PulteGroup (PHM) 10-Q 23 Apr 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2019	Apr. 18, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	PULTEGROUP INC/MI/
Entity Central Index Key	0000822416
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		277,137,113

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Cash and equivalents	$ 1,055,457	$ 1,110,088
Restricted cash	25,496	23,612
Total cash, cash equivalents, and restricted cash	1,080,953	1,133,700
House and land inventory	7,506,543	7,253,353
Land held for sale	39,431	36,849
Residential mortgage loans available-for-sale	326,995	461,354
Investments in unconsolidated entities	55,725	54,590
Other assets	823,066	830,359
Intangible assets	123,742	127,192
Deferred tax assets, net	250,881	275,579
Total assets	10,207,336	10,172,976
Liabilities:
Accounts payable	444,322	352,029
Customer deposits	294,548	254,624
Accrued and other liabilities	1,270,367	1,360,483
Income tax liabilities	18,108	11,580
Financial Services debt	222,139	348,412
Notes payable	3,024,413	3,028,066
Total liabilities	5,273,897	5,355,194
Shareholders' equity	4,933,439	4,817,782
Total liabilities and shareholders' equity	$ 10,207,336	$ 10,172,976

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Total revenues	$ 1,996,693	$ 1,970,093
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	(252,727)	(240,893)
Other income (expense), net	(973)	(1,308)
Income before income taxes	216,703	224,191
Income tax expense	(49,946)	(53,440)
Net income	$ 166,757	$ 170,751
Per share:
Basic earnings (usd per share)	$ 0.59	$ 0.59
Diluted earnings (usd per share)	0.59	0.59
Cash dividends declared (usd per share)	$ 0.11	$ 0.09
Number of shares used in calculation:
Basic shares outstanding (shares)	277,637	286,683
Effect of dilutive securities (shares)	1,003	1,343
Diluted shares outstanding (shares)	278,640	288,026
Home sale
Revenues:
Revenues	$ 1,949,856	$ 1,911,598
Homebuilding Cost of Revenues:
Cost of revenues	(1,492,791)	(1,459,940)
Land sale and other
Revenues:
Revenues	2,975	12,557
Homebuilding Cost of Revenues:
Cost of revenues	(2,050)	(11,548)
Total Homebuilding
Revenues:
Revenues	1,952,831	1,924,155
Homebuilding Cost of Revenues:
Financial services expenses	(1,494,841)	(1,471,488)
Financial Services
Revenues:
Revenues	43,862	45,938
Homebuilding Cost of Revenues:
Financial services expenses	$ (31,449)	$ (32,213)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income	$ 166,757	$ 170,751
Other comprehensive income, net of tax:
Change in value of derivatives	25	21
Other comprehensive income	25	21
Comprehensive income (loss)	$ 166,782	$ 170,772

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, 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	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
Shareholders' Equity, shares beginning of period (shares) at Dec. 31, 2018		277,110
Shareholders' Equity beginning of period at Dec. 31, 2018	4,817,782	$ 2,771	3,201,427	(345)	1,613,929
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (shares)		118
Stock option exercises	1,445	$ 1	1,444
Stock issuances, net of cancellations (shares)		1,337
Stock issuances, net of cancellations	5,804	$ 12	5,792
Dividends declared	(30,831)				(30,831)
Share repurchases (shares)		(1,309)
Share repurchases	(35,353)	$ (13)			(35,340)
Share-based compensation	7,810		7,810
Net income	166,757				166,757
Other comprehensive income	25			25
Shareholders' Equity, shares end of period (shares) at Mar. 31, 2019		277,256
Shareholders' Equity end of period at Mar. 31, 2019	$ 4,933,439	$ 2,771	$ 3,216,473	$ (320)	$ 1,714,515

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 166,757	$ 170,751
Adjustments to reconcile net income to net cash from operating activities:
Deferred income tax expense	24,690	23,479
Land-related charges	2,979	3,419
Depreciation and amortization	13,210	11,890
Share-based compensation expense	9,019	8,451
Other, net	(39)	(793)
Increase (decrease) in cash due to:
Inventories	(259,865)	(237,169)
Residential mortgage loans available-for-sale	134,217	185,147
Other assets	64,533	(9,246)
Accounts payable, accrued and other liabilities	3,408	13,084
Net cash provided by (used in) operating activities	158,909	169,013
Cash flows from investing activities:
Capital expenditures	(16,070)	(15,428)
Investments in unconsolidated entities	(1,289)	(1,000)
Other investing activities, net	291	452
Net cash provided by (used in) investing activities	(17,068)	(15,976)
Cash flows from financing activities:
Repayments of debt	(3,605)	(451)
Borrowings under revolving credit facility	0	768,000
Repayments under revolving credit facility	0	(768,000)
Financial Services borrowings (repayments)	(126,273)	(190,852)
Stock option exercises	1,445	2,723
Share repurchases	(35,353)	(59,491)
Dividends paid	(30,802)	(26,347)
Net cash provided by (used in) financing activities	(194,588)	(274,418)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(52,747)	(121,381)
Cash, cash equivalents, and restricted cash at beginning of period	1,133,700	306,168
Cash, cash equivalents, and restricted cash at end of period	1,080,953	184,787
Supplemental Cash Flow Information:
Interest paid (capitalized), net	17,164	30,109
Income taxes paid (refunded), net	$ (30,850)	$ 631

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
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”), and title 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, 2018 . Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Subsequent events We evaluated subsequent events up until the time the financial statements were filed with the Securities and Exchange Commission (the "SEC"). Other expense, net Other expense, net consists of the following ($000’s omitted): Three Months Ended March 31, 2019 2018 Write-offs of deposits and pre-acquisition costs $ (2,917 ) $ (2,609 ) Amortization of intangible assets (3,450 ) (3,450 ) Interest income 4,949 564 Interest expense (144 ) (143 ) Equity in earnings of unconsolidated entities 37 961 Miscellaneous, net 552 3,369 Total other expense, net $ (973 ) $ (1,308 ) 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 $294.5 million and $254.6 million at March 31, 2019 and December 31, 2018 , respectively. Substantially all of our home sales are scheduled to close and be recorded to revenue within one year from the date of receiving a customer deposit. 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. Servicing fees are based on a contractual percentage of the outstanding principal balance and are credited to income when related mortgage payments are received. 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, and related contract assets for estimated future renewal commissions are included in other assets and totaled $31.4 million at March 31, 2019 . 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 Accounting Standards Codification ("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, 2019 2018 Numerator: Net income $ 166,757 $ 170,751 Less: earnings distributed to participating securities (308 ) (296 ) Less: undistributed earnings allocated to participating securities (1,410 ) (1,622 ) Numerator for basic earnings per share $ 165,039 $ 168,833 Add back: undistributed earnings allocated to participating securities 1,410 1,622 Less: undistributed earnings reallocated to participating securities (1,407 ) (1,614 ) Numerator for diluted earnings per share $ 165,042 $ 168,841 Denominator: Basic shares outstanding 277,637 286,683 Effect of dilutive securities 1,003 1,343 Diluted shares outstanding 278,640 288,026 Earnings per share: Basic $ 0.59 $ 0.59 Diluted $ 0.59 $ 0.59 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, 2019 and December 31, 2018 , residential mortgage loans available-for-sale had an aggregate fair value of $327.0 million and $461.4 million , respectively, and an aggregate outstanding principal balance of $315.5 million and $444.2 million , respectively. The net gain (loss) resulting from changes in fair value of these loans totaled $(1.1) million and $(0.1) million for the three months ended March 31, 2019 and 2018 , 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 $24.0 million and $27.0 million for the three months ended March 31, 2019 and 2018 , respectively, and 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, 2019 and December 31, 2018 , we had aggregate IRLCs of $356.9 million and $285.0 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, 2019 and December 31, 2018 , we had unexpired forward contracts of $498.0 million and $511.0 million , respectively, and whole loan investor commitments of $146.4 million and $187.8 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, 2019 December 31, 2018 Other Assets Accrued and Other Liabilities Other Assets Accrued and Other Liabilities Interest rate lock commitments $ 11,629 $ 297 $ 9,196 $ 161 Forward contracts 234 4,107 315 7,229 Whole loan commitments 329 614 393 1,111 $ 12,192 $ 5,018 $ 9,904 $ 8,501 New accounting pronouncements On January 1, 2019, we adopted Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”) and related amendments using a modified retrospective approach with an effective date as of January 1, 2019. Prior year financial statements were not recast under the new standard and, therefore, have not been reflected as such on our balance sheet. ASU 2016-02 requires leases with durations greater than 12 months to be recorded on the balance sheet. We elected the package of transition practical expedients, which allowed us to carryforward our historical assessment of (1) whether contracts are or contain leases, (2) lease classification, and (3) initial direct costs. The adoption of ASU 2016-02 had no impact on retained earnings. See Note 8 “Leases” for additional information about this adoption. On January 1, 2018, we adopted ASC 606, "Revenue from Contracts with Customers", which 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 contract assets for insurance brokerage commission renewals. There was not a material impact to revenues as a result of applying ASC 606, and there were no significant changes to our business processes, systems, or internal controls as a result of implementing the standard. In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", 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. The standard 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.

