PulteGroup (PHM) 10-Q 21 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2016	Apr. 15, 2016
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	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		346,032,239

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and equivalents	$ 995,696	$ 754,161
Restricted cash	22,419	21,274
House and land inventory	6,202,479	5,450,058
Land held for sale	85,017	81,492
Residential mortgage loans available-for-sale	290,578	442,715
Investments in unconsolidated entities	53,090	41,267
Other assets	686,163	660,835
Intangible assets	163,185	110,215
Deferred tax assets, net	1,344,853	1,394,879
Total assets	9,843,480	8,956,896
Liabilities:
Accounts payable	331,932	327,725
Customer deposits	223,692	186,141
Accrued and other liabilities	1,294,892	1,284,273
Income tax liabilities	33,460	57,050
Financial Services debt	118,614	267,877
Term loan	498,817	498,423
Senior notes	2,568,546	1,576,082
Total liabilities	5,069,953	4,197,571
Shareholders' equity	4,773,527	4,759,325
Total liabilities and shareholders' equity	$ 9,843,480	$ 8,956,896

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Homebuilding
Home sale revenues	$ 1,394,243	$ 1,088,158
Land sale revenues	2,487	17,542
Total homebuilding revenues	1,396,730	1,105,700
Financial Services	35,848	27,598
Consolidated revenues	1,432,578	1,133,298
Homebuilding Cost of Revenues:
Home sale cost of revenues	1,089,329	841,145
Land sale cost of revenues	2,028	13,378
Total cost of revenues	1,091,357	854,523
Financial Services expenses	26,119	22,541
Selling, general, and administrative expenses	191,015	161,312
Other expense (income), net	5,874	(883)
Income before income taxes	118,213	95,805
Income tax expense	34,913	40,834
Net income	$ 83,300	$ 54,971
Per share:
Basic earnings (usd per share)	$ 0.24	$ 0.15
Diluted earnings (usd per share)	0.24	0.15
Cash dividends declared (usd per share)	$ 0.09	$ 0.08
Number of shares used in calculation:
Basic shares outstanding (shares)	347,815	366,748
Effect of dilutive securities (shares)	2,662	3,362
Diluted shares outstanding (shares)	350,477	370,110

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income	$ 83,300	$ 54,971
Other comprehensive income, net of tax:
Change in value of derivatives	21	21
Other comprehensive income	21	21
Comprehensive income	$ 83,321	$ 54,992

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, 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)		564
Stock option exercises	6,596	$ 6	6,590
Stock issuances, net of cancellations (shares)		358
Stock issuances, net of cancellations	7,423	$ 3	7,420
Dividends declared	(29,449)		0		(29,449)
Share repurchases	(107,955)	$ (50)			(107,905)
Share repurchases (shares)		(4,954)
Share-based compensation	5,662		5,662		0
Excess tax benefits (deficiencies) from share-based awards	(229)		(229)
Net income	54,971				54,971
Other comprehensive income	21			21
Shareholders' Equity end of period at Mar. 31, 2015	4,741,994	$ 3,654	3,092,439	(669)	1,646,570
Shareholders' Equity, shares end of period (shares) at Mar. 31, 2015		365,427
Shareholders' Equity beginning of period at Dec. 31, 2015	4,759,325	$ 3,491	3,093,802	(609)	1,662,641
Shareholders' Equity, shares beginning of period (shares) at Dec. 31, 2015		349,149
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (shares)		4
Stock option exercises	52	$ 0	52
Stock issuances, net of cancellations (shares)		456
Stock issuances, net of cancellations	8,856	$ 4	8,852
Dividends declared	(31,459)		0		(31,459)
Share repurchases	(52,745)	$ (32)			(52,713)
Share repurchases (shares)		(3,226)
Share-based compensation	6,635		6,635
Excess tax benefits (deficiencies) from share-based awards	(458)		(458)
Net income	83,300				83,300
Other comprehensive income	21			21
Shareholders' Equity end of period at Mar. 31, 2016	$ 4,773,527	$ 3,463	$ 3,108,883	$ (588)	$ 1,661,769
Shareholders' Equity, shares end of period (shares) at Mar. 31, 2016		346,383

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 83,300	$ 54,971
Adjustments to reconcile net income to net cash from operating activities:
Deferred income tax expense	50,026	40,805
Depreciation and amortization	13,113	11,062
Share-based compensation expense	9,355	8,280
Other, net	4,447	4,810
Increase (decrease) in cash due to:
Restricted cash	(1,145)	(1,686)
Inventories	(381,910)	(230,993)
Residential mortgage loans available-for-sale	151,886	119,976
Other assets	(25,133)	(3,830)
Accounts payable, accrued and other liabilities	31,999	(28,792)
Net cash provided by (used in) operating activities	(64,062)	(25,397)
Cash flows from investing activities:
Capital expenditures	(9,460)	(14,517)
Cash used for business acquisition	(430,011)	0
Other investing activities, net	(12,281)	4,632
Net cash used in investing activities	(451,752)	(9,885)
Cash flows from financing activities:
Proceeds from debt issuance	991,575	0
Repayments of debt	(702)	0
Borrowings under revolving credit facility	220,000	0
Repayments under revolving credit facility	(220,000)	0
Financial Services borrowings (repayments)	(149,263)	(72,678)
Stock option exercises	52	6,596
Share repurchases	(52,745)	(107,955)
Dividends paid	(31,568)	(29,616)
Net cash provided by (used in) financing activities	757,349	(203,653)
Net increase (decrease) in cash and equivalents	241,535	(238,935)
Cash and equivalents at beginning of period	754,161	1,292,862
Cash and equivalents at end of period	995,696	1,053,927
Supplemental Cash Flow Information:
Interest paid (capitalized), net	(23,124)	(21,412)
Income taxes paid (refunded), net	$ 1,212	$ (1,997)

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	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, 2015 . Business acquisition We acquired substantially all of the assets of JW Homes ("Wieland") in January 2016, for approximately $ 430 million in cash and the assumption of certain payables related to such assets. The acquired net assets were located in Atlanta, Charleston, Charlotte, Nashville, and Raleigh, and included approximately 7,000 lots, including 375 homes in inventory, and control of approximately 1,300 lots through land option contracts. We also assumed a sales order backlog of 317 homes. The acquired net assets were recorded at their estimated fair values and provisionally resulted in goodwill of $38.3 million and separately identifiable intangible assets of $18.0 million comprised of the John Wieland Homes and Neighborhoods tradename, which is being amortized over a 20 -year life. The acquisition of these assets was not material to our results of operations or financial condition. 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. Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation, including the adoption in January 2016 of Accounting Standards Update ("ASU") 2015-03, “Interest - Imputation of Interest,” which changes the presentation of debt issuance costs in the balance sheet from an asset to a direct reduction of the carrying amount of the related debt. The adoption of this guidance resulted in the reclassification of applicable unamortized debt issuance costs from other assets to senior notes and term loan. See Note 4 . Subsequent events We evaluated subsequent events up until the time the financial statements were filed with the Securities and Exchange Commission ("SEC"). Other expense (income), net Other expense (income), net consists of the following ($000’s omitted): Three Months Ended March 31, 2016 2015 Write-off of deposits and pre-acquisition costs $ 3,041 $ 1,869 Amortization of intangible assets 3,450 3,225 Interest income (923 ) (1,099 ) Interest expense 174 187 Equity in earnings of unconsolidated entities (170 ) (1,107 ) Miscellaneous, net 302 (3,958 ) $ 5,874 $ (883 ) 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 diluted earnings per share calculation excluded 2.3 million and 4.8 million potentially dilutive instruments, including stock options, unvested restricted shares and restricted share units for the three months ended March 31, 2016 and 2015 , 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 March 31, 2016 2015 Numerator: Net income $ 83,300 $ 54,971 Less: earnings distributed to participating securities (285 ) (188 ) Less: undistributed earnings allocated to participating securities (404 ) (166 ) Numerator for basic earnings per share $ 82,611 $ 54,617 Add back: undistributed earnings allocated to participating securities 404 166 Less: undistributed earnings reallocated to participating securities (401 ) (165 ) Numerator for diluted earnings per share $ 82,614 $ 54,618 Denominator: Basic shares outstanding 347,815 366,748 Effect of dilutive securities 2,662 3,362 Diluted shares outstanding 350,477 370,110 Earnings per share: Basic $ 0.24 $ 0.15 Diluted $ 0.24 $ 0.15 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 . At March 31, 2016 and December 31, 2015 , residential mortgage loans available-for-sale had an aggregate fair value of $290.6 million and $442.7 million , respectively, and an aggregate outstanding principal balance of $279.4 million and $429.6 million , respectively. The net gain resulting from changes in fair value of these loans totaled $1.0 million and $0.1 million for the three months ended March 31, 2016 and 2015 , respectively. 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 $21.5 million and $16.2 million for the three months ended March 31, 2016 and 2015 , respectively. Derivative instruments and hedging activities We are party to interest rate lock commitments with customers resulting from our mortgage origination operations. At March 31, 2016 and December 31, 2015 , we had aggregate interest rate lock commitments of $257.3 million and $208.2 million , respectively, which were originated at interest rates prevailing at the date of commitment. We are also party to forward contracts on mortgage-backed securities, which are commitments to either purchase or sell a specified financial instrument at a specified future date for a specified price. 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 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 March 31, 2016 and December 31, 2015 , we had unexpired forward contracts of $469.7 million and $525.0 million , respectively, and whole loan investor commitments of $38.0 million and $77.6 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 60 days. The fair values of derivative instruments and their locations in the Condensed Consolidated Balance Sheets are summarized below ($000’s omitted): March 31, 2016 December 31, 2015 Other Assets Accrued and Other Liabilities Other Assets Accrued and Other Liabilities Interest rate lock commitments $ 9,032 $ 133 $ 5,854 $ 280 Forward contracts 167 3,340 1,178 840 Whole loan commitments 72 167 358 345 $ 9,271 $ 3,640 $ 7,390 $ 1,465 New accounting pronouncements In May 2014, the FASB issued ASU 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 annual 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 August 2014, the FASB issued ASU 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 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"), which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. ASU 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. We are currently evaluating the impact that the standard will have on our financial statements. In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" ("ASU 2019-09"), which includes multiple amendments intended to simplify aspects of share-based payment accounting. ASU 2016-09 will be effective for annual reporting periods beginning after December 15, 2016, and early adoption is permitted. Amendments to the timing of when excess tax benefits are recognized, minimum statutory withholding requirements, and forfeitures will be applied using a modified retrospective transition method through a cumulative-effect adjustment to equity as of the beginning of the period of adoption. Amendments to the presentation of employee taxes paid on the statement of cash flows when an employer withholds shares to meet the minimum statutory withholding requirement will be applied retrospectively, and amendments requiring the recognition of excess tax benefits and tax deficiencies in the income statement are to be applied prospectively. We are currently evaluating the impact that the standard will have on our financial statements.

