PulteGroup (PHM) 10-Q 22 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Sep. 30, 2015	Oct. 16, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	PULTEGROUP INC/MI/
Entity Central Index Key	822,416
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		349,137,143

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash and equivalents		$ 734,153	$ 1,292,862
Restricted cash		25,942	16,358
House and land inventory		5,240,932	4,392,100
Land held for sale		85,130	101,190
Land, not owned, under option agreements		102,548	30,186
Residential mortgage loans available-for-sale		270,658	339,531
Investments in unconsolidated entities		41,509	40,368
Other assets		637,962	513,032
Intangible assets		113,440	123,115
Deferred tax assets, net		1,549,304	1,720,668
Total assets		8,801,578	8,569,410
Liabilities:
Accounts payable, including book overdrafts of $50,947 and $32,586 in 2015 and 2014, respectively		372,498	270,516
Customer deposits		241,047	142,642
Accrued and other liabilities		1,373,910	1,343,774
Income tax liabilities		50,906	48,722
Financial Services debt		107,508	140,241
Term loan		500,000	0
Senior notes	[1]	1,584,104	1,818,561
Total liabilities		4,229,973	3,764,456
Shareholders' equity		4,571,605	4,804,954
Total liabilities and shareholders' equity		$ 8,801,578	$ 8,569,410
[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 Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Book overdrafts	$ 50,947	$ 32,586

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Homebuilding
Home sale revenues	$ 1,464,131	$ 1,551,226	$ 3,795,366	$ 3,885,703
Land sale revenues	3,649	10,047	27,651	24,558
Total homebuilding revenues	1,467,780	1,561,273	3,823,017	3,910,261
Financial Services	38,967	33,452	97,319	89,544
Consolidated revenues	1,506,747	1,594,725	3,920,336	3,999,805
Homebuilding Cost of Revenues:
Home sale cost of revenues	1,118,874	1,195,369	2,913,299	2,976,665
Land sale cost of revenues	3,301	3,539	21,992	15,382
Total cost of revenues	1,122,175	1,198,908	2,935,291	2,992,047
Financial Services expenses	24,602	22,623	67,909	48,058
Selling, general and administrative expenses	159,361	147,136	450,793	521,791
Other expense, net	23,826	2,406	29,962	25,561
Interest income	(504)	(1,205)	(2,458)	(3,431)
Interest expense	203	210	598	625
Equity in earnings of unconsolidated entities	(2,192)	(281)	(4,464)	(7,483)
Income before income taxes	179,276	224,928	442,705	422,637
Income tax expense	71,507	84,383	176,643	165,393
Net income	$ 107,769	$ 140,545	$ 266,062	$ 257,244
Per share:
Basic earnings (usd per share)	$ 0.31	$ 0.37	$ 0.74	$ 0.68
Diluted earnings (usd per share)	0.30	0.37	0.73	0.67
Cash dividends declared (usd per share)	$ 0.08	$ 0.05	$ 0.24	$ 0.15
Number of shares used in calculation:
Basic shares outstanding (shares)	350,147	373,531	359,236	376,097
Effect of dilutive securities (shares)	3,225	3,761	3,273	3,723
Diluted shares outstanding (shares)	353,372	377,292	362,509	379,820

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income	$ 107,769	$ 140,545	$ 266,062	$ 257,244
Other comprehensive income, net of tax:
Change in value of derivatives	21	21	63	82
Other comprehensive income	21	21	63	82
Comprehensive income	$ 107,790	$ 140,566	$ 266,125	$ 257,326

Consolidated Statements Of Shar

Consolidated Statements Of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Shareholders' Equity beginning of period at Dec. 31, 2013	$ 4,648,952	$ 3,813	$ 3,052,016	$ (795)	$ 1,593,918
Shareholders' Equity, shares beginning of period (shares) at Dec. 31, 2013		381,300
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (shares)		554
Stock option exercises	6,034	$ 5	6,029
Stock issuances, net of cancellations (shares)		(42)
Stock issuances, net of cancellations	0
Dividends declared	(56,689)		72		(56,761)
Share repurchases	(155,140)	$ (80)			(155,060)
Share repurchases (shares)		(8,034)
Share-based compensation	10,586		10,586		0
Excess tax benefits (deficiencies) from share-based awards	(660)		(660)
Net income	257,244				257,244
Other comprehensive income	82			82
Shareholders' Equity end of period at Sep. 30, 2014	4,710,409	$ 3,738	3,068,043	(713)	1,639,341
Shareholders' Equity, shares end of period (shares) at Sep. 30, 2014		373,778
Shareholders' Equity beginning of period at Dec. 31, 2014	4,804,954	$ 3,695	3,072,996	(690)	1,728,953
Shareholders' Equity, shares beginning of period (shares) at Dec. 31, 2014		369,459
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (shares)		888
Stock option exercises	10,371	$ 9	10,362
Stock issuances, net of cancellations (shares)		431
Stock issuances, net of cancellations	7,423	$ 4	7,419
Dividends declared	(86,296)		8		(86,304)
Share repurchases	(442,738)	$ (216)			(442,522)
Share repurchases (shares)		(21,641)
Share-based compensation	13,556		13,556
Excess tax benefits (deficiencies) from share-based awards	(1,790)		(1,790)
Net income	266,062				266,062
Other comprehensive income	63			63
Shareholders' Equity end of period at Sep. 30, 2015	$ 4,571,605	$ 3,492	$ 3,102,551	$ (627)	$ 1,466,189
Shareholders' Equity, shares end of period (shares) at Sep. 30, 2015		349,137

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 266,062	$ 257,244
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Deferred income tax expense	171,364	164,460
Depreciation and amortization	33,719	28,864
Share-based compensation expense	20,139	21,290
Equity in earnings of unconsolidated entities	(4,464)	(7,483)
Distributions of earnings from unconsolidated entities	2,594	4,824
Loss on debt retirements	0	8,584
Other non-cash, net	13,170	8,211
Increase (decrease) in cash due to:
Restricted cash	(13,293)	(689)
Inventories	(835,276)	(384,571)
Residential mortgage loans available-for-sale	68,381	49,600
Other assets	(132,195)	(12,802)
Accounts payable, accrued and other liabilities	160,803	74,102
Income tax liabilities	2,184	(9,799)
Net cash provided by (used in) operating activities	(246,812)	201,835
Cash flows from investing activities:
Change in restricted cash related to letters of credit	3,710	48,401
Capital expenditures	(34,049)	(41,888)
Cash used for business acquisition	0	(77,469)
Other investing activities, net	9,959	1,360
Net cash provided by (used in) investing activities	(20,380)	(69,596)
Cash flows from financing activities:
Financial Services borrowings (repayments)	(32,733)	(34,070)
Proceeds from debt issuance	500,000	0
Repayments of debt	(238,520)	(250,631)
Borrowings under revolving credit facility	125,000	0
Repayments under revolving credit facility	(125,000)	0
Stock option exercises	10,371	6,034
Share repurchases	(442,738)	(155,140)
Dividends paid	(87,897)	(56,944)
Net cash provided by (used in) financing activities	(291,517)	(490,751)
Net increase (decrease) in cash and equivalents	(558,709)	(358,512)
Cash and equivalents at beginning of period	1,292,862	1,580,329
Cash and equivalents at end of period	734,153	1,221,817
Supplemental Cash Flow Information:
Interest paid (capitalized), net	(20,304)	(23,236)
Income taxes paid (refunded), net	$ 740	$ (1,054)

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	Summary of significant accounting policies Basis of presentation PulteGroup, Inc. is one of the largest homebuilders in the United States ("U.S."), and 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 U.S. generally accepted accounting principles ("GAAP") 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 U.S. GAAP 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, 2014 . Use of estimates The preparation of financial statements in conformity with U.S. GAAP 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"). Other expense, net Other expense, net consists of the following ($000’s omitted): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Write-off of deposits and pre-acquisition costs $ 522 $ 1,391 $ 3,633 $ 4,543 Loss on debt retirements ( Note 5 ) — — — 8,584 Amortization of intangible assets 3,225 3,258 9,675 9,808 Miscellaneous, net (a) 20,079 (2,243 ) 16,654 2,626 $ 23,826 $ 2,406 $ 29,962 $ 25,561 (a) Miscellaneous, net includes a charge of $20.0 million resulting from the Applecross matter for the three and nine months ended September 30, 2015 (see Note 9). Earnings per share Basic earnings per share is computed by dividing income available to common shareholders (the “Numerator”) by the weighted-average number of common shares outstanding, adjusted for unvested shares (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, unvested restricted shares and restricted share units, 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 excluded 4.2 million and 4.4 million potentially dilutive instruments, including stock options, unvested restricted shares and restricted share units for the three and nine months ended September 30, 2015 , respectively, and 7.1 million and 7.2 million potentially dilutive instruments, including stock options, unvested restricted shares, and unvested restricted share units for the three and nine months ended September 30, 2014 , respectively. In accordance with ASC 260 "Earnings Per Share", 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. Our outstanding restricted share awards, restricted share units, and deferred shares are considered participating securities. The following table presents the earnings per common share (000's omitted, except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Numerator: Net income $ 107,769 $ 140,545 $ 266,062 $ 257,244 Less: earnings distributed to participating securities (181 ) (124 ) (554 ) (386 ) Less: undistributed earnings allocated to participating securities (516 ) (820 ) (1,169 ) (1,362 ) Numerator for basic earnings per share $ 107,072 $ 139,601 $ 264,339 $ 255,496 Add back: undistributed earnings allocated to participating securities 516 820 1,169 1,362 Less: undistributed earnings reallocated to participating securities (512 ) (812 ) (1,158 ) (1,349 ) Numerator for diluted earnings per share $ 107,076 $ 139,609 $ 264,350 $ 255,509 Denominator: Basic shares outstanding 350,147 373,531 359,236 376,097 Effect of dilutive securities 3,225 3,761 3,273 3,723 Diluted shares outstanding 353,372 377,292 362,509 379,820 Earnings per share: Basic $ 0.31 $ 0.37 $ 0.74 $ 0.68 Diluted $ 0.30 $ 0.37 $ 0.73 $ 0.67 Land option agreements 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, net. If an entity holding the land under option is a variable interest entity ("VIE"), our deposit represents a variable interest in that entity. 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. No such VIEs required consolidation at either September 30, 2015 or December 31, 2014 because we determined that we were not the VIE's primary beneficiary. Separately, certain land option agreements represent financing arrangements, even though we generally have no obligation to pay the remaining purchase price under the option agreement. As a result, we recorded $102.5 million and $30.2 million at September 30, 2015 and December 31, 2014 , respectively, to land, not owned, under option agreements with a corresponding increase to accrued and other liabilities. The following provides a summary of our interests in land option agreements as of September 30, 2015 and December 31, 2014 ($000’s omitted): September 30, 2015 December 31, 2014 Deposits and Remaining Purchase Land, Not Deposits and Remaining Purchase Land, Not Land options with VIEs $ 87,804 $ 1,098,008 $ 32,305 $ 56,039 $ 891,506 $ 12,533 Other land options 88,475 1,020,588 70,243 71,241 999,079 17,653 $ 176,279 $ 2,118,596 $ 102,548 $ 127,280 $ 1,890,585 $ 30,186 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”, 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, 2015 and December 31, 2014 , residential mortgage loans available-for-sale had an aggregate fair value of $270.7 million and $339.5 million , respectively, and an aggregate outstanding principal balance of $259.7 million and $327.4 million , respectively. The net gain (loss) resulting from changes in fair value of these loans totaled $1.1 million and $(0.3) million for the three months ended September 30, 2015 and 2014 , respectively, and $0.3 million and $1.3 million for the nine months ended September 30, 2015 and 2014 . 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 $23.4 million and $18.0 million for the three months ended September 30, 2015 and 2014 , respectively, and $57.2 million and $48.4 million for the nine months ended September 30, 2015 and 2014 , 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). At September 30, 2015 and December 31, 2014 , we had aggregate interest rate lock commitments of $335.2 million and $146.1 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. In order to reduce risks associated with our loan origination activities, 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 residential mortgage loans available for sale. We do not enter into any derivative financial instruments for trading purposes. 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 execute an interest rate lock with 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, 2015 and December 31, 2014 , we had unexpired forward contracts of $502.4 million and $371.0 million , respectively, and whole loan investor commitments of $57.5 million and $63.5 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 (and residential mortgage loans available-for-sale) 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 locations in the Condensed Consolidated Balance Sheets are summarized below ($000’s omitted): September 30, 2015 December 31, 2014 Other Assets Other Liabilities Other Assets Other Liabilities Interest rate lock commitments $ 11,131 $ 109 $ 4,313 $ 65 Forward contracts 219 4,931 79 3,653 Whole loan commitments 26 433 31 619 $ 11,376 $ 5,473 $ 4,423 $ 4,337 New accounting pronouncements In January 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-04, "Receivables - Troubled Debt Restructurings by Creditors" ("ASU 2014-04"), which clarifies when an in-substance repossession or foreclosure of residential real estate property collateralizing a consumer mortgage loan has occurred. By doing so, this guidance helps determine when the creditor should derecognize the loan receivable and recognize the real estate property. We adopted ASU 2014-04 on January 1, 2015 and the adoption did not have a material impact on our financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). The standard is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date", which delayed the effective date by one year. As a result, the standard is effective for us for fiscal and interim periods beginning January 1, 2018 and allows for full retrospective or modified retrospective methods of adoption. We are currently evaluating the impact that the standard will have on our financial statements. In June 2014, the FASB issued Accounting Standards Update No. 2014-11, "Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures" ("ASU 2014-11"), which makes limited amendments to ASC 860, "Transfers and Servicing." The ASU requires entities to account for repurchase-to-maturity transactions as secured borrowings, eliminates accounting guidance on linked repurchase financing transactions, and expands disclosure requirements related to certain transfers of financial assets. We adopted ASU 2014-11 on January 1, 2015 and the adoption did not have a material impact on our financial statements. In August 2014, the FASB issued Accounting Standards Update No. 2014-15, "Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern" ("ASU 2014-15"), which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern and provide related disclosures. ASU 2014-15 is effective for annual and interim reporting periods beginning January 1, 2017 and is not expected to have a material impact on our financial statements. In February 2015, the FASB issued Accounting Standards Update No. 2015-02, "Amendments to the Consolidation Analysis" ("ASU 2015-02"), which amends the consolidation requirements in ASC 810, primarily related to limited partnerships and VIEs. ASU 2015-02 is effective for us beginning January 1, 2016. We do not anticipate the adoption of ASU 2015-02 to have a material impact on our financial statements. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs” ("ASU 2015-03"), which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt, consistent with the presentation of a debt discount. The guidance is effective for us beginning January 1, 2016. We currently present deferred financing costs within Other assets. Accordingly, the adoption of the new guidance will result in the reclassification of debt issuance costs as an offset to Senior notes in the Company’s condensed consolidated balance sheets, which we do not expect to be material to our financial statements.