Inventory

Inventory	3 Months Ended
	Mar. 31, 2019
Inventory Disclosure [Abstract]
Inventory	Inventory Major components of inventory were as follows ($000’s omitted): March 31, December 31, Homes under construction $ 2,892,328 $ 2,630,158 Land under development 4,161,168 4,129,225 Raw land 453,047 493,970 $ 7,506,543 $ 7,253,353 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, 2019 2018 Interest in inventory, beginning of period $ 227,495 $ 226,611 Interest capitalized 42,381 43,960 Interest expensed (34,563 ) (30,558 ) Interest in inventory, end of period $ 235,313 $ 240,013 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, 2019 or December 31, 2018 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, 2019 and December 31, 2018 ($000’s omitted): March 31, 2019 December 31, 2018 Deposits and Remaining Purchase Deposits and Remaining Purchase Land options with VIEs $ 99,742 $ 1,073,520 $ 90,717 $ 1,079,507 Other land options 138,597 1,561,597 127,851 1,522,903 $ 238,339 $ 2,635,117 $ 218,568 $ 2,602,410

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2019
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, Pennsylvania, Virginia Southeast: Georgia, North Carolina, South Carolina, Tennessee Florida: Florida Midwest: Illinois, Indiana, Kentucky, Michigan, Minnesota, 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, 2019 2018 Revenues: Northeast $ 110,492 $ 132,436 Southeast 375,417 374,623 Florida 396,443 348,709 Midwest 293,590 297,506 Texas 269,003 246,638 West 507,886 524,243 1,952,831 1,924,155 Financial Services 43,862 45,938 Consolidated revenues $ 1,996,693 $ 1,970,093 Income (loss) before income taxes: Northeast $ 7,928 $ 9,312 Southeast 37,856 40,457 Florida 49,596 44,945 Midwest 26,158 28,401 Texas 30,971 30,536 West 90,182 89,205 Other homebuilding (a) (38,397 ) (32,498 ) 204,294 210,358 Financial Services 12,409 13,833 Consolidated income before income taxes $ 216,703 $ 224,191 (a) Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the operating segments. Operating Data by Segment Three Months Ended March 31, 2019 2018 Land-related charges*: Northeast $ 324 $ 1,185 Southeast 572 1,042 Florida 481 183 Midwest 1,103 746 Texas 68 50 West 431 213 Other homebuilding — — $ 2,979 $ 3,419 * Land-related charges include land impairments, net realizable value adjustments on land held for sale and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue. Operating Data by Segment ($000's omitted) March 31, 2019 Homes Under Land Under Raw Land Total Total Northeast $ 328,021 $ 296,198 $ 25,513 $ 649,732 $ 738,662 Southeast 462,382 676,532 89,750 1,228,664 1,372,245 Florida 514,551 926,254 76,340 1,517,145 1,675,802 Midwest 313,244 431,144 29,151 773,539 861,452 Texas 326,344 436,409 95,942 858,695 936,709 West 896,861 1,126,206 118,589 2,141,656 2,376,073 Other homebuilding (a) 50,925 268,425 17,762 337,112 1,801,106 2,892,328 4,161,168 453,047 7,506,543 9,762,049 Financial Services — — — — 445,287 $ 2,892,328 $ 4,161,168 $ 453,047 $ 7,506,543 $ 10,207,336 Operating Data by Segment ($000's omitted) December 31, 2018 Homes Under Land Under Raw Land Total Total Northeast $ 268,900 $ 291,467 $ 52,245 $ 612,612 $ 704,515 Southeast 443,140 676,087 90,332 1,209,559 1,347,427 Florida 467,625 892,669 85,321 1,445,615 1,601,906 Midwest 314,442 433,056 29,908 777,406 849,596 Texas 284,405 427,124 98,415 809,944 881,629 West 805,709 1,131,841 118,579 2,056,129 2,208,092 Other homebuilding (a) 45,937 276,981 19,170 342,088 2,006,825 2,630,158 4,129,225 493,970 7,253,353 9,599,990 Financial Services — — — — 572,986 $ 2,630,158 $ 4,129,225 $ 493,970 $ 7,253,353 $ 10,172,976 (a)

Debt

Debt	3 Months Ended
	Mar. 31, 2019
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) (13,295 ) (13,247 ) Total senior notes 2,986,705 2,986,753 Other notes payable 37,708 41,313 Notes payable $ 3,024,413 $ 3,028,066 Estimated fair value $ 3,091,068 $ 2,899,143 (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 $37.7 million and $41.3 million at March 31, 2019 and December 31, 2018 , 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 5.17% . Revolving credit facility In June 2018, we entered into the Second Amended and Restated Credit Agreement ("Revolving Credit Facility") which replaced the Company's previous credit agreement. The Revolving Credit Facility contains substantially similar terms to the previous credit agreement and extended the maturity date from June 2019 to June 2023. The Revolving Credit Facility has a maximum borrowing capacity of $1.0 billion and contains an uncommitted accordion feature that could increase the capacity to $1.5 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 $500.0 million at March 31, 2019 . 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. We had no borrowings outstanding at March 31, 2019 and December 31, 2018 , and $232.9 million and $239.4 million of letters of credit issued under the Revolving Credit Facility at March 31, 2019 and December 31, 2018 , respectively. The Revolving Credit Facility contains financial covenants that require us to maintain a minimum Tangible Net Worth, a minimum Interest Coverage Ratio, and a maximum Debt-to-Capitalization Ratio (as each term is defined in the Revolving Credit Facility). As of March 31, 2019 , 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 $767.1 million and $760.6 million at March 31, 2019 and December 31, 2018 , respectively. Joint venture debt At March 31, 2019 , aggregate outstanding debt of unconsolidated joint ventures was $35.2 million , of which $34.4 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 (the "Repurchase Agreement") with third party lenders that matures in August 2019 . The maximum aggregate commitment was $350.0 million at March 31, 2019 and continues through maturity. 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 $222.1 million and $348.4 million outstanding under the Repurchase Agreement at March 31, 2019 and December 31, 2018

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Shareholders’ equity	Shareholders’ equity During the three months ended March 31, 2019 , we declared cash dividends totaling $30.8 million and repurchased 0.9 million shares under our repurchase authorization for $25.0 million . For 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 . At March 31, 2019 , we had remaining authorization to repurchase $274.9 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, 2019 and 2018 , participants surrendered shares valued at $10.4 million and $7.0 million

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income taxes	Income taxes Our effective tax rate for the three months ended March 31, 2019 was 23.0% , compared to 23.8% for the same period in 2018 . Our effective tax rate differed from the federal statutory rate primarily due to state income tax expense on current year earnings, tax benefits for equity compensation, and the favorable resolution of certain state income tax matters. Our effective tax rate for the three months ended March 31, 2019 is lower than the prior year period primarily due to the favorable resolution of certain state income tax matters. At March 31, 2019 and December 31, 2018 , we had deferred tax assets, net of deferred tax liabilities and valuation allowance, of $250.9 million and $275.6 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. We had $22.4 million and $30.6 million of gross unrecognized tax benefits at March 31, 2019 and December 31, 2018 , respectively. Additionally, we had accrued interest and penalties of $5.8 million at both March 31, 2019 and December 31, 2018 . It is reasonably possible within the next twelve months that our gross unrecognized tax benefits may decrease by up to $8.4 million

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2019
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 $ 326,995 $ 461,354 Interest rate lock commitments Level 2 11,332 9,035 Forward contracts Level 2 (3,873 ) (6,914 ) Whole loan commitments Level 2 (285 ) (718 ) Measured at fair value on a non-recurring basis: House and land inventory Level 3 $ — $ 18,253 Land held for sale Level 2 1,330 17,813 Disclosed at fair value: Cash, cash equivalents, and restricted cash Level 1 $ 1,080,953 $ 1,133,700 Financial Services debt Level 2 222,139 348,412 Other notes payable Level 2 37,708 41,313 Senior notes payable Level 2 3,053,360 2,857,830 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, 2019 and December 31, 2018