Inventory

Inventory	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Inventory and Land Held for Sale	Inventory Major components of inventory were as follows ($000’s omitted): March 31, December 31, Homes under construction $ 1,821,322 $ 1,408,260 Land under development 3,568,201 3,259,066 Raw land 812,956 782,732 $ 6,202,479 $ 5,450,058 We capitalize interest cost into inventory during the active development and construction of our communities. 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 March 31, 2016 2015 Interest in inventory, beginning of period $ 149,498 $ 167,638 Interest capitalized 35,284 30,803 Interest expensed (26,129 ) (31,554 ) Interest in inventory, end of period $ 158,653 $ 166,887 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. No VIEs required consolidation at either March 31, 2016 or December 31, 2015 because we determined that we were not the VIE's primary beneficiary. Our maximum exposure to loss related to these VIEs is generally limited to our deposits and pre-acquisition costs under the land option agreements. The following provides a summary of our interests in land option agreements as of March 31, 2016 and December 31, 2015 ($000’s omitted): March 31, 2016 December 31, 2015 Deposits and Remaining Purchase Deposits and Remaining Purchase Land options with VIEs $ 91,777 $ 1,152,369 $ 77,641 $ 1,064,506 Other land options 91,254 1,134,743 84,478 981,687 $ 183,031 $ 2,287,112 $ 162,119 $ 2,046,193

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
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, Virginia Southeast: Georgia, North Carolina, South Carolina, Tennessee Florida: Florida Midwest: Illinois, Indiana, Kentucky, Michigan, Minnesota, Missouri, Ohio Texas: Texas West: Arizona, California, Nevada, New Mexico, Washington We also have a reportable segment for our Financial Services operations, which consist principally of mortgage banking and title operations and operate generally in the same markets as the Homebuilding segments. Operating Data by Segment ($000’s omitted) Three Months Ended March 31, 2016 2015 Revenues: Northeast $ 118,654 $ 111,153 Southeast (a) 294,426 185,788 Florida 269,841 203,062 Midwest 189,892 178,652 Texas 213,292 177,499 West 310,625 249,546 1,396,730 1,105,700 Financial Services 35,848 27,598 Consolidated revenues $ 1,432,578 $ 1,133,298 Income before income taxes: Northeast $ 9,590 $ 9,527 Southeast (a) 19,770 24,624 Florida 40,302 33,224 Midwest 5,620 1,180 Texas 28,517 22,791 West 33,507 31,079 Other homebuilding (b) (28,873 ) (31,677 ) 108,433 90,748 Financial Services 9,780 5,057 Consolidated income before income taxes $ 118,213 $ 95,805 (a) Southeast includes the acquisition in January 2016 of substantially all of the assets of Wieland (see Note 1 ). (b) Other homebuilding includes the amortization of intangible assets, amortization of capitalized interest, and other items not allocated to the operating segments. Operating Data by Segment ($000's omitted) March 31, 2016 Homes Under Land Under Raw Land Total Total Northeast $ 178,697 $ 293,122 $ 122,359 $ 594,178 $ 724,862 Southeast (a) 374,347 544,577 203,394 1,122,318 1,274,358 Florida 253,262 630,859 80,526 964,647 1,079,826 Midwest 257,042 413,194 68,931 739,167 801,961 Texas 217,893 353,206 97,754 668,853 757,559 West 517,537 1,139,387 215,118 1,872,042 2,074,250 Other homebuilding (b) 22,544 193,856 24,874 241,274 2,773,441 1,821,322 3,568,201 812,956 6,202,479 9,486,257 Financial Services — — — — 357,223 $ 1,821,322 $ 3,568,201 $ 812,956 $ 6,202,479 $ 9,843,480 December 31, 2015 Homes Under Land Under Raw Land Total Total Northeast $ 163,173 $ 292,631 $ 121,522 $ 577,326 $ 688,610 Southeast (a) 196,456 367,577 139,246 703,279 765,933 Florida 227,910 574,092 97,185 899,187 1,013,543 Midwest 197,738 414,386 68,918 681,042 734,834 Texas 191,424 317,702 107,737 616,863 691,342 West 413,208 1,094,112 222,920 1,730,240 1,924,958 Other homebuilding (b) 18,351 198,566 25,204 242,121 2,628,687 1,408,260 3,259,066 782,732 5,450,058 8,447,907 Financial Services — — — — 508,989 $ 1,408,260 $ 3,259,066 $ 782,732 $ 5,450,058 $ 8,956,896 (a) Southeast includes the acquisition in January 2016 of substantially all of the assets of Wieland (see Note 1 ). (b) 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. 3. 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, Virginia Southeast: Georgia, North Carolina, South Carolina, Tennessee Florida: Florida Midwest: Illinois, Indiana, Kentucky, Michigan, Minnesota, Missouri, Ohio Texas: Texas West: Arizona, California, Nevada, New Mexico, Washington We also have a reportable segment for our Financial Services operations, which consist principally of mortgage banking and title operations and operate generally in the same markets as the Homebuilding segments.

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt Senior notes Our senior notes are summarized as follows ($000’s omitted): March 31, December 31, 6.500% unsecured senior notes due May 2016 (a) 465,245 465,245 7.625% unsecured senior notes due October 2017 (b) 123,000 123,000 4.250% unsecured senior notes due March 2021 (a) 300,000 — 5.500% unsecured senior notes due March 2026 (a) 700,000 — 7.875% unsecured senior notes due June 2032 (a) 300,000 300,000 6.375% unsecured senior notes due May 2033 (a) 400,000 400,000 6.000% unsecured senior notes due February 2035 (a) 300,000 300,000 Net premiums, discounts, and issuance costs (c) (19,699 ) (12,163 ) Total senior notes $ 2,568,546 $ 1,576,082 Estimated fair value $ 2,663,408 $ 1,643,651 (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 carrying value of senior notes reflects the impact of premiums, discounts, and issuance costs that are amortized to interest cost over the respective terms of the senior notes. As discussed in Note 1 , we adopted ASU 2015-03 in January 2016. We applied the new guidance retrospectively to all prior periods presented in the financial statements to conform to the 2016 presentation. As a result, $10.3 million of debt issuance costs at December 31, 2015 , were reclassified from other assets to a reduction in senior notes. On February 25, 2016 , we issued $1.0 billion of senior unsecured notes, consisting of $300 million of 4.25% senior notes due March 1, 2021 , and $700 million of 5.50% senior notes due March 1, 2026 . Similar to the other senior note series reflected in the above table, these notes are irrevocably and unconditionally guaranteed on a senior basis, jointly and severally, by certain of our wholly-owned subsidiaries. The notes and the guarantees are senior unsecured obligations and rank equally in right of payment with the existing and future senior unsecured indebtedness of the Company and each of the guarantors, respectively. The notes are redeemable at our option at any time up to the date of maturity. Revolving credit facility We maintain a senior unsecured revolving credit facility (the “Revolving Credit Facility”) that matures 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. We had no borrowings outstanding and $213.4 million and $191.3 million of letters of credit issued under the Revolving Credit Facility at March 31, 2016 and December 31, 2015 , respectively. 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 March 31, 2016 , 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 March 31, 2016 , 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 $36.3 million at March 31, 2016 and $35.3 million at December 31, 2015 . These notes have maturities ranging up to six years, are collateralized by the 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 that expires in September 2016 . The Repurchase Agreement's borrowing capacity was $310.0 million through January 18, 2016, after which it decreased to $175.0 million through July 28, 2016, after which it increases to $200.0 million . 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 $118.6 million and $267.9 million outstanding under the Repurchase Agreement at March 31, 2016 and December 31, 2015 , respectively, and was in compliance with all of its covenants and requirements as of such dates.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ equity During the three months ended March 31, 2016 , we declared cash dividends totaling $31.5 million and repurchased 3.1 million shares under our repurchase authorization for a total of $50.0 million . At March 31, 2016 , we had remaining authorization to repurchase $554.8 million of common shares. During the three months ended March 31, 2015 , we declared cash dividends totaling $29.4 million and repurchased 4.6 million shares under our repurchase authorization for a total of $99.6 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 three months ended March 31, 2016 and 2015 , employees surrendered shares valued at $2.7 million and $8.3 million , respectively, under these plans. Such share transactions are excluded from the above noted share repurchase authorization.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income taxes Our effective tax rate for the three months ended March 31, 2016 and 2015 was 29.5% , and 42.6% , respectively. Our effective tax rate for the current year differed from the federal statutory tax rate primarily due to the favorable resolution of certain state income tax matters. For the prior year, our effective tax rate differed from the federal statutory tax rate primarily due to state income taxes and an adjustment to deferred taxes due to changes in state laws and business operations. At March 31, 2016 and December 31, 2015, we had deferred tax assets, net of deferred tax liabilities and valuation allowance, of $1.3 billion and $1.4 billion , respectively. 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. 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 March 31, 2016 and December 31, 2015, we had $22.5 million and $39.0 million , respectively, of gross unrecognized tax benefits and $11.8 million and $17.2 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 $18.5 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 2005 to 2016 .