Inventory And Land Held For Sal

Inventory And Land Held For Sale	9 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Inventory and Land Held for Sale	Inventory and land held for sale Major components of inventory were as follows ($000’s omitted): September 30, December 31, Homes under construction $ 1,605,529 $ 1,084,137 Land under development 2,871,263 2,545,049 Raw land 764,140 762,914 $ 5,240,932 $ 4,392,100 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. 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, 2015 2014 2015 2014 Interest in inventory, beginning of period $ 164,384 $ 210,603 $ 167,638 $ 230,922 Interest capitalized 28,006 32,025 90,105 98,793 Interest expensed (36,609 ) (52,286 ) (101,962 ) (139,373 ) Interest in inventory, end of period $ 155,781 $ 190,342 $ 155,781 $ 190,342 Land held for sale We periodically elect to sell parcels of land to third parties in the event such assets no longer fit into our strategic operating plans or are zoned for commercial or other development. Land held for sale was as follows ($000’s omitted): September 30, December 31, Land held for sale, gross $ 92,040 $ 108,725 Net realizable value reserves (6,910 ) (7,535 ) Land held for sale, net $ 85,130 $ 101,190

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2015
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, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Southeast: Georgia, North Carolina, South Carolina, Tennessee Florida: Florida Texas: Texas North: Illinois, Indiana, Kentucky, Michigan, Minnesota, Missouri, Northern California, Ohio, Washington Southwest: Arizona, 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, 2014 . Operating Data by Segment ($000’s omitted) Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Revenues: Northeast $ 182,547 $ 185,559 $ 430,881 $ 480,495 Southeast 282,051 253,895 713,090 668,660 Florida 247,528 251,486 659,330 647,146 Texas 203,319 216,837 566,307 595,975 North 355,070 426,165 936,712 949,757 Southwest 197,265 227,331 516,697 568,228 1,467,780 1,561,273 3,823,017 3,910,261 Financial Services 38,967 33,452 97,319 89,544 Consolidated revenues $ 1,506,747 $ 1,594,725 $ 3,920,336 $ 3,999,805 Income before income taxes: Northeast (c) $ 13,208 $ 28,568 $ 38,065 $ 65,873 Southeast 45,708 42,230 110,203 105,974 Florida 49,046 55,931 121,585 132,541 Texas 26,035 33,730 73,313 87,952 North 38,065 61,599 77,645 129,699 Southwest 23,838 40,812 63,589 93,198 Other homebuilding (a) (30,989 ) (48,819 ) (71,104 ) (234,178 ) 164,911 214,051 413,296 381,059 Financial Services (b) 14,365 10,877 29,409 41,578 Consolidated income before income taxes $ 179,276 $ 224,928 $ 442,705 $ 422,637 (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: reserve reversals of $5.7 million and $32.6 million for the three and nine months ended September 30, 2015 , respectively, resulting from a legal settlement (see Note 9); losses on debt retirements totaling $8.6 million for the nine months ended September 30, 2014 (see Note 5); a charge totaling $84.5 million to increase insurance reserves for the nine months ended September 30, 2014 (see Note 9); and costs associated with the relocation of our corporate headquarters totaling $1.9 million and $7.1 million for the three and nine months ended September 30, 2014 , respectively. (b) Financial Services included an $18.6 million reduction in loan origination liabilities for the nine months ended September 30, 2014 (see Note 9). (c) Northeast includes a charge of $20.0 million resulting from the Applecross matter for the three and nine months ended September 30, 2015 (see Note 9). Operating Data by Segment ($000's omitted) September 30, 2015 Homes Under Land Under Raw Land Total Total Northeast $ 224,242 $ 258,427 $ 125,117 $ 607,786 $ 726,388 Southeast 230,791 335,065 116,728 682,584 739,296 Florida 241,991 482,604 138,397 862,992 990,493 Texas 213,574 283,422 102,071 599,067 658,298 North 401,963 590,831 122,367 1,115,161 1,239,610 Southwest 269,079 718,839 131,819 1,119,737 1,261,564 Other homebuilding (a) 23,889 202,075 27,641 253,605 2,843,281 1,605,529 2,871,263 764,140 5,240,932 8,458,930 Financial Services — — — — 342,648 $ 1,605,529 $ 2,871,263 $ 764,140 $ 5,240,932 $ 8,801,578 December 31, 2014 Homes Under Land Under Raw Land Total Total Northeast $ 184,974 $ 266,229 $ 106,077 $ 557,280 $ 659,224 Southeast 147,506 304,762 117,981 570,249 605,067 Florida 150,743 350,016 112,225 612,984 717,531 Texas 134,873 250,102 91,765 476,740 528,392 North 280,970 478,665 137,044 896,679 996,908 Southwest 166,056 698,513 163,421 1,027,990 1,113,592 Other homebuilding (a) 19,015 196,762 34,401 250,178 3,527,731 1,084,137 2,545,049 762,914 4,392,100 8,148,445 Financial Services — — — — 420,965 $ 1,084,137 $ 2,545,049 $ 762,914 $ 4,392,100 $ 8,569,410 (a) Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments.

Investments In Unconsolidated E

Investments In Unconsolidated Entities	9 Months Ended
	Sep. 30, 2015
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, Investments in joint ventures with debt non-recourse to PulteGroup $ 24,412 $ 26,488 Investments in other active joint ventures 17,097 13,880 Total investments in unconsolidated entities $ 41,509 $ 40,368 Total joint venture debt $ 16,387 $ 25,849 PulteGroup proportionate share of joint venture debt: Joint venture debt with limited recourse guaranties $ 215 $ 283 Joint venture debt non-recourse to PulteGroup 6,769 11,341 PulteGroup's total proportionate share of joint venture debt $ 6,984 $ 11,624 We recognized income from unconsolidated joint ventures of $2.2 million and $0.3 million during the three months ended September 30, 2015 and 2014 , respectively, and $4.5 million and $7.5 million during the nine months ended September 30, 2015 and 2014 , respectively. During the nine months ended September 30, 2015 and 2014 , we received distributions of $3.7 million and $12.4 million , respectively. The timing of cash flows relating to a joint venture and any related financing agreements varies by agreement. If additional capital contributions are required and approved by the joint venture, 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 our combined investment and limited recourse guaranty totals.

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt Our senior notes are summarized as follows ($000’s omitted): September 30, December 31, 5.25% unsecured senior notes due June 2015 (a) $ — $ 236,452 6.50% unsecured senior notes due May 2016 (a) 463,829 462,009 7.625% unsecured senior notes due October 2017 (b) 122,819 122,752 7.875% unsecured senior notes due June 2032 (a) 299,272 299,239 6.375% unsecured senior notes due May 2033 (a) 398,696 398,640 6.00% unsecured senior notes due February 2035 (a) 299,488 299,469 Total senior notes – carrying value (c) $ 1,584,104 $ 1,818,561 Estimated fair value $ 1,662,206 $ 1,952,774 (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 In June 2015, we retired $238.0 million of senior notes at their scheduled maturity date. During the nine months ended September 30, 2014 , we retired prior to their scheduled maturity dates senior notes totaling $245.7 million and recorded losses related to these transactions totaling $8.6 million . Losses on debt repurchase transactions include the write-off of unamortized discounts, premiums, and transaction fees and are reflected in other expense, net. Revolving credit facility In July 2014, we entered into a senior unsecured revolving credit facility (the “Revolving Credit Facility”) maturing in July 2017. The Revolving Credit Facility provides for maximum borrowings of $500.0 million and contains an uncommitted accordion feature that could increase the size of the Revolving Credit Facility to $1.0 billion , subject to certain conditions and availability of additional bank commitments. The Revolving Credit Facility also provides for the issuance of letters of credit that reduce available borrowing capacity under the Revolving Credit Facility and may total no more than the greater of: (i) 50% of the size of the facility or (ii) $300.0 million in the aggregate. The interest rate on borrowings under the Revolving Credit Facility may be based on either the London Interbank Offered Rate ("LIBOR") or a base rate plus an applicable margin, as defined. At September 30, 2015 , we had no borrowings outstanding and $196.9 million of letters of credit issued under the Revolving Credit Facility. The Revolving Credit Facility contains financial covenants that require us to maintain a minimum tangible net worth, a minimum interest coverage ratio, and a maximum debt to capitalization ratio (as each term is defined in the Revolving Credit Facility). As of September 30, 2015 , we were in compliance with all covenants. Outstanding balances under the Revolving Credit Facility are guaranteed by certain of our wholly-owned subsidiaries. Term loan On September 30, 2015, we entered into a senior unsecured $500.0 million term loan agreement (the “Term Loan”) with an initial maturity date of January 3, 2017, which can be extended at our option up to 12 months. The interest rate on the Term Loan may be based on either LIBOR or a base rate plus an applicable margin, as defined. Borrowings are interest only with the principal being due at the maturity date and are guaranteed by certain of our wholly-owned subsidiaries. The Term Loan contains customary affirmative and negative covenants for loans of this type, including the same financial covenants as under the Revolving Credit Facility. As of September 30, 2015 , we were in compliance with all covenants. Limited recourse notes payable Certain of our local homebuilding operations maintain limited recourse collateralized notes payable with third parties that totaled $21.7 million at September 30, 2015 and $22.3 million at December 31, 2014 . These notes have maturities ranging up to six years, are collateralized by the applicable land positions to which they relate, have no recourse to any other assets, and are classified within accrued and other liabilities. The stated interest rates on these notes range up to 5.00% . Pulte Mortgage Pulte Mortgage maintains a master repurchase agreement (the “Repurchase Agreement”) with third party lenders. In September 2015, Pulte Mortgage entered into an amended and restated Repurchase Agreement that extended the effective date to September 2016 . The maximum aggregate commitment under the Repurchase Agreement was initially set at $175.0 million , increases to $200.0 million on December 1, 2015, decreases to $175.0 million on January 19, 2016, and increases again to $200.0 million on July 29, 2016. The purpose for the changes in capacity during the term of the agreement is to lower associated fees during seasonally lower volume periods of mortgage origination activity. 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. Pulte Mortgage had $107.5 million and $140.2 million outstanding under the Repurchase Agreement at September 30, 2015 and December 31, 2014 , respectively, and was in compliance with all of its covenants and requirements as of such dates.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ equity During the nine months ended September 30, 2015 , we declared cash dividends totaling $86.3 million and repurchased 21.2 million shares under our repurchase authorization for a total of $433.7 million . At September 30, 2015 , we had remaining authorization to repurchase $304.8 million of common shares. During the nine months ended September 30, 2014 , we declared cash dividends totaling $56.7 million and repurchased 7.7 million shares under our repurchase authorization for a total of $147.8 million . Under our share-based compensation plans, we accept shares as payment under certain conditions related to stock option exercises and vesting of shares, generally related to the payment of minimum tax obligations. During the nine months ended September 30, 2015 and 2014 , employees surrendered shares valued at $9.0 million and $7.2 million , respectively, under these plans. Such share transactions are excluded from the above noted share repurchase authorization.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income taxes Our effective tax rate for both the three and nine months ended September 30, 2015 was 39.9% , compared to 37.5% and 39.1% respectively, for the same periods in 2014. In these periods, our effective tax rate exceeded the federal statutory tax rate due to a number of factors, including state income taxes, changes to the valuation allowance related to deferred tax assets, tax law changes or other circumstances that impact the value of deferred tax assets, and changes in unrecognized tax benefits. The accounting for deferred taxes is based upon estimates of future results. Differences between estimated and actual results could result in changes in the valuation of deferred tax assets that could have a material impact on our consolidated results of operations or financial position. Changes in existing tax laws could also affect actual tax results and the realization of deferred tax assets over time. During the nine months ended September 30, 2015 and 2014 , we recorded adjustments to deferred tax assets resulting from certain states enacting tax law changes along with internal reorganizations. The estimated impact of such changes was recorded to income tax expense during the respective periods. 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. Unrecognized tax benefits represent the difference between tax positions taken or expected to be taken in a tax return and the benefits recognized for financial statement purposes. At September 30, 2015 and December 31, 2014, we had $33.2 million and $32.9 million , respectively, of gross unrecognized tax benefits and $17.5 million and $17.3 million , respectively, of related accrued interest and penalties. It is reasonably possible within the next twelve months that our gross unrecognized tax benefits may decrease by up to $15.0 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 examinations within the next twelve months. The final outcome of these examinations is not yet determinable. The statutes of limitation for our major tax jurisdictions generally remain open for examination for tax years 2004 to 2015 .

