PulteGroup (PHM) 10-Q 23 Apr 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2020	Apr. 16, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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
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		268,148,512
Entity Central Index Key	0000822416
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of each class	Common Shares, par value $0.01
Trading Symbol	PHM
Security Exchange Name	NYSE
Series A Junior Participating Preferred Share Purchase Rights
Entity Information [Line Items]
Title of each class	Series A Junior Participating Preferred Share Purchase Rights
Trading Symbol	PHM
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and equivalents	$ 1,816,778	$ 1,217,913
Restricted cash	34,475	33,543
Total cash, cash equivalents, and restricted cash	1,851,253	1,251,456
House and land inventory	7,857,664	7,680,614
Land held for sale	31,636	24,009
Residential mortgage loans available-for-sale	363,854	508,967
Investments in unconsolidated entities	54,495	59,766
Other assets	935,532	895,686
Intangible assets	178,553	124,992
Deferred tax assets, net	150,387	170,107
Total assets	11,423,374	10,715,597
Liabilities:
Accounts payable	429,724	435,916
Customer deposits	344,973	294,427
Accrued and other liabilities	1,319,808	1,399,368
Income tax liabilities	72,546	36,093
Financial Services debt	270,000	326,573
Revolving credit facility	700,000	0
Notes payable	2,755,932	2,765,040
Total liabilities	5,892,983	5,257,417
Shareholders' equity	5,530,391	5,458,180
Total liabilities and shareholders' equity	$ 11,423,374	$ 10,715,597

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Total revenues	$ 2,294,980	$ 1,996,693
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	(263,669)	(252,727)
Goodwill impairment	(20,190)	0
Other income (expense), net	(2,524)	(973)
Income before income taxes	263,769	216,703
Income tax expense	(60,058)	(49,946)
Net income	$ 203,711	$ 166,757
Per share:
Basic earnings (usd per share)	$ 0.75	$ 0.59
Diluted earnings (usd per share)	0.74	0.59
Cash dividends declared (usd per share)	$ 0.12	$ 0.11
Number of shares used in calculation:
Basic shares outstanding (shares)	270,000	277,637
Effect of dilutive securities (shares)	1,218	1,003
Diluted shares outstanding (shares)	271,218	278,640
Home sale
Revenues:
Revenues	$ 2,221,503	$ 1,949,856
Homebuilding Cost of Revenues:
Cost of revenues	(1,694,865)	(1,492,791)
Land sale and other
Revenues:
Revenues	18,927	2,975
Homebuilding Cost of Revenues:
Cost of revenues	(15,014)	(2,050)
Total Homebuilding
Revenues:
Revenues	2,240,430	1,952,831
Homebuilding Cost of Revenues:
Financial services expenses	(1,709,879)	(1,494,841)
Financial Services
Revenues:
Revenues	54,550	43,862
Homebuilding Cost of Revenues:
Financial services expenses	$ (34,949)	$ (31,449)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income	$ 203,711	$ 166,757
Other comprehensive income, net of tax:
Change in value of derivatives	25	25
Other comprehensive income	25	25
Comprehensive income (loss)	$ 203,736	$ 166,782

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) at Dec. 31, 2018		277,110
Shareholders' equity 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 (shares)		948
Share issuances	5,800	$ 8	5,792
Dividends declared	(30,831)				(30,831)
Share repurchases (shares)		(920)
Share repurchases	(24,999)	$ (9)	0		(24,990)
Cash paid for shares withheld for taxes	(10,350)				(10,350)
Share-based compensation	7,810		7,810
Net income	166,757				166,757
Other comprehensive income	25			25
Shareholders' equity (shares) at Mar. 31, 2019		277,256
Shareholders' equity at Mar. 31, 2019	4,933,439	$ 2,771	3,216,473	(320)	1,714,515
Shareholders' equity (shares) at Dec. 31, 2019		270,235
Shareholders' equity at Dec. 31, 2019	5,458,180	$ 2,702	3,235,149	(245)	2,220,574
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	(735)				(735)
Stock option exercises (shares)		1
Stock option exercises	51	$ 0	51
Stock issuances (shares)		738
Share issuances	4,095	$ 7	4,088
Dividends declared	(32,609)				(32,609)
Share repurchases (shares)		(2,825)
Share repurchases	(95,676)	$ (28)	0		(95,648)
Cash paid for shares withheld for taxes	(14,838)				(14,838)
Share-based compensation	8,187		8,187
Net income	203,711				203,711
Other comprehensive income	25			25
Shareholders' equity (shares) at Mar. 31, 2020		268,149
Shareholders' equity at Mar. 31, 2020	$ 5,530,391	$ 2,681	$ 3,247,475	$ (220)	$ 2,280,455

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 203,711	$ 166,757
Adjustments to reconcile net income to net cash from operating activities:
Deferred income tax expense	19,955	24,690
Land-related charges	9,729	2,979
Goodwill impairment	20,190	0
Depreciation and amortization	15,149	13,210
Share-based compensation expense	11,479	9,019
Other, net	(903)	(39)
Increase (decrease) in cash due to:
Inventories	(189,364)	(259,865)
Residential mortgage loans available-for-sale	145,113	134,217
Other assets	(3,534)	64,533
Accounts payable, accrued and other liabilities	(26,910)	3,404
Net cash provided by (used in) operating activities	204,615	158,905
Cash flows from investing activities:
Capital expenditures	(20,139)	(16,070)
Investments in unconsolidated entities	5,837
Investments in unconsolidated entities		(1,289)
Business acquisition		0
Other investing activities, net	1,706	291
Net cash provided by (used in) investing activities	(95,796)	(17,068)
Cash flows from financing activities:
Repayments of notes payable	(9,245)	(3,605)
Borrowings under revolving credit facility	700,000	0
Financial Services borrowings (repayments)	(56,573)	(126,273)
Stock option exercises	50	1,445
Share repurchases	(95,676)	(24,999)
Cash paid for shares withheld for taxes	(14,838)	(10,350)
Dividends paid	(32,740)	(30,802)
Net cash provided by (used in) financing activities	490,978	(194,584)
Net increase (decrease) in cash, cash equivalents, and restricted cash	599,797	(52,747)
Cash, cash equivalents, and restricted cash at beginning of period	1,251,456	1,133,700
Cash, cash equivalents, and restricted cash at end of period	1,851,253	1,080,953
Supplemental Cash Flow Information:
Interest paid (capitalized), net	14,019	17,164
Income taxes paid (refunded), net	$ 5,540	$ (30,850)

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
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, 2019 . 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"). On March 11, 2020 the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. Since March 31, 2020, the COVID-19 pandemic has continued to spread and various state and local governments have issued or extended “shelter-in-place” orders which have impacted and restricted various aspects of our business. As of the date of this filing, our construction and sales operations have been significantly curtailed in the states of Washington, Michigan, and Pennsylvania and certain counties in Northern California. Most of our other operations are functioning, subject to regulated restrictions and safety constraints we have enacted in order to protect our employees, trade contractors, and customers. In addition, traffic and sales activity has declined. While we cannot reasonably estimate the length or severity of this pandemic, an extended economic slowdown in the U.S. could materially impact our consolidated financial position, consolidated results of operations, and consolidated cash flows in fiscal 2020 or beyond. Business acquisition In January 2020, we acquired the operations of Innovative Construction Group ("ICG"), an offsite construction framing company located in Jacksonville, Florida, for $ 104.0 million , of which $83.2 million was paid in January 2020 while additional payments of $10.4 million will be settled in 2021 and 2022, respectively. The acquired net assets were recorded at their estimated fair values, including intangible assets of $27.8 million associated with customer relationships and $1.8 million associated with the ICG tradename, which are being amortized over seven - and five -year useful lives, respectively. The acquisition also resulted in $48.7 million of goodwill. The acquisition of these assets was not material to our results of operations or financial condition. Goodwill impairment In accordance with ASC 350, management evaluates the recoverability of goodwill by comparing the carrying value of the Company’s reporting units to their fair value. Fair value is determined using accepted valuation methods, including the use of discounted cash flows supplemented by market-based assessments of fair value. As a result of the significant decline in equity market valuations that occurred during the period between our acquisition of ICG in January 2020 and March 31, 2020, we determined that an event-driven goodwill impairment test was appropriate for the ICG goodwill, which resulted in an impairment totaling $20.2 million . This impairment was not the result of any unique factors specific to ICG's operations but, rather, reflects the broad-based declines in the market capitalizations of publicly-traded construction companies in the short period of time since the acquisition. Other expense, net Other expense, net consists of the following ($000’s omitted): Three Months Ended March 31, 2020 2019 Write-offs of deposits and pre-acquisition costs $ (4,332 ) $ (2,917 ) Amortization of intangible assets (4,557 ) (3,450 ) Interest income 3,807 4,949 Interest expense (797 ) (144 ) Equity in earnings of unconsolidated entities 567 37 Miscellaneous, net 2,788 552 Total other expense, net $ (2,524 ) $ (973 ) 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 at the home closing 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 $345.0 million and $294.4 million at March 31, 2020 and December 31, 2019 , 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 and other 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. Revenues related to our construction services operations are generally recognized as materials are delivered and installation services are completed. 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 $35.0 million at March 31, 2020 . 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 share units, 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 units and deferred shares are considered participating securities. The following table presents the earnings per common share (000's omitted, except per share data): Three Months Ended March 31, 2020 2019 Numerator: Net income $ 203,711 $ 166,757 Less: earnings distributed to participating securities (273 ) (308 ) Less: undistributed earnings allocated to participating securities (1,537 ) (1,410 ) Numerator for basic earnings per share $ 201,901 $ 165,039 Add back: undistributed earnings allocated to participating securities 1,537 1,410 Less: undistributed earnings reallocated to participating securities (1,530 ) (1,407 ) Numerator for diluted earnings per share $ 201,908 $ 165,042 Denominator: Basic shares outstanding 270,000 277,637 Effect of dilutive securities 1,218 1,003 Diluted shares outstanding 271,218 278,640 Earnings per share: Basic $ 0.75 $ 0.59 Diluted $ 0.74 $ 0.59 Residential mortgage loans available-for-sale Substantially all of the loans originated by us are sold in the secondary mortgage market within a short period of time after origination, generally within 30 days . At March 31, 2020 and December 31, 2019 , residential mortgage loans available-for-sale had an aggregate fair value of $363.9 million and $509.0 million , respectively, and an aggregate outstanding principal balance of $351.2 million and $494.1 million , respectively. The net gain (loss) resulting from changes in fair value of these loans totaled $2.2 million and $(1.1) million for the three months ended March 31, 2020 and 2019 , 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 $30.9 million and $24.0 million for the three months ended March 31, 2020 and 2019 , 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 March 31, 2020 and December 31, 2019 , we had aggregate IRLCs of $440.6 million and $255.3 million , respectively, which were originated at interest rates prevailing at the date of commitment. Since we can terminate a loan commitment if the borrower does not comply with the terms of the contract, and some loan commitments may expire without being drawn upon, these commitments do not necessarily represent future cash requirements. We evaluate the creditworthiness of these transactions through our normal credit policies. We hedge our exposure to interest rate market risk relating to residential mortgage loans available-for-sale and IRLCs using forward contracts on mortgage-backed securities, which are commitments to either purchase or sell a specified financial instrument at a specified future date for a specified price, and whole loan investor commitments, which are obligations of an investor to buy loans at a specified price within a specified time period. Forward contracts on mortgage-backed securities are the predominant derivative financial instruments we use to minimize market risk during the period from the time we extend an interest rate lock to a loan applicant until the time the loan is sold to an investor. At March 31, 2020 and December 31, 2019 , we had unexpired forward contracts of $609.0 million and $518.2 million , respectively, and whole loan investor commitments of $114.8 million and $200.7 million , respectively. Changes in the fair value of IRLCs and other derivative financial instruments are recognized in Financial Services revenues, and the fair values are reflected in other assets or other liabilities, as applicable. There are no credit-risk-related contingent features within our derivative agreements, and counterparty risk is considered minimal. Gains and losses on IRLCs and residential mortgage loans available-for-sale are substantially offset by corresponding gains or losses on forward contracts on mortgage-backed securities and whole loan investor commitments. We are generally not exposed to variability in cash flows of derivative instruments for more than approximately 60 days. The fair values of derivative instruments and their locations in the Condensed Consolidated Balance Sheets are summarized below ($000’s omitted): March 31, 2020 December 31, 2019 Other Assets Accrued and Other Liabilities Other Assets Accrued and Other Liabilities Interest rate lock commitments $ 13,810 $ 180 $ 8,351 $ 149 Forward contracts 3,148 15,579 299 1,372 Whole loan commitments 685 202 880 284 $ 17,643 $ 15,961 $ 9,530 $ 1,805 Credit losses We are exposed to credit losses primarily through our vendors and insurance carriers. We assess and monitor each counterparty’s ability to pay amounts owed by considering contractual terms and conditions, the counterparty’s financial condition, macroeconomic factors, and business strategy. At March 31, 2020, we reported $227.1 million of assets in-scope under Accounting Standards Codification 326, "Financial Instruments - Credit Losses" ("ASC 326"). These assets consist primarily of insurance receivables, contract assets related to insurance brokerage commissions, and vendor rebates. Counterparties associated with these assets are generally highly rated. Allowances on the aforementioned in-scope assets were de minimis as of March 31, 2020. New accounting pronouncements On January 1, 2020, we adopted ASC 326, 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. We adopted ASC 326 using the modified retrospective transition method. The amendment requires entities to consider a broader range of information to estimate expected credit losses, which may result in earlier recognition of losses. Our adoption of ASC 326 resulted in a $0.7 million decrease to retained earnings as of January 1, 2020. 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 is 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. We adopted the standard for annual and interim periods beginning January 1, 2020, and the standard was followed in the previously mentioned assessment of the ICG goodwill.