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2016
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 March 31, December 31, Measured at fair value on a recurring basis: Residential mortgage loans available-for-sale Level 2 $ 290,578 $ 442,715 Interest rate lock commitments Level 2 8,899 5,574 Forward contracts Level 2 (3,173 ) 338 Whole loan commitments Level 2 (95 ) 13 Measured at fair value on a non-recurring basis: House and land inventory Level 3 $ — $ 11,052 Disclosed at fair value: Cash and equivalents (including restricted cash) Level 1 $ 1,018,115 $ 775,435 Financial Services debt Level 2 118,614 267,877 Term loan Level 2 500,000 500,000 Senior notes Level 2 2,663,408 1,643,651 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 $2.6 billion and $1.6 billion at March 31, 2016 and December 31, 2015 , respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
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. Determining the liabilities for anticipated losses requires a significant level of management judgment. 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 March 31, 2016 2015 Liabilities, beginning of period $ 46,381 $ 58,222 Reserves provided (released), net 866 58 Payments (154 ) (54 ) Liabilities, end of period $ 47,093 $ 58,226 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 $213.4 million and $1.1 billion , respectively, at March 31, 2016 , and $191.3 million and $1.0 billion , respectively, at December 31, 2015 . 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 projects that have 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. 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 and in limited instances exceeding 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 March 31, 2016 2015 Warranty liabilities, beginning of period $ 61,360 $ 65,389 Reserves provided 12,319 8,841 Payments (12,743 ) (16,829 ) Warranty liabilities, end of period $ 60,936 $ 57,401 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 us. Policies issued by the captive insurance subsidiaries represent self-insurance of these risks by us. 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 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. Our recorded reserves for all such claims totaled $693.0 million and $692.1 million at March 31, 2016 and December 31, 2015 , 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 65% of the total general liability reserves at both March 31, 2016 and December 31, 2015 . 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. Housing market conditions have been volatile across most of our markets over the past ten years, and we believe such conditions can affect the frequency and cost of construction defect claims. Additionally, IBNR estimates comprise the majority 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. 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 related and the timing of such losses related to these claims, actual costs could differ significantly from estimated costs. Adjustments to reserves are recorded in the period in which the change in estimate occurs. 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 March 31, 2016 2015 Balance, beginning of period $ 692,053 $ 710,245 Reserves provided, net 19,751 15,832 Payments (18,824 ) (5,310 ) Balance, end of period $ 692,980 $ 720,767 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. Such receivables are recorded in other assets and totaled $135.8 million and $130.2 million at March 31, 2016 and December 31, 2015, respectively. The increase in insurance receivables resulted from the continued progression of insured construction defect claims. Given the complexity inherent with resolving construction defect claims in the homebuilding industry as described above, there generally exists a significant lag between our payment of claims and related reimbursements. Additionally, we are the plaintiff in litigation with certain of our insurance carriers relating to a large portion of the insurance receivables balance. We believe collection of these insurance receivables is probable based on the legal merits of our positions, favorable legal rulings received to date, and our long history of collecting significant amounts of insurance reimbursements related to similar claims. While the outcome of these matters 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.

