PulteGroup (PHM) 10-Q 23 Jul 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2019	Jul. 18, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	1-9804
Entity Registrant Name	PULTEGROUP INC/MI/
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-2766606
Entity Address, Address Line One	3350 Peachtree Road NE, Suite 150
Entity Address, City or Town	Atlanta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30326
City Area Code	404
Local Phone Number	978-6400
Title of each class	Common Shares, par value $0.01
Trading Symbol	PHM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		274,218,679
Entity Central Index Key	0000822416
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Cash and equivalents	$ 631,309	$ 1,110,088
Restricted cash	27,965	23,612
Total cash, cash equivalents, and restricted cash	659,274	1,133,700
House and land inventory	7,802,492	7,253,353
Land held for sale	38,218	36,849
Residential mortgage loans available-for-sale	343,732	461,354
Investments in unconsolidated entities	58,246	54,590
Other assets	837,279	830,359
Intangible assets	132,192	127,192
Deferred tax assets, net	224,104	275,579
Total assets	10,095,537	10,172,976
Liabilities:
Accounts payable	380,363	352,029
Customer deposits	334,484	254,624
Accrued and other liabilities	1,308,459	1,360,483
Income tax liabilities	27,913	11,580
Financial Services debt	234,186	348,412
Notes payable	2,740,325	3,028,066
Total liabilities	5,025,730	5,355,194
Shareholders' equity	5,069,807	4,817,782
Total liabilities and shareholders' equity	$ 10,095,537	$ 10,172,976

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Total revenues	$ 2,488,985	$ 2,569,722	$ 4,485,679	$ 4,539,815
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	(259,440)	(226,056)	(512,166)	(466,950)
Other income (expense), net	(3,499)	(1,956)	(4,473)	(3,263)
Income before income taxes	320,776	409,170	537,479	633,362
Income tax expense	(79,735)	(85,081)	(129,681)	(138,521)
Net income	$ 241,041	$ 324,089	$ 407,798	$ 494,841
Per share:
Basic earnings (usd per share)	$ 0.86	$ 1.12	$ 1.46	$ 1.72
Diluted earnings (usd per share)	0.86	1.12	1.45	1.71
Cash dividends declared (usd per share)	$ 0.11	$ 0.09	$ 0.22	$ 0.18
Number of shares used in calculation:
Basic shares outstanding (shares)	276,652	285,276	277,142	285,976
Effect of dilutive securities (shares)	932	1,378	967	1,088
Diluted shares outstanding (shares)	277,584	286,654	278,109	287,064
Home sale
Revenues:
Revenues	$ 2,403,559	$ 2,450,054	$ 4,353,415	$ 4,361,652
Homebuilding Cost of Revenues:
Cost of revenues	(1,848,155)	(1,862,133)	(3,340,946)	(3,322,073)
Land sale and other
Revenues:
Revenues	29,469	66,904	32,445	79,461
Homebuilding Cost of Revenues:
Cost of revenues	(26,214)	(38,183)	(28,265)	(49,731)
Total Homebuilding
Revenues:
Revenues	2,433,028	2,516,958	4,385,860	4,441,113
Homebuilding Cost of Revenues:
Financial services expenses	(1,874,369)	(1,900,316)	(3,369,211)	(3,371,804)
Financial Services
Revenues:
Revenues	55,957	52,764	99,819	98,702
Homebuilding Cost of Revenues:
Financial services expenses	$ (30,901)	$ (32,224)	$ (62,350)	$ (64,436)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income	$ 241,041	$ 324,089	$ 407,798	$ 494,841
Other comprehensive income, net of tax:
Change in value of derivatives	25	30	50	50
Other comprehensive income	25	30	50	50
Comprehensive income (loss)	$ 241,066	$ 324,119	$ 407,848	$ 494,891

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			0
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)	0		(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, 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]
Dividends declared	(52,000)
Net income	494,841
Other comprehensive income	50
Shareholders' Equity, shares end of period (shares) at Jun. 30, 2018		284,362
Shareholders' Equity end of period at Jun. 30, 2018	4,526,712	$ 2,843	3,191,087	(395)	1,333,176
Shareholders' Equity, shares beginning of period (shares) at Mar. 31, 2018		285,878
Shareholders' Equity beginning of period at Mar. 31, 2018	4,274,657	$ 2,859	3,184,521	(424)	1,087,701
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (shares)		150
Stock option exercises	1,744	$ 1	1,743
Stock issuances, net of cancellations (shares)		87
Stock issuances, net of cancellations	(2)		(2)
Dividends declared	(25,915)				(25,915)
Share repurchases (shares)		(1,753)
Share repurchases	(53,000)	$ (17)	(284)		(52,699)
Share-based compensation	5,109		5,109
Net income	324,089				324,089
Other comprehensive income	30			30
Shareholders' Equity, shares end of period (shares) at Jun. 30, 2018		284,362
Shareholders' Equity end of period at Jun. 30, 2018	4,526,712	$ 2,843	3,191,087	(395)	1,333,176
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
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]
Dividends declared	(61,500)
Net income	407,798
Other comprehensive income	50
Shareholders' Equity, shares end of period (shares) at Jun. 30, 2019		274,975
Shareholders' Equity end of period at Jun. 30, 2019	5,069,807	$ 2,750	3,225,874	(295)	1,841,478
Shareholders' Equity, shares beginning of period (shares) at Mar. 31, 2019		277,256
Shareholders' Equity beginning of period at Mar. 31, 2019	4,933,439	$ 2,771	3,216,473	(320)	1,714,515
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (shares)		316
Stock option exercises	3,763	$ 3	3,760
Stock issuances, net of cancellations (shares)		26
Stock issuances, net of cancellations		$ 2	(2)
Dividends declared	(30,633)				(30,633)
Share repurchases (shares)		(2,623)
Share repurchases	(83,471)	$ (26)			(83,445)
Share-based compensation	5,642		5,642
Net income	241,041				241,041
Other comprehensive income	25			25
Shareholders' Equity, shares end of period (shares) at Jun. 30, 2019		274,975
Shareholders' Equity end of period at Jun. 30, 2019	$ 5,069,807	$ 2,750	$ 3,225,874	$ (295)	$ 1,841,478

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 407,798	$ 494,841
Adjustments to reconcile net income to net cash from operating activities:
Deferred income tax expense	51,458	126,991
Land-related charges	6,810	5,841
Depreciation and amortization	26,497	24,161
Share-based compensation expense	17,304	16,162
Other, net	2,664	(2,803)
Increase (decrease) in cash due to:
Inventories	(399,520)	(281,362)
Residential mortgage loans available-for-sale	116,974	199,623
Other assets	31,593	15,822
Accounts payable, accrued and other liabilities	44,132	(51,694)
Net cash provided by (used in) operating activities	305,710	547,582
Cash flows from investing activities:
Capital expenditures	(29,575)	(33,059)
Investments in unconsolidated entities	(4,664)	(1,000)
Business acquisition	(163,724)	0
Other investing activities, net	4,592	6,915
Net cash provided by (used in) investing activities	(193,371)	(27,144)
Cash flows from financing activities:
Repayments of notes payable	(297,303)	(82,432)
Borrowings under revolving credit facility	0	1,566,000
Repayments under revolving credit facility	0	(1,566,000)
Financial Services borrowings (repayments)	(114,226)	(173,761)
Debt issuance costs	0	(8,090)
Stock option exercises	5,208	4,467
Share repurchases	(118,824)	(112,491)
Dividends paid	(61,620)	(52,384)
Net cash provided by (used in) financing activities	(586,765)	(424,691)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(474,426)	95,747
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	659,274	401,915
Supplemental Cash Flow Information:
Interest paid (capitalized), net	5,560	(387)
Income taxes paid (refunded), net	$ 12,618	$ 77,077

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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"). Business acquisition In April 2019, we acquired the homebuilding operations of American West, located in Las Vegas, Nevada, for $ 163.7 million . The assets acquired included approximately 1,200 finished lots and control of approximately 2,300 additional lots through land option agreements. The acquired net assets were recorded at their estimated fair values, including $12.0 million associated with the American West tradename, which is being amortized over a 20 -year life. The acquisition of these assets was not material to our results of operations or financial condition. Other expense, net Other expense, net consists of the following ($000’s omitted): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Write-offs of deposits and pre-acquisition costs $ (2,516 ) $ (1,652 ) $ (5,433 ) $ (4,261 ) Amortization of intangible assets (3,550 ) (3,450 ) (7,000 ) (6,900 ) Loss on debt retirement (see Note 4 ) (4,843 ) (76 ) (4,843 ) (76 ) Interest income 4,471 835 9,420 1,399 Interest expense (146 ) (165 ) (290 ) (308 ) Equity in earnings of unconsolidated entities 129 265 165 1,226 Miscellaneous, net 2,956 2,287 3,508 5,657 Total other expense, net $ (3,499 ) $ (1,956 ) $ (4,473 ) $ (3,263 ) 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 $334.5 million and $254.6 million at June 30, 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 $32.4 million at June 30, 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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 Numerator: Net income $ 241,041 $ 324,089 $ 407,798 $ 494,841 Less: earnings distributed to participating securities (305 ) (300 ) (613 ) (595 ) Less: undistributed earnings allocated to participating securities (2,089 ) (3,284 ) (3,588 ) (2,584 ) Numerator for basic earnings per share $ 238,647 $ 320,505 $ 403,597 $ 491,662 Add back: undistributed earnings allocated to participating securities 2,089 3,284 3,588 2,584 Less: undistributed earnings reallocated to participating securities (2,082 ) (3,268 ) (3,576 ) (2,575 ) Numerator for diluted earnings per share $ 238,654 $ 320,521 $ 403,609 $ 491,671 Denominator: Basic shares outstanding 276,652 285,276 277,142 285,976 Effect of dilutive securities 932 1,378 967 1,088 Diluted shares outstanding 277,584 286,654 278,109 287,064 Earnings per share: Basic $ 0.86 $ 1.12 $ 1.46 $ 1.72 Diluted $ 0.86 $ 1.12 $ 1.45 $ 1.71 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 June 30, 2019 and December 31, 2018 , residential mortgage loans available-for-sale had an aggregate fair value of $343.7 million and $461.4 million , respectively, and an aggregate outstanding principal balance of $331.9 million and $444.2 million , respectively. The net loss resulting from changes in fair value of these loans totaled $0.2 million for both the three months ended June 30, 2019 and 2018 , and $1.3 million and $0.3 million for the six months ended June 30, 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 $30.4 million and $29.2 million for the three months ended June 30, 2019 and 2018 , respectively, and $54.3 million and $56.2 million for the six months ended June 30, 2019 and 2018 , respectively, and have been 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 June 30, 2019 and December 31, 2018 , we had aggregate IRLCs of $386.0 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 June 30, 2019 and December 31, 2018 , we had unexpired forward contracts of $577.0 million and $511.0 million , respectively, and whole loan investor commitments of $115.2 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): June 30, 2019 December 31, 2018 Other Assets Accrued and Other Liabilities Other Assets Accrued and Other Liabilities Interest rate lock commitments $ 11,402 $ 370 $ 9,196 $ 161 Forward contracts 188 3,920 315 7,229 Whole loan commitments 709 401 393 1,111 $ 12,299 $ 4,691 $ 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 required to be 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. We are currently evaluating the impact the standard will have on our financial statements. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment", which removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. Under the new standard, goodwill impairment will now be determined by evaluating the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The standard is effective for us for annual and interim periods beginning January 1, 2020, with early adoption permitted, and applied prospectively. We do not expect the standard to have a material impact on our financial statements.