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
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. In addition, certain trustees and investors continue to attempt to collect damages based on losses from loans that originated prior to 2009. Some of our mortgage subsidiaries are currently defendants in litigation related to such claims. If a loan is determined to be faulty, we either indemnify the investor for potential future losses, repurchase the loan from the investor, or reimburse the investor's actual losses. CTX Mortgage Company, LLC ("CTX Mortgage") was the mortgage subsidiary of Centex and ceased originating loans in December 2009. In the matter Lehman Brothers Holdings, Inc. ("Lehman") in the U.S. Bankruptcy Court in the Southern District of New York, Lehman has initiated an adversary proceeding against CTX Mortgage seeking indemnity for loans sold to it by CTX Mortgage prior to 2009. This claim is part of a broader action by Lehman in U.S. Bankruptcy Court against more than 100 mortgage originators and brokers. On August 13, 2018, the court denied a motion to dismiss filed by CTX Mortgage and other defendants, and on December 17, 2018, Lehman filed an amended adversary complaint against CTX Mortgage. Lehman's complaint alleges claims for indemnifiable losses of up to $261 million due from CTX Mortgage. We believe that CTX Mortgage has meritorious defenses and CTX Mortgage will continue to vigorously defend itself in this matter. We have recorded a liability for an amount that we consider to be the best estimate within a range of potential losses. In addition, both CTX Mortgage and Pulte Mortgage sold certain loans originated prior to 2009 to financial institutions that were subsequently included in residential mortgage-backed securities or other securitizations issued by such financial institutions. In connection with such sales, CTX Mortgage and Pulte Mortgage have been put on notice of potential direct and / or third-party claims for indemnification arising out of litigation relating to certain of these residential mortgage-backed securities or other securitizations. Neither CTX Mortgage nor Pulte Mortgage is named as a defendant in these actions. We cannot yet quantify CTX Mortgage's or Pulte Mortgage's potential liability as a result of these indemnification obligations. We do not believe, however, that these matters will have a material adverse impact on the results of operations, financial position, or cash flows of the Company. Our recorded liabilities for all such claims decreased from $50.3 million at December 31, 2018 to $25.5 million at March 31, 2019 as the result of funding previously settled claims. 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. 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 $232.9 million and $1.3 billion , respectively, at March 31, 2019 and $239.4 million and $1.3 billion , respectively, at December 31, 2018 . 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. 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. We do not believe that a material amount, if any, of the letters of credit or surety bonds will be drawn. 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 litigation, 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, 2019 2018 Warranty liabilities, beginning of period $ 79,154 $ 72,709 Reserves provided 12,262 11,916 Payments (16,130 ) (14,282 ) Other adjustments 4,461 643 Warranty liabilities, end of period $ 79,747 $ 70,986 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 $729.2 million and $737.0 million at March 31, 2019 and December 31, 2018 , 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 66% and 65% of the total general liability reserves at March 31, 2019 and December 31, 2018 , 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 can be volatile, 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 typically 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, 2019 2018 Balance, beginning of period $ 737,013 $ 758,812 Reserves provided 17,396 19,660 Adjustments to previously recorded reserves (3,875 ) 2,461 Payments, net (a) (21,364 ) (9,829 ) Balance, end of period $ 729,170 $ 771,104 (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 $128.0 million and $153.0 million at March 31, 2019 and December 31, 2018 , 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, 2019 , we wrote-off $11.6 million of insurance receivables in connection with the settlement of an arbitration with one of our carriers, pursuant to which we received the majority of the coverage under the policy. Leases We lease certain office space and equipment for use in our operations. We recognize lease expense for these leases on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Right-of-use ("ROU") assets and lease liabilities are recorded on the balance sheet for all leases with an expected term of at least one year. Some leases include one or more options to renew. The exercise of lease renewal options is generally at our discretion. The depreciable lives of ROU assets and leasehold improvements are limited to the expected lease term. Certain of our lease agreements include rental payments based on a pro-rata share of the lessor’s operating costs which are variable in nature. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. ROU assets are classified within other assets on the balance sheet, while lease liabilities are classified within accrued and other liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet. ROU assets and lease liabilities were $73.3 million and $98.5 million at March 31, 2019, respectively. During the three months ended March 31, 2019 , we obtained an additional $7.8 million of ROU assets under operating leases. Payments on lease liabilities during the three months ended March 31, 2019 totaled $5.8 million . Lease expense includes costs for leases with terms in excess of one year as well as short-term leases with terms of less than one year. For the three months ended March 31, 2019 , our total lease expense was $8.8 million , which includes variable lease costs of $1.7 million . Short-term lease costs and external sublease income are de minimis. The future minimum lease payments required under our leases as of March 31, 2019 are as follows ($000's omitted): Years Ending December 31, 2019 (a) $ 17,903 2020 20,548 2021 18,262 2022 16,690 2023 15,085 Thereafter $ 30,381 Total lease payments (b) 118,869 Less: Interest (c) 20,407 Present value of lease liabilities (d) $ 98,462 (a) Remaining payments are for the nine-months ending December 31, 2019 . (b) Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were no legally binding minimum lease payments for leases signed but not yet commenced at March 31, 2019 . (c) Our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date. (d) The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 6.3 years and 5.8% , respectively, at March 31, 2019

Supplemental Guarantor Informat

Supplemental Guarantor Information	3 Months Ended
	Mar. 31, 2019
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, 2019 ($000’s omitted) Unconsolidated Eliminating Consolidated PulteGroup, Guarantor Non-Guarantor ASSETS Cash and equivalents $ — $ 1,009,042 $ 46,415 $ — $ 1,055,457 Restricted cash — 24,117 1,379 — 25,496 Total cash, cash equivalents, and — 1,033,159 47,794 — 1,080,953 House and land inventory — 7,423,308 83,235 — 7,506,543 Land held for sale — 38,525 906 — 39,431 Residential mortgage loans available- — — 326,995 — 326,995 Investments in unconsolidated entities — 55,509 216 — 55,725 Other assets 15,985 642,824 164,257 — 823,066 Intangible assets — 123,742 — — 123,742 Deferred tax assets, net 258,311 — (7,430 ) — 250,881 Investments in subsidiaries and 7,736,546 328,963 8,686,446 (16,751,955 ) — $ 8,010,842 $ 9,646,030 $ 9,302,419 $ (16,751,955 ) $ 10,207,336 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, customer deposits, $ 72,590 $ 1,688,847 $ 247,800 $ — $ 2,009,237 Income tax liabilities 18,108 — — — 18,108 Financial Services debt — — 222,139 — 222,139 Notes payable 2,986,705 37,708 — — 3,024,413 Total liabilities 3,077,403 1,726,555 469,939 — 5,273,897 Total shareholders’ equity 4,933,439 7,919,475 8,832,480 (16,751,955 ) 4,933,439 $ 8,010,842 $ 9,646,030 $ 9,302,419 $ (16,751,955 ) $ 10,207,336 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2018 ($000’s omitted) Unconsolidated Eliminating Consolidated PulteGroup, Guarantor Non-Guarantor ASSETS Cash and equivalents $ — $ 906,961 $ 203,127 $ — $ 1,110,088 Restricted cash — 22,406 1,206 — 23,612 Total cash, cash equivalents, and — 929,367 204,333 — 1,133,700 House and land inventory — 7,157,665 95,688 — 7,253,353 Land held for sale — 36,849 — — 36,849 Residential mortgage loans available- — — 461,354 — 461,354 Investments in unconsolidated entities — 54,045 545 — 54,590 Other assets 66,154 579,452 184,753 — 830,359 Intangible assets — 127,192 — — 127,192 Deferred tax assets, net 282,874 — (7,295 ) — 275,579 Investments in subsidiaries and 7,557,245 500,138 8,231,342 (16,288,725 ) — $ 7,906,273 $ 9,384,708 $ 9,170,720 $ (16,288,725 ) $ 10,172,976 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, customer deposits, $ 90,158 $ 1,598,265 $ 278,713 $ — $ 1,967,136 Income tax liabilities 11,580 — — — 11,580 Financial Services debt — — 348,412 — 348,412 Notes payable 2,986,753 40,776 537 — 3,028,066 Total liabilities 3,088,491 1,639,041 627,662 — 5,355,194 Total shareholders’ equity 4,817,782 7,745,667 8,543,058 (16,288,725 ) 4,817,782 $ 7,906,273 $ 9,384,708 $ 9,170,720 $ (16,288,725 ) $ 10,172,976 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the three months ended March 31, 2019 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 1,907,808 $ 42,048 $ — $ 1,949,856 Land sale and other revenues — 2,325 650 — 2,975 — 1,910,133 42,698 — 1,952,831 Financial Services — — 43,862 — 43,862 — 1,910,133 86,560 — 1,996,693 Homebuilding Cost of Revenues: Home sale cost of revenues — (1,460,895 ) (31,896 ) — (1,492,791 ) Land sale cost of revenues — (944 ) (1,106 ) — (2,050 ) — (1,461,839 ) (33,002 ) — (1,494,841 ) Financial Services expenses — (132 ) (31,317 ) — (31,449 ) Selling, general, and administrative — (234,118 ) (18,609 ) — (252,727 ) Other income (expense), net (122 ) (4,986 ) 4,135 — (973 ) Intercompany interest (1,996 ) — 1,996 — — Income (loss) before income taxes and (2,118 ) 209,058 9,763 — 216,703 Income tax (expense) benefit 508 (47,650 ) (2,804 ) (49,946 ) Income (loss) before equity in income (1,610 ) 161,408 6,959 — 166,757 Equity in income (loss) of subsidiaries 168,367 18,304 113,696 (300,367 ) — Net income (loss) 166,757 179,712 120,655 (300,367 ) 166,757 Other comprehensive income 25 — — — 25 Comprehensive income (loss) $ 166,782 $ 179,712 $ 120,655 $ (300,367 ) $ 166,782 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 income (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 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 CASH FLOWS For the three months ended March 31, 2019 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) $ 27,743 $ (14,838 ) $ 146,004 $ — $ 158,909 Cash flows from investing activities: Capital expenditures — (13,216 ) (2,854 ) — (16,070 ) Investments in unconsolidated entities — (1,183 ) (106 ) — (1,289 ) Other investing activities, net — 190 101 — 291 Net cash provided by (used in) — (14,209 ) (2,859 ) — (17,068 ) Cash flows from financing activities: Financial Services borrowing (repayments), net — — (126,273 ) — (126,273 ) Repayments of debt — (3,068 ) (537 ) — (3,605 ) Borrowings under revolving credit facility — — — — — Repayments under revolving credit facility — — — — — Debt issuance costs — Stock option exercises 1,445 — — — 1,445 Share repurchases (35,353 ) — — (35,353 ) Dividends paid (30,802 ) — — — (30,802 ) Intercompany activities, net 36,967 135,907 (172,874 ) — Net cash provided by (used in) (27,743 ) 132,839 (299,684 ) — (194,588 ) Net increase (decrease) in cash, cash equivalents, and restricted cash — 103,792 (156,539 ) — (52,747 ) Cash, cash equivalents, and restricted cash — 929,367 204,333 — 1,133,700 Cash, cash equivalents, and restricted cash $ — $ 1,033,159 $ 47,794 $ — $ 1,080,953 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), net — — (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) in cash, cash equivalents, and restricted cash — (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