Inventory

Inventory	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Inventory	Inventory Major components of inventory were as follows ($000’s omitted): March 31, December 31, Homes under construction $ 3,276,279 $ 2,899,016 Land under development 4,132,273 4,347,107 Raw land 449,112 434,491 $ 7,857,664 $ 7,680,614 We capitalize interest cost into inventory during the active development and construction of our communities. In all periods presented, we capitalized substantially all Homebuilding interest costs into inventory because the level of our active inventory exceeded our debt levels. Information related to interest capitalized into inventory is as follows ($000’s omitted): Three Months Ended March 31, 2020 2019 Interest in inventory, beginning of period $ 210,383 $ 227,495 Interest capitalized 39,913 42,381 Interest expensed (36,871 ) (34,563 ) Interest in inventory, end of period $ 213,425 $ 235,313 Land option agreements We enter into land option agreements in order to procure land for the construction of homes in the future. Pursuant to these land option agreements, we generally provide a deposit to the seller as consideration for the right to purchase land at different times in the future, usually at predetermined prices. Such contracts enable us to defer acquiring portions of properties owned by third parties or unconsolidated entities until we have determined whether and when to exercise our option, which reduces our financial risks associated with long-term land holdings. Option deposits and pre-acquisition costs (such as environmental testing, surveys, engineering, and entitlement costs) are capitalized if the costs are directly identifiable with the land under option, the costs would be capitalized if we owned the land, and acquisition of the property is probable. Such costs are reflected in other assets and are reclassified to inventory upon taking title to the land. We write off deposits and pre-acquisition costs when it becomes probable that we will not go forward with the project or recover the capitalized costs. Such decisions take into consideration changes in local market conditions, the timing of required land purchases, the availability and best use of necessary incremental capital, and other factors. We record any such write-offs of deposits and pre-acquisition costs within other expense, net. If an entity holding the land under option is a variable interest entity ("VIE"), our deposit represents a variable interest in that entity. No VIEs required consolidation at either March 31, 2020 or December 31, 2019 because we determined that we were not the VIEs' primary beneficiary. Our maximum exposure to loss related to these VIEs is generally limited to our deposits and pre-acquisition costs under the land option agreements. The following provides a summary of our interests in land option agreements as of March 31, 2020 and December 31, 2019 ($000’s omitted): March 31, 2020 December 31, 2019 Deposits and Remaining Purchase Deposits and Remaining Purchase Land options with VIEs $ 130,537 $ 1,523,601 $ 123,775 $ 1,466,585 Other land options 173,045 1,807,502 175,662 1,755,377 $ 303,582 $ 3,331,103 $ 299,437 $ 3,221,962 Land-related charges We recorded the following land-related charges ($000's omitted): Three Months Ended March 31, 2020 Statement of Operations Classification 2020 2019 Land impairments Home sale cost of revenues $ 5,386 $ — Net realizable value ("NRV") adjustments - land held for sale Land sale and other cost of revenues 11 62 Write-offs of deposits and pre-acquisition costs Other expense, net 4,332 2,917 $ 9,729 $ 2,979 As explained in Note 1 , 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. NRV adjustments occur when circumstances indicate that the carrying value of land held for sale will not be fully recovered. Our evaluations for land impairments, NRV adjustments, and write-offs of deposits and pre-acquisition costs are based on our best estimates of the future cash flows of our communities. Due to uncertainties in the estimation process, the significant volatility in demand for new housing, the long life cycles of certain of our communities, and potential changes in our strategy related to certain communities, actual results could differ significantly from such estimates.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment information	Segment information Our Homebuilding operations are engaged in the acquisition and development of land primarily for residential purposes within the U.S. and the construction of housing on such land. For reporting purposes, our Homebuilding operations are aggregated into six reportable segments: Northeast: Connecticut, Maryland, Massachusetts, New Jersey, Pennsylvania, Virginia Southeast: Georgia, North Carolina, South Carolina, Tennessee Florida: Florida Midwest: Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio Texas: Texas West: Arizona, California, Nevada, New Mexico, Washington We also have a reportable segment for our Financial Services operations, which consist principally of mortgage banking and title operations and operate generally in the same markets as the Homebuilding segments. Operating Data by Segment Three Months Ended March 31, 2020 2019 Revenues: Northeast $ 162,434 $ 110,492 Southeast 382,394 375,417 Florida 506,689 396,443 Midwest 292,169 293,590 Texas 344,738 269,003 West 552,006 507,886 2,240,430 1,952,831 Financial Services 54,550 43,862 Consolidated revenues $ 2,294,980 $ 1,996,693 Income (loss) before income taxes: Northeast $ 18,609 $ 7,928 Southeast 54,744 37,856 Florida (a) 57,166 49,596 Midwest 31,462 26,158 Texas 53,595 30,971 West 67,255 90,182 Other homebuilding (b) (38,612 ) (38,397 ) 244,219 204,294 Financial Services 19,550 12,409 Consolidated income before income taxes $ 263,769 $ 216,703 (a) Reflects goodwill impairment charge totaling $20.2 million (see Note 1 ) in the three months ended March 31, 2020. (b) Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the operating segments. Operating Data by Segment Three Months Ended March 31, 2020 2019 Land-related charges*: Northeast $ 4,753 $ 324 Southeast 748 572 Florida 522 481 Midwest 777 1,103 Texas 656 68 West 1,529 431 Other homebuilding 744 — $ 9,729 $ 2,979 * Land-related charges include land impairments, NRV adjustments on land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue. Operating Data by Segment ($000's omitted) March 31, 2020 Homes Under Land Under Raw Land Total Total Northeast $ 376,669 $ 232,799 $ 23,524 $ 632,992 $ 711,522 Southeast 472,381 715,345 71,416 1,259,142 1,406,462 Florida 612,518 893,970 114,013 1,620,501 1,900,299 Midwest 379,818 430,848 29,753 840,419 925,293 Texas 349,799 439,913 88,323 878,035 955,980 West 1,035,681 1,155,349 106,465 2,297,495 2,673,276 Other homebuilding (a) 49,413 264,049 15,618 329,080 2,335,564 3,276,279 4,132,273 449,112 7,857,664 10,908,396 Financial Services — — — — 514,978 $ 3,276,279 $ 4,132,273 $ 449,112 $ 7,857,664 $ 11,423,374 Operating Data by Segment ($000's omitted) December 31, 2019 Homes Under Land Under Raw Land Total Total Northeast $ 345,644 $ 242,666 $ 25,098 $ 613,408 $ 698,661 Southeast 430,008 724,258 72,804 1,227,070 1,354,086 Florida 539,895 894,716 99,228 1,533,839 1,700,198 Midwest 315,822 464,733 31,881 812,436 886,889 Texas 343,230 447,707 84,926 875,863 949,236 West 881,551 1,289,255 105,606 2,276,412 2,538,803 Other homebuilding (a) 42,866 283,772 14,948 341,586 1,953,440 2,899,016 4,347,107 434,491 7,680,614 10,081,313 Financial Services — — — — 634,284 $ 2,899,016 $ 4,347,107 $ 434,491 $ 7,680,614 $ 10,715,597 (a) Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Notes payable Our notes payable are summarized as follows ($000’s omitted): March 31, December 31, 4.250% unsecured senior notes due March 2021 (a) $ 425,954 $ 425,954 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) (14,158 ) (14,295 ) Total senior notes 2,711,796 2,711,659 Other notes payable 44,136 53,381 Notes payable $ 2,755,932 $ 2,765,040 Estimated fair value $ 2,797,273 $ 3,152,046 (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 secured notes with third parties that totaled $44.1 million and $53.4 million at March 31, 2020 and December 31, 2019 , 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% . Revolving credit facility We maintain a revolving credit facility ("Revolving Credit Facility") maturing in 2023 that has a maximum borrowing capacity of $1.0 billion and contains an uncommitted accordion feature that could increase the capacity to $1.5 billion , subject to certain conditions and availability of additional bank commitments. The Revolving Credit Facility also provides for the issuance of letters of credit that reduce the available borrowing capacity under the Revolving Credit Facility, with a sublimit of $500.0 million at March 31, 2020 . 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. As a precautionary measure during the COVID-19 pandemic, we made the decision in March 2020 to draw $700.0 million under the Revolving Credit Facility. As a result, we had $700.0 million and no borrowings outstanding at March 31, 2020 and December 31, 2019 , respectively, and $256.1 million and $262.8 million of letters of credit issued under the Revolving Credit Facility at March 31, 2020 and December 31, 2019 , respectively. The Revolving Credit Facility contains financial covenants that require us to maintain a minimum Tangible Net Worth, a minimum Interest Coverage Ratio, and a maximum Debt-to-Capitalization Ratio (as each term is defined in the Revolving Credit Facility). As of March 31, 2020 , 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 $43.9 million and $737.2 million at March 31, 2020 and December 31, 2019 , respectively. Financial Services debt Pulte Mortgage maintains a master repurchase agreement with third party lenders (the "Repurchase Agreement"). In August 2019 , Pulte Mortgage entered into an amendment to the Repurchase Agreement to extend the effective date to July 2020. The maximum aggregate commitment was $270.0 million at March 31, 2020 and continues through maturity. 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 $270.0 million and $326.6 million outstanding under the Repurchase Agreement at March 31, 2020 and December 31, 2019 , respectively, and was in compliance with all of its covenants and requirements as of such dates.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Shareholders’ equity	Shareholders’ equity During the three months ended March 31, 2020 , we declared cash dividends totaling $32.6 million and repurchased 2.8 million shares under our repurchase authorization for $95.7 million . For the three months ended March 31, 2019 , we declared cash dividends totaling $30.8 million and repurchased 0.9 million shares under our repurchase authorization for $25.0 million . In May 2019, our board of directors approved a $500.0 million increase in our share repurchase authorization. At March 31, 2020 , we had remaining authorization to repurchase $429.9 million of common shares. Under our share-based compensation plans, we accept shares as payment under certain conditions related to stock option exercises and vesting of shares, generally related to the payment of minimum tax obligations. During the three months ended March 31, 2020 and 2019 , participants surrendered shares valued at $14.8 million and $10.4 million , respectively, under these plans. Such share transactions are excluded from the above noted share repurchase authorization.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income taxes	Income taxes Our effective tax rate for the three months ended March 31, 2020 was 22.8% compared to 23.0% for the same period in 2019 . Our effective tax rate differs from the federal statutory rate primarily due to state income tax expense and tax benefits for equity compensation. At March 31, 2020 and December 31, 2019 , we had deferred tax assets, net of deferred tax liabilities and valuation allowance, of $150.4 million and $170.1 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 $42.0 million and $40.3 million of gross unrecognized tax benefits at March 31, 2020 and December 31, 2019 , respectively. Additionally, we had accrued interest and penalties of $6.7 million and $6.5 million at March 31, 2020 and December 31, 2019 , respectively. It is reasonably possible within the next twelve months that our gross unrecognized tax benefits may decrease by up to $23.6 million , excluding interest and penalties, primarily due to potential audit settlements.