Supplemental Guarantor Informat

Supplemental Guarantor Information	3 Months Ended
	Mar. 31, 2016
Supplemental Guarantor Information [Abstract]
Supplemental Guarantor Information	Supplemental Guarantor information All of our senior notes are guaranteed jointly and severally on a senior basis by certain of our wholly-owned Homebuilding subsidiaries and certain other wholly-owned subsidiaries (collectively, the “Guarantors”). Such guaranties are full and unconditional. Our subsidiaries, comprising the Financial Services segment along with certain other subsidiaries (collectively, the "Non-Guarantor Subsidiaries"), do not guarantee the senior notes. In accordance with Rule 3-10 of Regulation S-X, supplemental consolidating financial information of the Company, including such information for the Guarantors, is presented below. Investments in subsidiaries are presented using the equity method of accounting. CONDENSED CONSOLIDATING BALANCE SHEET MARCH 31, 2016 ($000’s omitted) Unconsolidated Eliminating Consolidated PulteGroup, Guarantor Non-Guarantor ASSETS Cash and equivalents $ — $ 937,248 $ 58,448 $ — $ 995,696 Restricted cash — 20,937 1,482 — 22,419 House and land inventory — 6,160,236 42,243 — 6,202,479 Land held for sale — 84,507 510 — 85,017 Residential mortgage loans available- for-sale — — 290,578 — 290,578 Investments in unconsolidated entities 97 48,234 4,759 — 53,090 Other assets 23,002 522,693 140,468 — 686,163 Intangible assets — 163,185 — — 163,185 Deferred tax assets, net 1,342,225 — 2,628 — 1,344,853 Investments in subsidiaries and intercompany accounts, net 6,597,500 (754,237 ) 6,491,667 (12,334,930 ) — $ 7,962,824 $ 7,182,803 $ 7,032,783 $ (12,334,930 ) $ 9,843,480 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, customer deposits, accrued and other liabilities $ 88,474 $ 1,569,237 $ 192,805 $ — $ 1,850,516 Income tax liabilities 33,460 — — — 33,460 Financial Services debt — — 118,614 — 118,614 Term loan 498,817 — — — 498,817 Senior notes 2,568,546 — — — 2,568,546 Total liabilities 3,189,297 1,569,237 311,419 — 5,069,953 Total shareholders’ equity 4,773,527 5,613,566 6,721,364 (12,334,930 ) 4,773,527 $ 7,962,824 $ 7,182,803 $ 7,032,783 $ (12,334,930 ) $ 9,843,480 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2015 ($000’s omitted) Unconsolidated Eliminating Consolidated PulteGroup, Guarantor Non-Guarantor ASSETS Cash and equivalents $ — $ 638,602 $ 115,559 $ — $ 754,161 Restricted cash — 20,274 1,000 — 21,274 House and land inventory — 5,450,058 — — 5,450,058 Land held for sale — 80,458 1,034 — 81,492 Residential mortgage loans available- for-sale — — 442,715 — 442,715 Investments in unconsolidated entities 93 36,499 4,675 — 41,267 Other assets 38,991 531,120 90,724 — 660,835 Intangible assets — 110,215 — — 110,215 Deferred tax assets, net 1,392,251 11 2,617 — 1,394,879 Investments in subsidiaries and intercompany accounts, net 5,529,606 465,644 6,293,018 (12,288,268 ) — $ 6,960,941 $ 7,332,881 $ 6,951,342 $ (12,288,268 ) $ 8,956,896 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, customer deposits, accrued and other liabilities $ 70,061 $ 1,558,885 $ 169,193 $ — $ 1,798,139 Income tax liabilities 57,050 — — — 57,050 Financial Services debt — — 267,877 — 267,877 Term loan 498,423 — — — 498,423 Senior notes 1,576,082 — — — 1,576,082 Total liabilities 2,201,616 1,558,885 437,070 — 4,197,571 Total shareholders’ equity 4,759,325 5,773,996 6,514,272 (12,288,268 ) 4,759,325 $ 6,960,941 $ 7,332,881 $ 6,951,342 $ (12,288,268 ) $ 8,956,896 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the three months ended March 31, 2016 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 1,393,259 $ 984 $ — $ 1,394,243 Land sale revenues — 2,010 477 — 2,487 — 1,395,269 1,461 — 1,396,730 Financial Services — — 35,848 — 35,848 — 1,395,269 37,309 — 1,432,578 Homebuilding Cost of Revenues: Home sale cost of revenues — 1,087,165 2,164 — 1,089,329 Land sale cost of revenues — 1,643 385 — 2,028 — 1,088,808 2,549 — 1,091,357 Financial Services expenses — 123 25,996 — 26,119 Selling, general, and administrative expenses — 187,581 3,434 — 191,015 Other expense (income), net 170 9,676 (3,972 ) — 5,874 Intercompany interest 510 2,184 (2,694 ) — — Income (loss) before income taxes and equity in income (loss) of subsidiaries (680 ) 106,897 11,996 — 118,213 Income tax expense (benefit) (263 ) 30,568 4,608 — 34,913 Income (loss) before equity in income (loss) of subsidiaries (417 ) 76,329 7,388 — 83,300 Equity in income (loss) of subsidiaries 83,717 7,010 111,918 (202,645 ) — Net income (loss) 83,300 83,339 119,306 (202,645 ) 83,300 Other comprehensive income 21 — — — 21 Comprehensive income (loss) $ 83,321 $ 83,339 $ 119,306 $ (202,645 ) $ 83,321 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the three months ended March 31, 2015 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 1,088,158 $ — $ — $ 1,088,158 Land sale revenues — 17,542 — — 17,542 — 1,105,700 — — 1,105,700 Financial Services — — 27,598 — 27,598 — 1,105,700 27,598 — 1,133,298 Homebuilding Cost of Revenues: Home sale cost of revenues — 841,145 — — 841,145 Land sale cost of revenues — 13,378 — — 13,378 — 854,523 — — 854,523 Financial Services expenses 187 (168 ) 22,522 — 22,541 Selling, general, and administrative expenses — 160,828 484 — 161,312 Other expense (income), net 174 (708 ) (349 ) — (883 ) Intercompany interest 7,723 (5,422 ) (2,301 ) — — Income (loss) before income taxes and equity in income (loss) of subsidiaries (8,084 ) 96,647 7,242 — 95,805 Income tax expense (benefit) (3,072 ) 41,097 2,809 — 40,834 Income (loss) before equity in income (loss) of subsidiaries (5,012 ) 55,550 4,433 — 54,971 Equity in income (loss) of subsidiaries 59,983 4,337 52,063 (116,383 ) — Net income (loss) 54,971 59,887 56,496 (116,383 ) 54,971 Other comprehensive income 21 — — — 21 Comprehensive income (loss) $ 54,992 $ 59,887 $ 56,496 $ (116,383 ) $ 54,992 CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended March 31, 2016 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) operating activities $ 41,058 $ (255,994 ) $ 150,874 $ — $ (64,062 ) Cash flows from investing activities: Capital expenditures — (8,918 ) (542 ) — (9,460 ) Cash used for business acquisitions — (430,011 ) — — (430,011 ) Other investing activities, net (3 ) (12,731 ) 453 — (12,281 ) Net cash provided by (used in) investing activities (3 ) (451,660 ) (89 ) — (451,752 ) Cash flows from financing activities: Proceeds from debt issuance 991,575 — — — 991,575 Repayments of debt — (702 ) — — (702 ) Borrowings under revolving credit facility 220,000 — — — 220,000 Repayments under revolving credit facility (220,000 ) — — — (220,000 ) Financial Services borrowings (repayments) — — (149,263 ) — (149,263 ) Stock option exercises 52 — — — 52 Share repurchases (52,745 ) — — — (52,745 ) Dividends paid (31,568 ) — — — (31,568 ) Intercompany activities, net (948,369 ) 1,007,002 (58,633 ) — — Net cash provided by (used in) financing activities (41,055 ) 1,006,300 (207,896 ) — 757,349 Net increase (decrease) in cash and equivalents — 298,646 (57,111 ) — 241,535 Cash and equivalents at beginning of period — 638,602 115,559 — 754,161 Cash and equivalents at end of period $ — $ 937,248 $ 58,448 $ — $ 995,696 CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended March 31, 2015 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) operating activities $ 87,624 $ (203,566 ) $ 90,545 $ — $ (25,397 ) Cash flows from investing activities: Capital expenditures — (13,489 ) (1,028 ) — (14,517 ) Other investing activities, net 3,710 5 917 — 4,632 Net cash provided by (used in) investing activities 3,710 (13,484 ) (111 ) — (9,885 ) Cash flows from financing activities: Financial Services borrowings (repayments) — — (72,678 ) — (72,678 ) Stock option exercises 6,596 — — — 6,596 Share repurchases (107,955 ) — — — (107,955 ) Dividends paid (29,616 ) — — — (29,616 ) Intercompany activities, net 32,187 56,487 (88,674 ) — — Net cash provided by (used in) financing activities (98,788 ) 56,487 (161,352 ) — (203,653 ) Net increase (decrease) in cash and equivalents (7,454 ) (160,563 ) (70,918 ) — (238,935 ) Cash and equivalents at beginning of period 7,454 1,157,307 128,101 — 1,292,862 Cash and equivalents at end of period $ — $ 996,744 $ 57,183 $ — $ 1,053,927

Basis of Presentation (Policy)

Basis of Presentation (Policy)	3 Months Ended
	Mar. 31, 2016
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, 2015 .
Business Acquisitions Policy	Business acquisition We acquired substantially all of the assets of JW Homes ("Wieland") in January 2016, for approximately $ 430 million in cash and the assumption of certain payables related to such assets. The acquired net assets were located in Atlanta, Charleston, Charlotte, Nashville, and Raleigh, and included approximately 7,000 lots, including 375 homes in inventory, and control of approximately 1,300 lots through land option contracts. We also assumed a sales order backlog of 317 homes. The acquired net assets were recorded at their estimated fair values and provisionally resulted in goodwill of $38.3 million and separately identifiable intangible assets of $18.0 million comprised of the John Wieland Homes and Neighborhoods tradename, which is being amortized over a 20 -year life. The acquisition of these assets was not material to our results of operations or financial condition.
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.
Reclassification Policy	Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation, including the adoption in January 2016 of Accounting Standards Update ("ASU") 2015-03, “Interest - Imputation of Interest,” which changes the presentation of debt issuance costs in the balance sheet from an asset to a direct reduction of the carrying amount of the related debt. The adoption of this guidance resulted in the reclassification of applicable unamortized debt issuance costs from other assets to senior notes and term loan. See Note 4 .
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 diluted earnings per share calculation excluded 2.3 million and 4.8 million potentially dilutive instruments, including stock options, unvested restricted shares and restricted share units for the three months ended March 31, 2016 and 2015 , 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):
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 . At March 31, 2016 and December 31, 2015 , residential mortgage loans available-for-sale had an aggregate fair value of $290.6 million and $442.7 million , respectively, and an aggregate outstanding principal balance of $279.4 million and $429.6 million , respectively. The net gain resulting from changes in fair value of these loans totaled $1.0 million and $0.1 million for the three months ended March 31, 2016 and 2015 , respectively. 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 $21.5 million and $16.2 million for the three months ended March 31, 2016 and 2015 , respectively.
Derivative Instruments and Hedging Activities Policy	Derivative instruments and hedging activities We are party to interest rate lock commitments with customers resulting from our mortgage origination operations. At March 31, 2016 and December 31, 2015 , we had aggregate interest rate lock commitments of $257.3 million and $208.2 million , respectively, which were originated at interest rates prevailing at the date of commitment. We are also party to forward contracts on mortgage-backed securities, which are commitments to either purchase or sell a specified financial instrument at a specified future date for a specified price. 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 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 March 31, 2016 and December 31, 2015 , we had unexpired forward contracts of $469.7 million and $525.0 million , respectively, and whole loan investor commitments of $38.0 million and $77.6 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 60 days.
New Accounting Pronouncements Policy	New accounting pronouncements In May 2014, the FASB issued ASU 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 annual 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 August 2014, the FASB issued ASU 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 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"), which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. ASU 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. We are currently evaluating the impact that the standard will have on our financial statements. In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" ("ASU 2019-09"), which includes multiple amendments intended to simplify aspects of share-based payment accounting. ASU 2016-09 will be effective for annual reporting periods beginning after December 15, 2016, and early adoption is permitted. Amendments to the timing of when excess tax benefits are recognized, minimum statutory withholding requirements, and forfeitures will be applied using a modified retrospective transition method through a cumulative-effect adjustment to equity as of the beginning of the period of adoption. Amendments to the presentation of employee taxes paid on the statement of cash flows when an employer withholds shares to meet the minimum statutory withholding requirement will be applied retrospectively, and amendments requiring the recognition of excess tax benefits and tax deficiencies in the income statement are to be applied prospectively. We are currently evaluating the impact that the standard will have on our financial statements.
Inventory, Interest Capitalization Policy	We capitalize interest cost into inventory during the active development and construction of our communities. In all periods presented, we capitalized all Homebuilding interest costs into inventory because the level of our active inventory exceeded our debt levels
Fair Value of Financial Instruments Policy	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 March 31, December 31, Measured at fair value on a recurring basis: Residential mortgage loans available-for-sale Level 2 $ 290,578 $ 442,715 Interest rate lock commitments Level 2 8,899 5,574 Forward contracts Level 2 (3,173 ) 338 Whole loan commitments Level 2 (95 ) 13 Measured at fair value on a non-recurring basis: House and land inventory Level 3 $ — $ 11,052 Disclosed at fair value: Cash and equivalents (including restricted cash) Level 1 $ 1,018,115 $ 775,435 Financial Services debt Level 2 118,614 267,877 Term loan Level 2 500,000 500,000 Senior notes Level 2 2,663,408 1,643,651 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	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 and in limited instances exceeding 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):