Basis of Presentation (Policy)

Basis of Presentation (Policy)	3 Months Ended
	Mar. 31, 2019
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, 2018
Use of estimates	Use of estimates
Subsequent events	ubsequent events
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 $294.5 million and $254.6 million at March 31, 2019 and December 31, 2018 , respectively. Substantially all of our home sales are scheduled to close and be recorded to revenue within one year from the date of receiving a customer deposit. 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. Servicing fees are based on a contractual percentage of the outstanding principal balance and are credited to income when related mortgage payments are received. 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, and related contract assets for estimated future renewal commissions are included in other assets and totaled $31.4 million at March 31, 2019
Earnings per share	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.
Residential mortgage loans available-for-sale	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, 2019 and December 31, 2018 , residential mortgage loans available-for-sale had an aggregate fair value of $327.0 million and $461.4 million , respectively, and an aggregate outstanding principal balance of $315.5 million and $444.2 million , respectively. The net gain (loss) resulting from changes in fair value of these loans totaled $(1.1) million and $(0.1) million for the three months ended March 31, 2019 and 2018 , 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 $24.0 million and $27.0 million for the three months ended March 31, 2019 and 2018 , respectively, and are included in Financial Services revenues.
Derivative instruments and hedging activities	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, 2019 and December 31, 2018 , we had aggregate IRLCs of $356.9 million and $285.0 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, 2019 and December 31, 2018 , we had unexpired forward contracts of $498.0 million and $511.0 million , respectively, and whole loan investor commitments of $146.4 million and $187.8 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
New accounting pronouncements	New accounting pronouncements On January 1, 2019, we adopted Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”) and related amendments using a modified retrospective approach with an effective date as of January 1, 2019. Prior year financial statements were not recast under the new standard and, therefore, have not been reflected as such on our balance sheet. ASU 2016-02 requires leases with durations greater than 12 months to be recorded on the balance sheet. We elected the package of transition practical expedients, which allowed us to carryforward our historical assessment of (1) whether contracts are or contain leases, (2) lease classification, and (3) initial direct costs. The adoption of ASU 2016-02 had no impact on retained earnings. See Note 8 “Leases” for additional information about this adoption. On January 1, 2018, we adopted ASC 606, "Revenue from Contracts with Customers", which 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 contract assets for insurance brokerage commission renewals. There was not a material impact to revenues as a result of applying ASC 606, and there were no significant changes to our business processes, systems, or internal controls as a result of implementing the standard. In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", 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. The standard 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.
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, 2019 and December 31, 2018
Letters of credit and surety bonds	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 $232.9 million and $1.3 billion , respectively, at March 31, 2019 and $239.4 million and $1.3 billion , respectively, at December 31, 2018
Litigation and regulatory matters	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 litigation, 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	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
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 $729.2 million and $737.0 million at March 31, 2019 and December 31, 2018 , 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 66% and 65% of the total general liability reserves at March 31, 2019 and December 31, 2018 , 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 can be volatile, 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 typically 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.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Schedule of Other Expense (Income), Net	Other expense, net consists of the following ($000’s omitted): Three Months Ended March 31, 2019 2018 Write-offs of deposits and pre-acquisition costs $ (2,917 ) $ (2,609 ) Amortization of intangible assets (3,450 ) (3,450 ) Interest income 4,949 564 Interest expense (144 ) (143 ) Equity in earnings of unconsolidated entities 37 961 Miscellaneous, net 552 3,369 Total other expense, net $ (973 ) $ (1,308 )
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, 2019 2018 Numerator: Net income $ 166,757 $ 170,751 Less: earnings distributed to participating securities (308 ) (296 ) Less: undistributed earnings allocated to participating securities (1,410 ) (1,622 ) Numerator for basic earnings per share $ 165,039 $ 168,833 Add back: undistributed earnings allocated to participating securities 1,410 1,622 Less: undistributed earnings reallocated to participating securities (1,407 ) (1,614 ) Numerator for diluted earnings per share $ 165,042 $ 168,841 Denominator: Basic shares outstanding 277,637 286,683 Effect of dilutive securities 1,003 1,343 Diluted shares outstanding 278,640 288,026 Earnings per share: Basic $ 0.59 $ 0.59 Diluted $ 0.59 $ 0.59
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, 2019 December 31, 2018 Other Assets Accrued and Other Liabilities Other Assets Accrued and Other Liabilities Interest rate lock commitments $ 11,629 $ 297 $ 9,196 $ 161 Forward contracts 234 4,107 315 7,229 Whole loan commitments 329 614 393 1,111 $ 12,192 $ 5,018 $ 9,904 $ 8,501

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2019
Inventory Disclosure [Abstract]
Components of Inventory	Major components of inventory were as follows ($000’s omitted): March 31, December 31, Homes under construction $ 2,892,328 $ 2,630,158 Land under development 4,161,168 4,129,225 Raw land 453,047 493,970 $ 7,506,543 $ 7,253,353
Capitalized Interest Rollforward	Information related to interest capitalized into inventory is as follows ($000’s omitted): Three Months Ended March 31, 2019 2018 Interest in inventory, beginning of period $ 227,495 $ 226,611 Interest capitalized 42,381 43,960 Interest expensed (34,563 ) (30,558 ) Interest in inventory, end of period $ 235,313 $ 240,013
Schedule Of Company Interests In Land Option Agreements	The following provides a summary of our interests in land option agreements as of March 31, 2019 and December 31, 2018 ($000’s omitted): March 31, 2019 December 31, 2018 Deposits and Remaining Purchase Deposits and Remaining Purchase Land options with VIEs $ 99,742 $ 1,073,520 $ 90,717 $ 1,079,507 Other land options 138,597 1,561,597 127,851 1,522,903 $ 238,339 $ 2,635,117 $ 218,568 $ 2,602,410

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
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, Pennsylvania, Virginia Southeast: Georgia, North Carolina, South Carolina, Tennessee Florida: Florida Midwest: Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio Texas: Texas West: Arizona, California, Nevada, New Mexico, Washington
Operating Data By Reporting Segment	Operating Data by Segment Three Months Ended March 31, 2019 2018 Revenues: Northeast $ 110,492 $ 132,436 Southeast 375,417 374,623 Florida 396,443 348,709 Midwest 293,590 297,506 Texas 269,003 246,638 West 507,886 524,243 1,952,831 1,924,155 Financial Services 43,862 45,938 Consolidated revenues $ 1,996,693 $ 1,970,093 Income (loss) before income taxes: Northeast $ 7,928 $ 9,312 Southeast 37,856 40,457 Florida 49,596 44,945 Midwest 26,158 28,401 Texas 30,971 30,536 West 90,182 89,205 Other homebuilding (a) (38,397 ) (32,498 ) 204,294 210,358 Financial Services 12,409 13,833 Consolidated income before income taxes $ 216,703 $ 224,191 (a) Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the operating segments. Operating Data by Segment Three Months Ended March 31, 2019 2018 Land-related charges*: Northeast $ 324 $ 1,185 Southeast 572 1,042 Florida 481 183 Midwest 1,103 746 Texas 68 50 West 431 213 Other homebuilding — — $ 2,979 $ 3,419 *
Total Assets And Inventory By Reporting Segment	Operating Data by Segment ($000's omitted) March 31, 2019 Homes Under Land Under Raw Land Total Total Northeast $ 328,021 $ 296,198 $ 25,513 $ 649,732 $ 738,662 Southeast 462,382 676,532 89,750 1,228,664 1,372,245 Florida 514,551 926,254 76,340 1,517,145 1,675,802 Midwest 313,244 431,144 29,151 773,539 861,452 Texas 326,344 436,409 95,942 858,695 936,709 West 896,861 1,126,206 118,589 2,141,656 2,376,073 Other homebuilding (a) 50,925 268,425 17,762 337,112 1,801,106 2,892,328 4,161,168 453,047 7,506,543 9,762,049 Financial Services — — — — 445,287 $ 2,892,328 $ 4,161,168 $ 453,047 $ 7,506,543 $ 10,207,336 Operating Data by Segment ($000's omitted) December 31, 2018 Homes Under Land Under Raw Land Total Total Northeast $ 268,900 $ 291,467 $ 52,245 $ 612,612 $ 704,515 Southeast 443,140 676,087 90,332 1,209,559 1,347,427 Florida 467,625 892,669 85,321 1,445,615 1,601,906 Midwest 314,442 433,056 29,908 777,406 849,596 Texas 284,405 427,124 98,415 809,944 881,629 West 805,709 1,131,841 118,579 2,056,129 2,208,092 Other homebuilding (a) 45,937 276,981 19,170 342,088 2,006,825 2,630,158 4,129,225 493,970 7,253,353 9,599,990 Financial Services — — — — 572,986 $ 2,630,158 $ 4,129,225 $ 493,970 $ 7,253,353 $ 10,172,976 (a)

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
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) (13,295 ) (13,247 ) Total senior notes 2,986,705 2,986,753 Other notes payable 37,708 41,313 Notes payable $ 3,024,413 $ 3,028,066 Estimated fair value $ 3,091,068 $ 2,899,143 (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, 2019
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 $ 326,995 $ 461,354 Interest rate lock commitments Level 2 11,332 9,035 Forward contracts Level 2 (3,873 ) (6,914 ) Whole loan commitments Level 2 (285 ) (718 ) Measured at fair value on a non-recurring basis: House and land inventory Level 3 $ — $ 18,253 Land held for sale Level 2 1,330 17,813 Disclosed at fair value: Cash, cash equivalents, and restricted cash Level 1 $ 1,080,953 $ 1,133,700 Financial Services debt Level 2 222,139 348,412 Other notes payable Level 2 37,708 41,313 Senior notes payable Level 2 3,053,360 2,857,830