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
	Sep. 30, 2015
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 September 30, December 31, Measured at fair value on a recurring basis: Residential mortgage loans available-for-sale Level 2 $ 270,658 $ 339,531 Interest rate lock commitments Level 2 11,022 4,248 Forward contracts Level 2 (4,712 ) (3,574 ) Whole loan commitments Level 2 (407 ) (588 ) Measured at fair value on a non-recurring basis: House and land inventory Level 3 $ 1,262 $ 13,925 Disclosed at fair value: Cash and equivalents (including restricted cash) Level 1 $ 760,095 $ 1,309,220 Financial Services debt Level 2 107,508 140,241 Term loan Level 2 500,000 — Senior notes Level 2 1,662,206 1,952,774 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 above table represent only those assets whose carrying values were adjusted to fair value as of the respective balance sheet dates. The carrying amounts of cash and equivalents, Financial Services debt, the Term Loan, and the Revolving Credit Facility approximate their fair values due to their short-term nature and floating interest rate terms. 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 $1.6 billion and $1.8 billion at September 30, 2015 and December 31, 2014 , respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
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 made by us that the loans met 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 a loan is determined to be faulty, we either repurchase the loans from the investors or reimburse the investors' losses (a “make-whole” payment). 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. In the first quarter of 2014, we reduced our loan origination liabilities by $18.6 million based on settlements of various pending repurchase requests combined with then current conditions. Given the ongoing volatility in the mortgage industry, changes in values of underlying collateral over time, and other 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, 2015 2014 2015 2014 Liabilities, beginning of period $ 58,238 $ 62,707 $ 58,222 $ 124,956 Reserves provided and adjustments 81 — 220 (18,604 ) Payments (23 ) (1,991 ) (146 ) (45,636 ) Liabilities, end of period $ 58,296 $ 60,716 $ 58,296 $ 60,716 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 $196.9 million and $1.0 billion , respectively, at September 30, 2015 , and $212.1 million and $1.0 billion , respectively, at December 31, 2014 . In the event any such letter of credit or surety bond is drawn, 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 drawn. 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. On September 14, 2012, Applecross Club Operations (“Applecross”) filed a complaint for breach of contract and promissory estoppel in Applecross v. Pulte Homes of PA, et al. The complaint alleged that we induced Applecross to purchase a golf course from us in 2010 by promising to build over 1,000 residential units in a planned community located outside Philadelphia, Pennsylvania. On September 28, 2015, the jury in the case found in favor of Applecross and awarded damages in the amount of $20.0 million. We believe we have meritorious defenses and have filed post-trial motions seeking to, among other things, overturn the jury verdict. If unsuccessful, we plan to appeal the award. However, in light of the jury’s verdict, we recorded a reserve of $20.0 million in the three months ended September 30, 2015, which is reflected in other expense, net. 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, 2015 2014 2015 2014 Warranty liabilities, beginning of period $ 54,502 $ 61,986 $ 65,389 $ 63,992 Reserves provided 12,575 12,375 32,586 33,036 Payments (14,316 ) (12,674 ) (45,793 ) (34,586 ) Other adjustments 1,773 (222 ) 2,352 (977 ) Warranty liabilities, end of period $ 54,534 $ 61,465 $ 54,534 $ 61,465 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 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 generally requires a per occurrence deductible up to an overall aggregate retention level. Beginning with the first dollar, amounts paid to satisfy insured claims apply to 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 omissions, 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 periodically 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 $702.5 million and $710.2 million at September 30, 2015 and December 31, 2014 , respectively, 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 73% and 72% of the total general liability reserves at September 30, 2015 and December 31, 2014 , respectively. 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. During the three and nine months ended September 30, 2015, we recorded reserve reversals of $5.7 million and $32.6 million , respectively, resulting from a legal settlement. During the three months ended June 30, 2014, we recorded additional reserves totaling $84.5 million , which were primarily driven by estimated costs associated with siding repairs in certain previously completed communities that, in turn, impacted actuarial estimates for potential future claims. These adjustments are reflected in "Reserves provided, net" in the below table. Adjustments to reserves are recorded in the period in which the change in estimate occurs. 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. Additionally, the amount of insurance coverage available for each policy period also impacts our recorded reserves. Because of the inherent uncertainty in estimating future losses and the timing of such 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, 2015 2014 2015 2014 Balance, beginning of period $ 700,133 $ 746,446 $ 710,245 $ 668,100 Reserves provided, net 14,021 21,385 20,467 137,666 Payments (11,670 ) (33,168 ) (28,228 ) (71,103 ) Balance, end of period $ 702,484 $ 734,663 $ 702,484 $ 734,663

Supplemental Guarantor Informat

Supplemental Guarantor Information	9 Months Ended
	Sep. 30, 2015
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 our 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, 2015 ($000’s omitted) Unconsolidated Eliminating Consolidated PulteGroup, Guarantor Non-Guarantor ASSETS Cash and equivalents $ — $ 688,224 $ 45,929 $ — $ 734,153 Restricted cash — 24,942 1,000 — 25,942 House and land inventory — 5,240,932 — — 5,240,932 Land held for sale — 84,096 1,034 — 85,130 Land, not owned, under option agreements — 102,548 — — 102,548 Residential mortgage loans available- for-sale — — 270,658 — 270,658 Investments in unconsolidated entities 88 36,955 4,466 — 41,509 Other assets 26,073 516,775 95,114 — 637,962 Intangible assets — 113,440 — — 113,440 Deferred tax assets, net 1,541,759 13 7,532 — 1,549,304 Investments in subsidiaries and intercompany accounts, net 5,222,327 286,642 6,100,670 (11,609,639 ) — $ 6,790,247 $ 7,094,567 $ 6,526,403 $ (11,609,639 ) $ 8,801,578 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, customer deposits, accrued and other liabilities $ 83,632 $ 1,715,283 $ 188,540 $ — $ 1,987,455 Income tax liabilities 50,906 — — — 50,906 Financial Services debt — — 107,508 — 107,508 Term loan 500,000 — — — 500,000 Senior notes 1,584,104 — — — 1,584,104 Total liabilities 2,218,642 1,715,283 296,048 — 4,229,973 Total shareholders’ equity 4,571,605 5,379,284 6,230,355 (11,609,639 ) 4,571,605 $ 6,790,247 $ 7,094,567 $ 6,526,403 $ (11,609,639 ) $ 8,801,578 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2014 ($000’s omitted) Unconsolidated Eliminating Consolidated PulteGroup, Guarantor Non-Guarantor ASSETS Cash and equivalents $ 7,454 $ 1,157,307 $ 128,101 $ — $ 1,292,862 Restricted cash 3,710 1,513 11,135 — 16,358 House and land inventory — 4,391,445 655 — 4,392,100 Land held for sale — 100,156 1,034 — 101,190 Land, not owned, under option agreements — 30,186 — — 30,186 Residential mortgage loans available- for-sale — — 339,531 — 339,531 Securities purchased under agreements to resell 22,000 — (22,000 ) — — Investments in unconsolidated entities 74 36,126 4,168 — 40,368 Other assets 34,214 421,145 57,673 — 513,032 Intangible assets — 123,115 — — 123,115 Deferred tax assets, net 1,712,853 15 7,800 — 1,720,668 Investments in subsidiaries and intercompany accounts, net 4,963,831 967,032 6,359,441 (12,290,304 ) — $ 6,744,136 $ 7,228,040 $ 6,887,538 $ (12,290,304 ) $ 8,569,410 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, customer deposits, accrued and other liabilities $ 71,874 $ 1,514,954 $ 170,104 $ — $ 1,756,932 Income tax liabilities 48,747 (25 ) — — 48,722 Financial Services debt — — 140,241 — 140,241 Senior notes 1,818,561 — — — 1,818,561 Total liabilities 1,939,182 1,514,929 310,345 — 3,764,456 Total shareholders’ equity 4,804,954 5,713,111 6,577,193 (12,290,304 ) 4,804,954 $ 6,744,136 $ 7,228,040 $ 6,887,538 $ (12,290,304 ) $ 8,569,410 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the three months ended September 30, 2015 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 1,464,131 $ — $ — $ 1,464,131 Land sale revenues — 3,649 — — 3,649 — 1,467,780 — — 1,467,780 Financial Services — — 38,967 — 38,967 — 1,467,780 38,967 — 1,506,747 Homebuilding Cost of Revenues: Home sale cost of revenues — 1,118,874 — — 1,118,874 Land sale cost of revenues — 3,301 — — 3,301 — 1,122,175 — — 1,122,175 Financial Services expenses 13 (13 ) 24,602 — 24,602 Selling, general and administrative expenses — 158,975 386 — 159,361 Other expense (income), net — 23,796 30 — 23,826 Interest income — (504 ) — — (504 ) Interest expense 203 — — — 203 Equity in earnings of unconsolidated entities (1 ) (2,025 ) (166 ) — (2,192 ) Intercompany interest 594 2,039 (2,633 ) — — Income (loss) before income taxes and equity in income (loss) of subsidiaries (809 ) 163,337 16,748 — 179,276 Income tax expense (benefit) (307 ) 65,347 6,467 — 71,507 Income (loss) before equity in income (loss) of subsidiaries (502 ) 97,990 10,281 — 107,769 Equity in income (loss) of subsidiaries 108,271 9,913 82,484 (200,668 ) — Net income (loss) 107,769 107,903 92,765 (200,668 ) 107,769 Other comprehensive income 21 — — — 21 Comprehensive income (loss) $ 107,790 $ 107,903 $ 92,765 $ (200,668 ) $ 107,790 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the three months ended September 30, 2014 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 1,551,226 $ — $ — $ 1,551,226 Land sale revenues — 10,047 — — 10,047 — 1,561,273 — — 1,561,273 Financial Services — 154 33,298 — 33,452 — 1,561,427 33,298 — 1,594,725 Homebuilding Cost of Revenues: Home sale cost of revenues — 1,195,369 — — 1,195,369 Land sale cost of revenues — 3,539 — — 3,539 — 1,198,908 — — 1,198,908 Financial Services expenses 195 (102 ) 22,530 — 22,623 Selling, general and administrative expenses — 146,642 494 — 147,136 Other expense (income), net (16 ) 2,194 228 — 2,406 Interest income (93 ) (1,080 ) (32 ) — (1,205 ) Interest expense 210 — — — 210 Equity in earnings of unconsolidated entities (2 ) (205 ) (74 ) — (281 ) Intercompany interest 4,190 (1,666 ) (2,524 ) — — Income (loss) before income taxes and equity in income (loss) of subsidiaries (4,484 ) 216,736 12,676 — 224,928 Income tax expense (benefit) (1,764 ) 81,157 4,990 — 84,383 Income (loss) before equity in income (loss) of subsidiaries (2,720 ) 135,579 7,686 — 140,545 Equity in income (loss) of subsidiaries 143,265 7,518 100,513 (251,296 ) — Net income (loss) 140,545 143,097 108,199 (251,296 ) 140,545 Other comprehensive income 21 — — — 21 Comprehensive income (loss) $ 140,566 $ 143,097 $ 108,199 $ (251,296 ) $ 140,566 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the nine months ended September 30, 2015 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 3,795,366 $ — $ — $ 3,795,366 Land sale revenues — 27,651 — — 27,651 — 3,823,017 — — 3,823,017 Financial Services — — 97,319 — 97,319 — 3,823,017 97,319 — 3,920,336 Homebuilding Cost of Revenues: Home sale cost of revenues — 2,913,299 — — 2,913,299 Land sale cost of revenues — 21,992 — — 21,992 — 2,935,291 — — 2,935,291 Financial Services expenses 300 (274 ) 67,883 — 67,909 Selling, general and administrative expenses — 449,261 1,532 — 450,793 Other expense, net (9 ) 30,040 (69 ) — 29,962 Interest income (3 ) (2,461 ) 6 — (2,458 ) Interest expense 598 — — — 598 Equity in (earnings) loss of unconsolidated entities (14 ) (3,877 ) (573 ) — (4,464 ) Intercompany interest 1,537 5,886 (7,423 ) — — Income (loss) before income taxes and equity in income (loss) of subsidiaries (2,409 ) 409,151 35,963 — 442,705 Income tax expense (benefit) (917 ) 163,713 13,847 — 176,643 Income (loss) before equity in income (loss) of subsidiaries (1,492 ) 245,438 22,116 — 266,062 Equity in income (loss) of subsidiaries 267,554 21,586 227,143 (516,283 ) — Net income (loss) 266,062 267,024 249,259 (516,283 ) 266,062 Other comprehensive income 63 — — — 63 Comprehensive income $ 266,125 $ 267,024 $ 249,259 $ (516,283 ) $ 266,125 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the nine months ended September 30, 2014 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 3,885,703 $ — $ — $ 3,885,703 Land sale revenues — 24,558 — — 24,558 — 3,910,261 — — 3,910,261 Financial Services — 888 88,656 — 89,544 — 3,911,149 88,656 — 3,999,805 Homebuilding Cost of Revenues: Home sale cost of revenues — 2,976,665 — — 2,976,665 Land sale cost of revenues — 15,382 — — 15,382 — 2,992,047 — — 2,992,047 Financial Services expenses 591 56 47,411 — 48,058 Selling, general and administrative expenses — 520,513 1,278 — 521,791 Other expense (income), net 8,538 16,290 733 — 25,561 Interest income (332 ) (3,046 ) (53 ) — (3,431 ) Interest expense 625 — — — 625 Equity in (earnings) loss of (7 ) (7,295 ) (181 ) — (7,483 ) Intercompany interest 5,010 2,281 (7,291 ) — — Income (loss) before income taxes and equity in income (loss) of subsidiaries (14,425 ) 390,303 46,759 — 422,637 Income tax expense (benefit) (5,640 ) 152,750 18,283 — 165,393 Income (loss) before equity in income (loss) of subsidiaries (8,785 ) 237,553 28,476 — 257,244 Equity in income (loss) of subsidiaries 266,029 28,670 209,648 (504,347 ) — Net income (loss) 257,244 266,223 238,124 (504,347 ) 257,244 Other comprehensive income 82 — — — 82 Comprehensive income (loss) $ 257,326 $ 266,223 $ 238,124 $ (504,347 ) $ 257,326 CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2015 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) operating activities $ 162,645 $ (468,838 ) $ 59,381 $ — $ (246,812 ) Cash flows from investing activities: Change in restricted cash related to letters of credit 3,710 — — — 3,710 Capital expenditures — (31,197 ) (2,852 ) — (34,049 ) Other investing activities, net — 785 9,174 — 9,959 Net cash provided by (used in) investing activities 3,710 (30,412 ) 6,322 — (20,380 ) Cash flows from financing activities: Financial Services borrowings (repayments) — — (32,733 ) — (32,733 ) Proceeds from debt issuance 500,000 — — — 500,000 Repayments of debt (237,994 ) (526 ) — — (238,520 ) Borrowings under revolving credit facility 125,000 — — — 125,000 Repayments under revolving credit facility (125,000 ) — — — (125,000 ) Stock option exercises 10,371 — — — 10,371 Share repurchases (442,738 ) — — — (442,738 ) Dividends paid (87,897 ) — — — (87,897 ) Intercompany activities, net 84,449 30,693 (115,142 ) — — Net cash provided by (used in) financing activities (173,809 ) 30,167 (147,875 ) — (291,517 ) Net increase (decrease) in cash and equivalents (7,454 ) (469,083 ) (82,172 ) — (558,709 ) Cash and equivalents at beginning of period 7,454 1,157,307 128,101 — 1,292,862 Cash and equivalents at end of period $ — $ 688,224 $ 45,929 $ — $ 734,153 CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2014 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) operating activities $ 265,107 $ (73,268 ) $ 9,996 $ — $ 201,835 Cash flows from investing activities: Change in restricted cash related to letters of credit 48,401 — — — 48,401 Capital expenditures — (39,025 ) (2,863 ) (41,888 ) Cash used for business acquisition — (77,469 ) — — (77,469 ) Other investing activities, net — 7,710 (6,350 ) — 1,360 Net cash provided by (used in) investing activities 48,401 (108,784 ) (9,213 ) — (69,596 ) Cash flows from financing activities: Financial Services borrowings (repayments) — — (34,070 ) — (34,070 ) Other borrowings (repayments) (249,765 ) (866 ) — — (250,631 ) Stock option exercises 6,034 — — — 6,034 Share repurchases (155,140 ) — — — (155,140 ) Dividends paid (56,944 ) — — — (56,944 ) Intercompany activities, net (119,195 ) 163,409 (44,214 ) — — Net cash provided by (used in) financing activities (575,010 ) 162,543 (78,284 ) — (490,751 ) Net increase (decrease) in cash and equivalents (261,502 ) (19,509 ) (77,501 ) — (358,512 ) Cash and equivalents at beginning of period 262,364 1,188,999 128,966 — 1,580,329 Cash and equivalents at end of period $ 862 $ 1,169,490 $ 51,465 $ — $ 1,221,817

