changes in fair value were substantially offset by changes in fair value of the corresponding hedging instruments. Net gains from the sale of mortgages were $18.1 million and $33.9 million for the three months ended September 30, 2013 and 2012, respectively, and $66.4 million and $76.9 million for the nine months ended September 30, 2013 and 2012, respectively, and have been included in Financial Services revenues. | ||||||||||||||||||||||||
Derivative instruments and hedging activities | ||||||||||||||||||||||||
We are exposed to market risks from commitments to lend, movements in interest rates, and canceled or modified commitments to lend. A commitment to lend at a specific interest rate (an interest rate lock commitment) is a derivative financial instrument (interest rate is locked to the borrower). In order to reduce these risks, we use other derivative financial instruments, principally cash forward placement contracts on mortgage-backed securities and whole loan investor commitments, to economically hedge the interest rate lock commitment. We enter into these derivative financial instruments based upon our portfolio of interest rate lock commitments and closed loans. We do not use any derivative financial instruments for trading purposes. | ||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, we had aggregate interest rate lock commitments of $317.7 million and $161.6 million, respectively, which were originated at interest rates prevailing at the date of commitment. Since we can terminate a loan commitment if the borrower does not comply with the terms of the contract, and some loan commitments may expire without being drawn upon, these commitments do not necessarily represent future cash requirements. We evaluate the creditworthiness of these transactions through our normal credit policies. | ||||||||||||||||||||||||
Forward contracts on mortgage-backed securities are commitments to either purchase or sell a specified financial instrument at a specified future date for a specified price that may be settled in cash, by offsetting the position, or through the delivery of the financial instrument. Forward contracts on mortgage-backed securities are the predominant derivative financial instruments we use to minimize market risk during the period from the time we extend an interest rate lock to a loan applicant until the time the loan is sold to an investor. We also use whole loan investor commitments, which are obligations of the investor to buy loans at a specified price within a specified time period. At September 30, 2013 and December 31, 2012, we had unexpired forward contracts of $519.6 million and $428.0 million, respectively, and whole loan investor commitments of $30.2 million and $4.7 million, respectively. Changes in the fair value of interest rate lock commitments and other derivative financial instruments are recognized in Financial Services revenues, and the fair values are reflected in other assets or other liabilities, as applicable. | ||||||||||||||||||||||||
There are no credit-risk-related contingent features within our derivative agreements, and counterparty risk is considered minimal. Gains and losses on interest rate lock commitments are substantially offset by corresponding gains or losses on forward contracts on mortgage-backed securities and whole loan investor commitments. We are generally not exposed to variability in cash flows of derivative instruments for more than approximately 75 days. | ||||||||||||||||||||||||
The fair values of derivative instruments and their location in the Condensed Consolidated Balance Sheets is summarized below ($000’s omitted): | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Other Assets | Other Liabilities | Other Assets | Other Liabilities | |||||||||||||||||||||
Interest rate lock commitments | $ | 12,239 | $ | 117 | $ | 6,045 | $ | 24 | ||||||||||||||||
Forward contracts | 41 | 8,997 | 245 | 891 | ||||||||||||||||||||
Whole loan commitments | 78 | 219 | 30 | 85 | ||||||||||||||||||||
$ | 12,358 | $ | 9,333 | $ | 6,320 | $ | 1,000 | |||||||||||||||||
New accounting pronouncements | ||||||||||||||||||||||||
In December 2011, the FASB issued ASU 2011-11, “Disclosures about Offsetting Assets and Liabilities" ("ASU 2011-11"), which requires entities to disclose information about offsetting and related arrangements of financial instruments and derivative instruments. The guidance was effective for our fiscal year beginning January 1, 2013 and was applied retrospectively. The adoption of this guidance, which is related to disclosure only, did not have a material impact on our financial statements. |
Corporate_Office_Relocation
Corporate Office Relocation | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Restructuring and Related Activities [Abstract] | ||||||||
Restructuring and Related Activities Disclosure [Text Block] | Corporate office relocation | |||||||
On May 31, 2013, we announced our plan to relocate our corporate offices to Atlanta, Georgia, from its current location in Bloomfield Hills, Michigan, in 2014. The decision to relocate reflects long-term growth trends for both us and the homebuilding industry and is intended to bring our corporate offices closer to our customers and a larger portion of our investment portfolio. The relocation of operations will occur in phases over time but is expected to be substantially complete no later than early 2015. We expect to incur the following approximate costs in connection with the relocation, the substantial majority of which represent future cash expenditures ($000's omitted): | ||||||||
Employee severance, retention, and relocation costs | $ | 21,000 | to | $ | 26,000 | |||
Asset impairments | 355 | to | 500 | |||||
Lease termination and other exit costs | 27,000 | to | 32,000 | |||||
During the three and nine months ended September 30, 2013, we recorded employee severance, retention, and relocation costs of $0.3 million and $13.4 million, respectively, and asset impairments of $0.0 million and $0.4 million, respectively. Severance, retention, and relocation costs are recorded within selling, general, and administrative expense, while lease exit and asset impairments are included in other expense (income), net. We expect to record additional charges of approximately $2.0 million in 2013 related to the relocation with the remaining costs to be recognized primarily in 2014 and early 2015. We will also incur costs at the new location related to the recruitment and onboarding of new employees and certain redundant operating costs. The amount of such costs is not expected to be material. |
Inventory_And_Land_Held_For_Sa
Inventory And Land Held For Sale | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||
Inventory Disclosure | Inventory and land held for sale | |||||||||||||||
Major components of inventory were as follows ($000’s omitted): | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Homes under construction | $ | 1,277,648 | $ | 1,116,184 | ||||||||||||
Land under development | 2,117,653 | 2,435,378 | ||||||||||||||
Raw land | 755,663 | 662,484 | ||||||||||||||
$ | 4,150,964 | $ | 4,214,046 | |||||||||||||
We capitalize interest cost into inventory during the active development and construction of our communities. Each layer of capitalized interest is amortized over a period that approximates the average life of communities under development. Interest expense is recorded based on the timing of home closings. Interest expensed to Homebuilding home sale cost of revenues included capitalized interest related to inventory impairments of $0.8 million and $1.9 million, for the three months ended September 30, 2013 and 2012, respectively, and $2.7 million and $4.9 million for the nine months ended September 30, 2013 and 2012, respectively. In all periods presented, we capitalized all Homebuilding interest costs into inventory because the level of our active inventory exceeded our debt levels. | ||||||||||||||||
Information related to interest capitalized into inventory is as follows ($000’s omitted): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Interest in inventory, beginning of period | $ | 298,575 | $ | 358,451 | $ | 331,880 | $ | 355,068 | ||||||||
Interest capitalized | 35,962 | 50,730 | 118,527 | 153,369 | ||||||||||||
Interest expensed | (68,013 | ) | (57,155 | ) | (183,883 | ) | (156,411 | ) | ||||||||
Interest in inventory, end of period | $ | 266,524 | $ | 352,026 | $ | 266,524 | $ | 352,026 | ||||||||
Interest incurred* | $ | 35,962 | $ | 50,730 | $ | 118,527 | $ | 153,369 | ||||||||
* | Homebuilding interest incurred includes interest on senior debt and certain other financing arrangements. | |||||||||||||||
Land valuation adjustments and write-offs | ||||||||||||||||
Impairment of inventory | ||||||||||||||||
We record valuation adjustments on land inventory and related communities under development when events and circumstances indicate that they may be impaired and when the cash flows estimated to be generated by those assets are less than their carrying amounts. Such indicators include gross margin or sales paces significantly below expectations, construction costs or land development costs significantly in excess of budgeted amounts, significant delays or changes in the planned development for the community, and other known qualitative factors. For communities that are not yet active, an additional consideration includes an evaluation of the probability, timing, and cost of obtaining necessary approvals from municipalities and any potential concessions that may be necessary in order to obtain such approvals. We also consider potential changes to the product offerings in a community and any alternative strategies for the land, such as the sale of the land either in whole or in parcels. Communities that demonstrate potential impairment indicators are tested for impairment. We compare the expected undiscounted cash flows for these communities to their carrying values. For those communities whose carrying values exceed the expected undiscounted cash flows, we estimate the fair value of the community. Impairment charges are recorded if the fair value of the community's inventory is less than its carrying value. | ||||||||||||||||
We determine the fair value of a community's inventory using a combination of market comparable land transactions, where available, and discounted cash flow models. These estimated cash flows are significantly impacted by estimates related to expected average selling prices, expected sales paces, expected land development and construction timelines, and anticipated land development, construction, and overhead costs. The assumptions used in the discounted cash flow models are specific to each community tested for impairment. Due to uncertainties in the estimation process, the significant volatility in demand for new housing, and the long life cycles of many communities, actual results could differ significantly from such estimates. Our determination of fair value also requires discounting the estimated cash flows at a rate commensurate with the inherent risks associated with each of the assets and related estimated cash flow streams. The discount rate used in determining each community's fair value depends on the stage of development of the community and other specific factors that increase or decrease the inherent risks associated with the community's cash flow streams. For example, communities that are entitled and near completion will generally be assigned a lower discount rate than communities that are not entitled and consist of multiple phases spanning several years of development and construction. | ||||||||||||||||
During the three and nine months ended September 30, 2013 and 2012, we reviewed each of our land positions for potential impairment. As a result of these reviews, we recorded impairments of $0.8 million and $2.3 million during the three months ended September 30, 2013 and 2012, respectively, and $2.7 million and $9.6 million during the nine months ended September 30, 2013 and 2012, respectively, which are recorded within Homebuilding home sale cost of revenues. Our evaluations for impairments recorded to date were based on our best estimates of the future cash flows for our communities. However, if conditions in the homebuilding industry or our local markets worsen in the future or if our strategy related to certain communities changes, we may be required to evaluate our assets for further impairments or write-downs, which could result in future charges that might be significant. | ||||||||||||||||
Net realizable value adjustments – land held for sale | ||||||||||||||||
Land held for sale is valued at the lower of carrying value or fair value less costs to sell. In determining the value of land held for sale, we consider recent offers received, prices for land in recent comparable sales transactions, and other factors. During the three months ended September 30, 2013 and 2012, we recognized net realizable value adjustments related to land held for sale of $0.1 million and $0.2 million, respectively. Such adjustments totaled $2.3 million and $1.3 million during the nine months ended September 30, 2013 and 2012, respectively. We record these net realizable value adjustments within Homebuilding land sale cost of revenues. During 2013, the decrease in the gross land held for sale and net realizable value reserve balances resulted primarily from the sale of land parcels, certain of which were previously impaired. Land held for sale was as follows ($000’s omitted): | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Land held for sale, gross | $ | 73,698 | $ | 135,201 | ||||||||||||
Net realizable value reserves | (8,598 | ) | (44,097 | ) | ||||||||||||
Land held for sale, net | $ | 65,100 | $ | 91,104 | ||||||||||||
Write-off of deposits and pre-acquisition costs | ||||||||||||||||
We wrote off deposits and pre-acquisition costs in the amount of $0.8 million and $0.9 million during the three months ended September 30, 2013 and 2012, respectively, and $1.4 million and $1.8 million during the nine months ended September 30, 2013 and 2012, respectively. We record these write-offs of deposits and pre-acquisition costs within other expense (income), net. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Segment Information | Segment information | |||||||||||||||||||
Our Homebuilding operations are engaged in the acquisition and development of land primarily for residential purposes within the U.S. and the construction of housing on such land. For reporting purposes, our Homebuilding operations are aggregated into six reportable segments: | ||||||||||||||||||||
Northeast: | Connecticut, Delaware, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, | |||||||||||||||||||
Rhode Island, Virginia | ||||||||||||||||||||
Southeast: | Georgia, North Carolina, South Carolina, Tennessee | |||||||||||||||||||
Florida: | Florida | |||||||||||||||||||
Texas: | Texas | |||||||||||||||||||
North: | Illinois, Indiana, Michigan, Minnesota, Missouri, Northern California, Ohio, Oregon, Washington | |||||||||||||||||||
Southwest: | Arizona, Colorado, Nevada, New Mexico, Southern California | |||||||||||||||||||
We also have a reportable segment for our Financial Services operations, which consist principally of mortgage banking and title operations. The Financial Services segment operates generally in the same markets as the Homebuilding segments. | ||||||||||||||||||||
Evaluation of segment performance is generally based on income before income taxes. Each reportable segment generally follows the same accounting policies described in Note 1 - "Summary of Significant Accounting Policies" to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2012. | ||||||||||||||||||||
Operating Data by Segment | ||||||||||||||||||||
($000’s omitted) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Northeast | $ | 259,413 | $ | 194,732 | $ | 555,856 | $ | 502,813 | ||||||||||||
Southeast | 234,605 | 194,654 | 602,379 | 496,244 | ||||||||||||||||
Florida | 227,614 | 165,621 | 562,890 | 439,665 | ||||||||||||||||
Texas | 217,897 | 179,581 | 621,972 | 471,648 | ||||||||||||||||
North | 343,748 | 277,297 | 826,054 | 666,458 | ||||||||||||||||
Southwest | 264,465 | 243,442 | 744,534 | 563,837 | ||||||||||||||||
1,547,742 | 1,255,327 | 3,913,685 | 3,140,665 | |||||||||||||||||
Financial Services | 34,336 | 47,264 | 110,571 | 112,367 | ||||||||||||||||
Consolidated | $ | 1,582,078 | $ | 1,302,591 | $ | 4,024,256 | $ | 3,253,032 | ||||||||||||
Income (loss) before income taxes: | ||||||||||||||||||||
Northeast | $ | 33,508 | $ | 20,303 | $ | 62,162 | $ | 42,940 | ||||||||||||
Southeast | 37,687 | 21,227 | 78,811 | 40,724 | ||||||||||||||||
Florida | 43,834 | 23,723 | 89,711 | 46,530 | ||||||||||||||||
Texas | 32,111 | 18,807 | 79,015 | 34,704 | ||||||||||||||||
North | 48,674 | 26,494 | 95,303 | 38,281 | ||||||||||||||||
Southwest | 49,508 | 27,882 | 119,908 | 41,817 | ||||||||||||||||
Other homebuilding (a) | (81,728 | ) | (59,257 | ) | (271,308 | ) | (162,230 | ) | ||||||||||||
163,594 | 79,179 | 253,602 | 82,766 | |||||||||||||||||
Financial Services (b) | 11,128 | 26,727 | 41,800 | 49,575 | ||||||||||||||||
Consolidated | $ | 174,722 | $ | 105,906 | $ | 295,402 | $ | 132,341 | ||||||||||||
(a) | Other homebuilding includes the amortization of intangible assets, amortization of capitalized interest, and other items not allocated to the operating segments. Other homebuilding also included for the three and nine months ended September 30, 2013: losses on debt retirements totaling $3.9 million and $26.9 million, respectively; costs associated with the previously announced relocation of our corporate headquarters totaling $0.3 million and $13.8 million, respectively; and charges resulting from a contractual dispute related to a previously completed luxury community totaling $8.0 million and $38.0 million, respectively. | |||||||||||||||||||