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Summary of Changes in Warranty Liability	Changes to warranty liabilities were as follows ($000’s omitted): Three Months Ended March 31, 2019 2018 Warranty liabilities, beginning of period $ 79,154 $ 72,709 Reserves provided 12,262 11,916 Payments (16,130 ) (14,282 ) Other adjustments 4,461 643 Warranty liabilities, end of period $ 79,747 $ 70,986
Summary of Changes in Self-Insurance Liability	Changes in these liabilities were as follows ($000's omitted): Three Months Ended March 31, 2019 2018 Balance, beginning of period $ 737,013 $ 758,812 Reserves provided 17,396 19,660 Adjustments to previously recorded reserves (3,875 ) 2,461 Payments, net (a) (21,364 ) (9,829 ) Balance, end of period $ 729,170 $ 771,104 (a) Includes net changes in amounts expected to be recovered from our insurance carriers, which are recorded in other assets (see below).
Schedule of Future Minimum Lease Payments Required Under Leases	The future minimum lease payments required under our leases as of March 31, 2019 are as follows ($000's omitted): Years Ending December 31, 2019 (a) $ 17,903 2020 20,548 2021 18,262 2022 16,690 2023 15,085 Thereafter $ 30,381 Total lease payments (b) 118,869 Less: Interest (c) 20,407 Present value of lease liabilities (d) $ 98,462 (a) Remaining payments are for the nine-months ending December 31, 2019 . (b) Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were no legally binding minimum lease payments for leases signed but not yet commenced at March 31, 2019 . (c) Our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date. (d) The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 6.3 years and 5.8% , respectively, at March 31, 2019

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Tables)	3 Months Ended
	Mar. 31, 2019
Supplemental Guarantor Information [Abstract]
Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET MARCH 31, 2019 ($000’s omitted) Unconsolidated Eliminating Consolidated PulteGroup, Guarantor Non-Guarantor ASSETS Cash and equivalents $ — $ 1,009,042 $ 46,415 $ — $ 1,055,457 Restricted cash — 24,117 1,379 — 25,496 Total cash, cash equivalents, and — 1,033,159 47,794 — 1,080,953 House and land inventory — 7,423,308 83,235 — 7,506,543 Land held for sale — 38,525 906 — 39,431 Residential mortgage loans available- — — 326,995 — 326,995 Investments in unconsolidated entities — 55,509 216 — 55,725 Other assets 15,985 642,824 164,257 — 823,066 Intangible assets — 123,742 — — 123,742 Deferred tax assets, net 258,311 — (7,430 ) — 250,881 Investments in subsidiaries and 7,736,546 328,963 8,686,446 (16,751,955 ) — $ 8,010,842 $ 9,646,030 $ 9,302,419 $ (16,751,955 ) $ 10,207,336 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, customer deposits, $ 72,590 $ 1,688,847 $ 247,800 $ — $ 2,009,237 Income tax liabilities 18,108 — — — 18,108 Financial Services debt — — 222,139 — 222,139 Notes payable 2,986,705 37,708 — — 3,024,413 Total liabilities 3,077,403 1,726,555 469,939 — 5,273,897 Total shareholders’ equity 4,933,439 7,919,475 8,832,480 (16,751,955 ) 4,933,439 $ 8,010,842 $ 9,646,030 $ 9,302,419 $ (16,751,955 ) $ 10,207,336 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2018 ($000’s omitted) Unconsolidated Eliminating Consolidated PulteGroup, Guarantor Non-Guarantor ASSETS Cash and equivalents $ — $ 906,961 $ 203,127 $ — $ 1,110,088 Restricted cash — 22,406 1,206 — 23,612 Total cash, cash equivalents, and — 929,367 204,333 — 1,133,700 House and land inventory — 7,157,665 95,688 — 7,253,353 Land held for sale — 36,849 — — 36,849 Residential mortgage loans available- — — 461,354 — 461,354 Investments in unconsolidated entities — 54,045 545 — 54,590 Other assets 66,154 579,452 184,753 — 830,359 Intangible assets — 127,192 — — 127,192 Deferred tax assets, net 282,874 — (7,295 ) — 275,579 Investments in subsidiaries and 7,557,245 500,138 8,231,342 (16,288,725 ) — $ 7,906,273 $ 9,384,708 $ 9,170,720 $ (16,288,725 ) $ 10,172,976 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, customer deposits, $ 90,158 $ 1,598,265 $ 278,713 $ — $ 1,967,136 Income tax liabilities 11,580 — — — 11,580 Financial Services debt — — 348,412 — 348,412 Notes payable 2,986,753 40,776 537 — 3,028,066 Total liabilities 3,088,491 1,639,041 627,662 — 5,355,194 Total shareholders’ equity 4,817,782 7,745,667 8,543,058 (16,288,725 ) 4,817,782 $ 7,906,273 $ 9,384,708 $ 9,170,720 $ (16,288,725 ) $ 10,172,976
Consolidating Statement of Operations and Comprehensive Income (Loss)	CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the three months ended March 31, 2019 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 1,907,808 $ 42,048 $ — $ 1,949,856 Land sale and other revenues — 2,325 650 — 2,975 — 1,910,133 42,698 — 1,952,831 Financial Services — — 43,862 — 43,862 — 1,910,133 86,560 — 1,996,693 Homebuilding Cost of Revenues: Home sale cost of revenues — (1,460,895 ) (31,896 ) — (1,492,791 ) Land sale cost of revenues — (944 ) (1,106 ) — (2,050 ) — (1,461,839 ) (33,002 ) — (1,494,841 ) Financial Services expenses — (132 ) (31,317 ) — (31,449 ) Selling, general, and administrative — (234,118 ) (18,609 ) — (252,727 ) Other income (expense), net (122 ) (4,986 ) 4,135 — (973 ) Intercompany interest (1,996 ) — 1,996 — — Income (loss) before income taxes and (2,118 ) 209,058 9,763 — 216,703 Income tax (expense) benefit 508 (47,650 ) (2,804 ) (49,946 ) Income (loss) before equity in income (1,610 ) 161,408 6,959 — 166,757 Equity in income (loss) of subsidiaries 168,367 18,304 113,696 (300,367 ) — Net income (loss) 166,757 179,712 120,655 (300,367 ) 166,757 Other comprehensive income 25 — — — 25 Comprehensive income (loss) $ 166,782 $ 179,712 $ 120,655 $ (300,367 ) $ 166,782 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 income (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 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 Cash Flows	CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended March 31, 2019 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) $ 27,743 $ (14,838 ) $ 146,004 $ — $ 158,909 Cash flows from investing activities: Capital expenditures — (13,216 ) (2,854 ) — (16,070 ) Investments in unconsolidated entities — (1,183 ) (106 ) — (1,289 ) Other investing activities, net — 190 101 — 291 Net cash provided by (used in) — (14,209 ) (2,859 ) — (17,068 ) Cash flows from financing activities: Financial Services borrowing (repayments), net — — (126,273 ) — (126,273 ) Repayments of debt — (3,068 ) (537 ) — (3,605 ) Borrowings under revolving credit facility — — — — — Repayments under revolving credit facility — — — — — Debt issuance costs — Stock option exercises 1,445 — — — 1,445 Share repurchases (35,353 ) — — (35,353 ) Dividends paid (30,802 ) — — — (30,802 ) Intercompany activities, net 36,967 135,907 (172,874 ) — Net cash provided by (used in) (27,743 ) 132,839 (299,684 ) — (194,588 ) Net increase (decrease) in cash, cash equivalents, and restricted cash — 103,792 (156,539 ) — (52,747 ) Cash, cash equivalents, and restricted cash — 929,367 204,333 — 1,133,700 Cash, cash equivalents, and restricted cash $ — $ 1,033,159 $ 47,794 $ — $ 1,080,953 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), net — — (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) in cash, cash equivalents, and restricted cash — (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

Basis of Presentation (Other Ex

Basis of Presentation (Other Expense (Income), Net) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accounting Policies [Abstract]
Write-offs of deposits and pre-acquisition costs	$ (2,917)	$ (2,609)
Amortization of intangible assets	(3,450)	(3,450)
Interest income	4,949	564
Interest expense	(144)	(143)
Equity in earnings of unconsolidated entities	37	961
Miscellaneous, net	552	3,369
Total other expense, net	$ (973)	$ (1,308)

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Customer deposits		$ 294,548		$ 254,624
Contract asset insurance renewals		31,400
Residential mortgage loans available-for-sale fair value		326,995		461,354
Residential mortgage loans available-for-sale aggregate outstanding principal balance		315,500		444,200
Changes in fair value, gain (loss)		(1,100)	$ (100)
Net gains from the sale of mortgages		$ 24,000	27,000
Variability in future cash flows of derivative instruments in days		60 days
Cumulative effect of accounting change			22,411
Interest rate lock commitments
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount		$ 356,900		285,000
Forward contracts
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount		498,000		511,000
Whole loan commitments
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount		$ 146,400		$ 187,800
Retained Earnings
Finite-Lived Intangible Assets [Line Items]
Cumulative effect of accounting change	$ 22,400		$ 22,411