Inventory

Inventory	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Inventory	Inventory Major components of inventory were as follows ($000’s omitted): June 30, December 31, Homes under construction $ 3,120,585 $ 2,630,158 Land under development 4,229,633 4,129,225 Raw land 452,274 493,970 $ 7,802,492 $ 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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 Interest in inventory, beginning of period $ 235,313 $ 240,013 $ 227,495 $ 226,611 Interest capitalized 41,650 43,771 84,031 87,731 Interest expensed (42,254 ) (40,157 ) (76,817 ) (70,715 ) Interest in inventory, end of period $ 234,709 $ 243,627 $ 234,709 $ 243,627 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 June 30, 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 June 30, 2019 and December 31, 2018 ($000’s omitted): June 30, 2019 December 31, 2018 Deposits and Remaining Purchase Deposits and Remaining Purchase Land options with VIEs $ 100,523 $ 1,109,963 $ 90,717 $ 1,079,507 Other land options 154,907 1,693,446 127,851 1,522,903 $ 255,430 $ 2,803,409 $ 218,568 $ 2,602,410

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 Revenues: Northeast $ 200,237 $ 200,626 $ 310,729 $ 333,062 Southeast 409,121 445,506 784,538 820,129 Florida 535,153 455,637 931,597 804,346 Midwest 350,584 356,466 644,174 653,972 Texas 342,886 330,692 611,889 577,331 West 595,047 728,031 1,102,933 1,252,273 2,433,028 2,516,958 4,385,860 4,441,113 Financial Services 55,957 52,764 99,819 98,702 Consolidated revenues $ 2,488,985 $ 2,569,722 $ 4,485,679 $ 4,539,815 Income (loss) before income taxes: Northeast $ 26,212 $ 25,158 $ 34,140 $ 34,470 Southeast 42,499 54,357 80,355 94,814 Florida 80,066 67,491 129,662 112,436 Midwest 42,962 43,050 69,120 71,451 Texas 49,144 50,859 80,115 81,395 West (a) 94,443 154,414 184,625 243,619 Other homebuilding (b) (39,628 ) (6,876 ) (78,024 ) (39,374 ) 295,698 388,453 499,993 598,811 Financial Services 25,078 20,717 37,486 34,551 Consolidated income before income taxes $ 320,776 $ 409,170 $ 537,479 $ 633,362 (a) West includes gains of $26.4 million related to two land sale transactions in California that closed in the three months ended June 30, 2018 . (b) Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the operating segments. Other homebuilding also includes insurance reserve reversals of $12.8 million and $16.6 million for the three and six months ended June 30, 2019 , respectively, and $37.5 million and $35.1 million for the three and six months ended June 30, 2018 , respectively, and write-offs of insurance receivables of $12.6 million and $24.2 million for the three and six months ended June 30, 2019 (see Note 8 ). Operating Data by Segment Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Land-related charges*: Northeast $ 130 $ 498 $ 454 $ 1,683 Southeast 2,015 689 2,587 1,731 Florida 765 226 1,246 409 Midwest 203 372 1,306 1,118 Texas 414 220 482 270 West 216 148 647 361 Other homebuilding 88 269 88 269 $ 3,831 $ 2,422 $ 6,810 $ 5,841 * 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) June 30, 2019 Homes Under Land Under Raw Land Total Total Northeast $ 366,441 $ 259,727 $ 25,929 $ 652,097 $ 745,833 Southeast 493,516 671,369 82,093 1,246,978 1,391,938 Florida 537,240 886,951 73,684 1,497,875 1,649,747 Midwest 349,951 428,841 33,779 812,571 890,008 Texas 353,512 447,071 98,613 899,196 966,504 West 966,605 1,255,278 120,991 2,342,874 2,590,663 Other homebuilding (a) 53,320 280,396 17,185 350,901 1,394,068 3,120,585 4,229,633 452,274 7,802,492 9,628,761 Financial Services — — — — 466,776 $ 3,120,585 $ 4,229,633 $ 452,274 $ 7,802,492 $ 10,095,537 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) Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments.

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt Notes payable Our senior notes are summarized as follows ($000’s omitted): June 30, December 31, 4.250% unsecured senior notes due March 2021 (a) $ 425,954 $ 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) (14,567 ) (13,247 ) Total senior notes 2,711,387 2,986,753 Other notes payable 28,938 41,313 Notes payable $ 2,740,325 $ 3,028,066 Estimated fair value $ 2,942,710 $ 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 $28.9 million and $41.3 million at June 30, 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 8% . During the three months ended June 30, 2019 , we retired $274.0 million of our unsecured senior notes maturing in 2021 through a previously announced cash tender offer. The retirement resulted in a loss of $4.8 million , which includes the write-off of debt issuance costs, unamortized discounts and premiums, and transaction fees related to the repurchased debt, and is reflected in other expense, net. 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 June 30, 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 June 30, 2019 and December 31, 2018 , and $253.6 million and $239.4 million of letters of credit issued under the Revolving Credit Facility at June 30, 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 June 30, 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 $746.4 million and $760.6 million at June 30, 2019 and December 31, 2018 , respectively. Joint venture debt At June 30, 2019 , aggregate outstanding debt of unconsolidated joint ventures was $29.2 million , of which $28.4 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 $280.0 million at June 30, 2019 and was reduced to $235.0 million on July 15, 2019. 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 $234.2 million and $348.4 million outstanding under the Repurchase Agreement at June 30, 2019 and December 31, 2018 , respectively, and was in compliance with all of its covenants and requirements as of such dates.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity Note [Abstract]
Shareholders’ equity	Shareholders’ equity During the six months ended June 30, 2019 , we declared cash dividends totaling $61.5 million and repurchased 3.5 million shares under our repurchase authorization for $108.5 million . For the six months ended June 30, 2018 , we declared cash dividends totaling $52.0 million and repurchased 3.5 million shares under our repurchase authorization for $105.1 million . In May 2019, our board of directors approved a $500.0 million increase in our share repurchase authorization. At June 30, 2019 , we had remaining authorization to repurchase $691.4 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 six months ended June 30, 2019 and 2018 , participants surrendered shares valued at $10.4 million and $7.4 million , respectively, under these plans. Such share transactions are excluded from the above noted share repurchase authorization.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income taxes	Income taxes Our effective tax rate for the three and six months ended June 30, 2019 was 24.9% and 24.1% , respectively, compared to 20.8% and 21.9% , respectively, for the same periods in 2018 . Our effective tax rate for the three and six months ended June 30, 2019 differs from the federal statutory rate primarily due to state income tax expense on current year earnings and tax benefits for equity compensation. For the same periods in the prior year, our effective tax rate differed from the federal statutory rate primarily due to state income tax expense on current year earnings, tax benefits due to Internal Revenue Service acceptance in 2018 of an accounting method change applicable to the 2017 tax year, energy credits, and tax law changes. At June 30, 2019 and December 31, 2018 , we had deferred tax assets, net of deferred tax liabilities and valuation allowance, of $224.1 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 June 30, 2019 and December 31, 2018 , respectively. Additionally, we had accrued interest and penalties of $6.0 million and $5.8 million at June 30, 2019 and December 31, 2018 , respectively. It is reasonably possible within the next twelve months that our gross unrecognized tax benefits may decrease by up to $8.4 million , excluding interest and penalties, primarily due to potential audit settlements.

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
	Jun. 30, 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 June 30, December 31, Measured at fair value on a recurring basis: Residential mortgage loans available-for-sale Level 2 $ 343,732 $ 461,354 Interest rate lock commitments Level 2 11,032 9,035 Forward contracts Level 2 (3,732 ) (6,914 ) Whole loan commitments Level 2 308 (718 ) Measured at fair value on a non-recurring basis: House and land inventory Level 3 $ — $ 18,253 Land held for sale Level 2 6,185 17,813 Disclosed at fair value: Cash, cash equivalents, and restricted cash Level 1 $ 659,274 $ 1,133,700 Financial Services debt Level 2 234,186 348,412 Senior notes payable Level 2 2,913,772 2,857,830 Other notes payable Level 2 28,938 41,313 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 $2.7 billion and $3.0 billion at June 30, 2019 and December 31, 2018 , respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 and, in some instances, such claims have resulted in legal proceedings against CTX Mortgage or Pulte Mortgage. We cannot yet quantify CTX Mortgage's or Pulte Mortgage's potential liability as a result of these indemnification claims. 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 June 30, 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 $253.6 million and $1.3 billion , respectively, at June 30, 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. Product warranty 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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 Warranty liabilities, beginning of period $ 79,747 $ 70,986 $ 79,154 $ 72,709 Reserves provided 14,646 15,731 26,908 27,647 Payments (17,931 ) (17,129 ) (34,061 ) (31,411 ) Other adjustments 4,980 2,581 9,441 3,224 Warranty liabilities, end of period $ 81,442 $ 72,169 $ 81,442 $ 72,169 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 generally 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 $716.2 million and $737.0 million at June 30, 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 68% and 65% of the total general liability reserves at June 30, 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. We reduced general liability reserves by $16.6 million and $35.1 million during the six months ended June 30, 2019 and June 30, 2018 , respectively. These reductions were primarily the result of changes in estimates driven by claim experience being less than anticipated in previous actuarial projections. The changes in actuarial estimates did not involve any changes in actuarial methodology but did impact the development of estimates for future periods, which resulted in adjustments to the IBNR portion of our recorded liabilities. 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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 Balance, beginning of period $ 729,170 $ 771,104 $ 737,013 $ 758,812 Reserves provided 20,270 23,235 37,666 42,895 Adjustments to previously recorded reserves (12,763 ) (37,529 ) (16,638 ) (35,068 ) Payments, net (a) (20,459 ) (31,328 ) (41,823 ) (41,157 ) Balance, end of period $ 716,218 $ 725,482 $ 716,218 $ 725,482 (a) Includes net changes in amounts expected to be recovered from our insurance carriers, which are recorded in other assets (see below). Estimates of anticipated recoveries of our costs under various insurance policies or from subcontractors or other third parties are recorded when recovery is considered probable. Such receivables are recorded in other assets and totaled $104.7 million and $153.0 million at June 30, 2019 and December 31, 2018 , respectively. Those 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 described above, there generally exists a significant lag between our payment of claims and our reimbursements from applicable insurance carriers or third parties. In addition, disputes between homebuilders and insurance carriers or third parties over coverage positions relating to construction defect claims are common. Resolution of claims involves the exchange of significant amounts of information and frequently involves legal action. During the three and six months ended June 30, 2019 , we wrote-off $12.6 million and $24.2 million , respectively, of insurance receivables in connection with policy settlement negotiations with certain of our carriers. 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 $72.2 million and $95.7 million at June 30, 2019 , respectively. During the three and six months ended June 30, 2019 , we obtained an additional $1.0 million and $8.8 million , respectively, of ROU assets under operating leases. Payments on lease liabilities during the three and six months ended June 30, 2019 totaled $5.7 million and $11.5 million , respectively. 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 and six months ended June 30, 2019 , our total lease expense was $9.1 million and $17.9 million , respectively, inclusive of variable lease costs of $1.6 million and $3.2 million , respectively, as well as short-term lease costs of $2.6 million and $4.8 million , respectively. Sublease income was de minimis. The future minimum lease payments required under our leases as of June 30, 2019 are as follows ($000's omitted): Years Ending December 31, 2019 (a) $ 11,917 2020 20,972 2021 18,638 2022 17,066 2023 15,576 Thereafter 30,976 Total lease payments (b) 115,145 Less: Interest (c) 19,439 Present value of lease liabilities (d) $ 95,706 (a) Remaining payments are for the six 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 June 30, 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 6.1 years and 5.8% , respectively, at June 30, 2019 .