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair value disclosures	Fair value disclosures ASC 820, “Fair Value Measurements and Disclosures,” provides a framework for measuring fair value in generally accepted accounting principles and establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy can be summarized as follows: Level 1 Fair value determined based on quoted prices in active markets for identical assets or liabilities. Level 2 Fair value determined using significant observable inputs, generally either quoted prices in active markets for similar assets or liabilities or quoted prices in markets that are not active. Level 3 Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques. Our assets and liabilities measured or disclosed at fair value are summarized below ($000’s omitted): Financial Instrument Fair Value Fair Value March 31, December 31, Measured at fair value on a recurring basis: Residential mortgage loans available-for-sale Level 2 $ 363,854 $ 508,967 Interest rate lock commitments Level 2 13,630 8,202 Forward contracts Level 2 (12,431 ) (1,073 ) Whole loan commitments Level 2 483 596 Measured at fair value on a non-recurring basis: House and land inventory Level 3 $ 18,754 $ 9,979 Land held for sale Level 2 — 4,193 Disclosed at fair value: Cash, cash equivalents, and restricted cash Level 1 $ 1,851,253 $ 1,251,456 Financial Services debt Level 2 270,000 326,573 Revolving credit facility Level 2 700,000 — Senior notes payable Level 2 2,753,137 3,098,665 Other notes payable Level 2 44,136 53,381 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, revolving credit facility, 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 at both March 31, 2020 and December 31, 2019 .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Loan origination liabilities Our mortgage operations may be responsible for losses associated with mortgage loans originated and sold to investors in the event of errors or omissions relating to representations and warranties made by us that the loans met certain requirements, including representations as to underwriting standards, the existence of primary mortgage insurance, and the validity of certain borrower representations in connection with the loan. If a loan is determined to be faulty, we either indemnify the investor for potential future losses, repurchase the loan from the investor, or reimburse the investor's actual losses. 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. 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 and Pulte Mortgage. We cannot yet quantify CTX Mortgage's or Pulte Mortgage's potential liability as a result of these matters. 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 totaled $25.2 million at March 31, 2020 and December 31, 2019 . Determining the liabilities for anticipated losses requires a significant level of management judgment. Given the unsettled litigation, changes in values of underlying collateral over time, unpredictable factors inherent in litigation, and other uncertainties regarding the ultimate resolution of these claims, 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 $256.1 million and $1.4 billion , respectively, at March 31, 2020 and $262.8 million and $1.4 billion , respectively, at December 31, 2019 . 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 projected cost per claim. We periodically assess the adequacy of the warranty liabilities for each geographic market in which we operate and adjust the amounts as necessary. Actual warranty costs in the future could differ from the current estimates. Changes to warranty liabilities were as follows ($000’s omitted): Three Months Ended March 31, 2020 2019 Warranty liabilities, beginning of period $ 91,389 $ 79,154 Reserves provided 15,039 12,262 Payments (18,276 ) (16,130 ) Other adjustments 243 4,461 Warranty liabilities, end of period $ 88,395 $ 79,747 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 periodically evaluate the recorded liabilities based on actuarial analyses of our historical claims. The actuarial analyses calculate estimates of the ultimate net cost of all unpaid losses, including estimates for incurred but not reported losses ("IBNR"). IBNR represents losses related to claims incurred but not yet reported plus development on reported claims. Our recorded reserves for all such claims totaled $719.2 million and $709.8 million at March 31, 2020 and December 31, 2019 , 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 67% and 68% of the total general liability reserves at March 31, 2020 and December 31, 2019 , respectively. The actuarial analyses that determine the IBNR portion of reserves consider a variety of factors, including the frequency and severity of losses, which are based on our historical claims experience supplemented by industry data. The actuarial analyses of the reserves also consider historical third party recovery rates and claims management expenses. Housing market conditions can be volatile, and we believe such conditions can affect the frequency and cost of construction defect claims. Additionally, IBNR estimates comprise the majority of our liability and are subject to a high degree of uncertainty due to a variety of factors, including changes in claims reporting and resolution patterns, third party recoveries, insurance industry practices, the regulatory environment, and legal precedent. State regulations vary, but construction defect claims are typically reported and resolved over an extended period, often exceeding ten years. Changes in the frequency and timing of reported claims and estimates of specific claim values can impact the underlying inputs and trends utilized in the actuarial analyses, which could have a material impact on the recorded reserves. Additionally, the amount of insurance coverage available for each policy period also impacts our recorded reserves. Because of the inherent uncertainty in estimating future losses and the timing of such losses related to these claims, actual costs could differ significantly from estimated costs. Adjustments to reserves are recorded in the period in which the change in estimate occurs. Costs associated with our insurance programs are classified within selling, general, and administrative expenses. Changes in these liabilities were as follows ($000's omitted): Three Months Ended March 31, 2020 2019 Balance, beginning of period $ 709,798 $ 737,013 Reserves provided 18,449 17,396 Adjustments to previously recorded reserves 1,300 (3,875 ) Payments, net (a) (10,375 ) (21,364 ) Balance, end of period $ 719,172 $ 729,170 (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 $112.5 million and $118.4 million at March 31, 2020 and December 31, 2019 , 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 months ended March 31, 2019, we wrote-off $11.6 million of insurance receivables in connection with the settlement of an arbitration with one of our carriers, pursuant to which we received the majority of the coverage under the policy. Leases We lease certain office space and equipment for use in our operations. We recognize lease expense for these leases on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Right-of-use ("ROU") assets and lease liabilities are recorded on the balance sheet for all leases with an expected term of at least one year. Some leases include one or more options to renew. The exercise of lease renewal options is generally at our discretion. The depreciable lives of ROU assets and leasehold improvements are limited to the expected lease term. Certain of our lease agreements include rental payments based on a pro-rata share of the lessor’s operating costs which are variable in nature. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. ROU assets are classified within other assets on the balance sheet, while lease liabilities are classified within accrued and other liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet. ROU assets and lease liabilities were $76.2 million and $96.8 million at March 31, 2020 , respectively and $70.0 million and $91.4 million at December 31, 2019 , respectively. During the three months ended March 31, 2020 and 2019 , we recorded an additional $9.6 million and $7.8 million of lease liabilities under operating leases, respectively. Payments on lease liabilities during the three months ended March 31, 2020 and 2019 totaled $5.9 million and $5.8 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 months ended March 31, 2020 and 2019 , our total lease expense was $9.9 million and $8.8 million , respectively, inclusive of variable lease costs of $1.9 million and $1.7 million , respectively, as well as short-term lease costs of $2.2 million in both periods. Sublease income was de minimis. The future minimum lease payments required under our leases as of March 31, 2020 were as follows ($000's omitted): Years Ending December 31, 2020 (a) $ 13,802 2021 22,212 2022 20,306 2023 18,996 2024 13,328 Thereafter 26,508 Total lease payments (b) 115,152 Less: Interest (c) 18,376 Present value of lease liabilities (d) $ 96,776 (a) Remaining payments are for the nine months ending December 31, 2020 . (b) Lease payments include options to extend lease terms that are reasonably certain of being exercised and exclude $4.1 million of legally binding minimum lease payments for leases signed but not yet commenced at March 31, 2020 . (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 5.7% , respectively, at March 31, 2020 .

Supplemental Guarantor Informat

Supplemental Guarantor Information	3 Months Ended
	Mar. 31, 2020
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 unconsolidated entities are presented using the equity method of accounting. CONDENSED CONSOLIDATING BALANCE SHEET MARCH 31, 2020 ($000’s omitted) Unconsolidated Eliminating Consolidated PulteGroup, Guarantor Non-Guarantor ASSETS Cash and equivalents $ — $ 1,752,047 $ 64,731 $ — $ 1,816,778 Restricted cash — 29,351 5,124 — 34,475 Total cash, cash equivalents, and — 1,781,398 69,855 — 1,851,253 House and land inventory — 7,723,741 133,923 — 7,857,664 Land held for sale — 31,636 — — 31,636 Residential mortgage loans available- — — 363,854 — 363,854 Investments in unconsolidated entities — 53,304 1,191 — 54,495 Other assets 9,519 692,313 233,700 — 935,532 Intangible assets — 121,392 57,161 — 178,553 Deferred tax assets, net 162,661 — (12,274 ) — 150,387 Investments in subsidiaries and 8,914,412 260,346 9,707,683 (18,882,441 ) — $ 9,086,592 $ 10,664,130 $ 10,555,093 $ (18,882,441 ) $ 11,423,374 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, customer deposits, $ 71,859 $ 1,749,600 $ 273,046 $ — $ 2,094,505 Income tax liabilities 72,546 — — — 72,546 Financial Services debt — — 270,000 — 270,000 Revolving credit facility 700,000 — — — 700,000 Notes payable 2,711,796 44,136 — — 2,755,932 Total liabilities 3,556,201 1,793,736 543,046 — 5,892,983 Total shareholders’ equity 5,530,391 8,870,394 10,012,047 (18,882,441 ) 5,530,391 $ 9,086,592 $ 10,664,130 $ 10,555,093 $ (18,882,441 ) $ 11,423,374 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2019 ($000’s omitted) Unconsolidated Eliminating Consolidated PulteGroup, Guarantor Non-Guarantor ASSETS Cash and equivalents $ — $ 1,026,743 $ 191,170 $ — $ 1,217,913 Restricted cash — 31,328 2,215 — 33,543 Total cash, cash equivalents, and — 1,058,071 193,385 — 1,251,456 House and land inventory — 7,554,662 125,952 — 7,680,614 Land held for sale — 24,009 — — 24,009 Residential mortgage loans available- — — 508,967 — 508,967 Investments in unconsolidated entities — 59,266 500 — 59,766 Other assets 8,172 688,996 198,518 895,686 Intangible assets — 124,992 — — 124,992 Deferred tax assets, net 182,461 — (12,354 ) — 170,107 Investments in subsidiaries and 8,103,191 1,081,472 9,279,403 (18,464,066 ) — $ 8,293,824 $ 10,591,468 $ 10,294,371 $ (18,464,066 ) $ 10,715,597 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, customer deposits, $ 87,892 $ 1,781,893 $ 259,926 $ — $ 2,129,711 Income tax liabilities 36,093 — — — 36,093 Financial Services debt — — 326,573 — 326,573 Notes payable 2,711,659 53,381 — — 2,765,040 Total liabilities 2,835,644 1,835,274 586,499 — 5,257,417 Total shareholders’ equity 5,458,180 8,756,194 9,707,872 (18,464,066 ) 5,458,180 $ 8,293,824 $ 10,591,468 $ 10,294,371 $ (18,464,066 ) $ 10,715,597 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the three months ended March 31, 2020 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 2,197,564 $ 23,939 $ — $ 2,221,503 Land sale and other revenues — 2,450 16,477 — 18,927 — 2,200,014 40,416 — 2,240,430 Financial Services — — 54,550 — 54,550 — 2,200,014 94,966 — 2,294,980 Homebuilding Cost of Revenues: Home sale cost of revenues — (1,675,347 ) (19,518 ) — (1,694,865 ) Land sale cost of revenues — (854 ) (14,160 ) — (15,014 ) — (1,676,201 ) (33,678 ) — (1,709,879 ) Financial Services expenses — (143 ) (34,806 ) — (34,949 ) Selling, general, and administrative — (255,635 ) (8,034 ) — (263,669 ) Goodwill impairment — — (20,190 ) — (20,190 ) Other income (expense), net (692 ) (6,617 ) 4,785 — (2,524 ) Intercompany interest (1,606 ) — 1,606 — — Income (loss) before income taxes and (2,298 ) 261,418 4,649 — 263,769 Income tax (expense) benefit 574 (59,459 ) (1,173 ) — (60,058 ) Income (loss) before equity in income (1,724 ) 201,959 3,476 — 203,711 Equity in income (loss) of subsidiaries 205,435 18,197 195,720 (419,352 ) — Net income (loss) 203,711 220,156 199,196 (419,352 ) 203,711 Other comprehensive income 25 — — — 25 Comprehensive income (loss) $ 203,736 $ 220,156 $ 199,196 $ (419,352 ) $ 203,736 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the three months ended March 31, 2019 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 1,907,808 $ 42,048 $ — $ 1,949,856 Land sale and other revenues — 2,325 650 — 2,975 — 1,910,133 42,698 — 1,952,831 Financial Services — — 43,862 — 43,862 — 1,910,133 86,560 — 1,996,693 Homebuilding Cost of Revenues: Home sale cost of revenues — (1,460,895 ) (31,896 ) — (1,492,791 ) Land sale cost of revenues — (944 ) (1,106 ) — (2,050 ) — (1,461,839 ) (33,002 ) — (1,494,841 ) Financial Services expenses — (132 ) (31,317 ) — (31,449 ) Selling, general, and administrative — (234,118 ) (18,609 ) — (252,727 ) Other income (expense), net (122 ) (4,986 ) 4,135 — (973 ) Intercompany interest (1,996 ) — 1,996 — — Income (loss) before income taxes and (2,118 ) 209,058 9,763 — 216,703 Income tax (expense) benefit 508 (47,650 ) (2,804 ) (49,946 ) Income (loss) before equity in income (1,610 ) 161,408 6,959 — 166,757 Equity in income (loss) of subsidiaries 168,367 18,304 113,696 (300,367 ) — Net income (loss) 166,757 179,712 120,655 (300,367 ) 166,757 Other comprehensive income 25 — — — 25 Comprehensive income (loss) $ 166,782 $ 179,712 $ 120,655 $ (300,367 ) $ 166,782 CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended March 31, 2020 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) $ 85,119 $ (14,577 ) $ 134,073 $ — $ 204,615 Cash flows from investing activities: Capital expenditures — (18,108 ) (2,031 ) — (20,139 ) Investments in unconsolidated entities — 6,500 (663 ) — 5,837 Other investing activities, net — 48 1,658 — 1,706 Business acquisition — — (83,200 ) — (83,200 ) Net cash provided by (used in) — (11,560 ) (84,236 ) — (95,796 ) Cash flows from financing activities: Financial Services borrowing (repayments), net — — (56,573 ) — (56,573 ) Repayments of debt — (9,245 ) — — (9,245 ) Borrowings under revolving credit facility 700,000 — — — 700,000 Stock option exercises 50 — — — 50 Share repurchases (95,676 ) — — — (95,676 ) Cash paid for shares withheld for taxes (14,838 ) — — — (14,838 ) Dividends paid (32,740 ) — — — (32,740 ) Intercompany activities, net (641,915 ) 758,709 (116,794 ) — — Net cash provided by (used in) (85,119 ) 749,464 (173,367 ) — 490,978 Net increase (decrease) in cash, cash equivalents, and restricted cash — 723,327 (123,530 ) — 599,797 Cash, cash equivalents, and restricted cash — 1,058,071 193,385 — 1,251,456 Cash, cash equivalents, and restricted cash $ — $ 1,781,398 $ 69,855 $ — $ 1,851,253 CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended March 31, 2019 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) $ 27,739 $ (14,834 ) $ 146,000 $ — $ 158,905 Cash flows from investing activities: Capital expenditures — (13,216 ) (2,854 ) — (16,070 ) Investments in unconsolidated entities — (1,183 ) (106 ) — (1,289 ) Other investing activities, net — 190 101 — 291 Net cash provided by (used in) — (14,209 ) (2,859 ) — (17,068 ) Cash flows from financing activities: Financial Services borrowings (repayments), net — — (126,273 ) — (126,273 ) Repayments of debt — (3,068 ) (537 ) — (3,605 ) Stock option exercises 1,445 — — — 1,445 Share repurchases (24,999 ) — — (24,999 ) Cash paid for shares withheld for taxes (10,350 ) — — — (10,350 ) Dividends paid (30,802 ) — — — (30,802 ) Intercompany activities, net 36,967 135,907 (172,874 ) — Net cash provided by (used in) (27,739 ) 132,839 (299,684 ) — (194,584 ) Net increase (decrease) in cash, cash equivalents, and restricted cash — 103,796 (156,543 ) — (52,747 ) Cash, cash equivalents, and restricted cash — 929,367 204,333 — 1,133,700 Cash, cash equivalents, and restricted cash $ — $ 1,033,163 $ 47,790 $ — $ 1,080,953