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, 2019	Mar. 31, 2018
Numerator:
Net income	$ 166,757	$ 170,751
Less: earnings distributed to participating securities	(308)	(296)
Less: undistributed earnings allocated to participating securities	(1,410)	(1,622)
Numerator for basic earnings per share	165,039	168,833
Add back: undistributed earnings allocated to participating securities	1,410	1,622
Less: undistributed earnings reallocated to participating securities	(1,407)	(1,614)
Numerator for diluted earnings per share	$ 165,042	$ 168,841
Denominator:
Basic shares outstanding (shares)	277,637	286,683
Effect of dilutive securities (shares)	1,003	1,343
Diluted shares outstanding (shares)	278,640	288,026
Earnings per share:
Basic earnings (usd per share)	$ 0.59	$ 0.59
Diluted earnings (usd per share)	$ 0.59	$ 0.59

Basis of Presentation (Fair Val

Basis of Presentation (Fair Value Of the Company's Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	$ 12,192	$ 9,904
Accrued and Other Liabilities	5,018	8,501
Interest rate lock commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	11,629	9,196
Accrued and Other Liabilities	297	161
Forward contracts
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	234	315
Accrued and Other Liabilities	4,107	7,229
Whole loan commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	329	393
Accrued and Other Liabilities	$ 614	$ 1,111

Inventory (Major Components Of

Inventory (Major Components Of Inventory) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Homes under construction	$ 2,892,328	$ 2,630,158
Land under development	4,161,168	4,129,225
Raw land	453,047	493,970
Total Inventory	$ 7,506,543	$ 7,253,353

Inventory (Information Related

Inventory (Information Related To Interest Capitalized Into Homebuilding Inventory) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest in inventory, beginning of period	$ 227,495	$ 226,611
Interest capitalized	42,381	43,960
Interest expensed	(34,563)	(30,558)
Interest in inventory, end of period	$ 235,313	$ 240,013

Inventory (Summary of Interests

Inventory (Summary of Interests in Land Option Agreements) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	$ 238,339	$ 218,568
Remaining Purchase Price	2,635,117	2,602,410
Land options with VIEs
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	99,742	90,717
Remaining Purchase Price	1,073,520	1,079,507
Other land options
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	138,597	127,851
Remaining Purchase Price	$ 1,561,597	$ 1,522,903

Segment Information Narrative (

Segment Information Narrative (Details)	3 Months Ended
	Mar. 31, 2019segment
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, 2019	Mar. 31, 2018
Revenues:
Total revenues	$ 1,996,693	$ 1,970,093
Income before Income Taxes:
Income before income taxes	216,703	224,191
Northeast
Income before Income Taxes:
Income before income taxes	7,928	9,312
Southeast
Income before Income Taxes:
Income before income taxes	37,856	40,457
Florida
Income before Income Taxes:
Income before income taxes	49,596	44,945
Midwest
Income before Income Taxes:
Income before income taxes	26,158	28,401
Texas
Income before Income Taxes:
Income before income taxes	30,971	30,536
West
Income before Income Taxes:
Income before income taxes	90,182	89,205
Other homebuilding
Income before Income Taxes:
Income before income taxes	(38,397)	(32,498)
Home sales
Income before Income Taxes:
Income before income taxes	204,294	210,358
Financial Services
Income before Income Taxes:
Income before income taxes	12,409	13,833
Total Homebuilding
Revenues:
Revenues	1,952,831	1,924,155
Total Homebuilding | Northeast
Revenues:
Revenues	110,492	132,436
Total Homebuilding | Southeast
Revenues:
Revenues	375,417	374,623
Total Homebuilding | Florida
Revenues:
Revenues	396,443	348,709
Total Homebuilding | Midwest
Revenues:
Revenues	293,590	297,506
Total Homebuilding | Texas
Revenues:
Revenues	269,003	246,638
Total Homebuilding | West
Revenues:
Revenues	507,886	524,243
Financial Services
Revenues:
Revenues	$ 43,862	$ 45,938

Segment Information (Land-Relat

Segment Information (Land-Related Charges by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Restructuring Cost and Reserve [Line Items]
Production Related Impairments or Charges	$ 2,979	$ 3,419
Northeast
Restructuring Cost and Reserve [Line Items]
Production Related Impairments or Charges	324	1,185
Southeast
Restructuring Cost and Reserve [Line Items]
Production Related Impairments or Charges	572	1,042
Florida
Restructuring Cost and Reserve [Line Items]
Production Related Impairments or Charges	481	183
Midwest
Restructuring Cost and Reserve [Line Items]
Production Related Impairments or Charges	1,103	746
Texas
Restructuring Cost and Reserve [Line Items]
Production Related Impairments or Charges	68	50
West
Restructuring Cost and Reserve [Line Items]
Production Related Impairments or Charges	431	213
Other homebuilding
Restructuring Cost and Reserve [Line Items]
Production Related Impairments or Charges	$ 0	$ 0

Segment Information (Total Asse

Segment Information (Total Assets And Inventory By Reportable Segment) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Segment Reporting Information
Homes under construction	$ 2,892,328	$ 2,630,158
Land under development	4,161,168	4,129,225
Raw land	453,047	493,970
Total Inventory	7,506,543	7,253,353
Total Assets	10,207,336	10,172,976
Northeast
Segment Reporting Information
Homes under construction	328,021	268,900
Land under development	296,198	291,467
Raw land	25,513	52,245
Total Inventory	649,732	612,612
Total Assets	738,662	704,515
Southeast
Segment Reporting Information
Homes under construction	462,382	443,140
Land under development	676,532	676,087
Raw land	89,750	90,332
Total Inventory	1,228,664	1,209,559
Total Assets	1,372,245	1,347,427
Florida
Segment Reporting Information
Homes under construction	514,551	467,625
Land under development	926,254	892,669
Raw land	76,340	85,321
Total Inventory	1,517,145	1,445,615
Total Assets	1,675,802	1,601,906
Midwest
Segment Reporting Information
Homes under construction	313,244	314,442
Land under development	431,144	433,056
Raw land	29,151	29,908
Total Inventory	773,539	777,406
Total Assets	861,452	849,596
Texas
Segment Reporting Information
Homes under construction	326,344	284,405
Land under development	436,409	427,124
Raw land	95,942	98,415
Total Inventory	858,695	809,944
Total Assets	936,709	881,629
West
Segment Reporting Information
Homes under construction	896,861	805,709
Land under development	1,126,206	1,131,841
Raw land	118,589	118,579
Total Inventory	2,141,656	2,056,129
Total Assets	2,376,073	2,208,092
Other homebuilding
Segment Reporting Information
Homes under construction	50,925	45,937
Land under development	268,425	276,981
Raw land	17,762	19,170
Total Inventory	337,112	342,088
Total Assets	1,801,106	2,006,825
Home sales
Segment Reporting Information
Homes under construction	2,892,328	2,630,158
Land under development	4,161,168	4,129,225
Raw land	453,047	493,970
Total Inventory	7,506,543	7,253,353
Total Assets	9,762,049	9,599,990
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	$ 445,287	$ 572,986

Debt (Summary of Senior Notes)

Debt (Summary of Senior Notes) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Net premiums, discounts, and issuance costs (b)	$ (13,295)	$ (13,247)
Total senior notes	2,986,705	2,986,753
Other notes payable	37,708	41,313
Notes payable	3,024,413	3,028,066
Estimated fair value	$ 3,091,068	$ 2,899,143
Senior Notes | 4.250% unsecured senior notes due March 2021
Debt Instrument [Line Items]
Stated interest rate	4.25%	4.25%
Face amount	$ 700,000	$ 700,000
Senior Notes | 5.500% unsecured senior notes due March 2026
Debt Instrument [Line Items]
Stated interest rate	5.50%	5.50%
Face amount	$ 700,000	$ 700,000
Senior Notes | 5.000% unsecured senior notes due January 2027
Debt Instrument [Line Items]
Stated interest rate	5.00%	5.00%
Face amount	$ 600,000	$ 600,000
Senior Notes | 7.875% unsecured senior notes due June 2032
Debt Instrument [Line Items]
Stated interest rate	7.875%	7.875%
Face amount	$ 300,000	$ 300,000
Senior Notes | 6.375% unsecured senior notes due May 2033
Debt Instrument [Line Items]
Stated interest rate	6.375%	6.375%
Face amount	$ 400,000	$ 400,000
Senior Notes | 6.000% unsecured senior notes due February 2035
Debt Instrument [Line Items]
Stated interest rate	6.00%	6.00%
Face amount	$ 300,000	$ 300,000

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Oct. 13, 2017
Debt Instrument [Line Items]
Other notes payable	$ 37,708,000	$ 41,313,000
Debt instrument term	3 years
Letters of credit outstanding	$ 232,900,000	239,400,000
Line of credit facility, remaining borrowing capacity	767,100,000	760,600,000
Joint venture debt total	35,200,000
Joint venture debt company proportionate share total	34,400,000
Long-term line of credit	$ 222,139,000	348,412,000
Maximum
Debt Instrument [Line Items]
Stated interest rate	5.17%
Unconsolidated Joint Ventures
Debt Instrument [Line Items]
Equity method investment, ownership percentage	50.00%
Revolving Credit Facility Accordion Feature
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,500,000,000		$ 1,000,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum additional issuance	500,000,000
Line of credit, current	0	0
Line of Credit | Financial Services
Debt Instrument [Line Items]
Long-term line of credit	222,100,000	$ 348,400,000
Amendment Effective September 24, 2018 through and including December 25, 2018 | Line of Credit | Financial Services
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 350,000,000