Supplemental Guarantor Informat

Supplemental Guarantor Information	6 Months Ended
	Jun. 30, 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 JUNE 30, 2019 ($000’s omitted) Unconsolidated Eliminating Consolidated PulteGroup, Guarantor Non-Guarantor ASSETS Cash and equivalents $ — $ 581,854 $ 49,455 $ — $ 631,309 Restricted cash — 26,295 1,670 — 27,965 Total cash, cash equivalents, and — 608,149 51,125 — 659,274 House and land inventory — 7,698,117 104,375 — 7,802,492 Land held for sale — 37,724 494 — 38,218 Residential mortgage loans available- — — 343,732 — 343,732 Investments in unconsolidated entities — 57,731 515 — 58,246 Other assets 15,784 634,504 186,991 — 837,279 Intangible assets — 132,192 — — 132,192 Deferred tax assets, net 231,776 — (7,672 ) — 224,104 Investments in subsidiaries and 7,647,090 692,620 8,843,660 (17,183,370 ) — $ 7,894,650 $ 9,861,037 $ 9,523,220 $ (17,183,370 ) $ 10,095,537 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, customer deposits, $ 85,543 $ 1,670,498 $ 267,265 $ — $ 2,023,306 Income tax liabilities 27,913 — — — 27,913 Financial Services debt — — 234,186 — 234,186 Notes payable 2,711,387 28,938 — — 2,740,325 Total liabilities 2,824,843 1,699,436 501,451 — 5,025,730 Total shareholders’ equity 5,069,807 8,161,601 9,021,769 (17,183,370 ) 5,069,807 $ 7,894,650 $ 9,861,037 $ 9,523,220 $ (17,183,370 ) $ 10,095,537 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 June 30, 2019 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 2,359,210 $ 44,349 $ — $ 2,403,559 Land sale and other revenues — 29,459 10 — 29,469 — 2,388,669 44,359 — 2,433,028 Financial Services — — 55,957 — 55,957 — 2,388,669 100,316 — 2,488,985 Homebuilding Cost of Revenues: Home sale cost of revenues — (1,814,701 ) (33,454 ) — (1,848,155 ) Land sale cost of revenues — (26,214 ) — — (26,214 ) — (1,840,915 ) (33,454 ) — (1,874,369 ) Financial Services expenses — (125 ) (30,776 ) — (30,901 ) Selling, general, and administrative — (245,272 ) (14,168 ) — (259,440 ) Other income (expense), net (4,966 ) (9,276 ) 10,743 — (3,499 ) Intercompany interest (2,254 ) — 2,254 — — Income (loss) before income taxes and (7,220 ) 293,081 34,915 — 320,776 Income tax (expense) benefit 1,733 (72,598 ) (8,870 ) — (79,735 ) Income (loss) before equity in income (5,487 ) 220,483 26,045 — 241,041 Equity in income (loss) of subsidiaries 246,528 24,504 162,404 (433,436 ) — Net income (loss) 241,041 244,987 188,449 (433,436 ) 241,041 Other comprehensive income 25 — — — 25 Comprehensive income (loss) $ 241,066 $ 244,987 $ 188,449 $ (433,436 ) $ 241,066 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the three months ended June 30, 2018 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 2,421,643 $ 28,411 $ — $ 2,450,054 Land sale and other revenues — 66,418 486 — 66,904 — 2,488,061 28,897 — 2,516,958 Financial Services — — 52,764 — 52,764 — 2,488,061 81,661 — 2,569,722 Homebuilding Cost of Revenues: Home sale cost of revenues — (1,840,487 ) (21,646 ) — (1,862,133 ) Land sale cost of revenues — (37,884 ) (299 ) — (38,183 ) — (1,878,371 ) (21,945 ) — (1,900,316 ) Financial Services expenses — (133 ) (32,091 ) — (32,224 ) Selling, general, and administrative — (221,590 ) (4,466 ) — (226,056 ) Other income (expense), net (196 ) (13,436 ) 11,676 — (1,956 ) Intercompany interest (2,085 ) — 2,085 — — Income (loss) before income taxes and (2,281 ) 374,531 36,920 — 409,170 Income tax (expense) benefit 547 (75,977 ) (9,651 ) — (85,081 ) Income (loss) before equity in income (1,734 ) 298,554 27,269 — 324,089 Equity in income (loss) of subsidiaries 325,823 24,504 258,352 (608,679 ) — Net income (loss) 324,089 323,058 285,621 (608,679 ) 324,089 Other comprehensive income 30 — — — 30 Comprehensive income (loss) $ 324,119 $ 323,058 $ 285,621 $ (608,679 ) $ 324,119 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the six months ended June 30, 2019 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 4,267,018 $ 86,397 $ — $ 4,353,415 Land sale revenues — 31,785 660 — 32,445 — 4,298,803 87,057 — 4,385,860 Financial Services — — 99,819 — 99,819 — 4,298,803 186,876 — 4,485,679 Homebuilding Cost of Revenues: Home sale cost of revenues — (3,275,596 ) (65,350 ) — (3,340,946 ) Land sale cost of revenues — (27,159 ) (1,106 ) — (28,265 ) — (3,302,755 ) (66,456 ) — (3,369,211 ) Financial Services expenses — (257 ) (62,093 ) — (62,350 ) Selling, general, and administrative — (479,388 ) (32,778 ) — (512,166 ) Other expense, net (5,087 ) (14,264 ) 14,878 — (4,473 ) Intercompany interest (4,251 ) — 4,251 — — Income (loss) before income taxes and (9,338 ) 502,139 44,678 — 537,479 Income tax (expense) benefit 2,241 (120,248 ) (11,674 ) — (129,681 ) Income (loss) before equity in income (7,097 ) 381,891 33,004 — 407,798 Equity in income (loss) of subsidiaries 414,895 42,808 276,100 (733,803 ) — Net income (loss) 407,798 424,699 309,104 (733,803 ) 407,798 Other comprehensive income 50 — — — 50 Comprehensive income (loss) $ 407,848 $ 424,699 $ 309,104 $ (733,803 ) $ 407,848 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the six months ended June 30, 2018 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 4,316,500 $ 45,152 $ — $ 4,361,652 Land sale revenues — 77,977 1,484 — 79,461 — 4,394,477 46,636 — 4,441,113 Financial Services — — 98,702 — 98,702 — 4,394,477 145,338 — 4,539,815 Homebuilding Cost of Revenues: Home sale cost of revenues — (3,286,043 ) (36,030 ) — (3,322,073 ) Land sale cost of revenues — (48,714 ) (1,017 ) — (49,731 ) — (3,334,757 ) (37,047 ) — (3,371,804 ) Financial Services expenses — (275 ) (64,161 ) — (64,436 ) Selling, general, and administrative — (453,535 ) (13,415 ) — (466,950 ) Other expense, net (336 ) (21,037 ) 18,110 — (3,263 ) Intercompany interest (3,553 ) — 3,553 — — Income (loss) before income taxes and (3,889 ) 584,873 52,378 — 633,362 Income tax (expense) benefit 934 (125,508 ) (13,947 ) — (138,521 ) Income (loss) before equity in income (2,955 ) 459,365 38,431 — 494,841 Equity in income (loss) of subsidiaries 497,796 37,068 369,023 (903,887 ) — Net income (loss) 494,841 496,433 407,454 (903,887 ) 494,841 Other comprehensive income 50 — — — 50 Comprehensive income (loss) $ 494,891 $ 496,433 $ 407,454 $ (903,887 ) $ 494,891 CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended June 30, 2019 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) $ 130,814 $ 34,461 $ 140,435 $ — $ 305,710 Cash flows from investing activities: Capital expenditures — (24,707 ) (4,868 ) — (29,575 ) Investments in unconsolidated entities — (4,183 ) (481 ) — (4,664 ) Other investing activities, net — 3,241 1,351 — 4,592 Business acquisition — (163,724 ) — — (163,724 ) Net cash provided by (used in) — (189,373 ) (3,998 ) — (193,371 ) Cash flows from financing activities: Financial Services borrowing (repayments), net — — (114,226 ) — (114,226 ) Repayments of debt (280,175 ) (16,591 ) (537 ) — (297,303 ) Borrowings under revolving credit facility — — — — — Repayments under revolving credit facility — — — — — Debt issuance costs — — — — — Stock option exercises 5,208 — — — 5,208 Share repurchases (118,824 ) — — — (118,824 ) Dividends paid (61,620 ) — — — (61,620 ) Intercompany activities, net 324,597 (149,715 ) (174,882 ) — — Net cash provided by (used in) (130,814 ) (166,306 ) (289,645 ) — (586,765 ) Net increase (decrease) in cash, cash equivalents, and restricted cash — (321,218 ) (153,208 ) — (474,426 ) Cash, cash equivalents, and restricted cash — 929,367 204,333 — 1,133,700 Cash, cash equivalents, and restricted cash $ — $ 608,149 $ 51,125 $ — $ 659,274 CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended June 30, 2018 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) $ 259,028 $ 63,775 $ 224,779 $ — $ 547,582 Cash flows from investing activities: Capital expenditures — (28,908 ) (4,151 ) — (33,059 ) Investments in unconsolidated entities — (1,000 ) — — (1,000 ) Other investing activities, net — 5,759 1,156 — 6,915 Net cash provided by (used in) — (24,149 ) (2,995 ) — (27,144 ) Cash flows from financing activities: Financial Services borrowings (repayments), net — — (173,761 ) — (173,761 ) Proceeds from debt issuance — — — — — Repayments of debt — (81,758 ) (674 ) — (82,432 ) Borrowings under revolving credit facility 1,566,000 — — — 1,566,000 Repayments under revolving credit facility (1,566,000 ) — — — (1,566,000 ) Debt Issuance Costs (8,090 ) — — — (8,090 ) Stock option exercises 4,467 — — — 4,467 Share repurchases (112,491 ) — — — (112,491 ) Dividends paid (52,384 ) — — — (52,384 ) Intercompany activities, net (90,530 ) 236,776 (146,246 ) — — Net cash provided by (used in) (259,028 ) 155,018 (320,681 ) — (424,691 ) Net increase (decrease) in cash, cash equivalents, and restricted cash — 194,644 (98,897 ) — 95,747 Cash, cash equivalents, and restricted cash — 157,801 148,367 — 306,168 Cash, cash equivalents, and restricted cash $ — $ 352,445 $ 49,470 $ — $ 401,915

Basis of Presentation (Policy)