Basis of Presentation (Policy)

Basis of Presentation (Policy)	3 Months Ended
	Mar. 31, 2020
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, 2019 .
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
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 at the home closing 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 $345.0 million and $294.4 million at March 31, 2020 and December 31, 2019 , 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 and other 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. Revenues related to our construction services operations are generally recognized as materials are delivered and installation services are completed. 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 $35.0 million at March 31, 2020 .
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 share units, unvested restricted share units, and other potentially dilutive instruments. Any stock options that have an exercise price greater than the average market price are considered to be anti-dilutive and are excluded from the diluted earnings per share calculation.
Residential mortgage loans available-for-sale	Residential mortgage loans available-for-sale Substantially all of the loans originated by us are sold in the secondary mortgage market within a short period of time after origination, generally within 30 days . At March 31, 2020 and December 31, 2019 , residential mortgage loans available-for-sale had an aggregate fair value of $363.9 million and $509.0 million , respectively, and an aggregate outstanding principal balance of $351.2 million and $494.1 million , respectively. The net gain (loss) resulting from changes in fair value of these loans totaled $2.2 million and $(1.1) million for the three months ended March 31, 2020 and 2019 , 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 $30.9 million and $24.0 million for the three months ended March 31, 2020 and 2019 , 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 March 31, 2020 and December 31, 2019 , we had aggregate IRLCs of $440.6 million and $255.3 million , respectively, which were originated at interest rates prevailing at the date of commitment. Since we can terminate a loan commitment if the borrower does not comply with the terms of the contract, and some loan commitments may expire without being drawn upon, these commitments do not necessarily represent future cash requirements. We evaluate the creditworthiness of these transactions through our normal credit policies. We hedge our exposure to interest rate market risk relating to residential mortgage loans available-for-sale and IRLCs using forward contracts on mortgage-backed securities, which are commitments to either purchase or sell a specified financial instrument at a specified future date for a specified price, and whole loan investor commitments, which are obligations of an investor to buy loans at a specified price within a specified time period. Forward contracts on mortgage-backed securities are the predominant derivative financial instruments we use to minimize market risk during the period from the time we extend an interest rate lock to a loan applicant until the time the loan is sold to an investor. At March 31, 2020 and December 31, 2019 , we had unexpired forward contracts of $609.0 million and $518.2 million , respectively, and whole loan investor commitments of $114.8 million and $200.7 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, 2020, we adopted ASC 326, 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. We adopted ASC 326 using the modified retrospective transition method. The amendment requires entities to consider a broader range of information to estimate expected credit losses, which may result in earlier recognition of losses. Our adoption of ASC 326 resulted in a $0.7 million decrease to retained earnings as of January 1, 2020.
Inventory interest capitalization	We capitalize interest cost into inventory during the active development and construction of our communities. In all periods presented, we capitalized substantially 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, revolving credit facility, 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 at both March 31, 2020 and December 31, 2019 .
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 $256.1 million and $1.4 billion , respectively, at March 31, 2020 and $262.8 million and $1.4 billion , respectively, at December 31, 2019
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 periodically evaluate the recorded liabilities based on actuarial analyses of our historical claims. The actuarial analyses calculate estimates of the ultimate net cost of all unpaid losses, including estimates for incurred but not reported losses ("IBNR"). IBNR represents losses related to claims incurred but not yet reported plus development on reported claims. Our recorded reserves for all such claims totaled $719.2 million and $709.8 million at March 31, 2020 and December 31, 2019 , 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 67% and 68% of the total general liability reserves at March 31, 2020 and December 31, 2019 , respectively. The actuarial analyses that determine the IBNR portion of reserves consider a variety of factors, including the frequency and severity of losses, which are based on our historical claims experience supplemented by industry data. The actuarial analyses of the reserves also consider historical third party recovery rates and claims management expenses. Housing market conditions can be volatile, and we believe such conditions can affect the frequency and cost of construction defect claims. Additionally, IBNR estimates comprise the majority of our liability and are subject to a high degree of uncertainty due to a variety of factors, including changes in claims reporting and resolution patterns, third party recoveries, insurance industry practices, the regulatory environment, and legal precedent. State regulations vary, but construction defect claims are typically reported and resolved over an extended period, often exceeding ten years. Changes in the frequency and timing of reported claims and estimates of specific claim values can impact the underlying inputs and trends utilized in the actuarial analyses, which could have a material impact on the recorded reserves. Additionally, the amount of insurance coverage available for each policy period also impacts our recorded reserves. Because of the inherent uncertainty in estimating future losses and the timing of such losses related to these claims, actual costs could differ significantly from estimated costs. Adjustments to reserves are recorded in the period in which the change in estimate occurs.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Schedule of Other Expense (Income), Net	Other expense, net consists of the following ($000’s omitted): Three Months Ended March 31, 2020 2019 Write-offs of deposits and pre-acquisition costs $ (4,332 ) $ (2,917 ) Amortization of intangible assets (4,557 ) (3,450 ) Interest income 3,807 4,949 Interest expense (797 ) (144 ) Equity in earnings of unconsolidated entities 567 37 Miscellaneous, net 2,788 552 Total other expense, net $ (2,524 ) $ (973 )
Schedule of Earnings Per Share	The following table presents the earnings per common share (000's omitted, except per share data): Three Months Ended March 31, 2020 2019 Numerator: Net income $ 203,711 $ 166,757 Less: earnings distributed to participating securities (273 ) (308 ) Less: undistributed earnings allocated to participating securities (1,537 ) (1,410 ) Numerator for basic earnings per share $ 201,901 $ 165,039 Add back: undistributed earnings allocated to participating securities 1,537 1,410 Less: undistributed earnings reallocated to participating securities (1,530 ) (1,407 ) Numerator for diluted earnings per share $ 201,908 $ 165,042 Denominator: Basic shares outstanding 270,000 277,637 Effect of dilutive securities 1,218 1,003 Diluted shares outstanding 271,218 278,640 Earnings per share: Basic $ 0.75 $ 0.59 Diluted $ 0.74 $ 0.59
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The fair values of derivative instruments and their locations in the Condensed Consolidated Balance Sheets are summarized below ($000’s omitted): March 31, 2020 December 31, 2019 Other Assets Accrued and Other Liabilities Other Assets Accrued and Other Liabilities Interest rate lock commitments $ 13,810 $ 180 $ 8,351 $ 149 Forward contracts 3,148 15,579 299 1,372 Whole loan commitments 685 202 880 284 $ 17,643 $ 15,961 $ 9,530 $ 1,805

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Components of Inventory	Major components of inventory were as follows ($000’s omitted): March 31, December 31, Homes under construction $ 3,276,279 $ 2,899,016 Land under development 4,132,273 4,347,107 Raw land 449,112 434,491 $ 7,857,664 $ 7,680,614
Capitalized Interest Rollforward	Information related to interest capitalized into inventory is as follows ($000’s omitted): Three Months Ended March 31, 2020 2019 Interest in inventory, beginning of period $ 210,383 $ 227,495 Interest capitalized 39,913 42,381 Interest expensed (36,871 ) (34,563 ) Interest in inventory, end of period $ 213,425 $ 235,313
Schedule Of Company Interests In Land Option Agreements	The following provides a summary of our interests in land option agreements as of March 31, 2020 and December 31, 2019 ($000’s omitted): March 31, 2020 December 31, 2019 Deposits and Remaining Purchase Deposits and Remaining Purchase Land options with VIEs $ 130,537 $ 1,523,601 $ 123,775 $ 1,466,585 Other land options 173,045 1,807,502 175,662 1,755,377 $ 303,582 $ 3,331,103 $ 299,437 $ 3,221,962
Schedule Of Impairment Losses	We recorded the following land-related charges ($000's omitted): Three Months Ended March 31, 2020 Statement of Operations Classification 2020 2019 Land impairments Home sale cost of revenues $ 5,386 $ — Net realizable value ("NRV") adjustments - land held for sale Land sale and other cost of revenues 11 62 Write-offs of deposits and pre-acquisition costs Other expense, net 4,332 2,917 $ 9,729 $ 2,979
Quantitative Unobservable Inputs Utilized In Determining The Fair Value Of Impaired Communities	Three Months Ended March 31, 2020 Statement of Operations Classification 2020 2019 Land impairments Home sale cost of revenues $ 5,386 $ — Net realizable value ("NRV") adjustments - land held for sale Land sale and other cost of revenues 11 62 Write-offs of deposits and pre-acquisition costs Other expense, net 4,332 2,917 $ 9,729 $ 2,979

