PulteGroup (PHM) 10-Q 24 Apr 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2018	Apr. 19, 2018
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, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		285,524,839

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Cash and equivalents	$ 150,821	$ 272,683
Restricted cash	33,966	33,485
Total cash, cash equivalents, and restricted cash	184,787	306,168
House and land inventory	7,465,028	7,147,130
Land held for sale	69,522	68,384
Residential mortgage loans available-for-sale	385,453	570,600
Investments in unconsolidated entities	64,810	62,957
Other assets	784,355	745,123
Intangible assets	137,542	140,992
Deferred tax assets, net	614,898	645,295
Total assets	9,706,395	9,686,649
Liabilities:
Accounts payable	446,304	393,815
Customer deposits	308,864	250,779
Accrued and other liabilities	1,226,233	1,356,333
Accrued Income Taxes	115,667	86,925
Financial Services debt	246,952	437,804
Notes Payable	3,087,718	3,006,967
Total liabilities	5,431,738	5,532,623
Shareholders' equity	4,274,657	4,154,026
Total liabilities and shareholders' equity	$ 9,706,395	$ 9,686,649

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Homebuilding
Home sale revenues	$ 1,911,598	$ 1,585,421
Land sale and other revenues	12,557	2,690
Total homebuilding revenues	1,924,155	1,588,111
Financial Services	45,938	41,767
Consolidated revenues	1,970,093	1,629,878
Homebuilding Cost of Revenues:
Home sale cost of revenues	(1,459,940)	(1,217,678)
Land sale cost of revenues	(11,548)	(3,228)
Total cost of revenues	(1,471,488)	(1,220,906)
Financial Services expenses	(32,213)	(28,367)
Selling, general, and administrative expenses	(240,893)	(236,268)
Other expense, net	(1,308)	(5,072)
Income before income taxes	224,191	139,265
Income tax expense	(53,440)	(47,747)
Net income	$ 170,751	$ 91,518
Per share:
Basic earnings (usd per share)	$ 0.59	$ 0.29
Diluted earnings (usd per share)	0.59	0.28
Cash dividends declared (usd per share)	$ 0.09	$ 0.09
Number of shares used in calculation:
Basic shares outstanding (shares)	286,683	317,756
Effect of dilutive securities (shares)	1,343	2,329
Diluted shares outstanding (shares)	288,026	320,085

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income	$ 170,751	$ 91,518
Other comprehensive income, net of tax:
Change in value of derivatives	21	21
Other comprehensive income	21	21
Comprehensive income	$ 170,772	$ 91,539

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, shares beginning of period (shares) at Dec. 31, 2016		319,090
Shareholders' Equity beginning of period at Dec. 31, 2016	$ 4,659,363	$ 3,191	$ 3,116,490	$ (526)	$ 1,540,208
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change (see Note 1)	18,237		(406)		18,643
Stock option exercises (shares)		961
Stock option exercises	11,118	$ 10	11,108
Stock issuances, net of cancellations (shares)		677
Stock issuances, net of cancellations	3,566	$ 10	3,556
Dividends declared	(28,838)				(28,838)
Share repurchases (shares)		(4,696)
Share repurchases	(105,522)	$ (50)			(105,472)
Share-based compensation	10,682		10,682
Net income	91,518				91,518
Other comprehensive income	21			21
Shareholders' Equity, shares end of period (shares) at Mar. 31, 2017		316,032
Shareholders' Equity end of period at Mar. 31, 2017	4,660,145	$ 3,161	3,141,430	(505)	1,516,059
Shareholders' Equity, shares beginning of period (shares) at Dec. 31, 2017		286,752
Shareholders' Equity beginning of period at Dec. 31, 2017	4,154,026	$ 2,868	3,171,542	(445)	980,061
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change (see Note 1)	22,411		0		22,411
Stock option exercises (shares)		284
Stock option exercises	2,723	$ 3	2,720
Stock issuances, net of cancellations (shares)		783
Stock issuances, net of cancellations	3,485	$ 8	3,477
Dividends declared	(26,051)				(26,051)
Share repurchases (shares)		(1,941)
Share repurchases	(59,491)	$ (20)			(59,471)
Share-based compensation	6,782		6,782
Net income	170,751				170,751
Other comprehensive income	21			21
Shareholders' Equity, shares end of period (shares) at Mar. 31, 2018		285,878
Shareholders' Equity end of period at Mar. 31, 2018	$ 4,274,657	$ 2,859	$ 3,184,521	$ (424)	$ 1,087,701

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 170,751	$ 91,518
Adjustments to reconcile net income to net cash from operating activities:
Deferred income tax expense	23,479	39,226
Land-related charges	3,419	3,535
Depreciation and amortization	11,890	13,209
Share-based compensation expense	8,451	14,161
Other, net	(793)	555
Increase (decrease) in cash due to:
Inventories	(237,169)	(267,014)
Residential mortgage loans available-for-sale	185,147	194,117
Other assets	(9,246)	21,858
Accounts payable, accrued and other liabilities	13,084	(71,362)
Net cash provided by (used in) operating activities	169,013	39,803
Cash flows from investing activities:
Capital expenditures	(15,428)	(9,996)
Investments in unconsolidated entities	(1,000)	(14,802)
Cash used for business acquisition		0
Other investing activities, net	452	1,423
Net cash used in investing activities	(15,976)	(23,375)
Cash flows from financing activities:
Repayments of debt	(451)	(1,067)
Borrowings under revolving credit facility	768,000	0
Repayments under revolving credit facility	(768,000)	0
Financial Services borrowings (repayments)	(190,852)	(191,240)
Stock option exercises	2,723	11,118
Share repurchases	(59,491)	(105,522)
Dividends paid	(26,347)	(29,102)
Net cash provided by (used in) financing activities	(274,418)	(315,813)
Net increase (decrease)	(121,381)	(299,385)
Cash, cash equivalents, and restricted cash at beginning of period	306,168	723,248
Cash, cash equivalents, and restricted cash at end of period	184,787	423,863
Supplemental Cash Flow Information:
Interest paid (capitalized), net	30,109	12,830
Income taxes paid (refunded), net	$ 631	$ 1,043

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation PulteGroup, Inc. is one of the largest homebuilders in the United States ("U.S."), and our common shares trade 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 engage in mortgage banking operations, conducted through Pulte Mortgage LLC (“Pulte Mortgage”), title services, and insurance brokerage 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, 2017 . 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. Subsequent events We evaluated subsequent events up until the time the financial statements were filed with the Securities and Exchange Commission (the "SEC"). Other expense, net Other expense, net consists of the following ($000’s omitted): Three Months Ended March 31, 2018 2017 Write-offs of deposits and pre-acquisition costs $ (2,609 ) $ (1,655 ) Amortization of intangible assets (3,450 ) (3,450 ) Interest income 564 833 Interest expense (143 ) (137 ) Equity in earnings (losses) of unconsolidated entities 961 1,193 Miscellaneous, net 3,369 (1,856 ) Total other expense, net $ (1,308 ) $ (5,072 ) Revenue recognition Home sale revenues - Home sale revenues and related profit are generally recognized when title to and possession of the home are transferred to the buyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied in less than one year from the original contract date. Home sale contract assets consist of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit and classified as cash. Contract liabilities include customer deposit liabilities related to sold but undelivered homes, which totaled $308.9 million and $250.8 million at March 31, 2018 and December 31, 2017 , respectively. Of the customer deposit liabilities at December 31, 2017 , $133.9 million was recognized in revenues in the three months ended March 31, 2018 upon the closing of the related homes. See Note 8 for information on warranties and related obligations. Land sale revenues - We periodically elect to sell parcels of land to third parties in the event such assets no longer fit into our strategic operating plans or are zoned for commercial or other development. Land sales are generally outright sales of specified land parcels with cash consideration due on the closing date, which is generally when performance obligations are satisfied. Financial services revenues - Loan origination fees, commitment fees, and certain direct loan origination costs are recognized as incurred. Expected gains and losses from the sale of residential mortgage loans and their related servicing rights are included in the measurement of written loan commitments that are accounted for at fair value through Financial Services revenues at the time of commitment. Subsequent changes in the fair value of these loans are reflected in Financial Services revenues as they occur. Interest income is accrued from the date a mortgage loan is originated until the loan is sold. Mortgage servicing fees represent fees earned for servicing loans for various investors. Servicing fees are based on a contractual percentage of the outstanding principal balance and are credited to income when related mortgage payments are received or the sub-servicing fees are earned. Revenues associated with our title operations are recognized as closing services are rendered and title insurance policies are issued, both of which generally occur as each home is closed. Insurance brokerage commissions relate to commissions on homeowner and other insurance policies placed with third party carriers through various agency channels. Our performance obligations for policy renewal commissions are satisfied upon issuance of the initial policy. The contract assets for estimated future renewal commissions are included in other assets and totaled $28.8 million at March 31, 2018 , of which $27.7 million was recognized on January 1, 2018, in conjunction with the adoption of Accounting Standards Codification 606, "Revenue from Contracts with Customers" ("ASC 606"). Refer to " New accounting pronouncements" within Note 1 for further discussion. 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, unvested 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. 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, 2018 2017 Numerator: Net income $ 170,751 $ 91,518 Less: earnings distributed to participating securities (296 ) (305 ) Less: undistributed earnings allocated to participating securities (1,622 ) (618 ) Numerator for basic earnings per share $ 168,833 $ 90,595 Add back: undistributed earnings allocated to participating securities 1,622 618 Less: undistributed earnings reallocated to participating securities (1,614 ) (613 ) Numerator for diluted earnings per share $ 168,841 $ 90,600 Denominator: Basic shares outstanding 286,683 317,756 Effect of dilutive securities 1,343 2,329 Diluted shares outstanding 288,026 320,085 Earnings per share: Basic $ 0.59 $ 0.29 Diluted $ 0.59 $ 0.28 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, 2018 and December 31, 2017 , residential mortgage loans available-for-sale had an aggregate fair value of $385.5 million and $570.6 million , respectively, and an aggregate outstanding principal balance of $374.4 million and $553.5 million , respectively. The net gain (loss) resulting from changes in fair value of these loans totaled $(0.1) million and $(2.0) million for the three months ended March 31, 2018 and 2017 , respectively. These changes in fair value were substantially offset by changes in the fair value of corresponding hedging instruments. Net gains from the sale of mortgages were $27.0 million and $25.3 million for the three months ended March 31, 2018 and 2017 , respectively, are included in Financial Services revenues. Derivative instruments and hedging activities We are party to interest rate lock commitments ("IRLCs") with customers resulting from our mortgage origination operations. At March 31, 2018 and December 31, 2017 , we had aggregate IRLCs of $375.3 million and $210.9 million , respectively, which were originated at interest rates prevailing at the date of commitment. Since we can terminate a loan commitment if the borrower does not comply with the terms of the contract, and some loan commitments may expire without being drawn upon, these commitments do not necessarily represent future cash requirements. We evaluate the creditworthiness of these transactions through our normal credit policies. We hedge our exposure to interest rate market risk relating to residential mortgage loans available-for-sale and IRLCs using 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, and whole loan investor commitments, which are obligations of an investor to buy loans at a specified price within a specified time period. Forward contracts on mortgage-backed securities are the predominant derivative financial instruments we use to minimize market risk during the period from the time we extend an interest rate lock to a loan applicant until the time the loan is sold to an investor. At March 31, 2018 and December 31, 2017 , we had unexpired forward contracts of $539.0 million and $522.0 million , respectively, and whole loan investor commitments of $186.1 million and $203.1 million , respectively. Changes in the fair value of IRLCs 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 IRLCs 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, 2018 December 31, 2017 Other Assets Accrued and Other Liabilities Other Assets Accrued and Other Liabilities Interest rate lock commitments $ 11,447 $ 297 $ 5,990 $ 407 Forward contracts 729 1,646 432 817 Whole loan commitments 689 565 794 941 $ 12,865 $ 2,508 $ 7,216 $ 2,165 New accounting pronouncements On January 1, 2018, we adopted ASC 606, which is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services and satisfaction of performance obligations to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. We applied the modified retrospective method to contracts that were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018, are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported under the previous accounting standards. We recorded a net increase to opening retained earnings of $22.4 million , net of tax, as of January 1, 2018, due to the cumulative impact of adopting ASC 606, with the impact primarily related to the recognition of a contract asset for insurance brokerage commission renewals. There was not a material impact to revenues as a result of applying ASC 606 for the three months ended March 31, 2018 , and there have not been significant changes to our business processes, systems, or internal controls as a result of implementing the standard. We adopted Accounting Standards Update ("ASU") ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"), as of January 1, 2018, on a retrospective basis. The ASU addresses several specific cash flow issues. The adoption of ASU 2016-15 had no effect on our financial statements. In February 2016, the Financial Accounting Standards Board ("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 is effective for us for annual and interim periods beginning January 1, 2019, and early adoption is permitted. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application. While the recognition of right-of-use assets and related liabilities will have a material effect on our consolidated balance sheets, we do not expect a material impact on our consolidated statement of operations. The FASB also issued ASU No. 2018-01, "Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842", which provides guidance on specific transition issues. We continue to evaluate the full impact of the new standards, including the impact on our business processes, systems, and internal controls. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"), which changes the impairment model for most financial assets and certain other instruments from an "incurred loss" approach to a new "expected credit loss" methodology and also requires that credit losses from available-for-sale debt securities be presented as an allowance instead of a write-down. ASU 2016-13 is effective for us for annual and interim periods beginning January 1, 2020, with early adoption permitted, and requires full retrospective application on adoption. We are currently evaluating the impact the standard will have on our financial statements. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment" ("ASU 2017-04"), which removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for us for annual and interim periods beginning January 1, 2020, with early adoption permitted, and applied prospectively. We do not expect ASU 2017-04 to have a material impact on our financial statements.