Basis of Presentation (Policy)	6 Months Ended
	Jun. 30, 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 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	ubsequent events We evaluated subsequent events up until the time the financial statements were filed with the Securities and Exchange Commission (the "SEC").
Revenue recognition	Revenue recognition Home sale revenues - Home sale revenues and related profit are generally recognized when title to and possession of the home are transferred to the buyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied in less than one year from the original contract date. Home sale contract assets consist of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit and classified as cash. Contract liabilities include customer deposit liabilities related to sold but undelivered homes, which totaled $334.5 million and $254.6 million at June 30, 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 $32.4 million at June 30, 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 June 30, 2019 and December 31, 2018 , residential mortgage loans available-for-sale had an aggregate fair value of $343.7 million and $461.4 million , respectively, and an aggregate outstanding principal balance of $331.9 million and $444.2 million , respectively. The net loss resulting from changes in fair value of these loans totaled $0.2 million for both the three months ended June 30, 2019 and 2018 , and $1.3 million and $0.3 million for the six months ended June 30, 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 $30.4 million and $29.2 million for the three months ended June 30, 2019 and 2018 , respectively, and $54.3 million and $56.2 million for the six months ended June 30, 2019 and 2018 , respectively, and have been 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 June 30, 2019 and December 31, 2018 , we had aggregate IRLCs of $386.0 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 June 30, 2019 and December 31, 2018 , we had unexpired forward contracts of $577.0 million and $511.0 million , respectively, and whole loan investor commitments of $115.2 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 required to be 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. We are currently evaluating the impact the standard will have on our financial statements. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment", which removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. Under the new standard, goodwill impairment will now be determined by evaluating the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The standard is effective for us for annual and interim periods beginning January 1, 2020, with early adoption permitted, and applied prospectively. We do not expect the standard to have a material impact on our financial statements.
Inventory interest capitalization	We capitalize interest cost into inventory during the active development and construction of our communities. In all periods presented, we capitalized all Homebuilding interest costs into inventory because the level of our active inventory exceeded our debt levels.
Fair value of financial instruments	Fair values for agency residential mortgage loans available-for-sale are determined based on quoted market prices for comparable instruments. Fair values for non-agency residential mortgage loans available-for-sale are determined based on purchase commitments from whole loan investors and other relevant market information available to management. Fair values for interest rate lock commitments, including the value of servicing rights, and forward contracts on mortgage-backed securities are valued based on market prices for similar instruments. Fair values for whole loan commitments are based on market prices for similar instruments from the specific whole loan investor. Certain assets are required to be recorded at fair value on a non-recurring basis when events and circumstances indicate that the carrying value may not be recoverable. The non-recurring fair values included in the above table represent only those assets whose carrying values were adjusted to fair value as of the respective balance sheet dates. The carrying amounts of cash and equivalents, Financial Services debt, and other notes payable approximate their fair values due to their short-term nature and/or floating interest rate terms. The fair values of senior notes are based on quoted market prices, when available. If quoted market prices are not available, fair values are based on quoted market prices of similar issues. The carrying value of senior notes was $2.7 billion and $3.0 billion at June 30, 2019 and December 31, 2018 , respectively.
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 $253.6 million and $1.3 billion , respectively, at June 30, 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	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 generally 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 $716.2 million and $737.0 million at June 30, 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 68% and 65% of the total general liability reserves at June 30, 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. We reduced general liability reserves by $16.6 million and $35.1 million during the six months ended June 30, 2019 and June 30, 2018 , respectively. These reductions were primarily the result of changes in estimates driven by claim experience being less than anticipated in previous actuarial projections. The changes in actuarial estimates did not involve any changes in actuarial methodology but did impact the development of estimates for future periods, which resulted in adjustments to the IBNR portion of our recorded liabilities.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Schedule of Other Expense (Income), Net	Other expense, net consists of the following ($000’s omitted): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Write-offs of deposits and pre-acquisition costs $ (2,516 ) $ (1,652 ) $ (5,433 ) $ (4,261 ) Amortization of intangible assets (3,550 ) (3,450 ) (7,000 ) (6,900 ) Loss on debt retirement (see Note 4 ) (4,843 ) (76 ) (4,843 ) (76 ) Interest income 4,471 835 9,420 1,399 Interest expense (146 ) (165 ) (290 ) (308 ) Equity in earnings of unconsolidated entities 129 265 165 1,226 Miscellaneous, net 2,956 2,287 3,508 5,657 Total other expense, net $ (3,499 ) $ (1,956 ) $ (4,473 ) $ (3,263 )
Schedule of Earnings Per Share	The following table presents the earnings per common share (000's omitted, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Numerator: Net income $ 241,041 $ 324,089 $ 407,798 $ 494,841 Less: earnings distributed to participating securities (305 ) (300 ) (613 ) (595 ) Less: undistributed earnings allocated to participating securities (2,089 ) (3,284 ) (3,588 ) (2,584 ) Numerator for basic earnings per share $ 238,647 $ 320,505 $ 403,597 $ 491,662 Add back: undistributed earnings allocated to participating securities 2,089 3,284 3,588 2,584 Less: undistributed earnings reallocated to participating securities (2,082 ) (3,268 ) (3,576 ) (2,575 ) Numerator for diluted earnings per share $ 238,654 $ 320,521 $ 403,609 $ 491,671 Denominator: Basic shares outstanding 276,652 285,276 277,142 285,976 Effect of dilutive securities 932 1,378 967 1,088 Diluted shares outstanding 277,584 286,654 278,109 287,064 Earnings per share: Basic $ 0.86 $ 1.12 $ 1.46 $ 1.72 Diluted $ 0.86 $ 1.12 $ 1.45 $ 1.71
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): June 30, 2019 December 31, 2018 Other Assets Accrued and Other Liabilities Other Assets Accrued and Other Liabilities Interest rate lock commitments $ 11,402 $ 370 $ 9,196 $ 161 Forward contracts 188 3,920 315 7,229 Whole loan commitments 709 401 393 1,111 $ 12,299 $ 4,691 $ 9,904 $ 8,501

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Components of Inventory	Major components of inventory were as follows ($000’s omitted): June 30, December 31, Homes under construction $ 3,120,585 $ 2,630,158 Land under development 4,229,633 4,129,225 Raw land 452,274 493,970 $ 7,802,492 $ 7,253,353
Capitalized Interest Rollforward	Information related to interest capitalized into inventory is as follows ($000’s omitted): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Interest in inventory, beginning of period $ 235,313 $ 240,013 $ 227,495 $ 226,611 Interest capitalized 41,650 43,771 84,031 87,731 Interest expensed (42,254 ) (40,157 ) (76,817 ) (70,715 ) Interest in inventory, end of period $ 234,709 $ 243,627 $ 234,709 $ 243,627
Schedule Of Company Interests In Land Option Agreements	The following provides a summary of our interests in land option agreements as of June 30, 2019 and December 31, 2018 ($000’s omitted): June 30, 2019 December 31, 2018 Deposits and Remaining Purchase Deposits and Remaining Purchase Land options with VIEs $ 100,523 $ 1,109,963 $ 90,717 $ 1,079,507 Other land options 154,907 1,693,446 127,851 1,522,903 $ 255,430 $ 2,803,409 $ 218,568 $ 2,602,410

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 Revenues: Northeast $ 200,237 $ 200,626 $ 310,729 $ 333,062 Southeast 409,121 445,506 784,538 820,129 Florida 535,153 455,637 931,597 804,346 Midwest 350,584 356,466 644,174 653,972 Texas 342,886 330,692 611,889 577,331 West 595,047 728,031 1,102,933 1,252,273 2,433,028 2,516,958 4,385,860 4,441,113 Financial Services 55,957 52,764 99,819 98,702 Consolidated revenues $ 2,488,985 $ 2,569,722 $ 4,485,679 $ 4,539,815 Income (loss) before income taxes: Northeast $ 26,212 $ 25,158 $ 34,140 $ 34,470 Southeast 42,499 54,357 80,355 94,814 Florida 80,066 67,491 129,662 112,436 Midwest 42,962 43,050 69,120 71,451 Texas 49,144 50,859 80,115 81,395 West (a) 94,443 154,414 184,625 243,619 Other homebuilding (b) (39,628 ) (6,876 ) (78,024 ) (39,374 ) 295,698 388,453 499,993 598,811 Financial Services 25,078 20,717 37,486 34,551 Consolidated income before income taxes $ 320,776 $ 409,170 $ 537,479 $ 633,362 (a) West includes gains of $26.4 million related to two land sale transactions in California that closed in the three months ended June 30, 2018 . (b) Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the operating segments. Other homebuilding also includes insurance reserve reversals of $12.8 million and $16.6 million for the three and six months ended June 30, 2019 , respectively, and $37.5 million and $35.1 million for the three and six months ended June 30, 2018 , respectively, and write-offs of insurance receivables of $12.6 million and $24.2 million for the three and six months ended June 30, 2019 (see Note 8 ). Operating Data by Segment Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Land-related charges*: Northeast $ 130 $ 498 $ 454 $ 1,683 Southeast 2,015 689 2,587 1,731 Florida 765 226 1,246 409 Midwest 203 372 1,306 1,118 Texas 414 220 482 270 West 216 148 647 361 Other homebuilding 88 269 88 269 $ 3,831 $ 2,422 $ 6,810 $ 5,841 * 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.
Total Assets And Inventory By Reporting Segment	Operating Data by Segment ($000's omitted) June 30, 2019 Homes Under Land Under Raw Land Total Total Northeast $ 366,441 $ 259,727 $ 25,929 $ 652,097 $ 745,833 Southeast 493,516 671,369 82,093 1,246,978 1,391,938 Florida 537,240 886,951 73,684 1,497,875 1,649,747 Midwest 349,951 428,841 33,779 812,571 890,008 Texas 353,512 447,071 98,613 899,196 966,504 West 966,605 1,255,278 120,991 2,342,874 2,590,663 Other homebuilding (a) 53,320 280,396 17,185 350,901 1,394,068 3,120,585 4,229,633 452,274 7,802,492 9,628,761 Financial Services — — — — 466,776 $ 3,120,585 $ 4,229,633 $ 452,274 $ 7,802,492 $ 10,095,537 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) Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Senior Notes	Our senior notes are summarized as follows ($000’s omitted): June 30, December 31, 4.250% unsecured senior notes due March 2021 (a) $ 425,954 $ 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) (14,567 ) (13,247 ) Total senior notes 2,711,387 2,986,753 Other notes payable 28,938 41,313 Notes payable $ 2,740,325 $ 3,028,066 Estimated fair value $ 2,942,710 $ 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)	6 Months Ended
	Jun. 30, 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 June 30, December 31, Measured at fair value on a recurring basis: Residential mortgage loans available-for-sale Level 2 $ 343,732 $ 461,354 Interest rate lock commitments Level 2 11,032 9,035 Forward contracts Level 2 (3,732 ) (6,914 ) Whole loan commitments Level 2 308 (718 ) Measured at fair value on a non-recurring basis: House and land inventory Level 3 $ — $ 18,253 Land held for sale Level 2 6,185 17,813 Disclosed at fair value: Cash, cash equivalents, and restricted cash Level 1 $ 659,274 $ 1,133,700 Financial Services debt Level 2 234,186 348,412 Senior notes payable Level 2 2,913,772 2,857,830 Other notes payable Level 2 28,938 41,313

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 Warranty liabilities, beginning of period $ 79,747 $ 70,986 $ 79,154 $ 72,709 Reserves provided 14,646 15,731 26,908 27,647 Payments (17,931 ) (17,129 ) (34,061 ) (31,411 ) Other adjustments 4,980 2,581 9,441 3,224 Warranty liabilities, end of period $ 81,442 $ 72,169 $ 81,442 $ 72,169
Summary of Changes in Self-Insurance Liability	Changes in these liabilities were as follows ($000's omitted): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Balance, beginning of period $ 729,170 $ 771,104 $ 737,013 $ 758,812 Reserves provided 20,270 23,235 37,666 42,895 Adjustments to previously recorded reserves (12,763 ) (37,529 ) (16,638 ) (35,068 ) Payments, net (a) (20,459 ) (31,328 ) (41,823 ) (41,157 ) Balance, end of period $ 716,218 $ 725,482 $ 716,218 $ 725,482 (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 June 30, 2019 are as follows ($000's omitted): Years Ending December 31, 2019 (a) $ 11,917 2020 20,972 2021 18,638 2022 17,066 2023 15,576 Thereafter 30,976 Total lease payments (b) 115,145 Less: Interest (c) 19,439 Present value of lease liabilities (d) $ 95,706 (a) Remaining payments are for the six 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 June 30, 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 6.1 years and 5.8% , respectively, at June 30, 2019 .