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Components of Reportable Segments	For reporting purposes, our Homebuilding operations are aggregated into six reportable segments: Northeast: Connecticut, Maryland, Massachusetts, New Jersey, Pennsylvania, Virginia Southeast: Georgia, North Carolina, South Carolina, Tennessee Florida: Florida Midwest: Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio Texas: Texas West: Arizona, California, Nevada, New Mexico, Washington
Operating Data By Reporting Segment	Operating Data by Segment Three Months Ended March 31, 2020 2019 Revenues: Northeast $ 162,434 $ 110,492 Southeast 382,394 375,417 Florida 506,689 396,443 Midwest 292,169 293,590 Texas 344,738 269,003 West 552,006 507,886 2,240,430 1,952,831 Financial Services 54,550 43,862 Consolidated revenues $ 2,294,980 $ 1,996,693 Income (loss) before income taxes: Northeast $ 18,609 $ 7,928 Southeast 54,744 37,856 Florida (a) 57,166 49,596 Midwest 31,462 26,158 Texas 53,595 30,971 West 67,255 90,182 Other homebuilding (b) (38,612 ) (38,397 ) 244,219 204,294 Financial Services 19,550 12,409 Consolidated income before income taxes $ 263,769 $ 216,703 (a) Reflects goodwill impairment charge totaling $20.2 million (see Note 1 ) in the three months ended March 31, 2020. (b) Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the operating segments. Operating Data by Segment Three Months Ended March 31, 2020 2019 Land-related charges*: Northeast $ 4,753 $ 324 Southeast 748 572 Florida 522 481 Midwest 777 1,103 Texas 656 68 West 1,529 431 Other homebuilding 744 — $ 9,729 $ 2,979 * Land-related charges include land impairments, NRV 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) March 31, 2020 Homes Under Land Under Raw Land Total Total Northeast $ 376,669 $ 232,799 $ 23,524 $ 632,992 $ 711,522 Southeast 472,381 715,345 71,416 1,259,142 1,406,462 Florida 612,518 893,970 114,013 1,620,501 1,900,299 Midwest 379,818 430,848 29,753 840,419 925,293 Texas 349,799 439,913 88,323 878,035 955,980 West 1,035,681 1,155,349 106,465 2,297,495 2,673,276 Other homebuilding (a) 49,413 264,049 15,618 329,080 2,335,564 3,276,279 4,132,273 449,112 7,857,664 10,908,396 Financial Services — — — — 514,978 $ 3,276,279 $ 4,132,273 $ 449,112 $ 7,857,664 $ 11,423,374 Operating Data by Segment ($000's omitted) December 31, 2019 Homes Under Land Under Raw Land Total Total Northeast $ 345,644 $ 242,666 $ 25,098 $ 613,408 $ 698,661 Southeast 430,008 724,258 72,804 1,227,070 1,354,086 Florida 539,895 894,716 99,228 1,533,839 1,700,198 Midwest 315,822 464,733 31,881 812,436 886,889 Texas 343,230 447,707 84,926 875,863 949,236 West 881,551 1,289,255 105,606 2,276,412 2,538,803 Other homebuilding (a) 42,866 283,772 14,948 341,586 1,953,440 2,899,016 4,347,107 434,491 7,680,614 10,081,313 Financial Services — — — — 634,284 $ 2,899,016 $ 4,347,107 $ 434,491 $ 7,680,614 $ 10,715,597 (a) Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Senior Notes	Our notes payable are summarized as follows ($000’s omitted): March 31, December 31, 4.250% unsecured senior notes due March 2021 (a) $ 425,954 $ 425,954 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) (14,158 ) (14,295 ) Total senior notes 2,711,796 2,711,659 Other notes payable 44,136 53,381 Notes payable $ 2,755,932 $ 2,765,040 Estimated fair value $ 2,797,273 $ 3,152,046 (a) Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries. (b) The carrying value of senior notes reflects the impact of premiums, discounts, and issuance costs that are amortized to interest cost over the respective terms of the senior notes.

Fair Value Disclosures Fair Val

Fair Value Disclosures Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring and Nonrecurring Basis	Our assets and liabilities measured or disclosed at fair value are summarized below ($000’s omitted): Financial Instrument Fair Value Fair Value March 31, December 31, Measured at fair value on a recurring basis: Residential mortgage loans available-for-sale Level 2 $ 363,854 $ 508,967 Interest rate lock commitments Level 2 13,630 8,202 Forward contracts Level 2 (12,431 ) (1,073 ) Whole loan commitments Level 2 483 596 Measured at fair value on a non-recurring basis: House and land inventory Level 3 $ 18,754 $ 9,979 Land held for sale Level 2 — 4,193 Disclosed at fair value: Cash, cash equivalents, and restricted cash Level 1 $ 1,851,253 $ 1,251,456 Financial Services debt Level 2 270,000 326,573 Revolving credit facility Level 2 700,000 — Senior notes payable Level 2 2,753,137 3,098,665 Other notes payable Level 2 44,136 53,381

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Summary of Changes in Warranty Liability	Changes to warranty liabilities were as follows ($000’s omitted): Three Months Ended March 31, 2020 2019 Warranty liabilities, beginning of period $ 91,389 $ 79,154 Reserves provided 15,039 12,262 Payments (18,276 ) (16,130 ) Other adjustments 243 4,461 Warranty liabilities, end of period $ 88,395 $ 79,747
Summary of Changes in Self-Insurance Liability	Changes in these liabilities were as follows ($000's omitted): Three Months Ended March 31, 2020 2019 Balance, beginning of period $ 709,798 $ 737,013 Reserves provided 18,449 17,396 Adjustments to previously recorded reserves 1,300 (3,875 ) Payments, net (a) (10,375 ) (21,364 ) Balance, end of period $ 719,172 $ 729,170 (a) Includes net changes in amounts expected to be recovered from our insurance carriers, which are recorded in other assets (see below).
Schedule of Future Minimum Lease Payments Required Under Leases	The future minimum lease payments required under our leases as of March 31, 2020 were as follows ($000's omitted): Years Ending December 31, 2020 (a) $ 13,802 2021 22,212 2022 20,306 2023 18,996 2024 13,328 Thereafter 26,508 Total lease payments (b) 115,152 Less: Interest (c) 18,376 Present value of lease liabilities (d) $ 96,776 (a) Remaining payments are for the nine months ending December 31, 2020 . (b) Lease payments include options to extend lease terms that are reasonably certain of being exercised and exclude $4.1 million of legally binding minimum lease payments for leases signed but not yet commenced at March 31, 2020 . (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 5.7% , respectively, at March 31, 2020 .

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Tables)	3 Months Ended
	Mar. 31, 2020
Supplemental Guarantor Information [Abstract]
Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET MARCH 31, 2020 ($000’s omitted) Unconsolidated Eliminating Consolidated PulteGroup, Guarantor Non-Guarantor ASSETS Cash and equivalents $ — $ 1,752,047 $ 64,731 $ — $ 1,816,778 Restricted cash — 29,351 5,124 — 34,475 Total cash, cash equivalents, and — 1,781,398 69,855 — 1,851,253 House and land inventory — 7,723,741 133,923 — 7,857,664 Land held for sale — 31,636 — — 31,636 Residential mortgage loans available- — — 363,854 — 363,854 Investments in unconsolidated entities — 53,304 1,191 — 54,495 Other assets 9,519 692,313 233,700 — 935,532 Intangible assets — 121,392 57,161 — 178,553 Deferred tax assets, net 162,661 — (12,274 ) — 150,387 Investments in subsidiaries and 8,914,412 260,346 9,707,683 (18,882,441 ) — $ 9,086,592 $ 10,664,130 $ 10,555,093 $ (18,882,441 ) $ 11,423,374 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, customer deposits, $ 71,859 $ 1,749,600 $ 273,046 $ — $ 2,094,505 Income tax liabilities 72,546 — — — 72,546 Financial Services debt — — 270,000 — 270,000 Revolving credit facility 700,000 — — — 700,000 Notes payable 2,711,796 44,136 — — 2,755,932 Total liabilities 3,556,201 1,793,736 543,046 — 5,892,983 Total shareholders’ equity 5,530,391 8,870,394 10,012,047 (18,882,441 ) 5,530,391 $ 9,086,592 $ 10,664,130 $ 10,555,093 $ (18,882,441 ) $ 11,423,374 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2019 ($000’s omitted) Unconsolidated Eliminating Consolidated PulteGroup, Guarantor Non-Guarantor ASSETS Cash and equivalents $ — $ 1,026,743 $ 191,170 $ — $ 1,217,913 Restricted cash — 31,328 2,215 — 33,543 Total cash, cash equivalents, and — 1,058,071 193,385 — 1,251,456 House and land inventory — 7,554,662 125,952 — 7,680,614 Land held for sale — 24,009 — — 24,009 Residential mortgage loans available- — — 508,967 — 508,967 Investments in unconsolidated entities — 59,266 500 — 59,766 Other assets 8,172 688,996 198,518 895,686 Intangible assets — 124,992 — — 124,992 Deferred tax assets, net 182,461 — (12,354 ) — 170,107 Investments in subsidiaries and 8,103,191 1,081,472 9,279,403 (18,464,066 ) — $ 8,293,824 $ 10,591,468 $ 10,294,371 $ (18,464,066 ) $ 10,715,597 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable, customer deposits, $ 87,892 $ 1,781,893 $ 259,926 $ — $ 2,129,711 Income tax liabilities 36,093 — — — 36,093 Financial Services debt — — 326,573 — 326,573 Notes payable 2,711,659 53,381 — — 2,765,040 Total liabilities 2,835,644 1,835,274 586,499 — 5,257,417 Total shareholders’ equity 5,458,180 8,756,194 9,707,872 (18,464,066 ) 5,458,180 $ 8,293,824 $ 10,591,468 $ 10,294,371 $ (18,464,066 ) $ 10,715,597
Consolidating Statement of Operations and Comprehensive Income (Loss)	CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the three months ended March 31, 2020 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 2,197,564 $ 23,939 $ — $ 2,221,503 Land sale and other revenues — 2,450 16,477 — 18,927 — 2,200,014 40,416 — 2,240,430 Financial Services — — 54,550 — 54,550 — 2,200,014 94,966 — 2,294,980 Homebuilding Cost of Revenues: Home sale cost of revenues — (1,675,347 ) (19,518 ) — (1,694,865 ) Land sale cost of revenues — (854 ) (14,160 ) — (15,014 ) — (1,676,201 ) (33,678 ) — (1,709,879 ) Financial Services expenses — (143 ) (34,806 ) — (34,949 ) Selling, general, and administrative — (255,635 ) (8,034 ) — (263,669 ) Goodwill impairment — — (20,190 ) — (20,190 ) Other income (expense), net (692 ) (6,617 ) 4,785 — (2,524 ) Intercompany interest (1,606 ) — 1,606 — — Income (loss) before income taxes and (2,298 ) 261,418 4,649 — 263,769 Income tax (expense) benefit 574 (59,459 ) (1,173 ) — (60,058 ) Income (loss) before equity in income (1,724 ) 201,959 3,476 — 203,711 Equity in income (loss) of subsidiaries 205,435 18,197 195,720 (419,352 ) — Net income (loss) 203,711 220,156 199,196 (419,352 ) 203,711 Other comprehensive income 25 — — — 25 Comprehensive income (loss) $ 203,736 $ 220,156 $ 199,196 $ (419,352 ) $ 203,736 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the three months ended March 31, 2019 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Revenues: Homebuilding Home sale revenues $ — $ 1,907,808 $ 42,048 $ — $ 1,949,856 Land sale and other revenues — 2,325 650 — 2,975 — 1,910,133 42,698 — 1,952,831 Financial Services — — 43,862 — 43,862 — 1,910,133 86,560 — 1,996,693 Homebuilding Cost of Revenues: Home sale cost of revenues — (1,460,895 ) (31,896 ) — (1,492,791 ) Land sale cost of revenues — (944 ) (1,106 ) — (2,050 ) — (1,461,839 ) (33,002 ) — (1,494,841 ) Financial Services expenses — (132 ) (31,317 ) — (31,449 ) Selling, general, and administrative — (234,118 ) (18,609 ) — (252,727 ) Other income (expense), net (122 ) (4,986 ) 4,135 — (973 ) Intercompany interest (1,996 ) — 1,996 — — Income (loss) before income taxes and (2,118 ) 209,058 9,763 — 216,703 Income tax (expense) benefit 508 (47,650 ) (2,804 ) (49,946 ) Income (loss) before equity in income (1,610 ) 161,408 6,959 — 166,757 Equity in income (loss) of subsidiaries 168,367 18,304 113,696 (300,367 ) — Net income (loss) 166,757 179,712 120,655 (300,367 ) 166,757 Other comprehensive income 25 — — — 25 Comprehensive income (loss) $ 166,782 $ 179,712 $ 120,655 $ (300,367 ) $ 166,782
Consolidating Statement Of Cash Flows	CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended March 31, 2020 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) $ 85,119 $ (14,577 ) $ 134,073 $ — $ 204,615 Cash flows from investing activities: Capital expenditures — (18,108 ) (2,031 ) — (20,139 ) Investments in unconsolidated entities — 6,500 (663 ) — 5,837 Other investing activities, net — 48 1,658 — 1,706 Business acquisition — — (83,200 ) — (83,200 ) Net cash provided by (used in) — (11,560 ) (84,236 ) — (95,796 ) Cash flows from financing activities: Financial Services borrowing (repayments), net — — (56,573 ) — (56,573 ) Repayments of debt — (9,245 ) — — (9,245 ) Borrowings under revolving credit facility 700,000 — — — 700,000 Stock option exercises 50 — — — 50 Share repurchases (95,676 ) — — — (95,676 ) Cash paid for shares withheld for taxes (14,838 ) — — — (14,838 ) Dividends paid (32,740 ) — — — (32,740 ) Intercompany activities, net (641,915 ) 758,709 (116,794 ) — — Net cash provided by (used in) (85,119 ) 749,464 (173,367 ) — 490,978 Net increase (decrease) in cash, cash equivalents, and restricted cash — 723,327 (123,530 ) — 599,797 Cash, cash equivalents, and restricted cash — 1,058,071 193,385 — 1,251,456 Cash, cash equivalents, and restricted cash $ — $ 1,781,398 $ 69,855 $ — $ 1,851,253 CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended March 31, 2019 ($000’s omitted) Unconsolidated Consolidated PulteGroup, Guarantor Non-Guarantor Eliminating Net cash provided by (used in) $ 27,739 $ (14,834 ) $ 146,000 $ — $ 158,905 Cash flows from investing activities: Capital expenditures — (13,216 ) (2,854 ) — (16,070 ) Investments in unconsolidated entities — (1,183 ) (106 ) — (1,289 ) Other investing activities, net — 190 101 — 291 Net cash provided by (used in) — (14,209 ) (2,859 ) — (17,068 ) Cash flows from financing activities: Financial Services borrowings (repayments), net — — (126,273 ) — (126,273 ) Repayments of debt — (3,068 ) (537 ) — (3,605 ) Stock option exercises 1,445 — — — 1,445 Share repurchases (24,999 ) — — (24,999 ) Cash paid for shares withheld for taxes (10,350 ) — — — (10,350 ) Dividends paid (30,802 ) — — — (30,802 ) Intercompany activities, net 36,967 135,907 (172,874 ) — Net cash provided by (used in) (27,739 ) 132,839 (299,684 ) — (194,584 ) Net increase (decrease) in cash, cash equivalents, and restricted cash — 103,796 (156,543 ) — (52,747 ) Cash, cash equivalents, and restricted cash — 929,367 204,333 — 1,133,700 Cash, cash equivalents, and restricted cash $ — $ 1,033,163 $ 47,790 $ — $ 1,080,953