Inventory

Inventory	3 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
Inventory	Inventory Major components of inventory were as follows ($000’s omitted): March 31, December 31, Homes under construction $ 2,716,264 $ 2,421,405 Land under development 4,194,869 4,135,814 Raw land 553,895 589,911 $ 7,465,028 $ 7,147,130 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, 2018 2017 Interest in inventory, beginning of period $ 226,611 $ 186,097 Interest capitalized 43,960 44,923 Interest expensed (30,558 ) (27,192 ) Interest in inventory, end of period $ 240,013 $ 203,828 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, 2018 or December 31, 2017 because we determined that we were not the VIEs' 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, 2018 and December 31, 2017 ($000’s omitted): March 31, 2018 December 31, 2017 Deposits and Remaining Purchase Deposits and Remaining Purchase Land options with VIEs $ 70,600 $ 820,231 $ 78,889 $ 977,480 Other land options 140,277 1,487,583 129,098 1,485,099 $ 210,877 $ 2,307,814 $ 207,987 $ 2,462,579

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2018
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 Three Months Ended March 31, 2018 2017 Revenues: Northeast $ 132,436 $ 108,601 Southeast 374,623 329,113 Florida 348,709 314,296 Midwest 297,506 244,506 Texas 246,638 234,541 West 524,243 357,054 $ 1,924,155 $ 1,588,111 Financial Services 45,938 41,767 Consolidated revenues $ 1,970,093 $ 1,629,878 Operating Data by Segment Three Months Ended March 31, 2018 2017 Income before income taxes: Northeast $ 9,312 $ 4,400 Southeast 40,457 32,366 Florida 44,945 44,523 Midwest 28,401 18,254 Texas 30,536 32,796 West 89,205 34,084 Other homebuilding (a) (32,498 ) (40,661 ) $ 210,358 $ 125,762 Financial Services 13,833 13,503 Consolidated income before income taxes $ 224,191 $ 139,265 (a) Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the operating segments, including: write-offs of $15.0 million of insurance receivables associated with the resolution of certain insurance matters in the three months ended March 31, 2017 (see Note 8 ). Operating Data by Segment ($000's omitted) March 31, 2018 Homes Under Land Under Raw Land Total Total Northeast $ 267,520 $ 323,571 $ 73,577 $ 664,668 $ 813,724 Southeast 484,647 621,417 112,444 1,218,508 1,345,180 Florida 435,660 881,107 86,155 1,402,922 1,527,872 Midwest 321,719 444,360 38,353 804,432 882,493 Texas 300,113 422,804 89,779 812,696 903,537 West 857,312 1,247,263 131,711 2,236,286 2,420,444 Other homebuilding (a) 49,293 254,347 21,876 325,516 1,332,972 $ 2,716,264 $ 4,194,869 $ 553,895 $ 7,465,028 $ 9,226,222 Financial Services — — — — 480,173 $ 2,716,264 $ 4,194,869 $ 553,895 $ 7,465,028 $ 9,706,395 Operating Data by Segment ($000's omitted) December 31, 2017 Homes Under Land Under Raw Land Total Total Northeast $ 234,413 $ 327,599 $ 73,574 $ 635,586 $ 791,511 Southeast 433,411 613,626 121,238 1,168,275 1,287,992 Florida 359,651 876,856 109,069 1,345,576 1,481,837 Midwest 299,896 476,694 28,482 805,072 877,282 Texas 251,613 435,018 87,392 774,023 859,847 West 798,706 1,137,940 147,493 2,084,139 2,271,328 Other homebuilding (a) 43,715 268,081 22,663 334,459 1,469,234 $ 2,421,405 $ 4,135,814 $ 589,911 $ 7,147,130 $ 9,039,031 Financial Services — — — — 647,618 $ 2,421,405 $ 4,135,814 $ 589,911 $ 7,147,130 $ 9,686,649 (a) Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments.

Debt

Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	Debt Notes payable Our senior notes are summarized as follows ($000’s omitted): March 31, December 31, 4.250% unsecured senior notes due March 2021 (a) $ 700,000 $ 700,000 5.500% unsecured senior notes due March 2026 (a) 700,000 700,000 5.000% unsecured senior notes due January 2027 (a) 600,000 600,000 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 (b) (13,105 ) (13,057 ) Total senior notes $ 2,986,895 $ 2,986,943 Other notes payable 100,823 20,024 Notes payable $ 3,087,718 $ 3,006,967 Estimated fair value $ 3,076,140 $ 3,263,774 (a) Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries. (b) 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. Other notes payable include non-recourse and limited recourse collateralized notes with third parties that totaled $100.8 million and $20.0 million at March 31, 2018 and December 31, 2017 , respectively. These notes have maturities ranging up to three years, are secured by the applicable land positions to which they relate, and have no recourse to any other assets. The stated interest rates on these notes range up to 7.53% . In the three months ended March 31, 2018, we borrowed $81.2 million under one note to finance the acquisition of land. We fully repaid this note in April 2018. Revolving credit facility We maintain a senior unsecured revolving credit facility (the “Revolving Credit Facility”) with a maximum borrowing capacity of $1.0 billion that matures in June 2019. The Revolving Credit Facility contains an uncommitted accordion feature that could increase the capacity to $1.25 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 the available borrowing capacity under the Revolving Credit Facility, with a sublimit of $375.0 million at March 31, 2018 . 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 therein. At March 31, 2018 , we had no borrowings outstanding and $226.3 million of letters of credit issued under the Revolving Credit Facility. At December 31, 2017 , we had no borrowings outstanding and $235.5 million of letters of credit issued under the Revolving Credit Facility. The Revolving Credit Facility contains financial covenants that require us to maintain a minimum Tangible Net Worth, a minimum Interest Coverage Ratio, and a maximum Debt-to-Capitalization Ratio (as each term is defined in the Revolving Credit Facility). As of March 31, 2018 , we were in compliance with all covenants. Our available and unused borrowings under the Revolving Credit Facility, net of outstanding letters of credit, amounted to $773.7 million and $764.5 million at March 31, 2018 and December 31, 2017 , respectively. Joint venture debt At March 31, 2018 , aggregate outstanding debt of unconsolidated joint ventures was $57.8 million , of which $57.0 million was related to one joint venture in which we have a 50% interest. In connection with this loan, we and our joint venture partner provided customary limited recourse guaranties under which our maximum financial loss exposure is limited to our pro rata share of the debt outstanding. The limited guaranties include, but are not limited to: (i) completion of certain aspects of the project; (ii) an environmental indemnity provided to the lender; and (iii) an indemnification of the lender from certain "bad boy acts" of the joint venture. Financial Services debt Pulte Mortgage maintains a master repurchase agreement with third party lenders (the “Repurchase Agreement”) that matures in August 2018 . The maximum aggregate commitment was $250.0 million at March 31, 2018 , and increased to $350.0 million from April 18, 2018 through June 25, 2018, after which it increases to $400.0 million through maturity. The purpose of 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 $247.0 million and $437.8 million outstanding under the Repurchase Agreement at March 31, 2018 and December 31, 2017 , 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, 2018
Stockholders' Equity Note [Abstract]
Shareholders’ equity	Shareholders’ equity During the three months ended March 31, 2018 , we declared cash dividends totaling $26.1 million and repurchased 1.7 million shares under our repurchase authorization for $52.5 million . For the three months ended March 31, 2017 , we declared cash dividends totaling $28.8 million and repurchased 4.7 million shares under our repurchase authorization for $100.0 million . At March 31, 2018 , we had remaining authorization to repurchase $542.0 million of common shares. 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, 2018 and 2017 , participants surrendered shares valued at $7.0 million and $5.5 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, 2018
Income Tax Disclosure [Abstract]
Income taxes	Income taxes Our effective tax rate for the three months ended March 31, 2018 was 23.8% , compared to 34.3% for the same period in 2017. Our effective tax rate differs from the federal statutory rate primarily due to state income tax expense on current year earnings and tax benefits for equity compensation. For the same period in the prior year, our effective tax rate differed from the federal statutory tax rate primarily due to state income tax expense on current year earnings and tax benefits for equity compensation, as well as the domestic production activities deduction. The federal statutory rate was reduced from 35% in 2017 to 21% in 2018 due to the Tax Cuts and Jobs Act (the “Tax Act”), which was enacted on December 22, 2017. We have not fully completed our accounting for the income tax effects of the Tax Act. As discussed in the SEC Staff Accounting Bulletin No. 118, the accounting for the Tax Act should be completed within one year from the Tax Act enactment. During the three months ended March 31, 2018, we have made no adjustments to the provisional amounts recorded at December 31, 2017. Any adjustments to the provisional amounts recorded at December 31, 2017 will be reflected upon the completion of our accounting for the Tax Act. At March 31, 2018 and December 31, 2017 , we had deferred tax assets, net of deferred tax liabilities and valuation allowance, of $614.9 million and $645.3 million , 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 both March 31, 2018 and December 31, 2017 , we had $48.6 million of gross unrecognized tax benefits and $5.1 million and $4.9 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 $39.9 million , excluding interest and penalties, primarily due to potential audit settlements.