(b) | Financial Services income before income taxes includes interest income of $2.1 million and $1.6 million for the three months ended September 30, 2013 and 2012, respectively, and $5.2 million and $4.1 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||
Land-Related Charges by Segment | ||||||||||||||||||||
($000's omitted) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Land and community valuation adjustments: | ||||||||||||||||||||
Northeast | $ | — | $ | — | $ | — | $ | 535 | ||||||||||||
Southeast | — | — | — | — | ||||||||||||||||
Florida | — | — | — | — | ||||||||||||||||
Texas | — | — | — | — | ||||||||||||||||
North | — | 385 | — | 2,373 | ||||||||||||||||
Southwest | — | — | — | 1,810 | ||||||||||||||||
Other homebuilding (a) | 766 | 1,878 | 2,701 | 4,855 | ||||||||||||||||
$ | 766 | $ | 2,263 | $ | 2,701 | $ | 9,573 | |||||||||||||
Net realizable value adjustments (NRV) - land held | ||||||||||||||||||||
for sale: | ||||||||||||||||||||
Northeast | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Southeast | — | 69 | — | 350 | ||||||||||||||||
Florida | — | 11 | 567 | 49 | ||||||||||||||||
Texas | (6 | ) | 154 | (2 | ) | 412 | ||||||||||||||
North | 172 | 29 | 1,703 | 94 | ||||||||||||||||
Southwest | (81 | ) | (14 | ) | — | 347 | ||||||||||||||
$ | 85 | $ | 249 | $ | 2,268 | $ | 1,252 | |||||||||||||
Write-off of deposits and pre-acquisition costs: | ||||||||||||||||||||
Northeast | $ | 219 | $ | 727 | $ | 328 | $ | 815 | ||||||||||||
Southeast | 56 | 46 | 144 | 589 | ||||||||||||||||
Florida | 126 | 69 | 208 | 80 | ||||||||||||||||
Texas | 6 | 21 | 2 | 70 | ||||||||||||||||
North | 155 | 13 | 337 | 156 | ||||||||||||||||
Southwest | 249 | 17 | 383 | 88 | ||||||||||||||||
$ | 811 | $ | 893 | $ | 1,402 | $ | 1,798 | |||||||||||||
Total land-related charges | $ | 1,662 | $ | 3,405 | $ | 6,371 | $ | 12,623 | ||||||||||||
(a) | Represents write-offs of capitalized interest related to land and community valuation adjustments. | |||||||||||||||||||
Operating Data by Segment | ||||||||||||||||||||
($000's omitted) | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
Homes Under | Land Under | Raw Land | Total | Total | ||||||||||||||||
Construction | Development | Inventory | Assets | |||||||||||||||||
Northeast | $ | 263,889 | $ | 331,779 | $ | 117,532 | $ | 713,200 | $ | 809,063 | ||||||||||
Southeast | 160,916 | 256,949 | 131,724 | 549,589 | 589,929 | |||||||||||||||
Florida | 161,204 | 293,858 | 91,238 | 546,300 | 629,724 | |||||||||||||||
Texas | 148,158 | 221,958 | 49,607 | 419,723 | 477,936 | |||||||||||||||
North | 300,452 | 327,529 | 100,737 | 728,718 | 781,447 | |||||||||||||||
Southwest | 197,689 | 475,663 | 206,387 | 879,739 | 955,368 | |||||||||||||||
Other homebuilding (a) | 45,340 | 209,917 | 58,438 | 313,695 | 4,098,818 | |||||||||||||||
1,277,648 | 2,117,653 | 755,663 | 4,150,964 | 8,342,285 | ||||||||||||||||
Financial Services | — | — | — | — | 351,437 | |||||||||||||||
$ | 1,277,648 | $ | 2,117,653 | $ | 755,663 | $ | 4,150,964 | $ | 8,693,722 | |||||||||||
December 31, 2012 | ||||||||||||||||||||
Homes Under | Land Under | Raw Land | Total | Total | ||||||||||||||||
Construction | Development | Inventory | Assets | |||||||||||||||||
Northeast | $ | 198,549 | $ | 445,436 | $ | 109,136 | $ | 753,121 | $ | 866,024 | ||||||||||
Southeast | 147,227 | 286,210 | 120,193 | 553,630 | 590,650 | |||||||||||||||
Florida | 130,276 | 310,625 | 100,633 | 541,534 | 620,220 | |||||||||||||||
Texas | 145,594 | 256,704 | 54,556 | 456,854 | 523,843 | |||||||||||||||
North | 219,172 | 369,144 | 46,414 | 634,730 | 680,447 | |||||||||||||||
Southwest | 226,204 | 496,488 | 167,295 | 889,987 | 963,540 | |||||||||||||||
Other homebuilding (a) | 49,162 | 270,771 | 64,257 | 384,190 | 2,140,739 | |||||||||||||||
1,116,184 | 2,435,378 | 662,484 | 4,214,046 | 6,385,463 | ||||||||||||||||
Financial Services | — | — | — | — | 348,946 | |||||||||||||||
$ | 1,116,184 | $ | 2,435,378 | $ | 662,484 | $ | 4,214,046 | $ | 6,734,409 | |||||||||||
(a) | Other homebuilding primarily includes cash and equivalents, capitalized interest, net deferred tax assets, intangibles, and other corporate items that are not allocated to the operating segments. |
Investments_In_Unconsolidated_
Investments In Unconsolidated Entities | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||
Investments In Unconsolidated Entities | Investments in unconsolidated entities | |||||||
We participate in a number of joint ventures with independent third parties. Many of these joint ventures purchase, develop, and/or sell land and homes. A summary of our joint ventures is presented below ($000’s omitted): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Investments in joint ventures with debt non-recourse to PulteGroup | $ | 26,362 | $ | 11,155 | ||||
Investments in other active joint ventures | 18,644 | 34,474 | ||||||
Total investments in unconsolidated entities | $ | 45,006 | $ | 45,629 | ||||
Total joint venture debt | $ | 10,104 | $ | 6,915 | ||||
PulteGroup proportionate share of joint venture debt: | ||||||||
Joint venture debt with limited recourse guaranties | $ | 955 | $ | 769 | ||||
Joint venture debt non-recourse to PulteGroup | 2,065 | 826 | ||||||
PulteGroup's total proportionate share of joint venture debt | $ | 3,020 | $ | 1,595 | ||||
We recognized (income) expense from unconsolidated joint ventures of $(0.8) million and $(0.3) million during the three months ended September 30, 2013 and 2012, respectively, and $(0.3) million and $(3.8) million during the nine months ended September 30, 2013 and 2012, respectively. During the nine months ended September 30, 2013 and 2012 we made capital contributions of $1.1 million and $1.3 million, respectively, and received capital and earnings distributions of $1.9 million and $9.9 million, respectively. | ||||||||
The timing of cash obligations under the joint venture and any related financing agreements varies by agreement. If additional capital contributions are required and approved, we would need to contribute our pro rata portion of those capital needs in order to not dilute our ownership in the joint ventures. While future capital contributions may be required, we believe the total amount of such contributions will be limited. Our maximum financial loss exposure related to joint ventures is unlikely to exceed the combined investment and limited recourse guaranty totals. |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ equity |
We reinstated our quarterly cash dividend in July 2013. During the three months ended September 30, 2013, we declared two cash dividends of $0.05 per common share; the first paid in August 2013, the second in October 2013. | |
In July 2013, we increased our common share repurchase authorization to $352.3 million of common shares. During the three months ended September 30, 2013, we repurchased 5.3 million shares under the repurchase authorization for a total of $83.0 million. Such repurchases are reflected as a reduction of common stock and retained earnings. At September 30, 2013, we had remaining authorization to repurchase $269.3 million of common shares. | |
Under our stock-based compensation plans, we accept shares as payment under certain conditions related to stock option exercises and vesting of restricted stock, generally related to the payment of minimum tax obligations. During the nine months ended September 30, 2013 and 2012, employees surrendered shares valued at $6.9 million and $1.0 million, respectively, under these plans. Such share transactions are excluded from the above noted stock repurchase authorization. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income taxes |
Our effective tax rate is affected by a number of factors, the most significant of which are the valuation allowance related to our deferred tax assets and changes in our unrecognized tax benefits. Due to the effects of these factors, our effective tax rates in 2013 and 2012 are not correlated to the amount of our income or loss before income taxes. | |
From 2007 to 2011, we generated significant deferred tax assets primarily from asset impairments combined with reduced operational profitability. At September 30, 2013 and December 31, 2012, we had deferred tax assets of $2.3 billion and $2.5 billion, respectively. We evaluate our deferred tax assets each period to determine if a valuation allowance is required based on whether it is "more likely than not" that some portion of the deferred tax assets would not be realized. The ultimate realization of these deferred tax assets is dependent upon the generation of sufficient taxable income during future periods. We conduct our evaluation by considering all available positive and negative evidence. This evaluation considers, among other factors, historical operating results, forecasts of future profitability, the duration of statutory carryforward periods, and the outlooks for the U.S. housing industry and broader economy. Based on our evaluation through June 30, 2013, we fully reserved our net deferred tax assets due to the uncertainty of their realization. One of the primary pieces of negative evidence we considered was the significant losses we incurred in recent years, including being in a three-year cumulative pre-tax loss position through June 30, 2013. | |
Consistent with the above process, we evaluated the need for a valuation allowance against our deferred tax assets at September 30, 2013, and determined that the valuation allowance against substantially all of our federal deferred tax assets and a significant portion of our state deferred tax assets was no longer required. Accordingly, we reversed $2.1 billion of valuation allowance in the quarter ended September 30, 2013. This reversal is reflected in our income tax expense (benefit) in the accompanying consolidated statements of operations. When a change in valuation allowance is recognized in an interim period, a portion of the valuation allowance to be reversed must be allocated to the remaining interim periods. Accordingly, a portion of the remaining valuation allowance of $231.0 million at September 30, 2013, will reverse in the fourth quarter of 2013. The other components of the remaining valuation allowance relate primarily to state net operating losses that have not met the "more likely than not" realization threshold. | |
We conducted our evaluation by considering all available positive and negative evidence. The principal positive evidence that led to the reversal of the valuation allowance included: (1) our emergence from a three-year cumulative loss in 2013; (2) the significant positive income we generated during 2012 and 2013, including six consecutive quarters of pretax income; (3) continued improvements in 2013 over recent years in other key operating metrics, including revenues, gross margin, overhead leverage, and backlog; (4) our forecasted future profitability; (5) improvement in our financial position; and (6) significant evidence that conditions in the U.S. housing industry are more favorable than in recent years and our belief that conditions will continue to be favorable over the long-term. Even if industry conditions weaken from current levels, we believe we will be able to adjust our operations to sustain long-term profitability. | |
The accounting for deferred taxes is based upon an estimate of future results. Differences between our estimated and actual results could have a material impact on our consolidated results of operations or financial position and our ability to fully realize our deferred tax assets. Changes in existing tax laws could also affect actual tax results and the realization of deferred tax assets over time. | |
As a result of our merger with Centex in August 2009, our ability to use certain of Centex’s pre-ownership change NOL carryforwards and built-in losses or deductions is limited by Section 382 of the Internal Revenue Code. Our Section 382 limitation is approximately $67.4 million per year for NOLs, losses realized on built-in loss assets that are sold within 60 months of the ownership change (i.e. before August 2014), and certain deductions. We do not believe that the Section 382 limitation will prevent the Company from using Centex’s pre-ownership change federal NOL carryforwards and built-in losses or deductions. | |
At September 30, 2013, we had $165.9 million of gross unrecognized tax benefits, of which $31.0 million would impact the effective tax rate if recognized. Additionally, we have $32.9 million of related accrued interest and penalties at September 30, 2013. It is reasonably possible within the next twelve months that our gross unrecognized tax benefits may decrease by up to $130.0 million, excluding interest and penalties, primarily due to expirations of certain statutes of limitations and potential settlements. We are currently under examination by the IRS and various state taxing jurisdictions and anticipate finalizing certain of the examinations within the next twelve months. The final outcome of these examinations is not yet determinable. The statute of limitations for our major tax jurisdictions remains open for examination for tax years 2003 to 2013. |
Fair_Value_Disclosures
Fair Value Disclosures | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Fair Value Disclosures [Abstract] | |||||||||||
Fair Value Disclosures | Fair value disclosures | ||||||||||
ASC 820, “Fair Value Measurements and Disclosures,” provides a framework for measuring fair value in generally accepted accounting principles and establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy can be summarized as follows: | |||||||||||
Level 1 | Fair value determined based on quoted prices in active markets for identical assets or liabilities. | ||||||||||
Level 2 | Fair value determined using significant observable inputs, generally either quoted prices in active markets for similar assets or liabilities or quoted prices in markets that are not active. | ||||||||||
Level 3 | Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques. | ||||||||||
Our assets and liabilities measured or disclosed at fair value are summarized below ($000’s omitted): | |||||||||||
Financial Instrument | Fair Value | Fair Value | |||||||||
Hierarchy | September 30, | December 31, | |||||||||
2013 | 2012 | ||||||||||
Measured at fair value on a recurring basis: | |||||||||||
Residential mortgage loans available-for-sale | Level 2 | $ | 296,922 | $ | 318,931 | ||||||
Interest rate lock commitments | Level 2 | 12,122 | 6,021 | ||||||||
Forward contracts | Level 2 | (8,956 | ) | (646 | ) | ||||||
Whole loan commitments | Level 2 | (141 | ) | (55 | ) | ||||||
Measured at fair value on a non-recurring basis: | |||||||||||
House and land inventory | Level 3 | $ | — | $ | 11,243 | ||||||
Disclosed at fair value: | |||||||||||
Cash and equivalents (including restricted cash) | Level 1 | $ | 1,419,415 | $ | 1,476,710 | ||||||
Financial Services debt | Level 2 | 115,098 | 138,795 | ||||||||
Senior notes | Level 2 | 2,060,018 | 2,663,451 | ||||||||
Fair values for agency residential mortgage loans available-for-sale are determined based on quoted market prices for comparable instruments. Fair values for non-agency residential mortgage loans available-for-sale are determined based on purchase commitments from whole loan investors and other relevant market information available to management. Fair values for interest rate lock commitments, including the value of servicing rights, are based on market prices for similar instruments. Forward contracts on mortgage-backed securities are valued based on market prices for similar instruments. Fair values for whole loan investor commitments are based on market prices for similar instruments from the specific whole loan investor. | |||||||||||
Certain assets are required to be recorded at fair value on a non-recurring basis when events and circumstances indicate that the carrying value may not be recoverable. The non-recurring fair values included in the table above represent only those assets whose carrying values were adjusted to fair value as of the respective balance sheet dates. See Note 3 for a more detailed discussion of the valuation methods used for inventory. | |||||||||||
The carrying amounts of cash and equivalents and Financial Services debt approximate their fair values due to their short-term nature. The fair values of senior notes are based on quoted market prices, when available. If quoted market prices are not available, fair values are based on quoted market prices of similar issues. The carrying value of senior notes was $2.1 billion at September 30, 2013 and $2.5 billion at December 31, 2012. |
Debt
Debt | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | Debt | |||||||
Our senior notes are summarized as follows ($000’s omitted): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
5.25% unsecured senior notes due January 2014 (a) | $ | — | $ | 187,970 | ||||
5.70% unsecured senior notes due May 2014 (a) | — | 208,274 | ||||||
5.20% unsecured senior notes due February 2015 (a) | 95,627 | 95,615 | ||||||
5.25% unsecured senior notes due June 2015 (a) | 232,243 | 264,058 | ||||||
6.50% unsecured senior notes due May 2016 (a) | 458,975 | 457,154 | ||||||
7.625% unsecured senior notes due October 2017 (b) | 122,641 | 149,481 | ||||||
7.875% unsecured senior notes due June 2032 (a) | 299,185 | 299,152 | ||||||
6.375% unsecured senior notes due May 2033 (a) | 398,550 | 398,492 | ||||||
6.00% unsecured senior notes due February 2035 (a) | 299,436 | 299,417 | ||||||
7.375% unsecured senior notes due June 2046 (a) | 150,000 | 150,000 | ||||||
Total senior notes – carrying value (c) | $ | 2,056,657 | $ | 2,509,613 | ||||
Estimated fair value | $ | 2,060,018 | $ | 2,663,451 | ||||
(a) | Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries. | |||||||
(b) | Not redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries. | |||||||