Summary Of Significant Accoun18

Summary Of Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Consolidation Policy	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") 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 U.S. GAAP 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, 2014 .
Use of Estimates Policy	Use of estimates The preparation of financial statements in conformity with U.S. GAAP 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").
Earnings Per Share Policy	Earnings per share Basic earnings per share is computed by dividing income available to common shareholders (the “Numerator”) by the weighted-average number of common shares outstanding, adjusted for unvested shares (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, unvested restricted shares and restricted share units, 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 excluded 4.2 million and 4.4 million potentially dilutive instruments, including stock options, unvested restricted shares and restricted share units for the three and nine months ended September 30, 2015 , respectively, and 7.1 million and 7.2 million potentially dilutive instruments, including stock options, unvested restricted shares, and unvested restricted share units for the three and nine months ended September 30, 2014 , respectively. In accordance with ASC 260 "Earnings Per Share", 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. Our outstanding restricted share awards, restricted share units, and deferred shares are considered participating securities.
Land under Option Arrangements Policy	Land option agreements 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, net. If an entity holding the land under option is a variable interest entity ("VIE"), our deposit represents a variable interest in that entity. 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.
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”, 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). At September 30, 2015 and December 31, 2014 , we had aggregate interest rate lock commitments of $335.2 million and $146.1 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. In order to reduce risks associated with our loan origination activities, 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 residential mortgage loans available for sale. We do not enter into any derivative financial instruments for trading purposes. 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 execute an interest rate lock with 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, 2015 and December 31, 2014 , we had unexpired forward contracts of $502.4 million and $371.0 million , respectively, and whole loan investor commitments of $57.5 million and $63.5 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 (and residential mortgage loans available-for-sale) 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.
New Accounting Pronouncements Policy	New accounting pronouncements In January 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-04, "Receivables - Troubled Debt Restructurings by Creditors" ("ASU 2014-04"), which clarifies when an in-substance repossession or foreclosure of residential real estate property collateralizing a consumer mortgage loan has occurred. By doing so, this guidance helps determine when the creditor should derecognize the loan receivable and recognize the real estate property. We adopted ASU 2014-04 on January 1, 2015 and the adoption did not have a material impact on our financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). The standard is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date", which delayed the effective date by one year. As a result, the standard is effective for us for fiscal and interim periods beginning January 1, 2018 and allows for full retrospective or modified retrospective methods of adoption. We are currently evaluating the impact that the standard will have on our financial statements. In June 2014, the FASB issued Accounting Standards Update No. 2014-11, "Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures" ("ASU 2014-11"), which makes limited amendments to ASC 860, "Transfers and Servicing." The ASU requires entities to account for repurchase-to-maturity transactions as secured borrowings, eliminates accounting guidance on linked repurchase financing transactions, and expands disclosure requirements related to certain transfers of financial assets. We adopted ASU 2014-11 on January 1, 2015 and the adoption did not have a material impact on our financial statements. In August 2014, the FASB issued Accounting Standards Update No. 2014-15, "Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern" ("ASU 2014-15"), which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern and provide related disclosures. ASU 2014-15 is effective for annual and interim reporting periods beginning January 1, 2017 and is not expected to have a material impact on our financial statements. In February 2015, the FASB issued Accounting Standards Update No. 2015-02, "Amendments to the Consolidation Analysis" ("ASU 2015-02"), which amends the consolidation requirements in ASC 810, primarily related to limited partnerships and VIEs. ASU 2015-02 is effective for us beginning January 1, 2016. We do not anticipate the adoption of ASU 2015-02 to have a material impact on our financial statements. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs” ("ASU 2015-03"), which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt, consistent with the presentation of a debt discount. The guidance is effective for us beginning January 1, 2016. We currently present deferred financing costs within Other assets. Accordingly, the adoption of the new guidance will result in the reclassification of debt issuance costs as an offset to Senior notes in the Company’s condensed consolidated balance sheets, which we do not expect to be material to our financial statements.
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.
Fair Value of Financial Instruments Policy	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 above table represent only those assets whose carrying values were adjusted to fair value as of the respective balance sheet dates. The carrying amounts of cash and equivalents, Financial Services debt, the Term Loan, and the Revolving Credit Facility approximate their fair values due to their short-term nature and floating interest rate terms. 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.
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.

Summary Of Significant Accoun19

Summary Of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Schedule of other expense (income), net	Other expense, net consists of the following ($000’s omitted): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Write-off of deposits and pre-acquisition costs $ 522 $ 1,391 $ 3,633 $ 4,543 Loss on debt retirements ( Note 5 ) — — — 8,584 Amortization of intangible assets 3,225 3,258 9,675 9,808 Miscellaneous, net (a) 20,079 (2,243 ) 16,654 2,626 $ 23,826 $ 2,406 $ 29,962 $ 25,561 (a) Miscellaneous, net includes a charge of $20.0 million resulting from the Applecross matter for the three and nine months ended September 30, 2015 (see Note 9).
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block]	The following table presents the earnings per common share (000's omitted, except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Numerator: Net income $ 107,769 $ 140,545 $ 266,062 $ 257,244 Less: earnings distributed to participating securities (181 ) (124 ) (554 ) (386 ) Less: undistributed earnings allocated to participating securities (516 ) (820 ) (1,169 ) (1,362 ) Numerator for basic earnings per share $ 107,072 $ 139,601 $ 264,339 $ 255,496 Add back: undistributed earnings allocated to participating securities 516 820 1,169 1,362 Less: undistributed earnings reallocated to participating securities (512 ) (812 ) (1,158 ) (1,349 ) Numerator for diluted earnings per share $ 107,076 $ 139,609 $ 264,350 $ 255,509 Denominator: Basic shares outstanding 350,147 373,531 359,236 376,097 Effect of dilutive securities 3,225 3,761 3,273 3,723 Diluted shares outstanding 353,372 377,292 362,509 379,820 Earnings per share: Basic $ 0.31 $ 0.37 $ 0.74 $ 0.68 Diluted $ 0.30 $ 0.37 $ 0.73 $ 0.67
Schedule Of Company Interests In Land Option Agreements	The following provides a summary of our interests in land option agreements as of September 30, 2015 and December 31, 2014 ($000’s omitted): September 30, 2015 December 31, 2014 Deposits and Remaining Purchase Land, Not Deposits and Remaining Purchase Land, Not Land options with VIEs $ 87,804 $ 1,098,008 $ 32,305 $ 56,039 $ 891,506 $ 12,533 Other land options 88,475 1,020,588 70,243 71,241 999,079 17,653 $ 176,279 $ 2,118,596 $ 102,548 $ 127,280 $ 1,890,585 $ 30,186
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The fair values of derivative instruments and their locations in the Condensed Consolidated Balance Sheets are summarized below ($000’s omitted): September 30, 2015 December 31, 2014 Other Assets Other Liabilities Other Assets Other Liabilities Interest rate lock commitments $ 11,131 $ 109 $ 4,313 $ 65 Forward contracts 219 4,931 79 3,653 Whole loan commitments 26 433 31 619 $ 11,376 $ 5,473 $ 4,423 $ 4,337

Inventory And Land Held For S20

Inventory And Land Held For Sale (Tables)	9 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Components of Inventory	Major components of inventory were as follows ($000’s omitted): September 30, December 31, Homes under construction $ 1,605,529 $ 1,084,137 Land under development 2,871,263 2,545,049 Raw land 764,140 762,914 $ 5,240,932 $ 4,392,100
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, 2015 2014 2015 2014 Interest in inventory, beginning of period $ 164,384 $ 210,603 $ 167,638 $ 230,922 Interest capitalized 28,006 32,025 90,105 98,793 Interest expensed (36,609 ) (52,286 ) (101,962 ) (139,373 ) Interest in inventory, end of period $ 155,781 $ 190,342 $ 155,781 $ 190,342
Land Held for Sale	Land held for sale was as follows ($000’s omitted): September 30, December 31, Land held for sale, gross $ 92,040 $ 108,725 Net realizable value reserves (6,910 ) (7,535 ) Land held for sale, net $ 85,130 $ 101,190

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2015
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, 2015 2014 2015 2014 Revenues: Northeast $ 182,547 $ 185,559 $ 430,881 $ 480,495 Southeast 282,051 253,895 713,090 668,660 Florida 247,528 251,486 659,330 647,146 Texas 203,319 216,837 566,307 595,975 North 355,070 426,165 936,712 949,757 Southwest 197,265 227,331 516,697 568,228 1,467,780 1,561,273 3,823,017 3,910,261 Financial Services 38,967 33,452 97,319 89,544 Consolidated revenues $ 1,506,747 $ 1,594,725 $ 3,920,336 $ 3,999,805 Income before income taxes: Northeast (c) $ 13,208 $ 28,568 $ 38,065 $ 65,873 Southeast 45,708 42,230 110,203 105,974 Florida 49,046 55,931 121,585 132,541 Texas 26,035 33,730 73,313 87,952 North 38,065 61,599 77,645 129,699 Southwest 23,838 40,812 63,589 93,198 Other homebuilding (a) (30,989 ) (48,819 ) (71,104 ) (234,178 ) 164,911 214,051 413,296 381,059 Financial Services (b) 14,365 10,877 29,409 41,578 Consolidated income before income taxes $ 179,276 $ 224,928 $ 442,705 $ 422,637 (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: reserve reversals of $5.7 million and $32.6 million for the three and nine months ended September 30, 2015 , respectively, resulting from a legal settlement (see Note 9); losses on debt retirements totaling $8.6 million for the nine months ended September 30, 2014 (see Note 5); a charge totaling $84.5 million to increase insurance reserves for the nine months ended September 30, 2014 (see Note 9); and costs associated with the relocation of our corporate headquarters totaling $1.9 million and $7.1 million for the three and nine months ended September 30, 2014 , respectively. (b) Financial Services included an $18.6 million reduction in loan origination liabilities for the nine months ended September 30, 2014 (see Note 9). (c) Northeast includes a charge of $20.0 million resulting from the Applecross matter for the three and nine months ended September 30, 2015 (see Note 9).
Total Assets And Inventory By Reporting Segment	Operating Data by Segment ($000's omitted) September 30, 2015 Homes Under Land Under Raw Land Total Total Northeast $ 224,242 $ 258,427 $ 125,117 $ 607,786 $ 726,388 Southeast 230,791 335,065 116,728 682,584 739,296 Florida 241,991 482,604 138,397 862,992 990,493 Texas 213,574 283,422 102,071 599,067 658,298 North 401,963 590,831 122,367 1,115,161 1,239,610 Southwest 269,079 718,839 131,819 1,119,737 1,261,564 Other homebuilding (a) 23,889 202,075 27,641 253,605 2,843,281 1,605,529 2,871,263 764,140 5,240,932 8,458,930 Financial Services — — — — 342,648 $ 1,605,529 $ 2,871,263 $ 764,140 $ 5,240,932 $ 8,801,578 December 31, 2014 Homes Under Land Under Raw Land Total Total Northeast $ 184,974 $ 266,229 $ 106,077 $ 557,280 $ 659,224 Southeast 147,506 304,762 117,981 570,249 605,067 Florida 150,743 350,016 112,225 612,984 717,531 Texas 134,873 250,102 91,765 476,740 528,392 North 280,970 478,665 137,044 896,679 996,908 Southwest 166,056 698,513 163,421 1,027,990 1,113,592 Other homebuilding (a) 19,015 196,762 34,401 250,178 3,527,731 1,084,137 2,545,049 762,914 4,392,100 8,148,445 Financial Services — — — — 420,965 $ 1,084,137 $ 2,545,049 $ 762,914 $ 4,392,100 $ 8,569,410 (a) Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments.