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2018
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 $ 385,453 $ 570,600 Interest rate lock commitments Level 2 11,150 5,583 Forward contracts Level 2 (917 ) (385 ) Whole loan commitments Level 2 124 (147 ) Measured at fair value on a non-recurring basis: House and land inventory Level 3 $ — $ 11,045 Land held for sale Level 2 2,086 8,600 Disclosed at fair value: Cash, cash equivalents, and restricted cash Level 1 $ 184,787 $ 306,168 Financial Services debt Level 2 246,952 437,804 Other notes payable Level 2 100,823 20,024 Senior notes payable Level 2 2,975,317 3,243,750 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, and forward contracts on mortgage-backed securities are valued based on market prices for similar instruments. Fair values for whole loan 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, and other notes payable approximate their fair values due to their short-term nature and/or 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 $3.0 billion at both March 31, 2018 and December 31, 2017 .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
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 nature of these claims and the uncertainty regarding their ultimate resolution, actual costs could differ from our current estimates. Loan origination reserves totaled $34.6 million at both March 31, 2018 and December 31, 2017 . 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 $226.3 million and $1.2 billion , respectively, at March 31, 2018 and $235.5 million and $1.2 billion , respectively, at December 31, 2017 . 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, 2018 2017 Warranty liabilities, beginning of period $ 72,709 $ 66,134 Reserves provided 11,916 10,643 Payments (14,282 ) (12,099 ) Other adjustments 643 3 Warranty liabilities, end of period $ 70,986 $ 64,681 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 us 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 our 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 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 $771.1 million and $758.8 million at March 31, 2018 and December 31, 2017 , respectively, the vast majority of which relate 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 64% and 65% of the total general liability reserves at March 31, 2018 and December 31, 2017 , respectively. The actuarial analyses that determine the IBNR portion of reserves consider a variety of factors, including the frequency and severity of losses, which are based on our historical claims experience supplemented by industry data. The actuarial analyses of the reserves also consider historical third party recovery rates and claims management expenses. 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 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, 2018 2017 Balance, beginning of period $ 758,812 $ 831,058 Reserves provided, net 19,660 19,715 Adjustments to previously recorded reserves 2,461 (1,980 ) Payments, net (a) (9,829 ) (13,467 ) Balance, end of period $ 771,104 $ 835,326 (a) Includes net changes in amounts expected to be recovered from our insurance carriers, which are recorded in other assets (see below). 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 $217.1 million and $213.4 million at March 31, 2018 and December 31, 2017 , respectively. The insurance receivables relate to costs incurred to perform corrective repairs, settle claims with customers, and other costs related to the continued progression of construction defect claims that we believe are insured. 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 our reimbursements from applicable insurance carriers. In addition, disputes between homebuilders and carriers over coverage positions relating to construction defect claims are common. Resolution of claims with carriers involves the exchange of significant amounts of information and frequently involves legal action. During the three months ended March 31, 2017 , we wrote-off $15.0 million of insurance receivables in conjunction with settling insurance policies with multiple carriers covering multiple years. Additionally, at March 31, 2018 , we are the plaintiff in litigation with certain of our insurance carriers in regard to $70.1 million of recorded insurance receivables relating to the applicability of coverage to such costs under their policies. We believe collection of these insurance receivables, including those in litigation, is probable based on the legal merits of our positions after review by legal counsel, favorable legal rulings received to date, the high credit ratings of our carriers, and our long history of collecting significant amounts of insurance reimbursements under similar insurance policies 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, 2018
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, 2018 ($000’s omitted) Unconsolidated Eliminating Consolidated PulteGroup, Guarantor Non-Guarantor ASSETS Cash and equivalents $ — $ 103,470 $ 47,351 $ — $ 150,821 Restricted cash — 32,126 1,840 — 33,966 Total cash, cash equivalents, and — 135,596 49,191 — 184,787 House and land inventory — 7,365,173 99,855 — 7,465,028 Land held for sale — 69,522 — — 69,522 Residential mortgage loans available- — — 385,453 — 385,453 Investments in unconsolidated entities — 64,270 540 — 64,810 Other assets 8,101 598,044 178,210 — 784,355 Intangible assets — 137,542 — — 137,542 Deferred tax assets, net 622,328 — (7,430 ) — 614,898 Investments in subsidiaries and 6,815,152 243,456 7,645,565 (14,704,173 ) — $ 7,445,581 $ 8,613,603 $ 8,351,384 $ (14,704,173 ) $ 9,706,395 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, customer deposits, $ 68,362 $ 1,648,861 $ 264,178 $ — $ 1,981,401 Income tax liabilities 115,667 — — — 115,667 Financial Services debt — — 246,952 — 246,952 Notes payable 2,986,895 99,160 1,663 — 3,087,718 Total liabilities 3,170,924 1,748,021 512,793 — 5,431,738 Total shareholders’ equity 4,274,657 6,865,582 7,838,591 (14,704,173 ) 4,274,657 $ 7,445,581 $ 8,613,603 $ 8,351,384 $ (14,704,173 ) $ 9,706,395 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2017 ($000’s omitted) Unconsolidated Eliminating Consolidated PulteGroup, Guarantor Non-Guarantor ASSETS Cash and equivalents $ — $ 125,462 $ 147,221 $ — $ 272,683 Restricted cash — 32,339 1,146 — 33,485 Total cash, cash equivalents, and — 157,801 148,367 — 306,168 House and land inventory — 7,053,087 94,043 — 7,147,130 Land held for sale — 68,384 — — 68,384 Residential mortgage loans available- — — 570,600 — 570,600 Investments in unconsolidated entities — 62,415 542 — 62,957 Other assets 9,417 592,045 143,661 — 745,123 Intangible assets — 140,992 — — 140,992 Deferred tax assets, net 646,227 — (932 ) — 645,295 Investments in subsidiaries and 6,661,638 284,983 7,300,127 (14,246,748 ) — $ 7,317,282 $ 8,359,707 $ 8,256,408 $ (14,246,748 ) $ 9,686,649 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, customer deposits, $ 89,388 $ 1,636,913 $ 274,626 $ — $ 2,000,927 Income tax liabilities 86,925 — — — 86,925 Financial Services debt — — 437,804 — 437,804 Notes payable 2,986,943 16,911 3,113 — 3,006,967 Total liabilities 3,163,256 1,653,824 715,543 — 5,532,623 Total shareholders’ equity 4,154,026 6,705,883 7,540,865 (14,246,748 ) 4,154,026 $ 7,317,282 $ 8,359,707 $ 8,256,408 $ (14,246,748 ) $ 9,686,649 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the three months ended March 31, 2018 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 1,885,431 $ 26,167 $ — $ 1,911,598 Land sale and other revenues — 11,558 999 — 12,557 — 1,896,989 27,166 — 1,924,155 Financial Services — — 45,938 — 45,938 — 1,896,989 73,104 — 1,970,093 Homebuilding Cost of Revenues: Home sale cost of revenues — (1,438,347 ) (21,593 ) — (1,459,940 ) Land sale cost of revenues — (10,830 ) (718 ) — (11,548 ) — (1,449,177 ) (22,311 ) — (1,471,488 ) Financial Services expenses — (142 ) (32,071 ) — (32,213 ) Selling, general, and administrative — (231,418 ) (9,475 ) — (240,893 ) Other expense, net (142 ) (7,601 ) 6,435 — (1,308 ) Intercompany interest (1,468 ) — 1,468 — — Income (loss) before income taxes and (1,610 ) 208,651 17,150 — 224,191 Income tax (expense) benefit 387 (49,531 ) (4,296 ) — (53,440 ) Income (loss) before equity in income (1,223 ) 159,120 12,854 — 170,751 Equity in income (loss) of subsidiaries 171,974 12,564 110,671 (295,209 ) — Net income (loss) 170,751 171,684 123,525 (295,209 ) 170,751 Other comprehensive income 21 — — — 21 Comprehensive income (loss) $ 170,772 $ 171,684 $ 123,525 $ (295,209 ) $ 170,772 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the three months ended March 31, 2017 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 1,576,645 $ 8,776 $ — $ 1,585,421 Land sale and other revenues — 1,912 778 — 2,690 — 1,578,557 9,554 — 1,588,111 Financial Services — — 41,767 — 41,767 — 1,578,557 51,321 — 1,629,878 Homebuilding Cost of Revenues: Home sale cost of revenues — (1,209,640 ) (8,038 ) — (1,217,678 ) Land sale cost of revenues — (2,595 ) (633 ) — (3,228 ) — (1,212,235 ) (8,671 ) — (1,220,906 ) Financial Services expenses — (139 ) (28,228 ) — (28,367 ) Selling, general, and administrative — (217,975 ) (18,293 ) — (236,268 ) Other expense, net (130 ) (12,888 ) 7,946 — (5,072 ) Intercompany interest (335 ) — 335 — — Income (loss) before income taxes and (465 ) 135,320 4,410 — 139,265 Income tax (expense) benefit 177 (45,925 ) (1,999 ) — (47,747 ) Income (loss) before equity in income (288 ) 89,395 2,411 — 91,518 Equity in income (loss) of subsidiaries 91,806 7,253 37,309 (136,368 ) — Net income (loss) 91,518 96,648 39,720 (136,368 ) 91,518 Other comprehensive income 21 — — — 21 Comprehensive income (loss) $ 91,539 $ 96,648 $ 39,720 $ (136,368 ) $ 91,539 CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended March 31, 2018 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) $ 310,937 $ (340,357 ) $ 198,433 $ — $ 169,013 Cash flows from investing activities: Capital expenditures — (13,537 ) (1,891 ) — (15,428 ) Investments in unconsolidated entities — (1,000 ) — — (1,000 ) Other investing activities, net — — 452 — 452 Net cash provided by (used in) — (14,537 ) (1,439 ) — (15,976 ) Cash flows from financing activities: Financial Services borrowings (repayments) — — (190,852 ) — (190,852 ) Repayments of debt — — (451 ) — (451 ) Borrowings under revolving credit facility 768,000 — — — 768,000 Repayments under revolving credit facility (768,000 ) — — — (768,000 ) Stock option exercises 2,723 — — — 2,723 Share repurchases (59,491 ) — — — (59,491 ) Dividends paid (26,347 ) — — — (26,347 ) Intercompany activities, net (227,822 ) 332,689 (104,867 ) — — Net cash provided by (used in) (310,937 ) 332,689 (296,170 ) — (274,418 ) Net increase (decrease) — (22,205 ) (99,176 ) — (121,381 ) Cash, cash equivalents, and restricted cash — 157,801 148,367 — 306,168 Cash, cash equivalents, and restricted cash $ — $ 135,596 $ 49,191 $ — $ 184,787 CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended March 31, 2017 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) $ (141,566 ) $ (8,041 ) $ 189,410 $ — $ 39,803 Cash flows from investing activities: Capital expenditures — (8,442 ) (1,554 ) — (9,996 ) Investments in unconsolidated entities — (14,802 ) — — (14,802 ) Other investing activities, net — 2 1,421 — 1,423 Net cash provided by (used in) — (23,242 ) (133 ) — (23,375 ) Cash flows from financing activities: Financial Services borrowings (repayments) — — (191,240 ) — (191,240 ) Repayments of debt — (741 ) (326 ) — (1,067 ) Stock option exercises 11,118 — — — 11,118 Share repurchases (105,522 ) — — — (105,522 ) Dividends paid (29,102 ) — — — (29,102 ) Intercompany activities, net 265,072 (227,059 ) (38,013 ) — — Net cash provided by (used in) 141,566 (227,800 ) (229,579 ) — (315,813 ) Net increase (decrease) — (259,083 ) (40,302 ) — (299,385 ) Cash, cash equivalents, and restricted cash — 611,185 112,063 — 723,248 Cash, cash equivalents, and restricted cash $ — $ 352,102 $ 71,761 $ — $ 423,863