(c) | The recorded carrying value reflects the impact of various discounts and premiums that are amortized to interest cost over the respective terms of the senior notes. | |||||||
Debt retirement | ||||||||
During the three and nine months ended September 30, 2013, we retired prior to their scheduled maturity dates $27.0 million and $461.4 million of senior notes, respectively. We recorded losses related to these transactions totaling $3.9 million and $26.9 million during the three and nine months ended September 30, 2013, respectively. Losses on these transactions included the write-off of unamortized discounts, premiums, and transaction fees and are reflected in other expense (income), net. During the three and nine months ended September 30, 2012, we retired $96.4 million of senior notes at their scheduled maturity dates. | ||||||||
Letter of credit facilities | ||||||||
We maintain separate cash-collateralized letter of credit agreements with a number of financial institutions. Letters of credit totaling $53.7 million and $54.5 million were outstanding under these agreements at September 30, 2013 and December 31, 2012, respectively. Under these agreements, we are required to maintain deposits with the respective financial institutions in amounts approximating the letters of credit outstanding. Such deposits are included in restricted cash. | ||||||||
We also maintain an unsecured letter of credit facility with a bank that expires in September 2014. This facility permits the issuance of up to $150.0 million of letters of credit for general corporate purposes in support of any wholly-owned subsidiary. Letters of credit totaling $124.4 million and $124.6 million were outstanding under this facility at September 30, 2013 and December 31, 2012, respectively. | ||||||||
Financial Services | ||||||||
Pulte Mortgage provides mortgage financing for the majority of our home closings utilizing its own funds and funds made available pursuant to credit agreements with third parties or through intercompany borrowings. Pulte Mortgage uses these resources to finance its lending activities until the mortgage loans are sold in the secondary market, which generally occurs within 30 days. | ||||||||
In September 2013, Pulte Mortgage entered into the First Amendment to Master Repurchase Agreement with third party lenders, which extended the term of the Master Repurchase Agreement (the "Repurchase Agreement") through September 2014, modified the pricing applicable under the Repurchase Agreement, and made other adjustments to the credit available under the Repurchase Agreement. The Repurchase Agreement provides for loan purchases of up to $150.0 million, subject to certain sublimits. Borrowings under the Repurchase Agreement are secured by residential mortgage loans available-for-sale. The Repurchase Agreement contains various affirmative and negative covenants applicable to Pulte Mortgage, including quantitative thresholds related to net worth, net income, and liquidity. At September 30, 2013, Pulte Mortgage had $115.1 million outstanding under the Repurchase Agreement. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||
Commitments and Contingencies | Commitments and contingencies | |||||||||||||||
Loan origination liabilities | ||||||||||||||||
Our mortgage operations may be responsible for losses associated with mortgage loans originated and sold to investors in the event of errors or omissions relating to representations and warranties that the loans sold meet certain requirements, including representations as to underwriting standards, the existence of primary mortgage insurance, and the validity of certain borrower representations in connection with the loan. If determined to be at fault, we either repurchase the loans from the investors or reimburse the investors' losses (a “make-whole” payment). | ||||||||||||||||
In recent years, we experienced a significant increase in losses related to repurchase requests as a result of the high level of loan defaults and related losses in the mortgage industry and increasing aggressiveness by investors in presenting such claims to us. To date, the significant majority of these losses relates to loans originated in 2006 and 2007, during which period inherently riskier loan products became more common in the mortgage origination market. In 2006 and 2007, we originated $39.5 billion of loans, excluding loans originated by Centex's former subprime loan business sold by Centex in 2006. Because we generally do not retain the servicing rights to the loans we originate, information regarding the current and historical performance, credit quality, and outstanding balances of such loans is limited. Estimating these loan origination liabilities is further complicated by uncertainties surrounding numerous external factors, such as various macroeconomic factors (including unemployment rates and changes in home prices), actions taken by third parties, including the parties servicing the loans, and the U.S. federal government in its dual capacity as regulator of the U.S. mortgage industry and conservator of the government-sponsored enterprises commonly known as Fannie Mae and Freddie Mac, which own or guarantee the majority of mortgage loans in the U.S. | ||||||||||||||||
Most requests received to date relate to make-whole payments on loans that have been foreclosed. Requests undergo extensive analysis to confirm the exposure, attempt to cure the identified defect, and, when necessary, determine our liability. We establish liabilities for such anticipated losses based upon, among other things, the level of current unresolved repurchase requests, the volume of estimated probable future repurchase requests, our ability to cure the defects identified in the repurchase requests, and the severity of the estimated loss upon repurchase. Determining these estimates and the resulting liability requires a significant level of management judgment. We are generally able to cure or refute over 60% of the requests received from investors such that we do not believe repurchases or make-whole payments will ultimately be required. For those requests that we believe will result in repurchases or make-whole payments, actual loss severities are expected to approximate 50% of the outstanding principal balance. | ||||||||||||||||
Our current estimates assume that such requests will continue through 2014. Given the ongoing volatility in the mortgage industry, our lack of visibility into the current status of the review process of loans by investors, the claim volumes we continue to experience, and uncertainties regarding the ultimate resolution of these claims, actual costs could differ from our current estimates. Changes in these liabilities were as follows ($000's omitted): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Liabilities, beginning of period | $ | 154,421 | $ | 120,711 | $ | 164,280 | $ | 128,330 | ||||||||
Reserves provided | — | — | — | — | ||||||||||||
Payments | (8,220 | ) | (2,089 | ) | (18,079 | ) | (9,708 | ) | ||||||||
Liabilities, end of period | $ | 146,201 | $ | 118,622 | $ | 146,201 | $ | 118,622 | ||||||||
We entered into an agreement in conjunction with the wind down of Centex's mortgage operations, which ceased loan origination activities in December 2009, that provides a guaranty for one major investor of loans originated by Centex. This guaranty provides that we will honor the potential repurchase obligations of Centex's mortgage operations related to breaches of representations and warranties in the origination of a certain pool of loans. Other than with respect to this pool of loans, our contractual repurchase obligations are limited to our mortgage subsidiaries, which are included in non-guarantor subsidiaries (see Note 11 for a discussion of non-guarantor subsidiaries). | ||||||||||||||||
The mortgage subsidiary of Centex also sold loans to a bank for inclusion in residential mortgage-backed securities (“RMBSs”) issued by the bank. In connection with these sales, Centex's mortgage subsidiary entered into agreements pursuant to which it may be required to indemnify the bank for losses incurred by investors in the RMBSs arising out of material errors or omissions in certain information provided by the mortgage subsidiary relating to the loans and loan origination process. In 2011, the bank notified us that it has been named defendant in two lawsuits alleging various violations of federal and state securities laws asserting that untrue statements of material fact were included in the registration statements used to market the sale of two RMBS transactions which included $162 million of loans originated by Centex's mortgage subsidiary. The plaintiffs seek unspecified compensatory and/or rescissory damages on behalf of persons who purchased the securities. Neither Centex's mortgage subsidiary nor the Company is named as a defendant in these actions. These actions are in their preliminary stage, and we cannot yet quantify Centex's mortgage subsidiary's potential liability as a result of these indemnification obligations. We do not believe, however, that these matters will have a material adverse impact on the results of operations, financial position, or cash flows of the Company. We are aware of six other RMBS transactions with such indemnity provisions that include an aggregate $116 million of loans originated by Centex's mortgage subsidiary, and we are not aware of any current or threatened legal proceedings regarding those transactions. | ||||||||||||||||
Letters of credit and surety bonds | ||||||||||||||||
In the normal course of business, we post letters of credit and surety bonds pursuant to certain performance-related obligations, as security for certain land option agreements, and under various insurance programs. The majority of these letters of credit and surety bonds are in support of our land development and construction obligations to various municipalities, other government agencies, and utility companies related to the construction of roads, sewers, and other infrastructure. We had outstanding letters of credit and surety bonds totaling $178.1 million and $1.0 billion at September 30, 2013, respectively, and $179.2 million and $1.0 billion at December 31, 2012, respectively. In the event any such letter of credit or surety bonds are called, we would be obligated to reimburse the issuer of the letter of credit or surety bond. We do not believe that a material amount, if any, of the letters of credit or surety bonds will be called. Our surety bonds generally do not have stated expiration dates; rather we are released from the surety bonds as the underlying contractual performance is completed. Because significant construction and development work has been performed related to the applicable projects but has not yet received final acceptance by the respective counterparties, the aggregate amount of surety bonds outstanding is in excess of the projected cost of the remaining work to be performed. | ||||||||||||||||
Litigation and regulatory matters | ||||||||||||||||
We are involved in various litigation and legal claims in the normal course of our business operations, including actions brought on behalf of various classes of claimants. We are also subject to a variety of local, state, and federal laws and regulations related to land development activities, house construction standards, sales practices, mortgage lending operations, employment practices, and protection of the environment. As a result, we are subject to periodic examination or inquiry by various governmental agencies that administer these laws and regulations. | ||||||||||||||||
We establish liabilities for legal claims and regulatory matters when such matters are both probable of occurring and any potential loss is reasonably estimable. We accrue for such matters based on the facts and circumstances specific to each matter and revise these estimates as the matters evolve. In such cases, there may exist an exposure to loss in excess of any amounts currently accrued. In view of the inherent difficulty of predicting the outcome of these legal and regulatory matters, we generally cannot predict the ultimate resolution of the pending matters, the related timing, or the eventual loss. While the outcome of such contingencies cannot be predicted with certainty, we do not believe that the resolution of such matters will have a material adverse impact on our results of operations, financial position, or cash flows. However, to the extent the liability arising from the ultimate resolution of any matter exceeds the estimates reflected in the recorded reserves relating to such matter, we could incur additional charges that could be significant. | ||||||||||||||||
We are engaged in arbitration related to a previously completed luxury community in a market we have since exited. The arbitration relates to a variety of claims involving a contractual dispute with certain homeowners. Based on the various stages of these claims, we anticipate most, if not all, of these claims being resolved during 2013. As the result of various rulings by the arbitrator and ongoing settlement discussions, we recorded charges of $8.0 million and $38.0 million during the three and nine months ended September 30, 2013, respectively. While the ultimate outcome of this matter remains uncertain, we believe that the final resolution will not vary materially from our current estimates. | ||||||||||||||||
Allowance for warranties | ||||||||||||||||
Home purchasers are provided with a limited warranty against certain building defects, including a one-year comprehensive limited warranty and coverage for certain other aspects of the home’s construction and operating systems for periods of up to 10 years. We estimate the costs to be incurred under these warranties and record liabilities in the amount of such costs at the time product revenue is recognized. Factors that affect our warranty liabilities include the number of homes sold, historical and anticipated rates of warranty claims, and the cost per claim. We periodically assess the adequacy of the warranty liabilities for each geographic market in which we operate and adjust the amounts as necessary. Actual warranty costs in the future could differ from the current estimates. Changes to warranty liabilities were as follows ($000’s omitted): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Warranty liabilities, beginning of period | $ | 61,914 | $ | 64,364 | $ | 64,098 | $ | 68,025 | ||||||||
Reserves provided | 15,322 | 12,593 | 36,079 | 32,014 | ||||||||||||
Payments | (10,551 | ) | (10,976 | ) | (32,330 | ) | (34,336 | ) | ||||||||
Other adjustments | (1,602 | ) | (1,453 | ) | (2,764 | ) | (1,175 | ) | ||||||||
Warranty liabilities, end of period | $ | 65,083 | $ | 64,528 | $ | 65,083 | $ | 64,528 | ||||||||
Self-insured risks | ||||||||||||||||
We maintain, and require our subcontractors to maintain, general liability insurance coverage. We also maintain builders' risk, property, errors and omissions, workers compensation, and other business insurance coverage. These insurance policies protect us against a portion of the risk of loss from claims. However, we retain a significant portion of the overall risk for such claims either through policies issued by our captive insurance subsidiaries or through our own self-insured per occurrence and aggregate retentions, deductibles, and claims in excess of available insurance policy limits. | ||||||||||||||||
Our general liability insurance includes coverage for certain construction defects. While construction defect claims can relate to a variety of circumstances, the majority of our claims relate to alleged problems with siding, plumbing, foundations and other concrete work, windows, roofing, and heating, ventilation and air conditioning systems. The availability of general liability insurance for the homebuilding industry and its subcontractors has become increasingly limited, and the insurance policies available require companies to maintain significant per occurrence and aggregate retention levels. In certain instances, we may offer our subcontractors the opportunity to purchase insurance through one of our captive insurance subsidiaries or to participate in a project-specific insurance program provided by the Company. Policies issued by the captive insurance subsidiaries represent self-insurance of these risks by the Company. This self-insured exposure is limited by reinsurance policies that we purchase. General liability coverage for the homebuilding industry is complex, and our coverage varies from policy year to policy year. Our insurance coverage requires a per occurrence deductible up to an overall aggregate retention level. Beginning with the first dollar, amounts paid on insured claims satisfy our per occurrence and aggregate retention obligations. Any amounts incurred in excess of the occurrence or aggregate retention levels are covered by insurance up to our purchased coverage levels. Our insurance policies, including the captive insurance subsidiaries' reinsurance policies, are maintained with highly-rated underwriters for whom we believe counterparty default risk is not significant. | ||||||||||||||||