Investments In Unconsolidated22

Investments In Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2015
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, Investments in joint ventures with debt non-recourse to PulteGroup $ 24,412 $ 26,488 Investments in other active joint ventures 17,097 13,880 Total investments in unconsolidated entities $ 41,509 $ 40,368 Total joint venture debt $ 16,387 $ 25,849 PulteGroup proportionate share of joint venture debt: Joint venture debt with limited recourse guaranties $ 215 $ 283 Joint venture debt non-recourse to PulteGroup 6,769 11,341 PulteGroup's total proportionate share of joint venture debt $ 6,984 $ 11,624

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Senior Notes	Our senior notes are summarized as follows ($000’s omitted): September 30, December 31, 5.25% unsecured senior notes due June 2015 (a) $ — $ 236,452 6.50% unsecured senior notes due May 2016 (a) 463,829 462,009 7.625% unsecured senior notes due October 2017 (b) 122,819 122,752 7.875% unsecured senior notes due June 2032 (a) 299,272 299,239 6.375% unsecured senior notes due May 2033 (a) 398,696 398,640 6.00% unsecured senior notes due February 2035 (a) 299,488 299,469 Total senior notes – carrying value (c) $ 1,584,104 $ 1,818,561 Estimated fair value $ 1,662,206 $ 1,952,774 (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

Fair Value Disclosures Fair Val

Fair Value Disclosures Fair Value Disclosures (Tables)	9 Months Ended
	Sep. 30, 2015
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 September 30, December 31, Measured at fair value on a recurring basis: Residential mortgage loans available-for-sale Level 2 $ 270,658 $ 339,531 Interest rate lock commitments Level 2 11,022 4,248 Forward contracts Level 2 (4,712 ) (3,574 ) Whole loan commitments Level 2 (407 ) (588 ) Measured at fair value on a non-recurring basis: House and land inventory Level 3 $ 1,262 $ 13,925 Disclosed at fair value: Cash and equivalents (including restricted cash) Level 1 $ 760,095 $ 1,309,220 Financial Services debt Level 2 107,508 140,241 Term loan Level 2 500,000 — Senior notes Level 2 1,662,206 1,952,774

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2015
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, 2015 2014 2015 2014 Liabilities, beginning of period $ 58,238 $ 62,707 $ 58,222 $ 124,956 Reserves provided and adjustments 81 — 220 (18,604 ) Payments (23 ) (1,991 ) (146 ) (45,636 ) Liabilities, end of period $ 58,296 $ 60,716 $ 58,296 $ 60,716
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, 2015 2014 2015 2014 Warranty liabilities, beginning of period $ 54,502 $ 61,986 $ 65,389 $ 63,992 Reserves provided 12,575 12,375 32,586 33,036 Payments (14,316 ) (12,674 ) (45,793 ) (34,586 ) Other adjustments 1,773 (222 ) 2,352 (977 ) Warranty liabilities, end of period $ 54,534 $ 61,465 $ 54,534 $ 61,465
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, 2015 2014 2015 2014 Balance, beginning of period $ 700,133 $ 746,446 $ 710,245 $ 668,100 Reserves provided, net 14,021 21,385 20,467 137,666 Payments (11,670 ) (33,168 ) (28,228 ) (71,103 ) Balance, end of period $ 702,484 $ 734,663 $ 702,484 $ 734,663

Supplemental Guarantor Inform26

Supplemental Guarantor Information (Tables)	9 Months Ended
	Sep. 30, 2015
Supplemental Guarantor Information [Abstract]
Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET SEPTEMBER 30, 2015 ($000’s omitted) Unconsolidated Eliminating Consolidated PulteGroup, Guarantor Non-Guarantor ASSETS Cash and equivalents $ — $ 688,224 $ 45,929 $ — $ 734,153 Restricted cash — 24,942 1,000 — 25,942 House and land inventory — 5,240,932 — — 5,240,932 Land held for sale — 84,096 1,034 — 85,130 Land, not owned, under option agreements — 102,548 — — 102,548 Residential mortgage loans available- for-sale — — 270,658 — 270,658 Investments in unconsolidated entities 88 36,955 4,466 — 41,509 Other assets 26,073 516,775 95,114 — 637,962 Intangible assets — 113,440 — — 113,440 Deferred tax assets, net 1,541,759 13 7,532 — 1,549,304 Investments in subsidiaries and intercompany accounts, net 5,222,327 286,642 6,100,670 (11,609,639 ) — $ 6,790,247 $ 7,094,567 $ 6,526,403 $ (11,609,639 ) $ 8,801,578 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, customer deposits, accrued and other liabilities $ 83,632 $ 1,715,283 $ 188,540 $ — $ 1,987,455 Income tax liabilities 50,906 — — — 50,906 Financial Services debt — — 107,508 — 107,508 Term loan 500,000 — — — 500,000 Senior notes 1,584,104 — — — 1,584,104 Total liabilities 2,218,642 1,715,283 296,048 — 4,229,973 Total shareholders’ equity 4,571,605 5,379,284 6,230,355 (11,609,639 ) 4,571,605 $ 6,790,247 $ 7,094,567 $ 6,526,403 $ (11,609,639 ) $ 8,801,578 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2014 ($000’s omitted) Unconsolidated Eliminating Consolidated PulteGroup, Guarantor Non-Guarantor ASSETS Cash and equivalents $ 7,454 $ 1,157,307 $ 128,101 $ — $ 1,292,862 Restricted cash 3,710 1,513 11,135 — 16,358 House and land inventory — 4,391,445 655 — 4,392,100 Land held for sale — 100,156 1,034 — 101,190 Land, not owned, under option agreements — 30,186 — — 30,186 Residential mortgage loans available- for-sale — — 339,531 — 339,531 Securities purchased under agreements to resell 22,000 — (22,000 ) — — Investments in unconsolidated entities 74 36,126 4,168 — 40,368 Other assets 34,214 421,145 57,673 — 513,032 Intangible assets — 123,115 — — 123,115 Deferred tax assets, net 1,712,853 15 7,800 — 1,720,668 Investments in subsidiaries and intercompany accounts, net 4,963,831 967,032 6,359,441 (12,290,304 ) — $ 6,744,136 $ 7,228,040 $ 6,887,538 $ (12,290,304 ) $ 8,569,410 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, customer deposits, accrued and other liabilities $ 71,874 $ 1,514,954 $ 170,104 $ — $ 1,756,932 Income tax liabilities 48,747 (25 ) — — 48,722 Financial Services debt — — 140,241 — 140,241 Senior notes 1,818,561 — — — 1,818,561 Total liabilities 1,939,182 1,514,929 310,345 — 3,764,456 Total shareholders’ equity 4,804,954 5,713,111 6,577,193 (12,290,304 ) 4,804,954 $ 6,744,136 $ 7,228,040 $ 6,887,538 $ (12,290,304 ) $ 8,569,410
Consolidating Statement of Operations and Comprehensive Income (Loss)	CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the three months ended September 30, 2015 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 1,464,131 $ — $ — $ 1,464,131 Land sale revenues — 3,649 — — 3,649 — 1,467,780 — — 1,467,780 Financial Services — — 38,967 — 38,967 — 1,467,780 38,967 — 1,506,747 Homebuilding Cost of Revenues: Home sale cost of revenues — 1,118,874 — — 1,118,874 Land sale cost of revenues — 3,301 — — 3,301 — 1,122,175 — — 1,122,175 Financial Services expenses 13 (13 ) 24,602 — 24,602 Selling, general and administrative expenses — 158,975 386 — 159,361 Other expense (income), net — 23,796 30 — 23,826 Interest income — (504 ) — — (504 ) Interest expense 203 — — — 203 Equity in earnings of unconsolidated entities (1 ) (2,025 ) (166 ) — (2,192 ) Intercompany interest 594 2,039 (2,633 ) — — Income (loss) before income taxes and equity in income (loss) of subsidiaries (809 ) 163,337 16,748 — 179,276 Income tax expense (benefit) (307 ) 65,347 6,467 — 71,507 Income (loss) before equity in income (loss) of subsidiaries (502 ) 97,990 10,281 — 107,769 Equity in income (loss) of subsidiaries 108,271 9,913 82,484 (200,668 ) — Net income (loss) 107,769 107,903 92,765 (200,668 ) 107,769 Other comprehensive income 21 — — — 21 Comprehensive income (loss) $ 107,790 $ 107,903 $ 92,765 $ (200,668 ) $ 107,790 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the three months ended September 30, 2014 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 1,551,226 $ — $ — $ 1,551,226 Land sale revenues — 10,047 — — 10,047 — 1,561,273 — — 1,561,273 Financial Services — 154 33,298 — 33,452 — 1,561,427 33,298 — 1,594,725 Homebuilding Cost of Revenues: Home sale cost of revenues — 1,195,369 — — 1,195,369 Land sale cost of revenues — 3,539 — — 3,539 — 1,198,908 — — 1,198,908 Financial Services expenses 195 (102 ) 22,530 — 22,623 Selling, general and administrative expenses — 146,642 494 — 147,136 Other expense (income), net (16 ) 2,194 228 — 2,406 Interest income (93 ) (1,080 ) (32 ) — (1,205 ) Interest expense 210 — — — 210 Equity in earnings of unconsolidated entities (2 ) (205 ) (74 ) — (281 ) Intercompany interest 4,190 (1,666 ) (2,524 ) — — Income (loss) before income taxes and equity in income (loss) of subsidiaries (4,484 ) 216,736 12,676 — 224,928 Income tax expense (benefit) (1,764 ) 81,157 4,990 — 84,383 Income (loss) before equity in income (loss) of subsidiaries (2,720 ) 135,579 7,686 — 140,545 Equity in income (loss) of subsidiaries 143,265 7,518 100,513 (251,296 ) — Net income (loss) 140,545 143,097 108,199 (251,296 ) 140,545 Other comprehensive income 21 — — — 21 Comprehensive income (loss) $ 140,566 $ 143,097 $ 108,199 $ (251,296 ) $ 140,566 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the nine months ended September 30, 2015 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 3,795,366 $ — $ — $ 3,795,366 Land sale revenues — 27,651 — — 27,651 — 3,823,017 — — 3,823,017 Financial Services — — 97,319 — 97,319 — 3,823,017 97,319 — 3,920,336 Homebuilding Cost of Revenues: Home sale cost of revenues — 2,913,299 — — 2,913,299 Land sale cost of revenues — 21,992 — — 21,992 — 2,935,291 — — 2,935,291 Financial Services expenses 300 (274 ) 67,883 — 67,909 Selling, general and administrative expenses — 449,261 1,532 — 450,793 Other expense, net (9 ) 30,040 (69 ) — 29,962 Interest income (3 ) (2,461 ) 6 — (2,458 ) Interest expense 598 — — — 598 Equity in (earnings) loss of unconsolidated entities (14 ) (3,877 ) (573 ) — (4,464 ) Intercompany interest 1,537 5,886 (7,423 ) — — Income (loss) before income taxes and equity in income (loss) of subsidiaries (2,409 ) 409,151 35,963 — 442,705 Income tax expense (benefit) (917 ) 163,713 13,847 — 176,643 Income (loss) before equity in income (loss) of subsidiaries (1,492 ) 245,438 22,116 — 266,062 Equity in income (loss) of subsidiaries 267,554 21,586 227,143 (516,283 ) — Net income (loss) 266,062 267,024 249,259 (516,283 ) 266,062 Other comprehensive income 63 — — — 63 Comprehensive income $ 266,125 $ 267,024 $ 249,259 $ (516,283 ) $ 266,125 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the nine months ended September 30, 2014 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 3,885,703 $ — $ — $ 3,885,703 Land sale revenues — 24,558 — — 24,558 — 3,910,261 — — 3,910,261 Financial Services — 888 88,656 — 89,544 — 3,911,149 88,656 — 3,999,805 Homebuilding Cost of Revenues: Home sale cost of revenues — 2,976,665 — — 2,976,665 Land sale cost of revenues — 15,382 — — 15,382 — 2,992,047 — — 2,992,047 Financial Services expenses 591 56 47,411 — 48,058 Selling, general and administrative expenses — 520,513 1,278 — 521,791 Other expense (income), net 8,538 16,290 733 — 25,561 Interest income (332 ) (3,046 ) (53 ) — (3,431 ) Interest expense 625 — — — 625 Equity in (earnings) loss of (7 ) (7,295 ) (181 ) — (7,483 ) Intercompany interest 5,010 2,281 (7,291 ) — — Income (loss) before income taxes and equity in income (loss) of subsidiaries (14,425 ) 390,303 46,759 — 422,637 Income tax expense (benefit) (5,640 ) 152,750 18,283 — 165,393 Income (loss) before equity in income (loss) of subsidiaries (8,785 ) 237,553 28,476 — 257,244 Equity in income (loss) of subsidiaries 266,029 28,670 209,648 (504,347 ) — Net income (loss) 257,244 266,223 238,124 (504,347 ) 257,244 Other comprehensive income 82 — — — 82 Comprehensive income (loss) $ 257,326 $ 266,223 $ 238,124 $ (504,347 ) $ 257,326
Consolidating Statement Of Cash Flows	CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2015 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) operating activities $ 162,645 $ (468,838 ) $ 59,381 $ — $ (246,812 ) Cash flows from investing activities: Change in restricted cash related to letters of credit 3,710 — — — 3,710 Capital expenditures — (31,197 ) (2,852 ) — (34,049 ) Other investing activities, net — 785 9,174 — 9,959 Net cash provided by (used in) investing activities 3,710 (30,412 ) 6,322 — (20,380 ) Cash flows from financing activities: Financial Services borrowings (repayments) — — (32,733 ) — (32,733 ) Proceeds from debt issuance 500,000 — — — 500,000 Repayments of debt (237,994 ) (526 ) — — (238,520 ) Borrowings under revolving credit facility 125,000 — — — 125,000 Repayments under revolving credit facility (125,000 ) — — — (125,000 ) Stock option exercises 10,371 — — — 10,371 Share repurchases (442,738 ) — — — (442,738 ) Dividends paid (87,897 ) — — — (87,897 ) Intercompany activities, net 84,449 30,693 (115,142 ) — — Net cash provided by (used in) financing activities (173,809 ) 30,167 (147,875 ) — (291,517 ) Net increase (decrease) in cash and equivalents (7,454 ) (469,083 ) (82,172 ) — (558,709 ) Cash and equivalents at beginning of period 7,454 1,157,307 128,101 — 1,292,862 Cash and equivalents at end of period $ — $ 688,224 $ 45,929 $ — $ 734,153 CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2014 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) operating activities $ 265,107 $ (73,268 ) $ 9,996 $ — $ 201,835 Cash flows from investing activities: Change in restricted cash related to letters of credit 48,401 — — — 48,401 Capital expenditures — (39,025 ) (2,863 ) (41,888 ) Cash used for business acquisition — (77,469 ) — — (77,469 ) Other investing activities, net — 7,710 (6,350 ) — 1,360 Net cash provided by (used in) investing activities 48,401 (108,784 ) (9,213 ) — (69,596 ) Cash flows from financing activities: Financial Services borrowings (repayments) — — (34,070 ) — (34,070 ) Other borrowings (repayments) (249,765 ) (866 ) — — (250,631 ) Stock option exercises 6,034 — — — 6,034 Share repurchases (155,140 ) — — — (155,140 ) Dividends paid (56,944 ) — — — (56,944 ) Intercompany activities, net (119,195 ) 163,409 (44,214 ) — — Net cash provided by (used in) financing activities (575,010 ) 162,543 (78,284 ) — (490,751 ) Net increase (decrease) in cash and equivalents (261,502 ) (19,509 ) (77,501 ) — (358,512 ) Cash and equivalents at beginning of period 262,364 1,188,999 128,966 — 1,580,329 Cash and equivalents at end of period $ 862 $ 1,169,490 $ 51,465 $ — $ 1,221,817