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Schedule of other expense (income), net	Other expense (income), net consists of the following ($000’s omitted): Three Months Ended March 31, 2016 2015 Write-off of deposits and pre-acquisition costs $ 3,041 $ 1,869 Amortization of intangible assets 3,450 3,225 Interest income (923 ) (1,099 ) Interest expense 174 187 Equity in earnings of unconsolidated entities (170 ) (1,107 ) Miscellaneous, net 302 (3,958 ) $ 5,874 $ (883 )
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 March 31, 2016 2015 Numerator: Net income $ 83,300 $ 54,971 Less: earnings distributed to participating securities (285 ) (188 ) Less: undistributed earnings allocated to participating securities (404 ) (166 ) Numerator for basic earnings per share $ 82,611 $ 54,617 Add back: undistributed earnings allocated to participating securities 404 166 Less: undistributed earnings reallocated to participating securities (401 ) (165 ) Numerator for diluted earnings per share $ 82,614 $ 54,618 Denominator: Basic shares outstanding 347,815 366,748 Effect of dilutive securities 2,662 3,362 Diluted shares outstanding 350,477 370,110 Earnings per share: Basic $ 0.24 $ 0.15 Diluted $ 0.24 $ 0.15
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): March 31, 2016 December 31, 2015 Other Assets Accrued and Other Liabilities Other Assets Accrued and Other Liabilities Interest rate lock commitments $ 9,032 $ 133 $ 5,854 $ 280 Forward contracts 167 3,340 1,178 840 Whole loan commitments 72 167 358 345 $ 9,271 $ 3,640 $ 7,390 $ 1,465

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Components of Inventory	Major components of inventory were as follows ($000’s omitted): March 31, December 31, Homes under construction $ 1,821,322 $ 1,408,260 Land under development 3,568,201 3,259,066 Raw land 812,956 782,732 $ 6,202,479 $ 5,450,058
Capitalized interest rollforward	Information related to interest capitalized into inventory is as follows ($000’s omitted): Three Months Ended March 31, 2016 2015 Interest in inventory, beginning of period $ 149,498 $ 167,638 Interest capitalized 35,284 30,803 Interest expensed (26,129 ) (31,554 ) Interest in inventory, end of period $ 158,653 $ 166,887
Schedule Of Company Interests In Land Option Agreements	The following provides a summary of our interests in land option agreements as of March 31, 2016 and December 31, 2015 ($000’s omitted): March 31, 2016 December 31, 2015 Deposits and Remaining Purchase Deposits and Remaining Purchase Land options with VIEs $ 91,777 $ 1,152,369 $ 77,641 $ 1,064,506 Other land options 91,254 1,134,743 84,478 981,687 $ 183,031 $ 2,287,112 $ 162,119 $ 2,046,193

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Operating Data By Reporting Segment	Operating Data by Segment ($000’s omitted) Three Months Ended March 31, 2016 2015 Revenues: Northeast $ 118,654 $ 111,153 Southeast (a) 294,426 185,788 Florida 269,841 203,062 Midwest 189,892 178,652 Texas 213,292 177,499 West 310,625 249,546 1,396,730 1,105,700 Financial Services 35,848 27,598 Consolidated revenues $ 1,432,578 $ 1,133,298 Income before income taxes: Northeast $ 9,590 $ 9,527 Southeast (a) 19,770 24,624 Florida 40,302 33,224 Midwest 5,620 1,180 Texas 28,517 22,791 West 33,507 31,079 Other homebuilding (b) (28,873 ) (31,677 ) 108,433 90,748 Financial Services 9,780 5,057 Consolidated income before income taxes $ 118,213 $ 95,805
Total Assets And Inventory By Reporting Segment	Operating Data by Segment ($000's omitted) March 31, 2016 Homes Under Land Under Raw Land Total Total Northeast $ 178,697 $ 293,122 $ 122,359 $ 594,178 $ 724,862 Southeast (a) 374,347 544,577 203,394 1,122,318 1,274,358 Florida 253,262 630,859 80,526 964,647 1,079,826 Midwest 257,042 413,194 68,931 739,167 801,961 Texas 217,893 353,206 97,754 668,853 757,559 West 517,537 1,139,387 215,118 1,872,042 2,074,250 Other homebuilding (b) 22,544 193,856 24,874 241,274 2,773,441 1,821,322 3,568,201 812,956 6,202,479 9,486,257 Financial Services — — — — 357,223 $ 1,821,322 $ 3,568,201 $ 812,956 $ 6,202,479 $ 9,843,480 December 31, 2015 Homes Under Land Under Raw Land Total Total Northeast $ 163,173 $ 292,631 $ 121,522 $ 577,326 $ 688,610 Southeast (a) 196,456 367,577 139,246 703,279 765,933 Florida 227,910 574,092 97,185 899,187 1,013,543 Midwest 197,738 414,386 68,918 681,042 734,834 Texas 191,424 317,702 107,737 616,863 691,342 West 413,208 1,094,112 222,920 1,730,240 1,924,958 Other homebuilding (b) 18,351 198,566 25,204 242,121 2,628,687 1,408,260 3,259,066 782,732 5,450,058 8,447,907 Financial Services — — — — 508,989 $ 1,408,260 $ 3,259,066 $ 782,732 $ 5,450,058 $ 8,956,896 (a) Southeast includes the acquisition in January 2016 of substantially all of the assets of Wieland (see Note 1 ). (b) 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.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Senior Notes	Our senior notes are summarized as follows ($000’s omitted): March 31, December 31, 6.500% unsecured senior notes due May 2016 (a) 465,245 465,245 7.625% unsecured senior notes due October 2017 (b) 123,000 123,000 4.250% unsecured senior notes due March 2021 (a) 300,000 — 5.500% unsecured senior notes due March 2026 (a) 700,000 — 7.875% unsecured senior notes due June 2032 (a) 300,000 300,000 6.375% unsecured senior notes due May 2033 (a) 400,000 400,000 6.000% unsecured senior notes due February 2035 (a) 300,000 300,000 Net premiums, discounts, and issuance costs (c) (19,699 ) (12,163 ) Total senior notes $ 2,568,546 $ 1,576,082 Estimated fair value $ 2,663,408 $ 1,643,651 (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 carrying value of senior notes reflects the impact of premiums, discounts, and issuance costs that are amortized to interest cost over the respective terms of the senior notes. As discussed in Note 1 , we adopted ASU 2015-03 in January 2016. We applied the new guidance retrospectively to all prior periods presented in the financial statements to conform to the 2016 presentation. As a result, $10.3 million of debt issuance costs at December 31, 2015 , were reclassified from other assets to a reduction in senior notes.

Fair Value Disclosures Fair Val

Fair Value Disclosures Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, December 31, Measured at fair value on a recurring basis: Residential mortgage loans available-for-sale Level 2 $ 290,578 $ 442,715 Interest rate lock commitments Level 2 8,899 5,574 Forward contracts Level 2 (3,173 ) 338 Whole loan commitments Level 2 (95 ) 13 Measured at fair value on a non-recurring basis: House and land inventory Level 3 $ — $ 11,052 Disclosed at fair value: Cash and equivalents (including restricted cash) Level 1 $ 1,018,115 $ 775,435 Financial Services debt Level 2 118,614 267,877 Term loan Level 2 500,000 500,000 Senior notes Level 2 2,663,408 1,643,651

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Liabilities, beginning of period $ 46,381 $ 58,222 Reserves provided (released), net 866 58 Payments (154 ) (54 ) Liabilities, end of period $ 47,093 $ 58,226
Summary of changes in warranty liability	Changes to warranty liabilities were as follows ($000’s omitted): Three Months Ended March 31, 2016 2015 Warranty liabilities, beginning of period $ 61,360 $ 65,389 Reserves provided 12,319 8,841 Payments (12,743 ) (16,829 ) Warranty liabilities, end of period $ 60,936 $ 57,401
Summary of changes in self-insurance liability	Changes in these liabilities were as follows ($000's omitted): Three Months Ended March 31, 2016 2015 Balance, beginning of period $ 692,053 $ 710,245 Reserves provided, net 19,751 15,832 Payments (18,824 ) (5,310 ) Balance, end of period $ 692,980 $ 720,767

Supplemental Guarantor Inform23

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

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2016USD ($)homelot	Mar. 31, 2016USD ($)shares	Mar. 31, 2015USD ($)shares	Dec. 31, 2015USD ($)
Payments to Acquire Businesses, Gross		$ 430,011	$ 0
Antidilutive securities excluded from computation of earnings per share (shares) | shares		2.3	4.8
Residential mortgage loans available-for-sale fair value		$ 290,578		$ 442,715
Residential mortgage loans available-for-sale aggregate outstanding principal balance		279,400		429,600
Net gain (loss) from change in fair value		1,000	$ 100
Net gains from the sale of mortgages		$ 21,500	$ 16,200
Variability in future cash flows of derivative instruments in days		60 days
Interest rate lock commitments
Derivative, notional amount		$ 257,300		208,200
Forward contracts
Derivative, notional amount		469,700		525,000
Whole loan commitments
Derivative, notional amount		$ 38,000		$ 77,600
JW Homes (Wieland) [Member]
Payments to Acquire Businesses, Gross	$ 430,000
Number of Units in Real Estate Property | lot	7,000
Goodwill	$ 38,300
In Inventory [Member] | JW Homes (Wieland) [Member]
Number of Units in Real Estate Property | home	375
Land Option Contracts [Member] | JW Homes (Wieland) [Member]
Number of Units in Real Estate Property | lot	1,300
Sales Order Backlog [Member] | JW Homes (Wieland) [Member]
Number of Units in Real Estate Property | home	317
Trade Names [Member] | JW Homes (Wieland) [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 18,000
Finite-Lived Intangible Assets, Remaining Amortization Period	20 years