At any point in time, we are managing over 1,000 individual claims related to general liability, property, errors and omission, workers compensation, and other business insurance coverage. We reserve for costs associated with such claims (including expected claims management expenses) on an undiscounted basis at the time revenue is recognized for each home closing and evaluate the recorded liabilities based on actuarial analyses of our historical claims. The actuarial analyses calculate estimates of the ultimate net cost of all unpaid losses, including estimates for incurred but not reported losses ("IBNR"). IBNR represents losses related to claims incurred but not yet reported plus development on reported claims. These estimates comprise a significant portion of our liability and are subject to a high degree of uncertainty due to a variety of factors, including changes in claims reporting and resolution patterns, third party recoveries, insurance industry practices, the regulatory environment, and legal precedent. State regulations vary, but construction defect claims are reported and resolved over an extended period often exceeding ten years. In certain instances, we have the ability to recover a portion of our costs under various insurance policies or from subcontractors or other third parties. Estimates of such amounts are recorded when recovery is considered probable. | ||||||||||||||||
Our recorded reserves for all such claims totaled $691.6 million at September 30, 2013, the vast majority of which relates to general liability claims. The recorded reserves include loss estimates related to both (i) existing claims and related claim expenses and (ii) IBNR and related claim expenses. Liabilities related to IBNR and related claim expenses represented approximately 77% of the total general liability reserves at September 30, 2013. The actuarial analyses that determine the IBNR portion of reserves consider a variety of factors, including the frequency and severity of losses, which are based on our historical claims experience supplemented by industry data. The actuarial analyses of the reserves also consider historical third party recovery rates and claims management expenses. | ||||||||||||||||
Adjustments to reserves are recorded in the period in which the change in estimate occurs. Because the majority of our reserves relates to IBNR, adjustments to reserve amounts for individual existing claims generally do not impact the recorded reserves materially. However, changes in the frequency and timing of reported claims and estimates of specific claim values can impact the underlying inputs and trends utilized in the actuarial analyses, which could have a material impact on the recorded reserves. Because of the inherent uncertainty in estimating future losses related to these claims, actual costs could differ significantly from estimated costs. Costs associated with our insurance programs are classified within selling, general, and administrative expenses. Changes in these liabilities were as follows ($000's omitted): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Balance, beginning of period | $ | 708,142 | $ | 733,042 | $ | 721,284 | $ | 739,029 | ||||||||
Reserves provided | 21,439 | 15,557 | 52,266 | 37,772 | ||||||||||||
Payments | (37,983 | ) | (24,773 | ) | (81,952 | ) | (52,975 | ) | ||||||||
Balance, end of period | $ | 691,598 | $ | 723,826 | $ | 691,598 | $ | 723,826 | ||||||||
Supplemental_Guarantor_Informa
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 | ||||||||||
Basis_Of_Presentation_And_Sign1
Basis Of Presentation And Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | |
Consolidation Policy | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2012. |
Use of Estimates Policy | Use of estimates |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Subsequent Events Policy | Subsequent events |
We evaluated subsequent events up until the time the financial statements were filed with the Securities and Exchange Commission ("SEC"). | |
Cash and Cash Equivalents Policy | Cash and equivalents |
Cash and equivalents include institutional money market investments and time deposits with a maturity of three months or less when acquired. Cash and equivalents at September 30, 2013 and December 31, 2012 also included $13.6 million and $8.1 million, respectively, of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit. | |
Restricted cash | |
We maintain certain cash balances that are restricted as to their use. Restricted cash consists primarily of deposits maintained with financial institutions under cash-collateralized letter of credit agreements (see Note 9). The remaining balances relate to certain other accounts with restrictions, including customer deposits on home sales that are temporarily restricted by regulatory requirements until title transfers to the homebuyer. | |
Notes Receivable Policy | Notes receivable |
In certain instances, we may accept consideration for land sales or other transactions in the form of a note receivable. Such receivables are reported net of allowance for credit losses within other assets. | |
Earnings Per Share Policy | Earnings per share |
Basic earnings per share is computed by dividing income (loss) available to common shareholders (the “Numerator”) by the weighted-average number of common shares, adjusted for unvested shares of restricted stock (the “Denominator”) for the period. Computing diluted earnings per share is similar to computing basic earnings per share, except that the Denominator is increased to include the dilutive effects of stock options, non-vested restricted stock, and other potentially dilutive instruments. Any stock options that have an exercise price greater than the average market price are considered to be anti-dilutive and are excluded from the diluted earnings per share calculation. Our earnings per share excludes 10.3 million and 10.5 million stock options and other potentially dilutive instruments for the three and nine months ended September 30, 2013, respectively, and 12.0 million and 18.8 million stock options and other potentially dilutive instruments for the three and nine months ended September 30, 2012, respectively. | |
Land under Option Arrangements Policy | Land option agreements |
In the ordinary course of business, we enter into land option agreements in order to procure land for the construction of homes in the future. Pursuant to these land option agreements, we generally provide a deposit to the seller as consideration for the right to purchase land at different times in the future, usually at predetermined prices. Such contracts enable us to defer acquiring portions of properties owned by third parties or unconsolidated entities until we have determined whether and when to exercise our option, which reduces our financial risks associated with long-term land holdings. Option deposits and pre-acquisition costs (such as environmental testing, surveys, engineering, and entitlement costs) are capitalized if the costs are directly identifiable with the land under option, the costs would be capitalized if we owned the land, and acquisition of the property is probable. Such costs are reflected in other assets and are reclassified to inventory upon taking title to the land. We write off deposits and pre-acquisition costs when it becomes probable that we will not go forward with the project or recover the capitalized costs. Such decisions take into consideration changes in local market conditions, the timing of required land purchases, the availability and best use of necessary incremental capital, and other factors. We record any such write-offs of deposits and pre-acquisition costs within other expense (income), net. See Note 3. | |
If the entity holding the land under option is a variable interest entity (“VIE”), our deposit represents a variable interest in that entity. If we are determined to be the primary beneficiary of the VIE, we are required to consolidate the VIE. Certain of our land option agreements are with entities considered VIEs. In evaluating whether we are required to consolidate a VIE, we take into consideration that the VIE is generally protected from the first dollar of loss under our land option agreement due to our deposit. Likewise, the VIE's gains are generally capped based on the purchase price within the land option agreement. However, we generally have little control or influence over the operations of these VIEs due to our lack of an equity interest in them. Additionally, creditors of the VIE have no recourse against us, and we do not provide financial or other support to these VIEs other than as stipulated in the land option agreements. Our maximum exposure to loss related to these VIEs is generally limited to our deposits and pre-acquisition costs under the applicable land option agreements. Historically, cancellations of land option agreements have resulted in write-offs of the related deposits and pre-acquisition costs but have not exposed us to the overall risks or losses of the applicable VIEs. | |
Separately, certain land option agreements represent financing arrangements even though we generally have no obligation to pay these future amounts. As a result, we recorded $27.6 million and $31.1 million at September 30, 2013 and December 31, 2012, respectively, to land, not owned, under option agreements with a corresponding increase to accrued and other liabilities. Such amounts represent the remaining purchase price under the land option agreements, some of which are with VIEs, in the event we exercise the purchase rights under the agreements. | |
Residential Mortgage Loans Available for Sale Policy | Residential mortgage loans available-for-sale |
Substantially all of the loans originated by us are sold in the secondary mortgage market within a short period of time after origination, generally within 30 days. In accordance with ASC 825, “Financial Instruments” (“ASC 825”), we use the fair value option to record residential mortgage loans available-for-sale. Election of the fair value option for these loans allows a better offset of the changes in fair values of the loans and the derivative instruments used to economically hedge them without having to apply complex hedge accounting provisions. We do not designate any derivative instruments as hedges or apply the hedge accounting provisions of ASC 815, “Derivatives and Hedging.” | |
Expected gains and losses from the sale of residential mortgage loans and their related servicing rights are included in the measurement of written loan commitments that are accounted for at fair value through Financial Services revenues at the time of commitment. Subsequent changes in the fair value of these loans are reflected in Financial Services revenues as they occur. | |
Derivatives Policy | Derivative instruments and hedging activities |
We are exposed to market risks from commitments to lend, movements in interest rates, and canceled or modified commitments to lend. A commitment to lend at a specific interest rate (an interest rate lock commitment) is a derivative financial instrument (interest rate is locked to the borrower). In order to reduce these risks, we use other derivative financial instruments, principally cash forward placement contracts on mortgage-backed securities and whole loan investor commitments, to economically hedge the interest rate lock commitment. We enter into these derivative financial instruments based upon our portfolio of interest rate lock commitments and closed loans. We do not use any derivative financial instruments for trading purposes. | |
At September 30, 2013 and December 31, 2012, we had aggregate interest rate lock commitments of $317.7 million and $161.6 million, respectively, which were originated at interest rates prevailing at the date of commitment. Since we can terminate a loan commitment if the borrower does not comply with the terms of the contract, and some loan commitments may expire without being drawn upon, these commitments do not necessarily represent future cash requirements. We evaluate the creditworthiness of these transactions through our normal credit policies. | |
Forward contracts on mortgage-backed securities are commitments to either purchase or sell a specified financial instrument at a specified future date for a specified price that may be settled in cash, by offsetting the position, or through the delivery of the financial instrument. Forward contracts on mortgage-backed securities are the predominant derivative financial instruments we use to minimize market risk during the period from the time we extend an interest rate lock to a loan applicant until the time the loan is sold to an investor. We also use whole loan investor commitments, which are obligations of the investor to buy loans at a specified price within a specified time period. At September 30, 2013 and December 31, 2012, we had unexpired forward contracts of $519.6 million and $428.0 million, respectively, and whole loan investor commitments of $30.2 million and $4.7 million, respectively. Changes in the fair value of interest rate lock commitments and other derivative financial instruments are recognized in Financial Services revenues, and the fair values are reflected in other assets or other liabilities, as applicable. | |
There are no credit-risk-related contingent features within our derivative agreements, and counterparty risk is considered minimal. Gains and losses on interest rate lock commitments are substantially offset by corresponding gains or losses on forward contracts on mortgage-backed securities and whole loan investor commitments. We are generally not exposed to variability in cash flows of derivative instruments for more than approximately 75 days. |
Inventory_And_Land_Held_For_Sa1
Inventory And Land Held For Sale (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
Inventory Disclosure [Abstract] | |
Inventory, Interest Capitalization Policy | We capitalize interest cost into inventory during the active development and construction of our communities. Each layer of capitalized interest is amortized over a period that approximates the average life of communities under development. Interest expense is recorded based on the timing of home closings. |
Inventory Impairment Policy | Impairment of inventory |
We record valuation adjustments on land inventory and related communities under development when events and circumstances indicate that they may be impaired and when the cash flows estimated to be generated by those assets are less than their carrying amounts. Such indicators include gross margin or sales paces significantly below expectations, construction costs or land development costs significantly in excess of budgeted amounts, significant delays or changes in the planned development for the community, and other known qualitative factors. For communities that are not yet active, an additional consideration includes an evaluation of the probability, timing, and cost of obtaining necessary approvals from municipalities and any potential concessions that may be necessary in order to obtain such approvals. We also consider potential changes to the product offerings in a community and any alternative strategies for the land, such as the sale of the land either in whole or in parcels. Communities that demonstrate potential impairment indicators are tested for impairment. We compare the expected undiscounted cash flows for these communities to their carrying values. For those communities whose carrying values exceed the expected undiscounted cash flows, we estimate the fair value of the community. Impairment charges are recorded if the fair value of the community's inventory is less than its carrying value. | |
We determine the fair value of a community's inventory using a combination of market comparable land transactions, where available, and discounted cash flow models. These estimated cash flows are significantly impacted by estimates related to expected average selling prices, expected sales paces, expected land development and construction timelines, and anticipated land development, construction, and overhead costs. The assumptions used in the discounted cash flow models are specific to each community tested for impairment. Due to uncertainties in the estimation process, the significant volatility in demand for new housing, and the long life cycles of many communities, actual results could differ significantly from such estimates. Our determination of fair value also requires discounting the estimated cash flows at a rate commensurate with the inherent risks associated with each of the assets and related estimated cash flow streams. The discount rate used in determining each community's fair value depends on the stage of development of the community and other specific factors that increase or decrease the inherent risks associated with the community's cash flow streams. For example, communities that are entitled and near completion will generally be assigned a lower discount rate than communities that are not entitled and consist of multiple phases spanning several years of development and construction. | |
Impairment of Land Held for Sale Policy | Land held for sale is valued at the lower of carrying value or fair value less costs to sell. In determining the value of land held for sale, we consider recent offers received, prices for land in recent comparable sales transactions, and other factors. During the three months ended September 30, 2013 and 2012, we recognized net realizable value adjustments related to land held for sale of $0.1 million and $0.2 million, respectively. Such adjustments totaled $2.3 million and $1.3 million during the nine months ended September 30, 2013 and 2012, respectively. We record these net realizable value adjustments within Homebuilding land sale cost of revenues. |
Write-Off of Deposits and Pre-Acquisition Costs | We wrote off deposits and pre-acquisition costs in the amount of $0.8 million and $0.9 million during the three months ended September 30, 2013 and 2012, respectively, and $1.4 million and $1.8 million during the nine months ended September 30, 2013 and 2012, respectively. We record these write-offs of deposits and pre-acquisition costs within other expense (income), net. |
Fair_Value_Disclosures_Fair_Va