Basis of Presentation (Policy)

Basis of Presentation (Policy)	3 Months Ended
	Mar. 31, 2018
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, 2017 .
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
Subsequent events	We evaluated subsequent events up until the time the financial statements were filed with the Securities and Exchange Commission (the "SEC").
Revenue recognition	Revenue recognition Home sale revenues - Home sale revenues and related profit are generally recognized when title to and possession of the home are transferred to the buyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied in less than one year from the original contract date. Home sale contract assets consist of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit and classified as cash. Contract liabilities include customer deposit liabilities related to sold but undelivered homes, which totaled $308.9 million and $250.8 million at March 31, 2018 and December 31, 2017 , respectively. Of the customer deposit liabilities at December 31, 2017 , $133.9 million was recognized in revenues in the three months ended March 31, 2018 upon the closing of the related homes. See Note 8 for information on warranties and related obligations. Land sale revenues - We periodically elect to sell parcels of land to third parties in the event such assets no longer fit into our strategic operating plans or are zoned for commercial or other development. Land sales are generally outright sales of specified land parcels with cash consideration due on the closing date, which is generally when performance obligations are satisfied. Financial services revenues - Loan origination fees, commitment fees, and certain direct loan origination costs are recognized as incurred. Expected gains and losses from the sale of residential mortgage loans and their related servicing rights are included in the measurement of written loan commitments that are accounted for at fair value through Financial Services revenues at the time of commitment. Subsequent changes in the fair value of these loans are reflected in Financial Services revenues as they occur. Interest income is accrued from the date a mortgage loan is originated until the loan is sold. Mortgage servicing fees represent fees earned for servicing loans for various investors. Servicing fees are based on a contractual percentage of the outstanding principal balance and are credited to income when related mortgage payments are received or the sub-servicing fees are earned. Revenues associated with our title operations are recognized as closing services are rendered and title insurance policies are issued, both of which generally occur as each home is closed. Insurance brokerage commissions relate to commissions on homeowner and other insurance policies placed with third party carriers through various agency channels. Our performance obligations for policy renewal commissions are satisfied upon issuance of the initial policy. The contract assets for estimated future renewal commissions are included in other assets and totaled $28.8 million at March 31, 2018 , of which $27.7 million was recognized on January 1, 2018, in conjunction with the adoption of Accounting Standards Codification 606, "Revenue from Contracts with Customers" ("ASC 606"). Refer to " New accounting pronouncements" within Note 1 for further discussion.
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, unvested 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. 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.
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, 2018 and December 31, 2017 , residential mortgage loans available-for-sale had an aggregate fair value of $385.5 million and $570.6 million , respectively, and an aggregate outstanding principal balance of $374.4 million and $553.5 million , respectively. The net gain (loss) resulting from changes in fair value of these loans totaled $(0.1) million and $(2.0) million for the three months ended March 31, 2018 and 2017 , respectively. These changes in fair value were substantially offset by changes in the fair value of corresponding hedging instruments. Net gains from the sale of mortgages were $27.0 million and $25.3 million for the three months ended March 31, 2018 and 2017 , respectively, are included in Financial Services revenues.
Derivative instruments and hedging activities	We are party to interest rate lock commitments ("IRLCs") with customers resulting from our mortgage origination operations. At March 31, 2018 and December 31, 2017 , we had aggregate IRLCs of $375.3 million and $210.9 million , respectively, which were originated at interest rates prevailing at the date of commitment. Since we can terminate a loan commitment if the borrower does not comply with the terms of the contract, and some loan commitments may expire without being drawn upon, these commitments do not necessarily represent future cash requirements. We evaluate the creditworthiness of these transactions through our normal credit policies. We hedge our exposure to interest rate market risk relating to residential mortgage loans available-for-sale and IRLCs using 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, and whole loan investor commitments, which are obligations of an investor to buy loans at a specified price within a specified time period. Forward contracts on mortgage-backed securities are the predominant derivative financial instruments we use to minimize market risk during the period from the time we extend an interest rate lock to a loan applicant until the time the loan is sold to an investor. At March 31, 2018 and December 31, 2017 , we had unexpired forward contracts of $539.0 million and $522.0 million , respectively, and whole loan investor commitments of $186.1 million and $203.1 million , respectively. Changes in the fair value of IRLCs 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 IRLCs 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	On January 1, 2018, we adopted ASC 606, which is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services and satisfaction of performance obligations to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. We applied the modified retrospective method to contracts that were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018, are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported under the previous accounting standards. We recorded a net increase to opening retained earnings of $22.4 million , net of tax, as of January 1, 2018, due to the cumulative impact of adopting ASC 606, with the impact primarily related to the recognition of a contract asset for insurance brokerage commission renewals. There was not a material impact to revenues as a result of applying ASC 606 for the three months ended March 31, 2018 , and there have not been significant changes to our business processes, systems, or internal controls as a result of implementing the standard. We adopted Accounting Standards Update ("ASU") ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"), as of January 1, 2018, on a retrospective basis. The ASU addresses several specific cash flow issues. The adoption of ASU 2016-15 had no effect on our financial statements. In February 2016, the Financial Accounting Standards Board ("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 is effective for us for annual and interim periods beginning January 1, 2019, and early adoption is permitted. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application. While the recognition of right-of-use assets and related liabilities will have a material effect on our consolidated balance sheets, we do not expect a material impact on our consolidated statement of operations. The FASB also issued ASU No. 2018-01, "Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842", which provides guidance on specific transition issues. We continue to evaluate the full impact of the new standards, including the impact on our business processes, systems, and internal controls. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"), which changes the impairment model for most financial assets and certain other instruments from an "incurred loss" approach to a new "expected credit loss" methodology and also requires that credit losses from available-for-sale debt securities be presented as an allowance instead of a write-down. ASU 2016-13 is effective for us for annual and interim periods beginning January 1, 2020, with early adoption permitted, and requires full retrospective application on adoption. We are currently evaluating the impact the standard will have on our financial statements. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment" ("ASU 2017-04"), which removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for us for annual and interim periods beginning January 1, 2020, with early adoption permitted, and applied prospectively. We do not expect ASU 2017-04 to have a material impact on our financial statements.
Inventory interest capitalization	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	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, and forward contracts on mortgage-backed securities are valued based on market prices for similar instruments. Fair values for whole loan 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, and other notes payable approximate their fair values due to their short-term nature and/or 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 $3.0 billion at both March 31, 2018 and December 31, 2017 .
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 $226.3 million and $1.2 billion , respectively, at March 31, 2018 and $235.5 million and $1.2 billion , respectively, at December 31, 2017 . 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.
Legal reserves	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.
Self insured risks	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 us 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 our 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 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 $771.1 million and $758.8 million at March 31, 2018 and December 31, 2017 , respectively, the vast majority of which relate 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 64% and 65% of the total general liability reserves at March 31, 2018 and December 31, 2017 , respectively. The actuarial analyses that determine the IBNR portion of reserves consider a variety of factors, including the frequency and severity of losses, which are based on our historical claims experience supplemented by industry data. The actuarial analyses of the reserves also consider historical third party recovery rates and claims management expenses. 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 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.
Allowance for warranties	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.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Schedule of Other Expense (Income), Net	Other expense, net consists of the following ($000’s omitted): Three Months Ended March 31, 2018 2017 Write-offs of deposits and pre-acquisition costs $ (2,609 ) $ (1,655 ) Amortization of intangible assets (3,450 ) (3,450 ) Interest income 564 833 Interest expense (143 ) (137 ) Equity in earnings (losses) of unconsolidated entities 961 1,193 Miscellaneous, net 3,369 (1,856 ) Total other expense, net $ (1,308 ) $ (5,072 )
Schedule of Earnings Per Share	The following table presents the earnings per common share (000's omitted, except per share data): Three Months Ended March 31, 2018 2017 Numerator: Net income $ 170,751 $ 91,518 Less: earnings distributed to participating securities (296 ) (305 ) Less: undistributed earnings allocated to participating securities (1,622 ) (618 ) Numerator for basic earnings per share $ 168,833 $ 90,595 Add back: undistributed earnings allocated to participating securities 1,622 618 Less: undistributed earnings reallocated to participating securities (1,614 ) (613 ) Numerator for diluted earnings per share $ 168,841 $ 90,600 Denominator: Basic shares outstanding 286,683 317,756 Effect of dilutive securities 1,343 2,329 Diluted shares outstanding 288,026 320,085 Earnings per share: Basic $ 0.59 $ 0.29 Diluted $ 0.59 $ 0.28
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, 2018 December 31, 2017 Other Assets Accrued and Other Liabilities Other Assets Accrued and Other Liabilities Interest rate lock commitments $ 11,447 $ 297 $ 5,990 $ 407 Forward contracts 729 1,646 432 817 Whole loan commitments 689 565 794 941 $ 12,865 $ 2,508 $ 7,216 $ 2,165