Basis of Presentation (Other Ex

Basis of Presentation (Other Expense (Income), Net) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accounting Policies [Abstract]
Write-off of deposits and pre-acquisition costs	$ 3,041	$ 1,869
Amortization of intangible assets	3,450	3,225
Interest income	(923)	(1,099)
Interest expense	174	187
Equity in earnings of unconsolidated entities	(170)	(1,107)
Miscellaneous, net	302	(3,958)
Other Nonoperating Income (Expense)	$ (5,874)	$ 883

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Earnings per share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator:
Net income	$ 83,300	$ 54,971
Less: earnings distributed to participating securities	(285)	(188)
Less: undistributed earnings allocated to participating securities	(404)	(166)
Numerator for basic earnings per share	82,611	54,617
Add back: undistributed earnings allocated to participating securities	404	166
Less: undistributed earnings reallocated to participating securities	(401)	(165)
Numerator for diluted earnings per share	$ 82,614	$ 54,618
Denominator:
Basic shares outstanding (shares)	347,815	366,748
Effect of dilutive securities (shares)	2,662	3,362
Diluted shares outstanding (shares)	350,477	370,110
Earnings Per Share [Abstract]
Earnings Per Share, Basic (usd per share)	$ 0.24	$ 0.15
Earnings Per Share, Diluted (usd per share)	$ 0.24	$ 0.15

Basis of Presentation (Fair Val

Basis of Presentation (Fair Value Of the Company's Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	$ 9,271	$ 7,390
Accrued and Other Liabilities	3,640	1,465
Interest rate lock commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	9,032	5,854
Accrued and Other Liabilities	133	280
Forward contracts
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	167	1,178
Accrued and Other Liabilities	3,340	840
Whole loan commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	72	358
Accrued and Other Liabilities	$ 167	$ 345

Inventory (Major Components Of

Inventory (Major Components Of Inventory) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Homes under construction	$ 1,821,322	$ 1,408,260
Land under development	3,568,201	3,259,066
Raw land	812,956	782,732
House and land inventory	$ 6,202,479	$ 5,450,058

Inventory (Information Related

Inventory (Information Related To Interest Capitalized Into Homebuilding Inventory) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest in inventory, beginning of period	$ 149,498	$ 167,638
Interest capitalized	35,284	30,803
Interest expensed	(26,129)	(31,554)
Interest in inventory, end of period	$ 158,653	$ 166,887

Inventory (Summary of Interests

Inventory (Summary of Interests in Land Option Agreements) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	$ 183,031	$ 162,119
Remaining Purchase Price	2,287,112	2,046,193
Land options with VIEs
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	91,777	77,641
Remaining Purchase Price	1,152,369	1,064,506
Other Land Option Agreements Member
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	91,254	84,478
Remaining Purchase Price	$ 1,134,743	$ 981,687

Segment Information (Operating

Segment Information (Operating Data By Segment) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016		Mar. 31, 2015
Revenues:
Homebuilding		$ 1,396,730		$ 1,105,700
Financial Services		35,848		27,598
Consolidated revenues		1,432,578		1,133,298
Income before Income Taxes:
Income before income taxes		118,213		95,805
Northeast
Revenues:
Homebuilding		118,654		111,153
Income before Income Taxes:
Income before income taxes		9,590		9,527
Southeast (a)
Revenues:
Homebuilding		294,426		185,788
Income before Income Taxes:
Income before income taxes		19,770	[1]	24,624
Florida
Revenues:
Homebuilding		269,841		203,062
Income before Income Taxes:
Income before income taxes		40,302		33,224
Texas
Revenues:
Homebuilding		213,292		177,499
Income before Income Taxes:
Income before income taxes		28,517		22,791
North
Revenues:
Homebuilding		189,892		178,652
Income before Income Taxes:
Income before income taxes		5,620		1,180
West
Revenues:
Homebuilding		310,625		249,546
Income before Income Taxes:
Income before income taxes		33,507		31,079
Other homebuilding
Income before Income Taxes:
Income before income taxes	[2]	(28,873)		(31,677)
Homebuilding
Income before Income Taxes:
Income before income taxes		108,433		90,748
Financial Services
Income before Income Taxes:
Income before income taxes		$ 9,780		$ 5,057
[1]	Southeast includes the acquisition in January 2016 of substantially all of the assets of Wieland (see Note 1).
[2]	Other homebuilding includes the amortization of intangible assets, amortization of capitalized interest, and other items not allocated to the operating segments.

Segment Information (Total Asse

Segment Information (Total Assets And Inventory By Reportable Segment) (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Segment Reporting Information
Homes under construction		$ 1,821,322	$ 1,408,260
Land under development		3,568,201	3,259,066
Raw land		812,956	782,732
House and land inventory		6,202,479	5,450,058
Total assets		9,843,480	8,956,896
Northeast
Segment Reporting Information
Homes under construction		178,697	163,173
Land under development		293,122	292,631
Raw land		122,359	121,522
House and land inventory		594,178	577,326
Total assets		724,862	688,610
Southeast (a)
Segment Reporting Information
Homes under construction	[1]	374,347	196,456
Land under development	[1]	544,577	367,577
Raw land	[1]	203,394	139,246
House and land inventory	[1]	1,122,318	703,279
Total assets	[1]	1,274,358	765,933
Florida
Segment Reporting Information
Homes under construction		253,262	227,910
Land under development		630,859	574,092
Raw land		80,526	97,185
House and land inventory		964,647	899,187
Total assets		1,079,826	1,013,543
Texas
Segment Reporting Information
Homes under construction		217,893	197,738
Land under development		353,206	414,386
Raw land		97,754	68,918
House and land inventory		668,853	681,042
Total assets		757,559	734,834
North
Segment Reporting Information
Homes under construction		257,042	191,424
Land under development		413,194	317,702
Raw land		68,931	107,737
House and land inventory		739,167	616,863
Total assets		801,961	691,342
West
Segment Reporting Information
Homes under construction		517,537	413,208
Land under development		1,139,387	1,094,112
Raw land		215,118	222,920
House and land inventory		1,872,042	1,730,240
Total assets		2,074,250	1,924,958
Other homebuilding
Segment Reporting Information
Homes under construction	[2]	22,544	18,351
Land under development	[2]	193,856	198,566
Raw land	[2]	24,874	25,204
House and land inventory	[2]	241,274	242,121
Total assets	[2]	2,773,441	2,628,687
Homebuilding
Segment Reporting Information
Homes under construction		1,821,322	1,408,260
Land under development		3,568,201	3,259,066
Raw land		812,956	782,732
House and land inventory		6,202,479	5,450,058
Total assets		9,486,257	8,447,907
Financial Services
Segment Reporting Information
Total assets		$ 357,223	$ 508,989
[1]	Southeast includes the acquisition in January 2016 of substantially all of the assets of Wieland
[2]	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.

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Jul. 29, 2016	Jan. 19, 2016	Dec. 31, 2015	Dec. 01, 2015
Debt Instrument [Line Items]
Letters of credit outstanding	$ 213,400,000				$ 191,300,000
Notes payable	$ 36,300,000				35,300,000
Debt Instrument, term	6 years
Amount outstanding	$ 118,614,000				267,877,000
Revolving Credit Facility
Debt Instrument [Line Items]
Current 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
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		$ 310,000,000
Line of Credit Facility, Initiation Date	Jun. 1, 2015	Sep. 4, 2015
Line of Credit Facility, Expiration Date	Sep. 2, 2016
Amount outstanding	$ 118,600,000				$ 267,900,000
Maximum
Debt Instrument [Line Items]
Stated interest rate	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
Scenario, Forecast [Member] | Repurchase Agreement | Financial Services
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 200,000,000

Debt (Summary of Senior Notes)