Fair Value Disclosures Fair Value Disclosures (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair values for agency residential mortgage loans available-for-sale are determined based on quoted market prices for comparable instruments. Fair values for non-agency residential mortgage loans available-for-sale are determined based on purchase commitments from whole loan investors and other relevant market information available to management. Fair values for interest rate lock commitments, including the value of servicing rights, are based on market prices for similar instruments. Forward contracts on mortgage-backed securities are valued based on market prices for similar instruments. Fair values for whole loan investor commitments are based on market prices for similar instruments from the specific whole loan investor. |
Certain assets are required to be recorded at fair value on a non-recurring basis when events and circumstances indicate that the carrying value may not be recoverable. The non-recurring fair values included in the table above represent only those assets whose carrying values were adjusted to fair value as of the respective balance sheet dates. See Note 3 for a more detailed discussion of the valuation methods used for inventory. | |
The carrying amounts of cash and equivalents and Financial Services debt approximate their fair values due to their short-term nature. The fair values of senior notes are based on quoted market prices, when available. If quoted market prices are not available, fair values are based on quoted market prices of similar issues |
Commitments_and_Contingencies_
Commitments and Contingencies (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Reserves Policy | We establish liabilities for legal claims and regulatory matters when such matters are both probable of occurring and any potential loss is reasonably estimable. We accrue for such matters based on the facts and circumstances specific to each matter and revise these estimates as the matters evolve. In such cases, there may exist an exposure to loss in excess of any amounts currently accrued. In view of the inherent difficulty of predicting the outcome of these legal and regulatory matters, we generally cannot predict the ultimate resolution of the pending matters, the related timing, or the eventual loss. While the outcome of such contingencies cannot be predicted with certainty, we do not believe that the resolution of such matters will have a material adverse impact on our results of operations, financial position, or cash flows. However, to the extent the liability arising from the ultimate resolution of any matter exceeds the estimates reflected in the recorded reserves relating to such matter, we could incur additional charges that could be significant. |
Standard Product Warranty, Policy | Home purchasers are provided with a limited warranty against certain building defects, including a one-year comprehensive limited warranty and coverage for certain other aspects of the home’s construction and operating systems for periods of up to 10 years. We estimate the costs to be incurred under these warranties and record liabilities in the amount of such costs at the time product revenue is recognized. Factors that affect our warranty liabilities include the number of homes sold, historical and anticipated rates of warranty claims, and the cost per claim. We periodically assess the adequacy of the warranty liabilities for each geographic market in which we operate and adjust the amounts as necessary. Actual warranty costs in the future could differ from the current estimates. |
Basis_Of_Presentation_And_Sign2
Basis Of Presentation And Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||
Schedule of other expense (income), net | Other expense (income), net consists of the following ($000’s omitted): | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Write-off of deposits and pre-acquisition costs | $ | 811 | $ | 893 | $ | 1,402 | $ | 1,798 | ||||||||||||||||
Loss on debt retirements (Note 9) | 3,858 | — | 26,930 | — | ||||||||||||||||||||
Lease exit and related costs (a) | 378 | 152 | 1,146 | 6,312 | ||||||||||||||||||||
Amortization of intangible assets | 3,275 | 3,275 | 9,825 | 9,825 | ||||||||||||||||||||
Miscellaneous expense (income), net (b) | 8,733 | 3,133 | 39,863 | 6,635 | ||||||||||||||||||||
$ | 17,055 | $ | 7,453 | $ | 79,166 | $ | 24,570 | |||||||||||||||||
(a) | Excludes $2.5 million of lease exit costs classified within Financial Services expense during the nine months ended September 30, 2012. There were no such costs during the three and nine months ended September 30, 2013 or the three months ended September 30, 2012. | |||||||||||||||||||||||
(b) | Includes charges of $8.0 million and $38.0 million during the three and nine months ended September 30, 2013, respectively, resulting from a contractual dispute related to a previously completed luxury community (see Note 10). | |||||||||||||||||||||||
Schedule of Notes Receivable | The following represents our notes receivable and related allowance for credit losses ($000’s omitted): | |||||||||||||||||||||||
September 30, | 31-Dec-12 | |||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Notes receivable, gross | $ | 59,683 | $ | 57,841 | ||||||||||||||||||||
Allowance for credit losses | (27,048 | ) | (26,865 | ) | ||||||||||||||||||||
Notes receivable, net | $ | 32,635 | $ | 30,976 | ||||||||||||||||||||
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block] | The following table presents the earnings per share of common stock ($000's omitted, except per share data): | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Net income | $ | 2,281,884 | $ | 116,633 | $ | 2,400,063 | $ | 147,403 | ||||||||||||||||
Less: earnings distributed to participating securities | (273 | ) | — | (273 | ) | — | ||||||||||||||||||
Less: undistributed earnings allocated to participating securities | (15,884 | ) | — | (17,526 | ) | — | ||||||||||||||||||
Numerator for basic earnings per share | $ | 2,265,727 | $ | 116,633 | $ | 2,382,264 | $ | 147,403 | ||||||||||||||||
Add back: undistributed earnings allocated to participating securities | 15,884 | — | 17,526 | — | ||||||||||||||||||||
Less: undistributed earnings reallocated to participating securities | (15,753 | ) | — | (17,358 | ) | — | ||||||||||||||||||
Numerator for diluted earnings per share | $ | 2,265,858 | $ | 116,633 | $ | 2,382,432 | $ | 147,403 | ||||||||||||||||
Denominator: | ||||||||||||||||||||||||
Basic shares outstanding | 382,883 | 381,355 | 384,159 | 380,839 | ||||||||||||||||||||
Effect of dilutive securities | 3,220 | 3,215 | 3,745 | 2,036 | ||||||||||||||||||||
Diluted shares outstanding | 386,103 | 384,570 | 387,904 | 382,875 | ||||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||
Basic | $ | 5.92 | $ | 0.31 | $ | 6.2 | $ | 0.39 | ||||||||||||||||
Diluted | $ | 5.87 | $ | 0.3 | $ | 6.14 | $ | 0.38 | ||||||||||||||||
Schedule Of Company Interests In Land Option Agreements | The following provides a summary of our interests in land option agreements as of September 30, 2013 and December 31, 2012 ($000’s omitted): | |||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Deposits and | Remaining Purchase | Land, Not | Deposits and | Remaining Purchase | Land, Not | |||||||||||||||||||
Pre-acquisition | Price | Owned, | Pre-acquisition | Price | Owned, | |||||||||||||||||||
Costs | Under | Costs | Under | |||||||||||||||||||||
Option | Option | |||||||||||||||||||||||
Agreements | Agreements | |||||||||||||||||||||||
Consolidated VIEs | $ | 6,705 | $ | 10,488 | $ | 12,107 | $ | 5,216 | $ | 8,590 | $ | 8,590 | ||||||||||||
Unconsolidated VIEs | 32,678 | 683,158 | — | 24,078 | 360,495 | — | ||||||||||||||||||
Other land option | 48,561 | 707,547 | 15,505 | 40,822 | 554,307 | 22,476 | ||||||||||||||||||
agreements | ||||||||||||||||||||||||
$ | 87,944 | $ | 1,401,193 | $ | 27,612 | $ | 70,116 | $ | 923,392 | $ | 31,066 | |||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The fair values of derivative instruments and their location in the Condensed Consolidated Balance Sheets is summarized below ($000’s omitted): | |||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Other Assets | Other Liabilities | Other Assets | Other Liabilities | |||||||||||||||||||||
Interest rate lock commitments | $ | 12,239 | $ | 117 | $ | 6,045 | $ | 24 | ||||||||||||||||
Forward contracts | 41 | 8,997 | 245 | 891 | ||||||||||||||||||||
Whole loan commitments | 78 | 219 | 30 | 85 | ||||||||||||||||||||
$ | 12,358 | $ | 9,333 | $ | 6,320 | $ | 1,000 | |||||||||||||||||
Corporate_Office_Relocation_Ta
Corporate Office Relocation (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Restructuring and Related Activities [Abstract] | ||||||||
Restructuring and Related Costs [Table Text Block] | We expect to incur the following approximate costs in connection with the relocation, the substantial majority of which represent future cash expenditures ($000's omitted): | |||||||
Employee severance, retention, and relocation costs | $ | 21,000 | to | $ | 26,000 | |||
Asset impairments | 355 | to | 500 | |||||
Lease termination and other exit costs | 27,000 | to | 32,000 | |||||
Inventory_And_Land_Held_For_Sa2
Inventory And Land Held For Sale (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||
Components of Inventory | Major components of inventory were as follows ($000’s omitted): | |||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Homes under construction | $ | 1,277,648 | $ | 1,116,184 | ||||||||||||
Land under development | 2,117,653 | 2,435,378 | ||||||||||||||
Raw land | 755,663 | 662,484 | ||||||||||||||
$ | 4,150,964 | $ | 4,214,046 | |||||||||||||
Capitalized interest rollforward | Information related to interest capitalized into inventory is as follows ($000’s omitted): | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Interest in inventory, beginning of period | $ | 298,575 | $ | 358,451 | $ | 331,880 | $ | 355,068 | ||||||||
Interest capitalized | 35,962 | 50,730 | 118,527 | 153,369 | ||||||||||||
Interest expensed | (68,013 | ) | (57,155 | ) | (183,883 | ) | (156,411 | ) | ||||||||
Interest in inventory, end of period | $ | 266,524 | $ | 352,026 | $ | 266,524 | $ | 352,026 | ||||||||
Interest incurred* | $ | 35,962 | $ | 50,730 | $ | 118,527 | $ | 153,369 | ||||||||
* | Homebuilding interest incurred includes interest on senior debt and certain other financing arrangements. | |||||||||||||||
Land Held for Sale | Land held for sale was as follows ($000’s omitted): | |||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Land held for sale, gross | $ | 73,698 | $ | 135,201 | ||||||||||||
Net realizable value reserves | (8,598 | ) | (44,097 | ) | ||||||||||||
Land held for sale, net | $ | 65,100 | $ | 91,104 | ||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Operating Data By Reporting Segment | ||||||||||||||||||||
Operating Data by Segment | ||||||||||||||||||||
($000’s omitted) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Northeast | $ | 259,413 | $ | 194,732 | $ | 555,856 | $ | 502,813 | ||||||||||||
Southeast | 234,605 | 194,654 | 602,379 | 496,244 | ||||||||||||||||
Florida | 227,614 | 165,621 | 562,890 | 439,665 | ||||||||||||||||
Texas | 217,897 | 179,581 | 621,972 | 471,648 | ||||||||||||||||
North | 343,748 | 277,297 | 826,054 | 666,458 | ||||||||||||||||
Southwest | 264,465 | 243,442 | 744,534 | 563,837 | ||||||||||||||||
1,547,742 | 1,255,327 | 3,913,685 | 3,140,665 | |||||||||||||||||
Financial Services | 34,336 | 47,264 | 110,571 | 112,367 | ||||||||||||||||
Consolidated | $ | 1,582,078 | $ | 1,302,591 | $ | 4,024,256 | $ | 3,253,032 | ||||||||||||
Income (loss) before income taxes: | ||||||||||||||||||||
Northeast | $ | 33,508 | $ | 20,303 | $ | 62,162 | $ | 42,940 | ||||||||||||
Southeast | 37,687 | 21,227 | 78,811 | 40,724 | ||||||||||||||||
Florida | 43,834 | 23,723 | 89,711 | 46,530 | ||||||||||||||||
Texas | 32,111 | 18,807 | 79,015 | 34,704 | ||||||||||||||||
North | 48,674 | 26,494 | 95,303 | 38,281 | ||||||||||||||||
Southwest | 49,508 | 27,882 | 119,908 | 41,817 | ||||||||||||||||
Other homebuilding (a) | (81,728 | ) | (59,257 | ) | (271,308 | ) | (162,230 | ) | ||||||||||||
163,594 | 79,179 | 253,602 | 82,766 | |||||||||||||||||
Financial Services (b) | 11,128 | 26,727 | 41,800 | 49,575 | ||||||||||||||||
Consolidated | $ | 174,722 | $ | 105,906 | $ | 295,402 | $ | 132,341 | ||||||||||||
(a) | Other homebuilding includes the amortization of intangible assets, amortization of capitalized interest, and other items not allocated to the operating segments. Other homebuilding also included for the three and nine months ended September 30, 2013: losses on debt retirements totaling $3.9 million and $26.9 million, respectively; costs associated with the previously announced relocation of our corporate headquarters totaling $0.3 million and $13.8 million, respectively; and charges resulting from a contractual dispute related to a previously completed luxury community totaling $8.0 million and $38.0 million, respectively. | |||||||||||||||||||
(b) | Financial Services income before income taxes includes interest income of $2.1 million and $1.6 million for the three months ended September 30, 2013 and 2012, respectively | |||||||||||||||||||
Land-Related Charges By Reporting Segment | ||||||||||||||||||||
Land-Related Charges by Segment | ||||||||||||||||||||
($000's omitted) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Land and community valuation adjustments: | ||||||||||||||||||||
Northeast | $ | — | $ | — | $ | — | $ | 535 | ||||||||||||
Southeast | — | — | — | — | ||||||||||||||||
Florida | — | — | — | — | ||||||||||||||||
Texas | — | — | — | — | ||||||||||||||||
North | — | 385 | — | 2,373 | ||||||||||||||||
Southwest | — | — | — | 1,810 | ||||||||||||||||
Other homebuilding (a) | 766 | 1,878 | 2,701 | 4,855 | ||||||||||||||||
$ | 766 | $ | 2,263 | $ | 2,701 | $ | 9,573 | |||||||||||||
Net realizable value adjustments (NRV) - land held | ||||||||||||||||||||
for sale: | ||||||||||||||||||||
Northeast | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Southeast | — | 69 | — | 350 | ||||||||||||||||
Florida | — | 11 | 567 | 49 | ||||||||||||||||
Texas | (6 | ) | 154 | (2 | ) | 412 | ||||||||||||||
North | 172 | 29 | 1,703 | 94 | ||||||||||||||||
Southwest | (81 | ) | (14 | ) | — | 347 | ||||||||||||||
$ | 85 | $ | 249 | $ | 2,268 | $ | 1,252 | |||||||||||||
Write-off of deposits and pre-acquisition costs: | ||||||||||||||||||||
Northeast | $ | 219 | $ | 727 | $ | 328 | $ | 815 | ||||||||||||
Southeast | 56 | 46 | 144 | 589 | ||||||||||||||||
Florida | 126 | 69 | 208 | 80 | ||||||||||||||||
Texas | 6 | 21 | 2 | 70 | ||||||||||||||||
North | 155 | 13 | 337 | 156 | ||||||||||||||||
Southwest | 249 | 17 | 383 | 88 | ||||||||||||||||
$ | 811 | $ | 893 | $ | 1,402 | $ | 1,798 | |||||||||||||
Total land-related charges | $ | 1,662 | $ | 3,405 | $ | 6,371 | $ | 12,623 | ||||||||||||
(a) | Represents write-offs of capitalized interest related to land and community valuation adjustments. | |||||||||||||||||||
Total Assets And Inventory By Reporting Segment | . | |||||||||||||||||||
Operating Data by Segment | ||||||||||||||||||||
($000's omitted) | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
Homes Under | Land Under | Raw Land | Total | Total | ||||||||||||||||
Construction | Development | Inventory | Assets | |||||||||||||||||
Northeast | $ | 263,889 | $ | 331,779 | $ | 117,532 | $ | 713,200 | $ | 809,063 | ||||||||||
Southeast | 160,916 | 256,949 | 131,724 | 549,589 | 589,929 | |||||||||||||||
Florida | 161,204 | 293,858 | 91,238 | 546,300 | 629,724 | |||||||||||||||
Texas | 148,158 | 221,958 | 49,607 | 419,723 | 477,936 | |||||||||||||||
North | 300,452 | 327,529 | 100,737 | 728,718 | 781,447 | |||||||||||||||
Southwest | 197,689 | 475,663 | 206,387 | 879,739 | 955,368 | |||||||||||||||
Other homebuilding (a) | 45,340 | 209,917 | 58,438 | 313,695 | 4,098,818 | |||||||||||||||
1,277,648 | 2,117,653 | 755,663 | 4,150,964 | 8,342,285 | ||||||||||||||||
Financial Services | — | — | — | — | 351,437 | |||||||||||||||
$ | 1,277,648 | $ | 2,117,653 | $ | 755,663 | $ | 4,150,964 | $ | 8,693,722 | |||||||||||
December 31, 2012 | ||||||||||||||||||||
Homes Under | Land Under | Raw Land | Total | Total | ||||||||||||||||
Construction | Development | Inventory | Assets | |||||||||||||||||
Northeast | $ | 198,549 | $ | 445,436 | $ | 109,136 | $ | 753,121 | $ | 866,024 | ||||||||||
Southeast | 147,227 | 286,210 | 120,193 | 553,630 | 590,650 | |||||||||||||||
Florida | 130,276 | 310,625 | 100,633 | 541,534 | 620,220 | |||||||||||||||
Texas | 145,594 | 256,704 | 54,556 | 456,854 | 523,843 | |||||||||||||||
North | 219,172 | 369,144 | 46,414 | 634,730 | 680,447 | |||||||||||||||
Southwest | 226,204 | 496,488 | 167,295 | 889,987 | 963,540 | |||||||||||||||
Other homebuilding (a) | 49,162 | 270,771 | 64,257 | 384,190 | 2,140,739 | |||||||||||||||
1,116,184 | 2,435,378 | 662,484 | 4,214,046 | 6,385,463 | ||||||||||||||||
Financial Services | — | — | — | — | 348,946 | |||||||||||||||
$ | 1,116,184 | $ | 2,435,378 | $ | 662,484 | $ | 4,214,046 | $ | 6,734,409 | |||||||||||
(a) | Other homebuilding primarily includes cash and equivalents, capitalized interest, net deferred tax assets, intangibles, and other corporate items that are not allocated to the operating segments. |
Investments_In_Unconsolidated_1
Investments In Unconsolidated Entities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||
Summary of joint ventures | A summary of our joint ventures is presented below ($000’s omitted): | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Investments in joint ventures with debt non-recourse to PulteGroup | $ | 26,362 | $ | 11,155 | ||||
Investments in other active joint ventures | 18,644 | 34,474 | ||||||
Total investments in unconsolidated entities | $ | 45,006 | $ | 45,629 | ||||
Total joint venture debt | $ | 10,104 | $ | 6,915 | ||||
PulteGroup proportionate share of joint venture debt: | ||||||||
Joint venture debt with limited recourse guaranties | $ | 955 | $ | 769 | ||||
Joint venture debt non-recourse to PulteGroup | 2,065 | 826 | ||||||