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Tables)	6 Months Ended
	Jun. 30, 2019
Supplemental Guarantor Information [Abstract]
Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET JUNE 30, 2019 ($000’s omitted) Unconsolidated Eliminating Consolidated PulteGroup, Guarantor Non-Guarantor ASSETS Cash and equivalents $ — $ 581,854 $ 49,455 $ — $ 631,309 Restricted cash — 26,295 1,670 — 27,965 Total cash, cash equivalents, and — 608,149 51,125 — 659,274 House and land inventory — 7,698,117 104,375 — 7,802,492 Land held for sale — 37,724 494 — 38,218 Residential mortgage loans available- — — 343,732 — 343,732 Investments in unconsolidated entities — 57,731 515 — 58,246 Other assets 15,784 634,504 186,991 — 837,279 Intangible assets — 132,192 — — 132,192 Deferred tax assets, net 231,776 — (7,672 ) — 224,104 Investments in subsidiaries and 7,647,090 692,620 8,843,660 (17,183,370 ) — $ 7,894,650 $ 9,861,037 $ 9,523,220 $ (17,183,370 ) $ 10,095,537 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, customer deposits, $ 85,543 $ 1,670,498 $ 267,265 $ — $ 2,023,306 Income tax liabilities 27,913 — — — 27,913 Financial Services debt — — 234,186 — 234,186 Notes payable 2,711,387 28,938 — — 2,740,325 Total liabilities 2,824,843 1,699,436 501,451 — 5,025,730 Total shareholders’ equity 5,069,807 8,161,601 9,021,769 (17,183,370 ) 5,069,807 $ 7,894,650 $ 9,861,037 $ 9,523,220 $ (17,183,370 ) $ 10,095,537 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 June 30, 2019 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 2,359,210 $ 44,349 $ — $ 2,403,559 Land sale and other revenues — 29,459 10 — 29,469 — 2,388,669 44,359 — 2,433,028 Financial Services — — 55,957 — 55,957 — 2,388,669 100,316 — 2,488,985 Homebuilding Cost of Revenues: Home sale cost of revenues — (1,814,701 ) (33,454 ) — (1,848,155 ) Land sale cost of revenues — (26,214 ) — — (26,214 ) — (1,840,915 ) (33,454 ) — (1,874,369 ) Financial Services expenses — (125 ) (30,776 ) — (30,901 ) Selling, general, and administrative — (245,272 ) (14,168 ) — (259,440 ) Other income (expense), net (4,966 ) (9,276 ) 10,743 — (3,499 ) Intercompany interest (2,254 ) — 2,254 — — Income (loss) before income taxes and (7,220 ) 293,081 34,915 — 320,776 Income tax (expense) benefit 1,733 (72,598 ) (8,870 ) — (79,735 ) Income (loss) before equity in income (5,487 ) 220,483 26,045 — 241,041 Equity in income (loss) of subsidiaries 246,528 24,504 162,404 (433,436 ) — Net income (loss) 241,041 244,987 188,449 (433,436 ) 241,041 Other comprehensive income 25 — — — 25 Comprehensive income (loss) $ 241,066 $ 244,987 $ 188,449 $ (433,436 ) $ 241,066 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the three months ended June 30, 2018 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 2,421,643 $ 28,411 $ — $ 2,450,054 Land sale and other revenues — 66,418 486 — 66,904 — 2,488,061 28,897 — 2,516,958 Financial Services — — 52,764 — 52,764 — 2,488,061 81,661 — 2,569,722 Homebuilding Cost of Revenues: Home sale cost of revenues — (1,840,487 ) (21,646 ) — (1,862,133 ) Land sale cost of revenues — (37,884 ) (299 ) — (38,183 ) — (1,878,371 ) (21,945 ) — (1,900,316 ) Financial Services expenses — (133 ) (32,091 ) — (32,224 ) Selling, general, and administrative — (221,590 ) (4,466 ) — (226,056 ) Other income (expense), net (196 ) (13,436 ) 11,676 — (1,956 ) Intercompany interest (2,085 ) — 2,085 — — Income (loss) before income taxes and (2,281 ) 374,531 36,920 — 409,170 Income tax (expense) benefit 547 (75,977 ) (9,651 ) — (85,081 ) Income (loss) before equity in income (1,734 ) 298,554 27,269 — 324,089 Equity in income (loss) of subsidiaries 325,823 24,504 258,352 (608,679 ) — Net income (loss) 324,089 323,058 285,621 (608,679 ) 324,089 Other comprehensive income 30 — — — 30 Comprehensive income (loss) $ 324,119 $ 323,058 $ 285,621 $ (608,679 ) $ 324,119 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the six months ended June 30, 2019 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 4,267,018 $ 86,397 $ — $ 4,353,415 Land sale revenues — 31,785 660 — 32,445 — 4,298,803 87,057 — 4,385,860 Financial Services — — 99,819 — 99,819 — 4,298,803 186,876 — 4,485,679 Homebuilding Cost of Revenues: Home sale cost of revenues — (3,275,596 ) (65,350 ) — (3,340,946 ) Land sale cost of revenues — (27,159 ) (1,106 ) — (28,265 ) — (3,302,755 ) (66,456 ) — (3,369,211 ) Financial Services expenses — (257 ) (62,093 ) — (62,350 ) Selling, general, and administrative — (479,388 ) (32,778 ) — (512,166 ) Other expense, net (5,087 ) (14,264 ) 14,878 — (4,473 ) Intercompany interest (4,251 ) — 4,251 — — Income (loss) before income taxes and (9,338 ) 502,139 44,678 — 537,479 Income tax (expense) benefit 2,241 (120,248 ) (11,674 ) — (129,681 ) Income (loss) before equity in income (7,097 ) 381,891 33,004 — 407,798 Equity in income (loss) of subsidiaries 414,895 42,808 276,100 (733,803 ) — Net income (loss) 407,798 424,699 309,104 (733,803 ) 407,798 Other comprehensive income 50 — — — 50 Comprehensive income (loss) $ 407,848 $ 424,699 $ 309,104 $ (733,803 ) $ 407,848 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the six months ended June 30, 2018 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 4,316,500 $ 45,152 $ — $ 4,361,652 Land sale revenues — 77,977 1,484 — 79,461 — 4,394,477 46,636 — 4,441,113 Financial Services — — 98,702 — 98,702 — 4,394,477 145,338 — 4,539,815 Homebuilding Cost of Revenues: Home sale cost of revenues — (3,286,043 ) (36,030 ) — (3,322,073 ) Land sale cost of revenues — (48,714 ) (1,017 ) — (49,731 ) — (3,334,757 ) (37,047 ) — (3,371,804 ) Financial Services expenses — (275 ) (64,161 ) — (64,436 ) Selling, general, and administrative — (453,535 ) (13,415 ) — (466,950 ) Other expense, net (336 ) (21,037 ) 18,110 — (3,263 ) Intercompany interest (3,553 ) — 3,553 — — Income (loss) before income taxes and (3,889 ) 584,873 52,378 — 633,362 Income tax (expense) benefit 934 (125,508 ) (13,947 ) — (138,521 ) Income (loss) before equity in income (2,955 ) 459,365 38,431 — 494,841 Equity in income (loss) of subsidiaries 497,796 37,068 369,023 (903,887 ) — Net income (loss) 494,841 496,433 407,454 (903,887 ) 494,841 Other comprehensive income 50 — — — 50 Comprehensive income (loss) $ 494,891 $ 496,433 $ 407,454 $ (903,887 ) $ 494,891
Consolidating Statement Of Cash Flows	CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended June 30, 2019 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) $ 130,814 $ 34,461 $ 140,435 $ — $ 305,710 Cash flows from investing activities: Capital expenditures — (24,707 ) (4,868 ) — (29,575 ) Investments in unconsolidated entities — (4,183 ) (481 ) — (4,664 ) Other investing activities, net — 3,241 1,351 — 4,592 Business acquisition — (163,724 ) — — (163,724 ) Net cash provided by (used in) — (189,373 ) (3,998 ) — (193,371 ) Cash flows from financing activities: Financial Services borrowing (repayments), net — — (114,226 ) — (114,226 ) Repayments of debt (280,175 ) (16,591 ) (537 ) — (297,303 ) Borrowings under revolving credit facility — — — — — Repayments under revolving credit facility — — — — — Debt issuance costs — — — — — Stock option exercises 5,208 — — — 5,208 Share repurchases (118,824 ) — — — (118,824 ) Dividends paid (61,620 ) — — — (61,620 ) Intercompany activities, net 324,597 (149,715 ) (174,882 ) — — Net cash provided by (used in) (130,814 ) (166,306 ) (289,645 ) — (586,765 ) Net increase (decrease) in cash, cash equivalents, and restricted cash — (321,218 ) (153,208 ) — (474,426 ) Cash, cash equivalents, and restricted cash — 929,367 204,333 — 1,133,700 Cash, cash equivalents, and restricted cash $ — $ 608,149 $ 51,125 $ — $ 659,274 CONSOLIDATING STATEMENT OF CASH FLOWS For the six months ended June 30, 2018 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) $ 259,028 $ 63,775 $ 224,779 $ — $ 547,582 Cash flows from investing activities: Capital expenditures — (28,908 ) (4,151 ) — (33,059 ) Investments in unconsolidated entities — (1,000 ) — — (1,000 ) Other investing activities, net — 5,759 1,156 — 6,915 Net cash provided by (used in) — (24,149 ) (2,995 ) — (27,144 ) Cash flows from financing activities: Financial Services borrowings (repayments), net — — (173,761 ) — (173,761 ) Proceeds from debt issuance — — — — — Repayments of debt — (81,758 ) (674 ) — (82,432 ) Borrowings under revolving credit facility 1,566,000 — — — 1,566,000 Repayments under revolving credit facility (1,566,000 ) — — — (1,566,000 ) Debt Issuance Costs (8,090 ) — — — (8,090 ) Stock option exercises 4,467 — — — 4,467 Share repurchases (112,491 ) — — — (112,491 ) Dividends paid (52,384 ) — — — (52,384 ) Intercompany activities, net (90,530 ) 236,776 (146,246 ) — — Net cash provided by (used in) (259,028 ) 155,018 (320,681 ) — (424,691 ) Net increase (decrease) in cash, cash equivalents, and restricted cash — 194,644 (98,897 ) — 95,747 Cash, cash equivalents, and restricted cash — 157,801 148,367 — 306,168 Cash, cash equivalents, and restricted cash $ — $ 352,445 $ 49,470 $ — $ 401,915