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Assets In-Scope Under Accounting Standards Codification 326		$ 227,100
Payments for business acquisitions	$ 83,200		$ 0
Customer deposits		344,973					$ 294,427
Contract asset insurance renewals		35,000
Residential mortgage loans available-for-sale fair value		363,854					508,967
Residential mortgage loans available-for-sale aggregate outstanding principal balance		351,200					494,100
Changes in fair value, gain (loss)		2,200	(1,100)
Net gains from the sale of mortgages		$ 30,900	24,000
Variability in future cash flows of derivative instruments in days		60 days
Cumulative effect of accounting change		$ (735)
Goodwill impairment		(20,190)	$ 0
Retained Earnings
Finite-Lived Intangible Assets [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption						$ (700)
Cumulative effect of accounting change		(735)
Interest rate lock commitments
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount		440,600					255,300
Forward contracts
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount		609,000					518,200
Whole loan commitments
Finite-Lived Intangible Assets [Line Items]
Derivative, notional amount		114,800					$ 200,700
Innovative Construction Group [Member]
Finite-Lived Intangible Assets [Line Items]
Payments for business acquisitions	(83,200)	104,000
Goodwill	48,700
Goodwill impairment		$ (20,200)
Innovative Construction Group [Member] | Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible asset acquired	$ 27,800
Intangible asset, amortization period	7 years
Innovative Construction Group [Member] | Trade Name
Finite-Lived Intangible Assets [Line Items]
Intangible asset acquired	$ 1,800
Intangible asset, amortization period	5 years
Forecast [Member] | Innovative Construction Group [Member]
Finite-Lived Intangible Assets [Line Items]
Payments for business acquisitions				$ 10,400	$ 10,400

Basis of Presentation (Other Ex

Basis of Presentation (Other Expense (Income), Net) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accounting Policies [Abstract]
Write-offs of deposits and pre-acquisition costs	$ (4,332)	$ (2,917)
Amortization of intangible assets	(4,557)	(3,450)
Interest income	3,807	4,949
Interest expense	(797)	(144)
Equity in earnings of unconsolidated entities	567	37
Miscellaneous, net	2,788	552
Total other expense, net	$ (2,524)	$ (973)

Basis of Presentation (Earnings

Basis of Presentation (Earnings per share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net income	$ 203,711	$ 166,757
Less: earnings distributed to participating securities	(273)	(308)
Less: undistributed earnings allocated to participating securities	(1,537)	(1,410)
Numerator for basic earnings per share	201,901	165,039
Add back: undistributed earnings allocated to participating securities	1,537	1,410
Less: undistributed earnings reallocated to participating securities	(1,530)	(1,407)
Numerator for diluted earnings per share	$ 201,908	$ 165,042
Denominator:
Basic shares outstanding (shares)	270,000	277,637
Effect of dilutive securities (shares)	1,218	1,003
Diluted shares outstanding (shares)	271,218	278,640
Earnings per share:
Basic earnings (usd per share)	$ 0.75	$ 0.59
Diluted earnings (usd per share)	$ 0.74	$ 0.59

Basis of Presentation (Fair Val

Basis of Presentation (Fair Value Of the Company's Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	$ 17,643	$ 9,530
Accrued and Other Liabilities	15,961	1,805
Interest rate lock commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	13,810	8,351
Accrued and Other Liabilities	180	149
Forward contracts
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	3,148	299
Accrued and Other Liabilities	15,579	1,372
Whole loan commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Other Assets	685	880
Accrued and Other Liabilities	$ 202	$ 284

Basis of Presentation Payments

Basis of Presentation Payments to Acquire Businesses, Net of Cash Acquired (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2020	Mar. 31, 2019
Business Acquisitions [Abstract]
Payments for business acquisitions	$ (83,200)	$ 0

Inventory (Major Components Of

Inventory (Major Components Of Inventory) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Homes under construction	$ 3,276,279	$ 2,899,016
Land under development	4,132,273	4,347,107
Raw land	449,112	434,491
Total Inventory	$ 7,857,664	$ 7,680,614

Inventory (Information Related

Inventory (Information Related To Interest Capitalized Into Homebuilding Inventory) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Interest in inventory, beginning of period	$ 210,383	$ 227,495
Interest capitalized	39,913	42,381
Interest expensed	(36,871)	(34,563)
Interest in inventory, end of period	$ 213,425	$ 235,313

Inventory (Summary of Interests

Inventory (Summary of Interests in Land Option Agreements) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	$ 303,582	$ 299,437
Remaining Purchase Price	3,331,103	3,221,962
Land options with VIEs
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	130,537	123,775
Remaining Purchase Price	1,523,601	1,466,585
Other land options
Variable Interest Entity [Line Items]
Deposits and Pre-acquisition Costs	173,045	175,662
Remaining Purchase Price	$ 1,807,502	$ 1,755,377

Inventory Inventory (Summary of

Inventory Inventory (Summary of Land-related Charges) (Details) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Inventory Disclosure [Abstract]
Land impairments	$ 5,386	$ 0
Net realizable value adjustments (NRV) - land held for sale	11	62
Write-offs of deposits and pre-acquisition costs	4,332	2,917
Total land-related charges	$ 9,729	$ 2,979

Inventory - Fair Value Unobserv

Inventory - Fair Value Unobservable Inputs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)home	Mar. 31, 2019USD ($)home
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Impairment Charges	$ 5,386	$ 0
Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Average selling price ($000s)	$ 466	$ 512
Sales pace per quarter (units) | home	1	3
Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Average selling price ($000s)	$ 550	$ 586
Sales pace per quarter (units) | home	3	4
Measurement Input, Discount Rate | Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Discount rate	0.12
Measurement Input, Discount Rate | Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31)
Discount rate	0.14

Segment Information Narrative (

Segment Information Narrative (Details)	3 Months Ended
	Mar. 31, 2020segment
Segment Reporting [Abstract]
Number of reportable segments	6

Segment Information (Operating

Segment Information (Operating Data By Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information
Goodwill impairment	$ 20,190	$ 0
Revenues:
Total revenues	2,294,980	1,996,693
Income before Income Taxes:
Income before income taxes	263,769	216,703
Adjustments to previously recorded reserves	1,300	(3,875)
Write-off of insurance receivables		11,600
Northeast
Income before Income Taxes:
Income before income taxes	18,609	7,928
Southeast
Income before Income Taxes:
Income before income taxes	54,744	37,856
Florida
Income before Income Taxes:
Income before income taxes	57,166	49,596
Midwest
Income before Income Taxes:
Income before income taxes	31,462	26,158
Texas
Income before Income Taxes:
Income before income taxes	53,595	30,971
West
Income before Income Taxes:
Income before income taxes	67,255	90,182
Other homebuilding
Income before Income Taxes:
Income before income taxes	(38,612)	(38,397)
Home sales
Income before Income Taxes:
Income before income taxes	244,219	204,294
Financial Services
Income before Income Taxes:
Income before income taxes	19,550	12,409
Total Homebuilding
Revenues:
Revenues	2,240,430	1,952,831
Total Homebuilding | Northeast
Revenues:
Revenues	162,434	110,492
Total Homebuilding | Southeast
Revenues:
Revenues	382,394	375,417
Total Homebuilding | Florida
Revenues:
Revenues	506,689	396,443
Total Homebuilding | Midwest
Revenues:
Revenues	292,169	293,590
Total Homebuilding | Texas
Revenues:
Revenues	344,738	269,003
Total Homebuilding | West
Revenues:
Revenues	552,006	507,886
Financial Services
Revenues:
Revenues	$ 54,550	$ 43,862

Segment Information (Land-Relat

Segment Information (Land-Related Charges by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restructuring Cost and Reserve [Line Items]
Land-related charges	$ 9,729	$ 2,979
Northeast
Restructuring Cost and Reserve [Line Items]
Land-related charges	4,753	324
Southeast
Restructuring Cost and Reserve [Line Items]
Land-related charges	748	572
Florida
Restructuring Cost and Reserve [Line Items]
Land-related charges	522	481
Midwest
Restructuring Cost and Reserve [Line Items]
Land-related charges	777	1,103
Texas
Restructuring Cost and Reserve [Line Items]
Land-related charges	656	68
West
Restructuring Cost and Reserve [Line Items]
Land-related charges	1,529	431
Other homebuilding
Restructuring Cost and Reserve [Line Items]
Land-related charges	$ 744	$ 0