PulteGroup's total proportionate share of joint venture debt | $ | 3,020 | $ | 1,595 | ||||
Fair_Value_Disclosures_Fair_Va1
Fair Value Disclosures Fair Value Disclosures (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Fair Value Disclosures [Abstract] | |||||||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | Our assets and liabilities measured or disclosed at fair value are summarized below ($000’s omitted): | ||||||||||
Financial Instrument | Fair Value | Fair Value | |||||||||
Hierarchy | September 30, | December 31, | |||||||||
2013 | 2012 | ||||||||||
Measured at fair value on a recurring basis: | |||||||||||
Residential mortgage loans available-for-sale | Level 2 | $ | 296,922 | $ | 318,931 | ||||||
Interest rate lock commitments | Level 2 | 12,122 | 6,021 | ||||||||
Forward contracts | Level 2 | (8,956 | ) | (646 | ) | ||||||
Whole loan commitments | Level 2 | (141 | ) | (55 | ) | ||||||
Measured at fair value on a non-recurring basis: | |||||||||||
House and land inventory | Level 3 | $ | — | $ | 11,243 | ||||||
Disclosed at fair value: | |||||||||||
Cash and equivalents (including restricted cash) | Level 1 | $ | 1,419,415 | $ | 1,476,710 | ||||||
Financial Services debt | Level 2 | 115,098 | 138,795 | ||||||||
Senior notes | Level 2 | 2,060,018 | 2,663,451 | ||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Senior Notes | Our senior notes are summarized as follows ($000’s omitted): | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
5.25% unsecured senior notes due January 2014 (a) | $ | — | $ | 187,970 | ||||
5.70% unsecured senior notes due May 2014 (a) | — | 208,274 | ||||||
5.20% unsecured senior notes due February 2015 (a) | 95,627 | 95,615 | ||||||
5.25% unsecured senior notes due June 2015 (a) | 232,243 | 264,058 | ||||||
6.50% unsecured senior notes due May 2016 (a) | 458,975 | 457,154 | ||||||
7.625% unsecured senior notes due October 2017 (b) | 122,641 | 149,481 | ||||||
7.875% unsecured senior notes due June 2032 (a) | 299,185 | 299,152 | ||||||
6.375% unsecured senior notes due May 2033 (a) | 398,550 | 398,492 | ||||||
6.00% unsecured senior notes due February 2035 (a) | 299,436 | 299,417 | ||||||
7.375% unsecured senior notes due June 2046 (a) | 150,000 | 150,000 | ||||||
Total senior notes – carrying value (c) | $ | 2,056,657 | $ | 2,509,613 | ||||
Estimated fair value | $ | 2,060,018 | $ | 2,663,451 | ||||
(a) | Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries. | |||||||
(b) | Not redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries. | |||||||
(c) | The recorded carrying value reflects the impact of various discounts and premiums that are amortized to interest cost over the respective terms of the senior notes |
Commitments_and_Contingencies_1
Commitments and Contingencies (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||
Summary of changes in loan origination liability | Changes in these liabilities were as follows ($000's omitted): | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Liabilities, beginning of period | $ | 154,421 | $ | 120,711 | $ | 164,280 | $ | 128,330 | ||||||||
Reserves provided | — | — | — | — | ||||||||||||
Payments | (8,220 | ) | (2,089 | ) | (18,079 | ) | (9,708 | ) | ||||||||
Liabilities, end of period | $ | 146,201 | $ | 118,622 | $ | 146,201 | $ | 118,622 | ||||||||
Summary of changes in warranty liability | Changes to warranty liabilities were as follows ($000’s omitted): | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Warranty liabilities, beginning of period | $ | 61,914 | $ | 64,364 | $ | 64,098 | $ | 68,025 | ||||||||
Reserves provided | 15,322 | 12,593 | 36,079 | 32,014 | ||||||||||||
Payments | (10,551 | ) | (10,976 | ) | (32,330 | ) | (34,336 | ) | ||||||||
Other adjustments | (1,602 | ) | (1,453 | ) | (2,764 | ) | (1,175 | ) | ||||||||
Warranty liabilities, end of period | $ | 65,083 | $ | 64,528 | $ | 65,083 | $ | 64,528 | ||||||||
Summary of changes in self-insurance liability | Changes in these liabilities were as follows ($000's omitted): | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Balance, beginning of period | $ | 708,142 | $ | 733,042 | $ | 721,284 | $ | 739,029 | ||||||||
Reserves provided | 21,439 | 15,557 | 52,266 | 37,772 | ||||||||||||
Payments | (37,983 | ) | (24,773 | ) | (81,952 | ) | (52,975 | ) | ||||||||
Balance, end of period | $ | 691,598 | $ | 723,826 | $ | 691,598 | $ | 723,826 | ||||||||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Supplemental Guarantor Information [Abstract] | ||||||||||||||||||||
Consolidating Balance Sheet | 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) | 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 | 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 | ||||||||||
Basis_Of_Presentation_And_Sign3
Basis Of Presentation And Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Share data in Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Unfunded settlements | $13,600,000 | $13,600,000 | $8,100,000 | ||
Litigation Settlement, Expense | 8,000,000 | 38,000,000 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10.3 | 12 | 10.5 | 18.8 | |
Land, not owned, under option agreements | 27,612,000 | 27,612,000 | 31,066,000 | ||
Liabilities for land, not owned, under option agreements | 27,612,000 | 27,612,000 | 31,066,000 | ||
Residential mortgage loans available-for-sale fair value | 296,922,000 | 296,922,000 | 318,931,000 | ||
Residential mortgage loans available-for-sale aggregate outstanding principal balance | 285,900,000 | 285,900,000 | 305,300,000 | ||
Net gain (loss) from change in fair value | 4,400,000 | 900,000 | 2,600,000 | 600,000 | |
Net gains from the sale of mortgages | 18,100,000 | 33,900,000 | 66,400,000 | 76,900,000 | |
Maximum [Member] | |||||
Variability in future cash flows of derivative instruments in days | 75 days | ||||
Interest Rate Lock Commitments [Member] | |||||
Derivative, Notional Amount | 317,700,000 | 317,700,000 | 161,600,000 | ||
Forward Contracts [Member] | |||||
Derivative, Notional Amount | 519,600,000 | 519,600,000 | 428,000,000 | ||
Whole Loan Commitments [Member] | |||||
Derivative, Notional Amount | 30,200,000 | 30,200,000 | 4,700,000 | ||
Contract Termination [Member] | Financial Services [Member] | |||||
Lease exit and related costs | $0 | $0 | $2,500,000 |
Basis_Of_Presentation_And_Sign4
Basis Of Presentation And Significant Accounting Policies (Other Expense (Income), Net) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Component of Other Expense (Income), net [Line Items] | ||||||||
Write-off of deposits and pre-acquisition costs | $811 | $893 | $1,402 | $1,798 | ||||
Loss on debt retirements | 3,858 | 0 | 26,930 | 0 | ||||
Amortization of intangible assets | 3,275 | 3,275 | 9,825 | 9,825 | ||||
Miscellaneous expense (income), net | 8,733 | [1] | 3,133 | 39,863 | [1] | 6,635 | ||
Other expense (income), net | 17,055 | 7,453 | 79,166 | 24,570 | ||||
Contract Termination [Member] | Homebuilding [Member] | ||||||||
Component of Other Expense (Income), net [Line Items] | ||||||||
Lease exit and related costs | $378 | [2] | $152 | [2] | $1,146 | [2] | $6,312 | [2] |
[1] | Includes charges of $8.0 million and $38.0 million during the three and nine months ended SeptemberB 30, 2013, respectively, resulting from a contractual dispute related to a previously completed luxury community (see Note 10). | |||||||
[2] | Excludes $2.5 million of lease exit costs classified within Financial Services expense during the nine months ended SeptemberB 30, 2012. There were no such costs during the three and nine months ended SeptemberB 30, 2013 or the three months ended SeptemberB 30, 2012 |
Basis_Of_Presentation_And_Sign5
Basis Of Presentation And Significant Accounting Policies (Notes Receivable And Related Allowance For Credit Losses) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Notes Receivable [Line Items] | ||
Notes receivable, gross | $59,683 | $57,841 |
Allowance for credit losses | -27,048 | -26,865 |
Notes receivable, net | $32,635 | $30,976 |
Basis_Of_Presentation_And_Sign6
Basis Of Presentation And Significant Accounting Policies Basis of Presentation And Significant Accounting Policies (Earnings per share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ||||
Net income | $2,281,884 | $116,633 | $2,400,063 | $147,403 |
Less: earnings distributed to participating securities | -273 | 0 | -273 | 0 |
Less: undistributed earnings allocated to participating securities | -15,884 | 0 | -17,526 | 0 |
Numerator for basic earnings per share | 2,265,727 | 116,633 | 2,382,264 | 147,403 |
Add back: undistributed earnings allocated to participating securities | 15,884 | 0 | 17,526 | 0 |
Less: undistributed earnings reallocated to participating securities | -15,753 | 0 | -17,358 | 0 |
Numerator for diluted earnings per share | $2,265,858 | $116,633 | $2,382,432 | $147,403 |
Denominator: | ||||
Basic shares outstanding | 382,883 | 381,355 | 384,159 | 380,839 |
Effect of dilutive securities | 3,220 | 3,215 | 3,745 | 2,036 |
Diluted shares outstanding | 386,103 | 384,570 | 387,904 | 382,875 |
Earnings Per Share [Abstract] | ||||
Earnings Per Share, Basic | $5.92 | $0.31 | $6.20 | $0.39 |
Earnings Per Share, Diluted | $5.87 | $0.30 | $6.14 | $0.38 |
Basis_Of_Presentation_And_Sign7
Basis Of Presentation And Significant Accounting Policies (Schedule Of The Company's Interests In Land Option Agreements) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Land under option agreement [Line Items] | ||
Deposits and pre-acquisition costs | $87,944 | $70,116 |
Remaining Purchase Price | 1,401,193 | 923,392 |
Land, not owned, under option agreements | 27,612 | 31,066 |
Consolidated VIE [Member] | ||
Land under option agreement [Line Items] | ||
Deposits and pre-acquisition costs | 6,705 | 5,216 |
Remaining Purchase Price | 10,488 | 8,590 |
Land, not owned, under option agreements | 12,107 | 8,590 |
Unconsolidated VIE [Member] | ||
Land under option agreement [Line Items] | ||
Deposits and pre-acquisition costs | 32,678 | 24,078 |
Remaining Purchase Price | 683,158 | 360,495 |
Land, not owned, under option agreements | 0 | 0 |
Other Land Option Agreements Member | ||
Land under option agreement [Line Items] | ||
Deposits and pre-acquisition costs | 48,561 | 40,822 |
Remaining Purchase Price | 707,547 | 554,307 |
Land, not owned, under option agreements | $15,505 | $22,476 |
Basis_Of_Presentation_And_Sign8
Basis Of Presentation And Significant Accounting Policies (Fair Value Of the Company's Derivative Instruments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other Assets | $12,358 | $6,320 |
Other Liabilities | 9,333 | 1,000 |
Interest Rate Lock Commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other Assets | 12,239 | 6,045 |
Other Liabilities | 117 | 24 |
Whole Loan Commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other Assets | 78 | 30 |
Other Liabilities | 219 | 85 |
Forward Contracts [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other Assets | 41 | 245 |
Other Liabilities | $8,997 | $891 |
Corporate_Office_Relocation_Na
Corporate Office Relocation (Narrative) (Details) (Home Office Relocation [Member], USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 15 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
Employee Severance [Member] | Employee Severance [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||
Employee Severance [Member] | Other Restructuring [Member] | Employee Severance [Member] | Other Restructuring [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring and Related Cost, Incurred Cost | $13,754 | $300 | $13,400 | $0 | $400 | |||||
Expected restructuring and relocation costs | $2,000 | $21,000 | $355 | $26,000 | $500 |
Corporate_Office_Relocation_Ex
Corporate Office Relocation (Expected costs) (Details) (Home Office Relocation [Member], USD $) | 3 Months Ended | 15 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
Employee Severance [Member] | Other Restructuring [Member] | Contract Termination [Member] | Employee Severance [Member] | Other Restructuring [Member] | Contract Termination [Member] | ||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected restructuring and relocation costs | $2,000 | $21,000 | $355 | $27,000 | $26,000 | $500 | $32,000 |
Recovered_Sheet1
Inventory And Land Held for Sale (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Inventory Disclosure [Abstract] | ||||
Impairment of Real Estate | $766,000 | $2,263,000 | $2,701,000 | $9,573,000 |
Capitalized interest related to inventory impairments expensed to cost of revenues | 800,000 | 1,900,000 | 2,700,000 | 4,900,000 |
Net realizable value adjustments - land held for sale | 85,000 | 249,000 | 2,268,000 | 1,252,000 |
Write-off of deposits and pre-acquisition costs | $811,000 | $893,000 | $1,402,000 | $1,798,000 |
Inventory_And_Land_Held_For_Sa3
Inventory And Land Held For Sale (Major Components Of Inventory) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Homes under construction | $1,277,648 | $1,116,184 |
Land under development | 2,117,653 | 2,435,378 |
Raw Land | 755,663 | 662,484 |
House and land inventory | $4,150,964 | $4,214,046 |
Inventory_And_Land_Held_For_Sa4
Inventory And Land Held For Sale (Information Related To Interest Capitalized Into Homebuilding Inventory) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Inventory Disclosure [Abstract] | ||||||||
Interest in inventory, beginning of period | $298,575 | $358,451 | $331,880 | $355,068 | ||||
Interest capitalized | 35,962 | 50,730 | 118,527 | 153,369 | ||||
Interest expensed | -68,013 | -57,155 | -183,883 | -156,411 | ||||
Interest in inventory, end of period | 266,524 | 352,026 | 266,524 | 352,026 | ||||
Interest incurred | $35,962 | [1] | $50,730 | [1] | $118,527 | [1] | $153,369 | [1] |
[1] | Homebuilding interest incurred includes interest on senior debt and certain other financing arrangements. |
Inventory_And_Land_Held_For_Sa5
Inventory And Land Held For Sale (Land Held For Sale) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Land held for sale, gross | $73,698 | $135,201 |
Net realizable value reserves | -8,598 | -44,097 |
Land held for sale, net | $65,100 | $91,104 |
Segment_Information_Narrative_
Segment Information Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Segment Reporting Information | ||||
Loss on debt retirements | $3,858,000 | $0 | $26,930,000 | $0 |
Litigation Settlement, Expense | 8,000,000 | 38,000,000 | ||
Financial Services [Member] | ||||
Segment Reporting Information | ||||
Interest Income, Operating | 2,100,000 | 1,600,000 | 5,200,000 | 4,100,000 |
Home Office Relocation [Member] | ||||
Segment Reporting Information | ||||
Restructuring and Related Cost, Incurred Cost | 13,754,000 | |||
Employee Severance [Member] | Home Office Relocation [Member] | ||||
Segment Reporting Information | ||||
Restructuring and Related Cost, Incurred Cost | $300,000 | $13,400,000 |
Segment_Information_Operating_
Segment Information (Operating Data By Segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Revenues: | ||||||||
Homebuilding | $1,547,742 | $1,255,327 | $3,913,685 | $3,140,665 | ||||
Financial Services | 34,336 | 47,264 | 110,571 | 112,367 | ||||
Consolidated revenues | 1,582,078 | 1,302,591 | 4,024,256 | 3,253,032 | ||||
Income before Income Taxes: | ||||||||
Income before income taxes | 174,722 | 105,906 | 295,402 | 132,341 | ||||
Northeast [Member] | ||||||||
Revenues: | ||||||||
Homebuilding | 259,413 | 194,732 | 555,856 | 502,813 | ||||
Income before Income Taxes: | ||||||||
Income before income taxes | 33,508 | 20,303 | 62,162 | 42,940 | ||||
Southeast [Member] | ||||||||
Revenues: | ||||||||
Homebuilding | 234,605 | 194,654 | 602,379 | 496,244 | ||||
Income before Income Taxes: | ||||||||
Income before income taxes | 37,687 | 21,227 | 78,811 | 40,724 | ||||
Florida [Member] | ||||||||
Revenues: | ||||||||
Homebuilding | 227,614 | 165,621 | 562,890 | 439,665 | ||||
Income before Income Taxes: | ||||||||
Income before income taxes | 43,834 | 23,723 | 89,711 | 46,530 | ||||
Texas [Member] | ||||||||
Revenues: | ||||||||
Homebuilding | 217,897 | 179,581 | 621,972 | 471,648 | ||||
Income before Income Taxes: | ||||||||
Income before income taxes | 32,111 | 18,807 | 79,015 | 34,704 | ||||
North [Member] | ||||||||
Revenues: | ||||||||
Homebuilding | 343,748 | 277,297 | 826,054 | 666,458 | ||||
Income before Income Taxes: | ||||||||
Income before income taxes | 48,674 | 26,494 | 95,303 | 38,281 | ||||
Southwest [Member] | ||||||||
Revenues: | ||||||||
Homebuilding | 264,465 | 243,442 | 744,534 | 563,837 | ||||
Income before Income Taxes: | ||||||||
Income before income taxes | 49,508 | 27,882 | 119,908 | 41,817 | ||||
Other Homebuilding [Member] | ||||||||
Income before Income Taxes: | ||||||||
Income before income taxes | -81,728 | [1] | -59,257 | [1] | -271,308 | [1] | -162,230 | [1] |
Homebuilding [Member] | ||||||||
Income before Income Taxes: | ||||||||
Income before income taxes | 163,594 | 79,179 | 253,602 | 82,766 | ||||
Financial Services [Member] | ||||||||
Income before Income Taxes: | ||||||||
Income before income taxes | $11,128 | [2] | $26,727 | [2] | $41,800 | [2] | $49,575 | [2] |
[1] | Other homebuilding includes the amortization of intangible assets, amortization of capitalized interest, and other items not allocated to the operating segments. Other homebuilding also included for the three and nine months ended SeptemberB 30, 2013: losses on debt retirements totaling $3.9B million and $26.9B million, respectively; costs associated with the previously announced relocation of our corporate headquarters totaling $0.3B million and $13.8B million, respectively; and charges resulting from a contractual dispute related to a previously completed luxury community totaling $8.0B million and $38.0B million, respectively. | |||||||
[2] | Financial Services income before income taxes includes interest income of $2.1 million and $1.6 million for the three months ended SeptemberB 30, 2013 and 2012, respectively, and $5.2 million and $4.1 million for the nine months ended SeptemberB 30, 2013 and 2012, respectively. |