Debt (Summary of Senior Notes) (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Senior note carrying value		$ 2,568,546		$ 1,576,082
Debt Issuance Costs, Net	[1]	(19,699)		(12,163)
Estimated fair value		$ 2,663,408		$ 1,643,651
Unsecured Senior Notes 5.25% due June 2015
Debt Instrument [Line Items]
Stated interest rate		5.25%		5.25%
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]	$ 465,245		$ 465,245
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]	$ 123,000		$ 123,000
Debt Instrument, Maturity Date, Description		October 2,017		October 2,017
4.250% unsecured senior notes due March 2021 [Domain]
Debt Instrument [Line Items]
Stated interest rate		4.25%
Senior note carrying value	[2]	$ 300,000
Debt Instrument, Maturity Date, Description		March 2,021
5.500% unsecured senior notes due March 2026 [Domain]
Debt Instrument [Line Items]
Stated interest rate		5.50%
Senior note carrying value	[2]	$ 700,000
Debt Instrument, Maturity Date, Description		March 2,026
Unsecured Senior Notes 7.875% due June 2032
Debt Instrument [Line Items]
Stated interest rate		7.875%		7.875%
Senior note carrying value	[2]	$ 300,000		$ 300,000
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]	$ 400,000		$ 400,000
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]	$ 300,000		$ 300,000
Debt Instrument, Maturity Date, Description		February 2,035		February 2,035
Financial Services | Repurchase Agreement
Debt Instrument [Line Items]
Line of Credit Facility, Description			February 2, 2015
Accounting Standards Update 2015-03 [Member]
Debt Instrument [Line Items]
Debt Issuance Costs, Net				$ (10,300)
[1]	The carrying value of senior notes reflects the impact of premiums, discounts, and issuance costs that are amortized to interest cost over the respective terms of the senior notes. As discussed in Note 1, we adopted ASU 2015-03 in January 2016. We applied the new guidance retrospectively to all prior periods presented in the financial statements to conform to the 2016 presentation. As a result, $10.3 million of debt issuance costs at December 31, 2015, were reclassified from other assets to a reduction in 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
	Mar. 31, 2016	Mar. 31, 2015
Class of Stock [Line Items]
Cash dividends declared (usd per share)	$ 0.09	$ 0.08
Dividends	$ 31,459	$ 29,449
Payments for repurchase of common stock	$ 52,745	$ 107,955
Share repurchase plan
Class of Stock [Line Items]
Share repurchases (shares)	3.1	4.6
Payments for repurchase of common stock	$ 50,000	$ 99,600
Remaining value of stock repurchase programs authorization	554,800
Shares withheld to pay taxes
Class of Stock [Line Items]
Payments for repurchase of common stock	$ 2,700	$ 8,300

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Income Tax Contingency [Line Items]
Effective income tax (percent)	29.50%	42.60%
Deferred Tax Assets, Net	$ 1,344,853		$ 1,394,879
Gross unrecognized tax benefits	22,500		39,000
Accrued interest and penalties on unrecognized tax benefits	11,800		$ 17,200
Possible decrease in unrecognized tax benefits	$ 18,500
Minimum
Income Tax Contingency [Line Items]
Income tax years under examination	2,005
Maximum
Income Tax Contingency [Line Items]
Income tax years under examination	2,016

Fair Value Disclosures Fair V37

Fair Value Disclosures Fair Value Disclosures (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Disclosed at fair value:
Senior notes	$ 2,663,408	$ 1,643,651
Level 2
Disclosed at fair value:
Financial Services debt	118,614	267,877
Loans Payable, Fair Value Disclosure	500,000	500,000
Level 1
Disclosed at fair value:
Cash and equivalents (including restricted cash)	1,018,115	775,435
Fair Value, Measurements, Nonrecurring | Level 3
Measured at fair value on a non-recurring basis:
Assets, Fair Value Disclosure, Nonrecurring	0	11,052
Interest rate lock commitments | Fair Value, Measurements, Recurring | Level 2
Measured at fair value on a recurring basis:
Assets, Fair Value Disclosure, Recurring	8,899	5,574
Forward contracts | Fair Value, Measurements, Recurring | Level 2
Measured at fair value on a recurring basis:
Assets, Fair Value Disclosure, Recurring		338
Liabilities, Fair Value Disclosure, Recurring	(3,173)
Whole loan commitments | Fair Value, Measurements, Recurring | Level 2
Measured at fair value on a recurring basis:
Assets, Fair Value Disclosure, Recurring		13
Liabilities, Fair Value Disclosure, Recurring	(95)
Residential Mortgage | Fair Value, Measurements, Recurring | Level 2
Measured at fair value on a recurring basis:
Assets, Fair Value Disclosure, Recurring	$ 290,578	$ 442,715

Fair Value Disclosures Narrativ

Fair Value Disclosures Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Senior notes	$ 2,568,546	$ 1,576,082

Commitments and Contingencies39

Commitments and Contingencies (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)claim	Dec. 31, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Loss Contingencies [Line Items]
Letters of credit outstanding	$ 213,400	$ 191,300
Surety bonds outstanding	$ 1,100,000	1,000,000
Maximum product warranty in years	10 years
Pending claims | claim	1,000
Self-insurance liabilities	$ 692,980	692,053	$ 720,767	$ 710,245
Incurred but not reported percentage of liability reserves	65.00%
Other Assets [Member]
Loss Contingencies [Line Items]
Estimate of probable recoveries	$ 135,800	$ 130,200

Commitments and Contingencies40

Commitments and Contingencies (Changes To Anticipated Loan Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Loss Contingency Accrual [Roll Forward]
Liabilities, beginning of period	$ 46,381	$ 58,222
Reserves provided (released), net	866	58
Payments	(154)	(54)
Liabilities, end of period	$ 47,093	$ 58,226

Commitments and Contingencies41

Commitments and Contingencies (Changes To Warranty Liability) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty liabilities, beginning of period	$ 61,360	$ 65,389
Reserves provided	12,319	8,841
Payments	(12,743)	(16,829)
Warranty liabilities, end of period	$ 60,936	$ 57,401

Commitments and Contingencies42

Commitments and Contingencies (Changes in Self-insurance Liability) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Changes in Self-insurance Liability [Roll Forward]
Balance, beginning of period	$ 692,053	$ 710,245
Reserves provided, net	19,751	15,832
Payments	(18,824)	(5,310)
Balance, end of period	$ 692,980	$ 720,767

Supplemental Guarantor Inform43

Supplemental Guarantor Information (Balance Sheet) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
ASSETS
Cash and equivalents	$ 995,696	$ 754,161	$ 1,053,927	$ 1,292,862
Restricted cash	22,419	21,274
House and land inventory	6,202,479	5,450,058
Land held for sale	85,017	81,492
Residential mortgage loans available-for-sale	290,578	442,715
Investments in unconsolidated entities	53,090	41,267
Other assets	686,163	660,835
Intangible assets	163,185	110,215
Deferred tax assets, net	1,344,853	1,394,879
Investments in subsidiaries and intercompany accounts, net	0	0
Total assets	9,843,480	8,956,896
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	1,850,516	1,798,139
Income tax liabilities	33,460	57,050
Financial Services debt	118,614	267,877
Term loan	498,817	498,423
Senior notes	2,568,546	1,576,082
Total liabilities	5,069,953	4,197,571
Total shareholders' equity	4,773,527	4,759,325	4,741,994	4,804,954
Total liabilities and shareholders' equity	9,843,480	8,956,896
PulteGroup, Inc.
ASSETS
Cash and equivalents	0	0	0	7,454
Restricted cash	0	0
House and land inventory	0	0
Land held for sale	0	0
Residential mortgage loans available-for-sale	0	0
Investments in unconsolidated entities	97	93
Other assets	23,002	38,991
Intangible assets	0	0
Deferred tax assets, net	1,342,225	1,392,251
Investments in subsidiaries and intercompany accounts, net	6,597,500	5,529,606
Total assets	7,962,824	6,960,941
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	88,474	70,061
Income tax liabilities	33,460	57,050
Financial Services debt	0	0
Term loan	498,817	498,423
Senior notes	2,568,546	1,576,082
Total liabilities	3,189,297	2,201,616
Total shareholders' equity	4,773,527	4,759,325
Total liabilities and shareholders' equity	7,962,824	6,960,941
Guarantor Subsidiaries
ASSETS
Cash and equivalents	937,248	638,602	996,744	1,157,307
Restricted cash	20,937	20,274
House and land inventory	6,160,236	5,450,058
Land held for sale	84,507	80,458
Residential mortgage loans available-for-sale	0	0
Investments in unconsolidated entities	48,234	36,499
Other assets	522,693	531,120
Intangible assets	163,185	110,215
Deferred tax assets, net	0	11
Investments in subsidiaries and intercompany accounts, net	(754,237)	465,644
Total assets	7,182,803	7,332,881
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	1,569,237	1,558,885
Income tax liabilities	0	0
Financial Services debt	0	0
Term loan	0	0
Senior notes	0	0
Total liabilities	1,569,237	1,558,885
Total shareholders' equity	5,613,566	5,773,996
Total liabilities and shareholders' equity	7,182,803	7,332,881
Non-Guarantor Subsidiaries
ASSETS
Cash and equivalents	58,448	115,559	57,183	128,101
Restricted cash	1,482	1,000
House and land inventory	42,243	0
Land held for sale	510	1,034
Residential mortgage loans available-for-sale	290,578	442,715
Investments in unconsolidated entities	4,759	4,675
Other assets	140,468	90,724
Intangible assets	0	0
Deferred tax assets, net	2,628	2,617
Investments in subsidiaries and intercompany accounts, net	6,491,667	6,293,018
Total assets	7,032,783	6,951,342
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	192,805	169,193
Income tax liabilities	0	0
Financial Services debt	118,614	267,877
Term loan	0	0
Senior notes	0	0
Total liabilities	311,419	437,070
Total shareholders' equity	6,721,364	6,514,272
Total liabilities and shareholders' equity	7,032,783	6,951,342
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
Residential mortgage loans available-for-sale	0	0
Investments in unconsolidated entities	0	0
Other assets	0	0
Intangible assets	0	0
Deferred tax assets, net	0	0
Investments in subsidiaries and intercompany accounts, net	(12,334,930)	(12,288,268)
Total assets	(12,334,930)	(12,288,268)
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	0	0
Income tax liabilities	0	0
Financial Services debt	0	0
Term loan	0	0
Senior notes	0	0
Total liabilities	0	0
Total shareholders' equity	(12,334,930)	(12,288,268)
Total liabilities and shareholders' equity	$ (12,334,930)	$ (12,288,268)