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
Components of Inventory	Major components of inventory were as follows ($000’s omitted): March 31, December 31, Homes under construction $ 2,716,264 $ 2,421,405 Land under development 4,194,869 4,135,814 Raw land 553,895 589,911 $ 7,465,028 $ 7,147,130
Capitalized Interest Rollforward	Information related to interest capitalized into inventory is as follows ($000’s omitted): Three Months Ended March 31, 2018 2017 Interest in inventory, beginning of period $ 226,611 $ 186,097 Interest capitalized 43,960 44,923 Interest expensed (30,558 ) (27,192 ) Interest in inventory, end of period $ 240,013 $ 203,828
Schedule Of Company Interests In Land Option Agreements	The following provides a summary of our interests in land option agreements as of March 31, 2018 and December 31, 2017 ($000’s omitted): March 31, 2018 December 31, 2017 Deposits and Remaining Purchase Deposits and Remaining Purchase Land options with VIEs $ 70,600 $ 820,231 $ 78,889 $ 977,480 Other land options 140,277 1,487,583 129,098 1,485,099 $ 210,877 $ 2,307,814 $ 207,987 $ 2,462,579

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Components of Reportable Segments	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
Operating Data By Reporting Segment	Operating Data by Segment Three Months Ended March 31, 2018 2017 Revenues: Northeast $ 132,436 $ 108,601 Southeast 374,623 329,113 Florida 348,709 314,296 Midwest 297,506 244,506 Texas 246,638 234,541 West 524,243 357,054 $ 1,924,155 $ 1,588,111 Financial Services 45,938 41,767 Consolidated revenues $ 1,970,093 $ 1,629,878 Operating Data by Segment Three Months Ended March 31, 2018 2017 Income before income taxes: Northeast $ 9,312 $ 4,400 Southeast 40,457 32,366 Florida 44,945 44,523 Midwest 28,401 18,254 Texas 30,536 32,796 West 89,205 34,084 Other homebuilding (a) (32,498 ) (40,661 ) $ 210,358 $ 125,762 Financial Services 13,833 13,503 Consolidated income before income taxes $ 224,191 $ 139,265 (a) Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the operating segments, including: write-offs of $15.0 million of insurance receivables associated with the resolution of certain insurance matters in the three months ended March 31, 2017 (see Note 8 ).
Total Assets And Inventory By Reporting Segment	Operating Data by Segment ($000's omitted) March 31, 2018 Homes Under Land Under Raw Land Total Total Northeast $ 267,520 $ 323,571 $ 73,577 $ 664,668 $ 813,724 Southeast 484,647 621,417 112,444 1,218,508 1,345,180 Florida 435,660 881,107 86,155 1,402,922 1,527,872 Midwest 321,719 444,360 38,353 804,432 882,493 Texas 300,113 422,804 89,779 812,696 903,537 West 857,312 1,247,263 131,711 2,236,286 2,420,444 Other homebuilding (a) 49,293 254,347 21,876 325,516 1,332,972 $ 2,716,264 $ 4,194,869 $ 553,895 $ 7,465,028 $ 9,226,222 Financial Services — — — — 480,173 $ 2,716,264 $ 4,194,869 $ 553,895 $ 7,465,028 $ 9,706,395 Operating Data by Segment ($000's omitted) December 31, 2017 Homes Under Land Under Raw Land Total Total Northeast $ 234,413 $ 327,599 $ 73,574 $ 635,586 $ 791,511 Southeast 433,411 613,626 121,238 1,168,275 1,287,992 Florida 359,651 876,856 109,069 1,345,576 1,481,837 Midwest 299,896 476,694 28,482 805,072 877,282 Texas 251,613 435,018 87,392 774,023 859,847 West 798,706 1,137,940 147,493 2,084,139 2,271,328 Other homebuilding (a) 43,715 268,081 22,663 334,459 1,469,234 $ 2,421,405 $ 4,135,814 $ 589,911 $ 7,147,130 $ 9,039,031 Financial Services — — — — 647,618 $ 2,421,405 $ 4,135,814 $ 589,911 $ 7,147,130 $ 9,686,649 (a) Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Senior Notes	Our senior notes are summarized as follows ($000’s omitted): March 31, December 31, 4.250% unsecured senior notes due March 2021 (a) $ 700,000 $ 700,000 5.500% unsecured senior notes due March 2026 (a) 700,000 700,000 5.000% unsecured senior notes due January 2027 (a) 600,000 600,000 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 (b) (13,105 ) (13,057 ) Total senior notes $ 2,986,895 $ 2,986,943 Other notes payable 100,823 20,024 Notes payable $ 3,087,718 $ 3,006,967 Estimated fair value $ 3,076,140 $ 3,263,774 (a) Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries. (b) 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.

Fair Value Disclosures Fair Val

Fair Value Disclosures Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2018
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 $ 385,453 $ 570,600 Interest rate lock commitments Level 2 11,150 5,583 Forward contracts Level 2 (917 ) (385 ) Whole loan commitments Level 2 124 (147 ) Measured at fair value on a non-recurring basis: House and land inventory Level 3 $ — $ 11,045 Land held for sale Level 2 2,086 8,600 Disclosed at fair value: Cash, cash equivalents, and restricted cash Level 1 $ 184,787 $ 306,168 Financial Services debt Level 2 246,952 437,804 Other notes payable Level 2 100,823 20,024 Senior notes payable Level 2 2,975,317 3,243,750

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Summary of Changes in Loan Origination Liability	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 nature of these claims and the uncertainty regarding their ultimate resolution, actual costs could differ from our current estimates. Loan origination reserves totaled $34.6 million at both March 31, 2018 and December 31, 2017 .
Summary of Changes in Warranty Liability	Changes to warranty liabilities were as follows ($000’s omitted): Three Months Ended March 31, 2018 2017 Warranty liabilities, beginning of period $ 72,709 $ 66,134 Reserves provided 11,916 10,643 Payments (14,282 ) (12,099 ) Other adjustments 643 3 Warranty liabilities, end of period $ 70,986 $ 64,681
Summary of Changes in Self-Insurance Liability	Changes in these liabilities were as follows ($000's omitted): Three Months Ended March 31, 2018 2017 Balance, beginning of period $ 758,812 $ 831,058 Reserves provided, net 19,660 19,715 Adjustments to previously recorded reserves 2,461 (1,980 ) Payments, net (a) (9,829 ) (13,467 ) Balance, end of period $ 771,104 $ 835,326