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Class of Stock [Line Items]
Dividends	$ 30,831	$ 26,051
Payments for repurchase of common stock	$ 35,353	$ 59,491
Share repurchase plan
Class of Stock [Line Items]
Share repurchases (shares)	0.9	1.7
Payments for repurchase of common stock	$ 25,000	$ 52,500
Remaining value of stock repurchase programs authorization	274,900
Shares withheld to pay taxes
Class of Stock [Line Items]
Payments for repurchase of common stock	$ 10,400	$ 7,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Effective income tax	23.00%	23.80%
Deferred tax assets, net	$ 250.9		$ 275.6
Gross unrecognized tax benefits	22.4		$ 30.6
Accrued interest and penalties on unrecognized tax benefits	5.8
Possible decrease in unrecognized tax benefits	$ 8.4

Fair Value Disclosures (Details

Fair Value Disclosures (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Disclosed at fair value:
Other notes payable	$ 37,708	$ 41,313
Level 2
Disclosed at fair value:
Financial Services debt	222,139	348,412
Senior notes payable	3,053,360	2,857,830
Level 1
Disclosed at fair value:
Cash, cash equivalents, and restricted cash	1,080,953	1,133,700
Fair Value, Measurements, Recurring | Residential mortgage loans available-for-sale | Level 2
Measured at fair value on a recurring basis:
Assets, fair value	326,995	461,354
Measured at fair value on a non-recurring basis:
Assets, fair value	326,995	461,354
Fair Value, Measurements, Recurring | Interest rate lock commitments | Level 2
Measured at fair value on a recurring basis:
Assets, fair value	11,332	9,035
Measured at fair value on a non-recurring basis:
Assets, fair value	11,332	9,035
Fair Value, Measurements, Recurring | Forward contracts | Level 2
Measured at fair value on a recurring basis:
Liabilities, fair value	(3,873)	(6,914)
Fair Value, Measurements, Recurring | Whole loan commitments | Level 2
Measured at fair value on a recurring basis:
Liabilities, fair value	(285)	(718)
Fair Value, Measurements, Nonrecurring | Land held for sale | Level 2
Measured at fair value on a recurring basis:
Assets, fair value	1,330	17,813
Measured at fair value on a non-recurring basis:
Assets, fair value	1,330	17,813
Fair Value, Measurements, Nonrecurring | House and land inventory | Level 3
Measured at fair value on a recurring basis:
Assets, fair value	0	18,253
Measured at fair value on a non-recurring basis:
Assets, fair value	$ 0	$ 18,253

Fair Value Disclosures Narrativ

Fair Value Disclosures Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Carrying value of senior notes	$ 2,986,705	$ 2,986,753

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) $ in Thousands	Dec. 17, 2018USD ($)party	Mar. 31, 2019USD ($)claim	Dec. 31, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Loss Contingencies [Line Items]
Loss contingency accrual		$ 25,500	$ 50,300
Letters of credit outstanding		232,900	239,400
Surety bonds outstanding		$ 1,300,000	1,300,000
Maximum product warranty in years		10 years
Number of individual claims managed | claim		1,000
Self-insurance liabilities		$ 729,170	$ 737,013	$ 771,104	$ 758,812
Incurred but not reported percentage of liability reserves		66.00%	65.00%
Write-off of insurance receivables		$ 11,600
ROU assets		73,300
Operating lease liabilities		98,462
Additional ROU assets under operating leases		7,800
Payments on lease liabilities		5,800
Total lease expense		8,800
Variable lease costs		1,700
Other Assets
Loss Contingencies [Line Items]
Recorded insurance receivables		$ 128,000	$ 153,000
Lehman Complaint | CTX Mortgage Company LLC
Loss Contingencies [Line Items]
Number of mortgage originators involved in bankruptcy claim | party	100
Damages sought, value	$ 261,000

Commitments and Contingencies_3

Commitments and Contingencies (Changes To Warranty Liability) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty liabilities, beginning of period	$ 79,154	$ 72,709
Reserves provided	12,262	11,916
Payments	(16,130)	(14,282)
Other adjustments	4,461	643
Warranty liabilities, end of period	$ 79,747	$ 70,986

Commitments and Contingencies_4

Commitments and Contingencies (Changes in Self-insurance Liability) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Changes in Self-insurance Liability [Roll Forward]
Balance, beginning of period	$ 737,013	$ 758,812
Reserves provided	17,396	19,660
Adjustments to previously recorded reserves	(3,875)	2,461
Payments, net	(21,364)	(9,829)
Balance, end of period	$ 729,170	$ 771,104

Commitments and Contingencies_5

Commitments and Contingencies (Future Minimum Lease Payments Required Under Leases) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2019	$ 17,903
2020	20,548
2021	18,262
2022	16,690
2023	15,085
Thereafter	30,381
Total lease payments	118,869
Less: Interest	20,407
Present value of lease liabilities	$ 98,462
Weighted average remaining lease term	6 years 3 months 18 days
Weighted average discount rate	5.80%

Supplemental Guarantor Inform_3

Supplemental Guarantor Information (Balance Sheet) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Cash and equivalents	$ 1,055,457	$ 1,110,088
Restricted cash	25,496	23,612
House and land inventory	7,506,543	7,253,353
Land held for sale	39,431	36,849
Residential mortgage loans available-for-sale	326,995	461,354
Investments in unconsolidated entities	55,725	54,590
Other assets	823,066	830,359
Intangible assets	123,742	127,192
Deferred tax assets, net	250,881	275,579
Investments in subsidiaries and intercompany accounts, net	0	0
Total assets	10,207,336	10,172,976
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	2,009,237	1,967,136
Income tax liabilities	18,108	11,580
Financial Services debt	222,139	348,412
Notes payable	3,024,413	3,028,066
Total liabilities	5,273,897	5,355,194
Total shareholders’ equity	4,933,439	4,817,782	$ 4,274,657	$ 4,154,026
Total liabilities and shareholders' equity	10,207,336	10,172,976
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	(16,751,955)	(16,288,725)
Total assets	(16,751,955)	(16,288,725)
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	0	0
Income tax liabilities	0	0
Financial Services debt	0	0
Notes payable	0	0
Total liabilities	0	0
Total shareholders’ equity	(16,751,955)	(16,288,725)
Total liabilities and shareholders' equity	(16,751,955)	(16,288,725)
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	15,985	66,154
Intangible assets	0	0
Deferred tax assets, net	258,311	282,874
Investments in subsidiaries and intercompany accounts, net	7,736,546	7,557,245
Total assets	8,010,842	7,906,273
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	72,590	90,158
Income tax liabilities	18,108	11,580
Financial Services debt	0	0
Notes payable	2,986,705	2,986,753
Total liabilities	3,077,403	3,088,491
Total shareholders’ equity	4,933,439	4,817,782
Total liabilities and shareholders' equity	8,010,842	7,906,273
Guarantor Subsidiaries
ASSETS
Cash and equivalents	1,009,042	906,961
Restricted cash	24,117	22,406
House and land inventory	7,423,308	7,157,665
Land held for sale	38,525	36,849
Residential mortgage loans available-for-sale	0	0
Investments in unconsolidated entities	55,509	54,045
Other assets	642,824	579,452
Intangible assets	123,742	127,192
Deferred tax assets, net	0	0
Investments in subsidiaries and intercompany accounts, net	328,963	500,138
Total assets	9,646,030	9,384,708
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	1,688,847	1,598,265
Income tax liabilities	0	0
Financial Services debt	0	0
Notes payable	37,708	40,776
Total liabilities	1,726,555	1,639,041
Total shareholders’ equity	7,919,475	7,745,667
Total liabilities and shareholders' equity	9,646,030	9,384,708
Non-Guarantor Subsidiaries
ASSETS
Cash and equivalents	46,415	203,127
Restricted cash	1,379	1,206
House and land inventory	83,235	95,688
Land held for sale	906	0
Residential mortgage loans available-for-sale	326,995	461,354
Investments in unconsolidated entities	216	545
Other assets	164,257	184,753
Intangible assets	0	0
Deferred tax assets, net	(7,430)	(7,295)
Investments in subsidiaries and intercompany accounts, net	8,686,446	8,231,342
Total assets	9,302,419	9,170,720
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	247,800	278,713
Income tax liabilities	0	0
Financial Services debt	222,139	348,412
Notes payable	0	537
Total liabilities	469,939	627,662
Total shareholders’ equity	8,832,480	8,543,058
Total liabilities and shareholders' equity	$ 9,302,419	$ 9,170,720