Segment Information (Total Asse

Segment Information (Total Assets And Inventory By Reportable Segment) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting Information
Homes under construction	$ 3,276,279	$ 2,899,016
Land under development	4,132,273	4,347,107
Raw land	449,112	434,491
Total Inventory	7,857,664	7,680,614
Total Assets	11,423,374	10,715,597
Northeast
Segment Reporting Information
Homes under construction	376,669	345,644
Land under development	232,799	242,666
Raw land	23,524	25,098
Total Inventory	632,992	613,408
Total Assets	711,522	698,661
Southeast
Segment Reporting Information
Homes under construction	472,381	430,008
Land under development	715,345	724,258
Raw land	71,416	72,804
Total Inventory	1,259,142	1,227,070
Total Assets	1,406,462	1,354,086
Florida
Segment Reporting Information
Homes under construction	612,518	539,895
Land under development	893,970	894,716
Raw land	114,013	99,228
Total Inventory	1,620,501	1,533,839
Total Assets	1,900,299	1,700,198
Midwest
Segment Reporting Information
Homes under construction	379,818	315,822
Land under development	430,848	464,733
Raw land	29,753	31,881
Total Inventory	840,419	812,436
Total Assets	925,293	886,889
Texas
Segment Reporting Information
Homes under construction	349,799	343,230
Land under development	439,913	447,707
Raw land	88,323	84,926
Total Inventory	878,035	875,863
Total Assets	955,980	949,236
West
Segment Reporting Information
Homes under construction	1,035,681	881,551
Land under development	1,155,349	1,289,255
Raw land	106,465	105,606
Total Inventory	2,297,495	2,276,412
Total Assets	2,673,276	2,538,803
Other homebuilding
Segment Reporting Information
Homes under construction	49,413	42,866
Land under development	264,049	283,772
Raw land	15,618	14,948
Total Inventory	329,080	341,586
Total Assets	2,335,564	1,953,440
Home sales
Segment Reporting Information
Homes under construction	3,276,279	2,899,016
Land under development	4,132,273	4,347,107
Raw land	449,112	434,491
Total Inventory	7,857,664	7,680,614
Total Assets	10,908,396	10,081,313
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	$ 514,978	$ 634,284

Debt (Summary of Senior Notes)

Debt (Summary of Senior Notes) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Net premiums, discounts, and issuance costs (b)	$ (14,158)	$ (14,295)
Total senior notes	2,711,796	2,711,659
Other notes payable	44,136	53,381
Notes payable	(2,755,932)	(2,765,040)
Estimated fair value	$ 2,797,273	$ 3,152,046
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	$ 425,954
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 ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Other notes payable	$ 44,136,000	$ 44,136,000		$ 53,381,000
Debt instrument term		3 years
Line of Credit Facility, Current Borrowing Capacity	1,000,000,000	$ 1,000,000,000
Maximum borrowing capacity	1,500,000,000	1,500,000,000
Borrowings under revolving credit facility		700,000,000	$ 0
Letters of credit outstanding	256,100,000	256,100,000		262,800,000
Line of credit facility, remaining borrowing capacity	43,900,000	43,900,000		737,200,000
Long-term line of credit	270,000,000	270,000,000		326,573,000
Revolving Credit Facility Accordion Feature
Debt Instrument [Line Items]
Maximum additional issuance		500,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings under revolving credit facility	700,000,000
Line of credit, current	700,000,000	700,000,000		0
Line of Credit | Financial Services
Debt Instrument [Line Items]
Long-term line of credit	270,000,000	270,000,000		$ 326,600,000
Line of Credit | Amendment Effective September 24, 2018 through and including December 25, 2018 | Financial Services
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 270,000,000	$ 270,000,000
Maximum
Debt Instrument [Line Items]
Stated interest rate	8.00%	8.00%

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) shares in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	May 31, 2019
Class of Stock [Line Items]
Dividends	$ 32,609,000	$ 30,831,000
Payments for repurchase of common stock	$ 95,676,000	$ 24,999,000
Increase in share repurchase authorization			$ 500,000,000
Share repurchase plan
Class of Stock [Line Items]
Share repurchases (shares)	2.8	0.9
Payments for repurchase of common stock	$ 95,700,000	$ 25,000,000
Remaining value of stock repurchase programs authorization	429,900,000
Shares withheld to pay taxes
Class of Stock [Line Items]
Payments for repurchase of common stock	$ 14,800,000	$ 10,400,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Effective income tax	22.80%	23.00%
Deferred tax assets, net	$ 150.4		$ 170.1
Gross unrecognized tax benefits	42		40.3
Accrued interest and penalties on unrecognized tax benefits	6.7		$ 6.5
Possible decrease in unrecognized tax benefits	$ 23.6

Fair Value Disclosures (Details

Fair Value Disclosures (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Disclosed at fair value:
Revolving credit facility	$ 700,000	$ 0
Other notes payable	44,136	53,381
Level 2
Disclosed at fair value:
Financial Services debt	270,000	326,573
Revolving credit facility	700,000	0
Senior notes payable	2,753,137	3,098,665
Level 1
Disclosed at fair value:
Cash, cash equivalents, and restricted cash	1,851,253	1,251,456
Fair Value, Measurements, Recurring | Residential mortgage loans available-for-sale | Level 2
Measured at fair value on a recurring basis:
Assets, fair value	363,854	508,967
Measured at fair value on a non-recurring basis:
Assets, fair value	363,854	508,967
Fair Value, Measurements, Recurring | Interest rate lock commitments | Level 2
Measured at fair value on a recurring basis:
Assets, fair value	13,630	8,202
Measured at fair value on a non-recurring basis:
Assets, fair value	13,630	8,202
Fair Value, Measurements, Recurring | Forward contracts | Level 2
Measured at fair value on a recurring basis:
Liabilities, fair value	(12,431)	(1,073)
Fair Value, Measurements, Recurring | Whole loan commitments | Level 2
Measured at fair value on a recurring basis:
Liabilities, fair value	483	596
Fair Value, Measurements, Nonrecurring | Land held for sale | Level 2
Measured at fair value on a recurring basis:
Assets, fair value	0	4,193
Measured at fair value on a non-recurring basis:
Assets, fair value	0	4,193
Fair Value, Measurements, Nonrecurring | House and land inventory | Level 3
Measured at fair value on a recurring basis:
Assets, fair value	18,754	9,979
Measured at fair value on a non-recurring basis:
Assets, fair value	$ 18,754	$ 9,979

Fair Value Disclosures - Narrat

Fair Value Disclosures - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Carrying value of senior notes	$ 2,711,796	$ 2,711,659

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) $ in Thousands	Dec. 17, 2018USD ($)party	Mar. 31, 2020USD ($)claim	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Loss Contingencies [Line Items]
Loss contingency accrual		$ 25,200		$ 25,200
Letters of credit outstanding		256,100		262,800
Surety bonds outstanding		$ 1,400,000		1,400,000
Maximum product warranty in years		10 years
Number of individual claims managed | claim		1,000
Self-insurance liabilities		$ 719,172	$ 729,170	$ 709,798	$ 737,013
Incurred but not reported percentage of liability reserves		67.00%		68.00%
Adjustments to previously recorded reserves		$ 1,300	(3,875)
Write-off of insurance receivables			11,600
ROU assets		76,200		$ 70,000
Operating lease liabilities		96,776		91,400
Additional ROU assets under operating leases		9,600	7,800
Payments on lease liabilities		5,900	5,800
Total lease expense		9,900	8,800
Variable lease costs		1,900	1,700
Short-term lease costs		2,200	$ 2,200
Other Assets
Loss Contingencies [Line Items]
Recorded insurance receivables		$ 112,500		$ 118,400
Lehman Complaint | CTX Mortgage Company LLC
Loss Contingencies [Line Items]
Number of mortgage originators involved in bankruptcy claim | party	100
Damages sought, value	$ 261,000

Commitments and Contingencies_3

Commitments and Contingencies (Changes To Warranty Liability) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty liabilities, beginning of period	$ 91,389	$ 79,154
Reserves provided	15,039	12,262
Payments	(18,276)	(16,130)
Other adjustments	243	4,461
Warranty liabilities, end of period	$ 88,395	$ 79,747

Commitments and Contingencies_4

Commitments and Contingencies (Changes in Self-insurance Liability) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Changes in Self-insurance Liability [Roll Forward]
Balance, beginning of period	$ 709,798	$ 737,013
Reserves provided	18,449	17,396
Adjustments to previously recorded reserves	1,300	(3,875)
Payments, net	(10,375)	(21,364)
Balance, end of period	$ 719,172	$ 729,170

Commitments and Contingencies_5

Commitments and Contingencies (Future Minimum Lease Payments Required Under Leases) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2019	$ 13,802
2020	22,212
2021	20,306
2022	18,996
2023	13,328
Thereafter	26,508
Total lease payments	115,152
Less: Interest	18,376
Present value of lease liabilities	96,776	$ 91,400
Legally binding minimum lease payments for leases signed but not yet commenced	$ 4,100
Weighted average remaining lease term	6 years 1 month 6 days
Weighted average discount rate	5.70%

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
	Mar. 31, 2020	Mar. 31, 2019
Increase (Decrease) in Liability for Claims and Claims Adjustment Expense Reserve [Abstract]
Adjustments to previously recorded reserves	$ 1,300	$ (3,875)

Supplemental Guarantor Inform_3

Supplemental Guarantor Information (Balance Sheet) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Cash and equivalents	$ 1,816,778	$ 1,217,913
Restricted cash	34,475	33,543
Total cash, cash equivalents, and restricted cash	1,851,253	1,251,456	$ 1,080,953	$ 1,133,700
House and land inventory	7,857,664	7,680,614
Land held for sale	31,636	24,009
Residential mortgage loans available-for-sale	363,854	508,967
Investments in unconsolidated entities	54,495	59,766
Other assets	935,532	895,686
Intangible assets	178,553	124,992
Deferred tax assets, net	150,387	170,107
Investments in subsidiaries and intercompany accounts, net	0	0
Total assets	11,423,374	10,715,597
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	2,094,505	2,129,711
Income tax liabilities	72,546	36,093
Financial Services debt	270,000	326,573
Revolving credit facility	700,000	0
Notes payable	2,755,932	2,765,040
Total liabilities	5,892,983	5,257,417
Total shareholders’ equity	5,530,391	5,458,180	4,933,439	4,817,782
Total liabilities and shareholders' equity	11,423,374	10,715,597
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
Intangible assets	0	0
Deferred tax assets, net	0	0
Investments in subsidiaries and intercompany accounts, net	(18,882,441)	(18,464,066)
Total assets	(18,882,441)	(18,464,066)
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	0	0
Income tax liabilities	0	0
Financial Services debt	0	0
Revolving credit facility	0
Notes payable	0	0
Total liabilities	0	0
Total shareholders’ equity	(18,882,441)	(18,464,066)
Total liabilities and shareholders' equity	(18,882,441)	(18,464,066)
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	9,519	8,172
Intangible assets	0	0
Deferred tax assets, net	162,661	182,461
Investments in subsidiaries and intercompany accounts, net	8,914,412	8,103,191
Total assets	9,086,592	8,293,824
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	71,859	87,892
Income tax liabilities	72,546	36,093
Financial Services debt	0	0
Revolving credit facility	700,000
Notes payable	2,711,796	2,711,659
Total liabilities	3,556,201	2,835,644
Total shareholders’ equity	5,530,391	5,458,180
Total liabilities and shareholders' equity	9,086,592	8,293,824
Guarantor Subsidiaries
ASSETS
Cash and equivalents	1,752,047	1,026,743
Restricted cash	29,351	31,328
Total cash, cash equivalents, and restricted cash	1,781,398	1,058,071	1,033,163	929,367
House and land inventory	7,723,741	7,554,662
Land held for sale	31,636	24,009
Residential mortgage loans available-for-sale	0	0
Investments in unconsolidated entities	53,304	59,266
Other assets	692,313	688,996
Intangible assets	121,392	124,992
Deferred tax assets, net	0	0
Investments in subsidiaries and intercompany accounts, net	260,346	1,081,472
Total assets	10,664,130	10,591,468
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	1,749,600	1,781,893
Income tax liabilities	0	0
Financial Services debt	0	0
Revolving credit facility	0
Notes payable	44,136	53,381
Total liabilities	1,793,736	1,835,274
Total shareholders’ equity	8,870,394	8,756,194
Total liabilities and shareholders' equity	10,664,130	10,591,468
Non-Guarantor Subsidiaries
ASSETS
Cash and equivalents	64,731	191,170
Restricted cash	5,124	2,215
Total cash, cash equivalents, and restricted cash	69,855	193,385	$ 47,790	$ 204,333
House and land inventory	133,923	125,952
Land held for sale	0	0
Residential mortgage loans available-for-sale	363,854	508,967
Investments in unconsolidated entities	1,191	500
Other assets	233,700	198,518
Intangible assets	57,161	0
Deferred tax assets, net	(12,274)	(12,354)
Investments in subsidiaries and intercompany accounts, net	9,707,683	9,279,403
Total assets	10,555,093	10,294,371
Liabilities:
Accounts payable, customer deposits, accrued and other liabilities	273,046	259,926
Income tax liabilities	0	0
Financial Services debt	270,000	326,573
Revolving credit facility	0
Notes payable	0	0
Total liabilities	543,046	586,499
Total shareholders’ equity	10,012,047	9,707,872
Total liabilities and shareholders' equity	$ 10,555,093	$ 10,294,371