Supplemental Guarantor Inform23

Supplemental Guarantor Information (Tables)	3 Months Ended
	Mar. 31, 2018
Supplemental Guarantor Information [Abstract]
Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET MARCH 31, 2018 ($000’s omitted) Unconsolidated Eliminating Consolidated PulteGroup, Guarantor Non-Guarantor ASSETS Cash and equivalents $ — $ 103,470 $ 47,351 $ — $ 150,821 Restricted cash — 32,126 1,840 — 33,966 Total cash, cash equivalents, and — 135,596 49,191 — 184,787 House and land inventory — 7,365,173 99,855 — 7,465,028 Land held for sale — 69,522 — — 69,522 Residential mortgage loans available- — — 385,453 — 385,453 Investments in unconsolidated entities — 64,270 540 — 64,810 Other assets 8,101 598,044 178,210 — 784,355 Intangible assets — 137,542 — — 137,542 Deferred tax assets, net 622,328 — (7,430 ) — 614,898 Investments in subsidiaries and 6,815,152 243,456 7,645,565 (14,704,173 ) — $ 7,445,581 $ 8,613,603 $ 8,351,384 $ (14,704,173 ) $ 9,706,395 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, customer deposits, $ 68,362 $ 1,648,861 $ 264,178 $ — $ 1,981,401 Income tax liabilities 115,667 — — — 115,667 Financial Services debt — — 246,952 — 246,952 Notes payable 2,986,895 99,160 1,663 — 3,087,718 Total liabilities 3,170,924 1,748,021 512,793 — 5,431,738 Total shareholders’ equity 4,274,657 6,865,582 7,838,591 (14,704,173 ) 4,274,657 $ 7,445,581 $ 8,613,603 $ 8,351,384 $ (14,704,173 ) $ 9,706,395 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2017 ($000’s omitted) Unconsolidated Eliminating Consolidated PulteGroup, Guarantor Non-Guarantor ASSETS Cash and equivalents $ — $ 125,462 $ 147,221 $ — $ 272,683 Restricted cash — 32,339 1,146 — 33,485 Total cash, cash equivalents, and — 157,801 148,367 — 306,168 House and land inventory — 7,053,087 94,043 — 7,147,130 Land held for sale — 68,384 — — 68,384 Residential mortgage loans available- — — 570,600 — 570,600 Investments in unconsolidated entities — 62,415 542 — 62,957 Other assets 9,417 592,045 143,661 — 745,123 Intangible assets — 140,992 — — 140,992 Deferred tax assets, net 646,227 — (932 ) — 645,295 Investments in subsidiaries and 6,661,638 284,983 7,300,127 (14,246,748 ) — $ 7,317,282 $ 8,359,707 $ 8,256,408 $ (14,246,748 ) $ 9,686,649 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, customer deposits, $ 89,388 $ 1,636,913 $ 274,626 $ — $ 2,000,927 Income tax liabilities 86,925 — — — 86,925 Financial Services debt — — 437,804 — 437,804 Notes payable 2,986,943 16,911 3,113 — 3,006,967 Total liabilities 3,163,256 1,653,824 715,543 — 5,532,623 Total shareholders’ equity 4,154,026 6,705,883 7,540,865 (14,246,748 ) 4,154,026 $ 7,317,282 $ 8,359,707 $ 8,256,408 $ (14,246,748 ) $ 9,686,649
Consolidating Statement of Operations and Comprehensive Income (Loss)	CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the three months ended March 31, 2018 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 1,885,431 $ 26,167 $ — $ 1,911,598 Land sale and other revenues — 11,558 999 — 12,557 — 1,896,989 27,166 — 1,924,155 Financial Services — — 45,938 — 45,938 — 1,896,989 73,104 — 1,970,093 Homebuilding Cost of Revenues: Home sale cost of revenues — (1,438,347 ) (21,593 ) — (1,459,940 ) Land sale cost of revenues — (10,830 ) (718 ) — (11,548 ) — (1,449,177 ) (22,311 ) — (1,471,488 ) Financial Services expenses — (142 ) (32,071 ) — (32,213 ) Selling, general, and administrative — (231,418 ) (9,475 ) — (240,893 ) Other expense, net (142 ) (7,601 ) 6,435 — (1,308 ) Intercompany interest (1,468 ) — 1,468 — — Income (loss) before income taxes and (1,610 ) 208,651 17,150 — 224,191 Income tax (expense) benefit 387 (49,531 ) (4,296 ) — (53,440 ) Income (loss) before equity in income (1,223 ) 159,120 12,854 — 170,751 Equity in income (loss) of subsidiaries 171,974 12,564 110,671 (295,209 ) — Net income (loss) 170,751 171,684 123,525 (295,209 ) 170,751 Other comprehensive income 21 — — — 21 Comprehensive income (loss) $ 170,772 $ 171,684 $ 123,525 $ (295,209 ) $ 170,772 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the three months ended March 31, 2017 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 1,576,645 $ 8,776 $ — $ 1,585,421 Land sale and other revenues — 1,912 778 — 2,690 — 1,578,557 9,554 — 1,588,111 Financial Services — — 41,767 — 41,767 — 1,578,557 51,321 — 1,629,878 Homebuilding Cost of Revenues: Home sale cost of revenues — (1,209,640 ) (8,038 ) — (1,217,678 ) Land sale cost of revenues — (2,595 ) (633 ) — (3,228 ) — (1,212,235 ) (8,671 ) — (1,220,906 ) Financial Services expenses — (139 ) (28,228 ) — (28,367 ) Selling, general, and administrative — (217,975 ) (18,293 ) — (236,268 ) Other expense, net (130 ) (12,888 ) 7,946 — (5,072 ) Intercompany interest (335 ) — 335 — — Income (loss) before income taxes and (465 ) 135,320 4,410 — 139,265 Income tax (expense) benefit 177 (45,925 ) (1,999 ) — (47,747 ) Income (loss) before equity in income (288 ) 89,395 2,411 — 91,518 Equity in income (loss) of subsidiaries 91,806 7,253 37,309 (136,368 ) — Net income (loss) 91,518 96,648 39,720 (136,368 ) 91,518 Other comprehensive income 21 — — — 21 Comprehensive income (loss) $ 91,539 $ 96,648 $ 39,720 $ (136,368 ) $ 91,539
Consolidating Statement Of Cash Flows	CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended March 31, 2018 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) $ 310,937 $ (340,357 ) $ 198,433 $ — $ 169,013 Cash flows from investing activities: Capital expenditures — (13,537 ) (1,891 ) — (15,428 ) Investments in unconsolidated entities — (1,000 ) — — (1,000 ) Other investing activities, net — — 452 — 452 Net cash provided by (used in) — (14,537 ) (1,439 ) — (15,976 ) Cash flows from financing activities: Financial Services borrowings (repayments) — — (190,852 ) — (190,852 ) Repayments of debt — — (451 ) — (451 ) Borrowings under revolving credit facility 768,000 — — — 768,000 Repayments under revolving credit facility (768,000 ) — — — (768,000 ) Stock option exercises 2,723 — — — 2,723 Share repurchases (59,491 ) — — — (59,491 ) Dividends paid (26,347 ) — — — (26,347 ) Intercompany activities, net (227,822 ) 332,689 (104,867 ) — — Net cash provided by (used in) (310,937 ) 332,689 (296,170 ) — (274,418 ) Net increase (decrease) — (22,205 ) (99,176 ) — (121,381 ) Cash, cash equivalents, and restricted cash — 157,801 148,367 — 306,168 Cash, cash equivalents, and restricted cash $ — $ 135,596 $ 49,191 $ — $ 184,787 CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended March 31, 2017 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) $ (141,566 ) $ (8,041 ) $ 189,410 $ — $ 39,803 Cash flows from investing activities: Capital expenditures — (8,442 ) (1,554 ) — (9,996 ) Investments in unconsolidated entities — (14,802 ) — — (14,802 ) Other investing activities, net — 2 1,421 — 1,423 Net cash provided by (used in) — (23,242 ) (133 ) — (23,375 ) Cash flows from financing activities: Financial Services borrowings (repayments) — — (191,240 ) — (191,240 ) Repayments of debt — (741 ) (326 ) — (1,067 ) Stock option exercises 11,118 — — — 11,118 Share repurchases (105,522 ) — — — (105,522 ) Dividends paid (29,102 ) — — — (29,102 ) Intercompany activities, net 265,072 (227,059 ) (38,013 ) — — Net cash provided by (used in) 141,566 (227,800 ) (229,579 ) — (315,813 ) Net increase (decrease) — (259,083 ) (40,302 ) — (299,385 ) Cash, cash equivalents, and restricted cash — 611,185 112,063 — 723,248 Cash, cash equivalents, and restricted cash $ — $ 352,102 $ 71,761 $ — $ 423,863

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Cumulative effect of accounting change (see Note 1)	$ 22,411	$ 18,237
Residential mortgage loans available-for-sale fair value	385,453		$ 570,600
Residential mortgage loans available-for-sale aggregate outstanding principal balance	374,400		553,500
Net gain (loss) from change in fair value	(100)	(2,000)
Net gains from the sale of mortgages	$ 27,000	25,300
Variability in future cash flows of derivative instruments in days	60 days
Interest rate lock commitments
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount	$ 375,300		210,900
Forward contracts
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount	539,000		522,000
Whole loan commitments
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount	186,100		$ 203,100
Retained Earnings
Finite-Lived Intangible Assets [Line Items]
Cumulative effect of accounting change (see Note 1)	$ 22,411	$ 18,643

Basis of Presentation (Other Ex

Basis of Presentation (Other Expense (Income), Net) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Accounting Policies [Abstract]
Write-offs of deposits and pre-acquisition costs	$ (2,609)	$ (1,655)
Amortization of intangible assets	(3,450)	(3,450)
Interest income	564	833
Interest expense	(143)	(137)
Equity in loss (earnings) of unconsolidated entities	961	1,193
Miscellaneous, net	3,369	(1,856)
Other expense (income), net	$ (1,308)	$ (5,072)

Basis of Presentation (Earnings

Basis of Presentation (Earnings per share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator:
Net income	$ 170,751	$ 91,518
Less: earnings distributed to participating securities	(296)	(305)
Less: undistributed earnings allocated to participating securities	(1,622)	(618)
Numerator for basic earnings per share	168,833	90,595
Add back: undistributed earnings allocated to participating securities	1,622	618
Less: undistributed earnings reallocated to participating securities	(1,614)	(613)
Numerator for diluted earnings per share	$ 168,841	$ 90,600
Denominator:
Basic shares outstanding (shares)	286,683	317,756
Effect of dilutive securities (shares)	1,343	2,329
Diluted shares outstanding (shares)	288,026	320,085
Earnings per share:
Basic earnings (usd per share)	$ 0.59	$ 0.29
Diluted earnings (usd per share)	$ 0.59	$ 0.28

Basis of Presentation (Fair Val

Basis of Presentation (Fair Value Of the Company's Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	$ 12,865	$ 7,216
Accrued and Other Liabilities	2,508	2,165
Interest rate lock commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	11,447	5,990
Accrued and Other Liabilities	297	407
Forward contracts
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	729	432
Accrued and Other Liabilities	1,646	817
Whole loan commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	689	794
Accrued and Other Liabilities	$ 565	$ 941

Basis of Presentation Revenue R

Basis of Presentation Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Revenue from Contract with Customer [Abstract]
Customer deposits	$ 308,864		$ 250,779
Contract with Customer, Liability, Revenue Recognized	133,900
contract asset insurance renewals	$ 28,800	$ 27,700

Inventory (Major Components Of

Inventory (Major Components Of Inventory) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Homes under construction	$ 2,716,264	$ 2,421,405
Land under development	4,194,869	4,135,814
Raw land	553,895	589,911
Total Inventory	$ 7,465,028	$ 7,147,130

Inventory (Information Related

Inventory (Information Related To Interest Capitalized Into Homebuilding Inventory) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest in inventory, beginning of period	$ 226,611	$ 186,097
Interest capitalized	43,960	44,923
Interest expensed	(30,558)	(27,192)
Interest in inventory, end of period	$ 240,013	$ 203,828

Inventory (Summary of Interests

Inventory (Summary of Interests in Land Option Agreements) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	$ 210,877	$ 207,987
Remaining Purchase Price	2,307,814	2,462,579
Land options with VIEs
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	70,600	78,889
Remaining Purchase Price	820,231	977,480
Other land options
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	140,277	129,098
Remaining Purchase Price	$ 1,487,583	$ 1,485,099

Segment Information Narrative (

Segment Information Narrative (Details)	3 Months Ended
	Mar. 31, 2018segment
Segment Reporting [Abstract]
Number of reportable segments	6

Segment Information (Operating

Segment Information (Operating Data By Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Homebuilding	$ 1,924,155	$ 1,588,111
Financial Services	45,938	41,767
Consolidated revenues	1,970,093	1,629,878
Income before Income Taxes:
Income before income taxes	224,191	$ 139,265
Write-off of insurance receivables		15,000,000
Northeast
Revenues:
Homebuilding	132,436	$ 108,601
Income before Income Taxes:
Income before income taxes	9,312	4,400
Southeast
Revenues:
Homebuilding	374,623	329,113
Income before Income Taxes:
Income before income taxes	40,457	32,366
Florida
Revenues:
Homebuilding	348,709	314,296
Income before Income Taxes:
Income before income taxes	44,945	44,523
Midwest
Revenues:
Homebuilding	297,506	244,506
Income before Income Taxes:
Income before income taxes	28,401	18,254
Texas
Revenues:
Homebuilding	246,638	234,541
Income before Income Taxes:
Income before income taxes	30,536	32,796
West
Revenues:
Homebuilding	524,243	357,054
Income before Income Taxes:
Income before income taxes	89,205	34,084
Other homebuilding
Income before Income Taxes:
Income before income taxes	(32,498)	(40,661)
Homebuilding
Income before Income Taxes:
Income before income taxes	210,358	125,762
Financial Services
Income before Income Taxes:
Income before income taxes	$ 13,833	$ 13,503