Segment_Information_LandRelate
Segment Information (Land-Related Charges By Segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Segment Reporting Information | ||||||||
Land and community valuation adjustments | $766 | $2,263 | $2,701 | $9,573 | ||||
Net realizable value adjustments - land held for sale | 85 | 249 | 2,268 | 1,252 | ||||
Write-off of deposits and pre-acquisition costs | 811 | 893 | 1,402 | 1,798 | ||||
Total land-related charges | 1,662 | 3,405 | 6,371 | 12,623 | ||||
Northeast [Member] | ||||||||
Segment Reporting Information | ||||||||
Land and community valuation adjustments | 0 | 0 | 0 | 535 | ||||
Net realizable value adjustments - land held for sale | 0 | 0 | 0 | 0 | ||||
Write-off of deposits and pre-acquisition costs | 219 | 727 | 328 | 815 | ||||
Southeast [Member] | ||||||||
Segment Reporting Information | ||||||||
Land and community valuation adjustments | 0 | 0 | 0 | 0 | ||||
Net realizable value adjustments - land held for sale | 0 | 69 | 0 | 350 | ||||
Write-off of deposits and pre-acquisition costs | 56 | 46 | 144 | 589 | ||||
Florida [Member] | ||||||||
Segment Reporting Information | ||||||||
Land and community valuation adjustments | 0 | 0 | 0 | 0 | ||||
Net realizable value adjustments - land held for sale | 0 | 11 | 567 | 49 | ||||
Write-off of deposits and pre-acquisition costs | 126 | 69 | 208 | 80 | ||||
Texas [Member] | ||||||||
Segment Reporting Information | ||||||||
Land and community valuation adjustments | 0 | 0 | 0 | 0 | ||||
Net realizable value adjustments - land held for sale | -6 | 154 | -2 | 412 | ||||
Write-off of deposits and pre-acquisition costs | 6 | 21 | 2 | 70 | ||||
North [Member] | ||||||||
Segment Reporting Information | ||||||||
Land and community valuation adjustments | 0 | 385 | 0 | 2,373 | ||||
Net realizable value adjustments - land held for sale | 172 | 29 | 1,703 | 94 | ||||
Write-off of deposits and pre-acquisition costs | 155 | 13 | 337 | 156 | ||||
Southwest [Member] | ||||||||
Segment Reporting Information | ||||||||
Land and community valuation adjustments | 0 | 0 | 0 | 1,810 | ||||
Net realizable value adjustments - land held for sale | -81 | -14 | 0 | 347 | ||||
Write-off of deposits and pre-acquisition costs | 249 | 17 | 383 | 88 | ||||
Other Homebuilding [Member] | ||||||||
Segment Reporting Information | ||||||||
Land and community valuation adjustments | $766 | [1] | $1,878 | [1] | $2,701 | [1] | $4,855 | [1] |
[1] | Represents write-offs of capitalized interest related to land and community valuation adjustments |
Segment_Information_Total_Asse
Segment Information (Total Assets And Inventory By Reportable Segment) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Segment Reporting Information | ||||
Homes under construction | $1,277,648 | $1,116,184 | ||
Land under development | 2,117,653 | 2,435,378 | ||
Raw Land | 755,663 | 662,484 | ||
House and land inventory | 4,150,964 | 4,214,046 | ||
Total assets | 8,693,722 | 6,734,409 | ||
Northeast [Member] | ||||
Segment Reporting Information | ||||
Homes under construction | 263,889 | 198,549 | ||
Land under development | 331,779 | 445,436 | ||
Raw Land | 117,532 | 109,136 | ||
House and land inventory | 713,200 | 753,121 | ||
Total assets | 809,063 | 866,024 | ||
Southeast [Member] | ||||
Segment Reporting Information | ||||
Homes under construction | 160,916 | 147,227 | ||
Land under development | 256,949 | 286,210 | ||
Raw Land | 131,724 | 120,193 | ||
House and land inventory | 549,589 | 553,630 | ||
Total assets | 589,929 | 590,650 | ||
Florida [Member] | ||||
Segment Reporting Information | ||||
Homes under construction | 161,204 | 130,276 | ||
Land under development | 293,858 | 310,625 | ||
Raw Land | 91,238 | 100,633 | ||
House and land inventory | 546,300 | 541,534 | ||
Total assets | 629,724 | 620,220 | ||
Texas [Member] | ||||
Segment Reporting Information | ||||
Homes under construction | 148,158 | 145,594 | ||
Land under development | 221,958 | 256,704 | ||
Raw Land | 49,607 | 54,556 | ||
House and land inventory | 419,723 | 456,854 | ||
Total assets | 477,936 | 523,843 | ||
North [Member] | ||||
Segment Reporting Information | ||||
Homes under construction | 300,452 | 219,172 | ||
Land under development | 327,529 | 369,144 | ||
Raw Land | 100,737 | 46,414 | ||
House and land inventory | 728,718 | 634,730 | ||
Total assets | 781,447 | 680,447 | ||
Southwest [Member] | ||||
Segment Reporting Information | ||||
Homes under construction | 197,689 | 226,204 | ||
Land under development | 475,663 | 496,488 | ||
Raw Land | 206,387 | 167,295 | ||
House and land inventory | 879,739 | 889,987 | ||
Total assets | 955,368 | 963,540 | ||
Other Homebuilding [Member] | ||||
Segment Reporting Information | ||||
Homes under construction | 45,340 | [1] | 49,162 | [1] |
Land under development | 209,917 | [1] | 270,771 | [1] |
Raw Land | 58,438 | [1] | 64,257 | [1] |
House and land inventory | 313,695 | [1] | 384,190 | [1] |
Total assets | 4,098,818 | [1] | 2,140,739 | [1] |
Homebuilding [Member] | ||||
Segment Reporting Information | ||||
Homes under construction | 1,277,648 | 1,116,184 | ||
Land under development | 2,117,653 | 2,435,378 | ||
Raw Land | 755,663 | 662,484 | ||
House and land inventory | 4,150,964 | 4,214,046 | ||
Total assets | 8,342,285 | 6,385,463 | ||
Financial Services [Member] | ||||
Segment Reporting Information | ||||
Total assets | $351,437 | $348,946 | ||
[1] | Other homebuilding primarily includes cash and equivalents, capitalized interest, net deferred tax assets, intangibles, and other corporate items that are not allocated to the operating segments. |
Investments_In_Unconsolidated_2
Investments In Unconsolidated Entities (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity in (earnings) loss of unconsolidated entities | ($785,000) | ($284,000) | ($282,000) | ($3,836,000) |
Capital contributions made to unconsolidated entities | 1,057,000 | 1,266,000 | ||
Total dividends and distribution of earnings from unconsolidated entities | $1,900,000 | $9,900,000 |
Investments_In_Unconsolidated_3
Investments In Unconsolidated Entities (Summary Schedule Of Joint Ventures) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Equity Method Investments and Joint Ventures [Abstract] | ||
Investments in joint ventures with debt non-recourse to Company | $26,362 | $11,155 |
Investments in other active joint ventures | 18,644 | 34,474 |
Total investments in unconsolidated entities | 45,006 | 45,629 |
Total joint venture debt | 10,104 | 6,915 |
Company proportionate share of joint venture debt: | ||
Joint venture debt with limited recourse guaranties | 955 | 769 |
Joint venture debt non-recourse to Company | 2,065 | 826 |
Company's total proportionate share of joint venture debt | $3,020 | $1,595 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Class of Stock [Line Items] | ||||
Common Stock, Dividends, Per Share, Declared | $0.10 | $0 | $0.10 | $0 |
Dividends Payable, Date to be Paid | 5-Aug-13 | |||
Stock Repurchase Program, Authorized Amount | $269,000,000 | |||
Payments for Repurchase of Common Stock | 89,940,000 | 961,000 | ||
Share repurchase plan [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | 352,300,000 | |||
Stock repurchases, shares | 5,300 | |||
Payments for Repurchase of Common Stock | 83,000,000 | |||
Shares withheld to pay taxes [Member] | ||||
Class of Stock [Line Items] | ||||
Payments for Repurchase of Common Stock | $6,900,000 | $1,000,000 | ||
Subsequent Event [Member] | ||||
Class of Stock [Line Items] | ||||
Dividends Payable, Date to be Paid | 2-Oct-13 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Income Tax Contingency [Line Items] | ||
Deferred Tax Assets, Gross | $2,300,000,000 | $2,500,000,000 |
Deferred tax assets, net | 2,108,756,000 | 0 |
Valuation allowance | -231,000,000 | -2,500,000,000 |
Section 382 limitations on use of pre-ownership Centex losses per year | 67,400,000 | |
Period in which to recognize Section 382 limitations on use of pre-ownership Centex losses, months | 60 months | |
Gross unrecognized tax benefits | 165,900,000 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 31,000,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 32,900,000 | |
Possible decrease in unrecognized tax benefits | $130,000,000 | |
Minimum [Member] | ||
Income Tax Contingency [Line Items] | ||
Income Tax Examination, Year under Examination | 2003 | |
Maximum [Member] | ||
Income Tax Contingency [Line Items] | ||
Income Tax Examination, Year under Examination | 2013 |
Fair_Value_Disclosures_Fair_Va2
Fair Value Disclosures Fair Value Disclosures (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Senior notes | $2,056,657 | [1] | $2,509,613 | [1] |
Measured at fair value on a recurring basis: | ||||
Residential mortgage loans available-for-sale | 296,922 | 318,931 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Disclosed at fair value: | ||||
Financial Services debt (fair value) | 115,098 | 138,795 | ||
Senior notes (fair value) | 2,060,018 | 2,663,451 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Disclosed at fair value: | ||||
Cash and equivalents (including restricted cash) (fair value) | 1,419,415 | 1,476,710 | ||
House And Land Inventory Member | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Measured at fair value on a non-recurring basis: | ||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 11,243 | ||
Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Measured at fair value on a recurring basis: | ||||
Assets, Fair Value Disclosure, Recurring | 12,122 | 6,021 | ||
Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Measured at fair value on a recurring basis: | ||||
Assets, Fair Value Disclosure, Recurring | -8,956 | -646 | ||
Whole Loan Commitments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Measured at fair value on a recurring basis: | ||||
Assets, Fair Value Disclosure, Recurring | -141 | -55 | ||
Residential Mortgage [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Measured at fair value on a recurring basis: | ||||
Assets, Fair Value Disclosure, Recurring | $296,922 | $318,931 | ||
[1] | The recorded carrying value reflects the impact of various discounts and premiums that are amortized to interest cost over the respective terms of the senior notes. |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | |||||
Extinguishment of Debt, Amount | $27,000,000 | $96,400,000 | $461,400,000 | $96,400,000 | |
Loss on debt retirements | 3,858,000 | 0 | 26,930,000 | 0 | |
Letters of Credit Outstanding, Amount | 178,100,000 | 178,100,000 | 179,200,000 | ||
Days from time of origination of loan to point of sale to third party | 30 days | ||||
Line of Credit Facility, Amount Outstanding | 115,098,000 | 115,098,000 | 138,795,000 | ||
Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters of Credit Outstanding, Amount | 124,400,000 | 124,400,000 | 124,600,000 | ||
Maximum Borrowing Capacity | 150,000,000 | 150,000,000 | |||
Credit facility expiration date | 1-Sep-14 | ||||
Letter of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters of Credit Outstanding, Amount | 53,700,000 | 53,700,000 | 54,500,000 | ||
Repurchse Agreement [Member] | Financial Services [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum Borrowing Capacity | 150,000,000 | 150,000,000 | |||
Credit facility expiration date | 12-Sep-14 | ||||
Line of Credit Facility, Initiation Date | 13-Sep-13 | ||||
Line of Credit Facility, Amount Outstanding | $115,098,000 | $115,098,000 |
Debt_Summary_of_Senior_Notes_D
Debt (Summary of Senior Notes) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||
Unsecured Senior Notes 5.25% due January 2014 [Member] | Unsecured Senior Notes 5.25% due January 2014 [Member] | Unsecured Senior Notes 5.70% due May 2014 [Member] | Unsecured Senior Notes 5.70% due May 2014 [Member] | Unsecured Senior Notes 5.20% due February 2015 [Member] | Unsecured Senior Notes 5.20% due February 2015 [Member] | Unsecured Senior Notes 5.25% due June 2015 [Member] | Unsecured Senior Notes 5.25% due June 2015 [Member] | Unsecured Senior Notes 6.50% due May 2016 [Member] | Unsecured Senior Notes 6.50% due May 2016 [Member] | Unsecured Senior Notes 7.625% due October 2017 [Member] | Unsecured Senior Notes 7.625% due October 2017 [Member] | Unsecured Senior Notes 7.875% due June 2032 [Member] | Unsecured Senior Notes 7.875% due June 2032 [Member] | Unsecured Senior Notes 6.375% due May 2033 [Member] | Unsecured Senior Notes 6.375% due May 2033 [Member] | Unsecured Senior Notes 6.00% due February 2035 [Member] | Unsecured Senior Notes 6.00% due February 2035 [Member] | Unsecured Senior Notes 7.375% due June 2046 [Member] | Unsecured Senior Notes 7.375% due June 2046 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Senior note carrying value | $2,056,657,000 | [1] | $2,056,657,000 | [1] | $2,509,613,000 | [1] | $0 | [2] | $187,970,000 | [2] | $0 | [2] | $208,274,000 | [2] | $95,627,000 | [2] | $95,615,000 | [2] | $232,243,000 | [2] | $264,058,000 | [2] | $458,975,000 | [2] | $457,154,000 | [2] | $122,641,000 | [3] | $149,481,000 | [3] | $299,185,000 | [2] | $299,152,000 | [2] | $398,550,000 | [2] | $398,492,000 | [2] | $299,436,000 | [2] | $299,417,000 | [2] | $150,000,000 | [2] | $150,000,000 | [2] | ||||
Estimated fair value | 2,060,018,000 | 2,663,451,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate, Stated Percentage | 5.25% | 5.25% | 5.70% | 5.70% | 5.20% | 5.20% | 5.25% | 5.25% | 6.50% | 6.50% | 7.63% | 7.63% | 7.88% | 7.88% | 6.38% | 6.38% | 6.00% | 6.00% | 7.38% | 7.38% | ||||||||||||||||||||||||||||||
Maturity Date, Description | Jan-14 | Jan-14 | May-14 | May-14 | Feb-15 | Feb-15 | Jun-15 | Jun-15 | May-16 | May-16 | Oct-17 | Oct-17 | Jun-32 | Jun-32 | May-33 | May-33 | Feb-35 | Feb-35 | Jun-46 | Jun-46 | ||||||||||||||||||||||||||||||
Extinguishment of Debt, Amount | $27,000,000 | $96,400,000 | $461,400,000 | $96,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||
[1] | The recorded carrying value reflects the impact of various discounts and premiums that are amortized to interest cost over the respective terms of the senior notes. | |||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries. | |||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Not redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries. |
Commitments_and_Contingencies_2
Commitments and Contingencies (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 24 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2007 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | |
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Total Mortgage Loans Originated | $39,500,000,000 | |||||||
Percentage of loan origination repurchase requests in which Company is able to cure or refute the claim | 60.00% | |||||||
Actual Loss Severities Percentage on Mortgage Repurchase Requests | 50.00% | |||||||
Loss Contingencies [Line Items] | ||||||||
Letters of Credit Outstanding, Amount | 178,100,000 | 178,100,000 | 179,200,000 | |||||
Surety Bonds Outstanding | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||
Litigation Settlement, Expense | 8,000,000 | 38,000,000 | ||||||
Maximum product warranty in years | 10 years | |||||||
Number of self-insurance claims managed at any one time | 1,000 | 1,000 | ||||||
Self-insurance liabilities | 691,598,000 | 691,598,000 | 708,142,000 | 721,284,000 | 723,826,000 | 733,042,000 | 739,029,000 | |
Incurred but not reported percentage of liability reserves | 77.00% | 77.00% | ||||||
Residential mortgage backed securities known [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Residential mortgage-backed securities principal sold in previous period | 162,000,000 | 162,000,000 | ||||||
Residential mortgage backed securities other [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Residential mortgage-backed securities principal sold in previous period | $116,000,000 | $116,000,000 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Changes To Anticipated Loan Losses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Liabilities, beginning of period | $154,421 | $120,711 | $164,280 | $128,330 |
Reserves provided | 0 | 0 | 0 | 0 |
Payments | -8,220 | -2,089 | -18,079 | -9,708 |
Liabilities, end of period | $146,201 | $118,622 | $146,201 | $118,622 |
Commitments_and_Contingencies_4
Commitments and Contingencies (Changes To Warranty Liability) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Warranty liabilities, beginning of period | $61,914 | $64,364 | $64,098 | $68,025 |
Reserves provided | 15,322 | 12,593 | 36,079 | 32,014 |
Payments | -10,551 | -10,976 | -32,330 | -34,336 |
Other adjustments | -1,602 | -1,453 | -2,764 | -1,175 |
Warranty liabilities, end of period | $65,083 | $64,528 | $65,083 | $64,528 |
Commitments_and_Contingencies_5
Commitments and Contingencies (Changes in Self-insurance Liability) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Balance, beginning of period | $708,142 | $733,042 | $721,284 | $739,029 |
Reserves provided | 21,439 | 15,557 | 52,266 | 37,772 |
Payments | -37,983 | -24,773 | -81,952 | -52,975 |
Balance, end of period | $691,598 | $723,826 | $691,598 | $723,826 |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information (Balance Sheet) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||||
ASSETS | |||||||
Cash and equivalents | $1,349,994 | $1,404,760 | $1,563,651 | $1,563,651 | $1,083,071 | ||
Restricted cash | 69,421 | 71,950 | |||||
House and land inventory | 4,150,964 | 4,214,046 | |||||
Land held for sale | 65,100 | 91,104 | |||||
Land, not owned, under option agreements | 27,612 | 31,066 | |||||
Residential mortgage loans available-for-sale | 296,922 | 318,931 | |||||
Investments in unconsolidated entities | 45,006 | 45,629 | |||||
Other assets | 440,524 | 407,675 | |||||
Intangible assets | 139,423 | 149,248 | |||||
Deferred tax assets, net | 2,108,756 | 0 | |||||