Summary Of Significant Accoun27

Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions		3 Months Ended			9 Months Ended
		Sep. 30, 2015		Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Antidilutive securities excluded from computation of earnings per share (shares)		4.2		7.1	4.4	7.2
Liabilities for land, not owned, under option agreements		$ 102,548			$ 102,548		$ 30,186
Land, Not Owned, Under Option Agreements		102,548			102,548		30,186
Residential mortgage loans available-for-sale fair value		270,658			270,658		339,531
Residential mortgage loans available-for-sale aggregate outstanding principal balance		259,700			259,700		327,400
Net gain (loss) from change in fair value		1,100		$ (300)	300	$ 1,300
Net gains from the sale of mortgages		23,400		$ 18,000	$ 57,200	$ 48,400
Variability in future cash flows of derivative instruments in days					75 days
Interest rate lock commitments
Derivative, notional amount		335,200			$ 335,200		146,100
Forward contracts
Derivative, notional amount		502,400			502,400		371,000
Whole loan commitments
Derivative, notional amount		57,500			57,500		$ 63,500
Northeast | Applecross v. Pulte Homes of PA, et al
Litigation Settlement, Expense	[2]	$ 20,000	[1]		$ 20,000
[1]	Miscellaneous, net includes a charge of $20.0 million resulting from the Applecross matter for the three and nine months ended September 30, 2015
[2]	Northeast includes a charge of $20.0 million resulting from the Applecross matter for the three and nine months ended September 30, 2015

Summary Of Significant Accoun28

Summary Of Significant Accounting Policies (Other Expense (Income), Net) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014
Accounting Policies [Abstract]
Write-off of deposits and pre-acquisition costs	$ 522		$ 1,391	$ 3,633		$ 4,543
Loss on debt retirements	0		0	0		8,584
Amortization of intangible assets	3,225		3,258	9,675		9,808
Miscellaneous, net (a)	20,079	[1]	(2,243)	16,654	[1]	2,626
Other expense, net	$ 23,826		$ 2,406	$ 29,962		$ 25,561
[1]	Miscellaneous, net includes a charge of $20.0 million resulting from the Applecross matter for the three and nine months ended September 30, 2015

Summary Of Significant Accoun29

Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (Earnings per share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Net income	$ 107,769	$ 140,545	$ 266,062	$ 257,244
Less: earnings distributed to participating securities	(181)	(124)	(554)	(386)
Less: undistributed earnings allocated to participating securities	(516)	(820)	(1,169)	(1,362)
Numerator for basic earnings per share	107,072	139,601	264,339	255,496
Add back: undistributed earnings allocated to participating securities	516	820	1,169	1,362
Less: undistributed earnings reallocated to participating securities	(512)	(812)	(1,158)	(1,349)
Numerator for diluted earnings per share	$ 107,076	$ 139,609	$ 264,350	$ 255,509
Denominator:
Basic shares outstanding (shares)	350,147	373,531	359,236	376,097
Effect of dilutive securities (shares)	3,225	3,761	3,273	3,723
Diluted shares outstanding (shares)	353,372	377,292	362,509	379,820
Earnings Per Share [Abstract]
Earnings Per Share, Basic (usd per share)	$ 0.31	$ 0.37	$ 0.74	$ 0.68
Earnings Per Share, Diluted (usd per share)	$ 0.30	$ 0.37	$ 0.73	$ 0.67

Summary Of Significant Accoun30

Summary Of Significant Accounting Policies (Schedule Of The Company's Interests In Land Option Agreements) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Land under option agreement [Line Items]
Deposits and Pre-acquisition Costs	$ 176,279	$ 127,280
Remaining Purchase Price	2,118,596	1,890,585
Land, Not Owned, Under Option Agreements	102,548	30,186
Land options with VIEs
Land under option agreement [Line Items]
Deposits and Pre-acquisition Costs	87,804	56,039
Remaining Purchase Price	1,098,008	891,506
Land, Not Owned, Under Option Agreements	32,305	12,533
Other Land Option Agreements Member
Land under option agreement [Line Items]
Deposits and Pre-acquisition Costs	88,475	71,241
Remaining Purchase Price	1,020,588	999,079
Land, Not Owned, Under Option Agreements	$ 70,243	$ 17,653

Summary Of Significant Accoun31

Summary Of Significant Accounting Policies (Fair Value Of the Company's Derivative Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	$ 11,376	$ 4,423
Other Liabilities	5,473	4,337
Interest rate lock commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	11,131	4,313
Other Liabilities	109	65
Forward contracts
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	219	79
Other Liabilities	4,931	3,653
Whole loan commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	26	31
Other Liabilities	$ 433	$ 619

Inventory And Land Held For S32

Inventory And Land Held For Sale (Major Components Of Inventory) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Homes under construction	$ 1,605,529	$ 1,084,137
Land under development	2,871,263	2,545,049
Raw land	764,140	762,914
House and land inventory	$ 5,240,932	$ 4,392,100

Inventory And Land Held For S33

Inventory And Land Held For Sale (Information Related To Interest Capitalized Into Homebuilding Inventory) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest in inventory, beginning of period	$ 164,384	$ 210,603	$ 167,638	$ 230,922
Interest capitalized	28,006	32,025	90,105	98,793
Interest expensed	(36,609)	(52,286)	(101,962)	(139,373)
Interest in inventory, end of period	$ 155,781	$ 190,342	$ 155,781	$ 190,342

Inventory And Land Held For S34

Inventory And Land Held For Sale (Land Held For Sale) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Land held for sale, gross	$ 92,040	$ 108,725
Net realizable value reserves	(6,910)	(7,535)
Land held for sale, net	$ 85,130	$ 101,190

Segment Information Narrative (

Segment Information Narrative (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2015		Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information
Adjustment to self insurance reserves		$ (5,700)			$ (32,600)	$ 84,500
Loss on debt retirements		0		$ 0	0	8,584
Loss Contingency Accrual, Period Increase (Decrease)						(18,600)
Home Office Relocation [Member]
Segment Reporting Information
Restructuring and Related Cost, Incurred Cost				$ 1,900		$ 7,100
Applecross v. Pulte Homes of PA, et al | Northeast
Segment Reporting Information
Litigation Settlement, Expense	[2]	$ 20,000	[1]		$ 20,000
[1]	Miscellaneous, net includes a charge of $20.0 million resulting from the Applecross matter for the three and nine months ended September 30, 2015
[2]	Northeast includes a charge of $20.0 million resulting from the Applecross matter for the three and nine months ended September 30, 2015

Segment Information (Operating

Segment Information (Operating Data By Segment) (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2015		Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014
Revenues:
Homebuilding		$ 1,467,780		$ 1,561,273	$ 3,823,017		$ 3,910,261
Financial Services		38,967		33,452	97,319		89,544
Consolidated revenues		1,506,747		1,594,725	3,920,336		3,999,805
Income before Income Taxes:
Income before income taxes		179,276		224,928	442,705		422,637
Northeast
Revenues:
Homebuilding		182,547		185,559	430,881		480,495
Income before Income Taxes:
Income before income taxes		13,208	[1]	28,568	38,065	[1]	65,873
Southeast
Revenues:
Homebuilding		282,051		253,895	713,090		668,660
Income before Income Taxes:
Income before income taxes		45,708		42,230	110,203		105,974
Florida
Revenues:
Homebuilding		247,528		251,486	659,330		647,146
Income before Income Taxes:
Income before income taxes		49,046		55,931	121,585		132,541
Texas
Revenues:
Homebuilding		203,319		216,837	566,307		595,975
Income before Income Taxes:
Income before income taxes		26,035		33,730	73,313		87,952
North
Revenues:
Homebuilding		355,070		426,165	936,712		949,757
Income before Income Taxes:
Income before income taxes		38,065		61,599	77,645		129,699
Southwest
Revenues:
Homebuilding		197,265		227,331	516,697		568,228
Income before Income Taxes:
Income before income taxes		23,838		40,812	63,589		93,198
Other homebuilding
Income before Income Taxes:
Income before income taxes	[2]	(30,989)		(48,819)	(71,104)		(234,178)
Homebuilding
Income before Income Taxes:
Income before income taxes		164,911		214,051	413,296		381,059
Financial Services
Income before Income Taxes:
Income before income taxes	[3]	$ 14,365		$ 10,877	$ 29,409		$ 41,578
[1]	Northeast includes a charge of $20.0 million resulting from the Applecross matter for the three and nine months ended September 30, 2015
[2]	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: reserve reversals of $5.7 million and $32.6 million for the three and nine months ended September 30, 2015, respectively, resulting from a legal settlement (see Note 9); losses on debt retirements totaling $8.6 million for the nine months ended September 30, 2014 (see Note 5); a charge totaling $84.5 million to increase insurance reserves for the nine months ended September 30, 2014 (see Note 9); and costs associated with the relocation of our corporate headquarters totaling $1.9 million and $7.1 million for the three and nine months ended September 30, 2014, respectively.
[3]	Financial Services included an $18.6 million reduction in loan origination liabilities for the nine months ended September 30, 2014