Segment Information (Total Asse

Segment Information (Total Assets And Inventory By Reportable Segment) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Segment Reporting Information
Homes under construction	$ 2,716,264	$ 2,421,405
Land under development	4,194,869	4,135,814
Raw land	553,895	589,911
Total Inventory	7,465,028	7,147,130
Total Assets	9,706,395	9,686,649
Northeast
Segment Reporting Information
Homes under construction	267,520	234,413
Land under development	323,571	327,599
Raw land	73,577	73,574
Total Inventory	664,668	635,586
Total Assets	813,724	791,511
Southeast
Segment Reporting Information
Homes under construction	484,647	433,411
Land under development	621,417	613,626
Raw land	112,444	121,238
Total Inventory	1,218,508	1,168,275
Total Assets	1,345,180	1,287,992
Florida
Segment Reporting Information
Homes under construction	435,660	359,651
Land under development	881,107	876,856
Raw land	86,155	109,069
Total Inventory	1,402,922	1,345,576
Total Assets	1,527,872	1,481,837
Midwest
Segment Reporting Information
Homes under construction	321,719	299,896
Land under development	444,360	476,694
Raw land	38,353	28,482
Total Inventory	804,432	805,072
Total Assets	882,493	877,282
Texas
Segment Reporting Information
Homes under construction	300,113	251,613
Land under development	422,804	435,018
Raw land	89,779	87,392
Total Inventory	812,696	774,023
Total Assets	903,537	859,847
West
Segment Reporting Information
Homes under construction	857,312	798,706
Land under development	1,247,263	1,137,940
Raw land	131,711	147,493
Total Inventory	2,236,286	2,084,139
Total Assets	2,420,444	2,271,328
Other homebuilding
Segment Reporting Information
Homes under construction	49,293	43,715
Land under development	254,347	268,081
Raw land	21,876	22,663
Total Inventory	325,516	334,459
Total Assets	1,332,972	1,469,234
Homebuilding
Segment Reporting Information
Homes under construction	2,716,264	2,421,405
Land under development	4,194,869	4,135,814
Raw land	553,895	589,911
Total Inventory	7,465,028	7,147,130
Total Assets	9,226,222	9,039,031
Financial Services
Segment Reporting Information
Homes under construction	0	0
Land under development	0	0
Raw land	0	0
Total Inventory	0	0
Total Assets	$ 480,173	$ 647,618

Debt (Summary of Senior Notes)

Debt (Summary of Senior Notes) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Joint venture debt company proportionate share total	$ 57,000
Net premiums, discounts, and issuance costs	(13,105)	$ (13,057)
Notes payable	2,986,895	2,986,943
Other Notes Payable	100,823	20,024
Notes Payable	3,087,718	3,006,967
Notes Payable, Fair Value Disclosure	3,076,140	3,263,774
4.250% unsecured senior notes due March 2021 | Senior Notes
Debt Instrument [Line Items]
Face amount	$ 700,000	$ 700,000
Stated interest rate	4.25%	4.25%
5.500% unsecured senior notes due March 2026 | Senior Notes
Debt Instrument [Line Items]
Face amount	$ 700,000	$ 700,000
Stated interest rate	5.50%	5.50%
5.000% unsecured senior notes due January 2027 | Senior Notes
Debt Instrument [Line Items]
Face amount	$ 600,000	$ 600,000
Stated interest rate	5.00%	5.00%
7.875% unsecured senior notes due June 2032 | Senior Notes
Debt Instrument [Line Items]
Face amount	$ 300,000	$ 300,000
Stated interest rate	7.875%	7.875%
6.375% unsecured senior notes due May 2033 | Senior Notes
Debt Instrument [Line Items]
Face amount	$ 400,000	$ 400,000
Stated interest rate	6.375%	6.375%
6.000% unsecured senior notes due February 2035 | Senior Notes
Debt Instrument [Line Items]
Face amount	$ 300,000	$ 300,000
Stated interest rate	6.00%	6.00%

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Apr. 18, 2018	Dec. 31, 2017	Oct. 13, 2017
Debt Instrument [Line Items]
Notes payable	$ 2,986,895,000		$ 2,986,943,000
Limitedrecoursenote	81,200,000
Letters of credit outstanding	226,300,000		235,500,000
Other Notes Payable	100,823,000		20,024,000
Line of credit facility, remaining borrowing capacity	773,700,000		764,500,000
Notes Payable	$ 3,087,718,000		3,006,967,000
Debt instrument term	3 years
Joint venture debt total	$ 57,800,000
Joint venture debt company proportionate share total	57,000,000
Long-term line of credit	$ 246,952,000		437,804,000
Maximum
Debt Instrument [Line Items]
Stated interest rate	7.53%
Unconsolidated Joint Ventures
Debt Instrument [Line Items]
Equity method investment, ownership percentage	50.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum additional issuance	$ 375,000,000
Line of credit, current	0		0
Revolving Credit Facility Accordion Feature
Debt Instrument [Line Items]
Maximum borrowing capacity	1,250,000,000			$ 1,000,000,000
Line of Credit | Financial Services
Debt Instrument [Line Items]
Maximum borrowing capacity	250,000,000
Long-term line of credit	247,000,000		437,800,000
Line of Credit | Maximum | Financial Services
Debt Instrument [Line Items]
Maximum borrowing capacity	400,000,000
Senior Notes | 4.250% unsecured senior notes due March 2021
Debt Instrument [Line Items]
Face amount	$ 700,000,000		$ 700,000,000
Stated interest rate	4.25%		4.25%
Senior Notes | 5.500% unsecured senior notes due March 2026
Debt Instrument [Line Items]
Face amount	$ 700,000,000		$ 700,000,000
Stated interest rate	5.50%		5.50%
Senior Notes | 5.000% unsecured senior notes due January 2027
Debt Instrument [Line Items]
Face amount	$ 600,000,000		$ 600,000,000
Stated interest rate	5.00%		5.00%
Subsequent Event | Line of Credit | Financial Services
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 350,000,000

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Class of Stock [Line Items]
Dividends	$ 26,051	$ 28,838
Payments for repurchase of common stock	$ 59,491	$ 105,522
Share repurchase plan
Class of Stock [Line Items]
Share repurchases (shares)	1.7	4.7
Payments for repurchase of common stock	$ 52,500	$ 100,000
Remaining value of stock repurchase programs authorization	542,000
Shares withheld to pay taxes
Class of Stock [Line Items]
Payments for repurchase of common stock	$ 7,000	$ 5,500

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effective income tax	23.80%	34.30%
Deferred tax assets, net	$ 614,898		$ 645,295
Gross unrecognized tax benefits	48,600
Accrued interest and penalties on unrecognized tax benefits	5,100		$ 4,900
Possible decrease in unrecognized tax benefits	$ 39,900

Fair Value Disclosures (Details

Fair Value Disclosures (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Level 2
Disclosed at fair value:
Financial Services debt	$ 246,952	$ 437,804
Senior notes payable	2,975,317	3,243,750
Level 1
Disclosed at fair value:
Cash, cash equivalents, and restricted cash	184,787	306,168
Land held for sale | Fair Value, Measurements, Nonrecurring | Level 2
Measured at fair value on a non-recurring basis:
Fair value	2,086	8,600
House and land inventory | Fair Value, Measurements, Nonrecurring | Level 3
Measured at fair value on a non-recurring basis:
Fair value	0	11,045
Interest rate lock commitments | Fair Value, Measurements, Recurring | Level 2
Measured at fair value on a recurring basis:
Assets, fair value	11,150	5,583
Forward contracts | Fair Value, Measurements, Recurring | Level 2
Measured at fair value on a recurring basis:
Liabilities, fair value	(917)	(385)
Whole loan commitments | Fair Value, Measurements, Recurring | Level 2
Measured at fair value on a recurring basis:
Assets, fair value	124
Liabilities, fair value		(147)
Residential Mortgage | Fair Value, Measurements, Recurring | Level 2
Measured at fair value on a recurring basis:
Assets, fair value	$ 385,453	$ 570,600

Fair Value Disclosures Narrativ

Fair Value Disclosures Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Notes payable	$ 2,986,895	$ 2,986,943

Commitments and Contingencies41

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 34,600		$ 34,600
Letters of credit outstanding	226,300		235,500
Surety bonds outstanding	$ 1,200,000		1,200,000
Maximum product warranty in years	10 years
Self-insurance liabilities	$ 771,100	$ 835,326	$ 758,812	$ 831,058
Incurred but not reported percentage of liability reserves	64.00%		65.00%
Write-off of insurance receivables		15,000,000
litigation of recorded insurance receivable	$ 70,100
Other Assets
Loss Contingencies [Line Items]
Recorded insurance receivables	$ 217,100		$ 213,400

Commitments and Contingencies42

Commitments and Contingencies (Changes To Anticipated Loan Losses) (Details) $ in Millions	Mar. 31, 2018USD ($)
Loss Contingency Accrual [Roll Forward]
Liabilities, beginning of period	$ 34.6
Liabilities, end of period	$ 34.6

Commitments and Contingencies43

Commitments and Contingencies (Changes To Warranty Liability) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty liabilities, beginning of period	$ 72,709	$ 66,134
Reserves provided	11,916	10,643
Payments	(14,282)	(12,099)
Other adjustments	643	3
Warranty liabilities, end of period	$ 70,986	$ 64,681

Commitments and Contingencies44

Commitments and Contingencies (Changes in Self-insurance Liability) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Write-off of insurance receivables		15,000,000
Incurred but not reported percentage of liability reserves	64.00%		65.00%
Changes in Self-insurance Liability [Roll Forward]
Balance, beginning of period	$ 758,812	$ 831,058
Reserves provided, net	19,660	19,715
Adjustments to previously recorded reserves	2,461	(1,980)
Payments, net (a)	(9,829)	(13,467)
Balance, end of period	$ 771,100	$ 835,326