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) $ in Thousands	Jan. 01, 2018USD ($)	Apr. 30, 2019USD ($)lot	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Finite-Lived Intangible Assets [Line Items]
Payments for business acquisitions					$ (163,724)	$ 0
Customer deposits			$ 334,484		334,484		$ 254,624
Contract asset insurance renewals			32,400		32,400
Residential mortgage loans available-for-sale fair value			343,732		343,732		461,354
Residential mortgage loans available-for-sale aggregate outstanding principal balance			331,900		331,900		444,200
Changes in fair value, gain (loss)			(200)		(1,300)	(300)
Net gains from the sale of mortgages			30,400	$ 29,200	$ 54,300	$ 56,200
Variability in future cash flows of derivative instruments in days					60 days
Cumulative effect of accounting change	$ 22,411
Retained Earnings
Finite-Lived Intangible Assets [Line Items]
Cumulative effect of accounting change	$ 22,411
Interest rate lock commitments
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount			386,000		$ 386,000		285,000
Forward contracts
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount			577,000		577,000		511,000
Whole loan commitments
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount			$ 115,200		$ 115,200		$ 187,800
American West Homebuilding Operations
Finite-Lived Intangible Assets [Line Items]
Finished lots acquired | lot		1,200
Additional lot option agreements | lot		2,300
American West Homebuilding Operations | Trade Name
Finite-Lived Intangible Assets [Line Items]
Intangible asset acquired		$ 12,000
Intangible asset, amortization period		20 years

Basis of Presentation (Other Ex

Basis of Presentation (Other Expense (Income), Net) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Accounting Policies [Abstract]
Write-offs of deposits and pre-acquisition costs	$ (2,516)	$ (1,652)	$ (5,433)	$ (4,261)
Amortization of intangible assets	(3,550)	(3,450)	(7,000)	(6,900)
Loss on debt retirement (see Note 4)	(4,843)	(76)	(4,843)	(76)
Interest income	4,471	835	9,420	1,399
Interest expense	(146)	(165)	(290)	(308)
Equity in earnings of unconsolidated entities	129	265	165	1,226
Miscellaneous, net	2,956	2,287	3,508	5,657
Total other expense, net	$ (3,499)	$ (1,956)	$ (4,473)	$ (3,263)

Basis of Presentation (Earnings

Basis of Presentation (Earnings per share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net income	$ 241,041	$ 166,757	$ 324,089	$ 170,751	$ 407,798	$ 494,841
Less: earnings distributed to participating securities	(305)		(300)		(613)	(595)
Less: undistributed earnings allocated to participating securities	(2,089)		(3,284)		(3,588)	(2,584)
Numerator for basic earnings per share	238,647		320,505		403,597	491,662
Add back: undistributed earnings allocated to participating securities	2,089		3,284		3,588	2,584
Less: undistributed earnings reallocated to participating securities	(2,082)		(3,268)		(3,576)	(2,575)
Numerator for diluted earnings per share	$ 238,654		$ 320,521		$ 403,609	$ 491,671
Denominator:
Basic shares outstanding (shares)	276,652		285,276		277,142	285,976
Effect of dilutive securities (shares)	932		1,378		967	1,088
Diluted shares outstanding (shares)	277,584		286,654		278,109	287,064
Earnings per share:
Basic earnings (usd per share)	$ 0.86		$ 1.12		$ 1.46	$ 1.72
Diluted earnings (usd per share)	$ 0.86		$ 1.12		$ 1.45	$ 1.71

Basis of Presentation (Fair Val

Basis of Presentation (Fair Value Of the Company's Derivative Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	$ 12,299	$ 9,904
Accrued and Other Liabilities	4,691	8,501
Interest rate lock commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	11,402	9,196
Accrued and Other Liabilities	370	161
Forward contracts
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	188	315
Accrued and Other Liabilities	3,920	7,229
Whole loan commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	709	393
Accrued and Other Liabilities	$ 401	$ 1,111

Basis of Presentation Payments

Basis of Presentation Payments to Acquire Businesses, Net of Cash Acquired (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Business Acquisitions [Abstract]
Payments for business acquisitions	$ (163,724)	$ 0

Inventory (Major Components Of

Inventory (Major Components Of Inventory) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Homes under construction	$ 3,120,585	$ 2,630,158
Land under development	4,229,633	4,129,225
Raw land	452,274	493,970
Total Inventory	$ 7,802,492	$ 7,253,353

Inventory (Information Related

Inventory (Information Related To Interest Capitalized Into Homebuilding Inventory) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest in inventory, beginning of period	$ 235,313	$ 240,013	$ 227,495	$ 226,611
Interest capitalized	41,650	43,771	84,031	87,731
Interest expensed	(42,254)	(40,157)	(76,817)	(70,715)
Interest in inventory, end of period	$ 234,709	$ 243,627	$ 234,709	$ 243,627

Inventory (Summary of Interests

Inventory (Summary of Interests in Land Option Agreements) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	$ 255,430	$ 218,568
Remaining Purchase Price	2,803,409	2,602,410
Land options with VIEs
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	100,523	90,717
Remaining Purchase Price	1,109,963	1,079,507
Other land options
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	154,907	127,851
Remaining Purchase Price	$ 1,693,446	$ 1,522,903

Segment Information Narrative (

Segment Information Narrative (Details)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Total revenues	$ 2,488,985	$ 2,569,722	$ 4,485,679	$ 4,539,815
Income before Income Taxes:
Income before income taxes	320,776	409,170	537,479	633,362
Gains on sale of land sales		26,400
Northeast
Income before Income Taxes:
Income before income taxes	26,212	25,158	34,140	34,470
Southeast
Income before Income Taxes:
Income before income taxes	42,499	54,357	80,355	94,814
Florida
Income before Income Taxes:
Income before income taxes	80,066	67,491	129,662	112,436
Midwest
Income before Income Taxes:
Income before income taxes	42,962	43,050	69,120	71,451
Texas
Income before Income Taxes:
Income before income taxes	49,144	50,859	80,115	81,395
West
Income before Income Taxes:
Income before income taxes	94,443	154,414	184,625	243,619
Other homebuilding
Income before Income Taxes:
Income before income taxes	(39,628)	(6,876)	(78,024)	(39,374)
Home sales
Income before Income Taxes:
Income before income taxes	295,698	388,453	499,993	598,811
Financial Services
Income before Income Taxes:
Income before income taxes	25,078	20,717	37,486	34,551
Total Homebuilding
Revenues:
Revenues	2,433,028	2,516,958	4,385,860	4,441,113
Total Homebuilding | Northeast
Revenues:
Revenues	200,237	200,626	310,729	333,062
Total Homebuilding | Southeast
Revenues:
Revenues	409,121	445,506	784,538	820,129
Total Homebuilding | Florida
Revenues:
Revenues	535,153	455,637	931,597	804,346
Total Homebuilding | Midwest
Revenues:
Revenues	350,584	356,466	644,174	653,972
Total Homebuilding | Texas
Revenues:
Revenues	342,886	330,692	611,889	577,331
Total Homebuilding | West
Revenues:
Revenues	595,047	728,031	1,102,933	1,252,273
Financial Services
Revenues:
Revenues	$ 55,957	$ 52,764	$ 99,819	$ 98,702

Segment Information (Land-Relat

Segment Information (Land-Related Charges by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Restructuring Cost and Reserve [Line Items]
Production Related Impairments or Charges	$ 3,831	$ 2,422	$ 6,810	$ 5,841
Northeast
Restructuring Cost and Reserve [Line Items]
Production Related Impairments or Charges	130	498	454	1,683
Southeast
Restructuring Cost and Reserve [Line Items]
Production Related Impairments or Charges	2,015	689	2,587	1,731
Florida
Restructuring Cost and Reserve [Line Items]
Production Related Impairments or Charges	765	226	1,246	409
Midwest
Restructuring Cost and Reserve [Line Items]
Production Related Impairments or Charges	203	372	1,306	1,118
Texas
Restructuring Cost and Reserve [Line Items]
Production Related Impairments or Charges	414	220	482	270
West
Restructuring Cost and Reserve [Line Items]
Production Related Impairments or Charges	216	148	647	361
Other homebuilding
Restructuring Cost and Reserve [Line Items]
Production Related Impairments or Charges	$ 88	$ 269	$ 88	$ 269

Segment Information (Total Asse

Segment Information (Total Assets And Inventory By Reportable Segment) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Segment Reporting Information
Homes under construction	$ 3,120,585	$ 2,630,158
Land under development	4,229,633	4,129,225
Raw land	452,274	493,970
Total Inventory	7,802,492	7,253,353
Total Assets	10,095,537	10,172,976
Northeast
Segment Reporting Information
Homes under construction	366,441	268,900
Land under development	259,727	291,467
Raw land	25,929	52,245
Total Inventory	652,097	612,612
Total Assets	745,833	704,515
Southeast
Segment Reporting Information
Homes under construction	493,516	443,140
Land under development	671,369	676,087
Raw land	82,093	90,332
Total Inventory	1,246,978	1,209,559
Total Assets	1,391,938	1,347,427
Florida
Segment Reporting Information
Homes under construction	537,240	467,625
Land under development	886,951	892,669
Raw land	73,684	85,321
Total Inventory	1,497,875	1,445,615
Total Assets	1,649,747	1,601,906
Midwest
Segment Reporting Information
Homes under construction	349,951	314,442
Land under development	428,841	433,056
Raw land	33,779	29,908
Total Inventory	812,571	777,406
Total Assets	890,008	849,596
Texas
Segment Reporting Information
Homes under construction	353,512	284,405
Land under development	447,071	427,124
Raw land	98,613	98,415
Total Inventory	899,196	809,944
Total Assets	966,504	881,629
West
Segment Reporting Information
Homes under construction	966,605	805,709
Land under development	1,255,278	1,131,841
Raw land	120,991	118,579
Total Inventory	2,342,874	2,056,129
Total Assets	2,590,663	2,208,092
Other homebuilding
Segment Reporting Information
Homes under construction	53,320	45,937
Land under development	280,396	276,981
Raw land	17,185	19,170
Total Inventory	350,901	342,088
Total Assets	1,394,068	2,006,825
Home sales
Segment Reporting Information
Homes under construction	3,120,585	2,630,158
Land under development	4,229,633	4,129,225
Raw land	452,274	493,970
Total Inventory	7,802,492	7,253,353
Total Assets	9,628,761	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	$ 466,776	$ 572,986

Debt (Summary of Senior Notes)

Debt (Summary of Senior Notes) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Net premiums, discounts, and issuance costs (b)	$ (14,567)	$ (13,247)
Total senior notes	2,711,387	2,986,753
Other notes payable	28,938	41,313
Notes payable	2,740,325	3,028,066
Estimated fair value	$ 2,942,710	$ 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	$ 425,954	$ 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jul. 15, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Other notes payable	$ 28,938,000		$ 28,938,000			$ 41,313,000
Debt instrument term			3 years
Repurchased face amount		$ 274,000,000		$ 274,000,000
Loss on debt retirement (see Note 4)	(4,843,000)	(76,000)	$ (4,843,000)	(76,000)
Letters of credit outstanding	253,600,000		253,600,000			239,400,000
Line of credit facility, remaining borrowing capacity	746,400,000		746,400,000			760,600,000
Joint venture debt total	29,200,000		29,200,000
Joint venture debt company proportionate share total	28,400,000		28,400,000
Long-term line of credit	$ 234,186,000		$ 234,186,000			348,412,000
Unconsolidated Joint Ventures
Debt Instrument [Line Items]
Equity method investment, ownership percentage	50.00%		50.00%
Revolving Credit Facility Accordion Feature
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,500,000,000	$ 1,000,000,000	$ 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			0
Line of Credit | Financial Services
Debt Instrument [Line Items]
Long-term line of credit	234,200,000		234,200,000			$ 348,400,000
Line of Credit | Amendment Effective September 24, 2018 through and including December 25, 2018 | Financial Services
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 280,000,000		$ 280,000,000
Line of Credit | Amendment Effective September 24, 2018 through and including December 25, 2018 | Financial Services | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 235,000,000
Maximum
Debt Instrument [Line Items]
Stated interest rate	8.00%		8.00%