Supplemental Guarantor Inform_4

Supplemental Guarantor Information (Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Homebuilding
Total revenues	$ 1,996,693	$ 1,970,093
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	(252,727)	(240,893)
Other income (expense), net	(973)	(1,308)
Intercompany interest	0	0
Income (loss) before income taxes and equity in income (loss) of subsidiaries	216,703	224,191
Income tax (expense) benefit	(49,946)	(53,440)
Income (loss) before equity in income (loss) of subsidiaries	166,757	170,751
Equity in income (loss) of subsidiaries	0	0
Net income	166,757	170,751
Other comprehensive income	25	21
Comprehensive income (loss)	166,782	170,772
Total Homebuilding
Homebuilding
Revenues	1,952,831	1,924,155
Homebuilding Cost of Revenues:
Financial services expenses	(1,494,841)	(1,471,488)
Home sales
Homebuilding
Revenues	1,949,856	1,911,598
Homebuilding Cost of Revenues:
Cost of revenues	(1,492,791)	(1,459,940)
Land sale and other
Homebuilding
Revenues	2,975	12,557
Homebuilding Cost of Revenues:
Cost of revenues	(2,050)	(11,548)
Financial Services
Homebuilding
Revenues	43,862	45,938
Homebuilding Cost of Revenues:
Financial services expenses	(31,449)	(32,213)
Eliminating Entries
Homebuilding
Total revenues	0	0
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	0	0
Other income (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
Income (loss) before equity in income (loss) of subsidiaries	0	0
Equity in income (loss) of subsidiaries	(300,367)	(295,209)
Net income	(300,367)	(295,209)
Other comprehensive income	0	0
Comprehensive income (loss)	(300,367)	(295,209)
Eliminating Entries | Total Homebuilding
Homebuilding
Revenues	0	0
Homebuilding Cost of Revenues:
Financial services expenses	0	0
Eliminating Entries | Home sales
Homebuilding
Revenues	0	0
Homebuilding Cost of Revenues:
Cost of revenues	0	0
Eliminating Entries | Land sale and other
Homebuilding
Revenues	0	0
Homebuilding Cost of Revenues:
Cost of revenues	0	0
Eliminating Entries | Financial Services
Homebuilding
Revenues	0	0
Homebuilding Cost of Revenues:
Financial services expenses	0	0
PulteGroup, Inc.
Homebuilding
Total revenues	0	0
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	0	0
Other income (expense), net	(122)	(142)
Intercompany interest	(1,996)	(1,468)
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(2,118)	(1,610)
Income tax (expense) benefit	508	387
Income (loss) before equity in income (loss) of subsidiaries	(1,610)	(1,223)
Equity in income (loss) of subsidiaries	168,367	171,974
Net income	166,757	170,751
Other comprehensive income	25	21
Comprehensive income (loss)	166,782	170,772
PulteGroup, Inc. | Total Homebuilding
Homebuilding
Revenues	0	0
Homebuilding Cost of Revenues:
Financial services expenses	0	0
PulteGroup, Inc. | Home sales
Homebuilding
Revenues	0	0
Homebuilding Cost of Revenues:
Cost of revenues	0	0
PulteGroup, Inc. | Land sale and other
Homebuilding
Revenues	0	0
Homebuilding Cost of Revenues:
Cost of revenues	0	0
PulteGroup, Inc. | Financial Services
Homebuilding
Revenues	0	0
Homebuilding Cost of Revenues:
Financial services expenses	0	0
Guarantor Subsidiaries
Homebuilding
Total revenues	1,910,133	1,896,989
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	(234,118)	(231,418)
Other income (expense), net	(4,986)	(7,601)
Intercompany interest	0	0
Income (loss) before income taxes and equity in income (loss) of subsidiaries	209,058	208,651
Income tax (expense) benefit	(47,650)	(49,531)
Income (loss) before equity in income (loss) of subsidiaries	161,408	159,120
Equity in income (loss) of subsidiaries	18,304	12,564
Net income	179,712	171,684
Other comprehensive income	0	0
Comprehensive income (loss)	179,712	171,684
Guarantor Subsidiaries | Total Homebuilding
Homebuilding
Revenues	1,910,133	1,896,989
Homebuilding Cost of Revenues:
Financial services expenses	(1,461,839)	(1,449,177)
Guarantor Subsidiaries | Home sales
Homebuilding
Revenues	1,907,808	1,885,431
Homebuilding Cost of Revenues:
Cost of revenues	(1,460,895)	(1,438,347)
Guarantor Subsidiaries | Land sale and other
Homebuilding
Revenues	2,325	11,558
Homebuilding Cost of Revenues:
Cost of revenues	(944)	(10,830)
Guarantor Subsidiaries | Financial Services
Homebuilding
Revenues	0	0
Homebuilding Cost of Revenues:
Financial services expenses	(132)	(142)
Non-Guarantor Subsidiaries
Homebuilding
Total revenues	86,560	73,104
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	(18,609)	(9,475)
Other income (expense), net	4,135	6,435
Intercompany interest	1,996	1,468
Income (loss) before income taxes and equity in income (loss) of subsidiaries	9,763	17,150
Income tax (expense) benefit	(2,804)	(4,296)
Income (loss) before equity in income (loss) of subsidiaries	6,959	12,854
Equity in income (loss) of subsidiaries	113,696	110,671
Net income	120,655	123,525
Other comprehensive income	0	0
Comprehensive income (loss)	120,655	123,525
Non-Guarantor Subsidiaries | Total Homebuilding
Homebuilding
Revenues	42,698	27,166
Homebuilding Cost of Revenues:
Financial services expenses	(33,002)	(22,311)
Non-Guarantor Subsidiaries | Home sales
Homebuilding
Revenues	42,048	26,167
Homebuilding Cost of Revenues:
Cost of revenues	(31,896)	(21,593)
Non-Guarantor Subsidiaries | Land sale and other
Homebuilding
Revenues	650	999
Homebuilding Cost of Revenues:
Cost of revenues	(1,106)	(718)
Non-Guarantor Subsidiaries | Financial Services
Homebuilding
Revenues	43,862	45,938
Homebuilding Cost of Revenues:
Financial services expenses	$ (31,317)	$ (32,071)

Supplemental Guarantor Inform_5

Supplemental Guarantor Information (Statement Of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net cash provided by (used in) operating activities	$ 158,909	$ 169,013
Cash flows from investing activities:
Capital expenditures	(16,070)	(15,428)
Investments in unconsolidated entities	(1,289)	(1,000)
Other investing activities, net	291	452
Net cash provided by (used in) investing activities	(17,068)	(15,976)
Cash flows from financing activities:
Financial Services borrowings (repayments)	(126,273)	(190,852)
Repayments of debt	(3,605)	(451)
Borrowings under revolving credit facility	0	768,000
Repayments under revolving credit facility	0	(768,000)
Debt issuance costs	0
Stock option exercises	1,445	2,723
Share repurchases	(35,353)	(59,491)
Dividends paid	(30,802)	(26,347)
Intercompany activities, net	0	0
Net cash provided by (used in) financing activities	(194,588)	(274,418)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(52,747)	(121,381)
Cash, cash equivalents, and restricted cash at beginning of period	1,133,700	306,168
Cash, cash equivalents, and restricted cash at end of period	1,080,953	184,787
Eliminating Entries
Net cash provided by (used in) operating activities	0	0
Cash flows from investing activities:
Capital expenditures	0	0
Investments in unconsolidated entities	0	0
Other investing activities, net	0	0
Net cash provided by (used in) investing activities	0	0
Cash flows from financing activities:
Financial Services borrowings (repayments)	0	0
Repayments of debt	0	0
Borrowings under revolving credit facility	0	0
Repayments under revolving credit facility	0	0
Debt issuance costs
Stock option exercises	0	0
Share repurchases		0
Dividends paid	0	0
Intercompany activities, net		0
Net cash provided by (used in) financing activities	0	0
Net increase (decrease) in cash, cash equivalents, and restricted cash	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	27,743	310,937
Cash flows from investing activities:
Capital expenditures	0	0
Investments in unconsolidated entities	0	0
Other investing activities, net	0	0
Net cash provided by (used in) investing activities	0	0
Cash flows from financing activities:
Financial Services borrowings (repayments)	0	0
Repayments of debt	0	0
Borrowings under revolving credit facility	0	768,000
Repayments under revolving credit facility	0	(768,000)
Debt issuance costs
Stock option exercises	1,445	2,723
Share repurchases	(35,353)	(59,491)
Dividends paid	(30,802)	(26,347)
Intercompany activities, net	36,967	(227,822)
Net cash provided by (used in) financing activities	(27,743)	(310,937)
Net increase (decrease) in cash, cash equivalents, and restricted cash	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	(14,838)	(340,357)
Cash flows from investing activities:
Capital expenditures	(13,216)	(13,537)
Investments in unconsolidated entities	(1,183)	(1,000)
Other investing activities, net	190	0
Net cash provided by (used in) investing activities	(14,209)	(14,537)
Cash flows from financing activities:
Financial Services borrowings (repayments)	0	0
Repayments of debt	(3,068)	0
Borrowings under revolving credit facility	0	0
Repayments under revolving credit facility	0	0
Debt issuance costs
Stock option exercises	0	0
Share repurchases	0	0
Dividends paid	0	0
Intercompany activities, net	135,907	332,689
Net cash provided by (used in) financing activities	132,839	332,689
Net increase (decrease) in cash, cash equivalents, and restricted cash	103,792	(22,205)
Cash, cash equivalents, and restricted cash at beginning of period	929,367	157,801
Cash, cash equivalents, and restricted cash at end of period	1,033,159	135,596
Non-Guarantor Subsidiaries
Net cash provided by (used in) operating activities	146,004	198,433
Cash flows from investing activities:
Capital expenditures	(2,854)	(1,891)
Investments in unconsolidated entities	(106)	0
Other investing activities, net	101	452
Net cash provided by (used in) investing activities	(2,859)	(1,439)
Cash flows from financing activities:
Financial Services borrowings (repayments)	(126,273)	(190,852)
Repayments of debt	(537)	(451)
Borrowings under revolving credit facility	0	0
Repayments under revolving credit facility	0	0
Debt issuance costs
Stock option exercises	0	0
Share repurchases	0	0
Dividends paid	0	0
Intercompany activities, net	(172,874)	(104,867)
Net cash provided by (used in) financing activities	(299,684)	(296,170)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(156,539)	(99,176)
Cash, cash equivalents, and restricted cash at beginning of period	204,333	148,367
Cash, cash equivalents, and restricted cash at end of period	$ 47,794	$ 49,191