Segment Information (Total Asse

Segment Information (Total Assets And Inventory By Reportable Segment) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Segment Reporting Information
Homes under construction		$ 1,605,529	$ 1,084,137
Land under development		2,871,263	2,545,049
Raw land		764,140	762,914
House and land inventory		5,240,932	4,392,100
Total assets		8,801,578	8,569,410
Northeast
Segment Reporting Information
Homes under construction		224,242	184,974
Land under development		258,427	266,229
Raw land		125,117	106,077
House and land inventory		607,786	557,280
Total assets		726,388	659,224
Southeast
Segment Reporting Information
Homes under construction		230,791	147,506
Land under development		335,065	304,762
Raw land		116,728	117,981
House and land inventory		682,584	570,249
Total assets		739,296	605,067
Florida
Segment Reporting Information
Homes under construction		241,991	150,743
Land under development		482,604	350,016
Raw land		138,397	112,225
House and land inventory		862,992	612,984
Total assets		990,493	717,531
Texas
Segment Reporting Information
Homes under construction		213,574	134,873
Land under development		283,422	250,102
Raw land		102,071	91,765
House and land inventory		599,067	476,740
Total assets		658,298	528,392
North
Segment Reporting Information
Homes under construction		401,963	280,970
Land under development		590,831	478,665
Raw land		122,367	137,044
House and land inventory		1,115,161	896,679
Total assets		1,239,610	996,908
Southwest
Segment Reporting Information
Homes under construction		269,079	166,056
Land under development		718,839	698,513
Raw land		131,819	163,421
House and land inventory		1,119,737	1,027,990
Total assets		1,261,564	1,113,592
Other homebuilding
Segment Reporting Information
Homes under construction	[1]	23,889	19,015
Land under development	[1]	202,075	196,762
Raw land	[1]	27,641	34,401
House and land inventory	[1]	253,605	250,178
Total assets	[1]	2,843,281	3,527,731
Homebuilding
Segment Reporting Information
Homes under construction		1,605,529	1,084,137
Land under development		2,871,263	2,545,049
Raw land		764,140	762,914
House and land inventory		5,240,932	4,392,100
Total assets		8,458,930	8,148,445
Financial Services
Segment Reporting Information
Total assets		$ 342,648	$ 420,965
[1]	Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments.

Investments In Unconsolidated38

Investments In Unconsolidated Entities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]
Equity in earnings of unconsolidated entities	$ 2,192	$ 281	$ 4,464	$ 7,483
Capital and earnings distributions received from unconsolidated entities			$ 3,700	$ 12,400

Investments In Unconsolidated39

Investments In Unconsolidated Entities (Summary Schedule Of Joint Ventures) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]
Investments in joint ventures with debt non-recourse to PulteGroup	$ 24,412	$ 26,488
Investments in other active joint ventures	17,097	13,880
Total investments in unconsolidated entities	41,509	40,368
Total joint venture debt	16,387	25,849
PulteGroup proportionate share of joint venture debt:
Joint venture debt with limited recourse guaranties	215	283
Joint venture debt non-recourse to PulteGroup	6,769	11,341
PulteGroup's total proportionate share of joint venture debt	$ 6,984	$ 11,624

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Jul. 29, 2016	Jan. 19, 2016	Dec. 01, 2015	Dec. 31, 2014	Sep. 08, 2014	Jul. 23, 2014
Debt Instrument [Line Items]
Extinguishment of debt				$ 238,000,000	$ 245,700,000
Loss on debt retirements	$ 0		$ 0	0	$ 8,584,000
Letters of credit outstanding	196,900,000			196,900,000					$ 212,100,000
Notes payable	21,700,000			$ 21,700,000					22,300,000
Debt Instrument, term				6 years
Amount outstanding	107,508,000			$ 107,508,000					140,241,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity											$ 500,000,000
Maximum percent of current credit facility that may be issued in addition				50.00%
Maximum additional issuance				$ 300,000,000
Fair value of amount outstanding	$ 0			0
Revolving Credit Facility Accordion Feature
Debt Instrument [Line Items]
Maximum borrowing capacity											$ 1,000,000,000
Repurchase Agreement | Financial Services
Debt Instrument [Line Items]
Maximum borrowing capacity										$ 175,000,000
Line of Credit Facility, Initiation Date	Jun. 1, 2015	Feb. 2, 2015	Sep. 4, 2015
Line of Credit Facility, Expiration Date	Sep. 2, 2016
Amount outstanding	$ 107,500,000			$ 107,500,000					$ 140,200,000
Maximum
Debt Instrument [Line Items]
Stated interest rate	5.00%			5.00%
Senior Unsecured Term Loan Maturing January 3, 2017 [Member] | Senior Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 500,000,000			$ 500,000,000
Scenario, Forecast [Member] | Repurchase Agreement | Financial Services
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 200,000,000	$ 175,000,000	$ 200,000,000

Debt (Summary of Senior Notes)

Debt (Summary of Senior Notes) (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Senior note carrying value	[1]	$ 1,584,104	$ 1,818,561
Estimated fair value		$ 1,662,206	$ 1,952,774
Unsecured Senior Notes 5.25% due June 2015
Debt Instrument [Line Items]
Stated interest rate		5.25%	5.25%
Senior note carrying value	[2]	$ 0	$ 236,452
Debt Instrument, Maturity Date, Description		June 2,015	June 2,015
Unsecured Senior Notes 6.50% due May 2016
Debt Instrument [Line Items]
Stated interest rate		6.50%	6.50%
Senior note carrying value	[2]	$ 463,829	$ 462,009
Debt Instrument, Maturity Date, Description		May 2,016	May 2,016
Unsecured Senior Notes 7.625% due October 2017
Debt Instrument [Line Items]
Stated interest rate		7.625%	7.625%
Senior note carrying value	[3]	$ 122,819	$ 122,752
Debt Instrument, Maturity Date, Description		October 2,017	October 2,017
Unsecured Senior Notes 7.875% due June 2032
Debt Instrument [Line Items]
Stated interest rate		7.875%	7.875%
Senior note carrying value	[2]	$ 299,272	$ 299,239
Debt Instrument, Maturity Date, Description		June 2,032	June 2,032
Unsecured Senior Notes 6.375% due May 2033
Debt Instrument [Line Items]
Stated interest rate		6.375%	6.375%
Senior note carrying value	[2]	$ 398,696	$ 398,640
Debt Instrument, Maturity Date, Description		May 2,033	May 2,033
Unsecured Senior Notes 6.00% due February 2035
Debt Instrument [Line Items]
Stated interest rate		6.00%	6.00%
Senior note carrying value	[2]	$ 299,488	$ 299,469
Debt Instrument, Maturity Date, Description		February 2,035	February 2,035
[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.

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Class of Stock [Line Items]
Cash dividends declared (usd per share)	$ 0.08	$ 0.05	$ 0.24	$ 0.15
Dividends			$ 86,296	$ 56,689
Payments for repurchase of common stock			$ 442,738	$ 155,140
Share repurchase plan
Class of Stock [Line Items]
Share repurchases (shares)			21.2	7.7
Payments for repurchase of common stock			$ 433,700	$ 147,800
Remaining value of stock repurchase programs authorization	$ 304,800		304,800
Shares withheld to pay taxes
Class of Stock [Line Items]
Payments for repurchase of common stock			$ 9,000	$ 7,200

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Income Tax Contingency [Line Items]
Effective income tax (percent)	39.90%	37.50%	39.90%	39.10%
Gross unrecognized tax benefits	$ 33.2		$ 33.2		$ 32.9
Accrued interest and penalties on unrecognized tax benefits	17.5		17.5		$ 17.3
Possible decrease in unrecognized tax benefits	$ 15		$ 15
Minimum
Income Tax Contingency [Line Items]
Income tax years under examination			2,004
Maximum
Income Tax Contingency [Line Items]
Income tax years under examination			2,015

Fair Value Disclosures Fair V44

Fair Value Disclosures Fair Value Disclosures (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Disclosed at fair value:
Senior notes	$ 1,662,206	$ 1,952,774
Level 2
Disclosed at fair value:
Financial Services debt	107,508	140,241
Loans Payable, Fair Value Disclosure	500,000	0
Level 1
Disclosed at fair value:
Cash and equivalents (including restricted cash)	760,095	1,309,220
Fair Value, Measurements, Nonrecurring | Level 3
Measured at fair value on a non-recurring basis:
Assets, Fair Value Disclosure, Nonrecurring	1,262	13,925
Interest rate lock commitments | Fair Value, Measurements, Recurring | Level 2
Measured at fair value on a recurring basis:
Assets, Fair Value Disclosure, Recurring	11,022	4,248
Forward contracts | Fair Value, Measurements, Recurring | Level 2
Measured at fair value on a recurring basis:
Liabilities, Fair Value Disclosure, Recurring	(4,712)	(3,574)
Whole loan commitments | Fair Value, Measurements, Recurring | Level 2
Measured at fair value on a recurring basis:
Liabilities, Fair Value Disclosure, Recurring	(407)	(588)
Residential Mortgage | Fair Value, Measurements, Recurring | Level 2
Measured at fair value on a recurring basis:
Assets, Fair Value Disclosure, Recurring	$ 270,658	$ 339,531

Fair Value Disclosures Narrativ

Fair Value Disclosures Narrative (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Senior notes	[1]	$ 1,584,104	$ 1,818,561
[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.

Commitments and Contingencies46

Commitments and Contingencies (Narrative) (Details) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015USD ($)claim		Sep. 30, 2015USD ($)claim	Sep. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2013USD ($)
Loss Contingencies [Line Items]
Letters of credit outstanding		$ 196,900		$ 196,900			$ 212,100
Surety bonds outstanding		$ 1,000,000		$ 1,000,000			1,000,000
Maximum product warranty in years				10 years
Pending claims | claim		1,000		1,000
Self-insurance liabilities		$ 702,484		$ 702,484	$ 734,663	$ 700,133	$ 710,245	$ 746,446	$ 668,100
Incurred but not reported percentage of liability reserves		73.00%		73.00%			72.00%
Adjustment to self insurance reserves		$ (5,700)		$ (32,600)	$ 84,500
Northeast | Applecross v. Pulte Homes of PA, et al
Loss Contingencies [Line Items]
Reserve recorded	[2]	$ 20,000	[1]	$ 20,000
[1]	Miscellaneous, net includes a charge of $20.0 million resulting from the Applecross matter for the three and nine months ended September 30, 2015
[2]	Northeast includes a charge of $20.0 million resulting from the Applecross matter for the three and nine months ended September 30, 2015

Commitments and Contingencies47

Commitments and Contingencies (Changes To Anticipated Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Loss Contingency Accrual [Roll Forward]
Liabilities, beginning of period	$ 58,238	$ 62,707	$ 58,222	$ 124,956
Reserves provided and adjustments	81	0	220	(18,604)
Payments	(23)	(1,991)	(146)	(45,636)
Liabilities, end of period	$ 58,296	$ 60,716	$ 58,296	$ 60,716

Commitments and Contingencies48

Commitments and Contingencies (Changes To Warranty Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty liabilities, beginning of period	$ 54,502	$ 61,986	$ 65,389	$ 63,992
Reserves provided	12,575	12,375	32,586	33,036
Payments	(14,316)	(12,674)	(45,793)	(34,586)
Other adjustments	1,773	(222)	2,352	(977)
Warranty liabilities, end of period	$ 54,534	$ 61,465	$ 54,534	$ 61,465

Commitments and Contingencies49

Commitments and Contingencies (Changes in Self-insurance Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Changes in Self-insurance Liability [Roll Forward]
Balance, beginning of period	$ 700,133	$ 746,446	$ 710,245	$ 668,100
Reserves provided, net	14,021	21,385	20,467	137,666
Payments	(11,670)	(33,168)	(28,228)	(71,103)
Balance, end of period	$ 702,484	$ 734,663	$ 702,484	$ 734,663