Investments in subsidiaries and intercompany accounts, net | 0 | 0 | |||||
Total assets | 8,693,722 | 6,734,409 | |||||
Liabilities: | |||||||
Accounts payable, customer deposits, accrued and other liabilities | 1,833,412 | 1,697,520 | |||||
Income tax liabilities | 196,870 | 198,865 | |||||
Financial Services debt | 115,098 | 138,795 | |||||
Senior notes | 2,056,657 | [1] | 2,509,613 | [1] | |||
Total liabilities | 4,202,037 | 4,544,793 | |||||
Total shareholders' equity | 4,491,685 | 2,189,616 | 2,122,046 | 1,938,615 | |||
Total liabilities and shareholders' equity | 8,693,722 | 6,734,409 | |||||
Parent Company [Member] | |||||||
ASSETS | |||||||
Cash and equivalents | 187,299 | 146,168 | 143,561 | 119,287 | |||
Restricted cash | 53,672 | 54,546 | |||||
House and land inventory | 0 | 0 | |||||
Land held for sale | 0 | 0 | |||||
Land, not owned, under option agreements | 0 | 0 | |||||
Residential mortgage loans available-for-sale | 0 | 0 | |||||
Investments in unconsolidated entities | 66 | 1,528 | |||||
Other assets | 40,125 | 28,951 | |||||
Intangible assets | 0 | 0 | |||||
Deferred tax assets, net | 2,087,306 | ||||||
Investments in subsidiaries and intercompany accounts, net | 4,461,536 | 4,723,466 | |||||
Total assets | 6,830,004 | 4,954,659 | |||||
Liabilities: | |||||||
Accounts payable, customer deposits, accrued and other liabilities | 84,792 | 56,565 | |||||
Income tax liabilities | 196,870 | 198,865 | |||||
Financial Services debt | 0 | 0 | |||||
Senior notes | 2,056,657 | 2,509,613 | |||||
Total liabilities | 2,338,319 | 2,765,043 | |||||
Total shareholders' equity | 4,491,685 | 2,189,616 | |||||
Total liabilities and shareholders' equity | 6,830,004 | 4,954,659 | |||||
Guarantor Subsidiaries [Member] | |||||||
ASSETS | |||||||
Cash and equivalents | 1,080,993 | 1,063,943 | 1,337,123 | 875,561 | |||
Restricted cash | 4,455 | 3,365 | |||||
House and land inventory | 4,150,254 | 4,210,201 | |||||
Land held for sale | 64,066 | 91,104 | |||||
Land, not owned, under option agreements | 27,612 | 31,066 | |||||
Residential mortgage loans available-for-sale | 0 | 0 | |||||
Investments in unconsolidated entities | 40,983 | 40,973 | |||||
Other assets | 353,549 | 324,109 | |||||
Intangible assets | 139,423 | 149,248 | |||||
Deferred tax assets, net | 20 | ||||||
Investments in subsidiaries and intercompany accounts, net | 644,702 | 7,198,710 | |||||
Total assets | 6,506,057 | 13,112,719 | |||||
Liabilities: | |||||||
Accounts payable, customer deposits, accrued and other liabilities | 1,470,586 | 1,343,653 | |||||
Income tax liabilities | 0 | 0 | |||||
Financial Services debt | 0 | 0 | |||||
Senior notes | 0 | 0 | |||||
Total liabilities | 1,470,586 | 1,343,653 | |||||
Total shareholders' equity | 5,035,471 | 11,769,066 | |||||
Total liabilities and shareholders' equity | 6,506,057 | 13,112,719 | |||||
Non-Guarantor Subsidiaries [Member] | |||||||
ASSETS | |||||||
Cash and equivalents | 81,702 | 194,649 | 82,967 | 88,223 | |||
Restricted cash | 11,294 | 14,039 | |||||
House and land inventory | 710 | 3,845 | |||||
Land held for sale | 1,034 | 0 | |||||
Land, not owned, under option agreements | 0 | 0 | |||||
Residential mortgage loans available-for-sale | 296,922 | 318,931 | |||||
Investments in unconsolidated entities | 3,957 | 3,128 | |||||
Other assets | 46,850 | 54,615 | |||||
Intangible assets | 0 | 0 | |||||
Deferred tax assets, net | 21,430 | ||||||
Investments in subsidiaries and intercompany accounts, net | 5,035,100 | 6,296,915 | |||||
Total assets | 5,498,999 | 6,886,122 | |||||
Liabilities: | |||||||
Accounts payable, customer deposits, accrued and other liabilities | 278,034 | 297,302 | |||||
Income tax liabilities | 0 | 0 | |||||
Financial Services debt | 115,098 | 138,795 | |||||
Senior notes | 0 | 0 | |||||
Total liabilities | 393,132 | 436,097 | |||||
Total shareholders' equity | 5,105,867 | 6,450,025 | |||||
Total liabilities and shareholders' equity | 5,498,999 | 6,886,122 | |||||
Eliminating Entries [Member] | |||||||
ASSETS | |||||||
Cash and equivalents | 0 | 0 | 0 | 0 | |||
Restricted cash | 0 | 0 | |||||
House and land inventory | 0 | 0 | |||||
Land held for sale | 0 | 0 | |||||
Land, not owned, under option agreements | 0 | 0 | |||||
Residential mortgage loans available-for-sale | 0 | 0 | |||||
Investments in unconsolidated entities | 0 | 0 | |||||
Other assets | 0 | 0 | |||||
Intangible assets | 0 | 0 | |||||
Deferred tax assets, net | 0 | ||||||
Investments in subsidiaries and intercompany accounts, net | -10,141,338 | -18,219,091 | |||||
Total assets | -10,141,338 | -18,219,091 | |||||
Liabilities: | |||||||
Accounts payable, customer deposits, accrued and other liabilities | 0 | 0 | |||||
Income tax liabilities | 0 | 0 | |||||
Financial Services debt | 0 | 0 | |||||
Senior notes | 0 | 0 | |||||
Total liabilities | 0 | 0 | |||||
Total shareholders' equity | -10,141,338 | -18,219,091 | |||||
Total liabilities and shareholders' equity | ($10,141,338) | ($18,219,091) | |||||
[1] | The recorded carrying value reflects the impact of various discounts and premiums that are amortized to interest cost over the respective terms of the senior notes. |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information (Statement of Operations and Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Homebuilding | ||||
Home sale revenues | $1,491,959 | $1,232,704 | $3,811,386 | $3,070,895 |
Land sale revenues | 55,783 | 22,623 | 102,299 | 69,770 |
Total homebuilding revenues | 1,547,742 | 1,255,327 | 3,913,685 | 3,140,665 |
Financial Services | 34,336 | 47,264 | 110,571 | 112,367 |
Total revenues | 1,582,078 | 1,302,591 | 4,024,256 | 3,253,032 |
Homebuilding Cost of Revenues: | ||||
Home sale cost of revenues | 1,180,137 | 1,023,704 | 3,072,425 | 2,605,249 |
Land sale cost of revenues | 49,933 | 21,061 | 92,661 | 62,069 |
Total cost of revenues | 1,230,070 | 1,044,765 | 3,165,086 | 2,667,318 |
Financial Services expenses | 23,244 | 20,578 | 68,867 | 62,914 |
Selling, general and administrative expenses | 138,637 | 125,191 | 418,794 | 372,691 |
Other expense (income), net | 17,055 | 7,453 | 79,166 | 24,570 |
Interest income | -1,036 | -1,219 | -3,321 | -3,582 |
Interest expense | 171 | 201 | 544 | 616 |
Equity in (earnings) loss of unconsolidated entities | -785 | -284 | -282 | -3,836 |
Intercompany interest | 0 | 0 | 0 | 0 |
Income (loss) before income taxes and equity in income (loss) of subsidiaries | 174,722 | 105,906 | 295,402 | 132,341 |
Income tax expense (benefit) | -2,107,162 | -10,727 | -2,104,661 | -15,062 |
Income (loss) before equity in income (loss) of subsidiaries | 2,281,884 | 116,633 | 2,400,063 | 147,403 |
Equity in income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Net income | 2,281,884 | 116,633 | 2,400,063 | 147,403 |
Other comprehensive income | 77 | 58 | 273 | 173 |
Comprehensive income | 2,281,961 | 116,691 | 2,400,336 | 147,576 |
Parent Company [Member] | ||||
Homebuilding | ||||
Home sale revenues | 0 | 0 | 0 | 0 |
Land sale revenues | 0 | 0 | 0 | 0 |
Total homebuilding revenues | 0 | 0 | 0 | 0 |
Financial Services | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Homebuilding Cost of Revenues: | ||||
Home sale cost of revenues | 0 | 0 | 0 | 0 |
Land sale cost of revenues | 0 | 0 | 0 | 0 |
Total cost of revenues | 0 | 0 | 0 | 0 |
Financial Services expenses | 209 | -5 | 625 | 165 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Other expense (income), net | 3,844 | -10 | 26,887 | -30 |
Interest income | -91 | -55 | -257 | -178 |
Interest expense | 171 | 201 | 544 | 616 |
Equity in (earnings) loss of unconsolidated entities | 2 | 0 | 1,462 | -2 |
Intercompany interest | -158,633 | 159,014 | 16,647 | 421,479 |
Income (loss) before income taxes and equity in income (loss) of subsidiaries | 154,498 | -159,145 | -45,908 | -422,050 |
Income tax expense (benefit) | -2,108,148 | -9,738 | -2,108,019 | 9,518 |
Income (loss) before equity in income (loss) of subsidiaries | 2,262,646 | -149,407 | 2,062,111 | -431,568 |
Equity in income (loss) of subsidiaries | 19,238 | 266,040 | 337,952 | 578,971 |
Net income | 2,281,884 | 116,633 | 2,400,063 | 147,403 |
Other comprehensive income | 77 | 58 | 273 | 173 |
Comprehensive income | 2,281,961 | 116,691 | 2,400,336 | 147,576 |
Guarantor Subsidiaries [Member] | ||||
Homebuilding | ||||
Home sale revenues | 1,491,959 | 1,232,704 | 3,811,386 | 3,070,895 |
Land sale revenues | 55,783 | 22,623 | 102,299 | 69,770 |
Total homebuilding revenues | 1,547,742 | 1,255,327 | 3,913,685 | 3,140,665 |
Financial Services | 649 | 537 | 1,759 | 1,367 |
Total revenues | 1,548,391 | 1,255,864 | 3,915,444 | 3,142,032 |
Homebuilding Cost of Revenues: | ||||
Home sale cost of revenues | 1,180,137 | 1,023,704 | 3,072,425 | 2,605,249 |
Land sale cost of revenues | 49,933 | 21,061 | 92,661 | 62,069 |
Total cost of revenues | 1,230,070 | 1,044,765 | 3,165,086 | 2,667,318 |
Financial Services expenses | 145 | 123 | 369 | 396 |
Selling, general and administrative expenses | 138,629 | 124,410 | 417,495 | 370,076 |
Other expense (income), net | 10,860 | 7,315 | 48,379 | 21,774 |
Interest income | -928 | -1,141 | -2,985 | -3,335 |
Interest expense | 0 | 0 | 0 | 0 |
Equity in (earnings) loss of unconsolidated entities | -570 | -150 | -916 | -3,312 |
Intercompany interest | 162,739 | -155,576 | -9,658 | -411,405 |
Income (loss) before income taxes and equity in income (loss) of subsidiaries | 7,446 | 236,118 | 297,674 | 500,520 |
Income tax expense (benefit) | -1,692 | -10,648 | -9,658 | -14,842 |
Income (loss) before equity in income (loss) of subsidiaries | 9,138 | 246,766 | 307,332 | 515,362 |
Equity in income (loss) of subsidiaries | 11,316 | 19,387 | 33,292 | 64,123 |
Net income | 20,454 | 266,153 | 340,624 | 579,485 |
Other comprehensive income | 0 | 0 | 0 | 0 |
Comprehensive income | 20,454 | 266,153 | 340,624 | 579,485 |
Non-Guarantor Subsidiaries [Member] | ||||
Homebuilding | ||||
Home sale revenues | 0 | 0 | 0 | 0 |
Land sale revenues | 0 | 0 | 0 | 0 |
Total homebuilding revenues | 0 | 0 | 0 | 0 |
Financial Services | 33,687 | 46,727 | 108,812 | 111,000 |
Total revenues | 33,687 | 46,727 | 108,812 | 111,000 |
Homebuilding Cost of Revenues: | ||||
Home sale cost of revenues | 0 | 0 | 0 | 0 |
Land sale cost of revenues | 0 | 0 | 0 | 0 |
Total cost of revenues | 0 | 0 | 0 | 0 |
Financial Services expenses | 22,890 | 20,460 | 67,873 | 62,353 |
Selling, general and administrative expenses | 8 | 781 | 1,299 | 2,615 |
Other expense (income), net | 2,351 | 148 | 3,900 | 2,826 |
Interest income | -17 | -23 | -79 | -69 |
Interest expense | 0 | 0 | 0 | 0 |
Equity in (earnings) loss of unconsolidated entities | -217 | -134 | -828 | -522 |
Intercompany interest | -4,106 | -3,438 | -6,989 | -10,074 |
Income (loss) before income taxes and equity in income (loss) of subsidiaries | 12,778 | 28,933 | 43,636 | 53,871 |
Income tax expense (benefit) | 2,678 | 9,659 | 13,016 | -9,738 |
Income (loss) before equity in income (loss) of subsidiaries | 10,100 | 19,274 | 30,620 | 63,609 |
Equity in income (loss) of subsidiaries | 94,212 | 183,738 | 295,673 | 329,332 |
Net income | 104,312 | 203,012 | 326,293 | 392,941 |
Other comprehensive income | 0 | 0 | 0 | 0 |
Comprehensive income | 104,312 | 203,012 | 326,293 | 392,941 |
Eliminating Entries [Member] | ||||
Homebuilding | ||||
Home sale revenues | 0 | 0 | 0 | 0 |
Land sale revenues | 0 | 0 | 0 | 0 |
Total homebuilding revenues | 0 | 0 | 0 | 0 |
Financial Services | 0 | 0 | 0 | |
Total revenues | 0 | 0 | 0 | 0 |
Homebuilding Cost of Revenues: | ||||
Home sale cost of revenues | 0 | 0 | 0 | |
Land sale cost of revenues | 0 | 0 | 0 | |
Total cost of revenues | 0 | 0 | 0 | 0 |
Financial Services expenses | 0 | 0 | 0 | |
Selling, general and administrative expenses | 0 | 0 | 0 | |
Other expense (income), net | 0 | 0 | 0 | |
Interest income | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | |
Equity in (earnings) loss of unconsolidated entities | 0 | 0 | 0 | |
Intercompany interest | 0 | 0 | 0 | |
Income (loss) before income taxes and equity in income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 | |
Income (loss) before equity in income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Equity in income (loss) of subsidiaries | -124,766 | -469,165 | -666,917 | -972,426 |
Net income | -124,766 | -469,165 | -666,917 | -972,426 |
Other comprehensive income | 0 | 0 | 0 | 0 |
Comprehensive income | ($124,766) | ($469,165) | ($666,917) | ($972,426) |
Supplemental_Guarantor_Informa4
Supplemental Guarantor Information (Statement Of Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net cash provided by (used in) operating activities | $554,950 | $421,232 |
Cash flows from investing activities: | ||
Distributions from unconsolidated entities | 200 | 2,696 |
Investments in unconsolidated entities | -1,057 | -1,266 |
Net change in loans held for investment | 236 | 736 |
Change in restricted cash related to letters of credit | 875 | 26,096 |
Proceeds from the sale of property and equipment | 9 | 4,705 |
Capital expenditures | -18,354 | -10,597 |
Net cash provided by (used in) investing activities | -18,091 | 22,370 |
Cash flows from financing activities: | ||
Financial Services borrowings (repayments) | -23,697 | 103,000 |
Other borrowings (repayments) | -477,220 | -92,493 |
Stock option exercises | 18,549 | 27,432 |
Stock repurchases | -89,940 | -961 |
Dividends paid | -19,317 | 0 |
Intercompany activities, net | 0 | 0 |
Net cash provided by (used in) financing activities | -591,625 | 36,978 |
Net increase (decrease) in cash and equivalents | -54,766 | 480,580 |
Cash and equivalents at beginning of period | 1,404,760 | 1,083,071 |
Cash and equivalents at end of period | 1,349,994 | 1,563,651 |
Parent Company [Member] | ||
Net cash provided by (used in) operating activities | 15,822 | -397,371 |
Cash flows from investing activities: | ||
Distributions from unconsolidated entities | 0 | 0 |
Investments in unconsolidated entities | 0 | 0 |
Net change in loans held for investment | 0 | 0 |
Change in restricted cash related to letters of credit | 875 | 26,096 |
Proceeds from the sale of property and equipment | 0 | 0 |
Capital expenditures | 0 | 0 |
Net cash provided by (used in) investing activities | 875 | 26,096 |
Cash flows from financing activities: | ||
Financial Services borrowings (repayments) | 0 | 0 |
Other borrowings (repayments) | -485,048 | -96,393 |
Stock option exercises | 18,549 | -27,432 |
Stock repurchases | -89,940 | -961 |
Dividends paid | -19,317 | |
Intercompany activities, net | 600,190 | 465,471 |
Net cash provided by (used in) financing activities | 24,434 | 395,549 |
Net increase (decrease) in cash and equivalents | 41,131 | 24,274 |
Cash and equivalents at beginning of period | 146,168 | 119,287 |
Cash and equivalents at end of period | 187,299 | 143,561 |
Guarantor Subsidiaries [Member] | ||
Net cash provided by (used in) operating activities | 511,801 | 765,922 |
Cash flows from investing activities: | ||
Distributions from unconsolidated entities | 200 | 2,696 |
Investments in unconsolidated entities | -1,057 | -1,266 |
Net change in loans held for investment | 0 | 0 |
Change in restricted cash related to letters of credit | 0 | 0 |
Proceeds from the sale of property and equipment | 9 | 4,705 |
Capital expenditures | -16,679 | -8,398 |
Net cash provided by (used in) investing activities | -17,527 | -2,263 |
Cash flows from financing activities: | ||
Financial Services borrowings (repayments) | 0 | 0 |
Other borrowings (repayments) | 7,828 | 3,900 |
Stock option exercises | 0 | 0 |
Stock repurchases | 0 | 0 |
Dividends paid | 0 | |
Intercompany activities, net | -485,052 | -305,997 |
Net cash provided by (used in) financing activities | -477,224 | -302,097 |
Net increase (decrease) in cash and equivalents | 17,050 | 461,562 |
Cash and equivalents at beginning of period | 1,063,943 | 875,561 |
Cash and equivalents at end of period | 1,080,993 | 1,337,123 |
Non-Guarantor Subsidiaries [Member] | ||
Net cash provided by (used in) operating activities | 27,327 | 52,681 |
Cash flows from investing activities: | ||
Distributions from unconsolidated entities | 0 | 0 |
Investments in unconsolidated entities | 0 | 0 |
Net change in loans held for investment | 236 | 736 |
Change in restricted cash related to letters of credit | 0 | 0 |
Proceeds from the sale of property and equipment | 0 | 0 |
Capital expenditures | -1,675 | -2,199 |
Net cash provided by (used in) investing activities | -1,439 | -1,463 |
Cash flows from financing activities: | ||
Financial Services borrowings (repayments) | -23,697 | 103,000 |
Other borrowings (repayments) | 0 | 0 |
Stock option exercises | 0 | 0 |
Stock repurchases | 0 | 0 |
Dividends paid | 0 | |
Intercompany activities, net | -115,138 | -159,474 |
Net cash provided by (used in) financing activities | -138,835 | -56,474 |
Net increase (decrease) in cash and equivalents | -112,947 | -5,256 |
Cash and equivalents at beginning of period | 194,649 | 88,223 |
Cash and equivalents at end of period | 81,702 | 82,967 |
Eliminating Entries [Member] | ||
Net cash provided by (used in) operating activities | 0 | 0 |
Cash flows from investing activities: | ||
Distributions from unconsolidated entities | 0 | 0 |
Investments in unconsolidated entities | 0 | 0 |
Net change in loans held for investment | 0 | 0 |
Change in restricted cash related to letters of credit | 0 | 0 |
Proceeds from the sale of property and equipment | 0 | 0 |
Capital expenditures | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Financial Services borrowings (repayments) | 0 | 0 |
Other borrowings (repayments) | 0 | 0 |
Stock option exercises | 0 | 0 |
Stock repurchases | 0 | 0 |
Dividends paid | 0 | |
Intercompany activities, net | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 |
Net increase (decrease) in cash and equivalents | 0 | 0 |
Cash and equivalents at beginning of period | 0 | 0 |
Cash and equivalents at end of period | $0 | $0 |