Supplemental Guarantor Inform44

Supplemental Guarantor Information (Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Homebuilding
Home sale revenues	$ 1,394,243	$ 1,088,158
Land sale revenues	2,487	17,542
Total homebuilding revenues	1,396,730	1,105,700
Financial Services	35,848	27,598
Total revenues	1,432,578	1,133,298
Homebuilding Cost of Revenues:
Home sale cost of revenues	1,089,329	841,145
Land sale cost of revenues	2,028	13,378
Total cost of revenues	1,091,357	854,523
Financial Services expenses	26,119	22,541
Selling, general, and administrative expenses	191,015	161,312
Other expense (income), net	5,874	(883)
Equity in earnings of unconsolidated entities	(170)	(1,107)
Intercompany interest	0	0
Income (loss) before income taxes and equity in income (loss) of subsidiaries	118,213	95,805
Income tax expense (benefit)	34,913	40,834
Income (loss) before equity in income (loss) of subsidiaries	83,300	54,971
Equity in income (loss) of subsidiaries	0	0
Net income	83,300	54,971
Other comprehensive income	21	21
Comprehensive income (loss)	83,321	54,992
PulteGroup, Inc.
Homebuilding
Home sale revenues	0	0
Land sale revenues	0	0
Total homebuilding revenues	0	0
Financial Services	0	0
Total revenues	0	0
Homebuilding Cost of Revenues:
Home sale cost of revenues	0	0
Land sale cost of revenues	0	0
Total cost of revenues	0	0
Financial Services expenses	0	187
Selling, general, and administrative expenses	0	0
Other expense (income), net	170	174
Intercompany interest	510	7,723
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(680)	(8,084)
Income tax expense (benefit)	(263)	(3,072)
Income (loss) before equity in income (loss) of subsidiaries	(417)	(5,012)
Equity in income (loss) of subsidiaries	83,717	59,983
Net income	83,300	54,971
Other comprehensive income	21	21
Comprehensive income (loss)	83,321	54,992
Guarantor Subsidiaries
Homebuilding
Home sale revenues	1,393,259	1,088,158
Land sale revenues	2,010	17,542
Total homebuilding revenues	1,395,269	1,105,700
Financial Services	0	0
Total revenues	1,395,269	1,105,700
Homebuilding Cost of Revenues:
Home sale cost of revenues	1,087,165	841,145
Land sale cost of revenues	1,643	13,378
Total cost of revenues	1,088,808	854,523
Financial Services expenses	123	(168)
Selling, general, and administrative expenses	187,581	160,828
Other expense (income), net	9,676	(708)
Intercompany interest	2,184	(5,422)
Income (loss) before income taxes and equity in income (loss) of subsidiaries	106,897	96,647
Income tax expense (benefit)	30,568	41,097
Income (loss) before equity in income (loss) of subsidiaries	76,329	55,550
Equity in income (loss) of subsidiaries	7,010	4,337
Net income	83,339	59,887
Other comprehensive income	0	0
Comprehensive income (loss)	83,339	59,887
Non-Guarantor Subsidiaries
Homebuilding
Home sale revenues	984	0
Land sale revenues	477	0
Total homebuilding revenues	1,461	0
Financial Services	35,848	27,598
Total revenues	37,309	27,598
Homebuilding Cost of Revenues:
Home sale cost of revenues	2,164	0
Land sale cost of revenues	385	0
Total cost of revenues	2,549	0
Financial Services expenses	25,996	22,522
Selling, general, and administrative expenses	3,434	484
Other expense (income), net	(3,972)	(349)
Intercompany interest	(2,694)	(2,301)
Income (loss) before income taxes and equity in income (loss) of subsidiaries	11,996	7,242
Income tax expense (benefit)	4,608	2,809
Income (loss) before equity in income (loss) of subsidiaries	7,388	4,433
Equity in income (loss) of subsidiaries	111,918	52,063
Net income	119,306	56,496
Other comprehensive income	0	0
Comprehensive income (loss)	119,306	56,496
Eliminating Entries
Homebuilding
Home sale revenues	0	0
Land sale revenues	0	0
Total homebuilding revenues	0	0
Financial Services	0	0
Total revenues	0	0
Homebuilding Cost of Revenues:
Home sale cost of revenues	0	0
Land sale cost of revenues	0	0
Total cost of revenues	0	0
Financial Services expenses	0	0
Selling, general, and administrative expenses	0	0
Other expense (income), net	0	0
Intercompany interest	0	0
Income (loss) before income taxes and equity in income (loss) of subsidiaries	0	0
Income tax expense (benefit)	0	0
Income (loss) before equity in income (loss) of subsidiaries	0	0
Equity in income (loss) of subsidiaries	(202,645)	(116,383)
Net income	(202,645)	(116,383)
Other comprehensive income	0	0
Comprehensive income (loss)	$ (202,645)	$ (116,383)

Supplemental Guarantor Inform45

Supplemental Guarantor Information (Statement Of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net cash provided by (used in) operating activities	$ (64,062)	$ (25,397)
Cash flows from investing activities:
Capital expenditures	(9,460)	(14,517)
Cash used for business acquisition	(430,011)	0
Other investing activities, net	(12,281)	4,632
Net cash used in investing activities	(451,752)	(9,885)
Cash flows from financing activities:
Financial Services borrowings (repayments)	(149,263)	(72,678)
Proceeds from debt issuance	991,575	0
Repayments of debt	(702)	0
Borrowings under revolving credit facility	220,000	0
Repayments under revolving credit facility	(220,000)	0
Stock option exercises	52	6,596
Share repurchases	(52,745)	(107,955)
Dividends paid	(31,568)	(29,616)
Intercompany activities, net	0	0
Net cash provided by (used in) financing activities	757,349	(203,653)
Net increase (decrease) in cash and equivalents	241,535	(238,935)
Cash and equivalents at beginning of period	754,161	1,292,862
Cash and equivalents at end of period	995,696	1,053,927
PulteGroup, Inc.
Net cash provided by (used in) operating activities	41,058	87,624
Cash flows from investing activities:
Capital expenditures	0	0
Cash used for business acquisition	0
Other investing activities, net	(3)	3,710
Net cash used in investing activities	(3)	3,710
Cash flows from financing activities:
Financial Services borrowings (repayments)	0	0
Proceeds from debt issuance	991,575
Repayments of debt	0
Borrowings under revolving credit facility	220,000
Repayments under revolving credit facility	(220,000)
Stock option exercises	52	6,596
Share repurchases	(52,745)	(107,955)
Dividends paid	(31,568)	(29,616)
Intercompany activities, net	(948,369)	32,187
Net cash provided by (used in) financing activities	(41,055)	(98,788)
Net increase (decrease) in cash and equivalents	0	(7,454)
Cash and equivalents at beginning of period	0	7,454
Cash and equivalents at end of period	0	0
Guarantor Subsidiaries
Net cash provided by (used in) operating activities	(255,994)	(203,566)
Cash flows from investing activities:
Capital expenditures	(8,918)	(13,489)
Cash used for business acquisition	(430,011)
Other investing activities, net	(12,731)	5
Net cash used in investing activities	(451,660)	(13,484)
Cash flows from financing activities:
Financial Services borrowings (repayments)	0	0
Proceeds from debt issuance	0
Repayments of debt	(702)
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	1,007,002	56,487
Net cash provided by (used in) financing activities	1,006,300	56,487
Net increase (decrease) in cash and equivalents	298,646	(160,563)
Cash and equivalents at beginning of period	638,602	1,157,307
Cash and equivalents at end of period	937,248	996,744
Non-Guarantor Subsidiaries
Net cash provided by (used in) operating activities	150,874	90,545
Cash flows from investing activities:
Capital expenditures	(542)	(1,028)
Cash used for business acquisition	0
Other investing activities, net	453	917
Net cash used in investing activities	(89)	(111)
Cash flows from financing activities:
Financial Services borrowings (repayments)	(149,263)	(72,678)
Proceeds from debt issuance	0
Repayments of debt	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	(58,633)	(88,674)
Net cash provided by (used in) financing activities	(207,896)	(161,352)
Net increase (decrease) in cash and equivalents	(57,111)	(70,918)
Cash and equivalents at beginning of period	115,559	128,101
Cash and equivalents at end of period	58,448	57,183
Eliminating Entries
Net cash provided by (used in) operating activities	0	0
Cash flows from investing activities:
Capital expenditures	0	0
Cash used for business acquisition	0
Other investing activities, net	0	0
Net cash 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
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