Debt Gain (LOss) on Extinguishm

Debt Gain (LOss) on Extinguishment of Debt Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Gain (Loss) on Extinguishment of Debt [Abstract]
Loss on debt retirement (see Note 4)	$ (4,843)	$ (76)	$ (4,843)	$ (76)

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) shares in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	May 31, 2019
Class of Stock [Line Items]
Dividends	$ 30,633,000	$ 30,831,000	$ 25,915,000	$ 26,051,000	$ 61,500,000	$ 52,000,000
Payments for repurchase of common stock					$ 118,824,000	$ 112,491,000
Increase in share repurchase authorization							$ 500,000,000
Share repurchase plan
Class of Stock [Line Items]
Share repurchases (shares)					3.5	3.5
Payments for repurchase of common stock					$ 108,500,000	$ 105,100,000
Remaining value of stock repurchase programs authorization	$ 691,400,000				691,400,000
Shares withheld to pay taxes
Class of Stock [Line Items]
Payments for repurchase of common stock					$ 10,400,000	$ 7,400,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Effective income tax	24.90%	20.80%	24.10%	21.90%
Deferred tax assets, net	$ 224.1		$ 224.1		$ 275.6
Gross unrecognized tax benefits	22.4		22.4		30.6
Accrued interest and penalties on unrecognized tax benefits	6		6		$ 5.8
Possible decrease in unrecognized tax benefits	$ 8.4		$ 8.4

Fair Value Disclosures (Details

Fair Value Disclosures (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Disclosed at fair value:
Other notes payable	$ 28,938	$ 41,313
Level 2
Disclosed at fair value:
Financial Services debt	234,186	348,412
Senior notes payable	2,913,772	2,857,830
Level 1
Disclosed at fair value:
Cash, cash equivalents, and restricted cash	659,274	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	343,732	461,354
Measured at fair value on a non-recurring basis:
Assets, fair value	343,732	461,354
Fair Value, Measurements, Recurring | Interest rate lock commitments | Level 2
Measured at fair value on a recurring basis:
Assets, fair value	11,032	9,035
Measured at fair value on a non-recurring basis:
Assets, fair value	11,032	9,035
Fair Value, Measurements, Recurring | Forward contracts | Level 2
Measured at fair value on a recurring basis:
Liabilities, fair value	(3,732)	(6,914)
Fair Value, Measurements, Recurring | Whole loan commitments | Level 2
Measured at fair value on a recurring basis:
Liabilities, fair value	308	(718)
Fair Value, Measurements, Nonrecurring | Land held for sale | Level 2
Measured at fair value on a recurring basis:
Assets, fair value	6,185	17,813
Measured at fair value on a non-recurring basis:
Assets, fair value	6,185	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 - Narrat

Fair Value Disclosures - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Carrying value of senior notes	$ 2,711,387	$ 2,986,753

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) $ in Thousands	Dec. 17, 2018USD ($)party	Jun. 30, 2019USD ($)claim	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)claim	Jun. 30, 2018USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Loss Contingencies [Line Items]
Loss contingency accrual		$ 25,500		$ 25,500			$ 50,300
Letters of credit outstanding		253,600		253,600			239,400
Surety bonds outstanding		$ 1,300,000		$ 1,300,000			1,300,000
Maximum product warranty in years				10 years
Number of individual claims managed | claim		1,000		1,000
Self-insurance liabilities		$ 716,218	$ 725,482	$ 716,218	$ 725,482	$ 729,170	$ 737,013	$ 771,104	$ 758,812
Incurred but not reported percentage of liability reserves		68.00%		68.00%			65.00%
Adjustments to previously recorded reserves		$ (12,763)	$ (37,529)	$ (16,638)	$ (35,068)
Write-off of insurance receivables				24,200
ROU assets		72,200		72,200
Operating lease liabilities		95,706		95,706
Additional ROU assets under operating leases		1,000		8,800
Payments on lease liabilities		5,700		11,500
Total lease expense		9,100		17,900
Variable lease costs		1,600		3,200
Short-term lease costs		2,600		4,800
Other Assets
Loss Contingencies [Line Items]
Recorded insurance receivables		$ 104,700		$ 104,700			$ 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty liabilities, beginning of period	$ 79,747	$ 70,986	$ 79,154	$ 72,709
Reserves provided	14,646	15,731	26,908	27,647
Payments	(17,931)	(17,129)	(34,061)	(31,411)
Other adjustments	4,980	2,581	9,441	3,224
Warranty liabilities, end of period	$ 81,442	$ 72,169	$ 81,442	$ 72,169

Commitments and Contingencies_4

Commitments and Contingencies (Changes in Self-insurance Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Changes in Self-insurance Liability [Roll Forward]
Balance, beginning of period	$ 729,170	$ 771,104	$ 737,013	$ 758,812
Reserves provided	20,270	23,235	37,666	42,895
Adjustments to previously recorded reserves	(12,763)	(37,529)	(16,638)	(35,068)
Payments, net	(20,459)	(31,328)	(41,823)	(41,157)
Balance, end of period	$ 716,218	$ 725,482	$ 716,218	$ 725,482

Commitments and Contingencies_5

Commitments and Contingencies (Future Minimum Lease Payments Required Under Leases) (Details) $ in Thousands	Jun. 30, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2019	$ 11,917
2020	20,972
2021	18,638
2022	17,066
2023	15,576
Thereafter	30,976
Total lease payments	115,145
Less: Interest	19,439
Present value of lease liabilities	$ 95,706
Weighted average remaining lease term	6 years 1 month 6 days
Weighted average discount rate	5.80%

Commitments and Contingencies I

Commitments and Contingencies Increase (Decrease) in Liability for Claims and Claims Adjustment Expense Reserve (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Increase (Decrease) in Liability for Claims and Claims Adjustment Expense Reserve [Abstract]
Adjustments to previously recorded reserves	$ (12,763)	$ (37,529)	$ (16,638)	$ (35,068)

Supplemental Guarantor Inform_3

Supplemental Guarantor Information (Balance Sheet) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Cash and equivalents	$ 631,309		$ 1,110,088
Restricted cash	27,965		23,612
Total cash, cash equivalents, and restricted cash	659,274		1,133,700	$ 401,915		$ 306,168
House and land inventory	7,802,492		7,253,353
Land held for sale	38,218		36,849
Residential mortgage loans available-for-sale	343,732		461,354
Investments in unconsolidated entities	58,246		54,590
Other assets	837,279		830,359
Intangible assets	132,192		127,192
Deferred tax assets, net	224,104		275,579
Investments in subsidiaries and intercompany accounts, net	0		0
Total assets	10,095,537		10,172,976
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	2,023,306		1,967,136
Income tax liabilities	27,913		11,580
Financial Services debt	234,186		348,412
Notes payable	2,740,325		3,028,066
Total liabilities	5,025,730		5,355,194
Total shareholders’ equity	5,069,807	$ 4,933,439	4,817,782	4,526,712	$ 4,274,657	4,154,026
Total liabilities and shareholders' equity	10,095,537		10,172,976
Eliminating Entries
ASSETS
Cash and equivalents	0		0
Restricted cash	0		0
Total cash, cash equivalents, and restricted cash	0		0	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	(17,183,370)		(16,288,725)
Total assets	(17,183,370)		(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	(17,183,370)		(16,288,725)
Total liabilities and shareholders' equity	(17,183,370)		(16,288,725)
PulteGroup, Inc.
ASSETS
Cash and equivalents	0		0
Restricted cash	0		0
Total cash, cash equivalents, and restricted cash	0		0	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	15,784		66,154
Intangible assets	0		0
Deferred tax assets, net	231,776		282,874
Investments in subsidiaries and intercompany accounts, net	7,647,090		7,557,245
Total assets	7,894,650		7,906,273
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	85,543		90,158
Income tax liabilities	27,913		11,580
Financial Services debt	0		0
Notes payable	2,711,387		2,986,753
Total liabilities	2,824,843		3,088,491
Total shareholders’ equity	5,069,807		4,817,782
Total liabilities and shareholders' equity	7,894,650		7,906,273
Guarantor Subsidiaries
ASSETS
Cash and equivalents	581,854		906,961
Restricted cash	26,295		22,406
Total cash, cash equivalents, and restricted cash	608,149		929,367	352,445		157,801
House and land inventory	7,698,117		7,157,665
Land held for sale	37,724		36,849
Residential mortgage loans available-for-sale	0		0
Investments in unconsolidated entities	57,731		54,045
Other assets	634,504		579,452
Intangible assets	132,192		127,192
Deferred tax assets, net	0		0
Investments in subsidiaries and intercompany accounts, net	692,620		500,138
Total assets	9,861,037		9,384,708
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	1,670,498		1,598,265
Income tax liabilities	0		0
Financial Services debt	0		0
Notes payable	28,938		40,776
Total liabilities	1,699,436		1,639,041
Total shareholders’ equity	8,161,601		7,745,667
Total liabilities and shareholders' equity	9,861,037		9,384,708
Non-Guarantor Subsidiaries
ASSETS
Cash and equivalents	49,455		203,127
Restricted cash	1,670		1,206
Total cash, cash equivalents, and restricted cash	51,125		204,333	$ 49,470		$ 148,367
House and land inventory	104,375		95,688
Land held for sale	494		0
Residential mortgage loans available-for-sale	343,732		461,354
Investments in unconsolidated entities	515		545
Other assets	186,991		184,753
Intangible assets	0		0
Deferred tax assets, net	(7,672)		(7,295)
Investments in subsidiaries and intercompany accounts, net	8,843,660		8,231,342
Total assets	9,523,220		9,170,720
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	267,265		278,713
Income tax liabilities	0		0
Financial Services debt	234,186		348,412
Notes payable	0		537
Total liabilities	501,451		627,662
Total shareholders’ equity	9,021,769		8,543,058
Total liabilities and shareholders' equity	$ 9,523,220		$ 9,170,720