Supplemental Guarantor Inform_4

Supplemental Guarantor Information (Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Homebuilding
Total revenues	$ 2,294,980	$ 1,996,693
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	(263,669)	(252,727)
Goodwill impairment	(20,190)	0
Other income (expense), net	(2,524)	(973)
Intercompany interest	0	0
Income (loss) before income taxes and equity in income (loss) of subsidiaries	263,769	216,703
Income tax (expense) benefit	(60,058)	(49,946)
Income (loss) before equity in income (loss) of subsidiaries	203,711	166,757
Equity in income (loss) of subsidiaries	0	0
Net income	203,711	166,757
Other comprehensive income	25	25
Comprehensive income (loss)	203,736	166,782
Total Homebuilding
Homebuilding
Revenues	2,240,430	1,952,831
Homebuilding Cost of Revenues:
Financial services expenses	(1,709,879)	(1,494,841)
Home sales
Homebuilding
Revenues	2,221,503	1,949,856
Homebuilding Cost of Revenues:
Cost of revenues	(1,694,865)	(1,492,791)
Land sale and other
Homebuilding
Revenues	18,927	2,975
Homebuilding Cost of Revenues:
Cost of revenues	(15,014)	(2,050)
Financial Services
Homebuilding
Revenues	54,550	43,862
Homebuilding Cost of Revenues:
Financial services expenses	(34,949)	(31,449)
Eliminating Entries
Homebuilding
Total revenues	0	0
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	0	0
Goodwill impairment	0
Other income (expense), net	0	0
Intercompany interest	0	0
Income (loss) before income taxes and equity in income (loss) of subsidiaries	0	0
Income tax (expense) benefit	0
Income (loss) before equity in income (loss) of subsidiaries	0	0
Equity in income (loss) of subsidiaries	(419,352)	(300,367)
Net income	(419,352)	(300,367)
Other comprehensive income	0	0
Comprehensive income (loss)	(419,352)	(300,367)
Eliminating Entries | Total Homebuilding
Homebuilding
Revenues	0	0
Homebuilding Cost of Revenues:
Financial services expenses	0	0
Eliminating Entries | Home sales
Homebuilding
Revenues	0	0
Homebuilding Cost of Revenues:
Cost of revenues	0	0
Eliminating Entries | Land sale and other
Homebuilding
Revenues	0	0
Homebuilding Cost of Revenues:
Cost of revenues	0	0
Eliminating Entries | Financial Services
Homebuilding
Revenues	0	0
Homebuilding Cost of Revenues:
Financial services expenses	0	0
PulteGroup, Inc.
Homebuilding
Total revenues	0	0
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	0	0
Goodwill impairment	0
Other income (expense), net	(692)	(122)
Intercompany interest	(1,606)	(1,996)
Income (loss) before income taxes and equity in income (loss) of subsidiaries	(2,298)	(2,118)
Income tax (expense) benefit	574	508
Income (loss) before equity in income (loss) of subsidiaries	(1,724)	(1,610)
Equity in income (loss) of subsidiaries	205,435	168,367
Net income	203,711	166,757
Other comprehensive income	25	25
Comprehensive income (loss)	203,736	166,782
PulteGroup, Inc. | Total Homebuilding
Homebuilding
Revenues	0	0
Homebuilding Cost of Revenues:
Financial services expenses	0	0
PulteGroup, Inc. | Home sales
Homebuilding
Revenues	0	0
Homebuilding Cost of Revenues:
Cost of revenues	0	0
PulteGroup, Inc. | Land sale and other
Homebuilding
Revenues	0	0
Homebuilding Cost of Revenues:
Cost of revenues	0	0
PulteGroup, Inc. | Financial Services
Homebuilding
Revenues	0	0
Homebuilding Cost of Revenues:
Financial services expenses	0	0
Guarantor Subsidiaries
Homebuilding
Total revenues	2,200,014	1,910,133
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	(255,635)	(234,118)
Goodwill impairment	0
Other income (expense), net	(6,617)	(4,986)
Intercompany interest	0	0
Income (loss) before income taxes and equity in income (loss) of subsidiaries	261,418	209,058
Income tax (expense) benefit	(59,459)	(47,650)
Income (loss) before equity in income (loss) of subsidiaries	201,959	161,408
Equity in income (loss) of subsidiaries	18,197	18,304
Net income	220,156	179,712
Other comprehensive income	0	0
Comprehensive income (loss)	220,156	179,712
Guarantor Subsidiaries | Total Homebuilding
Homebuilding
Revenues	2,200,014	1,910,133
Homebuilding Cost of Revenues:
Financial services expenses	(1,676,201)	(1,461,839)
Guarantor Subsidiaries | Home sales
Homebuilding
Revenues	2,197,564	1,907,808
Homebuilding Cost of Revenues:
Cost of revenues	(1,675,347)	(1,460,895)
Guarantor Subsidiaries | Land sale and other
Homebuilding
Revenues	2,450	2,325
Homebuilding Cost of Revenues:
Cost of revenues	(854)	(944)
Guarantor Subsidiaries | Financial Services
Homebuilding
Revenues	0	0
Homebuilding Cost of Revenues:
Financial services expenses	(143)	(132)
Non-Guarantor Subsidiaries
Homebuilding
Total revenues	94,966	86,560
Homebuilding Cost of Revenues:
Selling, general, and administrative expenses	(8,034)	(18,609)
Goodwill impairment	(20,190)
Other income (expense), net	4,785	4,135
Intercompany interest	1,606	1,996
Income (loss) before income taxes and equity in income (loss) of subsidiaries	4,649	9,763
Income tax (expense) benefit	(1,173)	(2,804)
Income (loss) before equity in income (loss) of subsidiaries	3,476	6,959
Equity in income (loss) of subsidiaries	195,720	113,696
Net income	199,196	120,655
Other comprehensive income	0	0
Comprehensive income (loss)	199,196	120,655
Non-Guarantor Subsidiaries | Total Homebuilding
Homebuilding
Revenues	40,416	42,698
Homebuilding Cost of Revenues:
Financial services expenses	(33,678)	(33,002)
Non-Guarantor Subsidiaries | Home sales
Homebuilding
Revenues	23,939	42,048
Homebuilding Cost of Revenues:
Cost of revenues	(19,518)	(31,896)
Non-Guarantor Subsidiaries | Land sale and other
Homebuilding
Revenues	16,477	650
Homebuilding Cost of Revenues:
Cost of revenues	(14,160)	(1,106)
Non-Guarantor Subsidiaries | Financial Services
Homebuilding
Revenues	54,550	43,862
Homebuilding Cost of Revenues:
Financial services expenses	$ (34,806)	$ (31,317)

Supplemental Guarantor Inform_5

Supplemental Guarantor Information (Statement Of Cash Flows) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2020	Mar. 31, 2020	Mar. 31, 2019
Net cash provided by (used in) operating activities		$ 204,615	$ 158,905
Cash flows from investing activities:
Capital expenditures		(20,139)	(16,070)
Investments in unconsolidated entities			(1,289)
Investments in unconsolidated entities		5,837
Other investing activities, net		1,706	291
Business acquisition	$ (83,200)		0
Net cash provided by (used in) investing activities		(95,796)	(17,068)
Cash flows from financing activities:
Financial Services borrowings (repayments)		(56,573)	(126,273)
Repayments of notes payable		(9,245)	(3,605)
Borrowings under revolving credit facility		700,000	0
Stock option exercises		50	1,445
Share repurchases		(95,676)	(24,999)
Cash paid for shares withheld for taxes		(14,838)	(10,350)
Dividends paid		(32,740)	(30,802)
Intercompany activities, net		0	0
Net cash provided by (used in) financing activities		490,978	(194,584)
Net increase (decrease) in cash, cash equivalents, and restricted cash		599,797	(52,747)
Cash, cash equivalents, and restricted cash at beginning of period	1,251,456	1,251,456	1,133,700
Cash, cash equivalents, and restricted cash at end of period		1,851,253	1,080,953
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
Repayments of notes payable		0	0
Borrowings under revolving credit facility		0
Stock option exercises		0	0
Share repurchases		0
Cash paid for shares withheld for taxes		0	0
Dividends paid		0	0
Intercompany activities, net		0
Net cash provided by (used in) financing activities		0	0
Net increase (decrease) in cash, cash equivalents, and restricted cash		0	0
Cash, cash equivalents, and restricted cash at beginning of period	0	0	0
Cash, cash equivalents, and restricted cash at end of period		0	0
PulteGroup, Inc.
Net cash provided by (used in) operating activities		85,119	27,739
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
Repayments of notes payable		0	0
Borrowings under revolving credit facility		700,000
Stock option exercises		50	1,445
Share repurchases		(95,676)	(24,999)
Cash paid for shares withheld for taxes		(14,838)	(10,350)
Dividends paid		(32,740)	(30,802)
Intercompany activities, net		(641,915)	36,967
Net cash provided by (used in) financing activities		(85,119)	(27,739)
Net increase (decrease) in cash, cash equivalents, and restricted cash		0	0
Cash, cash equivalents, and restricted cash at beginning of period	0	0	0
Cash, cash equivalents, and restricted cash at end of period		0	0
Guarantor Subsidiaries
Net cash provided by (used in) operating activities		(14,577)	(14,834)
Cash flows from investing activities:
Capital expenditures		(18,108)	(13,216)
Investments in unconsolidated entities			(1,183)
Investments in unconsolidated entities		6,500
Other investing activities, net		48	190
Business acquisition		0
Net cash provided by (used in) investing activities		(11,560)	(14,209)
Cash flows from financing activities:
Financial Services borrowings (repayments)		0	0
Repayments of notes payable		(9,245)	(3,068)
Borrowings under revolving credit facility		0
Stock option exercises		0	0
Share repurchases		0	0
Cash paid for shares withheld for taxes		0	0
Dividends paid		0	0
Intercompany activities, net		758,709	135,907
Net cash provided by (used in) financing activities		749,464	132,839
Net increase (decrease) in cash, cash equivalents, and restricted cash		723,327	103,796
Cash, cash equivalents, and restricted cash at beginning of period	1,058,071	1,058,071	929,367
Cash, cash equivalents, and restricted cash at end of period		1,781,398	1,033,163
Non-Guarantor Subsidiaries
Net cash provided by (used in) operating activities		134,073	146,000
Cash flows from investing activities:
Capital expenditures		(2,031)	(2,854)
Investments in unconsolidated entities		(663)	(106)
Other investing activities, net		1,658	101
Business acquisition		(83,200)
Net cash provided by (used in) investing activities		(84,236)	(2,859)
Cash flows from financing activities:
Financial Services borrowings (repayments)		(56,573)	(126,273)
Repayments of notes payable		0	(537)
Borrowings under revolving credit facility		0
Stock option exercises		0	0
Share repurchases		0	0
Cash paid for shares withheld for taxes		0	0
Dividends paid		0	0
Intercompany activities, net		(116,794)	(172,874)
Net cash provided by (used in) financing activities		(173,367)	(299,684)
Net increase (decrease) in cash, cash equivalents, and restricted cash		(123,530)	(156,543)
Cash, cash equivalents, and restricted cash at beginning of period	$ 193,385	193,385	204,333
Cash, cash equivalents, and restricted cash at end of period		$ 69,855	$ 47,790