Supplemental Guarantor Inform45

Supplemental Guarantor Information (Balance Sheet) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Cash and equivalents	$ 150,821	$ 272,683
Restricted cash	33,966	33,485
House and land inventory	7,465,028	7,147,130
Land held for sale	69,522	68,384
Residential mortgage loans available-for-sale	385,453	570,600
Investments in unconsolidated entities	64,810	62,957
Other assets	784,355	745,123
Intangible assets	137,542	140,992
Deferred tax assets, net	614,898	645,295
Investments in subsidiaries and intercompany accounts, net	0	0
Total assets	9,706,395	9,686,649
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	1,981,401	2,000,927
Accrued Income Taxes	115,667	86,925
Financial Services debt	246,952	437,804
Notes Payable	3,087,718	3,006,967
Total liabilities	5,431,738	5,532,623
Total shareholders’ equity	4,274,657	4,154,026	$ 4,660,145	$ 4,659,363
Total liabilities and shareholders' equity	9,706,395	9,686,649
Eliminating Entries
ASSETS
Cash and equivalents	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	(14,704,173)	(14,246,748)
Total assets	(14,704,173)	(14,246,748)
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	0	0
Accrued Income Taxes	0	0
Financial Services debt	0	0
Notes Payable	0	0
Total liabilities	0	0
Total shareholders’ equity	(14,704,173)	(14,246,748)
Total liabilities and shareholders' equity	(14,704,173)	(14,246,748)
PulteGroup, Inc.
ASSETS
Cash and equivalents	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	8,101	9,417
Intangible assets	0	0
Deferred tax assets, net	622,328	646,227
Investments in subsidiaries and intercompany accounts, net	6,815,152	6,661,638
Total assets	7,445,581	7,317,282
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	68,362	89,388
Accrued Income Taxes	115,667	86,925
Financial Services debt	0	0
Notes Payable	2,986,895	2,986,943
Total liabilities	3,170,924	3,163,256
Total shareholders’ equity	4,274,657	4,154,026
Total liabilities and shareholders' equity	7,445,581	7,317,282
Guarantor Subsidiaries
ASSETS
Cash and equivalents	103,470	125,462
Restricted cash	32,126	32,339
House and land inventory	7,365,173	7,053,087
Land held for sale	69,522	68,384
Residential mortgage loans available-for-sale	0	0
Investments in unconsolidated entities	64,270	62,415
Other assets	598,044	592,045
Intangible assets	137,542	140,992
Deferred tax assets, net	0	0
Investments in subsidiaries and intercompany accounts, net	243,456	284,983
Total assets	8,613,603	8,359,707
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	1,648,861	1,636,913
Accrued Income Taxes	0	0
Financial Services debt	0	0
Notes Payable	99,160	16,911
Total liabilities	1,748,021	1,653,824
Total shareholders’ equity	6,865,582	6,705,883
Total liabilities and shareholders' equity	8,613,603	8,359,707
Non-Guarantor Subsidiaries
ASSETS
Cash and equivalents	47,351	147,221
Restricted cash	1,840	1,146
House and land inventory	99,855	94,043
Land held for sale	0	0
Residential mortgage loans available-for-sale	385,453	570,600
Investments in unconsolidated entities	540	542
Other assets	178,210	143,661
Intangible assets	0	0
Deferred tax assets, net	(7,430)	(932)
Investments in subsidiaries and intercompany accounts, net	7,645,565	7,300,127
Total assets	8,351,384	8,256,408
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	264,178	274,626
Accrued Income Taxes	0	0
Financial Services debt	246,952	437,804
Notes Payable	1,663	3,113
Total liabilities	512,793	715,543
Total shareholders’ equity	7,838,591	7,540,865
Total liabilities and shareholders' equity	$ 8,351,384	$ 8,256,408

Supplemental Guarantor Inform46

Supplemental Guarantor Information (Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Homebuilding
Home sale revenues	$ 1,911,598	$ 1,585,421
Land sale and other revenues	12,557	2,690
Total homebuilding revenues	1,924,155	1,588,111
Financial Services	45,938	41,767
Consolidated revenues	1,970,093	1,629,878
Homebuilding Cost of Revenues:
Home sale cost of revenues	(1,459,940)	(1,217,678)
Land sale cost of revenues	(11,548)	(3,228)
Total cost of revenues	(1,471,488)	(1,220,906)
Financial Services expenses	(32,213)	(28,367)
Selling, general, and administrative expenses	(240,893)	(236,268)
Other expense, net	(1,308)	(5,072)
Intercompany interest	0	0
Income (loss) before income taxes and equity in income (loss) of subsidiaries	224,191	139,265
Income tax (expense) benefit	(53,440)	(47,747)
Income (loss) before equity in income (loss) of subsidiaries	170,751	91,518
Equity in income (loss) of subsidiaries	0	0
Net income	170,751	91,518
Other comprehensive income	21	21
Comprehensive income (loss)	170,772	91,539
Eliminating Entries
Homebuilding
Home sale revenues	0	0
Land sale and other revenues	0	0
Total homebuilding revenues	0	0
Financial Services	0	0
Consolidated 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, 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	(295,209)	(136,368)
Net income	(295,209)	(136,368)
Other comprehensive income	0	0
Comprehensive income (loss)	(295,209)	(136,368)
PulteGroup, Inc.
Homebuilding
Home sale revenues	0	0
Land sale and other revenues	0	0
Total homebuilding revenues	0	0
Financial Services	0	0
Consolidated 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, net	(142)	(130)
Intercompany interest	(1,468)	(335)
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(1,610)	(465)
Income tax (expense) benefit	387	177
Income (loss) before equity in income (loss) of subsidiaries	(1,223)	(288)
Equity in income (loss) of subsidiaries	171,974	91,806
Net income	170,751	91,518
Other comprehensive income	21	21
Comprehensive income (loss)	170,772	91,539
Guarantor Subsidiaries
Homebuilding
Home sale revenues	1,885,431	1,576,645
Land sale and other revenues	11,558	1,912
Total homebuilding revenues	1,896,989	1,578,557
Financial Services	0	0
Consolidated revenues	1,896,989	1,578,557
Homebuilding Cost of Revenues:
Home sale cost of revenues	(1,438,347)	(1,209,640)
Land sale cost of revenues	(10,830)	(2,595)
Total cost of revenues	(1,449,177)	(1,212,235)
Financial Services expenses	(142)	(139)
Selling, general, and administrative expenses	(231,418)	(217,975)
Other expense, net	(7,601)	(12,888)
Intercompany interest	0	0
Income (loss) before income taxes and equity in income (loss) of subsidiaries	208,651	135,320
Income tax (expense) benefit	(49,531)	(45,925)
Income (loss) before equity in income (loss) of subsidiaries	159,120	89,395
Equity in income (loss) of subsidiaries	12,564	7,253
Net income	171,684	96,648
Other comprehensive income	0	0
Comprehensive income (loss)	171,684	96,648
Non-Guarantor Subsidiaries
Homebuilding
Home sale revenues	26,167	8,776
Land sale and other revenues	999	778
Total homebuilding revenues	27,166	9,554
Financial Services	45,938	41,767
Consolidated revenues	73,104	51,321
Homebuilding Cost of Revenues:
Home sale cost of revenues	(21,593)	(8,038)
Land sale cost of revenues	(718)	(633)
Total cost of revenues	(22,311)	(8,671)
Financial Services expenses	(32,071)	(28,228)
Selling, general, and administrative expenses	(9,475)	(18,293)
Other expense, net	6,435	7,946
Intercompany interest	1,468	335
Income (loss) before income taxes and equity in income (loss) of subsidiaries	17,150	4,410
Income tax (expense) benefit	(4,296)	(1,999)
Income (loss) before equity in income (loss) of subsidiaries	12,854	2,411
Equity in income (loss) of subsidiaries	110,671	37,309
Net income	123,525	39,720
Other comprehensive income	0	0
Comprehensive income (loss)	$ 123,525	$ 39,720

Supplemental Guarantor Inform47

Supplemental Guarantor Information (Statement Of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net cash provided by (used in) operating activities	$ 169,013	$ 39,803
Cash flows from investing activities:
Capital expenditures	(15,428)	(9,996)
Cash used for business acquisition		0
Investments in unconsolidated entities	(1,000)	(14,802)
Other investing activities, net	452	1,423
Net cash used in investing activities	(15,976)	(23,375)
Cash flows from financing activities:
Financial Services borrowings (repayments)	(190,852)	(191,240)
Repayments of debt	(451)	(1,067)
Borrowings under revolving credit facility	768,000	0
Repayments under revolving credit facility	(768,000)	0
Stock option exercises	2,723	11,118
Share repurchases	(59,491)	(105,522)
Dividends paid	(26,347)	(29,102)
Intercompany activities, net	0	0
Net cash provided by (used in) financing activities	(274,418)	(315,813)
Net increase (decrease)	(121,381)	(299,385)
Cash, cash equivalents, and restricted cash at beginning of period	306,168	723,248
Cash, cash equivalents, and restricted cash at end of period	184,787	423,863
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
Investments in unconsolidated entities	0	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
Repayments of debt	0	0
Borrowings under revolving credit facility	0
Repayments under revolving credit facility	0
Stock option exercises	0	0
Share repurchases	0	0
Dividends paid	0	0
Intercompany activities, net	0	0
Net cash provided by (used in) financing activities	0	0
Net increase (decrease)	0	0
Cash, cash equivalents, and restricted cash at beginning of period	0	0
Cash, cash equivalents, and restricted cash at end of period	0	0
PulteGroup, Inc.
Net cash provided by (used in) operating activities	310,937	(141,566)
Cash flows from investing activities:
Capital expenditures	0	0
Cash used for business acquisition		0
Investments in unconsolidated entities	0	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
Repayments of debt	0	0
Borrowings under revolving credit facility	768,000
Repayments under revolving credit facility	(768,000)
Stock option exercises	2,723	11,118
Share repurchases	(59,491)	(105,522)
Dividends paid	(26,347)	(29,102)
Intercompany activities, net	(227,822)	265,072
Net cash provided by (used in) financing activities	(310,937)	141,566
Net increase (decrease)	0	0
Cash, cash equivalents, and restricted cash at beginning of period	0	0
Cash, cash equivalents, and restricted cash at end of period	0	0
Guarantor Subsidiaries
Net cash provided by (used in) operating activities	(340,357)	(8,041)
Cash flows from investing activities:
Capital expenditures	(13,537)	(8,442)
Cash used for business acquisition		0
Investments in unconsolidated entities	(1,000)	(14,802)
Other investing activities, net	0	2
Net cash used in investing activities	(14,537)	(23,242)
Cash flows from financing activities:
Financial Services borrowings (repayments)	0	0
Repayments of debt	0	(741)
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	332,689	(227,059)
Net cash provided by (used in) financing activities	332,689	(227,800)
Net increase (decrease)	(22,205)	(259,083)
Cash, cash equivalents, and restricted cash at beginning of period	157,801	611,185
Cash, cash equivalents, and restricted cash at end of period	135,596	352,102
Non-Guarantor Subsidiaries
Net cash provided by (used in) operating activities	198,433	189,410
Cash flows from investing activities:
Capital expenditures	(1,891)	(1,554)
Cash used for business acquisition		0
Investments in unconsolidated entities	0	0
Other investing activities, net	452	1,421
Net cash used in investing activities	(1,439)	(133)
Cash flows from financing activities:
Financial Services borrowings (repayments)	(190,852)	(191,240)
Repayments of debt	(451)	(326)
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	(104,867)	(38,013)
Net cash provided by (used in) financing activities	(296,170)	(229,579)
Net increase (decrease)	(99,176)	(40,302)
Cash, cash equivalents, and restricted cash at beginning of period	148,367	112,063
Cash, cash equivalents, and restricted cash at end of period	$ 49,191	$ 71,761