Supplemental Guarantor Inform_4

Supplemental Guarantor Information (Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Homebuilding
Total revenues	$ 2,488,985		$ 2,569,722		$ 4,485,679	$ 4,539,815
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	(259,440)		(226,056)		(512,166)	(466,950)
Other income (expense), net	(3,499)		(1,956)		(4,473)	(3,263)
Intercompany interest	0		0		0	0
Income (loss) before income taxes and equity in income (loss) of subsidiaries	320,776		409,170		537,479	633,362
Income tax (expense) benefit	(79,735)		(85,081)		(129,681)	(138,521)
Income (loss) before equity in income (loss) of subsidiaries	241,041		324,089		407,798	494,841
Equity in income (loss) of subsidiaries	0		0		0	0
Net income	241,041	$ 166,757	324,089	$ 170,751	407,798	494,841
Other comprehensive income	25	$ 25	30	$ 21	50	50
Comprehensive income (loss)	241,066		324,119		407,848	494,891
Total Homebuilding
Homebuilding
Revenues	2,433,028		2,516,958		4,385,860	4,441,113
Homebuilding Cost of Revenues:
Financial services expenses	(1,874,369)		(1,900,316)		(3,369,211)	(3,371,804)
Home sales
Homebuilding
Revenues	2,403,559		2,450,054		4,353,415	4,361,652
Homebuilding Cost of Revenues:
Cost of revenues	(1,848,155)		(1,862,133)		(3,340,946)	(3,322,073)
Land sale and other
Homebuilding
Revenues	29,469		66,904		32,445	79,461
Homebuilding Cost of Revenues:
Cost of revenues	(26,214)		(38,183)		(28,265)	(49,731)
Financial Services
Homebuilding
Revenues	55,957		52,764		99,819	98,702
Homebuilding Cost of Revenues:
Financial services expenses	(30,901)		(32,224)		(62,350)	(64,436)
Eliminating Entries
Homebuilding
Total revenues	0		0		0	0
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	0		0		0	0
Other income (expense), net	0		0		0	0
Intercompany interest	0		0		0	0
Income (loss) before income taxes and equity in income (loss) of subsidiaries	0		0		0	0
Income tax (expense) benefit	0		0		0	0
Income (loss) before equity in income (loss) of subsidiaries	0		0		0	0
Equity in income (loss) of subsidiaries	(433,436)		(608,679)		(733,803)	(903,887)
Net income	(433,436)		(608,679)		(733,803)	(903,887)
Other comprehensive income	0		0		0	0
Comprehensive income (loss)	(433,436)		(608,679)		(733,803)	(903,887)
Eliminating Entries | Total Homebuilding
Homebuilding
Revenues	0		0		0	0
Homebuilding Cost of Revenues:
Financial services expenses	0		0		0	0
Eliminating Entries | Home sales
Homebuilding
Revenues	0		0		0	0
Homebuilding Cost of Revenues:
Cost of revenues	0		0		0	0
Eliminating Entries | Land sale and other
Homebuilding
Revenues	0		0		0	0
Homebuilding Cost of Revenues:
Cost of revenues	0		0		0	0
Eliminating Entries | Financial Services
Homebuilding
Revenues	0		0		0	0
Homebuilding Cost of Revenues:
Financial services expenses	0		0		0	0
PulteGroup, Inc.
Homebuilding
Total revenues	0		0		0	0
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	0		0		0	0
Other income (expense), net	(4,966)		(196)		(5,087)	(336)
Intercompany interest	(2,254)		(2,085)		(4,251)	(3,553)
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(7,220)		(2,281)		(9,338)	(3,889)
Income tax (expense) benefit	1,733		547		2,241	934
Income (loss) before equity in income (loss) of subsidiaries	(5,487)		(1,734)		(7,097)	(2,955)
Equity in income (loss) of subsidiaries	246,528		325,823		414,895	497,796
Net income	241,041		324,089		407,798	494,841
Other comprehensive income	25		30		50	50
Comprehensive income (loss)	241,066		324,119		407,848	494,891
PulteGroup, Inc. | Total Homebuilding
Homebuilding
Revenues	0		0		0	0
Homebuilding Cost of Revenues:
Financial services expenses	0		0		0	0
PulteGroup, Inc. | Home sales
Homebuilding
Revenues	0		0		0	0
Homebuilding Cost of Revenues:
Cost of revenues	0		0		0	0
PulteGroup, Inc. | Land sale and other
Homebuilding
Revenues	0		0		0	0
Homebuilding Cost of Revenues:
Cost of revenues	0		0		0	0
PulteGroup, Inc. | Financial Services
Homebuilding
Revenues	0		0		0	0
Homebuilding Cost of Revenues:
Financial services expenses	0		0		0	0
Guarantor Subsidiaries
Homebuilding
Total revenues	2,388,669		2,488,061		4,298,803	4,394,477
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	(245,272)		(221,590)		(479,388)	(453,535)
Other income (expense), net	(9,276)		(13,436)		(14,264)	(21,037)
Intercompany interest	0		0		0	0
Income (loss) before income taxes and equity in income (loss) of subsidiaries	293,081		374,531		502,139	584,873
Income tax (expense) benefit	(72,598)		(75,977)		(120,248)	(125,508)
Income (loss) before equity in income (loss) of subsidiaries	220,483		298,554		381,891	459,365
Equity in income (loss) of subsidiaries	24,504		24,504		42,808	37,068
Net income	244,987		323,058		424,699	496,433
Other comprehensive income	0		0		0	0
Comprehensive income (loss)	244,987		323,058		424,699	496,433
Guarantor Subsidiaries | Total Homebuilding
Homebuilding
Revenues	2,388,669		2,488,061		4,298,803	4,394,477
Homebuilding Cost of Revenues:
Financial services expenses	(1,840,915)		(1,878,371)		(3,302,755)	(3,334,757)
Guarantor Subsidiaries | Home sales
Homebuilding
Revenues	2,359,210		2,421,643		4,267,018	4,316,500
Homebuilding Cost of Revenues:
Cost of revenues	(1,814,701)		(1,840,487)		(3,275,596)	(3,286,043)
Guarantor Subsidiaries | Land sale and other
Homebuilding
Revenues	29,459		66,418		31,785	77,977
Homebuilding Cost of Revenues:
Cost of revenues	(26,214)		(37,884)		(27,159)	(48,714)
Guarantor Subsidiaries | Financial Services
Homebuilding
Revenues	0		0		0	0
Homebuilding Cost of Revenues:
Financial services expenses	(125)		(133)		(257)	(275)
Non-Guarantor Subsidiaries
Homebuilding
Total revenues	100,316		81,661		186,876	145,338
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	(14,168)		(4,466)		(32,778)	(13,415)
Other income (expense), net	10,743		11,676		14,878	18,110
Intercompany interest	2,254		2,085		4,251	3,553
Income (loss) before income taxes and equity in income (loss) of subsidiaries	34,915		36,920		44,678	52,378
Income tax (expense) benefit	(8,870)		(9,651)		(11,674)	(13,947)
Income (loss) before equity in income (loss) of subsidiaries	26,045		27,269		33,004	38,431
Equity in income (loss) of subsidiaries	162,404		258,352		276,100	369,023
Net income	188,449		285,621		309,104	407,454
Other comprehensive income	0		0		0	0
Comprehensive income (loss)	188,449		285,621		309,104	407,454
Non-Guarantor Subsidiaries | Total Homebuilding
Homebuilding
Revenues	44,359		28,897		87,057	46,636
Homebuilding Cost of Revenues:
Financial services expenses	(33,454)		(21,945)		(66,456)	(37,047)
Non-Guarantor Subsidiaries | Home sales
Homebuilding
Revenues	44,349		28,411		86,397	45,152
Homebuilding Cost of Revenues:
Cost of revenues	(33,454)		(21,646)		(65,350)	(36,030)
Non-Guarantor Subsidiaries | Land sale and other
Homebuilding
Revenues	10		486		660	1,484
Homebuilding Cost of Revenues:
Cost of revenues	0		(299)		(1,106)	(1,017)
Non-Guarantor Subsidiaries | Financial Services
Homebuilding
Revenues	55,957		52,764		99,819	98,702
Homebuilding Cost of Revenues:
Financial services expenses	$ (30,776)		$ (32,091)		$ (62,093)	$ (64,161)

Supplemental Guarantor Inform_5

Supplemental Guarantor Information (Statement Of Cash Flows) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Net cash provided by (used in) operating activities	$ 305,710	$ 547,582
Cash flows from investing activities:
Capital expenditures	(29,575)	(33,059)
Investments in unconsolidated entities	(4,664)	(1,000)
Other investing activities, net	4,592	6,915
Business acquisition	(163,724)	0
Net cash provided by (used in) investing activities	(193,371)	(27,144)
Cash flows from financing activities:
Financial Services borrowings (repayments)	(114,226)	(173,761)
Proceeds from debt issuance		0
Repayments of notes payable	(297,303)	(82,432)
Borrowings under revolving credit facility	0	1,566,000
Repayments under revolving credit facility	0	(1,566,000)
Debt issuance costs	0	(8,090)
Stock option exercises	5,208	4,467
Share repurchases	(118,824)	(112,491)
Dividends paid	(61,620)	(52,384)
Intercompany activities, net	0	0
Net cash provided by (used in) financing activities	(586,765)	(424,691)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(474,426)	95,747
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	659,274	401,915
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
Business acquisition	0
Net cash provided by (used in) investing activities	0	0
Cash flows from financing activities:
Financial Services borrowings (repayments)	0	0
Proceeds from debt issuance		0
Repayments of notes payable	0	0
Borrowings under revolving credit facility	0	0
Repayments under revolving credit facility	0	0
Debt issuance costs	0	0
Stock option exercises	0	0
Share repurchases	0	0
Dividends paid	0	0
Intercompany activities, net	0	0
Net cash provided by (used in) financing activities	0	0
Net increase (decrease) in cash, 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	130,814	259,028
Cash flows from investing activities:
Capital expenditures	0	0
Investments in unconsolidated entities	0	0
Other investing activities, net	0	0
Business acquisition	0
Net cash provided by (used in) investing activities	0	0
Cash flows from financing activities:
Financial Services borrowings (repayments)	0	0
Proceeds from debt issuance		0
Repayments of notes payable	(280,175)	0
Borrowings under revolving credit facility	0	1,566,000
Repayments under revolving credit facility	0	(1,566,000)
Debt issuance costs	0	(8,090)
Stock option exercises	5,208	4,467
Share repurchases	(118,824)	(112,491)
Dividends paid	(61,620)	(52,384)
Intercompany activities, net	324,597	(90,530)
Net cash provided by (used in) financing activities	(130,814)	(259,028)
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	34,461	63,775
Cash flows from investing activities:
Capital expenditures	(24,707)	(28,908)
Investments in unconsolidated entities	(4,183)	(1,000)
Other investing activities, net	3,241	5,759
Business acquisition	(163,724)
Net cash provided by (used in) investing activities	(189,373)	(24,149)
Cash flows from financing activities:
Financial Services borrowings (repayments)	0	0
Proceeds from debt issuance		0
Repayments of notes payable	(16,591)	(81,758)
Borrowings under revolving credit facility	0	0
Repayments under revolving credit facility	0	0
Debt issuance costs	0	0
Stock option exercises	0	0
Share repurchases	0	0
Dividends paid	0	0
Intercompany activities, net	(149,715)	236,776
Net cash provided by (used in) financing activities	(166,306)	155,018
Net increase (decrease) in cash, cash equivalents, and restricted cash	(321,218)	194,644
Cash, cash equivalents, and restricted cash at beginning of period	929,367	157,801
Cash, cash equivalents, and restricted cash at end of period	608,149	352,445
Non-Guarantor Subsidiaries
Net cash provided by (used in) operating activities	140,435	224,779
Cash flows from investing activities:
Capital expenditures	(4,868)	(4,151)
Investments in unconsolidated entities	(481)	0
Other investing activities, net	1,351	1,156
Business acquisition	0
Net cash provided by (used in) investing activities	(3,998)	(2,995)
Cash flows from financing activities:
Financial Services borrowings (repayments)	(114,226)	(173,761)
Proceeds from debt issuance		0
Repayments of notes payable	(537)	(674)
Borrowings under revolving credit facility	0	0
Repayments under revolving credit facility	0	0
Debt issuance costs	0	0
Stock option exercises	0	0
Share repurchases	0	0
Dividends paid	0	0
Intercompany activities, net	(174,882)	(146,246)
Net cash provided by (used in) financing activities	(289,645)	(320,681)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(153,208)	(98,897)
Cash, cash equivalents, and restricted cash at beginning of period	204,333	148,367
Cash, cash equivalents, and restricted cash at end of period	$ 51,125	$ 49,470