Supplemental Guarantor Inform50

Supplemental Guarantor Information (Balance Sheet) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
ASSETS
Cash and equivalents		$ 734,153	$ 1,292,862	$ 1,221,817	$ 1,580,329
Restricted cash		25,942	16,358
House and land inventory		5,240,932	4,392,100
Land held for sale		85,130	101,190
Land, not owned, under option agreements		102,548	30,186
Residential mortgage loans available-for-sale		270,658	339,531
Securities purchased under agreements to resell			0
Investments in unconsolidated entities		41,509	40,368
Other assets		637,962	513,032
Intangible assets		113,440	123,115
Deferred tax assets, net		1,549,304	1,720,668
Investments in subsidiaries and intercompany accounts, net		0	0
Total assets		8,801,578	8,569,410
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities		1,987,455	1,756,932
Income tax liabilities		50,906	48,722
Financial Services debt		107,508	140,241
Term loan		500,000	0
Senior notes	[1]	1,584,104	1,818,561
Total liabilities		4,229,973	3,764,456
Total shareholders' equity		4,571,605	4,804,954	4,710,409	4,648,952
Total liabilities and shareholders' equity		8,801,578	8,569,410
PulteGroup, Inc.
ASSETS
Cash and equivalents		0	7,454	862	262,364
Restricted cash		0	3,710
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
Securities purchased under agreements to resell			22,000
Investments in unconsolidated entities		88	74
Other assets		26,073	34,214
Intangible assets		0	0
Deferred tax assets, net		1,541,759	1,712,853
Investments in subsidiaries and intercompany accounts, net		5,222,327	4,963,831
Total assets		6,790,247	6,744,136
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities		83,632	71,874
Income tax liabilities		50,906	48,747
Financial Services debt		0	0
Term loan		500,000
Senior notes		1,584,104	1,818,561
Total liabilities		2,218,642	1,939,182
Total shareholders' equity		4,571,605	4,804,954
Total liabilities and shareholders' equity		6,790,247	6,744,136
Guarantor Subsidiaries
ASSETS
Cash and equivalents		688,224	1,157,307	1,169,490	1,188,999
Restricted cash		24,942	1,513
House and land inventory		5,240,932	4,391,445
Land held for sale		84,096	100,156
Land, not owned, under option agreements		102,548	30,186
Residential mortgage loans available-for-sale		0	0
Securities purchased under agreements to resell			0
Investments in unconsolidated entities		36,955	36,126
Other assets		516,775	421,145
Intangible assets		113,440	123,115
Deferred tax assets, net		13	15
Investments in subsidiaries and intercompany accounts, net		286,642	967,032
Total assets		7,094,567	7,228,040
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities		1,715,283	1,514,954
Income tax liabilities		0	(25)
Financial Services debt		0	0
Term loan		0
Senior notes		0	0
Total liabilities		1,715,283	1,514,929
Total shareholders' equity		5,379,284	5,713,111
Total liabilities and shareholders' equity		7,094,567	7,228,040
Non-Guarantor Subsidiaries
ASSETS
Cash and equivalents		45,929	128,101	51,465	128,966
Restricted cash		1,000	11,135
House and land inventory		0	655
Land held for sale		1,034	1,034
Land, not owned, under option agreements		0	0
Residential mortgage loans available-for-sale		270,658	339,531
Securities purchased under agreements to resell			(22,000)
Investments in unconsolidated entities		4,466	4,168
Other assets		95,114	57,673
Intangible assets		0	0
Deferred tax assets, net		7,532	7,800
Investments in subsidiaries and intercompany accounts, net		6,100,670	6,359,441
Total assets		6,526,403	6,887,538
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities		188,540	170,104
Income tax liabilities		0	0
Financial Services debt		107,508	140,241
Term loan		0
Senior notes		0	0
Total liabilities		296,048	310,345
Total shareholders' equity		6,230,355	6,577,193
Total liabilities and shareholders' equity		6,526,403	6,887,538
Eliminating Entries
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
Securities purchased under agreements to resell			0
Investments in unconsolidated entities		0	0
Other assets		0	0
Intangible assets		0	0
Deferred tax assets, net		0	0
Investments in subsidiaries and intercompany accounts, net		(11,609,639)	(12,290,304)
Total assets		(11,609,639)	(12,290,304)
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities		0	0
Income tax liabilities		0	0
Financial Services debt		0	0
Term loan		0
Senior notes		0	0
Total liabilities		0	0
Total shareholders' equity		(11,609,639)	(12,290,304)
Total liabilities and shareholders' equity		$ (11,609,639)	$ (12,290,304)
[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 Inform51

Supplemental Guarantor Information (Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Homebuilding
Home sale revenues	$ 1,464,131	$ 1,551,226	$ 3,795,366	$ 3,885,703
Land sale revenues	3,649	10,047	27,651	24,558
Total homebuilding revenues	1,467,780	1,561,273	3,823,017	3,910,261
Financial Services	38,967	33,452	97,319	89,544
Total revenues	1,506,747	1,594,725	3,920,336	3,999,805
Homebuilding Cost of Revenues:
Home sale cost of revenues	1,118,874	1,195,369	2,913,299	2,976,665
Land sale cost of revenues	3,301	3,539	21,992	15,382
Total cost of revenues	1,122,175	1,198,908	2,935,291	2,992,047
Financial Services expenses	24,602	22,623	67,909	48,058
Selling, general and administrative expenses	159,361	147,136	450,793	521,791
Other expense (income), net	23,826	2,406	29,962	25,561
Interest income	(504)	(1,205)	(2,458)	(3,431)
Interest expense	203	210	598	625
Equity in earnings of unconsolidated entities	(2,192)	(281)	(4,464)	(7,483)
Intercompany interest	0	0	0	0
Income (loss) before income taxes and equity in income (loss) of subsidiaries	179,276	224,928	442,705	422,637
Income tax expense (benefit)	71,507	84,383	176,643	165,393
Income (loss) before equity in income (loss) of subsidiaries	107,769	140,545	266,062	257,244
Equity in income (loss) of subsidiaries	0	0	0	0
Net income	107,769	140,545	266,062	257,244
Other comprehensive income	21	21	63	82
Comprehensive income (loss)	107,790	140,566	266,125	257,326
PulteGroup, Inc.
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	13	195	300	591
Selling, general and administrative expenses	0	0	0	0
Other expense (income), net	0	(16)	(9)	8,538
Interest income	0	(93)	(3)	(332)
Interest expense	203	210	598	625
Equity in earnings of unconsolidated entities	(1)	(2)	(14)	(7)
Intercompany interest	594	4,190	1,537	5,010
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(809)	(4,484)	(2,409)	(14,425)
Income tax expense (benefit)	(307)	(1,764)	(917)	(5,640)
Income (loss) before equity in income (loss) of subsidiaries	(502)	(2,720)	(1,492)	(8,785)
Equity in income (loss) of subsidiaries	108,271	143,265	267,554	266,029
Net income	107,769	140,545	266,062	257,244
Other comprehensive income	21	21	63	82
Comprehensive income (loss)	107,790	140,566	266,125	257,326
Guarantor Subsidiaries
Homebuilding
Home sale revenues	1,464,131	1,551,226	3,795,366	3,885,703
Land sale revenues	3,649	10,047	27,651	24,558
Total homebuilding revenues	1,467,780	1,561,273	3,823,017	3,910,261
Financial Services	0	154	0	888
Total revenues	1,467,780	1,561,427	3,823,017	3,911,149
Homebuilding Cost of Revenues:
Home sale cost of revenues	1,118,874	1,195,369	2,913,299	2,976,665
Land sale cost of revenues	3,301	3,539	21,992	15,382
Total cost of revenues	1,122,175	1,198,908	2,935,291	2,992,047
Financial Services expenses	(13)	(102)	(274)	56
Selling, general and administrative expenses	158,975	146,642	449,261	520,513
Other expense (income), net	23,796	2,194	30,040	16,290
Interest income	(504)	(1,080)	(2,461)	(3,046)
Interest expense	0	0	0	0
Equity in earnings of unconsolidated entities	(2,025)	(205)	(3,877)	(7,295)
Intercompany interest	2,039	(1,666)	5,886	2,281
Income (loss) before income taxes and equity in income (loss) of subsidiaries	163,337	216,736	409,151	390,303
Income tax expense (benefit)	65,347	81,157	163,713	152,750
Income (loss) before equity in income (loss) of subsidiaries	97,990	135,579	245,438	237,553
Equity in income (loss) of subsidiaries	9,913	7,518	21,586	28,670
Net income	107,903	143,097	267,024	266,223
Other comprehensive income	0	0	0	0
Comprehensive income (loss)	107,903	143,097	267,024	266,223
Non-Guarantor Subsidiaries
Homebuilding
Home sale revenues	0	0	0	0
Land sale revenues	0	0	0	0
Total homebuilding revenues	0	0	0	0
Financial Services	38,967	33,298	97,319	88,656
Total revenues	38,967	33,298	97,319	88,656
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	24,602	22,530	67,883	47,411
Selling, general and administrative expenses	386	494	1,532	1,278
Other expense (income), net	30	228	(69)	733
Interest income	0	(32)	6	(53)
Interest expense	0	0	0	0
Equity in earnings of unconsolidated entities	(166)	(74)	(573)	(181)
Intercompany interest	(2,633)	(2,524)	(7,423)	(7,291)
Income (loss) before income taxes and equity in income (loss) of subsidiaries	16,748	12,676	35,963	46,759
Income tax expense (benefit)	6,467	4,990	13,847	18,283
Income (loss) before equity in income (loss) of subsidiaries	10,281	7,686	22,116	28,476
Equity in income (loss) of subsidiaries	82,484	100,513	227,143	209,648
Net income	92,765	108,199	249,259	238,124
Other comprehensive income	0	0	0	0
Comprehensive income (loss)	92,765	108,199	249,259	238,124
Eliminating Entries
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	0	0	0	0
Selling, general and administrative expenses	0	0	0	0
Other expense (income), net	0	0	0	0
Interest income	0	0	0	0
Interest expense	0	0	0	0
Equity in earnings of unconsolidated entities	0	0	0	0
Intercompany interest	0	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	0
Income (loss) before equity in income (loss) of subsidiaries	0	0	0	0
Equity in income (loss) of subsidiaries	(200,668)	(251,296)	(516,283)	(504,347)
Net income	(200,668)	(251,296)	(516,283)	(504,347)
Other comprehensive income	0	0	0	0
Comprehensive income (loss)	$ (200,668)	$ (251,296)	$ (516,283)	$ (504,347)

Supplemental Guarantor Inform52

Supplemental Guarantor Information (Statement Of Cash Flows) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Net cash provided by (used in) operating activities	$ (246,812)	$ 201,835
Cash flows from investing activities:
Change in restricted cash related to letters of credit	3,710	48,401
Capital expenditures	(34,049)	(41,888)
Cash used for business acquisition	0	(77,469)
Other investing activities, net	9,959	1,360
Net cash provided by (used in) investing activities	(20,380)	(69,596)
Cash flows from financing activities:
Financial Services borrowings (repayments)	(32,733)	(34,070)
Proceeds from debt issuance	500,000	0
Repayments of debt	(238,520)	(250,631)
Borrowings under revolving credit facility	125,000	0
Repayments under revolving credit facility	(125,000)	0
Stock option exercises	10,371	6,034
Share repurchases	(442,738)	(155,140)
Dividends paid	(87,897)	(56,944)
Intercompany activities, net	0	0
Net cash provided by (used in) financing activities	(291,517)	(490,751)
Net increase (decrease) in cash and equivalents	(558,709)	(358,512)
Cash and equivalents at beginning of period	1,292,862	1,580,329
Cash and equivalents at end of period	734,153	1,221,817
PulteGroup, Inc.
Net cash provided by (used in) operating activities	162,645	265,107
Cash flows from investing activities:
Change in restricted cash related to letters of credit	3,710	48,401
Capital expenditures	0	0
Cash used for business acquisition		0
Other investing activities, net	0	0
Net cash provided by (used in) investing activities	3,710	48,401
Cash flows from financing activities:
Financial Services borrowings (repayments)	0	0
Proceeds from debt issuance	500,000
Repayments of debt	(237,994)	(249,765)
Borrowings under revolving credit facility	125,000
Repayments under revolving credit facility	(125,000)
Stock option exercises	10,371	6,034
Share repurchases	(442,738)	(155,140)
Dividends paid	(87,897)	(56,944)
Intercompany activities, net	84,449	(119,195)
Net cash provided by (used in) financing activities	(173,809)	(575,010)
Net increase (decrease) in cash and equivalents	(7,454)	(261,502)
Cash and equivalents at beginning of period	7,454	262,364
Cash and equivalents at end of period	0	862
Guarantor Subsidiaries
Net cash provided by (used in) operating activities	(468,838)	(73,268)
Cash flows from investing activities:
Change in restricted cash related to letters of credit	0	0
Capital expenditures	(31,197)	(39,025)
Cash used for business acquisition		(77,469)
Other investing activities, net	785	7,710
Net cash provided by (used in) investing activities	(30,412)	(108,784)
Cash flows from financing activities:
Financial Services borrowings (repayments)	0	0
Proceeds from debt issuance	0
Repayments of debt	(526)	(866)
Borrowings under revolving credit facility	0
Repayments under revolving credit facility	0
Stock option exercises	0	0
Share repurchases	0	0
Dividends paid	0	0
Intercompany activities, net	30,693	163,409
Net cash provided by (used in) financing activities	30,167	162,543
Net increase (decrease) in cash and equivalents	(469,083)	(19,509)
Cash and equivalents at beginning of period	1,157,307	1,188,999
Cash and equivalents at end of period	688,224	1,169,490
Non-Guarantor Subsidiaries
Net cash provided by (used in) operating activities	59,381	9,996
Cash flows from investing activities:
Change in restricted cash related to letters of credit	0	0
Capital expenditures	(2,852)	(2,863)
Cash used for business acquisition		0
Other investing activities, net	9,174	(6,350)
Net cash provided by (used in) investing activities	6,322	(9,213)
Cash flows from financing activities:
Financial Services borrowings (repayments)	(32,733)	(34,070)
Proceeds from debt issuance	0
Repayments of debt	0	0
Borrowings under revolving credit facility	0
Repayments under revolving credit facility	0
Stock option exercises	0	0
Share repurchases	0	0
Dividends paid	0	0
Intercompany activities, net	(115,142)	(44,214)
Net cash provided by (used in) financing activities	(147,875)	(78,284)
Net increase (decrease) in cash and equivalents	(82,172)	(77,501)
Cash and equivalents at beginning of period	128,101	128,966
Cash and equivalents at end of period	45,929	51,465
Eliminating Entries
Net cash provided by (used in) operating activities	0	0
Cash flows from investing activities:
Change in restricted cash related to letters of credit	0	$ 0
Capital expenditures	0
Cash used for business acquisition		$ 0
Other investing activities, net	0	0
Net cash provided by (used in) investing activities	0	0
Cash flows from financing activities:
Financial Services borrowings (repayments)	0	0
Proceeds from debt issuance	0
Repayments of debt	0	0
Borrowings under revolving credit facility	0
Repayments under revolving credit facility	0
Stock option exercises	0	0
Share repurchases	0	0
Dividends paid	0	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